開拓重工 (CAT) 2024 Q3 法說會逐字稿

Welcome to the Third Quarter 2020 for 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 Taylor. Please go ahead.

歡迎參加卡特彼勒 2020 年第三季財報電話會議。請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人瑞安泰勒。請繼續。

Thanks, Audra, and good morning, everyone, and welcome to Caterpillar's third quarter of 2024 earnings call.

謝謝奧德拉，大家早安，歡迎參加卡特彼勒 2024 年第三季財報電話會議。

I'm Robin Fielder, Vice President of Investor Relations.

我是羅賓‧菲爾德，投資人關係副總裁。

Joining me today are Jim Umpleby, Chairman and CEO, Andrew Bonfield, Chief Financial Officer, Kyle amply, Senior Vice President of Global Finance Services division, Alex copper, Vice President Elect of IR, and Rob wrangle, Senior Director of IR. During our call will 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 and Presentations.

今天與我一起出席的有董事長兼執行長 Jim Umpleby、財務長 Andrew Bonfield、全球金融服務部門資深副總裁 Kyle amply、IR 候任副總裁 Alex Copper 以及 IR 資深總監 Rob wrangle。我們的電話會議將討論我們今天稍早發布的第三季財報。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。

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

本次電話會議的內容受美國和國際版權法的保護，未經 Caterpillar 事先書面許可，禁止轉播、轉發、複製或散佈全部或部分內容。

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

轉向幻燈片2，在我們今天的電話會議期間將做出前瞻性陳述，這些陳述受到風險和不確定性的影響，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中與您分享的資訊不同的假設。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 will 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.

我們在今天的電話會議上向 SEC 提交的文件中詳細討論了我們認為可能持續對我們的業務產生重大影響的許多因素，這些因素也將涉及非 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, interim call over to our Chairman and CEO, Jim Umpleby.

現在讓我們轉向幻燈片 3，暫時致電我們的董事長兼執行長 Jim Umpleby。

Thanks, Roy, and good morning, everyone.

謝謝羅伊，大家早安。

Thank you for joining us as we close out the third quarter.

感謝您在第三季結束時加入我們。

I want to thank our global team for another good quarter because our results reflect the benefit of the diversity of our end markets.

我要感謝我們的全球團隊又一個出色的季度，因為我們的業績反映了終端市場多樣性的好處。

We delivered strong adjusted operating profit margin and adjusted profit per share, which were consistent with our expectations.

我們實現了強勁的調整後營業利潤率和調整後每股利潤，這與我們的預期一致。

Although our top line was lower than we anticipated, we also generated in E. and T. free cash flow of 2.7 billion in the third quarter.

儘管我們的營收低於我們的預期，但我們在第三季也產生了 27 億美元的 E. 和 T. 自由現金流。

Our robust ME. and T. free cash flow, along with our strong balance sheet, allowed us to deploy over 9 billion to shareholders through share repurchases and dividends during the first three quarters of the year, including 1.5 billion this quarter. We continue to remain disciplined in the execution of our strategy for long-term profitable growth. I'll begin with my perspectives about our performance in the quarter.

我們強大的我。自由現金流，加上我們強勁的資產負債表，使我們能夠在今年前三個季度透過股票回購和股息向股東部署超過 90 億美元，其中本季為 15 億美元。我們持續嚴格執行長期獲利成長策略。我將首先談談我對本季業績的看法。

They will provide an update on our full year expectations. I'll then provide some insights about our end markets, followed by an update on our strategy in sustainability journey. Moving to quarterly results. Sales and revenues were down 4% in the third quarter versus last year. Lower expectations due to the impact of lower than expected sales to users and construction industries and timing of deliveries in Resource Industries in Energy & Transportation Services increased in the quarter compared to 2023.

他們將提供我們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策略的最新資訊。轉向季度業績。第三季銷售額和收入較去年下降 4%。與 2023 年相比，由於對使用者和建築業的銷售額低於預期以及能源和運輸服務資源行業的交付時間的影響，預期較低。

Adjusted operating profit margin was generally in line with our expectations at 20%. We achieved core the adjusted profit per share of $5.17, in line with our expectations at the time of the last earnings call.

調整後營業利益率為 20%，基本上符合我們的預期。我們實現了調整後每股核心利潤 5.17 美元，符合我們上次財報電話會議時的預期。

In addition, our backlog increased slightly to 28.7 billion in remains at a very healthy level for the full year.

此外，我們的積壓訂單略有增加，達到 287 億，全年仍處於非常健康的水平。

Although we upped your expectation since our last earnings call to reflect sales being slightly below our prior estimate, our expected adjusted operating profit margin is unchanged and remains above the top of the range. Also, our expectation for adjusted profit per share is unchanged. We are increasing our expectations for ME. and T. pre cash flow and now anticipate it will be near the top of our target range of five to 10 billion. Turning to Slide 4. In the third quarter of 2020 for sales and revenues declined 4% to 16.1 billion due to lower sales volume compared to the third quarter of 2023.

儘管自上次財報電話會議以來我們提高了您的預期，以反映銷售額略低於我們先前的估計，但我們預期的調整後營業利潤率沒有變化，仍然高於範圍的上限。此外，我們對調整後每股盈餘的預期保持不變。我們對 ME 的期望越來越高。 T. 預先現金流，現在預計它將接近我們 50 至 100 億目標範圍的頂部。轉向幻燈片 4。

Overall sales to users decreased 6% for machines, which includes construction industries. In Resource Industries, sales to users declined by 10%, which was below our expectations. Energy & Transportation continue to grow as sales to users increased 5%. Sales to users and construction industries were down 7% year over year. In North America, sales to users were down primarily due to lower rental fleet loading and the absence of a large pipeline deal in the third quarter of 2023. Excluding these two items, sales to users were about flat versus the prior year compared to our expectations.

機器（包括建築業）向用戶的總體銷售額下降了 6%。在資源產業，用戶銷售額下降了 10%，低於我們的預期。能源與運輸業務持續成長，向用戶的銷售額成長了 5%。對使用者和建築業的銷售額較去年同期下降 7%。在北美，向用戶的銷售額下降主要是由於租賃車隊裝載量下降以及 2023 年第三季度沒有大型管道交易。

Sales to users were lower than expected, impacted by rental fleet loading for dealers. Rental revenue continued to grow in the quarter. Sales to users declines in EAME, primarily due to ongoing weakness in construction activity in Europe, sales to users in Asia Pacific declined, while Latin America increased in Resource Industries. Sales to users declined 18%, generally in line with our expectations versus a strong third quarter in 2023, mining as well as heavy construction and quarry and aggregates were lower, mainly due to softness. We previous we discussed for two products articulated trucks in off-highway trucks in Energy & Transportation. Sales to users increased by 5%, and we continue to see growth in all applications except industrial. Power generation. Sales to users grew strongly as market conditions remain favorable for both reciprocating engines and silver turbines and turbine related services.

受經銷商租賃車隊裝載的影響，對使用者的銷售低於預期。本季租金收入持續成長。歐洲、中東和非洲地區用戶銷售額下降，主要是由於歐洲建築活動持續疲軟，亞太地區用戶銷售額下降，而拉丁美洲資源產業用戶銷售額增加。用戶銷售額下降 18%，整體符合我們的預期，而 2023 年第三季的強勁表現，採礦業以及重型建築、採石場和骨料的銷售額下降，主要是由於疲軟。我們之前討論過能源與運輸領域非公路卡車中的兩種產品鉸接式卡車。用戶銷售額成長了 5%，我們繼續看到除工業以外的所有應用領域的成長。發電。由於市場狀況仍然有利於往復式發動機、銀色渦輪機和渦輪機相關服務，因此對用戶的銷售強勁增長。

Oil and gas sales to users benefited from strong sales of turbines and turbine related services for reciprocating engines. In oil and gas applications. Sales to users were higher for gas compression, but lower in Well Servicing Transportation sales to users increased while industrial decline aligned as we expected. 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. Moving to dealer inventory in our backlog.

對用戶的石油和天然氣銷售受益於往復式發動機渦輪機和渦輪機相關服務的強勁銷售。在石油和天然氣應用。天然氣壓縮的用戶銷售量較高，但油井維修運輸的用戶銷售量增加，而工業下降與我們預期一致。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。轉向我們積壓的經銷商庫存。

In total dealer inventory increased by $400 million versus the second quarter of 2024. For machines. Dealer inventory increased by $100 million, slightly more than we had anticipated plan assumptions forecast a reduction in machine dealer inventory and why we expect machine dealer inventory to end the year around the same level as year end 2023. Dealers are independent businesses and make stacking decisions across a wide range of products based on multiple factors of credit product portfolio.

與 2024 年第二季相比，經銷商總庫存增加了 4 億美元。經銷商庫存增加了1 億美元，略高於我們的預期計劃假設預測機器經銷商庫存將減少，以及為什麼我們預計機器經銷商庫存年底將與2023 年底持平。決策涵蓋基於多種因素的信貸產品組合的廣泛產品。

While machine dealer inventory is currently around the top end of the typical run rate, and we remain comfortable with the overall level of dealer inventory. As I mentioned, backlog increased slightly versus the second quarter to 28.7 billion. Energy & Transportation increased as we continue to see strong demand for solar turbines in oil and gas and power generation as well as strong demand for reciprocating engines for power generation. Moving to slide 5, we generated robust in E. and T. pre-cash flow of 2.7 billion in the third quarter and 6.4 billion in the first three quarters of 2024.

雖然機器經銷商庫存目前約為典型運轉率的上限，但我們對經銷商庫存的整體水準仍然感到滿意。正如我所提到的，積壓訂單較第二季略有增加，達到 287 億。由於我們繼續看到石油、天然氣和發電領域對太陽能渦輪機的強勁需求以及對發電用往復式發動機的強勁需求，能源和交通運輸業有所增長。轉到幻燈片 5，我們在第三季度產生了強勁的 E. 和 T. 預現金流，27 億美元，2024 年前三個季度 64 億美元。

As I mentioned, year to date, we deployed more than 9 billion to shareholders through share repurchases and dividends. We remain proud of our dividend aristocrat status and continue to expect to return substantially all ME. and T. free cash flow to shareholders over time through dividends and share repurchases. Now on Slide 6 of the scrubber expectations for our three primary segments moving forward and construction industries. We expect lower sales to users in the fourth quarter, but remain positive about the longer-term demand outlook during our August earnings call, we noted a lower level of rental fleet globally in North America, which continued in the third quarter, and we now expect that trend to persist in the fourth quarter. Although we have lowered our expectations for sales to users in the fourth quarter, primarily due to lower rental fleet loading dealer rental revenue continues to grow. In addition, government related infrastructure projects are expected to remain healthy, supported by funding yet to be spent from their eye on AJA. Asia Pacific.

正如我所提到的，今年迄今為止，我們透過股票回購和股利向股東部署了超過 90 億美元。我們仍然為我們的股息貴族地位感到自豪，並繼續期望回報大部分 ME。隨著時間的推移，透過股息和股票回購向股東提供自由現金流。現在，幻燈片 6 展示了洗滌器對我們未來發展的三個主要細分市場和建築行業的期望。我們預計第四季度對用戶的銷售額將下降，但在8 月的財報電話會議上對長期需求前景保持樂觀，我們注意到北美全球租賃車隊水平較低，這種情況在第三季度持續存在，我們現在預計這一趨勢將在第四季度持續下去。儘管我們降低了對第四季度用戶銷售的預期，主要是由於租賃車隊裝載量較低，經銷商租賃收入持續成長。此外，在 AJA 尚未支出的資金的支持下，政府相關基礎設施項目預計將保持健康。亞太地區。

Outside of China, we expect soft economic conditions to continue. We anticipate demand in China. It will remain at a relatively low level for the above 10 ton excavator industry in EAME anticipate that weak economic conditions in Europe will continue, partially offset by continued healthy construction demand in the Middle East. Construction activity in Latin America remains healthy and we are expecting modest growth to continue.

在中國以外，我們預期疲軟的經濟狀況將持續下去。我們預計中國的需求。歐洲、中東和非洲地區 10 噸以上挖土機產業將保持在相對較低的水平，預計歐洲疲軟的經濟狀況將持續，部分被中東持續健康的建築需求所抵消。拉丁美洲的建築活動依然健康，我們預計將繼續溫和成長。

In addition, we expect the ongoing benefit of our services initiatives will positively impact construction industries. Next, I'll discuss Resource Industries. After strong performance in 2023 in mining, as well as heavy construction and quarry and aggregates.

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。接下來，我將討論資源產業。繼 2023 年採礦業以及重型建築、採石場和骨材領域表現強勁之後。

We continue to anticipate lower machine volume in the fourth quarter of 2024 versus last year. However, the rate of decline for sales to users in the fourth quarter is expected to moderate versus the previous quarters. We expect to see hires versus revenues, including robust rebuild activity. Customer product utilization remains high. The number of parked trucks remains relatively low. The age of the fleet remains elevated in our autonomous solutions continue to see strong customer acceptance. Customers continues to display capital disciplined.

我們繼續預計 2024 年第四季的機器產量將低於去年。然而，第四季度用戶銷售額的下降速度預計將比前幾個季度放緩。我們預計將看到員工人數與收入的比較，包括強勁的重建活動。客戶產品利用率仍然很高。停放的卡車數量仍然相對較少。在我們的自動駕駛解決方案中，車隊的使用年限仍然很高，並且繼續受到客戶的廣泛認可。客戶繼續表現出資本紀律性。

However, we can to believe the energy transition will support increased commodity demand over time, expand in our total addressable market in providing further opportunities for long-term profitable growth. Moving to Energy & Transportation for power generation, demand is expected to remain strong, and we expect robust growth in the fourth quarter and full year sales for both can't reciprocating engines and solar turbines.

然而，我們可以相信，隨著時間的推移，能源轉型將支持大宗商品需求的增加，擴大我們的總目標市場，為長期獲利成長提供進一步的機會。轉向能源和運輸發電領域，需求預計將保持強勁，我們預計第四季度和全年往復式發動機和太陽能渦輪機的銷售將強勁增長。

Overall strength and power generation continues to be driven by data center growth related to the cloud computing and generative AI., and we expect this trend to continue in oil and gas. In total, we continue to expect a stronger year overall in 2024 versus 2023 for solar turbines used in oil and gas applications. We expect a strong fourth quarter, but sales are expected to be lower than the fourth quarter of 2023 due to the timing deliveries.

整體實力和發電量持續受到與雲端運算和產生人工智慧相關的資料中心成長的推動，我們預計這一趨勢將在石油和天然氣領域持續下去。總的來說，我們繼續預計 2024 年石油和天然氣應用中使用的太陽能渦輪機的整體表現將比 2023 年更加強勁。我們預計第四季將表現強勁，但由於交貨時間安排，銷售額預計將低於 2023 年第四季。

The increase in power generation of solar were mostly offset Solar's decline in oil and gas. So we expect strollers total sales in the fourth quarter to be roughly flat compared to last year. So our has a strong backlog as well as healthy order and inquiry activity, and we continue to expect full year growth for solar in oil and gas sector, a strong 2023. We expect we expect reciprocating engine sales in oil and gas to be slightly down this year, primarily due to ongoing softness in well servicing. Still expect gas continued to be up for the full year.

太陽能發電量的成長大部分抵消了太陽能發電量下降的石油和天然氣發電量。因此，我們預計第四季嬰兒車總銷量將與去年基本持平。因此，我們有大量積壓訂單以及健康的訂單和詢價活動，我們繼續預計石油和天然氣領域太陽能的全年增長，即2023 年的強勁增長。下降今年，主要是因為油井維修持續疲軟。仍然預計全年天然氣價格將繼續上漲。

However, we expected to soften in the near term as equipment lead times have normalized. As we had previously mentioned, we can leverage our large engine platforms across a variety of applications. Based on current market conditions in Well Servicing applications, we are able to serve additional power generation demand as we continue to meet oil and gas customer needs while optimizing our overall large engine capacity. Industrial demand has continued to remain at a relatively low level compared to 2023. In transportation, we anticipate full year growth in both rail services in marine applications. Moving to Slide 7 now will provide an update on our strategy and sustainability journey.

然而，隨著設備交貨時間已經正常化，我們預計短期內會出現疲軟。正如我們之前提到的，我們可以在各種應用程式中利用我們的大型引擎平台。根據目前油井維修應用的市場狀況，我們能夠滿足額外的發電需求，同時繼續滿足石油和天然氣客戶的需求，同時優化我們的整體大型引擎容量。與 2023 年相比，工業需求繼續保持在相對較低的水平。現在轉到幻燈片 7，我們將提供有關我們的策略和永續發展之旅的最新資訊。

In February of 2024, we announced a multi-year capital investment in our large reciprocating engine division to approximately double output capability compared to 2023 for new engines in aftermarket parts based on increasing expectations of future demand growth. Today, we are announcing an additional month your investment to further expand our large engine volume output capability to more than 125% compared to 2023. I mentioned we leverage these large engines across a variety of applications, including data centers, oil and gas, large mining trucks and distributed power generation. Moving on sustainability.

2024 年 2 月，我們宣布對大型往復式發動機部門進行多年資本投資，基於對未來需求增長的預期不斷提高，售後零件新發動機的產能將比 2023 年提高約一倍。今天，我們宣布您將再投資一個月，以進一步將我們的大型發動機產量能力擴大到2023 年的125% 以上。和天然氣、大型引擎礦用卡車和分散式發電。邁向永續發展。

We continue to invest in new products, technologies and services to help our customers achieve their climate related objectives. In September, we unveiled an innovative solution to help solve the most complex aspects of the mining industry. Energy transition. Energy management can't dynamic energy transfer or DET. is a fully Caterpillar develop system that can transfer energy to both diesel electric and battery electric. Large mining trucks will they are working around demand side.

我們持續投資新產品、技術和服務，幫助我們的客戶實現與氣候相關的目標。九月，我們推出了一項創新解決方案，幫助解決採礦業最複雜的問題。能源轉型。能源管理不能進行動態能量轉移或DET。是一個完全卡特彼勒開發的系統，可以將能量傳輸到柴油電動和電池電動。大型礦用卡車將圍繞需求方工作。

It can also charge batteries, batteries, while operating with increased speed on grade, improving operational efficiency in machine uptime at DET. is comprised of a series of it degraded elements, including a power module that converts energy for a mine sites, power source and electrified rail system to transmit the energy in the machine system to transfer the energy to the trucks, powertrain can the ET. will integrate with the CAT. mine started command for hauling solution, merging autonomy and electrification technologies to provide a holistic solution.

它還可以為電池充電，同時在坡道上以更高的速度運行，從而提高 DET 機器正常運行時間的運行效率。它由一系列它的退化元件組成，包括為礦場轉換能量的動力模組、將能量傳輸到機器系統中的動力源和電氣化軌道系統，將能量傳輸到卡車、動力總成可以是ET。將與 CAT 整合。礦場開始指揮運輸解決方案，將自主技術和電氣化技術結合，以提供整體解決方案。

We believe mine sites will benefit from enhanced efficiency with the integration of electrification and automation. When combined, these technologies will help learners achieve production targets while simultaneously managing energy demands. This example highlights how we leverage our industry-leading technology through an integrated approach across our portfolio to help our customers build a better, more sustainable world. With that, I'll turn it over to Andrew.

我們相信，透過電氣化和自動化的整合，礦場將受益於效率的提升。這些技術結合起來，將幫助學習者實現生產目標，同時管理能源需求。這個例子強調了我們如何透過整個產品組合的整合方法來利用業界領先的技術來幫助我們的客戶建立一個更美好、更永續的世界。這樣，我就把它交給安德魯。

Thank you, Jim, and good morning, everyone.

謝謝吉姆，大家早安。

As usual, I'll begin with a high-level summary of the third quarter and then provide more detailed comments, including the performance segments. I'll then discuss the balance sheet and free cash flow. Before concluding my comments on our assumptions for the full year and the fourth quarter, beginning on Slide 8. Although sales and revenues were lower than we had expected, our adjusted operating profit margin was 20.0%. Gymnasium generally in line with what we had anticipated expectations spots adjusted operating profit being impacted by the lower sales and revenues.

像往常一樣，我將從第三季的高級摘要開始，然後提供更詳細的評論，包括業績部分。然後我將討論資產負債表和自由現金流。在結束我對全年和第四季度的假設的評論之前，從幻燈片 8 開始。 Gymnasium 大致符合我們的預期，調整後的營業利潤受到銷售額和收入下降的影響。

I will highlight a few moving parts in a moment. As Jim mentioned, our full-year margin expectations remain unchanged, and we continue to anticipate the adjusted operating profit margin will be above the top end of the target range. Despite the slightly lower outlook for the top line, our expectations for adjusted profit per share remained unchanged versus our expectations of the time of our last earnings call.

稍後我將重點放在幾個動態部分。正如吉姆所提到的，我們的全年利潤率預期保持不變，我們繼續預期調整後的營業利潤率將高於目標範圍的上限。儘管營收前景略有下降，但我們對調整後每股利潤的預期與上次財報電話會議時的預期相比保持不變。

Also, we have increased our expectations for ME&T free cash flow for the year, which we now anticipate will be near the top of our five to $10 billion target range in the third quarter. Sales revenues of $16.1 billion decreased by 4% compared to the prior year. Adjusted operating profit margin of 20.0% was 80.8 basis points lower when compared to the prior year. Profit per share was $5.6 in the third quarter compared to $5.45 in the third quarter of last year. Restructuring costs were $0.11 in the quarter versus $0.07 in the prior year. Adjusted profit per share was $5.17 in the quarter compared to $5.52 last year.

此外，我們也提高了對今年 ME&T 自由現金流的預期，目前預計第三季將接近 5 至 100 億美元目標範圍的頂部。銷售收入為 161 億美元，較上年下降 4%。調整後營業利益率為 20.0%，較上年下降 80.8 個基點。第三季每股獲利為 5.6 美元，去年第三季為 5.45 美元。本季重組成本為 0.11 美元，而去年同期為 0.07 美元。本季調整後每股利潤為 5.17 美元，去年同期為 5.52 美元。

Other income and expense was $119 million headwind versus the prior year, mostly driven by an unfavorable currency impact related to NB&T balance sheet translation. We do not forecast the impact of foreign currency translation on our adjusted profit per share, so this acted as a headwind compared to our expectations for the quarter, excluding discrete items, the provision for income taxes in the third quarter in both 2023 and 2024 reflected a global annual effective tax rate of 22.5%.

其他收入和支出與前一年相比為 1.19 億美元，主要是由於 NB&T 資產負債表換算相關的不利貨幣影響所致。我們不預測外幣換算對調整後每股利潤的影響，因此與我們對本季度的預期相比，這是一個逆風，不包括離散項目，2023 年和 2024 年第三季度的所得稅撥備反映了全球年有效稅率為22.5%。

We recorded discrete tax benefit, which we had, which had an $0.11 favorable impacts within the quarter. We do not anticipate discrete items. Finally, the year-over-year impact from the reduction in the average number of shares outstanding, primarily due to share repurchases, resulted in unfavorable impact on adjusted profit per share of approximately $0.26 as compared to Q3 2023.

我們記錄了我們擁有的離散稅收優惠，這在本季度產生了 0.11 美元的有利影響。我們預計不會出現離散項目。最後，主要由於股票回購導致平均已發行股票數量減少，與 2023 年第三季相比，對調整後每股利潤產生了約 0.26 美元的不利影響。

This was slightly better than we had expected. Moving to slide 9, I'll discuss our top line results for the third quarter. Sales and revenues decreased by 4% compared to the prior year, primarily impacted by lower sales volume as a result of lower sales to users and impacts from changes in dealer inventories. Total sales to users decreased by 6%. A 10% decrease from machines was partially offset by a 5% increase in energy and transportation.

這比我們預期的要好一些。轉到投影片 9，我將討論第三季的營收結果。銷售額和收入較上年下降 4%，主要是由於向用戶的銷售額減少導致銷量下降以及經銷商庫存變化的影響。用戶總銷售額下降了 6%。機器方面 10% 的下降被能源和運輸方面 5% 的成長部分抵消。

The impact of changes and total dealer inventories, actually as a sales headwind of about $200 million in the quarter for machines only three, the inventory increased by about $100 million, a smaller increase in the $400 million increase in the prior for slightly above our expectations of being flattish to slightly lower service revenues increased versus the prior year as we had anticipated. Moving to operating profit on Slide 10. Operating profit in Q3 decreased by 9% to 30 to 3.1 billion. Adjusted operating profit decreased by 8% to 3.2 billion, mainly due to the impacts of lower sales volume, partially offset by favorable price realization and manufacturing costs. Since early 2022. Price realization has been a strong has been strong and us often exceeded our expectations. Over the past several quarters, we have highlighted the price will begin to moderate in the second half of this year.

經銷商庫存變化和總庫存的影響，實際上作為本季約2 億美元的銷售逆風，僅三台機器，庫存增加了約1 億美元，增幅較小，較之前的4 億美元增幅略高於我們的預期正如我們預期的那樣，服務收入與前一年相比持平或略有下降。轉到投影片 10 的營業利潤。調整後營業利潤下降 8% 至 32 億美元，主要是由於銷售下降的影響，但部分被有利的價格實現和製造成本所抵消。自 2022 年初以來，價格實現一直很強勁，而且經常超越我們的預期。在過去的幾個季度中，我們強調價格將在今年下半年開始放緩。

In the third quarter of this moderation began to occur as price realization was lower than previous quarters and generally in line with our expectations. As I mentioned, for the third quarter of the adjusted operating profit margin was 20.0%, which was generally in line with our expectations by segment margin and Construction Industries and Resource Industries was slightly below our expectations on lower volume, while energy and transportation was about in line Financial Products had a slightly stronger quarter than we had expected.

在第三季度，這種放緩開始出現，因為價格實現低於前幾季度，並且總體上符合我們的預期。正如我所提到的，第三季調整後營業利潤率為20.0%，整體符合我們對分部利潤率的預期，建築業和資源業的銷售量略低於我們的預期，而能源和運輸業則略低於我們的預期。

On Slide 11. Construction industry sales decreased by 9% in the third quarter to $6.3 billion, slightly below our expectations. The decrease versus the prior year was primarily due to lower sales volume and unfavorable price realization. The decrease in sales volume was mainly driven by lower sales of equipment to end users. Changes in dealer inventories also acted as a slight headwind to sales by region. Construction Industry sales in North America decreased by 11% and Latin America sales increased by 19%. Sales in EAME region decreased by 15%, and Asia Pacific sales declined by 12%.

在投影片 11 上。與上年相比下降的主要原因是銷量下降和價格實現不利。銷量下降主要是由於向最終用戶銷售的設備減少。經銷商庫存的變化也對各地區的銷售產生了輕微的阻力。北美建築業銷售額下降 11%，拉丁美洲銷售額成長 19%。歐洲、中東和非洲地區銷售額下降 15%，亞太地區銷售額下降 12%。

Third-quarter profit for Construction Industries was 1.5 billion. A 20% decrease versus the prior year is mainly due to the profit impact of lower sales volume and unfavorable price realization. The segment's margin of 23.4% was a decrease of 300 basis points versus the prior year. Turning to Slide 12. Resource Industries sales decreased by 10% in the third quarter to 3.0 billion, which was slightly below our expectations. The decline versus the prior year was primarily due to lower sales volume, mainly driven by lower sales of equipment to end-users.

建築業第三季獲利為15億美元。與上年相比下降20%，主要是由於銷量下降和不利的價格實現對利潤的影響。該部門的利潤率為 23.4%，比前一年下降了 300 個基點。轉向投影片 12。與上年相比下降的主要原因是銷量下降，而銷量下降主要是由於向最終用戶銷售的設備銷量下降所致。

Given the challenging comparisons to the prior year. Third-quarter profit for Resource Industries decreased by 15% versus the prior year to 619 million. This was mainly due to the profit impact of lower sales volumes. The segment's margin of 28.4% was a decrease of 140 basis points versus the prior year. Now on Slide 13. Energy & Transportation sales increased by 5% in the Q3 to $7.2 billion, slightly lower than we had expected driven by the timing of deliveries. the increase versus the prior year was primarily due to favorable price realization and higher sales volume, including higher intersegment sales by application power generation sales increased by 26%.

考慮到與前一年的比較具有挑戰性。資源產業第三季獲利較上年同期下降 15%，至 6.19 億美元。這主要是由於銷量下降對利潤的影響。該部門的利潤率為 28.4%，比前一年下降了 140 個基點。現在在投影片 13 上。與前一年相比的成長主要是由於有利的價格實現和銷量的增加，包括應用程式發電銷量增加的部門間銷量增加了 26%。

Transportation sales were higher by 3%. Oil and gas sales decreased by 1% and industrial sales decreased by 16%. Third-quarter profit for energy and transportation increased by 21% versus the prior to $1.4 billion for the increase was mainly due to favorable price realization. The margin of 19.9% was an increase of 270 basis points versus the prior. Moving to Slide 14. Financial Products revenues increased by 6% to about $1 billion, primarily due to higher average earning assets are driven by North America and higher average financing rates across all regions. Segment profit increased by 21% to 246 million. This is mainly due to a favorable impact from equity securities and a lower provision for credit losses. Our customers' financial health is strong. Past dues remained near historic lows of 1.74% in the quarter, down 22 basis points versus the prior. Our allowance rate was 0.87%. Our lowest on record business. Activity in the Cat Financial remains healthy.

運輸銷售成長了 3%。石油和天然氣銷售額下降1%，工業銷售額下降16%。第三季能源和運輸利潤與先前的 14 億美元相比成長了 21%，成長的主要原因是有利的價格實現。利潤率為 19.9%，比之前增加了 270 個基點。轉向投影片 14。分部溢利成長21%至2.46億元。這主要是由於股本證券的有利影響以及信用損失撥備的減少。我們客戶的財務狀況良好。本季逾期未付款項仍接近 1.74% 的歷史低點，較上一季下降 22 個基點。我們的津貼率為0.87%。我們的業務有記錄以來最低。 Cat Financial 的活動依然健康。

Our retail new business volume increased by 17% versus the prior year, supported by a financing patent. Though Caterpillar's retail machine sales volume was lower, proportionately more sales being financed through Cap Financial, which highlights the attractiveness of the financing offer of options we are offering to our customers. We also continue to see healthy demand for used equipment and inventories remain at low levels. Conversion rates are also strong as customers choose to buy equipment at the end of the lease term. Moving on to slide 15, we generated about $2.7 billion in ME&T free cash flow in the quarter Q3 and deployed about $1.5 billion in share repurchases and dividends. Our balance sheet remains strong with an enterprise cash balance of 5.6 billion.

在融資專利的支持下，我們的零售新業務量比上年成長了17%。儘管卡特彼勒的零售機器銷售較低，但透過 Cap Financial 融資的銷售比例有所增加，這凸顯了我們向客戶提供的融資方案的吸引力。我們也繼續看到對二手設備的健康需求和庫存仍處於較低水準。由於客戶選擇在租賃期結束時購買設備，轉換率也很高。轉向幻燈片 15，我們在第三季的 ME&T 自由現金流中產生了約 27 億美元，並部署了約 15 億美元的股票回購和股息。我們的資產負債表依然強勁，企業現金餘額為 56 億美元。

In addition, we held 1.8 billion slightly longer dated liquid marketable securities to improve yields on that cash. Now on Slide 16 shows a high-level assumptions for the full year. For the full year, we have updated outlook to reflect sales and revenues than a slightly lower than our expectations at the time at our last earnings call, driven by lower than expected third-quarter sales and an update to our expectations for dealer rental, fleet loading and construction industries. We continue to anticipate services growth in 2024.

此外，我們也持有 18 億股期限稍長的流動性有價證券，以提高現金收益率。現在投影片 16 顯示了全年的高級假設。對於全年，我們更新了展望，以反映銷售和收入略低於我們上次財報電話會議時的預期，這是由於第三季度銷售低於預期以及更新了我們對經銷商租賃、車隊的預期裝載和建築業。我們繼續預期 2024 年服務業將會成長。

As I mentioned earlier, a full year expectations for adjusted operating profit margin and adjusted profit per share remained unchanged compared to our last earnings call. We continue to expect adjusted operating profit margin to be above the top end of the target range.

正如我之前提到的，與我們上次的財報電話會議相比，全年調整後營業利潤率和調整後每股利潤的預期保持不變。我們繼續預期調整後的營業利潤率將高於目標範圍的上限。

In addition, we are increasing our expectations by me and see free cash flow for the year, which we now anticipate to be near the top of that five to $10 billion range. To assist you with your modeling. For the full year, we now anticipate CapEx of around $2 billion and restructuring costs of approximately 400 million. Our expectation for the global annual effective tax rate, excluding discrete items, remains at 22.5%. Turning to slide 17, I'll provide a few comments in the fourth quarter.

此外，我們正在提高我們的預期，預計今年的自由現金流將接近 5 至 100 億美元範圍的頂部。幫助您進行建模。我們目前預計全年資本支出約 20 億美元，重組成本約 4 億美元。我們對全球年度有效稅率（不包括離散項目）的預期仍為 22.5%。轉向幻燈片 17，我將在第四季度提供一些評論。

Starting with the top line, we expect slightly lower sales and revenues in the fourth quarter compared to the prior year, impacted by lower machine sales to users versus a strong comparison. Our machine dealer inventory. Our planning assumptions include the expectation that dealers will reduce the inventories in the fourth quarter while balancing the need to be prepared for 2025. The magnitude of the decline from machine dealer inventory is expected to be less than the 1.4 billion decrease we saw in the fourth quarter of 2023. For perspective, we expect machine dealer inventory to end the year around same level as year end 2023. Also, the ongoing benefit of our services initiatives is expected to positively impact sales in the fourth quarter by segment in Q4 compared to the prior, we anticipate a sales decrease in construction industries.

從營收開始，我們預計第四季度的銷售額和收入與去年同期相比略有下降，這是由於向用戶銷售的機器銷量與強勁的比較相比有所下降的影響。我們的機器經銷商庫存。我們的規劃假設包括預期經銷商將在第四季度減少庫存，同時平衡為2025年做好準備的需要。 2023 年第四季。在細分市場的銷售產生正面影響先前，我們預期建築業的銷售額將會下降。

This is impacted by lower sales to users, which Jim Jim mentioned along with unfavorable price realization in Resource Industries, we expect slightly lower sales impacted by lower sales to users versus a strong fourth quarter of 2023. In Energy & Transportation, we anticipate slightly higher sales versus the prior supported by power generation.

這是受到用戶銷售額下降的影響，Jim Jim 提到，加上資源產業的價格實現不利，我們預計與2023 年第四季強勁的第四季相比，用戶銷售額下降會導致銷售額略有下降。

Enterprise margin in the fourth quarter is expected to trend lower compared to the third quarter following the typical seasonable patent, however, versus the prior year, but we expect a modestly higher adjusted operating profit margin. Despite lower sales. We anticipate favorable manufacturing costs and lower SG&A and R&D expenses will more than offset the profit impact of lower sales volume. Lower SG&A and R&D expenses are prominent, primarily driven by the benefit of lower short-term incentive compensation versus a higher expense in the prior quarter. Price realization from machines is expected to trend lower as the pricing environment continues to normalize. Both price and Energy & Transportation should act as a partial offset regarding from regarding price expectations from machines.

然而，在典型的季節性專利之後，第四季度的企業利潤率預計將低於第三季度，但與前一年相比，我們預計調整後的營業利潤率將略有上升。儘管銷量較低。我們預計有利的製造成本以及較低的銷售、行政管理和研發費用將足以抵銷銷售下降對利潤的影響。 SG&A 和研發費用下降尤為突出，主要是由於短期激勵薪酬較低而上一季費用較高所致。隨著定價環境繼續正常化，機器的實現價格預計將呈下降趨勢。價格和能源與運輸都應作為機器價格預期的部分抵消。

It is important to note the discounts to dealers occur through post-sales merchandising programs, which impact our results over time. This includes financing support from CAT Financial, which is an effective way of supporting our customers, and we recover a portion of that support over the life of the deal. Let me explain. Based on the current level of price discounting support, we reserve the anticipated payments to dealers for these merchandising programs. At times, there is a lag between the timing of the invoices, the dealer and when the dealer invoices, the customer, which impacts the reserve over the next few quarters.

值得注意的是，經銷商的折扣是透過售後促銷計劃進行的，這會隨著時間的推移影響我們的業績。這包括來自 CAT Financial 的融資支持，這是支持我們客戶的有效方式，我們會在交易期間收回部分支持。讓我解釋一下。根據目前的價格折扣支援水平，我們為這些推銷計劃保留了向經銷商支付的預期款項。有時，經銷商開立發票的時間與經銷商向客戶開立發票的時間之間存在滯後，這會影響接下來幾季的準備金。

We expect the impact from these merchandising programs to drive a headwind to machine price realization as we continue to adjust the reserve to reflect the current level of price discounting support by segment. In the fourth quarter and construction industries, we anticipate lower margin compared to the prior year, primarily due to unfavorable price realization, partially offset by favorable manufacturing costs in Resource Industries.

我們預期這些商品銷售計畫的影響將對機器價格實現帶來阻力，因為我們將持續調整儲備金以反映當前各細分市場的價格折扣支持水準。在第四季和建築業，我們預計利潤率將低於上年，這主要是由於不利的價格實現，但部分被資源行業有利的製造成本所抵消。

We anticipate lower margin than the fourth quarter compared to the prior year, mainly due to lower volume and product physicians, strategic investments around services growth and ACE, which is autonomy, alternative fuels, connectivity and digital and electrification. Favorable manufacturing costs should act as a partial offset in Energy & Transportation. We expect a higher margin versus the prior year, primarily impacted by favorable price realization. So turning to slide 18, let me summarize. Although sales and revenues were lower than we had expected.

我們預計第四季度的利潤率將低於去年同期，這主要是由於銷售和產品醫生的減少、圍繞服務成長和 ACE（自主、替代燃料、連接性以及數位化和電氣化）的策略性投資。有利的製造成本應該可以部分抵消能源和運輸領域的影響。我們預期利潤率將高於上年，這主要是受到有利的價格實現的影響。現在請看投影片 18，讓我總結一下。儘管銷售額和收入低於我們的預期。

Adjusted operating profit margin and adjusted profit per share were generally in line with our expectations. We now anticipate our top line for the full year will be slightly below our prior estimates. Backlog increased slightly and remains at a very healthy level. Our expectations for full year adjusted operating profit margin and adjusted profit per share remained unchanged compared to a quarter ago. We continue to expect adjusted operating profit margin to be above the top end of the target range for the full year. Based on our expected sales levels, we are now increasing our expectations for ME&T free cash flow, which we anticipate to be near the top of that target range for the full year and team executed well in the quarter, and our results continue to benefit to reflect the benefit of the diversity of our end markets and the disciplined execution of our strategy for long-term profitable growth.

調整後營業利益率和調整後每股盈餘基本上符合我們的預期。我們現在預計全年的營收將略低於我們先前的估計。積壓略有增加，並保持在非常健康的水平。我們對全年調整後營業利潤率和調整後每股利潤的預期與上季相比保持不變。我們繼續預計調整後的營業利潤率將高於全年目標範圍的上限。根據我們預期的銷售水平，我們現在提高了對 ME&T 自由現金流的預期，我們預計全年的目標範圍接近頂部，團隊在本季度執行良好，我們的業績繼續受益於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。

And with that, we'll now take your questions.

接下來，我們將回答您的問題。

Thank you.

謝謝。

And I will now begin the question and answer session.

我現在開始問答環節。

Gapped out, and I would like to ask a question, please press star one on your telephone key pad to raise your hand and China kill him. I'd like to withdraw your question simply press star one.

我愣了一下，我想問一個問題，請按你電話鍵盤上的星號一舉手，中國殺了他。我想撤回您的問題，只需按一號星即可。

Again, we ask that you please limit yourself to one question to allow everyone an opportunity to ask a question.

我們再次要求您將自己的問題限制在一個問題上，以便讓每個人都有機會提問。

We'll take our first question from Jerry Revich of Goldman Sachs.

我們將回答高盛 (Goldman Sachs) 的 Jerry Revich 提出的第一個問題。

Yes, hi. Good morning, everyone.

是的，嗨。大家早安。

Morning, Jay and Andrew.

早安，傑伊和安德魯。

Hi.

你好。

I'm wondering if we just take a step back at your margin performance this year is really outstanding relative to those long-term targets. And as you see it, is this level of outperformance sustainable or should we take the pricing headwinds that we spoke about? It my prepared remarks, Mainland, you folks are evaluating the optimal balance between margins and market share?

我想知道我們是否只是退後一步，相對於這些長期目標，今年你們的利潤率表現確實非常出色。正如您所看到的，這種出色的表現水平是否可持續，或者我們是否應該接受我們談到的定價逆風？按照我準備好的發言，大陸，你們正在評估利潤率和市場份額之間的最佳平衡嗎？

Well, Jerry, just as a reminder, you know, our primary measure of dollars of them were very focused on. Obviously, we're always focused on being competitive in the various markets that we serve. And of course, we serve a diverse group of industries around the world. So what's happening in one market? one segment is it can be very different what's happening in another segment just from a competitive perspective.

好吧，傑瑞，提醒一下，你知道，我們對它們的主要衡量標準是非常關注的。顯然，我們始終致力於在我們服務的各個市場中保持競爭力。當然，我們為世界各地的不同行業提供服務。那麼某一市場正在發生什麼事呢？一個細分市場的情況可能與另一個細分市場發生的情況截然不同，僅從競爭的角度來看。

So again, we're focused on remaining competitive. We do provide margin targets, obviously to give investors and analysts a sense of where we'll be around margins and will continue to do that. So again, we're driving to remain competitive. We're driving to increase absolute OpEx and you can use our margin target ranges to give a sense of what we expect.

所以，我們再次強調保持競爭力。我們確實提供了利潤率目標，顯然是為了讓投資者和分析師了解我們將在利潤率方面達到什麼水平，並將繼續這樣做。因此，我們再次努力保持競爭力。我們正在努力增加絕對營運支出，您可以使用我們的利潤目標範圍來了解我們的期望。

Well next we move toTami Zakaria with JPMorgan.

接下來我們請摩根大通的塔米‧扎卡里亞 (Tami Zakaria)。

Mining mining team, Caterpillar, hoping at Genmab.

礦業團隊 Caterpillar 寄希望於 Genmab。

And my question is on the resource industry segments as volumes in that segment has been down for about a year now on and I think you said at the rate of decline you expect to get better in the fourth quarter at Un-carrier high and planning for this segment for clients and a few. Do you expect demand Avid our sales to stabilize near time or it could get better or maybe a week for a few more quarters?

我的問題是關於資源行業細分市場，因為該細分市場的銷量已經下降了大約一年，我認為您說過，您預計第四季度的下降速度會在非承運商高位有所改善，並計劃這部分是針對客戶和少數人的。您預計需求 Avid 我們的銷售會在不久的將來穩定下來，還是會變得更好，或者可能在接下來的幾個季度中會持續一周？

Well, thank you for your question.

嗯，謝謝你的提問。

I mean, the full year drop, as we talked about in previous calls, is really primarily due to a couple of products articulated truck and off-highway trucks. And we had a we had a strong backlog there that we had to work our way through, and that's created a comp issue for us in Resource Industries this year.

我的意思是，正如我們在之前的電話會議中談到的那樣，全年銷量下降實際上主要是由於鉸接式卡車和非公路卡車的幾種產品造成的。我們那裡有大量的積壓，我們必須努力解決，這為我們今年的資源產業帶來了一個補償問題。

Having said that, we would do obviously, we're not going to give guidance around 2025. We'll talk about 2025 in January. But certainly we continue to be quite bullish on the long-term U.S. aspects for mining, just given all the commodities that need to be produced to support the energy transition. You know, our mining customers use our products to produce those products, things like copper.

話雖如此，我們顯然不會在 2025 年左右提供指導。但當然，考慮到支持能源轉型所需生產的所有商品，我們仍然對美國採礦業的長期前景感到非常看好。您知道，我們的採礦客戶使用我們的產品來生產這些產品，例如銅。

So our customers are displaying capital discipline, but but we certainly are bullish about the long term. We do expect higher services revenues because of the utilization of our products is quite high on the age of the fleet is relatively elevated in the number of parked trucks is relatively low. So those are all positive things. one of the things that we also see is a lot of inquiry activity and order activity around large mining trucks. So we're pleased that that. So that's one of the things that also was a reason for optimism as well.

因此，我們的客戶正在表現出資本紀律，但我們當然看好長期發展。我們確實預期服務收入會更高，因為我們產品的使用率相當高，車隊的車齡相對較高，停放卡車的數量相對較低。所以這些都是正面的事情。我們還看到的一件事是圍繞大型礦用卡車的大量詢價活動和訂單活動。所以我們對此感到很高興。所以這也是樂觀的原因之一。

Next slide contains all cash deal at Morgan Stanley.

下一張投影片包含摩根士丹利的所有現金交易。

Hi, good morning and thanks for taking my question was on African Iron and maybe a little bit and good morning.

你好，早上好，感謝您提出我的問題是關於非洲鋼鐵的，也許是一點，早安。

I wonder if you could expand a little bit more on what you're hearing from your dealers and customers around in terms of fab construction industries, particularly in terms of our growth in our eyes are cashing out for that segment specifically. And then Marcel, qualitatively, what you have in our into 2025 in terms of sentiment and kind of in financials to to buy kind of heading in and at year end versus the macro that remains on that answer.

我想知道您是否可以進一步擴展一下您從經銷商和客戶那裡聽到的晶圓廠建設行業的情況，特別是我們眼中的增長，特別是針對該領域的兌現。然後，馬塞爾，從定性的角度來看，我們到 2025 年的情緒和金融方面的情況是，在年底和年底時，與仍然存在的宏觀問題相比，你可以買入什麼。

It will couple of things.

這將有幾件事。

Firstly, in the quarter, as I mentioned earlier, that built with the primary reasons for the decline quarter to quarter was based on the lower rental fleet loading by our dealers. And of course, it's important to note that our dealers rental revenue continues to increase, which really an issue of them having lower loading into their rental fleets. In addition to that, we had a large pipeline deal in the third quarter of last year, which obviously didn't reoccur in that creating an issue as well.

首先，在本季度，正如我之前提到的，季度環比下降的主要原因是我們的經銷商租賃車隊負載較低。當然，值得注意的是，我們的經銷商租賃收入持續增加，這確實是他們租賃車隊負載較低的問題。除此之外，我們在去年第三季進行了一項大型管道交易，這顯然也沒有再發生，造成了問題。

From a positive perspective, we expect government related infrastructure to remain healthy. I mean, if we look at some tax from Art, but which is the American Road and Transportation Builders Association, they noted that Tim only 27% of the 300, $48 billion total IGA. funding has been spent as of August 2024 by 47% of its been committed, only 27% of its been spent. So that's quite healthy as well.

從正面的角度來看，我們預期政府相關基礎設施將保持健康。我的意思是，如果我們看一下來自 Art 的稅收，即美國道路和交通建設者協會，他們指出蒂姆只佔 300 個 480 億美元總額的 IGA 的 27%。截至 2024 年 8 月，已支出承諾資金的 47%，但僅支出了 27%。所以這也是非常健康的。

So there's a lot of infrastructure activity out there that are that our dealers are working with our their customer to help support. So we feel good about that as well.

因此，我們的經銷商正在與他們的客戶合作以幫助支援大量基礎設施活動。所以我們對此也感覺很好。

We'll go next to Jamie Koch at Truist Securities.

接下來我們將採訪 Truist 證券公司的 Jamie Koch。

Hi, good morning.

嗨，早安。

And I'm sorry, I'm flipping between multiple cause it to you and I think you said during the prepared remarks that you guys are on, you know, adding incremental on large engine capacity out relative to your previous announcements.

很抱歉，我在多個原因之間切換，我想您在準備好的發言中說過，你們正在，相對於之前的公告，增加大型發動機容量。

I guess my question is there any way you can frame the capital investment and more important and what you think, you know, the longer-term revenue revenue opportunity for Caterpillar as you continue to increase capacity here?

我想我的問題是，有什麼方法可以框架資本投資，更重要的是，隨著您繼續增加這裡的產能，您認為卡特彼勒的長期收入機會是什麼？

And then sort of what does that imply for margins for this segment? And again, we're adding a lot of capacity, but the margins are below on resourcing construction, healthy margins be structurally higher as volumes ramp.

那麼這對於該細分市場的利潤率意味著什麼？再說一次，我們正在增加大量產能，但資源建設的利潤率低於，隨著產量的增加，健康的利潤率在結構上會更高。

And now thanks for your question, Jamie.

現在謝謝你的提問，傑米。

And we haven't quantified the amount of capital investment in that capacity increase. But we did talk about the fact that we expect that with this incremental investment that we will have increased our large engine volume output capability to more than 25 hundred and 25% compared to 2023 in it, core search engines are used across a wide variety variety of applications and certainly what's driving the demand today. Data centers.

我們還沒有量化產能增加的資本投資金額。但我們確實談到了這樣一個事實，即我們預計透過這一增量投資，我們將把我們的大型引擎容量輸出能力比 2023 年提高到 2500零 25% 以上，核心搜尋引擎將被廣泛使用應用程式的種類，當然還有推動當今需求的因素。數據中心。

We sell to a backup generator sets for data centers, but we're also quite excited about the opportunity going forward for what we call distributed generation data centers, of course, don't just creating opportunity for us for backup generators.

我們向資料中心出售備用發電機組，但我們也對我們所謂的分散式發電資料中心的未來機會感到非常興奮，當然，不僅僅是為我們的備用發電機創造機會。

But of course, the base load requirements of on the grid is going up as well because of data centers as much been written about that.

當然，由於資料中心的存在，電網的基本負載需求也在上升。

And so just given the fact that there has been relative underinvestment in traditional power plants over the last few years, the fact that more renewables have been added to the grid, which are intermittent nature and the fact that now we have data center increasing base load requirements on the grid, we think that creates an opportunity for us for both our our gas turbine generator sets and our risk replicating engine generator sets in what we call distributed power applications distributed across the grid. And our gas turbines and gen sets convert a wide variety of fuels, natural gas, biofuels, hydrogen blends. So we're quite excited about that long-term opportunity that has started to manifest itself.

因此，考慮到過去幾年傳統發電廠的投資相對不足，電網中增加了更多可再生能源，這是間歇性的，而且現在我們的數據中心增加了基本負載我們認為，這為我們的燃氣渦輪發電機組和我們在整個電網中分佈的分佈式電力應用中複製發動機發電機組的風險創造了機會。我們的燃氣渦輪機和發電機組可轉換各種燃料、天然氣、生物燃料、混合氫。因此，我們對已經開始顯現的長期機會感到非常興奮。

In your question about about margins. Certainly you saw a nice margin increase quarter to quarter in Energy & Transportation and just because of mix and because of increased volume and just the fact that business should be higher. Again, we have the opportunity to increase margins in Energy & Transportation going forward. But I'm not going to quantify that at this point, but certainly it's an opportunity.

在你關於利潤的問題中。當然，您會看到能源和運輸領域的利潤率逐季大幅增長，這只是因為混合、銷量增加以及業務應該更高。未來，我們再次有機會提高能源和運輸領域的利潤率。但我現在不打算量化這一點，但這無疑是一個機會。

We'll take our next question from David Allen, Evercore ISI.

我們將接受來自 Evercore ISI 的 David Allen 的下一個問題。

Hi, thank you.

你好，謝謝。

Yes, looking as everybody more more bread crumbs for 2025, a question, I guess two pieces, the comment about the drag, right?

是的，看著大家為 2025 年提供更多麵包屑，一個問題，我想是兩部分，關於阻力的評論，對嗎？

The lag of discounting for CI., it will show itself more as some of those orders gets shipped into 25.

CI. 折扣的滯後性，隨著其中一些訂單被運送到 25 家，它會更加明顯。

Can you give us a sense of just where we stand right now and let's assume no further deterioration, maybe NCI. pricing, but what were looking right now, those discounts, what is the most acute like period in 25 that shows up like essentially it's how long are these orders out for the second quarter, third quarter next year that should be the most acute drag from from the incremental discounting right now?

您能否讓我們了解一下我們目前的處境，並假設情況不會進一步惡化，也許是 NCI。定價，但現在我們所看到的，這些折扣，25 年中最嚴重的時期是什麼，基本上是這些訂單在明年第二季、第三季發出的時間有多長，這應該是最嚴重的拖累現在的增量折扣？

And then on the positive side that you kind of just said you didn't want to quantify it, but the investments in and see the large engines, which I also got a large mining trucks, but let's think of it as the DMT. in particular right now. Is there any way to think about regular throughput improvement? Any capacity additions that could show up in 25 to give us a sense of Alicia throughput capability, 25 versus 24 just some order of magnitude? Thank you.

然後從積極的一面來看，你只是說你不想量化它，但投資並看到大型發動機，我也有一輛大型礦用卡車，但讓我們將其視為 DMT。特別是現在。有什麼辦法可以考慮定期提高吞吐量嗎？ 25 中是否會出現任何容量增加，讓我們了解 Alicia 的吞吐能力，25 與 24 只是某個數量級？謝謝。

Thank you david, one of the things we talk about we announced the initial investment to increase our large capacity is that would increase over a four-year period. And so we haven't laid it out year by year. And it's again, it's a four year increase. So I'm afraid I'm not going to answer your question. I get a sense of additional output for 2025, and I'll let Andrew answer your question about margins.

謝謝大衛，我們談論的一件事是，我們宣布增加大產能的初始投資將在四年內增加。所以我們沒有逐年列出。又是四年的成長。所以恐怕我不會回答你的問題。我對 2025 年的額外產出有所了解，我將讓安德魯回答您有關利潤率的問題。

Yes.

是的。

So on the the impacts of pricing of this is one of those accounting quote, but we sometimes have the way it works, David, as you crude has done on a historic 12 month basis to build up the reserve. So potentially this could impact us for several quarters.

因此，關於定價的影響，這是會計報價之一，但我們有時會採用它的運作方式，大衛，就像原油在歷史性的 12 個月基礎上建立儲備一樣。因此，這可能會對我們產生幾季的影響。

It is as the merchandising programs increase, you then have the amount of inventory that you have to effectively catch up on overtime, and that's done over a 12 month period. So January will be for the next several quarters. But we are starting to see the merchandising programs have more normal levels now and obviously that creates a little bit of a headwind on price. I would probably quantify it a little bit more when we get through 2025 guidance for you in January.

隨著銷售計劃的增加，您的庫存量必須有效地透過加班來彌補，而且這是在 12 個月的時間內完成的。因此，接下來的幾個季度將是一月。但我們開始看到銷售計劃現在處於更正常的水平，顯然這對價格造成了一些阻力。當我們在一月份為您提供 2025 年指導時，我可能會對其進行更多量化。

Next up auto. Michael furniture at Bank of America.

接下來是汽車。美國銀行的麥可家具。

I had one that you all for taking my question.

我有一份請大家回答我的問題。

I would just love to get a central on the oil and gas side. Obviously, we test those were up a little bit. You talked about the differentiation and what you're seeing in terms of the research side and well services for us. First, maybe gas compression from the other areas. just when we look into 2025, if we see more LNG permitting in the golf, is that positive for the solar business? Do we need a higher nat gas price?

我只是想在石油和天然氣方面建立一個中心。顯然，我們測試這些值有所上升。您談到了我們在研究方面和油井服務方面的差異化以及您所看到的情況。首先，可能是來自其他區域的氣體壓縮。就在我們展望 2025 年時，如果我們看到高爾夫領域允許使用更多液化天然氣，這對太陽能業務是否有利？我們需要更高的天然氣價格嗎？

Obviously, the oil price has been kind of stuck in a range. Just curious how we're thinking with oil and gas being very strong and often 24, you kind of made some comments on Q4. What do we kind of think about the breadcrumbs for 25 for that business?

顯然，油價一直處於一個區間。只是好奇我們如何看待石油和天然氣非常強勁且通常為 24 的情況，您對第四季度發表了一些評論。我們對該業務的 25 個麵包屑有何看法？

Thank you.

謝謝。

So again, I'll resist giving guidance for 2025, but I'll just give you some color on the industry. Certainly, we mentioned the fact that the Well Servicing continue to be a bit weak gas compression for reship for catalog gas. We expect to be up for the total year, but a bit of softening in the fourth quarter on solar turbines in oil and gas business is quite strong and a lot of booking activity, a lot of quotation activity you both for gas compression, but also for international projects as well. So again, a solar business, quite quite robust and I've described reship. It remains to be seen. Obviously, if if if LNG exports, then our again start again at that Permian process starts again, I would think certainly medium, long term that we have positive for us.

再說一次，我不會給 2025 年的指導，但我只會給你一些關於這個行業的資訊。當然，我們提到了這樣一個事實，即對於目錄氣體的重新運輸來說，油井維修的氣體壓縮仍然有點弱。我們預計全年會有所成長，但第四季度太陽能渦輪機在石油和天然氣業務中的表現相當強勁，並且有大量的預訂活動，大量的報價活動，無論是氣體壓縮，還是天然氣壓縮。也是如此。再說一次，太陽能業務相當強勁，我已經描述了重新運輸。這還有待觀察。顯然，如果液化天然氣出口，那麼我們在二疊紀過程中再次開始，我認為從中長期來看，我們肯定對我們有正面的影響。

I'll now take our next question from Christian outlined at Oppenheimer and Company.

現在我將回答奧本海默公司提出的克里斯蒂安提出的下一個問題。

Great.

偉大的。

Thank you for taking the question on M&A will come back here.

感謝您提出有關併購的問題，我們將回到這裡。

The CI. competitive dynamics and particularly in North America, I mean, you've called out that this re-fleeting issuing a couple of quarters in a row now, but you are at the higher end of that the inventory range. Just wondering, can you help us understand how much maybe incremental and international competition you're seeing given the depreciation of yen and just continued disciplined manner and China activity, if anything are saying on a nice shift in the competitive landscape there?

CI。競爭動態，特別是在北美，我的意思是，您已經指出這種重新短暫發行現在已經連續幾個季度了，但您處於庫存範圍的高端。只是想知道，您能否幫助我們了解考慮到日圓貶值以及持續的紀律和中國活動，您所看到的增量和國際競爭有多大，是否有任何跡象表明那裡的競爭格局發生了良好的轉變？

Well, you know, certainly, you know, we're very focused on remaining competitive and the competitive situation continually changes. So it at every year I've been in this job with that. And before that, the competitive situation always changes. But we are quite confident in our ability to continue to compete in. And we continue to invest in new technologies to allow, as an example, to allow operators to to more effectively operate their machines.

嗯，你知道，當然，你知道，我們非常注重保持競爭力，而且競爭狀況不斷變化。所以每年我都從事這份工作。而在此之前，競爭格局總是在改變。但我們對繼續競爭的能力充滿信心。

As an example, taking a less experienced operator and through technology, allowing them to operate more like an experienced operator, we continue to invest our new digital capabilities. Our dealers continue to invest in their capabilities as well. So we're quite confident in our ability to continue to compete and be successful. The competitive situation.

舉個例子，以經驗不足的操作員為例，透過技術，讓他們更像經驗豐富的操作員一樣操作，我們繼續投資新的數位能力。我們的經銷商也繼續投資他們的能力。因此，我們對繼續競爭並取得成功的能力充滿信心。競爭形勢。

There are currency changes that occur. And you're right, the yen has been has been relatively weak and that the that for a period of time can create a bit of a tailwind for a competitor. But those things change over time as currency change is currency change. But again, what we're really focused on is providing that long-term value to our customers by continuing to invest in things like technology, our digital capabilities, service capabilities and all the rest.

貨幣會改變。你是對的，日圓一直相對疲軟，在一段時間內可以為競爭對手創造一些順風。但這些事情會隨著時間的推移而改變，因為貨幣變化就是貨幣變化。但同樣，我們真正關注的是透過持續投資於技術、數位能力、服務能力等，為我們的客戶提供長期價值。

And kind of ask Mike to comment on your comment about the higher end of the inventory range. I mean, one of the things just to remember is it fewer inventory is a complex thing. We have 150 dealers around the world. We have three business segments. We have lots of different products.

並請麥克對您對庫存範圍高端的評論發表評論。我的意思是，要記住的一件事是減少庫存是一件複雜的事情。我們在全球擁有 150 家經銷商。我們有三個業務部門。我們有很多不同的產品。

There are some natural product lines were actually dealers holding more inventory would actually be a good thing. From a competitive perspective. It's not necessarily always reducing. So it's not necessarily without them burning it down. We obviously work with them through that process where they do need to think about dealer inventory reduction. And that's why we are anticipating in the fourth quarter. But there also some business segments were actually at times.

有一些天然的產品線實際上經銷商持有更多的庫存實際上是一件好事。從競爭的角度來看。它不一定總是減少。所以他們不一定會把它燒掉。顯然，我們在整個過程中與他們合作，他們確實需要考慮減少經銷商庫存。這就是我們預計第四季度的原因。但有時也有一些業務部門確實存在。

We would like deals probably to hold a little bit more for competitive reasons as well.

出於競爭原因，我們也希望交易能夠保留得更多一些。

We'll go next to Steven Fisher, UBS.

接下來我們將介紹瑞銀集團的史蒂文費雪。

Thanks.

謝謝。

Good morning.

早安.

Jim, you mentioned the four year process on power gen capacity expansion, but the power-gen growth actually accelerated to about 26% year over year from 15% in Q2 have less I would being at capacity on some of the bigger projects products. Can you talk about what drove that acceleration? And to what extent is that may be a function of shifting some of your oil and gas engines into high into power-gen?

吉姆，您提到了發電產能擴張的四年過程，但發電增長實際上同比從第二季度的 15% 加速到約 26%，我在一些較大項目產品上的產能要少一些。您能談談是什麼推動了這種加速嗎？這在多大程度上可能是由於將一些石油和天然氣引擎轉變為高功率發電而產生的？

And should we expect some sort of quarter-to-quarter fluctuations in that rate of growth in power gen going forward based on comps and how you are able to shift capacity around?

我們是否應該預期基於比較以及如何轉移產能的未來發電成長率會出現某種季度波動？

Thank you.

謝謝。

Thanks for your question.

謝謝你的提問。

Just to be clear, when we ship a generator set to an oil and gas customer or foreign oil and gas application, we count that as oil and gas and power generation, just to be clear so on. So a variety of reasons for the increase. Certainly, of course, you know, as I mentioned in my prepared remarks, we do have the ability to reallocate their demand for oil and gas is not there, and we have excess capacity.

需要澄清的是，當我們將發電機組運送給石油和天然氣客戶或國外石油和天然氣應用時，我們將其視為石油和天然氣以及發電，只是為了澄清這一點。所以增加的原因是多種多樣的。當然，當然，你知道，正如我在準備好的演講中提到的，我們確實有能力重新分配他們對石油和天然氣的需求，但我們沒有產能過剩。

We can shift those engines from oil and gas and power generation and back and forth, depending on the needs of our customers that to their U.S., the U.S. solar power generation, again, that and so our business and power generation is also increasing, and that also had an impact on it as well. We've been, of course, working in our in our reciprocating engine facilities to increase capacity.

我們可以根據我們客戶的需求，將這些引擎從石油、天然氣和發電來回轉移到他們的美國，美國太陽能發電，所以我們的業務和發電也在增加，這也對其產生了影響。當然，我們一直在往復式引擎設施中努力提高產能。

Yes, the major impact will come later because of that, the big capital investment we're making, but we're working on increasing throughput and getting more of our existing facilities as well as the demand goes up.

是的，由於我們正在進行大量資本投資，重大影響將在稍後出現，但我們正在努力提高吞吐量並獲得更多現有設施以及需求的增加。

We'll take our next question from Kyle managers at Seneca.

我們將回答 Seneca 凱爾經理的下一個問題。

Thanks for taking the question.

感謝您提出問題。

I was hoping if you could discuss inventories a little bit more service this planned reduction and dealer inventories in 4Q enough to make you guys feel pretty good about machine inventories heading into next year. And then and it also be helpful. Just hear your thoughts on used inventories. Sounds like they remain at low levels, but are you seeing used to take up a little bit? And is there any cause for concern that used inventories could become an issue in 2025?

我希望你們能多討論一下庫存，這項計劃中的削減和第四季度經銷商庫存足以讓你們對明年的機器庫存感到非常滿意。然後它也會有幫助。聽聽您對二手庫存的看法。聽起來它們仍然處於較低水平，但您是否看到習慣佔用了一點？是否有理由擔心二手庫存可能會在 2025 年成為一個問題？

Yes.

是的。

So first of all, let me say dimensional used, as we say, used inventory levels actually remained pretty low levels based on history that had ticked up slightly. Obviously, pricing has become a little bit lower from a financial perspective.

首先，讓我說一下二手庫存水平，正如我們所說，根據歷史記錄，二手庫存水平實際上仍然保持在相當低的水平，並且略有上升。顯然，從財務角度來看，定價已經變得有點低了。

So no concern at this point around used inventory at all from an outlook perspective, with regards to deleverage straight, obviously, we work closely with our dealers through what we call S. and OP. process that's ourselves and operations planning process.

因此，從前景的角度來看，目前根本不用擔心二手庫存，就直接去槓桿化而言，顯然，我們透過我們所說的 S. 和 OP 與經銷商密切合作。這就是我們自己和營運規劃的過程。

We go down by dealer byproduct really to understand what their expectations, what their requirements of what they're ordering needs. All that's part of the way of us helping them to manage the the the factory factories and production efficiently. At this point in time, we expect net debt reduction.

我們透過經銷商副產品真正了解他們的期望，他們對訂購的產品的要求是什麼。所有這些都是我們幫助他們有效管理工廠和生產的方式的一部分。目前，我們預計淨債務將減少。

We see some bringing about the industry overall to about flat year over year. That seems to be the right level based on what we're hearing from dealers at this stage on. I don't see any reason at this point in time that there would be a need to reduce significantly more on. But obviously, that's a discussion process, Gold Coast 2025, um, but obviously, we are ready and prepared to manage well to manage production accordingly.

我們看到一些因素導致行業整體同比持平。根據我們現階段從經銷商那裡聽到的消息，這似乎是正確的水平。目前我認為沒有任何理由需要大幅減少。但顯然，這是一個討論過程，黃金海岸 2025，嗯，但顯然，我們已經準備好並準備好管理好相應的生產。

With regards to that, I made the point of a moment ago. They're all some product lines were actually dealers really could hold more inventory. So is going to be very, very careful about looking at as a holistic. But overall, we're very comfortable with the total level of expectations for the year end.

關於這一點，我剛才已經說過了。它們都是一些產品線，實際上經銷商確實可以持有更多庫存。因此，我們將非常非常謹慎地看待整體問題。但總的來說，我們對年底的整體預期水準非常滿意。

We'll go next to Chad Dillard at Bernstein.

我們將前往伯恩斯坦的查德·迪拉德旁邊。

Hey, good morning, Al Salam, Craig, I was wondering what, Paul, I guess then on if I just wanted to revisit the comments about our people and four on the first one to understand what was the exit with Bob Mack people pressure on. And then secondly, all we have we think about the other side of the ledger of the cost side.

嘿，早上好，艾爾薩拉姆，克雷格，我想知道什麼，保羅，我想，如果我只是想重溫一下關於我們人民的評論，以及第一個評論中的四個，以了解鮑伯·麥克人民壓力下的退出是什麼。其次，我們所想到的就是成本方面帳本的另一面。

We have a fuel coming down time by care. Now moving on on SG&A and R&D costs. So just trying to think through we'll know whether you'll be able to offset pricing pressure per well from an improved Bob at the input costs.

我們有燃料，需要小心地停機。現在繼續討論 SG&A 和研發成本。因此，只要想一想，我們就會知道您是否能夠以投入成本抵消改進後的 Bob 帶來的每口井的定價壓力。

Yes.

是的。

So let me just first, I will come back to the the overall.

首先，我會回到整體。

If you could actually look at our overall gross margins for the quarter, gross margins were about flat despite low volume. And so we have been able to find offsets. Some of that obviously is with positive price within E&C and some of that is lower manufacturing cost.

如果你實際上看看我們本季的整體毛利率，你會發現儘管銷量較低，但毛利率基本上持平。所以我們已經能夠找到補償。其中一些顯然是 E&C 內部的積極價格，還有一些是較低的製造成本。

So they're always and that's part of the benefit of having a broad portfolio of businesses. We are able to manage that appropriately. Obviously, we are looking at commodity input costs and obviously working from a procurement perspective was remind you that this was a lag.

所以它們總是如此，這是擁有廣泛的業務組合的好處的一部分。我們能夠適當地管理這一點。顯然，我們正在考慮商品投入成本，並且顯然從採購角度進行工作提醒您這是一個滯後。

But because of the contracting that we do, we often don't necessarily buy spot prices. We buy a contracted prices which might be lower than spot. So all of those things, all factors which feed and takes a little bit of time for that to fall through. With regards to the pricing pressure immediately already of the merchandising programs we put in place all flowing through to the P & LYNCI.'s.

但由於我們簽訂合同，我們通常不一定會購買現貨價格。我們購買可能低於現貨的合約價格。所以所有這些事情、所有因素都會產生影響，而且需要一點時間才能消失。關於我們實施的銷售計劃所面臨的定價壓力，所有這些都流向了 P & LyNCI。

That's immediate point I was talking about was the lag impact on each of the reserve we have, which is really just a balance sheet impact, which impacts that will impact over the next several quarters will give you a lot a bit more update about where we get to January.

我正在談論的直接問題是對我們擁有的每項儲備的滯後影響，這實際上只是對資產負債表的影響，這種影響將在未來幾個季度產生影響，這將為您提供更多關於我們的最新情況到一月。

next up. I can't time at Raymond James.

接下來。我不能花時間在雷蒙德詹姆斯身上。

Thank you.

謝謝。

Good morning.

早安.

Jim, I was hoping you could maybe give some color on that on the backlog and that the orders which were pretty strong in the quarter and interest in terms of any a key driver to our kind of what's behind that.

吉姆，我希望你能對積壓訂單以及本季度相當強勁的訂單以及對我們背後的關鍵驅動因素的興趣給予一些說明。

And I guess more significantly. I'm just curious if the I'm presuming you're going to highlight data center has as part of that. And is there a shift in terms of how you think or how we should think about ultimately the delivery timing and those deliveries in that? And given the tightness in capacity and presume some of your bigger data center customers are like are looking to secure capacity further out?

我想更重要的是。我只是好奇你是否會強調資料中心是其中的一部分。您的想法或我們應該如何考慮最終的交付時間和其中的交付是否有變化？考慮到容量緊張，並假設您的一些較大的資料中心客戶正在尋求進一步確保容量？

So anyway, I suggest you had a question on the main driver of that new orders. And then should we think about any change in terms of the alternate delivery and cadence of those orders?

無論如何，我建議您對新訂單的主要驅動因素提出疑問。那麼我們是否應該考慮這些訂單的交替交付和節奏方面的任何變化？

Thank you.

謝謝。

Yes, thanks for your question.

是的，謝謝你的提問。

So the backlog increase in Energy & Transportation was quite robust. And that more than offset a decrease in backlog for machines. And of course, you know that it's not surprising that the back of our machines went down anticipation of the machine deleverage in dealer inventory reduction that we talked about in the fourth quarter.

因此，能源和運輸領域的積壓訂單成長相當強勁。這足以抵消機器積壓的減少。當然，您知道，我們的機器背面因我們在第四季度談到的經銷商庫存減少而機器去槓桿化的預期而下降，這並不奇怪。

So on the backlog increase in energy and transportation are being driven a lot, by course, by power generation for reship also being driven by a robust orders and solar turbines for both oil and gas and reship.

因此，在能源和運輸積壓方面，能源和運輸的增加在很大程度上受到了重裝發電的推動，當然，石油和天然氣以及重裝的強勁訂單和太陽能渦輪機也推動了這一增長。

So that's really what's behind it. And so certainly certainly typically lead times for Solaris, eight to 12 months typically for for reship and power generation.

這就是背後的真正原因。因此，Solaris 的交付週期通常為 8 到 12 個月，用於重新運輸和發電。

Um, we're working hard to meet the needs of our customers there, but we do have orders going now 18, 24 months on the on the outside for four power generation.

嗯，我們正在努力滿足那裡客戶的需求，但我們現在確實有 18、24 個月的外部訂單，用於四次發電。

next on that and make down here at Baird.

接下來，我們將前往貝爾德 (Baird)。

Yes, thank you.

是的，謝謝。

And just to follow up on Tim's question, is there is there a way to maybe quantify what percentage of the backlog is deliverable here in the next 12 months?

繼續回答 Tim 的問題，是否有辦法量化未來 12 個月內可交付的積壓訂單百分比？

And I'm also curious, given the fact that the lead times are what they are in power, Jack, kind of how our competitive dynamics you versus your competitors and that part of the business. Is there somebody else out there maybe with better lead times? And then you can you gain share if you improve your lead times faster than others, some pressure on thoughts on that?

我也很好奇，考慮到交貨時間是他們所掌握的，傑克，我們的競爭動力如何與你的競爭對手以及這部分業務相比。還有其他人可能有更好的交貨時間嗎？然後，如果你比其他人更快地改善交貨時間，你就能獲得份額，對此有一些壓力嗎？

You bet.

你打賭。

Generally overall, the way we think about it is about 75% of our backlog is expected to be sold within 12 months. That's intensity and have a general number for a total. As I mentioned, some of the large engine orders are up a bit more than that. Certainly, you know, if we if we can produce more engines, we can sell more engines on loan for power generation recip engines that that's certainly the case.

總的來說，我們的想法是大約 75% 的積壓訂單預計將在 12 個月內售出。這就是強度，並且有一個總體數字。正如我所提到的，一些大型引擎訂單的增幅略高於此。當然，你知道，如果我們能夠生產更多的發動機，我們就可以租借更多的發動機用於發電循環發動機，情況確實如此。

And again, it's again, just given the strength that we see in that market is obviously why we decided to make an incremental investment in our capability to increase engines and parts. So again, that business is quite strong. It's it's very, very encouraging.

再說一次，鑑於我們在該市場看到的實力，顯然我們決定對我們的能力進行增量投資以增加引擎和零件。再說一次，這項業務相當強勁。這是非常非常令人鼓舞的。

Next dot is higher and nascent at a lot.

下一個點更高並且處於新生狀態。

Yes, hi.

是的，嗨。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to come and go with some of your position in China. There's a lot of talk about some of that's not sure how high could be, but if you could just remind us of your market position that the freshness products that a bit.

我只是想隨你在中國的一些職位來來去去。有很多討論，其中一些不確定可以多高，但如果您能提醒我們您的市場地位，即新鮮度產品，那就有點了。

Yes, certainly such as we discussed previously, I hope for a long period of time, we talked about China being a roughly 10%, 5% to 10% of our consolidated sales and revenues.

是的，當然正如我們之前討論的那樣，我希望在很長一段時間內，我們談到中國約占我們綜合銷售額和收入的 10%、5% 到 10%。

It's certainly been less than that the last couple of years. And the continued in the market that took the market itself continues to be quite weak five, but again this year.

肯定比過去幾年少。市場本身持續表現疲軟，但今年又出現了五連跌。

So it's a relatively small piece of our our total enterprise sales. Certainly, you know, we have a significant presence in China in terms of facilities and we vertically integrated supply chain suppliers, manufacturing the local leadership as well and dealers.

因此，它只占我們企業總銷售額的一小部分。當然，您知道，我們在中國的設施方面佔有重要地位，我們垂直整合供應鏈供應商、製造商以及當地領導層和經銷商。

And but again, that the market is, in fact, quite depressed. And we have and this as a reminder, for us, that market is primarily excavators above 10 ton. And so, you know, people have asked about the stimulus. We certainly it's too early for us to have seen any impact of that. And we have not

但再次強調，市場其實相當低迷。這提醒我們，市場主要是 10 噸以上的挖土機。所以，你知道，人們詢問了刺激計劃的情況。當然，現在要看到它的任何影響還為時過早。而我們還沒有

Audrey. We have time for one more question.

奧黛麗.我們還有時間再問一個問題。

And today's final question comes from the line of Rob Wertheimer with Melius Research.

今天的最後一個問題來自 Melius Research 的 Rob Wertheimer。

Thank you.

謝謝。

Good morning.

早安.

So I wanted to follow up last quarter, you kind of touched on expanding opportunities at Solar Turbines and power gen. And in today's call, I mean, you mentioned some of the strong demand you're seeing in the research side and cash expansion, et cetera, on for Nova Scotia has seen strong trends in aeroderivative turbines, which I think across a little bit above your power range.

所以我想跟進上個季度，您談到了 Solar Turbines 和發電領域的擴大機會。我的意思是，在今天的電話會議中，您提到了在研究方面和現金擴張等方面看到的一些強勁需求，因為新斯科細亞省已經看到了航改渦輪機的強勁趨勢，我認為這略高於你的功率範圍。

You might just talk about this business and the opportunities you're seeing in the PowerGen segment for solar, what that means that means on a high in the meantime, negated at a data center in unison in data centers, what is the opportunity you're seeing? And then you expanded capacity and resets. Do you have room to grow turbines? Or would you have the opportunity being enough as you're thinking about expanding their to Vista general over the effects?

您可能只是談論這項業務以及您在太陽能發電領域看到的機會，這意味著什麼，同時在資料中心的高位上被否定，在資料中心中，您的機會是什麼？然後你擴大容量並重置。您有空間種植渦輪機嗎？或者當您正在考慮將其擴展到 Vista 上時，您是否有機會獲得足夠的效果？

Yes.

是的。

Thanks, Rob.

謝謝，羅布。

So certainly, we are seeing an increase in business in for power generation and Solar Turbines on into we're showing trailer rise units now and is being driven by a whole variety of factors. one of the things that we're doing is selling into some rental fleets were rental fleets to position themselves to to help satisfy what they believe will be increased electricity demand across the grid and primarily in North America.

因此，當然，我們看到發電和太陽能渦輪機業務的成長，我們現在展示了拖車上升裝置，並且是由多種因素推動的。我們正在做的事情之一就是向一些租賃車隊出售這些租賃車隊，以幫助滿足他們認為整個電網（主要是北美）不斷增長的電力需求。

And sometimes those units will be rented to to a utility sometimes if you're going to do a data center, but there's a whole variety of uses for that. So we are seeing an increase in power generation at Solar Solaris, nine out of capacity. They certainly have the ability to continue to to increase their production.

有時，如果您打算建立資料中心，這些單元有時會被租給公用事業公司，但其用途多種多樣。因此，我們看到 Solar Solaris 的發電量增加，其中九個產能不足。他們當然有能力持續增加產量。

And one of the things you might be aware of is that we are in the process of introducing a newer, larger gas turban for solar turbines. It's our largest jet called Titan three 50. And that really will allow us to compete in some areas that we have not been able to compete in the past, compete for in the past because we just didn't have a turbine that was a large enough. And so we're quite excited about that new product.

您可能知道的一件事是，我們正在為太陽能渦輪機引入一種更新、更大的燃氣渦輪機。這是我們最大的噴射機，稱為泰坦三 50。所以我們對這個新產品感到非常興奮。

It's early days in terms of just starting to get those of a shift. But we are quite encouraged by the amount of customer interest in discussions we're having with our culture. There's about that new product. So again, that's that's that's something that's very exciting for us.

就剛開始輪班而言，現在還為時過早。但我們對客戶對我們與我們的文化進行的討論的興趣感到非常鼓舞。關於那個新產品。再說一次，這對我們來說是非常令人興奮的事情。

Okay.

好的。

With that, I just want to thank everyone for joining us and certainly appreciate your questions.

在此，我只想感謝大家加入我們，當然也感謝你們提出的問題。

I just want to thank by again thanking our global team for delivering strong adjusted operating profit margin, adjusted profit per share in the gain while generating robust ME&T free cash flow. And you know, as we discuss today, our results continue to refine the benefit of the diversity of our end markets as well that the execution of our strategy for long-term profitable growth.

我只想再次感謝我們的全球團隊提供了強勁的調整後營業利潤率、調整後每股收益，同時產生了強勁的 ME&T 自由現金流。您知道，正如我們今天所討論的，我們的業績繼續完善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執行。

Again, thank you for your time.

再次感謝您抽出時間。

Thank you, Jim.

謝謝你，吉姆。

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 to our Investor Relations website as soon as it's available.

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，我們也將立即將其發佈到我們的投資者關係網站上。

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 that caterpillar.com then click on Financials to view those materials.

您還可以找到第三季的業績、我們財務長的影片以及包含我們向用戶銷售數據的 SEC 文件，請點擊 Caterpillar.com 的投資者，然後點擊「財務」以查看這些資料。

Do you have any questions, please reach out to Alex, Robert Toomey, the Investor Relations general phone numbers 3096754549.

如有任何疑問，請聯絡 Alex, Robert Toomey，投資者關係總電話 3096754549。

And now I will turn the call back to Roger to conclude.

現在我將把電話轉回給羅傑來結束。

Thank you.

謝謝。

That does conclude our call.

我們的通話到此結束。

Thank you for joining.

感謝您的加入。

You may all disconnect.

你們都可以斷開連線。