Carpenter Technology Corp (CRS) 2025 Q1 法說會逐字稿

Good day and welcome to the Carpenter Technology fiscal first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. John Huyette. Please go ahead.

美好的一天，歡迎參加 Carpenter Technology 2025 財年第一季財報電話會議。（操作員說明）請注意此事件正在被記錄。現在我想把會議交給約翰·休耶特先生。請繼續。

Thank you operator. Good morning, everyone and welcome to the Carpenter Technology earnings conference call for the fiscal 2025 first quarter ended September 30, 2024. This call is also being broadcast over the internet along with presentation slides. For those of you listening by phone, you may experience a time delay in slide movement.

謝謝運營商。大家早安，歡迎參加 Carpenter Technology 截至 2024 年 9 月 30 日的 2025 財年第一季財報電話會議。這次電話會議也與簡報幻燈片一起透過網路進行廣播。對於那些透過電話收聽的人，您可能會遇到幻燈片移動的時間延遲。

Speakers on the call today are Tony Thene, President and Chief Executive Officer; and Tim Lain, Senior Vice President and Chief Financial Officer. Statements made by management during this earnings presentation that are forward-looking statements are based on current expectations. Risk factors that could cause actual results to differ materially from these forward-looking statements can be found in Carpenter Technology's most recent SEC filings including the company's report on Form 10-K for the year ended June 30, 2024 and the exhibits attached to those filings.

今天電話會議的發言人是總裁兼執行長 Tony Thene；以及資深副總裁兼財務長 Tim Lain。管理階層在本收益報告中發表的前瞻性聲明是基於目前的預期。可能導致實際結果與這些前瞻性陳述有重大差異的風險因素可以在Carpenter Technology 最近向SEC 提交的文件中找到，包括該公司截至2024 年6 月30 日的10-K 表格報告以及這些文件所附的證據。

Please also note that in the following discussion unless otherwise noted when management discuss the sales or revenue, that reference excludes surcharge. When referring to operating margins that is based on adjusted operating income, excluding special items and sales excluding surcharge.

另請注意，在以下討論中，除非管理層在討論銷售額或收入時另有說明，否則該參考內容不包括附加費。當指營業利潤率時，營業利潤率是基於調整後的營業收入，不包括特殊項目和不包括附加費的銷售額。

I will now turn the call over to Tony.

我現在將把電話轉給托尼。

Thank you John and good morning to everyone on the call today. I will begin on slide 4 with a review of our safety performance. For the first quarter of fiscal year 2025, our total case incident rate was 1.2. This improvement represents a step in the right direction. Our rate has been elevated over the last couple of years as we integrated a large number of new employees into our operations, many of them with little or no experience with an engaged safety culture.

謝謝約翰，今天參加電話會議的每個人都早安。我將從投影片 4 開始回顧我們的安全績效。2025 財年第一季度，我們的總個案發生率為 1.2。這項改進代表了朝著正確方向邁出的一步。在過去的幾年裡，我們的比率有所提高，因為我們將大量新員工納入我們的營運中，其中許多人在參與安全文化方面很少或根本沒有經驗。

During this time, we have invested in training programs for our employees with a focus on identifying potential risks and minimizing the severity of injuries. As our employees gain experience and develop in our safety-focused culture, we are seeing an improvement in our safety performance. But we still have more to do. Our goal is to be a zero-injury workplace and we will continue to invest and work to achieve that goal.

在此期間，我們投資於員工培訓計劃，重點是識別潛在風險並最大程度地減少傷害的嚴重程度。隨著我們的員工獲得經驗並在以安全為中心的文化中發展，我們看到我們的安全績效得到了改善。但我們還有更多工作要做。我們的目標是成為零傷害工作場所，我們將繼續投資並努力實現這一目標。

Let's turn to slide 5 for an overview of our first quarter performance. Obviously, a great start to fiscal year 2025 with record first quarter earnings and a positive step up to our full fiscal year 2025 earnings guidance. Specifically in the first quarter of fiscal year 2025, we generated $117 million in adjusted operating income, the most profitable first quarter on record. This 70% increase over our then record first quarter of fiscal year 2024 is the result of continued improvement in productivity, product mix, optimization, and pricing actions.

讓我們轉向投影片 5 來概述我們第一季的業績。顯然，這是 2025 財年的良好開端，第一季獲利創歷史新高，並積極向我們的 2025 財年全年獲利指引邁進。具體而言，在 2025 財年第一季度，我們實現了 1.17 億美元的調整後營業收入，這是有史以​​來利潤最高的第一季。與當時創紀錄的 2024 財年第一季相比，成長了 70%，這是生產力、產品組合、優化和定價行動持續改善的結果。

It is a testament to our solid execution, strong market position, and unique capacity and capabilities that we are able to achieve these record earnings during a time of near-term uncertainty in the aerospace supply chain. This is a strong indicator of our ability to produce continued earnings growth acceleration as the aerospace supply chain, not only stabilizes, but embarks on an aggressive build rate ramp in the near term.

在航空航太供應鏈近期不確定的時期，我們能夠實現這些創紀錄的收益，這證明了我們紮實的執行力、強大的市場地位以及獨特的能力和能力。這是一個強有力的指標，顯示我們有能力實現持續的獲利成長加速，因為航空航太供應鏈不僅趨於穩定，而且在短期內開始積極提高建造率。

Notably, the SAO segment continues to exceed expectations, delivering $134.5 million in operating income with an adjusted operating margin of 26.3%. This is a meaningful step up from the 19.4% in the first quarter of the previous year.

值得注意的是，SAO 部門持續超出預期，實現營業收入 1.345 億美元，調整後營業利潤率為 26.3%。與去年第一季的 19.4% 相比，這是一個有意義的進步。

The focus productivity efforts are evident within the SAO results as we were able to increase adjusted operating margin even with lower sequential shipments. Further, we generated $13.3 million of adjusted free cash flow during the quarter with $40.2 million of cash from operations.

SAO 的結果顯示了我們對生產力的關注，因為即使連續出貨量較低，我們也能夠提高調整後的營業利潤率。此外，本季我們產生了 1,330 萬美元的調整後自由現金流，其中營運現金為 4,020 萬美元。

In addition, we repurchased $32 million in shares during the first quarter as a part of our $400 million share repurchase program which was announced on the last earnings call. Altogether, our first quarter performance sets a strong foundation for our fiscal year 2025 financial goals which I will discuss in more detail later in the presentation.

此外，我們在第一季回購了 3,200 萬美元的股票，作為上次財報電話會議上宣布的 4 億美元股票回購計畫的一部分。總而言之，我們第一季的業績為我們 2025 財年的財務目標奠定了堅實的基礎，我將在稍後的演示中更詳細地討論這一目標。

Now let's turn to slide 6 and take a closer look at our first quarter sales and market dynamics. In the first quarter of fiscal year 2025 sales decreased 9% sequentially and increased 17% year-over-year. Sales were roughly as expected with the majority of the sequential sales decline driven by our planned maintenance outages as we discussed on the last earnings call.

現在讓我們轉到投影片 6，仔細看看我們第一季的銷售和市場動態。2025 財年第一季銷售額較上季下降 9%，較去年同期成長 17%。正如我們在上次財報電話會議上討論的那樣，銷售額大致符合預期，其中大部分連續銷售額下降是由我們計劃的維護中斷造成的。

In the aerospace and defense end-use market, sales were down 7% sequentially and up 34% year-over-year. Aerospace and defense first quarter sales represented our best first quarter on record, being our next best first quarter by over 20%. Within aerospace and defense, engine sales were roughly flat sequentially. Engine sales continue to see strong MRO demand and customers continue to work to get caught up on past due demand.

在航空航太和國防最終用途市場，銷售額較去年同期下降 7%，較去年同期成長 34%。航空航太和國防第一季的銷售額是我們有史以來最好的第一季度，比我們第二好的第一季成長了 20% 以上。在航空航太和國防領域，引擎銷售量較上季基本持平。引擎銷售繼續看到強勁的 MRO 需求，客戶繼續努力趕上逾期的需求。

Defense sales were up sequentially as defense demand remains robust due to ongoing world events and strong pull for advanced critical solutions. The other aerospace submarkets were down sequentially largely reflecting available manufacturing capacity in the quarter, as I mentioned earlier. Altogether, our aerospace and defense shipments ended in line with our expectations and represent another very strong quarter.

由於持續發生的世界事件和對先進關鍵解決方案的強勁需求，國防需求仍然強勁，因此國防銷售持續成長。正如我之前提到的，其他航空航太子市場連續下降主要反映了本季的可用製造能力。總而言之，我們的航空航太和國防出貨量符合我們的預期，代表著另一個非常強勁的季度。

Moving to our medical end use market, sales were down 20% sequentially and up 10% year-over-year. Together with aerospace and defense, the two end-use markets continue to grow in share of overall revenue at approximately 74% of our total sales. Patient demand and patient backlogs continue to grow and the overall outlook for market demand remains positive. And we have realized very strong growth in medical, well above market rates as indicated by our year-over-year growth.

轉向我們的醫療最終用途市場，銷售額環比下降 20%，年增 10%。與航空航太和國防一起，這兩個最終用途市場在總收入中所佔的份額持續增長，約占我們總銷售額的 74%。患者需求和患者積壓量持續成長，市場需求整體前景仍樂觀。我們在醫療領域實現了非常強勁的成長，正如我們的同比增長所表明的那樣，遠高於市場水平。

The sequential decrease in sales is partly driven by lower shipments due to fewer operating days in the quarter. We also had some delayed shipments in our Dynamet facility due to the hurricane in Florida, and we are coming off a record sequential quarter for comparison. We are reminded daily of how critical our solutions are in the medical end-use market, as our customers continue to emphasize the desire to grow further with us in a variety of new applications that require our unique material solutions.

銷售額季減的部分原因是本季營業天數減少導致出貨量下降。由於佛羅裡達州的颶風，我們的 Dynamet 工廠的發貨也出現了一些延遲，並且我們即將創下連續季度的歷史記錄，以進行比較。我們每天都會意識到我們的解決方案在醫療最終用途市場中的重要性，因為我們的客戶不斷強調希望在需要我們獨特材料解決方案的各種新應用中與我們進一步發展。

Looking at the energy end-use market, sales were up 8% sequentially and up 35% year-over-year driven by ongoing high demand and positive long term fundamentals. Notably in power generation, we have seen increasing urgent demand for our materials, giving us the ability to opportunistically shift production to support the demand. The alloys that go into these applications are similar to our aerospace materials and carry similar margins.

看看能源最終用途市場，在持續的高需求和積極的長期基本面的推動下，銷售額環比增長 8%，同比增長 35%。尤其是在發電領域，我們看到對材料的迫切需求不斷增加，這使我們能夠趁機轉移生產來滿足需求。用於這些應用的合金與我們的航空材料相似，並且具有相似的利潤。

We are working with our power generation customers to continue to identify opportunities to slot the demand into our production schedules. All together underlying demand in our key in use markets remains robust and our long-term outlook continues to be strong.

我們正在與發電客戶合作，繼續尋找機會將需求納入我們的生產計劃。總的來說，我們主要使用市場的潛在需求仍然強勁，我們的長期前景仍然強勁。

Now, I will turn it over to Tim for the financial summary.

現在，我將把財務摘要交給提姆。

Thanks, Tony. Good morning, everyone. I'll start on slide 8, the income statement summary. Starting at the top, sales excluding surcharge increased 17% year-over-year on 3% higher volume. Sequentially, sales were down 9% with a similar reduction in volume.

謝謝，托尼。大家早安。我將從第 8 張投影片開始，即損益表摘要。從頂部開始，不計附加費的銷售額年增 17%，銷量增長 3%。隨後，銷售額下降了 9%，銷量也出現了類似的下降。

The year-over-year growth in net sales was driven by our improving productivity combined with the ongoing shift in product mix as we continue to focus our capacity on our most profitable products, as well as the realization of higher prices.

淨銷售額的同比增長是由於我們生產力的提高以及產品結構的持續轉變（我們繼續將產能集中在最有利可圖的產品上）以及實現更高的價格推動的。

The improving productivity and product mix is evident in our gross profit which increased to $176.3 million in the current quarter up 42% from the same quarter last year. SG&A expenses were $59.1 million in the first quarter, up $4 million from the same quarter last year and down roughly $6 million sequentially. Note, the SG&A line includes corporate costs which totaled $24.4 million in the recent first quarter when excluding the special item.

生產力和產品組合的改善體現在我們的毛利上，本季毛利增至 1.763 億美元，比去年同期成長 42%。第一季的 SG&A 費用為 5,910 萬美元，比去年同期增加 400 萬美元，比上一季減少約 600 萬美元。請注意，SG&A 專案包括最近第一季總計 2,440 萬美元的企業成本（不包括特殊專案）。

As we said last quarter, we expect corporate costs to be approximately $23million to $24 million per quarter for the balance of fiscal year 2025. Operating income was $113.6 million in the current quarter or $117.2 million of adjusted operating income, which is 70% higher than the $69 million in our first quarter of fiscal year 2024.

正如我們上季度所說，我們預計 2025 財年剩餘時間的企業成本約為每季 2,300 萬至 2,400 萬美元。本季營業收入為 1.136 億美元，調整後營業收入為 1.172 億美元，比 2024 財年第一季的 6,900 萬美元高出 70%。

As Tony mentioned earlier, this represents a record first quarter operating income result. We continue to build operating momentum and expand margins delivering total company adjusted operating margin of 20.3% in the current quarter.

正如托尼之前提到的，這代表了創紀錄的第一季營業收入結果。我們持續增強營運動力並擴大利潤率，本季公司調整後的總營運利潤率為 20.3%。

Moving on to our effective tax rate excluding special items, which was 16.4% in the current quarter. The effective tax rate was comparable to the same quarter last year due to benefits associated with vesting of certain equity awards in both quarters.

接下來是不包括特殊項目的有效稅率，本季為 16.4%。由於兩季與某些股權獎勵的歸屬相關的收益，有效稅率與去年同期相當。

For fiscal year 2025, we continue to expect the effective tax rate to be in the range of 21% to 23%. Adjusted earnings per diluted share was $1.73 per share for the quarter. The adjusted earnings per diluted share results exclude the impact of restructuring and asset impairment charges associated with actions to streamline our additive operations.

對於 2025 財年，我們繼續預期有效稅率將在 21% 至 23% 的範圍內。本季調整後每股攤薄收益為每股 1.73 美元。調整後的稀釋每股盈餘結果不包括與精簡增材業務相關的重組和資產減損費用的影響。

In summary, the adjusted earnings per diluted share results for the quarter of $1.73 demonstrates solid execution in a challenging near term operating environment given the supply chain uncertainty in the aerospace industry.

總而言之，鑑於航空航太業供應鏈的不確定性，本季調整後每股攤薄收益為 1.73 美元，這表明在充滿挑戰的近期營運環境中執行力強勁。

Now turning to slide 9 and our SAO segment results. Net sales excluding surcharge for the first quarter were $510.9 million. On a year-over-year basis, sales were up 22% on flat volume. The year-over-year comparison reflects the impacts of higher realized prices and an improving product mix as we actively managed our portfolio to focus on using our capacity for the highest margin solutions.

現在轉向幻燈片 9 和我們的 SAO 部分結果。第一季不計附加費的淨銷售額為 5.109 億美元。銷量較去年同期成長 22%，銷量持平。同比比較反映了更高的實現價格和不斷改善的產品組合的影響，因為我們積極管理我們的產品組合，專注於利用我們的產能來提供最高利潤的解決方案。

As we had anticipated, sales were down 9% sequentially on 12% lower volume reflecting the impacts of equipment availability across the operations due to planned maintenance activities and fewer working days offset by realization of higher prices.

正如我們預期的那樣，銷售額環比下降 9%，銷量下降 12%，反映出由於計劃維護活動和因價格上漲而抵消的工作日減少對整個營運部門的設備可用性的影響。

Moving operating results, SAO reported operating income of $134.5 million in the first quarter of fiscal year 2025. As Tony mentioned, the operating results exceeded our expectations and represent a record first quarter for SAO. The improvements we have made in areas of productivity, product mix, and pricing are evident in the adjusted operating margin which has increased to 26.3% in the current period.

在營運績效方面，SAO 報告 2025 財年第一季營運收入為 1.345 億美元。正如 Tony 所提到的，營運表現超出了我們的預期，創下了 SAO 第一季的紀錄。我們在生產力、產品組合和定價方面取得的進步在調整後的營業利潤率中顯而易見，本期營業利潤率已增至 26.3%。

Some additional context for the current quarter's results. On a sequential basis, operating income was down $6.4 million, despite a $48.6 million reduction in sales. This is meaningful and demonstrates the team's efforts to realize further price increases and closely manage costs while enhancing productivity.

當前季度業績的一些額外背景。儘管銷售額減少了 4,860 萬美元，但營業收入較上季下降了 640 萬美元。這是有意義的，顯示團隊為實現進一步提價、嚴格管理成本、同時提高生產力而付出的努力。

The SAO team remains focused on executing actions to further increase and maintain consistent production levels and to actively manage the product mix to maximize capacity for our most profitable products. The SAO's team focus remains unchanged from the last several quarters. In the current environment, the focus is even more relevant as we actively manage our production schedules to adjust to changing customer priorities.

SAO 團隊仍然專注於執行行動，以進一步提高和維持穩定的生產水平，並積極管理產品組合，以最大限度地提高我們最有利可圖的產品的產能。SAO 的團隊重點與過去幾季相比保持不變。在當前環境下，隨著我們積極管理生產計劃以適應不斷變化的客戶優先事項，重點更加重要。

Looking ahead to our upcoming second quarter of fiscal year 2025, we anticipate SAO will generate operating income in the range of $134 million to $139 million.

展望即將到來的 2025 財年第二季度，我們預計 SAO 將產生 1.34 億至 1.39 億美元的營業收入。

Now turning to slide 10 and our PEP segment results. Net sales excluding surcharge in the first quarter of fiscal year 2025 were $92.4 million, roughly flat from the same quarter a year ago and down 10% sequentially. In the current quarter, PEP reported operating income of $7.3 million compared to $9.1 million in the same quarter a year ago and $10.6 million in the fourth quarter of fiscal year 2024.

現在轉向幻燈片 10 和我們的 PEP 部分結果。2025 財年第一季不計附加費的淨銷售額為 9,240 萬美元，與去年同期基本持平，季減 10%。PEP 本季的營業收入為 730 萬美元，而去年同期為 910 萬美元，2024 財年第四季為 1,060 萬美元。

As we said in the past, Dynamet is the driver of the PEP segment. As Dynamet represents a significant portion of PEP sales and an even greater percentage of PEP's profitability. Dynamet fundamentals are very comparable to SAO, including a strong market demand backdrop in the medical and aerospace end use markets which accounts for approximately 95% of their sales.

正如我們過去所說，Dynamet 是 PEP 細分市場的推動者。因為 Dynamet 佔 PEP 銷售額的很大一部分，並且佔 PEP 獲利能力的比例甚至更高。Dynamet 的基本面與 SAO 非常相似，包括醫療和航空航天最終用途市場強勁的市場需求背景，約佔其銷售額的 95%。

The focus of Dynamet has been and will continue to be working to improve productivity and expand capacity to increase our output. Those efforts have driven improved results in Dynamet, which has increased profitability by 50% in our recent first quarter compared to the same period last year.

Dynamet 的重點一直並將繼續致力於提高生產力和擴大產能以增加我們的產量。這些努力推動了 Dynamet 業績的改善，最近第一季的獲利能力與去年同期相比增加了 50%。

With that said, Dynamet is not the only business in PEP. Our additive business, although not material to overall Carpenter Technology has recently seen a push out of demand from certain key strategic customers. With that in mind, we currently anticipate that in the upcoming second quarter of fiscal year 2025, the PEP segment will deliver operating income in the range of $6 million to $7.5 million.

話雖如此，Dynamet 並不是 PEP 領域的唯一企業。我們的積層業務雖然對整體木匠技術來說並不重要，但最近發現某些關鍵策略客戶的需求減少。考慮到這一點，我們目前預計，在即將到來的 2025 財年第二季度，PEP 部門將實現營業收入在 600 萬至 750 萬美元之間。

Now turning to slide 11 and a review of cash flow. In the current quarter, we generated $40.2 million of cash from operating activities compared to $7.4 million in the same quarter last year. The results were driven by improving profitability and disciplined working capital management.

現在轉向幻燈片 11 並回顧現金流量。本季度，我們從營運活動中產生了 4,020 萬美元的現金，而去年同期為 740 萬美元。這些成果得益於獲利能力的提高和嚴格的營運資本管理。

The cash generation in the current quarter is an important step towards delivering our full fiscal year adjusted free cash flow target. For the current quarter, we spent just under $27 million on capital expenditures.

本季的現金產生是實現我們整個財年調整後自由現金流目標的重要一步。本季度，我們的資本支出略低於 2,700 萬美元。

Our target for capital spending in fiscal year 2025 remains at $125 million. With those details in mind, we reported adjusted free cash flow of $13.3 million in the first quarter of fiscal year 2025. Beyond the cash flow we generated, we began executing against the recently authorized share repurchase program. In the first quarter of fiscal year 2025, we purchased $32 million of shares against the $400 million authorization.

我們 2025 財年的資本支出目標仍為 1.25 億美元。考慮到這些細節，我們報告 2025 財年第一季調整後自由現金流為 1,330 萬美元。除了我們產生的現金流量之外，我們也開始執行最近授權的股票回購計畫。在 2025 財年第一季度，我們根據 4 億美元的授權購買了 3,200 萬美元的股票。

The share repurchase program reflects our balanced approach to capital allocation and complements the long-standing quarterly dividend. Finally, our liquidity remains healthy. We ended the first quarter of fiscal year 2025 with $499.1 million of total liquidity. That includes $150.2 million of cash and $348.9 million of available borrowings on our credit facility.

股票回購計畫反映了我們平衡的資本配置方法，並補充了長期的季度股利。最後，我們的流動性保持健康。截至 2025 財年第一季度，我們的流動資金總額為 4.991 億美元。其中包括 1.502 億美元的現金和 3.489 億美元的信貸額度可用借款。

With that, I'll turn the call back to Tony.

說完，我會把電話轉回給東尼。

Thanks, Tim. Now let's turn to the fiscal year 2025 outlook. We have been on a remarkable journey over the last two years. At our Investor Day in May 2023, we laid out a path to double our fiscal year 2019 operating income by fiscal year 2027. That four-year goal represented a 40% compounded annual growth rate for operating income from our expected fiscal year 2023 performance.

謝謝，蒂姆。現在讓我們轉向 2025 財年展望。過去兩年我們經歷了一段非凡的旅程。在 2023 年 5 月的投資者日上，我們制定了 2027 財年將 2019 財年營業收入翻倍的路線。此四年目標代表我們預期 2023 財年業績的營業收入複合年增長率為 40%。

Even with such impressive growth, there were opportunities to exceed expectations by improving productivity, optimizing product mix, and realizing pricing actions. As many of you follow along, we did just that, accelerating our earnings growth through fiscal year 2024. This led us to pull in our goal twice.

即使成長如此驚人，仍有機會透過提高生產力、優化產品組合和實現定價行動來超越預期。正如你們許多人所關注的那樣，我們就是這麼做的，在 2024 財年加速了我們的獲利成長。這導致我們兩次實現目標。

First during our April 2024 earnings call, we pulled our goal ahead at least one year into fiscal year 2026. This increased operating income, compounded annual growth rate to approximately 55% over a three-year period. Then in our July 2024 earnings call, we pulled our goal in another full year, following a record year of profitability. The goal pulled in two full years now represents an operating income compounded annual growth rate of over 90% from FY23 to FY25.

首先，在 2024 年 4 月的財報電話會議上，我們將目標提前到 2026 財年至少一年。這增加了營業收入，三年內複合年增長率達到約 55%。然後，在 2024 年 7 月的財報電話會議上，我們在創紀錄的盈利一年後又實現了全年目標。現在，兩年內達成的目標意味著從 2023 財年到 2025 財年營業收入複合年增長率超過 90%。

After a strong start to fiscal year 2025, we are now increasing our guidance again to the high end of the $460 million to $500 million range. We believe we can achieve this despite the current uncertainties in the aerospace supply chain because of our continued execution, strong market position, and unique capacity and capabilities. And the team is not satisfied with just meeting targets. Our team is focused on exceeding expectations. To that end, we have line of sight activity that could push operating income for fiscal year 2025 even higher, above the $500 million mark.

在 2025 財年取得強勁開局之後，我們現在再次將指導方針提高至 4.6 億至 5 億美元範圍的上限。我們相信，儘管目前航空航太供應鏈存在不確定性，但憑藉我們持續的執行力、強大的市場地位以及獨特的產能和能力，我們能夠實現這一目標。團隊並不滿足於僅僅實現目標。我們的團隊致力於超越期望。為此，我們的視線活動可能會將 2025 財年的營業收入推高至 5 億美元以上。

They include improving productivity to unlock incremental capacity and working with customers to pull in high value orders. And as we look ahead, what is now our fiscal year 2025 target will not be the peak of our earnings growth based on our current projections. The same dynamics that are driving our current performance are expected to only get stronger into the future.

其中包括提高生產力以釋放增量產能，以及與客戶合作以獲得高價值訂單。展望未來，根據我們目前的預測，我們現在的 2025 財年目標將不會是我們獲利成長的高峰。推動我們當前業績的動力預計在未來只會變得更強。

The fundamentals of the aerospace industry remain strong with more people wanting to fly than ever before. And macro trends are pushing our customers across our end-use markets to our highly specialized material solutions, as we've seen in the medical use market. As a result, our customers remain focused on the surety of supply to meet their long-term growth needs. We believe that through solid execution, our strong market position, and our unique capabilities, we are well positioned to continue our earnings growth momentum.

航空航太業的基本面仍然強勁，想要飛行的人比以往任何時候都多。正如我們在醫療用途市場中所看到的那樣，宏觀趨勢正在推動我們的最終用途市場客戶轉向我們高度專業化的材料解決方案。因此，我們的客戶仍然專注於供應的保證，以滿足他們的長期成長需求。我們相信，透過紮實的執行力、強大的市場地位和獨特的能力，我們有能力繼續保持獲利成長動能。

Now let's turn to the next slide for my closing comments. To close, let me summarize our first quarter performance and outlook. Carpenter Technology just delivered a record first quarter, a 70% increase over the first quarter a year ago, which was then a record for the company. We increased margins in our SAO segment again reaching 26.3%, a new all-time high.

現在讓我們翻到下一張投影片來發表我的結束語。最後，讓我總結一下我們第一季的業績和前景。卡朋特科技剛剛實現了創紀錄的第一季業績，比一年前第一季成長了 70%，這在當時是該公司的紀錄。我們 SAO 業務的利潤率再次提高，達到 26.3%，創下歷史新高。

We generated positive adjusted free cash flow in the quarter. We began executing against our $400 million share repurchase program returning cash to our shareholders. And after pulling a four-year target in by two years today, we've increased our guidance again to the top end of the $460 million to $500 million range for fiscal year 2025, with a drive to go beyond the $500 million mark.

我們在本季產生了正的調整後自由現金流。我們開始執行 4 億美元的股票回購計劃，並向股東返還現金。今天，在將四年目標提前兩年後，我們再次將 2025 財年的指引上調至 4.6 億至 5 億美元範圍的上限，並力爭突破 5 億美元大關。

All of this, despite the current near term uncertainties in the aerospace supply chain. Further, we see our long-term growth outlook strengthening. Demand across in these markets continues to grow as we expand relationship with our customers to address their challenges and capture growth opportunities. And we remain focused on improving our execution as demonstrated by our accelerating performance over the last several quarters. We believe we are in the early stages of our growth journey and we will continue to live our values as we drive to exceptional near term and long-term performance. Thank you for your attention.

儘管航空航天供應鏈目前存在短期不確定性，但這一切都是如此。此外，我們認為我們的長期成長前景正在增強。隨著我們擴大與客戶的關係以應對他們的挑戰並抓住成長機會，這些市場的需求持續成長。我們仍然專注於提高我們的執行力，過去幾季我們不斷加速的業績就證明了這一點。我們相信，我們正處於成長之旅的早期階段，我們將繼續實踐我們的價值觀，努力實現卓越的近期和長期業績。感謝您的關注。

And now I will turn the call back to the operator.

現在我將把電話轉回給接線生。

Thank you. We will now begin the question-and-answer session. (Operator instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Gautam Khanna, TD Cowen.

高塔姆·卡納，TD·考恩。

Hi, good morning, guys.

嗨，早上好，夥計們。

Hey, good morning, Gautham.

嘿，早上好，高瑟姆。

Tony, I wanted to get your -- some color from you on what's going on with respect to the aerospace customers? Are you seeing any de-stocking or deferral requests? And if so, kind of, in which product areas? And then you've mentioned backlogs remain at near record highs. I'm just curious like the incoming orders slow down, just given the strike, and everything else wanted to get your perspective on that. Thanks.

托尼，我想聽聽您對航空航太客戶的情況有何看法？您是否看到任何去庫存或延期請求？如果是的話，大概是在哪些產品領域？然後你提到積壓仍然接近歷史高點。我只是好奇，由於罷工，收到的訂單速度減慢了，其他一切都想了解您對此的看法。謝謝。

Yeah, thanks, Gautam. Good questions. There's a couple in there. So let me kind of take them one by one. First, orders for the quarter. I don't want to get into specific figures, but I can say the incoming orders were down sequentially, although they accelerated towards the end of the quarter, obviously we're coming off a record booking quarter, last quarter. So it's a -- we're comparing to a very high, a very high point.

是的，謝謝，高塔姆。好問題。裡面有一對情侶。讓我一一介紹。首先是本季的訂單。我不想透露具體數字，但我可以說，收到的訂單連續下降，儘管它們在本季度末加速，顯然我們正在結束上個季度創紀錄的預訂季度。所以我們正在與一個非常高的點進行比較。

I can also add, obviously with what's going on in the market today, you have some of the aerospace customers are taking a bit of a wait-and-see approach, especially those that are very heavily weighted towards Boeing. But that's been all set with strengthening orders in other end-use markets, specifically power generation when you see the big demand from AI data centers. So that's been a positive offset.

我還可以補充一點，顯然，根據當今市場的情況，一些航空航太客戶正在採取觀望態度，尤其是那些對波音非常重視的客戶。但這一切都已經隨著其他最終用途市場的訂單增加而做好了準備，特別是當你看到人工智慧資料中心的龐大需求時，發電市場的訂單就增加了。所以這是一個積極的抵消。

I mean, overall the backlog still is above $2 billion lead times and key products still remain extended. So certainly, there's some uncertainty in the aerospace market today, but we have a very healthy order backlog and the orders intake coming in seems strong as well. So that covers your backlog and your order intake question.

我的意思是，總體而言，積壓的交貨時間仍然超過 20 億美元，而且關鍵產品仍然處於延長狀態。當然，今天的航空航太市場存在一些不確定性，但我們的積壓訂單非常健康，而且收到的訂單似乎也很強勁。這涵蓋了您的積壓訂單和訂單接收問題。

I think the other question you had was really about how customers are reacting right now and do we see any type of deferrals or, I think you said inventory build in the system? And I can address that one by saying, obviously, we don't have perfect visibility into the inventory throughout such an extensive supply chain. And certainly the supply chain doesn't always operate smoothly as you well know. So there's always been this tendency of building and then deep building.

我認為您提出的另一個問題實際上是關於客戶現在的反應如何，我們是否看到任何類型的延期，或者我認為您說的是系統中的庫存建立？我可以說，顯然，我們對如此廣泛的供應鏈中的庫存沒有完美的可見性。當然，如您所知，供應鏈並不總是運作順利。所以一直存在這種先建設再深入建設的趨勢。

What I can say though with a high level of confidence is first as it relates to MRO demand, we continue to see emergency requests from customers for more material. So that remains very strong as an offset to what you see, maybe more so on the OEM side.

我可以充滿信心地說，首先，因為它與 MRO 需求相關，我們繼續看到客戶對更多材料的緊急請求。因此，這仍然非常強烈地抵消了你所看到的情況，也許在 OEM 方面更是如此。

And I can give you an example. It just happened a couple of days ago. We're on the phone with a particular OEM discussing, likely lying down for them, a production line being down for them and how could we adjust our manufacturing plans to support that urgent need. So our strong sense of demand in this area is that more is needed and the majority of people are still behind.

我可以舉個例子。這件事剛剛發生在幾天前。我們正在與特定的原始設備製造商通電話，討論可能為他們停工的生產線，以及我們如何調整我們的製造計劃來支持這一迫切需求。所以我們在這方面強烈的需求感是，還需要更多，而大多數人仍然落後。

So certainly we've got work, work through this period of uncertainty right now, but overall for Carpenter Technology. And again, I will say it's going to be different for everybody in the supply chain, Gautam, as you well know, right, I mean, people that are much more concentrated with a specific customer are going to have a different outcome for us because of our breadth of services and capabilities we believe we're able to navigate that very strongly over the next -- over the near term.

因此，我們當然有工作，要努力度過這段不確定的時期，但總體來說是卡彭特科技公司。再說一次，我想說，對於供應鏈中的每個人來說，情況都會有所不同，高塔姆，正如你所知，對，我的意思是，那些更專注於特定客戶的人會給我們帶來不同的結果，因為憑藉我們廣泛的服務和能力，我們相信我們能夠在接下來的短期內非常有力地實現這一目標。

And as a follow up, do you feel like you guys are -- you mentioned, the backlogs are still extended. But do you feel like you're kind of caught up with underlying demand or because in prior quarters you've mentioned, hey, if we could ship more, if we have more throughput, we would have customers willing to take more product. Has that cushion kind of evaporated or is that still the case?

作為後續行動，你們是否覺得你們──你們提到過，積壓的訂單仍在延長。但是您是否覺得自己已經滿足了潛在需求，或者因為在前幾個季度您提到過，嘿，如果我們可以運送更多，如果我們有更多的吞吐量，我們就會有客戶願意購買更多產品。那個緩衝墊是否已經蒸發了或仍然如此？

(technical difficulty) (multiple speakers) That's a good question. Thanks again. It's customer specific. I mean, if we have customers that have a very high percent of their portfolio dedicated to one specific customer. Or are they taking a more wait-and-see approach? Absolutely. But we have other customers kind of referencing the example I gave you earlier that are still trying to catch up, that have exposure to other areas in the aerospace supply chain, to other customers, and they're moving forward. That's really an advantage that Corporate Technology has with this large backlog.

（技術難度）（多名發言者）這是一個好問題。再次感謝。這是客戶特定的。我的意思是，如果我們的客戶將其投資組合的很大一部分專門用於某一特定客戶。還是他們採取了更多的觀望態度？絕對地。但我們還有其他客戶參考了我之前給您的例子，他們仍在努力追趕，他們接觸到了航空航天供應鏈的其他領域，接觸了其他客戶，並且他們正在向前邁進。這確實是企業技術部門擁有大量積壓訂單的優勢。

Obviously, we know exactly what's in that backlog and we're able to pull those forward to inside our production schedule now. Because not everybody is in the same situation and certainly, we have people that are still trying to move forward in the supply chain in the production schedule and some of this uncertainty with Boeing is giving them the opportunity to do so.

顯然，我們確切地知道積壓的內容，現在我們能夠將這些內容提前到我們的生產計劃中。因為並不是每個人都處於同樣的情況，當然，我們有人仍在努力在生產計劃中推動供應鏈，而波音的一些不確定性給了他們這樣做的機會。

Great. Thanks, Tony. I appreciate it.

偉大的。謝謝，托尼。我很感激。

Yeah. Thank you, sir.

是的。謝謝您，先生。

Josh Sullivan, The Benchmark Company.

喬許·沙利文，基準公司。

Hey, good morning.

嘿，早安。

Hey, good morning, Josh.

嘿，早上好，喬許。

I just wanted to touch on how do we think of seasonality at this point? Historically, there's a reason you report Q1 this quarter. You're up what, 70% year-over-year. But how do we think of that historical seasonality and some of the changes versus the current underlying market conditions, particularly when we're looking at some of the metrics, incremental margins or others?

我只是想談談我們現在如何看待季節性？從歷史上看，您在本季度報告第一季是有原因的。你比去年同期成長了 70%。但是，我們如何看待歷史季節性以及與當前基本市場條件相比的一些變化，特別是當我們考慮一些指標、增量利潤或其他指標時？

Well, it makes it tough, doesn't Josh? It makes it tough to model when you can't rely on some of those historical norms anymore. I mean, we are effectively in a sold-out situation. Even with this uncertainty that we have in the market today that we hope is behind us in the near term. So really when you think about quarter- over-quarter or sequential quarter, the only real difference between the quarters are the number of days that you operate, right?

好吧，這讓事情變得很困難，不是喬希嗎？當您不能再依賴其中一些歷史規範時，建模就會變得困難。我的意思是，我們實際上處於售空狀態。儘管目前市場存在這種不確定性，但我們希望短期內能夠消除這種不確定性。因此，實際上，當您考慮季度環比或連續季度時，季度之間唯一真正的區別是您運營的天數，對吧？

And that's why you've heard us talk about solid proactive plan maintenance to keep this earnings engine moving. So the bottom line is the timing and the duration of those plan, preventive maintenance events is really the determining factor between quarters. Obviously, another determining factor is we continue to increase our productivity, new contracts continue to roll in that pushes that higher.

這就是為什麼您聽到我們談論可靠的主動計劃維護，以保持這個盈利引擎的運轉。因此，底線是這些計劃的時間安排和持續時間，預防性維護事件實際上是季度之間的決定因素。顯然，另一個決定因素是我們繼續提高生產力，新合約不斷湧現，這推動了生產力的提高。

But we're in a period now where you talk to the folks inside of our plans. We're trying to maximize the output and optimize the product mix. So, I mean, every quarter is going to be a significant quarter and just because you have, maybe a slight decrease in a sequential quarter certainly is no reason for a red flag. It's just because we had less operating days in that quarter or we took more planned maintenance in that quarter and that's really the only distinction between them right now. It's a good place to be.

但我們現在正處於一個需要與我們計劃中的人交談的時期。我們正在努力最大化產量並優化產品組合。所以，我的意思是，每個季度都將是一個重要的季度，僅僅因為你有，也許連續季度的輕微下降肯定不是危險信號的理由。這只是因為我們在該季度的營運天數較少，或者我們在該季度進行了更多的計劃維護，這確實是它們之間目前唯一的區別。這是一個好地方。

And then just given some of the cross currents in the industry and there's still a need for long term capacity growth. I mean, what are your thoughts or what are the conversations around increasing capacity at this point?

考慮到行業中的一些逆流，仍然需要長期產能成長。我的意思是，您目前對增加產能有何想法或正在進行哪些對話？

Well, we're always looking at that. I mean, if you see again, one of the reasons why we have been able to continue to drive earnings growth, right? There's three big areas and one of those areas is productivity. So we believe, I mean, our belief is there's always hidden capacity in our factory. There's always ability for us to get better. A prime example, and I think Josh have talked about in the past and obviously you visited our facilities, so you're very aware.

嗯，我們一直在關注這一點。我的意思是，如果你再看一遍，這就是我們能夠繼續推動獲利成長的原因之一，對吧？存在著三大領域，其中之一就是生產力。所以我們相信，我的意思是，我們的信念是我們的工廠總是隱藏著產能。我們總有能力變得更好。一個很好的例子，我想喬什過去曾談到過，顯然你參觀了我們的設施，所以你非常清楚。

If you look at primary melting and if you can find ways to safely and at a high quality, increase that daily production, that's a massive impact on profitability. I mean, it's a massive impact. So that is a area that all folks out on the shop floor are keenly focused on and making great strides and that's what you've seen over the last three or four quarters and they're very motivated to keep moving forward. So that ability to continue to increase capacity through productivity is a big deal, right?

如果您著眼於一次熔煉，如果您能找到安全、高品質的方法，增加日產量，這將對盈利能力產生巨大影響。我的意思是，這是一個巨大的影響。因此，這是車間裡所有人員都熱切關注並取得長足進步的一個領域，這就是你在過去三、四個季度所看到的，他們非常有動力繼續前進。因此，透過生產力繼續提高產能的能力是一件大事，對吧？

Now secondly, is what can we do internally, organically to increase capacity and I think I've said this more than once externally is we're looking at those. It's our job to look at those. As shareholders, you want us to look at ways that we can add capacity organically, spend some capital, get a higher rate of return project to push that to the next level.

其次，我們可以在內部採取哪些措施來有機地提高產能，我想我已經不只一次在外部說過這一點，我們正在考慮這些問題。我們的工作就是關注這些。作為股東，您希望我們考慮如何有機地增加產能，花費一些資本，獲得更高的回報率項目，以將其推向新的水平。

We said this many, many times. Any capacity like that we add is not going to upset the supply demand situation we're in. I mean, we have demand far outstripping supply and that's not going to change by what we may do, but it certainly can increase our profitability even as an accelerator to the next level. So we're looking at those as we speak to try to see what we can do in that area as well. Hopefully that answers the question.

這句話我們說過很多很多次了。我們增加的任何產能都不會擾亂我們所處的供需狀況。我的意思是，我們的需求遠遠超過供應，這不會因為我們所做的事情而改變，但它肯定可以提高我們的盈利能力，即使是作為下一水平的加速器。因此，我們在發言時正在研究這些問題，試圖看看我們在該領域也能做些什麼。希望這能回答這個問題。

Yeah. Absolutely. I just sneak one last one just to that point on productivity. I mean, is there anything you can provide us on scrap rates or throughput or how we're measuring that productivity externally?

是的。絕對地。我只是偷偷地講了最後一個關於生產力的問題。我的意思是，您可以向我們提供有關廢品率或吞吐量的信息，或者我們如何從外部衡量生產力嗎？

Well, all of those areas certainly, I mean, as, you know, in productivity and running a product through a plant, there's multiple areas that drive into that overall productivity number, certainly scrap rate or if you would say, first pass recovery. Do we have to bring that product back for any rework? That's massive. So that is where we're really focused. I mean, I could probably tell you, our primary focus outside of getting those rates up and some those primary work centers is reducing the amount of that rework.

嗯，所有這些領域當然，我的意思是，正如你所知，在生產力和通過工廠運行產品方面，有多個領域會影響整體生產力數字，當然是廢品率，或者如果你會說，一次性回收率。我們是否必須將該產品帶回來進行返工？那是巨大的。這就是我們真正關注的地方。我的意思是，我可能可以告訴你，除了提高這些比率和一些主要工作中心之外，我們的主要關注點是減少返工量。

Every pound, every ton that you can reduce that doesn't go back and get a little extra grinding or whatever it might be is, it's massive impact again on the productivity. So those are two areas that are really a forefront for us on a daily basis.

你可以減少的每一磅、每一噸，如果不回去並進行一點額外的研磨或任何可能的東西，它都會再次對生產力產生巨大影響。因此，這兩個領域確實是我們日常工作中最前沿的領域。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Thank you.

謝謝。

Scott Deutschle, Deutsche Bank.

斯科特‧德意志，德意志銀行。

Hey, good morning.

嘿，早安。

Hey, good morning, Scott.

嘿，早上好，史考特。

Tony, was the average price of what moved into the backlog for new orders this quarter higher than the average price of what was already in the backlog at the start of the quarter?

托尼，本季新訂單積壓訂單的平均價格是否高於本季初積壓訂單的平均價格？

Yes, you're going to probably see that from now on going forward. There could be, I should say yes, I mean, there could be sometimes where maybe that's a bit off, but I think certainly going forward, you're going to see that. At least the trend line of that, Scott, going up.

是的，從現在開始你可能會看到這一點。可能會有，我應該說是的，我的意思是，有時可能會有點不對勁，但我想肯定會在未來看到這一點。斯科特，至少趨勢線是上升的。

Okay. And if it didn't go up, it would just be because of the mix probably of (multiple speakers)

好的。如果它沒有上漲，那可能只是因為混合（多個發言者）

Yeah, and that's why I hesitated a little bit there to say the trend line, I mean, I guess there could be a situation where that mix of orders were very high in one area that could do that, but in totality going forward, you're going to see that rise with based on the -- as the contracts continue to renew.

是的，這就是為什麼我在說趨勢線時有點猶豫，我的意思是，我想可能存在一種情況，在一個區域中訂單組合非常高，可以做到這一點，但總的來說，未來，你隨著合約繼續續簽，這一數字將會上升。

Thank you. And then was the 35% growth in energy revenue this quarter, was that entirely driven by IGT? And were the non-IGT pieces of revenue actually down?

謝謝。那麼本季能源收入成長了 35%，這完全是 IGT 推動的嗎？非 IGT 收入真的下降了嗎？

It's 100% driven by IGT? That's a great question. I mean, inside that market, as you know, we've got the IGT piece and then the oil and gas, oil and gas was down, in fact, a little bit sequentially in year-over-year. I'll give you a number that's really interesting. The IGT piece up 200% year-over-year. So that's another area. Yeah. When somebody says, wait a minute, how can Carpenter Technology produce these numbers?

100%是由IGT驅動的嗎？這是一個很好的問題。我的意思是，在這個市場中，正如你所知，我們有 IGT 部分，然後是石油和天然氣，事實上，石油和天然氣比去年同期下降了一點。我會給你一個非常有趣的數字。IGT 年成長 200%。這是另一個領域。是的。當有人說，等一下，Carpenter Technology 是如何產生這些數字的？

With all of this noise in the aerospace industry and we say, well, listen, we have the ability, we have optionality, we have a market here that we've been in for a long time that now is exploding and we're able to take advantage of that and we have these customers coming to us wanting to jump into the production line, willing to pay aerospace margins.

面對航空航天業的所有這些噪音，我們說，好吧，聽著，我們有能力，我們有選擇，我們在這裡有一個我們已經存在很長時間的市場，現在正在爆炸式增長，我們有能力為了利用這一點，我們有這些客戶來找我們，希望加入生產線，並願意支付航空航太利潤。

And now with some of the uncertainty in the aerospace chain, the supply chain, they have the ability to do that and looking to further extend that relationship. So that's a big advantage for Carpenter Technology, that I think sometimes Scott, maybe goes unnoticed and certainly not everybody enjoys it.

現在，由於航空航太鏈、供應鏈存在一些不確定性，他們有能力做到這一點，並希望進一步擴展這種關係。所以這對 Carpenter Technology 來說是一個很大的優勢，我認為有時 Scott 可能會被忽視，當然不是每個人都喜歡它。

And then can you remind us where your alloys were found on typical industrial gas turbines and who you would be shipping to?

然後您能提醒我們您的合金是在典型工業燃氣渦輪機上的哪裡找到的以及您將運送給誰嗎？

Well, think about anybody without naming names. Think about anybody that's making the large IGT turbines. You know, I mean, it's a jet engine on land, right? So you have some of the same type of products. I mean, now what we ship into that market is a little bit, it's a different alloy then that goes into aerospace engines in this case, but it has similar production process, at least on the front end of the melting cycle. The fishing part is a little bit different. So it's a very, a very attractive product for us.

好吧，想想任何一個不點名的人。想想那些製造大型 IGT 渦輪機的人。你知道，我的意思是，這是陸地上的噴射發動機，對吧？所以你有一些相同類型的產品。我的意思是，現在我們進入該市場的合金是一種與航空發動機不同的合金，但它具有相似的生產工藝，至少在熔化循環的前端是如此。釣魚部分有點不同。所以這對我們來說是一個非常非常有吸引力的產品。

Okay. And I'll sneak one last question, Tim. Are the push outs at Dynamet, are those just aerospace or is that medical or is that another end market? Thanks.

好的。我要偷偷地問最後一個問題，提姆。Dynamet 的退出是航空航太領域還是醫療領域還是另一個終端市場？謝謝。

Yeah, Scott. The pushouts are actually an additive, not Dynamet. And yeah, I think you can characterize those as more aerospace type materials in our additive business.

是的，斯科特。推出其實是一種添加劑，而不是Dynamet。是的，我認為您可以將它們描述為我們增材業務中更多的航空航天類型材料。

Okay, got it. Thanks.

好的，明白了。謝謝。

(Operator instructions)

（操作員說明）

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hey, everyone. Thanks for taking my question.

嘿，大家。感謝您提出我的問題。

Yeah, good morning.

是的，早安。

I guess looking forward, I see power generation, obviously, we just talked about that doing a lot to fill in the GAAP in the interim or the immediate term, but looking long term, I mean, maybe beyond '25, are these markets enough to offset any potential weakness at Arrow?

我想展望未來，我看到了發電，顯然，我們剛剛談到在中期或短期內做了很多工作來填補 GAAP，但從長遠來看，我的意思是，也許在 25 年之後，這些市場是否足夠以抵消Arrow 的任何潛在弱點？

Well, Andre, I think most of us don't believe that any weakness in Arrow is going to be long term, right? I mean, the macro demand is just too strong. We all believe that, in this case here, Boeing will find a way to reach an agreement that's good for both sides. And I believe that's going to happen, right. So I don't have any fear that in the long term that you're going to have aerospace weakness.

好吧，安德烈，我想我們大多數人都不相信《綠箭俠》的任何弱點都會是長期的，對吧？我的意思是，宏觀需求太強了。我們都相信，在這種情況下，波音公司將找到一種方法來達成對雙方都有利的協議。我相信這將會發生，對吧。因此，從長遠來看，我並不擔心航空航太領域會出現弱點。

This is a near term phenomenon right now that will get through. And when that happens, I mean, you just, you go into a whole different a level of demand, outstripping supply. So you could see going forward, you're going to have Pyrogen competing to get on to the assets, not being a replacement. And I think that's the mindset you need to have as we get through this kind of choppy period for aerospace right now.

這是目前的近期現象，將會持續下去。當這種情況發生時，我的意思是，你會進入一個完全不同的需求水平，超過供應。所以你可以看到，展望未來，Pyrogen 將競相獲取這些資產，而不是成為替代品。我認為，當我們正在經歷航空航太產業的這種動盪時期時，您需要具備這種心態。

Got it, got it. And then, I guess, just I know, you mentioned in the slides and on the call, growth beyond '25 definitely expected and obviously your comments just now kind of further confirmed that that's the expectation. But I mean, how should we think about the cadence? Like obviously '26 is going to be a really tough comp coming off this year. Could it be exacerbated if issues continue any further? I mean, I know you say they won't, but what if?

明白了，明白了。然後，我想，就我所知，您在幻燈片和電話會議中提到，25 年後的增長絕對是預期的，顯然您剛才的評論進一步證實了這是預期。但我的意思是，我們該如何考慮節奏？顯然，今年的 26 屆比賽將是一場非常艱難的比賽。如果問題持續下去，情況會變得更嚴重嗎？我的意思是，我知道你說他們不會，但如果呢？

Well, I mean, we can play a lot of what ifs, right? And I can just tell you from my experience in the industry talking to other major players in the industry, this is going to get resolved, right. It's too big not to get resolved. So this gets resolved. I mean and I'll push back on you saying that 2026, our fiscal 2026 will be a tough comp to 2025.

嗯，我的意思是，我們可以玩很多假設，對吧？根據我與業內其他主要參與者交談的行業經驗，我可以告訴你，這個問題將會得到解決，對吧。太大了，解決不了。所以這件事就解決了。我的意思是，我會反駁你所說的 2026 年，我們的 2026 財年將比 2025 年更艱難。

I mean, we see it as being bigger than 2025, even when we're running a wide range of different build rate scenarios. I mean, with what we're doing on the productivity side, product optimization, the repricing of contracts from our viewpoint, we see 2026 is another meaningful step up versus 2025.

我的意思是，我們認為它比 2025 年更大，即使我們運行各種不同的構建速率場景。我的意思是，從我們的角度來看，從我們在生產力、產品優化、合約重新定價等方面所做的工作來看，我們認為 2026 年是相對 2025 年又一個有意義的進步。

And I think that's what everybody's going to get aligned with. I mean this is not a doom-and-gloom situation. This is a particular point in time where we have some significant uncertainty certainly with a large player in the industry. There's no doubt. But companies like Carpenter Technology and others, I think the strength and the attractiveness of people that want to own our stock is the fact that we can pivot. It's the fact that we have optionality. It's the fact that we have the ability to move and support MRO, to support other customers that are using this as an opportunity to grow and move up in a line in the production line.

我認為這就是每個人都會達成一致的。我的意思是，這並不是一個悲觀的情況。這是一個特殊的時間點，我們對產業中的大公司肯定存在一些重大的不確定性。毫無疑問。但是像 Carpenter Technology 和其他公司這樣的公司，我認為想要持有我們股票的人的力量和吸引力在於我們可以轉向這一事實。事實上，我們有選擇權。事實上，我們有能力推動和支持 MRO，支持其他客戶，他們以此為契機在生產線中成長和提升。

So to me, this is a very, very exciting time. It's actually a very positive time that you can see somebody like Carpenter Technology can perform like they do in this type of environment and when we get back to more normalcy if you will and then an aggressive ramp, I mean, sky is the limit.

所以對我來說，這是一個非常非常令人興奮的時刻。這實際上是一個非常積極的時刻，你可以看到像Carpenter Technology 這樣的公司可以像他們在這種環境中那樣表現，當我們恢復正常時，如果你願意的話，然後是積極的斜坡，我的意思是，天空才是極限。

Got it, got it. And if I could just sneak one more in. More additive charges this quarter, is this just overflow from last quarter's facility closure?

明白了，明白了。如果我能再偷偷溜進去一次就好了。本季附加費用增加，這只是上季設施關閉的溢出嗎？

Yes. So just to be really transparent that was just a little bit of inventory that was left over that arguably. Probably should have taken in the prior quarter and just got to the point set that's not going to work and just go ahead and move on and get that behind us.

是的。因此，為了真正透明，這只是一點點剩餘的庫存。可能應該在上個季度採取行動，只是達到了行不通的點，然後繼續前進，把它拋在身後。

So we're probably the full of it?

那我們可能已經飽了？

Yeah. But, Andre, let's just say that there's not, I mean, we're this not even material what you're talking about a million dollars on [135] in SAO. So it's not (multiple speakers).

是的。但是，安德烈，我們只是說，我的意思是，我們在 SAO 中所說的 [135] 上的一百萬美元根本不重要。所以這不是（多個發言者）。

No, definitely, just housekeeping. But no, I really appreciate the color and all the answers. I'll jump back in. Thanks.

不，當然，只是家事服務。但不，我真的很欣賞這種顏色和所有的答案。我會跳回來。謝謝。

Yeah, thank you.

是的，謝謝。

Phil Gibbs, KeyBanc Capital Markets.

Phil Gibbs，KeyBanc 資本市場。

Hey, good morning. Good call so far, thank you.

嘿，早安。到目前為止通話順利，謝謝。

Yes. Good morning.

是的。早安.

Tony on the SAO bridge for Q2 looks to be flat to a little bit up in terms of profitability. Is that more driven by volume or more driven by price mix? Because I can't remember if this quarter typically is seasonally a little bit stronger or weaker relative to the one you just, you took the preventative maintenance in Q1.

第二季度 SAO 橋上的托尼在盈利能力方面看起來持平甚至略有上升。是更多受數量驅動還是更受價格組合驅動？因為我不記得這個季度相對於您剛才的季度來說通常是季節性強一點還是弱一點，所以您在第一季度進行了預防性維護。

Yeah, thanks, Phil. This is really, it's the same answer that Josh asked earlier about quarter-over-quarter, right? I mean, listen, you're going to take preventive maintenance, some type of plan maintenance activity in every quarter. If you're not, you're not running your facility the right way. You're going to be doing planned maintenance every quarter. Our people that have visited our plant, realize how our plant, how big they are. So you're doing planned maintenance every quarter. So if you look at Q1 to Q2, relatively, I think about the same amount of production days comparing the two quarters together.

是的，謝謝，菲爾。這確實是喬許之前問過的季度環比的答案，對吧？我的意思是，聽著，您將在每個季度進行預防性維護，即某種類型的計劃維護活動。如果您不這樣做，那麼您就沒有以正確的方式運作您的設施。您將每季進行計劃維護。參觀過我們工廠的員工都知道我們的工廠有多大，有多大。因此，您每季都會進行計劃維護。因此，如果你相對地觀察第一季到第二季度，我認為將兩個季度相比較的生產天數是相同的。

Certainly you've got two big holidays in there. It's the end of the calendar year for some other people, some -- most other customers. So that's a little bit of noise. So I think the fact that we can guide to higher in the second quarter, even with those types of issues is pretty. Not pretty, it's a very strong quarter.

當然，你那裡有兩個重要的假期。對其他一些人、一些——大多數其他客戶來說，現在是日曆年的年底。所以這有點噪音。因此，我認為即使存在這些類型的問題，我們也可以在第二季度實現更高的目標，這一點很好。不太好，這是一個非常強勁的季度。

We're operating with some really big numbers. So you've been around for a while and knowing what they were even in 2018, 2019, when we thought that was a great aerospace time. I mean, we're 2 times and 3 times higher than that right now.

我們正在處理一些非常大的數字。所以你已經存在了一段時間了，甚至在 2018 年、2019 年，當我們認為那是一個偉大的航空航天時代時，你也知道它們是什麼。我的意思是，我們現在比這個高出 2 倍和 3 倍。

Thank you so much. And then on your full-year guidance toward the higher end, and you made some comments on there's opportunities perhaps to exceed that guidance. Is that in your mind, more volume or more volume, obviously, excluding seasonality, which is stronger in the back half or more pricing dependent?

太感謝了。然後，關於您對高端的全年指導，您對可能超越該指導的機會發表了一些評論。在您看來，是更多的成交量還是更多的成交量，顯然，不包括季節性因素，後者在後半段更強或更依賴於定價？

Well, all three of them right. I mean, any time we talk about how we're going to move forward, it's going to be all three of those major legs to the stool, right. It's going to be what happens from contract pricing, product mix optimization, and certainly productivity. So we're looking at that all the time. I mean, certainly, we're very methodical with our guidance updates and then we achieve them. So we've earned that reputation and we took a step here by moving to the high end of the guidance and as we speak, the folks out in the plant are working on how they can move past that. And stay tuned as we have -- as we go forward our next couple calls and seeing updates with that.

嗯，他們三個都對。我的意思是，任何時候我們談論我們將如何前進，都將是凳子上的所有三個主要腿，對吧。這將取決於合約定價、產品組合優化，當然還有生產力。所以我們一直在關注這個問題。我的意思是，當然，我們非常有條理地更新指導意見，然後我們就實現了這些目標。因此，我們已經贏得了這種聲譽，我們已經邁出了一步，轉向了指導的高端，正如我們所說，工廠裡的人們正在研究如何超越這一點。請繼續關注我們接下來的幾個電話會議並查看相關更新。

The last one for me is acceleration comment you made toward the tail end of the quarter. Was that more so on the MRO side essentially because you said that some expedites again and some emergency work there. Where was the -- where would you have seen the acceleration, I guess, relative to early in the quarter? Thank you.

我的最後一個是您在本季結束時發表的加速評論。MRO 方面的情況是否更是如此，主要是因為您說有些人再次加快了速度，並在那裡進行了一些緊急工作。我猜，相對於本季初，你會在哪裡看到加速？謝謝。

Yeah, I would just say in general in the aerospace side, whether it's for MRO or OEM depending on the customer, but the acceleration towards the end of the quarter was primarily on the aerospace side, although I mean other areas as well, certainly power generation and others, but primarily aerospace was where we saw that pick back up towards the end of the quarter.

是的，我只想說在航空航天方面，無論是 MRO 還是 OEM，具體取決於客戶，但本季末的加速主要是在航空航天方面，儘管我指的是其他領域，當然是動力一代和其他領域，但主要是航空航太領域，我們看到該領域在本季末有所回升。

Absolutely, thanks.

絕對可以，謝謝。

Yeah, thank you, sir.

是的，謝謝你，先生。

Scott Deutschle, Deutsche Bank.

斯科特‧德意志，德意志銀行。

Thanks. Yeah, Tony, do you see much demand in the space market for alloys from companies like SpaceX? And if you do, has that demand reached a point where it's at all material yet?

謝謝。是的，東尼，你認為太空市場對像 SpaceX 這樣的公司的合金有很大的需求嗎？如果你這樣做了，這種需求是否已經達到了實質的地步？

Yes, I mean, specifically with the customer that you talked about, I don't want to go too far. I mean, that's an additive customer, right. So and they're a major player. So that's some of the choppiness that you see in order. So yes, strong. Yes, still small, but it's not consistent. So for a very small business like Additive, that's what you see the swings in their profitability from quarter-to-quarter depending on how those orders come in.

是的，我的意思是，特別是對於你談到的客戶，我不想走太遠。我的意思是，這是一個附加客戶，對吧。所以他們是主要參與者。這就是您按順序看到的一些不穩定的情況。所以是的，堅強。是的，仍然很小，但並不一致。因此，對於像 Additive 這樣的小型企業來說，這就是您所看到的盈利能力每個季度的波動，這取決於這些訂單的進入方式。

I mean, if you look at the Additive market, not to spend too much time on Additive since it really doesn't drive the bus, but you have a couple of big players in that market and then you have a very long tail of smaller players. So if you have some movement in those big ones, it can really move the profitability in a quarter-to-quarter basis.

我的意思是，如果你看看添加劑市場，不要在添加劑上花太多時間，因為它確實不會驅動公共汽車，但你在這個市場上有幾個大玩家，然後你有一個很長的小尾巴玩家。因此，如果這些大公司有一些變動，它確實可以按季度改變獲利能力。

Okay, thanks. That's all I had. Appreciate it.

好的，謝謝。這就是我所擁有的一切。欣賞它。

Yeah, thank you.

是的，謝謝。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Mr. John Huyette for any closing remarks. Over to you.

謝謝。我們的問答環節到此結束。我想將會議轉交約翰·休耶特先生發表閉幕詞。交給你了。

Thank you, operator and thank you everyone for joining us today for our fiscal year 2025 first quarter conference call. Have a great rest of your day.

謝謝運營商，也謝謝大家今天參加我們的 2025 財年第一季電話會議。祝您有個愉快的一天。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。