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.

大家好，感謝您的關注。歡迎參加阿美特克2023年第二季業績電話會議。

(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。請開始。

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.

早安，感謝您參加阿美特克2022年第二季-2023年財報電話會議。今天與我一同出席的還有董事長兼執行長戴夫‧札皮科 (Dave Zapico) 和執行副總裁兼財務長比爾‧伯克 (Bill Burke)。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，並可能導致實際結果與預期有顯著差異。關於可能影響我們未來業績的風險和不確定因素的詳細討論，已包含在阿美特克提交給美國證券交易委員會 (SEC) 的文件中。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。本次電話會議中提及的2022年或2023年業績或2023年指引均以調整後資料為基礎，不包括稅後及收購相關的無形資產攤銷。 GAAP 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」版塊。

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. 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.

謝謝凱文，大家早安。阿美特克在第二季度取得了卓越的業績，銷售額強勁增長，營運執行力出色，業績創下歷史新高，超出了我們的預期。本季度，我們的銷售額、營業利潤、營業利潤率、每股盈餘和息稅折舊攤銷前利潤均創下新高。本季結束時，我們的訂單量也創下了歷史新高。

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.

阿美特克持續優異的業績體現了阿美特克強勁的成長模式、我們利基差異化業務的卓越品質、有機成長計畫帶來的效益，以及最重要的，我們敬業員工的傑出努力。鑑於我們第二季度的強勁業績以及對今年剩餘時間的樂觀展望，我們再次上調了全年盈利預期。

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，我來談談我們第二季的業績。第二季銷售額為16.5億美元，較2022年同期成長9%。有機銷售額成長5%。本季，收購業務貢獻了4個百分點，外幣持平。第二季我們的訂單出貨比為1.01，這是我們連續第12季實現正訂單出貨比。因此，我們以創紀錄的34.4億美元積壓訂單結束了本季度，比2022年底增加了2.2億美元，比2020年底增加了16億美元，增幅達91%。本季營業收入達到創紀錄的4.19億美元，比2022年第二季成長了15%。本季營業利益率為25.4%，較去年同期高出130個基點。本季的 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%。

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.

這項經營業績帶來創紀錄的每股攤薄收益 1.57 美元，較 2022 年第二季成長 14%，高於我們每股 1.49 美元至 1.51 美元的指引範圍。現在讓我提供一些有關經營集團層面的更多細節。首先是電子儀器集團。電子儀器集團本季表現優異，銷售額成長出色，經營績效驚人。本季 EIG 的銷售額為 11.3 億美元，較去年第二季成長 10%。有機銷售額強勁成長 8%，收購貢獻了成長的平衡。 EIG 第二季度的銷售額成長遍及我們各個部門，其中航空航太與國防以及超精密技術業務的成長尤為強勁。 EIG 的經營業績令人印象深刻，利潤成長強勁，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，較上年成長 16%，營業利益率為 27.1%，較上年大幅上升 130 個基點。機電集團本季也實現了強勁的銷售成長和出色的營運表現。受收購 Bison Engineering 的推動，EMG 第二季銷售額創下 5.11 億美元的新高，比上年增長 5%，本季有機銷售額基本持平。 EMG 本季營業收入為 1.36 億美元，比去年同期成長 10%。 EMG 第二季營業利益率高達 26.6%，比前一年高出 100 個基點。雖然 EMG 的核心營業利潤率不包括收購稀釋，但我們還是大幅提高了 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.

整體而言，阿美特克在2023年第二季取得了卓越的業績。此外，阿美特克持續強勁的營運執行力——我們強勁的業績體現了我們所服務終端市場的吸引力和多樣性。我們的業務在極具吸引力的細分市場中佔據領先地位。透過持續的有機成長投資和策略性收購，我們正在擴大在與強勁長期成長動力相符的細分市場和利基市場的影響力。因此，我們的業務憑藉差異化的解決方案佔據有利地位，並將受益於在電氣化、清潔能源、醫療效率和製造業再保險等領域的有意義的長期投資。

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.

除了與強勁成長市場的緊密合作外，阿美特克的有機成長計畫和投資也取得了巨大成功。 2023年全年，我們預計將投入超過1億美元用於增量成長投資。這些投資主要集中在擴大我們的銷售、行銷和商業卓越計劃，以及拓展我們的研發和工程工作。阿美特克旗下各業務部門的研發和工程團隊始終如一地提供創新的新一代產品，以滿足客戶的獨特需求。雖然公司內部有許多這樣的例子，但我還是想特別強調阿巴科業務部門的傑出成就。

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 是領先的商用現貨嵌入式運算系統供應商，其產品廣泛應用於航空航太、國防和特殊工業領域。鑑於 Abaco 作為領先的加固型技術解決方案供應商和先進的熱管理能力，市場對 Abaco 解決方案的需求仍然強勁。在最近的加速器技術創新獎 (Accelerator Technology Innovation Awards) 中，Abaco 榮獲高性能 PCBA 最佳整體設計獎。 Abaco 最近也推出了一款採用最新 GPU 技術的新一代整合式運算和圖形處理汽車。這為我們的客戶提供了人工智慧應用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、雷達信號處理以及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，許多其他企業也已做好準備，從日益增長的高效能運算和分析需求中獲益。我們認識到有機成長計劃及其對我們整體成長策略的關鍵作用。這些對有機成長的投資，加上我們的市場領導地位和極具吸引力的市場曝險，使公司能夠繼續成功推動可持續的長期成長。現在轉向我們的資本部署和收購策略。在過去三個季度中，我們已投入約5.3億美元收購三家企業：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.

這些業務都已順利融入阿美特克，並已做好準備，抓住各自市場中誘人的成長機會。我們的收購管道依然強勁，我們的業務和內部併購團隊正在積極管理許多機會。阿美特克將持續致力於利用我們強勁的現金流，進行符合我們成長目標的策略性收購。憑藉著穩健的資產負債表和雄厚的財務實力，我們完全有能力支持我們的收購策略，並在未來抓住創造價值的機會。

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.

現在談談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需謹慎，但我們有信心克服這些挑戰，並取得強勁的業績。基於我們強勁的上半年業績和對今年剩餘時間的樂觀展望，我們再次上調了獲利預期。我們預計全年整體銷售額將實現中高個位數成長，其中有機銷售額預計將實現中高個位數成長。目前預計全年稀釋每股盈餘將在6.18美元至6.26美元之間，較去年同期成長9%至10%。這高於我們先前每股稀釋收益5.96美元至6.10美元的預期範圍。

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.

我們預計第三季整體銷售額將實現中等個位數成長，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%。總而言之，阿美特克第二季業績表現出色。由於我們面向多元化且不斷成長的利基市場的差異化技術解決方案，我們的業務持續保持優異表現。我們實施的有機成長計畫帶來了更高的成長水平，同時我們的產品組合仍與具有吸引力的中長週期市場保持一致。我們的輕資產業務模式和強勁的現金流使我們能夠靈活應對充滿挑戰的環境，同時積極部署資本以提升股東價值。

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，阿美特克始終堅定地致力於實現長期永續成長。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 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，戴夫。正如戴夫所強調的那樣，阿美特克第二季表現非常強勁，營運表現創歷史新高，獲利品質也很高。現在，讓我再介紹一下第二季的一些財務亮點。

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.

第二季的一般及行政開支為 2,450 萬美元，與上年基本持平，佔銷售額的 1.5%，而去年第二季為 1.6%。預計 2023 年，一般及行政開支將佔銷售額的約 1.5%，與去年的一般及行政開支與銷售額的比率持平。第二季其他收入和支出與上期相比減少了 600 萬美元，主要原因是本季退休金收入減少。有效稅率為 18.2%，略低於 2022 年第二季的 18.5%。我們目前預期 2023 年的有效稅率在 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很大差異，可能為正數，也可能為負數。

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.

第二季資本支出為2,800萬美元，我們預期全年資本支出約為1.45億美元，約佔銷售額的2%，反映了我們輕資產的業務模式。本季折舊及攤銷費用為8,200萬美元。我們預計全年折舊及攤銷費用約為3.35億美元，其中包括約1.57億美元的稅後收購相關無形資產攤銷，或每股攤薄收益0.68美元。第二季營運資本佔銷售額的19%。本季現金流較上年大幅成長。

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.

2022年第二季度，營運現金流為3.35億美元，較上年成長42%；自由現金流為3.07億美元，較上年成長47%。本季自由現金流轉換率為95%。全年來看，我們預期自由現金流與淨收入的轉換率仍將達到約120%。截至6月30日，公司總負債為22億美元，低於2022年底的24億美元。公司持有的6.06億美元現金及現金等價物用於抵銷這部分債務。截至第二季末，我們的總負債與EBITDA比率為1.1倍，淨負債與EBITDA比率為0.8倍。我們仍擁有卓越的財務實力，擁有約29億美元的現金及現有信貸額度，足以支持我們的成長計畫。

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?

總而言之，我們的業務在2023年第二季持續取得卓越的業績。我們實現了強勁的銷售額成長、強勁的利潤率成長和高品質的獲利。我們在極具吸引力的細分市場中的領先地位、創紀錄的待交付訂單以及卓越的營運能力，為我們在下半年繼續取得成功奠定了良好的基礎。凱文？

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

謝謝你，比爾。班尼，我們可以開始提問了嗎？

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

好的，當然。 [操作員指示] 我們的第一個問題來自富國銀行的艾莉森‧波利納。

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?

您能否談談，考慮到一些不確定因素，訂單出貨比呈正增長顯然是一個非常好的結果——但您能否談談自那時以來您觀察到的訂單趨勢？我知道您談到的任何相關問題都著眼於長期，但您開始看到任何短期不利因素嗎？

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.

問得好。整體需求環境依然穩健。我們連續12季實現正訂單出貨比，最終創下34.4億美元的歷史新高。我們的訂單出貨比為1.01，兩個部門都為正。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，遠高於歷史正常水準。歷史正常水準約30%。因此，在2023年全年，我們處於有利地位。如果您還記得，在過去幾次財報電話會議上，我們強調了一些會影響訂單成長的動態因素。首先，這些因素難以比較。如果您觀察我們的長期業績，實際上，在2021年和2022年全年，我們的平均有機成長率為18%。因此，我們面臨一些難以比較的競爭壓力。

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，我們期望訂單模式能夠恢復到更正常的狀態。我們之前的情況是，客戶提前下單，現在供應鏈正在改善並恢復正常，交貨時間也正在恢復正常，或者說，這種動態正在逐漸顯現。但我們已做好準備應對這種情況，創紀錄的訂單積壓量和積極的訂單出貨比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.

這裡的槓桿率顯然很低。您提到了專案管線非常活躍。您能否具體解釋一下是什麼阻礙了它的發展？目前，它還在執行階段嗎？它的估值還在嗎？您只是沒有看到任何特別有趣的東西。任何細節資訊都會有所幫助。

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。我們的投資管道依然非常強勁，我們正在積極地在廣泛的市場中尋找一些高品質的交易。我們將一如既往地保持紀律。

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.

所以，紀律性正在全面發揮作用，但我們預計它將在今年下半年更加活躍。更廣泛地說，在接下來的幾年裡，我們確實有機會透過成長策略中的併購部分來突顯我們的業績。我們擁有強勁的資產負債表，處於非常有利的位置，我們正在為此付出巨大的努力。有時你無法預測他們會在哪個季度完成交易，或在哪個季度發生，但積壓訂單量很高——積壓交易量很高，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. Davidson & Company 的 Matt Summerville。

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，如果您願意的話，您能否繼續就業務、部門、您在第二季度看到的情況以及這對您對今年剩餘時間這些領域的有機預期有何影響進行簡要介紹？

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.

馬特，我很樂意。首先，我們最大的細分市場是流程業務，流程業務的整體銷售額在本季度實現了高個位數成長，其中包括中等個位數的有機成長以及最近收購 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.

我們各製程部門的成長依然穩健。正如準備好的演講中所提到的，我們的超精密技術業務實現了顯著強勁的成長，這主要得益於高端光學和計量業務的推動。我們的醫療技術業務也實現了穩健的成長，而我們幾季前提到的Rauland業務也持續表現優異。因此，我們預計全年製程業務將實現中等個位數的有機成長，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.

航空航天與國防。我們的航空航太與國防業務保持強勁成長勢頭。本季度，整體銷售額和有機銷售額均實現了低兩位數百分比成長。這充分體現了航空航太與國防業務所有細分市場的強勁表現。隨著航空旅行恢復到疫情前的水平，我們的售後市場業務成長尤為強勁，推動了對MRO產品和服務的強勁需求。鑑於本季的強勁成長，我們預計全年銷售額將較2022年實現低兩位數百分比成長。因此，我們上調了對航空航太與國防業務的預期。

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.

談到電力和工業業務，第二季整體銷售額實現了中個位數的百分比成長。這主要得益於中個位數的有機銷售額成長以及收購 RTDS 帶來的出色業績。本季有機成長最強勁的是我們的功率測試與測量業務－可程式電源。我們預計全年電力和工業業務的有機銷售額仍將保持中個位數的成長。

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，我們的自動化與工程解決方案業務。整體銷售額實現了中等個位數成長，有機銷售額的中等個位數下降被收購Bison的貢獻所抵消。正如我們之前提到的，以及我在向Allison提問時提到的，庫存水準的正常化正在我們的OEM業務中持續推進，而自動化業務的影響最為顯著。就全年而言，我們目前預計自動化與工程解決方案業務的有機銷售額將實現低個位數成長，而EMIP業務預計將實現更強勁的成長。這完全是圍繞著這個目標展開的。

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.

然後回到你的最後一點，你能否評論一下，就自動化而言，你認為這種正常化——這種正常化時期——會持續多久？然後，能否稍微轉換一下話題，從你所看到的情況，從有機增長和新訂單率的角度，稍微加點地理分佈？

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。就自動化業務而言，我認為它會持續幾個季度。它可能會在今年年底觸底。我們目前的情況是，自動化的終端市場非常有吸引力。庫存調整幅度最大的領域，例如我們的醫療技術客戶和生命科學客戶。我們已經在許多新冠檢測設備上佈局。此外，我們的半導體業務，尤其是在記憶體領域，目前表現疲軟。

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，這種情況正在好轉，下半年也會好轉。但我確實認為，我們業務所服務的終端市場正在影響我們的反應，所以是向上的。我們多少也預見了這一點。它正在影響原始設備製造商（OEM）業務，尤其對我們的自動化業務影響尤為顯著，但我們有能力應對這種情況，並提高業績指引，因為我們的營運狀況確實良好。我們的生產力專案進展順利。正如我所提到的，最近的收購表現非常出色。價格上漲，我們擁有良好的可預見性，而且航空航太和國防（A&D）業務正在加速成長。這是我們利潤率最高的業務。

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.

現在回答您的下一個問題。我對阿美特克的地理分佈也非常滿意。我們所有業務部門都實現了強勁的全面成長。美國市場實現了中等個位數的成長。我們業務全面強勁—製程、航太和國防業務表現尤為突出。歐洲市場實現了高個位數的成長，表現非常積極，工藝流程和電力業務表現突出。亞洲市場成長了3個百分點，製程流程業務表現突出。

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的 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，我要特別感謝你們網站上那個提供季度回顧、積壓訂單和自由現金流的單頁頁面。我不清楚，我在第一季沒有看到具體時間，但我們非常感激你們把這些內容發佈到網站上。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，很多好問題。我們已經討論過了。就這種正常化而言，我們隨處可見，而且似乎對你們所有人的干擾不大。這其中是否存在機會？也許這個問題是問比爾的，隨著情況開始正常化，你會釋放一些緩衝庫存嗎？你會從「以防萬一」轉向「及時」模式。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.

絕對如此，這也是我們業務部門非常關注的事情。我們採取了所有正確的措施來完善供應鏈，在大量積壓訂單的情況下保護我們的客戶。但隨著這種情況開始恢復正常，我們的業務現在正轉向減少庫存。我想，隨著我們進入下半年，您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?

很好。這正是我們想要的時機。能否談談價格成本、價格結轉效益以及本季新產品的貢獻？

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。關於第二季的價格問題，我們繼續有效抵消了通貨膨脹的影響。我們的定價約為5%，通貨膨脹率約為4%。這為我們帶來了約100個基點的正利差。因此，這方面的表現非常穩健。我們看到部分商品和物流成本下降，但其他成本和差旅費的下降抵消了這種影響。但我認為我們已經完全控制住了局面，並且具有良好的可視性，而這些業績也反映了阿美特克產品組合高度差異化的特性。

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。新產品本季表現穩健。我們的活力指數佔銷售額的24%。也就是說，我們的客戶正在購買我們的新產品，而我們的新產品在非常好的市場上銷售。我們對此感到非常高興。此外，我們在整個業務範圍內推出了一些重要的產品，我提到了Abaco的推出以及「Day 1」這個詞。雖然這些都不是本壘打式的突破，而且我們的產品開發也分散在整個業務範圍內，但我們仍然有很多積極的進展。

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

你可以憑藉大量的單打和雙打進入名人堂。

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

沒錯，這就是 AMETEK 的策略。

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.

戴夫，關於你關於 Abaco 的演講，你最後提到了對高運算能力和分析的需求，就像許多其他 AME 企業一樣。想知道我們能否深入探討最後一個稀釋點。

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。我談到其他業務時，指的是我們正在發生的事情。例如，在我們的一些流程儀表業務中，我們正在做大量工作，改進將一些實驗室技術應用到現場。尤其是在我們的斯派超科技業務中，我們引入了許多智慧技術，其中包括人工智慧演算法，我們以前在實驗室進行的測量現在都可以在現場進行了。

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.

這真的很好，這完全圍繞著我們與 Spectro Analytics 合作的預測性維護專案。我們對此非常樂觀。想想我們的一些材料分析業務，我們從材料分析中獲得了大量數據。我們以獨特的方式向用戶展示這些數據，並專注於我們的技術，包括我們的測量技術。因此，我們的圖形處理能力和圖形密度都達到了最先進的水平。所以，在我們的業務中，預測性維護的趨勢、將測量轉移到現場的趨勢以及研究環境中的趨勢，以及利用我們擁有的數據並為用戶提供可操作情報的分析計算能力，這些都是我要重點關注的領域。

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.

這很有意思。然後，您好奇哪些領域可能會出現轉折點？我認為您的問題更多的是關於任何達到拐點或峰值點的事情。您確實提到了航空防務市場。我認為防務可能是一個特別的領域，請您詳細說明。

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。我們的航空航太和國防市場都尚未達到頂峰。商用市場的需求強勁，我之前也提到過這一點，但展望今年，商用和國防市場的成長預期都低於兩位數。因此，我們在國防市場佔據著非常有利的地位，我之前與Abaco討論的一些事情也反映了這一點。但航空航太和國防市場，無論是商用還是國防，都表現強勁，我們顯然尚未達到頂峰。

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

（操作員指示）我們的下一個問題來自瑞穗的 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?

回到訂單問題。我希望您能提供一些關於整個季度情況的背景信息，例如您對7月份的初步看法。從項目或資本支出相關採購與營運支出採購之間的訂單結構變化來看，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，我先回答第二部分。而且——我了解到的情況是，這更多是原始設備製造商（OEM）與最終用戶之間的聯繫。如果我們的產品和最終客戶之間有OEM，OEM就有庫存，隨著我們業務恢復正常化，OEM業務的訂單就會正常化。

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.

在終端用戶業務方面，我們實際上並沒有看到這種情況，終端需求仍然強勁。關於您的第一個問題——關於我們整個月的進展情況，我們在第二季度獲得了穩定的訂單。通常情況下，訂單量在每季都會逐月增加。因此，6月是本季訂單量最高的月份。值得注意的是，當我們根據收購進行調整時，因為當您完成一項收購時，您會將所有積壓訂單計入訂單投入。因此，我們會將其剔除。如果我們回顧過去幾年，就會發現過去幾年訂單量最高的月份或第二高的月份。

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，6月的表現確實非常強勁。至於7月的表現，截至昨晚，我們還沒有深入分析，但到目前為止，它肯定符合我們之前所說的成長目標，我們之前也曾表示，我們將大幅上調下半年的業績預期。

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?

然後談定價問題。隨著我們逐步將部分去庫存動態正常化，您認為哪些領域可以進行價格優惠？或者，您認為貴公司在華業務中可以維持價格水平，甚至提高價格嗎？

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，只會有少量回落。我們將保留絕大多數。我們將保留絕大多數定價。展望未來，我預期通膨會略有緩和，但我們將維持100個基點的利差。因此，我們對分析、控制以及價格走勢感到非常滿意。因此，我們將維持價格，肯定不會大幅回落。

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 (Andrew Obin)。

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 David Ridley-Lane，接替 Andrew Obin 的節目。我想問一下，收入指引中關於年底積壓訂單的方向性是什麼？我知道積壓訂單將開始正常化。我想知道您認為這種情況會在下半年出現嗎？還是說這更像是 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。正如我之前幾次電話會議中提到的，我確實預計下半年我們的銷售額將超過訂單量。但這將產生適度的影響，而且與過去相比，我們今年年底的積壓訂單量將達到歷史最高水準。因此，隨著下半年的推進，這對我們來說將產生適度的影響。

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?

如果我沒算錯的話，指引似乎暗示核心利潤率增量約為40%，而之前的預期是30%到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。利潤率表現一直很棒。事實上，在第二季度，我們的核心利潤成長了52%，非常健康。所以你對今年的展望是正確的，而且由於我們業績出色，實際利潤可能還會更高一些。如果你看Anchor的財報，我們兩家公司的利潤都上漲了130個基點，成長也很健康。我們認為，就全年而言，兩家公司的利潤成長幅度應該差不多，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 公司的喬·喬達諾 (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.

我是喬·喬達諾（Joe Giordano）的（音頻不清晰）。我只是想問，你們能否提供一些具體終端市場的情況，例如客戶方面的情況，以及醫療領域經濟放緩的情況，例如生物技術領域的壓力，因為我們從其他業內人士那裡聽說，該領域面臨著一些壓力和放緩。

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.

我提到過，我們的一些自動化客戶來自醫療科技和生命科學領域，我們正在經歷庫存去庫存的影響，這已納入我們的整體預期。但就我們整體醫療業務而言，不包括自動化業務，我們的第二季實現了兩位數的成長。因此，我們的工程醫療組件業務實現了強勁成長，阿美特克在第二季和全年的業績也非常出色。

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.

現在我沒有其他問題了。現在請凱文·科爾曼致閉幕詞。

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.

謝謝Benny的幫助，也謝謝您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回放。祝您擁有美好的一天。

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。現在可以掛斷電話了。