阿美特克 (AME) 2025 Q3 法說會逐字稿

Hello, and welcome to the AMETEK third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 AMETEK 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我榮幸地向大家介紹投資人關係副總裁兼財務長凱文‧科爾曼。

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

謝謝你，安德魯。早安，歡迎參加AMETEK 2025年第三季財報電話會議。今天陪同我出席的有董事長兼執行長戴夫·札皮科，以及執行副總裁兼財務長達利普·普里。

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，我們將發表一些前瞻性聲明，這些聲明可能會根據各種風險因素和不確定性而發生變化，導致實際結果與預期結果有重大差異。AMETEK 向美國證券交易委員會提交的文件中包含了可能影響我們未來業績的風險和不確定性的詳細討論。AMETEK公司聲明，其沒有更新或修改任何前瞻性聲明的意圖或義務。

Any references made on this call to historical results will be on an adjusted basis, excluding after-tax, acquisition-related intangible amortization and excluding acquisition-related costs. Reconciliations between GAAP and adjusted measures can be found in our press release and on the Investors section of our website. We'll begin today's call with prepared remarks, and then we'll open it up for questions.

本次電話會議中提及的歷史績效將以調整後為基礎，不包括稅後收購相關無形資產攤提及收購相關成本。有關 GAAP 與調整後指標之間的調整表，請參閱我們的新聞稿和我們網站的投資者關係部分。今天的電話會議將首先由我作準備好的發言，然後開放提問環節。

I'll now turn the meeting over to Dave.

現在我將會議交給戴夫主持。

Thank you, Kevin, and good morning, everyone. AMETEK delivered outstanding results in the third quarter with double-digit growth in sales, orders, operating profit and diluted earnings per share. Organic sales growth was strong in the quarter, leading to outstanding margin expansion and earnings well ahead of our expectations. Given these excellent results and our outlook for the remainder of the year, we are increasing our full year earnings guidance.

謝謝你，凱文，大家早安。AMETEK 第三季業績表現出色，銷售額、訂單量、營業利潤和稀釋後每股收益均實現了兩位數成長。本季有機銷售成長強勁，帶動利潤率大幅提升，獲利遠超預期。鑑於這些優異的業績以及我們對今年剩餘時間的展望，我們提高了全年獲利預期。

Now let me turn to our third quarter financial results. Sales were a record $1.89 billion, an increase of 11% from the third quarter of 2024. Organic sales were up 4%, acquisitions added 6 points and foreign currency translation was a 1-point benefit. Orders were also very strong in the quarter with overall orders up 13% to a record $1.97 billion and organic orders up 7%, leading to a record backlog of $3.54 billion.

現在讓我來看看我們第三季的財務表現。銷售額創下18.9億美元的紀錄，比2024年第三季成長11%。有機銷售額成長 4%，收購成長 6 個百分點，外匯折算帶來 1 個百分點的收益。本季訂單情況也非常強勁，總訂單額成長 13% 至創紀錄的 19.7 億美元，有機訂單金額成長 7%，導致積壓訂單金額達到創紀錄的 35.4 億美元。

Our operational performance in the quarter was excellent with strong margin expansion and double-digit earnings growth. Operating income in the quarter was a record $496 million, an 11% increase over the third quarter of 2024.

本季我們的營運業績非常出色，利潤率大幅提升，獲利實現了兩位數成長。本季營業收入創下 4.96 億美元的紀錄，比 2024 年第三季成長 11%。

Excluding the impact of recent acquisitions, margins were 27%, up 90 basis points versus the prior year. EBITDA in the quarter was a record $592 million, up 11% versus the prior year, with EBITDA margins an outstanding 31.3%. This operating performance led to record earnings of $1.89 per diluted share, up 14% versus the third quarter of 2024.

剔除近期收購的影響，利潤率為 27%，比上年增長 90 個基點。本季 EBITDA 達到創紀錄的 5.92 億美元，比上年同期成長 11%，EBITDA 利潤率高達 31.3%。這項經營業績使每股攤薄收益達到創紀錄的 1.89 美元，比 2024 年第三季成長 14%。

Now let me provide some additional details at the group level. First, the Electronic Instruments Group. EIG delivered outstanding operating performance in the third quarter with strong margin expansion and operating margin levels that reflect the differentiated nature of our products and solutions. EIG sales were a record $1.25 billion, up 10% from last year's third quarter. Organic sales were flat.

現在讓我提供一些關於團隊層面的補充細節。首先是電子儀器組。EIG 第三季營運表現出色，利潤率大幅提升，營運利潤率水準反映了我們產品和解決方案的差異化特性。EIG 的銷售額創下 12.5 億美元的紀錄，比去年第三季成長了 10%。有機產品銷售額持平。

Acquisitions added 9 points and foreign currency was a 1-point tailwind. EIG operating income was $360 million, up 6% versus the prior year. Operating margins, excluding the impact of recent acquisitions, were 30.4%, up 50 basis points versus the prior year.

收購貢獻了 9 個百分點，外匯匯率帶來了 1 個百分點的利好。EIG 的營業收入為 3.6 億美元，比上年增長 6%。不計近期收購的影響，營業利益率為 30.4%，較上年成長 50 個基點。

The Electromechanical Group had an excellent quarter, delivering outstanding sales growth, record operating income and sizable margin expansion. EMG's third quarter sales were a record $646 million, up 13% versus the prior year.

機電集團本季表現出色，實現了卓越的銷售成長、創紀錄的營業收入和大幅的利潤率擴張。EMG 第三季銷售額創下 6.46 億美元的紀錄，比上年同期成長 13%。

Organic sales were up 12% and foreign currency was a 1-point tailwind. Growth was broad-based across all EMG businesses in the quarter. EMG's operating income in the third quarter was a record $164 million, up 25% compared to the prior year.

有機銷售額成長了 12%，外匯匯率帶來了 1 個百分點的利好。本季 EMG 所有業務均實現了全面成長。EMG 第三季營業收入創下 1.64 億美元的紀錄，比去年同期成長 25%。

EMG's operating margins were up sharply to 25.4%, a 250 basis point increase from the third quarter of 2024.

EMG 的營業利潤率大幅上升至 25.4%，比 2024 年第三季成長了 250 個基點。

Our results in the third quarter and thus far this year are a powerful demonstration of the AMETEK growth model in action. Our distributed operating structure and embedded operational excellence culture has allowed our businesses to quickly react to changing market dynamics and deliver excellent results. While there is still macroeconomic uncertainty, given the ongoing trade conflicts, AMETEK is well positioned.

第三季以及今年迄今的業績有力地證明了 AMETEK 成長模式的有效性。我們分散的營運結構和內嵌的卓越營運文化使我們的業務能夠快速應對不斷變化的市場動態並取得優異的業績。儘管宏觀經濟仍存在不確定性，且貿易衝突仍在持續，但AMETEK已做好充分準備。

We are seeing positive inflection in our Automation & Engineered Solutions markets, along with continued strength across our Aerospace & Defense businesses. Additionally, we are managing a growing pipeline of opportunities within our Power businesses and are benefiting from the strong secular trends driving that market. We are also seeing some improved visibility across our process markets. Although as noted, we are closely monitoring the trade dynamics and impact on demand timing.

我們看到自動化和工程解決方案市場出現了積極的轉機，同時航空航太和國防業務也保持了強勁勢頭。此外，我們在電力業務領域擁有不斷增長的機遇，並受益於推動該市場的強勁長期趨勢。我們也看到，我們的加工市場也出現了一些可見性提升。如前文所述，我們正在密切關注貿易動態及其對需求時機的影響。

Our recent acquisitions, FARO, Virtek, Kern and Paragon are integrating very well into AMETEK and delivering strong results. As Dalip will cover, we have significant balance sheet flexibility, providing us with ample firepower to deploy on strategic acquisitions. Lastly, our operating model continues to shine with our colleagues doing an outstanding job leveraging our global infrastructure and operating systems to drive outstanding performance. Thank you to all colleagues for your tremendous efforts.

我們近期收購的 FARO、Virtek、Kern 和 Paragon 都很好地融入了 AMETEK，並取得了強勁的業績。正如達利普將要介紹的，我們擁有相當大的資產負債表彈性，這為我們提供了充足的資金進行策略性收購。最後，我們的營運模式持續大放異彩，我們的同事們出色地利用了我們的全球基礎設施和作業系統，從而取得了卓越的業績。感謝各位同事付出的巨大努力。

Now switching to capital deployment. As noted, our integration efforts with recent acquisitions are progressing very well. Strategic acquisitions continue to be a core element of our growth strategy and the primary focus for our capital deployment. We are managing a strong pipeline of attractive acquisition candidates and expect to be active in pursuing strategic opportunities going forward.

現在切換到資金部署環節。如前所述，我們與近期收購企業的整合工作進展非常順利。策略收購仍是我們成長策略的核心要素，也是我們資本部署的主要重點。我們正在管理大量有吸引力的收購目標，並期待未來積極尋求策略機會。

Complementing our proven acquisition strategy is a consistent commitment to investing in our businesses to best position them for long-term success. For 2025, we now expect to deploy an incremental $90 million toward organic growth initiatives with this investment focused primarily on research and development, sales and digital marketing initiatives.

除了行之有效的收購策略外，我們還持續致力於投資旗下業務，以使其更好地為長期成功做好準備。到 2025 年，我們預計將額外投入 9,000 萬美元用於有機成長計劃，這項投資將主要集中在研發、銷售和數位行銷計劃上。

The tangible results of this focus are clear with our third quarter Vitality Index, a strong 26%. The benefits of these investments coming to fruition can be seen in the many new product innovations across the company.

這項重點的實際成果顯而易見，我們的第三季活力指數高達 26%。這些投資的成效體現在公司許多新產品的創新之中。

I wanted to highlight a few of these new product innovations, the first one from our Virtek Vision business. Virtek Vision is a leading provider of 3D laser projection and quality control inspection systems for critical aerospace and industrial applications.

我想重點介紹其中幾項新產品創新，首先是來自我們 Virtek Vision 業務的創新。Virtek Vision 是領先的 3D 雷射投影和品質控制檢測系統供應商，服務於關鍵的航空航天和工業應用領域。

Virtek recently introduced a new AI-powered camera and software monitoring system that complements its advanced 3D laser projection system, further advancing their intelligent real-time inspection capabilities.

Virtek 最近推出了一款新的 AI 驅動的相機和軟體監控系統，該系統與其先進的 3D 雷射投影系統相輔相成，進一步提升了其智慧即時偵測能力。

The IRIS AI Inspection camera addresses customers' critical need for improved quality control and real-time documentation in complex manufacturing workflows. The AI-powered camera captures and documents every step of the build process, creating a complete digital record for each part.

IRIS AI 偵測相機滿足了客戶在複雜的製造工作流程中對改善品質控制和即時記錄的迫切需求。這款人工智慧相機能夠捕捉並記錄製造過程的每一步，為每個部件創建完整的數位記錄。

A notable feature of this new solution is the ability for users to create custom AI inspection models that can automatically detect anomalies, allowing for real-time process corrections. With this new product launch, Virtek makes powerful digital manufacturing tools intuitive and operator-friendly, helping customers improve quality and productivity.

此新解決方案的一個顯著特點是，使用者可以建立自訂 AI 偵測模型，這些模型可以自動偵測異常情況，從而實現即時流程修正。透過此次新產品的發布，Virtek 讓強大的數位化製造工具直觀易用，幫助客戶提高品質和生產效率。

Our NSI-MI Technologies business, the global defense tech leader in advanced RF and microwave test and measurement solutions is also doing an outstanding job developing highly differentiated custom solutions for their customers' critical applications.

我們的 NSI-MI Technologies 業務部門是全球領先的先進射頻和微波測試與測量解決方案國防技術公司，在為客戶的關鍵應用開發高度差異化的客製化解決方案方面也做得非常出色。

NSI is aligned with strong secular growth themes tied to advancements in satellite systems, autonomous vehicles and defense systems and as a result, are seeing excellent demand for their advanced measurement solutions.

NSI 與衛星系統、自動駕駛汽車和國防系統等領域的進步所帶來的強勁長期成長主題相契合，因此，其先進的測量解決方案獲得了極佳的需求。

NSI's recently introduced new product, the Vector Digital Receiver advances their antenna, radome and electromagnetic field measurement capabilities, directly supporting the development of next-generation communication systems and advanced sensors for air, land, space and sea applications.

NSI 最近推出的新產品 Vector 數位接收器提升了其天線、雷達罩和電磁場測量能力，直接支援下一代通訊系統和用於空中、陸地、太空和海洋應用的高級感測器的開發。

I also wanted to congratulate our Rauland business on an impressive recent industry recognition. Rauland is a global leader in advanced clinical communications and workflow solutions for hospitals and health care systems worldwide.

我還要祝賀我們的 Rauland 公司最近獲得了令人矚目的行業認可。Rauland是全球領先的先進臨床通訊和工作流程解決方案提供商，服務於全球醫院和醫療保健系統。

For the second consecutive year, Rauland has won the prestigious MedTech Breakthrough Award for Best Clinical Administration hardware device. This award recognizes Rauland's Responder platform for its critical role in addressing key challenges in modern health care, such as nursing shortages and clinician workload stress.

Rauland 連續第二年榮獲享有盛譽的 MedTech Breakthrough Award 最佳臨床管理硬體設備獎。該獎項旨在表彰 Rauland 的 Responder 平台在應對現代醫療保健的關鍵挑戰（例如護理師短缺和臨床醫生工作量壓力）方面發揮的關鍵作用。

The new Responder Enterprise Converge simplifies and coordinates care by improving direct staff to staff and patient-to-staff communication, which leads to faster response times, enhanced patient safety and better staff efficiency. This recognition underscores Rauland's technology leadership and its commitment to developing solutions that empower health care professionals and improve patient outcomes. This is a fantastic example of how our businesses are translating their technological innovation efforts into market-leading award-winning solutions for our customers.

新的 Responder Enterprise Converge 透過改善員工之間以及病患與員工之間的直接溝通，簡化和協調護理，從而加快速度，提高病患安全性和員工效率。這項認可凸顯了 Rauland 在技術領域的領先地位，以及其致力於開發能夠賦能醫療保健專業人員並改善患者治療效果的解決方案的承諾。這是一個絕佳的例子，展現了我們的企業如何將技術創新成果轉化為市場領先、屢獲殊榮的解決方案，從而為我們的客戶創造價值。

Finally, an update on the global trade environment. The situation continues to be very fluid and ever changing. We remain vigilant in monitoring developments and proactively managing potential impacts. As we have discussed, our businesses continue to execute their well-defined mitigation plans, which include targeted pricing, strategic supply chain modifications and utilizing our global manufacturing footprint to adapt to changing demand patterns.

最後，更新一下全球貿易環境的情況。局勢依然瞬息萬變。我們將繼續密切關注事態發展，並積極應對潛在影響。正如我們之前討論過的，我們的業務部門將繼續執行其明確的緩解計劃，包括有針對性的定價、策略性的供應鏈調整以及利用我們的全球製造佈局來適應不斷變化的需求模式。

Our teams also continue to leverage our US manufacturing presence to support global customers adapting their own supply chains. AMETEK's culture and decentralized operating structure remain key advantages, providing flexibility to implement these actions quickly and effectively. Our proven playbook for navigating these uncertain environments continues to serve us well, and our teams are executing effectively.

我們的團隊也將繼續利用我們在美國的製造優勢，為調整自身供應鏈的全球客戶提供支援。AMETEK 的企業文化和分散式營運結構仍然是關鍵優勢，能夠靈活、快速、有效地實施這些行動。我們應對這些不確定環境的行之有效的策略繼續為我們帶來益處，我們的團隊也正在有效率地執行這些策略。

Now turning to our outlook for the remainder of the year. We continue to expect full year sales to be up mid-single digits on a percentage basis compared to 2024. Given our strong third quarter performance and outlook for the fourth quarter, we are increasing our earnings guidance for the year.

現在讓我們展望一下今年剩餘時間的情況。我們仍預計全年銷售額將比 2024 年實現中等個位數百分比的成長。鑑於我們第三季強勁的業績和對第四季度的良好展望，我們提高了全年的獲利預期。

Diluted earnings per share for the year are now expected to be in the range of $7.32 to $7.37, up 7% to 8% versus the prior year. This is an increase from our previous guidance range of $7.06 to $7.20 per diluted share.

預計本年度稀釋後每股收益將在 7.32 美元至 7.37 美元之間，比上年增長 7% 至 8%。這比我們之前給出的每股攤薄收益預期 7.06 美元至 7.20 美元有所提高。

For the fourth quarter, we anticipate overall sales to be up approximately 10% with earnings in the range of $1.90 to $1.95 per share, up 2% to 4% versus the prior year. Fourth quarter earnings growth would be 6% to 9% adjusting for last year's lower-than-normal tax rate.

我們預計第四季總銷售額將成長約 10%，每股盈餘將在 1.90 美元至 1.95 美元之間，比上年同期成長 2% 至 4%。考慮到去年低於正常水準的稅率，第四季獲利成長率預計為 6% 至 9%。

To summarize, AMETEK delivered an excellent third quarter with strong sales and orders growth, robust margin expansion and earnings well ahead of our expectations. Our businesses continue to execute exceptionally well, delivering our differentiated technology solutions across a diverse set of niche markets.

總而言之，AMETEK 第三季表現出色，銷售額和訂單量強勁成長，利潤率穩定提升，獲利遠超預期。我們的業務持續表現出色，在各種細分市場中提供差異化的技術解決方案。

The durability of our operating model and our strong cash flow provide us with the flexibility to navigate through challenging market conditions and continue to proactively invest in our businesses and in strategic acquisitions. As a result, we remain firmly positioned to deliver long-term sustainable growth and create value for our shareholders.

我們營運模式的持久性和強勁的現金流使我們能夠靈活應對充滿挑戰的市場環境，並繼續積極投資於我們的業務和策略性收購。因此，我們依然能夠穩定實現長期永續成長，並為股東創造價值。

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?

現在我將把發言權交給達利普·普里，他將介紹本季的一些財務細節，之後我們很樂意回答大家的問題。達利普？

Thank you, Dave, and good morning, everyone. As Dave noted, AMETEK had an excellent third quarter with strong growth and outstanding operating performance. This allowed us to deliver several financial records as well as double-digit growth in orders, sales, operating income and earnings per share in the quarter.

謝謝你，戴夫，大家早安。正如戴夫所指出的，AMETEK 第三季表現出色，實現了強勁成長和卓越的營運表現。這使得我們在本季度實現了多項財務記錄，訂單量、銷售額、營業收入和每股收益均實現了兩位數的成長。

Now let me provide some additional financial highlights for the third quarter. Third quarter general and administrative expenses were $28 million or 1.5% of sales, essentially in line with last year's third quarter. Third quarter interest expense was $23 million. Third quarter other expense was $17.9 million, with the increase versus last year's third quarter primarily due to onetime acquisition-related costs for FARO Technologies.

現在讓我再補充一些第三季的財務亮點。第三季一般及行政費用為 2,800 萬美元，佔銷售額的 1.5%，與去年第三季基本持平。第三季利息支出為2300萬美元。第三季其他支出為 1,790 萬美元，與去年第三季相比有所增加，主要是由於 FARO Technologies 的一次性收購相關成本。

As I noted during our previous earnings conference call, we are excluding onetime acquisition-related costs from adjusted earnings. This approach will be consistently applied to future acquisitions, ensuring comparability and clarity in our non-GAAP financial reporting.

正如我在上次財報電話會議上提到的，我們將一次性收購相關成本從調整後的收益中剔除。我們將一致地將此方法應用於未來的收購，以確保我們的非GAAP財務報告具有可比性和清晰度。

The effective tax rate in the quarter was 17.2%, down from 18.8% in the third quarter of 2024. The reduction was driven by a lower effective international tax rate. For 2025, we now anticipate our effective tax rate to be between 18% and 18.5%. As we have stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively from this full year estimated rate.

本季實際稅率為 17.2%，低於 2024 年第三季的 18.8%。稅率下降是由於國際實際稅率降低。我們現在預計，2025 年的實際稅率將在 18% 至 18.5% 之間。正如我們過去所指出的，實際季度稅率可能與全年預估稅率有巨大差異，可能更高，也可能更低。

Capital expenditures in the third quarter were $21 million. We expect capital expenditures to be approximately $150 million for the full year or about 2% of sales. Depreciation and amortization expense in the quarter was $103 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.

第三季資本支出為 2,100 萬美元。我們預計全年資本支出約為 1.5 億美元，約佔銷售額的 2%。本季折舊和攤銷費用為 1.03 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銷約 2.1 億美元，即每股攤薄收益 0.91 美元。

Operating working capital in the third quarter was 18.9% of sales, a slight improvement from the third quarter of 2024. Operating cash flow was $441 million in the quarter, and free cash flow was $420 million. Free cash flow conversion was a strong 113% in the quarter. For 2025, we expect free cash flow conversion of approximately 110% to 115% of net income.

第三季營運資金佔銷售額的 18.9%，比 2024 年第三季略有改善。本季經營現金流為 4.41 億美元，自由現金流為 4.2 億美元。本季自由現金流轉換率高達 113%。預計到 2025 年，自由現金流轉換率將達到淨收入的 110% 至 115%。

Total debt at September 30 was $2.5 billion, up from $2.1 billion at the end of 2024 due to the acquisition of FARO Technologies. Offsetting this debt was cash and cash equivalents of $439 million. At the end of the third quarter, our gross debt-to-EBITDA ratio was 1x, and our net debt-to-EBITDA ratio was 0.9x.

截至 9 月 30 日，總債務為 25 億美元，高於 2024 年底的 21 億美元，因為收購了 FARO Technologies。為抵銷這筆債務，該公司擁有 4.39 億美元的現金及現金等價物。第三季末，我們的總負債與 EBITDA 比率為 1 倍，淨負債與 EBITDA 比率為 0.9 倍。

We continue to have significant financial capacity and flexibility with over $2 billion in cash and available credit to support our growth initiatives and our capital deployment strategies. In the third quarter, we demonstrated this financial flexibility by deploying approximately $920 million on the acquisition of FARO, $150 million on share repurchases and $71 million in dividends, all while maintaining our financial capacity and a conservative balance sheet with gross leverage around 1x.

我們擁有超過 20 億美元的現金和可用信貸，具備強大的財務實力和靈活性，能夠支持我們的成長計畫和資本部署策略。第三季度，我們透過以下方式展現了財務靈活性：投入約 9.2 億美元收購 FARO，投入 1.5 億美元回購股票，並支付 7,100 萬美元股息，同時保持了我們的財務實力和保守的資產負債表，總槓桿率約為 1 倍。

The share repurchases in the quarter resulted in approximately 800,000 shares of our common stock being repurchased in the open market.

本季股票回購導致我們在公開市場上回購了約 80 萬股普通股。

In summary, AMETEK delivered an excellent third quarter with strong top line growth, robust margin expansion, outstanding earnings growth and a meaningful increase to full year earnings guidance. Our differentiated technology portfolio, our global manufacturing capabilities, along with our strong cash flow and balance sheet provides us with the foundation to successfully execute our growth strategy and to continue delivering exceptional results.

總而言之，AMETEK 第三季業績表現出色，營收強勁成長，利潤率穩定提升，獲利成長顯著，並大幅提高了全年獲利預期。我們差異化的技術組合、全球製造能力，以及強勁的現金流和資產負債表，為我們成功執行成長策略並持續取得卓越成果奠定了基礎。

Kevin?

凱文？

Thank you Andrew, could you please open the lines for questions?

謝謝安德魯，請問可以開放提問通道嗎？

(Operator Instructions)

（操作說明）

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone. That was really good earnings quality, cash flow and margins. So congrats to the team. Maybe we can start with the tour of your key platforms and regions and what stands out in particular. It looks like Paragon really had a strong quarter as well.

謝謝。各位早安。獲利品質、現金流和利潤率都非常出色。所以，恭喜團隊！或許我們可以先參觀一下你們的主要平台和地區，以及哪些方面特別突出。看來 Paragon 本季的業績也相當強勁。

Yeah, Paragon did have another strong quarter. I'll take us the whole way around the horn, and I'll start with our process market segment. Overall sales were up low teens in process, driven by contributions from recent acquisitions with organic sales down just slightly in the quarter. We remain encouraged by the strong pipeline of activity across our process end markets.

是的，Paragon 又迎來了一個強勁的季度。我將帶大家全面了解狀況，先從我們的流程市場區隔領域開始。整體銷售額成長了兩位數，這主要得益於近期收購帶來的貢獻，而本季有機銷售額僅略有下降。我們對加工終端市場強勁的業務發展勢頭感到鼓舞。

Although trade uncertainty continued to lead to slower decision-making and delays, as I talked about in my prepared remarks, there's very strong project activity and visibility is improving across some of our key markets.

儘管貿易不確定性繼續導致決策速度放緩和延誤，正如我在準備好的演講中所說，但專案活動非常活躍，而且在我們一些主要市場，前景正在改善。

For the full year, we expect overall sales for our process segment to be up mid- to high single digits and continue to expect organic sales to be flat to down low single.

預計全年流程業務部門的整體銷售額將實現中高個位數成長，並繼續預期有機銷售額將持平或略低於個位數。

I'll go to A&D. Now Aerospace & Defense businesses. They just delivered another excellent quarter with overall organic sales increasing low double digits on a percentage basis. Growth remains strong and balanced across commercial OEM, aftermarket and defense markets, and our businesses continue to win content on new programs and expand content on a wide range of platforms. We continue to expect sales for our A&D businesses to be up high single digits for the year.

我要去A&D。現在專注於航空航天和國防業務。他們剛剛又公佈了一個表現優異的季度，整體有機銷售額以百分比計算實現了兩位數的低成長。商業 OEM、售後市場和國防市場的成長仍然強勁且均衡，我們的業務不斷贏得新項目的內容，並在各種平台上擴展內容。我們仍然預計今年航空航太與國防業務的銷售額將實現接近兩位數的成長。

Power & Industrial businesses delivered strong results in the third quarter with both overall and organic sales up mid-single digits. We have increased our outlook now and expect full year organic sales to be up low to mid-single digits for our Power & Industrial businesses.

電力和工業業務在第三季度取得了強勁的業績，整體銷售額和有機銷售額均實現了中等個位數的成長。我們現在提高了預期，預計全年電力和工業業務的有機銷售額將實現個位數低至中等水平的成長。

So we took that from -- we increased it a click too low to mid-single digits for Power. We're benefiting from demand across our grid modernization and electrification applications, including in support of the power build-out needed for AI data centers.

所以我們把它從——我們把它增加得太低了，功率只有個位數。我們受惠於電網現代化和電氣化應用的需求，包括支援人工智慧資料中心所需的電力建設。

And I'll talk about one product there. Our IntelliPower business is a business that provides uninterruptible power systems for data center microgrids and the rugged UPS systems, which are proven in defense and other critical -- mission-critical applications are perfectly suited for the harsh conditions and high reliability requirements of data center microgrids.

我將在那裡介紹其中一款產品。我們的 IntelliPower 業務為資料中心微電網提供不間斷電源系統，其堅固耐用的 UPS 系統已在國防和其他關鍵任務應用中得到驗證，非常適合資料中心微電網的惡劣條件和高可靠性要求。

So similar, other AMETEK businesses are identifying attractive opportunities to expand their current technologies into this market, and we had some initial successes with both the IntelliPower, and we talked about last time, the RTDS simulation systems.

類似地，AMETEK 的其他業務部門也發現了將現有技術擴展到該市場的絕佳機會，我們在 IntelliPower 和上次我們談到的 RTDS 模擬系統方面都取得了一些初步成功。

And then finally, I'll talk about the Automation & Engineered Solutions business. Another excellent quarter with high single-digit organic sales growth, robust orders growth. Growth was broad-based across our Automation & Engineered Solutions businesses in the quarter. But again, notable strength from Paragon Medical on orders input was outstanding. And we are maintaining our full year forecast for mid-single-digit organic growth in the quarter.

最後，我將談談自動化和工程解決方案業務。又一個表現優異的季度，有機銷售額實現了高個位數成長，訂單成長強勁。本季度，我們的自動化和工程解決方案業務全面成長。但再次強調，Paragon Medical 在訂單輸入方面表現出色，實力顯著。我們維持全年預測，預計本季有機成長率將達到中等個位數。

And then you asked about the geographies also, Deane. So I'll do that also. Yes, we had -- sales were up mid-single digits in the US And internationally, total international, we're up low single digits with strength in Europe partially offset from Asia -- to help them in Asia. So -- and in the US, we have some broad-based strength.

然後你還問了地理上的問題，迪恩。所以我也會這麼做。是的，我們的銷售額在美國實現了中等個位數的成長，而國際市場整體實現了低個位數的成長，其中歐洲市場的強勁成長部分被亞洲市場的下滑所抵消——這是為了幫助他們在亞洲市場的發展。所以——而且在美國，我們擁有一些廣泛的優勢。

We were really solid there. Europe was up low double digits, and it was our automation, our EMIP business and our MAD business that did really well there.

我們在那裡表現得非常穩健。歐洲市場實現了兩位數的小幅成長，其中我們的自動化業務、EMIP業務和MAD業務表現尤為出色。

And in Asia, it was kind of a tale of two stories. We were down mid-single digits driven by China. But if you take China out of it, Asia, excluding China, was up mid- to high single digits. So a changing dynamic there. And with China, we had more of the export issues and things we're dealing with.

而在亞洲，情況則呈現出截然不同的兩種景象。受中國市場影響，我們一度下跌了個位數百分比。但如果把中國排除在外，亞洲（不包括中國）的經濟成長率為個位數中高段。所以，那裡的情況正在改變。至於中國，我們遇到了更多出口問題以及我們正在處理的其他問題。

So we're feeling good about the momentum in a lot of regions of the world, and China was an exception to that.

因此，我們對世界許多地區的成長勢頭感到樂觀，而中國是個例外。

That's a great update. Just last one, and it's related to the last point, Dave. Any comments about tariffs, the offset? And is that what's driving the softness in China as well?

這是個很棒的更新。最後一個問題，而且它和上一點有關，戴夫。關於關稅和抵銷政策，您有什麼看法？這是否也是導致中國經濟疲軟的原因之一？

Yes. I'd say what's driving is the tariff renegotiation of price. So the tariffs need to be renegotiated. They need to be included in the pricing and our Chinese customers are going back to the government entities and getting higher prices to pay for our products, and that's causing a delay. And there's a lot of -- I can call it the tariff games in ship where they're trying to time the situation to get a lower price, lower tariff, but we're competitively very strong there.

是的。我認為主要驅動因素是關稅價格的重新談判。因此，關稅需要重新談判。這些成本需要計入定價，而我們的中國客戶卻轉而向政府機構購買我們的產品，導致價格上漲，造成了延誤。而且，船舶產業有很多——我可以稱之為關稅博弈——他們試圖把握時機以獲得更低的價格、更低的關稅，但我們在這一領域具有很強的競爭力。

We're not -- our products that we sell are benefiting from -- there aren't viable competitors for most of the things we build. We make high margins when we sell there. So we're kind of -- we have good customers. We have a good team over there, and it's just going to be delayed, but we're solid on the long term.

我們並非如此——我們銷售的產品受益於——我們生產的大多數產品都沒有真正的競爭對手。我們在那裡銷售產品可以獲得很高的利潤。所以我們算是——我們擁有優質的客戶。我們在那邊有一支優秀的團隊，只是專案會延期，但從長遠來看，我們很有信心。

Thanks for all those updates, Dave.

謝謝你提供的所有最新消息，戴夫。

Thank you, Dean.

謝謝你，院長。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，D.A.戴維森。

Thanks. Good morning, Dave. I was wondering if you could maybe double-click a little bit on Paragon. Obviously, that business had been a little bit of a source of concern for some coming out of the gate with the whole medical destocking.

謝謝。早上好，戴夫。我想問一下，您是否可以稍微雙擊一下 Paragon？顯然，在醫療物資撤離之初，這筆交易就引起了一些人的擔憂。

So can you give a little bit more granularity on the type of organic sales performance and order growth you saw and kind of remind us how we should think about the go-forward organic algorithm for that business as well as maybe how it's trending from a profitability standpoint relative to what your view would have been when you bought it?

那麼，您能否更詳細地說明一下您看到的自然銷售業績和訂單增長情況，並提醒我們該如何看待該業務未來的自然增長算法，以及從盈利能力的角度來看，它目前的趨勢與您當初收購它時的看法相比如何？

Excellent question, Matt. I mean just to remind everybody, Paragon, single-use and consumable surgical instruments and implantable components and attractive medtech markets with good long-term growth rates, very good long-term growth rates.

問得好，馬特。我的意思是提醒大家，Paragon公司專注於一次性及消耗性外科器械、植入式組件以及具有良好長期增長率（非常好的長期增長率）的極具吸引力的醫療技術市場。

So these are mid- to high single-digit long-term growth rates, growing markets, excellent engineering capability, numerous new product wins, which provide upside for years to come. And they just had another excellent quarter. I mean the EMG orders led the company, and they were substantially up and Paragon led EMG.

因此，這些都是中高個位數的長期成長率、不斷成長的市場、卓越的工程能力、許多新產品的成功，這些都將在未來幾年帶來成長空間。他們又一個季度表現出色。我的意思是，EMG訂單引領了公司的發展，而且訂單量大幅成長，Paragon的訂單量也領先EMG。

So it was another quarter of just outstanding double-digit plus-plus orders.

所以，又一個季度未完成的訂單數量都超過了兩位數。

And we're in a situation now where we're probably about a little more than halfway done with the restructuring that we're doing. So that's happening, and there's some plant closures involved with that, and I don't want to get into a lot of details, but the cost structure is being reduced. And at the same time, all of that's happening.

我們現在的情況是，我們正在進行的重組工作可能已經完成了一半多一點。所以這種情況正在發生，其中涉及一些工廠的關閉，我不想透露太多細節，但成本結構正在降低。同時，所有這一切都在發生。

We're winning new programs and phasing them in, and we were out there about a month ago to see everything, and it's really going great. The margins are now in line with AMETEK's margins, and we think there's more upside.

我們正在爭取新的專案並逐步實施，大約一個月前我們去實地考察了所有情況，進展非常順利。目前利潤率與 AMETEK 的利潤率持平，我們認為還有上漲空間。

So we think this business is going to be a 35-plus EBITDA business. And when we're done working on it, which will take another year. But I couldn't be more pleased with what's going on with the deal. It outstanding work by the entire Paragon team. I hope some of you can get out there sometime because they're quite an impressive manufacturing facility that we visited last month, and we're very bullish, very bullish on what's happening at Paragon.

所以我們認為這家企業的 EBITDA 將會超過 35%。等我們完成這項工作後，還需要一年時間。但我對這筆交易目前的進展非常滿意。這是整個 Paragon 團隊的出色工作。我希望你們中的一些人能有機會去那裡看看，因為我們上個月參觀了他們那座令人印象深刻的製造工廠，我們對 Paragon 的發展前景非常看好。

And then maybe just as a follow-up, you expressed, I think, a couple of times in your prepared remarks, a little more optimism with respect to process. Can you just peel back an additional layer and give a little bit more granularity on sort of end markets and whether or not you feel like there's a flush for lack of a better word, that's going to happen here as it relates to maybe some pent-up demand?

然後，作為後續補充，我認為您在準備好的演講稿中曾幾次表達了對進程的樂觀態度。您能否再深入分析一下，更具體地說明終端市場的情況，以及您是否覺得這裡會出現某種「衝刺」（暫且這麼說吧），這可能與一些被壓抑的需求有關？

Yeah. It's a very interesting dynamic and it's perceptive for you to pick up on that, Matt. I mean we looked at process and process improved just about everywhere sequentially on all the markets and all the geographies except China. So China was the one area that it didn't improve, and we got the tariff repricing negotiation going on. But everywhere else, it's on the right trend.

是的。這是一種非常有趣的動態，馬特，你能注意到這一點真是很有洞察力。我的意思是，我們審視了流程，流程在除中國以外的所有市場和地區幾乎都得到了逐一改進。所以中國是唯一沒有改善的地區，我們開始了關稅重新定價談判。但在其他方面，它的趨勢是正確的。

So we're getting more visibility there. And I think that as that business comes back sometime in next year, we're really -- we have a business that's leveraged to succeed because the cost structure is really well controlled. The new product innovation is there. So on the upside, process is going to have an excellent 2026, I think so.

因此，我們在那裡獲得了更多關注。我認為，隨著這項業務在明年某個時候恢復，我們真的——我們擁有一個能夠成功利用槓桿效應的業務，因為成本結構得到了很好的控制。新產品創新已經存在。所以從好的方面來看，我認為該流程在 2026 年將會有非常好的發展。

Thank you.

謝謝。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Hi, yes, good morning. How are you?

你好，早安。你好嗎？

Good, Andrew. How are you?

好，安德魯。你好嗎？

I think I was missing three slides on nuclear. Sorry for the joke. Can you just talk -- fantastic quarter. Can you just talk about strength in Europe? Can you just talk about the verticals and geographies? It was a nice surprise to hear that. Thank you.

我覺得我漏看了三張關於核能的幻燈片。不好意思開了個玩笑。你就說幾句吧——這季度太棒了。能談談歐洲的實力嗎？能只談談垂直產業和地理分佈嗎？聽到這個消息真是個驚喜。謝謝。

Yeah. Our teams in Europe, it's pretty positive what's happening there. And we saw a couple of different places. I mean we saw an improvement at our Dunkermotoren business. So our Automation segment did extremely well.

是的。我們在歐洲的團隊，那裡的情況相當正面。我們去了幾個不同的地方。我的意思是，我們的 Dunkermotoren 業務有所改善。因此，我們的自動化業務板塊表現非常出色。

The Paragon elements of Europe did extremely well. Our Materials Analysis division that was selling analytical instruments to the research market did extremely well, and our Aerospace business was solid. So it just was -- it wasn't one or two things. It just always positive in Europe, and it led us in growth. It was up low double digits.

歐洲的典範元素表現非常出色。我們針對科學研究市場銷售分析儀器的材料分析部門業績非常好，而我們的航空航太業務也很穩健。所以事情就是這樣——不是一兩件事造成的。在歐洲，情況一直都很樂觀，這也帶動了我們的發展。當時比兩位數高出幾個百分點。

So we're very happy to see that strength.

所以我們很高興看到這種實力。

That's terrific. And maybe could you talk about order numbers was another positive surprise in the quarter. Can you just talk about the progression of the order patterns throughout the quarter? And frankly, what happened in October? Did you sustain the momentum into the year-end?

太棒了。或許您可以談談訂單數量，這是本季另一個令人驚訝的利多消息。能談談本季訂單模式的變化嗎？坦白說，十月份到底發生了什麼事？你們是否將這種勢頭保持到了年底？

Right. Well, October is not over yet, but I'll give you the month-to-date. And -- but overall, it's a pretty simple story. September was the strongest month of the quarter and year. So strongest month of the quarter and year-to-date on both sales and orders.

正確的。雖然十月還沒結束，但我會把本月至今的狀況告訴你們。但總的來說，這是一個非常簡單的故事。9月份是本季和本年度表現最好的月份。因此，無論從銷售額或訂單量來看，這都是本季和今年迄今表現最好的一個月。

So we had a really good September indicative of momentum, as you suggested. And October isn't over, but it's very solid. I checked it before the meeting, and it's very solid. So it's -- we don't see a slowdown on the order side.

正如你所說，我們九月的表現非常好，這表明發展勢頭良好。十月還沒結束，但已經非常穩固了。我開會前檢查過了，非常牢固。所以——我們沒有看到訂單方面出現放緩的跡象。

Thanks so much.

非常感謝。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

Thank you. I wanted to ask about the Q4 top line guide, up 10% but Q3 was up 11%. And I thought that we were going to see maybe more M&A contribution in Q4, which would then imply like an organic step back versus an easier comp. So I guess, am I just helping unpacking of the organic and the M&A and even, I guess, maybe the FX as we kind of build into that 10% number for Q4? Thank you.

謝謝。我想問一下第四季營收預期，成長了 10%，但第三季成長了 11%。我當時認為，第四季併購可能會帶來更多貢獻，這意味著與基數較小的情況相比，有機成長可能會出現下滑。所以我想，我只是在幫助大家分析有機成長、併購，甚至可能還有外匯因素，最終得出第四季 10% 的成長目標？謝謝。

Yes. I think that it's approximately 10% and we could do a little better, we can do a little worse, but we're certainly feeling confident. So I think the acquisitions are in there at a mid- to high single-digit number, and it gets to about 10%. But with some of the trade dynamics, we get a range on the earnings, but I think it's -- we feel very, very confident in Q4.

是的。我認為大概是 10%，我們可能會做得更好一些，也可能做得更差一些，但我們確實很有信心。所以我認為收購數量應該在個位數中高水平，大概佔10%左右。但考慮到一些貿易動態，我們對獲利的預期存在一個區間，但我認為——我們對第四季非常有信心。

I appreciate that. And then -- sorry--

我很感激。然後——抱歉——

I was just going to say that on the foreign exchange side, we're obviously a very global business, but we're primarily dollar-centric. So as a result, we're not expecting any foreign exchange impact on the top line in Q4 or on the bottom line. And as you've seen in the past quarters, we're very insulated from FX volatility. So that shouldn't be a factor.

我正想說，在外匯方面，我們顯然是一家非常全球化的企業，但我們主要以美元為中心。因此，我們預計第四季度的營收或利潤不會受到外匯波動的影響。正如您在過去幾個季度所看到的，我們受外匯波動的影響很小。所以這應該不是問題。

Got it. I appreciate that. I wanted to ask about the Industrial & Power business, which showed better organic growth in Q3 and you guys raised the guide. Is this all data center power tied? Or are you seeing positive rate of change on more of the industrial kind of typically focused businesses? Thank you.

知道了。我很感激。我想問一下工業和電力業務的情況，該業務在第三季度實現了較好的內生成長，你們也提高了業績指引。這都是數據中心供電嗎？或者，您是否看到更多以工業為主導的、專注於特定領域的企業出現了積極的成長？謝謝。

Yeah, I'd say it's more the Power side. It's more the Power side. And the areas that we talked a little bit about, we're seeing backup power systems and microgrids and their solar racks and -- we also sell to the nuclear industry, and they're putting power systems in. So it's that backup power system business in the US that's doing quite well.

是的，我覺得比較偏向權力方面。更偏向權力方面。我們剛才談到的一些領域，我們看到了備用電源系統、微電網及其太陽能支架——我們也向核工業銷售產品，他們正在安裝電力系統。所以，美國的備用電源系統業務發展得相當不錯。

And the business that I highlighted last quarter, RTDS, they do the real-time simulations for resilient, high-performance power additions to the grid. So they're the company you go to when you want to expand your power, and they're working with the hyperscalers to define the new power additions that they have to put in to power the data center. So those are the two areas that we have most traction.

我上個季度重點介紹的 RTDS 公司，他們為電網增加彈性、高性能的電力設施進行即時模擬。所以，當你想要擴展電力容量時，他們就是你的首選公司，他們正與超大規模資料中心營運商合作，確定為資料中心供電而必須新增的電力容量。所以，這兩個領域是我們目前最有進展的。

The Industrial side of the business is solid. It's not a drag, but the upside is on the Power side. And keep in mind, Chris, we do have a decent sized part of that Power business that sells the traditional transmission and distribution infrastructure. So as the US has to build out the T&D and you get some of the local microgrids, we're in a pretty good position to benefit from that.

公司工業業務板塊穩健。這並非不利因素，但優勢在於實力方面。克里斯，請記住，我們在電力業務中也佔有相當大的份額，主要銷售傳統的輸配電基礎設施。因此，隨著美國需要擴大輸配電系統，並建造一些地方微電網，我們處於一個相當有利的地位，可以從中受益。

Thank you. I appreciate that and great to see the momentum.

謝謝。我很欣賞這一點，很高興看到這種勢頭。

Thank you, Chris.

謝謝你，克里斯。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good morning. Thanks much for the question. Maybe I'd start with the FARO business. And if you could help us understand kind of the progress there in terms of organic trends. I understand it's still in the sort of acquisition calculus, but maybe help us understand any movement there around sort of organic orders and sales and how you feel about that sort of trending into next year, please?

您好，早安。非常感謝您的提問。或許我可以先從 FARO 業務著手。如果您能幫助我們了解有機成長趨勢的進展情況，那就太好了。我知道這仍然在收購考量中，但能否請您幫助我們了解有機訂單和銷售方面的任何動向，以及您對明年這種趨勢的看法？

Yeah. Well, -- as you know, FARO wouldn't show up in our organic because we don't show up in organic until we've owned it for a year. So -- but FARO, they hit their number, and they hit their number on the top line and the bottom line and had a really good quarter. So that integration is doing well. We have a very good team at FARO.

是的。嗯，正如你所知，FARO不會出現在我們的有機產品清單中，因為我們只有在擁有它一年後才會出現在有機產品清單中。所以——但是 FARO，他們達到了目標，營收和利潤都達到了目標，而且這一季度業績非常好。所以整合工作進展順利。我們在FARO擁有一支非常優秀的團隊。

Just to remind you, FARO designs and develops 3D metrology and digital reality solutions. We're number one or number two in a bunch of niches in that market. And it's an excellent strategic fit with AMETEK and our Creaform business.

再次提醒您，FARO 設計和開發 3D 計量和數位現實解決方案。我們在該市場的多個細分領域都排名第一或第二。而且它與 AMETEK 和我們的 Creaform 業務有著極佳的策略契合度。

So those teams are really getting after it, and they're working on some new products and working on some new channels, and I'm very optimistic about what they're going to be able to do. So it's all arrows are up right now in terms of the acquisition integration. I spent some time with the team. Dalip and I spent some time with the team just within the last couple of weeks. And it's -- we're very pleased with it.

所以這些團隊真的在全力以赴，他們正在開發一些新產品和新管道，我對他們未來能取得的成就感到非常樂觀。所以就收購整合而言，目前一切都進展順利。我和團隊待了一段時間。就在過去兩週，我和達利普與該團隊相處了一段時間。我們對此非常滿意。

They won't show up in organic, but they did meet sales and they did meet their profit commitment for the quarter.

雖然它們不會出現在有機產品銷售名單上，但它們確實完成了銷售目標，也實現了本季的利潤目標。

Thanks very much. And then just my second question would be around, I guess, two parts. One is on the process Industries side. I think it's still sluggish right now, but you sounded more optimistic on next year. So I just wondered if there's something you've seen turning in the orders in the process Industries side. And secondly, in the US, good growth.

非常感謝。那我的第二個問題大概可以分成兩個部分。其中一家是流程工業企業。我認為目前市場依然低迷，但你對明年的前景似乎更加樂觀。所以我想知道，在流程工業方面，您是否看到過關於訂單提交的任何情況。其次，在美國，經濟成長良好。

I wondered if any government shutdown effects weighing in recent months.

我想知道政府在近幾個月來停擺是否產生了任何影響。

I'll take the government shutdown first. I mean, so far, to be honest, it hasn't been much of an issue for us. Obviously, if it continues for (inaudible) or something, it might become a bigger issue. But it's really a non-event at this point.

我寧願政府停擺。說實話，到目前為止，這對我們來說還沒有造成太大的問題。顯然，如果這種情況持續下去（聽不清楚）或更長時間，可能會演變成更大的問題。但就目前而言，這真的算不上什麼大事。

You talked about process orders. Yes, they're definitely trending up. process orders are trending up in all areas and the one distinction was the China part of the business. And China is heavily part of it is research, too. So there's an academic research element to it and the China business.

你談到了流程訂單。是的，它們的確呈上升趨勢。所有地區的訂單處理量都在上升，唯一的例外是中國業務。中國在其中也扮演著重要的角色，尤其是在研究領域。所以它既有學術研究的成分，也有中國業務的成分。

But in other areas, it's all trending up. And we have told you before, we have a good pipeline of new orders, and we'll make money when power and when the organic growth comes back because that business is powerful. You haven't followed us for a long time, but process business is a powerful business.

但在其他領域，所有指標都呈現上升趨勢。我們之前已經告訴過你們，我們有大量新訂單，當電力供應恢復，自然成長恢復時，我們就能賺錢，因為這個產業潛力巨大。您可能很久沒關注我們了，但流程業務是一個強大的業務。

And so I don't know when it's going to turn up, but when it does, we've run it in the right way, and we keep investing in new products, and we've got the capability what our customers need, and it's going to eventually turn and be positive on the contribution margin basis for sure.

所以我不知道它什麼時候會好轉，但當它好轉的時候，我們一直以正確的方式運營它，我們不斷投資新產品，我們擁有客戶所需的能力，它最終肯定會在貢獻毛利方面實現正增長。

Great thank you.

非常感謝。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Thanks. Good morning. You've touched on some of the dynamics here, but it's still a little bit interesting, the broad-based, I think you said growth across EMG versus EIG on core growth. And I wondered if you might simplify for us whether that's geographic, end market, selling cycle. Maybe just your thoughts on that gap, which is wider than some (inaudible).

謝謝。早安.你已經談到了這裡的一些動態，但仍然有點意思，你剛才提到了EMG與EIG在核心成長方面的廣泛成長。我想請您幫我們簡化一下，無論是地理位置、終端市場或銷售週期。或許你只是想談談你對這個差距的看法，這個差距比某些人說的還要大。（聽不清楚）

Yeah. I think the biggest thing to understand, Rob, is you got to go back to the pandemic. And you had a supply chain crisis, and we have specialized products there and they're OEM products. They're not directly sold to the end user like they are in EIG. So it's mainly an EMG issue with specialized products.

是的。羅布，我認為最重要的是要理解，你必須回到疫情時期。你們遇到了供應鏈危機，而我們在那裡有專門的產品，而且都是OEM產品。它們不像EIG那樣直接銷售給最終用戶。所以這主要是專業產品的肌電圖問題。

So everybody wanted to go out and get a bunch of products that put them on the shelf because they needed to supply their customers.

所以大家都想出去採購一大堆產品，把它們擺上貨架，因為他們需要供應顧客。

So we had a period of 18%, 20% quarters in terms of orders. And now that -- then we went through a period of destock where people had some excess inventory and now the destocks in. So what you're seeing is that whole destock end is flowing through the EMG business, and it's showing up in places like Paragon. It's showing up in our EMIP businesses. It's showing up in our automation businesses.

所以，我們有好幾個季度訂單量都成長了 18% 到 20%。然後——我們經歷了一段去庫存期，當時人們有一些過剩的庫存，現在去庫存又回來了。所以你看到的是，整個去庫存的趨勢都體現在 EMG 的業​​務中，並且出現在像 Paragon 這樣的地方。它已經在我們的 EMIP 業務中顯現出來。它正在我們的自動化業務中顯現出來。

And also in that EMG group, we have our aerospace, part of our aerospace business there, and that business is going well. So all those businesses are kind of hitting on all cylinders, and that's why everything is up so high. So the one thing that's different, we didn't really have a destock in EIG. We had in EMG. Now we're working through that.

此外，在 EMG 集團內，我們還有航空航太業務，這是我們航空航太業務的一部分，而且這項業務發展良好。所以所有這些企業都運作良好，這就是為什麼所有業務都如此火熱的原因。所以有一點不同，我們並沒有真正去庫存 EIG 。我們在肌電圖檢查中發現。現在我們正在努力解決這個問題。

That was perfect. And then I just wanted a little mini teach-in on uninvitable power supply where you mentioned some of the crossover in data centers. I don't know how much business you had in data centers before and whether this is a fully nimble shift to capitalize or some of that, but a little bit less. I'll stop there.

完美。然後，我只是想就不可抗拒的電源問題進行一個簡短的講解，你提到了資料中心的一些交叉應用。我不知道你之前在資料中心領域有多少業務，也不知道這是否是為了充分利用資料中心而進行的全面靈活轉型，或者只是其中一部分業務有所減少。我就說到這裡吧。

Yeah. I mean we have, I'll call it, hundreds of millions of dollars in uninterruptible UPS systems. And they're sold to places like nuclear power plants or offshore oil and gas wells or the most difficult applications that you can go into where you cannot fail. And that business has been a good business for us for a long period of time. We have one product that's used on -- usually -- it's basically used on every part of the naval fleet, very industrialized rack mount product.

是的。我的意思是，我們投入了數億美元用於不間斷電源系統（UPS）。它們被銷售到核電廠、海上油氣井等場所，或是你能進入的最困難、絕對不能出錯的應用領域。而且，這項業務長期以來一直為我們帶來豐厚的利潤。我們有一款產品，通常用於——基本上用於海軍艦隊的各個部分，是一款非常工業化的機架式產品。

And what we did is we took that product and I don't want to say dummy it down, but we made it work for the data center market.

我們所做的就是對該產品進行改造，我不想說是簡化了它，但我們讓它適用於資料中心市場。

So it's -- they want mission-critical. They want those kind of applications. So we're finding some applications where data centers want to buy the best. They want to find the most -- they need a product that's more durable. And I think on that product, we have a backlog of -- it's not a tremendous amount.

所以——他們想要的是關鍵任務型產品。他們想要的就是這類應用。所以我們發現，在某些應用場景中，資料中心希望購買最好的產品。他們想要找到最好的東西——他們需要一款更耐用的產品。我認為，關於該產品，我們積壓的訂單量——數量並不算很大。

It's north of $25 million and a pipeline of another $30 million, something like that. So that's for that product. And we have another product in the RTDS space for the simulation systems.

總額超過 2500 萬美元，還有一條價值 3000 萬美元的管道，大概就是這樣。以上就是該產品的介紹。我們在即時資料處理領域還有另一款用於模擬系統的產品。

So we have some places that we're going to be able to play now where they're willing to pay for our technology. And our teams have got -- done a good job of identifying attractive opportunities to expand in current technologies while staying true to the AMETEK differentiated technology, because we think in the long run, we don't want to sell things that are -- end up being low margin where you have perfect competition and no one makes money. So it's a low base we have now, but very high growth in that segment.

所以現在我們有一些地方可以去演出，因為他們願意為我們的技術付費。我們的團隊在識別當前技術領域的有吸引力的擴展機會方面做得很好，同時又堅持 AMETEK 的差異化技術，因為我們認為從長遠來看，我們不想銷售利潤率低、完全競爭、沒有人賺錢的產品。所以我們現在的基數很低，但該領域的成長速度非常快。

Thank you.

謝謝。

Andrew Buscaglia, BNP.

安德魯·布斯卡利亞，法國巴黎銀行。

Hey, good morning, everyone.

嘿，大家早安。

So some of your positive commentary is very interesting. Some companies are still talking about just like kind of customer hesitation to spend and ongoing delays, especially in Automation. So maybe like what are your conversations with customers like that seem to be a little bit different or where you're seeing a little more confidence? Yes, but just could you talk a little bit more about that and elaborate?

所以，你的一些正面評論很有意思。有些公司仍然在討論客戶在消費方面的猶豫不決和持續的延誤，尤其是在自動化領域。那麼，在您與客戶的對話中，有哪些地方似乎有所不同，或者您發現客戶更有信心了呢？是的，不過您能否再詳細談談這方面的情況？

Yeah. I mean the automation market has been historically a great market for AMETEK, and we pick and choose our customers. These are people that pay for our performance. And there was a slowdown in the market driven by the pandemic effect and the supply chain crisis and the buying. We kind of talked about this for several quarters when we predicted it.

是的。我的意思是，自動化市場一直是 AMETEK 的重要市場，我們會精心挑選客戶。這些人是為我們的演出付費的人。受疫情影響、供應鏈危機和採購放緩的影響，市場成長放緩。我們在預測這種情況發生時，已經就此進行了好幾季的討論。

So we kind of called bottom last quarter, talked about it a couple of quarters. So it's kind of expected for us.

所以我們在上個季度大致預測到了底部，並且在接下來的幾季裡一直在討論這個問題。所以這對我們來說也是在意料之中。

So I really can't comment on what's going on in other areas. I'm not sure I'd have to look at that stuff. And -- but what I know is it kind of played out as we thought it would, and we're on record talking about it, too. So it's pretty much what we thought it was going to happen.

所以我真的無法對其他地區發生的事情發表評論。我不確定我是否需要去看那些東西。但我知道的是，事情的發展基本上符合我們的預期，我們也公開談論過這件事。所以事情的發展基本上和我們預想的一樣。

I guess that's more like your customers are probably comfortable with getting more comfortable with the tariff situation and at least have some -- we have some more clarity relative to six months ago maybe.

我想這更像是您的客戶可能已經逐漸適應了關稅狀況，並且至少與六個月前相比，我們現在對關稅狀況有了一些更清晰的了解。

I think that's true, Andrew. I think that's true.

我覺得你說得對，安德魯。我認為確實如此。

Okay. Yeah. Interesting. I don't know if you said or you mentioned your price versus cost or how that shook out this quarter?

好的。是的。有趣的。我不知道你有沒有說過或提到你的價格與成本對比情況，或者這季度的具體情況如何？

Yeah. Pricing offset inflation and tariffs. So we're very happy with that. So our price offset total inflation and tariffs, and we had a positive spread on top of that. So we have a highly differentiated nature of the AMETEK product portfolio.

是的。價格上漲抵消了通貨膨脹和關稅的影響。我們對此非常滿意。因此，我們的價格抵消了通貨膨脹和關稅的影響，而且我們還有正的利差。因此，AMETEK的產品組合具有高度差異化的特性。

We have leadership in these niche markets around the globe. And as we talked about today, these are mission-critical products. That's the nature of our products, and we invest a lot in R&D, and we're doing a good job of servicing our customers and at the same time, offsetting some of the negative events of -- from inflation and tariffs and with a positive spread.

我們在全球這些細分市場中處於領先地位。正如我們今天所討論的，這些都是關鍵任務產品。這就是我們產品的性質，我們在研發方面投入了大量資金，我們很好地服務了我們的客戶，同時，透過積極的利差抵消了一些不利因素，例如通貨膨脹和關稅。

Thanks David.

謝謝你，大衛。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Oh, thanks. Good morning. I wanted to just dig into the Automation. I think you called out high single-digit organic growth there, David. Obviously, the comps there are quite easy, but it's still quite strong growth. So I'm actually wondering, could you maybe just parse out what you're seeing? I mean, I think a lot of that's in Europe, inventory adjustments versus end market demand?

哦，謝謝。早安.我只想深入研究自動化部分。大衛，我認為你之前提到的有機成長率接近兩位數。顯然，那裡的比較對像比較容易找到，但成長仍然相當強勁。所以我想問的是，您能否把您看到的內容解析一下？我的意思是，我認為很多這種情況都發生在歐洲，是庫存調整與終端市場需求的關係？

Any end market color, customer demand would be really helpful. Thanks.

任何關於終端市場顏色和客戶需求的資訊都將非常有幫助。謝謝。

Yeah. We talked about several quarters how the European market was lagging. We talked about how we had an incredibly strong position with German machine builders. We talked about the situation. It was just a matter of time.

是的。我們連續幾季都在討論歐洲市場落後的問題。我們談到了我們在德國機械製造商中擁有的非常強大的地位。我們討論了這種情況。這只是時間問題。

And I think it's just changing. I mean the one thing that would be different for us is we've talked about before, when a lot of people talk about automation, you have to make a distinction between discrete automation and process automation, okay? So you're doing factory automation, I'll call it. We play in the factory automation, but that's not our largest market. We're really in discrete automation where you have to move things very quickly and very precisely.

我覺得它正在改變。我的意思是，對我們來說，唯一不同的是，我們之前也討論過，當很多人談論自動化時，你必須區分離散自動化和流程自動化，好嗎？所以你們在做工廠自動化，我就這麼稱呼它吧。我們涉足工廠自動化領域，但這不是我們最大的市場。我們現在真正處於離散自動化領域，在這個領域裡，你必須非常快速、非常精確地移動物體。

So all the precision machines that are doing things in the different end markets, they have to be very precise. That's our sweet spot. And there's a certain set of customers there that we deal with. It's the medical customers. It's very precise research equipment.

因此，所有在不同終端市場中運作的精密機器都必須非常精確。這是我們的優勢所在。我們與那裡的特定客戶群打交道。是醫療客戶。這是非常精密的科學研究設備。

It's very -- it's like the S&P 500 in terms of the end markets, but it's the most precise equipment, and it's mainly discrete automation. So we may be seeing -- the factory automation may still be slower and discrete automation as a subset or as a distinct niche for us is strong. And we have kind of the best products there. And those customers are coming back, and we had a great performance this month, and we were coming off the bottom there with some of the destock. So I take your point that it's an easy comp, but it is what it is.

它非常——就終端市場而言，它就像標準普爾 500 指數，但它是最精密的設備，而且主要是離散自動化。因此，我們可能會看到——工廠自動化可能仍然發展緩慢，而離散自動化作為一個子集或一個獨特的細分市場則發展強勁。我們那裡的產品算是最好的。這些顧客正在回歸，我們這個月的業績非常出色，而且隨著一些庫存的減少，我們的業績也從低潮回升。我明白你的意思，這的確是一場簡單的比賽，但事實就是如此。

Yes, yes. I think I was trying to dig into is -- sorry, how much is just destock comps, easy comps versus a real inflection in customer demand. I'm not sure if you've actually got the sell-through data there. But my second question is really around the EMG margins. Obviously, really great momentum there, 25%.

是的，是的。我想深入探討的是──抱歉，有多少只是庫存清倉帶來的可比較性，又有多少是客戶需求真正轉變所致。我不確定你是否真的有銷售數據。但我的第二個問題實際上是關於 EMG 邊緣的。顯然，這方面勢頭非常強勁，達到了 25%。

It's pretty close to where EMG margins have peaked in the past. But with Paragon, where do you think that sort of margin objective or target might be for EMG going forward?

這與 EMG 邊緣值過去達到的峰值非常接近。但是，對於 Paragon 而言，您認為 EMG 未來的利潤目標或預期目標會在哪裡？

I think Paragon gives us the opportunity to increase it further. And when we sit down and we talk about that business, we'll set a target for next year. But certainly, I would expect we have the capability to have record margins in EMG going forward.

我認為 Paragon 為我們提供了進一步提升它的機會。當我們坐下來討論這項業務時，我們會為明年設定目標。但我相信，我們有能力在未來取得 EMG 領域創紀錄的利潤。

Great, thank you.

太好了，謝謝。

Robert Jamieson, Vertical Research.

Robert Jamieson，Vertical Research。

Thanks guys. Congrats on the quarter today. Just want to get your overall view on overall short-cycle exposure. Last quarter, you talked about short cycle bottoming. Just curious how you're thinking about this as we head into next year, what you saw in the quarter and what you're seeing so far in early 4Q?

謝謝各位。恭喜你今天取得季度佳績。想了解您對短期曝光的整體看法。上個季度，您談到了短期週期觸底。我很好奇，在即將邁入明年之際，您對此事有何看法？您在本季看到了什麼？您對第四季初的情況又有何看法？

Yeah. Yeah. When we talk about our business, we're more of a mid-cycle than short cycle, just maybe a little change in just to make sure we're on the same page. But yes, I think this is a result of the pandemic, the supply chain crisis, and I think that we're in an upward trend now. I think it's still early to talk about next year, but these automation, these EMG areas and MedTech, they're solid and Aero & Defense remains strong.

是的。是的。當我們談論我們的業務時，我們更傾向於中周期而非短週期，可能只是做一些小小的改變，以確保我們步調一致。但是，我認為這是疫情和供應鏈危機造成的，而且我認為我們現在正處於上升趨勢。我覺得現在談論明年還為時過早，但是自動化、肌電圖和醫療技術領域都很穩健，航空航太與國防領域也仍然強勁。

So it feels really good on some of these businesses with solid positions, and we are winning businesses. We are winning new share for these businesses. So EMG is kind of firing on all cylinders now. So--

所以，對於一些擁有穩固地位的企業來說，感覺真的很好，我們正在贏得這些企業。我們正在為這些企業贏得新的市場份額。所以現在 EMG 的狀態可以說是火力全開了。所以 -

Great. And then I just wondered with a lot of capacity, just can we get an update on the M&A pipeline? Anything that you -- areas that you're particularly interested in? Anything like that would be helpful.

偉大的。然後我想問一下，鑑於我們有很多精力，能否了解併購專案的進度？你有沒有特別感興趣的領域？任何類似的建議都會很有幫助。

Our pipeline remains very strong. We're actively looking at a number of high-quality deals. We have the -- Dalip talked about our capacity to fund them. It's strong. We remain disciplined looking at our returns on capital.

我們的產品供應依然非常強勁。我們正在積極尋找一些高品質的交易機會。我們有—達利普談到了我們有能力為他們提供資金。它很強勁。我們始終保持嚴謹的態度，關注資本報酬率。

We've done it for a long period of time, and it's -- there's no change in that. The pipeline includes a variety of deals, and there are different deal sizes, and they're in different end markets or all end markets that we're in now, though. And our teams are as active as they've ever been working on deals.

我們已經這樣做了很長時間，而且——這一點沒有任何改變。該項目儲備包括各種交易，交易規模各不相同，而且涉及不同的終端市場，或者說涵蓋了我們目前所處的所有終端市場。我們的團隊一如既往地積極進行交易工作。

And I really 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 cash flow positions. And it's a good time for us. When you combine our operational excellence capability and our M&A capability, I'm looking to use those 2 factors to drive performance over the next couple of years.

我真的認為，透過併購這個成長策略要素，結合我們的資產負債表和現金流狀況，我們有機會實現績效差異化。對我們來說，現在正是好時機。將我們的卓越營運能力和併購能力結合起來，我希望利用這兩個因素在未來幾年內推動業績成長。

Great. Thank you.

偉大的。謝謝。

Joseph Giordano, TD Cowen.

Joseph Giordano，TD Cowen。

This is Michael on for Joe. So I wanted to unpack the A&D performance. Previously, you mentioned high single-digit organic in the quarter, related content growth in that area. Is that content growth mainly related to FARO? And then can you just maybe unpack for us expectations for a normalized growth range for A&D going forward?

我是邁克爾，替喬報道。我想分析一下A&D的演出狀況。之前您曾提到本季有機成長接近兩位數，相關內容成長也比較明顯。內容成長主要與FARO有關嗎？那麼，您能否為我們分析一下未來航空航太與國防產業的正常成長範圍預期？

You had several years, whether it's on the EIG side or EMG side of high single-digit growth. So just trying to understand how to map that going forward. Thank you.

無論是在 EIG 板塊還是 EMG 板塊，你們都經歷了數年的高個位數成長。所以，我只是想了解接下來該如何規劃。謝謝。

Yeah. First of all, FARO is not in the A&D segment. So zero contributes to the A&D performance. The other thing is in the quarter, organically, we're up low double digits. So not -- but for the year, we're continuing to confirm high single digits.

是的。首先，FARO 並不屬於航空航太與國防領域。因此，零對航空航太與國防績效的貢獻。另外，本季有機成長方面，我們實現了兩位數的低成長。所以不是——但就今年而言，我們繼續確認新增病例將保持在個位數高點。

And in the quarter, the thing about me the truck, it was balanced. I mean we had -- commercial OEM was very strong. We had aftermarket was very strong. The defense markets were very strong, and we're continuing to win content on programs to expand where we're going in the future.

在這一季度，關於我的卡車，它保持平衡。我的意思是，我們當時的商業OEM業務非常強大。我們的售後市場非常強勁。國防市場非常強勁，我們正在不斷贏得專案內容，以擴大我們未來的發展方向。

So we're not talking about next year right now. But when I think about the Aerospace group, when I think about the Aerospace business, when I think about the Aerospace team, their backlog remains strong, and they have strong positions on key programs. So it looks optimistic.

所以我們現在不討論明年的事。但是，當我想到航空航天集團，想到航空航天業務，想到航空航天團隊時，他們的積壓訂單仍然充足，並且在關鍵項目上佔據著強大的地位。所以看起來很樂觀。

Scott Graham, Seaport.

斯科特·格雷厄姆，海港。

Hey, good morning. Congratulations on the quarter, Dave. I wanted to maybe step back in 40,000 foot this. And I know when you came on board back eight years ago, one of the big things that you were going to champion was an improvement in the front end and the top line focus as opposed to what has historically been more of a kind of margin lean, let's put it that way. I know you've done a lot of things internally, but it's been sort of an up and down industrial environment.

嘿，早安。恭喜你本季取得佳績，戴夫。我想或許可以從四萬英尺的高空來審視這件事。我知道八年前你加入公司時，你大力倡導的一項重要舉措就是改善前端和提升營收，而不是像過去那樣更注重利潤率。我知道你們在內部做了很多工作，但工業環境一直起起伏伏。

So I was just hoping you indicated just now you won some business I know A&D has been a good market for you since that time. But again, Industrial, other areas have been up and down. Would you see now that winning of business starting to spread out into other end markets given the work that's been done on top line initiatives on a going-forward basis as the industrial economy improves?

所以，我只是希望你剛才告訴我你贏了一些生意。我知道從那時起，A&D市場對你來說一直都很不錯。但工業和其他領域的情況則一直起伏不定。隨著工業經濟的改善，以及未來在頂級舉措方面所取得的進展，您是否認為贏得業務的成果現在開始擴展到其他終端市場？

It's an interesting point. If you had a couple of years of below 50 PMIs, and I don't remember the last time that happened. I think I was at an investor conference and he told me it never happened. So -- and I think that we're extremely well positioned for growth, and it's across all of our businesses. So I'd say as the industrial economy picks up and you recover from having negative PMI for basically 2, 2.5 years.

這是一個很有意思的觀點。如果連續幾年採購經理人指數 (PMI) 低於 50，我不記得上次出現這種情況是什麼時候了。我記得當時我在參加一個投資者會議，他告訴我這件事從未發生過。所以——而且我認為我們已經為成長做好了非常充分的準備，這體現在我們所有的業務中。所以我認為，隨著工業經濟復甦，並且從持續 2 到 2.5 年的負 PMI 中恢復過來。

I think you'll see some improvements.

我認為你會看到一些改善。

The other thing I'd point you to is I've been CEO, I've been with AMETEK for 35 years. I've been with CEO for nine years. And over those nine years, we've averaged a 4% organic growth. So this quarter right now, when you have 4% organic growth, you have double digit on the top line, you have double-digit orders, you have double-digit earnings. That's pretty much what we've done for the last 9 or 10 years.

另外，我想指出的是，我曾擔任首席執行官，我在 AMETEK 工作了 35 年。我在CEO公司工作了九年。九年來，我們的平均有機成長率為 4%。所以本季度，當你實現 4% 的有機增長，營收實現兩位數增長，訂單實現兩位數增長，收益實現兩位數增長時，你就能實現 4% 的有機增長。過去9到10年，我們基本上都是這麼做的。

And if you go back, it's further than that. So we're -- we have a model. It's consistent. We have a great team working on it. And I do think that we're going to participate in a greater way in terms of organic growth as the industrial economy improves.

如果追溯更遠，那就更遠了。所以我們有了一個模型。它始終如一。我們有一個很棒的團隊在做這件事。而且我認為，隨著工業經濟的改善，我們將在有機成長方面發揮更大的作用。

Thank you.

謝謝。

I'll now hand the call back over to Vice President of Investor Relations and Treasurer, Kevin Coleman, for any closing remarks.

現在我將把電話轉回給投資人關係副總裁兼財務長凱文‧科爾曼，請他作總結發言。

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

再次感謝安德魯，也感謝各位今天參加我們的電話會議。再次提醒，您可以在ametek.com網站上觀看網路直播的「投資者關係」版塊。祝您今天愉快。

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

再次感謝安德魯，也感謝各位今天參加我們的電話會議。再次提醒，您可以在ametek.com網站上觀看網路直播的「投資者關係」版塊。祝您今天愉快。