Carpenter Technology Corp (CRS) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Karen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Carpenter Technology quarter three fiscal year 2025 earnings presentation. (Operator Instructions) I will now turn the call over to John Huyette. Please go ahead.

感謝您的支持。我叫凱倫 (Karen)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Carpenter Technology 2025 財年第三季財報。（操作員指示）現在我將把電話轉給 John Huyette。請繼續。

Thank you, operator. Good morning, everyone, and welcome to the Carpenter Technology earnings conference call for the fiscal 2025 third quarter ended March 31, 2025. 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.

謝謝您，接線生。大家早安，歡迎參加 Carpenter Technology 截至 2025 年 3 月 31 日的 2025 財年第三季財報電話會議。此次電話會議也將透過網路與簡報幻燈片一起進行廣播。對於透過電話收聽的用戶，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.

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。

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, Form 10-Q for the fiscal quarter ended September 30, 2024, and December 31, 2024, and the exhibits attached to those filings.

管理階層在本次收益報告中所做的前瞻性陳述均基於目前預期。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 最新提交給美國證券交易委員會 (SEC) 的文件中找到，包括該公司截至 2024 年 6 月 30 日的年度 10-K 表報告、截至 2024 年 9 月 30 日和 2024 年 12 月 31 日的財務報告10-Q3101312 月 312 月的這些

Please also note that in the following discussion, unless otherwise noted, when management discusses 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，在下面的討論中，除非另有說明，當管理層討論銷售額或收入時，該參考不包括附加費。當提及營業利潤率時，它是基於不包括特殊項目的調整後營業收入和不包括附加費的銷售額。

I will now turn the call over to Tony.

現在我將電話轉給托尼。

Thank you, John, and good morning to everyone. I will begin on slide 4 with a review of our safety performance.

謝謝你，約翰，大家早安。我將從第 4 張投影片開始回顧我們的安全表現。

Through the third quarter of fiscal year 2025, our total case incident rate was 1.4. Our leaders are actively modeling safety-first behaviors and emphasizing hands-on scenario-based training to support our shop floor teams. We're also reinvigorating our daily safety routines to drive increased awareness and focus. We remain committed to our ultimate goal, a zero injury workplace, driven by consistent action and continuous improvement.

截至 2025 財年第三季度，我們的總案件發生率為 1.4。我們的領導者正在積極樹立安全第一的行為，並強調基於場景的實踐培訓來支持我們的車間團隊。我們也正在重振日常安全工作，以提高安全意識和關注度。我們始終致力於實現我們的最終目標，即透過一致行動和持續改進，實現零傷害工作場所。

Let's turn to slide 5 for an overview of our third quarter performance. Our third quarter performance was exceptional, exceeding expectations and delivering the most profitable quarter on record. In the third quarter of fiscal year 2025, we generated $138 million in operating income, a 53% increase over our third quarter of fiscal year 2024, and 10% higher than our previous record in the fourth quarter of fiscal year 2024.

讓我們翻到第 5 張投影片來概覽一下我們第三季的業績。我們的第三季業績非常出色，超乎預期，創下了有史以來最獲利的一個季度。2025 財年第三季度，我們實現了 1.38 億美元的營業收入，比 2024 財年第三季度增長 53%，比 2024 財年第四季的先前紀錄高出 10%。

Our record third quarter performance was driven by our strong market position, broad solutions portfolio, with unique capabilities and focus on manufacturing execution.

我們創紀錄的第三季業績得益於我們強大的市場地位、廣泛的解決方案組合、獨特的能力以及對製造執行的關注。

Notably, the SAO segment continues to expand adjusted operating margins, reaching 29.1% in the quarter, compared to 21.4% a year ago, and 28.3% in the prior quarter. The ongoing margin expansion is a result of continued improvement in productivity, product mix optimization and pricing actions. The SAO segment reached a record $151.4 million of operating income, an increase of 46% year over year.

值得注意的是，SAO 部門調整後的營業利潤率持續擴大，本季達到 29.1%，而去年同期為 21.4%，上一季為 28.3%。利潤率的持續擴大是生產力持續改善、產品組合優化和定價行動的結果。SAO部門的營業收入達到創紀錄的1.514億美元，年增46%。

With the strong earnings and disciplined working capital management, we generated $34 million in adjusted free cash flow during the quarter. And we continue to return cash to shareholders through our repurchase and dividend programs. We purchased $37.5 million of shares in the quarter, raising the total to $78 million for the year.

憑藉強勁的盈利和嚴格的營運資本管理，我們在本季產生了 3,400 萬美元的調整後自由現金流。我們將繼續透過回購和股利計畫向股東返還現金。我們在本季購買了價值 3,750 萬美元的股票，使全年總額達到 7,800 萬美元。

As we look ahead, our strong performance gives us confidence to again increase our guidance for the full fiscal year 2025. In the previous earnings call, we raised our fiscal year 2025 operating income guidance to a range of $500 million to $520 million. Now with a strong third quarter results and fourth quarter outlook, we are raising our guidance for the fiscal year to the range of $520 million to $527 million. This would represent a nearly 50% increase in earnings over fiscal year 2024.

展望未來，我們強勁的表現使我們有信心再次提高對 2025 財年全年的預期。在先前的財報電話會議上，我們將 2025 財年的營業收入預期上調至 5 億至 5.2 億美元。現在，由於第三季業績強勁且第四季前景看好，我們將本財年的預期上調至 5.2 億美元至 5.27 億美元之間。這意味著收益將比 2024 財年增加近 50%。

Now let's turn to slide 6 and take a closer look at our third quarter sales and market dynamics. In the third quarter of fiscal year 2025, sales increased 8% year-over-year and 9% sequentially. This was driven primarily by the aerospace and defense end-use market, which saw sales increase 12% sequentially on 6% higher volumes.

現在讓我們翻到第 6 張投影片，仔細看看我們第三季的銷售和市場動態。2025財年第三季度，銷售額年增8%，季增9%。這主要得益於航空航太和國防終端市場，該市場的銷售額環比增長 12%，銷量增長 6%。

Within aerospace and defense, sales were notably up across engines, fasteners, and defense. Our engine sales were up 16% sequentially. This was driven by increased shipments to many customers combined with higher pricing as we entered a new calendar year.

在航空航太和國防領域，發動機、緊固件和國防產品的銷售額明顯上升。我們的引擎銷量環比增長了 16%。這是由於我們進入新的一年，對許多客戶的出貨量增加，加上價格上漲。

In general, our engine customers remain very busy with Airbus-related platforms and MRO demand and continue reporting strong pulls and a notion of being behind. They continue to look forward to ongoing build rate ramps in the industry and remain concerned about security of supply.

總體而言，我們的引擎客戶仍然忙於空中巴士相關平台和 MRO 需求，並繼續報告強勁的拉動和落後的感覺。他們繼續期待行業建設率的持續提升，並且仍然關注供應安全。

As usual, we continue to be in discussions with multiple customers regarding long-term supply agreements. We recently concluded two LTAs that will provide significant benefit to our customers and corporate technology now and in the future. I will note that we also expect to conclude other LTA discussions over the coming quarter.

與往常一樣，我們繼續與多位客戶就長期供應協議進行討論。我們最近簽署了兩項長期協議，這將為我們現在和未來的客戶和企業技術帶來重大利益。我要指出的是，我們也預計將在下一季完成其他長期協議討論。

Aerospace OEMs continue to be very active across the supply chain and remain in strategic discussions with us, often on a weekly basis.

航空航太原始設備製造商在整個供應鏈中繼續非常活躍，並與我們進行策略討論，通常每週一次。

Our defense business remains strong, and we continue to see urgent requests for material across multiple applications. In the recent quarter, one notable area of increased sales was from a specific platform, where Carpenter Technology was asked directly by the Department of Defense to step in and provide emergency support. We continue to be proud of our role in supporting the defense community and will prioritize supply accordingly.

我們的國防業務依然強勁，我們繼續看到多個應用對材料的緊急請求。最近一個季度，銷售額顯著成長的一個領域是來自一個特定的平台，美國國防部直接要求卡彭特科技公司介入並提供緊急支援。我們繼續為自己在支持國防事業中所發揮的作用感到自豪，並將相應地優先考慮供應。

In the medical end-use market, our sales were essentially flat sequentially and down 14% compared to a record prior year quarter. Underlying demand in medical remains positive, with ongoing increases in patient procedures.

在醫療終端市場，我們的銷售額與上一季基本持平，與去年同期的創紀錄水準相比下降了 14%。醫療領域的潛在需求仍然積極，患者手術量持續增加。

Customers continue to discuss ongoing expectations for steady growth, and more and more are in discussions with us to ensure their supply is secured. While our medical sales have already grown substantially over the last several years, we continue to believe there is significant growth potential looking forward.

客戶繼續討論對持續穩定成長的期望，並且越來越多的客戶與我們進行討論以確保他們的供應有保障。雖然我們的醫療銷售額在過去幾年中已經大幅成長，但我們仍然相信未來仍有巨大的成長潛力。

In the energy end-use market, sales were up 9% sequentially and 26% year-over-year, with significant increases in sales to our power generation customers. We are working closely with the power generation supply chain, from OEMs to parts manufacturers, to support their growth as this submarket has become a valuable strategic advantage for us. Altogether, the near and long-term demand outlook for Carpenter Technology remains very positive.

在能源終端使用市場，銷售額較上季成長 9%，較去年同期成長 26%，其中對發電客戶的銷售額大幅成長。我們正在與發電供應鏈（從原始設備製造商到零件製造商）密切合作，以支持他們的成長，因為這個子市場已經成為我們寶貴的戰略優勢。總體而言，Carpenter Technology 的近期和長期需求前景仍然非常樂觀。

Moving to slide 7, let's discuss the current tariff situation and how Carpenter Technology strategic position provides a solid foundation. We have been closely monitoring the evolving tariff news as well as engaging with our customers and suppliers to analyze how tariffs could impact our business.

前往第 7 張投影片，讓我們討論目前的關稅狀況​​以及 Carpenter Technology 的戰略地位如何提供堅實的基礎。我們一直在密切關注不斷變化的關稅新聞，並與我們的客戶和供應商合作，分析關稅將如何影響我們的業務。

I think the most relevant piece of information is that we as well as others in our industry have established long-standing surcharge mechanisms to pass through changing raw material prices to our customers. We expect to use these surcharge recognitions to pass through the impact of any incremental tariffs on our raw materials to our customers.

我認為最相關的資訊是，我們以及我們行業的其他公司已經建立了長期的附加費機制，將原材料價格的變化轉嫁給我們的客戶。我們希望利用這些附加費來確認將原材料增量關稅的影響轉嫁給我們的客戶。

I will also say that not all of our input costs are subject to tariffs as currently proposed or enacted. For reference, nickel, our largest raw material input, is sourced primarily from Canada, and Canadian nickel is currently exempt from tariffs.

我還要說的是，並非所有投入成本都需依照目前提議或頒布的規定繳納關稅。作為參考，我們最大的原料投入鎳主要來自加拿大，而加拿大鎳目前免關稅。

We have also evaluated how tariffs and, ultimately, global trade dynamics may impact demand in the near to medium term. Obviously, this is harder to predict as reactions and negotiations are happening in real time involving multiple countries. At a high level, based on what we know today, we anticipate limited impact.

我們也評估了關稅以及最終的全球貿易動態將如何影響近期至中期的需求。顯然，這更難預測，因為多個國家正在即時做出反應並進行談判。從高層次來看，根據我們目前所了解的情況，我們預期影響有限。

First of all, most of our products are highly specialized, designed specifically for our customers' needs. In most cases, these products have undergone significant qualifications. This means that there are a few sources of these materials, in some cases, we are the only one, and often can only be sourced within the United States. Again, we will continue to monitor the tariff proposals and update our view as new information becomes available.

首先，我們的大多數產品都是高度專業化的，專門針對客戶的需求而設計的。大多數情況下，這些產品都經過了嚴格的認證。這意味著這些材料的來源很少，在某些情況下，我們是唯一的，而且通常只能在美國境內購買。再次強調，我們將繼續關注關稅提案，並在獲得新資訊後更新我們的觀點。

Moving on from tariffs, I think it is worthwhile to highlight a few points about Carpenter Technology that may be underappreciated. These past few years have included significant disruptions in the supply chains that we participate in, whether it's the tariffs and trade implications I just mentioned, ramping capacity and productivity across the broad aerospace manufacturing industry, airplane build rate changes, or other manufacturing issues at specific OEMs, to name a few.

從關稅問題來看，我認為值得強調一下關於卡本特科技的幾個可能被低估的點。過去幾年，我們參與的供應鏈出現了重大中斷，無論是我剛才提到的關稅和貿易影響，還是整個航空航天製造業的產能和生產力提升、飛機製造率的變化，還是特定原始設備製造商的其他製造問題，等等。

Despite all these disruptions, the team at Carpenter Technology has been solely focused on executing our strategy and consistently delivering record financial results. This is not a coincidence, and it is not luck. It is based on a specific strategy we set a decade ago and continue to execute against today.

儘管有所有這些幹擾，Carpenter Technology 的團隊仍全心全意地執行我們的策略並持續提供創紀錄的財務表現。這不是巧合，也不是運氣。它基於我們十年前製定的具體策略，並且我們今天仍在繼續執行。

Our consistent success demonstrates the advantage we have in serving customers across multiple applications and platforms. We are not tied to one single platform or alloy, but instead help a variety of customers solve their most challenging material needs.

我們持續的成功證明了我們在跨多個應用程式和平台為客戶提供服務方面的優勢。我們不局限於單一平台或合金，而是幫助各種客戶解決他們最具挑戰性的材料需求。

This includes meaningful content on all commercial aero engine platforms, whether it is considered legacy, next-gen, wide-body, narrow-body, OEM build, or MRO. On these platforms, our material support applications from rings and discs, to gears, bearings, fasteners, avionics, and structural.

這包括所有商用航空發動機平台的有意義的內容，無論它是傳統的、下一代的、寬體、窄體、OEM 構建還是 MRO。在這些平台上，我們的材料支援從環和盤到齒輪、軸承、緊固件、航空電子設備和結構的應用。

There is not a single engine manufacturer in the aerospace industry that we do not count as a customer. And we are already looking ahead at the future generation of engine, still many years from industry adoption. In fact, we are actively working to support OEMs on these types of platforms with recent sales of advanced materials to be tested on these platforms.

在航空航太業中，沒有一家發動機製造商不是我們的客戶。我們已經開始展望未來一代發動機，但距離行業採用仍需很多年。事實上，我們正​​在積極努力為這些類型平台上的 OEM 提供支持，最近我們銷售了一些將在這些平台上進行測試的先進材料。

Our aerospace and defense end-use market accounts for approximately 60% of our revenue, but we also serve other very specialized markets that seek out Carpenter Technology's expertise for specialized alloys across a broad portfolio offering.

我們的航空航太和國防終端市場約占我們收入的 60%，但我們也服務於其他非常專業的市場，這些市場尋求 Carpenter Technology 在廣泛產品組合中提供特殊合金方面的專業知識。

We are selective about which markets and industries we participate in. We focus on high-growth markets with customers who value precise metallurgical properties in their applications, like alloys used in medical implants, highly specialized materials used in the manufacture of semiconductors, and aerospace-like applications used in IGT to support power generation buildout, to name a few.

我們對參與的市場和產業有選擇性。我們專注於高成長市場，客戶重視其應用中的精確冶金性能，例如用於醫療植入物的合金、用於製造半導體的高度專業化材料以及用於支持發電建設的 IGT 中的類似航空航天的應用，僅舉幾例。

We have built a broad portfolio of highly specialized solutions in rapidly growing markets, supported by strong megatrends. With an impactful commercial strategy, a focus on manufacturing execution through rigorous quality standards, and, above all else, a commitment to the safety of our employees.

在強勁的大趨勢的支持下，我們在快速成長的市場中建立了廣泛的高度專業化的解決方案組合。透過具有影響力的商業策略、透過嚴格的品質標準專注於製造執行，以及最重要的是對員工安全的承諾。

Our solutions portfolio has provided the foundation that has enabled Carpenter Technology to navigate recent near-term challenges and short-term market disruptions. In fact, we have not only navigated the challenges, but we have also set new records for financial performance in the process.

我們的解決方案組合為 Carpenter Technology 應對近期挑戰和短期市場混亂奠定了基礎。事實上，我們不僅克服了挑戰，而且在這過程中創下了財務表現的新紀錄。

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 9, the income statement summary. Starting at the top, sales excluding surcharge increased 8% year over year on 7% lower volume. Sequentially, sales were up 9% on 1% higher volume.

謝謝，托尼。大家早安。我將從第 9 張投影片開始，即損益表摘要。從頂部開始，不包括附加費的銷售額年增 8%，但銷量下降了 7%。環比而言，銷售額成長了 9%，銷量成長了 1%。

The year-over-year growth in net sales despite lower volume was driven by increasing productivity in key areas necessary to drive stronger product mix, as well as the realization of higher prices. The improving productivity, product mix, and pricing are evident in our gross profit, which increased to $200.8 million in the current quarter, up 37% from the same quarter last year.

儘管銷量下降，但淨銷售額仍同比增長，這是由於關鍵領域的生產力提高，從而推動了更強大的產品組合，以及實現了更高的價格。生產力、產品組合和定價的提高明顯體現在我們的毛利上，本季毛利增至 2.008 億美元，比去年同期成長 37%。

SG&A expenses were $63 million in the third quarter, which includes $24.4 million of corporate costs. For the upcoming fourth quarter of fiscal year 2025, we expect corporate costs to be in line with our recent third quarter of $24 million.

第三季銷售、一般及行政費用為 6,300 萬美元，其中包括 2,440 萬美元的公司成本。對於即將到來的 2025 財年第四季度，我們預計企業成本將與最近的第三季的 2,400 萬美元持平。

Adjusted operating income was $137.8 million in the current quarter, which is 53% higher than the $90 million in our third quarter of fiscal year 2024 and up 16% from our recent second quarter. As Tony mentioned earlier, this represents our best quarterly operating income result on record.

本季調整後的營業收入為 1.378 億美元，比 2024 財年第三季的 9,000 萬美元高出 53%，比最近的第二季成長 16%。正如托尼之前提到的，這是我們有史以來最好的季度營業收入業績。

Moving on to our effective tax rate, which was 21.8% in the current quarter. This quarter's effective tax rate was slightly lower than our anticipated rate due to certain discrete tax benefits recorded in the current quarter associated with stock option exercises. For the upcoming fourth quarter of fiscal year 2025, we expect the effective tax rate to be more in line with our normalized rate of 23%.

繼續討論我們的有效稅率，本季為 21.8%。本季的有效稅率略低於我們的預期，因為本季記錄了與股票選擇權行使相關的某些單獨稅收優惠。對於即將到來的 2025 財年第四季度，我們預計有效稅率將更符合我們的 23% 的標準化稅率。

In summary, the earnings per diluted share results for the quarter of $1.88 demonstrate ongoing solid execution against the goals we laid out for this quarter.

總而言之，本季每股攤薄收益 1.88 美元，顯示我們在本季設定的目標上持續穩定執行。

Now turning to slide 10 and our SAO segment results. Net sales excluding surcharge for the third quarter were $519.4 million. On a year-over-year basis, sales were up 8% on 12% lower volume. Sequentially, sales were up 8% on similar volume. The increase in sales reflects the impacts of higher realized prices and increasing productivity at key work centers that enabled an improved product mix relative to a year ago.

現在轉到投影片 10 和我們的 SAO 部分結果。第三季不包括附加費的淨銷售額為 5.194 億美元。與去年同期相比，銷售額成長了 8%，但銷量下降了 12%。與上一季相比，銷售額成長了 8%。銷售額的成長反映了實際價格上漲和主要工作中心生產力提高的影響，與一年前相比，這些因素使得產品組合得到了改善。

Moving to operating results. SAO reported operating income of $151.4 million in the third quarter of fiscal year 2025. As Tony mentioned, the adjusted operating margin of 29.1% in the third quarter is a significant achievement.

轉向經營成果。SAO 報告稱，2025 財年第三季的營業收入為 1.514 億美元。正如東尼所提到的，第三季調整後的營業利潤率達到 29.1%，這是一項重大成就。

The continued margin expansion is a result of the SAO team's focus on reliably increasing production levels, while closely managing operating costs, realizing higher selling prices, and a richer product mix. These areas are as relevant as ever as we actively manage our production schedules to adjust to changing customer priorities and seek to increase our overall output.

利潤率的持續擴大是由於 SAO 團隊專注於可靠地提高生產水平，同時密切管理營運成本、實現更高的銷售價格和更豐富的產品組合。當我們積極管理生產計劃以適應不斷變化的客戶優先事項並尋求提高整體產量時，這些領域仍然至關重要。

Looking ahead to our upcoming fourth quarter of fiscal year 2025, we anticipate SAO would generate operating income in the range of $160 million to $165 million, which will represent another record level of profitability.

展望即將到來的 2025 財年第四季度，我們預計 SAO 將產生 1.6 億美元至 1.65 億美元的營業收入，這將代表另一個創紀錄的獲利水準。

Now turning to slide 11 and our PEP segment results. Net sales excluding surcharge in the third quarter of fiscal year 2025 were $96.8 million, up 2% from the same quarter a year ago and up 12% sequentially. In the current quarter, PEP reported operating income of $10.9 million, compared with $9.2 million in the same quarter a year ago and $7 million in the second quarter of fiscal year 2025.

現在轉到幻燈片 11 和我們的 PEP 部分結果。2025財年第三季（不含附加費）淨銷售額為9,680萬美元，較去年同期成長2%，較上一季成長12%。本季度，PEP 報告的營業收入為 1,090 萬美元，而去年同期為 920 萬美元，2025 財年第二季為 700 萬美元。

The improvement in operating income in the current quarter was driven by our additive business. As we anticipated and discussed last quarter, our additive business experienced more normalized shipments to certain strategic customers that we expect to continue through the balance of this fiscal year.

本季營業收入的成長得益於我們的添加劑業務。正如我們在上個季度所預期和討論的那樣，我們的添加劑業務對某些策略客戶的出貨量更加正常化，我們預計這種狀況將持續到本財年結束。

As we look ahead, Dynamet is the driver of the PEP segment, representing a significant portion of PEP sales and even greater percentage of PEP's profitability. Dynamet's 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 Dynamet sales. Like SAO, the focus of Dynamet remains on improving productivity and expanding capacity to increase our output, which has driven improved results.

展望未來，Dynamet 是 PEP 領域的驅動力，佔 PEP 銷售額的很大一部分，甚至佔 PEP 獲利能力的更大比例。Dynamet 的基本面與 SAO 非常相似，包括醫療和航太終端市場強勁的市場需求背景，佔 Dynamet 銷售額的約 95%。與 SAO 一樣，Dynamet 的重點仍然是提高生產力並擴大產能以增加產量，從而推動了業績的改善。

With that in mind, we currently anticipate the PEP segment will deliver operating income in the range of $10 million to $12 million in the upcoming fourth quarter of fiscal year 2025.

考慮到這一點，我們目前預計 PEP 部門將在即將到來的 2025 財年第四季實現 1,000 萬至 1,200 萬美元的營業收入。

Now turning to slide 12 to cover some of the highlights of liquidity and cash flow. In the current quarter, we generated $74 million of cash from operating activities and spent $40 million on capital expenditures, resulting in $34 million of adjusted free cash flow. The results were driven by improving profitability and our disciplined approach to working capital management.

現在翻到第 12 張投影片來介紹流動性和現金流的一些亮點。本季度，我們從營運活動中產生了 7,400 萬美元的現金，並在資本支出上花費了 4,000 萬美元，從而產生了 3,400 萬美元的調整後自由現金流。這一結果得益於獲利能力的提高和我們對營運資本管理的嚴格方法。

I will note that the current quarter's cash flow results includes $38 million of discretionary pension contributions. This is incremental to the minimum required contributions and was made to maintain certain funded ratios for one of our plans. The pension plans remain well-funded and no additional discretionary contributions above the modest minimum required contributions are planned at this time.

我要指出的是，本季的現金流結果包括 3,800 萬美元的可自由支配的退休金繳款。這是對最低要求捐款的增量，目的是維持我們其中一項計劃的一定資助比率。退休金計畫仍資金充足，目前計畫不進行超出最低繳款要求的額外自由支配繳款。

The cash generation in the current quarter is an important step towards delivering our full fiscal year 2025 adjusted free cash flow target of $250 million to $300 million, and executing our planned capital allocation priorities, namely taking a balanced capital allocation approach to return cash to shareholders and invest for growth.

本季的現金產生是我們實現 2025 財年全年調整後自由現金流目標 2.5 億至 3 億美元的重要一步，也是執行我們計劃的資本配置優先事項的重要一步，即採取平衡的資本配置方式向股東返還現金並投資於增長。

In terms of returning cash to shareholders, we were active against our recently authorized share repurchase program. In the current quarter, we repurchased $37.5 million of our stock. Year-to-date, we have purchased $78 million of our stock against the $400 million authorization. The share repurchase program complements the long-standing quarterly dividend, which we continued this quarter.

在向股東返還現金方面，我們積極執行最近授權的股票回購計畫。本季度，我們回購了價值 3,750 萬美元的股票。年初至今，我們已經回購了價值 7,800 萬美元的股票，而授權金額為 4 億美元。股票回購計畫是長期季度股利的補充，本季我們繼續派發股利。

From an investment perspective, we plan to spend $155 million to $160 million in capital expenditures in fiscal year 2025. This includes about $30 million of capital spend related to our recently announced brownfield expansion project.

從投資角度來看，我們計劃在2025財年投入1.55億至1.6億美元的資本支出。其中包括與我們最近宣布的棕地擴建項目相關的約 3000 萬美元的資本支出。

Our liquidity remains healthy. We ended the third quarter of fiscal year 2025 with total liquidity of $500.4 million, which includes $151.5 million of cash and $348.9 million of available borrowings under our credit facility. Our leverage ratios remain at historic lows, ending our recent third quarter under 1 times with no near-term debt maturities. And we remain confident that we can deliver our targeted adjusted free cash flow of $250 million to $300 million for fiscal year 2025.

我們的流動性依然健康。截至 2025 財年第三季度，我們的總流動資金為 5.004 億美元，其中包括 1.515 億美元現金和 3.489 億美元的信貸安排下的可用借款。我們的槓桿率仍處於歷史低位，最近第三季末槓桿率低於 1 倍，且沒有短期債務到期。我們仍有信心在 2025 財年實現 2.5 億至 3 億美元的調整後自由現金流目標。

With that, I will turn the call back to Tony.

說完這些，我就把電話轉回給東尼。

Thanks, Tim. Carpenter Technology just completed another outstanding quarter, and I'd like to highlight the key points from today's call.

謝謝，蒂姆。卡彭特科技剛剛完成了另一個出色的季度，我想強調一下今天電話會議的要點。

First, we delivered a record quarter with operating income of $138 million, up 53% from the third quarter a year ago. We increased adjusted operating margins in our SAO segment again, reaching 29.1%, another new record.

首先，我們本季的營業收入創歷史新高，達到 1.38 億美元，較去年同期第三季成長 53%。我們再次提高了 SAO 部門的調整後營業利潤率，達到 29.1%，再創歷史新高。

We generated $34 million in adjusted free cash flow with improved earnings and working capital management. We continue to return cash to shareholders, purchasing $37.5 million of shares in the quarter. This raises the total share purchases to $78 million for the year against our $400 million share repurchase program.

我們透過改善獲利和營運資本管理產生了 3,400 萬美元的調整後自由現金流。我們繼續向股東返還現金，本季購買了價值 3,750 萬美元的股票。這使得今年的股票購買總額達到 7,800 萬美元，而我們的股票回購計畫為 4 億美元。

In addition, we continue our long-standing quarterly dividend. As I highlighted earlier, we are well-positioned to navigate the current environment with our strategic positioning, broad portfolio of products, and focus on manufacturing excellence.

此外，我們持續發放長期的季度股利。正如我之前強調的那樣，憑藉我們的策略定位、廣泛的產品組合以及對卓越製造的專注，我們完全有能力應對當前的環境。

Finally, we're projecting a strong finish to our fiscal year 2025 with fourth quarter earnings expected to increase 6% to 11% over our record third quarter. As a result, we've increased our operating income guidance for fiscal year 2025 again to the range of $520 million to $527 million. And we remain on track to generate $250 million to $300 million of adjusted free cash flow in the fiscal year.

最後，我們預計 2025 財年將取得強勁收官，第四季收益預計將比創紀錄的第三季成長 6% 至 11%。因此，我們再次將 2025 財年的營業收入預期上調至 5.2 億美元至 5.27 億美元之間。我們仍有望在本財年產生 2.5 億至 3 億美元的調整後自由現金流。

This financial performance will be a remarkable achievement at a time when the aerospace supply chain is transitioning and only at the beginning of its aggressive build rate ramp. We continue to believe we are in the early stages of our growth journey as demand for our material will only get stronger and our earnings growth potential will continue to expand.

在航空航太供應鏈轉型且生產力大幅提升的初期，這樣的財務表現將是一項了不起的成就。我們仍然相信，我們正處於成長之旅的早期階段，因為對我們材料的需求只會越來越強勁，我們的獲利成長潛力將繼續擴大。

Let me close by giving a reminder of our fiscal year 2027 earnings outlook on slide 15. What an exciting time to be part of Carpenter Technology as we are delivering record profits while projecting a future of even higher earnings growth potential.

最後，請容許我在第 15 張投影片中回顧我們 2027 財年的獲利展望。成為 Carpenter Technology 的一員是多麼令人興奮，因為我們不僅創造了創紀錄的利潤，而且預測未來獲利成長潛力還會更高。

As highlighted at our recent investor update, we have a compelling outlook for the company. We expect strong sustained earnings growth with operating income anticipated to reach $765 million to $800 million in fiscal year 2027. This would represent a 25% CAGR over the next two years, an earnings growth rate that we believe will outpace most of our peers.

正如我們最近的投資者更新中所強調的那樣，我們對該公司的前景充滿信心。我們預計獲利將持續強勁成長，2027 財年的營業收入預計將達到 7.65 億美元至 8 億美元。這意味著未來兩年的複合年增長率將達到 25%，我們相信這一盈利增長率將超過大多數同業。

We project fiscal year 2026 to be materially higher than fiscal year 2025. And we believe fiscal year 2027 is not the peak of our earnings growth trend, with volume, productivity and product mix all continuing to improve.

我們預計 2026 財年的業績將大幅高於 2025 財年。我們相信，2027 財年並不是我們獲利成長趨勢的頂峰，產量、生產力和產品組合都將持續改善。

As with our previous targets, we have high confidence in our ability to achieve these numbers with opportunities to potentially exceed them. With our continued earnings growth and focus on disciplined management of our working capital, we expect our cash generation to accelerate.

就像我們之前的目標一樣，我們對實現這些數字的能力充滿信心，並且有機會超越這些數字。隨著我們獲利的持續成長以及對營運資本的嚴格管理，我們預期現金產生將會加速。

Specifically, we project significant free cash flow generation of $1 billion from fiscal year 2025 through fiscal year 2027, with an impressive 90% conversion rate. This is before considering the recently announced brownfield capacity expansion investment.

具體來說，我們預計從 2025 財年到 2027 財年將產生 10 億美元的自由現金流，轉換率將達到驚人的 90%。這還未考慮最近宣布的棕地產能擴張投資。

This is a meaningful amount of cash to drive shareholder value. As such, we will continue to take a disciplined, balanced approach. We will return cash to shareholders through our quarterly dividend. We will repurchase shares through our $400 million buyback program. And we will invest in long-term strategic profitable growth.

對於推動股東價值而言，這是一筆意義重大的現金。因此，我們將繼續採取嚴謹、平衡的做法。我們將透過季度股利向股東返還現金。我們將透過 4 億美元的回購計畫回購股票。我們將投資於長期策略性獲利成長。

As we detailed in our investor update, we are in a unique position to bring on strategic capacity given our capabilities and unique collection of assets. The brownfield expansion will add high-purity primary and secondary melt capacity that will feed our existing downstream finishing assets.

正如我們在投資者更新中詳細說明的那樣，憑藉我們的能力和獨特的資產組合，我們在策略能力方面處於獨特的地位。棕地擴建將增加高純度一次和二次熔煉能力，為我們現有的下游精加工資產提供原料。

And while this brownfield investment will not materially impact the industry's current supply and demand imbalance, it most definitely provides an earnings accelerator to the company's already attractive earnings growth projections. We plan to fund this project through internal cash generation and anticipate an attractive return on capital of greater than 20%.

雖然這項棕地投資不會對該行業當前的供需失衡產生實質影響，但它無疑為該公司本已頗具吸引力的盈利增長預測提供了盈利加速器。我們計劃透過內部現金流為該項目提供資金，並預計資本回報率將超過 20%。

Altogether, I think you all will agree that Carpenter Technology is performing at a high level today and has a very bright future with sustained growth and value creation for our shareholders. Thank you for your attention. I will now turn the call back to the operator.

總而言之，我想大家都會同意，卡彭特科技目前的表現很高，並且擁有非常光明的未來，能夠持續成長並為我們的股東創造價值。感謝您的關注。我現在將把電話轉回給接線生。

(Operator Instructions)

（操作員指示）

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Tony, can you further characterize the order trends you saw in the quarter? And then are you seeing any emergency orders coming in yet on the aerospace side as billings build rates gain some momentum here?

托尼，您能進一步描述本季的訂單趨勢嗎？那麼，隨著營業額成長速度加快，您是否看到航空航天方面有任何緊急訂單湧入？

Scott, without getting into any of the specific figures on orders, I can tell you that they were up just a bit over 20% sequentially. So a really good order intake quarter. Emergency orders, I can say that we still continue to have customers pushing to get their deliveries earlier than planned, whether that constitutes how you want to call it, emergency order or not, but we still have that quite frequently.

斯科特，無需透露訂單的具體數字，我可以告訴你，訂單量環比增長了 20% 多一點。因此這是一個非常好的訂單量季度。緊急訂單，我可以說，我們仍然繼續有客戶要求比計劃更早收到貨物，不管你是否稱之為緊急訂單，但我們仍然經常遇到這種情況。

Okay. And then can you give some updated color on leading-edge pricing? I mean obviously, we see in the results in a big way, but there's some lag there. And I think investors are a bit in the dark on what the current pricing environment looks like for what's going in the backlog today. So some clarity there, I think, would be helpful.

好的。然後您能否提供一些有關前沿定價的最新資訊？我的意思是，顯然，我們看到了很大的成果，但還存在一些滯後。我認為投資人對於目前的定價環境以及今天積壓訂單的情況有些不了解。因此，我認為，澄清這一點會很有幫助。

Well, I think, Scott, for me, it's -- I'm not going to talk specifically about pricing. What I did say in my prepared remarks is that we closed two LTAs in the quarter. And I think my words were I said they were a significant benefit or significant contribution. So I'll let you figure out what that means.

嗯，斯科特，我認為，對我來說，我不會具體談論定價問題。我在準備好的發言中確實說過，我們在本季度簽署了兩份長期協議。我認為我說過它們會帶來重大利益或重大貢獻。所以我會讓你弄清楚這意味著什麼。

I can also point to the fact, back in the investor update that we gave a couple of months ago, we also said that we continue to see pricing actions continue to improve. And really, all that's based on is a supply and demand imbalance that's going to get significantly tighter going forward. So that's where the pricing is tied to. So I don't think that should be much of a surprise when we said in the investor update that we would anticipate that to continue.

我還可以指出這樣一個事實，在我們幾個月前向投資者提供的最新消息中，我們也說過，我們繼續看到定價行為持續改善。事實上，這一切都是基於供需失衡，而這種失衡未來將會變得更加嚴重。這就是定價所依賴的東西。因此，當我們在投資者更新中說我們預計這種情況會持續下去時，我認為這並不令人意外。

Okay. And then did you get much of the benefit from the LTA price increase in the quarter you just reported? Or is that still to come?

好的。那麼，在您剛剛報告的這個季度中，您是否從 LTA 價格上漲中獲得了很大的利益？還是這仍未發生？

Well, not for this LTA that we just signed. Those will be in the future. But I think I did also mention in the call that in the quarter, because the calendar quarter, some of those new LTAs that we've negotiated 9, 10 months ago, then became effective on January 1.

嗯，對於我們剛剛簽署的長期協議來說不是這樣。這些都將在未來實現。但我認為我在電話會議中也提到過，在本季度，因為是日曆季度，我們在 9、10 個月前談判的一些新的長期協議於 1 月 1 日生效。

Right. Okay. Last question just high level, Tony, like a lot has happened since our February investor event. I guess, are you now more or less confident in the 2027 EBIT guide relative to your mindset two months ago?

正確的。好的。最後一個問題，托尼，自我們二月份的投資者活動以來發生了很多事情。我想，相對於兩個月前的想法，您現在對 2027 年 EBIT 指南的信心是增強了還是減弱了？

Well, I'm more confident because things are in better shape than they were two months ago. I mean we stand now, just a couple of recent points, yesterday, Boeing has a very good call where they're continuing to make impressive improvements in their build rate production. GE Aerospace just reported MRO sustaining at high levels. Hopefully, we'll see some de-escalation from the from the tariff situation. So I'm much more confident now than two months ago. We're in a much better spot.

嗯，我更有信心了，因為現在的情況比兩個月前好得多。我的意思是，我們現在就最近的幾點來看，昨天，波音公司有一個非常好的通話，他們在建造率生產方面繼續取得令人矚目的進步。GE 航空航天剛剛報告稱 MRO 維持在高水準。希望我們能看到關稅情勢有所緩和。所以我現在比兩個月前更有信心。我們的處境好多了。

And I really believe over the next four, five, six months, you're going to see a massive inflection point. And I know right now, we want to talk about is somebody destocking, is somebody -- did your backlog go down by 0.5%? I mean in the whole big scheme of things, we're in a much better spot now than we were 2 months ago. And I would tell you, we're talking a quarter or two from now, we're going to be right back to urgent demand across the board.

我真的相信在接下來的四、五、六個月裡，你會看到一個巨大的轉捩點。我知道現在我們想討論的是是否有人在去庫存，是否有人——你的積壓訂單是否下降了 0.5%？我的意思是，從整體來看，我們現在的狀況比兩個月前好多了。我想告訴你，從現在起一、兩個季度後，我們將全面恢復緊急需求。

Okay. Yes, I'm not too worried about the backlog going down 0.5%. But I appreciate it.

好的。是的，我並不太擔心積壓量下降 0.5%。但我很感激。

Josh Sullivan, The Benchmark Company.

喬許·沙利文（Josh Sullivan），基準公司。

Can you just update us on the lead times? And then is there any churn in that book? Or what does that look like? Any notable differences within end markets or products at this point?

能告訴我們一下交貨時間嗎？那麼這本書中是否存在任何混亂？或者它看起來像什麼？目前終端市場或產品之間是否有顯著差異？

On lead times, I will say that no change from before there. When we talk lead times, Josh, just to be clear, we're always talking about aerospace engine, that's the proxy for lead times. So I always like to say that just so everyone's clear with that. But we're still at up to 60 weeks for aerospace engine.

關於交貨時間，我想說與以前相比沒有變化。喬希，當我們談論交貨時間時，需要明確的是，我們總是在談論航空發動機，這是交貨時間的代理。所以我總是喜歡這麼說，以便每個人都清楚這一點。但航空發動機的製造週期仍需要長達 60 週。

I don't see that changing, right? It's not going to get much shorter. And we cap our order book. So you're effectively capping lead times. So I think you're going to be in that up to 60-week lead time for aerospace engines. So no change.

我不認為這有什麼變化，對嗎？它不會變得更短。我們對訂單量進行了限制。因此，您實際上限制了交貨時間。所以我認為航空引擎的交貨時間將長達 60 週。所以沒有變化。

And then just on the LTA discussions, and you mentioned in the remarks there, compared to last year or even earlier this year, how has the current environment leaked into those conversations? Or maybe it hasn't. Just curious if the short-term dynamics are influencing those LTA parameters at all.

然後就 LTA 討論而言，您在評論中提到，與去年甚至今年早些時候相比，當前的環境如何影響這些對話？又或許還沒有。只是好奇短期動態是否會影響那些 LTA 參數。

They don't impact them at all. I mean you have very sophisticated customers that are sitting across the desk from you, right? They're not we're not negotiating a deal that's going to happen today for 10 tons. We're talking about a long-term supply agreement over the next three, five-plus years that's going to facilitate them making their product right? So that's what we're talking about.

它們根本不會對他們產生影響。我的意思是，坐在你辦公桌對面的客戶都很老練，對嗎？他們不是我們，我們不會就今天要達成的 10 噸交易進行談判。我們正在討論未來三到五年以上的長期供應協議，這將有助於他們生產產品，對嗎？這就是我們正在談論的。

And they know very well that supply and demand imbalance is only going to get tighter. So any disruptions in this near term actually have a 0% impact on current LTA discussions or negotiations.

他們非常清楚，供需失衡只會變得更加嚴重。因此，短期內的任何中斷實際上對當前 LTA 討論或談判的影響為 0%。

And then maybe just on PEP, any impact from the SPS fire at this point? Or any dynamics there we should be thinking about medium term?

那麼也許只是對 PEP 而言，SPS 火災目前有任何影響嗎？或者我們應該考慮中期的任何動態？

No, we didn't have any impact to our business on the SPS fire. I mean we remain -- we're in close coordination. We hate to see that happen to somebody, certainly in the industry. And we've done everything we can do to support them on any types of materials that we might have been holding. But no material impact to our business.

不，SPS 火災對我們的業務沒有造成任何影響。我的意思是我們仍然在密切協調。我們不願意看到這樣的事情發生在某些人身上，尤其是在這個行業。我們已盡一切努力為他們提供我們可能持有的任何類型的材料。但對我們的業務沒有實質影響。

Okay. And then just one last one. Just at additive, can you just help us think about within PEP, the cyclicality within additive and then Dynamet ramping up, how should we think about that over the next 12 months or long term?

好的。最後再說一句。就添加劑而言，您能否幫助我們思考 PEP 內部的週期性，以及 Dynamet 的成長，我們應該如何在未來 12 個月或長期內考慮這一點？

Well, you should think the Dynamet is by far the major player inside of PEP. And we have a good business with additive. We're always in the game. We have the opportunity to move inside of that industry if it picks up. But the real player inside of PEP is Dynamet.

好吧，您應該認為 Dynamet 是 PEP 內部的主要參與者。我們的添加劑業務做得很好。我們始終在遊戲中。如果該行業復甦，我們就有機會進入該行業。但 PEP 內部的真正參與者是 Dynamet。

Bennett Moore, JPMorgan.

摩根大通的貝內特摩爾。

Congrats on the quarter. Despite the greater shipping days, SAO volumes were relatively flat on a similar A&D and medical mix. Could you provide any additional color on the moving parts here and what we might expect to see those volumes trend consistently higher?

恭喜本季取得佳績。儘管運輸天數較多，但 SAO 運輸量因 A&D 和醫療產品組合相似而相對持平。您能否提供更多關於這裡的變動部分以及我們可能預期看到這些交易量持續走高的趨勢？

It's an interesting question, right? And it was really moved over the last couple of years. Remember, I'm -- we are really trying to optimize our business, not for volume. Because we're not a commodity business. We're trying to optimize for profitability.

這是一個有趣的問題，對吧？在過去的幾年裡，它確實發生了變化。請記住，我們確實在努力優化我們的業務，而不是為了數量。因為我們不是商品企業。我們正在努力優化獲利能力。

And as you see some of these products change, the processing times can be significant between. And when you're looking at an aerospace product, or let's just pick something out of the industrial segment, our transportation, one of our smaller end-use markets. What you're producing maybe in that other segment is significantly more volume at a lot less revenue.

正如您所看到的，其中一些產品發生了變化，處理時間可能會很長。當您查看航空航太產品時，或讓我們從工業領域、運輸領域（我們較小的終端使用市場之一）中挑選一些東西。在其他領域，你的產量可能要大得多，但收入卻少得多。

So we're going to use our assets where we can, where there's any fungibility at all to use it on the higher-priced products. The result is you'll see your volume going down, but you see your revenue going up quite a bit. We believe that's an easy decision to make, right? So that's what we play to. We're going to play to profitability.

因此，我們將盡可能地利用我們的資產，只要具有可替代性，我們就會將其用於價格較高的產品。結果是，你會看到你的交易量下降，但你的收入卻上升了不少。我們相信這是一個容易做出的決定，對嗎？這就是我們所追求的。我們將努力實現盈利。

Now I will tell you, as you go forward over the next, let's say, four quarters or as we get into our FY26 and beyond, you'll see volumes go up. You have to. You just spent the last six months where one of your large OEMs has effectively made no airplanes. So for sure, as you look forward over the next several quarters, volumes are going to go up, and that's just going to make the supply-demand picture even tighter.

現在我告訴你，隨著你進入下一個季度，比如說四個季度，或者當我們進入 26 財年及以後，你會看到交易量上升。你必須這麼做。在過去的六個月裡，你們的一家大型原始設備製造商實際上沒有生產任何飛機。因此可以肯定的是，展望未來幾個季度，交易量將會上升，這將使供需狀況更加緊張。

And then just given the broader macro backdrop, I'm wondering if you're seeing any order deferrals or pockets forming for some of your more lower-margin GDP-levered markets.

然後考慮到更廣泛的宏觀背景，我想知道您是否看到一些利潤率較低的 GDP 槓桿市場出現訂單延期或口袋形成的情況。

Well, some of our more lower what you call lower-margin products aren't material, right, to the whole scheme of things. I mean I'd tell you we're moving towards aerospace and medical make up 75% of our revenue. And then if you add in IGT, which has aerospace-like margins, some of the semiconductor business, you're close to 80%. So that drives the story with us going forward.

嗯，我們的一些較低利潤的產品，也就是你們所說的低利潤產品，對整個計劃來說並不重要。我的意思是，我想告訴你，我們正在向航空航天和醫療領域邁進，這占我們收入的 75%。然後，如果加上利潤率堪比航空航太業的 IGT 和部分半導體業務，利潤率接近 80%。這推動著我們的故事繼續前進。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Looking at the medical business, I know you said the backdrop remains strong, but down 14% year over year. I've heard some commentary from my industry contacts as well implying that this was a little bit weaker as of late. Could you maybe explain what's driving some of that a little bit further?

從醫療業務來看，我知道您說過，雖然背景依然強勁，但年減了 14%。我也聽到一些業內人士的評論，暗示最近情況有所減弱。您能否進一步解釋一下造成這種情況的原因是什麼？

Well, I think you've had a little bit of destocking possibly in the medical end-use market. That happens, that's not overly surprising. Remember, last third quarter was, I think, our second highest medical sales quarter ever. So you've got a tough comparison.

嗯，我認為你們在醫療終端市場可能已經有一些去庫存了。發生這種情況並不太令人驚訝。請記住，我認為去年第三季是我們有史以來醫療銷售額第二高的季度。所以你面臨著一個艱難的比較。

To maybe give you a little bit of relief or a little bit of comfort, as we look forward next quarter to the fourth quarter, I usually don't project sales by end-use market, but medical, we project to be up quite a bit in the fourth quarter compared to Q3. So what we're hearing from customers, that any of that type of destocking, if you will, is largely behind us now. And our forecast supports that, and we see a big -- a pretty sizable increase in Q4.

為了讓您稍微放心或感到安慰，當我們展望下個季度到第四季度時，我通常不會預測最終用途市場的銷售額，但對於醫療市場，我們預計第四季度的銷售額將比第三季度大幅增長。因此，我們從客戶那裡聽到的是，任何此類去庫存行動現在基本上都已經過去了。我們的預測支持這一點，我們預計第四季將大幅成長。

Got it. Very helpful. And then going back to your comments around raw materials. I mean, you mentioned that most of the nickel you get from Canada. I mean maybe just overall, if you're looking at like all of your feedstock, how much is domestic versus international?

知道了。非常有幫助。然後再回到您關於原材料的評論。我的意思是，你提到大部分鎳來自加拿大。我的意思是，也許總體而言，如果你查看所有的原料，那麼國內和國際的原料各佔多少？

Well, our biggest input is nickel, and that comes from Canada and Norway specifically, right? So that's where that comes. That's going to go -- be managed through the established surcharge.

嗯，我們最大的投入是鎳，具體來自加拿大和挪威，對嗎？這就是事情的經過。這將透過既定的附加費來管理。

We did a pretty in-depth analysis on what all of the costs in our entire system could be impacted by tariffs. And we came to a very, very small number, very low single digits of our total spend would be impacted. And our plans would be to pass 100% of that through to our customers. Hopefully, that helps.

我們對整個系統的所有成本可能受到關稅的影響進行了相當深入的分析。我們發現受影響的金額非常小，只有總支出中非常低的個位數。我們的計劃是將其中 100% 的收益轉嫁給我們的客戶。希望這能有所幫助。

Definitely. And I guess just to follow-up on that, you said though you can't control how that might impact demand further downstream. I mean could you share some more thoughts there?

確實。我想只是為了跟進這一點，您說過，儘管您無法控制這可能會對下游需求產生什麼影響。我的意思是您能分享更多想法嗎？

You mean how it might impact our sales?

您的意思是它會對我們的銷售產生什麼影響？

Yeah, how it might impact demand downstream.

是的，這可能會影響下游需求。

Yeah. So the first part was input costs, which you just talked about. The second part, downstream. Right now we don't see that as being a big impact for us. Because like I said, given our unique portfolio of products that we manufacture, there's not another place to pick those up. So we don't see that being a major issue for us going forward.

是的。第一部分是投入成本，正如您剛才談到的。第二部分，下游。目前我們認為這對我們不會造成太大影響。因為就像我說的，鑑於我們生產的獨特產品組合，沒有其他地方可以買到這些產品。因此，我們認為這不會成為我們未來面臨的主要問題。

Spencer Breitzke, TD Cowen.

史賓塞·布賴茨克（Spencer Breitzke），TD Cowen。

I was wondering if you could provide some color on how fasteners and jet engine orders and sales were in the quarter?

我想知道您是否可以提供一些有關本季緊固件和噴射引擎訂單和銷售情況的資訊？

Well, sales, I mentioned that in the remarks, they're up 16% sequentially, fasteners up 25% sequentially.

嗯，銷售額，我在評論中提到過，環比增長了 16%，緊固件環比增長了 25%。

Okay. Great. And I was wondering do you have any sort of a view on maybe the upper limit of margins at SAO? I mean they've been so strong.

好的。偉大的。我想知道您對 SAO 利潤上限有何看法？我的意思是他們太強大了。

Well, Gautam must have given you that question. I'm sure he would have -- he was the one that asked a couple of quarters ago on whether -- where we could get to. And at the time, I said 30%. I think a lot of people thought that that wasn't really achievable in the amount of time that we stated, and we just achieved 29%. So really good performance by the commercial team and the operations team out on the floor.

嗯，Gautam 肯定問過你這個問題。我確信他會的──幾個季度前他就問過我們能達到什麼程度。當時我說的是 30%。我認為很多人認為我們所說的時間內不可能實現這一目標，但我們只實現了 29%。因此，商業團隊和營運團隊在現場的表現確實非常出色。

And I think it's important, we get to this level of margin percentage expansion. I think that really pushes us to a higher, I would say, into another category in terms of valuation. I mean this is a really important point I think for any company to be able to perform at that type of level.

我認為，達到利潤率百分比擴張的這個水準非常重要。我認為這確實推動我們進入更高的估值水平，進入另一個類別。我認為，對於任何能夠達到這種水平的公司來說，這都是非常重要的一點。

Now I mean, there's a lot -- I think, Spencer, important to keep in mind that there's a lot of factors that impact the margins and, in any given quarter, you could have some pluses and minuses, and certainly it depends on mix. So I'm not here to suggest to you that every quarter, it's going to be linear, right? But certainly, from our point of view, 30% is not the limit, and we see opportunities that we could push past that number.

現在我的意思是，有很多——斯賓塞，我認為重要的是要記住，有很多因素會影響利潤率，並且在任何一個季度，你都會有一些優點和缺點，當然這取決於組合。所以我在這裡並不是要告訴你每季都會是線性的，對嗎？但當然，從我們的角度來看，30％並不是極限，我們看到了超越這個數字的機會。

Philip Gibbs, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Philip Gibbs。

So Tony, I'm curious just from reading some of the tea leaves and being at a recent aerospace conference, if either you've received or you've given any of your customers any force majeure letters. Just what's the status of some of that within your own business and/or what you've seen or heard?

托尼，我很好奇，只是透過閱讀一些資料並參加最近的航空航天會議，您是否收到或向任何客戶發出不可抗力信函。在您自己的企業中，其中一些情況如何？或您看到或聽到了什麼？

Well, Phil, I'm aware of what you're talking about. I think also you have to remember that there could be significant differences across the aerospace supply chain on where they source material, do they move material back and forth inside United States to produce that would cause them to do -- or they believe that they need to issue some type of letter.

好吧，菲爾，我知道你在說什麼。我認為你還必須記住，整個航空航天供應鏈在材料來源方面可能存在顯著差異，他們是否在美國境內來回運輸材料進行生產，這會導致他們這樣做——或者他們認為他們需要發出某種類型的信函。

We have not done that. We don't see any need that we need to issue a force majeure letter due to tariffs. As I just said, any move on nickel price, which is the largest by far input to our cost, we have a mechanism to pass through.

我們還沒有這樣做。我們認為沒有必要因關稅而發出不可抗力信函。正如我剛才所說，鎳價是迄今為止對我們的成本影響最大的一項，任何價格變動，我們都有機制來轉嫁。

I just said that all those other costs, we've done a deep analysis. It's a very small amount, a small percentage amount of our overall spend. And we pass that 100% through. So from our standpoint, we believe we have the mechanisms in place and don't feel like we need to do any type of force majeure letter.

我剛才說了，對於所有其他成本，我們都進行了深入的分析。這是一筆非常小的金額，只占我們總支出的一小部分。我們 100% 通過了這個目標。因此，從我們的角度來看，我們相信我們已經建立了機制，並認為我們不需要發出任何類型的不可抗力信函。

Tony, did you -- you also mentioned that a lot of your nickel imports are from Canada. Are those not being tariffed right now? I just wanted to be clear.

托尼，你也提到過，你們進口的很多鎳都來自加拿大。這些現在還沒有被徵收關稅嗎？我只是想說清楚。

That's correct.

沒錯。

Okay. And then I think you did mention earlier that backlog relatively flat. You said basically, what, down 0.5%. Was that theoretical or was that where you're at now?

好的。然後我想您之前確實提到過積壓訂單相對平穩。您說的基本上是下降了 0.5%。這是理論上的還是你現在所處的階段？

No, that was theoretical, Phil. That was just, quite frankly, me showing some of my frustration with these small moves back and forth. I mean our backlog is at 2.5 times, what it was pre-COVID. And at that time, it was considered strong.

不，那隻是理論上的，菲爾。坦白說，這只是我對這些來回的小舉動表達的一些不滿。我的意思是，我們的積壓訂單是新冠疫情之前的 2.5 倍。在當時，這已經算很強了。

So you're going to have movement from -- in your backlog plus or minus from time to time, especially if you've got a fact that you've got one of the major OEMs not producing planes, you're able to pull forward for other customers to pull into that range. So we still have a very healthy backlog, well over 2 times what it was prior to COVID.

因此，您的積壓訂單量會不時增加或減少，特別是當您發現其中一個主要原始設備製造商沒有生產飛機時，您就可以提前吸引其他客戶進入該範圍。因此，我們的積壓訂單量仍然非常可觀，遠遠超過新冠疫情之前的兩倍。

And keep in mind also, Phil, when we limit our order intake or close our order book, you're effectively putting a cap on your backlog. So I think it becomes a lot less effective metric to try to judge whether market demand is up or down.

菲爾，也要記住，當我們限制訂單量或關閉訂單簿時，實際上就是在限制積壓訂單。因此，我認為，試圖判斷市場需求是上升還是下降不再是一個有效的衡量標準。

No. I think why we ask the question is just based on timing, right? So when does Boeing, for example, take their foot off the gas in terms of orders, feel like they have enough inventory and then we can see when they come back in, in a more meaningful way? So that's more of the question. Obviously, the pricing has been very good and will continue to be very good. But do you have that latest update, a number you could share?

不。我想我們問這個問題只是基於時機，對嗎？那麼，波音公司什麼時候會在訂單方面放慢腳步，感覺他們有足夠的庫存，然後我們才能以更有意義的方式看到他們何時恢復訂單？所以這才是問題的關鍵。顯然，定價一直都很好，而且會繼續保持很好。但是您有最新的更新嗎？可以分享一個號碼嗎？

We're within that plus or minus. I mean our backlog isn't moving that much at the high end now.

我們處於這個正負值範圍內。我的意思是，我們的積壓訂單目前在高端方面並沒有太大的變化。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Tim, the inventory number as a percentage of sales was still pretty high this quarter. I guess, can you explain a bit more what's going on there with inventory? And should we still expect that to unwind in the fourth quarter?

提姆，本季庫存數量佔銷售額的百分比仍然相當高。我想，您能否進一步解釋一下庫存狀況？我們是否仍應預期這種情況會在第四季得到緩解？

Yeah, Scott, I mean, without getting into any specifics on what the number is going to be in the fourth quarter, we do tend to build in the first half and take it out in the second half. It wasn't quite the build that we had in Q2 and Q3.

是的，斯科特，我的意思是，在不具體說明第四季度的數字的情況下，我們確實傾向於在上半年增加產量，然後在下半年減少產量。這與我們在第二季和第三季的建置不太一樣。

And then in the fourth quarter, we do expect inventory to come down. And that's a big driver of our confidence in the cash number for the full year, which obviously implies a big number for the fourth quarter. So inventory will come out in the fourth quarter.

在第四季度，我們確實預期庫存會下降。這極大地增強了我們對全年現金數量的信心，這顯然意味著第四季度的現金數量將會很大。因此庫存將在第四季出來。

Okay. And is that building WIP as you do work to fulfill your existing order book? Or are you building finished goods and sitting on them?

好的。當您努力完成現有訂單時，這是否意味著您正在建立 WIP？或者您正在生產成品並坐在上面？

No, it's generally a story around WIP. I mean quarter by quarter, it may not work out that way. But generally, the focus all our efforts to bring inventory down is going to be on WIP, and that's what will play out in the fourth quarter when it comes down.

不，這通常是圍繞 WIP 的故事。我的意思是，逐季度來看，情況可能不會如此。但總體來說，我們降低庫存的所有努力都將集中在製品上，而這將在第四季度庫存下降時發揮作用。

Okay. And then, Tony, just to clarify, are the aerospace LTAs you're entering into, are they still of a shorter duration versus where they've historically been at?

好的。然後，東尼，我只是想澄清一下，你所簽訂的航空航太長期協議，與歷史上的協議相比，其期限是否仍然較短？

Like we've said in the past, during that three to five in year range, we try to match up as close as we can to our customer needs. But you should think you're in that three to five as opposed to a 10. I think a 10-year contract in today's environment doesn't make any sense at all.

正如我們過去所說的那樣，在這三到五年的時間裡，我們會盡力滿足客戶的需求。但你應該認為自己處於那三到五名之內，而不是十分之一。我認為在當今環境下簽訂 10 年合約根本沒有任何意義。

Bennett Moore, JPMorgan.

摩根大通的貝內特摩爾。

I just wanted to ask real quick on the brownfield investment, specifically the equipment. What if any of this will face tariffs? And is that baked into the CapEx guidance?

我只是想快速詢問棕地投資，特別是設備。如果其中任何一項面臨關稅怎麼辦？這是否包含在資本支出指導中？

Yeah, I'll take that. So yeah, I mean the equipment we need is highly specialized, as we talked about before. There's a limited number of companies that can make the equipment we need. Those companies happen, at least for the critical pieces, tend to be in Europe. So we expect there will be tariffs associated with that.

是的，我會接受的。是的，我的意思是我們需要的設備是高度專業化的，正如我們之前談到的。能夠生產我們所需設備的公司數量有限。這些公司，至少對於關鍵部分而言，往往位於歐洲。因此我們預期會有相關關稅。

I would say it's an overall small piece of the overall spend, because remember, we've got to do construction, we've got to install the equipment, so there's a lot of other pieces to the overall investment other than just the equipment. And then the other piece is, I mean, obviously, as you know, this is a moving target, and the tariffs really wouldn't come into play until the equipment gets delivered, which is some time out.

我想說這只是整體支出的一小部分，因為請記住，我們必須進行施工，必須安裝設備，所以除了設備之外，整體投資還有很多其他部分。然後另一部分是，我的意思是，顯然，如你所知，這是一個移動的目標，關稅實際上要等到設備交付後才會發揮作用，而這需要一段時間。

That concludes our Q&A session. I will now turn the call over to John Huyette for closing remarks.

我們的問答環節到此結束。現在我將把電話交給 John Huyette 做最後發言。

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

謝謝凱倫，也謝謝大家今天參加我們的 2025 財年第三季電話會議。祝您今天剩餘的時間過得愉快。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。