美国家居建材零售巨头劳氏(LOW.US)宣布以88亿美元收购Foundation Building Materials(FBM)，创下公 司史上最大并购纪录。该交易将通过混合短期和长期债务融资完成，其中包括90亿美元的过桥贷款承 诺。 FBM在美国和加拿大运营着370多个网点，为约4万家专业客户提供石膏板、隔热材料、金属框架、吊 顶系统、商用门、五金件及配套建材等产品。2024年，该公司实现营收65亿美元，调整后 EBITDA 达 6.35亿美元。 瑞银分析师Michael Lasser评价称："短期看，此举将使劳氏获得更快的履约能力、强化的专业数字工 具、贸易信贷计划及可观的交叉销售机会;长期而言，有助于其深入挖掘家装市场中规模更大的专业细 分领域。" Seeking Alpha分析师Luca Socci强调，专业客户能带来更高销售额和客单价，且具有复购特性，这正是 劳氏理想的拓展方向。 本文源自：金融界 华尔街对此反应积极： 摩根大通分析师Christopher Horvers指出，专业分销市场的并购紧迫性正显著升级。随着企业为扩大潜 在市场规模、构建差异化业务能力的竞争加剧，这将成为焦点领域。 杰富瑞分 ...

Financial Performance - The company achieved net sales of $702 million with a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][12] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [12] - Adjusted EPS was reported at $2.04, reflecting a strong performance despite a 17% year-over-year decline in average selling prices [12][13] Business Line Performance - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year, with significant growth in metal framing, cable management, and construction services [12][14] - The electrical cable and flexible conduit category saw low single-digit growth year-to-date, while PVC conduit products experienced a decline in volume [15][16] - The S and I segment improved adjusted EBITDA margins due to strong volume performance and better productivity, contributing approximately $11 million to segment EBITDA [16] Market Dynamics - The company noted a slowdown in planning activity across several non-residential categories, as indicated by the Dodge Momentum Index [11] - Despite recent increases in construction starts, there is a possibility of slower activity moving forward due to economic uncertainties and potential project delays [20][21] - The impact of tariffs on imported steel and aluminum products is expected to benefit the company, as most of its products are sourced domestically [10][22] Strategic Direction - The company remains committed to a balanced capital deployment model, focusing on returning cash to shareholders through share repurchases and dividends while investing in growth initiatives [18][25] - The management emphasized the importance of maintaining a strong financial profile and leveraging domestic manufacturing capabilities to serve the electrical infrastructure market [23][24] Management Commentary - Management expressed cautious optimism regarding future demand for US-made steel conduit, despite uncertainties surrounding tariffs and macroeconomic conditions [10][20] - The company is maintaining its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million, with adjusted EPS expected between $5.75 and $6.85 [21][25] - Management acknowledged the challenges posed by competing technologies, particularly in the fiber optic space, which contributed to an impairment charge for certain long-lived assets [9][65] Other Important Information - The company ratified a new five-year labor agreement with the United Steel Workers at its Harvey, Illinois facility, which is expected to enhance productivity [7][8] - The company repurchased approximately $50 million in shares during the second quarter and increased its dividend to $0.33 per share [8] Q&A Session Summary Question: Expectations for PVC conduits for the remainder of the year - Management indicated that pricing for PVC conduits has continued to decline, but they are maintaining their previous guidance regarding future pricing expectations [30] Question: Market share for PVC conduit - Management believes the company remains a leader in the PVC conduit market, although imports have been increasing [31][32] Question: Recent import levels and potential pricing upside - Management noted that PVC imports have increased significantly year-over-year, but the future trajectory remains uncertain due to tariffs [40][41] Question: Impact of tariffs on steel pricing - Management stated that the 25% tariff on imported steel is expected to benefit the company, although predicting exact impacts remains challenging [44][46] Question: Impairment of HD PVC and competitive changes - Management clarified that the impairment was influenced by competing technologies, particularly fiber optics, and not by the company's own product performance [64][67] Question: Direction from the administration regarding tariffs - Management confirmed that there has been no specific direction from the administration regarding tariffs, leading to a prudent decision to take the impairment charge [73][76] Question: Demand cadence for products - Management reported that demand has been improving month-over-month, with cautious optimism for the remainder of the fiscal year [92][94] Question: Construction services opportunity - Management indicated that data centers are expected to become a significant portion of the construction services business moving forward [95][96]

Financial Data and Key Metrics Changes - The company achieved net sales of $702 million, reflecting a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][11] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [11] - Adjusted EPS was reported at $2.04, showing a positive trend compared to the previous year [11] Business Line Data and Key Metrics Changes - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year [11] - Average selling prices declined by 17% year-over-year, primarily due to decreases in PVC and steel conduit products, although there was sequential pricing improvement for steel conduit [12][16] - The Electrical Cable and Flexible Conduit category grew year-to-date by low single digits, while metal framing, cable management, and construction services saw high single-digit growth [13][16] Market Data and Key Metrics Changes - The Dodge Momentum Index indicated a slowdown in planning activity across several non-residential categories [10] - Despite year-to-date increases in construction starts and planning activities, there are indications of potential slower activity moving forward [19][20] Company Strategy and Development Direction - The company remains committed to a balanced capital deployment model, focusing on returning cash to shareholders through share repurchases and dividends while investing in growth initiatives [18][25] - The management highlighted the importance of domestic manufacturing and the ability to serve customers effectively in the evolving electrical industry [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand for U.S.-made steel conduit in 2025, despite uncertainties related to tariffs and macroeconomic conditions [9][20] - The company is maintaining its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million and adjusted EPS between $5.75 and $6.85 [21][10] Other Important Information - An impairment charge of $50 million was announced for certain long-lived assets related to HDP pipe and conduit products due to competition from emerging technologies [8][67] - A new five-year labor agreement was ratified with the United Steel Workers at the Harvey, Illinois facility, which is expected to enhance productivity [7] Q&A Session Summary Question: Expectations for PVC conduits for the remainder of the year - Management indicated that pricing has continued to decline, but they are still on track with previous guidance regarding PVC conduit pricing [30] Question: Market share for PVC conduit - Management believes they remain a leader in the PVC conduit market, although imports have been increasing [31][32] Question: Recent import levels and potential pricing upside - Management noted that PVC imports have increased significantly year-over-year, but the future trajectory is uncertain due to tariffs [40][41] Question: Net tariff benefit in updated fiscal guidance - Management suggested that a 2% to 3% reduction in volume could be offset by tariff increases, indicating a net positive for shareholders [61] Question: Update on steel conduit imports from Mexico - Management confirmed that while there has been a reduction in imports, they do not expect a complete halt due to the 25% tariff [64][65] Question: Impairment of HD PVC and competitive changes - The impairment was influenced by competition from fiber optic technologies and the administration's plans to increase funding for satellite internet [66][69] Question: Direction from the administration on tariffs - Management stated they have not received specific guidance from the administration regarding tariffs or the BEAD program [73] Question: Cadence of demand for products - Management reported that demand has improved month-over-month, with customers remaining cautiously optimistic [94] Question: Construction services opportunity - Management indicated that data centers are expected to be a significant portion of construction services moving forward [96][98] Question: Pricing assumptions for FY 2025 - Management has not changed pricing assumptions despite tariff impacts, indicating that overall price versus cost dynamics remain within expected ranges [99][102]

Financial Data and Key Metrics Changes - The company achieved net sales of $702 million, reflecting a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][11] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [11] - Adjusted EPS was reported at $2.04, down from $2.4 year-over-year [6][11] Business Line Data and Key Metrics Changes - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year [11] - Average selling prices declined by 17% year-over-year, primarily due to decreases in PVC and steel conduit products, although there was sequential pricing improvement for steel conduit [11][12] - The Electrical Cable and Flexible Conduit category grew year-to-date by low single digits, while metal framing, cable management, and construction services saw high single-digit growth [13][15] Market Data and Key Metrics Changes - The Dodge Momentum Index indicated a slowdown in planning activity across several non-residential categories [10] - Despite year-to-date increases in construction starts and planning activities, there are indications of potential slower activity moving forward [19] - The company remains optimistic about demand for U.S.-made steel conduit in 2025, despite uncertainties regarding tariffs and their economic impact [9][19] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through strategic asset management, including a recent divestiture of its Northwest Polymers recycling business [6][7] - A new five-year labor agreement was ratified with the United Steel Workers, enhancing productivity and customer service capabilities [7] - The company is committed to a balanced capital deployment model, emphasizing cash returns to shareholders through share repurchases and dividends [16][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future demand, noting that while the second quarter exceeded expectations, growth in the Construction Services business is expected to moderate in the second half of the year [18][20] - The company maintains its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million and adjusted EPS between $5.75 and $6.85 [20] - Management highlighted the challenges posed by tariffs and the unpredictability of the macroeconomic environment, which could impact volume expectations [19][20] Other Important Information - An impairment charge of $50 million was recorded for certain long-lived assets related to HDP pipe and conduit products due to competitive technologies and delays in government funding [8][66] - The company has repurchased approximately $50 million in shares during the second quarter and increased its dividend to $0.33 per share [7][8] Q&A Session Summary Question: Expectations for PVC conduits for the balance of the year - Management indicated that pricing has continued to decline but remains aligned with previous guidance, making it difficult to predict future pricing accurately [29] Question: Market share for PVC conduit - Management believes Atkore remains a leader in the PVC conduit market, despite increasing imports [30][31] Question: Import levels and potential pricing upside - Management noted that PVC imports are up solid double digits year-over-year, but future trends are uncertain due to tariffs and market dynamics [38][39] Question: Net tariff benefit in updated fiscal guidance - Management suggested that a 2% to 3% reduction in volume could be offset by tariff increases, indicating a net positive for shareholders [59] Question: Update on steel conduit imports from Mexico - Management confirmed that while there has been a reduction in imports, they have not completely stopped, and the 25% tariff will impact pricing strategies [61][63] Question: Impairment of HD PVC and competitive changes - The impairment was influenced by emerging technologies in fiber optics and the administration's plans to increase funding for satellite internet [66][67] Question: Direction from the administration on tariffs - Management stated there has been no concrete direction from the administration regarding tariffs, leading to a prudent decision to take the impairment charge [72][75] Question: Profitability of the torque tube business without IRA support - Management confirmed that the torque tube business remains profitable even without IRA support, although the IRA has driven additional demand [83][86] Question: Cadence of demand for products - Management reported that demand has improved month-over-month, with cautious optimism from customers regarding future volumes [93][94] Question: Construction services opportunity and data centers - Management indicated that data centers are expected to become the largest portion of construction services moving forward, alongside chip manufacturing [95][96]