阿美特克 (AME) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to AMETEK's First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 AMETEK 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Kevin Coleman, Vice President of Investor Relations and Treasurer. Please go ahead.

現在，我想將會議交給今天的第一位發言人，投資者關係副總裁兼財務主管凱文·科爾曼 (Kevin Coleman)。請繼續。

Thank you, Julia. Good morning, and thank you for joining us for AMETEK's First Quarter 2024 Earnings Conference Call. We today are Dave Zapico, Chairman and Chief Executive Officer; and Dalip Puri, 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 that may cause actual results to differ significantly from expectations.

謝謝你，茱莉亞。早安，感謝您參加 AMETEK 2024 年第一季財報電話會議。今天我們是戴夫·扎皮科 (Dave Zapico)，擔任董事長兼執行長；執行副總裁兼財務長 Dalip Puri。在今天的電話會議中，我們將做出前瞻性聲明，這些聲明可能會根據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導致實際結果與預期有顯著差異。

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 2023 or 2024 results or 2024 guidance will be on an adjusted basis, excluding after-tax acquisition-related intangible amortization and excluding the pretax $29.2 million or $0.10 per diluted share charge in the first quarter for integration costs related to the Paragon Medical acquisition. Reconciliations between GAAP and adjusted measures can be found in our press release and on the Investors section of our website.

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2023 年或2024 年業績或2024 年指引的任何提及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，也不包括第一季度與整合成本相關的稅前2,920 萬美元或每股稀釋股份費用0.10 美元Paragon Medical 收購。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, and then we'll open the call for questions.

我們將以準備好的發言開始今天的電話會議，然後開始提問。

I'll now turn the meeting over to Dave.

我現在將會議交給戴夫。

Thank you, Kevin, and good morning, everyone. AMETEK delivered strong results in the first quarter of 2024 with outstanding operating performance leading to double-digit growth in earnings per share. During the quarter, we established records for sales, operating income and EBITDA, and deliver robust core margin expansion and excellent cash flows. Considering our first quarter results and the positive outlook for the back half of the year, we are increasing our earnings guidance for the full year. AMETEK's continued success is a testament to the strength and resiliency of our growth model, the quality of our businesses and the outstanding contributions from all AMETEK colleagues.

謝謝你，凱文，大家早安。阿美特克 (AMETEK) 在 2024 年第一季取得了強勁業績，出色的經營業績導致每股收益實現兩位數增長。本季度，我們創造了銷售、營業收入和 EBITDA 記錄，並實現了強勁的核心利潤率擴張和出色的現金流。考慮到我們第一季的業績和下半年的正面前景，我們正在提高全年的獲利指引。阿美特克的持續成功證明了我們成長模式的實力和彈性、我們的業務品質以及所有阿美特克同事的傑出貢獻。

Now let me turn to our first quarter results. Sales in the first quarter were $1.74 billion, up 9% over the same period in 2023. Organic sales were down slightly. Acquisitions added 9 points and foreign currency had a small positive impact. Book-to-bill in the quarter was 0.96, and we ended the quarter with a very strong backlog of $3.46 billion near record levels. AMETEK's operating performance at the start of the year was excellent. Operating income in the quarter was a record $446 million, a 10% increase over the first quarter of 2023. Operating margins were 25.7% in the quarter, up 30 basis points from the prior year. Excluding the dilutive impact from acquisitions, core margins were up a very strong 180 basis points versus the prior year. EBITDA in the quarter was also a record at $542 million up 13% over the prior year, with EBITDA margins an impressive 31.2%. This outstanding performance led to earnings of $1.64 per diluted share up 10% versus the first quarter of 2023 and above our guidance range of $1.56 to $1.60.

現在讓我談談我們第一季的業績。第一季銷售額為 17.4 億美元，較 2023 年同期成長 9%。收購增加了 9 個百分點，外匯也產生了較小的正面影響。本季的訂單出貨比為 0.96，本季末我們的積壓訂單達到 34.6 億美元，接近歷史最高水準。 AMETEK 年初的營運表現非常出色。該季度營業收入達到創紀錄的 4.46 億美元，比 2023 年第一季成長 10%。排除收購帶來的攤薄影響，核心利潤率較上年大幅成長 180 個基點。該季度的 EBITDA 也創歷史新高，達到 5.42 億美元，比上年增長 13%，EBITDA 利潤率高達 31.2%，令人印象深刻。這一出色的業績使每股稀釋後每股收益比 2023 年第一季增長 10%，達到 1.64 美元，高於我們 1.56 美元至 1.60 美元的指導範圍。

Now let me provide some additional details at the operating group level. First, the Electronic Instruments Group. The Electronic Instruments Group had a strong start to the year with tremendous operating performance leading to record operating margins and impressive margin expansion. Sales for EIG were $1.16 billion in the quarter, up 4% from the first quarter of last year. Organic sales were up 1% and acquisitions added 3 points. Growth in the quarter remained strongest across our Aerospace & Defense and Materials Analysis businesses.

現在讓我提供營運團隊層面的一些額外細節。一是電子儀器集團。電子儀器集團今年開局強勁，經營業績出色，營業利潤創歷史新高，利潤率大幅擴張。 EIG 本季銷售額為 11.6 億美元，比去年第一季成長 4%。有機銷售額成長 1%，收購增加 3 個百分點。我們的航空航太與國防和材料分析業務本季的成長依然強勁。

EIG's operational execution in the first quarter was superb with strong profit and exceptional operating margin expansion. Operating income was $353 million, up 14% versus the prior year, while EIG operating margins were a record 30.5%, up a robust 280 basis points. This level of operating margin speaks to the quality and leadership positions of our highly differentiated businesses.

EIG 第一季的營運執行情況非常出色，利潤強勁，營業利潤率大幅成長。營業收入為 3.53 億美元，比上年增長 14%，而 EIG 營業利潤率為創紀錄的 30.5%，強勁增長 280 個基點。這種營業利潤水準反映了我們高度差異化業務的品質和領導地位。

The Electromechanical Group also delivered solid first quarter operating performance despite the headwinds from inventory normalization impacting some of our EMG businesses. EMG's first quarter sales were a record $579 million, up 21% versus the prior year, driven by contributions from recent acquisitions of Paragon Medical and Bison Engineering. First quarter operating income was $120 million, while core operating income margins were 24.1% in the quarter.

儘管庫存正常化帶來的阻力影響了我們的一些 EMG 業務，但機電集團第一季的營運表現仍然穩健。 EMG 第一季銷售額達到創紀錄的 5.79 億美元，比上年增長 21%，這得益於最近收購的 Paragon Medical 和 Bison Engineering 的貢獻。第一季營業收入為 1.2 億美元，該季度核心營業利潤率為 24.1%。

Our first quarter results reflect the unique capabilities of our growth model to successfully manage short-term market headwinds and deliver robust margin expansion, outstanding cash flow and strong double-digit earnings growth. Our businesses remain focused on executing our strategic initiatives and delivering differentiated technology solutions to support our customers' most complex challenges. Our distributed operating structure enables flexibility in responding to market dynamics, while our robust cash flow and balance sheet provide ample support for our acquisition strategy.

我們第一季的業績反映了我們的成長模式的獨特能力，能夠成功管理短期市場逆風並實現強勁的利潤擴張、出色的現金流和強勁的兩位數盈利增長。我們的業務仍然專注於執行我們的策略計劃並提供差異化的技術解決方案，以支援客戶最複雜的挑戰。我們的分散式營運結構能夠靈活應對市場動態，而我們強勁的現金流量和資產負債表為我們的收購策略提供充足的支援。

This acquisition strategy along with our organic growth initiatives is expanding AMETEK's presence within high-growth markets. These markets include med tech, clean energy, electrification and aerospace and defense and help ensure our diverse portfolio is well positioned to capitalize on these attractive long-term secular growth areas.

這項收購策略以及我們的有機成長計畫正在擴大阿美特克在高成長市場的影響力。這些市場包括醫療技術、清潔能源、電氣化、航空航太和國防，有助於確保我們多元化的投資組合能夠充分利用這些有吸引力的長期成長領域。

We remain committed to investing across our businesses to accelerate new product development and expand our sales and marketing efforts. In 2024, we expect to invest an incremental $100 million in growth initiatives with a sizable portion of this in support of our research, development and engineering efforts. The effectiveness of these investments is reflected in our vitality index which was a strong 25% in the first quarter.

我們仍然致力於對我們的業務進行投資，以加速新產品開發並擴大我們的銷售和行銷。到 2024 年，我們預計將在成長計畫上追加投資 1 億美元，其中很大一部分用於支持我們的研究、開發和工程工作。這些投資的有效性反映在我們的活力指數中，第一季高達 25%。

AMETEK's commitment to invest in RD&E and continuously innovate ensures a steady stream of new products that support our customers' critical applications and position us for continued success.

阿美特克致力於投資研發和不斷創新，確保源源不絕地推出新產品，支援客戶的關鍵應用，並使我們持續取得成功。

I wanted to take a moment to highlight an example of how the elements of the AMETEK growth model work together to deliver exceptional results. AMETEK Zygo, a global leader in the design and manufacturer of advanced optical metrology systems and ultraprecise optical components was recently awarded AMETEK's Dr. John H. Lux Award, an annual award provided to the AMETEK business that best exemplifies the commitment to continuous improvement and achievements and operational excellence.

我想花點時間重點介紹一個範例，說明 AMETEK 成長模型的各個要素如何協同工作以提供卓越的成果。 AMETEK Zygo 是先進光學計量系統和超精密光學元件的設計和製造商的全球領導者，最近榮獲AMETEK 的John H. Lux 博士獎，這是為AMETEK 業務提供的年度獎項，最能體現對持續改進和成就的承諾和卓越營運。

As part of its market expansion strategy, Zygo identified an attractive new market segment, virtual and augmented reality applications as a compelling growth opportunity for their advanced optical metrology systems. This led to Zygo's new product development and commercial teams working closely together to advance their technology capabilities and commercialize as a solution to support the highly precise requirements of this application. The success of this work resulted in strong demand and the need for Zygo to meaningfully increase production. Utilizing cross-functional teams and deploying tools like value stream mapping, and Lean Six Sigma, they achieved a remarkable threefold increase in production output, allowing them to meet the growing demand for the metrology solution.

作為其市場擴張策略的一部分，Zygo 確定了一個有吸引力的新細分市場，即虛擬和擴增實境應用，作為其先進光學計量系統的一個引人注目的成長機會。這促使 Zygo 的新產品開發和商業團隊緊密合作，以提高其技術能力並將其商業化為支援該應用的高精度要求的解決方案。這項工作的成功帶來了強勁的需求以及 Zygo 有意義地增加產量的需要。利用跨職能團隊並部署價值流程圖和精益六西格瑪等工具，他們的產量顯著增加了三倍，從而能夠滿足對計量解決方案不斷增長的需求。

This achievement highlights the synergy between our new product development, global market expansion and operational excellence strategies to help identify, develop and deliver exceptional technology solutions to address an important market need and accelerate growth. Congratulations to the Zygo team for a job well done.

這項成就凸顯了我們的新產品開發、全球市場擴張和卓越營運策略之間的協同作用，有助於識別、開發和提供卓越的技術解決方案，以滿足重要的市場需求並加速成長。恭喜 Zygo 團隊出色的工作。

Now switching to our acquisition strategy. The acquisitions we completed in 2023 are integrating nicely into AMETEK. We are leveraging our proven integration capabilities and our global infrastructure to help accelerate their growth, drive operational improvements and deliver strong returns. We are very excited about these acquisitions as they are expanding our market presence in attractive growth markets, including the med tech space through the Paragon Medical acquisition.

現在轉向我們的收購策略。我們在 2023 年完成的收購正在很好地融入 AMETEK。我們正在利用我們成熟的整合能力和全球基礎設施來幫助他們加速成長、推動營運改善並帶來豐厚的回報。我們對這些收購感到非常興奮，因為它們正在擴大我們在有吸引力的成長市場的市場份額，包括透過收購 Paragon Medical 進入醫療技術領域。

Paragon Medical, which we acquired in December, is a leading manufacturer of highly engineered medical components and single-use and consumable surgical instruments. Paragon has an outstanding brand, leading innovation and design capabilities and a strong position serving a number of high-growth market segments. Our integration efforts are focused on supporting and accelerating this growth, while also leveraging AMETEK's infrastructure and operational excellence capabilities to drive efficiency improvements. The integration charge we took in the first quarter will allow us to drive these improvements and better position Paragon for accelerated growth and profitability.

我們於 12 月收購的 Paragon Medical 是一家領先的高度工程化醫療組件以及一次性和消耗性手術器材製造商。 Paragon 擁有卓越的品牌、領先的創新和設計能力以及服務多個高成長細分市場的強大地位。我們的整合工作重點是支援和加速這一成長，同時利用 AMETEK 的基礎設施和卓越營運能力來推動效率提升。我們在第一季收取的整合費用將使我們能夠推動這些改進，並更好地定位 Paragon，以實現加速成長和獲利。

Looking ahead, our acquisition pipeline remains robust, and we are actively working on multiple opportunities. We have the balance sheet and financial capacity to deploy meaningful capital on strategic acquisitions. We look forward to delivering continued value to our shareholders through strategic acquisitions and prudent capital deployment.

展望未來，我們的收購管道仍然強勁，我們正在積極尋找多種機會。我們擁有資產負債表和財務能力，可以在策略收購上部署有意義的資本。我們期待透過策略性收購和審慎的資本部署為股東提供持續的價值。

Now turning to our outlook for the remainder of the year. We expect the impact of inventory normalization to continue through the first half of the year with improvements in the second half of the year as we indicated on our last earnings call. As a result, for the full year, we continue to expect overall sales to be up low double digits on a percentage basis with low to mid-single-digit organic sales growth. Diluted earnings per share for the year are now expected to be in the range of $6.74 to $6.86, up 6% to 8% compared to last year's results, an increase from the previous guidance range of $6.70 to $6.85. For the second quarter, we anticipate overall sales to be up mid- to high single digits with earnings of $1.63 to $1.65, up 4% to 5% versus the prior year.

現在轉向我們對今年剩餘時間的展望。正如我們在上次財報電話會議上所指出的那樣，我們預計庫存正常化的影響將持續到今年上半年，並在下半年有所改善。因此，我們繼續預期全年整體銷售額將實現低兩位數百分比成長，有機銷售額成長為低至中個位數。目前預計今年的稀釋每股收益將在 6.74 美元至 6.86 美元之間，比去年的業績增長 6% 至 8%，高於之前 6.70 美元至 6.85 美元的指導範圍。對於第二季度，我們預計整體銷售額將成長中高個位數，獲利為 1.63 至 1.65 美元，比去年同期成長 4% 至 5%。

In summary, AMETEK delivered a strong first quarter with earnings growth, which exceeded our expectations, driven by exceptional operating performance. We are encouraged by these results and remain confident in our ability to navigate the current environment and benefit from improved sales growth in the back half of 2024. We are confident in the future of AMETEK has our world-class talent and the adaptability of the AMETEK road model will continue to drive long-term sustainable success for our stakeholders.

總之，在卓越的經營業績的推動下，阿美特克第一季業績強勁，獲利成長超出了我們的預期。我們對這些結果感到鼓舞，並對我們駕馭當前環境的能力充滿信心，並從 2024 年下半年銷售成長的改善中受益。道路模式將繼續為我們的利害關係人推動長期可持續的成功。

I will now turn it over to Dalip Puri who will cover some of the financial details of the quarter. Then we'll be glad to take your questions. Dalip?

我現在將其交給 Dalip Puri，他將介紹本季的一些財務細節。那麼我們將很樂意回答您的問題。達利普？

Thank you, Dave, and good morning, everyone. As Dave highlighted, AMETEK had a very strong first quarter with record level sales and exceptional operating performance, highlighted by strong core margin expansion and free cash flow conversion.

謝謝戴夫，大家早安。正如 Dave 所強調的那樣，阿美特克第一季業績非常強勁，銷售額創歷史新高，營運業績出色，核心利潤率強勁擴張和自由現金流轉換尤為突出。

Now let me provide some additional financial highlights for the first quarter. First quarter general and administrative expenses were $26.4 million or 1.5% of sales, in line with last year's first quarter. For fiscal year 2024, general and administrative expenses are expected to be approximately 1.4% of sales.

現在讓我提供一些第一季的其他財務亮點。第一季一般及管理費用為 2,640 萬美元，佔銷售額的 1.5%，與去年第一季持平。 2024 財年，一般及管理費用預計約為銷售額的 1.4%。

First quarter interest expense was $35 million, up $15 million from the prior year first quarter due to higher debt balances outstanding following the December 2023 acquisition of Paragon Medical. Other operating expenses were down $5 million primarily due to higher interest income and higher pension income compared to the prior year's first quarter. The effective tax rate was 18.9%, down from 19.5% in the first quarter of 2023. For 2024, we continue to anticipate our effective tax rate to be between 19% and 20%.

第一季利息支出為 3,500 萬美元，比去年第一季增加 1,500 萬美元，原因是 2023 年 12 月收購 Paragon Medical 後未償債務餘額增加。其他營運支出減少了 500 萬美元，主要是由於與去年第一季相比，利息收入和退休金收入增加。有效稅率為 18.9%，低於 2023 年第一季的 19.5%。

As we have stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively from this full-year estimated rate. Capital expenditures in the first quarter were $28 million, and we continue to expect capital expenditures to be approximately $160 million for the full year or about 2% of sales. Depreciation and amortization expense in the quarter was $98 million. In 2024, we expect depreciation and amortization to be approximately $400 million, including after-tax acquisition-related intangible amortization of approximately $190 million or $0.82 per diluted share.

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，無論是正值還是負值。第一季的資本支出為 2,800 萬美元，我們繼續預期全年資本支出約為 1.6 億美元，約佔銷售額的 2%。該季度的折舊和攤銷費用為 9,800 萬美元。到 2024 年，我們預計折舊和攤銷約為 4 億美元，其中包括稅後收購相關的無形攤銷約為 1.9 億美元或稀釋後每股 0.82 美元。

Operating working capital in the first quarter was 18.7% of sales. Operating cash flow was $410 million, up 6% versus the first quarter of 2023, while free cash flow was $383 million, up 4% over the prior year. For the quarter, free cash flow conversion was a strong 123% of net income. For the remainder of 2024, we continue to expect strong free cash flow conversion in the range of 110% and 120% of net income. Total debt at March 31 was $2.9 billion, down from $3.3 billion at the end of 2023.

第一季營運營運資金佔銷售額的18.7%。營運現金流為 4.1 億美元，比 2023 年第一季成長 6%，自由現金流為 3.83 億美元，比上年增長 4%。本季度，自由現金流轉換佔淨利的 123%。在 2024 年剩餘時間內，我們繼續預期自由現金流將在淨利潤的 110% 至 120% 之間實現強勁轉換。截至 3 月 31 日，債務總額為 29 億美元，低於 2023 年底的 33 億美元。

Offsetting this debt, it's cash and cash equivalents of $374 million. At the end of the first quarter, our gross debt-to-EBITDA ratio was 1.3x, and our net debt-to-EBITDA ratio was 1.2x. We continue to have excellent financial capacity and flexibility with approximately $1.8 billion of cash and available credit facilities to support our growth initiatives and our active acquisition pipeline.

3.74 億美元的現金和現金等價物抵消了這筆債務。第一季末，我們的總負債與 EBITDA 比率為 1.3 倍，淨負債與 EBITDA 比率為 1.2 倍。我們繼續擁有卓越的財務能力和靈活性，擁有約 18 億美元的現金和可用信貸額度，以支持我們的成長計劃和積極的收購管道。

While acquisitions remain our #1 priority for use of our free cash flow, we also seek to opportunistically repurchase our shares and provide our shareholders with a consistently increasing dividend. And in February, we announced a 12% increase in our quarterly cash dividend to $0.28 per share, our fifth consecutive year of 10% plus annual increases.

雖然收購仍然是我們使用自由現金流的第一要務，但我們也尋求機會回購我們的股票，並為股東提供持續增加的股利。 2 月份，我們宣布將季度現金股利增加 12%，達到每股 0.28 美元，這是我們連續第五年增加 10%，每年增加 10%。

In summary, our businesses delivered strong results to start the year with outstanding operating performance, leading to robust core margin expansion and excellent free cash flow.

總而言之，我們的業務在年初取得了強勁的業績，經營業績出色，核心利潤率強勁擴張，自由現金流強勁。

Kevin?

凱文？

Thank you, Dalip. Julie, can we please open the lines for questions?

謝謝你，達利普。朱莉，我們可以打開提問線嗎？

(Operator Instructions) Our first question comes from the line of Deane Dray of RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Deane Dray。

Can we start off with the usual kind of tour of the end markets and geographies and maybe finish up with the -- just kind of the destocking comments. It just continues to be drawn out, and we're seeing it in all kinds of pockets. So it's not AMETEK specific in any way. But just kind of what's your refresh feel on that as well?

我們能否以通常的終端市場和地區考察開始，也許以去庫存評論作為結束。它只是繼續被拉出來，我們看到它被裝進了各種各樣的口袋裡。因此，它無論如何都不是 AMETEK 特有的。但你對此有什麼新鮮感嗎？

Sure, sure. Glad to do that all, Deane. I'll start with the walk around the company, and I'll start with our Process business. Overall sales for our Process businesses were roughly flat versus last year and in line with our expectations. Growth remains solid across our energy and semiconductor businesses, and we're really well positioned there to benefit from the sizable project and investment activity within these markets. For the full year, we continue to expect sales for our Process businesses to be up low single digits.

一定一定。很高興做到這一切，迪恩。我將從參觀公司開始，然後從我們的流程業務開始。我們流程業務的整體銷售額與去年基本持平，符合我們的預期。我們的能源和半導體業務保持強勁成長，我們確實處於有利位置，可以從這些市場內的大型專案和投資活動中受益。就全年而言，我們繼續預期流程業務的銷售額將實現低個位數成長。

Next, I'll switch to Aerospace & Defense, and our A&D businesses, had a strong start to the year with approximately 10% organic growth in the quarter. Growth was very solid across both our commercial, aerospace and defense segments and for all of 2024, we continue to expect organic sales for our A&D businesses to be up high single digits on a percentage basis with similar growth across both our commercial aerospace and defense businesses.

接下來，我將轉向航空航太與國防業務，我們的 A&D 業務今年開局強勁，本季有機成長約 10%。我們的商業、航空航太和國防領域的成長都非常穩健，在2024 年全年，我們繼續預計我們的A&D 業務的有機銷售額將按百分比增長高個位數，我們的商業航空航太和國防業務也將出現類似的成長。

Next, I'll move to Power. Our Power businesses were up low double digits in the first quarter with contributions from the acquisitions of UEI and Amplifier Research being offset by a low single-digit decrease in organic sales. These recent acquisitions along with the acquisition of RTDS in 2022, expanded our presence within a number of highly attractive market segments, which are expected to benefit from a strong investment cycle, including the expansion of renewable energy and the power grid infrastructure. And for the Power segment, we continue to expect low to mid-single-digit organic sales growth for 2024.

接下來，我將轉向 Power。我們的電力業務在第一季實現低兩位數成長，收購 UEI 和 Amplifier Research 的貢獻被有機銷售額的低個位數下降所抵消。最近的這些收購以及 2022 年收購 RTDS 擴大了我們在許多極具吸引力的細分市場的影響力，預計這些細分市場將受益於強勁的投資週期，包括再生能源和電網基礎設施的擴張。對於電力領域，我們繼續預期 2024 年有機銷售額將實現低至中個位數成長。

And finally, going to the Automation & Engineered Solutions market segment, overall sales for A&ES were up 20% on a percentage basis in the quarter -- were up mid-20s in the quarter with contributions from the acquisitions of Paragon Medical and Bison Engineering being offset by a high single-digit decrease in organic sales. As we expected, the impact from normalization of inventory levels across our OEM customer base continued in the first quarter, and we expect to see a return to growth in the second half of the year consistent with what we had indicated last quarter.

最後，在自動化和工程解決方案市場領域，A&ES 本季的整體銷售額按百分比計算增長了 20%，本季度增長了 20%，這得益於收購 Paragon Medical 和 Bison Engineering 的貢獻有機銷售額的大幅個位數下降抵消了這一影響。正如我們預期的那樣，我們的 OEM 客戶群庫存水準正常化的影響在第一季持續存在，我們預計下半年將恢復成長，與我們上季表示的一致。

And then finally, as a result, we continue to expect organic sales for our automation businesses to be up low single digits stronger growth in the back half of the year. So that's the walk around the company. And I think you also asked for what's going on in the various geographies. So get to that too, Deane.

最後，我們繼續預期自動化業務的有機銷售額將在今年下半年實現低個位數的強勁成長。這就是公司周圍的散步。我認為您也詢問了各個地區正在發生的情況。所以也開始吧，迪恩。

The U.S. was down 1% against a pretty difficult comparison, and our strongest growth was in our aerospace and defense businesses. Moving to Europe, we were down 2%, so minus 2% organic with notable growth in parts of our process and parts of our Power businesses offset by weakness in automation. And in Asia, we were up low single digits with strength across our Process businesses. So we had a very good performance in Asia. And digging down into that a little further, China was flat in the quarter, we saw the growth in our parts of our process businesses. So up low single digits in Asia and China was flat.

美國下降了 1%，這是一個相當困難的比較，而我們最強勁的成長來自航空航太和國防業務。轉向歐洲，我們下降了 2%，有機下降了負 2%，部分流程和部分電力業務的顯著增長被自動化的弱點所抵消。在亞洲，我們的流程業務實力強勁，實現了低個位數成長。所以我們在亞洲的表現非常好。進一步深入研究，中國在本季持平，我們看到了部分流程業務的成長。因此亞洲的漲幅較低，而中國則持平。

It's all really help. Go ahead.

這一切真的很有幫助。前進。

Yes. You asked about the destock, Deane. Yes, I think that it's playing out as we had talked about last quarter. I think the destock will continue into the second quarter, but in the second half of the year, we expect that to turn around. So we're watching that closely and it's really kind of playing out as we thought. I mean, the destock was probably a bit more than we thought it was going to be in Q1, but that may be positive for later in the year because we think second half of the year is just positive.

是的。你問到了去庫存的問題，迪恩。是的，我認為事情正在如我們上季度討論的那樣發生。我認為去庫存將持續到第二季​​度，但在今年下半年，我們預計這種情況將會扭轉。所以我們正在密切關注，結果確實如我們所想。我的意思是，第一季的去庫存量可能比我們預期的要多一些，但這對今年晚些時候可能是積極的，因為我們認為今年下半年的情況是積極的。

Great. And just a quick follow-up on the growth investments. We know this is your playbook. Is there anything unique in terms of how you're deploying that capital? I mean, typically, it's salespeople, is a component, but any other kind of wrinkles here you could share?

偉大的。這只是對成長投資的快速跟進。我們知道這是你的劇本。你們在如何部署這些資本方面有什麼獨特之處嗎？我的意思是，通常，它是銷售人員，是一個組成部分，但是您可以分享這裡的任何其他類型的皺紋嗎？

Yes. It's salespeople with the largest chunk of it is in the engineering, research, development and engineering. And we have a full slate of projects, we have excellent opportunities longer term and we're getting after them. So I'm very positive on what's happening in our new product development programs.

是的。銷售人員中最大的一部分是在工程、研究、開發和工程領域。我們擁有一整套項目，我們擁有極好的長期機會，我們正在抓住它們。因此，我對我們的新產品開發計劃中發生的事情非常樂觀。

Our next question comes from the line of Jeffrey Sprague of Vertical Research Partners.

我們的下一個問題來自 Vertical Research Partners 的 Jeffrey Sprague。

Can you just address a little bit more Paragon itself, how it's performing and the charge that you took I don't recall a large charge like this on prior deals, maybe there are smaller ones that you just absorbed but didn't break out, but kind of the nature of what you're trying to accomplish? And is this kind of a onetime deal in this quarter as you kind of bed down the asset?

您能否再多談談Paragon 本身，它的表現如何以及您所承擔的費用？ 我不記得之前的交易中有如此大的費用，也許有一些較小的費用是您剛剛吸收但沒有爆發的​​，但你想要完成的事情的本質是什麼？當您放棄該資產時，這種交易在本季是一次性交易嗎？

Yes, that's a great question, Jeff. And it's kind of what you said. I mean we typically absorb the smaller acquisitions as we proceed through the years and quarters. And the last time we did something like this, when we bought, I believe, Zygo, is a bigger acquisition. And because of the size of the acquisition and because of the opportunities that we see, we wanted to take that integration charge because there are tremendous, tremendous opportunities to improve the business. So it's a onetime nature. It's for larger deals as you know, Paragon was largest acquisition that we have done.

是的，這是一個很好的問題，傑夫。這就是你所說的。我的意思是，隨著時間的推移，我們通常會吸收規模較小的收購。上次我們做這樣的事情，當我們購買 Zygo 時，我相信是更大的收購。由於收購的規模以及我們看到的機會，我們希望承擔整合費用，因為存在巨大的改善業務的機會。所以這是一次性的性質。如您所知，這是針對更大的交易，Paragon 是我們完成的最大的收購。

We spent about $1.9 billion. So as we dug into it, as we work with our management team, we got really comfortable with this plan. Quite honestly, there's more opportunities than we thought. We have a good team of both AMETEK and Paragon leaders that are really getting after it now. So I feel really good about the business.

我們花了大約 19 億美元。因此，當我們深入研究並與管理團隊合作時，我們對這個計劃感到非常滿意。老實說，機會比我們想像的還要多。我們擁有一支由 AMETEK 和 Paragon 領導者組成的優秀團隊，他們現在正在真正追求這一目標。所以我對這項業務感覺非常好。

The integration is being integrated into AMETEK well, it's very positive around the future. And I think this restructuring is largely going to happen over the next couple of years, and we really see as a less than 2-year payback on it. So excellent payback. And we started on that, and we're really positive of what we're doing, and I feel positive about the deal.

此次整合正在很好地融入 AMETEK，這對未來非常積極。我認為這種重組很大程度上將在未來幾年內發生，我們確實認為不到兩年就能收回成本。如此出色的回報。我們就開始這樣做，我們對我們正在做的事情非常積極，我對這筆交易也感到積極。

Great. And then maybe just switching gears, and I'm sorry if I missed it, I was on a little bit late, but can we just decompose revenue growth in the quarter for the segments, some color on what the organic performance was at the segment level? And if you have any color on price or other elements of revenue. I'm curious...

偉大的。然後也許只是切換齒輪，如果我錯過了，我很抱歉，我有點晚了，但是我們可以分解該季度各細分市場的收入增長，對該細分市場的有機績效進行一些顏色分析嗎？如果您對價格或其他收入要素有任何看法。我很好奇...

Yes, if you look at -- our overall sales were up 9%. That's because both groups. And go the organic growth was just down modestly, about 0.5 point. EIG overall sales were plus 4. The organic growth in EIG was plus 1%. EMG overall sales were plus 21% and the organic sales at EMG were minus 4. So you had that defines the group dynamics for revenue.

是的，如果你看一下——我們的整體銷售額成長了 9%。那是因為兩個群體。有機成長略有下降，約 0.5 個百分點。 EIG 整體銷售額為+4。 EMG 整體銷售額成長了 21%，而 EMG 的有機銷售額為負 4。

And maybe just 1 last 1 back to this kind of destock question. Just to comment that it was more in Q1 than expected, and I know it's kind of hard to know what your customers are going to do. But just your confidence level that it actually is, in fact, destock and like you have visibility on sell-through being better on the other side? Maybe just kind of address that, if you could?

也許只是最後 1 回到這種去庫存問題。只是想說，第一季的情況比預期的要多，而且我知道很難知道您的客戶會做什麼。但只是你的信心水平，事實上，它實際上是在去庫存，並且你對另一邊的銷售情況有更好的了解？如果可以的話，也許只是解決這個問題？

Yes, yes. The first point is when you look at AMETEK's first half, second half, we typically have 48% of our revenue and profits in the first half of the year, and 52% of our revenue and profits in the second half of the year, and that's exactly what we have this year. So our second half of the year is not back-end loaded. So we feel good about that.

是的是的。第一點是，當你看AMETEK的上半年、下半年時，我們通常有48%的收入和利潤在上半年，52%的收入和利潤在下半年，而這正是我們今年的情況。所以我們下半年沒有後端加載。所以我們對此感覺良好。

Another point that you may not see it really appears our orders have stabilized. Specifically, when I look at Q4 '23 to Q3 '23, and then I look at the next quarter, Q1 '24 the last quarter compared to Q2 '23. So the last 2 quarters sequentially, with all the acquired backlog removed. So really looking at a true run rate sequentially. We've seen low single-digit growth in orders in both Q4 '23 and Q1 '24. So it feels like we've bottomed and we're starting to see some modest improvements. At the same time, in Q1 '23, we had an extremely good quarter. So we have a difficult comp that we're battling.

還有一點你可能看不到，我們的訂單確實已經穩定下來了。具體來說，當我查看 23 年第 4 季到 23 年第 3 季度，然後查看下一個季度，即上個季度的 24 年第 1 季度與 23 年第 2 季度相比。因此，最後兩季依序刪除了所有獲得的積壓訂單。因此，真正按順序查看真實的運行率。我們發現 23 年第 4 季和 24 年第 1 季的訂單成長率均為低個位數。所以感覺我們已經觸底，並且開始看到一些適度的改善。同時，在 23 年第一季度，我們度過了一個非常好的季度。所以我們正在應對一場艱難的比賽。

And finally, and perhaps most importantly, we've had customer commentary that continues to communicate to us in the second half of the year that destocking phase will come to an end, and we should return to a positive book-to-bill.

最後，也許也是最重要的是，我們收到的客戶評論將在今年下半年繼續向我們傳達，去庫存階段將結束，我們應該恢復積極的訂單出貨量。

So in terms of the economic environment, we're not -- we're watching it closely, but for the balance of the year, we're just assuming modest economic growth, not any kind of economic acceleration and at the same time, not a recessionary environment. And we expect that we'll grow sales modestly each quarter and the comparables get easier in the second half of the year. And as I said, this 48%, 52% split, H1 to H2 is very much aligned with our historical averages.

因此，就經濟環境而言，我們正在密切關注，但在今年剩餘時間裡，我們只是假設經濟適度成長，而不是任何形式的經濟加速，同時，不是經濟衰退的環境。我們預計每季的銷售額將小幅成長，下半年的可比性將變得更加容易。正如我所說，H1 到 H2 的 48%、52% 比例與我們的歷史平均值非常一致。

And I'm sorry, did you have a comment on price? I missed it, and I'll see the floor.

抱歉，您對價格有意見嗎？我錯過了，我會看看地板。

That's a good question, Jeff. Pricing was continued to more than offset inflation. Pricing was approximately 4% in the quarter and inflation was about 3%. The results speak to the highly differentiated nature of the AMETEK product portfolio and our leadership position in these niche markets around the globe. And for the full year, we do expect their pricing to come in a bit and inflation to come in a bit, but we expect to maintain a positive spread between them.

這是個好問題，傑夫。定價繼續超過抵消通貨膨脹。本季定價約 4%，通貨膨脹約 3%。結果證明了 AMETEK 產品組合的高度差異化性質以及我們在全球這些利基市場中的領導地位。對於全年而言，我們確實預計它們的定價會下降，通貨膨脹也會下降，但我們預計它們之間將保持正向利差。

Our next question comes from the line of Brett Linzey of Mizuho.

我們的下一個問題來自 Mizuho 的 Brett Linzey。

This is (inaudible) for Brett Linzey. So as we look at a more potentially more aggressive tariff regime, can you just talk about how nimble your supply chain configuration is and then your ability to flex around different regions if needed?

這是布雷特林澤 (Brett Linzey) 的（聽不清楚）。因此，當我們考慮更有可能更具侵略性的關稅制度時，您能否談談您的供應鏈配置有多靈活，以及您在需要時在不同地區靈活調整的能力？

Yes, it's a great question. I mean we look at tariffs, and that became a bigger issue back in the 2017 time frame. And in the quarter, we had a minimal impact from tariffs and they were completely offset for price. And to give you an idea across the whole company, tariffs are only going to cost us about $0.01, a $3 million or $4 million. And what happened there is we've aggressively rebalanced our supply chain. It's largely done. So we're not overexposed to any region of the globe. And we have a strategy where from the U.S., we're largely sourcing from Mexico and other regions of the Americas and in Europe. We do a lot of sourcing from to Czech Republic and Serbia. And in Asia, we do a lot of sourcing from Malaysia.

是的，這是一個很好的問題。我的意思是我們關注關稅，這在 2017 年的時間範圍內成為一個更大的問題。在本季度，關稅對我們的影響很小，並且完全抵消了價格。為了讓您對整個公司有一個了解，關稅只會花費我們大約 0.01 美元、300 萬美元或 400 萬美元。那裡發生的事情是我們積極地重新平衡我們的供應鏈。基本上已經完成了。所以我們並沒有過度接觸全球任何地區。我們的策略是從美國採購，主要從墨西哥和美洲其他地區以及歐洲採購。我們從捷克共和國和塞爾維亞進行大量採購。在亞洲，我們從馬來西亞進行大量採購。

So we've got a nice balance around the world. So I think the hard work that we did over the past few years are really rebalancing our supply chain. We're essentially finished with it, just very small bit of work that continues. And we're very well positioned to be able to deal with an increasing tariff regime, specifically with China, in particular, we don't have a real risk there. We do excellent business in China. It's a China kind of strategy is about 9% of our sales. And largely, we source what we sell in China. So we're in a pretty good position in terms of tariffs.

所以我們在世界各地取得了很好的平衡。所以我認為我們過去幾年所做的努力確實正在重新平衡我們的供應鏈。我們基本上已經完成了，只剩下一小部分工作還在繼續。我們處於非常有利的位置，能夠應對不斷增加的關稅制度，特別是與中國的關稅制度，特別是我們在那裡沒有真正的風險。我們在中國的業務非常出色。這是一種中國策略，約占我們銷售額的 9%。我們銷售的產品很大程度上是在中國採購的。因此，我們在關稅方面處於非常有利的位置。

Perfect. And then if you can just provide some color on the tempo or monthly cadence of trends in the quarter and then looking into April?

完美的。然後，您是否可以提供一些關於本季度趨勢的節奏或每月節奏的信息，然後展望四月？

Yes. I mean it was a pretty typical quarter. March was the strongest -- excuse me, March was the strongest quarter. Wait a minute. Okay, yes, pretty typical quarter, with March being the strongest on both orders and sales. So it's -- sales were the highest of the quarter in March and then in April, we're right on plan. So we feel good about the guidance. And it's pretty -- as I said, it's bouncing around there. But we're not seeing any incremental weakness at this point.

是的。我的意思是，這是一個非常典型的季度。三月是最強勁的——對不起，三月是最強勁的季度。等一下。好吧，是的，這是一個非常典型的季度，三月的訂單和銷售都是最強勁的。所以，三月和四月的銷售額是該季度最高的，我們的計劃是正確的。所以我們對指導感到滿意。它很漂亮——正如我所說，它在那裡跳來跳去。但目前我們沒有看到任何增量疲軟。

Our next question comes from the line of Scott Graham of Seaport Research Partners.

我們的下一個問題來自 Seaport Research Partners 的 Scott Graham。

Really, maybe the first question is about the M&A environment. EBITDAs do seem to have firmed up even though this first quarter, I think, most would say industrial land has been a little uneven. Nevertheless, when EBITDA is firm up, that's kind of when I think the AMETEK does a lot of striking. And I'm just wondering, are we looking at a year this year that could mirror last year? I mean what is like the really near-term pipeline look like, Dave?

確實，也許第一個問題是關於併購環境的。 EBITDA 似乎確實已經堅挺，儘管我認為，大多數人會說第一季工業用地有點不平衡。然而，當 EBITDA 堅挺時，我認為 AMETEK 會做出很多引人注目的事情。我只是想知道，今年我們是否會看到與去年相似的一年？我的意思是，戴夫，近期的管道是什麼樣的？

Yes, it's very, very difficult to predict the very near term. But Scott, the pipeline remains very strong, and we're actively looking at a number of high-quality deals across a broad set of markets. So we have $1.8 billion of existing cash and credit facilities post Paragon. We have a balance sheet that would support -- if the deals meet our criteria, we could do over $4 billion of deals this year, and that would only take our leverage up to about 2.5x. So we're really in an excellent position. And it's not a balance sheet issue. It's not a cash flow issue.

是的，預測近期的情況非常非常困難。但斯科特，管道仍然非常強大，我們正在廣泛的市場上積極尋找大量高品質的交易。因此，Paragon 後我們現有 18 億美元的現金和信貸額度。我們的資產負債表可以支持——如果交易符合我們的標準，我們今年可以進行超過 40 億美元的交易，而這只會讓我們的槓桿率上升到約 2.5 倍。所以我們確實處於一個非常有利的位置。這不是資產負債表問題。這不是現金流的問題。

We're performing extremely well. it comes down to finding the right businesses, and we have a good pipeline right now, a very good pipeline. And we really have the opportunity, as you said, we typically have this opportunity to differentiate our performance with the M&A element of our growth strategy with this strong balance sheet and with the strong cash flow position. So in this market is a bit choppy. Our combination of OpEx and M&A and this proven acquisition strategy, I'm really looking to differentiate our performance with our M&A and our OpEx during the next couple of quarters.

我們的表現非常好。歸根結底是找到合適的企業，我們現在有一個很好的管道，一個非常好的管道。正如您所說，我們確實有機會，透過強勁的資產負債表和強勁的現金流狀況，我們通常有機會透過成長策略的併購要素來區分我們的業績。所以這個市場有點波動。我們將營運支出和併購以及這一行之有效的收購策略相結合，我真的希望在接下來的幾個季度透過併購和營運支出來使我們的業績脫穎而出。

You answered one of Jeff's questions earlier, saying you're expecting sales to be up modestly each quarter. Were you referring to organic for the next 3 quarters?

您早些時候回答了傑夫的一個問題，表示您預計每個季度的銷售額都會小幅增長。您指的是未來三個季度的有機嗎？

Yes. This is sequential, Scott.

是的。這是連續的，斯科特。

Okay. So sequentially, you're expecting sales dollar to be up.

好的。因此，您預計銷售額會依次上升。

Q1 will be a bit higher than Q2, Q3 a bit higher than Q2 and Q4 will be a bit higher than Q3.

Q1 會比 Q2 高一點，Q3 會比 Q2 高一點，Q4 會比 Q3 高一點。

Okay. And the last one is just sort of back on the orders. I know you do have a pretty significant comp that you're up against when you stack them. What were orders in the quarter in dollars and in organic?

好的。最後一個只是訂單的恢復。我知道當你疊加它們時，你確實有一個非常重要的對手。本季的美元訂單和有機訂單是多少？

Yes. The orders were -- orders were minus 8 and organic orders were minus 10. And again, we had a tough comp, and I went through the process of they sequentially grew low single digits the last couple of quarters. When you take out the comp, I think in Q1 of '23, we had exceptional orders from some project business and EIG in particular. So when you take that out and you look at what's going on sequentially, we get more comfortable.

是的。訂單量為 - 訂單量為負 8，有機訂單量為負 10。當你考慮到補償時，我認為在 23 年第一季度，我們從一些項目業務，特別是 EIG 那裡獲得了特殊訂單。因此，當你把它拿出來並按順序查看發生的情況時，我們會感到更加舒適。

Yes. No, I get it, '22 and '21 were also exceptional organic periods for you.

是的。不，我明白了，22 年和 21 年對你來說也是特殊的有機時期。

Yes.

是的。

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。

Just a question, how to think about the Paragon Medical integration costs. So what's the payback on this restructuring that's now -- because I assume it's extra. So what's the payback on this restructuring that's embedded in '24 guide? And how much of it should I add to '25?

只是一個問題，如何考慮Paragon Medical 的整合成本。那麼現在這次重組的回報是多少——因為我認為這是額外的。那麼，「24 小時指南」中包含的這種重組的回報是什麼？我應該在 '25 中添加多少？

Yes. Well, in '24, we had told you in prior meetings that Paragon is going to contribute $0.08 to $0.10 to AMETEK's EPS, and that still holds. When I look at that $22 million charge, we said the payback is going to be less than 2 years, and at run rate, so it will take us a couple of years to get there. But the run rate, we have $70 million of benefit. So we spent approximately $29 million. We're going to get approximately $70 million of benefits. The payback is less than 2 years. So that really tells you what a great return it has, and it's just -- there wasn't a lot of focus, and we can run things really efficiently. And I'm just excited that the management team sees it that way, too, and we're really going to make Paragon an exceptional business from an operating perspective.

是的。好吧，在 24 年，我們在之前的會議上告訴過您，Paragon 將為 AMETEK 的每股收益貢獻 0.08 至 0.10 美元，現在仍然如此。當我看到這 2,200 萬美元的費用時，我們說投資回收期將少於 2 年，並且按運行速度計算，因此我們需要幾年時間才能實現這一目標。但從運行率來看，我們有 7000 萬美元的收益。所以我們花了大約 2900 萬美元。我們將獲得約 7000 萬美元的福利。投資回收期不到2年。所以這確實告訴你它有多巨大的回報，而且只是——沒有太多的關注，我們可以非常有效地運行事情。我很高興管理團隊也這麼認為，從營運角度來看，我們確實會讓 Paragon 成為一家卓越的企業。

Regarding 2025, I think we've come out and said that we should see a substantial increase in operating earnings related to Paragon in 2025. But I'm not willing to quantify what's going to happen in 2025. We're much too far away to do that. But again, the metrics I'd point you to are we spent $29 million. We'll see $70 million in benefit at max run rate. And the payback for the project is a little less than 2 years. So we feel really good about it, good payback for our shareholders.

關於2025年，我認為我們已經出來表示，2025年我們應該會看到與Paragon相關的營業利潤大幅增長。但我再次向您指出的指標是我們花了 2900 萬美元。在最大運行速度下，我們將獲得 7000 萬美元的收益。此專案的投資回收期略低於2年。所以我們對此感覺非常好，為我們的股東帶來了良好的回報。

Sorry, I'd probably -- and I'd probably take it offline, but just to make sure, so I thought the Paragon restructuring was extra because you saw incremental opportunities. So you were saying that I should have -- that, that was embedded all along but was not in the guide. I'm sorry...

抱歉，我可能會 - 我可能會將其下線，但只是為了確保，所以我認為Paragon 重組是額外的，因為你看到了增量機會。所以你是說我應該——那是一直嵌入的，但不在指南中。對不起...

I just think that it's a larger deal, and we saw a lot of opportunities over -- it will take us a few years to do it so we put it forward.

我只是認為這是一項更大的交易，我們看到了很多機會——我們需要幾年的時間才能做到這一點，所以我們提出了它。

Okay. I'll take it offline because I'm not sure if I -- so I should have had it in my numbers or this $0.10 is extra on top of view we're thinking, just confirming that, I apologize. And I'm happy to take it offline with Kevin, I apologize.

好的。我會把它下線，因為我不確定我是否——所以我應該把它記在我的數字中，否則這 0.10 美元是我們考慮的額外費用，只是確認這一點，我很抱歉。我很高興能和凱文一起離線，我很抱歉。

Yes. I don't know what you have in your numbers, Andrew. I don't really look at them, but I can tell you that we're expecting to get $0.08 to $0.10 of benefit from Paragon and this restructuring doesn't change that.

是的。我不知道你的數字是多少，安德魯。我並沒有真正關注它們，但我可以告訴你，我們預計從 Paragon 獲得 0.08 至 0.10 美元的收益，這次重組不會改變這一點。

Got you. That makes sense. And then just on revenue and you did give very good color was basically the destock what drove -- I guess you were expecting I think you guided for low double-digit revenue in the first quarter, a little bit below. So it's just you said it's destock pulled forward, correct?

明白你了。這就說得通了。然後就收入而言，你確實給出了非常好的顏色，基本上是去庫存的驅動力——我猜你在期待我認為你在第一季度指導了低兩位數的收入，略低於一點。所以你只是說去庫存提前了，對嗎？

Yes.

是的。

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

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

Dave, I was curious just to go into the top a little bit of the long-term multiyear kind of secular trends where you see an impact. It occurs to me maybe the Power business could be on your leading edge with energy transition and electrification. But curious your comments in general on the kind of secular trends, and in particular, what you're seeing as kind of street level evidence on reshoring type trend.

戴夫，我很好奇只是想深入了解長期多年的長期趨勢，你會看到其中的影響。我覺得電力業務可能在能源轉型和電氣化方面處於領先地位。但很好奇您對這種長期趨勢的總體評論，特別是您所看到的關於回流類型趨勢的街頭證據。

Yes. I think the -- when I think about the long-term secular growth drivers, and we talked about a little -- a few of them in my talk, but a lot of project activity around the semiconductor market, and that's finally we're moving closer and closer to the point where that's going to start turning into business for us in the West. There's a lot of project work on semiconductors.

是的。我認為，當我考慮長期長期成長驅動因素時，我們在演講中談到了其中一些，但圍繞半導體市場的許多項目活動，這就是我們最終要解決的問題。的時刻。有很多關於半導體的專案工作。

The Power market, as you said, and there are really two drivers there, the driver for renewables, energy but also the driver for investments in the power grid. So our RTDS business or power instrumentation business are really levered to those. So that's starting to happen as work its way through.

正如您所說，電力市場實際上有兩個驅動因素，即可再生能源、能源的驅動因素，以及電網投資的驅動因素。因此，我們的 RTDS 業務或電力儀表業務確實可以利用這些業務。隨著工作的進展，這種情況開始發生。

When I think about the Aerospace & Defense business. Again, we had a great quarter again, and that's continuing. And I think both Airbus and Boeing have a 9-year backlog for the commercial market looks good. Our defense -- we're in the right position in defense. We had another good quarter in defense. So I think about those kind of markets and those trends, I feel good about the future, and a lot of fiscal stimulus in the U.S., which has not been there in the past. And -- but it takes time to work through the system. So we think longer term, I think we're in the right places to do well.

當我想到航空航天與國防業務。我們再次度過了一個出色的季度，而且這種情況還在繼續。我認為空中巴士和波音都有 9 年的積壓訂單，商業市場看起來不錯。我們的防守－我們處於正確的防守位置。我們在防守方面又取得了不錯的成績。因此，我想到這些類型的市場和趨勢，我對未來感覺良好，並且對美國的大量財政刺激措施感到滿意，這是過去所沒有的。而且──但是整個系統的運作需要時間。因此，從長遠來看，我認為我們處於做得很好的正確位置。

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

我們的下一個問題來自 T.D. Cowen 的 Joe Giordano。

This is Dan on for Joe. Sorry, I know destocking and bottoming of orders within automation has been discussed a few times. So just a quick follow-up. This is obviously something a lot of companies have been struggling with in the past few quarters. But some have also been talking about changing their internal processes to gain more visibility of end market and end users. Is there anything that you guys have done potentially more frequent conversations or reaching out to like end market users to understand a bit better their demand going forward? Anything you've changed recently?

這是丹為喬辯護。抱歉，我知道自動化中的去庫存和訂單觸底已經討論過幾次了。所以只是快速跟進。這顯然是許多公司在過去幾季一直在努力解決的問題。但一些公司也一直在討論改變其內部流程，以提高最終市場和最終用戶的知名度。你們有沒有做過任何可能更頻繁的對話或接觸喜歡的終端市場用戶，以便更好地了解他們未來的需求？你最近有什麼改變嗎？

I can't point to anything to change. I mean if you go back and you follow us, we kind of call exactly what happened. We talked about the first half of the year of sales outpacing orders. So that means you'd have a slightly below 1 book-to-bill.

我無法指出任何需要改變的事情。我的意思是，如果你回去跟隨我們，我們就會準確地描述發生了什麼事。我們談到了今年上半年的銷售超過訂單。因此，這意味著您的書籍出貨比略低於 1。

And we talked about the destock in the first half, and we thought it would turn positive in the second half. We did that before this quarter. I think we have a pretty robust communication system with our field, but there's always opportunities to get better and we work on those and continuously improve our businesses. But I feel like the information that we got from the field is pretty accurate, and we're on top of it. So -- but there's always room to improve, and we're always looking at ways to improve.

我們上半年談到了去庫存，我們認為下半年會轉正。我們在本季之前就這樣做了。我認為我們在我們的領域擁有相當強大的溝通系統，但總有機會變得更好，我們致力於這些並不斷改進我們的業務。但我覺得我們從現場獲得的資訊非常準確，而且我們處於領先地位。所以——但總是有改進的空間，而且我們一直在尋找改進的方法。

Our next question comes from the line of Nigel Coe of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

David, I just want to come back to the order math. I think you said down 8% and then down 10% organic.

大衛，我只想回到數學順序。我想你說的是有機下降 8%，然後下降 10%。

Right.

正確的。

We've got about 9 points of contribution from Paragon in our numbers. So just wondering what am I missing, I've expected that there would be significant contribution from Paragon in the order numbers. So just help me out with that math, please.

在我們的數據中，Paragon 提供了大約 9 個點的貢獻。所以只是想知道我錯過了什麼，我預計 Paragon 會在訂單數量方面做出重大貢獻。所以請幫我算數學。

Yes. We had 9% acquisition growth, and Paragon is in the acquisition is not the organic. So the Paragon sales orders -- sales, excuse me. Yes.

是的。我們的收購成長了9%，而Paragon在收購中並不是有機的。所以，Paragon 銷售訂單——銷售，對不起。是的。

Okay. But then the orders, 8% organic to, that makes sense, reported downtimes in organic. Was there no material impact from Paragon there?

好的。但接下來的訂單，8% 是有機的，這是有道理的，報告了有機的停機時間。 Paragon 對那裡沒有產生實質影響嗎？

Yes. With Paragon, we had obviously, the large -- look the backlog as orders in Q4. And then in Q1, there's a timing issue because Paragon has gone through the same destock that the EMG business is. So there's a bit of a destock there. That impacts the orders.

是的。對於 Paragon，我們顯然在第四季有大量的積壓訂單。然後在第一季度，出現了一個時間問題，因為 Paragon 經歷了與 EMG 業務相同的庫存削減。所以那裡有一點去庫存。這會影響訂單。

So the medical market, it's in both our EMG business and Paragon, we're seeing the same kind of destock in the EMG businesses. If we look at the medical procedures, they're all growing at mid- to high single digits, but the medical device OEMs are destocking their inventory, correcting their inventories. It's kind of a widely communicated piece of information, and we monitor the procedures, and they're growing. So this destock we think is going to run a space through the first half of the year.

因此，在醫療市場，無論是我們的 EMG 業務還是 Paragon，我們都在 EMG 業務中看到了同樣類型的庫存減少。如果我們看一下醫療程序，它們都以中高個位數成長，但醫療設備原始設備製造商正在削減庫存，以糾正庫存。這是一種廣泛傳播的訊息，我們監控這些程序，而且它們正在成長。因此，我們認為這種去庫存將在今年上半年持續一段時間。

Okay. Does that impact the full year forecast? I think we've got close to $5 million of sales Paragon, does that destock impact that outlook. But also... I do.

好的。這會影響全年預測嗎？我認為我們的銷售額接近 500 萬美元，Paragon，庫存減少是否會影響這一前景。但也……我願意。

Go ahead.

前進。

No, no. Please go ahead, Dave.

不，不。請繼續，戴夫。

Yes. I think for the year, when we bought Paragon, it was a little less than $500 million. And the first year, we talked about the mid-single-digit growth. So that's still exactly what we have in our model. So we think that we get out of this year, and we think it will be a double-digit grower over the next couple of years, but the Paragon model from the viewpoint of what we had going into the year and what it is now is pretty much identical.

是的。我認為，當我們購買 Paragon 時，這一年的花費略低於 5 億美元。第一年，我們談到了中個位數的成長。所以這仍然正是我們模型中的內容。因此，我們認為今年將結束，我們認為未來幾年將實現兩位數成長，但從我們今年的情況和現在的情況來看，Paragon 模型幾乎相同。

Okay. And then just, sorry, a follow-up on the $29 million. Is that all restructuring? Or is there some inventory and accounting break down?

好的。然後，抱歉，這是 2900 萬美元的後續行動。這就是全部重組嗎？或者是否存在一些庫存和會計細目？

Yes. I'd say the vast majority of it was restructuring, and there was a small part of it that were other integration costs. But the vast majority...

是的。我想說其中絕大多數是重組成本，還有一小部分是其他整合成本。但絕大多數...

And does some of that come into 2Q as well? Do we think about that into 2Q?

其中一些也會進入第二季嗎？我們會在第二季考慮這個問題嗎？

Yes. We started the effort in Q1 and as I said, we pulled forward all the benefits that we had. And I think the restructuring is -- was done in Q1. So I don't think we're going to have another restructuring charge in Q2, if that's what you're asking.

是的。我們從第一季開始努力，正如我所說，我們推進了我們擁有的所有優勢。我認為重組是在第一季完成的。因此，如果您問的是的話，我認為我們不會在第二季度再次進行重組。

It's a one-off charge. It's a one-off charge. The Zygo business, we had a big acquisition. We did a similar thing when we got comfortable with what we could do. And we may have another charge with Paragon down the road if we think there's other ways to improve it. But right now, this is a onetime charge to dramatically improve the operating capability of that business and the returns that I communicated to you are very positive.

這是一次性收費。這是一次性收費。 Zygo 業務，我們進行了一次大收購。當我們對自己能做的事情感到滿意時，我們也做了類似的事情。如果我們認為還有其他方法可以改進它，我們可能會在未來對 Paragon 進行另一項指控。但目前，這是一次性費用，可以大幅提高該業務的營運能力，而且我向您傳達的回報是非常積極的。

I am showing no further questions at this time. I would now like to turn it back to Kevin Coleman, Vice President of Investor Relations and Treasurer, for closing remarks.

我目前沒有提出任何進一步的問題。現在我想請投資者關係副總裁兼財務主管凱文·科爾曼 (Kevin Coleman) 發表結束語。

Thank you. Thanks, everyone, for joining our call today. And as a reminder, a replay of today's webcast may be accessed in the Investors section of ametek.com. Have a great day.

謝謝。感謝大家今天加入我們的電話會議。提醒一下，今天網路廣播的重播可以在 ametek.com 的投資者部分存取。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。