Atmus Filtration Technologies Inc (ATMU) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Atmus Filtration Technologies' third-quarter 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我叫艾瑞克，今天我將擔任你們的會議接線生。在此，我謹代表 Atmus Filtration Technologies 公司，歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Todd Chirillo, Executive Director of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係執行董事托德·奇里洛。請繼續。

Thank you, Eric. Good morning, everyone, and welcome to the Atmus Filtration Technologies' third-quarter 2025 earnings call. On the call today, we have Steph Disher, Chief Executive Officer; and Jack Kienzler, Chief Financial Officer.

謝謝你，埃里克。各位早安，歡迎參加 Atmus Filtration Technologies 2025 年第三季財報電話會議。今天參加電話會議的有執行長 Steph Disher 和財務長 Jack Kienzler。

Certain information presented today will be forward-looking and involve risks and uncertainties that could materially affect expected results. Please refer to the slides on our website for the disclosure of the risks that could affect our results and for a reconciliation of any non-GAAP measures referred to on our call. For additional information, please see our SEC filings and the Investor Relations pages available on our website at atmus.com.

今天公佈的某些資訊屬於前瞻性訊息，涉及風險和不確定性，可能會對預期結果產生重大影響。請參考我們網站上的投影片，以了解可能影響我們績效的風險揭露以及我們在電話會議中提到的任何非GAAP指標的調整情況。如需了解更多信息，請參閱我們向美國證券交易委員會提交的文件以及我們網站 atmus.com 上的投資者關係頁面。

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

現在，我把電話交給史蒂芬妮。

Thank you, Todd, and good morning, everyone. On the call today, I will provide an update on our third quarter results, our progress executing on our four-pillar growth strategy and the outlook for the remainder of 2025. Jack will then provide further details on our financial results.

謝謝你，托德，大家早安。在今天的電話會議上，我將介紹我們第三季的業績、我們四大支柱成長策略的執行進展以及2025年剩餘時間的展望。接下來，傑克將提供關於我們財務表現的更多細節。

During the third quarter, we completed our full operational separation from our former parent, Cummins. The separation has been a multiyear journey and marks a significant milestone for our company. I want to recognize this outstanding accomplishment, which is the result of the collective effort of all Atmusonians.

第三季度，我們完成了與前母公司康明斯的全面營運分離。這次分拆歷時數年，是我們公司發展歷程中的重要里程碑。我要表彰這項傑出成就，這是所有阿特姆森人共同努力的成果。

We are now focused on unlocking the growth potential of Atmus. Completing the separation enables us to redeploy resources, time and energy to focus on growth. We have a clear vision and strategy and a highly capable organization who are energized to realize our full potential.

我們現在專注於釋放 Atmus 的成長潛力。完成分拆後，我們可以重新部署資源、時間和精力，專注於成長。我們擁有清晰的願景和策略，以及一支充滿活力、能力卓越的團隊，致力於充分發揮我們的潛力。

Now, let's turn to our capital allocation strategy. We continue to deploy capital to create long-term shareholder value. We further accelerated our share repurchase program in the third quarter, repurchasing $30 million of stock, bringing our year-to-date total to $61 million.

現在，讓我們來看看我們的資本配置策略。我們將持續投入資金，為股東創造長期價值。第三季度，我們進一步加快了股票回購計劃，回購了價值 3,000 萬美元的股票，使今年迄今的回購總額達到 6,100 萬美元。

Since the announcement of our share repurchase program last year, we have repurchased a total of $81 million of stock. We also increased our quarterly dividend by 10% last quarter, reinforcing our commitment to consistent long-term capital return to shareholders. We remain committed to investing for organic growth and executing our inorganic industrial filtration strategy.

自去年宣布股票回購計畫以來，我們已回購了總計 8,100 萬美元的股票。上個季度，我們也將季度股利提高了 10%，這進一步鞏固了我們對股東持續長期資本回報的承諾。我們將繼續致力於投資實現有機成長，並執行我們的無機工業過濾策略。

We will continue to keep you updated on our M&A activity. The framing of M&A investment choices continues to be guided by our strategy, long-term value creation and the balance of growth and shareholder returns. We expect share repurchases to remain an important component of our capital allocation strategy and anticipate our full year repurchases will be in a range of approximately 1.5% to 3% of our current market capitalization.

我們將持續向您通報我們的併購活動。併購投資選擇的框架仍然以我們的策略、長期價值創造以及成長與股東回報之間的平衡為指導。我們預期股票回購仍將是我們資本配置策略的重要組成部分，並預計全年回購規模將占我們目前市值的 1.5% 至 3% 左右。

I would like to now take a moment to share some insights on the strong culture we are building at Atmus. We have established what we call the Atmus Way. The Atmus Way incorporates our purpose, our values and our strategy. It also includes what we call mindset shifts, which reflects specific areas where we want to intentionally shift the culture of our company. One example I would like to share today is our commitment to safety.

現在我想花一點時間分享我們在 Atmus 正在創造的強大企業文化的一些見解。我們已經確立了我們稱之為「阿特姆斯之道」的理念。Atmus之道融合了我們的宗旨、價值觀和策略。它也包括我們所說的思維轉變，這反映了我們希望有意識地改變公司文化的特定領域。今天我想分享的一個例子是我們對安全的承諾。

We set a vision to be the safest company. In October, we achieved two years without a serious injury in our business. This is a result of disciplined focus on risk reduction and the engagement of employees at all levels of our organization. This is just one example of the Atmus culture in action. It reflects what we stand for and it demonstrates what we can do when we set a bold vision and work together to bring change.

我們立志成為最安全的公司。10月份，我們實現了公司連續兩年沒有發生重大工傷事故。這是因為我們始終專注於降低風險，並讓公司各級員工積極參與其中。這只是 Atmus 文化實踐的一個例子。它體現了我們的立場，也展現了當我們設定遠大的願景並齊心協力帶來改變時，我們能夠取得怎樣的成就。

Let's now turn to our four-pillar growth strategy and the progress we have made during the third quarter. Our first pillar is to grow share in first-fit. As a fully independent company, we are expanding our first-fit customer reach to leading regional OEMs across a broad range of applications with dedicated sales and technical resources. We are winning with these customers by providing our industry-leading filtration products that deliver superior protection for our customers' equipment. Additionally, we continue to win with the winners by growing our long-term partnerships with global OEMs.

現在讓我們來看看我們的四大支柱成長策略以及我們在第三季的進展。我們的第一支柱是提高首件合身產品的市佔率。作為一家完全獨立的公司，我們正在擴大我們的首發客戶覆蓋範圍，為各應用領域的領先區域 OEM 廠商提供專屬的銷售和技術資源。我們透過提供業界領先的過濾產品來贏得這些客戶的青睞，這些產品能夠為客戶的設備提供卓越的保護。此外，我們透過與全球 OEM 廠商建立長期合作夥伴關係，繼續與贏家攜手共贏。

Our second pillar is focused on accelerating profitable growth in the aftermarket. We are expanding our market presence in independent and retail channels with new distributors. This allows us to provide broader channel coverage of our industry-leading Fleetguard products and deliver to our customers when and where they need the product. We are also partnered with leading global OEMs who are expanding their own aftermarket businesses and growing market share. We work collaboratively with these industry leaders, allowing us to expand our business while simultaneously fueling growth for our partners.

我們的第二個支柱是加速售後市場的獲利成長。我們正在透過新的經銷商擴大在獨立零售通路的市場佔有率。這使我們能夠更廣泛地覆蓋我們領先業界的 Fleetguard 產品管道，並在客戶需要產品時隨時隨地向他們交付產品。我們還與一些領先的全球原始設備製造商建立了合作關係，這些製造商正在拓展其售後市場業務並擴大市場份額。我們與這些行業領導者合作，這使我們能夠拓展自身業務，同時也促進了合作夥伴的成長。

Furthermore, we are growing our brand awareness with our We Protect campaign launched earlier this year. This campaign highlights who Atmus is and the dedicated employees committed to creating a better future for our customers, communities and planet.

此外，我們透過今年稍早推出的「我們守護」活動，提高了品牌知名度。這項活動旨在突顯 Atmus 的企業文化，以及致力於為客戶、社區和地球創造更美好未來的敬業員工。

Our third pillar is focused on transforming our supply chain. As a fully operationally independent company, we have completely transitioned to the global Atmus distribution network. This allows us to directly control our customer experience. Additionally, our network is designed to optimize and grow our aftermarket business. We continue to increase the on-shelf availability of products to ensure we have the right products for our customers when and where they need them.

我們的第三個支柱是轉型我們的供應鏈。作為一家完全獨立運營的公司，我們已完全過渡到 Atmus 全球分銷網絡。這使我們能夠直接掌控客戶體驗。此外，我們的網路旨在優化和發展我們的售後市場業務。我們持續增加貨架上的產品供應量，以確保我們的客戶在需要時隨時隨地都能獲得合適的產品。

Our fourth pillar is to expand into industrial filtration markets. Our strategy is unchanged and remains focused on growth into industrial filtration, primarily through inorganic acquisitions. We are broadly looking at three verticals: industrial air; industrial liquids, excluding water; and industrial water. We have seen increased activity in the M&A markets, and we continue to review a robust pipeline of opportunities for inorganic expansion. We remain focused on executing a disciplined approach to develop opportunities which deliver long-term shareholder value.

我們的第四大支柱是拓展工業過濾市場。我們的策略保持不變，仍然專注於工業過濾領域的成長，主要透過非有機收購來實現。我們主要關註三個垂直領域：工業空氣；工業液體（不包括水）；以及工業用水。我們看到併購市場活動日益活躍，我們將繼續審查一系列穩健的內生性擴張機會。我們將繼續專注於採取嚴謹的方法，開發能夠為股東創造長期價值的機會。

Now, let's discuss our third quarter financial results. Our team delivered another strong quarter. Sales were $448 million compared to $404 million during the same period last year, an increase of 10.9%. Significant outperformance drove higher sales despite continued challenging conditions in most of our global markets. We also benefited from increased pricing and favorable foreign exchange.

現在，我們來討論一下第三季的財務表現。我們的團隊又完成了一個強勁的季度。銷售額為 4.48 億美元，而去年同期為 4.04 億美元，成長了 10.9%。儘管我們全球大部分市場持續面臨挑戰，但顯著的超預期表現推動了銷售額的成長。我們也受益於價格上漲和有利的匯率。

Adjusted EBITDA was $92 million or 20.4% compared to $79 million or 19.6% in the prior period. Adjusted earnings per share was $0.69 in the third quarter of 2025, and adjusted free cash flow was $72 million.

調整後 EBITDA 為 9,200 萬美元，年增 20.4%，上一時期為 7,900 萬美元，年增 19.6%。2025 年第三季調整後每股盈餘為 0.69 美元，調整後自由現金流為 7,200 萬美元。

Now, let's turn to our market outlook for 2025. Starting with market guidance for aftermarket. We expect freight activity to generally continue at current levels and be flattish year-over-year. Our team has done a great job executing our growth strategy, especially in the face of elongated challenges in global markets. We are increasing our expected outperformance and now project share gains to add 3% of revenue growth.

現在，讓我們來看看2025年的市場前景。首先從售後市場指導入手。我們預計貨運活動總體上將繼續維持在當前水平，與去年同期相比基本持平。我們的團隊在執行成長策略方面做得非常出色，尤其是在全球市場面臨長期挑戰的情況下。我們提高了預期業績超額完成率，現在預計市場份額的成長將帶來 3% 的收入成長。

Overall pricing is expected to provide approximately 3% revenue growth. Pricing is inclusive of both base pricing actions to offset certain input costs and tariff pricing. This reflects known tariffs as of November 1 and assumes the USMCA exemption for our products will continue. The US dollar continues to weaken from the strength we saw early in the year. We anticipate the full year impact of a strong US dollar to be an approximate 0.5% revenue headwind.

總體定價預計將帶來約 3% 的收入成長。定價包括用於抵銷某些投入成本的基本定價措施和關稅定價。這反映了截至 11 月 1 日已知的關稅，並假設我們的產品將繼續享有 USMCA 豁免。美元匯率從年初的強勢持續走弱。我們預計強勢美元將對全年營收造成約 0.5% 的負面影響。

Let's now turn to our first-fit markets. In the US, the industry was recently provided with some guidance on Section 232 tariffs for medium and heavy-duty trucks. We will continue to monitor ongoing developments and adapt accordingly. We are still awaiting clarity on the upcoming 2027 emissions requirements. This continues to drive uncertainty in the market.

現在讓我們來看看我們最初的目標市場。在美國，最近有消息稱，該行業已獲得有關中型和重型卡車 232 條款關稅的一些指導。我們將繼續關注事態發展並做出相應調整。我們仍在等待有關2027年排放要求的明確規定。這持續加劇了市場的不確定性。

Our expectations for both the heavy and medium-duty markets in the US is to be down 20% to 25%. We expect demand for trucks in India to grow, which could be further bolstered by government infrastructure spending. In China, the markets we serve have continued to grow through the third quarter. Our exposure in China is weighted towards first-fit on-highway applications, and we remain cautious in our outlook.

我們預計美國重型和中型卡車市場將下降 20% 至 25%。我們預計印度對卡車的需求將會成長，而政府的基礎設施支出可能會進一步推動這一成長。在中國，我們服務的市場在第三季持續成長。我們在中國的業務主要集中在首批公路應用領域，我們對前景仍持謹慎態度。

Overall, we have raised our expectations for total company revenue to be in a range of $1.72 billion to $1.745 billion, an increase of 3% to 4.5% compared to the prior year. Our team continues to quickly adapt to challenging market conditions to deliver strong operational performance. We expect this performance to continue, and we are raising our expectations for adjusted EBITDA margin to be in a range of 19.5% to 20%. Lastly, adjusted EPS is expected to be in a range of $2.50 to $2.65.

總體而言，我們已將公司總收入預期上調至 17.2 億美元至 17.45 億美元之間，比上一年增長 3% 至 4.5%。我們的團隊不斷快速適應充滿挑戰的市場環境，以實現強勁的營運績效。我們預計這項業績將持續維持，並將調整後 EBITDA 利潤率的預期上調至 19.5% 至 20%。最後，調整後的每股盈餘預計在 2.50 美元至 2.65 美元之間。

Now, I will turn the call over to Jack, who will discuss our financial results in more detail.

現在，我將把電話交給傑克，他將更詳細地討論我們的財務表現。

Thank you, Steph, and good morning, everyone. Our team delivered another quarter of strong financial performance despite continuing uncertain market conditions. Sales were $448 million compared to $404 million during the same period last year, an increase of 10.9%. The increase in sales was primarily driven by higher volumes of 6%, pricing of 4% and favorable foreign exchange of 1%. Gross margin for the third quarter was $129 million compared to $111 million in the third quarter of 2024.

謝謝你，Steph，大家早安。儘管市場環境持續不明朗，但我們的團隊又一個季度取得了強勁的財務業績。銷售額為 4.48 億美元，而去年同期為 4.04 億美元，成長了 10.9%。銷售額的成長主要得益於銷售成長 6%，價格上漲 4%，以及有利的匯率因素 1%。第三季毛利為 1.29 億美元，而 2024 年第三季毛利為 1.11 億美元。

The increase was primarily due to the benefits of higher pricing and volumes, partially offset by higher logistics costs.

成長主要歸功於更高的價格和銷售帶來的好處，但部分被更高的物流成本所抵消。

Selling, administrative and research expenses for the third quarter were $56 million, flat to the same period in the prior year. Joint venture income was $8 million in the third quarter, in line with our 2024 performance. This resulted in adjusted EBITDA in the third quarter of $92 million or 20.4% compared to $79 million or 19.6% in the prior period. Adjusted EBITDA for the quarter excludes $4 million of onetime stand-alone costs. Adjusted earnings per share was $0.69 in the third quarter of 2025 compared to $0.61 last year.

第三季的銷售、管理和研發費用為 5,600 萬美元，與去年同期持平。第三季合資企業收入為 800 萬美元，與我們 2024 年的業績預期一致。這使得第三季的調整後 EBITDA 為 9,200 萬美元，年增 20.4%，而上一季為 7,900 萬美元，年增 19.6%。本季調整後 EBITDA 不包括 400 萬美元的一次性獨立成本。2025年第三季調整後每股盈餘為0.69美元，去年同期為0.61美元。

Adjusted free cash flow was $72 million this quarter compared to $65 million in the prior year. Free cash flow has been adjusted by $3 million for capital expenditures related to our separation from Cummins.

本季調整後自由現金流為 7,200 萬美元，去年同期為 6,500 萬美元。自由現金流已因與我們從康明斯分拆相關的資本支出而調整了 300 萬美元。

As Steph mentioned earlier in the call, we have completed our separation activities from Cummins in the third quarter. We do not anticipate incurring any additional onetime costs associated with separation activities in the fourth quarter. The effective tax rate for the third quarter of 2025 was 23.6% compared to 18.4% last year. The higher effective tax rate was driven by both the change in the mix of earnings amongst tax jurisdictions along with changes in recently enacted US tax legislation.

正如 Steph 在先前的電話會議中提到的，我們在第三季完成了與康明斯的分離工作。我們預計第四季度不會產生與分離活動相關的任何額外一次性成本。2025年第三季的實際稅率為23.6%，去年同期為18.4%。實際稅率上升的原因是稅收管轄區之間的收入組成變化以及最近頒布的美國稅法的變化。

Now, let's turn to our balance sheet and the operational flexibility it provides us to execute on our growth and capital allocation strategy. We ended the quarter with $218 million of cash on hand. Combined with the full availability of our $400 million revolving credit facility, we have $618 million of available liquidity. Our strong liquidity provides us with operational flexibility in the current dynamic market to effectively manage our business and execute on our growth opportunities. Our cash position and continued strong performance in 2025 has resulted in a net debt to adjusted EBITDA ratio of 1.0 times for the trailing 12 months ended September 30.

現在，讓我們來看看我們的資產負債表以及它為我們執行成長和資本配置策略所提供的營運彈性。本季末，我們手頭現金為2.18億美元。加上我們4億美元的循環信貸額度，我們有6.18億美元的可用流動資金。我們充裕的流動資金使我們在當前瞬息萬變的市場中擁有營運彈性，從而能夠有效地管理業務並掌握成長機會。由於我們良好的現金狀況以及 2025 年持續強勁的業績表現，截至 9 月 30 日的過去 12 個月，我們的淨債務與調整後 EBITDA 比率為 1.0 倍。

In closing, I want to thank the global Atmus team for their continued dedication and flexibility to deliver another strong performance in the quarter.

最後，我要感謝 Atmus 全球團隊的持續奉獻和靈活應變，使他們在本季度再次取得了強勁的業績。

Now, we will take your questions.

現在，我們將回答各位的問題。

(Operator Instructions) Rob Mason, Baird.

（操作說明）羅伯梅森，貝爾德。

Nice work on the third quarter for sure. I wanted to see if you could dig in just a little bit deeper. It was stronger than your typical seasonality might suggest. And there was the thought maybe there was some pull forward coming out of the second quarter, whether you think that was actually the case.

第三季表現確實不錯。我想看看你能不能再深入挖掘一下。它的強度比一般的季節性變化強得多。當時有人認為，第二節比賽結束後可能會出現一些反撲，不管你是否認為事實確實如此。

And then you took the share gain perspective or number up for the full year. I'm just curious how those are layering in. Is there any lumpiness around the share gains that may have come through in the third quarter?

然後，你從全年的份額成長角度或數字來看。我只是好奇它們是如何分層疊加的。第三季股價上漲是否有波動？

Rob, thanks for the comments. Firstly, a strong quarter, really pleased with the overall performance. And if I just start to break down really the top line is where it's all happening. So I'll talk about that in terms of our revenue performance. As Jack spoke to volumes of 6%, pricing of 4% and foreign exchange of 1%.

羅布，謝謝你的評論。首先，本季業績強勁，我對整體表現非常滿意。如果我開始深入分析，就會發現問題的關鍵就在於最根本的層面。所以，我將從營收表現的角度來談談這個問題。傑克談到交易量為 6%，定價為 4%，外匯交易為 1%。

Pricing was around where we expected, probably slightly better, but volume is where I'll spend my time. So if I break down that 6% performance for you, broadly, I would put it into what we would call share gains of 8% and market headwinds of around 2%.

價格基本上符合預期，可能略好一些，但我更重視的是銷售量。所以，如果我為你詳細分析這 6% 的業績，我會將其大致分解為 8% 的股價上漲和 2% 左右的市場逆風。

The market, obviously, we saw first-fit sharply decline, particularly in North America. And we saw actually an impact of about down 27% sequentially in heavy-duty and medium-duty truck markets. And we continue to see flattish conditions in aftermarket. So all told, that's sort of adding up to a 2% headwind.

很顯然，我們看到第一階段的市場急劇下滑，尤其是在北美。我們看到，重型和中型卡車市場實際上受到了影響，環比下降了約 27%。售後市場持續呈現平淡態勢。總的來說，這相當於2%的不利因素。

So if I then take the share gains and try to give you some visibility into what's happening there, we have changed -- revised our full year guidance upwards from 2% in share gain to 3%, really driven by our conviction and the outstanding performance of the team to deliver better than what we intended on our growth strategy. And that's arising from things like additional content in first-fit applications, increases in share in the aftermarket, particularly in North America. So all told, that's about 3% sort of share gains.

因此，如果我從股價上漲的角度來分析，並試圖讓大家更清楚地了解其中的情況，我們已經做出改變——將全年股價上漲預期從 2% 上調至 3%，這完全是出於我們的信念以及團隊的出色表現，他們實現了比我們預期更好的增長戰略目標。這源自於諸如首次安裝應用程式中的附加內容、售後市場份額的增加，尤其是在北美地區。總的來說，市場佔有率成長了大約 3%。

The big thing I want to point out in the third quarter that is a dimension of timing, as I would describe it, and a major driver of volume growth is related to the Stellantis Model Year '25 Ram product, which was launched earlier this year. We have -- we are on that product, both on the engine and we support the aftermarket.

我想在第三季指出的最重要的一點，也是我所說的時機因素，是銷售成長的主要驅動力，這與今年稍早推出的 Stellantis 25 款 Ram 產品有關。我們有—我們正在研發這款產品，包括引擎部分，我們也為售後市場提供支援。

And during the quarter, we saw additional stocking for that new product launch on both the first-fit through our sales to Cummins and in the aftermarket delivery with Stellantis. And so we do not expect that to repeat in future quarters. Obviously, we'll continue to support that product, but the stocking up for the product launch was what we saw higher than expected in the third quarter.

本季度，我們看到，為了配合新產品的上市，我們增加了庫存，包括透過向康明斯銷售的首批產品以及透過 Stellantis 進行的售後市場交付。因此，我們預計這種情況在未來幾季不會重演。顯然，我們會繼續支持該產品，但第三季產品上市前的庫存量高於預期。

I see. That's helpful, Steph. Maybe I'll just keep the line of questioning around the share gains. You also talked about winning some programs, it sounds like on regional OEMs on the first-fit side. Could you provide a little color in terms of those are contributing yet? And do those -- are those buys to on-highway or off-highway?

我懂了。那很有幫助，史蒂芬。或許我應該繼續圍繞股價上漲的問題展開提問。你還提到贏得了一些項目，聽起來像是區域性原始設備製造商的首批組裝項目。能否簡單介紹一下目前有哪些人正在做出貢獻？這些車輛是用於公路行駛還是越野行駛？

Yes, it's a great question. And I always try to think about how can I give you some color around this while obviously maintaining the commercial sensitivity. We have been very deliberate in our growth focus to build our business development capability.

是的，這是一個很好的問題。我總是努力思考，如何在保持商業敏感度的同時，為大家帶來一些生動的見解。我們在發展策略上一直非常注重提升業務拓展能力。

We've been doing that for several years now is the way I would describe it. We've built the sales force, the business development team. We've increased our bid rate. And we had identified these regional players as really a target for us that we had not pursued previously. And it's broad-based.

我會這樣描述：我們已經這樣做了好幾年了。我們已經組建了銷售團隊和業務拓展團隊。我們提高了出價。我們已經將這些區域性企業視為我們真正的目標，而我們之前並沒有追求過這些企業。而且它的基礎很廣泛。

I would say it's both across on-highway and off-highway. And I'd think about that equally right now. And we're starting to see the benefits of that. We're winning the business. We're getting the confirmation of those wins, and we're starting to see those benefits come through in our results. And I expect that to continue as part of our growth strategy within our core business.

我認為公路和公路以外的路段都有這種情況。我現在也會同樣考慮這個問題。我們開始看到這樣做的好處了。我們正在贏得這筆生意。我們正在逐步確認這些勝利，並開始在結果中看到這些益處。我預計這將繼續作為我們核心業務成長策略的一部分。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

Just a clarification on the details you gave around the volume growth. Just any sizing of the impact that Stellantis had within the quarter that you don't expect to repeat? And then just bigger picture as you think about aftermarket and sort of end market pacing kind of flattish in aftermarket, for how much longer do you think something like that can persist just as we think about wear on parts and some of the replacement that presumably is being pushed out here?

關於您之前提到的銷售成長細節，我需要澄清一下。Stellantis在本季產生的任何影響，您都不希望再次出現嗎？從更宏觀的角度來看，考慮到售後市場和終端市場的發展步伐相對平緩，你認為這種情況還能持續多久？畢竟，隨著零件的磨損以及一些零件的更換，這種情況可能會持續下去。

Thanks for the questions. Let me just start with your question on Stellantis. Look, difficult to quantify this specifically. And I think how I would have you think about it is there's certainly -- the 3% I talk about in share gains in the quarter are really attributable to clear wins that we can identify, that we can see them coming through, slight outperformance, as I described, and therefore, gives us confidence to really put that share gain into the -- increase that share gain from 2% to 3% in our full year guide.

謝謝大家的提問。我就先回答你關於Stellantis的問題吧。你看，這很難具體量化。我認為，你們應該這樣理解：本季度我所說的 3% 的市場份額增長，確實歸功於我們可以明確識別的、我們可以看到其成效的明顯勝利，正如我所描述的，略微超額完成業績，因此，這讓我們有信心將這一市場份額增長納入全年業績預期，並將市場份額增長從 2% 提高到 3%。

As it relates to the timing of the new product development, there's a win for us in that product development. There's content increase and then there's timing, right? So we -- in the public domain, I think we've seen that it's in the third quarter year-over-year, it was a 44% increase in that Ram volumes in the quarter. And so it was a significant increase for this product. And we think our full year guide -- we believe our full year guide really reflects how we see the year is going to go with the 3% market share reflected.

就新產品開發的時機而言，這對我們來說是一個雙贏的局面。內容增加是一回事，時機也很重要，對吧？所以，在公開領域，我認為我們已經看到，第三季與去年同期相比，Ram 的銷量成長了 44%。因此，該產品的銷售量出現了顯著成長。我們認為，我們的全年業績指引——我們相信，我們的全年業績指引真正反映了我們對這一年的發展趨勢的看法，其中 3% 的市場份額也得到了體現。

On the aftermarket side, if I -- yes, on the aftermarket side, if I just take that question, I think we've been talking about three years of freight recession now. And we even have been asking ourselves is are the freight indicators still the right indicators for our business, given that length of time, right? And so I think that's a difficult set of questions.

在售後市場方面，如果我——是的，在售後市場方面，如果我只回答這個問題，我認為我們已經討論了三年的貨運衰退。我們甚至一直在問自己，考慮到時間跨度，貨運指標是否仍然是我們業務的正確指標，對嗎？所以我認為這是一組很難回答的問題。

The outlook at the moment from the industry and those that we're talking to really suggest that we can't see that turning inside the first half of 2026 yet. There's no real signs that suggest that it has turned, if you like. So we expect it to persist through quarter four and at this stage, to stay at those levels through the first half of '26 is how we're thinking about it right now.

目前業內人士以及我們交談過的人都認為，這種情況在 2026 年上半年不太可能會好轉。目前還沒有任何跡象顯示情況已經發生了轉變。因此，我們預計這種情況會持續到第四季度，目前我們認為這種情況會持續到 2026 年上半年。

And then I just wanted to touch on the full operational control and having sort of reached that transition now and how you're thinking about the nearest-term opportunities that presents for you?

然後，我想談談全面營運控制權的問題，以及您現在已經達到了這種轉變，您是如何看待這為您帶來的近期機會的？

Yes. We spoke about this in our opening remarks. And I'm most excited about this allowing us to focus our full organizational resources, energy and effort towards growth. When you undertake a separation of the size and scale that we have, I think there's over 300 projects. We've been doing it for three years now, seven distribution centers, over 280, I think it is IT projects.

是的。我們在開幕致詞中談到了這一點。最令我興奮的是，這使我們能夠將全部的組織資源、精力和努力集中在發展上。如果以我們目前的規模和範圍來劃分，我認為專案數量超過 300 個。我們已經做了三年了，七個配送中心，超過 280 個，我想這都是 IT 專案。

That just takes a lot of organizational bandwidth. And so to have that completed for us to be standing on our own platform, really controlling our own destiny in terms of being able to use the processes and systems to enable our growth strategy is very exciting, And so I -- really, it is focused around our growth strategy and accelerating our progress on that, which is what -- and I talked about the four-pillar growth strategy, which is what I'm most excited about. Jack might just talk to the separation specifically, where we're at on that and bring some more color to that piece.

這需要佔用大量的組織資源。因此，能夠完成這項工作，讓我們能夠站在自己的平台上，真正掌控自己的命運，利用各種流程和系統來實現我們的成長策略，這令人非常興奮。所以，我——實際上，它的核心是圍繞我們的成長策略，並加速我們在這方面取得的進展，這就是——我談到了四大支柱成長策略，這也是我最興奮的部分。傑克可能會專門談談分離問題，我們目前在這方面的進展，並為這篇文章增添更多色彩。

Yes. Thanks, Steph, and thanks, Joe, for the question. First off, I would just say really proud of the entire Atmus team for their unwavering commitment to bring the separation to a close.

是的。謝謝Steph，也謝謝Joe的提問。首先，我只想說，我為整個 Atmus 團隊感到無比自豪，他們堅定不移地致力於結束分離局面。

As Steph highlighted, multiple projects, a multiyear journey from beginning to end. And the team really delivered, which I think further underpins the reliability we've been able to establish across many fronts as a business. As we noted, the TSAs have concluded effective end of the third quarter. And therefore, we no longer intend to add back separation costs in Q4 and beyond.

正如 Steph 所強調的，這是多個項目，從開始到結束歷時數年。團隊的表現確實令人滿意，我認為這進一步鞏固了我們作為一家企業在各個方面所建立的可靠性。正如我們所指出的，TSA 已於第三季末正式結束。因此，我們不再打算在第四季及以後追加分離成本。

The one thing I would highlight is that we are still incurring some elevated costs driven by hyper care, if you will, primarily in the IT space until we reach full stabilization. We expect those to be incurred here in the fourth quarter. And that, in part, is leading to some of our margin outlook as we think about the implied Q4 guide here.

我想強調的是，在我們實現全面穩定之前，由於需要採取緊急措施，我們仍然會產生一些較高的成本，主要集中在 IT 領域。我們預計這些費用將在第四季度產生。而這在某種程度上影響了我們對利潤率的預期，因為我們在這裡考慮的是隱含的第四季業績指引。

Again, highlighting some of those inefficiencies to help you understand why that may be showing up as a little bit of a pullback in the fourth quarter, still feel really strongly about the full year outlook here, both across the top line and the bottom line in really challenging market conditions. And again, I can't thank the team enough for what they've been able to deliver.

再次強調這些效率低下之處，是為了幫助您理解為什麼第四季度可能會出現一些回調，但我仍然對全年前景充滿信心，無論是營收還是利潤，即使在充滿挑戰的市場環境下也是如此。再次感謝團隊所取得的成就。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Excellent quarter. My first question is with Section 232, the tariff-related regulations now out for trucks, did you take any intra-quarter pricing? And if so, how should we think about the rollover effect of that over the next few quarters? And then in that case, are you also still planning to do a typical beginning of the year price increase that you usually do?

表現優異的季度。我的第一個問題是，關於目前針對卡車出台的第 232 條關稅相關規定，您是否採取了季度內定價策略？如果情況屬實，我們該如何看待這種影響在未來幾季內的延續效應？那麼，在這種情況下，你們是否仍然計劃像往常一樣在年初進行典型的漲價？

Thanks, Tami. So we do have some clarity from Section 232, but I would say there's still a lot of unknowns that we're waiting for. And we still expect that will take some time to be able to fully understand the implications and to be able to calculate it, frankly. And so that's just the first thing I would highlight. Right now, we are anticipating that our USMCA exemption still applies in the context of Section 232.

謝謝你，塔米。所以，我們從第 232 條中得到了一些明確的訊息，但我想說，仍然有很多未知數需要我們去等待。坦白說，我們仍然預計需要一些時間才能充分理解其影響並進行計算。所以，這是我首先要強調的一點。目前，我們預計我們的 USMCA 豁免仍然適用於第 232 條的規定。

And then there are a number of other mechanisms playing out that we will continue to work through to understand as clarity comes and work in partnership with our customers. We've said from the outset that our intent on tariffs is to be price/cost neutral, and we'll do that through a variety of mechanisms. Obviously, we'll look to avail ourselves of every possible reduction that we can make, exemptions or resourcing product or foreign -- we put a foreign trade zone into our distribution center in the US this quarter, for example. So we're certainly availing ourselves of all of those.

此外，還有許多其他機制正在發揮作用，我們將繼續努力了解這些機制，並在情況明朗後與客戶合作。我們從一開始就說過，我們對關稅的意圖是保持價格/成本中性，我們將透過各種機制來實現這一目標。顯然，我們將尋求利用一切可能的減免措施，例如豁免或從國外採購產品——例如，本季我們在美國的配送中心設立了自由貿易區。所以我們肯定會充分利用所有這些資源。

And in our guide this year, full year pricing is set at 3%. So we think that guide fully includes the pricing for the year. Not issuing guidance for 2026 at this point, but we would expect that we would continue with the pricing actions in January and so forth that we've seen in the past as our practice. But it continues to be an evolving landscape with tariffs, and our team have really done a tremendous job in partnership with our customers to navigate that landscape.

今年我們的指南中，全年定價為 3%。所以我們認為該指南已完全包含了全年的價格資訊。目前我們不發布 2026 年的業績指引，但我們預計我們將繼續採取 1 月份及以後的定價措施，這與我們過去的做法一致。但關稅政策一直在不斷變化，我們的團隊與客戶緊密合作，在應對這種變化方面做得非常出色。

Understood. That's very helpful. And my second question is, there's been a lot of encouraging comments and data points in the industry around the acceleration in capacity expansion for large engines to provide backup power to data centers. How are you positioning yourself to capitalize on that besides, of course, your exposure through your large customer, Cummins? Are you actively working to win share with some of those other players that have announced capacity expansions for large engines in the US and also Europe. So any comments on that?

明白了。那很有幫助。我的第二個問題是，業內有很多令人鼓舞的評論和數據點表明，大型引擎的產能擴張正在加速，以向資料中心提供備用電源。除了透過大客戶康明斯獲得曝光機會之外，您還如何定位自己以利用這一點？您是否正在積極努力，爭取與那些已宣佈在美國和歐洲擴大大型引擎產能的其他企業爭奪市場份額？對此大家有什麼看法？

Yes, absolutely. Certainly a very favorable trend in data centers that we do expect to continue for several years here, and that's how we're thinking about it to start with. We have a very strong position and partnership with Cummins. Our filters are on those gen sets. And so we certainly have the opportunity to continue to grow as our partners grow.

是的，絕對的。這無疑是資料中心領域一個非常有利的趨勢，我們預計這種趨勢將持續數年，這也是我們最初的看法。我們與康明斯建立了非常穩固的合作關係。我們的過濾器就安裝在這些發電機組上。因此，隨著合作夥伴的發展，我們當然也有機會繼續發展壯大。

And we are targeting new business development, as I talked about in both aftermarket and first-fit applications with customers that we haven't operated with so much in the past, right? And so we're investing to grow with those new customers.

正如我剛才提到的，我們正在著眼於新的業務發展，包括售後市場和首次安裝應用，與我們過去合作不多的客戶進行合作，對吧？因此，我們正在投資，以期與這些新客戶共同發展。

In terms of -- I just would highlight in terms of the aftermarket, we don't see a significant aftermarket benefit related to those gen sets. They are usually installed for backup power, and so it doesn't quite have the same profile as some of our other applications. But certainly, we are seeking to partner with new customers and continue to support our existing customers that will benefit from that growth.

至於售後市場方面——我只想強調一下，我們沒有看到這些發電機組在售後市場方面有任何顯著優勢。它們通常安裝用於備用電源，因此與我們的某些其他應用不太一樣。當然，我們正在尋求與新客戶建立合作關係，並繼續支持現有客戶，他們將從這種成長中受益。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Yes. This is David Ridley-Lane on for Andrew. I'll ask a bit of an interesting one for you here. First Brands declared bankruptcy in late September. They own the FRAM and the Luber-finer brands filtration subsidiaries there.

是的。我是大衛·里德利-萊恩，替安德魯報道。我問你一個有點意思的問題。第一品牌公司於9月下旬宣布破產。他們擁有 FRAM 和 Luber-finer 品牌的過濾設備子公司。

If this is a disorderly process, could Atmus be a beneficiary? And are you already sort of reaching out to maybe the retailers about taking over some space on the shelves?

如果這是一個無序的過程，Atmus 有可能從中受益嗎？你們是否已經開始聯絡零售商，討論租用一些貨架空間的事宜？

Thanks for the question, David. Certainly, we are aware of that. And look, broadly speaking, I would say we're absolutely looking to expand our aftermarket coverage. That's how I'd have you think about that. We're doing it through a number of channels, and we're being really successful.

謝謝你的提問，大衛。當然，我們很清楚這一點。總的來說，我認為我們絕對正在尋求擴大售後市場覆蓋範圍。我希望你這樣想。我們透過多種管道進行這項工作，而且非常成功。

We are winning and gaining share. So the first path that we see an opportunity to do that is with our existing partners. And we are growing with our existing partners as they grow their share in OEMs, for example.

我們正在取得勝利，市場佔有率也不斷擴大。因此，我們認為實現這一目標的第一個途徑是與我們現有的合作夥伴合作。我們與現有合作夥伴共同成長，例如，隨著他們在 OEM 領域的市佔率不斷擴大。

And then we are intentionally increasing our coverage through new aftermarket channels, both through independent and through retail channels. And so that will give us greater access and coverage across aftermarket. We see the opportunity really in expanding our coverage to be able to avail ourselves of getting our product to more customers. And that would be the way that we would potentially be the beneficiary of gaining greater share from some of the examples and the changes in the marketplace that you just described.

然後，我們正在有意識地透過新的售後市場管道（包括獨立通路和零售通路）來擴大我們的覆蓋範圍。這樣一來，我們將能夠更廣泛地接觸和覆蓋售後市場。我們看到了擴大覆蓋範圍的真正機會，這樣我們就能將產品帶給更多的客戶。這樣一來，我們或許就能從您剛才描述的一些例子和市場變化中受益，獲得更大的市場份額。

Got it. And then maybe one for Jack. Look, a lot of the tariffs were announced kind of suddenly. You had, I'm sure, six months of fun. As you look over the next six months, is all of these levers that you're pulling, supply chain optimization, et cetera, could you be saving a couple of million dollars or more from those efforts next six months relative to the last six months.

知道了。然後也許還要給傑克一杯。你看，很多關稅都是突然宣布的。我相信你這六個月過得很開心。展望未來六個月，你正在採取的所有這些措施，例如供應鏈優化等等，與過去六個月相比，未來六個月你能否透過這些努力節省數百萬美元甚至更多？

Yes. I think -- first of all, David, thanks for the question. I think, as you know, it's certainly been a big resource strain on ourselves and likely many of our peers in broader industries to navigate what is an ever-changing environment. And so I think everyone is looking for some clarity to ease the ability to plan for the future. Look, I would just kind of harken back to what Steph said before, which is our principle as we deal with this broader environment, and that is to, first and foremost, to remain price/cost neutral.

是的。我想——首先，David，謝謝你的提問。正如您所知，要應對不斷變化的環境，對我們以及更廣泛的行業中的許多同行來說，無疑是一個巨大的資源壓力。所以我認為大家都在尋求一些更清晰的訊息，以便更容易規劃未來。你看，我只想重申一下 Steph 之前說過的話，這也是我們在應對當前更廣泛環境時所秉持的原則，那就是首先要保持價格/成本中立。

We are trying to do that in a way which mitigates the impacts for our customers in every way that we can, things like availing ourselves of exemptions, looking at our broader supply chain to identify ways to mitigate costs and therefore, mitigate the need to take any pricing actions. And we fully expect to continue to do that for as long as it takes to reach a point of clarity here.

我們正在努力以各種方式減輕對客戶的影響，例如利用豁免權，審視我們更廣泛的供應鏈，以尋找降低成本的方法，從而減輕任何定價措施的必要性。我們完全有信心繼續這樣做，直到事情真相大白為止。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，北地資本市場。

So I was just hoping to dive a little bit deeper. The 11% year-over-year revenue growth, fantastic. That's the best rate that you've seen since going public by like 600 bps. I know you listed the pricing and volume dynamics, but just kind of curious to hear from the perspective of how much do you think was driven by the better availability of your products via now your whole distribution footprint being wholly owned? Or maybe any other internally controlled pieces that you'd point out that helped drive the growth aside from pricing?

所以我只是想更深入地探索一下。年增11%的營收，太棒了。這是自上市以來你見過的最佳利率，比之前的利率低了大約 600 個基點。我知道您列出了價格和銷售動態，但我很好奇，從您的角度來看，您認為產品供應量的提高，在多大程度上是由於您現在完全擁有了自己的分銷網絡而推動的？或者，除了價格因素之外，您認為還有哪些內部可控因素推動了成長？

Yes. Bobby, thanks. Great question. And there certainly was some benefits of increased availability in the quarter. We continue to improve our availability across the global network, and we still see some runway to further improve that in at least fourth quarter and beyond.

是的。鮑比，謝謝。問得好。本季供貨量的增加確實帶來了一些好處。我們持續提升全球網路的可用性，我們認為至少在第四季及以後仍有進一步提升的空間。

And so I would say I don't know if I had to -- it'd be about 1% maybe of that is maybe the availability improvement, if I had to give you a number. The broader benefits of us improving our availability are even more significant in my view. This is about how we build reliability as a company.

所以，如果非要我給一個數字的話，我只能說，可用性的提升可能只有 1% 左右。在我看來，提高服務可用性帶來的更廣泛的益處更為顯著。這關乎我們如何建立公司的可靠性。

We've continued to try to do that with investors and shareholders and we do it with our customers. And so really, what availability is about, it certainly is about share gain and getting the product where your customers need it. But it is about building that reliability with our customers, our current customers and our new customers, and that will create a flywheel effect of growth for our business.

我們一直努力對投資者和股東這樣做，我們也對客戶這樣做。所以說，供貨能力的真正意義在於提升市場份額，並將產品送到顧客需要的地方。但關鍵在於與我們的客戶（包括現有客戶和新客戶）建立這種可靠性，這將為我們的業務帶來飛輪式的成長效應。

Super helpful color. And then just turning to maybe expansion outside of your current end markets. Just curious if we could get an update of any progress there? I know you've done some organic launches into kind of industrial filtration. Just curious to hear any color on that.

非常實用的顏色。然後，或許可以考慮將業務拓展到現有終端市場之外。想請問能否告知那方面的最新進展？我知道你們已經開展了一些有機產品推廣，涉足工業過濾領域。只是好奇想聽聽大家的看法。

So our strategy remains unchanged. We are expanding into industrial filtration markets is our strategy. We're pursuing three primary market focus areas. And we do see our primary path to that through acquisitions. And our team have been doing a fantastic job.

因此，我們的策略保持不變。我們的策略是拓展工業過濾市場。我們正著力開拓三大主要市場領域。我們認為實現這一目標的主要途徑是透過收購。我們的團隊一直做得非常出色。

We have a great team working on this, and they are reviewing regularly a robust pipeline of targets. And obviously, as and when I have an outcome to share, I will certainly be sharing that. So I'm pleased with the muscle building for growth that we are doing as a team. And I'm also pleased with the disciplined approach we're taking to creating long-term shareholder value.

我們有一個很棒的團隊負責這項工作，他們會定期審查一系列可靠的目標項目。當然，一旦有了結果，我一定會及時分享。所以，我對我們團隊在成長過程中所取得的進步感到滿意。我也很滿意我們為創造長期股東價值所採取的嚴謹方法。

On the organic side, we have certainly launched products that can be utilized in applications in industrial filtration markets. We are learning from those launches, and we are learning from working through new channels. I would say that is a small -- very small portion of our revenue, and it will -- it has the potential to accelerate on the back of us making an acquisition is how I would have you think about it.

在有機產品方面，我們確實推出了一些可以應用於工業過濾市場的產品。我們從這些產品發布中吸取經驗，也從透過新管道開展工作中學習。我認為這只是我們收入的一小部分——非常小的一部分，而且——我希望你們這樣理解，隨著我們進行收購，這部分收入有可能加速成長。

There are no further questions at this time. I would now like to turn the call back over to Todd Chirillo for closing remarks. Please go ahead.

目前沒有其他問題了。現在我謹將電話交還給托德·奇里洛，請他作總結發言。請繼續。

That concludes our teleconference for the day. Thank you all for participating and for your continued interest. Have a great day.

今天的電話會議到此結束。感謝各位的參與與持續關注。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。