Crane Co (CR) 2025 Q3 法說會逐字稿

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

歡迎參加Crane公司2025年第三季財報電話會議。（操作說明）

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

現在我將把電話交給投資人關係副總裁艾莉森‧波利尼亞克。

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

謝謝接線生。大家今天愉快。歡迎參加我們2025年第三季財報電話會議。我是投資人關係副總裁艾莉森‧波利尼亞克。

On our call this morning, we have Max Mitchell, our Chairman, President, and Chief Executive Officer; Alex Alcala, Executive Vice President and Chief Operating Officer; and Rich Maue, our Executive Vice President and Chief Financial Officer; along with Jason Feldman, Senior Vice President, Treasury, Tax and Investor Relations, who is on for Q&A. We will start off our call with a few prepared remarks from Max, Alex, and Rich, after which, we will respond to your questions.

今天早上的電話會議上，我們有董事長、總裁兼執行長 Max Mitchell；執行副總裁兼營運長 Alex Alcala；以及執行副總裁兼財務長 Rich Maue；還有負責財務、稅務和投資者關係的高級副總裁 Jason Feldman，他將進行問答環節。通話開始時，Max、Alex 和 Rich 將分別作幾句事先準備好的發言，之後我們將回答大家的問題。

Just a reminder, the comments we make on this call will include some forward-looking statements. We refer you towards 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.

再次提醒大家，我們在本次電話會議上發表的評論將包含一些前瞻性陳述。請您參閱我們獲利報告底部的警示性語言，以及我們的年度報告、10-K 表格和後續文件中有關前瞻性陳述的說明。

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 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，這些數據已在新聞稿和隨附的幻燈片演示文稿末尾的表格中與相應的GAAP數據進行了核對，這兩份文件均可在我們的網站www.craneco.com的投資者關係部分找到。

Now, let me turn the call over to Max.

現在，我把電話交給Max。

Thank you, Allison. And thanks, everyone, for joining the call today. We are proud to report another strong quarter with results coming in ahead of our expectations. Adjusted EPS was $1.64 driven by an impressive 5.6% core sales growth, primarily reflecting broad-based strength at Aerospace & Electronics and continued strong execution at Process Flow Technologies.

謝謝你，艾莉森。感謝各位今天參加電話會議。我們很高興地宣布，本季業績表現強勁，超乎預期。經調整後的每股盈餘為 1.64 美元，主要得益於核心銷售額成長 5.6%，這主要反映了航空航太與電子業務的全面強勁表現以及流程技術業務的持續強勁執行。

This quarter's results yet again underscore our differentiated technologies and operational discipline. In addition to our continued long-term investments in new technology and solutions, the Crane business system, the machine that we described in great detail at our March Investor Day, combined with our unique culture, enables our teams to adopt to the many unforeseen events that we're all facing every day and deliver on the results.

本季的業績再次凸顯了我們差異化的技術和營運紀律。除了我們對新技術和解決方案的持續長期投資外，我們在三月投資者日上詳細介紹的 Crane 業務系統，以及我們獨特的企業文化，使我們的團隊能夠適應我們每天面臨的許多不可預見的事件，並取得成果。

Our pending acquisition of precision sensors and instrumentation from Baker Hughes remains on track to close at year-end, and our strategic outlook for these businesses has only improved over the last three months. Many work streams are already well underway to ensure a seamless integration and create shareholder value starting day one.

我們正在進行的從貝克休斯收購精密感測器和儀器的交易仍按計劃在年底完成，而且在過去三個月裡，我們對這些業務的戰略前景也得到了改善。許多工作流程已經順利展開，以確保無縫整合，並從第一天起就為股東創造價值。

Our balance sheet remains very strong. Our pipeline of acquisitions remains robust, and we remain very active on the M&A front. And there's a tremendous amount of momentum and continued innovation happening at Crane, but Alex will cover off.

我們的資產負債表依然非常穩健。我們的收購專案儲備依然充足，我們在併購領域仍然非常活躍。Crane 目前發展勢頭強勁，持續創新，但 Alex 將負責報導。

As we exit 2025, we are once again raising, but also narrowing our full year adjusted earnings outlook to a range of $5.75 to $5.95 from our prior view of $5.50 to $5.80, given our backlog, consistent execution, and year-to-date performance. That reflects 20% adjusted EPS growth at the midpoint compared to 2024. Another outstanding year for Crane and our shareholders.

2025 年即將結束，鑑於我們的積壓訂單、持續的執行力和年初至今的業績，我們再次上調了全年調整後收益預期，同時將預期範圍從之前的 5.50 美元至 5.80 美元縮小至 5.75 美元至 5.95 美元。這反映出與 2024 年相比，調整後每股盈餘中位數成長 20%。對Crane公司和我們的股東來說，這又是個碩果累累的一年。

And as we look to 2026, our consistent investment thesis remains firm. The strength of our underlying business, our strategy, and our capabilities, in both operational execution and commercial excellence, support our 4% to 6% organic growth assumptions, leveraging on average of 35% into next year. We will provide greater detail on 2026 expectations as well as PSI in early January once we officially close on the acquisition.

展望2026年，我們一貫的投資理念依然堅定。我們強大的基礎業務、策略以及在營運執行和商業卓越性方面的能力，支撐著我們 4% 至 6% 的內生成長預期，並有望在明年平均實現 35% 的成長。我們將於 1 月初正式完成收購後，提供有關 2026 年預期以及 PSI 的更多詳細資訊。

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

現在，讓我把麥克風交給我們的營運長亞歷克斯·阿爾卡拉先生，讓他為大家介紹一下當前的市場環境和商業板塊表現。

Thanks, Max. First, let me comment on the pending acquisition of PSI. As Max said, the acquisition remains on track to close January 1, and the integration planning is well underway and progressing smoothly with the existing Baker Hughes and Crane teams. As you would expect, my team and I, as well as the PSI leadership have been intimate with all posting details on integration planning to accelerate strategic execution in 2026.

謝謝你，馬克斯。首先，我想就PSI的收購案發表一些看法。正如馬克斯所說，此次收購仍按計劃於 1 月 1 日完成，整合計劃正在順利進行，並與貝克休斯和克萊恩的現有團隊順利銜接。正如您所料，我和我的團隊以及 PSI 領導層都密切關注著所有關於整合計劃的細節，以加速 2026 年的策略執行。

As we discussed last quarter, each brand will contribute a robust and complementary technology, further strengthening the Crane portfolio. Combined with the power of the Crane Business System, PSI will be accretive to our financial profile, both margins and growth within the next few years and our confidence in what we'll deliver has only increased as we work closely with the PSI team on a daily basis planning for day one.

正如我們上個季度所討論的，每個品牌都將貢獻強大且互補的技術，進一步加強 Crane 的產品組合。結合起重機業務系統的強大功能，PSI 將在未來幾年內提​​升我們的財務狀況，包括利潤率和成長。隨著我們每天與 PSI 團隊密切合作，為第一天做好準備，我們對我們將要交付的成果的信心也與日俱增。

In terms of further M&A, our funnel of opportunities remains full. The deals we are working on today include opportunities in both aerospace and electronics as well as process load technologies, and most range and deal size purchase price from $100 million to $500 million.

就進一步的併購而言，我們的機會管道依然充足。我們目前正在洽談的交易包括航空航太、電子以及製程負載技術領域的機會，大多數交易的規模和購買價格在 1 億到 5 億美元之間。

Now, some thoughts on the segments in the quarter. Starting with Aerospace & Electronics. Aerospace and defense markets remain very strong. The backlog we built and new programs and opportunities our teams have won provide a strong visibility into 2026 and beyond.

現在，我想談談本季的各個細分市場。首先是航空航天和電子領域。航空航太和國防市場依然非常強勁。我們累積的訂單儲備以及團隊贏得的新項目和機會，為 2026 年及以後的發展提供了清晰的前景。

On the commercial side of the business, activity remains healthy with Boeing and Airbus continuing to ramp up production and aftermarket activity continued at elevated levels.

在商業方面，業務活動依然健康，波音和空中巴士持續提高產量，售後市場活動也持續維持在高位。

On the defense side, we continue to see solid procurement spending and a continued focus on reinforcing the private defense industrial base given heightened global uncertainty today.

在國防方面，鑑於當前全球不確定性加劇，我們看到採購支出持續穩健，並且持續專注於加強私人國防工業基礎。

Looking ahead to the balance of 2025, we now anticipate core sales growth for the year to be up low double digits compared to our prior view for core growth to be up single digits to low double digits. And that growth will be leveraged at 35% to 40% for the full year.

展望 2025 年剩餘時間，我們現在預計該年度核心銷售額將實現兩位數低成長，而我們先前的預期是核心銷售額將實現個位數到兩位數低成長。全年增速將達 35% 至 40%。

Our guidance assumes growing year-over-year OE sales, partially offset by decelerating year-over-year growth rates in commercial aftermarket in Q4 that we previously highlighted. Overall, a really outstanding year.

我們的預測假設 OE 銷售額較去年同期成長，但部分被我們先前強調的第四季商業售後市場較去年同期成長放緩所抵銷。總的來說，這是非常出色的一年。

We also continue to win new business and pursue new opportunities across the segment. That gives us confidence that we will continue to see above-market growth for the remainder of this decade.

我們也將繼續贏得新業務，並在該領域尋求新機會。這讓我們有信心，在本十年剩餘的時間裡，我們將繼續看到高於市場平均的成長。

Let me highlight a few examples. First, Crane continues to win fund and next-generation military demonstrator programs for our brake control systems for both fixed and rotary wing platforms.

讓我舉幾個例子。首先，Crane 繼續贏得資金和下一代軍事演示項目，用於我們的固定翼和旋翼平台煞車控制系統。

Second, we continue to advance our vehicle electrification solutions, heightened by the launch of our new 200-kilowatt traction motor inverter generator control of product at the Association of the United States Army or AUSA trade show in October. We remain actively engaged with defense vehicle OEMs regarding collaboration on the common technical trust and new combat vehicle programs.

其次，我們繼續推進車輛電氣化解決方案，並在 10 月的美國陸軍協會 (AUSA) 貿易展上推出了新的 200 千瓦牽引馬達逆變器發電機控制產品，進一步推動了這一進程。我們將繼續積極與國防車輛原始設備製造商就共同技術信任和新型作戰車輛專案開展合作。

Related to this, I would comment that over the past two years, customer vehicle development efforts were fragmented with numerous concepts in play and uncertainty around government funding. This year at AUSA, however, the landscape was noticeably different. The focus was clear: industry attention is now centered on competing for the XM30 and the CTT. This shift aligns precisely with the strategic direction we've defined for our defense power business. With government funding priorities now well established, vehicle primes are concentrating their efforts almost exclusively on winning these programs. Very exciting for us.

關於這一點，我想指出，在過去的兩年裡，客戶車輛的開發工作比較分散，有許多概念正在進行中，而且政府資金方面也存在不確定性。然而，今年的美國大學學生會（AUSA）的情況卻截然不同。重點很明確：業界的注意力現在集中在爭奪 XM30 和 CTT 上。這項轉變與我們為國防力量業務所製定的戰略方向完全一致。由於政府的資金優先事項已經明確，汽車製造商幾乎將全部精力都集中在贏得這些項目上。這對我們來說非常令人興奮。

And last, activity around air defense systems remains very robust. Golden Dome is still being defined by the DoD. However, we strongly believe we will benefit directly to existing positions of today on systems like LTAMDS radar system and Patriot Missile programs. Among others, that will certainly be part of Golden Dome solution let alone pure increased demand drivers.

最後，防空系統相關的活動依然非常活躍。「金色穹頂」的定義仍由美國國防部負責。但是，我們堅信，我們將直接受益於目前在 LTAMDS 雷達系統和愛國者飛彈計畫等系統上的現有地位。除此之外，這無疑將是金穹解決方案的一部分，更不用說純粹的需求成長驅動因素了。

We also anticipate additional growth from new emerging opportunities that our technology is well suited for. Specifically, in the scaling and upgrades of radar, counter unmanned aerial systems, high-power energy, and space-based assets for Golden Dome.

我們也預期，隨著我們技術非常適合的新興機會的出現，我們將迎來進一步的成長。具體而言，包括對金穹頂的雷達、反無人機系統、高功率能源和天基資產進行規模化和升級。

With the record backlog and pipeline of opportunities, Aerospace & Electronics remains poised to well outperform its markets over the next decade. Very proud of our team.

憑藉創紀錄的訂單積壓和大量潛在機遇，航空航太與電子產業在未來十年仍有望遠超越其所在市場的表現。為我們的團隊感到非常自豪。

Our Process Flow Technologies, similar to Q2 end markets are stable, and we remain well positioned to outgrow across the cycle. We continue to see strength in segments such as wastewater, pharmaceuticals, cryogenics, and also power, while chemical markets remained soft, yet stable.

我們的製程流程技術與第二季終端市場類似，保持穩定，我們仍然處於有利地位，能夠在整個週期中實現成長。我們看到廢水處理、製藥、低溫技術和電力等領域持續保持強勁勢頭，而化學市場雖然疲軟，但仍穩定。

As a reminder, we have systematically repositioned our portfolio over the past decade around our core end markets where we have the strongest competitive position and the most differentiation, enabling sustainable market outgrowth. 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 productivity measures required.

需要提醒的是，在過去十年中，我們圍繞著我們最具競爭優勢和差異化優勢的核心終端市場，有條不紊地重新調整了我們的產品組合，從而實現了可持續的市場超額增長。在戰術上，我們已經證明了我們有能力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生產力措施。

Our focus and discipline enabled us to continue to win in this segment despite the slower growth environment, and that was reflected in Q3. For example, our municipal wastewater pump business is on track for double-digit growth driven by strong momentum in new product adoption.

儘管成長環境放緩，但我們的專注和自律使我們能夠繼續在這個領域取得成功，這在第三季度得到了體現。例如，在新產品推廣的強勁勢頭推動下，我們的市政污水泵業務預計將實現兩位數成長。

At WEFTEC this year, we introduced the high efficiency SyFlo wastewater pump, featuring advanced non-clog and [pellet] technology with leading efficiency metrics. Shipments began in Q3. And as we head into 2026, a robust sales funnel gives us confidence in delivering another year of strong growth for this business.

在今年的 WEFTEC 展會上，我們推出了高效的 SyFlo 污水泵，該泵採用先進的防堵塞和[顆粒]技術，具有領先的效率指標。第三季開始出貨。展望 2026 年，強大的銷售管道讓我們有信心為公司帶來另一個強勁成長的年份。

Also, our cryogenic business continues to execute commercially with a number of orders across aerospace and defense, space launch, satellite production, and semiconductor investments. Overall, we secured double-digit growth in new orders in the quarter within cryogenics, reflective our front-end engineering support and manufacturing capability as a differentiator in the market.

此外，我們的低溫業務繼續在商業上取得成功，在航空航天和國防、太空發射、衛星生產和半導體投資等領域獲得了許多訂單。總體而言，本季我們在低溫技術領域的新訂單實現了兩位數的成長，這反映了我們的前端工程支援和製造能力在市場上的差異化優勢。

Additionally, we won a 6 million large pharmaceutical orders supporting capacity expansion to manufacture GLP-1 drugs. Our ability to deliver high-performance solutions for critical pharmaceutical application continues to differentiate us in a competitive market and positions us well for future growth in this space. And lastly, despite the headwinds facing the chemical industry, our teams continue to secure targeted opportunities largely tied to preventive and maintenance and technology upgrades.

此外，我們還贏得了價值 600 萬美元的大宗藥品訂單，以支持擴大產能以生產 GLP-1 藥物。我們為關鍵製藥應用提供高效能解決方案的能力，使我們在競爭激烈的市場中脫穎而出，並為未來在該領域的成長奠定了良好的基礎。最後，儘管化學產業面臨許多不利因素，但我們的團隊仍在不斷爭取與預防性維護和技術升級相關的特定機會。

Looking ahead to the balance of 2025, given our line of sight today, we maintain our view for core growth to fall at the lower end of our low to mid-single-digit growth range that we guided to last quarter. But with greater margin expansion as core volumes were leveraged at the higher end of our targeted range for the full year despite tariff headwinds. Overall, both our businesses remain well positioned to continue to deliver outstanding results into 2026.

展望 2025 年剩餘時間，鑑於我們目前的情況，我們維持先前對核心成長的預期，即核心成長將處於我們上個季度預測的低至中等個位數成長區間的下限。儘管面臨關稅阻力，但由於核心銷售達到了我們全年目標範圍的高端，利潤率實現了更大的擴張。總體而言，我們兩家公司都處於有利地位，預計在 2026 年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，我將把電話交給我們的財務長里奇·莫伊先生，讓他為大家帶來本季的更多具體資訊。

Thank you, Alex. And good morning, everyone. As we were getting ready for our Q3 earnings release this past month, and as I reflected on the consistency of our execution and overall results, generally, a movie quote came top of mind that one of our investors mentioned at a recent sell-side conference in describing our consistency.

謝謝你，亞歷克斯。大家早安。上個月，當我們準備發布第三季收益時，當我反思我們執行的穩定性和整體業績時，一位投資者在最近的賣方會議上提到了一句電影台詞，用來描述我們的穩定性，這句話立刻浮現在我的腦海中。

One of my favorite actors, Ryan Reynolds, had this moving while portraying AAA-rated executive protection agent, Michael Bryce, in a romantic and touching comedy to Hitman's Bodyguard, when describing his job. Boring is always best. I have heard from many of you and appreciate all the movie quote suggestions that you have all sent over the last year. So feel free to send me your best thoughts on lines in the future that tie to Crane in your view. And anyone suggesting a quote that we actually use on our call will receive a free Crane coffee mug autographed by me.

我最喜歡的演員之一瑞安雷諾茲在浪漫感人的喜劇片《王牌保鏢》中飾演AAA級高級保鏢邁克爾布萊斯時，在描述他的工作時，曾有過一段令人動容的表演。平淡無奇才是最好的。我收到了很多人的來信，非常感謝大家在過去一年裡發來的所有電影台詞建議。所以，歡迎你隨時將你對未來與鶴相關的詩句的最佳想法告訴我。任何向我們提供的引言被我們在通話中實際採用的人，都將獲得一個由我親筆簽名的Crane咖啡杯。

In all seriousness, while the environment is certainly not boring, our story remains unchanged and our teams continue to execute to win, driving results above expectations in the most consistent and boring manner possible despite the well-documented headwinds we are all facing every day. And with that, let me start off with total company results.

說真的，雖然現在的環境肯定不乏味，但我們的故事依然如故，我們的團隊繼續努力執行戰術以求勝利，儘管我們每天都面臨著眾所周知的逆境，但我們仍然以最穩定、最務實的方式取得了超出預期的成果。那麼，首先讓我來看看公司的整體表現。

We drove 5.6% core sales growth in the quarter driven primarily by the ongoing strength within Aerospace & Electronics. Adjusted operating profit increased 19%, driven by continued strong net price of -- net price and solid productivity. In the quarter, core FX central backlog was up 16% compared to last year, reflecting continued strength at Aerospace & Electronics and core FX-neutral orders were up 2%.

本季核心銷售額成長了 5.6%，這主要得益於航空航太和電子產業的持續強勁成長。調整後的營業利潤成長了 19%，這主要得益於淨價持續走強以及穩健的生產效率。本季度，核心外匯中央積壓訂單較去年同期成長 16%，反映出航空航太和電子產業的持續強勁勢頭；核心外匯中性訂單成長 2%。

From a balance sheet perspective, while we are in a net positive cash position, at the end of the quarter, we completed financing with our bank partners for our pending acquisition of PSI. We entered into a credit agreement that included a $900 million delayed draw term loan and a $900 million revolving credit facility, both maturing on September 30, 2030.

從資產負債表的角度來看，雖然我們目前現金淨額為正，但在本季末，我們與銀行合作夥伴完成了 PSI 的收購融資。我們簽訂了一項信貸協議，其中包括一筆 9 億美元的延期提取定期貸款和一筆 9 億美元的循環信貸額度，兩者均於 2030 年 9 月 30 日到期。

We expect to finance PSI primarily with the proceeds of the term loan and cash on hand, leaving the $900 million revolving credit facility available for further M&A and normal working capital management. And consistent with our prior commentary, after the PSI transaction, our net leverage will be just over 1 times, still well below our 2 times to 3 times targeted range, leaving us well positioned for further M&A.

我們預計主要透過定期貸款的收益和手頭現金為 PSI 提供資金，從而將 9 億美元的循環信貸額度用於進一步的併購和正常的營運資金管理。與我們先前的評論一致，在 PSI 交易完成後，我們的淨槓桿率將略高於 1 倍，仍遠低於我們 2 倍至 3 倍的目標範圍，這使我們能夠更好地進行進一步的併購。

With respect to tariffs, we continue to expect the gross cost increase to be roughly $30 million for the year, inclusive of the impact of the Section 232 tariffs, so no change there. And as we said last quarter, we expect to offset tariff impacts through price and productivity and our teams are prepared to react appropriately to any further changes that may occur in this dynamic area.

關於關稅，我們仍然預計今年的總成本增加約為 3000 萬美元，其中包括第 232 條款關稅的影響，因此這方面沒有變化。正如我們上個季度所說，我們預計透過價格和生產力來抵消關稅的影響，我們的團隊已做好準備，對這一動態領域可能發生的任何進一步變化做出適當反應。

A few more details on the segments in the quarter. Starting with Aerospace & Electronics, sales of $270 million increased 13% in the quarter, nearly all of that organic growth. And even with the continued high level of course, sales growth, our record backlog of just over $1 billion, up 27% year-over-year, was up slightly sequentially. Core orders were up 5%, in line with our expectations as some orders that we anticipated later in the year were received in the first half. Again, no surprises and continued strong demand broadly.

關於本季各業務板塊的更多細節。以航空航太與電子業務為例，該季度銷售額為 2.7 億美元，成長了 13%，幾乎全部是內生成長。當然，儘管銷售額持續保持高位成長，但我們創紀錄的積壓訂單略高於 10 億美元，年增 27%，季增。核心訂單成長了 5%，符合我們的預期，因為我們預計在今年稍後收到的一些訂單在上半年就收到了。再次，一切如預期，整體需求依然強勁。

Total aftermarket sales increased 20% with commercial aftermarket up 23% and military aftermarket up 12%. And OEM sales increased 10% in the quarter with both commercial and military up 10%. Adjusted segment margin of 25.1% expanded 160 basis points from 23.5% last year, primarily reflecting strong net price, solid productivity, and the impact from the higher volumes. We expect operating margin to be modestly lower in Q4 due to typical seasonality and less favorable mix between commercial OE and aftermarket.

售後市場總銷售額成長了 20%，其中商業售後市場成長了 23%，軍用售後市場成長了 12%。本季 OEM 銷售額成長了 10%，其中商業和軍事領域均成長了 10%。經調整後的分部利潤率為 25.1%，較去年的 23.5% 增長了 160 個基點，主要反映了強勁的淨價、穩健的生產效率以及銷量增長的影響。我們預計第四季營業利潤率將略有下降，這是由於典型的季節性因素以及商業原廠配套和售後市場之間的組合不太有利所致。

At Process Flow Technologies. In Q3, we delivered sales of $319 million, up 3% with flat core performance in the quarter, along with a 1.6% benefit from the Technifab acquisition and 1.5 points of favorable foreign exchange. Compared to the prior year, core FX-neutral backlog decreased 5% and core FX-neutral orders were down slightly as expected. Adjusted operating margin of 22.4% expanded again and in the quarter was 60 basis points higher than last year, driven by strong productivity, mix and net price inclusive of tariff headwinds in the quarter.

在流程技術公司。第三季度，我們實現了 3.19 億美元的銷售額，同比增長 3%，核心業務表現持平，加上收購 Technifab 帶來的 1.6% 的增長以及 1.5 個百分點的有利匯率，總銷售額增長了 3%。與前一年相比，核心外匯中性積壓訂單減少了 5%，核心外匯中性訂單如預期般略有下降。經調整後的營業利潤率再次擴大至 22.4%，本季較去年同期成長 60 個基點，主要得益於強勁的生產效率、產品組合以及本季包含關稅不利因素在內的淨價格。

Moving to guidance. There were a couple of non-operational changes below the segments. We now expect corporate expense of $85 million, modestly above our prior view of $80 million during -- due primarily to M&A activity. We also now anticipate net nonoperating income to be closer to $7 million, up from $4 million due to higher investment income on our cash balances.

進入指導環節。各部分下方還有一些非營運方面的變更。我們現在預計公司支出為 8500 萬美元，略高於我們之前預計的 8000 萬美元——這主要是由於併購活動。由於現金餘額的投資收益增加，我們現在預計淨非經營收入將接近 700 萬美元，高於先前的 400 萬美元。

And a quick reminder that this non-operating income also includes about $9 million of business interruption insurance recovery recorded in other income expense related to Hurricane Helene, around $6.7 million of which has been recognized year-to-date and with $2.7 million in the quarter.

另外需要提醒的是，這筆非經營性收入還包括與颶風海倫相關的約 900 萬美元的業務中斷保險賠償金，該賠償金已計入其他收入支出中，其中約 670 萬美元已於年初確認，270 萬美元已在本季度確認。

And last, our tax rate for the full year will be slightly lower with us now estimating a 23% tax rate for the full year versus our prior estimate of 23.5%.

最後，我們全年的稅率將略有下降，我們現在估計全年稅率為 23%，而我們先前的估計為 23.5%。

Those three nonoperational items net to a very slight benefit of about $0.01 with the other $0.19 of the guidance increase at the midpoint coming from the segments. Operationally, we didn't change the full year core growth guidance range of 4% to 6%, but we now expect to be in the upper half of that range given the strength at Aerospace & Electronics, and that growth should leverage at our normal rates on a full year basis.

這三項非經營性項目淨收益僅為 0.01 美元左右，其餘 0.19 美元的績效指引中點成長來自業務部門。在營運方面，我們沒有改變全年核心成長預期範圍 4% 至 6%，但鑑於航空航太和電子業務的強勁表現，我們現在預計成長將達到該範圍的上半部分，並且這一增長應該能夠以我們正常的增速在全年實現。

So given our excellent results to date and our current view on Q4, we are raising adjusted EPS guidance by $0.20 at the midpoint and narrowing the range to be within $5.75 to $5.95, again, reflecting 20% growth year-over-year at the midpoint. Overall, another outstanding quarter, another outstanding year against a very dynamic macro backdrop.

鑑於我們迄今為止的優異業績以及我們對第四季度的當前看法，我們將調整後每股收益預期中位數上調 0.20 美元，並將區間縮小至 5.75 美元至 5.95 美元之間，同樣反映出同比增長 20% 的預期值。整體而言，在瞬息萬變的宏觀經濟背景下，又是一個出色的季度，又是一個出色的一年。

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

操作員，現在我們可以回答您的第一個問題了。

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作說明）Matt Summerville，D.A. Davidson。

A couple of questions. First on PFT. Can you talk about -- if the expectation is that the business is up organically low single digits for the year, if you look at the nonchemical portion of PFT, how does that look relative to that low single-digit number?

幾個問題。PFT 首推。您能否談談——如果預期公司業務今年的有機增長幅度為個位數低段，那麼如果您看一下 PFT 的非化學部分，它相對於這個個位數低段的增長幅度來說情況如何？

And then on the chemical side, what specifically you expect out of that end market this year? And maybe how you're thinking about that exposure, which is fairly large for the segment through, say, an 80-20 type of overlay? And then I have a follow-up.

那麼在化工領域，您對今年的終端市場有何具體預期？或許您考慮過如何利用這種曝光度，對於這個細分市場來說，這種曝光度相當大，例如透過 80/20 類型的疊加方式？然後我還有一個後續問題。

Yeah, Matt, thank you. This is Alex. So just to frame up the markets and what we're seeing and responding to your question, I think regionally different than by market is different. As a reminder, we're in PST, primarily almost half or a little bit over half on Americas-based business, which is a positive in this environment.

是的，馬特，謝謝你。這是亞歷克斯。所以，為了更好地了解市場現狀以及我們所看到的情況，並回答你的問題，我認為區域性差異與市場差異是不同的。提醒一下，我們目前處於太平洋標準時間 (PST) 階段，主要業務幾乎一半或略多於一半來自美洲，這在當前環境下是一個積極的信號。

So first, speaking to the nonchemical market, wastewater, for example, North America based, we're seeing double-digit growth in that business driven by just investment in the aging infrastructure environmental. So that's been strong. We expect that to continue to be strong going into next year.

首先，就非化學品市場而言，例如北美的廢水處理市場，我們看到該業務實現了兩位數的成長，這僅僅是由於對老化的基礎設施環境的投資所推動的。所以這方面表現很強。我們預計這種強勁勢頭將延續到明年。

Cryogenics through our new acquisitions in various applications, semiconductors, electronics, and space launch I mentioned last quarter, just driven by that commercial aerospace market of launch, and we participate in the platforms and the build-out of platforms. That's been growing also double digits, and we're gaining significant share as well.

正如我上個季度提到的，低溫技術透過我們在各種應用領域（半導體、電子產品和太空發射）的新收購得以發展，這完全是由商業航空航天發射市場推動的，我們參與了平台建設和平台建造。這個數字也一直保持著兩位數的成長，而且我們的市佔率也在顯著提升。

Just recently visited with the team there, and they were highlighting their commercial excellence in the front end where they have a tablet now on their own site, they're able to sketch the project converted into a drawing with this application, send it into the front end and really reduce the lead time, which is important to our customers. So doing very well.

我最近去拜訪了那裡的團隊，他們重點介紹了他們在前端的商業卓越表現。他們現在在自己的網站上配備了一台平板電腦，能夠使用這個應用程式將專案草圖轉換成圖紙，然後發送到前端，從而真正縮短交付週期，這對我們的客戶來說非常重要。一切都很好。

Also highlight pharma, in particular, in North America, strong growth there this year. We are seeing this reshoring activity happening in North America. We expect that to continue in the US. Big project that we won with a key customer related to the deal P1 drug as they're expanding and producing in the US. We expect more of those investments to happen.

此外，也要專注於醫藥產業，尤其是北美地區，今年該地區實現了強勁成長。我們看到這種產業回流活動正在北美發生。我們預計這種情況將在美國持續下去。我們贏得了一個與P1藥物交易相關的重要客戶的大項目，因為他們正在美國擴大生產規模。我們預計未來會有更多此類投資。

And also in power, very North American-based driven just by the demand and power that everybody knows about AI, data centers. So those are all the nonchemical markets that will highlight, that are positive, and we continue to see positive going into next year.

而且在權力方面，北美地區也佔據主導地位，這完全是由每個人都知道的人工智慧和資料中心的需求和權力所驅動的。所以以上就是所有值得關注的非化學市場，這些市場都呈現正向態勢，我們預期明年也將持續保持正向態勢。

When we think about chemical, also varying by region. So North America, we've seen some good projects this year, good activity on expansions, productivity. So a reminder, in Americas has the advantage of this feedstock cost event. So even though there's capacity globally, customers have advantage to investing in the US and expanding and getting more output. So that's moving in a positive way. And also, Middle East, those are the two markets that will highlight in chemical that have been positive and then softer Europe and China as well have been down.

當我們想到化學物質時，也會因地區而異。所以，在北美，我們今年看到了一些不錯的項目，擴張活動也很活躍，生產力也有所提升。所以提醒一下，美洲地區享有此原料成本下降所帶來的優勢。因此，儘管全球產能充足，但客戶在美國投資、擴大規模並提高產量具有優勢。所以這是朝著正面方向發展。此外，中東和中國這兩個化工市場表現突出，而歐洲和中國等市場則較為疲軟，出現下滑。

As far as our exposure in chemical, how we think about it, to answer your question -- your second part of your question. Look, the chemical market, there's a lot of things that we like in the applications that we play, very critical, corrosive, toxic abrasive applications that give us an opportunity to differentiate, add value for our customers. And so we like that.

至於我們接觸化學物質的情況，以及我們如何看待這個問題，來回答你的問題──你問題的第二部分。你看，在化學市場，我們有很多喜歡的應用領域，尤其是一些非常關鍵的、腐蝕性的、有毒的磨蝕性應用，這些應用讓我們有機會脫穎而出，為客戶創造價值。所以我們喜歡這樣。

Obviously, the cyclicality of the market sometimes is a challenge. So as you know, over the last decades, we've worked to reshape the portfolio, investing in cryogenics organically, and organically wastewater and we'll continue to do so. Highlighting our recent PSI acquisition as well in the markets where they play in nuclear and aerospace, differentiated technology, also wastewater.

顯然，市場的周期性波動有時會帶來挑戰。如你所知，在過去的幾十年裡，我們一直致力於重塑投資組合，逐步投資於低溫技術和廢水處理領域，我們將繼續這樣做。重點介紹我們最近對 PSI 的收購，以及他們在核能和航空航太、差異化技術以及廢水處理等市場所涉足的領域。

So we'll continue to invest in these higher growth markets, but maintain our current presence in chemical and keep building on that. And overall, we'll continue to save that underlying growth in our PST segment.

因此，我們將繼續投資於這些高成長市場，但將保持我們在化學領域的現有地位，並在此基礎上繼續發展壯大。總體而言，我們將繼續保持 PST 業務部門的潛在成長。

And then just another one on PFT, the margin upside you saw in the quarter, maybe help parse out what the key drivers of that upside may have been, whether it be price/cost mix or just cost out. And then how we should be thinking about those various levers at a high level as we think about next year?

然後，再補充一點關於PFT的問題，你在本季看到的利潤率上升，或許有助於分析這種上升的關鍵驅動因素是什麼，無論是價格/成本組合還是成本下降。那麼，當我們展望明年時，我們應該如何從宏觀層面思考這些不同的槓桿因素呢？

Yeah. So as we think about PST, the journey we've been on, right, for the last decade growing and delivering more than 100 basis points, or close to 100 basis points on average, those are driven by several factors.

是的。所以，當我們回顧 PST 的發展歷程時，過去十年我們取得了超過 100 個基點的成長，平均接近 100 個基點，這主要受以下幾個因素驅動：

One is our continued innovation, new product launches that we've highlighted in the past, our new product sales keeps growing as a percent of our portfolio. The new products are in these target markets more differentiated and we're able to have higher margin because of that. And then we're driving commercial excellence, value pricing, standing up for the technology and the problems we're solving for our customers. And third, this traditional relentless focus on operational excellence and weight elimination, which is -- which is core. So I think that would highlight those three elements.

一是我們持續創新，正如我們過去重點介紹的那樣，新產品的推出，以及新產品銷售占我們產品組合的比例持續增長。新產品在這些目標市場中更具差異化，因此我們能夠獲得更高的利潤率。然後，我們致力於追求卓越的商業表現、提供物有所值的定價，並捍衛我們正在為客戶解決的技術問題。第三，這種對卓越營運和減重的傳統不懈追求，正是──也是核心所在。所以我認為這會突顯這三個要素。

I think what's different in this environment is this tariff dynamic, which I've been very, very pleased with how the teams have been able to manage that through both price and supply chain, which I think is a real differentiator for us to be able to do that and not only maintain, but expand our margins in this environment that speaks to the quality of our portfolio and the quality of execution from our teams.

我認為當前環境下的不同之處在於關稅動態，我對團隊透過價格和供應鏈管理來應對關稅動態的能力感到非常滿意，我認為這對我們來說是一個真正的差異化優勢，我們不僅能夠保持利潤率，還能在當前環境下擴大利潤率，這體現了我們產品組合的品質以及我們團隊的執行能力。

Justin Ages, CJS Securities.

賈斯汀·阿格斯，CJS證券。

I was hoping you mentioned in PFT some softness in chemicals. But just wondering if you could comment, maybe you're seeing signs of ongoing stabilization or maybe return to growth? Just trying to get a sense of when that might rebound.

我希望你在PFT中能提到一些化學物質的柔和性。不過，我想問您能否發表一下看法，您是否看到了持續穩定或恢復成長的跡象？我只是想了解一下這種情況何時會反彈。

Yeah. So we're definitely seeing it stable, right, throughout the year. In the first half, we hit some big projects, projects continue to move more so in Middle East and North America. MRO globally has been stable throughout the year. So that's been a big part of our success.

是的。所以我們看到它全年都保持穩定，對吧。上半年，我們完成了一些大項目，這些項目在中東和北美地區持續進行。今年以來，全球MRO（維護、維修和大修）市場一直保持穩定。所以，這在很大程度上促成了我們的成功。

So definitely no signs of deterioration, stability. And it's just a matter of when this will start recovering at some point, we expect next year for chemical. But no clear inflection yet, but stable. And expect it to improve next year.

所以絕對沒有出現任何惡化跡象，非常穩定。這只是何時開始復甦的問題，我們預計明年化學工業會開始復甦。但目前尚未出現明顯的轉折點，整體穩定。預計明年情況會有所改善。

Justin, as I think about what's taking place globally, and we've -- and everyone else has had to react to changes in the tariff structure and other news that happens on a daily basis. But again, I'm pleased with how we continue to stay very agile to react as appropriate.

賈斯汀，當我思考全球正在發生的事情時，我們——以及其他所有人——都必須對關稅結構的變化以及每天發生的其他新聞做出反應。但我仍然對我們能夠繼續保持靈活應對的能力感到滿意。

I'm one that -- I mean, within our control, I'm incredibly proud of what we continue to drive within our control. If I look at the broader market, I'm more on the bullish end just generally because I believe that while there's a lot of noise right now that we're all having to deal with, I believe that this will be settling out here towards the end of the year into next. Just my own reading of the tea leaves and the administration's approach and I'm more optimistic and planning around it for our teams in terms of what that means.

我是那種——我的意思是，在我們可控的範圍內，我為我們能夠在可控範圍內不斷取得的成就感到無比自豪。如果從更宏觀的角度來看，我總體上更看漲，因為我相信，儘管目前有很多噪音我們需要應對，但這種情況會在今年年底到明年逐漸穩定下來。僅憑我個人對情勢和政府做法的解讀，我比較樂觀，並正在圍繞這些因素為我們的團隊制定計劃。

It's still early days. We have our planned meetings coming up here in the month of November to really kind of lock in what it means for 2026. But I'm more optimistic of where all this shakes up and then what that means for the broader global economy. What that's worth. My opinion is not worth anything more than anyone else.

現在下結論還為時過早。我們計劃在 11 月召開會議，以真正確定 2026 年的具體安排。但我對這一切最終會如何發展以及這對更廣泛的全球經濟意味著什麼持更樂觀的態度。那又值多少錢呢？我的意見並不比其他人的意見更有價值。

Yeah. That's worth a lot. I appreciate the answer. And then switching to the PSI, just back of the envelope, the margins a little bit under Crane. So can you just talk about applying the Crane business system or the machine to PSI and what you're expecting to see in margin improvements once you've integrated them?

是的。那價值不菲。感謝您的解答。然後切換到 PSI，就在信封背面，邊緣略低於 Crane。那麼，您能否談談將 Crane 業務系統或機器應用於 PSI，以及您預期在整合後利潤率會有哪些提高？

Yeah, Justin, this is Alex. So we haven't closed the business yet. We haven't closed the deal. We expect that on January 1. So we'll provide more details after.

是的，賈斯汀，這是亞歷克斯。所以我們還沒關門大吉。我們還沒完成交易。我們預計在1月1日。之後我們會提供更多細節。

But generally speaking, these businesses have incredible technology, very stable aftermarket. We expect these businesses to become one of our best businesses within Crane from a margin and growth standpoint in our portfolio. And the improvements that will drive are not different than what we've been able to do, particularly on the PFT side through driving overall CBS.

但總的來說，這些企業擁有強大的技術，售後市場也非常穩定。我們預計，從利潤率和成長的角度來看，這些業務將成為Crane旗下業績最好的業務之一。而這些改進將會帶來與我們已經能夠做到的改進並無不同，尤其是在 PFT 方面，透過推動整體 CBS 來實現。

So these will become accretive to our profile over the years. They have all the fundamentals, and I'll speak into more detail of how the different elements will play out or how we see them play out with the coming year. But I can tell you, I'm very, very confident that we will deliver with this acquisition. Very pleased with everything I'm seeing and our preparation flexing it.

因此，這些都會隨著時間的推移而提升我們的形象。他們具備所有基本要素，接下來我會更詳細地談談不同要素將如何發揮作用，或者我們預計它們在未來一年將如何發揮作用。但我可以告訴你，我對這項收購非常有信心，我們一定會成功。我對目前所看到的一切都非常滿意，我們的準備工作也充分考慮到了這一點。

Damian Karas, UBS.

Damian Karas，瑞銀集團。

Congrats on the progress. So I wanted to ask you a follow-up question related to margins. And in particular, your guidance for the year, it seems like it's -- I'm taking in a step down in fourth quarter margins, definitely a notable break from the strength you've been exhibiting so far the first three quarters of the year.

恭喜你取得進展。所以我想問你一個關於利潤率的後續問題。特別是，從你們今年的業績指引來看，似乎——我注意到第四季度利潤率有所下降，這與你們今年前三個季度所展現出的強勁勢頭相比，無疑是一個明顯的下滑。

And I think even on a year-over-year basis, the incremental margin is definitely well below kind of the 35% to 40% plus you guys aspire to. So could you just maybe provide a little bit more color around that margin expectation for the fourth quarter? Any moving pieces there?

我認為即使按年計算，增量利潤率也遠低於你們所期望的 35% 到 40% 以上。那麼，您能否再詳細解釋一下第四季的利潤率預期？裡面有什麼活動部件嗎？

Yeah, sure. Damian, this is Rich. The primary area would be similar to what we talked about the last couple of quarters with respect to the year-over-year headwinds that we're going to see in commercial aftermarket. Now, I would admittedly say that we actually had a little bit of a better quarter here in Q3, and so we didn't see as much of that headwind. We do expect that in the fourth quarter.

當然可以。達米安，我是里奇。主要方面與我們過去幾季討論的內容類似，即商業售後市場將面臨的同比不利因素。現在，我必須承認，我們在第三季的表現實際上稍微好一些，所以我們沒有看到太多不利的因素。我們預計第四季會出現這種情況。

A couple of items that I would point to is that we did see a few initial provisioning orders that we benefited from in Q3. We saw a decent claim recovery. So we did see a few things that did benefit us here in the quarter.

我想指出兩點：我們在第三季確實看到了一些初始供應訂單，並從中受益。我們看到了不錯的理賠回收率。所以，我們確實看到一些事情在本季對我們有利。

And then what I would also say is two other things. One, we're continuing to see the OE build rates continue. And so that's a natural mix, unfavorable mix element, although we are excited about it. And then the second item would be when you look at the fourth quarter, we tend to have lower production hours. So there's a little bit of seasonality in what we would typically exhibit in the fourth quarter at A&E.

然後，我還想補充兩點。第一，我們看到原廠配套生產力持續成長。所以這是一個自然而然的組合，一個不利的組合因素，儘管我們對此感到興奮。其次，第四季我們的生產工時往往會減少。所以，A&E 在第四季通常會展示的內容會有一些季節性變化。

Now, all that said, I would tell you that on a full year basis, we're going to probably be at the higher end of our targeted leverage range for A&E and will exceed at PFT. So yes, we had a great nine months. We still expect a great fourth quarter, but it will be a little bit more muted for those reasons.

綜上所述，我可以告訴大家，從全年來看，我們的 A&E 槓桿率可能會達到目標範圍的較高水平，並且 PFT 將超過目標水平。是的，我們度過了美好的九個月。我們仍然期待第四季會有不錯的表現，但由於上述原因，表現會稍微平淡一些。

Understood. That's really helpful. And sorry if I missed any comments related to this earlier kind of hopping around a bunch of calls today, but would you guys give us your thoughts on the US government shutdown? Are you seeing or expecting any impact from that? And just kind of thinking about that, should this continue into the extended future?

明白了。這真的很有幫助。如果我錯過了今天早些時候我接聽的許多電話中提到的任何評論，我深表歉意。請問各位能否談談對美國政府停擺的看法？你是否看到或預期會受到任何影響？我一直在思考這個問題，這種情況是否應該在很長一段時間內持續下去？

Yeah. I mean right now, we don't -- it's not impacting us today. So the things that we would look to are paying bills and things like that, and we've got no signals of that at all. So far, so good in terms of any impacts to Crane. And at this point, there's nothing on the horizon that would suggest any impact to us here even as we get into the first quarter.

是的。我的意思是，就目前而言，它對我們沒有任何影響。所以我們關注的是支付帳單之類的事情，但我們完全沒有這方面的跡象。就目前而言，對克萊恩公司來說，一切似乎都還不錯。就目前而言，即使進入第一季度，也沒有任何跡象表明會對我們產生任​​何影響。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Alex, you mentioned power and data center demand as being a supportive market for PFT in response to Matt's question, I think. I guess, can you share a bit more detail there on what you're seeing in that market and how it's benefiting Crane?

Alex，我想，你在回答 Matt 的問題時提到了電力和資料中心需求是 PFT 的一個支撐市場。我想，您能否更詳細地分享一下您在該市場觀察到的情況，以及這對Crane公司有何益處？

Yeah. For sure. So power, primarily US-based for us less than 10% really our portfolio in PST. We've been in this business for a very long, long time with our valve portfolio primarily. And what we're seeing is these power demand that is well documented and the investment in combined cycle -- natural gas combined cycle plant around the country.

是的。一定。所以，電力業務主要集中在美國，對我們來說，PST 在我們投資組合中的佔比不到 10%。我們從事這個行業已經很久很久了，主要業務是閥門產品組合。我們看到的是，電力需求得到了充分證實，全國各地都在投資建造聯合循環——天然氣聯合循環電廠。

I think just this year, there's more than close to 30 power plants that are moving forward. So we see content there. Natural combined cycle plants are still a very economic ways to produce electricity, very reliable. And as you know, abundance of natural gas in the United States. So that is our participation there with our valve portfolio, and we expect that to continue into next year.

我認為光是今年就有近 30 座發電廠正在推進建設。所以我們看到了那裡的內容。自然聯合循環發電廠仍然是非常經濟、非常可靠的發電方式。如你所知，美國天然氣資源豐富。這就是我們憑藉閥門產品組合參與該領域的情況，我們預計這種情況將持續到明年。

Funnel has been increasing, projects are up.

轉換漏斗增大，項目數量增加。

Funnel has been increasing. I think they can't build them fast enough basically on the natural gas side.

轉換漏斗一直在增加。我認為就天然氣方面而言，他們的建設速度根本跟不上需求。

And do you have any content on smaller reciprocating engines like those that Caterpillar makes?

你們有沒有像卡特彼勒生產的那種小型往復式發動機的資料？

No, we don't have content in that.

不，我們沒有那方面的內容。

Okay. And then, Max, are you investing organically at PFT to increase your shipset content on AP1000? Obviously, some big news out this morning. So I was curious if that can maybe be a bigger driver for you all than your historical content suggested?

好的。那麼，Max，你是否在PFT上進行有機投資，以增加AP1000上的艦船集內容？顯然，今天早上有一些重大新聞發布。所以我很好奇，這是否可能比你們的歷史內容所暗示的更能激勵你們？

Yeah. Thanks, Scott. Well, you could argue that Reuter-Stokes long term is absolutely aimed at gaining content on the AP1000. We -- the team is already underway with technology investments to penetrate the pressurized water reactor in addition to boiling water. So long term, absolutely, as we continue -- the current team is doing a phenomenal job and has done as we have when we first won AP1000 content many, many years ago to the tune of about $10 million per shipset.

是的。謝謝你，斯科特。嗯，你可以說 Reuter-Stokes 的長期目標是取得 AP1000 的內容。我們－團隊已經在進行技術投資，以期突破壓水反應器和沸水反應器的限制。從長遠來看，絕對是這樣，隨著我們繼續前進——目前的團隊做得非常出色，就像很多年前我們第一次贏得 AP1000 內容時一樣，每個船的金額約為 1000 萬美元。

We're identifying another 30% increase in content right now that we're bidding on capturing additional share gain also. So both organically as well as inorganically as we move forward for sure. And there was an exciting announcement today -- exciting announcement that I think in addition to just the announcement today related to the $80 billion investment that the government announced in support, I think you're just seeing this change over time that will continue this trend of nuclear as part of a broader global solution to clean and efficient power that will continue to bode well for us and our position also.

我們目前發現還有 30% 的內容需要增加，我們正在競標以獲得額外的市場份額。所以，無論從有機成長或無機成長的角度來看，我們未來的發展都將如此。今天還有一個令人振奮的消息——我認為，除了今天政府宣布的 800 億美元投資支持之外，隨著時間的推移，核能將繼續成為更廣泛的全球清潔高效能源解決方案的一部分，這對我們來說也是一個好兆頭。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

I'm finding it a bit hard to concentrate with the promise of a signed Rich Maue Crane coffee mug, I guess. I guess just another question on the PSI businesses.

我想，想到能得到一個 Rich Maue Crane 簽名的咖啡杯，我就很難集中註意力了。我想再問一個關於PSI業務的問題。

Max, you -- one of the comments you made was that you, from a strategic perspective, are more bullish on that business than you were three months ago. Maybe you could just talk a little bit more about what you've learned in the last three months that makes you strategically more positive on the outlook for that business?

Max，你－你曾說過，從策略角度來看，你現在比三個月前更看好這家公司。或許您可以再詳細談談您在過去三個月裡學到了哪些東西，這些知識讓您對這家企業的前景更加樂觀？

Well, I'll let Alex chime in as well. But it starts with the team itself. And I think we just continue to be impressed with the caliber of the talent that's going to be joining Crane. I just love the openness and transparency that we've been met with to date. So that feels really good in terms of integration, integration planning, working well together.

好吧，我也請亞歷克斯說幾句。但這要從團隊本身開始。我認為，我們一直對即將加入克萊恩團隊的人才素質印象深刻。我非常喜歡迄今為止我們所遇到的這種開放和透明的態度。所以，就整合、整合計劃和協同合作而言，這感覺真的很好。

It's what I know is taking place already. This is not a team that has stood still. They've been investing for growth, and we're going to get -- quickly get aligned strategically as we're moving forward. It just all feels very, very positive from that standpoint. Sharing of data, kind of getting clarity strategically on what we're going to be working on together from day one.

我知道這件事已經發生了。這支隊伍從未停滯不前。他們一直在投資以實現成長，而我們將——隨著我們向前邁進，迅速在策略上達成一致。從這個角度來看，一切都感覺非常非常正面。數據共享，從第一天起就明確我們將共同努力的方向，這是一種策略上的共識。

It's been a fantastic relationship. What else would you highlight, Alex?

我們之間的關係一直都非常棒。還有什麼想重點介紹的嗎，Alex？

Yeah. I think over these months, Nathan, just getting more clarity on the specifics of how we're going to collaborate and work together, the detailed plans and the opportunities, just having a very clear line of sight to the gains, starting with the aerospace in Druck, in the nuclear, also with Panametrics, and just a level of detail that we've been able to get and the plans of what we're going to prioritize, and we're going to -- where we're going to be able to have quick gains gives us these higher confidence where we were three months ago. So it just keeps increasing as those plans get more defined and more details get clarified.

是的。內森，我認為在過去的幾個月裡，我們對如何合作的具體細節、詳細的計劃和機遇有了更清晰的認識，也對取得的成果有了非常清晰的展望，從德魯克的航空航天領域，到核能領域，再到與帕納梅特克的合作，我們已經掌握了相當詳細的信息，制定了優先考慮的計劃，以及我們將要快速取得三個月的信心領域。隨著這些計劃越來越具體，更多細節得到澄清，這個數字只會不斷增加。

And I guess I'll just ask a broader question about 2026. You guys have always been pretty willing to share your outlook. So I mean, our -- you're obviously going to get towards the top end of the growth, 4% to 6% growth target this year.

那我再問一個關於 2026 年的更廣泛的問題吧。你們一直都很樂於分享自己的觀點。所以我的意思是，我們——很明顯，今年我們將接近成長目標的上限，即 4% 到 6% 的成長目標。

We have seen organic growth slow down a bit as we've gone through the year. Maybe you could just talk about do you think we're in the 4% to 6% range next year, maybe it will be a little more towards the middle of next year? Or just any thoughts you have on how the growth outlook might shake out for next year?

今年以來，我們看到有機成長速度有所放緩。或許你可以談談你認為我們明年會在 4% 到 6% 的範圍內嗎？或許到明年年中會更高一些？或者您對明年的成長前景有什麼看法？

Well, it's still early days. We've got our planned meetings coming up. There's a lot to monitor here in the fourth quarter. Having said all that, based on what I know today, based on what we feel today based on thinking through the end markets and how that will continue to play out. It still feels like our investment thesis holds into next year, Nathan, from that standpoint.

嗯，現在下結論還太早。我們接下來有計劃好的會議。第四季有很多值得關注的地方。綜上所述，根據我目前所了解的情況，根據我們今天對終端市場的思考以及這些市場將如何繼續發展所感受到的情況。內森，從這個角度來看，我們的投資邏輯似乎仍然適用於明年。

Okay. I guess we'll wait for the updates.

好的。看來我們只能等待最新消息了。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

On defense and aero, how should we think about the opportunity for you guys if we start to see announcements for F/A-XX CCA down selection and some of the larger Group 4, 5 drones have been kind of previewed?

在國防和航空領域，如果我們開始看到 F/A-XX CCA 下放方案的公告，以及一些大型 4、5 類無人機的預覽，我們應該如何看待你們的機會？

Yeah, Jordan, this is Alex. On the F-XX or the -- just the NGAD platforms, we are very well positioned on all the demonstrators really. So we've been successful in having multiple horses in the race. So we're going to see strong benefit from that. On the CCA activity, I think we've mentioned we've already secured a position with one of the leading emerging players in that space with CCA, which is going to start ramping up here in the years to come.

是的，喬丹，這是亞歷克斯。在 F-XX 或 NGAD 平台上，我們在所有演示驗證方面都處於非常有利的地位。所以，我們成功地讓多匹馬參與了比賽。所以我們將從中受益匪淺。關於 CCA 業務，我想我們已經提到過，我們已經與該領域領先的新興企業之一建立了合作關係，CCA 將在未來幾年內開始逐步擴大規模。

And then in general, in drones, right, we're actively involved overall. I think, as you know, there's a wide range of drones that exist from the small battery-powered [hand-launched], those that are called like Switchblade or Phoenix, and we do not participate in that small. Where we do play is on the medium or larger drones that are part of that CCA, like those that you see called out like Fury, Global Hawk, Predator. So we're well positioned there with various solutions, and we expect to benefit that as that market continues to grow.

總的來說，在無人機領域，我們一直積極參與其中。我想，如你所知，無人機的種類繁多，從小型電池驅動的[手擲式]無人機，到像Switchblade或Phoenix這樣的無人機，我們都不參與小型無人機的研發。我們玩的是屬於 CCA 的中型或大型無人機，像是你看到的 Fury、Global Hawk、Predator 之類的無人機。因此，我們憑藉各種解決方案在該領域佔據了有利地位，我們期望隨著該市場的持續成長而從中受益。

Got it. And then on -- for how strong demand has been book-to-bill in Aerospace & Electronics, how are you guys thinking about the current capacity you have in place to meet that demand?

知道了。那麼，鑑於航空航太和電子產業的訂單出貨量如此強勁，你們如何看待目前現有的產能能否滿足這種需求？

As far as capacity, we're -- we've been -- we're well prepared to meet the demand and the ramp-up rates of the OEMs, both Airbus and Boeing. I think teams have done a really nice job preparing for that, even taking advantage of preparing inventory buffers to execute at a very high level to support those ramp rates. So quite confident in our ability to support.

就產能而言，我們已經——一直以來——做好了充分準備，以滿足空中巴士和波音兩家原始設備製造商的需求和產能提升速度。我認為各團隊為此做了非常充分的準備，甚至利用儲備庫存來有效執行，以支援這些快速成長的速度。因此，我們對自身的支持能力非常有信心。

Tony Bancroft, Gabelli Funds.

Tony Bancroft，Gabelli 基金。

Congratulations on the great quarter and all your great work. I recently toured a new facility and was pretty overwhelmed by the amount of automation that was going into it. And I just want to get your view on sort of automation, and you've talked a lot about -- it looks like you have a lot of backlogs growing.

恭喜你們本季取得佳績，也恭喜你們所做的所有出色工作。最近參觀了一家新工廠，工廠裡自動化程度之高讓我感到非常震撼。我只是想了解您對自動化的看法，您已經談了很多——看起來您已經積壓了很多工作。

And I mean, on the commercial side, it sounds like you're ready to go with capacity, but it sounds like there's a lot of growth on both sides of the businesses and in other areas, obviously, things like Golden Dome and all that. Maybe you could just talk about how you view automation in the long term? And what could that get you maybe on a margin basis? And then just maybe overall ability to grow faster?

我的意思是，從商業方面來看，你們的產能似乎已經準備就緒，但聽起來業務的各個方面以及其他領域，比如金色穹頂等等，都有很大的增長空間。或許您可以談談您對自動化長期發展的看法？那麼，從利潤率來看，這能為你帶來多少收益呢？然後或許還有更快的整體成長能力？

I'll take a stab and then if Alex says anything else. Look, we've always looked at enhancing productivity, easing the work by trying to error-proof and take out cycle time. What's manual, how can we automate? We have a lot of success with cobots across the organization on a localized level.

我先猜一下，然後再看看 Alex 有沒有其他說法。你看，我們一直致力於提高生產效率，透過避免出錯和縮短週期時間來簡化工作。哪些是手動操作，我們如何實現自動化？我們在組織內部各個層面，尤其是在局部範圍內，使用協作機器人取得了巨大的成功。

I would be completely honest, Tony, I'm not sure what the technology is that you saw, what type of facility. There are certain technologies that just warrant themselves to complete automation from start to finish and that level of investment. There is no one Crane site that I can think of that would have that type of vision. It will continue to be -- while automation is clearly a direction that we will go down, it tends to be very spot based and specific to very specific tasks that continue to take out variation overburden on our associates.

坦白說，東尼，我不太清楚你看到的是什麼技術，是什麼類型的設施。有些技術本身就值得從頭到尾實現完全自動化，也值得投入相對應的資金。我想不出有哪家起重機公司會擁有那種遠見卓識。情況還會繼續如此——雖然自動化顯然是我們未來的發展方向，但它往往是局部性的，專門針對非常具體的任務，從而繼續減輕我們員工的額外負擔。

At some point in the future, do you link work centers to begin to get flow, sells that flow. The human element for us will always be important in the near future with the type of work that we do across the organization. So I see it as part of the broader strategy for us holistically as we drive productivity on a number of fronts. But that is not one that you would say Crane is going to get down the path of completely automated facilities.

在未來的某個時候，你是否將工作中心連結起來，開始實現流程化，並銷售這種流程？在不久的將來，鑑於我們在整個組織中進行的工作類型，人的因素對我們來說始終非常重要。所以我認為這是我們整體策略的一部分，旨在從多個方面提高生產力。但你不能說Crane會走上完全自動化設施的道路。

Yes. Just to add to Max's, like he said, very specific areas where work is difficult to make it more reliable. So we have a lot of projects in that, not factory-wide automation. The second area where we're investing in automation is just where skilled labor is difficult to get like welding. So we're trying to get more and more automated and various welding applications.

是的。正如 Max 所說，在某些特定領域，要讓工作更可靠確實很困難。所以我們有很多這方面的項目，但不是全廠自動化。我們投資自動化的第二個領域是那些難以找到熟練勞動力的領域，例如焊接。因此，我們正努力實現越來越多的自動化焊接應用和各種焊接應用。

So again, to summarize, more focused on specific tasks that are difficult to maintain and then trying to address skilled workforce gaps more so than fully automating a particular factor.

綜上所述，與其完全自動化某個特定因素，不如更專注於難以維持的特定任務，並努力解決技能型勞動力缺口問題。

(Operator Instructions) Scott Deuschle, Deutsche Bank.

（操作員指示）Scott Deuschle，德意志銀行。

I'm going to be beat up on Rich with a few follow-ups. First is the F-16 break retrofit program still on track to hit that $30 million revenue target for 2026?

我接下來肯定會因為一些後續問題而對Rich進行猛烈抨擊。首先，F-16 戰鬥機改裝計畫是否仍能按計畫實現 2026 年 3,000 萬美元的收入目標？

Yes, it is.

是的。

Okay. And then for 2025, there's essentially nothing in the base, right?

好的。那麼到 2025 年，基本上就什麼都沒有了，對吧？

Correct.

正確的。

Okay. And then Rich, is it fair to think that any organic growth accelerates next year, given what seems to be a story of acceleration across commercial OE, military and military aftermarket?

好的。那麼，Rich，考慮到商業 OE、軍事和軍事售後市場似乎都在加速成長，認為明年任何有機成長都會加速成長是否合理？

I would say that when you think about how our external guidance over the long term has been 7% to 9%. I think it's safe to say we'll be at the high end of that range at this point, Scott.

我想說的是，考慮到我們長期的外部預期成長率在 7% 到 9% 之間。史考特，我認為可以肯定地說，我們現在應該已經處於這個範圍的高端了。

Commercial OE continues to be a positive. I think what we're continuing to -- we're going to be meeting with our teams on -- from a plan standpoint is on the aftermarket discussion, right, which is -- it's been much stronger than we even anticipated coming into this year. Does that pace year-over-year on a comp basis continue? Or what does that mix look like? I think that is the unknown for us right now.Is that fair?

商業原廠配套市場持續保持積極態勢。我認為我們將繼續與團隊開會討論——從計劃的角度來看——售後市場，對吧，它比我們今年年初預期的要強勁得多。這種同比增速能否持續？或者說，這種混合體看起來是什麼樣的？我認為這是我們目前面臨的未知數。這樣說對嗎？

Yes, I do think that's fair. I think our algorithm there still holds. But what elements would be OE versus aftermarket is going to be something that we'll be easing out over the next couple of months. But as you're thinking about it, Scott, I would -- I would look at that long-term algorithm in the way I position it where we think we're going to fall.

是的，我認為這很公平。我認為我們那邊的演算法仍然適用。但哪些零件屬於原廠配套零件，哪些屬於售後市場零件，我們將在接下來的幾個月中逐步明確。但是，史考特，當你思考這個問題的時候，我會——我會從長遠角度來看待這個演算法，看看我們最終會落在哪裡。

Okay. And then just one last one to corporate costs. PAUSE Is this level is $85 million number? Is this a level you think you can hold for next year? Or is that going to want to grow next year with PSI coming in? Anything like that?

好的。最後還有一項是公司成本。暫停。這個等級是8500萬美元嗎？你認為明年你能維持這個水準嗎？或者說，隨著PSI的加入，明年它是否希望發展壯大？類似這樣的嗎？

Yes. No, we don't see it growing next year. To be frank with you. You look at what our rate is today, it's like, I don't know, 3.8%. I would expect that to go down and we're going to leverage the growth and you'll see it closer to 3% next year, all up online.

是的。不，我們預計明年不會成長。坦白說。你看看我們今天的利率，大概是，我不知道，3.8%。我預計這個數字會下降，我們將利用成長勢頭，明年你會看到它接近 3%，全部來自線上管道。

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

今天的電話會議問答環節到此結束。現在我謹將電話交給馬克斯·米切爾，請他作總結發言。

Thank you all for joining us today. We often talk about the Crane business system that is our foundational and holistic operating system. Many companies claim to have some form of an operating system, and I often get the question from investors as to what makes ours unique. We believe it is the intensity of the culture, people, and processes and how we apply the principles to our processes down to the smallest details, which makes the Crane business system unique.

感謝各位今天蒞臨。我們經常談到 Crane 業務系統，它是我們的基礎性和整體性營運系統。許多公司都聲稱擁有某種形式的作業系統，投資人經常問我，我們的作業系統有何獨特之處。我們認為，正是企業文化、員工和流程的精髓，以及我們如何將這些原則應用到流程的每一個細節，才使得 Crane 的業務體系獨樹一幟。

Results are celebrated, but never good enough. And every detail is important to us moving forward. As the late great Giorgio Armani said, to create something exceptional, your mindset must be relentlessly focused on the smallest detail. At Crane, our teams are relentless with the details, building a stronger and more exceptional Crane.

結果固然值得慶祝，但人們總是覺得自己不夠好。每一個細節對我們未來的發展都至關重要。正如已故的偉大設計師喬治·阿瑪尼所說，要想創造出非凡之作，你的思維必須始終專注於最小的細節。在Crane，我們的團隊一絲不苟地關注細節，致力於打造更強大、更卓越的Crane。

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

感謝各位對Crane公司的關注，也感謝大家今天早上抽出寶貴時間聆聽我的演講。祝你有美好的一天。

This concludes today's Crane Company's third-quarter 2025 earnings conference call. Please disconnect your line at this time and have a wonderful day.

今天的Crane公司2025年第三季財報電話會議到此結束。請您暫時斷開電話，祝您有美好的一天。