開拓重工 (CAT) 2025 Q3 法說會逐字稿

Welcome to the third-quarter 2025 Caterpillar earnings conference call. Please be advised that today's conference is being recorded. I will now hand the conference over to your speaker today, Alex Kapper. Thank you. Please go ahead.

歡迎參加卡特彼勒2025年第三季財報電話會議。請注意，今天的會議正在錄影。現在我將把會議交給今天的主講人，Alex Kapper。謝謝。請繼續。

Thank you, Audra. Good morning, everyone, and welcome to Caterpillar's third-quarter 2025 earnings call. I'm Alex Kapper, Vice President of Investor Relations. Joining me today are Joe Creed, Chief Executive Officer; Andrew Bonfield, Chief Financial Officer; Kyle Epley, Senior Vice President of the Global Finance Services Division; and Rob Rengel, Senior Director of Investor Relations.

謝謝你，奧德拉。各位早安，歡迎參加卡特彼勒公司2025年第三季財報電話會議。我是投資者關係副總裁 Alex Kapper。今天與我一同出席的有：執行長 Joe Creed；財務長 Andrew Bonfield；全球財務服務部資深副總裁 Kyle Epley；以及投資者關係高級總監 Rob Rengel。

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

在本次電話會議中，我們將討論今天稍早發布的第三季財報。您可以在 investors.caterpillar.com 的「活動與簡報」欄位下找到我們的幻燈片、新聞稿和網路直播回放。

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.

本次通話內容受美國及國際版權法保護。未經卡特彼勒公司事先書面許可，禁止對本內容的全部或部分進行任何形式的轉播、重傳、複製或傳播。

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

切換到第二張投影片。在今天的電話會議中，我們將發表一些前瞻性聲明，這些聲明存在風險和不確定性。我們也會做出一些假設，這些假設可能會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.

有關可能導致我們的實際業績與預測業績存在重大差異的因素的詳細信息，請參閱我們最近向美國證券交易委員會提交的文件以及新聞稿中的前瞻性聲明提醒。

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.

我們在提交給美國證券交易委員會的文件中詳細討論了我們認為可能對我們的業務產生持續重大影響的許多因素。在今天的電話會議上，我們也會提到非GAAP財務數據。如需了解任何非GAAP資料與對應的美國GAAP資料的調節情況，請參閱獲利電話會議投影片的附錄。

Now let's advance to slide 3, and turn the call over to our CEO, Joe Creed.

現在讓我們來看看第 3 張投影片，並將電話交給我們的執行長喬·克里德。

Thank you, Alex, and good morning, everyone. Thanks for joining us today. Solid performance from our team generated strong results this quarter, driven by resilient demand and focused execution across our three primary segments. And as a result, sales growth and adjusted operating profit margin were both slightly above our expectations.

謝謝你，Alex，大家早安。感謝您今天收看我們的節目。本季度，在強勁的需求和三大主要業務部門的專注執行下，我們團隊表現出色，取得了強勁的業績。因此，銷售成長和調整後的營業利潤率均略高於我們的預期。

Sales and revenues increased 10% to $17.6 billion, an all-time record for a single quarter. Backlog grew by about $2.4 billion, driven by strong orders in Energy & Transportation. The backlog is now $39.8 billion, which is also an all-time record and positions us for sustained momentum and long-term profitable growth. We also generated $3.2 billion of ME&T free cash flow and we deployed about $1.1 billion to shareholders through dividends and share repurchases during the quarter.

銷售額和營收成長 10%，達到 176 億美元，創下單季歷史新高。受能源和運輸業強勁訂單的推動，積壓訂單增加了約 24 億美元。目前積壓訂單額為 398 億美元，這也創下了歷史新高，使我們得以保持成長動能並實現長期獲利成長。本季我們也產生了 32 億美元的 ME&T 自由現金流，並透過股息和股票回購向股東分配了約 11 億美元。

I'll start with my perspectives about this quarter's performance. Then I'll discuss our outlook, along with insights about our end markets. And finally, Andrew will provide a detailed overview of results and key assumptions.

我先談談我對本季業績的看法。接下來，我將討論我們的前景，以及對我們終端市場的見解。最後，Andrew 將提供結果和關鍵假設的詳細概述。

Turning to slide 4. Sales and revenues were up 10% versus last year. The increase was primarily due to higher sales volume, partially offset by unfavorable price realization for machines. Higher sales volume was driven by higher sales of equipment to end users across our three primary segments.

翻到第4張投影片。銷售額和收入比去年增長了10%。成長主要歸因於銷售量增加，但部分被機器價格實現不佳所抵消。銷售額的成長主要得益於我們三大主要業務領域終端用戶設備銷售的成長。

Third-quarter adjusted operating profit margin was 17.5%. For the quarter, the net impact of incremental tariffs was near the top end of our estimated range of $500 million to $600 million. Despite the tariff headwind, adjusted operating profit margin was slightly above our expectation, primarily due to better-than-expected sales volume in Energy & Transportation. We achieved quarterly adjusted profit per share of $4.95.

第三季調整後營業利益率為17.5%。本季度，新增關稅的淨影響接近我們估計的 5 億至 6 億美元範圍的上限。儘管面臨關稅方面的不利因素，但調整後的營業利潤率略高於我們的預期，這主要是由於能源與運輸業的銷售量優於預期。我們實現了季度調整後每股收益 4.95 美元。

Compared to the third quarter of 2024, sales to users increased 12%, led by 25% growth in Energy & Transportation, while machine sales to users increased 6%. For Construction Industries, sales to users were up 7% year-over-year, broadly in line with our expectations.

與 2024 年第三季相比，用戶導向的銷售額成長了 12%，其中能源和運輸領域成長了 25%，而面向用戶的機器銷售額成長了 6%。建築業用戶銷售額年增 7%，基本上符合我們的預期。

Let me take a minute to walk through the sales to users by region. North America increased 11% over the prior year and was better than we anticipated due to growth in both residential and non-residential construction. While rental fleet loading was down slightly, dealers rental revenue continued to grow in the quarter.

讓我花點時間按地區介紹一下用戶銷售情況。北美地區比上年增長了 11%，由於住宅和非住宅建築業的增長，這一成績好於我們的預期。雖然租賃車隊裝載量略有下降，但經銷商的租賃收入在本季持續成長。

An increase in the EAME was primarily due to growth in Africa and the Middle East. We saw a decline in Asia Pacific, which was below our expectations, resulting from softness in a few key subregions. Latin America increased, but slightly lower than we anticipated.

EAME的成長主要歸功於非洲和中東地區的成長。亞太地區出現下滑，低於預期，這是由於幾個主要次區域經濟疲軟造成的。拉丁美洲的成長有所增加，但略低於我們的預期。

In Resource Industries, sales to users increased 6% year-over-year, which was slightly above our expectations. Mining was better than expected due to the timing of deliveries to end customers for large mining trucks and off-highway trucks. Heavy construction in quarry and aggregates were in line with our expectations.

資源產業方面，面向用戶的銷售額年增 6%，略高於我們的預期。由於大型礦用卡車和非公路卡車的交付時間安排得當，採礦業的表現優於預期。採石場和骨材場的重型建築工程符合我們的預期。

In Energy & Transportation, sales to users increased by 25% year-over-year with double-digit growth across all applications. The largest growth came from power generation with a 33% increase, primarily due to demand for reciprocating engines for data center applications. Turbines and turbine-related services also contributed to power generation growth.

在能源與交通領域，面向用戶的銷售額年增 25%，所有應用領域均實現了兩位數的成長。成長幅度最大的是發電產業，成長了 33%，這主要是由於資料中心應用對往復式引擎的需求增加。渦輪機和與渦輪機相關的服務也促進了發電量的成長。

Sales to users in oil and gas, industrial and transportation all increased about 20%. The increase in oil and gas was primarily driven by higher demand for turbines and turbine-related services. Industrial grew from a relatively low level and was driven by sales into electric power applications. Transportation increased due to international locomotive deliveries.

石油天然氣、工業和交通運輸等行業的用戶銷售額均成長了約 20%。石油和天然氣價格上漲主要是由於對渦輪機和渦輪機相關服務的需求增加所致。工業板塊從相對較低的水平發展而來，主要由電力應用領域的銷售推動。由於國際機車交付增加，運輸量也隨之增加。

Moving to dealer inventory and our backlog. In total, dealer inventory increased by approximately $600 million versus the second quarter of 2025. Machine dealer inventory increased approximately $300 million, about in line with our expectations.

轉向經銷商庫存和我們的積壓訂單。與 2025 年第二季相比，經銷商庫存總額增加了約 6 億美元。機械經銷商庫存增加了約 3 億美元，與我們的預期基本一致。

As I mentioned, backlog increased sequentially by $2.4 billion, driven by robust order activity in power generation and oil and gas. Since the third quarter of 2024, our backlog has increased 39%, with growth across all three primary segments.

正如我之前提到的，受發電和石油天然氣行業強勁訂單活動的推動，積壓訂單環比增加了 24 億美元。自 2024 年第三季以來，我們的積壓訂單增加了 39%，所有三個主要細分市場都實現了成長。

Moving to slide 5, I'll now discuss our outlook. I'm pleased with the continued positive momentum in our business. With a record backlog, strong order rates and continued growth in sales to users, our outlook has improved since last quarter. For the fourth quarter, we anticipate strong sales growth versus the prior year. Sales growth is expected to be driven by higher volumes in all three segments. We also expect the year-over-year impact of price realization to be about flat in the fourth quarter.

接下來請看第 5 張投影片，我將討論我們的展望。我對我們業務持續保持的良好發展勢頭感到滿意。由於積壓訂單創歷史新高、訂單率強勁以及面向用戶的銷售額持續成長，我們的前景比上個季度有所改善。我們預計第四季銷售額將比上年同期實現強勁成長。預計三大細分市場銷售成長將帶動銷售成長。我們也預計，第四季價格實現的年比影響將基本持平。

Excluding the net impact of incremental tariffs, fourth quarter adjusted operating profit margin is expected to be higher versus the prior year. When taking into account the net impact from incremental tariffs, we expect fourth-quarter enterprise adjusted operating profit margin to be lower versus the prior year.

剔除新增關稅的淨影響，第四季調整後預計營業利潤率將高於去年同期。考慮到新增關稅的淨影響，我們預期第四季企業調整後營業利潤率將低於去年同期水準。

Given the strength of our three -- across our three primary segments, we now expect full-year 2025 sales and revenues to be higher than we previously anticipated, resulting in modest growth versus 2024. We continue to expect full-year services revenues to be about flat versus 2024.

鑑於我們三大主要業務部門的強勁表現，我們現在預計 2025 年全年銷售額和收入將高於我們先前的預期，與 2024 年相比將適度成長。我們仍然預計全年服務收入將與 2024 年基本持平。

Based on the incremental tariffs announced in 2025 and expected to be in place by November 1, we expect the full year net impact from tariffs to be between $1.6 billion and $1.75 billion. Tariffs and trade negotiations remain fluid.

根據 2025 年宣布的、預計 11 月 1 日生效的增量關稅，我們預計全年關稅淨影響將在 16 億美元至 17.5 億美元之間。關稅和貿易談判情勢依然不明朗。

Our team is continuously evaluating options to further reduce the impact of tariffs going forward, and we fully intend to implement longer-term actions once there's sufficient certainty. I remain confident that we'll manage the impact of tariffs over time.

我們的團隊正在不斷評估各種方案，以進一步降低關稅的影響，一旦情況足夠明朗，我們完全打算實施長期措施。我仍然相信，隨著時間的推移，我們將能夠應對關稅的影響。

Excluding the net impact of incremental tariffs, full year adjusted operating profit margin is expected to be in the top half of our target margin range. Including the net impact from incremental tariffs, we expect full-year adjusted operating profit margin to be near the bottom of the target range, corresponding to our current expectation for full-year sales and revenues.

不計新增關稅的淨影響，預計全年調整後營業利潤率將處於我們目標利潤率範圍的上半部。考慮到新增關稅的淨影響，我們預計全年調整後的營業利潤率將接近目標範圍的下限，這與我們目前對全年銷售額和收入的預期相符。

This margin estimate includes the initial mitigating actions already implemented and currently planned throughout the rest of the year. We also expect ME&T free cash flow to be above the midpoint of the $5 billion to $10 billion target range. Andrew will provide more details on key assumptions for the fourth quarter and full year in a moment.

該邊際估計包括已實施的初步緩解措施以及目前計劃在今年剩餘時間內實施的措施。我們也預期 ME&T 的自由現金流將高於 50 億美元至 100 億美元的目標區間的中點。安德魯稍後將詳細介紹第四季和全年的關鍵假設。

To further support our sales outlook, I'll now share the latest view of our end markets, starting with Construction Industries. As I mentioned earlier, we're encouraged by another quarter of growth in sales to users and strong order rates across many of our regions.

為了進一步佐證我們的銷售前景，我現在將分享我們終端市場的最新情況，首先是建築業。正如我之前提到的，我們對用戶銷售額連續第二季成長以及我們許多地區強勁的訂單率感到鼓舞。

Customers continue to be responsive to the attractive rates we're offering through Cat Financial. We continue to anticipate full-year growth in Construction Industries sales to users despite softness in the global industry.

客戶持續對我們透過 Cat Financial 提供的優惠利率給予正面回饋。儘管全球建築業整體疲軟，我們仍預期全年建築業用戶銷售額將實現成長。

In North America, overall construction spending remains at healthy levels, and infrastructure projects funded by the IIJA continue to be awarded. We continue to expect full-year growth for sales to users. Full year dealer rental revenues are also expected to grow, and we anticipate dealer rental fleet loading will increase in the fourth quarter compared to the prior year.

在北美，整體建築支出仍處於健康水平，由IIJA資助的基礎設施項目也繼續獲得批准。我們仍然預計全年用戶銷售額將實現成長。預計全年經銷商租賃收入也將成長，我們預計第四季度經銷商租賃車隊裝載量將比去年同期增加。

In Asia Pacific, we anticipate full year sales to users to be about flat. China has shown positive momentum to start the year, and we expect full year growth in the above 10-ton excavator industry, but from a very low level of activity.

在亞太地區，我們預計全年用戶銷售額將基本持平。今年年初，中國市場展現出積極的成長勢頭，我們預計10噸以上挖土機產業將全年成長，但目前的市場活躍度非常低。

In Asia Pacific outside of China, we expect economic conditions to be soft. Any EAME, we expect growth for the year, driven by healthy construction activity in Africa and the Middle East and improving economic conditions in Europe. With ongoing weaker construction activity in Latin America, we now expect to be about flat for the full year.

除中國以外的亞太地區，我們預期經濟形勢疲軟。我們預計 EAME 地區今年將實現成長，這主要得益於非洲和中東地區健康的建築活動以及歐洲經濟狀況的改善。由於拉丁美洲的建築活動持續疲軟，我們預計全年建築業將基本持平。

Moving to Resource Industries. We anticipate lower sales to users in 2025 compared to last year as customers continue to display capital discipline. However, we see positive momentum with healthy orders for large mining trucks, articulated trucks and large truck-type tractors.

轉入資源產業。我們預計，由於客戶持續保持資金紀律，2025 年用戶銷售額將比去年下降。不過，我們看到大型礦用卡車、鉸接式卡車和大型卡車式牽引車的訂單量健康成長，呈現出正面的發展勢頭。

Although most key commodities remain above investment thresholds, declining coal prices have caused an increase in the number of parked trucks. As a result, we continue to expect slightly lower rebuild activity compared to last year. Overall, customer product utilization remains high and the age of the fleet remains elevated. We also continue to see growing demand and customer acceptance of our autonomous solutions.

儘管大多數主要商品價格仍高於投資門檻，但煤炭價格下跌導致停放的卡車數量增加。因此，我們預計重建活動將比去年略有減少。整體而言，客戶產品利用率仍然很高，車隊的平均車齡也較高。我們也持續看到市場對我們自主解決方案的需求不斷成長，客戶接受度也越來越高。

And finally, in Energy & Transportation. We expect strong growth in full-year sales for power generation compared to last year. Demand remains robust driven by data center growth related to cloud computing and generative AI.

最後，在能源與運輸領域。我們預計全年發電銷售額將比去年強勁成長。受雲端運算和生成式人工智慧相關的資料中心成長的推動，市場需求依然強勁。

We are also pleased by healthy orders for the prime power applications as evidenced by recent announcements with Joule Capital Partners and Hunt Energy Company. We continue to stay close to our largest data center customers and receive regular feedback on their long-term demand expectations.

我們也很高興地看到，主電源應用領域的訂單情況良好，最近 Joule Capital Partners 和 Hunt Energy Company 的公告就證明了這一點。我們繼續與最大的資料中心客戶保持密切聯繫，並定期收到他們對長期需求預期的回饋。

In oil and gas, we expect moderate growth in 2025. For reciprocating engines and services, we continue to expect softness in well servicing due to ongoing capital discipline, industry consolidation and efficiency improvements in our customers' operations. We do see positive momentum in demand for reciprocating engines used in gas compression applications. Solar turbines oil and gas backlog remains strong, and we see healthy order and inquiry activity.

我們預計2025年石油和天然氣產業將實現溫和成長。對於往復式引擎和服務，由於持續的資本紀律、行業整合以及客戶營運效率的提高，我們預計油井服務市場將繼續保持疲軟態勢。我們看到，用於氣體壓縮應用的往復式引擎的需求呈現積極動能。太陽能渦輪機石油和天然氣訂單積壓仍然強勁，我們看到訂單和詢價活動都很活躍。

With our ongoing investment to increase large reciprocating engine capacity, we're continually improving manufacturing throughput to meet customer needs across a broad range of applications. Demand for products and industrial applications is improving from previous lows, with order growth being driven by engines sold into electric power applications. Transportation is expected to remain stable.

我們不斷投資提高大型往復式引擎的產能，從而不斷提高生產效率，以滿足客戶在各種應用領域的需求。產品和工業應用的需求正從先前的低谷中回升，訂單成長主要由銷往電力應用領域的引擎推動。預計交通運輸將保持穩定。

The strong momentum we achieved in the third quarter, combined with the anticipated growth through year-end, sets the stage for exciting opportunities ahead. As a result, I look forward to sharing more about our long-term outlook at our 2025 Investor Day on November 4.

我們在第三季取得的強勁勢頭，加上預計到年底的成長，為未來令人興奮的機會奠定了基礎。因此，我期待在 11 月 4 日舉行的 2025 年投資者日上與大家分享更多關於我們長期展望的資訊。

And now, I'll turn it over to Andrew for a detailed overview of results and key assumptions looking forward.

現在，我將把發言權交給安德魯，讓他詳細概述結果和未來的關鍵假設。

Thank you, Joe, and good morning, everyone. As usual, I will start with a brief overview of our third quarter results, followed by our segment performance. Then, I'll discuss the balance sheet and free cash flow, before concluding with our current assumptions for the full year and the fourth quarter. Beginning on slide 6.

謝謝你，喬，大家早安。照例，我將先簡要概述我們第三季的業績，然後介紹我們各個業務部門的表現。接下來，我將討論資產負債表和自由現金流，最後總結我們對全年和第四季的當前假設。從第6張投影片開始。

Sales and revenues were $17.6 billion, a 10% increase versus the prior year. This was slightly better than we had expected on stronger volume. Adjusted operating profit was $3.1 billion, and our adjusted operating profit margin was 17.5%. Both were slightly better than we had expected.

銷售額和收入為 176 億美元，比上年增長 10%。在成交量較大的情況下，這比我們預期的要好一些。調整後的營業利潤為 31 億美元，經調整後的營業利益率為 17.5%。兩者都比我們預期的略好。

Profit per share was $4.88 in the third quarter, compared to $5.06 in the third quarter of last year. Adjusted profit per share was $4.95 in the quarter, compared to $5.17 last year. Adjusted profit per share excluded restructuring costs of $0.07 in the quarter, compared to $0.11 in the third quarter of 2024. Other income and expense was favorable by $132 million, primarily due to the absence of an unfavorable ME&T balance sheet translation impact, which occurred in the prior year.

第三季每股收益為 4.88 美元，而去年同期為 5.06 美元。本季調整後每股收益為 4.95 美元，去年同期為 5.17 美元。經調整後的每股盈餘不包括本季 0.07 美元的重組成本，而 2024 年第三季為 0.11 美元。其他收入和支出有利 1.32 億美元，主要是因為上一年發生的 ME&T 資產負債表變動不利影響沒有發生。

Excluding discrete items, the global annual effective tax rate was 24%, an increase versus our prior expectation of 23%. The higher rates had an unfavorable impact on our performance in the quarter by about $0.18. This is due to changes in recently enacted US tax legislation.

剔除個別項目後，全球年度實際稅率為 24%，高於我們先前預期的 23%。稅率上升對我們本季的業績產生了約 0.18 美元的不利影響。這是由於近期頒布的美國稅法變更所致。

While the changes have a negative impact on the tax rate in 2025, they benefit 2025 cash flow. In 2026 and beyond, we would expect a positive benefit to the tax rate versus the previous estimated tax rate for 2025, subject to a consistent mix of profits. The year-over-year impact from the reduction in the average number of shares outstanding, primarily due to share repurchases, resulted in a favorable impact on adjusted profit per share of approximately $0.17.

雖然這些變化對 2025 年的稅率產生了負面影響，但卻有利於 2025 年的現金流。2026 年及以後，我們預計稅率將比先前對 2025 年的估計稅率有所改善，前提是利潤組成保持穩定。由於股票回購，流通股平均數量減少，年比對調整後每股盈餘產生了約 0.17 美元的有利影響。

Moving to slide 7, I'll discuss our top line results for the third quarter. Sales and revenues increased by 10% compared to the prior year, driven by higher volume, which was primarily due to stronger sales of equipment to end users. Changes in dealer inventory acted as a slight tailwind to sales while price realization was a slight headwind. As I mentioned, sales were slightly better than we had expected in August.

接下來請看第 7 張投影片，我將討論我們第三季的主要業績。與前一年相比，銷售額和收入成長了 10%，這主要得益於銷售量的成長，而銷售成長又主要歸功於終端用戶設備銷售的強勁成長。經銷商庫存的變化對銷售起到了一定的推動作用，而價格實現則起到了一定的阻礙作用。正如我之前提到的，8月份的銷售略好於我們的預期。

Moving to operating profit on slide 8. Operating profit in the third quarter increased by 3% to $3.1 billion compared to the prior year. Adjusted operating profit increased by 4% versus the prior year to $3.1 billion. Stronger volumes -- stronger sales volume and favorability in other operating income and expenses was more than offset by unfavorable manufacturing costs, unfavorable price realization and higher SG&A and R&D expenses. The unfavorable manufacturing costs largely reflected the impact of tariffs.

第 8 頁將討論營業利潤。第三季營業利潤較上年同期成長3%，達31億美元。經調整後的營業利潤比上年增長 4%，達到 31 億美元。銷售成長－銷售成長以及其他營業收入和支出的有利因素被不利的製造成本、不利的價格實現以及更高的銷售、一般及行政費用和研發費用所抵銷。不利的製造成本主要反映了關稅的影響。

You'll note that there was a headwind of $127 million in corporate items and eliminations this quarter compared to the prior year. The unfavorable impact was driven by higher short-term incentive compensation expense and accrual for incremental tariffs and corporate items, which I will discuss in a moment. This was partially offset by the proceeds from an insurance claim.

你會注意到，與去年同期相比，本季企業項目和抵銷項增加了 1.27 億美元。不利影響主要由較高的短期激勵性薪酬支出以及新增關稅和公司項目的提列造成，我稍後會討論這一點。保險索賠所得部分抵銷了這部分損失。

The adjusted operating profit margin was 17.5%, a decrease of 250 basis points compared to the prior year. The margin was slightly higher than we had anticipated mainly due to better-than-expected sales volume in Energy & Transportation.

經調整後的營業利潤率為 17.5%，比前一年下降了 250 個基點。利潤率略高於我們的預期，主要原因是能源與運輸業的銷售量比預期好。

As Joe mentioned, the net impact from incremental tariffs was near the top end of our estimated $500 million to $600 million range for the third quarter. Excluding tariffs, adjusted operating profit margin was slightly higher versus the prior year. This compares favorably to our expectations of a similar margin to the prior year, excluding tariffs.

正如喬所提到的，第三季新增關稅的淨影響接近我們估計的 5 億至 6 億美元範圍的上限。剔除關稅後，調整後的營業利潤率比前一年略有提升。不計關稅，這結果比我們預期的與上年類似的利潤率要好。

Tariffs impacted all three primary segments. And as I mentioned, part of the charge was recorded in corporate items, similar to what we saw in the second quarter. This timing impact reflects the additional tariffs that were announced within the quarter, which we noted in the 8-K filing on August 28.

關稅對所有三個主要行業都產生了影響。正如我之前提到的，部分費用計入了公司項目，與我們在第二季看到的情況類似。這一時間上的影響反映了本季宣布的額外關稅，我們在 8 月 28 日的 8-K 文件中已經提到過。

Moving to slide 9, I'll review the performance of the segments. Starting with Construction Industries, sales increased by 7% in the third quarter to $6.8 billion. The sales increase was about in line with our expectations. The 7% sales increase was primarily due to higher sales volume and favorable currency impacts, partially offset by unfavorable price realization.

接下來，我將翻到第 9 張投影片，回顧各個部分的表現。以建築業為例，第三季銷售額成長7%，達到68億美元。銷售成長基本上符合我們的預期。銷售額成長 7% 主要是由於銷售量增加和有利的匯率影響，但部分被不利的價格實現所抵消。

By region, Construction Industries sales in North America increased by 8% versus the prior year. Sales in the EAME region increased by 6%. In Asia Pacific, sales increased by 3%. And in Latin America, sales decreased by 1%.

按地區劃分，北美建築業的銷售額比上年增長了 8%。歐洲、非洲、中東和非洲地區的銷售額成長了 6%。亞太地區銷售額成長了3%。在拉丁美洲，銷售額下降了 1%。

Third-quarter profit for Construction Industries was $1.4 billion, a 7% decrease versus the prior year. The segment's margin of 20.4% was a decrease of 300 basis points versus the prior year. The decrease was mainly due to unfavorable price realization and increased manufacturing costs, largely due to tariffs, while the profit impact of higher sales volume provided a partial offset.

建築業第三季獲利為 14 億美元，比去年同期下降 7%。該業務板塊的利潤率為 20.4%，比前一年下降了 300 個基點。下降的主要原因是價格實現不利和製造成本增加（主要是由於關稅），而銷售量增加帶來的利潤影響部分抵消了這些影響。

The net impact of incremental tariffs in Construction Industries had a negative impact on the segment's margin of around 340 basis points. Excluding this impact from tariffs, the margin was slightly higher than the prior year and about in line with our expectations.

建築業增量關稅的淨影響對該行業的利潤率產生了約 340 個基點的負面影響。剔除關稅的影響，利潤率略高於上年，與我們的預期基本一致。

Turning to slide 10. Resource Industries sales increased by 2% in the third quarter to $3.1 billion. Sales were about in line with our expectations. Note that sales to users were slightly stronger than we had expected due to timing as shipments originally expected to occur in the fourth quarter were delivered to customers early. This resulted in a decrease in dealer inventory.

翻到第10張投影片。Resource Industries 第三季銷售額成長 2%，達到 31 億美元。銷售額基本上符合我們的預期。值得注意的是，由於發貨時間的原因，原本預計在第四季度發貨的產品提前交付給了客戶，因此面向用戶的銷售額略高於我們的預期。這導致經銷商庫存減少。

Compared to the prior year, the 2% sales increase was primarily due to a higher sales volume, partially offset by unfavorable price realization. Third-quarter profit for Resource Industries decreased by 19% versus the prior year to $499 million. The segment's margin of 16% was a decrease of 430 basis points versus the prior year.

與前一年相比，2%的銷售成長主要是由於銷售量增加，但部分被不利的價格實現所抵銷。Resource Industries 第三季獲利較上年同期下降 19% 至 4.99 億美元。該業務板塊的利潤率為 16%，比前一年下降了 430 個基點。

The decrease was primarily due to unfavorable manufacturing costs from tariffs and unfavorable price realization. This was partially offset by the profit impact of higher sales volume. The net impact of incremental tariffs on Resource Industries margin was approximately 260 basis points. Excluding the impact from tariffs, the margin was lower versus the prior year and about in line with our expectations.

下降的主要原因是關稅導致製造成本不利以及價格實現不佳。銷售成長帶來的利潤提升部分抵銷了這一影響。增量關稅對資源產業利潤率的淨影響約為 260 個基點。剔除關稅的影響，利潤率較上年下降，與我們的預期基本一致。

Now on slide 11. Energy & Transportation sales of $8.4 billion increased by 17% versus the prior year. Sales were stronger than we had expected due to higher sales volume. The 17% sales increase versus the prior year was mainly due to higher sales volume, including higher intersegment sales. Also price realization was favorable. By application, power generation sales increased by 31%; oil and gas sales increased by 20%. Sales in industrial and transportation each increased by 5%.

現在來看第11張投影片。能源與交通運輸業務銷售額達 84 億美元，較上年成長 17%。由於銷售量較高，銷售情況比我們預期的要好。與前一年相比，銷售額成長了 17%，這主要是由於銷售量增加，包括跨部門銷售額增加。此外，價格實現情況也令人滿意。按應用領域劃分，發電產品銷售額成長了 31%；石油和天然氣產品銷售額成長了 20%。工業和交通運輸行業的銷售額均成長了5%。

Third-quarter profit for the Energy & Transportation increased by 17% versus the prior year to $1.7 billion. The increase was primarily due to the profit impact of higher sales volume and favorable price realization, partially offset by higher manufacturing costs primarily due to tariffs.

能源與交通運輸業務第三季獲利較上年同期成長 17%，達到 17 億美元。成長主要歸因於銷售增加和價格上漲帶來的利潤成長，但部分被關稅導致的製造成本上升所抵銷。

The segment's margin of 20% was an increase of 10 basis points versus the prior year. The net impact of incremental tariffs on Energy & Transportation's margin was approximately 140 basis points. Excluding this impact from tariffs, the margin was higher versus the prior year and slightly stronger than we had expected.

該業務板塊的利潤率為 20%，比上年增長了 10 個基點。增量關稅對能源與交通運輸業務利潤率的淨影響約為 140 個基點。剔除關稅的影響，利潤率高於上年，也略高於我們的預期。

Moving to slide 12. Financial Products revenues were approximately $1.1 billion in the quarter, a 4% increase versus the prior year due to a favorable impact from higher average earning assets in North America. This was partially offset by an unfavorable impact from lower average financing rates across all regions except Latin America.

切換到第12張投影片。本季金融產品營收約 11 億美元，較上年同期成長 4%，主要得益於北美地區平均獲利資產增加的有利影響。除拉丁美洲以外，所有地區平均融資利率下降的不利影響部分抵消了上述影響。

Segment profit decreased by 2% to $241 million. The decrease was mainly due to a higher provision for credit losses at Cat Financial, higher SG&A expenses and an unfavorable impact from equity securities at insurance services. This was partially offset by a favorable impact from higher average earning assets.

分部利潤下降 2% 至 2.41 億美元。下降的主要原因是 Cat Financial 的信貸損失準備金增加、銷售、一般及行政費用增加以及保險服務權益證券的不利影響。平均收益資產增加帶來的有利影響部分抵銷了這一影響。

Our customers' financial health remains strong. Past dues were 1.47% in the quarter, down 27 basis points versus the prior year, the lowest third quarter in over 25 years. The allowance rate was 0.89%, remaining near historic lows.

我們客戶的財務狀況依然良好。本季逾期款項佔 1.47%，較上年同期下降 27 個基點，是 25 年來第三季最低水準。補貼率為0.89%，仍接近歷史低點。

Business activity at Cat Financial remains healthy. Retail credit applications increased by 16% and retail new business volume grew by 7% versus the prior year. In addition, used equipment levels remain low and conversion remain above historical averages as customers choose to buy equipment at the end of their lease term.

Cat Financial 的業務活動仍保持良好狀態。與前一年相比，零售信貸申請量成長了 16%，零售新業務量成長了 7%。此外，二手設備數量仍然很低，轉換率仍然高於歷史平均水平，因為客戶選擇在租賃期結束時購買設備。

Moving to slide 13. ME&T free cash flow was about $3.2 billion in the third quarter, approximately $500 million higher than the prior year as stronger operating cash more than offset higher CapEx spend. We continue to anticipate CapEx spend of around $2.5 billion this year.

切換到第13張投影片。第三季 ME&T 的自由現金流約為 32 億美元，比去年同期高出約 5 億美元，因為更強勁的營運現金流足以抵銷更高的資本支出。我們預計今年的資本支出將達到約 25 億美元。

Moving to capital deployment. We deployed about $1.1 billion to shareholders in the third quarter. Our quarterly dividend payment was $700 million, with the remainder reflecting share repurchases in the quarter. Average balance sheet and liquidity positions remain strong. We ended the third quarter with an enterprise cash balance of $7.5 billion. In addition, we held $1.2 billion in slightly longer-dated liquid marketable securities to improve yields on that cash.

進入資本部署階段。第三季度，我們向股東派發了約 11 億美元。我們本季發放的股利為 7 億美元，其餘部分反映了本季的股票回購。平均資產負債表和流動性狀況依然穩健。第三季末，公司現金餘額為75億美元。此外，我們也持有 12 億美元期限稍長的流動性有價證券，以提高現金收益率。

Now on slide 14, let me start with a few comments on the full year. Based on what we see today, we are optimistic about our top line momentum, supported by healthy demand signals, including a robust backlog and growth in sales to users. Against this supportive backdrop, we now expect full-year 2025 sales and revenues to increase modestly versus 2024, a slight improvement compared to our expectations last quarter.

現在請看第 14 張投影片，讓我先對全年做一些評論。根據我們目前所看到的，我們對營收成長勢頭持樂觀態度，這得益於健康的需求訊號，包括強勁的訂單積壓和用戶銷售的成長。在這種有利的背景下，我們現在預計 2025 年全年銷售額和收入將比 2024 年略有增長，比我們上季度的預期略有改善。

Now moving on to margins. Excluding the net impact from incremental tariffs, the full year adjusted operating profit margin is expected to be in the top half of our margin target range. Including the net impact from incremental tariffs, we expect full year adjusted operating profit margin to remain near the bottom of the target range. Given our improved sales and revenue expectations, adjusted operating profit margin should be slightly higher than we anticipated when we filed the 8-K on August 28.

接下來我們來看利潤率。剔除新增關稅的淨影響，預計全年調整後的營業利潤率將處於我們利潤率目標範圍的上半部。考慮到新增關稅的淨影響，我們預計全年調整後的營業利潤率將維持在目標範圍的下限附近。鑑於我們提高了銷售額和收入預期，調整後的營業利潤率應該會略高於我們在 8 月 28 日提交 8-K 表格時所預期的水平。

Based on the tariffs announced in 2025 and expected to be in place on November 1, we expect the impact from incremental tariffs for 2025 to be around $1.6 billion to $1.75 billion, net of some mitigating actions and cost controls. This assumes that the net incremental impact of tariffs will be greater in the fourth quarter than in the third, primarily due to the timing of tariff rate changes.

根據 2025 年宣布的關稅（預計將於 11 月 1 日生效），我們預計 2025 年新增關稅的影響約為 16 億美元至 17.5 億美元，扣除一些緩解措施和成本控制後。這假設關稅的淨增量影響在第四季度將大於第三季度，這主要是由於關稅稅率變化的時間安排所致。

As Joe mentioned, we expect ME&T free cash flow will be above the midpoint of the $5 billion to $10 billion target range. We continue to expect restructuring costs of approximately $300 million to $350 million this year. On taxes, as I mentioned, we now anticipate our 2025 global annual effective tax rate to be 24%, excluding discrete items.

正如喬所提到的，我們預計 ME&T 的自由現金流將高於 50 億美元至 100 億美元的目標範圍的中點。我們預計今年的重組成本仍約為 3 億至 3.5 億美元。關於稅收，正如我之前提到的，我們現在預計 2025 年全球年度實際稅率為 24%，不包括特殊項目。

Turning to slide 15. To assist you with your modeling, I'll provide our fourth quarter assumptions. Based on what we see today, we anticipate strong sales growth versus the prior year, with higher sales volume across all 3 primary segments.

翻到第15張投影片。為了幫助您進行建模，我將提供我們第四季的假設。根據我們目前所看到的，我們預計銷售額將比上一年實現強勁成長，所有 3 個主要細分市場的銷售額都將有所提高。

We expect machine dealer inventory to decline slightly in the quarter, compared to a $1.6 billion decrease in the prior year, which should result in a sales tailwind for the fourth quarter. We expect price to be roughly flat for the enterprise.

我們預計本季機械經銷商庫存將略有下降，與去年同期下降 16 億美元相比，這將對第四季的銷售產生積極影響。我們預期企業用戶的價格將大致維持不變。

By segment, in Construction Industries, we expect a strong sales increase in the fourth quarter versus the prior year on volume growth, driven mainly by the dealer inventory tailwind previously mentioned. Higher sales to users should benefit volume as well, while we anticipate the year-over-year price impact to be about neutral.

按行業劃分，在建築業，我們預計第四季度銷售額將比上年同期大幅增長，這主要得益於前面提到的經銷商庫存增長帶來的銷售增長。更高的用戶銷售量應該也會對銷售有所好處，而我們預期年比價格影響將基本持平。

In Resource Industries in the fourth quarter, we expect stronger sales versus the prior year, primarily due to higher volume driven by changes in dealer inventory. Note that we anticipate unfavorable sales to users in the fourth quarter in Resource Industries due to the timing impact that I mentioned a moment ago. The impact of price in Resource Industries is expected to remain unfavorable, but to a slightly lesser extent compared to what we saw in the third quarter versus the prior year.

在資源產業，我們預計第四季銷售額將比去年同期有所成長，這主要是由於經銷商庫存變化帶來的銷售增加。請注意，由於我剛才提到的時間影響，我們預計資源產業第四季的用戶銷售額將不理想。資源產業的價格影響預計仍將不利，但與去年同期相比，第三季的影響程度將略有減輕。

In Energy & Transportation in the fourth quarter, we anticipate strong sales growth versus the prior year, driven by continued strength in power generation. We also expect higher sales in oil and gas driven by solar turbines and turbine-related services. Price realization should remain favorable as well.

在能源與交通運輸領域，我們預計第四季銷售額將比上年同期實現強勁成長，這主要得益於發電業務的持續強勁成長。我們也預計，在太陽能渦輪機和渦輪機相關服務的推動下，石油和天然氣產業的銷售額將會增加。價格實現情況也應維持有利地位。

Let me provide some perspective on our expectations for Energy & Transportation. While we expect sales to increase sequentially in the fourth quarter, the increase will likely be different than the typical seasonal pattern. This reflects the impact from robust third quarter sales, which have tempered the usual fourth quarter uplift. As a result, the sequential sales growth rate between the third and fourth quarters is projected to be slightly lower than last year's level.

讓我從一些角度談談我們對能源和交通領域的期望。雖然我們預計第四季銷售額將環比成長，但成長幅度可能與典型的季節性模式有所不同。這反映了強勁的第三季銷售的影響，從而抑制了通常第四季度的成長。因此，第三季與第四季之間的環比銷售成長率預計將略低於去年同期水準。

Now, I'll provide some color on our fourth-quarter margin expectations. Excluding the net impact from incremental tariffs, we expect the fourth-quarter enterprise adjusted operating profit margin will be higher versus the prior year. We anticipate stronger sales volume will be partially offset by higher manufacturing costs. As I mentioned, price realization for the enterprise should be roughly flat in the fourth quarter.

現在，我將詳細介紹我們對第四季利潤率的預期。剔除新增關稅的淨影響，我們預期第四季企業調整後營業利益率將高於去年同期。我們預期銷售成長將被更高的製造成本部分抵銷。正如我之前提到的，該企業第四季的價格實現情況應該大致持平。

Including the net impact from incremental tariffs, we anticipate a lower enterprise adjusted operating profit margin in the fourth quarter versus the prior year. As I mentioned, the tariff headwind should be larger than it was in the third quarter.

考慮到新增關稅的淨影響，我們預期第四季企業調整後營業利潤率將低於去年同期。正如我之前提到的，關稅帶來的不利影響應該會比第三季更大。

We anticipate a net cost headwind of about $650 million to $800 million in the fourth quarter. At this point, we expect tariffs to have a minimal impact to corporate items in the fourth quarter as our current assumptions are based on tariffs announced and expected to be in place on November 1.

我們預計第四季淨成本將面臨約 6.5 億美元至 8 億美元的阻力。目前，我們預計關稅對第四季度企業商品的影響將微乎其微，因為我們目前的假設是基於 11 月 1 日宣布並預計生效的關稅。

Now I'll make a few comments regarding our segment margin expectations for the fourth quarter. In Construction Industries, excluding the net impact from incremental tariffs, we expect a higher margin compared to the prior year.

現在我將就我們第四季的分部利潤率預期發表幾點看法。在建築業，不計新增關稅的淨影響，我們預期利潤率將比前一年更高。

This is driven primarily by the profit impact from higher sales volume, though the benefit within volume is lessened by unfavorable product mix compared to the prior year. Now including the net impact from incremental tariffs, we anticipate a lower margin in Construction Industries versus the prior year. We expect about 55% of the fourth-quarter net incremental tariff impact will be incurred in Construction Industries.

這主要是由於銷售增加帶來的利潤成長，儘管與前一年相比，不利的產品組合削弱了銷售成長的好處。考慮到新增關稅的淨影響，我們預計建築業的利潤率將比上年下降。我們預計第四季度淨增量關稅影響的約 55% 將發生在建築業。

In Resource Industries, excluding the net impact from incremental tariffs, we anticipate a higher margin versus the prior year, mainly due to higher sales volume, partially offset by unfavorable price realization. Including the net impact from incremental tariffs, we anticipate a lower margin in Resource Industries versus the prior year. We expect about 20% of the fourth quarter net incremental tariff impact will be incurred in Resource Industries.

在資源產業，不計新增關稅的淨影響，我們預期利潤率將比前一年更高，主要原因是銷售量增加，但部分被不利的價格實現所抵銷。考慮到新增關稅的淨影響，我們預計資源產業的利潤率將比前一年下降。我們預計第四季度淨增量關稅影響的約 20% 將發生在資源產業。

In Energy & Transportation, excluding the net impact from incremental tariffs, we anticipate a higher margin versus the prior year, mainly due to a higher sales volume and favorable price realization. Higher manufacturing costs should act as a partial offset.

在能源與運輸領域，不計新增關稅的淨影響，我們預期利潤率將高於上年，主要原因是銷售量增加和價格實現有利。較高的製造成本應該可以起到部分抵銷作用。

Including the net impact from incremental tariffs, we anticipate a slightly lower margin compared to the prior year. We expect about 25% of the fourth-quarter net incremental tariff impact will be incurred in Energy & Transportation.

考慮到新增關稅的淨影響，我們預期利潤率將比前一年略低。我們預計第四季度淨增量關稅影響的約 25% 將發生在能源和運輸領域。

So turning to slide 16, let me summarize. We remain optimistic about our underlying business and now anticipate modestly higher sales for the full year, including a strong fourth quarter. Business activity and customer financial health remain strong as do our balance sheet and liquidity position.

現在請看第 16 張投影片，讓我來總結一下。我們對公司基本面依然保持樂觀，預計全年銷售額將略有成長，其中第四季將表現強勁。業務活動和客戶財務狀況依然強勁，我們的資產負債表和流動性狀況也同樣良好。

Including the net impact from incremental tariffs, we expect to remain near the bottom of our target range for adjusted operating profit margins, and we expect to be above the midpoint of the target range for ME&T free cash flow. We continue to execute our strategy for long-term profitable growth.

考慮到新增關稅的淨影響，我們預計調整後的營業利潤率將接近目標範圍的下限，而 ME&T 自由現金流將高於目標範圍的中點。我們將繼續執行長期獲利成長策略。

And with that, we'll take your questions.

接下來，我們將回答您的問題。

Excuse me, this is Alex. Just one quick clarification before we jump into the Q&A. The operating profit in the third quarter actually decreased by 3% to $3.1 billion compared to the prior year, and adjusted operating profit actually decreased by 4% versus the prior year to $3.1 billion.

打擾一下，我是亞歷克斯。在進入問答環節之前，先簡單澄清一點。第三季營業利潤實際比去年同期下降 3% 至 31 億美元，經調整後的營業利潤實際比去年同期下降 4% 至 31 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. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Kyle Menges, Citi.

Kyle Menges，花旗銀行。

Thank you. It sounds like backlog growth was driven by power gen, and you alluded to orders for data center prime power applications as well. So could you just talk to the emerging data center prime power opportunity?

謝謝。聽起來積壓訂單的成長是由發電業務推動的，你也提到了資料中心主電源應用方面的訂單。那麼，您能否談談新興資料中心主電源的機會？

How much latent capacity you think you have at solar to meet this demand? And what do you think you could actually deliver in the next year given we've heard some big numbers getting thrown around by some of your customers? And then also just curious what that data center prime power backlog is looking like today? Thank you.

您認為貴公司在太陽能方面有多少潛在容量可以滿足這項需求？鑑於我們聽到一些客戶提出了一些非常大的目標，您認為您明年實際上能實現什麼目標？另外，我還想了解目前資料中心主電源的積壓情況如何？謝謝。

Yeah, good morning, Kyle. This is Joe. So we're definitely really excited about the prime power opportunity with data centers and, more broadly, just the demand for power that data centers and broader trends in the industry are putting onto the grid.

早安，凱爾。我是喬。我們對資料中心帶來的主電源機會感到非常興奮，更廣泛地說，我們對資料中心以及整個產業的發展趨勢對電網帶來的電力需求也感到非常興奮。

And we're going to see a lot more of this, I believe. Prime power is a great opportunity for us because it creates services opportunity as we move forward as well. So definitely, you saw the Joule announcement that's in our recip. Part of our capacity addition there will go to serve some of that.

我相信，我們以後會看到更多這樣的情況。主電源對我們來說是一個絕佳的機會，因為它也為我們未來的發展創造了服務機會。所以，你肯定看到了我們收據上的 Joule 公告。我們新增的部分產能將用於滿足部分需求。

And with solar, we're seeing a lot of ordering activity, and it's really healthy as you suggest. It's not just power generation. Power generation is seeing more activity, but oil and gas has been really strong too, because we're moving a lot of natural gas and I think that trend is going to continue. So definitely a really positive outlook at solar turbines.

至於太陽能領域，我們看到了很多訂單活動，正如你所說，這確實是一個健康的趨勢。這不僅是發電的問題。發電業活動更加活躍，但石油和天然氣產業也表現強勁，因為我們正在運輸大量的天然氣，我認為這種趨勢將會持續下去。所以，人們對太陽能渦輪機的前景絕對非常樂觀。

We're able to keep up with the orders that we're seeing right now. Lead times are starting to get a little more extended at solar. They're not to the extent of those super large class turbines that -- more utility scale, but they are starting to get extended. And I would say, the way we're -- it's shaping up in our backlog, the larger turbines, the Titan 250, Titan 350, are longer lead times than the smaller ones, where we're able to react a little faster and have a little more.

我們目前能夠滿足訂單需求。太陽能產品的交貨週期開始逐漸延長。它們雖然沒有達到那些超大型渦輪機的規模——更像是公用事業規模——但它們正在逐漸擴展。而且我想說，就我們目前的積壓訂單情況來看，大型渦輪機，如 Titan 250、Titan 350，交貨週期比小型渦輪機要長，而小型渦輪機我們能夠更快地做出反應，並且有更多的產能。

As it comes to capacity and things, we are always evaluating capacity. That would be a great thing when we need it. We're prepared to act when we feel like we need it. But we're in -- we feel like we're able to meet the orders that are coming in right now.

至於產能等方面，我們一直在評估產能。那在我們最需要的時候會是一件好事。我們隨時準備在需要時採取行動。但是我們已經進入狀態——我們感覺我們能夠滿足目前湧入的訂單。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Hi, good morning, gentlemen, and congrats on the strong quarter here. Just kind of following up on that E&T conversation, obviously, growth year remains quite robust. I wanted to touch a little bit more on the kind of price realization and margins for the segment. Those have remained a little bit more stable, and I think you talked about a 140 basis point kind of headwind from tariffs. And maybe just to kind of expand on that topic a little bit more, just two quick questions.

各位先生，早安！恭喜你們本季業績強勁。順便說一下，E&T 的討論很明確，今年的成長動能依然強勁。我想再多談談該細分市場的價格實現情況和利潤率。這些指標一直保持相對穩定，我想你剛才也提到了關稅帶來的 140 個基點的不利影響。或許可以再就這個話題多展開一些，我還有兩點要問。

One, is there anything else kind of capping prices and margins for E&T as a whole? I don't know if it's mix versus services or anything else that you would note. And then related to that, for power gen, in particular, should we be assuming something kind of greater than the 30% type of incremental margins you typically see in E&T given the strong pricing and volume trends there for the next two years? Or how would you kind of characterize that contribution to margins from power gen?

第一，除了以上因素之外，還有其他因素會限制整個能源和電信產業的價格和利潤率嗎？我不知道這是混合型產品還是服務型產品，或者還有其他需要注意的地方。與此相關的是，特別是對於發電領域，考慮到未來兩年強勁的價格和銷售趨勢，我們是否應該假設增量利潤率會高於通常在勘探與運輸領域看到的 30% 左右？或者，您會如何描述發電對利潤率的貢獻？

You know what, I'll make a comment and I'll let Andrew maybe talk about the margins. But we're definitely, each of our businesses and segments, in a little bit of a different position. In the machine part of the business, we're in an unconstrained environment, we were constrained before and we've returned to a much more normal competitive pricing environment. In E&T, as you know, we're putting capacity in. Demand is really strong. And so we've been able to take pretty regular price increases, and we expect that trend to continue.

你知道嗎，我發表意見，然後讓安德魯談談利潤率的問題。但我們各個業務部門和業務板塊的處境肯定略有不同。在機械業務方面，我們現在處於一個不受限制的環境中，而之前我們受到限制，現在我們已經回歸到更正常的競爭性定價環境。如您所知，在工程與技術部門，我們正在增加產能。需求非常強勁。因此，我們得以進行相當規律的價格上漲，我們也預期這種趨勢還會持續下去。

Tariffs as well are not evenly spread across there. So we're a very heavy North America footprint in E&T. And so when you look at the margins, they've hung in there a little bit better than maybe a couple of the other segments.

關稅在那裡的分佈也不均勻。因此，我們在勘探與科技領域在北美擁有非常強大的業務規模。因此，從利潤率來看，它們比其他幾個細分市場的情況要好一些。

So pricing across our businesses, we take into account many different things, and E&T is definitely in a better position just given where that business is in the cycle and where we are from a demand standpoint and the outlook moving forward.

因此，在製定我們各項業務的定價時，我們會考慮許多不同的因素，而鑑於 E&T 業務所處的周期階段、需求情況以及未來的發展前景，E&T 業務無疑處於更有利的地位。

Yeah. And on the margins, I mean, if you look this quarter, I think it was very impressive that E&T was actually able to manage flat margins despite the impact of tariffs, and actually would have grown substantially without that. And I think that gives you an idea of the strength of the pull-through that is occurring.

是的。至於利潤方面，我的意思是，如果你看看本季度，我認為 E&T 能夠在關稅的影響下保持利潤率持平是非常令人印象深刻的，而且如果沒有關稅的影響，它實際上會大幅增長。我認為這可以讓你了解正在發生的拉動效應的強度。

Just to remind you that if you look at our margin targets as a whole, and we manage margins at the enterprise basis, obviously, our focus, is always on absolute OPACC dollars and growing OPACC. So if there's a volume opportunity, which may not be necessarily as margin accretive, that doesn't mean necessarily we will pass on it, because absolute OPACC dollars actually drives the total shareholder return in our mind.

提醒各位，如果我們從整體上看我們的利潤率目標，並且我們以企業為單位管理利潤率，那麼很顯然，我們的重點始終是絕對的營業利潤和營業利潤的增長。因此，如果出現銷售機會，即使它不一定能提高利潤率，也不代表我們一定會放棄，因為在我們看來，絕對的營業利潤率實際上決定了股東的總回報。

But if you look at our margin targets, that requires a pull-through over 30% across the whole of the range when you look at where they are. So that gives you an idea of what we would be expecting from all our businesses when we're looking at the margin increase.

但如果你看看我們的利潤率目標，你會發現，從目前的情況來看，整個產品系列的利潤率需要超過 30%。這樣，您就可以了解我們在考察利潤率成長時，對所有業務的預期情況。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

Hi, thank you. Yes. Building on that, I mean, given the backlog, retail activity, lower rates, secular growth, I mean, the revenues, the expectations on the Street for '26 could go higher. The real debate is going to be the incremental margin.

您好，謝謝。是的。在此基礎上，考慮到積壓訂單、零售活動、較低的利率、長期成長以及收入，華爾街對 2026 年的預期可能會更高。真正的爭論焦點將是增量利潤率。

And building on what you just discussed, not looking for '26 guidance, but just some puts and takes thinking about 2026 at a high level. Obviously, I was intrigued by the price realization comment about being flat in the fourth quarter. I'd be curious, in particular, when you think about that going to '26, especially for construction.

基於您剛才討論的內容，我並不是尋求 2026 年的指導意見，而是想了解一些關於 2026 年的宏觀展望。顯然，我對第四季價格實現持平的說法很感興趣。我很好奇，特別是考慮到 2026 年的情況，特別是對於建築業而言。

Also the capacity expansions out there, the efficiency of that capacity coming on. Should we think of some potential headwinds, adding be it turbine or even more recip capacity? Or maybe you can do it more efficiently. The sales mix, geographic, a little on product?

此外，還有產能擴張以及產能效率的提升。我們是否應該考慮一些潛在的不利因素，例如增加渦輪機或更大的往復式發電能力？或許你可以用更有效的方法去做。銷售組合、地理分佈，以及產品方面？

And maybe last, of course, Andrew, anything helps to consider puts and takes that we're not thinking about, incentive comp, even things below the line, tax rate? It's just that's going to be the debate, right, the margins, the incrementals? So anything you want to answer from those, I'd really appreciate it. Thank you.

當然，安德魯，最後一點，任何有助於考慮我們沒有考慮到的買賣因素的事情，例如激勵性薪酬，甚至是一些幕後因素，例如稅率？爭論的焦點就在於此，對吧？就是那些細微的差別，那些增量？所以，如果您對這些問題有任何疑問，我將不勝感激。謝謝。

Yeah, David, I think you've asked -- I think your question actually covers about the whole of 2026 guidance. So I think, as you know, we will talk a little bit more about that when we get to January when we update you. We're still in our planning process, so it's still very early.

是的，大衛，我想你已經問過了——我認為你的問題實際上涵蓋了 2026 年指導意見的幾乎所有內容。所以我想，正如您所知，我們會在一月份向您報告最新情況時再詳細討論一下這個問題。我們仍在規劃階段，所以現在還處於非常早期的階段。

And obviously, just stepping back though, obviously, demand across the business is strong with the backlog that positions as well. Obviously, as you look out, we are now lapping the impact of price. That's why we don't expect price to have an impact on the fourth quarter. So that's obviously a positive, which we don't have that headwind. Tariffs will still obviously be a headwind as we move into 2026.

顯然，從整體來看，整個業務的需求都很強勁，積壓訂單也很多。顯然，正如你所看到的，我們現在正在承受價格的影響。因此，我們預計價格不會對第四季產生影響。所以這顯然是利好因素，我們沒有遇到逆風。進入2026年，關稅顯然仍將是一個不利因素。

And you asked about the tax rate, and as I indicated in my comments, this year we did see an increase in the tax rate. That's just due to the changes in the way the legislation works, from the capitalization of R&D, in particular, to the immediate expensing.

你問到了稅率的問題，正如我在評論中提到的，今年的稅率確實有所上升。這完全是由於立法方式的變化，特別是研發資本化方式從研發費用立即扣除改為直接費用化。

That obviously is cash benefit to us but booked tax negative. That obviously goes away. And then you'll start seeing some of the benefits of some of the foreign tax adjustments that were made in the legislation, which will be a positive for the tax rate as we move forward. But we'll give you more details, and hopefully, we'll give you a little bit more color on our expectations as we talk in Investor Day as well next week.

這顯然會為我們帶來現金收益，但記入稅項是負面的。那顯然會消失。然後，您將開始看到立法中一些外國稅收調整的好處，這將對我們未來的稅率產生積極影響。但我們會提供更多細節，希望在下週的投資者日上，我們也能更詳細地闡述我們的預期。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Hi, good morning. Thank you so much. Curious about your thoughts on what drove the acceleration in sales to end users in the quarter in every segment and every region except APAC. It seemed like some light switch got turned on.

您好，早安。太感謝了。我很想知道您認為是什麼因素推動了除亞太地區以外的所有地區和所有細分市場在本季度面向終端用戶的銷售額加速成長。好像有什麼燈的開關打開了。

Did you anticipate this acceleration maybe because you had product launches or dealer incentives planned? So my question is, are you gaining share or the end markets have just been getting better on all sides? Thank you.

你是否預料到這種加速成長，可能是因為你計劃推出新產品或向經銷商提供激勵措施？所以我的問題是，你們的市佔率是在成長，還是說終端市場在各方面都變得更好了？謝謝。

Thanks, Tami. We're definitely pleased with the momentum we have in all three of our segments and seeing positive [STUs] and momentum continue. Definitely in E&T, as we mentioned in here, we're trying to get out as much product as we can, particularly on large engines. So we were able to get out a little more product in the third quarter through the factory, and I'm happy with the way the capacity expansion is coming on. Many of you were able to see that earlier this year in Lafayette.

謝謝你，塔米。我們對三大業務板塊的發展勢頭感到非常滿意，並看到積極的[短期業績]和持續的成長勢頭。在工程與技術領域，正如我們之前提到的，我們正在努力生產盡可能多的產品，尤其是在大型引擎方面。因此，我們在第三季透過工廠生產了更多的產品，我對產能擴張的進展感到滿意。今年早些時候，你們中的許多人在拉斐特都看到了這一點。

But as we're bringing that capacity online, we continue to work with our supply base and the team there to get out as many units as we can. So that's creating some positive momentum there. I think -- and when you get to RI, some timing in some of the STUs as to when some of the things get commissioned, and just remember that we've got great momentum in orders and the way that business is going, but from quarter-to-quarter, things can move from one quarter to the next. And we continue to see just great pickup, particularly in North America, on our merchandising programs with CI.

但隨著我們逐步將產能投入使用，我們將繼續與我們的供應商和當地團隊合作，盡可能多地交付產品。所以這正在形成一些積極的勢頭。我認為——當你到達RI時，一些STU的時間安排，例如某些項目的調試時間，請記住，我們在訂單和業務發展方面都取得了巨大的勢頭，但每個季度的情況都可能發生變化。我們持續看到，尤其是在北美，我們的 CI 商品推廣計畫取得了巨大的成功。

So we mentioned the industry dynamics are a little softer, and we're continuing to perform and able to make strides. And I think that what we have in place is working and generating great momentum. And that gives us, obviously, the backlog going up as well, gives us good momentum heading into the fourth quarter and into next year. So we're just really happy with the way the business is performing right now.

所以我們提到產業動態有所緩和，我們仍在繼續發展並且能夠取得進步。我認為我們目前採取的措施行之有效，並且正在產生巨大的發展勢頭。很顯然，這也會讓我們的積壓訂單增加，從而為我們進入第四季度和明年帶來良好的發展勢頭。所以我們對公司目前的經營狀況非常滿意。

Mircea Dobre, Baird.

米爾恰·多布雷，貝爾德。

Thanks, good morning. I'd like to go back to Construction, if we can. It's interesting that sales to end users are accelerating. I am curious, how much of this do you think is simply a function of the various incentives that you put through rather than just the end market getting better? It sounds like your dealers are looking to add more fleet to their rental operations. So maybe you can talk a little bit about that.

謝謝，早安。如果可以的話，我想回到建築業。有趣的是，面向終端用戶的銷售額正在加速成長。我很好奇，你認為這其中有多少只是你所推行的各種激勵措施的結果，而不是最終市場本身變得更好的結果？聽起來你們的經銷商正計劃增加租賃車隊。所以也許你可以稍微談談這方面。

But perhaps the bigger picture as we think about '26, as demand does look to get better, this segment has been absorbing the brunt of these tariff headwinds, how do you think about the puts and takes next year? Do you think that you have the ability to manage these tariffs on the cost side?

但從更宏觀的角度來看，展望 2026 年，隨著需求似乎有所好轉，這一領域一直承受著關稅逆風的衝擊，您如何看待明年的市場走勢？您認為您有能力在成本方面控制這些關稅嗎？

Or should we be thinking that the trends here are solid enough to where you can actually start pushing some price to be able to offset some of these very real cost headwinds that you've experienced in '25? Thank you.

或者我們應該認為，目前的趨勢足夠穩固，可以開始提價，以抵消 2025 年遇到的一些非常實際的成本逆風？謝謝。

Well, there's a couple of different questions there. I'll start maybe on the demand side. I think the performance of the business has been better than the general industry, and I believe that's due to the strategy we have in place and the merchandising programs that are out there.

嗯，這裡麵包含幾個不同的問題。我或許會先從需求方著手。我認為公司業績優於行業平均水平，我相信這歸功於我們制定的策略和正在推行的行銷計劃。

As we finish the year this year, as you point out, I think we'll be in a great shape on dealer inventory. So heading into next year, we'll see what happens. But we've got great momentum, and we're hopeful that continues into next year. And we'll talk to you more about that in our fourth-quarter earnings call.

正如你所指出的，我認為到今年年底，我們的經銷商庫存狀況會非常好。所以，展望明年，我們拭目以待。但我們目前勢頭強勁，希望這種勢頭能延續到明年。我們將在第四季財報電話會議上詳細討論這個問題。

As it comes to pricing, keep in mind, the fourth quarter we said is flat at the enterprise level. So we're lapping the impact of these programs that are put in place. The way we're thinking about pricing is sort of our normal annual process, and we're heading into that time period.

至於定價方面，請記住，我們說過第四季企業級定價將保持穩定。所以，我們目前還無法完全發揮這些已實施項目的影響力。我們對定價的思考方式與我們正常的年度流程類似，而我們即將進入這個時期。

Now each of our segments, as I mentioned before, E&T is in a much different place than RI and a much different place than CI. And then different regions of the world are also in very different positions competitively.

正如我之前提到的，我們各個業務板塊的情況都大不相同，E&T 與 RI 的情況截然不同，與 CI 的情況也大不相同。此外，世界各地不同地區的競爭力也存在很大差異。

So we take a lot of factors into the consideration. Cost inflation is one of them, but also market conditions, competitive situation. As Andrew said, our goal is to grow OPACC dollars. So any volume impacts to these decisions, we'll obviously take that into account as well.

所以我們需要考慮很多因素。成本上漲是其中之一，但市場狀況和競爭情勢也是原因之一。正如安德魯所說，我們的目標是增加 OPACC 的資金。因此，任何銷售量對這些決策的影響，我們顯然也會被考慮。

When it comes to tariffs, we've been able to really put some mitigating actions in, I would say, on the margins. There have been no regrets actions, same thing we talked to you about last time. Short-term cost reductions, more belt tightening type of things. We've made limited sourcing changes where we have the ability to move sources without investments in our supply chain, but that's fairly limited. We work on certifying more USMCA compliant products.

在關稅方面，我認為我們已經採取了一些緩解措施，儘管這些措施只是在一定程度上發揮了作用。沒有任何後悔的行動，和上次我們跟你談過的一樣。短期內降低成本，採取更多節約開支的措施。我們已在無需對供應鏈進行投資的情況下，對採購來源進行了有限的調整，但這相當有限。我們致力於認證更多符合美墨加協定的產品。

But when it comes to longer-term actions, we've sort of talked about this before, we're a global business with a very complicated supply chain. We are heavily US-based. It's our largest footprint here. We have over 50,000 employees, 65 locations, in 25 states. We're a net exporter. We've increased exports 75% over the last 9 to 10 years. And at the same time, our hourly workforce has grown 29%.

但說到長期行動，我們之前也討論過這個問題，我們是一家全球性企業，擁有非常複雜的供應鏈。我們公司在美國的業務規模很大。這是我們在這裡最大的業務規模。我們擁有超過 5 萬名員工，在 25 個州設有 65 個辦事處。我們是淨出口國。過去9到10年間，我們的出口額成長了75%。同時，我們的時薪員工人數增加了 29%。

But we have a broad and diverse portfolio that's very global and the supply chain is complicated. If we're going to make longer-term adjustments to really offset tariffs in that way, it will require investments to do that, and that will take time.

但我們擁有廣泛且多元化的產品組合，業務遍及全球，供應鏈也十分複雜。如果我們要進行長期調整以真正抵消關稅的影響，就需要進行投資，而這需要時間。

Because we'll have to certify components, we have to buy tooling, we have to validate them and test them. And so for us to make those types of decisions, we really need to have a greater level of predictability and stability in the situation. As we know, trade deals are still being negotiated, and we're watching that very closely, and we have a lot of scenarios at play.

因為我們需要對組件進行認證，所以我們需要購買工具，我們需要對它們進行驗證和測試。因此，為了做出這類決定，我們確實需要局勢具有更高的可預測性和穩定性。我們知道，貿易協定仍在談判中，我們正在密切關注，而且有很多可能的情況正在考慮中。

We'll use everything in our toolkit when the time is right to react to the tariffs or to mitigate the tariffs. But I'm confident we'll manage it over time. It's just right now, if we do something that requires investment, I don't want to have to spend that money and then turn around and spend money to reverse it.

時機成熟時，我們將動用一切手段來應對關稅或減輕關稅的影響。但我相信假以時日，我們一定能克服困難。現在的情況是，如果我們要做一件需要投資的事情，我不想先花掉這筆錢，然後再花錢去彌補損失。

So we're trying to take a measured approach. But we have great momentum heading into 2026, and as we finish this year, and we're really happy with the way the business is performing. So we'll continue to update you as we move forward.

所以我們正努力採取穩健的方式。但我們在進入 2026 年之際勢頭強勁，而且在今年即將結束之際，我們對公司目前的業績表現非常滿意。我們會持續向您通報最新進展。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Thank you. Good morning. Rob. Wanted to ask, I guess around the shape of demand in resources, which you've touched on a couple of times, and is the order strength largely in gold, which obviously is going nuts, and copper or is it a little bit more broad based and then if you have any comments, we've seen a couple of industry including Cat investments and technology, software autonomy, is there any upshift or change in customer orders on autonomy, and or advanced powertrains or anything else notable change there? Thank you.

謝謝。早安.搶。我想問一下，關於資源需求的形態，您之前也提到過幾次，訂單強度主要集中在黃金（顯然價格飆升）和銅上，還是更廣泛一些？另外，我們看到一些行業，包括卡特彼勒的投資和技術，以及軟體自動駕駛，客戶在自動駕駛、先進動力系統或其他方面是否有任何成長或變化？謝謝。

Yeah. So I mean, obviously, order rates have remained pretty strong. As you would expect, where order rates are principally is around large mining trucks. That is the area of strength. From a commodity perspective, I would say to you, rather than any commodity is strong, obviously, gold prices and copper prices are high, it's coal which is probably the little bit of the drag, as you would expect, and particularly in Indonesia.

是的。所以很明顯，訂單量一直保持強勁。正如你所預料的那樣，訂單量主要集中在大型礦用卡車上。這是我們的優勢領域。從大宗商品的角度來看，我想說的是，與其說是某種大宗商品走強（顯然，黃金價格和銅價都很高），不如說是煤炭價格略微拖累了整體市場，正如你所預料的那樣，尤其是在印尼。

With regards to autonomy, we continue to see a greater acceptance by our customers of the need for autonomous solutions. And I think we'll be talking to you a little bit more about RPM and also about where we think the industry is headed next week, Rob. So if you don't mind, I'm sure Denise will be giving you guys an update, and you'll be able to ask more questions there about some of the things within RI in particular.

在自主化方面，我們看到客戶對自主解決方案的需求越來越認可。羅布，我想下週我們會和你多聊聊RPM，以及我們認為這個產業未來的發展方向。所以，如果您不介意的話，我相信 Denise 會給大家帶來最新消息，您也可以在那裡詢問更多關於 RI 內部一些具體問題。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Good morning. Thank you for the questions. Two that are related to the backlog. First, can you comment on the contribution of CI and RI to the sequential backlog growth? I know you made some comments on the year over year, but if you could hit the sequential backlog growth.

早安.謝謝大家的提問。其中兩項與積壓工作有關。首先，您能否談談CI和RI對連續積壓訂單成長的貢獻？我知道你對同比數據發表了一些評論，但如果你能談談連續訂單成長就更好了。

And then second, when you talk about backlog or even revenue growth in oil and gas, would that include any turbine sales used for those prime power data center applications? Or should we anticipate that those will be allocated to the power gen backlog commentary? Thank you.

其次，當您談到石油和天然氣行業的積壓訂單甚至收入成長時，這是否包括用於資料中心主要電力應用的渦輪機銷售？或者我們應該預期這些資金將用於電力生產積壓問題的評論？謝謝。

Yeah, thanks, Kristen. So the consecutive sequential growth in the backlog primarily came from E&T, and that was largely power generation and oil and gas contributing to that. As you did mention, year over year, we saw our [I&CI] up. So we're following a little bit of a seasonal pattern in those while still growing. The backlog order activity across all three segments has been really strong in the quarter, and we're really happy with the momentum we have.

謝謝你，克里斯汀。因此，積壓訂單的連續成長主要來自勘探與科技業，其中發電、石油和天然氣產業貢獻最大。正如您所提到的，我們的[I&CI]逐年增長。所以，這些作物在生長的同時，也呈現出一些季節性法則。本季所有三個業務部門的積壓訂單活動都非常強勁，我們對目前的勢頭非常滿意。

When it comes to solar and where those sales go and where you see them in the backlog and sales to users, if it's a data center application, it goes in power generation. If it's traditional offshore oil platforms or gas transmission, then it would be in oil and gas. So that's how you should look at where those end up in the numbers.

說到太陽能產品，以及這些產品的銷售去向，以及它們在積壓訂單和用戶銷售中的分佈情況，如果是資料中心應用，那麼它們就會進入發電領域。如果是傳統的海上石油平台或天然氣輸送，那就屬於石油和天然氣產業。所以你應該這樣看待這些數字最終的走向。

Michael Feniger, Bank of America.

麥可費尼格，美國銀行。

Hi, good morning. Thanks for squeezing me in. Joe, just in 2010, there was a filing, a Cat head out that put turbines at $3.3 billion of revenue. That was 15 years ago. Is that business closer to like $7 billion today? Is that $7 billion too low, too high? And just the fact that some areas of oil and gas CapEx like offshore has been weak, is that why you have some capacity to meet the orders on power gen?

您好，早安。謝謝你擠出時間陪我。喬，就在 2010 年，一份文件顯示，卡特彼勒的渦輪機收入達到了 33 億美元。那是15年前的事了。如今這家公司的市值是不是接近70億美元了？70億美元這個數字是太低還是太高？正是由於石油和天然氣資本支出的某些領域（例如海上油氣）疲軟，才導致你們有能力滿足發電訂單？

Does that change at all to meet this demand when you open the order book for Titan 350? When does that kind of plan happen? And does that change the equation at all as you got to kind of think about capacity going forward? Thank you.

為了滿足這項需求，在開放 Titan 350 的訂單時，情況是否會有所改變？這種計劃何時實施？那麼，在考慮未來產能問題時，這是否會改變一些因素呢？謝謝。

So with regards to revenues, we are not going to disclose solar revenues. Obviously, you are referring to a period very long time ago. We split the business into oil and gas applications and power generation and where it's mixed up with reciprocating engines for obvious reasons. But solar is a very strong business. It's a very good business for us, as you know, and one that we will continue to support very strongly.

因此，關於收入方面，我們不會透露太陽能收入。顯然，你指的是很久以前的事了。我們將業務分為石油和天然氣應用以及發電，而由於顯而易見的原因，它又與往復式發動機混雜在一起。但太陽能產業發展勢頭非常強勁。正如您所知，這對我們來說是一項非常好的業務，我們將繼續大力支持它。

With regards to capacity, both actually oil and gas applications are doing pretty well as well. So there's a lot of pipeline orders, particularly around gas transmission. And so that doesn't -- so there's not necessarily weakness, which allows us to continue to meet either demand. It's really about prioritization. And as Joe said, we will discuss and make capacity decisions when we're ready and when we see the need to do that, we'll notify you accordingly.

就產能而言，石油和天然氣應用領域實際上都發展得相當不錯。所以有很多管道訂單，特別是天然氣輸送的訂單。因此，這並不一定意味著存在弱點，這使我們能夠繼續滿足這兩種需求。其實關鍵在於確定優先事項。正如喬所說，我們會在準備就緒且認為有必要時討論並做出產能決定，屆時我們會通知您。

Yeah. And just, I mean, as you're thinking about -- it was a long time ago, going back 15 years to 2010, the world in oil and gas is much different now as well, right? So you would have had a lot more offshore power in the solar oil and gas business, and now, post shale, we are moving a lot of natural gas, and that's where we are very, very strong, is in the gas transmission side.

是的。我的意思是，正如你所想——那是很久以前的事了，追溯到 2010 年，距今已有 15 年了，如今石油和天然氣行業也發生了很大的變化，對吧？因此，在太陽能石油和天然氣產業，你會有更多的海上電力，而現在，頁岩氣時代之後，我們正在運輸大量的天然氣，而我們在天然氣輸送方面非常非常強大。

So I think the business is different now. We continue to grow services and services footprint. It's the first business where we really leaned in on the digital front with long-term service agreements. And that's obviously, with Jim's background, helped shape our strategy that's made us successful here in the last few years.

所以我覺得現在的商業環境已經不一樣了。我們持續拓展服務範圍和服務覆蓋率。這是我們第一個真正大力發展數位化業務，並簽訂長期服務協議的企業。很顯然，憑藉吉姆的背景，這有助於我們制定策略，使我們在過去幾年取得了成功。

So we're excited about the business. We're seeing a lot more demand in power generation. We -- when we announced the Titan 350 and put that program through, we obviously had room to produce those units. So we're excited that we're getting good uptake on them even sooner than we had thought when we started the program a few years ago.

所以我們對這項業務感到興奮。我們看到發電方面的需求大幅增加。當我們宣布推出 Titan 350 並啟動該專案時，我們顯然有足夠的產能來生產這些設備。所以我們很高興看到，這些產品比我們幾年前啟動該專案時預想的還要快就得到了很好的推廣。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning and congrats on a nice quarter. I guess two quick ones for me. Joe, I guess what struck me about the quarter is just the backlog growth that you saw. I mean, to what degree do you think -- the Street should continue to expect backlog to grow? Because on one side, you have these projects like Joule, there could be more of those coming online.

您好，早安，恭喜您本季業績優異。我猜我得快速回答兩個問題。喬，我覺得本季最讓我印象深刻的就是你看到的積壓訂單成長。我的意思是，你認為華爾街應該在多大程度上繼續預期積壓訂單會繼續成長？一方面，像 Joule 這樣的項目已經存在，而且未來可能會有更多類似的項目上線。

The other side of it is you have the well large numbers and potentially capacity coming online. So just the ability to grow the backlog because it just provides such earnings visibility. And my second follow-up is just, understanding what you're saying on tariffs by segment, et cetera, but should the Street expect the fourth quarter to be the peak of tariff cost headwinds? Can it get better from here as we think about 2026? Thanks.

另一方面，還有大量潛在產能即將投入使用。所以，僅僅是增加訂單積壓的能力就足以帶來如此高的獲利可見度。我的第二個後續問題是，我理解您所說的按行業劃分的關稅等等，但是華爾街是否應該預期第四季度將是關稅成本逆風的頂峰？展望2026年，情況會好轉嗎？謝謝。

Yeah. So when we look at -- you want to take the last one first, then I'll come on the first one?

是的。所以當我們看的時候──你想先看最後一個，然後我再看第一個？

Yeah. So with regards to tariffs, I mean, obviously, it really does the timing of mitigation actions, as Joe mentioned, will really be determined by the greater degree of certainty that we get out there. Obviously, all factors are on the table, and that will include potential for price. But obviously, that -- we'll make those decisions as we would normally do within our normal time frame. .

是的。所以關於關稅問題，我的意思是，很顯然，正如喬所提到的，緩解措施的時機確實將取決於我們獲得的確定性程度。顯然，所有因素都在考慮範圍內，包括價格因素。但很顯然，我們會像往常一樣在正常的時間範圍內做出這些決定。。

With regards to, obviously, the $650 million to $800 million is based on most of the -- all the tariffs that will be in effect on November 1. So there is one month for some of the tariffs for the 232s. Obviously, the other factors which impact tariffs are the degree of imports in any quarter. But that would be the sort of run rate on an unmitigated basis that you would expect to see.

至於6.5億美元至8億美元，顯然是基於11月1日生效的大部分關稅——所有關稅。所以，232 型列車的部分關稅有一個月的緩衝期。顯然，影響關稅的其他因素是任何季度的進口量。但這種程度的運作率，在不受任何限制的情況下，是可以預期的。

Yeah. And Jamie, it's a good question on the backlog and I think you expressed it well, right, there's a nuance to it. We continue to see significant demand, particularly in E&T. We're seeing more -- I think we're at the early stages of the prime power opportunities. So we're excited to have more of those come online.

是的。傑米，關於積壓工作的問題問得很好，我覺得你表達得也很清楚，對吧，這裡面確實有一些細微差別。我們持續看到強勁的需求，尤其是在電子和電信領域。我們看到的情況越來越多——我認為我們正處於電力發展黃金時期的早期階段。所以我們很高興看到更多這樣的項目上線。

We talk to our large data center customers, both hyperscalers and colos frequently, monthly mostly even to manage that forecast. So we have great confidence in the pipeline that's out there, and that's why we're putting the capacity in, and we continue to raise the capacity.

我們經常與大型資料中心客戶（包括超大規模資料中心和託管資料中心）溝通，通常每月一次，以管理預測。因此，我們對現有的管道系統充滿信心，這也是我們增加產能並持續提高產能的原因。

So I think it kind of depends on the circumstance. We like the fact that the backlog is going up. I'd like to maybe -- if the reason the backlog goes up a little less is that I'm able to get out more and more product and keep up, I think that's a good thing.

所以我覺得這要視具體情況而定。我們很高興看到積壓訂單數量增加。我希望——如果積壓工作量減少的原因是我可以推出越來越多的產品並跟上進度，我認為這是一件好事。

So we think it's positive. I would expect us to continue to see momentum in there. But we are getting pretty extended on some of our products in E&T, and I'd like to try to at least get that stabilized or brought back in, if we can.

所以我們認為這是積極的。我預計這方面會繼續保持成長勢頭。但是我們在E&T部門的一些產品已經相當超前了，如果可以的話，我想至少嘗試穩定一下或恢復。

Hey, Andre, we have time for one more question.

嘿，安德烈，我們還有時間再問一個問題。

Thank you. Steve Volkmann, Jefferies.

謝謝。史蒂夫‧沃克曼，傑富瑞集團。

Great, thank you guys. Joe, you mentioned services a few times with respect to solar. And I know for most of Cat equipment, a lot of that services revenue accrues to the dealer, but I think solar is a little bit different. Can you just talk about how that's different and how the services business kind of impacts Cat directly rather than the dealers?

太好了，謝謝大家。喬，你之前幾次提到過與太陽能相關的服務。我知道對於大多數卡特彼勒設​​備來說，許多服務收入都歸經銷商所有，但我認為太陽能設備的情況略有不同。您能否談談這有何不同，以及服務業務如何直接影響卡特彼勒公司而不是經銷商？

Yeah. It's, as you stated, solar is a direct business model for us. So in Cat branded products, obviously, the dealers service the equipment in the field. We sell them parts and support them with some other ancillary services. But when it comes to solar, we have our own field technicians, our own group. So those units, as you know, run continuously. And so we pride ourselves as having tremendous customer service here, and that's why customers like us.

是的。正如你所說，太陽能對我們來說是一種直接的商業模式。因此，對於 Cat 品牌的產品，很顯然，經銷商負責現場設備的維修服務。我們向他們出售零件，並提供一些其他輔助服務。但說到太陽能，我們有自己的現場技術人員，我們自己的團隊。如你所知，這些設備是持續運作的。因此，我們以擁有卓越的客戶服務而自豪，這也是客戶喜歡我們的原因。

So as you point out, as solar sales pick up, even the power gen space, it's all prime power, that's a great services growth opportunity for us. And I would say even in the Caterpillar side, projects like Joule, and that will come in a few years' time, not as much in the early years, the more prime power opportunities we're able to satisfy with our customers, the greater service opportunity for us down the road in a few years' time. So we're continuing to build that momentum in services.

正如你所指出的，隨著太陽能銷售額的成長，甚至在發電領域（所有主要電力），這對我們來說是一個巨大的服務成長機會。而且我認為，即使在卡特彼勒方面，像 Joule 這樣的項目，雖然會在幾年後到來，但不會很快實現，我們能夠滿足客戶的主要動力需求的機會越多，幾年後我們就能獲得更大的服務機會。因此，我們正在繼續保持服務業的發展動能。

And you'll get a little chance, those of you who are coming to Investor Day next week, if you're able to stick around and go to the solar plant in DeSoto, you'll be able to ask a lot more questions and get a better understanding of that, so.

下週來參加投資者日的各位，如果你們能留下來參觀一下德索託的太陽能發電廠，你們就能有機會問更多的問題，更好地了解情況。

So with that, I'd like to thank everyone for joining us today. We always appreciate your questions and the interest in our results. We've had -- we had a great quarter. I'm really proud of our team for the solid performance. And so we're really excited to see you all next week at Investor Day, and I look forward to sharing more about our bright future and the attractive growth opportunities ahead.

最後，我要感謝今天到場的各位。我們一直很感謝您提出的問題以及您對我們研究結果的關注。我們這個季度業績非常好。我為我們團隊的出色表現感到非常自豪。因此，我們非常期待下週在投資者日與大家見面，我期待與大家分享更多關於我們光明未來和極具吸引力的成長機會的資訊。

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

這樣，我就把麥克風交還給亞歷克斯了。

Thank you, Joe, Andrew and everyone who joined us today. A replay of our call will be available online later this morning, also post a transcript on our Investor Relations website as soon as it's available. You'll find the third-quarter results video with our CFO and an SEC filing with our sales to users data visit investors.caterpillar.com, and then click on Financials to view those materials.

謝謝喬、安德魯以及今天所有到場的各位。今天上午晚些時候，我們將在網路上提供電話會議的錄音回放，同時，我們也會在投資者關係網站上盡快發布會議記錄。您可以在 investors.caterpillar.com 上找到我們首席財務官介紹第三季度業績的視頻，以及包含我們用戶銷售數據的美國證券交易委員會文件，然後點擊“財務”查看這些資料。

As Joe mentioned, we look forward to hosting you for our Investor Day on Tuesday, November 4. The webcast information is already available on investors.caterpillar.com, and we'll issue a press release with more details in the morning of November 4. If you have any questions, please reach out to me or Rob Rengel. The Investor Relations general phone number is (309) 675-4549.

正如喬所說，我們期待在11月4日星期二的投資者日活動中接待您。網路直播資訊已發佈在 investors.caterpillar.com 上，我們將於 11 月 4 日上午發布新聞稿，提供更多詳細資訊。如有任何疑問，請聯絡我或羅伯·倫格爾。投資者關係總機電話號碼為 (309) 675-4549。

Now, let's turn the call back to Audra to conclude our call.

現在，讓我們把電話轉回給奧德拉，結束我們的通話。

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

謝謝。通話到此結束。感謝您的參與。你們可以斷開連結了。