Columbus McKinnon Corp (CMCO) 2025 Q1 法說會逐字稿

Good morning, and welcome to Columbus McKinnon first quarter fiscal 2025 earnings conference call.

早安，歡迎參加哥倫布·麥金農 2025 財年第一季財報電話會議。

My name is Ranju, and I will be your conference operator today.

我叫 Ranju，今天我將擔任你們的會議操作員。

As a reminder, this call is being recorded.

提醒一下，此通話正在錄音。

I would now like to turn the conference over to Kristine Moser, Vice President of Investor Relations.

我現在想將會議交給投資者關係副總裁克里斯汀·莫澤 (Kristine Moser)。

Thank you.

謝謝。

Good morning, and welcome, everyone to Columbus McKinnon's first quarter fiscal '25 earnings conference call.

早安，歡迎大家參加哥倫布‧麥金農 25 財年第一季財報電話會議。

The earnings release and presentation are available for download on our Investor Relations website at investors.cmco.com. On the call with me today are David Wilson, our President and Chief Executive Officer; and Gregory Rustowicz, our Chief Financial Officer.

收益報告和簡報可在我們的投資者關係網站 Investors.cmco.com 下載。今天與我通話的是我們的總裁兼執行長 David Wilson；以及我們的財務長 Gregory Rustowicz。

In a moment, David and Greg will walk you through our financial and operating performance for the quarter.

稍後，大衛和格雷格將向您介紹我們本季的財務和營運表現。

Before we begin our remarks, please let me remind you that we have our safe harbor statement on slide 2.

在我們開始發言之前，請允許我提醒您，投影片 2 上有我們的安全港聲明。

During the course of this call, management may make forward-looking statements in regards to our current plans, beliefs and expectations.

在本次電話會議期間，管理層可能會就我們目前的計劃、信念和期望做出前瞻性聲明。

These statements are not guarantees for future performance and are subject to a number of risks and uncertainties and other factors that can cause actual results and events to differ materially from the results and events contemplated by these forward-looking statements.

這些陳述並非對未來績效的保證，並受到許多風險和不確定性以及其他因素的影響，這些因素可能導致實際結果和事件與這些前瞻性陳述預期的結果和事件有重大差異。

I'd also like to remind you that management will refer to certain non-GAAP financial measures.

我還想提醒您，管理階層將參考某些非公認會計準則財務指標。

You can find reconciliations of the most directly comparable GAAP financial measures on the company's Investor Relations website and its filings with the Securities and Exchange Commission.

您可以在該公司的投資者關係網站及其向美國證券交易委員會提交的文件中找到最直接可比較的公認會計準則財務指標的調節表。

Please see our earnings release and our filings with the Securities and Exchange Commission for more information.

請參閱我們的收益報告以及我們向美國證券交易委員會提交的文件以了解更多資訊。

Today's prepared remarks will be followed by a question and answer session.

今天準備好的發言之後將進行問答環節。

With that, I'll turn the call over to David.

這樣，我就把電話轉給大衛。

Thank you, Kristine, and good morning, everyone.

謝謝克里斯汀，大家早安。

Columbus McKinnon delivered a solid quarter to start the fiscal year, achieving 2% sales growth, which was at the midpoint of our guidance range and adjusted EPS of $0.62, which was at the top end of our guidance range.

哥倫布·麥金農(Columbus McKinnon) 在本財年伊始取得了穩健的季度業績，實現了2% 的銷售增長，處於我們指導範圍的中點，調整後每股收益為0.62 美元，處於我們指導範圍的上限。

Areas of strength included precision conveyance and lifting, which were up 10% and 3% respectively.

優勢領域包括精密輸送和起重，分別成長10%和3%。

Short-cycle sales remained healthy and the project business was up mid single digits.

短週期銷售保持健康，專案業務成長中個位數。

Adjusted gross margin expanded by 110 basis points year-over-year to 38%, a record first quarter and the second highest quarterly result in company history as we remain focused on performance improvement and 80/20.

調整後毛利率年增 110 個基點，達到 38%，創下第一季紀錄，也是公司歷史上第二高的季度業績，因為我們仍然專注於業績改進和 80/20。

And we delivered adjusted EBITDA margin of 15.6%, even as we absorbed $1.2 million of unique costs related to launching regional strategic partner conferences in Europe and the Americas that are aligned with our commercial and customer experience initiatives.

儘管我們吸收了與在歐洲和美洲舉辦與我們的商業和客戶體驗計劃相一致的區域戰略合作夥伴會議相關的 120 萬美元的獨特成本，但我們的調整後 EBITDA 利潤率為 15.6%。

These results are underpinned by the hard work and continued execution by our 3,600 Columbus McKinnon team members as we navigate a dynamic macro economic environment and leverage commercial initiatives to advance in vertical markets that are experiencing secular growth and benefiting from megatrends.

這些成果的基礎是我們3,600 名Columbus McKinnon 團隊成員的辛勤工作和持續執行，我們在充滿活力的宏觀經濟環境中前進，並利用商業舉措在正在經歷長期增長並受益於大趨勢的垂直市場中取得進展。

We are growing generating cash with normal seasonality and accelerating debt repayment.

我們正在正常季節性地創造現金並加速債務償還。

These actions are adding capacity to reinvest in our growth framework.

這些行動正在增加對我們的成長框架進行再投資的能力。

We have multiple levers to drive more scale and further enhance our position as a leader in intelligent motion solutions for material handling with a carefully curated offering for our customers.

我們擁有多種手段來擴大規模，並透過為客戶精心策劃的產品，進一步增強我們作為物料搬運智慧運動解決方案領導者的地位。

We believe that increasing scale will become a compounding advantage as we execute our strategy over time.

我們相信，隨著時間的推移，隨著我們執行策略，規模的擴大將成為複合優勢。

Advancing to slide 4, we delivered mid-single digit order growth across most areas of our business with the exception of our crane automation business, where we saw softness and are lapping a strong prior year comparable period.

進入投影片 4，我們在大多數業務領域都實現了中個位數的訂單成長，但起重機自動化業務除外，我們看到了該領域的疲軟，並且與去年同期相比表現強勁。

Precision conveyance orders were up 5%, driven by new customer wins in the electrification space.

在電氣化領域贏得新客戶的推動下，精密輸送訂單成長了 5%。

For the remainder of our business, our order funnel remains healthy across both the short-cycle categories and our project business.

對於我們的其餘業務，我們的訂單管道在短週期類別和專案業務中都保持健康。

Short-cycle orders were up 3% in the quarter, driven by share gains resulting from our customer experience initiatives.

在我們的客戶體驗計畫帶來的份額成長的推動下，本季短週期訂單成長了 3%。

And the project business orders were down 5% in the quarter, driven by order timing and the softness in crane automation I just referenced.

由於訂單時間和我剛才提到的起重機自動化的疲軟，該季度的專案業務訂單下降了 5%。

Overall, our project funnel remains healthy, reflecting our customer-centric focus targeted end market growth initiatives, channel diversification efforts and recent new customer engagements.

總體而言，我們的專案管道保持健康，反映了我們以客戶為中心的重點，有針對性的終端市場成長計劃、管道多元化努力以及最近的新客戶參與。

On a quarter-to-date basis through last week, orders were up double digits year-over-year, driven by strength in precision conveyance, particularly at montratec.

從上週至今的季度來看，在精密輸送（尤其是 montratec）的實力推動下，訂單年增了兩位數。

While we are not immune to the impacts related to current macro economic conditions, including higher for longer interest rates or indecision related to the rapidly evolving political landscape and the upcoming US election.

雖然我們無法免受與當前宏觀經濟狀況相關的影響，包括長期較高的利率或與快速變化的政治格局和即將到來的美國大選相關的猶豫不決。

We continue to remain focused on what we can control.

我們繼續專注於我們可以控制的事情。

Executing on our commercial, operational and financial initiatives.

執行我們的商業、營運和財務計劃。

With this is our focus, we continue to be cautiously optimistic about our near-term prospects and our full year outlook.

鑑於這是我們的重點，我們繼續對近期前景和全年前景持謹慎樂觀態度。

Backlog in the quarter increased 4%, driven by the phasing of our long-term backlog and the addition of new project wins, while not in a straight line, we continue to expect backlog to further normalize from current levels over time as we improve lead times and customers adjust their ordering behaviors.

由於我們長期積壓的階段性和新項目的增加，本季度的積壓增加了4%，雖然不是直線增長，但我們仍然預計，隨著時間的推移，隨著我們領先地位的提高，積壓將在當前水平上進一步正常化時間和顧客調整他們的訂購行為。

On slide 5, you can see that our priorities remain consistent as we execute on the most important initiatives that will enable us to achieve our growth and financial performance objectives.

在投影片 5 上，您可以看到我們的優先事項保持一致，因為我們執行了最重要的舉措，這些舉措將使我們能夠實現成長和財務績效目標。

Specifically, we remain focused on enhancing customer experience and further differentiating our value proposition, driving operational excellence through the business and executing on footprint simplification plans that facilitate meaningful gross margin expansion.

具體來說，我們仍然專注於增強客戶體驗並進一步差異化我們的價值主張，透過業務推動卓越營運並執行足跡簡化計劃，以促進有意義的毛利率擴張。

In fact, earlier this week, we announced that we are consolidating our North American linear motion facility into our manufacturing center of excellence in Monterrey, Mexico.

事實上，本週早些時候，我們宣布將把我們的北美直線運動工廠整合到位於墨西哥蒙特雷的卓越製造中心。

This 146,000 square foot facility is expected to cease operations at the end of the second quarter and completely wind down by the end of the third quarter.

這個佔地 146,000 平方英尺的設施預計將在第二季末停止運營，並在第三季末完全關閉。

Through lean manufacturing techniques and the use of improved manufacturing technologies.

透過精益製造技術和使用改良的製造技術。

We expect to have utilized just 50% to 60% of our Monterrey facilities, 165,000 square feet following this action as we ramp production.

隨著我們提高產量，我們預計僅利用了蒙特雷工廠 165,000 平方英尺的 50% 至 60%。

This is an important next step along our 80/20 footprint simplification path to deliver 200 basis points of gross margin improvement by fiscal year '27.

這是我們沿著 80/20 足跡簡化路徑邁出的重要一步，旨在 27 財年實現毛利率提高 200 個基點。

These strategic initiatives in combination with our commercial priorities enable us to deliver profitable growth focused on strategically advantaged end markets.

這些策略舉措與我們的商業優先事項相結合，使我們能夠實現專注於具有策略優勢的終端市場的獲利成長。

In addition to positioning ourselves to benefit from megatrends such: as near-shoring, increasing defense spending and growth in e-commerce.

除了讓自己受益於近岸外包、國防支出增加和電子商務成長等大趨勢之外。

We are investing to become a leader in targeted vertical markets.

我們正在投資成為目標垂直市場的領導者。

Two particular areas of focus and recent success include electrification or battery production, which is a market growing at a CAGR that is north of 30% and is expected to hit $550 billion in 2030.

兩個特別關注的領域和最近的成功包括電氣化或電池生產，這是一個複合年增長率超過 30% 的市場，預計到 2030 年將達到 5500 億美元。

In fact, over 200 battery factories are planned to be constructed in the next six years to support mobility, electrical capacity, storage and more.

事實上，未來六年計劃建造 200 多家電池工廠，以支援移動性、電力容量、儲存等。

We are establishing a leadership position in this space by providing fit-for-purpose advantage solutions for battery producers.

透過為電池生產商提供適合用途的優勢解決方案，我們正在該領域建立領導地位。

And most recently, we won a $9 million order from montratec, a synchronous conveyance solutions from Volkswagen backed PowerCo as they invest in factory automation solutions for their giga factory production needs.

最近，我們贏得了 montratec 價值 900 萬美元的訂單，這是大眾汽車支援的 PowerCo 的同步輸送解決方案，因為他們投資工廠自動化解決方案來滿足其超級工廠的生產需求。

We see a long and attractive runway of solutions that we can deliver for this customer and others over time as our precision conveyance team is quickly building a reputation as a leader in intelligent motion solutions for the electrification and battery production markets.

我們看到，隨著時間的推移，我們可以為該客戶和其他客戶提供一系列有吸引力的解決方案，因為我們的精密輸送團隊正在迅速建立起電氣化和電池生產市場智慧運動解決方案領導者的聲譽。

Another area of focus is the life sciences vertical.

另一個重點領域是垂直生命科學。

Here we have had great success, enabling pharmaceutical manufacturers to quickly ramp production and meet rapidly growing demand.

我們在這裡取得了巨大的成功，使藥廠能夠快速提高產量並滿足快速成長的需求。

This was done most notably during the pandemic as global pharmaceutical companies launched COVID-19 vaccines.

尤其是在大流行期間，全球製藥公司推出了 COVID-19 疫苗。

Looking ahead, there are several rapidly growing demand areas, including weight loss injectables and related products that are struggling to keep up with rapidly growing demand.

展望未來，有幾個快速成長的需求領域，包括減肥注射劑和相關產品，正在努力跟上快速成長的需求。

And we are well positioned to participate in this growth.

我們有能力參與這項成長。

Overall, we're encouraged by the progress we're making and the potential of our business as we advance our strategy and execute on our prioritized initiatives.

總的來說，在我們推進策略和執行優先計劃的過程中，我們所取得的進展和業務潛力讓我們感到鼓舞。

We are delivering impactful improvements across the business and remain in the early innings in terms of the value.

我們正在為整個業務帶來有影響力的改進，並在價值方面保持在早期階段。

These initiatives will deliver over time.

這些措施將隨著時間的推移而取得成效。

Powered by our strategy and our position as a market-leading provider of intelligent motion solutions for material handling, we are delivering attractive outcomes and improving financial performance.

在我們的策略和作為物料搬運智慧運動解決方案市場領先供應商的地位的推動下，我們正在提供有吸引力的成果並改善財務表現。

We remain confident in our ability to increase scale compound growth and deliver shareholder value over time.

我們對隨著時間的推移提高規模複合成長和交付股東價值的能力仍然充滿信心。

With that, I will turn the call over to Greg to take us through the financial results.

接下來，我將把電話轉給格雷格，讓他向我們介紹財務表現。

Thank you, David.

謝謝你，大衛。

Good morning, everyone.

大家早安。

Turning to slide 6, we delivered first quarter net sales of $239.7 million, up 2% from the prior year period.

轉向投影片 6，我們第一季的淨銷售額為 2.397 億美元，比去年同期成長 2%。

This was in line with the guidance we provided last quarter of low single digit growth.

這符合我們上季度提供的低個位數成長的指導。

We delivered $2.1 million of organic growth, 0.9% with realized pricing gains more than offsetting a slight volume decline.

我們實現了 210 萬美元的有機成長，即 0.9%，實現的定價收益足以抵消銷售的小幅下降。

Montratec revenue in April and May contributed $2.7 million to sales or 1.1% of the increase.

Montratec 4 月和 5 月的營收為銷售額貢獻了 270 萬美元，佔成長的 1.1%。

As the acquisition date was May 31, beginning in June.

由於收購日期為5月31日，從6月開始。

The results are no longer included as acquired revenue.

結果不再計入已獲收入。

As a reminder, montratec revenue has variability from period to period given the project nature of the business.

提醒一下，鑑於業務的項目性質，montratec 的收入在不同時期存在差異。

Foreign currency translation was unfavorable this quarter by $600,000 or 0.2%.

本季外幣換算不利 60 萬美元，即 0.2%。

Sales growth in the quarter was largely driven by precision conveyance, which was up 10% from the prior year.

本季銷售額成長主要由精密輸送推動，較上年成長 10%。

As David discussed, we are encouraged with our pipeline of opportunities for this platform as we have significant opportunities on the horizon with both our US precision conveyance business as well as montratec.

正如 David 所討論的，我們對該平台的一系列機會感到鼓舞，因為我們的美國精密運輸業務和 montratec 都面臨著重大機會。

Our project business also contributed to sales growth in the quarter as it was up 4%, driven by strength in our star branded product with sales into the oil and gas vertical.

我們的專案業務也為本季的銷售成長做出了貢獻，成長了 4%，這得益於我們的明星品牌產品在石油和天然氣垂直領域的銷售實力。

Offsetting this growth was our short-cycle business, which was down 2%, although I would point out that short-cycle orders were up 3% in the quarter as we advance customer experience initiatives and capture market share.

我們的短週期業務抵消了這一增長，該業務下降了 2%，但我要指出的是，隨著我們推進客戶體驗計劃並佔領市場份額，本季度短週期訂單增長了 3%。

In the US, sales were up slightly in the quarter with price offsetting lower volume as we benefited in the prior year from backlog reduction.

在美國，本季銷售額略有成長，價格抵消了銷售下降，因為我們去年受益於積壓訂單減少。

Outside of the US sales increased by 5% on a constant currency basis.

以固定匯率計算，美國以外地區的銷售額成長了 5%。

This was primarily the result of montratec acquired revenue and organic growth, which contributed 3% and 2% of sales growth, respectively.

這主要是 montratec 收購收入和有機成長的結果，分別貢獻了銷售成長的 3% 和 2%。

On slide 7, gross profit increased $2.4 million or 2.7% versus the prior year, driven primarily by pricing, favorable sales mix and motortech acquired gross profit, even as we absorbed $1.8 million of Monterrey, Mexico startup costs and business realignment costs.

在幻燈片7 中，毛利比上年增長了240 萬美元，即2.7%，這主要是由於定價、有利的銷售組合和motortech 獲得的毛利，儘管我們吸收了墨西哥蒙特雷180 萬美元的啟動成本和業務調整成本。

We recorded a gross margin of 37.1% in the first quarter, up 30 basis points versus the prior year.

第一季毛利率為 37.1%，比去年同期成長 30 個基點。

On an adjusted basis, gross margin was 38%, up 110 basis points year-over-year.

調整後毛利率為38%，較去年成長110個基點。

Moving to slide 8.

轉到投影片 8。

Our SG&A expense in the quarter increased $2.1 million to $60.4 million.

本季我們的 SG&A 費用增加了 210 萬美元，達到 6,040 萬美元。

This was driven primarily by the acquisition, which added $1.7 million of acquired costs in the quarter.

這主要是由收購推動的，該收購在本季增加了 170 萬美元的收購成本。

Our SG&A expense also included $1.9 million of Monterrey, Mexico factory start-up costs and $500,000 of business realignment costs.

我們的 SG&A 費用還包括 190 萬美元的墨西哥蒙特雷工廠啟動成本和 50 萬美元的業務調整成本。

We also incurred $1.2 million of costs related to our strategic partner conferences in both the US and Europe, which were not held in the prior year.

我們也因去年未在美國和歐洲舉行的戰略合作夥伴會議而產生了 120 萬美元的費用。

Turning to slide 9, we generated operating income of $21.1 million in the quarter, down 1% to the prior year, impacted by the factory start-up costs, business realignment costs and the strategic partner conference costs that I just mentioned.

轉向投影片 9，我們本季的營業收入為 2,110 萬美元，比前一年下降 1%，受到我剛才提到的工廠啟動成本、業務調整成本和戰略合作夥伴會議成本的影響。

Adjusted operating income was $25.7 million, roughly flat to the prior year.

調整後營業收入為 2,570 萬美元，與去年基本持平。

On slide 10, we recorded GAAP earnings per diluted share for the quarter of $0.3, down $0.02 versus the prior year.

在投影片 10 上，我們記錄的本季 GAAP 攤薄每股收益為 0.3 美元，比前一年下降 0.02 美元。

Impacting GAAP EPS were the previously mentioned new factory startup costs in Monterrey, Mexico and business realignment costs.

影響 GAAP 每股盈餘的是先前提到的墨西哥蒙特雷新工廠啟動成本和業務調整成本。

Together, these items impacted GAAP EPS by $0.11 per share.

這些項目合計影響 GAAP 每股收益 0.11 美元。

Adjusted earnings per diluted share of $0.62 was flat to the prior year with a higher amortization expense add-back and lower interest expense, offsetting other below the line items.

調整後每股攤薄收益為 0.62 美元，與上年持平，攤銷費用加回較高，利息費用較低，抵消了其他項目的影響。

On slide 11, our adjusted EBITDA increased 2% year-over-year in the first quarter and adjusted EBITDA margin of 15.6% was in line with the prior year.

在投影片 11 中，我們第一季調整後 EBITDA 年成長 2%，調整後 EBITDA 利潤率為 15.6%，與前一年持平。

This included the impact of the strategic partner conferences, which impacted our EBITDA margin by 50 basis points.

其中包括策略合作夥伴會議的影響，該會議使我們的 EBITDA 利潤率下降了 50 個基點。

Moving to slide 12, free cash flow improved $7.1 million from the prior year.

轉到投影片 12，自由現金流比前一年增加了 710 萬美元。

Negative free cash flow of $15.4 million in the first quarter reflected normal working capital seasonality in our business.

第一季自由現金流為 1,540 萬美元，反映了我們業務正常的營運資金季節性。

CapEx in the quarter was approximately $5 million comparable with the prior year.

本季的資本支出與前一年相比約為 500 萬美元。

Free cash flow conversion for the quarter on a trailing 12-month basis was a strong 108%.

與過去 12 個月相比，本季的自由現金流轉換高達 108%。

Turning to slide 13, our total debt was down 4% from March 31, levels.

轉向幻燈片 13，我們的總債務較 3 月 31 日的水平下降了 4%。

We paid down $20 million of debt in the quarter and are increasing our expected debt repayment in fiscal '25 from $50 million to $60 million.

我們在本季償還了 2,000 萬美元的債務，並將 25 財年的預期債務償還從 5,000 萬美元增加到 6,000 萬美元。

Our net leverage ratio was 2.6 times on a financial covenant basis, down 0.3 times year-over-year, and we expect our net leverage ratio to end the current fiscal year at approximately 2 times.

以財務契約計算，我們的淨槓桿率為2.6倍，年減0.3倍，我們預期本財年末的淨槓桿率為2倍左右。

As a reminder, we repriced our Term Loan B in March, lowering our cost of debt.

提醒一下，我們在三月重新定價了定期貸款 B，降低了我們的債務成本。

We expect this to generate approximately $2.5 million of interest expense savings in fiscal year '25.

我們預計這將在 25 財年節省約 250 萬美元的利息費用。

Slide 14, provides our guidance for fiscal year '25 and the second quarter.

投影片 14 提供了我們對 25 財年和第二季的指導。

Our guidance considers the improvements we are driving throughout the business, our visibility into the funnel and our solid performance in the first quarter despite a softer macroeconomic backdrop.

我們的指導考慮了我們在整個業務中推動的改進、我們對漏斗的可見性以及儘管宏觀經濟背景疲軟，我們第一季的穩健表現。

We have also built into our forecast for the second quarter, the expected impact of consolidating our North American linear motion production into our center of excellence in Monterrey, Mexico.

我們還將北美直線運動生產整合到墨西哥蒙特雷的卓越中心的預期影響納入了對第二季的預測。

With that in mind, we are issuing the following guidance.

考慮到這一點，我們發布以下指南。

In the second quarter, we expect sales growth to be down low to mid-single digits from the prior year and adjusted EPS growth to be down mid-single digits year-over-year.

在第二季度，我們預期銷售成長將較上年同期下降至中個位數，調整後每股盈餘成長將年減中個位數。

We are also, anticipating several one-time costs related to the factory closure, including $2 million to $4 million of expected cash restructuring costs and $4 million to $5 million of non-cash asset impairment costs related to the consolidation.

我們也預計與工廠關閉相關的幾項一次性成本，包括 200 萬至 400 萬美元的預期現金重組成本以及與合併相關的 400 萬至 500 萬美元的非現金資產減損成本。

This is an important step on our 80/20 journey with our overall footprint simplification plan expected to deliver 200 basis points of gross margin improvement by fiscal '27.

這是我們 80/20 旅程中的重要一步，我們的整體足跡簡化計畫預計將在 27 財年實現毛利率提高 200 個基點。

For the full year, we are reaffirming our fiscal 2025 guidance of low single digit sales growth year-over-year.

對於全年，我們重申 2025 財年銷售額年增率較低的指導方針。

Mid to high single digit growth in adjusted EPS.

調整後每股收益中高個位數成長。

Capex in a range of $20 million to $30 million, which includes $8 million related to our footprint simplification initiative, and we expect our net leverage ratio to end fiscal '25 at approximately 2 times.

資本支出在 2000 萬至 3000 萬美元之間，其中包括與我們的足跡簡化計劃相關的 800 萬美元，我們預計我們的淨槓桿率將在 25 財年結束時約為 2 倍。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions)

（操作員說明）

James Kirby, JPMorgan Chase.

詹姆斯‧柯比，摩根大通。

Hey, good morning, guys.

嘿，早上好，夥計們。

I just wanted to start with the second quarter guidance in the context of the full-year guidance, is it safe to say that the second quarter will be the lowest point of the year?

我只是想在全年指引的背景下從第二季指引開始，可以肯定地說第二季將是今年的最低點嗎？

Or is it too early to tell, what the back half holds?

或現在判斷後半部包含什麼還為時過早？

No, that's what we expect, James.

不，這就是我們所期望的，詹姆斯。

Got it.

知道了。

And I guess off the same question, you mentioned the moderating benefit from pricing.

我猜想在同一個問題上，您提到了定價的調節好處。

What is embedded in the second half of the year?

下半年有哪些重點內容？

I assume we take another step down maybe next quarter in 2Q, but is there anything in the back half of the year that gives you confidence that pricing might return to strength.

我認為我們可能會在第二季的下個季度再次下調價格，但今年下半年是否有任何事情讓您有信心定價可能會恢復強勁。

I would say, James, that we have a position of strength as it relates to pricing typically and that we do outpace inflationary costs with our price adjustments and so I don't believe we're in a position of weakness relative to pricing.

詹姆斯，我想說，我們在定價方面具有優勢，而且我們的價格調整確實超過了通膨成本，所以我不認為我們在定價方面處於弱勢。

I just think that the point that we're making is that pricing has moderated in terms of the impact relative to the lower inflationary environment that we're in.

我只是認為我們要表達的觀點是，相對於我們所處的通膨較低的環境，定價的影響已經有所緩和。

And so while I don't expect pricing to have a material impact on the second half of the year, we do believe that it will be outpacing the impact of the inflationary pressures that we would see.

因此，雖然我預計定價不會對今年下半年產生重大影響，但我們確實相信它將超過我們將看到的通膨壓力的影響。

And James, I would just add that.

詹姆斯，我想補充一點。

In our North American lifting business, our price increases took effect in the month of June.

在我們的北美起重業務中，我們的價格上漲在六月生效。

And so there's backlog still priced at old pricing.

因此，積壓訂單仍以舊價格定價。

So we do expect pricing, as we alluded to at the end of the fourth quarter to moderate as inflation has come down, but we would expect it to be in that 1% to 2% range for the year.

因此，正如我們在第四季末提到的那樣，隨著通膨下降，定價將會放緩，但我們預計今年定價將在 1% 至 2% 的範圍內。

So we wouldn't see it modestly higher going forward as the price increases take effect.

因此，隨著價格上漲的生效，我們不會看到它未來會小幅走高。

Got it.

知道了。

That makes sense.

這是有道理的。

I appreciate it, Greg, David.

我很感激，格雷格，大衛。

Thanks.

謝謝。

Matthew Summerville, D.A. Davidson & Company.

馬修·薩默維爾，D.A.戴維森公司。

Yes.

是的。

A couple of questions.

有幾個問題。

So I guess first, with the second quarter dynamic, I guess maybe you weren't sure when, which quarter this is going to happen 90 days, ago, but I guess why not get out in front and articulate that the second quarter was going to be a little bit of an air pocket on the move.

所以我想首先，隨著第二季度的動態，我想也許你不確定 90 天前這會發生在什麼時候、哪個季度，但我想為什麼不站出來明確表示第二季度的進展成為移動中的一個小氣袋。

And then similarly, that implies a pretty big and uncharacteristically big second half of the year.

同樣，這意味著今年下半年將是一個相當大且不同尋常的大時期。

So help us get comfortable that the full year guide on the bottom line is still achievable?

那麼，請幫助我們放心，全年指南的底線仍然可以實現嗎？

Yeah, absolutely, Matt.

是的，絕對是，馬特。

Fair enough.

很公平。

And in terms of the timing, we're managing the business, we have employees that we need to be sensitive to.

就時間安排而言，我們正在管理業務，我們有需要敏感的員工。

Obviously we can't get out ahead of that.

顯然我們不能提前離開。

With that communication and articulate that detail until we're ready to do it, it has implications on notifications that we need to make relative to the Warn Act and other related filings.

透過這種溝通並闡明細節，直到我們準備好這樣做，它會對我們需要發出的與警告法案和其他相關文件相關的通知產生影響。

So we communicate that when we're ready to do so.

因此，當我們準備好時，我們會傳達這一點。

We've been very clear about the fact that we're marching towards a multi action plan that results in 200 basis points of expansion.

我們非常清楚，我們正在邁向一項多項行動計劃，最終實現 200 個基點的擴張。

And so the second half of the year now obviously has a ramp relative to the first half, but it's well within the range of what we think is achievable.

因此，今年下半年顯然相對於上半年有所上升，但完全在我們認為可以實現的範圍內。

It's a 6% growth with a modest gross margin expansion.

成長率為 6%，毛利率略有成長。

And we have, as we indicated in our previous discussions and elevated backlog and order rates that we think will support that outcome.

正如我們在先前的討論中所指出的，我們認為積壓和訂單率的上升將支持這一結果。

And so as we expect backlog to moderate or normalize over the balance of the year and the order rates that we referenced in our prepared remarks earlier, we think that we'll be positioned to execute on that plan for the rest of the year.

因此，由於我們預計今年剩餘時間的積壓情況以及我們在之前準備的評論中提到的訂單率將有所緩解或正常化，因此我們認為我們將在今年剩餘時間內執行該計劃。

And Matt, just to add on from an EPS perspective, we will benefit from interest expense savings as we've repriced our Term Loan B back in March, and we've been very aggressive in paying down debt.

馬特，從每股收益的角度來看，我們將從利息支出節省中受益，因為我們在三月重新定價了定期貸款 B，而且我們在償還債務方面一直非常積極。

We would also expect incremental gross margin expansion.

我們也預計毛利率將逐步擴大。

We do expect that by the fourth quarter, we should start to benefit from the facility consolidation that we announced today and all.

我們確實預計，到第四季度，我們應該開始從我們今天宣布的設施整合中受益。

So we feel very confident with our guidance overall.

因此，我們對我們的整體指導非常有信心。

As I think about the second quarter, can you maybe articulate what the top and bottom line impact to stuff you can't non-GAAP out associated with this move can use is there a way to parse out the financial impact on the P&L in the quarter from this, I'm just going to generally generically call it disruption, if you will.

當我想到第二季度時，您能否闡明與此舉措相關的非公認會計準則對頂線和底線的影響是什麼？如果你願意的話，我將一般性地將其稱為顛覆。

Yeah, so it's really a top line issue for us, Matt, from a duplicate costs, from a moving costs, restructuring costs, all of those costs, asset impairments and we've laid out a number of those in the 8-K that was filed this morning.

是的，所以這對我們來說確實是一個首要問題，馬特，來自重複成本、搬遷成本、重組成本、所有這些成本、資產減值，我們在 8-K 中列出了其中的一些成本今天早上提交的。

Those will all get adjusted out and it's really the top line impact.

這些都將被調整，這確實是對營收的影響。

As with this -- was just disruption from a facility where people were notified very recently that their jobs are going to end here.

與此一樣，只是一個設施造成的干擾，人們最近被通知他們的工作將在這裡結束。

And so that's going to have an impact potentially on productivity on our ability to maintain our typical delivery performance.

因此，這可能會對我們維持典型交付績效的生產力產生影響。

And we're obviously going to trying to do better on that.

顯然我們會努力在這方面做得更好。

But it's just, we would expect and I guess we're being prudent with the idea that there is going to be some amount of disruption.

但這只是我們所期望的，而且我想我們對將會出現一定程度的破壞的想法持謹慎態度。

Got it.

知道了。

Thanks, Greg.

謝謝，格雷格。

Steve Ferazani, Sidoti & Company.

史蒂夫·費拉扎尼 (Steve Ferazani)，Sidoti & Company。

Hey, good morning, everyone.

嘿，大家早安。

This is Kyle May on for Steve.

這是史蒂夫的凱爾·梅。

Just wondering if you could talk about any updates on cross selling of new acquisitions and if you found traction for the montratec outside of its previous core markets?

只是想知道您是否可以談談新收購的交叉銷售的最新情況，以及您是否發現 montratec 在其先前核心市場之外的吸引力？

Yeah, absolutely.

是的，絕對是。

So Kyle, good morning.

凱爾，早安。

We've had good success at training our workforce around the world to represent the broader precision conveyance portfolio.

我們在培訓世界各地的員工隊伍以代表更廣泛的精密輸送產品組合方面取得了巨大成功。

And we have been building a nice pipeline of opportunities beyond geographies that business has service as well as we expect to as we go forward.

我們一直在超越地區建立良好的機會管道，為企業提供服務，正如我們所期望的那樣。

And so we've got a funnel of opportunities that are quoted in active that is around $5 million in the US.

因此，我們有一個在美國活躍報價約為 500 萬美元的機會漏斗。

Right now for that product line, we did close an opportunity with a prescription fulfillment service provider that we communicated last quarter.

目前，對於該產品線，我們確實與上季溝通過的處方履行服務提供者達成了合作。

That was a nice large order and it's one of several that could come that are not included in the number that I just gave you that could come over time.

這是一筆不錯的大訂單，它是可能出現的幾個訂單之一，但不包括在我剛剛給你的數字中，隨著時間的推移可能會出現。

And so we're broadening their reach into areas from a footprint perspective and market perspective that go beyond where they've been able to play.

因此，我們正在從足跡角度和市場角度擴大他們的影響力，超越他們所能發揮的領域。

And most recently, what we're really excited about is that we've really begun to demonstrate or specific application advantages related to the battery production market with montratec.

最近，令我們真正興奮的是，我們真正開始展示 montratec 與電池生產市場相關的特定應用優勢。

And so that led to the power corridor that we referenced in the prepared remarks.

因此，這導致了我們在準備好的評論中提到的權力走廊。

And there's a nice runway of opportunity for those expansion investments that they'll be making over time as well as others related to that very attractive end market.

隨著時間的推移，他們將進行的擴張投資以及與非常有吸引力的終端市場相關的其他投資都有很好的機會。

Got it.

知道了。

That's helpful.

這很有幫助。

And my next question, cash conversion has topped 100% for the last four quarters.

我的下一個問題是，過去四個季度的現金轉換率超過了 100%。

Is that something that you can maintain at or above 100%?

你能保持 100% 或以上嗎？

We think we can, Kyle.

我們認為我們可以，凱爾。

And it's because we are a CapEx-light company and we, just with the cash generation capability of the company, we should be 100% and north of 100%.

這是因為我們是一家資本支出較少的公司，僅憑藉公司的現金產生能力，我們就應該實現 100% 甚至超過 100%。

Okay, great.

好的，太好了。

Thanks for the time.

謝謝你的時間。

Thanks, Klye.

謝謝，克萊。

Jonathan Tanwanteng, CJS Securities.

喬納森·譚萬騰，CJS 證券。

Hi, good morning.

嗨，早安。

Thank you for taking my questions.

感謝您回答我的問題。

Greg, I was wondering if you could give a little bit more specificity as to the revenue impact from the move in Q2?

格雷格，我想知道您是否可以更具體地說明第二季此舉對收入的影響？

Also, were there any pull-ins into Q1 to the extent you anticipated the move?

另外，第一季是否有任何拉力達到您預期的程度？

And how much do you think is pushing out to Q3 and beyond.

您認為延後到第三季及以後的時間有多少？

I guess what I'm trying to get a what the normalized run rate is expected to be -- assuming, things go as planned?

我想我正在努力獲得預期的標準化運行率——假設事情按計劃進行？

Yeah.

是的。

So John, we would expect that there will be some disruption.

所以約翰，我們預計會出現一些混亂。

We've put a lot of effort into planning for this, but nonetheless, we do think there is going to be some impact, it's -- in the order of magnitude of probably a [couple of million dollars] we would expect.

我們為此投入了大量精力來規劃，但儘管如此，我們確實認為將會產生一些影響，其數量級可能是我們預期的[幾百萬美元]。

Okay.

好的。

And do you expect that pent-up demand I guess, to be servicing in Q3 pretty quickly or does that customer go away, I guess two different providers if they can't get it?

我想，您是否期望被壓抑的需求很快在第三季度得到服務，或者該客戶是否會消失，我想如果他們無法獲得服務，我想是兩個不同的提供者？

No, John, this is David.

不，約翰，這是大衛。

We'd expect that to be made up for in Q3 or at worst case in Q4 and come back in the year.

我們預計這將在第三季度得到彌補，或者在最壞的情況下在第四季度得到彌補，並在今年恢復。

And we obviously maintaining a close proximity to our customers and communicating with them related to these changes and ensuring that we have the right kind of service levels with all the preplanning work that we've done both in Mexico and at our existing facility.

顯然，我們與客戶保持密切聯繫，並與他們就這些變化進行溝通，並確保我們在墨西哥和現有設施中所做的所有預先規劃工作具有適當的服務水準。

This is prudent as we plan and think about the impact that could come from these moves.

當我們計劃和考慮這些措施可能產生的影響時，這是謹慎的做法。

We're confident in the plan that we're executing, but obviously we have to be sensitive to the fact that there could be some disruption in the period.

我們對正在執行的計劃充滿信心，但顯然我們必須對這段時期可能會出現一些幹擾的事實保持敏感。

And then there's a level of backlog phasing that impacts the revenue profile of the second quarter based on the order rates and the timing of orders that came in the first quarter.

然後，根據第一季的訂單率和訂單時間，積壓階段會影響第二季的營收狀況。

And so our project backlog phasing has an impact on the top line in the second quarter as well as we're advancing through this quarter.

因此，我們的專案積壓階段對第二季的營收以及我們在本季的進展都有影響。

Got it.

知道了。

That's helpful.

這很有幫助。

My second question, just -- I think you had previously talked about your book-to-bill likely to be below [1x] for the year.

我的第二個問題是——我想您之前曾談到今年您的訂單出貨量可能會低於 [1x]。

Just as you burn off backlog, it was above 1x this quarter.

就像您消耗完積壓訂單一樣，本季的積壓數量已超過 1 倍。

It looks like it's going to be above 1x in Q2 with revenue down and orders to date being better.

隨著收入下降和迄今為止的訂單情況有所好轉，第二季的成長率似乎將超過 1 倍。

Just wondering how you're thinking about the rest of the year beyond that, if there's anything that's different from what you expected?

只是想知道您如何看待今年剩下的時間，是否有任何與您預期不同的事情？

We remain really encouraged with the funnel of activity that we're managing and the opportunities that we think are realistic for us to close on.

我們仍然對我們正在管理的活動管道和我們認為對我們來說是現實的機會感到非常鼓舞。

We're obviously maintaining a focus, as I said in my prepared remarks on what we can control.

正如我在準備好的關於我們可以控制的事情的評論中所說的那樣，我們顯然正在保持專注。

So our executing on our commercial initiatives and our customer experience initiatives, we feel like that is resulting in some attractive opportunities.

因此，我們執行商業計劃和客戶體驗計劃，我們認為這會帶來一些有吸引力的機會。

And thus far, we've had a level of success with that, we remain encouraged, but we're maintaining the guidance that we set at the beginning of the year.

到目前為止，我們在這方面取得了一定程度的成功，我們仍然感到鼓舞，但我們仍維持年初設定的指導方針。

And as I said earlier, we remain cautiously optimistic (technical difficulty) ability to achieve those.

正如我之前所說，我們對實現這些目標（技術難度）的能力保持謹慎樂觀。

Okay, great.

好的，太好了。

Thank you, guys.

謝謝你們，夥計們。

Thanks, John.

謝謝，約翰。

Thank you.

謝謝。

Ladies and gentlemen, we have reached the end of question and answer session.

女士們、先生們，我們的問答環節已經結束。

I would now like to turn the floor over to Mr. Wilson for closing comments.

現在我想請威爾遜先生發表總結意見。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

Our team continues to execute our strategic plan, improve our customers' experience and make significant progress on our simplification initiatives.

我們的團隊繼續執行我們的策略計劃，改善客戶體驗，並在我們的簡化計劃方面取得重大進展。

I'd like to extend my personal thanks to our entire team for their dedication and the relentless execution that enabled us to begin fiscal '25 with strong results.

我謹以個人名義向我們整個團隊表示感謝，感謝他們的奉獻精神和不懈的執行力，使我們能夠在 25 財年伊始取得強勁成果。

In our first quarter, we delivered year-over-year sales growth, expanded gross margin, secured new customer wins, increased backlog with a book-to-bill ratio in excess of 1x and accelerated debt repayment.

第一季度，我們實現了同比銷售成長、毛利率擴大、贏得了新客戶、增加了積壓訂單，訂單出貨比超過 1 倍，並加速了債務償還。

We also announced that continuation of our footprint simplification plan and the consolidation of our North American linear motion facility into our Monterrey, Mexico manufacturing center of excellence.

我們也宣布繼續實施佔地面積簡化計劃，並將北美直線運動工廠整合到墨西哥蒙特雷卓越製造中心。

This is an important next step along our journey to deliver 200 basis points of gross margin expansion by fiscal year '27.

這是我們在 2027 財年實現毛利率成長 200 個基點的目標中的重要一步。

Finally, our team remains focused on the prioritized initiatives that will enable us to achieve our growth and financial performance objectives.

最後，我們的團隊仍然專注於使我們能夠實現成長和財務績效目標的優先舉措。

We're encouraged by the pipeline of opportunities we see in our funnel continue to be optimistic about our prospects and are reiterating our full year guidance.

我們對通路中看到的一系列機會感到鼓舞，繼續對我們的前景持樂觀態度，並重申我們的全年指導。

Thanks for investing your time with us today.

感謝您今天投入時間與我們同在。

As always, please reach out to Kristine if you have any questions.

像往常一樣，如果您有任何疑問，請聯繫克里斯汀。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。