Crane Co (CR) 2024 Q4 法說會逐字稿

Welcome to the Crane Company fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions)

歡迎參加 Crane Company 2024 年第四季和全年財報電話會議。（操作員指令）

I would now like to turn the call over to Allison Poliniak, Vice President of Investor Relations.

現在，我想將電話轉給投資者關係副總裁 Allison Poliniak。

Thank you, Shelby, and good day, everyone. Welcome to our fourth-quarter 2024 earnings release conference call. On our call this morning, we have Max Mitchell, our Chairman, President, and Chief Executive Officer; Alex Alcala, Executive Vice President and Chief Operating Officer; and Rich Maue, our Executive Vice President and Chief Financial Officer; along with Jason Feldman, Senior Vice President, Treasury, Tax, and Investor Relations, who is also on for Q&A.

謝謝你，謝爾比，大家好。歡迎參加我們 2024 年第四季財報發布電話會議。今天早上的電話會議由我們的董事長、總裁兼執行長馬克斯·米切爾 (Max Mitchell) 主持；亞歷克斯‧阿爾卡拉 (Alex Alcala)，執行副總裁兼營運長；以及我們的執行副總裁兼財務長 Rich Maue；以及財務、稅務和投資者關係高級副總裁 Jason Feldman 也參與問答環節。

We will start off our call with a few prepared remarks from Max, Alex, and Rich, after which we will respond to 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.

我們的電話會議將以 Max、Alex 和 Rich 的幾句準備好的發言開始，然後我們將回答問題。需要提醒的是，我們在本次電話會議上發表的評論將包括一些前瞻性的陳述。請您參閱我們收益報告底部的警示語以及年度報告 10-K 和後續文件中與前瞻性陳述相關的警示語。

Also during the call, we will be using some non-GAAP numbers which are reconciled to the comparable GAAP numbers and tables at the end of our press release and accompanying 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，這些數據與新聞稿和隨附幻燈片演示末尾的可比較GAAP 數字和表格進行了協調，這兩個文件均可在我們的網站www.craneco .com 上找到。

Now let me turn the call over to Max.

現在讓我把電話轉給馬克斯。

Thank you, Allison. Thanks, everyone, for joining the call today.

謝謝你，艾莉森。感謝大家今天的電話會議。

Well, a strong close in Q4 to another excellent year with results nicely outperforming our expectations. But before we dive into the results, I would like to touch on a few recent announcements. First, I want to acknowledge Alex Alcala who was promoted to Chief Operating Officer back in December and who is joining us for the call this morning and moving forward.

好吧，第四季度強勁結束，又一個出色的年份，業績遠遠超出了我們的預期。但在我們深入了解結果之前，我想談談一些最近的公告。首先，我要感謝去年 12 月晉升為首席營運長的亞歷克斯·阿爾卡拉 (Alex Alcala)，他將參加今天上午的電話會議並繼續我們的工作。

Many of you already know him from the 12 years he has been part of the team, but for those that do not, Alex has been an instrumental partner to me as we have strategically transformed Crane's portfolio into a higher growth, higher margin, and higher return business. Alex has demonstrated his strategic and operational capabilities in a number of roles at Crane, first, as President of our pumps and systems business, then as President of our process valve business, followed by roles as senior Vice President for the process flow technology segment, and as executive Vice President, managing all of our post separation segments and regional teams.

你們中的許多人已經認識他了，因為他已經加入團隊12 年了，但對於那些不認識他的人來說，Alex 一直是我的重要合作夥伴，因為我們將Crane 的投資組合策略性地轉變為更高成長、更高利潤和更高回頭客。Alex 在克瑞擔任過多個職務，展現了他的策略和營運能力。 。

His appointment as COO gives me further capacity to focus my attention on accelerating Crane's growth through strategy deployment and strategic acquisitions. Congratulations, Alex, and thank you for all you do in being Crane and driving results with the team.

他被任命為營運長使我能夠進一步集中精力透過策略部署和策略收購來加速 Crane 的發展。恭喜你，亞歷克斯，感謝你作為 Crane 所做的一切以及與團隊一起推動取得的成果。

Thank you, Max. Thanks for the kind comments. It has been really fun, and I'm so proud of our team. I look forward to continued investor communications.

謝謝你，馬克斯。謝謝您的善意評論。這真的很有趣，我為我們的團隊感到驕傲。我期待與投資人繼續溝通。

Also, a reminder that on January 2, we announced the completion of the divestiture of our engineered materials segment. This divestiture reflects yet another important step forward following the numerous actions we have taken over the last few years to simplify and strengthen our portfolio, focusing resources on our two strategic growth platforms, aerospace and electronics and process flow technologies. With this divestiture now behind us, we are focused on driving accelerated inorganic growth through capital deployment with our very strong balance sheet as well as accelerating organic profitable growth through our disciplined cadence and execution. Following that divestiture, the results we speak to today treat engineered materials as discontinued operations for all of 2024.

另外，需要提醒的是，1 月 2 日，我們宣布完成工程材料部門的剝離。這項資產剝離是我們過去幾年採取的眾多行動中的又一重要舉措，旨在簡化和加強我們的產品組合，將資源集中在我們的兩大戰略增長平台——航空航天和電子以及工藝流技術上。現在，我們已經完成了這項資產剝離，我們將專注於透過我們非常強勁的資產負債表的資本部署來推動加速無機成長，並透過我們嚴謹的節奏和執行來加速有機獲利成長。在此次資產剝離之後，我們今天談到的結果將工程材料視為 2024 年全年停止的業務。

Now on to the quarter. Adjusted EPS of $1.26 was driven by an impressive 8% core sales growth, reflecting strength across both aerospace and electronics and process flow technologies. Core orders were also solid, up 8% in the quarter. We continue to drive outstanding results despite some unique and temporary challenges in the quarter we previously discussed, which include the impact of hurricane Helene on our Marion, North Carolina facility. I'm extremely pleased to report that the site is recovering ahead of schedule, and it's getting close to normal full production rates.

現在進入本季。調整後每股收益為 1.26 美元，得益於核心銷售額 8% 的驚人增長，反映了航空航太、電子和工藝流技術的強勁增長。核心訂單也表現穩健，本季成長了 8%。儘管我們之前討論過的本季度面臨一些獨特和暫時的挑戰，其中包括颶風海倫對我們位於北卡羅來納州馬里恩的工廠的影響，但我們仍然繼續取得出色的業績。我非常高興地報告，該站點正在提前恢復，並且接近正常的滿載生產力。

As I highlighted last quarter, a key tenet and strength of the Crane business system that we have proven time after time over the years is the flexibility and speed to react to issues outside our control. Our performance in 2024 is another great example of our consistently differentiated performance in the face of adversity.

正如我上個季度所強調的那樣，多年來我們一次又一次證明了 Crane 業務系統的一個關鍵原則和優勢，即對我們無法控制的問題做出反應的靈活性和速度。我們在 2024 年的表現是我們在逆境中始終保持差異化表現的另一個很好的例子。

Full-year adjusted EPS was $4.88, up 28% over 2023. Sales for 2024 increased 14% driven by 8% core growth and 6% contribution from acquisitions. Adjusted operating profit of $383 million for the full year increased 29% compared to the prior year. Coming off record performance in 2024 and turning to 2025, I remain highly confident in the strength and resilience of Crane's team and portfolio, and that confidence is also reflected in the dividend increase announced last night of 12%. In addition, I feel confident in our initial 2025 adjusted EPS guidance of $5.30 to $5.60, solid 12% adjusted EPS growth at the midpoint.

全年調整後每股收益為 4.88 美元，較 2023 年成長 28%。2024 年的銷售額將成長 14%，其中核心成長 8% 和收購貢獻 6%。全年調整後營業利潤為 3.83 億美元，較上年成長 29%。在 2024 年創下創紀錄的業績並展望 2025 年後，我仍然對 Crane 團隊和投資組合的實力和韌性充滿信心，這種信心也反映在昨晚宣布的 12% 的股息成長中。此外，我對我們最初的 2025 年調整後每股收益指引 5.30 美元至 5.60 美元充滿信心，中間值調整後每股收益穩定成長 12%。

In setting our initial view for the year, we assume that the macro backdrop remains largely unchanged with strong demand trends at aerospace and electronics and continued market outperformance of process flow technologies even as industrial demand signals remain mixed. Further, our balance sheet is well positioned to capitalize on M&A opportunities. And with continued progress on our existing M&A funnel, we expect additional opportunities to become actionable in 2025 across both aerospace and electronics and process flow technologies. Our funnel is strong. There's a lot of activity.

在製定今年的初步觀點時，我們假設宏觀背景基本上保持不變，航空航太和電子領域的需求趨勢強勁，製程流技術繼續在市場上表現出色，儘管工業需求訊號仍然好壞參半。此外，我們的資產負債表已準備好充分利用併購機會。隨著我們現有併購管道的不斷進展，我們預計 2025 年航空航太、電子和製程流技術領域將出現更多可行的機會。我們的漏斗很強大。有很多活動。

I personally visited two potential targets with the team this month alone, one in the Midwest, one in Europe. And indications are that quite a few assets we've targeted for years will become actionable over the course of 2025.

光是本月我就親自和團隊造訪了兩個潛在目標，一個在中西部，一個在歐洲。有跡象表明，我們多年來瞄準的許多資產將在 2025 年變為可操作的資產。

Before turning the call over to Alex, just a quick reminder that we will be hosting an investor meeting at our aerospace and electronics site in Fort Walton Beach, Florida on March 6, 2025. This location is the production site for our defense power business which houses manufacturing of our wide range of power conversion products used in applications such as next-gen military radars, as an example, with growing capability and ultra high power for emerging ground vehicles and other solutions. I look forward to seeing many of you there. Please reach out to Allison if you need further information.

在將電話轉給亞歷克斯之前，請快速提醒一下，我們將於 2025 年 3 月 6 日在佛羅裡達州沃爾頓堡灘的航空航天和電子基地舉辦投資者會議。該工廠是我們的國防電源業務生產基地，生產各種電源轉換產品，這些產品用於下一代軍用雷達等應用，並為新興地面車輛和其他應用提供不斷增長的容量和超高功率。我期待在那裡見到你們。如果您需要更多信息，請聯繫 Allison。

Now let me pass it over to our Chief Operating Officer, Mr. Alex Alcala, to highlight some of the key wins and successes in the quarter.

現在，讓我將話題交給我們的營運長亞歷克斯·阿爾卡拉先生，來強調本季的一些關鍵勝利和成功。

Thanks, Max, and thanks again for the kind introduction. It has been an honor to be on this journey with you and the team, as we've continued to transform Crane and unlock value. Our teams are energized about our future, and in many ways, I feel we're just getting started. I look forward to seeing many of you in Fort Walton Beach in March, where we will go into a little bit more detail about this robust machine we have built at Crane to continue to drive sustainable profitable growth.

謝謝，馬克斯，再次感謝你的熱情介紹。我很榮幸能與您和團隊一起踏上這段旅程，我們將繼續改造 Crane 並釋放價值。我們的團隊對我們的未來充滿熱情，而且在很多方面，我感覺我們才剛起步。我期待著三月在沃爾頓堡灘見到大家，屆時我們將更詳細地介紹我們在 Crane 製造的這台強勁機器，以繼續推動可持續盈利增長。

Let me move on now to make some comments on the quarter. Within aerospace and electronics, demand remains strong across all categories of our defense and commercial business. I'm proud to report we received the first F-16 brake control upgrade order, further solidifying our confidence in a steep ramp-up for this program, starting at the very beginning of 2026. Total orders received for this project are now about $44 million including some foreign military sales. As a reminder, this is a three-year brake modernization program for the US Air Force fleet of F-16 fighter aircraft at about $30 million per year run rate, with total life of program of sales $150 million to 200 million including foreign military sales, most of which will follow the US portion of the program.

現在，我繼續對本季發表一些評論。在航空航太和電子領域，我們國防和商業業務所有類別的需求仍然強勁。我很自豪地報告，我們收到了第一份 F-16 煞車控制升級訂單，這進一步堅定了我們對從 2026 年初開始大幅提升該專案的信心。目前該項目收到的訂單總額約為 4,400 萬美元，其中包括一些對外軍售。提醒一下，這是一項為期三年的針對美國空軍F-16 戰鬥機機隊的煞車現代化計劃，每年的運行成本約為3000 萬美元，包括對外軍售在內，整個計劃的銷售總額為1.5 億至2 億美元，其中大部分將遵循該計劃的美國部分。

We also made continued progress on vehicle electrification demonstrator programs, and we are continuing strong proposal activity on additional AESA radars. Also, other significant negotiations continue for additional unmanned collaborative combat aircraft programs.

我們還在車輛電氣化演示項目方面不斷取得進展，我們正在繼續對額外的 AESA 雷達進行強有力的提案活動。此外，有關更多無人協同戰鬥機計畫的其他重要談判仍在繼續。

Within process flow technologies, we continue to outperform with our results better than we expected in 2024. For 2025, we see little change today in the demand environment, with North America remaining the greatest growth region for Crane.

在製程流程技術領域，我們的表現持續出色，2024 年的業績超乎我們的預期。對於 2025 年而言，我們目前看到的需求環境幾乎沒有變化，北美仍然是 Crane 最大的成長地區。

In the fourth quarter, Crane secured a sizable order for a large fertilizer project in the Middle East. Our valves provide superior abrasive resistance, and we have a preferred manufacturing location aligned with Saudi Vision 2030 that prioritizes localization, and this was a key enabler for this win. And in North America, we received sizable orders related to the expansion of a facility for a large chemical customer.

第四季度，克瑞公司獲得了中東一個大型化肥計畫的大訂單。我們的閥門具有出色的耐磨性，並且我們擁有符合沙烏地阿拉伯2030願景的優先製造地點，優先考慮本地化，這是我們取得勝利的關鍵因素。在北美，我們接到了與一家大型化學客戶工廠擴建有關的大筆訂單。

Through the acquisitions of CryoWorks and Technifab, Crane has penetrated the high-growth market of space launch and semiconductor cryogenic equipment market, adding approximately $55 million of revenue and consolidating our position as a top provider of cryogenics vacuum jacketed pipe in the US, which we expect to expand further in 2025.

透過收購 CryoWorks 和 Technifab，克瑞已打入高成長的航太發射和半導體低溫設備市場，增加了約 5,500 萬美元的收入，鞏固了我們作為美國低溫真空套管頂級供應商的地位，我們預計2025 年將進一步擴大。

Overall, another strong quarter for both aerospace and electronics and process flow technologies, both in reported results as well as on our activity supporting current and future growth.

總體而言，無論是在報告業績方面，還是在支持當前和未來成長的活動方面，航空航太、電子和工藝流技術都迎來了又一個強勁的季度。

And long term, as we reiterated during our 2024 Investor Day, we remain confident in a 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 debt, the capital deployment opportunity is significant.

從長期來看，正如我們在2024 年投資者日所重申的那樣，我們仍然對長期核心銷售增長率4% 至6% 充滿信心，這些增長來自於堅韌耐用的業務、穩固的售後市場和巨大的營運槓桿，以及目前已經穩固的利潤率。而且由於幾乎沒有債務，資本部署機會十分龐大。

Now let me turn the call over to our CFO, Mr. 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 先生，以了解有關本季度的更多具體資訊以及有關我們指引的更多細節。

Thank you, Alex. And my congratulations as well, and welcome to our quarterly calls. Hey, like John C. Reilly playing the part of Dale in timeless movie classic, Step Brothers, said to his step brother, Brennan, maybe someday we could become friends, friends who ride majestic, translucent steeds, shooting flaming arrows across the Bridge of Hemdale. Alex, as you well know, in addition to driving results and hunting for acquisitions, we like have fun here at Crane, so you may want to think about what you will bring to the calls here moving forward.

謝謝你，亞歷克斯。我對此也表示祝賀，歡迎參加我們的季度電話會議。嘿，就像約翰·C·賴利在經典電影《非親兄弟》中扮演戴爾時對他的繼兄弟布倫南說的那樣，也許有一天我們可以成為朋友，成為騎著雄偉的半透明駿馬，在大橋上射出燃燒的箭的朋友。亞歷克斯，正如你所知，除了推動成果和尋求收購之外，我們還喜歡在 Crane 享受樂趣，因此你可能想考慮一下你將為未來的通話帶來什麼。

Okay, Rich. That's a very low bar to get over. So let me think about it.

好的，Rich。這是一個非常低的門檻。讓我考慮一下。

Let's get back to the call.

讓我們回到通話上。

Okay. Good morning, everyone. Starting with total company results. We drove 8% core sales growth in the quarter with strength across both segments. Adjusted operating profit increased 38%, driven by strong volumes, solid net price, and productivity, excellent operating leverage in the quarter. Leading indicators were also strong with core FX-neutral backlog up 9% compared to last year, driven by outsized strength at aerospace and electronics, and core orders were up 8% compared to last year as well. Another strong quarter reflecting our focus on accelerating core growth along with our consistently differentiated execution.

好的。大家早安。從公司整體業績開始。我們兩個部門表現強勁，推動本季核心銷售額成長 8%。調整後營業利潤成長 38%，這得益於本季強勁的銷售、穩健的淨價、高生產力和出色的營業槓桿。領先指標亦表現強勁，受航太和電子領域強勁成長的推動，核心外匯中性積壓訂單較去年同期成長 9%，核心訂單也較去年同期成長 8%。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持續差異化的執行。

For the full year, we generated $234 million of adjusted free cash flow from continuing operations and well above the $165 million generated a year ago. Recall, our October free cash flow guidance was for full year free cash flow to be at the lower end of our $255 million to $275 million range. That range included approximately $20 million that we expected from engineered materials. Excluding engineered materials, that range would have been $235 million to $255 million, so results were in line with our expectations. And in 2025, we are confident that we will deliver adjusted free cash flow conversion greater than 90% as the supply chain improves.

全年而言，我們從持續經營業務中產生了 2.34 億美元的調整後自由現金流，遠高於一年前的 1.65 億美元。回想一下，我們 10 月的自由現金流指引是，全年自由現金流將處於 2.55 億美元至 2.75 億美元範圍的低端。該範圍包括我們預計從工程材料中獲得的約 2000 萬美元。不包括工程材料，範圍將達到 2.35 億美元至 2.55 億美元，因此結果符合我們的預期。到 2025 年，隨著供應鏈的改善，我們有信心實現調整後自由現金流轉換率超過 90%。

Total debt at the end of 2024 was approximately $247 million, with $307 million of cash on hand, net proceeds of $208 million from the divestiture of the engineered materials segment were received after the close of the year. We continue to have substantial financial flexibility with approximately $1.5 billion of debt capacity today for M&A.

2024 年底的總債務約為 2.47 億美元，庫存現金為 3.07 億美元，年底後從工程材料部門的剝離中獲得 2.08 億美元的淨收益。我們繼續擁有相當大的財務靈活性，目前用於併購的債務容量約為 15 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. And as Max noted, our M&A pipeline remains very active, and we are excited about our acquisition opportunities in 2025.

提醒一下，我們將按照一貫採用的嚴格的財務和策略紀律來部署我們的資本，優先進行內部投資以實現成長，其次是併購和股東回報。正如馬克斯所說，我們的併購管道仍然非常活躍，我們對 2025 年的收購機會感到非常興奮。

Now turning to our 2025 guidance. As we enter the year, we are initiating a full-year view estimating adjusted EPS to be within a range of $5.30 to $5.60, reflecting 12% year-over-year growth at the midpoint. Guidance assumes total core growth of 4% to 6% and approximately 12% growth in adjusted operating profit at the midpoint. We also expect a 1% to 2% sales benefit from acquisitions and around 1 point headwind from foreign exchange. Overall, we anticipate another very strong year in 2025.

現在來談談我們 2025 年的指導。進入新的一年，我們開始對全年業績進行預測，預計調整後的每股收益將在 5.30 美元至 5.60 美元之間，中間值年增 12%。指導意見假設核心總成長率為 4% 至 6%，調整後營業利潤中位數成長約為 12%。我們也預期收購將帶來 1% 至 2% 的銷售收益，而外匯將帶來約 1 個百分點的逆風。總體而言，我們預計 2025 年將又是一個強勁的一年。

Now for more details on the segments. Starting with aerospace and electronics, no material change in end market conditions relative to our expectations, still a very strong demand environment. On the commercial side of the business, aircraft retirements remained very low due to high demand and limitations on aircraft deliveries resulting from an aging fleet that requires more aftermarket parts and service.

現在來了解一下各部分的更多細節。從航空航太和電子開始，終端市場條件相對於我們的預期沒有重大變化，需求環境仍然非常強勁。在商業業務方面，由於需求旺盛，以及機隊老化需要更多售後零件和服務導致飛機交付受限，飛機退役率仍然很低。

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. And as Alex highlighted, we secured a substantial order for the F-16 brake control upgrade that have been highlighting on recent calls. That strong demand was also reflected in our fourth-quarter growth rates with sales of $237 million, increasing 11% compared to last year with 7% 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。正如亞歷克斯所強調的那樣，我們獲得了 F-16 煞車控制升級的大量訂單，這在最近的電話中一直被強調。強勁的需求也反映在我們第四季的成長率中，銷售額為 2.37 億美元，比去年同期成長 11%，其中核心成長 7%，收購 Vian 帶來 5% 的收益。

Even with the continued high level of sales growth, our record backlog of $864 million increased even further, up 23% year over year, including 16% core growth and a 7% contribution from the Vian acquisition. In the quarter, total aftermarket sales increased 21% with commercial aftermarket sales up 15% and military aftermarket up 36%. And OEM sales increased 7% in the quarter with 10% growth in commercial, and up 3% in military. Adjusted segment margin of 23.1% increased 290 basis points from 20.2% last year, primarily reflecting higher volumes, price net of inflation, and productivity.

即使銷售額持續保持高成長，我們的創紀錄積壓訂單仍進一步增加，達到 8.64 億美元，比去年同期成長 23%，其中包括 16% 的核心成長和 7% 的來自收購 Vian 的貢獻。本季度，售後市場總銷售額成長了 21%，其中商用售後市場銷售額成長了 15%，軍用售後市場銷售額成長了 36%。本季 OEM 銷售額成長 7%，其中商用銷售額成長 10%，軍用銷售額成長 3%。調整後分部利潤率為 23.1%，較去年的 20.2% 增加了 290 個基點，主要反映了銷售量、扣除通膨因素的價格以及生產力的提高。

On a full-year basis, core sales growth of 13% exceeded our expectations for the year as well as our long-term targeted range of 7% to 9%. Adjusted operating profit of $217 million increased 36% over the prior year with adjusted operating margin expanding 310 basis points to 23.2%.

從全年來看，核心銷售額成長 13%，超出了我們對今年的預期，也超出了我們 7% 至 9% 的長期目標範圍。調整後營業利潤為 2.17 億美元，較上年成長 36%，調整後營業利益率擴大 310 個基點，至 23.2%。

Looking ahead to 2025, we anticipate core sales growth for the year to be up high single digits with that core growth leveraging at 35% to 40%. That guidance assumes continued strong sales but with decelerating year-over-year growth rates as the comparisons become more challenging offset by the ramp in production at Boeing.

展望 2025 年，我們預計今年核心銷售額將實現高個位數成長，核心成長槓桿率將達到 35% 至 40%。該指引假設銷售持續保持強勁，但由於比較變得更具挑戰性，成長率將放緩，但被波音公司產量的成長所抵消。

While comparisons can create some noise on quarterly growth rates, as we have outlined previously, we expect 2025's core sales growth rate to be followed by continued strong growth in 2026 and for the remainder of this decade, very confident for yet another outstanding year in 2025.

雖然比較可能會對季度成長率產生一些影響，但正如我們之前所概述的那樣，我們預計2025 年的核心銷售成長率將緊隨其後，在2026 年繼續保持強勁成長，並在接下來的十年中，我們非常有信心2025 年將再次取得優異的成績。

At process flow technologies, we remain well-positioned to continue outgrowing our markets. Our site in Marion, North Carolina is well on the path to be back to its full run rate by the end of the month. For the quarter, our results included an approximate $0.09 impact from production downtime in Q4, the higher end of our expected $0.05 to $0.10 headwind. Overall, the financial impact from the hurricane will be fully offset by insurance recoveries.

在工藝流程技術領域，我們仍處於有利地位，能夠繼續超越我們的市場。我們位於北卡羅來納州馬里昂的工廠預計將在本月底恢復滿載運轉。就本季而言，我們的業績包括第四季度生產停工造成約 0.09 美元的影響，這是我們預期的 0.05 美元至 0.10 美元不利因素的高端。整體而言，颶風造成的財務影響將被保險賠償金完全抵銷。

Demand trends remain consistent with 2024 with moderate improvement expected in the first half and with further strengthening in the second half. In the quarter itself, we delivered sales of $307 million, up 13%, driven by core sales growth of 9% in the quarter, along with a 4% benefit from the CryoWorks and the Technifab acquisitions. Compared to prior year, core FX-neutral backlog decreased 4% based on the timing of projects and core FX-neutral orders were up 3%.

需求趨勢與 2024 年保持一致，預計上半年將適度改善，下半年將進一步增強。就本季而言，我們的銷售額為 3.07 億美元，成長 13%，這得益於本季核心銷售額成長 9%，以及 CryoWorks 和 Technifab 收購帶來的 4% 的成長。與去年同期相比，根據專案時間表，核心外匯中性積壓訂單減少了 4%，而核心外匯中性訂單增加了 3%。

Adjusted operating margin of 20.3% expanded 330 basis points better than we expected, with strong core operating leverage in the quarter, driven by productivity, strong net price, and higher volumes.

調整後的營業利潤率為 20.3%，比我們預期的高出 330 個基點，受生產力、強勁的淨價格和更高的銷售推動，本季核心營業槓桿率強勁。

On a full-year basis, core growth of 5% exceeded our expectations for the year and was at the high end of our long-term targeted range of 3% to 5%. Adjusted operating profit of $250 million increased 17% over the prior year, with adjusted operating margin expanding 100 basis points to 20.9%.

從全年來看，核心成長率達到 5%，超出了我們對今年的預期，並且處於我們 3% 至 5% 的長期目標範圍的高點。調整後營業利潤為 2.5 億美元，較上年成長 17%，調整後營業利益率擴大 100 個基點，達到 20.9%。

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 to higher growth in higher-margin end markets.

作為背景，請記住，2019 年，也就是 COVID 爆發之前，利潤率為 13.6%。正如我們之前提到的，這是利潤率的一個重大階躍變化，反映了我們努力從結構上將業務轉向利潤率更高的終端市場的更高成長。

We continue to see opportunity on this journey through 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.

我們繼續在這趟旅程中看到機遇，這得益於不斷增加的新產品推出、既有紀律又適當自信的定價、我們對技術驅動的產品差異化的持續投資以及持續的生產力。

Looking ahead to 2025, we anticipate core sales growth for the year to be up low to mid-single digits with that growth leveraging above our normal targeted 30% to 35% given expected mix, strong productivity, and pricing benefits. Another fantastic year of performance at Crane in 2024 and strong confidence in continuing to deliver 2025.

展望2025 年，我們預計全年核心銷售成長率將達到低至中等個位數，並且考慮到預期的產品組合、強勁的生產力和定價優勢，該成長率將高於我們正常的30% 至35 % 的目標。2024 年將是 Crane 又一個出色的一年，我們有信心在 2025 年繼續取得優異成績。

Hey, we have a number of analysts with conflicting calls this morning, a very busy morning for earnings, so the questions may be a little light this morning. And at this point, we are ready to take our first question.

嘿，今天早上我們有許多分析師給出了相互矛盾的評價，今天早上收益非常繁忙，所以今天早上的問題可能比較少。現在，我們準備好回答第一個問題了。

Thank you. The floor is now open for questions. (Operator Instructions) Nathan Jones, Stifel.

謝謝。現在請大家提問。（操作員指示）Nathan Jones，Stifel。

I don't know why anybody would choose another call when they get these results and the comedy show that goes along with it.

我不知道為什麼有人在得到這些結果以及隨之而來的喜劇表演時會選擇另一個電話。

We appreciate it. Thanks, Nathan.

我們對此表示感謝。謝謝，內森。

I'll start off just with some questions on PFT. Strong growth, 8.5% in the fourth quarter, but you did burn off some backlog in the fourth quarter, which I don't think has been typical over the last few years. So just if you could provide a little more color on the dynamics going on there.

我將首先問一些有關 PFT 的問題。成長強勁，第四季成長了 8.5%，但你們在第四季確實消耗了一些積壓訂單，我認為這在過去幾年並不常見。所以如果您可以提供更多有關那裡正在發生的動態的詳細資訊就好了。

Yeah. Sure, Nathan. This is Alex. So on the backlog, the way I think about it, our backlog grew in the first half really with some timing of project bookings, and then we're able to ship some of that that with excellent execution you see in our results. So it did reduce a little bit in the second half.

是的。當然，內森。這是亞歷克斯。因此，就積壓訂單而言，我認為，我們的積壓訂單在上半年確實有所增長，這是由於項目預訂的時間安排，然後我們能夠以出色的執行力交付部分訂單，這一點您可以從我們的結果中看到。因此下半場確實有所減少。

However, during the last three quarters, our orders have been sequentially pretty consistent. So the way I think about it is our backlog still finished at a really strong position. When you think about comparing it to 2019, we're up about 40%. So I think we're entering 2025 with a strong backlog and some expectations on some moderate improvements in demand, pretty confident to hit our guidance of low to mid single-digit growth PFT.

然而，在過去三個季度中，我們的訂單一直保持相當穩定。所以我認為我們的積壓訂單仍然處於非常強勁的位置。與 2019 年相比，我們的成長了約 40%。因此，我認為，我們將帶著強勁的積壓訂單和對需求適度改善的一些預期進入 2025 年，非常有信心實現我們對低至中等個位數增長的 PFT 預期。

Thanks for that one. And maybe this is a bit of a longer-term question over the last few years. You commented -- I think it was Rich, in your comments about having moved the PFT portfolio to higher growth and higher margin businesses, which has obviously been evident in the huge margin expansion you've seen over the last few years. Can you talk about how far you are through that process? When we might see something that approaches a bit more of an equilibrium level? I know you still intend to outgrow the market and expand margins but at more of a steady pace rather than this what has been a huge margin expansion over the last few years.

謝謝你。或許這是過去幾年的長期問題。您評論說——我認為是Rich，在您的評論中提到已將PFT 投資組合轉向更高增長、更高利潤的業務，這顯然在您過去幾年看到的巨大利潤擴張中得到了體現。能談談這個過程進展到哪一步了嗎​​？何時我們才可能看到更接近平衡層次的現象？我知道您仍然打算超越市場並擴大利潤率，但會以更穩定的速度發展，而不是像過去幾年那樣大幅擴大利潤率。

I think when you think about what we talked about in the investor conference, where we -- this has been a journey, a long journey, when we have these, what we call these growth markets of chemical, pharma, wastewater, and cryogenics. 2017, our mix of the portfolio was around that 30% mark, and now we're north of 60%. And we talked about in the mid-term, trying to reset 70% of our portfolio in these higher-growth markets. And that's not counting any improvements in the portfolio through acquisitions.

我想，當你想想我們在投資者會議上談論的內容時，你會發現，這是一段旅程，一段漫長的旅程，我們擁有這些，我們稱之為化學、製藥、廢水和低溫技術的成長市場。 2017年，我們的投資組合比例約為30%，現在已超過60%。我們在中期討論過，嘗試將 70% 的投資組合重新調整到這些高成長市場。這還不包括透過收購實現的投資組合的改善。

We also talked about line of sight, mid-20s in operating profit. So we still think there's room to improve in the mid-term. And what's going to get us there is just continuing to execute our strategy, driving this machine that we call at Crane, which starts with strategy, feeding into innovation, driving commercial excellence, which includes value pricing, some of the simplification that is giving us pricing as well and all the way through operational excellence and building our team, which is really at the end the key.

我們也談到了視線，營業利潤達到 25% 左右。因此我們仍然認為中期還有進步的空間。而要實現這一目標，我們只需要繼續執行我們的策略，推動我們在Crane 所稱的這台機器，從策略開始，注入創新，推動商業卓越，包括價值定價，以及一些簡化，這些都給我們帶來了定價，以及整個過程中的卓越營運和團隊建設，這才是最終的關鍵。

And then I guess just one more question. Max, you talked about the industrial economy putting out some mixed signals. Maybe you could unpack that a little bit on where the signals are good, where the signals are maybe not so good, and if you're expecting just any changes in the cadence of any of those markets, any of those geographies? Just any detail you can give us there?

然後我想再問一個問題。馬克斯，您談到了工業經濟發出的一些混合訊號。也許您可以稍微解釋一下哪裡訊號好，哪裡訊號可能不太好，以及您是否預期這些市場、這些地區的節奏會發生任何變化？您能提供我們一些詳細資訊嗎？

I will add a little bit and see if Alex has some additional color as well. We're exiting the year, and some projects are just, as expected, a little lumpy or mix timing so forth. From a leading indicator standpoint, though, things continue to be fairly strong. And of course, it's early in a new administration. And so the guidance that we've set, which we have high, high confidence on in terms of the range and being able to deliver and execute on it, I think is, I'm probably a little bit more bullish than not, actually, just in terms of where we are overall.

我會添加一點點，看看 Alex 是否還有一些額外的顏色。今年即將過去，正如預期的那樣，一些專案進展有些不順利，時間安排也有些混亂等等。不過，從領先指標的角度來看，情況仍然相當強勁。當然，新政府成立才剛開始。因此，我們設定的指導方針，在範圍方面以及能夠交付和執行方面，我們非常有信心，我認為，實際上我可能比不樂觀更樂觀一些。

The US continues to be generally a little stronger. Europe, still stagnant. China, same. I don't know, Alex, if you'd offer a little bit more about the mix commentary by segment?

整體而言，美國持續略顯強勢。歐洲仍然停滯不前。中國，同樣。我不知道，亞歷克斯，你是否可以提供更多關於按片段混合評論的資訊？

Yeah. So I think we're not really seeing any particular market or region getting worse. Over the last three quarters, things have been relatively stable. So if we follow the trends, that would imply some improvement as we go into 2025. So we expect to see that. I think as Max commented, in 2024, Americas, Middle East, APAC were growing, and Europe and China were deteriorating but stable, stabilized.

是的。所以我認為我們並沒有看到任何特定的市場或地區變得更糟。過去三個季度，情況相對穩定。因此，如果我們遵循趨勢，這將意味著我們進入 2025 年時會有所改善。我們希望看到這一點。我認為正如馬克斯所評論的那樣，到 2024 年，美洲、中東和亞太地區將會成長，而歐洲和中國則會惡化但保持穩定。

So we expect to see a similar dynamic from a regional standpoint. I think in our vertical markets, cryogenics, which is our new business, continues to see strong demand. We expect chemical. We're seeing projects on upgrades, efficiency improvements, capacity expansions moving through the funnel, pharmaceutical as well. So I think a similar type of activity by markets and regions, but some improvement expected in '25.

因此，我們預計從區域角度會看到類似的動態。我認為，在我們的垂直市場中，低溫技術（我們的新業務）持續保持強勁的需求。我們期待化學物質。我們看到升級、效率改進、產能擴張等項目正在進行中，製藥業也是如此。因此我認為各個市場和地區都會有類似的活動，但預計25年會有所改善。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，地方檢察官戴維森。

Maybe, Max, you mentioned in your prepared remarks that you've recently been on site doing some diligence on a couple of potential deals. Can you maybe comment a little bit around the quality of the assets you're looking at, the types of assets, the segments, the size? And then also maybe compare and contrast what you've seen recently versus what you see coming available to the market over the course of the year? And then I have a couple of follow-ups.

也許，馬克斯，你在準備好的演講中提到，你最近一直在現場對一些潛在的交易進行盡職調查。您能否就您所關注的資產的品質、資產類型、細分市場和規模發表一些評論？然後，也許還可以將您最近看到的產品與您看到的一年內上市的產品進行比較和對比？然後我還有一些後續問題。

Yeah. Generally, one in A&E, one in PFT, I would say, the value, enterprise value, in the hundreds of millions dollars range to $100 million less. So that sweet spot, we kind of see high-quality businesses without a doubt. I would almost say consistent with what we're seeing as we're moving forward. So generally pleased with the type of assets that we're looking at as well as those that we expect to come to fruition, some larger, a little larger, but still in our targeted sweet spot that we expect to come to market as well. That's how I'd frame it up.

是的。一般來說，一家在 A&E，一家在 PFT，我想說，企業價值在幾億美元到 1 億美元之間。因此，毫無疑問，我們會看到這個最佳點是高品質的企業。我幾乎可以說這與我們前進中所看到的一致。因此，總體而言，我們對正在考慮的資產類型以及我們預計將實現的資產類型感到滿意，有些資產規模較大，有些稍大，但仍處於我們目標的最佳水平，我們預計這些資產也將進入市場。我就是這樣構思的。

Would you add anything different, Rich?

你會添加一些不同的東西嗎，Rich？

No, I think that's right. I think, fitting nicely with our strategy on the two in particular that we are looking at and as well for the ones coming up when you think about the targeted end markets that we're focused on, higher growth, the margin potential being there, cash flow accretion being there and so forth.

不，我認為是這樣。我認為，這與我們正在關注的兩個市場以及即將推出的市場策略非常契合，考慮到我們關注的目標終端市場，更高的成長空間和利潤潛力，現金流增加等等。

Got it. With respect to A&E and the high single-digit organic, you're sort of projecting this year, can you maybe help parse out a little bit, compare and contrast maybe what the assumptions are for commercial between OE and aftermarket and then similarly military between OE and aftermarket and ultimately, how you're thinking about the MAX restart and how you've kind of incorporated that into your commercial OE view?

知道了。關於 A&E 和高個位數的有機成長，你今年的預測是這樣的，你能不能幫忙分析一下，比較一下，看看 OE 和售後市場之間的商業假設，以及軍用市場之間的假設。和售後市場，以及最終您如何看待MAX 重啟以及如何將其融入您的商業OE 視圖中？

So I'll give you the pieces, Matt, here in terms of how we're thinking about next year. For commercial OE, right now, we are at low double-digit is our current view. Military OE is mid-single digit, commercial aftermarket mid- to high-single digit. And military aftermarket, the same, mid- to high-single digit. That's what we've included in our guidance range for you guys this morning.

所以馬特，我會在這裡向你介紹我們對明年的想法。對於商業 OE，目前我們的觀點是處於低兩位數。軍用 OE 為中等個位數，商用售後市場為中高個位數。和軍用售後市場一樣，為中高個位數。這就是我們今天早上為你們提供的指導範圍。

I think in terms of the MAX start-up or continued recovery, we based our guidance on previously communicated ramp rates that I think are fairly achievable conservative. So we understand that Boeing is signaling some accelerated potential there, which is great news. And if so, then we'll be prepared to benefit from that as well.

我認為，就 MAX 的啟動或持續復甦而言，我們是根據先前傳達的爬坡率來製定指導的，我認為這些爬坡率是相當保守的，可以實現。因此，我們了解到波音公司正在釋放出加速發展的潛力，這是個好消息。如果是這樣，那麼我們也將準備好從中受益。

And then maybe last question, when you pull together what you said in the prepared remarks and Q&A, Rich, can you maybe help a little bit with how we should be thinking about the overall quarterly earnings cadence as we move through the year in 2025 for Crane overall?

然後也許是最後一個問題，當你把準備好的發言和問答中所說的內容匯總起來時，Rich，你能否幫助我談談，我們應該如何看待 2025 年全年的整體季度盈利節奏？整體？

Sure. So I mean, on balance, it's roughly 50-50 first half, second half. The first quarter will be seasonally, I would say, the lowest. If that helps you, Matt. I think you should be able to square that off with your model.

當然。所以我的意思是，總的來說，上半年和下半年的比例大約是 50-50。我想說，第一季將是季節性最低的。如果這對你有幫助的話，馬特。我認為你應該能夠用你的模型解決這個問題。

And then how does -- yes. So I guess just one quick follow-up to that. The business interruption insurance recovery, how much in total do you expect on a per share basis? Is that fully baked in the guide? And where should we be thinking about having that in numbers, so to speak?

然後怎麼樣——是的。因此，我想對此只需進行一次快速的跟進。您預期每股業務中斷保險賠償總額為何？指南中已經完整闡述了這一點嗎？那麼，我們該如何考慮用數字來表達這一點呢？

We expect the recovery should be something similar to the income that was lost in the second half of last year. From a timing perspective, we would expect to receive that probably in the second quarter this year, potentially the third. And yes, it's included in that.

我們預期復甦的幅度應該與去年下半年損失的收入差不多。從時間角度來看，我們預計可能在今年第二季或第三季收到這筆款項。是的，它包含在內。

Jordan Lyonnais, Bank of America.

美國銀行的喬丹·里昂 (Jordan Lyonnais)。

For the margins for 2025, could you give us details on how you're thinking about mix of pricing versus volume and overhead absorption?

對於 2025 年的利潤率，您能否詳細說明您如何考慮定價、銷售和管理費用吸收的組合？

Yeah. So look, our overall guide has got some -- it's a pretty healthy overall leverage rate, as you probably calculated north of, I think, on average, what we would expect given our algorithm that we've previously communicated. Look, the way to think about price in our guide, we're going to more than offset inflation as a baseline. I think that goes without saying. And then we're going to continue to do all the -- continue all the right work we have been with respect to value pricing and other initiatives in that regard as we move forward.

是的。所以看起來，我們的整體指導已經得到了一些 - 這是一個相當健康的整體槓桿率，正如你所計算的，我認為，平均而言，這是我們根據我們之前傳達的演算法所預期的。你看，在我們的指南中考慮價格的方式是，我們將以抵消通貨膨脹作為基準。我認為這是不言而喻的。然後，我們將繼續做好所有正確的工作——繼續我們在價值定價和其他舉措方面所做的正確工作。

In terms of absorption and the facilities, those volumes will come in, and they will leverage at each respective businesses leverage rate, and that is baked into that 40%. I think it's a little bit north of 40% on the guide.

就吸收和設施而言，這些數量將會進入，它們將利用各自業務的槓桿率，而這將被計入 40% 中。我認為它比指南中的高出一點點，即 40% 左右。

Okay. Got it. And then also to -- are you guys concerned at all for any of the exposure you guys have in China for PFT and those programs are ramping if the new administration does go through with aggressive tariffs and potential retaliation from the China side?

好的。知道了。然後還有——如果新政府確實實施激進的關稅，並且中國方面可能採取報復措施，你們是否擔心你們在中國對 PFT 和這些項目的影響？

I have very little concern. I think our position in China from our localization content is not so material. We understand the supply base. We've been very, very effective in managing inflationary measures. I think we're not going to overreact.

我不太擔心。我認為從我們的在地化內容來看，我們在中國的定位並不是那麼重要。我們了解供應基礎。我們在管理通膨措施方面非常非常有效。我認為我們不會反應過度。

I'm not that concerned. I'm not going to overreact. We're going to wait and see what happens. And I think we're well prepared to address whatever measures get put in place. That's how I'm thinking about it, Jordan.

我沒那麼擔心。我不會反應過度。我們將拭目以待。我認為我們已經做好充分準備來應對採取的任何措施。我就是這麼想的，喬丹。

Justin Ages, CJS Securities.

賈斯汀·阿格斯（Justin Ages），CJS 證券。

Just a quick housekeeping one to start. Is there any transaction related expenses we should be thinking about going forward or no, given the Jan. 2 closed on engineered materials?

這只是一個簡單的家務管理工作。鑑於 1 月 2 日工程材料市場休市，我們是否應該考慮任何與交易相關的費用？

Nothing. And if they were transaction expenses, they are usually treated as non-GAAP anyway, but nothing related to engineered materials.

沒有什麼。如果它們是交易費用，它們通常被視為非 GAAP，但與工程材料無關。

Yeah, and I would say that obviously, most of the work was done prior to the end of the year since we closed in the early January. So we have a modest TSA arrangement in place, and it will be a very fast separation.

是的，我想說，顯然大部分工作都是在年底前完成的，因為我們在一月初就關閉了。因此，我們制定了適度的 TSA 安排，這將是一個非常快速的分離。

Okay. And then on the prior couple of earnings calls, you guys called out some work on the nuclear side in the valves. Just wondering if you're continuing to see good demand there? Or just wanted to get a sense if that has changed since the election?

好的。在之前的幾次財報電話會議上，你們提到了在閥門核方面所進行的一些工作。只是想知道您是否繼續看到那裡的良好需求？或者只是想了解自選舉以來情況是否發生了變化？

It's less material for us overall, but it's still an important business. What's our percentage of total revenue, 7%. Just as a reminder to our investors, we have valve services, nuclear valve services we provide, new plant in construction, the AP1000, we've supplied valves, as well as turnaround work. When a nuclear power plant goes down for shutdown and gets refueled, there's regulatory requirements for going in and refurbing and inspecting the valves. We have a company that provides that service, a very, very good business. And certainly, the resurgence and reopening of nuclear plants has been favorable for us for this business.

總體來說，這對我們而言並不那麼重要，但它仍然是一項重要的業務。我們的總收入佔比是多少，7%。提醒我們的投資者，我們提供閥門服務、核子閥門服務、正在建造的新工廠、AP1000，我們提供閥門以及週轉工作。當核電站關閉並重新添加燃料時，監管部門有要求進入並翻新和檢查閥門。我們有一家提供這項服務的公司，這是一家非常非常好的公司。當然，核電廠的復甦和重新開放對我們的業務有利。

In addition, any time that you see the most recent announcement also that there's interest in restarting plants, we benefit as well on the plant start-up with helping to get it back up in order. So we're seeing that initiative.

此外，每當您看到最新的公告，表示有意重啟工廠時，我們也將從工廠的啟動中受益，並幫助其恢復正常運作。所以我們看到了這項舉措。

The team is working with next-gen small modular reactor providers to help get specified. This goes out many, many years, of course, from a long cycle standpoint. But to get specified into new plant construction from that standpoint as well, so less material for us, but a great little business and benefiting for sure with the nuclear resurgence overall.

該團隊正在與下一代小型模組化反應器供應商合作，以幫助確定具體要求。當然，從長週期的角度來看，這需要很多年的時間。但從這個角度來看，如果要進入新工廠建設，對我們來說材料會少一些，但這是一項很棒的小生意，而且肯定會從整個核能復甦中受益。

Thank you. (Operator Instructions) Tony Bancroft, Gabelli Funds.

謝謝。（操作員指示）托尼·班克羅夫特（Tony Bancroft），加貝利基金（Gabelli Funds）。

Good morning team. Congratulations, Alex, on the promotion, very well deserved. I'm sure your first task, Max will have you heading out to the Catalina Wine Mixer to snap the necks and the cash checks.

大家早安。祝賀亞歷克斯升職，這是他當之無愧的。我確信你的首要任務，馬克斯，會讓你前往 Catalina Wine Mixer 折斷瓶頸和現金支票。

Rich wanted to start a new company called Prestige Worldwide.

里奇想要創辦一家名為 Prestige Worldwide 的新公司。

Boy, what a great, it would be wonderful wonders. So, now your $10 billion company, you've grown, you've had extreme performance over the last few years, you've done your portfolio cleaning. And I think you sort of look out and say this is -- what's next for this company. And is there any -- and I know you've talked about sort of the longer term of the aero and PFT growing that to the appropriate level.

這孩子真是太棒了，這真是個奇妙的奇蹟。所以，現在你的公司價值 100 億美元，你已經成長起來，在過去幾年裡取得了極其出色的業績，你已經清理了你的投資組合。我認為你應該留意並說出這是——這家公司下一步要做的事情。有沒有——我知道您已經談論過航空和 PFT 的長期發展，並將其提升到適當的水平。

But you have some competitors that have similar businesses to you. Is there any opportunity to do something larger or more transformational? Do you ever think about that? Does that sort of get into your conversations on sort of large-scale planning? Just any thoughts on that, Max.

但您有一些競爭對手，他們的業務與您類似。是否有機會做一些更大或更具變革性的事情？你曾經想過這個問題嗎？這是否與您在談論大規模規劃時所討論的內容有關？對此，我有什麼想法嗎，馬克斯。

Thanks for that, Tony. I really appreciate it. For sure. I mean, we go through a range of strategic planning on a regular basis that takes into consideration all permutations and scenarios. I don't -- we certainly don't want to say that it's something that we have clearly set our sights on. I don't want to, in any way, concern investors.

謝謝你，托尼。我非常感激。一定。我的意思是，我們會定期進行一系列策略規劃，考慮到所有的變化和情境。我不想——我們當然不想說這是我們明確瞄準的事情。我不想以任何方式讓投資者擔心。

Whatever we do is going to make sense. It's going to be right down the sweet spot. It's going to be something that we can clearly integrate and do well. But we've looked at some larger assets as well. And we continue -- we can even consider, not just cash, but does it ever make sense to use our equity as the currency also. Not something that we've got teed up in the immediate future, but things that we look at also.

無論我們做什麼都是有意義的。它將到​​達最佳點。這將是我們能夠明確整合並做好的事情。但我們也考慮了一些更大的資產。我們繼續——我們甚至可以考慮，不僅僅是現金，使用我們的股權作為貨幣是否也有意義。這不是我們在近期準備的事情，而是我們正在考慮的事情。

So we were looking -- we will continue to look at all opportunities to continue to drive shareholder value, and some of those are larger opportunities that could be quite synergistic.

因此，我們將繼續尋找所有機會來繼續提高股東價值，其中一些是可能具有相當協同效應的更大機會。

Thank you. This concludes the Q&A portion of today's call. I would now like to turn the floor over to Max Mitchell for closing remarks.

謝謝。今天電話會議的問答部分到此結束。現在我想請馬克斯米切爾作最後發言。

Thank you, operator. Hey, again, yet another strong year with results outperforming expectations, even with surprises outside our control that our teams reacted to incredibly well.

謝謝您，接線生。嘿，又是強勁的一年，業績超出預期，即使有一些我們無法控制的意外，我們的團隊也做出了非常好的反應。

2024 proved that our strategy is working, the team is executing, driving improved earnings through its growth and commercial excellence initiatives. Our M&A pipeline is full and we have the balance sheet capacity to execute. We're well-positioned for continued growth and delivering on expectations in '25 and look forward to another hugely successful year.

2024年證明我們的策略是有效的，團隊正在執行，並透過成長和商業卓越計劃推動獲利成長。我們的併購管道已經很充足，而且我們有足夠的資產負債能力來執行。我們已做好準備，繼續實現成長並在 25 年實現預期目標，並期待另一個巨大的成功年。

We look forward to seeing many of you on Wednesday evening and Thursday, March 5th and 6th, at our Investor Day, in Fort Walton Beach, Florida, where we will highlight the machine we have in place with our holistic Crane business system strategy, discipline, cadence, and execution.

我們期待在3 月5 日星期三晚上和6 日星期四在佛羅裡達州沃爾頓堡灘舉行的投資者日上見到你們，屆時我們將重點介紹我們已部署的機器，以及我們整體的Crane 業務系統戰略、紀律、節奏和執行。

Like the late great Quincy Jones said, every day, my father told me the same thing. Once a task has just begun, never leave it until it's done. Be the labor great or small, do it well or not at all. Right, Alex?

正如已故的偉大人物昆西瓊斯所說，每天，我的父親都會告訴我同樣的事情。一旦一項任務開始，就絕對不要放棄，直到完成為止。無論勞動大小，要嘛做好，要嘛不做。對吧，亞歷克斯？

Absolutely.

絕對地。

At Crane, we sweat the small details in our culture and business system because our team knows that this adds up to outsized results and performance and execution and driving profitable growth.

在 Crane，我們注重企業文化和業務體系中的小細節，因為我們的團隊知道，這些細節加起來可以帶來巨大的成果、出色的表現和執行力，並推動獲利成長。

Thank you all for your interest in Crane and your time and attention this morning. Have a great day.

感謝大家對 Crane 的關注以及今天早上所花費的時間和關注。祝你有美好的一天。

Thank you. This concludes today's Crane Company fourth quarter and full-year 2024 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。今天的 Crane Company 第四季和 2024 年全年財報電話會議到此結束。請立即斷開您的線路並祝您有美好的一天。