ATI Inc. (ATI) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to ATI's third-quarter 2026 results conference call.

大家好。感謝各位加入我們，歡迎參加 ATI 2026 年第三季業績電話會議。

(Operator Instructions)

(接線員指示)

I will now hand the conference over to Rob Rengel, Vice President of Investor Relations. Please go ahead.

我現在把會議交給投資人關係副總裁 Rob Rengel。請開始。

Good morning and welcome to ATI's third-quarter 2026 earnings call. Today's discussion is being webcast at atimaterials.com.

各位早安，歡迎參加 ATI 2026 年第三季財報電話會議。今天的討論將於 atimaterials.com 進行網路直播。

Joining me are Kim Fields, Board Chair, President, and CEO; and Rob Foster, Senior Vice President and CFO.

與我一同出席的有董事會主席、總裁暨執行長 Kim Fields，以及資深副總裁兼財務長 Rob Foster。

Before beginning our prepared remarks, I would like to draw your attention to the supplemental presentation that accompanies this call.

在開始我們預先準備的發言之前，我想請各位注意本次電話會議所附的補充簡報。

Those slides provide additional color and details on our results, capabilities, and outlook. They can also be found on our website.

這些投影片提供我們業績、能力與展望的更多背景與細節。也可在我們的網站上找到。

As a reminder, all forward-looking statements are subject to various assumptions and caveats. These are noted in the earnings release and presentation.

提醒各位，所有前瞻性陳述均受各種假設與但書所限制。相關內容已在財報新聞稿與簡報中註明。

After our prepared remarks, we'll open the line for questions.

在我們的準備發言結束後，我們將開放提問。

Now, I'll turn the call over to Kim.

現在，我把電話交給 Kim。

Thank you, Rob. Good morning, everyone, and thank you for joining us.

謝謝你，Rob。各位早安，也感謝各位加入我們。

ATI delivered another strong quarter, exceeding the high end of our adjusted EBITDA guidance by $13 million. Today, we are raising our adjusted EBITDA guidance by $35 million for the year, which includes an improved fourth-quarter outlook.

ATI 再次交出強勁的一季，調整後 EBITDA 較我們指引區間上緣高出 1,300 萬美元。今天，我們將全年調整後 EBITDA 指引上調 3,500 萬美元，其中包含對第四季展望的改善。

This is the third increase this year, following last quarter's $125 million increase. Our continued outperformance reflects the growing contribution of the structural improvements we've made across the business.

這是我們今年第三次上調指引，延續上季上調 1.25 億美元之後的動作。我們持續優於預期的表現，反映出我們在全公司推動的結構性改善所帶來的貢獻持續增加。

Demand remains strong across all of our key end markets, with sales growth both year over year and sequentially this quarter.

我們所有主要終端市場的需求仍然強勁，本季銷售額不僅年增，也較前一季成長。

Slide 4 highlights our key results. Revenue increased 26% year over year to $1.4 billion, up 13% sequentially. Within that increase, jet-engine revenue grew 39% year over year and 19% sequentially, driven by higher production of next-generation engines and continued demand for our differentiated products.

投影片 4 彙整了我們的主要成果。營收年增 26% 至 14 億美元，較前一季增加 13%。在此成長中，噴射引擎營收年增 39%、季增 19%，主要受惠於新一代引擎產量提升，以及市場對我們差異化產品的需求持續強勁。

Adjusted EBITDA was $328 million, up 46% year over year. This was our highest quarterly result since 2007. Adjusted EBITDA margin expanded 300 basis points to 23%. Adjusted EPS increased 72% to $1.46.

調整後 EBITDA 為 3.28 億美元，年增 46%。這是我們自 2007 年以來最高的單季表現。調整後 EBITDA 利潤率擴張 300 個基點至 23%。調整後每股盈餘（EPS）成長 72% 至 1.46 美元。

Backlog was near an all-time record at $4.3 billion, up 20% from a year ago. Combined with extended lead times for our most differentiated products, backlog provides visibility and confidence in our outlook.

在手訂單接近歷史新高，達 43 億美元，較一年前增加 20%。再加上我們最具差異化產品的交期延長，在手訂單為我們的展望提供能見度與信心。

Adjusted free cash flow was $80 million in the quarter, bringing year-to-date cash flow to $223 million, up $73 million or 49% from the same period last year.

本季調整後自由現金流為 8,000 萬美元，使年初至今現金流達 2.23 億美元，較去年同期增加 7,300 萬美元（或 49%）。

For the second quarter in a row, AA&S delivered record performance, with EBITDA margin of 25.8%, up 850 basis points from a year ago. This durable performance reflects a full quarter of improved contracts and a richer A&D mix.

連續第二季，AA&S 繳出創紀錄的表現，EBITDA 利潤率為 25.8%，較一年前提升 850 個基點。這項穩健表現反映了改善後合約的完整季度貢獻，以及更高比重的航太與國防（A&D）產品組合。

The segment's jet -engine sales increased 45% sequentially, reflecting the benefit of ATI's interconnected jet-engine flow path.

該事業部的噴射引擎銷售額季增 45%，反映 ATI 互聯式噴射引擎流道（flow path）所帶來的效益。

AA&S's performance reflects the transformation of the business. We exited lower-value commodity stainless-steel products and applied 80-20 to focus resources on higher-value Aerospace, Defense, and specialty-energy products.

AA&S 的表現反映了業務轉型的成果。我們退出了價值較低的大宗不鏽鋼產品，並運用 80-20 原則將資源聚焦於更高價值的航太、國防與特殊能源產品。

Aerospace & Defense now accounts for approximately 45% of AA&S sales compared with 18% in 2021. Along with long-term agreements and improved pricing, these changes have created a more durable earnings profile and position AA&S for profitable growth.

航太與國防目前約占 AA&S 銷售額的 45%，相較 2021 年的 18% 大幅提升。配合長期協議與更佳的定價，這些改變打造出更具韌性的獲利結構，並使 AA&S 具備可獲利成長的定位。

Turning to slide 5, HPMC sales grew approximately 20% year over year, supported by strong demand for nickel and titanium. Third-quarter segment margin was 23.2%.

接著看投影片 5，HPMC 銷售額年增約 20%，主要受惠於鎳與鈦的強勁需求。第三季事業部利潤率為 23.2%。

At the beginning of this year, HPMC began ramping production of a new alloy, following a contract win. This is the sixth of seven advanced alloys used in the hot section of a jet engine.

今年年初，HPMC 在贏得合約後開始提升一項新合金的產量。這是噴射引擎熱端（hot section）所使用的七種先進合金中的第六種。

We qualified the alloy and moved it into production in just nine months, a strong example of the technical expertise that helps us win business and expand our share. ATI is now one of only two producers worldwide making this alloy.

我們在短短九個月內完成該合金的認證並導入量產，這是技術專業能力的有力例證，協助我們贏得業務並擴大市占。ATI 現在是全球僅有的兩家可生產此合金的製造商之一。

The additional cost from the production ramp reduced HPMC's third-quarter margin by approximately 200 basis points versus our plan. We have made meaningful progress through the ramp. And we expect the remaining impact to be behind us by year end.

量產爬坡所帶來的額外成本，使 HPMC 第三季利潤率較我們原先規劃約低 200 個基點。我們在爬坡過程中已取得實質進展。我們預期其餘影響將在年底前消退。

This is a near-term cost of bringing a valuable new product into production. In return, this alloy expands our content on next-generation engines and positions HPMC for meaningful growth and improved profitability over time.

這是將一項高價值新產品導入量產所需承擔的短期成本。作為回報，該合金提升我們在新一代引擎上的供貨內容（content），並使 HPMC 在時間推移下具備顯著成長與獲利能力提升的條件。

Now, on slide 6, based on our year-to-date performance and strong backlog, we are raising our full-year adjusted EBITDA and adjusted EPS outlook.

現在看投影片 6，基於我們年初至今的表現與強勁的在手訂單，我們上調全年調整後 EBITDA 與調整後 EPS 展望。

We now expect full-year adjusted EBITDA of $1.19 billion to $1.2 billion, with a midpoint of $1.195 billion. That is a $35 million increase from our prior outlook and represents 39% full-year adjusted EBITDA growth from 2025.

我們目前預期全年調整後 EBITDA 為 11.9 億至 12.0 億美元，中點為 11.95 億美元。這較先前展望上調 3,500 萬美元，並代表相較 2025 年全年調整後 EBITDA 成長 39%。

The higher outlook reflects continued strength in AA&S and stronger fourth-quarter profit expectations in both segments.

較高的展望反映 AA&S 持續強勁，以及兩個事業部第四季獲利預期更佳。

AA&S is benefiting from durable contract pricing and a stronger Aerospace & Defense mix. We are also seeing improved pricing for differentiated hafnium and zirconium products.

AA&S 受惠於具韌性的合約定價，以及更強的航太與國防（Aerospace & Defense）產品組合。我們也看到差異化的鉿與鋯產品定價有所改善。

HPMC is expected to improve sequentially, as production efficiencies increase and the new alloys production process matures.

隨著生產效率提升以及新合金的生產流程逐步成熟，預期 HPMC 將呈現季增改善。

We continue to expect full-year consolidated adjusted EBITDA margins in the low-20% range and consolidated incremental margins of approximately 50%.

我們仍預期全年合併調整後 EBITDA 利潤率將落在 20% 出頭的區間，合併增量利潤率約為 50%。

The fourth quarter will be our strongest quarter of 2026 for sales and profit. Our outlook reflects committed customer schedules, contracted pricing, and planned shipment timing.

第四季將是 2026 年銷售與獲利最強的一季。我們的展望反映客戶已承諾的排程、合約定價，以及規劃中的出貨時點。

Turning to slide 7, elevATIon is our operating model for converting strong demand, improved commercial terms, and targeted investments into higher earnings, margins, and cash flow. It helps us increase output from the assets we already own and apply expertise across ATI.

接著看投影片 7，elevATIon 是我們的營運模式，用以將強勁需求、改善後的商業條款與具針對性的投資，轉化為更高的獲利、利潤率與現金流。它協助我們提高既有資產的產出，並在 ATI 全公司範圍內運用專業能力。

One recent example is a project to recover and reuse a critical raw material that has become increasingly difficult to source. Historically, this material could not be reclaimed and reused.

近期的一個例子，是一項回收並再利用某種關鍵原料的專案，而該原料的取得已變得愈來愈困難。過去，這種材料無法被回收並再利用。

Our team brought together ATI's melting and manufacturing capabilities, metallurgical expertise, and processing assets to develop a solution. We are now recovering enough material to support most of our ongoing operating needs.

我們的團隊整合 ATI 的熔煉與製造能力、冶金專業，以及加工資產，開發出解決方案。我們目前回收的材料量已足以支應我們大部分持續營運所需。

That lowers costs and helps secure supply for our customers. We expect this project to generate several million dollars in annual savings beginning in 2027.

這降低了成本，並有助於為我們的客戶確保供應。我們預期該專案自 2027 年起每年可帶來數百萬美元的節省。

This is the benefit elevATIon enables, combining capabilities across ATI to solve emerging industry challenges and improve our performance.

這正是 elevATIon 所帶來的效益：整合 ATI 全公司的能力，以解決新興的產業挑戰並提升我們的績效。

Slide 8 gives a summary of our core markets. All four key end markets show strong growth, both year over year and sequentially.

投影片 8 概述了我們的核心市場。四個關鍵終端市場皆呈現強勁成長，無論是年增率或季增率皆然。

These customers need qualified capacity, differentiated technology, and certainty of supply. ATI has built durable advantages in each of these areas through proprietary materials, specialized manufacturing processes, and complex customer qualifications.

這些客戶需要經認證的產能、差異化技術，以及供應確定性。ATI 透過專有材料、專業製造流程與複雜的客戶認證，在上述各領域建立了持久的優勢。

Those advantages support stronger commercial terms, long-term agreements, and attractive opportunities to invest in additional capabilities and capacity.

這些優勢支撐了更強的商業條款、長期協議，以及投資於額外能力與產能的具吸引力機會。

Jet engines remains ATI's largest and most important growth market. Revenue increased 39% year over year and 19% sequentially, reflecting strength in both OEM production and aftermarket.

噴射引擎仍是 ATI 最大且最重要的成長市場。營收年增 39%、季增 19%，反映 OEM 生產與售後市場皆強勁。

There has been some discussion about whether retirements of older aircraft could pressure MRO demand. ATI serves both demand streams. The disc forgings we make go into new engines and are also used as replacement parts in MRO, with comparable margins across both.

市場上有一些討論，認為老舊機型退役是否可能對維修、修理與大修（MRO）需求造成壓力。ATI 同時服務這兩類需求。我們製造的渦輪盤鍛件用於新引擎，也作為 MRO 的替換零件使用，兩者的利潤率相當。

The fleet transition from legacy engines to next-gen engines creates a significant growth opportunity for ATI. Next-generation engines use our differentiated materials to operate at higher temperatures and pressures. And our content on these platforms is more than double our content on legacy engines.

機隊從傳統引擎轉換至下一代引擎，為 ATI 帶來顯著的成長機會。下一代引擎使用我們的差異化材料，以在更高溫度與壓力下運作。而我們在這些平台上的供貨內容（content）超過我們在傳統引擎上的兩倍。

We are seeing that opportunity in our results. Demand for our jet-engine products continues to strengthen. We now expect full-year jet-engine revenue growth in the low- to mid-20% range, up from our prior expectation of high-teens growth.

我們已在業績中看到這個機會。對我們噴射引擎產品的需求持續增強。我們目前預期全年噴射引擎營收成長將落在低至中 20% 區間，高於先前預期的高十位數成長。

Just last week, a key engine OEM told us that if we doubled our current production for them today, they would take it all. We hear that demand signal consistently.

就在上週，一家關鍵引擎 OEM 告訴我們，如果我們今天把對他們的現有產量加倍，他們也會全數吸收。我們一再聽到這樣的需求訊號。

In airframe, revenue increased 11% year over year and 14% sequentially. At the beginning of the year, we expected airframe demand to build, as the year progressed, with stronger growth in the second half.

在機身（airframe）方面，營收年增 11%、季增 14%。年初時，我們預期機身需求會隨著年度推進而逐步增溫，且下半年成長更強。

That is exactly how the year is unfolding. We saw a clear uptick in demand in the third quarter. And momentum is building into the fourth.

今年的發展正是如此。我們在第三季看到需求明顯上升。而動能正延續並增強至第四季。

Our committed backlog and strong orders for Q4 support our confidence in continued growth through year end. We remain confident in our full-year outlook for mid- to high-single-digit airframe revenue growth.

我們已承諾的在手訂單（backlog）以及第四季強勁的訂單，支撐我們對年底前持續成長的信心。我們仍對全年機身營收中至高個位數成長的展望充滿信心。

Defense delivered another strong quarter and remains one of ATI's most important long-term growth opportunities. Revenue increased 6% year over year and 6% sequentially, building on the 36% year-over-year growth of the second quarter. This was our highest-ever revenue in Defense.

國防業務再度交出強勁的一季，並仍是 ATI 最重要的長期成長機會之一。營收年增 6%、季增 6%，在第二季年增 36% 的基礎上持續成長。這是我們國防業務史上最高的營收。

Missile demand is strengthening, with multiple inquiries for our titanium, nickel, and niobium products to support strategic platforms, including Tomahawk, THAAD, and PAC-3. We continue to expect high-teens Defense revenue growth for the full year.

飛彈需求正在增強，針對我們的鈦、鎳與鈮產品出現多項詢價，以支援包括戰斧（Tomahawk）、薩德（THAAD）與愛國者 PAC-3 等戰略平台。我們仍預期全年國防營收將呈現高十位數成長。

Specialty energy revenue increased 49% year over year and 36% sequentially, as we shifted production to meet customer needs. As we discussed last quarter, our flexible assets allow us to balance production between Defense and specialty-energy demand.

特種能源營收年增 49%、季增 36%，因我們調整產出以滿足客戶需求。如同我們上季所討論的，我們具彈性的資產使我們能在國防與特種能源需求之間平衡生產。

Specialty energy is largely driven by commercial nuclear demand, which continues to outpace supply. Demand for industrial-gas turbines also remains strong. We continue to expect mid-teen specialty-energy revenue growth for the full year.

特種能源主要由商用核能需求所驅動，而該需求持續超過供給。工業燃氣渦輪的需求也仍然強勁。我們仍預期全年特種能源營收將呈現中十位數成長。

Overall, demand remains strong across all our markets. And our differentiated positions are translating into growth. ATI delivered another strong quarter.

整體而言，我們所有市場的需求仍然強勁。而我們的差異化定位正轉化為成長。ATI 再次交出強勁的一季。

And we have raised our full-year outlook for the third time this year. We expect the fourth quarter to be even stronger. Rob will walk through the financial results and our updated outlook.

而且我們今年已第三次上調全年展望。我們預期第四季將更為強勁。Rob 將說明財務結果與我們更新後的展望。

Thanks, Kim. I will start with the third-quarter performance, dig into segment results, and close with the supporting details for our updated guidance.

謝謝，Kim。我將先從第三季表現開始，深入說明各事業部門的結果，最後補充支撐我們更新後財測指引的細節。

As shown on slide 9, we delivered strong overall results. Adjusted EBITDA exceeded the high end of our guidance. We also expanded consolidated margins and generated solid cash flow. These results reflect the strength of ATI's differentiated portfolio and the earnings power of our business model.

如投影片 9 所示，我們交出整體強勁的成果。調整後 EBITDA 超過我們指引區間的上緣。我們也擴大了合併利潤率並產生穩健的現金流。這些結果反映 ATI 差異化產品組合的實力，以及我們商業模式的獲利能力。

Third-quarter revenue was $1.4 billion, up 26% year over year. Aerospace & Defense led the revenue growth and accounted for nearly 70% of our total revenue in the quarter.

第三季營收為 14 億美元，年增 26%。航太與國防（Aerospace & Defense）引領營收成長，且本季占我們總營收近 70%。

Within A&D, jet-engine sales increased significantly, reflecting the next-generation production ramp, supported by high-temperature nickel superalloys and favorable pricing.

在航太與國防內部，噴射引擎銷售大幅增加，反映下一代產品的產能爬坡，並受高溫鎳基超合金與有利的定價所支撐。

Third-quarter adjusted EBITDA was $328 million, up 46% year over year. This was $18 million above the midpoint and $13 million above the high end of our guidance, reflecting stronger pricing and mix in our AA&S segment.

第三季調整後 EBITDA 為 3.28 億美元，年增 46%。這比我們指引中點高出 1,800 萬美元，也比指引上緣高出 1,300 萬美元，反映我們 AA&S 事業部更強的定價與產品組合。

The step-change we are seeing in AA&S margins was partially supported by the [Naval Nuclear] contract award and strength in specialty energy, contracted revenue streams that are durable and sustainable. Third-quarter consolidated adjusted EBITDA margin was 23%, up 300 basis points year over year.

我們在 AA&S 利潤率所看到的躍升，部分受 [Naval Nuclear] 合約得標以及特種能源強勁表現所支撐；這些屬於具韌性且可持續的合約型營收來源。第三季合併調整後 EBITDA 利潤率為 23%，年增 300 個基點。

Year-to-date adjusted free cash flow was $223 million, an improvement of $73 million from the prior-year period. Third-quarter adjusted free cash flow was $80 million, reflecting strong cash ,generation while continuing to fund our growth investments.

年初至今的調整後自由現金流為 2.23 億美元，較去年同期改善 7,300 萬美元。第三季調整後自由現金流為 8,000 萬美元，反映在持續投入成長投資的同時，仍有強勁的現金創造能力。

We are achieving our objective of generating positive adjusted free cash flow in every quarter this year. Managed working capital was 32.9% of sales at quarter end, 140 basis points improvement sequentially.

我們正達成今年每一季皆產生正向調整後自由現金流的目標。季末管理後營運資金為銷售額的 32.9%，季比改善 140 個基點。

Capital expenditures were $93 million in the quarter. Through the third quarter, year to date, total CapEx was $217 million. Customer-funded capital was $48 million over the same period.

本季資本支出為 9,300 萬美元。截至第三季止，年初至今資本支出總額為 2.17 億美元。同期間客戶出資的資本為 4,800 萬美元。

All key growth projects remain on schedule and on budget. Now, on slide 10, I will review segment performance:

所有關鍵成長專案皆按進度且在預算內推進。接著在投影片 10，我將回顧各事業部門的表現：

AA&S sales increased 34% year over year to $702 million, driven by several factors, including stronger demand, price, and mix, primarily in Aerospace & Defense and specialty energy.

AA&S 銷售額年增 34% 至 7.02 億美元，受多項因素帶動，包括需求更強、價格與產品組合改善，主要來自航太與國防以及特種能源。

Segment margin expanded by 850 basis points to a record 25.8%, reflecting stronger pricing and volumes and a more favorable mix. On pricing, we continue to see a favorable pricing environment for our hafnium and zirconium products.

事業部門利潤率擴大 850 個基點至創紀錄的 25.8%，反映更強的定價與出貨量，以及更有利的產品組合。在定價方面，我們持續看到鉿與鋯產品的定價環境有利。

Our AA&S segment, once again, led the outperformance in the quarter. AA&S is, fundamentally, a different business today. Our results over the past two quarters are a strong proof point of our progress.

我們的 AA&S 事業部在本季再次引領超越預期的表現。從根本上來看，AA&S 如今已是截然不同的業務。過去兩個季度的成果，是我們進展的有力佐證。

The results reflect the improved earnings profile of AA&S, supported by long-term contracts, stronger pricing, and a favorable mix of Aerospace & Defense sales.

這些結果反映 AA&S 獲利結構的改善，受長期合約、更強的定價能力，以及航太與國防銷售占比更有利的產品組合所支撐。

HPMC sales increased 20% year over year to $721 million, supported by a strong demand for our differentiated jet-engine materials.

HPMC 銷售額年增 20% 至 7.21 億美元，主要受惠於市場對我們差異化噴射引擎材料的強勁需求。

Segment margin was 23.2%, impacted by the cost associated with ramping commercial production of our sixth nickel-based superalloy. The impact was about 200 basis points in the quarter versus our target.

事業部毛利率為 23.2%，受到我們第六款鎳基超合金商用量產爬坡相關成本的影響。本季影響約為 200 個基點，相較於我們的目標。

We view these near-term costs as a worthwhile investment in an alloy that will support next-generation engine platforms for decades.

我們認為這些短期成本是值得的投資，因為該合金將在未來數十年支援下一代引擎平台。

We made meaningful progress through the learning curve for our new superalloy in the third quarter, with only a modest residual impact anticipated in the fourth quarter. Our confidence in HPMC's long-term margin potential remains unchanged.

第三季我們在新超合金的學習曲線上取得顯著進展，預期第四季僅會有溫和的殘餘影響。我們對 HPMC 長期毛利率潛力的信心維持不變。

Moving to slide 11 for our forward-looking assumptions, in the fourth quarter of 2026, we anticipate adjusted EBITDA of $345 million to $355 million, translating to an adjusted EPS of $1.51 to $1.57. At the midpoint, adjusted EBITDA increase is 51% compared with the fourth quarter of 2025 and 7% sequentially.

接著看第 11 張投影片的前瞻性假設，2026 年第四季我們預期調整後 EBITDA 為 3.45 億至 3.55 億美元，對應調整後 EPS 為 1.51 至 1.57 美元。以區間中點計算，調整後 EBITDA 較 2025 年第四季增加 51%，並較前一季增加 7%。

We anticipate consolidated adjusted EBITDA margin to expand in the fourth quarter compared to the third quarter, with sequential profit improvement in both segments.

我們預期第四季合併調整後 EBITDA 利潤率將較第三季擴張，且兩個事業部的獲利皆將呈現季增改善。

In AA&S, we expect fourth-quarter margins to remain in the mid-20% range, supported by durable contracted pricing and mix, especially in Aerospace & Defense.

在 AA&S，我們預期第四季利潤率將維持在 20% 中段水準，受穩健的合約定價與產品組合支撐，尤其是在航太與國防領域。

In HPMC, we see margin improvement compared to the third-quarter level, as we anticipate sequential cost improvements related to the production efficiencies I discussed.

在 HPMC，我們看到利潤率將較第三季水準改善，因為我們預期與我先前提到之生產效率相關的成本將逐季改善。

Turning to slide 12, our full-year outlook reflects the third-quarter outperformance, led by AA&S; and stronger fourth-quarter profit expectations in both segments.

接著看第 12 張投影片，我們的全年展望反映第三季由 AA&S 帶動的優於預期表現，以及兩個事業部第四季更強的獲利預期。

We see stronger volume, overall, and a more favorable mix, mainly from jet engines. We are raising our full-year adjusted EBITDA guidance to a range of $1.190 billion to $1.200 billion. The midpoint of the range represents a 39% increase over prior year and a $35 million increase versus our prior full-year EBITDA guidance.

我們整體看到更強的出貨量，以及更有利的產品組合，主要來自噴射引擎。我們將全年調整後 EBITDA 指引上調至 11.90 億至 12.00 億美元區間。該區間中點代表較前一年增加 39%，並較先前全年 EBITDA 指引上調 3,500 萬美元。

Keep in mind that this raise follows the $125 million raise to our full-year outlook from just a quarter ago. This outlook translates to a full-year adjusted EPS range of $5.17 to $5.23.

請記得，這次上調是在僅一季前我們已將全年展望上調 1.25 億美元之後再度上調。此展望對應全年調整後 EPS 區間為 5.17 至 5.23 美元。

We continue to see full-year consolidated adjusted EBITDA margins in the low-20% range. And we continue to expect full-year consolidated incremental margins in the range of 50% year over year.

我們仍預期全年合併調整後 EBITDA 利潤率將落在 20% 初段水準。我們也持續預期全年合併增量利潤率約為年增 50% 的區間。

We see the fourth quarter as our strongest quarter of 2026 for both sales and profit. To be clear, we are converting durable demand into margin expansion and cash generation.

我們認為第四季將是 2026 年在銷售與獲利方面最強的一季。明確地說，我們正把穩健的需求轉化為利潤率擴張與現金創造。

At the segment level, we now see AA&S full-year EBITDA margin in the low- to mid-20% range, an increase versus last quarter. The uplift is supported by stronger volume with mix shifting toward Aerospace & Defense, as we've discussed.

在事業部層級，我們目前預期 AA&S 全年 EBITDA 利潤率將落在 20% 初段至中段區間，較上季提高。如我們所討論，這項提升受更強的出貨量支撐，且產品組合正轉向航太與國防。

We continue to see full-year EBITDA margin for HPMC in the mid-20% range. And we remain as confident as ever in the upside potential for HPMC's future margin.

我們仍預期 HPMC 全年 EBITDA 利潤率在 20% 中段區間。我們對 HPMC 未來利潤率上行潛力的信心一如既往。

Turning to adjusted free cash flow, we are maintaining the midpoint at $575 million, with a range of $550 million to $600 million. The midpoint is $195 million higher than the 2025 free cash flow, a 51% increase year over year.

談到調整後自由現金流，我們維持中點 5.75 億美元不變，區間為 5.50 億至 6.00 億美元。中點較 2025 年自由現金流高出 1.95 億美元，年增 51%。

In this period of growth, our inventory levels will be temporarily elevated, given the new assets we are bringing on to support capacity. We expect inventories to normalize over time.

在這段成長期間，為了支援產能而導入的新資產將使我們的庫存水位短期內暫時偏高。我們預期庫存將隨時間推移回歸正常水準。

Let me emphasize, our technical expertise allows us to ramp more efficiently than others. Already in the fourth quarter, we are seeing improved inventory velocity, as we work up the learning curve with our new alloys and facilities. We also see strong profit conversion in the fourth quarter.

我想強調，我們的技術專長使我們能比其他人更有效率地提升產能。在第四季，我們已看到庫存周轉速度改善，因為我們在新合金與新設施的學習曲線上持續精進。我們也看到第四季的獲利轉換表現強勁。

Our capital-deployment strategy is unchanged. Our gross CapEx range remains consistent with prior guidance at $280 million to $300 million. Customer-funded CapEx of $55 million to $65 million will be a partial offset.

我們的資本配置策略維持不變。我們的資本支出（CapEx）總額區間仍與先前指引一致，為 2.80 億至 3.00 億美元。客戶出資的資本支出 5,500 萬至 6,500 萬美元將部分抵銷。

Share repurchases remain a priority for deploying incremental free cash flow. We view them as the most efficient way to return capital to shareholders.

股票回購仍是我們運用新增自由現金流的優先事項。我們認為這是向股東回饋資本最有效率的方式。

As of the end of the third quarter, we deployed $70 million for repurchases, with $425 million remaining under our current repurchase authorization. Overall, we delivered a strong third quarter and expect an even better fourth quarter and full year.

截至第三季末，我們已投入 7,000 萬美元進行回購，且在目前的回購授權下仍剩餘 4.25 億美元可用。整體而言，我們交出強勁的第三季表現，並預期第四季與全年表現將更佳。

We look forward to seeing you at Investor Day on November 12, where we'll share how ATI's differentiated capabilities, specialized manufacturing processes, and organic investments position us for sustained profitable growth.

我們期待在 11 月 12 日的投資人日與各位見面，屆時我們將分享 ATI 的差異化能力、專業製造流程與內生成長投資如何使我們具備持續且獲利的成長定位。

Kim, back to you.

Kim，交回給你。

Thanks, Rob.

謝謝，Rob。

ATI delivered another strong quarter. We raised our full-year outlook for the third time this year. And we expect an even stronger fourth quarter.

ATI 再次交出強勁的一季。我們今年已第三次上調全年展望。而我們預期第四季將更為強勁。

Growth is broad-based, with record AA&S margins and strengthening demand in jet engines and airframe. We're focused on executing against that demand and carrying our momentum into 2027.

成長動能廣泛，AA&S 利潤率創新高，且噴射引擎與機身需求持續走強。我們專注於因應該需求的執行，並將動能延續至 2027 年。

Now, let's open the line for questions.

現在，我們開放提問。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Richard Safran, Seaport Research Partners.

Seaport Research Partners 的 Richard Safran。

Thank you. Good morning. I have a question. And, if it's okay, I have a follow-up.

謝謝。早安。我有一個問題。如果可以的話，我還有一個追問。

But this could be for both of you. But, Kim, optically, there seems to be a bit of a contradiction between what I heard from your opening remarks and about demand signals. And yet, we have a slower-than-expected ramp at Airbus. And we all know Boeing recently just did a reset.

不過這可能是問你們兩位。但 Kim，從表面上看，我在你開場談話以及你提到的需求訊號之間，似乎聽到了一點矛盾。然而，Airbus 的產能爬坡比預期慢。而且我們都知道 Boeing 最近剛做了重置。

So I think that de-stocking is on the minds of a lot of people and the impact to ATI. So, simply put, do you see the potential here for de-stocking or an [OE] inventory correction? If no, maybe you could discuss why -- the difference between what the OEs are saying and what you're saying about demand signals.

所以我認為很多人都在關注去庫存以及其對 ATI 的影響。簡單來說，你是否看到去庫存或 [OE] 原廠庫存修正的可能性？如果沒有，也許你可以談談為什麼——也就是原廠（OE）所說的與你們對需求訊號的說法之間的差異。

Thanks.

謝謝。

Thanks, Rich.

謝謝你，Rich。

Yes. I have read some of that and heard some of that. And, from our perspective, we are not seeing any change or impact to our demand or order book, including going into 2027.

是的。我讀過一些，也聽過一些。而且，從我們的角度來看，我們沒有看到需求或訂單簿有任何變化或影響，包括展望到2027年。

And, as you said, from ATI's perspective, we stay very closely aligned with our customers on their schedules and their material needs. We have talked earlier in the year. The airframe inventories are largely normalized at this point.

而且，正如你所說，從ATI的角度，我們與客戶在其排程與材料需求上保持非常緊密的一致。我們在今年稍早也談過。目前機身端的庫存大致已經正常化。

Customer orders are very closely aligned, right now, with their production schedules. And I do not see any signs of any inventory changes that are coming.

客戶訂單目前與其生產排程非常緊密地對齊。我也沒有看到任何即將出現的庫存變動跡象。

I said -- if I just go back, at the beginning of the year, we talked about, this was going to be a story of two halves -- and the first half being relatively flat and then, accelerating, as we go into the second half. And that is what we are seeing.

我說過——如果回到年初，我們談到今年會是上下半年兩段式的故事——上半年相對持平，然後在進入下半年時加速。而這正是我們所看到的。

Our materials order well in advance of it being used in the production. So, again, that alignment is really important. And those orders are already on our books.

我們的材料會在投入生產使用之前很早就下單。所以，再次強調，這種對齊非常重要。而這些訂單也已經在我們的訂單簿上。

We are seeing that acceleration. As you saw, airframe was up 11% year over year but maybe, more importantly, up 14% sequentially.

我們確實看到加速。如你所見，機身業務年增11%，但或許更重要的是，季增14%。

So I do think that the normalization of inventory is largely behind us. We do have good alignment with the production rates.

因此我確實認為庫存正常化大致已經在我們身後。我們與生產速率也有良好的對齊。

And, maybe, the other thing to point out is our materials go and feed into multiple programs at these airframers. And there are some other -- the [87] and other platforms that are continuing to step up and ramp.

另外，或許還要指出的是，我們的材料會供應給這些機身製造商的多個專案。而且還有一些其他——[87]以及其他平台——仍在持續提升並加速爬坡。

And so what I see, as I look forward, is opportunities for continued growth, as we go through the rest of this year into next year.

所以當我往前看時，我看到的是在今年剩餘時間到明年，持續成長的機會。

(Operator Instructions)

(接線員指示)

Seth Seifman, JP Morgan.

JP Morgan的Seth Seifman。

Hey. Thanks very much and good morning.

嗨。非常感謝，早安。

I wanted to ask about within AA&S. We have seen some really outstanding performance. When we think about the sustainability of that, over time; and both -- any headwinds that might be coming from unique goodness in this year, as well as tailwinds from the good performance in the business and the new contracts that you are signing.

我想問一下AA&S內部的情況。我們看到一些非常出色的表現。當我們思考其隨時間的可持續性時；以及兩方面——今年一些一次性利多可能帶來的逆風，以及來自業務良好表現與你們正在簽署的新合約所帶來的順風。

We have seen significant increases in the margin guidance for this year. So how do we think about the sustainability of that?

我們看到今年的毛利率指引大幅上調。那麼我們該如何看待這種可持續性？

Thanks, Seth.

謝謝你，Seth。

Yeah. So let me remind you that we, fundamentally, structurally changed that segment. And that transformation started a couple of years ago, when we exited the commodity standard-stainless business.

好的。先提醒你，我們從根本上、結構性地改變了該事業部。而這項轉型是從幾年前開始的，當時我們退出了大宗商品的標準不鏽鋼業務。

And, over time, we've transformed that business. And we've really done that through three different pillars:

隨著時間推進，我們已經轉型了這項業務。而我們主要是透過三個不同的支柱來完成：

Number 1, from a pricing and commercial-contract standpoint, we've really worked to lock in some of that, specifically Aerospace & Defense work; and some of those other markets that were more core to ATI.

第一，從定價與商業合約的角度，我們確實努力把其中一部分鎖定下來，特別是航太與國防相關工作；以及其他一些更屬於ATI核心的市場。

So we've done a good job from a pricing and commercial standpoint to really align ourselves with some of these LTA and these long-term durability opportunities.

因此，從定價與商業面，我們做得不錯，讓自己真正與一些LTA以及這些長期、具耐久性的機會對齊。

We've also transformed from a mix standpoint. When I think about the transformation, if you look back in 2021, AA&S was 18% Aerospace & Defense compared to 45% Aerospace & Defense here, as we exited Q3. So we've done a lot of mix-shift work to that segment.

我們也在產品組合（mix）方面完成轉型。談到轉型，如果回看2021年，AA&S的航太與國防占比為18%；而在我們退出第三季時，航太與國防占比已達45%。因此我們在該事業部做了大量的組合轉移工作。

In addition, we've worked a lot on the productivity and efficiency enabled through our elevATIon operating model. So we've really transformed that business.

此外，我們也透過elevATIon營運模式，在生產力與效率提升方面做了很多工作。所以我們確實已經轉型了這項業務。

And if you look at where we were just last year, in that high teens; and then, where we've transformed, most noticeably, here in the second quarter, when we stepped up to that [mid-20s], the business is structurally transformed.

如果你看我們就在去年還在十幾%的水準；然後再看我們的轉型成果，最明顯的是在第二季，我們提升到[20%中段]，這項業務在結構上已經完成轉型。

And we now see the full-year 2026 margins in that low- to mid-20% range, with Q4 in the mid-20s.

而我們現在看到2026年全年毛利率在20%初段到中段的區間，第四季在20%中段。

So, overall, I feel that this segment is sustainable, and durable, and will remain in that mid-20s range for the foreseeable future.

因此整體而言，我認為這個事業部是可持續的、具韌性的，並且在可預見的未來將維持在20%中段的區間。

Gautam Khanna, TD Cowen.

TD Cowen的Gautam Khanna。

Yes. Thanks. Good morning, guys.

是的，謝謝。各位早安。

I was wondering if you could give us some color this year, next year, the following year, on pricing opportunities at HPMC, given what you described as pretty tight supply-demand environment.

我想請你們就今年、明年、以及再下一年，在HPMC的定價機會提供一些看法，考量到你們所描述的供需環境相當吃緊。

And then, just, relatedly, on the ramp of these alloys that you mentioned dampened margins by 200 basis points, relative to your plan, I just wanted to be clear on what the actual plan was for the quarter, just so we can calculate what the normal underlying should be.

另外，相關地，關於你提到的那些合金爬坡，使毛利率相較於你們的計畫被壓低了200個基點，我想確認一下該季度原本的實際計畫是什麼，這樣我們才能計算正常的基礎水準應該是多少。

Was it just 200 basis points higher? Or would it have been 200 basis points higher or even more than that? Thank you.

是只低了200個基點嗎？還是原本會高出200個基點，甚至更多？謝謝。

Sure. Thanks.

好的，謝謝。

Yeah. As I look at pricing, this quarter, the uplift was about two-thirds price and mix and about one-third volume. So we are starting to see the benefit of those contract resets and some of the other work that we were talking about earlier in the year.

是的。就定價來看，本季的提升大約三分之二來自價格與組合，約三分之一來自出貨量。因此我們開始看到那些合約重置以及我們在今年稍早談到的其他工作所帶來的效益。

I do see that continuing, as we go forward. We do have several contracts that will come up for renewal.

我確實看到這種趨勢在未來會持續。我們有數份合約即將到期續約。

I think the other important thing, as you mentioned, in this quarter, we're continuing to win new business, as well.

我認為另一個重要點是，如你所提到的，本季我們也持續贏得新業務。

And that sixth alloy in the hot section that we won earlier this year -- and we've already increased our share on that -- continues to expand our content in these markets and give us opportunity to capture both volume, as well as mix and price uplift.

而我們今年稍早在熱端區段贏得的第六種合金——而且我們已經提高了在該合金上的市占——持續擴大我們在這些市場中的含量（content），並讓我們有機會同時掌握出貨量，以及組合與價格的提升。

As you said, this quarter -- we had a solid quarter in HPMC. It was up 20% year over year and EBITDA increased. ,But as you said, that margin came in about 200 basis points below what our plan was. So that would've been about another $15 million to $20 million of additional EBITDA that we would've saw, if we had ramped quicker.

如你所說，本季HPMC表現穩健。年增20%，EBITDA也增加。但如你所說，該毛利率比我們的計畫低了約200個基點。所以如果我們爬坡更快，本來會多看到約1,500萬到2,000萬美元的額外EBITDA。

But I think the important thing to remember, as I mentioned, is we won this business at the beginning of this year, moved that alloy from qualification into production in just nine months.

但我認為要記住的一個重點是，如我提到的，我們是在今年年初贏得這筆業務，並在短短九個月內把該合金從認證推進到量產。

And that really speaks to the technical capabilities of the team and the hard work that's going on there because qualifying these advanced engine alloys are very demanding. And that's what creates a significant barrier to entry and the moat-competitive advantage around our business.

這確實反映了團隊的技術能力與投入的努力，因為先進引擎合金的認證要求非常嚴苛。而這正是形成顯著進入門檻，以及圍繞我們業務的護城河式競爭優勢的原因。

For that alloy, in particular, we're one of only two that are producing that worldwide. And, today, we now produce all six of those advanced alloys in the hot section that are coming from non-captive suppliers. No other company can make that claim.

就那種合金而言，尤其是，我們是全球僅有兩家在生產的公司之一。而且，今天，我們現在已經能夠生產熱端部位中、來自非自有供應商的那六種先進合金，全部六種。沒有任何其他公司能做出這樣的宣稱。

So these engines are designed for decades of service. And that ramp impact is really a temporary impact that's supporting a growth opportunity that spans decades.

因此，這些引擎的設計是為了數十年的服役壽命。而那個爬坡（ramp）帶來的影響其實是暫時性的影響，用來支撐一個橫跨數十年的成長機會。

And, Gautam, the way I think about it is that 200 basis points of margin compression was really cost associated with the inefficiencies of that ramping.

而且，Gautam，我的看法是，200 個基點的毛利率壓縮，實際上是與那段產能爬坡效率不彰相關的成本。

And so, as we think about it transitioning into, yeah, the fourth quarter, we expect that to be less than a quarter but it's going to be fully behind us, as we exit 2026.

所以，當我們思考它過渡到第四季時，我們預期那會少於一個季度的影響，但在我們於 2026 年底退出時，將會完全成為過去式。

We do think that these are near term. And, as Kim mentioned, this is going to enable us to be in a position that's going to have three-plus decades of profitable growth opportunities.

我們確實認為這些是短期的。而且，如 Kim 所提到的，這將使我們處於一個能夠擁有三十年以上獲利成長機會的位置。

So there are some near-term costs here in Q3, significantly abating here, as we go into Q4 and then, getting fully behind us. That's going to be a good thing, though, overall. Two good investments.

所以在第三季這裡會有一些短期成本，進入第四季後會顯著緩解，然後完全消退。不過，整體而言那會是件好事。兩項很好的投資。

Unfortunately, it is causing some near-term margin compression. But, as I said, we expect that to be fully behind us, as we exit Q4.

不幸的是，它確實造成了一些短期的毛利率壓縮。但如我所說，我們預期在退出第四季時，這將完全成為過去式。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Thanks. Good morning.

謝謝。各位早安。

Kim, you made a comment about an anecdote with an engine OEM saying that they would take twice your capacity if you had it today. Is there a specific area where your engine products, the pull is the highest?

Kim，你提到一個軼事：有一家引擎 OEM 說如果你們今天有產能，他們會吃下你們兩倍的產能。是否有某個特定領域，你們的引擎產品拉貨力道最高？

And if I just look at your engine products, in aggregate, taking you five years to double your output -- I am not trying to take the comments literally but more from a perspective of how quickly do you think you grow your engine-products sales and do you actually think it accelerates from the pace that you have had over the last five years, which is what it took to double the sales?

另外，如果我看你們的引擎產品整體而言，你們花了五年把產出翻倍——我不是要逐字照單全收那些評論，而是從一個角度來看：你們認為引擎產品銷售成長的速度會有多快？你們是否真的認為它會比過去五年的步調更快（也就是花了五年把銷售翻倍的那個速度）而加速？

Thanks.

謝謝。

Yeah. So that comment -- our materials and our forgings go into both MRO and new-engine production. Today, it is about 50/50 between the two. And that has been consistent since the pandemic.

好的。所以那個評論——我們的材料與鍛件同時用於 MRO 與新引擎生產。目前兩者大約各占 50%。而且自疫情以來一直維持一致。

And just to share with folks, for us, when we make a forging and send that to the customer, we do not know if it is going into a new engine build or into the MRO stream.

再跟大家分享一下，對我們而言，當我們做出一個鍛件並交付給客戶時，我們並不知道它會用在新引擎組裝，還是進入 MRO 的供應鏈。

And so, for us, it is the same part; it is the same price; it is the same margin. And so, to your point, I am thinking here around the five-year growth standpoint.

因此，對我們來說，它是同一個零件；同一個價格；同一個毛利率。所以，回到你的問題，我在這裡是從五年成長的角度來思考。

I do see continued growth, as we go forward. We have got very strong positions. Rob just made that point with the six alloy. Several -- many of those -- five of those were sole-source supplies.

我確實看到未來仍會持續成長。我們擁有非常強勢的地位。Rob 剛剛用那六種合金說明了這點。其中有幾種——很多——有五種是獨家供應（sole-source）。

So as these next-gen engines continue to grow, continue to hit their shop visits and those major shop visits where they are replacing the discs and the hot-section parts, we will see that continued growth.

因此，隨著這些下一代引擎持續成長、持續進入維修廠檢（shop visits），以及那些需要更換盤件（discs）與熱端零件的大型廠檢，我們將會看到這種持續的成長。

This quarter, very strong growth, 39% year over year. We did raise our guide that we anticipate low- to mid-20%, as we go through the rest of this year.

本季成長非常強勁，年增 39%。我們也上調了指引，預期今年剩餘期間將是低到中 20% 的成長。

But I do think that continues to grow, as we go forward, just based on the conversations I am having with our customers; their expectation, both of upgrade packages and shop visits of that next-generation alloy and engines coming in.

但我確實認為，往後仍會持續成長，這主要基於我與客戶的對話；他們對升級套件（upgrade packages）以及下一代合金與引擎相關的廠檢需求，都有這樣的預期。

So I would have to take a look at it. We are not providing any forward guidance today on that growth. But I would say that this growth that we have had over the last year, we do not see that abating. And demand continues to be very strong, as we look at next year.

所以我需要再仔細看一下。我們今天不提供任何關於該成長的前瞻指引。但我會說，我們過去一年所呈現的這種成長，我們不認為會趨緩。而且，展望明年，需求仍然非常強勁。

We will share some more of that. And I will take that question when we get to Investor Day. And we will share more of our outlook over the next three to five years. And we will answer that question more fully.

我們會再分享更多。等到投資人日（Investor Day）時我會再回答這個問題，我們也會分享未來三到五年的展望。我們會更完整地回答這個問題。

David Strauss, Wells Fargo.

David Strauss，Wells Fargo。

Great. Thanks. Morning, everyone.

很好。謝謝。各位早安。

Now with the AA&S margins at these levels, in a similar range as HPMC, could you just talk about margin differential between jet engine and airframe or structural?

現在 AA&S 的毛利率在這個水準，與 HPMC 落在相近區間，你能否談談噴射引擎與機身或結構件之間的毛利率差異？

I was under the impression engine is much higher margin but, maybe, that is not the case. If you could just touch on that.

我原本的印象是引擎的毛利率高很多，但也許不是這樣。如果你能稍微說明一下。

And any thoughts, Rob, maybe, on the CapEx plan from here? As we look beyond this year, should we think relatively stable as a percent of sales? Or any framing you could do there?

另外，Rob，對於接下來的資本支出（CapEx）計畫有什麼想法嗎？當我們看今年之後，是否應該把它視為占營收比重相對穩定？或你能否提供一些框架來理解？

Thanks.

謝謝。

Great. I will take the first half, as we think about the margin differentials. And I will let Rob talk a little bit about the capital and our outlook there.

很好。我先回答前半段，談談毛利率差異。然後我讓 Rob 談一點資本與我們在那方面的展望。

Historically, what you said would be true. Engine has been the most accretive and the highest-value products for us.

從歷史上看，你所說的是對的。引擎一直是對我們最具增益（accretive）、也是價值最高的產品。

But what I would say has happened since we came out of the pandemic is those margin differentials have compressed. A lot of it comes down to we are seeing strong demand, as you mentioned, in airframe. We are seeing strong demand in Defense. We are seeing strong demand in specialty energy.

但我會說，自從我們走出疫情之後，這些毛利率差異已經縮小了。很大一部分原因在於，如你提到的，我們在機身（airframe）看到強勁需求。我們在國防看到強勁需求。我們在特殊能源（specialty energy）也看到強勁需求。

And those products are made on the same assets -- those fungible assets -- that can be directed towards different product flows. Customers recognize that. And I think that is unusual.

而這些產品是在同一套資產上製造——那些可互換調度的資產（fungible assets）——可以導向不同的產品流程。客戶也意識到這點。我認為這是不尋常的情況。

It is different than it has been in the past that they have had to think about these other market demands coming into these assets.

這與過去不同，因為他們必須把其他市場需求也納入考量，這些需求會進入並占用這些資產。

And, early on, I think I shared that story that some of our customers were a little caught off guard when they heard our lead times, which are very extended. I shared some of that.

而且在早期，我想我分享過那個故事：當一些客戶聽到我們的交期非常長時，他們有點措手不及。我分享過其中一些內容。

PQ titanium is about 20 months. And iso forgings are out more than two years. So they recognize that, if they want that capability and that capacity, that they have to look at higher pricing to get on those assets and get that capacity.

PQ 鈦材（PQ titanium）大約是 20 個月。而等溫鍛造（iso forgings）的交期已經超過兩年。所以他們也意識到，如果他們想要那樣的能力與產能，就必須接受更高的價格，才能排上那些資產並取得那個產能。

Now, that said, that is also what is helping to drive -- and I will let Rob get into capital -- but that is also driving this investment and focus by customers at bringing customer capital, co-funding to that capital, so they have access to that limited differentiated capabilities that we provide.

話雖如此，這同時也是在推動——我會讓 Rob 談談資本——但這也在推動客戶在投資與聚焦上，帶入客戶資本、共同出資到該資本中，讓他們能取得我們所提供的那些有限且具差異化的能力。

You have seen -- we have announced several of those projects. We have not announced all of those projects. I think that is continuing with the recent acquisition announcement, where customers are looking at that differentiated important capacity and products to help support their ramp. And they are investing in that.

你們已經看到——我們已宣布其中幾個專案。我們尚未宣布所有這些專案。我認為這種趨勢也延續到近期的收購公告，客戶正在著眼於那些具差異化且重要的產能與產品，以協助支撐他們的擴產爬坡。而他們也正在投入資金。

And that is what we have been talking about here for the good part of a year now.

而這正是我們在這裡談了將近一整年大部分時間的內容。

But, Rob, I will let you talk a little bit about our outlook, as we think about capital.

不過，Rob，我讓你談談我們在資本考量下的展望。

Yeah. So we are not going to be doing formal updated guidance for the longer term. I will be giving some additional color and context here at the upcoming Investor Day on November 12.

是的。所以我們不會針對更長期提供正式的更新指引。我會在 11 月 12 日即將到來的投資人日提供更多補充說明與背景。

But what I can say is how I am thinking about it. And the way I am thinking about organic growth is, I definitely see a pipeline of really interesting projects for us. But we are going to be very disciplined, as we go through our approach.

但我能說的是我如何思考這件事。我對有機成長的看法是，我確實看到一條由許多非常有趣專案所構成的管線。但在推進我們的方法時，我們會非常自律。

First, we are going to be looking to unlock efficiencies that already exist. elevATIon is going to be that business model that we use to unlock all of the capacity that already exists on our existing footprints and assets.

第一，我們會先著眼於釋放既有的效率。elevATIon 將是我們用來釋放現有廠區與資產上既有產能的商業模式。

The second part of that discipline is, we are going to be looking for alignment with our customers. Generally, that comes through either capital commitments and customer-funded capital or contracts. So we are going to be very disciplined, as we go through the organic growth process.

第二個自律面向是，我們會尋求與客戶的對齊。一般而言，這會透過資本承諾、客戶出資的資本或合約來實現。因此，在推進有機成長流程時，我們會非常自律。

And I can say the areas that are the most intriguing to us, right now, are the areas that ATI has a differentiated moat and differentiated capability, such as nickel superalloys, premium-quality titanium, hafnium and zirconium areas, isothermal forging.

我可以說，現在對我們最具吸引力的領域，是 ATI 具備差異化護城河與差異化能力的領域，例如鎳基超合金、高品質鈦（premium-quality titanium）、鉿與鋯領域、等溫鍛造。

So we have already announced CapEx projects within the nickel superalloys and the PQ titanium. The areas that are interesting, as I said, would be those differentiated moats.

因此，我們已在鎳基超合金與高品質鈦（PQ titanium）方面宣布了資本支出（CapEx）專案。如我所說，有趣的領域會是那些具差異化護城河的部分。

So more information to come but I can say that we do not have any plans for any monolithic assets. We are going to be very disciplined. We are going to be very rational and aligned with our customers. And more information to come.

所以後續會有更多資訊，但我可以說，我們沒有任何建置大型單體資產（monolithic assets）的計畫。我們會非常自律。我們會非常理性，並與客戶保持一致。後續會有更多資訊。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Yeah. Thanks. Good morning.

是的，謝謝。早安。

Morning.

早安。

Kim, can you maybe update us on how things are progressing at the new facility in Mexico; and then, also, with the new furnace in Richland? I think you had some sticking points there last quarter. I do not think they are related to the issue this quarter with the nickel alloys.

Kim，你能否更新一下墨西哥新廠的進展情況；另外，Richland 的新熔爐進展如何？我記得你們上季在那裡有一些卡點。我不認為那與本季鎳合金的問題有關。

But can you maybe update us on how things are progressing there, productivity-wise?

但你能否就那邊的進展、就生產力角度更新一下？

Sure, Pete. Yeah. And you're right. They're not related to each other. This quarter was really around that ramping of that new product line that we won earlier this year.

當然可以，Pete。是的，你說得對。它們彼此無關。本季主要是圍繞我們今年稍早贏得的那條新產品線的爬坡。

But both of those are making good progress. And we remain on plan to our milestones.

不過這兩項都取得了良好進展。而且我們仍按計畫達成各項里程碑。

On the Mexico side, we shipped about 25% of the deferred revenue that I talked about in Q3. And we expect to ship the balance of that in Q4.

在墨西哥方面，我們已出貨我在第三季提到的遞延營收約 25%。我們預期在第四季出貨其餘部分。

If you remember, the revenue was around $30 million to $40 million that we deferred from the second quarter. So that's about $10 million last quarter and third quarter and then, the rest of it this year.

如果你還記得，該筆營收約為 3,000 萬到 4,000 萬美元，是我們從第二季遞延下來的。所以大約是上季與第三季各約 1,000 萬美元，剩餘部分會在今年出完。

I think the positive thing is that we'll leave this year at a run rate that matches or slightly exceeds what our original footprint was, as we enter 2027.

我認為正面的地方在於，到了今年年底，我們的運行速率（run rate）將與原先的廠區規模相符或略為超過，並在進入 2027 年時維持這樣的水準。

And so the team's done a fantastic job. They tripled output this last quarter. They are, like I said, well on track to our plan.

因此團隊做得非常出色。他們在上一季將產出提高到三倍。如我所說，他們完全按計畫推進。

As we look at EB2 in Richland, the furnace in Richland that you talked about, we're making progress there but not all those qualifications are complete. We expect the qualification of the standard or most of our standard quality products to be done by the end of the year and will be in production, as we go into next year.

至於 Richland 的 EB2，也就是你提到的 Richland 熔爐，我們正在取得進展，但並非所有認證（qualification）都已完成。我們預期標準品質或我們大多數標準品質產品的認證會在年底前完成，並在進入明年時投入生產。

Those more technically demanding engine alloys are going to continue through qualification into 2027, with us completing those qualifications, as we get into the mid-2027 timeframe.

那些技術要求更高的引擎合金，將會持續進行認證直到 2027 年，並在 2027 年年中左右完成這些認證。

And, again, just to remind everybody, this is important because we built that furnace in Richland to give us flexibility to allow us to make both standard quality, as well as that very highly differentiated premium-quality titanium; and gives us flexibility to be able to meet the needs of engine products, as well as Defense. Those go into Defense products, too.

另外，再提醒大家一次，這很重要，因為我們在 Richland 建置那座熔爐，是為了提供彈性，讓我們既能生產標準品質，也能生產高度差異化的高品質鈦（premium-quality titanium）；並讓我們有彈性去滿足引擎產品以及國防的需求。這些也會用在國防產品上。

I think the bottom line, though, is they're on track. They're making good progress. We'll leave this year with the majority of that behind Mexico completely be at run rate. In fact, it'll be higher than our original footprint. And then, our titanium qualifications in Richland will be well ahead.

不過我認為重點是，它們都在軌道上。進展良好。今年結束時，墨西哥那邊大部分工作將完全完成並達到運行速率。事實上，會高於我們原先的廠區規模。然後，Richland 的鈦材認證也會大幅超前。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行（Deutsche Bank）。

Hi. Good morning.

嗨，早安。

Can you comment on whether the forging business has much wide-body exposure; and If so, what you're seeing in terms of wide-body forging lead times and the progress you're making on ramping output there?

你能否評論一下鍛造業務是否有較多寬體機（wide-body）曝險；如果有，你們在寬體機鍛件交期（lead times）方面看到什麼情況，以及你們在提升那邊產出爬坡方面的進展？

And then, for Rob, can you be any more precise on the margin you're expecting at HPMC for the fourth quarter? Thank you.

另外，給 Rob，你能否更精確地說明你們預期第四季 HPMC 的利潤率（margin）是多少？謝謝。

Sure, Scott. Yeah. Wide body is starting to pick up. I think I talked about last quarter that we started to see some emergent orders with materials going into the air framers; in particular, opportunities to grow our product content and our share around those landing-gear alloys that are very complex and difficult to produce and allow us to use our differentiated capabilities.

當然可以，Scott。是的，寬體機開始回升。我想我上季提到，我們開始看到一些新出現的訂單，材料會供應給機身製造商（air framers）；特別是一些機會，能在那些非常複雜且難以生產、並能讓我們運用差異化能力的起落架合金上，提升我們的產品含量與市占。

On the forging side, we do have wide-body exposure primarily through the engine side. Just to remind you, engines of our A&D segment or A&D revenues, it's about 40% of our overall company. And so most of our exposure is going to come from those large engines for the wide bodies.

在鍛造方面，我們確實有寬體機曝險，主要是透過引擎端。提醒你一下，在我們航太與國防（A&D）部門或 A&D 營收中，引擎約占我們整體公司約 40%。因此，我們的大部分曝險將來自寬體機所使用的那些大型引擎。

And, Scott, in terms of how we see the HPMC Q4 margins, we see that mid-20s range. So we're going to see a sequential step-up from Q3 to Q4 that would land us in the mid-20s for the HPMC segment in Q4.

而且，Scott，就我們對 HPMC 第四季毛利率的看法而言，我們認為會落在 20% 中段的區間。因此，我們將看到從第三季到第四季的季比提升，這會使 HPMC 部門在第四季落在 20% 中段。

Samuel McKinney, KeyBanc Capital Markets.

Samuel McKinney，KeyBanc Capital Markets。

Hi. Good morning, Kim and Rob.

嗨。早安，Kim 和 Rob。

Morning.

早安。

Morning.

早安。

The AA&S margins took another meaningful step upward.

AA&S 的毛利率又出現了另一個顯著的上升。

First, can you just confirm that the third quarter represents the first full quarter of shipping under the new Naval Nuclear contract?

首先，你能否確認第三季代表在新的 Naval Nuclear 合約下出貨的第一個完整季度？

And, second, any more color you can provide us around the incremental-margin impact that that had on overall AA&S, given the continued segment mix shift to A&D?

其次，鑑於部門組合持續轉向 A&D，你能否就該合約對整體 AA&S 的增量毛利率影響，提供更多說明？

Yeah. Good morning. Yes. This is the first full quarter we have on that new contract. But I would say the step-up also encompassed demand coming from our commercial-nuclear customers, as well.

是的。早安。是的。這是我們在那份新合約下的第一個完整季度。但我會說，這次的提升也包含了來自我們商用核能客戶的需求。

You saw a significant step up year over year in our specialty energy of 49%. That was being driven by both gas turbines, as well as those commercial-nuclear customers.

你看到我們的特種能源業務年增 49%，有顯著的年對年提升。這是由燃氣渦輪以及那些商用核能客戶共同帶動的。

And so, both of those, as well as increased demand exceeding supply around that zirconium and hafnium products that we talked about last quarter.

因此，除了上述因素之外，還有我們上季提到的鋯與鉿產品供不應求所帶來的需求增加。

You want?

你要補充嗎？

Yeah. And, as you think about the margins there, as we talked earlier, the sustainability of these, we expect the mid-20s for Q4.

是的。至於那裡的毛利率，如同我們先前談到的其可持續性，我們預期第四季會在 20% 中段。

And from an incremental, we guided the full-year incrementals to about 50% but seeing the AA&S segments a bit above the 50% level for the full year.

就增量而言，我們對全年增量毛利率的指引約為 50%，但全年 AA&S 部門的表現會略高於 50% 的水準。

So, overall, AA&S is very well-positioned for sustainable profitability in this mid-20s range.

因此，整體而言，AA&S 在 20% 中段這個區間具備非常良好的條件，可維持可持續的獲利能力。

Operator, we have time for one final question before Kim closes the call.

接線員，在 Kim 結束電話會議之前，我們還有時間再問最後一個問題。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Yeah. Thanks, Kim, Rob. Appreciate the time. Real quick: I wanted to stick on specialty energy.

是的。謝謝，Kim、Rob。感謝你們撥冗。很快問一下：我想聚焦在特種能源。

Can you maybe just parse out the bigger moving pieces there for us to really understand what's driving growth? I understand commercial energy is -- nuclear energy is probably the largest moving piece there right now.

你們能否幫我們拆解一下那裡較大的變動因素，讓我們更清楚成長是由什麼驅動的？我理解商用能源——核能可能是目前最大的驅動因素。

But, also, Can you talk more to the [IGT] contributions in the quarter and, maybe, in the long term, as well as you see it moving out?

但另外，你能否多談談本季 [IGT] 的貢獻，以及你們對長期走勢的看法？

And then, beyond that, I want to go back to jet engine and, maybe, talk about some of the demand trends you've been seeing. Obviously, it looks pretty robust. It remains around half of what you guys are doing on jet engine.

此外，我想回到噴射引擎，談談你們看到的一些需求趨勢。顯然看起來相當強勁。噴射引擎仍約占你們相關業務的一半。

But is there any slackening related to higher fuel prices from the Iran war? Or are you not seeing that as upstream yet?

但伊朗戰爭導致燃油價格上升，是否有任何需求放緩？還是你們尚未在上游看到影響？

Okay. Great, Andre. Yeah. On specialty energy, as you said -- I mentioned they had a great quarter, up 49% year over year, 36% sequentially. So strong customer demand.

好的。很棒，Andre。是的。關於特種能源，如你所說——我提到他們本季表現非常好，年增 49%，季增 36%。因此客戶需求強勁。

As you said, the majority of that is the nuclear energy. But demand remains healthy in both the commercial nuclear and the industrial-gas turbine. So we're seeing demand coming from both sides.

如你所說，其中大部分來自核能。但商用核能與工業燃氣渦輪（industrial-gas turbine）的需求仍然健康。因此我們看到兩端都有需求。

I think part of what you saw in this quarter is that our fungible, flexible assets allow us to balance production between specialty energy and Defense, as our customer orders and their needs evolve.

我認為你在本季看到的一部分原因是，我們可互換、具彈性的資產讓我們能在特種能源與國防之間平衡產能，隨著客戶訂單與需求演變而調整。

So that can lead to some quarter-to-quarter variability in shipments -- we talked a little bit about that last quarter -- as we manage that capacity based on customer orders and priorities.

因此，當我們依據客戶訂單與優先順序管理產能時，出貨在季度之間可能會有一些波動——我們上季也稍微談過這點。

But specialty-energy growth continues. And our underlying-demand view of the market has not changed. So we continue to expect mid-teens growth for the full year there.

但特種能源的成長仍在持續。而我們對市場的基礎需求看法並未改變。因此，我們仍預期該業務全年將有約中十位數（mid-teens）的成長。

Now, on the jet-engine side, as you said -- and we can talk a little bit more about that. We haven't seen any impact from those fuel prices, something that, clearly, we're paying attention to.

至於噴射引擎方面，如你所說——我們可以再多談一些。我們尚未看到燃油價格帶來任何影響，這當然是我們密切關注的事項。

But, as I mentioned, that comment from the customer that we had just last week, engine demand continues to grow and be strong.

但如我提到的，我們就在上週才從客戶那裡聽到的評論是，引擎需求仍在成長且維持強勁。

And what I'm seeing is coming from both the new engine, as well as the MRO. As I said, for us, those forgings that we make and those materials that we send go into both demand streams.

而我看到的需求同時來自新引擎以及 MRO（維修、修理與大修）。如我所說，對我們而言，我們製造的鍛件以及出貨的材料會同時進入這兩個需求來源。

And so we don't necessarily know any specific part or shipment, which direction that's going. So, for us, it's the same part, same price, same margin.

因此，我們不一定知道某個特定零件或出貨最終會流向哪一端。所以對我們來說，是同樣的零件、同樣的價格、同樣的毛利率。

And we have not seen a step-down in demand, as we're looking at that. As we are talking with our customers, they are looking at both the MRO -- and, even, if aircraft start to be retired because of higher fuel costs, the next-gen engines are actually -- that transition is beneficial for ATI because those next-gen engines have 2 times the content of those legacy engines.

而且就我們觀察而言，尚未看到需求下滑。當我們與客戶交流時，他們同時在看 MRO——而且即使因燃油成本較高而開始淘汰部分飛機，向下一代引擎的轉換其實對 ATI 是有利的，因為那些下一代引擎的材料用量是傳統引擎的 2 倍。

And so those really pull into those differentiated materials, as well as those isothermal forgings, which are two of those highly differentiated spaces that Rob just talked about.

因此，這些會帶動對差異化材料以及等溫鍛造（isothermal forgings）的需求，而這兩項正是 Rob 剛才提到的高度差異化領域。

We have reached the end of the Q&A session.

問答環節到此結束。

I will now turn the call back to Kim Fields for closing remarks.

現在我將把電話交回給 Kim Fields 作結語。

Great. Thank you, everyone, for joining us and for your questions.

很好。感謝各位參與並提出問題。

As we have been talking about today, we see strong demand across the markets that we serve. And the differentiated capabilities really position ATI to capture that demand.

正如我們今天所談到的，我們看到我們所服務的各個市場需求強勁。而這些差異化能力確實讓 ATI 能夠掌握這些需求。

And I think that is what you saw with that strong lift across all of our markets.

我想這就是你所看到的——我們在所有市場都呈現強勁的提升。

We are focused on executing well and converting that demand into earnings and cash; and finishing 2026 strong; and then, continuing to build on that progress in 2027.

我們專注於良好執行，將需求轉化為獲利與現金；並以強勁表現完成 2026 年；接著在 2027 年持續在這些進展上再接再厲。

Thank you.

謝謝。

This concludes today's call. Thank you for attending. You may now disconnect

今天的電話會議到此結束。感謝各位出席。您現在可以掛線