康明斯 (CMI) 2026 Q2 法說會逐字稿

Greetings, and welcome to the second-quarter 2026 Cummins Inc. earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加康明斯公司（Cummins Inc.）2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Nick Arens, Executive Director of Investor Relations. Please go ahead.

現在我很榮幸介紹投資人關係執行董事 Nick Arens。請開始。

Thank you, Paul. Good morning, everyone, and welcome to our teleconference today to discuss Cummins results for the second quarter of 2026. Participating with me today are Jennifer Rumsey, our Chair and Chief Executive Officer; and Mark Smith, our Chief Financial Officer. We will all be available to answer questions at the end of the teleconference.

謝謝你，Paul。各位早安，歡迎參加我們今天的電話會議，討論康明斯 2026 年第二季的業績表現。今天與我一同出席的有：董事長兼執行長 Jennifer Rumsey，以及財務長 Mark Smith。我們將在電話會議結束時回答各位的提問。

Before we start, please note that some of the information that you will hear or be given today will consist of forward-looking statements within the meaning of the Securities and Exchange Act of 1934. Such statements express our forecasts, expectations, hopes, beliefs and intentions on strategies regarding the future.

在開始之前，請注意，您今天將聽到或收到的部分資訊，可能構成《1934 年證券交易法》所定義的前瞻性陳述。此類陳述表達我們對未來策略的預測、期望、希望、信念與意圖。

Our actual future results could differ materially from those projected in such forward-looking statements because of the several risks and uncertainties. More information regarding such risks and uncertainties is available in the forward-looking disclosure statement in the slide deck and our filings with the Securities and Exchange Commission, particularly the Risk Factors section of our most recently filed annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

由於多項風險與不確定性，我們未來的實際結果可能與這些前瞻性陳述所預期者有重大差異。關於相關風險與不確定性的更多資訊，請參閱簡報投影片中的前瞻性揭露聲明，以及我們向美國證券交易委員會（SEC）提交的文件，特別是最近提交的 Form 10-K 年報中的「風險因素」章節，以及其後提交的任何 Form 10-Q 季報。

During this call, we will be discussing certain non-GAAP financial measures and we'll refer you to our website for the reconciliation of those measures to GAAP financial measures. Our press release, with a copy of the financial statements and a copy of today's webcast presentation, are available on our website within the Investor Relations section at cummins.com.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標；相關指標與 GAAP 財務衡量指標之間的調節表，請參閱我們的網站。我們的新聞稿（含財務報表）以及今日網路直播簡報的副本，皆可於 cummins.com 的「投資人關係」專區取得。

With that out of the way, I will turn you over to our Chair and CEO, Jennifer Rumsey, to kick us off.

以上說明完畢後，我將把時間交給我們的董事長兼執行長 Jennifer Rumsey，為會議揭開序幕。

Thank you, Nick. Good morning. I'll start with a summary of our second quarter accomplishments and financial results, then discuss our sales and end market trends by region. I will finish with a discussion of our outlook for 2026. Mark will then walk you through additional details on our second quarter performance and our full year forecast.

謝謝你，Nick。各位早安。我將先總結我們第二季的主要成果與財務結果，接著按地區說明我們的銷售與終端市場趨勢。最後，我會談談我們對 2026 年的展望。之後 Mark 會帶各位進一步了解第二季表現的更多細節，以及我們的全年預測。

Before getting into the details of our performance, I want to highlight a few major events from the quarter. In May, we hosted our 2026 Analyst Day, where we raised our 2030 financial targets and reinforced our commitment to returning capital to shareholders. This reflects that our strategy is working. We are advancing our position in key markets and experiencing increasing demand for our products.

在深入討論我們的表現細節之前，我想先強調本季幾項重大事件。5 月，我們舉辦了 2026 年分析師日，並上調了 2030 年財務目標，同時重申我們致力於回饋股東資本的承諾。這反映出我們的策略正在奏效。我們正在關鍵市場中強化地位，並且看到對我們產品的需求持續增加。

In response to growing global investments in data centers, we also announced plans to further expand our global capacity and broaden our power generation portfolio with integrated power solutions and the development of 130-liter natural gas genset, extending our reach into the growing prime power market.

因應全球對資料中心投資的增加，我們也宣布計畫進一步擴大全球產能，並透過整合式電力解決方案擴充發電產品組合，同時開發 130 公升天然氣發電機組（genset），以延伸我們在成長中的主電力（prime power）市場的布局。

Since Analyst Day, we have continued to build momentum in the data center market. We recently signed a multiyear agreement with a global hyperscaler, expanding a long-standing partnership and securing visibility into several gigawatts of future backup power genset demand. This agreement reinforces our confidence in our growth outlook and supports the capacity expansion already underway.

自分析師日以來，我們持續在資料中心市場累積動能。我們近期與一家全球超大規模雲端業者（hyperscaler）簽署多年期協議，擴大長期合作關係，並取得對未來數 GW 備援電力發電機組需求的可視性。此協議強化了我們對成長展望的信心，也支持目前正在進行的產能擴張。

In June, we announced an agreement with Circe Energy to provide QSK60 and HSK78 natural gas generator sets and integrated microgrid technology for a behind-the-meter prime power solution, supporting a high-performance computing data center in Texas. The project highlights our ability to deliver integrated power solutions, deepen customer partnerships, and expand our presence in the growing prime power market.

6 月，我們宣布與 Circe Energy 達成協議，將提供 QSK60 與 HSK78 天然氣發電機組，以及整合式微電網技術，用於表後（behind-the-meter）的主電力解決方案，以支援德州一座高效能運算資料中心。該專案凸顯我們交付整合式電力解決方案的能力、深化客戶夥伴關係，並擴大我們在成長中的主電力市場的能見度。

Finally, the EPA released its much-awaited proposed rule last month that provides greater clarity on the implementation of the North America On-Highway 2027 emissions regulations for our industry. Based on the proposed rule, we announced our intention to use the implementation flexibilities outlined by the EPA to support a measured transition to our new home engine platforms.

最後，美國環保署（EPA）於上月發布了業界期待已久的擬議規則，為北美公路用（On-Highway）2027 年排放法規的實施提供更明確的指引。根據該擬議規則，我們宣布擬採用 EPA 所列的實施彈性措施，以支持我們向新一代「Home」引擎平台的循序轉換。

This approach is designed to satisfy the proposed regulatory framework and support OEM customer production schedules while providing additional real-world operating experience to help build end user confidence in our new engines. This balanced approach also helps maintain product availability, continue bringing new innovative products to market and support a successful industry transition.

此作法旨在符合擬議的監管架構，並在提供更多真實世界運行經驗的同時，支援 OEM 客戶的生產排程，以協助建立終端使用者對我們新引擎的信心。這種平衡的作法也有助於維持產品供應、持續將創新產品推向市場，並支持產業順利轉型。

As a part of our phased transition, we plan to begin limited production of the model year 2027 X15 engine in January 2027 based on individual OEM launch plans with production ramping progressively and full production expected to begin in the fourth quarter of 2027. We also plan to begin limited production of the model year 2027 X10 in January 2027 with full production expected by the third quarter of 2027 based on OEM launch plans.

作為分階段轉型的一部分，我們計畫依各 OEM 的上市計畫，於 2027 年 1 月開始小量生產 2027 年式 X15 引擎，並逐步提升產量，預期於 2027 年第四季開始全面量產。我們也計畫於 2027 年 1 月開始小量生產 2027 年式 X10，並依 OEM 上市計畫，預期於 2027 年第三季前達到全面量產。

During the transition, the current X12 and L9 engines used in truck and transit bus applications are expected to remain available under EPA's proposed rule. Consistent with our previous announcement, our next-generation B platform is expected to launch in January 2028, and the current B platform will be available for all of 2027.

在轉型期間，依 EPA 的擬議規則，目前用於卡車與市區公車應用的 X12 與 L9 引擎預期仍可供應。與我們先前的公告一致，我們的下一代 B 平台預期於 2028 年 1 月推出，而現行 B 平台在 2027 年全年仍將供應。

As we execute this phase transition, we will continue to work closely with our OEM partners, dealers, fleets and other end customers to align product availability and launch timing. We will also continue to stay actively engaged with the EPA and monitor its rulemaking and implementation flexibilities to support a successful transition for our customers and the industry. Together, these actions reflect our commitment to deliver for our customers, execute with discipline and invest in products and technologies that will support long-term profitable growth.

在執行此分階段轉型的同時，我們將持續與 OEM 夥伴、經銷商、車隊及其他終端客戶密切合作，以協調產品供應與上市時程。我們也將持續積極與 EPA 保持互動，並監測其規則制定與實施彈性措施，以支持客戶與產業順利轉型。綜合而言，這些行動反映我們致力於為客戶交付成果、以紀律執行，並投資於可支持長期獲利成長的產品與技術。

Now I will turn to our overall company performance for the second quarter of 2026 and cover some of our key markets. We delivered record second quarter sales of $9.5 billion, an increase of 9% compared to the second quarter of 2025.

接下來我將說明康明斯 2026 年第二季的整體公司表現，並涵蓋部分關鍵市場。我們第二季銷售額創下歷史新高，達 95 億美元，較 2025 年第二季成長 9%。

Growth was driven primarily by higher global demand and power generation markets, particularly from data centers and international construction markets. EBITDA for the quarter was a record $1.7 billion or 17.5% of sales compared to $1.6 billion or 18.4% of sales a year ago. The increase in EBITDA was primarily due to higher volumes, increased joint venture earnings and positive pricing, partially offset by tariffs and higher variable compensation expenses associated with our projections for record full year earnings.

成長主要由全球需求提升與發電市場帶動，尤其來自資料中心與國際建築市場。本季 EBITDA 亦創新高，達 17 億美元，約占銷售額 17.5%，相較去年同期為 16 億美元、占銷售額 18.4%。EBITDA 的增加主要來自銷量提升、合資企業收益增加與有利的定價，部分被關稅影響以及與我們預期全年獲利創新高相關的較高變動薪酬費用所抵銷。

Our second quarter revenues in North America increased 8% compared to the second quarter of 2025. Industry production of heavy-duty trucks in the second quarter was 60,000 units, down 4% from 2025 levels, while our heavy-duty unit sales were 23,000, up 2% year over year.

我們第二季北美營收較 2025 年第二季成長 8%。第二季重型卡車產業產量為 60,000 輛，較 2025 年水準下降 4%；而我們的重型機出貨量為 23,000 台，年增 2%。

Industry production of medium-duty trucks was 32,000 units in the second quarter of 2026, an increase of 8% from 2025 levels, while our unit sales were up 29,000, up 19% year over year. We shipped 33,000 engines to Stellantis for use in the ramp pickups in the second quarter of 2026, down 2% from a year ago.

2026 年第二季中型卡車產業產量為 32,000 輛，較 2025 年水準成長 8%；而我們的出貨量為 29,000 台，年增 19%。2026 年第二季我們向 Stellantis 出貨 33,000 台引擎，用於 Ram 皮卡，較去年同期下降 2%。

Revenues for North America power generation increased by 19%, driven primarily by continued strong data center demand and supported by the additional manufacturing capacity we brought online at the end of 2025 to meet that growing customer demand.

北美發電業務營收成長 19%，主要由持續強勁的資料中心需求帶動，並受惠於我們在 2025 年底新增上線的製造產能，以滿足不斷成長的客戶需求。

Our international revenues increased 12% during the second quarter compared to a year ago. Second quarter revenues in China, including joint ventures, were $2.3 billion, an increase of 30% year over year, driven by accelerating data center demand as well as improving on-highway and construction markets. Industry demand for medium and heavy-duty trucks in China was 378,000 units, an increase of 24% from last year, driven by strong export demand, particularly in Africa and Southeast Asia, as well as improving domestic replacement demand and increase in battery electric powered trucks. Our sales and units, including joint ventures, were 53,000 units, an increase of 2%.

我們的國際營收在第二季較去年同期增加12%。中國第二季營收（含合資企業）為23億美元，年增30%，主要受資料中心需求加速，以及公路與工程市場改善所帶動。中國中重型卡車的產業需求為37.8萬輛，較去年增加24%，主要由強勁的出口需求（尤其是非洲與東南亞）帶動，並受國內汰換需求改善及電池電動卡車增加所支撐。我們的銷量與台數（含合資企業）為5.3萬輛，增加2%。

Industry demand for excavators in China in the second quarter was 79,000 units, an increase of 34% from 2025 levels. We sold 15,000 units up 35%, driven by export demand associated with mining investments in Africa and Indonesia. Results also benefited from OEM inventory stocking to mitigate potential logistics risks in the Middle East as well as continued domestic demand supported by rural development projects.

中國第二季挖掘機的產業需求為7.9萬台，較2025年水準增加34%。我們銷售1.5萬台，成長35%，主要由與非洲及印尼礦業投資相關的出口需求所帶動。業績亦受惠於OEM為降低中東潛在物流風險而進行的庫存備貨，以及在鄉村發展專案支撐下持續的國內需求。

Sales of power generation equipment in China increased 88% in the second quarter due to accelerating data center demand. Second quarter revenues in India, including joint ventures, was $742 million, an increase of 6% from a year ago. Industry truck production increased 5% from 2025, driven by increased freight availability, infrastructure and mining activity.

由於資料中心需求加速，中國第二季發電設備銷售成長88%。印度第二季營收（含合資企業）為7.42億美元，較去年同期增加6%。卡車產業產量較2025年增加5%，主要受可用貨運量增加、基礎建設與採礦活動帶動。

Now let me provide our outlook for 2026, including comments on several of our key markets. We have raised our full year outlook once again as demand continues to build across several key markets. We now expect total company revenues to increase 10% to 13% in 2026 compared to our prior guidance of 8% to 11%. This improved outlook reflects higher demand in North America on-highway markets, continued strength in power generation driven by data center markets and improved on and off-highway demand in China.

接下來我將提供我們對2026年的展望，包括對幾個關鍵市場的評論。隨著多個關鍵市場需求持續增溫，我們再次上調全年展望。我們目前預期2026年公司總營收將較先前指引的8%至11%提高，成長10%至13%。此一改善的展望反映北美公路市場需求更高、資料中心市場帶動的發電業務持續強勁，以及中國公路與非公路需求改善。

We are raising the midpoint of our 2026 North America heavy-duty truck forecast to a range of 240,000 to 250,000 units, up from our prior guidance of 230,000 to 250,000 units. This reflects strong recent order activity and improving fleet profitability, which drove better-than-expected second quarter production and improved visibility into demand in the second half of the year.

我們將2026年北美重型卡車預測的中位數上調至24萬至25萬輛，先前指引為23萬至25萬輛。這反映近期訂單活動強勁與車隊獲利能力改善，帶動第二季產量優於預期，並提升我們對下半年需求的能見度。

In the North America medium-duty truck market, we are increasing our forecast to 130,000 to 140,000 units in 2026 compared to our prior guidance of 125,000 to 135,000 units. This reflects stronger-than-expected demand in the second half of the year, supported by improving OEM outlook and a modestly higher prebuy following the recent regulatory clarification. For both heavy and medium-duty trucks, we anticipate that the industry production is largely set for the second half of this year.

在北美中型卡車市場，我們將2026年預測上調至13萬至14萬輛，先前指引為12.5萬至13.5萬輛。這反映下半年需求強於預期，並受OEM展望改善，以及近期法規釐清後略高的提前採購（prebuy）所支撐。對於重型與中型卡車，我們預期產業下半年的產量大致已定。

Consistent with our prior guidance, our engine shipments for pickup trucks in North America are expected to be 125,000 to 140,000 units in 2026. In China, we now expect total revenue, including joint ventures, to increase approximately 15% in 2026, an improvement from our prior outlook of up 10%. The higher outlook reflects stronger-than-expected on and off-highway demand, particularly during the second quarter. While we expect normal seasonal moderation during the second half of the year, we continue to expect full year demand to exceed our prior expectations.

與先前指引一致，我們預期2026年北美皮卡用引擎出貨量為12.5萬至14萬具。在中國，我們目前預期2026年總營收（含合資企業）約成長15%，較先前上調10%的展望進一步改善。較高的展望反映公路與非公路需求強於預期，尤其是在第二季。雖然我們預期下半年將出現正常的季節性趨緩，但我們仍預期全年需求將高於先前預期。

For China heavy and medium-duty truck demand, we now expect a range of down 5% to up 5% compared to our prior guidance of down 10% to flat. This reflects stronger-than-expected export demand, particularly in Africa and Southeast Asia.

就中國重型與中型卡車需求而言，我們目前預期相較先前指引的年減10%至持平，調整為年減5%至年增5%的區間。這反映出口需求強於預期，尤其是在非洲與東南亞。

In India, consistent with our prior guidance, we expect total revenue, including joint ventures, to increase 2% in 2026. This includes our expectation for industry demand for trucks to be flat at the midpoint of our guidance, supported by tax rate reductions, improving underlying demand.

在印度，與先前指引一致，我們預期2026年總營收（含合資企業）成長2%。這包含我們對卡車產業需求在指引中位數持平的預期，並受稅率下調與基本需求改善所支撐。

For Global Construction, we now expect demand to range from flat to up 10%, an improvement from our prior outlook of down 10% to flat. In China construction, export demand is stronger than we previously anticipated with relatively flat domestic demand. In North America, we expect demand to remain largely flat given ongoing tariffs and interest rate uncertainty. We expect our major global high horsepower markets to remain strong in 2026. Consistent with our prior outlook, we continue to expect global power generation revenues to increase 15% to 25%.

就全球工程建設（Global Construction）而言，我們目前預期需求介於持平至成長10%，較先前年減10%至持平的展望有所改善。在中國工程建設方面，出口需求較我們先前預期更強，而國內需求相對持平。在北美，由於關稅持續以及利率不確定性，我們預期需求大致維持持平。我們預期2026年主要全球高馬力市場將維持強勁。與先前展望一致，我們仍預期全球發電營收將成長15%至25%。

While customer demand remains exceptionally strong, particularly for data center applications, our growth in 2026 will continue to be constrained by capacity. Our outlook reflects the capacity we brought online in North America at the end of 2025, continued international growth, particularly in China and the broader Asia Pacific region, and increased demand for lower output generator sets as customers seek solutions amid ongoing capacity constraints for larger configurations.

儘管客戶需求仍異常強勁，尤其是資料中心應用，但我們在2026年的成長仍將受產能限制。我們的展望反映：我們於2025年底在北美新增上線的產能、持續的國際成長（尤其在中國及更廣泛的亞太地區），以及在大型配置持續受產能限制之際，客戶尋求解決方案而帶動對較低輸出發電機組需求增加。

The sustained strength in customer demand continues to support our long-term investment and expanding our power generation portfolio and global capacity as we discussed in May.

客戶需求的持續強勁，持續支持我們的長期投資，並如同我們在5月所討論的，擴大我們的發電產品組合與全球產能。

In mining, we now expect engine sales to range from down 5% to up 5% for the year compared with our prior guidance of flat to up 10%. While fleet replacement activity remains supportive in several markets, elevated inventory levels and others are expected to moderate demand through the remainder of the year. For aftermarket reflecting the slight adjustment in our prior guidance, we expect growth of 3% to 8% for 2026, supported by aging fleets and higher parts consumption.

在採礦方面，我們目前預期全年引擎銷售介於年減5%至年增5%，相較先前指引的持平至成長10%。雖然多個市場的車隊汰換活動仍具支撐，但偏高的庫存水位等因素預期將在今年剩餘期間抑制需求。就售後市場而言，反映我們對先前指引的小幅調整，我們預期2026年成長3%至8%，主要受車隊老化與零件耗用增加所支撐。

In summary, we delivered a strong second quarter and are raising our full year revenue growth outlook to 10% to 13% up, while increasing the midpoint of our EBITDA guidance to a range of 18% to 18.5%. Our outlook reflects our expectation for improving operating performance in the second half of the year, led by stronger North America on-highway markets and continued high demand in power generation. We entered the second half of the year with positive momentum and greater regulatory clarity and we remain focused on executing our strategy, investing for long-term growth, helping our customers succeed in a rapidly evolving market.

總結而言，我們第二季表現強勁，並將全年營收成長展望上調至10%至13%，同時將EBITDA指引中位數提高至18%至18.5%的區間。我們的展望反映我們預期下半年營運表現將改善，主要由北美公路市場更強勁以及發電業務持續高需求所帶動。我們以正向動能與更明確的法規環境進入下半年，並將持續專注於執行策略、為長期成長投資，協助客戶在快速演變的市場中取得成功。

I want to thank our employees and leaders around the world for their commitment to our customers and each other. Their dedication, teamwork and focus on execution continues to differentiate Cummins and position us to deliver for our customers while creating long-term value for our shareholders. Now let me turn it over to Mark.

我要感謝全球各地的員工與領導團隊，對客戶以及彼此的承諾。他們的投入、團隊合作與對執行力的專注，持續讓康明斯（Cummins）脫穎而出，並使我們能為客戶交付成果，同時為股東創造長期價值。現在我把時間交給Mark。

Thank you, Jen, and good morning, everyone. Our second quarter financial performance and other important business developments built on the themes from our recent Analyst Day. We delivered record quarterly sales and EBITDA dollars and strong operating cash flow in the second quarter extending our track record of raising performance cycle over cycle. We returned over $0.5 billion of cash to shareholders in the form of share repurchases and cash dividends.

謝謝你，Jen，各位早安。我們第二季的財務表現以及其他重要業務進展，延續了近期分析師日所提出的主題。我們在第二季創下單季銷售額與EBITDA金額新高，並帶來強勁的營運現金流，延續我們在每個景氣循環中持續提升績效的紀錄。我們透過庫藏股回購與現金股利，向股東返還超過5億美元的現金。

The Power Systems business was awarded new prime power business here in the US, and we significantly expanded our opportunities for growth in data center backup power with one of our existing global hyperscaler customers, as Jen summarized.

如Jen所總結，動力系統（Power Systems）業務在美國獲得新的主用電力（prime power）業務訂單，並且我們與既有的全球超大規模（hyperscaler）客戶之一合作，顯著擴大了資料中心備援電力的成長機會。

Having reflected on our strong performance in Q2 and the record demand for Cummins products globally, we've raised our full year forecast from three months ago. In another sign of confidence, our Board of Directors approved a 10% increase in our quarterly cash dividend, the 17th straight year of dividend growth. Second quarter revenues were $9.5 billion, up 9% from a year ago.

在回顧我們第二季的強勁表現以及康明斯產品在全球創紀錄的需求後，我們已將三個月前的全年預測上調。作為另一項信心指標，我們董事會核准將季度現金股利提高10%，這是連續第17年股利成長。第二季營收為95億美元，較去年同期增加9%。

Sales in North America increased 8%, while international revenues grew 12%, led by China. EBITDA was $1.7 billion or 17.5% compared to $1.6 billion or 18.4% a year ago. The increase in EBITDA dollars was primarily driven by higher global power generation volumes and stronger international construction demand. The net impact of tariffs was immaterial to EBITDA dollars in the quarter.

北美銷售成長 8%，而國際營收成長 12%，主要由中國帶動。EBITDA 為 17 億美元或占營收 17.5%，相較於一年前的 16 億美元或 18.4%。EBITDA 金額的增加主要由全球發電出貨量提升以及更強勁的國際建設需求所帶動。本季關稅的淨影響對 EBITDA 金額影響不大。

Now let's go into each line item, but with a little more detail. Gross margin for the quarter was $2.5 billion or 26.1% of sales up from $2.3 billion or 26.4% last year. The increase in dollars was primarily driven by higher volumes, an increase in joint venture earnings and positive pricing partially offset by tariffs and an increase in higher incentive compensation, which is related to our projections for record full year financial performance this year.

現在我們逐項說明各項目，但會更詳細一些。本季毛利為 25 億美元或占銷售額 26.1%，高於去年的 23 億美元或 26.4%。金額增加主要由出貨量提升、合資企業收益增加與有利定價所帶動，但部分被關稅以及較高的激勵性薪酬增加所抵銷；該薪酬增加與我們對今年全年創紀錄財務表現的預測相關。

To avoid me repeating myself several times, I will simply note that the higher incentive compensation impacts cost of sales and operating expenses for all of our operating segments. The run rate for incentive compensation should be lower for the second half of the year than we incurred in the second quarter based on our current forecast.

為避免我重複多次，我僅說明：較高的激勵性薪酬會影響我們所有營運部門的銷貨成本與營業費用。依據我們目前的預測，激勵性薪酬的常態化水準在下半年應會低於我們在第二季所發生的水準。

Selling, administrative and research expenses were $1.3 billion or 13.5% of sales, compared to $1.1 billion or 13.1% a year ago. The increase was driven primarily by higher development cost to support our upcoming on-highway platform launches in North America, a new mining and natural gas power generation programs. Joint venture income of $154 million increased $36 million from the prior year primarily due to stronger performance in our China joint ventures, benefiting the engine and Power Systems segments. Other income was $32 million compared to $49 million from the prior year.

銷售、管理及研發費用為 13 億美元或占銷售額 13.5%，相較於一年前的 11 億美元或 13.1%。增加主要由較高的開發成本所致，用以支援我們即將在北美推出的公路用平台，以及新的礦業與天然氣發電專案。合資企業收益為 1.54 億美元，較去年增加 3,600 萬美元，主要因中國合資企業表現更強，帶動引擎與動力系統事業部。其他收益為 3,200 萬美元，去年同期為 4,900 萬美元。

Interest expense was $80 million, a decrease of $7 million from a year ago. The all-in effective tax rate in the second quarter was 25.1%, which has included $29 million of unfavorable discrete items or $0.21 per diluted share. All-in net earnings for the quarter were $932 million or $6.73 per diluted share compared to $890 million or $6.43 per diluted share a year ago.

利息費用為 8,000 萬美元，較一年前減少 700 萬美元。第二季整體有效稅率為 25.1%，其中包含 2,900 萬美元不利的一次性（離散）項目，或每股稀釋後 0.21 美元。本季整體淨利為 9.32 億美元或每股稀釋後 6.73 美元，相較於一年前的 8.90 億美元或每股稀釋後 6.43 美元。

Our operating cash flow was $1.5 billion, a record for a second quarter, compares favorably to $785 million a year ago, driven primarily by improved working capital. During the quarter, we returned $501 million to shareholders consistent with our long-standing commitment to return approximately 50% of operating cash flow. This included $225 million of share repurchases and $276 million in cash dividends.

營運現金流為 15 億美元，創第二季新高，較一年前的 7.85 億美元明顯改善，主要由營運資金改善所帶動。本季我們向股東回饋 5.01 億美元，符合我們長期承諾回饋約 50% 營運現金流的政策。其中包含 2.25 億美元庫藏股回購與 2.76 億美元現金股利。

I'll now comment on the segment performance and our guidance for the full year '26. For the Engine segment, second quarter revenues were $3.1 billion, an increase of 6% from a year ago. EBITDA was 12.5%, a decrease from 13.8% a year ago, as higher research and development and freight costs were partially offset by stronger North American medium-duty truck volumes, China construction demand and improved tariff recovery.

接下來我將評論各事業部門表現，以及我們對 2026 全年的指引。就引擎事業部而言，第二季營收為 31 億美元，較一年前成長 6%。EBITDA 利潤率為 12.5%，低於一年前的 13.8%；較高的研發與運費成本，部分被北美中型卡車出貨量走強、中國建設需求以及關稅回收改善所抵銷。

In 2026, we project revenues for the engine business to be at 9% to 14%, up from our prior year guide of 7% to 12%, driven primarily by higher expectations for North America heavy and medium-duty truck. We expect EBITDA to be in the range of 12.5% to 13.25% compared to our prior year guidance of 12.5% to 13.5%.

在 2026 年，我們預期引擎業務營收將成長 9% 至 14%，高於先前指引的 7% 至 12%，主要由對北美重型與中型卡車更高的需求預期所帶動。我們預期 EBITDA 利潤率將落在 12.5% 至 13.25% 區間，相較於先前指引的 12.5% 至 13.5%。

Components segment revenue was $2.9 billion, an increase of 7% from a year ago. EBITDA was 13.2%, a decrease from 14.7% a year ago as higher product coverage costs were partially offset by stronger North American truck volumes, higher China on and off-highway volumes, favorable pricing.

零組件事業部營收為 29 億美元，較一年前成長 7%。EBITDA 利潤率為 13.2%，低於一年前的 14.7%；較高的產品保固/保障成本，部分被北美卡車出貨量走強、中國公路與非公路市場出貨量提升以及有利定價所抵銷。

Components, we expect 2026 revenues to be up 8% to 13%, up from our prior outlook of growth of 7.5% at the midpoint due to stronger demand, the trucks in North America, stronger demand in on- and off-highway markets in China. We expect EBITDA to be in the range of 13.5% to 14.25% compared to our prior guide of 13.5% to 14.5%.

就零組件而言，我們預期 2026 年營收將成長 8% 至 13%，高於先前展望（中位數約 7.5% 的成長），原因是需求更強，包括北美卡車需求，以及中國公路與非公路市場需求走強。我們預期 EBITDA 利潤率將落在 13.5% 至 14.25% 區間，相較於先前指引的 13.5% 至 14.5%。

In the Distribution segment, revenues increased 9% from a year ago to a record $3.3 billion. EBITDA decreased as a percent of sales to 13.6% compared to 14.6% a year ago, driven by the higher incentive compensation and freight expenses, which were partially offset by higher power generation volumes. We expect 2026 distribution revenues to be up 9% to 14%, consistent with our prior guide. We also expect EBITDA margins to be in the range of 13.5% to 14.25% compared to our prior -- previous guidance of 14% to 14.25% at the midpoint.

在通路（Distribution）事業部，營收較一年前成長 9% 至創紀錄的 33 億美元。EBITDA 占銷售比重降至 13.6%，相較於一年前的 14.6%，主要因較高的激勵性薪酬與運費支出所致，但部分被更高的發電出貨量所抵銷。我們預期 2026 年通路事業部營收將成長 9% 至 14%，與先前指引一致。我們也預期 EBITDA 利潤率將落在 13.5% 至 14.25% 區間，相較於先前—先前指引中位數為 14% 至 14.25%。

In the Power Systems segment revenues were a record $2.3 billion, an increase of 19% and EBITDA increased from 22.8% to 24.5% of sales primarily driven by strong global power generation demand, especially in the US and China. The 2026, we expect Power Systems revenues to grow 14% to 19%, unchanged from three months ago.

在動力系統（Power Systems）事業部，營收創紀錄達 23 億美元，成長 19%，且 EBITDA 利潤率由 22.8% 提升至占銷售額 24.5%，主要由強勁的全球發電需求所帶動，尤其在美國與中國。2026 年，我們預期動力系統營收將成長 14% 至 19%，與三個月前相同。

We also expect EBITDA margins in the range of 25% to 25.75% compared to our previous guide of 25.5% at the midpoint, reflecting continued strong performance across the business as well as increased investments during the second half of the year to support development of our new [130-liter natural] gas generator platform and expand our position in the growing prime power market.

我們也預期 EBITDA 利潤率將落在 25% 至 25.75% 區間，相較於先前指引中位數 25.5%；此反映業務持續強勁的表現，以及下半年為支援新 [130-liter natural] 氣體發電機平台的開發並擴大我們在成長中的主用電（prime power）市場地位而增加的投資。

Accelerator revenues increased 38% to $145 million, driven by higher electrified powertrain and electrolyzer sales. EBITDA was a loss of $69 million, an improvement from a loss of $100 million in the prior year, reflecting targeted cost reduction actions previously implemented in this segment. In 2026, we now anticipate accelerated revenues to be in the range of $350 million to $400 million, an increase from our prior guide of $300 million to $350 million, and we now expect net losses in the range of $260 million to $290 million compared to our prior guide of a negative $270 million to $300 million.

加速器（Accelerator）營收成長 38% 至 1.45 億美元，主要由電動化動力總成與電解槽銷售增加所帶動。EBITDA 為虧損 6,900 萬美元，較去年虧損 1 億美元改善，反映先前在該事業部已實施的針對性降本措施。2026 年，我們目前預期加速器營收將落在 3.5 億至 4 億美元區間，高於先前指引的 3 億至 3.5 億美元；同時我們目前預期淨虧損將落在 2.6 億至 2.9 億美元區間，相較於先前指引的負 2.7 億至 3 億美元。

In summary, we've raised our full year outlook and now expect total company revenues to increase between 10% and 13%, with EBITDA in the range of 18% to 18.5%. Our effective tax rate is expected to be approximately 23% for the full year excluding any discrete items. Capital investments will be in the range of $1.35 billion to $1.45 billion as we continue to make critical investments to support future growth.

總結而言，我們上調全年展望，並預期公司總營收將成長 10% 至 13%，EBITDA 利潤率落在 18% 至 18.5% 區間。在不含任何一次性（離散）項目的情況下，我們預期全年有效稅率約為 23%。資本投資將落在 13.5 億至 14.5 億美元區間，我們將持續進行關鍵投資以支援未來成長。

In summary, we delivered a strong quarter, supported by continued growth in demand for power generation equipment, improving North America truck markets and growth in China in most end markets, especially data centers.

總結而言，我們交出強勁的一季，受惠於發電設備需求持續成長、北美卡車市場改善，以及中國多數終端市場（尤其是資料中心）的成長。

Thanks to the excellence and commitment of our employees in what remains a complex global economic environment, we enter the second half of the year with positive momentum and focused on supporting our customers with their growth plans and further improving our already strong financial position.

在仍然複雜的全球經濟環境下，憑藉員工的卓越表現與投入，我們以正向動能進入下半年，並專注於支援客戶的成長計畫，同時進一步強化我們本已穩健的財務狀況。

Our strong balance sheet provides the financial flexibility to invest in the growth opportunities ahead, which you've heard a little more today while continuing to allocate capital with discipline and return excess capital to shareholders.

我們強健的資產負債表提供財務彈性，使我們能投資於前方的成長機會（今天各位也聽到更多相關內容），同時持續以紀律配置資本並將多餘資本回饋股東。

Thank you. Now let me turn it back over to Nick.

謝謝。現在我把時間交回給 Nick。

Thank you, Mark. Out of consideration to others on the call, I would ask that you limit yourself to 1 question and a related follow-up. If you have an additional question, please rejoin the queue. Operator, we are ready for our first question.

謝謝你，Mark。為了顧及其他與會者，我想請各位將提問限制為 1 個問題及 1 個相關追問。若您還有其他問題，請重新加入提問隊列。接線員，我們準備好進行第一個提問。

(Operator Instructions) Our first question is from Jamie Cook with Truist Securities.

(接線員指示) 我們的第一個問題來自 Truist Securities 的 Jamie Cook。

I guess two questions. One, just given the incremental clarity we have now on EPA 2027, how are you thinking about the setup for 2027? I know at the Analyst Day expected a down first half for 2027. So how you're thinking about that? And then I guess, Mark, how -- if you look at your earnings in the back half of the year, it implies earnings probably $16, $17 of earnings power in the back half of the year? I'm trying to think, is that a good way to think about a base you mean for 2027.

我想有兩個問題。第一，鑑於我們現在對 EPA 2027 有了更多增量的明確性，你們如何看待 2027 年的布局？我知道在分析師日你們預期 2027 年上半年會先走弱。所以你們現在怎麼看？另外，Mark，如果你看你們下半年的獲利表現，似乎意味著下半年可能有約 16、17 美元的獲利能力？我在想，這是否是用來思考 2027 年基礎水準的一個好方式。

And then my second question, just the distribution margins, I think you lowered quite a bit -- so if you could just talk around the change in margin guidance for distribution?

第二個問題是關於經銷（distribution）利潤率，我認為你們下調了不少——能否談談經銷業務利潤率指引變動的原因？

Jamie, obviously, we raised (inaudible) for the year and the outlook for the American truck market. So we continue to expect strength in the second half of the year. With the EPA draft rule and with the phased transition that we've announced, the key thing is the destination doesn't change the growth opportunity that will exist for us in engines and components with this new platform launches remains the same, and we think the transition will be smoother.

Jamie，顯然我們上調了（聽不清）今年的預期，以及美國卡車市場的展望。因此我們仍然預期今年下半年會維持強勁。隨著 EPA 規則草案以及我們已宣布的分階段轉換，關鍵在於終點不變——這不會改變我們在引擎與零組件方面的成長機會；隨著新平台的推出，機會仍然相同，而且我們認為轉換會更平順。

So while we would expect some moderation in demand next year, we won't give specific guidance, of course, today on what that is, it will not be as abrupt as we might have previously anticipated as we continue to offer the current product for part of next year or in the case (inaudible) for all the next year and then ramp up the new product.

因此，雖然我們預期明年需求會有些降溫，但我們當然不會在今天提供具體指引；不過它不會像我們先前可能預期的那樣突然下滑，因為我們會在明年部分時間持續提供現有產品，或在（聽不清）的情況下整個明年都提供，然後再逐步拉升新產品。

So it's going to smooth that overall transition and really, I think, make less variation of what year-to-year demand looks like, more driven just by the fundamental economics.

所以這將使整體轉換更平滑，我認為也會讓年度之間的需求變化更小，更多是由基本經濟面所驅動。

Yes. And then to your other questions, Jamie. Yes, there's nothing -- there's no onetime or anything nonroutine in the second half of the year. So we're expecting strong EBITDA for the second half of the year, up from the first half of the year, up from a year ago in both Q3 and Q4.

是的。至於你其他的問題，Jamie。是的，下半年沒有任何一次性或非例行性的因素。因此我們預期下半年 EBITDA 會很強，將高於上半年，也高於去年同期，且在 Q3 與 Q4 皆是如此。

The top-up in outlook for incentive compensation gets created a little bit of noise in the second quarter results, but that's going to be lower going into the second half. But the underlying story is one of significant revenue growth and margin expansion on an underlying and as you'll see, hopefully, on a reported basis in the second half of the year.

對獎酬性薪酬（incentive compensation）展望的補提（top-up）在第二季結果中造成了一些雜訊，但進入下半年後這項費用會降低。不過核心故事是顯著的營收成長與利潤率擴張——不論是以基礎（underlying）口徑，或如你們將看到的，希望在下半年以報表（reported）口徑也是如此。

And then distribution is really two things going on and maybe 1 thing not going on and 1 thing going on in that the mix of the business isn't really changing. There's obviously a lot of momentum in their execution of the installation of a lot of these big power generation contracts. The parts business isn't growing at the same rate, probably that would be the thing that would need to see a significant step-up in the margin percent probably.

至於經銷業務，實際上有兩件事在發生，也許有 1 件事沒有發生、另 1 件事在發生：業務組合其實沒有太大改變。他們在執行上有很強的動能，正在安裝許多大型發電合約。零件業務的成長速度沒有那麼快；可能只有看到零件業務顯著加速，利潤率百分比才會需要出現明顯的跳升。

The other factor is, as we've increased our outlook for total company profitability along with that goes the higher incentive compensation, which unfortunately, the distribution disproportionately impacts them as they've got -- it's more of a people business. So that's just a natural consequence. I would -- as a starting point, I would say when we go into next year, we reset our plans at target, our incentive plan is operating above target right now for the current year because of the record performance and that gets reset going into next year.

另一個因素是，隨著我們上調公司整體獲利展望，獎酬性薪酬也會提高；不幸的是，經銷業務受到的影響相對更大，因為他們——這更像是人力密集的業務。所以這是自然的結果。作為起點，我會說，進入明年時我們會把計畫重設回目標水準；我們目前的獎酬計畫在今年因為創紀錄的表現而高於目標運作，而進入明年會重新設定。

So that would be one thing that probably a bit of a tailwind, what happens to demand too early to say as our best guess would be less volatility than we might have imagined in the -- certainly in the first half of the year in North America and highway.

因此這可能會帶來一些順風；至於需求會如何，現在還太早下定論。我們最好的猜測是波動會比我們原先想像的更小——至少在北美公路（highway）市場的上半年會是如此。

Unquestionably, we've got robust backup in power generation, primarily from standby diesel for data centers (inaudible) that continues to grow. So not seeing any significant changes at this point in time, but it's a very early commentary on what we see going forward.

毫無疑問，我們在發電領域有強勁的訂單積壓（backlog），主要來自資料中心的備援柴油（standby diesel）（聽不清），而且仍在成長。所以目前看不到任何重大變化，但這只是對未來走勢非常早期的評論。

So I hope that helped. There's nothing significantly changing. The distribution business, yes, could get close to kind of 10% earnings growth this year. And on an underlying basis, we see a lot of growth there and margin expansion going forward.

希望這有幫助。沒有任何顯著的改變。經銷業務方面，是的，今年獲利成長可能接近 10%。而以基礎口徑來看，我們看到未來仍有很多成長與利潤率擴張的空間。

Steve Volkmann, Jefferies.

Jefferies 的 Steve Volkmann。

Mark, can I just take that one step further, what would roughly be the reset in the incentive comp, I guess, I don't know, in dollar terms, just so we can think about what that good guy might look like next year?

Mark，我能再追問一步嗎？大概明年獎酬性薪酬重設（reset）的幅度會是多少？我想——我不知道——以金額來說，讓我們能思考明年那個「好」的情況可能長什麼樣子。

Well, next year, it could be in the order of -- it could be in the order of like $200 million.

嗯，明年可能大約——可能大約在 2 億美元左右。

Perfect. Okay. And then --

太好了。好。然後--

Just to try and bring clarity because, obviously, that's created little bit of, I would say, distortion is a wrong word, but we have to top it in the second quarter. For the second half, it will be about $25 million a quarter lower in Q3 and Q4 than the Q2 expense.

我再補充說明以釐清，因為顯然這造成了一點——我會說「扭曲」不是很貼切，但我們必須在第二季做補提。至於下半年，Q3 與 Q4 每季將比 Q2 的費用大約少 2,500 萬美元。

Got it. Okay. And then can I just ask on power gen. I'm interested that your target is up 15% to 25% because my interpretation is your kind of capacity constrained there. Why such a big range for that target? What could really kind of move that from bottom to top of the range?

了解。好。那我再問一下發電（power gen）。我注意到你們的目標上調到 15% 到 25%，因為我的理解是你們那邊有點產能受限。為什麼目標區間這麼大？什麼因素可能真的把結果從區間下緣推到上緣？

Yes. Thanks, Steve. So our guide obviously stayed the same this quarter to what we talked about last quarter to largely underpinned by increased capacity, that investments that we made in the 95-liter in particular that we completed last year and then growing demand in China out of our businesses in China, for a product in China and Southeast Asia.

是的。謝謝，Steve。所以我們本季的指引顯然維持不變，與上季所談一致，主要由產能提升所支撐——特別是我們在 95 公升產品上的投資，去年已完成；另外還有中國需求成長，來自我們在中國的業務，供應中國及東南亞的產品。

And as I said in my remarks, because of the capacity constraints on the large gensets, we're seeing some customers taking some of the smaller gensets, but that trend is basically staying the same in the last three months is what we saw previously.

如我在發言中提到，由於大型發電機組（gensets）產能受限，我們看到部分客戶改採一些較小的機組，但這個趨勢在過去三個月基本上與先前看到的相同。

So there is still some range in that. But it really depends on that. I think the large gensets will be basically at capacity and then how much we see at some of the smaller product sale will drive that variation.

所以仍然存在一些區間變動。但主要取決於此。我認為大型機組基本上會滿載，然後我們在較小產品上的銷售量能增加多少，將驅動那個變動幅度。

It's fair to say, it's unlikely to be a 10% swing from here to there. I think the one thing that's been a positive surprise is really the rapid acceleration in China. We were already expecting strong demand in North America, but China has really picked up as well. So whatever extra we can squeeze out with our amazing supply chain team and power systems, probably we can sell it for this year and certainly into next year.

可以說，不太可能在這之間出現 10% 的大幅擺動。我認為一個正面的驚喜是中國的快速加速。我們原本就預期北美需求強勁，但中國也確實回升了。所以無論我們能在我們出色的供應鏈團隊與電力系統團隊的努力下多擠出多少產能，今年大概都能賣掉，且肯定也會延續到明年。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行。

I'm wondering if we could just talk about given the performance ramp ahead of plan this year in Power Systems. How are you thinking about how much the team can ramp up deliveries, '27 versus '26 in this teens type of growth rate as the supply base continues to ramp up? Any updated thoughts on the cadence would be helpful.

我想請教一下，鑑於今年在電力系統（Power Systems）業務的表現爬坡超前於原先計畫。隨著供應基礎持續擴產，你們如何看待團隊在交付量方面的提升空間，特別是以「27 年相較 26 年」這種十幾個百分點的成長率來看？若能分享對出貨節奏的最新看法會很有幫助。

Yes. At this point, the cadence we see is really the same as what Jenny talked about in the May Analyst Day, where we announced, of course, the additional investment in capacity, 20 gigawatt incremental capacity across basically all of our plants and our supply chain.

是的。就目前而言，我們看到的節奏其實與 Jenny 在 5 月分析師日所談的相同；當時我們當然也宣布了額外的產能投資，新增 20GW 的增量產能，涵蓋基本上我們所有的工廠以及供應鏈。

And we'll see some of that coming online next year. So we'd expect some step-up and then the bigger step-up happening in '28 and then continuing to phase in through 2030. And then recall that, that capacity is pretty flexible across size of engines, size of genset application between -- for engines between industrial markets and power gen markets, including the natural gas prime demand.

我們會看到其中一部分在明年上線。因此我們預期會先有一個階段性的提升，然後在 28 年出現更大幅度的提升，並在 2030 年前持續分階段導入。另外請記得，這些產能在引擎尺寸與發電機組（genset）應用之間具有相當彈性——就引擎而言，可在工業市場與發電市場之間調配，包括天然氣主用（prime）需求。

But really, we're starting to see -- as you heard, we're starting to see some prime demand for the products that we have while we work on developing the new 130 liter, but that's going to grow a little bit, but still the predominant revenue for Power Gen this decade is going to be diesel standby.

但實際上，我們開始看到——如你所聽到的——在我們開發新的 130 公升產品的同時，現有產品也開始出現一些主用需求；這會有些成長，但本十年電力發電（Power Gen）的主要營收仍將以柴油備用（diesel standby）為主。

Super. And then (inaudible) topics in engines, the guidance implies 14% type margins in the fourth quarter. On prior engine transitions, you folks have executed pretty seamlessly from one product to the next. Can you just talk about expectations into '27? How hard is the product transition that you folks are dealing with producing some new products and older product? How should we be thinking about the impact on operations over the course of '27?

很好。接著在引擎方面的（聽不清）議題，你們的指引暗示第四季大約是 14% 左右的利潤率。在過去的引擎轉換中，你們從一個產品切換到下一個產品的執行一直相當順暢。能否談談對 27 年的預期？你們目前同時生產新產品與舊產品，這個產品轉換的難度有多大？我們應該如何看待 27 年全年對營運的影響？

Yes. I mean we -- of course, in our plants, we're used to producing different products, but this ability to have a longer limited production transition is something that we've not had in the past. So with the flexibility in the draft rule, and we anticipate this will stay in place based on all of our conversations with the EPA. It really helps us and the industry ramp through that limited production phase between the old and the new products. So we're going to continue to sell the current product next year and anticipate pretty solid demand for that and then ramp up.

是的。我的意思是——當然，在我們的工廠裡，我們習慣生產不同的產品；但這種能夠拉長、且在有限產量下進行轉換的能力，是我們過去沒有的。因此，基於草案規則中的彈性，而且根據我們與 EPA 的所有溝通，我們預期這項安排會維持不變。這確實有助於我們以及整個產業在舊產品與新產品之間的有限產量階段順利爬坡。所以我們明年仍會持續銷售現行產品，並預期其需求相當穩健，之後再逐步拉升。

And then what we've had the forever rising tour out, we've been doing field tests. We've had customers seeing the new home platform launches. I spent time with customers last week, and they're really excited about the opportunity to start to buy at the beginning of the year and build confidence and move in a more measured way between the old and the new products.

另外，我們一直在進行外部巡迴展示，也在做實地測試。我們讓客戶看到新的平台上市。我上週也花時間與客戶交流，他們對於能在年初開始採購、建立信心，並以更審慎的方式在舊產品與新產品之間轉換的機會感到非常興奮。

So I think it's going to be a positive for us, and it's going to let us really gain confidence and capability in that new product with -- across our different OEMs and end customers.

因此我認為這對我們會是正面因素，也會讓我們在不同 OEM 與終端客戶之間，對這項新產品真正建立信心與能力。

Steven Fisher, UBS.

Steven Fisher，瑞銀。

Just on the power side of things, the incremental margins seem to be better than the 25% to 30% expectations that you've talked about. I'm just curious kind of what's surprising you there. And it looks like in the second half implied to be better than that as well. Any color there would be helpful.

就電力業務這邊，增量利潤率看起來比你們先前提到的 25% 到 30% 的預期還要好。我想了解一下，這當中有哪些地方讓你們感到意外？而且看起來下半年隱含也會比那個水準更好。若能補充一些說明會很有幫助。

I think the main driver has probably been stronger demand in China, which helps on the JV earnings side. But overall, not a big surprise. It's really just -- it's a question of efficiency during the ramp-up and how well we work with the supply chain, the pricing set. So I think generally, things have been going well there. There is going to be a step-up in engineering.

我認為主要驅動因素可能是中國需求更強，這對合資企業（JV）獲利貢獻有幫助。但整體而言，並沒有太大的意外。這其實就是——爬坡期間的效率，以及我們與供應鏈協作的程度、定價的設定。所以我認為整體來說，目前進展都相當順利。工程投入會有一個提升。

It's not extraordinary. But as we -- we're bringing to market more new platforms that will be effective. But certainly, we expect the strong gross margin performance to continue.

這並不算特別異常。但隨著我們把更多新的平台推向市場，這些都會發揮效果。不過我們確實預期強勁的毛利表現將會延續。

Okay. And then just as a follow-up to maybe one of the prior questions. In terms of this -- the engine transition in 2027, I'm curious to what extent you thought maybe about whether there's likely to be a prebuy in 2027 as well for those that might be a little more concerned about the technology, but also still some higher cost. Do you think the sort of the phased ramp-up will help alleviate some of the desire potentially for a prebuy on the technology side? Or do you think we could still see a prebuy in '27 out of '28?

了解。再追問一下，可能延續前面某個問題。就 2027 年的引擎轉換而言，我想知道你們是否考慮到 2027 年也可能出現提前採購（prebuy）的情況——因為有些客戶可能對新技術較為擔心，同時成本也可能更高。你認為這種分階段的爬坡是否能在技術面減輕部分提前採購的動機？還是你覺得我們仍可能在 27 年看到為了 28 年而提前採購？

I think it really enables just an overall smoother transition. That -- the industry is coming off of cyclical low. The fundamentals are improving, I would describe it as cautious optimism. So we're -- the fleet is aging. We're starting to see customers just the fundamental economics are allowing them to buy, which is support and demand and some prebuy is coming in, and I think we would anticipate that would continue into next year.

我認為這確實能讓整體轉換更平順。目前產業正從景氣循環低點走出來。基本面正在改善，我會形容為審慎樂觀。因此——車隊正在老化。我們開始看到客戶在基本經濟性改善後具備採購能力，這支撐了需求，也帶來一些提前採購，我們預期這種情況會延續到明年。

But I would think of it as just generally smoother year-over-year versus, well, if you we were to go back a year or two years ago, what we would have anticipated.

但我會把它視為年度之間整體更平順，而不是像如果回到一、兩年前，我們當時可能會預期的那種情況。

Angel Castillo, Morgan Stanley.

Angel Castillo，摩根士丹利。

Just wanted to continue on the EPA '27 dynamic. You mentioned that overall, the shape of the curve and the demand likely ends up being a little bit better for you. But just curious if we could put a little bit more of a financial kind of details around that just in terms of any implications on your pricing ability on the new engine as you roll that out or phase that in.

我想延續 EPA 27 年相關的動態。你提到整體而言，需求曲線的形狀以及需求最終可能對你們更有利一些。但我想請教能否在財務層面多給一些細節，例如在你們推出或分階段導入新引擎時，對你們新引擎的定價能力有何影響？

Any implications on cost as we think about kind of this new more layered approach or slow ramp-up, what does that mean for margins versus what you had kind of anticipated before? And just lastly on that, like any implications on market share? I don't know if others can use credit or any other dynamics you'd expect?

在成本方面，當我們以這種更分層或較慢的爬坡方式來看，對利潤率相較於你們先前的預期意味著什麼？最後，對市占率是否有任何影響？我不確定其他人是否能使用抵換額度（credit）或你們預期還會有其他動態？

Well, I think on economics, we're still working through all of the pricing. But what we said at Analyst Day for the new products, but what we said at Analyst Day is the industry expects that the largest contributor to the increased value and price of the trucks is going to be the powertrain. So we still believe that to be the case. And we expect when we're launching new products with new value, we're appropriately compensated for that.

我想在經濟性方面，我們仍在推進所有定價的細節。但我們在分析師日對新產品所說的是——產業預期卡車價值與價格提升的最大貢獻來源將會是動力總成（powertrain）。我們仍然相信情況會是如此。而且我們預期在推出具備新價值的新產品時，我們會獲得相應的報酬。

Regarding current products, obviously, going into next year. I'll be surprised I didn't get a question on this already, but there'll be NCPs or nonconforming penalties. Those we expect to pass on to the market. So we don't expect a significant financial impact from those. So yes, those are the things that I would say overall in terms of economics of what we know now.

至於現行產品，顯然進入明年。我很意外我還沒被問到這個問題，但會有 NCP（nonconforming penalties，非符合規範罰款）。我們預期會把這些轉嫁給市場。因此我們不預期這些會帶來重大的財務影響。所以，是的，就目前我們所知，這些就是我會說在經濟性方面的重點。

But I think this -- the benefit of this staged or staggered transition is obviously that we get -- we get to trial those products longer. And yes, it should be better for the industry overall. One of the consequences, of course, of staggering is that our R&D cost will stay elevated for a little bit longer.

但我認為這種分階段或錯峰的轉換，其好處顯然是我們可以——我們可以更長時間地試用這些產品。而且是的，整體而言對產業會更好。當然，錯峰的一個結果是，我們的研發成本會在更長一段時間內維持在較高水準。

Again, it won't be hundreds of millions of dollars more than the current rate. We're already spending a bit more. But our product coverage cost for next year would be lower than we would have anticipated with the full launch on January 1. So quite a few moving parts, but I've tried to cover them all.

再說一次，它不會比目前的水準多出好幾億美元。我們已經多花了一些。但明年的產品覆蓋成本會低於我們原先在 1 月 1 日全面上線時所預期的水準。所以有不少變動因素，但我已盡量把它們都涵蓋到了。

Understood. That's very helpful. And then just curious on the backup or diesel power backlog. Just could you give us any color in terms of what you're seeing in the shape of your backlog? How much maybe it's growing sequentially or year-over-year in the quarter?

了解。這非常有幫助。另外我也想請教備援或柴油發電的訂單積壓（backlog）。能否就你們目前看到的訂單積壓形狀提供一些說明？例如本季相較前一季或年增大概成長多少？

And any kind of color that you can provide on kind of the regional demand as well as just the underlying backdrop that you see there for that -- for that product?

以及你能否就區域需求，還有你對該產品所看到的整體基本面背景，提供一些補充說明？

Yes. I mean, really, it continues to be a capacity constrained strong demand market. You heard the strength in US, China, Southeast Asia continues. I'd just say we had a summit recently with customers and leaders from across the Americas for power generation. And the message from them really remains consistent, which is continue to expand capacity, demand for backup power is ahead of industry supply availability and how much more can we deliver them.

是的。我的意思是，它確實仍然是一個產能受限但需求強勁的市場。你們也聽到美國、中國、東南亞的強勁需求持續。我想說的是，我們最近與來自美洲各地的發電客戶與領導者舉辦了一場高峰會。他們傳達的訊息其實一貫一致：持續擴充產能，備援電力的需求領先於產業供給可得性，他們想知道我們還能交付多少給他們。

So backlog is very strong. We feel very confident in the capacity investments that we're in the midst of making and under pressure to go faster if we can.

所以訂單積壓非常強勁。我們對目前正在進行的產能投資非常有信心，而且如果可以的話，也承受著要加快速度的壓力。

Kyle Menges, Citi.

Citi 的 Kyle Menges。

I just wanted to follow up on that last question from Angel. I'm curious for the 95-liter at this point, how far are you booking -- how far out are you booking orders? And also one of your competitors said earlier today that lead times are extending for diesel gensets, and I'm curious if you're seeing the same?

我想延續 Angel 剛才的最後一個問題。我好奇就 95 公升（95-liter）而言，目前你們接單已經排到多遠——訂單排程排到多後面？另外，你們的一位競爭對手今天稍早提到柴油發電機組（diesel gensets）的交期正在拉長，我也想知道你們是否看到同樣的情況？

I think demand continues to grow. That's the thing. And so we're now selling out into the second -- further out into the second half of (inaudible). Overall, as a general statement about demand. So we have seen absolutely no pausing or blinking in demand.

我認為需求仍在成長。這才是重點。因此我們現在已經賣到第二——更往後的下半年(聽不清楚)。整體而言，作為對需求的一般性描述。所以我們完全沒有看到需求有任何暫停或猶豫。

You've heard about the announcement with one large customer. But I would say the general demand trend is not flatlining, it's still growing. And so yes, it's -- if you want a new one, it's going to be the second half of 2028.

你們也聽到我們對某個大型客戶的公告。但我會說整體需求趨勢並沒有持平，仍在成長。所以是的——如果你想要一台新的，那會是 2028 年下半年。

That's helpful. And then just any real changes in pricing as you're signing new agreements or pretty consistent with what you -- what pricing you've been putting through an agreement so far?

這很有幫助。另外，在簽訂新協議時，定價方面有沒有任何實質變化？還是大致與你們迄今在協議中所採用的定價一致？

I think what you heard from Jenny is a clear expectation that as we grow, but we'll be raising our margin performance over time. That comes from a combination of factors, effectively introducing production being fairly paid for the technology we're providing, hopefully, parts growth in the industrial applications. All of those will contribute.

我認為你們從 Jenny 那裡聽到的是一個明確的預期：隨著我們成長，我們的毛利表現會隨時間提升。這來自多種因素的組合，實質上包括：在生產端能夠就我們提供的技術獲得合理報酬，以及希望工業應用領域的零件業務成長。這些都會有所貢獻。

So we really have ambition to keep growing the margins. We've got really strong momentum from the Power Systems team. That's what I would say overall. But again, I'd just remind you that there are not many players in this segment who can provide not just the products, but the service, the installation on a global basis. So demand is high, yes.

所以我們確實有持續提升毛利的企圖心。我們從 Power Systems 團隊獲得非常強的動能。整體而言我會這麼說。但我也要再次提醒，在這個細分市場裡，能夠不只提供產品，還能在全球範圍提供服務與安裝的業者並不多。所以需求很高，沒錯。

David Raso, Evercore ISI.

Evercore ISI 的 David Raso。

Two quick ones. For 2027, I'm just curious your thoughts on the North American truck market, the appetite for. Are you finding customers have more desire to buy the 200-milligram full penalty engine, so no tech change, but they're paying the penalty or a lower milligram. That's still noncompliant, but then you can use credits to offset it, so there's no price increase. I'm just trying to get a sense of the appetite of the customer for new tech, but at a lower price versus I'd rather just have the current tech and pay the penalty and not what the technology change?

兩個簡短問題。關於 2027 年，我想了解你們對北美卡車市場的看法，以及客戶的偏好。你們是否發現客戶更想買 200 毫克、承擔全額罰則的引擎——也就是不做技術變更，但支付罰則——或是較低毫克的版本？那仍然不合規，但可以用額度（credits）來抵銷，因此不會有價格上調。我只是想掌握客戶對新技術的接受度：是偏好較低價格的新技術，還是寧可用現有技術、付罰則，而不做技術變更？

And the second question, can you help us with power gen next year? The level of capacity versus this year, just so we have a sense of volume. I know mix is an important part of that question, but just a little of the capacity you think you'll have next year versus this year for Power Gen resets?

第二個問題，你能否協助我們理解明年的發電（power gen）？明年的產能水準相較今年如何，讓我們對量有個概念。我知道產品組合（mix）是這個問題的重要部分，但能否談談你們預期明年 Power Gen 重置（resets）的產能，相較今年大概會是多少？

So the one -- I'll start and then let Mark build on that. David, thanks for the question. And just a little bit of a caution to say, we expect that NTP regulatory flexibility will stay in place. In the final world, we have a proposed rule and some of the details of how that will work will move around. So how you described what could happen in terms of product availability, credit offsets all that may not exactly be correct.

第一個問題——我先回答，然後讓 Mark 補充。David，謝謝你的提問。我也要稍微提醒一下：我們預期 NTP 的法規彈性會維持。在最終版本中，我們目前只有一個提案規則，而其中一些運作細節可能還會調整。所以你所描述的、關於產品可得性與額度抵銷等可能發生的情況，未必完全正確。

Fundamentally, though, what I would say is that customers are interested in both. They're very excited to be able to continue buying the current products that we are offering and extending into next year, and they want to start buying the new product and gain more experience with that. And we're working right now across our different OEMs on their plans and what will be available in different truck models at what time.

但從根本上來說，我會說客戶兩者都有興趣。他們非常期待能夠持續購買我們目前提供的產品並延續到明年，同時也希望開始購買新產品，累積更多使用經驗。我們目前正與不同的 OEM 合作，討論他們的計畫，以及不同卡車車型在不同時間點會提供哪些產品。

So there will be multiple moving parts in how this plays out. But fundamentally, we are talking with OEMs about what they want from core product, new product with the selling of the market and the end customers that we talk to I would anticipate initially we'll buy more of the current offering, but they want both. They want to start ramping into the new product as well.

所以在這件事如何發展上，會有多個變動因素。但基本上，我們正在與 OEM 討論：就核心產品與新產品而言，他們想要什麼；而從我們與市場及終端客戶的對話來看，我預期一開始他們會買更多現有產品，但他們兩者都想要。他們也希望開始把新產品的量拉升上來。

Essentially, I don't think most of the conversation on an individual bashing. I want one of those or I want one of those, right. But ultimately, the industry is moving towards the new products. It's on an extended time frame and in a fashion that we haven't seen before over a recent cycle.

基本上，我不認為大多數對話是在個別層面上互相抨擊——「我要這個」或「我要那個」，對吧。但最終，產業正在走向新產品。只是時間拉得更長，而且以一種我們在最近一個週期中未曾見過的方式在進行。

So it is somewhat unprecedented, certainly over the last 15 years that for whatever the reasons, the regulations are being finalized, so close to the actual date of implementation. But I don't think it's a per engine calculation that's really, really going on.

因此這在某種程度上是前所未見的，至少在過去 15 年裡是如此：不論原因為何，法規在距離實際實施日期如此接近時才定案。但我不認為真的有人在做那種「逐一引擎」的精密計算。

Ultimately, we all -- the entire industry, not just Cummins needs to transition to the new products. So it will be an interesting dynamic along the way.

最終，我們所有人——整個產業，不只是 Cummins——都必須轉向新產品。所以這一路上會是一個很有意思的動態。

On the power gen capacity --

關於發電產能--

I think we'll (inaudible) that one until later in the year. Otherwise, we're getting into too many levels of guidance right now. But yes, it will be higher.

我想我們會把（聽不清楚）那個留到今年稍晚再談。不然我們現在就會進入太多層級的指引細節。但沒錯，會更高。

Tim Thein, Raymond James.

Raymond James 的 Tim Thein。

Maybe I'll just pair these two together. So question one is just on the engine business. Curious if you can comment to the outlook for parts demand in North America, just again, the on-highway piece specifically, I think if, I read it correctly, that the guidance came up just marginally. But just curious if in general, the healthier freight markets and stronger customers, if you're seeing any pull-through in parts?

也許我把這兩個問題放在一起問。第一個是關於引擎業務。想請你們談談北美零件需求的展望，特別是公路（on-highway）這一塊；我想如果我沒看錯，你們的指引只是小幅上調。但我好奇整體而言，隨著貨運市場更健康、客戶更強勁，你們是否看到零件需求有任何帶動效應（pull-through）？

And then the second part is just on the China data center market has gotten a lot of airtime. And I'm just curious if you have, just from a visibility standpoint, how that compares just you talked a lot about North America, but just do you have a similar level of kind of visibility or not in China. Obviously, the implications for the [Chongqing] joint venture, which is going and important. So maybe just those 2 questions.

接著第二部分是關於中國資料中心市場，這個話題已經受到很多關注。我只是好奇，從能見度的角度來看，這與你們談了很多的北美相比，在中國你們是否也有類似程度的能見度，還是沒有。顯然，這對正在推進且很重要的[重慶]合資企業有其影響。所以大概就是這兩個問題。

Yes. On the parts -- the market is up, as you said, we raised the bottom end of the guide a little bit. So we're seeing some strengthening of parts as the fleet has aged and economics are improving a little bit. It hasn't moved fundamentally from what we talked about a quarter ago, but better certainly this year than last year.

是的。關於零件——如你所說，市場在走強，我們也把指引區間的下緣小幅上調。因此，隨著車隊老化、經濟性略有改善，我們看到零件業務有些轉強。相較於我們一季前談到的情況，基本面沒有根本性的變化，但今年確實比去年好。

And just as in North America, we have strategic customers in China and Southeast Asia, and we have conversations with them about multiyear plans and demand there. So I would say the conversations are very similar. We go, sit down and they say more than the last time we met, please how quick can you do it? Those are pretty consistent in both of those customer basis.

而且就像在北美一樣，我們在中國與東南亞也有策略性客戶，並與他們就多年期計畫與當地需求進行討論。所以我會說，這些對話非常相似。我們去、坐下來，他們會說：比上次見面時還要更多，拜託你們能多快做到？在這兩個客戶群中，這些回饋都相當一致。

All large customers in each market and a broader market participation with others, yes.

每個市場都有大型客戶，另外也有其他客戶更廣泛地參與市場，是的。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Mark, you touched on this earlier on the NCPs and the ETAs 2027. But just to understand it right, if a competitor has credits, they can avoid passing the cost of that on? And do you anticipate any difficulty in passing that through yourselves or any margin impact that might arise from that next year?

Mark，你先前提到過NCP以及2027年的ETA。但為了確認我理解正確：如果競爭對手有額度（credits），他們就可以避免把那個成本轉嫁出去嗎？另外，你們是否預期在自行轉嫁方面會有任何困難，或明年可能因此出現任何毛利影響？

Yes. That -- well, so how the credits will work in the end, it remains to be seen, but it's not -- generally, you can't just use credits to offset NCPs. I just kind of correct you on that in our expectation there --

是的。那個——嗯，最終額度會如何運作，仍有待觀察，但一般來說——你不能只是用額度來抵銷NCP。我只是就我們的預期在這點上稍微更正你一下。——

That's not specific to Cummins.

這不是Cummins特有的情況。

Yes. And of course, we're not -- we can't comment on what everybody plans to do in terms of NCPs and credit usage and all of that. But we don't expect that there's going to be a kind of a big use of credits to offset NCPs.

是的。當然，我們無法評論每家公司在NCP、額度使用等方面打算怎麼做。但我們不預期會出現大量使用額度來抵銷NCP的情況。

Kristen Owen, Oppenheimer & Company.

Kristen Owen，Oppenheimer & Company。

Two quick ones from me. First, I understand it's probably difficult to parse out underlying demand versus pre-buy given the changes. But I do want to try to pull at the threads for underlying demand because it does seem like the economics are improving on tightening supply, not necessarily freight increase in volume. So I'm just wondering how you're thinking about underlying replacement demand outside of the EPA transition? And then I have a follow-up.

我這邊兩個簡短問題。第一，我理解在政策變動下，要區分基本需求與提前拉貨（pre-buy）可能很難。但我確實想釐清基本需求，因為看起來經濟性是在供給收緊下改善，而不一定是貨運量增加所帶動。所以我想請教，你們如何看待在EPA轉換之外的基本汰換需求？然後我還有一個追問。

Yes. A lot of what we see right now is that underlying demand and replacement improving. So there is some prebuy happening certainly, but the fundamentals have improved and that's driving underlying. Demand up and the uncertainty that existed really until last month around regulations and all of the details that are associated with that has caused people to be cautious around prebuy as well. So we are seeing some in the second half, but I would say it's more driven by just market improvement.

是的。我們目前看到的很多情況是，基本需求與汰換需求正在改善。所以確實有一些提前拉貨在發生，但基本面已經改善，這正在推動基本需求上升。而且直到上個月為止，圍繞法規及其所有相關細節的不確定性，讓大家對提前拉貨也更為謹慎。因此我們在下半年確實看到一些，但我會說更多是由市場改善所驅動。

Okay. I'm just trying to square that with the increase in the prebuy expectation in your medium-duty guidance. So maybe I can follow up with that offline. My second question is, since we've covered NCPs pretty well. I wanted to ask about the warranty accruals.

好的。我只是想把這點與你們在中型車指引中對提前拉貨預期的上調對照起來。所以也許我可以線下再追問。第二個問題是，既然我們已經把NCP談得很充分了。我想問一下保固提列（warranty accruals）。

That was obviously favorable from a pricing standpoint for the buyer. But just how you're thinking about warranty accruals as we start to build this bridge in 2027, how that's going to impact your incremental margins with the more measured cadence of production?

那顯然從買方的定價角度來看是有利的。但當我們開始在2027年建立這個過渡期（bridge）時，你們如何看待保固提列？在較為審慎的生產節奏下，這會如何影響你們的增量毛利？

Right. So typically, when we launch a new platform, of which we'll be launching several between '27 and '28 of those come with a higher warranty accrual, and then we adjust that over time as we get actual field experience. Our current warranty costs are running in the low 2% of sales range across the entire company, pretty much at historical lows despite what I call historical complexity of the products.

對。通常當我們推出新平台——而我們在'27到'28之間會推出好幾個——這些通常會伴隨較高的保固提列，之後我們會隨著實際的市場端（field）經驗逐步調整。我們目前的保固成本在全公司範圍內約為銷售額的2%出頭，幾乎處於歷史低點，儘管我所稱的產品複雜度也達到歷史水準。

So we'd expect that to go up as we get more of a mix of new products in North America. And then over time, historically, those costs either have not played out quite as high as anticipated or would just addressed any field issues as we've gone along. That's just a typical part of launching new products.

因此，隨著北美新產品組合占比提高，我們預期這會上升。而隨著時間推移，歷史上這些成本要嘛沒有像原先預期那麼高地實現，要嘛我們會在推進過程中處理任何現場問題。這就是推出新產品的典型情況。

So I would say relative to what we might have thought 6 months ago, next year's warranty costs will be more like this year for the first half of the year, maybe a slight tick up for the limited launches and then we'll move to a higher rate as we get more into the fuller launches in the fourth quarter and into 2028. We're just focusing on that, of course, on the new products, we've got more value, more content.

所以我會說，相較於我們6個月前可能的想法，明年的保固成本在上半年會更接近今年，有限度的上市可能會小幅上升，然後在第四季以及進入2028年、當更全面的上市展開時，我們會轉向較高的比率。當然我們會聚焦在新產品上，因為我們有更多價值、更多內容（content）。

And there's also a scaling and efficiency factor to some extent on some of the components as we go through. But by and large, the first nine months are going to look -- if we just assume equal demand, they're going to look more similar to how we're performing now. And then it will start to change for a short period of time and then improve again over time, that would be the bill.

此外，隨著我們推進，某些零組件在規模化與效率上也在一定程度上會有因素。但總體而言，前九個月看起來——如果我們假設需求相同——會更接近我們目前的表現。然後它會在短時間內開始改變，之後隨時間再度改善，這會是走勢。

The extended limit of production that will allow us to get on any issues that we see quickly and address those as volume starts to ramp. So over the long term, it should provide a positive from a quality perspective.

延長的限量生產將使我們能夠快速掌握任何我們看到的問題，並在產量開始爬升時加以處理。因此從長期來看，從品質角度應該會帶來正面效果。

Thank you. We have reached the end of our question-and-answer session. I would like to hand the floor back over to Nick Arens for any closing comments.

謝謝。我們的問答環節到此結束。我想把時間交還給Nick Arens，請他做任何結語。

Thank you. That concludes our teleconference for today. Thank you all for participating and your continued interest in Cummins. As always, the Investor Relations team will be available for questions after the call.

謝謝。今天的電話會議到此結束。感謝各位參與，並持續關注Cummins。一如往常，投資人關係團隊將在會後提供諮詢以回答問題。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。