使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
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(audio in progress) Third-quarter sales were 1.75% from the same period in 2023.
（音訊進行中）第三季銷售額較 2023 年同期成長 1.75%。
Organic sales percent.
有機銷售百分比。
Acquisitions added 7.5 points and foreign currency was flat.
收購增加了 7.5 點，外匯持平。
Overall, orders in the quarter were up 12%.
總體而言，本季訂單成長 12%。
Book-to-bill was equal to our organic orders were up 2%.
訂單出貨量相當於我們的有機訂單增加了 2%。
Additionally, we saw solid sequential growth in orders.
此外，我們也看到訂單持續穩定成長。
We ended the quarter with a strong backlog of 3.44 billion near record levels.
本季結束時，我們的積壓量高達 34.4 億，接近歷史最高水準。
Amtech's operational performance in the third quarter was excellent.
Amtech第三季的營運表現非常出色。
Our disciplined approach to cost management and operational efficiency resulted in strong margins.
我們嚴格的成本管理和營運效率方法帶來了豐厚的利潤。
Operating income in the quarter was 446 million, a 2% and for your quarter of 2023 million and operating margins were 26.1% in the quarter.
本季營業收入為 4.46 億美元，年增 2%，而本季營業收入為 20.23 億美元，本季營業利潤率為 26.1%。
Core margins, excluding the dilutive impact from acquisitions and the impact of foreign currency were very strong at 27.4%, up 40 basis points versus the prior year.
剔除收購帶來的攤薄影響和外匯影響，核心利潤率非常強勁，達到 27.4%，比上年增長 40 個基點。
Ebitda in the quarter was $553 million, up 4% versus the prior year, with EBITDA margins an impressive 31.2%.
該季度的 Ebitda 為 5.53 億美元，比上年增長 4%，EBITDA 利潤率高達 31.2%，令人印象深刻。
Cash flow in the third quarter was excellent, with free cash flow of 4% versus the prior year in free cash flow conversion of very strong 100, 35%, reflecting our asset-light business model and operating capability.
第三季的現金流狀況非常好，自由現金流比去年同期成長了4%，自由現金流轉換為非常強勁的100%、35%，反映了我們的輕資產業務模式和營運能力。
This operating performance led to earnings of $1.66 per diluted share, up 1% versus the third quarter of 2023 and above our guidance range of $1.60 to $1.62 per share.
這項經營業績導致每股攤薄收益為 1.66 美元，較 2023 年第三季成長 1%，高於我們每股 1.60 美元至 1.62 美元的指引範圍。
Now let me provide some additional details of the operating group level.
現在讓我提供一些有關運營組級別的其他詳細資訊。
First, the Electronic Instruments Group EIG. continues to perform well.
首先是電子儀器集團 EIG。繼續表現良好。
Strong margin expansion and overall outstanding levels of operating margins, reflecting the quality of our EIG. sales were $1.13 billion, in line with a thorough cost year.
強勁的利潤擴張和整體出色的營業利潤水平，反映了我們 EIG 的品質。銷售額為 11.3 億美元，與全面成本年度相符。
Organic sales were down 2% and acquisitions contributed two points.
有機銷售額下降 2%，收購貢獻了 2%。
Growth remained solid across our aero and defense businesses, while our high end research instrumentation business.
我們的航空和國防業務以及高端研究儀器業務保持強勁成長。
Comerica also saw strong growth in the quarter, we did see some temporary delays in project spending across our EIG. business as we had expected, our new funnel pipeline remains solid and our businesses are very well-positioned across a number of secular growth markets.
Comerica 在本季也出現了強勁成長，但我們確實看到 EIG 的專案支出出現了一些暫時的延遲。正如我們預期的那樣，我們的新漏斗通路仍然穩固，我們的業務在許多長期成長市場中處於非常有利的地位。
The IG operating income was 339 million, up 1%, and operating margins were very strong, 29.9%, up 40 basis points from the prior year.
IG營業收入為3.39億美元，成長1%，營業利益率非常強勁，為29.9%，較上年成長40個基點。
Yes, were 30.2%, up 70 basis points versus last year's third quarter.
是的，為 30.2%，比去年第三季上升 70 個基點。
Now switching to the Electromechanical Group, EMG's third-quarter sales were 574 million, up versus the prior year, with organic sales down 3% and acquisitions contributing over 20 points to growth.
現在轉向機電集團，EMG 第三季銷售額為 5.74 億美元，較上年同期成長，有機銷售額下降 3%，收購對成長貢獻超過 20 個百分點。
Strong growth across our aerospace and defense businesses in the quarter was as expected, weakness within our OEM exposed businesses due to the impact of inventory destocking.
本季我們的航空航太和國防業務的強勁成長符合預期，但由於庫存去庫存的影響，我們的 OEM 業務暴露出疲軟的情況。
Emg orders were very strong in the quarter, growing 12% organically.
本季 Emg 訂單非常強勁，有機成長 12%。
Emg's operating income in the quarter was 2 million, up 3% compared with the prior year period, while EMG's third quarter operating margins were 29 22.9% with excellent core margins of 2016.
EMG本季營業收入為200萬美元，較上年同期成長3%，而EMG第三季營業利益率為29-22.9%，核心利潤率為2016年的優秀水準。
Avatech delivered a strong performance in the third quarter, effectively navigating demand headwinds and deliver strong.
Avatech 在第三季表現強勁，有效應對需求逆風並實現強勁交付。
We remain focused on executing our growth model and positioning Amitabh for continued long-term while ensuring we deliver strong results in the face of a choppy macro environment.
我們仍然專注於執行我們的成長模式，並將 Amitabh 定位為持續的長期目標，同時確保我們在面對動盪的宏觀環境時取得強勁的業績。
Now turning to our acquisition strategy.
現在轉向我們的收購策略。
Strategic acquisitions or a core component of our growth model.
策略性收購或我們成長模式的核心組成部分。
We're committed to deploying our strong cash flow and act and our portfolio and highly attractive market segments.
我們致力於部署我們強大的現金流和行動以及我們的投資組合和極具吸引力的細分市場。
With that, I'm excited to announce acquisition Vertex visions.
至此，我很高興地宣布收購 Vertex 的願景。
Bertek vision is a leading provider of laser-based projection and inspection systems offering a suite of 2D and 3D laser projectors and advanced measurement solutions powered by their proprietary AI software, Vertex automated systems, enhanced products, improve quality and reduce costs across a range of aerospace, defense and industrial.
Bertek Vision 是雷射投影和檢測系統的領先供應商，提供一套2D 和3D 雷射投影機以及先進的測量解決方案，由其專有的AI 軟體、Vertex 自動化系統、增強型產品、提高品質並降低一系列成本提供支援。
Vertex has an excellent strategic fit with our Korea form business, finding us technology offerings and enabling a wider range of automation and inspection capabilities for our customers.
Vertex 與我們的韓國表格業務具有出色的策略契合度，為我們提供技術產品並為我們的客戶提供更廣泛的自動化和檢測能力。
Vertex is headquartered in Waterloo candle and has annual sales are direct approximately 40 million.
Vertex蠟燭總部位於滑鐵盧，年銷售額直接約4,000萬支。
Looking at our acquisition pipeline remains robust.
看看我們的收購管道仍然強勁。
As noted, we have a strong and flexible balance sheet and anticipate remaining active in this area.
如前所述，我們擁有強大而靈活的資產負債表，並預計將在這一領域保持活躍。
Amitabh also remains committed to investing in our businesses to ensure their position for long-term sustainable growth.
阿米塔布也仍然致力於投資我們的業務，以確保其長期可持續成長的地位。
In 2024, we are investing an incremental 90 million in growth initiatives and co-development efforts where our teams are focused on developing highly differentiated technologies to help solve our customers' most complex challenges throughout our business, we see countless examples of innovative products and technologies being developed to support our customers and provide them with the advanced differentiated capabilities they need one way we measure the success of our new product development activities as the index, which measures the sales from products introduced over the past three years.
到2024 年，我們將追加投資9,000 萬美元用於成長計畫和共同開發工作，我們的團隊專注於開發高度差異化的技術，以幫助解決客戶在整個業務中面臨的最複雜的挑戰，我們看到了無數創新產品和技術的例子開發是為了支持我們的客戶並為他們提供他們所需的先進差異化能力，我們衡量新產品開發活動成功與否的一種方式是作為指數，衡量過去三年推出的產品的銷售額。
In the third quarter, our vitality index was an outstanding 28% in addition to our internal development activities and also pleased to announce that our chemical business from a leader in micro analytical and metrology instruments recently completed a small technology acquisition of Polygon physics.
第三季度，除了我們的內部開發活動外，我們的活力指數達到了出色的28%，我們還很高興地宣布，我們來自微分析和計量儀器領導者的化學業務最近完成了對Polygon 物理的小型技術收購。
Polygon physics specializes in ultra compact ultra low power electron cyclotron readiness technology.
Polygon物理學專門研究超緊湊超低功率電子迴旋加速器準備技術。
This technology and answers.
這項技術和答案。
Can you give us capabilities in advanced metrology instrumentation and advanced chip manufacturing.
您能給我們提供先進計量儀器和先進晶片製造方面的能力嗎？
Polygon provides us access to cutting-edge ion source technology and expertise that will help accelerate can because new product development efforts and enhanced our portfolio.
Polygon 為我們提供了尖端離子源技術和專業知識，這將有助於加快新產品的開發工作並增強我們的產品組合。
We're excited to welcome the Polygon team Temasek.
我們很高興歡迎淡馬錫 Polygon 團隊。
Now turning to our outlook for the remainder of the year.
現在轉向我們對今年剩餘時間的展望。
Given our Q3 results, we are raising our earnings guidance for the full year.
鑑於我們第三季的業績，我們提高了全年的獲利預期。
We continue to expect overall sales to be up 5% to 7% versus the prior year.
我們繼續預計整體銷售額將比上年增長 5% 至 7%。
Diluted earnings per share for the year are now expected to be in the range of $6.77 to $6.82, up 67% versus the prior year.
目前預計今年稀釋後每股收益將在 6.77 美元至 6.82 美元之間，較上年增長 67%。
This is an increase from our previous guidance range of $6.70 to $6.80 per diluted share.
這比我們之前稀釋後每股 6.70 美元至 6.80 美元的指導範圍有所增加。
For the fourth quarter, we anticipate overall sales to be up mid-single digits, with earnings in the range of $1.81 to it's up 8% to 11% versus the prior year.
對於第四季度，我們預計整體銷售額將成長中個位數，獲利在 1.81 美元範圍內，比上年增長 8% 至 11%。
In summary, I'm pleased with the team's performance in the quarter and thus far in 2020 for managing through an uncertain macro environment that confident in our ability to navigate these challenges.
總而言之，我對團隊在本季以及 2020 年迄今的表現感到滿意，因為他們在不確定的宏觀環境中進行了管理，並對我們應對這些挑戰的能力充滿信心。
Evotec has been very successful over a long period of time or set of highly differentiated niche businesses.
Evotec 在很長一段時間內或一系列高度差異化的利基業務中都非常成功。
The EBITDA growth model has allowed us to deliver earnings growth throughout different phases of the economic cycle.
EBITDA 成長模式使我們能夠在經濟週期的不同階段實現獲利成長。
The strength of our portfolio, combined with our operational excellence capabilities strategy has allowed us to deliver outstanding results has also allowed us to manage through periods of economic weakness and uncertainty and emerge even stronger with exceptional growth.
我們的投資組合優勢，加上卓越營運能力策略，使我們能夠取得出色的業績，也使我們能夠度過經濟疲軟和不確定的時期，並透過非凡的成長變得更加強大。
We are excited for the future us through some of the financial details of the quarter, and then we'll be glad to take your questions.
透過本季的一些財務細節，我們對未來感到興奮，然後我們將很高興回答您的問題。
Developed.
發達。
Thank you, Dave, and good morning, everyone.
謝謝戴夫，大家早安。
As Dave noted, Avatech delivered strong results in the third quarter with excellent operating performance and high free cash flow conversion.
正如 Dave 所指出的那樣，Avatech 在第三季取得了強勁的業績，擁有出色的經營業績和高自由現金流轉換率。
Now let me provide some additional financial highlights.
現在讓我提供一些額外的財務亮點。
Third quarter general and administrative expenses were $25 million, essentially unchanged from the prior year as appeals, G&A expense came in at 1.4% of sales, down from 1.5% in last year's third quarter.
第三季一般及行政費用為 2,500 萬美元，與去年基本持平，原因是一般及行政費用佔銷售額的 1.4%，低於去年第三季的 1.5%。
For fiscal year 2020 for general and administrative expenses are expected to be approximately 1.5% of sales.
2020 財年的一般和管理費用預計約為銷售額的 1.5%。
Third-quarter interest expense was $25 million, up from the third quarter of 2023 due to higher debt balances following recent acquisitions.
由於近期收購後債務餘額增加，第三季利息支出為 2,500 萬美元，較 2023 年第三季增加。
Third quarter.
第三季。
Other operating expenses were down 4 million versus the prior period due largely to higher pension income and lower acquisition related due diligence expense in the quarter.
其他營運費用較上一期減少 400 萬，主要是因為本季退休金收入增加及收購相關盡職調查費用減少。
The effective tax rate in the quarter was 18 and up from 17.7% in the third quarter of 2023.
本季的有效稅率為 18%，高於 2023 年第三季的 17.7%。
For 2024, we anticipate our effective tax rate to be between 17% and 17.5%, driven by a lower tax rate due to statute expirations.
2024 年，由於法規到期導致稅率降低，我們預計有效稅率將在 17% 至 17.5% 之間。
As we have stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively from the full year estimated rate of 18.
正如我們過去所說，實際季度稅率可能與全年估計稅率 18 有顯著差異，無論是正數還是負數。
Capital expenditures in the third quarter were $26 million, back capital expenditures to be approximately 135 million for the full year or about 2% of sales.
第三季的資本支出為 2,600 萬美元，全年資本支出約 1.35 億美元，約佔銷售額的 2%。
Depreciation and amortization expense in the quarter was $90 million.
該季度的折舊和攤銷費用為 9,000 萬美元。
Full year, we expect depreciation and amortization to be approximately 395 million, including after-tax acquisition-related intangible amortization of approximately 188 million, or 81 per diluted share from operating working capital in the third quarter was 19% of sales.
全年，我們預計折舊和攤銷約為3.95億美元，其中稅後收購相關無形攤銷約為1.88億美元，或稀釋後每股81%來自第三季度營運營運資金的銷售額的19%。
Cash flow gen third quarter was excellent.
第三季的現金流非常出色。
Operating cash flow was 487 million, up 3% versus the third quarter of 2023, while free cash flow was $461 million, up 4% over the prior year.
營運現金流為 4.87 億美元，比 2023 年第三季成長 3%，自由現金流為 4.61 億美元，比上年成長 4%。
It was a record third quarter level for both operating and free cash flow generation.
第三季營運現金流和自由現金流均創歷史新高。
Free cash flow was also outstanding at 135% in the quarter.
本季自由現金流也非常出色，達到 135%。
For the full year, we now expect free cash flow conversion of approximately 115% to 120% of net income.
對於全年，我們現在預計自由現金流轉換約為淨利潤的 115% 至 120%。
During the quarter, we spent 60 million on share repurchases, repurchasing approximately the 371,000 shares of our common stock in the open market.
本季度，我們花了 6,000 萬美元用於股票回購，在公開市場上回購了約 371,000 股普通股。
Additionally, at the end of the quarter, we paid down a maturing 300 million private placement note, total debt at September was 2.34 billion, down to 60 million in the quarter and down approximately 1 billion from the end of 2020.
此外，本季末，我們還清了即將到期的3億私募票據，9月份總負債為23.4億，本季下降至6,000萬，較2020年底減少約10億。
Offsetting this debt is cash and cash equivalents of $396 million.
抵銷這筆債務的是 3.96 億美元的現金和現金等價物。
At the end of the Third Coast.
在第三海岸的盡頭。
Debt to EBITDA ratio was 1.1 times, and our net debt to EBITDA ratio was 0.9 times, significant financial capacity and flexibility with over 2 billion of cash and available credit facilities to support our acquisition strategy and growth initiatives.
債務與 EBITDA 比率為 1.1 倍，我們的淨債務與 EBITDA 比率為 0.9 倍，擁有強大的財務能力和靈活性，擁有超過 20 億現金和可用信貸額度來支持我們的收購策略和成長計劃。
In summary, Avatech delivered strong results in the third quarter.
總而言之，Avatech 在第三季取得了強勁的業績。
Our operational excellence initiatives and our strategic focus contributed to strong earnings, robust margins and excellent free cash flow, strong balance sheet near record or near record backlog and leadership across our key markets.
我們的卓越營運計劃和策略重點促成了強勁的盈利、強勁的利潤率和出色的自由現金流、接近創紀錄或接近創紀錄的積壓的強勁資產負債表以及我們在主要市場的領先地位。
We are well positioned for continued long-term growth.
我們已做好持續長期成長的準備。
Comes back it out.
回來了。
Andrew, could we please open the lines for questions?
安德魯，我們可以打開提問線嗎？
Certainly as a reminder, to ask a question, please our one one on your telephone and wait for your need to be announced.
當然，提醒一下，如需提問，請撥打我們的電話並等待我們通知您的需求。
To withdraw your question, please press star one again.
若要撤回您的問題，請再次按星號一。
one moment, please.
請稍等一下。
First question comes from the line of Matt Summerville with D.A. Davidson.
第一個問題來自 Matt Summerville 和 D.A.戴維森。
Morning, guys.
早安，夥計們。
Morning, Matt.
早安，馬特。
Could you maybe do a little bit more of a detailed update specifically on what you're seeing in your medical and life sciences fishing end markets across both EIGNEMG. and working some commentary on what you're seeing in those businesses specifically around a destocking?
您能否針對您在兩個 EIGNEMG 的醫療和生命科學漁業終端市場中看到的情況進行更詳細的更新？並對您在這些企業中看到的情況（特別是圍繞去庫存）進行一些評論？
And then I have a whole sure of the home we saw in terms of the destocking, we saw demand largely in line with expectations in the quarter.
然後我對我們在去庫存方面看到的房屋有一個整體的把握，我們看到需求基本上符合本季的預期。
Actually as both our OEM customers and our automation and Paragon businesses continue to work down excess levels of inventory, induce destocking headwinds are going to continue on.
事實上，隨著我們的 OEM 客戶以及我們的自動化和 Paragon 業務繼續降低庫存過剩水平，導致去庫存的阻力將繼續存在。
We remain well positioned on a range of attractive programs within both the automation business and the Paragon business in.
我們在自動化業務和 Paragon 業務中的一系列有吸引力的項目上仍然處於有利地位。
And we're really encouraged by the trend in recent order rates from we had of EMG where the maintenance, the maintenance stocking areas was above plus 12 organically.
我們對 EMG 最近的訂單率趨勢感到非常鼓舞，其中維護、維護庫存面積有機地高於 12。
Again, we had a positive book-to-bill of one two.
我們的訂單出貨比再次達到一比二。
And if you just look at the trends there, the trends are heading in the right direction.
如果你只看那裡的趨勢，你會發現趨勢正在朝著正確的方向發展。
So of we stabilize, we saw solid sequential growth in orders, and we're feeling pretty good them.
因此，當我們穩定下來時，我們看到訂單連續穩定成長，而且我們感覺非常好。
one is a follow-up.
一個是後續行動。
You mentioned in your prepared remarks on talking about ESG that you're still a little bit of customer tentative this with respect to some delays in that portion of the business.
您在準備好的談論 ESG 的評論中提到，對於該部分業務的一些延遲，您仍然對客戶有一點猶豫。
Can you just talk through maybe which division was impacted by that, which end markets, et cetera?
您能否談談哪個部門受到了影響，哪些終端市場等等？
And if you're able at all the kind of rig Clemson quantified the impact.
如果你有能力的話，克萊姆森大學可以量化這種影響。
Sure.
當然。
Yes, I'll do that math on in terms of project delays that we spoke about last quarter.
是的，我將根據我們上季度談到的專案延遲進行數學計算。
This quarter played out largely as expected.
本季的表現基本上符合預期。
Customers remain cautious given the impact of various So economic geopolitical in an election uncertainties.
考慮到選舉中各種經濟地緣政治不確定性的影響，客戶保持謹慎態度。
And these project delays of our specifically in REIG. test and measurement businesses.
我們的這些項目尤其是 REIG 的延誤。測試和測量業務。
And of the key point here is our new opportunity for funnel remains strong, and so things are definitely not any worse.
這裡的關鍵點是我們的漏斗新機會仍然強勁，因此情況絕對不會變得更糟。
In fact, the EIG. order trend went from minus 11 organic in Q1 to minus four organic in Q2 to minus two organic in Q three.
事實上，EIG。訂單趨勢從第一季的負 11 有機訂單到第二季的負 4 有機訂單到第三季的負 2 有機訂單。
So we're feeling pretty good about the O encouraged by the the PA positive trend there.
因此，受 PA 正向趨勢的鼓舞，我們對 O 感覺非常好。
Got it.
知道了。
Thanks, David.
謝謝，大衛。
Thank you, Matt.
謝謝你，馬特。
Our next question comes from the line of Deane Dray with 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)。
Thank you.
謝謝。
Good morning, everyone.
大家早安。
Good morning.
早安.
Again, a big could take us through the end markets, geographies and the extent that you can some comments on China, I don't think there's never been more mixed messages, most of the negative, but that each company has got the different views based upon their exposures, but that maybe we can start their effects at Grace of other questions, I have tried to get them on if I forget anything.
再說一次，一個大的可以帶我們了解終端市場、地理以及你可以對中國發表一些評論的程度，我認為從來沒有出現過更多的混合信息，大部分都是負面的，但每家公司都有不同的觀點根據他們的曝光情況，但也許我們可以在其他問題的恩典中開始他們的影響，如果我忘記了什麼，我會嘗試讓他們繼續。
Well pulling back to it, first of all, around the horn.
好吧，首先，圍繞喇叭。
First of of both and I talk about our process business, both overall and for our process businesses declined low single digits in the quarter.
首先，我談論我們的流程業務，整體而言，我們的流程業務在本季都下降了低個位數。
Growth remained solid across our energy businesses that have good quarter in energy and also our highest as we talked about.
我們的能源業務保持強勁成長，能源業務季度表現良好，也是我們所說的最高水準。
Can you also had a very strong growth in the quarter?
您在本季也能實現非常強勁的成長嗎？
And looking ahead, we continue to expect organic sales for our process businesses to be flat to up low single digits for the full year.
展望未來，我們繼續預期全年流程業務的有機銷售額將持平或成長低個位數。
Next.
下一個。
Switching to the aerospace and defense.
轉向航空航天和國防。
Aerospace and defense is about 18% of Amtech, deliver strong performance in the quarter.
航空航太和國防約佔 Amtech 的 18%，本季表現強勁。
Both overall in organic sales were up mid-single digits.
兩者的整體有機銷售額均成長了中個位數。
Growth was strongest across our commercial OEM and commercial aftermarket businesses.
我們的商業 OEM 和商業售後市場業務成長最為強勁。
On a reminder, we have a good balance between sales and defense, and we have a good balance between OEM products and aftermarket.
提醒一下，我們在銷售和防禦之間保持著良好的平衡，在OEM產品和售後市場之間保持著良好的平衡。
And additionally, one, a wide range of applications and not dependent on any one platform.
此外，第一，應用範圍廣泛，不依賴任何一個平台。
So we're positioned well to benefit from the long-term growth across these markets.
因此，我們處於有利位置，可以從這些市場的長期成長中受益。
For the full year, we continue to expect high single digit organic growth for our aerospace and defense businesses.
全年，我們繼續預計航空航太和國防業務將實現高個位數有機成長。
Next, we'll go to the industrial.
接下來，我們將進入工業領域。
Tom power and industrial businesses were up Mr.
湯姆先生，電力和工業業務上漲。
Driven by the contributions of amplifier ESI now recent acquisitions, both of them, organic sales were down low single digit.
在 ESI 最近收購的擴大機的推動下，有機銷售額下降了低個位數。
We expect organic sales for our Power and Industrial businesses to be down low single digits for the full year.
我們預計全年電力和工業業務的有機銷售額將下降到低個位數。
Then finally, our Automation & Engineered Solutions segment.
最後是我們的自動化和工程解決方案部分。
Overall sales, there increased in the low 20% range, driven primarily by the contributions of Paragon medical organics, down high single digits due to continued normalization of inventory across our OEM base.
整體銷售額成長了 20%，主要是由於 Paragon 醫療有機產品的貢獻，而由於我們整個 OEM 基地的庫存持續正常化，銷售額出現了高個位數的下降。
And for the full year, we can continue to expect organic sales to decline mid-single digits.
就全年而言，我們可以繼續預期有機銷售額將出現中個位數下降。
The headwinds from destocking continue.
去庫存帶來的阻力仍在持續。
Talking about the chips?
談晶片？
Yes, a little bit of mix there.
是的，有一點混合。
We have strong growth in Europe and Asia, offset by some declines in the US.
我們在歐洲和亞洲的成長強勁，但被美國的一些下滑所抵消。
You talked specifically about China.
您專門談到了中國。
Our Asia business did well in China was actually up 10%.
我們在中國的亞洲業務表現良好，實際上成長了 10%。
We had strong growth in our UPT. or ultra precision technology.
我們的 UPT 成長強勁。或超精密技術。
And I haven't tech products are used by our customers in China to improve the manufacturing processes, automate processes, make the environment cleaner, produce entered used to very well positioned, but that market will remain choppy.
我還沒有看到我們的中國客戶使用科技產品來改善製造流程、自動化流程、使環境更清潔、產品進入習慣非常好的位置，但市場仍將動盪不安。
And there's been some stimulus.
並且有一些刺激。
And that's about the results that we're seeing now aren't aren't from stimulus or just Ramon, no market share wins and making good headway in in the markets.
這就是我們現在看到的結果，不是來自刺激措施，也不是來自拉蒙，沒有贏得市場份額，也沒有在市場上取得良好進展。
But it's very difficult to predict what's happening in China.
但很難預測中國正在發生的事情。
So it so we'll just wait and see what happens this quarter.
因此，我們將拭目以待，看看本季會發生什麼。
That's really how it is remarkable.
這確實是它的非凡之處。
How did it really depends on what your exposures are in China.
這實際上取決於你在中國的曝光。
You just can't paint at all with the negative brush there?
你根本不能用那裡的負畫筆畫畫嗎？
And just as a quick follow up the context of the stuff, the longer it lasts, just get this impression that it's really our demand as opposed to just an inventory correction.
就像快速跟進這些東西的背景一樣，它持續的時間越長，就得到這樣的印象：這確實是我們的需求，而不僅僅是庫存調整。
So it's the year centers you're a reset, let's say, at Paragon or is it still you can see the sell through and that there is really like and inventory work-down coming through?
所以，你要重置的是年中心，比方說，在 Paragon，還是你仍然可以看到銷售情況，並且確實有喜歡和庫存減少的情況？
Just kind of how do you have two dynamics that as a direct question and answer, obviously, of difficult, of course, but we're pretty confident that we're working through it supply chain crisis level of inventory that and we have some math.
作為一個直接的問題和答案，你如何擁有兩種動態，顯然，當然很困難，但我們非常有信心我們正在解決供應鏈危機的庫存水平，我們有一些數學知識。
You can see when it when we work through that.
當我們解決這個問題時你就會看到。
And then there's the same kind of growth on the other end of it.
然後它的另一端也有同樣的成長。
And same thing is happening in the medical space as the automation space.
與自動化領域一樣，醫療領域也正在發生同樣的事情。
So so we're seeing the other factor that influences our decision is the new business activity, the pipeline activity, our customers are very active.
因此，我們看到影響我們決策的另一個因素是新的業務活動、管道活動，我們的客戶非常活躍。
We're working on new programs and they are getting delayed.
我們正在製定新計劃，但它們正在延遲。
But there's no there's no program cancellations and there's some uncertainty when they're going to go forward, but were full out working on tremendous this number of opportunities.
但不存在任何計劃被取消的情況，而且他們何時繼續進行也存在一些不確定性，但我們正在全力以赴地爭取大量的機會。
So we think it's a it's a destocking issue is not and an overall end demand issue and we think will work through it.
因此，我們認為這是一個去庫存問題，而不是一個整體最終需求問題，我們認為會解決這個問題。
And you can see some starting to happen with the order trends in our business.
您可以看到我們業務中的訂單趨勢開始發生一些變化。
Excellent.
出色的。
Leave it there.
把它留在那裡。
Just a quick shot out.
只是快速射門而已。
Has nice free cash flow this quarter.
本季有不錯的自由現金流。
Thank you.
謝謝。
And thank you, Dan, and thank you.
謝謝你，丹，謝謝你。
Team did a great job.
團隊做得很好。
Our next question comes from the line of with Vertical Research Partners.
我們的下一個問題來自垂直研究合作夥伴。
Hey, thanks.
嘿，謝謝。
Good morning, everyone.
大家早安。
Morning, Jeff.
早安，傑夫。
Good morning, David.
早安，大衛。
I was on a little late, so I don't know if you will note that listed dyslipidemic with your answer to gain.
我來得有點晚了，所以我不知道你是否會注意到列出的血脂異常以及你的答案。
I don't know if you already specifically Tom, embedded on Paragon, but um, you know, just in terms of the sales trajectory there, if you wouldn't mind from fewer than I would hope.
我不知道你是否已經特別提到湯姆，嵌入了 Paragon，但是，嗯，你知道，就那裡的銷售軌跡而言，如果你不介意的話，數量比我希望的要少。
And then just on just on EMG. overall rates, certainly kind of interesting set of cross currents, right?
然後就進行肌電圖檢查。總體利率，當然是一種有趣的交叉流，對吧？
Was destocking going on, but orders of 12 organically.
正在去庫存，但有機訂單量為 12 份。
Maybe you could just unpack a little bit more time the moving pieces inside that if you haven't already?
如果你還沒準備好的話，也許你可以再花一點時間來打開裡面的移動部件？
I haven't gone deeper, but I can say that every division and EMG., what does up substantially in order.
我沒有更深入，但我可以說每個部門和肌電圖，基本上都是按順序進行的。
So it wasn't the one area.
所以這不是一個區域。
So it was a across the board, all parts of the MG. or up in order.
所以這是一個全面的、MG 的所有部分。或按順序向上。
So we're really encouraged by that.
所以我們對此感到非常鼓舞。
Speaking of Paragon on again, it's a single use consumables, surgical instruments business, implantable components and attractive medtech markets with solid growth rates.
再次談到 Paragon，它是一次性消耗品、手術器械業務、植入式組件和具有穩健成長率的有吸引力的醫療技術市場。
And And though we continue to about the future growth opportunities, excellent engineering capability, additive manufacturing capability, many many new program wins will provide upside is get phased in, and the business has really well positioned when the destocking headwinds.
儘管我們繼續關注未來的成長機會、卓越的工程能力、積層製造能力，但許多新項目的勝利將提供分階段的上行空間，並且在去庫存的逆風中，業務確實處於有利地位。
At the same time, we're working on substantial efficiency improvements in the business.
同時，我們正在努力大幅提高業務效率。
And the team has really do onto an excellent job of doing that because of some difficult things that are going on.
由於正在發生一些困難的事情，團隊在這方面確實做得非常出色。
And but that process is proceeding well.
但這個過程進展順利。
So I'm very pleased.
所以我很高興。
I mean mail Paragon menace expectations for q three, they had the similar sequential order improvement that we talked about in our other businesses.
我的意思是郵件 Paragon 對第三季的威脅期望，他們有我們在其他業務中談到的類似的順序改進。
And the overall now very pleased with it.
現在整體來說非常滿意。
Dave.
戴夫.
And then on sort of the margin recovery plan itself, obviously the restructuring on and so forth.
然後是利潤恢復計劃本身，顯然是重組等等。
I guess there's a silver lining in the P&L in the drawdown, right?
我想在虧損的損益表中還有一線希望，對吧？
Maybe it allows you to accelerate some things on was in the light.
也許它可以讓你加速一些事情的進展。
Can.
能。
Can you give us a sense of, um, you know, sort of the likely tailwind into 2025?
您能為我們介紹一下 2025 年可能會出現的順風車嗎？
As you know, we work through some of these things and arguably sales sorry to kind of stabilized pick back under the new year.
如您所知，我們正在解決其中的一些問題，並且可以說銷售額在新的一年裡會穩定回升。
Yes, I think of the scenario you're talking about is something that has a higher likelihood of happening.
是的，我認為你所說的情況發生的可能性更高。
But when you talk about 2025, we don't give guidance at this time of the year.
但當你談論 2025 年時，我們不會在每年的這個時候提供指導。
So we're going to stay away from that and talking about next year.
所以我們將遠離這個話題並討論明年的事情。
But but of the things that you're pointing to or I mean, it's a tough time.
但是，就你所指的事情或我的意思而言，這是一段艱難的時期。
We're improving the business significantly.
我們正在顯著改善業務。
There's some plant closures in there and the we're continuing to fund all the new new new product phases in.
那裡有一些工廠關閉，我們將繼續為所有新產品階段提供資金。
So it is going to be a very, very positive scenario.
所以這將是一個非常非常積極的情況。
And as we move forward with that business.
隨著我們推進這項業務。
Great.
偉大的。
Thank you for the insight.
感謝您的見解。
Appreciate it.
欣賞它。
Thank you, Jeff.
謝謝你，傑夫。
Our next question comes from the line of Rob Wertheimer with Melius Research.
我們的下一個問題來自 Melius Research 的 Rob Wertheimer。
Could you add a couple of cleanups to AMI both on the destocking?
您能否在去庫存時為 AMI 添加一些清理工作？
I mean you guys were clear that destocking should continue through the end of the year.
我的意思是，你們很清楚，去庫存應該要持續到今年底。
I think you mentioned that it continues again now, Dave, the orders seem to indicate that we're getting there.
我想你提到現在又繼續了，戴夫，訂單似乎表明我們正在實現目標。
I don't know whether your comment was implied was intended to imply any any continuation of next year we're up.
我不知道你的評論是否暗示明年我們會繼續。
Yes, I think you mentioned we've definitely stabilized in the last couple of orders were saying quarters.
是的，我想你提到我們在過去幾季的訂單中肯定已經穩定下來。
We're seeing incremental orders growth.
我們看到訂單增量成長。
We're encouraged and we're seeing it in AMG. where the destocking was occurring, where we're seeing it in all our businesses.
我們深受鼓舞，我們在 AMG 身上看到了這一點。去庫存發生的地方，我們所有業務中都看到的地方。
So that's all positive.
所以這都是正面的。
But now that the IS. destock isn't like a switch that is going to and that's going to be we're going to be of a few slowly improve as we get into next year.
但現在IS。去庫存並不像即將發生的轉變，隨著進入明年，我們將慢慢改善其中的一些情況。
You know, that will give you a guidance for next year.
你知道，這將為你明年提供指導。
But the whether that you're not, we're going to make money and that's what we're going on on the operations side.
但無論你是否願意，我們都會賺錢，這就是我們在營運方面所做的事情。
So So my point is there's positive trends now.
所以我的觀點是現在有正面的趨勢。
We haven't given guidance for next year.
我們尚未給出明年的指導。
We go through or our standard process with the sitting down with each business on some go through a comprehensive budgeting process.
我們透過我們的標準流程與每個企業坐下來討論一些全面的預算流程。
We look at market conditions and sales opportunities and cost reduction opportunities and decide what investments to fund and the very important of all of this process right now, given all the math, macro geopolitical and unless election uncertainty, because that's why we've held firm on doing on working through our process and giving you a best information we have at the beginning of next year.
考慮到所有的數學、宏觀地緣政治以及選舉的不確定性，我們會考慮市場狀況、銷售機會和降低成本的機會，並決定資助哪些投資以及目前所有這一過程的重要性，因為這就是我們堅持立場的原因我們正在努力完成我們的流程，並在明年初向您提供我們掌握的最佳資訊。
Perfect.
完美的。
Thank you.
謝謝。
And then if I may, on acquisition pipeline in your balance sheet looks great.
然後，如果可以的話，您的資產負債表中的收購管道看起來很棒。
Obviously the pipeline is robust.
顯然，管道是穩健的。
Are you seeing any similar hesitation to commit among amongst value potential acquirees slowing things down?
您是否發現在潛在價值收購者中是否存在類似的猶豫，導致進展緩慢？
Or should we just assume things come unstuck as normal process?
或者我們應該假設事情會像正常過程一樣出現問題？
Thank you, Scott.
謝謝你，斯科特。
Yes, that's a good question, actually, question, Robyn and the this is just my subject.
是的，這是一個很好的問題，事實上，問題，羅賓，這只是我的主題。
Things are coming on stock period.
事情即將在庫存期間到來。
We're everybody interest rates and what about our pipeline and and we're talking to our website, I feel like for next year, sometime early, and it feels like things are moving.
我們每個人都關心利率，我們的管道怎麼樣，我們正在與我們的網站交談，我覺得明年，早些時候，感覺事情正在改變。
And I feel like they're moving an accelerated pace.
我覺得他們正在加快腳步。
Thank you.
謝謝。
Thank you.
謝謝。
Earnings from the line of Scott Graham with Seaport Research Partners.
Scott Graham 與 Seaport Research Partners 的收入。
Hey, John, good morning.
嘿，約翰，早安。
Thanks for taking the question, guys.
謝謝你們提出問題，夥伴們。
Auto is really just a couple of them.
汽車實際上只是其中的幾個。
I know you're doing a lot of from investing internally.
我知道你們透過內部投資做了很多事情。
The vitality is up to 28% you gave you mentioned that you're really heavily focused on differentiated products.
活力高達28% 您提到您確實非常注重差異化產品。
Could you may be unbundled that a little bit more in, you know, I know vitality that percentage is always a tricky thing is it's a three-year trail, but there is that a number that you think can go even higher and maybe which businesses?
你能不能把這個數字再拆分一下，你知道，我知道活力這個百分比總是一件棘手的事情，因為它是一個三年的軌跡，但你認為有一個數字可以更高，也許哪些企業？
I know that your single traders, I get all that, but, you know, is there anything that's standing out to you in certain business units and we have where can that index go?
我知道您的單一交易者，我了解所有這些，但是，您知道，在某些業務部門中是否有任何對您來說很突出的東西，我們有哪些指數可以走向何方？
Yes, I think we think level for our businesses between 20% and 30% and though and the percent, 28%, and it could go down to the 20 or golf 30, and that's probably the right range.
是的，我認為我們認為我們的業務水平在 20% 到 30% 之間，儘管百分比是 28%，但它可能會下降到 20 或高爾夫 30，這可能是正確的範圍。
And it's, as you mentioned, is very distributed across our company.
正如您所提到的，它在我們公司內分佈非常廣泛。
We're spending incrementally 90 million on projects on their good projects.
我們正在為他們的好項目投入 9000 萬美元。
They're going to result in the good sales in the future.
他們將在未來帶來良好的銷售。
In some cases, they're coming in at lower price points.
在某些情況下，它們的價格會更低。
Still, there's been a good job of cost reductions through the new development process.
儘管如此，透過新的開發流程在降低成本方面還是取得了不錯的成績。
And so it's a and you have more fresh up-to-date product line and you're a leader and a niche markets that we're in enables you to justify premium pricing for the new products.
因此，您擁有更新鮮的最新產品線，並且您是領導者，而我們所處的利基市場使您能夠證明新產品的溢價是合理的。
So all feels good fulfills.
所以一切都感覺很好滿足。
It's working well and is part of part of our core.
它運作良好，是我們核心的一部分。
So what we've you know, you've followed us for a long time whether the market's good markets bad.
據我們所知，您長期以來一直關注我們，無論市場是好是壞。
We fund the R&D spending consistently, and it's a it's paid off for us in the long run.
我們持續為研發支出提供資金，從長遠來看，這對我們來說是有回報的。
And we plan to continue it.
我們計劃繼續這樣做。
Thank you.
謝謝。
I just maybe wanted to ask something that's a little bit more forward looking to the extent that you can answer it, one of your two very large aerospace customers struggling in various parts of their portfolio and production.
我可能只是想問一些更具前瞻性的問題，您可以回答這個問題，您的兩個非常大的航空航天客戶之一在其產品組合和生產的各個部分都苦苦掙扎。
I'm just wondering, does that dampen your potential outlook for 2025 in your aerospace business?
我只是想知道，這是否會影響您 2025 年航空航太業務的潛在前景？
Yes, what we haven't done the detailed working on 2025 and the related to the situation.
是的，我們還沒有對2025年的具體工作以及相關情況進行具體的工作。
We did see some minor delays in the quarter, but we were able to work and we factored in the impact that we know for Q4.
我們確實在本季度看到了一些輕微的延誤，但我們能夠工作，並且我們考慮了我們所知道的第四季度的影響。
And it's a fluid situation obviously.
顯然，這是一個不穩定的情況。
But we feel confident in our guide for Q4, our aerospace businesses or have diverse closures across a wide range of platforms, very healthy mix of OEM and aftermarket sales.
但我們對第四季度的指南充滿信心，我們的航空航天業務或在廣泛的平台上有不同的關閉，原始設備製造商和售後市場銷售的非常健康的組合。
There's no overexposure to any single platform or any single customer.
不會過度暴露於任何單一平台或任何單一客戶。
So we're feeling good about that.
所以我們對此感覺良好。
And those are strong demand, and we're well positioned to benefit from it.
這些都是強勁的需求，我們完全有能力從中受益。
And we're not selling as much up on the value chain was on what we do well, the technology in the niche markets that we focus on, and we really feel that we're in a good position going forward to hopefully some of the larger customers can work through some of the situations are in.
我們在價值鏈上的銷售並沒有那麼多，而是我們擅長的領域，即我們關注的利基市場的技術，我們真的覺得我們處於有利的位置，希望能夠實現一些目標。解決某些情況。
But we think we have a call property for the rest of this year.
但我們認為今年剩餘時間我們有一個看漲屬性。
Great.
偉大的。
Thank you.
謝謝。
Thank you, Scott.
謝謝你，斯科特。
Our next question comes from the line of Brett Linzey, windmill drill holes.
我們的下一個問題來自 Brett Linzey 的風車鑽孔系列。
Hey, good morning, all over at a Hey, just wanted to come back to the DOEM dynamic and the destock once Morrissey.
嘿，早上好，一切都結束了，嘿，只是想回到 DOEM 動態和曾經的 Morrissey 去庫存。
You noted some of the internal of exercises are that they're the math, the teams we're doing page that pressure, I guess, is there any way to quantify in revenue dollars are awarded?
你注意到一些練習的內部是數學，我們正在做的團隊頁面壓力，我想，有什麼方法可以量化獎勵的收入嗎？
Chris said, how much of the pressure on results of this year has been related to OEM destock?
Chris表示，今年業績的壓力有多少與OEM去庫存有關？
I say that, yes, if you go back to Q2, we talked about it pretty significant because it is significant.
我說，是的，如果你回到第二季度，我們談論它非常重要，因為它很重要。
So that reverses less debt.
這樣就可以扭轉更少的債務。
So clearly not a headwind.
所以顯然不是逆風。
I had one that's not there for next year.
我有一個明年不存在的。
So yes, it was in our automation business and with Paragon destock was substantial.
所以，是的，這是在我們的自動化業務中，Paragon 的庫存減少量很大。
Okay.
好的。
Got it.
知道了。
And then just delays.
然後就是延誤。
So I think you noted it was various verticals.
所以我想你注意到這是不同的垂直領域。
I guess what are you hearing from customers in terms of project readiness as might return?
我想您從客戶那裡聽到的專案準備如何？
Are you contemplating any catch-up in the fourth quarter as part of the guide?
作為指南的一部分，您是否考慮在第四季度進行任何追趕？
Or have you slowed that expectation into 2025?
或者您已將這項預期推遲到 2025 年？
I think our Q4 guide of for our project businesses and EAG. assumes a normal of calendar Q4.
我認為我們的專案業務和 EAG 的第四季度指南。假設日曆第四季正常。
That's pretty strong.
那是相當強的。
So we'll see a sequential of increase from Q3 to Q4 related to seasonality related to projects in that business.
因此，我們將看到從第三季到第四季的連續成長，這與該業務項目的季節性相關。
So it feels like a that there's definitely some year-end spending on.
所以感覺年底一定會有一些支出。
So that's positive.
所以這是積極的。
Okay, great.
好的，太好了。
Best of luck.
祝你好運。
Thank you.
謝謝。
Our next question comes from the line of Nigel Coe with 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)。
Thanks.
謝謝。
Good morning, everyone.
大家早安。
I just want to come back to orders and plus 2% organic, I think is what you said some.
我只想回到訂單並加上 2% 的有機物，我想這就是你所說的一些。
So that's that's that's great news signal in the return to growth until the fourth quarter.
這就是第四季之前恢復成長的好消息訊號。
Some of that, I'm not mistaken.
其中一些，我沒有記錯。
So just anything happening in June September than the changed, correct.
因此，六月九月發生的任何事情都比發生了變化，這是正確的。
Could change that any call-outs?
可以改變任何標註嗎？
Was there some aerospace?
有航天嗎？
So just any color there?
那麼那裡有任何顏色嗎？
And then maybe on on the back into that, as if we look at the implied organic orders, it seems like there's about $100 million source of there, about 1.1 50 of a slow growth, but no organic.
然後也許在後面，就好像我們看看隱含的有機訂單一樣，似乎有大約 1 億美元的來源，大約 1.1 50 的緩慢增長，但沒有有機。
That's a big number.
這是一個很大的數字。
So I'm just wondering what the book-to-bill was so Paragon and whether this Bertek positions have influences?
所以我只是想知道什麼是訂單到賬單如此典範以及 Bertek 的立場是否有影響？
Both.
兩個都。
The first point is of we don't give guidance on orders.
第一點是我們不提供訂單指導。
So so I don't know how you got your of your information on the oh two Q. three being a quarter late, but in any event it So was it was the second point was was of backlog build the backlog build?
所以我不知道你是如何獲得關於哦第二個問題的資訊。
Yes, I don't have that number in front of us.
是的，我面前沒有這個號碼。
That's not something we look at.
這不是我們所關注的。
It was 3.44 billion for the Company and pretty healthy and is and the orders turn positive.
該公司的銷售額為 34.4 億美元，相當健康，而且訂單轉正。
So I think it's I wouldn't read too much into it is just positive.
所以我認為我不會過度解讀它只是正面的。
We're just encouraged by the positive trends.
我們只是對正面的趨勢感到鼓舞。
And maybe I did occurred earlier than you thought it would end, we think are going to have a good quarter in Q4.
也許我確實比你想像的更早發生了，我們認為第四季將會有一個不錯的季度。
Okay.
好的。
Okay.
好的。
Maybe maybe I'm just trying to segment and then on Parago on WC.
也許我只是想分段，然後在 WC 上的 Parago 上。
Um, I think you talked about the setup, but if the he removed you've seen in sales this year inventory through, should we consider that to be sort of one-time in nature and then that will spring back to original plan from 25?
嗯，我想你談到了這個設置，但是如果他刪除了你在今年銷售中看到的庫存，我們是否應該認為這本質上是一次性的，然後會從 25 年恢復到原來的計劃？
Or do you think it might take a little bit longer to achieve that?
或者您認為可能需要更長的時間才能實現這一目標？
So Nigel, of your question broke up on our end, and we couldn't hear you, but we are located just outside of Paragon inventory and mechanism of reverse base between 25.
所以奈傑爾，你的問題在我們這邊分手了，我們聽不到你的聲音，但我們位於Paragon庫存和25之間的反向基地機制之外。
Yes, yes.
是的，是的。
I mean, is that is that that inventory situation of bench definitely going to improve in 2025 and and hopefully 2025.
我的意思是，工作台的庫存狀況肯定會在 2025 年有所改善，並希望在 2025 年有所改善。
And we have a low cost, lower cost.
而且我們成本低，成本更低。
Sure.
當然。
And we also have a lot of new products that is going to take some time.
我們還有很多新產品，這需要一些時間。
Is it like I said, you don't throw a switch, but yes, I really think it is going to improve and 25.
是不是像我說的那樣，你不用切換開關，但是是的，我真的認為它會改進，25。
Thank you.
謝謝。
Next question comes from the line of Christopher Glynn with us.
下一個問題來自克里斯托弗·格林 (Christopher Glynn) 與我們的對話。
Thank you.
謝謝。
Good morning, everybody.
大家早安。
And so but time spent on the E and G orders.
等等，但時間花在 E 和 G 訂單。
And Dave, you gave the kind of sequential improvement in the year over years for EIG., but wondering if we could go a little further into the, um, you know, sequential 3Q over 2Q orders pattern, IG., maybe anything on book to bill there?
戴夫（Dave），您為 EIG 提供了多年來的連續改進，但想知道我們是否可以進一步研究，嗯，您知道，連續 3Q 超過 2Q 訂單模式，IG.，也許是書上的任何內容在那裡計費？
Yes, the book-to-bill for the the whole company or 1.02, and it was above one for both of the group's silicon and give you there.
是的，整個公司的訂單出貨比為 1.02，並且該集團的晶片都高於 1，並給您提供了那裡。
Okay.
好的。
That covers all that.
這涵蓋了所有這些。
And then that last quarter you talked about defense delays and you had a couple of mid single digit quarters for A. and D. versus the high single-digit guide.
然後上個季度你談到了防守延遲，A.和D.有幾個中個位數的季度，而高個位數的指導。
Is what's the status update on the defense?
防守的最新情況是什麼？
And is that something you have factored in pretty strong in the fourth quarter yet at that as we had Q2 and Q3 is a little bit of project timing on that, and we think that's going to reverse.
您在第四季度已經充分考慮到了這一點，因為我們在第二季和第三季有一些專案時間安排，我們認為這種情況將會逆轉。
And there's some good things schedule or that businesses excellent because it's growing the defense business growing, but it is a is project based.
有一些好的事情安排或業務出色，因為國防業務正在成長，但它是基於專案的。
So it's a lumpy, but it's lumpy and headed in the right direction.
所以它是一個崎嶇不平的地方，但它是崎嶇不平的，而且正朝著正確的方向前進。
So you're looking at the right way.
所以你正在尋找正確的方法。
Great.
偉大的。
Thanks.
謝謝。
Lastly, I'm not sure if it was asked multiple companies coming through there, but at the deal pipeline, just curious, mix suites model, larger actionability, the deal pipeline remains strong.
最後，我不確定是否有多家公司被要求通過那裡，但在交易管道上，只是好奇，混合套件模型，更大的可操作性，交易管道仍然很強大。
We're actively looking at a high number of quality deals of we obviously they've got the cash and credit facilities to execute.
我們正在積極尋找大量優質交易，顯然他們有現金和信貸設施可以執行。
The rise by sellers on the pipelines is a variety of deal sizes, and we're very active.
管道上的賣家數量有所增加，交易規模各異，而且我們非常活躍。
And what I mentioned before feels like things are starting to move a little bit more in that area than they were maybe the last six or nine months.
我之前提到的，感覺這個領域的事情開始比過去六、九個月發生更多的改變。
Great.
偉大的。
Thanks a lot.
多謝。
As a reminder, ladies and gentlemen, to ask a question, please press star one on your telephone.
謹此提醒，女士們先生們，要提問，請按電話上的星號一。
Plus again, to ask a question, please press star one on your telephone next line of Andrew Obin with Bank of America.
另外，如需提問，請在您電話上的安德魯·奧賓 (Andrew Obin) 與美國銀行 (Bank of America) 的下一條線路上按星號一。
Good morning.
早安.
Can you hear my hand or debt or you look at I appreciate the fact that you don't guide on orders, but just to just checking, if Mike, if I do look on a two year stack and just third quarter of last year organically, it was the easiest comp in the year, sort of, right, it was minus Com and it shows goes to minus two by Q4.
你能聽到我的手或債務嗎？的數據，這是今年最簡單的比較，對吧，它是負 Com，並且顯示到第四季度將減少到負 2。
And if I look at Q2 and Q3 on a two year stack for orders, I'm just wondering, is it reasonable to us assume that we've bottomed and by Q4 we could return to growth has just arithmetically.
如果我看看第二季和第三季的兩年訂單堆疊，我只是想知道，我們假設我們已經觸底並且到第四季度我們可以在算術上恢復成長是否合理。
It would suggest that will probably continue to be, you know, we'll go back to order decline and I know you don't guide it, but we're just getting a lot of questions from investors wonder what is implied for the short-cycle names and what I gather that's macro.
這表明這種情況可能會繼續下去，你知道，我們將回到訂單下降的狀態，我知道你不會引導它，但我們只是收到投資者的很多問題，想知道空頭意味著什麼-循環名稱和我收集到的宏觀資訊。
You don't have a specialist your crystal ball.
你的水晶球沒有專家。
I appreciate all these things like our crystal ball is no better than anyone else has.
我很欣賞所有這些事情，就像我們的水晶球並不比其他人更好。
But what we don't look at the two year stack number, so I can't comment on your numbers.
但我們不看兩年的堆疊數字，所以我無法評論你的數字。
What I can comment is that there's been a healthy sequential increases from Q2 oh three.
我可以評論的是，從第二季度到第三季度，出現了健康的連續成長。
So and we also saw the sequential increase from Q1 to Q2.
因此，我們也看到了從第一季到第二季的連續成長。
So along with the two year stack in the year over year, and we gave the organic numbers already the sequential numbers or they were up mid-single digits in the quarter.
因此，隨著逐年的兩年堆疊，我們給出的有機數字已經是連續數字，或者它們在本季度上升了中位數。
So that's a go purging of fact, from our viewpoint, no, really appreciate it.
所以從我們的角度來看，這是對事實的一種清除，不，我們真的很欣賞它。
And just to follow up question on our Dan and it's a different business.
只是為了跟進有關我們丹的問題，這是另一回事。
I mean, it's made so a lot more regulation.
我的意思是，它制定了更多的監管。
But could you just give us an update on the time line of your restructuring?
但您能否向我們介紹一下重組時間表的最新情況？
And obviously amortize playbook is as good as anyone's in the industrial world.
顯然，攤銷手冊與工業界任何人的手冊一樣好。
But how do you apply this playbook on timing of the restructuring and things out fast in terms of costs in a regulated environment where you can just move production from one facility to another camp is all subject to regulatory approval.
但是，在受監管的環境中，您可以將生產從一個工廠轉移到另一個營地，如何在重組時機和成本方面快速解決這個問題，這一切都需要獲得監管部門的批准。
Can you just what lessons being learned and what has been restructured and been relative to verify?
您能否具體吸取哪些經驗教訓、進行哪些重組以及相關的驗證？
I'm sure very high expectations.
我確信期望值非常高。
Thank you.
謝謝。
Yes, it because the environment's regulated and we know that because we have another business in the space that we've moved, remove factories.
是的，這是因為環境受到監管，我們知道，因為我們在搬遷的地方還有另一項業務，所以搬走了工廠。
So our EMC businesses of sister business, the Paragon.
我們的 EMC 業務是姊妹企業 Paragon。
So we're very experienced with the regulatory environment and our timing is adjusted for it and you have to move slow and do you have to be acute care.
因此，我們對監管環境非常有經驗，我們的時間安排也根據它進行了調整，你必須緩慢行動，並且必須採取緊急護理措施。
Therefore, when it takes a bit longer living in aerospace business or just like moving at defense business or just like moving our utility business.
因此，當在航空航天業務中生活需要更長的時間，或者就像轉向國防業務或就像轉向我們的公用事業業務一樣。
So we operate in a lot of regulated markets.
因此，我們在許多受監管的市場中開展業務。
That's really our focus.
這確實是我們的重點。
We like regulated markets.
我們喜歡受監管的市場。
This is a new kind of core if you look at our whole portfolio and But you're right, it does.
如果你看看我們的整個產品組合，這是一種新型的核心，但你是對的，它確實如此。
It does take time and though so on time, really appreciate it.
這確實需要時間，儘管如此，但我真的很感激。
Thank you.
謝謝。
Our next question comes from the line of Joe Giordano with Cowen.
我們的下一個問題來自喬·佐丹奴和考恩的對話。
Good morning.
早安.
Ammonia is on the aero You mentioned, Mike, would you take everything into consideration?
氨對空氣動力學有影響 你提到，麥克，你會考慮一切嗎？
I know you're very balanced there, but your Boeing OE. exposure, like are you essentially assuming zero in the fourth quarter?
我知道你在那裡非常平衡，但是你的波音 OE。風險敞口，就像您基本上假設第四季度的風險為零？
Or are you still selling to like maybe Tier ones or something where you can still ship?
還是您仍在銷售類似的一級產品或仍可出貨的產品？
Yes.
是的。
Yes, I think you've got it right.
是的，我認為你說得對。
I mean to the where we have confirmed orders to lower levels of supply chain is zero.
我的意思是，我們已確認供應鏈較低層級的訂單為零。
And if there was anything direct, it's removed, got it.
如果有任何直接的東西，它就會被刪除，明白了。
And then I apologize if I missed this and I joined a little bit late, but I'm Paragon.
如果我錯過了這個並且我加入得有點晚，我深表歉意，但我是Paragon。
Did you give us an updated 2024 like revenue number that you said you expect from them or a contribution number?
您是否向我們提供了您所說的期望從他們那裡獲得的 2024 年更新的收入數字或捐款數字？
Now we did that.
現在我們做到了。
We didn't give the number.
我們沒有給出號碼。
The number that we gave last quarter still hold and of Paragon executed in what they thought they did for this quarter is a good quarter for them.
我們上個季度給出的數字仍然有效，Paragon 執行了他們認為本季所做的事情，這對他們來說是一個很好的季度。
And I will talk about the sequential orders growing impaired onto.
我將討論順序順序逐漸受損的問題。
Thank you.
謝謝。
Our next question comes from the line of Jeff Sprague with Vertical Research Partners.
我們的下一個問題來自 Jeff Sprague 和 Vertical Research Partners 的電話。
Let me back in just a really quick follow-up.
讓我快速跟進一下。
Dave, can you just give us an update on price and then what you're seeing on price cost spread in the quarter?
戴夫，您能否向我們介紹價格的最新情況以及您對本季價格成本差異的看法？
And you think that changing any any as we move into Q4 the early part of 25 as a good question, Jeff.
傑夫，你認為在 25 年初進入第四季度時改變任何一個是一個好問題。
I mean price, it would seem as though we're getting back to more normal patterns in the quarter, we got three points of price of pretty consistent across the portfolio, and we got about 100 basis points of positive spread to the P&L from it.
我的意思是價格，看起來我們在本季度回到了更正常的模式，我們在整個投資組合中得到了三個相當一致的價格點，並且我們從中得到了大約 100 個基點的損益正利差。
So I think the days of the high inflation, the higher price are abating.
所以我認為高通膨、高物價的日子正在減弱。
And I think we're in the normal we own fuel mixture of normal price cost spread where we are always positive by 50 basis points.
我認為我們處於正常狀態，我們擁有正常價格成本差的燃料混合物，我們總是樂觀 50 個基點。
And the numbers like 2% to 3%.
這個數字大約是 2% 到 3%。
Great.
偉大的。
Thanks, Dan.
謝謝，丹。
Our next question comes from the line of Steve Barker with KBC.
我們的下一個問題來自 KBC 的 Steve Barker。
Hey, thanks, morning.
嘿，謝謝，早安。
Morning, Al, I'll just ask a question on the semi-cap cycle fields like expectations are moderating a bit due to slower recovery in some consumer products.
早安，艾爾，我只想問一個關於半盤週期領域的問題，例如由於某些消費品的復甦速度較慢，預期有所放緩。
But I know there's still a lot of around leading edge investments coming through.
但我知道仍然有很多前沿投資正在出現。
I think you're in deep defect detection and more leading edge.
我認為你們在深度缺陷檢測方面處於領先地位。
But based on how your portfolio is positioned, can you match or outgrow, however, the equipment market does as the cycle improves?
但是，根據您的投資組合的定位，隨著週期的改善，您能否與設備市場相符或超越？
Yes, I think we can.
是的，我想我們可以。
I mean, in for example, in the quarter, our semiconductor businesses were up mid-single digits, and that was announced and we had growth and it was driven by the uniqueness of the product portfolio.
我的意思是，例如，在本季度，我們的半導體業務成長了中個位數，這一點已經宣布，我們的成長是由產品組合的獨特性所推動的。
And the one thing about our portfolio as we have a lot of laboratory semiconductor stuff that gets worked on during the between the cycles and then the production.
關於我們的產品組合的一件事是，我們有很多實驗室半導體材料，可以在週期和生產之間進行研究。
So if it happens, so there's a natural balance in there and we use on large swings either way that kind of compensate and they are not correlated with each other.
因此，如果發生這種情況，就會存在一種自然的平衡，我們在大幅波動時使用任何一種方式進行補償，並且它們彼此不相關。
So it is a positive market.
所以這是一個積極的市場。
I mean, you have some some dynamics with China.
我的意思是，你們與中國有一些動態。
You have some dynamics with G.
你和G有一些動態。
We have a product in our chemical developed has very unique in the best in class.
我們開發的化學產品在同類產品中非常獨特。
That's where we're selling quite well now.
這就是我們現在賣得很好的地方。
So yes, we were up mid-single digits, we think will be up mid-single digits for the year and semiconductor and as a percent of our portfolio and though we haven't done the planning for 2025.
所以，是的，我們的業績成長了中個位數，我們認為今年半導體和占我們投資組合的百分比將會成長中個位數，儘管我們還沒有完成 2025 年的規劃。
But if anything, our that's a market device technology and our technology is getting better.
但如果有什麼不同的話，那就是我們的市場設備技術，而我們的技術正在變得更好。
In fact, that's great mall Act, a small acquisition that we did of Polygon physics was related to an ion source technology, specifically used in EUV manufacturing and gives us some capability in the advanced semiconductor space.
事實上，這是一項偉大的商業法案，我們對 Polygon 物理公司進行的一項小型收購與離子源技術有關，專門用於 EUV 製造，並為我們提供了先進半導體領域的一些能力。
Understood.
明白了。
And you'll like the cycle itself.
而且您會喜歡這個循環本身。
And I know you're very you do have some lab exposure, but for the more high volume production cycle, does it feel like we're yes.
我知道你確實有一些實驗室經驗，但對於更高產量的生產週期，我們感覺是的。
I mean that you read all the industry things out there and it feels like there's a some some inflection points, but then you get some dynamics and the.
我的意思是，當你閱讀了所有行業的內容時，感覺好像存在一些轉折點，但隨後你會得到一些動態。
Yes, I'm kind of sit back and see what happens on that one.
是的，我想坐下來看看會發生什麼。
Got it.
知道了。
Thanks.
謝謝。
Thank you.
謝謝。
You.
你。
I'll now hand the call back over to Vice President of Investor Relations and Treasurer, Kevin Coleman, for any closing remarks.
現在，我將把電話轉回給投資者關係副總裁兼財務主管凱文·科爾曼 (Kevin Coleman)，讓其發表結束語。
Thank you, Andrew, and thanks, everyone, for joining our call today.
謝謝安德魯，也謝謝大家今天加入我們的電話會議。
As a reminder, a replay of the webcast can be accessed in the Investors section of Amazon.
提醒一下，可以在亞馬遜的投資者部分存取網路廣播的重播。
Have a great day.
祝你有美好的一天。
Ladies and gentlemen, thank you for participating.
女士們、先生們，感謝您的參與。
This does conclude today's program, and you may now disconnect.
今天的節目到此結束，您現在可以斷開連線了。
No.
不。
And okay.
好吧。