Management remarks
Call period: 2026 Q3 · 2026-08-20
Guidance: Christopher Seibert: For C&F, we maintained our sales guidance of approximately 20% year over year growth and we narrowed our full year margin guidance to between 10.5 to 11.5%, reflecting continued confidence in the business and the outlook for the remainder of this year.Demand and orders: Christopher Seibert: The order books for 2026 are largely full, as demand fundamentals remain favorable across both the earthmoving and roadbuilding end markets.Margins: Christopher Seibert: We have now increased and narrowed full year operating margin outlook to 14.5% to 15.5%.Analyst Q&A
Analyst Steven Fisher asked: And It sounds like you have no other refunds embedded in Q4. So really just trying to think about when all is said and done and comparing 2026 to 2027, you know, is that 8 roughly 800 million net impact that you have this year And if all else were to be equal, would that be a headwind going into next year or a tailwind or neutral? Management T. Brent Norwood answered: As you think about our tariff expense this year versus next year, net tariffs, so direct tariffs paid less any refunds will be a headwind going into next year. We will end up paying about $1.1 billion in direct tariffs this year less $382 million of refunds. So our net tariff exposure this year is approximately 57 ish. Going into next year, we would expect a run rate that is going to be closer to, or right around 1 billion for the year. So there will be a there will be a bit of a step up. In our tariff expense next year as we compare it to this year.管理层陈述
电话会期间：2026 Q3 · 2026-08-20
指引：针对C&F业务，我们维持约20%的同比销售增长指引，并将全年利润率指引收窄至10.5%至11.5%之间，这反映了我们对该业务以及今年剩余时间的前景仍有信心。需求与订单：2026年的订单簿基本已满，因为土方工程和道路建筑终端市场的需求基本面仍然向好。利润率：我们已上调并收窄全年营业利润率指引至14.5%至15.5%之间。分析师问答
分析师史蒂芬·费希尔：我了解到第四季度未嵌入其他退款，想确认对比2026年与2027年时，今年约8亿美元的净影响，若其他条件不变，这对明年是逆风、顺风还是中性？ 管理层T·布伦特·诺伍德：考虑今年与明年的关税净额（直接支付关税减去退款），明年将是逆风。今年我们将支付约11亿美元直接关税，减去3.82亿美元退款，净关税敞口约5.7亿左右；明年预计全年运行率接近或达到10亿美元，关税开支将较今年略有上升。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
