Adient (ADNT) Q2 2025 Earnings Call May 07, 2025 08:30 AM ET Company Participants Michael Heifler - VP - IR & StrategyJerome Dorlack - President & CEOMark Oswald - Executive VP & CFOJoseph Spak - Managing Director Conference Call Participants Emmanuel Rosner - Managing Director - Senior Autos & Auto Technology AnalystJames Picariello - Director & Sr. Automotive AnalystColin Langan - Automotive & Mobility AnalystDan Levy - Senior Equity Research AnalystEdison Yu - Analyst Operator Welcome and thank you for s ...

加元在美加领导人会晤期间走强 分析师：特朗普软化语气 金十数据5月7日讯，在美国总统特朗普与加拿大总理卡尼会晤期间，加元走强。会晤整体基调大致积 极，特朗普表示美墨加协定（USMCA） 是"对所有人都好的协议"，。特朗普还软化了将加拿大视为第 51个州的观点。Desjardins Group经济学家Royce Mendes指出，特朗普说吞并加拿大需要"两个人一起跳 探戈"，"这意味着他不再打算强迫解决这个问题"。 ...

美国总统特朗普：不！加拿大总理卡尼不可以围绕美国墨西哥加拿大贸易协议（USMCA）提及任何修 订暗示。 （美国）没理由补贴加拿大。 美国真的不需要加拿大出口的钢铁。 ...

必须修订USMCA。 当讨论修订USMCA时，还要讨论"其他要素"。 加拿大总理卡尼：美国墨西哥加拿大贸易协议（USMCA）是更大范围谈判的基础。 ...

美国总统特朗普：美国墨西哥加拿大贸易协议（USMCA）对所有人都是一份不错的协议。 ...

美国总统特朗普：我们可能会重新谈判美墨加协定（USMCA）。 ...

美国商务部长卢特尼克：目前美墨加协定（USMCA）还可以。 ...

Financial Data and Key Metrics Changes - Ternium reported a net income of $142 million for Q1 2025, which includes a $45 million provision adjustment charge related to ongoing litigation [16] - Adjusted net income, excluding the major charge, was $188 million, marking a significant improvement over the prior quarter [16] - The company anticipates achieving a double-digit EBITDA margin in Q2 2025, supported by increased realized prices in Mexico and cost reduction initiatives [9][10] Business Line Data and Key Metrics Changes - The steel segment saw higher shipments in Brazil and other markets, partially offset by lower sales volumes in Mexico [17] - Mining segment shipments increased slightly quarter-over-quarter and rose 14% year-over-year, driven by higher production levels in Mexico and Brazil [20] Market Data and Key Metrics Changes - In Mexico, apparent consumption of steel decreased almost 5% in 2024, with ongoing challenges in the construction sector affecting demand [30] - Brazil's local market is showing resilient steel demand, but there has been a significant year-over-year increase in imports [7] - Argentina's macroeconomic situation is improving, which is expected to support increased shipments in the upcoming quarters [8] Company Strategy and Development Direction - Ternium aims to enhance competitiveness by increasing operational efficiency and reducing costs amid a challenging trade environment [8] - The company is focusing on a significant expansion project in Mexico, with a revised total CapEx of $4 billion, representing a 16% increase from previous estimates [11] - The expansion will integrate advanced technology to improve operational efficiency and product quality, enabling Ternium to meet growing demand in the USMCA region [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted that trade tensions and uncertainty are impacting global economic growth, but there is optimism regarding the reduction of reliance on Asian suppliers in North America [5][6] - The implementation of Plan Mexico is expected to enhance industrialization and strengthen the North American supply chain [6][13] - Management expressed confidence that the USMCA will become stronger and better prepared for future growth [14] Other Important Information - The company continues to maintain a strong balance sheet with a net cash position of $1.3 billion as of March 2025 [22] - Ternium's total CapEx for 2025 is projected to be around $2.5 billion, with significant investments in ongoing projects [22] Q&A Session Summary Question: Regarding the situation in Mexico and industrial customers - Management acknowledged the challenges in the Mexican market but expects demand to improve in the following quarters, particularly in the commercial sector [30][31] Question: On margins and profitability levels - Management noted that while margins have decreased, they expect a gradual improvement moving forward, with better margins anticipated in Q2 2025 [35][36] Question: On cost reductions and future volume growth - Management confirmed ongoing cost reduction initiatives and the potential for volume growth in Mexico, with a significant decrease in imports creating opportunities [41][42] Question: On cash returns and dividend payments - Management stated that despite uncertainties, they aim to sustain dividend payments due to a solid financial position [50] Question: On the outlook for Argentina's steel sector - Management expressed optimism about the improving outlook for the steel sector in Argentina, with expectations for increased shipments in the coming quarters [52] Question: On CapEx increase and project timelines - Management explained that the CapEx increase is due to higher construction costs and inflation, with the revised budget impacting the timeline of the expansion project [59][60] Question: On the U.S.-Mexico relationship and steel pricing - Management emphasized the need for a reasonable negotiation between the U.S. and Mexico regarding steel tariffs, expressing confidence in a favorable outcome [72][75] Question: On FX controls in Argentina and dividend payments - Management indicated that recent changes in FX controls are positive, allowing for more flexibility in dividend payments from Ternium Argentina [78][80]

法人也关注台积电管理层对先进制程（N2、N3）需求动能的看法，特别是来自苹果和高通等主要 客户的情况；N7制程复苏进度；美国厂受关税影响带来的成本压力；与英特尔的策略合作关系； 以及先进封装（CoWoS）产能紧张是否将持续等议题。 彭博分析师认为，台积电在先进制程领域居于领先，加上AI芯片需求强劲，预料营收相较不受美 国新一轮进口关税的冲击。台积电在2纳米、3纳米制程及先进封装技术方面具领先优势，将展现 极大韧性。 不过，彭博分析师认为，台积电短期获利仍面临若干风险，包括快速扩建海外产能（特别是美国） 带来的营运成本上升、新制程初期投资负担，以及成熟制程产能利用率持续偏低等问题。 尽管半导体尚未列入最新关税清单，但市场普遍认为，整体而言，多数芯片仍将因终端需求被打压 而间接受创，毕竟芯片最终是透过全球供应链组装在各类产品之中。 彭博分析师认为，若能善用美墨加协定（USMCA）的关税豁免、在地化投资诱因，以及AI投资相 关的政策抵销措施，业者所受的冲击可望降低。 至于台积电主要客户英伟达（NVIDIA），彭博分析师指出，AI系统部分产品可望避开关税风险。 多数GPU并非以单颗芯片形式销售，而是搭配大量非芯片元件 ...