阿美特克 (AME) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AMETEK Second Quarter 2023 Earnings Conference Call.

美好的一天，感謝您的支持。歡迎參加 AMETEK 2023 年第二季度收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kevin Coleman, Vice President of Investor Relations and Treasurer. Please go ahead.

（操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人，投資者關係副總裁兼財務主管凱文·科爾曼 (Kevin Coleman)。請繼續。

Good morning, and thank you for joining us for AMETEK's Second Quarter 2022 -- 2023 Earnings Conference Call. Joining me today are Dave Zapico, Chairman and Chief Executive Officer; and Bill Burke, Executive Vice President and Chief Financial Officer. 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 and 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. Any references made on this call to 2022 or 2023 results or to 2023 guidance 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.

早上好，感謝您參加 AMETEK 2022 年第二季度 - 2023 年收益電話會議。今天與我一起出席的還有董事長兼首席執行官戴夫·扎皮科 (Dave Zapico)；比爾·伯克（Bill Burke），執行副總裁兼首席財務官。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性而發生變化，並可能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。阿美特克不承擔任何更新或修改任何前瞻性陳述的意圖或義務。本次電話會議中對 2022 年或 2023 年業績或 2023 年指引的任何引用都將在調整後的基礎上進行，不包括稅後、收購相關的無形攤銷。公認會計原則和調整後的衡量標準之間的調節可以在我們的新聞稿和我們網站的投資者部分找到。

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.

我們將以戴夫和比爾準備好的發言開始今天的電話會議，然後開始提問。我現在將會議交給戴夫。

Thank you, Kevin, and good morning, everyone. AMETEK achieved exceptional performance in the second quarter, marked by strong sales growth, outstanding operational execution, and record results ahead of our expectations. In the quarter, we established records for sales, operating income, operating margins, earnings per share and EBITDA. We also ended the quarter with a record backlog.

謝謝你，凱文，大家早上好。阿美特克在第二季度取得了卓越的業績，其特點是強勁的銷售增長、出色的運營執行力以及超出我們預期的創紀錄業績。本季度，我們創造了銷售額、營業收入、營業利潤率、每股收益和 EBITDA 的記錄。本季度結束時，我們的積壓數量也創歷史新高。

AMETEK's continued outstanding results reflect the strength of the AMETEK growth model, the quality of our niche differentiated businesses. The benefits from our organic growth initiatives and, most importantly, the outstanding efforts from our dedicated colleagues. Considering our strong second quarter results and the positive outlook for the remainder of the year, we are again increasing our earnings guidance for the full year.

阿美特克持續出色的業績反映了阿美特克增長模式的實力以及我們的利基差異化業務的質量。我們的有機增長計劃所帶來的好處，最重要的是，我們敬業的同事的傑出努力。考慮到我們強勁的第二季度業績和今年剩餘時間的積極前景，我們再次提高了全年盈利指引。

Now let me turn to our second quarter results. Second quarter sales were $1.65 billion, up 9% over the same period in 2022. Organic sales growth was 5%. Acquisitions added 4 points in the quarter and foreign currency was flat. Our book-to-bill ratio in the second quarter was 1.01, our 12th consecutive quarter of positive book-to-bill. As a result, we ended the quarter with a record backlog of $3.44 billion up $220 million from the end of 2022 and up $1.6 billion or 91% from the end of 2020. Operating income in the quarter was a record $419 million. A 15% increase over the second quarter of 2022. Operating margins were 25.4% in the quarter, up an impressive 130 basis points from the prior year. EBITDA in the quarter was a record $496 million, up 12% over the prior year, while EBITDA margins were also impressive at 30.1%.

現在讓我談談我們第二季度的業績。第二季度銷售額為 16.5 億美元，較 2022 年同期增長 9%。有機銷售額增長率為 5%。本季度收購增加 4 個百分點，外匯持平。我們第二季度的訂單出貨比為 1.01，這是我們連續第 12 個季度實現正訂單出貨比。結果，本季度末，我們的積壓訂單達到了創紀錄的34.4 億美元，比2022 年底增加了2.2 億美元，比2020 年底增加了16 億美元，即91%。本季度的營業收入達到創紀錄的4.19 億美元。較 2022 年第二季度增長 15%。本季度營業利潤率為 25.4%，較上年同期大幅增長 130 個基點，令人印象深刻。本季度 EBITDA 達到創紀錄的 4.96 億美元，比上年增長 12%，而 EBITDA 利潤率也高達 30.1%，令人印象深刻。

This operating performance led to record earnings of $1.57 per diluted share, up 14% versus the second quarter of 2022 and above our guidance range of $1.49 to $1.51 per share. Now let me provide some additional details of the operating group level. First, the Electronic Instruments Group. The Electronic Instruments Group had a great quarter with excellent sales growth and tremendous operating performance. Sales for EIG were $1.13 billion in the quarter, up 10% from the second quarter of last year. Organic sales were up a very strong 8% with acquisitions accounting for the balance of the growth. EIG sales growth in the second quarter was widespread across each of our divisions, with growth particularly strong in our Aerospace and Defense and Ultra Precision Technologies businesses. EIG's operating performance was impressive with strong profit growth and margin expansion.

這一經營業績導致每股攤薄收益達到創紀錄的 1.57 美元，較 2022 年第二季度增長 14%，高於我們每股 1.49 美元至 1.51 美元的指導範圍。現在讓我提供一些有關運營組級別的其他詳細信息。一是電子儀器集團。電子儀器集團度過了一個出色的季度，銷售增長強勁，運營業績出色。 EIG 本季度銷售額為 11.3 億美元，比去年第二季度增長 10%。有機銷售額強勁增長 8%，增長的其餘部分是收購。 EIG 第二季度的銷售增長在我們每個部門都很普遍，其中航空航天和國防以及超精密技術業務的增長尤其強勁。 EIG 的經營業績令人印象深刻，利潤增長強勁，利潤率擴大。

Operating income was $307 million up 16% versus the prior year, while operating margins were 27.1%, up a robust 130 basis points from the prior year. The Electromechanical Group also delivered strong sales growth and excellent operating performance in the quarter. EMG's second quarter sales were a record $511 million up 5% versus the prior year, driven by the acquisition of Bison Engineering, with organic sales roughly flat in the quarter. EMG's operating income in the quarter was $136 million up 10% compared to the prior year period. EMG's second quarter operating margins were excellent at 26.6%, up 100 basis points versus the prior year. While EMG's core operating margins was exclude acquisition dilution, we're up a sizable 180 basis points.

營業收入為 3.07 億美元，比上年增長 16%，營業利潤率為 27.1%，比上年大幅增長 130 個基點。機電集團本季度也實現了強勁的銷售增長和出色的經營業績。在收購 Bison Engineering 的推動下，EMG 第二季度銷售額達到創紀錄的 5.11 億美元，較上年增長 5%，但本季度有機銷售額基本持平。 EMG 本季度營業收入為 1.36 億美元，比去年同期增長 10%。 EMG 第二季度營業利潤率非常出色，達到 26.6%，比去年同期增長 100 個基點。雖然 EMG 的核心營業利潤率不包括收購稀釋，但我們仍大幅增長了 180 個基點。

Overall, AMETEK achieved outstanding performance in the second quarter of 2023. In addition, AMETEK's continued strong operating execution -- our strong results speak to the attractiveness and diversity of the end markets we serve. Our businesses hold leading positions in attractive niche market segments. Through our continued organic growth investments and strategic acquisitions, we are expanding our presence in market segments and niches aligned with strong secular growth drivers. As a result, our businesses are well positioned with differentiated solutions, to benefit from the meaningful and long-term investments in areas such as electrification, clean energy, health care efficiency and manufacturing reinsuring.

總體而言，阿美特克在2023 年第二季度取得了出色的業績。此外，阿美特克持續強勁的運營執行力——我們強勁的業績證明了我們所服務的終端市場的吸引力和多樣性。我們的業務在有吸引力的利基市場領域佔據領先地位。通過持續的有機增長投資和戰略收購，我們正在擴大我們在與強大的長期增長動力相一致的細分市場和利基市場的影響力。因此，我們的業務擁有差異化的解決方案，能夠從電氣化、清潔能源、醫療保健效率和製造再保險等領域的有意義的長期投資中受益。

In addition to our alignment with strong growth markets, AMETEK has seen great success from our organic growth initiatives and investments. For all of 2023, we expect to spend over $100 million on incremental growth investments. These investments are largely focused on expanding our sales, marketing, and commercial excellence initiatives as well as broadening our research, development and engineering efforts. AMETEK's research development and engineering teams across our businesses consistently deliver innovative, and next-generation products tailored to meet the unique needs of our customers. While there are numerous examples across the company, I wanted to highlight our Abaco business unit for their outstanding accomplishments.

除了與強勁增長的市場保持一致之外，AMETEK 還從我們的有機增長計劃和投資中取得了巨大成功。 2023 年全年，我們預計將花費超過 1 億美元用於增量增長投資。這些投資主要集中在擴大我們的銷售、營銷和商業卓越計劃，以及擴大我們的研究、開發和工程工作。 AMETEK 各業務部門的研發和工程團隊始終如一地提供創新的下一代產品，以滿足客戶的獨特需求。雖然公司內有很多這樣的例子，但我想重點強調我們的 Abaco 業務部門所取得的傑出成就。

Abaco is a leading provider of commercial off-the-shelf embedded computing systems for aerospace, defense and specialized industrial applications. Demand for Abaco solutions remains strong, given the position as a leading provider of ruggedized technology solutions with advanced thermal management capabilities. Abaco was awarded the best overall design for high-performance PCBAs at the recent Accelerator Technology Innovation Awards. Abaco also recently introduced a next-generation integrated computing and graphics car with the latest GPU technology. This provides our customers with advanced computing graphics processing and security capabilities required in AI-focused applications such as intelligence, surveillance and reconnaissance, radar signal processing and deep machine learning for autonomous systems.

Abaco 是面向航空航天、國防和專業工業應用的商用現成嵌入式計算系統的領先供應商。鑑於 Abaco 作為具有先進熱管理功能的加固技術解決方案領先供應商的地位，對 Abaco 解決方案的需求仍然強勁。 Abaco 在最近的加速器技術創新獎中榮獲高性能 PCBA 最佳整體設計獎。 Abaco最近還推出了採用最新GPU技術的下一代集成計算和圖形汽車。這為我們的客戶提供了以人工智能為重點的應用程序所需的先進計算圖形處理和安全功能，例如情報、監視和偵察、雷達信號處理和自主系統的深度機器學習。

In addition to Abaco, many other businesses are well positioned to benefit from the growing demand for high computing power and analytics. We recognize the pivotal role of organic growth initiatives and driving our overall growth strategy. These investments in organic growth, coupled with our market leadership and attractive market exposures position the company for continued success in driving sustainable long-term growth. Now switching to our capital deployment and acquisition strategy. Over the last 3 quarters, we deployed approximately $530 million on the acquisition of three businesses: Navitar, RTDS and Bison Engineering.

除了 Abaco 之外，許多其他企業也能從對高計算能力和分析不斷增長的需求中受益。我們認識到有機增長計劃和推動我們整體增長戰略的關鍵作用。這些對有機增長的投資，加上我們的市場領導地位和有吸引力的市場曝光度，使公司能夠在推動可持續長期增長方面持續取得成功。現在轉向我們的資本部署和收購策略。在過去 3 個季度中，我們投入了約 5.3 億美元收購了三項業務：Navitar、RTDS 和 Bison Engineering。

Each of these businesses is integrating nicely into AMETEK, and each is very well positioned to capitalize on attractive growth opportunities in their markets. Our acquisition pipeline remains very strong, and our businesses and internal M&A teams are actively managing a number of opportunities. AMETEK remains committed to leveraging our strong cash flow to pursue strategic acquisitions that align with our growth objectives. With a robust balance sheet and significant financial capacity, we are well positioned to support our acquisition strategy and capitalize on value-creating opportunities in the future.

這些業務中的每一個都很好地融入了 AMETEK，並且每一個都處於非常有利的位置，可以利用其市場中有吸引力的增長機會。我們的收購渠道仍然非常強勁，我們的業務和內部併購團隊正在積極管理許多機會。阿美特克仍然致力於利用我們強大的現金流來尋求符合我們增長目標的戰略收購。憑藉穩健的資產負債表和強大的財務能力，我們有能力支持我們的收購戰略並利用未來創造價值的機會。

Now turning to our outlook for the remainder of the year. While uncertainties in the macroeconomic environment continue to warrant caution in the short term, we are confident in our ability to navigate through these challenges and deliver strong results. Building upon our strong first half results and positive outlook for the remainder of the year, we are again increasing our earnings guidance. For the full year, we expect overall sales to be up mid- to high single digits with organic sales expected to be up mid-single digits. Diluted earnings per share for the year are now expected to be in the range of $6.18 to $6.26, up 9% to 10% compared to last year's results. This is an increase from our previous guidance range of $5.96 to $6.10 per diluted share.

現在轉向我們對今年剩餘時間的展望。儘管宏觀經濟環境的不確定性在短期內仍然需要保持謹慎，但我們對應對這些挑戰並取得強勁業績的能力充滿信心。基於我們上半年的強勁業績和今年剩餘時間的積極前景，我們再次提高了盈利指引。就全年而言，我們預計整體銷售額將增長中個位數至高個位數，有機銷售額預計將增長中個位數。目前預計今年稀釋後每股收益將在 6.18 美元至 6.26 美元之間，較去年業績增長 9% 至 10%。這比我們之前稀釋後每股 5.96 美元至 6.10 美元的指導範圍有所增加。

For the third quarter, we anticipate overall sales to be up mid-single digits, with adjusted earnings of $1.56 to $1.58 per share, up 8% to 9% versus the prior year. In summary, AMETEK's second quarter results were excellent. Our businesses continued to deliver excellent performance, benefiting from differentiated technology solutions that cater to diverse and growing niche markets. The implementation of our organic growth initiatives has yielded higher levels of growth, while our portfolio remains aligned with attractive mid- and long-cycle markets. Our asset-light business model and strong cash flows provide us with the flexibility to navigate challenging, environments while actively deploying capital to drive increased shareholder value.

對於第三季度，我們預計整體銷售額將增長中個位數，調整後每股收益為 1.56 美元至 1.58 美元，較上年增長 8% 至 9%。綜上所述，AMETEK第二季度業績非常出色。我們的業務繼續提供卓越的業績，受益於迎合多樣化和不斷增長的利基市場的差異化技術解決方案。我們的有機增長計劃的實施帶來了更高水平的增長，同時我們的投資組合仍然與有吸引力的中長周期市場保持一致。我們的輕資產業務模式和強勁的現金流使我們能夠靈活地應對充滿挑戰的環境，同時積極部署資本以提高股東價值。

As a result, AMETEK remains firmly positioned to deliver long-term sustainable growth. I will now turn it over to Bill Burke, who will cover some of the financial details of the quarter. Then we'll be glad to take your questions. Bill?

因此，阿美特克仍然堅定地致力於實現長期可持續增長。我現在將其交給比爾·伯克 (Bill Burke)，他將介紹本季度的一些財務細節。那麼我們將很樂意回答您的問題。賬單？

Thank you, Dave. As Dave highlighted, AMETEK had a very strong second quarter with record level operating performance and a high quality of earnings. Now let me provide some additional financial highlights for the second quarter.

謝謝你，戴夫。正如 Dave 所強調的那樣，阿美特克第二季度的業績非常強勁，運營業績達到創紀錄水平，盈利質量也很高。現在讓我提供第二季度的一些額外財務亮點。

Second quarter general and administrative expenses were $24.5 million, essentially unchanged from the prior year, and as a percentage of sales were 1.5% versus 1.6% in last year's second quarter. For 2023, general and administrative expenses are expected to be approximately 1.5% of sales, in line with last year's G&A to sales level. Second quarter other income and expense was a $6 million headwind versus the prior period due largely to lower pension income in the quarter. The effective tax rate was 18.2%, down slightly from the 18.5% in the second quarter of 2022. For 2023, we now 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.

第二季度一般及管理費用為 2,450 萬美元，與上年同期基本持平，佔銷售額的百分比為 1.5%，而去年第二季度為 1.6%。 2023 年，一般及管理費用預計將佔銷售額的 1.5% 左右，與去年的一般及行政費用與銷售水平一致。第二季度其他收入和支出與上一季度相比減少了 600 萬美元，這主要是由於本季度養老金收入下降。有效稅率為18.2%，略低於2022年第二季度的18.5%。對於2023年，我們現在預計有效稅率在19%至19.5%之間。正如我們過去所說，實際的季度稅率可能與全年估計稅率存在巨大差異，無論是正值還是負值。

Capital expenditures in the second quarter were $28 million, and we continue to expect capital expenditures to be approximately $145 million for the full year or about 2% of sales, reflecting our asset-light business model. Depreciation and amortization expense in the quarter was $82 million. For the full year, we expect depreciation and amortization to be approximately $335 million, including after-tax, acquisition-related intangible amortization of approximately $157 million or $0.68 per diluted share. Operating working capital in the second quarter was 19% of sales. Cash flow in the quarter was up meaningfully from the prior year.

第二季度資本支出為 2800 萬美元，我們繼續預計全年資本支出約為 1.45 億美元，約佔銷售額的 2%，反映了我們的輕資產業務模式。該季度的折舊和攤銷費用為 8200 萬美元。我們預計全年折舊和攤銷約為 3.35 億美元，其中包括稅後、收購相關的無形攤銷約 1.57 億美元或稀釋後每股 0.68 美元。第二季度運營營運資金佔銷售額的19%。本季度現金流較上年大幅增長。

Operating cash flow was $335 million, up 42% from the prior year, and free cash flow was $307 million, up 47% from the second quarter of 2022. Free cash flow conversion was 95% in the quarter. And for the full year, we continue to expect approximately 120% free cash flow to net income conversion. Total debt at June 30 was $2.2 billion, down from $2.4 billion at the end of 2022. Offsetting this debt is cash and cash equivalents of $606 million. At the end of the second quarter, our gross debt-to-EBITDA ratio was 1.1x, and our net debt-to-EBITDA ratio was 0.8x. We continue to have excellent financial capacity with approximately $2.9 billion of cash and existing credit facilities to support our growth initiatives.

運營現金流為 3.35 億美元，比上年增長 42%，自由現金流為 3.07 億美元，比 2022 年第二季度增長 47%。本季度自由現金流轉換率為 95%。對於全年，我們繼續預計自由現金流將大約 120% 轉化為淨利潤。截至 6 月 30 日，債務總額為 22 億美元，低於 2022 年底的 24 億美元。抵消這一債務的是現金和現金等價物 6.06 億美元。截至第二季度末，我們的總債務與 EBITDA 比率為 1.1 倍，淨債務與 EBITDA 比率為 0.8 倍。我們繼續擁有卓越的財務能力，擁有約 29 億美元的現金和現有信貸額度來支持我們的增長計劃。

In summary, our businesses continue to deliver exceptional results in the second quarter of 2023. We delivered strong sales growth, achieved robust margin expansion and a high quality of earnings. Our leading positions across attractive market segments, record backlog and outstanding operating capabilities have positioned us well for continued success in the back half of the year. Kevin?

總之，我們的業務在 2023 年第二季度繼續取得優異的業績。我們實現了強勁的銷售增長，實現了強勁的利潤率擴張和高質量的盈利。我們在有吸引力的細分市場中的領先地位、創紀錄的積壓訂單和出色的運營能力使我們能夠在今年下半年繼續取得成功。凱文？

Thank you, Bill. Benny, can we please open the lines for questions?

謝謝你，比爾。本尼，我們可以打開提問線路嗎？

All right, sure. [Operator Instructions] Our first question is from the line of Allison Polina of Wells Fargo.

好吧，當然。 [操作員說明] 我們的第一個問題來自富國銀行的 Allison Polina。

Could you maybe talk to about, obviously, book-to-bill being positive is very strong outcome here just given some of the uncertainties -- but could you maybe talk to order trends that you're seeing since then? Anything concerning I know you talked about sort of you've been to looks more in the longer term, but any short-term kind of headwinds that you're starting to see there?

顯然，考慮到一些不確定性，您能否談談訂單到賬單的積極結果是非常強勁的結果 - 但您能否談談自那時以來您看到的訂單趨勢？我知道您談到過您一直在關注更長期的問題，但您開始看到那裡的任何短期阻力？

Great question. The overall demand environment still feels solid. We had the 12th straight quarter of positive book-to-bill and ended with an all-time record of $3.44 billion. So our book-to-bill was 1.01, and it was positive in both groups. So that's really great.

很好的問題。整體需求環境依然穩固。我們連續第 12 個季度實現訂單出貨量正增長，最終創下 34.4 億美元的歷史紀錄。所以我們的訂單出貨比是 1.01，兩組都是正值。所以這真的很棒。

Our backlog is over 50% of our annual sales and well above normal historical levels. So normal historical level of about 30%. So we're in a strong position as we proceed throughout 2023. If you recall in the last couple of earnings calls, we highlighted a couple of dynamics that would impact order growth. The first are difficult comparisons. If you look at our -- over an extended period of time, in fact, in all 2021 and '22, we averaged 18% organic growth. So we have some difficult comps that we're running up against.

我們的積壓訂單佔年銷售額的 50% 以上，遠高於正常的歷史水平。所以正常歷史水平在30%左右。因此，我們在 2023 年的進展中處於有利地位。如果您還記得在過去幾次財報電話會議中，我們強調了一些會影響訂單增長的動態。首先是困難的比較。如果你看看我們的——在很長一段時間內，事實上，在 2021 年和 22 年全年，我們平均有機增長 18%。所以我們遇到了一些困難的比賽。

And the second dynamic we highlighted, is our expectation to return to more normalized ordering patterns. We had a situation where customers were ordering early and now that the supply chain is improving and getting back to normal, lead times are getting back to normal or seeing this dynamic play out. But we're well positioned to deal with it and our record backlog and positive book-to-bill give us confidence for the remainder of the year.

我們強調的第二個動態是我們期望回歸更加規範化的訂購模式。我們遇到的情況是，客戶提前訂購，現在供應鏈正在改善並恢復正常，交貨時間也恢復正常，或者看到這種動態的發揮。但我們已經做好了應對這一問題的準備，我們創紀錄的積壓訂單和積極的訂單出貨量讓我們對今年剩餘時間充滿信心。

And leverage, clearly low here. You talked about a pipeline pretty active. Can you maybe give us some color on sort of what's been holding it back? Is it still in terms of executing, is it still, I would say, valuations at this point? You're just not seeing anything of great interest. Just any color there would be helpful.

而槓桿率，顯然很低。您談到了一條非常活躍的管道。您能給我們一些阻礙它發展的因素嗎？就執行而言，我想說，目前仍是估值嗎？你只是沒有看到任何有趣的東西。任何顏色都會有幫助。

Yes. Our pipeline remains very strong, and we're actively looking at a number of high-quality deals across a broad set of our markets. And as always, we will remain disciplined.

是的。我們的渠道仍然非常強大，並且我們正在廣泛的市場中積極尋找大量高質量的交易。一如既往，我們將保持紀律。

So the discipline is in full force, but we expect it to be active in the back half of the year. And more broadly, over the next couple of years, we really have the opportunity to differentiate our performance with the M&A aspect of our growth strategy. We're very well positioned with a strong balance sheet, and we're really working hard at it and sometimes you can't predict what quarter they're going to close on or what quarters are going to happen, but the backlog is at an elevated -- that backlog of deals at an elevated level, and we are extremely busy.

因此，該紀律已全面生效，但我們預計它將在今年下半年活躍起來。更廣泛地說，在接下來的幾年裡，我們確實有機會通過增長戰略的併購方面來使我們的業績脫穎而出。我們處於有利位置，擁有強大的資產負債表，我們確實在努力工作，有時你無法預測他們將在哪個季度結束或將在哪個季度發生，但積壓的訂單數量是交易積壓水平很高，我們非常忙碌。

Our next question comes from the line of Matt Summerville from D.A. Davidson & Company.

我們的下一個問題來自 D.A. 的馬特·薩默維爾 (Matt Summerville)。戴維森公司。

David, could you maybe just go ahead and do the kind of around the horn, if you will, with respect to the businesses, the divisions, what you saw in Q2 and how that informs your organic expectations for those areas for the balance of the year?

大衛，如果你願意的話，你是否可以繼續做類似的事情，關於業務、部門、你在第二季度看到的情況以及這如何影響你對這些領域的有機期望，以實現業務平衡年？

I'd be glad to, Matt. I'll start with our largest market segment, our process segment and overall sales for our Process businesses, were up high single digits in the quarter, and that included mid-single-digit organic growth and contributions from the recent acquisition of Navitar.

我很樂意，馬特。我將從我們最大的細分市場開始，我們的流程業務部門和流程業務的整體銷售額在本季度實現了高個位數增長，其中包括中個位數的有機增長和最近收購 Navitar 的貢獻。

Growth remains solid across each of our process divisions with -- as mentioned in the prepared remarks, our Ultra Precision Technologies business delivered notably strong growth and driven by high-end optics and metrology businesses. We also grew solid growth across our med tech businesses, and the Rauland business that we mentioned a couple of quarters ago continues to perform extremely well. So for the full year, we continue to expect mid-single-digit organic growth for the Process businesses, very solid.

我們每個工藝部門的增長仍然穩健，正如在準備好的評論中提到的，我們的超精密技術業務在高端光學和計量業務的推動下實現了顯著強勁的增長。我們的醫療技術業務也實現了穩健增長，我們幾個季度前提到的 Rauland 業務繼續表現出色。因此，對於全年而言，我們繼續預計流程業務將實現中個位數的有機增長，非常穩健。

Aerospace and Defense. The growth remains very strong across our aerospace and defense businesses. In the quarter, both overall and organic sales were up low double digits on a percentage basis. And it really was reflective of strong performance in all of the subsegments in A&D. Growth was particularly strong across our aftermarket businesses as air travel returns to pre-pandemic levels, driving very strong demand for MRO products and services. And given the strong growth in the quarter, we now expect sales for the full year to increase low double digits on a percentage basis versus 2022. So we increased our outlook for our Aerospace and Defense businesses.

航空航天和國防。我們的航空航天和國防業務的增長仍然非常強勁。本季度，整體銷售額和有機銷售額按百分比計算均實現低兩位數增長。這確實反映了 A&D 所有細分領域的強勁表現。隨著航空旅行恢復到大流行前的水平，我們的售後市場業務增長尤其強勁，推動了對 MRO 產品和服務的強勁需求。鑑於本季度的強勁增長，我們現在預計全年銷售額將比 2022 年以較低的兩位數百分比增長。因此，我們提高了對航空航天和國防業務的展望。

Moving to Power & Industrial, overall sales were up mid-teens on a percentage basis in the second quarter. And that was really fueled by mid-single-digit organic sales growth and the contributions from the RTDS acquisition, which has performed extremely well. Organic growth in the quarter was strongest in our power test and measurement business, programmable power. And for the full year, we continue to expect mid-single-digit organic sales growth for our Power and Industrial businesses.

轉向電力與工業領域，第二季度整體銷售額百分比增長了 15%。這確實是由中個位數的有機銷售增長和 RTDS 收購的貢獻推動的，RTDS 的收購表現非常出色。本季度的有機增長最為強勁的是我們的電源測試和測量業務、可編程電源。就全年而言，我們繼續預計電力和工業業務的有機銷售額將實現中個位數增長。

And finally, our Automation & Engineered Solutions. Overall sales were up mid-single digits, with mid-single-digit decline in organic sales being offset by the contributions from the Bison acquisition. And as we noted previously and in my question to Allison, I talked about normalization of inventory levels is continuing across our OEM businesses and the impact is most significant in our automation business. For the full year, we now expect organic sales for our Automation & Engineered Solutions business to be up low single digits with stronger growth expected across our EMIP businesses. That's across the -- around the horn on that.

最後是我們的自動化和工程解決方案。整體銷售額增長了中個位數，有機銷售額中個位數的下降被 Bison 收購的貢獻所抵消。正如我們之前在向艾里森提出的問題中所指出的，我談到我們的 OEM 業務的庫存水平正在持續正常化，其影響在我們的自動化業務中最為顯著。就全年而言，我們現在預計自動化與工程解決方案業務的有機銷售額將增長低個位數，而我們的 EMIP 業務預計將出現更強勁的增長。就在那個喇叭周圍。

And then maybe just to your last point, can you maybe comment on how long this normalization -- this normalization period, you feel may last with respect to automation. And then if you could maybe just to switch gears a little bit, give a little bit of geographic color in terms of what you're seeing, both organically and from an incoming order rate standpoint.

然後，也許就您的最後一點而言，您能否評論一下這種正常化——您認為在自動化方面可能會持續多久的正常化時期。然後，如果您可以稍微切換一下，根據您所看到的內容提供一點地理色彩，無論是有機的還是從傳入訂單率的角度來看。

Yes, I'd be glad to. In terms of the automation business, I think it's going to last a couple of quarters. It's probably going to bottom near the end of this year. And what we have there is the end markets for automation are very interesting. The places where the inventory correction is steepest, as with our medical technology customers, with our life science customers. We have been positioned on a lot of COVID test equipment. Also our semiconductors, especially in the memory area is weak right now.

是的，我很樂意這樣做。就自動化業務而言，我認為它將持續幾個季度。可能會在今年年底觸底。我們所擁有的自動化終端市場非常有趣。庫存調整幅度最大的地方，例如我們的醫療技術客戶和生命科學客戶。我們已經定位了很多新冠檢測設備。此外，我們的半導體，尤其是存儲領域，目前還很薄弱。

So the -- that is correcting and it's going to correct in the second half. But I really think what the end markets that business serves is coiled the response. So in an upward fashion. So we kind of saw this coming. It's impacting OEM businesses, but very significantly in our automation business, but we're positioned well to manage through that, increase our guidance and because we're really operating well. Our productivity programs are progressing nicely. As I mentioned, the recent acquisitions are performing very well. Price inflation, we have good visibility and the A&D business is accelerating. It's our highest margin segment.

所以，這正在糾正，並將在下半場糾正。但我真的認為企業所服務的終端市場是盤繞的反應。所以以向上的方式。所以我們有點預見到了這一點。它對 OEM 業務產生了影響，但對我們的自動化業務影響非常大，但我們處於有利地位，可以通過這一點進行管理，增加我們的指導，因為我們確實運營良好。我們的生產力計劃進展順利。正如我所提到的，最近的收購表現非常好。價格上漲，我們有良好的能見度，A&D 業務正在加速發展。這是我們利潤率最高的部分。

Now moving on to your next question. I really feel good about the geographical story around AMETEK too. We saw a strong broad-based growth across all segments. The U.S. was up mid-single digits. We had broad-based strength -- notable strength in our process and aerospace and defense businesses. Europe was up high single digits, really, really positive performance there with notable strength in our process and power businesses. And Asia was up with 3 points with notable strength in process.

現在繼續你的下一個問題。我對 AMETEK 的地理故事也感到非常滿意。我們看到所有細分市場都出現了強勁的廣泛增長。美國的漲幅為中個位數。我們擁有廣泛的實力——在我們的加工、航空航天和國防業務方面具有顯著的實力。歐洲的表現非常非常積極，我們的流程和電力業務實力顯著。亞洲隊領先3分，實力不俗。

Our next question comes from the line of Deane Dray of RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場部的迪恩·德雷 (Deane Dray)。

First, I got to start with the shout-out complement for that one pager in your website that gives you the quarter recap and backlog and free cash flow. I don't know, I didn't see the timing in the first quarter, but we really appreciate having that up on the website. So thank you.

首先，我首先要對您網站上的一個尋呼機進行補充，它可以為您提供季度回顧、積壓工作和自由現金流。我不知道，我沒有看到第一季度的時間安排，但我們非常感謝在網站上發布這一信息。所以謝謝。

Listen, a lot of good questions. We've gone through already. Just on this normalization, and we're seeing that everywhere, and it seems to be not very disruptive for you all. Is there an opportunity? Maybe this is for Bill, would you be releasing any buffer inventory as things start to normalize, you go from just in case a bit closer to just in time. Is that an opportunity?

聽著，有很多好問題。我們已經經歷過了。就這種正常化而言，我們到處都看到這種情況，而且這似乎對你們所有人來說都沒有太大的破壞性。有機會嗎？也許這是給比爾的，當事情開始正常化時，你會釋放任何緩衝庫存嗎？你會從“以防萬一”轉向“及時”。這是一個機會嗎？

Absolutely, and that's something our businesses are very much focused on. We did all the right things to work our way through the supply chain, protect our customers given our extensive backlogs. But as that starts to normalize, our businesses are pivoting now to reducing inventories. And I think you'll see that happen as we move through the second half of the year.

當然，這是我們的業務非常關注的事情。我們做了所有正確的事情來貫穿整個供應鏈，鑑於我們大量的積壓，保護我們的客戶。但隨著這種情況開始正常化，我們的業務現在正在轉向減少庫存。我想，當我們進入今年下半年時，你就會看到這種情況發生。

Good. That was the timing we were looking for. And maybe some commentary on price cost, any kind of pricing carryover benefit and contribution from new products in the quarter?

好的。這就是我們正在尋找的時機。也許還有一些關於價格成本、任何類型的定價結轉效益以及本季度新產品貢獻的評論？

Yes. On the price issue in the second quarter, we continued to more than offset inflation. Our pricing was about 5% and inflation was about 4%. And that gave us a positive spread of approximately 100 basis points. So solid performance there. We're seeing decreasing costs in some commodities and logistics, offset by other costs and wages in travel. But I feel like we have that really under control with good visibility and the results there speak to the highly differentiated nature of AMETEK's product portfolio.

是的。在第二季度的價格問題上，我們繼續超過抵消通脹。我們的定價約為 5%，通貨膨脹約為 4%。這給我們帶來了大約 100 個基點的正利差。那裡的表現非常出色。我們看到一些商品和物流的成本下降，但被旅行中的其他成本和工資所抵消。但我覺得我們確實控制住了這種情況，並且具有良好的可見性，並且結果說明了 AMETEK 產品組合的高度差異化性質。

Great new products?

很棒的新產品？

Yes. New products were a solid quarter. 24% of sales is our vitality index. So what's happening is our customers are buying our new products. And our new products at really good markets. And so we feel really good about that. And significant introductions across the business, I mentioned the Abaco introduction and the word Day 1. But while these are not home run-type swings, and our product development is spread out across the business, but we have a lot of good things going on.

是的。新產品是一個穩定的季度。銷售額的24%是我們的活力指數。所以我們的客戶正在購買我們的新產品。我們的新產品市場非常好。所以我們對此感覺非常好。以及整個業務的重要介紹，我提到了 Abaco 介紹和“第一天”這個詞。雖然這些不是本壘打型的波動，而且我們的產品開發分散在整個業務中，但我們有很多好事發生。

You can get to the Hall of Fame with lots of singles and doubles.

你可以憑藉很多單打和雙打進入名人堂。

That's right. That's AMETEK's strategy.

這是正確的。這就是 AMETEK 的戰略。

Our next question comes from the line of Christopher Glynn of Oppenheimer & Company Inc.

我們的下一個問題來自 Oppenheimer & Company Inc. 的 Christopher Glynn。

So Dave, reacting to your pitch on Abaco, you closed that out talking about demand for high computing power and analytics like many other AME businesses. Wondering if we could dive into that last dilution there.

因此，Dave 在回應您對 Abaco 的宣傳時，您結束了對高計算能力和分析的需求，就像許多其他 AME 企業一樣。想知道我們是否可以深入研究最後的稀釋。

Yes. When I'm talking about other businesses, I'm talking about what's happening, for example, in some of our process instrumentation businesses, we're doing a lot of work there to improve bringing some technologies that were in the lab to the field. And especially in our Spectro Scientific business where there's a lot of technology that we're putting in smart technology, where there's AI algorithms in it and we're doing measurements that were previously done in the lab, now we're doing them in the field.

是的。當我談論其他業務時，我談論的是正在發生的事情，例如，在我們的一些過程儀表業務中，我們正在做大量工作來改進將實驗室中的一些技術帶到現場。特別是在我們的 Spectro Scientific 業務中，我們在智能技術中投入了大量技術，其中有人工智能算法，我們正在進行以前在實驗室中完成的測量，現在我們正在實驗室中進行測量。場地。

So that's really good, and that's all around our predictive maintenance programs that we have with Spectro Analytics. So we're really positive on that. If you think about our -- some of our materials analysis businesses, there is a tremendous amount of data that we're taking from materials analysis. And we're showing our users that in unique and ways highlighting the technologies, our measurement technology. So you have situation where the graphics power, the graphics intensity of what we're doing is kind of a state of the art. So really, across our businesses, a couple of the trends around predictive maintenance, trends around moving the measurements to the field, and trends around in the research environment, the analytical computational power to take the data that we have and provide our users with actionable intelligence is would be the areas I'd highlight.

所以這真的很好，這就是我們與 Spectro Analytics 合作的預測性維護計劃的全部內容。所以我們對此非常積極。如果您考慮一下我們的一些材料分析業務，我們會從材料分析中獲取大量數據。我們正在以獨特的方式向用戶展示我們的測量技術。因此，我們正在做的事情的圖形能力和圖形強度是最先進的。事實上，在我們的業務中，有一些圍繞預測性維護的趨勢、圍繞將測量轉移到現場的趨勢、以及研究環境的趨勢、利用我們擁有的數據並為用戶提供可操作的分析計算能力情報將是我要強調的領域。

It's very interesting. And then curious about any areas that might be inflecting higher? I think the question is yours more about anything kind of reaching an inflection or peak junctures. But you did raise the Aero defense market. And I think defense might be one particular area, if you could elaborate.

這很有趣。然後對哪些領域可能會出現更高的變化感到好奇？我認為你的問題更多的是關於任何達到拐點或高峰時刻的事情。但你確實提高了航空防禦市場。我認為防守可能是一個特殊領域，如果你能詳細說明的話。

Yes. On both our Aerospace and Defense market, we have not peak. Demand is strong in the commercial market, but I talked about it, but outlook for the year, both commercial and the defense market have low double-digit outlook. So we're really well positioned in the defense market, and some of the things I talked about with Abaco played to that. But both sides of A&D, commercial and defense are strong, and we clearly have not peaked.

是的。在我們的航空航天和國防市場上，我們還沒有達到頂峰。商業市場的需求強勁，但我談到了這一點，但就今年的前景而言，商業和國防市場的前景均較低。因此，我們在國防市場上確實處於有利地位，我與 Abaco 討論的一些事情也發揮了作用。但航空航天和國防、商業和國防兩方面都很強大，而且我們顯然還沒有達到頂峰。

(Operator Instructions) And our next question comes from the line of Brett Linzey of Mizuho.

（操作員說明）我們的下一個問題來自 Mizuho 的 Brett Linzey。

Just wanted to come back to orders. I was hoping you might be able to provide some context for how things track throughout the quarter, any preliminary view on July. And is there anything notable to glean from the changes in the mix of orders between project or CapEx related versus more OpEx purchases?

只是想回來接受訂單。我希望您能夠提供一些背景信息，了解整個季度的情況，以及 7 月份的初步看法。從項目或資本支出相關訂單與更多運營支出採購之間的訂單組合變化中，有什麼值得注意的地方嗎？

Yes, I'll answer the second part of that first. And -- the thing that I would glean, it's more OEM versus end user. So if we have OEMs between our product and the end customer, the OEMs have inventory in place and as we get back to more normalized activities, the OEM parts of the business are where the order is normalizing.

是的，我將首先回答第二部分。而且——我收集到的信息是，更多的是 OEM 而非最終用戶。因此，如果我們的產品和最終客戶之間有原始設備製造商，原始設備製造商就有庫存，當我們回到更正常化的活動時，業務的原始設備製造商部分就是訂單正常化的地方。

On the end user side of the business, we're not seeing that really at all, and end demand still remains strong. Regarding to your first question -- regarding the -- how we progressed throughout the month, we had solid orders in Q2. As typical, orders ramp higher each month of the quarter. So June was the highest month of the quarter. And notably, when we adjust for acquisitions because when you close an acquisition, you book the entire backlog as order input. So we take that out. And if we look to the last couple of years, cumulus like the highest booking or the second highest booking month the last couple of years.

在業務的最終用戶方面，我們根本沒有看到這一點，並且最終需求仍然強勁。關於你的第一個問題——關於——我們整個月的進展情況，我們在第二季度有穩定的訂單。通常，該季度每個月的訂單都會增加。因此，六月是該季度最高的月份。值得注意的是，當我們針對收購進行調整時，因為當您完成收購時，您會將整個積壓訂單記錄為訂單輸入。所以我們把它去掉。如果我們回顧過去幾年，積雲就像過去幾年中最高預訂量或第二高預訂月。

So June was really strong. So -- and in terms of July, it's just to close last night and we haven't really dug into it at a deep level, but it's certainly up to that point was in line with the growth that we're telling we're communicating here where we're increase our guidance for the second half of the very substantially.

所以六月真的很強大。因此，就 7 月而言，昨晚剛剛結束，我們還沒有真正深入研究它，但到目前為止，這肯定與我們所說的增長是一致的。在此溝通，我們將大幅增加下半年的指導。

And then just shifting over to pricing. As we do work through this normalization of some of the destock dynamic, are there any areas you think there's maybe price concessions? Or do you think you can hold the line on price, if not grow it, in your businesses there?

然後就轉向定價。當我們正在努力使一些去庫存動態正常化時，您認為有哪些領域可能會有價格優惠？或者您認為您在那裡的業務即使不能提高價格，也能控制住價格嗎？

Yes, there's going to be just a small amount of giveback. We're going to retain the vast majority. We're going to retain the vast majority of pricing. And on a go-forward basis, I expect that inflation to moderate a bit, but we're going to keep the 100 basis point spread. So we feel real good about the analysis and the control and what's playing out with price. So we'll retain the price and is certainly not going to be a big giveback.

是的，只會有少量的回饋。我們將保留絕大多數。我們將保留絕大多數定價。展望未來，我預計通脹會有所放緩，但我們將保持 100 個基點的利差。因此，我們對分析和控制以及價格的變化感到非常滿意。因此，我們將保留價格，並且肯定不會成為一個很大的回饋。

Our next question comes from the line of Andrew Obin of Bank of America.

我們的下一個問題來自美國銀行的安德魯·奧賓。

This is David Ridley-Lane on for Andrew Obin. I guess what's directionally embedded in the revenue guidance for year ending backlog. I understand there's going to begin this normalization of the backlog. I'm wondering if you see that sort of playing out in the second half? Or is that more of a 2024 story?

我是安德魯·奧賓 (Andrew Obin) 的大衛·雷德利·萊恩 (David Ridley-Lane)。我猜想年終積壓的收入指導中具體包含了什麼內容。我知道積壓工作將會開始正常化。我想知道你是否認為下半場會出現這樣的情況？或者這更像是 2024 年的故事？

Yes. As I mentioned in the last couple of calls, I do expect our sales to outpace orders in the second half of the year. But it will be a moderate impact, and we'll end the year with historically high backlog in comparison to what we've done in the past. So it will be a modest impact as we progress through the second half of the year.

是的。正如我在過去幾次電話中提到的，我確實預計下半年我們的銷售額將超過訂單。但這將是一個溫和的影響，與過去相比，我們將以歷史最高的積壓量結束今年。因此，隨著我們下半年的進展，這將是一個溫和的影響。

And then if I'm doing the math right, guidance seems to imply about 40% core incremental margins versus kind of prior expectations of 30% to 35%. What's been improving, what's been going better than you expected?

如果我計算正確的話，指導似乎意味著核心增量利潤率約為 40%，而之前的預期為 30% 至 35%。哪些方面有所改善，哪些方面比您預期的更好？

Yes. Margin performance has been great. And in fact, in -- the second quarter, we had really healthy core incrementals of 52%. So you're correct on your outlook for the year, and it probably is a bit higher because of our performance has been outstanding. And if you look at reported Anchor, we're both up 130 basis points at the company level, healthy incrementals and -- we think for the full year, the incrementals will be similar in both groups, and 40% is a good number.

是的。利潤率表現出色。事實上，在第二季度，我們的核心增量非常健康，達到 52%。所以你對今年的展望是正確的，而且可能會更高一些，因為我們的表現非常出色。如果你看一下 Anchor 報告，我們在公司層面上都上漲了 130 個基點，這是健康的增量，而且我們認為全年來看，兩組的增量將相似，40% 是一個不錯的數字。

Our next question comes from the line of Joe Giordano of Cowen.

我們的下一個問題來自 Cowen 的 Joe Giordano。

This is (inaudible) on for joe Giordano. I just wanted to check if there's any color you guys can provide on like some specific end markets in terms of any customer in specifically looking forward, if you have any color on any slowdowns on the medical side, like pressure on biotech because we're hearing from other people who are in the industry that there's been some pressure and some slowdown in that area.

這是（聽不清）喬·佐丹奴的作品。我只是想檢查一下你們是否可以提供任何顏色，比如一些特定的終端市場，就任何客戶而言，特別期待，如果你們對醫療方面的任何放緩有任何顏色，比如生物技術的壓力，因為我們正在從業內其他人士那裡得知，該領域存在一些壓力和一些放緩。

I mentioned that some of our automation customers are in the med tech and life sciences world, and we are seeing the impact of inventory destock and that's included in our overall guidance. But in terms of our overall medical business, not including that piece of the automation business. Q2, we were up mid-teens. So really strong and strong growth in our engineered medical components business and a very significant performance for AMETEK in the second quarter and for the full year.

我提到我們的一些自動化客戶來自醫療技術和生命科學領域，我們正在看到庫存去庫存的影響，這已包含在我們的總體指導中。但就我們整個醫療業務而言，不包括自動化業務。第二季度，我們已經十幾歲了。我們的工程醫療組件業務確實強勁增長，阿美特克在第二季度和全年的業績也非常顯著。

So I do not see any other questions at this point. I would now like to turn the conference back to Kevin Coleman for closing remarks.

所以我目前沒有看到任何其他問題。現在我想請凱文·科爾曼（Kevin Coleman）致閉幕詞。

Thank you, Benny, for all your help, and thank you for joining us for our conference call today. And as a reminder, a replay of today's webcast can be accessed in the Investors section of ametek.com. Have a great day.

感謝本尼提供的所有幫助，也感謝您參加我們今天的電話會議。提醒一下，今天網絡廣播的重播可以在 ametek.com 的投資者部分訪問。祝你有美好的一天。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。