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 2022 年第二季度 AMETEK 收益電話會議。我的名字是理查德，我將成為你今天電話的接線員。 （操作員說明）

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

我現在將把電話轉給投資者關係副總裁兼財務主管 Kevin Coleman。科爾曼先生，你可以開始了。

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

謝謝你，理查德。早上好，感謝您參加 AMETEK 的 2022 年第二季度收益電話會議。

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

今天和我在一起的是董事長兼首席執行官 Dave Zapico；以及執行副總裁兼首席財務官 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.

在今天的電話會議期間，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性而發生變化，這些因素和不確定性可能會導致實際結果與預期存在顯著差異。 AMETEK 向 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。 AMETEK 不承擔任何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.

本次電話會議中對 2021 年或 2022 年業績的任何引用都將在調整後的基礎上進行，不包括與收購相關的稅後無形攤銷。可以在我們的新聞稿和我們網站的“投資者”部分找到公認會計原則和調整後措施之間的對賬。

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.

我們將從戴夫和比爾準備好的講話開始今天的電話會議，然後我們將開放提問。我現在將會議交給戴夫。

Thank you, Kevin, and good morning, everyone.

謝謝你，凱文，大家早上好。

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.

AMETEK 又一個出色的季度實現了強於預期的有機銷售增長、出色的經營業績、強勁的利潤率增長和創紀錄的收益。重要的是，在我們多元化的利基市場中，需求仍然強勁且基礎廣泛，導致了令人印象深刻的有機訂單增長和創紀錄的 31 億美元的積壓訂單。

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

鑑於我們第二季度的業績和我們對 2022 年下半年的展望，我們提高了今年的盈利預期。

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.

現在讓我談談我們的第二季度業績。第二季度銷售額達到創紀錄的 15.1 億美元，比 2021 年同期增長 9%。有機銷售額增長 12%。收購增加了一個點，外幣在本季度是一個 3 個點的逆風。儘管與去年相比極具挑戰性，但有機訂單仍增長了 11%，非常強勁。第二季度的賬面出貨比為 1.09，我們連續第八個季度實現了正的賬面出貨比。

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%.

本季度營業收入達到創紀錄的 3.65 億美元，比 2021 年第二季度增長 15%。本季度營業利潤率為 24.1%，比上年同期增長 130 個基點，利潤率增長強勁。本季度 EBITDA 達到創紀錄的 4.44 億美元，比上年增長約 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.

這種出色的表現導致每股攤薄收益達到創紀錄的 1.38 美元，比 2021 年第二季度增長 20%，並高於我們 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和出色的經營業績。

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.

現在讓我在運營組級別提供一些額外的細節。一是電子儀器集團。我們電子儀器集團的銷售額為 10.3 億美元，比去年第二季度增長 10%。本季度有機銷售額增長 12%，外匯逆風抵消了收購貢獻。

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 業務的有機增長仍然非常強勁，我們的超精密技術和 P&AI 部門的增長尤其令人印象深刻。 EIG 的經營業績令人印象深刻，在本季度創造了創紀錄的經營利潤和強勁的利潤率增長。

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

第二季度營業收入為 2.651 億美元，比去年同期增長 17%，本季度營業利潤率為 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.

機電集團在本季度也實現了強勁的銷售增長和出色的經營業績。 EMG 第二季度銷售額達到創紀錄的 4.863 億美元，比去年同期增長 7%，本季度有機銷售額增長 11%。 EMG 的增長也很廣泛，我們的 EMIP 和自動化業務均實現了強勁增長。

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 第二季度的營業收入為 1.244 億美元，比去年同期增長 11%。 EMG 第二季度的營業利潤率高達 25.6%，比去年同期增長 70 個基點。

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，本季度業績突出，體現了我們差異化業務的質量、運營模式的實力和員工的巨大努力。我要感謝所有 AMETEK 同事，感謝您對 AMETEK 的承諾以及您為我們的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 - 挑戰仍然是電子元件的可用性。正如我們之前提到的，我們已經戰略性地決定保留額外的精選組件庫存，以支持強勁的客戶需求，並作為對緊張供應鏈的對沖。此外，AMETEK 的全球採購團隊在確定其他供應來源方面做得非常出色。

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正在導致更高的通脹，但我們已經能夠通過更高的定價來抵消這種通脹，導致本季度再次出現強勁的價格通脹蔓延和突出的利潤率趨勢。

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.

我們的全球供應鏈能力和定價能力相結合，使我們對自己在這些不確定時期進行管理的能力充滿信心。在我們第一季度的財報電話會議上，我們注意到中國部分地區因疫情導致的封鎖預計會將部分中國銷售從第二季度推遲到下半年。這些封鎖對本季度業務的影響比我們預期的要小。

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.

由於我們中國團隊的出色努力，我們能夠在閉環系統中運作，並調整我們的物流和供應鍊網絡以支持生產和出貨。此外，在本季度的最後兩週，隨著限制的解除，我們能夠恢復多船生產並恢復大部分延遲發貨。

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.

我們正在密切關注中國零疫情政策的影響，因為我們需要在未來做出反應和調整。感謝我們在中國的整個團隊在此期間做出的巨大承諾和堅韌不拔。

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.

現在切換到我們的收購策略。我們資本配置的重中之重仍然是增值戰略收購。我們的併購渠道非常強大。我們的業務部門和企業發展團隊正忙於管理有吸引力的收購候選人的積極渠道。

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，為我們提供了支持我們收購戰略的有意義的能力，我們預計將在下半年保持活躍。

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.

我們還通過持續投資於我們的業務以支持他們的戰略增長計劃，繼續專注於推動更高水平的有機增長。我們看到了這些投資對更強勁的有機增長的好處。我們在研究、開發和工程方面的投資繼續產生先進的技術解決方案，使我們能夠在我們的利基市場擴大我們的領導地位。

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.

衡量這些努力是否成功的一個指標是我們的活力指數，該指數在第二季度佔銷售額的 26%，非常強勁。這種活力水平反映了我們的業務開發新產品與引人注目的增長機會相一致的能力。

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.

其中一個例子是 AMETEK 擴展到精密光學的高增長領域。 AMETEK 的 Zygo 業務位於康涅狄格州米德爾菲爾德，為超大型複雜非球面透鏡的設計和保護提供領先的超精密光學器件。這些能力支持了 18 個六角形鏡子的製造，這些鏡子構成了詹姆斯韋伯太空望遠鏡的主鏡。詹姆斯韋伯望遠鏡最近拍攝了宇宙深處最深、最清晰的紅外圖像。真正令人驚嘆的圖像部分歸功於 Zygo 的能力。

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。他們令人難以置信的精密反射鏡在支持下一代半導體技術的 EUV 或極紫外光學器件的發展方面發揮著重要作用。我們為客戶提供的獨特且高度差異化的能力和技術只是 AMETEK 眾多示例中的兩個。

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.

現在轉向我們對今年剩餘時間的展望。憑藉我們在第二季度的強勁業績、持續強勁的訂單勢頭和創紀錄的積壓訂單，我們提高了全年盈利指引。對於全年，我們預計整體銷售額將增長個位數，與我們之前的中高個位數預期相比，有機銷售額現在也有望增長個位數。

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.

現在預計今年每股攤薄收益將在 5.46 美元至 5.54 美元之間，與 2021 年相比增長 13% 至 14%。這比我們之前的每股攤薄收益 5.34 美元至 5.44 美元的指導範圍有所增加。

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與去年同期相比將以高個位數增長，第三季度每股攤薄收益預計在 1.36 美元至 1.38 美元之間，增長 8% 至 10%與上一年相比。

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.

雖然我們正在密切關注各種宏觀經濟逆風，但我們並沒有看到我們的業務放緩，因為需求保持穩定並且我們的業務處於高水平運營。鑑於我們強大的積壓、通過價格上漲抵消通脹的能力以及出色的經營能力，我們對我們的能力和今年的前景改善充滿信心。

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.

總之，阿美特克第二季度的業績非常出色。我們的業務處於有利地位，提供差異化的技術解決方案，服務於各種不斷增長的利基市場。我們的有機增長計劃正在推動更高水平的增長，我們的產品組合與有吸引力的中長周期市場保持一致。

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為我們提供了應對充滿挑戰的環境的靈活性，同時繼續部署資本並推動增加股東價值。 AMETEK 仍然堅定地致力於實現長期可持續增長。

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?

我現在將把它交給比爾伯克，他將介紹本季度的一些財務細節，然後我們很樂意回答你的問題。賬單？

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.

謝謝你，戴夫。正如 Dave 所說，在強勁的銷售和訂單增長以及出色的經營業績的帶動下，AMETEK 在第二季度取得了出色的業績。讓我提供一些本季度的額外財務亮點。

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.

第二季度一般和管理費用為 2460 萬美元，比上年增加 200 萬美元，佔總銷售額的百分比為 1.6%，與 2021 年第二季度一致。

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.

全年，一般和管理費用預計將比 2021 年的水平小幅增加，約佔銷售額的 1.5%，而 2021 年為 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.

第二季度的有效稅率為 18.5%，低於 2021 年第二季度的 20.6%。本季度較低的稅率是由於外國收入稅收減少所致。

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.

對於 2022 年，我們預計我們的有效稅率將在 19% 至 19.5% 之間。正如我們過去所說，實際季度稅率可能與全年估計稅率有顯著差異，無論是正數還是負數。

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.

第二季度的資本支出為 2600 萬美元，我們繼續預計全年資本支出約為 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.

本季度的折舊和攤銷費用為 7700 萬美元。全年，我們預計折舊和攤銷約為 3.15 億美元，包括稅後收購相關的無形攤銷約 1.48 億美元或每股攤薄收益 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，營運營運資金佔銷售額的 18%。第二季度經營現金流為 2.36 億美元，自由現金流為 2.1 億美元。我們預計全年將有大約 100% 的自由現金流轉換為淨收入。我們的營運資金和現金流結果反映了我們在某些領域增加精選庫存以支持持續強勁的客戶需求並對沖我們在整個供應鏈中經歷的較長交貨時間的戰略決策。

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，我們以約 1.73 億美元的價格在公開市場回購了 144 萬股股票。年初至今，我們已經回購了大約 260 萬股股票，總價為 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，我們資本配置的首要任務仍然是戰略收購，因為我們相信它為 AMETEK 和我們的股東提供了最佳的資本回報。

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.

第二季度末總債務為 25 億美元，略低於 2021 年底的 25.4 億美元。抵消這筆債務的是 3.49 億美元的現金和現金等價物。在第二季度末，我們的總債務與 EBITDA 比率為 1.4 倍，我們的淨債務與 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 Dave 所指出的，AMETEK 擁有穩健的資產負債表，在 2024 年之前沒有重大債務到期，槓桿水平適中，現金流強勁。因此，我們有能力部署有意義的資本來投資於我們的收購戰略，現有信貸額度中約有 23 億美元現金，以支持我們的增長計劃。

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異常出色，在充滿挑戰的環境中實現了強勁的銷售增長、出色的經營業績和高質量的收益。進入今年下半年，我們仍然處於有利地位，我們將繼續對我們的長期增長計劃進行戰略性投資。

Kevin?

凱文？

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

偉大的。謝謝你，比爾。理查德，我們可以請打開問題線嗎？

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

（操作員說明）我們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?

只是回到你身邊，顯然，非常強烈的命令。你提到你真的沒有看到任何放緩。但是，就您所看到的情況而言，季度間的節奏是否有任何變化，無論是地區還是終端市場？那裡還有顏色嗎？

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。我的意思是我們在本季度的每個月都有強勁的訂單，其中最強勁的月份是 6 月。太典型了。我們剛剛結束了七月。我們的業績在 7 月份表現強勁，與我們的展望非常一致。所以確實有持續的訂單實力——我們在兩個小組中都有實力。 EIG 上漲 11%，EMG 上漲 9%。總體而言，有機增長增長了 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.

我們在世界所有主要地區都以健康的速度增長。我們經營的所有細分市場都發展良好。所以從我們坐的地方感覺很好。除此之外，正如我們在準備好的評論中提到的那樣，我們有創紀錄的 31 億美元的積壓訂單，這比 COVID 大流行開始之前增加了約 80%。我們感覺很好，我們現在沒有看到任何弱點。

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?

偉大的。然後，本季度的庫存明顯再次增加。我懷疑這是由於您看到的一些訂單進來的。當我們展望下半年時，我們應該如何考慮庫存水平？穩定了嗎？或者它真的只是依賴於進來的訂單和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，我想你已經成功了，艾莉森。我們已經 - 隨著強勁的訂單率的到來，我們必須確保我們有庫存來支持這些訂單。我們仍然擔心供應鏈，我們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.

所以我會說你一針見血，我認為我們現在已經增加了它們。我們將繼續密切管理它。顯然，您知道我們非常專注於精益運營，但我們必須確保我們支持現有的訂單。

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

我們的下一個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?

只是我想關於歐洲的第一個問題。我猜 AMETEK 的整體表現不錯。你提到了訂單的增長。有什麼，我猜，在表面之下或您正在那裡觀察的 KPI 嗎？因為很明顯，除了宏觀挑戰之外，能源成本之類的東西也上漲了很多。只是想知道以任何方式體現在您的業務中嗎？

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%.

上一季度，歐洲的訂單增長了 9%。我們在自動化和航空航天業務方面擁有顯著優勢，航空航天業務真正開始加速。因此，從需求的角度來看，現在感覺還不錯，但是隨著俄羅斯和烏克蘭的地緣政治局勢以及德國的燃料成本，我們當然正在密切關注——因為這可能是第一次出現的跡象它為我們拒絕的地方。但現在，並非如此。歐洲很強大，我們在那裡度過了一個不錯的季度。歐洲再次上漲了 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?

知道了。這很有幫助。然後只是在航空航天和國防方面。我認為那裡的許多供應鏈瓶頸開始變得更糟。不一定是你們正在生產的東西，但你是否在供應鏈中看到了這一點，或者你的客戶告訴他們要限制交貨，因為他們正在等待其他一些組件進來而不是'不想同時建造滑翔機或積累庫存？

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，現在，我想說的恰恰相反。我們在航空航天和國防業務的訂單在本季度增長了兩位數。我們的商業業務增長強勁，並且增長了十幾歲，是商業售後市場中最強勁的增長。國防市場對我們來說是個位數的低增長，好於第一季度。

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，我們正在尋找非常強勁的下半年，我們與客戶的大部分互動，他們都要求我們提供更多。因此，我們沒有看到需求或其他任何放緩。而且我什至認為，由於被壓抑的需求，市場已經迎來了漫長的增長周期。

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

知道了。這很有幫助。如果你不介意，那就再問一個問題。本季度的價格是多少？

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.

正確的。所以在第二季度，我們的價格繼續抵消了通貨膨脹。定價約為 6%，通貨膨脹約為銷售額的 5%。所以我們維持約100個基點的價差。結果說明了 AMETEK 產品組合的高度差異化性質以及我們在利基市場的領導地位。我們考慮到這一點，因為我們有 6% 的銷量增長和 6% 的價格增長以及 12% 的有機增長。所以我們認為從這個角度來看，這是一個非常好的季度。

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

我們的下一個在線問題來自 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.

我當然贊同這些評論。因此，僅在本季度 12% 的背景下，第三季度的中個位數銷售增長前景。只是想知道，尤其是在訂單率也相當強勁的情況下，中個位數的前景是什麼？我只是想知道我們是否應該關注中單曲的上端，如果你能更具體一點的話。

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.

如果你深入研究它，該指南實際上反映了中高個位數，因為我們有一些貨幣逆風。實際上，第三季度是第二季度的副本。由於歐洲的曝光，我們在第三季度有一點季節性。但是第二季度和第三季度之間的差異，我們預計稅率會更高一些。

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.

所以我們會認為它是適當保守的，但有一些按順序徵稅的動態，有機稅率是中高。所以它不是中間值，貨幣讓我們有點退縮。

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.

並且組合更難，但我認為如果你只是對它進行組合調整，12% 可能會變為 9%。所以只是想知道這是否是你的管理方式。

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?

然後在邊緣，它顯然非常強大。似乎價格成本至少對保證金率是中性的，不是美元，而是保證金率。你能確認一下嗎？然後只是想知道是否有任何地理影響 - 顯然，歐洲非常強大，但本季度的利潤率是否有任何地理影響？

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，報告的利潤率上升了 130 個基點，核心利潤率上升了 140 個基點。所以你真的看到了強大的流通價格。當您查看總銷售成本時，我認為那裡的利潤率有所提高。

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.

據報導，兩組均表現強勁，EMG 利潤率上升了 70 個基點，EIG 利潤率上升了 150 個基點，我們的核心增量非常健康，達到 40%。我報告了 38 個——核心增量為 38%、40%。所以感覺我們不僅僅是用價格來抵消通貨膨脹，而且我們正在擴大利潤率。所以我認為這是一個很好的利潤故事。我們的團隊確實在他們的業務中執行得很好。

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

我們的下一個在線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?

第一個問題只是關於庫存和更多渠道庫存。我知道你們的很多業務往往是 2 到 3 個鏈接，位於最終使用或最終組裝的上游。只是好奇您可能對其中一些價值鏈以及您的評估與相對於最終需求的這些水平的可見性水平？

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。如果您考慮一下我們的電子儀器集團，我們主要在那裡銷售 10 個用戶。所以我們對最終用戶有很好的了解，我們的產品是定制的。所以我們不存在人們重複訂購的問題。他們會超額訂購，但他們不會為了以防萬一，因為它們是您昂貴的定制、高度工程化的產品。

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.

當您考慮我們的 EMG 業務時，這更多的是——我們回到了食物鏈上，就像您所說的那樣。你可以在那裡有一個備份，但我們現在沒有看到它，我們強勁的訂單增長表明了這一點。所以感覺我們在正確的領域，需求仍在增長，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。偉大的。然後回到價格成本。所以價格，6%。根據年中的一些行動，您如何看待 23 年初的一些綜合價格？只是對價格成本感到好奇，當我們進入 '23 時，這可能會是什麼樣的順風，以及 '23 的算法可能會是什麼樣的數量或增量或遞減量？

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.

正確的。現在開始談論 2023 年還為時過早，但我們採用的相同定價策略將繼續下去。當我們考慮今年下半年時，我們希望保持第二季度的 100 個基點的價差。所以銷售額的 6% 和 5% 之間的差異是 100 個基點。我們希望在下半年繼續這樣做。未來定價將成為我們預算討論的重要組成部分，我們認為通脹將持續一段時間。所以這會影響我們的思維過程。因此，我預計明年也會[保持]正價差。

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?

只是一個快速的跟進。您是否會說您的許多定價行為更像是列出正常課程而不是附加費？或者你可以在那里分享什麼？

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.

這是兩者的結合。我的意思是它是清單，但在很多情況下，有 - 我們與某些指數和航運等商品掛鉤，可能會有一點回撤，但大部分都在基本價格中.所以我們試圖以基本價格獲得它。

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，很明顯，它對您的客戶是透明的，當事情出現問題時您必須將其歸還。但與此同時，我們說我們將在下半年維持 100 個基點的價差。

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

我們的下一個在線問題來自 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?

我只想談談去年完成的那種交易，這些交易在過去一個月或 2 或 3 個月在這裡舉行了某種週年紀念。他們現在的表現如何，因為他們已經過去了一年，並且即將進入周年紀念日文件夾？您對這些業務增長前景的看法有何變化？

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是積極的，我們很高興能全部購買。管理團隊現在正在融入 AMETEK。

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.

我會提出一個問題，該業務在供應鏈方面遇到了與我們在整個業務中遇到的相同問題，而這些問題在電子儀器集團中更為常見。他們——對我們影響很大。而且 - 但今年下半年，我們藉此機會重新調整了這些業務，將它們整合到 AMETEK 中。在今年下半年，我真的認為我們將在與這些交易相關的下半年有一些重要的動力。所以我們在第一年取得了很大的進步。而且我認為，到今年下半年和 2023 年，我真的看到了巨大的發展勢頭。

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?

我錯過了通話的前幾分鐘，大衛。當您在這裡查看今年的餘額時，您有沒有談到當前的交易渠道或潛在的可操作性？

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，這是個好問題，傑夫。我的意思是我們仍然非常活躍。我們在準備好的評論中提到了這一點。我們正在考慮多項交易。與往常一樣，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.

我很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，利率固定為 3.2%。因此，如果利率上升，它對我們的影響確實有限。

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.

正如比爾在他準備好的講話中提到的那樣，我們在未來幾年內沒有債務到期。我們最近升級了左輪手槍。因此，我們在執行併購戰略方面處於非常有利的位置。正如我所說，我們的管道很強大，我希望你會在下半年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.

（操作員說明）我們的下一個問題來自美國銀行的 Andrew Obin。

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.

只是關於價格和數量的另一個問題。就您的指導性加薪而言，其中有多少是價格，有多少是下半年更好的銷量？我很欣賞那裡也有外匯逆風。

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.

是的是的。是的，所以我們不會提供這些信息。這真的很難理解。我們所說的是，我們將維持 100 個基點的正價差。

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.

當您考慮到外彙和我們不同的業務組合以及市場上發生的一些商品開始下跌時，情況就非常複雜了。所以——但我們要說的是，我們將在下半年保持價格和通脹之間 100 個基點的差價。

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?

得到你。只是為了跟進傑夫關於併購的問題。你有一種自下而上的方式——你的很多併購活動在組織中都是一種自下而上的方式。當他們追逐這些市場領導者時，您是否從您的業務部門聽到任何新消息？你看看堆棧嗎？您是否看到私募股權退縮？行為上的任何變化，這個市場與我們可能在 6 到 12 個月前所處的位置有何不同？

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。 - 我在之前的電話中提到倍數非常高。對於優質資產，它們仍然吸引了一些溢價。但是公共市場和私人市場之間的倍數正在出現，它們變得越來越緊密。

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.

如果您必須去為交易融資，而 AMETEK 可以從其資產負債表中支付，那麼它現在給我們帶來了優勢，因為在獲得融資方面存在一些困難，這會影響到一些私募股權潛在的買家和賣家。

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

我們的下一個在線問題來自 D.A. 的 Matt Summerville 先生。戴維森。

This is Will Jellison on for Matt Summerville this morning.

這是威爾·傑里森今天早上為馬特·薩默維爾做的。

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，你提到了你正在採取的供應鏈行動，包括一些供應多樣化。我想知道，在過去一年的大局中，加上您面臨的供應鏈挑戰，您是否在整個組織中學到了任何最佳實踐，即使未來供應鏈達到更加正常化的水平，您也希望維持這些最佳實踐?

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.

這是一個很好的問題。我認為我們學到了一些東西。我們了解到，我們的商業模式基本上是健全的。因為我們的分佈式業務模型，讓那些忠誠的損益經理管理他們的業務部門，他們真正推動了他們的業務，並且他們與集中的企業供應鏈團隊之間存在良好的互動。

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，他們一直通過重新設計和合格的組件替換解決了短缺問題。

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.

我們可能做了一件會改變的事情，那就是我們未來購買電子產品的方式。我們正在尋找——更多地利用我們的支出，並就此與半導體芯片製造商和分銷商建立更密切的關係。因此，該領域將發生一些變化。這是我可以做的一件事。我們更直接，而不是依賴分發。

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?

但從根本上說，它正在像我們一樣度過難關，應對這些挑戰，我們取得了出色的成績。正如我所說，在我看來，關鍵是我們的分佈式業務模型。我們有人擁有這些業務並做出正確的決定。而我們強大的工程能力也是幫助我們解決這些短缺和重新設計，找到合格的組件替代品的關鍵因素。那麼這回答了你的問題嗎？

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，那太好了。然後作為後續行動，我想知道你關於在詹姆斯韋伯望遠鏡上擁有內容的觀點，我想知道這樣的事件，高度可見的，具有歷史性質的，是否開始有意義地增加了解像 Zygo 這樣的企業所提供的東西，它催化的訂單比您原本可能擁有的更多嗎？

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，它真的很突出，它確實將客戶吸引到我們這裡。我在 EUV 市場上提到的另一件事，就是在那裡設計和開發光學器件，實際上只有幾個人能做到。所以Zygo真的已經很出名了。但這些類型的活動確實對我們有所幫助，他們將客戶吸引到我們身邊，因為他們看到了我們的專業知識。對於我們的員工來說，看到這種事情以及我們如何改善世界也是積極的。所以它確實有幫助，我們在 AMETEK 周圍有很多類似的業務。

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

我們的下一個在線問題來自 Cowen 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?

只是好奇，只是你們的設置方式。就像當我們考慮芯片組時，它有什麼必要——你如何看待影響？您對全球工廠的建造地點有點不可知論嗎？或者這對美國特別鼓勵它有幫助嗎？

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。我會說一般來說，我們是不可知論者。無論它建在世界的哪個地方，我們都會公平地對待它。但現在發生的情況是，可能會投入一些增量能力來滿足安全和國防等需求。有了更多的機會，我們肯定會在那裡獲得公平的業務份額。

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

完美的。然後，戴夫，你能經歷一下市場前景的任何變化嗎？

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，我認為在我們的 Process 業務中，Process 的有機銷售額在本季度增長了兩位數。他們在基本上所有流程業務中都有非常廣泛的增長。 Taylor Hobson、Zygo 和我們的流體分析業務在本季度的增長尤為強勁。你把這一切都考慮進去了，現在我們預計流程業務的有機銷售額將達到個位數。所以我們提出了這個問題。

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。我們的航空航天和國防業務的有機銷售額呈兩位數低位增長，各個領域均實現增長。本季度商業總銷售額增長了十幾歲，商業 OEM 和售後市場增長強勁，國防銷售額增長低個位數。在商業上如此強大，但防御也在增長。

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.

對於全年，我們現在預計我們的 A&D 業務的有機銷售額將增長個位數，商業和國防業務都將增長。

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.

如果你看看我們的電力——電力和工業業務，本季度表現出色，百分比在十幾歲左右，在我們的可編程電源業務中具有顯著優勢。我們現在預計我們的電力和工業業務的有機銷售額將達到個位數。所以這也被提出來了。

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，我們的自動化和工程解決方案，在自動化和工程解決方案中都是一個非常好的季度，都看到了強勁的增長。我們將該細分市場的年份也提高到了高個位數。因此，我們正在反映我們的業務實力，並在今年餘下時間改進有機指南。事實上，所有這些細分市場現在都預計將以高個位數增長。

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，所以感謝您剛才這樣做。你救了我一個問題。 - 你能告訴我們本季度的生產力數字和今年的預期嗎？

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。本季度的成本節約為 3500 萬美元。所以一個非常好的季度。我們通過價值工程獲得了很多。我們正在重新設計其中一些東西，並以更低的成本設計它們。所以這對我們有很大幫助。這一年，成本節約數字為 1.25 億美元。

So no change there?

所以那裡沒有變化？

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

沒變。其中大約一半是運營支出，一半是材料。

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。你經歷的收購反應比我以前聽過的要長。在我看來，你甚至在暗示——不僅僅是在暗示，你還說期待下半年的交易。你能不能——在這種情況下，事情只是在門口排成一排，並且會有幾個不同的交易完成嗎？您是否認為您的評論可能更多地針對某一方面？只是——我的意思是，我們在某些方面有多接近？我們有損失嗎？下半場你的想法可能會更上一層樓。

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，你永遠無法判斷交易。事情可能發生，事情可能會改變。但我現在真的很有信心，因為我們正在查看和處理的交易量很高，並且有一些積極的互動。

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.

它們都是 AMETEK 的典型交易，而且在我們所關注的交易類型的限制內，還有一些規模更大。所以 - 我們正忙於交易。我們很忙，我們得到 - 我們的員工真的很忙。

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.

我談到的情況是我們強勁的資產負債表、固定債務、強勁的現金流，我們認為這將成為我們展望下半年的一個差異化因素。

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?

可以的話，再來一張。有機和全年的分拆，所有 4 的高個位數真的很高。你能告訴我們這 4 個，哪些可能在下半年更樂觀一些？因為很明顯，在第二季度，你在有機方面的表現比我們預期的要好。那麼這些加薪中有多少是因為第二季度比你在下半年看到的要好？

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.

好問題。總的來說，我們第二季度的表現不錯。我要指出的一個領域是商業航空市場的訂單增長率是引起我注意的事情之一。因此，我正在尋找下半年和 2023 年的一些積極因素。

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

我們在線的下一個問題來自 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.

因此，您已經對價格成本進行了很好的說明，但我只是想更多地了解您在成本通脹方面所看到的情況，尤其是您的未來前景。抱歉，如果我錯過了這個，但上季度通脹影響為 4%，本季度為 5%。你說供應鏈對電子元件尤其不利，通貨膨脹還會持續一段時間。

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?

但我只是想知道，您是否預計整個企業的通貨膨脹影響會繼續增加？或者隨著我們在今年餘下時間的推移，它是否會趨於平穩或下降？

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。你真正看到的是一些東西正在回歸，像通貨膨脹一樣價格下降，就像商品一樣。但與此同時，你的工資和其他領域也在增加。因此，淨效應是通貨膨脹仍在增加。

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.

本季度從 4% 上升到 5%。現在，我認為這會穩定下來，但很難預測。這就是為什麼我們有東西。我們將維持 100 個基點的正價差。但顯然，目前正在發生不同的動態，有些事情正在回歸，有些事情仍在膨脹，但網絡仍在增加成本。所以 - 但我們有一個很好的系統來管理它，但這可能會在下個季度發生變化，我們會告訴你。但現在，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。我現在將把電話轉給凱文·科爾曼（Kevin Coleman）做閉幕詞。

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。感謝大家今天參加我們的電話會議。提醒一下，可以在 ametek.com 的“投資者”部分重播今天的網絡廣播。謝謝，祝你有美好的一天。

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

謝謝你們，女士們，先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。