開拓重工 (CAT) 2024 Q2 法說會逐字稿

Welcome to the second quarter 2024 Caterpillar Earnings conference call. Please be advised that today's conference is being recorded.

歡迎參加卡特彼勒 2024 年第二季財報電話會議。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Ryan Fiedler. Thank you. Please go ahead.

我現在想將會議交給今天的發言人瑞安費德勒 (Ryan Fiedler)。謝謝。請繼續。

Thank you, Audra, and good morning, everyone, and welcome to Caterpillar's second quarter of 2024 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 Director of IR.

謝謝奧德拉，大家早安，歡迎參加卡特彼勒 2024 年第二季財報電話會議。我是瑞安費德勒 (Ryan Fiedler)，投資者關係副總裁。今天與我一起出席的有董事長兼執行長 Jim Umpleby、財務長 Andrew Bonfield、全球金融服務部資深副總裁 Kyle Epley；以及 IR 資深總監 Rob Rengel。

During our call, we'll be discussing the first 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 and Presentations. The content of this call is protected by US 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.

在我們的電話會議中，我們將討論今天早些時候發布的第一季財報。您可以在 Investors.caterpillar.com 的「活動和簡報」中找到我們的幻燈片、新聞稿和網路廣播回顧。本次通話的內容受美國及國際版權法保護。未經 Caterpillar 事先書面許可，禁止重播、轉發、複製或散佈本內容的全部或部分內容。

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 than the information we're sharing with you on this call.

前往投影片 2。我們也將做出一些假設，這些假設可能導致我們的實際結果與我們在本次電話會議中與您分享的資訊有所不同。

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.

請參閱我們最近向 SEC 提交的文件以及新聞稿中的前瞻性聲明提醒，以了解可能導致我們的實際結果與我們的預測產生重大差異的單獨或總體因素的詳細資訊。

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. On today's call, we'll also refer to non-GAAP numbers. For a reconciliation of any non-GAAP numbers to the appropriate US GAAP numbers, please see the appendix of the earnings call slides.

我們向 SEC 提交的文件中詳細討論了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。在今天的電話會議上，我們還將提及非 GAAP 數據。有關任何非 GAAP 數據與相應的美國 GAAP 數據的調節，請參閱收益電話會議投影片的附錄。

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執行長 Jim Umpleby。

Thanks, Ryan. Good morning, everyone. Thank you for joining us. I'd like to start by thanking our global team for their strong execution in the first half of the year.

謝謝，瑞安。大家，早安。感謝您加入我們。首先，我要感謝我們的全球團隊在今年上半年的強勁執行力。

In the second quarter, we achieved higher adjusted operating profit margin record adjusted profit per share and generated robust ME&T free cash flow. Our results continue to reflect the benefit of the diversity of our end-markets as well as the disciplined execution of our strategy for long-term profitable growth.

第二季度，我們實現了更高的調整後營業利潤率，創紀錄的調整後每股利潤，並產生了強勁的 ME&T 自由現金流。我們的業績持續反映了我們終端市場多樣性的好處以及我們長期獲利成長策略的嚴格執行。

I'll begin with my perspectives about our performance in the quarter and we'll provide an update on our full year expectations. I'll then provide some insights about our end-markets, followed by an update on our sustainability journey.

我將首先介紹我對本季業績的看法，然後我們將提供全年預期的最新資訊。然後，我將提供一些有關我們終端市場的見解，然後介紹我們永續發展之旅的最新情況。

Moving to quarterly results. Sales and revenues were down 4% in the second quarter versus last year, slightly below our expectations. Services increased in the quarter. Our adjusted operating profit increased to $3.7 billion a record.

轉向季度業績。第二季銷售額和營收較去年下降 4%，略低於我們的預期。本季度服務有所增加。我們調整後的營業利潤增加至創紀錄的 37 億美元。

Adjusted operating profit margin was better than we expected and improved to 22.4% up 110 basis points versus last year. We achieved a record quarterly adjusted profit per share of $5.99 up 8%. We also generated $2.5 billion of ME&T free cash flow in the quarter.

調整後營業利益率優於我們預期，較去年提高 110 個基點至 22.4%。我們實現了創紀錄的季度調整後每股利潤 5.99 美元，成長 8%。本季我們也產生了 25 億美元的 ME&T 自由現金流。

In addition, our backlog increased to $28.6 billion, up $700 million versus the first quarter of 2024. Before I get into the detail of the quarter and outlook for our segments, I'll update our expectations for the full year based on our first half results.

此外，我們的積壓訂單增加至 286 億美元，比 2024 年第一季增加了 7 億美元。結果。

Earlier in the year, we estimated that sales and revenues would be broadly similar for the full year. For the first half, the top-line came in marginally below our expectations and ended 2% below the prior year.

今年早些時候，我們估計全年的銷售額和收入將大致相似。上半年，營收略低於我們的預期，比去年同期低 2%。

We now anticipate our sales and revenues will decline at a roughly similar rate in the second half versus the prior year, in-part due to our latest assumptions for dealer inventory, principally into Resource Industries. Overall sales to users and construction industries are running slightly lower than we anticipated, partially offset by stronger-than-expected sales in Energy and Transportation.

我們現在預計下半年的銷售額和收入將以與去年同期大致相似的速度下降，部分原因是我們對經銷商庫存（主要是資源產業）的最新假設。用戶和建築業的整體銷售額略低於我們的預期，但部分被能源和運輸業強於預期的銷售額所抵消。

Service revenues continue to grow. Although sales and revenues have been marginally below our expectations, adjusted operating profit margins have been stronger than we anticipated. Earlier in the year, we expected our adjusted operating profit margin to be in the top half of the target range at the corresponding level of sales.

服務收入持續成長。儘管銷售額和收入略低於我們的預期，但調整後的營業利潤率高於我們的預期。今年早些時候，我們預計調整後的營業利潤率將在相應銷售額水準的目標範圍的上半部。

Due to the strength of our performance in the first half of the year, we now expect overall adjusted operating profit margins to be above the top of the target range for the full year. For the second half, we expect adjusted operating profit margins to be better than we previously anticipated or about flat to the second half of 2023, which Andrew will describe.

由於我們上半年的業績表現強勁，我們現在預計全年調整後的整體營業利潤率將高於目標範圍的上限。對於下半年，我們預計調整後的營業利潤率將好於我們先前的預期，或者到 2023 年下半年基本持平，安德魯將對此進行描述。

The strength of our performance to date and our improved second half adjusted operating profit margin expectations give us confidence to guide above our target range. Overall, our expectations for full year adjusted operating profit and adjusted profit per share are now higher than it was during our last earnings call.

我們迄今為止的業績表現以及下半年調整後營業利潤率預期的改善使我們有信心將指導目標提高到目標範圍之上。整體而言，我們對全年調整後營業利潤和調整後每股利潤的預期高於上次財報電話會議期間的預期。

We also anticipate that ME&T free cash flow will remain in the top half of the free cash flow target range.

我們也預計 ME&T 自由現金流將保持在自由現金流目標範圍的上半部。

Turning to slide 4 and our second quarter results. In the second quarter of 2024, sales and revenues declined 4% to $16.7 billion. Sales volume declined slightly more than we expected, while price realization, including geographic mix was better than we anticipated. Dealer inventory also declined in the second quarter.

轉向幻燈片 4 和我們第二季的業績。 2024 年第二季度，銷售額和收入下降 4%，至 167 億美元。銷售下降幅度略高於我們的預期，而價格實現（包括地理組合）則優於我們的預期。第二季度經銷商庫存也有所下降。

Compared to the second quarter of 2023, overall sales to users decreased 3%, slightly below expectations. For machines, which includes Construction Industries and Resource Industries, sales to users declined by 8%, slightly more than expected.

與 2023 年第二季相比，用戶整體銷售額下降 3%，略低於預期。對於包括建築業和資源行業在內的機器，用戶銷量下降了 8%，略高於預期。

Energy and transportation continued to show strength as sales to users increased 10%. Sales to users in Construction Industries were down 5%. In North America, sales to users were slightly lower than anticipated, primarily due to weaker than expected rental fleet loading.

能源和交通運輸持續表現強勁，向用戶的銷售額增長了 10%。建築業用戶的銷售額下降了 5%。在北美，對用戶的銷售額略低於預期，主要是因為租賃車隊的裝載量低於預期。

Government related infrastructure projects remained healthy. Residential sales to users in North America were up as demand for new housing remained resilient. Sales to users declined in the EAME, primarily due to weakness in Europe relating to residential construction and economic conditions. Sales to users in Asia Pacific declined, while Latin America increased.

政府相關基礎建設項目維持健康發展。由於對新住房的需求保持彈性，北美用戶的住宅銷量有所增長。歐洲、中東和非洲地區的用戶銷售量下降，主要是由於歐洲住宅建設和經濟狀況疲軟。亞太地區用戶的銷售額下降，而拉丁美洲用戶的銷售額則增加。

In Resource Industries, sales to users declined 15%, a slightly smaller decline than we expected versus a very strong second quarter in 2023. Mining as well as heavy construction and quarry and aggregates were lower, mainly due to softness we previously discussed for two products, articulated trucks and off-highway trucks.

在資源產業，對使用者的銷售額下降了15%，與2023 年第二季的強勁表現相比，降幅略小於我們的預期。主要是由於我們之前討論過的兩種產品的疲軟、鉸接式卡車和非公路卡車。

In Energy and Transportation, despite the ongoing weakness in industrial, sales to users increased by 10% as we continue to see strength across most applications. Oil and gas sales to users benefited from strong sales of turbines and turbine related services. We also saw increased sales of reciprocating engines into gas compression, while well servicing oil and gas applications were lower.

在能源和交通領域，儘管工業持續疲軟，但隨著我們繼續看到大多數應用的強勁勢頭，用戶銷售額增長了 10%。對用戶的石油和天然氣銷售受益於渦輪機和渦輪機相關服務的強勁銷售。我們也看到氣體壓縮領域往復式引擎的銷量增加，而石油和天然氣應用領域的油井服務銷售量則有所下降。

Power generation sales to users grew as market conditions remained favorable, including strong data center growth. Transportation sales to users increased, while industrial declined as expected from the strong levels last year. Our results continue to reflect the benefit of the diversity of our end-markets as well as the disciplined execution of our strategy for long-term profitable growth.

由於市場條件依然有利，包括資料中心的強勁成長，用戶的發電量成長。對用戶的運輸銷售有所增加，而工業銷售則如預期從去年的強勁水平下降。我們的業績持續反映了我們終端市場多樣性的好處以及我們長期獲利成長策略的嚴格執行。

Moving to dealer inventory. In total, dealer inventory decreased by $200 million versus the first quarter. For machines, dealer inventory decreased by $400 million and remains within our typical range. As I mentioned, backlog increased to $28.6 billion, up $700 million versus the first quarter of 2024.

轉向經銷商庫存。經銷商庫存總計比第一季減少了 2 億美元。對於機器，經銷商庫存減少了 4 億美元，仍處於我們的典型範圍內。正如我所提到的，積壓訂單增加至 286 億美元，比 2024 年第一季增加了 7 億美元。

Energy & Transportation drove the increase as we continue to see strong demand for solar turbines and reciprocating engines for power generation. Adjusted operating profit margin increased to 22.4% in the second quarter, a 110 basis point increase over last year, which was better than we anticipated.

由於我們繼續看到對太陽能渦輪機和發電用往復式發動機的強勁需求，能源和運輸推動了這一成長。第二季調整後營業利益率增加至22.4%，比去年增加110個基點，優於我們預期。

Margin exceeded our expectations, primarily due to lower than expected manufacturing costs and slightly better than expected price. Moving to slide 5, we generated ME&T free cash flow of $2.5 billion in the second quarter. We deployed more than $1.8 billion of cash for share repurchases and about $600 million in dividends in the second quarter.

利潤率超出我們的預期，主要是由於製造成本低於預期且價格略優於預期。轉向幻燈片 5，我們在第二季度產生了 25 億美元的 ME&T 自由現金流。第二季度，我們部署了超過 18 億美元的現金用於股票回購，並發放了約 6 億美元的股利。

In June, we announced an additional $20 billion share repurchase authorization with no expiration date. We remain committed to consistent share repurchases. Since 2019, when we communicated our intention to return substantially all ME&T free cash flow to shareholders over time, our net share count has decreased by approximately 18%.

6 月份，我們宣布追加 200 億美元的無到期日股票回購授權。我們仍然致力於持續股票回購。自 2019 年以來，當我們表示打算逐步將所有 ME&T 自由現金流返還給股東時，我們的淨股份數量減少了約 18%。

In addition, we increased our dividend by 8% in the second quarter, which is our fourth straight year of a high single-digit quarterly increase. We remain proud of our Dividend Aristocrat status and continue to expect to return substantially all ME&T free cash to shareholders over time through dividends and share repurchases.

此外，我們在第二季將股息增加了 8%，這是我們連續第四年實現高單位數季度增長。我們仍然對我們的股息貴族地位感到自豪，並繼續期望隨著時間的推移，透過股息和股票回購將大部分 ME&T 自由現金返還給股東。

Now on slide 6. I'll describe our expectations for our three primary segments moving forward. In Construction Industries, after a record 2023, sales to users in the second half are now expected to decline slightly versus last year.

現在在投影片 6 上。在建築業，繼 2023 年創紀錄之後，下半年對用戶的銷售額預計將比去年略有下降。

In North America, we now anticipate slightly lower construction industry sales to users for full year 2024 than we did previously primarily due to weaker than expected rental fleet loading.

在北美，我們現在預計 2024 年全年建築業對用戶的銷售額將略低於先前的預期，這主要是由於租賃車隊的裝載量低於預期。

Government related infrastructure projects are expected to remain healthy. In Asia Pacific, outside of China, we still expect soft economic conditions to continue. We anticipate demand in China will remain at a relatively low level for the above 10 tonn excavator industry.

政府相關基礎設施項目預計將保持健康。在中國以外的亞太地區，我們仍然預期疲軟的經濟狀況將持續下去。我們預計中國 10 噸以上挖土機產業的需求將保持在相對較低的水平。

In the EAME, we anticipate that weak economic conditions in Europe will continue, somewhat offset by continued healthy construction demand in the Middle East. Construction activity in Latin America remains mixed, but overall, we are expecting modest growth. In addition, we are expecting the ongoing benefit of our services initiatives will positively impact Construction Industries.

在歐洲、中東和非洲地區，我們預計歐洲疲弱的經濟狀況將持續下去，但中東地區持續健康的建築需求將在一定程度上抵消這種影響。拉丁美洲的建築活動仍然喜憂參半，但總體而言，我們預計將出現溫和成長。此外，我們預計我們的服務計劃的持續效益將對建築業產生積極影響。

Next, I'll discuss Resource Industries. After strong performance in 2023 in mining as well as heavy construction, in quarry and aggregates, we continue to anticipate lower machine volume versus last year, primarily due to off-highway and articulated trucks. We currently anticipate a decrease in Resource Industries dealer inventories in 2024 versus a slight increase last year. We expect to see higher services revenues, including robust rebuild activity.

接下來，我將討論資源產業。繼 2023 年採礦以及重型建築、採石場和骨材領域表現強勁之後，我們繼續預計機器數量將低於去年，這主要是由於非公路和鉸接式卡車的影響。我們目前預計 2024 年資源產業經銷商庫存將減少，而去年則略有增加。我們預計服務收入將會增加，包括強勁的重建活動。

Customer product utilization remains high, the number of parked trucks remains low and the age of the fleet remains elevated and our autonomous solutions continue to see strong customer acceptance.

客戶產品利用率仍然很高，停放的卡車數量仍然很低，車隊的車齡仍然很高，我們的自動駕駛解決方案繼續得到客戶的強烈認可。

Customers continue to display capital discipline, however, we continue to believe the energy transition will support increased commodity demand over time expanding our total addressable market and providing further opportunities for long-term profitable growth.

客戶繼續表現出資本紀律，但我們仍然相信，隨著時間的推移，能源轉型將支持商品需求的增加，擴大我們的總目標市場，並為長期獲利成長提供更多機會。

Moving to Energy & Transportation. In oil and gas, in total, we expect a stronger year overall in 2024 versus last year. After a strong 2023, we expect reciprocating engine sales in oil and gas to be flat to slightly down, primarily due to ongoing softness in well servicing.

轉向能源和交通。總體而言，我們預計 2024 年石油和天然氣產業的整體表現將比去年更加強勁。在 2023 年的強勁表現之後，我們預計石油和天然氣領域的往復式引擎銷售將持平或略有下降，這主要是由於油井服務持續疲軟。

We still expect gas compression to be up for the full year, however, we expect it to soften in the second half. For solar turbines, we continue to expect volume growth in the second half as our backlog remains strong for oil and gas.

我們仍然預計全年天然氣壓縮會上升，但預計下半年將放緩。對於太陽能渦輪機，我們繼續預計下半年銷售將成長，因為我們的石油和天然氣訂單仍然強勁。

CAT reciprocating engine and solar turbine demand for power generation is expected to remain strong, largely due to continued data center growth relating to cloud computing and Generative AI.

CAT 往復式發動機和太陽能渦輪機的發電需求預計將保持強勁，這主要是由於與雲端運算和生成人工智慧相關的資料中心的持續成長。

Industrial demand is expected to remain at a relatively low level compared to 2023 in the second half. In Transportation, we anticipate growth as the year progresses in both high speed marine and rail services.

預計下半年工業需求將維持在較2023年相對較低的水準。在交通運輸方面，我們預計高速海運和鐵路服務將隨著時間的推移而成長。

Moving to slide 7. I'll provide an update on our sustainability journey. We are contributing to a reduced carbon future and continue to invest in new products, technologies and services to help our customers achieve their climate related objectives.

轉到幻燈片 7。我們正在為減少碳排放的未來做出貢獻，並繼續投資新產品、技術和服務，以幫助我們的客戶實現與氣候相關的目標。

In April, Caterpillar and Vale signed an agreement to test battery-electric large mining trucks as well as to conduct studies on ethanol powered trucks. Progress has been made on both initiatives since the agreement was signed, including conducting a joint study on a dual-fuel solution for haul trucks operating on ethanol and diesel fuel. We are supporting Vale's sustainability objectives.

4 月，卡特彼勒和淡水河谷簽署了一項協議，測試電池電動大型礦用卡車以及對乙醇動力卡車進行研究。自協議簽署以來，這兩項措施都取得了進展，包括對使用乙醇和柴油燃料的運輸卡車的雙燃料解決方案進行聯合研究。我們支持淡水河谷的永續發展目標。

In June, we added CAT CG260 Gas Generator sets to our portfolio of commercially available power solutions capable of running on hydrogen fuel. Previously, our portfolio with this capability ranged from 400 KW to 2,500 KW. The addition of the CG260 now provides up to 4,500 KW of electric power for continuous, prime and load management requirements and is approved to operate on gas containing up to 25% hydrogen by volume.

6 月，我們將 CAT CG260 氣體發電機組添加到我們能夠使用氫氣燃料運行的商用電源解決方案產品組合中。此前，我們具有此功能的產品組合範圍為 400 千瓦至 2,500 千瓦。新增的 CG260 現在可提供高達 4,500 千瓦的電力，滿足連續、主要和負載管理要求，並獲準使用體積含量高達 25% 氫氣的氣體。

Caterpillar offers retrofit kits to upgrade CG260 Generator sets already installed with these same hydrogen capabilities. In addition to our hydrogen capabilities and reciprocating engines, solar turbines has been a leader with its ability to burn a wide variety of fuels, including hydrogen, natural gas and biofuels.

Caterpillar 提供改裝套件來升級已安裝的具有相同氫氣功能的 CG260 發電機組。除了我們的氫氣能力和往復式引擎之外，太陽能渦輪機還因其燃燒多種燃料（包括氫氣、天然氣和生物燃料）的能力而成為領先者。

Today, Caterpillar has a large and growing lineup of technologies to support customers in their sustainability journey. These two examples highlight how we are helping our customers build a better, more sustainable world.

如今，卡特彼勒擁有大量且不斷成長的技術來支持客戶的永續發展之旅。這兩個例子凸顯了我們如何幫助客戶建立一個更美好、更永續的世界。

With that, I'll turn it over to Andrew.

這樣，我就把它交給安德魯。

Thank you, Jim, and good morning, everyone. I'll begin with a high level summary of the quarter. Then I'll provide more detailed comments on our second quarter results, including the performance of the segments. Next, I'll discuss the balance sheet and free cash flow and then conclude with comments on our assumptions for the remainder of the year.

謝謝吉姆，大家早安。我將首先對本季度進行概要總結。然後我將對我們第二季的業績提供更詳細的評論，包括各部門的業績。接下來，我將討論資產負債表和自由現金流，然後對我們對今年剩餘時間的假設進行評論。

Beginning on slide 8. Although sales and revenues were slightly below our expectations, we had strong operating performance in the quarter including higher adjusted operating profit margin and record adjusted profit per share, both of which were stronger than we had anticipated.

從幻燈片8 開始。強於我們的預期。

Sales and revenues of $16.7 billion decreased by about 4% compared to the prior year. Adjusted operating profit increased by 2% to $3.7 billion. And the adjusted operating profit margin was 22.4%, an increase of 110 basis points versus the prior year.

銷售額和收入為 167 億美元，比上年下降約 4%。調整後營業利潤成長 2%，達到 37 億美元。調整後營業利益率為22.4%，較上年成長110個基點。

Profit per share was $5.48 in the second quarter compared to $5.67 in the second quarter of last year. Adjusted profit per share increased by 8% to $5.99 in the quarter compared to $5.55 last year.

第二季每股獲利為 5.48 美元，去年第二季為 5.67 美元。本季調整後每股獲利成長 8%，達到 5.99 美元，去年為 5.55 美元。

Adjusted profit per share excluded restructuring costs of $0.51 per share mainly due to a loss on the divestiture of two non-US entities. This compares to restructuring costs of $0.05 per share and a discrete deferred tax benefit of $0.17 per share, which were both excluded in the second quarter of 2023.

調整後每股利潤不包括每股 0.51 美元的重組成本，這主要是由於剝離兩個非美國實體造成的損失。相較之下，每股 0.05 美元的重組成本和每股 0.17 美元的離散遞延稅項收益均排除在 2023 年第二季之外。

Other income of $155 million for the quarter was a $28 million benefit versus the prior year and was primarily driven by favorable impacts from commodity hedges. The provision for income taxes in the second quarter, excluding discrete items, reflected a global annual effective tax rate of 22.5% compared with 23% in the second quarter of 2023.

該季度的其他收入為 1.55 億美元，比去年同期增加 2,800 萬美元，這主要是由商品對沖的有利影響所推動的。第二季所得稅撥備（不含離散項目）反映出全球年度有效稅率為 22.5%，而 2023 年第二季為 23%。

Finally, the year-over-year impact from the reduction in the average number of shares outstanding primarily due to share repurchases over the past year had a favorable impact on adjusted profit per share of approximately $0.29.

最後，去年因股票回購導致平均已發行股票數量減少，對調整後每股利潤產生了有利影響，約 0.29 美元。

Moving on to slide 9. I'll discuss our top line results in the second quarter. Sales and revenues decreased by 4% compared to the prior year as lower volume was partially offset by favorable price realization.

繼續看投影片 9。與前一年相比，銷售額和收入下降了 4%，銷量下降被有利的價格實現部分抵消。

Lower volume was mainly driven by the impact from the changes in dealer inventories. As you may recall, we anticipated a sales decline this quarter versus last year as an atypical dealer inventory increase in the second quarter of 2023 made for a challenging comparison.

成交量下降主要是受到經銷商庫存變動的影響。您可能還記得，我們​​預計本季的銷售額將比去年有所下降，因為 2023 年第二季經銷商庫存的非典型成長使得比較具有挑戰性。

To explain, dealer inventory decreased by about $200 million in the second quarter. In comparison, we saw an increase of $600 million in the second quarter of last year. For machines only, dealer inventory followed the typical seasonal trend this quarter with a decrease of $400 million as compared to a $200 million increase in the second quarter of last year.

解釋一下，第二季經銷商庫存減少了約 2 億美元。相比之下，去年第二季我們看到增加了 6 億美元。僅就機器而言，本季經銷商庫存遵循典型的季節性趨勢，減少了 4 億美元，而去年第二季則增加了 2 億美元。

Sales were slightly below our expectations due to lower-than-expected volume being partially offset by better-than-expected price realization including geographic mix. Moving to operating profit on slide 10. Operating profit in the second quarter decreased by 5% to $3.5 billion. This included a $227 million unfavorable impact from higher restructuring costs. Adjusted operating profit increased by 2% to $3.7 billion.

銷售額略低於我們的預期，因為低於預期的銷售量被優於預期的價格實現（包括地理組合）部分抵銷。轉到投影片 10 的營業利潤。其中包括重組成本上升帶來的 2.27 億美元不利影響。調整後營業利潤成長 2%，達到 37 億美元。

Price realization benefited the quarter while the profit impact of lower sales volume acted as a partial offset. The adjusted operating profit margin of 22.4% improved by 110 basis points versus the prior year. Margins were better than we expected mainly due to favorable manufacturing costs, product mix and price. Versus our expectation, price was slightly better than we anticipated driven by Energy & Transportation.

價格實現使本季受益，而銷售下降對利潤的影響則被部分抵銷。調整後營業利益率為 22.4%，較前一年提高 110 個基點。利潤率優於我們預期，主要是由於有利的製造成本、產品組合和價格。與我們的預期相反，受能源和運輸的推動，價格略好於我們的預期。

On slide 11, Construction Industries sales decreased by 7% in the second quarter to $6.7 billion. This is primarily due to lower sales volume, partially offset by favorable price realization. Sales volume was impacted by unfavorable changes in dealer inventories. Dealer inventory was about flat in the second quarter of 2024 versus an increase in the second quarter of last year.

在投影片 11 上，建築業第二季銷售額下降 7%，至 67 億美元。這主要是由於銷量下降，但部分被有利的價格實現所抵消。銷量受到經銷商庫存不利變化的影響。與去年第二季的成長相比，2024 年第二季經銷商庫存基本上持平。

Lower sales to users also impacted volume. Sales in Construction Industries were lower than we had anticipated due to lower-than-expected rental fleet loading in North America and continued weakness in Europe.

用戶銷量下降也影響了銷量。由於北美租賃車隊裝載量低於預期以及歐洲持續疲軟，建築業的銷售額低於我們的預期。

By region, sales in North America were about flat and Latin America sales increased by 20%. Sales in the EAME region decreased by 27%. In Asia Pacific sales declined by 15%.

按地區劃分，北美銷售額基本持平，拉丁美洲銷售額成長 20%。歐洲、中東和非洲地區的銷售額下降了 27%。亞太地區的銷售額下降了 15%。

Second quarter profit for Construction Industries was $1.7 billion, a 3% decrease versus the prior year. This was mainly due to lower sales volume partially offset by favorable price realization, which benefited from geographic mix effects. Favorable manufacturing costs provided some tailwind as well largely reflecting lower material costs.

建築業第二季獲利為 17 億美元，較上年下降 3%。這主要是由於銷售下降被有利的價格實現所部分抵消，這得益於地理混合效應。有利的製造成本提供了一些推動力，也很大程度上反映了材料成本的降低。

The segment's margin of 26.1% was an increase of 90 basis points versus last year. Margin was better than we had expected primarily due to a favorable product mix and the timing of planned SG&A and R&D spend. Price was in line with our expectations.

該部門的利潤率為 26.1%，比去年增加了 90 個基點。利潤率優於我們的預期，主要是由於有利的產品組合以及計劃的銷售、行政管理和研發支出的時間安排。價格符合我們的預期。

Turning to slide 12. Resource Industries sales decreased by 10% in the second quarter to $3.2 billion, which was about in line with our expectations. The decline was primarily due to lower sales volume, partially offset by favorable price realization.

轉向投影片 12。下降主要是由於銷量下降，但部分被有利的價格實現所抵消。

Sales volume was impacted by changes in dealer inventories as dealer inventory decreased more during the second quarter of 2024 than during the second quarter of last year. In addition, we saw lower sales to users in the segment as anticipated given the challenging comparison.

銷售量受到經銷商庫存變化的影響，因為 2024 年第二季經銷商庫存比去年第二季減少更多。此外，考慮到具有挑戰性的比較，我們發現該細分市場的用戶銷售額低於預期。

Second quarter profit for Resource Industries decreased by 3% versus the prior year to $718 million. This is mainly due to lower sales volume, partially offset by favorable impacts from price realization and manufacturing costs, including lower freight.

資源產業第二季獲利較上年同期下降 3%，至 7.18 億美元。這主要是由於銷售量下降，但部分被價格實現和製造成本（包括運費下降）的有利影響所抵消。

The segment's margin of 22.4% was an increase of 160 basis points versus last year. Margin was better than we had expected mainly driven by the timing of planned SG&A and R&D spend and a favorable product mix.

該部門的利潤率為 22.4%，比去年增加了 160 個基點。利潤率優於我們的預期，主要是由於計劃的銷售、行政管理和研發支出的時間安排以及有利的產品組合。

Now on slide 13. Energy & Transportation sales increased by 2% in the second quarter to $7.3 billion. The increase was due to favorable price realization, which was partially offset by lower sales volume driven by industrial, which declined in line with our expectations. The segment sales were slightly better than we had anticipated primarily driven by price.

現在請參閱投影片 13。這一增長是由於有利的價格實現，但部分被工業驅動的銷售下降所抵消，工業銷售的下降符合我們的預期。該部門的銷售略好於我們的預期，主要是由價格推動的。

By application, power generation sales increased by 15%. Transportation sales were higher by 7%. Oil and gas sales improved by 4%, while industrial sales decreased by 21%. Second quarter profit for Energy & Transportation increased by 20% versus the prior year to $1.5 billion. The increase was primarily due to favorable price.

按用途分，發電量增加15%。運輸銷售成長了 7%。石油和天然氣銷售額成長 4%，而工業銷售額下降 21%。能源與運輸第二季獲利較前一年成長 20%，達到 15 億美元。增加主要是由於優惠的價格。

The segment's margin of 20.8% was an increase of 320 basis points versus the prior year. Margin was significantly stronger than we had anticipated due to better price and lower-than-expected manufacturing costs, which largely reflected favorable inventory absorption, lower freight and lower material costs.

該部門的利潤率為 20.8%，比前一年增加了 320 個基點。由於更好的價格和低於預期的製造成本，利潤率明顯強於我們的預期，這在很大程度上反映了有利的庫存吸收、較低的運費和較低的材料成本。

Moving to slide 14. Financial Products revenues increased by 9% to about $1 billion primarily due to higher average financing rates across all regions and higher average earning assets in North America.

轉向投影片 14。

Segment profit decreased by 5% to $227 million. This was mainly due to a higher provision for credit losses, which largely reflected the absence of a nonrecurring reserve release from the prior year.

部門利潤下降 5%，至 2.27 億美元。這主要是由於信貸損失撥備較高，這在很大程度上反映了去年沒有釋放非經常性準備金。

The portfolio remains healthy as past dues of 1.74% on near historic lows and reflect a 41 basis point improvement compared to the prior year. In addition, the allowance rate was 0.89% our lowest rate on record.

該投資組合保持健康，逾期率為 1.74%，接近歷史低點，與前一年相比提高了 41 個基點。此外，補貼率為0.89%，為有記錄以來的最低水準。

Business activity remains healthy as new business volume increased versus the prior year primarily driven by North America. We also continue to see healthy demand for used equipment where inventories remain close to historical low levels.

業務活動保持健康，新業務量較前一年增加，主要由北美推動。我們也繼續看到對二手設備的健康需求，庫存仍接近歷史低點。

Moving on to slide 15. We generated $2.5 billion in ME&T free cash flow in the second quarter and we expect our full year free cash flow to be in the top half of our annual target range of between $7.5 billion to $10 billion. Our expectations for CapEx remain between $2 billion and $2.5 billion for the year.

繼續看投影片 15。我們對今年資本支出的預期仍維持在 20 億至 25 億美元之間。

On share repurchases, the more than $1.8 billion deployed in the second quarter included a $1 billion accelerated share repurchase agreement. Approximately 75% of those shares were delivered to the company upfront with the balance to be delivered when the agreement is terminated prior to year-end.

在股票回購方面，第二季部署的超過 18 億美元包括一項 10 億美元的加速股票回購協議。其中約 75% 的股份已預先交付給公司，其餘股份將在年底前協議終止時交付。

Note that we also had an ME&T bond maturity of $1 billion in the second quarter. And given our healthy liquidity position, we did not issue new bonds. Our balance sheet remains strong with an enterprise cash balance of $4.3 billion. In addition, we hold $1.8 billion in slightly longer-dated liquid marketable securities to improve yields on that cash.

請注意，第二季我們還有 10 億美元的 ME&T 債券到期。鑑於我們健康的流動性狀況，我們沒有發行新債券。我們的資產負債表依然強勁，企業現金餘額為 43 億美元。此外，我們也持有 18 億美元的期限稍長的流動性有價證券，以提高現金收益率。

Now on slides 16 and 17, I will show our high-level assumptions for the remainder of the year. As Jim mentioned, we now anticipate sales and revenues to be slightly lower this year versus the record 2023 level.

現在，在幻燈片 16 和 17 上，我將展示我們對今年剩餘時間的高級假設。正如 Jim 所提到的，我們現在預計今年的銷售額和收入將略低於 2023 年創紀錄的水平。

This compares to our previous expectation for broadly similar sales. This change reflects an updated assumption of a slight reduction in machine dealer inventory, primarily in Resource Industries and lower-than-expected sales to users in Construction Industries mainly due to lower rental fleet loading in North America.

這與我們之前對大致相似的銷售的預期相比。這項變更反映了最新的假設，即機器經銷商庫存略有減少（主要是在資源行業），而對建築行業用戶的銷售低於預期，主要是由於北美租賃車隊裝載量下降。

Now specific to our second half assumptions. We typically see higher sales in the second half as compared to the first and we expect sales to follow that normal seasonable trend this year. As compared to the prior year, we now anticipate slightly lower sales in the second half driven by lower machine sales to users.

現在具體到我們的下半年假設。與上半年相比，我們通常會看到下半年的銷售額更高，並且預計今年的銷售額將遵循正常的季節性趨勢。與去年相比，我們現在預計下半年的銷售額將略有下降，原因是向用戶銷售的機器銷售下降。

Changes in dealer inventories and machines are expected to have a nominal impact as the decrease in the second half of this year should be similar to the decrease observed in the second half of 2023, which was about $1 billion.

經銷商庫存和機器的變化預計將產生名副其實的影響，因為今年下半年的減少量應與 2023 年下半年觀察到的減少量（約 10 億美元）類似。

However, note that machine dealer inventory changes will impact the quarters differently as we expect a sales headwind in the third quarter as dealers built their inventories in the third quarter of 2023 and a sales tailwind in the fourth quarter due to a smaller inventory decline than the prior year.

然而，請注意，機器經銷商庫存變化將對各季度產生不同的影響，因為我們預計，由於經銷商在2023 年第三季度建立庫存，第三季度將出現銷售逆風，而由於庫存降幅小於2023 年，第四季將出現銷售逆風。

Finally, we continue to anticipate services growth in the second half of the year as we strive to achieve our 2026 target of $28 billion in services revenues.

最後，我們繼續預計下半年服務業將實現成長，努力實現 2026 年 280 億美元服務收入的目標。

Moving on to our margin expectations. As Jim mentioned, the strength of our first half performance combined with the more favorable expectations for the second half mean that we now anticipate overall adjusted operating profit margin to be above the top end of the target range for the full year.

繼續我們的利潤預期。正如吉姆所提到的，我們上半年的強勁業績加上對下半年更加有利的預期意味著我們現在預計整體調整後的營業利潤率將高於全年目標範圍的上限。

Specific to second half margins, despite higher sales, we do expect lower margins versus the first half, which follows a typical seasonable trend. However, keep in mind that first half margins were at record levels and the magnitude of the second half decline may be slightly larger than is typical.

具體到下半年的利潤率，儘管銷售額較高，但我們預期利潤率將低於上半年，這遵循典型的季節性趨勢。然而，請記住，上半年利潤率處於創紀錄水平，下半年下降幅度可能略大於典型水平。

As compared to the prior year, we expect our adjusted operating profit margin in the second half will be similar to the prior year level. While we anticipate some favorability in manufacturing costs on improved operational efficiencies, we do expect slightly lower volumes and a slight headwind from price in the second half versus a year ago.

與去年相比，我們預計下半年調整後的營業利潤率將與去年水準相似。雖然我們預計由於營運效率的提高，製造成本會有所下降，但我們確實預計下半年銷量將略有下降，且價格將與去年同期相比略有下降。

On price, the impact of lapping the increases taken in the second half of 2023 means that the benefit in the second half of this year will be significantly lower. In addition, we expect that improved availability across the industry will result in the normalization of the pricing environment.

在價格方面，2023年下半年加價的影響意味著今年下半年的效益將大幅下降。此外，我們預計整個產業可用性的提高將導致定價環境的正常化。

To assist you with your modeling for the full year, please note that we now anticipate restructuring costs of around $450 million and that our expectations for the annual effective tax rate, excluding discrete items, remains at 22.5%.

為了幫助您進行全年建模，請注意，我們現在預計重組成本約為 4.5 億美元，並且我們對年度有效稅率（不包括離散項目）的預期仍為 22.5%。

Now on slide 18. I'll provide a few comments on the third quarter, starting on the top line. We expect slightly lower sales and revenues in the third quarter compared to the prior year as we anticipate a dealer inventory headwind for machines, which will impact volumes.

現在在投影片 18 上。我們預計第三季的銷售額和收入將比去年同期略有下降，因為我們預計經銷商的機器庫存將出現逆風，這將影響銷售量。

We expect dealer inventory machines to be flattish to slightly lower in the third quarter as is typical, which compares to the atypical $400 million increase in the prior year. We also anticipate lower machine sales to users versus a strong comparison.

我們預計第三季經銷商機器庫存將持平或略有下降，與去年的非典型成長 4 億美元相比，這是典型的情況。我們也預計，與強而有力的比較相比，對使用者的機器銷售量會有所下降。

We expect flattish price realization in the third quarter versus the prior year due to the normalization that I mentioned a moment ago. We also anticipate that the ongoing benefit of our service initiatives will positively impact sales in the third quarter.

由於我剛才提到的正常化，我們預計第三季的價格實現與去年持平。我們也預計，我們服務計劃的持續效益將對第三季的銷售產生正面影響。

By segment in the third quarter compared to the prior year, we anticipate lower sales in Construction Industries primarily due to a headwind from changes in dealer inventories. In Resource Industries, we expect lower sales as sales to users are impacted by a challenging comparison similar to that which we have observed in the first two quarters of this year.

以細分市場來看，與去年同期相比，我們預期建築業的銷售額將下降，主要是由於經銷商庫存變化的不利影響。在資源產業，我們預計銷售額將會下降，因為對用戶的銷售額受到類似於我們在今年前兩個季度觀察到的具有挑戰性的比較的影響。

In Energy & Transportation, we anticipate higher sales versus the prior year, supported by strengthen in power generation, oil and gas and transportation. Lower sales in industrial should act as a partial offset.

在能源和運輸領域，我們預計在發電、石油和天然氣以及運輸領域的增強的支持下，銷售額將較上年增長。工業銷售額的下降應該可以部分抵銷。

For enterprise margins in the third quarter, we expect similar adjusted operating profit margin compared to the prior year as we anticipate lower volume will be offset primarily by favorable manufacturing costs.

對於第三季的企業利潤率，我們預期調整後的營業利潤率與前一年類似，因為我們預期銷售下降將主要被有利的製造成本所抵銷。

By segment in the third quarter, in Construction Industries, we anticipate lower margin compared to the prior year on lower volume and slightly unfavorable price realization. Favorable manufacturing costs should act as a partial offset.

以建築業第三季的細分市場來看，我們預期由於銷售下降和價格實現略顯不利，利潤率將低於去年同期。有利的製造成本應該可以部分抵銷。

For Resource Industries, we anticipate slightly lower margins in the third quarter compared to the prior year due to unfavorable volume and higher SG&A and R&D spend. In Energy & Transportation, we expect a higher margin versus the prior year and stronger volumes and favorable price realization.

對於資源產業，由於銷售不佳以及銷售、行政管理和研發支出增加，我們預計第三季的利潤率將略低於去年同期。在能源和交通領域，我們預計利潤率將高於上年，銷售量將增加，價格也將有利。

So turning to slide 19, let me summarize. Strong execution and operating performance continued in the second quarter. Higher adjusted operating profit margin of 22.4% offset the decrease in sales and revenues and led to a record adjusted profit per share of $5.99.

現在請看投影片 19，讓我總結一下。第二季持續保持強勁的執行力和經營業績。調整後營業利潤率達到 22.4%，抵銷了銷售額和收入的下降，調整後每股利潤創歷史新高，達 5.99 美元。

We now expect overall adjusted operating profit margin to be above the top end of the target range for the full year based on our expected sales levels, which should now be slightly lower than levels in 2023. The net of these factors leads to our current expectation for higher adjusted operating profit and adjusted profit per share as compared to what we contemplated at the beginning of the year.

我們現在預計，根據我們預期的銷售水平，調整後的整體營業利潤率將高於全年目標範圍的上限，目前的銷售水平應略低於2023 年的水平。目前的預期與我們年初的預期相比，調整後的營業利潤和調整後的每股利潤更高。

ME&T free cash flow generation was $2.5 billion in the quarter. We continue to expect to be in the top half of our target range for the full year. We have deployed $7.6 billion to shareholders through share repurchases and dividends in the first half of 2024. We continue to execute our strategy for long-term profitable growth.

ME&T 本季產生的自由現金流為 25 億美元。我們繼續預計全年目標範圍的上半部。 2024 年上半年，我們已透過股票回購和股利向股東部署了 76 億美元。

And with that we'll take your questions.

接下來我們將回答您的問題。

Thank you. (Operator Instructions) Chad Dillard, Bernstein.

謝謝。 （操作員說明）查德·迪拉德，伯恩斯坦。

Hi, good morning, everyone. So I was hoping you could unpack a little bit more the price cost dynamics as we look through the second half of the year. Can you just like walk through like a segment basis in an enterprise, how to think about that? And at least for the second half do you think price cost will be positive?

嗨，大家早安。因此，我希望您在我們展望下半年時能夠更多地了解價格成本動態。你能不能像企業中的一個細分基礎一樣走一遍，如何思考？至少在下半年，您認為價格成本會是正值嗎？

Yes. So, overall, so let me start. Obviously, for the full year, price will exceed increases in manufacturing costs. As we look out in the second half of the year, we do expect price to moderate as we've consistently said. However, we are seeing some favorability in manufacturing costs as we saw in the second quarter and we expect that to continue.

是的。總的來說，讓我開始吧。顯然，全年價格漲幅將超過製造成本的漲幅。正如我們在今年下半年展望的那樣，我們確實預計價格將會溫和，正如我們一直所說的那樣。然而，正如我們在第二季度看到的那樣，我們看到製造成本有一些有利的情況，我們預計這種情況將持續下去。

There will be a continued normalization, particularly in construction of the pricing environment as availability improves and across the industry as a whole. We expect price to be positive in Energy & Transportation in the second half. And that will offset any weakness that we may see in Construction Industries. So, overall, as I just pointed out in my comments, we do expect favorability in manufacturing costs and that will offset actually the volume decline that we expect impact on margins in the third quarter.

隨著可用性的改善以及整個產業的改善，定價環境的建設將持續正常化。我們預計下半年能源和運輸業的價格將會上漲。這將抵消我們在建築行業中可能看到的任何弱點。因此，總的來說，正如我剛才在評論中指出的那樣，我們確實預計製造成本將有利，這實際上將抵消我們預計對第三季利潤率影響的銷售下降。

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

I guess my question pertains to E&T and the E&T margin strength in the quarter. Can you help, I mean, given, again, Jim, the capacity investments you're making in that business, how we think about the E&T margin potential over the long-term relative to Construction and Resource, given you're adding capacity there? And sort of where should we be, Jim, as we're exiting the year? How do we think about the incremental capacity that's coming online just trying to figure out how that helps potentially '25 and '26. Thanks.

我想我的問題與 E&T 以及本季 E&T 利潤率實力有關。我的意思是，吉姆，考慮到您在該業務中進行的產能投資，我們如何看待相對於建築和資源行業的長期 E&T 利潤潛力（考慮到您正在增加那裡的產能），您能提供幫助嗎？ ？吉姆，當我們即將結束這一年時，我們應該在哪裡？我們如何看待即將上線的增量容量，只是想弄清楚這對「25」和「26」有何潛在幫助。謝謝。

Well, thank you, Jamie, for your question. And then as you noted, we are adding capacity to increase our capability to build both large engines and part of those large engines. But it's a multiyear project and that project will take some time to play out. So it's not a 12-month program. It lasts longer than that, it takes some time. Having said that, the demand for large engines and for solar turbines for both oil and gas and power generation continues to be quite strong. So the margin increase that you saw is a reflection of higher volume, better price and also better mix as well quite frankly.

好吧，傑米，謝謝你的提問。正如您所指出的，我們正在增加產能，以提高我們製造大型引擎和部分大型引擎的能力。但這是一個多年的項目，該項目需要一些時間才能完成。所以這不是為期 12 個月的計畫。它持續的時間比這更長，需要一些時間。話雖如此，石油、天然氣和發電領域對大型引擎和太陽能渦輪機的需求仍然相當強勁。因此，您看到的利潤率成長反映了更高的銷量、更好的價格以及更好的組合，坦白說。

So again, is there a potential for margin expansion over time in Energy & Transportation? There certainly is that possibility. Again, a lot of it will depend upon mix and again our ability to increase our capacity in large engines, which we're working very hard to do. But again, the good news is that, again, back to that power generation market is quite strong. And one of the things we're also bullish about that's possibly a bit farther out is just the opportunity for distributed generation. As more renewables are added to the grid, as there's more grid instability issues, it creates an opportunity for us, we believe, to sell both reciprocating engines and gas turbines and distributed power generation applications distributed throughout the grid. And we're very excited about that opportunity. One of the things also to keep in mind is we have a strong backlog. And the backlog increase that we reported today, of course, E&T was a big part of that. And that includes both solar turbines and our large engines.

那麼，隨著時間的推移，能源與運輸業的利潤率是否有可能擴大？肯定有這種可能性。同樣，這在很大程度上取決於混合，以及我們增加大型引擎容量的能力，我們正在努力做到這一點。但好消息是，發電市場再次相當強勁。我們也看好這可能有點遙遠的事情之一就是分散式發電的機會。我們相信，隨著越來越多的可再生能源被添加到電網中，隨著電網不穩定問題越來越多，這為我們創造了銷售往復式發動機和燃氣渦輪機以及分佈在整個電網的分散式發電應用的機會。我們對這個機會感到非常興奮。還需要記住的一件事是我們有大量的積壓。當然，我們今天報告的積壓訂單增加，E&T 是其中很大一部分。其中包括太陽能渦輪機和我們的大型引擎。

Steve Volkmann, Jefferies

史蒂夫‧福克曼，傑弗里斯

Great. Good morning, guys. Thanks for taking the question. Pivoting maybe to Construction Industries. I think you both mentioned lower-than-expected rental fleet loading in the quarter as one of the trends that you called out. And I'm curious if that is -- if you view that as sort of a timing issue and maybe you can give us a sense of where you think the rental fleets are and how much kind of update and refleeting needs to be done there?

偉大的。早上好傢伙。感謝您提出問題。也許轉向建築業。我認為你們都提到了本季租賃車隊裝載量低於預期是你們指出的趨勢之一。我很好奇這是否是 - 如果您認為這是一個時間問題，也許您可以讓我們了解您認為租賃車隊在哪裡以及那裡需要進行多少類型的更新和重新調動？

Certainly. We're willing to start with this is dealer rental income was actually up for the quarter. And dealers are independent businesses and of course make their own decisions about what kind of machines and how many machines they put into their rental fleets. And there's a whole variety of things they look at there. They think about interest rates, obviously, and they think about other aspects. But we are continuing to be bullish on what we see as an opportunity around rental and we're working closely with our dealers to help them increase their rental business over time.

當然。我們願意首先考慮的是經銷商租金收入在本季實際上有所上升。經銷商是獨立企業，當然可以自行決定將哪種機器以及多少機器放入租賃車隊中。他們在那裡看到各種各樣的東西。顯然，他們會考慮利率，還會考慮其他方面。但我們繼續看好我們所看到的租賃機會，並且我們正在與經銷商密切合作，幫助他們隨著時間的推移增加租賃業務。

Robert Wertheimer, Melius Research.

羅伯特‧韋特海默，Melius 研究公司。

Hi. Good morning, everybody. I also wanted to circle around to E&T, where as you see the rise of data centers, I guess, the critical nature of that power backup is rising. An important question is going to be around mix and margin in the E&T segment. Is there any oil and gas, obviously, you're running, it's a great business, it's a high margin, high mix as well. Is there any anticipated mix impact if power gen kind of replaces some of the strength we've seen in oil and gas?

你好。大家早安。我還想談談 E&T，當你看到資料中心的興起時，我想，電源備份的重要性正在上升。一個重要的問題將圍繞 E&T 領域的組合和利潤。顯然，你正在經營石油和天然氣，這是一項偉大的業務，利潤率高，混合性也高。如果發電取代了我們在石油和天然氣中看到的一些力量，是否會產生任何預期的混合影響？

And then more broadly, Jim, I think you mentioned kind of solar turbines in power gen. I think you've had historical strength in like combined heat and power and things like that. Is that market for solar turbines expanding visibly already in power gen to more and more applications? And I'll stop there. Thanks.

更廣泛地說，吉姆，我想你提到了發電中的太陽能渦輪機。我認為你們在熱電聯產等領域擁有歷史優勢。太陽能渦輪機的市場是否已經在發電領域明顯擴大到越來越多的應用？我就到此為止。謝謝。

Thank you, Rob. So to answer the last part of your question first. So on solar, we have seen some pretty interesting applications for solar that you're right, traditionally over the last 30 years. So there's been a lot of combined heat and power applications for solar. But as an example, we relatively recently sold some solar gas turbines in a power generation application for continuous duty for a data center in Ireland. And that's something that, again, we wouldn't have seen 20 years ago.

謝謝你，羅布。所以先回答你問題的最後一部分。因此，在太陽能方面，我們在過去 30 年中看到了一些非常有趣的太陽能應用，您是對的。因此，太陽能熱電聯產應用有很多。但舉個例子，我們最近在愛爾蘭的一個資料中心的發電應用中出售了一些太陽能燃氣渦輪機，用於連續工作。這也是 20 年前我們不會看到的事情。

So there are some more opportunities. And as I mentioned earlier, as we think about distributed generation for both recip and gas turbines and, again, our engines and turbines burn a whole variety of fuels, natural gas, biofuels, hydrogen blends and all the rest. We do see an increased opportunity for those distributed power generation opportunities over time.

所以還有一些機會。正如我之前提到的，當我們考慮循環式渦輪機和燃氣渦輪機的分散式發電時，我們的引擎和渦輪機燃燒各種燃料，天然氣，生物燃料，氫氣混合物和所有其他燃料。隨著時間的推移，我們確實看到了分散式發電機會的增加。

And we think that's a secular growth trend again that we're very excited about. As you think about Energy & Transportation, there's a lot of components there. So when you asked the question about kind of mix in oil and gas versus power generation, generally, we do quite well margin wise in our large engine. So that's something that we're quite excited about, the opportunities that we see moving forward. Of course, solar is a very good business as well. So again there's a lot of things there to think about not just power generation and oil and gas. But as we think about Energy & Transportation moving forward and our ability to again to grow that business and achieve strong margins, we feel quite good.

我們認為這又是一種長期成長趨勢，我們對此感到非常興奮。當您想到能源和交通時，您會發現其中有許多組成部分。因此，當您詢問有關石油和天然氣與發電的混合方式的問題時，一般來說，我們在大型引擎方面的利潤率方面做得很好。所以這是我們非常興奮的事情，我們看到了前進的機會。當然，太陽能也是一門非常好的生意。因此，還有很多事情需要考慮，而不僅僅是發電以及石油和天然氣。但當我們考慮能源與運輸業務的發展以及我們再次發展該業務並實現強勁利潤的能力時，我們感覺非常好。

David Raso, Evercore ISI.

大衛·拉索，Evercore ISI。

Hi. Thank you for the time. I was curious, the retail sales machines, it sounds like you're expecting to be down again in the second half of the year. But anything you're hearing from the dealers to sort of be thoughtful about when you would expect retail machines, retail sales to pick back-up? Is there any indication from the order book or backlog within CI and RI? And with that also where do you expect the dealer inventory to end the year on machines? Thank you.

你好。謝謝你的時間。我很好奇，零售銷售機，聽起來你預計下半年會再下滑。但是，當您期望零售機器、零售額回升時，您從經銷商那裡聽到的任何事情都值得深思熟慮嗎？ CI 和 RI 內的訂單簿或積壓訂單是否有任何跡象？那麼，您預計年底經銷商的機器庫存會在哪裡？謝謝。

Yes. So let me start and help unpack that a little bit. So on the retail sales, two factors, obviously, retail sales in the quarter, one which was in North America. And most of that was actually rental fleet that does go into retail sales, but it actually is rental fleet loading by dealers. So that was most of that. And then Europe itself as well, which was still softer than we expect.

是的。那麼，讓我開始並幫助大家解開這個謎題。因此，就零售銷售而言，顯然有兩個因素，即本季的零售銷售，其中之一是北美。其中大部分實際上是進入零售銷售的租賃車隊，但實際上是經銷商裝載的租賃車隊。這就是大部分內容。然後是歐洲本身，仍然比我們預期的要疲軟。

Overall, our expectation now part of the reason why we've reduced our estimates for retail sales for the year is mostly due to that rental fleet loading. Our expectations are that although as Jim said, dealer rental revenue is still growing nicely, they will not load their fleet as much as we had originally expected at the beginning of the year, and that's relatively moderate.

總體而言，我們現在的預期是我們降低今年零售額預期的部分原因主要是由於租賃車隊的裝載。我們的預期是，儘管正如吉姆所說，經銷商租賃收入仍在良好增長，但他們的車隊裝載量不會像我們年初預期的那樣多，而且相對溫和。

Overall on dealer inventory, as I said at the beginning of the year, as you know, dealer inventory is very complex, David. It's multiple segments, multiple business units, multiple dealers. And dealers are independent businesses. We expected the dealer inventory to be about flat for the year. We now expect a small reduction of machine dealer inventory, almost all of that will be in Resource Industries, which, as you know, is more a function of commissioning rather than anything else.

總體而言，關於經銷商庫存，正如我在年初所說，正如你所知，經銷商庫存非常複雜，大衛。它有多個細分市場、多個業務部門、多個經銷商。經銷商是獨立的企業。我們預計今年經銷商庫存將基本持平。我們現在預計機器經銷商庫存將小幅減少，幾乎所有庫存都將集中在資源行業，正如您所知，這更多的是調試功能而不是其他任何功能。

And, overall, we expect to end the year with dealer inventory on the CI side about flattish and comfortably within the typical range that we talk about in three to four months.

總體而言，我們預計到今年年底，CI 方面的經銷商庫存將持平，並舒適地處於我們在三到四個月內討論的典型範圍內。

Michael Feniger, Bank of America.

麥可費尼格，美國銀行。

Thank you for taking my question. I'm curious when you look at your different segments, if we're entering a lower interest rate environment, a Fed easing cycle, what segments kind of reacting to a lower rate environment first? And just basically following up on that with the construction side with your response to David. Just is the assumption with your comfortability on the inventories, is that assuming that dealer retail sales gets better by the end of the year or is assuming where we are today? Thank you.

感謝您回答我的問題。我很好奇，當你看看不同的細分市場時，如果我們進入較低的利率環境，聯準會的寬鬆週期，哪些細分市場首先對較低的利率環境做出反應？基本上就是在施工方面跟進你對大衛的回應。只是假設您對庫存感到滿意，是假設經銷商零售額到年底會好轉還是假設我們今天的情況？謝謝。

Maybe I'll start and then I'll kick it over to Andrew just to talk about interest rates a bit. So if you stop and think about our business, there are certain aspects that are not as sensitive to interest rate movements and think about the build-out in data centers around power generation, oil and gas generally and government infrastructure as well. We talked a lot about in our previous calls the regulatory environment that has been supporting build-out in North America and we still feel good about that. And obviously that is less interest rate-sensitive. The parts of our business that are more interest rate sensitive, think about someone building possibly a warehouse in North America and needs construction equipment for that. Those kinds of activities do tend to be more interest rate-sensitive. So if interest rates come down, that certainly has the possibility to improve that business. And then I'll let Andrew.

也許我會開始，然後我會把它交給安德魯來談談利率。因此，如果您停下來思考我們的業務，您會發現某些方面對利率變動並不那麼敏感，並考慮一下圍繞發電、石油和天然氣以及政府基礎設施的資料中心的擴建。我們在之前的電話會議中談論了很多支持北美擴建的監管環境，我們仍然對此感覺良好。顯然，這對利率的敏感度較低。我們業務中對利率更敏感的部分，想想有人可能在北美建造一個倉庫，並且需要為此需要建築設備。這類活動確實往往對利率較敏感。因此，如果利率下降，肯定有可能改善該業務。然後我會讓安德魯。

Yes. Just on the dealer inventory thing, just a reminder, obviously, from today to the end of the year, we expect a reduction in machine dealer inventory, as I talked about, which is in line with our normal seasonal trend. Overall, effectively, our assumption of flattish dealer inventory in CI and remaining within the typical range implies is based on our expectations of retail sales. And there's always a forward-looking retail sales expectation rather than a backward-looking retail sales expectation.

是的。關於經銷商庫存的問題，只是提醒一下，顯然，從今天到年底，我們預計機器經銷商庫存會減少，正如我所說，這符合我們正常的季節性趨勢。總體而言，我們對 CI 經銷商庫存持平並保持在典型範圍內的假設實際上是基於我們對零售銷售的預期。而且總是有前瞻性的零售銷售預期，而不是向後的零售銷售預期。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Hi, Jim, Andrew. I'm wondering if you could just talk about what your prospect list looks like in Resource Industries based on industry and your competitor data. Looks like we've hit an air pocket in terms of orders. And obviously, deliveries have been weaker, and we've seen destock. Based on what you're seeing from your customers, when do you expect looking to reaccelerate for mining trucks and other equipment?

嗨，吉姆，安德魯。我想知道您是否可以根據行業和競爭對手的數據來談談您在資源行業的潛在客戶名單。看起來我們的訂單已經出現漏洞了。顯然，交貨量一直疲軟，我們已經看到庫存減少。根據您從客戶那裡看到的情況，您預計何時會重新加速礦用卡車和其他設備的發展？

Thanks for your question, Jerry. As I mentioned earlier, there's a lot of positives in mining. Certainly, the utilization of our equipment is high. The number of parked trucks is relatively low. We expect robust service activity. Having said that, our customers are displaying capital discipline. But at the same time, one of the things to keep in mind is, one of the reasons that we saw lower sales is that we had kind of a backlog of a couple of products that we talked about in our prepared remarks, articulated trucks and off-highway trucks. And as we worked our way through that, that created a relative comp issue that you're seeing today. But having said that, certainly, there's a lot of interest in commodities such as copper. And we've seen areas of strength and things like large mining trucks and that activity as well, and that's positive. And we remain bullish about mining, just thinking about the energy transition and all of the commodities that our customers will use our products to produce. So again, we're not too concerned about just a quarterly deviation. What we're really focused on is more the medium and long-term over time and we remain quite bullish on the mining business.

謝謝你的提問，傑瑞。正如我之前提到的，挖礦有很多正面的一面。當然，我們的設備利用率很高。停放的卡車數量相對較少。我們預計服務活動將會強勁。話雖如此，我們的客戶正在表現出資本紀律。但同時，要記住的一件事是，我們銷量下降的原因之一是我們在準備好的發言中談到的幾種產品積壓了，鉸接式卡車和非公路卡車。當我們努力解決這個問題時，這就產生了您今天看到的相對補償問題。但話雖如此，當然，人們對銅等大宗商品很感興趣。我們已經看到了一些優勢領域，例如大型礦用卡車和此類活動，這是積極的。我們仍然看好採礦業，只是考慮能源轉型以及我們的客戶將使用我們的產品生產的所有商品。再說一遍，我們並不太擔心季度偏差。我們真正關注的是隨著時間的推移的中長期，我們仍然非常看好採礦業務。

Tami Zakaria, JPMorgan.

塔米·扎卡里亞，摩根大通。

Hey, good morning. Thank you so much. So my question is more longer term focused rather than this quarter or year. So can you help us frame how to think about Caterpillar current portfolio of products that play into the data center market aside from backup generators? Are there any other products maybe related to micro grids or anything else to call out where you see an opportunity? And related to that, besides E&T as a segment, do data centers provide opportunities for any product or services within CI or RI as well over the medium to long-term?

嗨，早安。太感謝了。所以我的問題更側重於長期而不是本季或本年度。那麼，您能否幫助我們思考卡特彼勒目前備用發電機以外的資料中心市場產品組合？是否還有其他可能與微電網相關的產品或其他任何產品可以指出您在哪裡看到了機會？與此相關的是，除了 E&T 作為一個細分市場之外，資料中心是否為 CI 或 RI 內的任何產品或服務以及中長期的機會提供機會？

We do believe. Thanks for your question. We do believe that the data center build-out creates opportunities in many areas across our business. So you mentioned backup generators. That's, obviously, that's an opportunity, which is here today that we're dealing with. In addition, I mentioned earlier the fact that data centers is increasing power generation requirements.

我們確實相信。謝謝你的提問。我們確實相信，資料中心的擴張為我們業務的許多領域創造了機會。所以你提到了備用發電機。顯然，這是一個機會，我們今天正在處理這個機會。此外，我之前提到資料中心正在增加發電需求。

So in the United States, I have the stats right, electricity demand was flat between, I think, between 2007 and 2022 and now it's starting to increase. And of course, our customers use our products to produce the commodities to satisfy that increase in electricity demand. In addition to that, I talked about the fact that both our reciprocated engines and our gas turbines we believe have the opportunity to be used in what we call distributed power generation applications. And a lot of that, again, is tied back to that data center build-out as electricity demand in the developed world continues to increase.

因此，在美國，我的統計數據是正確的，我認為 2007 年至 2022 年期間電力需求持平，但現在開始增加。當然，我們的客戶使用我們的產品來生產商品，以滿足電力需求的成長。除此之外，我還談到了這樣一個事實，即我們相信我們的往復式發動機和燃氣渦輪機都有機會用於我們所謂的分散式發電應用。隨著已開發國家電力需求的持續成長，其中很大一部分又與資料中心的擴建有關。

And of course, in the developing world, as standards of living increase, power generation demands go up as well. And again, that's an opportunity for us as our customers use our products to produce the commodities to satisfy that increasing demand. In addition to that, yes, we do provide micro grids in our power generation organization.

當然，在開發中國家，隨著生活水準的提高，發電需求也隨之增加。這對我們來說也是一個機會，因為我們的客戶使用我們的產品來生產商品，以滿足不斷增長的需求。除此之外，我們確實在發電組織中提供了微電網。

We work with customers to set up micro grids. That's one of the things that we do have the ability to do and we're pretty uniquely positioned just given our portfolio of products to help our customers do that. Also as you think about data center build-out, well, of course, that requires construction machinery as well and that helps our construction equipment business.

我們與客戶合作建立微電網。這是我們確實有能力做的事情之一，而且我們的產品組合可以幫助我們的客戶做到這一點，因此我們處於非常獨特的地位。當您考慮資料中心擴建時，當然，這也需要建築機械，這有助於我們的建築設備業務。

And then, of course, thinking about copper and the other commodities that need to be produced to also support what's happening with increased power generation requirements that helps RI. So I believe that the data center build-out helps a whole variety of products across our portfolio.

當然，也要考慮銅和其他需要生產的商品，以支持不斷增加的發電需求，這有助於 RI。因此，我相信資料中心的擴建有助於我們產品組合中的各種產品。

Mig Dobre at Baird

貝爾德 (Baird) 的米格·多布雷 (Mig Dobre)

Thank you. Good morning, everyone. Just a quick follow-up on construction pricing. I guess it sounds like you expect a little bit of erosion here, but maybe we can get some insight in terms of the magnitude. I'm looking back at 2016, that's the last year where I think we saw two, three percentage points. Is that kind of a fair expectation to have going forward? And how do you think about used prices in this market and the potential impact that might have as we think about 2025 even? Thank you.

謝謝。大家，早安。只是對建築定價的快速跟進。我想聽起來你預計這裡會有一點侵蝕，但也許我們可以從規模上得到一些見解。我回顧 2016 年，我認為那是我們看到了兩三個百分點的最後一年。這是一種對未來的公平期望嗎？您如何看待這個市場的二手價格以及我們對 2025 年可能產生的潛在影響？謝謝。

Yes, Mig. So absolutely will not be that sort of level of magnitude. We obviously see a normal element of competitive positioning, which obviously impacts pricing. Obviously, we don't expect list price changes. This will be really about customer-by-customer discussions. On the impact of used market, the used market obviously has had some impact, has seen some erosion of price. Actually, quite interestingly, where that impacts us more is around Cat Financial.

是的，米格。所以絕對不會是那種程度。我們顯然看到了競爭定位的正常因素，這顯然會影響定價。顯然，我們預期標價不會改變。這實際上是關於逐個客戶的討論。在二手市場的影響上，二手市場顯然受到了一些影響，價格出現了一些侵蝕。事實上，非常有趣的是，對我們影響更大的是 Cat Financial。

And actually although used prices are coming down, they are still relatively high compared to historic levels, and inventories are very low. So we are not expecting that to impact us. The other area, obviously, does impact used prices would be around rental fleet. And obviously that and higher interest rates are having some impact on rental fleet loading as we talked about already in the call.

事實上，雖然二手價格正在下降，但與歷史水準相比仍然相對較高，而且庫存也非常低。因此，我們預計這不會影響我們。顯然，影響二手車價格的另一個領域是租賃車隊。顯然，正如我們在電話中已經討論過的那樣，利率上升對租賃車隊的裝載量產生了一些影響。

Kyle Menges, Citi.

凱爾門格斯，花旗銀行。

It'd be helpful just to hear a little bit more about the rental fleet loading kind of changing your expectations there for the second half of the year. I am curious just to parse out just what is kind of demand-related like softening demand in the second half versus you trying to manage the rental fleets versus kind of dealers trying to pushing back a little bit about taking fleet. Just would love to hear kind of what's driving that. Thank you.

如果您能了解更多有關租賃車隊裝載情況的信息，這會有所幫助，這會改變您對下半年的期望。我很好奇只是想分析一下與需求相關的是什麼，例如下半年需求疲軟，與你試圖管理租賃車隊，與經銷商試圖推遲接收車隊的情況相比。只是很想聽聽是什麼推動了這一點。謝謝。

Yes. So obviously, as Jim mentioned, dealer rental revenue is actually increasing positively as we expected for the year and that's driven by the level of activity. Our assumption when we started the planning year was the dealer fleet loading would be a certain number. It is slightly less than that and that's why we have taken it down. It is more around the fact that they are not loading their fleets quite as quickly and they're managing their fleet. That's what they do. They're independent businesses.

是的。顯然，正如吉姆所提到的，經銷商租賃收入實際上正像我們今年預期的那樣增長，這是由活動水平推動的。當我們開始規劃年時，我們的假設是經銷商車隊的裝載量將達到一定數量。它比這個稍微少一點，這就是我們將其刪除的原因。更重要的是，他們沒有那麼快地裝載他們的船隊，並且他們正在管理他們的船隊。這就是他們所做的。他們是獨立的企業。

They make decisions around how much fleet, how they move the fleet out into the market as well. And remember also, when you talk about rental fleet, particularly around things like heavy rents, heavy rents are effectively a long -- actually almost a rent to buy. And often that market is dependent on the customer choice as well. So it's not just the dealer here. You also have the customer at the other end of that equation as well as to when the timing when they make their final purchase.

他們決定有多少車隊以及如何將車隊轉移到市場。還要記住，當你談論租賃車隊時，特別是像高額租金這樣的事情，高額租金實際上是一個長期的——實際上幾乎是一個可以購買的租金。通常該市場也取決於客戶的選擇。所以這不僅僅是這裡的經銷商。您還可以讓客戶處於該等式的另一端，以及何時進行最終購買。

So a lot of those things, so it's a little bit complex, and therefore, is not one size fits all. But generally, we're still very comfortable, as Jim said, with the opportunity in front of the dealers on the rental side, and we're very positive about the long-term outlook.

這些事情很多，所以有點複雜，因此並不是一刀切的。但總的來說，正如吉姆所說，我們仍然對租賃方面經銷商面前的機會感到非常滿意，並且我們對長期前景非常樂觀。

And maybe just to add in, we want our dealers to have a profitable, growing rental business. And utilization is an important part of that. So it's not a situation where we're encouraging to take more equipment than they need. We don't want them to take more equipment from us than they need. We want them to have a growing, profitable rental business.

也許只是補充一下，我們希望我們的經銷商能夠擁有獲利且不斷成長的租賃業務。利用率是其中的重要組成部分。因此，在這種情況下，我們不鼓勵購買超出他們所需的設備。我們不希望他們從我們這裡拿走超出他們需要的設備。我們希望他們擁有不斷成長、獲利的租賃業務。

And we believe that's a growing opportunity for them and for us over time. And again, there will be quarterly deviations in terms of how much equipment they decide to take into the rental fleet. The point is it's a growing growth opportunity for both us and our dealers. And we're very supportive and are helping them with a variety of tools, whether it's digital tools and also other methodologies to help them grow their rental business.

我們相信，隨著時間的推移，這對他們和我們來說都是一個越來越大的機會。同樣，他們決定將多少設備納入租賃車隊的問題也會出現季度偏差。關鍵是這對我們和我們的經銷商來說都是一個不斷成長的成長機會。我們非常支持他們，並透過各種工具幫助他們，無論是數位工具還是其他方法來幫助他們發展租賃業務。

Yes. Just again just contextualizing sort of from a size perspective because I think sometimes things seem a little bit bigger. Just to remind you, then in terms of CI, this is still a relatively small number, but it is what is driving some of that change in our outlook, which again is relatively modest.

是的。再次從尺寸的角度來考慮背景，因為我認為有時事情看起來有點大。只是提醒您，就 CI 而言，這仍然是一個相對較小的數字，但它是推動我們前景發生一些變化的原因，而前景相對溫和。

So just before people start worrying that it's a bigger element and a bigger number than it really is. Remember, OEM sales, about 40% of our revenues come from services across the business. Only about 60% is original equipment. And again that does vary by segment. And North America is not 100% of CI sales either.

因此，就在人們開始擔心它是一個比實際上更大的元素和更大的數字之前。請記住，在 OEM 銷售方面，我們大約 40% 的收入來自整個業務的服務。只有大約60%是原始設備。同樣，這確實因細分市場而異。而且北美也不是 CI 銷售額的 100%。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Thanks. Good morning. You mentioned, Jim, the gas compression is starting to soften a little bit. Curious just kind of where you are in the backlog there? Do you expect your sales in gas compression actually be down year-over-year in the second half? And maybe what visibility do you have to rebuilding the backlog there and what it might take? Is it a next round of big LNG projects or how do we think about that? Thank you.

謝謝。早安.你提到，吉姆，氣體壓縮開始減弱一些。好奇您在積壓工作上處於什麼位置？您預計下半年天然氣壓縮業務的銷售額實際上會年減嗎？也許您對重建那裡的積壓工作有什麼可見性以及可能需要什麼？這是下一輪大型液化天然氣計畫嗎？謝謝。

Yes. So we do expect for the year, I believe, I said that we expect gas compression year-over-year to be higher. So higher in 2024 than 2023. We did say we expected a bit of softening in the second half, but still, again, gas compression higher in 2024 total than in 2023. You asked about backlog. Again, we do have quite a strong backlog in our large engines across and our gas turbines around E&T.

是的。所以我們確實預計今年，我相信，我說我們預計氣體壓縮會比去年同期更高。 2024 年會比 2023 年更高。同樣，我們的大型引擎和 E&T 周圍的燃氣渦輪機確實有相當多的積壓。

So again we feel good about that as well. And the comment we made about gas compression that was really recip oil and gas. We expected to soften in the second half of the year, but it didn't. Solar turbines, it also serves oil and gas. And our comment was about recent engines in oil and gas. And again a lot of strength in E&T overall.

因此，我們對此也感覺良好。我們對氣體壓縮的評論實際上是石油和天然氣的關係。我們預計下半年會軟化，但事實並非如此。太陽能渦輪機，它也服務於石油和天然氣。我們的評論是關於最近的石油和天然氣引擎。整體而言，E&T 方面也具有很大的實力。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Hi. Good morning. Thanks for taking my question. Just wanted to maybe unpack the backlog dynamic around CI if you could give us a little bit more color. So kind of a three-part question. One, what were the orders in the second quarter for CI? Two, kind of on the backlog. What's kind of the coverage that you have at this point versus your historical levels, just given that we had a pretty strong demand over a number of years? And then kind of lastly, just can you talk about kind of the price margin mix within that backlog as we kind of have visibility now looking forward versus maybe what was in there before?

你好。早安.感謝您提出我的問題。如果你能給我們更多的資訊的話，我只是想解開 CI 周圍積壓的動態。這是一個由三個部分組成的問題。一、CI第二季訂單狀況如何？第二，有點積壓。考慮到我們多年來的需求相當強勁，與歷史水平相比，您目前的覆蓋範圍是多少？最後，您能談談積壓訂單中的價格利潤組合嗎？

Yes. So Angel, we obviously do not break down backlog by segment. So that's just a point. I would say to you, though, we did have a high level of orders in the second quarter in CI of 2023. Part of that was, if you remember, we did see a dealer inventory build in the third quarter. Some of that was ahead of an engine switchover.

是的。所以，Angel，我們顯然不會按部門細分積壓訂單。所以這只是一點。不過，我想說的是，我們在 2023 年第二季的 CI 中確實有很高的訂單量。其中一些是在引擎切換之前完成的。

So it is down year-over-year, but that is partly because of the comparison as a result of that change in the NPI last year, the new product introduction. Again, similarly, mix varies across the businesses. And obviously there are different parts of our business which are more profitable than others. And you did see -- we do see favorable product mix in CI. And obviously that is a function of what products are being sold and in what proportion. With regards to the backlog, I mean, the backlog for CI reflects availability. And as you know, availability now is pretty good. And that lies in about our 13 week time period, which we would consider to be about the norm of three months.

因此，它同比下降，但這部分是由於去年 NPI 的變化（新產品推出）導致的比較。同樣，不同企業的組合也有所不同。顯然，我們業務的不同部分比其他部分利潤更高。你確實看到了——我們確實在 CI 中看到了有利的產品組合。顯然，這取決於銷售的產品類型和比例。關於積壓，我的意思是，CI 的積壓反映了可用性。如您所知，現在的可用性非常好。這大約是我們 13 週的時間段，我們認為這大約是三個月的標準。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

Great. Thank you. Good morning. Jim, maybe a question for you just on another CI related one, just on the balance between market share and pricing and just thinking, obviously, over the long-term, PINS a very important concept for Cat. And just thinking about how you and tied in with that, the ambition to grow services. Just thinking as the market first time and some time now we're dealing with kind of free flowing supply and maybe a little bit more competition and capital directed at North America, just how you balance -- how are you and the dealers balance that, again, motivation to grow PINS while also kind of balancing that price equation. Thank you.

偉大的。謝謝。早安. Jim，也許你要問的問題是關於另一個 CI 相關問題，關於市場份額和定價之間的平衡，以及思考，顯然，從長遠來看，PINS 對於 Cat 來說是一個非常重要的概念。只要想想你如何與之連結起來，即發展服務的雄心。只是想，作為市場的第一次，現在我們正在處理一種自由流動的供應，也許更多的競爭和針對北美的資本，只是你如何平衡——你和經銷商如何平衡這一點，再次強調，成長PINS 的動力同時也平衡了價格等式。謝謝。

Yes, certainly PINS are very important to us, and we make pricing decisions based on a whole variety of inputs. Obviously, we look at our input costs, we look at our competitive situation. And we're continually working to add more value to our customers. So it's not just a price situation.

是的，PINS 對我們來說當然非常重要，我們根據各種輸入做出定價決策。顯然，我們關注我們的投入成本，我們關注我們的競爭狀況。我們不斷努力為客戶增加更多價值。所以這不僅僅是價格情況。

Price is important and we need to remain competitive. But again we have some real advantages, we believe. One is our dealer network, again, one of our most significant competitive advantages. We have a distribution network that none of our competitors have. In addition to that, we continue to invest significantly in technology to help our customers be more successful.

價格很重要，我們需要保持競爭力。但我們相信，我們再次擁有一些真正的優勢。一是我們的經銷商網絡，這也是我們最重要的競爭優勢之一。我們擁有競爭對手所沒有的分銷網絡。除此之外，我們繼續在技術方面進行大量投資，以幫助我們的客戶取得更大的成功。

All the tools that we're putting into our machines to, for example, allow our customer to hire a relatively inexperienced operator and have them operate a machine like a pro who's been at it for many years. So again, there's a lot that goes into that, a lot of investments in services capabilities, a lot of investments in technology as well. But certainly, yes, we recognize PINS are important as it helps seed the market for future services growth and it's something we're very focused on.

例如，我們放入機器中的所有工具都允許我們的客戶僱用相對缺乏經驗的操作員，並讓他們像已經工作多年的專業人士一樣操作機器。再說一次，這涉及到很多事情，對服務能力的大量投資，對技術的大量投資。但當然，是的，我們認識到 PINS 很重要，因為它有助於為未來的服務成長奠定市場基礎，這是我們非常關注的事情。

Thank you. Today's final question comes from the line of Nicole DeBlase from Deutsche Bank.

謝謝。今天的最後一個問題來自德意志銀行的 Nicole DeBlase。

Just a couple of follow-ups on CI. I guess I was kind of surprised by the strength in Latin America this quarter, a big year-on-year growth. Can you just talk a little bit about the drivers there and also what you're seeing in EAME? And is there any signs of life in Europe or are things just kind of bouncing along the bottom there? Thank you.

只是 CI 的一些後續行動。我想我對拉丁美洲本季的強勁增長感到有點驚訝，同比增長很大。您能簡單談談那裡的驅動程式以及您在 EAME 中看到的情況嗎？歐洲是否有任何生命跡象，或者情況只是在底部反彈？謝謝。

Yes. So Nicole, on Latin America, actually Brazil was strong, which is an important market for us and that was part of the reason for the strength. So that was good. And obviously, we'll keep an eye out and hope that, that continues as we go through the remainder of the year and looking forward. Europe, as we indicated, has been a problem. It's been a problem.

是的。所以妮可，在拉丁美洲，實際上巴西很強大，這對我們來說是一個重要的市場，這也是我們強勁的部分原因。所以那很好。顯然，我們將密切關注並希望這種情況在我們度過今年剩餘時間並展望未來時繼續下去。正如我們所指出的，歐洲一直是一個問題。這是一個問題。

I think most of our competitors have made similar comments as well. It does seem to be a little bit on the bottom. Obviously, it's depending what happens there, obviously, you've seen the ECB cut rates. There is, for example, today in the UK that we talked about construction -- actually growth in construction this last month. So hopefully, it is starting to pick up, but our assumption really is that it doesn't pick up that quickly for the remainder of the year.

我認為我們的大多數競爭對手也發表了類似的評論。看起來確實有點在底部。顯然，這取決於那裡發生的情況，顯然，你已經看到歐洲央行降息了。例如，今天在英國，我們談論了建築業——實際上上個月建築業的成長。因此，希望它開始回升，但我們的假設實際上是，在今年剩餘時間內，它不會那麼快回升。

All right. With that, we'll just thank you all for your questions. We greatly appreciate it. I want to just close by thanking our global team for their strong execution in the first half of the year and achieved higher adjusted operating profit margin, record adjusted profit per share and strong ME&T free cash flow. And our results continue to reflect the benefit of the diversity of our end-markets as well as our disciplined execution of our strategy for long-term profitable growth.

好的。至此，我們將感謝大家提出的問題。我們非常感激。最後，我想感謝我們的全球團隊在上半年的強勁執行力，實現了更高的調整後營業利潤率、創紀錄的調整後每股利潤以及強勁的 ME&T 自由現金流。我們的業績持續反映了我們終端市場多樣性的好處，以及我們嚴格執行長期獲利成長策略的好處。

With that, I'll turn it back to Ryan.

有了這個，我會把它轉回給瑞安。

Thanks, 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. You'll also find the second 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. If you have any questions, just please reach out to Rob or me. The Investor Relations general phone number is 309-675-4549. Now let's turn the call back to Audra to conclude our call.

謝謝吉姆、安德魯和今天加入我們的所有人。今天上午晚些時候，我們將在網上重播我們的電話會議。一旦有文字記錄，我們也將立即在我們的投資者關係網站上發布。您還可以找到我們財務長的第二季業績影片以及包含我們向用戶銷售資料的 SEC 文件。點擊 Investors.caterpillar.com，然後點擊「財務」以查看這些資料。如果您有任何疑問，請聯絡 Rob 或我。投資者關係電話號碼為 309-675-4549。現在讓我們將電話轉回 Audra 以結束我們的通話。

Thank you. That concludes our call for today. Thank you for joining. You may all disconnect.

謝謝。我們今天的呼籲到此結束。感謝您的加入。你們都可以斷開連線。