開拓重工 (CAT) 2017 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Caterpillar 2Q 2017 results conference call.

早安，女士們、先生們，歡迎參加卡特彼勒 2017 年第二季業績電話會議。

(Operator Instructions).

（操作員說明）。

It is now my pleasure to turn the floor over to your host, Amy Campbell, Director of Investor Relations.

現在我很高興將發言權交給東道主投資者關係總監艾米·坎貝爾 (Amy Campbell)。

Ma'am, the floor is yours.

女士，地板是你的了。

Thank you very much, Kate.

非常感謝你，凱特。

Good morning and welcome, everyone, to our second-quarter earnings call.

早安，歡迎大家參加我們的第二季財報電話會議。

I'm Amy Campbell, Caterpillar's Director of Investor Relations.

我是艾米‧坎貝爾 (Amy Campbell)，卡特彼勒 (Caterpillar) 投資者關係總監。

And on the call today I'm pleased to have our CEO, Jim Umpleby; our group President and CFO, Brad Halverson; and our Vice President of Finance Services, Joe Creed.

我很高興今天有我們的執行長 Jim Umpleby 參加電話會議。我們的集團總裁兼財務長 Brad Halverson；以及我們的財務服務副總裁 Joe Creed。

Remember this call is copyrighted by Caterpillar.

請記住，此呼叫的版權歸 Caterpillar 所有。

And any use, recording, or transmission of any portion of the call without the express written consent of Caterpillar is strictly prohibited.

未經 Caterpillar 明確書面同意，嚴禁使用、錄製或傳輸通話的任何部分。

If you'd like a copy of today's call transcript, we'll be posting it in the investor section of our Caterpillar.com website.

如果您想要一份今天的通話記錄副本，我們會將其發佈在 Caterpillar.com 網站的投資者部分。

It will be in the section labeled results webcast.

它將位於標有結果網路廣播的部分中。

This morning we will be discussing forward-looking information that involves risks, uncertainties, and assumptions that could cause our actual results to differ materially from the forward-looking information.

今天早上，我們將討論涉及風險、不確定性和假設的前瞻性訊息，這些風險、不確定性和假設可能導致我們的實際結果與前瞻性資訊有重大差異。

A discussion of some of the factors that either individually or in the aggregate could make actual results differ materially from our projections can be found in our cautionary statements under Item 1A, Risk Factors, of our Form 10-K filed with the SEC in February of 2017.

有關單獨或總體可能導致實際結果與我們的預測產生重大差異的一些因素的討論，請參見我們於 2017 年 2 月向 SEC 提交的 10-K 表格第 1A 項「風險因素」下的警告聲明。2017年。

And it's also in our forward-looking statement language included in today's financial release.

今天的財務報告中也包含了我們的前瞻性聲明語言。

In addition, there's a reconciliation of non-GAAP measures that can also be found in this morning's release, and it's posted at Caterpillar.com/earnings.

此外，今天早上發布的新聞稿中還提供了非公認會計準則衡量指標的調節表，並發佈在 Caterpillar.com/earnings 上。

We're going to start the call this morning with a few words from Jim, and then Brad will walk us through second-quarter results and our revised outlook.

今天早上我們將以吉姆的幾句話開始電話會議，然後布拉德將向我們介紹第二季的業績和我們修訂後的前景。

And then we will turn it back to Kate to begin the Q&A portion of the call.

然後我們將把它轉回給凱特，開始電話的問答部分。

Jim?

吉姆？

Thank you, Amy.

謝謝你，艾米。

I'd like to start by congratulating our team on another impressive quarter.

首先，我要祝賀我們的團隊又取得了令人印象深刻的季度業績。

Our operational performance was excellent.

我們的營運表現非常出色。

As demand increased, we did a good job managing costs and improved profit margins.

隨著需求的增加，我們很好地管理了成本並提高了利潤率。

A number of our markets remain challenged, but there were improvements in a few of our key markets this quarter.

我們的許多市場仍然面臨挑戰，但本季我們的一些主要市場有所改善。

Construction in China and gas compression in North America were highlights.

中國的建設和北美的天然氣壓縮是亮點。

Mining and oil-related activities have come off recent lows, and we're seeing improving demand for construction in most regions.

採礦和石油相關活動已脫離近期低點，我們看到大多數地區的建築需求有所改善。

Based on our solid year-to-date performance and current ordering activity, we're raising the midpoint of our 2017 sales and revenue by $3.5 billion to $43 billion, which would represent an increase of 12% over 2016.

基於我們今年迄今的穩健業績和目前的訂購活動，我們將 2017 年銷售額和收入的中位數提高 35 億美元，達到 430 億美元，這將比 2016 年增長 12%。

We're also raising our 2017 outlook for adjusted profit per share from $3.75 to $5.

我們也將 2017 年調整後每股獲利的預期從 3.75 美元上調至 5 美元。

We remain committed to our lean manufacturing journey to improve efficiencies and reduce lead times.

我們仍然致力於精益製造之旅，以提高效率並縮短交貨時間。

And we continue to execute our restructuring plans to achieve a more competitive cost structure.

我們將繼續執行重組計劃，以實現更具競爭力的成本結構。

We remain vigilant about product quality and will continue to invest in R&D to improve current and future products and solutions.

我們對產品品質保持警惕，並將繼續投資研發以改善當前和未來的產品和解決方案。

In the second half of this year, we will make targeted investments to improve competitiveness and drive long-term profitable growth.

今年下半年，我們將進行有針對性的投資，以提高競爭力，推動長期獲利成長。

We will continue investing to expand our digital capabilities and accelerate important product development programs.

我們將繼續投資擴大我們的數位能力並加速重要的產品開發計劃。

We're moving forward to ensure we're helping our customers harness the power of data and technology to be as productive and efficient as possible.

我們正在不斷前進，以確保幫助客戶利用數據和技術的力量，盡可能提高生產力和效率。

Caterpillar already has the largest connected industrial fleet in the world.

卡特彼勒已經擁有世界上最大的互聯工業車隊。

We have more than a half million assets connected today and intend to significantly increase our connected assets by year-end.

目前，我們擁有超過 50 萬個連接資產，並計劃在年底前大幅增加我們的連接資產。

I want to emphasize these are targeted investments in key initiatives, and we'll maintain a strong focus on controlling our structural costs moving forward.

我想強調這些是對關鍵措施的有針對性的投資，我們將繼續專注於控制結構性成本。

Before I turn it over to Brad to discuss the details of the quarter and the outlook, a quick update on our strategic planning committee.

在我將其交給布拉德討論本季的細節和前景之前，請先簡要介紹一下我們的戰略規劃委員會的最新情況。

We have completed our review of the business, and I look forward to sharing our strategy at Investor Day on September 12 at our demonstration facility in Tinaja Hills, Arizona.

我們已經完成了對業務的審查，我期待在 9 月 12 日投資者日在我們位於亞利桑那州蒂納哈山的示範工廠分享我們的策略。

With that, I'll turn it over to Brad to walk through the quarter.

這樣，我將把它交給布拉德來介紹這個季度。

Thanks, Jim.

謝謝，吉姆。

As Jim stated, the second quarter continued what has been a great start to 2017.

正如吉姆所說，第二季度延續了 2017 年的良好開局。

Before I walk through the analysis of the quarter and the revised outlook, let's turn to slide 4 and I will walk quickly through the headline numbers.

在詳細介紹本季的分析和修訂後的前景之前，讓我們先看一下投影片 4，我將快速瀏覽主要數據。

Sales and revenues of $11.3 billion were up about 10% from the second quarter of last year.

銷售額和收入為 113 億美元，比去年第二季成長約 10%。

While many of our end markets are far off previous peaks, we are starting to see several markets recover, and demand for China construction and North America gas compressions remains strong.

雖然我們的許多終端市場遠未達到先前的峰值，但我們開始看到一些市場正在復甦，對中國建築和北美天然氣壓縮的需求仍然強勁。

Sales were higher in all three primary product segments, led by Construction Industries, followed by Resource Industries, and then Energy & Transportation.

所有三個主要產品領域的銷售額均有所增長，其中建築行業領先，其次是資源行業，然後是能源和運輸行業。

Profit per share was up $0.42, from $0.93 to $1.35.

每股利潤增加 0.42 美元，從 0.93 美元增至 1.35 美元。

We continued to execute on our restructuring plan, which includes the closure and consolidation of more than 30 facilities.

我們繼續執行重組計劃，其中包括關閉和整合 30 多個設施。

These actions are important to achieving the flexible cost structure required to remain profitable through the cycles.

這些行動對於實現在整個週期內保持盈利所需的靈活成本結構非常重要。

At the same time, we are thoughtfully preserving the capacity needed to meet future growth needs.

同時，我們正在精心保留滿足未來成長需求所需的產能。

As a result of restructuring actions, we incurred $169 million in restructuring costs in the quarter, $30 million more than in the second quarter of 2016.

由於重組行動，本季我們產生了 1.69 億美元的重組成本，比 2016 年第二季增加了 3,000 萬美元。

In the quarter we also recognized a pre-tax gain of $85 million on the sale of our investment in IronPlanet.

在本季度，我們還因出售 IronPlanet 投資而獲得了 8,500 萬美元的稅前收益。

Adjusted profit per share was up $0.40 from $1.09 in the second quarter of 2016 to $1.49.

調整後每股利潤從 2016 年第二季的 1.09 美元上漲 0.40 美元至 1.49 美元。

Higher sales, including a favorable mix, were the primary drivers of the profit improvement.

更高的銷售額（包括有利的產品組合）是利潤改善的主要動力。

Improved price and lower variable manufacturing costs were about offset by higher period costs due to an increase to the short-term incentive compensation accrual that resulted from the upward revision to the outlook.

價格的改善和變動製造成本的降低大約被期間成本的增加所抵消，這是由於前景向上修正導致短期激勵薪酬應計增加。

Now let's turn to slide 5. Second-quarter operating profit was $1.251 billion as compared with $785 million in 2016, up $466 million.

現在讓我們轉向投影片 5。第二季營業利潤為 12.51 億美元，與 2016 年的 7.85 億美元相比，增加了 4.66 億美元。

Operating profit pull-through in the quarter was nearly 50%.

本季營業利潤拉升近 50%。

Positive changes to operating profit came from several areas.

營業利潤的正向改變來自多個領域。

The largest increase to profit was the result of higher sales volume and favorable mix.

利潤增幅最大的原因是銷售增加和有利的產品組合。

All four geographic regions and all three primary product segments saw higher sales and revenues.

所有四個地理區域和所有三個主要產品領域的銷售額和收入均有所增加。

However, increases to sales and revenues were largely concentrated in four end markets.

然而，銷售和收入的成長主要集中在四個終端市場。

China construction and North America gas compression continued to experience strength, and robust overhaul and maintenance activity drove higher aftermarket parts sales for both mining and well servicing equipment.

中國建築和北美天然氣壓縮持續表現強勁，強勁的檢修和維護活動推動了採礦和修井設備售後零件銷售的成長。

Price improved $183 million in the quarter.

本季價格上漲了 1.83 億美元。

The favorable change was largely due to Construction Industries, as Resource Industries and Energy & Transportation price realization were about flat.

有利的變化主要歸功於建築業，因為資源產業和能源與運輸的價格實現基本持平。

Variable manufacturing costs were favorable $44 million, largely due to the favorable impact of period cost absorbed, as inventories increased in the quarter in many of our factories to support higher production.

可變製造成本為 4400 萬美元，主要是由於吸收期間成本的有利影響，因為我們許多工廠的庫存在本季度增加，以支持更高的產量。

As we ramp up production, we remain focused on lean principles and we are working diligently to bring production up quickly but also efficiently.

當我們提高產量時，我們仍然專注於精益原則，並且我們正在努力工作，以快速且有效率地提高產量。

Material costs were about flat in the quarter.

本季材料成本基本持平。

While our design and procurement teams continued to work on projects to lower material cost through redesign and re-sourcing, we expect higher steel cost to put pressure on material cost in the second half.

雖然我們的設計和採購團隊繼續致力於透過重新設計和重新採購來降低材料成本的項目，但我們預計較高的鋼鐵成本將在下半年對材料成本構成壓力。

Total period costs were higher by $237 million.

總期間成本增加了 2.37 億美元。

In the quarter, we accrued about $330 million more short-term incentive compensation for ME&T than the second quarter of last year.

本季度，我們為 ME&T 增加了約 3.3 億美元的短期激勵薪酬，比去年第二季增加了約 3.3 億美元。

When you exclude the higher STIP accrual, period costs were lower by about $80 million, driven by restructuring and cost reduction actions over the past year that are focused on lowering the Company's embedded cost structure.

如果排除較高的 STIP 應計費用，由於過去一年的重組和成本削減行動的推動，期間成本降低了約 8000 萬美元，這些行動的重點是降低公司的嵌入成本結構。

As we have weathered through the challenges of the last few years, maintaining a strong balance sheet has been a priority, and we are continuing that focus.

我們經歷了過去幾年的挑戰，保持強勁的資產負債表一直是我們的首要任務，我們將繼續關注這一重點。

ME&T operating cash flow for the quarter was $2 billion, and is $3.6 billion year to date, both well above prior-year comparables.

ME&T 本季營運現金流為 20 億美元，年初至今為 36 億美元，均遠高於去年同期。

ME&T debt to cap at the end of the quarter was 38.6%, well within our target range.

本季末 ME&T 債務上限為 38.6%，完全在我們的目標範圍內。

We ended the quarter with $10.2 billion in enterprise cash.

本季結束時，我們的企業現金為 102 億美元。

And, in June, the Board approved an increase in our quarterly cash dividend, which we expect will make 2017 the 24th year in a row of paying higher dividends to our shareholders.

6 月，董事會批准增加季度現金股息，我們預計這將使 2017 年成為連續 24 年向股東支付更高的股息。

Now let's move on to discuss each of the segments, and we will start with slide 6. Construction Industries sales were up 11% to $4.9 billion.

現在讓我們繼續討論每個細分市場，我們將從幻燈片 6 開始。建築業銷售額成長 11%，達到 49 億美元。

Higher sales volume to Asia-Pacific and Latin America and favorable price realization contributed to the increase.

亞太地區和拉丁美洲的銷量增加以及有利的價格實現推動了這一增長。

Most of the sales increase on the quarter for Construction Industries was driven by what has continued to be strong end-user demand in China for construction equipment, most notably excavators.

建築業本季銷售額成長的大部分原因是中國終端用戶對建築設備（尤其是挖土機）持續強勁的需求。

Through the first half of the year, the 10 ton and above excavator industry in China was up about 130% from last year.

上半年，我國10噸級以上挖土機產業年增約130%。

Strength in China continues to be driven by government support for infrastructure and strong residential investment.

中國的實力繼續受到政府對基礎設施的支持和強勁的住宅投資的推動。

Sales in China in the second quarter were better than we had expected, and we now expect demand in China to remain strong through the rest of the year.

第二季中國的銷售好於我們的預期，我們現在預計中國的需求在今年剩餘時間內將保持強勁。

If you look at the chart at the top of the right-hand side of slide 6, it shows China industry sales for 10 ton and above size excavators from 2006 through 2017 forecast.

如果你看一下投影片 6 右側頂部的圖表，它顯示了 2006 年至 2017 年中國 10 噸及以上尺寸挖土機產業銷售預測。

You can see from the chart that while demand for 10 ton and above excavators is up significantly versus the last two years, it is still far below highs achieved earlier this decade.

從圖表中可以看出，雖然 10 噸及以上挖掘機的需求與過去兩年相比大幅上升，但仍遠低於本十年早些時候達到的高點。

Continued strong strength in China is dependent on underlying demand, government support, and accommodating credit conditions.

中國持續強勁的實力取決於潛在需求、政府支持和寬鬆的信貸條件。

For Latin America, sales were higher due to an increase in end-user demand across several South American countries, as well as favorable dealer inventory changes.

對於拉丁美洲，由於幾個南美國家的最終用戶需求增加以及有利的經銷商庫存變化，銷售額增加。

While we saw some regions improve in the quarter, Latin America, especially Brazil, remained challenged, and sales are still at very low levels.

雖然我們看到一些地區在本季度有所改善，但拉丁美洲，尤其是巴西，仍然面臨挑戰，銷售額仍處於非常低的水平。

North America sales to end users were up, and price realization improved.

北美對最終用戶的銷售量增加，價格實現也有所改善。

However, these were mostly offset by a drop in dealer inventory.

然而，這些大部分都被經銷商庫存的下降所抵消。

North America dealers typically pull from inventory in the second quarter to support the strong selling season.

北美經銷商通常會在第二季減少庫存，以支持強勁的銷售季節。

However, this year the reduction in dealer inventory drawdown was greater than last year, resulting in an unfavorable impact to sales.

但今年經銷商庫存下降幅度較去年更大，對銷售造成不利影響。

As you can see in the chart on the bottom right-hand side of slide, higher end-user demand in North America was primarily driven by improved residential and nonresidential construction.

正如您在幻燈片右下角的圖表中看到的那樣，北美最終用戶需求的增加主要是由住宅和非住宅建築的改善所推動的。

As the chart also shows, infrastructure spend in the US has been stagnant for some time, and sales of construction equipment for infrastructure projects was down in the quarter, as we have yet to see federal, state, and local funding for road projects translate into higher sales.

如圖表也顯示，美國的基礎設施支出已經停滯了一段時間，基礎設施項目的建築設備銷售在本季度有所下降，因為我們尚未看到聯邦、州和地方對道路項目的資金轉化為更高的銷售額。

The United States is in need of infrastructure investment.

美國需要基礎建設投資。

Passage of a federal infrastructure bill would be positive for our country and our business.

聯邦基礎設施法案的通過將對我們的國家和我們的企業產生正面的影響。

As expected, in the middle of the spring and summer selling season, the backlog for Construction Industries was down from the first quarter of 2017.

如預期，在春夏銷售季中期，建築業的積壓訂單較 2017 年第一季下降。

However, the decrease this quarter of about $300 million was less than the first-quarter to second-quarter reductions in both 2015 and 2016, when the backlog went down by $1 billion and $900 million, respectively.

然而，本季約 3 億美元的減少量低於 2015 年和 2016 年第一季至第二季的減少量，當時積壓訂單分別減少了 10 億美元和 9 億美元。

Order rates are strong in the quarter, with all regions seeing an improvement from a year ago.

本季訂單率強勁，所有地區的訂單率均較去年同期有所改善。

Now let's move to slide 7. Construction Industries segment profit was favorable by about $350 million, driven by favorable price realization and higher sales volume, including a favorable mix of product.

現在讓我們轉到投影片 7。由於有利的價格實現和更高的銷售量（包括有利的產品組合），建築工業部門的利潤有利約 3.5 億美元。

Period costs were about flat as higher short-term incentive compensation expense was largely offset by restructuring and cost reduction actions.

期間成本基本上持平，因為較高的短期激勵補償費用在很大程度上被重組和成本削減行動所抵消。

Construction Industries was an early adopter of our operating and execution model, and this focus has helped to improve their segment profitability.

建築業是我們營運和執行模式的早期採用者，這一重點有助於提高其細分市場的獲利能力。

Segment profit margin in the quarter was 18.2%, an increase of almost 600 basis points from the second quarter of last year.

該季度的分部利潤率為18.2%，較去年第二季成長近600個基點。

Let's move to slide 8 and Resource Industries.

讓我們轉到幻燈片 8 和資源產業。

Continued strong demand for aftermarket parts to support overhauls and maintenance work, combined with favorable changes to dealer inventories, were the primary drivers of the $300 million increase in sales and revenues for Resource Industries, an increase of 21%.

對支援大修和維護工作的售後零件的持續強勁需求，加上經銷商庫存的有利變化，是 Resource Industries 銷售額和收入增長 3 億美元（增長 21%）的主要推動力。

In order to call a recovery in mining, we have said that, first, the excess machine inventory in the mines would need to be worked off.

為了實現採礦業的復甦，我們說過，首先需要清理礦場中多餘的機器庫存。

Then demand for overhauls and maintenance would drive higher aftermarket parts sales.

那麼大修和維護的需求將推動售後零件銷售的成長。

And last, orders for new equipment would start to increase.

最後，新設備的訂單將開始增加。

The cycle is starting to play out.

這個循環開始上演。

Utilization on trucks is up 4% from last year.

卡車利用率比去年增長了 4%。

The parked fleet continues to come down.

停泊的車隊繼續減少。

And for the fifth quarter in a row, parts sales have increased to support rebuild and maintenance needs as well as higher utilization of fleets in the mines.

零件銷售連續第五個季度成長，以支持重建和維護需求以及礦場車隊利用率的提高。

And our order rates are improving.

我們的訂單率正在提高。

After four years of dealers reducing their inventories, for the second sequential quarter, dealer inventory held about flat.

經過四年經銷商減少庫存後，第二季經銷商庫存基本上持平。

Sales increases and favorable dealer inventory changes were broad-based across all regions.

所有地區的銷售成長和經銷商庫存變化均普遍存在。

As you saw in the sales to user numbers that were released yesterday, RI's sales to users were about flat in the quarter.

正如您在昨天發布的用戶銷售額數據中看到的那樣，RI 本季的用戶銷售額基本上持平。

However, we believe sales to users are a lagging indicator of industry trends.

然而，我們認為，用戶銷售量是產業趨勢的落後指標。

Order rates in the quarter were up more than double the second quarter of last year.

本季的訂單率比去年第二季增加了一倍多。

The backlog for Resource Industries was up about $300 million from the end of the first quarter 2017.

資源產業的積壓訂單較 2017 年第一季末增加了約 3 億美元。

And Resource Industries was a significant part of the $3 billion increase in the backlog since the second quarter of last year.

自去年第二季以來，積壓訂單增加了 30 億美元，其中資源產業佔了很大一部分。

However, while Resource Industries has started to recover, sales volumes remain at historically low level.

然而，儘管資源產業已開始復甦，但銷量仍處於歷史低點。

We'll move to slide 9 and look at their operating performance.

我們將轉到投影片 9，看看他們的營運績效。

On improving sales, with a focus on operational performance, Resource Industries delivered a solid quarter.

在提高銷售方面，專注於營運績效，Resource Industries 實現了穩健的季度業績。

Segment profit was $97 million, up $260 million from a loss of $163 million in 2016.

該部門利潤為 9,700 萬美元，比 2016 年虧損 1.63 億美元增加了 2.6 億美元。

The improvement in profit resulted from higher sales volume, including a favorable mix of product, and lower period costs.

利潤的提高得益於銷售量的增加（包括有利的產品組合）和較低的期間成本。

Resource Industries continues to implement a number of restructuring actions to lower their breakeven point.

資源產業持續實施一系列重組行動，以降低損益平衡點。

These initiatives enabled them to deliver lower period cost in the quarter, even after recognizing a large increase in short-term incentive compensation expense.

這些舉措使他們能夠在本季度實現較低的期間成本，即使在認識到短期激勵薪酬費用大幅增加之後也是如此。

Resource Industries incurred additional warranty expense of a little over $50 million in the quarter for a customer program we do not expect to repeat.

Resource Industries 在本季度因一項我們預計不會重複的客戶計劃而產生了略高於 5000 萬美元的額外保固費用。

Next we'll go through Energy & Transportation on slide 10.

接下來我們將在投影片 10 上介紹能源與交通。

Sales were up $200 million or 5% in the quarter to $3.9 billion.

該季度銷售額成長 2 億美元，成長 5%，達到 39 億美元。

Higher sales into oil and gas combined with higher industrial aftermarket sales were the primary drivers of the sales increase.

石油和天然氣銷售額的增加以及工業售後市場銷售額的增加是銷售成長的主要推動力。

Sales into power generation were about flat, as a slight improvement in North America was mostly offset by weaknesses in other regions.

發電銷售基本上持平，北美的小幅改善大部分被其他地區的疲軟所抵消。

Transportation sales decreased, largely due to lower demand for marine applications.

運輸銷售下降，主要是海洋應用需求下降。

Sales into the rail industry were about flat.

鐵路業的銷售額基本持平。

While the rail industry remains weak, and the number of stored locomotives remained elevated, this was mostly offset in the quarter by an increase in rail services to support higher rail traffic.

儘管鐵路行業依然疲軟，且機車儲備數量仍然較高，但本季為支持鐵路運輸量增加而增加的鐵路服務基本上抵消了這一影響。

The chart on the right side of slide 10 shows the four-year history of US rig counts and West Texas Intermediate oil prices.

第 10 張投影片右側的圖表顯示了美國鑽機數量和西德州中質油價格的四年歷史。

The number of rigs in production has doubled from recent lows reached in May of 2016.

生產中的鑽機數量較 2016 年 5 月達到的近期低點增加了一倍。

US oil production has increased accordingly.

美國石油產量也相應增加。

In the areas where we participate in the oil and gas market, the recent strength has largely been concentrated to well servicing and midstream gas compression applications.

在我們參與石油和天然氣市場的領域，最近的優勢主要集中在油井服務和中游天然氣壓縮應用領域。

Demand for aftermarket parts to support overhaul and maintenance of well servicing fleet increased in the quarter, primarily to support rigs that are going back to work in the Permian Basin and other shale formations in Texas, Oklahoma, and New Mexico, where the cost of production and transportation is low enough to encourage investment despite recent oil price volatility.

本季對支持修井船隊檢修和維護的售後零件的需求有所增加，主要是為了支持二疊紀盆地以及德克薩斯州、俄克拉荷馬州和新墨西哥州其他頁岩地層恢復工作的鑽孔機，這些地區的生產成本儘管近期油價波動，但交通運輸成本仍然較低，足以鼓勵投資。

Midstream gas compression is having another good year as we support the continued buildout of North America's natural gas infrastructure.

隨著我們支持北美天然氣基礎設施的持續建設，中游天然氣壓縮又迎來了美好的一年。

In addition, recent developments in the Permian in the last 12 months have had a higher concentration of natural gas than previous wells.

此外，過去 12 個月中二疊紀的最新開發天然氣濃度比以前的井更高。

This discovery has contributed to a higher demand for 3500 and 3600 reciprocating engines to support the midstream gas compression growth in that region.

這項發現促進了對 3500 和 3600 往復式引擎的更高需求，以支持該地區中游天然氣壓縮的成長。

If we move to slide 11, we'll look at the segment profit for Energy & Transportation.

如果我們轉到投影片 11，我們將查看能源與運輸部門的利潤。

Energy & Transportation profit was up $98 million, from $602 million to $700 million.

能源與運輸利潤成長 9,800 萬美元，從 6.02 億美元增至 7 億美元。

This was largely attributable to higher sales volume, the favorable impact from cost absorption, and improved material cost.

這主要歸因於銷售量的增加、成本吸收的有利影響以及材料成本的改善。

Period costs increased in the quarter but were about flat, after excluding higher short-term incentive compensation expense.

本季的期間成本有所增加，但在排除較高的短期激勵補償費用後基本持平。

Before I move on to the outlook, a quick comment on Financial Products.

在繼續展望前景之前，先對金融產品進行快速評論。

Operating profit was down slightly due to the absence of the sale of securities at Cat Insurance Services.

由於 Cat Insurance Services 沒有出售證券，營業利潤略有下降。

The portfolio remains healthy, with past-dues down 22 basis points from the second quarter of 2016, and write-offs were down $7 million.

該投資組合依然健康，逾期未付款項比 2016 年第二季下降了 22 個基點，沖銷額減少了 700 萬美元。

Used equipment prices continue to improve, which helps, and the team delivered a solid quarter.

二手設備價格持續上漲，有助於團隊實現穩定的季度表現。

We'll move to slide 12 and we'll cover the outlook.

我們將轉到投影片 12，我們將介紹前景。

We announced this morning that we are raising the outlook for full-year sales and revenues and profit per share.

我們今天早上宣布，我們將提高全年銷售額、收入以及每股盈餘的預期。

In April we provided an outlook for sales and revenues of $38 billion to $41 billion.

4 月份，我們預測銷售和收入為 380 億美元至 410 億美元。

As a result of strong operational performance in the first half, encouraging order rate, good economic indicators, and a solid backlog, we are providing new guidance for sales and revenues in the range of $42 billion to $44 billion, with a midpoint of $43 billion, up $3.5 billion from the prior outlook.

由於上半年強勁的營運業績、令人鼓舞的訂單率、良好的經濟指標和堅實的積壓，我們為銷售和收入提供了新的指導，範圍在420 億美元至440 億美元之間，中間值為430 億美元，比先前的預期增加 35 億美元。

At the midpoint of the sales and revenues range, we have raised the profit per share outlook to $3.50 per share, and raised the adjusted profit per share outlook from $3.75 to $5.

在銷售額和收入範圍的中點，我們將每股利潤預期上調至每股 3.50 美元，並將調整後的每股利潤預期從 3.75 美元上調至 5 美元。

We move on to slide 13 and cover the sales outlook by segment.

我們繼續看投影片 13，並按細分市場介紹銷售前景。

We now expect Construction Industries sales for the year to be up 10% to 15% versus the previous outlook of flat to up 5%.

我們現在預計今年建築業銷售額將成長 10% 至 15%，而先前的預期為持平至成長 5%。

This is driven largely by higher end-user demand in both China and North America.

這主要是由中國和北美終端用戶需求的增加所推動的。

Order rates for Construction Industries have been strong for the first half of the year across most regions, with an exception of the Middle East and Brazil, which remain challenged.

今年上半年，大多數地區的建築業訂單率都表現強勁，但中東和巴西除外，這兩個地區仍面臨挑戰。

The backlog is also up significantly from the second quarter of 2016.

與 2016 年第二季相比，積壓訂單也大幅增加。

We do not expect sales in the second half of the year -- excuse me.

抱歉，我們預計下半年不會有銷售。

We do expect sales in the second half of the year to be slightly lower than the first half.

我們預計下半年的銷售額將略低於上半年。

For Construction Industries, the second quarter is typically the strongest quarter of the year as construction activity and deliveries pick up to support the spring and summer construction season in the Northern Hemisphere.

對於建築業來說，第二季度通常是一年中最強勁的季度，因為建築活動和交付量增加以支持北半球的春季和夏季建築季節。

Fewer work days due to holidays and vacations, combined with the anticipation of colder weather, typically drives sales lower in the second half.

由於假日和假期而導致工作日減少，加上天氣轉冷的預期，通常會導致下半年的銷售額下降。

In China, on average for the last five years, over 55% of sales were realized in the first half of the year.

在中國，過去五年平均超過55%的銷售額是在上半年實現的。

For Resource Industries, we now expect sales to be up 20% to 25% for the full year versus the previous outlook of up 10% to 15%.

對於資源產業，我們現在預計全年銷售額將成長 20% 至 25%，而先前的預期為成長 10% 至 15%。

While we expect aftermarket parts sales to remain strong through the rest of the year, as the number of parked trucks is reduced and the demand for overhauls declines, we expect the rate of growth to slow and for parts sales to be lower in the second half than the first.

雖然我們預計售後零件銷售在今年剩餘時間內將保持強勁，但隨著停放卡車數量的減少和大修需求的下降，我們預計下半年增速將放緩，零件銷售將下降比第一個。

However, we expect this will be more than offset by an increase in new equipment sales.

然而，我們預計這將被新設備銷售的成長所抵消。

Energy & Transportation sales are forecasted to be up 5% to 10% for the year versus the previous outlook of about flat.

預計今年能源與運輸銷售額將成長 5% 至 10%，而先前的預期約持平。

We continue to see strong rebuild activity in well servicing for engines, transmissions, pumps, and flow iron.

我們繼續看到引擎、變速箱、泵浦和流鐵的井維修方面的強勁重建活動。

And new equipment deliveries are expected to increase in the second half of the year.

預計下半年新設備交付量將增加。

We also expect shipments to North American gas compression customers to be higher in the second half.

我們也預計下半年北美天然氣壓縮客戶的出貨量將會更高。

Industrial, power generation, and transportation are all expected to be about flat to slightly up.

工業、發電和交通運輸預計將持平或小幅成長。

We move to slide 14.

我們轉到投影片 14。

At the midpoint of the sales and revenue range, the new outlook for profit per share is $3.50, and the revised outlook for adjusted profit per share is $5.

在銷售額和收入範圍的中點，新的每股利潤預期為 3.50 美元，調整後的每股利潤預期為 5 美元。

The increase in the profit outlook since April is largely the result of the improved forecast for sales and revenues and disciplined cost control, partially offset by an increase in short-term incentive compensation expense.

自四月以來利潤前景的提高主要是由於銷售和收入預測的改善以及嚴格的成本控制，但部分被短期激勵補償費用的增加所抵消。

As compared to 2016, at the midpoint of the range, the revised outlook reflects higher sales and revenues of about $4.5 billion, or 12%, and an increase in adjusted profit per share of $1.58.

與 2016 年（該範圍的中點）相比，修訂後的前景反映出銷售額和收入增加了約 45 億美元（即 12%），調整後每股利潤增加了 1.58 美元。

The increase in adjusted profit per share versus 2016 is largely driven by higher sales volume of $4.5 billion and the associated margin on those sales; favorable price -- while we do not expect the same level of price favorability in the second half of the year, we still expect favorable price realization for the full year in a range of 0.5% to 1%.

與 2016 年相比，調整後每股利潤的成長主要是由於 45 億美元的銷售增加以及這些銷售的相關利潤率所致；優惠的價格—雖然我們預計下半年不會出現同樣水平的價格優惠，但我們仍然預計全年的優惠價格將實現在 0.5% 至 1% 的範圍內。

Favorable impact from period cost absorbed, as inventories are expected to increase to support higher production levels.

吸收期間成本產生有利影響，因為庫存預計將增加以支援更高的生產水準。

These favorable items will be partially offset by higher short-term incentive compensation expense of about $1 billion.

這些有利的項目將被約 10 億美元的較高短期激勵補償費用部分抵消。

Material costs are now expected to be about flat for the full year.

目前預計全年材料成本將基本持平。

While geopolitical uncertainty and commodity volatility continue to be risks to the outlook, our outlook assumes that oil prices remain bound within the recent range of volatility, markets stay resilient to geopolitical uncertainties, and China remain supportive of growth.

儘管地緣政治不確定性和大宗商品波動繼續對前景構成風險，但我們的前景假設油價仍維持在近期波動範圍內，市場對地緣政治不確定性保持彈性，並且中國仍支持經濟成長。

However, changes to any of these variables, as well as others, could impact our sales and revenues outlook for the full year.

然而，這些變數以及其他變數的任何變化都可能影響我們全年的銷售和收入前景。

We'll turn to slide 15 and wrap up.

我們將轉到投影片 15 並結束。

Operational performance for the year has been strong, with second-quarter operating profit pull-through of nearly 50%.

今年的營運業績強勁，第二季營運利潤成長近 50%。

While a number of our end markets remain challenged, we see strong demand in deliveries for China construction and North America gas compression equipment.

儘管我們的許多終端市場仍然面臨挑戰，但我們看到中國建築和北美天然氣壓縮設備的交付需求強勁。

And demand for aftermarket parts has increased to support overhaul and maintenance activity for well servicing, gas compression, and mining equipment.

對售後零件的需求也有所增加，以支援油井維修、氣體壓縮和採礦設備的檢修和維護活動。

Orders and end-user demand for North American construction equipment also improved in the quarter.

本季北美建築設備的訂單和最終用戶需求也有所改善。

We continue to be focused on lean, product quality, and investing in the business for future growth.

我們繼續專注於精益生產、產品品質以及對業務的投資以實現未來的成長。

The balance sheet remains strong, and we delivered $2 billion in ME&T operating cash flow in the quarter.

資產負債表依然強勁，本季我們實現了 20 億美元的 ME&T 營運現金流。

Given year-to-date performance and our confidence in the second half of the year, we are raising the outlook for both sales and revenues and profit per share.

鑑於今年迄今的業績以及我們對下半年的信心，我們正在上調銷售、收入以及每股利潤的前景。

With that, I will turn it back to Amy.

這樣，我會把它轉回給艾米。

Thanks, Brad.

謝謝，布拉德。

And Kate, I think we're ready to move on to the Q&A portion of the call.

凱特，我想我們已經準備好進入電話的問答部分了。

(Operator Instructions).

（操作員說明）。

Ross Gilardi.

羅斯·吉拉迪.

Good morning, Bank of America.

早安，美國銀行。

Amy, on page 6 of the press release, it shows that Cat just increased its global flexible workforce by 3,500 workers in the second quarter.

艾米，在新聞稿的第 6 頁上顯示，Cat 在第二季度剛剛在全球增加了 3,500 名彈性員工。

And I think you are up about 30% year-on-year and quarter-on-quarter.

我認為同比和環比增長了約 30%。

And you haven't had a seasonal working cap -- workforce build like that since 2010.

而且你還沒有季節性工作上限——自 2010 年以來勞動力就這樣建立起來。

So first of all, where did you hire more people by business and geography?

首先，按業務和地理劃分，你們在哪裡僱用了更多的人？

And then second, if you are ramping flexible employment, why are you still implying the 20% decline in second-half-earnings versus first-half?

其次，如果你正在擴大彈性就業，為什麼你仍然暗示下半年收入比上半年下降 20%？

I recognize all the puts and takes you just provided, but the workforce changes would perhaps suggest otherwise.

我認可您剛才提供的所有看跌期權和看跌期權，但勞動力變化可能表明情況並非如此。

Yes.

是的。

So, it's a great question.

所以，這是一個很好的問題。

I think it's certainly a great change in where we've been over the last several years, is bringing back workforce.

我認為這對我們過去幾年的情況來說無疑是一個巨大的變化，勞動力的回歸。

And to first question, where has it been, Ross, it's really been around the globe.

對於第一個問題，羅斯，它在哪裡，它確實在全球範圍內。

Certainly China, sales were up; Brad mentioned industry up over 100% this year versus last.

當然，中國的銷量有所上升； Brad 提到，今年的產業比去年成長了 100% 以上。

So that's been a significant growth in workforce.

所以這是勞動力的顯著成長。

Lafayette to support the higher demand for the 3500 and 3600 engine.

老佛爺能夠支援更高需求的3500和3600引擎。

And beyond that, we're hiring in other factories around the globe and here in East Peoria.

除此之外，我們也在全球其他工廠以及東皮奧裡亞進行招募。

We're bringing people back to work in Pontiac.

我們正在讓人們回到龐蒂亞克工作。

It's been pretty broad-based.

它的基礎相當廣泛。

As far as the second half versus the first half, I think if you look at the comps for sales in the second half of the year versus the first half, they are actually up just about $1 billion.

就下半年與上半年而言，我認為如果你看看下半年與上半年的銷售額對比，你會發現它們實際上只增加了約 10 億美元。

So we are implying higher production.

所以我們意味著更高的產量。

Production is higher in the second half than it was in the first half.

下半年產量高於上半年。

So we can talk through some of the puts and takes on profitability, but we do expect production to be up in second half of the year.

因此，我們可以討論一些對獲利能力的看跌期權和承諾，但我們確實預計今年下半年產量將會上升。

Thank you.

謝謝。

Do you have a follow-up?

你有後續行動嗎？

Yes, I also just wanted to ask on your capital spending, I think Cat's spending like 50% of depreciation right now.

是的，我也只是想問一下你們的資本支出，我認為 Cat 的支出現在相當於折舊的 50%。

And as we just discussed, you are starting to hire people.

正如我們剛才討論的，你開始招募人員。

When you are you going to start reinvesting in the business again?

您打算什麼時候再次開始對業務進行再投資？

And are there any areas of Caterpillar right now that are just structurally tight?

Caterpillar 目前是否存在結構張力的領域？

Yes, I think if you're talking about fixed assets, bricks and mortar and machines, we continue our restructuring plan.

是的，我認為如果你談論的是固定資產、實體和機器，我們將繼續我們的重組計劃。

We think at the end of those plans we will have the capacity we need to meet our future growth needs.

我們認為，在這些計劃結束時，我們將擁有滿足未來成長需求所需的能力。

So I don't -- we don't foresee that we have fixed capacity challenges.

所以我不認為——我們預計我們不會遇到固定的容量挑戰。

Really what we're seeing right now as we bring capacity -- as we bring production back, we're coming back from pretty low levels.

事實上，當我們恢復產能時，我們現在所看到的情況是，當我們恢復生產時，我們正從相當低的水平恢復過來。

Jim talked about where we're investing in the business in the second half of the year is through some targeted investments in key initiatives to advance our market competitiveness in digital; to advance some product programs that we have.

Jim 談到，我們下半年的業務投資方向是透過對關鍵舉措進行一些有針對性的投資，以提高我們在數位領域的市場競爭力；推進我們現有的一些產品計劃。

So that's where we see the second-half investments back in the business [being].

這就是我們看到下半年投資重新投入業務的地方。

Thank you.

謝謝。

And that is driving some of the second-half versus first-half profitability.

與上半年相比，這在一定程度上推動了下半年的獲利能力。

David Raso.

大衛拉索.

Hi, Evercore ISI.

你好，Evercore ISI。

This year, I would say the most interesting thing has been the Construction Industries margins.

今年，我想說最有趣的是建築業的利潤。

I just want to get your perspective on how should we think about those margins going forward.

我只是想聽聽您對我們未來應該如何考慮這些利潤率的看法。

Everybody's been thinking about what normalized earnings could be for Cat midcycle.

每個人都在思考卡特彼勒在週期中期的正常化收益會是多少。

And I'd say probably the biggest surprise this year has been those margins.

我想說，今年最大的驚喜可能就是這些利潤。

Can you help us a bit with -- you made the comment on mix.

你能幫助我們一點嗎——你對 mix 做出了評論。

Is it geographic?

是地理因素嗎？

Is it product?

是產品嗎？

Just given the high level of margins we've seen so far this year.

考慮到今年迄今為止我們所看到的高利潤率。

So for Construction Industries, I think your point is a good one.

所以對於建築業來說，我認為你的觀點很好。

They have had impressive margins, Brad pointed that out, both in the first and the second quarter of 600 basis points from a year ago.

布拉德指出，他們的利潤率令人印象深刻，第一季和第二季都比一年前提高了 600 個基點。

In the second half of the year we do expect some headwinds to profitability.

我們確實預計下半年獲利能力會遇到一些阻力。

North America continues to be very competitive from a pricing perspective.

從定價角度來看，北美仍極具競爭力。

We expect that to put pressure on Construction Industries' price realization in the second half.

我們預計這將對建築業下半年的價格實現帶來壓力。

We still expect them to be favorable slightly, but not as favorable as we've seen in the first half of the year.

我們仍然預計它們會稍微有利，但不會像我們上半年看到的那麼有利。

Through the first half of 2017, we've clawed back the price that we lost in 2016.

2017 年上半年，我們已經收回了 2016 年的價格損失。

And we do expect some price pressures in the back half of the year, especially in North America.

我們確實預計今年下半年會出現一些價格壓力，尤其是在北美。

Across all three of the primary product segments, we do expect the material cost headwinds.

在所有三個主要產品領域，我們確實預期材料成本將面臨阻力。

We delivered about $50 million of material cost improvement in the first quarter.

我們在第一季實現了約 5000 萬美元的材料成本改進。

It's about flat this quarter.

本季基本持平。

We expect that to reverse to about a $50 million headwind in the back half of the year.

我們預計這一情況將在今年下半年扭轉為約 5000 萬美元的逆風。

That's across all three segments.

這涉及所有三個部分。

And construction-industries also -- and the other two primary segments -- have some key initiatives there, planning on spending and the second half of the year.

建築業以及其他兩個主要領域也有一些關鍵舉措，計劃支出和下半年。

That all said though, David, we would expect the segment margins for Construction Industries for the full year to be about couple hundred basis points than they were last year.

儘管如此，大衛，我們預計建築業全年的分部利潤率將比去年高出約幾百個基點。

But if -- I mean, last year, they were only 10.5%.

但如果——我的意思是，去年，這一比例僅為 10.5%。

You are running at 16%, 17%, year to date?

今年迄今為止，您的運行速度是 16%、17%？

I mean, are you really implying margins that low -- I mean, you basically are implying single-digit margins in the back half of the year for CI?

我的意思是，你真的暗示利潤率那麼低嗎？我的意思是，你基本上是在暗示 CI 在今年下半年的利潤率為個位數？

Your numbers are a little different than ours.

你們的數字與我們的略有不同。

We add back the inter-segment sales.

我們加回部門間銷售額。

But yes, there is a pretty significant margin erosion that's implied in the outlook in the back half of the year for price, for higher material cost, and then to reflect these investments that we expect to make in the business.

但是，是的，今年下半年的價格前景、材料成本上漲以及反映我們預計在業務中進行的投資的前景中隱含著相當顯著的利潤率侵蝕。

Yes, okay.

是的，好的。

I hear.

我聽到。

I am just trying to understand structurally if we try to look out to 2018 and 2019 -- I appreciate the detail in the answer, but just trying to think about obviously setting up a little bit the September Analyst Meeting.

如果我們試圖展望 2018 年和 2019 年，我只是想從結構上理解——我很欣賞答案中的細節，但只是想考慮一下顯然要安排 9 月的分析師會議。

When you think of the profitability of the segment now versus last cycle, for example, again, how much should we take to heart this first-half run rate margin to some degree, even with the second half being lower?

例如，當您考慮現在該細分市場與上一個週期的盈利能力時，我們應該在某種程度上關注上半年的運行率利潤率，即使下半年較低？

I'm just trying to get perspective of how you are thinking about the segment moving forward.

我只是想了解您如何看待該細分市場的發展。

So, as you said, we'll certainly be discussing more on all three of the segments' margins as we get to the Analyst Day in September.

因此，正如您所說，當我們進入 9 月的分析師日時，我們肯定會更多地討論所有三個部門的利潤率。

Construction Industries was an early adopter of our operating and execution models focused on OPACC profit generation.

建築業是我們專注於 OPACC 利潤創造的營運和執行模式的早期採用者。

Couple hundred basis point improvement from last year is certainly something to be proud of.

較去年提高數百個基點無疑是值得自豪的事。

And they have -- they continue to restructure.

他們繼續進行重組。

We've got Gosselies and Aurora that still we don't expect to see those improvements until 2019.

我們已經有了 Gosselies 和 Aurora，但我們預計要到 2019 年才能看到這些改進。

Maybe we'll see some of that flow through in 2018, so I think we certainly see growth from here for Construction Industries' margin.

也許我們會在 2018 年看到其中的一些流量，所以我認為我們肯定會看到建築業利潤率的成長。

All right, I appreciate it.

好吧，我很感激。

Thank you.

謝謝。

Jamie Cook.

傑米·庫克.

Credit Suisse.

瑞士信貸。

Two questions.

兩個問題。

One, on the resource side, the margins were a little lighter than I thought.

第一，在資源方面，利潤比我想像的少。

But then you mentioned you had $50 million of one-time warranty expense, so it was actually more comparable to the first quarter.

但隨後您提到您有 5000 萬美元的一次性保固費用，因此實際上與第一季更具可比性。

So given your increase in resource sales, how are we thinking about profitability and the restructuring actions layering in to 2017 and 2018?

那麼，考慮到資源銷售的增加，我們如何考慮 2017 年和 2018 年的獲利能力和重組行動？

And then my second question: how much of your forecast in fiscal year 2017 is being hindered by your inability to ramp production?

然後我的第二個問題：你們對 2017 財政年度的預測有多少是因為你們無法提高產量而受到阻礙的？

One of the things that dealers talk about is a lead times extending, so if you could just comment on that as well.

經銷商談論的事情之一是交貨時間延長，所以您也可以對此發表評論嗎？

Thanks.

謝謝。

Yes.

是的。

Thanks, Jamie.

謝謝，傑米。

So, RI profitability, I think if you step back, we do expect sales to be slightly higher in the second half.

因此，就 RI 的獲利能力而言，我認為如果退一步來說，我們確實預計下半年的銷售額會略高。

As Brad mentioned, parts sales will come down a little bit, but that will be more than offset by shipping out of the backlog for new equipment orders.

正如布拉德所提到的，零件銷售將略有下降，但這將被新設備訂單積壓的發貨所抵消。

That said, and I think if you neutralize for that higher warranty expense, we expect first-half and second-half profitability to be pretty similar on slightly higher sales in the second half.

也就是說，我認為如果你抵消掉較高的保固費用，我們預計上半年和下半年的獲利能力將非常相似，而下半年的銷售額會略有上升。

And that's driven by the steel cost pressures that we expect to see, as we talked about in the last quarter.

正如我們在上個季度談到的那樣，這是由我們預計將看到的鋼鐵成本壓力所推動的。

Resource Industries has a slightly less favorable geographic mix of product sales in the second half, and then also the investment that they are making to advance market competitiveness in digital and product programs.

下半年，資源產業的產品銷售地域組合以及為提高數位和產品計畫市場競爭力而進行的投資略顯不利。

And just -- sorry, Amy, to be clear, the profit dollars similar, that's including the warranty expense in the second quarter?

只是 - 抱歉，艾米，需要明確的是，利潤相似，這包括第二季度的保固費用？

When you say second-half versus first-half, I'm just -- because that's a (multiple speakers)

當你說下半場與上半場時，我只是－－因為那是（多個發言者）

Plus or minus.

加或減。

Not giving exact numbers, we see the first-half and the second-half profitability to be pretty similar.

雖然沒有給出確切的數字，但我們認為上半年和下半年的獲利能力非常相似。

Okay.

好的。

And then, sorry, just lead times capacity constraints; how much of your forecast is being hurt by that?

然後，抱歉，只是交貨時間容量限制；您的預測受到了多少影響？

I would say we don't see the forecast really being much impacted by capacity constraints; although as you mentioned, we have seen leadtimes go out.

我想說的是，我們認為預測實際上並沒有受到產能限制的太大影響；儘管正如您所提到的，我們已經看到交貨時間已經過時。

If you look at several of our products, the 3600 large engine and mining trucks -- demand for those products really shot up overnight.

如果您看一下我們的幾種產品，例如 3600 大型發動機和礦用卡車，對這些產品的需求確實在一夜之間猛增。

The large mining trucks now we expect for production to be triple what it was in 2016.

現在我們預計大型礦用卡車的產量將是 2016 年的三倍。

Production for the 3600 has more than quadrupled from a year ago.

3600 的產量比一年前增加了四倍多。

And again, both of those products were at pretty low levels, so it does take time to get that demand back, especially through the supply chain and getting the workforce back to work.

再說一遍，這兩種產品的水平都相當低，因此確實需要時間來恢復需求，特別是透過供應鏈並使勞動力重返工作崗位。

And we also have -- as we're restructuring and seeing some really elevated levels of demand in China for excavators, and demand come back in North America for earthmoving equipment, with the restructuring of Gosselies -- while we've put those products on managed distribution, we do believe that we're getting product to the dealers to get to customer sales.

我們也進行了重組，發現中國對挖土機的需求水準確實有所上升，而隨著 Gosselies 的重組，北美對土方設備的需求也有所回升，同時我們也將這些產品投放到市場上。透過管理分銷，我們確實相信我們將產品提供給經銷商以實現客戶銷售。

However, we have seen the month of sales for dealer inventory come down, and that's a little lower right now than we would like it to be.

然而，我們看到本月經銷商庫存的銷售量有所下降，目前比我們希望的要低。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

I'll get back in queue.

我會回到隊列中。

Joel Tiss.

喬爾·蒂斯.

Bank of Montreal.

蒙特利爾銀行。

I just wondered if you could give us a little set up.

我只是想知道你能否為我們做一些設定。

I'm not asking for a forecast on China for 2018; seems like everything is a little buoyant because of the election this year.

我並不是想要對 2018 年的中國做出預測；我要的是。由於今年的選舉，一切似乎都變得有點活躍。

And I just wondered if you could frame how do you think about 2018 a little bit.

我只是想知道您是否可以談談您對 2018 年的看法。

Well, I think it's early for us to be thinking about 2018.

嗯，我認為我們現在考慮 2018 年還為時過早。

But maybe I'll give a little color to where we're at for China excavator sales.

但也許我會對我們中國挖土機的銷售情況做一些說明。

If you look at the chart that Brad had in his presentation for 10 ton and above excavators, this year we expect the industry to sell about 55,000 excavators, up from about 30,000 excavators last year, so pretty significant increase.

如果你看一下 Brad 在他的演示中關於 10 噸及以上挖掘機的圖表，我們預計今年該行業將銷售約 55,000 台挖掘機，高於去年的約 30,000 台挖掘機，增長相當顯著。

We think -- I think it is too early to forecast 2018.

我們認為——我認為現在預測 2018 年還為時過早。

We do think that that is slightly above normal replacement demand for excavators -- 10 ton and above excavators in China, which we believe to be somewhere between 45,000 to 50,000.

我們確實認為這略高於挖土機的正常更換需求——中國 10 噸及以上挖土機的需求量在 45,000 至 50,000 台之間。

So we're probably this year just slightly above that normal replacement demand.

因此，今年我們的更換需求可能略高於正常水準。

Does that answer your question, Joel?

這能回答你的問題嗎，喬爾？

Yes.

是的。

Nicole DeBlase.

妮可·德布拉斯.

Yes, it's Deutsche Bank.

是的，它是德意志銀行。

So, you provided some detail around what you expect for resource and construction profitability.

因此，您提供了一些有關您對資源和建設盈利能力的預期的詳細資訊。

I know previously you had said kind of flattish margins for E&T.

我知道您之前曾說過 E&T 的利潤率持平。

Is that still the case, or has that changed?

情況仍然如此，還是已經改變？

So for Energy & Transportation, what we would expect for margin is for first-half profitability, and second-half profitability to be pretty similar.

因此，對於能源和運輸業，我們對利潤率的預期是上半年獲利能力和下半年獲利能力非常相似。

And when you say profitability, just to confirm, is that the absolute EBIT dollars, or is that the margin percentage?

當你說獲利能力時，只是為了確認一下，這是絕對的息稅前利潤，還是利潤率？

That would be the margin percent, the segment margin percent.

這就是利潤率、部門利潤率。

Okay, perfect.

好的，完美。

That's helpful.

這很有幫助。

Thanks.

謝謝。

And then secondly, going back to the China question, how would you characterize China inventories right now on the construction side?

其次，回到中國問題，您如何描述目前中國建築業庫存的特徵？

Is there still further restocking to come, or do you think that that process is pretty much complete?

是否還會進一步補貨，或者您認為過程已基本完成？

No, there's -- we think that there's still dealer restocking to come.

不，我們認為經銷商仍會補充庫存。

So, if you look at dealer inventories in China, we probably typically target about 2 1/2 months of sales.

因此，如果您查看中國的經銷商庫存，我們通常的目標可能是大約 2 1/2 個月的銷售量。

China's target for dealer inventory months of sales is a little lower than the rest of the world.

中國經銷商庫存月銷售目標略低於世界其他地區。

They have less variety in the configurations they sell.

他們銷售的配置種類較少。

We are about -- quite a bit lower than that at the end of the second quarter, even though we did take dealer inventory up some.

儘管我們確實增加了一些經銷商庫存，但我們的庫存量比第二季末要低得多。

So we do expect to continue to be rebuilding dealer inventory levels through the back half of the year.

因此，我們確實預計今年下半年將繼續重建經銷商庫存水準。

But as I mentioned, certainly in China, the strong selling season for end-users is in the first half.

但正如我所提到的，當然在中國，終端用戶的強勁銷售季節是在上半年。

Understood.

明白了。

Thanks.

謝謝。

I'll pass it on.

我會把它傳遞下去。

Ann Duignan.

安·杜伊尼昂.

JPMorgan.

摩根大通。

Could we talk a little bit more about these targeted investments and initiatives that are important to your future competitiveness?

我們能否多談談這些對您未來競爭力很重要的有針對性的投資和舉措？

I thought that this was a pretty interesting portion of the press release.

我認為這是新聞稿中非常有趣的部分。

If you could give us some more examples of what exactly these investments are going to be, and what do you mean by technology updates to your products?

您能否提供我們更多範例來說明這些投資到底是什麼？您所說的產品技術更新是什麼意思？

It's pretty broad-based, and I'd say it's pretty difficult to boil it down to a few bullet points, but I'll give you some highlights.

它的基礎相當廣泛，我想說很難將其歸結為幾個要點，但我會給你一些亮點。

One of the significant areas of focus is a bold goal for our business to connect more assets.

我們的業務的一個重要重點領域是連接更多資產的大膽目標。

So we believe we have the largest connected industrial fleet in the world, at 530,000 assets.

因此，我們相信我們擁有世界上最大的互聯工業車隊，擁有 530,000 項資產。

And we have a bold goal to go out and connect 100,000 more by the end of the year.

我們有一個大膽的目標，就是到今年年底走出去，連結 100,000 多個人。

We don't know if we'll get there, but that is certainly where we're moving the teams toward.

我們不知道是否能實現這一目標，但這肯定是我們團隊前進的方向。

And that requires the expense of buying the boxes, and the labor cost to connect those assets.

這需要購​​買盒子的費用以及連接這些資產的勞動成本。

And certainly that will benefit both our customers and us as we bring back that data, and learn ways and use the data and the power of data to develop solutions to lower the cost and improve the productivity for customers.

當然，當我們帶回這些數據並學習方法並使用這些數據和數據的力量來開發解決方案以降低成本並提高客戶的生產力時，這無疑將使我們的客戶和我們受益。

So that's one area.

這就是一個領域。

Another would be expanding our e-distribution channel and the different solutions we have out there for customers.

另一個是擴大我們的電子分銷管道以及我們為客戶提供的不同解決方案。

That's another area we're focused on.

這是我們關注的另一個領域。

And then we're also spending money to advance some of our product programs, pull money into this year, or push those product programs and make sure they have successful launches in the back half of the year.

然後我們也花錢推進我們的一些產品計劃，將資金投入到今年，或推動這些產品計劃並確保它們在今年下半年成功推出。

Ann, this is Brad Halverson.

安，這是布拉德·霍爾沃森。

Maybe just another comment about how we use that language.

也許只是關於我們如何使用該語言的另一個評論。

We use that language because that's how we're operating internally.

我們使用這種語言是因為這就是我們內在運作的方式。

We've been through four years of a downturn.

我們已經經歷了四年的低迷時期。

It's been hard on us.

這對我們來說太難了。

We've taken significant restructuring activities, and we like where our cost structure is at and where our balance sheet is at.

我們已經採取了重大的重組活動，我們喜歡我們的成本結構和資產負債表的狀況。

And so using our operating and execution model, Jim is really driving continued focus on cost reduction across the support areas.

因此，使用我們的營運和執行模型，吉姆確實在推動整個支援領域持續關注降低成本。

And as we increase period cost, you'll see that there will be very targeted in areas that offer the most long-term value for the Company, consistent with the pools of OPACC we see out there in the future.

隨著我們增加期間成本，您會發現為公司提供最大長期價值的領域將非常有針對性，這與我們未來看到的 OPACC 池一致。

And this is a little example in the second half of this year where we're going to take an opportunity to do a little bit of that where we think there is a lot of value, and keep a lid on the other costs that we have in the Company.

這是今年下半年的一個小例子，我們將藉此機會做一些我們認為有很大價值的事情，並限制我們的其他成本在公司裡。

Brad or Jim, do you think it has impacted your competitiveness, the fact that you had been so focused on restructuring and cost reductions, and some of your competitors are well ahead of you in terms of IT initiatives?

Brad 或 Jim，您是否認為這會影響您的競爭力？事實上，您一直如此專注於重組和降低成本，而您的一些競爭對手在 IT 計劃方面遠遠領先於您？

And I'll leave it there.

我會把它留在那裡。

Thank you.

謝謝。

Yes, I'd say, Ann, actually I think not.

是的，我會說，安，實際上我不這麼認為。

Because this time -- I've been in a career here at Cat a long time -- typically we have reductions in areas that are easy to find, so we reduce R&D or reduce other things.

因為這一次——我在 Cat 工作了很長時間——通常我們會減少容易找到的領域，因此我們減少了研發或減少其他事情。

In this downturn, if you look at our cost reduction, it's been highly targeted to areas that are not future value.

在這次經濟低迷時期，如果你看看我們的成本削減，你會發現它高度針對那些沒有未來價值的領域。

They are areas of efficiency and consolidation and support costs.

它們是效率、整合和支援成本的領域。

We have really increased spending in many of the growth areas.

我們確實增加了許多成長領域的支出。

We protected R&D, by and large, and we protected things like digital spending.

總的來說，我們保護了研發，也保護了數位支出等項目。

So, we've taken an entirely different approach in this downturn in terms of where we took cost out and what cost we protected.

因此，在這次經濟低迷時期，我們在削減成本和保護成本方面採取了完全不同的方法。

So I'd say it's different than we would have historically done.

所以我想說這與我們歷史上所做的不同。

Okay, I appreciate the color.

好吧，我很欣賞這個顏色。

I'll get back in line.

我會回去排隊。

Thanks.

謝謝。

Jerry Revich.

傑瑞·雷維奇。

Goldman Sachs.

高盛。

I'm wondering if you could say more about the contribution of the operating and execution business model in Construction Industries so far.

我想知道您是否可以更多地談談迄今為止建築業運營和執行業務模式的貢獻。

What's been the impact on OPACC or margins, however you can frame that for us?

對 OPACC 或利潤率有何影響，您可以為我們描述一下嗎？

And how far are we in that journey for construction at this point?

目前我們的建設之旅還剩下多遠？

Well, I think it's been extremely impactful to Construction Industries' margins.

嗯，我認為這對建築業的利潤產生了極大的影響。

You can go back several years and look at where their segment margin percents were, and see that they've come quite a ways on down sales.

你可以回顧幾年，看看他們的部門利潤率是多少，你會發現他們的銷售額已經大幅下降。

So sales in 2017, still probably -- I don't have the numbers in front of me -- but 10% to 15% off of peak levels of sales volume, and much higher levels of segment margin.

因此，2017 年的銷售額仍然可能——我面前沒有數字——但比銷量峰值水平低 10% 到 15%，並且細分市場利潤率水平要高得多。

They've driven higher OPACC, just raw dollar OPACC, over that time frame.

在這段時間內，他們推動了 OPACC 的上漲，只是原始美元 OPACC 的上漲。

And that said, as all of the segments have worked on their operating execution and OPACC improvement initiative, Construction Industries still has projects lined up and improvements they expect to make in their OPACC.

儘管如此，由於所有部門都致力於營運執行和 OPACC 改進計劃，建築業仍然有項目在排隊，並希望在 OPACC 中進行改進。

And Amy, on that last point, are we closer to the seventh inning?

艾米，關於最後一點，我們離第七局更近了嗎？

Or can you just frame that within construction specifically in terms of the number of projects in front of us?

或者您可以根據我們面前的項目數量來具體地在建設中構建這一點嗎？

Yes, I think we'll give more color to that at the Analyst Day in September.

是的，我想我們會在 9 月的分析師日上對此進行更多的闡述。

But I think it's fair to say that they still have a pretty healthy-sized list of profit improvements that they are focused on driving through their business.

但我認為可以公平地說，他們仍然有一個相當健康的利潤改善清單，他們專注於推動他們的業務。

Okay.

好的。

And Amy, as you folks build out the connected fleet, and perhaps we can get more precision on how much dealer inventories are required, how are you folks thinking about required dealer inventories in this cycle compared to the last cycle?

艾米，當你們建立互聯車隊時，也許我們可以更準確地了解需要多少經銷商庫存，與上一個週期相比，你們如何看待本週期所需的經銷商庫存？

You spoke about the development in China.

您談到了中國的發展。

But I'm wondering how are you thinking about what's the right level of inventories and months of supply globally now, and how that might be different versus the last cycle?

但我想知道您如何考慮目前全球的正確庫存水準和供應月數，以及與上一個週期有何不同？

I think that we have probably always held around a target of 3 1/2 to 4 months on sales of dealer inventory.

我認為我們可能一直將經銷商庫存的銷售目標維持在 3 1/2 至 4 個月左右。

I think if we're honest, we probably typically struggle to get there, and were -- would end the year a little north of 4. I think that's about where we ended 2016.

我認為，如果我們誠實的話，我們通常可能會努力實現這一目標，並且，今年結束時會比 4 稍稍偏北一點。我認為這就是我們 2016 年結束時的情況。

I don't know that our target for months of sales of dealer inventory has changed that much.

我不知道我們幾個月的經銷商庫存銷售目標發生了這麼大的變化。

But as we have seen volume come back pretty quickly in a few of our end markets, we have seen that months of sales drop below our 3 1/2 target.

但正如我們看到的一些終端市場的銷售很快恢復一樣，我們也看到幾個月的銷售額低於我們 3 1/2 的目標。

Thank you.

謝謝。

Joseph O'Dea.

約瑟夫·奧黛。

Vertical Research.

垂直研究。

The first question is just rebuild and overhaul activity in both mining and upstream oil and gas.

第一個問題是採礦業和上游石油和天然氣領域的重建和檢修活動。

And just to understand of what your visibility is on current levels of demand, and then what a step-down potentially looks like.

只是為了了解當前需求水準的可見性，以及可能的下降。

And so just to get an appreciation for how significant a step-down you could see in aftermarket and mining in the back half of the year.

因此，我們只是想了解今年下半年售後市場和採礦業將出現多麼顯著的下降。

And then do you see at more a sustainable level?

那麼您是否看到更可持續的水平？

Same thing for oil and gas: do you see a big uptick in activity there?

石油和天然氣也是如此：您是否看到那裡的活動大幅增加？

How long that persists, and then what kind of a headwind you face when that maybe comes down a little bit?

這種情況會持續多久，當這種情況稍微下降時，你會面臨什麼樣的逆風？

Yes, I'll handle each one of those separately, Joe.

是的，我會分別處理每一個問題，喬。

So for mining, we do see part sales come down in the second half of the year.

因此，對於採礦業來說，我們確實看到下半年部分銷售額有所下降。

I wouldn't say that it's that significant.

我不會說這有那麼重要。

And I don't have a forecast for 2018 to give you, of where we think part sales will be over time.

我無法向您提供 2018 年零件銷售狀況的預測。

We do expect some decline in part sales second half and first half; but it's not a double-digit number, but is coming down.

我們確實預期下半年和上半年零件銷售量會有所下降；但這不是兩位數的數字，而是正在下降。

For oil and gas are really where we're seeing, as we talked about, the aftermarket parts demand is primarily in well servicing.

正如我們所討論的，石油和天然氣確實是我們所看到的，售後零件需求主要來自油井服務。

And it has primarily been, as Brad talked about, in the Permian Basin and in other shale formations in that region: other parts of Texas, New Mexico, Oklahoma, where the cost of oil production is still encouraging investment.

正如布拉德所說，這主要發生在二疊紀盆地和該地區的其他頁岩地層：德克薩斯州、新墨西哥州、俄克拉荷馬州的其他地區，這些地區的石油生產成本仍然鼓勵投資。

We haven't seen demand to date come down in those regions.

到目前為止，我們還沒有看到這些地區的需求下降。

We haven't seen a lot of increase in demand in other shale formations outside of that area.

我們還沒有看到該地區以外其他頁岩地層的需求大幅增加。

So without providing an outlook for 2018 or guiding to where I think we could go from here, certainly the oil price drives that.

因此，如果沒有提供 2018 年的展望或指導我認為我們可以從這裡走向何方，油價肯定會推動這一趨勢。

A significant step down would probably put some pressure on where we are seeing some strength today.

大幅下調可能會給我們今天看到的一些強勢帶來一些壓力。

But if we were to start to see oil prices get back up over $50 and start to see some of the pipeline buildout that we need to help transportation in a few of the other shale formations, we could start to see those pick up.

但如果我們開始看到油價回升至 50 美元以上，並開始看到我們需要建造一些管道來幫助其他一些頁岩地層的運輸，我們可能會開始看到這些回升。

So I think it's really too early to call where we go, much out past the end of 2017.

所以我認為現在判斷我們的發展方向還為時過早，距離 2017 年底已經過去了很多。

I appreciate it.

我很感激。

And then on resources specifically and the OE order side of things, I think you've commented on needing to see stabilization in commodity prices to encourage continued spend or growth in spend on replacement.

然後，具體到資源和原廠訂單方面，我認為您已經評論過需要看到大宗商品價格的穩定，以鼓勵持續支出或更換支出的增長。

We have seen some stabilization in some key commodities at levels that are well above where they were a year ago.

我們看到一些主要商品的穩定程度遠高於一年前的水平。

So I guess, just in terms of -- are current commodity prices supportive enough?

所以我想，就目前的商品價格而言，是否有足夠的支撐？

And how long do you think we need to see a pattern of stabilization before that encourages a little bit more spend?

您認為我們需要多長時間才能看到穩定模式才能鼓勵更多支出？

I do think -- what I would say is, if you look at the order rate in the second quarter -- Brad mentioned that it was more than double from second quarter of last year.

我確實認為 - 我想說的是，如果你看看第二季度的訂單率 - 布拉德提到它是去年第二季度的兩倍多。

So I think, without having the buying decisions of all of the miners in front of me, it's probably fair to conclude that at current commodity prices is driving demand for investment.

因此，我認為，在沒有所有礦商做出購買決定的情況下，可以公平地得出這樣的結論：當前的大宗商品價格正在推動投資需求。

I think what's probably more important, and we've stressed this throughout the entire downside of mining, is that mine production continues to really increase; or in some commodities, state about flat.

我認為可能更重要的是，我們在採礦業的整個下行過程中都強調了這一點，那就是礦山產量繼續真正增加；或在某些商品中，註明持平。

So it's really an issue of making sure they have healthy operating equipment in the mines.

因此，確保他們在礦井中擁有健康的操作設備確實是一個問題。

And when do they need to start to invest capital to keep their equipment running and functioning?

他們什麼時候需要開始投資資金來維持設備運作和正常運作？

So I think commodity prices right now are supportive.

因此，我認為目前的大宗商品價格具有支撐性。

They need to stay supportive.

他們需要保持支持。

If we were to see change materially, that could change the story.

如果我們看到實質的變化，情況可能會改變。

But where they are right now, we are seeing healthy demand for mining equipment.

但就目前情況而言，我們看到了對採礦設備的健康需求。

Okay.

好的。

Thanks very much.

非常感謝。

But I will stress, but off of very low levels.

但我會強調，但水準非常低。

For the last year, very low levels -- but it's still at pretty low levels historically.

去年的水平非常低，但仍處於歷史上相當低的水平。

Seth Weber.

賽斯·韋伯.

It's RBC.

這是紅血球。

Just following up on that last question, Amy, and your answer: given the improving environment in Resource Industries, the commodities environment, et cetera, what do you think you need to see to get positive pricing in Resource Industries here going forward?

艾米，繼續回答最後一個問題，以及你的答案：鑑於資源行業、大宗商品環境等不斷改善的環境，您認為您需要看到什麼才能在資源行業中獲得積極的定價？

Pricing was still negative; is there something that's happening that's just causing pricing to continue to be tough?

定價仍然為負值；是否發生了某些事情導致定價繼續艱難？

Well, I think it's exactly my last comment, which is industry volumes still are at extremely low levels, so manufacturers have a lot of capacity and are trying to fill up their factories, and earn and win every deal to do that.

嗯，我認為這正是我的最後評論，即行業產量仍然處於極低水平，因此製造商擁有大量產能，並試圖填滿他們的工廠，並贏得併贏得每筆交易來做到這一點。

These are certainly very attractive, both from the original sale and the aftermarket parts stream, deals to win.

無論是從原始銷售還是售後零件流來看，這些無疑都非常有吸引力，是值得贏得的交易。

So I think we really won't start to see price appreciation in Resource Industries until we start to see constraints in capacity amongst us and our competitors.

因此，我認為，除非我們開始看到我們和競爭對手之間的產能限制，否則我們真的不會開始看到資源產業的價格上漲。

Okay.

好的。

And if I could just ask a follow-up.

如果我可以問後續情況。

In response to an earlier question, I heard some mention about supply chain.

在回答先前的問題時，我聽到有人提到了供應鏈。

Can you talk about whether you are seeing any kind of pockets of pressure on the supply chain, or how you are feeling about the supply chain here in this increasing demand environment?

您能否談談您是否看到供應鏈面臨任何壓力，或者在這個需求不斷增長的環境中您對供應鏈有何感受？

Thank you.

謝謝。

As I mentioned, we are, for a few products, bringing production up quickly off of very low levels.

正如我所提到的，我們正在將一些產品的產量從非常低的水平快速提高。

It's difficult to get both -- get the factories back to work and get the workforce in and trained.

兩者兼得是很困難的——讓工廠復工並讓勞動力進入並接受培訓。

So that is taking a little time.

所以這需要一點時間。

On top of that, we've had higher demand for aftermarket parts, which also puts demand into the supply chain.

最重要的是，我們對售後零件的需求更高，這也為供應鏈帶來了需求。

I think we just think it takes time.

我認為我們只是認為這需要時間。

We hope to be worked through most of those issues by the end of the year.

我們希望在今年年底前解決大部分問題。

And it is largely workforce and supply chain that's driving that -- I'd say setting the pace for how quickly we can bring production up.

這主要是勞動力和供應鏈的推動——我想說的是，這為我們提高產量的速度設定了步伐。

And that's mostly on construction on the supply chain bottleneck?

這主要是關於供應鏈瓶頸的建設？

I would say that we have, depending on the product, we have supply chain issues we're working across the product line.

我想說的是，根據產品的不同，我們在整個產品線上都存在供應鏈問題。

Okay.

好的。

Thanks, I appreciate the answers.

謝謝，我很感謝您的回答。

Thanks, everybody.

謝謝大家。

Andrew Casey.

安德魯凱西.

Wells Fargo Securities.

富國銀行證券。

A question on the Construction Industries; 200 basis point margin increase for the year.

關於建築業的問題；年內利潤率增加 200 個基點。

Back to David's question, it really does imply a pretty sharp drop-off in the second half.

回到大衛的問題，這確實意味著下半場的急劇下滑。

And it's still a little bit confusing to me, based on the commentary you gave about inter-segment sale impacting that.

根據您對部門間銷售影響的評論，我仍然有點困惑。

Because if I look at the first half, you had $54 million or thereabouts in inter-segment sales.

因為如果我看一下上半年，你會發現部門間銷售額約為 5,400 萬美元。

And that's kind of small in the scope of the $9 billion first-half sales reported.

與報告的 90 億美元上半年銷售額相比，這只是一個很小的數字。

Is there an acceleration in the second half inter-segment, or is -- how should we look at that?

下半年段間是否有加速，或者──我們該如何看待？

No, it's not -- I think from David's question, if I look at the margins that I referenced, he said single digits.

不，不是——我認為從大衛的問題來看，如果我看我提到的邊距，他說是個位數。

I'm not quite to single-digit numbers, so I was just clarifying his math.

我不太懂個位數，所以我只是澄清他的數學。

I think we were both probably in about the same place.

我想我們可能都在同一個地方。

I think that question stands, though.

不過，我認為這個問題是存在的。

We do see softer segment margin percent and the back half of the year for Construction Industries.

我們確實看到建築業的細分市場利潤率和下半年有所下降。

Sales are down a little bit; that drives some of it, which is not unusual from a historical perspective for Construction Industries sales to be down in the back half of the year.

銷量略有下降；這推動了其中的一部分，從歷史角度來看，建築業銷售額在今年下半年下降並不罕見。

They do expect some price pressure, especially in North America.

他們確實預計會出現一些價格壓力，尤其是在北美。

They expect some material cost pressures for steel, and then some higher period costs then to support these investments.

他們預計鋼鐵會面臨一些材料成本壓力，然後會出現一些較高的期間成本來支持這些投資。

This is Joe Creed.

這是喬·克里德。

I think we're focused on expanding margins in the segments.

我認為我們的重點是擴大該領域的利潤率。

And we have to be careful not to look at quarter-to-quarter margins in each of the segments, because they can fluctuate from time to time inside the quarter.

我們必須小心，不要關注每個細分市場的季度利潤率，因為它們可能會在季度內不時波動。

But on an annual basis, we're committed to the improvement.

但每年我們都會致力於改進。

And so, a couple hundred basis point improvement for the year certainly, I think, is something to denote, and impressive.

因此，我認為，今年的幾百個基點的改善當然是值得注意的，而且令人印象深刻。

Okay.

好的。

All right, thank you very much.

好的，非常感謝。

Steven Fisher.

史蒂文·費希爾.

It's UBS.

這是瑞銀。

Just to continue that discussion there, you mentioned a number of times the competitive price pressure you expect in the second half in construction, and you just clarified it's North America.

為了繼續在那裡的討論，您多次提到了您預計下半年建築業面臨的競爭性價格壓力，並且您剛剛澄清了這是北美。

Just curious, why will the competitive price pressure be more intense in the second half relative to the first half?

只是好奇，為什麼下半年的價格競爭壓力會比上半年更激烈呢？

Why wasn't that price pressure there in the first half?

為什麼上​​半年沒有出現價格壓力？

I'd say the price pressure has been there, but we expect it to continue.

我想說價格壓力一直存在，但我們預計這種壓力將持續下去。

And we expect -- I'd say our competitors, as we continue to see the strong dollar work against us from a competitive standpoint, to put additional price pressure in the back half of the year, Steve.

我們預計——我想說的是我們的競爭對手，因為從競爭的角度來看，我們繼續看到強勢美元對我們不利，史蒂夫，他們將在今年下半年施加額外的價格壓力。

Okay.

好的。

And this may be a longer question than the last minute of the call.

這可能是一個比電話最後一分鐘更長的問題。

But what you think is the most likely path to noticeably higher construction equipment sales in North America?

但您認為最有可能大幅提高北美建築設備銷售的途徑是什麼？

In the past, you've talked about 3% GDP growth driving fleet expansion.

過去，您曾談到 3% 的 GDP 成長會推動機隊擴張。

Is it really just needing stimulus, at this point, to get the infrastructure piece going?

此時此刻，真的只需要刺激措施來推動基礎建設嗎？

Or is it waiting for a replacement cycle?

還是等待更換週期？

Or is it an expansion of the rental channel?

還是租賃通路的拓展？

What's going to get that North America to break out?

是什麼讓北美爆發？

I think it's a question that will be discussed at the Analyst Day in September.

我認為這個問題將在九月的分析師日上討論。

But I think if you go back to the chart on Construction Industries sales that's in the presentation pack, I think what you'll see is we have seen healthy growth in nonresidential and residential spend.

但我認為，如果您返回演示包中的建築行業銷售圖表，您會看到非住宅和住宅支出的健康成長。

Although we still think, from a residential perspective, we're not keeping up with population growth in the US.

儘管我們仍然認為，從住宅的角度來看，我們沒有跟上美國人口的成長。

But what has, I'd say, disappointed for the last several years has been a lack of growth in infrastructure investment, which is really I think the area that looks prime to need some more investment and some more growth.

但我想說，過去幾年令人失望的是基礎設施投資缺乏成長，我認為這確實是最需要更多投資和成長的領域。

Okay, thank you.

好的謝謝。

All right.

好的。

Thanks, Steve.

謝謝，史蒂夫。

And with that, I think that was our last question.

至此，我認為這是我們的最後一個問題。

Kate?

凱特？

Thank you.

謝謝。

Ladies and gentlemen, this does conclude today's conference call.

女士們先生們，今天的電話會議到此結束。

You may disconnect your phone lines and have a wonderful day.

您可以斷開電話線並度過美好的一天。

Will there be any closing remarks?

會有結束語嗎？

No, I don't think we have any closing remarks, Kate.

不，我認為我們沒有任何結束語，凱特。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

Have a wonderful day, and thank you for your participation.

祝您有美好的一天，感謝您的參與。

[KT1]$330 is consolidated STIP which is we typically communicate externally.

[KT1]330 美元是綜合 STIP，我們通常與外部溝通。

The $320 on the slide was ME&T

幻燈片上的 320 美元是 ME&T