Crane Co (CR) 2025 Q2 法說會逐字稿

Welcome to the Crane Company second-quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加 Crane Company 2025 年第二季財報電話會議。（操作員指示）

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

現在我想將電話轉給投資者關係副總裁 Allison Poliniak。請繼續。

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

謝謝接線員，大家早安。歡迎參加我們的 2025 年第二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.

今天早上的電話會議邀請了我們的董事長、總裁兼首席執行官馬克斯·米切爾 (Max Mitchell)、執行副總裁兼首席營運官亞歷克斯·阿爾卡拉 (Alex Alcala) 和執行副總裁兼首席財務官里奇·毛埃 (Rich Maue)，以及財務、稅務和投資者關係高級副總裁傑森·費爾德曼 (Jason Feldman) 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 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.

我們的通話將以 Max、Alex 和 Rich 的幾句準備好的發言開始，之後我們將回答問題。需要提醒的是，我們的評論中會包含一些前瞻性的陳述。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, in tables at the end of our press release and accompanying slide presentation, both of which are available on our website in the Investor Relations section.

此外，在電話會議期間，我們將在新聞稿和隨附幻燈片簡報末尾的表格中使用一些非 GAAP 數據，這些數據與可比較 GAAP 數據相協調，這兩個表格都可以在我們網站的「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. I want to start by thanking my teams across the world for delivering yet another excellent quarter, outperforming expectations despite an uncertain macro backdrop and dynamic environment.

謝謝你，艾莉森，也謝謝大家今天參加電話會議。首先，我要感謝我在世界各地的團隊，儘管宏觀背景不確定且環境動態，但你們又創造了一個出色的季度，超出了預期。

Adjusted EPS was $1.49 driven by an impressive 6.5% sales growth reflecting strength across both Aerospace & Electronics and Process Flow Technologies. Core orders were also solid, up nearly 20% in the quarter, driven primarily by the ongoing strength in our Aerospace & Electronics business. This entire leadership team has demonstrated consistently differentiated execution across cycles. And once again, this was reflected in our second-quarter results.

調整後每股收益為 1.49 美元，得益於令人印象深刻的 6.5% 的銷售額增長，反映了航空航天與電子以及工藝流技術的強勁表現。核心訂單也表現穩健，本季成長近 20%，主要得益於航太和電子業務的持續強勁成長。整個領導團隊在各個週期中都展現了一致的差異化執行力。這再次反映在我們的第二季業績中。

The cadence and discipline of the Crane Business System, our machine, if you will, along with our performance-based culture, enables us to make data-driven decisions quickly with flexibility to adapt as conditions change and with accountability. And the benefits of that approach are most noticeable in environments like we're operating in today.

起重機業務系統（我們的機器）的節奏和紀律，如果您願意的話，加上我們基於績效的文化，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並承擔責任。這種方法的好處在我們今天運作的環境中最為明顯。

And given our consistent and unwavering investment in technology, customer requirements, and commercial excellence initiatives, both of our strategic platforms remain well positioned to continue to deliver great results.

鑑於我們對技術、客戶需求和商業卓越計畫的持續和堅定的投資，我們的兩個策略平台仍處於有利地位，可以繼續取得優異的成果。

Inorganically, we also announced in June the agreement to acquire the Precision Sensors and Instrumentation businesses, or PSI, from Baker Hughes, executing on our strategy to add proprietary and differentiated technologies to our portfolio and to broaden our unique capabilities through acquisitions.

此外，我們也於 6 月宣布了從貝克休斯收購精密感測器和儀器業務（PSI）的協議，執行我們的策略，將專有和差異化技術添加到我們的產品組合中，並透過收購拓寬我們的獨特能力。

Alex will provide more color on the acquisition in a moment, but I am incredibly excited about the people, the technology, and the capabilities that these three iconic brands that make up PSI bring to Crane. And also about the capabilities that we will bring to PSI to enhance its long-term performance.

亞歷克斯稍後會提供有關此次收購的更多細節，但我對 PSI 的這三個標誌性品牌為 Crane 帶來的人才、技術和能力感到無比興奮。以及我們將為 PSI 帶來哪些能力來增強其長期業績。

Our balance sheet remains very strong, and we have both the financial and operational capacity for significant additional M&A. We continue to work on a robust pipeline of potential opportunities, and we are optimistic about our ability to deploy further capital on acquisitions over the next several quarters. Just a lot of very exciting activities and developments at Crane overall.

我們的資產負債表依然強勁，我們擁有進行大量額外併購的財務和營運能力。我們將繼續致力於挖掘大量潛在機會，並對未來幾季在收購上投入更多資金的能力充滿信心。總體而言，Crane 有很多非常令人興奮的活動和發展。

As we look to the balance of the year, while the macro backdrop remains unpredictable, our backlog, consistently strong execution, our performance year-to-date gives us the confidence to raise our full-year adjusted earnings outlook to a range of $5.50 to $5.80, up from our prior view of $5.30 to $5.60.

展望今年的平衡，儘管宏觀背景仍然難以預測，但我們的積壓訂單、持續強勁的執行力以及今年迄今為止的表現使我們有信心將全年調整後的盈利預期從之前的 5.30 美元至 5.60 美元上調至 5.50 美元至 5.80 美元。

Now, let me pass it over to our Chief Operating Officer, Mr. Alex Alcala, to provide some color on our pending acquisition of PSI, along with comments on the current environment.

現在，讓我將話題交給我們的營運長 Alex Alcala 先生，請他介紹我們即將收購的 PSI，並對當前環境進行評論。

Thanks, Max. Well, we're very excited about the technologies and capabilities that Druck, Panametrics, and Reuter-Stokes bring to claim. All three brands are global leaders in highly sophisticated sensor-based technologies for mission-critical applications in harsh and hazardous environments, extremely Crane-like businesses that are a perfect fit with our existing portfolio.

謝謝，馬克斯。嗯，我們對 Druck、Panametrics 和 Reuter-Stokes 所帶來的技術和能力感到非常興奮。這三個品牌都是在惡劣和危險環境下的關鍵任務應用領域中基於高度複雜感測器技術的全球領導者，這些極其類似於起重機的業務，與我們現有的產品組合完美契合。

Each brand contributes to a robust technology foundation along with a durable and resilient aftermarket presence, further strengthening the Crane portfolio. Combined with the strength of the Crane Business System, these businesses will be accretive to our financial profile within the next few years.

每個品牌都為強大的技術基礎以及持久且有彈性的售後市場做出了貢獻，進一步增強了 Crane 的產品組合。結合起重機業務系統的優勢，這些業務將在未來幾年內增強我們的財務狀況。

The Druck brand, approximately $150 million in revenue, will be positioned within our Aerospace & Electronics segment. The addition of Druck's complementary product line meaningfully strengthens our pressure-sensing capabilities across critical applications, including environmental control systems, hydraulics and aircraft engine monitoring with strong positions in both single-aisle and widebody aircraft platforms.

Druck 品牌的營收約為 1.5 億美元，將定位於我們的航空航太和電子部門。Druck 補充產品線的加入顯著增強了我們在關鍵應用領域的壓力感測能力，包括環境控制系統、液壓系統和飛機引擎監控，在單通道和寬體飛機平台上均佔有強勢地位。

Additionally, Druck expands our presence into the ground-based test and calibration equipment for aerospace, further extending our technological capabilities and market reach.

此外，Druck 將業務擴展到航空航太地面測試和校準設備領域，進一步擴展了我們的技術能力和市場範圍。

As we are planning for the Druck integration and to create the optimal structure for continued growth both organically and inorganically within the Aerospace & Electronics segment, I'm also excited to announce that Jay Higgs, who many of you know as the President of A&E, has been promoted to Senior Vice President of the Crane Aerospace & Electronics segment reporting to me. Jay, who has been with Crane for 35 years has been a driving force behind the success of our A&E business. I look forward to partnering with Jay in driving further record growth and operating performance at A&E.

在我們規劃 Druck 整合並創建最佳結構以實現航空航天和電子部門的有機和無機持續增長的同時，我也很高興地宣布，許多人都知道的 A&E 總裁 Jay Higgs 已晉升為 Crane 航空航天和電子部門的高級副總裁，向我匯報工作。傑伊已在 Crane 工作了 35 年，是我們 A&E 業務成功的推動力量。我期待與傑伊合作，推動 A&E 進一步創下成長記錄並取得營運表現。

The new A&E segment structure now mirrors the organizational model used at PFT under Shangaza Dasent, which is also the role I held prior to our 2023 separation. This structure will give Jay greater capacity to focus on strategic initiatives and M&A for A&E going forward. And it will give us greater flexibility to integrate complementary acquisitions into our current operations in A&E, as well as to continue pursuing acquisitions, including new adjacencies that can be managed as independent business entities like Druck.

新的 A&E 部門結構現在反映了 Shangaza Dasent 領導下的 PFT 使用的組織模型，這也是我在 2023 年分離之前擔任的職位。這種結構將使傑伊能夠更加專注於 A&E 未來的策略性舉措和併購。它將為我們提供更大的靈活性，將互補性收購整合到我們目前在 A&E 的業務中，並繼續進行收購，包括可以作為像 Druck 這樣的獨立業務實體進行管理的新鄰接業務。

Reporting to Jay will be the future President of Druck, along with a Head of M&A and Strategy for the segment, and the new President of our current Aerospace business. Replacing Jay, Mr. Joseph Mundinger. Joseph was previously the Vice President and General Manager of our largest A&E solution and has been with Crane for 13 years, a reflection of the bench of talent within Crane.

向傑伊匯報的將是 Druck 未來的總裁、該部門的併購和策略主管以及我們目前航空航太業務的新總裁。接替傑伊的是約瑟夫·蒙丁格先生。Joseph 曾擔任我們最大的 A&E 解決方案的副總裁兼總經理，已在 Crane 工作了 13 年，這體現了 Crane 內部的人才儲備。

The Panametrics business, which is about $150 million of revenue, adds advanced ultrasonic flow meters and precision moisture analyzers. Similar to Druck, Panametrics will be a standalone entity although within our Process Flow Technologies segment reporting to Shangaza Dasent.

Panametrics 業務的收入約為 1.5 億美元，增加了先進的超音波流量計和精密水分分析儀。與 Druck 類似，Panametrics 將是一個獨立實體，儘管它屬於我們的流程技術部門，並向 Shangaza Dasent 報告。

Panametrics' sensing solutions support critical process industries by enabling accurate measurement of liquids and gases across applications such as chemical production, LNG transportation, cryogenic gas storage, and wastewater treatment facilities. It is complementary adjacency to our current portfolio that expands our capabilities into test and measurement.

Panametrics 的感測解決方案能夠精確測量化學生產、液化天然氣運輸、低溫氣體儲存和廢水處理設施等應用中的液體和氣體，從而支援關鍵製程工業。它與我們目前的產品組合相輔相成，擴展了我們在測試和測量領域的能力。

And finally, the addition of Reuter-Stokes, approximately $90 million of revenue, will double the size and capabilities of our existing Crane nuclear business. With its industry-leading radiation sensing and detecting technologies, Reuter-Stokes enhances our offerings for nuclear plant operations and homeland security.

最後，Reuter-Stokes 的加入將帶來約 9,000 萬美元的收入，使我們現有的 Crane 核能業務的規模和能力翻倍。憑藉其業界領先的輻射感測和探測技術，Reuter-Stokes 增強了我們為核電廠營運和國土安全提供的服務。

It also positions us strongly to capitalize on the renewed global investment in nuclear energy. The Reuter-Stokes brand will be integrated into our existing Nuclear business under the leadership of our President, Chris Mitchell, who has been serving as the President of our Nuclear business for the past six years.

這也使我們能夠充分利用全球對核能的新一輪投資。Reuter-Stokes 品牌將整合到我們現有的核能業務中，並由我們的總裁 Chris Mitchell 領導，Chris Mitchell 在過去六年中一直擔任我們的核能業務總裁。

We anticipate the acquisition to close January 1, and the integration planning is well underway and progressing smoothly, working with the existing Baker Hughes and Crane teams.

我們預計此次收購將於 1 月 1 日完成，目前整合規劃正在與現有的貝克休斯和克蘭團隊合作，並進展順利。

In terms of further M&A, our funnel of inorganic opportunities remains full and we continue to look to accelerate EPS growth through additional capital deployment. The deals we are working on today include a number of opportunities in both Aerospace & Electronics as well as Process Flow Technologies and they range and deal size from sub-$100 million to $1 billion.

在進一步的併購方面，我們的無機機會管道仍然充足，我們將繼續尋求透過額外的資本部署來加速每股盈餘的成長。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大量機會，交易規模從 1 億美元以下到 10 億美元不等。

Now, some thoughts on the segments in the quarter, starting with Aerospace & Electronics. Aerospace and defense markets continue to see a very strong demand environment. On the commercial side of the business, activity remains healthy with Boeing continuing to ramp up production and aftermarket activity continuing at elevated levels.

現在，就本季的各個細分市場進行一些思考，首先是航空航天和電子。航空航太和國防市場持續呈現非常強勁的需求環境。在商業業務方面，隨著波音公司繼續提高產量且售後市場活動繼續保持高水平，業務活動仍然保持健康。

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.

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。

Looking ahead to the balance of 2025, we now anticipate core sales growth for the year to be up high-single digits to low double digits compared to our prior view for core growth to be up mid- to high-single digits. We expect that growth to leverage at 35% to 40% for the full year.

展望 2025 年，我們現在預計全年核心銷售額成長率將達到高個位數至低兩位數，而我們先前預期的核心銷售額成長率將達到中高個位數。我們預計全年成長槓桿率將達到 35% 至 40%。

Our guidance assumes continued strong sales with the ramp-up at Boeing partially offset by decelerating year-over-year growth rates in commercial aftermarket that we have previously highlighted as the comparisons become more challenging and will naturally moderate over time.

我們的指導假設銷售額將繼續保持強勁，而波音的成長將部分被商用售後市場同比成長率的放緩所抵消，我們之前曾強調過，因為比較變得更具挑戰性，並且隨著時間的推移自然會放緩。

We also continue to pursue new opportunities and win new business across this segment that gives us confidence that we will continue to see above-market growth for the remainder of this decade. A few examples. First, we agreed to terms on a development contract for the XM30 demonstrator power converter in our defense power business. Second, activity around air defense systems remains very robust with Crane having secured multiple orders in the quarter.

我們也將繼續在這一領域尋求新機會並贏得新業務，這使我們有信心在未來十年內繼續高於市場的成長。舉幾個例子。首先，我們就國防電力業務中 XM30 演示電源轉換器的開發合約條款達成協議。其次，防空系統的活動依然非常活躍，Crane 在本季已經獲得了多個訂單。

Third, Crane was also selected to supply the door signal system on the COMAC C929 widebody aircraft. Crane's A&E sensing system solution will include nearly 100 proximity centers along with proximity sensor data concentrators and door indicators per chipset. In addition, our preparation for the F-16 brake control upgrade ramp-up remains on track.

第三，克瑞也被選中為中國商飛C929寬體飛機供應艙門訊號系統。Crane 的 A&E 感測系統解決方案將包括每個晶片組近 100 個接近中心以及接近感測器資料集中器和閘門指示器。此外，我們為 F-16 煞車控制升級所做的準備工作仍在按計劃進行。

And last, we are also pleased to see a significant increase in funding for the [LTAM] in the recent full year '26 defense budget. This is a large ground-based AESA radar program that we've spoken about many times and where we have significant content. This further increases our confidence in the long-term growth for our defense power business in 2027 and beyond. With a record backlog and pipeline of opportunities, aerospace & Electronics is poised to well outperform its markets over the next decade.

最後，我們也很高興看到在最近的 1926 年全年國防預算中，[LTAM] 的資金大幅增加。這是一個大型地面 AESA 雷達項目，我們已經討論過很多次，並且其中包含大量內容。這進一步增強了我們對2027年及以後國防電力業務長期成長的信心。憑藉創紀錄的積壓訂單和大量機遇，航空航太和電子產業預計將在未來十年內超越其市場表現。

At Process Flow Technologies, while end markets have not inflected in any meaningful way since our April earnings call, we remain well positioned to outgrow across the cycles. As a reminder, we have systematically repositioned our portfolio around our core end markets where we have the strongest competitive position and the most differentiation, enabling sustainable market outgrowth. And we continue to win in this segment despite the volatile market backdrop.

在 Process Flow Technologies，儘管自 4 月收益電話會議以來終端市場尚未發生任何重大變化，但我們仍處於有利地位，能夠跨越週期。提醒一下，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，我們在這些市場中擁有最強的競爭地位和最大的差異化，從而實現了可持續的市場成長。儘管市場背景動盪，我們仍然在這一領域取得勝利。

For example, our cryogenics business reached a record high backlog on orders driven by strong demand in space launch and other segments. We secured key orders in space launch platforms for multiple customers for over $8 million in the quarter. We continue to see our cryogenics front-end engineering support and manufacturing capability as a differentiator in the market, and Crane maintains its leadership position as a supplier of vacuum insulated pipes for space launch platforms.

例如，受航太發射和其他領域強勁需求的推動，我們的低溫學業務的訂單積壓量創下了歷史新高。本季度，我們為多個客戶贏得了價值超過 800 萬美元的航太發射平台關鍵訂單。我們繼續將我們的低溫前端工程支援和製造能力視為市場差異化因素，而克瑞則保持著作為航太發射平台真空絕緣管道供應商的領先地位。

Also in the chemical space, our teams continue to secure key projects in the main applications such as chlorine and PVC due to our reliable XOMOX line valves and our portfolio of line pipes from Resistoflex and Baum. Despite the overall reduction in CapEx announced by many of our chemical customers, this quarter, we booked a $4 million project for an upgrade to a PVC plant as well as a $3 million project for the expansion of a plant in Texas.

此外，在化學領域，憑藉我們可靠的 XOMOX 管線閥門以及 Resistoflex 和 Baum 的管線產品組合，我們的團隊繼續在氯和 PVC 等主要應用領域獲得關鍵項目。儘管我們的許多化學品客戶宣布總體削減資本支出，但本季度我們仍預定了一項 400 萬美元的項目用於升級 PVC 工廠，以及一項 300 萬美元的項目用於擴建德克薩斯州的一家工廠。

And with our new high-temperature resistant diaphragm valves, our EX technology in pharma, we continue to take share, securing a nearly $1 million win with a key pharmaceutical company. Tactically, we have proven our ability to react to any changes in demand quickly. and we will remain nimble, taking any necessary and appropriate price and cost measures required.

憑藉我們新的耐高溫隔膜閥和製藥行業的 EX 技術，我們繼續佔據市場份額，並贏得了一家重要製藥公司的近 100 萬美元的訂單。從戰術上講，我們已經證明了我們能夠快速應對任何需求變化。我們將保持靈活，採取任何必要和適當的價格和成本措施。

However, our strategy is unchanged and we will manage through any potential demand fluctuations without losing focus on our longer-term goals and objectives. Looking ahead to the second half of 2025, and given our line of sight today, we anticipate core growth to fall at the lower end of our low to middle single-digit core growth range with volume leveraging at 30% to 35%. So both our businesses remain well positioned to continue to deliver great results.

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。展望 2025 年下半年，根據我們今天的視線，我們預計核心成長將降至低至中等個位數核心成長範圍的低端，銷售槓桿率將達到 30% 至 35%。因此，我們兩家公司都處於有利地位，可以繼續取得優異的業績。

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 6.5% core sales growth in the quarter driven primarily by the ongoing strength within Aerospace & Electronics. Adjusted operating profit increased 15% driven by strong 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 6.5%，這主要得益於航空航太和電子領域的持續強勁成長。受強勁的淨價格和生產力推動，調整後的營業利潤成長了 15%。

In the quarter, core FX-neutral backlog was up 18% compared to last year, driven by continued outsized strength at Aerospace & Electronics, and core FX-neutral orders were up 19% compared to last year as well, also driven by Aerospace & Electronics but also modest growth in Process Flow Technologies.

本季度，受航空航太和電子領域持續強勁成長的推動，核心外匯中性積壓訂單較去年同期增長了 18%，核心外匯中性訂單也較去年同期增長了 19%，這同樣受到航空航天和電子領域以及工藝流技術領域溫和增長的推動。

We are in a net cash position today. And after the PSI transaction, our leverage will be roughly 1 times net debt to EBITDA, still below our 2 times to 3 times targeted range, leaving us well positioned for further M&A. With respect to tariffs, as a reminder, only about 7% to 8% of our cost of goods sold consist of materials and components that are directly imported into the United States. Another 3% to 4% of cost of goods sold are in our company sales into the United States, a portion of which is exempt from tariffs.

我們目前處於淨現金狀況。在 PSI 交易之後，我們的槓桿率將約為淨債務與 EBITDA 比率的 1 倍，仍然低於我們的 2 倍至 3 倍目標範圍，這讓我們為進一步的併購做好了準備。關於關稅，需要提醒的是，我們銷售成本中只有約 7% 至 8% 來自直接進口到美國的材料和零件。我們公司銷售成本的另外 3% 至 4% 來自對美國的銷售，其中一部分免關稅。

Based on current tariff rates, we anticipate the gross cost increase to be roughly $30 million for the year, down from the $60 million we noted last quarter due to the reduction in the China-related tariffs relative to when we last spoke. But this is subject to change, of course, as we move forward. And as we said last quarter, we expect to offset the tariff impacts through price and productivity.

根據目前的關稅稅率，我們預計今年的總成本將增加約 3000 萬美元，低於上個季度我們指出的 6000 萬美元，原因是與中國相關的關稅相對於我們上次談話時有所降低。但當然，隨著我們不斷前進，這種情況可能會改變。正如我們上個季度所說，我們希望透過價格和生產力來抵消關稅的影響。

A few more details on the segments in the quarter, starting with Aerospace & Electronics. Sales of $258 million increased 12% in the quarter, nearly all of that organic growth. And even with the continued high level of core sales growth, notably our record backlog of just over $1 billion increased even further, up 29% year-over-year and up 9% 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 2.58 億美元，成長 12%，幾乎全部為有機成長。即使核心銷售額繼續保持高成長，值得注意的是，我們創紀錄的略高於 10 億美元的積壓訂單進一步增長，同比增長 29%，環比增長 9%。

Total aftermarket sales increased 18%, with commercial aftermarket sales up 9% and military aftermarket up 37%. And OEM sales increased 9% in the quarter with both commercial and military up 9%. Adjusted segment margin of 26.3% are record high for the segment, increased 250 basis points from 23.8% last year, primarily reflecting higher volumes price net of inflation, favorable mix, and productivity.

售後市場總銷售額成長了 18%，其中商用售後市場銷售額成長了 9%，軍用售後市場銷售額成長了 37%。本季 OEM 銷售額成長 9%，其中商用和軍用銷售額均成長 9%。調整後的分部利潤率為 26.3%，創該分部歷史新高，較去年的 23.8% 增加了 250 個基點，主要反映了扣除通貨膨脹、有利的產品組合和生產率後的銷售價格上漲。

We continue to expect operating margins to be lower in the second half due to a less favorable mix between commercial OEM and the aftermarket. At Process Flow Technologies, in Q2, we delivered sales of $319 million, up 7%, driven by solid core sales growth of 3% in the quarter, along with a 3% benefit from the CryoWorks and Technifab acquisitions and 1 point of favorable foreign exchange.

由於商業 OEM 和售後市場之間的組合不太有利，我們仍然預計下半年的營業利潤率將會下降。在 Process Flow Technologies，我們在第二季度實現了 3.19 億美元的銷售額，成長 7%，這得益於本季度核心銷售額穩健增長 3%，同時還受益於 CryoWorks 和 Technifab 收購帶來的 3% 收益以及 1 個百分點的有利外匯因素。

Compared to the prior year, core FX-neutral backlog decreased 4%. However, core FX-neutral orders were up 4%. On a sequential basis, core FX-neutral orders were down 1% compared to the first quarter. Adjusted operating margin of 20.7% expanded 20 basis points.

與前一年相比，核心外匯中性積壓訂單減少了 4%。不過，核心外匯中性訂單成長了 4%。以環比計算，核心外匯中性訂單較第一季下降 1%。調整後的營業利益率為20.7%，擴大了20個基點。

Importantly, core operating leverage was 35% at the high end of our 30% to 35% targeted range driven by strong net price and productivity, inclusive of net tariff headwinds in the quarter.

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，這得益於強勁的淨價格和生產力（包括本季的淨關稅逆風）。

Below the segments, adjusted corporate expense was about $25 million in the quarter, which is spot on what I guided last quarter. Similar to Q1 and as anticipated, it was higher than our normal quarterly average because of accounting rules that require accelerated amortization of stock compensation expense for associates that are retirement eligible.

各部門之下，本季調整後的企業支出約為 2,500 萬美元，與我上個季度的預期一致。與第一季類似，正如預期的那樣，由於會計規則要求對符合退休條件的員工加速攤銷股票薪酬費用，因此該數字高於我們的正常季度平均值。

So as I noted last quarter, this year, stock compensation expense was much higher in the first half and will be lower in the second half. We still expect just above $80 million of corporate costs for the full year.

正如我上個季度所指出的，今年上半年的股票薪資支出要高得多，而下半年將會降低。我們仍然預計全年企業成本將略高於 8,000 萬美元。

I also wanted to address some questions we received about the $14 million swing in non-operating income compared to our previous guidance. The largest component of that difference was just a change in geography on how we treated the insurance recovery related to Hurricane Helene in September of last year.

我還想回答一些我們收到的關於非營業收入與之前的預期相比出現 1400 萬美元波動的問題。這種差異的最大因素只是我們處理去年 9 月與颶風海倫相關的保險賠償的地理位置的變化。

As we discussed in January, our guidance included about $9 million of business interruption insurance recovery, $4 million of which was recognized in the second quarter. Our original guidance assumed that recovery [has] a separate component of operating income. In our revised guidance issued today, we have moved that $9 million recovery to non-operating income, which we believe is a better presentation and more clearly illustrates the strength of our core operating performance in the quarter.

正如我們在一月份所討論的那樣，我們的指導包括約 900 萬美元的業務中斷保險賠償，其中 400 萬美元是在第二季度確認的。我們最初的指導假設復甦是營業收入的一個單獨組成部分。在我們今天發布的修訂指南中，我們已將 900 萬美元的回收轉為非營業收入，我們認為這是一種更好的呈現方式，更清楚地說明了我們本季核心營運業績的強勁。

This change does not impact segment income or EPS in any way compared to our original guidance. The remaining $5 million difference reflects greater than expected payoff of our 2023 term loan, and better investment income on our cash.

與我們最初的指導相比，這項變更不會對部門收入或每股盈餘產生任何影響。剩餘的 500 萬美元差額反映了我們 2023 年定期貸款的預期還款額高於預期，以及現金投資收益增加。

For the full year, as Max noted, we are raising our outlook to a range of $5.50 to $5.80, and from an earnings cadence perspective the second half, that will be weighted more towards Q3, consistent with typical seasonality.

正如 Max 指出的那樣，對於全年，我們將預期上調至 5.50 美元至 5.80 美元的範圍，從盈利節奏的角度來看，下半年將更多地偏向第三季度，這與典型的季節性一致。

Outstanding quarter. Teams continue to be energized and motivated, and if not for some of the events outside our control and keeping us penned in, we would really be flying high. Reminds me what Mark Wahlberg said, as detective Terry Hoitz in the thrilling crime drama, The Other Guys, when he screamed, you can't keep me cut up in here. I'm a peacock. You've got to let me fly.

出色的季度。團隊繼續充滿活力和動力，如果不是因為一些我們無法控制的事件而讓我們陷入困境，我們真的會飛得很高。這讓我想起了馬克華柏格在驚悚犯罪劇《第二殺手》中飾演偵探特里霍伊茨時說的話，當時他尖叫道，你不能把我關在這裡。我是一隻孔雀。你得讓我飛。

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) Scott Deutschle, Deutsche Bank.

（操作員指示）Scott Deutschle，德意志銀行。

Hey, good morning. Rich, I'm still recovering from that one. It was pretty good. So Max, if you grew the backlog at A&E by 29% year-over-year and 10% sequentially, obviously, it's just a strong environment broadly that maybe you can go around the horn and talk about the areas of the A&E business, maybe even the specific programs that are driving this recent booking strength.

嘿，早安。里奇，我還在從那件事中恢復過來。非常好。因此，Max，如果 A&E 的積壓訂單同比增長 29%，環比增長 10%，顯然，這只是一個強勁的環境，也許您可以全面談談 A&E 業務的各個領域，甚至是推動近期預訂量強勁的具體計劃。

Yeah, hey Scott, I'll take that. It's Rich. Look, I would start off by saying that it is fairly broad-based across both commercial and military as well as broad-based across customers, right? So not one unique customer set. If I was to point out just a couple of areas where we were -- where we saw some outsized strength, I would say air defense in particular was fairly strong with some orders that were not -- they were not actually for 2025. They were for '26 and '27 primarily.

是的，嘿，斯科特，我接受。很富有。你看，我首先要說的是，它在商業和軍事領域以及客戶領域都具有相當廣泛的基礎，對嗎？因此，沒有一個獨特的客戶群。如果我要指出我們所處的幾個領域——我們看到了一些超強的力量，我會說防空尤其強大，但有些訂單並不強大——它們實際上並不是針對 2025 年的。它們主要用於 26 年和 27 年。

And I think you're familiar with some of those programs that are in the air defense that we have.

我想您對我們的一些防空計劃很熟悉。

I would say another area was a long-standing program that we have legacy program in the C4ISR space; communication platform where we have some power solutions, also a pretty sizable order in the quarter. and then also was for '26 and '27 as we think about the backlog.

我想說的另一個領域是一個長期項目，我們在 C4ISR 領域有遺留項目；通訊平台，我們有一些電源解決方案，本季也有相當大的訂單。然後也是 26 年和 27 年的積壓訂單。

And then if I was to pick another out on the comm OE side, Alex highlighted in his prepared remarks, successes we had on the C929 program, but we also had some really nice order flow coming in for the C919 if I was to pick something out. And again, for 2026, demand satisfaction and forward.

然後，如果我要在通信 OE 方面挑選另一個，Alex 在他的準備好的發言中強調了我們在 C929 項目上取得的成功，但如果我要挑選一個的話，我們也為 C919 帶來了一些非常好的訂單流。再次，對於 2026 年，要求滿足並向前邁進。

So just really, I think to come back to it, it was broad-based, both military and commercial. But hopefully, those are some examples that are helpful.

所以實際上，我認為回到這個問題上，它是廣泛的，既有軍事的，也有商業的。但希望這些例子能夠有所幫助。

Yeah, that's helpful, Rich. And then to get to your EBIT guide, I do have to have the A&E margins drop a lot in the second half, I think, down to like a 30% incremental margin, which is below your own longer-term framework. I guess what's going to drive that, particularly since I think you do make money on OE and you should have volume leverage on the higher sales overall in the second half?

是的，這很有幫助，Rich。然後，為了獲得您的息稅前利潤指南，我確實必須讓 A&E 利潤率在下半年大幅下降，我認為，下降到 30% 的增量利潤率，這低於您自己的長期框架。我想問一下是什麼推動了這一進程，特別是因為我認為你確實從 OE 中賺錢了，而且你應該對下半年整體銷售額的提高發揮銷量槓桿作用？

Yeah, I would say very consistent with what I had mentioned in my prepared remarks last quarter that the mix shift between comm OE and aftermarket will clearly go in the direction where comm OE is increasing pretty significantly. We had a very nice print on the comm OE side here in the quarter, but that's going to go up, call it, 10%-ish when you look at Q3 and then sustaining at that level. And then with commercial aftermarket, similarly, that comp is going to be very difficult.

是的，我想說的是，這與我在上個季度的準備好的發言中提到的非常一致，即通訊 OE 和售後市場之間的組合轉變顯然會朝著通訊 OE 大幅增長的方向發展。本季度，我們在通訊 OE 的業績非常好，但到了第三季度，這一數字還會上升，大約為 10%，並維持在這個水平。同樣，對於商業售後市場來說，競爭也會非常困難。

If you look back to our Q4, it was the highest level of commercial aftermarket that we've ever shipped. And so we faced that. Still good levels, I would say. We're not saying that it's going to decline. But on a year-over-year basis, it will be a challenging comp.

如果回顧我們的第四季度，這是我們有史以來商業售後市場出貨量最高的一年。所以我們面對的是這種情況。我想說，水平仍然很好。我們並不是說它會衰退。但與去年同期相比，這將是一個充滿挑戰的競爭。

In the quarter here in Q2 as well as in Q1, we enjoyed some benefits from engineering programs that really fall through nicely. We don't see that opportunity in the second half. So those are some of the elements, I would say. So yeah, at 30%, perhaps a little bit on the lower side and perhaps exhibiting a little bit of caution on our side.

在第二季度和第一季度，我們從工程項目中獲得了一些收益，這些項目確實進展順利。我們在下半場沒有看到這樣的機會。我想說，這些就是其中的一些要素。所以是的，30% 可能有點偏低，也許表示我們採取了一點謹慎的態度。

But I have to reiterate on a full-year basis, it's still 35% to 40% and we feel comfortable with that construct going forward. In any given quarter, there can always be a couple of items here or there, but that's the right way to look at the business in the medium and long term.

但我必須重申，從全年來看，這一比例仍為 35% 至 40%，我們對未來的這項結構感到滿意。在任何一個季度，總會有這樣或那樣的幾件事發生，但這是從中長期角度看待業務的正確方式。

Right. Okay. Thank you. And then last question, sorry to be a pig, but is the GTF program a material part of your commercial aftermarket mix yet? And then can you give us, Rich, any sense for how quickly GTF aftermarket revenues have been growing in the last couple of quarters?

正確的。好的。謝謝。然後是最後一個問題，抱歉，但是 GTF 計劃是否已經成為您商業售後市場組合的重要組成部分？那麼，Rich，您能否告訴我們，過去幾季 GTF 售後市場收入的成長速度有多快？

Alex, do you want to take that one?

亞歷克斯，你想拿那個嗎？

Yeah. Scott, it's Alex. So I think the second part of your question first, we're seeing pretty strong growth rates in the aftermarket and repair and overhaul. For that program for the GTF, I think this year, around 15% or so, and those rates accelerate. So next year we're expecting somewhere around 30% growth as we see how the projections and the flat hours come together.

是的。史考特，我是亞歷克斯。所以我認為先回答你問題的第二部分，我們看到售後市場和維修及大修的成長率相當強勁。對於 GTF 計劃，我認為今年的成長速度約為 15% 左右，而且這一速度還在加快。因此，我們預計明年的成長率將在 30% 左右，具體取決於預測和實際工作時間的結合。

That said, it's still today a relatively small part of our aftermarket sales, to address the first part of your question less than 5% today are the commercial aftermarket sales. We're growing. So an important platform for us.

話雖如此，但它仍然是我們售後市場銷售額中相對較小的一部分，為了回答您問題的第一部分，目前商業售後市場銷售額不到 5%。我們正在成長。所以這對我們來說是一個重要的平台。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾、地方檢察官戴維森。

Thanks. Good morning. Can you talk a little bit about the cadence you saw throughout the quarter in PFT orders and what you're seeing in July? And I'd always appreciate if you can do a little bit of a deeper dive on the business in terms of end market and geographic trends. And then I have a follow-up. Thank you.

謝謝。早安.您能否稍微談談整個季度 PFT 訂單的節奏以及 7 月份的情況？如果您能從終端市場和地理趨勢的角度對業務進行更深入的了解，我將不勝感激。然後我有一個後續問題。謝謝。

Yeah, Matt, this is Alex. So for PFT, the quarter played out pretty much as expected. We mentioned orders were up 4.7% year-over-year, sequentially up a little bit. So I think starting at the high level, overall, the market continues to be stable, somewhat sluggish. I think there are some areas of strength and other areas that are soft.

是的，馬特，這是亞歷克斯。因此對於 PFT 而言，本季的表現基本上符合預期。我們提到訂單年增 4.7%，較上季略有成長。所以我覺得從高位開始，整體來說，市場持續保持穩定，略顯低迷。我認為有些領域是優勢，有些領域則較弱。

I think I'll start with the softer side. As expected and as we anticipated coming out of Q1, not really surprised on the chemical market where we're seeing some softness, and we included that in our guidance. Projects pushing to the right. I think Europe, in particular, has been the softest with other regions holding in there better. Customers have, as you know, lowered CapEx expenditures this year, but it's been relatively stable for us.

我想我會從比較柔和的一面開始。正如預期的那樣，正如我們預期的第一季一樣，我們對化學市場出現疲軟並不感到意外，並將其納入我們的指導中。項目向右推進。我認為歐洲的表現最為疲軟，而其他地區的表現則較好。如您所知，客戶今年降低了資本支出，但對我們來說相對穩定。

And we continue to win some important projects, as you heard in my remarks. So I think chemical is soft but stable. Bright spots in the market for PFT, cryogenics is growing at double digits. I mentioned space launch, biopharma. These acquisitions that we've done over the last couple of years are really growing very strongly. Water, wastewater segment, also seeing that strength. So that's how we ended up with that result on orders.

正如您在我的演講中聽到的，我們繼續贏得一些重要項目。所以我認為化學物質是柔軟而穩定的。PFT 市場亮點在於低溫技術正以兩位數的速度成長。我提到了航天發射、生物製藥。我們在過去幾年中進行的這些收購確實成長非常強勁。水和廢水處理部門也展現了這種實力。這就是我們最終得到訂單結果的原因。

I think when we look at the second half, we expect something similar, stable, and we're still going to see some growth in PFT on the low single-digit side on core growth sales for the year.

我認為，當我們展望下半年時，我們預計會出現類似的、穩定的成長，並且我們仍將看到 PFT 在全年核心成長銷售額中實現低個位數的成長。

Got it. And then as a follow-up, if I think about 2025 in the $550 million to $580 million, if I wanted to try and derive a cash EPS number, Rich, what would be your acquired intangibles amortization for this year? And are you thinking any differently about guiding towards cash EPS going forward? Thank you.

知道了。然後作為後續問題，如果我考慮 2025 年的 5.5 億美元到 5.8 億美元，如果我想嘗試得出現金每股收益數字，Rich，您今年收購的無形資產攤銷額是多少？您對未來現金每股盈餘的指引有什麼不同的看法嗎？謝謝。

Yeah. We're -- I mean we're not going to make a final decision until we provide guidance, but that's something that we're seriously considering as we've said previously.

是的。我們——我的意思是，在提供指導之前我們不會做出最終決定，但正如我們之前所說，這是我們正在認真考慮的事情。

It was a two-part question.

這個問題由兩個部分組成。

I didn't catch it, sorry. '25, if we were to look at our '25 guide, it's not a material -- yeah, it's about $7 million. Yeah. Let us grab that for you. We have the math, but it's not -- as you'd expect, we're modeling that stuff as we're thinking through the details. So we do have it. We'll make sure we share that.

我沒聽清楚，抱歉。 '25，如果我們看一下我們的'25指南，它不是一個材料 - 是的，大約是 700 萬美元。是的。讓我們幫您抓住它。我們有數學，但事實並非如此——正如你所期望的那樣，我們在思考細節時會對這些東西進行建模。所以我們確實有它。我們一定會分享這一點。

Thanks. And then just I'll add in one final one quickly. Can you just give a little bit of insight into the more immediate-term actionability in your M&A funnel, which business segment that may be tilted more heavily towards?

謝謝。然後我會快速添加最後一個。您能否稍微介紹一下您的併購管道中更短期的可操作性，哪些業務部門可能會受到更大的傾斜？

Yeah. It's still balanced, Matt, across both. I would say that there's nothing active immediately. There's a number of things in queue. There's some things that we know are coming across -- expected to come up from market, some others that we've been working long term.

是的。馬特，兩者之間仍然是平衡的。我想說的是，目前沒有任何活動。有許多事情需要處理。有些事情我們知道即將發生——預計會在市場上出現，而其他一些事情我們已經在長期努力了。

As we've described in the past, we have a rich, robust funnel of opportunities both -- what we track within conglomerates that make strategic decisions, private equity that's coming out, private companies that are family run that we establish great relationships with for the long term.

正如我們過去所描述的，我們擁有豐富而強勁的機會管道——我們在做出策略決策的企業集團、新興的私募股權以及家族經營的私人公司中追蹤的機會，我們與之建立了長期良好的關係。

The funnel is very, very full on both PFT and A&E, balanced. What's in front of us is balanced. Nothing imminent within the next quarter for sure. Hopefully, that helps.

PFT 和 A&E 的漏斗都非常滿，而且很平衡。我們面前的一切都已達到平衡。下個季度內肯定不會有什麼緊急的事情發生。希望這能有所幫助。

Understood, thank you.

明白了，謝謝。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

Morning. Good morning. So on the Big Beautiful Bill and the R&D tax changes that have come through, how are you guys thinking about the impact there?

早晨。早安.那麼，對於《美麗法案》和已經推出的研發稅改革，你們又如何看待其影響呢？

Yeah, well, we're still studying it, as you might imagine, looking at the R&D capitalization as well as accelerated depreciation for CapEx, so things that we're still modeling. We would expect a modest improvement in free cash flow this year and next year but nothing overly significant, but it will be a nice modest improvement, I would say, less than 5% of our total free cash flow.

是的，正如您可能想像的那樣，我們仍在研究它，研究研發資本化以及資本支出的加速折舊，因此我們仍在建模。我們預計今年和明年的自由現金流將略有改善，但不會過於顯著，但這將是一個不錯的小幅改善，我想說，這將不到我們總自由現金流的 5%。

Got it. Okay. And then on Druck, could you guys just talk through a little bit on why you're confident in the value you guys are going to be able to add? What should it look like? And what does that do going forward?

知道了。好的。然後關於 Druck，你們能否稍微談談為什麼你們對自己能增加的價值充滿信心？它應該是什麼樣子的？那這對未來有什麼作用呢？

Yeah, so I mean, we love these businesses, Jordan. We love the technology, the robust aftermarket it has. We love the improvements that the team has driven, especially over the last few years with the recent management that they implemented.

是的，我的意思是，我們喜歡這些企業，喬丹。我們喜歡這項技術以及它所擁有的強大的售後市場。我們喜歡團隊所推動的改進，特別是過去幾年他們所實施的最新管理。

So at a high level, these businesses have all the fundamental characteristics to be really one of the best businesses in Crane as we execute our integration plan over the next five years and deliver that 10% ROIC.

因此，從高層次來看，這些業務具備成為 Crane 最佳業務之一的所有基本特徵，因為我們將在未來五年內實施整合計劃並實現 10% 的 ROIC。

So we have a bit of a different vision of how we will operate those businesses versus Baker. And if you -- for those of you that attended our investor meeting in Fort Walton Beach, you heard a little bit about our playbook and driving the CBS machine, I can tell you that we have very clear line of sight on how we're going to achieve that and potentially some upside.

因此，我們對如何經營這些業務的看法與貝克有所不同。如果您——對於那些參加了我們在沃爾頓堡灘舉行的投資者會議的人來說，您聽說過一些關於我們的劇本和駕駛 CBS 機器的信息，我可以告訴您，我們對如何實現這一目標以及潛在的一些好處有著非常清晰的認識。

And we'll share more after closing and educate on our road map in our path to do that. But very confident and very excited that these businesses are going to be one of the best businesses in our portfolio.

我們將在結束後分享更多信息，並介紹我們實現這一目標的路線圖。但我們非常有信心並且非常興奮，這些業務將成為我們投資組合中最好的業務之一。

Got it. Thank you so much.

知道了。太感謝了。

Thanks, Jordan.

謝謝，喬丹。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Hey, good morning, Max. Congratulations on a big beautiful deal to accompany Beautiful Bill out there. Just a follow-up on PSI. So I just want to make sure, you're not really expecting any synergies, per se, but you're just planning on running the business a little bit differently to drive that financial profile uplift?

嘿，早上好，馬克斯。恭喜你達成了一項偉大的美麗交易，可以陪伴美麗的比爾出去。這只是對 PSI 的後續行動。所以我只是想確認一下，您實際上並不是期待任何協同效應，而只是計劃以稍微不同的方式經營業務，以推動財務狀況的提升？

And Alex, I think you made a comment that it's going to make it easier going forward to integrate complementary acquisitions. Could you just elaborate on what you meant by that?

亞歷克斯，我認為您說過，這將使未來整合互補性收購變得更加容易。能詳細說明一下您這樣說的意思嗎？

Yeah, so I think on -- first, I'll address the second part of your question. So we reorganized to create a segment similar to what you've seen in the PFT side, which is the role I had before the split. You may recall, we have five independent business units on PFT reporting to a Senior Vice President, Shangaza Dasent, in this case.

是的，所以我想——首先，我將回答你問題的第二部分。因此，我們進行了重組，創建了一個類似於您在 PFT 方面看到的部分，這是我在分裂之前所擔任的角色。您可能還記得，我們在 PFT 上有五個獨立的業務部門，在本例中向高級副總裁 Shangaza Dasent 匯報。

So on the A&E side, with this change, Jay Higgs is now a leader of the segment, and two presidents will report to him, the future President of Druck and Jay's replacement, which is Mr. Joseph Mundinger, a long-tenured Crane leader.

因此，在 A&E 方面，隨著這一變化，Jay Higgs 現在是該部門的領導者，兩位總裁將向他匯報，即 Druck 的未來總裁和 Jay 的繼任者，即長期任職的 Crane 領導者 Joseph Mundinger 先生。

So this structure allows us to incorporate future stand-alone businesses under the A&E segment right under Jay under -- just how we operate PFT. So from that regard, that's why we're prepared to do more and it positions us to continue to execute on inorganic growth.

因此，這種結構使我們能夠將未來的獨立業務納入 Jay 領導下的 A&E 部門——這就是我們經營 PFT 的方式。因此從這個方面來看，這就是為什麼我們準備好做更多的事情，而這使我們能夠繼續實現無機成長。

I think on the synergy side, there are some synergies from the aspect of Druck has a very strong content on aerospace. It's not necessarily run in the traditional aerospace model. So with our skill sets and customer relationships and processes, we're going to see some benefits and synergies on the aerospace side in particular.

我認為在協同方面，從 Druck 在航太領域非常強大的內容來看，存在一些協同效應。它不一定是按照傳統的航空航太模式運作。因此，憑藉我們的技能、客戶關係和流程，我們將在航空航太領域看到一些好處和協同效應。

And then on the execution of the CBS machine, we're going to see the majority of the gains with these businesses, just like we've done in the last few acquisitions.

然後在 CBS 機器的執行過程中，我們將看到這些業務的大部分收益，就像我們在過去幾次收購中所做的那樣。

But your summary is pretty spot on, Damian. In the traditional sense of synergies, it's less about the synergies. It's more about the focused investment, commercial excellence, execution in each of these businesses and the focus that we're going to drive and leveraging broader synergies in terms of operating models, if that makes sense.

但是你的總結非常準確，達米安。在傳統意義上的協同效應中，它與協同效應關係不大。它更多的是關於集中投資、商業卓越、每個業務的執行以及我們將要推動的重點，以及在營運模式方面利用更廣泛的協同效應，如果這有意義的話。

Yes, understood. Thanks for clarifying. And Rich, you alluded to earlier on the price productivity strength that you saw in the second quarter. Could you maybe give us a little bit more color on how the pricing actions you've taken have played out and how we should be thinking about pricing in the second half of the year there?

是的，明白了。謝謝澄清。里奇，您之前提到第二季的價格生產力實力。您能否向我們詳細介紹一下您所採取的定價行動的效果以及我們應該如何考慮下半年的定價？

Yeah, I think I would say pricing has played out as we expected and thought we were going to execute back when we issued -- had our discussion at the end of the first quarter. So we expect to fully offset that tariff incremental cost with price in the year. So a little bit of a headwind here in the quarter but nothing really to shout out about or call out. We pretty much covered it all.

是的，我想說定價已經按照我們的預期進行了，並且我們認為我們會在第一季末發佈時執行 - 我們進行了討論。因此，我們預計今年的價格將完全抵銷關稅增量成本。因此，本季出現了一些逆風，但沒有什麼值得大喊大叫或呼籲的。我們幾乎涵蓋了所有內容。

But yeah, consistent, I would say, from here through the balance of the year on price/cost relative to tariffs. From a margin point of view, when you look at -- our typical model is to ensure that we're holding our margin profile. So a little bit of a headwind there. That's included in our guide and included in those leverage rates here as we close out the year.

但是的，我想說，從現在到今年年底，相對於關稅的價格/成本將保持一致。從利潤率的角度來看，我們的典型模型是確保我們保持利潤率狀況。所以那裡有點逆風。這包含在我們的指南中，也包含在我們年底的槓桿率中。

Okay. So just to clarify, you wouldn't expect to take any additional price because of some of the steel, copper or the raw material tariffs?

好的。所以澄清一下，您不會因為鋼鐵、銅或原料關稅而收取任何額外費用嗎？

Copper really was not material. I don't know, Alex, if you had anything?

銅確實不是物質。我不知道，亞歷克斯，你有什麼事嗎？

Yeah, I mean we are taking additional price offset and additional supply chain tariffs in that regard. Copper is really less than $1 million of impact on our total tariff projections, so not really a significant headwind overall. It's all around PFT primarily.

是的，我的意思是我們在這方面採取了額外的價格補償和額外的供應鏈關稅。銅對我們的總關稅預測的影響實際上不到 100 萬美元，因此總體而言並不是一個重大的阻力。一切主要都圍繞著 PFT 進行。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

Well, good morning, everyone. I guess I'll push a little bit more on PSI, understanding that you're not even going to own it for five months yet. It looks like to get to 10% ROI by year-five, there's going to be -- need to be some pretty significant margin expansion across those businesses. I imagine these are noncore for Baker and probably a little bit -- less a little bit of attention, less a little bit of investment.

大家早安。我想我會對 PSI 進行更多的推動，因為我知道你甚至還不到五個月就會擁有它。看起來，要想在第五年達到 10% 的投資報酬率，這些業務的利潤率就需要大幅擴大。我想這些對 Baker 來說都不是核心業務，可能不太值得關注，也不太值得投資。

Maybe just any details you can give us on how you plan to get those margins up to the place you need to be to generate that kind of ROIC?

您能否為我們提供一些細節，說明您計劃如何將這些利潤率提高到產生這種 ROIC 所需的水平？

Yeah, sure, Nathan, this is Alex. So I think if you -- just to compare and contrast, the PFT journey that you've been a part of or seeing or witnessed from 2017 on and more than 1,000 basis points of margin expansion and those fundamentals, I think what we see is a strong resilient aftermarket. We see technology that's incredibly sticky, hard to replace. We see many opportunities to adjust the model and be more efficient and reduce cost.

是的，當然，內森，這是亞歷克斯。因此，我認為，如果您——只是比較和對比一下，您從 2017 年開始參與或看到或見證的 PFT 歷程以及超過 1,000 個基點的利潤率擴張和那些基本面，我認為我們看到的是一個強勁而有彈性的售後市場。我們看到的技術具有極強的黏性，難以被取代。我們看到了許多調整模型、提高效率和降低成本的機會。

So were -- in those regards, has even more of the traits that we like in some of our traditional businesses where we've achieved very, very strong margin improvement. So very, very confident on that path to significantly improve the margins in the first few years, certainly hitting that five year 10% ROIC or beating, I would say that our model has upside to -- any of the additional growth that will drive is all upside, right?

所以，從這些方面來看，我們甚至擁有更多我們喜歡的一些傳統業務的特質，這些業務的利潤率得到了非常非常強勁的成長。因此，我們非常有信心在頭幾年大幅提高利潤率，肯定能達到五年 10% 的 ROIC 或更高水平，我想說我們的模型有上升空間——任何額外的增長都將帶來上升空間，對吧？

So we have a very clear line of sight to how to increase those margins. And then there's other opportunities that can drive upside. So level of confidence is extremely high.

因此，我們對如何提高這些利潤有著非常清晰的認識。還有其他機會可以推動上漲。因此信心水準極高。

Maybe you can comment on what value-based pricing -- I mean, I'm sure you're not going to do it in terms of --

也許你可以評論一下基於價值的定價——我的意思是，我確信你不會從--

Nathan, I think we'll be more comfortable commenting on the full path once we're able to outline the full guidance, which we gave you in January and after the transaction is closed. And so I think we'll wait on providing some additional specificity and details to that.

內森，我認為，一旦我們能夠概述完整的指導，我們將更願意對完整的路徑發表評論，我們在一月份和交易結束後給了你完整的指導。因此我認為我們將等待提供一些額外的具體資訊和細節。

Fair enough. Can't blame a guy for trying. I guess a last one on the A&E orders then. I'll ask one on the A&E orders then. They can be lumpy, and you guys did talk about some of the larger orders in the quarter that stretched across '26 and '27.

很公平。不能責怪一個人的嘗試。我想這是 A&E 訂單中的最後一個。那我會詢問急診室的訂單。它們可能會很不穩定，你們確實談到了 26 年和 27 年季度的一些較大的訂單。

Do those phase in? Or are they single large orders that you would then ship in '26 and '27? And how should we think about the potential for sustainability of this level of orders? Thanks.

這些是分階段進行的嗎？或者它們是單一大訂單，您將在 26 年和 27 年發貨？我們該如何看待這項訂單水準的可持續性潛力？謝謝。

Yeah, so these are -- it's -- they're in a phase in. There's not -- it's not like we received a $20 million order and it's going to hit in the fourth quarter of next year. It's a phase in. Think of it as a blanket order, Nathan, on each of those opportunities that I mentioned.

是的，這些是 — — 它們正處於一個階段。並不是——我們並沒有收到 2000 萬美元的訂單，而且訂單將在明年第四季到帳。這是一個階段。內森，把它想像成對我提到的每一個機會的全面命令。

Yeah. I mean I think we ship to meet the demand of the customer from a build standpoint, right? So it's not all at once. We ramp up, level load and continually ship. And then we expect orders to continue to come in and fill as we continue to grow.

是的。我的意思是，我認為從建造的角度來看，我們的發貨可以滿足客戶的需求，對嗎？所以這不是一下子就能實現的。我們加大力度、平衡負載並持續出貨。隨著我們業務的不斷發展，我們預計訂單將會不斷湧入並得到滿足。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Jeff Sprague, Vertical Research Partners.

傑夫·斯普拉格（Jeff Sprague），Vertical Research Partners。

Good morning, all. Hope you're doing well. Thank you. Just back on PSI, if I could. Just wondering if this deal itself, do you see it kind of further opening the aperture to go further in kind of these sensing weighted end markets? And also, kind of the nature of my question is, when I look at Panametrics in particular, right, I see the ABBs and Emersons and the near neighborhood. And just wondering your degrees of freedom in that space in particular, or should we view this as more of a rifle shot targeted situation as it relates to those capabilities?

大家早安。希望你一切都好。謝謝。如果可以的話，就回到 PSI。我只是想知道，就這筆交易本身而言，您是否認為它會進一步打開這些感知加權終端市場進一步發展的管道？而且，我的問題的本質是，當我特別查看 Panametrics 時，我看到了 ABB 和 Emersons 以及附近的鄰居。我只是想知道您在那個領域的自由度，或者我們是否應該將其視為與這些能力相關的步槍射擊目標情況？

Thanks, Jeff. I would say that the aperture has always been open, as we've discussed in the past, around sensing and sensing technologies. We like the niche position that the Panametrics, Druck, and Reuter-Stokes holds even against some of the more larger competitors. There's a wide range of additional sensing solutions that are attractive as we think about it. This is going to be one of a few spaces that we'll continue to look at for continuing ongoing portfolio transformation as we move forward.

謝謝，傑夫。我想說的是，正如我們過去所討論的，圍繞著感測和感測技術，光圈一直是開放的。我們喜歡 Panametrics、Druck 和 Reuter-Stokes 所佔據的利基地位，即使在面對一些更大的競爭對手時也是如此。我們認為還有各種有吸引力的附加感測解決方案。這將是我們在前進過程中繼續關注的幾個領域之一，以繼續進行投資組合轉型。

I don't know, would you add anything else?

我不知道，還要加什麼嗎？

Yeah, I mean I think that this test and measurement space is something that we've always targeted, tried to build on. So we'll continue to work in this space, other adjacencies both in A&E and PFT. To the other part of your question, Panametrics is positioned in this high end of the highest accuracy in these products. So in particular flow, a distinct position versus those other competitors you mentioned and also gas analyzers.

是的，我的意思是，我認為這個測試和測量空間是我們一直努力追求的目標。因此，我們將繼續在這個領域以及 A&E 和 PFT 中的其他鄰接領域開展工作。對於您問題的另一部分，Panametrics 在這些產品中定位於最高精度的高端。因此，在特定的流量方面，與您提到的其他競爭對手以及氣體分析儀相比，具有獨特的地位。

So Panametrics was really the pioneer of the ultrasonic flow technology. So they've maintained that top highest accuracy for those most critical applications. So they do quite well. And we're pretty confident that will continue to grow.

因此，Panametrics 確實是超音波流技術的先驅。因此，他們在那些最關鍵的應用中保持了最高的精度。所以他們做得很好。我們非常有信心它將繼續增長。

Great. Understood. And then, Alex, I got a little late but I heard your comments about PFT and some of the projects slippage that's happening in some verticals. Would you characterize that as simply slippage at this point around uncertainty around tariffs and the like? Or are you starting to see projects get canceled?

偉大的。明白了。然後，亞歷克斯，我來晚了一點，但我聽到了你對 PFT 的評論以及一些垂直領域發生的項目下滑。您是否認為這僅僅是由於關稅等不確定性而導致的下滑？或者你開始看到專案被取消了嗎？

Think of Europe chemical in particular being pretty rough, right? And tough news out of Dow Chemical last week. So that vertical market in particular.

想想歐洲的化學工業尤其艱難，對嗎？上週陶氏化學公司傳來壞消息。特別是垂直市場。

No. I mean we don't see this big trend of projects being canceled. It's really things shifting to the right as we expected coming out of in Q1. I think it varies in degrees from region to region. I think you've probably seen in Europe some of the plant closures that occurred in the chemical space. It hasn't added any significant headwind for us.

不。我的意思是，我們沒有看到專案被取消的大趨勢。正如我們在第一季所預期的那樣，事情確實正在朝著好的方向轉變。我認為不同地區的程度有所不同。我想您可能已經看到歐洲化學領域一些工廠的關閉。它並沒有給我們帶來任何重大的阻力。

But I think some just pushing to the right. It's all based on customer demand, right? And customers waiting to see that inflection in demand of their product, which is driven by a few key factors in the economy like housing, durable goods and so forth. So as customers start seeing some recovery in those markets, these projects are moving again. And that's what we've seen when we've been in these cycles. So things will inflect back at some point.

但我認為有些人只是在向右推。一切取決於客戶的需求，對嗎？顧客們正在等待看到其產品需求的變化，而這種變化受到經濟中的幾個關鍵因素的驅動，例如住房、耐用品等等。因此，隨著客戶開始看到這些市場的復甦，這些專案又開始啟動了。這就是我們在這些週期中所看到的。所以事情到了一定時候就會出現轉機。

So we'll continue to watch carefully. I mean, all the announcements coming out, but we still have not seen it worsened. So as we look into the back half, it feels more of the same.

因此我們會繼續密切關注。我的意思是，雖然已經發布了所有公告，但我們仍然沒有看到情況惡化。因此，當我們看後半部時，感覺大致相同。

And then, Max, on the B3, or Big Beautiful Bill, whatever we want to call it, I think as Rich said, for 2025, we're probably just working through deductibility of CapEx and R&D and figuring out what applies. But when you think about this bill going forward, do you see it actually impacting CapEx decisions leading to further investment in the US?

然後，馬克斯，關於 B3，或者說“大美麗法案”，無論我們想怎麼稱呼它，我認為正如里奇所說，對於 2025 年，我們可能只是在研究資本支出和研發的扣除額，並弄清楚適用什麼。但是當您考慮這項法案的未來發展時，您是否認為它實際上會影響資本支出決策，從而導致對美國的進一步投資？

Sure it's probably early to have gotten any demand signal from customers, but just interested in your opinion on that.

當然，現在從客戶那裡得到任何需求訊號可能還為時過早，但我對您的看法感興趣。

I'll pull back. We're going to continue to study the Big Beautiful Bill. But we've always made the right business decision regardless. Our presence in the US is very strong. A number of our sites that are growing significantly are US-based, many of our locations. Our historic weaknesses in some of the LCC countries is a strength right now for us overall.

我會撤退。我們將繼續研究《美麗大法案》。但無論如何，我們始終做出正確的商業決策。我們在美國的業務非常強大。我們的許多站點都位於美國，並且發展迅速。我們在一些低成本國家中的歷史弱點對我們整體而言現在是一種優勢。

I don't see any unique decisions at this point in time specifically driven because of the bill. We always look at the right capital allocation decisions regardless, that it's the best interest of shareholder value long term. And if there's some benefits in addition because of some tax policy, we take advantage of that. But that's historically how we've operated.

目前我還沒有看到任何特別因為該法案而做出的決定。無論如何，我們始終專注於正確的資本配置決策，以確保長期來看這最符合股東價值。如果某些稅收政策還能帶來一些額外的好處，我們就會利用這些好處。但從歷史上看，我們的運作方式就是這樣的。

Right, understood. Thanks a lot. Appreciate it.

對的，明白了。多謝。非常感謝。

Thanks.

謝謝。

Justin Ages, CJS Securities.

賈斯汀·艾吉斯（Justin Ages），CJS 證券公司。

Question on the PSI acquisition, and maybe this is a bit early, but can you give a sense of the opportunity in nuclear? I know a lot of investors are keyed in on that. So I wanted to get your comments.

關於 PSI 收購的問題，也許現在問得有點早，但您能否談談核能領域的機會？我知道很多投資人都關注這一點。所以我想聽聽你們的意見。

Yeah, Justin, thanks for the question. This is Alex. So Reuter-Stokes has a very strong share position in the boiling water reactor installed nuclear facilities. So very mature position there over the years. So the base business is really about replacement in those.

是的，賈斯汀，謝謝你的提問。這是亞歷克斯。因此，路透社-斯托克斯在沸水反應器核設施領域擁有非常強大的市場份額。多年來，那裡的地位非常成熟。因此，基礎業務其實就是要替換這些內容。

And secondly, taking advantage of any of the new nuclear plant restarts, I think, would be the second growth opportunity that are happening, and they're well positioned to take advantage of that.

其次，我認為，利用任何新核電廠的重啟都會是正在發生的第二個成長機會，他們已經做好了充分的準備來利用這個機會。

And then third would be the small module reactors. I think Reuter-Stokes is positioned to be a leader in radiation sensing for small molecule reactors. They actually have a formal partnership with one of the leading firms in small module reactors. So in all three legs, I think they are very well positioned to take advantage of replacement, restarts, and new technologies that come in the nuclear space.

第三個是小型模組反應器。我認為路透社-斯托克斯公司將成為小分子反應器輻射感測領域的領導者。他們實際上與小型模組反應器領域的領先公司建立了正式的合作關係。因此，我認為，在這三個方面，他們都處於非常有利的位置，可以利用核領域的替代、重啟和新技術。

Homeland security.

國土安全。

And then separate than that, Max reminded me, there's a whole space about radiation sensing, monitoring in homeland security, Reuter-Stokes has a position on that. So that will be a market that will be interesting to continue to explore and grow beyond nuclear power generation as well -- medical, homeland security, or other segments for their technology.

除此之外，馬克斯提醒我，國土安全領域還有關於輻射感測和監測的整個領域，路透社-斯托克斯對此有自己的立場。因此，這將是一個值得繼續探索和發展的有趣市場，不僅限於核能發電，還可以應用於醫療、國土安全或其他技術領域。

Great. That's helpful. And then shifting to PFT. I know you have made some comments about the core segments that you're focused on. Is there any signs of brightness in those PFT subsegments that are not core? Like any pockets of strength there that you're seeing?

偉大的。這很有幫助。然後轉向 PFT。我知道您對您關注的核心部分發表了一些評論。那些非核心的 PFT 子段中是否有任何亮度跡象？您在那裡看到過什麼力量嗎？

Yeah. So outside of chemical, there's a lot of pockets of strength, right? So in the cryogenic space, as you may recall, we did a couple of acquisitions, CyroWorks, Technifab plus our organic investment. So we're very strongly positioned in the space launch platforms, which is growing. So that's driven by the increased demand of satellites.

是的。那麼，除了化學之外，還有很多優勢領域，對嗎？因此，在低溫領域，您可能還記得，我們進行了幾次收購，包括 CyroWorks、Technifab 以及我們的有機投資。因此，我們在航太發射平台領域佔據著非常強勢的地位，而該領域正在不斷發展。這是由衛星需求的增加所推動的。

So this is a reference point. The number of launches that occurred in 2012 for SpaceX platform were 2, and then 10 years later in 2022, 60. This year, I think it's more than 160. So that's growing significantly in the cryogenic space as well as biopharma solutions. So very strong demand there.

所以這是一個參考點。2012 年 SpaceX 平台的發射次數為 2 次，而 10 年後的 2022 年，發射次數將達到 60 次。今年，我認為超過 160 歲了。因此，低溫領域和生物製藥解決方案領域都呈現顯著成長。因此那裡的需求非常強勁。

On the -- for our Crane pumping system business in the wastewater, we're seeing high single-digit growth demand. Municipalities look to become more efficient, attacking critical problems, cost of operation. Middle East, from a regional standpoint, Saudi Arabia, where we have a presence there in a facility, they continue to invest both in the process side and also just in the building services side with our building services business, water utilities, clean water as well with our Viking Johnson brand.

對於我們的廢水處理起重機泵送系統業務，我們看到了高個位數的成長需求。市政當局希望提高效率，解決關鍵問題和營運成本。從區域角度來看，在中東，例如沙烏地阿拉伯，我們在當地設有工廠，他們繼續在工藝方面和建築服務方面進行投資，包括我們的建築服務業務、水務、清潔水以及我們的 Viking Johnson 品牌。

So there's a lot of bright spots that make overall PFT strong. And as you know, those portions of those markets have become a bigger part of the overall portfolio over the last seven years that we repositioned PFT. So definitely a lot of good areas in growth.

因此，有許多亮點使得 PFT 整體表現強勁。如您所知，在過去七年裡，我們重新定位了 PFT，這些市場的部分已經成為整體投資組合中更大的一部分。因此，肯定有很多好的領域正在成長。

Tony Bancroft, Gabelli Funds.

東尼班克羅夫特（Tony Bancroft），加貝利基金（Gabelli Funds）。

Good morning. Well done on the quarter. I know you talked about this in your comments. But just any -- obviously, a pretty big deal closed today with a Baker Hughes -- or not closed, assuming it was announced today with Baker Hughes. And any potential for acceleration of the PSI closing or any changes with that? I know you said it's going to -- expected in January, but just maybe any color with that since you're connected there, I guess, in that sense?

早安.本季表現良好。我知道您在評論中談到了這一點。但顯然，今天與貝克休斯達成了一筆相當大的交易，或者沒有達成，假設今天與貝克休斯宣布了這一消息。是否有可能加速 PSI 的關閉或隨之而來的任何變化？我知道您說過它將在 1 月推出，但也許任何顏色都可以，因為您與那裡有聯繫，我想，從這個意義上來說？

Yeah, Tony, this is Rich. No change in time line. We still feel like end of the year, December 31, January 1 is the way to think about the close. And tracking nicely, as Alex said, from an integration perspective and our cadence. But still, end of year.

是的，托尼，我是里奇。時間軸沒有變化。我們仍然覺得年底、12 月 31 日、1 月 1 日是結束的最佳時間。正如 Alex 所說，從整合角度和我們的節奏來看，追蹤效果很好。但還是到了年底。

Okay, great, thanks so much. Well done.

好的，太好了，非常感謝。做得好。

Thanks, Tony.

謝謝，托尼。

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 joining us today. Another solid quarter at Crane, and we continue to strategically cook up some exciting opportunities for the future with the latest PSI acquisition and more to come. As the late great celebrity chef and Food Network star, Anne Burrell said regarding the cooking process, taste as you go. When you taste the food throughout the cooking process, you can make adjustments as you go.

感謝大家今天的參與。這是 Crane 又一個穩健的季度，我們將繼續透過最新的 PSI 收購以及未來的更多策略為未來創造一些令人興奮的機會。正如已故的著名廚師和美食頻道明星安妮·伯雷爾 (Anne Burrell) 所說的那樣，在烹飪過程中要邊做邊嘗。當您在整個烹飪過程中品嚐食物時，您可以隨時進行調整。

Strategy deployment and execution is sampled often at Crane to ensure we're adding the right ingredients and delivering the best product for shareholder returns. The PSI acquisition adds a dash of spice to kick up performance for the long term. New savory dishes being added regularly.

克蘭經常對策略部署和執行進行抽樣，以確保我們添加正確的要素並提供最佳產品，為股東帶來回報。PSI 的收購為長期業績提升增添了助力。定期添加新的美味佳餚。

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's second-quarter 2025 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。今天的 Crane Company 2025 年第二季財報電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。