阿美特克 (AME) 2024 Q3 法說會逐字稿

Hello and welcome to the AMETEK third-quarter 2024 conference call.

您好，歡迎參加 AMETEK 2024 年第三季電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

It is now my pleasure to introduce Vice President of Investor Relations and Treasurer, Kevin Coleman.

現在我很高興向大家介紹投資者關係副總裁兼財務主管凱文‧科爾曼 (Kevin Coleman)。

Thank you, Andrew.

謝謝你，安德魯。

Good morning.

早安.

Thank you for joining us for AMETEK's third quarter 2024 earnings conference call.

感謝您參加 AMETEK 2024 年第三季財報電話會議。

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

今天與我在一起的有董事長兼執行長戴夫‧札皮科 (Dave Zapico)；執行副總裁兼財務長 Dalip Puri。

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.

在今天的電話會議期間，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 risk and uncertainties that may affect our future results is contained in AMETEK's filings with the SEC.

AMETEK 向 SEC 提交的文件中詳細討論了可能影響我們未來業績的風險和不確定性。

AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

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。

Any references made on this call to 2023 or 2024 results, forward to 2024 guidance will be on an adjusted basis excluding after tax, acquisition related and tangible amortization, and excluding a pre-tax $29.2 million or $0.10 per diluted share charge in the first quarter of 2024, for integration costs related to the Paragon Medical acquisition.

本次電話會議中提及的2023 年或2024 年業績以及2024 年指引均將以調整後的基礎為基礎，不包括稅後、收購相關攤銷和有形攤銷，也不包括第一季稅前2,920 萬美元或稀釋後每股0.10 美元的費用2024 年，用於與 Paragon Medical 收購相關的整合成本。

Reconciliations between GAAP and adjusted measures can be found in our press release and on the investors section of our website.

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 open it up 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 to Dave.

我現在將會議交給戴夫。

Thank you, Kevin and good morning, everyone.

謝謝你，凱文，大家早安。

AMETEK delivered strong results in the third quarter.

阿美特克第三季取得了強勁的業績。

Our businesses executed extremely well, resulted in earnings per share above our expectations, solid margin performance, outstanding cash flow conversion, and double digit growth and overall orders with positive growth in organic orders.

我們的業務執行得非常好，每股收益超出了我們的預期，利潤率表現強勁，現金流轉換出色，整體訂單實現了兩位數增長，其中有機訂單正增長。

Additionally, during the quarter, we deployed approximately $60 million on share repurchases.

此外，本季我們部署了約 6,000 萬美元用於股票回購。

Subsequent to the end of the quarter, we acquired Virtek Vision, an excellent strategic fit with our Creaform business.

本季末後，我們收購了 Virtek Vision，這與我們的 Creaform 業務具有極佳的策略契合度。

I'm very pleased with our team's performance.

我對我們團隊的表現非常滿意。

Our businesses remain focused on managing through short term macro headwinds. while ensuring our position for long term growth.

我們的業務仍專注於應對短期宏觀不利因素。同時確保我們的長期成長地位。

We have a proven successful growth model and efficient operating structure, robust cash flows, a strong balance sheet and leading positions across a diverse set of niche markets.

我們擁有經過驗證的成功成長模式、高效的營運結構、強勁的現金流、強大的資產負債表以及在多元化利基市場的領先地位。

Now let me turn to our third quarter financial results.

現在讓我談談我們第三季的財務表現。

Third quarter sales were $1.71 billion, up 5% from the same period in 2023.

第三季銷售額為 17.1 億美元，較 2023 年同期成長 5%。

Organic sales were down 2%, acquisitions added 7.5 points and foreign currency was flat.

有機銷售額下降 2%，收購增加 7.5 個百分點，外匯持平。

Overall orders in the quarter were up 12%.

本季整體訂單成長 12%。

Book to bill was 1.02, and organic orders were up 2%.

訂單到帳率為 1.02，有機訂單成長 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 in year record levels.

本季結束時，我們的積壓訂單高達 34.4 億美元，創年度歷史最高水準。

AMETEK's operational performance in the third quarter was excellent.

阿美特克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% increase over the third quarter of 2023, and operating margins were 26.1% in the quarter.

該季度營業收入為 4.46 億美元，比 2023 年第三季成長 2%，該季度營業利潤率為 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.

在排除收購帶來的攤薄影響和外匯影響後，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 and oppressive 31.2%.

本季 EBITDA 為 5.53 億美元，較上年成長 4%，EBITDA 利潤率高達 31.2%。

Cash flow in the third quarter was excellent with free cash flow up 4% versus the prior year, and free cash flow conversion, a very strong 135%, reflecting our SLA business model and operating capability.

第三季的現金流非常出色，自由現金流比上一年增長了 4%，自由現金流轉換高達 135%，這反映了我們的 SLA 業務模式和營運能力。

This operating performance led to earnings of a $1.66 per diluted share, up 1% versus the third quarter of 2023.

這項經營業績帶來每股攤薄收益 1.66 美元，較 2023 年第三季成長 1%。

And above our guidance range of $1.60 to $1.62 per share.

高於我們每股 1.60 美元至 1.62 美元的指導範圍。

Now let me provide some additional details at the operating group level.

現在讓我提供營運團隊層面的一些額外細節。

First, the electronic instruments group.

一是電子儀器組。

EIG continues to perform well, with strong margin expansion and overall outstanding levels of operating margins, reflecting the quality of our businesses.

EIG 持續表現良好，利潤率強勁成長，營業利潤率整體表現出色，反映了我們業務的品質。

EIG sales were $1.13 billion in line with the third quarter of last year, organic sales were down 2%, and acquisitions contributed 2 points.

EIG 銷售額為 11.3 億美元，與去年第三季持平，有機銷售額下降 2%，收購貢獻了 2 個百分點。

Growth remains solid across our aerospace and defense businesses, while our high end research instrumentation business, CAMECA also saw strong growth in the quarter.

我們的航空航太和國防業務保持強勁成長，而我們的高端研究儀器業務 CAMECA 在本季也實現了強勁成長。

While we did see some temporary delays in project spending across parts of 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.

儘管正如我們預期的那樣，我們的 EIG 業務部分專案支出確實出現了一些暫時的延遲，但我們的新漏斗管道仍然穩固，而且我們的業務在許多長期成長市場中處於非常有利的地位。

EIG operating income was $339 million, up 1%, and operating margins were very strong 29.9%, up 40 basis points from the prior year.

EIG 營業收入為 3.39 億美元，成長 1%，營業利潤率非常強勁，達到 29.9%，比上年增長 40 個基點。

EIG core margins were 30.2% up 70 basis points versus last year's third quarter.

EIG 核心利潤率為 30.2%，比去年第三季上升 70 個基點。

Now switching to the electromechanical group.

現在轉機電​​組。

EMG's third quarter sales were $574 million, up 18% versus the prior year, with organic sales down 3%, and acquisitions contributing over 20 points to growth.

EMG 第三季銷售額為 5.74 億美元，比去年同期成長 18%，其中有機銷售額下降 3%，而收購對成長的貢獻超過 20 個百分點。

Strong growth across our aerospace and defense businesses in the quarter was offset by expected weakness within our OEM exposed businesses due to the impact of inventory destocking.

由於庫存去庫存的影響，我們的航空航太和國防業務本季的強勁成長被 OEM 業務的預期疲軟所抵消。

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 $132 million, up 3% compared to the prior year period, while EMG's third quarter operating margins were 29% -- 22.9% with excellent core margins of 26.1%.

EMG 本季營業收入為 1.32 億美元，比去年同期成長 3%，而 EMG 第三季營業利潤率為 29% - 22.9%，核心利潤率為 26.1%。

AMETEK delivered a strong performance in the third quarter, effectively navigating demand headwinds to deliver strong results.

阿美特克第三季表現強勁，有效應對需求逆風，並取得強勁業績。

We remain focused on executing our growth model and positioning AMETEK for continued long term growth 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 AMETEK 定位為持續的長期成長，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 are a core component of our growth model.

策略收購是我們成長模式的核心組成部分。

We are committed to deploying our strong cash flow and acquisitions to expand our portfolio in highly attractive market statements.

我們致力於部署強大的現金流和收購，以在極具吸引力的市場報表中擴大我們的投資組合。

With that, I'm excited to announce our newest acquisition, Virtek Vision.

我很高興地宣布我們最新收購的 Virtek Vision。

Virtek Vision is a leading provider of laser based projection and inspection systems, offering a suite of 2D and 3D laser projectors, smart cameras and advanced measurement solutions powered by their proprietary AI software.

Virtek Vision 是雷射投影和偵測系統的領先供應商，提供一套由其專有 AI 軟體支援的 2D 和 3D 雷射投影機、智慧相機和先進測量解決方案。

Virtek automated systems enhance productivity, improve quality, and reduce cost across a range of aerospace defense and industrial applications.

Virtek 自動化系統可提高一系列航空航太國防和工業應用的生產力、品質並降低成本。

Virtek is an excellent strategic fit with our preformed business, broadening its technology offerings and enabling a wider range of automation and inspection capabilities for our customers.

Virtek 與我們的預製業務具有極佳的策略契合，擴大了其技術產品範圍，並為我們的客戶提供了更廣泛的自動化和檢測功能。

Virtek is headquartered in Waterloo, Canada, and has annual sales of approximately $40 million.

Virtek 總部位於加拿大滑鐵盧，年銷售額約 4,000 萬美元。

I would like to welcome the Virtek team to the AMETEK family.

我熱烈歡迎 Virtek 團隊加入 AMETEK 大家庭。

Looking ahead, our acquisition pipeline remains robust.

展望未來，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。

AMETEK also remains committed to investing in our businesses to ensure they are positioned for long term sustainable growth.

阿美特克也繼續致力於投資我們的業務，以確保它們能夠實現長期可持續成長。

In 2024, we are investing in incremental $90 million in growth initiatives, including our new product development efforts where our teams are focused on developing highly differentiated technologies to help solve our customers' most complex challenges.

到 2024 年，我們將追加投資 9,000 萬美元用於成長計劃，包括我們的新產品開發工作，我們的團隊專注於開發高度差異化的技術，以幫助解決客戶最複雜的挑戰。

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.

在我們的整個業務中，我們看到了無數為支援客戶並為他們提供先進的差異化功能而開發的創新產品和技術的例子。

They need.

他們需要。

One way we measure the success of our new product development activities is through our vitality index, which measures the sales from products introduced over the past three years.

我們衡量新產品開發活動是否成功的一種方法是透過我們的活力指數，該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%.

第三季度，我們的活力指數為28%，表現優異。

In addition to our internal development activities, I'm also pleased to announce that our CAMECA business, a leader in micro analytical and metrology instrumentation, recently completed a small technology acquisition of Polygon Physics.

除了我們的內部開發活動之外，我還很高興地宣布，我們的 CAMECA 業務（微分析和計量儀器領域的領導者）最近完成了 PolygonPhysics 的小型技術收購。

Polygon Physics specializes in ultracompact, ultra-low, power electron cyclotron resonance technology.

PolygonPhysics 專注於超緊湊、超低功率電子迴旋共振技術。

This technology enhances CAMECA's capabilities and advanced metrology instrumentation and advanced chip manufacturing.

該技術增強了 CAMECA 的能力以及先進計量儀器和先進晶片製造。

Polygon provides us access to cutting edge ion source technology and expertise that will help accelerate CAMECA's new product development efforts and enhance their technology 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 CAMECA 的新產品開發工作並增強其技術組合。

We're excited to welcome the Polygon team to AMETEK.

我們很高興歡迎 Polygon 團隊加入 AMETEK。

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 third quarter results, we're raising our earnings guidance for the full year.

鑑於我們第三季的業績，我們正在提高全年的獲利預期。

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 6% to 7% 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 6% 至 7%。

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 $1.86, 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 美元至 1.86 美元之間，較上年成長 8% 至 11%。

In summary, I'm pleased with the team's performance in the quarter and thus far in 2024.

總之，我對團隊本季以及 2024 年迄今的表現感到滿意。

We're managing through an uncertain macro environment and confident in our ability to navigate these challenges.

我們正在應對不確定的宏觀環境，並對我們應對這些挑戰的能力充滿信心。

AMETEK has been very successful over a long period of time managing a diverse set of highly differentiated niche businesses.

長期以來，阿美特克在管理各種高度差異化的利基業務方面一直非常成功。

The AMETEK growth model has allowed us to deliver double digit earnings growth throughout different phases of the economic cycle.

阿美特克成長模式使我們能夠在經濟週期的不同階段實現兩位數的獲利成長。

The strength of our portfolio combined with our operational excellence capabilities and acquisition strategy has allowed us to deliver outstanding results.

我們的產品組合實力與卓越營運能力和收購策略相結合，使我們能夠取得出色的業績。

It has also allowed us to successfully manage through periods of economic weakness or uncertainty and emerge even stronger with exceptional growth.

它還使我們能夠成功度過經濟疲軟或不確定時期，並透過非凡的成長變得更加強大。

We are excited for the future.

我們對未來感到興奮。

I will now turn it over to Dalip Puri who will take us through some of the financial details of the quarter.

我現在將其交給 Dalip Puri，他將向我們介紹本季的一些財務細節。

And then we'll be glad to take your questions.

然後我們很樂意回答您的問題。

Dalip?

達利普？

Thank you, Dave, and good morning everyone.

謝謝你，戴夫，大家早安。

As Dave noted, AMETEK delivered strong results in the third quarter with excellent operating performance and high free cash flow conversion.

正如戴夫所指出的那樣，阿美特克在第三季度取得了強勁的業績，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 for the quarter.

現在讓我提供本季的一些其他財務亮點。

Third quarter general and administrative expenses were $25 million, essentially unchanged from the prior year.

第三季一般及管理費用為 2,500 萬美元，與去年同期基本持平。

As a percentage of sales, G&A expense came in at 1.4% of sales, down from 1.5% in last year's third quarter.

從佔銷售額的百分比來看，G&A 費用佔銷售額的 1.4%，低於去年第三季的 1.5%。

For fiscal year 2024, general and administrative expenses are expected to be approximately 1.5% of sales.

2024 財年，一般及管理費用預計約為銷售額的 1.5%。

Third quarter interest expense was $25 million, up $7 million 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 700 萬美元。

Third quarter 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.

第三季其他營運費用較上一季減少 400 萬美元，主要是因為本季退休金收入增加和收購相關盡職調查費用減少。

The effective tax rate in the quarter was 18.8%, up from 17.7% in the third quarter of 2023.

本季的有效稅率為 18.8%，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 fourth quarter tax rate due to statute expirations.

2024 年，由於法規到期導致第四季稅率較低，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 rates.

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。

Capital expenditures in the third quarter were $26 million and we expect 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，我們預計全年資本支出約為 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。

For the full year, we expect depreciation and amortization to be approximately $395 million, including after tax, acquisition related intangible amortization of approximately of $188 million or $0.81 per diluted share.

我們預計全年折舊和攤提約為 3.95 億美元，其中包括稅後、收購相關無形攤銷約 1.88 億美元或稀釋後每股 0.81 美元。

Operating working capital in the third quarter was 19% of sales.

第三季營運營運資金佔銷售額的19%。

Cash flow generation in the third quarter was excellent.

第三季的現金流產生非常出色。

Operating cash flow was $487 million, up 3% versus the third quarter of 2023.

營運現金流為 4.87 億美元，較 2023 年第三季成長 3%。

While free cash flow was $461 million ,up 4% over the prior year.

自由現金流為 4.61 億美元，比上年增長 4%。

This was a record third quarter level for both operating and free cash flow generation.

無論是營運現金流還是自由現金流生成，這都是第三季創紀錄的水平。

Free cash flow conversion was also outstanding at 135% in the quarter.

本季自由現金流轉換率也非常出色，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 371,000 shares of our common stock in the open market.

本季度，我們花了 6,000 萬美元進行股票回購，在公開市場回購了約 371,000 股普通股。

Additionally, at the end of the quarter, we paid down a maturing $300 million private placement note.

此外，在本季末，我們還清了即將到期的 3 億美元私募票據。

Total debt at September 30 was $2.34 billion, down $360 million in the quarter, and down approximately $1 billion from the end of 2023.

截至 9 月 30 日，債務總額為 23.4 億美元，本季減少 3.6 億美元，較 2023 年底減少約 10 億美元。

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 quarter, our gross debt to EBITDA ratio was 1.1 times, and our net debt to EBITDA ratio was 0.9 times.

截至第三季末，我們的總負債與 EBITDA 比率為 1.1 倍，淨負債與 EBITDA 比率為 0.9 倍。

We have significant financial capacity and flexibility, with over $2 billion of cash and available credit facilities to support our acquisition strategy and growth initiatives.

我們擁有強大的財務能力和靈活性，擁有超過 20 億美元的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, AMETEK delivered strong results in the third quarter.

總而言之，阿美特克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.

我們的卓越營運計劃和策略重點促成了強勁的獲利、強勁的利潤率和出色的自由現金流。

With a strong balance sheet, near record backlog and leadership across our key markets, we are well positioned for continued long term growth.

憑藉強勁的資產負債表、接近創紀錄的積壓訂單以及在關鍵市場的領先地位，我們為持續的長期成長做好了充分的準備。

Kevin?

凱文？

Thank you, Dalip.

謝謝你，達利普。

Andrew, could we please open the lines for questions?

安德魯，我們可以打開提問線嗎？

(Operator Instructions) Matt Summerville, DA Davidson.

（操作員說明）Matt Summerville，DA Davidson。

Thanks.

謝謝。

Good morning guys.

早安，夥計們。

Good morning Matt.

早安，馬特。

David, could you maybe do a little bit more of a detailed update specifically on what you're seeing in your medical and life sciences, facing end markets across both EIG and EMG, and work in some commentary on what you're seeing in those businesses specifically around de-stocking and then I have a follow up.

David，您能否針對您在醫療和生命科學領域所看到的情況進行更詳細的更新，面向 EIG 和 EMG 的終端市場，並對您在這些領域所看到的情況進行一些評論特別是圍繞去庫存的業務，然後我會進行跟進。

Yeah, sure.

是的，當然。

We saw in terms of the destock, we saw demand largely in line with our expectations in the quarter.

我們看到，在去庫存方面，我們看到本季的需求基本上符合我們的預期。

Actually, as both our OEM customers and our automation and Paragon businesses continue to work down excess levels of inventory, and these destocking headwinds are going to continue.

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，這些去庫存的阻力將繼續下去。

We remain well positioned on a range of attractive programs within both the automation business and the Paragon business.

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 in recent order rates.

最近的訂單率趨勢讓我們深受鼓舞。

We had the in EMG where the main destocking areas was up plus 12% organically.

我們在 EMG 中發現，主要去庫存領域有機成長了 12%。

Again, we had a positive book to bill of 1.02. And if you just look at the trends there, the trends are heading in the right direction.

再一次，我們的帳本比為 1.02。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, we stabilize, we saw solid sequential growth in orders, and we're feeling pretty good about that.

因此，我們穩定下來，我們看到訂單連續穩定成長，我們對此感覺非常好。

And then as a follow up, you mentioned in your prepared remarks when talking about EIG that you're still seeing a little bit of customer tentativeness with respect to some delays in that portion of the business.

作為後續行動，您在談論 EIG 時在準備好的評論中提到，您仍然看到客戶對該部分業務的一些延誤持猶豫態度。

Can you just talk through maybe which divisions are being most impacted by that, which end markets, et cetera.

您能否談談哪些部門受此影響最大，哪些終端市場等等。

And if you're able at all to kind of ring fencing and quantify the impact?

如果您能夠進行圍欄並量化其影響？

Sure, yeah, I'll do that, Matt.

當然，是的，我會這麼做的，馬特。

In terms of the project delays that we spoke about last quarter, this quarter played out largely as expected.

就我們上季度談到的專案延誤而言，本季的情況基本上符合預期。

Customers remain cautious, given the impact of various economic geopolitical and election uncertainties.

考慮到各種經濟地緣政治和選舉不確定性的影響，客戶保持謹慎態度。

And these project delays are specifically in our EIG test and measurement businesses.

這些項目延遲主要發生在我們的 EIG 測試和測量業務中。

That's what we talked about last quarter.

這就是我們上季討論的內容。

And the key point here is our new opportunity funnel remains strong.

這裡的關鍵點是我們的新機會管道仍然強勁。

So things are definitely not getting worse.

所以事情絕對不會變得更糟。

In fact, the EIG orders trend went from minus 11% organic in Q1 to minus 4% organic in Q2 to minus 2% organic in Q3.

事實上，EIG 訂單趨勢從第一季的有機有機率-11% 到第二季度的有機有機率-4%，再到第三季度的有機有機率-2%。

So we're feeling pretty good about the -- encouraged by the positive trend there.

因此，我們對那裡的積極趨勢感到鼓舞，感覺非常好。

Got it.

知道了。

Thanks, David.

謝謝，大衛。

Thank you, Matt.

謝謝你，馬特。

Deane Dray, RBC Capital Markets.

迪恩德雷 (Deane Dray)，加拿大皇家銀行資本市場。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Good morning, Deane.

早上好，迪恩。

Hey, Dave.

嘿，戴夫。

Maybe you could take us through the end markets, geographies, and to the extent that you can some comments on China.

也許您可以帶我們了解終端市場、地區，並在某種程度上您可以對中國發表一些評論。

I don't think there's ever been more mixed messages.

我認為從來沒有出現過如此混亂的訊息。

Most of them negative, but each company has got the different views based upon their exposures, but maybe we can start there.

大多數都是負面的，但每家公司根據自己的曝光情況都有不同的看法，但也許我們可以從這裡開始。

Thanks.

謝謝。

A great sort of questions.

很好的問題。

I'll try to get them all, and if I forget anything, pull me back to it.

我會盡力把它們全部記下來，如果我忘了什麼，就把我拉回來。

I'll go around the horn first.

我先繞一下喇叭。

Both and talk about our process business, both overall and organic sales for our process businesses declined low single digits in the quarter.

兩者都談論我們的流程業務，我們流程業務的整體銷售額和有機銷售額在本季度均下降了低個位數。

Growth remains solid across our energy businesses.

我們的能源業務保持強勁成長。

We had a good quarter in energy, and also our high end research business we talked about CAMECA also had a very strong growth in the quarter.

我們在能源領域度過了一個不錯的季度，我們談到的 CAMECA 高端研究業務在本季也有非常強勁的成長。

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, switching the aerospace and defense, aerospace and defense is about 18% of AMETEK, delivers strong performance in the quarter.

接下來，轉向航空航太和國防領域，航空航太和國防領域約佔 AMETEK 的 18%，本季表現強勁。

Both overall and organic sales were up mid-single digits.

整體銷售額和有機銷售額均實現中個位數成長。

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。

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, we're on a wide range of applications and not dependent on any one platform.

此外，我們的應用程式範圍廣泛，不依賴任何一個平台。

So we're, 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。

And for the full year, we continue to expect high single digit organic growth for our aerospace and defense businesses.

就全年而言，我們繼續預計我們的航空航太和國防業務將實現高單位數有機成長。

Next, I'll go to power and industrial.

接下來，我將討論電力和工業。

Power and industrial businesses were up mid-single digits in the quarter, driven by the contributions of Amplifier Research and UEI, recent acquisitions, both of them.

在最近收購的 Amplifier Research 和 UEI 的推動下，電力和工業業務在本季度實現了中個位數成長。

Organic sales were down low single digits in the quarter.

本季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至低個位數。

Then finally, our automation and engineered solutions market segment.

最後是我們的自動化和工程解決方案細分市場。

Overall sales there increased in the low 20% range, driven primarily by the contributions of Paragon Medical.

整體銷售額成長在 20% 左右，這主要是由 Paragon Medical 的貢獻所推動的。

Organic sales were down high single digits due to continued normalization of inventory across our OEM customer base.

由於我們的 OEM 客戶群庫存持續正常化，有機銷售額出現高個位數下降。

And for the full year, we continue to expect organic sales to decline mid-single digits as the headwinds from the stocking continue.

就全年而言，我們繼續預計，由於庫存帶來的阻力持續存在，有機銷售額將下降中個位數。

Talking about the geographies, yeah, a little different the mix there.

說到地理位置，是的，那裡的混合有點不同。

We have strong growth in Europe and Asia, set by some declines in the US.

我們在歐洲和亞洲實現了強勁成長，但美國卻出現了一些下滑。

You talked specifically about China, our Asia business did well and China was actually up 10%.

你特別談到了中國，我們的亞洲業務表現很好，中國實際上成長了10%。

We have strong growth in our UPT, our ultra precision technology division.

我們的超精密技術部門 UPT 實現了強勁成長。

AMETEK products are used by our customers in China to improve their manufacturing processes, automate processes, make the environment cleaner, produce energy, so very well positioned.

我們的中國客戶使用 AMETEK 產品來改善他們的製造流程、實現流程自動化、使環境更清潔、生產能源，因此處於非常有利的地位。

But that market will remain choppy and there's been some stimulus announced.

但該市場仍將波動，並且已經宣布了一些刺激措施。

But the results that we're seeing now aren't from stimulus or just from market share wins and making good headway, and in the markets, but it's very difficult to predict what's happening in China.

但我們現在看到的結果並不是來自刺激措施，也不僅僅是來自市場份額的贏得和取得的良好進展，而且在市場上，很難預測中國正在發生什麼。

So it's you just wait and see what happens each quarter.

所以你只需等待，看看每個季度會發生什麼。

That's really helpful.

這真的很有幫助。

And it is remarkable how it really depends on what your exposures are in China.

值得注意的是，這其實取決於你在中國的風險敞口。

You just can't paint it all with the negative brush there.

你只是不能用那裡的負畫筆把它全部畫出來。

And just as a quick follow up.

就像快速跟進。

The context of destocking, the longer it lasts, I always get this impression that it's really a lower demand as opposed to just an inventory correction.

在去庫存的背景下，持續的時間越長，我總是有這樣的印象：這實際上是需求下降，而不僅僅是庫存調整。

So what's your sense, is there a reset, let's say at Paragon or is it still you can see sell in versus sell through and that there is really like an inventory work down coming through, just kind of how do you separate those two dynamics?

那麼你的感覺是什麼，是否有一個重置，比如說在Paragon，或者你仍然可以看到賣出與賣出，並且確實有庫存工作正在進行，只是你如何區分這兩種動態？

That's a great question.

這是一個很好的問題。

And it's obviously difficult to parse, but we're pretty confident that we're working through a supply chain crisis level of inventory that and we have some math.

這顯然很難解析，但我們非常有信心我們正在解決庫存的供應鏈危機水平，並且我們有一些數學知識。

You can see when we work through that and then there's the same kind of growth on the other end of it, and same thing is happening in the medical space and the automation space.

你可以看到，當我們解決這個問題時，另一端也會出現同樣的成長，同樣的事情也發生在醫療領域和自動化領域。

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're getting delayed, but there's no program cancellations, and then there's some uncertainty and when they're going to go forward.

我們正在製定新計劃，但它們被推遲了，但沒有計劃被取消，然後就存在一些不確定性，以及它們何時繼續進行。

But we're full out working on tremendous number of opportunities.

但我們正全力以赴爭取大量機會。

So we think it's a destocking issue and it's not, and an overall in demand issue and we think we'll work through it, and you can see some of that starting to happen with the order trends in our business.

因此，我們認為這是一個去庫存問題，但事實並非如此，這是一個總體需求問題，我們認為我們會解決這個問題，你可以看到其中一些問題開始隨著我們業務的訂單趨勢而發生。

Excellent.

出色的。

Leave it there.

把它留在那裡。

Just a quick shout out, that was a nice free cash flow this quarter.

只是快速喊一聲，本季的自由現金流量不錯。

Thank you.

謝謝。

Thank you, Deane, team did a great job.

謝謝你，迪恩，團隊做得很好。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，垂直研究夥伴。

Hey, guys.

嘿，夥計們。

Good morning, everyone.

大家早安。

Good morning, Jeff.

早安，傑夫。

Good morning.

早安.

Hey, David, I was on a little late so I don't know if you, you know, just listening to your answer to Deane.

嘿，大衛，我來得有點晚了，所以我不知道你是否正在聽你對迪恩的回答。

I don't know if you already specifically commented on Paragon, but just in terms of the sales trajectory there if you wouldn't mind repeating it.

我不知道您是否已經對 Paragon 進行了具體評論，但如果您不介意重複的話，請就其銷售軌跡進行評論。

And then just on EMG overall, right.

然後就肌電圖整體而言，對吧。

It's certainly kind of interesting set of cross currents, right, with destock going on.

隨著去庫存的進行，這當然是一種有趣的交叉流，對吧。

But orders of [12%] organically, maybe you could just unpack a little bit more, kind of the moving piece is inside that if you haven't already.

但是 [12%] 的有機訂單，也許你可以再拆開一點，如果你還沒有的話，移動的部分就在裡面。

Yeah, I haven't gone deeper, but I can say that every division at EMG was up substantially in order.

是的，我沒有更深入，但我可以說 EMG 的每個部門都按順序大幅提高。

So it wasn't the one area.

所以這不是一個區域。

So it was across the board, all parts of EMG were up in order.

所以這是全面的，肌電圖的所有部分都正常。

So we're really encouraged by that.

所以我們對此感到非常鼓舞。

Speaking of Paragon, again, it's a single use and consumable surgical instruments business, plan table components and attractive MedTech markets with solid growth rates, and we continue to be excited about the future growth opportunities, excellent engineering capability, leading additive manufacturing capability, many, many new program wins will provide upside as these things get phased in.

再次談到Paragon，它是一次性和消耗性手術器材業務、計劃表組件和具有穩健增長率的有吸引力的醫療技術市場，我們繼續對未來的成長機會感到興奮，卓越的工程能力，領先的增材製造能力，許多隨著這些事情的逐步實施，許多新計劃的勝利將帶來好處。

And the business is really well positioned when the destocking headwinds abate.

當去庫存的阻力減弱時，該業務確實處於有利地位。

At the same time, we're working on substantial efficiency improvements in the business, and the team is really doing an excellent job of doing that because of some difficult things that are going on, and but that process is proceeding well.

同時，我們正在努力大幅提高業務效率，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，但過程進展順利。

So I'm very pleased.

所以我很高興。

I mean, Paragon (inaudible) expectations for Q3.

我的意思是，Paragon（聽不清楚）對第三季的期望。

They had the similar sequential order improvement that we talked about in our other businesses and overall very pleased with it.

他們有我們在其他業務中談到的類似的順序訂單改進，總體而言對此非常滿意。

Dave and then on sort of the margin recovery plan itself, obviously the restructuring in Q1.

戴夫（Dave）然後談到了利潤恢復計劃本身，顯然是第一季的重組。

And I guess if there's a silver lining in the draw down, right, maybe it allows you to accelerate some things on restructuring and the like.

我想，如果削減中有一線希望，對吧，也許它可以讓你加快重組等方面的一些事情。

Can you give us a sense of sort of the likely tailwind in the 2025 as we work through some of these things and arguably sales start to kind of stabilize, pick back up into the new year.

您能否讓我們了解 2025 年可能會出現的順風車，因為我們正在努力解決其中的一些問題，並且可以說銷售開始趨於穩定，並在新的一年中回升。

Yeah, I think the scenario you're talking about is something that has a high likelihood of happening.

是的，我認為你所說的情況很有可能發生。

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 the things that you're pointing to are correct.

但你指出的事情是正確的。

I mean, it's a tough time.

我的意思是，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 continuing to fund all the new products phases in.

那裡有一些工廠關閉，並繼續為所有新產品的開發提供資金。

So it's going to be a very, very positive scenario is as we move forward with that business.

因此，當我們推進這項業務時，這將是一個非常非常積極的情況。

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。

Rob Wertheimer, Melius Research.

羅布‧韋特海默，Melius 研究中心。

And a couple of cleanups.

還有一些清理工作。

Just to kind of put a bow on the destocking.

只是為了減少庫存。

I mean, you guys were clear that destocking should continue through the end of the year, and I think you mentioned that it continues again.

我的意思是，你們很清楚去庫存應該持續到今年年底，我想你們也提到這種情況會再次持續下去。

Now, Dave, the order seemed to indicate that we're getting there.

現在，戴夫，命令似乎表明我們已經到達目的地了。

I don't know whether your comment was implied, was intended to apply any continuation of the next year.

我不知道你的評論是否是暗示的，是否打算適用於明年的任何延續。

Yeah.

是的。

I think we've definitely stabilized in the last couple of orders we're seeing, quarters we're seeing incremental orders growth, we're encouraged by that.

我認為我們在最近看到的幾個訂單中肯定已經穩定下來，幾個季度我們看到訂單增量增長，我們對此感到鼓舞。

We're seeing it in EMG where the destocking was occurring.

我們在肌電圖中看到了庫存減少的情況。

We're seeing it in all of our businesses.

我們在所有業務中都看到了這一點。

So that's all positive.

所以這都是正面的。

But this destock isn't like a switch, it's going to be -- we're going to slowly improve as we get into next year.

但這種去庫存並不像轉變，而是——隨著明年的到來，我們將慢慢改善。

We'll give you the guidance for next year.

我們將為您提供明年的指導。

But whether that destock occurs or not, we're going to make money, and that's what we're working on the operation side.

但無論是否去庫存，我們都會賺錢，這就是我們在營運方面所做的工作。

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 our standard process with sitting down with each business, and go through a comprehensive budgeting process, we look at market conditions, and sales opportunities and cost reduction opportunities, and decide what investments to fund.

我們會與每家企業坐下來討論我們的標準流程，並進行全面的預算流程，我們會研究市場狀況、銷售機會和降低成本的機會，並決定資助哪些投資。

And it's very important to follow this process right now, given all the macro, geopolitical, and election uncertainty, because that's why we're firm on working through our process, and giving you a good look at the best information we have at the beginning of next year.

考慮到宏觀、地緣政治和選舉的不確定性，現在遵循這個流程非常重要，因為這就是為什麼我們堅定地完成我們的流程，並讓您仔細了解我們一開始掌握的最佳信息明年的。

Perfect.

完美的。

Thank you.

謝謝。

And then if I may on the acquisition pipeline, your balance sheet looks great, obviously, the pipelines are robust.

然後，如果我可以談談收購管道，您的資產負債表看起來很棒，顯然，管道很穩健。

Are you seeing any similar hesitation to commit among amongst your potential inquiries is slowing things down or should we just assume things come unstuck as a normal process?

您是否發現在您的潛在詢問中是否有任何類似的猶豫會導致事情變慢，或者我們應該假設事情會像正常流程一樣出現問題？

Thank you.

謝謝。

Yeah, that's a good question.

是的，這是一個好問題。

Excellent question, Rob.

很好的問題，羅布。

And this is just my subjective read on the market, but I feel like things are coming unstuck.

這只是我對市場的主觀解讀，但我覺得事情變得不順利。

We were in a period where things were everybody was dealing with higher interest rates, and trying to get their businesses in order.

我們正處於這樣一個時期，每個人都在應對更高的利率，並努力讓自己的業務井然有序。

But our pipeline is full, our pipeline is robust, and we're talking to a lot of people about a lot of things.

但我們的管道已經滿了，我們的管道很強大，而且我們正在與很多人談論很多事情。

So I feel like sometime next year, sometime early next year, it feels like things are moving, and it feels like they're moving in accelerated pace.

所以我覺得明年的某個時候，明年初的某個時候，感覺事情正在發生變化，而且感覺它們正在加速前進。

Thank you.

謝謝。

Thank you.

謝謝。

Scott Graham, Seaport Research Partners.

斯科特·格雷厄姆，海港研究合作夥伴。

Hey, good morning.

嘿，早安。

Thanks for taking the question guys.

感謝你們提出問題。

Really just a couple of them.

確實只是其中幾個。

You're doing a lot of investing internally, the vitality is up to 28%.

你內部做了大量的投資，活力高達28%。

Dave, you mentioned that you're really heavily focused on some differentiated products.

戴夫，您提到您確實非常關註一些差異化產品。

Could you maybe unbundle that a little bit more?

你能不能再把它分解一下？

And I know vitality, the percentage is always a tricky thing because it's a three year trail.

我知道活力，百分比總是一件棘手的事情，因為這是一個三年的追蹤。

But nevertheless, is that a number that you think can go even higher and maybe which businesses, I know that you're single sitters, I get all that.

但儘管如此，您認為這個數字可以更高，也許是哪些企業，我知道您是單身人士，我明白了。

But is there anything that's standing out to you in certain business units and where can that index go?

但是，在某些業務部門中，有什麼東西對您來說很突出嗎？

Yeah, I think -- we think the right level for our business is between 20%, 30%.

是的，我認為 - 我們認為適合我們業務的水平是 20% 到 30% 之間。

And we're at 28%, and it could go down to 20% or go up to 30%, that's probably the right range and it's as you mentioned, it's very distributed across our company.

我們的比例是 28%，可能會下降到 20% 或上升到 30%，這可能是正確的範圍，正如您所提到的，它在我們公司的分佈非常廣泛。

We're spending incrementally $90 million on projects.

我們將在項目上增加 9000 萬美元的支出。

They're good projects.

它們都是好項目。

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 too.

在某些情況下，它們的價格也會更低。

There's been a good job of cost reductions through the new development process.

透過新的開發流程，在降低成本方面取得了很好的成果。

So and when you have the fresh up to date product line and you're a leader in the niche markets that we're in.

因此，當您擁有最新的產品線並且您是我們所在的利基市場的領導者時。

It enables you to justify premium pricing for the new product.

它使您能夠證明新產品溢價的合理性。

So that all feels good.

所以一切都感覺很好。

All feels -- it's working well and it's part of our core.

一切都感覺——它運作良好，它是我們核心的一部分。

So you followed us for a long time, whether the market's good or the market's bad.

所以無論市場好或市場壞，你都跟著我們很長一段時間。

We fund the R&D spending consistently and it's paid off for us in the long run and we plan to continue it.

我們持續為研發支出提供資金，從長遠來看，這為我們帶來了回報，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.

我只是想問一些更具前瞻性的問題，只要你能回答。

One of your two very large aerospace customers is struggling in various parts of their portfolio and production.

您的兩個大型航空航太客戶之一在其產品組合和生產的各個部分都陷入困境。

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？

Yeah, we haven't done the detailed work on 2025, and the related to the situation, we did see some minor delays in the quarter, but we were able to work around them, and we factored in the impact that we know of for Q4, and it's a fluid situation obviously, but we feel confident in our guide for Q4.

是的，我們還沒有完成 2025 年的詳細工作，與情況相關，我們確實在本季度看到了一些輕微的延誤，但我們能夠解決這些問題，並且我們考慮了我們所知道的影響第四季度，顯然情況不穩定，但我們對第四季的指南充滿信心。

Our aerospace businesses are have diverse exposure across a wide range of platforms, very healthy mix of OEM and aftermarket sales.

我們的航空航太業務在廣泛的平台上擁有多元化的業務，OEM 和售後市場銷售的組合非常健康。

There's no over exposure 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, and there's a strong demand and we're well positioned to benefit from it.

因此，我們對此感覺良好，而且需求強勁，我們有能力從中受益。

And we're not selling as much up on the value chain, we focus on what we do well.

我們不會在價值鏈上銷售太多產品，而是專注於我們擅長的領域。

The technologies in the niche markets that we focus on, and we really feel that we're in a good position going forward.

我們專注於利基市場的技術，我們確實認為我們在未來的發展中處於有利地位。

And hopefully, some of the larger customers can work through some of the situations that we're in, but we think we have a call properly for the rest of this year.

希望一些較大的客戶能夠解決我們所處的一些情況，但我們認為今年剩餘時間我們會適當地進行通話。

Great.

偉大的。

Thank you.

謝謝。

Thank you, Scott.

謝謝你，斯科特。

Brett Linzey, Mizuho.

布雷特·林澤，瑞穗。

Hey, good morning all.

嘿，大家早安。

Hello, Brett.

你好，布雷特。

Hey, just wanted to come back to the OEM dynamic and destock ones.

嘿，只是想回到 OEM 動態並減少庫存。

So you noted some of the internal exercises or the math the teams were doing to gauge that pressure.

所以你注意到了團隊為衡量壓力而進行的一些內部練習或數學計算。

I guess is there any way to quantify in revenue dollars or order percent how much of the pressure on results this year has been related to OEM destock.

我想有沒有什麼方法可以用收入或訂單百分比來量化今年的業績壓力有多少與 OEM 去庫存有關。

I say that yeah, if you go back to Q2, we talked about it's pretty significant, it's significant.

我說是的，如果你回到第二季度，我們談到它非常重要，非常重要。

So if that reverses, that's clearly not a head, it's a headwind, that's not there for next year.

因此，如果情況逆轉，顯然不是一個正面，而是一個逆風，明年就不會出現這種情況。

So, yeah, it was in our automation business and with Paragon that destock was substantial.

所以，是的，在我們的自動化業務中，Paragon 大幅減少了庫存。

Okay.

好的。

Got it.

知道了。

And then just on the project delays.

然後就是工程的延誤。

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 and when these might return?

我想您從客戶那裡聽到了關於專案準備情況以及這些何時可能恢復的信息？

Are you contemplating any catch up in the fourth quarter as part of the guide or have you slid that expectation to 2025?

作為指南的一部分，您是否考慮在第四季度進行任何追趕，或者您是否已將這一預期推遲到 2025 年？

I think our Q4 guide for our project businesses and EIG assumes the normal calendar Q4, that's pretty strong.

我認為我們的專案業務和 EIG 的第四季度指南假設了正常的第四季度，這相當強勁。

So we'll see a sequential increase from Q3 to Q4 related to seasonality, related to projects in that business.

因此，我們將看到與季節性相關的從第三季到第四季的連續成長，與該業務中的項目相關。

So it feels like that there's definitely some year-end spending going 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。

Nigel Coe, Wolfe Research.

奈傑爾·科，沃爾夫研究中心。

Thanks, good morning, everyone.

謝謝大家早安。

Just want to come back to orders, plus 2% organic, I think is what you said.

只是想回來訂單，加上 2% 有機，我想就是你說的。

So that's great news.

這是個好消息。

I don't think you were signaling the return to growth until the fourth quarter, if I'm unless I'm mistaken.

我認為直到第四季你才會發出恢復成長的訊號，除非我弄錯了。

So just anything happened during September that changed the (inaudible) aerospace there, just any color there?

那麼，九月發生的任何事情改變了那裡的（聽不清楚）航空航天，只是那裡有任何顏色嗎？

And then maybe, on sort of the back end of that, if we kind of like look at the implied organic orders, it seems like there's about $140 million or there about $140 million, $150 million of it like a backlog growth that's not organic.

然後，也許，在後端，如果我們看看隱含的有機訂單，似乎有大約 1.4 億美元或大約 ​​1.4 億美元，其中 1.5 億美元就像非有機的積壓增長。

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 for Paragon and whether the Verick acquisition had an influence as well.

所以我只是想知道 Paragon 的帳單是什麼，以及 Verick 的收購是否也產生了影響。

Yeah, the first point is we don't give guidance on orders.

是的，第一點是我們不提供訂單指導。

So I don't know how you got your information on the Q3 being a quarter late.

所以我不知道你是如何得到第三季遲到四分之一的資訊的。

But in any event, it's what it was.

但無論如何，事情就是這樣。

The second point was the backlog build.

第二點是積壓建設。

Yeah, we don't have that number in front of us.

是的，我們面前沒有這個號碼。

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 the orders turned positive.

該公司的銷售額為 34.4 億美元，相當健康，訂單也轉為正數。

So I think it's I wouldn't read too much into it, it's just positive.

所以我認為我不會過度解讀它，它只是正面的。

We're just encouraged by the positive trends and maybe it did occur earlier than you thought it would be.

我們只是對正面的趨勢感到鼓舞，也許它確實比你想像的更早發生。

And we think we're going to have a good quarter in Q4.

我們認為第四季將會有一個不錯的季度。

Okay, maybe I'm just mistaken there.

好吧，也許我只是弄錯了。

And then, looking at Paragon, obviously, I think, asked about the sort of set up (technical difficulty) this year is really the inventory draw, should we consider that to be sort of one time in nature?

然後，看看Paragon，顯然，我認為，詢問今年的設置（技術難度）實際上是庫存抽取，我們是否應該認為這本質上是一次性的？

And therefore, we spring back to original plan in 2025, or do you think it might take a little bit longer to achieve that?

因此，我們會在 2025 年恢復原來的計劃，或者您認為可能需要更長的時間才能實現這一目標？

So Nigel, your question broke up on our end, and we couldn't hear you, but

奈傑爾，你的問題在我們這邊中斷了，我們聽不到你的聲音，但是

--

--

Paragon inventory impact is reverse basically in 2025.

Paragon庫存影響在2025年基本逆轉。

Yeah.

是的。

I mean, is that inventory situation base is definitely going to improve in 2025, and hopefully it improves in 2025, and we have a lower cost structure, and we also have a lot of new products that we're facing and it's going to take some time.

我的意思是，庫存狀況基礎肯定會在 2025 年得到改善，希望它能在 2025 年得到改善，我們的成本結構更低，我們也有很多新產品，我們將需要某個時間。

It's like I said, you don't throw a switch.

就像我說的，你不能按下開關。

But yeah, I really think it is going to improve in '25.

但是，是的，我確實認為 25 年情況會有所改善。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Thank you.

謝謝。

Good morning everybody.

大家早安。

So a lot of time spent on the EMG orders, and Dave, you gave the kind of sequential improvement in the year over years for EIG.

因此，在 EMG 訂單上花費了大量時間，Dave，您為 EIG 提供了逐年連續改進的方式。

But wondering if we could go a little further into the sequential 3Q over 2Q orders pattern for EIG, maybe anything on book to bill there.

但想知道我們是否可以進一步研究 EIG 的連續第三季超過第二季的訂單模式，也許有任何帳簿上可以計費的東西。

Yeah, the book to bill for the whole company was 1.02. And it was above one for both of the groups.

是的，整個公司的帳單是 1.02。兩組的得分均高於 1。

That is what I can give you there.

這就是我能給你的。

Okay.

好的。

That covers all that.

這涵蓋了所有這些。

And then last quarter you talked about defense delays, and you had a couple of mid-single digit quarters for A&D, versus the high single digit guide is what's the status update on the defense?

然後上個季度你談到了防守延遲，A&D 有幾個中個位數的季度，而高個位數的指導是防守的狀態更新是什麼？

And is that something that you have factored in pretty strong in the fourth quarter?

您在第四季非常重視這一點嗎？

Yeah, we have the Q2 and Q3 is a little bit of project timing on that, and we think that's going to reverse and there's some good things scheduled for us in Q4.

是的，我們有第二季和第三季的專案時間安排，我們認為這種情況將會逆轉，並且在第四季度為我們安排了一些好的事情。

That business is excellent because it's growing, the defense business is growing, but it is project based.

該業務非常出色，因為它正在成長，國防業務正在成長，但它是基於專案的。

So it can be lumpy, but it's lumpy and headed in the right direction.

所以它可能是崎嶇不平的，但它是崎嶇不平的並且朝著正確的方向前進。

So you're looking at it the right way.

所以你正在以正確的方式看待它。

Great, thanks.

太好了，謝謝。

Lastly, I'm not sure if it was asked multiple companies coming through here, but the deal pipeline, just curious mix of small, larger actionability.

最後，我不確定是否有人要求多家公司通過這裡，但交易管道只是小型、大型可操作性的奇怪組合。

Yeah, the deal pipeline remains strong.

是的，交易管道仍然強勁。

We're actively looking at a high number of quality deals.

我們正在積極尋找大量優質交易。

We obviously have got the cash and the credit facilities to execute that's recognized by sellers.

顯然，我們擁有現金和信貸額度來執行賣家認可的操作。

The pipelines is a variety of deal sizes, and we're very active, and what I had mentioned before, it feels like things are starting to move a little bit more in that area than they were maybe the last six or nine months.

管道中的交易規模多種多樣，我們非常活躍，正如我之前提到的，感覺該領域的事情開始比過去六、九個月發生更多變化。

Great.

偉大的。

Thanks a lot.

多謝。

Thanks, Chris.

謝謝，克里斯。

(Operator Instructions) Andrew Obin, Bank of America.

（操作員指示）Andrew Obin，美國銀行。

Good morning.

早安.

Hey Andrew.

嘿安德魯。

Can you hear me?

你聽得到我嗎？

Yeah, yeah.

是啊是啊。

Hey, how are you?

嘿，你怎麼樣？

Look and I appreciate Dave that you don't give guide on orders, but just checking if my math is correct.

聽著，我很感激戴夫，你沒有提供訂單指導，而只是檢查我的數學是否正確。

If I do look on a two year stack, just third quarter of last year organically, it was the easiest comp in the year, and I think sort of right, it was minus 10% and it just goes to minus 2%.

如果我確實看一下兩年的堆疊，就有機而言，去年第三季度，這是一年中最簡單的比較，我認為有點正確，它是負 10%，而且只是負 2%。

By Q4, and if I look at Q2 and Q3 on a two year stack, for orders, I'm just wondering, is it reasonable to assume that we've bottomed?

到第四季度，如果我查看兩年的第二季度和第三季度的訂單，我只是想知道，假設我們已經觸底是否合理？

And by fourth quarter we could return to growth is just arithmetically it would suggest that we'll probably continue to be -- 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 when do orders inflect with these short cycle names?

到第四季度，我們可能會恢復成長，這只是從算術上看，這表明我們可能會繼續——我們將回到訂單下降的狀態，我知道你沒有指導它，但我們剛剛開始投資者提出很多問題，訂單何時會與這些短週期名稱變更？

And look, I get it, it's macro, you don't have a special crystal ball.

看，我明白了，這是宏觀的，你沒有特殊的水晶球。

I appreciate all these things.

我很感激所有這些事情。

Yeah, that's right.

是的，沒錯。

Crystal ball is no better than anyone else's.

水晶球並不比別人的好。

But what we don't look at the two year stack numbers, so I can't comment on your numbers.

但我們不看兩年的堆疊數據，所以我無法評論你的數據。

What I can comment is that there's been healthy sequential increases from Q2 to Q3.

我可以評論的是，從第二季到第三季出現了健康的連續成長。

So and we also saw a sequential increase from Q1 to Q2.

因此，我們也看到從第一季到第二季的連續成長。

So along with the two year stack and the year-over-year and we gave the organic numbers already, the sequential numbers are up single digits in the quarter.

因此，除了兩年的堆疊和同比，我們已經給出了有機數字，本季的連續數字成長了個位數。

So that's a encouraging fact from our viewpoint.

因此，從我們的角度來看，這是一個令人鼓舞的事實。

No, really appreciate it, more than I expected.

不，真的很感激，比我想像的還要多。

And just a follow up question on Paragon.

關於 Paragon 的後續問題。

And it's a different business, I mean, it's MedTech, right?

這是一個不同的行業，我的意思是，它是醫療科技，對嗎？

So a lot more regulation.

所以更多的監管。

Could you just give us an update on the timeline of your restructuring?

您能否向我們介紹一下重組時間表的最新情況？

And obviously, AMETEK playbook is as good as anyone's in the industrial world.

顯然，AMETEK 的劇本與工業界任何人的劇本一樣好。

But how do you apply this playbook on timing of the restructuring and getting things out fast in terms of costs in a regulated environment where you can't just move production from one facility to another.

但是，在受監管的環境中，您不能將生產從一個工廠轉移到另一個工廠，如何將這本手冊應用於重組的時機並快速解決成本問題。

Can you know, it's all subject to regulatory approval.

你知道嗎，這一切都需要經過監管機構的批准。

Can you just what lessons are being learned and what has the speed of restruction been relative to I'm sure, very high expectations.

您能透露我們學到了什麼教訓嗎？

Thank you.

謝謝。

Because the environment is regulated, and we know that because we have another business in the space that we move factories.

因為環境受到監管，而且我們知道這一點，因為我們在這個領域還有另一項業務，所以我們搬遷了工廠。

So our EMC business is a sister business the Paragon.

因此，我們的 EMC 業務是 Paragon 的姊妹業務。

So we're very experienced with the regulatory environment and our timing is adjusted for it.

因此，我們對監管環境非常有經驗，我們的時間安排也隨之調整。

And you have to move slow and you have to be careful when it takes a bit longer, just like moving an aerospace business or just like moving a defense business or just like moving a utility business.

你必須緩慢地行動，當需要更長的時間時你必須小心，就像轉移航空航天業務或轉移國防業務或轉移公用事業業務一樣。

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 isn't new for us.

這對我們來說並不新鮮。

It's kind of core.

這是一種核心。

If you look at our whole portfolio and you're right, it does, it does take time, and we're going to do it right.

如果你看看我們的整個投資組合，你是對的，確實如此，這確實需要時間，而且我們會做對的。

So on time, really appreciate it.

所以準時，真的很感激。

Yeah, thank you.

是的，謝謝。

Joe Giordano, TD Cowen.

喬·佐丹奴，TD·考恩。

Hey guys, good morning.

嘿夥計們，早安。

Hey Joe.

嘿喬。

Just curious on the aero, you mentioned like what you're taking everything into consideration.

只是對空氣動力學感到好奇，你提到你正在考慮一切。

I know you're very balanced there, but is your Boeing (inaudible) exposure like are you essentially assuming zero in the fourth quarter or are you still selling to like maybe Tier 1s or something where you could still ship?

我知道你在那裡非常平衡，但是你的波音（聽不清）風險是否像你基本上假設第四季度為零，或者你是否仍然出售給像可能的一級或你仍然可以發貨的東西？

Yeah, 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 the supply chain is zero, and if there was anything direct, it's removed.

我的意思是，我們已確認供應鏈較低層級的訂單為零，如果有任何直接的訂單，則會將其刪除。

Got it.

知道了。

And then apologies if I missed this, I joined a little bit late.

如果我錯過了，我很抱歉，我加入得有點晚了。

But on Paragon, did you give like an updated 2024 like revenue number that you expect from them or a contribution number?

但是在 Paragon 上，您是否給出了您期望從他們那裡獲得的更新後的 2024 年收入數字或貢獻數字？

No, we didn't give the number, and the number that we gave last quarter still holds, and Paragon executed in line with what they thought they did for this quarter, is a good quarter for them.

不，我們沒有給出這個數字，我們上個季度給出的數字仍然有效，Paragon 的執行情況與他們認為本季的表現一致，這對他們來說是一個很好的季度。

And we also talked about the sequential orders growing in Paragon too.

我們也討論了 Paragon 中連續訂單的成長。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，垂直研究夥伴。

Hey, thanks for letting me back in.

嘿，謝謝你讓我回來。

Just a really quick follow up Dave.

只是一個非常快速的跟進戴夫。

Can you just give us an update on price, and then what you're seeing on kind of price, cost spread in the quarter?

您能否向我們介紹價格的最新情況，以及您對本季價格、成本分佈的看法？

And you think that changing any as we move into Q4, the early part of '25?

您認為當我們進入第四季（25 世紀初期）時會發生什麼變化嗎？

Yeah, it's a good, good question, Jeff.

是的，這是一個很好的問題，傑夫。

I mean price, it seems that we're getting back to more normal patterns, and in the quarter, we got 3 points of price, pretty consistent across the portfolio, and then we got about 100 basis points of positive spread to the P&L from it.

我的意思是價格，看來我們正在回到更正常的模式，在本季度，我們得到了 3 個點的價格，整個投資組合相當一致，然後我們得到了大約 100 個基點的損益利差它。

So I think, the days of the high inflation, the higher price are abating, and I think we're in the normal, if you look into the next year of normal price, cost spread where we're always positive by 50 basis points and the number is like 2% to 3%.

所以我認為，高通膨、高價格的日子正在減弱，我認為我們處於正常狀態，如果你看看明年的正常價格，成本利差我們總是積極的 50 個基點這個數字大約是2%到3% 。

Great.

偉大的。

Thanks again.

再次感謝。

Thanks, Jeff.

謝謝，傑夫。

Steve Barger, KBCM.

史蒂夫·巴格，KBCM。

Hi, Steve.

嗨，史蒂夫。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

Good morning.

早安.

I'll just ask a question on the semi cap cycle.

我只想問一個關於半上限週期的問題。

Feels like expectations are moderating a bit due to slower recovery and some consumer products.

由於復甦緩慢和一些消費品，感覺預期有所放緩。

But I know there's still a lot of optimism around leading edge investments coming through.

但我知道人們對前沿投資的前景仍然抱持著很大的樂觀情緒。

I think you're in deep fact detection and more leading edge, but based on how your portfolio is positioned, can you match or outgrow whatever the equipment market does as the cycle improves.

我認為你處於深入的事實檢測和更領先的地位，但根據你的投資組合的定位，隨著週期的改善，你能否匹配或超過設備市場的成長。

Yeah, I think we can.

是的，我想我們可以。

I mean, in the -- for example, in the quarter, our semiconductor businesses were up mid-single digits, and that 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，並且我們實現了成長，這是由產品組合的獨特性所推動的。

And the one thing about our portfolio is that we have a lot of laboratory semiconductor stuff that gets worked on during the between the cycles, and then the production stuff that happens.

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，在週期之間進行工作，然後進行生產。

So there's a natural balance in there, and we usually don't have large swings either way.

所以那裡有一個自然的平衡，而且我們通常不會有太大的波動。

They kind of compensate and they're not correlated with each other.

它們是一種補償，彼此之間不相關。

So it's a positive market.

所以這是一個積極的市場。

I mean, you have some, some dynamics with China, you have some dynamics with the new technology.

我的意思是，你與中國有一些動態，你與新科技有一些動態。

We have a product in our CAMECA business has been developed.

我們已經在我們的 CAMECA 業務中開發了一款產品。

It's very unique and best in class, that's we're selling quite well now.

它非常獨特，是同類產品中最好的，我們現在賣得很好。

So yeah, we were up in single digits.

是的，我們的漲幅是個位數。

We think we'll be up in single digits for the year in semiconductor, that's about 6% of our portfolio.

我們認為今年半導體業務將實現個位數成長，約占我們投資組合的 6%。

And we haven't done the planning for 2025.

我們還沒做好2025年的規劃。

But if anything, that's a market that buys technology and our technology is getting better.

但如果有什麼不同的話，那就是這是一個購買技術的市場，而我們的技術正在變得越來越好。

In fact, a small acquisition that we did, Polygon Physics was related to an ion source technology that is specifically used in EUV manufacturing and gives us some capability in the advanced semiconductor space.

事實上，我們進行的一項小型收購 PolygonPhysics 與專門用於 EUV 製造的離子源技術相關，並為我們提供了先進半導體領域的一些能力。

Understood.

明白了。

And so does it feel like the cycle itself, and I know you do have some lab exposure, but for the more high volume production cycle, does it feel like we're inflecting?

所以感覺就像週期本身一樣，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，感覺我們正在改變嗎？

Yeah, I mean, you read all the industry things out there, and it feels like there's some inflection points, but then you got some geopolitical dynamics and going to sit back and see what happen on that one.

是的，我的意思是，你讀了所有行業的事情，感覺好像有一些拐點，但隨後你得到了一些地緣政治動態，然後坐下來看看會發生什麼。

Got it.

知道了。

Thanks.

謝謝。

Thank you, Steve.

謝謝你，史蒂夫。

Thank you.

謝謝。

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)，讓他發表結束語。

Thank you, Andrew.

謝謝你，安德魯。

And thanks everyone for joining our call today.

感謝大家今天加入我們的電話會議。

And as a reminder, a replay of the webcast can be accessed in the investors section of ametek.com. Have a great day.

提醒一下，可以在 ametek.com 的投資者部分存取網路廣播的重播。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。