阿美特克 (AME) 2024 Q4 法說會逐字稿

Hello, and welcome to the fourth-quarter 2024 AMETEK earnings conference call.

您好，歡迎參加 2024 年第四季 AMETEK 收益電話會議。

(Operator Instructions)

（操作員指令）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

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

現在我很高興介紹投資者關係副總裁兼財務主管凱文·科爾曼。

Thank you.

謝謝。

Thank you,

謝謝你，

[Andrew].

[安德魯]。

Good morning and welcome to AMETEK's fourth-quarter of 2024 earnings conference call.

早安，歡迎參加 AMETEK 2024 年第四季財報電話會議。

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

今天與我一起參加的是董事長兼執行長 Dave Zapico；以及執行副總裁兼財務長 Dalip Puri。

During the course of today's call, we'll 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.

在今天的電話會議中，我們將做出前瞻性陳述，這些陳述可能會因各種風險因素和不確定因素而發生變化，這些因素可能會導致實際結果與預期有很大差異。

A detailed discussion of the risk and uncertainties that may affect our future results is contained in AMETEK'S filings with the SEC.

阿美特克向美國證券交易委員會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.

阿美特克不承擔更新或修改任何前瞻性陳述的意圖或義務。

Any reference made on this call to 2023 or 2024 results or to 2025 guidance will be on an adjusted basis, excluding after-tax acquisition-related intangible amortization, and excluding the pre-tax $29.2 million or $0.10 per diluted share charged in the first quarter of 2024 for integration costs related to the Paragon Medical acquisition.

本次電話會議上對 2023 年或 2024 年業績或 2025 年指引的任何提及均以調整後的基礎為基礎，不包括與收購相關的稅後無形資產攤銷，也不包括 2024 年第一季度因收購 Paragon Medical 而收取的稅前 2920 萬美元或每股 0.10 美元的整合成本。

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

您可以在我們新聞稿中以及我們網站的投資者部分找到 GAAP 與調整後指標之間的對帳表。

We'll begin today's call with prepared remarks, and then we'll open it up for questions.

我們將以準備好的發言開始今天的電話會議，然後我們將開放提問。

And I'll turn the meeting over to Dave.

我將把會議交給戴夫。

Thank you, Kevin, and good morning, everyone.

謝謝你，凱文，大家早安。

AMETEK delivered strong results in the fourth quarter, highlighted by robust margin expansion, outstanding cash flow generation, strong organic orders growth and double-digit growth in earnings per share.

阿美特克第四季業績表現強勁，利潤率強勁擴大、現金流創造出色、有機訂單強勁增長、每股收益實現兩位數增長。

In the quarter, we established records for sales, operating income, EBITDA, and diluted earnings per share as well as for operating cash flow and free cash flow.

本季度，我們創下了銷售額、營業收入、EBITDA、每股稀釋收益以及經營現金流和自由現金流的記錄。

We also repurchased $155 million in shares during the quarter.

我們也在本季回購了價值 1.55 億美元的股票。

And this morning, we announced the acquisition of Kern Microtechnik for approximately EUR105 million.

今天上午，我們宣布以約 1.05 億歐元收購 Kern Microtechnik。

Our performance this quarter marks the combination of a strong year in which we leverage the proven strength of our operating model to deliver outstanding results despite a challenging economic environment.

本季的業績表現強勁，儘管經濟環境充滿挑戰，但我們憑藉成熟的營運模式取得了出色的業績。

Now, let me turn to our fourth-quarter results.

現在，讓我來談談我們第四季的業績。

Fourth quarter sales were a record $1.76 billion, up 2% from the same period in 2023.

第四季銷售額創下 17.6 億美元的紀錄，較 2023 年同期成長 2%。

Organic sales were down 3%, acquisitions added 5 points in the quarter, and foreign currency was flat.

有機銷售額下降 3%，本季收購增加了 5 個百分點，外幣持平。

Orders were solid in the quarter with organic orders up 4% versus the prior year, with positive organic growth across both our EIG and EMG segments.

本季訂單穩健，有機訂單較上年增長 4%，其中 EIG 和 EMG 部門均實現正有機成長。

Ad we ended the quarter with a strong backlog of $3.4 billion.

本季結束時，我們的積壓訂單量高達 34 億美元。

AMETEK's operating performance in the fourth quarter was excellent.

AMETEK第四季的營運表現非常出色。

Operating income in the quarter was a record $469 million, a 5% increase over the fourth quarter of 2023.

本季營業收入創紀錄地達到 4.69 億美元，比 2023 年第四季成長 5%。

Operating margins were 26.6% in the quarter, up 90 basis points from the prior year.

本季營業利益率為 26.6%，較上年同期成長 90 個基點。

While core margins, which exclude the dilutive impact from acquisitions, were up a sizable 140 basis points.

而排除收購帶來的稀釋影響的核心利潤率則大幅上漲了 140 個基點。

EBITDA in the quarter was a record $561 million, up 7% versus the prior year, with EBITDA margin an impressive 31.9%.

本季的 EBITDA 達到創紀錄的 5.61 億美元，較上年增長 7%，EBITDA 利潤率高達 31.9%。

This operating performance led to a robust cash generation with free cash flow of record $498 million in the quarter, up 4% versus last year's fourth quarter, and free cash flow to net income conversion of 129%.

這項經營業績帶來強勁的現金創造能力，本季自由現金流達到創紀錄的 4.98 億美元，較去年第四季成長 4%，自由現金流向淨收入的轉換率為 129%。

Diluted earnings per share were a record $1.87, up 11% versus the fourth quarter of 2023 and above our guidance range of $1.81 to $1.86 per share.

每股攤薄收益達到創紀錄的 1.87 美元，較 2023 年第四季成長 11%，高於我們每股 1.81 美元至 1.86 美元的預期範圍。

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

現在，讓我在營運組層面提供一些額外的細節。

First, the Electronic Instruments Group.

一是電子儀器集團。

EIG delivered outstanding performance in the fourth quarter, with impressive margin expansion and operating margin levels that reflect the high quality of our businesses.

EIG 在第四季度表現優異，利潤率擴張和營業利潤率水準令人印象深刻，反映了我們業務的高品質。

EIG sales were $1.21 billion, down 2% from the fourth quarter of last year.

EIG 銷售額為 12.1 億美元，較去年第四季下降 2%。

Organic sales were down 3%, and acquisitions added 1 point.

有機銷售額下降 3%，收購貢獻 1 個百分點。

Growth was strongest across our Aerospace and Defense businesses, while our advanced optical metrology businesses, Zygo, also saw solid growth in the quarter.

我們的航空航太和國防業務成長最為強勁，而我們的先進光學計量業務 Zygo 在本季度也實現了穩健成長。

Similar to last year, our EIG businesses experienced some project delays in the fourth quarter as customers remain cautious at year end.

與去年類似，由於客戶在年底仍保持謹慎，我們的 EIG 業務在第四季度經歷了一些專案延遲。

We view these as temporary delays as the new project pipeline remains strong.

我們認為這只是暫時的延遲，因為新的專案儲備仍然強勁。

EIG operating income was a record $386.6 million, up 8% versus the prior year, and operating margins were also a record 31.8%, up a robust 280 basis points from the prior year.

EIG 營業收入達到創紀錄的 3.866 億美元，較上年增長 8%，營業利益率也達到創紀錄的 31.8%，比上年大幅上升 280 個基點。

The Electromechanical Group also finished the year with strong operating performance.

機電集團也以強勁的經營業績結束了這一年。

EMG's fourth-quarter sales were $546.7 million (technical difficulty) prior year, with organic sales down 4%.

EMG 第四季銷售額為 5.467 億美元（技術難度），去年同期有機銷售額下降 4%。

Strong performance in our Aerospace and Defense businesses was offset by weakness in our OEM exposed businesses, which continued to face headwinds from inventory destocking.

我們的航空航太和國防業務的強勁表現被原始設備製造商業務的疲軟所抵消，原始設備製造商業務繼續面臨庫存去庫存的阻力。

EMG's operating income in the fourth quarter was $111.2 million, down 1% compared to the prior year period, while EMG's fourth-quarter operating margins were 20.3%.

EMG第四季的營業收入為1.112億美元，較去年同期下降1%，EMG第四季的營業利益率為20.3%。

Now for the full year.

現在是全年。

Overall performance was strong in 2024 as we established annual records for essentially all key financial metrics.

2024 年的整體表現強勁，我們幾乎在所有關鍵財務指標上都創下了年度記錄。

Overall sales for the year were $6.94 billion, up 5% from 2023.

全年總銷售額為 69.4 億美元，比 2023 年成長 5%。

Operating income for 2024 was $1.81 billion, up 6% and operating margins were 26.1% for the full year, up 20 basis points from the prior year, with core margins up 120 basis points.

2024 年營業收入為 18.1 億美元，成長 6%，全年營業利益率為 26.1%，較前一年成長 20 個基點，核心利潤率成長 120 個基點。

EBITDA for the year was $2.18 billion, up 8%, with EBITDA margins a very strong 31.4%.

全年 EBITDA 為 21.8 億美元，成長 8%，EBITDA 利潤率高達 31.4%。

Full-year 2024 earnings were $6.83 per diluted share, up 7% versus the prior year.

2024 年全年每股攤薄收益為 6.83 美元，較上年增長 7%。

We also delivered exceptional cash flows in 2024 with free cash flow up 6% versus the prior year and free cash flow to net income conversion of very strong 124%.

我們也在 2024 年實現了出色的現金流，自由現金流比上一年增長了 6%，自由現金流向淨收入的轉換率高達 124%。

AMETEK's performance in 2024 underscores the quality of our businesses, the flexibility of our operating model and the outstanding contributions from all AMETEK colleagues.

AMETEK 2024 年的業績凸顯了我們業務的品質、營運模式的靈活性以及所有 AMETEK 同事的傑出貢獻。

Our teams navigated a complex economic environment and deliver strong results while also ensuring AMETEK is well positioned for long-term success.

我們的團隊在複雜的經濟環境中前進並取得了強勁的業績，同時也確保了 AMETEK 處於有利地位，能夠取得長期成功。

Now, turning to capital deployment and acquisitions.

現在，談談資本部署和收購。

As noted in the fourth quarter, we repurchased approximately $155 million in shares, bringing our total share repurchases for the year to approximately $220 million.

正如第四季所指出的，我們回購了約 1.55 億美元的股票，使全年的股票回購總額達到約 2.2 億美元。

While our top priority for capital deployment remains acquisitions, our strong cash flows provide us with the flexibility to also opportunistically repurchase shares.

雖然我們資本配置的首要任務仍然是收購，但強勁的現金流為我們提供了靈活性，可以適時回購股票。

Subsequent to the end of the first quarter, we acquired Kern Microtechnik, which we announced this morning.

第一季結束後，我們收購了 Kern Microtechnik，並於今天上午宣布了這一消息。

Kern is a leading manufacturer of high-precision machining and optical inspection solutions that achieve industry-leading accuracy and surface finish.

Kern 是高精度加工和光學檢測解決方案的領先製造商，其產品可實現業界領先的精度和表面光潔度。

Kern's highly engineered solutions help customers produce highly complex and precise components used in semiconductor, med tech, space, and other high-tech industries.

Kern 高度工程化的解決方案可協助客戶生產用於半導體、醫療技術、空間和其他高科技行業的高度複雜和精確的組件。

Kern is a strong strategic fit with our Ultra Precision Technologies business, expanding our existing capabilities and also high-precision manufacturing and opening up new opportunities to serve customers with growing demands for miniaturization and accuracy.

Kern 與我們的超精密技術業務具有很強的策略契合度，它拓展了我們現有的能力和高精度製造能力，並開闢了新的機會來滿足對小型化和精確度日益增長的需求的客戶。

Headquartered near Munich, Germany, [earnings] annual sales of approximately EUR50 million.

總部位於德國慕尼黑附近，[收益]年銷售額約5000萬歐元。

I'm excited to welcome all current colleagues of the AMETEK family.

我很高興歡迎 AMETEK 大家庭的所有現任同事。

Looking ahead to 2025, we are managing a strong pipeline of high-quality acquisition candidates.

展望 2025 年，我們正在管理一批高品質的收購候選企業。

We have a healthy and flexible balance sheet, providing us the opportunity to deploy meaningful capital on strategic acquisitions.

我們擁有健康且靈活的資產負債表，這為我們提供了在策略性收購上部署有意義的資本的機會。

With our robust balance sheet, significant financial capacity, and disciplined approach to capital deployment, AMETEK is well positioned to continue driving long-term value through our acquisition strategy.

憑藉強勁的資產負債表、強大的財務能力以及嚴謹的資本配置方式，阿美特克有能力透過收購策略繼續推動長期價值。

In addition to acquisitions, we continue to invest in our businesses to best position them for long-term growth.

除了收購之外，我們還繼續對我們的業務進行投資，以便為長期成長做好最佳準備。

In 2024, we invested approximately $90 million in incremental growth investments largely across research development and engineering, and sales and marketing functions to support their organic growth initiatives.

2024 年，我們投資了約 9,000 萬美元的增量成長投資，主要用於研發和工程以及銷售和行銷職能，以支持他們的有機成長計畫。

We expect to invest approximately $85 million in incremental growth investments in 2025.

我們預計 2025 年將投資約 8,500 萬美元進行增量成長投資。

These investments and initiatives have strengthened our leadership positions within our niche markets, helped open up new growth opportunities in attractive adjacent markets, and accelerated our new product development in technology innovation.

這些投資和舉措加強了我們在細分市場的領導地位，有助於在有吸引力的鄰近市場開拓新的成長機會，並加速了我們在技術創新方面的新產品開發。

One such example of our technology innovation successes can be found in our latest Innovation Award winner at CAMECA.

我們在 CAMECA 獲得的最新創新獎就是我們技術創新成功的一個例子。

CAMECA's LEAP series of Atom Probe microscopes provide 3D imaging and chemical composition characterization and materials at the nanoscale.

CAMECA 的 LEAP 系列原子探針顯微鏡可提供奈米級的 3D 成像和化學成分錶徵以及材料。

Historically, the lead product line focused on material science and geology applications targeted at highly knowledgeable academic customers at PhD level.

從歷史上看，主打產品線專注於材料科學和地質學應用，目標客戶是知識淵博的博士級學術客戶。

CAMECA determined that an enhanced productivity system with high sensitivity and improved yield will broaden the market and support both academic and industrial customers who put a premium on throughput, automation, and analytical capability.

CAMECA 認為，高靈敏度和更高產量的增強生產力系統將拓寬市場，並支援重視吞吐量、自動化和分析能力的學術和工業客戶。

This led to the development of the new LEAP 6000 XR, which provides enhanced ease-of-use, new automation features for data collection, and an improved analytical capabilities.

這導致了新款 LEAP 6000 XR 的開發，它提供了增強的易用性、用於資料收集的新自動化功能以及改進的分析能力。

With this new technology, Atom Probe Tomography is now used to study nearly all classes of solid materials from the oldest minerals on earth and the most advanced aerospace alloys.

利用這項新技術，原子探針斷層掃描技術現已用於研究幾乎所有類別的固體材料，從地球上最古老的礦物到最先進的航空航天合金。

As a result, new applications are emerging due to CAMECA's customer-centric approach to innovation.

因此，由於 CAMECA 以客戶為中心的創新方法，新的應用不斷出現。

Now, shifting to our outlook for the year ahead.

現在，我們來談談對未來一年的展望。

We remain cautious as we start the year given the ongoing macroeconomic uncertainties.

鑑於宏觀經濟的不確定性持續存在，我們在新年伊始仍保持謹慎。

However, we are encouraged by the strength in orders we experienced in the second half of the year, our strong backlog, our leading positions across a diverse set of markets, which are poised for improved growth, and our significant capital available to deploy on strategic acquisitions.

然而，令我們感到鼓舞的是，下半年我們的訂單強勁，我們的積壓訂單充足，我們在多個市場的領先地位有望提高增長速度，而且我們擁有可用於戰略收購的大量資本。

For 2025, we expect both overall and organic sales to increase low-single digits on a percentage basis compared to 2024.

預計 2025 年的整體銷售額和有機銷售額都將比 2024 年實現低個位數的百分比成長。

Diluted earnings per share for the year are expected to be in the range of $7.02 to $7.18, up 3% to 5% compared to last year's results.

預計全年每股攤薄收益在 7.02 美元至 7.18 美元之間，較去年同期成長 3% 至 5%。

For the first quarter, we anticipate overall sales to be roughly flat versus the prior year first quarter with adjusted earnings of $1.67 to $1.69 per share, up 23% versus the prior year.

對於第一季，我們預計整體銷售額將與去年同期基本持平，調整後每股收益為 1.67 美元至 1.69 美元，較去年同期增長 23%。

Just to summarize, AMETEK delivered a strong finish to the year with solid performance in the fourth quarter, reflecting the strength of our portfolio and our ability to execute our growth strategy in a sluggish macro environment.

總而言之，阿美特克在第四季度取得了穩健的業績，為今年畫上了圓滿的句號，這反映了我們產品組合的實力以及我們在低迷的宏觀環境下執行成長策略的能力。

Our differentiated technologies and deep industry expertise continue to position us well in attractive niche markets, providing a solid foundation for future growth.

我們的差異化技術和深厚的行業專業知識使我們繼續在具有吸引力的利基市場中佔據有利地位，為未來的成長奠定了堅實的基礎。

With a focus on innovation, operational excellence, and disciplined capital allocation, we are confident in our ability to drive continued growth and create long-term value for our shareholders in 2025 and beyond.

透過專注於創新、卓越營運和嚴格的資本配置，我們有信心在 2025 年及以後推動持續成長並為股東創造長期價值。

I will now turn it over to Dalip Puri, who will cover some of the financial details of the quarter.

現在我將把話題交給達利普·普里 (Dalip Puri)，他將介紹本季的一些財務細節。

Then we will be glad to take your questions.

我們將很高興回答您的問題。

Dalip?

達利普？

Thank you, Dave, and good morning, everyone.

謝謝你，戴夫，大家早安。

As Dave noted, AMETEK had a strong finish to 2024, establishing records for sales, operating income, earnings per share, and cash flow in the quarter.

正如戴夫所說，阿美特克在 2024 年取得了強勁成績，創下了本季銷售額、營業收入、每股收益和現金流的記錄。

Now let me provide some additional financial highlights for the fourth quarter and the full year, as well as some additional guidance for 2025.

現在，讓我提供一些第四季和全年的額外財務亮點，以及一些 2025 年的額外指引。

Starting with general and administrative expenses.

從一般及行政開支開始。

Fourth-quarter G&A expenses were $28.9 million, up $2.5 million from the prior year.

第四季的一般及行政開支為 2,890 萬美元，較上年增加 250 萬美元。

For the full year, general and administrative expenses were up approximately $5 million.

全年一般及行政開支增加約 500 萬美元。

As a percentage of sales, G&A expense was 1.5%, in line with 2023 levels.

作為銷售額的百分比，G&A 費用為 1.5%，與 2023 年的水準一致。

For 2025, general and administrative expenses are expected to be approximately 1.5% of sales.

到 2025 年，一般及行政開支預計約佔銷售額的 1.5%。

Fourth-quarter other operating expenses were down $1 million compared to the fourth quarter of 2023 due to lower due diligence costs.

由於盡職調查成本降低，第四季度其他營運費用與 2023 年第四季相比下降了 100 萬美元。

For 2025, we expect other operating expenses to be largely in line with [2024] level.

到 2025 年，我們預計其他營運費用將與 [2024] 水準基本保持一致。

The effective tax rate in the quarter was 12.8%, down from 17.8% in the fourth quarter of 2023 due to statute expirations.

由於法規到期，本季有效稅率為 12.8%，低於 2023 年第四季的 17.8%。

For the full year, the effective tax rate was 17.3%, which was in line with our guidance range of 17% to 17.5%.

全年有效稅率為 17.3%，符合我們 17% 至 17.5% 的預期範圍。

For 2025, we anticipate our effective tax rate to be between 19% and 20%.

到 2025 年，我們預計有效稅率將在 19% 至 20% 之間。

As we have stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively from this full year estimated rate.

正如我們過去所說，實際季度稅率可能與全年估計稅率有巨大差異，可能為正數，也可能為負數。

Capital expenditures were $52 million in the fourth quarter and $127 million for the full year.

第四季資本支出為 5,200 萬美元，全年資本支出為 1.27 億美元。

Capital expenditures in 2025 are expected to be approximately $155 million or about 2% of sales.

2025 年的資本支出預計約為 1.55 億美元，約佔銷售額的 2%。

Depreciation and amortization expense in the quarter was $96 million, and for the full year was $383 million.

本季折舊和攤銷費用為 9,600 萬美元，全年折舊和攤提費用為 3.83 億美元。

In 2025, we expect depreciation and amortization to be approximately $400 million, including after-tax, acquisition-related intangible amortization of approximately $194 million or $0.83 per diluted share.

2025 年，我們預計折舊和攤提約為 4 億美元，其中包括稅後收購相關無形資產攤提約 1.94 億美元或每股攤薄 0.83 美元。

For the quarter, operating working capital was 16.8% of sales.

本季度，營運資本佔銷售額的 16.8%。

Operating cash flow in the fourth quarter was a record at $550 million, up 2% versus the fourth quarter of 2023.

第四季經營現金流創下 5.5 億美元的紀錄，較 2023 年第四季成長 2%。

Free cash flow was also a record in the quarter, up 4% to $498 million with excellent free cash flow conversion of 129% for the quarter.

本季的自由現金流也創下了歷史新高，成長 4% 至 4.98 億美元，本季的自由現金流轉換率高達 129%。

Free cash flow for 2024 was a record $1.7 billion, up 6% versus the prior year, with full-year free cash flow conversion also very strong at 124% of net income.

2024 年的自由現金流達到創紀錄的 17 億美元，比上年增長 6%，全年自由現金流轉換也非常強勁，達到淨收入的 124%。

For 2025, we expect free cash flow conversion to be approximately 115%.

到 2025 年，我們預計自由現金流轉換率將達到約 115%。

Total debt at year end was $2.1 billion, down $1.2 billion from the end of 2023.

年底總債務為 21 億美元，比 2023 年底減少 12 億美元。

Offsetting this debt is cash and cash equivalents of $374 million.

抵銷這筆債務的是 3.74 億美元的現金和現金等價物。

As Dave noted, we spent approximately $155 million on share repurchases in the fourth quarter, bringing our total share repurchases for the year to approximately $220 million.

正如戴夫所說，我們在第四季度花費了大約 1.55 億美元用於股票回購，使我們全年的股票回購總額達到約 2.2 億美元。

Additionally, subsequent to the end of the fourth quarter, we deployed approximately EUR105 million on the acquisition of Kern Microtechnik.

此外，第四季結束後，我們投入約1.05億歐元收購Kern Microtechnik。

At the end of 2024, our gross debt-to-EBITDA ratio was 0.9 times, and our net debt-to-EBITDA ratio was 0.8 times.

截至 2024 年底，我們的總負債與 EBITDA 比率為 0.9 倍，淨負債與 EBITDA 比率為 0.8 倍。

We continue to have excellent financial capacity, with approximately $2.5 billion of cash and existing credit facilities to support our acquisition strategy and growth initiatives.

我們繼續擁有出色的財務能力，擁有約 25 億美元現金和現有信貸額度來支持我們的收購策略和成長計劃。

In summary, we delivered strong fourth-quarter and full-year 2024 operating results, highlighted by record earnings, robust margins and excellent cash flow generation.

總而言之，我們實現了強勁的第四季度和 2024 年全年經營業績，其中突出的是創紀錄的盈利、強勁的利潤率和出色的現金流創造。

With a proven strategy, significant capital deployment capacity, and a strong track record of execution, we are well positioned to navigate current trade uncertainties and to drive growth and value creation in 2025.

憑藉行之有效的策略、強大的資本部署能力以及出色的執行記錄，我們完全有能力應對當前的貿易不確定性，並在 2025 年推動成長和價值創造。

Kevin?

凱文？

Thanks, Dalip.

謝謝，達利普。

Andrew, can we please open the lines for questions?

安德魯，我們可以開通熱線來回答問題嗎？

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作員指示）Matt Summerville，D.A.戴維森。

Thanks.

謝謝。

Morning, David.

早安，大衛。

.

。

Maybe could you talk a little bit about the nature of delays you saw within EIG.

也許您可以稍微談談您在 EIG 內部看到的延遲的性質。

And have you started to see some of that break now that we're into February?

現在我們已經進入二月了，你是否已經開始看到一些突破了？

And then maybe if you could also comment on your views regarding the remaining duration of the OEM destocking you're continuing to see in EMG?

然後，您是否可以評論一下您對 EMG 中繼續看到的 OEM 去庫存剩餘持續時間的看法？

And then I have a follow up.

然後我會進行後續跟進。

Sure, Matt.

當然，馬特。

Good morning.

早安.

The project delays in ERG were pretty much what we've been seeing.

ERG 的專案延遲與我們所看到的差不多。

There was a -- it was across the board.

有一個——它是全面的。

It wasn't really notable, but we got some delays on the shipments, but the orders were good.

這並不是特別值得注意的情況，但我們的發貨有些延遲，但訂單很好。

And similar, the destocking headwinds largely impacted our OEM exposed businesses in EMG which include our Automation and Engineered Solutions subsegment.

同樣，去庫存的逆風也極大地影響了我們 EMG 的 OEM 業務，其中包括我們的自動化和工程解決方案子部門。

But we're starting to see improved order patterns from some OEM customers, while others are taking a little time to destock.

但我們開始看到一些 OEM 客戶的訂單模式有所改善，而其他客戶的庫存則需要一些時間才能消化。

We were encouraged by the sequential orders growth in Paragon.

Paragon 訂單的持續成長令我們感到鼓舞。

They had substantial double-digit order growth.

他們的訂單實現了大幅兩位數的成長。

We're also encouraged by the orders in EIG.

EIG 的訂單也讓我們感到鼓舞。

So both groups were up organically in orders and very positive from that viewpoint and the order strength continued into January.

因此，從這個角度來看，這兩個集團的訂單都出現了有機成長，這是非常積極的趨勢，而且訂單強勁勢頭持續到了 1 月。

So we're not through the destocking.

因此我們還沒有完成去庫存。

Some customers are through it, some are not, but you can see it definitely easing a bit as we go forward.

有些客戶已經度過了難關，有些則沒有，但隨著我們不斷前進，你可以看到，這種情況肯定會有所緩解。

A follow up, David, can you talk about where you were with price cost in '24, what your views on that are for '25?

接下來，大衛，你能談談 24 年的價格成本情況嗎，你對 25 年的價格成本有何看法？

And what you see as AMETEK's ultimate level of price [capture] this year?

您認為今年 AMETEK 的最終價格水準會是多少？

Sure.

當然。

I think in 2024, the last quarter, we ended up pretty much in line with what we were performing throughout the year, captured a bit more than [3], and our inflation was a little bit more than

我認為，在 2024 年最後一個季度，我們的業績與全年表現基本一致，營收略高於 [3]，通膨率略高於

[2].

[2]。

And going into 2025, we've been pretty conservative in budgeting that we're saying that we'll offset increased price with inflation by a little bit.

展望 2025 年，我們在預算方面相當保守，我們表示將透過通貨膨脹稍微抵銷價格上漲。

So we think the environment for inflation, at least what we're seeing is mitigated to a great degree.

因此我們認為通膨環境至少目前已經得到很大程度的緩解。

And I think you're in that 1.5% to 2% number for the pricing.

我認為您的定價處於 1.5% 到 2% 之間。

Got it.

知道了。

Thank you.

謝謝。

Jeffrey Sprague, Vertical Research.

傑弗瑞‧斯普拉格 (Jeffrey Sprague)，垂直研究。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

David, can you give us a little bit more of an update on Paragon.

大衛，您能否向我們介紹 Paragon 的最新情況？

You've mentioned orders were firming up here as we exited the year?

您曾提過，今年底這裡的訂單量有增加？

Can you just level set us on where we're at a revenue base for that business and what you are expecting in 2025?

您能否為我們介紹一下該業務的收入基礎以及您對 2025 年的預期？

Yeah, I mean -- to remind everyone, we acquired a business that's in the med tech space.

是的，我的意思是──提醒大家，我們收購了一家醫療科技領域的企業。

It uses -- it manufactures single-use and consumable surgical instruments and (inaudible) components in markets with good growth rates, long-term growing markets, excellent engineering capability, a leading additive manufacturing capability and a lot of new program wins, which we continue to execute through 2024.

它在具有良好成長率、長期成長市場、卓越工程能力、領先的積層製造能力和大量新專案勝利的市場中製造一次性和消耗性手術器械和（聽不清楚）組件，我們將繼續執行到 2024 年。

In 2024, they're going through a destocking of their customers.

2024 年，他們將經歷客戶庫存削減。

But as I said, some of our customers are destocked and are also -- they've started to order aggressively.

但正如我所說，我們的一些客戶已經庫存減少，而且他們已經開始積極訂購。

But some of the order -- so customers are not through the destocking.

但是有些訂單——所以顧客並沒有通過去庫存來訂貨。

Then effect of that is, sequentially, we saw a significant double-digit increase in order input.

其效果是，我們看到訂單輸入量連續顯著地呈現兩位數成長。

We remain excited about the business.

我們對於這項業務依然感到興奮。

It's the end demand in procedures within their surgical and orthopedic markets remain strong.

其外科和骨科市場對手術的最終需求仍然強勁。

So we know it's truly a destock that the end procedures are continuing and the inventory is being consumed and we're gaining share with these new programs.

所以我們知道這確實是一種去庫存，最終程序仍在繼續，庫存正在被消耗，而我們正在透過這些新項目獲得份額。

So we're investing in long-term growth to continue to win new programs.

因此，我們正在投資長期成長以繼續贏得新的項目。

So we also have a combined management team leading Paragon, a combination of AMETEK and legacy Paragon management team is functioning well.

因此，我們還有一個聯合管理團隊領導 Paragon，AMETEK 和傳統 Paragon 管理團隊的組合運作良好。

As I said, the inventory normalization continues to impact the business, but we're working through it.

正如我所說，庫存正常化繼續影響業務，但我們正在努力解決。

So we're encouraged, but sequential orders growth.

因此我們感到鼓舞，訂單連續成長。

Dave, just to put a finer point on that.

戴夫，我只是想更詳細地闡述這一點。

So did we end the year then somewhere around $420 million-ish of revenues in Paragon and

那麼，我們今年底在 Paragon 的營收約為 4.2 億美元嗎？

--

--

Exactly, Jeff.

確實如此，傑夫。

We're in that ballpark.

我們就在那個範圍內。

I'm not going to give the exact number, but you're right on -- you're on the pin there.

我不會給出確切的數字，但你說得對——你說得很對。

And we expect that business to grow higher than AMETEK as we move throughout the year and especially in the second half.

我們預計，隨著全年尤其是下半年的發展，該業務的成長速度將高於 AMETEK。

And not to overly drill on Paragon, but also just given the restructuring and everything you did last year in the business, can you give us an idea of kind of maybe order of magnitude of margin improvement you're looking for there?

我們不想過多地談論 Paragon，但考慮到重組以及您去年在業務中所做的一切，您能否告訴我們您希望在那裡實現的利潤率提高的數量級？

Yeah.

是的。

I think from where they're at now, we just see substantial improvement in the next 12 months.

我認為從他們現在的狀況來看，未來 12 個月我們會看到實質的改善。

And that will be -- it's biased towards the second half, but it will definitely happen and it'll be well in excess of the 20 or 30 basis points of margin improvement.

雖然這會偏向下半年，但它肯定會發生，並且會遠遠超過 20 或 30 個基點的利潤率改善。

We're looking up for the whole company, well in excess of that.

我們對整個公司的期望遠高於這個數字。

Great.

偉大的。

I'll pass to the [time.] Thanks a lot, guys.

我會轉到[時間]。

Jamie Cook, Truist Securities.

傑米庫克（Jamie Cook），Truist Securities。

Hi, good morning.

嗨，早安。

Congrats on a nice quarter.

恭喜您度過了一個愉快的季度。

I guess my first question, understanding the orders have continued to improve.

我想我的第一個問題是，理解訂單一直在不斷改善。

There's some concern out there from investors that the improvement we're seeing in the industrial economy was more of a pre-buy based on concerns post-election, it doesn't sound like you're seeing any of that.

有些投資者擔心，我們所看到的工業經濟的改善更多的是基於對選舉後擔憂的預先買入，但聽起來你並沒有看到任何這樣的情況。

But if you could just comment sort of on the cadence of orders, whether there was anything unusual.

但是，如果您可以評論訂單的節奏，是否有任何不尋常的事情。

And then I guess my second question, understanding you're guiding to, I think you said low single-digit growth.

然後我想我的第二個問題是，了解您的指導，我想您說的是低個位數成長。

It sounds like we're flat in the first quarter, just trying to understand the cadence of growth that you're expecting, again, just given some of the uncertainty on the macro.

聽起來我們在第一季表現平穩，只是想了解您預期的成長節奏，同樣，考慮到宏觀方面的一些不確定性。

Sure.

當然。

In terms of the cadence for orders, we had a pretty typical quarter where the orders increased every month of the quarter, but -- and December was the strongest month for the orders.

就訂單節奏而言，我們有一個相當典型的季度，即季度內每個月的訂單都在增加，但 12 月是訂單最強勁的月份。

But that's typical cadence, but also for the whole year, December was the strongest month.

但這是典型的節奏，但就全年而言，十二月是表現最強勁的月份。

So that was a good quarter month.

所以這是一個不錯的季度月。

And then in January, that same orders -- positive orders continued.

然後到了一月份，同樣的訂單——積極的訂單繼續存在。

So the last -- really since the middle of last year, when we started to see an improvement in orders, it's definitely continuing.

所以實際上從去年年中開始，我們就開始看到訂單量的改善，而且這種趨勢肯定還會持續下去。

And our customers aren't telling us it's the pre-buys to get ahead of tariffs or anything, but it could be, you don't know.

我們的客戶並沒有告訴我們，這是為避開關稅或其他原因而進行的預購，但有可能，你不知道。

But it feels pretty strong from our viewpoint.

但從我們的角度來看，它感覺相當強烈。

And sales orders make their way into our backlog, those will make their way into sales as we go forward.

銷售訂單會進入我們的積壓訂單中，這些訂單會在我們前進的過程中進入銷售。

We're starting out the year flat.

我們年初的業績平平。

As you mentioned, as we move throughout the year, the destock will mitigate and we have good pipelines.

正如您所提到的那樣，隨著我們全年的推進，去庫存現象將會緩解，而且我們擁有良好的通路。

So it's a conservative or prudent start to the year is the way we're looking at it.

因此，我們認為這是一個保守或謹慎的新年開端。

Thank you.

謝謝。

Andrew Buscaglia, BNP Paribas.

法國巴黎銀行的安德魯‧布斯卡利亞 (Andrew Buscaglia)。

Hang on a minute.

等一下。

(technical difficulty)

（技術難度）

No, you're breaking up.

不，你們要分手。

Andrew, why don't we put him on hold, and we'll go to the next caller?

安德魯，我們何不讓他等一下，然後接聽下一個來電？

Certainly.

當然。

One moment, please.

請稍等。

Brett Linzey, Mizuho.

瑞穗的布雷特‧林澤 (Brett Linzey)。

Good morning, all.

大家早安。

Just want to come back to the project comments, the softness at the end of the year.

只是想回到專案評論，年底的柔軟度。

It sounds like the pipeline is building and maybe strong.

聽起來管道正在建設中，而且可能很堅固。

So front log looks pretty good.

所以前面的日誌看起來相當不錯。

Are customers giving you any indication on the timing of one of these -- when these projects might release?

客戶是否會給您透露這些項目的具體發佈時間？

And how are you thinking about ES, Engineered Solutions backlog conversion as per guidance construct?

那麼您如何按照指導結構考慮 ES、工程解決方案積壓轉換呢？

Yeah.

是的。

I think the -- we have a really good pipeline.

我認為──我們擁有非常好的管道。

And it's going to play out in 2025.

它將於 2025 年上演。

And expecting to see projects that have been delayed are now moving.

並希望看到那些被推遲的項目開始前進。

It's -- in terms of the [A&ES] piece of the business, I think that's where we're suffering from the OEM destock the most.

就 A&ES 業務部分而言，我認為這是我們受 OEM 庫存減少影響最大的部分。

And -- but I think in the automation side of the business, we've bottomed, and we have a -- it's a great place to grow from where we're at right now.

而且 — — 但我認為，在業務的自動化方面，我們已經觸底，而且我們 — — 從現在開始，這是一個很好的成長點。

And on the med tech side of the business, we've already started to see the destock abate.

在醫療科技業務方面，我們已經開始看到去庫存現象減弱。

So that's where we are, and that'll play out our guidance throughout the year, and we expect those two businesses to do better as we progress throughout the year.

這就是我們現在的情況，這也將影響我們全年的指導方針，我們預計隨著全年的進展，這兩項業務將會做得更好。

Okay, great.

好的，太好了。

And maybe just shifting over to aerospace and defense.

也許只是轉向航空航天和國防。

Could you give us an update on how you're thinking about the outlook on aero versus defense?

您能否向我們介紹一下您對航空與國防前景的看法？

I know a lot of moving pieces there.

我知道那裡有很多活動的東西。

And then anything to think about in terms of profitability as we shift to more [OE] versus aftermarket and what you're embedding there in the guide for the year?

當我們轉向更多 [OE] 與售後市場時，在盈利能力方面有什麼需要考慮的嗎？

Sure.

當然。

Our A&D business, it had another strong year.

我們的 A&D 業務又度過了強勁的一年。

And in the fourth quarter, it was up mid-single digits.

而在第四季度，這數字上升了中等個位數。

It goes up high-single digits for the year, mid-single digits for the quarter.

今年以來，該數字上漲了高個位數，本季則上漲了中等個位數。

Growth in the fourth quarter was strongest across our commercial businesses.

第四季我們的商業業務成長最為強勁。

So we already saw the OE component of the sales go up in the fourth quarter.

因此，我們已經看到第四季度的 OE 銷售額有所上升。

We make a lot of money on OE, a lot of money on aftermarket.

我們在原始設備市場賺了很多錢，在售後市場也賺了很多錢。

So I don't think there's a margin concern there.

所以我不認為有利潤的擔憂。

We think in 2025, it's going to grow at mid-single digits, and we're seeing strength in both our commercial and defense markets.

我們認為，到 2025 年，這一數字將以中等個位數成長，而且我們在商業和國防市場都將看到強勁成長。

So commercial may be a bit stronger than defense, but both of those will be healthy growers in 2025.

因此，商業領域可能比防禦領域強一點，但到 2025 年，這兩者都將實現健康成長。

All right.

好的。

Appreciate the insight.

感謝您的見解。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

So margin performance was very strong, especially given just the soft-core environment.

因此利潤率表現非常強勁，特別是在軟核環境下。

I wonder, can you just talk in general about how you approached cost and margin for the quarter?

我想知道，您能否大致談談您如何處理本季的成本和利潤？

Was this a bit of a batten down the hatches?

這是否有點讓人擔心呢？

Is this normal improvement flowing through?

這是正常的改進過程嗎？

Is acquisition improvement flowing through?

收購進展順利嗎？

Maybe just characterize how you see the margin improve in the quarter?

也許只是描述一下您如何看待本季利潤率的提高？

Yeah.

是的。

I think the -- it's AMETEK operational excellence.

我認為這是 AMETEK 的卓越營運。

We had an excellent operating quarter.

我們本季的營運表現十分出色。

We have reported margins were up 90 points and core margins were up 140 basis points.

我們報告利潤率上漲了 90 個基點，核心利潤率上漲了 140 個基點。

And we got good productivity.

我們的生產效率很高。

We got a good positive price cost, good mix.

我們獲得了良好的正價格成本和良好的組合。

So it was a good quarter for margins, but we've been delivering good margins for year after year for a long time.

所以對於利潤率來說這是一個不錯的季度，而且我們長期以來一直年復一年地保持著良好的利潤率。

I mean, for the year, our core margins were up 120 basis points.

我的意思是，今年我們的核心利潤率上漲了 120 個基點。

And I don't think you see any reason that that's going to stop.

我不認為有任何理由停止這種現象。

It's our DNA.

這是我們的 DNA。

We're constantly working on it.

我們正在持續努力。

We have operational excellence programs, and we're executing them.

我們有卓越營運計劃，並且正在執行它們。

And we have high contribution margin businesses that are contributing to it.

我們有一些高貢獻利潤率的企業對此做出了貢獻。

So the margin performance was good.

因此利潤率表現良好。

It was very good.

非常好。

We had some records that we set, but that was kind of expected.

我們創下了一些記錄，但這也是意料之中的。

Okay.

好的。

Perfect.

完美的。

So nothing dramatic -- negative.

因此，沒有什麼戲劇性的負面結果。

This one may be a little trick answer because there's obviously a lot of back and forth going on in government policy right now.

這個問題可能是有點棘手，因為目前政府的政策顯然有許多反覆。

But is there any hiccups or stutter you're seeing in potential future demand or current demand funding that might flow through to laboratories, test measurement, scientific instruments, and so forth, and I'll stop there.

但是，您是否看到流向實驗室、測試測量、科學儀器等的潛在未來需求或當前需求資金有任何問題或障礙，我就到此為止。

Yeah.

是的。

I don't see any specific thing that's going to hurt the laboratory demand.

我沒有看到任何具體的事情會影響實驗室需求。

I mean, I will say one thing about the laboratory demand is very strong internationally right now.

我的意思是，我要說的是，目前國際上對實驗室的需求非常強勁。

So that's driving it more so than the US.

因此，這比美國的影響更大。

When I think about the overall regulatory environment, I think some of the things with the new administration or positive regulatory relief, we're looking forward to projects moving faster.

當我考慮整體監管環境時，我認為新政府的一些措施或積極的監管放鬆，我們期待專案進展得更快。

There was a different approach to antitrust.

反壟斷方面採取了不同的方法。

We have a focus on energy development.

我們專注於能源開發。

That's good for us.

這對我們有好處。

There's an increased focus on military spending, and that's good for us.

人們越來越關注軍費開支，這對我們有利。

There's lower taxes for products manufactured in the US.

美國製造的產品稅率較低。

We do a lot of manufacturing in the US.

我們在美國做很多製造業。

There's tax breaks planned to boost equipment investment.

我們計劃提供稅收減免來促進設備投資。

So I think a lot of those pro-growth policies can be really positive for us.

所以我認為很多有利於成長的政策對我們來說確實是有利的。

And as a US manufacturer with a lot of capability in the US with a significant US manufacturing footprint provides many options and opportunities depending how the situation develops.

作為一家在美國擁有強大產能和大量製造足跡的美國製造商，我們將根據情況的發展提供許多選擇和機會。

We have a flexible asset-light model consistent with our strategy and that we think as we get throughout this year, we'll see some opportunity to develop.

我們擁有與我們的策略一致的靈活的輕資產模式，我們認為，隨著今年的發展，我們將看到一些發展機會。

Thank you.

謝謝。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓 (Andrew Obin)。

Just to clarify, what's organic growth rate that's embedded in your first-quarter guidance?

需要澄清的是，您第一季指引中所包含的有機成長率是多少？

Let me see.

讓我看看。

We -- it's a flattish number, Andrew.

我們 — — 這是一個平坦的數字，安德魯。

So both the total sales and organic sales were flat.

因此總銷售額和有機銷售額都持平。

Okay.

好的。

So we are accelerating organically from fourth quarter to the first quarter?

那麼，從第四季到第一季度，我們的成長是在有機加速嗎？

Yeah, we're going from minus 2%, minus 3% to a flat.

是的，我們將從-2%、-3%變成持平。

So the organic growth is accelerating from Q4 to Q1, and it's tied to the acceleration in order input through organic orders.

因此，有機成長從第四季度到第一季正在加速，並且與透過有機訂單加速的訂單輸入有關。

So I think that's going to continue throughout the year.

所以我認為這種狀況將持續全年。

So as those organic orders were strong, our sequential quarters, the organic growth will be increased versus Q4, and it's just a continuation of a slow acceleration through the year.

因此，由於這些有機訂單表現強勁，我們連續幾季的有機成長將較第四季度增加，這只是全年緩慢加速的延續。

Got you.

明白了。

And then just sort of combining the two questions.

然後將這兩個問題結合起來。

First, how did you -- all this tariff noise?

首先，您是如何看待這些關稅噪音的？

Do we see it in the guidance?

我們在指導中看到它了嗎？

And also, how does FX impact your '25 outlook because you are a meaningful US exporter.

而且，由於您是美國重要的出口商，外匯對您 25 年的展望有何影響？

So how should we think about the impact both on the revenue and margin?

那我們該如何看待這對收入和利潤的影響呢？

Yeah those are good questions, and the guidance we have to take into account the things that we've heard about over the last few weeks -- few days, few weeks.

是的，這些都是很好的問題，我們必須考慮到過去幾週（幾天、幾週）聽到的事情。

But we've been making contingency plans since shortly after the elections for tariffs.

但我們自選舉後不久就開始製定關稅應急計劃。

And our 2017 and 2018 playbook is relevant, that's when we executed a China for China manufacturing strategy and decoupled our supply chains from China.

我們的2017年和2018年的劇本與之相關，當時我們執行了中國為中國的製造策略，並將我們的供應鏈與中國脫鉤。

We executed flawlessly, and we're ready to do the same thing now if it's required.

我們的執行非常完美，如果需要的話，我們現在就準備好做同樣的事情。

We manufacture niche, highly differentiated products.

我們生產小眾、高度差異化的產品。

We plan to pass on the cost impact of the tariffs if the tariffs get enacted to our customers, as we have done previously.

如果關稅生效，我們計劃將關稅帶來的成本影響轉嫁給我們的客戶，就像我們以前做過的那樣。

We have a significant US manufacturing footprint, as I said, as flexible (inaudible) model.

正如我所說，我們在美國擁有大量製造業足跡，這是一種靈活的（聽不清楚）模式。

So we're very agile.

因此我們非常敏捷。

And I think that we're well positioned to manage through the current environment.

我認為我們有能力應對當前的環境。

I mean our guidance doesn't take into account -- doesn't assume a broader economic slowdown because of an escalating trade war to be clear with that.

我的意思是，我們的指引沒有考慮到——沒有假設由於貿易戰升級而導致更大範圍的經濟放緩。

No demand destruction is assumed in our budget.

我們的預算沒有假設需求破壞。

But what -- everything that we know of and with our past success and decoupling our supply chains from China and with our operational capability, we think we're ready for this and we got it covered.

但是，憑藉我們所了解的一切以及我們過去的成功以及將我們的供應鏈與中國脫鉤，以及我們的營運能力，我們認為我們已經為此做好了準備，並且已經做好了準備。

And Andrew, on foreign exchange, obviously, we're a global business, but we are primarily a US dollar-centric business.

安德魯，關於外匯，顯然我們是一家全球性企業，但我們主要是以美元為中心的企業。

So our top line is not overly exposed to foreign exchange.

因此我們的營收不會過度暴露於外匯。

And we have a very balanced foreign exchange footprint at the profit and cash flow level through natural offsets, so we can very much -- we're not impacted by broad-based US dollar movement.

而且，透過自然抵消，我們在利潤和現金流層面擁有非常平衡的外匯足跡，因此我們不會受到美元普遍波動的影響。

And I think the last few years, using a lot of FX volatility and it hasn't impacted our bottom line.

我認為過去幾年我們大量使用外匯波動但並未對我們的底線產生影響。

All right.

好的。

Thanks so much.

非常感謝。

Christopher Glynn, Oppenheimer.

奧本海默的克里斯托弗·格林。

Thanks.

謝謝。

A lot of ground covered.

覆蓋了大片土地。

Just curious on Kern, Dave, how you think about the size of the addressable market?

只是好奇 Kern，Dave，您如何看待潛在市場的規模？

What's the competition like?

競爭怎麼樣？

And how long you've been looking at that business?

您關注該項業務多久了？

Sure, Chris.

當然，克里斯。

It's part of our Ultra Precision Technology division and we bought a business in that part of our company about 15 years ago named Precitech.

它是我們超精密技術部門的一部分，大約 15 年前我們收購了公司該部門的一家名為 Precitech 的企業。

And they build what's called diamond-turning machines that make these surfaces that are incredibly precise optical services and the business has done extremely well for AMETEK.

他們製造了所謂的鑽石車削機，可以加工出這些表面極其精密的光學服務，這項業務為 AMETEK 帶來了極大的收益。

And we look at Kern as kind of a sister company with some different technology.

我們將 Kern 視為一家擁有不同技術的姊妹公司。

And we think Kern is -- they also do submicron level accuracy systems.

我們認為 Kern 也做亞微米精度的系統。

Their end markets are places that need exceptional levels of precision.

他們的終端市場是需要卓越精度水準的地方。

It includes the medical market, the semiconductor market, the research market, the space market, and there's a lot of opportunities to us to grow this business and running them as sister companies with our Precitech business, we have capability that solves a bigger set of solutions for the customers.

它包括醫療市場、半導體市場、研究市場、太空市場，我們有很多機會發展這項業務，並將它們作為我們的 Precitech 業務的姊妹公司來運營，我們有能力為客戶提供更廣泛的解決方案。

It's typical AMETEK acquisition, highly differentiated, high precision, leader in niches, really works with the miniaturization that's going in the technology world.

這是典型的 AMETEK 收購，高度差異化、高精度、在細分市場處於領先地位，真正符合技術世界正在發展的小型化趨勢。

We got a -- [fair price worth], management team is staying with us.

我們得到了--[公平的價格]，管理團隊將與我們在一起。

And we think it's going to be a good acquisition.

我們認為這將是一次正確的收購。

And most of the sales are exported outside of Germany.

大部分銷售額都出口到德國以外地區。

They're a German company, but over 70% of our sales are all outside of Germany.

他們是一家德國公司，但我們 70% 以上的銷售額都在德國以外。

So the world goes to Munich to get the best systems and if it's well within -- in AMETEK's family of businesses.

因此，世界各地的人們都湧向慕尼黑尋找最好的系統，而這些系統都屬於 AMETEK 的企業家族。

Great.

偉大的。

Thanks.

謝謝。

And just kind of a churning part of the cycle to a degree here.

在某種程度上，這只是循環中的一個混亂的部分。

Several years ago, you went through some divestitures.

幾年前，你們經歷了一些資產剝離。

As you look at things play out now, realizing you've really shrunk oil and metals, for instance.

當你觀察現在的情況時，你會發現石油和金屬的價格確實縮水了。

Are there any areas of the portfolio that are bubbling up for potential divestiture?

投資組合中是否存在可能被剝離的領域？

Yes.

是的。

We go through that strategic analysis every year, and we went through it this year.

我們每年都會進行這樣的策略分析，今年我們也進行了這樣的分析。

There's nothing that's going to impact our guide.

沒有什麼可以影響我們的指南。

There's nothing large or substantial.

沒有什麼大或實質的東西。

There may be some smaller plants or things that we continue to act on during the course of the year, but these will be inconsequential.

我們可能會在一年內繼續對一些較小的植物或事物採取行動，但這些都無關緊要。

And we like the portfolio that we have right now.

我們喜歡我們現在擁有的投資組合。

Great.

偉大的。

Thanks a lot.

多謝。

Nigel Coe, Wolfe Research.

奈傑爾·科（Nigel Coe），沃爾夫研究公司。

Thanks.

謝謝。

Good morning.

早安.

Lots of information so far.

到目前為止有很多資訊。

But -- sorry if I missed this, David.

但是——如果我錯過了這一點，很抱歉，大衛。

What is the organic -- I think low-single digit for the full year, but what is -- how does that break up between EMG and EIG?

有機收入是多少——我認為是全年的低個位數，但是——EMG 和 EIG 之間的差距如何？

And I'm just curious if you're seeing a stronger rebound in EMG just given that Paragon and automation were quite badly impacted by destockings?

我只是好奇，鑑於 Paragon 和自動化受到去庫存化的嚴重影響，您是否看到 EMG 出現更強勁的反彈？

So I'm just wondering if you're factoring in a stronger rebound in those two businesses?

所以我只是想知道您是否考慮了這兩家企業更強勁的反彈？

EMG is going to have slightly higher organic growth than EMG.

EMG 的有機成長率將略高於 EMG。

So it's going to be a bit higher.

因此它會稍微高一些。

It's going to be low-single digit for the year and -- but EMG is going to be a bit higher.

今年的成長率將會是低個位數，但 EMG 的成長將會略高一些。

A little bit higher.

稍微高一點。

Okay.

好的。

That's great.

那太棒了。

And then just the EMG margins in the fourth quarter.

接下來是第四季的 EMG 利潤率。

I mean, obviously, ERG was spectacular, but EMG came in a bit lighter.

我的意思是，顯然， ERG 非常出色，但 EMG 稍微弱一些。

And I know that there's typically some production disabsorption in the fourth quarter.

我知道第四季通常會出現一些生產分散的情況。

Just wondering, was there any intentional like extended production shortfalls in the fourth quarter?

只是想知道，第四季是否有故意延長生產短缺的情況？

No.

不。

It's the calendar effect.

這就是日曆效應。

And we're going through a destocking there.

我們目前正在經歷去庫存階段。

And our automation business is extremely profitable, and it's down substantially with it.

我們的自動化業務利潤極高，而且也隨之大幅下降。

So we had core margins on over 100 basis points in that part of the business.

因此，我們這部分業務的核心利潤率超過了100個基點。

And the good thing is we've leaned out the cost structure and we're really at a good place to grow.

好消息是我們已經精簡了成本結構，並且處於一個良好的成長位置。

So as destocking abates and that business has bottomed, we're looking forward to when that turns, should be some probable sales for us.

因此，隨著去庫存的減弱和業務觸底，我們期待當這種情況發生時，我們應該會有一些可能的銷售。

And then just a quick follow on to that comment about automation margins.

然後快速跟進一下關於自動化利潤的評論。

Are you expecting automation to be back to positive organic growth in the first quarter next year or this year?

您是否預計自動化將在明年或今年第一季恢復正向有機成長？

Yeah, I -- the automation business is lagging the medical business a bit.

是的，自動化業務有點落後於醫療業務。

So we'll have to see how that plays out.

所以我們必須看看事情會如何發展。

Okay.

好的。

Thank you.

謝謝。

Joe Giordano, TD Cowen.

喬·吉奧達諾（Joe Giordano），TD Cowen。

Good morning.

早安.

I'm not sure -- did you give the actual order number or the book-to-bill for the quarter?

我不確定——您是否給出了實際的訂單號碼或本季的訂單出貨比？

If you did, I apologize.

如果你這麼做了，我深感抱歉。

Yeah, let me grab that.

是的，讓我抓住它。

Yeah, organic orders were 4%.

是的，有機訂單佔4%。

Our book-to-bill was 1.01 if we exclude FX on the backlog.

如果排除積壓訂單中的外匯影響，我們的訂單出貨比是 1.01。

And both -- I said, both groups were positive.

而且 — — 我說過，兩組都是陽性。

EMG was a little bit more positive than EIG, but they were both strong.

EMG 的表現比 EIG 稍微積極一些，但它們的實力都很強勁。

Got it.

知道了。

And then can you walk us through just -- I think you mentioned in the outlook the view for Aerospace and Defense.

然後您能否向我們介紹一下——我想您在展望中提到了對航空航天和國防的看法。

So can you kind of do your walk with like the 2024 action -- like the view?

那麼，你能像 2024 年那樣採取行動——像欣賞風景一樣嗎？

Yeah, sure.

是的，當然。

We forgot.

我們忘記了。

We didn't get to that yet.

我們還沒做到這一點。

So on the process side, the process declined low single digits in the fourth quarter.

因此，從製程方面來看，第四季的製程速度下降了個位數。

We saw a strong growth in the quarter within our advanced optical metrology businesses, as well as our high-end microscopy business had a good quarter.

本季度，我們的先進光學計量業務實現了強勁成長，高階顯微鏡業務也表現良好。

And similar to last year, we experienced some temporary delays -- similar to last quarter, we experienced some temporary delays in project spending.

與去年類似，我們也經歷了一些暫時的延遲 - 與上個季度類似，我們的專案支出也經歷了一些暫時的延遲。

And then looking forward to 2025, we expect organic sales for our Process businesses to be up low-single digits for the full year.

展望 2025 年，我們預計全年流程業務的有機銷售額將實現低個位數成長。

And then I talked about the Aerospace and Defense business already.

然後我已經談到了航空航太和國防業務。

And there we expect ongoing strength in both commercial and defense and it to be up mid-single digits for 2025.

我們預計商業和國防領域將繼續保持強勁勢頭，到 2025 年將實現中等個位數成長。

So Process low, Aerospace AND Defense mid.

因此，工藝水平較低，航空航天和國防處於中間水平。

Then you go to Power and Industrial, our sales were flat in the fourth quarter.

然後你去到電力和工業，我們的銷售額在第四季持平。

Our [TDS] business, which provides advanced power simulation systems to utilities and research institutions saw growth in the quarter.

我們的 [TDS] 業務為公用事業和研究機構提供先進的電力模擬系統，在本季度實現了成長。

For 2025, we expect organic sales for our Power and Industrial businesses to remain flat relative to 2024 level.

預計 2025 年電力和工業業務的有機銷售額將與 2024 年的水準保持持平。

And finally, the Automation and the Engineered Solutions business, overall sales were up low-double digits, driven by the contributions from the Paragon acquisition.

最後，自動化與工程解決方案業務的整體銷售額實現了低兩位數成長，這得益於收購 Paragon 的貢獻。

Organic sales were down high-single digits in the quarter, consistent with the levels we've seen during the year given the continued normalization of our OEM customer inventories.

本季有機銷售額下降了高個位數，由於我們的 OEM 客戶庫存持續正常化，與今年的水平一致。

And for 2025, we expect organic sales to be up mid-single digits for the year with improving growth trends throughout the year.

展望 2025 年，我們預期全年有機銷售額將成長中等個位數，全年成長趨勢將持續改善。

Thank you.

謝謝。

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

This is Sahil Manocha on for Deane Dray.

這是 Sahil Manocha 代替 Deane Dray 上場。

Can you provide any context on the $85 million in growth investments.

您能否提供有關 8500 萬美元成長投資的背景資訊？

How is that split between segment?

各個部分之間是如何劃分的？

And is that adding mostly sales and engineering?

這主要增加了銷售和工程嗎？

And what was the 2024 growth investment?

2024 年的成長投資是多少？

The 2024 was $90 million and the 2025 is $85 million.

2024 年為 9,000 萬美元，2025 年為 8,500 萬美元。

So they're very close.

所以他們非常親密。

And again, that's the incremental spend.

再次強調，這是增量支出。

And it's largely research, development, and engineering spend.

這主要是研究、開發和工程支出。

So I'd say two-thirds of the $85 million is RD&E and about one-third of it is additional marketing channels, sales, and marketing work.

所以我認為 8,500 萬美元中的三分之二是研發費用，大約三分之一是額外的行銷管道、銷售和行銷工作。

So about two-thirds, one-third.

大約是三分之二，三分之一。

And it's biased toward EIG largely because of the size of EIG.

它對 EIG 有偏見，很大程度上是因為 EIG 的規模。

So it's pretty -- it's across the whole company (inaudible) to EIG.

所以這很漂亮 - 它遍布整個公司（聽不清楚）到 EIG。

Got it.

知道了。

And then the vitality index reached 28% in the third quarter, I believe, which you noted was a strong level within the target range of 20% to 30%.

然後我相信活力指數在第三季達到了 28％，正如您所說，這是 20％至 30％的目標範圍內的強勁水平。

Could you discuss the new product intros that you're most excited about for 2025?

能談談 2025 年最讓您興奮的新產品介紹嗎？

And how do you see the vitality index trending?

您如何看待活力指數的趨勢？

Yeah.

是的。

We talk about a vitality index being between 20% and 30% is a good number.

我們認為活力指數在20%到30%之間是比較好的數字。

And we didn't mention it, but actually, it was extremely high in Q4 at 30%.

我們沒有提到這一點，但實際上，第四季的比例非常高，達到了 30%。

So it was one of our highest numbers.

因此，這是我們的最高數字之一。

So the new product engine is working, and that's why we have such a strong pipeline of new orders.

因此，新產品引擎正在運轉，這就是我們擁有如此強大的新訂單管道的原因。

And I think it's going to pay off next year.

我認為明年就會獲得回報。

We think a number like 20 to 30 is a good number for us.

我們認為 20 到 30 這個數字對我們來說是一個不錯的數字。

We started tracking this.

我們開始追蹤此事。

It was down in the low teens, mid-teens many years ago.

很多年前，這一比例就降到了十幾歲到十幾歲的水平。

So we think it's a good number now.

因此我們認為現在這是一個不錯的數字。

It's a way that we can look at the investments we're putting in and making sure we're adding value to our customers.

這是我們審視所投入的投資並確保為客戶增加價值的一種方式。

It shows up in pricing also.

它也體現在定價上。

We can get premium prices by adding features to products and having -- providing new value to our customers that we weren't providing before.

我們可以透過增加產品功能並向客戶提供以前未曾提供過的新價值來獲得溢價。

So it's a healthy amount.

所以這是一個健康的量。

We spend a healthy amount of RD&E and given our niche market focus and technology leadership, innovation leadership that matches the strategy of the company.

我們在研發上投入了大量資金，並考慮到我們的利基市場重點和技術領導地位，以及與公司策略相符的創新領導力。

Awesome.

驚人的。

Thank you.

謝謝。

Robert Mason, Baird.

羅伯特·梅森，貝爾德。

Good morning.

早安.

Dave, you had mentioned earlier that your labs business, you were seeing strength more, just call it rest of world versus US right now.

戴夫，你之前提到過，你的實驗室業務正在變得更加強大，就稱之為世界其他地區與美國之間的對比。

Can you drill into that a little bit?

能進一步深入探討一下這個問題嗎？

Is that your own overlay or footprint where you're exposed or differences in government (inaudible) or just what's maybe driving that difference?

這是您所接觸到的覆蓋範圍或足跡嗎？

It could be government priorities.

這可能是政府的優先事項。

It could be channel investments we made.

這可能是我們所做的通路投資。

But the place that we're seeing a lot of lab expansion work is in Asia.

但我們看到很多實驗室擴建工作的地方是在亞洲。

So Asia -- the market is healthy everywhere, but Asia is particularly healthy.

因此，亞洲——各地的市場都很健康，但亞洲尤其健康。

Maybe just to continue the thought there, could -- relative to your 2025 guidance, could you provide kind of a geographic overlay to that, just how you're thinking about the regions for 2025?

也許只是為了繼續這個想法，相對於您的 2025 年指導，您能否提供一種地理覆蓋，您是如何考慮 2025 年的區域的？

Yeah.

是的。

I'll talk about 2024 -- where we ended up in 2024.

我將談論 2024 年——我們在 2024 年的結局如何。

We had essentially strong growth in Europe and Asia, offset by some declines in the US.

我們在歐洲和亞洲實現了強勁成長，但美國市場有所下滑。

So if you look at the full year, we had about plus two internationally and down [MST] in the US.

因此，如果放眼全年，我們國際市場大約成長了 2%，而美國市場則下降了 [MST]。

And that was largely our Automation business that was down in the US.

這主要是因為我們的自動化業務在美國陷入了低迷。

So in places like in Asia, we were up, and China was roughly flat.

因此在亞洲等地，我們的股價上漲，而中國股價基本上持平。

So that's kind of hanging in there for us.

所以這對我們來說還算是有希望的。

And when we think about 2025, we're looking for all regions to grow.

當我們展望2025年時，我們希望所有地區都能成長。

We're thinking -- we actually see some strength in Europe.

我們認為──我們確實看到了歐洲的一些實力。

Like I said, we were plus two in Europe and some strength in Europe.

正如我所說的，我們在歐洲的市場份額增加了兩個，並且在歐洲擁有一些實力。

We think some of the strength in Asia is going to continue, maybe more strength outside of China than in China.

我們認為亞洲的部分強勢將會持續下去，或許中國以外的強勢會比中國更強。

We have good channels there, and we think the US is going to return to growth for us.

我們在那裡有良好的管道，我們認為美國將會恢復成長。

So it'll be balanced growth across all geographies.

因此所有地區都會實現平衡成長。

When you said China was flat, was that a Q4 number or full year?

您說中國經濟持平，是指第四季的數據還是全年的數據？

I think it was a full-year number.

我認為這是一個全年的數字。

Okay.

好的。

Very good.

非常好。

Thank you.

謝謝。

Andrew Buscaglia, BNP Paribas

安德魯·布斯卡利亞（Andrew Buscaglia）, 法國巴黎銀行

Sorry about that earlier.

我之前對此深感抱歉。

I'm not sure what happened.

我不確定發生了什麼事。

So yeah, I wanted to touch on your orders, you're saying are up 4%, and you had some good commentary, just about your subsegments for sales, but what about -- sounds like orders are getting a little bit better, the momentum is picking up.

是的，我想談談您的訂單，您說訂單增加了 4%，並且您對銷售細分市場做出了一些很好的評論，但是聽起來訂單情況有所好轉，勢頭正在回升。

What about order momentum in each subsegment, where's that coming from?

每個子細分市場的訂單動量如何？

Yeah, I think that's -- what you really have is in the subsegments, the big thing in the Automation and Engineer Solutions that was the destock abating, and we're starting to see some of the customers place orders now specifically in the med tech area.

是的，我認為在細分市場中，自動化和工程解決方案中最大的問題是庫存減少，我們開始看到一些客戶現在下訂單，特別是在醫療技術領域。

So that's positive.

這是積極的。

And on the Automation part of the business, we think it's bottomed and we've leaned out cost structure.

就業務的自動化部分而言，我們認為它已經觸底，我們已經精簡了成本結構。

So we're optimistic about what that's going to do when it increases.

因此，我們對其成長後的效果持樂觀態度。

The Process and the power of businesses, we think we're well positioned and those are the project businesses.

我們認為，流程和業務的力量使我們處於有利地位，而這些都是專案業務。

We saw some delays.

我們發現了一些延誤。

We're hoping that those are going to abate a bit and the -- quoting a lot of activity, good pipelines there.

我們希望這些情況能夠減弱，並且那裡有很多活動，有良好的管道。

And then Aerospace and Defense is pretty much steady.

然後航空航太和國防相當穩定。

We think both our military and our commercial aftermarket is going to do well, ongoing strength in both sides of it.

我們認為我們的軍用和商用售後市場都會表現良好，雙方都將持續保持強勁勢頭。

Yeah, okay.

嗯，好的。

And yeah, you are generating a ton of cash, great cash flow in the quarter.

是的，您本季產生了大量現金，現金流非常好。

So this year, are we going to see a series of sort of like current deals or you expect like another Paragon-ish size deal in 2025?

那麼今年，我們是否會看到一系列類似當前的交易，或者您預計 2025 年會出現另一項 Paragon 規模的交易？

That's a great question.

這是一個很好的問題。

I mean right now we have bigger deals in our pipeline, and we also have smaller technology deals where I'd put Kern in our pipeline.

我的意思是，現在我們正在規劃更大的交易，同時我們也有較小的技術交易，我會把 Kern 納入我們的規劃中。

So -- and we have a -- we could probably spend $5 billion in 2025 on deals, and we still only have a debt EBITDA of about 2.5% the way we calculate it.

所以 — — 我們可能在 2025 年花費 50 億美元進行交易，但按照我們計算，我們的債務 EBITDA 仍然只有 2.5% 左右。

So we're very aggressive in that area and there's properties, businesses that were -- people were holding back on.

因此，我們在那個領域非常積極，但人們對那裡的房地產和企業卻有所保留。

It seems like the market is picking up a bit so -- we think on our strong balance sheet we're going to be able to get deals done.

看起來市場正在回升——我們認為，憑藉我們強勁的資產負債表，我們將能夠完成交易。

We're going to be able to be opportunistic with share buybacks and we're going to reward our shareholders -- long-term shareholders with an ever-increasing dividend, small dividend, but ever increasing.

我們將抓住機會回購股票，並用不斷增加的股息回報我們的股東——長期股東，股息雖然不多，但一直在增加。

So we have a balance sheet where we can do it all and we're going to do it all, but I think the most optimism is in the M&A area right now.

因此，我們有一個資產負債表，我們可以做所有的事情，我們也會做所有的事情，但我認為目前最樂觀的是併購領域。

Yeah.

是的。

Okay, thank you.

好的，謝謝。

I'll now hand the call back over to Vice President, 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)，請他做最後發言。

Thank you, Andrew.

謝謝你，安德魯。

And thanks, everyone, for joining our call today.

感謝大家今天參加我們的電話會議。

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，您可以在 ametek.com 的投資者部分觀看網路直播的重播。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。