康明斯 (CMI) 2026 Q3 法說會逐字稿

Greetings, and welcome to Cummins, Inc., third-quarter 2026 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 年第三季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, James Hopkins, Vice President, Financial Planning, Capital Management and Investor Relations. Please go ahead.

現在我很榮幸介紹本次會議主持人：財務規劃、資本管理暨投資人關係副總裁 James Hopkins。請開始。

Thank you, Donna. Good morning, everyone, and welcome to our teleconference today to discuss Cummins' results for the third 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，Donna。各位早安，歡迎參加我們今天的電話會議，討論康明斯 2026 年第三季的營運結果。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。我們三位都會在電話會議結束時回答問題。

Before we start, please note that some of the information you will hear or be given today will consist of forward-looking statements within the meaning of the Securities 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，將構成《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 these projected in such forward-looking statements because of 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。關於此等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，特別是我們最近提交的 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 will 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 the website within the Investor Relations section of 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；關於這些指標與 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（含財務報表副本）以及今日網路直播簡報的副本，均可於 cummins.com 的「投資人關係」專區取得。

With that out of the way, I wanted to share that I look forward to reconnecting with the investment community in my previously announced role overseeing Investor Relations as the Vice President of Financial Planning, Capital Management and Investor Relations and continue our dialogue about Cummins' performance and future prospects for profitable growth. I look forward to speaking with many of you in our follow-up conversations after today's call.

在完成上述事項後，我想分享的是：我期待以先前已公告的新職務——財務規劃、資本管理暨投資人關係副總裁，並負責投資人關係——與投資社群重新連結，並持續就康明斯的表現與未來獲利成長前景展開對話。我也期待在今天會議後的後續交流中與各位中的許多人對談。

With that, I will turn it over to our Chair and CEO, Jennifer Rumsey to kick us off.

接下來，我將把時間交給我們的董事長兼執行長 Jennifer Rumsey 來為會議揭開序幕。

Thank you, James. It's great to have you back on our earnings calls as a part of your new role. Good morning, everyone. I'll start with a few highlights from the third quarter and an overview of our financial results.

謝謝你，James。很高興你以新職務身分回到我們的財報電話會議。各位早安。我將先分享第三季的幾項重點，以及我們財務結果的概覽。

I'll then discuss key trends across our markets and provide an update on our outlook for the remainder of 2026. Mark will follow with additional details on our third quarter results and full year forecast. Before turning to our financial performance, I want to highlight a few important milestones from the quarter.

接著我會討論各市場的關鍵趨勢，並更新我們對 2026 年剩餘期間的展望。之後 Mark 會補充第三季結果與全年預測的更多細節。在談到財務表現之前，我想先強調本季幾項重要里程碑。

In August, we announced that our Power Systemss business was selected to supply battery energy storage systems for a large US data center project. These systems will help manage AI-driven fluctuations in power demand, improve grid stability, and enhance power reliability. This will be our largest battery energy storage system deployment to date and an important milestone as we expand our capabilities to meet the evolving power needs of data center customers.

8 月，我們宣布 Power Systemss 事業被選定為美國一項大型資料中心專案供應電池儲能系統。這些系統將有助於管理 AI 驅動的用電需求波動、提升電網穩定性，並強化供電可靠性。這將是我們迄今規模最大的電池儲能系統部署，也是我們擴展能力、以滿足資料中心客戶不斷演進之電力需求的重要里程碑。

We continue to make meaningful progress and remain on track with the power generation capacity expansion plans we outlined at our recent analyst day. This includes strengthening our global supply chain, which remains a key pacing item as we bring additional capacity online to meet exceptionally strong demand and power generation, particularly from data center customers.

我們持續取得實質進展，並仍按計畫推進我們在近期分析師日所提出的發電產能擴張規劃。其中包括強化我們的全球供應鏈；在我們新增產能上線、以滿足異常強勁的發電需求（尤其來自資料中心客戶）之際，供應鏈仍是關鍵的進度制約因素。

Recently, we celebrated the opening of a 500,000 square foot manufacturing facility for our IEA cooling systems business in Somers, Wisconsin. This approximately $100 million investment will more than double IEA's production capacity and strengthen our ability to supply critical cooling systems for our generator sets.

近期，我們慶祝 IEA 冷卻系統事業在威斯康辛州薩默斯（Somers）啟用一座 50 萬平方英尺的製造設施。這項約 1 億美元的投資將使 IEA 的產能增加一倍以上，並強化我們為發電機組供應關鍵冷卻系統的能力。

We also made important progress preparing for the upcoming launch of our HELM engine platforms. During the quarter, we completed our 2026 Forever Rising Tour, giving more than 500 customers and dealers the opportunity to experience our 2027 X15 engine alongside our X10 and natural gas X15N engines.

我們也在為即將推出的 HELM 引擎平台做準備方面取得重要進展。本季期間，我們完成了 2026 Forever Rising 巡迴活動，讓超過 500 位客戶與經銷商有機會體驗我們的 2027 X15 引擎，以及 X10 與天然氣 X15N 引擎。

Customer feedback has been very positive, particularly around performance, drivability, and confidence in Cummins' reliability and support network. Hearing directly from customers is an important part of our launch preparations and reinforces our confidence in these products as we prepare to bring them to market.

客戶回饋非常正面，特別是在性能、操控性，以及對康明斯可靠性與支援網路的信心方面。直接聆聽客戶聲音是我們上市準備的重要一環，也進一步強化我們對這些產品的信心，因為我們正準備將其推向市場。

Together, these milestones demonstrate the progress we're making against our strategic priorities, strengthening our core business, expanding our capabilities, and investing in technologies and capacity needed to support our customers and drive long-term growth.

綜合而言，這些里程碑展現我們在策略優先事項上的推進成果：強化核心業務、擴展能力，並投資於支援客戶與推動長期成長所需的技術與產能。

Now let me turn to our third quarter financial performance in key markets. We delivered third quarter revenues of $9.4 billion, an increase of 13% compared to the third quarter of 2025. Growth was driven primarily by improved demand in North America heavy and medium-duty truck markets and continued strength in global power generation, particularly from data center customers, contributing to record sales in our Power Systemss segment.

接下來我將說明第三季在主要市場的財務表現。我們第三季營收為 94 億美元，較 2025 年第三季成長 13%。成長主要來自北美重型與中型卡車市場需求改善，以及全球發電業務持續強勁，尤其是資料中心客戶的需求，帶動我們 Power Systemss 事業部創下歷史新高的銷售額。

We achieved record quarterly EBITDA of $1.8 billion or 18.9% of sales compared to $1.2 billion or 14.3% of sales a year ago. Last year's results include a $240 million goodwill impairment charge and inventory write-down related to our Accelera business. Excluding these charges, EBITDA margin improved approximately 170 basis points year-over-year.

我們創下單季 EBITDA 新高，達 18 億美元（占銷售額 18.9%），相較一年前為 12 億美元（占銷售額 14.3%）。去年結果包含與 Accelera 事業相關的 2.4 億美元商譽減損費用與存貨沖銷。排除上述費用後，EBITDA 利潤率年增約 170 個基點。

Primarily reflecting higher volumes, partially offset by increased variable compensation expenses associated with our expectations for a full year record earnings. Turning to our key markets, third quarter revenues in North America increased 15% compared to third quarter of 2025.

此表現主要反映銷量提升，但部分被變動薪酬費用增加所抵銷，該增加與我們對全年創紀錄獲利的預期相關。就主要市場而言，北美第三季營收較 2025 年第三季成長 15%。

Industry production of heavy-duty trucks in the third quarter was in line with our expectations of 70,000 units, up 62% from 2025 levels, while our heavy-duty unit sales were 24,000, up 68% year-over-year. In the medium-duty truck market, industry production increased 77% to 36,000 units, while our unit sales were up 33,000, up 88% year-over-year.

第三季重型卡車產業產量符合我們對 7 萬輛的預期，較 2025 年水準成長 62%；而我們的重型車用引擎銷量為 2.4 萬台，年增 68%。在中型卡車市場，產業產量成長 77% 至 3.6 萬輛；而我們的銷量為 3.3 萬台，年增 88%。

Despite the strong year-over-year growth, demand was below our expectations as regulatory uncertainty and the anticipated phase transition to EPA '27 products continued to delay some customer purchasing decisions. We shipped 34,000 engines for pickup trucks in the third quarter of 2026, down 16% from a year ago. Demand was weaker than anticipated amid elevated diesel prices and interest rates.

儘管年增幅強勁，但需求低於我們預期，原因在於法規不確定性以及市場預期轉換至 EPA「27」產品的階段性過渡，持續延後部分客戶的採購決策。我們在 2026 年第三季出貨 3.4 萬具皮卡用引擎，較一年前下降 16%。在柴油價格與利率維持高檔的情況下，需求弱於預期。

North America power generation revenues increased 22%, driven primarily by continued strong data center demand and supported by the additional manufacturing capacity we brought online at the end of 2025. While we achieved record power generation sales this quarter, revenues were below our expectations as supply chain constraints, limited shipments across both Power Systemss and distribution, which we expect to largely catch up in the fourth quarter. We continue to see robust order intake and engage in multi-year strategic planning discussions with large data center customers.

北美發電營收成長 22%，主要由資料中心需求持續強勁所帶動，並受惠於我們在 2025 年底新增上線的製造產能。雖然本季我們創下發電銷售新高，但營收低於預期，原因是供應鏈限制使 Power Systemss 與通路（distribution）兩者的出貨量受限；我們預期在第四季大致補回。我們持續看到強勁的接單動能，並與大型資料中心客戶進行多年期策略規劃討論。

Turning to our international markets, revenues increased 11% compared to the third quarter of last year. In China, third quarter revenues, including joint ventures, increased 9% to $1.9 billion supported by accelerating data center demand.

再看國際市場，營收較去年第三季成長 11%。在中國，第三季營收（含合資企業）成長 9% 至 19 億美元，受加速成長的資料中心需求所支撐。

Industry demand for medium and heavy-duty trucks in China was 297,000 units, a decrease of 5% compared to last year. Domestic demand remained challenged by elevated fuel costs, partially offset by strong export demand, particularly in Africa and Southeast Asia.

中國中重型卡車產業需求為 29.7 萬輛，較去年下降 5%。國內需求仍受高燃料成本影響而承壓，但部分被強勁的出口需求所抵銷，尤其是非洲與東南亞市場。

Our sales and units, including joint ventures, were 42,000, a decrease of 15% reflecting increased adoption of battery electric trucks in the domestic market. Industry demand for excavators in China in the third quarter was 62,000 units, an increase to 15% from 2025 levels.

我們的銷售量與台數（含合資企業）為 4.2 萬台，下降 15%，反映國內市場對電池電動卡車的採用增加。中國第三季挖掘機產業需求為 6.2 萬台，較 2025 年水準增加 15%。

We sold 12,000 units, up 28%, driven by export demand associated with mining investments in Africa and Indonesia as well as domestic demand for rural development. Sales of power generation equipment in China increased 42% in the third quarter due to accelerating data center demand.

我們銷售 1.2 萬台，成長 28%，主要由非洲與印尼礦業投資帶動的出口需求，以及國內鄉村發展需求所驅動。中國第三季發電設備銷售因資料中心需求加速而成長 42%。

In India, third quarter revenues, including joint ventures, were $803 million, an increase of 13% from a year ago. Industry truck production increased 30% from 2025, driven by increased freight, infrastructure and mining activity.

在印度，第三季營收（含合資企業）為8.03億美元，較去年同期成長13%。受貨運量增加、基礎建設與採礦活動帶動，產業卡車產量較2025年成長30%。

Now let me provide our outlook for 2026, including comments on several of our key markets. We have updated our full year 2026 outlook and now expect revenue growth of approximately 10% and an EBITDA margin of approximately 18.2% compared to our prior guidance ranges of 10% to 13% revenue growth and 18% to 18.5% EBITDA margin.

現在我來提供我們對2026年的展望，並就幾個關鍵市場發表看法。我們已更新2026年全年展望，目前預期營收成長約10%，EBITDA利潤率約18.2%；相較於先前指引區間為營收成長10%至13%、EBITDA利潤率18%至18.5%。

In North America, we are maintaining our 2026 heavy-duty truck market forecast of 240,000 to 250,000 units. For medium-duty trucks, we are lowering our forecast to 125,000 to 130,000 units compared to our prior outlook of 130,000 to 140,000 units. Reflecting weaker-than-expected third quarter demand as regulatory uncertainty delayed customer purchasing decisions.

在北美，我們維持2026年重型卡車市場預測為24萬至25萬輛。對於中型卡車，我們將預測下調至12.5萬至13萬輛，低於先前展望的13萬至14萬輛。此調整反映第三季需求弱於預期，因監管不確定性延後了客戶的採購決策。

Looking ahead, we expect fourth quarter production in both markets to remain strong near third quarter levels with supply chain constraints limiting the potential for additional upside.

展望未來，我們預期兩個市場第四季產量將維持強勁，接近第三季水準，但供應鏈限制將抑制進一步上行的空間。

For our North America pickup truck engine business, we are now lowering our 2026 shipment forecast to 118,000 to 122,000 units compared to our prior guidance of 125,000 to 140,000 units. We expect demand to moderate further in the fourth quarter, reflecting continued pressure from elevated diesel prices and interest rates.

就我們北美皮卡引擎業務而言，我們現將2026年出貨量預測下調至11.8萬至12.2萬台，低於先前指引的12.5萬至14萬台。我們預期第四季需求將進一步趨緩，反映柴油價格與利率維持高檔所帶來的持續壓力。

In China, we continue to expect total revenue, including joint ventures, to increase approximately 15% in 2026, consistent with our prior outlook, primarily driven by strong demand and power generation, particularly from data center customers.

在中國，我們仍預期2026年總營收（含合資企業）將成長約15%，與先前展望一致，主要由強勁的電力發電需求所帶動，尤其來自資料中心客戶。

For China heavy and medium-duty truck demand, we continue to expect industry demand to range from a decline of 5% to an increase of 5%. As we saw in the third quarter, elevated fuel prices have contributed to a shift toward battery electric trucks, while export demand for diesel powered trucks remains strong, particularly in Africa and Southeast Asia.

就中國重型與中型卡車需求而言，我們仍預期產業需求區間介於下滑5%至成長5%。如同我們在第三季所見，燃油價格高企促使需求轉向電池電動卡車；同時，柴油動力卡車的出口需求仍然強勁，尤其在非洲與東南亞。

In India, we expect total revenue, including joint ventures, to increase approximately 5% in 2026. We continue to expect full-year industry truck demand to be approximately flat at the midpoint of our forecasted range, supported by recent tax rate reductions.

在印度，我們預期2026年總營收（含合資企業）將成長約5%。我們仍預期全年產業卡車需求在我們預測區間的中點大致持平，並受近期稅率下調所支撐。

For global construction markets, we are maintaining our outlook for demand to increase 10% to 20%. In China, we expect export demand to remain strong, while demand in North America is expected to remain relatively flat amid elevated interest rates.

就全球工程建設市場而言，我們維持需求成長10%至20%的展望。在中國，我們預期出口需求將維持強勁；而在北美，在利率高企的情況下，需求預期將相對持平。

In Power Generation, we continue to expect global revenue to increase 15% to 25% this year, consistent with our prior guidance. We expect to recover most of the shipments delayed by third quarter supply constraints in the fourth quarter and demand remains exceptionally strong across North America, China and the broader Asia Pacific region.

在電力發電業務方面，我們仍預期今年全球營收將成長15%至25%，與先前指引一致。我們預期第四季將回補第三季因供應限制而延後的大部分出貨，且北美、中國以及更廣泛的亞太地區需求仍異常強勁。

We're expanding our manufacturing capacity and demand continues to grow with customers increasingly ordering smaller displacement generator sets as availability of larger configurations remains constrained. In mining, we continue to expect engine sales to range from a decline of 5% to an increase of 5% for the year, consistent with our prior guidance.

我們正在擴充製造產能，且需求持續成長；由於較大規格配置的供應仍受限，客戶愈來愈多地下單較小排量的發電機組。在礦業方面，我們仍預期全年引擎銷售介於下滑5%至成長5%，與先前指引一致。

Fleet replacement activity remains supportive in several markets, although elevated inventory levels and others are expected to moderate demand through the remainder of the year. For aftermarket, we are maintaining our outlook for revenue growth of 3% to 8% in 2026, supported by aging fleets and increased parts consumption.

在多個市場中，車隊汰換活動仍具支撐力；然而，庫存水位偏高等因素預期將在今年剩餘期間抑制需求。就售後市場而言，我們維持2026年營收成長3%至8%的展望，並受車隊老化與零件消耗增加所支撐。

In summary, we delivered a strong third quarter with record profitability and continued growth across several of our key markets. Our updated full year outlook reflects continued strength across much of our business, tempered by lower-than-expected pickup truck demand.

總結來說，我們第三季表現強勁，獲利創新高，並在多個關鍵市場持續成長。我們更新後的全年展望反映我們多數業務仍維持強勁，但皮卡需求低於預期對整體形成一定抵銷。

As we enter the fourth quarter, we remain focused on executing our strategy and delivering our commitments to customers and shareholders. We remain on track with the commitments outlined at our recent Analyst Day, including expanding our production capacity and investing in new products and technologies to strengthen our product portfolio.

進入第四季之際，我們仍專注於執行策略，並履行對客戶與股東的承諾。我們仍按計畫推進近期分析師日所提出的承諾，包括擴充產能，以及投資新產品與新技術以強化產品組合。

Finally, I want to thank our employees and leaders around the world for their continued commitment to our customers and to each other through a dynamic time. Their dedication, teamwork, and focus on execution continue to differentiate Cummins and position us to deliver for our customers while creating long-term value for our shareholders.

最後，我要感謝全球各地的員工與領導團隊，在這個充滿變動的時期，持續對客戶以及彼此展現承諾。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，並使我們能在為客戶創造價值的同時，為股東創造長期價值。

Now I'll turn it over to Mark.

現在我把時間交給Mark。

Thank you, Jen, and good morning, everyone. Before reviewing our third quarter financial results in detail, I'd like to summarize five key takeaways. First, we delivered record profitability and strong operating cash flow. Putting us on track to extend our record of raising performance cycle over cycle.

謝謝你，Jen，各位早安。在詳細檢視第三季財務結果之前，我想先總結五項關鍵重點。第一，我們達成創紀錄的獲利能力與強勁的營運現金流，使我們有望延續每個景氣循環週期都提升表現的紀錄。

Second, our year-over-year revenue growth rate continues to accelerate. After reporting 3% growth in Q1 and 9% in Q2, we reported 13% topline increase in the third quarter and implied in our updated full year guidance is 15% growth in the fourth quarter.

第二，我們的年增營收成長率持續加速。在第一季成長3%、第二季成長9%之後，我們第三季營收年增13%；而在我們更新後的全年指引中，隱含第四季將成長15%。

Third, quarter growth was underpinned by exceptionally strong demand for power generation equipment, particularly among global data center customers, along with improving orders for North America medium heavy-duty trucks.

第三，本季成長主要由電力發電設備需求異常強勁所支撐，尤其是全球資料中心客戶，同時北美中重型卡車訂單也有所改善。

Our fourth, key takeaway is that we returned $661 million to shareholders through share repurchases and cash dividends. And as we enter the fourth quarter and expect to generate record full year operating cash flow, returning excess cash to shareholders remains an important priority.

第四項關鍵重點是，我們透過庫藏股回購與現金股利向股東返還6.61億美元。隨著我們進入第四季並預期全年將創下營運現金流新高，將多餘現金返還給股東仍是重要優先事項。

Finally, we've updated our full year 2026 outlook. We now expect revenue growth of approximately 10%. The lower end of the prior range and an EBITDA margin of approximately 18.2%, consistent with our prior range of 18% to 18.5%, lower than expected pickup truck volumes in North America are the primary reason for the downward revision to revenue guidance.

最後，我們已更新2026年全年展望。我們目前預期營收成長約10%，位於先前區間的下緣；EBITDA利潤率約18.2%，與先前18%至18.5%的區間一致。北美皮卡出貨量低於預期，是我們下修營收指引的主要原因。

Let me now walk through the financials in a little more detail. Third quarter revenues were $9.4 billion. Up 13% from a year ago, north -- sales in North America increased 15%, while international revenues grew 11%. EBITDA was a record $1.8 billion or 18.9% of sales compared with $1.2 billion or 14.3% of sales a year ago.

接下來我將更詳細地說明財務表現。第三季營收為94億美元，較去年同期成長13%。北美銷售成長15%，國際營收成長11%。EBITDA創紀錄達18億美元，約占銷售額的18.9%，相較去年同期為12億美元、占銷售額14.3%。

Excluding the $240 million in Accelera goodwill impairment and inventory charges recorded in the prior year, EBITDA margin improved 170 basis points from 17.2% to 18.9%. Higher volumes contributed to the improved profitability, partially offset by increased variable compensation expense, reflecting our outlook for record full-year earnings.

若排除前一年認列的2.4億美元Accelera商譽減損與存貨費用，EBITDA利潤率由17.2%提升170個基點至18.9%。出貨量增加帶動獲利改善，但部分被變動薪酬費用增加所抵銷，該增加反映我們對全年獲利創新高的展望。

The net impact of tariffs, if we're still asking about that, was immaterial in the quarter. Gross margin was $2.6 billion or a record 27.7% of sales compared with $2.1 billion or 25.6% of sales a year ago. The prior year included a $30 million non-cash inventory write-down related to our electrolyzer business included in the Accelera charges discussed earlier.

關稅的淨影響（如果大家還在關心這件事）在本季並不重大。毛利為26億美元，或占銷售額的27.7%，創下新高；相較去年同期為21億美元、占銷售額25.6%。前一年包含一筆與我們電解槽業務相關的3,000萬美元非現金存貨減記，該項已納入先前提到的Accelera費用中。

Excluding the inventory charge, gross margin improved from 26% to 27.7%. Higher volumes and favorable pricing, particularly in power generation, drove the improvement, partially offset by a higher freight cost, some material costs and increased variable compensation expense.

若排除該存貨費用，毛利率由26%提升至27.7%。出貨量增加與有利的定價（特別是在電力發電業務）帶動改善，但部分被較高的運費成本、部分材料成本以及變動薪酬費用增加所抵銷。

Selling, administrative and research expenses were $1.3 billion or 13.4% of sales compared with $1.1 billion or 13.6% of sales a year ago. The increase in dollars was driven primarily by higher development spending for upcoming North America on-highway platform launches as well as the new mining and natural gas power generation platforms.

銷售、管理及研發費用為13億美元，或占銷售額的13.4%，相較去年同期為11億美元、占銷售額13.6%。金額增加主要由即將推出的北美公路用平台所需的研發投入增加所帶動，亦包括新的礦業與天然氣發電平台。

Higher variable compensation expense affected both cost of sales and operating expenses across our segments in the year-over-year comparisons, and I won't repeat that driver in each segment discussion. Unless it's the principal driver of the variation in results.

在年對年比較中，較高的變動薪酬費用同時影響了各事業群的銷貨成本與營運費用；我不會在每個事業群的討論中重複這項因素，除非它是造成結果差異的主要驅動因素。

Joint venture income was $127 million, up $23 million from the prior year, primarily driven by stronger performance in our Chongqing joint venture within Power Systemss in China. Other income was positive $27 million compared with a loss of [$186 million] in the prior year. Excluding the prior year $210 million non-cash goodwill impairment charge, other income was roughly flat year-over-year. Interest expense was $81 million, down $2 million from a year ago.

合資企業收益為1.27億美元，較前一年增加2,300萬美元，主要受中國動力系統（Power Systems）事業中重慶合資企業表現更強所帶動。其他收益為正2,700萬美元，相較前一年為虧損[1.86億美元]。若排除前一年2.1億美元的非現金商譽減損費用，其他收益年對年大致持平。利息費用為8,100萬美元，較去年同期減少200萬美元。

The all-in effective tax rate was 17.7%, including $75 million favorable discrete tax items or $0.54 per diluted share. All-in net earnings were $1.1 billion or $8.25 per diluted share compared with $536 million or $3.86 per diluted share a year ago. The prior year included $240 million in non-cash Accelera charges, equivalent to $1.73 per diluted share.

整體有效稅率為 17.7%，其中包含 7,500 萬美元的有利一次性（離散）稅務項目，或每股稀釋後 0.54 美元。整體淨利為 11 億美元，或每股稀釋後 8.25 美元，相較於一年前的 5.36 億美元，或每股稀釋後 3.86 美元。前一年包含 2.4 億美元的非現金 Accelera 費用，約當每股稀釋後 1.73 美元。

All in operating cash flow was $1.4 billion compared with $1.3 billion a year ago. During the quarter, we returned $661 million to shareholders, consistent with our long-standing commitment to return approximately 50% of operating cash flow to shareholders. The quarterly returns included $359 million in share repurchases. $300 million in cash dividends.

整體營運現金流為 14 億美元，較一年前的 13 億美元增加。本季我們向股東回饋 6.61 億美元，符合我們長期以來承諾將約 50% 的營運現金流回饋給股東。季度回饋包含 3.59 億美元的庫藏股回購，以及 3 億美元的現金股利。

I will now review segment performance briefly in our guidance for 2026. Engine business third quarter revenues were $3.1 billion, up 20% from a year ago. EBITDA margin improved 350 basis points to 13.5% from 10% a year ago, primarily due to higher North America heavy and medium-duty truck volumes more than offsetting weakness in the pickup truck market.

我現在將在我們對 2026 年的指引中，簡要回顧各事業部門表現。引擎事業第三季營收為 31 億美元，較一年前成長 20%。EBITDA 利潤率較一年前的 10% 提升 350 個基點至 13.5%，主要因北美重型與中型卡車銷量增加，足以抵銷皮卡市場疲弱的影響。

For 2026, we now expect revenue growth of 8% to 11% compared to our prior guide of 9% to 14% and EBITDA margins of 12.25% to 12.75%, compared with 12.5% to 13.25% previously. This updated outlook primarily reflects lower pickup truck demand.

針對 2026 年，我們目前預期營收成長 8% 至 11%，相較先前指引的 9% 至 14%；EBITDA 利潤率為 12.25% 至 12.75%，相較先前的 12.5% 至 13.25%。此更新展望主要反映皮卡需求較低。

Components revenues were $2.9 billion, up 23% from a year ago. EBITDA margin improved [190 basis points] to 14.3% from 12.5%, primarily driven by higher North American heavy and medium-duty truck volumes. For 2026, we now expect components revenue growth of 8% to 11% compared with our prior guide of 8% to 13%.

零組件營收為 29 億美元，較一年前成長 23%。EBITDA 利潤率提升 190 個基點，從 12.5% 升至 14.3%，主要由北美重型與中型卡車銷量增加所帶動。針對 2026 年，我們目前預期零組件營收成長 8% 至 11%，相較先前指引的 8% 至 13%。

We have updated our EBITDA margin outlook to 13.25% to 13.75% compared with 13.5% to 14.25% previously. These revisions primarily reflect lower-than-expected pickup demand as well as weaker domestic on-highway demand in China.

我們已將 EBITDA 利潤率展望更新為 13.25% 至 13.75%，相較先前的 13.5% 至 14.25%。這些修正主要反映皮卡需求低於預期，以及中國國內公路用車需求較弱。

Distribution revenues increased 4% from a year ago to $3.3 billion and EBITDA margin declined to 13.9% from 15.5% a year ago, driven by a lower mix of aftermarket revenues. For 2026, we now expect revenue growth of 10% to 13% compared with our prior guidance of 9% to 14%. And EBITDA margins of 13.6% to 14.1%, a tightening of the prior range of 13.5% to 14.25%.

經銷（Distribution）營收較一年前增加 4% 至 33 億美元，而 EBITDA 利潤率由一年前的 15.5% 下滑至 13.9%，主因售後市場（aftermarket）營收占比下降。針對 2026 年，我們目前預期營收成長 10% 至 13%，相較先前指引的 9% 至 14%。EBITDA 利潤率為 13.6% 至 14.1%，相較先前 13.5% 至 14.25% 的區間略為收斂。

Power Systemss revenues were a record $2.3 billion, up 15% year-over-year, and EBITDA margin increased 250 basis points to 25.4% from 22.9% a year ago. Driven primarily by stronger power generation demand globally and favorable pricing. For 2026, we now expect Power Systemss revenue growth 15% to 18% compared with our prior range of 14% to 19% and EBITDA margins at 25.1% to 25.6%, [to the] slight tightening compared to the prior range of 25% to 25.75%.

Power Systemss 營收創下 23 億美元新高，年增 15%，EBITDA 利潤率較一年前的 22.9% 提升 250 個基點至 25.4%。主要由全球發電需求更強勁以及有利的定價所帶動。針對 2026 年，我們目前預期 Power Systemss 營收成長 15% 至 18%，相較先前的 14% 至 19%；EBITDA 利潤率為 25.1% 至 25.6%，相較先前 25% 至 25.75% 的區間略為收斂。

[Clear] unchanged. For both Power Systemss and distribution, the outlook reflects the anticipated fourth quarter recovery of most of the shipments that were delayed from the third quarter.

[Clear] 不變。對於 Power Systemss 與經銷（distribution）兩者而言，展望反映預期第四季將回補第三季延遲出貨的大部分出貨量。

Accelera revenues were $103 million compared with $121 million a year ago, mainly due to lower electrolyzer sales. EBITDA was a loss of $56 million compared with a loss of $96 million a year ago, excluding the non-cash charges, which is described earlier. This improvement reflects the benefits of previously implemented cost reduction actions.

Accelera 營收為 1.03 億美元，相較一年前的 1.21 億美元下降，主要因電解槽銷售較低。EBITDA 虧損 5,600 萬美元，相較一年前虧損 9,600 萬美元（不含前述非現金費用）。此改善反映先前已實施的成本削減措施所帶來的效益。

For 2026, we now expect Accelera revenues of $350 million to $400 million -- at revenues of $350 million to $400 million and net losses -- net EBITDA loss of $260 million to $290 million, consistent with our prior guidance.

針對 2026 年，我們目前預期 Accelera 營收為 3.5 億至 4 億美元——營收 3.5 億至 4 億美元，且淨虧損——EBITDA 淨虧損為 2.6 億至 2.9 億美元，與先前指引一致。

I also want to highlight an update on our HyLYZER electrolyzer products. During the third quarter, two wholly owned subsidiaries, Hydrogenix and Hydrogenix Europe NV issued a stop-use recommendation to customers of HyLYZER electrolyzer products. Following a planned review of operational data from the installed fleet.

我也想強調我們 HyLYZER 電解槽產品的最新進展。第三季期間，兩家全資子公司 Hydrogenix 與 Hydrogenix Europe NV 向 HyLYZER 電解槽產品客戶發布停止使用建議。此舉是在對已安裝機隊的營運數據進行既定審查之後作出。

At this time Hydrogenix has not initiated a real recall campaign and continues to evaluate whether any modifications are required to return the electrolyzer to service. The potential financial impact of this remains under evaluation and is not reflected in our guides.

目前 Hydrogenix 尚未啟動正式召回行動，並持續評估是否需要任何修改，才能讓電解槽恢復運轉。其潛在財務影響仍在評估中，且未反映於我們的指引。

In summary, we've updated our full year 2026 outlook for the company. We now expect revenue growth of approximately 10% at the lower end of the prior range and EBITDA margin of approximately 18.2% within the prior range of 18% to 18.5%.

總結而言，我們已更新公司 2026 全年展望。我們目前預期營收成長約 10%，位於先前區間的下緣；EBITDA 利潤率約 18.2%，落在先前 18% 至 18.5% 的區間內。

Our effective tax rate is expected to be approximately 23% in '26, excluding any discrete items. Our outlook for capital investments is unchanged between $1.35 billion and $1.45 billion as we continue to make critical investments to support future growth. Overall, we delivered a strong third quarter with record profitability, solid cash generation and continued growth across several key markets, demonstrating progress to our 2030 Analyst Day targets.

我們預期 2026 年有效稅率約為 23%，不含任何一次性（離散）項目。我們對資本投資的展望維持不變，介於 13.5 億至 14.5 億美元之間，因我們持續進行關鍵投資以支持未來成長。整體而言，我們交出強勁的第三季成績，創下獲利新高、現金創造穩健，並在數個關鍵市場持續成長，展現朝 2030 年分析師日目標邁進的進展。

Revenues in Q3 were a little below our own expectations. Implied in our guidance is stronger fourth quarter revenue with a key step-up in distribution revenues, an important driver tied to power generation products, especially data centers. Our strong balance sheet and record cash flow generation give us the financial flexibility to fund long-term growth investments while continuing to prioritize returning excess cash to shareholders.

第三季營收略低於我們自身預期。我們的指引所隱含的是第四季營收將更強，且經銷（distribution）營收將有一個關鍵的躍升；經銷是與發電產品相關的重要驅動因素，尤其是資料中心。我們強健的資產負債表與創紀錄的現金流創造能力，使我們具備財務彈性，可在持續優先將多餘現金回饋股東的同時，為長期成長投資提供資金。

So far this year, we returned a total of $1.681 billion in the form of cash dividends and share repurchases, reflecting our confidence in our future prospects. I want to thank our employees around the world for their continued dedication and commitment to customers.

截至今年目前為止，我們已透過現金股利與股票回購合計回饋 16.81 億美元，反映我們對未來前景的信心。我也要感謝全球員工持續的投入與對客戶的承諾。

Now let me turn it back over to James, who assures me he has greatly missed earnings day and all the callbacks he's looking forward to after this call. Thank you.

現在我把時間交還給 James；他向我保證他非常想念財報日，以及在本次電話會議後他所期待的所有回電。謝謝。

Thanks, Mark. Out of consideration to others on the call, I'd ask that you limit yourself to one question and a related follow-up. And if you have an additional question, please rejoin the queue. Donna, with that, we're ready for our first question.

謝謝你，Mark。為了顧及電話會議上的其他人，我想請各位將問題限制為一個問題及一個相關追問。如果還有其他問題，請重新加入排隊。Donna，接下來我們準備開始第一個問題。

(Operator Instructions)

（接線員指示）

Angel Castillo, Morgan Stanley.

Angel Castillo，摩根士丹利。

Hey, good morning. This is [Oliver] on for Angel this morning. I know you guys talked about fully passing through the NCPs next year. I guess two-part question one, is that predicated on a disciplined OEM market? And then two, is there a chance that the EPA won't make its final ruling until after 2027? Any color would be helpful.

嗨，早安。我是今天代替 Angel 的 [Oliver]。我知道你們提到明年會把 NCPs 全數轉嫁出去。我想問兩個部分：第一，這是否以 OEM 市場維持紀律為前提？第二，是否有可能 EPA 要到 2027 年之後才會做出最終裁定？任何補充說明都會很有幫助。

So we currently anticipate that the EPA will come out with their final rule. As you are well aware, they initiated the draft rule in July, comment period closed at the end of August and they're making their way through those comments and our understanding is we'll likely see that in December. And we anticipate that [NCPs] will be included in the final rule. The question and what's driving some underlying market uncertainty is will they change the amount of those NCPs from the draft rule.

我們目前預期 EPA 會發布最終規則。如各位所知，他們在 7 月提出草案規則，意見徵詢期在 8 月底結束，目前正在處理這些意見；依我們的理解，可能會在 12 月看到最終版本。我們也預期最終規則會納入 [NCPs]。問題在於、也是造成部分市場不確定性的原因：他們是否會相較草案規則，調整這些 NCPs 的金額。

We have been working closely with all of our OEM customers around product availability and plans and we anticipate largely in the next year, we'll sell more of the current products, but we have a phased transition that we've announced over the course of the year, launching limited production of the X10 and X15 in January and then transitioning in the third and fourth quarter to full production of the new product and then to be -- we'll move to the new product at the beginning of '28.

我們一直與所有 OEM 客戶就產品供應與規劃密切合作；我們預期大致在明年，我們會銷售更多現行產品，但我們已在今年宣布分階段轉換：1 月開始推出 X10 與 X15 的有限量產，接著在第三與第四季轉為新產品的全面量產，然後——我們將在 28 年初切換至新產品。

And our comments about recovering NCPs are from our customers, where those apply when you pull the products.

而我們關於回收 NCP 的評論是來自我們的客戶；在您把產品拉回時，這些評論在適用的情況下就會反映出來。

Understood. Thank you. And then maybe just a follow-up on the supply chain constraints you mentioned. Can you just share some color on the nature of those bottlenecks? And then as they're resolved -- I mean, which products do you see? Or which segments do you think should see the most benefit there?

了解。謝謝。接著可能再追問一下您提到的供應鏈限制。您能否多分享一些這些瓶頸的性質？另外，隨著它們被解決——我的意思是，您看到哪些產品？或您認為哪些業務區隔會從中獲得最大的效益？

Yeah, we experienced -- we identified a challenge with one of our suppliers in the third quarter in Power Systemss that's been worked on. We expect to recover most of those the production -- engine production, which then flows into distribution for installation to our customers in the fourth quarter. So that's the primary one.

是的，我們在第三季於 Power Systemss 辨識到其中一家供應商出現挑戰，目前正在處理中。我們預期在第四季可恢復大部分的產出——引擎生產，接著會流入通路端，供安裝到客戶端。因此這是主要的一項。

It is fair to say. Demand is tight given the -- demand is high and so increasing supply, investing in capacity along with our suppliers is a key focus going forward, not just for the fourth quarter. But generally, I would say supply -- at supply is tight both in Power Systemss and in some of the on-highway markets.

可以這麼說。在需求面——需求很高，因此需求端相當吃緊；所以提高供給、與供應商一起投資產能，是我們未來的重點，不僅是第四季。整體而言，我會說供給——在 Power Systemss 以及部分公路（on-highway）市場都偏緊。

Specifically for the third quarter, the impact was within Power Systemss, which had a knock-on impact, the distribution. And that's why you've seen such a step up in revenue in the fourth quarter in distribution, we would have expected, let's say, about $200 million more of that revenue to incur in the third quarter that's rolled into the fourth quarter.

就第三季而言，影響發生在 Power Systemss，並產生連鎖效應，影響到通路端。這也是為什麼你們會看到第四季通路營收大幅跳升；我們原本預期大約會有多 2 億美元的營收在第三季認列，但現在延後到第四季。

The other part of our revenue miss in the third quarter was market-driven, which we tried to be clear was tied to the North American pickup truck, heavy-duty part of the pickup truck market.

我們第三季營收未達預期的另一部分是市場驅動因素；我們也試著清楚說明，這與北美皮卡（pickup truck）市場中重型（heavy-duty）那一塊有關。

Jerry Revich, Wells Fargo Securities.

Jerry Revich，富國證券（Wells Fargo Securities）。

Yes, hi. Good morning, everyone. I'm wondering if you could just talk about within Power Systemss if you've seen any movement in the backlog given the election news and otherwise, and if you could just comment on the ability to shift production and deliver more into other regions, if we do see movement in backlog, just would love you to comment on the broader puts and takes as you look at the production plan?

是的，嗨。各位早安。我想請教一下，在 Power Systemss 內部，考量到選舉消息及其他因素，您是否看到訂單積壓（backlog）有任何變化？另外，如果我們確實看到 backlog 有所變動，您能否評論一下把產能轉移、並在其他地區交付更多產品的能力？也很希望您能就生產計畫的角度，談談整體的利弊權衡（puts and takes）。

Yes, Jerry, sure. I understand the question. I think a lot of people have that question. And we, of course, recognize the conversation that's happening in the US right now around energy use and environmental impact of data centers.

好的，Jerry，當然。我理解這個問題。我想很多人都有同樣的疑問。而我們也確實注意到，目前美國正在進行關於資料中心能源使用與環境影響的討論。

Our focus remains on meeting our customers' demands and what I can tell you is those demands continue to grow, our order intake in the third quarter exceeded what we thought it would be. We continue to see exceptionally strong demand on our larger engine gensets with orders extending out into the second half of 2028, as well as interest in the next size down from those where we can't meet customer needs with the larger gensets.

我們的重點仍是滿足客戶需求。我可以告訴你的是，這些需求仍在成長；我們第三季的接單量（order intake）超出原先預期。我們持續看到大型引擎發電機組（gensets）需求異常強勁，訂單已延伸到 2028 年下半年；同時，對於比這些機組小一個尺寸的產品也有興趣，因為在某些情況下，我們無法用更大型的 gensets 來滿足客戶需求。

We have multi-year strategic conversations to plan expectations with our customers and those can remain very strong and we have contractual commitments with some of our big hyperscaler customers that extend beyond. When we have firm order board.

我們與客戶進行多年期的策略性對話，以規劃並管理彼此的預期；這些對話仍然非常強勁。我們也與部分大型超大規模（hyperscaler）客戶有合約承諾，期限更長，且在我們有確定的訂單盤（firm order board）時會反映出來。

So what I'll tell you is we continue to see strong demand and recall that, that demand is global, we've seen significant rise in China and Asia Pacific this year in addition to the already growing demand in North America and our investments are in existing plants and assets that have a lot of flexibility to meet various customer global needs in industrial markets as well as various power generation markets.

所以我要說的是，我們仍持續看到強勁需求；也請記得，這個需求是全球性的。今年除了北美需求持續成長外，我們也看到中國與亞太地區顯著上升。我們的投資主要在既有工廠與資產上，這些資產具備很高的彈性，可滿足全球客戶在工業市場以及各類發電市場的不同需求。

And that's one of the other advantages of having a global in-house distribution system that our global customers have that confidence of the support they're going to get wherever they operate.

而這也是擁有全球自有通路系統的另一項優勢：我們的全球客戶能夠有信心，無論他們在哪裡營運，都能獲得相應的支援。

Super. And can I ask you on the capacity expansion, obviously super CapEx efficient plan to add capacity, can you just update us on how additional production is coming online, how that's going?

很好。那我可以再問一下產能擴張嗎？顯然這是一個資本支出（CapEx）效率很高的擴產計畫；您能否更新一下新增產能的投產進度，以及目前進展如何？

And Mark, I believe if I've got the math right, fourth quarter implies potentially a step down in Power Systemss margins. I want to make sure that's right. It looks like that's about 22.5%, but maybe there are moving pieces to think about?

另外 Mark，如果我算得沒錯，第四季似乎意味著 Power Systemss 的利潤率可能會下滑。我想確認這是否正確。看起來大約是 22.5%，但也許有一些變動因素需要考量？

So I'll talk just about the investments we're making. We're really making good progress, please on track with those investments, really two key areas, the capacity investment that we're making and we will see start to see step up in capacity next year and then further step up most of that coming in the 2028.

我先談我們正在進行的投資。我們進展得非常好，這些投資都按計畫推進，主要有兩個關鍵領域：第一是產能投資，我們將在明年開始看到產能提升，之後在 2028 年會有更進一步的提升，其中大部分增量會在 2028 年到位。

Time frame that we can use for both backup power as well as prime power applications. And then we're also making good progress with the development of our new 130-liter natural gas engine. So you've seen announcements of selling some of our existing natural gas products into prime power applications as well as BESS.

在這個時間範圍內，我們可同時用於備用電力（backup power）以及主用電力（prime power）應用。第二，我們在新款 130 公升天然氣引擎的開發上也取得良好進展。因此你們已看到我們宣布，將部分既有天然氣產品銷售到主用電力應用以及 BESS（電池儲能系統）。

And then we'll some key development milestones and start to have pilot product in the market for the larger engine in 2028. So that revenue really doesn't start to come in a more meaningful way until 2029. But all of that is tracking to the plans that we had. And as I said, we feel, well on track for what we committed for 2030 in our May Analyst Day.

接下來我們會達成一些關鍵的開發里程碑，並在 2028 年讓較大型引擎的試點產品（pilot product）進入市場。因此，相關營收要到 2029 年才會以更有意義的方式開始貢獻。不過，這一切都依照我們原先的計畫在推進。正如我所說，我們認為自己在達成 5 月分析師日（Analyst Day）對 2030 年所承諾的目標方面，進度非常順利。

Yeah, and then on the margin question, of course, math's right, Jerry, I think Q4 is not going to be a forward-looking run rate. There's always a bit of natural variation when you're investing in new products, bringing on capacity, you've got a few shorter production days in the fourth quarter.

是的，至於利潤率的問題，Jerry，你的數學當然是對的。我認為第四季不會是前瞻性的常態化水準（run rate）。在投資新產品、擴增產能時，利潤率本來就會有一些自然波動；而且第四季的生產天數也會稍微少一些。

So yes, the Q4 margins could be a little bit low, but that's not the run rate going forward. There's no fundamental change in the underlying trajectory of the Power Systemss profitability. It's been a great story and we're very confident global demand and the prospects for that business.

所以，是的，第四季利潤率可能會稍低一些，但那不是未來的常態水準。Power Systemss 獲利能力的基本趨勢並沒有任何根本性的改變。這一直是一個很好的故事，我們對全球需求以及該業務的前景非常有信心。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning. I guess my first question just, Mark, there's a lot of debate in 2027 and 2028 with just complications around EPA 2027 and phasing in and your investments on your ability to put up the targeted 25% incremental margins that you guys talked about at your Analyst Day this year.

嗨，早安。我想我的第一個問題是，Mark，市場對 2027 與 2028 年有很多討論，主要是圍繞 EPA 2027 的複雜性、分階段導入（phasing in），以及你們的投資是否會影響你們達成今年分析師日所談到的 25% 目標增量利潤率（incremental margins）的能力。

Just trying to understand your confidence level with Cummins' ability to do that and is it more back-end loaded? So just thoughts there. And then I guess just my second question, I guess what struck me about the quarter, we missed on revenues, the margin performance what I mean, was very strong.

我想了解你們對康明斯（Cummins）達成該目標的信心程度，以及是否會更偏向後段貢獻（back-end loaded）？請分享一下想法。然後第二個問題是，本季讓我印象深刻的是：我們營收未達預期，但利潤率表現——我的意思是——非常強勁。

So was there anything unusual that allowed you to put up good margins on a softer revenue base and then the margins implied in the fourth quarter are pretty strong too. So I'm just wondering if the back half of 2026 margins is a good way to think about a starting point for 2027? Thank you.

所以，在較疲弱的營收基礎上，是否有任何不尋常的因素讓你們仍能繳出良好的利潤率？而且第四季隱含的利潤率也相當強勁。因此我想問，2026 年下半年利潤率是否可以視為 2027 年的起點？謝謝。

Yeah, some good. that's a wide range of related comments. So what I'd say is, number one, when we had our Analyst Day, best of my recollection, I tried to paint a picture across the different segments. The Power Systemss and distribution would be more of a continuous story that there would be part of a transition to new products on the engine business and components story and it's possible people are misinterpreting some of the comments we've tried to make about migrating to the new products.

是的，這裡面有一些不錯、但涵蓋面很廣且彼此相關的評論。我會說，第一，當我們在分析師日分享時，依我記憶，我試著描繪各個事業部門的圖像。Power Systemss 與通路會更像是一個連續性的故事；而在引擎業務與零組件（components）的故事中，會有一部分是向新產品轉換的過程。也有可能大家誤解了我們試圖表達的、關於轉換到新產品的一些說法。

We are making great progress on revenues, we're making great progress on margins, set aside the individual quarter nuances toward our ['20 -- '30] Analyst Day. And any comments I've tried to make about this transition in products for the engine business. I tried to flag that early, the analyst day and our comments remain consistent with that.

我們在營收方面進展很大，在利潤率方面也進展很大；先不談單一季度的細節波動，我們正朝著我們在 ['20 -- '30] 分析師日所設定的方向前進。至於我對引擎業務產品轉換所做的任何評論，我在分析師日一開始就試著提醒這點，而我們現在的說法也與當時一致。

We knew we didn't have the EPA rulings when we had Analyst Day. We still don't have the final rulings now and we're just trying to provide you with an ongoing description of what we expect to happen given more information but still incomplete information.

我們在分析師日當時並不知道 EPA 的裁定。我們現在仍然沒有最終裁定；我們只是試著在資訊增加、但仍不完整的情況下，持續向各位說明我們預期會發生的事情。

So the key takeaway overall is that 2030, we're making great progress toward those targets and we're not in any way trying to signal anything other than strong progress toward them. We'll get to the very specifics of next year. There is nothing significant in the Q3 results, which is why Q4 also looks strong.

因此，整體的關鍵重點是：就 2030 而言，我們正朝著那些目標取得很大進展，我們並不是要傳達任何除了「朝目標強勁推進」以外的訊號。至於明年的非常具體細節，我們之後會再談。第三季的結果沒有任何重大異常，這也是為什麼第四季看起來也很強勁。

I mentioned in Q2, we'd to update our incentive compensation plan expenses, which happens every single quarter, it just stood out more because of the year-over-year comparison. But the trajectory of that incentive compensation is the same as I mentioned three months ago.

我在第二季提到過，我們需要更新我們的激勵性薪酬計畫費用，這件事每一季都會發生；只是因為年對年比較的關係，這次看起來更突出。但該激勵性薪酬的走勢，與我三個月前提到的是一樣的。

The absolute expense was up year-over-year consistent with record profitability this year. It was down sequentially because we had to true up the full year view in the grand scheme of things, not material. The underlying story is very strong performance.

絕對費用年對年上升，與今年創紀錄的獲利能力一致。環比則下降，因為我們必須在整體架構下把全年視角做一次調整（true up），影響不重大。核心重點是表現非常強勁。

We didn't get quite get out as much revenue as we'd hoped. Our expectations were similar to consensus for what we thought our revenues would be half of its supply chain issues, which we believe will catch up in the fourth quarter. And roughly half of it market conditions primarily related to lower pickup trucks.

我們的營收沒有如我們所希望的那樣釋出那麼多。我們的預期與市場共識相近；就我們認為的營收而言，其中一半是供應鏈問題，我們相信會在第四季補回來；另外大約一半是市場狀況，主要與皮卡車需求較低有關。

So we feel very good about the profitability and the progress. We feel very confident that we can do better as we continue to expand our revenues over the next few years and also as the CFO particularly excited about generating record operating cash flow and returning that back on a disciplined basis.

因此，我們對獲利能力與進展感到非常滿意。我們也非常有信心，隨著未來幾年持續擴大營收，我們能做得更好；同時，作為CFO，我特別期待能創下營運現金流的新高，並以有紀律的方式把這些現金回饋出去。

So I hope that is as clear as I can make it. Next year, we'll get into details. Next year, of course, there are the complexities, but you should feel like we're entering with a very strong underlying margin base as we exit this year.

所以我希望我已經盡可能把它講清楚。明年我們會進入細節。當然，明年會有一些複雜性，但你們應該會覺得：在今年結束時，我們是以非常強勁的基礎毛利率水準進入明年的。

Kyle Menges, Citigroup.

Kyle Menges，花旗集團。

Great. Thanks. Thanks for taking my question. I was hoping if we could dig into Power Systemss margins and maybe a framework to think about it exiting 2026 in the incrementals. I think you've talked about maybe 25% to 30% incrementals for that segment going forward.

很好，謝謝。謝謝讓我提問。我想深入了解一下動力系統（Power Systems）的利潤率，以及一個用來思考到2026年退出時增量利潤率（incrementals）的框架。我記得你們談過，該事業部未來的增量可能在25%到30%。

And understand there's a lot of moving pieces around the capacity ramp, maybe some incremental demand for smaller products, and then this battery opportunity coming in, but just any color you can provide on how to think about the incrementals in that business moving forward with all the puts and takes seemingly?

我也理解在產能爬坡（capacity ramp）方面有很多變動因素，可能還有對較小產品的額外需求，以及這個電池機會即將進來；但在看起來有很多利多利空拉扯的情況下，你們能否提供一些說明，讓我們理解這項業務未來的增量該怎麼看？

I would say that all those smaller comments are exactly the same. Ww -- when we tighten the range by fractions of a percent back to us, that's the same guidance. We just got one quarter left, so we're just tightening up the range with 2.5 months to go.

我會說，所有那些較小的評論完全一樣。當我們把區間收斂到小數點後幾個百分點時，那其實是同樣的指引。我們只剩下一個季度，所以在剩下2.5個月的情況下，我們只是把區間再收緊一些。

But nothing's changed. Stand by all of those comments. We'll give you the very specific guidance. It will be -- if you ask me today, do I expect revenues of Power Systemss and distribution next year to be higher, lower or the same than this year, they're going to be higher with what we know today.

但沒有任何改變。我們仍然支持先前所有那些說法。我們會給你非常具體的指引。如果你今天問我：以我們目前所知，明年動力系統與配銷（distribution）的營收會比今年更高、更低還是一樣？答案是會更高。

And we expect over time that those businesses are going to deliver more earnings. There's going to be variation in individual quarters. Given the balance of investment and other things, but we're very excited about the prospects for Power Systemss and distribution. We'll give you very specific guidance in February when we get there. Nothing's changed, if anything, demand has gone up.

而且我們預期，隨著時間推進，這些業務會帶來更多獲利。單季之間會有波動，考量投資配置與其他因素，但我們對動力系統與配銷的前景非常興奮。我們會在2月到時候提供非常具體的指引。沒有改變；如果有的話，需求還上升了。

Got it. That's good to hear. And then just follow-up on maybe on North America on the highway. Curious how you're thinking about any potential pre-buy or pre-build of inventory in the back half of 2026 and managing through a potential error pocket in 1Q '27 in production. Curious how you're thinking about that? Thank you.

了解，這是好消息。接著追問一下北美公路（highway）市場：我想了解你們如何看待2026年下半年可能出現的提前採購（pre-buy）或提前建立庫存（pre-build of inventory），以及如何管理2027年第一季生產可能出現的「空窗期」（error pocket）。你們怎麼思考這件事？謝謝。

Yeah, really what we've seen this year has been -- we believe, pretty limited pre-buy in the US truck market and actual growing underlying demand off of cyclical low. Of course, it stepped up year-over-year significantly in the third quarter. And the industry and we are managing through some supply hiccups and challenges through that.

是的，我們今年看到的情況是——我們認為，美國卡車市場的提前採購其實相當有限；而且在景氣循環低點之後，底層需求確實在成長。當然，第三季年對年顯著上升。整個產業以及我們自己，也都在管理一些供應的小波折與挑戰。

So in the fourth quarter in Jamestown, where we build X15, we're really building at the capacity. We believe that this year is largely sold out. We're navigating some of our own supply challenges and components and axles in particular and really focused on trying to deliver to customers through the end of this year and into next.

因此在第四季，在我們生產X15的Jamestown，我們基本上是以產能上限在生產。我們認為今年的產能大致已被預訂完。我們也在應對自身的一些供應挑戰，尤其是零組件與車軸（axles），並且非常專注於在今年年底到明年初把產品交付給客戶。

And so we anticipate there'll be continued underlying demand as we go into 2027, but of course, uncertainty around where NCPs will be. Is causing some customers to wait. We believe the fundamentals have improved and the demand out there is real and will continue and are really just focused on trying to execute through the big step-up we see.

所以我們預期，進入2027年後底層需求仍會持續；但當然，NCPs會落在哪裡仍有不確定性，導致部分客戶選擇觀望。我們認為基本面已改善，市場上的需求是真實存在且會延續的；我們目前的重點就是把眼前看到的大幅上升好好執行到位。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

Hi, thank you. I was curious, can you help us with your power demand today, the domestic versus international and any color around the profitability, and if you can incorporate the China JV in that answer?

嗨，謝謝。我想請教：就你們目前的電力需求而言，國內與國際的占比如何？以及獲利能力方面能否提供一些說明？另外也請把中國合資企業（China JV）納入回答中。

Because back in the day, the geographic color was usually minority US, Canada for power, but just given the recent trends and there's obviously more in the business than just power, can you help us with that mix and obviously any sense of the profitability domestic versus international would be interesting?

因為以前你們談地理分布時，電力業務通常是美國占比較小、加拿大也有；但考量近期趨勢，而且你們的業務顯然不只有電力，能否協助我們理解這個組合？同時，國內與國際的獲利能力差異若能提供一些概念也會很有幫助。

I'll just start with how we see the global business and demand. So we've seen really strong demand here in the US and also in China and Asia Pacific. And of course, that's where you see a lot of the AI model development happening that's driving that strong demand.

我先從我們如何看全球業務與需求談起。我們在美國這邊看到非常強勁的需求，在中國與亞太地區也同樣強勁。當然，那些地區正是AI模型開發大量發生、進而帶動強勁需求的地方。

One of the benefits of Cummins is with our global product and manufacturing footprint and the distribution network, we can support those big customers wherever they go in the world. And we have projects happening around the world. In fact, I was in Spain in September and visiting a couple of our data center customers there.

康明斯（Cummins）的優勢之一在於我們全球化的產品與製造布局，以及配銷網路，因此無論這些大型客戶走到世界哪裡，我們都能支援。我們在全球各地都有專案在進行。事實上，我9月在西班牙，還拜訪了那裡幾家資料中心客戶。

So they really are global, but a larger percentage of them sit in US, China and Asia Pacific and the demand continues to grow and as AI use grows in application, we think globally we'll see growing data center demand. Mark, you can talk a little bit more about how you think about margins --?

所以他們確實是全球性的，但較大比例仍集中在美國、中國與亞太地區；需求也持續成長。隨著AI在應用端的使用增加，我們認為全球資料中心需求會持續上升。Mark，你可以再多談一點你怎麼看利潤率——？

Yeah, I think we definitely have strong margins, whether that's domestically or internationally. We're not a company that makes only margins in one particular region. Depends what the application is, if it's a data center, then the typically the EBITDA dollars are greater than other [applicate] because we get all the extra installation in our distribution business. But I would say there's no significant difference.

是的，我認為無論在國內或國際，我們的利潤率都很強。我們不是那種只在某一個特定地區才賺得到利潤的公司。這取決於應用情境；如果是資料中心，通常EBITDA金額會比其他[應用]更高，因為在我們的配銷業務中，我們還能取得額外的安裝收入。但我會說，整體上沒有顯著差異。

And the order intake has been very strong in North America for quite some time. It is picking up at a faster pace outside of the US, such that the orders are almost on a par now between international domestic. But that's not going to be a discussion point in our earnings calls in terms of the Power Systemss performance on margins, that's not going to be the principle [drive].

而且北美的接單（order intake）在相當長一段時間以來都非常強勁。美國以外的地區正在以更快的速度回升，因此目前國際與國內的訂單幾乎已經相當。但在我們的財報電話會議中，這不會成為討論動力系統利潤率表現的重點，這也不會是主要的[驅動因素]。

But you're right, we share some of that engine margin depending on which engines we're talking about in the [Chongqing] in China, if it's made in the joint venture, anything through our distribution. So our distributions, of course, is 100% Cummins extra slice of the pie. No big [verification] --

不過你說得對，依據我們談的是哪一類引擎，我們會分享一部分引擎利潤——例如在中國[重慶]，如果是在合資企業製造的，或是任何透過我們配銷體系的部分。所以我們的配銷業務當然是100%屬於康明斯的額外一塊利潤。沒有什麼大的[確認]——

What you just said about international versus domestic on the order. Were you talking about magnitude of growth or the absolute dollars now international as big as domestic?

你剛才提到國際與國內的訂單比較，你指的是成長幅度，還是目前國際的絕對金額已經和國內一樣大？

I would say that the absolute dollars on data centers, I'm not talking about other power generics, probably even bigger internationally. But on data centers, it's now reached a par across all international markets.

我會說，就資料中心而言，我不是在談其他一般電力產品，國際的絕對金額可能甚至更大。但就資料中心來看，現在在所有國際市場加總後，已經與美國大致持平。

US versus international.

美國對比國際。

Which China, Southeast Asia [receive] is the most fastest accelerating piece and we're in a very strong position there.

其中中國、東南亞[地區]是加速最快的一塊，而我們在那裡的布局非常強。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Thank you. I had a couple of questions around evolving capabilities for data center and specifically on the battery backup announcement. How repeatable is that? Is there a big pipeline for that? And does that in any way intersect with your potential JVs to make stealth?

謝謝。我有幾個問題，關於資料中心能力的演進，特別是電池備援（battery backup）的公告。這件事的可複製性有多高？是否有很大的專案管線（pipeline）？另外，這是否以任何方式與你們可能成立的合資企業（JVs）去做「stealth」有所交集？

And then just more generally, Jennifer, I think you touched on the rollout of the 130-liter. Any early indications? I don't know if you're taking indications of demand at this point. I know you're doing pilot production not this year and in the '28, but how are you thinking about the commercial gathering of orders and when you start that? Thank you.

然後更一般性地，Jennifer，我想你提到130公升（130-liter）的推廣。現在有沒有任何早期跡象？我不確定你們此刻是否已在收集需求訊號。我知道你們今年不做試產（pilot production），而是在2028年，但你們如何看待商業端開始收集訂單的節奏，以及你們何時會開始？謝謝。

Yeah. So on the question around stationary energy storage, obviously early days for us, we have a big announcement. What I would say is that the conversations and the interest in how to bridge to grid availability as well as grid unreliability continue only strengthen, especially here in the US. We think there's a real demand there. And so the places that we get a lot of interest, of course, is that stationary energy storage battery system.

是的。關於固定式能源儲存的問題，顯然對我們而言仍處於早期階段，我們也有一項重大公告。我想說的是，關於如何銜接電網可用性以及因應電網不可靠性的對話與興趣持續升溫，尤其是在美國。我們認為那裡確實有實質需求。因此，我們獲得大量關注的領域，當然就是固定式能源儲存電池系統。

And to your question on the Amplify joint venture, that joint venture is planning to make a sell for commercial vehicle on highway that's different than what we're using in those. So we're sourcing that sell elsewhere.

至於你提到的 Amplify 合資企業，那個合資企業計畫為商用車的公路應用製造一種電芯（cell），這與我們在那些產品中使用的不同。因此，我們會從其他地方採購那種電芯。

And on the natural gas product, you've seen a couple of announcements that we've already made around multi-year agreements and use of some of our natural gas product. That's largely our 78-liter that we have in production today.

至於天然氣產品，你已經看到我們先前發布的幾項公告，內容涉及多年期協議以及我們部分天然氣產品的使用。那主要是我們目前已量產的 78 公升產品。

So yes, there remains a lot of interest in the 130-liter, the larger version of [Jen] said it will better meet that market need and we're not taking specific orders at this point, really just talking about customer interest and where we want to pilot and build confidence in that process. We're excited to be growing there. It's really going to be late this decade that we'll see that start to ramp up.

所以是的，市場對 130 公升（更大版本）仍然有很高興趣，[Jen] 說它將能更好地滿足該市場需求；但我們目前並未接受具體訂單，主要是在討論客戶興趣，以及我們希望在哪些地方進行試點、並在流程中建立信心。我們對於在那個領域成長感到振奮。真正開始放量（ramp up）大概會是在本十年末期。

Thanks.

謝謝。

Tami Zakaria, JP Morgan.

JP Morgan 的 Tami Zakaria。

Hi, good morning. Thank you so much. I wanted to ask you about the best contract you recently won, which seems exciting. Was this best opportunity embedded in your multi-year target? And if not, what incremental revenue lift should we expect over that time frame that you have? And then would incremental margins on this type of revenues be similar to the enterprise target of over 25% through 2030?

嗨，早安。非常感謝。我想請教你們最近贏得的那份最佳合約（best contract），看起來很令人振奮。這個最佳機會是否已納入你們的多年期目標之中？如果沒有，在你們所提到的那段期間內，我們應該預期有多少額外的營收提升？另外，這類營收的增量毛利率是否會與你們到 2030 年企業目標（超過 25%）相近？

I think that's exciting project. Obviously, there's a different forms of these projects evolving over time, but I would just say that's likely to grow but not be the most significant factor in our Power Systemss guidance.

我認為那是一個令人振奮的專案。顯然，這類專案的不同形式會隨時間演進，但我想說的是，它很可能會成長，但不會成為我們 Power Systemss 指引中最重要的因素。

So we're just by communicating that, we're just letting you know we'll continue to expand our participation in meeting the flexible power needs of our customers. But it's not a fundamental change to the direction of Power Systemss or changing in our outlook, which is very bullish for the topline and margin expansion going forward in aggregate.

因此，我們之所以溝通這件事，是想讓各位知道，我們會持續擴大參與，以滿足客戶對彈性電力的需求。但這並不是 Power Systemss 方向的根本改變，也不會改變我們的展望；整體而言，我們對未來營收成長與利潤率擴張仍非常樂觀。

Got it. That's helpful. And then I wanted to ask you about the price cost dynamic in the quarter and has it changed versus the first half of the year, especially as it relates to the engine segment?

了解，這很有幫助。接著我想問一下本季的價格與成本動態，與上半年相比是否有變化，特別是與引擎部門相關的部分？

I would say generally we're starting to see some creeping cost increases, right, freight's gone up, there's various bottlenecks around the world or areas of conflict or shortages. I would just say generally there's a little bit more creeping cost, there's positive pricing for the company in total.

我會說整體而言，我們開始看到一些成本緩步上升，對吧，運費上升了，全球各地也有各種瓶頸、衝突地區或短缺。我想整體來看，成本確實有些緩步上行；而就公司整體而言，定價是正向的。

But I would say between price, cost, tariffs in an environment where we significantly improved gross margins, that was not a significant all of that washed out to a slight negative and really it's the volumes and the execution of our operations that's driven the margin improvement. It is more of a slight headwind on price costs in the second half for now.

但我會說，在我們大幅改善毛利率的環境下，價格、成本、關稅等因素加總起來影響並不顯著；這些因素相互抵消後略為負面，真正推動利潤率改善的是出貨量以及我們營運執行的表現。就目前而言，下半年在價格/成本方面更像是輕微逆風。

Kristen Owen, Oppenheimer.

Oppenheimer 的 Kristen Owen。

Good morning. Thank you for the question and forgive me if I'm asking you to repeat yourself here. But I did want to start with the updated guidance for distribution. In that midpoint assumes sequential growth 3Q to 4Q of 23%. Can you just help us unpack what supports that increase is that generator deliveries, installation milestones, service activity? Just a little additional color there, please.

早安。謝謝讓我提問，如果我是在請你們重複先前內容也請見諒。不過我想先從更新後的經銷（distribution）指引談起。以中位數來看，假設 3Q 到 4Q 季增 23%。你們能否協助我們拆解一下支撐這個增幅的因素是什麼：是發電機交付、安裝里程碑、服務活動？請再多提供一些說明，謝謝。

Yeah, the step-up is really driven by the distribution didn't receive all of the large engines expected at the end of the third quarter, and so a lot of their installation -- some of the installations were pushed into the fourth quarter.

好的，這個跳升主要是因為經銷端在第三季末沒有收到原本預期的所有大型引擎，因此他們的一些安裝——部分安裝被推遲到第四季。

So you're right, it is an outsized number. I've tried to call that out. So it's really just catching up the slight delays in the third quarter, the full year outlook has not changed. It is not a demand issue. The demand is there.

所以你說得對，這是一個偏大的數字。我也試著特別點出這一點。它其實只是追趕第三季的些微延遲，全年展望並沒有改變。這不是需求問題，需求是存在的。

And I think it's important when you think about our distribution business, there's a few things that this business does. Of course, we have aftermarket and parts and service. That happens through that business and then they're also doing projects and they're doing a growing number of these large data center power generation projects.

而且我認為，當你思考我們的經銷業務時，重要的是這個業務涵蓋幾件事。當然，我們有售後市場、零件與服務，這些都透過該業務進行；此外，他們也在做專案，並且在執行越來越多這類大型資料中心的發電專案。

And broadly, we see higher margins in the aftermarket parts part of that business versus the power generation part of that business, which of course has been growing and very attractive, but just a way to think about that business and margin.

整體而言，我們看到該業務中，售後零件那一塊的毛利率高於發電專案那一塊；而發電專案當然也在成長且非常具吸引力，但這提供了一個思考該業務與毛利率結構的方式。

Great. Thank you. And then my follow-up relates to the [Circe] order, the 2 gigawatts there in Texas. Just -- what milestones determine the delivery schedule there and what needs to be in place at the customer level before that equipment ships? Thank you.

很好，謝謝。接著我的追問是關於德州那筆 [Circe] 訂單、規模 2 吉瓦。想請教——有哪些里程碑會決定那邊的交付時程？在設備出貨前，客戶端需要先具備哪些條件？謝謝。

Yeah. So those -- that order is existing products. So we're really working with them in terms of their installation plans and providing that product to them and then potential for that to continue to grow and evolve as we bring the new product into the market over time.

好的。那筆訂單是既有產品。因此我們主要是與他們就安裝計畫進行協作，向他們供應產品；同時，隨著我們未來逐步把新產品導入市場，該合作也有可能持續成長與演進。

Just overall project schedule, nothing particularly unique about the delivery of that. Exciting, but not unique.

就整體專案時程而言，交付並沒有什麼特別獨特之處。令人振奮，但不算特殊。

Thank you. At this time, I'd like to turn the floor back over to Mr. Hopkins for closing comments.

謝謝。此時，我想把時間交回給 Hopkins 先生做結語。

Thanks, Donna. I want to summarize five key points as we think now about 2027 and themes that we're anticipating, many of which we've discussed throughout the teleconference.

謝謝你，Donna。我想在我們現在思考 2027 年以及我們預期的主題時，總結五個重點，其中許多我們在本次電話會議中已經討論過。

Number one, we expect continued strength in power generation related to data center customers. It will positively impact both Power Systemss and distribution revenue next year as we bring incremental capacity online and is consistent with our data center revenue targets for 2030.

第一，我們預期與資料中心客戶相關的發電需求將持續強勁。隨著我們在明年新增產能上線，這將對 Power Systemss 與經銷營收都帶來正面影響，並且與我們 2030 年資料中心營收目標一致。

Number two, industry expectations are for truck production in North America to be flattish in 2027 versus 2026. Supported by increased freight rates in the second half of this year and improved fleet profitability. Number three, the vast majority of our North America truck engine production next year will be on our legacy platforms.

第二，產業預期 2027 年北美卡車產量相較 2026 年將大致持平。這將受到今年下半年運價上升以及車隊獲利能力改善的支撐。第三，我們明年北美卡車引擎產量的絕大多數將來自我們的既有平台。

Number four, we plan to pass on NCPs to our customers. And number five, we expect another year of strong operating cash flow and returning 50% of that operating cash flow to investors as we are on track to do this year.

第四，我們計畫將 NCPs 轉嫁給客戶。第五，我們預期營運現金流將再有一年強勁表現，並如同我們今年正按計畫進行的那樣，把營運現金流的 50% 回饋給投資人。

We'll give more detailed guidance as Mark mentioned when we get to our Q4 earnings call in next February, but those are some of the key themes that we're anticipating that will drive profitable growth as we head into 2027. That concludes our teleconference for the day. I want to thank you all for participating and your continued interest. As always, the Investor Relations team will be available for questions after the call.

正如 Mark 提到的，我們會在明年二月的第四季財報電話會議時提供更詳細的指引；但以上是我們預期、在邁向 2027 年時將推動獲利成長的一些關鍵主題。今天的電話會議到此結束。感謝各位參與並持續關注。一如往常，投資人關係團隊將在會後提供問答。

Thank you. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

謝謝。各位女士、先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，祝您今天剩餘時間愉快。