阿美特克 (AME) 2025 Q2 法說會逐字稿

Hello, and welcome to AMETEK's second-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Kevin Coleman, Vice President of Investor Relations and Treasurer. Sir, you may begin.

您好，歡迎參加 AMETEK 2025 年第二季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係副總裁兼財務主管 Kevin Coleman。先生，您可以開始了。

Thank you, Towanda. Good morning, and welcome to AMETEK's second-quarter 2025 earnings conference call. Joining me today are Dave Zapico, Chairman and Chief Executive Officer; and Dalip Puri, Executive Vice President and Chief Financial Officer.

謝謝你，托旺達。早安，歡迎參加 AMETEK 2025 年第二季財報電話會議。今天與我一起出席的還有董事長兼執行長戴夫·扎皮科 (Dave Zapico) 和執行副總裁兼財務長 Damlip 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. A detailed discussion of the risks and uncertainties that may affect our future results is contained in AMETEK's filings with the SEC. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.

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，導致實際結果與預期有很大差異。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。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 references made on this call to 2024 or 2025 results will be on an adjusted basis, excluding after tax, acquisition-related intangible amortization, and excluding the pretax $29.2 million or $0.10 diluted share charge in the first quarter of 2024 for integration costs related to the Paragon Medical acquisition. Reconciliations between GAAP and adjusted measures can be found in our press release and on the Investors section of our website.

本次電話會議中對 2024 年或 2025 年業績的任何提及均以調整後為基礎，不包括稅後、收購相關的無形資產攤銷，也不包括 2024 年第一季與 Paragon Medical 收購相關的整合成本的稅前 2,920 萬美元或 0.10 美元稀釋股份費用。您可以在我們新聞稿和網站的「投資者」部分找到 GAAP 與調整後指標之間的對帳。

We'll begin today's call with prepared remarks, and then we'll open it up for your questions. I'll now turn the meeting over to Dave.

今天的電話會議我們將以準備好的發言開始，然後我們會回答大家的提問。現在我將會議交給戴夫。

Thank you, Kevin, and good morning, everyone. AMETEK delivered strong second quarter results, highlighted by record level sales and EBITDA, strong core margin expansion, and excellent earnings growth. We also raised our full-year sales and earnings guidance to reflect our second-quarter results and the recent acquisition of FARO Technologies. The addition of FARO Technologies nicely complements our existing metrology and precision measurement businesses.

謝謝你，凱文，大家早安。阿美特克第二季業績表現強勁，銷售額和 EBITDA 創歷史新高，核心利潤率強勁擴張，獲利成長優異。我們也提高了全年銷售額和獲利預期，以反映我們第二季的業績和最近對 FARO Technologies 的收購。FARO Technologies 的加入很好地補充了我們現有的計量和精密測量業務。

Our ability to deliver strong operating performance is notable given the challenging macro environment and is a testament to the quality of our differentiated businesses, the strength of our operating capabilities, and the contribution from all AMETEK colleagues.

在充滿挑戰的宏觀環境下，我們能夠實現強勁的營運業績，這非常值得注意，也證明了我們差異化業務的品質、我們營運能力的強大以及所有 AMETEK 同事的貢獻。

Now let me turn to our second-quarter financial results. Sales were a record $1.78 billion, an increase of 2.5% from the second quarter of 2024. Organic sales were flat. Acquisitions added 1.5 points and foreign currency translation was a 1-point benefit. Book-to-bill in the quarter was 1.00 and we ended the second quarter with a backlog of $3.47 billion near-record levels.

現在讓我來談談我們的第二季財務表現。銷售額達到創紀錄的 17.8 億美元，較 2024 年第二季成長 2.5%。有機銷售額持平。收購增加了 1.5 個點，外幣折算增加了 1 點。本季的訂單出貨比為 1.00，第二季結束時我們的積壓訂單金額為 34.7 億美元，接近歷史最高水準。

Our operating performance in the quarter was excellent, leading to strong margin expansion and earnings growth. Operating income in the quarter was $462 million, a 3% increase over the second quarter of 2024. Operating margins were 26% in the quarter, up 20 basis points from the prior year. Core margins, excluding the dilutive impact from acquisitions and the impact of foreign currency, were very strong at 26.7%, up 90 basis points versus the prior year.

本季我們的經營業績非常出色，利潤率和獲利均實現強勁成長。本季營業收入為 4.62 億美元，比 2024 年第二季成長 3%。本季營業利益率為 26%，較上年同期成長 20 個基點。核心利潤率（不包括收購帶來的稀釋影響和外匯影響）非常強勁，達到 26.7%，比上年增長 90 個基點。

EBITDA in the quarter was a record $565 million, up 4% versus the prior year with EBITDA margins an impressive 31.8%. This operating performance led to earnings of $1.78 per diluted share, up 7% versus the second quarter of 2024.

本季的 EBITDA 達到創紀錄的 5.65 億美元，比上年增長 4%，EBITDA 利潤率高達 31.8%。這項經營業績導致每股攤薄收益達到 1.78 美元，較 2024 年第二季成長 7%。

Now let me provide some additional details at the operating group level. First, the Electronic Instruments Group. The Electronic Instruments Group delivered solid operating performance in the second quarter. EIG sales were $1.16 billion, up 1% from last year's second quarter.

現在讓我在營運組層面提供一些額外的細節。一是電子儀器集團。電子儀器集團第二季的經營績效穩健。EIG 銷售額為 11.6 億美元，較去年第二季成長 1%。

Organic sales were down 3%, acquisitions added 2 points, and foreign currency was a 1-point tailwind. EIG operating income was $344 million and operating margins were 29.7%, with core margins a very strong 30.7%, up 40 basis points versus the prior year.

有機銷售額下降 3%，收購增加了 2 個百分點，外幣則帶來了 1 個百分點的順風。EIG 營業收入為 3.44 億美元，營業利益率為 29.7%，核心利潤率高達 30.7%，比上年增長 40 個基點。

The Electromechanical Group had an excellent quarter with strong sales and orders growth, record operating income, and sizable margin expansion in the quarter. EMG's second-quarter sales were a record $618 million, up 6% from the prior year. Organic sales were up 5% and foreign currency was a 1 point tailwind.

機電集團本季表現優異，銷售額和訂單成長強勁，營業收入創歷史新高，利潤率大幅提升。EMG 第二季的銷售額創下了 6.18 億美元的紀錄，比上年增長 6%。有機銷售額成長了 5%，外幣帶來了 1 個百分點的順風。

Additionally, orders were again strong in the quarter with notable order strength within our Paragon and Automation businesses. EMG's operating income in the second quarter was a record $144 million, up 17% compared to the prior year. EMG's operating margins were 23.3%, up 210 basis points in the second quarter of 2024, with core margins up an impressive 260 basis points.

此外，本季訂單再次表現強勁，其中 Paragon 和自動化業務的訂單量顯著增加。EMG第二季的營業收入創下1.44億美元的新高，比去年同期成長17%。EMG 的營業利益率為 23.3%，在 2024 年第二季上漲了 210 個基點，核心利潤率更是大幅上漲了 260 個基點。

Our businesses continue to execute well, delivering strong operating results against the backdrop of a challenging macro environment. Our business model allows us to react quickly to changing economic conditions while ensuring we remain focused on delivering long-term sustainable growth.

我們的業務持續表現良好，在充滿挑戰的宏觀環境下取得了強勁的經營業績。我們的商業模式使我們能夠對不斷變化的經濟狀況做出快速反應，同時確保我們繼續專注於實現長期可持續成長。

We are committed to making strategic growth investments across our businesses to help support and accelerate progress. For all of 2025, we continue to expect to invest an incremental $85 million in strategic growth initiatives across the company, with these investments focused on research, development, and engineering, and sales and marketing.

我們致力於對整個業務進行策略性成長投資，以幫助支持和加速進步。到 2025 年全年，我們仍預計將在整個公司的策略成長計畫中增加 8,500 萬美元的投資，這些投資主要集中在研究、開發和工程以及銷售和行銷方面。

These efforts and our commitment to innovation ensure a steady stream of new products that support our customers' critical applications and position us for continued success. Our vitality index, which was 26% in the quarter, continues to reflect the success of our technology innovation strategy.

這些努力和我們對創新的承諾確保了我們源源不絕的新產品，支持客戶的關鍵應用，並使我們獲得持續的成功。我們的活力指數本季為 26%，持續反映出我們的技術創新策略的成功。

I want to take a moment to highlight a recent new product introduction from our SPECTRO Analytical Instruments business. SPECTRO Analytical Instruments is a leading global provider of advanced instrumentation solutions for highly precise and accurate elemental analysis. This new product, the SPECTROGREEN MS is their latest solution designed for high-performance elemental analysis.

我想花點時間重點介紹一下我們 SPECTRO 分析儀器業務最近推出的新產品。SPECTRO 分析儀器是全球領先的先進儀器解決方案供應商，提供高精度、準確的元素分析。這款新產品 SPECTROGREEN MS 是他們為高性能元素分析設計的最新解決方案。

It addresses a key challenge in environmental and pharmaceutical laboratories by simplifying the process of analyzing complex samples for trace elements. The new product incorporates several innovations that improve workflow and efficiency, including its ability to analyze both high concentration and trace elements in a single measurement, significantly reducing analysis time for busy lapse.

它透過簡化複雜樣品中微量元素的分析過程解決了環境和製藥實驗室面臨的一個關鍵挑戰。新產品採用了多項創新技術，改善了工作流程並提高了效率，包括能夠在一次測量中同時分析高濃度和微量元素，從而大大減少了繁忙時段的分析時間。

With this new product launch, SPECTRO Analytical continues to advance its technology leadership and provide customers with greater speed, accuracy, and ease of use for their critical applications. This is just one of the many innovative new product introductions across our business.

隨著這款新產品的推出，史派克分析公司繼續提升其技術領先地位，並為客戶提供更快、更準確、更易用的關鍵應用。這只是我們業務中推出的眾多創新新產品之一。

Now switching to capital deployment. As noted, we acquired FARO Technologies subsequent to the end of the second quarter for approximately $920 million. FARO is a leading provider of advanced 3D metrology and digital reality solutions.

現在轉向資本部署。如上所述，我們在第二季末以約 9.2 億美元收購了 FARO Technologies。 FARO是先進 3D 計量和數位現實解決方案的領先供應商。

Their technology solutions, which include measurement arms, laser scanners, and integrated software platforms enable customers in end markets, including aerospace and defense, public safety, and architecture and engineering, to precisely measure and visualize physical environments for a wide range of critical applications.

他們的技術解決方案包括測量臂、雷射掃描儀和整合軟體平台，使航空航太和國防、公共安全以及建築和工程等終端市場的客戶能夠精確測量和可視化廣泛關鍵應用的物理環境。

FARO's product suite nicely complements our existing metrology and precision imaging capabilities, particularly within our Creaform business, providing the most comprehensive portfolio of automated 3D metrology, laser projection, and digital reality solutions.

FARO 的產品套件很好地補充了我們現有的計量和精密成像能力，特別是在我們的 Creaform 業務中，提供了最全面的自動化 3D 計量、雷射投影和數位現實解決方案組合。

This acquisition provides AMETEK with a significant presence in the fast-growing digital reality market and has a strong recurring revenue profile through its service and cloud-based subscriptions. We see significant potential to expand operating margins through integration into AMETEK's global infrastructure and operating model.

此次收購使 AMETEK 在快速成長的數位現實市場中佔據了重要地位，並透過其服務和基於雲端的訂閱獲得了強勁的經常性收入。我們看到，透過融入 AMETEK 的全球基礎設施和營運模式，擴大營業利潤率具有巨大的潛力。

FARO has annual sales of approximately $340 million. We're very pleased to welcome the FARO team to AMETEK and excited for the future.

FARO 年銷售額約 3.4 億美元。我們非常高興地歡迎 FARO 團隊加入 AMETEK，並對未來充滿期待。

Strategic acquisitions are a core component of the AMETEK growth model, and we are committed to deploying our strong cash flow to expand our portfolio in highly attractive market segments. Looking ahead, our acquisition pipeline remains robust, and Dalip will detail. We have a very strong and flexible balance sheet. We anticipate remaining active in this area.

策略性收購是 AMETEK 成長模式的核心組成部分，我們致力於部署強勁的現金流，以擴大我們在極具吸引力的細分市場中的投資組合。展望未來，我們的收購管道依然強勁，Dalip 將詳細介紹。我們的資產負債表非常強大且靈活。我們期望繼續在這一領域保持活躍。

Finally, a comment on the global trade landscape. While the situation remains fluid, our businesses have been proactive in addressing the potential impacts of tariffs. As we highlighted last quarter, we have well-defined mitigation plans that are being executed across the organization. These actions are multifaceted and include targeted pricing initiatives, strategic adjustments to our global supply chains, and leveraging our worldwide manufacturing footprint to localize production.

最後，對全球貿易格局進行評論。儘管情況依然不穩定，但我們的企業一直積極應對關稅的潛在影響。正如我們上個季度所強調的那樣，我們制定了明確的緩解計劃，並正在整個組織內執行。這些行動是多方面的，包括有針對性的定價舉措、對全球供應鏈的策略調整以及利用我們全球製造足跡實現本地化生產。

Our teams are also identifying opportunities to utilize our US manufacturing presence to support global customers looking to localize or reshore their supply chains. AMETEK's diversification across end markets and geographies limits our dependence on any single region and our decentralized structure allows for the flexibility need to implement these mitigation actions quickly and effectively.

我們的團隊也正在尋找機會利用我們在美國的生產基礎來支援尋求在地化或重新上岸供應鏈的全球客戶。AMETEK 在終端市場和地理上的多元化限制了我們對任何單一地區的依賴，而我們的分散結構則提供了快速有效地實施這些緩解措施所需的靈活性。

We have a proven playbook for navigating through these uncertain environments, and we are making outstanding progress. Our focus remains on supporting our customers, delivering strong results, and utilizing our strong financial position to invest in our long-term growth initiatives and strategic acquisitions.

我們擁有一套行之有效的策略來應對這些不確定的環境，我們正在取得顯著的進展。我們的重點仍然是支持我們的客戶，提供強勁的業績，並利用我們強大的財務狀況投資於我們的長期成長計劃和策略收購。

Now turning to our outlook for the remainder of the year. Given our results in the second quarter, and the closing of FARO Technologies, we now expect full-year sales to be up mid-single digits on a percentage basis compared to 2024. Diluted earnings per share for the year are now expected to be in the range of $7.06 to $7.20, up 3% to 5% versus the prior year. This is an increase from our previous guidance range of $7.02 to $7.18 per diluted share.

現在來談談我們對今年剩餘時間的展望。鑑於我們第二季的業績以及 FARO Technologies 的關閉，我們現在預計全年銷售額將比 2024 年成長中等個位數百分比。預計全年每股攤薄收益將在 7.06 美元至 7.20 美元之間，較上年增長 3% 至 5%。這高於我們先前每股攤薄收益 7.02 美元至 7.18 美元的預期範圍。

For the third quarter, we anticipate overall sales to be up mid-single digits, with earnings in the range of $1.72 to $1.76 per share, up 4% to 6% versus the prior year. Our full year and third-quarter guidance incorporates the expected contributions from the FARO acquisition.

對於第三季度，我們預計整體銷售額將成長中等個位數，每股收益將在 1.72 美元至 1.76 美元之間，比上年增長 4% 至 6%。我們的全年和第三季指引包含了 FARO 收購的預期貢獻。

In summary, AMETEK delivered strong second-quarter results. Our businesses are well positioned with differentiated technology solutions, serving a diverse set of growing niche markets. We have a durable operating model and an ability to react quickly to changing market dynamics. Our strong cash flows provide us with the opportunity to deploy meaningful capital on strategic acquisitions. AMETEK remains firmly positioned to deliver long-term sustainable growth and strong returns for our shareholders.

總而言之，AMETEK 第二季業績表現強勁。我們的業務憑藉差異化的技術解決方案佔據有利地位，服務於各種不斷成長的利基市場。我們擁有持久的營運模式和對不斷變化的市場動態做出快速反應的能力。我們強勁的現金流為我們提供了在策略性收購上部署有意義的資本的機會。阿美特克始終堅定地為股東提供長期可持續成長和豐厚回報。

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

現在我將把時間交給達利普·普里 (Dalip Puri)，他將介紹本季的一些財務細節。那我們很樂意回答您的問題。達利普？

Thank you, Dave, and good morning, everyone. As Dave noted, AMETEK had a solid second quarter, highlighted by excellent operating performance, robust core margin expansion and strong earnings growth.

謝謝你，戴夫，大家早安。正如戴夫所指出的，阿美特克在第二季度表現穩健，突顯出色的營運業績、強勁的核心利潤率擴張和強勁的獲利成長。

Now let me provide some additional financial highlights for the second quarter. Second-quarter general and administrative expenses were $27 million or 1.5% of sales, in line with last year's second quarter. Second-quarter interest expense was $17 million. Second-quarter other expense was higher by approximately $3 million versus the prior period due to lower pension income and foreign exchange movements.

現在讓我提供一些第二季的額外財務亮點。第二季的一般及行政開支為 2,700 萬美元，佔銷售額的 1.5%，與去年第二季持平。第二季利息支出為 1700 萬美元。第二季由於退休金收入減少和外匯變動，其他支出比上一期間增加了約 300 萬美元。

The effective tax rate in the quarter was 19%, in line with the second quarter of 2024. For 2025, we now anticipate our effective tax rate to be between 19% and 19.5%. As we have stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively from this full-year estimated rate.

本季有效稅率為 19%，與 2024 年第二季持平。到 2025 年，我們預計有效稅率將在 19% 至 19.5% 之間。正如我們過去所說，實際季度稅率可能與全年估計稅率有很大差異，可能是正值也可能是負值。

The recently enacted tax reconciliation bill aligns well with our US-based manufacturing footprint and innovation-led growth model. While we are continuing to assess the full implications, we expect it to favorably impact our cash tax position. Capital expenditures in the second quarter were $29 million and we now expect capital expenditures to be approximately $160 million for the full year or about 2% of sales.

最近頒布的稅收協調法案與我們在美國的製造業足跡和創新主導的成長模式非常契合。雖然我們正在繼續評估其全部影響，但我們預計它將對我們的現金稅收狀況產生積極影響。第二季的資本支出為 2,900 萬美元，我們現在預計全年資本支出約為 1.6 億美元，約佔銷售額的 2%。

Depreciation and amortization expense in the quarter was $108 million. For the full year, we expect depreciation and amortization to be approximately $425 million, including after-tax, acquisition-related intangible amortization of approximately $210 million or $0.91 per diluted share.

本季折舊和攤銷費用為 1.08 億美元。我們預計全年折舊和攤提約為 4.25 億美元，其中包括稅後收購相關無形資產攤提約 2.1 億美元或每股攤薄收益 0.91 美元。

Operating working capital in the second quarter was 18.6% of sales, in line with the second quarter of 2024. Operating cash flow was $359 million in the quarter, and free cash flow was $330 million. Year to date, free cash flow conversion was 102% of net income. For 2025, we continue to expect strong free cash flow conversion of approximately 115% of net income.

第二季營運資本佔銷售額的 18.6%，與 2024 年第二季持平。本季經營現金流為3.59億美元，自由現金流為3.3億美元。年初至今，自由現金流轉換率為淨收入的 102%。到 2025 年，我們仍然預期自由現金流轉換率將強勁，約為淨收入的 115%。

Total debt at June 30 was $1.9 billion, down from $2.1 billion at the end of 2024. Offsetting this debt was cash and cash equivalents of $620 million. At the end of the second quarter, our gross debt-to-EBITDA ratio was 0.85 and our net debt-to-EBITDA ratio was 0.6. Pro forma for the acquisition of FARO, our gross debt-to-EBITDA ratio increases modestly from 0.85 to 1.25.

截至 6 月 30 日的總債務為 19 億美元，低於 2024 年底的 21 億美元。抵銷這筆債務的是 6.2 億美元的現金和現金等價物。截至第二季末，我們的總負債與EBITDA之比為0.85，淨負債與EBITDA之比為0.6。收購FARO後，我們的總債務與EBITDA比率將從0.85小幅上升至1.25。

With respect to our recent acquisition of FARO, we will be excluding any one-time acquisition-related costs and restructuring charges from adjusted cash EPS starting in the third quarter. This approach will also be consistently applied to all future acquisitions, ensuring comparability and clarity in our non-GAAP financial reporting. We continue to have significant financial capacity and flexibility with over $2 billion of cash and available credit facilities to support our growth initiatives and to further deploy on strategic acquisitions.

就我們最近收購 FARO 而言，從第三季開始，我們將從調整後的現金每股盈餘中排除任何一次性收購相關成本和重組費用。這種方法也將一致應用於所有未來的收購，確保我們的非公認會計準則財務報告的可比性和清晰度。我們繼續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成長計劃並進一步部署策略性收購。

In summary, AMETEK had a solid second quarter, delivering strong results, including robust margin expansion and earnings growth. Our leading positions across attractive market segments, combined with our strong balance sheet, and outstanding global operating capabilities leave us very well positioned to navigate the current environment and deliver on our growth strategies.

總而言之，阿美特克第二季表現穩健，業績強勁，包括利潤率強勁擴張和獲利成長。我們在極具吸引力的細分市場中的領先地位、強勁的資產負債表以及卓越的全球營運能力，使我們能夠很好地應對當前環境並實現我們的成長策略。

Kevin?

凱文？

Thanks, Dalip. Towanda, can we please open the line for questions?

謝謝，達利普。托萬達，我們可以開通熱線來回答問題嗎？

(Operator Instructions) Deane Dray, RBC.

（操作員指示）Deane Dray，RBC。

Can we start off with the end market and regional tour and given all of the fluid trading environment. It's really interesting to get your perspective on kind of the puts and takes. And Dave, could you also include the cadence of the months because we've heard reports recently where it was choppy month to month, and I know you've got some perspective there?

我們可以從終端市場和區域巡迴開始，並考慮所有流動的交易環境。了解您對此類付出和收穫的看法確實很有趣。戴夫，您能否也包括一下月份的節奏，因為我們最近聽到一些報告說，月份之間的節奏很不穩定，我知道您對此有一些看法？

We heard June was down but then July came back. I don't know if that was a pattern you saw. So a bit to unpack there.

我們聽說 6 月價格下跌，但 7 月價格又回升了。我不知道您看到的是否是這種圖案。因此需要解開一些內容。

Yeah, I'll try to get all three of those, and I'll start with the tour around the company. Our overall sales for our Process businesses were flat year over year as contributions from recent acquisitions offset a 4% decline in organic sales. The trade dynamics and back-and-forth negotiations continue to create uncertainty and hesitation and project spending, but we remain very encouraged by a strong pipeline of underlying project activity across our businesses.

是的，我會嘗試完成這三件事，然後我會先參觀公司。由於近期收購帶來的貢獻抵銷了有機銷售額 4% 的下降，我們流程業務的整體銷售額與去年同期持平。貿易動態和反覆談判繼續造成不確定性、猶豫和專案支出，但我們對整個業務中強大的基礎專案活動管道感到非常鼓舞。

And then given this, we now expect organic sales for our Process businesses to be flat to down low-single digits for the full year.

有鑑於此，我們現在預計全年流程業務的有機銷售額將持平或下降個位數。

Switching to Aerospace and Defense, our Aerospace business has delivered another very strong quarter, with both overall and organic sales growth increasing high-single digits. Growth was broad-based across all subsegments in the quarter. All subsegments, I underline that with commercial OEM seeing the strongest growth.

轉向航空航太和國防，我們的航空航太業務又度過了一個非常強勁的季度，整體和有機銷售額均實現了高個位數成長。本季所有細分領域均廣泛成長。在所有細分市場中，我強調商業 OEM 的成長最為強勁。

For the full year 2025, we now expect organic sales for our Aerospace and Defense businesses to be up high-single digits. So we increased that from mid-single digits, feeling really good about that.

對於 2025 年全年，我們預計航空航太和國防業務的有機銷售額將實現高個位數成長。因此，我們將其從中等個位數提高，對此感覺非常好。

Our Power businesses reported low-single-digit increase in both overall and organic sales for the quarter. Given our strong position serving energy, grid modernization, electrification applications, we're well positioned for long-term growth. And for the full year, we now expect organic sales for our Power & Industrial businesses to be up low-single digits compared to the prior year.

我們的電力業務本季整體銷售額和有機銷售額均實現了低個位數成長。鑑於我們在能源、電網現代化、電氣化應用領域的強勢地位，我們已為長期成長做好了準備。就全年而言，我們預計電力和工業業務的有機銷售額將比上年增長低個位數。

So we increased that also from flat. So good strength in our A&D business, good strength in our Power and Industrial.

因此我們也將其從平緩狀態提高了。因此，我們的 A&D 業務實力雄厚，電力和工業業務實力雄厚。

And then finally, our Automation & Engineered Solutions returned to growth this quarter with both overall and organic sales up low-single digits. We -- once again, we saw strong orders growth across our Paragon business and our Automation businesses in the quarter, so excited about that. And we continue to expect mid-single-digit organic growth for the subsegment. So overall, that's a picture around the horn.

最後，我們的自動化和工程解決方案本季恢復成長，整體銷售額和有機銷售額均實現了低個位數成長。我們 — — 本季我們再次看到 Paragon 業務和自動化業務的訂單強勁成長，對此我們感到非常興奮。我們繼續預計該細分市場將實現中等個位數的有機成長。總體而言，這是一幅全景圖。

Your second question was related to the trade environment. And what's going on there -- our businesses responded quickly and developed tariff response plans to mitigate the impacts. And as a reminder, we have a comprehensive plan to go after.

您的第二個問題與貿易環境有關。目前的情況是——我們的企業迅速做出反應，並制定了關稅應對計劃來減輕影響。提醒一下，我們有一個全面的計劃。

We have select pricing increases. We have supply chain adjustments. We have some manufacturing localizations. We have some targeted cost reductions, and we saw a direct benefits from these actions in the second quarter, including pricing, supply chain changes, and some of our localization efforts, and we expect to see these benefits throughout the year.

我們有選擇性地提高價格。我們有供應鏈調整。我們有一些製造本地化。我們有一些有針對性的成本削減措施，並且在第二季度看到了這些舉措的直接好處，包括定價、供應鏈變化以及我們的一些本地化努力，我們預計全年都能看到這些好處。

And it's a testament to our operating capability. We really are managing through it well. And I think the -- in our last call, we noted we are confident in our ability to offset these direct costs. And now I just had very confident to it. And I think we're in good shape regarding tariffs.

這也證明了我們的營運能力。我們確實處理得很好。我認為——在我們上次的電話會議中，我們指出我們有信心抵消這些直接成本。現在我對此非常有信心。我認為我們的關稅狀況​​良好。

And then the last question was how are we doing. How did the quarter play out? How did that all play out? And the cadences, I think you asked about Deane. The cadence for June was the strongest month for orders and for the year. So normally, we have -- we stepped through the quarters with the final month of the quarter being highest, so that was pretty typical.

最後一個問題是「我們做得怎麼樣」。本季表現如何？這一切進展得如何？至於節奏，我想你問的是迪恩 (Deane)。六月是訂單量和全年最強勁的月份。因此通常情況下，我們—我們經歷了各個季度，其中季度的最後一個月是最高的，所以這是很典型的。

But June was strong. It was the strongest of the quarter, strongest year to date. And July was -- it's not finished yet, but a month to date is looking very good. So pretty typical quarter with June being the strongest of the quarter, both sales and order and no slowdown.

但六月很強勁。這是本季最強勁的表現，也是今年迄今最強勁的表現。7 月尚未結束，但截至目前為止，情況看起來非常好。因此這是一個相當典型的季度，6 月份是本季表現最強勁的月份，無論是銷售額還是訂單量都沒有放緩。

Great, Dave. That was a comprehensive answer to a multi-part questions, so I'll leave it there. Thank you.

太好了，戴夫。這是對多部分問題的全面回答，所以我就此打住。謝謝。

Jeffrey Sprague, Vertical Research.

傑弗裡·斯普拉格（Jeffrey Sprague），垂直研究公司。

Congrats on getting FARO done. I wonder if you could just talk about that a little bit more in terms of the integration plan. I believe you see a lot more synergies there than the typical AMETEK playbook given their margins coming in and the fit with Creaform and other things.

恭喜您完成 FARO。我想知道您是否可以從整合計劃的角度再多談一下這個問題。我相信，考慮到他們的利潤率以及與 Creaform 和其他產品的契合度，你會看到比典型的 AMETEK 策略更多的協同效應。

So maybe you could just elaborate on what you see on synergies. And then really tying it to the 2025 guide also. It doesn't look like really you're expecting much of a benefit in 2025. I know you'll be bedding it down, but if you're excluding restructuring everything, I would think maybe we do get some contribution in '25?

所以也許您可以詳細說明一下您所看到的協同效應。然後真正將其與 2025 年指南聯繫起來。看起來你並不真的期望在 2025 年獲得太多的收益。我知道你會把它安頓下來，但如果你排除重組一切，我想也許我們確實會在 25 年得到一些貢獻？

Yeah, that's a great question, Jeff. I'll start with -- we think it will be a couple of penny benefit in 2025. So we have a partial quarter in Q3 and then Q4, so we think we'll pick up a couple of pennies there. When you take a step back and look at the acquisition, it's -- as I mentioned in my prepared remarks, it's an excellent fit with what we do.

是的，傑夫，這是一個很好的問題。首先，我們認為到 2025 年，這將是一筆小數目。因此，我們在第三季和第四季都有部分季度業績，因此我們認為我們會在那裡獲得一些收益。當你退一步審視這次收購時，你會發現——正如我在準備好的演講中提到的那樣，它與我們的業務非常契合。

And we think we can add meaningful value to FARO. They were public companies. So we have the elimination of the public company costs and the integration into AMETEK's global infrastructure. And we have a little higher than typical synergies. We have a mid-teens cost synergy.

我們認為我們可以為 FARO 增添有意義的價值。它們是上市公司。因此，我們消除了上市公司的成本，並將其融入 AMETEK 的全球基礎設施中。我們的協同效應比典型的要高一些。我們擁有十幾歲的成本綜效。

So if you think about the FARO, it's the last couple of quarters, it's been operating at about 15% EBITDA, and we think that will be a 30% EBITDA in about three years. So a significant potential to expand operating margins through integration into the AMETEK infrastructure and operating model. And we're really pleased that we were able to add the highly differentiated adjacent products and technologies to AMETEK's Ultra Precision Technologies division.

因此，如果您考慮 FARO，您會發現過去幾季它的 EBITDA 一直保持在 15% 左右，而我們認為三年左右的 EBITDA 將達到 30%。因此，透過融入 AMETEK 基礎設施和營運模式，具有擴大營業利潤率的巨大潛力。我們非常高興能夠將高度差異化的鄰近產品和技術添加到 AMETEK 的超精密技術部門。

The products nicely complement ours. We have a leading market share now, number one or number two in many key verticals, measurement arms, laser scanners, laser trackers. We have now a new presence in fast-growing digital reality scanning market. We have an emerging SaaS solution, enabling the digital reality capture workflow.

這些產品與我們的產品完美互補。我們現在擁有領先的市場份額，在許多關鍵垂直領域，測量臂、雷射掃描儀、雷射追蹤器等都位居第一或第二。我們現在在快速成長的數位現實掃描市場中佔有一席之地。我們有一個新興的 SaaS 解決方案，支援數位現實捕捉工作流程。

And they have a good recurring revenue profile for service. About 60% of its hardware, 25% of its service and 15% of the software. So -- and the teams have come in and done a great job. We're working very well together. So we're excited about it.

而且他們的服務有著良好的經常性收入狀況。約60％為硬件，25％為服務，15％為軟體。所以——各團隊都參與並做出了出色的工作。我們合作得非常好。所以我們對此感到很興奮。

When I look at this business, it reminds me a lot of the Zygo acquisition. Very similar, Zygo and FARO in name, but also it went into our UPT division, the same as Zygo. And if you look at Zygo, it was a smaller public company and they were always trying to swing for the fences hit grand slams because they want to get noticed and they took on some things that were outside of their core.

當我回顧這項業務時，它讓我想起了 Zygo 的收購。Zygo 和 FARO 的名稱非常相似，但它也像 Zygo 一樣進入了我們的 UPT 部門。如果你看看 Zygo，它是一家規模較小的上市公司，他們總是試圖全力以赴，取得大滿貫，因為他們想要引起注意，所以他們承擔了一些核心業務之外的事情。

And yeah, a very similar situation with FARO. And if I look at what we did with Zygo, the sales averaged 9% CAGR over the first 10 years. EBITDA grew over 5 times. EBITDA margins increased 2.5 times, and we reduced working capital by 50% over the first five years.

是的，FARO 的情況非常相似。如果我看一下我們對 Zygo 的所作所為，那麼前 10 年的銷售額平均複合年增長率為 9%。EBITDA 成長了5倍以上。EBITDA 利潤率增加了 2.5 倍，而我們在前五年內將營運資本減少了 50%。

So I think we have that kind of potential here. There's a lot of talent there, need to give us some focus. The current management team did a good job. I'll call it, cleaning up the business in the last 12 or 18 months, and we're extremely excited of what the future brings.

所以我認為我們有這樣的潛力。那裡有很多人才，需要我們給予關注。現任管理團隊做得很好。我稱之為在過去 12 到 18 個月內清理業務，我們對未來感到非常興奮。

So a pretty good algorithm if you can pull that off. That's great. And then maybe -- yeah, absolutely. And then on Paragon, Dave, if you could. So it sounds, as you said, order is firming up. Is that translated to the top line at Paragon yet? How do you see Paragon specifically performing here as we work through the back of the year?

如果你能實現這一點，這是一個非常好的演算法。那太棒了。然後也許——是的，絕對是如此。然後是 Paragon，戴夫，如果你可以的話。所以聽起來，正如你所說，秩序正在鞏固。這已經翻譯成 Paragon 的頂線了嗎？在我們度過今年餘下的時間時，您如何看待 Paragon 的具體表現？

Yeah. I mean Paragon had another excellent quarter, Jeff. Orders growth was again robust. Sales were strong, and we continue to drive outstanding margin expansion. The orders were the largest increase in AMETEK by far. We also have a situation where the Paragon EBITDA margins are now in line with AMETEK.

是的。我的意思是 Paragon 又度過了一個出色的季度，傑夫。訂單成長再次強勁。銷售表現強勁，我們持續推動優異的利潤率擴張。這是迄今為止 AMETEK 訂單量最大的一次成長。我們也發現 Paragon EBITDA 利潤率現在與 AMETEK 一致。

So they're a 30%-plus EBITDA margins, and we see meaningful margin runway ahead. So outstanding work by the entire Paragon team. This talk is over, and we are very, very excited about what we're seeing. So very pleased with what's going on there.

因此，他們的 EBITDA 利潤率超過 30%，而且我們預計未來利潤率將大幅提升。整個 Paragon 團隊的工作非常出色。這次演講已經結束了，我們對所看到的一切感到非常非常興奮。我對那裡發生的事情非常滿意。

They're in a good position with our customers and consumable surgical instruments and plantable components and attractive market segments. And we're through the destock. We took some time to do some hard work cleaning up the business. It has excellent engineering capability. They have new programs wins and really, really pleased with where we're at now.

他們在我們的客戶、消耗性手術器械、可植入零件和有吸引力的細分市場中處於有利地位。我們已經完成了去庫存工作。我們花了一些時間來努力清理業務。具有卓越的工程能力。他們贏得了新的項目，並且對我們目前的狀況非常非常滿意。

Great. Thanks for that color.

偉大的。謝謝你這個顏色。

Jamie Cook, Truist.

傑米·庫克（Jamie Cook），Truist。

Nice quarter. Two questions. First, Dave, as I look at your guide, I'm just trying to understand the puts and takes and I guess, level of conservatism in the guide because you're saying FARO adds a couple of pennies, it sounds like tariffs should be more of a tailwind.

不錯的季度。兩個問題。首先，戴夫，當我看你的指南時，我只是試圖了解其中的利弊，我想，指南中的保守程度，因為你說 FARO 增加了幾分錢，聽起來關稅應該更有利。

So can you help us understand what you're assuming now relative to the $100 million in tariff costs that you talked about last quarter and then the $70 million from China. And is there any change sort of in the core business? I just want to understand the puts and takes of the guide today versus first quarter.

那麼，您能否幫助我們了解一下，相對於您上個季度談到的 1 億美元關稅成本以及來自中國的 7000 萬美元，您現在的假設是什麼？核心業務有什麼變化嗎？我只是想了解今天的指南與第一季相比有何不同。

And then my second question is again, impressed with the EMG margins this quarter. Paragon, you're now saying the margins are in line with AMETEK just the setup for EMG margins as we exit the year. I would assume that would be one of your highest margin improvement segment -- the margins in that segment should improve the most. Just trying to understand if I'm thinking about that correctly?

我的第二個問題是，本季 EMG 的利潤率令人印象深刻。Paragon，您現在說利潤率與 AMETEK 一致，這正是我們今年年底時為 EMG 利潤率設定的。我認為這將是利潤率提高最高的部分之一——該部分的利潤率應該提高最多。只是想了解我的想法是否正確？

Yeah. I'll start with the margins. And I do think you're thinking about it correctly. I mean, there's excellent performance in the quarter, up 200 basis -- 210 basis points on a reported basis, 260 on a core margin basis. So EMG really is -- had a good quarter in margins.

是的。我先從邊距開始。我確實認為你的想法是正確的。我的意思是，本季的表現非常出色，上漲了 200 個基點——報告基礎上上漲了 210 個基點，核心利潤率基礎上上漲了 260 個基點。因此，EMG 本季的利潤率確實不錯。

And in the back half of the year, I think it's going to stay the same way. There's a good margin expansion there. And both our EIG and EMG businesses, core margin expanded 90 basis points. The reported margins were up 20, but core was up 90. We had a fantastic quarter. We are excellent in driving the operations of the business.

我認為今年下半年的情況將保持相同的水平。那裡的利潤率擴張得很好。我們的 EIG 和 EMG 業務的核心利潤率均擴大了 90 個基點。報告的利潤率上漲了 20%，但核心利潤率卻上漲了 90%。我們度過了一個非常棒的季度。我們在推動業務營運方面表現出色。

There was excellent productivity. There was positive price cost and really strongly performing acquisitions. When I look at the OpEx, I mean, our people are getting it done, we rose -- we raised our OpEx. We're going to -- working through the P&L to $155 million. That's about $25 million from where we started the year and up $5 million from last quarter. So the OpEx side of this thing is working extremely well, and we're pleased with that.

生產力非常高。價格成本為正，收購表現也十分強勁。當我查看營運支出時，我的意思是，我們的員工正在完成任務，我們提高了營運支出。我們將透過損益表將利潤提高到 1.55 億美元。這比年初增加了約 2500 萬美元，比上一季增加了 500 萬美元。因此，這件事的營運支出方面運作得非常好，我們對此感到滿意。

Going back to the guide, we beat our earnings. We boosted our guide for the year, and we have a big bolt-on. And we talked about a couple of cents from FARO. And that's all built into the model. I think there's a bit of conservatism in the Q3 guide as we get through all these changing dynamics. We feel very confident, but there's a bit of conservatism in the near-term guide.

回到指南，我們超出了我們的收益。我們提高了今年的指導方針，並且做出了重大改進。我們談論了 FARO 的一些事情。這一切都已融入模型之中。我認為，當我們經歷所有這些變化的動態時，第三季指南中存在一些保守主義。我們非常有信心，但近期指南有些保守。

I think that in terms of China, you mentioned the $70 million that we had flagged in the second quarter. We got a good portion of that. Later in the quarter, it opened up. We didn't get it all. We got a good force on that.

我認為就中國而言，您提到了我們在第二季度標記的 7000 萬美元。我們得到了其中很大一部分。本季度後期，它開放了。我們並沒有得到全部。我們在這方面擁有強大的力量。

And the $70 million that we identified as a tariff impact that we would offset, we're not going to constantly change with that changing environment. We're not going to constantly update the exposure, but what I'm [telling] in real time. But we got it. And we don't have a problem this year.

我們確定的 7000 萬美元的關稅影響將予以抵消，我們不會隨著環境的變化而不斷改變這一金額。我們不會不斷更新曝光，而是即時更新我所講述的內容。但我們做到了。今年我們沒有遇到任何問題。

So the $100 million that was a negative headwind is not a negative headwind. That's the best way I can explain it.

因此，這 1 億美元的負面逆風並不是負面逆風。這是我能解釋的最好的方式。

Thanks so much. Congrats on a nice quarter.

非常感謝。恭喜本季取得良好業績。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾、地方檢察官戴維森。

A couple of questions. You talked in detail about Paragon, which was very helpful.

有幾個問題。您詳細討論了 Paragon，這非常有幫助。

Can you go through the same kind of analysis specifically the Automation side of the business, where -- how that business is performing from a profitability standpoint? What you're seeing from an inbound order point of view? Where you are with the inventory sort of reductions you were seeing in the channel there as that's been one of the more challenged businesses for you guys?

您能否對業務的自動化方面進行同樣的分析，從獲利能力的角度來看該業務的表現如何？從入站訂單的角度來看您看到了什麼？你們在該通路看到的庫存減少情況如何？這對你們來說是最具挑戰性的業務之一？

And then I have a follow up.

然後我有一個後續行動。

Yeah. The Automation business it's in the same category as Paragon, the destock's over. And we're seeing strong growth in orders. There's a -- Paragon and the Automation business drove the profitability increase and EMG. So there's continued upside there.

是的。自動化業務與 Paragon 屬於同一類別，去庫存已經結束。我們看到訂單量強勁成長。Paragon 和自動化業務推動了獲利能力的成長和 EMG。因此，那裡還有持續的上漲空間。

But both Paragon and Automation, the two -- the med tech which Paragon's and Automation, that dealt with the destock, is done. So we're feeling good about that. It's driving profit growth and that's why the EMG margins are up 260 basis points on a core basis.

但是 Paragon 和 Automation 這兩家公司——Paragon 和 Automation 負責去庫存的醫療技術公司——都已經完成了。所以我們對此感覺很好。它推動了利潤成長，這也是 EMG 利潤率在核心基礎上上漲 260 個基點的原因。

And then you have a follow up?

然後你還有後續行動嗎？

As you think about those businesses specifically, what do you think the right go-forward organic algorithm looks like for that portion of AMETEK. And then, Dave, if you can just maybe comment a little more broadly what you're seeing from a go-forward actionability standpoint, M&A-wise, post FARO, what you're seeing in terms of deal size multiples, et cetera, that would be helpful.

當您具體考慮這些業務時，您認為對於 AMETEK 的這部分來說，正確的未來有機演算法是什麼樣的。然後，戴夫，如果你能從未來可操作性的角度更廣泛地評論一下你所看到的情況，例如併購方面、FARO 之後的情況、交易規模倍數等方面的情況，那將會很有幫助。

Yeah. I think the EMG business is -- the automation and engineered part of EMG is inflecting up. So I think it's is going to lead us in our next phase of growth. And I think we don't -- we're saying this year that we'll be up mid-single digits. So I think that's positive from last year.

是的。我認為 EMG 業務——EMG 的自動化和工程部分正在轉變。所以我認為它將引領我們進入下一階段的成長。我認為我們不會——我們說今年我們的成長率將達到個位數的中等水平。所以我認為這與去年相比是正面的。

And obviously, if the order rates continue, there can be some upside there. In terms of the acquisition pipeline, this year we got two deals done -- deployed $1 billion and acquired $400 million in revenue, and we're excited about these acquisitions. They are high-quality businesses that expand our presence in attractive growth markets. We have a clear path to add value in both the businesses. I talked about the recent acquisition of FARO in detail.

顯然，如果訂單率持續上升，那麼可能會有一些上漲空間。在收購方面，今年我們完成了兩筆交易——投資 10 億美元並獲得了 4 億美元的收入，我們對這些收購感到非常興奮。它們都是高品質的企業，擴大了我們在有吸引力的成長市場的影響力。我們有明確的途徑來為這兩項業務增值。我詳細講了最近對FARO的收購。

And to your question, our pipeline remains strong. We're very actively looking at a number of high-quality deals. As Dalip mentioned, we have $2 billion of existing cash and credit facilities. As always, we're going to remain disciplined, but we did some analysis. And if we levered up to 2.5 times, they got about $4.5 billion to $5 billion to spend.

對於您的問題，我們的通路依然強勁。我們正在積極尋找一些高品質的交易。正如達利普所提到的，我們現有 20 億美元的現金和信貸額度。像往常一樣，我們將保持紀律，但我們做了一些分析。如果我們將槓桿率提高到 2.5 倍，他們就可以獲得約 45 億至 50 億美元可供支出。

And I think that we have the opportunity to differentiate our performance with the M&A element of our growth strategy, combined with our balance sheet and combined with our strong cash flow. So we excelled this and especially when markets are choppy and the combination of our operational excellence and M&A, I think we're really focused on the pipeline and the pipeline is strong.

我認為，我們有機會利用成長策略中的併購要素、結合我們的資產負債表以及強勁的現金流來實現業績差異化。因此，我們在這方面表現出色，特別是在市場波動的情況下，結合我們的卓越營運和併購，我認為我們真正專注於管道，而且管道很強大。

Thank you.

謝謝。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to just kind of follow up on some of the commentary on back-half growth. It seems like with FARO and some of the prior M&A done, that M&A could be about almost a mid-single-digit tailwind. And I would imagine there's some FX tailwinds on top of that, kind of pushing collectively maybe into that mid- to high-single-digit range in the back half.

我只是想跟進一下有關下半年增長的一些評論。看起來，隨著​​ FARO 和一些之前完成的併購交易的完成，併購交易可能會帶來大約中等個位數的順風。而且我可以想像，在此基礎上還會有一些外匯順風，這些順風可能會將下半年的外匯收入集體推向中高個位數的範圍。

So I guess, is that right? And then what do you guys assume for organic growth into the back half of the year?

所以我猜，是這樣嗎？那麼你們對今年下半年的自然成長有何看法？

Yeah. One thing, Chris, talk about FX a little bit. And we're going to see for the year a top-line FX tailwind of about 1 percentage point. And we saw that same 1 percentage point in Q2. So on the top line, there's a little bit of a tailwind. But on the bottom line, we're largely naturally hedged.

是的。有一件事，克里斯，談談 FX。我們將看到今年外匯收入將出現約 1 個百分點的順風。我們在第二季也看到了同樣的 1 個百分點。因此，從營收來看，存在一點順風。但從根本上來說，我們基本上是自然對沖的。

I mean, when the currencies go either way, you never hear us talking about it. You never hear us as a positive from it. Never a negative from it. And we've run our businesses differently than most. And we have a natural hedge at the bottom line given the general balance of revenues and costs across key currencies. So generally, we don't see a meaningful impact to our profit results from FX movements.

我的意思是，無論貨幣走向如何，你都不會聽到我們談論它。您永遠不會聽到我們對此表示積極的看法。從來沒有任何負面影響。我們的經營方式與大多數企業不同。考慮到主要貨幣間收入和成本的整體平衡，我們在底線上擁有天然的對沖。因此整體而言，我們不會認為外匯波動會對我們的利潤產生重大影響。

Now, the FX is dollar has weakened, and we do export quite a bit of high-technology products from the US. So I think the lower dollar because we build our higher technology products, and many of them in the US, it's going to make us more competitive. So we understand our competitive positions. We're very well positioned to deal with currency fluctuations and it's a positive situation.

現在，美元匯率已經走弱，我們確實從美國出口了相當多的高科技產品。因此我認為，由於我們生產高科技產品，而且其中許多產品都在美國生產，因此美元匯率較低將使我們更具競爭力。因此我們了解我們的競爭地位。我們已做好充分準備來應對貨幣波動，這是一個積極的局面。

Yeah, I think organic growth for the year is still, plus LSD. So we're assuming positive LSD. We're assuming both groups are positive, and then we got the acquisitions that get us to MSD for the year. So that's where we are versus our prior guide. And we think that it's reflective of the situation that we're operating in.

是的，我認為今年的有機成長仍然會持續，而且還會加上 LSD。所以我們假設 LSD 為陽性。我們假設這兩個群體都是積極的，然後我們進行了收購，使我們今年能夠進入 MSD。這就是我們與之前的指南相比的現狀。我們認為這反映了我們目前的經營狀況。

I appreciate that. And then maybe just following up on FARO. I think the margin opportunity is pretty clear when we see the gross margin that they were running at, but I think if we look at the business, there really hasn't been much, if any, growth over the medium to long term. Could you just maybe talk about how Creaform has grown? Just to provide some color on the industry growth there.

我很感激。然後也許只是跟進 FARO。當我們看到他們的毛利率時，我認為利潤機會非常明顯，但我認為如果我們看一下業務，從中長期來看，實際上並沒有太大的成長，甚至沒有。您能否談談 Creaform 是如何成長的？只是為了提供一些有關那裡的行業增長的信息。

Yeah. Creaform have grown like a weed. When we acquired it, it was about a $40 million business, and it's grown at double digits since then, and the team has done an excellent job. So it's a much, much bigger business than when we acquired it.

是的。Creaform 已迅速發展。當我們收購它時，它的業務價值約為 4000 萬美元，自那時起，它的業務一直以兩位數的速度成長，而且團隊做得非常出色。因此，現在的業務比我們收購時大得多。

I made the analogy to our Zygo acquisition because I think it's really key. There's a lot of capability at FARO and a lot of talent, and they were just unfocused. They went down a path and spent a lot of money and didn't get a return for it. And we're going to do the same thing we did with Zygo.

我將其與我們對 Zygo 的收購進行了類比，因為我認為這真的很關鍵。FARO 擁有很多能力和人才，但他們只是缺乏專注。他們走了一條路，花了很多錢，卻沒有得到回報。我們將對 Zygo 採取同樣的做法。

We'd get the team together. We're going to focus on their core advantages. We're not going to swing for the fences. We're going to look for incremental wins and that business is going to grow nicely for us.

我們會讓團隊團結起來。我們將專注於他們的核心優勢。我們不會孤注一擲。我們將尋求逐步的勝利，並且我們的業務將會順利成長。

So we have a bottom line chance to double the EBITDA margins in three years. And at the same time, with the technology and capability in that business, we're going to grow the top line, too, and we have a good analogy with the Zygo acquisition.

因此，我們有機會在三年內將 EBITDA 利潤率翻倍。同時，憑藉該業務的技術和能力，我們也將實現營收成長，這與 Zygo 收購有一個很好的類比。

Thank you, Dave. Appreciate that.

謝謝你，戴夫。非常感謝。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Just two questions for me, and I'll stick them into one. In terms of China, was there any pull forward of demand on metrology equipment, given that there is still some uncertainty about Unity tariffs in the second half? And just overall on your organic growth as -- and I apologize, I might have missed some stuff.

我只有兩個問題，我會將它們合併成一個。就中國而言，鑑於下半年統一關稅仍存在一些不確定性，計量設備的需求是否提前？總體而言，就您的有機成長而言——抱歉，我可能遺漏了一些東西。

But as you went through the segments and where you were and where you're going, is it fair to say that generally, you think short cycle industrial has bottomed, and you've raised your organic growth expectations on the margins going forward. Just want to button up those two issues.

但是，當您回顧各個細分市場以及您所處的位置和未來目標時，是否可以公平地說，您總體上認為短週期工業已經觸底，並且您已經提高了對未來利潤率的有機增長預期。只是想解決這兩個問題。

Yeah. In terms of China -- yeah, the country was down low-single digits for us for the quarter. So it was down a bit. I don't think there's really a pull ahead there. It's a situation where we're doing some projects and the projects require funding and the tariffs have just caused a lot of delays in getting the proper funding.

是的。就中國而言——是的，本季該國的銷售額下降了個位數。所以它有點下降了。我認為那裡確實沒有什麼優勢。我們正在進行一些項目，這些項目需要資金，而關稅導致獲取適當資金的大量延誤。

So there's still strong demand for our projects, and we got a good portion of the stuff out in the second quarter that we flagged last time, so that was a positive. And there's still a bit of uncertainty in the market. And -- but we're well positioned, and our customers are working with us.

因此，我們的項目仍然有強勁的需求，而且我們在第二季度已經完成了上次標記的很大一部分項目，所以這是一個積極的方面。而市場仍然存在一些不確定性。而且—但我們的定位很有利，我們的客戶正在與我們合作。

And -- but I wouldn't characterize it as a pull ahead in metrology. No, I don't think we saw that. Your other question was related to --?

並且 — — 但我不會將其描述為計量學的進步。不，我認為我們沒有看到。您的另一個問題與--？

Has the cycle bottomed and are you guys feeling better about organic growth?

這個週期是否已經觸底？你們對有機成長的感覺是否好一些？

Yeah. I think -- yeah, I don't characterize the med tech market and the automation market is short cycle, they're more mid-cycle. But we are seeing a specific destock end and we're feeling really good about the orders there. So that's true. So yes.

是的。我認為——是的，我並不認為醫療技術市場和自動化市場是短週期的，它們更傾向於中週期。但我們看到特定的去庫存化正在結束，我們對那裡的訂單感到非常滿意。確實如此。是的。

I mean, I think that where we're at is our strength in our A&D business, broad-based, improved outlook. Our Power business is starting to accelerate with grid spending, improved outlook. I think we talked about the automation and Engineered Solutions, Paragon, strong growth, highest in the company.

我的意思是，我認為我們現在的優勢在於我們的 A&D 業務，基礎廣泛，前景改善。隨著電網支出和前景改善，我們的電力業務開始加速發展。我想我們談論的是自動化和工程解決方案、Paragon、強勁成長以及公司最高水準。

Also our Automation business now inflecting upward. And our Process business, Process and Analytical is definitely not incrementally weakening, but the markets are still sluggish. And we have a pipeline of potential orders is solid.

我們的自動化業務現在也正在向上發展。我們的流程業務、流程和分析業務肯定不會逐漸減弱，但市場仍然低迷。我們的潛在訂單管道十分穩定。

We're beginning to see quotations there related to reshoring, related to new opportunities, related to existing opportunities, but that's where the project business is dealing with a bit of uncertainty. So we have to work our way through that. But in the other three market segments, it feels like we're in a positive situation.

我們開始看到與回流、新機會、現有機會相關的報價，但這就是專案業務面臨一些不確定性的地方。所以我們必須想辦法解決這個問題。但在其他三個細分市場，我們感覺情況良好。

I'll take it. Thank you so much.

我要買它。太感謝了。

Brett Linzey, Mizuho.

瑞穗的布雷特‧林齊 (Brett Linzey)。

Wanted to come back just to the slower decision-making. I guess, are customers giving you any sense on the timing of that quotation activity and what the budgeting timeline might look like there. And then anything on that front to glean through July in terms of those discussions.

想回來只是為了做更慢的決策。我想，客戶是否會告訴您有關報價活動的時間表以及預算時間表的具體情況？然後，透過 7 月的討論，我們可以了解到有關該方面的任何資訊。

Yeah, the timelines -- yeah, they are -- it's difficult. I mean, there are definitely some delayed shipments. I think the certainty around the trade back and forth is important to get it resolved. So we're seeing the high number of trade deals get negotiated, get concluded. That takes the uncertainty off the table with tributary and we can go forward.

是的，時間表——是的，它們——很困難。我的意思是，肯定會有一些貨物延遲發貨。我認為，貿易往來的確定性對於解決這個問題很重要。因此，我們看到大量的貿易協議得​​到談判和達成。這消除了支流問題的不確定性，我們就可以繼續前進。

So I don't think it's the -- the level of the tariffs is the uncertainty of the tariffs. And I think as we rapidly got some trade deals done, I think that uncertainty is reducing. So -- but as those play through and we understand the impacts of them, I think the uncertainty is going to reduce.

所以我不認為這是關稅水準的問題，而是關稅的不確定性的問題。我認為，隨著我們迅速達成一些貿易協議，不確定性正在減少。所以——但隨著這些因素的發揮作用，我們了解它們的影響，我認為不確定性將會減少。

I mean, in the US, we have the overall positive outcomes, as Dalip mentioned, from the tax bill. So we have the -- it helped clarify those go-forward tax rules -- but the immediate expensing of R&D, the capital equipment for capital equipment purchases, the spur customer capital investments.

我的意思是，在美國，正如達利普所提到的，稅收法案為我們帶來了整體正面成果。因此，我們有—它有助於澄清那些未來的稅收規則—但研發的立即費用化，資本設備的購買，刺激客戶的資本投資。

And at the same time, we have the tariffs where we have people looking to resort to the US, and we're in a very good position to help them do that. So I mean, that's a positive. And we have the -- but the tariffs have to get settled. And as we move through this and more of those get settled, I think the cloud is going to be removed from some of those projects.

同時，對於那些想要訴諸美國的國家，我們徵收關稅，我們處於非常有利的位置來幫助他們做到這一點。所以我的意思是，這是一件正面的事。我們有——但是關稅必須解決。隨著我們不斷推進這一進程，越來越多的問題得到解決，我認為雲端將會從一些項目中移除。

Thanks for that. And then just a follow up on the $70 million of the potential at-risk revenue that you had flagged on the last quarter call. I know that's direct US to China instrumentation. Maybe just a finer point on how much of that did ship in 2Q? And are you assuming that the remaining gets delivered as part of the framework? Or is there still some contingency there?

謝謝。然後，我們來跟進您在上個季度電話會議上提到的 7000 萬美元的潛在風險收入。我知道這是美國直接提供給中國的儀器。也許只是更詳細地了解第二季度發貨了多少？您是否假設剩餘部分將作為框架的一部分交付？或者那裡還存在一些意外情況？

I think I'd say that a good majority of it shipped, and there's still some of it that's unresolved and that will get resolved in Q3 and Q4.

我想說的是，其中大部分已經發貨，但仍有一些尚未解決，這些問題將在第三季和第四季解決。

Okay. Great. Best of luck.

好的。偉大的。祝你好運。

Christopher Glynn, Oppenheimer & Company.

克里斯多福‧格林（Christopher Glynn），奧本海默公司。

Dave, a question about the pipeline with a little bit more specificity on the aero defense market. It's been a while since you did Abaco four years ago. I'm curious about the pipeline there, maybe the -- all the noise around the industry supply chain being picked up is revealing some properties there that might be opportunistic in that space.

戴夫，我有一個關於管道的問題，具體涉及航空防禦市場。距離你四年前拍攝阿巴科島已經有一段時間了。我對那裡的管道很好奇，也許——圍繞行業供應鏈的所有噪音都在揭示那裡的一些可能在那個領域帶來機會的屬性。

How are you thinking about -- and also how are you thinking about A&D more fundamentally in the context of all your businesses for long-term M&A?

您是如何考慮的——以及您如何在所有業務的背景下更根本地考慮 A&D 的長期併購？

Yeah. I think the A&D market is certainly a market we would like to deploy more capital in. So we're actively looking at the market. We're actively looking at some deals. And from my viewpoint, it's been a great profit gene from generator from AMETEK. We have unique differentiated positions a really good management team. They continue to perform, and I love to deploy capital in that area.

是的。我認為 A&D 市場肯定是我們願意投入更多資金的市場。因此我們正在積極關注市場。我們正在積極尋找一些交易。從我的角度來看，AMETEK 發電機帶來了巨大的利潤。我們擁有獨特的差異化定位和一支非常優秀的管理團隊。他們繼續表現，我喜歡在那個領域部署資本。

Okay. Great. And then for EMG, your Automation is starting to accelerate here and it sounds like some incremental inflection. So with this cyclical momentum there in medical, would you expect more level loaded the first-half, second-half sales versus usually, it's slightly tilted towards the first half on a seasonal basis?

好的。偉大的。然後對於 EMG，您的自動化在這裡開始加速，這聽起來像是一些增量的變化。那麼，鑑於醫療行業的這種週期性勢頭，您是否預計上半年和下半年的銷售額會更加平穩，而通常情況下，從季節性來看，銷售額會略微傾向於上半年？

Yeah. I'd say with the increase in orders, we're going to have a solid second half. So there might be a little bit of a different tilt than a typical year. You saw the orders coming in in the first half of the year, and you might have the shipments coming out three to six months later. So it might be a little bit different.

是的。我想說，隨著訂單的增加，我們下半年的業績將會穩健。因此，與往年相比，情況可能會略有不同。您會看到上半年有訂單進來，但可能三到六個月後才會有貨物發出。所以可能會有點不同。

Makes sense. Thank you.

有道理。謝謝。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

This is Jacob Moore on for Steve. Just a two-parter from us as well, kind of staying on orders and backlog, they look pretty solid this quarter. Can you just help us understand the breakdown of orders and backlog between the segments? Are there any end markets you would call out notable strength or weakness in orders?

雅各布·摩爾 (Jacob Moore) 代替史蒂夫發言。我們只說兩部分，關於訂單和積壓訂單，本季看起來相當穩健。您能否幫助我們了解各部門之間的訂單和積壓情況的細目？您認為哪些終端市場的訂單表現明顯強勁或疲軟？

And then the quick second is related to the tariff situation. Beyond the China metrology, do you think there's any level of pull forward more broadly up to this point? Any perspective you have there would be helpful.

其次，與關稅情況有關。除了中國計量之外，您認為到目前為止，還有什麼更廣泛的推動作用嗎？您的任何觀點都會有所幫助。

Yeah. In terms of the pull forward, we're typically manufacturing customized systems that are higher dollar value. So I'm sure there was a little bit of pull forward, but it's not of a meaningful, quantifiable number in our respect. So we are probably less affected by pull forwards than most companies because of the nature of our product portfolio.

是的。就前瞻而言，我們通常會製造價值較高的客製化系統。所以我確信有一點點的拉動，但對我們來說這不是一個有意義的、可量化的數字。因此，由於我們產品組合的性質，我們可能比大多數公司受到前瞻的影響較小。

In terms of the orders, overall orders were up 6% in the quarter. The EMG business was up double digits. EIG was up single digits, in terms of book-to-bill was 1; EMG was a little above 1; and EIG was a little below 1. So it's -- and as I mentioned, the cadence of the orders, June was the strongest quarter of the strongest month of the quarter and also the strongest month of the year.

訂單方面，本季整體訂單成長了6%。EMG 業務實現了兩位數成長。EIG 成長了個位數，訂單出貨比為 1；EMG 略高於 1；而 EIG 略低於 1。所以 — — 正如我所提到的，從訂單節奏來看，六月是本季最強勁的月份，也是一年中表現最強勁的月份。

Got it. Thank you very much.

知道了。非常感謝。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

A lot of details already. Dave, thanks for the details by segment. So the EIG book-to-bill, I'm just curious, the Aerospace and Defense businesses within EIG, will they be still above 1 within that overall?

已經有很多細節了。戴夫，謝謝你按部分提供的詳細資訊。因此，我很好奇，EIG 的訂單出貨比，EIG 內的航空航太和國防業務，總體而言仍會高於 1？

Yeah, they'd be above 1, but that's a backlog business, okay? So a lot of those orders are three, six, and nine months even a year in advance, but yes, they were above 1.

是的，它們會高於 1，但這是積壓業務，好嗎？因此，許多訂單都是提前三個月、六個月、九個月甚至一年的，但確實超過了 1。

Yeah. Okay. And then you called out, obviously, the process and Analyticals, SBU are still, I think you said sluggish. There's been a lot of concern around academic and government funding. So just curious what you're seeing in your Gatan and some of the other businesses that might be affected by those pressures.

是的。好的。然後您喊道，顯然，流程和分析、SBU 仍然，我想您說的是遲緩。人們對學術和政府資助非常擔憂。所以我很好奇，您在 Gatan 和其他一些可能受到這些壓力影響的企業中看到了什麼。

Yeah, it's a good question. If you just look at our verticals, the med tech was positive. A&D, as I talked about, was positive. Automation was positive and [food] was positive. And the two negatives will be the semiconductor market and the research academia market. And it will be in the US and globally.

是的，這是個好問題。如果你只看我們的垂直產業，醫療技術是正面的。正如我所說，A&D 是積極的。自動化是正面的，[食物]也是正面的。而兩個負面因素將是半導體市場和研究學術市場。它將在美國和全球範圍內推出。

So that would be how I would look at it from the verticals. And obviously, our process business plays in a lot of those, but semi and research were headwinds in the quarter.

這就是我從垂直角度看待這個問題的方式。顯然，我們的流程業務在其中發揮了很大的作用，但半導體和研究在本季度遇到了阻力。

And maybe just could you just size that research exposure for AMETEK? And do you view these pressures as temporary? Or do you think it could be with us for some time?

也許您能為 AMETEK 確定一下該研究的曝光度嗎？您認為這些壓力是暫時的嗎？或者您認為它還會伴隨我們一段時間嗎？

Yeah. Research market is about 10% of AMETEK. That's a good estimate for size. In the US, you had -- there is a -- the redefining a little bit of the spend and the -- without getting into a lot of details, the spend associated with the projects have been reduced, but they still want to go forward with the projects. There are some delays. And those delays are happening.

是的。研究市場約佔AMETEK的10%。這是對尺寸的一個很好的估計。在美國，你對支出進行了一些重新定義，而且，無需贅述太多細節，與專案相關的支出已經減少，但他們仍然希望繼續推進這些專案。有一些延遲。這些延誤正在發生。

I think that those -- in the research market, there are some parts of the world where the research market is very strong, about 25% to 30% of our research markets in the US, the balance of it is internationally. So we had a little issue in China there that we talked about, and the smaller part of it is in the US where there is some delay in research academia funding and we're seeing that as a bit of a headwind to our process business.

我認為，在研究市場中，世界上有些地區的研究市場非常強勁，我們大約 25% 到 30% 的研究市場在美國，其餘的則在國際上。因此，我們談到了中國存在的一個小問題，較小的問題在於美國，那裡的研究學術資金出現了一些延遲，我們認為這對我們的流程業務造成了一些阻力。

I think I will be around for definitely in quarter three as we get into the fourth quarter, I'm not sure.

我認為我肯定會在第三季度出現，因為我們進入了第四季度，但我不確定。

Makes sense. Thank you, Dave.

有道理。謝謝你，戴夫。

Scott Graham, Seaport Research Partners.

格雷厄姆（Scott Graham），海港研究合作夥伴。

I have -- I'm sorry, I joined the call late. Dave, did you provide what the pricing was in the quarter? And then I'll ask maybe what your thinking is for the second half. And then with that, with tariffs coming down, how did you approach that with customers? Because I'm sure prices announced were a certain level and then tariffs came down, you might have had to adjust those. Could you just kind of walk us through all that?

我已經──很抱歉，我遲到了。戴夫，你提供過本季的定價嗎？然後我可能會問你對下半場的想法是什麼。那麼，隨著關稅下降，您如何處理客戶問題？因為我確信公佈的價格是在一個特定的水平，然後關稅下降，你可能不得不調整這些。您能簡單地跟我們講一下這些嗎？

Yeah. A lot of that is into the detailed discussions in our business units. I'll say that in the quarter, we had positive price cost spread. We didn't guide to a price exactly, but we had a positive price/cost spread. I think we'll have that for the year.

是的。其中許多內容都已納入我們業務部門的詳細討論中。我想說的是，在本季度，我們實現了正的價格成本差。我們沒有確切地指導價格，但我們有一個積極的價格/成本差價。我想我們今年就會實現這個目標。

The price increases, I would find them as selective. We're trying to work with our customers. At the same time, I'm confident that the impacts of tariff and inflation will be offset by price. And it speaks to the results are related to the highly differentiated nature of the AMETEK product portfolio and our leadership position in niche markets around the globe. So that's how I'd characterize it.

價格上漲後，我會發現它們更有選擇性。我們正在努力與我們的客戶合作。同時，我相信關稅和通貨膨脹的影響將被價格抵銷。這表明，這些結果與 AMETEK 產品組合的高度差異化特性以及我們在全球利基市場中的領導地位有關。這就是我對它的描述。

Okay. I appreciate that. Thank you. And then just maybe flipping to process, which looked like it was softer than perhaps you were thinking internally. That sort of division whatever we want to call that has a lot of different end markets. Could you kind of tell us what the puts and takes were there?

好的。我很感激。謝謝。然後也許只是翻轉過程，它看起來比你內心所想的要柔和。無論我們怎麼稱呼這種部門，它都有許多不同的終端市場。您能否告訴我們那裡的情況如何？

Yeah. I was going through that a little bit before. So there would be positives on the med tech space, like our [Rallin] businesses there. They had a really good quarter, positive in the food business. We have a MOCON business, that's -- we have about 3% or 4% of our businesses so that was very positive. The oil and gas market, that was kind of just -- nothing really positive, nothing really negative. And in the semiconductor and the research markets, those were headwinds.

是的。我之前也經歷過一點這樣的事。因此，醫療科技領域將會出現積極的跡象，就像我們在那裡的 [Rallin] 業務一樣。他們本季表現非常好，食品業務表現積極。我們有 MOCON 業務，也就是我們約 3% 或 4% 的業務，所以這是非常積極的。石油和天然氣市場，那隻是──沒有什麼真正的正面因素，也沒有什麼真正的負面因素。而在半導體和研究市場，這些都是不利因素。

So that's how I'd characterize it.

這就是我對它的描述。

I appreciate that. Thank you.

我很感激。謝謝。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back to Kevin for closing remarks.

女士們、先生們，隊列中沒有其他問題了。現在我想請凱文做最後發言。

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

謝謝 Towanda，也謝謝大家今天參加我們的電話會議。溫馨提醒，您可以在 ametek.com 的「投資者」板塊觀看今天的網路直播重播。祝您擁有美好的一天。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。