阿美特克 (AME) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Q3 2026 AMETEK earnings conference call.

各位好，感謝您耐心等候。歡迎參加 AMETEK 2026 年第三季財報電話會議。

(Operator Instructions)

(接線員指示)

Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your first speaker today, Kevin Coleman, VP, Investor Relations, and Treasurer.

請注意，今天的電話會議將被錄音。現在我想把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。

Thank you, Stephanie. Good morning, and welcome to AMETEK's third-quarter 2026 earnings conference call.

謝謝你，Stephanie。各位早安，歡迎參加 AMETEK 2026 年第三季財報電話會議。

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

今天與我一同出席的還有董事長兼執行長 Dave Zapico，以及執行副總裁兼財務長 Dalip Puri。

During the course of today's call, we 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.

在今天的電話會議過程中，我們將作出前瞻性陳述；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。有關可能影響我們未來業績之風險與不確定性的詳細討論，載於 AMETEK 向美國證券交易委員會（SEC）提交的文件中。AMETEK 不承擔更新或修訂任何前瞻性陳述之任何意圖或義務。

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 transaction and integration costs. Reconciliations between GAAP and adjusted measures can be found in our press release and on the Investors section of our website.

本次電話會議中對歷史結果的任何提及，將以調整後基礎呈現，排除稅後併購相關無形資產攤銷，並排除併購相關交易與整合成本。GAAP 與調整後衡量指標之間的調節表可見於我們的新聞稿以及本公司網站「投資人」專區。

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

我們將先進行事先準備的發言，之後開放提問。現在我把會議交給 Dave。

Thank you, Kevin, and good morning, everyone. AMETEK delivered superb results in the third-quarter with double-digit organic sales growth, outstanding orders growth, robust operating profit, excellent core margin expansion, sizable cash flow generation and a high quality of earnings that exceeded our expectations.

謝謝你，Kevin，各位早安。AMETEK 在第三季交出極為出色的成果：有機銷售雙位數成長、訂單成長亮眼、營業利潤強勁、核心利潤率大幅擴張、現金流創造可觀，且盈餘品質很高，超出我們的預期。

During the quarter, we also announced the closing of the Indicor Instrumentation acquisition. Integration is progressing well, and we are excited for the meaningful value creation this acquisition will provide. We also raised our full year sales and earnings guidance to reflect our outstanding results in the quarter and our outlook for the fourth-quarter.

本季我們也宣布完成 Indicor Instrumentation 的收購交割。整合進展順利，我們對這項收購將帶來的顯著價值創造感到振奮。我們也上調全年銷售與盈餘指引，以反映本季的優異表現以及對第四季的展望。

Turning to our third-quarter results. third-quarter sales were a record $2.22 billion, up 17% from the third-quarter of 2025. Organic sales were up 10% and acquisitions added 7 points to growth. Overall orders were $2.65 billion, up 35% versus the prior year, driven by the continued robust organic orders growth and contributions from Indicor. Organic orders were up 17% in the quarter, with growth remaining broad-based across our businesses. We ended the quarter with a record backlog of $4.54 billion, up 27% from the beginning of the year.

接著說明第三季業績。第三季銷售額創新高，達 22.2 億美元，較 2025 年第三季成長 17%。有機銷售成長 10%，併購為成長貢獻 7 個百分點。整體訂單為 26.5 億美元，較去年同期成長 35%，主要受持續強勁的有機訂單成長以及 Indicor 的貢獻所帶動。本季有機訂單成長 17%，且成長動能在各事業間仍相當廣泛。本季結束時，我們的在手訂單（backlog）創新高，達 45.4 億美元，較年初成長 27%。

Operating income for the quarter was a record $595 million, up an outstanding 20% from the third-quarter of 2025. Operating margins were excellent in the quarter at 26.8%, up 60 basis points from the prior year. Core margins were 27.3%, up a very strong 110 basis points compared to the same period of 2025. EBITDA was a record $704 million, up 19% versus the third-quarter of 2025 with EBITDA margins an outstanding 31.7%.

本季營業利益創新高，達 5.95 億美元，較 2025 年第三季大幅成長 20%。本季營業利益率表現優異，為 26.8%，較去年同期提升 60 個基點。核心利潤率為 27.3%，較 2025 年同期大幅提升 110 個基點。EBITDA 創新高，達 7.04 億美元，較 2025 年第三季成長 19%，EBITDA 利潤率表現出色，為 31.7%。

Free cash flow for the quarter was very strong at a record $527 million, up 26% from the third-quarter of 2025. Our free cash flow to net income conversion was also excellent at 124%. Diluted earnings per share were a record $2.21, up 17% versus the third-quarter of 2025 and above our guidance range of $2.08 to $2.10 per share.

本季自由現金流非常強勁，創新高達 5.27 億美元，較 2025 年第三季成長 26%。我們的自由現金流對淨利轉換率同樣表現優異，達 124%。稀釋後每股盈餘創新高，為 2.21 美元，較 2025 年第三季成長 17%，並高於我們每股 2.08 至 2.10 美元的指引區間。

Now I'll share some additional details at the operating group level, starting with the Electronic Instruments Group. EIG delivered exceptional third-quarter results with excellent sales and orders growth and strong operating performance. EIG's third-quarter sales were a record $1.44 billion, up 16% from the third-quarter of 2025. Organic sales were up 9% and acquisitions added 7 points to growth.

接下來我將在營運事業群層級分享更多細節，先從電子儀器事業群（EIG）開始。EIG 第三季表現卓越，銷售與訂單成長亮眼，營運表現強勁。EIG 第三季銷售額創新高，達 14.4 億美元，較 2025 年第三季成長 16%。有機銷售成長 9%，併購為成長貢獻 7 個百分點。

EIG overall orders were up 37% versus the prior year, driven by excellent organic orders growth and contributions from Indicor. Organic orders were up 17% in the quarter with broad-based strength across our EIG businesses.

EIG 整體訂單較去年同期成長 37%，主要受優異的有機訂單成長以及 Indicor 的貢獻所帶動。本季有機訂單成長 17%，EIG 各項業務皆呈現廣泛的強勁表現。

Our process instrumentation, semiconductor, aerospace, and power businesses continue to benefit from the leading position supporting markets with strong secular tailwinds. EIG's third-quarter operating income was a record $415 million, up 15% versus the same period of 2025. Core operating margins were 29.5%, up 60 basis points from the prior year.

我們的製程儀表、半導體、航太與電力等業務，持續受惠於其在具強勁長期結構性順風（secular tailwinds）的支撐市場中所具備的領先地位。EIG 第三季營業利益創新高，達 4.15 億美元，較 2025 年同期成長 15%。核心營業利益率為 29.5%，較去年同期提升 60 個基點。

Turning to the Electromechanical Group. EMG generated outstanding results in the third-quarter with exceptional sales growth, continued superb orders growth and impressive operating performance and core margin expansion. EMG sales in the third-quarter were a record $778 million, up 20% versus the prior year. Organic sales were up double digits for the third straight quarter at 13%, with acquisitions adding approximately 7 points to growth.

接著看機電事業群（EMG）。EMG 在第三季交出亮眼成果：銷售成長卓越、訂單成長持續出色，營運表現令人印象深刻，核心利潤率亦擴張顯著。EMG 第三季銷售額創新高，達 7.78 億美元，較去年同期成長 20%。有機銷售連續第三季維持雙位數成長，達 13%，併購約為成長貢獻 7 個百分點。

Sales growth in the quarter was well balanced across our Aerospace, Defense, MedTech, and Automation businesses. EMG's overall orders were up 31% year-over-year driven by contributions from the Indicor acquisition and 17% organic orders growth. EMG operating income for the third-quarter was a record $212 million, up sharply at 29% compared to the third-quarter of 2025. EMG's core operating margins were a record 27.5%, a sizable 210 basis point increase versus the prior year.

本季銷售成長在我們的航太、國防、醫療科技（MedTech）與自動化業務之間分布均衡。EMG 整體訂單年增 31%，主要受 Indicor 收購案的貢獻以及 17% 的有機訂單成長所帶動。EMG 第三季營業利益創新高，達 2.12 億美元，較 2025 年第三季大幅成長 29%。EMG 核心營業利益率創新高，為 27.5%，較去年同期大幅提升 210 個基點。

As our third-quarter results demonstrate, our businesses are performing exceptionally well and delivering tremendous results. Overall, I'm pleased with how AMETEK is positioned today and for the future. Our outstanding portfolio, strong momentum across attractive end markets, disciplined operating model and value-creating acquisition strategy continue to drive our long-term success. I would like to take a few moments to walk through these elements in more detail.

如我們第三季的結果所示，我們的各項業務表現極為出色，並交出非常亮眼的成果。整體而言，我對 AMETEK 目前以及未來的定位感到滿意。我們優異的產品組合、在具吸引力的終端市場中展現的強勁動能、嚴謹的營運模式，以及創造價值的併購策略，持續推動我們的長期成功。我想花幾分鐘更詳細說明這些要素。

We have a strategically constructed portfolio of high-quality businesses with leadership positions in attractive niche markets. These businesses provide highly differentiated technologies, supporting mission-critical applications required for the global infrastructure build-out. Through our close relationships with customers and deep domain expertise in niche markets, our solutions are often designed directly into critical applications, creating high barriers to entry and significant switching costs.

我們擁有策略性建構的高品質事業組合，並在具吸引力的利基市場中具備領導地位。這些事業提供高度差異化的技術，支援全球基礎建設擴建所需的關鍵任務型（mission-critical）應用。透過與客戶的緊密關係以及在利基市場的深厚領域專業，我們的解決方案往往能直接被設計導入關鍵應用之中，形成高進入門檻與顯著的轉換成本。

In recent years, we have further strengthened our portfolio through organic investments and strategic acquisitions, which has increased our exposure to attractive secular growth markets and enhanced our long-term growth opportunities. The breadth of our portfolio also provides significant end market diversification, limiting reliance on any single customer, technology, or market. We remain exceptionally well positioned and continue to see strong momentum across our markets.

近年來，我們透過有機投資與策略性併購進一步強化產品組合，提升了我們對具吸引力的長期結構性成長市場的曝險，並增強了長期成長機會。我們產品組合的廣度也帶來顯著的終端市場多元化，降低對任何單一客戶、技術或市場的依賴。我們仍具備極佳的競爭定位，並持續看到各市場的強勁動能。

Our growth is supported by many strong, powerful secular trends including investment in AI-related infrastructure, increasing focus on defense and energy security, and strengthening demand across MedTech, commercial aerospace, and precision automation.

我們的成長受到多項強勁且有力的長期結構性趨勢所支撐，包括 AI 相關基礎設施投資、對國防與能源安全日益重視，以及醫療科技（MedTech）、商用航太與精密自動化等領域需求走強。

Another important factor driving our strong performance is our proven and disciplined operating model. Our asset-light businesses and global operating capabilities enable us to efficiently manage our cost structure while remaining highly responsive to changing market conditions. We can support growth with moderate capital investments and have consistently and reliably demonstrated our ability to successfully navigate, changing economic environments and evolving business cycles.

推動我們強勁表現的另一個重要因素，是我們經過驗證且嚴謹自律的營運模式。我們的輕資產業務與全球營運能力，使我們能在保持對市場變化高度敏捷回應的同時，高效率地管理成本結構。我們能以適度的資本投資支援成長，並且一貫且可靠地展現出成功因應多變的經濟環境與不斷演進的景氣循環的能力。

Importantly, the highly differentiated nature of our products and our leadership positions in niche markets enable us to effectively offset inflationary pressures with pricing. These strengths continue to be reflected in our operating performance, excellent margin expansion, and robust cash flow generation. This cash flow supports a proven capital deployment strategy and a world-class acquisition process that continues to create substantial value for AMETEK shareholders.

重要的是，我們產品高度差異化的特性，以及在利基市場的領導地位，使我們能透過定價有效抵銷通膨壓力。這些優勢持續反映在我們的營運表現、優異的利潤率擴張，以及強勁的現金流產生能力上。這些現金流支撐一套經驗證的資本配置策略，以及世界級的併購流程，持續為 AMETEK 股東創造可觀價值。

The M&A environment remains constructive. Our acquisition pipeline is robust, and we continue to see attractive opportunities that align with our strategic priorities. Overall, we feel confident about the positioning of our businesses and our ability to continue delivering sustainable growth for our shareholders.

併購環境仍然具建設性。我們的併購案源管線相當強勁，並持續看到與我們策略優先事項一致的具吸引力機會。整體而言，我們對旗下業務的定位以及持續為股東帶來可持續成長的能力充滿信心。

Alongside these core strategic elements, we remain committed to investing in our businesses to strengthen our competitive position. Continued investments in innovation and new product development helped drive our strong organic growth. As evidence of this, new product vitality this year remains strong at 25%.

除上述核心策略要素外，我們仍致力於投資旗下業務，以強化競爭地位。持續投入創新與新產品開發，推動了我們強勁的內生成長。作為佐證，今年新產品活力（new product vitality）仍維持強勁，達到 25%。

I would like to highlight just one example of how AMETEK is supporting critical power infrastructure investments and meeting increasingly complex requirements across demanding industrial, data center and process control environments.

我想強調一個例子，說明 AMETEK 如何支援關鍵電力基礎設施投資，並在嚴苛的工業、資料中心與製程控制環境中，滿足日益複雜的需求。

AMETEK's Solidstate Controls recently introduced the next generation of its digital process power uninterruptible power supply platform. The DPP+ builds on prior platforms with enhanced reliability, diagnostics, monitoring, and service capabilities for the most difficult mission-critical applications across power, energy, and broad industrial markets. DPP+ helps meet more advanced application requirements by combining true online double-conversion, uninterruptible power supply technology with modern digital controls, enhanced communications capabilities and a compact footprint.

AMETEK 的 Solidstate Controls 近期推出其數位製程電力不斷電系統平台的下一代產品。DPP+ 在既有平台基礎上，針對電力、能源及廣泛工業市場中最嚴苛的關鍵任務應用，提升了可靠性、診斷、監控與服務能力。DPP+ 透過結合真正的線上雙轉換（double-conversion）不斷電系統技術與現代數位控制、強化的通訊能力以及精巧的占地面積，協助滿足更進階的應用需求。

As customers continue to prioritize power quality, uptime and operational resilience, Solidstate Controls is well positioned to address these evolving requirements with these differentiated power solutions.

隨著客戶持續優先重視電力品質、正常運行時間（uptime）與營運韌性，Solidstate Controls 已具備良好定位，可透過這些差異化電力解決方案因應不斷演進的需求。

As I have touched on, we were pleased to complete the acquisition of Indicor in the third-quarter. As a reminder, Indicor is a portfolio of exceptional industrial technology businesses that provide highly differentiated mission-critical solutions to a diverse set of customers across a complementary set of end markets. Indicor is an excellent fit with AMETEK given their mission-critical niche market strategy and highly differentiated technology.

如我先前提到的，我們很高興在第三季完成對 Indicor 的收購。提醒一下，Indicor 是由一系列卓越的工業科技企業所組成的投資組合，為多元客戶群提供高度差異化的關鍵任務解決方案，涵蓋一組互補的終端市場。鑑於其關鍵任務利基市場策略與高度差異化技術，Indicor 與 AMETEK 非常契合。

While our integration process is still in its early stages, we are encouraged by the progress we have made to date. We remain confident in our ability to add meaningful value as the Indicor businesses integrate into the AMETEK growth model. I would also like to add that we recently conducted a special AMETEK University session, specifically designed for our Indicor colleagues in support of their onboarding into AMETEK.

雖然我們的整合流程仍處於早期階段，但我們對迄今取得的進展感到鼓舞。隨著 Indicor 各業務整合進 AMETEK 成長模式，我們仍對創造具意義的增值能力充滿信心。我也想補充，我們最近舉辦了一場特別的 AMETEK University 課程，專為 Indicor 同仁設計，以支援他們加入 AMETEK 的到職融入（onboarding）。

AMETEK University is our flagship three-day leadership development program, where we provide colleagues with a deep dive into the key elements of the AMETEK growth model, our culture, operating structure, and leadership approach. We also combined the learnings with practical breakout activities and direct exchanges with executive-level AMETEK leadership.

AMETEK University 是我們旗艦的三天領導力發展計畫，我們在其中帶領同仁深入了解 AMETEK 成長模式的關鍵要素、企業文化、營運架構與領導方式。我們也將學習內容與實務分組活動結合，並安排與 AMETEK 高階主管團隊的直接交流。

The passion and excitement from the Indicor colleagues was notable. The program only further strengthened my belief in the quality of the Indicor businesses and colleagues and the strength of their leadership teams.

Indicor 同仁展現出的熱情與興奮相當明顯。該計畫更進一步強化了我對 Indicor 各業務與同仁素質，以及其領導團隊實力的信心。

Moving to our outlook for 2026 in the fourth-quarter. We are raising our sales, earnings, and cash flow conversion guidance for the year to incorporate our excellent performance in the third-quarter, the contributions from the Indicor acquisition and our positive outlook for the fourth-quarter. For 2026, we now expect overall sales to be up mid-teens on a percentage basis with organic sales now expected to be up high single digits versus 2025.

接著談我們在第四季對 2026 年的展望。我們上調今年的銷售、獲利與現金流轉換率指引，以納入第三季的優異表現、Indicor 收購帶來的貢獻，以及我們對第四季的正向展望。對於 2026 年，我們目前預期整體銷售額以百分比計將成長約中十位數（mid-teens），其中內生銷售額相較 2025 年預期將成長約高個位數（high single digits）。

Our diluted earnings per share for the year are now expected to be in the range of $8.53 to $8.57, up 15% compared to last year's results. This is an increase from our prior full year guide of $8.20 to $8.30 per diluted share and includes approximately $0.08 of contribution from the Indicor businesses.

我們今年的稀釋後每股盈餘目前預期將落在 8.53 至 8.57 美元區間，較去年結果成長 15%。這較我們先前的全年指引（每股稀釋後 8.20 至 8.30 美元）有所上調，並包含 Indicor 各業務約 0.08 美元的貢獻。

For the fourth-quarter, we anticipate overall sales to be up in the low 20% range with adjusted earnings of $2.26 to $2.30 per share, up 12% to 14% versus the prior year.

就第四季而言，我們預期整體銷售額將成長約低 20% 區間，調整後每股盈餘為 2.26 至 2.30 美元，較去年同期成長 12% 至 14%。

To summarize, AMETEK delivered an exceptional third-quarter, reflecting the strength of our businesses and the continued effectiveness of the AMETEK growth model. Our outstanding performance highlights the quality of our market-leading portfolio of businesses and our ability to leverage competitive positions to capture opportunities and deliver meaningful value to customers.

總結而言，AMETEK 在第三季交出卓越成績，反映出我們業務的實力以及 AMETEK 成長模式持續有效。我們的傑出表現凸顯了我們具市場領先地位的業務組合之品質，以及我們運用競爭優勢把握機會、為客戶創造具意義價值的能力。

With mission-critical technology solutions and leadership positions across niche markets, AMETEK remains well positioned to benefit from a favorable secular growth trends and to continue generating strong and sustainable long-term value for shareholders.

憑藉關鍵任務技術解決方案以及在利基市場的領導地位，AMETEK 仍具備良好定位，可受惠於有利的長期結構性成長趨勢，並持續為股東創造強勁且可持續的長期價值。

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

接下來我把電話會議交給 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 excellent third-quarter with strong growth and outstanding operational performance. We set records across most of our key financial metrics, alongside double-digit growth in orders, sales, operating income, and earnings per share in the quarter.

謝謝你，Dave，各位早安。如 Dave 所提到，AMETEK 在第三季表現非常出色，成長強勁且營運績效卓越。本季我們在多數關鍵財務指標上創下紀錄，同時訂單、銷售、營業利益與每股盈餘皆呈現雙位數成長。

Now let me provide some additional financial highlights for the third-quarter. third-quarter general and administrative expenses were 1.4% of sales, down from 1.5% in the third-quarter of 2025. Third-quarter interest expense was $40 million. This was an increase of $17 million from the third-quarter of 2025, reflecting incremental borrowings related to the acquisition of Indicor. Third-quarter other operating expenses were $5 million, down from $6 million in the third-quarter of 2025.

接著我補充第三季的一些財務重點。第三季一般及行政費用占銷售額比重為 1.4%，低於 2025 年第三季的 1.5%。第三季利息費用為 4,000 萬美元。較 2025 年第三季增加 1,700 萬美元，反映與收購 Indicor 相關的額外借款。第三季其他營運費用為 500 萬美元，低於 2025 年第三季的 600 萬美元。

The effective tax rate for the quarter was 18.5%, up from 17.2% in last year's third-quarter. For 2026, 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 vary above or below our full year expected rate due to the timing of discrete tax items.

本季有效稅率為 18.5%，高於去年第三季的 17.2%。對於 2026 年，我們目前預期有效稅率介於 18% 至 18.5%。如同我們過去所述，由於個別稅務項目的認列時點不同，實際季度稅率可能高於或低於我們預期的全年稅率。

Capital expenditures in the third-quarter were $33 million. For 2026, we continue to expect capital expenditures of approximately $160 million or 2% of sales. Depreciation and amortization expense for the quarter was $116 million. For the full year, we now expect depreciation and amortization to be approximately $470 million, including after-tax, acquisition-related intangible amortization of approximately $240 million or $1.05 per diluted share.

第三季資本支出為 3,300 萬美元。對於 2026 年，我們仍預期資本支出約為 1.6 億美元，或約占銷售額的 2%。本季折舊與攤銷費用為 1.16 億美元。就全年而言，我們目前預期折舊與攤銷約為 4.7 億美元，其中包含稅後、與收購相關的無形資產攤銷約 2.4 億美元，或每股稀釋後約 1.05 美元。

Operating working capital in the third-quarter was 17.3% of sales, an excellent 160 basis point improvement versus the same period of 2025, reflecting outstanding work by our businesses in managing key working capital components.

第三季營運週轉資金占銷售額比重為 17.3%，較 2025 年同期大幅改善 160 個基點，反映我們各業務在管理關鍵週轉資金組成項目方面的出色表現。

Operating cash flow was exceptionally strong in the third-quarter at $561 million, up 27% versus the third-quarter of 2025. Free cash flow was also strong, up 26% to a record $527 million with excellent free cash flow conversion of 124% in the quarter. We are increasing our full year cash flow expectations and now expect free cash flow conversion to be between 115% and 120% of net income, reflecting the high quality of our earnings throughout the year and our expectations for continued strong performance in the fourth-quarter.

第三季營運現金流表現格外強勁，達5.61億美元，較2025年第三季成長27%。自由現金流同樣強勁，成長26%至創紀錄的5.27億美元，本季自由現金流轉換率達到優異的124%。我們上調全年現金流預期，現預期自由現金流轉換率將介於淨利的115%至120%之間，反映我們全年獲利品質優異，以及我們對第四季持續強勁表現的預期。

Total debt at September 30 was $6.7 billion, up from $2.3 billion at the end of 2025 due to the acquisition of Indicor Instrumentation. Offsetting this debt was cash and cash equivalents of $667 million. At the end of the third-quarter, our gross debt-to-EBITDA ratio was 2.3 times, and our net debt-to-EBITDA ratio was 2.1 times. As Dave noted, the M&A environment remains constructive, and our pipeline of acquisition opportunities is strong. We continue to have significant financial capacity and flexibility with $2.7 billion in cash and available credit facilities to support our growth initiatives and strategic acquisitions.

截至9月30日的總負債為67億美元，較2025年底的23億美元增加，主要因收購Indicor Instrumentation所致。與此負債相抵的是6.67億美元的現金及約當現金。第三季末，我們的總負債對EBITDA比率為2.3倍，淨負債對EBITDA比率為2.1倍。如Dave所提到，併購環境仍具建設性，我們的收購機會管線也相當強勁。我們仍具備可觀的財務承載能力與彈性，擁有27億美元的現金及可動用的信用額度，以支持我們的成長計畫與策略性收購。

In summary, AMETEK delivered another outstanding quarter, delivering record results across sales, orders, earnings, and free cash flow conversion in the quarter. With leadership positions across attractive market segments, differentiated technology portfolio, global manufacturing capabilities, and a demonstrated history of exceptional operating performance, we are well positioned to build on our momentum and deliver further growth and shareholder value in '26 and beyond.

總結而言，AMETEK再度交出一個非常出色的季度，在本季的銷售、訂單、獲利以及自由現金流轉換率等方面皆創下紀錄。憑藉在具吸引力的市場區隔中的領導地位、差異化的技術組合、全球製造能力，以及經證實的卓越營運表現歷史，我們已做好充分準備，在2026年及其後延續動能，帶來進一步成長與股東價值。

I'll now pass it back to Kevin.

我現在把時間交回給Kevin。

Thank you, Dalip. Stephanie, can we please open the line for questions?

謝謝你，Dalip。Stephanie，麻煩可以開放提問線路嗎？

(Operator Instructions)

（接線員指示）

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

Just wanted to start, Dave, maybe if you could do the usual rundown of the organic order trends that you saw by end market and anything on geography too would be really helpful.

我想先從Dave開始，或許你可以照慣例說明一下你們按終端市場看到的有機訂單趨勢，若也能談談地理區域的情況會非常有幫助。

Okay. That's a good way to start, Nicole. In the Process segment, we had organic sales up high single digits in the quarter. Project activity remains strong and broad-based across our process instrumentation businesses. We had notable strength across our semiconductor and energy-related businesses. So for the full year for process 2026, we continue to expect organic sales up mid-single digits.

好的。Nicole，這是個很好的切入點。在流程（Process）事業群，本季有機銷售成長高個位數。在我們的流程儀器相關業務中，專案活動仍然強勁且涵蓋面廣。我們在半導體與能源相關業務方面表現尤為突出。因此，對於2026年全年流程事業群，我們仍預期有機銷售將成長中個位數。

I'll move to Aerospace and Defense, delivered just another excellent outstanding quarter with our organic sales up mid-teens. Growth was strong and well distributed across subsegments with the strongest growth in our commercial OEM and aftermarket businesses. For 2026, we continue to expect organic sales for our A&D businesses to be up low double digits versus the prior year.

接著談航太與國防（Aerospace and Defense），本季再度交出非常優異的成績，有機銷售成長中十位數。成長在各子領域分布良好，其中以商用OEM與售後市場業務的成長最為強勁。對於2026年，我們仍預期A&D業務的有機銷售將較前一年成長低十位數。

Next, I'll talk about the Power segment, up mid-single digits in the quarter. Very pleased with the continuation of excellent orders growth in the quarter. The orders growth is tied to broad-based build-out and investments in the power grid and data center infrastructure. For 2026, we continue to expect to be up mid-single digits for the year.

接下來談電力（Power）事業群，本季成長中個位數。我們對本季訂單持續呈現優異成長感到非常滿意。訂單成長與電網及資料中心基礎設施的廣泛建置與投資相關。對於2026年，我們仍預期全年將成長中個位數。

And finally, our Automation & Engineered Solutions subsegment, growth was again excellent with mid-teens organic sales growth in the quarter. Growth was balanced across our businesses with the strongest growth within the semiconductor and medical end markets. And for 2026, we now expect organic orders for our A&ES businesses to be up low double digits. That's around the -- for the market.

最後是自動化與工程解決方案（Automation & Engineered Solutions）子事業群，本季成長再次非常出色，有機銷售成長中十位數。成長在各業務間相對均衡，其中以半導體與醫療終端市場的成長最為強勁。而對於2026年，我們現在預期A&ES業務的有機訂單將成長低十位數。大致就是市場面的情況。

And then in terms of the geographies, Nicole, balanced US and international growth, the US was up low double digits, and the international growth was up high single digits. In the US, it was really balanced growth across the markets. I'd highlight our UPT business, and Paragon has a little bit of an outstanding performance. And when I look across the globe, Asia was the strongest. Asia was up in the mid-20s. And that's a view around the horn, Nicole.

至於地理區域方面，Nicole，美國與國際市場的成長相對均衡；美國成長低十位數，國際市場成長高個位數。在美國，各市場的成長相當均衡。我會特別點出我們的UPT業務，而Paragon也有一些非常突出的表現。放眼全球，亞洲表現最強。亞洲成長約在中20%區間。Nicole，以上就是整體概覽。

That's tremendously helpful. I don't want to take up too much time because you were pretty thorough there. But just maybe one follow-up on orders. If you look at the order trends through the quarter, was that 17% kind of pretty stable across the months? And then anything that you would give us on what you're seeing in October?

這非常有幫助。你剛才講得很完整，我不想占用太多時間。不過想就訂單再追問一下。如果看本季各月份的訂單趨勢，那17%的成長在各月之間是否相對穩定？另外，你們在10月看到的情況，有沒有什麼可以分享的？

Sure. Yes. The cadence -- first of all, we had orders up 35% in the quarter, with strong organic orders up 17%. So we're very pleased with that. And when you look at the cadence, September was the strongest month for orders. So it's stair-stepped up to September. September was the strongest month for orders in the quarter, and September was also an all-time monthly record. So we're very happy with that. So September was very strong, and we started off Q4 on plan.

當然可以。是的。先談節奏——首先，本季訂單成長35%，其中有機訂單強勁成長17%。我們對此非常滿意。而就節奏來看，9月是訂單最強的月份。因此是一路階梯式上升到9月。9月不僅是本季訂單最強的月份，也創下單月歷史新高。所以我們對此非常高興。總之，9月非常強勁，而我們第四季一開始也符合計畫。

So October was extremely solid. And an important point is, sequentially, we also grew from Q2. So very pleased with the orders. We're very pleased with the orders momentum. Both EIG and EMG happen to be up 17% organically. So it's rock solid.

因此10月表現也非常穩健。另外一個重點是，按季比較，我們也較第二季成長。所以我們對訂單非常滿意。我們對訂單動能也非常滿意。EIG與EMG兩個事業群的有機訂單剛好都成長17%。所以非常扎實。

Matt Summerville, D.A. Davidson.

Matt Summerville，D.A. Davidson。

A couple of questions. Maybe just first on Indicor. You mentioned $0.08 of accretion kind of factored into the guide for '26. I was curious if you were willing to share maybe early thoughts on incremental accretion from that business in 2027? And can you remind us what you're targeting for year one synergies with that business? And then I have a follow-up.

我有幾個問題。先從Indicor開始。你提到在2026年的指引中已納入約0.08美元的增益（accretion）。我想請問你是否願意分享一下，對於2027年該業務可能帶來的額外增益的初步想法？另外也請你提醒一下，你們對該業務第一年的協同效益目標是多少？然後我還有一個追問。

Yes. In terms of Indicor, we have $0.08 for the balance of this year. There was very little accretion in the five weeks that we owned it in Q3, so the balance of that's in Q4. I think that -- you have a situation where that this is a business that doesn't really have a lot of seasonality. So you can get a good sense of what Q4 looks like.

好的。就Indicor而言，今年剩餘期間我們預估有0.08美元。由於第三季我們只持有該業務五週，因此第三季的增益非常有限，剩餘大部分會在第四季體現。我認為——這是一個季節性不太明顯的業務。因此你可以對第四季的樣貌有相當好的掌握。

In terms of next year, we're really going to follow our typical budgeting process. And as we always do, we'll take a deep dive with each business in November. In December, as part of that process to get an annual operating plan, and that will give us a clear view of 2027, and we'll share a detailed outlook with you next year. But in general, it's a $1.1 billion annual revenue stream, it's a 30% EBITDA business. And we're off to a good start. Any other questions, Matt?

至於明年，我們會依循一貫的預算編製流程。如同以往，我們會在11月與各個業務進行深入檢視。並在12月作為制定年度營運計畫流程的一部分，這將讓我們對2027年有清晰的視角，我們也會在明年與各位分享更詳細的展望。但整體而言，這是一個年營收約11億美元的業務，EBITDA利潤率約30%。而我們目前開局良好。Matt，還有其他問題嗎？

Matt, you mentioned year one synergies as communicated when we announced the Indicor acquisition, I guess, it was about six weeks ago, seven weeks ago. We talked about 10% to 12% being our synergy target. That's over three years. And we're going to track probably from your perspective, think about that cadence as being ratable.

Matt，你提到在我們宣布收購 Indicor 時所溝通的第一年協同效益，我想那大概是六週前、七週前。我們談到 10% 到 12% 是我們的協同效益目標。那是以三年為期。而我們會追蹤——從你的角度來看，可以把那個節奏想成是可按期平均實現的。

Okay. Perfect. That's very helpful color. And then can you put a finer point on what you're seeing from an M&A pipeline standpoint? And is AMETEK officially full speed ahead on that? Or is there a bit of a pause here with trying to digest Indicor, how should we be thinking about capital deployment over the next 6 to 12 months?

好的。完美。這些補充說明非常有幫助。接著，能否更精準地談談你們在併購（M&A）案源管線方面看到的情況？AMETEK 是否正式全速推進？還是說因為要消化整合 Indicor 而稍微暫停一下？未來 6 到 12 個月我們該如何看待資本部署？

You should think that our foot is on the gas pedal. There is no pause, and we're very excited about both our recent acquisitions but also the acquisitions that are in our pipeline. We're very active.

你應該把它想成我們的腳正踩在油門上。沒有暫停，我們對近期的收購以及管線中的收購案都非常興奮。我們非常積極。

Andrew Obin, Bank of America.

美國銀行（Bank of America）的 Andrew Obin。

Just a question on orders. We've had very strong organic order pace year-to-date. How should we think about sort of this actually translating into organic revenue? And I know we're not here to provide '27 guide. But historically, orders become revenue six to nine months later. How much visibility do you have at this point into sustainability of growth into first half of '27? And how much visibility do you have in the second half of '27?

我想問一下訂單。我們今年迄今的有機訂單動能非常強。我們該如何看待這實際轉化為有機營收的情況？我知道我們今天不是來提供 2027 年指引的。但從歷史來看，訂單通常在 6 到 9 個月後轉為營收。就目前而言，你們對 2027 年上半年成長可持續性的能見度有多高？對 2027 年下半年的能見度又有多高？

Yes. It's a great question, Andrew. And we're going to get details on our budget process. But the one rule of thumb that I've always followed that ends up being very accurate is 80% of our backlog is shippable in the next 12 months. So we have a really good backlog of $4.54 billion, and 80% of that will be shippable over the next 12 months. And it's pretty ratable going into next year. It looks pretty good by quarter.

是的，Andrew，這是個很好的問題。我們會在預算流程中取得更詳細的資訊。但我一直遵循、而且最後證明非常準確的一個經驗法則是：我們積壓訂單（backlog）的 80% 在未來 12 個月內是可出貨的。所以我們目前有 45.4 億美元的相當不錯的積壓訂單，其中 80% 會在未來 12 個月內可出貨。而且進入明年時的節奏相當平均。按季度來看也相當不錯。

So the way I think about it is we're going to enter next year with a strong backlog. As you know, part of our business is longer cycle and part of it is shorter cycle, and we still need to get strong orders. But we're entering next year with a very strong backlog. So that's a good factor for us in terms of 2027.

所以我的看法是，我們將在明年以強勁的積壓訂單進場。如你所知，我們的業務一部分是較長週期，一部分是較短週期，我們仍需要拿到強勁的新訂單。但我們確實會以非常強勁的積壓訂單進入明年。因此，這對我們 2027 年而言是一個正面因素。

And maybe just a bit of a modeling question. So acquisitions and ForEx, I think, was 7% to sales but 17% to orders. So how does the backlog from acquisition shows up? How should we -- do we front-load the backlog from the acquisitions?

再問一個可能偏建模的問題。所以收購與外匯（ForEx），我記得對銷售的貢獻是 7%，但對訂單的貢獻是 17%。那麼，收購帶來的積壓訂單會如何呈現？我們該如何看待——是否需要把收購帶來的積壓訂單前置（front-load）？

Yes, sure. The order input in the quarter was the Indicor backlog. So if you look at, I think it was 35% that we had in the quarter, 17% of that was organic. And the other 18% was essentially the Indicor backlog.

是的，當然。本季度的訂單流入（order input）包含了 Indicor 的積壓訂單。所以如果你看，我想本季度我們是 35%（的訂單成長），其中 17% 是有機的。另外 18% 基本上就是 Indicor 的積壓訂單。

Jeffrey Sprague, Vertical Research.

Vertical Research 的 Jeffrey Sprague。

Good-looking results here. I just want to come back to Indicor. Again, maybe my modeling was off a little bit, but it looks like you got more revenue in the quarter anyhow than I was thinking. Are you still thinking about $350 million in revenue for 2026? And do you have any kind of color on how Indicor itself grew in the quarter, separate and apart from the revenues coming in? I don't know if you have a good baseline on what they actually did last year. But is the organic growth of that set of businesses sort of tracking to the AMETEK average here?

這裡的結果看起來不錯。我想再回到 Indicor。同樣地，也許我的模型有點偏差，但看起來你們本季度的營收貢獻比我原先預期的還多。你們仍然預期 2026 年有 3.5 億美元的營收嗎？另外，你們能否提供一些補充說明：Indicor 本身在本季度的成長如何——撇開併入的營收不談？我不確定你們是否有他們去年實際表現的良好基準。但這組業務的有機成長是否大致跟 AMETEK 的平均水準一致？

Yes. The first point is Indicor did a little greater than $100 million in the quarter. So that may help you square your model. We also had $15 million to $20 million of contribution from other acquisitions. So yes -- and I think the Indicor, it's hard to get a clean number on it. But organically, it looks like they performed in line with what we thought they would do. They were a strong mid-single-digit grower for the short time we had them. So that all lines up. And I think we have the -- I think you're right, it's not a very high seasonality business at all. There's a lot of aftermarket components. So you can figure that out for Q4, but you're in the ballpark.

是的。第一點是，Indicor 本季度貢獻略高於 1 億美元。所以這可能有助於你把模型對上。我們也有其他收購帶來約 1,500 萬到 2,000 萬美元的貢獻。所以是的——而且我認為 Indicor 的部分，很難取得一個非常乾淨的數字。但就有機面來看，他們的表現看起來符合我們原先的預期。在我們持有他們的這段短時間內，他們是強勁的中個位數成長者。所以這些都對得上。而且我想我們——我想你說得對，這不是一個季節性很高的業務。有很多售後市場（aftermarket）零組件。所以你可以推算第四季，但你大致在合理範圍內。

Great. And then this UPS Solidstate product you mentioned, is that a data center-related application or what sort of application is it? And of course, in data centers, right, there's a lot of focus on Solidstate moving towards 800-volt DC and the like. So I was wondering if you could elaborate on actually what that application is and what the opportunity is there?

很好。那你提到的這個 UPS 固態（Solidstate）產品，是資料中心相關的應用嗎？還是屬於哪一類應用？當然，在資料中心領域，大家很關注固態技術朝 800 伏直流（DC）等方向發展。所以我想請你再多談談這個應用實際是什麼，以及那裡的機會是什麼？

Yes. That is our highest-end flagship UPS system. So that goes into the most difficult applications. You can think about a nuclear power plant where failure is not an option. Pricing of that product will be $100,000 apiece. So it's a new product. It's durable. It's very, very -- delivers tremendous value to our customers. And there are some data center applications for that, but they're in the most rugged type applications.

是的。那是我們最高階的旗艦 UPS 系統。所以它會用在最具挑戰性的應用場景。你可以想像核電廠這種「不能失敗」的地方。那個產品的單價會是每台 10 萬美元。所以這是一個新產品。它很耐用。它——它為客戶帶來非常、非常高的價值。它也有一些資料中心的應用，但主要是在最嚴苛的那類應用場景。

We have other products that are tied to that I talked about in prior that are tied to other parts of the data center build out. And we also have some 800-volt experimentation is going on with customers right now in a different product category. So we're not really -- we're all around it. And the 800-volt work that we're doing now is the one we're most excited about.

我們還有其他產品與我之前提到的、資料中心建置的其他環節相關。此外，我們目前也正在另一個產品類別中，與客戶進行一些 800 伏的實驗。所以我們並不是——我們在周邊都有布局。而我們現在正在做的 800 伏工作，是我們最感到興奮的一項。

Brett Linzey, Mizuho.

瑞穗（Mizuho）的 Brett Linzey。

Congrats. Just a bigger picture question. Order sales, obviously very robust. I guess, where have you seen the most incremental change over the last, call it, three, four, five months on the demand side? Is it customers actually getting more confident to put capital in the ground on projects and whatnot? Or is this sort of pent-up release on activity or MRO or spending that was maybe put on hold for several months as companies and customers were sorting through tariffs and other geopolitical items?

恭喜。我問一個更宏觀的問題。訂單與銷售顯然都非常強勁。我想問的是，在需求端，過去大概三、四、五個月你們看到最大的邊際變化在哪裡？是客戶更有信心把資本投入到專案中、把項目落地嗎？還是說這比較像是先前被壓抑的活動釋放，或是 MRO（維修、保養與營運）/支出——之前可能因為企業與客戶在梳理關稅與其他地緣政治因素而暫緩了幾個月？

Yes, it's a good question. And we talked about this about a year ago when I started seeing a tremendous pipeline of potential orders. And the biggest change that I'm seeing right now is what we thought was going to happen is our EIG business is accelerating. So if you look at the orders of EIG and EMG both being organic 17%, that's a function of that project activity being act upon. So the things that were in our pipeline that were quotations that we're working with customers and EIG specifically, that's accelerated.

是的，這是個好問題。大約一年前，當我開始看到大量潛在訂單的管線時，我們就談過這件事。而我現在看到最大的變化是：如我們原先預期的，我們的 EIG 業務正在加速。所以如果你看 EIG 和 EMG 的訂單（兩者）有機成長都是 17%，這反映的是那些專案活動正在被實際執行。也就是說，先前在我們管線中的那些案子——我們在做報價、與客戶合作的那些，尤其是 EIG——已經加速了。

And then just a follow-up on price and costs. What was the price contribution in the quarter? And how did that fare relative to inflation? Obviously, the whole industry is dealing with a pretty heavy bout of inflation. Any preliminary expectation on what you think that spread could look like here in the coming quarters in the early part of '27?

接著就價格與成本再追問一下。本季價格貢獻是多少？相對於通膨表現如何？顯然整個產業都正面臨相當嚴重的一波通膨。對於未來幾季、在 '27 年初這段期間，您認為這個價差可能會呈現什麼樣貌，有沒有任何初步的預期？

Yes. I'll tell you, Brett. We had a positive price inflation spread again. Our inflation number was about 3% and pricing was in excess of that. The results speak to the highly differentiated nature of the AMETEK product portfolio, and we got leadership positions in these niche markets around the globe.

是的。我跟你說，Brett。我們再次出現正向的「價格－通膨」價差。我們的通膨數字大約是 3%，而定價漲幅高於這個水準。這些結果反映出 AMETEK 產品組合高度差異化的特性，而且我們在全球這些利基市場中都具備領導地位。

So as I said in my prepared remarks, we have a track record of being able to offset inflation with pricing and inflation and tariffs with pricing. So very good performance. So we have highly customized businesses. We're solving the most difficult mission-critical applications, and we're getting price to protect ourselves in this inflationary environment.

所以如同我在事先準備的發言中提到的，我們一向有能力透過定價來抵銷通膨，也能透過定價來抵銷通膨與關稅。因此表現非常好。我們的業務高度客製化。我們在解決最困難、攸關任務成敗的關鍵應用，而在這樣的通膨環境下，我們也能取得足以保護自身的價格。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

I was hoping to get an update on life sciences and that. I think last quarter, it sounded like things are really picking up. And if you could tie in how Paragon is trending over the last year? And then similarly, in FARO technology, I think that you were implying that strength is or things are strong in that area but wondering if you could talk about those trends you're seeing with that deal.

我想請您更新一下生命科學的狀況。我記得上季聽起來情況正在明顯回升。另外能否也談談 Paragon 過去一年來的走勢？同樣地，在 FARO 這筆交易上，我記得你們暗示那個領域的力道很強，但想請你們談談你們在那筆交易上看到的趨勢。

Okay. You had Paragon, you had Life Sciences and FARO. I'll start with the Paragon. Health care is our largest market. And within our health care, 20% exposure Paragon led us. So Paragon was up low double digits in sales, another extremely strong quarter, and we're very pleased with that business. So Paragon continues to perform exceptionally well.

好的。你提到 Paragon、生命科學以及 FARO。我先從 Paragon 談起。醫療保健是我們最大的市場。在我們的醫療保健業務中，Paragon 帶來了 20% 的曝險／比重。所以 Paragon 的銷售額年增低雙位數，又是一個非常強勁的季度，我們對這項業務非常滿意。因此 Paragon 持續表現得非常出色。

In terms of FARO, we completed our one-year anniversary during the quarter, and we're reviewing that with our Board this week and we're very pleased to say that the model that we built, the profitability on the model we exceeded it. So very happy with that. And I think there's still more work to do with FARO during year two, but all of our expectations are in line with what we thought initially. So very pleased with the integration and the teams are working hard on putting that together.

至於 FARO，我們在本季完成了併購滿一年的里程碑；我們本週會與董事會一起檢視，我們也很高興地說，我們建立的模型中，該模型的獲利表現超出預期。所以我們非常滿意。我認為在第二年 FARO 還有更多工作要做，但我們所有的預期都與最初的想法一致。因此我們對整合非常滿意，團隊也正努力把這些工作整合到位。

And the third question was around our Life Sciences business. And what we're seeing now is probably the strength of that, most shows up within our automation business because we're building motion control systems, subsystems for all these life sciences and medical equipment, and that's our fastest-growing segment within that automation business. So its strong, it's getting stronger, and we're doing a good job of servicing our customers in that business.

第三個問題是關於我們的生命科學業務。我們目前看到的強勁動能，最明顯地體現在自動化業務裡，因為我們正在為各種生命科學與醫療設備打造運動控制系統與子系統，而這也是我們自動化業務中成長最快的區塊。所以它很強，而且正在變得更強，我們也把客戶服務做得很好。

Got it. Very helpful update. Can you talk a little bit more -- I mean, presumably, the trends in Americas are very strong. I was wondering if you're noticing any changes or differences in the regions like Europe and APAC. We're hearing a little bit of potential change. Other companies have reported. Just got curious if you could update us on those two regions.

了解。這個更新很有幫助。能否再多談一點——我的意思是，美洲的趨勢看起來非常強。我想知道你們是否注意到歐洲與亞太等地區有任何變化或差異。我們聽到一些可能的變化，其他公司也有提到。想請你們更新一下這兩個地區的狀況。

Yes. I mean as I've said, US is the strongest. Asia was the strongest and it was up mid-20s and China was up more than the average. So very strong in China. Europe was the weakest of the three. And yes, some challenging comps there and some timing issues. So it was down a bit. But really strong in the US, really strong in Asia. And Europe has been like it's been for the past several quarters. It's hanging in there, but we're not seeing a big growth uptick yet.

是的。我的意思是，如我所說，美國是最強的。亞洲也很強，年增約 20% 多，而中國的成長高於平均水準。所以中國非常強勁。三個地區之中，歐洲是最弱的。而且是的，那邊有一些較具挑戰性的比較基期，以及一些時點上的因素。所以略有下滑。但美國非常強、亞洲也非常強。歐洲則和過去幾季差不多。它還撐得住，但我們還沒有看到明顯的成長加速。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Congrats on the earnings. I wanted to ask about Indicor maybe in a little bit of a different way. I know it's being moved as you integrate it to 10 businesses to probably 8 to 10 business units within AME. But I was just wondering how you're managing the risk. It's a very big deal. It has a lot of markets. And I was just wondering, Dave, how you're managing that risk? And then I have a follow-up.

恭喜財報表現。我想用稍微不同的方式問一下 Indicor。我知道你們在整合時，會把它從 10 個事業移轉到 AME 內大概 8 到 10 個事業單位。但我想知道你們如何管理風險。這是一筆非常大的交易。它涵蓋很多市場。Dave，我想請教你們是如何管理這個風險的？然後我還有一個追問。

Yes, it's a great question, and -- that's part of the reason we had the AMETEK University session with all the leaders of Indicor. But it goes back to what I talked about initially. Although it's a big acquisition, these acquisitions ends up being 10 individual businesses that fit into different parts of AMETEK.

是的，這是個很好的問題——這也是我們為什麼要和 Indicor 的所有領導團隊一起舉辦 AMETEK University 課程的原因之一。但回到我一開始談到的重點。雖然這是一筆大型併購，但這些併購最終會以 10 個獨立事業的形式，分別納入 AMETEK 的不同部門。

And they honestly fit like a glove. So we have very seasoned leaders working with the Indicor team, integrating it into AMETEK. We went through a lot of the expectations and a lot of the ways we do business. The Indicor people were very pleased to see the practicality of our business system and how they could use that to improve their business.

而且老實說，它們契合得天衣無縫。所以我們有非常資深的領導者與 Indicor 團隊合作，把它整合進 AMETEK。我們也檢視了許多期望目標，以及我們做生意的許多方式。Indicor 的同仁很高興看到我們商業系統的務實性，以及他們如何運用它來改善自身業務。

So I'm pretty optimistic with Indicor. And we got some real good people running businesses that know how to run businesses. So the capability Indicor people, the experienced nature of the AMETEK integrators combined with this thing is going into various parts of AMETEK, where no individual business sees a $1.1 billion integration that's going into smaller integrations. It's a good way to disperse the risk and they're performing very well. They're obviously contributing. It's a cash-generative business. So we're excited.

所以我對 Indicor 相當樂觀。而且我們有一些非常優秀的人在經營事業，他們知道如何經營事業。因此，Indicor 團隊的能力，加上 AMETEK 整合團隊的豐富經驗，再加上這筆交易會分散到 AMETEK 的各個部門，沒有任何單一事業需要承擔一個 11 億美元的整合案，而是拆成較小的整合案。這是一個分散風險的好方法，而且他們的表現非常好。他們顯然正在做出貢獻。這是一門能產生現金的業務。所以我們很振奮。

My follow-up question was simply around the conflicts around the world, and hypothetical, hopeful, but unfortunately, hypothetical situation that they all end at some point in the next six months. What does that do to your defense and energy sales? You've been calling out energy a couple of times this year, kind of the first time we've heard that in a little bit of a while. And I know it wasn't a big business for you, but still you've been calling it out. So what is the end of the conflicts due to those sales?

我的追問很簡單，是關於全球各地的衝突。假設一個希望如此、但不幸仍屬假設的情境：如果這些衝突在未來六個月內某個時間點都結束了，那對你們的國防與能源銷售會有什麼影響？你們今年提到能源好幾次，這是我們一段時間以來第一次聽到你們這樣強調。我知道這對你們不是很大的業務，但你們仍然一直提到。所以衝突結束對這些銷售會有什麼影響？

I don't think it does much at all. I think the -- we're dealing with, I consider energy, I mean, the defense market changed from discretionary spend to required spend. And so it's -- and it's expanding from just the US to also Europe, where we have a very strong distribution system and a very strong business. So very well positioned.

我不認為會有太大影響。我認為——我們所面對的，我把能源、我的意思是，國防市場已經從「可自由裁量的支出」轉變為「必須支出」。因此——而且它不只是美國，還擴展到歐洲；我們在那裡有非常強的經銷體系與非常強的業務。所以我們的布局非常到位。

I talked in past calls about some UAV applications we won with NATO allies. We're very well positioned in that market. And with -- we include space in that market, but there's a very strong ordering pattern. So I don't see that giving way. It's become required spend, not -- and it was discretionary. Obviously, it's project-based. It's a bit episodic. You have funding things with governments that you have to deal with. But overwhelmingly, it's positive, and we're in the right places with our focus in niche technologies and areas we're the clear leader, and we have a lot of people who want to do business with us.

我在過去幾次電話會議中談到，我們與北約盟國贏得了一些無人機（UAV）應用案。我們在那個市場的布局非常有利。而且在——我們也把太空納入那個市場，但訂單模式非常強勁。所以我不認為這會轉弱。它已經變成必須支出，而不是——以前是可自由裁量的支出。當然，它是以專案為基礎。會有點階段性、帶有間歇性。你會遇到政府端的資金安排等事情需要處理。但整體而言非常正面；我們在利基技術與我們明顯領先的領域聚焦在正確的位置，也有很多人希望與我們做生意。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Dave, can you give more color into what you're seeing in aerospace and defense? I know you just talked about defense, but earlier you mentioned the biggest piece of the strength that you've seen is in commercial OE and aftermarket. Can you just talk about the visibility of that growth continuing given there are some supply chain and macro concerns out there?

Dave，你能否更具體說明你在航太與國防領域看到的情況？我知道你剛談到國防，但你先前提到你看到的強勁動能最大的一塊來自商用原廠（OE）與售後市場。鑑於目前存在一些供應鏈與總體環境的疑慮，你能否談談這種成長持續的能見度？

Yes. It's -- the first thing is about 17% of our business overall and split about evenly between commercial and defense businesses. And we are seeing higher growth right now in the commercial OE and aftermarket businesses, but our defense business is also strong. We're on just about every commercial plane. Commercial backlogs are very, very solid. The aftermarket business is one of the fastest growing in AMETEK.

可以。首先，航太與國防約占我們整體業務的17%，且商用與國防大致各占一半。目前我們在商用原廠（OE）與售後市場業務看到較高的成長，但我們的國防業務也很強勁。我們幾乎在每一款商用飛機上都有產品。商用端的積壓訂單非常、非常穩健。售後市場業務是AMETEK成長最快的業務之一。

We talked about that being a concern a couple of quarters ago, it didn't happen. We added the First Aviation acquisition as a defense based business. About half of the business is defense. That's really bolstered our capability. And so we have some unique capability in that business.

我們在幾個季度前曾談到那可能是一個疑慮，但並沒有發生。我們新增了First Aviation這項收購，作為以國防為主的業務。該業務約有一半來自國防。這確實強化了我們的能力。因此我們在那個業務上具備一些獨特能力。

So in general, we're not seeing any slowdown at all. And I realize that the big OEs are going to go up a little bit or down a little bit. And -- but we're keeping up with their demands. And because we're not dependent on any one aircraft or any one platform, our demand looks solid to us as we go forward.

總體而言，我們完全沒有看到任何放緩。我也理解大型原廠（OE）的產量可能會小幅上上下下。但是我們能跟上他們的需求。而且因為我們不依賴任何單一機型或單一平台，往前看我們的需求對我們而言仍然穩健。

Yes. That's helpful. And then your power focused business continue to be in that sort of mid-single-digit growth area. And I know, Dave, you said it could grow faster. Does it start to grow faster in '27? Or maybe why isn't it growing a bit faster now?

了解，這很有幫助。另外，你們以電力為重點的業務似乎仍維持在中個位數成長區間。我知道Dave你說過它可以成長得更快。它會在27年開始加速成長嗎？或者為什麼現在沒有成長得更快？

Yes. We're tied more to the grid expansion versus data center growth. So we have some data centers, as I talked about before, but it's mainly grid expansion. And it is -- we grew mid-single digits in the quarter, but our orders were up double digits. So we're starting to grow faster. And we have a couple of businesses, our RTDS business, the real-time system business is -- it's a T&M business, a test and measurement business, but it's growing nicely.

是的。我們與其說是跟資料中心成長連動，更是與電網擴建連動。所以我們確實有一些資料中心相關業務，如我之前提到的，但主要還是電網擴建。本季我們成長為中個位數，但訂單成長是雙位數。因此我們正開始加速成長。而且我們有幾個業務，例如RTDS業務，即時系統業務——它屬於T&M業務，也就是測試與量測業務，成長表現不錯。

We have good businesses and they're providing sensors to the power -- nuclear power and the natural gas infrastructure. So I mean, it's -- it takes -- the power market is very conservative. It takes time to grow. But again, I think the double-digit orders growth is a trend of what we'll see in the fourth-quarter of this year and next year.

我們也有很好的業務，提供感測器給電力——核能發電以及天然氣基礎設施。所以我的意思是——電力市場非常保守。成長需要時間。但同樣地，我認為雙位數的訂單成長，是我們在今年第四季以及明年會看到的趨勢。

Christopher Glynn, Oppenheimer & Co.

Christopher Glynn，Oppenheimer & Co.。

Wondering about over the years, as you've scaled, you've evolved the M&A sourcing infrastructure, not revolutionary but evolutionary. Just curious, any developments culturally in that sense. I haven't heard you expound on the topic in a while, but obviously, continued scaling. Paragon come in the anchor of the medical piece. Do they have a particular role in sourcing, for instance?

我想了解的是，多年來隨著你們規模擴大，你們也演進了併購（M&A）案源開發的基礎設施，不是革命性的改變，而是循序漸進的演化。只是好奇在文化面是否有任何相關發展。我有一段時間沒聽你深入談這個主題了，但顯然你們仍在持續擴張。Paragon作為醫療板塊的核心併入。例如，他們在案源開發上是否扮演特定角色？

I think our M&A team has done an excellent job, Chris. I think we have some of the best people in the industry. We have a dedicated team. We have a dedicated investment of 12 M&A professionals. They work closely with our businesses and our operators to identify strategic acquisitions. They own our process.

我認為我們的併購團隊做得非常出色，Chris。我認為我們擁有業界最優秀的一些人才。我們有一支專責團隊。我們投入了12位專職的併購（M&A）專業人員。他們與我們的事業部及營運團隊緊密合作，以辨識策略性收購標的。他們掌握並負責我們的流程。

The acquisitions at AMETEK are a combination of a set of well-defined processes. They're not a single event. We have excellent capability that includes well-defined processes for deal sourcing, for deal modeling, for diligence and integration.

AMETEK的收購是由一套明確定義的流程所構成。它不是單一事件。我們具備優秀能力，其中包括針對案源開發、交易建模、盡職調查以及整合的明確流程。

And as I've talked about many times, integration is our secret sauce with very strong business operators, well ingrained in the AMETEK business system, providing ownership to deliver the results that they committed to upfront in the acquisition. So we have clear metrics, clear deliverables for each deal. And I have people managing those deals that have delivered over and over again. We've done over 120 deals. So we're very good there.

而且如我多次提到的，整合是我們的祕密武器：我們有非常強的事業營運者，深度融入AMETEK的營運系統，並被賦予所有權責，以交付他們在收購初期所承諾的成果。因此我們對每一筆交易都有清楚的衡量指標與清楚的交付項目。而我也有人在管理這些交易，並且一次又一次地交出成果。我們已完成超過120筆交易。所以我們在這方面非常擅長。

Our capital allocation strategy remains consistent. Our number one priority and number one a, 1b is to deploy our free cash flow on strategic acquisitions. It remains a clear priority. Priority two is opportunistic buybacks. And as we have shown in the past, if we see a dislocation in our valuation, and we're poised to act. And then the third priority is the modest but ever-increasing dividend. So that's going to stay consistent and our M&A team is outstanding.

我們的資本配置策略仍然一致。我們的第一優先事項，以及第一優先事項中的a、b（1a、1b），是將自由現金流投入策略性收購。這仍然是明確的優先順序。第二優先是機會性庫藏股回購。如同我們過去所展現的，如果我們看到估值出現錯位，我們也已準備好採取行動。第三優先是幅度不大但持續增加的股利。因此這些將維持一致，而我們的併購團隊非常出色。

Appreciate that. And then curious on semiconductor markets, any shifts in cadence geographically moving into some of the greenfield initiatives at all and research versus field equipment, if you could have any comments there.

謝謝你的說明。另外想請教半導體市場方面：在地理區域的節奏上是否有任何變化，例如轉向一些綠地（greenfield）新建計畫；以及在研發端相較於現場設備端（field equipment）方面，如果你能分享任何看法。

Yes. I think the semiconductor market is really -- its strength on strength. I mean it's -- I think for the quarter, we had -- get the number for you here. Yes, we were -- we grew mid-teens, but the orders growth was greater than 30%. So it’s about 6% of AMETEK and the orders were about 30%. So orders outpaced sales and we were very strong in certain areas.

是的。我認為半導體市場真的是——強者恆強。我的意思是——就本季而言，我們——我把數字找給你。是的，我們成長了十幾個百分點（mid-teens），但訂單成長超過30%。所以它約占AMETEK的6%，而訂單成長約30%。因此訂單增速超過銷售，我們在某些領域表現非常強勁。

I mean, if you're trying to make yield improvements with the latest technology and you want to find defects in your process, you're going to buy instruments from CAMECA. These are multimillion dollar instruments and they're kind of unique and just about every expanding fab has one and wants more.

我的意思是，如果你想用最新技術提升良率，並且想在製程中找出缺陷，你就會向CAMECA購買儀器。這些是數百萬美元等級的儀器，而且相當獨特；幾乎每一家正在擴建的晶圓廠都有一台，並且還想要更多。

The other area that we're specialized in is EUV optics in the semiconductor fabrication. That's with our Zygo business. And then the third area is with the semi CapEx expansion, our Abaco business, which is mainly an A&D business, has made a good penetration into the CapEx equipment -- they want more durable electronics and control electronics and to do their data analysis. So Abaco is having quite a good year in semiconductor. So really from the detection of imperfections, we have a good presence there.

我們另一個專精領域是在半導體製造中的EUV光學，這由我們的Zygo業務負責。然後第三個領域是隨著半導體資本支出（CapEx）擴張，我們的Abaco業務（主要是航太與國防A&D業務）在資本設備方面取得了不錯的滲透——他們需要更耐用的電子元件與控制電子，以進行資料分析。因此Abaco在半導體領域今年表現相當不錯。所以從缺陷/瑕疵偵測這一端來看，我們在那裡有很好的布局。

EUV optics, we're very unique and very few people can do the kinds of things that we can do. And we also have very durable products to do a data analysis and one of our businesses expanding there. So it's -- as I said, it's up greater than 30%, and it's about 6% exposure and it's positive for us.

EUV 光學方面，我們非常獨特，能做到我們這類事情的人非常少。此外，我們也有非常耐用的產品可用於資料分析，而我們在那裡的其中一項業務也正在擴張。所以——如我所說，它的增幅超過 30%，約占 6% 的曝險比重，對我們是正面的。

Michael Anastasiou, TD Cowen.

Michael Anastasiou，TD Cowen。

This is Michael on for Joe. I have a two-parter. So when you look at the businesses acquired over the last 5 to 10 years. How is the organic growth rate evolved under your ownership? And then if there's any assets you'd like to call out particular, that would be great.

我是 Michael，代替 Joe 提問。我有兩個部分的問題。當你回顧過去 5 到 10 年所收購的業務時，在你們持有期間，有機成長率是如何演變的？另外，如果有任何資產你想特別點名說明，那就太好了。

And then the second part, I just realized organic orders have been high double digits the last several quarters. How do you parse out specific growth to AMETEK versus the underlying market growth? Any color there would be great.

第二部分，我剛注意到過去幾個季度有機訂單一直是高雙位數成長。你們如何拆解其中屬於 AMETEK 的特定成長，與底層市場成長之間的差異？如果能提供一些說明就太好了。

Yes. I think that we're in niche markets. And because we're in niche markets very specialized technology. We spend quite a bit on RD&E, and we're introducing new products. So bifurcating the market growth from the AMETEK unique growth is sometimes difficult, but I think we benchmark ourselves against our competitors, and I think we benchmarked very well. And we do that during our strategic planning session.

是的。我認為我們所處的是利基市場。而且因為我們在利基市場、技術非常專精，我們在研發與工程（RD&E）上投入相當多，並且持續推出新產品。因此，要把市場成長與 AMETEK 獨特的成長拆分開來，有時確實不容易；但我認為我們會拿自己與競爭對手做基準比較，而且我們的表現基準化後非常好。我們也會在策略規劃會議中進行這些比較。

And I think another thing that helped us back during COVID, it seems like a long time ago, but we were able to deliver when other people couldn't. So you really combine the AMETEK operational excellence with a continuing research development and engineering focus and then our technology that we have in these niches that really differentiates ourselves.

我認為另一個在 COVID 期間幫助我們的因素——雖然感覺已經是很久以前——是當其他人無法交付時，我們能夠交付。所以你把 AMETEK 的營運卓越、持續的研發與工程聚焦，以及我們在這些利基領域所擁有、真正能讓我們差異化的技術結合起來。

If we look back in the, I guess, the last 10 years, our organic growth has been a step above what it was the 5 years before that. So that's one thing that we look at. And quite honestly, we're focused on serving our customers now, and we're growing now, and we see more opportunities.

如果回頭看，我想在過去 10 年，我們的有機成長比再往前 5 年的水準高了一個台階。所以這是我們會觀察的一件事。坦白說，我們現在專注於服務客戶、現在成長，而且我們看到更多機會。

Quinn Fredrickson, Baird.

Quinn Fredrickson，Baird。

I just wanted to double click on MedTech and Paragon. Can you discuss what your exposure looks like to elective procedures versus other procedure types in consumables? And whether you're seeing any impact from elective procedure deferrals this year? I mean, it sounds like not based on your performance in the quarter, but I'm not sure if that's just based on your mix or outsized growth in a few areas offsetting.

我想再深入追問一下 MedTech 和 Paragon。你能談談在耗材方面，你們對選擇性手術（elective procedures）相較於其他手術類型的曝險結構嗎？以及今年是否看到任何因選擇性手術延後而帶來的影響？我的意思是，從你們本季的表現聽起來似乎沒有，但我不確定那是否只是因為產品組合，或是少數領域的超額成長抵銷了影響。

Yes. It's a good question, Quinn. And really, it's driven by new product wins. So there's an element of procedure growth, but it can go up or down. But when we're winning share and you're winning business like we are that drives it is a bigger component of it.

是的。這是個好問題，Quinn。而且實際上主要是由新產品拿下訂單（wins）所驅動。確實有一部分來自手術量成長，但它可能上上下下。但當我們像現在這樣贏得市占、贏得業務時，驅動因素中更大的部分就是這個。

So to recap, Paragon is really single-use and consumable surgical instruments, implantable components. And the markets that we're in have good growth rates, but adding to the good growth rates is the excellent engineering capability and the new programs which we won. So that's what's driving Paragon's performance.

總結一下，Paragon 主要是一次性使用與耗材型的外科手術器械，以及可植入的零組件。我們所在的市場本身有不錯的成長率，而在這些良好成長率之上，再加上卓越的工程能力與我們贏得的新專案。所以這就是推動 Paragon 表現的原因。

And second, I was just wondering if you could further unpack. The 210 basis points of core margin expansion in EMG in the quarter, which -- so that is really strong. Obviously, the strong top line growth helps, but just any details on price cost or mix or any other factors that enable that as well as any thoughts around fourth-quarter for that segment would be helpful.

第二個問題，我想請你再進一步拆解一下。本季 EMG 核心毛利率擴張 210 個基點，這——真的非常強。顯然，強勁的營收成長有幫助，但也想了解是否有價格/成本、產品組合或其他因素促成；另外，對該事業群第四季的看法也會很有幫助。

Yes. I think we had an excellent quarter in terms of margins. So overall, we reported up 60 basis points margins, but our core margins, which backs out the acquisitions were up 110 basis points. So very strong. And in EMG, the core margins were up 210 basis points, and it was driven by excellent productivity and very solid positive price inflation, price cost. So that drove it.

是的。我認為就毛利率而言，我們本季表現非常出色。整體而言，我們報告的毛利率上升 60 個基點，但我們的核心毛利率（扣除併購影響）上升了 110 個基點。所以非常強。而在 EMG，核心毛利率上升 210 個基點，主要由卓越的生產力提升，以及非常穩健的正向價格/通膨（price inflation）與價格/成本（price cost）所驅動。所以就是這些因素帶動的。

And we had a similar performance in EIG. We had good productivity and we had good price cost. And one of the things that I look at are always the incrementals, okay? So we had core incrementals. Both groups were greater than 35%, and EMG was a little stronger than EIG, but they were both strong and those core incrementals drive revenue. So for the fourth-quarter -- for the full year, we expect 35% to 40% core incrementals. So with core margins up about 100 bps. So it's been really good margin performance all year. It's good execution.

在 EIG 我們也有類似的表現：生產力良好，價格/成本也不錯。而我會看的其中一件事永遠是增量利潤率（incrementals），好嗎？所以我們的核心增量利潤率，兩個事業群都超過 35%，EMG 比 EIG 稍強一些，但兩者都很強，而這些核心增量利潤率會帶動獲利表現。所以就第四季——就全年而言，我們預期核心增量利潤率為 35% 到 40%。同時核心毛利率約提升 100 個基點。所以今年整體的毛利率表現一直都非常好。這是很好的執行力。

In terms of the fourth-quarter -- in terms of EMG, I mean I think EMG and EIG will have -- I think we have low 20s overall sales and EIG might be a bit stronger than EMG related to the M&A because Indicor has a bigger contribution there, but it will be low 20s. EIG maybe low 20s and EMG maybe high teens. It's that kind of number. So strong across both of them.

至於第四季——就 EMG 而言，我的意思是我認為 EMG 和 EIG 的整體銷售成長會在 20% 出頭；由於併購因素，EIG 可能會比 EMG 稍強，因為 Indicor 在那邊的貢獻更大，但整體會是 20% 出頭。EIG 可能是 20% 出頭，EMG 可能是接近 20%（高十位數）。大概就是這樣的數字。所以兩邊都很強。

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

問答環節到此結束。我現在把時間交回 Kevin Coleman 作結語。

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

謝謝你，Stephanie。也謝謝各位今天參與我們的電話會議。提醒一下，今天網路直播的重播可在 ametek.com 的投資人（Investors）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。