阿美特克 (AME) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first quarter 2026 AMETEK earnings conference call. (Operator Instructions)

各位早安，感謝您稍候。歡迎參加 AMETEK 2026 年第一季財報電話會議。（接線員指示）

I would now like to hand the conference over to your first speaker today, Kevin Coleman, Vice President, Investor Relations, and Treasurer. Kevin, you have the floor.

現在我想將會議交給今天的第一位講者：投資人關係副總裁兼財務主管 Kevin Coleman。Kevin，請開始。

Thank you, Stacy. Good morning, and welcome to AMETEK's first quarter 2026 earnings conference call. Joining me today are David Zapico, Chairman and Chief Executive Officer, and Dalip Puri, Executive Vice President and Chief Financial Officer.

謝謝你，Stacy。各位早安，歡迎參加 AMETEK 2026 年第一季財報電話會議。今天與我一同出席的還有董事長兼執行長 David Zapico，以及執行副總裁兼財務長 Dalip Puri。

During the course of today's call, we will be making forward-looking statements which are subject to change based on various risk factors and uncertainties that may cause actual results to differ significantly from expectations. A detailed discussion of the risks and uncertainties that may affect our future results is contained in AMETEK's filings with the SEC.

在今天的電話會議過程中，我們將發表前瞻性陳述；此類陳述可能因各種風險因素與不確定性而有所變動，並可能導致實際結果與預期出現重大差異。關於可能影響我們未來業績之風險與不確定性的詳細討論，已載於 AMETEK 向美國證券交易委員會（SEC）提交的文件中。

AMETEK disclaims any intention or obligation to update or revise any forward-looking statements. 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 cost. Reconciliations between GAAP and adjusted measures can be found in our press release and on the investor section of our website.

AMETEK 不承擔亦不表示有任何意圖或義務更新或修訂任何前瞻性陳述。本次電話會議中對歷史結果的任何引用，均以調整後基礎呈現，排除稅後之併購相關無形資產攤銷，並排除併購相關成本。GAAP 與調整後衡量指標之間的調節表可於我們的新聞稿以及公司網站投資人專區查閱。

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

我們將先進行事先準備的發言，接著開放提問。

I'll turn the meeting over to Dave.

我把會議交給 Dave。

Thank you, Kevin. Good morning, everyone. AMETEK delivered an excellent first quarter, highlighted by double-digit sales growth, exceptional orders growth, robust core margin expansion, record EBITDA, and a high quality of earnings that exceeded our expectations. We also raised our full-year earnings guidance to reflect our first quarter results and the outlook for the balance of the year.

謝謝你，Kevin。各位早安。AMETEK 第一季表現非常出色，亮點包括兩位數的銷售成長、卓越的訂單成長、強勁的核心毛利率擴張、創紀錄的 EBITDA，以及超出我們預期的高品質獲利。我們也上調了全年獲利指引，以反映第一季成果以及今年剩餘期間的展望。

Today, we also announced we signed a definitive agreement to acquire First Aviation Services, an attractive acquisition which strategically broadens our defense aftermarket capabilities. I will provide more details on First Aviation shortly.

今天我們也宣布，已簽署具約束力的最終協議，將收購 First Aviation Services。這是一項具吸引力的併購案，可在策略上擴大我們在國防售後市場的能力。我稍後會提供更多 First Aviation 的細節。

Now let me turn to our first quarter financial results. First quarter sales were $1.93 billion, up 11% from the same period in 2025. Organic sales were up 5%. Acquisitions added 5 points, with foreign currency a tailwind.

接下來我說明第一季財務結果。第一季銷售額為 19.3 億美元，較 2025 年同期成長 11%。有機銷售成長 5%。併購貢獻 5 個百分點，外匯則帶來順風。

Orders were outstanding in the quarter, with broad-based and meaningful growth across all AMETEK divisions. Overall orders were a record $2.2 billion, up 23% versus the prior year, and organic orders were up 22%, leading to a record backlog of $3.87 billion.

本季訂單表現非常亮眼，AMETEK 各事業部皆呈現廣泛且具意義的成長。整體訂單創下 22 億美元新高，較去年成長 23%；有機訂單成長 22%，帶動在手訂單（backlog）創紀錄達 38.7 億美元。

Operating income in the quarter was $517 million, a 14% increase over the first quarter of 2025. Operating margins were 26.8% in the quarter, and core margins were an impressive 27.9%, up a robust 160 basis points versus the prior year. EBITDA in the quarter was a record $620 million, up 11% versus the prior year, with EBITDA margins a strong 32.1%.

本季營業利益為 5.17 億美元，較 2025 年第一季成長 14%。本季營業利益率為 26.8%，核心利益率表現亮眼達 27.9%，較去年大幅提升 160 個基點。EBITDA 本季創紀錄達 6.20 億美元，較去年成長 11%，EBITDA 利益率強勁達 32.1%。

Our excellent operating performance led to strong cash generation, with free cash flow to net income conversion of 107%. Diluted earnings per share were $1.97, up 13% versus the first quarter of 2025, and above our guidance range of $1.85-$1.90 per share.

優異的營運表現帶來強勁的現金創造能力，自由現金流對淨利的轉換率為 107%。稀釋後每股盈餘為 1.97 美元，較 2025 年第一季成長 13%，並高於我們每股 1.85 至 1.90 美元的指引區間。

Now let me provide some additional details at the operating group level. First, the Electronic Instruments Group. EIG had an excellent first quarter, with double-digit sales growth, strong operating performance, and a meaningful inflection in orders. EIG sales in the quarter were $1.26 billion, up 11% from last year's first quarter.

接著我補充各營運事業群的更多細節。首先是電子儀器事業群（EIG）。EIG 第一季表現非常出色，銷售額兩位數成長、營運表現強勁，且訂單出現明顯的轉折向上。EIG 本季銷售額為 12.6 億美元，較去年第一季成長 11%。

Organic sales were up 2% and acquisitions added 7 points, with foreign currency the balance of the growth. Organic orders for EIG were up an impressive 25% in the quarter. This growth was broad-based across all EIG divisions and end markets, with notable growth within our defense, power, and semiconductor businesses. EIG's first quarter operating income was $376 million, up 6% versus the prior year. Core operating margins were an outstanding 31.4%, up 40 basis points from the prior year.

有機銷售成長 2%，併購貢獻 7 個百分點，其餘成長來自外匯。有機訂單在本季大幅成長 25%，表現令人印象深刻。此成長遍及 EIG 各事業部與終端市場，其中以國防、電力與半導體業務的成長尤為顯著。EIG 第一季營業利益為 3.76 億美元，較去年成長 6%。核心營業利益率表現優異達 31.4%，較去年提升 40 個基點。

The Electromechanical Group also delivered excellent results in the quarter, with continued strong sales and orders growth, along with exceptional operating performance, leading to sizable core margin expansion. EMG's first quarter sales were a record $664 million, up 13% versus the prior year. Organic sales were again up double digits at 11%, with foreign currency a 2-point tailwind. Sales growth was broad-based, with our automation, engineered solutions, and aerospace and defense businesses all delivering excellent growth in the quarter.

機電事業群（EMG）本季同樣交出優異成績，銷售與訂單持續強勁成長，營運表現也非常出色，帶動核心利益率大幅擴張。EMG 第一季銷售額創紀錄達 6.64 億美元，較去年成長 13%。有機銷售再度以兩位數成長 11%，外匯帶來 2 個百分點的順風。銷售成長相當廣泛，我們的自動化、工程解決方案，以及航太與國防業務在本季皆呈現優異成長。

Additionally, EMG organic orders were again outstanding, up 16% versus the prior year. EMG's operating income in the first quarter was $171 million, up 33% compared to the prior year period. While EMG's first quarter core operating margins were up sharply to 26%, a considerable 410 basis point increase versus the first quarter of 2025.

此外，EMG 有機訂單再度表現亮眼，較去年成長 16%。EMG 第一季營業利益為 1.71 億美元，較去年同期成長 33%。EMG 第一季核心營業利益率大幅提升至 26%，較 2025 年第一季顯著增加 410 個基點。

I wanted to take a moment to expand on the strength and breadth of AMETEK's order growth in the quarter. The 22% organic orders growth reflects the ongoing strength within our aerospace and defense markets, as well as the continued strong growth across our automation and engineered solution markets. Importantly, it also reflects a meaningful inflection in orders for our process instrumentation and power businesses in the quarter, as the strong pipeline of opportunities we have been highlighting is translating into substantial orders growth.

我想花點時間進一步說明 AMETEK 本季訂單成長的強度與廣度。22% 的有機訂單成長反映出我們航太與國防市場的持續強勁，以及自動化與工程解決方案市場的延續性高成長。更重要的是，這也反映出我們製程儀表與電力業務在本季訂單出現明顯的轉折向上；我們先前強調的強勁機會管線，正轉化為可觀的訂單成長。

Contributing to the order strength were several large orders in the quarter which help fill in our full-year sales outlook. These large orders are aligned with attractive market segments, including defense, space, power, and semiconductor, all markets where AMETEK is poised to benefit from strong and growing demand.

推動訂單強勁的因素之一，是本季取得數筆大型訂單，有助於支撐我們對全年銷售的展望。這些大型訂單聚焦於具吸引力的市場區隔，包括國防、太空、電力與半導體；在這些市場中，AMETEK 已蓄勢待發，可受惠於強勁且持續成長的需求。

Within defense, we are seeing broad-based strength, including within missile defense, UAVs, and naval applications. The growth in defense budgets is being driven by modernization of defense capabilities and the ongoing geopolitical conflicts, creating a strong global growth outlook for defense spending, including from NATO allies.

在國防領域，我們看到廣泛的強勢需求，包括飛彈防禦、無人機（UAV）以及海軍應用。國防預算的成長主要由國防能力現代化與持續的地緣政治衝突所驅動，形成全球國防支出強勁的成長展望，其中也包括北約盟國的支出。

Our aerospace and defense businesses was recently selected to provide a range of technologies in support of three UAV programs, one program in the US and two with NATO allies. Products being provided on these programs include ruggedized thermal management systems, power distribution equipment, advanced sensors, and embedded computing app solutions.

我們的航太與國防業務近期獲選，將提供一系列技術以支援三個無人機（UAV）計畫，其中一個在美國、兩個與北約盟國合作。這些計畫所提供的產品包括強固型熱管理系統、配電設備、先進感測器，以及嵌入式運算應用解決方案。

Our EMIP business also provides highly engineered, specialized fluid transfer solutions for critical military and defense applications. In the first quarter, saw strong order growth across many key defense platforms, including in support of nuclear submarines.

我們的 EMIP 業務亦為關鍵軍事與國防應用提供高度工程化、專用的流體傳輸解決方案。第一季，我們在多個關鍵國防平台上看到強勁的訂單成長，其中包括支援核子潛艦的相關需求。

Within nuclear, we're also seeing strong commercial nuclear demand in orders. AMETEK businesses provide a range of highly specialized products to this market, including fluid transfer solutions, radiation detection equipment, and uninterruptible power solutions in support of nuclear power facilities.

在核能領域，我們也看到商用核能的訂單需求強勁。AMETEK 旗下業務為該市場提供多項高度專業化產品，包括流體傳輸解決方案、輻射偵測設備，以及支援核電設施的不斷電電源（UPS）解決方案。

Switching to space and satellite communications market, our Kern Microtechnik business recently received a sizable order to provide ultra-precision machining solutions and manufacturing services in support of critical RF components used in low Earth orbit satellites. Kern's advanced precision machining solutions are targeted for mission-critical applications which require maximum accuracy, stability, and repeatability.

轉向太空與衛星通訊市場，我們的 Kern Microtechnik 業務近期取得一筆可觀訂單，將提供超精密加工解決方案與製造服務，以支援用於低地球軌道衛星之關鍵射頻（RF）元件。Kern 的先進精密加工解決方案鎖定任務關鍵型應用，這些應用需要最高的精度、穩定性與重複性。

And lastly, our Abaco business, a leading provider of ruggedized embedded computing solutions, continues to see strong demand with a significant win in the semiconductor capital equipment market. Abaco recently secured an agreement to provide advanced computing technology to support AI-driven demand for advanced semiconductor tools.

最後，我們的 Abaco 業務作為強固型嵌入式運算解決方案的領先供應商，持續看到強勁需求，並在半導體資本設備市場取得重要勝利。Abaco 近期簽署協議，將提供先進運算技術，以支援 AI 驅動之先進半導體設備工具需求。

Abaco's orders were excellent in the quarter, with strong defense orders in addition to strength in the semiconductor market. The breadth and strength of our orders in the first quarter reflect the continued trust of our customers and our continued delivery of key technology-driven products that meet our customers' most critical needs.

Abaco 本季訂單表現非常出色，除國防訂單強勁外，半導體市場亦展現強勢。本季訂單的廣度與強度，反映客戶對我們持續的信任，以及我們持續交付以關鍵技術驅動、能滿足客戶最重要需求的產品。

Before we move too far off the topic of key programs and our ability to deliver in the most critical and demanding of applications, I want to take a moment to highlight a particularly timely example of our differentiated technology.

在我們把話題從關鍵計畫以及我們在最關鍵、最嚴苛應用中交付成果的能力上扯得太遠之前，我想花一點時間強調一個特別切合時宜、能展現我們差異化技術的例子。

AMETEK Sensors and Fluid Management Systems, a leader in advanced specialized sensing solutions for the aerospace, defense, and space markets, provided critical solutions used on the recent Artemis II mission that eclipsed the record for the furthest manned space mission. Our SFMS business provided thin-film pressure transducers that supported mission-critical life support infrastructure on the Orion Multi-Purpose Crew Vehicle.

AMETEK 感測器與流體管理系統（Sensors and Fluid Management Systems，SFMS）是航太、國防與太空市場先進專業感測解決方案的領導者，為近期的 Artemis II 任務提供了關鍵解決方案；該任務刷新了最遠載人太空任務的紀錄。我們的 SFMS 事業提供薄膜式壓力傳感器（thin-film pressure transducers），用於支援 Orion 多用途載人飛船（Orion Multi-Purpose Crew Vehicle）任務關鍵的生命維持基礎設施。

This application demonstrates our ability to serve even the most demanding of applications and our ongoing commitment to reliability, precision, and accuracy. Congratulations to the AMETEK Sensors and Fluid Management Systems team on this exciting success, and also to the four other AMETEK businesses, FMH, UEI, NSI, and Zygo, Pixelink, that also supported the Artemis platform with specialized technology.

此一應用展現了我們服務最嚴苛應用的能力，以及我們對可靠性、精密度與準確度的持續承諾。恭喜 AMETEK 感測器與流體管理系統團隊取得這項令人振奮的成功，也恭喜另外四個同樣以專業技術支援 Artemis 平台的 AMETEK 事業：FMH、UEI、NSI，以及 Zygo、Pixelink。

Now, turning to acquisitions and capital deployment. With our robust balance sheet, strong cash flows, and disciplined approach to capital deployment, AMETEK is well-positioned to continue driving long-term value through our disciplined acquisition strategy. We are managing a very strong pipeline of acquisition opportunities across a wide range of deal sizes and markets and are encouraged by the strong pipeline of high-quality acquisition candidates.

接下來談併購與資本配置。憑藉我們強健的資產負債表、強勁的現金流，以及嚴謹的資本配置方法，AMETEK 已具備良好條件，能透過我們紀律嚴明的併購策略持續推動長期價值。我們正在管理一條涵蓋多種交易規模與市場的強勁併購機會管線，並對高品質併購標的所形成的強勁管線感到鼓舞。

As Dal will touch on, our significant financial capacity provides the opportunity to deploy well over $5 billion in capital while maintaining an investment-grade credit rating. Our top priority for capital deployment remains acquisitions, and we expect to remain active in this area.

正如 Dal 稍後將提到的，我們可觀的財務能力使我們有機會在維持投資級信用評等的同時，配置超過 50 億美元的資本。我們資本配置的首要優先事項仍是併購，且我們預期在此領域將持續保持活躍。

We were pleased to announce this morning that we've signed a definitive agreement to acquire First Aviation Services, a leading provider of defense and aviation MRO services, as well as proprietary part design and manufacturing. The combination of First Aviation with AMETEK's MRO business will provide attractive market expansion opportunities and additional scale for our A&D aftermarket businesses.

我們很高興在今天早上宣布，已簽署最終協議，將收購 First Aviation Services；該公司是國防與航空 MRO 服務（維修、修理與大修）的領先供應商，同時也提供專有零件設計與製造。First Aviation 與 AMETEK 的 MRO 業務結合後，將為我們的航太與國防（A&D）售後市場業務帶來具吸引力的市場擴張機會與更大的規模效益。

First Aviation is privately held and has six US-based centers of excellence. They have approximately $80 million in annual sales. The acquisition is subject to customer closing conditions, including regulatory approvals. Alongside this acquisition and capital deployment strategy, we continue to invest in our businesses to ensure AMETEK is strategically positioned for long-term sustainable growth.

First Aviation 為私人持有公司，在美國設有六個卓越中心（centers of excellence）。其年營收約 8,000 萬美元。本次收購仍須滿足客戶交割條件（closing conditions），包括監管核准。除這項收購與資本配置策略外，我們也持續投資於各項業務，以確保 AMETEK 在策略上能為長期可持續成長做好布局。

For 2026, we continue to expect to invest an incremental $100 million to support our growth initiatives, with the majority of this investment going into RD&E and sales and marketing initiatives. These investments continue to deliver excellent returns. In the first quarter, our vitality index, which measures sales of new products introduced over the last three years, was an outstanding 25%.

針對 2026 年，我們仍預期將額外投資 1 億美元以支持成長計畫，其中大部分將投入 RD&E（研發與工程）以及銷售與行銷計畫。這些投資持續帶來極佳回報。第一季，我們的活力指數（vitality index，用以衡量過去三年推出之新產品銷售占比）達到亮眼的 25%。

Now we'll take a moment to highlight an example of an exciting new product from our RTDS Technologies business. RTDS is a leader in real-time digital simulation of power systems, infrastructure, and hardware testing in the loop. Their real-time electromagnetic transient simulators enable detailed studies of power systems, allowing engineers to anticipate system and device behaviors that threaten the stability, resilience, and performance of the power grid.

接下來我們將花一點時間，介紹 RTDS Technologies 事業一項令人振奮的新產品。RTDS 是電力系統、基礎設施以及硬體在迴路（hardware testing in the loop）測試之即時數位模擬領域的領導者。其即時電磁暫態模擬器可對電力系統進行細緻研究，使工程師能預先掌握可能威脅電網穩定性、韌性與效能的系統與設備行為。

RTDS recently updated their simulator platform with new features, including a data center module and an updated workflow that provides more accurate representations of third-party power solutions. This innovation helps data center operators model the power electronics required for key components, such as the uninterruptible power supply systems and the variable frequency drive used in power and cooling systems.

RTDS 近期以新功能更新其模擬器平台，包括資料中心模組，以及更新後的工作流程，可更精準呈現第三方電力解決方案。此項創新可協助資料中心營運商建模關鍵元件所需的電力電子設備，例如不斷電系統（UPS）以及用於供電與冷卻系統的變頻驅動器（variable frequency drive）。

This new product led to two new notable orders in the first quarter in support of data center testing applications from large power equipment providers. Congratulations to the RTDS Technologies team on this exciting new product development.

這項新產品在第一季帶來兩筆值得關注的新訂單，來自大型電力設備供應商，用於支援資料中心測試應用。恭喜 RTDS Technologies 團隊完成這項令人振奮的新產品開發。

I'd like to take a moment to discuss the conflict in the Middle East and how AMETEK is navigating this evolving dynamic. AMETEK has only a small sales exposure to the region, with approximately 2% of sales into the Middle East. Most of that small exposure is within our EIG process sub-segment and is tied to energy markets. We do not expect a meaningful direct impact on AMETEK given this small exposure. However, like everyone, we are not immune to the broader macroeconomic uncertainty.

我想花一點時間談談中東衝突，以及 AMETEK 如何因應這個持續演變的局勢。AMETEK 在該地區的銷售曝險很小，對中東的銷售約占 2%。其中大部分的小幅曝險位於我們 EIG 製程子分部（process sub-segment），並與能源市場相關。鑑於曝險有限，我們不預期中東局勢會對 AMETEK 造成重大的直接影響。然而，和所有人一樣，我們也無法完全免於更廣泛的總體經濟不確定性。

We are continuing to monitor developments in the region, especially for impacts on the energy market and potential spillover effects. With all that said, I am confident that AMETEK will continue to navigate this period of increased uncertainty based on the flexibility and durability of our operating model and our proven track record of performing well in challenging environments.

我們將持續關注該地區的發展，特別是對能源市場的影響以及可能的外溢效應。儘管如此，我有信心 AMETEK 將能在不確定性升高的期間持續穩健前行，這得益於我們營運模式的彈性與韌性，以及我們在具挑戰性環境中仍能表現出色的良好實績。

Shifting to our outlook for the balance of the year. For 2026, we now expect overall sales to be up high single digits on a percentage basis, with organic sales now expected to increase mid-single digits versus the prior year. With the strong results from the first quarter, diluted earnings per share for the year are now expected to be in the range of $7.94 to $8.14, up 7% to 10% compared to last year's results. This is an increase from our prior full-year guide of $7.87 to $8.07 per diluted share. For the second quarter, we anticipate overall sales to be up high single digits on a percentage basis, with adjusted earnings of $1.96 to $2.00 per share, up 10% to 12% versus the prior year.

接著談今年剩餘期間的展望。對 2026 年而言，我們目前預期整體銷售額將以百分比計呈現高個位數成長，而有機銷售額預期將較前一年成長中個位數。受第一季強勁表現帶動，全年稀釋每股盈餘（diluted earnings per share）目前預期落在 7.94 至 8.14 美元區間，較去年結果成長 7% 至 10%。這也高於我們先前的全年指引（每股稀釋盈餘 7.87 至 8.07 美元）。至於第二季，我們預期整體銷售額將以百分比計呈現高個位數成長，調整後每股盈餘為 1.96 至 2.00 美元，較前一年成長 10% 至 12%。

To summarize, AMETEK delivered an excellent first quarter. Our outstanding results reflect the strength of our portfolio and the resilience of our operating model. Our businesses are aligned with attractive secular growth trends and are well-diversified across end markets, customers, technologies, and geographies. We are leaders in niche markets where our differentiated technology solutions play a mission-critical role in our customers' most demanding applications.

總結而言，AMETEK 第一季表現非常出色。我們亮眼的成果反映出產品組合的實力以及營運模式的韌性。我們的事業與具吸引力的長期結構性成長趨勢一致，並在終端市場、客戶、技術與地理區域上高度多元化。我們在利基市場中居於領導地位，差異化的技術解決方案在客戶最嚴苛的應用中扮演任務關鍵角色。

Our highly engineered products are designed into applications governed by strict regulatory and compliance requirements, creating high switching costs. We primarily serve customers in long-cycle industries with long asset lifespans, resulting in a low obsolescence risk. Taken together, these advantages position AMETEK for sustained long-term success, and we see significant opportunities for continued value creation.

我們高度工程化的產品被設計導入受嚴格法規與合規要求所規範的應用中，因而形成高轉換成本。我們主要服務於資產生命週期長、產業週期長的客戶，使得淘汰風險較低。綜合而言，這些優勢使 AMETEK 具備長期持續成功的有利條件，我們也看到持續創造價值的重大機會。

Our culture is deeply ingrained across the organization. Our competitive positions are strong and continuing to expand. Our operating model is durable, flexible, and scalable. Finally, we are supported by an experienced and proven team that has consistently performed through a wide range of market conditions.

我們的文化已深植於整個組織。我們的競爭地位強勁，且持續擴大。我們的營運模式具備耐久性、彈性與可擴展性。最後，我們有一支經驗豐富且經過驗證的團隊支持，能在各種市場環境下持續交出穩健表現。

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

接下來我將把時間交給 Dalip Puri，他將說明本季的一些財務細節，之後我們很樂意回答各位的問題。Dalip？

Thank you, Dave. And good morning, everyone. As Dave noted, AMETEK delivered an outstanding start to the year, highlighted by excellent orders, sales, and earnings growth, robust core margin expansion, and strong cash flow generation.

謝謝你，Dave。各位早安。正如 Dave 所提到的，AMETEK 今年開局表現非常亮眼，重點包括優異的訂單、銷售與獲利成長，強勁的核心毛利率擴張，以及良好的現金流創造能力。

Now let me provide some additional financial highlights for the first quarter. First quarter corporate general and administrative expenses were $30 million, or 1.5% of sales. For the full year, we continue to expect corporate general and administrative expenses to be approximately 1.5% of sales.

接下來我補充第一季的一些財務重點。第一，第一季公司層級一般與行政費用為 3,000 萬美元，約占銷售額的 1.5%。就全年而言，我們仍預期公司層級一般與行政費用約為銷售額的 1.5%。

First quarter other operating expenses were $1 million, largely in line with the first quarter of 2025. First quarter interest expense was $21 million, up $2 million from the first quarter of 2025.

第一季其他營業費用為 100 萬美元，與 2025 年第一季大致一致。第一季利息費用為 2,100 萬美元，較 2025 年第一季增加 200 萬美元。

The effective tax rate in the quarter was 19%. For 2026, we continue to anticipate our effective tax rate to be between 18.5% 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%。對 2026 年而言，我們仍預期有效稅率介於 18.5% 至 19.5%。如同我們過去所述，實際季度稅率可能相較於此全年估計稅率出現顯著差異，可能偏正面也可能偏負面。

Capital expenditures in the first quarter were $25 million. For the full year, we expect capital expenditures to be approximately $160 million, or about 2% of sales.

第一季資本支出為 2,500 萬美元。就全年而言，我們預期資本支出約為 1.6 億美元，約占銷售額的 2%。

Depreciation and amortization expense in the quarter was $105 million. For the full year, we expect depreciation and amortization to be approximately $430 million, including after-tax acquisition-related intangible amortization of approximately $210 million, or $0.91 per diluted share.

本季折舊與攤銷費用為1.05億美元。就全年而言，我們預期折舊與攤銷約為4.30億美元，其中包含稅後與收購相關之無形資產攤銷約2.10億美元，或每股稀釋後0.91美元。

For the quarter, operating working capital was 17.5%, a 60-basis-point improvement versus 18.1% in last year's first quarter. Operating cash flow was $452 million, up 8% versus the first quarter of 2025. Free cash flow was also up 8% year-over-year to $426 million. Free cash flow conversion was strong at 107% for the quarter. For 2026, we continue to expect free cash flow conversion to be approximately 110% to 115% of net income.

本季營運週轉資金為17.5%，較去年第一季的18.1%改善60個基點。營運現金流為4.52億美元，較2025年第一季成長8%。自由現金流亦年增8%至4.26億美元。本季自由現金流轉換率強勁，達107%。對於2026年，我們仍預期自由現金流轉換率約為淨利的110%至115%。

Total debt at March 31st was $2.2 billion, down from $2.3 billion at the end of 2025. Offsetting this debt is cash and cash equivalents of $481 million.

截至3月31日，總負債為22億美元，低於2025年底的23億美元。與此負債相抵的是4.81億美元的現金及約當現金。

At the end of the first quarter, our gross debt to EBITDA ratio was 0.9 times, and our net debt to EBITDA ratio was 0.7 times. We continue to have excellent financial capacity, with flexibility to deploy well over $5 billion on growth initiatives and our active acquisition pipeline while retaining an investment-grade credit rating.

第一季末，我們的總負債對EBITDA比率為0.9倍，淨負債對EBITDA比率為0.7倍。我們仍具備極佳的財務承載能力，並保有彈性可在維持投資級信用評等的同時，投入遠超過50億美元於成長計畫及活躍的併購案源管線。

While acquisitions remain our number one capital allocation priority for use of our free cash flow, we also seek to provide our shareholders with opportunistic share buybacks and a consistently increasing dividend. In February, we announced a 10% increase in our quarterly cash dividend to $0.34 per share, our seventh consecutive year of 10%-plus annual increases in our dividend payout.

雖然併購仍是我們運用自由現金流進行資本配置的首要優先事項，但我們也希望透過機會性庫藏股回購及持續提高的股利回饋股東。2月，我們宣布將季度現金股利提高10%至每股0.34美元，這是我們連續第七年股利支付年增幅達10%以上。

I would also like to note that we have enhanced our financial reporting this quarter by including AMETEK's gross margin reporting and a related reconciliation on our Investor Relations website. With adjusted gross margin at a strong 51% in the quarter, this enhanced disclosure provides investors with greater visibility into AMETEK's margin performance and additional details to better understand our cost structure and the underlying drivers of our profitability. Going forward, we will provide an updated gross margin disclosure quarterly on our website.

我也想指出，本季我們強化了財務揭露，在投資人關係網站上納入AMETEK的毛利率揭露及相關調節表。本季調整後毛利率強勁達51%，此項加強揭露可讓投資人更清楚掌握AMETEK的毛利表現，並提供更多細節以更好理解我們的成本結構與獲利能力的根本驅動因素。未來我們將於網站上按季提供更新的毛利率揭露。

In summary, our businesses had a great start to the year. Our exceptional operating capabilities delivered excellent revenue and earnings growth, robust margin expansion, and strong free cash flow conversion. With a proven strategy, significant capital deployment capacity, and a strong track record of execution, we are confident in our ability to drive further growth and value creation in 2026.

總結而言，我們各項業務在今年有個非常好的開局。我們卓越的營運能力帶來優異的營收與獲利成長、穩健的利潤率擴張，以及強勁的自由現金流轉換。憑藉經驗證的策略、可觀的資本部署能力與強大的執行紀錄，我們對於在2026年推動進一步成長與創造價值充滿信心。

I'll now pass it back to Kevin.

我現在把時間交回給Kevin。

Great. Thank you, Dalip. Stacy, could we please open the line for questions?

很好。謝謝你，Dalip。Stacy，能否請你開放電話線讓大家提問？

(Operator Instructions) Deane Dray, RBC Capital Markets.

（接線員指示）Deane Dray，RBC資本市場。

Thank you. Good morning, everyone.

謝謝。各位早安。

Good morning, Deane.

早安，Deane。

Hey, Dave, you normally at this point, take us for a tour of the key end markets, but your prepared remarks really covered that well, so I appreciate it. And you also highlighted the really small exposure to the Middle East. How about just the rest of the regions and maybe the idea of, are you seeing anything at the margin in terms of buying hesitancy? Certainly don't see it in the orders, but take us through the regions and any kind of sentiment in terms of macro pressures that you might be seeing.

嗨，Dave，你通常在這個時間點會帶我們快速巡覽主要終端市場，但你在事先準備的發言中已經把這部分講得很完整了，我很感謝。你也提到對中東的曝險非常小。那其他地區呢？以及在邊際上，你是否看到任何採購猶豫的跡象？從訂單上當然看不出來，但請帶我們走一遍各地區的情況，以及你可能看到的、與總體壓力相關的任何情緒變化。

Sure. I'll start with the performance around the geographies. We really had balanced growth. US and international markets were both up mid-single digits. The strongest growth was in Asia. In the US, we were up mid-single digits. We had very strong growth in our A&D and materials analysis business. Europe was up low single digits. That's where we had, you know, strength in power, strength in our automation businesses, but modest headwinds from the Middle East.

當然。我先從各地理區域的表現談起。我們的成長相當均衡。美國與國際市場皆呈現中個位數成長。成長最強的是亞洲。在美國，我們成長中個位數；我們在航太與國防（A&D）以及材料分析業務方面成長非常強勁。歐洲則為低個位數成長；那裡我們在電力以及自動化業務有優勢，但受到中東帶來的一些溫和逆風影響。

We had about, I'd say $15 million of discrete orders that, you know, due to safety reasons and disruptions that didn't ship during the quarter. That would've ended up a little bit higher, but that occurred and we have not seen any cancellation in orders from the Middle East.

我們大約有1,500萬美元的零星訂單，因安全因素與干擾在本季未能出貨。若非如此，表現本來會略高一些；但情況確實發生了，而我們尚未看到任何來自中東的訂單取消。

In fact, we're seeing, you know, quotations to really, you know, rebuild infrastructure, the energy infrastructure. It's going to be when this thing settles down. In terms of getting back to the geographies, in terms of Asia was up low double digits, driven by strong China. China was up high teens, and it was driven by our process in power markets. You know, across the board, you know, it was a balanced growth, solid, and all geographies really performing well.

事實上，我們看到一些報價，主要是為了重建基礎建設、能源基礎建設；等局勢穩定後就會推進。回到各地區來看，亞洲成長低雙位數，主要由中國的強勁表現帶動。中國成長高十幾個百分點，主要由我們在製程與電力市場的業務所驅動。整體而言，成長相當均衡、穩健，各地區表現都很好。

All good to hear.

聽起來都很不錯。

Yeah, we're not seeing any cancellations or delays or anything at all. In fact, March was an all-time record of any quarter for orders at AMETEK. It, it's strong. It feels extremely good, and April's not over yet, but I just looked at it and it's on target for another good month. So we're in full steam ahead.

是的，我們完全沒有看到任何取消、延遲或類似情況。事實上，3月是AMETEK歷來任何一個季度訂單的最高紀錄。訂單很強，感覺非常好。4月還沒結束，但我剛看過，目前也符合再創一個好月份的目標。所以我們正全速前進。

Great to hear. Just a follow-up question, you are likely limited in what you can say. There were some unconfirmed media reports about a potential sizable deal you all are looking at. David, I don't often see your name in The Wall Street Journal. This is an asset we're familiar with, but the size would be bigger than what you typically do.

很高興聽到。再追問一題，你們能說的可能有限。媒體上有一些未經證實的報導，提到你們正在評估一筆可能相當大的交易。David，我不常在《華爾街日報》看到你的名字。這個資產我們很熟悉，但規模會比你們通常做的更大。

We know you have that capacity, but just implications on a larger deal for AMETEK. You know, would it box you out of doing bolt-on deals over, you know, kind of the near term? Whatever you can share with us would be helpful. There's a lot of interest.

我們知道你們有那樣的能力，但想請教較大型交易對AMETEK的意涵。你知道，這會不會在短期內讓你們無法再做一些補強型（bolt-on）併購？你們能分享的任何資訊都會很有幫助，市場關注度很高。

AMETEK policy is not to comment on market rumors or speculation related to M&A activity. You know, I just go back to what I said before. Our pipeline is strong. There's a mix of larger, medium, and small technology deals, and we're looking to create great deals for our shareholders. We announced the MRO deal today, First Aviation Services. We're really happy about that.

AMETEK的政策是不評論與併購（M&A）活動相關的市場傳聞或臆測。我只能回到我先前說過的：我們的案源管線很強，包含大型、中型與小型的科技交易組合，我們致力於為股東創造優質交易。我們今天宣布了MRO交易——First Aviation Services。我們對此非常滿意。

We have Dalip -- as Dalip have said, we have significant financial capacity that provides the opportunity to deploy well over $5 billion in capital and still maintain an investment-grade credit rating. M&A is our top priority for capital deployment. We mentioned a few quarters ago that that's the way we're going to differentiate our performance over the next few years.

正如Dalip所說，我們具備可觀的財務承載能力，讓我們有機會部署遠超過50億美元的資本，同時仍維持投資級信用評等。併購是我們資本部署的首要優先事項。我們在幾季前提到，這將是我們在未來幾年用以差異化表現的方式。

Sowe are really engaged with a lot of different businesses and a lot of different opportunities, we're going to make good disciplined deals for our shareholders, for sure. As you know, at AMETEK, acquisitions are the combination of a set of process, well-defined processes. Integration is our secret sauce, returns are very important for us.

因此我們確實正積極接觸許多不同企業與各種機會，我們一定會為股東做出良好且有紀律的交易。如你所知，在AMETEK，併購是由一套流程所構成——明確定義的流程。整合是我們的祕密武器，而投資報酬對我們非常重要。

That's all really good to hear. Best of luck. Thank you.

這些都很令人振奮。祝你們好運。謝謝。

Thank you.

謝謝。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Yeah, good morning.

是的，早安。

Good morning, Andrew.

早安，Andrew。

You know, pretty sporty growth in orders. Just a question. You know, you highlighted large orders, and, you know, I appreciate that, you know, maybe some of them, you know, fairly lumpy. Do you get a sense if there's any pull forward from second quarter in terms of orders, and there's going to be something unusually weak about second quarter orders given the strength in Q1?

你知道，訂單成長相當亮眼。我有個問題。你提到大型訂單，我很感謝；其中有些可能相當不均勻（lumpy）。你是否感覺到第二季的訂單有任何提前到第一季的情況？也就是說，鑑於第一季的強勁表現，第二季訂單會不會出現異常疲弱？

Yeah, I don't think there was much pull ahead at all. In fact, if you go back and look at my last couple of calls, we were signaling that this was going to happen. What you really saw is continued strength in our EMG businesses and EIG businesses just popped.

是的，我不認為有太多提前拉貨。事實上，如果你回頭看我最近幾次電話會議，我們一直在釋放訊號說這會發生。你真正看到的是我們EMG業務持續強勁，而EIG業務則是明顯跳升。

We were talking about them usually following EMG about six months or nine months, and it's happened. I don't know some of the orders that we've got are for shipments to fill out the year, but I don't see any kind of pull forward or any kind of slowdown. That doesn't mean that we're going to have a, you know, a 25%, 23% orders in the next quarter.

我們先前談到，他們通常會在 EMG 之後大約六個月或九個月跟上，而這件事已經發生了。我不確定我們拿到的一些訂單是否是為了填滿今年剩餘時間的出貨，但我沒有看到任何提前拉貨或任何放緩的跡象。這並不代表我們下一季的訂單會有，你知道的，25%、23% 那樣的成長。

The markets for us, you know, we've created a business that's in niche markets where technology is really needed for key infrastructure, for key technologies, for key mission critical platforms, and we're just in the right place, and we're feeling good about the business.

就我們的市場而言，你知道的，我們打造的是一個聚焦利基市場的事業，在那些市場裡，關鍵基礎設施、關鍵技術、關鍵任務關鍵平台都非常需要技術，而我們剛好在對的位置，我們對這門生意的感覺很好。

Dave, how do you think about, you know, given your order cadence, your top-line outlook, you know, is fairly conservative, as it always is, you know, that's what AMETEK does. What are you thinking about sort of risk, consumer risk, and just overall macro risk in the second quarter?

Dave，你怎麼看待——你知道的，考量你的接單節奏、你的營收展望，你知道的，一向都相當保守，這也是 AMETEK 的風格。你對第二季的風險、消費者風險，以及整體總體經濟風險是怎麼想的？

You said orders are good, but any red or yellow flags that you're seeing in your end markets so far, quarter to date? Are you adjusting, you know, the behavior in business units, any sort of business plans to maybe prepare for some turbulence? Thank you.

你說訂單表現不錯，但到目前為止、就本季迄今而言，你在終端市場有看到任何紅旗或黃旗嗎？你是否在調整各事業單位的行為、或任何業務計畫，以便為可能的動盪做準備？謝謝。

Yeah. That's a good question. Yeah, I'd start with, we're obviously performing very well. We've had strong execution, disciplined operation, and we're gaining momentum across the portfolio. We feel very good about our businesses performing, but there's obviously some ongoing geopolitical uncertainty, and we're remaining prudent with our guidance. We have places in our business where we're laser-focused on material input costs. We believe we're going to be able to offset any inflationary costs with pricing. We expect to offset inflation, including tariffs, with pricing. But we feel good.

是的，這是個好問題。是的，我會先從——我們顯然表現得非常好。我們執行力強、營運紀律嚴謹，並且在整個投資組合中持續累積動能。我們對各項業務的表現很有信心，但顯然仍存在一些持續的地緣政治不確定性，因此我們在指引上保持審慎。我們在業務中有些地方會高度聚焦於原物料投入成本。我們相信可以透過定價來抵銷任何通膨成本。我們預期會以定價來抵銷通膨，包括關稅在內。但我們感覺良好。

We're laser-focused on changes in the macro and, you know, with our distributed structure, we have business leaders out there close to their customers, looking at everything, and we're making sure that we have the right focus on it. From what we know now, it feels good to us, we're laser-focused on what could be a bigger change. As I said, we're confident in our guide, we feel really good about the momentum in the portfolio.

我們也高度聚焦於總體環境的變化；你知道的，憑藉我們分散式的組織架構，各事業領導人都在第一線貼近客戶、觀察所有狀況，我們確保把焦點放在正確的事情上。就我們目前所知，對我們來說感覺不錯；同時我們也高度關注是否會出現更大的變化。如我所說，我們對我們的指引有信心，也對投資組合的動能感到非常好。

Thank you.

謝謝。

Thank you, Andrew.

謝謝你，Andrew。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Yeah, thanks for the question, and good morning, David and the whole team.

是的，謝謝提問，大家早安，David 以及整個團隊。

Good morning, Nicole.

早安，Nicole。

Good morning. I guess maybe just kind of piggybacking on the questions that were asked about orders already, sorry to, you know, dive into this further, David. Just on the, on the large orders, I think you mentioned that there were a few that came in during the quarter, but you're basically saying that you don't think that this order result should be viewed as one time. Does that mean that the large, if we look at, like, your pipeline of large order activity, it's similarly strong and you expect to book further large orders as we move forward?

早安。我想也許就延續先前已經問過的訂單問題，不好意思，你知道的，再更深入一點，David。關於大型訂單，我記得你提到本季有幾筆進來，但你基本上是在說，你不認為這次的接單結果應該被視為一次性。這是否代表，如果我們看你大型訂單活動的管線（pipeline），它同樣強勁，而且你預期接下來還會持續入帳更多大型訂單？

Yeah, I would expect the bookings to continue to reflect some larger orders. You know, I think that what we're seeing is, you know, we had a period where the industrial economy at, you know, below 50 PMIs for an extended period of time. That's changing.

是的，我預期接單入帳會持續反映出一些較大型的訂單。你知道的，我認為我們看到的是——先前工業景氣在 PMI 低於 50 的狀態維持了相當長一段時間。這正在改變。

We were signaling that's changing. Our EMG business picked up, and historically, EIG has picked up sjx or nine months later. We said that the last two quarters, and it's just happening like we thought it would. EIG is just beginning to pick up.

我們一直在釋放訊號說這正在改變。我們的 EMG 業務已經回升，而歷史上 EIG 會在六或九個月後跟著回升。我們在過去兩季都這麼說，而現在正如我們預期地發生。EIG 才剛開始回升。

I think the order strength will continue, but I wanted to highlight some of the orders that some were lumpy, and I wanted to highlight them both to, you know, let people understand the areas that we're in and their great technology and also to understand some of that is for shipments throughout the rest of the year.

我認為訂單強度會持續，但我想特別點出其中一些訂單——有些是較為不均勻（lumpy）的——我想把它們提出來，一方面讓大家了解我們所處的領域及其優異技術，另一方面也讓大家理解其中一部分是對應今年剩餘時間的出貨。

Got it. Okay. Clear. I just wanted to spend a little bit of time on the medical end market. I don't think that was mentioned a whole lot in the prepared remarks.

了解。好的，很清楚。我想花一點時間談談醫療終端市場。我覺得在事先準備的講稿裡並沒有提到太多。

Right.

對。

Dave, could you just talk a little bit about what you're seeing there?

Dave，你能不能稍微談一下你在那邊看到的情況？

Yeah. I mean, it's about a little over 20% of our exposure. In Q1, we had a great quarter. It was up low double digits. Once again, it was led by Paragon. Paragon is just performing extremely well. For that full year, there's some tougher comps in the rest of the year. We have the full year, we expect mid-single digits, largely due to the comps. You know, we have other business in there, like our Reichert business. It also had a very good quarter. Paragon and Reichert led us, and the strength in Paragon continuing is notable.

可以。我的意思是，這大約占我們曝險的 20% 多一點。第一季我們表現非常好，成長是低雙位數。再一次，主要由 Paragon 帶動。Paragon 的表現非常、非常好。就全年來看，因為下半年比較基期較高，後續幾季會有一些較艱難的比較基期。我們對全年預期是中個位數成長，主要就是因為比較基期。你知道的，我們在那裡還有其他業務，例如 Reichert 業務，本季也表現很好。Paragon 和 Reichert 帶動了我們，而 Paragon 持續走強這點很值得注意。

Thank you. I'll pass it on.

謝謝，我把問題交給下一位。

Thank you.

謝謝。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

Hey, good morning, everyone. Excuse me. Good morning, everyone.

嗨，大家早安。不好意思。大家早安。

Morning, Andrew.

早安，Andrew。

I wanted to get your take on, you know, just kind of what's going on in the world related to your aerospace and defense businesses, given the, you know, heightened geopolitics. I know you guys have a number of niche offerings, so it's hard to know in real time what you see going forward. Can you comment on any impacts, positive or negative to A&D?

我想請你談談——你知道的——在地緣政治升溫的背景下，關於你們航太與國防業務所面臨的全球情勢。你們有不少利基型產品，所以很難即時判斷你們對未來的觀察。你能否評論一下對 A&D（航太與國防）可能的影響，不論正面或負面？

Yeah. Well, I think what we saw in the quarter, our A&D business continued strong activity. High single-digit growth in the quarter, the growth was broad-based. All segments continued strong demand with notable strength in our defense markets. Our A&D businesses are very well positioned to benefit from growing demand, given our broad portfolio of differentiated technologies. We now increased our outlook for the year. We increased it to from high single digits to up approximately 10%, that's with balanced commercial and defense activity. The way I look at it is, if you look at our 18% of the in A&D, about 60% of that is defense, about 40% of that's commercial.

可以。我想我們在本季看到的是，我們的航太與國防業務活動持續強勁。本季為高個位數成長，而且成長相當廣泛。各個分項都維持強勁需求，其中國防市場的強勢特別明顯。憑藉我們多元且具差異化技術的產品組合，我們的航太與國防業務具備非常好的定位，可受惠於需求成長。因此我們也上調了全年展望，從高個位數上調至約 10% 的成長，且商用與國防活動相對均衡。我的看法是，如果看我們約 18% 的營收來自航太與國防，其中約 60% 是國防、約 40% 是商用。

Defense is knocking it out of the park. The OE part of commercial and the business jet market are doing very good. Our M&A, our MRO businesses that service airlines had an excellent quarter for orders. The one area that we're watching closely is some of the international markets related to aviation fuel availability and fuel costs. That's a small part of our portfolio, you know, like less than 2%. At the same time, we're watching it.

國防表現非常亮眼。商用方面的 OE（原廠配套）以及商務機市場也表現很好。我們服務航空公司的 M&A、我們的 MRO（維修、修理與大修）業務，本季訂單表現非常出色。我們密切關注的一個領域，是部分國際市場與航空燃油供應可得性及燃油成本相關的情況。那在我們的投資組合中占比很小，你知道的，不到 2%。但同時我們也在關注。

Right now, we don't see. We have good backlogs, good execution, and, you know, I think that if we see something, it'll come in the flying, you know, airlines, the flying public first. Right now, we're not seeing it. The key thing is the vast majority of our aerospace portfolio, we're taking our whole portfolio up, and even the part that we're watching closely had a fantastic first quarter.

目前我們沒有看到（明顯問題）。我們有良好的在手訂單、良好的執行力，而且你知道的，我認為如果真的出現什麼狀況，會先反映在飛行端——也就是航空公司、一般旅客那邊。現在我們還沒看到。關鍵是，我們航太產品組合的絕大部分，我們都在推升整體表現；即便是我們密切關注的那一小部分，第一季也表現非常出色。

Yeah. Good to hear.

是的，很高興聽到。

Yeah.

是的。

You know, along those lines, you know, you make an acquisition in the quarter, First Aviation on the MRO side, which is interesting. I didn't see, did you disclose the price you paid or deal price? Then is there any other details? I think I saw $80 million in revenue, but any other details you can disclose on that?

你知道的，延續這個話題，你們本季在 MRO 端做了一筆收購——First Aviation——這很有意思。我沒有看到你們是否揭露了支付的價格或交易金額？另外還有其他細節嗎？我想我看到營收是 8,000 萬美元，但還有其他你能透露的細節嗎？

Yeah. Yeah, sure. I'll provide some more details on it, Andrew. At the high level, our MRO businesses were largely commercial biased, and we were looking for something that had really added a defense aspect to it because of the strength in the market. We were really pleased to find First Aviation Services. It's a engineering-driven provider of aftermarket services and proprietary parts. Their primary market's defense.

有的，當然。我會提供更多細節，Andrew。從高層次來看，我們的 MRO 業務過去主要偏向商用，我們在尋找一個能夠真正增加國防面向的標的，因為國防市場的強勢。我們很高興找到 First Aviation Services。它是一家以工程能力驅動的售後服務與自有零件供應商。他們的主要市場是國防。

They also have some business jet and commercial pieces of it, but it's primarily a defense business. You know, they have about two-thirds of their business are on MRO service, and they actually have about one-third of it is on proprietary parts that, you know, we have businesses that have the parts and the services together.

他們也有一些商務噴射機與商用領域的業務，但主要仍是國防業務。你知道，他們大約三分之二的業務來自 MRO 服務，而實際上約三分之一來自自有零件；你知道，我們也有把零件與服務結合在一起的業務。

We typically do best with them, so they're really into PMA and DER-approved repairs. They add new capability to us, rotorcraft and fixed-wing platforms. There are a lot of good military programs. It expands our MRO capabilities to additional critical systems. Includes propeller blades, rotor assemblies, landing gear, some advanced electronics. It's a sizable and growing proprietary aftermarket solutions business, strong engineering capabilities, nicely expands our defense MRO, and it just fits like a glove with our existing MRO capabilities. We're really excited and getting this business to closing and welcoming the First Aviation team to AMETEK.

我們通常在他們那邊表現最好，所以他們非常投入於 PMA 與 DER 核准的維修。他們為我們新增了能力，涵蓋旋翼機與固定翼平台。有很多很好的軍方專案。這也把我們的 MRO 能力擴展到更多關鍵系統，包括螺旋槳葉片、旋翼總成、起落架，以及一些先進電子設備。這是一個規模可觀且持續成長的自有售後解決方案業務，工程能力很強，能很好地擴大我們的國防 MRO，而且與我們既有的 MRO 能力可說是天作之合。我們非常興奮，正推進這筆交易完成交割，並歡迎 First Aviation 團隊加入 AMETEK。

Thank you.

謝謝。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Hey, good morning. Congratulations on the quarter. Dave, could you continue the matrix as you just did for A&D with this first quarter organic and full year for process, power and automation?

嗨，早安。恭喜本季表現。Dave，你能否像你剛才對航太與國防（A&D）那樣，繼續用同樣的矩陣方式，說明流程、電力與自動化在第一季的有機成長以及全年表現？

Secondarily, I don't know if this is possible to do this, but would you be able to maybe carve out some of the larger projects that were in the orders and maybe tell us what, you know, sort of maybe the trend line for bookings was, you know, on that basis?

其次，我不確定這是否可行，但你是否能把訂單中一些較大型的專案拆分出來，並告訴我們在那樣的基礎上，接單（bookings）的趨勢線大概是什麼樣子？

Yeah, I'll start with the -- I'll finish the walk around the company. I did it for aerospace and defense, covered it, some of it in my opening remarks, but there's some details still that is probably you're interested in. I'll start with the process business. It was up mid-teens in the first quarter and driven by acquisitions and low single-digit organic growth.

好的，我先從——把公司各業務走一遍。我已經針對航太與國防做過了，在開場致詞也涵蓋了一部分，但還有一些細節你可能會感興趣。我先從流程業務開始。第一季成長約中十位數百分比，主要由併購帶動，並有低個位數的有機成長。

We have a solid pipeline of orders we highlighted during our last earnings call. These translated into broad-based orders growth in the quarter, and we remain encouraged by continued momentum and a growing pipeline of opportunities across our process markets.

我們有一個穩健的訂單管線，在上次財報電話會議中也有重點提到。這些在本季轉化為廣泛性的訂單成長；我們仍對持續的動能以及在流程市場中不斷擴大的機會管線感到鼓舞。

Now for the full year 2026, we're increasing our guide for process. We now expect organic sales for process segment to be up low to mid-single digits, so increasing it from low to low to mid. We talked about aerospace. We're increasing it from high single digits to approximately 10%. Go into power next. Power sub-segment delivered low single-digit sales growth with strong record-level orders. Our power business continues to see strong demand across a growing pipeline of opportunities for power generation, backup power, data center microgrids, and power simulation systems.

至於 2026 全年，我們上調流程業務的指引。我們現在預期流程事業部的有機銷售將成長低到中個位數，也就是從原先的「低個位數」上調到「低到中個位數」。航太部分我們也談過了，我們把它從高個位數上調到約 10%。接著談電力。電力子事業部實現低個位數的銷售成長，訂單則強勁並創下紀錄水準。我們的電力業務持續看到強勁需求，機會管線也在擴大，涵蓋發電、備援電力、資料中心微電網，以及電力模擬系統。

I highlighted one of the new products in the orders we see for power simulation systems in my prepared remarks. Looking to 2026, we continue to expect organic sales to be up mid-single digits for that sub-segment.

我在事先準備的發言中提到，我們在電力模擬系統看到的訂單中有一項新產品。展望 2026，我們仍預期該子事業部的有機銷售將成長中個位數。

Finally, our automation and engineering solutions, excellent quarter again with high single-digit organic sales growth. Broad-based, both our automation and engineering solutions business and our eMet business, demand across attractive niche markets remains solid. We continue to expect organic sales for automation and engineering solutions business to be up mid-single digits.

最後是我們的自動化與工程解決方案，本季再次表現出色，有機銷售成長達高個位數。成長相當廣泛，無論是自動化與工程解決方案業務，或是我們的 eMet 業務，在具吸引力的利基市場中的需求仍然穩健。我們仍預期自動化與工程解決方案業務的有機銷售將成長中個位數。

In terms of digging in on the orders, I was trying to, in my prepared remarks, do that a little bit. We talked about, you know, a big order in the semiconductor market from Abaco, where we're providing computing solutions. That's, we talked about the space satellite market that is really doing well, which we have specialized machining solutions that can make precision components like no one else. We're actually building machines, and we're doing some contract manufacturing for the low Earth orbit satellite systems.

至於更深入談訂單，我在事先準備的發言中也試著稍微拆解。我們提到 Abaco 在半導體市場拿到一筆大訂單，我們提供的是運算解決方案。也談到表現非常好的太空衛星市場，我們有專業的加工解決方案，能製造出無人能及的精密零組件。我們實際上在製造機台，並為低地球軌道衛星系統做一些委外製造（contract manufacturing）。

I talked a bit about defense and, you know, what's going on in defense and our strength in UAVs and our strength in missile defense systems. I talked about the nuclear industry and both on the commercial and the civil and defense, very strong for us, and we got a substantial order for the submarine program. These are, you know, these programs are things we're winning because of our technology, because we work with customers. These are highly engineered technologies. There are not a lot of people that can do these things, and we just think we're well-positioned for where the world's going. We're in the right places, and we feel really optimistic right now.

我也談到一些國防相關的情況，以及我們在無人機（UAV）與飛彈防禦系統方面的優勢。我談到核能產業，無論是商用、民用或國防領域，對我們都非常強勁，而且我們也拿到一筆相當可觀的潛艦計畫訂單。你知道，這些專案之所以能贏，是因為我們的技術、因為我們與客戶合作。這些都是高度工程化的技術，能做的人不多；我們認為自己在世界發展方向上具備很好的定位。我們在對的地方，現在也感到非常樂觀。

If I could just add, in terms of the order strength, as we said, it was broad-based, unless there were some large orders in the aerospace and defense area. Every sub-segment saw double-digit organic orders growth, and every division was up at least 5%. Automation was very strong. Really in process, our metrology and material analysis businesses also saw really strong order growth. It's really broad-based, and it really wasn't any. It wasn't driven by lumpiness in orders in certain areas.

我補充一下，就訂單強度而言，如同我們所說，成長是廣泛性的，雖然航太與國防領域確實有一些大型訂單。每個子事業部的有機訂單成長都達到雙位數百分比，每個事業部（division）至少成長 5%。自動化非常強勁。流程方面，我們的計量（metrology）與材料分析業務也看到非常強的訂單成長。這真的是全面性的，並不是由某些領域訂單的「大單波動」所驅動。

Thanks a lot.

非常感謝。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Good morning, guys.

各位早安。

Hello, Joe.

你好，Joe。

There seems to be emerging concerns that potentially aerospace aftermarket, I guess, on the commercial side is peaking. It doesn't seem like there's any real evidence in your business of that. What are you kind of hearing, seeing, and what would you really be looking at to see if something like that was starting to form?

看起來市場上開始出現一些擔憂，認為航太售後市場——我想是商用那一端——可能正在見頂。但在你們的業務中似乎沒有任何明顯證據。你們目前聽到、看到的是什麼？你們會觀察哪些指標來判斷這種情況是否正在形成？

Yeah, as I mentioned before, that's the that third party aftermarket's the smallest part of our MRO businesses. You know, we watch it very closely and we have some specialized capability. The US is extremely strong right now. We're involved in some retrofit programs that are driving the business, so there may be a bit of a counter-market there.

是的，如我之前提到的，那個第三方售後市場是我們 MRO 業務中占比最小的一部分。你知道，我們非常密切地關注它，而且我們有一些專業能力。美國目前非常強勁。我們參與了一些改裝（retrofit）計畫，正在帶動業務，所以那裡可能會有一些逆勢的因素。

In Europe, you know, that, you know, Europe and Asia, the MRO, you know, if there's a place that turns down, it'll probably be that area, so we're watching that closely. Again, this is less than 2% of our sales. The fact is we had an incredibly strong first quarter.

在歐洲，你知道，歐洲和亞洲的 MRO——如果有哪個地方會先轉弱，可能就是那一帶，所以我們也在密切觀察。再說一次，這部分不到我們銷售額的 2%。事實是，我們第一季表現極為強勁。

The order rates are continuing to have strength, but as the conflict goes on in the Gulf and there's a bit of a shortage in aviation fuel, we think the weakness may show up first in Asia, second in Europe, and the US seems pretty insulated right now, but it'll be last. You know, that can all change in a week. So.

訂單速度仍然維持強勢，但隨著波斯灣的衝突持續、航空燃油又有些短缺，我們認為疲弱可能會先在亞洲出現，其次是歐洲，而美國目前看起來相當有韌性，但最後也可能受到影響。你知道，這些情況一週內都可能改變。所以。

Sure.

了解。

You know, we're making the call the best we can, and right now we feel good. If we think there's any downside, it's extremely modest.

你知道，我們會盡可能做出最好的判斷，而就目前而言我們感覺良好。即便我們認為有任何下行風險，也會是非常有限的。

I was interested, you mentioned Abaco, the regular computers into semiconductors. I tend to think of that more as like defense-oriented field applications. Can you talk about like where, what they're, what you guys are doing there on semis and how that business is fitting in?

我對你提到的 Abaco 很感興趣，把一般電腦賣到半導體。我通常會把那更視為偏國防導向的現場應用。你能談談你們在半導體那邊是在做什麼、用在哪裡，以及那項業務如何融入整體嗎？

Yeah. You know, Abaco makes, you know, advanced computing solutions. When you have the most precision applications to, that have to work in the most durable environments, you'll use the Abaco equipment. Along with the needs in the data explosion in defense right now, where everybody's more data to process and, in RF systems and things like that, it's a great demand driver.

可以。你知道，Abaco 製造的是先進運算解決方案。當你有最精密的應用、而且必須在最嚴苛耐用的環境中運作時，就會使用 Abaco 的設備。再加上目前國防領域的資料爆炸需求——每個人都有更多資料要處理，包含 RF 系統等——這是很強的需求驅動因素。

Abaco also has a business where, you know, we're selling that technology to the semiconductor market. Really in the quarter, there was a semiconductor tool manufacturer that's using the, you know, the semiconductor tool manufacturer is dealing with a ramp-up in demand from AI and everything that's going on in the semiconductor market, and they're using the Abaco computing technology to control their tool. We were pleased to, you know, book that order in the quarter.

Abaco 也有一塊業務是把這項技術銷售到半導體市場。本季有一家半導體設備（tool）製造商，因 AI 等因素帶動半導體市場需求加速爬升，他們使用 Abaco 的運算技術來控制其設備。我們很高興能在本季把那筆訂單納入接單。

Thank you.

謝謝。

Thank you, Joe.

謝謝你，Joe。

(Operator Instructions) Nigel Coe, Wolfe Research.

（接線員指示）Wolfe Research 的 Nigel Coe。

Thanks. Good morning. Obviously, a lot of ground covered here, but thanks for the question. The guide increase, you know, from mid to high singles to high singles and obviously the bump in core growth as well, is that in the realm of 2 points of sales accretion versus the prior plan? That's how I'd think about it.

謝謝。早安。顯然這裡涵蓋了很多面向，但謝謝你的提問。指引上調，也就是從中到高個位數上調到高個位數，且核心成長也有明顯上修，這是否大致相當於相較先前計畫約增加 2 個百分點的銷售增量？我會這樣來理解。

Where I'm going with this is twofold. One, the $0.07 increase in the guide, obviously a nice surprise, but seems light if it is a 2-point increase in sales. Then secondly, with the EIG, I'm just curious, given the order strength and the broad-based nature of the order strength, I'm just wondering how would you think about the second half core growth profile for EIG?

我這樣問有兩個層面。第一，指引上調 0.07 美元，當然是個不錯的驚喜，但如果銷售增加 2 個百分點，這看起來似乎偏少。第二，關於 EIG，我只是好奇，考量訂單強勁且這種強勁是廣泛分布的，我想請問你會如何看待 EIG 下半年核心成長的走勢？

Yeah. The first point is probably an increase more like a point and a half, it was really driven by process and Aero. That kind of, you know, puts that in the bucket. Really, I go back to my, you know, original comments. It's a conservative guide. We have a strong start to the year, excellent execution. Orders were outstanding, you have the geopolitical uncertainty. We balanced it all and, you know, we're very confident in our guide. We think it's prudent to do what we did.

是的。第一點大概更像是增加約 1.5 個百分點，主要是由 Process 與 Aero 所帶動。這大概就把它歸到那個範疇。其實我會回到我先前的原始評論：這是一個保守的指引。我們今年開局很強，執行非常出色。訂單表現很亮眼，同時又有地緣政治不確定性。我們把這些因素都平衡納入考量，而且我們對指引非常有信心。我們認為這樣做是審慎的。

Okay. No, it certainly does seem conservative. Then, maybe going back to Deane's question at the front end around, obviously, you don't speculate on, you know, press rumors. I'm just curious, you know, AMETEK's evolved from doing a lot of bolt-on deals to much larger deals under your leadership. I'm just wondering, you know, how you view the risk reward of larger deals versus small bolt-ons. Just I'll leave it open like that.

了解。不，這確實看起來很保守。那麼，或許回到一開始 Deane 的問題，關於你們顯然不會去臆測媒體傳聞。我只是好奇，AMETEK 在你的領導下，已從過去做很多補強型（bolt-on）交易，演進到更大型的交易。我想請問，你如何看待大型交易相較於小型補強交易的風險報酬？我就開放式地問到這裡。

I think there's an important risk reward, and you have to make sure what you're buying is matches our strategy, matches what we're trying to do, and we can add value to it. We have naturally increased the size of deals over the past 10 years. We're still focused on niche markets. We're still focused on the areas that we're currently operating in.

我認為風險報酬很重要，你必須確保你買的標的符合我們的策略、符合我們想做的事，而且我們能為其增值。過去 10 年我們確實自然地提高了交易規模。我們仍然聚焦於利基市場，也仍然聚焦於我們目前所營運的領域。

I think that I plan on continuing to expand a lot. It's -- we got an unblemished record. We've never had a write-off of goodwill. We're very conservative. We look to get a return on every deal. Returns on capital are very, very strong for us. It's part of our basic operating model. That's what we do.

我認為我計畫持續大幅擴張。這是——我們有無可挑剔的紀錄。我們從未發生商譽減損沖銷。我們非常保守。我們希望每一筆交易都能取得回報。我們的資本報酬率非常、非常強勁。這是我們基本營運模式的一部分。這就是我們在做的事。

Our growth model is to add M&A to our portfolio of niche businesses. We don't have any over-dependency on any one market, any one technology, any one customer. We just think we have a bulletproof model that's robust, and we'll continue to add acquisitions. In no way are we going to add an acquisition that's the size of AMETEK, and no way will we add an acquisition that's half the size of AMETEK.

我們的成長模式，是透過併購把利基業務組合納入我們的投資組合。我們不會過度依賴任何單一市場、任何單一技術、任何單一客戶。我們認為我們有一個幾乎無懈可擊、非常穩健的模式，並且會持續進行收購。我們絕不會收購一家規模與 AMETEK 一樣大的公司，也絕不會收購一家規模達 AMETEK 一半的公司。

We're still looking at these, I'll call them bite-sized deals that are a small percentage of our market capitalization. We're going to continue to do that. The environment for us is providing a lot of opportunities for us. We're assessing a lot of opportunities. We haven't made a decision on any of them, but we're going to pick the ones that we add the most value for our shareholders.

我們仍然在看這些——我稱之為「一口大小」的交易，它們只占我們市值的一小部分。我們會持續這麼做。對我們而言，目前的環境提供了很多機會。我們正在評估許多機會。我們尚未對任何一個做出決定，但我們會挑選那些能為股東創造最大價值的標的。

Got it. Okay, thanks, Dave. Appreciate that.

了解。好的，謝謝你，Dave。很感謝。

Julian Mitchell, Barclays.

Barclays 的 Julian Mitchell。

Hi. Thanks. Good morning. Maybe just moving away from the top line for a second, looking at operating leverage and kind of incremental margins. Is the sort of guide based off a steady improvement year-over-year in operating leverage as you go through 2026? Just wanted to clarify that.

嗨，謝謝。早安。也許先暫時不談營收端，想看一下營運槓桿以及增量毛利率（incremental margins）。這份指引是否是以 2026 年期間營運槓桿逐年穩步改善為基礎？只是想確認一下。

Yeah.

是的。

If you see any movement in kind of price net of cost within the year moving around.

以及你是否看到年度內「價格扣除成本後」的變動會有所起伏。

Right. So if you want to dig into margins, Julian, in the first quarter, we had excellent operating quarter. Our core margins, so we take out acquisitions and we take out FX, they were up 160 basis points. They were just outstanding.

對。所以如果你想深入看毛利率，Julian，第一季我們的營運表現非常出色。我們的核心毛利率——也就是剔除併購與匯率影響——上升了 160 個基點，表現非常亮眼。

If you look at both of our groups, EIG had core margins up 40 basis points, driven by excellent productivity. EMG reported core margins up 410 basis points. They got excellent productivity, plus leverage from the excellent sales growth. If you want to dig into that and say, what were the incrementals? On a dollar of sales, what were the incrementals? Our incrementals were greater than 50% for the company.

如果看我們兩個事業群，EIG 的核心毛利率上升 40 個基點，主要由優異的生產力帶動。EMG 的核心毛利率上升 410 個基點，既有很好的生產力，也受惠於強勁銷售成長帶來的槓桿效應。如果你想進一步拆解並問：增量是多少？每增加 1 美元銷售，增量是多少？公司整體的增量超過 50%。

When you back out the acquisitions and you back out FX, core incrementals were up 50%, both on the whole company. EIG core incrementals were greater than 50, and EMG core incrementals were greater than 50. Really strong. You know, related to the guide for the year, we're expecting 35% incrementals and core margins will be up around 50 basis points.

當你把併購與匯率影響剔除後，核心增量為 50%，不論是公司整體。EIG 的核心增量超過 50%，EMG 的核心增量也超過 50%。非常強勁。至於全年指引，我們預期增量為 35%，核心毛利率大約上升 50 個基點。

Again, I'll go back to it's a prudent guide. There's a lot of uncertainty out here related to, you know, potential inflation and things like that, we're laser-focused on. Performing extremely well. Plan to continue performing very well for the year, and those are the numbers, and they're outstanding in the quarter.

再次強調，我會回到這是一個審慎的指引。外部仍有很多不確定性，例如潛在通膨等，我們正高度聚焦於此。我們目前表現非常好，並計畫在全年持續維持非常好的表現。以上就是這些數字，而第一季的表現非常出色。

We plan to continue driving it forward, and we have a track record of being able to navigate through changing conditions, and we're laser-focused on what we think we need to do.

我們計畫持續推進，而且我們有在環境變動下仍能順利因應的紀錄；我們也非常聚焦於我們認為需要做的事情。

That's very helpful. Thank you. To circle back to the EMG segment and the top-line outlook there. As you noted earlier, you know, for medical specifically, you've got tough comps later in the year. The overall EMG segment, the comps get very tough on sales in the second half.

這非常有幫助，謝謝。回到 EMG 事業群與其營收展望。如你先前提到的，就醫療領域而言，你們在今年稍晚會面臨較高的比較基期。整體 EMG 事業群在下半年銷售的比較基期也會變得很高。

At the same time, your orders are growing double-digit organic still. Just wondered sort of are you kind of baking in like a mid-single-digit exit rate on organic growth for EMG just because of the comps? Is that the right way to look at it?

同時，你們的訂單仍維持有機成長雙位數。想請問，你們是否因為比較基期因素，而在模型中納入 EMG 有機成長在期末（exit rate）落在中個位數的假設？這樣理解對嗎？

Yeah, you're in the ballpark. You're in the ballpark. That's the way I look at it.

是的，你差不多抓到重點了。差不多就是這樣。我也是這樣看的。

Great. Thank you.

很好，謝謝。

Thank you.

謝謝。

This concludes the question-and-answer session. I would now like to turn the call back over to Kevin Coleman for closing remarks.

問答環節到此結束。現在我想把電話交回給 Kevin Coleman 作結語。

Thanks everyone for joining our call today. As a reminder, a replay of today's webcast can be accessed in the investor section of ametek.com. Have a great day.

感謝各位今天參加我們的電話會議。提醒一下，今天網路直播的重播可在 ametek.com 的投資人專區收看。祝各位有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本次議程到此結束。您現在可以掛線。