開拓重工 (CAT) 2019 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Caterpillar 1Q 2018 Analyst Conference Call. (Operator Instructions)

女士們、先生們，早安，歡迎參加卡特彼勒 2018 年第一季分析師電話會議。（操作員指令）

It is now my pleasure to turn the floor over to your host, Jennifer Driscoll. Ma'am, the floor is yours.

現在我很高興將發言權交給主持人珍妮佛‧德里斯科爾 (Jennifer Driscoll)。女士，現在請您發言。

Thanks, Kate. Good morning, everyone, and welcome to the first quarter earnings call for Caterpillar. I'm Jennifer Driscoll from Investor Relations of Caterpillar. I'm pleased to have with me here in the room Jim Umpleby, Chairman of the Board and CEO; Andrew Bonfield, CFO; and Kyle Epley, Vice President of Global Finance Services Division.

謝謝，凱特。大家早安，歡迎參加卡特彼勒第一季財報電話會議。我是卡特彼勒投資者關係部的珍妮佛‧德里斯科爾 (Jennifer Driscoll)。我很高興董事會主席兼執行長 Jim Umpleby 能與我們一同出席這次會議；財務長 Andrew Bonfield；以及全球金融服務部副總裁 Kyle Epley 。

We've provided slides to accompany the presentation. You can find the slides, along with our earnings release and a glossary, on the Investor Relations section of the caterpillar.com website under Quarterly Financial Results.

我們提供了幻燈片來配合此簡報。您可以在 caterpillar.com 網站的「投資者關係」部分的「季度財務業績」下找到這些幻燈片以及我們的收益報告和詞彙表。

Today, we plan to make forward-looking statements, which are subject to risks and uncertainties as well as assumptions that could cause our actual results to be different than the information discussed. For details on factors that individually or in aggregate could cause actual results to vary materially from our projections, please refer to our most recent SEC filing and forward-looking statements included in today's earnings release.

今天，我們計劃做出前瞻性陳述，這些陳述受風險和不確定性以及可能導致我們的實際結果與所討論的資訊不同的假設的影響。有關單獨或總體上可能導致實際結果與我們的預測存在重大差異的因素的詳細信息，請參閱我們最近的 SEC 文件和今天的收益報告中包含的前瞻性聲明。

As indicated earlier, we are not reporting adjusted profit per share in the first quarter as restructuring costs are expected to be lower this year. It's our intention to report adjusted profit per share in the fourth quarter of 2019 to exclude mark-to-market gain or loss for the remeasurement of pension and any other post-employment benefit plan and any other discrete items.

如前所述，我們沒有報告第一季的調整後每股利潤，因為預計今年的重組成本將會降低。我們打算在 2019 年第四季報告調整後的每股利潤，以排除因重新計量退休金和任何其他離職後福利計劃以及任何其他單獨專案而產生的按市價計價的收益或損失。

Please keep in mind that today's call is copyrighted by the company. Any use of any portion of the call without our written approval is strictly prohibited.

請記住，今天的通話受公司版權保護。未經我們書面批准，嚴禁以任何方式使用本次通話的任何部分。

Before I turn the call over to Jim, let me remind you that we'll be webcasting an Investor Day presentation next week, May 2, from 1 p.m. to 3:30 p.m. Eastern Time. We intend to defer until then any questions about capital allocation or long-term target. To access the webcast or the transcript, please visit caterpillar.com, click on Investors and then Events and Presentation.

在我將電話轉給吉姆之前，請允許我提醒您，我們將於下週 5 月 2 日下午 1 點透過網路直播投資者日演示。至下午 3:30東部時間。我們打算將有關資本配置或長期目標的任何問題都推遲到那時。若要存取網路廣播或文字記錄，請造訪 caterpillar.com，按一下“投資者”，然後按一下“活動和簡報”。

And with that, I will now turn the call over to Jim.

現在我將電話轉給吉姆。

Thank you, Jennifer. We're happy to have you with us at Caterpillar, and good morning to everyone on the call. As Jennifer mentioned, we hope to see many of you at our Investor Day next week in Clayton, North Carolina, where we will provide an update on our enterprise strategy, financial targets and capital deployment plans.

謝謝你，詹妮弗。我們很高興您能加入卡特彼勒，並向電話會議中的每個人問好。正如珍妮佛所說，我們希望在下週於北卡羅來納州克萊頓舉行的投資者日上見到大家，我們將在會上介紹我們的企業策略、財務目標和資本配置計劃的最新情況。

Turning to the first quarter highlights on Slide 3. I'd like to thank our global team for delivering another strong first quarter. Profit per share was a first quarter record of $3.25, rising 19%. This result included the contribution of $0.31 per share of a discrete tax benefit. Consolidated sales and revenues grew 5%. Resource Industries led the way driven by higher demand for equipment and services and favorable price realization. Growth from Construction Industries was fueled by higher end-user demand for construction equipment and price realization.

轉到幻燈片 3 上的第一季亮點。我要感謝我們的全球團隊再次取得強勁的第一季業績。第一季每股獲利創歷史新高，達到 3.25 美元，成長 19%。這一結果包括每股 0.31 美元的單獨稅收收益貢獻。綜合銷售額和收入成長5%。受設備和服務需求增加以及有利的價格實現的推動，資源產業處於領先地位。建築業的成長主要得益於最終用戶對建築設備的需求增加和價格實現。

Operating profit rose 5%. We've benefited from favorable price realization, volume gains and shorter -- and lower short-term incentive compensation expenses, which more than offset higher manufacturing costs as well as investments in SG&A and R&D for future growth.

營業利潤成長5%。我們受惠於有利的價格實現、銷售成長和更短的——以及更低的短期激勵薪酬費用，這些費用足以抵消更高的製造成本以及對未來成長的銷售、一般及行政費用和研發的投資。

Strong operating cash flow of $860 million allowed us to repurchase $750 million in company stock in addition to paying the dividend as part of our continued commitment to shareholder returns. These strong first quarter results are a reflection of stronger demand and the benefit of executing our strategy for profitable growth by investing in services, expanding our offerings and improving operational excellence.

8.6 億美元的強勁營運現金流使我們能夠除了支付股息之外，還回購價值 7.5 億美元的公司股票，這是我們對股東回報的持續承諾的一部分。第一季強勁的業績反映了更強勁的需求，也反映了我們透過投資服務、擴大產品範圍和提高卓越營運來實施獲利成長策略所帶來的好處。

Growing services is a critical element of our strategy. Services allows us to provide additional customer value in a variety of ways, including reducing downtime and maximizing machine availability. Digital is an enabler of this strategy with connectivity at the foundation. Last year, we added about 250,000 new connected assets, bringing our total to about 850,000 assets connected worldwide. We look forward to sharing more in how we think about services during our upcoming Investor Day.

拓展服務是我們策略的關鍵要素。服務使我們能夠透過多種方式提供額外的客戶價值，包括減少停機時間和最大限度地提高機器可用性。數位化是這項策略的推動因素，而連結性則是其基礎。去年，我們增加了約 25 萬個新的連接資產，使我們在全球範圍內的連接資產總數達到約 85 萬個。我們期待在即將到來的投資者日期間分享更多我們對服務的看法。

Expanding our offerings enables us to grow our business and reflects our commitment to create greater customer value by providing solutions to meet diverse customer needs in different markets around the world. Some of our progress was on display earlier this month at bauma, the construction industry's largest trade show held in Munich, Germany every 3 years. I was proud to walk the floor of the Caterpillar exhibit and engaged with our dedicated employees and valued customers. Among the highlights were the next-generation hydraulic excavators with new semi-autonomous features, which give operators more information and insight than ever before.

擴大我們的產品範圍使我們能夠發展業務，並體現了我們致力於透過提供解決方案來滿足全球不同市場的不同客戶需求，從而創造更大的客戶價值。本月初，我們在寶馬展上展示了一些進展。 BMW展是建築業最大的貿易展會，每三年在德國慕尼黑舉辦一次。我很自豪能夠走進卡特彼勒的展位並與我們敬業的員工和尊貴的客戶進行交流。其中的亮點是具有全新半自動功能的下一代液壓挖掘機，它為操作員提供了比以往更多的資訊和見解。

We also displayed the world's first high drive Electric Drive dozer, the D6 XE. It offers up to 35% better fuel efficiency than its predecessor. We also showcased new hybrid technologies on 3 Perkins engines as well as 5 new engines from its range of EU Stage V engines designed to meet new emission standards, increased productivity and lower life cycle costs. To complement these expanded offerings on the stand, customers also learned about new services, including aftermarket products, customer service agreements and our new Cat app, which allows customers to easily track critical machine operating data from the field.

我們也展示了世界上第一台高驅動電動驅動推土機D6 XE。與前代產品相比，其燃油效率提高了 35%。我們還展示了 3 款珀金斯發動機上的新型混合動力技術，以及 5 款歐盟第五階段發動機系列新發動機，旨在滿足新的排放標準、提高生產率和降低生命週期成本。為了補充展台上這些擴展的產品，客戶還了解了新服務，包括售後產品、客戶服務協議和我們的新 Cat 應用程序，這使客戶能夠輕鬆地從現場追蹤關鍵機器運行數據。

We continue to focus on enhancing operational excellence, including safety. Our safety goal is always 0 incidents. We want all of our employees to return home safely everyday. One of the metrics we track is the number of recordable injuries per 200,000 hours worked. So far this year, we are tracking 9% better than 2018, and we will not lose focus on this priority to prevent injuries and keep our people safe.

我們將繼續致力於提高卓越運營，包括安全性。我們的安全目標始終是零事故。我們希望所有員工每天都能安全回家。我們追蹤的指標之一是每20萬工作小時可記錄的傷害數量。今年到目前為止，我們的業績比 2018 年好 9%，我們不會忽視這項優先事項，以防止受傷並確保人民安全。

Executing our strategy is allowing us to improve operating profit and free cash flow, which we define as operating cash flow less capital expenditures. During our Investor Day on May 2, we will discuss our expectations for operating margins and free cash flow.

執行我們的策略使我們能夠提高營業利潤和自由現金流，我們將其定義為營業現金流減去資本支出。在 5 月 2 日的投資者日期間，我們將討論對營業利潤率和自由現金流的預期。

Now turning to the 2019 outlook on Slide 4. We continue to have confidence in the fundamentals of our diverse end markets, and the expectations for 2019 performance are unchanged. However, we adjusted our range of $11.75 to $12.75 by the amount of the discrete tax benefit we realized in the first quarter. That brings our 2019 outlook to $12.06 to $13.06 in profit per share. We continue to expect modest sales growth and continue cost discipline for full year 2019.

現在轉到幻燈片 4 上的 2019 年展望。我們繼續對我們多樣化終端市場的基本面充滿信心，對 2019 年業績的預期保持不變。然而，我們根據第一季實現的單獨稅收優惠金額，將範圍從 11.75 美元調整為 12.75 美元。這意味著我們預計 2019 年每股利潤將達到 12.06 美元至 13.06 美元。我們繼續預期 2019 年全年銷售額將溫和成長，成本也將持續受到控制。

Now let's walk through what we're seeing in the external environment. In Construction Industries, we continue to believe that a healthy U.S. economy, along with state and local funding for infrastructure development, will be a positive for us, partly offset by weakness in residential construction. We continue to expect demand to remain low in Latin America this year.

現在讓我們來看看我們所看到的外在環境。在建築業，我們仍然相信，健康的美國經濟以及州和地方對基礎設施建設的資金投入將對我們有利，但住宅建築的疲軟將部分抵消這一影響。我們繼續預計今年拉丁美洲的需求將保持在低點。

In the Europe, Africa and Middle East region, demand remains steady despite the political and economic uncertainties. In Asia Pacific, infrastructure activity remains strong. Within China, we continue to expect our sales to be flat with last year.

在歐洲、非洲和中東地區，儘管存在政治和經濟不確定性，但需求仍保持穩定。在亞太地區，基礎建設活動依然強勁。在中國，我們預計銷售額將與去年持平。

For Resource Industries, we continue to expect most commodity prices to remain at investable levels. We are seeing mining companies becoming increasingly willing to invest in CapEx. While that is encouraging, miners remain disciplined in their CapEx deployment. We expect demand for heavy construction and quarrying aggregate equipment to remain strong.

對於資源產業，我們仍然預期大多數商品價格將保持在可投資水準。我們看到礦業公司越來越願意投資資本支出。雖然這令人鼓舞，但礦工在資本支出部署方面仍保持紀律。我們預計重型建築和採石設備的需求將保持強勁。

In Energy & Transportation, oil prices are recovering, but the volatility in oil prices and takeaway constraints in the Permian are impacting demand for well servicing equipment in the first half of the year. Later in the year, U.S. pipeline constraints are expected to ease, and we anticipate an increase in demand. Gas compression should remain healthy.

在能源和運輸方面，油價正在回升，但油價波動和二疊紀的運輸限制正在影響上半年對油井服務設備的需求。今年晚些時候，美國管道限制預計將得到緩解，我們預計需求將會增加。氣體壓縮應保持良好狀態。

Demand for power generation equipment continues to be a positive. Finally, in transportation, we expect improvements in our rail business, including services.

發電設備需求持續維持積極態勢。最後，在交通運輸方面，我們預計我們的鐵路業務（包括服務）將有所改善。

With that, I will turn the call over to Andrew for a closer look at our financials.

說完這些，我會把電話轉給安德魯，讓他仔細看看我們的財務狀況。

Thank you, Jim, and good morning, everyone. We have reported record first quarter results today as we continue to execute our strategy and use our Operating & Execution Model to drive profitable growth. I will walk through the results, starting on Slide 5 before turning to our updated outlook for the full year.

謝謝你，吉姆，大家早安。今天，我們報告了創紀錄的第一季業績，我們繼續執行我們的策略，並利用我們的營運和執行模式來推動獲利成長。我將從第 5 張投影片開始介紹業績，然後再介紹我們對全年的最新展望。

Sales and revenues for the quarter totaled $13.5 billion, up 5% from last year driven by both volume gains and price realization, with Resource Industries having a strong first quarter in particular. First quarter profit per share of $3.25 included a $0.31 per share discrete tax benefit increased 19% from the previous -- prior year's first quarter. This was driven by higher sales, partly offset by higher manufacturing costs and higher spending on SG&A and R&D due to increased investments versus the first quarter of last year.

本季銷售和收入總計 135 億美元，較去年同期成長 5%，這得益於銷售成長和價格實現，尤其是資源產業第一季表現強勁。第一季每股利潤 3.25 美元，其中包括每股 0.31 美元的單獨稅收收益，較去年同期第一季成長 19%。這是由於銷售額增加所致，但與去年第一季相比，投資增加導致製造成本增加以及銷售、一般及行政開支和研發支出增加，部分抵銷了這一增長。

Now let's turn to top line on Slide 6. Sales and revenue growth in the quarter was driven by volume gains and price realization partially offset by currency. Volume gains primarily reflected strong demand in both Resource Industries and Construction Industries. Resource Industries' strong demand was due to growth in original equipment and services. For Construction Industries, sales in North America rose double digits this quarter. Energy & Transportation sales were flat versus the prior year. Currency pressures reflected dollar strengthening principally -- primarily against the euro, the Australian dollar and the Chinese yuan.

現在讓我們轉到投影片 6 的頂行。本季的銷售和收入成長是由銷售成長和價格實現所推動的，但部分被貨幣抵消。銷售成長主要反映了資源產業和建築業的強勁需求。資源產業的強勁需求源自於原始設備和服務的成長。對於建築業來說，本季北美的銷售額實現了兩位數成長。能源和運輸銷售與上年持平。貨幣壓力主要體現為美元走強——主要是兌歐元、澳元和人民幣。

If you move to Slide 7, I will walk through the changes in operating profit. As shown on the chart, price realization and sales volume drove the operating profit increase, contributing $292 million and $265 million, respectively. Financial Products also added $26 million to operating profits for the quarter. Manufacturing costs increased by $375 million due to higher material costs, freight and variable labor. These higher costs, while unfavorable, were improved from the fourth quarter levels. Material costs included a direct tariff expense in the first quarter of about $70 million, in line with what we expected. Remember tariffs only started in July of last year, so these will have an impact in Q1 and Q2 until we are past their original implementation date. Also, while steel prices have moderated, after procurement contracts have a lagged effect so these are still rising for us. Labor costs are impacted by production bottlenecks as our suppliers continue to ramp up volumes.

如果您轉到投影片 7，我將介紹營業利潤的變化。如圖所示，價格實現和銷售量推動了營業利潤的成長，分別貢獻了2.92億美元和2.65億美元。金融產品部門也為本季增加了 2,600 萬美元的營業利潤。由於材料成本、運費和變動勞動成本增加，製造成本增加了 3.75 億美元。儘管成本上升是不利的，但較第四季的水平有所改善。材料成本包括第一季約 7000 萬美元的直接關稅費用，符合我們的預期。請記住，關稅是去年 7 月才開始實施的，因此，在原定實施日期過去之前，這些關稅將對第一季和第二季產生影響。此外，雖然鋼鐵價格已經回落，但採購合約後價格存在滯後效應，因此對我們來說鋼鐵價格仍然在上漲。由於我們的供應商不斷增加產量，勞動成本受到生產瓶頸的影響。

SG&A and R&D spending increased despite lower levels of short-term incentive compensation expense primarily due to investments in growth areas, including services and expanded offerings as well as some corporate-level items. The comparators are also set against a low level of spend in Q1 last year.

儘管短期激勵薪酬費用水準較低，但銷售、一般及行政開支和研發開支仍有所增加，這主要歸因於對成長領域的投資，包括服務和擴大產品範圍以及一些公司級專案。比較對像也是去年第一季的低支出水準。

Currency was unfavorable by about $20 million. Restructuring costs were not material for the quarter.

貨幣貶值約 2,000 萬美元。本季的重組成本並不重要。

Now let's look at the performance of each segment in Q1, beginning with Construction Industries on Slide 8. Sales were $5.9 billion, an increase of $196 million or 3%. Construction sales increased in North America by $345 million due to higher demand for new equipment, particularly for road construction activities. Sales declined in Asia Pacific, EAME and Latin America. Asia Pacific sales were down 4% or $66 million. Currency was the driver as volume in China was about flat, which is what we expected.

現在讓我們來看看第一季每個部門的表現，從第 8 張投影片上的建築業開始。銷售額為 59 億美元，增加 1.96 億美元，增幅 3%。由於對新設備的需求增加，特別是道路建設活動的需求，北美建築銷售額增加了 3.45 億美元。亞太地區、歐洲、非洲和拉丁美洲的銷售額有所下降。亞太地區銷售額下降 4%，即 6,600 萬美元。貨幣是驅動因素，因為中國的交易量基本上持平，這正是我們所預期的。

In EAME, sales declined by 6% or $61 million due to a small increase in dealer inventories and a weaker euro, partly offset by favorable price realization. Lastly, macroeconomic factors in Latin America contributed to a decline in sales of 7% or $25 million off of a very low base.

在歐洲、非洲和中東地區，由於經銷商庫存小幅增加和歐元走弱，銷售額下降 6% 或 6,100 萬美元，但有利的價格實現部分抵消了這一下降。最後，拉丁美洲的宏觀經濟因素導致銷售額在非常低的基數上下降了 7%，即 2500 萬美元。

Turning to profit. Construction Industries segment profit declined by 3%. The segment profit margin of 18.5% was a decrease of 120 basis points from the first quarter of 2018. The favorable impact of higher price realization was more than offset by higher manufacturing costs. This increase in costs was led by higher material labor and freight costs. While these costs increase, the magnitude was less we saw in the fourth quarter and were driven by the same factors I mentioned a moment ago.

轉變為獲利。建築業部門利潤下降3%。分部利潤率為18.5%，較2018年第一季下降120個基點。價格上漲帶來的有利影響被製造成本的上升所抵銷。成本增加是由於材料勞動力和運費成本的上漲。雖然這些成本有所增加，但第四季度的增幅較小，而且是由我剛才提到的相同因素造成的。

The backlog for Construction Industries rose as higher production levels supported an increase in order rates. We continue to have most CI products from managed distribution.

由於生產水準提高推動訂單率上升，建築業積壓訂單也隨之增加。我們繼續擁有來自託管分銷的大多數 CI 產品。

Now let's go to Slide 9 and look at Resource Industries. Resource Industries sales were $2.7 billion, up 18% from the first quarter of 2018. The $418 million increase in sales of the quarter reflected higher equipment demand, favorable price realization and increased services. We saw solid demand from mining and heavy construction equipment, including quarry and aggregate. Asia Pacific was particularly strong with sales up $275 million or about 52%. The backlog declined in Resource Industries as our factories continued to ramp up production, which resulted in an increase in dealer inventories. First quarter orders were higher than in Q4 2018. We continue to expect higher mining CapEx in 2019, leading us to expect higher sales in new equipment this year.

現在我們翻到第 9 張投影片，看看資源產業。資源產業銷售額為 27 億美元，較 2018 年第一季成長 18%。本季銷售額增加 4.18 億美元，反映設備需求增加、價格實現優惠、服務提升。我們看到採礦和重型建築設備（包括採石場和骨材）的需求強勁。亞太地區表現尤為強勁，銷售額成長 2.75 億美元，增幅約 52%。由於我們的工廠不斷提高產量，資源產業的積壓訂單減少，導致經銷商庫存增加。第一季的訂單高於 2018 年第四季。我們繼續預計 2019 年採礦資本支出將增加，因此我們預計今年新設備的銷售將增加。

Segment profit of $576 million rose 52% versus first quarter of last year. Segment profit margin improved to about 21%, up 470 basis points from 2018. Resource Industries' improved performance and margin expansion were primarily due to higher sales volumes. Favorable price realization was partially offset by higher manufacturing costs, including increased material and freight costs as well as slightly higher warranty expense.

分部利潤為 5.76 億美元，較去年第一季成長 52%。分部利潤率提升至約21%，較2018年上升470個基點。資源工業績效的改善和利潤率的提高主要得益於銷售量的增加。優惠的價格實現部分被更高的製造成本所抵消，包括增加的材料和運費成本以及略高的保固費用。

Turning to Slide 10 where we will review Energy & Transportation results. Energy & Transportation sales in the first quarter were $5.2 billion, comparable with the same quarter last year. Favorable price realization and higher sales volumes were more than offset by unfavorable currency. Sales into oil and gas applications decreased by $84 million or 7% primarily due to the timing of turbine project deliveries in North America. Sales in power generation rose by $67 million or 7% due to higher demand for large diesel reciprocating engine applications.

翻到第 10 張投影片，我們將回顧能源和運輸的結果。第一季能源與運輸銷售額為 52 億美元，與去年同期持平。有利的價格實現和更高的銷售量被不利的貨幣所抵消。石油和天然氣應用領域的銷售額下降了 8,400 萬美元，降幅為 7%，主要是由於北美渦輪機專案交付時間表所致。由於大型柴油往復式引擎應用的需求增加，發電銷售額增加了 6,700 萬美元，即 7%。

Industrial sales were similar to last year's first quarter, with gains in North America more than offset by an increase in EAME. Transportation sales declined [3%]. We recently marked the 1-year anniversary of our acquisition of 2 rail subs businesses in January 2018. Segment profit for Energy & Transportation was $838 million, down $36 million or 4%. The segment profit margin contracted by 60 basis points to about 16%. Energy & Transportation margins reflected higher manufacturing costs driven by freight costs and warranty expense. The increase in backlog in E&T was driven by rail-related services and turbines, which were partially offset by reciprocating engines due to softness in oil and gas that Jim referred to earlier.

工業銷售額與去年第一季相似，北美地區的成長被歐洲、非洲和中東地區的成長所抵銷。運輸銷售額下降[3%]。我們最近慶祝了 2018 年 1 月收購兩家鐵路子公司一週年。能源和運輸部門利潤為 8.38 億美元，下降 3,600 萬美元，下降 4%。該分部利潤率收縮60個基點至16%左右。能源和運輸利潤率反映了運費和保固費用導致的製造成本上升。電氣與電氣化領域積壓訂單的增加主要是由鐵路相關服務和渦輪機推動的，而正如 Jim 之前提到的，由於石油和天然氣市場疲軟，往復式發動機的銷售部分抵消了這一增長。

Now let's move to Slide 11, and I will walk through our assumptions for 2019 outlook. Our profit per share outlook range for 2019 is now $12.06 to $13.06. The change from our prior range of $11.75 to $12.75 reflects the discrete tax item mentioned earlier. Our assumptions for the business are largely unchanged. We continue to have confidence in the fundamentals of our diverse end markets, and we expect sales to increase modestly this year. We also anticipate the price realization will offset higher manufacturing costs. Short-term incentive compensation is expected to be a tailwind of about $500 million. We project restructuring costs of about $100 million to $200 million for the full year. The estimated annual tax rate is unchanged at 26%, except for the discrete tax item we called out. We see capital expenditures in the range of $1.3 billion to $1.5 billion. Our outlook assumes that the macroeconomic and geopolitical environment is largely unchanged.

現在讓我們轉到第 11 張投影片，我將介紹我們對 2019 年展望的假設。我們對 2019 年每股獲利的預期範圍目前為 12.06 美元至 13.06 美元。我們之前的區間範圍從 11.75 美元變為 12.75 美元，反映了先前提到的單獨稅項。我們對業務的假設基本上沒有改變。我們持續對多元化終端市場的基本面充滿信心，預計今年的銷售額將小幅成長。我們也預計價格實現將抵消更高的製造成本。短期激勵薪酬預計將帶來約 5 億美元的順風。我們預計全年重組成本約為 1 億至 2 億美元。除我們提到的單獨稅項外，預計年度稅率保持不變，為 26%。我們預計資本支出在 13 億美元至 15 億美元之間。我們的展望假設宏觀經濟和地緣政治環境基本上保持不變。

Looking ahead to the second quarter. We expect to continue the execution of our strategy, including additional investments for long-term profitable growth where appropriate. We anticipate stronger results in the back half of the year, including better variable margins and stronger demand from oil and gas customers in North America. Depending on markets and based on an internal assessment of enterprise intrinsic value, we expect to be active in the market and repurchase another $750 million of company stock in the second quarter of 2019. Any additional share repurchases will depend upon cash generation and alignment with our capital allocation priorities. We do not expect to make any additional voluntary pension contributions due to the $1 billion discretionary pension contribution we made in the third quarter of last year.

展望第二季。我們希望繼續執行我們的策略，包括在適當的情況下為長期獲利成長進行額外投資。我們預計今年下半年業績將更加強勁，包括更好的變動利潤率和來自北美石油和天然氣客戶的更強勁需求。根據市場狀況並基於對企業內在價值的內部評估，我們預計將積極參與市場並在 2019 年第二季再回購價值 7.5 億美元的公司股票。任何額外的股票回購都將取決於現金產生和與我們的資本配置重點的一致性。由於我們去年第三季已繳納了 10 億美元的自由裁量退休金供款，因此我們預計不會再作出任何額外的自願退休金供款。

So finally, let's turn to Slide 12 and recap today's results. It was a record first quarter profit per share, following a record first quarter last year. We have updated our guidance to $12.06 to $13.06 in profit per share. Given our strong financial profile, we were able to return $1.2 billion to shareholders in the quarter while executing our strategy and investing for long-term profitable growth.

最後，讓我們翻到第 12 張投影片，回顧一下今天的結果。繼去年第一季創下每股獲利紀錄之後，今年第一季每股獲利也創下紀錄。我們已將每股利潤預期上調至 12.06 美元至 13.06 美元。鑑於我們強勁的財務狀況，我們能夠在本季度向股東返還 12 億美元，同時執行我們的策略並投資於長期獲利成長。

With that, I will hand it back to Kate, our operator, to bring -- to begin the question-and-answer portion of the call.

說完這些，我將把電話交還給我們的接線生凱特，開始電話會議的問答部分。

(Operator Instructions) Our first question today is coming from Jerry Revich at Goldman Sachs.

（操作員指示）我們今天的第一個問題來自高盛的傑瑞·雷維奇（Jerry Revich）。

In Resources, I'm wondering if you could update us on your expectations on when large project prospects are expected to turn into orders? Over the past year, we've seen CapEx budgets and truck utilization move in the right direction, and I'm wondering what do you expect that to translate to backlog growth for your resource business.

在資源方面，我想知道您是否可以向我們介紹一下您對大型專案前景何時有望轉化為訂單的預期？在過去的一年裡，我們看到資本支出預算和卡車利用率朝著正確的方向發展，我想知道您期望這會為資源業務的積壓成長帶來什麼變化。

It's Jim. I'll take that one on. So we're seeing healthy levels of business from our mining customers. As you know, we had some issues in terms of ramping up production, particularly with our suppliers over the last few months. And our backlog change really is a reflection of the fact that we've been able to ramp up production as opposed to any softening of demand. So again, the market's strong. We expect to continue to have good market activity here, and we're ramping up production, which has resulted in a reduction in our backlog.

是吉姆。我會接受這個。因此，我們看到採礦客戶的業務水準十分健康。如您所知，我們在提高產量方面遇到了一些問題，特別是過去幾個月與我們的供應商之間的問題。我們的積壓訂單變化實際上反映了我們能夠提高產量而不是需求疲軟的事實。所以，市場再次表現強勁。我們預計這裡的市場活動將繼續保持良好，而且我們正在提高產量，這將減少我們的積壓訂單。

Okay. And then I'm wondering if you could just expand on your dealer inventory comment. So healthy dealer inventory build in the first quarter. You mentioned resources still at low levels of dealer inventories, and you're looking for the business to be up low single digits organically. This year, is the flat dealer inventory comment really at expectation? Or is that a placeholder as we see activity ramp up? In other words, it sounds like you either expect to reduce production over the course of the year or retail sales to accelerate if we do indeed see flat dealer inventories year-end '19 versus year-end '18.

好的。然後我想知道您是否可以擴展您對經銷商庫存的評論。因此，第一季經銷商庫存累積健康。您提到資源仍然處於經銷商庫存的低水平，並且您希望業務能夠有機地實現個位數的成長。今年以來經銷商庫存平穩的評論真的如預期嗎？或者這只是一個佔位符，因為我們看到活動在增加？換句話說，如果我們確實看到2019年年底與2018年年底相比經銷商庫存持平，那麼聽起來你要么預計全年產量會減少，要么零售額會加速增長。

Yes. So Jerry, obviously, keep in mind the way dealers own and control their inventory. So our expectations are based on what we expect their order levels to be. Obviously, we did see an increase in inventory levels in the first quarter for usual seasonal regions. Obviously, we are making sure that we work closely with our dealers to make sure we align their inventory with current market demands so we believe that is about appropriate. And we believe actually flat at the end of the year is a reasonable assumption to be making at this stage.

是的。因此，傑瑞顯然要記住經銷商擁有和控制庫存的方式。因此，我們的預期是基於我們對他們的訂單水準的預期。顯然，我們確實看到第一季常見季節性地區的庫存水準有所增加。顯然，我們確保與經銷商密切合作，以確保他們的庫存與當前的市場需求保持一致，因此我們認為這是合適的。我們認為，年底時實際上持平是現階段做出的合理假設。

Our next question today is coming from Jamie Cook at Credit Suisse.

我們今天的下一個問題來自瑞士信貸的傑米庫克。

First question, just on the resource margins, they were much higher than expectation. I know volume and price helped, but was there any benefit in there from sort of restructuring or mix? And given the strength in the first quarter, how do we think about sort of full year margins? And then just a follow-up question on the dealer inventory levels. Can you comment on dealer inventory levels, months of dealer inventory level, either by region or product?

第一個問題，僅就資源利潤率而言，它們遠高於預期。我知道數量和價格有幫助，但是重組或組合能帶來什麼好處嗎？鑑於第一季的強勁表現，我們如何看待全年利潤率？然後是關於經銷商庫存水準的後續問題。您能否按地區或產品評論一下經銷商的庫存水準以及經銷商庫存水準的月數？

Jamie, it's Jim. As you know, we don't guide segment -- we don't give segment margin guidance. But yes, the first quarter margins are quite strong. A lot of that was driven by volume leverage. We had good price as well and also just looking at the timing of investments that we had throughout the year was relatively low in the first quarter.

傑米，我是吉姆。如您所知，我們不提供分部指導－我們不提供分部利潤指導。但確實，第一季的利潤率相當高。其中很大一部分是由數量槓桿推動的。我們的價格也很好，從全年的投資時機來看，第一季的投資相對較低。

And with regards to dealer inventories, generally, obviously, we try to keep dealer inventories to this sort of 3- to 4-month level, it's the sort of target guide -- range, and we would try to do that across everywhere and across all product groups. It would be our biggest guide. Obviously, in some areas, as you know, in CI, we are on managed distribution. So obviously, some inventory levels are lower, and it grows higher over time once we get those products off managed distribution.

至於經銷商庫存，一般來說，顯然我們會嘗試將經銷商庫存保持在 3 至 4 個月的水平，這是一種目標指導範圍，我們會嘗試在所有地方和所有產品組中做到這一點。這將是我們最大的指南。顯然，如您所知，在 CI 的某些領域，我們採用託管​​分銷。因此顯然，一些庫存水準較低，而一旦我們將這些產品從管理分銷中取出，庫存水準就會隨著時間的推移而升高。

Our next question today is coming from Rob Wertheimer at Melius Research.

今天的下一個問題來自 Melius Research 的 Rob Wertheimer。

If you look at your market share in China construction over the last 10 years, I think you've more or less doubled it if you use a tonnage basis as opposed to units, you do well in the bigger machines and you've done well in growing that category. Could you sort of talk about what's driven that and then what's changed in the last 3, 4 months to cause some ebbing of those gains?

如果回顧過去 10 年貴公司在中國建築業的市場份額，我認為如果使用噸位而不是單位作為基礎，你們的市場份額幾乎翻了一番，你們在大型機器方面做得很好，而且你們在這一類別的增長方面做得很好。您能否談談造成此現象的原因以及過去 3 至 4 個月內發生了哪些變化，導致這些收益有所減弱？

Yes. So China, obviously, this year, we saw a relatively flat first quarter sales in China, which is consistent, obviously, with -- the sales level were consistent with the prior year. Spring season, as you know, is usually a strong selling season in China and was stronger than normal across the whole of the sector, mainly due to the timing of Chinese New Year, but there's also been some very competitive pricing, and that has had some impact on our relative market shares. We now expect the industry -- our expectation for the industry for the full year is for China to be up. We expect ourselves to be flattish for the year. So we will lose some -- we did lose some market share in Q1, but we're taking actions to gain it back, working with dealers and also launching new models, which is a key part of the strategy, which we think is the right strategy which I know was to compete.

是的。因此，顯然，今年第一季度，我們看到中國市場的銷售相對平穩，這顯然與銷售水準與去年一致。眾所周知，春季通常是中國的銷售旺季，整個行業的銷售都比往常強勁，這主要是由於農曆新年的時間安排，但同時也有一些非常有競爭力的定價，這對我們的相對市場份額產生了一定影響。我們現在預計，我們對全年產業的預期是中國經濟將會成長。我們預計今年的業績將持平。因此，我們會失去一些——我們在第一季確實失去了一些市場份額，但我們正在採取行動奪回它，與經銷商合作，並推出新車型，這是該戰略的關鍵部分，我們認為這是正確的戰略，我知道這就是競爭。

Our next question today is coming from Ann Duignan at JPMorgan Securities.

今天的下一個問題來自摩根大通證券的 Ann Duignan。

I was just wondering if you could give us an update on your 1% to 4% price increase targets across your different segments and regions.

我只是想知道您是否可以向我們介紹一下您們針對不同部門和地區制定的 1% 至 4% 的價格上漲目標。

Yes. So Ann, you saw that for the full year or for the full first quarter, we had saw price of about $292 million. That's about 2% on net revenues. Obviously, that was stronger in CI and RI than it was in E&T. That effect is basically partly some impact because of the mid-year price increase which was mostly in Construction Industries last year. And then obviously, the price increase, which was more broadly brushed across the whole of the segments on the 1st of January. We expect Q1 and Q2 to have better price realization, but once we get past the anniversary of the mid-year price increase, CI in particular, will be less price realized than the second half of the year. But so far, we're holding on to good level of the price increases we've put through.

是的。安，您看到，全年或整個第一季的價格約為 2.92 億美元。這約佔淨收入的2%。顯然，CI 和 RI 的表現比 E&T 更強。這種影響基本上部分是由於去年年中價格上漲造成的，而去年價格上漲主要集中在建築業。顯然，從 1 月 1 日起，所有細分市場的價格均廣泛上漲。我們預計第一季和第二季的價格實現情況會更好，但一旦度過年中價格上漲的周年紀念日，尤其是 CI 的價格實現將低於下半年。但到目前為止，我們的價格上漲幅度仍維持在良好的水準。

Okay. And then in that context, just one quick follow-up on CI. Were you comfortable with your incremental margins even though they weren't incremental? Or did anything specific happen in Q1 to cause Construction Industry margins to be worse than you might have expected? And how should we think about those margins going forward?

好的。然後在這種情況下，只需對 CI 進行一次快速跟進。即使利潤增加不是遞增的，您是否對此感到滿意？或者第一季是否發生了某些特定事件導致建築業利潤率比您預期的更差？那我們該如何看待未來的利潤呢？

Yes. So I'll talk about comparables, again, just rather than actually -- because we don't give, as I say, a detailed guidance for the individual segments. But if you look at the comparables for CI, we are effectively seeing some material price increases. Both steel and tariffs had an impact as we talked about more broadly. They particularly impacted CI. Freight costs did start to rise towards the end of the -- in the middle of second quarter last year, so we're still ramping past those. Obviously, as we get past those comparable increases, our margins should stabilize and be better for the remainder of the year.

是的。因此，我將再次談論可比性，而不是實際性——因為正如我所說，我們不會為各個部分提供詳細的指導。但如果你看一下CI的可比性，我們實際上看到一些材料價格上漲。正如我們更廣泛地討論的那樣，鋼鐵和關稅都產生了影響。它們對 CI 的影響尤其大。去年第二季中期，運費確實開始上漲，因此我們仍在努力克服這些成本。顯然，隨著我們超越這些可比的成長，我們的利潤率應該會穩定下來，並在今年剩餘時間內變得更好。

Our next question today is coming from Steven Fisher at UBS Securities.

今天的下一個問題來自瑞銀證券的史蒂文費雪。

Just curious how you're thinking about the guidance for the year and the visibility for the second half in general. Obviously, you hit your Q1 buyback plan, still have plenty of cash to do more buybacks. I think you mentioned another similar quarter buyback in the second quarter. So do you think the guidance is conservative given that you don't have a lot more buyback in guidance and may be clarify if that next $750 million is in guidance. Or is there something about the visibility in the second half of the year, whereby it's making you cautious you might need the buybacks as an offset?

只是好奇您如何看待今年的指導以及下半年的整體前景。顯然，你完成了第一季的回購計劃，仍然有足夠的現金來進行更多回購。我想您提到過第二季度的另一次類似的季度回購。那麼，您是否認為該指引是保守的，因為您的指引中沒有太多的回購，並且可能澄清下一個 7.5 億美元是否在指引中。或者下半年的可見度是否讓你感到謹慎，可能需要回購作為抵銷？

Yes. At this point of the year, in terms of our guidance for our profitability, it's early in the year so we're maintaining our range. In terms of buybacks, one of the things we are going to discuss a bit next week at our Investor Day is our plans for capital deployment. So we look forward to seeing you there and having that conversation.

是的。今年此時，就我們的獲利預期而言，還處於年初階段，因此我們仍維持目前範圍。在回購方面，我們下週投資者日將討論的事情之一就是我們的資本配置計劃。因此，我們期待在那裡見到您並進行對話。

Okay. But just to clarify, is the $750 million for Q2, I think you said, is that now baked into guidance?

好的。但需要澄清的是，我想您說過，第二季的 7.5 億美元是否已經包含在預期中？

Yes. That guidance assumes that we have a consistent level of buyback activity quarter-on-quarter.

是的。該指引假設我們每季的回購活動保持穩定的水平。

Correct.

正確的。

Okay. Great. And then just a follow-up on the North American construction business. You cited higher demand on road building. Can you just talk about what you're seeing outside of road construction and what you think about the mix later in the year?

好的。偉大的。然後只是對北美建築業務的後續報導。您提到了對道路建設的更高需求。您能否談談您在道路建設之外看到的情況以及您對今年稍後的綜合規劃有何看法？

Again, we've talked about the fact that we have strong infrastructures, and local and state infrastructure investment is helping drive sales. Residential was a bit soft. We don't see -- we don't expect a major mix change for the remainder of the year.

再次，我們談到我們擁有強大的基礎設施，而且地方和州基礎設施投資有助於推動銷售。住宅有點軟。我們預計今年剩餘時間內不會發生重大的組合變化。

Anything on the commercial side?

有什麼商業方面的事情嗎？

We don't have anything to add.

我們沒有什麼好補充的。

Our next question today is coming from David Raso at Evercore ISI Institutional Equities.

今天的下一個問題來自 Evercore ISI Institutional Equities 的 David Raso。

If I look at your implied sales guidance for the rest of the year and I utilize your historical sequential changes in your backlog, it would imply that year-over-year backlog does stay down year-over-year for most of the year. It may be back to flat in the fourth quarter. But that also does imply your orders turn positive year-over-year in the third quarter and for the full second half. Is that what you're hearing from your customers and dealers, that we should be seeing the orders growing year-over-year in the second half of 2019?

如果我查看您今年剩餘時間的隱含銷售指引，並利用您積壓訂單的歷史連續變化，則意味著在一年中的大部分時間裡，同比積壓訂單確實保持下降。第四季可能會恢復穩定。但這也意味著您的訂單量在第三季和整個下半年將年比轉為正值。您是否從客戶和經銷商那裡聽說，2019 年下半年的訂單量將年增？

Yes, David, I mean, a couple of things. One, which is obviously mining CapEx is one area where, obviously, we are expecting the order rate to continue to accelerate over the year, particularly given we are to expect an increase in mining CapEx for the full year. And as the replacement cycle starts to move ahead, obviously, that will help us on from a backlog perspective. In E&T, as we've indicated, where we do expect to see some order improvement in the second half of the year is around oil and gas, reciprocating engines in particular, particularly as the Permian takeaway issues have started to moderate. So those are probably the 2 big factors, which we would say would drive orders in the second half of the year.

是的，大衛，我的意思是，有幾件事。首先，顯然是採礦資本支出領域，我們預計訂單率將在一年內繼續加速，特別是考慮到我們預計全年採礦資本支出將會增加。而且隨著更換週期的推進，顯然從積壓的角度來看這將對我們有所幫助。在勘探與技術領域，正如我們已經指出的那樣，我們預計下半年訂單會有所改善，主要是石油和天然氣領域，尤其是往復式發動機，尤其是隨著二疊紀外賣問題開始緩和。因此，我們認為這可能是推動下半年訂單的兩個主要因素。

And that should then be in aggregate driving the total company orders up year-over-year, I guess, is the key question? Is that what you're seeing? And obviously, thinking about in your guidance. But that's what the numbers imply.

那麼從整體來說這應該會推動公司訂單總量年增，我想這是關鍵問題嗎？這就是你所看到的嗎？顯然，我正在考慮您的指導。但數字就暗示了這一點。

Yes. That is what we're thinking and our guidance implies.

是的。這就是我們的想法，也是我們的指導思想所暗示的。

And in that same regard, if orders are up in the second half of the year, price/cost, the way you're guiding the year, that would imply the first quarter was the worst of the price/cost for the full year. Can we extrapolate that into your thoughts on margins year-over-year in aggregate? (inaudible) in the second half.

同樣，如果下半年訂單增加，價格/成本，按照你指導全年的方式，那就意味著第一季是全年價格/成本最糟糕的季度。我們能否根據這一點推斷出您對整體年比利潤率的看法？（聽不清楚）在下半場。

So David, can I just clarify, price/cost, you mean price realization?

那麼大衛，我可以澄清一下，價格/成本，你的意思是價格實現嗎？

Price as in a waterfall chart, yes, price versus the manufacturing cost in this quarter was, to be fair, was down -- it was $83 million negative, which is actually worse than we saw at any quarter last year. I'm just making sure the way you're laying it out, does that then set up the margins year-over-year go back to growing? (inaudible)

價格就像瀑布圖一樣，是的，本季的價格與製造成本相比，公平地說，是下降了——為負 8300 萬美元，實際上比去年任何一個季度都要糟糕。我只是想確認一下，按照你的方式佈局，利潤率是否會逐年成長？（聽不清楚）

Yes. Well, basically, as we've -- yes, what we've said and guidance assumes is that price offsets material cost increases or manufacturing cost increases for the full year. So yes, that would imply an improvement from that part of the factor for the remainder of the year.

是的。嗯，基本上，正如我們所說的 - 是的，指導假設是價格抵消了全年材料成本的增加或製造成本的增加。所以是的，這意味著今年剩餘時間內該部分因素將有所改善。

And my last quick one, this might be a May 2 question, I apologize. But when you think about cash flow and use of it, that's fine. But even on the balance sheet, the amount of cash you're carrying, you can define it as you wish, cash to total debt, cash to shareholder equity, cash to total assets how ever you want to do it. The cash on the equipment company seems very high. So when I hear a share repo number of $750 million, which isn't even pushing the cash flow usage, can you help us understand, especially as the new CFO to the company, Andrew, what do you think the appropriate cash level should be for the equipment company?

最後一個問題，這可能是 5 月 2 日的問題，抱歉。但當你考慮現金流及其用途時，這沒問題。但即使在資產負債表上，您也可以按照自己的意願定義您持有的現金數額，現金與總債務之比，現金與股東權益之比，現金與總資產之比，無論您想如何定義。設備公司的現金似乎很高。因此，當我聽到 7.5 億美元的股票回購數字，這甚至沒有推動現金流的使用時，您能否幫助我們理解，特別是作為公司新任首席財務官，安德魯，您認為設備公司的適當現金水平應該是多少？

Yes. I think we'll talk about that on May 2, Dave.

是的。我想我們會在 5 月 2 日談論這個問題，戴夫。

(Operator Instructions)

（操作員指令）

Our next question today is coming from Ross Gilardi at Bank of America Merrill Lynch.

我們今天的下一個問題來自美銀美林的羅斯·吉拉迪。

Jim, I'm just wondering, across your overall portfolio, what are you hearing from your biggest customers with respect to the trade war? And does it feel, in general, like there's pent-up demand for capital spending projects around the world into next year if this whole thing is resolved?

吉姆，我只是想知道，在你的整個投資組合中，你從你最大的客戶那裡聽到了什麼有關貿易戰的消息？如果整個問題都得到解決，整體而言，是否感覺全球對資本支出項目的需求在明年都會被壓抑？

Yes. I think most of our large customers are, as we are, cautiously optimistic that we will work our way through these trade issues. Certainly, anytime there's trade tensions of this kind, it does put a certain amount of conservatism, I think, into all of our plans for capital spending. So I would expect if, in fact, the trade tensions get resolved, that would be a positive for global economic growth and a positive for us. Now...

是的。我認為，我們大多數的大客戶都像我們一樣，對解決這些貿易問題持謹慎樂觀的態度。當然，我認為，每當出現這種貿易緊張局勢時，它都會為我們所有的資本支出計畫帶來一定程度的保守性。因此，我預計，如果貿易緊張局勢得到解決，這將有利於全球經濟成長，也有利於我們。現在...

Okay. Got it. And just on the order trends, you had originally obviously guided in January, I mean some of the macro data feel a little bit better more recently. Did you see any type of reacceleration in order trends? Would you say, as the quarter unfolded and as commodity prices recovered or anything you could say kind of more March, April to date versus Jan, Feb?

好的。知道了。就訂單趨勢而言，您最初顯然在一月份給出了指導，我的意思是最近一些宏觀數據感覺好了一些。您是否看到訂單趨勢出現任何類型的重新加速？您是否認為，隨著本季的發展以及大宗商品價格的回升，您能說出 3 月、4 月迄今與 1 月、2 月相比的情況如何？

As you know, we're a very diverse business. So just to talk about some of the areas in oil and gas and recip, much has been written about the fact that there's constraints in the Permian and that did have a bit of a negative impact on order rates for our reciprocating engines sold into oil and gas. As you mentioned earlier, mining activity, both in the aftermarket and for new equipment, that quotation activity is quite strong. Obviously, again miners are being cautious based on what the cycle of the past. But generally, we feel good about our business, and we feel good about the quotation activity and the signals we're getting from our customers.

如您所知，我們的企業非常多元化。因此，僅討論石油和天然氣以及往復式發動機的一些領域，已經有很多文章討論了二疊紀盆地的限制問題，這確實對我們銷往石油和天然氣領域的往復式發動機的訂單率產生了一些負面影響。正如您之前提到的，採礦活動，無論是售後市場還是新設備，報價活動都非常強勁。顯然，根據過去的周期，礦工們再次變得謹慎。但總體而言，我們對我們的業務感到滿意，我們對報價活動和從客戶那裡得到的訊號感到滿意。

Our next question today is coming from Noah Kaye at Oppenheimer & Co.

今天的下一個問題來自 Oppenheimer & Co. 的 Noah Kaye。

Just on your comments on CapEx budgets, I think the company previously guided for CapEx to be about flat year-over-year. The guidance you provided in the slide suggests an increase of about 10% at the midpoint. Is there anything in particular we should think about driving that? Are you having to ramp up your production infrastructure, in particular segments?

僅就您對資本支出預算的評論而言，我認為該公司先前指導的資本支出與去年同期相比持平。您在幻燈片中提供的指導表明中間點的增長幅度約為 10%。我們應該特別考慮哪些因素來推動這項進程？您是否需要加強特定領域的生產基礎設施？

No. Generally, I would say CapEx is still below book depreciation. I'll remind you that, that is a positive from a cash flow perspective. And we are -- we're expecting it to be flattish. I think last year it was about 1.3, so the bottom end of that range. There's no significant big buildup of incremental production required.

不。總的來說，我認為資本支出仍低於帳面折舊。我要提醒你，從現金流的角度來看，這是正面的。我們預計它會比較平穩。我認為去年大約是 1.3，因此是該範圍的底端。無需大幅增加增量產量。

Our next question today is coming from Andrew Casey at Wells Fargo Securities.

今天的下一個問題來自富國證券的安德魯凱西 (Andrew Casey)。

I'm trying to understand the comments about manufacturing costs gone down a little bit in Q1 versus Q4 and then the back half improvement and juxtaposing against last year in a seasonally atypical period where margins decline in Q2 from Q1. You might have answered it, but I'm still a little unclear. Should we expect Q2 manufacturing margin to be higher than Q1 and then further improvement in the second half?

我試圖理解第一季度製造成本相對於第四季度略有下降，然後下半年有所改善，並與去年同期相比的評論，去年同期是一個季節性非典型時期，第二季度的利潤率較第一季度有所下降。你可能已經回答了，但我還是有點不清楚。我們是否應該預期第二季度製造業利潤率將高於第一季度，並在下半年進一步改善？

No. What it will be is, comparing to the comps for last year, if you look at Q1, obviously, this year margin was lower as a result of the steel tariff and freight costs. We expect those to moderate as we go through -- there'll be similar impact on Q2 because obviously those increases weren't fully in effect for most of Q2 last year and then obviously will moderate in the second half of the year.

不。與去年同期相比，如果您看第一季，顯然，由於鋼鐵關稅和運費成本的影響，今年的利潤率較低。我們預計這些影響會逐漸緩和——第二季度也會受到類似的影響，因為很明顯這些成長在去年第二季的大部分時間內並沒有完全發揮作用，然後顯然會在今年下半年緩和。

Our next question today is coming from Joe O'Dea at Vertical Research Partners.

今天的下一個問題來自 Vertical Research Partners 的 Joe O’Dea。

A related question on the manufacturing costs and just I think you talked to the tariff-related costs. If you could break that $375 million down at all anymore, it doesn't sound like there are any sort of mitigating actions and process to take that down. It's more about a wait and see, and then the comps get easier. But I just wanted to understand if there are some opportunities for you to address those, whether that's rerouting supplies, whether that's any other kind of opportunities you have. But just given that, that was a pretty substantial headwind in the quarter, kind of what kind of mitigation we could see.

有關製造成本的相關問題，我認為您剛才談到了與關稅相關的成本。如果您可以將這 3.75 億美元進一步細分，聽起來似乎沒有任何緩解措施和流程可以將其削減。現在更多的是等待和觀望，然後比較就會變得更容易。但我只是想了解您是否有機會解決這些問題，無論是重新安排供應路線，還是其他任何類型的機會。但考慮到這一點，這是本季相當大的阻力，我們可以看到有什麼樣的緩解措施。

Yes. So there are 2 areas where we do expect some mitigation probably later this year, one, which is around steel prices, just purely because we lag behind because of the effects of, as I said, our procurement practices. And as we look currently, obviously, with the Vale issues or prices are looking slightly higher, but there should be some benefit of slightly lower steel prices coming through later this year. And that's one of the areas where we're going to obviously be looking for some potential cost savings. The other area, which is also an issue is around variable labor burden, which basically is really around the fact that obviously as we built up -- building up production, having some bottlenecks as a result of supplier issues. And we expect those to mitigate during the rest of the year as well. So we do expect some of these not just to be mitigated by the comp period, but also by actual actions we are taking.

是的。因此，我們確實預計今年稍後有兩個領域會出現一些緩解，其一是鋼鐵價格，這純粹是因為我們受到採購實踐的影響而落後。從目前的情況來看，顯然由於淡水河谷的問題，價格看起來略有上漲，但今年稍後鋼鐵價格略有下跌應該會帶來一些好處。這顯然是我們尋求潛在成本節約的領域之一。另一個領域也是一個問題，那就是可變勞動力負擔，這基本上是圍繞著這樣一個事實：隨著我們逐漸擴大生產，由於供應商問題而出現了一些瓶頸。我們預計，今年剩餘時間內這些影響也會有所緩解。因此，我們確實預期其中一些問題不僅會透過補償期得到緩解，而且還會透過我們採取的實際行動得到緩解。

And then also just on lag effects and related to the pricing, I mean, when we think about midyear '18, you implemented some price increases and then again on Jan 1. Presumably 1Q doesn't fully reflect at least what happened on Jan 1 because of some things that might have already been in backlog. But could you just talk about the degree to which there is still some lag effect of seeing those price actions that were implemented.

然後也只是關於滯後效應和與定價相關的，我的意思是，當我們想到 2018 年中期時，你實施了一些價格上漲，然後在 1 月 1 日再次上漲。大概第一季不能完全反映至少 1 月 1 日發生的事情，因為有些事情可能已經積壓了。但是您能否談談實施這些價格行動後仍存在滯後效應的程度？

Yes. We do expect the second half price realization to be lower than the first half because of the mid-year price increase last year. That was the -- that is one of the biggest factors in the -- in about 2% rise. Because obviously, that's fully baked in into pricing now. So we would expect second half to be lower. And as I said, we have guided over the year to have basically price offset manufacturing cost increases.

是的。我們確實預計下半年的價格實現會低於上半年，因為去年年中價格上漲。這是導致約 2% 成長的最大因素之一。因為很明顯，這已經完全反映在定價上了。因此我們預計下半年價格會更低。正如我所說，我們一年來一直指導價格基本上抵消製造成本的上漲。

Our next question today is coming from Seth Weber at RBC Capital Markets.

今天的下一個問題來自 RBC Capital Markets 的 Seth Weber。

I guess first, just a clarification on -- Jim, your comment that the RI orders were up in the first quarter versus the fourth quarter, does that include traditional mining equipment? Or is that more skewed towards quarrying or big construction?

我想首先需要澄清的是——吉姆，你說第一季的 RI 訂單比第四季增加，這是否包括傳統採礦設備？或更偏向採石或大型建築？

Yes. I think what I said was that our order activity remains strong in RI, so I don't believe I gave a quarter-to-quarter comparison. But again, quotation activity is strong and just general quotation activity and order activity is healthy in RI.

是的。我認為我所說的是我們的訂單活動在羅德島州依然強勁，因此我認為我沒有進行季度間比較。但是，報價活動仍然強勁，而且 RI 的一般報價活動和訂單活動都很健康。

Yes. I think from an overall perspective, actually, it was in my comment. I think I did say actually order rate in Q4 was higher -- Q1 was higher than Q4 2018. So we did see that increase -- some increase coming through. That was in mining, and there was -- we're still strong though in quarry and ag at the moment.

是的。我認為從整體來看，實際上，它就在我的評論中。我想我確實說過，第四季的訂單率實際上更高——2018 年第一季的訂單率高於第四季。因此我們確實看到了這種增長——出現了一些增長。那是在採礦業，目前我們在採石場和農業方面仍然實力雄厚。

Okay. And then my question is really just on RI again. It sounds like a lot of the sales today are really on the OE side. I mean would you expect the mix to tilt more towards parts and service as you get -- as equipment usage starts picking up more? And so I guess I'm just wondering could mix become more favorable later in the year or even next year?

好的。那麼我的問題其實又只是關於 RI。聽起來今天的銷售確實很多都是 OE 方面的。我的意思是，隨著設備使用率開始上升，您是否會期望組合更傾向於零件和服務？所以我想知道今年晚些時候甚至明年混合是否會變得更受歡迎？

We didn't mean to give the impression that it's skewed towards OE at this point. So both are quite healthy at the moment.

我們不想給人留下它偏向 OE 的印象。因此目前兩人的健康狀況都很良好。

Our next question today is coming from Stephen Volkmann at Jefferies & Company.

今天的下一個問題來自 Jefferies & Company 的 Stephen Volkmann。

Most of it's been answered, but I think there were some commentary about SG&A spending being a little bit elevated due to some growth initiatives. And I'm curious if there's any detail you can give around that. And then does that sort of fade also in the second half as well?

大部分問題都已經得到解答，但我認為有一些評論說由於一些成長舉措，銷售、一般和行政費用 (SG&A) 支出略有增加。我很好奇您是否可以提供一些細節。那麼下半場這種感覺會不會也逐漸消失呢？

We continue to make investments -- targeted investments for long-term profitable growth in the area of services and in expanded offerings. In services, we continue to connect more assets. We're investing in our digital platform. We're investing in our analytics. And we continue to develop expanded product offerings as well to ensure that we have the right product offering at the right price point for different markets around the world. So again, we're in this for the long haul obviously, and we're making those targeted investments to grow services and expanded offerings.

我們將繼續進行投資—有針對性的投資，以實現服務領域和擴展產品範圍的長期獲利成長。在服務方面，我們繼續連結更多資產。我們正在投資我們的數位平台。我們正在對分析進行投資。我們也會繼續拓展產品範圍，以確保我們能夠為全球不同市場提供合適且價格合理的產品。所以，我們顯然是長期致力於此，並且正在進行有針對性的投資，以發展服務和擴大產品範圍。

Yes. And the run rate was slightly higher than you would normally -- remember, you got the short-term incentive compensation credit coming through this year in SG&A. So some of that was also -- there was some corporate onetime items relating to some compensation items, which are held at the corporate level. And there were also, obviously, as Jim said, those investments that we've made in the business itself, which helped through that. We also had very low comps last year for SG&A and R&D in the first quarter of last year. We had a very low -- slow ramp up of spend.

是的。並且運行率比正常情況下略高 - 請記住，您今年獲得了銷售、一般及行政費用中的短期激勵薪酬抵免。因此，其中一部分也是——有一些與一些薪酬項目有關的公司一次性項目，這些項目在公司層級持有。而且，正如吉姆所說，顯然，我們在業務本身上進行的投資也起到了幫助作用。去年第一季度，我們的銷售、一般及行政開支和研發開支的年增幅也非常低。我們的支出成長非常緩慢。

Okay. And looking forward, is it sort of steady? Or is this front half loaded?

好的。展望未來，情況是否穩定？或者說這是前半部已裝載？

I mean the first quarter is one of the high -- will be one of the highest levels of SG&A spend from an increased perspective through the remainder of the year.

我的意思是，從今年剩餘時間的角度來看，第一季的銷售、一般及行政管理費用 (SG&A) 支出將達到最高水準。

Our next question today is coming from Adam Uhlman at Cleveland Research Company.

今天的下一個問題來自克利夫蘭研究公司的亞當烏爾曼。

I was wondering if you could talk about the order trends that you're seeing across the Power Gen business. That was the one area of sales growth within E&T this quarter, but the retail sales have slowed here almost to flat. So I was wondering if you could talk about what you're seeing by geography and product line in the order book for that chunk of the business.

我想知道您是否可以談談您在發電業務中看到的訂單趨勢。這是本季 E&T 銷售額實現成長的一個領域，但該領域的零售額已放緩至幾乎持平。所以我想知道您是否可以談談您對該部分業務的訂單中按地區和產品線劃分的情況。

We have seen a recovery in Power Gen over the last few months, and we expect that to continue. It is an area of strength for us. Obviously, that business is typical, and we had a bit of a downturn previously that we're now recovering from. But we expect that business to continue to be healthy.

過去幾個月，我們看到發電量有所復甦，預計這種趨勢將持續下去。這是我們的優勢領域。顯然，這種業務很典型，我們之前經歷了一些低迷，現在正在恢復。但我們預期業務將繼續健康發展。

Okay. And then related to that, in E&T, you had mentioned earlier that you expect your order trends across oil and gas for recent pensions to improve in the second half. Have you seen any of that improvement yet so far? Or that's still on to come?

好的。與此相關的是，在 E&T 方面，您之前提到過，您預計近期退休金的石油和天然氣訂單趨勢將在下半年有所改善。到目前為止你看到任何改進了嗎？或者這仍將持續發生？

Again, gas compression has remained strong and steady. We haven't seen a pickup in order rates for well servicing in the recent portion of oil and gas yet. But again, we expect that to come. Other part of our oil and gas business is, of course, Solar Turbines, and that business has remained steady. We've seen a pickup there in international orders, which are typically tied more to big CapEx projects and elevated oil prices. So that business is starting to pick up so...

再次，氣體壓縮保持強勁而穩定。我們尚未看到近期石油和天然氣井服務訂單率的回升。但我們再次期待這種情況的發生。當然，我們石油和天然氣業務的另一部分是索拉透平公司 (Solar Turbines)，而且這項業務一直保持穩定。我們看到國際訂單有所回升，通常與大型資本支出項目和高油價有關。所以生意開始好轉了...

Our next question today is coming from Larry De Maria at William Blair.

我們今天的下一個問題來自威廉布萊爾的拉里德瑪利亞。

First question, can you just provide the year incentive comp benefit? And then secondly, just a broader question I have is CI dealer managed distribution. I'm just curious how much is being restrained. And when should we think about that getting maybe more in balance, perhaps after the spring selling season when things come down. But how restrained is that? And when does that get more imbalanced? How do we think about that?

第一個問題，您能只提供年度激勵福利嗎？其次，我有一個更廣泛的問題，即 CI 經銷商管理分銷。我只是好奇受到了多少限制。我們應該什麼時候考慮進一步的平衡，也許是在春季銷售旺季過後，當情況有所改善的時候。但這有多克制呢？那麼什麼時候會變得更加不平衡呢？我們該如何看待這個問題？

So the first question on incentive comps, we expect about a $500 million benefit there this year compared to last year. And in terms of managed distribution for CI, again, it's obviously a dynamic situation based on how we ramp up supply and what's happening in the marketplace. I don't anticipate a major change over the next few months in that situation.

因此，第一個問題是關於激勵性薪酬，我們預期今年的激勵性薪酬收益將比去年同期增加約 5 億美元。就 CI 的管理分銷而言，這顯然是一個動態的情況，取決於我們如何增加供應以及市場發生的情況。我預計未來幾個月這種情況不會有重大變化。

Okay. But based on the CI orders, it probably shouldn't get more out of whack than it is already now where we may get more towards a more equilibrium situation maybe later in this year. Is that fair?

好的。但根據 CI 的訂單，情況可能不會比現在更加失衡，也許在今年稍後我們就會更加接近平衡的局面。這樣公平嗎？

Yes. We expect it to be broadly flattish for the remainder of the year, yes.

是的。是的，我們預計今年剩餘時間內它將基本保持穩定。

Our next question today is coming from Chad Dillard at Deutsche Bank Securities.

今天的下一個問題來自德意志銀行證券公司的查德‧迪拉德 (Chad Dillard)。

So I want to dig into the price realization seen in Resource Industries' past quarter. I just want to understand how broad-based it was and to what extent it was driven by mix and how should we think about that and how sustainable it is on a go-forward basis.

所以我想深入研究資源產業上個季度的價格實現。我只是想了解它的基礎有多廣泛，在多大程度上受到混合驅動，我們應該如何看待它，以及它在未來的基礎上有多可持續。

Yes. I mean price realization, again, was very strong in RI in Q1, and we do expect it to be the highest quarter for the year. So yes, I mean, it wasn't a little bit -- there's a little bit of an element of mix in that number, which could come through, so yes.

是的。我的意思是，羅德島州第一季的價格實現再次非常強勁，我們確實預計這將是今年最高的季度。所以是的，我的意思是，這不是一點點——這個數字中有一些混合元素，可能會出現，所以是的。

RI, because it's a project-based business and quite lumpy, you'll see certain metrics jump around quarter to quarter. It's just the nature of the beast for -- for solar, for rail and for RI.

RI，因為這是一項基於專案的業務，而且相當不穩定，你會看到某些指標在每個季度之間都會有所波動。這只是太陽能、鐵路和羅德島州的本質。

Got it. And then just a question on Cat Financial. It seems like there's a little bit of uptick on credit loss allowances. I was just hoping to get a little bit additional color on that. What's driving it, either from a regional perspective or end markets?

知道了。然後我只想問一個關於 Cat Financial 的問題。信用損失準備金似乎有所增加。我只是希望對此有更多的了解。從區域角度或終端市場來看，推動此趨勢的因素是什麼？

Yes. So I mean in Cat Financial, the actual past dues actually were up from 3.55% in Q4 to 3.61% in Q1, so very small increase. Obviously, it was a big increase year-on-year, and that mostly reflects the Cat Financial portfolio, which we talked about in Q4, which obviously has had an impact on the quality of the overall past dues. You also have probably have seen that we had a mark-to-market gain in Cat Financial this quarter. If you remember in the last quarter, we had a loss -- a mark-to-market loss on that and this effectively just an offset quarter-on-quarter.

是的。所以我的意思是，在 Cat Financial，實際逾期款項實際上從第四季的 3.55% 上升到第一季的 3.61%，所以增幅非常小。顯然，這比去年同期有了很大的成長，這主要反映了我們在第四季度談到的 Cat Financial 投資組合，這顯然對整體逾期款項的品質產生了影響。您可能也已經看到，本季 Cat Financial 實現了按市價計價的收益。如果你還記得，上個季度我們出現了虧損——按市價計算的虧損，而這實際上只是環比抵消。

Our next question today is coming from Courtney Yakavonis at Morgan Stanley.

我們今天的下一個問題來自摩根士丹利的 Courtney Yakavonis。

Andrew, I think you outlined a little bit about how we should be affecting mitigation in steel prices and some of the variable labor in the back half of the year in addition to lapping over the higher cost from last year. Can you just comment a little bit on freight costs and whether we've obviously seen spot rates drop but whether we should see that mitigate in the back half as well and maybe just talk a little bit about how your freight costs are contracted out.

安德魯，我想你已經概述了我們應該如何影響鋼鐵價格的緩解以及今年下半年的部分可變勞動力，以及彌補去年較高的成本。您能否就運費成本發表一些評論，以及我們是否已經明顯看到現貨價格下降，但我們是否也應該看到下半年這種緩解，也許可以談談您的運費成本是如何外包的。

Yes. So obviously, there were 2 factors driving freight costs. One, which is actually cost itself, which did rise probably mostly from the second quarter of last year. So again, we should get past that on a comparable basis some time in the second half of the year. The other factor, which was a big issue for us last year and is becoming less of an issue is around backlog of orders. So as we have past few orders that we need to fill, we have had some freight inefficiencies. And again, we're working to make sure we mitigate that as best as we can going forward.

是的。顯然，有兩個因素影響了運費成本。一是成本本身，可能從去年第二季開始就有所上漲。因此，我們應該在今年下半年的某個時候以可比較的方式克服這一困難。另一個因素是訂單積壓，也是我們去年面臨的一個大問題，但現在這個問題已經不再那麼嚴重了。因此，當我們需要完成過去幾個訂單時，我們的貨運效率出現了一些低下的情況。再次強調，我們正在努力確保盡最大努力減輕這項影響。

Okay. And then just probably one other clarification. I think you had mentioned oil and gas, some of the weaknesses due to some timing of turbine product deliveries. Just want to understand how that should impact the back half of this year, especially given that you're expecting recip -- or gas compression or reciprocating engines still up this quarter? So just trying to understand when you expect that acceleration in the back half to come when the Permian takeaway issues, just all the moves and takes in the oil and gas segment.

好的。然後可能還需要另外澄清一點。我記得您提到過石油和天然氣，由於渦輪機產品交付時間的某些原因，它們存在一些弱點。只是想了解這將如何影響今年下半年，特別是考慮到您預計本季往復式引擎或氣體壓縮或往復式引擎仍將保持成長？所以只是想了解你預計下半年加速何時到來，當二疊紀盆地的開採出現問題時，石油和天然氣領域的所有動向和收益都會出現變化。

Yes. I would look at those separately. That's why I'd try to separate in your mind recip versus turbines. So again, the turbine business is very lumpy. So that you can revenue-rec one large project in a quarter and it has a very big impact. And you do have that large pressure the next quarter, it looks like there's a decline. So again, our Solar Turbines business is solid and we expect a good year on the recips. And as I mentioned earlier, we have seen, again, oil and gas compression strong. We saw a bit of a slowdown in order intake in well servicing, and we expect that to recover later in the year.

是的。我會分別看待這些問題。這就是為什麼我會嘗試在您的腦海中區分往復式和渦輪式。所以，渦輪機業務再次呈現波動趨勢。這樣你就可以在一季內獲得一個大專案的收入，而且它的影響非常大。下個季度確實面臨很大壓力，看起來會下滑。因此，我們的 Solar Turbines 業務十分穩健，我們預計今年的業績將十分可觀。正如我之前提到的，我們再次看到石油和天然氣壓縮的強勁。我們發現油井服務訂單量有所放緩，預計今年稍後將恢復。

Our next question today is coming from Neil Frohnapple at Buckingham Research.

今天的下一個問題來自白金漢研究公司的 Neil Frohnapple。

Within CI, can you talk about what you're seeing from a used equipment price standpoint? Are you seeing weakness creeping at all for any of the major equipment categories that give you concern as you look out?

在 CI 內部，您能從二手設備價格的角度談談您看到的情況嗎？您是否發現某些主要設備類別的疲軟趨勢正在蔓延，以致於讓您感到擔憂？

I mean dumbing down the world, there was one auction down in Orlando where there was weakness in prices but generally aside from that, it's actually been flattish. So used price equipment seems to be holding up reasonably well apart from that one particular auction.

我的意思是，讓世界簡單一點，在奧蘭多有一次拍賣會，價格很疲軟，但除此之外，總體而言，價格實際上是持平的。因此，除了那次特定的拍賣之外，二手設備的價格似乎還保持得相當好。

Our final question today is coming from Mig Dobre at Robert W. Baird.

我們今天的最後一個問題來自 Robert W. Baird 的 Mig Dobre。

So going back to resources, I don't want to put words in your mouth here, but to me, it sounds like you're more positive this quarter than you have been, say, in the fourth quarter at the back half of 2018 in terms of your commentary and kind of how you're talking about demand going forward. I want to make sure that I get that message properly here and maybe have you expand this to kind of what's driving this incremental positivity. And related to this, as replacement demand is starting to come through from some of your customers eventually, do you feel that the industry has the right amount of capacity available to serve that?

所以回到資源問題，我不想在這裡代您說話，但對我來說，就您的評論和您對未來需求的談論而言，聽起來您本季度比 2018 年下半年第四季度更為積極。我想確保我能正確地傳達這個訊息，也許你可以將其擴展到推動這種漸進式積極性的因素。與此相關，由於您的部分客戶最終開始出現替代需求，您是否認為產業有足夠的產能來滿足這項需求？

Yes. So again, I mean, we feel good about just to say that the business, our quotation activity is good. The aftermarket activity is good. We have certain terms of thinking about parked equipment, and that has certainly come down. And so I won't be so presumptuous as to make a statement about how our customers are positioned. But we believe, based on all of our conversations, that we expect this recovery to continue. And obviously, there's timing issues and let's make a judgment call as to what you think will happen this year, what I think will happen next year. But generally, we feel positive about the RI business and the activity that we're seeing.

是的。所以，我的意思是，我們感覺很好，我們的業務、我們的報價活動都很好。售後市場活動良好。我們對停放設備有一定的考慮，而且這肯定已經實現。因此，我不會妄自揣測地對我們的客戶定位做出任何評論。但根據我們所有的對話，我們相信這種復甦將會持續下去。顯然，存在時間問題，讓我們判斷一下您認為今年會發生什麼，我認為明年會發生什麼。但總體而言，我們對 RI 業務和我們所看到的活動持樂觀態度。

And from a capacity standpoint?

從容量角度來看呢？

Yes. It's very -- it's situational, right? So it's geographic, and it also depends on the kind of commodities that is being mined. In certain areas, there's still a bit of excess capacity; other areas, there's not. And so it's really -- it's a mixed bag. I can't really give one answer to that question.

是的。這是非常——這是情景化的，對吧？所以這是地理位置的問題，同時也取決於開採的商品種類。在某些地區，仍存在一些產能過剩的情況；其他地區則沒有。所以這確實是一個好壞參半的問題。我實在無法對這個問題給出答案。

And just to remind you, we are still significantly below levels, which we saw in the previous peak. So we believe we have sufficient capacity to meet most all demand.

需要提醒您的是，我們仍遠低於先前的峰值水平。因此我們相信我們有足夠的能力來滿足幾乎所有的需求。

Right. It's just that there's been a lot of restructuring that's been done in the downturn as well, which is why I was asking. And then one last question on E&T pricing, obviously, a little weaker versus the rest of the company. And I'm wondering, is there any perspective you can provide on various businesses in that segment where there might be some pricing deviation from the average reported, either positive or negative.

正確的。在經濟低迷時期也進行了大量重組，這就是我詢問的原因。最後一個問題是關於 E&T 的定價，顯然，與公司其他公司相比，其定價略弱。我想知道，您能否對該領域中各種業務的觀點提供一些看法，這些業務的定價可能會與報告的平均價格存在一些偏差，無論是積極的還是消極的。

No. I mean I think, generally, obviously, the pricing actions that occurred in E&T. E&T probably has a higher mix of services as well, some not all of that was fed through the price increase. So that would be a significant factor. There's obviously machines, particularly in parts, in particular for CI and RI were more broadly based.

不。我的意思是，我認為，一般來說，顯然，定價行動發生在 E&T 中。E&T 可能還擁有更多樣化的服務，其中一些（而非全部）是透過漲價來實現的。所以這將是一個重要因素。顯然有機器，特別是零件，特別是 CI 和 RI 的機器基礎更為廣泛。

Jim, can we throw it back to you for some closing comments?

吉姆，我們可以請您做一些結束語嗎？

Sure. Well, thanks, everyone, for joining us today. We appreciate your questions. We're pleased with our team's performance, including another record first quarter for profit per share. We are executing our strategy of profitable growth that we laid out in our Investor Day in 2017 by investing in services, expanding our offerings and improving operational excellence. We do look forward to seeing many of you at our Investor Day next week. And again, we'll give you an update there about where we are in the strategy, we'll talk a bit about financial targets and also our priorities for capital deployment.

當然。好吧，感謝大家今天的參與。我們感謝您的提問。我們對團隊的表現感到滿意，包括第一季每股獲利再創紀錄。我們正在實施 2017 年投資者日制定的獲利成長策略，方式是投資服務、擴大產品範圍和提高卓越營運。我們非常期待在下週的投資者日上見到大家。再次，我們將向您介紹我們的策略進展，談談財務目標以及資本部署的優先事項。

With that, I'll turn it back over to Jennifer.

說完這些，我會把話題轉回給珍妮佛。

Thank you, Jim and Andrew. And thanks, everyone, for joining us today. We appreciate your interest in the company. If you have questions, you can reach me at driscoll_jennifer@cat.com.

謝謝你，吉姆和安德魯。感謝大家今天的參與。我們感謝您對我們公司的關注。如果您有任何疑問，請透過 driscoll_jennifer@cat.com 與我聯繫。

If you'd like a transcript of today's earnings call, you may find it posted later today on the Investor Relations section of our website at caterpillar.com. Next week, on May 2, we'll be hosting an Investor Day. As we mentioned, it will be webcast, and we'll post a transcript of that event after the event on the same website. And with that, let me turn the call back to Kate, our operator, to include our call.

如果您想要今天的收益電話會議記錄，您可以在今天晚些時候在我們網站 caterpillar.com 的投資者關係部分找到它。下週，即 5 月 2 日，我們將舉辦投資者日。正如我們所提到的，它將進行網路直播，活動結束後我們將在同一網站上發布該活動的記錄。說完這些，讓我把電話轉回給我們的接線生凱特，以回顧我們的通話。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝各位，女士們、先生們。今天的電話會議到此結束。此時您可以斷開電話線，並享受美好的一天。感謝您的參與。