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2022-04-06
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These Companies Can Ride Out Inflation<blockquote>这些公司可以度过通货膨胀</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":619651685,"tweetId":"619651685","gmtCreate":1649250059455,"gmtModify":1649250060037,"author":{"id":4095592624574210,"idStr":"4095592624574210","authorId":4095592624574210,"authorIdStr":"4095592624574210","name":"jovrene","avatar":"https://static.tigerbbs.com/a068b755584903947da2a9b01a9599de","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":43,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>K</p></body></html>","htmlText":"<html><head></head><body><p>K</p></body></html>","text":"K","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/619651685","repostId":1162298556,"repostType":4,"repost":{"id":"1162298556","kind":"news","pubTimestamp":1649259004,"share":"https://www.laohunote.com/m/news/1162298556?lang=zh_CN&edition=full","pubTime":"2022-04-06 23:30","market":"us","language":"en","title":"These Companies Can Ride Out Inflation<blockquote>这些公司可以度过通货膨胀</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162298556","media":"Barron's","summary":"The Key to Surviving Inflation is ‘Pricing Power.’ These Companies Have It in Spades.","content":"<p><html><head></head><body>The S&P 500’s overall profit margin hit a record in 2021. But that’s old news, and the current environment is much more challenging. A point of differentiation for companies in 2022 will be the ability to keep profit margins intact or growing despite elevated inflation and slowing economic growth. Their stocks should outperform.</p><p><blockquote><html><head></head><body>2021 年，标普500的整体利润率创下历史新高。但这已经是旧闻了，而当前的环境更具挑战性。2022 年企业的一个差异化点将是，尽管通胀上升和经济增长放缓，但仍能保持利润率不变或增长。他们的股票应该会跑赢大盘。</body></html></blockquote></p><p>Companies can achieve pricing power in several different ways. A business can sell a good or service that’s vital to customers or limited in supply, giving them no option but to pay up—the product has low price elasticity, to put it in economic terms. That could be gasoline at the only station for miles, toilet paper at the grocery store, or accounting services during tax season.</p><p><blockquote>公司可以通过几种不同的方式获得定价权。企业可以销售对顾客至关重要或供应有限的商品或服务，让顾客别无选择，只能付钱--用经济术语来说，这种产品的价格弹性很低。这可能是里程内唯一加油站的汽油、杂货店的卫生纸，或者纳税季节的会计服务。</blockquote></p><p>The fewer direct competitors has a company has, the greater its ability to set prices. A strong brand that has particular affinity or loyalty from customers can also lead to greater pricing power. Think of the typically higher price per unit for Procter & Gamble’s (ticker: PG) Tide laundry detergent versus the equivalent store brand.</p><p><blockquote>一家公司的直接竞争对手越少，其定价能力就越强。拥有客户特殊亲和力或忠诚度的强大品牌也可以带来更大的定价权。宝洁公司（股票代码：PG）潮汐洗衣液的单价通常比同等商店品牌高。</blockquote></p><p>A company can also innovate and improve its offerings, increasing prices as it rolls out the upgraded offerings. If the price hikes exceed the cost of the improvements, that’s pricing power. It’s common in new versions of software, pharmaceuticals and medical devices, semiconductors, and other high tech goods and services.</p><p><blockquote>公司还可以创新和改进其产品，在推出升级产品时提高价格。如果价格上涨超过了改进成本，那就是定价权。它常见于新版本的软件、药品和医疗器械、半导体以及其他高科技产品和服务。</blockquote></p><p>Finally, companies can expand their profit margins by becoming more efficient and productive, or by leveraging economies of scale. That brings down the cost of goods sold per unit produced, and increases profits without raising prices.</p><p><blockquote>最后，公司可以通过提高效率和生产力，或者利用规模经济来扩大利润率。这降低了每单位生产的商品销售成本，并在不提高价格的情况下增加利润。</blockquote></p><p>Companies with pricing power are particularly attractive for the current environment, says Eric Schoenstein, chief investment officer of Jensen Investment Management.</p><p><blockquote>Jensen Investment Management 首席投资官埃里克·舍恩斯坦 (Eric Schoenstein) 表示，在当前环境下，拥有定价权的公司尤其具有吸引力。</blockquote></p><p>Inflation is running at four-decade highs, affecting businesses’ input costs—investors will want to own those companies that can pass along that inflation. The new inflation dynamic comes just as economic expansion is waning, suggesting slower GDP growth ahead. Stocks of companies that can maintain and increase their profit margins in 2022 should be in demand.</p><p><blockquote>通货膨胀率创下四十年来的新高，影响了企业的投入成本--投资者将希望拥有那些能够将通货膨胀传递下去的公司。新的通胀动态出现之际，经济扩张正在减弱，表明未来 GDP 增长将放缓。能够在 2022 年维持和提高利润率的公司股票应该会有需求。</blockquote></p><p>“There are so many cost pressures out there these days,” says Schoenstein, whose Oregon-based firm manages about $14.5 billion. “We’re trying to find businesses that have resilience through those difficult circumstances. The ones that have already been tested and come out the other side should have the ability to do it again.”</p><p><blockquote>“舍恩斯坦说：”如今成本压力很大，他位于俄勒冈州的公司管理着约 145 亿美元的资金。“我们正在努力寻找那些在困境中具有韧性的企业。那些已经经受考验并从另一边走出来的企业应该有能力再次做到这一点。”</blockquote></p><p>Barron’s screened for S&P 500 companies that grew their gross margin (revenue minus the cost of goods sold, divided by revenue) from 2020 to 2021 as the economy rebounded, but also had rising, positive gross margins in at least the three years before the Covid-19 pandemic. Those that were best able to demonstrate pricing power in a 2% annual inflation environment should be better set up to do it when inflation is running above 7% too. The companies must also have been free cash flow positive in 2020 and 2021, demonstrating their businesses’ resilience through an economic downturn.</p><p><blockquote>《巴伦周刊》筛选了标普500公司，这些公司在 2020 年至 2021 年期间，随着经济反弹，毛利率（收入减去销售成本，除以收入）有所增长，但在 Covid-19 大流行之前的至少三年中，毛利率也在上升，正。那些最有能力在年通胀率为 2% 的环境下展示定价权的公司应该更好地做好准备，当通胀率也高于 7% 时这样做。这些公司在 2020 年和 2021 年的自由现金流也必须为正，这证明了其业务在经济衰退中的韧性。</blockquote></p><p>The screen yielded 27 names. As with any screen, it’s a blunt instrument that serves as a starting point for further analysis. Here is the list:</p><p><blockquote>屏幕上出现了27个名字。与任何屏幕一样，它也是一个钝器，是进一步分析的起点。以下是列表：</blockquote></p><p>Companies With Pricing <a href=\"https://laohu8.com/S/PW\">Power</a><img src=\"https://static.tigerbbs.com/622cec5b96b1336262d0a7ed521c9c5a\" tg-width=\"933\" tg-height=\"595\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/f00656f3609974b0fd3404d93506e62f\" tg-width=\"941\" tg-height=\"625\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/65cd009abf7222b8188b4401825079b7\" tg-width=\"944\" tg-height=\"445\" referrerpolicy=\"no-referrer\"/>Several major tech firms make the screen, including <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, <a href=\"https://laohu8.com/S/NVDA\">Nvidia </a>, and <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>. So do healthcare firms like <a href=\"https://laohu8.com/S/MRK\">Merck</a>, <a href=\"https://laohu8.com/S/ZTS\">Zoetis</a> , and <a href=\"https://laohu8.com/S/MTD\">Mettler-Toledo International </a>. Their products and services tend to be differentiated from the competition, and rely on constant innovation and updates. <a href=\"https://laohu8.com/S/CUBI\">Customers</a>’ need or desire to have the latest software, semiconductors, treatments, or medical devices gives the companies pricing power and the ability to maintain profit margins even in an inflationary or decelerating-growth environment.</p><p><blockquote>定价公司<a href=\"https://laohu8.com/S/PW\">力量</a>几家主要的科技公司生产屏幕，包括<a href=\"https://laohu8.com/S/MSFT\">微软</a>,<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>，和<a href=\"https://laohu8.com/S/AVGO\">博通</a>医疗保健公司也是如此<a href=\"https://laohu8.com/S/MRK\">默克</a>,<a href=\"https://laohu8.com/S/ZTS\">佐伊蒂斯</a>，和<a href=\"https://laohu8.com/S/MTD\">梅特勒-托利多国际公司</a>他们的产品和服务倾向于从竞争中脱颖而出，并依赖于不断创新和更新。<a href=\"https://laohu8.com/S/CUBI\">客户</a>公司需要或渴望拥有最新的软件、半导体、治疗方法或医疗设备，这使得公司即使在通货膨胀或增长放缓的环境下也能拥有定价权和维持利润率的能力。</blockquote></p><p>For McDonald’s (MCD) and <a href=\"https://laohu8.com/S/YUM\">Yum</a>! Brands (YUM)—which owns KFC and Taco Bell—inflation is showing up in costs of labor, packaging, beef, and other inputs. The fast-food chains are raising prices to offset that on a market by market basis. McDonald’s overall prices rose by about 6% in the U.S. in 2021.</p><p><blockquote>麦当劳 (MCD) 和<a href=\"https://laohu8.com/S/YUM\">百胜</a>!拥有肯德基和塔可钟的百胜餐饮集团（YUM）——通货膨胀正在劳动力、包装、牛肉和其他投入的成本中显现出来。快餐连锁店正在提高价格，以逐个市场地抵消这一影响。2021 年，麦当劳在美国的整体价格上涨了约 6%。</blockquote></p><p></p><p>“We are seeing both labor and commodity inflation,” said McDonald’s CFO Kevin Ozan at a conference in March. “Our prices are set by our franchisees …We generally will take smaller, more frequent increases than less frequent large increases. And we do try to tailor all of those increases to the local market.”</p><p><blockquote>“麦当劳首席财务官凯文-奥赞（Kevin Ozan）在 3 月份的一次会议上说：”我们看到了劳动力和大宗商品的通胀。“我们的价格是由加盟商制定的.我们通常会采取较小的、更频繁的涨价，而不是较少频繁的大幅度涨价。我们也会尽量根据当地市场调整所有涨价幅度”。</blockquote></p><p>Several S&P 500 industrials have been able to consistently increase their gross margins, including <a href=\"https://laohu8.com/S/ROK\">Rockwell Automation</a> (ROK), <a href=\"https://laohu8.com/S/BGC\">General</a> Electric (GE), and <a href=\"https://laohu8.com/S/LMT\">Lockheed Martin</a> (LMT). They’re seeing higher expenses for transportation, labor, energy, semiconductors, and many raw materials like metals, resins, and industrial gases.</p><p><blockquote>多家标普500工业公司的毛利率持续增长，包括<a href=\"https://laohu8.com/S/ROK\">罗克韦尔自动化</a>（年），<a href=\"https://laohu8.com/S/BGC\">一般的</a>电气 (GE)，以及<a href=\"https://laohu8.com/S/LMT\">洛克希德·马丁</a>（LMT）。他们发现运输、劳动力、能源、半导体以及金属、树脂和工业气体等许多原材料的费用都在增加。</blockquote></p><p>The companies that pass the screen are employing a variety of strategies to keep their profit margins intact.</p><p><blockquote>通过屏幕的公司正在采用各种策略来保持利润率不变。</blockquote></p><p>Rockwell, which makes factory equipment, is increasing prices alongside its input costs. “We will introduce price increases with a strategy of offsetting what we see for cost increases,” said Nick Gangestad at a conference in March. “In the last six months, we’ve had several announced price increases.”</p><p><blockquote>生产工厂设备的罗克韦尔正在提高价格和投入成本。“尼克-甘格斯塔德（Nick Gangestad）在 3 月份的一次会议上说：”我们将在提价时采取抵消成本增加的策略。“在过去的六个月里，我们已经宣布了几次涨价”。</blockquote></p><p><a href=\"https://laohu8.com/S/CTAS\">Cintas</a>, which provides uniform rentals, cleaning, and other office and facility services to businesses, says it is working to bring costs down via automation.</p><p><blockquote><a href=\"https://laohu8.com/S/CTAS\">丝带</a>该公司为企业提供制服租赁、清洁以及其他办公和设施服务，表示正在努力通过自动化降低成本。</blockquote></p><p>“Pricing is a component of our strategy, but it is by no means the only strategy to combat inflation,” Cintas CEO Todd Schneider said on the company’s earnings call last month. “We’re taking other steps, and they almost all involve technology.”</p><p><blockquote>“Cintas 首席执行官 Todd Schneider 在上个月的公司财报看涨期权上说：”定价是我们战略的一个组成部分，但它绝不是对抗通货膨胀的唯一战略。“我们正在采取其他措施，几乎都涉及技术”。</blockquote></p><p>Some companies are raising prices to offset some of their higher costs, while pulling on other levers to maintain or grow profit margins. “One of the best ways to grow is, of course, innovation,” said GE CFO <a href=\"https://laohu8.com/S/CARO\">Carolina</a> Dybeck Happe at the company’s March investor day. “Altogether, the work we’re doing across the company to improve volume and productivity more than offset the headwinds that you see from mix, from inflation, and that investment in growth.”</p><p><blockquote>一些公司正在提高价格以抵消部分较高的成本，同时利用其他杠杆来维持或提高利润率。“通用电气首席财务官说：”最好的增长方式之一当然是创新。<a href=\"https://laohu8.com/S/CARO\">卡罗莱纳</a>Dybeck Happe 出席了公司三月份的投资者日。“总而言之，我们在全公司范围内为提高产量和生产力所做的工作，足以抵消你所看到的来自组合、通货膨胀和增长投资的不利因素”。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThese Companies Can Ride Out Inflation<blockquote>这些公司可以度过通货膨胀</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2022-04-06 23:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The S&P 500’s overall profit margin hit a record in 2021. But that’s old news, and the current environment is much more challenging. A point of differentiation for companies in 2022 will be the ability to keep profit margins intact or growing despite elevated inflation and slowing economic growth. Their stocks should outperform.</p><p><blockquote><html><head></head><body>2021 年，标普500的整体利润率创下历史新高。但这已经是旧闻了，而当前的环境更具挑战性。2022 年企业的一个差异化点将是，尽管通胀上升和经济增长放缓，但仍能保持利润率不变或增长。他们的股票应该会跑赢大盘。</body></html></blockquote></p><p>Companies can achieve pricing power in several different ways. A business can sell a good or service that’s vital to customers or limited in supply, giving them no option but to pay up—the product has low price elasticity, to put it in economic terms. That could be gasoline at the only station for miles, toilet paper at the grocery store, or accounting services during tax season.</p><p><blockquote>公司可以通过几种不同的方式获得定价权。企业可以销售对顾客至关重要或供应有限的商品或服务，让顾客别无选择，只能付钱--用经济术语来说，这种产品的价格弹性很低。这可能是里程内唯一加油站的汽油、杂货店的卫生纸，或者纳税季节的会计服务。</blockquote></p><p>The fewer direct competitors has a company has, the greater its ability to set prices. A strong brand that has particular affinity or loyalty from customers can also lead to greater pricing power. Think of the typically higher price per unit for Procter & Gamble’s (ticker: PG) Tide laundry detergent versus the equivalent store brand.</p><p><blockquote>一家公司的直接竞争对手越少，其定价能力就越强。拥有客户特殊亲和力或忠诚度的强大品牌也可以带来更大的定价权。宝洁公司（股票代码：PG）潮汐洗衣液的单价通常比同等商店品牌高。</blockquote></p><p>A company can also innovate and improve its offerings, increasing prices as it rolls out the upgraded offerings. If the price hikes exceed the cost of the improvements, that’s pricing power. It’s common in new versions of software, pharmaceuticals and medical devices, semiconductors, and other high tech goods and services.</p><p><blockquote>公司还可以创新和改进其产品，在推出升级产品时提高价格。如果价格上涨超过了改进成本，那就是定价权。它常见于新版本的软件、药品和医疗器械、半导体以及其他高科技产品和服务。</blockquote></p><p>Finally, companies can expand their profit margins by becoming more efficient and productive, or by leveraging economies of scale. That brings down the cost of goods sold per unit produced, and increases profits without raising prices.</p><p><blockquote>最后，公司可以通过提高效率和生产力，或者利用规模经济来扩大利润率。这降低了每单位生产的商品销售成本，并在不提高价格的情况下增加利润。</blockquote></p><p>Companies with pricing power are particularly attractive for the current environment, says Eric Schoenstein, chief investment officer of Jensen Investment Management.</p><p><blockquote>Jensen Investment Management 首席投资官埃里克·舍恩斯坦 (Eric Schoenstein) 表示，在当前环境下，拥有定价权的公司尤其具有吸引力。</blockquote></p><p>Inflation is running at four-decade highs, affecting businesses’ input costs—investors will want to own those companies that can pass along that inflation. The new inflation dynamic comes just as economic expansion is waning, suggesting slower GDP growth ahead. Stocks of companies that can maintain and increase their profit margins in 2022 should be in demand.</p><p><blockquote>通货膨胀率创下四十年来的新高，影响了企业的投入成本--投资者将希望拥有那些能够将通货膨胀传递下去的公司。新的通胀动态出现之际，经济扩张正在减弱，表明未来 GDP 增长将放缓。能够在 2022 年维持和提高利润率的公司股票应该会有需求。</blockquote></p><p>“There are so many cost pressures out there these days,” says Schoenstein, whose Oregon-based firm manages about $14.5 billion. “We’re trying to find businesses that have resilience through those difficult circumstances. The ones that have already been tested and come out the other side should have the ability to do it again.”</p><p><blockquote>“舍恩斯坦说：”如今成本压力很大，他位于俄勒冈州的公司管理着约 145 亿美元的资金。“我们正在努力寻找那些在困境中具有韧性的企业。那些已经经受考验并从另一边走出来的企业应该有能力再次做到这一点。”</blockquote></p><p>Barron’s screened for S&P 500 companies that grew their gross margin (revenue minus the cost of goods sold, divided by revenue) from 2020 to 2021 as the economy rebounded, but also had rising, positive gross margins in at least the three years before the Covid-19 pandemic. Those that were best able to demonstrate pricing power in a 2% annual inflation environment should be better set up to do it when inflation is running above 7% too. The companies must also have been free cash flow positive in 2020 and 2021, demonstrating their businesses’ resilience through an economic downturn.</p><p><blockquote>《巴伦周刊》筛选了标普500公司，这些公司在 2020 年至 2021 年期间，随着经济反弹，毛利率（收入减去销售成本，除以收入）有所增长，但在 Covid-19 大流行之前的至少三年中，毛利率也在上升，正。那些最有能力在年通胀率为 2% 的环境下展示定价权的公司应该更好地做好准备，当通胀率也高于 7% 时这样做。这些公司在 2020 年和 2021 年的自由现金流也必须为正，这证明了其业务在经济衰退中的韧性。</blockquote></p><p>The screen yielded 27 names. As with any screen, it’s a blunt instrument that serves as a starting point for further analysis. Here is the list:</p><p><blockquote>屏幕上出现了27个名字。与任何屏幕一样，它也是一个钝器，是进一步分析的起点。以下是列表：</blockquote></p><p>Companies With Pricing <a href=\"https://laohu8.com/S/PW\">Power</a><img src=\"https://static.tigerbbs.com/622cec5b96b1336262d0a7ed521c9c5a\" tg-width=\"933\" tg-height=\"595\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/f00656f3609974b0fd3404d93506e62f\" tg-width=\"941\" tg-height=\"625\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/65cd009abf7222b8188b4401825079b7\" tg-width=\"944\" tg-height=\"445\" referrerpolicy=\"no-referrer\"/>Several major tech firms make the screen, including <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, <a href=\"https://laohu8.com/S/NVDA\">Nvidia </a>, and <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>. So do healthcare firms like <a href=\"https://laohu8.com/S/MRK\">Merck</a>, <a href=\"https://laohu8.com/S/ZTS\">Zoetis</a> , and <a href=\"https://laohu8.com/S/MTD\">Mettler-Toledo International </a>. Their products and services tend to be differentiated from the competition, and rely on constant innovation and updates. <a href=\"https://laohu8.com/S/CUBI\">Customers</a>’ need or desire to have the latest software, semiconductors, treatments, or medical devices gives the companies pricing power and the ability to maintain profit margins even in an inflationary or decelerating-growth environment.</p><p><blockquote>定价公司<a href=\"https://laohu8.com/S/PW\">力量</a>几家主要的科技公司生产屏幕，包括<a href=\"https://laohu8.com/S/MSFT\">微软</a>,<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>，和<a href=\"https://laohu8.com/S/AVGO\">博通</a>医疗保健公司也是如此<a href=\"https://laohu8.com/S/MRK\">默克</a>,<a href=\"https://laohu8.com/S/ZTS\">佐伊蒂斯</a>，和<a href=\"https://laohu8.com/S/MTD\">梅特勒-托利多国际公司</a>他们的产品和服务倾向于从竞争中脱颖而出，并依赖于不断创新和更新。<a href=\"https://laohu8.com/S/CUBI\">客户</a>公司需要或渴望拥有最新的软件、半导体、治疗方法或医疗设备，这使得公司即使在通货膨胀或增长放缓的环境下也能拥有定价权和维持利润率的能力。</blockquote></p><p>For McDonald’s (MCD) and <a href=\"https://laohu8.com/S/YUM\">Yum</a>! Brands (YUM)—which owns KFC and Taco Bell—inflation is showing up in costs of labor, packaging, beef, and other inputs. The fast-food chains are raising prices to offset that on a market by market basis. McDonald’s overall prices rose by about 6% in the U.S. in 2021.</p><p><blockquote>麦当劳 (MCD) 和<a href=\"https://laohu8.com/S/YUM\">百胜</a>!拥有肯德基和塔可钟的百胜餐饮集团（YUM）——通货膨胀正在劳动力、包装、牛肉和其他投入的成本中显现出来。快餐连锁店正在提高价格，以逐个市场地抵消这一影响。2021 年，麦当劳在美国的整体价格上涨了约 6%。</blockquote></p><p></p><p>“We are seeing both labor and commodity inflation,” said McDonald’s CFO Kevin Ozan at a conference in March. “Our prices are set by our franchisees …We generally will take smaller, more frequent increases than less frequent large increases. And we do try to tailor all of those increases to the local market.”</p><p><blockquote>“麦当劳首席财务官凯文-奥赞（Kevin Ozan）在 3 月份的一次会议上说：”我们看到了劳动力和大宗商品的通胀。“我们的价格是由加盟商制定的.我们通常会采取较小的、更频繁的涨价，而不是较少频繁的大幅度涨价。我们也会尽量根据当地市场调整所有涨价幅度”。</blockquote></p><p>Several S&P 500 industrials have been able to consistently increase their gross margins, including <a href=\"https://laohu8.com/S/ROK\">Rockwell Automation</a> (ROK), <a href=\"https://laohu8.com/S/BGC\">General</a> Electric (GE), and <a href=\"https://laohu8.com/S/LMT\">Lockheed Martin</a> (LMT). They’re seeing higher expenses for transportation, labor, energy, semiconductors, and many raw materials like metals, resins, and industrial gases.</p><p><blockquote>多家标普500工业公司的毛利率持续增长，包括<a href=\"https://laohu8.com/S/ROK\">罗克韦尔自动化</a>（年），<a href=\"https://laohu8.com/S/BGC\">一般的</a>电气 (GE)，以及<a href=\"https://laohu8.com/S/LMT\">洛克希德·马丁</a>（LMT）。他们发现运输、劳动力、能源、半导体以及金属、树脂和工业气体等许多原材料的费用都在增加。</blockquote></p><p>The companies that pass the screen are employing a variety of strategies to keep their profit margins intact.</p><p><blockquote>通过屏幕的公司正在采用各种策略来保持利润率不变。</blockquote></p><p>Rockwell, which makes factory equipment, is increasing prices alongside its input costs. “We will introduce price increases with a strategy of offsetting what we see for cost increases,” said Nick Gangestad at a conference in March. “In the last six months, we’ve had several announced price increases.”</p><p><blockquote>生产工厂设备的罗克韦尔正在提高价格和投入成本。“尼克-甘格斯塔德（Nick Gangestad）在 3 月份的一次会议上说：”我们将在提价时采取抵消成本增加的策略。“在过去的六个月里，我们已经宣布了几次涨价”。</blockquote></p><p><a href=\"https://laohu8.com/S/CTAS\">Cintas</a>, which provides uniform rentals, cleaning, and other office and facility services to businesses, says it is working to bring costs down via automation.</p><p><blockquote><a href=\"https://laohu8.com/S/CTAS\">丝带</a>该公司为企业提供制服租赁、清洁以及其他办公和设施服务，表示正在努力通过自动化降低成本。</blockquote></p><p>“Pricing is a component of our strategy, but it is by no means the only strategy to combat inflation,” Cintas CEO Todd Schneider said on the company’s earnings call last month. “We’re taking other steps, and they almost all involve technology.”</p><p><blockquote>“Cintas 首席执行官 Todd Schneider 在上个月的公司财报看涨期权上说：”定价是我们战略的一个组成部分，但它绝不是对抗通货膨胀的唯一战略。“我们正在采取其他措施，几乎都涉及技术”。</blockquote></p><p>Some companies are raising prices to offset some of their higher costs, while pulling on other levers to maintain or grow profit margins. “One of the best ways to grow is, of course, innovation,” said GE CFO <a href=\"https://laohu8.com/S/CARO\">Carolina</a> Dybeck Happe at the company’s March investor day. “Altogether, the work we’re doing across the company to improve volume and productivity more than offset the headwinds that you see from mix, from inflation, and that investment in growth.”</p><p><blockquote>一些公司正在提高价格以抵消部分较高的成本，同时利用其他杠杆来维持或提高利润率。“通用电气首席财务官说：”最好的增长方式之一当然是创新。<a href=\"https://laohu8.com/S/CARO\">卡罗莱纳</a>Dybeck Happe 出席了公司三月份的投资者日。“总而言之，我们在全公司范围内为提高产量和生产力所做的工作，足以抵消你所看到的来自组合、通货膨胀和增长投资的不利因素”。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-built-for-inflation-51649202855?mod=hp_LEAD_1\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROK":"罗克韦尔自动化","COO":"库珀医疗","NVDA":"英伟达","ACN":"埃森哲","RMRK":"Rimrock Gold Corp.","LMT":"洛克希德马丁","MCD":"麦当劳","XYL":"赛莱默","ZTS":"Zoetis Inc.","MSFT":"微软","YUM":"Yum Brands","HLT":"希尔顿酒店","MTD":"梅特勒-托利多","MO":"奥驰亚",".DJI":"道琼斯","CTAS":"信达思","AVGO":"博通",".IXIC":"NASDAQ Composite","ORLY":"奥莱利","VIX":"标普500波动率指数",".SPX":"S&P 500 Index","ROP":"儒博实业","FISV":"费哲金融服务","PH":"汉尼汾","GPC":"Genuine Parts Co","GE":"GE航空航天","MRK":"默沙东","IT":"加特纳","PKG":"美国包装公司","ETN":"伊顿","PTC":"PTC Inc."},"source_url":"https://www.barrons.com/articles/stocks-built-for-inflation-51649202855?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162298556","content_text":"The S&P 500’s overall profit margin hit a record in 2021. But that’s old news, and the current environment is much more challenging. A point of differentiation for companies in 2022 will be the ability to keep profit margins intact or growing despite elevated inflation and slowing economic growth. Their stocks should outperform.Companies can achieve pricing power in several different ways. A business can sell a good or service that’s vital to customers or limited in supply, giving them no option but to pay up—the product has low price elasticity, to put it in economic terms. That could be gasoline at the only station for miles, toilet paper at the grocery store, or accounting services during tax season.The fewer direct competitors has a company has, the greater its ability to set prices. A strong brand that has particular affinity or loyalty from customers can also lead to greater pricing power. Think of the typically higher price per unit for Procter & Gamble’s (ticker: PG) Tide laundry detergent versus the equivalent store brand.A company can also innovate and improve its offerings, increasing prices as it rolls out the upgraded offerings. If the price hikes exceed the cost of the improvements, that’s pricing power. It’s common in new versions of software, pharmaceuticals and medical devices, semiconductors, and other high tech goods and services.Finally, companies can expand their profit margins by becoming more efficient and productive, or by leveraging economies of scale. That brings down the cost of goods sold per unit produced, and increases profits without raising prices.Companies with pricing power are particularly attractive for the current environment, says Eric Schoenstein, chief investment officer of Jensen Investment Management.Inflation is running at four-decade highs, affecting businesses’ input costs—investors will want to own those companies that can pass along that inflation. The new inflation dynamic comes just as economic expansion is waning, suggesting slower GDP growth ahead. Stocks of companies that can maintain and increase their profit margins in 2022 should be in demand.“There are so many cost pressures out there these days,” says Schoenstein, whose Oregon-based firm manages about $14.5 billion. “We’re trying to find businesses that have resilience through those difficult circumstances. The ones that have already been tested and come out the other side should have the ability to do it again.”Barron’s screened for S&P 500 companies that grew their gross margin (revenue minus the cost of goods sold, divided by revenue) from 2020 to 2021 as the economy rebounded, but also had rising, positive gross margins in at least the three years before the Covid-19 pandemic. Those that were best able to demonstrate pricing power in a 2% annual inflation environment should be better set up to do it when inflation is running above 7% too. The companies must also have been free cash flow positive in 2020 and 2021, demonstrating their businesses’ resilience through an economic downturn.The screen yielded 27 names. As with any screen, it’s a blunt instrument that serves as a starting point for further analysis. Here is the list:Companies With Pricing PowerSeveral major tech firms make the screen, including Microsoft, Nvidia , and Broadcom. So do healthcare firms like Merck, Zoetis , and Mettler-Toledo International . Their products and services tend to be differentiated from the competition, and rely on constant innovation and updates. Customers’ need or desire to have the latest software, semiconductors, treatments, or medical devices gives the companies pricing power and the ability to maintain profit margins even in an inflationary or decelerating-growth environment.For McDonald’s (MCD) and Yum! Brands (YUM)—which owns KFC and Taco Bell—inflation is showing up in costs of labor, packaging, beef, and other inputs. The fast-food chains are raising prices to offset that on a market by market basis. McDonald’s overall prices rose by about 6% in the U.S. in 2021.“We are seeing both labor and commodity inflation,” said McDonald’s CFO Kevin Ozan at a conference in March. “Our prices are set by our franchisees …We generally will take smaller, more frequent increases than less frequent large increases. And we do try to tailor all of those increases to the local market.”Several S&P 500 industrials have been able to consistently increase their gross margins, including Rockwell Automation (ROK), General Electric (GE), and Lockheed Martin (LMT). They’re seeing higher expenses for transportation, labor, energy, semiconductors, and many raw materials like metals, resins, and industrial gases.The companies that pass the screen are employing a variety of strategies to keep their profit margins intact.Rockwell, which makes factory equipment, is increasing prices alongside its input costs. “We will introduce price increases with a strategy of offsetting what we see for cost increases,” said Nick Gangestad at a conference in March. “In the last six months, we’ve had several announced price increases.”Cintas, which provides uniform rentals, cleaning, and other office and facility services to businesses, says it is working to bring costs down via automation.“Pricing is a component of our strategy, but it is by no means the only strategy to combat inflation,” Cintas CEO Todd Schneider said on the company’s earnings call last month. “We’re taking other steps, and they almost all involve technology.”Some companies are raising prices to offset some of their higher costs, while pulling on other levers to maintain or grow profit margins. “One of the best ways to grow is, of course, innovation,” said GE CFO Carolina Dybeck Happe at the company’s March investor day. “Altogether, the work we’re doing across the company to improve volume and productivity more than offset the headwinds that you see from mix, from inflation, and that investment in growth.”","news_type":1,"symbols_score_info":{"IT":0.9,"HLT":0.9,"NQmain":0.9,"GE":0.9,"ROK":0.9,"CTAS":0.9,"COO":0.9,"MTD":0.9,"PH":0.9,"ACN":0.9,"PKI":0.9,"ETN":0.9,"XYL":0.9,"AVGO":0.9,"ZTS":0.9,".DJI":0.9,"MO":0.9,"YUM":0.9,"FISV":0.9,"PTC":0.9,"MRK":0.9,".SPX":0.9,"PKG":0.9,"RMRK":0.9,"GPC":0.9,"LMT":0.9,"ROP":0.9,"MSFT":0.9,".IXIC":0.9,"MCD":0.9,"ORLY":0.9,"NVDA":0.9,"VIX":0.9}},"isVote":1,"tweetType":1,"viewCount":1452,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/619651685"}
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