Barrick Mining Corp (B) 2023 Q2 法說會逐字稿

Ladies and gentlemen, good morning. My name is [Abby,] and I will be your conference operator today. At this time, I would like to welcome everyone to the Barnes Second Quarter 2023 Earnings Conference Call and Webcast. Today's conference is being recorded. (Operator Instructions)

女士們、先生們，早上好。我的名字是 [Abby]，今天我將擔任您的會議操作員。此時，我歡迎大家參加 Barnes 2023 年第二季度收益電話會議和網絡廣播。今天的會議正在錄製中。 （操作員說明）

And I will now turn the conference over to Bill Pitts, Vice President of Investor Relations. You may begin.

我現在將會議交給投資者關係副總裁比爾·皮茨 (Bill Pitts)。你可以開始了。

Thank you, [Abby.] Good morning, and thank you for joining us for our second quarter 2023 earnings call. With me are Barnes President and Chief Executive Officer, Thomas Hook; and Senior Vice President of Finance and Chief Financial Officer, Julie Streich. If you have not received a copy of our earnings press release, you can find it on the Investor Relations section of our corporate website at onebarnes.com, that's O-N-E-B-A-R-N-E-S.com.

謝謝你，[Abby]。早上好，感謝您參加我們的 2023 年第二季度財報電話會議。和我在一起的有 Barnes 總裁兼首席執行官 Thomas Hook；財務高級副總裁兼首席財務官 Julie Streich。如果您還沒有收到我們的收益新聞稿副本，您可以在我們公司網站 onebarnes.com（即 O-N-E-B-A-R-N-E-S.com）的投資者關係部分找到它。

During our call, we will be referring to the earnings release supplement slides, which are also posted on our website. Our discussion today includes certain non-GAAP financial measures, which provide additional information we believe is helpful to investors. These measures have been reconciled to the related GAAP measures in accordance with SEC regulations. You will find a reconciliation table on our website as part of our press release and in the Form 8-K submitted to the Securities and Exchange Commission. Be advised that certain statements we make on today's call, both during the opening remarks and during the question-and-answer session, may be forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

在我們的電話會議中，我們將參考收益發布補充幻燈片，這些幻燈片也發佈在我們的網站上。我們今天的討論包括某些非公認會計準則財務指標，這些指標提供了我們認為對投資者有幫助的額外信息。這些措施已根據 SEC 法規與相關 GAAP 措施進行了調整。您可以在我們的網站上找到調節表，作為我們新聞稿的一部分，以及提交給證券交易委員會的 8-K 表中。請注意，我們在今天的電話會議上在開場白和問答環節中所做的某些陳述可能是 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Please consider the risks and uncertainties that are mentioned in today's call and that are described in our periodic filings with the SEC. These filings are available through the Investor Relations section of our corporate website at onebarnes.com.

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與預測存在重大差異。請考慮今天的電話會議中提到的以及我們向 SEC 定期提交的文件中描述的風險和不確定性。這些文件可通過我們公司網站 onebarnes.com 的投資者關係部分獲取。

Let me now turn the call over to Tom for his opening remarks. Then Julie will provide a review of our financial performance and details of our updated 2023 outlook. After that, we will open up the call for questions. Tom?

現在讓我把電話轉給湯姆，讓他致開幕詞。然後，朱莉將回顧我們的財務業績以及更新的 2023 年展望的詳細信息。之後，我們將開放提問。湯姆？

Thank you, Bill, and good morning, everybody. I'd just like to start first by wishing my wife, [Beth Ann,] Happy Birthday.

謝謝你，比爾，大家早上好。首先，我想祝我的妻子 [Beth Ann] 生日快樂。

Barnes delivered a good performance in the second quarter, generating top line growth and improvement in adjusted operating income and margin. The team accomplished this while simultaneously advancing the substantial transformation underway at Barnes. Our progress is encouraging, although asymmetric across the company and there remain further opportunities to drive our Integrate, Consolidate and Rationalize optimization strategy.

Barnes 在第二季度取得了良好的業績，實現了營收增長以及調整後營業收入和利潤率的改善。該團隊在實現這一目標的同時，還推進了 Barnes 正在進行的重大轉型。儘管整個公司不對稱，但我們的進展令人鼓舞，並且仍然有進一步的機會來推動我們的整合、鞏固和合理化優化戰略。

Our multi-phased initiative to improve core business execution continues and some early progress can be seen in the improved industrial results in the quarter. While industrial performance is not at the desired level, there is movement in the right direction. For the time being, I am taking a more active role with each industrial SBU, and I had temporarily assumed the Molding Solutions President role. While the ultimate organization structure for Industrial is under development, when settled, it will be an efficient structure built to support the execution of our strategic plans.

我們改善核心業務執行的多階段舉措仍在繼續，一些早期進展可以從本季度工業業績的改善中看出。雖然工業績效未達到理想水平，但正在朝著正確的方向發展。目前，我在每個工業 SBU 中扮演著更積極的角色，並且我暫時擔任了成型解決方案總裁的角色。雖然工業的最終組織結構正在製定中，但一旦確定，它將成為一個高效的結構，以支持我們戰略計劃的執行。

For Industrial, organic orders were flat as compared to a year ago. Though book-to-bill was approximately 1.1x. From a macro standpoint, trends we have discussed previously are still visible with several end-markets performing well, and others seeing ongoing challenges. Automation has delivered an increase in sequential revenues for 3 quarters in a row, and our multi-cavity mold systems business continues to be strong.

對於工業而言，有機訂單與一年前持平。儘管訂單出貨比約為 1.1 倍。從宏觀角度來看，我們之前討論的趨勢仍然可見，一些終端市場表現良好，而其他市場則面臨持續的挑戰。自動化已連續三個季度實現連續收入增長，我們的多型腔模具系統業務繼續保持強勁。

On the other hand, our automotive hot runners and sheet metal forming product lines have seen weakness. Across industrial markets, China has been particularly soft. Julie will touch upon SBU highlights in a moment.

另一方面，我們的汽車熱流道和鈑金成型產品線卻表現疲軟。在整個工業市場中，中國的表現尤其疲軟。朱莉稍後將談到 SBU 的亮點。

There is a rich organic growth opportunity in industrial, and we are redirecting our sales efforts to drive a strong vibrant sales funnel, focusing on improved commercial practices and a new customer acquisition. Building that commercial pipeline is a key step to generating the performance we expect from the business.

工業領域存在豐富的有機增長機會，我們正在重新調整我們的銷售努力，以推動強大且充滿活力的銷售渠道，重點關注改進的商業實踐和新客戶的獲取。建立商業管道是實現我們期望的業務績效的關鍵一步。

At Aerospace, the market remains very favorable. Our OEM business will benefit from ongoing production rate increases by both Boeing and Airbus. In the aftermarket, we continue to deliver strong sales growth given improved passenger traffic and the resurgence of wide-body activity. Clearly, the market vibrancy supports our Aerospace strategy to enhance focus and grow this business.

在航空航天領域，市場仍然非常有利。我們的 OEM 業務將受益於波音和空客持續提高的生產率。在售後市場，由於客流量的改善和寬體客機活動的複蘇，我們繼續實現強勁的銷售增長。顯然，市場活力支持我們的航空航天戰略，以加強重點並發展這項業務。

In support of our strategy to grow our military aftermarket business, we have reached an agreement with Blue Raven to provide U.S. military aftermarket distribution support for Barnes Aerospace products and services. This agreement will help grow our U.S. military aftermarket business through Blue Raven's tech-enabled, scalable supply chain solutions. Our top line performance at Aerospace has been particularly good. We did take a step back with respect to adjusted operating margin performance in the second quarter.

為了支持我們發展軍事售後市場業務的戰略，我們與 Blue Raven 達成協議，為 Barnes Aerospace 產品和服務提供美國軍事售後市場分銷支持。該協議將通過 Blue Raven 的技術支持、可擴展的供應鏈解決方案幫助發展我們的美國軍事售後市場業務。我們在航空航天領域的營收表現尤其出色。我們確實在第二季度調整後的營業利潤率方面有所後退。

There are 2 factors driving this dynamic. First, we have experienced productivity challenges in some facilities. These challenges are within our control and are actively being addressed. Second, with an OEM, we experienced a product mix impact on margin resulting from less fabrication work and more machine. That said, I am pleased with the overall performance and direction of our Aerospace business and expect our margin performance to get back on track in the second half.

有兩個因素推動了這種動態。首先，我們在一些設施中遇到了生產力挑戰。這些挑戰在我們的控制範圍內，並且正在積極解決。其次，對於 OEM，我們經歷了由於製造工作減少和機器增加而導致產品組合對利潤的影響。也就是說，我對我們航空航天業務的整體業績和方向感到滿意，並預計我們的利潤率表現將在下半年重回正軌。

Before I conclude my remarks, I'd like to provide an update on our pending acquisition with MB Aerospace. MB Aerospace is an exceptional strategic fit for Barnes Aerospace with highly complementary programs, global operations, technical capabilities and product and services offerings. The transaction is progressing as expected through the regulatory approval process, and we anticipate closing the transaction before the end of the year. Upon closing, we will immediately begin integration in driving organizational synergies. At that time, we'll also be able to share more detailed financial and operational aspects of the combined business. We're excited about the acquisition and like the balance it brings to our portfolio.

在結束髮言之前，我想介紹一下我們即將與 MB Aerospace 進行的收購的最新情況。 MB Aerospace 是 Barnes Aerospace 的一個特殊的戰略合作夥伴，具有高度互補的項目、全球運營、技術能力以及產品和服務。該交易正在按預期通過監管審批程序，我們預計該交易將在年底前完成。交易完成後，我們將立即開始整合，以推動組織協同效應。屆時，我們還將能夠分享合併後業務的更詳細的財務和運營方面的信息。我們對此次收購感到興奮，並喜歡它為我們的投資組合帶來的平衡。

To close my prepared remarks, our actions across the company target the core business performance improvement we expect to deliver. These actions, whether transformation-related or acquisition integrated-related are all part of the same value equation. There's considerable work in progress and still much more to do. However, we have the systems, investments and global team to execute these simultaneous objectives. We are on the appropriate path and our commitment to the process is unwavering.

作為我準備好的發言的結束語，我們整個公司的行動目標是我們期望實現的核心業務績效改進。這些行動，無論是與轉型相關還是與收購整合相關，都是同一個價值方程式的一部分。目前還有大量工作正在進行，而且還有很多工作要做。然而，我們擁有系統、投資和全球團隊來同時執行這些目標。我們正走在正確的道路上，我們對這一進程的承諾堅定不移。

Let me now pass the call over to Julie for a discussion of our second quarter performance as well as some end market color.

現在讓我將電話轉給朱莉，討論我們第二季度的業績以及一些終端市場的情況。

Good morning, everyone, and thank you, Tom. Let me begin with highlights of our second quarter results on Slide 4 of our supplement.

大家早上好，謝謝你，湯姆。讓我首先介紹我們增刊幻燈片 4 上第二季度業績的亮點。

Second quarter sales were $339 million, up 6% from the prior year period with organic sales increasing 5%. Foreign exchange had a modest favorable impact on sales. Adjusted operating income was $43.5 million this year, up 8% from $40.1 million a year ago. And adjusted operating margin, up 12.8%, was up 30 basis points.

第二季度銷售額為 3.39 億美元，比去年同期增長 6%，其中有機銷售額增長 5%。外匯對銷售產生了適度的有利影響。今年調整後營業收入為 4,350 萬美元，比去年同期的 4,010 萬美元增長 8%。調整後的營業利潤率增長了12.8%，上漲了30個基點。

Net income was $17.4 million or $0.34 per diluted share compared to a net loss of $39.6 million or negative $0.78 per diluted share a year ago. On an adjusted basis, net income per share of $0.58, was up 4% from $0.56 a year ago. Adjusted net income per share in the second quarter of 2023 excludes $0.19 of restructuring and transformation-related charges and $0.05 of acquisition-related charges. Last year's adjusted net income per share excludes a goodwill impairment charge of $1.34.

淨利潤為 1740 萬美元，即稀釋後每股收益 0.34 美元，而一年前淨虧損為 3960 萬美元，即稀釋後每股負 0.78 美元。調整後每股淨利潤為 0.58 美元，比一年前的 0.56 美元增長 4%。 2023 年第二季度調整後每股淨利潤不包括 0.19 美元的重組和轉型相關費用以及 0.05 美元的收購相關費用。去年調整後的每股淨利潤不包括 1.34 美元的商譽減值費用。

Interest expense was $6.5 million, an increase of $3.2 million due to a higher average interest rate. Other income was $2.9 million, up $2.5 million from last year, driven by an increase in nonoperating pension income. The effective tax rate in the second quarter of 2023 was 22.5% compared to negative 27.1% in the year ago period and 64.7% for the full year 2022. The decrease in the second quarter 2023 effective tax rate from the full year 2022 rate is primarily due to the absence of a goodwill impairment charge, which is not tax deductible for book purposes.

利息支出為 650 萬美元，由於平均利率上升而增加了 320 萬美元。由於非營業性養老金收入增加，其他收入為 290 萬美元，比去年增加 250 萬美元。 2023 年第二季度的有效稅率為 22.5%，去年同期為負 27.1%，2022 年全年為 64.7%。2023 年第二季度有效稅率較 2022 年全年稅率下降的主要原因由於沒有商譽減值費用，就賬面目的而言，商譽減值費用不可抵稅。

Now I'll turn to our segment performance, beginning with industrial. For the second quarter, sales were $217 million, up 2% from the prior year period. Similarly, organic sales increased approximately 2%. Favorable foreign exchange was a modest positive to sales. Industrial's operating profit was $9.4 million versus a loss of $48.7 million a year ago. Excluding $13.4 million of restructuring and transformation-related charges in the current year, adjusted operating profit of $22.8 million, was up 17% and adjusted operating margin of 10.5%, was up 130 basis points. Adjusted operating profit benefited from positive pricing and favorable productivity.

現在我將轉向我們的細分市場表現，從工業開始。第二季度銷售額為 2.17 億美元，比去年同期增長 2%。同樣，有機銷售額增長了約 2%。有利的外匯對銷售有一定的積極作用。 Industrial 的營業利潤為 940 萬美元，而一年前為虧損 4870 萬美元。剔除本年度 1,340 萬美元的重組和轉型相關費用，調整後營業利潤為 2,280 萬美元，增長 17%，調整後營業利潤率為 10.5%，增長 130 個基點。調整後的營業利潤受益於積極的定價和有利的生產力。

With respect to orders and sales for the quarter across our Industrial businesses, Molding Solutions organic orders increased 6%, while organic sales decreased 2%. Our multicavity mold systems product line was once again solid with personal care and general industrial end markets propelling orders and medical, personal care and general industrial lifting the sales. These were offset by weakness in our hot-runner product line serving automotive end markets. For 2023, we now expect Molding Solutions organic sales to increase low single digits, down slightly from our prior expectation.

就本季度工業業務的訂單和銷售額而言，Molding Solutions 有機訂單增長了 6%，而有機銷售額下降了 2%。我們的多腔模具系統產品線再次穩固，個人護理和一般工業終端市場推動訂單，醫療、個人護理和一般工業提升銷售。這些被我們服務於汽車終端市場的熱流道產品線的疲軟所抵消。對於 2023 年，我們現在預計 Molding Solutions 的有機銷售額將出現低個位數增長，略低於我們之前的預期。

At Motion Control Solutions, organic orders were down 5% in the quarter while organic sales grew 4%. As was the case last quarter, we saw good orders and sales, driven by transportation-related end markets, while we saw softness in the sheet metal forming end market. We continue to forecast mid-single-digit organic sales growth for MCS in 2023.

在 Motion Control Solutions，本季度有機訂單下降 5%，而有機銷售額增長 4%。與上季度的情況一樣，在運輸相關終端市場的推動下，我們看到了良好的訂單和銷售，同時我們看到鈑金成型終端市場疲軟。我們繼續預測 2023 年 MCS 的有機銷售額將實現中個位數增長。

At Automation, organic orders were down 3%, while organic sales increased 5%. We expect high single-digit organic sales growth for automation in 2023, unchanged from our prior view.

在 Automation，有機訂單下降了 3%，而有機銷售額則增長了 5%。我們預計 2023 年自動化領域的有機銷售額將出現高個位數增長，與我們之前的觀點持平。

For the Industrial segment, we anticipate low to mid-single-digit organic sales growth for 2023 with adjusted operating margin between 9.5% to 10.5%, the latter consistent with our previous outlook. At Aerospace, sales were $122 million, up 12% from a year ago. OEM sales grew 8%, while after-market sales grew by 18% in total. Within the aftermarket, MRO was up 26% and spare parts were up 7%. Operating profit was $16.6 million, down 19%.

對於工業領域，我們預計 2023 年有機銷售額將實現低至中個位數增長，調整後營業利潤率將在 9.5% 至 10.5% 之間，後者與我們之前的預期一致。航空航天部門的銷售額為 1.22 億美元，比去年同期增長 12%。 OEM銷售額增長8%，售後市場銷售額總計增長18%。在售後市場，MRO 增長了 26%，備件增長了 7%。營業利潤為 1660 萬美元，下降 19%。

Excluding restructuring and transformation-related charges of $0.5 million and MB Aerospace acquisition related charges of $3.6 million. Adjusted operating profit was $20.7 million, essentially flat year-over-year. Adjusted operating margin was 17%, down 190 basis points from a year ago. As Tom mentioned, adjusted operating profit and margin were impacted by unfavorable productivity and product mix within the OEM business, offset in part by the benefit of higher sales volume.

不包括 50 萬美元的重組和轉型相關費用以及 360 萬美元的 MB Aerospace 收購相關費用。調整後營業利潤為 2070 萬美元，與去年同期基本持平。調整後營業利潤率為 17%，較去年同期下降 190 個基點。正如 Tom 提到的，調整後的營業利潤和利潤率受到 OEM 業務中不利的生產力和產品組合的影響，但銷量增加的好處部分抵消了這一影響。

OEM orders were down 18% in the quarter, though that relates to the lumpiness of order patterns and is not concerning. Book-to-bill was 1.2x in the quarter and 1.5x in the first half, so a healthy order level. Our OEM backlog grew to $805 million, an increase of 2% sequentially from March 2023 and up 7% as compared to a year ago. We expect to convert approximately 50% of this backlog to revenue over the next 12 months.

本季度 OEM 訂單下降了 18%，但這與訂單模式的混亂有關，並不令人擔憂。本季度的訂單出貨比為 1.2 倍，上半年為 1.5 倍，訂單水平良好。我們的 OEM 積壓訂單增至 8.05 億美元，較 2023 年 3 月環比增長 2%，較去年同期增長 7%。我們預計在未來 12 個月內將大約 50% 的積壓訂單轉化為收入。

Our OEM sales outlook for 2023 is up low 20s percent, a more favorable view than our April outlook. For the aftermarket, we forecast 2023 growth of mid-teens for MRO and low double digits for spare parts, both representing an increase from our prior view. Our forecast for Aerospace adjusted operating margin is approximately 18%, a small downtick from our prior view.

我們對 2023 年 OEM 銷售的預期下調了 20%，這比我們 4 月份的預期更為樂觀。對於售後市場，我們預計 2023 年 MRO 的增長將達到中位數，備件的增長將達到兩位數，均較我們之前的預期有所增長。我們對航空航天調整後營業利潤率的預測約為 18%，比我們之前的預期略有下降。

With respect to cash, first half cash provided by operating activities was $42 million versus $9 million in the prior year period. The primary drivers continue to be from lower paid incentive compensation in 2023 relative to 2022 and a lower change in working capital compared to the prior year period. Free cash flow was $21 million versus a negative $5 million last year and capital expenditures were $22 million, up approximately $8 million from the prior year.

就現金而言，上半年經營活動提供的現金為 4,200 萬美元，而去年同期為 900 萬美元。主要驅動因素仍然是 2023 年的激勵薪酬相對於 2022 年較低，以及與上年同期相比營運資本變化較小。自由現金流為 2100 萬美元，去年為負 500 萬美元，資本支出為 2200 萬美元，比上年增加約 800 萬美元。

With our balance sheet, the debt-to-EBITDA ratio, as defined by our credit agreement was 2.56x at quarter end when considering our cash position at the end of the second quarter on a net debt-to-EBITDA basis would be approximately 2.2x. Our second quarter average diluted shares outstanding were 51.2 million shares and period end shares outstanding were 50.6 million shares. During the quarter, we did not repurchase any shares.

根據我們的資產負債表，我們的信貸協議定義的債務與 EBITDA 比率在季度末為 2.56 倍，考慮到我們在第二季度末的現金狀況（以淨債務與 EBITDA 為基礎）約為 2.2 X。第二季度攤薄後平均已發行股數為 5120 萬股，期末已發行股數為 5060 萬股。本季度，我們沒有回購任何股票。

Turning to Slide 6 of our supplement. Let me share details of our updated outlook for 2023. We now expect organic sales to be up 7% to 9% for the year with adjusted operating margin between 12.5% and 13.5%. We continue to expect adjusted EPS in the range of $2.15 to $2.30, up 9% to 16% from 2022's adjusted earnings of $1.98 per share. 2023 adjusted earnings per share are anticipated to exclude $0.54 from the restructuring and transformation-related activities announced to date and $0.08 related to the pending MB Aerospace acquisition. We estimate the remaining adjustments to be $0.10 in Q3 and $0.07 in Q4. Please note that the closing and other deal costs associated with the pending MB Aerospace acquisition are not included in our outlook. Like last year, we do expect adjusted EPS in the third quarter to be lower than that of the second quarter by a few cents.

轉向我們補充材料的幻燈片 6。讓我分享一下我們對 2023 年最新展望的詳細信息。我們現在預計今年的有機銷售額將增長 7% 至 9%，調整後的營業利潤率將在 12.5% 至 13.5% 之間。我們繼續預計調整後每股收益在 2.15 美元至 2.30 美元之間，較 2022 年調整後每股收益 1.98 美元增長 9% 至 16%。預計 2023 年調整後每股收益將排除迄今為止宣布的重組和轉型相關活動中的 0.54 美元，以及與即將進行的 MB Aerospace 收購相關的 0.08 美元。我們預計第三季度剩餘調整額為 0.10 美元，第四季度剩餘調整額為 0.07 美元。請注意，與即將進行的 MB Aerospace 收購相關的成交成本和其他交易成本不包括在我們的展望中。與去年一樣，我們確實預計第三季度調整後每股收益將比第二季度低幾美分。

A few other outlook items. Interest expense is anticipated to be approximately $26 million and other income to be approximately $1 million. Please note, this excludes $1.4 million of pension income attributable to our restructuring activities. We anticipate a full year effective tax rate between 24% and 25%, CapEx of approximately $50 million, average diluted shares of approximately 51 million and cash conversion of approximately 100%.

其他一些展望項目。預計利息支出約為 2600 萬美元，其他收入約為 100 萬美元。請注意，這不包括我們重組活動帶來的 140 萬美元養老金收入。我們預計全年有效稅率在 24% 至 25% 之間，資本支出約為 5000 萬美元，平均稀釋後股份約為 5100 萬股，現金轉換率約為 100%。

In closing, we generated good second quarter results and our transformation efforts remain on track. That said, we see pockets of suboptimal productivity and the pace of working capital improvement hasn't gained sufficient traction. We are actively addressing both of these items with our focus on driving revenues, managing working capital and delivering core business execution.

最後，我們第二季度取得了良好的業績，並且我們的轉型努力仍在按計劃進行。也就是說，我們看到一些生產率未達到最佳水平的情況，而且營運資本改善的步伐尚未獲得足夠的牽引力。我們正在積極解決這兩個問題，重點是增加收入、管理營運資金和提供核心業務執行。

Operator, we will now open the call for questions.

接線員，我們現在開始提問。

(Operator Instructions) We will take our first question from Matt Summerville with D.A. Davidson.

（操作員說明）我們將接受 D.A. 馬特·薩默維爾 (Matt Summerville) 提出的第一個問題。戴維森。

Can you maybe -- can you maybe expand a little bit on the productivity issues you encountered in Aerospace, maybe triangulate a little bit on exactly kind of what they were and why you feel maybe they're transitory in nature? And then maybe, Julie, if you can comment on how much you think that weighed on margins in the quarter? And then I have a follow-up.

你能否——你能否稍微擴展一下你在航空航天領域遇到的生產力問題，也許對它們到底是什麼以及為什麼你覺得它們本質上是短暫的進行三角測量？朱莉，您能否評論一下您認為這對本季度利潤率的影響有多大？然後我有一個後續行動。

Sure, Matt. So in Aerospace, we run a series of facilities across North America and Asia. And in some of our facilities, we have seen a significant amount of new employee hiring, and we attempted to smooth out, train and ramp production. We run into inefficient operations. They are all things within our control through training, development, and obviously, leadership and management of the facility led. We're putting the improvements in place, but those productivity challenges are part of the ramp difficulties and headwinds that we've experienced, not all facilities have experienced these productivity challenges. We had good ramps through the recovery of the Aerospace industry, been able to hire and train and onboard people effectively.

當然，馬特。因此，在航空航天領域，我們在北美和亞洲運營著一系列設施。在我們的一些工廠中，我們招聘了大量新員工，我們試圖平滑生產、培訓和提高產量。我們遇到運營效率低下的情況。通過培訓、發展，當然還有對設施的領導和管理，它們都在我們的控制範圍內。我們正在實施改進，但這些生產力挑戰是我們經歷過的斜坡困難和逆風的一部分，並非所有設施都經歷過這些生產力挑戰。我們在航空航天業的複蘇過程中取得了良好的進展，能夠有效地僱用、培訓和入職人員。

But 2 facilities have struggled with that since the recovery from the pandemic and while we have the teams on board and are still hiring people, we're still struggling with getting the team's efficiency in productive -- from a productivity standpoint and that was one of the reasons that we saw a drag on Aerospace profitability in the quarter, and we expect to have that corrected in the second half of the year with regards to the productivity in the facilities progressively over the course of the next 2 quarters, but is -- we'll get ourselves on a more productive track over the balance of the year but won't fully recover from the performance we've had in the second quarter, it will take another several quarters to get there.

但自從大流行病恢復以來，有兩家工廠一直在努力解決這個問題，雖然我們有團隊並且仍在招聘人員，但我們仍在努力提高團隊的生產效率——從生產力的角度來看，這是其中之一我們看到本季度航空航天盈利能力受到拖累的原因，我們預計將在今年下半年糾正這一問題，並在接下來的兩個季度中逐步提高設施的生產力，但 -我們將在今年剩下的時間裡走上更有成效的軌道，但不會完全從第二季度的表現中恢復過來，還需要幾個季度才能實現這一目標。

And then as a follow-up, can you maybe talk about the magnitude of pricing you're realizing in Industrial? Is there still more to be had relative to what you saw in Q2? And can you also remind just the timing of the cost savings cadence associated with your multiphase restructuring there and whether or not any of that has changed?

作為後續行動，您能否談談您在工業領域實現的定價幅度？與您在第二季度看到的情況相比，還有更多的事情要做嗎？您是否還可以提醒一下與您的多階段重組相關的成本節約節奏的時間安排以及是否有任何變化？

Yes. I'll address pricing first. Since last year, we've been on a progressive and continuous journey with regards to pricing to reflect the inflationary push-throughs both on labor and materials, freight, energy and other factors. So given over the past year that we've had a lot of that, some $40-plus million hit us in terms of inflationary effects, we've been pricing to offset that in the Industrial business.

是的。我將首先解決定價問題。自去年以來，我們在定價方面一直在不斷進步，以反映通脹對勞動力和材料、貨運、能源和其他因素的影響。因此，考慮到過去一年我們經歷了很多這樣的情況，大約 40 多萬美元的通貨膨脹影響給我們帶來了影響，我們一直在定價以抵消工業業務的影響。

As you know, in Aerospace, we have more contractual hedges against inflationary pressures, particularly on the material side, and in industrial, we do not. So it's a negotiated item. Expectations are for price, we will continue to prospectively adopt practices with regards to price mitigations with our customers, so the current deployment plans are still precipitating into our delivered financial results and prospectively on a go-forward basis, we will continue to manage pricing very carefully with our industrial company customers to reflect costs appropriately for them.

如您所知，在航空航天領域，我們有更多針對通脹壓力的合同對沖，特別是在材料方面，而在工業領域，我們沒有。所以這是一個談判項目。期望是價格，我們將繼續前瞻性地採取與客戶降低價格有關的做法，因此當前的部署計劃仍然會影響我們交付的財務業績，並且在未來的基礎上，我們將繼續管理定價與我們的工業公司客戶仔細溝通，為他們適當反映成本。

Of course, in parallel with that, we also do productivity efforts across industrial to make sure that we're holding ourselves accountable for efficiency gains within the business as well.

當然，與此同時，我們還在整個行業的生產力方面做出了努力，以確保我們也對業務內的效率提升負責。

But you can expect that there'll be continued price effects going forward in industrial in response to what we see as still an inflationary environment globally in a lot of markets, part of that will be passed on to customers in pricing, some of it will be on the average selling prices and some of it will be in surcharges depending on what the inflationary effect is. We expect to be able to offset that somewhat with the operational productivity at the same time.

但你可以預期，工業領域將持續出現價格效應，以應對我們認為全球許多市場仍然存在的通脹環境，其中一部分將通過定價傳遞給客戶，一部分將是根據平均售價計算的，其中一些將根據通貨膨脹的影響而收取附加費。我們希望能夠同時通過運營生產力來抵消這一影響。

With regard to the 3 phases of the cadence, I'll let Julie go through the financial, the number summary for it, but those programs remain on track. We've been very satisfied through the first 2 phases that are coming to fruition. We have seen several products reach key milestones in the second quarter and continue to be on track and on time. They've been meeting their time line and the cost savings objectives. Phase 3, as you know, is we got announced earlier in the year is in the rolling out phase and implementation phase, but there's several years left to go on that cadence for the Phase 3 initiatives. But we do expect to hit the cost savings targets and the milestones for 2023 as previously committed on all the programs.

關於節奏的三個階段，我將讓朱莉瀏覽一下財務、數字摘要，但這些計劃仍按計劃進行。我們對即將取得成果的前兩個階段感到非常滿意。我們已經看到一些產品在第二季度達到了關鍵里程碑，並繼續按時按計劃進行。他們一直在滿足時間表和成本節約目標。如您所知，我們在今年早些時候宣布，第三階段正處於推出階段和實施階段，但第三階段計劃的節奏還需要幾年的時間。但我們確實希望能夠實現之前對所有計劃所承諾的成本節約目標和 2023 年里程碑。

Julie?

朱麗葉？

Yes. Yes. And picking up, Matt. So what we had previously stated and remains the same, is that we expect run rate savings coming out of this year at around $22 million. That's a slight uptick now that we announced the Phase 3 initiatives, then we would be looking for about $43 million run rate out of $24 million and peaking at the $53 million we previously stated in 2025.

是的。是的。然後接電話，馬特。因此，我們之前說過並且保持不變的是，我們預計今年的運行率節省約為 2200 萬美元。現在我們宣布了第三階段計劃，這一數字略有上升，然後我們將在 2400 萬美元中尋找約 4300 萬美元的運行率，並在 2025 年達到我們之前所說的 5300 萬美元的峰值。

And we will take our next question from Christopher Glynn with Oppenheimer.

我們將回答克里斯托弗·格林和奧本海默提出的下一個問題。

So Tom, was curious, you mentioned taking over the leadership seat in Molding Solutions. Was that an unexpected development, just curious how that came about?

湯姆很好奇，您提到接管成型解決方案的領導席位。這是一個意想不到的發展，只是好奇這是怎麼發生的？

Yes, certainly, Chris. As you may remember, a lot of my background over the last several decades has been evolving, so I have kind of unique insights into the market from previous work experience. So in -- stepping in when Steve will transition, there was an interim leader in the Molding Solutions business that was somebody that was not operational. So as given the -- in my mind, the need to integrate, consolidate and rationalize our Molding Solutions SBU, I elected to step into that role and manage that business directly temporarily for a short period of time to help strategically get that progression into the right direction, and we're actively recruiting for a leader that will end up running that business from an integrated standpoint going forward. We expect to have that completed here by the end of the year. But given its importance to Barnes and given my multi-decades of experience in molding, I thought it was pivotal for us to get some significant traction there immediately.

是的，當然，克里斯。你可能還記得，過去幾十年我的很多背景都在不斷發展，所以我從以前的工作經驗中對市場有一些獨特的見解。因此，當史蒂夫即將過渡時，成型解決方案業務部門有一位臨時領導者，但他目前無法運營。因此，在我看來，需要整合、鞏固和合理化我們的成型解決方案 SBU，我選擇擔任該職位並在短時間內直接臨時管理該業務，以幫助戰略性地推動這一進程正確的方向，我們正在積極招募一位領導者，他最終將從綜合的角度來運營該業務。我們預計在今年年底前在這裡完成。但考慮到它對 Barnes 的重要性以及我在成型領域數十年的經驗，我認為立即獲得一些重大關注對我們來說至關重要。

That makes a lot of sense. And then how would you describe the industrial portfolio now in terms of composition. Obviously, Molding Solutions is very core. I wouldn't claim to be aware of all the slices and composition of your industrial in the past and divestitures are always part of a strategy or often part of a strategy when a company is retooling a segment to the extent you are. So curious if you could comment on that.

這很有意義。然後您如何描述現在的工業組合的構成。顯然，Molding Solutions 是非常核心的。我不會聲稱了解過去工業的所有部分和構成，資產剝離始終是戰略的一部分，或者當公司按照您的程度重組某個細分市場時，剝離通常是戰略的一部分。很好奇你是否可以對此發表評論。

Certainly, Chris, as you would know that we are always actively assessing our strategy in the company on an active basis at the management level as well as with the Board of Directors and the partnership. That process has continued under my tenure over the last year as the Chief Executive Officer. And Steve Moule's departure as the leader of Industrial has allowed me a kind of a unique set of insights into the underlying SBUs and understanding of the SBUs within the Industrial business and very carefully assessing, in particular, their go-to-market strategies to drive commercial pipeline and top line growth. And focusing on commercial execution, primarily to drive top line, bottom line pipeline performance for those SBUs.

當然，克里斯，正如你所知，我們始終在管理層以及董事會和合作夥伴的積極基礎上積極評估我們在公司的戰略。去年我擔任首席執行官期間，這一過程一直在繼續。史蒂夫·穆爾（Steve Moule）作為工業部門領導者的離職使我對工業業務中的基本 SBU 有了一套獨特的見解和了解，並非常仔細地評估，特別是他們的進入市場策略，以推動商業渠道和營收增長。並專注於商業執行，主要是為了推動這些 SBU 的頂線、底線管道性能。

As part of that, we're also looking at end market strengths and where we should be investing. There are investing choices to make in terms of emphasizing higher growth markets, like we pointed out in the call, medical technologies, biotechnologies, consumer packaged goods. So we've been shifting our commercial team's focus for those areas where the growth is good. You can see in some of the automotive hot-runner market that we've not seen as strong of a market, hence, we've been in more competitive struggles and particularly in Asia in those markets.

作為其中的一部分，我們還在研究終端市場的優勢以及我們應該投資的領域。正如我們在電話會議中指出的那樣，在強調更高增長的市場方面可以做出投資選擇，醫療技術、生物技術、消費品。因此，我們一直在將商業團隊的重點轉移到那些增長良好的領域。您可以看到，在一些汽車熱流道市場中，我們認為市場並不強勁，因此，我們一直處於競爭激烈的困境中，特別是在亞洲的這些市場中。

So we are making investment choices based on health of our operations and health of our business and positioning our product lines. But in fairness, we're also looking at the strategic balance across the portfolio where we are today and where it should be in the future. Nothing to communicate there other than it's under active operational and strategic assessment and has been over the past year of my tenure within the company.

因此，我們根據我們的運營狀況和業務健康狀況做出投資選擇，並定位我們的產品線。但公平地說，我們也在考慮整個投資組合的戰略平衡，即我們今天所處的位置和未來應該處於的位置。除了我在公司任職的過去一年中積極的運營和戰略評估之外，沒有什麼可溝通的。

Last one, any issues related to the [Pratt] quality issues, any direct exposure in the current portfolio or prospectively.

最後一個，與[普拉特]質量問題相關的任何問題，當前或未來投資組合中的任何直接風險。

In the current portfolio, we -- Barnes does not have any GTF content, so no direct exposure, and we would not anticipate that MB Aero would have any direct impact given that there -- this was on the OEM content side and [Pratt] also communicated that current production rates and plans are not changing. So obviously, we haven't closed that deal yet, so we don't have complete perfect line of sight. But overall, we think that the -- both the current Barnes portfolio in Aerospace have no impact in the prospective portfolio post the MB Aerospace acquisition, we think that the production rates for the GTF for Pratt will be the same for Aero?

在當前的產品組合中，我們——Barnes 沒有任何 GTF 內容，因此沒有直接曝光，而且我們預計 MB Aero 不會產生任何直接影響，因為——這是 OEM 內容方面和 [Pratt]還表示目前的生產率和計劃不會改變。顯然，我們還沒有完成這筆交易，所以我們沒有完全完美的視線。但總體而言，我們認為 Barnes 目前在航空航天領域的投資組合對 MB Aerospace 收購後的未來投資組合沒有影響，我們認為 Pratt 的 GTF 生產率將與 Aero 的相同？

And we'll take our next question from Myles Walton with Wolfe Research.

我們將回答沃爾夫研究中心的邁爾斯·沃爾頓提出的下一個問題。

I was hoping to maybe touch on Aerospace first. And in particular, the growth rate for OEM, up low 20s for the full year. I think year-to-date, you're at plus 10%, and you're talking about some productivity challenges. So just curious what is causing the acceleration there. The orders, I mean, you pointed to are lumpy, but still they weren't necessarily in the quarter, pointing to acceleration in the second half. So maybe just talk to the confidence on the OEM side.

我希望能先談談航空航天。尤其是 OEM 的增長率，全年只有 20 多倍。我認為今年迄今為止，您的生產率提高了 10%，並且您正在談論一些生產力挑戰。所以只是好奇是什麼導致了那裡的加速。我的意思是，您指出的訂單是不穩定的，但它們仍然不一定在本季度，表明下半年會加速。所以也許只是談談OEM方面的信心。

Yes. Sure. Well, the market obviously fundamentally, Myles, is extremely healthy. We've done an excellent job of partnering with our OEM customers and the feedback from all those customers, both our current customers and prospective new customers with the acquisition, have been highly supportive of the direction we're going with the combination of Barnes Aerospace with MB Aerospace.

是的。當然。嗯，邁爾斯，市場顯然從根本上來說非常健康。我們在與 OEM 客戶的合作方面做得非常出色，所有這些客戶（包括我們的現有客戶和收購後的潛在新客戶）的反饋都高度支持我們與 Barnes Aerospace 合併的方向與 MB 航空航天公司合作。

We've done a solid job in terms of operational performance and delivery through our OEMs. And that has really opened up a lot of opportunities given the prospective close of the MB Aerospace acquisition later in the year.

我們通過 OEM 在運營績效和交付方面做得非常出色。考慮到 MB Aerospace 收購預計將於今年晚些時候完成，這確實帶來了很多機會。

We have a lot of good strategic dialogues with customers. We have been through the COVID period, a significant reemployment of large operating teams globally. That has -- we've started first to fill the positions. Second, we've been struggling, as you know, in the first half of the year with training, educating and getting those positions productive. We continue to struggle with that in several facilities with getting productive output. And there's a balance between how much we can output.

我們與客戶進行了很多良好的戰略對話。我們經歷了新冠疫情時期，這是全球大型運營團隊的重大重新就業。我們已經首先開始填補這些職位。其次，如你所知，今年上半年我們一直在努力進行培訓、教育並讓這些職位富有成效。我們繼續在幾家工廠中努力解決這個問題，以獲得高產。我們可以輸出多少之間存在平衡。

We don't want our cost of poor quality to be high, and we don't want our scrap to be high. So there is a rate at which we can launch and ramp the business based on those workforce training and onboarding. There's a lot of work in these areas that are being done internally to allow us to have better output. So expectations are as those continue to get implemented and are proven out, we'll continue to improve our output performance, and we'll continue to ramp the business consistent with the industry.

我們不希望低質量成本過高，也不希望廢品率過高。因此，我們可以根據這些勞動力培訓和入職來啟動和擴大業務。這些領域有很多工作正在內部完成，以便我們能夠獲得更好的產出。因此，隨著這些期望繼續得到實施並得到證實，我們將繼續提高我們的產出績效，並且我們將繼續與行業保持一致地擴大業務。

I think from an order perspective, as you know, the orders tend to be lumpy quarter-to-quarter. But from an overall standpoint, we've had a good start to orders for the year already, and we would expect that to continue into the second half. We're in the process of negotiating many large partnerships with OEMs as we continuously do and updating those and refreshing those. And we expect to have that -- more of that to communicate over the balance of the year.

我認為從訂單的角度來看，正如你所知，訂單往往會按季度波動。但從整體角度來看，我們今年的訂單已經有了一個良好的開端，我們預計這種情況將持續到下半年。我們正在與 OEM 商洽談許多大型合作夥伴關係，並不斷更新和更新這些合作夥伴關係。我們希望在今年剩下的時間裡能夠進行更多的溝通。

So both on the orders side as well as the revenue side, we expect strong trajectories in Aerospace based on our performance and based on the industry recovery. And I think that's going to be not just an OEM effect, I think with the higher number of single (inaudible) airplanes flying and also recovery of wide-body in the international travel, we also expect that we're going to see the continued recovery on the wide-body side, which is favorable to us also.

因此，無論是在訂單方面還是在收入方面，根據我們的業績和行業復甦，我們預計航空航天領域將出現強勁的發展軌跡。我認為這不僅僅是原始設備製造商的影響，我認為隨著單架（聽不清）飛機飛行數量的增加以及國際旅行中寬體飛機的恢復，我們還預計我們將看到持續的增長寬體機方面的複蘇，這對我們也有利。

So I think there's a combination of effects that will drive the second half. And as you know, because we're broadly linked into the industry, it will be even more broadly linked following the MB Aerospace acquisition, we actually feel really well balanced across customer's portfolios and geographies. We're confident of that second half recovery.

因此，我認為多種因素的綜合作用將推動下半年的發展。如您所知，由於我們與該行業有著廣泛的聯繫，因此在收購 MB Aerospace 後，該行業的聯繫將會更加廣泛，我們實際上感覺在客戶的投資組合和地理位置之間取得了很好的平衡。我們對下半年的複蘇充滿信心。

Maybe just to ask in a different way. I just want to make sure I have the numbers right there. The first half was (inaudible) growth; second half, you have to be 30% growth. And I understand there's slightly easier comps, but obviously, it's a big step function, still in absolute terms in the second half. Those are the right numbers, they're right?

也許只是以不同的方式詢問。我只是想確保我有這些數字。上半年是（聽不清）增長；下半年，你必須有30%的增長。我知道比賽稍微容易一些，但顯然，這是一個很大的進步，仍然是在下半場的絕對值。這些是正確的數字，對嗎？

I will let Julie answer the numbers question. But yes, that's your -- from account standpoint is -- you're correct.

我會讓朱莉回答數字問題。但是，是的，那是你的——從賬戶的角度來看——你是對的。

Yes, we continue to see the second half building over the first half when you look year-over-year. So last year, from a sales perspective, sales were relatively flat throughout the course of the year, and we've seen clearly the 10% bump in the first half. And based on our order book and deliveries, we are, a, comfortable with the capacity. A lot of it will be at our Windsor and our Singapore OEM facilities, and we're -- we have the backlog to get that out the door.

是的，當你逐年觀察時，我們會繼續看到下半年的業績好於上半年。所以去年，從銷售的角度來看，全年的銷售都比較平穩，我們可以清楚地看到上半年10%的增長。根據我們的訂單和交付情況，我們對產能感到滿意。其中很多將在我們的溫莎和新加坡 OEM 工廠進行，我們有積壓的訂單來將其交付。

Okay. And the converse to the question is on the margin side, if you do that, why doesn't that put more pressure on your margins in the second half of the year but the guidance obviously implies a pretty nice improvement in margins in the second half of the year?

好的。與問題相反的是利潤率方面，如果你這樣做，為什麼不會給你下半年的利潤率帶來更大的壓力，但指導顯然意味著下半年的利潤率會有相當好的改善今年？

I mean I'll add -- I'll give you a top line answer and let Julie answer the numbers. There is a combination of OpEx, there's productivity efforts within across all of Aerospace and every single facility driving underlying productivity within the individual operational sites.

我的意思是我要補充一點——我會給你一個最重要的答案，然後讓朱莉回答數字。運營支出、整個航空航天領域內的生產力努力以及推動各個運營站點內的基礎生產力的每一個設施都相結合。

But in combination with that, as you know, we also want having initiatives that we're running to renegotiate commercial terms with customers as well as to ramp output. And there's -- certainly, to your point, Myles, the mix effect that happens across the product portfolio that we've seen in the second quarter.

但除此之外，正如您所知，我們還希望採取一些舉措與客戶重新談判商業條款並提高產量。當然，就您的觀點而言，邁爾斯，我們在第二季度看到了整個產品組合中發生的混合效應。

However, we also have these productivity offsets in commercial negotiations that did on go in parallel with those things? So the projections we've given is our expectations of productivity and those commercial renegotiations in combination with the ramp that occurs and the net effect is [as you know,] we expect to see the mitigation against the mix effect based on those factors being a tailwind for us as we execute them. We do have confidence, we're executing them on schedule.

然而，我們在商業談判中也有這些生產力抵消，這些抵消是與這些事情同時進行的嗎？因此，我們給出的預測是我們對生產力的期望以及那些商業重新談判與出現的增長相結合，淨效應是[如你所知，]我們期望看到基於這些因素的混合效應的緩解當我們執行它們時，對我們來說是順風車。我們確實有信心，我們正在按計劃執行它們。

Yes. And just to build on what Tom said, from a finer point, in addition to the proactive productivity we're getting through all of the commercial dialogues, expected improvements in productivity as our labor force in certain facilities comes up to speed, we'll have the natural benefit of absorption of overhead via enhanced productivity via enhanced production output, which also helps on that front.

是的。只是為了以湯姆所說的為基礎，從更精細的角度來看，除了我們通過所有商業對話獲得的積極生產力之外，隨著我們在某些​​設施中的勞動力加速發展，生產力預計會得到提高，我們將通過提高生產率和提高產量來吸收間接費用的天然好處，這在這方面也有所幫助。

We will take our next question from Michael Ciarmoli with Truist Securities.

我們將回答 Truist Securities 的 Michael Ciarmoli 提出的下一個問題。

Just to put a finer point on Matt's question on the run rate savings. Just I guess for modeling purposes here, $43 million run rate on top of -- I guess looking into next year and kind of the trajectory of margins and assuming you're capturing some of that savings this year. But I mean, it seems like there's going to be a pretty big step-up in margins, just with that kind of savings, not even accounting for maybe incremental volumes in Aerospace. But is that how we should be kind of looking at this, kind of maybe some significant margin expansion as we move into next year?

只是為了更好地解釋馬特關於運行率節省的問題。我想出於建模目的，4300 萬美元的運行率加上——我想看看明年和利潤率的軌跡，並假設你今年能節省一些成本。但我的意思是，僅僅通過這種節省，利潤率似乎就會出現相當大的提升，甚至不考慮航空航天領域可能增量的銷量。但這是我們應該如何看待這個問題嗎？隨著我們進入明年，利潤率可能會出現一些顯著的擴張？

Look, it's project-based, Michael, is if we step back and think of the phases we've announced Phase I, II and III, in that we've communicated some pretty large-scale projects, the closure of facilities we've had globally in Barnes Industrial that are already underway in reaching their completion in 2023. So as we exit 2023, we'll be getting more of a full year effect of those savings, facilities we had in Switzerland, facilities we had in Sterling, Virginia, Bristol, Connecticut, as well as in Germany (inaudible) operations.

看，這是基於項目的，邁克爾，如果我們退一步想想我們已經宣布的第一階段、第二階段和第三階段，因為我們已經溝通了一些相當大規模的項目，我們已經關閉了設施Barnes Industrial 在全球範圍內的項目已經在進行中，預計將於 2023 年完工。因此，當我們退出 2023 年時，我們將獲得這些節省、我們在瑞士的設施、我們在弗吉尼亞州斯特林的設施的更多全年效果、布里斯托爾、康涅狄格州以及德國（聽不清）運營。

Each one of those will end up coming to completion and drive savings on a full year basis as we get into 2024. I'll now let kind of -- Julie kind of go down a little bit more detail on the timing effects of those, but a lot of the savings are driving '24 for products that are being executed in '22 and '23. We're just getting full year's effects of the savings to drive the margin effects. Of course, as you know, there's products that are starting execution in '23, they've been executing in '24 for savings in '25 that is -- Julie can give you a little bit more of a qualitative and quantitative feel on how that looks as the quarters progress.

當我們進入 2024 年時，其中每一項最終都將完成，並推動全年節省開支。我現在讓朱莉詳細介紹一下這些項目的時間影響，但大量節省的成本正在推動 '24' 的產品在 '22 和 '23 中執行。我們剛剛獲得全年節省的影響來推動利潤效應。當然，正如您所知，有些產品在 23 年開始執行，它們在 24 年執行，以便在 25 年節省成本，也就是說，朱莉可以給您更多的定性和定量的感覺看起來隨著季度的進展。

So I think, Mike, from a modeling perspective, it's fair coming out of 2023 to model in that $22-ish million number that I mentioned earlier. And then throughout 2024, we would ramp to exit the year, so enter 2025 with the $43 million and then ramp up to the $53 million in 2025. We are not giving quarterly estimates for 2024 yet for obvious reasons. But to date, things have been tracking as we mentioned, and we've all heard about or been involved in these projects before, but they're being managed effectively and we intend to keep total transparency about how they're progressing. So at this point in time, as Tom mentioned, things are progressing to plan. And you should be okay modeling those effects in.

所以我認為，邁克，從建模的角度來看，從 2023 年開始，以我之前提到的 2200 萬美元左右的數字進行建模是公平的。然後在整個 2024 年，我們將逐步退出這一年，因此以 4300 萬美元進入 2025 年，然後在 2025 年增加到 5300 萬美元。出於明顯的原因，我們尚未給出 2024 年的季度估計。但到目前為止，正如我們提到的，事情一直在跟踪，我們以前都聽說過或參與過這些項目，但它們正在得到有效的管理，我們打算保持它們進展情況的完全透明度。因此，正如湯姆提到的，目前，事情正在按計劃進行。你應該可以對這些效果進行建模。

Okay. And then just back to Aerospace. What -- I guess we've been sort of in recovery mode here. There have been bottlenecks around engines, presumably your volumes have been elevated. Did anything sort of happened recently for this to manifest now with the labor and productivity? And then we've heard recently from Boeing and Airbus, where they want to take rates. I mean do you have the labor in place to keep up with the OEM production and presumably a strong aftermarket as well?

好的。然後回到航空航天。什麼——我猜我們已經進入恢復模式了。引擎周圍存在瓶頸，想必你的銷量已經提高了。最近有沒有發生什麼事情讓這一點現在通過勞動力和生產力體現出來？我們最近收到波音和空客的消息，他們希望收取費率。我的意思是，你們是否有足夠的勞動力來跟上 OEM 生產的步伐，並且可能還有強大的售後市場？

Well, Michael, excellent question is, is that, I think your question, obviously, is very important because it contemplates continued growth within the industry, which is a positive factor for us from OEM all the way through aftermarket. And -- but what that requires us to do to maintain the pace of the demand output both the OEM and aftermarket is for us to add production capacity and add direct and indirect labor now and train it and get it capable of increasing output that [in and of itself,] that incremental labor, which tends to come with not as much training, and we have -- there's a training lag that has to occur.

邁克爾，很好的問題是，我認為你的問題顯然非常重要，因為它考慮了行業內的持續增長，這對我們從 OEM 一直到售後市場都是一個積極因素。而且，為了保持 OEM 和售後市場的需求輸出速度，我們需要做的是增加生產能力，增加直接和間接勞動力，並對其進行培訓，使其能夠增加產量，[就其本身而言，]這種增量勞動力往往不需要太多培訓，而我們——必須出現培訓滯後。

So higher that growth demand we've had to get ourselves an inflection point of catching up, which we've been doing all year on productive operations by onboarding more labor. That's been a headwind that we've had to face. It has affected our numbers in the second quarter.

增長需求如此之高，我們必須為自己找到一個迎頭趕上的拐點，我們一整年都在通過僱用更多勞動力來提高生產效率。這是我們必鬚麵對的逆風。它影響了我們第二季度的數據。

We're jumping ahead of it with more aggressive leadership and management. Some facilities in fairness have already mastered that productivity training dilemma, but several facilities have not, which has created the drag and our expectations are we will fix that over the course of the second half and get ahead of that, so we can maintain our output at what the industry is ramping towards.

我們以更積極的領導和管理領先於它。公平地說，一些工廠已經解決了生產力培訓的困境，但有一些工廠還沒有，這造成了阻力，我們的期望是我們將在下半年解決這個問題並提前解決這個問題，這樣我們就可以維持我們的產量行業正在朝著什麼方向發展。

We're very well aware of the ramp. We have a clear signal from our customers on what it looks like. So we are doing all the operational things in terms of property, plant equipment and workforce to be prepared for it. And so you would expect growth has its own sets of challenges on the Aerospace side and we don't want to be a lagger. We're not holding up any of our customers today. So we're very purposely making sure that the customer is taken care of. We've done a very good job of that, but it is a headwind in terms of profitability that we've had to face that we knew was coming. We just didn't proactively manage it at all the facilities as well as we should have.

我們非常了解坡道。我們從客戶那裡得到了關於它的外觀的明確信號。因此，我們正在做好財產、工廠設備和勞動力方面的所有運營工作，為此做好準備。因此，您可能會認為航空航天方面的增長也面臨著一系列挑戰，我們不想成為落後者。今天我們不會耽誤任何一位顧客。因此，我們非常有目的地確保客戶得到照顧。我們在這方面做得非常好，但就盈利能力而言，我們必鬚麵對我們知道即將到來的逆風。我們只是沒有像我們應該做的那樣積極主動地管理所有設施。

And there are no further questions at this time. I will turn the call back to Mr. Bill Pitts for closing remarks.

目前沒有其他問題。我將把電話轉回給比爾·皮茨先生，讓其致閉幕詞。

Thank you, [Abby.] We'd like to thank all of you for joining us this morning, and we look forward to speaking with you next in October for our third quarter 2023 earnings conference call. [Abby,] we will now conclude today's call.

謝謝你，[Abby]。我們要感謝大家今天早上加入我們，我們期待著在 10 月份的 2023 年第三季度收益電話會議上與你們交談。 [艾比，]我們現在結束今天的電話會議。

Thank you. And ladies and gentlemen, once again, this concludes today's conference call, and we thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議再次結束，我們感謝你們的參與。您現在可以斷開連接。