Crane Co (CR) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to the Crane Company third-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Allison Poliniak, Vice President of Investor Relations.

大家好，歡迎參加克瑞公司 2024 年第三季財報電話會議。（操作員指示）我現在想將電話轉給投資者關係副總裁 Allison Poliniak。

Thank you, operator, and good day, everyone. Welcome to our third-quarter 2024 earnings release conference call. I'm Allison Poliniak, Vice President of Investor Relations. On our call this morning, we have Max Mitchell, our Chairman, President, and Chief Executive Officer; and Rich Maue, our Executive Vice President and Chief Financial Officer, along with Jason Feldman, Senior Vice President in Treasury, Tax, and Investor Relations who's on for Q&A.

謝謝您，接線員，大家好。歡迎參加我們的 2024 年第三季財報發布電話會議。我是艾莉森‧波利尼亞克 (Allison Poliniak)，投資人關係副總裁。今天早上的電話會議上，我們的董事長、總裁兼執行長馬克斯·米切爾 (Max Mitchell) 出席了會議。我們的執行副總裁兼財務長 Rich Maue 以及負責財務、稅務和投資者關係的高級副總裁 Jason Feldman 出席了問答環節。

We will start up our call with a few prepared remarks from Max and Rich after which we'll respond to your questions. And just a reminder, the comments we make on this call will include some forward-looking statements. We refer you to the cautionary language at the bottom of our earnings release and also in our Annual Report 10-K and subsequent filings pertaining to forward-looking statements.

我們將以 Max 和 Rich 的一些準備好的發言開始我們的電話會議，然後我們將回答您的問題。提醒一下，我們在這次電話會議中發表的評論將包括一些前瞻性陳述。我們建議您參閱我們的收益報告底部以及我們的年度報告 10-K 和與前瞻性陳述相關的後續文件中的警告性語言。

Also during the call, we will be using some non-GAAP numbers which are reconciled to the comparable GAAP numbers in tables at the end of our press release and a company slide presentation, both of which are available on our website at www.craneco.com in the Investor Relations section.

此外，在電話會議期間，我們將使用一些非GAAP 數字，這些數字與新聞稿末尾表格中的可比較GAAP 數字和公司幻燈片演示文稿一致，這兩個數據均可在我們的網站www.craneco 上取得。

Now, let me turn the call over to Max.

現在，讓我把電話轉給麥克斯。

Thank you, Allison. Thanks, everyone, for joining the call today. Crane had another excellent quarter with results outperforming expectations. Adjusted EPS was $1.38 driven by an impressive 6% core sales growth, reflecting strength across both aerospace and electronics and process flow technologies. We also had strong leading indicators with core orders up 6% and core backlog up 10% compared to last year. And confidence in our outlook for 2024 remains high.

謝謝你，艾莉森。感謝大家今天加入電話會議。克瑞公司又度過了一個出色的季度，業績超乎預期。調整後每股收益為 1.38 美元，主要得益於核心銷售額 6% 的驚人成長，反映出航空航太、電子和製程技術領域的實力。我們也擁有強勁的領先指標，與去年相比，核心訂單成長了 6%，核心積壓訂單成長了 10%。我們對 2024 年的前景仍然充滿信心。

We've had a very solid year-to-date as we continue to successfully execute on our strategy. I want to take a moment to acknowledge those that have been impacted by the recent hurricanes which have caused widespread devastation with impact for many of our associates and customers located in the Southeast.

今年迄今為止，我們的業績非常穩健，我們繼續成功執行我們的策略。我想花點時間向那些受到最近颶風影響的人們表示感謝，這些颶風造成了廣泛的破壞，對我們位於東南部的許多員工和客戶產生了影響。

Crane's Marion, North Carolina site was directly affected by flooding from Hurricane Helene as was the region and we are in the process of recovery in bringing operations back on line, but we are making great progress to date. The safety of our employees, their families, and the communities in which we operate remains our primary concern. And the Crane Foundation is proud to support numerous organizations providing relief and help locally in the aftermath of Hurricanes Helene and Milton.

克瑞公司位於北卡羅來納州馬里恩的工廠直接受到海倫颶風洪水的影響，該地區也是如此，我們正在恢復運營以恢復運營，但迄今為止我們正在取得巨大進展。我們的員工、他們的家人以及我們經營所在社區的安全仍然是我們首要關注的問題。克瑞基金會很自豪能夠支持眾多組織在颶風海倫和米爾頓之後在當地提供救援和幫助。

In addition to the Marion facility in the quarter, we also saw numerous days of downtime from power outages at a site in South Carolina due to Helene and we lost a week of output from our aerospace electronics site in Taiwan due to Typhoon Krathon.

除了本季度的馬里恩工廠外，我們還發現南卡羅來納州的一個工廠因海倫(Helene) 的影響而停電，造成了多日的停機，而且我們台灣的航空航天電子工廠因颱風Krathon 的影響而損失了一周的產量。

The latter two were less disruptive and those locations will fully recover the lost third quarter sales in the fourth quarter. At Marion, however, it will take a little longer to restart operations, but we expect insurance to cover all business interruption although we may not receive the insurance recovery until early next year.

後兩個地區的破壞性較小，這些地點將在第四季度完全恢復第三季的銷售損失。然而，在馬里昂，重新開始營運需要更長的時間，但我們預計保險將涵蓋所有業務中斷，儘管我們可能要等到明年初才能收到保險賠償。

Despite these recent challenges, I remain highly confident in the strength and resilience of Crane's team and portfolio. And we are once again raising and narrowing our full-year earnings outlook, expecting adjusted earnings per share to be in the range of $5.05 to $5.20, up from our prior view of $4.95 to $5.15.

儘管最近面臨這些挑戰，我仍然對克瑞團隊和產品組合的實力和彈性充滿信心。我們再次上調並縮小了全年獲利預期，預計調整後每股收益將在 5.05 美元至 5.20 美元之間，高於先前預期的 4.95 美元至 5.15 美元。

We have direct line of sight to delivering this expected 19% earnings growth. At process flow technologies, guidance continues to assume somewhat muted industrial activity as well as lower shipments from our Marion facility due to Hurricane Helene.

我們的目標是實現 19% 的預期獲利成長。在製程流程技術方面，指引繼續假設工業活動減弱，並且由於海倫颶風，我們的馬里恩工廠的出貨量減少。

Within aerospace and electronics, demand remains strong across all categories of our defense and commercial business with some shipment reductions related to the Boeing strike and to a lesser degree, continued supply chain constraints. Related to the Boeing strike and the situation of Boeing generally, I would say that for the sake of the aerospace industry, we need this critically important and iconic manufacturer to continue to recover and regain its position globally.

在航空航太和電子領域，我們的國防和商業業務的所有類別的需求仍然強勁，由於波音罷工以及較小程度的持續供應鏈限制，出貨量有所減少。與波音罷工和波音的整體狀況有關，我想說，為了航空航天業，我們需要這家極其重要和標誌性的製造商繼續恢復並重新獲得其全球地位。

Personally, I feel that the recent leadership changes will be a very positive inflection point for the organization and through its next chapter of recovery and resurgence, and Crane is doing all that we can to support. Along those lines, we have made unilateral strategic decisions to support our customer with improved inventory buffers for outstanding continued service and delivery performance as Boeing eventually ends and recovers from the impacts of the strike and other operational challenges.

就我個人而言，我認為最近的領導層變動將成為該組織的一個非常積極的轉折點，並推動其復甦和復興的下一個篇章，克蘭正在竭盡全力提供支持。沿著這些思路，隨著波音最終結束並從罷工和其他營運挑戰的影響中恢復過來，我們做出了單方面戰略決策，以改善庫存緩衝來支持我們的客戶，以實現出色的持續服務和交付績效。

A key tenet and strength of the Crane business system, and we have highlighted and proven time after time over years is the flexibility and speed to react to issues outside our control. Our third-quarter performance and fourth-quarter guidance are further great examples of our exceptional performance even in the face of adversity. And our teams continue to execute and win in the third quarter.

起重機業務系統的一個關鍵原則和優勢是對我們無法控制的問題做出反應的靈活性和速度，多年來我們一次又一次地強調和證明了這一點。我們的第三季業績和第四季指導進一步證明了我們即使在逆境中也能取得出色的業績。我們的球隊在第三季度繼續執行並取得勝利。

Within aerospace electronics, we were selected by Deutsche Aircraft to supply the proximity sensing system for its D328eco platform following the prior award for the antiskid brake control system on this aircraft. This is a great platform with the lowest fuel consumption and CO2 emissions for its size category in the market today. And we are well-positioned to support all of our OE customers as they continue to develop more fuel-efficient and environmentally friendly solutions.

在航空電子領域，繼先前為該飛機提供防滑煞車控制系統而獲獎後，我們被德意志飛機公司選中為其 D328eco 平台提供接近感測系統。這是一個出色的平台，在當今市場上同尺寸類別中具有最低的燃油消耗和二氧化碳排放量。我們有能力為所有原始設備客戶提供支持，幫助他們持續開發更節能、更環保的解決方案。

ZeroAvia and other significant negotiations continue for additional collaborative combat aircraft programs. Within process flow technologies, one of the largest gas majors has approved Crane valves for use in the cryogenics applications, opening up 35% of the liquid hydrogen valve market for our growing cryogenics business.

ZeroAvia 和其他重要的談判仍在繼續，以尋求更多的協作戰鬥機計畫。在製程流程技術領域，最大的天然氣巨頭之一已批准克瑞閥門用於低溫應用，為我們不斷增長的低溫業務開闢了 35% 的液態氫閥門市場。

We also received a $5 million order for a major chemical facility upgrading to newer cell membrane technology for chlor-alkali production. Our Resistoflex line pipes and XOMOX valves have successfully been selected to be installed on this new upgrade due to their excellent corrosion-resistant properties. This project consolidates our position as the main solution provider for this customer on line products due to superior life.

我們還收到了一份 500 萬美元的訂單，要求將大型化學設施升級為更新的細胞膜技術，用於氯鹼生產。我們的 Resistoflex 管線管道和 XOMOX 閥門因其出色的耐腐蝕特性而被成功選為安裝在這項新升級上。由於卓越的使用壽命，該專案鞏固了我們作為該客戶線上產品主要解決方案提供者的地位。

Overall, another strong quarter for both aerospace and electronics and process flow technologies, both in reported results as well as in our execution supporting current and future growth. And with continued progress on our existing M&A funnel, we expect [digital] opportunities to become actionable over the next few quarters while we are working on a number of transactions at the moment, with a smaller transaction still on track for year end.

總體而言，無論是在報告的業績還是在我們支持當前和未來成長的執行方面，航空航太、電子和製程技術又一個強勁的季度。隨著我們現有併購管道的持續進展，我們預計[數位]機會將在未來幾季變得可行，同時我們目前正在處理多項交易，年底仍有一筆規模較小的交易。

And as we reiterated it during our annual Investor Day earlier in the year, we remain confident in the 4% to 6% long-term core sales growth rate from resilient and durable businesses with solid aftermarket and substantial operating leverage on top of already solid margins today that should lead to double-digit average annual core profit growth with potential upside from capital deployment. And with virtually no net debt, the capital deployment opportunity is significant.

正如我們在今年稍早的年度投資者日所重申的那樣，我們仍然相信，在本已穩固的利潤率基礎上，具有穩健的售後市場和巨大的營運槓桿的彈性和耐用業務將實現4%至6% 的長期核心銷售成長率今天，這應該會帶來兩位數的平均年度核心利潤成長，並從資本部署中獲得潛在的上行空間。由於幾乎沒有淨債務，資本配置機會很大。

And with the future in mind, we're excited to announce that we will be hosting an investor meeting at our aerospace and electronics site, 2025. We will be sharing more information about the details of the event over the next few weeks but please save the date on your calendars.

展望未來，我們很高興地宣布，我們將於 2025 年在航空航天和電子網站舉辦投資者會議。我們將在接下來的幾週內分享有關該活動細節的更多信息，但請將日期保存在您的日曆上。

Our Fort Walton Beach site is the production site for our defense power business which houses production of our wide range of power conversion devices for use in next gen military radars as an example with growing capability and high power for emerging ground vehicles.

我們的沃爾頓堡灘工廠是我們國防電力業務的生產基地，該工廠生產用於下一代軍用雷達的各種電源轉換設備，例如新興地面車輛的能力和高功率不斷增長。

Now, let me turn the call over to our CFO, Rich Maue, for more specifics on the quarter and some more details on our guidance.

現在，讓我將電話轉給我們的財務長 Rich Maue，以了解有關本季度的更多具體資訊以及有關我們指導的更多詳細資訊。

Thank you, Max, and good morning, everyone. Starting with total company results, we drove 6% core sales growth in the quarter with strength across both primary businesses and adjusted operating profit increased 35% driven by strong net price and productivity.

謝謝你，麥克斯，大家早安。從公司整體業績開始，我們在主要業務的強勁推動下，本季核心銷售額增長了 6%，在強勁的淨價格和生產力的推動下，調整後的營業利潤增長了 35%。

Leading indicators were also strong with core FX-neutral backlog up 10% and core orders up 6% compared to last year, notably better than expected, particularly at aerospace and electronics. Another strong quarter reflecting our focus on accelerating core growth along with our consistently differentiated execution.

領先指標也很強勁，與去年相比，核心外匯中性積壓訂單成長了 10%，核心訂單成長了 6%，明顯好於預期，特別是在航空航太和電子領域。另一個強勁的季度反映了我們對加速核心成長的關注以及我們一貫的差異化執行。

In the third quarter, adjusted free cash flow was $75 million, roughly in line with last year. For the full year, we now expect free cash flow to fall at the lower end of our $255 million to $275 million range given ongoing working capital headwinds in aerospace and electronics and the timing of insurance recoveries in Marion related to Hurricane Helene.

第三季度，調整後自由現金流為 7,500 萬美元，與去年基本持平。鑑於航空航太和電子產業持續的營運資本逆風以及馬里昂與颶風海倫相關的保險追償時間，我們現在預計全年自由現金流將降至 2.55 億美元至 2.75 億美元區間的下限。

Total debt at the end of the first quarter was approximately $332 million with $258 million of cash on hand. We continue to have substantial financial flexibility with roughly $1 billion dollars in M&A capacity today and reaching as much as $4 billion by 2028.

第一季末的總債務約為 3.32 億美元，手頭現金為 2.58 億美元。我們持續擁有龐大的財務彈性，目前的併購能力約為 10 億美元，到 2028 年將達到 40 億美元。

As a reminder, we will deploy our capital with the same strict financial and strategic discipline that we always have employed, prioritizing internal investments for growth followed by M&A and returns to shareholders. As Max noted, our M&A pipeline remains active. We continue to expect to complete another small deal by year end and expect further transactions as we turn the calendar to 2025.

謹此提醒，我們將按照一貫嚴格的財務和策略紀律來部署我們的資本，優先考慮內部投資以促進成長，其次是併購和股東回報。正如馬克斯所指出的，我們的併購管道仍然活躍。我們繼續預計在年底前完成另一筆小額交易，並預計隨著日曆轉向 2025 年，還會有更多交易。

Now, turning to our 2024 guidance. We are once again raising our full-year adjusted EPS guidance by [$0.75] at the midpoint and narrowing the range for EPS to be within $5.05 to $5.20, reflecting 19% year-over-year growth at the midpoint.

現在，轉向我們的 2024 年指導。我們再次將全年調整後每股盈餘指引中位數上調 [0.75 美元]，並將每股盈餘範圍縮小至 5.05 美元至 5.20 美元之間，反映出中位數年增 19%。

Guidance assumes total core growth of 5% to 7%, but now towards the higher end of that range, due primarily to the outperformance of aerospace and electronics, that 5% to 7%. We also continue to expect a 5% benefit from acquisitions. Overall, another very strong quarter with excellent momentum.

指導意見假設核心總成長率為 5% 至 7%，但現在正朝著該範圍的高端成長，這主要是由於航空航太和電子產品的優異表現，即 5% 至 7%。我們也繼續預期收購將帶來 5% 的收益。總體而言，這是另一個非常強勁的季度，勢頭良好。

And starting with aerospace and electronics, despite the headlines, no material change in end market conditions relative to our expectations. On the commercial side of the business, aircraft retirements remain very low due to high demand and limitations on aircraft deliveries resulting from an aging fleet that requires more aftermarket parts and service.

從航空航太和電子產品開始，儘管出現了頭條新聞，但終端市場狀況相對於我們的預期並沒有發生重大變化。在商業方面，由於機隊老化，需要更多的售後零件和服務，導致飛機交付需求旺盛和受到限制，飛機退役數量仍然非常低。

On the defense side, we continue to see solid procurement spending and a continued focus on reinforcing the broader defense industrial base, given heightened global uncertainty today. Overall, it just continues to be a very strong demand environment, and that demand was reflected in our third quarter growth rates with sales of $239 million increasing 15% compared to last year with 10% core growth and a 5% benefit from the Vian acquisition.

在國防方面，鑑於當今全球不確定性加劇，我們繼續看到穩健的採購支出，並繼續專注於加強更廣泛的國防工業基礎。整體而言，需求環境仍然非常強勁，這種需求反映在我們第三季的成長率中，銷售額為2.39 億美元，比去年成長15%，核心成長10%，收購維安帶來5% 的收益。

Despite the continued high level of sales growth, our record backlog of $833 million increased even further, up 23% year over year including 14% core growth and a 9% contribution from the Vian acquisition. In the quarter, total aftermarket sales increased 17% with commercial aftermarket sales up 12% and military aftermarket up 31%. OEM sales increased 15% in the quarter with 19% growth in commercial and up 9% in military.

儘管銷售額持續保持高水準成長，但我們創紀錄的 8.33 億美元積壓訂單進一步增加，年增 23%，其中包括 14% 的核心成長和收購維安的 9% 貢獻。本季度，售後市場總銷售額成長 17%，其中商用售後市場銷售額成長 12%，軍用售後市場銷售額成長 31%。本季 OEM 銷售額成長 15%，其中商業銷售額成長 19%，軍用銷售額成長 9%。

Adjusted segment margin of 23.5% increased 410 basis points from 19.4% last year, primarily reflecting higher volumes, price net of inflation, and productivity. As we close 2024, we anticipate core sales growth for the year to be slightly better than our prior 12% expectation, and we are also tracking ahead of the 4.5% revenue contribution from the Vian acquisition we previously cited.

調整後的分部利潤率為 23.5%，比去年的 19.4% 增加了 410 個基點，主要反映了銷售量、扣除通膨後的價格和生產力的提高。到 2024 年結束時，我們預計今年的核心銷售成長將略好於我們先前 12% 的預期，我們也追蹤我們先前提到的收購維安帶來的 4.5% 的收入貢獻。

This guidance assumes continued strong sales and consistent with prior commentary with decelerating year-over-year growth rates as the comparisons continue to be more challenging and with some impact from the Boeing strike. While comparisons can create some noise on quarterly growth rates as we have outlined previously, we expect this year's core sales growth rate to be followed by continued strong core growth in 2025 and for the remainder of this decade.

該指引假設銷售持續強勁，並與先前的評論一致，即同比增長率放緩，因為比較仍然更具挑戰性，並且受到波音罷工的一些影響。正如我們之前概述的那樣，雖然比較可能會對季度成長率產生一些噪音，但我們預計今年的核心銷售成長率將在 2025 年以及本十年的剩餘時間內持續強勁的核心成長。

Additionally, we anticipate full-year margins to be above our prior 22.2% guide and represent more than 250 basis points of expansion compared to last year, all in on track for yet another outstanding year.

此外，我們預計全年利潤率將高於先前 22.2% 的指導值，與去年相比增長超過 250 個基點，一切都有望迎來另一個出色的一年。

Moving to process flow technologies, we remain well-positioned to continue outgrowing our markets. As Max noted, we had two sites impacted by Hurricane Helene. Of the two sites, one was fully operational by the end of the first week in October as power was restored. Our second site in Marion, North Carolina was impacted more significantly but is expected to be fully operational by the end of the year.

轉向製程流程技術，我們仍然處於有利地位，可以繼續超越我們的市場。正如馬克斯所指出的，我們有兩個地點受到颶風海倫的影響。隨著電力恢復，這兩個站點中的一個在 10 月第一周結束時已全面運作。我們位於北卡羅來納州馬里昂的第二個工廠受到的影響更為嚴重，但預計將在今年年底全面投入營運。

For the quarter, our results included about $0.03 of EPS impact for both those sites and our raised outlook includes an estimated $0.05 to $0.10 impact from production downtime in Q4. Overall, the financial impact from the hurricane will be fully offset by insurance recoveries. However, the timing of receiving all insurance proceeds will extend into 2025.

對於本季度，我們的業績包括對這兩個工廠的每股收益約 0.03 美元的影響，我們上調的前景包括第四季度生產停機造成的估計 0.05 至 0.10 美元的影響。整體而言，颶風造成的財務影響將完全被保險賠償所抵銷。不過，收到所有保險賠償金的時間將延長至 2025 年。

Order rates remain in line with our expectations discussed last quarter. Given the strong performance of the business offset by the hurricane impacts, we expect our sales and margin in the segment to be relatively consistent with our prior guidance for the year.

訂單率與我們上季討論的預期一致。鑑於該業務的強勁表現被颶風影響所抵消，我們預計該部門的銷售額和利潤率將與我們之前的今年指導相對一致。

In the quarter itself, we delivered sales of $309 million, up 16% driven by core strong core sales growth of 7% in the quarter along with a 9% benefit from the Baum and CryoWorks acquisitions. Compared to the prior year, core FX-neutral backlog increased 3% and core FX-neutral orders were relatively flat.

在本季度，我們實現了 3.09 億美元的銷售額，成長了 16%，這得益於本季 7% 的核心強勁核心銷售額成長以及 Baum 和 CryoWorks 收購帶來的 9% 的收益。與前一年相比，核心外匯中性訂單積壓增加了 3%，核心外匯中性訂單相對持平。

Adjusted operating margin of 21.8% expanded 260 basis points, better than we expected with strong core operating leverage in the quarter driven by productivity, strong net price, and higher volumes. For context, remember that in 2019, just before COVID margins were 13.6%. As we noted before, this is a significant step function change in margins which is reflective of our efforts to structurally shift the business towards higher growth and higher margin end markets.

調整後營業利潤率為 21.8%，擴大了 260 個基點，優於我們的預期，因為生產力、強勁的淨價和銷售增加推動了本季核心營業槓桿強勁。就背景而言，請記住，2019 年，就在新冠疫情之前，利潤率為 13.6%。正如我們之前指出的，這是利潤率的重大階梯函數變化，反映了我們在結構上將業務轉向更高成長和更高利潤率的終端市場的努力。

We continue to see opportunity on this journey through the contribution from accretive new product introductions, pricing that is both disciplined and appropriately assertive, our continued investments in technology-driven product differentiation and continued productivity. In engineering materials, sales of $49 million decreased 13% compared to the prior year. Adjusted operating profit decreased 80 basis points to 12.9% on the lower volumes.

透過不斷推出新產品、既嚴格又適當自信的定價、我們對技術驅動的產品差異化和持續生產力的持續投資，我們繼續看到這趟旅程中的機會。工程材料領域的銷售額為 4,900 萬美元，比上年下降 13%。由於銷量下降，調整後營業利潤下降 80 個基點至 12.9%。

For the full year, we expect both sales and margins to fall below our prior view for flat but with recent and projected cuts in interest rates, we believe we are at bottom today. Before moving to questions, overall again, an outstanding performance in Q3 and outlook for the balance of the year.

就全年而言，我們預計銷售額和利潤率將低於我們先前的持平預期，但隨著近期和預期的利率下調，我們相信今天已處於底部。在開始提問之前，再次總體來說，第三季的出色表現以及對今年剩餘時間的展望。

We raised guidance for the third consecutive quarter. Full-year sales growth up 11% with segment margins expanding 140 basis points to 21% and EPS growth of 19%. Our teams continue to execute operationally and commercially better than ever even in the face of unique, unexpected challenges.

我們連續第三季調漲指引。全年銷售額成長 11%，部門利潤率擴大 140 個基點至 21%，每股收益成長 19%。即使面對獨特的、意想不到的挑戰，我們的團隊仍能比以往更好地執行營運和商業。

Special thanks to our Marion, North Carolina associates, as well as to those assisting in recovery efforts to bring that site back. As Rocky Balboa so passionately coached his son in the sixth installment of the legendary Academy award-winning Rocky franchise: it's not how hard you can hit, it's how hard you can get hit and keep moving forward, how much you can take and keep moving forward. That's how winning is done.

特別感謝我們位於北卡羅來納州馬里昂的同事，以及那些協助恢復該地點的人員。正如洛奇·巴爾博亞(Rocky Balboa) 在獲得奧斯卡獎的傳奇《洛奇》系列電影的第六部中熱情地指導他的兒子一樣：重要的不是你能打出多大的拳頭，而是你能受到多大的打擊並繼續前進，你能承受多少並繼續前進。勝利就是這樣完成的。

Operator, we are now ready to take our first question.

接線員，我們現在準備好回答第一個問題。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，D.A.戴維森。

You quantified -- you did a good job quantifying the impact associated with the hurricanes. I was wondering if you could be a bit more precise as to exactly what you felt in Q3, if anything material from the Boeing strike? And what's baked into your guidance associated with that strike for Q4? And then I will follow up.

你們在量化颶風的影響方面做得很好。我想知道您是否可以更準確地描述您在第三季度的感受，是否有任何來自波音罷工的材料？您對第四季罷工的指導意見有何內容？然後我會跟進。

Yeah. So in Q3, I would say not material, Matt. The more material impact as we quantified was the hurricane at $0.03 roughly. In Q4, I would say that we're continuing to make sure that we're protecting Boeing. So our estimate there, perhaps a little bit muted from a volume perspective, but there is some impact. But I would again say not material and not affecting our overall guide for the quarter.

是的。所以在第三季度，我想說這並不重要，馬特。我們量化的更實質影響是颶風，大約為 0.03 美元。在第四季度，我想說我們將繼續確保保護波音。因此，從成交量的角度來看，我們的估計可能有點溫和，但還是有一些影響。但我再次強調，這並不重要，也不會影響我們本季的整體指南。

Matt, ballpark it's $5 million of sales a month for the effective programs at below [7%] average margins. I don't think we're going to be lower, more specific about what typically is in the fourth-quarter assumption. But that's kind of the way to think about it.

馬特，估計有效計劃的每月銷售額為 500 萬美元，平均利潤率低於 [7%]。我認為我們不會對第四季的假設進行更低、更具體的分析。但這就是思考這個問題的方式。

And keep in mind, too, Matt, commercial OE grew actually 19% for us in the quarter. So pretty strong, despite what was going on.

馬特，請記住，本季我們的商業 OE 實際上成長了 19%。非常強大，儘管發生了什麼事。

For sure, agreed. And then maybe on PFT, if you could maybe do a little bit more of a deeper dive on what you're seeing across your major end markets and geography you spoke with respect to projects and MRO? Thank you.

當然，同意了。然後也許在 PFT 上，您是否可以更深入地了解您在主要終端市場和地理區域中看到的有關項目和 MRO 的情況？謝謝。

Yeah, sure. I'll give a little bit of color, Matt. Overall, the message would be that -- very consistent with what we discussed and shared in July following the second-quarter earnings call. Fairly consistent on a year-to-date basis compared to coming into the year, doing better with the positive surprises being largely around projects as we were entering the quarter primarily in the Americas, but also in the Middle East, Asia, and primarily in chemicals and pharmaceuticals.

是的，當然。我會給一點顏色，馬特。總的來說，傳達的訊息是——與我們在第二季財報電話會議後 7 月討論和分享的內容非常一致。與今年相比，年初至今相當一致，表現更好，積極的驚喜主要圍繞著項目，因為我們進入本季度主要在美洲，但也在中東、亞洲，主要是在化學品和藥品。

We do think the backlog as it currently stands is setting us up, I think, well, as we're looking to the fourth quarter and to 2025. European chemical is still slow. No real change there, both projects and MRO. If anything, MRO is stabilizing, is the way to think about it, but we're not expecting a big recovery at all here as we exit Q3 and finish up Q4.

我們確實認為目前的積壓正在為我們做好準備，我認為，因為我們正在展望第四季和 2025 年。歐洲化工仍然緩慢。無論是專案還是 MRO，都沒有真正的變化。如果有什麼不同的話，那就是 MRO 正在趨於穩定，這是我們思考問題的方式，但隨著我們退出第三季度並結束第四季度，我們根本不期望出現大幅復甦。

China and Europe, I would say just overall, the most challenged end markets there. A handful of project pushouts, not inconsistent with what we were seeing coming into the year and through the first nine months. So that's a very similar trend as well. And again, the strength coming from a project point of view in pharmaceuticals and in chemical.

我想說，整體而言，中國和歐洲是面臨最大挑戰的終端市場。一些項目的推出，與我們今年和前九個月的預期並不不一致。這也是一個非常相似的趨勢。再說一次，力量來自製藥和化學領域的專案角度。

Outside of the process side of the business, on the more commercial areas of what we have in PFT, North American water, wastewater just continues to win frankly and taking share. So excited about what we continue to see there. And then UK nonres, I would say, a decent double-digit core order rate that we saw here in the quarter. So also recovering.

在業務流程方面之外，在我們 PFT 的更多商業領域，北美水務、廢水處理繼續坦率地獲勝並佔據份額。我們對在那裡繼續看到的東西感到非常興奮。然後，我想說的是，我們在本季看到的英國非固定訂單率達到了不錯的兩位數核心訂單率。所以也恢復了。

Got it. Thank you, guys.

知道了。謝謝你們，夥計們。

Justin Ages, CJS Securities.

賈斯汀·艾格斯 (Justin Ages)，CJS 證券。

You mentioned a bit on M&A and maybe bigger into 2025, just in the smaller one that we could see before the end of the year. Can you give any color on whether that's on the PFT or the A&E side?

您提到了一些關於併購的內容，可能會在 2025 年進行更大的併購，只是在年底之前我們可能會看到規模較小的併購。您能具體說明是 PFT 還是 A&E 方面嗎？

Our PFT. And we'll probably -- you'll probably see this. The $20 million range of solid EBITDA margins in the cryogenics space again. So it's really nice to fit and -- on schedule to close Friday. So we'll put a press to (inaudible), when that occurs.

我們的 PFT。我們可能會——你可能會看到這一點。低溫領域的 EBITDA 利潤率再次達到 2,000 萬美元。所以它真的很適合，並且按計劃在周五關閉。因此，當這種情況發生時，我們將按下（聽不清楚）。

All right, that's very helpful. Thank you. And then one more, if I could. Without getting too political or anything, can you tell us if you're favoring one political kind of climate for the business over the other or how you're approaching the November election?

好的，這非常有幫助。謝謝。如果可以的話，然後再來一張。在不涉及太多政治或任何其他內容的情況下，您能否告訴我們您是否更喜歡一種商業政治氛圍而不是另一種，或者您如何看待 11 月的選舉？

No, I think -- look, no matter what, we are ready to react to any administration, any occurrence of flexibility and being able to respond is a hallmark of Crane and what we've executed over any administration historically and how I view it as we move forward.

不，我認為——看，無論如何，我們已經準備好對任何政府做出反應，任何靈活性的發生和能夠做出反應是克蘭的標誌，也是我們歷史上對任何政府執行的事情以及我的看法當我們前進時。

All right. Thanks. I appreciate you taking the questions.

好的。謝謝。感謝您提出問題。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey guys, sorry if I missed it. But do you happen to have the gross splits in (inaudible) handy between commercial OE, commercial aftermarket, defense OE, and defense aftermarket? Thanks.

嘿夥計們，抱歉，如果我錯過了。但是，您是否碰巧在商業原始設備、商業售後市場、國防原始設備和國防售後​​市場之間有（聽不清楚）方便的總體劃分？謝謝。

Yeah. Commercial OE was up 17%; military OE, up 13%; commercial aftermarket, up 39%; military aftermarket -- sorry, I'm reading the wrong column. I apologize. Forget all of those. On a core basis excluding the acquisition, commercial OE was up 7%; military OE, up 7%; commercial aftermarket, up 12%; military aftermarket, up 30%.

是的。商業 OE 成長 17%；軍用OE，成長13%；商業售後市場，成長39%；軍事售後市場——抱歉，我讀錯專欄了。我道歉。忘記所有這些。在排除收購的核心基礎上，商業 OE 成長了 7%；軍用OE，上漲7%；商業售後市場，成長12%；軍用售後市場成長30%。

Okay, great. Thanks. And then (multiple speakers) -- right. And Max, what is Crane's scholarship [content] on a new AP 1000 nuclear reactor?

好的，太好了。謝謝。然後（多個發言者）－對。Max，Crane 關於新型 AP 1000 核反應器的獎學金[內容]是什麼？

Yeah, we haven't disclosed shipset content on -- a couple million. It's not that significant, more of a position with the valves, Scott. But we are chasing -- we are specified as the AP 1000 gets built. We will have that content. Our team is actively bidding and working with all the small modular nuclear reactor builders. Our new design is getting specified in.

是的，我們還沒有透露幾百萬艘船的內容。這並不重要，更多的是閥門的位置，斯科特。但我們正在追逐——當 AP 1000 建成時我們就被指定了。我們將擁有該內容。我們的團隊正在積極投標並與所有小型模組化核反應器建造商合作。我們的新設計正在被指定。

So it's clearly a strategic focus for us. That's our smaller $70 million nuclear services business. That does turnaround work wonderfully positioned, test equipment on turnarounds, provides those services and also manufacturing bespoke valves for those solutions. Just for those that don't remember that history also.

因此，這顯然是我們的戰略重點。這是我們規模較小的 7,000 萬美元核子服務業務。這確實使周轉工作處於完美的位置，在周轉中測試設備，提供這些服務並為這些解決方案製造客製化閥門。只是為了那些不記得那段歷史的人。

Okay. And you know, Max, it's kind of a tough question, but you had downtime in South Carolina, you had downtime in North Carolina, you had this Taiwan impact, then you had a strike at Boeing. And you still beat on the quarter and raised the guide on EPS. So just maybe curious if you could riff a bit about what's in the water Crane that enables you all to perform like this in these circumstances? Thanks.

好的。你知道，馬克斯，這是一個棘手的問題，但你在南卡羅來納州停工了，在北卡羅來納州也停工了，你受到了台灣的影響，然後波音公司也發生了罷工。您仍然在本季度取得了好成績，並提高了每股收益指引。所以也許你會好奇，你能否即興講述一下 Water Crane 中的什麼東西可以讓你們在這種情況下表現得這樣？謝謝。

Well, thanks Scott. I appreciate that question to brag about the team and our processes. Well, we've always described this -- look, some investors' eyes glaze over, everybody speaks to their own business system, everybody speaks the same mantra and language. I would argue that very few differentiate themselves in terms of truly being able to execute on what the essence of those systems mean.

嗯，謝謝斯科特。我很欣賞這個問題來吹噓我們的團隊和我們的流程。好吧，我們一直在描述這一點——看，一些投資者的目光呆滯，每個人都在談論自己的業務系統，每個人都說著相同的口頭禪和語言。我認為，很少人能夠真正執行這些系統的本質意義，從而脫穎而出。

I would argue that we do for those investors that have visited our facilities. I think we've shown that in practice what that means, what the Crane business system means. It starts with our strategy and execution, a very disciplined process around that cadence and execution. It's not an easy pace for Crane associates.

我認為我們是為那些參觀過我們工廠的投資者而做的。我認為我們已經在實踐中展示了這意味著什麼，克瑞業務系統意味著什麼。它從我們的策略和執行開始，這是一個圍繞節奏和執行的非常嚴格的流程。對克瑞員工來說，這並不是一個輕鬆的步伐。

I mean, that's something that is regularly talked about, but also with some pride in terms of what it means to be part of Crane and driving that cadence and execution focused on growth and our approach at driving customer satisfaction. I think we've got an operational prowess around lean and six sigma that is, again, we can always improve and we always make it ugly and be very transparent with ourselves.

我的意思是，這是人們經常談論的事情，但也對成為克瑞的一部分意味著什麼、推動以成長為重點的節奏和執行力以及我們提高客戶滿意度的方法感到自豪。我認為我們在精益和六西格瑪方面擁有強大的營運能力，也就是說，我們總是可以改進，但我們總是讓它變得醜陋，並對自己非常透明。

But we're really quite good at just maniacal focus on waste variation over burden on our associates and how we strip out that waste year after year, month after month, day after day. Everything from strategic sourcing to newer holistic tools and processes and focus that we just execute really well.

但我們確實非常擅長瘋狂地專注於浪費的變化，而不是員工的負擔，以及我們如何年復一年、月復一月、日復一日地消除浪費。從策略採購到更新的整體工具和流程以及重點，我們執行得非常好。

Yeah, I think it's a phenomenal culture. It starts with ethics and integrity and that puts this Crane business system at its forefront. And I think we differentiate and I think, hopefully, investors see that reading through the results. But thank you for the question.

是的，我認為這是一種非凡的文化。它始於道德和誠信，這使起重機業務系統處於最前沿。我認為我們是有區別的，我認為，希望投資者能夠透過閱讀結果看到這一點。但謝謝你的提問。

Thank you.

謝謝。

Damian Karas, UBS.

達米安卡拉斯，瑞銀。

I wanted to ask you a follow-up question on process flow. I know the power is less relevant to the business nowadays versus the past when it was kind of a larger proportion of the mix. But you do still have a strong position in nuclear in North America, in particular.

我想問您一個有關流程的後續問題。我知道，與過去相比，現在權力與業務的相關性較小，過去它在業務中所佔的比例較大。但你們在核能領域仍然擁有強大的地位，尤其是在北美。

Just curious if you're seeing any activity from some of the recent capacity that's coming back on line and maybe any thoughts on how you're thinking about some of the announcements from Google and the other tech companies on planning of some nuclear projects?

只是好奇您是否看到最近恢復上線的一些產能的任何活動，以及您如何看待谷歌和其他科技公司關於規劃一些核項目的一些公告？

Power, overall, I think it just -- it's stable. We haven't seen -- nothing I can see in the data, any major shifts from that standpoint. And the nuclear. Hey, look, it's exciting news. The nuclear resurgence is certainly exciting. We're excited about those announcements as well. There's going to be a lot of money and investment in there. I think it's going to be a longer-term cycle for sure.

總體而言，我認為力量是穩定的。我們還沒有看到——我在數據中看不到任何東西，從這個角度來看有任何重大轉變。還有核。嘿，看，這是一個令人興奮的消息。核復興確實令人興奮。我們也對這些公告感到興奮。那裡將會有大量的資金和投資。我認為這肯定會是一個更長期的周期。

But on a smaller scale, our nuclear team is investing for growth. One of our strategic initiatives is a brand-new testing capability that allows for remote testing for the annual -- a process of certifying the valves. And so, we're excited about that, investing for growth. But it's a positive place to be and it's something that we we'll be -- certainly looking at also from an M&A strategy also, if and when it makes sense on assets that come up.

但在較小的規模上，我們的核子團隊正在為成長進行投資。我們的策略性舉措之一是全新的測試能力，可以進行年度遠端測試——這是閥門認證的過程。因此，我們對此感到興奮，投資促進成長。但這是一個正面的地方，也是我們將要做的事情——當然也會從併購策略中考慮，如果它對出現的資產有意義的話。

That's great, very helpful. And then I wanted to ask you on aero, just curious if there's any contract discussions or negotiations happening with any of your major aerospace customers? And Max expressed that kind of confidence in the rest of this year. Just any risks in aero you could possibly see? A little bit of a disruption in 2025 versus the 7% to 9% long-term target you have? Or you still feel pretty confident looking at 2025?

這太棒了，非常有幫助。然後我想問您關於航空航天的問題，只是好奇是否與您的主要航空航天客戶進行了任何合約討論或談判？馬克斯對今年剩餘時間表達了這種信心。您可能會看到航空領域的任何風險嗎？與您制定的 7% 至 9% 的長期目標相比，2025 年會受到一點幹擾嗎？或者說您對 2025 年仍然充滿信心？

Well, on the contract question first. I mean, we're always in negotiations on various contracts when they come up when they're due. That's just ongoing. I would say that the pace and scope of contract discussions continue. Nothing unusual. So that's all positive. I would say that.

好吧，首先是合約問題。我的意思是，當各種合約到期時，我們總是在就這些合約進行談判。這還在繼續。我想說的是，合約討論的速度和範圍仍在繼續。沒什麼不尋常的。所以這都是正面的。我會這麼說。

Look, I mean, anything outside of our control, we've always said what worries me the most is those things that are outside of our control. It's some economic shock. It's war. It's another virus. It's those types of things. Could that happen? Sure, I guess so.

聽著，我的意思是，任何我們無法控制的事情，我們總是說我最擔心的是那些我們無法控制的事情。這是一些經濟衝擊。這是戰爭。這是另一種病毒。就是這些類型的東西。這會發生嗎？當然，我想是這樣。

Based on what we have clear line of sight too, based on everything we're triangulating on, we have high confidence as we exit the year and head into 2025.

基於我們清晰的視野，基於我們正在三角測量的一切，我們對今年結束並進入 2025 年充滿信心。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

How long does the strike of Boeing have to go for it to be -- it seems like if it were to last three months, that three months kind of line in the sand is when maybe some of your smaller suppliers can really start to get into trouble. So I'm just curious if you have a sense on -- obviously, you're getting it resolved sooner than later, it's far better. But if it were to go on for a while, where is that line in the [sense]?

波音公司的罷工要持續多久——看起來如果要持續三個月，那麼三個月的時間裡，也許你的一些較小的供應商才能真正開始進入麻煩。所以我只是好奇你是否有意識——顯然，你早點解決這個問題比晚點解決要好得多。但如果再持續一段時間，那條線在哪裡？[感覺]？

For us? Look, I think if we look specifically for Crane, and we're not interiors, we're not some of the others that might have some clear, greater challenges with the delay. Right now with the aftermarket, if the strike continues, I mean, unfortunately, new aircrafts are not being delivered, older aircraft continue to fly, our aftermarket continues to remain strong.

為了我們？聽著，我認為如果我們專門尋找 Crane，而且我們不是室內設計公司，我們也不是其他可能因延遲而面臨一些明顯的、更大挑戰的公司。現在在售後市場上，如果罷工繼續下去，我的意思是，不幸的是，新飛機沒有交付，舊飛機繼續飛行，我們的售後市場繼續保持強勁。

So we feel that even in the worst-case scenario with the strike, we're going to be okay. We're protecting some of the volumes. I mean, we're adjusting some of the forecast rates, of course. But in terms of making sure that we have the appropriate inventory for a start-up, not excessive, but the appropriate level of inventory managing our supply chain, no knee jerk reactions into our supply chain.

因此，我們認為，即使在罷工的最壞情況下，我們也會沒事的。我們正在保護某些卷。我的意思是，當然，我們正在調整一些預測率。但在確保我們擁有適合新創企業的適當庫存方面，不是過多，而是管理我們供應鏈的適當庫存水平，我們的供應鏈不會出現下意識的反應。

So I think we're managing it really, really well. And I don't see a red line. I really don't.

所以我認為我們管理得非常非常好。我沒有看到紅線。我真的不知道。

Got it. All right, cool. Thank you.

知道了。好吧，酷。謝謝。

Nathan Jones, Stifel.

內森瓊斯，斯蒂菲爾。

Yes, thanks. Good morning. This is Adam Farley on for Nathan. I wanted to start in PFT. Again, really strong margin performance there. Can you talk about maybe the primary drivers including price/cost, operating leverage, [80/20] mix? Is there anything else maybe contributing to the improved margins?

是的，謝謝。早安.我是亞當法利 (Adam Farley) 替補內森 (Nathan)。我想從 PFT 開始。同樣，那裡的利潤率表現非常強勁。您能否談談主要驅動因素，包括價格/成本、營運槓桿、[80/20] 組合？還有什麼可能有助於提高利潤率嗎？

No, it's all the above, honestly. I mean, we had a very solid performance. Price/cost productivity continues to be really strong. The team executes extraordinarily well. I'd reiterate that the results from the quarter also include that impact from Marion. So on a gross basis, we did even better.

不，老實說，以上都是。我的意思是，我們的表現非常出色。價格/成本生產率仍然非常強勁。該團隊執行得非常好。我重申，本季的業績還包括馬里昂的影響。因此，從整體來看，我們做得更好。

But I think the way to think about it is nothing unusual. And as we think about next year and moving forward, that 35% leverage rate that we've been speaking to is the way to think about our comfort in ongoing performance.

但我認為思考這個問題的方式並沒有什麼不尋常的。當我們考慮明年和未來時，我們一直在談論的 35% 的槓桿率是考慮我們對持續表現的舒適度的方式。

And also, keep in mind, Adam, the focus shift in that PFT business that we've done in terms of the higher growth, higher-margin end market has certainly been beneficial as well.

另外，請記住，Adam，我們在 PFT 業務中的重點轉移到了更高成長、更高利潤的終端市場，這當然也是有益的。

That's great to hear. And then shifting over to 80/20. I know it's still very early days. But is there maybe one business or the other that stands to benefit more from both a growth and margin perspective, specifically from 80/20 deployment?

很高興聽到這個消息。然後轉向 80/20。我知道現在還為時過早。但是，是否有一種企業或另一種企業能夠從成長和利潤的角度，特別是從 80/20 部署中獲益更多？

What I'd highlight again is our approach is a much more -- it's a balanced approach. We don't follow the herd. We don't just run with some new shiny thing. 80/20 truly is a holistic improvement philosophy and approach that is not just about price, it's pricing for value. It's about really good product management, too. And simplifying the portfolio for those things that you really should not be continuing to try to produce, it has -- that bears the brunt of your cost and you're really not making the kind of margins that you think.

我要再次強調的是，我們的方法是一種更平衡的方法。我們不隨波逐流。我們不只是追求一些新的閃亮的東西。 80/20 確實是一種整體改進理念和方法，它不僅僅是價格，而是價值定價。這也與真正良好的產品管理有關。簡化那些你確實不應該繼續嘗試生產的產品的投資組合，它會首當其沖地承受你的成本，而且你實際上並沒有獲得你認為的那種利潤。

So you simplify the business over time, you're taking cost out. So it's not just a price up, it's a cost out and then it's a focus on overserving your core customers and redirecting your assets and making sure that those core customers are getting super served. So it's about a growth strategy.

因此，隨著時間的推移，你會簡化業務，從而降低成本。因此，這不僅僅是價格上漲，而是成本支出，然後重點是過度服務您的核心客戶並重新調整您的資產，並確保這些核心客戶得到超級服務。所以這是關於成長策略的。

So when you put it in that context, I think it's a wonderful fit with our overall CBS philosophy approach tools. It's been a phenomenal addition. I would say that it's still -- when we talk about early innings, the approach, it's really around the simplification, continue to see opportunities. We've always been aggressive at stripping out cost closing facilities.

因此，當你把它放在這樣的背景下時，我認為它與我們的整體 CBS 哲學方法工具非常契合。這是一個驚人的補充。我想說的是，當我們談論早期的幾局時，這種方法實際上是圍繞著簡化，繼續尋找機會。我們一直積極致力於取消成本關閉設施。

So this is again, just a natural extension for us from a Crane business system standpoint. But this extension of simplification cost out, overserving customers, still early innings in its purity of the approach, which I'm really, really excited about. A reminder for investors, coming out of COVID in an inflationary environment, we were maniacal of making sure early and fast that we stood up for our value prop and passed on inflation very fast, very quickly.

因此，從起重機業務系統的角度來看，這對我們來說只是一個自然的延伸。但這種簡化的擴展成本高昂，過度服務客戶，其方法的純粹性仍處於早期階段，我對此感到非常非常興奮。提醒投資者，在通膨環境下走出新冠疫情後，我們瘋狂地希望儘早、快速地確保我們堅持我們的價值支撐，並非常快速地傳遞通膨。

I would not say that was 80/20. That was just in many cases, a brute force, driving it through the business. Since then, of course, it's become much more sophisticated, strategic. We continue with the momentum but I still think it's early innings for us and we're really approaching this the right way and in a balanced way that we'll have longevity for, I mean, many, many years ahead. Would you frame it up --

我不會說那是 80/20。在很多情況下，這只是一種蠻力，推動著整個業務的發展。當然，從那時起，它變得更加複雜、更具戰略性。我們繼續保持這種勢頭，但我仍然認為這對我們來說還處於早期階段，我們確實正在以正確的方式和平衡的方式接近這一目標，我的意思是，我們將在未來很多很多年裡保持長壽。你能把它框起來嗎--

No, I think that's right. In the near term, to answer your question on which side as well, I mean, I think PFT is naturally just given the lack of the long-term contract environment that's there relative to A&E. But yeah, I would just echo everything Max said.

不，我認為這是對的。在短期內，為了回答你的問題，我的意思是，我認為 PFT 自然是因為缺乏與 A&E 相關的長期合約環境。但是，是的，我只是重複麥克斯所說的一切。

Awesome. Thank you very much.

驚人的。非常感謝。

Adam, was Nathan -- would he rather listen to Scott versus me? My feelings are hurt. (laughter)

亞當，內森——他願意聽史考特還是我？我的感情受傷。（笑聲）

No, that's nothing -- nothing like that.

不，那沒什麼——不是那樣的。

All right. Tell him I gave him that message.

好的。告訴他那封訊息是我給他的。

Will do.

會做。

Jeff Sprague, Vertical Research.

傑夫·斯普拉格，垂直研究。

Good morning, everyone. I was on a little late, bouncing between some calls. I had kind of three things on my mind. If you already touched on any of these, feel free to pump [into] the transcript. But we had Honeywell call out kind of delays and energy-related projects. Obviously, you've sort of deemphasized, kind of straight oil and gas, but it can rhyme into chemicals and other things.

大家早安。我來得有點晚，在幾通電話之間來回走動。我心裡有三件事。如果您已經接觸過其中任何一個，請隨意輸入文字記錄。但我們讓霍尼韋爾提出了一些延誤和與能源相關的項目。顯然，你已經不再強調石油和天然氣了，但它可以押韻成化學物質和其他東西。

So I wondered if you've seen anything there? If you didn't quantify kind of storm impacts, please do so. And then on the Boeing strike, I think you guys were almost exactly on rate, right? You weren't one of the problem [shouldering] in terms of supply chain, as far as I could tell anyhow, which I think would make you a little bit more exposed to them needing to tap the brakes if things drag on.

所以我想知道你在那裡看到什麼嗎？如果您沒有量化風暴影響的類型，請這樣做。然後，在波音公司的罷工中，我想你們幾乎完全按部就班，對吧？無論如何，就我所知，你並不是供應鏈方面的問題之一，我認為這會讓你更容易受到他們的影響，如果事情拖延下去，他們需要踩剎車。

So any additional color there would be great. Appreciate it.

所以任何額外的顏色都會很棒。欣賞它。

On the Honeywell delays, we're still not seeing any major significant shifts in pushouts or cancellations, anything along those lines. On the storm impacts, you want to --

關於霍尼韋爾的延誤，我們仍然沒有看到任何類似的延遲或取消的重大變化。關於風暴的影響，您想要--

Yeah, on the storm impacts, Jeff, it was $0.03 in the quarter, in the third quarter in PFT. And then for the quarter -- for the fourth quarter on PFT, we gave an estimate of $0.05 to $0.10 of impact.

是的，傑夫，關於風暴的影響，第三季的 PFT 為 0.03 美元。然後對於本季——第四季的 PFT，我們估計影響為 0.05 美元到 0.10 美元。

On the Boeing rate question, Jeff, we don't feel that we have risk here with Boeing on any kind of adjustment moving forward. We've always been prudent in our internal planning and execution and as a matter of fact, we're taking some proactive measures to continue to protect Boeing as we're moving forward. So I think we've planned this really, really well, executing well. And we're not concerned over how this plays out.

關於波音的利率問題，傑夫，我們不認為波音在未來進行任何形式的調整方面有風險。我們在內部規劃和執行方面始終保持謹慎態度，事實上，我們正​​在採取一些積極主動的措施，在前進的過程中繼續保護波音。所以我認為我們計劃得非常非常好，執行得很好。我們並不關心事情會如何發展。

Great, thanks for the color. I appreciate it.

太好了，謝謝你的顏色。我很感激。

And Jeff, just on the storm impacts. With those impacts holding the prior guidance that we issued for PFT in July.

傑夫，關於風暴的影響。這些影響符合我們 7 月為 PFT 發布的先前指導。

Got it. No, understood. Appreciate it.

知道了。不，明白了。欣賞它。

Tony Bancroft, Gabelli Funds.

東尼班克羅夫特，Gabelli 基金。

Just with your -- given your strong performance, you've had -- and putting out the last Investor Day, your sort of long-term '28 outlook. Could you sort of walk us through any update on that longer-term plan? Getting there, getting to the two businesses at scale at appropriate margins? And then also an update on any potential sale in the engineered material business? I realize it's not the best time maybe, but just your thoughts on that would be helpful.

就你的——鑑於你的強勁表現，你已經——並在上一個投資者日發布了你對 28 年的長期展望。您能否向我們介紹一下該長期計劃的最新情況？實現這一目標，以適當的利潤規模大規模開展這兩項業務？還有工程材料業務任何潛在出售的最新情況嗎？我意識到這可能不是最好的時機，但您對此的想法會有所幫助。

Yeah, I would say no change on the long-term targets. 3% to 5% in process, 7% to 9% in aerospace and electronics. Leveraging at 30% to 35% in PFT, and 35% to 40% in aerospace and electronics. So I would say that equation holds -- it's still something that we're marching forward on and continuing to look for the right opportunities to employ capital to continue to support the inorganic side of things.

是的，我想說長期目標沒有改變。 3% 到 5% 在過程中，7% 到 9% 在航空航太和電子領域。PFT 槓桿率為 30% 至 35%，航空航太和電子產業槓桿率為 35% 至 40%。所以我想說，這個等式成立——這仍然是我們正在前進的事情，並繼續尋找合適的機會來利用資本來繼續支持事物的無機方面。

On the inorganic side, I would say that the activity has never been higher. I mean, our funnel is very full. We're very, very active. So I think from that standpoint, it plays well to our goal of scaling up in both A&E and PFT. Strategically, we like the assets, we like where they're positioned. We'll see what we can continue to get across the goal line here, but a lot of activity.

在無機方面，我想說，活性從未如此高。我的意思是，我們的漏斗非常滿。我們非常非常活躍。因此，我認為從這個角度來看，它很好地實現了我們擴大 A&E 和 PFT 規模的目標。從策略上講，我們喜歡這些資產，我們喜歡它們的定位。我們將看看我們可以繼續跨越這裡的目標線，但還有很多活動。

So that's all incredibly positive. And on engineered materials. As we've stated before, we love the business, great team, great business, great end markets. We don't -- it's not strategic for Crane. We tried to sell it once. BOJ had some issues with the acquirer that unfortunately -- we missed that cycle. We will not miss the next cycle so that will -- it's just a matter of time.

所以這一切都是非常正面的。還有工程材料。正如我們之前所說，我們熱愛這項業務、出色的團隊、出色的業務和出色的終端市場。我們不這樣做——這對克蘭來說不是戰略性的。我們曾經嘗試過賣掉它。不幸的是，日本央行與收購方存在一些問題——我們錯過了這個週期。我們不會錯過下一個週期，所以這只是時間問題。

Thanks so much. Great job, everyone.

非常感謝。幹得好，大家。

And there are no further questions in our queue for today. This concludes the Q&A portion of the call, and I am pleased to turn the floor back over to Mr. Max Mitchell for closing remarks.

今天我們的隊列中沒有其他問題了。電話會議的問答部分到此結束，我很高興將發言權轉回給馬克斯·米切爾先生做總結發言。

Thanks, operator. Appreciate it. Again, yet another very solid quarter with results outperforming expectations, even with surprises outside our control that our teams reacted to incredibly well. As the late great Wally Amos, founder of famous Amos cookies once said, nothing is an obstacle unless you say it is.

謝謝，接線生。欣賞它。這又是一個非常穩健的季度，結果超出了預期，儘管出現了我們無法控制的意外情況，但我們的團隊對此的反應非常好。正如著名的阿莫斯餅乾創始人、已故偉大的沃利·阿莫斯曾經說過的那樣，除非你說它是，否則沒有什麼是障礙。

As I highlighted previously, a key tenet and strength of the Crane business system is the flexibility and speed to react to issues outside our control. Third-quarter performance and fourth-quarter guidance is another great example of exceptional performance even in the face of adversity. Our strategy is working, the team is executing, driving in some earnings through its growth and commercial experts initiatives.

正如我之前強調的，克瑞業務系統的一個關鍵原則和優勢是對我們無法控制的問題做出反應的靈活性和速度。第三季的業績和第四季的指導是即使在逆境中也能表現出色的另一個很好的例子。我們的策略正在發揮作用，團隊正在執行，並透過其成長和商業專家計劃推動了一些收入。

Our M&A pipeline is full and we have the balance sheet capacity to execute. We look forward to closing out 2024 on a strong note and we're well-positioned for continued growth. Thank you all for your interest in Crane and your time and attention this morning. Have a great day.

我們的併購管道已滿，我們有執行資產負債表的能力。我們期待以強勁的表現結束 2024 年，並且我們已做好持續成長的準備。感謝大家對克瑞的興趣以及今天早上的時間和關注。祝你有美好的一天。

Ladies and gentlemen, this concludes today's Crane Company third-quarter 2024 earnings conference call.

女士們、先生們，今天的克瑞公司 2024 年第三季財報電話會議到此結束。