開拓重工 (CAT) 2026 Q1 法說會逐字稿

Welcome to the first-quarter 2026 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, Alex Kapper. Thank you. Please go ahead.

歡迎參加卡特彼勒 2026 年第一季財報電話會議。請注意，今天的會議將被錄音。現在我想把會議交給今天的主講人 Alex Kapper。謝謝。請開始。

Thank you, Adria. Good morning, everyone, and welcome to Caterpillar's first-quarter of 2026 earnings call. I'm Alex Kapper, Vice President of Investor Relations. Joining me today are Joe Creed, Chairman and CEO; Andrew Bonfield, Chief Financial Officer; Kyle Epley, Senior Vice President of the Global Finance Services Division and incoming CFO; and Rob Rengel, Senior Director of IR.

謝謝你，Adria。各位早安，歡迎參加卡特彼勒 2026 年第一季財報電話會議。我是 Alex Kapper，投資人關係副總裁。今天與我一同出席的有：董事長暨執行長 Joe Creed；財務長 Andrew Bonfield；全球金融服務事業部資深副總裁暨即將上任的財務長 Kyle Epley；以及投資人關係資深總監 Rob Rengel。

In our call, we'll be discussing the first quarter earnings release we issued earlier today. You can find our slides, the news release and the webcast recap at investors.caterpillar.com under Events and Presentation. The content of this call is protected by US and international copyright law. Any rebroadcast, retransmission, reproduction or distribution of all or part of this content without Caterpillar's prior written permission is prohibited.

在本次電話會議中，我們將討論今天稍早發布的第一季財報新聞稿。您可在 investors.caterpillar.com 的 Events and Presentation 頁面找到我們的簡報、新聞稿與網路直播回顧。本次通話內容受美國及國際著作權法保護。未經卡特彼勒事先書面許可，禁止對本內容全部或部分進行任何重播、轉播、複製或散布。

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 certain 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. A detailed discussion of the many factors that we believe may have a material effect on our business on an ongoing basis is contained in our SEC filings.

請看第 2 張投影片。在今天的電話會議中，我們將發表前瞻性陳述，這些陳述受風險與不確定性影響。我們也會做出若干假設，可能導致實際結果與我們在本次電話會議中分享的資訊有所不同。有關可能單獨或合併導致實際結果與我們預測出現重大差異的因素詳情，請參閱我們近期的 SEC 申報文件，以及新聞稿中的前瞻性陳述提醒。我們認為可能持續對業務產生重大影響的多項因素之詳細討論，載於我們的 SEC 申報文件中。

On today's call, we 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. For today's agenda, Joe will begin by sharing perspectives about our results and highlight initiatives across our segments. Then he'll discuss our full-year outlook and insights about our end markets followed by a strategy update. Andrew will provide a detailed overview of results and Kyle will share key assumptions looking forward. We'll conclude by taking your questions.

在今天的電話會議中，我們也會提及非 GAAP 數據。如需將任何非 GAAP 數據調節至相應的美國 GAAP 數據，請參閱財報電話會議簡報的附錄。今天的議程如下：Joe 將先分享對我們業績的觀點，並重點介紹各事業部門的相關舉措。接著他將說明全年展望與終端市場洞見，並提供策略更新。Andrew 將對業績作更詳細的說明，Kyle 則將分享未來的關鍵假設。最後我們將進入問答。

Now let's advance to slide 3 and turn the call over to Joe.

現在請翻到第 3 張投影片，並把電話交給 Joe。

All right. Well, thanks, Alex, and good morning, everybody. Thanks for joining us. Our team delivered a strong start to the year driven by resilient end markets and disciplined execution in operating environment. Sales and revenues were $17.4 billion, up 22%, and we delivered adjusted profit share of $5.54, an increase of 30% versus last year. Backlog grew to a record level of $63 billion, an increase of $28 billion or 79% compared to the first quarter last year.

好的。謝謝你，Alex，各位早安。感謝各位加入我們。在終端市場展現韌性，以及我們在營運環境中嚴謹執行的帶動下，團隊在今年開局表現強勁。銷售與營收為 174 億美元，成長 22%；調整後每股盈餘為 5.54 美元，較去年增加 30%。積壓訂單增至創紀錄的 630 億美元，較去年第一季增加 280 億美元或 79%。

All three primary segments contributed to both the year over year and sequential backlog growth. Also, total first-quarter orders were an all-time record, providing a continued positive momentum. Our strong balance sheet and MP&E free cash flow allowed us to deploy $5.7 billion to shareholders through share repurchases and dividends in the quarter. Solid sales and revenues growth combined with robust order activity demonstrate the strength of our business and our focus on solving our customers' toughest challenges.

三大主要事業部門皆對年增與季增的積壓訂單成長有所貢獻。此外，第一季總接單量創歷史新高，帶來持續的正向動能。憑藉強健的資產負債表與 MP&E 自由現金流，我們在本季透過庫藏股回購與股利，向股東回饋 57 億美元。穩健的銷售與營收成長，加上強勁的接單活動，展現了我們業務的實力，以及我們專注於協助客戶解決最棘手挑戰的承諾。

Now I'll discuss first-quarter results in more detail. Sales and revenues were $17.4 billion, an increase of 22% versus the previous year and in line with our expectations. Adjusted operating profit margin was 18%. First-quarter adjusted operating profit margin and adjusted profit per share of $5.54 were better than we anticipated, mainly due to favorable manufacturing costs, including lower-than-anticipated tariff costs.

接下來我將更詳細說明第一季業績。銷售與營收為 174 億美元，較去年增加 22%，並符合我們的預期。調整後營業利益率為 18%。第一季調整後營業利益率與調整後每股盈餘 5.54 美元優於我們先前預期，主要受惠於有利的製造成本，包括關稅成本低於預期。

Costs related to tariffs introduced since the beginning of 2025 were approximately $600 million in the quarter. This was favorable to the estimate we provided in January, primarily due to an adjustment to the computation of tariff in 2025. Andrew will provide a little more detail in a moment.

自 2025 年初以來新增關稅所帶來的相關成本，本季約為 6 億美元。這一結果優於我們在 1 月提供的估計，主要是因為對 2025 年關稅計算方式進行了調整。Andrew 稍後會提供更多細節。

Now I'll review first-quarter retail statistics. Sales to users grew in all three of our primary segments. In Power & Energy, sales to users grew a robust 32% with growth across all applications. Power generation grew 48%, driven by strong demand for large gensets and turbines used in data center applications with an increasing mix towards prime power. Sales to users in oil and gas increased 16% and were driven by reciprocating engines, turbines, and turbine-related services sold in the gas compression applications. Industrial growth was driven by engines sold into multiple applications.

接下來我將回顧第一季的零售統計數據。我們三大主要事業部門的終端用戶銷售均有所成長。在 Power & Energy（動力與能源）方面，終端用戶銷售強勁成長 32%，各應用領域皆有成長。發電業務成長 48%，主要由資料中心應用中對大型發電機組與渦輪機的強勁需求所帶動，且產品組合愈來愈偏向主電力（prime power）。油氣領域的終端用戶銷售成長 16%，主要由氣體壓縮應用中銷售的往復式引擎、渦輪機，以及與渦輪機相關的服務所帶動。工業領域的成長則由銷往多種應用的引擎所驅動。

Construction Industries total sales to users grew for the fifth consecutive quarter, up 7%. Increases in North America were slightly better than we anticipated, mostly due to nonresidential construction. Rental fleet loading increased and our dealers' rental revenue continued to grow in the quarter.

Construction Industries（建築產業）終端用戶總銷售連續第五季成長，上升 7%。北美的增幅略優於我們預期，主要來自非住宅建築。租賃機隊裝載率提升，且我們經銷商的租賃收入在本季持續成長。

Sales users declined slightly in EAME and were below our expectations due to timing in key projects. Middle East was slightly lower, but was partially offset by a better-than-expected activity in Africa. Asia Pacific was about flat and below our expectations due to timing of customer deliveries, while growth in Latin America was slightly better than anticipated.

EAME（歐洲、非洲與中東）終端用戶銷售小幅下滑，且因關鍵專案時點因素而低於我們預期。中東略低，但部分被非洲活動優於預期所抵銷。亞太地區大致持平且低於我們預期，原因在於客戶交付時點；拉丁美洲的成長則略優於預期。

For Resource Industries, first-quarter sales to users increased 6%, which is below our expectations, primarily due to timing of customer deliveries. Mining sales to users were higher year over year with growth across most product lines. Heavy construction and quarry and aggregates were about flat. Rail remained at relatively low levels.

在 Resource Industries（資源產業）方面，第一季終端用戶銷售成長 6%，低於我們預期，主要因客戶交付時點所致。礦業終端用戶銷售年增，且多數產品線皆有成長。重型建設以及採石與骨材大致持平。鐵路業務仍維持在相對低的水準。

Turning to slide 4. I'll cover a few highlights since our last earnings call from each of the segments, starting with Power & Energy. Yesterday, we announced another exciting opportunity to provide PROPWR up to 2.1 gigawatts of large gas generator sets for prime power generation in support of data center, oil and gas, and industrial applications. Orders will enter the backlog on a rolling basis.

請看第 4 張投影片。我將回顧自上次財報電話會議以來，各事業部門的一些重點，先從 Power & Energy 開始。昨天，我們宣布另一項令人振奮的機會：為 PROPWR 提供最高達 2.1 吉瓦的大型燃氣發電機組，用於支援資料中心、油氣與工業應用的主電力發電。訂單將以滾動方式逐步納入積壓訂單。

We expect to deliver generator sets over the next five years and anticipate long-term services growth opportunities in the future. This represents the sixth agreement with at least 1 gigawatt of Caterpillar equipment for prime power applications.

我們預期在未來五年交付這些發電機組，並預期未來將有長期服務成長機會。這是第六項協議，涉及至少 1 吉瓦的卡特彼勒設備用於主電力應用。

Moving on to Construction Industries. Last month at CONEXPO, we launched Cat compact, a streamlined customer experience designed for small contractors and growing businesses that value simplicity and speed. It brings everything together in one destination, enabling customers to buy, rent, and service compact equipment with ease. We believe this will expand our relevance in the compact equipment industry and make it easier for our customers to do business with us and our dealers, contribution to our 2030 target for CI of 1.25 times sales to users growth.

接著談 Construction Industries（建築產業）。上個月在 CONEXPO 上，我們推出 Cat compact，這是一套精簡的客戶體驗，專為重視簡單與速度的小型承包商與成長型企業所設計。它將所有內容整合於單一平台，讓客戶能輕鬆購買、租賃並維修小型設備。我們相信這將提升我們在小型設備產業的相關性，並讓客戶更容易與我們及經銷商往來，進而為我們建築產業（CI）在 2030 年「終端用戶銷售成長達 1.25 倍」的目標做出貢獻。

And finally, Resource Industries completed the acquisition of RPMGlobal in February, bringing a leader in mining software technology into our portfolio. As we highlighted at our Investor Day, RPMGlobal's capabilities complement our existing technology, strengthening our ability to deliver integrated solutions that help customers improve safety and productivity across their operations. We see this as a long-term investment in technology-enabled growth that will help solve our mining customers' toughest challenges.

最後，資源產業於2月完成對RPMGlobal的收購，將礦業軟體技術領域的領導者納入我們的投資組合。正如我們在投資人日所強調的，RPMGlobal的能力可與我們既有的技術相輔相成，強化我們提供整合式解決方案的能力，協助客戶在其營運中提升安全性與生產力。我們將此視為對以科技驅動成長的長期投資，有助於解決礦業客戶最棘手的挑戰。

Now on slide 5, I'll provide an update on our outlook. While there is increased uncertainty due to geopolitical events and elevated energy prices, our end markets have been resilient. We are closely monitoring the environment, and we are not forecasting material impact to our 2026 outlook at this time. We now anticipate low-double-digit growth for full-year 2026 sales and revenues. The increased outlook is driven by resilient end markets and solid execution by our team.

接著看第5頁投影片，我將更新我們的展望。儘管地緣政治事件與能源價格高企帶來更高的不確定性，我們的終端市場仍展現韌性。我們正密切監測環境變化，目前並未預期會對我們2026年的展望造成重大影響。我們現在預期2026全年銷售與營收將呈現低雙位數成長。展望上修主要由終端市場的韌性以及團隊穩健的執行所帶動。

Notably, we're tracking ahead of our large engine capacity expansion plans for the year. Order rates are very strong across a wide range of products, driving backlog growth in all three primary segments. We also expect growth in services revenues for the full year. As a result, we anticipate stronger growth across all three primary segments compared to the outlook we gave during our last earnings call.

值得注意的是，我們今年的大型引擎產能擴充計畫進度超前。多項產品的接單率都非常強勁，推動三大主要事業部門的在手訂單（backlog）全面成長。我們也預期全年服務營收將成長。因此，相較於上次法說會所提供的展望，我們預期三大主要事業部門的成長將更為強勁。

With the improved sales and revenues outlook, full-year adjusted operating profit margin will be higher than we expected in January. As a reminder, our operating profit margin target range is progressive with sales and revenues. Adjusted operating profit margin is estimated to remain near the bottom of the target range corresponding to the now higher top-line expectations. Our full-year margin expectation reflects the strategic investments we're making to execute our growth strategy as well as the ongoing impact of tariffs.

隨著銷售與營收展望改善，全年調整後營業利益率將高於我們1月時的預期。提醒各位，我們的營業利益率目標區間會隨銷售與營收提高而逐步上移。在目前更高的營收預期下，調整後營業利益率估計仍將接近對應目標區間的下緣。我們對全年毛利率的預期反映了為執行成長策略所進行的策略性投資，以及關稅的持續影響。

The situation around tariffs remain fluid, while we continue to execute our mitigation plans. Kyle will discuss our revised estimate for tariffs in more detail. I remain confident that we'll manage the impact of tariffs over time as we aim to operate around the midpoint of our adjusted operating profit margin target range. We're also increasing our MP&E free cash flow expectations to be higher than 2025, reflecting our improved outlook and strong top line growth. To further support outlook, I'll discuss our key end markets starting with Power & Energy.

關稅相關情勢仍在變動中，而我們也持續執行因應與緩解計畫。Kyle將更詳細說明我們對關稅的修正估計。我仍有信心，隨著時間推進，我們將能管理關稅的影響，並以在調整後營業利益率目標區間的中點附近營運為目標。我們也將MP&E自由現金流的預期上調至高於2025年，反映展望改善與強勁的營收成長。為進一步支持展望，我將從電力與能源（Power & Energy）開始，說明我們的主要終端市場。

The 2026 outlook remains positive. Robust backlog growth was driven by continued momentum in both power generation and oil and gas. We anticipate growth in power generation for both reciprocating engines and turbines, driven by increasing energy demand to support data center build-out related to cloud computing and generative AI. We continue to see demand for prime power to trend higher as data center customers look for alternative power solutions to keep pace with their growth. Oil and gas expected to see moderate growth for the year.

2026年的展望仍然正向。在手訂單的強勁成長，來自發電與油氣兩大領域動能持續。我們預期往復式引擎與渦輪機的發電需求都將成長，主因是雲端運算與生成式AI相關資料中心建置帶動能源需求增加。隨著資料中心客戶尋求替代電力解決方案以跟上其成長，我們持續看到主電（prime power）需求呈上升趨勢。油氣業務預期全年將呈現溫和成長。

Reciprocating engine sales are expected to increase, driven by strong demand in gas compression applications. Solar turbines oil and gas backlog remains healthy with continued solid order and inquiry activity. As a result, we anticipate another year of strong turbine sales. Services revenues in oil and gas are also expected to increase for the year. Demand for products in industrial applications is projected to grow modestly in 2026.

往復式引擎銷售預期將增加，主要由氣體壓縮應用的強勁需求所帶動。Solar Turbines在油氣領域的在手訂單仍維持健康，訂單與詢價活動持續穩健。因此，我們預期渦輪機銷售將再度呈現強勁的一年。油氣領域的服務營收也預期全年將增加。工業應用的產品需求預估在2026年將小幅成長。

For Construction Industries, we continue to expect full-year sales to users growth, supported by strong order rates. Overall, the outlook for North America remains positive as sales to users are anticipated to grow versus last year. Construction spending remains at healthy levels supported by the IIJA with the remaining funds to be spent over the next few years. Also, investment in critical infrastructure programs and data centers is contributing to overall construction spending levels. Dealer rental fleet loading and rental revenue are both projected to increase compared to 2025.

在建設產業（Construction Industries）方面，在強勁接單率支撐下，我們仍預期全年對終端用戶銷售（sales to users）將成長。整體而言，北美展望仍然正向，預期對終端用戶銷售將較去年成長。在《基礎建設投資與就業法案》（IIJA）支持下，建設支出仍維持健康水準，且剩餘資金將在未來數年陸續支出。此外，對關鍵基礎設施計畫與資料中心的投資，也推升整體建設支出水準。經銷商租賃機隊的裝載量與租賃收入，預估相較2025年都將增加。

In EAME, Europe is expected to remain stable, supported by nonresidential construction and construction activity in Africa is projected to remain strong. While softening in the Middle East is anticipated, as of now, we expect the impact on EAME sales to users to be limited. In Asia Pacific, outside of China, softer economic conditions are expected. In China, we anticipate moderate conditions with full-year growth in the above 10-ton excavator industry off of low levels of activity. Growth in Latin America is expected to continue.

在EAME地區，歐洲預期維持穩定，受非住宅建築支撐；非洲的建設活動預估仍將保持強勁。儘管預期中東將趨緩，但截至目前，我們預期對EAME對終端用戶銷售的影響有限。在亞太地區（不含中國），預期經濟情勢較為疲弱。在中國，我們預期市場狀況溫和，10噸以上挖掘機產業在低基期下，全年將呈現成長。拉丁美洲的成長預期將延續。

We're seeing continued positive momentum in Resource Industries with strong backlog growth. Robust order rates across most products drove the highest quarter for order intake since 2012. For 2026, sales to users are expected to increase, primarily driven by rising demand for copper and gold and positive dynamics in heavy construction and quarry and aggregates.

我們在資源產業（Resource Industries）持續看到正向動能，在手訂單強勁成長。多數產品的強勁接單率，帶動自2012年以來最高的單季接單量。展望2026年，對終端用戶銷售預期將增加，主要由銅與黃金需求上升，以及重型建設、採石與骨材等領域的正向動態所帶動。

Most key commodities remain of investment threshold. Customer product utilization is high and the age of the fleet remains elevated. While some commodity prices have increased recently, customers remain focused on the long term. We continue to expect rebuild activity to increase slightly compared to last year. Rail services and locomotive deliveries are both anticipated to grow for the year.

多數關鍵大宗商品仍處於具投資吸引力的門檻之上。客戶產品使用率高，且機隊平均機齡仍偏高。儘管近期部分商品價格上漲，客戶仍聚焦於長期。我們仍預期翻修（rebuild）活動將較去年小幅增加。鐵路服務與機車交付量預期全年都將成長。

Now let's turn to slide 6 for an update on our strategy. Over the past year and even since our Investor Day last November, our largest customers in the broader data center industry have significantly increased their expectations for capital spending. That has translated to accelerated order rates for us. In fact, since we first announced our initial capacity expansion plans in January of 2024, our large reciprocating engine backlog has grown by more than 3.5 times. Customers are committing to longer-term orders with some orders well into 2028.

現在請看第6頁投影片，更新我們的策略。過去一年，甚至自去年11月投資人日以來，我們在更廣泛資料中心產業中的最大客戶，已大幅提高其資本支出預期。這也轉化為我們接單率的加速。事實上，自我們在2024年1月首次宣布初步產能擴充計畫以來，我們的大型往復式引擎在手訂單已成長超過3.5倍。客戶正承諾更長期的訂單，其中部分訂單已排到2028年。

In addition to order growth for backup power, we're also seeing higher demand for prime power applications, which will lead to long-term service opportunities and higher demand for aftermarket components. As we've discussed, our large reciprocating engine capacity also serves a wide range of applications in addition to power generation, including oil and gas and mining, which are all expected to benefit from long-term secular growth trends.

除了備援電力（backup power）訂單成長外，我們也看到主電（prime power）應用需求提高，這將帶來長期服務機會以及對售後市場零組件更高的需求。如同我們先前所討論，我們的大型往復式引擎產能除發電外，也服務多元應用，包括油氣與礦業；這些領域預期都將受惠於長期的結構性成長趨勢。

As a result of these trends, I'm excited to announce that we are increasing our large reciprocating engine capacity from 2 times 2024 levels to nearly 3 times 2024 levels. Over the last two years, we've maintained a disciplined strategy of scaling capacity in direct alignment with our growing backlog and long-term order visibility. By working closely with our customers to forecast their future requests, we ensure that our capacity expansions are additive to our OPACC growth.

基於這些趨勢，我很高興宣布，我們將大型往復式引擎產能由2024年水準的2倍，提高至接近2024年水準的3倍。過去兩年，我們一直維持一項嚴謹的策略：讓產能擴張與不斷成長的在手訂單及長期訂單能見度直接對齊。透過與客戶緊密合作以預測其未來需求，我們確保產能擴充能為我們的OPACC成長帶來增量貢獻。

Today's announcement reflects the continuation of this disciplined and measured approach. The additional investment will begin as soon as possible but primarily occur from 2027 through 2029. As a result, MP&E capital expenditures are expected to average between 4% and 5% MP&E sales through 2030. Based on our record backlog and customer forecast, we estimate a positive cash payback on the entire reciprocating engine investment, including what was previously announced by the end of this decade.

今天的宣布反映我們延續這項嚴謹且審慎的做法。新增投資將儘快啟動，但主要將發生在2027年至2029年間。因此，預期至2030年，MP&E資本支出將平均占MP&E銷售額的4%至5%。基於我們創紀錄的在手訂單與客戶預測，我們估計整體往復式引擎投資（包含先前已宣布的部分）在本十年末前可達成正向現金回收。

As a result of the additional capacity, we're increasing our 2030 growth targets. We now expect the compound annual growth rate for total enterprise sales and revenues to be between 6% and 9% between within '24 to 2030. The target for power generation sales has increased to more than 3 times sales by 2030 from a 2024 baseline.

由於新增產能，我們正在提高 2030 年的成長目標。我們目前預期，2024 年至 2030 年期間（'24 至 2030）整體企業銷售與營收的年複合成長率將介於 6% 至 9%。發電業務的銷售目標已提高：以 2024 年為基準，至 2030 年將提升至超過 3 倍。

We continue to see attractive growth opportunities across all our segments due to our role in providing the invisible layer of the tech stack, the critical minerals, the reliable power and physical infrastructure that the modern world depends on. We believe we are well positioned to deliver long-term profitable growth.

我們持續在所有事業部門看到具吸引力的成長機會，因為我們在提供科技堆疊中看不見的層、關鍵礦物、可靠電力以及現代世界所依賴的實體基礎設施方面扮演重要角色。我們相信我們已具備良好定位，可實現長期且具獲利性的成長。

And finally, earlier this month, we announced that Kyle Epley will succeed Andrew Bonfield as CFO effective tomorrow. It's been a very privilege to work with Andrew. His leadership has been instrumental to Caterpillar's success, and he's brought exceptional financial expertise and relentless focus on disciplined decision making and a deep commitment to our customers and shareholders. He's made our global finance organization a strategic advantage and his impact will endure long after his retirement.

最後，在本月稍早，我們宣布 Kyle Epley 將自明日起接任 Andrew Bonfield 的財務長（CFO）職務並即刻生效。能與 Andrew 共事是一項莫大的榮幸。他的領導對卡特彼勒的成功至關重要；他帶來卓越的財務專業，並始終專注於紀律嚴明的決策，以及對客戶與股東的深切承諾。他使我們的全球財務組織成為策略優勢，而他的影響力將在退休後仍長久延續。

I've worked closely with Kyle for over 20 years and have great confidence in his ability to build on Andrew's legacy. He's an outstanding leader with deep institutional knowledge and a proven track record of partnering with the business to deliver results. Kyle is also deeply involved in developing our refreshed strategy and will help drive achievement of our 2030 growth ambitions.

我與 Kyle 密切合作已超過 20 年，對他在延續 Andrew 傳承方面的能力充滿信心。他是一位傑出的領導者，具備深厚的組織內部知識，並擁有與業務夥伴合作以交付成果的良好實績。Kyle 也深度參與我們更新後策略的制定，並將協助推動達成我們 2030 年的成長抱負。

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

接下來，我把時間交給 Andrew 和 Kyle。

Thank you, Joe, and good morning, everyone. I'll begin with a (technical difficulty)

謝謝你，Joe，各位早安。我將先從一個（技術問題）開始。

Pardon the interruption. We have lost audio to our speakers. Please stand by.

抱歉打斷一下。我們的講者音訊中斷了。請稍候。

Sorry, I'll start again. Thank you, Joe, and good morning, everyone. I'll be doing the summary of the first quarter and then provide more detailed comments, including performance of the segments. I'll then discuss the balance sheet and free cash flow. Kyle will conclude with remarks on our expectations for the second quarter and our current full-year assumptions.

抱歉，我重新開始。謝謝你，Joe，各位早安。我將先總結第一季表現，接著提供更詳細的說明，包括各事業部門的表現。然後我會談到資產負債表與自由現金流。最後由 Kyle 就我們對第二季的預期以及目前的全年假設作結。

Beginning on slide 7. Sales and revenues was $17.4 billion, up 22% versus the prior year, which was in line with our expectations. Adjusted operating profit was $3.1 billion, and our adjusted operating profit margin was 18.0%, both were stronger than we had anticipated.

從第 7 張投影片開始。銷售與營收為 174 億美元，較去年同期成長 22%，符合我們的預期。調整後營業利益為 31 億美元，調整後營業利益率為 18.0%，兩者皆優於我們原先的預估。

Moving to slide 8. The 22% increase in sales and revenues compared to the first quarter of 2025 was primarily driven by strong growth in sales volume and favorable price realization. The stronger volume was mainly driven by the impact from changes in dealer inventories and higher sales of equipment to end users.

接著看第 8 張投影片。與 2025 年第一季相比，銷售與營收成長 22% 主要由銷售量強勁成長與有利的價格實現所帶動。較強的銷售量主要來自經銷商庫存變動的影響，以及對終端用戶的設備銷售增加。

As we expected, dealers recorded a seasonable inventory build in Construction Industries compared to the slight decrease in the first quarter of 2025. The bill was slightly higher than we originally anticipated, supported by the expectation of stronger sales to users for the rest of the year. Sales were in line with our expectations with favorability in Power & Energy and Construction Industries, offset by lower-than-anticipated sales in Resource Industries.

如我們所預期，經銷商在建築產業（Construction Industries）出現季節性的庫存增加，相較於 2025 年第一季的小幅下降。庫存增加幅度略高於我們原先預估，主要受到對今年其餘期間終端用戶銷售將更強的預期所支撐。整體銷售符合我們的預期；其中動力與能源（Power & Energy）及建築產業表現較佳，但被資源產業（Resource Industries）低於預期的銷售所抵銷。

One note before I move forward. We will now report changes in dealer inventories in total and for construction industries needs, removing the total machines analysis. Remember that typically over 70% of dealer inventory in Power & Energy and Resource Industries is backed by firm customer orders. So dealer inventory changes in these segments are mainly a function of timing within the commissioning pipeline and less indicative of changes in demand or demand planning. Construction Industries products are generally more reflective of dealer inventory available on the lot. And this level of transparency along with sales to use should help you more accurately model this segment.

在我繼續之前補充一點。我們現在將以「總計」以及「建築產業」兩個層級來揭露經銷商庫存變動，並取消總機台（total machines）的分析。請記得，動力與能源以及資源產業的經銷商庫存通常有超過 70% 由確定的客戶訂單支撐。因此，這些事業部門的經銷商庫存變動主要取決於交付/投運（commissioning）流程中的時點差異，較不代表需求或需求規劃的變化。建築產業產品通常更能反映經銷商場內可供銷售的庫存。這樣的透明度，加上對終端用戶的銷售資訊，應能協助各位更精準地建立此事業部門的模型。

Moving to operating profit on slide 9. Both operating profit and adjusted operating profit in the first quarter of 2026 increased by 20% to $3.1 billion, mainly due to the profit impact of higher sales volume and a favorable price realization, partially offset by unfavorable manufacturing costs and higher SG&A and R&D expenses. The adjusted operating profit margin was 18.0%, which was only a 30-basis point increase compared to the prior year despite higher tariff costs.

接著看第 9 張投影片的營業利益。2026 年第一季的營業利益與調整後營業利益皆成長 20% 至 31 億美元，主要因較高的銷售量帶來的獲利貢獻以及有利的價格實現；但部分被不利的製造成本以及較高的銷售、一般及行政（SG&A）與研發（R&D）費用所抵銷。調整後營業利益率為 18.0%，儘管關稅成本上升，較去年同期僅增加 30 個基點。

Margin was stronger than we had expected. This was mainly due to favorable manufacturing costs, including lower tariff costs and beneficial cost absorption and lower freight. Excluding the impact from tariffs, our first-quarter margin was significantly higher than the prior year reflecting the higher sales volume and favorable price.

毛利率表現優於我們的預期。這主要來自有利的製造成本，包括較低的關稅成本、更佳的成本吸收（cost absorption）以及較低的運輸費用。若排除關稅影響，我們第一季的利潤率顯著高於去年同期，反映較高的銷售量與有利的價格。

For the tariffs introduced since the beginning of 2025, the first-quarter costs were approximately $600 million. This was favorable compared to the $800 million estimate provided in January, primarily due to an adjustment related to the computation of tariffs incurred in 2025. This adjustment is reflected in operating profit within corporate items and only impacts the first quarter. Segment margins are not impacted.

針對自 2025 年初以來新增的關稅，第一季成本約為 6 億美元。相較於我們在 1 月提供的 8 億美元估計，此結果較為有利，主要是因為與 2025 年已發生關稅計算相關的一項調整。此調整反映在公司項目（corporate items）的營業利益中，且僅影響第一季。各事業部門的利潤率不受影響。

Moving to slide 10. Profit per share was $5.47 in the quarter. Adjusted profit per share was higher than we had anticipated at $5.54, excluding restructuring costs of $0.07 versus $0.05 last year. Adjusted profit per share included a discrete tax benefit of $0.15 in the quarter. The favorable adjustment to our tariff costs benefited the quarter by about $0.31.

接著看第 10 張投影片。本季每股盈餘為 5.47 美元。調整後每股盈餘為 5.54 美元，高於我們原先預期；其中已排除重整成本 0.07 美元（去年為 0.05 美元）。調整後每股盈餘包含本季一次性稅務利益 0.15 美元。關稅成本的有利調整使本季受益約 0.31 美元。

Excluding discrete items, the provision for income taxes in the first quarter of 2026 reflected a global estimated annual effective tax rate of 23.0%. Finally, 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 $0.13 compared to the first quarter of 2025.

排除一次性項目後，2026 年第一季的所得稅費用反映全球估計的年度有效稅率為 23.0%。最後，因流通在外平均股數減少（主要來自庫藏股回購），相較於 2025 年第一季，對調整後每股盈餘帶來約 0.13 美元的正面影響。

On slide 11, I'll review the performance of the segment, starting with Power & Energy. Keep in mind that our comments now reflect the realignment of the rail division moving from Power & Energy to resource industries. For Power & Energy, sales of $7.0 billion increased by 22% versus the prior year. Sales exceeded our expectations driven by strength in power generation. The sales increase versus the prior year was mainly due to higher sales volume.

在第 11 張投影片，我將回顧各事業部門的表現，先從動力與能源（Power & Energy）開始。請注意，我們的評論現在已反映鐵路事業部由動力與能源調整至資源產業的組織重整。動力與能源的銷售額為 70 億美元，較去年同期成長 22%。銷售優於我們的預期，主要由發電業務的強勁表現所帶動。與去年同期相比的銷售成長主要來自較高的銷售量。

First-quarter profit for Power & Energy increased by 13% versus the prior year to $1.5 billion. The segment's margin of 20.6% was a decrease of 170 basis points versus the prior year, mainly driven by tariffs, which had about a 270 basis point impact on the segment's margin.

動力與能源第一季獲利較去年同期成長 13% 至 15 億美元。該事業部門利潤率為 20.6%，較去年同期下降 170 個基點，主要受關稅影響；關稅對該事業部門利潤率約造成 270 個基點的影響。

As we expected, higher manufacturing costs were also impacted by spend relating to our capacity expansion including higher depreciation. Favorable volume and price were partially offset to the manufacturing cost increase. The margin was stronger than we had anticipated primarily due to the benefits of some litigation efforts to reduce tariff costs. Sales volume also supported the stronger-than-expected margin.

如我們所預期，較高的製造成本也受到與產能擴張相關支出（包括較高折舊）的影響。有利的銷量與價格，部分抵銷了製造成本的上升。毛利率較我們原先預期更強，主要是因部分訴訟努力帶來降低關稅成本的效益。銷售量亦支撐了這項超出預期的毛利率表現。

Now moving to slide 12. Construction Industries sales increased by 30% in the first quarter to $7.2 billion. This was higher than we expected mainly due to stronger-than-anticipated volume from higher dealer inventory build supported by continued momentum in our end markets. The 38% sales increase was primarily due to the very strong sales volume growth and favorable price realization, which included the benefit from geographic mix.

接著看第12頁投影片。建築產業第一季銷售額年增30%至72億美元。此結果高於我們預期，主要因經銷商庫存增加帶動的銷量強於預期，且我們終端市場的動能持續。38%的銷售成長主要來自非常強勁的銷量成長與有利的價格實現，其中包含地理組合帶來的效益。

Higher sales volume was mainly driven by changes in dealer inventories with a more typical $1.5 billion increase in the first quarter as compared to a slight decrease in the prior year. As Joe noted, sales to users growth was healthy with a 7% this quarter.

較高的銷售量主要由經銷商庫存變動所驅動：第一季庫存增加較為典型，約增加15億美元，相較去年同期則為小幅下降。如Joe所提，本季對終端用戶的銷售成長維持健康，成長7%。

First-quarter profit for the Construction Industries was $1.5 billion, a 50% increase versus the prior year. The segment's margin of 21.4% was an increase of 160 basis points versus the prior year, mainly driven by the favorable price realization and the profit impact of higher sales volume. This was partially offset by tariff costs, which had an impact of about 550 basis points on the segment's margin. The margin was stronger than we had expected, mainly due to the lower-than-anticipated manufacturing costs, including cost absorption and the profit impact of stronger sales volumes.

建築產業第一季獲利為15億美元，較去年同期增加50%。該事業部門毛利率為21.4%，較去年同期提升160個基點，主要由有利的價格實現以及較高銷售量帶來的獲利影響所驅動。但部分被關稅成本所抵銷，關稅成本對該事業部門毛利率的影響約為550個基點。毛利率較我們預期更強，主要因製造成本低於預期（包括成本吸收）以及更強銷售量帶來的獲利影響。

Turning to slide 13. Resource Industries sales increased by 4% in the first quarter to $3.8 billion, driven by higher sales volume and favorable currency impact. However, the year began a bit slower than we had anticipated, primarily due to timing as volume was affected by some short-term production delays. First-quarter profit for Resource Industries decreased by 39% versus the prior year to $378 million.

接著看第13頁投影片。資源產業第一季銷售額年增4%至38億美元，主要由較高銷售量與有利的匯率影響所帶動。然而，年度開局較我們預期略慢，主要是時點因素，因部分短期生產延遲影響了銷量。資源產業第一季獲利較去年同期下降39%至3.78億美元。

The segment's margin of 10.0% was a decrease of 700 basis points versus the prior year driven mainly by tariff costs and an impact of about 500 basis points on the segment's margin. The margin was lower than we had anticipated, primarily due to the lower-than-expected sales volume and the timing of discounts, which impacted price realization within the segment on a short-term basis.

該事業部門毛利率為10.0%，較去年同期下降700個基點，主要由關稅成本所致，對該事業部門毛利率的影響約為500個基點。毛利率低於我們預期，主要因銷售量低於預期，以及折扣時點因素，短期內影響了該事業部門的價格實現。

Moving to slide 14. Financial Products revenues increased by 9% versus the prior year to $1.1 billion, mainly due to higher average earning assets across all regions. Segment profit increased by 14% to $245 million. The increase was primarily due to higher average earning assets and margins at Insurance Services, partially offset by higher SG&A expenses. Our customers' financial health remains strong.

接著看第14頁投影片。金融產品營收較去年同期增加9%至11億美元，主要因各地區平均生息資產增加。事業部門獲利增加14%至2.45億美元。增加主要來自平均生息資產提高，以及保險服務的利差擴大，部分被較高的銷售、一般及行政（SG&A）費用所抵銷。我們客戶的財務健康狀況仍然強勁。

Past dues were 1.39% in the quarter, down 19 basis points versus the prior year. The allowance rate was 0.86%, matching the fourth quarter of 2025 for our lowest ever level reported in any quarter. Business activity at Cat Financial remains healthy. Retail credit applications were roughly flat, while retail new business volume grew by 8% versus the prior year, our highest first quarter in over 15 years.

本季逾期款項比率為1.39%，較去年同期下降19個基點。備抵率為0.86%，與2025年第四季持平，為我們歷來任何季度所報告的最低水準。Cat Financial的業務活動仍然健康。零售信貸申請量大致持平，而零售新業務量較去年同期成長8%，為超過15年來最高的第一季水準。

In addition, used equipment inventory levels continue to remain low and conversion rates remain above historical averages as customers choose to buy equipment at the end of their lease term. Moving on to slide 15, MP&E free cash flow was nearly $600 million in the first quarter, which was higher than we had expected and about a $350 million increase versus the prior year, impacted by stronger profit. The course included our annual payment of 2025 short-term incentive compensation, CapEx spend was about $700 million.

此外，二手機具庫存水位持續偏低，且轉換率仍高於歷史平均，因客戶選擇在租賃期滿時購買設備。接著看第15頁，第一季MP&E自由現金流接近6億美元，高於我們預期，且較去年同期增加約3.5億美元，主要受更強勁獲利影響。其中包含我們每年支付的2025年短期激勵薪酬；資本支出（CapEx）約為7億美元。

Moving to capital deployment. We deployed $5.7 billion to shareholders in the first quarter. After the dividend payment, approximately $5 billion was for share repurchases, which has included a $4.5 billion accelerated share repurchase, or ASR, that may last for up to nine months. Our balance sheet remains strong. We have ample liquidity with an enterprise cash balance of $4.1 billion in addition to $1.3 billion in slightly longer-dated liquid marketable securities to improve our cash.

接著談資本配置。第一季我們向股東回饋57億美元。在支付股利後，約50億美元用於股票回購，其中包含45億美元的加速股票回購（ASR），可能持續長達九個月。我們的資產負債表仍然強健。我們具備充足流動性：企業現金餘額為41億美元，另有13億美元、期限稍長但仍具流動性的有價證券，以提升我們的現金部位。

So after more than 90 quarterly or biannual calls, it is finally time for me to retire. I could not have scripted a better set of results to be my final call. It has been an honor and privilege to serve alongside the Cat team and to work with Joe and Jim, the Board, our executive office and our employees and dealers around the world as we've delivered on our strategy through a wide range of environments.

因此，在超過90次季度或半年期電話會議之後，我終於到了退休的時候。我不可能為我的最後一次電話會議寫出更好的成績單。能與Cat團隊並肩服務，並與Joe與Jim、董事會、我們的高階主管辦公室，以及全球員工與經銷商合作，在各種環境下落實我們的策略，是我的榮幸與特權。

I'm extremely proud of what this team has accomplished, and I am confident that the foundation we built together and the growth opportunities ahead. I also want to thank the investment community for the thoughtful engagement through my tenure at Caterpillar.

我為這個團隊所完成的一切感到無比自豪，也相信我們共同建立的基礎以及未來的成長機會。我也要感謝投資社群在我任職Caterpillar期間所提供的深思熟慮的互動與交流。

Finally, Kyle has worked closely with me since I began at Caterpillar, and I have watched his development as a key member of Caterpillar's leadership team. His knowledge of the business and involvement in the development of the strategy was an invaluable help to me as CFO, and I could not have been more pleased that the Board elected him as my successor. As I step away, I am confident that Caterpillar is well positioned for the future and that the finance organization is in very capable hands with Kyle Epley as CFO.

最後，Kyle自我加入Caterpillar以來一直與我密切合作，我也見證他成長為Caterpillar領導團隊的關鍵成員。他對業務的理解以及參與策略制定，對我擔任財務長（CFO）而言是無可取代的助力；董事會選擇他作為我的接班人，我再高興不過。在我卸任之際，我深信Caterpillar已為未來做好良好布局，而在Kyle Epley擔任CFO之下，財務組織也將由非常能幹的團隊掌舵。

With that, thank you again.

以上，再次謝謝大家。

Thank you, Andrew. And I'm honored to be the next CFO of Caterpillar, and Andrew, I am very grateful for you and all the guidance you provide to me over your years at Caterpillar. So now let's go through our outlook assumptions. Turning to slide 16. I will start with the second quarter.

謝謝你，Andrew。我很榮幸成為Caterpillar下一任CFO；Andrew，我也非常感謝你在你任職Caterpillar這些年來對我的所有指導。接下來我們來檢視我們的展望假設。請看第16頁投影片。我將先從第二季開始。

We maintain a watchful eye on the environment as the geopolitical landscape remains complex. Our assumptions are based on what we see today and what we believe is most likely. Keep in mind that our assumptions reflect the realignment of the rail division within Resource Industries, we filed an 8-K in late March to recast historical periods and established an appropriate baseline for you to evaluate segment-level performance and expectations.

由於地緣政治局勢仍然複雜，我們持續密切關注外部環境。我們的假設係基於我們今日所見，以及我們認為最可能發生的情境。請記得，我們的假設反映了將鐵路事業部在資源產業內重新調整；我們於3月下旬提交8-K以重編歷史期間，並建立適當的基準，供各位評估分部層級的表現與預期。

Based on what we see today, for the second quarter, we anticipate another quarter of strong sales growth versus the prior year. We expect volume increases and favorable price realization in each of our three primary segments. We anticipate volume growth will be driven by a higher growth rate in sales to users compared to the first quarter, with a minimal change in Construction Industries during dealer inventory.

根據我們目前所見，對第二季而言，我們預期相較去年同期將再出現一季強勁的銷售成長。我們預期三大主要事業部門的銷量都將增加，且價格實現有利。我們預期銷量成長將由對終端用戶銷售的成長率高於第一季所帶動，同時建築產業在經銷商庫存方面的變動幅度將很小。

If we look at the second quarter by segment, we anticipate strong sales growth in Power & Energy in the second quarter versus the prior year, driven by continued strength in power generation, and in oil and gas and favorable price realization. We expect strong sales growth in Construction Industries in the second quarter versus the prior year, mainly due to strong sales to users supported by the backlog and favorable price realization.

若按事業部門來看第二季，我們預期動力與能源（Power & Energy）第二季相較去年同期將有強勁的銷售成長，主要受惠於發電業務持續強勁、油氣業務表現，以及有利的價格實現。我們預期建築產業（Construction Industries）第二季相較去年同期也將有強勁的銷售成長，主要因在手訂單支撐下對終端用戶的銷售強勁，以及有利的價格實現。

We anticipate a more typical sequential sales increase in the second quarter as compared to the first. In contrast to the sizable sales increase we saw a year ago, following a lighter first quarter, which was impacted by the lack of dealer inventory build. In Resource Industries, we also expect strong sales growth versus the prior year primarily due to higher sales to users. We also anticipate favorable price realization with the primary driver being geographic mix.

我們預期第二季相較第一季將出現較為典型的序列性銷售成長。這與一年前我們看到的顯著銷售增幅形成對比；當時第一季較為疲弱，主要受到經銷商未進行庫存建立的影響。在資源產業（Resource Industries），我們也預期相較去年同期將有強勁的銷售成長，主要來自對終端用戶的銷售增加。我們亦預期價格實現有利，主要驅動因素為地理區域組合。

Now I'll provide some color on our second-quarter margin expectations versus the prior year. Excluding tariff costs, we expect higher margins at the enterprise level, primarily due to price realization and higher volumes. But partially offset by higher manufacturing costs and SG&A and R&D expenses. The higher manufacturing costs assume unfavorable cost absorption and investments to support higher volume and capacity investments, including depreciation. SG&A and R&D expenses will reflect investments and higher compensation expense.

接下來我將補充一些關於我們第二季相較去年同期的毛利率（margin）展望。若排除關稅成本，我們預期企業層級的利潤率將提高，主要受惠於價格實現與更高的銷量。但部分將被較高的製造成本以及銷售、一般及行政（SG&A）與研發（R&D）費用所抵銷。較高的製造成本假設包含不利的成本吸收，以及為支援更高產量與產能投資（含折舊）所進行的投入。SG&A 與 R&D 費用將反映相關投資與較高的薪酬費用。

Despite the ongoing impact of tariffs, we also expect higher margins in the second quarter versus the prior year. We anticipate tariff costs of around $700 million. This remains a headwind compared to the impact last year, which was around $400 million. We expect about 50% of the tariff cost to be incurred in Construction Industries and 25% in both Power & Energy and Resource Industries. Now on to the second-quarter margins by segment.

儘管關稅仍持續帶來影響，我們仍預期第二季相較去年同期利潤率更高。我們預估關稅成本約為 7 億美元。相較去年約 4 億美元的影響，這仍是一項逆風。我們預期約 50% 的關稅成本將發生在建築產業，動力與能源與資源產業各約 25%。接下來談各事業部門第二季的利潤率。

In Power & Energy, including tariffs, we anticipate a slightly higher margin percentage compared to the prior year on stronger volume and favorable price realization. This is partially offset by higher manufacturing costs including tariff costs and expenses related to our capacity expansion projects.

在動力與能源方面，包含關稅在內，我們預期利潤率百分比將較去年同期略為提高，受惠於更強的銷量與有利的價格實現。但部分將被較高的製造成本（包含關稅成本）以及與產能擴張專案相關的費用所抵銷。

In Construction Industries, including tariffs, we anticipate a higher margin percentage compared to the prior year on stronger volume and price, particularly offset by higher manufacturing costs, primarily driven by tariffs and SG&A and R&D expense.

在建築產業方面，包含關稅在內，我們預期利潤率百分比將較去年同期提高，受惠於更強的銷量與價格；但將被較高的製造成本（主要由關稅驅動）以及 SG&A 與 R&D 費用所部分抵銷。

In Resource Industries, including and excluding tariff costs, we anticipate a lower margin percentage compared to the prior year due to higher manufacturing costs and SG&A and R&D expenses. Higher compensation expense and strategic investments related to technology, including autonomy, are driving the higher SG&A and R&D expenses. Favorable price realization and higher volume are expected to be partially offset. Note that for Resource Industries, we anticipate the benefit from price realization to improve as we move through the year.

在資源產業方面，不論是否包含關稅成本，我們預期利潤率百分比將較去年同期下降，原因是較高的製造成本以及 SG&A 與 R&D 費用。較高的薪酬費用與與技術（包含自動化/自主化）相關的策略性投資，正推升 SG&A 與 R&D 費用。我們預期有利的價格實現與更高的銷量將部分抵銷上述影響。請注意，就資源產業而言，我們預期價格實現帶來的效益將隨著年度推進而改善。

Now on slide 17, let me provide a few comments on the full year. As Joe mentioned, we now anticipate sales and revenues growth in the low-double digits for the full year of 2026. This is versus our expectations from last quarter. The increase in our full-year sales and revenue expectation is supported by solid sales to users growth amid resilient end markets, the fact that Power & Energy is tracking ahead of our 2026 capacity growth plan and continued robust fundamentals and industry growth in North America. We've expect strong sales growth across each of our primary segments, driven mainly by volume and price.

接著看第 17 頁投影片，我補充幾點關於全年展望。如 Joe 所提，我們目前預期 2026 全年銷售與營收成長為低雙位數。這相較於我們上季的預期有所上調。我們上調全年銷售與營收預期，主要受惠於終端市場具韌性下對終端用戶的銷售穩健成長、動力與能源的進度領先我們 2026 年產能成長計畫，以及北美持續強勁的基本面與產業成長。我們預期各主要事業部門皆將有強勁的銷售成長，主要由銷量與價格所驅動。

Now on to margins for the full year. Excluding tariff costs, we expect to be in the top half of the adjusted operating profit margin target range. Compared to the prior year, favorable price realization and volume are partially offset by higher manufacturing costs related to capacity and higher SG&A and R&D related to increased incentive compensation and strategic investment spend. Including tariffs, we continue to anticipate that the adjusted operating profit margin will be near the bottom of the target range. However, with the improved sales and revenues outlook, full-year adjusted operating profit margin will be higher than we expected in January.

接著談全年利潤率。若排除關稅成本，我們預期將落在調整後營業利益率目標區間的上半部。相較去年同期，有利的價格實現與銷量將被與產能相關的較高製造成本，以及因提高激勵性薪酬與策略性投資支出而增加的 SG&A 與 R&D 所部分抵銷。若包含關稅，我們仍預期調整後營業利益率將接近目標區間的下緣。然而，隨著銷售與營收展望改善，全年調整後營業利益率將高於我們 1 月時的預期。

As I mentioned, the situation is complex, but we now anticipate full-year 2026 tariff costs in the range of $2.2 billion to $2.4 billion based on our current volume assumptions. This figure reflects adjusted 2026 full-year impact of tariffs implemented since the beginning of 2025 and in place over the course of this year. This compares to the $2.6 billion estimate we provided last quarter. Let me provide some additional context on our tariff assumptions.

如我所提，情況相當複雜，但基於我們目前的銷量假設，我們現在預期 2026 全年關稅成本約在 22 億至 24 億美元之間。此數字反映自 2025 年初以來實施並在今年全年持續生效之關稅，對 2026 全年的調整後影響。這與我們上季提供的 26 億美元估計相比有所下降。我再補充一些關於我們關稅假設的背景。

The bottom line is our expectation for tariff cost in the second through fourth quarters has not changed significantly since January. Based on the recent ruling on IEEPA tariffs by the US Supreme Court, we removed these tariffs from our estimate and added Section 122 tariffs. We expect to ramp up our actions to mitigate our tariff costs in the back half of the year.

重點是：我們對第二至第四季關稅成本的預期，自 1 月以來並未出現顯著變化。根據美國最高法院近期對 IEEPA 關稅的裁決，我們已將該等關稅自估算中移除，並加入第 122 條（Section 122）關稅。我們預期在下半年將加速推動降低關稅成本的因應措施。

The recent updates to Section 232 guidance have a roughly neutral effect, and we are not currently including any IEEPA-related refunds as a result of the Supreme Court's decision. Moving on, we continue to expect restructuring costs of approximately $300 million to $350 million in 2026. And our anticipated global estimated annual effective tax rate remains approximately 23% for '26, excluding discrete items.

近期對第 232 條（Section 232）指引的更新整體影響大致中性；且目前我們並未因最高法院的決定而將任何與 IEEPA 相關的退稅/退款納入。接著，我們仍預期 2026 年重整成本約為 3 億至 3.5 億美元。此外，我們對 2026 年全球估計年度有效稅率的預期仍約為 23%，不含一次性（discrete）項目。

We now anticipate MP&E free cash flow will be higher than the $9.5 billion last year, an improvement versus our expectations last quarter, reflecting our improved outlook. While our CapEx forecast for 2026 remains approximately $3.5 billion.

我們目前預期 MP&E 自由現金流將高於去年的 95 億美元，較上季預期有所改善，反映我們展望的提升。同時，我們對 2026 年資本支出（CapEx）的預測仍約為 35 億美元。

As Joe discussed, we are increasing our large reciprocating engine capacity from 2 times to nearly 3 times 2024 levels with additional CapEx spend occurring primarily from 2027 to 2029. We now anticipate MP&E CapEx spend to average approximately 4% to 5% of MP&E sales through 2030. Capital spend for our large engine capacity expansion is supported by strong demand signals and confidence in a positive cash payback by the end of this decade. We believe these investments will support future absolute OPACC dollar growth. which is our definition of winning.

如 Joe 所討論，我們正將大型往復式引擎產能由 2024 年水準的 2 倍提升至接近 3 倍，額外的資本支出主要將發生在 2027 至 2029 年。我們目前預期至 2030 年，MP&E 的資本支出將平均約占 MP&E 銷售額的 4% 至 5%。大型引擎產能擴張的資本支出，係基於強勁的需求訊號，並對在本十年末前達成正向現金回收（cash payback）具信心。我們相信這些投資將支持未來 OPACC 絕對金額的成長；這就是我們對「致勝」的定義。

So now turning to slide 18. Let me summarize. We delivered a strong start to the year with better-than-expected earnings. In this dynamic operating environment, we now anticipate higher sales and revenues growth in '26 compared to a quarter ago. We will remain disciplined and measured in our strategic investments while maintaining our strong balance sheet and we will continue to return substantially all of our MP&E free cash flow to our shareholders through dividends and share repurchases. Finally, we will continue to execute our strategy for profitable growth.

接著看第 18 頁投影片。我做個總結。我們今年開局強勁，獲利優於預期。在這個動態的營運環境下，我們目前預期 2026 年的銷售與營收成長將高於一季前的預期。我們將在維持強健資產負債表的同時，對策略性投資保持紀律與審慎，並將持續透過股利與庫藏股回購，把幾乎全部的 MP&E 自由現金流回饋給股東。最後，我們將持續執行我們的獲利成長策略。

With that, we will take your questions.

接下來我們將回答各位的提問。

(Operator Instructions) Rob Wertheimer, Melius.

（接線員指示）Rob Wertheimer，Melius。

Congratulations to Andrew and Kyle. It's been a pleasure getting to know you both. My question is on large engine capacity expansion. It sounds like most end markets for big engines are pretty good. But is there any one that kind of predominated in making the additional capacity expansion decision whether prime or back-up power, oil and gas, whatever. And then should we think about the timing as being kind of linear or lump sum at the end of the expansion period in 2029?

恭喜 Andrew 與 Kyle。很高興能認識你們兩位。我的問題是關於大型引擎產能擴張。聽起來大型引擎的大多數終端市場表現都相當不錯。但在做出新增產能擴張決策時，是否有某一個市場在其中占了主導因素，例如主用或備援電力、油氣等。另外，在時程上，我們應該把它視為在 2029 年擴張期結束時一次性集中釋出，還是較為線性、逐步釋出？

It's Joe. It's definitely you think of the size of those industries right now and where the growth is really happening. We are seeing -- one of the things I'm really happy about is it's not just Power & Energy, we've had really good oil and gas quarters as well over the past few quarters from an order standpoint and health of the business.

我是 Joe。你確實要從這些產業目前的規模以及成長真正發生在哪裡來看。我們看到——我很高興的一點是，這不只是電力與能源（Power & Energy），過去幾個季度從接單角度以及業務健康度來看，我們在油氣業務也有非常不錯的季度表現。

But just the pure size of it is mostly driven by power generation and that's where we're putting the capacity. And even over the last six months, the last two quarters, we've seen the orders go up pretty consistently. And if you go back to the industry with data centers and just the amount of CapEx announced in that industry since a year ago is quite significant.

但就純粹的規模而言，主要仍是由發電需求所驅動，而這也是我們投放產能的方向。而且即使在過去六個月、最近兩個季度，我們也看到訂單相當持續地上升。如果回頭看資料中心產業，自一年前以來該產業所宣布的資本支出（CapEx）規模相當可觀。

So that's the main driver of why we feel comfortable putting this capacity in place, we have the benefit that it does serve multiple industries, and we do think -- I do think we're going to move a lot of natural gas, and I'm excited about the oil and gas business and what its outlook is over the next few years. It's still a lot of prime power. So we still see a lot of cloud. It's not just AI.

因此，這是我們為何有信心把這些產能建置到位的主要驅動因素；我們也有一個優勢是，這些產能可服務多個產業。我也認為——我認為我們將會推動大量天然氣相關業務，我對油氣業務以及未來幾年的展望感到振奮。目前仍有很大一部分是主用電力（prime power）。所以我們仍看到大量雲端需求。不只是 AI。

When we move into use of AI, we're going to use a lot more data. So the backup power opportunity provides a good base for us, but it is fungible capacity. We're seeing a lot more mix towards prime. And then also that drives when it's gas compression or prime power drives a lot of aftermarket, which this capacity will also allow us to serve that aftermarket opportunity, which I think gives us great services growth opportunity beyond 2030.

當我們進入 AI 的使用階段時，我們將會使用更多資料。因此，備援電力的機會為我們提供了良好的基礎，但這是可相互調度的產能（fungible capacity）。我們看到組合正更多地轉向主用。此外，無論是氣體壓縮或主用電力，都會帶動大量售後市場（aftermarket）需求；而這些產能也將讓我們能服務該售後機會，我認為這會在 2030 年之後為我們帶來很好的服務成長機會。

From a timing standpoint, with the second part of your question, we're going to try to put this capacity in as soon as we can. The data centers are trying to move quickly. We've been talking to customers. So we're going to start right away. I think you should see heavy investment in '27, but we'll be investing still in '28 and '29. We also hopefully -- our expectation is to get incremental units out of this latest capacity announcement as early as 2027. So it will happen fast.

就時程而言，針對你問題的第二部分，我們會盡可能儘快把這些產能導入。資料中心正試圖快速推進。我們一直在與客戶溝通。所以我們會立刻開始。我認為你會在 2027 年看到大量投資，但我們在 2028 與 2029 年仍會持續投資。同時我們也希望——我們的預期是，最早在 2027 年就能從這次最新的產能公告中產出增量機組。所以進展會很快。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行（Wells Fargo）。

Congratulations, Andrew and Kyle. Joe, I'm wondering if we could just go back to your prepared remarks, you mentioned you booked prime power large recips for now six data center projects, considering just the full scope of products that folks have for across -- behind the meter offering. Can you just talk about what you're seeing in the architecture plans. We're hearing about increasing use of recips plus turbines in series of projects going forward.

恭喜 Andrew 與 Kyle。Joe，我想回到你事先準備的發言，你提到你們已為目前六個資料中心專案簽下主用電力的大型往復式引擎（large recips）。考量到大家在「表後」（behind the meter）供電方案上可提供的完整產品範疇——你能否談談你們在架構規劃（architecture plans）上看到的情況？我們聽到未來一系列專案中，往復式引擎加上渦輪機（recips plus turbines）搭配使用的情況正在增加。

And if that happens, you folks would be in a pretty good position. So I'm wondering if you just outlined, is that what you're seeing, what kind of developments are you seeing in architecture and if you're willing to give us the number of gigawatts booked for recip buying power, that would be helpful.

如果真是如此，你們會處於相當有利的位置。所以我想請你概述一下：這是否就是你們所看到的？在架構上你們看到哪些發展？另外，如果你願意提供已簽下的往復式引擎主用電力（recip buying power）的吉瓦數（gigawatts），會很有幫助。

Yeah. I think I don't know that we -- I even have on the top of my head the number of gigawatts on prime power, but from a trend perspective, I think when you step back, what you're saying is exactly what we're seeing from our customers, each side is a little bit different. So I think all that depends on the site, the size of the facility, their access to gas, the footprint and power demand.

是的。我想我不確定——我腦中是否能立刻說出主用電力的吉瓦數，但就趨勢而言，當你退一步看，你所說的正是我們從客戶那邊看到的情況，而且每一方的做法都略有不同。所以我認為這一切取決於場址、設施規模、他們取得天然氣的條件、占地（footprint）以及用電需求。

So our teams are in early with customers. And you're right, we do have an advantage of having -- when you're going to string together a number of products behind the meter and you need multiple products, us having turbines and recips is an advantage for us, we can configure it one way or the other or a mix and a lot of it's driven by timing to and how fast we can get on product.

因此，我們的團隊很早就與客戶一起介入。你說得沒錯，當你要把多種表後產品串接起來、而且需要多種產品時，我們同時擁有渦輪機與往復式引擎對我們而言是一項優勢；我們可以用其中一種方式配置，或採混合配置，而其中很大一部分也取決於時程，以及我們能多快把產品交付到位。

So each one is a little bit different, but it does present an opportunity for us. And I think we're seeing as a trend more and more data center sites asking for behind-the-meter power. And so that's translated into, as I said in prepared remarks, I think six announcements over 1 gigawatt, but also multiple projects as well that are less than 1 gigawatt where we're supporting customers with prime power.

所以每個案子都略有不同，但確實為我們帶來機會。我認為我們看到的趨勢是，越來越多資料中心場址要求表後供電。因此，正如我在事先準備的發言中所說，這已轉化為我認為六個超過 1 吉瓦的公告案，同時也有多個低於 1 吉瓦的專案，我們也在以主用電力支援客戶。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

I just want to thank Andrew, obviously, one of the best CFO runs I've seen in my career. So congrats, enjoy your retirement. And obviously, congratulations, Kyle. I want to talk long-term targets. The change from a 6% CAGR to now a 7.5%, you can account for that almost, really almost more than the change just from the increase in your target today for power gen sales going from double to triple over that same time frame.

我想先感謝 Andrew，坦白說，這是我職涯中見過最出色的財務長（CFO）任期之一。所以恭喜，也祝你退休生活愉快。當然也恭喜 Kyle。我想談談長期目標。從 6% 的年複合成長率（CAGR）調整到現在的 7.5%，你幾乎可以把這個變化——甚至幾乎超過——歸因於你們今天把發電（power gen）銷售目標在同一期間從「翻倍」提高到「三倍」所帶來的變動。

And just given the ecosystem around power when it's that strong, be it oil and gas, construction, mining, I'm just curious why you left every other part of the business with the same view. I would just think there'd be some ecosystem benefit if you're raising your power gen thoughts that dramatically.

而且考量到電力周邊的生態系如此強勁，無論是油氣、營建、礦業，我很好奇為什麼你們對其他業務部分仍維持相同看法。我原本會認為，如果你們把發電的看法提高得這麼大幅，其他業務也應該會有一些生態系帶動效益。

Thanks, David. So when you think about it, you're right, when you do the math, it comes out to the increased power gen, but that's really what's different, right, today from where we were at our Investor Day. As I mentioned, you look at the amount of CapEx spent in -- by the data center industry, particularly as it relates to power, we need to add capacity to do that. So that's incremental opportunity for us.

謝謝你，David。所以當你這樣想時，你說得沒錯，算一算確實主要來自發電的提升，但這也正是不同之處，對吧——相較於我們在投資人日（Investor Day）時的情況。如我提到的，你看看資料中心產業的資本支出（CapEx）規模，特別是與電力相關的部分，我們需要增加產能來滿足它。所以這對我們而言是額外的增量機會。

Keep in mind, we have healthy growth ambitions, and we projected those out when we had our Investor Day. So it wasn't like the other two segments didn't have growth. We have growth across all three parts of our business. So we're pretty comfortable with the new 6% to 9% raise, and we're happy to be able to raise it, particularly so soon after really putting those targets out just in November.

請記住，我們有健康的成長企圖心，而在投資人日我們已把這些做了推估。所以並不是另外兩個事業部就沒有成長。我們三大業務板塊都有成長。因此，我們對新的 6% 到 9% 上調區間感到相當有信心，也很高興能夠上調，尤其是在 11 月才剛提出那些目標不久之後。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通（JPMorgan）。

So with an improved top-line outlook for the long term that you just updated this morning. Wondering what keeps your view on the margin opportunity unchanged versus the Analyst Day. Wouldn't you expect better fixed cost absorption? Maybe D&A steps up, but I would expect pricing could also be better given surging demand. So trying to understand what underpins this sort of high 20% incremental margin versus historically you have seen higher.

因此，基於你們今天早上剛更新的長期營收（top-line）展望有所改善。我想了解，為什麼你們對於利潤率（margin）機會的看法，相較於分析師日（Analyst Day）仍維持不變。你不會預期固定成本吸收（fixed cost absorption）會更好嗎？也許折舊與攤銷（D&A）會上升，但在需求激增的情況下，我也會預期定價可能更好。所以我想理解，為何你們所依據的是這種接近 20% 高段的增量利潤率（incremental margin），而歷史上你們曾看到更高的水準。

Yeah, Tami, it's Andrew. Just if you remember when we actually set the targets, the average progressive, remember, they're progressive margin targets. At the moment, they go out to $100 billion. Obviously, at some point in time, that may be updated as we get closer. But remember that we had progressive targets of around 31%, which is the same average that we had than the previous margin targets which we think is fair and reasonable.

是的，Tami，我是 Andrew。如果你還記得我們當初設定目標時，平均的遞進式——請記得，這些是遞進式利潤率目標（progressive margin targets）。目前它們是一路延伸到 1,000 億美元。當然，在某個時間點，隨著我們更接近那個規模，這可能會更新。但請記得，我們的遞進式目標大約是 31%，這個平均值與我們先前的利潤率目標平均值相同，我們認為這是公平且合理的。

Obviously, the aim always is to do better, and that's always one of the things we'll continue to focus. But today, we have headwinds, for example, caused by tariffs. So our target is really to get back to the middle of the range over a period of time and to mitigate the impact of tariffs as we speak. But that's really the driver.

當然，我們的目標永遠是做得更好，這也是我們會持續聚焦的事情之一。但就今天而言，我們面臨逆風，例如關稅所造成的影響。因此，我們的目標其實是在一段時間內回到區間的中位數，並在此刻盡力緩解關稅的影響。這才是真正的驅動因素。

I think obviously, we're also in a situation when we add capacity because we do accelerate the depreciation. Just to remind you, that does have a drag on margins as well, particularly in Power & Energy over the next few years as they bring that on. So it's not all incremental margins based on the old capacity rate. So you don't get quite the same amount of leverage as you would have done previously.

我想很明顯地，當我們增加產能時，因為會加速折舊（depreciation），我們也處在一個特定情境。提醒一下，這也會對利潤率造成拖累，特別是在未來幾年 Power & Energy 這一塊，當他們把新增產能導入時。所以並不是所有增量利潤率都建立在舊有產能利用率的基礎上。因此，你不會像過去那樣獲得同等程度的營運槓桿。

Yeah, I think that's an important point that Andrew made, right? The progressive targets as we're adding sales, it's a 31%. That's just to stay at the same point in the range that we are. We're at the bottom. And as we've said many times, our goal is to work our way back up towards the middle of the range. So to do that, we're going to have to have better pull-throughs in that 31% as we work our way out.

是的，我認為 Andrew 提到的是一個重要觀點，對吧？在我們增加銷售時，遞進式目標是 31%。那只是為了讓我們維持在目前所處區間的同一位置。我們現在在區間的底部。而且如同我們多次提到的，我們的目標是逐步回升到區間的中位數。因此，為了做到這點，當我們往外推進時，我們必須在這個 31% 上取得更好的拉動效應（pull-through）。

So that's primarily the reason. And we are spending, right, and we're adding the capital to do this. If you look at where we've been in the past, the last seven or eight years, we've not needed the capital to increase our sales because it's come back within the footprint that we have before. Now we're moving to higher sales levels than we've ever had in the company. So we're going to have to spend a little money to get there.

所以這主要就是原因。而且我們確實在投入、對吧，我們正在增加資本（capital）來做到這件事。如果你回頭看我們過去——過去七、八年，我們並不需要額外資本就能提升銷售，因為成長是在我們既有的產能版圖（footprint）內回來的。現在我們正邁向公司史上從未達到過的更高銷售水準。所以我們必須花一些錢才能到達那裡。

Angel Castillo, Morgan Stanley.

Angel Castillo，摩根士丹利（Morgan Stanley）。

I just want to echo everyone's congratulations to Andrew, I wish you all the best, and Kyle, looking forward to working with you. I wanted to spend a little bit of time on the capacity addition. I guess, can you talk about just the decision to add more capacity in the large engines as opposed to perhaps increasing investments on the gas turbine side. I guess I'm trying to understand if at all, this is any kind of read-through on how you view the demand of either product?

我也想呼應大家對 Andrew 的祝賀，祝你一切順利；Kyle，也期待與你合作。我想花一點時間談談產能擴增。我想問的是，你們能否談談為什麼決定在大型引擎（large engines）上增加更多產能，而不是可能在燃氣渦輪（gas turbine）那一端增加投資。我想了解，這是否在某種程度上反映了你們對這兩類產品需求的看法？

And then I know you said essentially the capacity here is fungible between prime and backup. But curious if you could just talk a little bit about more specifically the backup supply/demand backdrop. I think we've been seeing some rising concerns that as we kind of move to an 800 BDC or behind the meter that you could potentially see more and more of that being kind of displaced or designed out? And again, you have the benefit of having that fungibility, but just curious if you could talk about that supply/demand and what you're hearing from your customers on that backup opportunity.

另外，我知道你們說這裡的產能在主用（prime）與備援（backup）之間基本上是可互換（fungible）的。但我想更具體地請你們談談備援電力的供需背景。我想我們看到一些擔憂在上升：當我們逐步走向 800 BDC 或表後（behind the meter）的架構時，可能會看到越來越多備援需求被替代或在設計上被排除（designed out）？同樣地，你們有可互換性的優勢，但仍想請你們談談這個供需狀況，以及你們從客戶那裡聽到關於備援機會的看法。

Yeah. I think part of the explanation there is a large part of the base increase in the capacity is backup power, right, which is what we've done to back up data centers, and we've been leading that for a long time, and we continue to see growth. That will be driven by continued more data on the cloud. So more tokens are being used, more data is going to be needed. We look at our own internal -- look at what we're trying to do internally with automating our factories and automation, what we're doing in the office, what we're doing with autonomy and our machines, right?

是的。我想其中一部分的解釋是，這次產能基礎增量很大一部分是備援電力（backup power），對吧？也就是我們用來為資料中心提供備援的方案；我們在這方面領先很久了，而且我們仍持續看到成長。這將由雲端上持續增加的資料所驅動。因此會有更多 token 被使用，需要更多資料。我們看我們自己內部——看看我們在內部想做的事情：工廠自動化與自動化、辦公室端的作法、機器自主化（autonomy），對吧？

We're going to use a lot more data and we just look at the growth and the use that we're going to have, and we're not the only company out there doing that. So I think [use] will continue to go up. All these projects for right now that we're seeing for prime power, we're not seeing customers not have back-up power or making sure that they have the ability to run with back-up plans. They're not just going with one option.

我們會使用更多資料；我們只是看我們自身將會有的成長與使用量，而我們並不是唯一在做這件事的公司。所以我認為（資料）使用量會持續上升。就目前我們看到的所有主用電力（prime power）專案而言，我們沒有看到客戶不配置備援電力，或不確保他們具備備援方案的運轉能力。他們不會只採用單一選項。

So we haven't seen that trend continue. So I think the back-up power is going to continue to be there. Not every data center is going to go behind the meter either and those are going to drive a lot of back-up demand. So as we look at it, we feel pretty confident in this investment in raising in capacity.

所以我們沒有看到那種趨勢延續。因此我認為備援電力會持續存在。也不是每一座資料中心都會走表後（behind the meter），而這些也會帶動大量的備援需求。所以從我們的角度來看，我們對這次提高產能的投資相當有信心。

Look, I've been around a long time. I know there are no such thing as sure things. But when you think about all the capacity investments we've made in my career, this is a better line of sight to getting the return than anyone we've ever made. And we don't need to be at all this capacity to be OPACC positive and grow OPACC. So that gives us confidence to make this investment at this point in time.

你看，我在這行很久了。我知道世上沒有什麼是板上釘釘的。但當你回想我職涯中我們做過的所有產能投資，這一次在取得回報（return）方面的能見度，比我們過去做過的任何一次都更好。而且我們不需要把產能用到滿載，就能讓 OPACC 轉正並提升 OPACC。因此，這讓我們有信心在此時此刻做出這項投資。

Michael Feniger, Bank of America.

Michael Feniger，美國銀行（Bank of America）。

Andrew, congratulations. Just when we think of 2030, that 50 gigawatt number you guys laid out at the Investor Day, is there any way we can get an update on that given the announcement today? And Joe, just when we look at the pricing in Power & Energy, it's still around this 2% number.

Andrew，恭喜。談到 2030 年，你們在投資人日（Investor Day）提出的 50 吉瓦（gigawatt）數字，鑑於今天的公告，我們是否能得到任何更新？另外 Joe，當我們看 Power & Energy 的定價時，仍大約在 2% 這個數字附近。

I realize there's going to be some new products and maybe there's not a lot of like for like, but just generally speaking, should we be expecting that number to gradually rise through this year and into '27 as we see some of this backlog get delivered? Just directionally, how should we kind of think about that figure going forward?

我理解會有一些新產品，可能也不太有完全可比（like for like）的項目，但一般而言，隨著部分積壓訂單（backlog）在今年到 2027 年間逐步交付，你們是否預期這個數字會逐步上升？就方向性而言，我們應該如何看待未來這個指標？

I'll take the second one first. From a pricing standpoint, I think two things I would say, we're taking orders well out in the future. Those have -- we take orders that are multiple years out, they have price escalators in there typically that are agreed with frame agreements. So we plan to see -- it won't be today's pricing, it will be whatever the appropriate pricing at the time is. When it comes to the capacity increase -- well, the other thing on pricing, keep in mind, Power & Energy is a big segment.

我先回答第二個。從定價角度來看，我會說兩點：我們目前接到的訂單交期都在很久以後。這些訂單——我們會接到交期跨好幾年的訂單，通常在框架協議中會包含、且已協議好的價格調整條款（price escalators）。因此我們預期——不會是今天的價格，而是到時點適用的合理價格。至於產能提升——另外在定價方面也請記得，動力與能源（Power & Energy）是一個很大的事業部門。

So that 2% is over the entire segment. So obviously, where we're capacity constrained, we're able to do a little bit more, a large part of that business is industrial and smaller power generation, marine, there are other parts of the business for the smaller product, where we aren't constrained. It's a competitive environment. So that number you're seeing is weighted across the entire segment.

所以那個2%是針對整個事業部門而言。因此很明顯地，在我們產能受限的地方，我們能多做一點；但該業務很大一部分是工業與較小型的發電、船舶等，另外還有一些較小產品的業務部分，我們並不受限。那是一個競爭激烈的環境。所以你看到的那個數字，是加權反映整個事業部門的結果。

When it comes to capacity, so the 3 times and the way we've said 2 times capacity now going to 3 times, that's sort of factory output in the way we look at it in units. From a gigawatt standpoint, we gave the 50 gigawatts. The mix is a little bit different in this. So you can't really equate this increasing gigawatts to what's in the 50 base, but we estimate this will give us another 15 gigawatts capacity annually when we're done with this installation.

談到產能，所謂3倍，以及我們先前說的目前2倍產能提升到3倍，那是我們以「台數」來看、也就是工廠產出單位的概念。以GW（吉瓦）來看，我們給的是50吉瓦。這裡的產品組合有些不同。所以你不能直接把這次增加的吉瓦數等同於50吉瓦基準裡的內容，但我們估計，當這次安裝完成後，每年將再增加約15吉瓦的產能。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Congrats on another great quarter, and thank you, Andrew, for all your help throughout the year. Congrats on a fantastic career and look forward to working with you, Kyle. Congrats as well. I guess my question, just to generate back on Power & Energy again. I guess Tami asked the question on why margins shouldn't be going up which you answered.

恭喜又一個很棒的季度，也謝謝Andrew這一年來的所有協助。恭喜你精彩的職涯，也期待與你合作，Kyle。也恭喜。我想我的問題是，再回到動力與能源（Power & Energy）。我想Tami問了為什麼毛利率不應該上升的問題，你也回答了。

I guess my other question with regards to margins, should we assume the variability of margins narrowed relative to, I think, the 400 bps pegged on each revenue cycle or throughout the cycle just to power your visibility and service aftermarket becomes a larger percentage of the business you're thinking the volume margin should narrow.

我另一個關於毛利率的問題是：我們是否可以假設毛利率的波動性會收斂？相較於我記得每個營收循環大約400個基點（bps）的波動；或是隨著你們能見度提升、以及服務售後市場（service aftermarket）占比變大，你們認為量的毛利波動會變小？

And then just the follow up, just again, you're announcing capacity increases, a top-line increase relative to just where we were in December. Is there anything going on structurally from a market share opportunity for Caterpillar that perhaps we're underappreciating?

接著追問一下：你們宣布擴產，營收成長的上行空間相較於我們在12月看到的又更高。Caterpillar在市占機會上，是否有任何結構性的變化正在發生，而我們可能低估了？

So thanks, Jamie. We probably addressed that margin question, right? We're really happy with Power & Energy operating margins. When you think about one of the reasons we sort of reorganize ourselves, there's a lot of synergies that we get with the rail group being with the mining group, but it also gives you a good view of our Power & Energy business. And I think if you compare where we're at from an operating margin standpoint to the industry, we are leading in that space, and we have a really, really healthy business and it's continuing to grow, and it's an area we continue to invest.

謝謝，Jamie。我們大概已經回答了那個毛利率問題，對吧？我們對動力與能源（Power & Energy）的營業利益率非常滿意。你想想我們之所以重新組織架構的原因之一，是因為鐵路事業與礦業事業放在一起能帶來很多綜效，但同時也讓你能更清楚地看到我們的動力與能源業務。我認為若把我們的營業利益率水準與同業相比，我們在該領域是領先者；我們的業務非常、非常健康且持續成長，這也是我們持續投資的領域。

I don't know that as that business grows, I think that we have any intention right now on narrowing that operating margin range. There are a lot of things that can go in to make that happen. Just look at our backlog growth, in this quarter, one of the things that I'm excited about, we added another almost $12 billion sequentially.

我不認為隨著該業務成長，我們目前有任何意圖去縮小那個營業利益率區間。要讓它發生有很多因素。看看我們的在手訂單（backlog）成長，本季有一件讓我很興奮的事：我們的在手訂單季增又增加了將近120億美元。

We did almost the same thing from the third quarter to the fourth quarter last year, and we saw the percent of backlog delivered in the next 12 months come down quite a bit because it was heavily -- Power & Energy was a big part of that. We're pretty similar this time, which shows that all three of the businesses are taking healthy orders right now. So our intent is to grow all three of our segments. And so we don't have any intention of narrowing the bandwidth on the margin targets.

去年我們從第三季到第四季也做到了幾乎同樣的增幅，而我們看到未來12個月可交付的在手訂單占比下降了不少，因為其中很大一部分——動力與能源（Power & Energy）占比很高。這次情況也很相似，顯示三個事業部目前都在接到健康的訂單。因此我們的意圖是讓三個事業部都成長。所以我們沒有任何意圖去縮小毛利率目標的區間範圍。

And just to remind you, Jamie, remember, our definition of winning is absolute OpEx growth in not necessarily margins. So the margins will always be there to give flexibility to enable us to invest. I mean one of the great things we're doing is we are putting central investment of dollars behind to get to those growth targets, which I think is really a positive even in an environment where we are seeing higher costs as a result of tariffs.

另外提醒你一下，Jamie，記得我們對「勝出」的定義，是絕對的營業費用（OpEx）成長，而不一定是毛利率。所以毛利率區間永遠會保留彈性，讓我們能夠投資。我的意思是，我們正在做的一件很棒的事，是把集中的投資資金配置到達成那些成長目標上；即使在我們因關稅而看到成本上升的環境下，我認為這仍然是非常正面的。

Chad Dillard, Bernstein.

Chad Dillard，Bernstein。

So how is Cat helping the Tier 1 and Tier 2 suppliers ramp power gen capacity along with Cat. Curious to get your perspective on where you see the biggest bottle next arm. And then also by 2030, what share of, I guess, now 65 gigawatts of large engine production will be prime vs back up?

Cat如何協助一級與二級供應商，與Cat一起提升發電產能？也想聽聽你們的觀點：你們認為最大的瓶頸在哪裡。另外到2030年，在我想現在是65吉瓦的大型引擎產量中，主用（prime）與備用（back up）的占比會是多少？

Yeah. I don't know in 2030, I'm not sure we'll -- we can tell you exactly the mix between prime and back up. What we're seeing right now is a trend much more towards prime, but back up is growing quite significantly at the same time, as we said, I don't know that you'll see a mix change. I think both of them are going to change. By then, the more prime we sell, the more gas compression we sell, the more oil and gas, we'll also see a heavy shift towards the aftermarket as well for 2030 and beyond for services growth opportunities.

是的。2030年的話，我不確定——我們能否精確告訴你主用與備用之間的組合。我們目前看到的趨勢是更偏向主用，但同時備用也在相當顯著地成長；如同我們說的，我不確定你會看到組合比例改變。我認為兩者都會成長。到那時候，我們賣得越多主用機組、越多天然氣壓縮設備、越多油氣相關產品，我們也會看到售後市場（aftermarket）占比明顯提高，為2030年及之後的服務成長帶來機會。

We -- as far as working with the supply base, that is a big part of the investment is not only within our four walls, but it's also working with the supply base to make sure that they can ramp and we have a big team that's working nonstop with them to make sure -- a lot of it's forecast visibility. So the more visibility we can give them to the forecast, the better they can react. And that's one of the reasons, frankly, why we've been able to be running a little bit ahead of schedule on the capacity we're installing right now is we've had great performance out of the supply base.

至於與供應鏈合作，這是投資的一大部分，不僅是在我們自身的工廠內，也包括與供應商合作，確保他們能夠擴產；我們有一個大型團隊不間斷地與他們合作，確保——其中很大一部分是需求預測的能見度。我們能提供越多預測能見度，他們就越能更好地反應。坦白說，這也是我們目前在安裝的產能能夠稍微超前進度運行的原因之一，因為供應鏈的表現非常出色。

So right now, we don't see any major issues. And that's the first quarter and being ahead is allowing us to have more confidence, which is why we gave a little bit better outlook for this year as we think we can maintain that as we go throughout the rest of this year.

所以目前我們沒有看到任何重大問題。而第一季的超前進度讓我們更有信心，這也是為什麼我們對今年給出稍微更好的展望，因為我們認為在今年剩餘時間裡可以維持這樣的狀態。

Kyle Menges, Citigroup.

Kyle Menges，Citigroup。

Congrats to Andrew and Kyle. I wanted to follow up on some of the RI commentary. It sounds like in Resource Industries backlog is growing nicely at a pretty significant quarter of order intake. I'd just love to hear kind of what's driving that. How much of it is perhaps new mines versus existing mines coming back and replacing fleet? And yeah, I just would love to hear more of what's driving the strength in the RI backlog.

恭喜Andrew與Kyle。我想追問一些關於資源產業（RI）的評論。聽起來資源產業的在手訂單成長得很好，單季接單量也相當可觀。我很想了解是什麼在驅動這件事。其中有多少可能是新礦場，多少是既有礦場回來進行車隊汰換？是的，我很想再多聽一些，究竟是什麼在驅動資源產業（RI）在手訂單的強勁表現。

Yeah. I think you could (inaudible). I mean, when it comes to new versus existing, there aren't a tremendous amount of new mines that are going in, you kind of see where they're at. We continue to work with customers. The age of the fleet is pretty old. So we'll see customers continue to update their fleets.

是的。我想你可以(聽不清)。我的意思是，談到新礦與既有礦時，真正新開的礦場並不多，你大概也看得到它們目前的狀況。我們持續與客戶合作。車隊的平均年齡相當老舊。因此我們會看到客戶持續更新他們的車隊。

And as we look forward as well, the technology that we can bring in on new equipment, we think will help drive some of that fleet turnover as well. But it's really driven right now by strong mining, particularly copper and gold that's driving the backlog growth.

此外，展望未來，我們能在新設備上導入的技術，我們認為也將有助於推動部分車隊汰換。但目前真正的驅動力是採礦業景氣強勁，尤其是銅與黃金，帶動在手訂單成長。

The other thing in RI to keep in mind, the North America construction industry has been very resilient when you think about what's driving it, and that has a carryon effect into heavy construction. So that's also in the RI backlog and contributing to the strength that we've seen in the orders there.

另外在 RI 方面要記住的是，北美建築業在思考其驅動因素時一直非常有韌性，而這也會外溢影響到重型工程建設。因此這也反映在 RI 的在手訂單中，並促成我們在該領域所看到的訂單強勁表現。

Adria, we have time for one more question.

Adria，我們還有時間再問一個問題。

[Mig] Dobre, Baird.

[Mig] 好的，Baird。

Thank you for fitting me in. Andrew, thank you, and all the best in your retirement. I -- maybe we can continue the conversation on mining here. Your comments on orders being the strongest since 2012 really kind of stood up. I mean, it's a little bit at odd with negative pricing still with margins you're seeing impacted by tariffs near term. But I guess my question is, as you see this demand cycle manifest itself, how do you think about the segment operationally?

謝謝讓我插問。Andrew，謝謝你，也祝你退休一切順利。我——也許我們可以在這裡繼續談採礦。你提到訂單是自 2012 年以來最強，這點確實很突出。我的意思是，這和你們短期仍面臨關稅影響、利潤率受壓，以及定價仍為負的情況有點不太一致。但我想問的是，當你看到這一輪需求循環逐步顯現時，你在營運層面如何看待這個事業部門？

Whether we're talking about the manufacturing footprint, whether we're talking about pricing, can we actually see mining get back to the kind of margins that you've experienced back at the prior feedback in 2012?

不論是談製造據點布局，或是談定價，我們是否真的能看到採礦業務回到 2012 年上一輪高峰時你們所經歷的那種利潤率水準？

Yeah. I mean, I think we had slightly negative pricing in the first quarter, and that's a little bit due to timing. And keep in mind, the mining delivery cycle is much longer. So as we take orders, delivery, what we're delivering now the orders from quite a while ago, when you look at the RI segment now, it has the rail group in it. So I think you just make -- going back to 2012 is not going to be apples-to-apples when we look at it.

是的。我的意思是，我們第一季的定價略為負值，這有一部分是時點因素。而且要記住，採礦設備的交付週期要長得多。因此當我們接單、再到交付時，我們現在交付的其實是相當久以前的訂單；另外你看現在的 RI 事業部門，它也包含鐵路事業群。所以我認為——回到 2012 年來比較，並不是完全的同質比較。

But we're going to continue to invest in the business. The strong orders are a great sign of what we think is to come. It's a competitive industry as well. So we want to make sure we're being competitive as we go into each tender. The other thing I would keep in mind when it comes to margins, particularly right now, our eyes relative size to the other segments, a little bit smaller on the top line.

但我們會持續投資這項業務。強勁的訂單是我們認為未來將到來的情況的一個很好的訊號。這也是一個競爭激烈的產業。因此我們希望確保在參與每一次投標時都具備競爭力。另外談到利潤率，尤其是目前，RI 相對於其他事業部門的規模——在營收端稍微小一些。

So we're going to make the investments that we think we need to be competitive in autonomy and other things. So if you have an autonomy investment, in RI and you have an autonomy investment in CI, it's going to have an outsized impact on the operating margin percent in RI for now.

因此我們會進行我們認為為了在自動化與其他領域保持競爭力所需的投資。所以如果你在 RI 有一筆自動化投資、在 CI 也有一筆自動化投資，短期內它對 RI 的營業利益率百分比的影響會相對更大。

But as we continue to build that segment and we get operating leverage back, we would definitely expect the operating margins to get better. We think they'll get better even this year from what you saw in the first quarter. But as we continue to grow the segment, our goal would be to get those operating margins up as we move forward.

但隨著我們持續擴大該事業部門並重新取得營運槓桿，我們確實預期營業利益率會改善。我們認為即使在今年，也會比你在第一季看到的水準更好。但隨著我們持續成長這個事業部門，我們的目標是未來逐步把營業利益率拉升。

So thank you for all the questions and your engagement today. One, I just want to say, congratulations to Kyle, I look forward to working closely with him, executing our strategy. And Andrew, again, thank you for everything that you've done. You've been an amazing CFO. And if you look at the track record of the company during your tender is probably like no other CFO we've ever had. So you will be missed, and we appreciate everything you've done, but you're leaving us in a great place and in great hands.

所以，感謝大家今天的所有提問與參與。第一，我想先恭喜 Kyle，我期待與他密切合作，落實我們的策略。Andrew，再次謝謝你所做的一切。你是一位非常出色的財務長。如果你看看公司在你任期內的成績，可能是我們歷任財務長中前所未有的。我們會想念你，也感謝你所做的一切；但你讓我們在一個非常好的位置、也交到很可靠的團隊手上。

And thank you all for joining us. We truly appreciate your questions. I'm very proud of the Caterpillar team's strong performance in the first quarter. Our first-quarter results demonstrate the resilience of our end markets and our disciplined execution. With a record backlog and a focus on delivering for our customers, we're well positioned to continue creating long-term value for our shareholders.

也謝謝各位加入我們。我們非常感謝你們的提問。我為卡特彼勒團隊第一季的強勁表現感到非常自豪。我們第一季的結果展現了終端市場的韌性以及我們嚴謹的執行力。在創紀錄的在手訂單以及專注於為客戶交付的前提下，我們已做好準備，持續為股東創造長期價值。

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

接下來，我把時間交回給 Alex。

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

謝謝 Joe、Andrew、Kyle，以及今天加入我們的各位。本次電話會議的重播將於今天稍晚在網路上提供。我們也會在可取得後，盡快在投資人關係網站上發布逐字稿。你也會在一份 SEC 申報文件中找到由我們財務長出鏡的第一季結果影片，該申報文件與我們對使用者的銷售相關並已註明日期。請點選 investors.caterpillar.com，然後點選 Financials 以查看這些資料。

If you have any questions, please reach out to me or Rob. The Investor Relations general phone number is 309-675-4549. Now let's turn it back to Adria to conclude our call.

如果你有任何問題，請聯絡我或 Rob。投資人關係的一般電話是 309-675-4549。現在讓我們把時間交回給 Adria 來結束本次電話會議。

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

謝謝。本次電話會議到此結束。感謝各位參與。各位現在可以掛線。