<p>MasterBrand 最近的财报电话会议描绘了运营优势与市场挑战的复杂图景。公司展示了其成功整合 Supreme 和持续的服务执行能力，但也面临销售下滑和关税影响等困难。尤其是在维修和翻新市场，需求环境依然艰难，反映出 MasterBrand 面临的复杂局面。</p>
<h2>持续的服务执行与供应链协调</h2>
<p>尽管单户住宅开工量出现中到高个位数的下降，MasterBrand 的新建销售仍然超越了更广泛的市场。这一成功凸显了公司强大的服务执行能力和有效的供应链协调，这在应对挑战性市场条件中发挥了关键作用。</p>
<h2>成功的 Supreme 整合</h2>
<p>Supreme 的整合进展顺利，带来了预期的成本效率，并增强了整体表现。随着市场的稳定，MasterBrand 预计将实现收入协同，进一步提升其竞争地位。</p>
<h2>与 American Woodmark 的待合并</h2>
<p>与 American Woodmark 的合并进展顺利，预计在合并后三年内实现 9000 万美元的运行成本协同。这一战略举措将显著增强 MasterBrand 的橱柜产品组合。</p>
<h2>中档半定制产品的优势</h2>
<p>MasterBrand 的中档半定制产品表现强劲，消费者正在从高端产品转向。这一趋势突显了公司多样化产品组合的优势，满足了不同消费者的偏好。</p>
<h2>净销售额和调整后 EBITDA 下降</h2>
<p>公司报告净销售额下降 2.7%，调整后 EBITDA 下降 13.3%，这表明需求环境和市场相关的销量下降带来了挑战。这些数据反映了影响 MasterBrand 的更广泛经济压力。</p>
<h2>第 232 条关税的影响</h2>
<p>新关税的引入增加了额外成本，影响了毛利率 100 个基点。MasterBrand 预计第四季度的净未减轻暴露在 2000 万到 2500 万美元之间，构成了重大财务挑战。</p>
<h2>维修和翻新市场的挑战</h2>
<p>维修和翻新领域面临下滑，业务同比下降中到高个位数。高昂的项目成本和低迷的消费者信心特别影响了大型可自由支配项目。</p>
<h2>自由现金流下降</h2>
<p>截至 2025 年 9 月 28 日的 39 周，自由现金流已降至 6500 万美元，而去年同期为 1.423 亿美元。这一下降归因于净收入降低和资本支出增加。</p>
<h2>前瞻性指导</h2>
<p>MasterBrand 对未来几个季度的指导反映了艰难的需求环境，预计净销售额为 6.99 亿美元，同比下降 3%。调整后 EBITDA 预计为 9100 万美元，低于 1.05 亿美元，毛利率下降 160 个基点至 13%。尽管面临这些挑战，公司预计全年自由现金流将超过净收入。新建市场的前景预计下降中个位数，而维修和翻新市场预计全年将下降中到高个位数。MasterBrand 专注于执行缓解策略，以应对关税和市场不确定性，保持对其长期战略及与 American Woodmark 合并潜在利益的信心。</p>
<p>总之，MasterBrand 的财报电话会议突显了运营优势与市场挑战的结合。尽管公司通过战略整合和产品多样化展现了韧性，但仍在应对艰难的需求环境和关税带来的财务影响。前瞻性指导表明谨慎但乐观的态度，专注于长期战略目标和合并协同效应。</p>

<p>MasterBrand 的财报电话会议揭示了在市场挑战中运营的优势，包括净销售额下降 2.7% 和调整后 EBITDA 下降 13.3%。尽管面临关税和修缮市场下滑等障碍，但成功整合 Supreme 和强大的服务执行能力得到了强调。与 American Woodmark 的待合并预计将带来显著的成本协同效应。前瞻性指引显示出谨慎的展望，预计净销售额为 6.99 亿美元，调整后 EBITDA 为 9100 万美元，反映出持续的经济压力</p>

<p>MasterBrand’s recent earnings call painted a mixed picture of operational strengths and market challenges. The company showcased its successful integration of Supreme and consistent service execution, yet faced hurdles like declining sales and the impact of tariffs. The demand environment, especially in the repair and remodel market, remains difficult, reflecting a complex landscape for MasterBrand.</p>
<div class="lb-trans"><p>MasterBrand 最近的财报电话会议描绘了运营优势与市场挑战的复杂图景。公司展示了其成功整合 Supreme 和持续的服务执行能力，但也面临销售下滑和关税影响等困难。尤其是在维修和翻新市场，需求环境依然艰难，反映出 MasterBrand 面临的复杂局面。</p>
</div><h2>Consistent Service Execution and Supply Chain Coordination</h2>
<div class="lb-trans"><h2>持续的服务执行与供应链协调</h2>
</div><p>MasterBrand’s new construction sales have outperformed the broader market, despite experiencing mid- to high single-digit declines in single-family housing starts. This success underscores the company’s robust service execution and effective supply chain coordination, which have been pivotal in navigating the challenging market conditions.</p>
<div class="lb-trans"><p>尽管单户住宅开工量出现中到高个位数的下降，MasterBrand 的新建销售仍然超越了更广泛的市场。这一成功凸显了公司强大的服务执行能力和有效的供应链协调，这在应对挑战性市场条件中发挥了关键作用。</p>
</div><h2>Successful Supreme Integration</h2>
<div class="lb-trans"><h2>成功的 Supreme 整合</h2>
</div><p>The integration of Supreme is on track, delivering anticipated cost efficiencies and bolstering overall performance. As the market stabilizes, MasterBrand expects to realize revenue synergies, further enhancing its competitive position.</p>
<div class="lb-trans"><p>Supreme 的整合进展顺利，带来了预期的成本效率，并增强了整体表现。随着市场的稳定，MasterBrand 预计将实现收入协同，进一步提升其竞争地位。</p>
</div><h2>Pending Merger with American Woodmark</h2>
<div class="lb-trans"><h2>与 American Woodmark 的待合并</h2>
</div><p>The merger with American Woodmark is progressing smoothly, with expectations of achieving $90 million in run rate cost synergies by the end of year three post-close. This strategic move is set to strengthen MasterBrand’s cabinetry portfolio significantly.</p>
<div class="lb-trans"><p>与 American Woodmark 的合并进展顺利，预计在合并后三年内实现 9000 万美元的运行成本协同。这一战略举措将显著增强 MasterBrand 的橱柜产品组合。</p>
</div><h2>Strength in Mid-Tier Semi-Custom Products</h2>
<div class="lb-trans"><h2>中档半定制产品的优势</h2>
</div><p>MasterBrand’s mid-tier semi-custom products have shown robust performance, as consumers shift from premium offerings. This trend highlights the benefits of the company’s diverse product portfolio, catering to varying consumer preferences.</p>
<div class="lb-trans"><p>MasterBrand 的中档半定制产品表现强劲，消费者正在从高端产品转向。这一趋势突显了公司多样化产品组合的优势，满足了不同消费者的偏好。</p>
</div><h2>Net Sales and Adjusted EBITDA Decline</h2>
<div class="lb-trans"><h2>净销售额和调整后 EBITDA 下降</h2>
</div><p>The company reported a 2.7% decrease in net sales and a 13.3% decline in adjusted EBITDA, signaling challenges in the demand environment and market-related volume declines. These figures reflect the broader economic pressures impacting MasterBrand.</p>
<div class="lb-trans"><p>公司报告净销售额下降 2.7%，调整后 EBITDA 下降 13.3%，这表明需求环境和市场相关的销量下降带来了挑战。这些数据反映了影响 MasterBrand 的更广泛经济压力。</p>
</div><h2>Impact of Section 232 Tariffs</h2>
<div class="lb-trans"><h2>第 232 条关税的影响</h2>
</div><p>The introduction of new tariffs has added incremental costs, affecting the gross profit margin by 100 basis points. MasterBrand estimates a net unmitigated exposure of $20 million to $25 million for the fourth quarter, posing a significant financial challenge.</p>
<div class="lb-trans"><p>新关税的引入增加了额外成本，影响了毛利率 100 个基点。MasterBrand 预计第四季度的净未减轻暴露在 2000 万到 2500 万美元之间，构成了重大财务挑战。</p>
</div><h2>Challenges in Repair and Remodel Market</h2>
<div class="lb-trans"><h2>维修和翻新市场的挑战</h2>
</div><p>The repair and remodel segment has faced a downturn, with business down mid- to high single digits year-over-year. Elevated project costs and low consumer sentiment have particularly impacted large discretionary projects.</p>
<div class="lb-trans"><p>维修和翻新领域面临下滑，业务同比下降中到高个位数。高昂的项目成本和低迷的消费者信心特别影响了大型可自由支配项目。</p>
</div><h2>Free Cash Flow Decrease</h2>
<div class="lb-trans"><h2>自由现金流下降</h2>
</div><p>Free cash flow has decreased to $65 million for the 39 weeks ended September 28, 2025, from $142.3 million in the same period last year. This decline is attributed to lower net income and increased capital expenditures.</p>
<div class="lb-trans"><p>截至 2025 年 9 月 28 日的 39 周，自由现金流已降至 6500 万美元，而去年同期为 1.423 亿美元。这一下降归因于净收入降低和资本支出增加。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>MasterBrand’s guidance for the coming quarters reflects a challenging demand environment, with net sales projected at $699 million, a 3% decrease from the previous year. Adjusted EBITDA is expected to be $91 million, down from $105 million, with a 160 basis point decline in margin to 13%. Despite these challenges, the company anticipates full-year free cash flow to exceed net income. The outlook for the new construction market remains down mid-single digits, while repair and remodel markets are expected to decline mid- to high single digits for the full year. MasterBrand is focused on executing mitigation strategies to manage through the tariffs and market uncertainties, maintaining confidence in its long-term strategy and the potential benefits of its pending merger with American Woodmark.</p>
<div class="lb-trans"><p>MasterBrand 对未来几个季度的指导反映了艰难的需求环境，预计净销售额为 6.99 亿美元，同比下降 3%。调整后 EBITDA 预计为 9100 万美元，低于 1.05 亿美元，毛利率下降 160 个基点至 13%。尽管面临这些挑战，公司预计全年自由现金流将超过净收入。新建市场的前景预计下降中个位数，而维修和翻新市场预计全年将下降中到高个位数。MasterBrand 专注于执行缓解策略，以应对关税和市场不确定性，保持对其长期战略及与 American Woodmark 合并潜在利益的信心。</p>
</div><p>In conclusion, MasterBrand’s earnings call highlighted a blend of operational strengths and market challenges. While the company has demonstrated resilience through strategic integrations and product diversification, it continues to navigate a difficult demand environment and the financial impacts of tariffs. The forward-looking guidance suggests a cautious yet optimistic approach, with a focus on long-term strategic goals and merger synergies.</p>
<div class="lb-trans"><p>总之，MasterBrand 的财报电话会议突显了运营优势与市场挑战的结合。尽管公司通过战略整合和产品多样化展现了韧性，但仍在应对艰难的需求环境和关税带来的财务影响。前瞻性指导表明谨慎但乐观的态度，专注于长期战略目标和合并协同效应。</p>
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MasterBrand 财报电话会议：在挑战中展现的优势