美联储理事沃勒：抵消关税成本最简便的方式是裁减员工人数。 ...

Financial Data and Key Metrics Changes - In Q1 2025, the company's top line decreased by 6%, with a 3% decrease when excluding the divestiture of Kichler and unfavorable currency impacts [20][30] - Gross margins increased by 20 basis points to 35.9%, while operating profit was $288 million, resulting in an operating profit margin of 16% [20][32] - Earnings per share for the quarter was $0.87 [20][32] Business Line Data and Key Metrics Changes - Plumbing sales increased by 1% in local currency, with North American plumbing sales also up by 1%, driven by higher volumes in the spa and sauna business [21][33] - Decorative Architectural segment sales decreased by 16%, or 8% excluding the Kichler divestiture, with overall paint sales down high single digits [22][36] - Operating profit for the plumbing segment was $219 million, with an operating margin of 18.5%, while the Decorative Architectural segment had an operating profit of $96 million and an operating margin of 15.6% [22][23] Market Data and Key Metrics Changes - International plumbing sales were flat in local currency, with growth in Europe offset by softness in other markets, particularly China [21][34] - The company noted ongoing demand pressure in the DIY paint market due to a dampened macroeconomic environment, while pro paint sales were up mid-single digits [24][56] Company Strategy and Development Direction - The company is focused on mitigating tariff impacts through pricing actions, cost savings initiatives, and changes to its sourcing footprint [11][42] - The management emphasized the importance of maintaining core strengths, including market-leading brands and innovative product portfolios, amidst geopolitical and macroeconomic changes [15][26] - The company plans to invest approximately $175 million in capital expenditures and return $196 million to shareholders through dividends and share repurchases [39] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the impact of tariffs on demand trends and decided not to provide full-year financial guidance for 2025 [12][25] - The company anticipates a potential softening of demand in the near term but remains confident in its ability to navigate challenges due to its experienced teams and strategic initiatives [15][26] - Management highlighted the resilience of the repair and remodel industry and the strength of its product portfolio [26][41] Other Important Information - The company is undergoing a leadership transition, with Keith Allman retiring and John Nooty appointed as the new President and CEO [8][10] - The company has successfully reduced its tariff import exposure to China by approximately 45% since 2018 [110] Q&A Session Summary Question: Top-line trends and April performance - Management noted strong performance in e-commerce and international plumbing, with some softening in the retail channel and DIY paint market [52][54] Question: Mitigation efforts on tariffs - Management confirmed that pricing and cost reduction are the primary mitigation actions, with ongoing efforts to adjust sourcing [61][62] Question: DIY paint market performance - Management indicated that the DIY paint market is experiencing softness due to consumer price sensitivity and a demographic shift towards professional painting services [75][76] Question: New build channel strategy - Management clarified that the focus remains on repair and remodel, with selective engagement in new builds based on value and innovation [96] Question: Brand performance across different segments - Management reported strong performance in e-commerce and international plumbing, with some pressure in retail and DIY paint areas [101][102] Question: Sourcing strategy and tariff impacts - Management discussed ongoing efforts to diversify sourcing and reduce exposure to China, while monitoring market conditions closely [110][114]

作 者丨倪雨晴 编 辑丨包芳鸣 图 源丨2 1世纪经济报道 美国"对等关税"引发的全球博弈还在继续。 i P h o n e或涨价到2 . 5万 元 一台！ 此前，市场担忧关税成本会直接转嫁到供应链。不过，果链企业多次强调不会承担这部分成 本 。 " 一 直 以 来 ， 按 照 常 规 贸 易 规 则 ， 所 有 硬 件 制 造 厂 商 都 不 会 承 担 关 税 、 物 流 、 仓 储 等 成 本，这些不是硬件供应商需要考虑的。客户一直以来都会协同供应商提升竞争力，在这个过 程中选择更合适的合作伙伴。过往遇到关税问题，都没有出现客户让供应商承担关税成本的 情况。"王来春解释道。 因此，更大的压力给到了苹果， 不少机构认为iPhone或将涨价，甚至有业内专家预计其手机 价格可能会飙升至2 . 5万元人民币。 摩根士丹利的报告估算，如果不采取任何缓解措施，苹果可能面临每年3 3 0亿美元的新增关税 成本，"不过，苹果已经提前生产了一些iPh o n e，并提前采购了部分元件，预计苹果也会要求 依赖其大体量订单的元件供应商分担部分关税成本。此外，苹果也可能提高产品价格，预计 会在全球范围内统一提价。" 整体而言， ...