阿美特克 (AME) 2022 Q2 法說會逐字稿

Welcome to the Second Quarter 2022 AMETEK Earnings Conference Call. My name is Richard, and I'll be your operator for today's call. (Operator Instructions)

歡迎參加阿美特克2022年第二季業績電話會議。我叫理查德，今天將由我擔任電話會議的接線生。 （接線生指示）

I will now turn the call over to Kevin Coleman, Vice President of Investor Relations and Treasurer. Mr. Coleman, you may begin.

現在我將把電話轉給投資者關係副總裁兼財務主管凱文·科爾曼。科爾曼先生，您可以開始發言了。

Thank you, Richard. Good morning, and thank you for joining us for AMETEK's Second Quarter 2022 Earnings Conference Call.

謝謝你，理查。早安，感謝您參加阿美特克2022年第二季財報電話會議。

With me today are Dave Zapico, Chairman and Chief Executive Officer; and Bill Burke, Executive Vice President and Chief Financial Officer.

今天與我一起的還有董事長兼首席執行官戴夫·扎皮科 (Dave Zapico) 和執行副總裁兼首席財務官比爾·伯克 (Bill Burke)。

During the course of today's call, we will be making forward-looking statements, which are subject to change based on various risk factors and uncertainties that may cause actual results to differ significantly from expectations. A detailed discussion of the risks and uncertainties that may affect our future results is contained in AMETEK's filings with the SEC. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

在今天的電話會議中，我們將做出前瞻性陳述。這些陳述可能會因各種風險因素和不確定因素而發生變化，導致實際結果與預期有顯著差異。阿美特克向美國證券交易委員會 (SEC) 提交的文件中詳細討論了可能影響我們未來業績的風險和不確定性。阿美特克不承擔更新或修改任何前瞻性陳述的意圖或義務。

Any references made on this call to 2021 or 2022 results will be on an adjusted basis, excluding after-tax, acquisition-related intangible amortization. Reconciliations between GAAP and adjusted measures can be found in our press release and on the Investors section of our website.

本次電話會議中提及的任何2021年或2022年業績均以調整後數據為準，不包括稅後收購相關無形資產攤銷。 GAAP指標與調整後指標之間的對帳訊息，請參閱我們的新聞稿以及我們網站的「投資者」板塊。

We'll begin today's call with prepared remarks by Dave and Bill, and then we'll open it up for questions. I'll now turn the meeting over to Dave.

今天的電話會議將以戴夫和比爾的預先準備好的發言開始，然後開始提問。現在我將會議交給戴夫。

Thank you, Kevin, and good morning, everyone.

謝謝你，凱文，大家早安。

AMETEK had another excellent quarter, with stronger-than-expected organic sales growth, outstanding operating performance, robust margin expansion and record earnings. Importantly, demand remains strong and broad-based across our diversified niche markets, leading to impressive organic order growth and a record $3.1 billion backlog.

阿美特克本季業績再創佳績，有機銷售額成長強於預期，營運業績優異，利潤率強勁成長，獲利創歷史新高。值得一提的是，我們多元化的利基市場需求仍然強勁且廣泛，有機訂單成長顯著，訂單積壓金額達到創紀錄的31億美元。

Given our second quarter results and our outlook for the back half of 2022, we have increased our earnings guidance for the year.

鑑於我們第二季的業績以及對 2022 年下半年的展望，我們上調了今年的獲利預期。

Now let me turn to our second quarter results. Second quarter sales were a record $1.51 billion, up 9% over the same period in 2021. Organic sales were up 12%. Acquisitions added a point and foreign currency was a 3-point headwind in the quarter. Organic orders were up a very strong 11% despite a highly challenging prior year comparison. Book-to-bill was 1.09 in the second quarter, our eighth consecutive quarter of positive book-to-bill.

現在，我來談談我們第二季的業績。第二季銷售額創下15.1億美元的紀錄，較2021年同期成長9%。有機銷售額成長12%。收購為本季貢獻了1個百分點，而外匯因素則對銷售額造成了3個百分點的不利影響。儘管與去年同期相比面臨巨大挑戰，但有機訂單仍強勁成長了11%。第二季訂單出貨比為1.09，這是我們連續第八個季度實現正值。

Operating income in the quarter was a record $365 million, a 15% increase over the second quarter of 2021. Operating margins were 24.1% in the quarter, up 130 basis points from the prior year with strong incremental margins. EBITDA in the quarter was a record $444 million, about 15% over the prior year with EBITDA margins of 29.3%.

本季營業收入創紀錄達3.65億美元，較2021年第二季成長15%。本季營業利益率為24.1%，較上年同期成長130個基點，利潤率成長強勁。本季息稅折舊攤銷前利潤（EBITDA）創紀錄地達4.44億美元，較上年同期成長約15%，EBITDA利潤率為29.3%。

This outstanding performance led to record earnings of $1.38 per diluted share, up 20% versus the second quarter of 2021 and above our guidance range of $1.27 to $1.30, driven by stronger-than-expected sales and excellent operating performance.

這一出色的表現導致每股攤薄收益達到創紀錄的 1.38 美元，較 2021 年第二季度增長 20%，高於我們 1.27 美元至 1.30 美元的指導範圍，這得益於強於預期的銷售額和出色的營運業績。

Now let me provide some additional details at the operating group level. First, the Electronic Instruments Group. Sales for our Electronic Instruments Group were $1.03 billion, up 10% from last year's second quarter. Organic sales were up 12% in the quarter, with foreign currency headwinds more than offsetting acquisition contributions.

現在，讓我從營運集團層面提供一些補充細節。首先是電子儀器集團。該集團的銷售額為10.3億美元，較去年第二季成長10%。本季有機銷售額成長12%，外匯逆境抵銷了收購帶來的貢獻。

Organic growth remains very strong across our EIG businesses with particularly impressive growth across our Ultra Precision Technologies and P&AI division. EIG's operating performance was impressive, resulting in record operating profit and robust margin expansion in the quarter.

我們的EIG業務保持著強勁的有機成長，其中超精密技術和P&AI部門的成長尤為突出。 EIG的營運業績令人印象深刻，本季實現了創紀錄的營運利潤和強勁的利潤率成長。

Second quarter operating income was $265.1 million, up 17% versus the prior year and operating income margins were 25.8% in the quarter.

第二季營業收入為 2.651 億美元，較上年成長 17%，本季營業收入利潤率為 25.8%。

The Electromechanical Group also delivered strong sales growth and excellent operating performance in the quarter. EMG's second quarter sales were a record $486.3 million, up 7% versus the prior year with organic sales growing 11% in the quarter. EMG's growth was also broad-based, with strong growth across both our EMIP and Automation businesses.

機電集團本季也實現了強勁的銷售成長和卓越的營運表現。 EMG 第二季銷售額創下 4.863 億美元的新高，年增 7%，其中有機銷售額成長 11%。 EMG 的成長基礎廣泛，EMIP 和自動化業務均實現了強勁成長。

EMG's operating income in the second quarter was $124.4 million, up 11% compared to the prior year period. EMG's second quarter operating margins were excellent at 25.6%, up 70 basis points versus the prior year.

EMG第二季營業收入為1.244億美元，較去年同期成長11%。 EMG第二季營業利益率高達25.6%，較去年同期成長70個基點，表現優異。

Overall, outstanding results in the quarter, reflecting the quality of our differentiated businesses, the strength of our operating model and the tremendous efforts of our employees. I would like to thank all AMETEK colleagues for your commitment to AMETEK and for the many important contributions you make to our sustained success.

總體而言，本季業績表現優異，體現了我們差異化業務的卓越品質、強大的營運模式以及員工的辛勤付出。我要感謝所有阿美特克同事對阿美特克的投入，以及你們為我們持續成功做出的許多重要貢獻。

Now let me touch on the supply chain. Overall, the global supply chain remains constrained, with the largest challenging -- challenges continuing to be the availability of electronic components. As we noted previously, we have strategically decided to hold additional inventory of select components to support the strong customer demand and as a hedge against the tight supply chain. Additionally, AMETEK's global sourcing teams are doing an outstanding job working to identify additional sources of supply.

現在讓我談談供應鏈。總體而言，全球供應鏈仍然受到限制，最大的挑戰仍然是電子元件的供應。正如我們之前提到的，我們已策略性地決定增加部分元件的庫存，以滿足強勁的客戶需求，並應對供應鏈緊張的情況。此外，阿美特克的全球採購團隊正在出色地尋找新的供應來源。

While these supply chain issues are leading to higher inflation, we have been able to more than offset this inflation with higher pricing, leading to a strong price inflation spread again this quarter and outstanding margin trends.

雖然這些供應鏈問題導致通貨膨脹上升，但我們已經能夠透過提高定價來抵消這種通貨膨脹，從而導致本季價格通膨再次強勁蔓延，利潤率趨勢突出。

The combination of our global supply chain capabilities and pricing power provides us the confidence in our ability to manage through these uncertain times. During our first quarter earnings call, we noted that the COVID-driven lockdowns across parts of China were expected to delay some China sales from the second quarter into the second half of the year. These lockdowns caused less impact on the business in the quarter than we anticipated.

我們全球供應鏈能力與定價能力的結合，讓我們對渡過這些不確定時期充滿信心。在第一季財報電話會議上，我們指出，受新冠疫情影響，中國部分地區實施的封鎖措施預計將導致部分中國地區的銷售從第二季推遲到下半年。但這些封鎖措施對本季業務的影響小於我們的預期。

Due to the excellent efforts of our China team, we were able to operate in a closed loop system and adjust our logistics and supply chain networks to support production and shipments. Additionally, during the last 2 weeks of the quarter, as restrictions were lifted, we were able to resume multi-ship production and recover much of the delayed shipments.

由於中國團隊的出色努力，我們得以在閉環系統中運營，並調整物流和供應鏈網路以支援生產和發貨。此外，在本季最後兩週，隨著限制措施的解除，我們得以恢復多船生產，並收回了大部分延誤的出貨。

The impact of China's zero-COVID policy is something we are closely watching as we will need to react and adjust in the future. Thank you to our entire team in China for your tremendous commitment and resilience during this time.

我們正密切關注中國「零新冠」政策的影響，並在未來做出應對和調整。感謝我們中國全體團隊在此期間的辛勤付出和堅韌不拔。

Now switching to our acquisition strategy. Our top priority for capital allocation remains the value-enhancing strategic acquisitions. Our M&A pipeline is very strong. Our business unit and corporate development teams are busy managing an active pipeline of attractive acquisition candidates.

現在談談我們的收購策略。我們資本配置的首要任務仍是增值型策略收購。我們的併購項目非常豐富。我們的業務部門和企業發展團隊正忙於管理一系列極具吸引力的收購候選項目。

As Bill will highlight in a moment, we have a strong balance sheet and excellent cash flow providing us with meaningful capacity to support our acquisition strategy, and we expect to be active in the second half of the year.

正如比爾稍後將強調的那樣，我們擁有強大的資產負債表和出色的現金流，這為我們支持收購策略提供了有意義的能力，我們預計將在今年下半年積極行動。

We also remain focused on driving higher levels of organic growth by consistently investing in our businesses to support their strategic growth initiatives. We're seeing the benefits of these investments in stronger organic growth. Our investments in research, development and engineering continues to yield advanced technology solutions, allowing us to expand our leadership position across our niche markets.

我們將繼續專注於推動更高水準的有機成長，並持續投資於旗下業務，以支持其策略性成長計畫。這些投資已帶來顯著成效，並實現了更強勁的有機成長。我們在研發和工程方面的投資持續帶來先進的技術解決方案，使我們能夠在細分市場中進一步鞏固領導地位。

One measure of the success of these efforts is our Vitality Index, which was a very strong 26% of sales in the second quarter. This level of vitality reflects our business' ability to develop new products aligned with compelling growth opportunities.

這些努力是否成功，衡量標準之一是我們的活力指數，該指數在第二季的銷售額中佔比高達26%，非常強勁。這一活力水準反映了我們公司開發新產品的能力，並順應著令人矚目的成長機會。

One example of this is AMETEK's expansion into the high-growth areas of precision optics. AMETEK's Zygo business, based in Middlefield, Connecticut, provides leading-edge extreme precision optics for the design and protection of very large complicated aspheric lenses. These capabilities supported the manufacture of the 18 hexagonal-shaped mirrors, which make up the James Webb Space Telescope's primary mirror. The James Webb Telescope very recently produced the deepest and sharpest infrared images of the deep universe. Truly amazing images due in part to Zygo's capability.

其中一個例子就是阿美特克 (AMETEK) 進軍高成長精密光學領域的舉措。阿美特克旗下位於康乃狄克州米德爾菲爾德的 Zygo 業務部門，提供尖端的超精密光學元件，用於設計和保護大型複雜非球面透鏡。這些能力支撐了詹姆斯韋伯太空望遠鏡主鏡的 18 面六角形鏡面的製造。詹姆斯韋伯望遠鏡最近拍攝到了深空宇宙最深、最清晰的紅外線影像。這些令人驚嘆的影像部分歸功於 Zygo 的強大功能。

Zygo also provides advanced optical systems for use in the next generation of semiconductor production equipment. Their incredibly precised mirrors are playing an important role in supporting the development of EUV, or extreme ultraviolet optics, for the next generation of semiconductor technologies. Just two of the many examples across AMETEK of the unique and highly differentiated capabilities and technologies we provide our customers.

Zygo 還提供用於下一代半導體生產設備的先進光學系統。其高精度反射鏡在支援下一代半導體技術 EUV（極紫外線）光學元件的開發中發揮重要作用。這只是 AMETEK 為客戶提供的獨特且高度差異化能力和技術的眾多案例中的兩個例子。

Now turning to our outlook for the remainder of the year. With our strong results in the second quarter, continued solid order momentum and record backlog, we have increased our full year earnings guidance. For the full year, we expect overall sales to be up high single digits, with organic sales now also expected to be up high single digits versus our prior guidance of up mid- to high single digits.

現在談談我們對今年剩餘時間的展望。鑑於我們第二季度的強勁業績、持續強勁的訂單成長動能以及創紀錄的積壓訂單量，我們上調了全年獲利預期。我們預計全年整體銷售額將實現高個位數成長，有機銷售額也預計將實現高個位數成長，而我們先前的預期是中高個位數成長。

Diluted earnings per share for the year are now expected to be in the range of $5.46 to $5.54, up 13% to 14% compared to 2021. This is an increase from our previous guidance range of $5.34 to $5.44 per diluted share.

目前預計全年每股攤薄收益將在 5.46 美元至 5.54 美元之間，較 2021 年增長 13% 至 14%。這高於我們先前預測的每股攤薄收益 5.34 美元至 5.44 美元的範圍。

For the third quarter, we expect overall sales to be up in the high single digits compared to the same period last year, and third quarter earnings are expected to be in the range of $1.36 to $1.38 per diluted share, up 8% to 10% versus the prior year.

對於第三季度，我們預計整體銷售額將比去年同期增長高個位數，預計第三季度每股收益將在 1.36 美元至 1.38 美元之間，比上年增長 8% 至 10%。

While we are closely monitoring the various macroeconomic headwinds, we are not seeing slowing in our businesses as demand remains solid and our businesses are operating at a high level. We are confident in our ability and improved outlook for the year, given our strong backlog, ability to offset inflation with price increases and outstanding operating capability.

儘管我們正密切關注各種宏觀經濟逆風，但由於需求依然穩健，且業務營運維持高位，我們的業務並未出現放緩跡象。鑑於我們強勁的訂單量、透過漲價來抵消通膨的能力以及卓越的營運能力，我們對今年的業績和前景充滿信心。

In summary, AMETEK's second quarter results were excellent. Our businesses are well positioned with differentiated technology solutions serving a diverse set of growing niche markets. Our organic growth initiatives are driving higher levels of growth, and our portfolio is aligned with attractive mid- and long-cycle markets.

綜上所述，阿美特克第二季的業績非常出色。我們的業務定位明確，憑藉差異化的技術解決方案，服務於多元化、不斷成長的利基市場。我們的有機成長計畫正在推動更高水準的成長，我們的產品組合也與極具吸引力的中長週期市場相契合。

Additionally, our asset-light business model and strong cash flow provides us the flexibility to navigate challenging environments, while continuing to deploy capital and drive increased shareholder value. AMETEK remains firmly positioned to deliver long-term sustainable growth.

此外，我們的輕資產業務模式和強勁的現金流使我們能夠靈活應對充滿挑戰的環境，同時持續部署資本並提升股東價值。阿美特克始終堅定地致力於實現長期永續成長。

I will now turn it over to Bill Burke, who will cover some of the financial details of the quarter, and then we'll be glad to take your questions. Bill?

現在我將把時間交給比爾伯克 (Bill Burke)，他將介紹本季的一些財務細節，然後我們很樂意回答您的問題。比爾？

Thank you, Dave. As Dave noted, AMETEK delivered excellent results in the second quarter led by strong sales and orders growth and tremendous operating performance. Let me provide some additional financial highlights for the quarter.

謝謝，戴夫。正如戴夫所說，阿美特克在第二季度取得了優異的業績，這得益於強勁的銷售額和訂單增長，以及卓越的營運業績。請容許我再介紹一下本季的一些財務亮點。

Second quarter general and administrative expenses were $24.6 million, up $2 million from the prior year, and as a percentage of total sales was 1.6%, in line with the second quarter of 2021.

第二季一般及行政開支為 2,460 萬美元，較上年增加 200 萬美元，佔總銷售額的百分比為 1.6%，與 2021 年第二季持平。

For the full year, general and administrative expenses are expected to be up modestly from 2021 levels and approximately 1.5% of sales versus 1.6% of sales in 2021.

就全年而言，預計一般及行政開支將較 2021 年水準小幅上漲，約佔銷售額的 1.5%，而 2021 年為銷售額的 1.6%。

The effective tax rate in the second quarter was 18.5%, down from 20.6% in the second quarter of 2021. The lower rate this quarter was driven by lower tax on foreign income.

第二季有效稅率為 18.5%，低於 2021 年第二季的 20.6%。本季稅率較低是由於外國所得稅降低。

For 2022, we anticipate our effective tax rate to be between 19% and 19.5%. And as we've stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively, from this full year estimated rate.

我們預計2022年的實際稅率將在19%至19.5%之間。正如我們過去所指出的，實際季度稅率可能與全年預估稅率有顯著差異，無論是正向或負向。

Capital expenditures in the second quarter were $26 million, and we continue to expect capital expenditures to be approximately $125 million for the full year, or about 2% of sales, reflecting our asset-light business model.

第二季的資本支出為 2,600 萬美元，我們繼續預期全年資本支出約為 1.25 億美元，約佔銷售額的 2%，這反映了我們的輕資產業務模式。

Depreciation and amortization expense in the quarter was $77 million. And for the full year, we expect depreciation and amortization to be approximately $315 million, including after-tax acquisition-related intangible amortization of approximately $148 million or $0.64 per diluted share.

本季折舊和攤提費用為7700萬美元。我們預計全年折舊和攤銷費用約為3.15億美元，其中包括約1.48億美元的稅後收購相關無形資產攤銷，或每股攤薄收益0.64美元。

For the quarter, operating working capital was 18% of sales. Operating cash flow was $236 million and free cash flow was $210 million in the second quarter. We expect approximately 100% free cash flow to net income conversion for the full year. Our working capital and cash flow results reflect our strategic decision to add select inventory in certain areas to support continued strong customer demand and to hedge against the longer lead times we are experiencing across the supply chain.

本季度，營運資本佔銷售額的18%。第二季營運現金流為2.36億美元，自由現金流為2.1億美元。我們預計全年自由現金流將約100%轉化為淨收入。我們的營運資本和現金流結果反映了我們在某些​​地區增加部分庫存的策略決策，以支持持續強勁的客戶需求，並規避我們整個供應鏈面臨的更長的交貨週期。

During the second quarter, we repurchased 1.44 million shares of stock in the open market for approximately $173 million. And year-to-date, we've repurchased approximately 2.6 million shares, for a total of $330 million.

第二季度，我們在公開市場回購了144萬股股票，回購金額約1.73億美元。年初至今，我們已回購約260萬股，回購總額達3.3億美元。

As a reminder, our top priority for capital deployment remains strategic acquisitions as we believe it provides AMETEK and our shareholders with the best returns on our capital.

提醒一下，我們資本部署的首要任務仍然是策略性收購，因為我們相信它能為阿美特克和我們的股東帶來最佳的資本回報。

Total debt ended the second quarter at $2.5 billion, down slightly from the $2.54 billion at the end of 2021. Offsetting this debt is cash and cash equivalents of $349 million. At the end of the second quarter, our gross debt-to-EBITDA ratio was 1.4x, and our net debt-to-EBITDA ratio was 1.2x.

第二季末，我們的總負債為 25 億美元，略低於 2021 年底的 25.4 億美元。我們持有 3.49 億美元的現金及現金等價物，用於抵銷這筆債務。第二季末，我們的總負債與 EBITDA 比率為 1.4 倍，淨負債與 EBITDA 比率為 1.2 倍。

As Dave noted, AMETEK has a robust balance sheet with no material debt maturities due until 2024, modest levels of leverage and strong cash flows. As a result, we are well positioned to deploy meaningful capital to invest in our acquisition strategy with approximately $2.3 billion of cash in existing credit facilities to support our growth initiatives.

正如戴夫所指出的，阿美特克擁有穩健的資產負債表，在2024年之前沒有重大債務到期，槓桿率適中，現金流強勁。因此，我們完全有能力投入大量資金用於收購策略，現有約23億美元的信貸額度將支持我們的成長計畫。

To conclude, our businesses performed exceptionally well in the second quarter, delivering strong sales growth, outstanding operating performance and a high quality of earnings in a very challenging environment. We remain well positioned going into the back half of the year, and we'll continue to invest strategically in our long-term growth initiatives.

總而言之，我們的業務在第二季度表現優異，在充滿挑戰的環境中實現了強勁的銷售額成長、卓越的營運業績和高品質的獲利。我們仍將保持良好的勢頭，以迎接下半年，並將繼續對長期成長計畫進行策略性投資。

Kevin?

凱文？

Great. Thank you, Bill. Richard, could we please open the lines for questions?

太好了。謝謝你，比爾。理查德，我們可以開始提問了嗎？

(Operator Instructions) And our first question on the line comes from Allison Poliniak from Wells Fargo.

（操作員指示）我們接到的第一個問題來自富國銀行的 Allison Poliniak。

Just going back to you, and obviously, very strong orders. You mentioned you're really not seeing any slowing. But has there been any change in the cadence inter-quarter in terms of what you're seeing coming in, whether region or end market? Just any more color there?

回到您的問題，訂單量顯然非常強勁。您提到確實沒有看到任何放緩。但是，就您觀察到的季度間變化而言，無論是區域還是終端市場，訂單節奏是否有任何變化？還有更多細節嗎？

Yes. I mean we had strong orders each month of the quarter, with the strongest month being June. So pretty typical. And we just ended July. And our results were strong in July and very consistent with our outlook. So there's really continuing order strength that was -- we had strength in both groups. EIG was up 11% and EMG was up 9%. Overall, organic growth was up 11%.

是的。我的意思是，我們本季每個月的訂單量都很強勁，其中6月的訂單量最大。這很正常。 7月剛結束。 7月份的業績表現強勁，與我們的預期非常一致。所以訂單量確實持續強勁——我們兩個部門的訂單量都保持強勁。 EIG成長了11%，EMG成長了9%。整體而言，有機成長率成長了11%。

We're growing at healthy rates in all major regions of the world. All subsegments that we operate in are growing nicely. So it feels pretty good from where we sit. In addition to that, we have, as we mentioned in the prepared remarks, a record backlog of $3.1 billion, and that's up about 80% from just to -- prior to the start of the COVID pandemic. And we're feeling good, and we're not seeing any weakness anywhere right now.

我們在全球所有主要地區都保持著健康的成長速度。我們經營的所有細分市場都發展良好。所以，就目前情況而言，我們感覺相當不錯。此外，正如我們在準備好的發言稿中提到的，我們擁有創紀錄的31億美元積壓訂單，比新冠疫情爆發前增加了約80%。我們感覺良好，目前沒有發現任何疲軟跡象。

Great. And then there was obviously a step-up in inventory again this quarter sequentially. I suspect that's due to some of the orders that you're seeing coming in. How should we think about inventory level as we look to the back half of the year? Is it stabilized? Or is it really just dependent on the orders coming in and some of that supply chain issues that are still out there?

太好了。本季庫存顯然再次環比增加。我懷疑這是由於您看到的一些訂單。展望下半年，我們該如何看待庫存水準？庫存水準穩定了嗎？還是僅僅取決於訂單量以及一些仍然存在的供應鏈問題？

Yes, I think you've hit on it there, Allison. We've got -- with the strong order rate coming in, we've got to make sure we have the inventory to support those orders. And we are still concerned about supply chain, and we're going to continue to react to that.

是的，艾莉森，我想你說得對。隨著訂單量不斷增加，我們必須確保有足夠的庫存來支持這些訂單。我們仍然擔心供應鏈問題，並將繼續對此做出反應。

So I would say you've hit the nail on the head, and I think we've increased them now. And we'll continue to manage it closely. Obviously, you know we're very focused on running lean, but we've got to make sure we're supporting the orders that are in place.

所以我想說你說得一針見血，而且我認為我們現在已經增加了訂單。我們將繼續密切管理。當然，你知道我們非常注重精益運營，但我們必須確保執行現有的訂單。

Our next question on line comes from Mr. Josh Pokrzywinski from Morgan Stanley.

我們的下一個線上問題來自摩根士丹利的 Josh Pokrzywinski 先生。

Just I guess first question on Europe. I guess the totality of AMETEK is doing well. You mentioned the orders growth. Anything, I guess, underneath the surface or a KPI that you're watching there? Because obviously, more than macro challenges, things like energy costs just up a lot. Just wondering any way that, that's manifesting itself in your business?

我想第一個問題是關於歐洲的。我認為阿美特克整體表現良好。您提到了訂單增長。請問您關注的是什麼，或是有什麼潛在的關鍵績效指標 (KPI) 嗎？因為顯然，除了宏觀挑戰之外，能源成本等因素也大幅上漲。我想知道這在您的業務中是如何體現的？

In the last quarter, orders were up 9% in Europe. And we had notable strength in our Automation and Aerospace businesses, and the Aerospace businesses really started to accelerate. So it feels pretty good from a demand perspective right now, but with the geopolitical things going on in Russia and Ukraine and the fuel costs in Germany, we're certainly looking -- watching that very closely as that may be a sign of the first place for it to turn down for us. But right now, it's not. And Europe is strong, and we had a good quarter there. Again, Europe was up 9%.

上個季度，歐洲的訂單成長了9%。我們的自動化和航空航太業務表現強勁，航空航太業務也真正開始加速成長。所以，從需求角度來看，目前情況相當不錯。但考慮到俄羅斯和烏克蘭的地緣政治局勢以及德國的燃油成本，我們當然會密切關注，因為這可能是我們業務下滑的第一個跡象。但目前情況並非如此。歐洲業務表現強勁，我們在本季也取得了不錯的成績。歐洲業務再次成長了9%。

Got it. That's helpful. And then just on the Aerospace & Defense side. I think a lot of supply chain bottlenecks starting to get worse in there. Not necessarily for the stuff that you guys are producing, but are you seeing that at all either in your supply chain or being told by your customers to kind of throttle back delivery because they're waiting for some other component to come in and don't want to just kind of be building gliders or accumulating inventory in the meantime?

明白了。這很有幫助。然後就航空航天和國防方面而言。我認為那裡的許多供應鏈瓶頸開始惡化。不一定是你們生產的產品，但你們在供應鏈中是否也看到了這種情況？或者你們的客戶是否要求減少交貨量，因為他們正在等待其他零件到貨，不想在此期間製造滑翔機或囤積庫存？

Yes. I mean, right now, I'd say it's quite the opposite. Our orders in our Aerospace & Defense business were up low double digits in the quarter. Our commercial business was up stronger and it grew mid-teens and the strongest growth within the commercial aftermarket. And defense market was up low single digits for us, better than in the first quarter.

是的。我的意思是，目前來看，情況恰恰相反。本季度，我們航空航太和國防業務的訂單量成長了低兩位數。我們的商用業務成長強勁，實現了中等雙位數的成長，是商用售後市場中最強勁的成長。國防市場方面，我們的訂單量成長了低個位數，比第一季有所改善。

So we're looking at a very strong second half and most of the interactions we have with our customers, they are asking us for more. So we're not seeing any slowdown in demand or anything. And I even think that market is, because of pent-up demand, has got a long cycle of growth ahead of it.

因此，我們預計下半年業績將非常強勁，而且我們與客戶的大部分互動中，他們都在要求我們提供更多產品。因此，我們沒有看到需求有任何放緩或其他任何跡象。我甚至認為，由於被壓抑的需求，市場未來將迎來一個漫長的成長週期。

Got it. That's helpful. Then just one more question if you don't mind. What was price in the quarter?

明白了。這很有幫助。如果不介意的話，我再問一個問題。本季的價格是多少？

Right. So in the second quarter, our price continued to more than offset inflation. Pricing was about 6% and inflation was about 5% of sales. So we maintained about 100 basis point spread. And the results speak to the highly differentiated nature of the AMETEK product portfolio and our leadership position in niche markets. And we think about it as we had 6% volume growth and 6% price growth and 12% organic growth. So we think it was a really good quarter from that viewpoint.

是的。所以在第二季度，我們的價格繼續抵消了通貨膨脹的影響。價格上漲約6%，通貨膨脹率約佔銷售額的5%。因此，我們保持了約100個基點的利差。業績證明了阿美特克產品組合的高度差異化以及我們在利基市場的領導地位。我們認為，我們的銷量成長了6%，價格成長了6%，有機成長了12%。因此，從這個角度來看，我們認為這是一個非常好的季度。

Our next question on line comes from Nigel Coe from Wolfe Research.

我們的下一個線上問題來自 Wolfe Research 的 Nigel Coe。

I certainly echo those comments. So just on the third quarter outlook for mid-single-digit sales growth in context of 12% this quarter. Just wondering especially with the order rates pretty strong as well, what's covering that mid-single-digit outlook? I'm just wondering if we should be looking at the upper end of the mid-singles if you can be a bit more specific there.

我當然同意這些評論。所以，就第三季12%的銷售額成長預期而言，我預期銷售額將達到中等個位數成長。我想知道，尤其是在訂單量也相當強勁的情況下，是什麼支撐了中等個位數的成長預期？我只是想知道，我們是否應該關注中等個位數成長的上限，您能否更具體一點？

If you dig into it, the guide actually reflects mid- to high single digits because we have some currency headwinds. And really, quarter 3 is kind of a carbon copy of quarter 2. And we have a little bit of seasonality in quarter 3 because of the European exposure. But the difference between quarter 2 and quarter 3, we're expecting a little higher tax rate.

如果你深入研究，你會發現指南實際上反映的是中高個位數的成長，因為我們面臨一些貨幣逆風。實際上，第三季的情況與第二季幾乎完全相同。由於歐洲業務的影響，第三季也存在一些季節性因素。但第二季和第三季之間的差異在於，我們預期稅率會略高。

So we would consider it appropriately conservative, but there are some dynamics with tax sequentially and the organic rate is mid to high. So it's not mid, the currency is holding us back a bit.

所以我們認為這是適度保守的，但稅率的環比變化存在一些動態，而且有機稅率處於中高水平。所以它不是中等水平，匯率因素對我們有點阻礙。

And the comp is tougher, but I think if you just comp adjust it, 12% goes to maybe 9%. So just wondering if that was how you sort of manage.

薪酬確實更難，但我覺得如果只是調整薪酬，12% 可能會降到 9%。所以我想知道你們是不是也這樣管理的。

And then on the margins, it's obviously very strong. It seems like price cost is at least neutral to margin rates, not dollars, but margin rates. Can you just maybe confirm that? And then just wondering if there's any geographic impact from -- obviously, Europe is pretty strong, but was there any geo impacts to the margin this quarter?

在利潤率方面，它顯然非常強勁。價格成本似乎至少對利潤率（不是美元，而是利潤率）是中性的。您能證實一下嗎？然後我想知道這是否受到地理因素的影響——顯然，歐洲的利潤率相當強勁，但本季的利潤率受到地理因素的影響了嗎？

No. I mean, when I look at the margins for the whole business, it was up 130 basis points as reported and 140 basis points core. So you really see strong flow-through through price. And when you look at total cost of sales, I think the margins improved there.

不。我的意思是，當我查看整個業務的利潤率時，報告利潤率上漲了130個基點，核心利潤率上漲了140個基點。所以你確實看到了強勁的價格傳導效應。而當你查看總銷售成本時，我認為利潤率有所提高。

Strong in both groups, EMG margins were up 70 basis points and EIG margins were up 150 basis points as reported, and we had very healthy core incrementals of 40%. I reported 38 -- core incrementals of 38%, 40%. So it feels like we're more than offsetting inflation with price, and we're getting margin expansion. So I think it's a great margin story. And our teams are really executing in their businesses well.

兩個部門都表現強勁，EMG利潤率成長了70個基點，EIG利潤率成長了150個基點，而且我們的核心業務成長非常健康，達到了40%。我報告的核心業務成長分別為38%和40%。所以感覺我們不只用價格抵銷了通膨，利潤率還在成長。所以我認為這是一個很棒的利潤成長故事。我們的團隊在各自的業務中表現非常出色。

Our next question on line comes from Brett Linzey from Mizuho Americas.

我們的下一個線上問題來自瑞穗美洲公司的 Brett Linzey。

First question is just on inventories and more channel inventories. I know a lot of your businesses tend to be 2 to 3 linkages, upstream from end use or final assembly. Just curious what level of visibility you might have into some of those value chains and your assessment versus those levels relative to end demand?

第一個問題是關於庫存以及更多渠道庫存。我知道你們的許多業務往往涉及2到3個環節，從最終用戶或最終組裝到上游。我很好奇您對這些價值鏈的了解程度如何，以及您對這些環節相對於最終需求的評估如何？

Yes. If you think about our Electronic Instruments Group, we're largely selling 10 users there. So we have a good view of the end user and our products are customized. So we don't have the problem of people double ordering. They're going to be over ordering, but they're not ordering to put stuff on the shelf just in case because they're your expensive customized, highly engineered products.

是的。想想我們的電子儀器集團，我們主要針對10個用戶銷售產品。因此，我們對最終用戶有清晰的了解，而且我們的產品是客製化的。所以我們不會遇到客戶重複訂購的問題。他們可能會訂購過多的產品，但他們不會為了以防萬一而訂購，因為這些產品是價格高昂、高度客製化的。

When you think about our EMG business, that has more of a -- we're back on the food chain a couple of levels like you talked about. And you could have a backup there, but we're not seeing it right now, and it's indicated by our strong orders growth. So it feels like we're in the right areas and demand is still growing, and we're pretty optimistic about the second half of the year.

想想我們的肌電圖 (EMG) 業務，就像您說的，我們又回到了食物鏈的幾個層級。那裡可能存在備份，但目前我們還沒有看到，這從我們強勁的訂單成長就可以看出。所以感覺我們正處於正確的領域，需求仍在成長，我們對下半年非常樂觀。

Okay. Great. And then just back to price cost. So price, 6%. How are you thinking about some of the wraparound price into early '23 based on some of the mid-year actions? And just curious on price cost, what that might look like in terms of a tailwind as we get into '23 and what the kind of volume or incrementals or decrementals could look like for the algorithm for '23?

好的。太好了。然後回到價格成本的問題。價格，6%。根據年中採取的一些行動，您如何考慮將價格納入2023年初的覆蓋範圍？我很好奇價格成本，當我們進入2023年時，這可能會帶來什麼樣的順風效應？對於2023年的演算法來說，交易量、增量或減量會是什麼樣子？

Right. It's a little early to start talking about 2023, but the same pricing strategy that we've employed will continue. When we think about the second half of the year, we want to maintain that 100 basis point spread that we had in the second quarter. So the difference between 6% and 5% of sales is 100 basis points. We want to continue that in the second half of the year. And the future pricing is going to be a big part of our budget discussions, and we think inflation is going to be here for a while. So that's going to influence our thought process. So I would expect to [maintain] a positive spread into next year also.

是的。現在談論2023年還為時過早，但我們將繼續採用相同的定價策略。考慮到下半年，我們希望維持第二季的100個基點的利差。因此，6%和5%的銷售額之間的差額就是100個基點。我們希望在下半年繼續保持這種利差。未來的定價將成為我們預算討論的重要組成部分，我們認為通貨膨脹還會持續一段時間。這將影響我們的思考過程。因此，我預計明年的利差也能維持正值。

And just a quick follow-up. Would you say the complexion of a lot of your pricing actions is more list normal course versus surcharges? Or anything you can share there?

再問個簡單的問題。您覺得你們的許多定價行為更傾向於正常定價，而不是附加費嗎？或是有什麼可以分享的嗎？

It's a combination of both. I mean it's list, but in a lot of situations, there are -- we're tied to certain indexes and for shipping and things like that where commodities, there could be a retracement a bit, but most of it is in the base price. So we try to get it in base price.

兩者兼而有之。我的意思是，這是一個清單，但在很多情況下，我們與某些指數掛鉤，對於航運之類的大宗商品來說，可能會出現一些回調，但大部分價格都在基準價位。所以我們盡量以基準價成交。

But in some situations, it's obvious, it's transparent with your customer, and you have to give it back when things go down. But at the same time, we're saying we'll maintain that 100 basis point spread for the second half of the year.

但在某些情況下，這是顯而易見的，對客戶是透明的，當情況惡化時，你必須回饋。但同時，我們表示，下半年將維持100個基點的利差。

Our next question on line comes from Jeff Sprague from Vertical Research.

我們的下一個線上問題來自 Vertical Research 的 Jeff Sprague。

I just want to talk about the kind of the deals that were done last year that have sort of kind of anniversaried here in the last month or 2 or 3. How they're performing now as they kind of lapped year and are anniversaried into the portfolio? And any change in your view of kind of the accretion outlook for those businesses?

我只想談談去年達成的那些交易，它們過去一兩個月或三個月都差不多是周年紀念日。它們現在的表現如何？它們差不多已經跨年了，也已經進入投資組合的周年紀念日了。您對這些業務的增值前景有什麼看法嗎？

No. I think the outlook for all the businesses is positive, and we're really pleased to have bought them all. And the management teams are now getting embedded into AMETEK.

不。我認為所有業務的前景都很樂觀，我們很高興收購了它們。現在，這些業務的管理團隊正逐漸融入阿美特克。

I'd make a -- the business has had the same problems with supply chain that we experienced across our businesses, and those problems were more experienced in the Electronic Instruments Group. They were -- impact us a lot. And -- but the second half of the year, we took the opportunity to realign those businesses, get them integrated into AMETEK. And for the second half of the year, I really think we're going to have some significant momentum in H2 related to those deals. So we made a lot of progress during the first year. And I think, into the second half of this year and also 2023, I really see significant momentum.

我想說的是——該業務在供應鏈方面遇到了與我們其他業務相同的問題，這些問題在電子儀器集團中更為常見。它們對我們影響很大。但在今年下半年，我們藉此機會重新調整了這些業務，並將它們整合到阿美特克 (AMETEK) 中。對於下半年，我堅信這些交易將為我們帶來顯著的動力。我們在第一年取得了很大進展。我認為，在今年下半年以及2023年，我們確實會看到顯著的推動力。

And I missed the first couple of minutes of the call, David. Did you say anything about kind of the current deal pipeline or kind of potential actionability on things as you look here into the balance of the year?

大衛，我錯過了電話會議的前幾分鐘。你有沒有提到目前的交易管道，或是在展望今年餘下時間時，可能採取的行動？

No, that's a good question, Jeff. I mean we remain very active. We mentioned that in our prepared remarks. We're looking at multiple deals. As always, we're focused on long-term returns.

不，傑夫，這個問題問得好。我的意思是，我們仍然非常活躍。我們在準備好的演講稿中提到了這一點。我們正在考慮多項交易。一如既往，我們專注於長期回報。

One of the things I'm excited about is our debt profile. About 86% of our debt is long term and fixed at a 3.2% interest rate. So if there's a -- if interest rates rise, it's really going to have limited effect on us.

讓我感到興奮的一件事是我們的債務狀況。我們約86%的債務是長期債務，固定利率為3.2%。所以，如果利率上升，對我們的影響其實有限。

As Bill mentioned in his prepared remarks, we have no debt maturities in the next couple of years. We recently upsized our revolver. So we're in a very good position to be in terms of executing our M&A strategy. And as I said, our pipeline is strong, and I expect you'll be hearing from us in the second half of the year regarding M&A.

正如比爾在他的準備好的演講稿中提到的，我們未來幾年沒有債務到期。我們最近增加了循環信貸額度。因此，在執行併購策略方面，我們處於非常有利的位置。正如我所說，我們的併購管道非常強大，我預計下半年你們會收到我們關於併購的消息。

(Operator Instructions) Our next question on the line comes from Andrew Obin from Bank of America.

（操作員指示）我們接下來的問題來自美國銀行的安德魯·奧賓。

Just another question on price and volume. In terms of your guide raise, how much of it was price and how much was better volumes in the second half? And I appreciate that there is a FX headwind there as well.

還有一個關於價格和交易量的問題。就您的預期漲幅而言，其中有多少是價格上漲帶來的，又有多少是下半年交易量增加帶來的？我知道外匯市場也存在逆風。

Right, right. Yes, so we're not giving that information out. It's really tough to understand that. What we're saying is we'll maintain a spread of 100 basis points positive.

對，對。是的，所以我們不會透露這些資訊。這真的很難理解。我們的意思是，我們將維持100個基點的正利差。

And it's very complicated when you take into account FX and our different mix of businesses and what's happening in the market with some commodity starting to come down. So -- but what we're saying is we'll maintain 100 basis point spread between price and inflation in the second half of the year.

考慮到外匯、我們不同的業務組合，以及市場行情，尤其是一些大宗商品價格開始下跌，情況會變得非常複雜。但我們的預期是，下半年價格與通膨之間的利差將維持在100個基點。

Got you. And just to follow up on Jeff's question on M&A. You have a sort of bottoms up -- a lot of your M&A activity is sort of bottoms up in the organization. Are you hearing anything new from your business units as they chase these market leaders? Do you take a look at stacks? Are you seeing private equity back away? Any change in behavior, anything different about this market versus where we were maybe 6 to 12 months ago?

明白了。我來跟進一下傑夫關於併購的問題。你們的併購活動是自下而上的──許多併購活動都是在組織內部自下而上進行的。在你們的事業部門追逐這些市場領導者的過程中，你們聽過什麼新消息嗎？你們會關注這些併購組合嗎？你們看到私募股權投資正在撤離嗎？現在的行為有什麼改變嗎？與6到12個月前相比，這個市場有什麼不同嗎？

Yes. The -- I mentioned in a prior call that the multiples were very high. And for quality assets, they're still attracting a bit of a premium. But the multiples between public and private markets are coming in, they're becoming closer together.

是的。我在之前的電話會議上提到過，市盈率非常高。對於優質資產來說，它們仍然有一定的溢價空間。但公開市場和私募市場的本益比正在縮小，它們之間的差距越來越小。

And if you have to go and finance a deal and AMETEK can pay from its balance sheet, it gives us an advantage right now because there is some difficulty in getting financing impacting some private equity potential buyers and sellers for that matter.

如果你必須去為一筆交易融資，而 AMETEK 可以從其資產負債表中支付，那麼這會給我們帶來優勢，因為獲得融資存在一些困難，從而影響一些私募股權潛在買家和賣家。

Our next question on line comes from Mr. Matt Summerville from D.A. Davidson.

我們的下一個線上問題來自 D.A. Davidson 的 Matt Summerville 先生。

This is Will Jellison on for Matt Summerville this morning.

今天早上，我是 Will Jellison，為 Matt Summerville 主持節目。

So on the call, you mentioned the supply chain actions that you're taking, including some supply diversification. And I was wondering, bigger picture across the last year plus of supply chain challenges you faced, are there any best practices that you've learned about throughout the organization that you would want to sustain even when supply chains reach more normalized levels in the future?

所以在電話會議上，您提到了您正在採取的供應鏈措施，包括一些供應多元化措施。我想知道，從過去一年多來您面臨的供應鏈挑戰來看，您是否在整個組織內學到了一些最佳實踐，即使未來供應鏈達到更規範的水平，您也希望繼續保持這些最佳實踐？

It's a great question. And I think we learned several things. We learned that our business model is fundamentally sound. Because our distributed business model, having those committed P&L managers running their business units, they really drive their businesses and there's a good interaction between them and the centralized corporate supply chain team.

這個問題問得很好。我認為我們學到了很多。我們認識到，我們的商業模式從根本上來說是合理的。因為我們的分散式商業模式，讓那些盡職盡責的損益經理管理各自的業務部門，他們真正推動著業務發展，而且他們與集中式的企業供應鏈團隊之間有著良好的互動。

We also learned that our engineering capability is first rate, and they solved shortages through redesign and qualified component substitutions through this whole time.

我們還了解到，我們的工程能力是一流的，他們透過重新設計和合格的組件替換解決了整個過程中的短缺問題。

We did probably one thing that will change is how we purchase electronics going forward. We're looking for -- to leverage our spend more and develop closer relationships with both the semiconductor chip manufacturers and the distributors for that matter. So it will be a little bit of a change in that area. That's one thing I can put to. We're being more direct as opposed to relying on distribution.

我們所做的一件事可能會改變我們未來採購電子產品的方式。我們希望能夠更好地利用我們的支出，並與半導體晶片製造商和分銷商建立更緊密的關係。所以這方面會有一些變化。這是我可以肯定的一點。我們將更加直接，而不是依賴分銷商。

But fundamentally, it's navigating through this as we did, dealing with these challenges, we've had excellent results. And it's -- as I said, key from my view is our distributed business model. We have people owning these businesses and making good decisions. And our strong engineering capability is also a key factor to help us solve these shortages and redesigning, find qualified component substitutions. So did that answer your question?

但從根本上來說，我們成功地應對了這些挑戰，並且取得了優異的成績。正如我所說，我認為關鍵在於我們的分散式商業模式。我們擁有一群擁有這些業務並做出正確決策的人。我們強大的工程能力也是幫助我們解決這些短缺問題、重新設計、找到合格零件替代品的關鍵因素。那麼，以上回答了你的問題嗎？

Yes, that was great. And then as a follow-up, I was wondering to the point that you made about having content on the James Webb Telescope, I was wondering if events like that, that are highly visible, of historic nature, do those start to meaningfully increase the visibility of what a business like Zygo offers to the extent that it catalyzes more orders than you might otherwise have?

是的，太棒了。接下來，我想問一下，關於您提到的關於詹姆斯韋伯望遠鏡的內容，我想知道，像這類具有歷史意義的、備受矚目的活動，是否能夠顯著提升 Zygo 等公司產品的知名度，從而促成​​比以往更多的訂單？

I think in the research community, it really stands out and it does drive customers to us. And the other thing I mentioned in the EUV market, designing and developing optics there, there's really only a couple of people that can do it. So Zygo is really already well known. But those type of events do help us and they drive customers to us because they see our expertise. And it also is positive for our employees to see that kind of thing and how we're improving the world. So it does help, and we have a lot of businesses like that around AMETEK.

我認為在研究界，這確實很突出，也確實吸引了客戶。另外，我提到的EUV市場，設計開發光學元件的公司其實只有少數幾家。所以Zygo其實已經很有名了。這類活動確實對我們很有幫助，它們吸引了客戶，因為他們看到了我們的專業知識。而且，讓我們的員工看到這樣的活動以及我們如何改善世界，也是一件很正面的事情。所以這確實很有幫助，我們在AMETEK有很多這樣的業務。

Our next question online comes from Mr. Joe Giordano from Cowen.

我們的下一個線上問題來自 Cowen 公司的 Joe Giordano 先生。

Just curious, just the way you guys are set up. Like when we think about the chipset, what does that have to -- how do you think about the impact? Are you kind of agnostic as to where a plant is built globally? Or is this helpful that the U.S. is incentivizing it specifically?

我只是好奇，你們的設定方式是怎麼樣的。比如說，當我們考慮晶片組時，它與什麼有關──你們如何看待它的影響？你們對工廠在全球的哪個地方建不太了解嗎？或者說，美國專門為此提供激勵措施是否有幫助？

Yes. I'd say in general, we're agnostic. Wherever it's built in the world, we're going to have our fair shot at it. But what's happening now is there's probably going to be some incremental capacity put in to satisfy things like security and national defense. And with more opportunities, we'll certainly get a fair share of our business there.

是的。總的來說，我們對此持懷疑態度。無論在世界任何地方建造，我們都會盡力爭取。但目前的情況是，可能會有一些增量產能投入，以滿足安全和國防等方面的需求。隨著更多機會的出現，我們肯定會在那裡獲得相當可觀的業務份額。

Perfect. And then, Dave, can you go through kind of like any changes in the outlook by market?

太好了。那麼，戴夫，您能談談市場前景有什麼變化嗎？

Yes, I think on our Process businesses, organic sales for Process were up low double digits in the quarter. They had a very broad-based growth across essentially all Process businesses. And growth in the quarter was particularly strong across Taylor Hobson, Zygo, and our fluid analysis businesses. And you take that all in and now we're expecting organic sales for Process businesses to be up high single digits. So we raised that.

是的，我認為就我們的過程業務而言，本季過程業務的有機銷售額實現了低兩位數的成長。幾乎所有過程業務都實現了非常廣泛的成長。泰勒霍布森、Zygo 和我們的流體分析業務在本季的成長尤為強勁。綜合考慮這些因素，我們預期過程業務的有機銷售額將實現高個位數成長。因此，我們上調了這個預期。

Aerospace & Defense. Organic sales for our Aerospace & Defense businesses were up low double digits, growth across each segment. Total commercial sales were up mid-teens in the quarter with strong growth across commercial OEM and aftermarket, and defense sales were up low single digits. So stronger in commercial, but defense was growing also.

航空航天與國防。航空航太與國防業務的有機銷售額實現了低兩位數成長，各業務板塊均成長。本季商用車總銷售額實現了兩位數左右的成長，商用車OEM和售後市場均實現了強勁成長；國防業務銷售額實現了低個位數成長。商用車業務表現強勁，國防業務也實現了成長。

And for the full year, we now expect organic sales to be up high single digits for our A&D businesses with growth in both Commercial and also Defense.

就全年而言，我們預計 A&D 業務的有機銷售額將實現高個位數成長，商業和國防業務都將成長。

And if you look at our Power -- Power & Industrial businesses, excellent in the quarter, up mid-teens on a percentage basis with notable strength in our Programmable Power business. And we now expect organic sales in our Power & Industrial business to be up high single digits. So that was raised also.

如果您看一下我們的電力和工業業務，本季表現出色，百分比成長了15%左右，其中可程式電源業務表現尤為突出。我們現在預計電力和工業業務的有機銷售額將實現高個位數成長。所以這個數字也上調了。

And finally, our Automation & Engineered Solutions, a really good quarter in both Automation & Engineered Solutions, both seeing strong growth. And we raised the year for that segment also to be high single digits. So we're reflecting the strength of our businesses and an improved organic guide for the rest of the year. And really all those subsegments are now forecasted to grow at high single digits.

最後，我們的自動化與工程解決方案部門本季表現非常出色，均實現了強勁成長。我們也上調了該部門的全年業績預期，使其達到高個位數成長。這反映了我們業務的強勁表現，也為今年剩餘時間提供了更完善的有機成長指引。實際上，所有這些子部門現在都預測將實現高個位數成長。

Our next question comes from Mr. Scott Graham from Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Scott Graham 先生。

Yes, so thanks for doing that just now. You saved me a question. The -- can you just give us the productivity number in the quarter and the expectation for the year?

是的，謝謝你剛才的回答。你幫我省去了一個問題。你能告訴我們本季的生產力數據以及全年的預期嗎？

Yes. Cost savings in the quarter was $35 million. So a really good quarter. And we're getting a lot of that through value engineering. We're redesigning some of these things and getting them designed at a lower cost level. So that's helping us a lot. And for the year, the cost savings number is $125 million.

是的。本季的成本節省了3500萬美元。所以這是一個非常好的季度。我們透過價值工程實現了很大一部分節省。我們正在重新設計其中一些產品，並降低其設計成本。這對我們幫助很大。全年的成本節省金額為1.25億美元。

So no change there?

那麼沒有變化嗎？

No change. About half of it is OpEx and half of it is materials.

沒有變化。大約一半是營運支出，一半是材料支出。

Okay. You went through a longer sort of acquisition response than I've heard you before. It sounds to me like you're even signaling that -- more than signaling, you said expect second half deals. Could you kind of -- is this a situation where things have just sort of been lined up at the gate and there's going to be a couple of different closings of deals? Do you think perhaps your comment was directed more at one in particular? Just -- I mean, how close are we on some? Did we lose any? Just maybe a little bit more color on what you're thinking on the second half.

好的。您經歷了比我之前聽到的更長的收購回應時間。在我看來，您甚至暗示——不僅僅是暗示，您還說預計下半年會有交易。您能否解釋一下——現在的情況是，所有事情都已經排好隊，接下來會有幾筆不同的交易完成？您是否認為您的評論更多是針對某一筆交易？我的意思是，我們離某些交易有多近？我們有沒有損失什麼？或許您可以更詳細地談談您對下半年交易的看法。

Yes. You never can tell with deals, Scott. And things can happen and things can change. But I feel really confident right now because the volume of deals that we're looking at and processing and having some positive interactions are high.

是的。斯科特，交易永遠無法預測。事情可能發生，也可能發生變化。但我現在非常有信心，因為我們正在考慮、處理的交易數量很高，而且有一些正面的互動。

And they're both the typical deals that AMETEK has and there are some that are on the bigger size within the constraint of the types of deals we look at. So the -- we're busy with deals. We're busy, and we get -- our people are real busy.

這些交易都是阿美特克的典型交易，也有一些規模較大，符合我們關注的交易類型的限制。所以，我們忙於交易。我們很忙，我們的員工也非常忙。

And the situation that I talked about with our strong balance sheet, the fixed debt, the strong cash flow, we think that's going to be a differentiator for us as we look into the second half of the year.

我談到的我們的強勁資產負債表、固定債務、強勁的現金流等情況，我們認為，這將成為我們下半年的差異化因素。

Just one more, if I may. The unbundling of the organic and for the full year, the up high single digits really for all 4. Could you tell us of those 4, which ones are maybe a little bit more that you're optimistic on in the second half? Because obviously, in the second quarter, you did better than we all expected on organic. So sort of how much of those raises were because the second quarter was better versus what you're seeing in the second half?

如果可以的話，我再問一個。有機收入和全年有機收入的拆分，四個方面都實現了高個位數成長。您能否談談這四個方面，您對下半年哪些方面的表現更樂觀？因為很明顯，第二季有機收入的表現超出了我們的預期。那麼，這些成長中有多少是因為第二季的表現比下半年好呢？

Good question. In general, we had a good second quarter across the board. The one area that I'd point out is the order growth rates in the commercial aerospace market were one of the things that caught my attention. So I'm looking for some positives there in the second half of the year and into 2023.

問得好。總體而言，我們第二季的整體表現良好。我想指出的是，商用航空市場的訂單成長率是我關注的重點之一。因此，我預計今年下半年乃至2023年該市場將出現一些正面跡象。

Our next question on line comes from Mr. Brett Hardman from Melius Research.

我們的下一個線上問題來自 Melius Research 的 Brett Hardman 先生。

So you've already given good color on price cost, but I just wanted to get more of a sense on what you're seeing in terms of cost inflation, in particular, and your outlook going forward. Sorry if I missed this, but inflation impact was 4% last quarter, 5% this quarter. You said supply chain is still bad for electronic components in particular, and that inflation will be here for a while.

所以您已經很好地闡述了價格成本，但我只是想進一步了解您目前看到的成本通膨情況，以及您對未來的展望。抱歉，我沒注意到，上季通膨影響是4%，本季是5%。您說供應鏈仍然對電子元件尤其不利，通膨還會持續一段時間。

But I'm just wondering, do you expect the inflation impact in general across your business to continue to increase? Or is it sort of plateauing or decreasing as we move through the rest of the year?

但我只是想問，您預計通貨膨脹對貴公司整體業務的影響會繼續加劇嗎？還是說，隨著今年剩餘時間的推移，通膨的影響會趨於穩定或逐漸減弱？

Yes, that's a good question. What you really see is some things are coming back in, decreasing in price like inflation, like the commodities. But at the same time, you have wages and other areas that are increasing. So the net effect is inflation is still increasing.

是的，這是個好問題。你真正看到的是，有些東西正在回升，價格下降，例如通貨膨脹，例如大宗商品。但與此同時，工資和其他領域的價格都在上漲。所以淨效應是通貨膨脹仍在上升。

It went from 4% to 5% sequentially in the quarter. Right now, I think that's going to stabilize at that, but it's difficult to predict. That's why we have things in place. We're going to maintain that 100 basis points positive spread. But clearly, there are different dynamics that are happening right now where some things are coming back in and some things are still inflating, but the net is still increasing costs. So -- but we've got a good system to manage that, but that may change over the next quarter, and we'll tell you about it. But right now, that's where it is.

本季環比成長從4%上升到5%。目前，我認為這個數字會穩定在這個水平，但很難預測。這就是我們採取這些措施的原因。我們將維持100個基點的正利差。但顯然，目前存在一些不同的動態，有些因素正在回升，有些因素仍在膨脹，但淨成本仍在增加。所以——我們有一個很好的系統來管理這種情況，但下個季度可能會有所變化，我們會告訴大家。但目前情況就是這樣。

We have no further questions at this time. I will now turn the call over to Kevin Coleman for closing remarks.

目前我們沒有其他問題。現在我將把電話交給凱文·科爾曼，請他做最後發言。

Thank you again, Richard. And thanks, everyone, for joining our conference call today. As a reminder, a replay of today's webcast may be accessed in the Investors section of ametek.com. Thanks, and have a great day.

再次感謝你，理查德。也感謝大家今天參加我們的電話會議。溫馨提醒，您可以在 ametek.com 的「投資者」板塊觀看今天的網路直播重播。謝謝，祝大家有美好的一天。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位，女士們，先生們。今天的會議到此結束。感謝各位的參與。現在您可以斷開連線了。