Albany International Corp (AIN) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Albany International second-quarter 2025 earnings call. I am Frans, and I'll be the operator assisting you today. (Operator Instructions)

早安，歡迎參加 Albany International 2025 年第二季財報電話會議。我是弗朗斯 (Frans)，今天我將擔任協助您的接線生。（操作員指示）

I would now like to turn the call over to JC Chetnani, Interim CFO and Vice President of Investor Relations and Treasurer. Please go ahead.

現在，我想將電話轉給臨時財務長、投資者關係副總裁兼財務主管 JC Chetnani。請繼續。

Thank you, Frans, and good morning, everyone. Welcome to Albany International's second-quarter 2025 earnings conference call. As a reminder for those listening on the call, please refer to our press release issued last night detailing our quarterly financial results.

謝謝你，弗朗斯，大家早安。歡迎參加 Albany International 2025 年第二季財報電話會議。提醒收聽電話會議的人，請參閱我們昨晚發布的詳細介紹我們季度財務業績的新聞稿。

Contained in the text of the release is a notice regarding our forward-looking statements and the use of certain non-GAAP financial measures and their reconciliation to GAAP. For the purposes of this conference call, those same statements apply to our verbal remarks this morning.

新聞稿正文中包含有關我們的前瞻性陳述以及某些非 GAAP 財務指標的使用及其與 GAAP 的協調的通知。就本次電話會議而言，這些聲明同樣適用於我們今天上午的口頭發言。

Today, we will make statements that are forward-looking and contain a number of risks and uncertainties, which could cause actual results to differ from those expressed or implied. For a full discussion of these risks and uncertainties, please refer to both our earnings release of July 30, 2025, as well as our SEC filings, including our second-quarter Form 10-Q and our 2024 Form 10-K.

今天，我們將做出前瞻性的聲明，其中包含許多風險和不確定性，這可能會導致實際結果與明示或暗示的結果不同。有關這些風險和不確定性的完整討論，請參閱我們 2025 年 7 月 30 日的收益報告以及我們向美國證券交易委員會 (SEC) 提交的文件，包括我們的第二季度 10-Q 表和 2024 年 10-K 表。

Now I will turn the call over to Gunnar Kleveland, our President and CEO, who will provide opening remarks. Gunnar?

現在，我將把電話轉給我們的總裁兼執行長 Gunnar Kleveland，他將致開幕詞。岡納爾？

Good morning, and thank you for joining us as we review our second-quarter 2025 results. Overall, I'm encouraged with our progress this year, a year that we have said would be a transition year. Our business segment leaders are performing well as they restructure, invest, and strengthen their operations, all while remaining agile in addressing near-term challenges.

早安，感謝您加入我們，回顧 2025 年第二季的業績。總的來說，我對我們今年的進展感到鼓舞，我們曾說過今年將是過渡的一年。我們的業務部門領導者在重組、投資和加強營運方面表現出色，同時也能靈活應對近期挑戰。

Our second-quarter financial results lagged our expectations. But as I'll cover, the performance was largely impacted by certain timing and operational issues, and we're confident in our recovery. We continue to monitor the tariff situation and secondary effects that could impact regional market dynamics or customer behaviors. To date, we have not realized any direct material headwinds.

我們第二季的財務表現落後於我們的預期。但正如我將要提到的，業績在很大程度上受到某些時間和營運問題的影響，我們對復甦充滿信心。我們將繼續監測關稅情況以及可能影響區域市場動態或客戶行為的次要影響。到目前為止，我們還沒有意識到任何直接的物質阻力。

Our mostly regional setup for both suppliers and customers largely insulate our operations from direct impact of tariffs. Also, while we were cautious about the tariff impact in our outlook, we now expect global growth to continue as the tariff environments get more predictable.

我們為供應商和客戶提供的區域設置在很大程度上使我們的營運免受關稅的直接影響。此外，雖然我們對關稅的影響持謹慎態度，但隨著關稅環境變得更加可預測，我們現在預計全球成長將持續。

Increasing activity in the defense sector, particularly hypersonics and new programs is expected to result in accelerated growth at AEC in addition to our growth in commercial aerospace over the next several years.

預計未來幾年，隨著國防領域活動的增加，特別是高超音速和新項目，除了商業航空航太業務的成長外，還將推動 AEC 的加速成長。

In Machine Clothing, despite some second-quarter timing and market headwinds, the business delivered expected returns on the lower volume and showed growth from the first quarter. We've commenced two additional facility closures in the quarter as we remain focused on optimizing our global production footprint to best serve our customers.

在機械服裝業務方面，儘管第二季度存在一些時機和市場阻力，但該業務在銷量較低的情況下仍實現了預期回報，並較第一季呈現成長。我們在本季開始關閉另外兩家工廠，因為我們仍然專注於優化我們的全球生產佈局，以便為客戶提供最好的服務。

AEC delivered strong sequential quarter growth and continues to accelerate its disciplined long-term operational strategy. We're investing in operational excellence to transform how we execute our current portfolio of programs, allowing us to grow profitably with our continuing new business wins.

AEC 實現了強勁的季度成長，並繼續加速其嚴謹的長期營運策略。我們正在投資卓越運營，以改變我們執行當前專案組合的方式，使我們能夠透過不斷贏得新業務來實現獲利成長。

We're making good progress driving process improvements across all of our sites and with emphasis on our CH-53K program. At our last visit to Salt Lake City, it was encouraging to see planning and supply chain aligned with the rapid growth of this program. The EAC adjustment in the quarter reflects our investment in program ramp readiness that we will cover in more detail later.

我們在推動所有站點的流程改進方面取得了良好進展，並專注於我們的 CH-53K 計劃。在我們上次訪問鹽湖城時，很高興看到規劃和供應鏈與該計劃的快速發展保持一致。本季的 EAC 調整反映了我們對專案準備的投資，我們將在稍後詳細介紹。

For the quarter, we reported revenues of $311 million and overall adjusted EBITDA margin of 16.7% and an adjusted diluted EPS of $0.57. We returned capital to our shareholders through both a regular quarterly dividend and share repurchase program.

本季度，我們報告營收為3.11億美元，整體調整後EBITDA利潤率為16.7%，調整後稀釋每股收益為0.57美元。我們透過定期季度股利和股票回購計畫向股東返還資本。

In the first half of the year, we repurchased $119 million worth of shares, including $50 million in the second quarter. We currently have $143 million of capacity remaining under our latest share repurchase authorization.

今年上半年，我們回購了價值 1.19 億美元的股票，其中第二季回購了 5,000 萬美元。根據我們最新的股票回購授權，我們目前剩餘的產能為 1.43 億美元。

Turning to our individual businesses. For the quarter, Machine Clothing reported revenues of $181 million and adjusted EBITDA margin of 28.8%. As a reminder, comparisons to prior year are impacted by certain intentional and strategic business exits of approximately $5 million per quarter.

轉向我們的個人業務。本季度，Machine Clothing 報告營收為 1.81 億美元，調整後 EBITDA 利潤率為 28.8%。提醒一下，與去年同期相比，每季約 500 萬美元的某些有意和策略性業務退出會對其產生影響。

In terms of grades, while longer-term secular trends in packaging remains strong, the effect of customer consolidations in North America created a delivery headwind in second quarter compared to the prior year. [Tissue] remains a bright spot globally with expected new machine investments, while pulp and engineered fabrics remain stable.

就產品等級而言，雖然包裝產業的長期趨勢依然強勁，但北美客戶整合的影響導致第二季交付量與去年同期相比出現逆風。 [衛生紙]仍是全球市場的亮點，預計會有新機器投資，而紙漿和工程織物則保持穩定。

North America had a slight decline in deliveries in the second quarter, mainly due to packaging machine production curtailments. We're working closely with our customers to solidify our positions where consolidations have impacted their capacity. Overall, Europe continues to show solid signs of recovery with good deliveries and orders, offsetting weakening conditions in Asia.

北美第二季交付量略有下降，主要原因是包裝機減產。我們正在與客戶密切合作，鞏固我們在整合影響其產能方面的地位。總體而言，歐洲繼續顯示出強勁的復甦跡象，交付量和訂單量良好，抵消了亞洲經濟疲軟的影響。

In particular, in China, we're seeing softer demand and continue to await machine restarts from the legacy Heimbach customer that we discussed in the prior quarter. Overall, we continue to follow a disciplined sales approach to mitigate these market dynamics.

特別是在中國，我們看到需求疲軟，並繼續等待上一季討論過的傳統海姆巴赫客戶重啟機器。總體而言，我們將繼續遵循嚴謹的銷售方式來緩解這些市場動態。

Our global MC order backlog remains healthy and gives us confidence for a stronger second half of the year. Operationally, we initiated the process to shut two additional facilities in the quarter, St. Union, France; and Manchester, UK. While we are executing to plan, the transfer of production and equipment across facilities does challenge how quickly we can ramp up at the new location.

我們的全球製造中心訂單積壓狀況保持健康，這讓我們對下半年業績表現更加強勁充滿信心。營運方面，我們在本季啟動了關閉法國聖尤尼翁和英國曼徹斯特兩家工廠的流程。雖然我們正在按計劃執行，但跨設施的生產和設備轉移確實對我們在新地點的提升速度提出了挑戰。

In the second quarter, the performance at our Durand facility lagged as it took on new production, resulting in some temporary sales and profit shortfalls. During the second quarter, we also experienced temporary operational disruption in one of our US facilities due to unplanned equipment downtime, which led to delayed shipments in the quarter.

在第二季度，由於我們杜蘭德工廠開始生產新產品，其業績出現落後，導致銷售額和利潤暫時性下降。在第二季度，由於計劃外的設備停機，我們的一家美國工廠也經歷了暫時的營運中斷，導致本季度的出貨延遲。

Turning to Engineered Composites segment. Revenues for the quarter were $130 million with an adjusted EBITDA margin of 8.5%. Revenue grew sequentially by 14% from the first quarter, reflecting continued ramping on our key programs, but profitability remains lower than our expectation as we continued our investment in disciplined operational improvements.

轉向工程複合材料領域。本季營收為 1.3 億美元，調整後 EBITDA 利潤率為 8.5%。營收較第一季環比成長 14%，反映出我們主要項目繼續加大投入，但由於我們繼續對嚴格的營運改善進行投資，獲利能力仍然低於我們的預期。

We recorded a total EAC adjustment of $7.2 million for the quarter. The EAC is mainly driven by continued investment in our labor force, which led to higher-than-projected overhead rates. We're seeing the progress from our investment in front-line leader coaching and operator training through improved output and reduced scrap and rework.

本季我們記錄的 EAC 調整總額為 720 萬美元。EAC 的主要驅動力是我們對勞動力的持續投資，這導致了高於預期的間接費用率。我們看到，透過對第一線領導指導和操作員培訓的投資，產量得到了提高，廢品和返工也減少了。

Our planning and supply chain improvements are evident in material being available for assembly needs on the CH-53K program. On LEAP, we're at the contractual inventory levels and well aligned to meet Safran's production schedule as Boeing and Airbus single-aisle delivery rates continue to recover. We have ample capacity to meet any upside to the demand and now expect growth in the second half.

我們的規劃和供應鏈改進明顯體現在材料可滿足 CH-53K 專案的組裝需求。在 LEAP 方面，隨著波音和空中巴士單通道飛機交付率的持續回升，我們已達到合約庫存水平，並且能夠很好地滿足賽峰集團的生產計劃。我們有足夠的能力滿足任何上行需求，並且預計下半年將實現成長。

The emerging Advanced Air Mobility market remains attractive for our business with continued sequential quarter growth and expected strong demand through the course of 2025 with our key customer beta. Advanced Air Mobility will be a significant source of growth for AEC.

新興的先進空中機動市場對我們的業務仍然具有吸引力，該市場持續保持連續季度成長，並且預計到 2025 年我們的主要客戶市場需求將保持強勁。先進空中機動性將成為 AEC 的重要成長源。

As previously highlighted, our new long-term agreement on the Bell 525 program is an attractive new win where we are already delivering to customer expectations. We have invested in additional equipment in preparation for the JASSM program growth, where we also deliver at 100% on time.

如同先前所強調的，我們與貝爾 525 計畫達成的新的長期協議是一個頗具吸引力的新勝利，我們已經滿足了客戶的期望。我們投資了額外的設備，為 JASSM 專案的發展做準備，我們也按時 100% 交付。

Having achieved critical milestone at our dedicated facility, we're seeing momentum with customers in hypersonic parts development. We continue to invest in our capabilities and remain very positive in the medium- and long-term attractiveness of this segment.

在我們的專用設施取得了關鍵的里程碑之後，我們看到客戶在高超音速零件開發方面取得了進展。我們將繼續投資於我們的能力，並對該領域的中長期吸引力保持非常樂觀的態度。

Also, as I highlighted in our last quarter earnings release, our application development team continues to evaluate where AEC's differentiated 3D woven technology in composite parts can be superior alternative to titanium with stronger relative strength to weight benefits. This was highlighted at the Paris Air Show, where our display showed examples of parts that we are currently supplying or in the process of developing for various customers. The response at the show was positive with customers and others seeing our keen focus on the technology that grew out of our weaving expertise and this technology is growing strategic uses and value.

此外，正如我在上一季的收益報告中所強調的那樣，我們的應用開發團隊將繼續評估 AEC 在複合材料部件中的差異化 3D 編織技術是否可以成為鈦合金的優質替代品，並具有更強的相對強度和重量優勢。這在巴黎航展上得到了重點展示，我們在展會上展示了目前正在為各個客戶提供或正在開發的零件樣品。展會上的反應非常積極，客戶和其他人士都看到了我們對源自我們織造專業知識的技術的高度關注，而這項技術的戰略用途和價值正在不斷增長。

As we presented in last quarter's call, our solution can be delivered at a fraction of the titanium lead time with domestic materials and a production capacity proven to deliver 100% on time, which is in stark contrast to the challenges in the titanium supply.

正如我們在上個季度的電話會議中所介紹的那樣，我們的解決方案可以在鈦交貨時間的一小部分內交付，採用國產材料，並且生產能力已證明可以 100% 按時交付，這與鈦供應方面的挑戰形成了鮮明對比。

We successfully completed our S/4HANA upgrade across the entire company in May. This investment improves our systems and operational efficiencies and will deliver enhanced analytics to improve our business agility.

我們在五月成功完成了整個公司的 S/4HANA 升級。這項投資改善了我們的系統和營運效率，並將提供增強的分析能力以提高我們的業務敏捷性。

Finally, I'm excited to announce that Will Station has accepted the role of CFO at Albany International. Will comes to us from McKesson Medical-Surgical, where he was Senior Vice President of Primary Care Sales, leading a team of more than 1,200 account executives. Prior to that, he was the subsidiary's Chief Financial Officer and Senior Vice President of Finance.

最後，我很高興地宣布威爾·斯坦特 (Will Station) 已接受奧爾巴尼國際 (Albany International) 首席財務官一職。威爾來自 McKesson Medical-Surgical，他曾擔任初級保健銷售高級副總裁，領導著一支由 1,200 多名客戶經理組成的團隊。在此之前，他曾擔任該子公司的財務長兼財務資深副總裁。

Will's career also includes 16 years at the Boeing Company from 2005 until 2021, where he held a number of increasingly senior finance roles, notably Vice President and Chief Financial Officer for the Commercial Derivatives Airplanes from 2014 to 2021, and Director of Financial Operations for Boeing Commercial Airplanes from 2011 to 2014. He's a great addition to the team and complements the leadership team with large OEM experience as well as his commercial finance and business expertise.

威爾的職業生涯還包括從 2005 年到 2021 年在波音公司工作的 16 年，期間他擔任過多個越來越高級的財務職位，尤其是 2014 年至 2021 年擔任波音商用飛機副總裁兼首席財務官，以及 2011 年至 2014 年擔任波音商用飛機財務營運總監。他是團隊的一大助力，憑藉豐富的 OEM 經驗以及商業金融和業務專業知識，為領導團隊提供了有力的補充。

I also want to take this opportunity to thank JC for stepping up to take on the role as Interim CFO and making the transition seamless. JC will continue to support the transition as Will onboards. And with that, I'll now hand it over to JC to provide more detail on the quarter. JC?

我還想藉此機會感謝 JC 擔任臨時財務長並使過渡順利進行。在 Will 加入後，JC 將繼續支持過渡。現在，我將把時間交給 JC，讓他提供有關本季的更多詳細資訊。JC？

Thank you, Gunnar. I will review our second-quarter results and then discuss our outlook for the balance of 2025.

謝謝你，Gunnar。我將回顧我們第二季的業績，然後討論我們對 2025 年餘下的展望。

Consolidated net sales were $311 million, down 6.2% from $332 million in the second quarter of last year. Machine Clothing net sales were $181 million, a decrease of 6.5% versus the second quarter of last year. After adjusting for the effects of planned strategic business exits, the decrease is approximately 4%. This is mainly driven by lower volumes in the quarter from unplanned equipment downtime in the US facility, a lag in ramping transfer production as part of our footprint rationalization, and softness in Asia, especially China.

合併淨銷售額為 3.11 億美元，較去年第二季的 3.32 億美元下降 6.2%。機器服裝淨銷售額為 1.81 億美元，較去年第二季下降 6.5%。調整計畫中的策略性業務退出的影響後，降幅約為 4%。這主要是由於本季度美國工廠設備意外停機導致產量下降、由於我們的佈局合理化而導致的轉移生產滯後以及亞洲（尤其是中國）的疲軟。

The majority of the current quarter production shortfall is expected to recover in the second half. AEC net sales of $130 million were lower by 5.7% versus the second quarter of 2024, primarily due to the unfavorable cumulative catch-up impacts from the EAC adjustments, offset by growth in our new programs.

本季度的大部分產量缺口預計將在下半年得到彌補。AEC 淨銷售額為 1.3 億美元，較 2024 年第二季下降 5.7%，主要原因是 EAC 調整帶來的不利累積追趕影響，但被我們新專案的成長所抵銷。

Consolidated gross profit was $98 million or 31.3% of sales, down from $112 million in the prior year or 33.9% of sales. Machine Clothing gross profit of $84 million, decreased from $89 million in the prior year, while gross margin improved by 40 basis points to 46.3%. Overall, this performance reflects improved operating efficiencies.

綜合毛利為 9,800 萬美元，佔銷售額的 31.3%，低於去年同期的 1.12 億美元，佔銷售額的 33.9%。機械服飾毛利為 8,400 萬美元，低於上年的 8,900 萬美元，而毛利率提高了 40 個基點，達到 46.3%。整體而言，這項業績反映了營運效率的提升。

AEC gross profit of $14 million decreased from $24 million, largely reflecting the impact of the cumulative EAC adjustment for the quarter. Of the $7.2 million of EAC charges for the quarter, $8.1 million was related to the CH-53K program, partially offset by a positive $1.6 million Gulfstream reserve adjustment with the balance spread across other programs.

AEC 毛利從 2,400 萬美元降至 1,400 萬美元，主要反映了本季累積 EAC 調整的影響。本季 EAC 費用為 720 萬美元，其中 810 萬美元與 CH-53K 項目有關，部分被 160 萬美元的灣流儲備調整所抵消，餘額分攤到其他項目。

Net R&D expenses at 4% in the second quarter is higher versus the prior year, reflecting our emphasis in material science and new business ventures. Consolidated SG&A expenses were $59 million for the quarter, up versus $56 million in the prior year due to weakening of the US dollar and higher professional fees, partially offset by lower personnel-related costs.

第二季淨研發費用為 4%，高於去年同期，反映了我們對材料科學和新業務的重視。本季綜合銷售、一般及行政費用為 5,900 萬美元，高於去年同期的 5,600 萬美元，原因是美元走弱和專業費用增加，但被人員相關成本的降低部分抵銷。

The effective tax rate for the quarter was 31.3% versus 27.9% in the prior year. The higher rate is mainly due to favorable discrete tax adjustments in the prior year resulting from the release of uncertain tax positions.

本季有效稅率為 31.3%，而去年同期為 27.9%。稅率提高主要是由於上一年度不確定稅務狀況的解除帶來了有利的單獨稅務調整。

GAAP net income attributable to the company for the quarter was $9.2 million compared to $24.6 million last year, while GAAP diluted EPS was $0.31 per share in this quarter versus $0.39 in the same period last year. After adjustments primarily related to foreign currency revaluation and net restructuring costs as detailed in our non-GAAP reconciliation, the adjusted diluted EPS was $0.57 versus $0.89 in the same period last year.

本季公司應佔 GAAP 淨收入為 920 萬美元，而去年同期為 2,460 萬美元；本季公司應佔 GAAP 稀釋每股收益為 0.31 美元，去年同期為 0.39 美元。經過主要與外幣重估和淨重組成本相關的調整（如我們的非公認會計準則對帳表所述），調整後的稀釋每股收益為 0.57 美元，而去年同期為 0.89 美元。

Consolidated adjusted EBITDA was $52 million for the quarter versus $63 million in the prior-year period, while for Machine Clothing adjusted EBITDA was $52 million versus $59 million in the prior year. Adjusted EBITDA margin decreased to 28.9% versus 30.4% in the prior year, driven primarily by the margin impact from lower shipments due to slower-than-expected ramp of transfer production, unplanned equipment downtime and softness in Asia.

本季綜合調整後 EBITDA 為 5,200 萬美元，去年同期為 6,300 萬美元；機器服裝調整後 EBITDA 為 5,200 萬美元，去年同期為 5,900 萬美元。調整後的 EBITDA 利潤率從去年的 30.4% 下降至 28.9%，主要原因是轉移生產成長低於預期、設備意外停機以及亞洲經濟疲軟導致出貨量下降，從而對利潤率產生了影響。

AEC adjusted EBITDA was $11 million as compared to $20 million in the prior-year period. Margin at AEC was 8.5% of sales versus 14.3% in the prior year, primarily reflecting the current period AEC cumulative catch-up adjustments.

AEC 調整後的 EBITDA 為 1,100 萬美元，而去年同期為 2,000 萬美元。AEC 的利潤率為銷售額的 8.5%，而上年度為 14.3%，主要反映了本期 AEC 累積追趕調整。

Moving to free cash flow. Free cash flow has improved sequentially and was positive $18 million in the second quarter versus a negative $14 million in the first quarter. For the first half of 2025, total free cash flow of $4 million is down versus the prior year of $46 million. This was partially driven by investment in working capital as we ramp up new programs in 2025. And our balance sheet remains strong with a cash balance of $107 million and $355 million of borrowing capacity under our current cumulative credit facility.

轉向自由現金流。自由現金流環比改善，第二季為正 1800 萬美元，而第一季為負 1400 萬美元。2025 年上半年，總自由現金流為 400 萬美元，低於上年的 4,600 萬美元。這在一定程度上是由於我們在 2025 年加大新項目的營運資本投資所致。我們的資產負債表依然強勁，現金餘額為 1.07 億美元，在當前累計信貸額度下擁有 3.55 億美元的借貸能力。

In terms of full year guidance, we expect the second half to be stronger than the first half. We project continued ramping programs at AEC, recovery in shipments at MC as well as bottom-line improvement from continued operational efficiencies across both businesses. Accordingly, we are reaffirming our full-year guide.

就全年業績指引而言，我們預計下半年業績將強於上半年。我們預計 AEC 將繼續擴大專案規模，MC 的出貨量將恢復，同時兩家公司持續的營運效率也將帶來獲利改善。因此，我們重申我們的全年指導。

Now I'd like to open the call up for questions. Frans?

現在我想開始提問。弗朗斯？

(Operator Instructions) Peter Arment, Baird.

（操作員說明）Peter Arment，Baird。

Gunnar, can you talk about where you are in terms of like overall build rates in aerospace, maybe not calling out specifically, but just in general, where you are matching up with the OE rates and the planned production?

Gunnar，您能否談談您在航空航太領域整體建造率方面的現狀，也許不能具體說明，但總體來說，您與 OE 率和計劃生產的匹配情況如何？

Yeah. I think we're getting -- as Boeing is ramping up and destocking as they have been bringing material in, we're seeing our ramp-up slowly occurring, both on the Boeing and then as I mentioned on the LEAP program, we have seen -- we have reached our contractual level of inventory, and we're building to match how Safran is pulling from that inventory. So I would say, overall, there is a momentum towards the prior level of production.

是的。我認為我們正在得到 - 隨著波音公司在增加和減少庫存，他們一直在引進材料，我們看到我們的增長正在緩慢發生，無論是在波音公司還是在我在 LEAP 計劃中提到的，我們已經看到 - 我們已經達到了合同庫存水平，我們正在建造以匹配賽峰集團從該庫存中提取的方式。所以我想說，總體而言，生產動能正在朝著之前水準邁進。

And is there anything we should kind of be thinking about for the second half that could either put you at the low end or the high end of the range of the revenue range?

對於下半年，我們是否應該考慮一些因素，這些因素可能會使您的收入處於低端或高端？

Yeah. I think what you need to look at, if you see Machine Clothing, the Heimbach synergies are driving a lot of this, together with recapturing the lost revenue from the machine down as well as the transition. At AEC, the increase in commercial programs is a major factor to growth and profitability as well as the higher return programs coming back in at AEC.

是的。我認為你需要看看，如果你看到 Machine Clothing，Heimbach 的協同效應正在推動其中的大部分，同時也收回了機器故障和轉型造成的收入損失。在 AEC，商業項目的增加是成長和獲利能力的主要因素，也是 AEC 更高回報項目的回歸。

Now the improved performance is part of our guide. We expect our performance in the second half to be better.

現在，改進的性能已成為我們指南的一部分。我們預計下半年的表現會更好。

[CH-53K], can you just maybe on just kind of the latest adjustments that you've made. It seems like, obviously, some of this was all strategically planned to support your move into low rate production. But maybe just give us your latest thoughts on that program.

[CH-53K]，您能否介紹一下您所做的最新調整。顯然，這一切都是經過戰略規劃的，旨在支持你們進軍低速率生產。但也許只是告訴我們您對該計劃的最新想法。

And Peter, I missed the program.

彼得，我錯過了這個節目。

The CH-53K, sorry.

CH-53K，抱歉。

Okay. CH-53, yeah. So the ramp-up there, we're taking a very controlled approach to how we're ramping that up, like I've said, the investment in that program, both in how we lead our team and how we train our team. I wouldn't say that it's taking longer, but we're putting a lot of effort into it as the program grows.

好的。CH-53，是的。因此，對於如何加大投入，我們採取了一種非常可控的方法來加大投入，就像我說過的，對這個專案的投資，包括我們如何領導我們的團隊以及如何培訓我們的團隊。我不會說這會花費更長的時間，但隨著專案的發展，我們正在投入大量精力。

We are continuing to grow each of the monuments, if you want, the biggest one being the Aft, which is the latest transition that we had. But I can tell you that I was there. I saw all of our jigs at the facility, and we have parts in all of the jigs, which gives me the confidence that we're building and working towards that two per month rate that we're going to be at towards the end of this year.

如果你願意的話，我們正在繼續擴大每個紀念碑，其中最大的一個是 Aft，這是我們最新的轉變。但我可以告訴你我當時在那裡。我在工廠看到了我們所有的夾具，而且所有夾具中都有我們的零件，這讓我有信心我們正在建造並努力實現今年年底每月兩個的產量。

(Operator Instructions) Steve Tusa, JPMorgan.

（操作員指示）摩根大通的史蒂夫·圖薩。

This is Chigusa Katoku on for Steve. So firstly, just digging in a little bit more into the AEC margins. So I think in your most recent update, it sounded like things were turning the corner here and things are improving on Boeing to versus a couple of quarters ago. So I just was wondering if you could provide some additional color on what happened here that you kind of need to make additional investments in the labor.

這是 Chigusa Katoku 為 Steve 表演的。因此，首先，我們稍微深入研究一下 AEC 邊緣。因此，我認為在您最近的更新中，聽起來事情正在發生轉機，與幾個季度前相比，波音的情況正在改善。所以我只是想知道您是否可以提供一些關於這裡發生的事情的額外信息，即您需要在勞動力方面進行額外的投資。

The AEC is performing very well across all of the programs. Our challenge has remained at the CH-53K program, primarily because it's a very different program from all of the other parts that we provide at AEC. So the focus has been there. It has taken us longer to do the ramp, and it has taken more resources.

AEC 在所有專案中都表現非常出色。我們面臨的挑戰仍然是 CH-53K 項目，主要是因為它與我們在 AEC 提供的所有其他部件的項目非常不同。所以焦點一直都在那裡。我們花了更長的時間來建造坡道，並且耗費了更多的資源。

And as we looked at the performance in the second half, we realized that we had underestimated our overhead charges there. And I think also what is important to remember is that this is a 10-year program. So when you do a small adjustment in the overhead rate, it has a very large impact to the EACs.

當我們回顧下半年的表現時，我們意識到我們低估了我們的管理費用。我認為還需要記住的是，這是一個十年計劃。因此，當您對間接費用率進行微小調整時，它會對 EAC 產生非常大的影響。

So we are investing in this program. We're seeing the result of the investment in the program. More importantly, the investment in both our planning and supply chain now has us filling up our tools -- tool jigs with parts, giving our teams the ability to perform, which has been an issue, right? If you don't have the parts, it's hard to show your performance.

所以我們正在投資這個項目。我們正在看到該項目投資的成果。更重要的是，我們對規劃和供應鏈的投資現在使我們的工具——帶有零件的工具夾具——充滿了我們的工作能力，使我們的團隊能夠更好地執行任務，這一直是一個問題，對吧？如果你沒有這些部分，你就很難展現你的表現。

With all the parts available, you have a chance to show how you can perform. And that is turning the corner, as you say, we're seeing coming into the third quarter.

有了所有可用的零件，你就有機會展現你的實力了。正如你所說，轉折點正在到來，我們將在第三季度看到這一點。

Okay. Great. Thanks. And then as a follow-up, so you reaffirmed your full-year guidance, which implies that it's maybe like a 30% half-over-half ramp in EBITDA. So if you can kind of just dig in a little bit deeper into what kind of -- what you expect will ramp in the second half that gives you confidence to reiterate the guidance?

好的。偉大的。謝謝。然後作為後續問題，您重申了全年業績指引，這意味著 EBITDA 可能會有 30% 的上半年成長。因此，如果您可以更深入地挖掘一下——您預計下半年會出現哪些增長，從而讓您有信心重申指導意見？

Yeah. It's fair because we see not only better returns, but we also see higher sales in the third and fourth quarter, which is what's giving us the confidence to say that we'll keep the guide.

是的。這是公平的，因為我們不僅看到了更好的回報，而且我們還看到第三季和第四季的銷售額更高，這讓我們有信心說我們將保持指導。

Heimbach synergies, again, is a big part. They're becoming cumulative as well as some of the timing at MC. For AEC, it's really the growth that we're seeing both on the commercial side and the defense with CH-53K and performance there. That gives us the confidence to say we're holding the guide.

海姆巴赫協同效應再次成為重要組成部分。它們正在逐漸累積，MC 的某些時間也逐漸增加。對於 AEC 來說，我們真正看到的是 CH-53K 在商業方面和防禦方面的成長以及其性能。這使我們有信心說我們掌握了指南。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Just to stay on that topic of the guidance. I mean, a couple of challenges here. I mean, what were the drivers in -- or the decision-making in not lowering the guidance? And then even the bridge for AEC, I mean, that second-half range implies that revenues could be down 11% versus first half or up 9%. What are the swing factors that are going to take you to the high end and the low end of those guidance ranges? I mean, it just seems like a pretty wide range, especially in the context of the recent performance.

只是繼續討論指導的這個主題。我的意思是，這裡存在一些挑戰。我的意思是，不降低指導價的驅動因素或決策是什麼？然後，即使是 AEC 的橋樑，我的意思是，下半年的範圍意味著收入可能比上半年下降 11% 或增長 9%。哪些搖擺因素會將您帶到這些指導範圍的高端和低端？我的意思是，這個範圍似乎相當廣泛，尤其是在最近的表現背景下。

I'm not addressing the range itself, but it's really about getting the performance on the program to the level that we believe that the program has, which is -- it's the EACs that is driving the low performance, right? So if we can perform at the level that we believe we have the ability to do now with parts at hand and with the team trained and continued ramp is where we see the high end of the range. The low end of the range, obviously, is we're not able to achieve that.

我並不是說射程本身，而是真正談論如何將程式的性能提升到我們認為程式所具有的水平，也就是——是 EAC 導致了性能低下，對吧？因此，如果我們能夠憑藉現有零件、訓練有素的團隊和持續的產能提升，達到我們認為目前有能力達到的水平，那麼我們就能達到最高產量。顯然，我們無法達到最低產量。

So for AEC, it is really around the CH-53K program. But the reason why we held it is because we have confidence that the team has come to a point where we will see the results of all of this impact.

因此對於 AEC 來說，它實際上圍繞著 CH-53K 計劃。但我們舉辦這次會議的原因是，我們有信心，團隊已經達到了一個階段，我們將看到所有這些影響的結果。

We see it gradually, right? We see it with less quality issues. We see it with less hours being spent on each operation, and so the progress is there in the short term.

我們逐漸看到了，對吧？我們發現品質問題較少。我們發現每次操作所花的時間越來越少，因此短期內就能取得進展。

Okay. I mean, is anything else ramping up? I mean, your pipeline, maybe other programs that you've secured? Do you have to relook at other contracts and other assumptions across other defense programs? I mean, how do we get comfortable with the AEC profile on a go-forward basis? What's potentially in that pipeline that we don't really know yet?

好的。我的意思是，還有其他事情正在增加嗎？我的意思是，您的管道，也許是您已獲得的其他項目？您是否必須重新審視其他國防計畫的其他合約和其他假設？我的意思是，我們如何在未來適應 AEC 概況？管道中還有哪些東西是我們尚不清楚的？

There's both existing and new programs that are ramping up in the second half. And we've not talked that much about it, Bell, obviously, as a part of that. The LEAP program is growing, and we had kept that flat for the year. And at this point, we're saying that it's growing as we are matching what Safran is building.

現有項目和新項目都將在下半年加速推進。貝爾，顯然，我們對此並沒有談論太多。LEAP 計劃正在不斷發展，今年我們的計劃一直保持穩定。目前，我們可以說，隨著我們與賽峰集團的建設同步，它正在不斷發展。

The JASSM-LRASM program continues to grow. And when I was in Salt Lake recently, we've invested quite significantly in that program and continue to deliver on time. So that is a growth for the back half as well.

JASSM-LRASM 計畫仍在持續發展。當我最近在鹽湖城時，我們已經對該項目投入了大量資金，並且繼續按時交付。所以這對後半部來說也是一種成長。

I would say Joint Strike Fighter, I would keep flat for now, and we're watching where Lockheed Martin is going on that. And then the engine programs at our Bernie facility and our Querétaro facility, as both Airbus and Boeing are ramping up, there is an increase in orders to us. So the second half does have growth in it across both commercial and military programs.

我想說的是聯合攻擊戰鬥機，目前我會保持平穩，我們正在觀察洛克希德馬丁公司在這方面的進展。隨著空中巴士和波音公司加大對伯尼工廠和克雷塔羅工廠引擎專案的投入，我們收到的訂單也隨之增加。因此，下半年商業和軍事項目確實都會有所成長。

(Operator Instructions) Alex Preston, Bank of America.

（操作員指示）美國銀行的亞歷克斯·普雷斯頓。

So I wanted to touch on the 3D woven composite parts and the replacing titanium. You mentioned you got a good reception in Paris. Maybe if you could just go a little deeper and sort of where that program stands? Maybe how long do you expect until certification might be in play, a go-to-market strategy? Maybe just a little more detail on that would be really helpful. Thank you.

所以我想談談 3D 編織複合材料部件和替代鈦。您提到您在巴黎受到了熱烈的歡迎。也許您可以更深入地了解該計劃的現狀？您預計認證需要多長時間才能發揮作用，這是市場進入策略嗎？也許再詳細一點會很有幫助。謝謝。

Yeah. You will see more information about this for each quarter as we expand our target opportunity there. But I think a good example here is at the Paris Air Show, if you went to the Safran display, they had the landing gear of A350 there, and they had a brake brace. It takes four per landing gear, and they had two of ours and two in titanium on that display.

是的。隨著我們擴大目標機會，您將在每個季度看到有關此內容的更多資訊。但我認為一個很好的例子就是巴黎航展，如果你去參觀賽峰集團的展覽，你會看到那裡有 A350 的起落架和煞車支架。每個起落架需要四個，而他們的顯示器上有兩個我們的，還有兩個鈦合金的。

And clearly, it's a perfect example of how we are replacing a part that is titanium today that can be replaced with a 3D woven part at a lower weight. That is a great example, and we were excited that they -- both Airbus and Safran were aligned there with us. And we're developing that. Certification is in the next 18 months or so, I would say.

顯然，這是一個完美的例子，說明我們如何用重量更輕的 3D 編織部件來取代當今的鈦金屬部件。這是一個很好的例子，我們很高興空中巴士和賽峰集團都與我們保持一致。我們正在開發這個功能。我估計認證將在未來18個月左右完成。

So some of these commercial programs or military programs when we are actually replacing current titanium will take some time. So our focus has been around the new programs.

因此，當我們真正替換現有的鈦金屬時，一些商業項目或軍事項目將需要一些時間。因此我們的重點一直圍繞著新項目。

Beta is a great example. We use 3D woven technology to help them design their lift blade. We had that in Paris as well. And then we are meeting with the developer of the new aircraft, military aircraft to show where we can replace titanium on new development programs.

Beta 就是一個很好的例子。我們使用 3D 編織技術來幫助他們設計升力葉片。我們在巴黎也遇過這種情況。然後，我們會與新型飛機、軍用飛機的開發商會面，展示在新的開發項目中我們可以在哪裡取代鈦。

And then, of course, we're using the 3D woven technology in our hypersonic development, which would replace not titanium, but use our technology to get a near net shape rather than the current box type that has to be machined.

當然，我們在高超音速開發中使用了 3D 編織技術，它不會取代鈦，而是使用我們的技術來獲得近淨形狀，而不是必須加工的當前盒形。

So 3D woven is our focus. We're going to put a lot of effort on it over the next several years. I think we'll have opportunity to replace titanium on current programs, but we'll have a big place in new programs.

因此 3D 編織是我們的重點。未來幾年我們將為此付出大量努力。我認為我們有機會在現有專案中取代鈦，但我們在新專案中將佔據重要地位。

There are no further questions at this time. And now I would like to turn the call back over to Gunnar Kleveland for closing remarks. Please go ahead.

目前沒有其他問題。現在我想把電話轉回 Gunnar Kleveland 做最後發言。請繼續。

Thank you, and thank you, everyone, for joining us on the call today. We appreciate your continued interest in Albany International. Thank you and have a good day.

謝謝大家，也謝謝大家今天參加我們的電話會議。感謝您對 Albany International 的持續關注。謝謝您，祝您有美好的一天。