Crane Co (CR) 2025 Q1 法說會逐字稿

(Operator Instructions) Welcome to the Crane Company first-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Allison Poliniak, Vice President of Investor Relations.

（操作員指示）歡迎參加 Crane Company 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係副總裁 Allison Poliniak。

Thank you, operator, and good day, everyone. Welcome to our first-quarter 2025 earnings release conference call. I'm Allison Poliniak, Vice President of Investor Relations.

謝謝接線員，大家好。歡迎參加我們的 2025 年第一季財報發布電話會議。我是投資者關係副總裁 Allison Poliniak。

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's on for Q&A. We will start off our public with a few prepared remarks from Max, Alex, and Rich, after which we will respond to your question.

今天早上的電話會議由我們的董事長、總裁兼執行長 Max Mitchell 主持；執行副總裁兼營運長 Alex Alcala；以及我們的執行副總裁兼財務長 Rich Maue；財政部稅務和投資者關係高級副總裁 Jason Feldman 也將參與問答環節。我們將首先播放 Max、Alex 和 Rich 準備好的幾段講話，然後回答您的問題。

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.

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性語言，以及我們的年度報告 10-K 和後續文件中與前瞻性陳述相關的內容。

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 數據，這些數據與我們新聞稿和隨附幻燈片演示末尾的可比較 GAAP 數據和表格相協調，這兩個數據和表格均可在我們的網站 www.craneco.com 的投資者關係部分找到。

Now, let me turn the call over to Max.

現在，讓我把電話轉給馬克斯。

Thank you, Allison, and thanks, everyone, for joining the call today. May you live in interesting times. The origins of the phrase are unknown, but we've all heard of it used as a forecasted euphemism for times of challenge and uncertainty, something gets intended more of a curse. But either way, it's times like these that we prepare for at Crane.

謝謝你，艾莉森，也謝謝大家今天參加電話會議。祝您生活在有趣的時代。這個短語的起源未知，但我們都聽說過它被用作預測挑戰和不確定時期的委婉說法，有些東西的本意更像是一種詛咒。但無論如何，我們在 Crane 都會為這樣的時刻做好準備。

As a leader with a global diversified manufacturer and for my entire team, what a fantastic time for us to continue to hone our strategic thinking, processes for reacting to fast changing events, and our ability to execute in an environment that's in constant flux. And have experienced the whole team embraces and relishes in this environment as we continue to have the opportunity to grow through adversity.

作為全球多元化製造商的領導者以及我的整個團隊，這是一個絕佳的時機，讓我們繼續磨練我們的策略思維、應對快速變化事件的流程以及在不斷變化的環境中執行的能力。並感受到整個團隊擁抱並享受這種環境，因為我們繼續有機會在逆境中成長。

There are many potential scenarios for how the current dislocation progresses over the course of 2025 and beyond. What's common across all scenarios is my strong belief that Crane will emerge in an even stronger competitive position than when we entered this year.

當前的混亂局面在 2025 年及以後將如何發展，存在著許多可能的情況。在所有情況下，我都堅信 Crane 的競爭地位將比今年初更強大。

Then off to a very strong start to 2025. Adjusted EPS was $1.39, driven by an impressive 7.5% core sales growth, reflecting strength across both Aerospace and Electronics and Process Flow Technologies. Core orders were also solid, up 16% in the quarter, driven primarily by the ongoing trends in our Aerospace Electronics business and with Process Flow Technologies also ahead of our expectations.

然後，2025 年將迎來一個非常強勁的開局。調整後每股收益為 1.39 美元，受核心銷售額 7.5% 的顯著成長推動，反映了航空航太和電子以及製程流技術的強勁表現。核心訂單也表現穩健，本季成長 16%，主要得益於我們航空電子業務的持續成長趨勢以及製程流程技術也超出了我們的預期。

As we exited 2024, we had a very positive outlook for 2025, given the expectation of executing successfully on our strategy and growth initiatives, along with favorable macroeconomic outlook. As the quarter progressed, we gained confidence in the path to exceed the guidance we provided in January.

當我們走出 2024 年時，我們對 2025 年抱持著非常樂觀的展望，因為我們有望成功執行我們的策略和成長計劃，同時宏觀經濟前景良好。隨著本季的進展，我們對超越一月份所給予的指導目標越來越有信心。

However, given recent economic developments, policy decisions outside of our control, the balance of the year is likely to unfold differently than we had anticipated. Despite that uncertainty, based on the current inflationary pressures and demand and supply chain environment that we see today, along with our best analysis of the risks and opportunities ahead of the year for us, we are comfortable reaffirming our full year 2025 adjusted EPS outlook in the range of $5.30 to $5.60.

然而，鑑於最近的經濟發展和我們無法控制的政策決定，今年的平衡可能會與我們預期的不同。儘管存在不確定性，但基於我們今天看到的當前通膨壓力和需求及供應鏈環境，以及我們對今年面臨的風險和機會的最佳分析，我們可以放心地重申我們對 2025 年全年調整後每股收益的預期，即 5.30 美元至 5.60 美元之間。

Our outlook reflects our views based on current economic conditions. And we will, of course, adjust that outlook, if needed, based on any updates or changes to trade policy or any incremental changes in the demand environment.

我們的展望反映了我們基於當前經濟狀況的觀點。當然，如果需要，我們會根據貿易政策的任何更新或變化，或需求環境的任何增量變化來調整這一前景。

The assumptions underlying this guidance range are based on the current conditions known and faced today, including tariffs continuing throughout the balance of the year. If you read the situation will improve faster, there's upside to the midpoint of our range. At this point, based on what we know, we believe that we can still achieve the low end of our guidance range with a modest deterioration in demand or slight worsening of the trade environment.

此指導範圍所依據的假設是基於當前已知和麵臨的當前條件，包括全年持續的關稅。如果您認為情況會改善得更快，那麼我們的範圍中點就會有上行空間。目前，根據我們所了解的情況，我們相信，即使需求略有惡化或貿易環境略有惡化，我們仍然可以實現指導範圍的低端。

While factors outside our control are dynamic, Crane remains extremely well positioned to outgrow our markets to deliver above market returns in the long run. And we are confident in our strategic direction and our execution capabilities.

雖然我們無法控制的因素是動態的，但 Crane 仍然處於非常有利的地位，能夠超越我們的市場，在長期內實現高於市場的回報。我們對我們的策略方向和執行能力充滿信心。

We last met with many of you in early March for an off-site Investor Day at our Fort Walton Beach, Florida defense power facility. That site delivers the most advanced high power conversion technologies with industry leading size, weight, and performance capabilities for defense applications, including ground-based radars and more electric tactical military vehicles among other applications. That business is winning every day with an 11% sales figure expected for the decade from 2021 to 2030.

我們最後一次與你們中的許多人見面是在三月初，在佛羅裡達州沃爾頓堡灘國防電力設施舉行的場外投資者日活動上。該站點提供最先進的高功率轉換技術，具有業界領先的尺寸、重量和性能，可用於國防應用，包括地面雷達和更多電動戰術軍用車輛等應用。該業務每天都在獲利，預計 2021 年至 2030 年十年間的銷售額將成長 11%。

During that visit, you heard and saw the power of the machines that Crane has built into our holistic business system focused on strategic execution and innovation to support our customers, along with a rigorous cadence and discipline of delivering on results that touches every aspect of the business from our intellectual capital processes to commercial excellence, and operational continuous improvement, which you all saw firsthand. And our results in the quarter reflect what we conveyed.

在那次訪問中，您聽到並看到了克瑞公司在我們專注於戰略執行和創新以支持客戶的整體業務系統中構建的機器的強大功能，以及嚴格的節奏和紀律，這些都涉及業務的各個方面，從我們的知識資本流程到商業卓越和運營持續改進，這些都是您親眼所見的。我們本季的業績反映了我們所傳達的訊息。

In addition, we described in detail a deeper understanding of our business system in the context of new acquisitions and how we add value to businesses we acquire, and our very as active and detailed integration process. And we are actively working on opportunities today.

此外，我們還詳細描述了在新的收購背景下對我們的業務體系的更深入的理解以及我們如何為所收購的業務增加價值，以及我們非常積極和詳細的整合過程。今天我們正在積極地尋找機會。

We have not slowed down in any way in the present environment. The strength of our underlying business, our strategy, and our capabilities in both operational execution, the commercial excellence, coupled with an extremely strong balance sheet, positions us extremely well to continue driving above market growth, both organically and through acquisitions.

在當前環境下，我們並未放慢任何步伐。我們的基礎業務、策略以及在營運執行和商業卓越方面的能力，加上極其強勁的資產負債表，使我們能夠透過有機成長和收購繼續推動高於市場的成長。

I want to thank all of you for going out of your way to visit us with us in Florida. And our team enjoyed welcoming you to the machine of being Crane, and hopefully encouraging some of you to listen to some classic [pink floy].

我要感謝你們所有人不辭辛勞來佛羅裡達州探望我們。我們的團隊很高興歡迎你們加入 Crane 的行列，並希望鼓勵你們中的一些人聽一些經典的[粉紅弗洛伊]。

Now, let me pass it over to our Chief Operating Officer, Mr. Alex Alcala, to provide some color on the current environment.

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，讓他介紹一下當前的環境。

Thanks, Max. Yes, our teams are having great fun. I must admit, I wish we can enjoy a few months of Boeing and repetitive.

謝謝，馬克斯。是的，我們的團隊玩得很開心。我必須承認，我希望我們能享受幾個月的波音和重複。

Before I get into the segments, let me provide some insights into our tariff exposure. Overall, about 7% to 8% of our cost of goods sold, consistent materials, and components that are directly imported into the United States.

在進入細分領域之前，讓我先介紹一下我們的關稅風險。總體而言，我們銷售成本的約 7% 至 8% 是一致的材料和直接進口到美國的產品。

Another 3% to 4% of cost of goods sold, our inter-company sales into the United States, a portion of with its except from tariffs. Our direct imports into United States are skewed somewhat towards Process Flow Technologies with Aerospace and Electronics in line more heavily on a US supply base.

另外3%到4%的銷售成本，是我們公司內部對美國的銷售，其中一部分是免關稅的。我們對美國的直接進口在一定程度上偏向於製程技術，其中航空航太和電子產品更依賴美國供應基地。

For Process Flow Technologies, the largest exposure is China where we procure buyout valves, pumps, castings, and motors. However, our total China exposure is well below 3% of Crane total cost of goods.

對於製程流程技術而言，最大的市場是中國，我們在那裡採購閥門、泵浦、鑄件和馬達。然而，我們在中國的總投資遠低於 Crane 總商品成本的 3%。

The other notable exposures for PFT are India, primarily related to casting; and Thailand, primarily for machine parts. Neither of those exposures reaches 1% of total cost of sales.

PFT 的其他值得注意的風險敞口是印度，主要與鑄造有關；以及泰國，主要出口機械零件。這些風險敞口均未達總銷售成本的 1%。

At Aerospace and Electronics, that primary source of imports is Malaysia, largely related to printed circuit board and only 1% to 2% of total cost of sales for Crane overall. While much smaller, any does also import wire harnesses, machine parts, and power sources from a number of countries, none of which is particularly material.

在航空航太和電子領域，主要進口來源是馬來西亞，主要與印刷電路板有關，僅佔 Crane 總銷售成本的 1% 至 2%。儘管規模小得多，但 Any 公司也從多個國家進口線束、機器零件和電源，但這些都不是特別重要的材料。

We expect to offset the majority of the potential tariff impact to price and productivity. We have demonstrated consistently differentiated execution through cycles with its leadership team.

我們預計將抵消大部分潛在關稅對價格和生產力的影響。我們與領導團隊一起展現了在各個週期中一致的差異化執行力。

The cadence and discipline of the Crane business system, our machine, along with our performance-based culture, are even more valuable in times like these as they enable us to make data driven decisions quickly with flexibility to adapt as conditions change and with accountability. We will manage through this dislocation and expect to emerge even stronger.

起重機業務系統的節奏和紀律、我們的機器以及我們基於績效的文化在這樣的時期顯得更有價值，因為它們使我們能夠快速做出數據驅動的決策，並靈活地適應條件的變化和責任。我們將渡過這一困境，並期望變得更加強大。

Now, some thoughts on the segments, starting with Aerospace and Electronics. There is no material change in end market conditions relative to our prior expectation. Aerospace remains a very strong demand environment.

現在，就航空航太和電子領域開始談談一些想法。與我們先前的預期相比，終端市場狀況並沒有發生重大變化。航空航太業仍然擁有非常強大的需求環境。

On the commercial side of the business, activity remains healthy with point continuing to ramp-up production and aftermarket activity continuing at elevated levels. On the defense side, we continue to see solid performance spending and a continued focus on reinforcing the broader defense industrial base, given the heightened global uncertainty today.

在商業業務方面，活動依然保持健康，產量持續增加，售後市場活動持續維持在高水準。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績效支出和對加強更廣泛的國防工業基礎的持續關注。

Looking ahead to the balance of 2025, we continue to anticipate core sales growth for the year to be up mid- to high-single digits. With that growth leveraging at 35% to 40%. That guidance assumes continued strong sales with the ramp-up of Boeing offset by decelerating year-over-year growth rate in commercial aftermarket that we have previously highlighted.

展望 2025 年餘下時間，我們繼續預期全年核心銷售額成長率將達到中高個位數。成長槓桿率達 35% 至 40%。該指引假設銷售額持續保持強勁，而波音的成長將被我們先前強調的商業售後市場年增率的放緩所抵消。

As the comparisons become more challenging, pointing out that this is our 16th quarter of double-digit commercial aftermarket growth that, as we talked about when we last reported, were naturally moderate over time. We continue to see above cycle growth for this segment for the remainder of this decade.

隨著比較變得更具挑戰性，指出這是我們第 16 季實現兩位數商業售後市場成長，正如我們上次報告中所討論的那樣，隨著時間的推移，這種成長自然會趨於溫和。在本世紀剩餘的時間裡，我們將繼續看到這一領域的周期性成長。

We also continue to pursue new opportunities and win new business across the segments. For example, in the quarter, we won additional new content on the [XM-30] optionally manned fighting vehicle demonstrator program with the defense power solution. As we have discussed in the past, we are very well positioned regardless of which of the defense primes is awarded a program, and we are further improving our position.

我們也將繼續在各個領域尋求新的機會並贏得新的業務。例如，本季度，我們透過國防電力解決方案贏得了[XM-30]可選載人戰車演示計劃的額外新內容。正如我們過去所討論過的，無論哪個國防主要項目獲得批准，我們都處於非常有利的位置，而且我們正在進一步改善我們的地位。

In our sensing and power systems business, we were recently awarded contracts and funded engineering development work on the [Bell B-280], [Dose 32&A Echo] and an on-man aviation platform, all great programs, what we see significant growth over the next decade. While still early in the development process, we remain actively engaged with engineering teams at our key customers on the technical architecture for the next generation single aisle aircraft to ensure that our technology roadmap and development plans are aligned with our customer needs.

在我們的感測和電力系統業務中，我們最近獲得了[Bell B-280]、[Dose 32&A Echo]和載人航空平台的合約和資助的工程開發工作，這些都是很棒的項目，我們預計它們將在未來十年實現顯著增長。雖然仍處於開發過程的早期階段，但我們仍積極與主要客戶的工程團隊合作，共同研究下一代單通道飛機的技術架構，以確保我們的技術路線圖和開發計劃符合客戶的需求。

And really impressive performance by our Landing Solutions team that completed flight test hardware for a leading on-man fighter aircraft program in a record six-month timeframe. It's unprecedented for an antiskid brake system to be developed that quickly, positioning us well for future opportunities, a perfect example of the machine at work in engineering. Outstanding work by our team. Very confident for yet another outstanding year at Aerospace & Electronics.

我們的著陸解決方案團隊的表現確實令人印象深刻，他們在創紀錄的六個月內完成了領先的單人戰鬥機項目的飛行測試硬體。防滑煞車系統能夠如此快速地開發出來是前所未有的，這為我們未來的發展奠定了良好的基礎，是工程機械運作的完美典範。我們團隊的工作非常出色。我非常有信心在航空航太和電子領域再創輝煌。

At Profit Flow Technologies, we remain well positioned to outgrow our markets across cycles. We have systematically repositioned our portfolio around our core end markets, including chemical, pharmaceuticals, water and wastewater, cryogenics and industrial automation.

在 Profit Flow Technologies，我們始終處於有利地位，能夠跨越市場週期成長。我們已圍繞核心終端市場系統地重新定位了我們的產品組合，包括化學品、製藥、水和廢水、低溫學和工業自動化。

These are higher growth end markets, and these are the markets where we have the strongest competitive position and the most differentiation, enabling sustainable market outlook. We remain focused on investing for growth over the long term, with continued execution against our multi-year technology and new product development roadmap, as well as commercial excellence initiatives, all enabled by a consistent operational execution.

這些都是成長較快的終端市場，也是我們擁有最強競爭地位、最差異化的市場，因此能夠實現永續的市場前景。我們將繼續專注於長期成長投資，持續執行我們多年的技術和新產品開發路線圖以及商業卓越計劃，所有這些都透過一致的營運執行實現。

Tactically, we have proven our ability to react to any changes in demand quickly, and we will remain nimble during this period, taking any necessary and appropriate price cost measures. However, our strategy is unchanged and we will manage through any potential demand fluctuations without losing focus on our longer-term goals and objectives.

從戰術上講，我們已經證明了我們能夠對任何需求變化做出快速反應，並且在此期間我們將保持靈活，採取任何必要和適當的價格成本措施。然而，我們的策略並沒有改變，我們將應對任何潛在的需求波動，同時不會忽視我們的長期目標和目的。

Moving ahead to the balance of 2025, given our line of sight today, we still anticipate positive core growth sales for the year. A few notable wins in the quarter included significant customer approval for one of our new pharmaceutical valve with a key target customer. This approval was critical step for the business, and we continue to drive share gains with new product development, and we are seeing great progress.

展望 2025 年，根據我們今天的視角，我們仍然預期今年的核心銷售額將實現正成長。本季度取得的一些顯著成果包括我們的一款新型製藥閥門獲得了關鍵目標客戶的重要認可。此項批准對於業務而言是至關重要的一步，我們將繼續透過新產品開發來推動市場份額的成長，並且我們正在看到巨大的進步。

We were awarded a $5.7 million project for line pipe and line valves for a Saudi Arabian mining company that is working to develop a third complex in Saudi Arabia for fertilizer production capacity. Our localized site was key to secure this order.

我們贏得了沙烏地阿拉伯一家礦業公司的 570 萬美元管道和管道閥門項目，該公司正在沙烏地阿拉伯開發第三個化肥生產綜合體。我們的本地化網站是確保該訂單的關鍵。

We continue to build out our capabilities in cryogenic space, including both the prior cryogenic and Technifab acquisition from last year, which are now working closely with our organic initiatives to expand our portfolio of cryogenic valve and vacuum jacketed pipe.

我們將繼續增強我們在低溫領域的能力，包括去年收購的低溫技術和 Technifab 技術，目前這兩家公司正與我們的有機計劃密切合作，以擴大我們的低溫閥門和真空夾套管道產品組合。

Our combined platform is continuing to grow at a strong pace. And in the quarter, we had some significant wins, particularly space launch customers.

我們的綜合平台正在持續強勁成長。本季度，我們取得了一些重大勝利，特別是航太發射客戶。

So our businesses remain well positioned to continue to deliver great results. We still expect to significantly add to those results with acquisition. We have a very strong balance sheet today with at least $1.5 billion of M&A capacity.

因此，我們的業務仍處於有利地位，可以繼續取得優異的業績。我們仍然期望透過收購來大幅增加這些業績。我們目前的資產負債表非常強勁，併購能力至少為 15 億美元。

We also have a robust pipeline of potential acquisitions. M&A activity has not slowed down at all. The deals we are working on today include a number of opportunities in both Aerospace and Electronics, as well as Process Flow Technologies.

我們也擁有大量的潛在收購機會。併購活動絲毫沒有放緩。我們今天正在進行的交易包括航空航天和電子以及工藝流技術領域的眾多機會。

And they range from the small $100 million-sub deals, like those we completed last year, to many times that size. We mentioned our rigorous process, the machine for acquisition integration and creating value from any business. We have just as robust a process for M&A opportunity identification and due diligence, and I'm optimistic about our prospects of deploying capital this year on some great opportunities.

這些交易規模從 1 億美元的小額交易（如我們去年完成的交易）到數倍於此的規模不等。我們提到了我們嚴格的流程、收購整合和從任何業務中創造價值的機器。我們擁有同樣強大的併購機會識別和盡職調查流程，我對我們今年在一些重大機會上部署資本的前景感到樂觀。

I also wanted to share some takeaway from our recent annual senior leadership conference. About 200 of Crane's more senior associates spend three days at these old quote and bill training facilities to share best practices and to keep our global teams around the world connected. Three days to focus on reinforcing the machine that delivers results at Crane.

我也想分享我們最近舉行的年度高階領導會議的一些要點。大約 200 名 Crane 的資深員工在這些舊的報價和帳單培訓設施中度過了三天時間，分享最佳實踐並保持我們遍布全球的團隊之間的聯繫。三天時間專注於強化 Crane 的成果機器。

I remember my first senior leadership meeting shortly after I joined Crane in 2013. A great few days that heavily focused on operational execution only, which was needed and the focus in those days. We were very good then, but so much better today.

我記得 2013 年加入 Crane 後不久參加的第一次高層領導會議。這幾天非常精彩，主要關注的是營運執行，這是當時所需要的，也是當時的重點。那時我們表現得很好，但今天表現得更好了。

Last month, however, the focus was everything we're doing to drive growth and commercial execution, sharing the best practice examples across Crane, our long-term technology and product road maps, commercial excellence tools, simplification initiatives, and strategic pricing. It was followed by training on new enhancement to our profit for strategy development led by Scott Grisham, who joined Crane last year to lead our Process Flow Technology segment.

然而，上個月的重點是我們為推動成長和商業執行所做的一切，分享 Crane 的最佳實踐案例、我們的長期技術和產品路線圖、商業卓越工具、簡化舉措和策略定價。隨後，我們進行了有關提高利潤、制定策略的新培訓，培訓​​由 Scott Grisham 主持，他於去年加入 Crane，領導我們的工藝流技術部門。

A powerful few days. And I'm incredibly proud of our teams around the world who have made so much progress and have the momentum to continue to do so.

充滿活力的幾天。我為我們在世界各地的團隊感到無比自豪，他們取得瞭如此大的進步，並且有繼續前進的動力。

Taking all this together, just a lot of really exciting initiatives at Crane. It all reinforces our confidence that regardless of the current environment, over the long term, we will deliver a 4% to 6% long term core sales growth rate through cycles from resilient and durable businesses with solid aftermarket, substantial operating leverage on top of already solid margins today that shouldn't be double digit average annual core profit growth with potential upside and capital deployment. And with virtually no net debt, our capital deployment opportunity is significant.

綜合起來，Crane 有很多真正令人興奮的舉措。這一切都增強了我們的信心，無論當前環境如何，從長遠來看，我們都將透過具有彈性和持久性的業務週期，在穩固的售後市場、在目前已經穩固的利潤率之上的可觀的運營槓桿，實現 4% 至 6% 的長期核心銷售增長，這應該不是兩位數的平均年度利潤增長率，具有潛在的利潤增長率，具有潛在的增長空間和資本增長率，具有潛在的增長空間和資本增長率，具有潛在的增長空間和資本增長率，具有潛在的增長空間和資本增長率。由於幾乎沒有淨債務，我們的資本配置機會十分龐大。

Now, let me turn the call over to our CFO, Mr. Rich Maue, for more specifics on the quarter.

現在，讓我將電話轉給我們的財務長 Rich Maue 先生，以了解有關本季的更多具體資訊。

Thank you, Alex, and good morning, everyone. Starting off with total company results. We drove 7.5% core sales growth in the quarter with strength across both segments. Adjusted operating profit increased 18%, driven by volumes, solid net price, and productivity.

謝謝你，亞歷克斯，大家早安。從公司整體業績開始。本季度，我們的核心銷售額成長了 7.5%，兩個部門均表現強勁。受銷量、穩定的淨價和生產率的推動，調整後的營業利潤增長了 18%。

In the quarter, core FX neutral backlog was up 12% compared to last year, driven by outsized strength in Aerospace and Electronics. And core orders were up 16% compared to last year as well, also driven by Aerospace and Electronics, but also modest growth in Process Flow Technologies that was a bit ahead of our expectations. Further, we are in a net cash position and have more than $1.5 billion in debt capacity today for M&A.

本季度，核心外匯中性積壓訂單較去年同期成長 12%，主要得益於航太和電子領域的強勁成長。核心訂單也比去年同期成長了 16%，這也是受到航空航太和電子領域推動的結果，但製程流程技術也出現了適度成長，略高於我們的預期。此外，我們目前處於淨現金狀況，併購債務能力超過 15 億美元。

A few more details on the segments in the quarter, starting with Aerospace and Electronics. Sales of $249 million increased 10% in the quarter with all of that growth organic. And even with the continued high level of sales growth, notably, our record backlog of $960 million increased even further, up 21% year-over-year and up 11% sequentially.

關於本季度各細分市場的更多詳細信息，首先是航空航天和電子。本季銷售額為 2.49 億美元，成長 10%，且全部為有機成長。即使銷售額持續保持高成長，值得注意的是，我們的創紀錄積壓訂單量達到 9.6 億美元，年增 21%，環比成長 11%。

Total aftermarket sales increased 20% with commercial aftermarket sales up 19% and military aftermarket up 24%. And OEM sales increased 6% in the quarter, with 10% growth in commercial and up 1% in military. Adjusted segment margin of 26%, a record high for the segment increased 360 basis points from 22.4% last year, primarily reflecting higher volumes, price net inflation, and productivity.

售後市場總銷售額成長了 20%，其中商用售後市場銷售額成長了 19%，軍用售後市場銷售額成長了 24%。本季 OEM 銷售額成長了 6%，其中商用銷售額成長了 10%，軍用銷售額成長了 1%。調整後的分部利潤率為 26%，創下分部歷史新高，較去年的 22.4% 增加了 360 個基點，主要反映了銷售量、價格淨通膨和生產力的提高。

At Process Flow Technologies, in the quarter, we delivered sales of $309 million, up 9%, driven by solid core sales growth of 5% in the quarter, along with a 5% benefit from the trial works and Technifab acquisitions, offset by 1 point of unfavorable foreign exchange.

在 Process Flow Technologies，本季我們的銷售額為 3.09 億美元，成長 9%，這得益於本季核心銷售額穩健成長 5%，以及試驗工作和 Technifab 收購帶來的 5% 收益，但外匯不利因素抵消了 1 個百分點的影響。

Compared to the prior year, core FX neutral backlog decreased 6% and core FX neutral orders were up 2%, both impacted by project timing. You might recall the notable project wins we highlighted in Q1 of last year. And on a sequential basis, core FX neutral orders were up 10% compared to the fourth quarter.

與前一年相比，核心外匯中性積壓訂單減少 6%，核心外匯中性訂單增加 2%，兩者均受到專案時間安排的影響。您可能還記得我們在去年第一季重點介紹的重大專案勝利。與上一季相比，核心外匯中性訂單增加了 10%。

Adjusted operating margin of 20.9%, expanded 10 basis points. Importantly, core operating leverage was 35% at the high end of our 30% to 35% targeted range. As you all know, leverage is always impacted in particular in the first year of an acquisition, which was the case in this quarter. The strong overall performance was driven by productivity, strong net price, and high volumes.

調整後營業利益率為20.9%，擴大10個基點。重要的是，核心營運槓桿率為 35%，處於我們 30% 至 35% 目標範圍的高端。眾所周知，槓桿率總是會受到影響，尤其是在收購的第一年，本季就是這種情況。強勁的整體表現是由生產力、強勁的淨價和高產量所推動的。

Below the segments, some of you may have also noticed that adjusted corporate expense was about $25 million in the quarter, which is higher than the quarterly average you would expect. This is related to accounting rules that require accelerated amortization of stock compensation expense for associates that are retirement eligible, so stock compensation expense will be much higher and the first half and lower in the second half. We still expect $80 million of corporate costs for the full year.

在這些細分領域下方，你們中的一些人可能還注意到，本季調整後的企業支出約為 2500 萬美元，高於你們預期的季度平均值。這與會計規則有關，該規則要求對符合退休資格的員工加速攤銷股票薪酬費用，因此股票薪酬費用在上半年會高得多，在下半年會低得多。我們仍然預計全年企業成本為 8000 萬美元。

Hey, all of the comments on today's call regarding the uncertain environment ahead reminded me of a quote from the classic and timeless romantic drama, Dodgeball. When the great character patches O'Houlihan, played by the late Rip Torn, was preparing the team in practice and said, if you can dodge a wrench, you dodge a ball.

嘿，今天電話會議上所有關於未來不確定環境的評論都讓我想起了經典永恆的浪漫劇《躲避球》中的一句話。已故的里普·托恩 (Rip Torn) 飾演的偉大角色帕奇·奧霍利漢 (Patch O’Houlihan) 在訓練中為球隊做準備時說，如果你能躲開扳手，你就能躲開球。

There has certainly been a few wrenches thrown around to start the year and our team is doing an outstanding job dodging them so far. I, personally, only have a couple of loans.

今年年初確實出現了一些困難，但到目前為止，我們的團隊已經出色地避開了這些困難。就我個人而言，只有幾筆貸款。

And with that, operator, we are now ready to take our first question.

接線員，現在我們可以回答第一個問題了。

(Operator Instructions) Damian Karas, UBS.

（操作員指示）瑞銀 (UBS) 的 Damian Karas。

I appreciate all the details around your main CapEx exposures. Maybe you could just give us a little bit more clarity on the updated guidance.

我很感謝您提供有關主要資本支出風險的所有詳細資訊。也許您可以讓我們更清楚地了解更新後的指南。

To what extent is price contributing to your sales guide at this point? And just considering the strength of the first quarter orders and that uptick in backlog, is it fair to assume that that's longer lead time backlog, it's really more 2026 and beyond?

目前價格對您的銷售指南的貢獻程度如何？僅考慮第一季訂單的強勁勢頭和積壓訂單的增加，是否可以合理地假設這是更長的交貨期積壓訂單，實際上是到 2026 年甚至更晚？

Yeah, so Damian, just maybe your first question first on price. Yeah, we would expect to see somewhere on the vicinity of about 3% overall, more heavily weighted to PFT, for sure. Perhaps a little bit higher in the PFT segment, a little lower in A&E. And so just overall, that's what we would expect for us to offset the majority or most of the tariff impact.

是的，達米安，也許你的第一個問題是關於價格的。是的，我們預計總體上大約在 3% 左右，其中 PFT 的權重肯定會更大。在 PFT 領域可能稍高一些，在 A&E 領域可能稍低一些。總的來說，我們預計這將抵消大部分關稅的影響。

As it relates to backlog, maybe just a little bit of color as to provide there. Certainly, Aerospace and Electronics was significant overall in the quarter and the growth in the backlog, fairly broad-based. Maybe some color, the aftermarket continues to be fairly strong, as you saw.

由於它與積壓有關，也許只需要提供一點點顏色。當然，航空航太和電子產業在本季整體表現突出，積壓訂單的成長也相當廣泛。也許有些顏色，售後市場繼續相當強勁，正如您所看到的。

Alex mentioned also the comps in the latter part of the year, but aged fleet continues to be a dynamic. Our signature in the market space. Retirement is not happening at the levels that would cause you to believe a significant decline in aftermarkets. We feel good about the build that's happened in aftermarket.

亞歷克斯也提到了今年下半年的業績，但老舊船隊仍然保持活力。我們在市場空間的簽名。退休的發生率並不會讓你相信售後市場會大幅下滑。我們對售後市場的建設感到滿意。

And then on (technical difficulty) it's really a combination of both commercial and defense from an orders point of view. On commercial, obviously, the build rates are continuing and widespread there as well, right, between both Airbus and [Call Mat], frankly, in the quarter.

然後就技術難度而言，從訂單的角度來看，這實際上是商業和防禦的結合。顯然，在商業領域，空中巴士和 [Call Mat] 之間的建造率在本季也持續且普遍。

Defense, to your point a little bit, there's some multi-year orders in there, too. So that gives us even further confidence in 2026 already. A few multi-year orders that contributed to the store in the quarter.

國防部，正如你所說，其中也有一些多年的訂單。這讓我們對 2026 年更有信心。本季度為商店做出貢獻的一些多年訂單。

But in terms of the guide in relation to the guide of the strength of the backlog, yes, it's related to the length of those orders. That's reading through beyond '25. Right, Rich?

但就與積壓訂單強度指南相關的指南而言，是的，這與這些訂單的長度有關。這就是 25 年後內容的解讀。對吧，里奇？

Yeah.

是的。

Okay. Got it. That makes total sense. And then follow-up on some of those comments on defense. I mean within [$80 million], if you look at some of the details of the $150 billion defense package, within reconciliation, are there any items that stand out you guys as Crane programs or growth drivers in the future?

好的。知道了。這完全有道理。然後跟進一些有關防禦的評論。我的意思是，在 [8000 萬美元] 的範圍內，如果您看一下 1500 億美元國防計劃的一些細節，在和解範圍內，是否有任何項目可以作為未來的 Crane 項目或增長動力脫穎而出？

Yeah, I would say just overall, we have such a broad exposure, Damian, across defense platforms, whether it's fixed wing, even rotary. We saw some nice aftermarket demand on rotary actually in the quarter on CH-47 on aftermarket.

是的，我想說，總的來說，達米安，我們在國防平台上有如此廣泛的曝光，無論是固定翼還是旋翼。實際上，我們在本季度看到了 CH-47 售後市場上對轉子引擎的一些良好需求。

But overall, from a spend point of view, whether it's munitions or aircraft or radar applications, as you know, where we have a particular strength, we feel really good about the approvals and where we see spend being allocated as we look forward into '26.

但總體而言，從支出的角度來看，無論是彈藥、飛機還是雷達應用，正如你所知，我們在這些方面都有特別的優勢，我們對批准感到非常滿意，並且展望26年，我們看到了支出的分配情況。

Total seems -- as Rich was just mentioning, I will call out, munitions replenishment, unfortunately, in this global environment. Aging military upgrades, that's a key theme. I would say electrification is another key theme for the future, which we highlighted at Investor Day also. So those are some of the major thematic drivers that we continue to see strength through the decade.

正如里奇剛才提到的那樣，我要指出的是，不幸的是，在這種全球環境下，彈藥補給總量似乎不足。老化的軍事升級，這是一個關鍵主題。我想說電氣化是未來的另一個關鍵主題，我們在投資人日也強調了這一點。這些是我們在未來十年繼續看到強勁表現的一些主要主題驅動因素。

Understood. Thanks again. Good luck out there. I'll pass it along.

明白了。再次感謝。祝你好運。我會傳達的。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Rich, can you characterize the growth split between volume and price that you saw in A&E this quarter?

Rich，您能描述一下本季 A&E 銷售和價格之間的成長差距嗎？

Yeah, it was roughly 50/50. So almost right down the middle.

是的，大概是 50/50。所以幾乎就在中間。

Okay. And was commercial OE contributing very materially to the pricing gains the segment experienced?

好的。商業 OE 是否對該部門的價格上漲做出了重大貢獻？

Yeah, you know, I don't have the full breakout of that, but certainly we've been making nice progress on certain areas in commercially. But clearly, there has been, whether it's from existing contracts with indexed increases or changes that we might have made in response to the contracts that need to be addressed. But I don't have the specific breakout, but it was pretty healthy, I would say, across both aftermarket and commercial.

是的，你知道，我還沒有完全掌握這方面的進展，但我們在商業的某些領域確實取得了良好的進展。但顯然，無論是現有合約中的指數化成長，還是我們針對需要解決的合約所做的更改，都是存在問題的。但我沒有具體的突破，但我想說，無論是售後市場還是商業市場，它都相當健康。

Okay. So just to clarify, do any major commercial OE LTAs reprice this quarter that you didn't have repriced last quarter. I'm just trying to understand the sequential EBIT growth, if any.

好的。因此，需要澄清的是，本季是否有任何主要的商業 OE LTA 重新定價，而上個季度尚未重新定價。我只是想了解連續的息稅前利潤成長（如果有的話）。

No.

不。

Okay. And then, Rich, consensus has EBIT dollars down to A&E over the remainder of the year versus what you just reported at A&E this quarter. I guess, I realize it's an environment of uncertainty, but is there any discrete reason why you would think that would be the case and EBIT dollars would decline? (inaudible)

好的。然後，Rich，大家普遍認為今年剩餘時間內 A&E 的息稅前利潤將下降，而你剛剛報告的本季度 A&E 的息稅前利潤將下降。我想，我意識到這是一個不確定的環境，但是是否有任何具體的原因讓您認為會出現這種情況並且息稅前利潤會下降？（聽不清楚）

Yeah, so what I would say is that in the quarter, we had a very strong quarter overall, as you saw with the leverage of 60% in A&E. We had a decent mix. We had strong engineering sales, completing a few, I think, major development programs that had some nice margin to them. And so a few things is what I would say added up overall in the quarter that contributed to that 60%.

是的，所以我想說的是，本季我們整體表現非常強勁，正如您所看到的，A&E 的槓桿率達到 60%。我們有一個不錯的組合。我們的工程銷售業績強勁，我認為我們已經完成了一些重大開發項目，並且獲得了良好的利潤。所以我想說，本季總體上有幾件事促成了這 60% 的成長。

Alex mentioned in his prepared remarks that the comps start to move down. But overall, there's nothing that would suggest any overall weakening to any significant degree. There was perhaps just a few items in the quarter that we benefited from.

亞歷克斯在準備好的發言中提到，同店銷售開始下降。但總體而言，沒有任何跡象顯示整體經濟將顯著減弱。本季也許只有少數項目讓我們受益。

Okay. And is COMAC still taking delivery of the parts mix of the C919 even with [Prutel] to return at this point?

好的。即使此時 [Prutel] 回歸，中國商飛是否仍會接收 C919 的零件？

We actually met with COMAC a couple of weeks ago to look at the ramp-up and everything is moving forward very smoothly. They have a big ramp-up projected this year, and they're on track. They're still taking deliveries, emphasize the importance of staying on track the aftermarket as well. So everything progressing quite well.

事實上，幾週前我們就與中國商飛會面，討論產能提升的情況，目前一切進展順利。他們預計今年將大幅成長，目前進展順利。他們仍在接收貨物，並強調保持售後市場的重要性。所以一切進展順利。

As you know, we have a really strong position with the 919 platform. And they're also in the development of the 929, the wide-body, which we expect also have a great position. Our team's doing a great job. A lot of our key members were in China last week, and all looks positive from that regard.

如您所知，我們在 919 平台上佔據著非常強勢的地位。他們還在開發寬體飛機 929，我們預計它也將佔據重要地位。我們的團隊做得很好。我們的許多主要成員上週都在中國，從這方面來看，一切都很積極。

Okay. Thank you. I'll pass it along.

好的。謝謝。我會傳達的。

Jeffrey Sprague, Vertical Research Partners.

傑弗裡·斯普拉格（Jeffrey Sprague），Vertical Research Partners。

A high-level one for you, first, and then a couple of detailed questions. In your opening commentary, just talking about emerging stronger, like was that just an overarching view that kind of splitting the organization, exercising that muscle, trial by fire makes you better? Or do you actually we see some places maybe where you have competitive footprint advantage or other advantages versus competitors that you might be able to leverage here?

先向您詢問一個高層次的問題，然後再問幾個詳細的問題。在您的開場白中，只是談論變得更加強大，這是否只是一種總體觀點，即分裂組織，鍛煉肌肉，經過考驗會讓你變得更好？或者您實際上是否看到一些地方，也許您相對於競爭對手具有競爭優勢或其他優勢，您可以在這裡利用這些優勢？

Both, Jeff, both. I think anytime that you exercise like this, it sharpens the sword. Of the others, we're seeing some opportunities where our competitors are positioned or some decisions that they're making that we think we have some openings.

兩者都有，傑夫，兩者都有。我認為任何時候這樣鍛煉，都會使劍更加鋒利。在其他方面，我們看到了競爭對手所處位置的一些機會，或者他們所做的一些決定，我們認為我們也有一些機會。

Interesting. Okay. Great. And then just on the tariffs again so I think there's a seven-day percent of COGS, called $100 million or so run rate. I didn't follow quite what Alex was getting at with the additional 3% to 4% inter-company. Was that kind of a USMCA comment and not a cost headwind or whether you could just elaborate on what that meant and was that right on the roughly $100 million?

有趣的。好的。偉大的。然後再談關稅，所以我認為有一個七天的 COGS 百分比，稱為 1 億美元左右的運行率。我不太明白 Alex 所說的公司間額外 3% 至 4% 是什麼意思。這是對 USMCA 的評論，而不是成本阻力，還是您能詳細說明一下這意味著什麼，以及這是否與大約 1 億美元有關？

We have $100 million or was this related to direct imports from external suppliers and then there's another 3% or 4% of inner unit. Some of that is exempt because USMCA from any unit shipments.

我們有 1 億美元，或者這與從外部供應商直接進口有關，然後還有另外 3% 或 4% 的內部單位。由於 USMCA 不接受任何單位運輸，因此部分貨物可獲豁免。

But those are the imports. That's not the tariff impact that we expect in our P&L. So that or just the overall -- the tariff impact is more around the $60 million range for this year, considering all factors, indirect impact on suppliers. And that's mostly on the PFT side because, as you know, our Aerospace business is very heavily sourced domestic.

但這些都是進口貨。這並不是我們在損益表中預期的關稅影響。因此，或者只是總體而言——考慮到所有因素，今年關稅的影響將在 6000 萬美元左右，對供應商產生間接影響。這主要發生在 PFT 方面，因為如您所知，我們的航空航天業務很大程度上來自國內。

Right. So call it $100 million or so direct annualized, $60 million on an end year basis. And then just maybe one other one for you, Alex, just where you might see some demand risks in your business. I'm thinking chem, right? Those guys are cutting CapEx and chem prices are declining. Is that where you hedged your guide from an end demand standpoint, and if there's other verticals with PFT that you want to address?

正確的。因此，直接年化收益為 1 億美元左右，年底收益為 6,000 萬美元。然後也許對你來說還有一個問題，亞歷克斯，你可能會看到你的業務中存在一些需求風險。我在想化學，對嗎？這些人正在削減資本支出，化學品價格正在下降。這是從最終需求的角度對沖您的指南嗎？您是否想要解決 PFT 的其他垂直領域？

Yeah, Jeff, so in PFT where we think about the MRO side and the project side. So across all verticals, I think the MRO side, usually when there's softness remains somewhat consistent. And that's all about the project activity and shifting to the right.

是的，傑夫，所以在 PFT 中我們考慮 MRO 方面和專案方面。因此，在所有垂直領域，我認為 MRO 方面通常在出現疲軟時會保持一定的一致性。這就是有關專案活動和向右移動的全部內容。

So on the chemical side, what we've seen last year and this year, different dynamics by region. US continue to move. Middle East continues to move forward. Europe softening.

因此，在化學方面，我們看到去年和今年不同地區的動態不同。美國繼續行動。中東繼續向前發展。歐洲疲軟。

We did start hearing customers thinking about delaying decisions, trying to see how these tariffs points out. So we did make assumptions on projects shifting to the right, in particular, in the chemical in the United States, but also in other regions. (multiple speakers) our guidance

我們確實開始聽到客戶考慮推遲做出決定，試圖了解這些關稅意味著什麼。因此，我們確實對向右移動的項目做出了假設，特別是在美國的化學領域，但也包括其他地區。 （多位發言者）我們的指導

Right. Thank you. And then one quick one for Rich. FX, you're still guiding minus 1%. It sounds like you're dropping a couple of pennies in your back pocket. There may be just a -- was that a [330 ROCE] or maybe update us on that?

正確的。謝謝。然後對 Rich 來說，還有一個快速的問題。FX，您仍然指導下降 1%。這聽起來就像你往後口袋裡丟了幾分錢。可能只是一個 - 那是 [330 ROCE] 還是可以向我們更新？

Yeah, that's exactly what it is. We just hung it. We're not going to -- you know all the changes that can happen there including stuff with 330 rates. Yeah, there's been some favorability here. We'll see if it sticks, but your hunch is correct. A couple tempting to my target.

是的，確實如此。我們只是把它掛起來了。我們不會——你知道那裡可能發生的所有變化，包括 330 利率等。是的，這裡有一些有利因素。我們將看看它是否有效，但你的預感是正確的。一對誘惑我的目標。

Okay. Thank you.

好的。謝謝。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

I guess first question is on supply chain. During COVID, there was obviously a lot of supply chain disruption. And you guys are components that go into other systems. I'd be less concerned about your ability to manage your supply chain and more concerned about people who supply into those same projects, being able to manage their supply chain.

我想第一個問題是關於供應鏈的。在新冠疫情期間，供應鏈顯然出現大量中斷。你們是進入其他系統的組件。我不太關心你管理供應鏈的能力，而更關心為同一專案提供供貨的人員是否有能力管理他們的供應鏈。

Do you see any risk to any of the bit any parts of the business that could arise just from other impacts on others' supply chains that they could impact your ability to or your customers' ability to finish projects and take delivery of products similar to maybe what happened during COVID?

您是否認為對其他公司供應鏈的其他影響可能會對業務的任何部分產生風險，從而影響您或您的客戶完成專案和接收產品的能力，類似於 COVID 期間發生的情況？

So I think you have to think about separately from PFT and A&E perspective. On the PFT side, I would not expect anything significant that supply chain has returned since last year to normal rate. It's pretty stable. Of course, the shipment lanes and things like that from Asia are getting clogged up until (technical difficulty) but I would not expect any significant change in supply chain ability to deliver on that side.

所以我認為你必須從 PFT 和 A&E 的角度分別考慮。在 PFT 方面，我不認為供應鏈自去年以來恢復到正常水平會有什麼重大進展。它非常穩定。當然，來自亞洲的貨運航線等在出現技術困難之前一直處於堵塞狀態，但我預計那邊的供應鏈交付能力不會發生任何重大變化。

On the A&E side, through here, the first month, we saw pretty stable, slightly improving. I know everybody saw the news, the issues with [DSP PFAS] in our facility and the [Chicago museum] foundry that did not directly impact us.

在 A&E 方面，透過這裡，第一個月，我們看到情況相當穩定，略有改善。我知道大家都看到了這個新聞，我們工廠和芝加哥博物館鑄造廠的 [DSP PFAS] 問題並沒有直接影響到我們。

That said, as these supplied -- some companies tried to adjust their supply chain and the tariffs won't help right a supply chain improvement in Aerospace, for sure. So we would expect some lead time extensions as people get out a certain region and trying to get it others and capacity constraints from some suppliers from those movements in supply chain. But we're not seeing any major disruption caused by that. And we're planning for some of those (technical difficulty) in some areas be extended and that's what we factored in as well.

話雖如此，由於這些供應——一些公司試圖調整他們的供應鏈，而關稅肯定不會有助於航空航天供應鏈的改善。因此，我們預計交貨時間會延長，因為人們會離開某個地區並試圖在其他地區採購，而且由於供應鏈中的這些變動，一些供應商的產能會受到限制。但我們並未看到由此造成的任何重大破壞。我們計劃在某些領域擴大這些（技術難度），這也是我們考慮的因素。

Thanks for that. I guess my second question, you talked about PFT as being a bit stronger than you'd anticipated in the first quarter. So I guess the question there is do you think customers were prepositioning ahead of tariff related price increases? And then did you guys preposition some inventory in front of tires during the first quarter yourselves?

謝謝。我的第二個問題是，您說 PFT 在第一季的表現比您預期的要強一些。所以我想問題是，您是否認為客戶在關稅相關價格上漲之前就已經準備好了？那麼，你們自己在第一季是否預先在輪胎前儲備了一些庫存？

On the inventory, no, we didn't. We have experienced having these tariffs. It's never -- as you know, were engineered to order. It's never the right inventory. We tried to play games. So from that standpoint, we did it.

在庫存方面，沒有，我們沒有。我們已經經歷過這些關稅。如你所知，它從來都不是按訂單設計的。這永遠不是正確的庫存。我們嘗試玩遊戲。所以從這個角度來看，我們做到了。

On the pre-buy, I mean, we did hear some activity pre-buy from distributors stocking a bit more, not really significant, I would say, not material. Really what drove this better than expected are some projects that have been tracking for a while now since last year that hit in the quarter that drove some of that favorability. So I would say a little bit of pre-buy, but not anything major.

關於預購，我的意思是，我們確實聽到一些經銷商在預購一些庫存，但這並不是很重要，我想說，不是實質的。真正推動這一情況好於預期的是一些自去年以來已經追蹤了一段時間的項目，這些項目在本季度取得了一些進展，推動了部分有利因素。所以我想說需要預先買一點東西，但不需要買什麼大件物品。

Great. Thanks very much for taking my questions. And I'll see you on the dark side of the moon. (laughter)

偉大的。非常感謝您回答我的問題。我會在月球的黑暗面見到你。（笑聲）

(Operator Instructions) Ronald Epstein, Bank of America.

（操作員指示）美國銀行羅納德·愛潑斯坦。

This is Jordan on for Ron. Couple of questions. First one, for M&A, have you guys seen any slowdown in [tools or progress] happening just between of macro?

這是喬丹代替榮恩上場。幾個問題。首先，對於併購而言，你們是否看到宏觀層面上出現任何[工具或進展]放緩的情況？

No, we haven't. We haven't seen any slowdown. It's very, very active for us.

沒有。我們尚未看到任何放緩。這對我們來說非常非常活躍。

Okay. And then on Boeing's calls, the little comment about their profit stock having been high to stabilize your supply chain and that it would go back down to normalized levels. You guys have been fairly good about controlling the inventory that you guys have in the channel. Are you concerned at all though for other suppliers that you might be feeding into that would be getting these stock?

好的。然後，在波音公司的電話會議上，他提到他們的利潤庫存很高，可以穩定供應鏈，但很快就會下降到正常水準。你們在控制渠道庫存方面做得相當好。您是否擔心其他供應商可能會獲得這些庫存？

I mean, I think Boeing has done a great job being transparent on their inventory position with us. I imagine with other suppliers as well. So we are very well aligned to what they need and are expecting.

我的意思是，我認為波音公司在向我們公開其庫存狀況方面做得很好。我也想像其他供應商也是如此。因此，我們非常了解他們的需求和期望。

And we're planning to support that. So our factories are well in tune and efficient to support that ramp-up. So my understanding is that it's the same with many other suppliers that are well in tune with the Boeing's inventory position and planning appropriately.

我們計劃支持這一點。因此，我們的工廠能夠很好地協調和有效率地支持這一成長。所以我的理解是，許多其他供應商也同樣如此，他們與波音的庫存狀況保持一致並進行適當的規劃。

Okay. Got it. Thank you, guys, so much.

好的。知道了。非常感謝你們。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，地方檢察官戴維森。

Just a couple of follow-ups. That $60 million, I just want to clarify, is that the unmitigated number, meaning that is the magnitude by which your COGS are going higher, all else equal as a result of the tariffs. I just want to be clear on that.

僅需幾個後續行動。我只是想澄清一下，6000 萬美元是一個未扣除的數字，這意味著在其他條件相同的情況下，由於關稅的影響，您的 COGS 將會增加這個幅度。我只是想明確這一點。

Yeah, that would be the gross number, right, that we will substantially mitigate.

是的，這就是我們將大幅減少的總數。

Assuming these tariffs exist through the entire balance of the year, no change up or down.

假設這些關稅在整個年度餘額中都存在，不會上漲或下跌。

Got it. Thank you for that clarification. And then you talked just very briefly on the chemical market with respect to PFT. Can you maybe dig a little bit more of the deeper dive in terms of what you're across both the MRO and project side of the business, geographic color around the major end market buckets and product line you guys typically refer to in that business?

知道了。感謝您的澄清。然後您非常簡要地談論了有關 PFT 的化學品市場。您能否更深入地了解您對 MRO 和專案業務的了解情況、主要終端市場的地理特徵以及您通常在該業務中提到的產品線？

Yeah, I mean, for PFT, as you know, chemical, really strong position. We have a substantial presence globally. I think we went into the year with the expectation's different by region, and we saw that play out in Q1.

是的，我的意思是，對於 PFT 來說，化學，確實具有很強的地位。我們在全球擁有大量業務。我認為，我們對今年的預期因地區而異，我們在第一季看到了這種情況。

So in the Americas, we saw positive growth both on MRO and private activity where customers are expanding ground side, driving efficiency upgrades, things of that nature. Middle East, similar. Continued investment and growth.

因此，在美洲，我們看到 MRO 和私人活動都出現了積極的成長，客戶正在擴大地面業務，推動效率升級，諸如此類的事情。中東，類似。持續投資和成長。

And then since last year in Europe, it's been a soft declining and that has continued. China as well, somewhat soft, and the Asia-Pac, kind of mix. So how high are we close to our last year was the first four months of the year.

自去年以來，歐洲的出口一直呈現緩慢下降趨勢，而且這種趨勢還在持續。中國也是一樣，但略軟一些，而亞太地區則有點混合。那麼，今年前四個月我們的表現與去年相比有多接近呢？

Now, going forward like I mentioned, we expect some of that project activity in the Americas to shift to the right. Some softening in demand versus what we saw in Q1. And that's what we baked into our guidance.

現在，正如我所提到的，我們預計美洲的一些專案活動將向右轉移。與第一季相比，需求有所減弱。這就是我們指導中所包含的內容。

Thank you to that, Alex. Can you talk about some of the other end markets in that business as well. What you're seeing with cryo, industrial automation, water, wastewater, et cetera?

謝謝你，亞歷克斯。您能否也談談該業務中的一些其他終端市場？您對低溫、工業自動化、水、廢水等領域有何看法？

The water, wastewater, in the quarter, orders were strong up. So we feel good about that continuing. Cryogenics have been our fastest growing segment of double business. So that has been a very exciting platform that we've added and continue to expand and gain share and take advantage of the market. All that's driven by space launch activity where applications are used for the platforms that are being built out in various parts of the country.

本季度，水和廢水訂單強勁成長。因此，我們對這種情況的持續發展感到高興。低溫技術一直是我們雙重業務中成長最快的部分。所以這是一個非常令人興奮的平台，我們已經增加並繼續擴展它、獲得份額並利用市場。所有這些都是由航太發射活動推動的，在航太發射活動中，應用程式被用於正在全國各地建造的平台。

And then general industrial activity has, in the first part of this year, in the quarter, has been slightly up. So I think overall, a lot of positives in the first quarter. I think, partially offset by what I mentioned in chemical, particularly in Europe and other parts of the world as well.

今年第一季度，整體工業活動略有上升。所以我認為總體而言，第一季有很多正面因素。我認為，部分抵消了我所提到的化學影響，特別是在歐洲和世界其他地區。

Got it. And then maybe just one final one. Rich, as we look out over the balance of the year, is there anything you would want to draw our attention to in terms of the remaining earnings cadence as we move through Q2, three, and four?

知道了。然後也許只剩下最後一個了。里奇，當我們回顧今年的剩餘時間時，在我們進入第二季、第三季和第四季時，您是否希望我們注意剩餘的獲利節奏？

Yeah, I think the high level would be, as you're looking at next quarter, just slightly down slightly. And then I would think of the full year as more equally weighted, frankly, first half, second half, overall.

是的，我認為，正如你所看到的，下個季度的高水準將會略微下降。然後，坦白說，我認為全年的權重更加均衡，上半年、下半年，整體而言。

Got it. Thank you.

知道了。謝謝。

Justin Ages, CJS Securities.

賈斯汀·艾吉斯（Justin Ages），CJS 證券公司。

Question, there's been a bunch of headlines about travel being down given the political environment. Have you seen or do you expect to see that impacting your business at all?

問題是，由於政治環境的原因，有許多頭條新聞報導旅遊業下滑。您是否看到過或預計這會對您的業務產生影響？

We're seeing the same headlines, reading the same reports. We're not seeing it read through. I mean, I think the aged fleet is still requiring the same level of maintenance.

我們看到的是同樣的標題，讀到的是同樣的報導。我們沒有看到它被讀完。我的意思是，我認為老舊的車隊仍然需要相同等級的維護。

Aftermarket continues to be strong. Deliveries are still not where they need to be in terms of the replacement cycle. Boeing's trying to ramp-up. So, we just don't see it and we're not hearing it from our customers either.

售後市場持續強勁。就更換週期而言，交付量仍未達到應有的水準。波音公司正在努力提高產量。所以，我們沒有看到這一點，也沒有從客戶那裡聽到這一點。

All right. That's helpful. And then following up on the M&A commentary, can you give us any indication of how far along our many processes in PFT or in A&E any deals that you guys are in?

好的。這很有幫助。然後，關於併購評論，您能否向我們透露我們在 PFT 或 A&E 中的許多流程進展如何，你們參與了哪些交易？

Well, the first two weeks of May, Alex and I will be travelling with the teams. We've got a nonstop due diligence across multiple acquisitions, both domestically and internationally in terms of locations. So we're very, very active in the process.

嗯，五月的頭兩週，亞歷克斯和我將與團隊一起旅行。我們對國內外的多項收購都進行了不間斷的盡職調查。因此我們在這個過程中非常非常活躍。

You know, really nice fit, really nice fit. Attractive. We're going to be competitive. I'm hopeful that we'll have some activity to announce in 2025.

你知道，非常合身，非常合身。吸引人的。我們將具有競爭力。我希望我們能在 2025 年宣布一些活動。

All right. Great. I appreciate you taking the question. Thank you.

好的。偉大的。感謝您回答這個問題。謝謝。

(Operator Instructions) Tony Bancroft, Gabelli Funds.

（操作員指示）Tony Bancroft，Gabelli Funds。

I just wanted to -- I know you've pretty much said that the tariffs are going to be relatively mitigate and that's not an impact. But on the Aero side, you're hearing comments from the China trade minister yesterday about what disruptions in China, in commercial travel.

我只是想——我知道你已經說過關稅會相對減輕，這不會造成影響。但在航空方面，昨天你會聽到中國貿易部長就中國商業旅行中斷問題發表的評論。

And then you seem in France you're seeing Aerospace and defense industry talking about tariff exemptions. How do you see this all playing out? Maybe it's not as impactful to you, but maybe you could talk to that a little bit next.

然後你似乎看到在法國，航空航天和國防工業正在談論關稅豁免。您認為這一切將如何發展？也許這對你來說影響不大，但也許你接下來可以稍微談談這個問題。

Well, it's anybody's guess, honestly, in terms of how moves forward. Quite honestly, I'm more optimistic and quite honestly, I think things will get resolved. I think our trading partners, while there's certainly a number of serious issues that are being addressed, our global environment is too important to one another.

嗯，說實話，至於下一步如何發展，誰也說不準。坦白說，我更加樂觀，坦白說，我認為事情會得到解決。我認為，我們的貿易夥伴之間雖然確實存在一些需要解決的嚴重問題，但我們的全球環境對彼此來說都太重要了。

And I think these things will get sorted. I think when that does, that's going to be very positive for all of us as we move forward.

我認為這些事情都會得到解決。我認為，當這種情況發生時，這對我們所有人來說都將是非常積極的事情，因為我們會繼續前進。

Thanks so much. Great job.

非常感謝。幹得好。

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 all for attending today. Our focus today is executing on everything within our control, reacting swiftly to what is outside our control; serving their customers, continue to invest in all of our growth initiatives and technology roadmaps, to driving profitable growth. I fully expect to emerge from this dislocation in an even stronger competitive position than when we entered the year.

感謝大家今天的出席。我們今天的重點是執行我們控制範圍內的一切，對我們無法控制的事情迅速做出反應；服務他們的客戶，繼續投資於我們所有的增長計劃和技術路線圖，以推動盈利增長。我完全相信，我們能夠擺脫這種困境，獲得比年初更強大的競爭地位。

As late Great Gene Hackman said, challenges are what make life interesting. Overcoming them is what makes life meaningful. Our teams at Crane continue to make our lives hugely meaningful as we continue to deal successfully with life's interesting challenges.

正如已故的偉大人物吉恩·哈克曼所說，挑戰讓生活變得有趣。克服這些困難才能讓生活變得有意義。當我們繼續成功應對生活中有趣的挑戰時，Crane 的團隊將繼續讓我們的生活變得非常有意義。

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 first-quarter 2025 earnings conference call. Please disconnect your lines at this time and have a wonderful day.

謝謝。今天的 Crane Company 2025 年第一季財報電話會議到此結束。請此時斷開您的線路並祝您度過美好的一天。