<p>MasterBrand 最近的財報電話會議描繪了運營優勢與市場挑戰的複雜圖景。公司展示了其成功整合 Supreme 和持續的服務執行能力，但也面臨銷售下滑和關税影響等困難。尤其是在維修和翻新市場，需求環境依然艱難，反映出 MasterBrand 面臨的複雜局面。</p>
<h2>持續的服務執行與供應鏈協調</h2>
<p>儘管單户住宅開工量出現中到高個位數的下降，MasterBrand 的新建銷售仍然超越了更廣泛的市場。這一成功凸顯了公司強大的服務執行能力和有效的供應鏈協調，這在應對挑戰性市場條件中發揮了關鍵作用。</p>
<h2>成功的 Supreme 整合</h2>
<p>Supreme 的整合進展順利，帶來了預期的成本效率，並增強了整體表現。隨着市場的穩定，MasterBrand 預計將實現收入協同，進一步提升其競爭地位。</p>
<h2>與 American Woodmark 的待合併</h2>
<p>與 American Woodmark 的合併進展順利，預計在合併後三年內實現 9000 萬美元的運行成本協同。這一戰略舉措將顯著增強 MasterBrand 的櫥櫃產品組合。</p>
<h2>中檔半定製產品的優勢</h2>
<p>MasterBrand 的中檔半定製產品表現強勁，消費者正在從高端產品轉向。這一趨勢突顯了公司多樣化產品組合的優勢，滿足了不同消費者的偏好。</p>
<h2>淨銷售額和調整後 EBITDA 下降</h2>
<p>公司報告淨銷售額下降 2.7%，調整後 EBITDA 下降 13.3%，這表明需求環境和市場相關的銷量下降帶來了挑戰。這些數據反映了影響 MasterBrand 的更廣泛經濟壓力。</p>
<h2>第 232 條關税的影響</h2>
<p>新關税的引入增加了額外成本，影響了毛利率 100 個基點。MasterBrand 預計第四季度的淨未減輕暴露在 2000 萬到 2500 萬美元之間，構成了重大財務挑戰。</p>
<h2>維修和翻新市場的挑戰</h2>
<p>維修和翻新領域面臨下滑，業務同比下降中到高個位數。高昂的項目成本和低迷的消費者信心特別影響了大型可自由支配項目。</p>
<h2>自由現金流下降</h2>
<p>截至 2025 年 9 月 28 日的 39 周，自由現金流已降至 6500 萬美元，而去年同期為 1.423 億美元。這一下降歸因於淨收入降低和資本支出增加。</p>
<h2>前瞻性指導</h2>
<p>MasterBrand 對未來幾個季度的指導反映了艱難的需求環境，預計淨銷售額為 6.99 億美元，同比下降 3%。調整後 EBITDA 預計為 9100 萬美元，低於 1.05 億美元，毛利率下降 160 個基點至 13%。儘管面臨這些挑戰，公司預計全年自由現金流將超過淨收入。新建市場的前景預計下降中個位數，而維修和翻新市場預計全年將下降中到高個位數。MasterBrand 專注於執行緩解策略，以應對關税和市場不確定性，保持對其長期戰略及與 American Woodmark 合併潛在利益的信心。</p>
<p>總之，MasterBrand 的財報電話會議突顯了運營優勢與市場挑戰的結合。儘管公司通過戰略整合和產品多樣化展現了韌性，但仍在應對艱難的需求環境和關税帶來的財務影響。前瞻性指導表明謹慎但樂觀的態度，專注於長期戰略目標和合並協同效應。</p>

<p>MasterBrand 的財報電話會議揭示了在市場挑戰中運營的優勢，包括淨銷售額下降 2.7% 和調整後 EBITDA 下降 13.3%。儘管面臨關税和修繕市場下滑等障礙，但成功整合 Supreme 和強大的服務執行能力得到了強調。與 American Woodmark 的待合併預計將帶來顯著的成本協同效應。前瞻性指引顯示出謹慎的展望，預計淨銷售額為 6.99 億美元，調整後 EBITDA 為 9100 萬美元，反映出持續的經濟壓力</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 最近的財報電話會議描繪了運營優勢與市場挑戰的複雜圖景。公司展示了其成功整合 Supreme 和持續的服務執行能力，但也面臨銷售下滑和關税影響等困難。尤其是在維修和翻新市場，需求環境依然艱難，反映出 MasterBrand 面臨的複雜局面。</p>
</div><h2>Consistent Service Execution and Supply Chain Coordination</h2>
<div class="lb-trans"><h2>持續的服務執行與供應鏈協調</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>儘管單户住宅開工量出現中到高個位數的下降，MasterBrand 的新建銷售仍然超越了更廣泛的市場。這一成功凸顯了公司強大的服務執行能力和有效的供應鏈協調，這在應對挑戰性市場條件中發揮了關鍵作用。</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 的整合進展順利，帶來了預期的成本效率，並增強了整體表現。隨着市場的穩定，MasterBrand 預計將實現收入協同，進一步提升其競爭地位。</p>
</div><h2>Pending Merger with American Woodmark</h2>
<div class="lb-trans"><h2>與 American Woodmark 的待合併</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>與 American Woodmark 的合併進展順利，預計在合併後三年內實現 9000 萬美元的運行成本協同。這一戰略舉措將顯著增強 MasterBrand 的櫥櫃產品組合。</p>
</div><h2>Strength in Mid-Tier Semi-Custom Products</h2>
<div class="lb-trans"><h2>中檔半定製產品的優勢</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 的中檔半定製產品表現強勁，消費者正在從高端產品轉向。這一趨勢突顯了公司多樣化產品組合的優勢，滿足了不同消費者的偏好。</p>
</div><h2>Net Sales and Adjusted EBITDA Decline</h2>
<div class="lb-trans"><h2>淨銷售額和調整後 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>公司報告淨銷售額下降 2.7%，調整後 EBITDA 下降 13.3%，這表明需求環境和市場相關的銷量下降帶來了挑戰。這些數據反映了影響 MasterBrand 的更廣泛經濟壓力。</p>
</div><h2>Impact of Section 232 Tariffs</h2>
<div class="lb-trans"><h2>第 232 條關税的影響</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>新關税的引入增加了額外成本，影響了毛利率 100 個基點。MasterBrand 預計第四季度的淨未減輕暴露在 2000 萬到 2500 萬美元之間，構成了重大財務挑戰。</p>
</div><h2>Challenges in Repair and Remodel Market</h2>
<div class="lb-trans"><h2>維修和翻新市場的挑戰</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>維修和翻新領域面臨下滑，業務同比下降中到高個位數。高昂的項目成本和低迷的消費者信心特別影響了大型可自由支配項目。</p>
</div><h2>Free Cash Flow Decrease</h2>
<div class="lb-trans"><h2>自由現金流下降</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，自由現金流已降至 6500 萬美元，而去年同期為 1.423 億美元。這一下降歸因於淨收入降低和資本支出增加。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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 對未來幾個季度的指導反映了艱難的需求環境，預計淨銷售額為 6.99 億美元，同比下降 3%。調整後 EBITDA 預計為 9100 萬美元，低於 1.05 億美元，毛利率下降 160 個基點至 13%。儘管面臨這些挑戰，公司預計全年自由現金流將超過淨收入。新建市場的前景預計下降中個位數，而維修和翻新市場預計全年將下降中到高個位數。MasterBrand 專注於執行緩解策略，以應對關税和市場不確定性，保持對其長期戰略及與 American Woodmark 合併潛在利益的信心。</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>總之，MasterBrand 的財報電話會議突顯了運營優勢與市場挑戰的結合。儘管公司通過戰略整合和產品多樣化展現了韌性，但仍在應對艱難的需求環境和關税帶來的財務影響。前瞻性指導表明謹慎但樂觀的態度，專注於長期戰略目標和合並協同效應。</p>
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MasterBrand 財報電話會議：在挑戰中展現的優勢