開拓重工 (CAT) 2022 Q3 法說會逐字稿

Welcome to the Third Quarter 2022 Caterpillar Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ryan Fiedler. Thank you. Please go ahead.

歡迎參加 2022 年第三季度卡特彼勒收益電話會議。請注意，今天的會議正在錄製中。我現在想把會議交給你今天的演講者 Ryan Fiedler。謝謝你。請繼續。

Thank you, Emma. Good morning, everyone, and welcome to Caterpillar's Third Quarter of 2022 Earnings Call. I'm Ryan Fiedler, Vice President of Investor Relations. Joining me today are Jim Umpleby, Chairman and CEO; Andrew Bonfield, Chief Financial Officer; Kyle Epley, Senior Vice President of the Global Finance Services Division; and Rob Rengel, Senior IR Manager.

謝謝你，艾瑪。大家早上好，歡迎參加 Caterpillar 2022 年第三季度財報電話會議。我是投資者關係副總裁 Ryan Fiedler。今天加入我的是董事長兼首席執行官 Jim Umpleby；首席財務官安德魯·邦菲爾德； Kyle Epley，全球金融服務部高級副總裁；和高級投資者關係經理 Rob Rengel。

During our call today, we'll be discussing the third quarter earnings release we issued earlier today. You can find our slides, the news release and a webcast recap at investors.caterpillar.com under Events & Presentations.

在我們今天的電話會議中，我們將討論我們今天早些時候發布的第三季度收益報告。您可以在investors.caterpillar.com 的Events & Presentations 下找到我們的幻燈片、新聞稿和網絡直播回顧。

The content of this call is protected by U.S. and international copyright law. Any rebroadcast, retransmission, reproduction or distribution of all or part of this content without Caterpillar's prior written permission is prohibited.

此電話的內容受美國和國際版權法的保護。未經 Caterpillar 事先書面許可，禁止對全部或部分內容進行任何重播、轉發、複製或分發。

Moving to Slide 2. During our call today, we'll make forward-looking statements, which are subject to risks and uncertainties. We'll also make assumptions that could cause our actual results to be different from the information we're sharing with you on this call.

轉到幻燈片 2。在今天的電話會議中，我們將做出前瞻性陳述，這些陳述受到風險和不確定性的影響。我們還將做出可能導致我們的實際結果與我們在本次電話會議上與您分享的信息不同的假設。

Please refer to our recent SEC filings and the forward-looking statements reminder in the news release for details on factors that individually or in aggregate could cause our actual results to vary materially from our forecast. A detailed discussion of the many factors that we believe may have a material effect on our business on an ongoing basis is contained in our SEC filings.

請參閱我們最近提交給美國證券交易委員會的文件和新聞稿中的前瞻性聲明提醒，了解單獨或總體可能導致我們的實際結果與我們的預測產生重大差異的因素的詳細信息。我們認為可能對我們的業務持續產生重大影響的許多因素的詳細討論包含在我們提交給美國證券交易委員會的文件中。

On today's call, we'll also refer to non-GAAP numbers. For a reconciliation of any non-GAAP numbers to the appropriate U.S. GAAP numbers, please see the appendix of the earnings call slides. In addition, the appendix includes a calendar of expected earnings dates in 2023, starting with January 31 for our fourth quarter call.

在今天的電話會議中，我們還將參考非 GAAP 數字。如需將任何非 GAAP 數字與相應的美國 GAAP 數字進行核對，請參閱財報電話會議幻燈片的附錄。此外，附錄包括 2023 年預期收益日期的日曆，從 1 月 31 日開始，我們的第四季度電話會議。

Today, we reported profit per share of $3.87 for the third quarter of 2022 compared with $2.60 of profit per share in the third quarter of 2021. We're including adjusted profit per share in addition to our U.S. GAAP results.

今天，我們報告 2022 年第三季度的每股利潤為 3.87 美元，而 2021 年第三季度的每股利潤為 2.60 美元。除了我們的美國公認會計原則結果外，我們還包括調整後的每股利潤。

Our adjusted profit per share was $3.95 for the third quarter of 2022 compared with adjusted profit per share of $2.66 for the third quarter of 2021. Adjusted profit per share for both quarters excluded restructuring costs.

我們 2022 年第三季度的調整後每股利潤為 3.95 美元，而 2021 年第三季度的調整後每股利潤為 2.66 美元。兩個季度的調整後每股利潤均不包括重組成本。

Now let's turn to Slide 3 and turn the call over to our Chairman and CEO, Jim Umpleby.

現在讓我們轉到幻燈片 3，並將電話轉給我們的董事長兼首席執行官 Jim Umpleby。

Thanks, Ryan. Good morning, everyone. Thank you for joining us. As we close out the third quarter, I want to thank our global team for delivering another good quarter, including strong top line growth, higher operating profit margins and robust ME&T free cash flow despite continuing supply chain challenges.

謝謝，瑞恩。大家，早安。感謝您加入我們。在第三季度結束之際，我要感謝我們的全球團隊在供應鏈挑戰持續存在的情況下實現了又一個良好的季度，包括強勁的收入增長、更高的營業利潤率和強勁的 ME&T 自由現金流。

Our third quarter results reflected healthy demand across most end markets for our products and services. We remain focused on executing our strategy and continue to invest for long-term profitable growth.

我們第三季度的業績反映了大多數終端市場對我們的產品和服務的健康需求。我們仍然專注於執行我們的戰略，並繼續投資以實現長期的盈利增長。

In today's call, I'll begin with my perspectives on our performance in the quarter, and then I'll provide some insights on our end markets. Lastly, I'll provide an update on our sustainability journey.

在今天的電話會議中，我將從對本季度業績的看法開始，然後對我們的終端市場提供一些見解。最後，我將介紹我們的可持續發展歷程。

Turning to Slide 4. Overall, it was a very strong quarter. Sales increased 21%, in line with our expectations. Operating profit improved by 46%, although the margin improvement of 280 basis points was slightly less than we had anticipated.

轉向幻燈片 4。總體而言，這是一個非常強勁的季度。銷售額增長了 21%，符合我們的預期。營業利潤提高了 46%，儘管利潤率提高了 280 個基點，略低於我們的預期。

The sales growth was led by price realization and volume growth. Sales were higher in all regions, with double-digit increases in each of our 3 primary segments. Services growth momentum continued in the third quarter as a result of our services initiatives and investments.

銷售增長由價格實現和銷量增長帶動。所有地區的銷售額都較高，我們的 3 個主要細分市場均實現了兩位數的增長。由於我們的服務計劃和投資，第三季度服務增長勢頭持續。

Similar to previous quarters, our top line would have been even higher if not for ongoing supply chain constraints. We generated strong operating profit margin improvements in the quarter, both on a year-over-year and sequential basis.

與前幾個季度類似，如果沒有持續的供應鏈限制，我們的收入會更高。我們在本季度實現了強勁的營業利潤率改善，無論是同比還是環比。

The adjusted operating profit margin was 16.5%. Adjusted profit per share increased 48% to $3.95. We generated robust ME&T free cash flow of $2.1 billion. Our backlog continued to grow. It increased by $1.6 billion in the quarter and is now $30 billion.

調整後的營業利潤率為16.5%。調整後每股利潤增長 48% 至 3.95 美元。我們產生了強勁的 ME&T 自由現金流 21 億美元。我們的積壓工作繼續增長。該季度增加了 16 億美元，目前為 300 億美元。

Compared with the third quarter of 2021, sales to users increased 7%. For machines, including Construction Industries and Resource Industries, sales to users increased by 2%, while Energy & Transportation was up 22%.

與 2021 年第三季度相比，對用戶的銷售額增長了 7%。對於包括建築行業和資源行業在內的機器，對用戶的銷售額增長了 2%，而能源和運輸增長了 22%。

The timing of deliveries from dealers to customers resulted in sales to users that were slightly below our expectations. Sales to users in Construction Industries were about flat. North American sales to users were up slightly. Dealer inventories in North America remained at relatively low levels due to healthy demand and supply chain constraints.

經銷商向客戶交貨的時間導致對用戶的銷售略低於我們的預期。建築行業用戶的銷售額基本持平。北美對用戶的銷售額略有上升。由於健康的需求和供應鏈限制，北美的經銷商庫存保持在相對較低的水平。

Latin America experienced higher sales to users, while EAME declined slightly. Asia Pacific sales to users were down in the quarter. However, excluding China, sales to users in the Asia Pacific region increased.

拉丁美洲的用戶銷售額增加，而 EAME 略有下降。本季度亞太地區用戶銷售額下降。然而，除中國外，亞太地區用戶的銷售額有所增加。

In Resource Industries, sales to users increased 10%, with increases in mining as well as heavy construction and quarry and aggregates. In Energy & Transportation, sales to users increased by 22%. Oil and gas sales to users benefited in the third quarter from continued improvement in reciprocating engines.

在資源行業，對用戶的銷售額增長了 10%，其中採礦業、重型建築業、採石場和骨料增加。在能源與交通領域，對用戶的銷售額增長了 22%。第三季度對用戶的石油和天然氣銷售受益於往復式發動機的持續改善。

Turbines and turbine-related services were about flat. Power generation and industrial sales to users remained strong due to favorable market conditions. Transportation increased from a relatively low base, primarily on strength in marine and international locomotives.

渦輪機和渦輪機相關服務基本持平。由於有利的市場條件，發電和對用戶的工業銷售保持強勁。運輸從相對較低的基數開始增加，主要依靠海運和國際機車的實力。

Dealer inventory increased by about $700 million in the third quarter compared to a decrease of about $300 million in the same quarter last year. Most of the increase relates to timing differences between when we ship products to dealers and when the dealers, in turn, are able to deliver completed orders to customers.

第三季度經銷商庫存增加了約 7 億美元，而去年同期減少了約 3 億美元。大部分增長與我們將產品運送給經銷商和經銷商能夠將完成的訂單交付給客戶之間的時間差有關。

Although the rise in dealer inventory was greater than our expectations, inventories remain near the low end of the typical range.

儘管經銷商庫存的增長高於我們的預期，但庫存仍接近典型範圍的低端。

As I mentioned, adjusted operating margins improved by 280 basis points to 16.5%. Strong price and volume offset increases in manufacturing costs in SG&A and R&D expenses.

正如我所提到的，調整後的營業利潤率提高了 280 個基點，達到 16.5%。強勁的價格和數量抵消了 SG&A 和研發費用中製造成本的增加。

Manufacturing cost increases reflected continued higher material and freight costs and manufacturing inefficiencies caused by supply chain disruptions, resulting in our margins for the quarter being slightly lower than we had anticipated.

製造成本的增加反映了材料和運費成本的持續上漲以及供應鏈中斷導致的製造效率低下，導致我們本季度的利潤率略低於我們的預期。

Moving to Slide 5. We generated $2.1 billion of ME&T free cash flow in the quarter. We repurchased $1.4 billion of stock and returned about $600 million in dividends to shareholders. We remain proud of our dividend aristocrat status and continue to expect to return substantially all ME&T free cash flow to shareholders over time through dividends and share repurchases.

轉到幻燈片 5。我們在本季度產生了 21 億美元的 ME&T 自由現金流。我們回購了 14 億美元的股票，並向股東返還了約 6 億美元的股息。我們仍然為我們的股息貴族地位感到自豪，並繼續期望通過股息和股票回購隨著時間的推移將大部分 ME&T 自由現金流返還給股東。

Now on Slide 6. I'll share some high-level assumptions on our expectations moving forward. While we continue to closely monitor global macroeconomic conditions, overall demand remains healthy across our segments. We expect top line growth in the fourth quarter, both year-over-year and sequentially.

現在在幻燈片 6 上。我將分享一些關於我們未來預期的高級假設。在我們繼續密切關注全球宏觀經濟狀況的同時，我們各個細分市場的整體需求仍然健康。我們預計第四季度的收入將同比增長和環比增長。

This expected performance reflects healthy demand and favorable price realization. We anticipate sales increases across our 3 primary segments as order levels and backlogs remain strong.

這一預期表現反映了健康的需求和有利的價格實現。我們預計，隨著訂單水平和積壓訂單保持強勁，我們 3 個主要部門的銷售額將增長。

As a reminder, dealers have been focused on supplying customer orders, and we'll look to [replenish] aging rental fleets over time when the supply chain situation improves.

提醒一下，經銷商一直專注於為客戶提供訂單，隨著供應鏈情況的改善，我們將期待[補充]老化的租賃車隊。

We expect adjusted operating profit margins to be significantly higher in the fourth quarter versus the prior year and slightly higher than in the third quarter. However, we now anticipate that our full-year margins will be at the low end or slightly below the low end of the Investor Day target range.

我們預計第四季度調整後的營業利潤率將顯著高於去年同期，略高於第三季度。然而，我們現在預計我們的全年利潤率將處於投資者日目標範圍的低端或略低於低端。

The headwind is primarily due to ongoing manufacturing efficiencies related to supply chain constraints, ongoing inflationary pressures within manufacturing, cost and our conscious decision to continue to invest for profitable growth.

不利因素主要是由於與供應鏈限制相關的持續製造效率、製造中持續的通脹壓力、成本以及我們有意識地決定繼續投資以實現盈利增長。

That said, we expect to achieve our Investor Day ME&T free cash flow target range of $4 billion to $8 billion.

也就是說，我們預計將實現 40 億至 80 億美元的投資者日 ME&T 自由現金流目標範圍。

Now I'll turn to our outlook for key end markets. Residential construction generally accounts for about 25% of sales in Construction Industries, while nonresidential is the remainder.

現在我將轉向我們對關鍵終端市場的展望。住宅建築通常佔建築行業銷售額的 25% 左右，而非住宅建築佔其餘部分。

In North America, residential construction is moderating due to tightening financial conditions but remains at relatively high levels. We expect nonresidential construction in North America to strengthen, supported by the impact of government-related infrastructure investments.

在北美，由於金融環境收緊，住宅建設正在放緩，但仍處於相對較高的水平。在政府相關基礎設施投資的影響下，我們預計北美的非住宅建設將加強。

In Asia Pacific, excluding China, we expect moderate growth due to higher infrastructure spending and commodity prices. As we mentioned last quarter, weakness continues in China in the excavator industry above 10 tons. It is expected to remain below the 2019 levels due to low construction activity.

在除中國外的亞太地區，由於基礎設施支出和大宗商品價格上漲，我們預計將出現溫和增長。正如我們上個季度提到的，中國 10 噸以上的挖掘機行業繼續疲軟。由於建築活動低迷，預計將低於 2019 年的水平。

In EAME, business activity is expected to be flat to slightly down versus last year, based on uncertain economic conditions in Europe. However, strong backlogs and announced infrastructure plans limit the decline. Construction activity in Latin America is expected to grow due to supportive commodity prices.

在歐洲、中東和非洲地區，由於歐洲經濟狀況不確定，預計商業活動將與去年持平或略有下降。然而，大量積壓和宣布的基礎設施計劃限制了下降。由於大宗商品價格的支撐，拉丁美洲的建築活動預計將增長。

In Resource Industries, our mining customers continue to exhibit capital discipline. However, commodity prices remain supportive of continued investment, despite trending lower recently. We expect production and utilization levels will remain elevated, and our autonomous solutions continue to gain momentum. I'll highlight an example in a moment.

在資源行業，我們的採礦客戶繼續表現出資本紀律。然而，儘管近期趨勢走低，但大宗商品價格仍支持持續投資。我們預計生產和利用水平將保持較高水平，我們的自主解決方案將繼續獲得動力。稍後我將重點介紹一個示例。

We expect the continuation of high equipment utilization and a low level of parked trucks, which both support future demand for our equipment and services. We continue to believe the energy transition will support increased commodity demand, expanded our total addressable market and provided opportunities for profitable growth.

我們預計設備利用率高和停放卡車數量將繼續保持低水平，這都支持未來對我們的設備和服務的需求。我們仍然相信能源轉型將支持增加的商品需求，擴大我們的總目標市場並提供盈利增長的機會。

In heavy construction and quarry and aggregates, we anticipate continued growth in the fourth quarter.

在重型建築、採石場和骨料方面，我們預計第四季度將繼續增長。

In Energy & Transportation, we expect continued sales momentum in the fourth quarter due to strong order rates in most applications. In oil and gas, although customers remain disciplined, we are encouraged by continued strength in reciprocating engine orders, especially for large engine repowers as asset utilization increases.

在能源與交通領域，由於大多數應用的訂單率強勁，我們預計第四季度的銷售勢頭將持續。在石油和天然氣領域，儘管客戶仍然遵守紀律，但我們對往復式發動機訂單的持續強勁感到鼓舞，尤其是隨著資產利用率的提高，大型發動機的更新換代。

New equipment orders for Solar Turbines have strengthened significantly, particularly in oil and gas, indicating sales growth in late 2022 and into 2023. Solar services revenue is expected to remain steady. We expect a strong fourth quarter, which is typical of our -- which is typically our highest sales quarter of the year for Solar.

Solar Turbines 的新設備訂單顯著增加，特別是在石油和天然氣領域，這表明 2022 年底和 2023 年的銷售增長。太陽能服務收入預計將保持穩定。我們預計第四季度會表現強勁，這對我們來說很典型——這通常是我們今年太陽能銷售額最高的季度。

Power generation orders remain healthy due to positive industry dynamics and continued data center strength. Industrial remains healthy with continued momentum in construction, agriculture and electric power. In rail, North American locomotive sales are expected to remain muted. We also anticipate growth in high-speed marine as customers continue to upgrade aging fleets.

由於積極的行業動態和持續的數據中心實力，發電訂單保持健康。工業保持健康，建築、農業和電力繼續保持強勁勢頭。在鐵路方面，預計北美機車銷售將保持低迷。隨著客戶不斷升級老化的船隊，我們還預計高速海運將增長。

Moving to Slide 7. As we continue to advance our sustainability journey through the third quarter of 2022, Caterpillar, Cat Dealers and our customers announced a number of projects that will help contribute to a lower-carbon future. I'll highlight 2 today.

轉到幻燈片 7。隨著我們在 2022 年第三季度繼續推進我們的可持續發展之旅，Caterpillar、Cat 經銷商和我們的客戶宣布了一些有助於為低碳未來做出貢獻的項目。今天重點介紹2。

In late August, we announced a significant step in this journey when BHP Group Limited, Caterpillar and Finning International announced an agreement to replace BHP's entire haul truck fleet at the Escondida Mine in Chile, the world's largest copper producing mine.

8 月下旬，當必和必拓集團有限公司、卡特彼勒和 Finning International 宣布達成一項協議，在全球最大的銅生產礦山智利 Escondida 礦替換必和必拓的整個運輸卡車車隊時，我們宣佈在這一旅程中邁出了重要一步。

We will replace 1 of the industry's largest mixed fleet that is currently comprised of over 160 haul trucks with new Caterpillar 798 AC electric drive haul trucks. Deliveries begin in 2023 and will extend over 10 years. The new electric drive trucks will feature technology that delivers significant improvements in material moving capacity, efficiency, reliability and safety.

我們將用新的 Caterpillar 798 交流電驅動拖運卡車取代目前由 160 多輛拖運卡車組成的行業最大的混合車隊中的 1 個。交付於 2023 年開始，並將延長 10 年以上。新型電動卡車將採用可顯著提高物料搬運能力、效率、可靠性和安全性的技術。

The agreements allow BHP to accelerate the implementation of its autonomy plans by transitioning the fleet to include technology that enables autonomous operation. In addition, the agreement set forth a path for BHP to meet its decarbonization goals through the progressive implementation of zero-emission trucks.

這些協議允許必和必拓通過將車隊過渡到包括能夠實現自主操作的技術來加速其自主計劃的實施。此外，該協議還為必和必拓通過逐步實施零排放卡車來實現其脫碳目標指明了道路。

Second, we're currently displaying 4 battery electric machine prototypes at bauma in Munich, Germany, including mini and medium excavators, a GC medium wheel loader and a compact wheel loader. Each machine is powered by Caterpillar battery prototypes and includes onboard AC chargers. We also plan to offer an offboard DC fast charging option.

其次，我們目前在德國慕尼黑的 bauma 展示了 4 台電池電機原型，包括小型和中型挖掘機、GC 中型輪式裝載機和緊湊型輪式裝載機。每台機器都由 Caterpillar 電池原型供電，並包括板載交流充電器。我們還計劃提供車外直流快速充電選項。

Leveraging our deep system integration experience, the batteries are scalable to industry and customer performance needs and maximize sustainability throughout their life cycle, including recycling and reuse at the end of life.

利用我們深厚的系統集成經驗，電池可根據行業和客戶的性能需求進行擴展，並在其整個生命週期內最大限度地提高可持續性，包括在生命週期結束時的回收和再利用。

The Caterpillar-designed batteries in these machines will also be available to power other industrial applications, highlighting our ability to leverage technology across the enterprise.

這些機器中的 Caterpillar 設計的電池也可用於為其他工業應用供電，突出了我們在整個企業中利用技術的能力。

With that, I'll turn the call over to Andrew.

有了這個，我會把電話轉給安德魯。

Thank you, Jim, and good morning, everyone. I'll start by walking you through our third quarter results, including the performance of our segments. Then I'll discuss the balance sheet and ME&T free cash flow before concluding as usual with our expectations for the fourth quarter and full year.

謝謝你，吉姆，大家早上好。我將首先向您介紹我們的第三季度業績，包括我們部門的業績。然後我將討論資產負債表和 ME&T 自由現金流，然後像往常一樣總結我們對第四季度和全年的預期。

Beginning on Slide 8. Sales and revenues for the third quarter increased by 21% or $3.6 billion to $15 billion. The increase was due to strong price realization and volume, partially offset by currency impacts. Operating profit increased by 46% or $761 million to $2.4 billion as price realization and volume growth were partially offset by higher manufacturing and SG&A and R&D costs.

從幻燈片 8 開始。第三季度的銷售額和收入增長了 21%，即 36 億美元，達到 150 億美元。這一增長是由於強勁的價格實現和銷量，部分被貨幣影響所抵消。營業利潤增長了 46% 或 7.61 億美元，達到 24 億美元，因為價格實現和銷量增長被較高的製造和 SG&A 和研發成本部分抵消。

Our adjusted operating profit margin of 16.5% increased by 280 basis points versus the prior year's quarter as the impact of price realization and volume growth outpaced continued manufacturing cost increases.

由於價格實現和銷量增長的影響超過了製造成本的持續增長，我們調整後的營業利潤率為 16.5%，比去年同期增加了 280 個基點。

Adjusted profit per share increased by 48% to $3.95 in the third quarter compared to $2.66 last year. Adjusted profit per share for both quarters excluded restructuring costs, which were $0.08 per share this quarter compared to $0.06 in the prior year. In total, taxes benefited profit per share by about $0.06 per share for the quarter.

與去年同期的 2.66 美元相比，第三季度調整後的每股利潤增長了 48% 至 3.95 美元。兩個季度的調整後每股利潤不包括重組成本，本季度為每股 0.08 美元，而去年同期為 0.06 美元。總的來說，稅收使本季度的每股利潤增加了約 0.06 美元。

During the third quarter of 2022, we reached a settlement with the U.S. Internal Revenue Service that resolves all issues for tax years 2007 through 2016. We are pleased to have settled the audit without any penalties and within our reserves. The settlement includes, amongst other issues, the resolution of disputed tax treatment of profits earned by Caterpillar SARL in certain parts transactions.

在 2022 年第三季度，我們與美國國稅局達成和解，解決了 2007 至 2016 納稅年度的所有問題。我們很高興在沒有任何處罰且在我們的儲備金範圍內解決了審計問題。除其他問題外，該和解包括解決 Caterpillar SARL 在某些零件交易中獲得的利潤的有爭議的稅務處理。

The final tax assessed by the IRS for all issues under the settlement was $490 million for the 10-year period. [$407 million] of this was paid in the third quarter of 2022, and the associated estimated interest of $250 million is expected to be paid by the end of the year.

美國國稅局對和解協議下所有問題的最終稅收為 4.9 億美元，為期 10 年。其中 [4.07 億美元] 已於 2022 年第三季度支付，預計將在年底前支付 2.5 億美元的相關估計利息。

The settlement was within reserves, and the company recorded a discrete tax benefit of $41 million to reflect changes in estimates of prior-year taxes and related interest, net of tax.

結算在準備金範圍內，公司記錄了 4100 萬美元的離散稅收優惠，以反映上一年稅收和相關利息估計的變化，稅後淨額。

Now on Slide 9. The top line increased by 21% on strong price realization and volume, and our currency was a headwind within the strong U.S. dollar. Overall, sales were about as we expected. Regarding volume, the largest benefit versus the prior year was a $1 billion favorable quarter-over-quarter change in dealer inventory.

現在在幻燈片 9 上。由於價格實現和交易量強勁，頂線增長了 21%，而我們的貨幣在強勢美元中是逆風。總體而言，銷售額與我們預期的差不多。在數量方面，與去年相比，最大的好處是經銷商庫存的環比變化為 10 億美元。

Sales to users increased by 7%. While there is continued uncertainty regarding the macroeconomic backdrop, demand indicators remain supported as sales to users increased by 7%. Backlog grew by $1.6 billion to $30 billion, and dealer inventory remains at the low end of the typical range.

對用戶的銷售額增長了 7%。儘管宏觀經濟背景仍存在不確定性，但隨著對用戶的銷售額增長 7%，需求指標仍然受到支持。積壓訂單增加了 16 億美元至 300 億美元，經銷商庫存仍處於典型範圍的低端。

As we've seen in recent quarters, the dealer inventory increase was primarily due to issues resulting from the timing of deliveries from dealers to customers and delays in the commissioning machines as a result of labor shortages and dealers.

正如我們在最近幾個季度所看到的，經銷商庫存增加主要是由於經銷商向客戶交貨的時間以及由於勞動力短缺和經銷商導致的調試機器延遲所導致的問題。

The main impact was that sales to users was slightly lower than expected, with the corresponding offset increase in dealer inventories. As both Jim and I have indicated, we believe that the majority of this is timing and is not an indicator of changing market dynamics. Dealer inventories remained at the low end of the typical range.

主要影響是對用戶的銷售略低於預期，相應抵消了經銷商庫存的增加。正如吉姆和我都指出的那樣，我們認為這主要是時機問題，而不是市場動態變化的指標。經銷商庫存保持在典型範圍的低端。

Moving to Slide 10. As I mentioned, third quarter operating profit increased by 46% on favorable price realization and volume. Price realization was in line with our expectations and was supported by healthy demand.

轉到幻燈片 10。正如我所提到的，由於有利的價格實現和銷量，第三季度營業利潤增長了 46%。價格實現符合我們的預期，並得到健康需求的支持。

Manufacturing costs continue to increase versus the prior year, primarily due to material and freight cost increases as well as manufacturing inefficiencies due to supply chain constraints. Overall, the impact of favorable price realization exceeded manufacturing costs for the quarter.

與上一年相比，製造成本繼續增加，主要是由於材料和運費成本增加以及供應鏈限制導致製造效率低下。總體而言，有利價格實現的影響超過了本季度的製造成本。

Finally, SG&A and R&D costs increased primarily due to investments aligned with our strategy for profitable growth, which included services growth and technology such as digital, electrification and autonomy.

最後，SG&A 和研發成本的增加主要是由於與我們的盈利增長戰略相一致的投資，其中包括服務增長和數字化、電氣化和自動化等技術。

Our third quarter adjusted profit margin of 16.5% was a 280 basis point increase versus the prior year. The impact of price actions accelerated, so price realization was strong. Although we began to let the significant increases in material and freight costs seen in the second half of last year, we are still seeing cost increases from suppliers for materials in particular.

我們第三季度調整後的利潤率為 16.5%，比去年同期增加了 280 個基點。價格行動的影響加速，因此價格變現強勁。儘管我們開始看到去年下半年材料和運費成本的顯著增加，但我們仍然看到供應商的成本增加，尤其是材料。

Finally, related to our recent price cost performance, keep in mind that we are still catching up from the increases in manufacturing costs, which have occurred over the last few years.

最後，關於我們最近的價格成本表現，請記住，我們仍在追趕過去幾年發生的製造成本增加。

In particular, material and freight costs have increased by about 20% since 2020. Our gross margin of 28.5% for the third quarter is now only just getting back in line with the levels seen in the third quarter of 2019, despite sales and revenues being higher.

特別是，自 2020 年以來，材料和運費成本增加了約 20%。儘管銷售和收入下降，我們第三季度 28.5% 的毛利率現在才剛剛回到 2019 年第三季度的水平。更高。

Moving to Slide 11. As we expected, segment sales and margins improved in the third quarter. Starting with Construction Industries, sales increased by 19% to $6.3 billion, driven by favorable price realization and sales volume, partially offset by currency. Volume increased primarily due to changes in dealer inventories, which increased in the quarter compared to a reduction last year.

轉到幻燈片 11。正如我們預期的那樣，第三季度的細分市場銷售額和利潤率有所改善。從建築行業開始，銷售額增長了 19%，達到 63 億美元，這得益於有利的價格實現和銷量，部分被貨幣抵消。銷量增加主要是由於經銷商庫存的變化，該季度與去年的減少相比有所增加。

Sales in North America rose by 29% due mostly to strong pricing and a favorable change in dealer inventory. Dealers in North America decreased their inventories in the third quarter of last year, whilst we saw some build this year. North American dealer inventories still are very low, which impacts their ability to supply the region.

由於強勁的定價和經銷商庫存的有利變化，北美的銷售額增長了 29%。北美經銷商在去年第三季度減少了庫存，而今年我們看到了一些庫存增加。北美經銷商庫存仍然非常低，這影響了他們對該地區的供應能力。

Sales in Latin America increased by 51% on strong price realization, higher sales of equipment to end users and a favorable impact due to changes in dealer inventories. In both EAME and Asia Pacific, sales were relatively flat as strong price realization was offset by currency.

拉丁美洲的銷售額增長了 51%，原因是價格實現強勁、對最終用戶的設備銷售增加以及經銷商庫存變化帶來的有利影響。在 EAME 和亞太地區，由於強勁的價格實現被貨幣抵消，銷售額相對持平。

Third quarter profit for Construction Industries increased by 40% to $1.2 billion versus the prior year. Price realization and higher sales volume drove the increase as price more than offset manufacturing costs.

建築業第三季度利潤較上年增長 40% 至 12 億美元。價格實現和更高的銷量推動了增長，因為價格超過了製造成本。

Unfavorable manufacturing costs largely reflected higher material and freight costs, in addition to manufacturing inefficiencies. The segment's operating margin of 19.3% was an increase of 280 basis points versus last year.

除了製造效率低下之外，不利的製造成本在很大程度上反映了較高的材料和運費成本。該部門的營業利潤率為 19.3%，比去年增加了 280 個基點。

Turning to Slide 12. Resource Industries sales grew by 30% in the third quarter to $3.1 billion. The improvement was primarily due to favorable price realization and higher sales volume. Volume increased due to the impact of changes in dealer inventories, higher sales of aftermarket parts and higher sales of equipment to end users.

轉到幻燈片 12。資源行業第三季度的銷售額增長了 30%，達到 31 億美元。改善主要是由於有利的價格實現和更高的銷量。由於經銷商庫存變化、售後零件銷售增加以及對最終用戶的設備銷售增加的影響，銷量增加。

Third quarter profit for Resource Industries increased by 81% to $506 million as price realization more than offset manufacturing costs, which largely reflected higher material, freight and manufacturing inefficiencies.

Resource Industries 的第三季度利潤增長了 81% 至 5.06 億美元，因為價格實現超過了製造成本，這在很大程度上反映了更高的材料、貨運和製造效率低下。

The segment's operating margin of 16.4% was an increase of 460 basis points versus last year.

該部門的營業利潤率為 16.4%，比去年增加了 460 個基點。

Now on Slide 13. Energy & Transportation sales increased by 22% to $6.2 billion, with sales up across all applications. Oil and gas sales increased by 22% due to higher sales of reciprocating engine aftermarket parts and engines used in well-servicing applications and gas compression.

現在在幻燈片 13 上。能源和交通運輸銷售額增長了 22%，達到 62 億美元，所有應用的銷售額都有所增長。由於往復式發動機售後市場零件和用於修井應用和氣體壓縮的發動機的銷售額增加，石油和天然氣銷售額增長了 22%。

Power generation sales increased by 31%, a sales increase for both turbines and reciprocating engines as data center activity remains strong. Industrial sales rose by 22%, with strength across all regions.

發電銷售額增長了 31%，由於數據中心活動依然強勁，渦輪機和往復式發動機的銷售額均有所增長。工業銷售額增長 22%，所有地區均表現強勁。

Finally, transportation sales increased by 9% on reciprocating engine aftermarket parts and relative strength in marine applications. International locomotive deliveries also benefited sales.

最後，往復式發動機售後零件和船舶應用的相對優勢的運輸銷售額增長了 9%。國際機車交付也有利於銷售。

Third quarter profit for Energy & Transportation increased by 32% to $935 million. The improvement was primarily due to federal price realization and higher sales volume, partially offset by higher manufacturing and SG&A and R&D costs.

第三季度能源與運輸的利潤增長了 32%，達到 9.35 億美元。改善主要是由於聯邦價格實現和更高的銷量，部分被更高的製造和 SG&A 和研發成本所抵消。

As anticipated, price realization narrowly offset manufacturing costs. Manufacturing cost increases largely reflected higher material and freight costs, coupled with manufacturing inefficiencies.

正如預期的那樣，價格實現勉強抵消了製造成本。製造成本增加主要反映了更高的材料和運費成本，以及製造效率低下。

Also, SG&A and R&D expenses increased due to investments aligned with our strategic initiatives, including electrification and services growth, in addition to higher short-term incentive compensation expense. The segment's operating margin of 15.1% was an increase of 120 basis points versus last year.

此外，由於與我們的戰略計劃相一致的投資，包括電氣化和服務增長，以及更高的短期激勵補償費用，SG&A 和研發費用也有所增加。該部門的營業利潤率為 15.1%，比去年增加了 120 個基點。

Moving on to Slide 14. Financial Products revenue increased by 7% to $819 million, benefiting from higher average financing rates in North America and Latin America. Segment profit increased by 27% to $220 million. The profit increase was mainly due to a favorable impact from a lower provision for credit losses at Cat Financial.

繼續幻燈片 14。金融產品收入增長 7% 至 8.19 億美元，受益於北美和拉丁美洲更高的平均融資利率。分部利潤增長 27% 至 2.2 億美元。利潤增加主要是由於 Cat Financial 信用損失準備金減少的有利影響。

Moving to our credit portfolio. Our leading indicators remain strong. Past dues, a good proxy for the financial health of our customers, were 2.00% compared with 2.41% at the end of the third quarter of 2021. We also saw a 19 basis points decrease in past dues compared to the second quarter of this year.

轉向我們的信貸組合。我們的領先指標依然強勁。過去的會費是反映我們客戶財務狀況的良好指標，為 2.00%，而 2021 年第三季度末為 2.41%。與今年第二季度相比，我們的過去會費也減少了 19 個基點.

Retail new business volumes did decline compared to the record levels in the prior year. However, at this point, Cat Financial is not seeing slowing business activity but is instead impacted by strengthening competition from banks. This is typical in a realizing interest rate environment as banks benefit from a lower cost of funds, especially due to [customer] deposits.

與去年的創紀錄水平相比，零售新業務量確實有所下降。然而，在這一點上，Cat Financial 並未看到業務活動放緩，而是受到銀行競爭加劇的影響。這在實現利率的環境中很典型，因為銀行受益於較低的資金成本，尤其是由於[客戶]存款。

Finally, used equipment demand remains strong as elevated prices have stabilized and inventories remain low.

最後，由於價格上漲企穩且庫存保持低位，二手設備需求依然強勁。

Now on Slide 15. ME&T free cash flow in the quarter increased by about $1.2 billion versus the prior year to $2.1 billion. The increase was primarily due to higher profit and favorable net working capital. We did continue to build production inventory to support shipments and mitigate component delivery delays, an increase of about $1 billion versus the second quarter.

現在在幻燈片 15 上。本季度 ME&T 自由現金流與去年同期相比增加了約 12 億美元，達到 21 億美元。增加主要是由於較高的利潤和有利的淨營運資金。我們確實繼續建立生產庫存以支持出貨並減少組件交付延遲，與第二季度相比增加了約 10 億美元。

Cumulatively, ME&T free cash flow year-to-date is $2.8 billion, despite the increase in inventories and the payment of incentive compensation in the first quarter of 2022.

儘管庫存增加並在 2022 年第一季度支付了激勵補償，但 ME&T 迄今為止的累計自由現金流為 28 億美元。

Looking ahead, we continue to expect to achieve our Investor Day in ME&T free cash flow target of between $4 billion and $8 billion for the full year. As Jim mentioned, we paid around $600 million in dividends in addition to repurchasing about $1.4 billion worth of common stock, supporting our objective to be in the market on a more consistent basis.

展望未來，我們繼續期望在 ME&T 投資者日實現全年 40 億至 80 億美元的自由現金流目標。正如吉姆所說，除了回購價值約 14 億美元的普通股外，我們還支付了約 6 億美元的股息，以支持我們以更加一致的方式進入市場的目標。

Enterprise cash was $6.3 billion, about a $300 million increase compared to the second quarter of 2022. The increase was primarily driven by higher free cash flow.

企業現金為 63 億美元，與 2022 年第二季度相比增加了約 3 億美元。增加的主要原因是自由現金流增加。

Our liquidity remains strong as we continue to hold some of our cash balances and slightly longer-dated liquid marketable securities in order to improve the liquidity -- to improve the yield on that cash.

我們的流動性依然強勁，因為我們繼續持有一些現金餘額和期限稍長的流動性有價證券以改善流動性——以提高現金的收益率。

Now on Slide 16, I will share some thoughts on the fourth quarter and the full year. As a reminder, the third quarter was generally in line with our expectations on the top line. And while margins were better than the prior year, they were marginally lower than we had anticipated.

現在在幻燈片 16 上，我將分享一些關於第四季度和全年的想法。提醒一下，第三季度總體上符合我們對收入的預期。雖然利潤率好於上一年，但略低於我們的預期。

Pricing gained momentum against a backdrop of stronger demand, while manufacturing costs increased on continuous inflationary cost headwinds for our suppliers and manufacturing inefficiencies due to the ongoing disruption to the supply chain. We also continue to invest for future profitable growth.

在需求強勁的背景下，價格上漲勢頭強勁，而製造成本因供應商持續的通脹成本逆風以及供應鏈持續中斷導致的製造效率低下而增加。我們還將繼續投資於未來的盈利增長。

Looking ahead, we anticipate the fourth quarter will reflect our highest quarterly sales for the year, which is in line with typical seasonality. Compared to the prior year, higher sales to users and price realization should support the top line growth.

展望未來，我們預計第四季度將反映我們全年最高的季度銷售額，這符合典型的季節性。與上一年相比，更高的用戶銷售額和價格實現應該會支持收入增長。

At year-end, we expect dealer inventories to remain at similar levels as they ended in the third quarter. We also expect sales increases across the 3 primary segments, both year-over-year and sequentially.

到年底，我們預計經銷商庫存將保持在與第三季度末相似的水平。我們還預計 3 個主要細分市場的銷售額將同比和環比增長。

Infrastructure spending should continue to benefit our segments over time as nonresidential building accelerates and large projects commence. On margins, we should see slightly higher adjusted operating margins in the fourth quarter compared to the third on higher volume and continued pricing momentum.

隨著非住宅建築的加速和大型項目的開始，基礎設施支出應會繼續使我們的細分市場受益。在利潤率方面，我們應該看到第四季度調整後的營業利潤率略高於第三季度，原因是銷量增加和持續的定價勢頭。

We do anticipate the manufacturing cost increases, including manufacturing inefficiencies, will act as a partial offset. At the segment level, we expect to see similar margins to the strong third quarter performance in Construction Industries.

我們確實預計製造成本增加，包括製造效率低下，將起到部分抵消作用。在細分市場層面，我們預計將看到與建築行業第三季度強勁表現相似的利潤率。

In Resource Industries and Energy & Transportation, margin should strengthen compared to the third quarter and prior year. Compared to last year, all 3 primary mid segments should benefit from price realization and higher volumes. We expect price realization to more than offset manufacturing costs across our 3 primary segments in the fourth quarter.

與第三季度和去年同期相比，資源行業和能源與交通行業的利潤率應該會有所增強。與去年相比，所有 3 個主要的中端細分市場都應受益於價格實現和更高的銷量。我們預計第四季度的價格實現將超過我們三個主要部門的製造成本。

Finally, to assist you with your modeling, we continue to expect our accrual for short-term incentive compensation expense of about $1.6 billion this year. CapEx is expected to be about $1.4 billion. We anticipate a global effective tax rate of around 23%, slightly lower than previously expected due to changes in the geographic mix of profits from a tax perspective.

最後，為了幫助您進行建模，我們繼續預計我們今年應計的短期激勵補償費用約為 16 億美元。資本支出預計約為 14 億美元。我們預計全球有效稅率約為 23%，略低於先前的預期，因為從稅收角度來看，利潤的地域組合發生了變化。

Finally, restructuring charges are expected to be up to $800 million for the full year. There's a possibility that the largest item, which is a noncash charge of approximately $600 million relating to a divestiture, may slip into 2023.

最後，預計全年的重組費用將高達 8 億美元。與資產剝離相關的約 6 億美元非現金費用的最大項目可能會滑到 2023 年。

So turning to Slide 17, let me summarize. Sales grew by 21%, led by strong price realization and volume gains across all the segments. The adjusted operating profit margin increased by about 280 basis points to 16.5%.

所以轉到幻燈片 17，讓我總結一下。在所有細分市場的強勁價格實現和銷量增長的帶動下，銷售額增長了 21%。調整後的營業利潤率增加約 280 個基點至 16.5%。

ME&T free cash flow was strong at $2.1 billion, and we continue to return cash to shareholders on a consistent basis. The outlook remains positive, with sales to users up 7% and the backlog up $1.6 billion to $30 billion. We continue to execute our strategy for long-term profitable growth.

ME&T 的自由現金流強勁，達到 21 億美元，我們將繼續持續向股東返還現金。前景依然樂觀，對用戶的銷售額增長 7%，積壓訂單增長 16 億美元至 300 億美元。我們將繼續執行我們的長期盈利增長戰略。

And with that, we'll take your questions.

有了這個，我們會回答你的問題。

(Operator Instructions) Your first question comes from the line of Rob Wertheimer with Melius Research.

（操作員說明）您的第一個問題來自 Melius Research 的 Rob Wertheimer。

Thanks, and good morning, everybody. My question is on price and competition and, I guess, future market share. Your price is extremely strong, your margins have come back strong with it. From the outside, backlog looks very, very good, as do orders.

謝謝，大家早上好。我的問題是關於價格和競爭，我猜是未來的市場份額。您的價格非常強勁，您的利潤也隨之強勁回升。從外部看，積壓訂單看起來非常非常好，訂單也是如此。

And I'm just curious if you can see your competition following your price increases if your general market share trends are up, down, if you could get any comment on what you think your balance will be.

而且我很好奇，如果您的總體市場份額趨勢上升或下降，您是否可以看到您的競爭隨著您的價格上漲而上漲，如果您可以就您認為的餘額將發表任何評論。

Thanks, Rob, for your question. We're always focused on remaining competitive in the markets that we serve around the world, and we certainly factored that into all pricing decisions.

謝謝，羅布，你的問題。我們始終專注於在我們服務於全球的市場中保持競爭力，我們當然將這一點納入了所有定價決策。

It's not a one-size-fits-all situation. We do pay attention to the different dynamics in the different markets we serve. We are comfortable with our competitive position. Again, it's always something that we focus on.

這不是一刀切的情況。我們確實關注我們所服務的不同市場的不同動態。我們對我們的競爭地位感到滿意。同樣，它始終是我們關注的焦點。

Your next question comes from the line of Stephen Volkmann with Jefferies.

您的下一個問題來自 Jefferies 的 Stephen Volkmann。

Great. Thank you, good morning, everybody. My question is on the cost side. And Andrew, I think you mentioned a couple of times that of your $1.1 billion increase in manufacturing costs, some portion of that was related to unfavorable productivity from all the supply chain issues.

偉大的。謝謝大家，早上好。我的問題是在成本方面。安德魯，我認為你提到了製造成本增加 11 億美元的兩倍，其中一部分與所有供應鏈問題導致的不利生產力有關。

And I'm wondering if you can maybe ballpark kind of how much of that would be? And is there any reason that to think that productivity just sort of gets better and normalizes once supply chains are normal? .

我想知道你是否可以大致了解其中的多少？是否有任何理由認為一旦供應鏈正常，生產力就會變得更好並正常化？ .

Yes, Steve, we -- as I indicated, effectively, manufacturing costs were slightly adverse to our expectations. That was why margins, overall, came in slightly lower than we had anticipated. Most of that is due, and it is a relatively small. This as a result of manufacturing inefficiencies.

是的，史蒂夫，我們——正如我所指出的，實際上，製造成本略微不符合我們的預期。這就是為什麼整體利潤率略低於我們預期的原因。大部分是由於，而且是相對較小的。這是製造效率低下的結果。

We don't break down manufacturing costs for a number of reasons. They do vary, and all the buckets do vary quarter-on-quarter. But you are absolutely correct. Once we get past the supply chain bottlenecks, we do believe base inefficiencies will normalize.

出於多種原因，我們不會分解製造成本。它們確實有所不同，並且所有存儲桶都按季度變化。但你是絕對正確的。一旦我們克服了供應鏈瓶頸，我們相信基地的低效率將會正常化。

For example, they may be including things like additional labor in the factories, which are there to help support out-of-process work as we keep continuing to make sure we get machines out as quickly as possible. That will normalize when supply chain change [to] normal. So we will expect that to moderate over time as we go forward.

例如，他們可能會在工廠中加入諸如額外勞動力之類的東西，這些勞動力可以幫助支持流程外的工作，因為我們會繼續確保盡快將機器生產出來。當供應鏈變為正常時，這將正常化。因此，我們預計隨著時間的推移，這種情況會隨著時間的推移而緩和。

Your next question comes from the line of David Raso with Evercore.

您的下一個問題來自與 Evercore 的 David Raso。

I'll let you answer this sort of open-ended question however you choose. I mean, it looks like if you get normal seasonality, third quarter to fourth quarter on your revenues, sort of the way you're discussing the margins, you're pretty close to $4 a share for the quarter. And I know fourth quarter is usually a little higher than the average quarter.

無論你選擇什麼，我都會讓你回答這種開放式問題。我的意思是，如果你獲得正常的季節性，第三季度到第四季度的收入，就像你討論利潤率的方式一樣，你在這個季度的每股收益非常接近 4 美元。而且我知道第四季度通常比平均季度高一點。

But given what you're seeing in the backlog, your end market commentary, prior discussion about price cost and so forth, what are the things that we should think about to not look at that $4 number as a bit of a run rate, going into 2023, for quarterly earnings power?

但是考慮到你在積壓中看到的內容、你的最終市場評論、之前關於價格成本的討論等等，我們應該考慮哪些事情，而不是把 4 美元的數字看作是一個運行率，去進入 2023 年，季度盈利能力如何？

Yes, David, of course, as you can imagine here in this call, we're not going to talk about 2023 and what our expectations are for profit. But again, we are pleased that the way that the team performed in the year, and we talked about the fact that we still have supply chain struggles that we're dealing with, but we also have strong demand across most of our end markets.

是的，大衛，當然，正如你在本次電話會議中可以想像的那樣，我們不會談論 2023 年以及我們對利潤的期望。但是，我們再次對團隊在這一年的表現感到高興，我們談到了我們仍然面臨供應鏈困境的事實，但我們在大多數終端市場也有強勁的需求。

And David, as we've consistently said this year, it is an unusual year from a shape of earnings perspective because normally, as you know, we start the year very strong from a margin perspective and margins move downwards as we go through the year. This year, that is actually inverting the other way. So obviously, that is part of that, which we'll have to come back to when we talk about 2023, how the shape of that year will look as a result of those changes in market dynamics.

大衛，正如我們今年一直所說的那樣，從收益的角度來看，這是不尋常的一年，因為通常情況下，如你所知，從利潤率的角度來看，我們今年開局非常強勁，隨著這一年的過去，利潤率會下降.今年，這實際上是相反的。顯然，這是其中的一部分，當我們談論 2023 年時，我們將不得不回到這一點，由於市場動態的這些變化，那一年的形態將如何變化。

So -- and I'll remind you that obviously, the fourth quarter is our high -- normally our highest quarter from a revenue perspective, and that's consistently been the way for Caterpillar.

所以——我會提醒你，顯然，第四季度是我們的最高季度——從收入的角度來看，通常是我們最高的季度，這一直是卡特彼勒的方式。

Your next question comes from the line of Jamie Cook with Credit Suisse.

您的下一個問題來自瑞士信貸的 Jamie Cook。

Sorry to touch on 2023 again, but I'm just trying to think through as well what you think about Volkmann's question on inefficiencies going away and Raso's question on the $4 per quarter run rate. I guess the other thing as we think about 2023 is dealer inventories are still exceptionally low and the rental fleet is also aged.

很抱歉再次談到 2023 年，但我只是想仔細思考一下您對 Volkmann 關於效率低下消失的問題和 Raso 關於每季度 4 美元運行率的問題的看法。我想我們對 2023 年的另一件事是經銷商庫存仍然異常低，租賃車隊也老化了。

So as you look at 2023, assuming the macro holds, would you expect to get dealer inventories back to more normalized levels and replenish the rental fleet, which would also sort of be additive to 2023?

因此，當您查看 2023 年時，假設宏觀經濟保持不變，您是否期望經銷商庫存恢復到更正常的水平並補充租賃車隊，這在某種程度上也會對 2023 年有所補充？

Yes. And so much depends, Jamie, of course, on what happens with the supply chain and, as you mentioned, what happens with demand as well if, in fact, supply chain situation improves. And we're not making a prediction at this point. We've started to see some pockets of improvement and other areas remain very challenged.

是的。傑米，當然，這很大程度上取決於供應鏈會發生什麼，正如你所提到的，如果事實上供應鏈狀況有所改善，需求也會發生什麼。我們目前還沒有做出預測。我們已經開始看到一些改進，而其他領域仍然面臨很大挑戰。

But if, in fact, supply chain situation improves, one would expect dealers would try to get their inventories, including rental fleets, up to a more typical level.

但如果事實上供應鏈狀況有所改善，人們會期望經銷商會嘗試將他們的庫存（包括租賃車隊）提高到一個更典型的水平。

And again, so much depends upon the big variables. There are supply chain, of course, that haven't in the end markets in terms of demand.

再說一次，很大程度上取決於大變量。當然，就需求而言，終端市場還沒有供應鏈。

Your next question comes from the line of Michael Feniger with Bank of America.

您的下一個問題來自美國銀行的 Michael Feniger。

You've highlighted for some time the growth in resources, even when customers are constraining with their mining CapEx budget and being disciplined there. I'm curious, Jim, how you see that evolving with energy CapEx budgets?

一段時間以來，您一直強調資源的增長，即使客戶的採礦資本支出預算受到限制並在那裡受到紀律處分。我很好奇，吉姆，你如何看待能源資本支出預算的演變？

When we dig into that oil and gas and energy side, there's some signs that rig count's flattening, discussion of more disciplined CapEx. Just within your Energy portfolio, where do you see the most strength in that backdrop as we go into 2023?

當我們深入研究石油、天然氣和能源方面時，有一些跡象表明鑽機數量正在趨於平緩，討論更加規範的資本支出。就在您的能源投資組合中，在我們進入 2023 年的背景下，您認為哪裡最具優勢？

Well, certainly, as we mentioned, we do see our customers displaying capital discipline. However, we do see, as I mentioned in my prepared remarks, a lot of strength in oil and gas. I mean reciprocating engines is an area of strength. Solar Turbines, their order rates have improved quite substantially, which should help us in 2023.

好吧，當然，正如我們所提到的，我們確實看到我們的客戶表現出資本紀律。然而，正如我在準備好的發言中提到的那樣，我們確實看到了石油和天然氣領域的強大力量。我的意思是往復式發動機是一個優勢領域。 Solar Turbines，他們的訂單率已經大大提高，這應該會在 2023 年對我們有所幫助。

So one of the things to keep in mind, of course, is that customers need to maintain -- oil and gas production, to maintain a certain level of production requires continued investment, just to maintain a flat level of production.

所以要記住的一件事當然是客戶需要維持——石油和天然氣的生產，維持一定的產量需要持續的投資，只是為了維持一個平穩的產量水平。

And so again, we are certainly encouraged by the signs that we see in terms of the order rates that are coming. And based on the conversations we're having with customers, we feel good about our prospects there.

同樣，我們看到的訂單率即將到來的跡象當然讓我們感到鼓舞。根據我們與客戶的對話，我們對那裡的潛在客戶感覺良好。

Your next question comes from the line of Tim Thein with Citigroup.

您的下一個問題來自花旗集團的 Tim Thein。

Just maybe another one back on the manufacturing cost. And again, I get it, there's a ton of pieces within that. But maybe we just circle back on the point about material and freight. Especially on the freight side, we've seen more real-time, some fairly significant declines there. Obviously, that doesn't impact you the next day.

可能只是製造成本的另一個回報。再一次，我明白了，裡面有很多東西。但也許我們只是回到關於材料和運費的問題上。尤其是在貨運方面，我們看到了更多的實時下降，那裡有一些相當顯著的下降。顯然，這不會影響你第二天。

But what kind of lagged relationship would there be or should we expect, again, just as we think about some fairly significant declines here in recent months, especially on the freight side, and when that potentially begins to impact Cat?

但是，就像我們考慮最近幾個月這裡出現的一些相當顯著的下降一樣，特別是在貨運方面，以及何時可能開始影響 Cat？

Yes. Tim, thanks. I mean actually, the biggest single factor that we are focused on rather than actually just pricing freight at the moment is actually utilization of freight because one of the challenges has been actually the amount of freight we've had to use in order to get components around to actually build machines. That's been probably the bigger driver of some of the increase that we've seen.

是的。蒂姆，謝謝。我的意思是實際上，我們目前關注的最大單一因素，而不是僅僅為運費定價，實際上是運費的使用，因為挑戰之一實際上是我們必須使用的運費數量才能獲得組件圍繞實際製造機器。這可能是我們看到的一些增長的更大驅動力。

The second part is, yes, you are correct, freight spot rates are coming down. We tend to contract normally 6 to 12 months in advance. So we have not yet seen the benefit of those low rates. And those low rates are some things we are favorable on. For example, roll on, roll off, we're actually favorable to the current market.

第二部分是，是的，你是對的，即期運費正在下降。我們通常會提前 6 到 12 個月簽訂合同。所以我們還沒有看到這些低利率的好處。這些低利率是我們喜歡的一些事情。比如上滾、下滾，其實我們對現在的市場是有利的。

But obviously, container freight is coming down as well. So we're seeing some favorability on that in the spot market. Obviously, we'll expect some of that to flow through as we move into 2023.

但顯然，集裝箱運費也在下降。因此，我們在現貨市場上看到了一些有利因素。顯然，隨著我們進入 2023 年，我們預計其中一些會流過。

Your next question comes from the line of Jerry Revich with Goldman Sachs.

您的下一個問題來自 Jerry Revich 與 Goldman Sachs 的對話。

Jim, really interesting to hear you talk about full-year margins at the low end of your Analyst Day range, considering how good the results were versus [concepts like] expectations this quarter.

吉姆，聽到你談論分析師日範圍低端的全年利潤率真的很有趣，考慮到本季度的結果與[概念之類的]預期有多好。

I'm wondering if you could talk about to get to the midpoint of the range, is it as simple as the pricing actions that are already locked in? Or are there other discrete steps that you're planning in any of the businesses to get you to the targeted levels?

我想知道您是否可以談論到達範圍的中點，它是否像已經鎖定的定價操作一樣簡單？或者您是否計劃在任何業務中採取其他離散步驟以使您達到目標水平？

I guess, based on the ['23] list prices that you folks have in place, it feels like pricing should be accelerating further into the first quarter. So I'm wondering, does that get you to where you want to be?

我想，根據你們現有的 ['23] 標價，感覺定價應該會在第一季度進一步加速。所以我想知道，這能讓你到達你想去的地方嗎？

Thanks for your question. One of the things to keep in mind is that our margin targets are progressive, which means that we need to achieve higher operating margins as sales increase.

謝謝你的問題。要記住的一件事是我們的利潤率目標是漸進的，這意味著我們需要隨著銷售額的增加實現更高的營業利潤率。

And in a moderate inflationary environment, which we saw for many years, sales increases typically are led by higher volumes, and the benefit of the operating leverage associated with those higher volumes helps us achieve our progressive margins.

在我們多年來看到的溫和通脹環境中，銷量增長通常是由銷量增加帶動的，而與這些銷量增加相關的經營槓桿的好處有助於我們實現漸進式利潤率。

In the environment where we are in today, where a relatively larger portion of the sales increase is due to price realization, there's less operating leverage, which makes the delivery of those progressive margins more challenging to achieve.

在我們今天所處的環境中，銷售額增長的相對較大部分是由於價格實現，運營槓桿較少，這使得這些漸進式利潤的實現更具挑戰性。

So part of it is just a math issue in terms of where the sales increase comes from. Is it primarily volume? Or is it primarily price and the impact on operating leverage?

因此，就銷售額增長的來源而言，其中一部分只是一個數學問題。主要是音量嗎？還是主要是價格和對經營槓桿的影響？

Having said that, our focus is closing out the year as strongly as possible in the fourth quarter. But that's really the issue. It's the issue around just the math and the assumptions that we made around our margin targets when we set them.

話雖如此，我們的重點是盡可能在第四季度結束這一年。但這確實是問題所在。這只是圍繞我們設定保證金目標時的數學和假設的問題。

Your next question comes from the line of Stanley Elliott with Stifel.

您的下一個問題來自 Stanley Elliott 與 Stifel 的對話。

Quick question, you mentioned if supply chain gets a little bit better, you start to see the dealer inventory piece kind of square back up a little bit into next year. Even if we do get a supply chain improvement, will you still be below kind of what would be normal historical levels at the dealer inventory? Just curious how to think about that.

快速的問題，你提到如果供應鏈變得更好一點，你開始看到經銷商庫存量有點回升到明年。即使我們確實改善了供應鏈，您是否仍會低於經銷商庫存的正常歷史水平？只是好奇怎麼想。

Yes. It really depends on the specifics of what happens to demand, what happens to how much does the supply chain ease. There's really so many variables there that it's difficult to predict. .

是的。這實際上取決於需求發生了什麼的具體情況，供應鏈緩解了多少。那裡真的有很多變數，很難預測。 .

Again, as we look at our dealer increase we just had, the inventory increase we just had, most of the increases related to timing differences between when we ship products to dealers and when they actually complete orders to customers. So again, we look forward to next year, it depends on demand. It depends on how much the supply chain eases and a number of other issues.

再次，當我們查看我們剛剛獲得的經銷商增長時，我們剛剛獲得的庫存增加，大部分增長與我們將產品運送給經銷商和他們實際完成訂單給客戶之間的時間差異有關。因此，我們再次期待明年，這取決於需求。這取決於供應鏈的緩解程度以及許多其他問題。

Yes. And just to remind you that dealers are independent businesses, so they make their own decisions about the inventory. It's not something we can control. So they will actually build it based on what they -- their expectations of the outlook is as well.

是的。只是提醒您，經銷商是獨立的企業，因此他們對庫存做出自己的決定。這不是我們能控制的。因此，他們實際上將根據他們對前景的期望來構建它。

Your next question comes from the line of Chad Dillard with Bernstein.

您的下一個問題來自 Chad Dillard 和 Bernstein 的觀點。

So I have actually a bit of a longer-term question. Just going back to your 160 truck win with BHP and Escondida Mine, just trying to understand, just like how does electrification change your gross profit TAM across those vehicles versus internal combustion and just trying to think through the puts and takes as those deliveries start to trickle through in the second half of next year?

所以我實際上有一個長期的問題。回到您在 BHP 和 Escondida Mine 贏得 160 輛卡車的勝利，只是想了解，就像電氣化如何改變這些車輛與內燃機的毛利潤 TAM 一樣，並且只是想在這些交付開始時仔細考慮看跌期權明年下半年涓涓細流？

Yes. So the profitability around diesel engine versus batteries, there's a lot of puts and takes there. And again, we are still working our way through what our services model would be and all that. We are excited about the opportunities that exist.

是的。因此，圍繞柴油發動機與電池的盈利能力，有很多看跌期權。再一次，我們仍在努力研究我們的服務模型將是什麼以及所有這些。我們對存在的機會感到興奮。

And one of the things that we believe positions us very well is the fact that we have an Energy & Transportation segment, which allows us to have additional opportunities with our mining customers to help them get the site ready.

我們認為對我們非常有利的一件事是我們擁有能源和運輸部門，這使我們能夠與我們的採礦客戶有更多的機會來幫助他們準備好現場。

So just to resolve any confusion, the trucks that we start shipping next year for that mine will not be 100% battery trucks. So I think that was inherent in your question. So they're diesel electric trucks, just to clarify that. And that can be misunderstood in my statement.

因此，為了解決任何混淆，我們明年開始為該礦山發貨的卡車不會是 100% 電池卡車。所以我認為這是你的問題所固有的。所以他們是柴油電動卡車，只是為了澄清這一點。這在我的聲明中可能會被誤解。

Your next question comes from the line of Steven Fisher with UBS.

你的下一個問題來自瑞銀的史蒂文費舍爾。

Given the lingering manufacturing inefficiencies that you're still experiencing, I'm curious, how you're planning process for 2023 is comparing or is going to compare to your process for 2022, really thinking about the supply chain that you've had? Another year of lessons learned. I'm curious, what you think you can do differently for 2023 to further enhance your production capacity and flow?

鑑於您仍在經歷揮之不去的製造效率低下，我很好奇，您計劃 2023 年的流程如何與您的 2022 年流程進行比較或將如何比較，真的考慮您擁有的供應鏈嗎？又是一年的教訓。我很好奇，您認為您可以在 2023 年做些什麼來進一步提高您的產能和流量？

We're working closely with our suppliers, as I think all companies are doing, thinking about our supply chain. And certainly, resilience is very important. And of course, given the capital-intensive nature of our business and our suppliers, it isn't easily to make changes quickly. But we are working closely with our suppliers, trying to ensure that we have second sources.

我們正在與我們的供應商密切合作，正如我認為所有公司都在做的那樣，考慮我們的供應鏈。當然，復原力非常重要。當然，鑑於我們的業務和供應商的資本密集型性質，要快速做出改變並不容易。但我們正在與我們的供應商密切合作，努力確保我們有第二個來源。

And as many cases -- in most instances, we're doing things in our factories as well to really try to anticipate issues that are happening.

和許多情況一樣——在大多數情況下，我們也在工廠裡做事，以真正嘗試預測正在發生的問題。

There's no single magic button that we can push to make these issues go away. Again, it really comes down to our teams and our factories working to be creative to find ways to mitigate disruptions and again, working with our suppliers to try to get as much supply as we can get.

我們無法按下任何一個神奇的按鈕來消除這些問題。再次，這真的取決於我們的團隊和我們的工廠，他們努力創造性地尋找減輕干擾的方法，並再次與我們的供應商合作，努力獲得盡可能多的供應。

And then from a planning side, obviously, one of the things we do is we do various scenarios. And obviously, yes, we do look at what's happened, looking at that, try to then work through what the implications of that would be on production levels and how we would manage through that and then obviously trying to build in, at the same time, demand signals.

然後從規劃方面來看，顯然，我們要做的一件事就是我們做各種場景。顯然，是的，我們確實看看發生了什麼，看看那個，然後嘗試研究這將對生產水平產生什麼影響，以及我們將如何管理它，然後顯然嘗試構建，同時，需求信號。

So it's a very dynamic process. It's one that most large companies, as you would imagine, go through. The complexity for us is just the scope and scale of Caterpillar. In that, obviously, you've got running this through 100-odd plants and so forth. So it is a lot of work. And people are working very hard as we speak, getting ready through for the '23 planning cycle.

所以這是一個非常動態的過程。正如你想像的那樣，這是大多數大公司都會經歷的。對我們而言，複雜性只是 Caterpillar 的範圍和規模。顯然，你已經在 100 多種植物中運行它，等等。所以這是很多工作。正如我們所說，人們正在努力工作，為 23 年的規劃週期做好準備。

Your next question comes from the line of Kristen Owen with Oppenheimer.

你的下一個問題來自克里斯汀歐文和奧本海默的對話。

Wanted to come back to your comments about the backlog offsetting [media] weaker mainly. One of the focus in Europe has been around the energy crunch impact on industrial activity.

想回到您關於積壓抵消 [媒體] 較弱的評論。歐洲的焦點之一是能源緊縮對工業活動的影響。

But I'm wondering if there's any sort of commentary you can provide as to whether or not you're seeing it contribute favorably to your business, maybe in the form of energy security investments or energy asset hardening. Any commentary that you can provide there would be helpful.

但我想知道您是否可以提供任何評論，說明您是否看到它對您的業務有好處，可能是以能源安全投資或能源資產硬化的形式。您可以在那裡提供的任何評論都會有所幫助。

If we step back and think about it from a global macro perspective, certainly, the increased investment in oil and gas benefits our business. And that's been driven by a whole variety of issues. The situation in Europe is only one of them.

如果我們退後一步，從全球宏觀角度考慮，當然，增加對石油和天然氣的投資有利於我們的業務。這是由各種各樣的問題驅動的。歐洲的情況只是其中之一。

But as an example, if, in fact, the U.S. looks to export more LNG as an example, Caterpillar participates across a wide portion of that natural gas value chain, where engines are used for drilling, our engines, recip engines drive recip compressors for gas gathering.

但作為一個例子，如果事實上，美國希望出口更多的液化天然氣，卡特彼勒參與了天然氣價值鏈的很大一部分，其中發動機用於鑽井，我們的發動機，往復式發動機驅動往復式壓縮機氣體聚集。

We're very involved at the well servicing side now with our acquisition from where oil and gas, we play a larger portion there. Our solar/gas turbines driving -- our solar natural gas compressors compress gas down the pipelines. So as an example, there is a drive for more LNG. Again, that would benefit our business.

我們現在在油井服務方面非常投入，我們從石油和天然氣那裡收購，我們在那裡發揮更大的作用。我們的太陽能/燃氣輪機驅動——我們的太陽能天然氣壓縮機將氣體壓縮到管道中。舉個例子，有更多液化天然氣的驅動力。同樣，這將有利於我們的業務。

So again, a lot -- there are a lot of factors there that are driving, of course, the dynamics in the oil and gas business. But our participation there, again, I believe, stands to benefit from just the increased investment that most believe will happen over the next few years.

再說一次，很多 - 當然，有很多因素在推動石油和天然氣業務的動態。但我相信，我們的參與將再次受益於大多數人認為將在未來幾年內發生的投資增加。

And then just always as a reminder, any move to further renewables is -- benefits us and particularly in our mining business, again, as a result of the increased need for commodities in order to help with that transition. So ultimately, that does have benefits.

然後總是提醒一下，由於對商品的需求增加以幫助實現這種過渡，因此向進一步可再生能源的任何舉措都將使我們受益，尤其是在我們的採礦業務中。所以最終，這確實有好處。

Because the other thing, just to remind you, is there are some infrastructure initiatives in Europe, which are obviously helping to keep some level of demand going. Obviously, the macro is, obviously, as you know and as we spoke, a little bit negative. But obviously, those are offsetting benefits for us.

因為另一件事，只是提醒您，歐洲有一些基礎設施計劃，這顯然有助於保持一定程度的需求。顯然，正如你所知，正如我們所說，宏觀顯然有點負面。但顯然，這些都抵消了我們的利益。

Yes. A great example is the H2S project in the U.K., right, where a lot of Caterpillar equipment is being used. So infrastructure in Europe is important. And a lot of that, of course, is government support.

是的。一個很好的例子是英國的 H2S 項目，對，那裡使用了很多 Caterpillar 設備。所以歐洲的基礎設施很重要。當然，其中很大一部分是政府的支持。

Emma, are you there?

艾瑪，你在嗎？

Your next question comes from the line of Matt Elkott with Cowen.

您的下一個問題來自 Matt Elkott 和 Cowen 的對話。

And if I may take it back to North America, I know you guys have touched on the unfavorable trends in residential construction in recent quarters. But I'd love to hear your thoughts on how the current housing downturn feels relative to prior housing downturns from your perspective?

如果我可以把它帶回北美，我知道你們已經談到了最近幾個季度住宅建設的不利趨勢。但我很想听聽您對當前房地產低迷相對於之前的房地產低迷的看法，從您的角度來看？

In other words, the impact you've seen so far on your equipment business this year relative to a similar point of the housing cycle downturn. I know that's probably not super easy to gauge, but any thoughts would be helpful.

換句話說，相對於住房週期低迷的類似點，您今年迄今為止對您的設備業務的影響。我知道這可能不是很容易衡量，但任何想法都會有所幫助。

Yes, it's difficult to make a comparison to prior situations. But of course, we've been in a situation where the demand for our products that support residential housing has been very strong.

是的，很難與以前的情況進行比較。但是，當然，我們一直處於對我們支持住宅的產品的需求非常強勁的情況下。

So we've had very high order levels. We have talked about some softening there, but one of the things to keep in mind is, of course, that residential only represents about 25% of CI sales and the rest is nonresidential.

所以我們有非常高的訂單水平。我們已經談到了那裡的一些軟化，但要記住的一件事是，當然，住宅僅佔 CI 銷售額的 25% 左右，其餘的是非住宅。

And nonresidential remains more resilient due to for a whole variety of subjects. And certainly, they're more reasonable to rate increases, just to do capital planning cycles. Think about all the investments that are being made by governments around infrastructure, so that helps as well.

由於各種主題，非住宅仍然更具彈性。當然，他們對加息進行評級更為合理，只是為了進行資本規劃週期。想想政府圍繞基礎設施所做的所有投資，這也有幫助。

But honestly, I don't have a good answer for your question in terms of how this compares to previous slowing in residential. Again, there's lots of predictions as to how that will play over the next few years. But again, demand for our products in CI at a macro level still remains quite robust.

但老實說，與之前的住宅放緩相比，我沒有很好的答案來回答你的問題。同樣，對於未來幾年它將如何發揮作用，有很多預測。但同樣，宏觀層面對我們產品在 CI 的需求仍然相當強勁。

Your next question comes from the line of Larry De Maria with William Blair.

您的下一個問題來自拉里·德·瑪麗亞（Larry De Maria）和威廉·布萊爾（William Blair）的話。

Related to the prospects of oncoming recession, are you seeing any concerns out there yet aside from residential? Obviously, overall, orders are pretty strong. And are you doing anything to prepare now for or is it more or less wait and see, considering the backlog is strong and it's low inventory?

與即將到來的衰退的前景有關，除了住宅之外，您是否還看到任何擔憂？顯然，總體而言，訂單非常強勁。考慮到積壓量很大且庫存低，您現在是否正在做任何準備，或者或多或少地觀望？

Yes. But certainly, we continue to closely monitor the global macroeconomic environment. Part of our -- the strategy we laid out in 2017 was a competitive and flexible cost structure. So we've demonstrated the ability to take action when we needed to take action.

是的。但可以肯定的是，我們將繼續密切關注全球宏觀經濟環境。我們在 2017 年制定的戰略的一部分是具有競爭力和靈活的成本結構。因此，我們展示了在需要採取行動時採取行動的能力。

Having said that, as we sit here today, we continue to see healthy demand across most of our end markets. I mean we have strong orders. Our dealer inventory remains towards the low end of the typical range.

話雖如此，當我們今天坐在這裡時，我們繼續看到我們大多數終端市場的需求健康。我的意思是我們有強大的訂單。我們的經銷商庫存保持在典型範圍的低端。

So again, we have demonstrated the ability to have a flexible cost structure and direct quickly when we need to. Think about 2020, a year when COVID hit, we had a pandemic induced significant decline in our sales. We still met our margin targets that year.

因此，我們再次展示了擁有靈活成本結構並在需要時快速指導的能力。想想 2020 年，也就是新冠疫情爆發的一年，一場大流行導致我們的銷售額大幅下降。那年我們仍然達到了我們的利潤率目標。

So again, we know what to do. But as we sit here today, even though we're watching things very closely, we continue to see healthy demand across most of our end markets.

再說一次，我們知道該怎麼做。但是當我們今天坐在這裡時，即使我們非常密切地關注事情，我們仍然看到我們大部分終端市場的需求健康。

Your next question comes from the line of John Joyner with BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 John Joyner。

So I hate to pile on the manufacturing inefficiencies, but I guess how would you characterize the constraints today versus, say, 6 months ago, a year ago or earlier this year was a 10, with 10 being the worst, what would it be today? I mean I'm just trying to gauge how much things have improved or not. And maybe are there any areas that might not ever "normalize"?

所以我討厭堆積製造效率低下，但我想你會如何描述今天的限制，例如，6 個月前、一年前或今年早些時候是 10，10 是最差的，今天會是什麼?我的意思是我只是想衡量事情有多少改善或沒有改善。也許有任何領域可能永遠不會“正常化”？

Yes. I wouldn't say that there aren't areas that won't normalize. So it's a mixed bag. So in certain areas, we still have real challenges. And again, the supply chain in certain areas have gotten a bit better. But in terms of manufacturing efficiencies, if anything, they've gotten a bit worse as opposed to getting better in the last quarter.

是的。我不會說沒有不會正常化的區域。所以這是一個混合包。所以在某些領域，我們仍然面臨著真正的挑戰。再一次，某些地區的供應鏈已經變得更好了。但就製造效率而言，如果有的話，與上個季度的好轉相比，它們變得更糟了。

Yes. And in terms of value, they are higher now than they were in Q2 and Q1. And obviously, that is something we're monitoring and keeping a very close eye on. Most of the manufacturing inefficiencies, it's not just how the process works. It is actually labor related. And part of that is obviously in an environment where we still see strong demand signals.

是的。就價值而言，它們現在高於第二季度和第一季度。顯然，這是我們正在監控和密切關注的事情。大多數製造效率低下的原因不僅僅是流程的工作方式。這實際上與勞動有關。其中一部分顯然是在我們仍然看到強勁需求信號的環境中。

You don't want to -- even though your labor may be slightly higher than you would need for the level of production, you've got -- you will actually keep those people working in the plants because there's plenty for them to do. So that is the main cause of inefficiency that we're seeing today.

你不想——即使你的勞動力可能略高於生產水平所需的勞動力，你已經得到了——你實際上會讓這些人在工廠工作，因為他們有很多事情要做。這就是我們今天看到的效率低下的主要原因。

Your next question comes from the line of Seth Weber with Wells Fargo.

您的下一個問題來自富國銀行的 Seth Weber。

I just wanted to follow up on that last question. On this -- there's been a lot of questions and answers about the supply chain. But can you just maybe share what your partners are telling you about 2023?

我只是想跟進最後一個問題。關於這一點——有很多關於供應鏈的問題和答案。但是，您能否分享一下您的合作夥伴對 2023 年的看法？

I understand you may want to handicap what they're telling you, but are they directionally telling you things are going to get better in the first half? Is it second half? Are you getting any indications from the supply chain that things should be moving in the right direction for next year?

我知道你可能想妨礙他們告訴你的內容，但他們是否有針對性地告訴你事情會在上半場變得更好？是下半場嗎？您是否從供應鏈中得到任何跡象表明明年事情應該朝著正確的方向發展？

Yes. Honestly, it is a mixed bag. Caterpillar, as you know, has a very diverse product line, and we have a very diverse group of suppliers, thousands of suppliers around the world, and there isn't one answer there. So we continue to see.

是的。老實說，這是一個混合包。如您所知，Caterpillar 擁有非常多樣化的產品線，我們擁有非常多樣化的供應商群體，全球有數千家供應商，但沒有一個答案。所以我們繼續看。

Semiconductor availability challenges are impacting things like engine control modules, which have an impact on many of our products. So that's still a challenge, even though, certainly, we follow what happens in the semiconductor industry and we've read about some of the improvements for the ones that we use.

半導體可用性挑戰正在影響諸如發動機控制模塊之類的事物，這些事物對我們的許多產品都有影響。所以這仍然是一個挑戰，儘管我們肯定會關注半導體行業發生的事情，並且我們已經了解了我們使用的一些改進。

And again, those that go into [ECM], that's still a bit of a challenge.

再說一次，那些進入 [ECM] 的人，這仍然是一個挑戰。

My sense is that so many suppliers that are struggling now are quite reluctant to make any kind of predictions because many people have made predictions since we've gone into the situation that have proved to be wrong about improvement.

我的感覺是，很多現在苦苦掙扎的供應商都不願意做出任何類型的預測，因為自從我們進入已經證明改進錯誤的情況以來，很多人已經做出了預測。

So again, what we're doing is working with them as closely as we can to help them get as much supply out as they can. And as we mentioned earlier, to try to mitigate the impact of those shortages in our factories. And that's really our focus.

再說一次，我們正在做的是盡可能與他們密切合作，以幫助他們盡可能多地獲得供應。正如我們之前提到的，試圖減輕這些短缺對我們工廠的影響。這確實是我們的重點。

Hi, Emma. This is Ryan. We've got time for one more question.

嗨，艾瑪。這是瑞恩。我們還有時間再問一個問題。

Excellent. Today's final question comes from the line of Tami Zakaria with JPMorgan.

出色的。今天的最後一個問題來自摩根大通的 Tami Zakaria。

So based on the orders you're taking and the backlog you're clearing, any comments on what pricing may look like next year? Because it seems like you're going to get double-digit pricing this year. Should double-digit pricing sustain at least to the first half of next year as we run through the backlog?

因此，根據您接受的訂單和正在清理的積壓訂單，您對明年的定價有何評論？因為看起來你今年將獲得兩位數的定價。在我們處理積壓訂單時，兩位數的定價是否應該至少維持到明年上半年？

Yes. So again, as we think about any pricing actions for next year, obviously, we're always are focused on maintaining our competitive position in the market. And we think about that in terms of any future pricing decisions.

是的。因此，當我們考慮明年的任何定價行動時，顯然，我們始終專注於保持我們在市場上的競爭地位。我們會根據任何未來的定價決策來考慮這一點。

As regards the run rate, obviously, just to highlight, we're not talking about 2023 yet, but just think about the fourth quarter, we are actually wrapping some price increases that we saw in the third quarter -- fourth quarter of last year. So we will see slight moderation of price in the fourth quarter, still very strong.

至於運行率，顯然，只是為了強調，我們還不是在談論 2023 年，而只是想想第四季度，我們實際上正在結束我們在第三季度 - 去年第四季度看到的一些價格上漲.因此，我們將看到第四季度的價格略有放緩，仍然非常強勁。

Obviously, that will help us as we move into 2023. But obviously, as Jim said, we're not yet into that situation where we have a plan that we can give you. And obviously, competitive positioning is obviously critical as part of that.

顯然，這將對我們進入 2023 年有所幫助。但顯然，正如吉姆所說，我們還沒有進入那種我們可以給你的計劃的情況。顯然，競爭定位顯然是其中的一部分。

Thank you. And thanks all of you for your questions. Just one more time to thank our global team for performing very well in a challenging environment, increasing sales by 21%. As we mentioned, our backlog and sales to users increased, which are positive demand indicators as we look ahead.

謝謝你。感謝大家提出的問題。再一次感謝我們的全球團隊在充滿挑戰的環境中表現出色，銷售額增長了 21%。正如我們所提到的，我們的積壓訂單和對用戶的銷售有所增加，這是我們展望未來的積極需求指標。

Adjusted operating profit margins improved by 280 basis points. We expect a strong fourth quarter, with sales and margin improvement in addition to continued strong cash flow. And of course, we remain focused on executing our strategy for long-term profitable growth. Again, thanks to all of you.

調整後的營業利潤率提高了 280 個基點。我們預計第四季度將表現強勁，除了持續強勁的現金流外，銷售額和利潤率也會有所提高。當然，我們仍然專注於執行我們的長期盈利增長戰略。再次感謝大家。

Great. Thank you, Jim, Andrew and everyone who joined us today. A replay of our call will be available online later this morning. We'll also post a transcript on our Investor Relations website as soon as it's available. .

偉大的。謝謝你，吉姆，安德魯和今天加入我們的每一個人。今天上午晚些時候將在網上重播我們的通話。我們還將盡快在我們的投資者關係網站上發布成績單。 .

You'll also find a third quarter results video with our CFO and an SEC filing with our sales to users data. Click on investors.caterpillar.com and then click on Financials to view those materials.

您還可以找到我們的 CFO 的第三季度業績視頻以及我們向用戶銷售數據的 SEC 文件。單擊investors.caterpillar.com，然後單擊Financials 以查看這些材料。

If you have any questions, please reach out to Rob or me. The Investor Relations general phone number is (309) 675-4549. We hope you enjoy the rest of your day. And now I'll turn it back to Emma to conclude the call.

如果您有任何問題，請聯繫 Rob 或我。投資者關係部的一般電話號碼是 (309) 675-4549。我們希望您能享受剩下的一天。現在我將把它轉回給 Emma 來結束通話。

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

今天的電話會議到此結束。感謝您的出席。你現在可能...