“进入2025年，利率、不确定的关税以及劳动力供应可能影响我们的市场。” Doug Black解释道，“在这种背景下，我们预计大宗商品价格的通货紧缩将在2025年继续缓和，例如PVC管道的价格下降会被我们其他产品的涨价所抵消。总体而言，我们预计2025年全年价格将持平或略有下降。” “在终端市场方面，我们预计总体需求将持平或略有增长，维护领域将实现温和增长，而维修和升级、新住宅及新商业建筑方面的需求将保持坚挺。” 在商业计划的帮助下，Black指出销售量预计将超过价格的下降，从而实现全年低个位数的有机日销售额增长。在2024年采取的强有力的成本削减措施、持续的运营计划以及收购贡献的推动下，预计2025年的调整后EBITDA利润率将会进一步上升。 基于这些趋势，公司预计2025年调整后EBITDA将在4亿至4.3亿美元之间。此指引不包括未宣布的收购对业绩的贡献。

以上内容来自Benzinga Earnings专栏，原文如下：

Outlook

"As we enter 2025, there is much uncertainty with interest rates, potential tariffs, and labor supply that could affect our markets. Against this backdrop, we expect commodity price deflation to continue moderating in 2025 with declines in products like PVC pipe mitigated by increases across our other products. Overall, we expect pricing to be flat to slightly down for the full year 2025," Doug Black continued. "In terms of end markets, we expect overall demand to be flat to slightly up with modest growth in maintenance and resilient demand in repair and upgrade, new residential, and new commercial construction. With the benefit of our commercial initiatives, we expect sales volume to more than offset price deflation, yielding low single-digit Organic Daily Sales growth for the full year. With the strong actions taken in 2024 to reduce cost combined with our continued operational initiatives, ongoing SG&A management, and contributions from acquisitions, we expect to increase Adjusted EBITDA margin in 2025."

Given these trends, we expect our Adjusted EBITDA to be in the range of $400 million to $430 million. Our guidance does not include any contributions from unannounced acquisitions.