渥肯建材 (VMC) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Vulcan Materials Company first quarter 2026 earnings call. My name is Jamie, and I will be your conference call coordinator today. Please be reminded that today's call is being recorded and will be available for replay later today at the company's website. (Operator Instructions)

各位早安，歡迎參加 Vulcan Materials Company 2026 年第一季財報電話會議。我叫 Jamie，今天將擔任本次電話會議的協調員。提醒各位，今天的電話會議將被錄音，並將於今日稍晚在公司網站提供重播。（接線員指示）

Now I will turn the call over to your host, Mr. Mark Warren, Vice President of Investor Relations for Vulcan Materials. Mr. Warren, you may begin.

現在我將把電話交給本次會議主持人——Vulcan Materials 投資人關係副總裁 Mark Warren 先生。Warren 先生，您可以開始。

Thank you, operator. I'm joined today by Ronnie Pruitt, Chief Executive Officer; and Mary Andrews Carlisle, Senior Vice President and Chief Financial Officer.

謝謝，接線員。今天與我一同出席的有執行長 Ronnie Pruitt，以及資深副總裁兼財務長 Mary Andrews Carlisle。

Before we begin our prepared remarks, please note that a press release and a supplemental presentation related to this call are available on our website, vulcanmaterials.com. Today's discussion may include forward-looking statements, which are subject to risks and uncertainties. Details on these risks, other legal disclaimers and reconciliations of any non-GAAP financial measures are defined and described in our earnings release, supplemental presentation and other filings with the Securities and Exchange Commission. For the question-and-answer session, we kindly ask that you limit your participation to one question and this will allow us to address as many questions as possible during the time we have available.

在開始我們事先準備的發言之前，請注意，與本次電話會議相關的新聞稿與補充簡報已發布於我們的網站 vulcanmaterials.com。今天的討論可能包含前瞻性陳述，並受風險與不確定性影響。關於這些風險、其他法律聲明，以及任何非 GAAP 財務衡量指標之調節，均已在我們的財報新聞稿、補充簡報及向美國證券交易委員會提交的其他文件中界定並說明。在問答環節中，我們敬請各位將提問限制為一個問題，以便在有限時間內回覆更多問題。

And with that, I'll turn the call over to Ronnie.

接下來，我把電話交給 Ronnie。

Thanks, Mark. We appreciate you all joining us for our call this morning. At Vulcan Materials, safety is a fundamental expectation of our employees each and every day, and I am proud of our industry-leading safety performance that we carried on from last year into our first quarter of this year. Another key expectation is driving continuous improvement in our underlying business.

謝謝，Mark。感謝各位今天早上參加我們的電話會議。在 Vulcan Materials，安全是我們員工每天的基本要求；我也為我們延續去年並在今年第一季持續展現的業界領先安全表現感到自豪。另一項關鍵要求是推動我們核心業務的持續改善。

Our teams delivered a solid start to 2026 by executing well on the commercial and operational plans that we laid out for the year. We generated $447 million of adjusted EBITDA, a 9% increase over the prior year. Gross profit margin expanded in each segment. SAG expenses were lower than the prior year and adjusted EBITDA margin grew. Trailing 12 months aggregate cash gross profit per ton continues to move higher with strong realization of our January 1 price increases and our disciplined approach to operational execution.

我們的團隊透過有效執行年初制定的商務與營運計畫，為 2026 年帶來穩健開局。我們創造了 4.47 億美元的調整後 EBITDA，較去年同期成長 9%。各事業部的毛利率皆擴張。SAG 費用低於去年同期，調整後 EBITDA 利潤率也提升。過去 12 個月的骨材每噸現金毛利持續上升，主要受惠於我們對 1 月 1 日調價的強勁落實，以及對營運執行的紀律性作法。

Currently sitting at $11.38 per ton, we are aligned across the company to drive this highly important metric to $20 per ton and win the future in aggregates. Aggregate shipments in the first quarter support the anticipated return to growth for 2026. Shipments increased 5% compared to the prior year due to both improving demand and fewer extreme weather days than in the prior year. On a mix-adjusted basis, aggregates freight-adjusted price improved 4% over the prior year's first quarter, in line with our expectations. The sequential growth from the prior quarter demonstrates the success of our January 1 price increases and discussions are already underway for midyear increases.

目前該指標為每噸 11.38 美元，我們全公司一致致力於將這項極為重要的指標推升至每噸 20 美元，並在骨材領域贏得未來。第一季骨材出貨量支持我們對 2026 年恢復成長的預期。由於需求改善以及極端天候天數少於去年同期，出貨量較去年同期增加 5%。在調整產品組合後，骨材（運費調整後）價格較去年第一季提升 4%，符合我們的預期。相較前一季的連續成長顯示我們 1 月 1 日調價的成功，而年中再度調價的討論也已展開。

Pricing continues to compound across our footprint. Aggregates freight adjusted unit cash cost of sales increased 4% compared to the prior year, also in line with our expectation. I am very pleased with our operators' ability to execute on the Vulcan Way of operating to drive efficiency in our plants and help mitigate inflationary increases in our input cost. Better weather this year allowed us to make more progress on our annual plans for stripping and project work than we did last year's first quarter, impacting the total unit cash cost of sales year-over-year comparison.

我們的定價在整個營運版圖中持續累積效益。骨材（運費調整後）單位現金銷貨成本較去年同期增加 4%，同樣符合我們的預期。我對營運團隊依循 Vulcan Way 的作業方式、提升廠區效率並協助抵銷投入成本的通膨上升，感到非常滿意。今年較佳的天候使我們在覆土剝離與專案工程的年度計畫上，比去年第一季取得更多進展，進而影響單位現金銷貨成本的年對年比較。

I am confident our teams are focused on the right things to continue to enhance our core and drive compounding improvements in our durable aggregates business, even as the macro environment continues to be very dynamic. We remain equally focused on opportunities to continue to expand our reach through acquisitions and greenfield projects, including several bolt-on acquisitions we expect to finalize in the coming months. From a demand perspective, we still expect strong public activity and improving private nonresidential opportunities to drive year-over-year shipments growth in 2026 and mitigate the ongoing challenges facing residential construction.

即使總體環境仍非常多變，我仍有信心我們的團隊聚焦於正確事項，持續強化核心能力，並在具韌性的骨材業務中推動複利式改善。我們也同樣專注於透過併購與綠地（greenfield）專案持續擴大版圖的機會，包括數項我們預期在未來幾個月完成的補強型（bolt-on）併購。就需求面而言，我們仍預期強勁的公共工程活動與改善中的民間非住宅機會，將帶動 2026 年出貨量年對年成長，並緩解住宅建築持續面臨的挑戰。

Trailing 12-month highway awards in our markets are up 12% from a year ago, and public infrastructure awards are up 17% over the same time frame. These levels far outpaced the US as a whole. Our footprint is advantaged, and this public demand provides a solid foundation for shipments and supports a healthy pricing environment. Legislators in D.C.

我們市場的過去 12 個月公路標案金額較一年前增加 12%，公共基礎建設標案金額在同一期間增加 17%。這些水準遠高於全美整體。我們的營運版圖具優勢，而公共需求為出貨量提供穩固基礎，並支撐健康的定價環境。華盛頓特區的立法者正積極推動在今年稍晚《基礎建設投資與就業法案》（IIJA）到期後的未來公路資金再授權法案。

are actively working on a reauthorization bill for future highway funding upon the expiration of the Infrastructure Investment and Jobs Act later this year. We expect the new bill to provide higher levels of funding for highways and bridges than the current bill.

我們預期新法案將為公路與橋梁提供高於現行法案的資金水準。

We also anticipate a smooth transition between funding programs given the significant amount of IIJA funds that are yet to be spent. On the private side, non-res continues to benefit from accelerating data center activity. With approximately 650 million square feet under construction or announced, we anticipate data centers and other related investments to be a positive catalyst for future aggregates demand. We are especially encouraged to also now have active projects related to the energy build-out necessary to support rising data center power needs. Currently, 60% of all large projects, both public and private, are within 50 miles of a Vulcan facility, highlighting the advantage of our footprint.

我們也預期各資金計畫之間能順利銜接，因為仍有相當可觀的 IIJA 資金尚未支出。在民間方面，非住宅需求持續受惠於資料中心活動加速。約有 6.5 億平方英尺的建案正在施工或已宣布，我們預期資料中心及其他相關投資將成為未來骨材需求的正向催化劑。我們也特別受到鼓舞的是，為支援資料中心用電需求上升所需的能源建設相關專案，如今也已開始啟動。目前，所有大型專案（不論公共或民間）中有 60% 位於 Vulcan 設施 50 英里範圍內，凸顯我們版圖的優勢。

Our scale, quality and customer service make us a supplier of choice on these large complex projects. Residential construction continues to be impacted by affordability. Longer term, there remains a fundamental need for additional housing, and we are well positioned to benefit from an eventual recovery. As I said earlier, we continue to expect overall growth in aggregates shipments in 2026. The pricing environment remains healthy.

我們的規模、品質與客戶服務，使我們成為這些大型複雜專案的首選供應商。住宅建築仍受可負擔性影響。長期而言，市場仍存在新增住宅的基本需求，而我們也已做好準備，在未來復甦時受益。如同我先前所說，我們仍預期 2026 年骨材出貨量整體將成長。定價環境依然健康。

And while we are currently facing geopolitical uncertainty and incremental near-term headwinds in terms of energy input cost, I am confident in our ability to remain focused on the things we can control and to drive durable growth in our aggregates-led business. We carry good momentum from our solid start to the year and continue to expect to deliver between $2.4 billion and $2.6 billion of adjusted EBITDA for the full year.

雖然我們目前面臨地緣政治不確定性，以及能源投入成本帶來的短期新增逆風，但我對我們能持續專注於可控事項、並推動以骨材為主導的業務實現具韌性的成長充滿信心。我們延續年初穩健開局的良好動能，並仍預期全年可達成 24 億至 26 億美元的調整後 EBITDA。

Now I'll turn the call over to Mary Andrews to provide some additional commentary on our first quarter performance before we take your questions.

接下來我將把電話交給 Mary Andrews，在進入提問之前，補充說明我們第一季的表現。

Thanks, Ronnie, and good morning. The earnings from our aggregates-led business continue to compound and drive attractive cash generation. Over the last 12 months, we generated $1.8 billion of cash from operations, which we have deployed for capital expenditures to maintain and improve our existing asset base for greenfield and other growth projects to enhance our franchise, for capital returns to shareholders and for debt repayments to further strengthen our balance sheet. Approximately 70% of our trailing 12 months capital expenditures of $686 million were utilized for fixed plant, mobile equipment, and land projects at our existing facilities. The remaining 30% was invested in greenfield and other growth projects, including a new quarry site in South Texas, several rail distribution properties in key markets and new production facilities in Arizona and South Carolina.

謝謝你，Ronnie，各位早安。我們以骨材為主導的業務獲利持續累積並帶來具吸引力的現金創造能力。過去 12 個月，我們自營運活動產生 18 億美元現金流，並將其用於資本支出，以維持並改善既有資產基礎、投入綠地與其他成長專案以強化我們的事業版圖、回饋股東，以及償還債務以進一步強化資產負債表。在過去 12 個月 6.86 億美元的資本支出中，約 70% 用於既有設施的固定廠房、移動式設備與土地專案；其餘 30% 投資於綠地與其他成長專案，包括南德州一處新採石場場址、數個位於關鍵市場的鐵路配送資產，以及亞利桑那州與南卡羅來納州的新生產設施。

Capital returns to shareholders totaled over $800 million over the last 12 months, with $262 million of dividends accompanied by $550 million of share repurchases. This includes $149 million of share repurchases during the first quarter. Total debt of $4.6 billion at quarter end was approximately $350 million lower than a year ago and resulted in net debt to adjusted EBITDA leverage of 1.9 times. The balance sheet is well positioned to support an active acquisition pipeline.

過去 12 個月回饋股東的資本總額超過 8 億美元，其中股利 2.62 億美元，並搭配 5.50 億美元的庫藏股回購。這包含第一季回購股票 1.49 億美元。季末總債務為 46 億美元，較一年前約減少 3.5 億美元，使淨負債對調整後 EBITDA 的槓桿倍數為 1.9 倍。資產負債表已具備良好條件，可支援積極的併購案源。

Additionally, we expect that the announced divestiture of our California concrete assets will close during the second quarter, providing even more capacity for continuing to strategically grow our aggregates business. SAG expenses in the first quarter were 2% lower than the prior year. Trailing 12 months expenses of $562 million were 7% of revenues, 20 basis points lower than the prior year period.

此外，我們預期已宣布的加州混凝土資產處分將於第二季完成交割，為我們持續策略性擴大骨材業務提供更多量能。第一季 SAG 費用較去年同期下降 2%。過去 12 個月的 SAG 費用為 5.62 億美元，占營收 7%，較去年同期下降 20 個基點。

We remain focused on investing in technology and talent to drive our business performance while also leveraging our overall expenses. We are also focused on continuing to improve our return on invested capital through compounding improvements in our business and disciplined capital allocation. Our trailing 12 months return on invested capital improved 30 basis points from year-end 2025 to 16% at quarter end. We are confident we have the right strategy to continue to deliver value for our shareholders.

我們仍專注於投資科技與人才，以推動我們的業務表現，同時也善用我們的整體費用。我們也致力於透過業務的複利式改善與嚴謹的資本配置，持續提升投入資本報酬率。我們過去12個月的投入資本報酬率自2025年年底至本季季末提升了30個基點，達到16%。我們有信心，我們具備正確的策略，能持續為股東創造價值。

And now Ronnie and I would be happy to take your questions.

接下來，Ronnie 和我很樂意回答各位的問題。

(Operator Instructions) Trey Grooms, Stephens.

（接線生指示）Trey Grooms，Stephens。

So clearly, you guys are off to a very strong start to the year. Ronnie, could you maybe walk us through some of the key puts and takes in the quarter across price, volume, and costs? And then also as we look ahead to the balance of the year, how are you thinking about these drivers in light of the recent moves we've seen in diesel and the broader macro backdrop?

很明顯，你們今年開局非常強勁。Ronnie，你能否帶我們梳理一下本季在價格、銷量與成本方面的一些關鍵增減因素？另外，展望今年剩餘時間，考量到我們近期看到柴油價格的變動以及更廣泛的總體環境背景，你們如何看待這些驅動因素？

Yes. Thanks, Trey. Look, I agree with you. It was a solid start. And I think it reinforces the trajectory for another year of earnings growth. Our performance in the quarter was really a direct result of strong operational and commercial execution, and it definitely positions us well to deliver the earnings expectations that we laid out in February. On the volume and price side, we saw healthy acceleration of our backlog tons converting into shipments, particularly within the data center space, which was supported by more normalized weather within our footprint.

是的。謝謝你，Trey。你說得沒錯，這是一個穩健的開局。我認為這也強化了我們再度實現年度獲利成長的軌跡。本季的表現確實是強勁的營運與商務執行的直接結果，也讓我們處於有利位置，去達成我們在2月提出的獲利預期。在銷量與價格方面，我們看到待交訂單的噸數加速轉化為出貨量，尤其是在資料中心領域；而我們營運版圖內較為正常的天候也提供了支撐。

With regards to pricing, we said coming into the quarter, the year-over-year comparisons were going to be difficult. As we continue to lap the hurricane relief efforts from two of our higher-priced markets in Tennessee and North Carolina. But that alongside with some pricing mix, which was a shift towards base products in our current backlog, driven primarily by data centers as well as more public work. But these things were known variables. And so they played out as anticipated with pricing at the lower end of our full year guidance, but we expect that to continue to accelerate throughout the remainder of the year.

在定價方面，我們在進入本季時就提到，年對年的比較會比較艱難，因為我們持續在消化（比較基期）去年在田納西州與北卡羅來納州兩個較高價格市場的颶風救災需求。此外，還有一些價格組合因素，也就是我們目前待交訂單的產品組合轉向基礎產品，主要由資料中心以及更多公共工程所帶動。不過這些都是已知變數，因此如預期般發展：定價落在我們全年指引區間的低端，但我們預期在今年剩餘期間將持續加速。

On the cost side, I was very pleased with our team's execution, keeping total cost -- cash cost growth only to 4%. The run-up in diesel price really began in February and the impact is really reflected in some of our March costs, but we have a proven track record of offsetting these types of fluctuations through our Vulcan Way of operating, also our Vulcan Way of selling and our commercial disciplines.

在成本方面，我對團隊的執行非常滿意，將總成本——現金成本的成長控制在僅4%。柴油價格的上漲其實是從2月開始，而其影響主要反映在我們3月的部分成本中；但我們在透過 Vulcan Way 的營運方式、Vulcan Way 的銷售方式以及商務紀律來抵銷這類波動方面，擁有經過驗證的良好紀錄。

So the more normal weather also meant we were able to keep pace with planned plant projects like stripping and painting and some other efficiency investments that we did during the quarter. And as you recall, last year, those types of investments were delayed with more inclement weather in the first quarter of last year. So overall, I think the fundamentals of the business are performing as expected and really in a good position as we head into the heart of our shipping season. But let me turn it over to Mary Andrews just to give you a couple more points of context.

較為正常的天候也意味著，我們能夠按計畫推進工廠專案，例如剝離作業（stripping）、塗裝，以及本季進行的其他效率投資。你也記得，去年第一季因天候更惡劣，這類投資有所延後。整體而言，我認為業務基本面如預期運作，且在我們進入出貨旺季的核心時段之際，處於非常好的位置。不過我先把時間交給 Mary Andrews，請她再補充幾點背景脈絡。

Trey, one thing I would add that I think further underscores the solid fundamentals that Ronnie talked about and really highlights the compounding results versus noisy year-over-year quarters, and he referenced some of the hurricane relief work last year and obviously, inclement weather. So I think if you step back and look at 2024, and see that aggregates cash gross profit per ton is up 23% and our total cash cost of sales in aggregates has increased only 1%. To me, these metrics clearly show the solid execution of our teams and the compounding margin growth that they're delivering, and that gives us a lot of confidence in our ability to execute for the rest of the year.

Trey，我想補充一點，我認為這能進一步凸顯 Ronnie 所談到的穩健基本面，也真正突顯相較於年對年季度波動雜訊的複利式成果；他提到了去年一些颶風救災工作，當然還有惡劣天候。因此我認為，如果你退一步看2024年，你會看到骨材每噸現金毛利成長了23%，而骨材的銷貨現金總成本僅增加1%。對我而言，這些指標清楚顯示我們團隊穩健的執行力，以及他們所帶來的複利式毛利率成長，這也讓我們對今年剩餘時間的執行能力充滿信心。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Just wanted to follow up on that a little bit. Just given a lot of the moving pieces here as you look forward and some of the diesel cost impacts that are starting to hit. Just wondering if you can go into a little more detail just the confidence that you have in reiterating the full year guidance today.

我想就剛才的內容再追問一下。考量到你們展望未來時有很多變動因素，以及柴油成本的影響開始顯現，想請問你們能否更詳細說明一下，為何今天仍有信心重申全年財測指引？

Yes. Good question. And so let me start with -- I'm going to dig deep into kind of how diesel impacts our business. And so if you think about the two parts of diesel to us are the price of the diesel, but the more important part is the usage of diesel. And so as I look at our business, our downstream as well as our delivery costs are really covered through surcharges that ticked in immediately and so have really had no impact on the cost of our doing business downstream and delivery.

是的，問得好。那我先從——我會深入談談柴油如何影響我們的業務。你可以把柴油對我們的影響分成兩部分：柴油的價格，但更重要的是柴油的使用量。就我們的業務而言，我們下游業務以及配送成本基本上都透過附加費（surcharges）來涵蓋，且會立即啟動，因此對我們下游與配送的營運成本幾乎沒有影響。

But when I look at the operational side, I start with what we do in the plants. And so from a stripping aspect is the first step of what we do, stripping is just really equipment, labor, and fuel. And stripping is also something that is necessary to uncover future reserves, but it's not something we're doing just in time. Stripping is something we can push forward or pull back depending on what macro environment we're in. And so those are things that we have the ability to fluctuate on. And then when I look at loading and hauling within the pit.

但當我看營運端時，我會先從我們在工廠裡做的事情談起。從剝離作業（stripping）的角度來看，這是我們作業的第一步；剝離基本上就是設備、人力與燃料。剝離也是為了揭露未來儲量所必需的，但它不是我們「即時」才做的作業。剝離是我們可以依總體環境把進度往前推或往後拉的事情，因此這些是我們有能力調整的。接著我再看礦坑內的裝載與運輸。

And so you start with that haul to the primary. Again, this is something that uses diesel equipment and labor. But this is where our VWO processes kick in because when we talked about process intelligence and the investment we've made with VWO, a lot of that is focused on our critical product size production and impacting yield. And so when we're doing that, for every ton we get to the primary, we're more efficient in how we produce products. And so that definitely impacts the usage of fuel.

先從把物料運到初級破碎（primary）的運輸開始。同樣地，這需要柴油設備與人力。但這正是我們 VWO 流程發揮作用的地方：當我們談到流程智慧（process intelligence）以及我們在 VWO 上的投資時，其中很大一部分聚焦在關鍵產品粒徑的生產並影響產出率（yield）。當我們這麼做時，每一噸送到初級破碎的物料，我們在產品生產上的效率就更高，因此也確實會影響燃料的使用量。

And then when you get into the plant itself, there's not much fuel used within the production process. So from the primary all the way through the secondary, -- but again, the process intelligence and VWO is very impactful on the front end and the back end. And so again, it's an opportunity for us to really focus on the efficiencies and how we're burning fuel. And then the actual loadout process.

接著進到工廠本體後，在生產流程中使用的燃料其實不多，從初級一路到二級（secondary）都是如此——但同樣地，流程智慧與 VWO 在前端與後端都非常有影響力。因此，這也讓我們有機會真正聚焦在效率，以及我們如何消耗燃料。然後是實際的裝車（loadout）流程。

And so when you're loading trucks or rail, a lot of our larger plants, we have bin systems. And so there's not much mechanical process there from a diesel consumption side. But we do -- at a lot of plants, we load with loaders. And some of the things we're doing, our operators are doing there, instead of idling loaders, you're turning off engines. And so we've got a lot of things we're doing to make sure that we're focused on the usage of fuel in this time of uncertainty with the volatility that we've seen. So all of that being part of the variability of our production process, which is the beauty of aggregates.

當你在裝載卡車或鐵路運輸時，我們許多較大型的工廠都有料倉系統（bin systems），因此從柴油消耗的角度來看，機械流程並不多。但在許多工廠，我們會用裝載機（loaders）來裝料。我們的操作人員正在做的一些事情，例如不再讓裝載機怠速運轉，而是直接熄火。因此我們做了很多事情，確保在目前看到的波動所帶來的不確定性期間，我們能專注於燃料使用量。這些都屬於我們生產流程的可變性之一，而這正是骨材業務的優勢所在。

On the selling side, remember, half of our sales is really to fixed plants and half of our sales is to more of the real-time quoted stuff. And so we're moving those things fast. We've already announced midyear price increases. And so again, I think as you look at what we've been able to accomplish through the history of aggregates is our ability to take headwinds and turn them into a positive story on the back end. And so is this a short-term headwind? Yes. Is it something that we're going to be able to control on the back end? Absolutely. And I'll let Mary Andrews give you a little more insight into the numbers behind the fuel headwind.

在銷售端，請記得，我們大約一半的銷售是供應固定式工廠（fixed plants），另一半則更偏向即時報價（real-time quoted）的業務，因此我們能快速調整。我們已經宣布年中調價。因此，我認為回顧骨材業務的歷史，我們一直能把逆風轉化為後端的正面故事。這是短期逆風嗎？是的。這是我們能在後端加以控制的事情嗎？絕對是。我也請 Mary Andrews 再補充一些燃料逆風背後的數字細節。

Yes. The only thing, Garik, I would probably add is, I think Ronnie gave some great examples of levers that we're using to -- as we navigate this current fuel situation. The second quarter is where we expect to feel the squeeze of the higher diesel most acutely before some of these pricing actions that we've already taken begin to flow through.

是的。Garik，我可能唯一要補充的是，我認為 Ronnie 提供了一些很好的例子，說明我們在因應目前燃料情勢時所運用的槓桿。第二季將是我們預期最明顯感受到柴油走高擠壓的季度，之後我們已採取的一些定價措施才會開始逐步反映出來。

So the way I would probably think about it is we would have initially expected aggregates cash cost of sales on a year-over-year basis to look very similar in the second quarter as the first quarter. And that's still the case exclusive -- excluding diesel. So I think with diesel now your cash cost of sales on a year-over-year basis could approach maybe double of what it was in the first quarter, so closer in that high single digits range. And again, with a full expectation that the margin impact will moderate as we move into the second half of the year.

所以我可能會這樣看：我們原本預期第二季的骨料（aggregates）現金銷貨成本（cash cost of sales）在年對年基礎上，會與第一季非常相近。而在不包含——排除柴油（diesel）的情況下，現在仍然如此。所以我認為把柴油納入後，你們的現金銷貨成本在年對年基礎上，可能會接近第一季的兩倍，也就是更接近高個位數（high single digits）的區間。再強調一次，我們完全預期隨著進入下半年，對毛利的影響會趨於緩和。

Anthony Pettinari, Citi.

Anthony Pettinari，花旗（Citi）。

Ronnie, Mary Andrews, you mentioned the midyear increases. And I'm just wondering if you can give us any more detail in terms of magnitude, percentage of your markets that might cover, timing? And then I'm just curious, you're obviously seeing a lot of inflation in diesel. Are there any other costs outside of fuel, metal, parts, equipment, where you're seeing maybe knock-on impacts from the Middle East conflict in terms of cost that maybe a little less obvious to us?

Ronnie、Mary Andrews，你們提到年中（midyear）調漲。我想請問能否提供更多細節，例如幅度、可能涵蓋你們多少比例的市場、時點？另外我也好奇，你們顯然看到柴油通膨很明顯。除了燃料、金屬、零件、設備之外，是否還有其他成本項目，因中東衝突而出現連鎖（knock-on）影響、但對我們而言可能不那麼直觀？

Yes, good question. We have not seen any other impacts as of yet. We are monitoring that. And again, as the -- if we go back to 2022 with the inflationary things that happened back then and our discipline around being able to move pricing quickly when those inflationary environments hit us.

是的，問得很好。我們目前尚未看到其他影響。我們正在監控。再者，如果——回到2022年當時發生的通膨事件，以及我們在那種通膨環境衝擊下，能夠快速調整定價的紀律。

So I would tell you, from a process side, we went out with midyears several weeks ago, a little earlier than we did last year. We went out with all of our markets. We're very disciplined in that. We will always be very opportunistic when it comes to using inflationary pressures or any other headwinds. I mean we're going to capture that. And so we sent that out in all markets. And remember, like I said earlier, about half of our shipments really are represented by that fixed plant. And then within that fixed plant side, if I break that down to the concrete side and the asphalt side.

所以我會說，從流程面來看，我們在幾週前就推出年中調價，比去年稍早。我們對所有市場都推出了，我們在這方面非常有紀律。只要遇到通膨壓力或任何其他逆風，我們一向會非常把握機會。我的意思是，我們會把它反映出來。因此我們已在所有市場發出通知。並且記得，如我先前提到的，我們大約一半的出貨其實是由固定廠（fixed plant）所代表。然後在固定廠這一塊，如果我再拆分成混凝土（concrete）與瀝青（asphalt）兩邊。

And I would tell you, the asphalt side of our business is really more heavily tied to public and the larger private nonres piece of where that's at. So they have a very active market. There's situations within each of the DOTs that they have indexes on longer-term projects. And so the asphalt producers are covered on that. And so I don't think we see a lot of resistance on the asphalt side.

我會說，我們業務中的瀝青端，與公共工程（public）以及較大型的民間非住宅（larger private nonres）需求連動更深。所以那邊市場非常活躍。各州交通部（DOT）在一些情況下，對較長期專案有指數（indexes）機制。因此瀝青生產商在這方面是有保障的。所以我不認為瀝青端會遇到太多阻力。

Within the concrete side, look, the concrete guys are still facing the headwinds of residential. And so those conversations will be probably a little more healthy and spirited. But again, it's not something that is unexpected. I mean we have a long track record of recovering cost.

在混凝土端，坦白說，混凝土業者仍在面對住宅（residential）端的逆風。因此那些對話可能會更「健康」也更激烈一些。但同樣地，這並非出乎意料。我們在成本回收方面有很長的紀錄。

And my hope is that our concrete customers use that as a reason why they're going to have to go out because they're already -- they fill diesel cost immediately. And it hits them on their delivery cost immediately. And hopefully, they have the same surcharges in place. But over time, I think we've proven that these headwinds, we will be able to overcome, and we will be able to pass that along. And the beauty of aggregates is we also -- we keep that in our pocket. We don't give that back.

我希望我們的混凝土客戶會把這當作他們必須對外調價的理由，因為他們已經——他們會立刻感受到柴油成本，而且會立刻反映在他們的配送成本上。我也希望他們已經有相同的附加費（surcharges）機制。但隨著時間推進，我認為我們已證明，這些逆風我們能夠克服，也能夠把成本轉嫁出去。而骨料的好處在於，我們也——我們會把它留在口袋裡，不會再吐回去。

Steven Fisher, UBS.

Steven Fisher，瑞銀（UBS）。

Congratulations on the good execution. Just a follow-up again on clarifying some of these points here, particularly on the near-term expectations. I guess what's the expectation we should have for pricing in the near term, say, Q2, and I guess that would be inclusive of the diesel. Do those surcharges get recorded in the pricing you're going to report?

恭喜你們執行得很好。我再追問一下，想釐清這裡的一些點，特別是短期的預期。我想我們對短期（例如第二季，Q2）的定價應該抱持什麼樣的預期？我想那應該會包含柴油因素。那些附加費會被記錄在你們將要報告的定價裡嗎？

And then on the cost side, it sounds like you're expecting upper single-digit growth in costs. So how do we think about that in light of, let's say, the low single-digit guidance you still have for the full year with the first quarter. It sounded like it's kind of be in the at least mid-single digits.

另外在成本端，聽起來你們預期成本會有高個位數（upper single-digit）的成長。那麼在你們全年仍維持低個位數（low single-digit）指引、且第一季的情況下，我們該如何理解？聽起來至少會在中個位數（mid-single digits）左右。

Yes, I'll take the first part, and I'll let Mary Andrews talk again about the second part. Our delivery is not. So we report freight adjusted. And so when we talk about price, that's freight adjusted. So all the stuff that we're talking about with surcharges does not get reported on our pricing because we don't think it's the right way to look at that.

好的，我先回答第一部分，第二部分我再請Mary Andrews說明。我們的配送（delivery）不會。所以我們的揭露是以運費調整後（freight adjusted）為基礎。因此當我們談價格時，是運費調整後的價格。所以我們談到的附加費相關內容，不會反映在我們所報告的定價中，因為我們認為那不是正確的看法。

But when it comes to kind of cadence of pricing, we said going into the year because of the comps of last year first was that our pricing would have start out at the lower end and accelerate through the year. And I think this opportunity that we have with midyears just confirms that our pricing trajectory will be backward half more accelerated than the first half of the year. But we anticipated that.

但就定價節奏（cadence of pricing）而言，我們在年初就說過，由於去年第一季的比較基期（comps），我們的定價會從較低端開始，並在全年逐步加速。我認為我們這次年中調價的機會，只是再次確認我們的定價軌跡在後半段會比上半年加速得更多。但我們原本就預期如此。

We also said in the first part of the year as these data centers continue to grow, the mix impact, which we called out, we continue to see a lot of shipments from our backlog converting to shipments faster because of the size of these projects, but also the speed of these data centers. I mean once they're announced, they're going really quick, which is a good thing and it will play out in the cost side of our business as well because when we're continuing to improve the yield of our plants with the amount of base shipments, that's a really good thing on our cost. But I'll let Mary just walk you through kind of the puts and takes on the model.

我們也說過，在今年上半年，隨著這些資料中心（data centers）持續成長，組合影響（mix impact）——我們已點出——我們持續看到大量來自積壓訂單（backlog）的出貨更快轉為實際出貨，原因在於這些專案規模很大，同時資料中心的推進速度也很快。我的意思是，一旦宣布就進展非常快，這是好事；而且也會在我們業務的成本端反映出來，因為當我們持續透過更多基礎出貨量（base shipments）來提升工廠產出率（yield），這對成本非常有利。不過我讓Mary帶你走一遍模型裡的利弊取捨（puts and takes）。

Yes. So Steve, from a cost standpoint, at this point, we do still believe that we can deliver that low single-digit cost for the full year. Where we fall within that range, the diesel situation and how it continues to develop, I think will play a big role in that.

好的。所以Steve，從成本角度來看，截至目前我們仍相信全年可以達成低個位數的成本增幅。至於落在該區間的哪個位置，柴油情勢以及其後續發展，我認為會扮演很大的角色。

But Ronnie highlighted some opportunities that we have to -- even on the cost side, focus on efficiencies, pull some levers to make sure that we're making good decisions given the macro environment. So I feel good about the full year guidance and just wanted to give you insight into what that could look like for second quarter from a cost standpoint. And that was always our expectation that cost would be higher in the first half of the year, moving lower in the second half of the year. So as we sit today, 2026 is playing out like we expected.

但Ronnie也提到一些我們可以把握的機會——即使在成本端也是——聚焦效率、拉動一些槓桿，確保在宏觀環境下做出好的決策。所以我對全年指引感到有信心，也想讓你了解第二季在成本面可能會呈現的樣貌。而我們一直以來的預期就是：上半年成本較高、下半年走低。因此以目前來看，2026年的走勢如同我們所預期。

Michael Dudas, Vertical Research.

Michael Dudas，Vertical Research。

Ronnie, following up on interesting comments on the data centers and the time to market and speed. Is that -- could that be contributory on like on volumes given the acceleration of some of these projects? And there are other heavy markets or even public markets that are trying to move quicker to try to get the funding or try to get the projects through given some of the funding uncertainties? And can that be helpful to have maybe a quicker conversion on your total backlog and get some efficiencies and volumes through the system?

Ronnie，延續你對資料中心上市時間（time to market）與速度的有趣評論。這是否——可能會因為部分專案加速，而對出貨量（volumes）有所貢獻？另外，是否也有其他重點市場，甚至公共市場，因為一些資金不確定性，正試圖加快推進以取得資金或讓專案通過？這是否有助於讓你們的總積壓訂單更快轉換，並在系統中帶來一些效率與出貨量？

Yes. I would -- I mean I go back to my prepared remarks, and I look at our advantaged footprint. And as I stated in my prepared remarks, in our specific markets on a trailing 12 months, public contract awards are up 12%. And we're seeing in the rest of the country, double-digit declines in places. And so it amplifies that we're in the right markets and the public side continues to be strong.

是的。我會——我的意思是，我回到我事先準備的發言，並看我們具優勢的版圖（advantaged footprint）。如我在準備稿中所說，在我們特定市場，以過去12個月（trailing 12 months）計，公共合約得標（public contract awards）成長12%。而我們看到全國其他地區在某些地方出現雙位數下滑。因此這更凸顯我們位於正確的市場，而且公共端仍然強勁。

When I look at starts and kind of the flow of -- before the expiration of the bill, I think the states are doing a really good job. I think all the money will be targeted towards the jobs they want, which is really where they have to get is the money has to be allocated, and that allocation is going well.

當我看開工（starts）以及——在法案到期（expiration of the bill）之前的資金流向，我認為各州做得非常好。我認為所有資金都會導向他們想做的工程；而他們必須達成的關鍵是資金必須被分配（allocated），而這個分配進展良好。

Across our footprint, I'm seeing highway starts up in Arizona, New Mexico, North Carolina, South Carolina, all really good spots for us. Coastal Texas, North Texas, Georgia on the infrastructure side. So we're seeing good momentum there.

在我們的版圖範圍內，我看到亞利桑那州、新墨西哥州、北卡羅來納州、南卡羅來納州的公路開工（highway starts）都在上升，這些對我們而言都是很好的區域。德州沿海、北德州，以及喬治亞州在基礎建設（infrastructure）端也是如此。所以我們看到那裡有不錯的動能。

On the private side, and again, as I stated, 60% of all large projects that started last year are within 50 miles of a Vulcan facility. And so that just shows you, again, we're in the right markets and where we're seeing momentum in construction growth is really because of our advantaged footprint. I mean that's not the same stats you're going to see across the rest of the country. And so again, our business model is proven. Over a long period of time, we've been able to say that any headwind that faces us, we're going to be able to capture that over the long term.

在民間端，而且再次如我所說，去年啟動的所有大型專案中，有 60% 都位於 Vulcan 設施 50 英里範圍內。因此這再次顯示，我們身處正確的市場，而我們在建築成長中看到的動能，確實是因為我們具優勢的佈局。我是說，這不是你在全國其他地區會看到的同樣統計數據。所以再一次，我們的商業模式已被驗證。長期以來，我們一直能夠說，無論面臨任何逆風，我們都能在長期中把握住。

But I think as we look forward and saying that our confidence in 2026 returning to growth it's because of these things I'm talking about on the public and private side. We're not seeing it on residential. We are seeing some green shoots on multifamily, but it's really being driven by -- that's the necessity of jobs that have been created in some of those markets and people are moving there and there's nowhere to move.

但我認為，當我們展望未來並談到我們對 2026 年重回成長的信心時，正是因為我在公共與民間端所談的這些因素。我們在住宅端沒有看到。我們在多戶住宅方面看到一些初現的復甦跡象，但主要是由——在某些市場創造出的就業需求所驅動，人們正在移入那裡，而卻沒有地方可住。

And so the multifamily side, we're seeing a little bit of green shoots in. But the majority of our confidence right now is really going to be based on the public and private side. And remember, only 45% of the IIJA dollars are actually spent. And so even with the expiration and in the middle of reauthorization now, we have confidence that the transition between those funding bills will be very smooth.

因此在多戶住宅端，我們確實看到一點點復甦跡象。但我們目前信心的主要來源，仍然會是公共與民間端。並且請記得，IIJA 的資金實際上只花掉了 45%。所以即使面臨到期、且目前正處於重新授權的過程中，我們仍有信心，這些資金法案之間的銜接會非常順暢。

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson Research Group。

I just want to focus a little bit on the Federal Highway bill reauthorization coming up in September. And as is typical, each year, this happens, there's a lot of noise leading into the debate. What we are hearing from a wide variety of contacts is that early discussions are for funding sizes of $600 billion to $700 billion. But the House bill now is closer to $500 billion to $550 billion, both of which are still increases from where we are currently. Could you give your perspective in terms of what you're hearing and what you're seeing and how you think about the cadence? And as one contact said, we don't see the bill going backwards in funding. It should be going forward? And how much credence does that statement have?

我想稍微聚焦在 9 月即將到來的《聯邦公路法案》重新授權。照慣例，每年到了這個時候，在辯論前都會有很多雜音。我們從各式各樣的聯絡人那裡聽到的是，早期討論的資金規模在 6,000 億到 7,000 億美元之間。但眾議院版本目前更接近 5,000 億到 5,500 億美元，兩者相較於我們目前的水準仍然都是增加。你能否分享你的觀點：你聽到與看到的是什麼、你如何看待推進節奏？另外，正如一位聯絡人所說，我們不認為法案的資金會倒退，應該只會往前走？這句話有多大可信度？

Yes. Thank you, Kathryn. And I think your sources are pretty good and consistent with what we're hearing. I mean if you think about the kind of the process, I mean, I think where we're at today, the Transportation Committee is in the middle of markups. We think we'll get a first reading sometime mid-May. And so as it comes out, as you know, I mean, this is a negotiated process between the Rs and the Ds. The Ds are -- we're hearing -- being a little more aggressive towards wanting to spend more. But I think there'll be a lot of negotiations. And as you know, there's bits and pieces of that throughout the country that people are going to want to get their pieces in. But I think overall, directionally, your numbers are very consistent with what we're hearing. Obviously, as it gets to the Senate, it's a little more complicated with the number of committees that has to go through.

是的。謝謝你，Kathryn。我認為你的消息來源相當不錯，也與我們聽到的很一致。若你想想整個流程，我是說，我認為我們目前所處的位置是，運輸委員會正在進行條文審議（markups）。我們認為大概在 5 月中旬會有第一次宣讀。當它出來時，如你所知，這是一個共和黨與民主黨之間協商的過程。我們聽到民主黨——相對更積極、希望花更多。但我認為會有很多協商。如你所知，全國各地都會有一些零碎的訴求，人們會想把自己的部分放進去。但整體方向上，你的數字與我們聽到的非常一致。當然，到了參議院會更複雜一些，因為必須經過多個委員會。

But look, I think we're in a good position of -- could it get done by midterms? It could. But historically, we've seen continuing resolutions are probably going to be the path. But again, with the dollars that are left to be spent, the momentum we see in starts, the backlog visibility that we have within the public jobs that we've booked gives us a lot of confidence that there's just not going to be a disruption.

但你看，我認為我們處在一個不錯的位置——能否在期中選舉前完成？有可能。但從歷史來看，我們看到持續決議（continuing resolutions）可能會是主要路徑。不過再說一次，考量到尚未支出的資金、我們在開工量上看到的動能，以及我們在已承攬的公共工程訂單中所掌握的在手訂單可視性，這讓我們非常有信心，不會出現中斷。

And even under a continuing resolution, the dollars keep spent at the same level. And so I think we're in a really good position. I think it's good momentum. I think the bipartisan part of this is it's good for the economy. It's good for job creation. And I think both sides of the aisle like to take that as a win.

即使在持續決議之下，資金也會以相同水準持續支出。所以我認為我們處在非常有利的位置。我覺得這是很好的動能。我認為其兩黨合作的部分在於：這對經濟有利、對創造就業有利，而我認為兩黨都樂於把這當作一項政績。

And so the funding side, I think they're making progress, what they're going to do with electric vehicles, with registrations, all that's being considered. But I think your sources are correct. And I think we walk away today thinking we're in a really good position and confident the bill will get done and pretty confident it will be at a higher level than the previous bill.

因此在資金面，我認為他們正在取得進展；至於要如何處理電動車、註冊費等，這些都在考量之中。但我認為你的消息來源是正確的。我們今天離開時的感受是：我們處在非常好的位置，並且有信心法案會完成，也相當有信心其水準會高於上一個法案。

Keith Hughes, Truist.

Keith Hughes，Truist。

So we get a lot of questions on specifically the second quarter, the drag. From what we know today on diesel prices, can you give any kind of dollar figure of what that's going to do in the quarter, understanding you're going to be going for good selling prices to offset that?

我們收到很多問題，特別是關於第二季的拖累。以我們今天對柴油價格的了解，你能否給出任何金額上的估算，說明這在本季會造成什麼影響？當然我們也理解，你們會透過更好的售價來抵消。

Yes. I'll let Mary Andrews get into the numbers. But I think, Keith, if you look at it kind of as we step back overall and say on a typical year, and I would tell you, over the last two years, we burned about 57 million gallons of diesel a year. And so trajectory, I mean, if you look at that, it's really variable with the tons we're shipping is the tons we're producing and you got to play where is your inventory is up. But all that, if you just step back and said that's kind of the range of the diesel we're going to burn.

好的。我會讓 Mary Andrews 談談數字。但我認為，Keith，如果你退一步從整體來看，並說在一般年度——而且我會告訴你，過去兩年我們每年大約消耗 5,700 萬加侖的柴油。所以就趨勢而言，如果你看這個數字，它會隨我們出貨的噸數、也就是我們生產的噸數而高度變動，還要看你的庫存在哪裡增加。但總之，如果你退一步說，這大概就是我們會消耗的柴油範圍。

And obviously, that's going to fluctuate if we pull stripping and delay some of that with diesel costs because we think this is a temporary situation, and we're not planning long term for diesel to be that. But if it is, we're more than prepared to fight that headwind through our commercial efforts. And so I think that's kind of the context of it. But Mary, why don't you give him a little more data on --

而且很明顯地，如果我們因柴油成本而調整剝土（stripping）作業、並延後部分作業，這個數字也會波動，因為我們認為這是暫時性的情況，我們不會以柴油長期維持在這個水準來做規劃。但如果真的如此，我們也完全準備好透過商業上的努力來對抗這個逆風。所以我認為這是背景脈絡。不過 Mary，你不妨給他更多一些數據——

Yes. I mean I think given those pieces Ronnie described, you're looking at probably $25 million in the second quarter. If you think about the amount of diesel we would burn and retail diesel today is a couple of dollars higher than it was coming into the year. So that's probably a good round number to think about on the diesel side.

好的。我認為，考量 Ronnie 描述的那些因素，你看到的第二季影響大概會是 2,500 萬美元。若你想想我們會消耗的柴油量，以及目前零售柴油價格比年初高出約幾美元，這大概是柴油端可以用來思考的一個不錯的整數估算。

The other place that we'll feel the energy impact is on liquid asphalt. But some of our -- about 1/3 of our work is indexed. So the impact will be a little bit less there. And that's one same thing over time, we'll use pricing to catch up and maintain our margins at the healthy levels that we've seen over the last couple of years.

另一個我們會感受到能源影響的地方是液態瀝青。不過我們的——大約三分之一的業務是有指數連動（indexed）的，所以那邊的影響會小一些。同樣地，隨著時間推移，我們會透過定價來追上並維持我們在過去幾年所看到的健康毛利水準。

And one other thing to keep in mind, just as it relates to the downstream is in our original guidance, we did not have the California ready-mix business. That contributed about $10 million of cash gross profit in the first quarter. We still own it today. We do expect that to close soon in the second quarter. But I would think about the downstream at this point with the contribution from the ready-mix being a helpful offset to the near-term energy headwinds that we could see.

另外還有一點要記住，就下游業務而言，在我們原先的指引中，並未納入加州的預拌混凝土（ready-mix）業務。該業務在第一季貢獻了約 1,000 萬美元的現金毛利。我們目前仍持有它。我們確實預期它會在第二季很快完成交割。但就目前而言，我會把下游業務視為：預拌混凝土的貢獻，將有助於抵消我們短期可能看到的能源逆風。

Okay. Okay. Great. Let me ask one other real quick on -- back on Kathryn's question. There was a political article a couple of weeks ago talking about this $500 billion to $550 billion from the Republican Head of the Transportation Committee. Some of the Democrat comments are actually for a higher bill than the, call it, $550 billion. I guess my question is based on from your lobbying groups. Is there actually close to bipartisan support around these numbers we're talking about? What is your sense on that?

好的。好的。那我再很快問一個——回到 Kathryn 的問題。幾週前有一篇政治新聞文章提到，運輸委員會的共和黨主席提出 5,000 億到 5,500 億美元。有些民主黨的評論其實支持比所謂 5,500 億美元更高的法案。我想問的是，根據你們的遊說團體，對於我們談到的這些數字，兩黨之間是否真的接近形成共識？你對此的感受是什麼？

I think there -- I mean I think they both see the need for it. And I think the dollar amount is really both of them doing their work on a lot of different information that comes to them on what are the real needs from both the growth of the infrastructure system as well as the maintenance of the infrastructure system. So I think when you talk to -- and Sam has announced his retirement. And so he's still leading it as of today, but he's also been involved in seven reauthorization bills. And so it may be something that he wants to get done before his retirement.

我認為——我是說，我認為雙方都看到了其必要性。我認為金額的部分，基本上是他們各自基於大量不同資訊在做功課，這些資訊涉及基礎設施系統的成長需求，以及基礎設施系統的維護需求。所以我認為當你去跟——而 Sam 已宣布退休。因此他目前仍在領導這件事，但他也已參與過七次重新授權法案。所以這可能是他希望在退休前完成的一件事。

But they're also -- they want to know where we're going to get the funding from. And so a lot of it is how is it going to be funded and where are all those mechanisms going to hit. But I think the beauty of the $550 billion to $700 billion, wherever that lays out is when you think about this bill versus the last bill, it's going to be a more pure highway and infrastructure bill with a lot less other stuff that was in the last bill. And so we look at it as all signs of positive, what degrees that is. The politicians will have to figure that out. But again, I mean, you know this gives us long-term visibility into a very meaningful portion of the supply side and the demand side of our markets. And so we think we're in a good place.

但他們也——他們想知道我們要從哪裡取得資金。因此其中很大一部分在於將如何籌資，以及所有那些機制會在何處產生影響。不過我認為，5,500億到7,000億美元——不論最後落在哪個數字——其美妙之處在於，當你把這項法案與上一項法案相比，它將會是一項更純粹的公路與基礎建設法案，夾帶的其他內容會比上一項法案少得多。因此我們把它視為正面訊號，至於正面到什麼程度，政治人物得去釐清。但再說一次，這讓我們對市場供給端與需求端中非常重要的一部分，獲得長期的能見度。所以我們認為我們處在一個不錯的位置。

Philip Ng, Jefferies.

Philip Ng，Jefferies。

Congrats on a solid quarter. Ronnie, Mary Andrews, I think you guys both kind of highlighted M&A as an avenue to deploy capital. Balance sheet is in a great spot. Are you seeing any choppiness in terms of sellers in this current backdrop or it's pretty much a full goal?

恭喜繳出穩健的一季。Ronnie、Mary Andrews，我想你們兩位都提到併購（M&A）是部署資本的一條途徑。資產負債表狀況非常好。在目前這樣的環境下，你們在賣方那邊有看到任何搖擺不定的情況嗎？還是基本上是全面開花？

And then, Ronnie, any color in terms of markets that you're targeting, size of these deals? Is it pure-play aggregates, vertically integrated? Just give us a little more perspective what you're seeing out there and what's compelling to you?

另外，Ronnie，能否談談你們鎖定的市場、交易規模？是純骨材（aggregates）業務、垂直整合，還是其他？請再多給我們一些你們看到的情況，以及哪些對你們而言具有吸引力。

Yes. Good question. When we talk about one of our cores is expanding our reach. And we said at Investor Day that we were willing to look outside of our footprint as we continue to focus on aggregate led.

是的，好問題。當我們談到我們的核心之一是擴大觸及範圍時，我們在投資人日也說過，隨著我們持續聚焦以骨材為主導（aggregate-led），我們願意考慮走出既有版圖。

So number one, I would tell you, the things we're going to focus on are going to be aggregate-led business. If they happen to come with downstream, as we've proven in the past, we'll address that and decide whether we want to be in that business or not. And we've proven in the businesses that we didn't want to be in that we would exit those businesses.

所以第一，我會告訴你，我們要聚焦的會是以骨材為主導的業務。如果剛好也帶有下游業務（downstream），如同我們過去已證明的，我們會去處理並決定是否要經營那項業務。而且我們也已在那些我們不想做的業務上證明，我們會退出那些業務。

But I would tell you, it's the footprint of where we're looking is really the high-growth areas and how things have changed both with demographics as well as public funding as well as some of the private non-res side and the data centers driving a lot of that.

但我會告訴你，我們尋找的版圖主要是在高成長區域，以及人口結構、公部門資金、部分民間非住宅端（private non-res），以及資料中心所帶動的許多變化。

But as we look forward, we also see the energy that is needed to support these data centers is going to be another tailwind to us as we have begun really booking some energy projects. We're quoting a lot, and we've actually started booking some. And so I think the energy backdrop in a lot of these states is going to be critical as they try to fulfill the needs of this data center construction. But -- so I would tell you very active.

但展望未來，我們也看到支撐這些資料中心所需的能源，將成為我們的另一個順風。我們已開始真正承接一些能源專案。我們報價很多，也確實開始接到一些案子。因此我認為，許多州的能源環境將會很關鍵，因為他們要滿足這些資料中心建設的需求。不過——所以我會告訴你，我們非常活躍。

From the seller side, I think headwinds with energy or anything, obviously, they have to look at that. Does that accelerate them? In some cases, it could because they weren't expecting this cost to be like this, and it may accelerate their desire. But I would tell you, over time, these are generational changes. These are families that have to make that decision. And so there's a lot of complexity to that. And I think a lot of the macro stuff obviously plays into their family conversations. But I don't know that it moves the needle on faster or slower. I think it's just another something we deal with.

從賣方角度來看，我認為能源或任何因素帶來的逆風，他們顯然都得考量。這會不會加速他們的決策？在某些情況下可能會，因為他們沒預期成本會變成這樣，可能會加速他們的意願。但我會告訴你，長期來看，這些是世代性的變化。這些是家族必須做出的決定，因此其中有很多複雜性。我想很多總體因素顯然會影響他們家族內部的討論，但我不確定這會讓速度變快或變慢。我認為這只是我們要面對的另一件事。

But I would remind you also, part of our growth efforts is our greenfield and the investments we continue to make in our downstream. And as I look forward to this year, I mean, we've got three new plants coming online, one in Arizona, one in Texas and one in South Carolina that we've talked about is our greenfield strategy .

但我也要提醒你，我們成長努力的一部分是綠地（greenfield）以及我們持續在下游端的投資。展望今年，我是說，我們有三座新廠將會投產，一座在亞利桑那州、一座在德州、一座在南卡羅來納州，這些我們都談過，這就是我們的綠地策略。

From a distribution side, we have seven yards that we will be bringing online this year. Several of them, a couple in Texas, one in Florida, one in California, one in South Carolina. And so we continue to invest in the business to protect our franchise, to enhance where the growth of our core market is. And that's why we said as we continue to expand our reach, we can control things we do internally to protect the franchise that we have.

在配送端，我們今年會有七個料場（yards）上線。其中好幾個——德州有幾個、佛州一個、加州一個、南卡羅來納州一個。因此我們持續投資於業務，以保護我們的特許經營（franchise），並強化核心市場的成長所在。這也是為什麼我們說，當我們持續擴大觸及範圍時，我們可以掌控內部能做的事情，以保護我們既有的特許經營。

Externally, as we look at growth opportunities, we wanted to expand that. And so some of those newer markets is where we'll be looking. And again, as I said in my prepared remarks, we got several of them that we think will be coming to close before the end of the year. So I think we're in a good position.

在外部方面，當我們尋找成長機會時，我們希望擴大它。因此我們會在一些較新的市場尋找。而且如我在事先準備的談話中所說，我們有好幾個案子，我們認為會在年底前完成交割。所以我認為我們處在不錯的位置。

Angel Castillo, Morgan Stanley.

Angel Castillo，Morgan Stanley。

Just two parts, one on the full year and then one on 2Q. I guess on the full year, Ronnie, I think you mentioned that you don't expect the diesel prices to be kind of longer lasting and you kind of view that as a little bit more temporary. So I just wanted to clarify, I guess, the full year guide at this point, I just want to, I guess, clarify, it does assume diesel prices remain at current levels? Or are you anticipating that to come off in the second half?

我有兩個部分，一個關於全年，另一個關於第二季。我想在全年方面，Ronnie，我記得你提到你不預期柴油價格會長期維持，你比較把它視為偏短期。因此我想確認一下，目前的全年指引，是假設柴油價格維持在目前水準嗎？還是你預期下半年會回落？

And then kind of related to that, I guess, depending on what your assumptions are, midyear, you typically talk about as being beneficial to kind of the following fiscal year. So should we think about it as being any offsets in the second half of this year being more Vulcan way of operations driven? And then on the second quarter, apologies if I missed it, but I just wanted to clarify, I guess, what was kind of your expectation on price, volume, and gross profit per ton when you kind of put all the pieces together?

然後與此相關，我想依你們的假設，年中你們通常會談到對下一個會計年度是有利的。所以我們是否應該把今年下半年的任何抵消因素，視為更多是由 Vulcan 的營運方式所驅動？另外關於第二季，若我漏聽了先致歉，但我想確認一下，當你把所有因素綜合起來時，你們對價格、出貨量（volume）以及每噸毛利（gross profit per ton）的預期大概是什麼？

Let me unpack all that. So first, I would start with kind of where our assumptions are. And I would tell you, I mean, the assumptions that we're making in reinforcing our earnings for the full year is really a combination of the history of our business. And so if fuel stays up for the remainder of the year, then our pricing will reflect that. If fuel comes back down, then our margins will reflect that. And so we're very flexible in our ability to go out and capture whatever those headwinds are. And I think our business model has proven that time over time, over time. And so I'm confident in that as we build out and look at what we anticipate for the remainder of the year, I mean, we would love to say that this thing is temporary, but we're planning for it to be longer, and we have that accounted for in our guidance. And so I'm not worried about that headwind. As far as growth in the second quarter.

我來把這些拆開說。首先，我會先從我們的假設大概在哪裡談起。我會告訴你，我們之所以重申全年獲利，所採用的假設其實是我們業務歷史的綜合結果。因此如果燃料在今年剩餘期間都維持高檔，那我們的定價就會反映這點；如果燃料回落，那我們的利潤率就會反映這點。所以我們在面對任何逆風時，都非常有彈性可以出去把它抓回來。我認為我們的商業模式已一再、一再、一再地證明這點。因此當我們建構並檢視我們對今年剩餘期間的預期時，我對此很有信心。我是說，我們當然希望這是暫時的，但我們是以它會維持更久來做規劃，而且我們已把它納入指引之中。因此我不擔心這個逆風。至於第二季的成長。

Again, as we looked at the cadence of our quarters, we said our pricing was going to start out at the lower end because of the comps over year-over-year on some of the hurricane recovery work, and it was going to accelerate through the year. And I think that's going to play out exactly like we've laid it out.

再說一次，當我們看各季的節奏時，我們說過，由於去年同期有一些颶風復原工程的比較基期，我們的定價會從較低端開始，並在全年逐步加速。我認為這會完全照我們所描述的方式發展。

On the demand side and our shipment side, I mean I think we experienced more normal weather in the first quarter, and I think that contributed to the growth in our shipments that we saw. I think also the size of these projects and the speed at which these projects are shipping is also something that is weather impacts those. And so as we see more normal weather, I mean, our contractors aren't out there going okay, we're going to ship this much during the first quarter and then we'll stop and then we'll start the second quarter. I mean they're building these projects. They don't care about a calendar. They care about what's happening today, what's happening with the weather they're experiencing. And if they can go forward faster, they're going to do that.

在需求端與出貨端，我是說，我認為第一季我們經歷了較正常的天氣，我想這促成了我們看到的出貨成長。我也認為，這些專案的規模以及出貨推進的速度，也是會受到天氣影響的因素。因此當我們看到較正常的天氣時，我是說，我們的承包商不會在那邊說，好，我們第一季要出這麼多，然後停下來，再在第二季開始。我是說，他們是在建這些專案。他們不在乎日曆；他們在乎今天發生什麼、他們正在經歷的天氣狀況。如果他們能更快往前推，他們就會那麼做。

And especially with this data center work, I mean, these companies are looking for a return on these large investments, and they don't get a return for that thing being under construction, they get a return when it's finished. So the speed of those things are obviously critical to the process of the job. And so I think we see second quarter continue to play out that we would expect, again, based on normal weather that our shipping levels would continue to be as expected as we planned out in the year. And as we laid that out, they're going as expected. And so I don't see a lot of noise right now within the shipping side or the demand side. I think those are some visibility that we have through our backlog and our bookings.

特別是就這些資料中心的工程而言，我的意思是，這些公司在這些龐大投資上都在尋求回報，而在建造期間他們是拿不到回報的，只有在完工後才會有回報。所以這些事情的速度顯然對整個工作流程至關重要。因此我認為第二季會持續按照我們預期的方式發展；同樣地，在正常天氣的前提下，我們的出貨水準會如同年初規劃般持續符合預期。而且就我們所說明的來看，進展也如預期。因此我目前在出貨端或需求端都沒有看到太多雜音。我認為這些是我們透過在手訂單與接單所能掌握的能見度。

Yes. And Angel, one thing we highlighted coming into the year in terms of how to think about earnings overall was to think about more normal seasonal spreads than to think purely about year-over-year comps. And so as we sit here today, I think one way to think is look at historically what our business kind of looks like first half, second half. And given the strong start that we got and the contribution that we got in the first quarter and what our expectations are for the second quarter, I think we'll still and in that probably (inaudible) type split. And as I highlighted earlier, the diesel headwind in the second quarter will squeeze us a bit there.

是的。而且 Angel，我們在年初強調過，關於如何看待整體獲利，一個重點是以較正常的季節性差異來思考，而不是只看年對年比較。因此就我們今天的情況來看，一種思考方式是回顧歷史上我們的業務在上半年、下半年大致長什麼樣子。考量到我們開局強勁、第一季的貢獻，以及我們對第二季的預期，我認為我們仍會呈現那種大概（聽不清）類型的分布。而如我先前提到的，第二季柴油的逆風會在那裡對我們造成一些擠壓。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

This is Joe Nolan on for David. I just wanted to touch on the nonres business. You've obviously talked about the strength in data centers, but just in some of the other verticals like warehouses, manufacturing, commercial, if you could just talk about backlogs and demand within those businesses.

我是代替 David 的 Joe Nolan。我想稍微談一下非住宅業務。你們顯然談到資料中心的強勁，但在其他一些垂直領域，例如倉儲、製造、商用等，能否談談這些業務的在手訂單與需求情況？

Yes. We're -- as we went into the year, we said we were -- data centers was leading private nonres. We said we thought we would see some of the green shoots in warehousing. And we've seen some of our markets turn positive, but from a very low start, very low rate. So I think those are opportunities for the future as those markets play out.

是的。我們——在年初時我們說過——資料中心領先私人非住宅。我們也說過我們認為會在倉儲看到一些復甦的跡象。我們確實看到部分市場轉為正成長，但起點非常低、增速也非常低。因此我認為，隨著這些市場逐步發展，這些會是未來的機會。

But when I look at kind of buildings and nonres side. I mean, we've got good momentum going in Texas with some fuel energy-related projects, some LNG projects that started back. We're shipping on some manufacturing type projects that we started back shipping on. In Illinois, we've seen both data centers as well as some warehouse stuff that has really kicked in.

但當我看建築與非住宅這一端時，我的意思是，我們在德州有不錯的動能，來自一些燃料與能源相關專案、一些重新啟動的 LNG 專案。我們也開始對一些製造類專案恢復出貨。在伊利諾州，我們看到資料中心以及一些倉儲相關的案子都真正開始發力。

And so I think it's a combination. I mean, data centers is obviously growing at the fastest pace within our private nonres category. But I mean, the energy side is very encouraging. And we're in a lot of active conversations around energy projects. And I think the energy companies are in the middle of planning a lot of those projects.

因此我認為這是一種組合。我的意思是，資料中心顯然是在我們私人非住宅類別中成長最快的。但能源端非常令人鼓舞。我們也正在就能源專案進行許多積極的對話。我認為能源公司正處於規劃許多這類專案的階段。

I think that -- those type of projects obviously will have more permitting and things that they have to do from a timing perspective. I'm not sure they'll move as fast as what some of the data centers have. But in the end, it's all really forms of good forward-looking demand on the private nonres side. And so it's a mix of different types of projects. But again, data centers has been kind of the lead of that.

我認為——這類專案在時程上顯然會需要更多許可等事項要處理。我不確定它們會像某些資料中心那樣推進得那麼快。但最終，這些都代表私人非住宅端良好的前瞻性需求。因此這是不同類型專案的組合。不過再說一次，資料中心一直算是其中的領頭羊。

Michael Feniger, Bank of America.

Michael Feniger，美國銀行。

Ronnie, just if we do get a CR, does that change your view at all on 2027 and how that looks up to? Does that shift us from a growth market to maybe flattish or we're still maybe in growth mode because of the dollars left spent?

Ronnie，如果我們真的遇到 CR（持續決議案），這會改變你對 2027 年以及其走勢的看法嗎？這會讓我們從成長市場轉為可能持平，還是因為仍有尚未花掉的資金，所以我們可能仍處於成長模式？

Yes. I don't think it changes it, and I'll give you a couple of reasons why. One, the point you make is we still have dollars that are going to carry over. I mean when we look at our bookings and backlogs, a lot of those projects from a federal side are multiyear projects. And so not only are they booked and we're shipping on them, but also the dollars that are carrying forward will project well into '27.

是的。我不認為這會改變，我給你幾個原因。第一，你提到的重點是我們仍有資金會結轉。我的意思是，當我們看接單與在手訂單時，聯邦端的許多專案都是多年期專案。因此不僅已經接到單、我們也正在出貨，而且結轉的資金也會一路延伸到 2027 年。

But I'll also remind you that only 1/3 of highway and funding is really the federal side. And so when we look at the state side and then we look at other measures that the states have put in, we look at these public-private partnerships, we look at toll authorities.

但我也要提醒你，高速公路與相關資金其實只有 1/3 來自聯邦端。因此當我們看州政府端，再看各州採取的其他措施、這些公私合營（PPP）、以及收費公路管理機構。

There are a lot of growth projects out there right now that are very small in federal dollars and larger in other funding that gives us a lot of confidence that, again, I've said it in the past, and I'll continue to say public, is probably the least of my worries. I mean I just think we're in a really good position to get the funding in place, and there's other ways the states have gotten creative around funding their own programs. And so I think as I look forward, I don't see '27 being a problem when it comes to public.

目前有很多成長型專案，聯邦資金占比很小、其他資金來源占比更大，這讓我們非常有信心。再說一次，我過去說過、我也會繼續說：公共部門大概是我最不擔心的。我是說，我認為我們在資金到位方面處於非常好的位置，而且各州也用更有創意的方式為自己的計畫籌措資金。因此當我往前看，就公共部門而言，我不認為 2027 年會是問題。

Great. And Ronnie, just on the pricing side, I know we started Q1 at the low end. That was something you guys always talked about with that plus 4%. Just with the midyears, are we exiting above that 4% to 6% range on the full year growth?

很好。Ronnie，再談一下定價。我知道我們在第一季是從區間低端開始的，這也是你們一直提到的那個 +4%。就年中調價而言，我們在全年成長上，是否會以高於 4% 到 6% 這個區間的水準收尾？

And you referenced 2022, how you guys respond to inflationary pressure. You guys are very quick to get that price increases in there, and we saw that in the numbers. Is there anything different that we should think about 2026 versus 2022? Just in terms of the demand environment coming out of COVID versus maybe where we are now, are there differences or similarities and how we should kind of look at that 2022 period where you guys are quick to respond to inflation versus where we are now today?

你也提到 2022 年你們如何應對通膨壓力。你們很快就把漲價落實，我們也在數字上看到了。相較於 2022 年，對於 2026 年有沒有什麼不同需要我們留意？就需求環境而言，從 COVID 後復甦的情況與現在可能所處的位置，是否有差異或相似之處？以及我們應該如何看待你們在 2022 年快速應對通膨、相較於今天的情況？

Yes. I think there are. I mean there's lots of differences, and there's always differences on the demand side. And so as I look at the difference between 2022 and 2026, 2022 coming out of COVID, residential really took off. And so a lot of that midyear and first of the year pricing that, again, we referenced that back to the customer base was a lot of our fixed plant stuff, which the concrete guys back then were experiencing some really good tailwinds when it came to the majority of their market being tied to single-family. That's different. I mean that's not happening today. If that accelerates, and we've said the third leg of our stool, public, private, nonres and single-family or resi, if that third leg of the stool kicks in, obviously, it's going to give us a lot of tailwinds when it comes to both the demand side of our products as well as the pricing side and that momentum.

是的。我認為有差異。我的意思是，差異很多，而且需求端總是會有差異。因此當我看 2022 與 2026 的差別時，2022 年在 COVID 之後，住宅市場確實大幅起飛。因此當時年中與年初的許多定價——我們也再次向客戶群提到——很大一部分是我們的固定廠（fixed plant）相關產品；而當時混凝土業者在市場多數與獨棟住宅（single-family）連動的情況下，確實享有相當不錯的順風。這點不同。我的意思是，今天並沒有發生那樣的情況。如果那一塊加速——而我們也說過，我們的三隻腳是公共、私人非住宅，以及獨棟住宅或住宅（resi）——如果第三隻腳開始發力，顯然會在產品需求端與定價端、以及那股動能上，給我們很大的順風。

But I think originally, what you said, I mean, I think is absolutely right that our confidence is that our pricing throughout the year will continue to build momentum. So exiting that, obviously, will be -- will need to be at the higher end of our range because that's just the math. And so we have confidence in our ability to do that. And I think it's too early to call what's the success of midyear is going to be because it's choppy. I mean it's every individual market. I mean these are local markets that we have active conversations going on with our customers, and we want to be their supplier of choice. And so in the end, we're going to be disciplined around that.

但我認為你一開始說的，我的意思是，我覺得完全正確：我們的信心在於，我們全年的定價會持續累積動能。因此要在那個水準收尾，顯然——就數學上來說——必須落在我們區間的高端。所以我們對達成這點有信心。我也認為現在要判斷年中調價的成功程度還太早，因為它很顛簸。我的意思是，每個市場都不一樣。這些都是我們與客戶進行積極對話的在地市場，而我們希望成為他們的首選供應商。因此最終，我們會在這方面保持紀律。

But I would tell you, we have good momentum. The year -- the quarter played out exactly what we expected. And I think the rest of the year, we have all the mechanisms in place to continue to reinforce the earnings of the business.

但我會告訴你，我們有不錯的動能。本年度——本季的表現完全符合我們的預期。我認為在今年剩下的時間裡，我們已具備所有機制，能持續強化公司業務的獲利能力。

Ivan Yi, Wolfe Research.

Ivan Yi，Wolfe Research。

Can you comment on transportation costs? Truck rates ex fuel are currently up about 20% to 30% year-over-year. Are you able to fully pass through these higher costs to your customers? And on that, do higher truckload rates incentivize moving more volumes to rail where you can?

您能評論一下運輸成本嗎？目前卡車運價（不含燃油）年增約20%到30%。您是否能將這些較高的成本完全轉嫁給客戶？另外，在此情況下，較高的整車運價是否會促使您把更多運量轉移到鐵路運輸？

Yes. So if you -- I guess I'll answer the back half of it. When it comes to rail, I mean, you can move more to rail, but you also have to have the rail yard to be able to do that. And so our rail yards are really an extension of the operating plants that those markets support. And really, the significance of that is our ability to capture the value of those products at the yards because of any increase in distribution cost, which would include rail distribution, we're able to capture that. And a lot of those yards are really in high-growth markets. That's why we put yards there because that's where the growth is, and it helps us supply that market and it limits the amount of distribution cost to get there.

可以。所以如果你——我想我先回答後半段。談到鐵路，我的意思是，你可以把更多運量轉到鐵路，但你也必須有鐵路貨場才能做到。因此，我們的鐵路貨場其實是那些市場所支撐之營運工廠的延伸。而其重要性在於：由於任何配送成本的上升（其中也包括鐵路配送），我們都能在貨場端把這些產品的價值捕捉回來。我們很多貨場都位於高成長市場。這也是我們把貨場設在那裡的原因，因為成長就在那裡；同時它也幫助我們供應該市場，並限制到達那裡所需的配送成本。

On the overall delivery side, as I said early on, we have surcharges in place to capture that. Delivery to us is really a pass-through. We don't try to make money on delivery. That's a third party. We have owner operators that do that. And so we do provide that service to our customers, but it's not something that we see as a headwind or a tailwind. It's just the cost of doing business. You got to get the rock to the job. And so delivery to us is a pass-through, and we have surcharges in place to make sure we're not paying the penalty on any fuel cost increases.

在整體交付方面，如我先前提到的，我們已設有附加費機制來涵蓋這些成本。對我們而言，交付基本上是成本轉嫁。我們不試圖在交付上賺錢。那是第三方在做。我們有自營車主（owner operators）來執行。因此我們確實為客戶提供這項服務，但我們不把它視為逆風或順風。這只是做生意的成本。你必須把石料送到工地。所以對我們來說，交付是可轉嫁的，我們也設有附加費，以確保燃油成本上升時我們不會承擔額外損失。

Yes. And one other thing, Ronnie talked a lot earlier about our advantaged footprint in terms of where we are. An advantage we also have is not just geographically where we are, but what our positions are in those markets. And so I think over the longer term, as you think about those positions in an environment of rising transportation costs, it can serve to widen our logistical mote advantages.

是的。另外一點，Ronnie 先前談了很多我們在區位上的優勢，也就是我們所在的位置。我們的優勢不僅在於地理位置，還在於我們在那些市場中的布局與據點。因此我認為，從較長期來看，當運輸成本上升時，這些布局有助於進一步擴大我們在物流方面的護城河優勢。

Rohit Seth, B. Riley Securities.

Rohit Seth，B. Riley Securities。

Just back on the volumes, volumes up 5%. So you built a little bit of cushion here going into the rest of the year. Can you provide a sense of how the quarter played out, the cadence from January to March? And then if you have any comments on April?

回到出貨量，出貨量成長5%。所以你們在今年剩餘時間前建立了一些緩衝。能否說明一下本季的表現，例如從1月到3月的節奏？另外，若方便的話，也請評論一下4月。

Yes. I would tell you when we talked about more normal weather, really the more normal weather we experienced was really more in the smile of the US. It's really more California-based and then in the South and Texas and then across the Southeast. I mean we saw a lot of very cold start to the year in Illinois and in our Northeast markets. And I would tell you, our shipments reflected that.

好的。我會說，當我們談到較正常的天氣時，我們所經歷的較正常天氣其實更多是在美國的「微笑曲線」地帶——主要是加州，然後是南部與德州，再到整個東南部。我是說，在伊利諾伊州以及我們東北部市場，年初非常寒冷。我會說，我們的出貨量也反映了這一點。

I would tell you we started off slower in January, and we build momentum through February and into March. And so really weather for us, it's two parts. I mean, precipitation, rain is one thing and rain obviously affects the day that we're shipping. But the cold start to the year in the Northeast and the cold start to the year in the middle of the country, it definitely had an impact on, one, you're not laying mix and one, you're not pouring concrete, but two, you're not operating.

我會說1月一開始比較慢，2月逐步累積動能並延續到3月。所以對我們而言，天氣影響有兩個面向：降水、下雨是一回事，而下雨顯然會影響我們當天是否能出貨。但東北部年初的寒冷，以及美國中部年初的寒冷，確實造成影響：第一，你不會鋪瀝青混合料；第二，你不會澆置混凝土；但第三，你也不會運作。

I mean, so we really got off to a slower start in January in some of our northern markets. But that's typical. I mean that's not something that caught us off guard. I mean we knew that was going to -- that's what we planned for it to be cold in Chicago in January. So I would tell you the quarter from a cadence side played out exactly like we said.

也就是說，我們在一些北方市場1月確實起步較慢。但這很典型。這不是讓我們措手不及的事情。我們知道會——我們本來就規劃芝加哥1月會很冷。所以我會說，從節奏來看，本季的走勢完全如我們所說的那樣。

And I would tell you, as we got into March, I mean, with drier weather and with warmer temperatures, again, the size of these projects matter and where our footprint is matters. And when I say literally 60% of these large projects are within 50 miles of a Vulcan facility, that matters. And their ability -- and we highlighted this in our Investor Day when we talked about the complexity of these jobs and how much they want a supplier that can have redundancy, they want suppliers that can meet their production schedule. And some of these schedules literally can drift up 30% or 40% in their schedule as far as a demand perspective. And so that matters.

我也會說，進入3月後，天氣較乾燥、氣溫較溫暖，再次強調，這些專案的規模很重要，我們的布局所在也很重要。當我說這些大型專案中有60%在距離 Vulcan 設施50英里內，這很重要。他們的能力——我們在投資人日也強調過，當我們談到這些工作的複雜性時，他們非常希望供應商能有備援能力，希望供應商能配合他們的生產排程。而其中一些排程在需求面上，甚至可能在其排程中上移30%或40%。所以這很重要。

I mean, I think our size and location is very critical when it comes to where these projects are going. And so I would anticipate, again, I mean, as we get into the second quarter, I think that cadence will be. But we also said we started off 5% up. We said we still believe we're going to be in growth, but we didn't say raise our expectations on the overall demand of our products. We think it's still going to play out through the remainder of the year in that low single-digit area.

我認為，就這些專案的落點而言，我們的規模與區位非常關鍵。因此我預期，隨著我們進入第二季，我認為那個節奏會是如此。但我們也說過，我們起步是年增5%。我們說我們仍相信會有成長，但我們並沒有提高對整體產品需求的預期。我們認為今年剩餘時間仍會落在低個位數成長的區間。

Yes. And that's really based on -- on a seasonally adjusted basis, we feel like we're right on track for our full year guidance. I think as you think about the rest of the year, one thing to keep in mind is that seasonally adjusted last year's second quarter was weaker than where we finished the year. So we'll have easier year-over-year comps in the second quarter than we will in the back half. But in terms of the -- again, a lot of noise in the quarters, but in the -- for the full year guidance, we think we're on track to deliver that modest growth for the year.

是的。而這主要是基於——以季節性調整後的基礎來看，我們覺得我們正按部就班地達成全年指引。當你看今年剩餘時間時，有一點要記住：以季節性調整後來看，去年第二季比我們去年年底的水準更弱。因此第二季的年對年比較會比下半年更容易。但就——再次強調，單季之間有很多雜訊；不過就全年指引而言，我們認為我們有望實現全年溫和成長。

Any thoughts on April?

對4月有什麼看法嗎？

I think April is going as expected.

我認為4月的進展符合預期。

Okay. And then just a last follow-up. Are you seeing any project cancellations or anything getting pushed out due to the Iran war and maybe just delay and waiting for things to normalize?

好的。最後再追問一下。由於伊朗戰爭，您是否看到任何專案取消，或因延後、等待情勢正常化而被推遲？

We have not. We're paying very close attention to that because -- I mean, that's a possibility, obviously. But we have not seen anything as of to date with either public or private side that we've seen any projects that have been canceled or delayed.

我們沒有。我們非常密切關注這件事，因為——我的意思是，這當然是一種可能性。但截至目前，不論是公共部門或民間部門，我們都沒有看到任何專案被取消或延後。

Thank you, everyone. With no further questions in queue, I would like to turn the floor over to CEO, Ronnie Pruitt, for closing comments.

謝謝各位。由於隊列中沒有進一步的問題，我想把時間交給執行長 Ronnie Pruitt 做結語。

Thank you, and thank you all for your interest in Vulcan Materials. I'm proud of what our teams have accomplished in the first quarter, but we're never satisfied, and we're always looking ahead. We're committed to continuous improvement and long-term value creation for all of our stakeholders, and we look forward to speaking with you at our next quarter. Thank you.

謝謝，也感謝各位對 Vulcan Materials 的關注。我為我們團隊在第一季所完成的成果感到自豪，但我們從不自滿，並且總是向前看。我們致力於持續改善，並為所有利害關係人創造長期價值；我們期待在下一季與各位再度交流。謝謝。

Ladies and gentlemen, that will conclude today's event. Thank you for your participation. You may disconnect at this time, and have a wonderful rest of your day.

各位女士、先生，今天的活動到此結束。感謝各位的參與。您現在可以中斷連線，祝您今天剩餘時間愉快。