開拓重工 (CAT) 2026 Q3 法說會逐字稿

Welcome to the third quarter 2026 Caterpillar earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

歡迎參加卡特彼勒 2026 年第三季財報電話會議。請注意，今天的會議將被錄音。(接線員指示)

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

現在我想把會議交給今天的講者 Alex Kapper。謝謝。請開始。

Thank you, Audra. Good morning, everyone, and welcome to Caterpillar's third quarter of 2026 earnings call. I'm Alex Kapper, Vice President of Investor Relations. Joining me today are Joe Creed, Chairman and CEO; Kyle Epley, Chief Financial Officer; Stephanie Baughman, Senior Vice President of the Global Finance Services Division; and Ryan Coleman, Senior Director of IR. During our call, we'll be discussing third quarter earnings release we issued earlier today.

謝謝你，Audra。各位早安，歡迎參加卡特彼勒 2026 年第三季財報電話會議。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 Kyle Epley；全球金融服務事業部資深副總裁 Stephanie Baughman；以及投資人關係資深總監 Ryan Coleman。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新聞稿。

You can find our slides, the news release and a webcast recap at investors.caterpillar.com under Events and Presentations. The content of this call is protected by US and international copyright law. Any rebroadcast, retransmission, reproduction or distribution of all or part of this content without Caterpillar's prior written permission is prohibited. Moving to slide 2.

您可在 investors.caterpillar.com 的 Events and Presentations（活動與簡報）中找到我們的簡報投影片、新聞稿以及網路直播回顧。本次電話會議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再播、轉播、複製或散布。請翻到第 2 頁投影片。

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

在今天的電話會議中，我們將做出前瞻性陳述，而這些陳述受風險與不確定性影響。我們也將提出若干假設，這些假設可能導致我們的實際結果與本次電話會議中分享的資訊有所不同。

Please refer to our recent SEC filings and the forward-looking statements reminder and 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.

關於可能單獨或合併導致我們實際結果與預測出現重大差異的因素詳情，請參閱我們近期向 SEC 提交的文件，以及新聞稿中的前瞻性陳述提醒。我們認為可能持續對本公司業務產生重大影響的多項因素之詳細討論，亦載於我們向 SEC 提交的文件中。

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

在今天的電話會議中，我們也會提及非 GAAP 數字。如需將任何非 GAAP 數字與相應的美國 GAAP 數字進行調節，請參閱財報電話會議投影片的附錄。

For today's agenda, Joe will begin by sharing his perspectives about our results, and he will highlight key initiatives across our segments. Then he'll discuss our full year outlook and insights about our end markets. Kyle will provide a detailed overview of results and share key assumptions looking forward.

今天的議程如下：Joe 將先分享他對我們業績的觀點，並重點說明各事業部門的關鍵舉措。接著他將討論我們的全年展望以及對終端市場的洞見。Kyle 將提供業績的詳細概覽，並分享未來展望的關鍵假設。

We will conclude by taking your questions. Now let's advance to slide 3 and turn the call over to Joe Creed.

最後我們將進入問答時間。現在請翻到第 3 頁投影片，並把電話會議交給 Joe Creed。

All right. Good morning, and thanks, Alex. I appreciate everyone joining us today. Our third quarter results reflect the durability of our end markets with our highest sales quarter ever, strong order rates and a record backlog. Our team continues to execute our strategic priorities in a dynamic environment, positioning us for a strong year.

好的。各位早安，謝謝你，Alex。感謝大家今天加入我們。我們第三季的業績反映出終端市場的韌性：創下史上最高單季銷售額、強勁的接單率，以及創紀錄的在手訂單。在多變的環境中，我們的團隊持續落實策略優先事項，讓我們有望交出強勁的一年。

Sales and revenues were $20.7 billion, up 17% versus the prior year, driven by strong end market demand. We delivered adjusted profit per share of $7.20, an increase of 45% versus last year. Strong order rates across all three of our primary segments drove backlog to a record $78 billion.

銷售與營收為 207 億美元，較去年同期成長 17%，主要受強勁的終端市場需求帶動。我們交出調整後每股盈餘 7.20 美元，較去年增加 45%。三大主要事業部門的強勁接單率推動在手訂單攀升至創紀錄的 780 億美元。

That's an increase of approximately $38 billion or 96% from the third quarter last year and marks the fourth consecutive quarter of sequential backlog growth in all three of our primary segments. The quarter demonstrated the team's ability to execute in a high-growth environment.

這較去年第三季增加約 380 億美元或 96%，並且是三大主要事業部門連續第四季在手訂單逐季成長。本季展現了團隊在高成長環境下的執行能力。

Specifically, our Power and Energy team continued to increase production of large reciprocating engines and turbines while simultaneously expanding capacity to meet demand. The team is effectively managing the operational challenges that come with this rapid growth, bringing additional capacity online is still the top pacing factor for growth in Power and Energy.

具體而言，我們的動力與能源團隊持續提升大型往復式引擎與渦輪機的產量，同時擴充產能以滿足需求。團隊正有效管理快速成長所帶來的營運挑戰；新增產能上線仍是動力與能源成長的首要節奏因素。

So working diligently to execute our plans and meet our customers' needs. As I mentioned, sales and revenues were $20.7 billion, and they were in line with our expectations. The increase from the prior year was primarily driven by strong growth in sales volume and favorable price realization in all three of our primary segments.

因此我們正努力不懈地執行計畫並滿足客戶需求。如我所提，銷售與營收為 207 億美元，符合我們的預期。較去年同期的成長主要由銷售量強勁成長，以及三大主要事業部門皆有利的價格實現所帶動。

Third quarter adjusted operating profit margin was 20.6%. Excluding IEEPA tariff recoveries, adjusted operating profit margin was in line with our expectations. In the third quarter, we generated MP&E free cash flow of $3.8 billion and deployed $2 billion to shareholders through share repurchases and dividends. Now I'll review third quarter retail statistics. In Power and Energy, sales to users grew a robust 36%.

第三季調整後營業利益率為 20.6%。若排除 IEEPA 關稅回收，調整後營業利益率符合我們的預期。第三季我們產生了 38 億美元的 MP&E 自由現金流，並透過庫藏股回購與股利向股東回饋 20 億美元。接下來我將回顧第三季零售統計。在動力與能源方面，對終端用戶的銷售強勁成長 36%。

Power generation grew 75%, driven by continued very strong demand for turbines and large reciprocating engines used in data center applications. Sales to users in oil and gas increased 5% and were driven by turbines and turbine-related services.

發電業務成長 75%，主要受用於資料中心應用的渦輪機與大型往復式引擎需求持續非常強勁所帶動。油氣領域對終端用戶的銷售增加 5%，主要由渦輪機及渦輪機相關服務帶動。

Industrial sales to users were down due to softness in the EAME region. Now for Construction Industries. We have one of the broadest ranges of products, technology and services to support customers whether they prefer to own lease or rent equipment.

工業領域對終端用戶的銷售下滑，原因是 EAME 地區走弱。接著談建築工業事業部。我們擁有最廣泛的產品、技術與服務組合之一，可支援客戶不論偏好購置、租賃或租用設備。

Combined with healthy construction activity, our unique position has allowed us to outpace the industry throughout the year. In the third quarter, total sales to users increased 20%, marking the seventh consecutive quarter of year-over-year growth.

再加上健康的建築活動，我們獨特的市場定位使我們全年表現持續領先產業。第三季對終端用戶的總銷售成長 20%，為連續第七季年增。

In North America, sales to users grew a robust 27%, in line with our expectations. Dealer rental revenue in North America continued to grow, driving increased investment in their equipment fleets. We also saw strong customer interest in the Cat dealer-owned rental joint venture called Major Projects, which was launched last quarter.

在北美，對終端用戶的銷售強勁成長 27%，符合我們的預期。北美經銷商租賃收入持續成長，帶動其設備車隊投資增加。我們也看到客戶對 Cat 經銷商持有的租賃合資企業「Major Projects」有高度興趣，該合資企業於上季推出。

As a reminder, Major Projects will serve customers developing large-scale infrastructure across North America, including transportation, energy, manufacturing and data center builds. It's a supplemental national rental solution to help deliver larger size class construction equipment and capabilities where existing individual dealer rental fleets aren't sufficient to execute at scale.

提醒一下，Major Projects 將服務於在北美開發大型基礎建設的客戶，包括交通運輸、能源、製造業以及資料中心建置。這是一項補充性的全國租賃解決方案，用以提供更大級距的建築設備與能力，適用於既有單一經銷商租賃車隊不足以進行大規模執行的情境。

As a result, rental fleet loading was exceptionally strong in the third quarter, contributing significantly to sales to users growth compared with prior year when fleet loading was a slight headwind. Even excluding the positive impact from the rental fleet loading, sales to users growth was strong, driven by residential and nonresidential construction activity. Sales to users in EAME were above expectations with growth driven by strength in Europe and Africa, partially offset by softness in the Middle East.

因此，第三季租賃車隊裝載（fleet loading）表現異常強勁，與去年同期相比對對終端用戶銷售成長貢獻顯著；去年同期車隊裝載略為不利。即使排除租賃車隊裝載的正面影響，對終端用戶的銷售成長仍然強勁，主要由住宅與非住宅建築活動帶動。EAME 地區對終端用戶的銷售高於預期，成長由歐洲與非洲的強勢帶動，部分被中東的疲弱所抵銷。

In Asia Pacific, sales to users outside of China were lower than we anticipated and declined slightly due to timing. China, however, continued to grow from a low base as we expected. Latin America continued to grow but at a lower rate than we anticipated.

在亞太地區，中國以外的對終端用戶銷售低於我們的預期，並因時點因素而小幅下滑。然而，中國如我們所預期，仍在低基期上持續成長。拉丁美洲持續成長，但增速低於我們的預期。

For Resource Industries, third quarter sales to users increased 4%, which is below our expectations. Sales to users were higher in heavy construction, quarry and aggregates, but lower in mining due to delays in shipping and commissioning.

在資源工業事業部，第三季對終端用戶的銷售成長 4%，低於我們的預期。對終端用戶的銷售在重型建築、採石與骨材領域較高，但在礦業方面因出貨與試運轉延遲而較低。

The rail decrease was driven by lower international locomotive deliveries. Turning to slide 4. I'll cover a few highlights since our last earnings call, starting with Power and Energy. We serve customers across the power and energy value chain and demand for our solutions remains strong. To ensure we can meet their needs and maintain operational excellence, we're continually evaluating opportunities to repurpose underutilized facilities across our footprint.

鐵路業務的下滑主要由國際機車交付量較低所致。請翻到第 4 頁投影片。我將回顧自上次財報電話會議以來的幾項重點，先從動力與能源開始。我們服務於動力與能源價值鏈各環節的客戶，對我們解決方案的需求仍然強勁。為確保我們能滿足其需求並維持卓越營運，我們持續評估在我們的營運據點中重新利用未充分使用設施的機會。

In line with that approach, we plan to use a portion of our Winston-Salem, North Carolina facility, which currently produces locomotive engines as a second assembly and test location for the 3600 series large reciprocating engine. The footprint will support our oil and gas customers to meet the growing need for natural gas compression.

依循該方針，我們計劃將位於北卡羅來納州溫斯頓－塞勒姆（Winston-Salem）的廠區（目前生產機車引擎）的一部分，作為 3600 系列大型往復式引擎的第二個組裝與測試據點。該廠區規模將支援我們的油氣客戶，以滿足天然氣壓縮日益成長的需求。

The initiative directly supports previously announced plans to increase large reciprocating engine capacity to nearly 3 times to the '24 level by 2030. Utilizing our existing footprint and workforce is the most cost-effective and quickest way for us to bring additional capacity online. In Construction Industries, we launched Cat Compact earlier this year, a key part of our strategy to reach more small contractors in the growing compact construction equipment industry.

此項倡議直接支持我們先前公布的計畫：到 2030 年將大型往復式引擎產能提升至接近 2024 年水準的 3 倍。善用既有廠區與人力，是我們以最低成本、最快速度將新增產能上線的方式。在建築產業方面，我們今年稍早推出 Cat Compact，這是我們策略中的關鍵一環，旨在於成長中的小型建築設備產業中觸及更多小型承包商。

To support that growth and meet increasing customer demand, we announced a $1 billion investment to expand manufacturing capacity in Sanford, North Carolina. The investment will create a modern technology-enabled manufacturing environment designed to improve safety, quality and operational performance while supporting long-term growth.

為支援該成長並滿足客戶需求增加，我們宣布投入 10 億美元擴建北卡羅來納州桑福德（Sanford）的製造產能。此投資將打造一個由現代科技賦能的製造環境，旨在提升安全、品質與營運表現，同時支援長期成長。

The facility will incorporate advanced manufacturing technologies, automation, digital production systems and integrated logistics capabilities to create a more connected and efficient operation. This demonstrates how we're aligning our investments to meet our 2030 targets and positioning Caterpillar for long-term profitable growth. And in Resource Industries, we announced last month that we're working with Luck Stone to expand autonomous hauling technology across two additional Virginia operations.

該設施將導入先進製造技術、自動化、數位化生產系統與整合式物流能力，以建立更互聯且更高效率的營運。這展現了我們如何使投資與 2030 年目標對齊，並讓卡特彼勒（Caterpillar）具備長期獲利成長的定位。在資源產業方面，我們上個月宣布正與 Luck Stone 合作，將自動化運輸技術擴展至維吉尼亞州另外兩個營運據點。

The expansion follows a highly successful pilot at the Bull Run quarry where autonomous trucks have hauled more than 3.5 million tons since going live in November of 2024. These deployments also marked the first use of Caterpillar's autonomous technology on a Cat 775 truck, expanding our advanced autonomy capabilities beyond large mining applications and into quarry and aggregates.

此次擴展是延續在 Bull Run 採石場極為成功的試點計畫；自 2024 年 11 月上線以來，自動駕駛卡車已運輸超過 350 萬噸。這些部署也標誌著卡特彼勒自動化技術首次應用於 Cat 775 卡車，將我們的先進自動化能力從大型採礦應用延伸至採石場與骨材領域。

Through this customer collaboration, we gained insights that are helping us refine and scale our autonomous hauling solutions to deliver measurable value for operations at job sites around the world. This expansion marks another important step towards our goal of tripling the number of Cat autonomous trucks by 2030 compared with 2024. Now on slide 5, I'll provide an update on our outlook.

透過與客戶的合作，我們獲得了洞見，正協助我們精進並擴大自動化運輸解決方案的規模，為全球各地工地營運帶來可衡量的價值。此次擴展是朝向我們目標邁出的另一重要一步：到 2030 年，Cat 自動駕駛卡車數量相較 2024 年增加至 3 倍。接著看投影片 5，我將更新我們的展望。

Our strong execution through the first nine months positions us well to meet our full year outlook. We continue to expect our full year 2026 sales and revenues to grow in the mid- to high teens. Strong order rates and a growing backlog reflect continued broad-based momentum across our business despite ongoing geopolitical uncertainty.

我們在前九個月的強勁執行力，使我們具備良好條件達成全年展望。我們仍預期 2026 年全年銷售與營收將以中到高十位數百分比成長。強勁的接單率與持續增加的在手訂單，反映出即使地緣政治不確定性仍在，我們業務仍呈現廣泛且持續的動能。

Excluding the favorable impact from IEEPA tariff recoveries, we continue to expect full year adjusted operating profit margin to be near the bottom of the target range. 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 and higher freight costs due to elevated energy prices.

若排除 IEEPA 關稅回收帶來的有利影響，我們仍預期全年調整後營業利益率將接近目標區間的下緣。我們對全年毛利率的預期，反映了我們為執行成長策略所進行的策略性投資，以及關稅影響與能源價格高企導致運費上升的持續影響。

We remain focused on delivering long-term OPACC growth, and we aim to operate around the midpoint of our adjusted operating profit margin target range over time. We're also maintaining our MP&E free cash flow expectations to be in the top half of our annual target range.

我們仍專注於實現長期 OPACC 成長，並目標在時間推移下，將調整後營業利益率維持在目標區間的中點附近。我們也維持 MP&E 自由現金流的預期，將落在年度目標區間的上半部。

Kyle will provide additional details to you shortly. And now I'll discuss our key end markets, starting with Power and Energy. We continue to work closely with our customers, which allows us to understand and respond to their evolving needs.

Kyle 稍後將向各位提供更多細節。接下來我將討論我們的主要終端市場，先從動力與能源（Power and Energy）開始。我們持續與客戶密切合作，使我們能理解並回應其不斷演變的需求。

Customers view of demand for both oil and gas and power generation remains strong. As I mentioned, backlog continues to grow due to strong order rates, and we're now taking some large reciprocating orders as far out as 2029 and turbine orders into 2030.

客戶對油氣與發電兩方面的需求看法仍然強勁。如我所提，在強勁接單率帶動下，在手訂單持續成長；目前我們已開始接到最遠排到 2029 年的大型往復式引擎訂單，以及排到 2030 年的渦輪機訂單。

We continue to anticipate full year growth in power generation for both Cat reciprocating engines and Solar Turbines driven by increasing energy demand to support the data center build-out related to cloud computing and generative AI.

我們仍預期全年發電業務將成長，涵蓋 Cat 往復式引擎與 Solar Turbines，主要受能源需求增加所驅動，以支援與雲端運算及生成式 AI 相關的資料中心建置。

Additionally, prime power demand continues to trend higher as customers look to Caterpillar's turbine and reciprocating engine products to support their need for power solutions. After a record year for sales in 2025, oil and gas is expected to grow moderately again this year.

此外，隨著客戶尋求卡特彼勒的渦輪機與往復式引擎產品以滿足其電力解決方案需求，主用電（prime power）需求持續走高。在 2025 年銷售創下紀錄之後，預期油氣業務今年將再度溫和成長。

Reciprocating engine sales are anticipated to increase driven by strong demand in gas compression applications. We also see continued momentum in demand for reciprocating engine aftermarket parts.

在天然氣壓縮應用需求強勁帶動下，預期往復式引擎銷售將增加。我們也看到往復式引擎售後零件需求持續保持動能。

Solar Turbines oil and gas sales are expected to grow and the backlog remains healthy with solid order and inquiry activity. Demand for products and industrial applications is expected to grow moderately in 2026 as well. For Construction Industries, we expect strong fourth quarter and full year sales to users growth, supported by healthy end markets.

Solar Turbines 的油氣銷售預期將成長，在手訂單維持健康，接單與詢價活動穩健。產品與工業應用的需求在 2026 年也預期將溫和成長。在建築產業方面，我們預期第四季與全年對終端用戶銷售（sales to users）將強勁成長，並由健康的終端市場支撐。

The outlook for North America remains positive with construction spending at healthy levels. Nonresidential construction investment continues to be supported by the IIJA, critical infrastructure programs and data centers. We expect fourth quarter dealer rental fleet loading to remain strong.

北美展望仍然正向，建築支出維持在健康水準。非住宅建築投資持續受到《基礎設施投資與就業法案》（IIJA）、關鍵基礎設施計畫與資料中心的支撐。我們預期第四季經銷商租賃機隊補庫（rental fleet loading）將維持強勁。

However, it will contribute less to sales to users growth than in the third quarter due to lapping strong rental loading in the fourth quarter of last year. In EAME, Europe is expected to remain stable, supported by nonresidential construction, while construction activity in Africa is projected to remain strong.

然而，由於去年第四季租賃補庫基期強勁，今年第四季其對對終端用戶銷售成長的貢獻將低於第三季。在 EAME（歐洲、非洲與中東），歐洲預期維持穩定並受非住宅建築支撐，而非洲的建築活動預計仍將強勁。

The Middle East continues to face challenges, and we currently anticipate only a limited impact on EAME sales to users. In Asia Pacific, outside of China, stable economic conditions are expected.

中東仍面臨挑戰，我們目前預期對 EAME 的對終端用戶銷售影響有限。在亞太地區（不含中國），預期經濟狀況將保持穩定。

In China, we anticipate moderate conditions with full year growth in the above 10-ton excavator industry off low levels of activity. We expect full year growth in Latin America. We're seeing continued positive momentum in Resource Industries with robust order rates driving strong backlog growth.

在中國，我們預期市場狀況溫和；在活動水準偏低的基礎上，全年 10 噸以上挖掘機產業將成長。我們預期拉丁美洲全年將成長。在資源產業方面，我們持續看到正向動能，強勁接單率帶動在手訂單大幅成長。

Customer product utilization is high and the age of the fleet remains elevated. Most key commodities remain above investment thresholds and customers are focused on the long term. For full year 2026, we expect strong sales to users growth, primarily driven by rising demand for copper and gold, increasing activity in the Canadian oil sands and positive dynamics in heavy construction and quarry and aggregates.

客戶設備使用率高，且機隊平均年齡仍偏高。多數關鍵大宗商品價格仍高於投資門檻，客戶聚焦長期。對於 2026 年全年，我們預期對終端用戶銷售將強勁成長，主要由銅與黃金需求上升、加拿大油砂活動增加，以及重型建設與採石場及骨材領域的正向動態所帶動。

We expect commissioning delays from the third quarter to catch up, which will contribute to strong sales to users growth in the fourth quarter. We continue to expect rebuild activity to increase moderately compared with last year.

我們預期第三季的投產（commissioning）延遲將趕上進度，並將促成第四季對終端用戶銷售的強勁成長。我們仍預期相較去年，翻修（rebuild）活動將溫和增加。

Rail services are anticipated to grow for the year, and we now see -- we now expect locomotive deliveries to be slightly lower year over year due to timing of deliveries. And finally, earlier this month, we announced that Derrick York will succeed Denise Johnson as Group President of Resource Industries.

預期鐵路服務全年將成長；而我們現在看到——我們現在預期由於交付時點因素，機車交付量將較去年略為下降。最後，本月稍早我們宣布 Derrick York 將接任 Denise Johnson，出任資源產業事業群總裁（Group President）。

I want to congratulate Denise on a remarkable career. Under her leadership, Resource Industries returned to profitability and positioned Caterpillar as an industry leader in mining, autonomy and technology. I'm deeply grateful for all she's done to strengthen our relationships with customers, develop our people and shape the future of our company.

我想祝賀 Denise 擁有卓越非凡的職涯。在她的領導下，資源產業重返獲利，並使卡特彼勒在採礦、自動化與科技領域成為產業領導者。我對她為強化我們與客戶的關係、培育人才以及塑造公司未來所做的一切，深表感謝。

Her impact and influence will be remembered long after her retirement. I've worked closely with Derrick for well over a decade. And I'm confident in his ability to lead the RI team into its next chapter of innovation, growth and customer success. He is a highly respected leader who understands our customers, our strategy and the industries that we serve.

她的影響力與貢獻將在退休後很長一段時間仍被銘記。我與 Derrick 密切共事已超過十年。我有信心他能帶領 RI 團隊邁入下一個創新、成長與客戶成功的新篇章。他是一位備受尊敬的領導者，了解我們的客戶、我們的策略以及我們所服務的產業。

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

那麼，我把時間交給 Kyle。

Thank you, Joe. Good morning, everyone. I'm going to take a few minutes to walk you through our third quarter results, including details about segment performance as well as the balance sheet and cash flow. I will finish with remarks on our expectations for the fourth quarter and current full year assumptions. Beginning on slide 6.

謝謝你，Joe。各位早安。我將用幾分鐘帶各位回顧我們第三季的業績，包括各事業部門表現，以及資產負債表與現金流的細節。最後我會說明我們對第四季的展望與目前對全年假設的看法。從第 6 頁投影片開始。

Sales and revenues were $20.7 billion, up 17% versus the prior year, which was in line with our expectations. Adjusted operating profit was $4.3 billion, and our adjusted operating profit margin was 20.6%. Excluding the IEEPA tariff recoveries, both were in line with expectations.

銷售與營收為 207 億美元，較去年同期成長 17%，符合我們的預期。調整後營業利益為 43 億美元，調整後營業利益率為 20.6%。若排除 IEEPA 關稅回收，兩者皆符合預期。

Moving to slide 7, the 17% increase in sales and revenues compared to the third quarter of 2025 was primarily driven by strong growth in sales volume and favorable price realization. The stronger sales volume was mainly driven by higher sales of equipment to end users, supported by healthy end market demand and strong execution by our team.

來到第 7 頁投影片，與 2025 年第三季相比，銷售與營收成長 17%，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對終端用戶的設備銷售增加，在終端市場需求健康以及團隊強力執行的支持下達成。

Dealer inventory increased by $300 million in Construction Industries compared to an increase of $600 million in the third quarter of 2025. This created a modest headwind to sales volume in the quarter and was in line with our expectations.

建築產業（Construction Industries）的經銷商庫存增加 3 億美元，相較於 2025 年第三季增加 6 億美元。這在本季對銷售量造成些許逆風，且符合我們的預期。

Sales and revenues both at a consolidated level and across all three primary segments were in line with our expectations. Moving to operating profit on slide 8. Operating profit in the third quarter increased by 38% to $4.2 billion, adjusted operating profit of $4.3 billion also increased by 38% versus the prior year.

無論在合併層級或三大主要事業部門，銷售與營收皆符合我們的預期。接著看第 8 頁投影片的營業利益。第三季營業利益成長 38% 至 42 億美元；調整後營業利益 43 億美元亦較去年同期成長 38%。

The adjusted operating profit margin was 20.6%, which was an increase of 310 basis points compared to the prior year. The margin benefited from the profit impact of higher sales volume and favorable price realization.

調整後營業利益率為 20.6%，較去年同期提升 310 個基點。利益率受惠於較高銷售量的獲利貢獻以及有利的價格實現。

This was partially offset by higher manufacturing costs, mainly driven by higher freight and higher expenses related to our capacity expansions. In the quarter, we recognized $128 million in IEEPA tariff recoveries. Nearly all this amount is reflected in corporate items.

上述部分被較高的製造成本所抵銷，主要由較高運費以及與產能擴張相關的較高費用所致。本季我們認列 1.28 億美元的 IEEPA 關稅回收。幾乎全部金額都反映在公司項目（corporate items）中。

For tariffs introduced since the beginning of 2025 and excluding IEEPA recoveries, our third quarter tariff costs were approximately $600 million and about flat year over year as we anticipated. Moving to slide 9. Profit per share was $7.13 in the quarter. Adjusted profit per share was $7.20. Excluding discrete items, the provision for income taxes in the third quarter of 2026 reflected a global estimated annual effective tax rate of 23%.

就 2025 年初以來新增的關稅而言，且排除 IEEPA 回收後，我們第三季的關稅成本約為 6 億美元，年增率大致持平，符合我們的預期。來到第 9 頁投影片。本季每股盈餘為 7.13 美元。調整後每股盈餘為 7.20 美元。若排除一次性項目，2026 年第三季所得稅費用反映的全球預估年度有效稅率為 23%。

Finally, the year-over-year impact from the reduction in the average number of shares outstanding due to share repurchases resulted in a favorable impact on adjusted profit per share of approximately $0.15 compared to the third quarter of 2025.

最後，由於庫藏股回購使流通在外平均股數下降，對調整後每股盈餘帶來約 0.15 美元的正面影響，相較於 2025 年第三季。

On slide 10, I will now review the third quarter results of our segments, starting with Power and Energy. For Power and Energy, sales of $8.8 billion increased by 18% versus the prior year, which was in line with our expectations. The sales increase versus the prior year was mainly due to higher sales volume and favorable price realization. Services revenues were also strong in the quarter, especially for sales into oil and gas applications.

在第 10 頁投影片，我將回顧各事業部門第三季的表現，先從動力與能源（Power and Energy）開始。動力與能源的銷售額為 88 億美元，較去年同期成長 18%，符合我們的預期。相較去年同期的銷售成長主要來自較高的銷售量與有利的價格實現。本季服務營收也很強勁，尤其是油氣應用相關的銷售。

Third quarter profit for Power and Energy increased by 31% versus the prior year to $2.1 billion. The segment's margin of 24.4% was an increase of 250 basis points versus the prior year. The increase was mainly due to the profit impact of higher sales volume.

動力與能源第三季獲利較去年同期成長 31% 至 21 億美元。該事業部門利益率為 24.4%，較去年同期提升 250 個基點。提升主要來自較高銷售量的獲利貢獻。

Favorable price realization was mostly offset by unfavorable manufacturing costs driven by spend related to our capacity expansions, including higher depreciation along with higher freight and material costs. Segment margins matched our expectations.

有利的價格實現大多被不利的製造成本所抵銷，主要來自與產能擴張相關的支出，包括較高折舊，以及較高運費與材料成本。事業部門利益率符合我們的預期。

Now moving to slide 11. Construction Industries sales increased by 18% in the third quarter to $8 billion as we anticipated. The sales increase versus the prior year was primarily due to the higher sales volume and favorable price realization.

接著來到第 11 頁投影片。建築產業第三季銷售額如我們預期成長 18% 至 80 億美元。相較去年同期的銷售成長主要來自較高的銷售量與有利的價格實現。

Higher sales volume was mainly driven by sales of equipment to end users, which included strong contributions from both retail sales and rental fleet loading. Both residential and nonresidential industries contributed to the growth.

較高的銷售量主要由對終端用戶的設備銷售所帶動，其中零售銷售與租賃車隊擴充（rental fleet loading）皆有強勁貢獻。住宅與非住宅產業皆對成長有所貢獻。

Third quarter profit for Construction Industries was $1.8 billion, a 33% increase versus the prior year. The segment's margin of 22.9% was an increase of 250 basis points versus the prior year, mainly driven by favorable price realization and the profit impact of higher sales volume.

建築產業第三季獲利為 18 億美元，較去年同期成長 33%。該事業部門利益率為 22.9%，較去年同期提升 250 個基點，主要由有利的價格實現以及較高銷售量的獲利貢獻所帶動。

This was partially offset by unfavorable manufacturing costs, including the impact of freight and tariff costs. SG&A and R&D expenses related to our digital and technology investments also increased compared to the prior year. Segment margin was also consistent with our expectations.

上述部分被不利的製造成本所抵銷，包括運費與關稅成本的影響。與我們數位與科技投資相關的銷售、一般及行政（SG&A）與研發（R&D）費用也較去年同期增加。事業部門利益率亦符合我們的預期。

Turning to slide 12. Resource Industries sales, which were broadly in line with our expectations increased by 15% in the third quarter to $4.6 billion, primarily driven by higher sales volume. Price realization was also favorable versus the prior year and slightly better than our expectations primarily driven by positive geographic mix. Third quarter profit for Resource Industries increased by 14% versus the prior year to $622 million. The segment's margin of 13.5% was roughly unchanged versus the prior year.

接著看第 12 頁投影片。資源產業（Resource Industries）銷售額大致符合我們的預期，第三季成長 15% 至 46 億美元，主要由較高銷售量帶動。相較去年同期，價格實現亦較為有利，且略優於我們的預期，主要由正向的地區組合（geographic mix）所驅動。資源產業第三季獲利較去年同期成長 14% 至 6.22 億美元。該事業部門利益率為 13.5%，與去年同期大致持平。

This was mainly driven by unfavorable manufacturing costs, primarily due to higher material costs, including tariffs, offset by the profit impact of higher sales volume and favorable price realization. Overall, the segment margin was about in line with our expectations.

這主要是由不利的製造成本所致，主要因材料成本上升（包含關稅），但被較高銷售量的獲利貢獻與有利的價格實現所抵銷。整體而言，事業部門利益率大致符合我們的預期。

Moving to slide 13. Financial Products revenues increased by 9% versus the prior year to $1.2 billion, mainly due to higher average earning assets across all regions. Segment profit increased by 10% to $264 million.

來到第 13 頁投影片。金融產品（Financial Products）營收較去年同期成長 9% 至 12 億美元，主要因各地區平均生息資產（average earning assets）增加。事業部門獲利成長 10% 至 2.64 億美元。

This increase was primarily due to a favorable impact from higher average earning assets, partially offset by a higher provision for credit losses. Our customers' financial health remains strong. Past dues were 1.31% in the quarter, down 16 basis points versus the prior year and remains the lowest level we have recorded since 1998. The allowance rate was 0.91% at the end of the third quarter. Business activity within Cat Financial remains healthy.

這項增加主要來自平均生息資產增加的正面影響，但部分被較高的信用損失準備（provision for credit losses）所抵銷。我們客戶的財務健康狀況仍然強健。本季逾期款項比率為 1.31%，較去年同期下降 16 個基點，且仍為我們自 1998 年以來記錄到的最低水準。第三季末備抵率（allowance rate）為 0.91%。Cat Financial 的業務活動仍維持健康。

Retail new business volume grew by 6% versus the prior year. In addition, used equipment inventory levels continue to remain low and conversion rates remain above historical averages as customers continue to choose to purchase their equipment at the end of their lease term.

零售端新承作業務量（retail new business volume）較去年同期成長 6%。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，因客戶持續選擇在租賃期滿時買下其設備。

Moving on to slide 14. MP&E free cash flow was $3.8 billion in the quarter. This was an increase of roughly $600 million versus the prior year, mainly driven by stronger profit. CapEx spend was about $700 million in the quarter.

接著看第 14 頁投影片。本季 MP&E 自由現金流為 38 億美元。較去年同期增加約 6 億美元，主要由獲利更強勁所帶動。本季資本支出（CapEx）約為 7 億美元。

We deployed $2 billion to shareholders in the third quarter, of which share repurchases accounted for $1.2 billion and nearly $750 million for our quarterly dividend payment. Earlier this year, we announced our sixth consecutive year of high single-digit quarterly dividend increase and this year will mark 33 consecutive years of paying higher annual dividends to our shareholders. Our balance sheet remains strong. We have ample liquidity with an enterprise cash balance of $7.9 billion.

第三季我們向股東回饋 20 億美元，其中庫藏股回購為 12 億美元，季度股利支付接近 7.5 億美元。今年稍早，我們宣布連續第六年將季度股利提高至高個位數百分比成長；而今年也將是連續第 33 年向股東支付更高的年度股利。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 79 億美元。

In addition, there is $1.6 billion in slightly longer-dated liquid marketable securities to improve yields on our cash. Now for outlook assumptions. Turning to slide 15. I will start with the fourth quarter. End user demand remains favorable across all three primary segments and the team is working diligently to deliver on our commitments for the year.

此外，還有16億美元配置於期限略長、具流動性的可交易有價證券，以提升我們現金的收益率。接下來談展望假設。請看第15頁投影片。我將先從第四季開始。終端用戶需求在三大主要事業部門皆維持有利態勢，團隊也正全力以赴，確保達成我們今年的承諾。

At the same time, we are aware of potential headwinds presented by higher cost inflation, which we continue to monitor closely. For the fourth quarter, we anticipate moderate sales growth versus the prior year. As a reminder, we are lapping a strong quarter last year, which creates a tougher comparison this year.

同時，我們也注意到較高的成本通膨可能帶來的逆風，並持續密切監控。就第四季而言，我們預期相較去年將有溫和的銷售成長。提醒一下，去年同期是一個表現強勁的季度，因此今年的比較基期更具挑戰。

Now let me walk you through each of our three primary segments. In Power and Energy, we anticipate moderate sales growth in the fourth quarter versus the prior year as we lap a strong prior year fourth quarter and continue to ramp capacity.

接下來我將帶各位逐一說明我們三大主要事業部門。在動力與能源（Power and Energy）方面，由於去年第四季基期強勁且我們持續提升產能，我們預期第四季相較去年將呈現溫和的銷售成長。

Volume growth is expected to be driven by continued strength in power generation, modest growth in oil and gas and moderate growth in industrial applications as it continues to recover. We also expect favorable price realization. In Construction Industries, we expect sales to be similar to the prior year.

預期銷量成長將由發電領域持續強勁、油氣領域小幅成長，以及工業應用隨著復甦而帶來的溫和成長所帶動。我們也預期價格實現有利。在建築產業（Construction Industries）方面，我們預期銷售額將與去年相近。

We anticipate the typical seasonal dealer inventory reduction to be roughly $1.6 billion, which compares to a decline of $600 million in the fourth quarter of 2025. As a result, we expect the year-over-year impact to be about a $1 billion headwind to sales volume in the fourth quarter against the backdrop of continued strong sales to users and industry growth.

我們預期典型的季節性經銷商庫存降低約16億美元，相較之下，2025年第四季的降幅為6億美元。因此，在持續強勁的終端用戶銷售與產業成長背景下，我們預期第四季銷量的年對年影響約為10億美元的逆風。

As a result, we expect sales volume in Construction Industries to be down modestly versus the prior year. However, we continue to expect favorable price realization in the fourth quarter. Despite the drawdown, we continue to expect dealer inventories at the end of the year to be higher than the prior year in anticipation of strong sales to users in 2027.

因此，我們預期建築產業的銷量相較去年將小幅下降。不過，我們仍預期第四季價格實現有利。儘管庫存下調，我們仍預期年底經銷商庫存將高於去年，以因應2027年強勁的終端用戶銷售預期。

In Resource Industries, we expect strong sales growth in the fourth quarter versus the prior year. Volume is expected to be driven by higher sales to users and services growth. We also anticipate favorable price realization.

在資源產業（Resource Industries）方面，我們預期第四季相較去年將有強勁的銷售成長。預期銷量將由更高的終端用戶銷售以及服務業務成長所帶動。我們也預期價格實現有利。

I will now provide some color on our fourth quarter margin expectations versus the prior year. At the enterprise level, we expect higher adjusted operating profit margin versus the prior year. This is primarily due to a favorable price realization and the profit impact of higher sales volume. Excluding the impact of lower tariffs, we expect unfavorable manufacturing costs driven by higher freight as well as expenses related to our capacity expansions.

接下來我將補充一些關於第四季相較去年毛利率（利潤率）預期的說明。在公司整體層級，我們預期調整後營業利益率將高於去年。這主要來自有利的價格實現，以及較高銷量帶來的獲利影響。若排除關稅降低的影響，我們預期製造成本將不利，主要由較高運費以及與產能擴張相關的費用所驅動。

SG&A and R&D expenses are also expected to be higher, driven by our continued investment in the strategic initiatives aligned with our 2030 goals. We anticipate tariff costs, excluding IEEPA recoveries of around $600 million, which is similar to what we incurred in the third quarter, but roughly $200 million lower than what we incurred in the fourth quarter of 2025.

銷售、一般及行政（SG&A）與研發（R&D）費用也預期將上升，主要因我們持續投資於與2030目標一致的策略性計畫。我們預期關稅成本（不含IEEPA回收）約為6億美元，與第三季相近，但較2025年第四季所發生的金額低約2億美元。

We continue to expect about 50% of the tariffs to be incurred in Construction Industries and 25% in both Power and Energy and Resource Industries. Now for our fourth quarter margin expectations in our three primary segments. In Power and Energy, we anticipate favorable price realization and stronger volume to drive a higher margin percentage compared to the prior year.

我們仍預期約50%的關稅將發生在建築產業，而動力與能源及資源產業各約25%。接下來談我們三大主要事業部門第四季的利潤率預期。在動力與能源方面，我們預期有利的價格實現與更強勁的銷量將帶動利潤率百分比高於去年。

The higher margin compared to the prior year is expected to be partially offset by unfavorable manufacturing costs, including depreciation and expenses related to our capacity expansion, along with higher material and freight costs. We expect fourth quarter margin to be similar to the third quarter.

相較去年較高的利潤率，預期將部分被不利的製造成本所抵銷，包括折舊以及與產能擴張相關的費用，並加上較高的材料與運費成本。我們預期第四季利潤率將與第三季相近。

In Construction Industries, we anticipate a higher margin percentage compared to the prior year, primarily due to the favorable price realization, which is partially offset by lower sales volume. Excluding the impact of lower tariffs, manufacturing costs are expected to be higher, driven by freight. We also expect higher SG&A and R&D related to our technology investments.

在建築產業方面，我們預期利潤率百分比將高於去年，主要來自有利的價格實現，但部分被較低的銷量所抵銷。若排除關稅降低的影響，預期製造成本將上升，主要由運費所驅動。我們也預期與技術投資相關的SG&A與R&D將增加。

Also, as a reminder, our Construction Industries fourth quarter margin typically has a sequential step down from the third quarter. We expect this seasonality change to be slightly more than our typical average step down due to the expected lower sales volume, higher SG&A and R&D related to our technology and digital investments as well as higher freight costs.

另外提醒一下，我們建築產業第四季的利潤率通常會較第三季呈現季對季下滑。由於預期銷量較低、與技術及數位投資相關的SG&A與R&D較高，以及運費成本較高，我們預期此次季節性變化的下滑幅度將略大於我們過往的平均下滑幅度。

In Resource Industries, we anticipate a higher margin percentage compared to the prior year, driven by favorable price realization and the profit impact of higher sales volume, partially offset by unfavorable manufacturing cost including freight and material. Now on slide 16, let me provide a few comments on the full year. As Joe mentioned, we continue to anticipate sales and revenues growth in the mid- to high teens for the full year 2026.

在資源產業方面，我們預期利潤率百分比將高於去年，主要由有利的價格實現與較高銷量帶來的獲利影響所驅動，但部分被不利的製造成本（包括運費與材料）所抵銷。接著在第16頁投影片，我補充幾點關於全年表現的評論。如Joe所提，我們仍預期2026年全年銷售與營收成長將落在十幾%的中段至高段。

Our strong full year sales and revenues expectations is supported by strong sales to users growth across all three primary segments driven by healthy end markets, strong order rates across all three primary segments driving our backlog growth, increased output from our capacity expansion plans, which remain on schedule, and a strong year of services growth.

我們對全年銷售與營收的強勁預期，來自三大主要事業部門在健康終端市場帶動下的終端用戶銷售強勁成長、三大主要事業部門強勁的接單率推動在手訂單（backlog）成長、產能擴張計畫帶來的產出提升（目前仍按進度推進），以及服務業務強勁的一年。

Now for our adjusted operating profit margin for the full year. Compared to last year, we expect a higher adjusted operating profit margin, which reflects profit impact of higher sales and favorable price realization, partially offset by unfavorable manufacturing costs, including spend related to our capacity expansion, which includes higher depreciation expense as well as higher freight.

接下來談全年調整後營業利益率。相較去年，我們預期調整後營業利益率將更高，反映較高銷售與有利價格實現帶來的獲利影響，但部分被不利的製造成本所抵銷，包括與產能擴張相關的支出（其中包含較高的折舊費用）以及較高的運費。

We also expect higher SG&A and R&D. Excluding IEEPA tariff recoveries, our full year adjusted operating profit margin is expected to be near the bottom of our target range. Excluding our reported year-to-date IEEPA tariff recoveries of about $520 million, we continue to expect full year 2026 tariff costs of around $2.2 billion.

我們也預期SG&A與R&D將更高。若排除IEEPA關稅回收，我們預期全年調整後營業利益率將接近我們目標區間的下緣。若排除截至目前已認列、約5.2億美元的IEEPA關稅回收，我們仍預期2026年全年關稅成本約為22億美元。

Our outlook does not include any additional IEEPA tariff recoveries in the fourth quarter. We now expect restructuring costs of about $300 million in 2026, which is on the low end of our prior range. Our estimated global annual effective tax rate remains approximately 23% for 2026, excluding discrete items. We also continue to expect MP&E free cash flow to be in the top half of our annual target range of $6 billion to $15 billion.

我們的展望未包含第四季任何額外的IEEPA關稅回收。我們目前預期2026年的重整成本約為3億美元，位於先前區間的低端。在不含一次性（離散）項目的情況下，我們對2026年全球年度有效稅率的估計仍約為23%。我們也仍預期機械、能源與運輸（MP&E）自由現金流將落在我們年度目標區間60億至150億美元的上半部。

Our CapEx spend for 2026 is now anticipated to be about $3.3 billion, which is slightly below our prior expectations of $3.5 billion. Now turning to slide 17 to summarize. We delivered another very strong quarter with year-to-date financial results tracking toward another record year for Caterpillar.

我們目前預期2026年的資本支出（CapEx）約為33億美元，略低於先前預期的35億美元。接著請看第17頁投影片作總結。我們再度交出非常強勁的一季，年初至今的財務表現正朝向卡特彼勒（Caterpillar）另一個創紀錄年度邁進。

Our end markets remain healthy with strong order rates and a growing backlog, we continue to drive improved profitability in a dynamic operating environment. We will remain disciplined and committed to operational excellence and the O&E model.

我們的終端市場仍然健康，接單率強勁且在手訂單持續成長；在多變的營運環境中，我們持續推動獲利能力提升。我們將保持紀律，並持續致力於卓越營運與O&E模式。

We will continue to look for ways to invest efficiently. We will maintain a strong balance sheet and continue to return substantially all of our MP&E free cash flow to our shareholders through dividends and share repurchases over time. And finally, we will continue to execute our strategy for profitable growth.

我們將持續尋找更有效率的投資方式。我們將維持強健的資產負債表，並隨時間推進，透過股利與股票回購，將幾乎全部的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.

以上，我們開始回答各位的提問。

(Operator Instructions) Tami Zakaria, JPMorgan. Hearing no response, we'll go next to Rob Wertheimer with Melius Research.

(接線員指示) JPMorgan 的 Tami Zakaria。未聽到回應，我們接著請 Melius Research 的 Rob Wertheimer。

I had a couple of questions around Power Gen. And two quarters ago, you detailed some of the Prime Power projects you've done, I think you gave gigawatt numbers. Do you have any update there? Is Prime Power still expanding for you, either in general, if you have any update on gigawatts. And then you mentioned you're taking orders into '29.

我有幾個關於發電（Power Gen）的問題。兩個季度前，你們詳細說明了一些已完成的 Prime Power 專案，我記得你們提供了以 GW 計的數字。這方面有任何更新嗎？Prime Power 對你們而言是否仍在擴張？不論是整體趨勢或 GW 規模的更新都可以。另外你提到你們接單已排到 2029 年。

Does that imply that '28 is sold out? Are you selling out current capacity but leaving future capacity for future orders? Can you just talk about how you manage backlog there?

這是否意味著 2028 年已經售罄？你們是把現有產能賣光，但保留未來產能給未來訂單嗎？能否談談你們如何管理那邊的在手訂單（backlog）？

Rob, we still continue to see trending higher Prime Power, both turbines and reciprocating gen sets. I've had a handful of discussions with customers for Prime Power just in this last quarter. So a lot of quoting activity continuing to go on. And I think we'll continue to see that trend as we move into the future. We're not seeing anything different in that space.

Rob，我們仍持續看到 Prime Power 的趨勢走高，無論是渦輪機或往復式發電機組。就在這一季，我與客戶就 Prime Power 進行了幾次討論。因此報價活動仍然非常活躍。我認為隨著我們往前走，這個趨勢會持續。我們在這個領域沒有看到任何不同的變化。

When it comes to orders and backlog, if it's significant order in gas, Prime Power, we're probably looking at 2029. I mean maybe some -- we'll probably still roll some diesel backup orders into 2028, we're not completely full. But we're still -- we have frame agreements in the pipeline that convert to orders as we move over time. So again, we continue to have extended backlog. I'm happy that the backlog grew in all three segments.

談到訂單與在手訂單（backlog），如果是天然氣、Prime Power 的大型訂單，我們大概會看到交期落在 2029 年。我的意思是，也許一些——我們可能仍會把部分柴油備援訂單排到 2028 年，我們並非完全滿載。但我們仍——管線中有框架協議（frame agreements），會隨時間推進轉換為正式訂單。所以再次強調，我們仍維持延長的在手訂單。我很高興在手訂單在三個事業部都成長。

And what we're hearing from our customers is they still want more from us if we can get them more power. So we're trying to ramp as quickly as we can and still hit our customers' needs.

而我們從客戶那裡聽到的是：如果我們能提供更多電力，他們仍希望我們供應更多。所以我們正盡可能快速擴產，同時仍要滿足客戶需求。

Tami Zakaria, JPMorgan.

JPMorgan 的 Tami Zakaria。

Good morning. Can you hear me?

早安。你們聽得到我嗎？

We can.

聽得到。

So just wanted to touch on that backlog comment. I think I heard you say that the engines and turbine orders are now going as far as 2029, 2030. So is it that the total orders you received in the quarter are primarily for the out years? Or are the majority of the orders booked still for the next 12 months.

我想再追問一下你剛才關於在手訂單（backlog）的評論。我想我聽到你說，引擎與渦輪機的訂單現在已經排到 2029、2030 年。所以這是否表示你們本季收到的訂單主要是較遠年度的？還是說，入帳的訂單大多仍是未來 12 個月內交付的？

And given the new capacity that will be coming online, when would you expect this record backlog to start stepping down? Or is it the new normal for the backlog magnitude?

另外，考量新增產能將陸續上線，你們預期這個創紀錄的在手訂單何時會開始下降？或者這樣的在手訂單規模會成為新常態？

Tami, thanks for the question. So I want to be clear, I mean, we're taking our orders into '29. We have some in '29 and 2030, we still have more to fill. And this is a bit of a complicated question because it's going to depend on the product, right? So for a large reciprocating engines and turbines, we're definitely extended out into late '28 into '29.

Tami，謝謝你的問題。我想先說清楚：我們接單已排到 2029 年。我們在 2029 與 2030 年也有一些訂單，但仍有更多產能可填。而這題有點複雜，因為會取決於產品類別，對吧？所以對於大型往復式引擎與渦輪機，我們的交期確實已延伸到 2028 年下半年到 2029 年。

Smaller gensets, smaller engines, obviously, lead times are much shorter than that. And on the machine side of the business, the backlog grew in all three segments, aside from a couple of products where we're ramping production and operationally trying to ramp production and even those were not extended near as far. I would like to produce and get our production ramp closer to STU.

較小的發電機組、較小的引擎，交期顯然短得多。而在機械（machine）業務方面，除了少數我們正在提升產量、在營運上努力爬坡的產品外，在手訂單在三個事業部都成長；即便是那些產品，交期也沒有延伸得那麼遠。我希望能提升產出，讓我們的產能爬坡更接近 STU。

So when we look at the backlog, we want to make sure we're looking at the backlog in the context of sales to users and order rates and the entire system and how it works. So if we can -- sales to users stay healthy, which is what we're expecting, and we can produce more product, we'll continue to take orders, but I would like to see the backlog -- I mean if we can get it to even come in on the machine side because we can keep up, that would be a good thing.

因此當我們看在手訂單（backlog）時，我們希望把它放在「對終端用戶銷售（sales to users）」、接單率，以及整個系統如何運作的脈絡下來看。所以如果我們能——對終端用戶銷售維持健康（這也是我們的預期），而且我們能生產更多產品，我們就會持續接單；但我也希望在手訂單——我的意思是，如果我們能在機械業務端把在手訂單拉回來一些，因為我們能跟上供應，那會是好事。

And I also think if you -- when you look at, we've had a few quarters of backlog growth, I think we'll continue to see some backlog growth, but it's going to really depend. I mean customers have time to place orders and digest what we have.

我也認為，如果你看——我們已經連續幾季在手訂單成長，我想我們還會看到一些在手訂單成長，但這真的要看情況。我的意思是，客戶需要時間下單，也需要時間消化我們目前的供給狀況。

And so I don't know that quarter to quarter, it's going to be something we look at as the singular metric as we start to move out, especially as we get extended. We're continuing to do long-term planning with our big data center customers and Prime Power customers. We're seeing demand for cloud compute and our backup power continue to be strong.

因此我不確定從季度到季度，我們是否會把它當作唯一的衡量指標，尤其當交期越拉越長時更是如此。我們持續與大型資料中心客戶與 Prime Power 客戶做長期規劃。我們看到雲端運算需求以及我們的備援電力需求仍然強勁。

And then AI obviously comes in on top of that in the Prime Power numbers. So with those frame agreements, we have a line of sight past the backlog, and we continue to talk to our customers. And then on Prime Power, those are big projects. And I think they get negotiated individually and those can come in lumpy in the backlog as can mining orders.

然後 AI 顯然也會疊加在 Prime Power 的數字之上。因此透過那些框架協議（frame agreements），我們對在手訂單之外的需求也有能見度，並持續與客戶溝通。另外在 Prime Power 方面，那些都是大型專案。我認為它們通常是逐案談判，因此在手訂單可能會呈現不均勻（lumpy）的波動，採礦訂單也是如此。

So I'm really pleased with the backlog growth we saw in this quarter. It was broad-based. Oil and gas, power gen, RI, and CI. So we have good momentum.

所以我對本季看到的在手訂單成長非常滿意。成長是全面性的。涵蓋油氣、發電、RI 與 CI。因此我們動能良好。

And just for a reference, we expect 58% of our backlog is expected to be sold within the next 12 months and that's comparative to 59% last quarter.

作為參考，我們預期在手訂單中有 58% 會在未來 12 個月內出貨／實現銷售，上一季的可比數字是 59%。

Jamie Cook, Truist Securities.

Truist Securities 的 Jamie Cook。

I guess my question, Joe, is just around your longer-term margin framework that you guys have put out there. You guys have done an exceptional job, but the margins have been pushing towards the lower end. Obviously, we have tariffs and inflationary pressures, et cetera.

Joe，我的問題大概是關於你們提出的長期毛利率／利潤率架構。你們做得非常出色，但利潤率一直往區間下緣靠攏。顯然我們面臨關稅與通膨壓力等等。

But like what do you think with capacity coming online and price cost in your backlog, what's like a reasonable time for us to assume we can get back towards like the mid- to high end of your longer-term target range, and what would be the major drivers behind that? And then last, is there any way you can help us frame how much incremental capacity is coming online in 2027 on a dollar basis if or any way you could frame it.

但像是隨著產能上線，以及你們在手訂單中的價格／成本（price-cost），你認為我們合理可以在什麼時間點假設利潤率能回到你們長期目標區間的中高端？主要驅動因素會是什麼？最後，你能否協助我們理解 2027 年將上線的新增產能（以美元金額計）大概有多少，或用任何方式幫我們框架一下？

Jamie. As far as the margin target range, we -- I've said many times, I want to operate towards the middle of that range. The sales are growing at a really good clip, which is a good thing, and we've been able to, as best we can keep up with customer demand, and it's a progressive target. So as our margins are going up, the target continues to increase. So we're skipping along the bottom.

Jamie。就利潤率目標區間而言——我說過很多次，我希望營運表現能落在該區間的中間位置。銷售以非常好的速度成長，這是好事；而我們也盡可能跟上客戶需求，這是一個循序漸進的目標。因此當我們的利潤率上升時，目標也會持續提高。所以我們目前等於是沿著下緣往上跳躍前進。

I would expect and we'll talk to you a lot more about 2027 in the next quarter that we start to claw our way off the bottom of that margin target range as we go forward, while we still try to keep up with demand. We also are trying to do this with the tariff headwind in a smart way where we're not slowing down investments that would impact the growth and the momentum we have in the business.

我預期——而且我們會在下個季度跟你們更深入談 2027 年——隨著我們往前走，在仍努力跟上需求的同時，我們會開始逐步脫離該利潤率目標區間的下緣。同時，我們也試圖以更聰明的方式因應關稅逆風，避免放慢那些會影響成長與業務動能的投資。

So I'm happy with the progress we've made, our margins continue to go up as our volume goes up and over the next couple of years, we want to try to work our way back to the midpoint.

因此我對我們取得的進展感到滿意；隨著我們的出貨量提升，我們的利潤率也持續上升。未來幾年，我們希望努力把利潤率拉回到區間的中位數水準。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

I'm trying to figure out the revenue sequentially and what it means when we think about '27 revenue. If you look at the sequential revenue 3Q to 4Q, let's use the guide for the full year, mid- to high teens, right, let's call it, 17%.

我想釐清營收的季對季變化，以及當我們思考 2027 年營收時這代表什麼。如果看 3Q 到 4Q 的季對季營收，用全年指引的中高十位數來看，對吧，我們就算 17%。

It implies the fourth quarter, even if I give you back the extra $1 billion, right, the headwind of the dealer inventory, it implies the revenue is barely up sequentially. And over a long period of time, fourth quarter is up 5% to 10%. I mean it moves around, but a year where you're adding capacity, it's a big focus.

這意味著第四季，即便我把額外的 10 億美元加回去，也就是經銷商庫存帶來的逆風，營收季對季也幾乎只是小幅上升。而長期來看，第四季通常會比第三季高 5% 到 10%。當然會有波動，但在你們正在增加產能的一年，這是很重要的焦點。

And I mean demand is there. You speak to in retail, even the backlog is still pretty solid. Just trying to understand, is there some capacity issue, supplier issue, why is the revenue growth so modest sequentially especially given the capacity adds? And any implications on how to think about '27 top line would be appreciated as well.

而且我的意思是，需求是存在的。你們也提到零售端，甚至在手訂單（backlog）仍然相當穩健。我只是想了解，是不是有產能問題、供應商問題？為什麼營收季對季成長這麼溫和，尤其是在增加產能的情況下？另外也希望你們能談談對 2027 年營收（top line）該如何思考的含意。

As we said in the prepared remarks, I mean, on Power and Energy, it's really paced by capacity and timing of customer deliveries. So we're not seeing anything different in the business that we would say would impact the fourth quarter, but it is hand to mouth, right?

如同我們在事先準備的講稿中所說，就動力與能源（Power and Energy）而言，主要是由產能與客戶交付時點所節奏化。因此我們沒有看到任何不同的業務狀況會影響第四季，但確實是「手到口」（hand to mouth），對吧？

The teams are working really hard. We had a test cell go down for a little bit in the third quarter that we were able to overcome, but there's no slack in the system. And then as you mentioned, and we've said we're going to have the inventory drawdown in CI, which seasonally isn't unusual.

團隊非常努力在推進。第三季我們有一個測試台（test cell）停擺了一小段時間，我們也克服了，但系統裡沒有任何鬆弛空間（no slack）。另外如你所提到、我們也說過，我們在 CI 會有庫存去化（inventory drawdown），這在季節性上並不罕見。

It's going to be a little different than the patterns that we had last year. And then RI, we are, as we mentioned, we think operationally, we're trying to ramp.

它會和我們去年看到的模式有些不同。至於 RI，如我們提到的，從營運面來看我們正在努力爬坡（ramp）。

So we're going to obviously get as much product out as we can on large mining trucks and some of those products. But I don't think there's other than typical seasonality and things that we've talked about on trying to ramp production, we're pretty confident. And this is in line -- our third quarter results came in line as we expected.

所以我們當然會盡可能把大型礦用卡車以及部分產品的出貨量拉到最大。但我認為除了典型的季節性因素，以及我們談過的生產爬坡議題之外，我們相當有信心。而且這也符合——我們第三季的結果如我們預期般落在區間內。

We haven't really changed our view for what we plan to do in the fourth quarter. And as you think about how we're going to finish the year, again, we'll talk to you more about 2027 in January, but our backlog continues to increase. We have a longer line of sight. We are drawing down CI inventory, $1.6 billion.

我們對第四季要做的事情，其實沒有真正改變看法。至於今年如何收尾，再次強調，我們會在一月再跟各位談更多 2027 年的內容，但我們的在手訂單仍在增加。我們的能見度更長。我們正在去化 CI 庫存，金額為 16 億美元。

We're going to finish the year with almost $700 million more of inventory in place than we finished 2025 heading into 2026. So we feel good about where we sit right now.

我們將在年底以比 2025 年結束、進入 2026 年時多將近 7 億美元的庫存水位收官。所以我們對目前的位置感到很不錯。

And David, I just -- this is Kyle. Just to remind you, and I said in my prepared remarks, when we talk about the growth, it's off a really tough comparison versus 4Q last year. Just from a consolidated level, and then especially from a Power and Energy standpoint. But going into 2027, the dealer inventory increase in CI, we still expect really strong STUs across all three primary segments in 4Q going into 2027.

David，我補充一下——我是 Kyle。提醒你一下，我在事先準備的講稿也提到，當我們談成長時，是在一個非常艱難的比較基期之上，也就是去年第四季。就合併層級而言是如此，尤其在動力與能源（Power and Energy）方面更是如此。但展望 2027 年，CI 的經銷商庫存增加，我們仍預期在進入 2027 年之前的第四季，三大主要事業部的 STU 都會非常強勁。

Michael Feniger, Bank of America.

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

And just following up on David Raso's question. The Q4 implying a moderate sales growth you guys talked about the dealer destock. I know your target is 6% to 9% CAGR on the revenue growth side, some years higher, some years lower to get to that average.

我想延續 David Raso 的問題。第四季隱含的是溫和的銷售成長，你們也談到經銷商去庫存（destock）。我知道你們的目標是在營收成長面，設定 6% 到 9% 的年複合成長率（CAGR），有些年份高一些、有些年份低一些，以達到平均。

Just with the backlog with where it is, the framework agreements, and I understand there's a quarter dynamic with destocking. But why would you set up for '27, should we be thinking that we're above that 6% to 9% CAGR at the higher end based on where retail sales are and where we're seeing it, what would hold us back to be in that line? I'm just curious what the setup and the building blocks would look like for next year on that?

以目前在手訂單、框架協議（framework agreements）的狀況來看，而且我理解去庫存會造成季度間的動態。但為什麼你們對 2027 年的設定會是這樣——我們是否應該認為，基於零售銷售的表現與我們看到的趨勢，你們會落在 6% 到 9% CAGR 的較高端、甚至高於該區間？有哪些因素會讓我們回到那條線上？我只是好奇，明年在這方面的起手式與組成要素（building blocks）會是什麼樣子？

Yes. So 2027, again, we don't have much different than how I answered David's question, right? I mean, we're finishing the year strong. We had -- as Kyle mentioned, a really strong fourth quarter last year. So when we say moderate growth year over year, some of that's a comp issue.

是的。關於 2027 年，再次強調，我的回答和我回覆 David 的問題沒有太大不同，對吧？我的意思是，我們今年收尾會很強勁。如 Kyle 提到的，我們去年第四季非常強。所以當我們說年對年是溫和成長，其中一部分是比較基期（comp）因素。

We're based on capacity on Power and Energy, we think we'll continue to increase capacity. It's not a cliff event as we've said, so every quarter we try to get more and more product out. We expect to continue that.

動力與能源（Power and Energy）方面是以產能為基礎，我們認為會持續提升產能。如我們所說，這不是「斷崖式」事件（cliff event），所以每一季我們都努力把更多產品推出去。我們預期會持續如此。

When it comes to the dealer inventory drawdown, when dealers are independent businesses, just to remind you, we do work with them. And we want to make sure we have the right inventory in the right place in the right regions of the world with the right products.

至於經銷商庫存去化，提醒一下，經銷商是獨立經營的企業，我們確實會與他們合作。我們希望確保在全球各地正確的區域、以正確的產品配置正確的庫存。

And we do feel like we're in a good position heading into 2027 finishing the year with more dealer inventory in CI than we finished last year. So RI orders continue to go up. We've had three really strong quarters in a row of orders in RI.

而且我們確實覺得，在進入 2027 年時，我們處於良好位置：今年收官時，CI 的經銷商庫存會比去年收官時更高。因此 RI 的訂單仍在上升。RI 已經連續三季訂單非常強勁。

Having some operational challenges and inefficiencies as we ramp, but I think we'll continue to work those and get those behind us. So we're pretty confident and bullish in where we sit right now as we watch things.

在我們爬坡（ramp）的過程中確實有一些營運挑戰與效率不彰，但我認為我們會持續處理並把這些問題解決掉。所以就我們目前觀察到的狀況而言，我們相當有信心，也偏多看待。

We're focused on delivering a strong fourth quarter and a strong finish to the year, and we'll talk to you guys more about '27 in January.

我們的重點是交出強勁的第四季、強勁地收尾，並且會在一月再跟各位更深入談 2027 年。

Chad Dillard, Bernstein.

Chad Dillard，Bernstein。

I just wanted to spend some time on the mining business. I recall from at the beginning of this year, you talked about orders being the highest, I think, since 2012. So I was wondering if you could give an update on how that's trending, talk about what's driving it more refurbishment versus replacement?

我想花點時間談談礦業業務。我記得在今年年初，你們提到訂單是我想自 2012 年以來最高。所以我想請你們更新一下目前的趨勢如何，並談談主要驅動因素是翻修（refurbishment）多一些，還是汰換（replacement）多一些？

And if you can just give a little bit more color on some of the ramping challenges that you're seeing? And do you have a line of sight to seeing that being resolved in the next quarter or so?

另外，能否再多提供一些你們目前看到的爬坡挑戰（ramping challenges）的細節？你們是否能見度足夠，判斷這些問題在接下來一季左右就能解決？

Yes, we've had three really good order quarters in a row for RI, which we're really happy about. As I mentioned in the prepared remarks, driven a lot by mining and both heavy construction. But in mining, in particular, copper and gold. We're starting to see activity in the Canadian oil sands. Services are continuing to grow.

是的，RI 已經連續三季訂單表現非常好，我們對此非常高興。如我在事先準備的講稿中提到，主要由礦業以及重型建設（heavy construction）帶動。但就礦業而言，特別是銅與黃金。我們也開始看到加拿大油砂（Canadian oil sands）的活動回溫。服務（Services）業務也持續成長。

So customers are using the fleet, and we're seeing aftermarket rebuilds continue to happen and customers are starting to order equipment. So that's all a really good sign. We've as we try to ramp, particularly in large mining trucks is where we've been actually increasing capacity at some of our factories where we can inside our four walls and working with the supply base to get ramped up.

因此客戶正在使用車隊，我們也看到售後重建持續進行，客戶也開始下單訂購設備。所以這些都是非常好的跡象。在我們嘗試提升產能的過程中，特別是在大型礦用卡車方面，我們確實已在部分工廠（在我們自有廠區內）提升產能，並與供應鏈夥伴合作一起把產能拉升。

They're just I would say, is normal growing pains and operational challenges when you're increasing capacity and trying to get product out the door. So we'll continue to work those.

我會說，這些只是正常的成長陣痛與營運挑戰，當你在提升產能並試圖把產品出貨時就會遇到。所以我們會持續處理這些問題。

I think we'll get them behind us as we move forward. But it's a great sign that we've had the strength in orders as we've been waiting for orders to pick up in mining for quite a while. So we're really happy with what we've seen in the first three months of -- or the first three quarters of this year.

我認為隨著我們往前推進，會把這些問題拋在腦後。但這是一個很好的訊號：在我們等待礦業訂單回升已經一段時間之後，訂單表現確實很強勁。所以我們對今年前三個月——或今年前三季——所看到的情況感到非常滿意。

Jerry Revich, Wells Fargo Securities.

Jerry Revich，富國證券。

Congratulations to Denise and Derrick. Joe, Kyle, I want to ask in terms of, as you think about the production slots and lead times out to '29, '30 for turbines and large reciprocating engines, as you folks look at the permit requirements out that bar and the counterparty has given some angst about credit in the market, can you just talk about if you've seen any shifts in timing in backlog?

恭喜Denise和Derrick。Joe、Kyle，我想問的是，當你們思考渦輪機與大型往復式引擎在2029、2030年的產能檔期與交期時，考量到許可（permit）要求的門檻，以及交易對手對市場信用狀況有些焦慮，你們能否談談是否看到在手訂單（backlog）的時點安排有任何變化？

And I don't know if you can share what proportion of those production slots are backed by hyperscaler just to build comfort around the moving pieces given all of the news on the permitting side?

另外我不確定你們是否能分享，這些產能檔期中有多少比例是由超大規模客戶（hyperscaler）支撐的，以便在許可相關新聞很多、變數不少的情況下，讓大家對整體狀況更安心？

Yes. I mean I don't think we would quantify hyperscalers versus colos versus others or IPPs, but we work with all of them. Typically, when we roll orders from pipeline in the backlog and working with other customers, we generally have line of sight to the project that they're working on. Our teams are working closely with customers. We continue to see strong oil and gas activity as well for large engines.

是的。我想我們不會去量化超大規模客戶（hyperscalers）相對於機房代管（colos）、其他客戶或獨立發電業者（IPPs）的占比，但我們與所有這些客戶都有合作。通常當我們把訂單從商機管線（pipeline）轉入在手訂單（backlog），並與其他客戶合作時，我們一般都能清楚掌握他們正在推進的專案。我們的團隊與客戶密切合作。同時，我們也持續看到大型引擎在油氣領域的活動依然強勁。

So as we think of this, we've always tend to move if we can, some slots around to meet customer needs to deliver on their projects. And we've been doing that in the last couple of years because we want to make sure we meet our customers' time line, but also no need to get product that early.

因此在這方面，我們一向會在可行的情況下調整部分產能檔期，以符合客戶需求、配合其專案交付。過去幾年我們一直在這麼做，因為我們希望確保符合客戶的時程，但也沒有必要把產品交得太早。

It allows us to meet more customer demand if we're getting it when they need it. And we haven't seen really any significant change in how we're working with our customers to deliver projects so -- and product to get to their project time lines. So we continue to talk to our customers.

當我們在客戶需要的時間交付時，也能滿足更多客戶需求。而我們並未看到在與客戶合作交付專案——以及把產品交付以配合其專案時程——的方式上有任何重大變化。所以我們會持續與客戶溝通。

We stay close to them. We'll follow their lead, but we're not seeing significant changes. But as I said earlier, as we're extended pretty far out, I mean this is going to be -- this is unusual for us. Typically, we only had 12 months or less line of sight to our backlog. And now in particularly this situation, customers are placing orders pretty far out there.

我們會與他們保持緊密聯繫。我們會跟隨他們的節奏，但目前沒有看到顯著變化。不過如我先前所說，因為我們的排程已經延伸到很遠，這對我們來說會是——不尋常的情況。以往我們對在手訂單（backlog）的可視度通常只有12個月或更短。而現在在這個情況下，客戶下單的時間點拉得相當遠。

We have a lot of quoting activity in '29, '30. We've had some quoting activity even beyond as we talk to customers. But I think they have time to firm up those orders and place the firm orders and move them into our backlog. So we'll see our backlog move in a lumpy way moving forward. But we'll continue to watch sales to users.

我們在2029、2030年有大量報價活動（quoting activity）。在與客戶洽談時，我們甚至也有一些更往後的報價活動。但我認為他們仍有時間把這些訂單敲定、下達確定訂單，並把它們轉入我們的在手訂單（backlog）。因此往後我們的在手訂單會以較不均勻（lumpy）的方式變動。但我們會持續觀察終端用戶銷售（sales to users）。

We continue to watch order rates, our backlog, all in conjunction together and stay close to our customers as we move into the end of this year and into next year.

我們會持續觀察接單速度、在手訂單等，並把這些指標綜合起來看；同時在今年年底到明年期間，持續與客戶保持緊密聯繫。

Mig Dobre, Baird.

Mig Dobre，Baird。

Yes. And just to follow up on these last comments, if we're looking at backlog progression or maybe looking at it from the perspective of book-to-bill, it was as high as 1.7 earlier this year decelerated to about 1.3 in a quarter here. As you look at the fourth quarter, based on what you know, how should we think about book-to-bill here? And given that you're taking now orders into '29, maybe even '30 for solar, is there some slippage in terms of bookings, given how constrained from a capacity we seem to be?

是的。延續剛才的評論，如果我們看在手訂單的進展，或從接單出貨比（book-to-bill）的角度來看，今年稍早曾高達1.7，但本季放緩到約1.3。就第四季而言，基於你們目前掌握的情況，我們應該如何看待接單出貨比？另外，鑑於你們現在接單已排到2029年、甚至可能到2030年（太陽能相關），在產能看起來相當受限的情況下，接單是否會出現一些遞延（slippage）？

Yes. I mean one of the things you have to look at book-to-bill is we continue to increase production as well. So our sales are continuing to go up. And as I mentioned, for certain products, when you look at our backlog, all three segments are in there and all three have been growing. There are some of them we'd like to actually bring in and increase production.

是的。我認為看接單出貨比時，有一點必須注意：我們也在持續提升產量。所以我們的銷售額也在持續上升。如我提到的，對某些產品而言，當你看我們的在手訂單（backlog），三個事業部都包含在內，而且三個都在成長。其中有一些我們其實希望能把它們拉進來並提高產量。

And so as we continue to ramp book-to-bill, we'll move around. And then in Power and Energy, again, we're extended way longer than we've ever been. And so we continue to talk to our customers. That's why it's great to have the frame agreements and the pipeline view beyond what's in the backlog.

因此，隨著我們持續爬坡，接單出貨比會有所波動。另外在電力與能源（Power and Energy）方面，我們的排程延伸得比以往任何時候都更長。因此我們持續與客戶溝通。這也是為什麼擁有框架協議（frame agreements）以及在手訂單之外的商機管線視圖（pipeline view）非常重要。

That's what we're using to plan with customers and those orders are rolling to backlog at different times as we continue to move forward, RI and Prime Power projects, as I mentioned earlier, will also probably come in, in not a smooth sequential fashion, they'll be lumpy depending on when those orders get placed because they're typically big orders.

我們就是用這些來與客戶一起規劃，而這些訂單在我們持續往前推進時，會在不同時間點轉入在手訂單（backlog）。至於我先前提到的RI與Prime Power專案，也可能不會以平滑、逐季的方式進來；它們會呈現不均勻（lumpy）的特性，取決於何時下單，因為通常都是大額訂單。

So I think we'll continue to talk to our customers. And again, you can't just look at one metric like backlog growth in a quarter or book-to-bill in a quarter, it has to be taken into context with continued momentum in sales to users, our ability to produce more and get more product out the door. There's a lot of things that we're watching on the health of the business more than just book-to-bill and a singular backlog number.

所以我認為我們會持續與客戶溝通。而且同樣地，你不能只看單一指標，例如某一季的在手訂單成長或某一季的接單出貨比；必須把它放在整體脈絡中，包括終端用戶銷售（sales to users）的持續動能、我們提升產能並把更多產品出貨的能力。我們會觀察許多反映業務健康度的因素，而不只是接單出貨比或單一的在手訂單數字。

Kyle Menges, Citi.

Kyle Menges，花旗（Citi）。

Great. I would love to hear from you guys, how the landscape might be changing a little bit as far as the demand you're seeing in the data center market. Maybe you can talk a little bit about how you're seeing things evolve in demand for turbines versus nat gas resets and then for diesel backup.

很好。我很想聽聽你們對資料中心市場需求面貌可能出現一些變化的看法。也許你們可以談談，你們如何看待渦輪機相對於天然氣機組（nat gas）重置（resets）的需求演變，以及柴油備援（diesel backup）的需求情況。

And then also just as your booking into the latter part of this decade and having a lot of discussions, it sounds like a lot of quoting activity to 2030 and even beyond, would love to get just some sense of how you could see your mix shifting maybe that mix of prime versus backup where you've been versus maybe where that mix is heading as you look to 2030?

另外，隨著你們在本十年後段持續接單並進行大量討論，聽起來到2030年甚至更往後都有很多報價活動（quoting activity），也想請你們分享一些看法：當你們展望2030年時，你們的產品組合是否可能出現變化——例如主用電力（prime）與備援（backup）的占比，從目前的狀態到未來可能走向如何？

Yes. As we talk to our customers, we've not seen really any change since the last quarter in our discussions with customers. We continue to see momentum in standby diesel backup, which has been the growing base of our business for quite a while before even really AI started to accelerate the growth even more driven by a lot of demand for cloud compute and AI has obviously accelerated that.

是的。就我們與客戶的交流而言，自上季以來，我們在與客戶討論中並未看到任何實質變化。我們仍持續看到待命型柴油備援（standby diesel backup）的動能，這在AI真正開始加速成長之前，就已經是我們業務成長的基礎相當長一段時間；而雲端運算需求帶動的成長，加上AI顯然又進一步加速了這股趨勢。

When it comes to Prime Power versus diesel, that's one of the things that's good about the capacity we put in place, it's pretty fungible as long as we have line of sight to those orders. If you get the largest 3520, that one, they're probably a little more extended on the Gas 3520K, but keep in mind as well, the capacity we have in place and the momentum we have, it's more than just power generation.

談到主用電力（Prime Power）相較於柴油，這正是我們所建置產能的優勢之一；只要我們能掌握這些訂單的可視性，產能在不同產品之間的調度彈性相當高。如果是最大型的 3520，那一款在 Gas 3520K 上可能會稍微更吃緊一些，但也請記得，我們目前的產能配置與既有動能，不僅僅是發電業務。

We continue to see the momentum there. Oil and gas, and I think we're going to move a lot of natural gas in the next few years and really strong in gas compression both at Solar Turbines and in our reciprocating engine business, demand is there for that.

我們持續看到那裡的動能。在油氣領域，我認為未來幾年我們會推動大量天然氣相關業務；無論是在 Solar Turbines 的燃氣壓縮，或是在我們往復式引擎業務的燃氣壓縮方面，需求都非常強勁。

It's for marine and large engines also go into our mining products as well. So as the mining picks up, we're excited about making sure that we can serve those customers. And really, when you talk about aside from diesel standby, all these other applications, we -- as the field population grows, we need to be able to support customers in the aftermarket and grow services.

這也適用於船舶與大型引擎，同時也會導入我們的礦業產品。因此，隨著礦業景氣回升，我們很期待確保能夠服務這些客戶。而且確實，除了柴油備用電源之外，這些其他應用——隨著在役設備數量增加，我們需要能在售後市場支援客戶並擴大服務業務。

So the capacity is all aligned to what we plan to have in place to meet our goals in 2030.

因此，這些產能配置都與我們為達成 2030 年目標所規劃的部署完全一致。

Kristen Owen, Oppenheimer.

Kristen Owen，Oppenheimer。

We've talked a lot about the synchronous growth within the portfolio, but I'm hoping you can maybe double-click for us on the construction side.

我們已經談了很多投資組合內的同步成長，但我希望你們能在建築端再幫我們深入說明一下。

You called out the tough comps here in the fourth quarter, but backlog growth in construction, can you maybe help us understand or give us some color on the underlying demand? How much of that growth is going into rental for your own fleet versus third parties and maybe some of these other sources of demand outside of rental and mega projects.

你提到第四季的比較基期很艱難，但建築業務的在手訂單（backlog）仍在成長；你能否協助我們理解、或提供一些底層需求的說明？這些成長有多少是流向你們自有車隊的租賃需求、多少是第三方，以及還有哪些非租賃與超大型專案以外的其他需求來源？

Yes, we've seen really strong order rates, strong STUs continue in construction. So we're really excited about the progress we have there, and the initiatives that we've announced.

是的，我們看到非常強勁的訂單率，建築業務的 STU（終端用戶銷售）也持續強勁。因此我們對目前的進展，以及我們已宣布的各項措施感到非常振奮。

I think it's the 7th consecutive STU growth quarter. And we'll see as we move forward. But our goal and our strategy really is to get customers in the cabs of Cat machines, whether they want to rent or lease or buy, and we're seeing customers do all three.

我想這是連續第 7 個季度 STU 成長。接下來我們會再觀察後續發展。但我們的目標與策略，確實是讓客戶坐進 Cat 設備的駕駛室——不論他們想租、想租賃（lease）或想買，我們都看到客戶三種方式都有採用。

We're really excited, and we were heavy in the fleet load in the major projects fleet in the third quarter. And basically as soon as we can get fleet on the ground, they're moving to projects.

我們非常興奮，而且第三季我們在大型專案車隊的車隊投放（fleet load）上投入很大。基本上，只要我們能把車隊設備落地到現場，就會迅速投入專案。

So I think that's going to be a great initiative for us to continue to drive rental. And the point of that is to supplement. If you think about that strategy, the major projects JV, it supplements the local dealer where they wouldn't be able to get on, have the scale to get to projects before.

所以我認為這將會是我們持續推動租賃業務的一項很棒的措施。而其重點在於補位與補充。如果你從策略角度來看，大型專案合資企業（JV）是在補強在地經銷商——過去他們可能無法切入、也沒有足夠規模去承接專案。

So it drives not only major projects, but allows each of the individual dealers to be in more rental deals as they move forward as well. So we're seeing great progress there. We're excited about Cat Compact and how we're taking care of customers in the growing compact equipment industry.

因此它不僅帶動大型專案，也讓各個經銷商在未來推進時，能參與更多租賃交易。所以我們看到非常好的進展。我們也對 Cat Compact 感到很振奮，因為我們正以更好的方式照顧在成長中的小型設備產業客戶。

And in particular, we've seen -- it's large infrastructure projects, high IIJA spending still has a lot of money left to be spent and projects left to be completed. I'm confident we'll continue to prioritize critical infrastructure as we move forward.

特別是，我們看到——大型基礎建設專案、IIJA 的高支出仍有大量資金尚待投入，且仍有許多專案待完成。我有信心，未來我們仍會優先投入關鍵基礎建設。

Data centers obviously have a little bit of a rollover into CI as well. And so we're seeing really good momentum with the CI team. We're getting closer to customers than we ever have and it's showing in their results. And we're seeing strength in all three of our segments right now, which is really exciting.

資料中心顯然也有一部分會回流到 CI（建築產業）之中。因此我們看到 CI 團隊的動能非常好。我們比以往任何時候都更貼近客戶，而這也反映在他們的成果上。而且我們目前在三個事業部門都看到強勁表現，這真的令人振奮。

Stephen Volkmann, Jefferies.

Stephen Volkmann，Jefferies。

Joe, I'm just wondering any update on the 10-megawatt MaK restart that you're doing? And how we should think about that ramping going forward?

Joe，我想請問你們正在進行的 10 兆瓦 MaK 重啟計畫，有沒有任何最新進度？以及我們應該如何看待後續的爬坡（ramp）？

Yes, we plan to ship our first units here in the fourth quarter, and we'll continue to ramp as we go through next year on restarting the 10-megawatt MaK engine and using it in power generation. I think that's going to be a great opportunity for us as we move into -- we'll get started here in the fourth quarter, but as we move into 2027, so everything is on track with that program.

是的，我們計畫在第四季出貨首批機組，並且在明年持續爬坡，重啟 10 兆瓦 MaK 引擎並將其用於發電。我認為這會是我們未來的一個很大機會——我們會在第四季啟動，但展望到 2027 年，一切都按該計畫進度推進。

All right. Well, that was the last question. So I just want to say thanks for joining us today. We really appreciate your questions. And I'm really proud of our team, the Caterpillar team's strong performance in what's been a pretty dynamic environment as we try to ramp production, add capacity and take care of our customers.

好的。那是最後一個問題。所以我想感謝各位今天加入我們。我們非常感謝大家的提問。我也為我們團隊感到非常自豪——Caterpillar 團隊在相當動態的環境中展現了強勁表現；我們努力提升產量、增加產能並照顧客戶。

We're well positioned to deliver a strong year and we'll continue creating long-term value for our customers and shareholders. So thank you. I'll turn it back over to Alex.

我們已做好充分準備，能交出強勁的一年，並將持續為客戶與股東創造長期價值。謝謝大家。我把時間交回給 Alex。

Thank you, Joe, Kyle, Stephanie 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 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.

謝謝你，Joe、Kyle、Stephanie，以及今天加入我們的各位。今天上午稍晚，我們的電話會議重播將可在線上取得。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。你也會看到由我們 CFO 主講的第三季業績影片，以及一份包含我們「終端用戶銷售（sales to users）」數據的 SEC 申報文件。請造訪 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 Ryan Coleman. The Investor Relations general phone number is (309) 675-4549. Now let's turn it back to Audra to conclude our call.

如有任何問題，請與我或 Ryan Coleman 聯繫。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 Audra 來結束本次電話會議。

Thank you. And that concludes our call. Thank you for joining. You may all now 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。