史丹利百得 (SWK) 2026 Q3 法說會逐字稿

Welcome to the Stanley Black & Decker third 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 being recorded.

歡迎參加 Stanley Black & Decker 第三季財報電話會議。我是 Shannon，將擔任今天會議的接線員。(接線員指示) 請注意，本次會議將被錄音。

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 third quarter earnings call.

各位早安，感謝各位參加我們的第三季財報電話會議。

With us today are Chris Nelson, President and CEO; and Patrick Hallinan, Executive Vice President, CFO and Chief Administrative Officer. This morning's earnings release and the 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 at approximately 11:00 AM, Eastern Time. Chris and Pat will review our third quarter results, along with our updated outlook for 2026, followed by a Q&A session.

今天與會者包括總裁暨執行長 Chris Nelson，以及執行副總裁、財務長兼首席行政長 Patrick Hallinan。今天早上的財報新聞稿與我們將引用的補充簡報，可在本公司網站的投資人關係（IR）專區取得。今日網路直播的重播也將於美東時間上午 11:00 左右提供。Chris 與 Pat 將回顧第三季業績，以及我們更新後的 2026 年展望，隨後進行問答環節。

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 differ materially 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.

在今天的電話會議中，我們將根據目前觀點提出若干前瞻性陳述。此類陳述係基於對未來事件的假設，而這些假設可能不會準確，因此涉及風險與不確定性。因此，我們今天所做的任何前瞻性陳述，實際結果都有可能與之存在重大差異。我們請各位參閱我們隨新聞稿一併提交的 8-K 以及最近的《1934 年證券交易法》（'34 Act）申報文件中的警示性聲明。

Additionally, we will also discuss non-GAAP financial measures during the call. For applicable reconciliations to the related GAAP financial measures and additional information, please refer to the appendices in today's earnings release and supplemental presentation.

此外，我們也將在本次電話會議中討論若干非 GAAP 財務衡量指標。如需與相關 GAAP 財務衡量指標的對帳以及更多資訊，請參閱今日財報新聞稿與補充簡報的附錄。

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暨執行長 Chris Nelson。

Thank you, Michael, and thank you all for joining us today. Stanley Black & Decker delivered a strong third quarter with 4% organic growth, 39.4% adjusted gross margin and strong cash generation. Overall, the quarter reflects solid execution across the company. From a strategic standpoint, we continue to see encouraging brand and industrial momentum. Our three core brands each delivered organic growth.

謝謝你，Michael，也感謝各位今天與會。Stanley Black & Decker 第三季表現強勁，有機成長 4%，調整後毛利率 39.4%，且現金創造能力強。整體而言，本季反映公司各面向的扎實執行力。從策略角度來看，我們持續看到令人鼓舞的品牌動能與工業端動能。我們三大核心品牌皆實現有機成長。

reflecting the benefits of our focused investments in brand activation, innovation and commercial execution. These results give us further confidence that our strategy is resonating in the marketplace and positioning the company for sustainable value creation. During the quarter, we also received a meaningful amount of IEEPA tariff refunds, and we have now received the vast majority of what we have applied for.

這反映出我們聚焦於品牌啟動、創新與商業執行之投資所帶來的效益。這些成果讓我們更有信心，相信我們的策略正在市場上產生共鳴，並使公司具備可持續的價值創造定位。本季我們也收到相當可觀的 IEEPA 關稅退稅款，而目前我們已收到所申請金額中的絕大部分。

Those refunds, net of the related costs and investments are reflected in our results and updated guidance that we will share with you today. It is important to note that even excluding the net benefit of tariff refunds, adjusted gross margin performance for the third quarter was strong and at the high end of our second half guidance range.

這些退稅款在扣除相關成本與投資後的淨額，已反映在我們今天將與各位分享的業績與更新後指引之中。需要特別指出的是，即使不計入關稅退稅的淨收益，第三季調整後毛利率表現仍然強勁，並位於我們下半年指引區間的高端。

Adjusted EBITDA of 16.3% was up 400 basis points year over year. Adjusted earnings per share was $2.31, which was $0.76 above the midpoint of our guidance range. The tariff refund effect, net of all related costs and reinvestments contributed $0.67 for the third quarter earnings per share.

調整後 EBITDA 利潤率為 16.3%，年增 400 個基點。調整後每股盈餘為 2.31 美元，較我們指引區間中點高出 0.76 美元。關稅退稅的影響在扣除所有相關成本與再投資後，對第三季每股盈餘貢獻 0.67 美元。

We also realized some benefit from the lower share count due to buybacks in the quarter as well as lower net interest expense. Regarding capital allocation, we repurchased more than 2.5 million shares for about $250 million in the quarter fully utilizing the $500 million authorization that was approved by the Board of Directors in April.

我們也受惠於本季回購導致的流通股數下降，以及淨利息費用降低。就資本配置而言，我們本季回購超過 250 萬股，金額約 2.5 億美元，並已完全用罄董事會於 4 月核准的 5 億美元回購授權額度。

Given the third quarter performance, continued strength in execution and the confidence we have in the business for the balance of the year, we are raising and tightening our full year EPS guidance. Pat will unpack the results and underlying guidance assumptions when he takes you through the financials in more detail. In addition to our operating performance, we also took two important actions over the past two months to strengthen our portfolio and capital allocation flexibility.

鑑於第三季表現、持續強勁的執行力，以及我們對今年剩餘期間業務的信心，我們正在上調並收緊全年 EPS 指引。Pat 在更詳細帶各位檢視財務時，將進一步拆解本次業績與指引背後的假設。除了營運表現之外，過去兩個月我們也採取兩項重要行動，以強化我們的投資組合與資本配置彈性。

In September, we announced a definitive agreement to sell Excel, the Hustler branded large-format mower business which is expected to further streamline our portfolio and allow us to focus resources on the areas and brands where we see the best opportunities to grow and create value. Excel will remain in our results until the deal closes, which we expect around year end.

9 月，我們宣布已簽署最終協議，出售 Excel（Hustler 品牌的大型割草機業務）。此舉預期將進一步精簡我們的投資組合，並使我們能將資源聚焦於我們認為最具成長與價值創造機會的領域與品牌。在交易完成前，Excel 仍將納入我們的業績之中；我們預期交易約在年底前後完成。

Also, after the third quarter ended and at their meeting last week, the Board of Directors approved a new $1 billion share repurchase authorization. This new authorization extends our flexibility to return capital to shareholders in a thoughtful, disciplined way while continuing to invest in the business and advance our strategic priorities.

此外，在第三季結束後，董事會於上週會議核准新的 10 億美元股票回購授權。這項新授權延伸了我們以審慎且有紀律的方式回饋股東資本的彈性，同時也能持續投資於業務並推進我們的策略重點。

Together, these actions underscore our confidence in the outlook for the business and our commitment to balance shareholder focused capital allocation. With that context, let me briefly review how the quarter played out across our segments. In Tools & Outdoor, third quarter revenue was approximately $3.3 billion, up 2% year over year.

綜合而言，這些行動凸顯我們對業務展望的信心，以及我們致力於在以股東為核心的資本配置與平衡之承諾。在此背景下，讓我簡要回顧本季各事業部的表現。在工具與戶外（Tools & Outdoor）部門，第三季營收約 33 億美元，年增 2%。

Organic revenue was up 4%, led by 7% volume growth, which was partially offset by 3 points of price. Total revenue growth was also impacted by 2 points related to the impact of the previously announced strategic transition to a licensing model for the gas walk-behind outdoor products. Currency was flat.

有機營收年增 4%，主要由 7% 的銷量成長帶動，但部分被 3 個百分點的價格因素所抵銷。總營收成長亦受到 2 個百分點影響，該影響與先前宣布將汽油手推式戶外產品策略性轉型為授權模式有關。匯率影響持平。

We were encouraged by another quarter of organic growth for our priority brands, DEWALT, STANLEY and CRAFTSMAN, which are contributing to more sustainable above-market growth across the portfolio. The volume strength was led by power tools, which saw continued momentum in both the US retail channel and the commercial and industrial channel.

我們對優先品牌 DEWALT、STANLEY 與 CRAFTSMAN 再度實現有機成長感到振奮，這些品牌正推動整體投資組合更具可持續性的、優於市場的成長。銷量強勁主要由電動工具帶動，其在美國零售通路以及商業與工業通路皆延續動能。

We delivered another quarter of well-executed demand generation and market activation in US retail. We maintained the promotional plan set in place for the third quarter, and the plan was well received, supporting strong revenue performance in the channel that was up mid-single digits.

我們在美國零售端再度交出執行良好的需求創造與市場啟動表現。我們維持第三季既定的促銷計畫，且市場反應良好，支撐通路營收強勁表現，年增中個位數百分比。

Within the US commercial and industrial channel, demand was even stronger than last quarter, with revenue up by a mid-teens percentage year over year. That performance reflects continued professional demand as well as the benefits of our targeted growth investments, including expanding our field presence to support end users on the job site and serve customers more directly across the channel.

在美國商業與工業通路方面，需求甚至比上季更強，營收年增達中十位數百分比。此表現反映專業端需求持續，以及我們聚焦成長投資所帶來的效益，包括擴大前線人員配置，以在工地現場支援終端使用者，並在通路中更直接地服務客戶。

Tools & Outdoor third quarter adjusted segment margin was 17.6% which was up 560 basis points year over year. Net tariff refunds contributed approximately 430 basis points, the balance driven by net productivity gains and favorable product mix.

工具與戶外部門第三季調整後分部利潤率為 17.6%，年增 560 個基點。關稅退稅淨額約貢獻 430 個基點，其餘則由淨生產力提升與有利的產品組合所帶動。

Now for additional details on the third quarter top line performance by product line. Power tools organic revenue increased by 10% and hand tools, accessories and storage organic revenue increased by 2%, which were both driven by strong market activation and global priority brand performance.

接著補充第三季依產品線劃分的營收（top line）表現細節。電動工具有機營收成長 10%；手工具、配件與收納有機營收成長 2%；兩者皆由強勁的市場啟動以及全球優先品牌表現所驅動。

Outdoor organic revenue declined 12% as the season continued to be pressured by weather in the US and ANZ, which remained a headwind for the quarter. From a regional perspective, North America organic revenue increased 6%, supported by strong mid-single-digit growth in retail and continued sequential improvement in commercial and industrial.

戶外產品有機營收下滑 12%，因美國與澳紐（ANZ）天候持續對銷售季造成壓力，並在本季持續形成逆風。從區域角度來看，北美有機營收成長 6%，受惠於零售端中個位數的強勁成長，以及商業與工業端持續的逐季改善。

North America point-of-sale in aggregate was slightly ahead of reported home improvement consumer credit card data. In Europe, organic revenue increased 1%, with continued strength in Eastern Europe and Iberia, regions where we've strategically invested in sales resources to fortify our presence across channels.

北美整體銷售點（point-of-sale）表現略優於已公布的居家修繕消費者信用卡數據。在歐洲，有機營收成長 1%，東歐與伊比利半島持續強勁；這些是我們策略性投入銷售資源、以強化跨通路布局的區域。

Growth in Europe was weighed down by a more challenged macro backdrop in France. Across the rest of the world, organic revenue declined 1%, driven by modestly softer performance in Latin America. Overall, we remain encouraged by the progress in Tools & Outdoor.

歐洲的成長受到法國更具挑戰性的總體經濟環境所拖累。在世界其他地區，有機營收下滑1%，主要由拉丁美洲表現略為轉弱所致。整體而言，我們仍對工具與戶外（Tools & Outdoor）的進展感到鼓舞。

The quarter reflected strong volumes, continued momentum in our core brands and improving underlying profitability reinforcing our confidence that our targeted investments are helping to position the business for more durable, profitable growth over time. Turning to Engineered Fastening. Revenue was down 21% year over year, primarily due to the aerospace fasteners divestiture completed earlier this year.

本季反映出強勁的出貨量、核心品牌動能延續，以及基礎獲利能力改善，進一步強化我們的信心：我們的重點投資正協助公司在時間推移下，建立更具韌性且更高獲利的成長。接著談工程緊固件（Engineered Fastening）。營收年減21%，主要因今年稍早完成航太緊固件業務的出售。

On an organic basis, revenue increased 2% and driven by broad-based strength in our industrial business, which more than compensated for a soft automotive market. Adjusted segment profit margin was 11.7% down 110 basis points year over year, largely driven by automotive demand pressure.

以有機基礎計算，營收成長2%，主要由工業業務的廣泛強勁表現所帶動，足以抵銷汽車市場疲弱。調整後部門營業利益率為11.7%，年減110個基點，主要受汽車需求壓力所致。

This segment was not affected by tariff refunds for the quarter. In automotive, organic revenue declined 2% as OEM customers became more cautious on launches, production schedules and capital deployment. In Industrial, organic revenue increased by 10%, supported by project-driven wins, customer momentum and solid commercial execution.

本部門本季未受關稅退稅影響。在汽車業務方面，隨著OEM客戶對新車型導入、產能排程與資本投放趨於保守，有機營收下滑2%。在工業業務方面，有機營收成長10%，受專案驅動的得標、客戶動能及穩健的商業執行所支撐。

Overall, industrial demand remained solid, and our higher-growth industrial verticals continued to perform well, helping offset the more challenging automotive backdrop. The progress we are making in both segments reflects the efforts of our teams around the world who are executing with discipline in a dynamic environment.

整體而言，工業需求仍然穩健，我們成長較快的工業垂直領域持續表現良好，有助於抵銷較具挑戰性的汽車環境。我們在兩個部門所取得的進展，反映出全球團隊在動態環境中以紀律執行的努力。

Our strategic priorities are delivering results, and we remain confident in both the direction of the company and our ability to create long-term shareholder value. Having become a focused, brand-led organization, there are several dimensions to the work that we have been doing to fundamentally evolve how we operate.

我們的策略優先事項正在帶來成果，我們對公司的方向以及創造長期股東價值的能力仍具信心。在成為一個更聚焦、以品牌為核心的組織後，我們所做的工作在多個面向上，正從根本上推動我們營運方式的演進。

We've invested more to support our channel partners to serve end-user categories where we see the greater opportunity to activate each of our brands deepened market penetration and generate attractive returns.

我們加大投資以支持通路夥伴，服務我們認為更具機會的終端使用者類別，藉此啟動各品牌、深化市場滲透並創造具吸引力的報酬。

We have focused our innovation process to methodically embed the platforming approach with the aim of accelerating innovation to solve end-user challenges. And we have strengthened our brand positioning to be present at the critical points along the end user's path to purchase.

我們聚焦創新流程，有系統地導入平台化（platforming）方法，目標是加速創新以解決終端使用者的挑戰。同時，我們也強化品牌定位，確保在終端使用者購買路徑上的關鍵接觸點都能被看見。

We have done this by strategically positioning our brands in the market, thoughtfully supporting our brands in global channels and serving end users with innovative solutions. While each brand serves a distinct end user type, our approach to activating our brands is consistent: one, lean further into digital marketing, building brand campaigns that resonate with each brand's target audience.

我們透過在市場上策略性地定位品牌、在全球通路中周延地支持品牌，以及以創新解決方案服務終端使用者來達成上述目標。雖然每個品牌服務的終端使用者類型不同，但我們啟動品牌的方式一致：第一，更加投入數位行銷，打造能與各品牌目標受眾產生共鳴的品牌活動。

Two, use social media and influencer ecosystems to extend reach, relevance and engagement. And three, and most importantly, pair this brand building and application with innovation, channel support and in-field end user engagement. Combining these things ensures the brand promise is well supported and translates the end user engagement into higher demand and organic growth.

第二，運用社群媒體與網紅生態系擴大觸及、相關性與互動。第三，也是最重要的，將品牌建立與應用，與創新、通路支持及第一線終端使用者互動相結合。結合這些要素可確保品牌承諾獲得充分支撐，並將終端使用者互動轉化為更高需求與有機成長。

Ultimately, we are investing to drive durable organic growth across our priority brands. The positive organic growth we generated across DEWALT, STANLEY and CRAFTSMAN over the last two quarters is early evidence that these targeted investments are gaining traction and translating into results. Starting with DEWALT, our focus is on deepening our connection with the professional end user.

最終，我們的投資是為了推動優先品牌的長期有機成長。過去兩個季度，我們在DEWALT、STANLEY與CRAFTSMAN所創造的正向有機成長，是初步證據，顯示這些重點投資正逐步發揮效果並轉化為成果。先從DEWALT談起，我們的重點是深化與專業終端使用者的連結。

We are seeing strong penetration of new products that support our end-to-end workflow solutions across the trades including products that deliver full-size 20-volt power in a compact profile that allows users to transition from pneumatic to cordless along with a major expansion of cordless carpentry tools built with industry-leading features to support the toughest job sites. One lever we are using to amplify DEWALT end user engagement is our global No Quit campaign.

我們看到支援端到端工作流程解決方案的新產品滲透強勁，涵蓋各工種；其中包括在緊湊外型下提供全尺寸20V動力的產品，使使用者能從氣動工具轉換至無線工具；同時也大幅擴充無線木工工具產品線，搭載業界領先功能以支援最嚴苛的工地環境。我們用來放大DEWALT終端使用者互動的一項槓桿，是全球性的「No Quit」活動。

The message behind this digital marketing effort is simple. DEWALT is one with the mindset of the professional, resilient, productivity oriented and committed to getting the job done right. we are bringing that to life through digital storytelling and direct job site relevance.

這項數位行銷活動背後的訊息很簡單。DEWALT與專業人士的心態一致：堅韌、以生產力為導向，並致力把工作做到最好。我們透過數位敘事與直接貼近工地情境的內容，將這一點具體呈現。

On the back of that campaign, we are scaling brand activation around the pro user and leveraging industry influencers and targeted digital channels to meet professionals where they work, learn, discover and make purchase decisions. DEWALT delivered organic growth across all regions with notably strong performance that outpaced the broader business and underscore the brand's momentum across markets and channels.

在該活動帶動下，我們以專業使用者為核心擴大品牌啟動規模，並運用產業影響者與精準的數位通路，在專業人士工作、學習、探索並做出購買決策的場景中與其相遇。DEWALT在所有地區皆實現有機成長，且表現尤為強勁，不僅超越整體業務，也凸顯該品牌在各市場與通路的動能。

For us, that is a strong signal that our pro-focused brand investments are resonating, and we are continuing to deploy resources to build on this progress. Moving next to STANLEY. This is an iconic trusted brand with deep heritage and our work is focused on modernizing the STANLEY brand message, refreshing and sharpening the product story and creating clear reasons to choose STANLEY.

對我們而言，這是強烈訊號，顯示以專業使用者為導向的品牌投資正在引起共鳴；我們也將持續投入資源以延續這項進展。接著談STANLEY。這是一個具代表性、值得信賴且擁有深厚傳承的品牌；我們的工作聚焦於現代化STANLEY的品牌訊息、更新並強化產品敘事，並建立清楚的理由讓消費者選擇STANLEY。

This includes enhancing how the brand shows up both in-store and online and improving the clarity and consistency of the message. We are refreshing our offerings across tool categories and have completed two of eight Waves of our product refresh initiative with Wave 3 currently underway.

這包括提升品牌在實體店與線上呈現的方式，並改善訊息的清晰度與一致性。我們正在各工具品類更新產品組合，並已完成產品更新計畫八個波次（Waves）中的兩個，目前第3波正在進行中。

We have also made targeted investments to add dedicated STANLEY resources in the field to better serve our customers. We are seeing clear evidence that these investments are working, and we are continuing to invest behind that momentum. STANLEY generated positive organic growth in each of the past two quarters. This progress reflects the combined impact of band revitalization, product refresh and stronger commercial execution.

我們也進行了有針對性的投資，在第一線增設專屬STANLEY資源，以更好地服務客戶。我們看到明確證據顯示這些投資正在奏效，並將持續加碼以延續動能。STANLEY在過去兩個季度皆實現正向有機成長。這項進展反映了品牌振興、產品更新與更強商業執行的綜合影響。

Shifting to CRAFTSMAN, we are laser-focused on the DIYs in North America, and we are meeting them throughout all parts of the DIY journey from planning and researching to navigating through the project to successful completion we are supporting that with stronger digital storytelling, social engagement and product-focused activation that helps consumers understand the value proposition of CRAFTSMAN.

轉向CRAFTSMAN，我們高度聚焦北美DIY族群，並在DIY旅程的各個環節與他們互動——從規劃與研究、到專案執行過程、再到順利完成——我們透過更強的數位敘事、社群互動與以產品為核心的啟動活動來支持，協助消費者理解CRAFTSMAN的價值主張。

Our advanced V20 battery that launched earlier this year is quickly penetrating the market and supporting strong adoption across the breadth of the product ecosystem. New tool introductions and product refreshes across categories have been notable this year.

我們今年稍早推出的先進V20電池正快速滲透市場，並支援整個產品生態系的強勁採用。今年在各品類的新工具導入與產品更新也相當亮眼。

In fact, we are launching the most new products this year since we first acquired the brand, and they have meaningfully contributed to the organic growth over the past few quarters and are supportive of our expectations for the balance of the year.

事實上，我們今年推出的新產品數量是自收購該品牌以來最多的一年；這些新品在過去幾個季度對有機成長做出顯著貢獻，並支撐我們對今年剩餘期間的預期。

Consistent with our approach to DEWALT and STANLEY, our influencer partnerships and brand collaborations are helping end users connect with the CRAFTSMAN brand. We are seeing record engagement for the brand with performance exceeding industry averages across channels, and our strategic retail partnerships continue to play an important role in building momentum.

與我們對DEWALT與STANLEY的做法一致，我們的網紅合作夥伴關係與品牌聯名正協助終端使用者與CRAFTSMAN品牌建立連結。我們看到該品牌的互動創下新高，且在各通路的表現超越產業平均；同時，我們的策略性零售合作夥伴關係持續在建立動能方面扮演重要角色。

Our strong brand activation and new product introductions are beginning to translate into results. Taken together, these brand-building and activation efforts are not stand-alone initiatives, they are part of our strategic imperatives and the broader operating framework we have been building to drive more consistent, profitable growth.

我們強勁的品牌啟動與新產品導入正開始轉化為成果。綜合而言，這些品牌建立與啟動工作並非各自獨立的專案，而是我們策略要務的一部分，也是我們正在打造、用以推動更一致且更高獲利成長的更廣泛營運架構的一環。

Combined with innovation and the continued expansion of our field presence to better support end users on the job site and serve customers across our global channels, we are seeing early indicators that our investments are resonating in the market.

結合創新，以及持續擴大我們的第一線佈局，以在工地更好地支持終端使用者並透過全球通路服務客戶，我們已看到初步跡象顯示我們的投資正在市場上引起共鳴。

I will now pass the call to Pat to provide more detail on performance in the quarter, outline our 2026 guidance and share progress on a few key performance metrics.

接下來我將把電話會議交給Pat，他將更詳細說明本季表現、概述我們的2026年指引，並分享幾項關鍵績效指標的進展。

Thank you, Chris, and good morning to everyone joining us today. I will start by providing a bit more detail on our adjusted EPS and adjusted gross margin outperformance in the third quarter and then turn to guidance. As Chris noted, third quarter adjusted EPS was $2.31, exceeding the midpoint of our July guidance range by $0.76.

謝謝你，Chris，也向今天加入我們的各位道早安。我將先更詳細說明第三季調整後每股盈餘（adjusted EPS）與調整後毛利率優於預期的表現，接著談指引。如Chris所提，第三季調整後EPS為2.31美元，較我們7月指引區間的中點高出0.76美元。

Above the line operating performance was largely in line with our expectations with the outperformance primarily driven by the net tariff refund benefit plus contributions from lower share count and lower net interest expense. The net tariff impact in the quarter contributed approximately $0.67 of the outperformance.

線上（above the line）的營運表現大致符合我們的預期，優於預期主要由淨關稅退稅利益所帶動，並加上較低的流通股數與較低的淨利息費用所貢獻。本季淨關稅影響約貢獻每股 0.67 美元的優於預期表現。

This net benefit reflects the tariff refunds we received during the third quarter, partially offset by targeted growth investments higher incentive compensation and taxes associated with those refunds. Importantly, a portion of the growth investments we already contemplated in our prior guidance as they were related to tariff refunds received during the second quarter.

此淨利益反映我們在第三季收到的關稅退稅，但部分被定向的成長投資、較高的獎酬性薪酬，以及與這些退稅相關的稅負所抵銷。重要的是，我們先前指引中已納入部分成長投資的規劃，因其與第二季收到的關稅退稅相關。

We continue to take a disciplined and returns-based approach to reinvesting a meaningful portion of these tariff refunds and brand health to support sustainable and profitable organic growth over the long term. Share repurchases in the quarter contributed approximately $0.02 to our EPS and below the line items added another $0.02 predominantly due to lower-than-expected net interest expense helped by the strong operating cash flow throughout the quarter.

我們持續以紀律且以報酬為導向的方式，將這些關稅退稅與品牌健康（brand health）所帶來的可觀部分再投資，以支持長期可持續且具獲利性的內生成長。本季股票回購約為我們的每股盈餘（EPS）貢獻 0.02 美元，而線下（below the line）項目再增加 0.02 美元，主要因淨利息費用低於預期，並受惠於全季強勁的營運現金流。

Adjusted gross margin was 39.4% in the quarter, which included approximately 430 basis points of net tariff benefit. We note this was above the 35% threshold with or without the benefit of net tariff refunds. Importantly, net productivity gains and favorable product mix were the leading factors driving the remaining 350 basis points of year-over-year improvement. This achievement reflects the structural progress we have made over the past year as well as the favorable product mix in the quarter.

本季調整後毛利率為 39.4%，其中包含約 430 個基點的淨關稅利益。我們注意到，不論是否計入淨關稅退稅利益，該水準均高於 35% 的門檻。重要的是，淨生產力提升與有利的產品組合是推動其餘 350 個基點年增改善的主要因素。此成果反映我們過去一年所取得的結構性進展，以及本季有利的產品組合。

Now let me walk you through some of the key underlying assumptions embedded in our updated 2026 guidance. First, the temporary period of lower tariffs, which began in late February has persisted and is still largely offsetting the increasing inflation in our 2026 forecast.

接下來我將帶您了解我們更新後 2026 年指引中所內含的一些關鍵基本假設。首先，自 2 月下旬開始的暫時性較低關稅期間已持續至今，且在我們的 2026 年預測中仍大致抵銷了通膨上升的影響。

We continue to expect overall tariff rates to increase to the former IEEPA tariff levels. However, we assume this occurs very late in the year having no material impact on our 2026 earnings. Inflationary headwinds have grown over the past three months, particularly for steel and electrical components, whether or not tariff levels rise to the former EPA levels, we will have meaningful inflation to address in 2027.

我們仍預期整體關稅稅率將回升至先前 IEEPA 關稅水準。然而，我們假設此情況將在年底非常晚才發生，因此對我們 2026 年獲利不會造成重大影響。過去三個月通膨逆風已加劇，特別是在鋼材與電氣元件方面；無論關稅水準是否回升至先前 EPA 水準，我們在 2027 年都將面臨需要因應的顯著通膨。

We plan to do so with productivity measures and pricing actions with a price increase likely around the turn of the year. Second, our 2026 adjusted EPS guidance includes a net impact of $0.60, resulting from tariff refunds. This includes the gross refunds received during the second and third quarters, along with the partially offsetting costs and taxes associated across the balance of the year.

我們計畫透過生產力措施與定價行動來因應，並可能在年初前後進行一次調價。第二，我們 2026 年調整後 EPS 指引包含 0.60 美元的淨影響，來源為關稅退稅。其中包括第二季與第三季收到的退稅總額，以及在今年剩餘期間與之相關、部分抵銷的成本與稅負。

Moving on to our 2026 guidance metrics. From an operational perspective, excluding the tariff refunds, our outlook for this year remains consistent with our prior expectations. However, we are raising and tightening our adjusted earnings per share forecast to be in the range of $5.95 to $6.25. The midpoint is $0.60 higher than the midpoint of our prior adjusted guidance range, and it represents 31% year-over-year growth.

接著看我們 2026 年指引的各項指標。從營運角度來看，若排除關稅退稅，我們對今年的展望仍與先前預期一致。不過，我們上調並收斂調整後每股盈餘預測至 5.95 至 6.25 美元區間。中位數較先前調整後指引區間的中位數高出 0.60 美元，代表年增 31%。

$0.55 of the guidance increase reflects the incremental net tariff refunds we received in the third quarter, including the partial offsets from related costs and taxes. A meaningful portion of the offsets related to the refunds already received are landing in the fourth quarter. The remaining $0.05 of our increased guidance reflects the reduced average share count as well as the below-the-line items including lower net interest expense.

指引上調中的 0.55 美元，反映我們在第三季收到的新增淨關稅退稅，並已包含相關成本與稅負的部分抵銷。與已收到退稅相關的抵銷項目中，有相當一部分將落在第四季。其餘 0.05 美元的上調，反映平均流通股數下降，以及線下（below-the-line）項目（包括較低的淨利息費用）。

Share repurchases completed in the third quarter are driving a reduction in weighted average shares to $150 million for the full year 2026 versus our prior estimate of $151 million. As a reminder, this updated EPS guidance does not contemplate any potential fourth quarter tariff refunds because the timing and amounts remain too uncertain to include.

第三季完成的股票回購，使 2026 全年加權平均股數降至 1.50 億股，低於我們先前估計的 1.51 億股。提醒一下，此更新後的 EPS 指引未納入任何可能的第四季關稅退稅，因其時點與金額仍過於不確定，無法納入。

Further, we have received most of the IEEPA tariff refunds for which the government has provided a refund pathway. Our revenue outlook is consistent with our prior guidance framework.

此外，對於政府已提供退稅途徑的 IEEPA 關稅退稅，我們已收到其中大部分。我們的營收展望與先前指引架構一致。

Total company revenue will be about flat compared to last year and organic revenue is still expected to grow by a low single-digit percentage year over year, driven by solid volume growth and roughly flat pricing for the full year. This outlook reflects our continued focus on pivoting to growth and our confidence in seizing the share opportunities across our key markets.

公司整體營收相較去年大致持平，而內生營收仍預期將以低個位數百分比年增，主要由穩健的銷量成長與全年大致持平的價格所帶動。此展望反映我們持續聚焦轉向成長，以及我們有信心在關鍵市場把握市占機會。

Moving to gross margin expectations. We anticipate full year gross margins will expand by approximately 350 basis points year over year, inclusive of approximately 150 basis points from the net tariff refund benefit. The remainder of the gross margin expansion is primarily driven by underlying operational business improvements. We continue to have conviction in achieving 34% to 35% adjusted gross margin in the fourth quarter, and I will talk more about that on the next slide.

接著談毛利率預期。我們預期全年毛利率將年增約 350 個基點，其中包含約 150 個基點來自淨關稅退稅利益。其餘毛利率擴張主要由營運面的基本改善所驅動。我們仍有信心在第四季達成 34% 至 35% 的調整後毛利率，我會在下一張投影片進一步說明。

We now expect full year SG&A as a percentage of sales to be around 23.5% to 24% and which includes about 80 basis points of incremental costs related to the tariff refunds received, including growth investments. Keep in mind, this allocation of refund dollars to growth investments will further advance our robust innovation pipeline and fuel market activation with the goal of enhancing brand health and accelerating organic growth.

我們目前預期全年 SG&A（銷售、一般及行政費用）占銷售額比重約為 23.5% 至 24%，其中包含約 80 個基點與已收到關稅退稅相關的新增成本（包括成長投資）。請記住，將退稅資金配置至成長投資，將進一步推進我們強健的創新產品管線，並強化市場啟動（market activation），目標是提升品牌健康並加速內生成長。

We will continue to manage SG&A thoughtfully, allocating capital to strategic investments to drive sustainable growth and position the business for long-term value creation. These tariff refunds have clearly given us the rare opportunity to ramp up and pull forward certain growth investments into 2026.

我們將持續審慎管理 SG&A，將資本配置至策略性投資，以推動可持續成長並讓業務具備長期價值創造的定位。這些關稅退稅顯然為我們提供了難得的機會，得以在 2026 年加速並提前投入部分成長投資。

Our initial view on 2027 is that we can manage our SG&A levels back down to approximately 23% of sales as some exceptional items from this year roll off. Coming back to 2026. We are increasing our forecast for free cash flow by $400 million at the midpoint.

我們對 2027 年的初步看法是，隨著今年的一些一次性項目消退，我們可將 SG&A 水準管理回到約占銷售額 23%。回到 2026 年。我們將自由現金流的預測中位數上調 4 億美元。

We now expect to be in the range of $1 billion to $1.2 billion. This increased guidance incorporates both the stronger free cash flow generation we have seen year to date as well as the tariff refunds received in the third quarter. Our free cash flow performance is supported by a disciplined approach to working capital management in light of our ongoing tariff mitigation, footprint optimization initiatives and inflationary trends.

我們目前預期區間為 10 億至 12 億美元。此上調後的指引同時納入我們今年迄今所見更強勁的自由現金流產生能力，以及第三季收到的關稅退稅。在持續進行關稅緩解、據點（footprint）優化措施與通膨趨勢的背景下，我們以紀律性的營運資金管理方式支撐自由現金流表現。

Looking at our segments now. Tools & Outdoor is still expected to deliver low single-digit organic growth in 2026 led by market share gains and what we anticipate will be roughly a flat down market. We expect fourth quarter organic revenue to be up between 3% to 4%, fueled by the continuation of our strong and effective brand activation initiatives.

現在來看各事業部。Tools & Outdoor 仍預期在 2026 年實現低個位數的內生成長，主要由市占提升所帶動，且我們預期市場大致持平至略為下滑。我們預期第四季內生營收將成長 3% 至 4%，動能來自我們強勁且有效的品牌啟動計畫持續推進。

On a full year basis, adjusted segment margin is expected to improve year over year driven primarily by productivity gains and tariff refunds. Engineered Fastening is now expected to grow by a low single-digit percentage organically due primarily to the recent deterioration of the auto market.

以全年來看，調整後事業部利潤率預期將年增，主要由生產力提升與關稅退稅所驅動。Engineered Fastening 目前預期內生將以低個位數百分比成長，主要因汽車市場近期惡化。

The industrial portion of this business is expected to remain more resilient. Adjusted segment margin is now expected to be flat year over year due to increasing material inflation and auto volume softness. While we expect auto to continue to be soft during 4Q, we are working to manage this without it impacting overall company earnings.

該業務中的工業端預期將維持較具韌性。由於材料通膨上升與汽車銷量疲弱，調整後事業部利潤率目前預期將與去年持平。雖然我們預期汽車市場在第四季仍將偏弱，但我們正努力在不影響公司整體獲利的情況下加以管理。

Turning to other 2026 assumptions. Our pretax non-GAAP adjustments are expected to be in the range of $0 to $20 million, which consists primarily of charges related to footprint actions, partially offset by the second quarter TAM gain.

最後談其他 2026 年假設。我們的稅前非 GAAP 調整項預期介於 0 至 2,000 萬美元，主要由與據點調整行動相關的費用構成，並由第二季 TAM 利得部分抵銷。

The approximate $0.40 to $0.50 difference between our GAAP EPS and adjusted EPS ranges is explained by these adjustments as well as the related tax impact on the CAM gain. Our full year net interest expense is now expected to be about $250 million, which has improved from lower debt levels and strong free cash flow performance year to date.

我們的 GAAP 每股盈餘（EPS）與調整後 EPS 區間之間約 0.40 至 0.50 美元的差異，可由這些調整項目以及 CAM 處分收益相關的稅務影響所解釋。我們目前預期全年淨利息費用約為 2.5 億美元，受惠於負債水位下降以及年初至今強勁的自由現金流表現，較先前有所改善。

We still expect other net expenses to be around $230 million. we now expect the adjusted tax rate to be 20% for the full year, up from 19% in our prior guidance, reflecting a higher portion of our net earnings in the US due to the tariff refunds. Now for the balance of the year. Our views on fourth quarter underlying operational performance have not changed materially since July.

我們仍預期其他淨費用約為 2.3 億美元。我們目前預期全年調整後有效稅率為 20%，高於先前指引的 19%，反映因關稅退稅使我們在美國的淨利占比提高。接著談談今年剩餘期間。自 7 月以來，我們對第四季基礎營運表現的看法並未出現重大變化。

We anticipate net sales to be around $3.6 billion flat overall due to the CAM divestiture and transition of gas walk behind mowers to a licensing model. On an organic basis, we expect sales to be up by 2% to 4% for the total company.

由於 CAM 業務剝離以及汽油手推式割草機轉為授權模式，我們預期淨銷售額約為 36 億美元，整體持平。以有機基礎計算，我們預期公司整體銷售額將成長 2% 至 4%。

Adjusted earnings per share are expected to be approximately $1.45, which includes roughly $0.25 worth incremental costs and taxes directly related to the tariff refunds received already. Our adjusted EPS for the quarter assumes a planned tax rate of approximately 17% and a share count of about $148 million. Turning to slide 8.

調整後每股盈餘預期約為 1.45 美元，其中包含約 0.25 美元的增量成本與稅負，係直接與已收到的關稅退稅相關。我們對本季調整後 EPS 的假設包含約 17% 的規劃稅率，以及約 1.48 億股的股數。接著請看第 8 頁投影片。

Our path forward on margin expansion and capital deployment remains consistent with that outlined in July. As we look to the fourth quarter, we continue to have conviction in adjusted gross margin reaching the 34% to 35% range, consistent with our operational expectations.

我們在毛利率擴張與資本配置方面的前進路徑，仍與 7 月所說明的一致。展望第四季，我們仍深信調整後毛利率可達 34% 至 35% 的區間，符合我們的營運預期。

The improvement is expected to be driven by productivity and tariff mitigation initiatives. Our third quarter adjusted gross margin performance, even excluding the net tariff refund benefit reinforces our confidence in our ability to continue driving year-over-year profitability gains in future periods. We continue to target long-term adjusted gross margins above 35% towards 37%.

預期改善將由生產力提升與關稅緩解措施所帶動。我們第三季調整後毛利率的表現，即使排除關稅退稅的淨受益，仍強化了我們對未來期間持續推動年對年獲利能力提升的信心。我們仍以長期調整後毛利率高於 35%、朝 37% 邁進為目標。

Free cash flow outperformed in the third quarter and it is approximately $836 million year to date, which included positive contributions from both operational cash flows as well as tariff refunds in the quarter. On capital deployment, we executed $250 million of share repurchases during the third quarter, completing our prior authorization of $500 million.

第三季自由現金流表現優於預期，年初至今約為 8.36 億美元，其中包含本季營運現金流與關稅退稅的正向貢獻。在資本配置方面，我們於第三季執行了 2.5 億美元的庫藏股回購，完成先前 5 億美元的核准額度。

This reflects our continued commitment to thoughtful capital deployment, including returning capital to shareholders. The Board's new authorization of $1 billion reinforces our focus on proactive, thoughtful capital allocation. We remain on track for net debt to adjusted EBITDA to be at or around 2.5 times at year end.

這反映我們持續致力於審慎的資本配置，包括向股東返還資本。董事會新核准的 10 億美元額度，進一步強化我們對主動且審慎資本配置的聚焦。我們仍按計畫在年底將淨負債對調整後 EBITDA 維持在約 2.5 倍左右。

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

我們仍致力於嚴謹的資本配置並加速為股東創造價值，包括資助有機成長、有效率地向股東返還資本，以及在適當時機考慮補強型併購（bolt-on M&A）；同時，我們計畫維持投資等級的信用評等。

The pending sale of Excel that Chris mentioned is also an example of how we are continuing to prune our portfolio to focus on the core assets we believe can drive sustainable and profitable growth. With our sharpened portfolio, disciplined cost and capital allocation and a relentless focus on our customers, we have the foundation in place to respond to market dynamics deliver growth and create long-term value for our shareholders.

Chris 提到的 Excel 待完成出售案，也是我們持續精簡投資組合、聚焦於我們相信能推動可持續且具獲利性成長之核心資產的例子。透過更聚焦的投資組合、嚴謹的成本與資本配置，以及對客戶不懈的專注，我們已具備基礎以因應市場動態、實現成長並為股東創造長期價值。

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

謝謝。我現在把電話交回給 Chris。

Thank you, Pat. Before we open the call for questions, I want to thank our teams around the world for their relentless focus and disciplined execution in what continues to be a dynamic economic environment.

謝謝你，Pat。在我們開放提問之前，我想感謝全球各地的團隊，在持續動態變化的經濟環境中，仍保持不懈專注與嚴謹執行。

We remain firmly focused on the actions within our control, driving operational excellence, accelerating innovation through our platforming approach and investing behind our brands so we can better serve end users, strengthen demand and improve the long-term earnings power of the company. That mindset is central to how we operate with discipline, urgency and a clear focus on advancing our self-help journey.

我們仍堅定聚焦於我們可控的行動，推動卓越營運、透過平台化（platforming）方法加速創新，並加大對品牌的投資，以便更好地服務終端使用者、強化需求並提升公司長期獲利能力。這樣的心態是我們以紀律、緊迫感與清晰聚焦推進自助改善旅程（self-help journey）的核心。

With the progress we are making, the strength of our team and the clear conviction of our Board, we are confident in our strategy optimistic about the opportunities ahead and believe Stanley Black & Decker is increasingly well positioned to deliver stronger long-term shareholder value.

憑藉我們正在取得的進展、團隊的實力以及董事會明確的信念，我們對策略充滿信心，對未來機會保持樂觀，並相信 Stanley Black & Decker 的定位正日益完善，可為股東帶來更強勁的長期價值。

We are now ready for Q&A, Michael.

Michael，我們現在準備進入問答環節。

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

謝謝，Chris。接線員，我們現在可以開始問答。

(Operator Instructions) Nigel Coe, Wolfe Research.

(接線員指示) Nigel Coe，Wolfe Research。

Maybe just talk about the 3% negative price in Tools & outdoor, Obviously, good underlying margins, good gross margins. Just want to understand how the tariff refunds are playing into the promotional activity. And then the degree of confidence in achieving price inflation in 2027 to offset what looks to be a very inflation environment.

或許談談工具與戶外（Tools & Outdoor）業務 3% 的負向價格因素。顯然，基礎毛利率表現不錯、總毛利率也很好。我想了解關稅退稅如何影響促銷活動。另外，對於在 2027 年實現價格上調以抵消看起來通膨很低的環境，你們的信心程度如何？

Nigel, it's Chris. Great hearing from you. Thanks for the question. As it pertains to your first part of the question, which is the pricing in Q3, what I'd say is we're absolutely on plan where we want to be. Our list prices are where we put them as we raise price as a result of the tariffs coming out of last year.

Nigel，我是 Chris。很高興聽到你的聲音。謝謝你的提問。就你問題的第一部分，也就是第三季的定價而言，我想說的是，我們完全依照計畫推進，達到我們希望的位置。我們的牌價（list prices）維持在我們設定的水準，因為我們是基於去年關稅因素而調升價格。

And if you recall, in Q4 and Q1, we talked about resetting our promotional calendar and approach to be more targeted to driving higher-margin opportunities in readjusting as we went -- came out of that very disruptive cycle. We have not changed that plan on bit coming out of Q1.

如果你還記得，在第四季與第一季，我們談到重設促銷行事曆與方法，使其更聚焦於推動較高毛利的機會，並在走出那段高度干擾的週期時進行調整。自第一季以來，我們完全沒有改變這項計畫。

And actually, we're executing right on the plan. What has happened is that we've had tremendous success with the plan. And you can see that showing up in the volume for power tools as well as the accretive margins and the margin expansion and levels being at the higher end of our range.

事實上，我們正按計畫執行。發生的情況是，我們在該計畫上取得了巨大的成功。你可以從電動工具的銷量，以及具增益性的毛利、毛利率擴張與水準落在我們區間上緣看出來。

So we feel very good where we are on price. I think the next thing is, as we head into 2027, what my comment there would be is that our commitment and our role in leading this organization is that we have to continue to expand margins in any environment. It's vital to our journey in order to be able to support our end users with increasing levels of innovation in each of our core brands.

因此，我們對目前的價格狀況感到非常滿意。接下來，當我們展望 2027 年時，我的看法是：我們對這個組織的承諾與領導責任，是在任何環境下都必須持續擴張毛利率。這對我們的轉型旅程至關重要，才能支持終端使用者在各核心品牌上獲得更高水準的創新。

And as such, we have continued along all of the productivity along the way that helps offset some of that inflation. But as we go into next year, clearly, some of the inflation we're seeing in areas such as metals and resins affect everyone and are immune to some of the productivity measures that we can normally take.

因此，我們一路以來持續推進各項生產力提升，以協助抵消部分通膨。但當我們進入明年時，顯然我們在金屬與樹脂等領域看到的部分通膨會影響所有人，且對我們通常可採取的一些生產力措施而言，較難完全抵消。

And we will be looking to supplement our productivity with price as we come out of the year. I feel like the areas that we are going to be taking price are common across the industry. And therefore, I think it's going to be that type of environment.

因此，隨著年度結束，我們將尋求以價格來補充生產力提升的效果。我認為我們將採取漲價的領域在產業內是共通的。因此，我認為環境大致會是那樣的型態。

That being said, I think that over the past number of quarters and months, we have learned a lot as we've gone through these pricing exercises, and we're going to be very thoughtful in working with our channel partners in order to make sure that we're putting the price in the areas most affected as well as in the categories and SKUs that we understand have the greatest level of differentiation and favorable elasticity.

話雖如此，我認為在過去幾個季度與幾個月中，我們在這些定價作業中學到了很多；我們也會非常審慎地與通路夥伴合作，以確保我們把價格調整放在受影響最嚴重的領域，以及我們了解具有最高差異化程度與較佳需求彈性的品類與 SKU 上。

So we feel well positioned, and it's something that we've been spending a lot of time over the past number of months getting prepared for as we exit the year.

因此，我們認為自身定位良好；而且這也是我們在過去幾個月投入大量時間準備、以便在年底前做好就緒的事項。

That's great. That's the great answer. And then just quick on the portfolio actions with the moves you made in the outdoor tools group, the licensing model for the wall behind the sale of Excel. Where do we stand right now on potential portfolio actions going forward?

太好了。這是很棒的回答。接著快速問一下關於投資組合的動作：你們在戶外工具事業群所做的調整、以及在出售 Excel 背後的授權模式。就未來可能的投資組合動作而言，我們目前的進度到哪裡了？

Yes, I'd say that we're at the -- we're at the end of the major transformational cycle that we were in. And certainly, there could be pruning opportunities, but they'd be more around the edges with particular product lines or categories if anything. But there's nothing on the docket as we see it right now.

是的，我會說我們正處於——我們正處於先前那一輪重大轉型週期的尾聲。當然，可能仍有一些精簡（pruning）的機會，但如果有的話，會比較偏向邊緣地帶，例如特定產品線或品類。但就我們目前所見，沒有任何事項已列入議程。

But we'll continue to challenge ourselves because our job is to make sure that we are allocating our resources and concentrating our efforts in the areas that we see the highest growth potential going forward, not only from a brand but a category perspective. And as it pertains to our outdoor business, we really like that business, and we feel that this latest evolution allows us the appropriate level of representation in that end market with great brands.

不過我們會持續自我挑戰，因為我們的工作是確保把資源配置、把努力聚焦在我們認為未來成長潛力最高的領域，不僅從品牌角度，也從品類角度來看。至於我們的戶外業務，我們非常喜歡這個業務，也認為這次最新的演進讓我們能以優秀品牌，在該終端市場取得適當程度的布局與代表性。

We like the Cub Cadet brand, and we feel that our presence in the market with as it relates to large-format ride-on mowers is well represented, and we like that brand. we like the innovation that it brings with it. And then with what we're doing on handheld, particularly with the DEWALT and CRAFTSMAN brands. We feel like we're well positioned and well our portfolio in outdoor is well constructed at this point.

我們喜歡 Cub Cadet 這個品牌，也認為就大型乘坐式割草機而言，我們在市場上的布局相當到位，而且我們喜歡這個品牌。我們也喜歡它所帶來的創新。另外在手持式產品方面，特別是 DEWALT 與 CRAFTSMAN 兩個品牌。我們覺得我們的定位很好，而且目前我們在戶外領域的產品組合架構也相當完善。

Tim Wojs, Baird.

Tim Wojs，Baird。

Maybe just a first question, Pat, just on the margins in the fourth quarter. I think just doing some quick back of the envelope math, I think the midpoint implies about mid-12% type margins in Tools & Outdoor for the quarter, which I think steps down a little bit sequentially on an underlying basis. Can you just walk through the moving pieces around the investments? And then I have a follow-up.

Pat，我先問一個關於第四季毛利率（margin）問題。我用很粗略的方式快速算了一下，我想中位數（midpoint）大概意味著工具與戶外（Tools & Outdoor）本季約 12% 中段的利潤率，從基礎面來看，序列上似乎略有下滑。你能否說明一下與投資相關的各項變動因素？然後我還有一個追問。

Yes. I mean, I would attribute that all to the increased investment in the quarter. There's nothing else going on because we look at the gross margin, we're expecting for the full enterprise and for T&O it's very consistent with our outlook all year long, if not a little bit higher, I think for the full year, we had guided at 32% and a fraction for the full year, gross margin will probably be on the high side of that guide.

可以。我會把這完全歸因於本季投資增加。除此之外沒有其他因素，因為我們看毛利率，對整體公司以及工具與戶外（T&O）的預期，都與我們全年展望非常一致，甚至可能略高一些；我記得全年我們指引毛利率約 32% 多一點，全年毛利率可能會落在該指引區間的較高端。

So our gross margin performance in the year, absent tariff refunds is very consistent with our plan and our guidance throughout the year. And as we mentioned in the prepared remarks, we are going to be investing about $0.25 worth predominantly flowing through SG&A in the quarter and both personnel and brand building and marketing efforts in the quarter that are all associated with the tariff refund investments.

因此，今年的毛利率表現——若不計關稅退稅（tariff refunds）——與我們的計畫及全年指引都非常一致。而且如同我們在事先準備的講稿中提到的，我們在本季將投資約 0.25 美元，主要會反映在 SG&A；包含人員以及品牌建設與行銷投入，這些都與關稅退稅所帶來的投資安排相關。

Okay. And is that investment that you would have done in '27 that you're pulling into '26.

了解。那這筆投資原本是你們會在 2027 年做、但現在提前到 2026 年嗎？

Correct. I mean I think when you look at investments that are isolated from tax or compensation effects, you're talking on the full year from tariffs somewhere in the $70 million to $80 million range, and that's very much in the range of the investment we would have had last -- for next year, for 2027, we're typically adding somewhere in the $75 million to $100 million of SG&A investments.

沒錯。我的意思是，如果看排除稅務或薪酬影響的那部分投資，全年因關稅相關帶來的金額大約在 7,000 萬到 8,000 萬美元之間；這大致落在我們原本明年——也就是 2027 年——會做的投資範圍內。我們通常每年會新增約 7,500 萬到 1 億美元的 SG&A 投資。

So in essence, what tariffs have allowed us to do this year is pull that investment forward into this year. I would expect next year, then -- we -- as we said in the prepared remarks, be managing SG&A as a percentage of sales back down towards $23 million. So largely carrying forward the investment we put into this year because we pulled it forward into this year.

所以本質上，關稅讓我們今年得以把原本 2027 年的投資提前到今年。我預期明年——正如我們在事先準備的講稿中所說——我們會把 SG&A 佔銷售額的比重管理回落，朝 23% 的方向。因此大致上會延續今年投入的投資水準，因為我們已把它提前到今年做了。

And obviously, our teams may adjust to that investment next year. depending on the results they're seeing or the priorities they have, but I would consider the tariffs have provided a pull forward of what would have been the '27 investment.

當然，我們的團隊明年也可能會依據他們看到的成果或優先順序，對這些投資做調整。但我會認為，關稅所提供的是把原本 2027 年的投資提前。

Jonathan Matuszewski, Jefferies.

Jonathan Matuszewski，Jefferies。

My first question was just with regards to rooftops. Obviously, organic growth is becoming more consistent across your key brands. So how does that inform your view around where we go today in terms of the factory footprint evolution? Any thoughts there would be helpful.

我的第一個問題是關於廠房（rooftops）。很明顯，你們主要品牌的有機成長正變得更一致。那這如何影響你們對於目前工廠據點（factory footprint）演進方向的看法？任何想法都很有幫助。

Jonathan, thanks for the question. This is Chris. Yes, we are encouraged by the early signs of success that we're seeing in our core brands from growth.

Jonathan，謝謝你的問題。我是 Chris。是的，我們對於核心品牌在成長方面所看到的早期成功跡象感到鼓舞。

But as I talked about coming into the year, as we have wrapped up the transformation and the cost efforts within the supply chain really, those efforts were largely around what we could accomplish from some very well-executed strategic sourcing we're seeing as well as some manufacturing productivity from our -- the early start of our lean journey as a company. Where we have a lot of opportunity is as we look at our footprint across the globe from the number of facilities that we have as well as the capacity in which we're operating.

不過如同我在年初談到的，當我們完成轉型以及供應鏈內的成本改善工作後，那些努力主要是圍繞我們能透過一些執行得非常到位的策略性採購所達成的成果；同時也看到一些製造生產力的提升，來自於——我們公司精實（lean）旅程的早期起步。而我們仍有很大機會的地方，是檢視我們在全球的據點：包含我們擁有的設施數量，以及我們目前的產能使用狀況。

We're absolutely going to continue on that journey of making sure that we're making the right moves to have the appropriate footprint as well as making sure that we get our capacity where we need it. I don't see anything in the -- based on what we're looking at from a growth and mix perspective.

我們絕對會持續走在這條路上，確保做出正確的調整，以擁有合適的據點布局，同時也確保產能達到我們需要的水準。就我們從成長與產品組合（mix）的角度所看到的情況而言，我不認為有任何因素會讓我們偏離這段旅程。

That would take us off of that journey. And I think it's going to be something that is going to help us to make sure that as we talked about, we continue to have the fuel to work to maintain and expand our margins to be able to invest in our brands and growth going forward. So it's an important part of the equation.

我認為這將有助於我們確保——如同我們所說——我們持續擁有燃料（資源）來維持並擴大我們的利潤率，從而能夠投資於品牌與未來成長。所以這是方程式中很重要的一部分。

Helpful. And then just a follow-up. You've hit on a couple of times now. Obviously, 2026 being a record year in terms of new product launches for CRAFTMAN, can you talk about what's enabling that, whether it is the platforming obviously? And related to that, is this a new base to anticipate in terms of new product launches going forward that's been enabled by changes within the brands organization.

很有幫助。再追問一下。你們已經提到幾次了。很明顯，2026 年就 CRAFTMAN 而言是新產品上市數量的創紀錄一年；你能談談是什麼在促成這件事嗎？例如平台化（platforming）之類的因素？以及相關地，這是否代表未來新產品上市的「新常態基準」，是由品牌組織內部的變革所促成的？

Yes, it's a great question. I would say that the first thing that's really driven a lot of what you're seeing in the activity in the CRAFTSMAN brand is focus. Not only a focus on the brand that it was -- it's one of the core brands that we see as having great potential that we want to invest in and grow, but focus from the definition of what type of end user and what types of products we should be then as a result, developing.

是的，這是個很好的問題。我會說，真正驅動你在 CRAFTSMAN 品牌上看到許多活動的第一個因素是「聚焦」。不僅是聚焦在這個品牌本身——它是我們認為具有巨大潛力、希望投資並成長的核心品牌之一——也包括從定義的角度聚焦：我們要服務哪一類終端使用者、以及因此我們應該開發哪一類產品。

And then we have that focus, then it goes into how are we going to make that happen and how we're going to make it happen quickly. And we have been able to really leverage our platforming approach to drive speed and making sure that we are able to deliver those products that are the most relevant for that DIY North American end user in those categories at the right performance point and getting those out the doors, we've really focused on building out our V20 platform as well.

當我們有了這個聚焦之後，接著就是要思考我們要如何實現、以及如何快速實現。我們已能有效運用平台化的方法來提升速度，並確保能交付對北美 DIY 終端使用者而言在那些品類中最相關的產品、在正確的性能定位上把產品推出門；同時我們也非常專注於擴展我們的 V20 平台。

So it's really -- I'd say it starts with focus and then the execution has been enabled by our platforming approach for speed.

所以這確實——我會說是從聚焦開始，而我們的平台化方法讓執行得以加速、提升速度。

(Operator Instructions) David MacGregor, Longbow Research.

(接線員指示) David MacGregor，Longbow Research。

Congratulations on all the progress. Great quarter. Is there -- just to go back to our original discussion at the beginning of Q&A around price cost for '27. Is there any way to dimension the '27 productivity opportunity? And is it possible to achieve a larger benefit in '27 and what you were able to get here in '26? Maybe just talk about some of the drivers.

恭喜你們取得所有進展。本季表現很棒。想請教——回到問答一開始我們討論的、關於「27 年價格/成本」的話題。有沒有辦法量化 27 年的生產力機會？以及 27 年是否有可能取得比 26 年更大的效益？也請談談一些驅動因素。

Yes, David, I think for '27, we're still going to be focused on being at or very close to 35% for the full year. And as you heard us guide this year, we'll be in the 34% and a fraction, but 150 basis points of that is tariff refund benefit, which obviously does not persist.

是的，David，我認為在 27 年，我們仍會專注於全年達到或非常接近 35%。而如同你們聽到我們今年的指引，我們會在 34% 再加一點，但其中有 150 個基點來自關稅退稅的利益，這顯然不會持續。

So a lot of next year's objective will be both driven by the inflation forces and by our continuous improvement is to address inflation with some productivity and price, but then have further productivity benefits net us that roughly 150 to 200 basis points of gross margin gain year over year. And that will be our objective when we set out the plan.

因此，明年的目標很大一部分將同時受到通膨力量與我們持續改善的驅動：用部分生產力與價格來因應通膨，但同時再透過進一步的生產力效益，讓我們的毛利率年對年提升約 150 到 200 個基點。這將是我們在制定計畫時的目標。

And the forces that will that will drive that will be a similar mix that has driven the last 24 months, continuous improvements in the plants, platforming and product innovation, fixed cost reduction and sourcing activity. So I think all of those will continue to be key levers for next year to drive that net improvement in an inflationary environment.

而推動這些的力量，會是與過去 24 個月相似的組合：工廠的持續改善、平台化與產品創新、固定成本降低，以及採購活動。所以我認為在通膨環境下，這些都會持續是明年推動淨改善的關鍵槓桿。

Got it. Okay. And then just a follow-up, can you just talk about the progress you're making in the C&I channel, some big numbers this quarter? And how do you see the long-term growth potential in that channel?

了解。好。接著追問一下，你能談談你們在 C&I 通路的進展嗎？本季數字很亮眼。以及你們如何看待該通路的長期成長潛力？

Yes. So in the C&I channel, I think part of it is a reflection of the fact that really underlies the strength of that end user. So the professional end user and specifically, the end user that is involved in large commercial construction and infrastructure projects, they're utilizing that channel.

可以。所以在 C&I 通路，我認為其中一部分反映了該終端使用者的強勁基本面。也就是專業終端使用者，特別是參與大型商業建築與基礎建設專案的終端使用者，他們會使用這個通路。

So it is a strong and continues to be a robust segment of the business is conversation I have there. And then our success, which has been, we think, above market is a reflection of the strength of our value proposition with the DEWALT brand.

所以就我與那邊的交流來看，這是一個強勁且持續非常穩健的業務區塊。而我們的成功——我們認為優於市場——反映了 DEWALT 品牌價值主張的強度。

And if you wind the clock back three years, we started with the DEWALT brand and how we were going to make our investments for growth there in the way we were developing our tools to make sure that we had more solutions for the trades from an end-to-end workflow perspective as well as making sure that we were investing in our resources in the field to help activate those brands and work with our end users and channel partners and what we saw as a robust market that we saw would be strengthening as well.

如果把時間往回推三年，我們從 DEWALT 品牌出發，思考要如何在那裡投入以促進成長：在工具開發上，確保我們能從端到端的工作流程角度，為各工種提供更多解決方案；同時也確保我們在前線投入資源，協助啟動這些品牌，並與終端使用者及通路夥伴合作；而我們看到的是一個強健的市場，且我們認為它也會進一步走強。

I think it's a combination of a very strong underlying market. And then our performance in the market and consistency in our approach in investing in that brand in that channel that is coming together to drive some nice results. And we do see continued strength in that channel.

我認為這是非常強勁的市場基本面，再加上我們在市場中的表現，以及我們在該通路對該品牌持續一致的投資策略，這些因素共同帶來了不錯的成果。而我們也確實看到該通路持續走強。

And I'm currently showing no further questions at this time. I'd now like to hand the call back over to Michael Wherley for closing remarks.

目前我這邊顯示暫時沒有其他問題。現在我想把電話交回給 Michael Wherley 作結語。

I see one question that just popped up. Can you take the question from Sam, please?

我看到剛剛又跳出一個問題。可以請你們回答 Sam 的問題嗎？

Sam Reid, Wells Fargo.

Sam Reid，Wells Fargo。

It's great to hear the optimism around 2027 around price cost. I'm just curious, though, just put a finer point on how much of that is potentially dependent upon peers taking price versus your own productivity initiatives. I know we've talked a little bit about this, but maybe finer point on the competitive backdrop as it relates to pricing?

很高興聽到你們對 2027 年在價格/成本方面的樂觀展望。不過我想更精準地問一下：其中有多少可能取決於同業跟進漲價，而不是你們自身的生產力措施？我知道我們之前稍微談過，但能否更具體說明與定價相關的競爭環境？

Yes, Sam, it's certainly a fair question. The factors driving inflation in our industry, a whole range of metals throughout the year, battery metals and tungsten, while they've moderated slightly, they're still very significantly inflated from where we started the year and then of late, steel, which has been a challenge all year is even more so and electrical components and resins.

是的，Sam，這確實是個合理的問題。推動我們產業通膨的因素很多：全年各類金屬、電池金屬與鎢，雖然略有降溫，但相較年初仍大幅上漲；此外，近期鋼材——全年一直是挑戰——現在更具壓力；還有電氣元件與樹脂。

And so these are factors that are industry-wide in very, I'd say, like manner. And so our expectation is, as was the case during the '25 tariff events we may end up being more on the leading edge of that. We are certainly going to be thoughtful because we want to be competing for share, and we want to be working constructively with our channel partners to compete for share.

因此，這些因素在全產業範圍內、以非常相似的方式發生。所以我們的預期是，如同 25 年關稅事件期間一樣，我們可能會更偏向率先採取行動。我們當然會審慎思考，因為我們希望爭取市占，也希望與通路夥伴以建設性的方式合作來爭取市占。

And we may be on the leading edge of it, but what we've seen is an industry that over this period of heightened inflation has priced that in. And we would expect those dynamics as we go forward.

我們可能會走在前面，但我們看到的是：在這段高通膨期間，整個產業都已把這些因素反映到定價中。而我們也預期未來會延續這樣的動態。

That's really helpful. And then maybe one more margin question here. Obviously, you made an announcement to sell Excel's Hustler. Just would be curious in terms of some preliminary views on how that potentially impacts 2027 margins, I believe is a lower gross margin business. So presumably, that will help you next year. But any finer points on that margin bridge would be great.

這很有幫助。再問一個關於毛利的問題。顯然你們宣布要出售 Excel 的 Hustler。我想先了解一下，這可能會如何影響 2027 年的毛利率？我相信那是一個毛利率較低的業務。所以推測明年會對你們有幫助。但如果能更細緻地說明毛利率橋接的細節就更好了。

Yes. I mean, that's like a super small fractionally beneficial mix dynamic to next year. Hustler's about $400-ish million of -- $800-ish million of -- $300-ish million of revenue, sorry, correcting me. So in the scheme of our $15 billion plus revenue, it ends up being a really small mix dynamic overall in the year.

是的。我的意思是，這對明年來說只是非常小、略為有利的產品組合變動。Hustler 大約是 4 億美元左右的——8 億美元左右的——不對，抱歉我更正，是 3 億美元左右的營收。以我們超過 150 億美元的營收規模來看，整體而言這在年度中只是非常小的組合影響。

Okay. Thanks. 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 the IR team directly. Have a good day.

好的，謝謝。我們再次感謝各位今天撥冗參與本次電話會議。若您還有任何問題，請直接聯繫投資人關係（IR）團隊。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。感謝您的參與。您現在可以掛線。