Carpenter Technology Corp (CRS) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Carpenter Technology CRS Q4 FY25 earnings conference call. (Operator Instructions)

感謝您的支持。我叫伊恩，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Carpenter Technology CRS Q4 FY25 收益電話會議。（操作員指示）

I would like to hand the call over to John Huyette, VP, Investor Relations. You may begin your conference.

我想把電話交給投資者關係副總裁 John Huyette。您可以開始您的會議了。

Thank you, operator. Good morning, everyone, and welcome to the Carpenter Technology earnings conference call for the fiscal 2025 fourth quarter ended June 30, 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. Speakers on the call today are Tony Thene, President and Chief Executive Officer; and Tim Lain, Senior Vice President and Chief Financial Officer.

謝謝您，接線生。大家早安，歡迎參加 Carpenter Technology 截至 2025 年 6 月 30 日的 2025 財年第四季財報電話會議。此次電話會議也將與簡報幻燈片一起在網路上播出。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。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, and Forms 10-Q for the quarters ended September 30, 2024, December 31, 2024, and March 31, 2025, 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，以及截至 2024 年 9 月 30 日、2024 年 12 月 31 月 2013 月 2024 年 12 月表報告，以及這些文件所附的附件。

Please note that in the following discussion, unless otherwise noted, when management discusses 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.

請注意，在以下討論中，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，它是基於調整後的營業收入，不包括特殊項目和銷售額，也不包括附加費。

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. We ended fiscal year 2025 with a total case incident rate of 1.4. This is a notable 20% improvement over fiscal year 2024. Although this rate would rank as one of the safest metal manufacturing companies, it is not a rate we accept at Carpenter Technology. As we enter fiscal year 2026, we remain committed to our ultimate goal, a zero injury workplace, driven by a sharp focus, consistent action and continuous improvement.

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。截至2025財年，我們的總案件發生率為1.4。與2024財年相比，顯著改善了20%。儘管這個利率在金屬製造公司中屬於最安全的利率之一，但這並不是我們 Carpenter Technology 所接受的利率。進入 2026 財年，我們將繼續致力於實現我們的最終目標，即建立零傷害工作場所，並以高度的專注、一致的行動和持續的改進為動力。

Let's turn to slide 5 for an overview of our fourth quarter performance. We continued our earnings momentum with strong execution to close out the fiscal year, delivering the most profitable quarter on record. For the fourth quarter of fiscal year 2025, we generated $151 million in adjusted operating income, a 21% increase over our fourth quarter of fiscal year 2024 and a 10% increase over our recent third quarter, which was our previous record for quarterly operating income.

讓我們翻到投影片 5，概覽一下我們第四季的業績。我們以強勁的執行力結束了本財年，延續了獲利勢頭，創造了有史以來最賺錢的一個季度。2025 財年第四季度，我們實現了 1.51 億美元的調整後營業收入，比 2024 財年第四季度增長 21%，比最近的第三季度增長 10%，創下了我們之前的季度營業收入紀錄。

The profitability was driven by SAO as the segment continues to expand adjusted operating margins, reaching 30.5% in the quarter, compared to 25.2% a year ago and 29.1% in the prior quarter. You may recall that a year ago, having achieved the 25% adjusted margin milestone in SAO, I said that we had line of sight to 30% margins.

獲利能力的提升主要得益於 SAO 部門的調整後營業利潤率持續擴大，本季達到 30.5%，而去年同期為 25.2%，上一季為 29.1%。您可能還記得，一年前，在 SAO 實現了 25% 的調整後利潤率里程碑後，我說我們的利潤率有望達到 30%。

And now that we have achieved a 30% milestone, I continue to expect margins to expand further as the major drivers of our growth, improvements in productivity, product mix optimization and pricing actions continue to be opportunities for our business.

現在我們已經實現了 30% 的里程碑，我仍然預計利潤率將進一步擴大，因為我們成長的主要驅動力、生產力的提高、產品組合優化和定價行動繼續為我們的業務帶來機會。

The SAO segment reached a record $167 million of operating income, an increase of 19% year-over-year and 10% sequentially. In addition, with strong earnings and disciplined working capital management, we generated $201.3 million in adjusted free cash flow during the quarter, and we continued returning cash to shareholders through our dividend and repurchase programs, purchasing $24.1 million of shares in the quarter, raising the total to $101.9 million for the fiscal year.

SAO 部門的營業收入達到創紀錄的 1.67 億美元，年增 19%，較上季成長 10%。此外，憑藉強勁的盈利和嚴格的營運資本管理，我們在本季度產生了 2.013 億美元的調整後自由現金流，並且我們繼續透過股息和回購計劃向股東返還現金，在本季度回購了價值 2,410 萬美元的股票，使本財年的總額達到 1.019 億美元。

Turning to slide 6 and a closer look at fourth quarter sales and market dynamics. In the fourth quarter of fiscal year 2025, sales increased sequentially across all key end-use markets. Starting with Aerospace and Defense end-use market, sales increased 3% sequentially and 2% over our fourth quarter of fiscal year 2024, which at the time was our highest revenue quarter on record for the Aerospace and Defense end-use market.

翻到第 6 張投影片，仔細看看第四季的銷售和市場動態。2025財年第四季度，所有主要終端用途市場的銷售額均較上季成長。從航空航太和國防終端用途市場開始，銷售額季增 3%，比 2024 財年第四季成長 2%，當時這是我們航空航太和國防終端用途市場有史以來的最高收入季度。

Within Aerospace and Defense, sales were notably up across engines, fasteners and defense. Our engine sales were up 5% sequentially as demand for our materials remains strong. Our engine customers continue to be concerned about surety of supply as they navigate high MRO demand while looking forward to the ongoing and accelerating build rate ramp. In fact, sales to our engine customers might have been higher, if not for our increased focus on the power generation submarket in the quarter, which I will touch on momentarily.

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顯著上升。由於對我們材料的需求依然強勁，我們的引擎銷量較上季成長了 5%。我們的引擎客戶在應對高 MRO 需求的同時，也期待著持續加速的建造率提升，他們繼續關注供應保證。事實上，如果我們本季沒有更加關注發電子市場（我稍後會談到這一點），我們對引擎客戶的銷售額可能會更高。

And our defense submarket sales were up 17% sequentially as we continue to see urgent requests for material across multiple platforms. Overall, the aerospace supply chain continues to increase activity as build rates ramp and confidence grows in the OEM's ability to perform.

由於我們繼續看到多個平台上對材料的緊急需求，我們的國防子市場銷售額環比增長了 17%。總體而言，隨著製造率的提高和對 OEM 執行能力的信心增強，航空航太供應鏈的活動持續增加。

Let me provide some comments from the recent Paris Air Show to further illustrate what we are hearing from our customers. The general theme customers talked about was the ongoing ramp in aerospace demand and how that specifically impacts their business. Some customers emphasize the need for us to provide more material faster, and we discuss ongoing efforts to increase shipments to them.

讓我提供一些最近巴黎航展的評論，以進一步說明我們從客戶那裡聽到的內容。客戶談論的一般主題是航空航天需求的持續成長以及這對他們的業務有何具體影響。一些客戶強調我們需要更快地提供更多材料，我們也討論了持續努力以增加向他們的出貨量。

Others based on where they are positioned in the supply chain report they are managing their inventory closely and looking for signals of step-ups in demand, which we all anticipate, particularly around Boeing build rates.

其他人則根據他們在供應鏈中所處的位置報告說，他們正在密切管理庫存，並尋找需求上升的信號，我們都預計需求會增加，特別是在波音的生產率方面。

We advanced and completed several long-term agreements while in Paris, in line with our expectations and supporting our ongoing growth. Many customers expressed their appreciation for how we have worked with them over the last several quarters as they needed to adjust their schedules to better match aerospace builds.

我們在巴黎推進並完成了幾項長期協議，這符合我們的預期並支持了我們的持續成長。許多客戶對我們在過去幾個季度與他們的合作表示感謝，因為他們需要調整他們的日程安排以更好地適應航空航天建設。

Finally, customers were excited about the brownfield capacity expansion project that we recently announced and wanted to know what it would mean specifically for the products they purchase from us. Overall, the Paris Air Show was a positive event, and we came away with even higher confidence about the future outlook for Aerospace and Defense.

最後，客戶對我們最近宣布的棕地產能擴建項目感到非常興奮，並想知道這對他們從我們這裡購買的產品具體意味著什麼。總體而言，巴黎航展是一項積極的活動，我們對航空航天和國防的未來前景更有信心。

Moving on to the Medical end-use market. Our sales were up 6% sequentially and down 16% compared to a record prior year fourth quarter. It's important to note that underlying demand in medical remains positive, with ongoing increases in patient procedures. While our medical sales have already grown substantially over the last several years, we continue to believe there is significant growth potential.

轉向醫療終端市場。我們的銷售額較上季成長 6%，與去年第四季創紀錄的銷售額相比下降了 16%。值得注意的是，醫療領域的潛在需求仍然積極，患者治療程序持續增加。儘管我們的醫療銷售額在過去幾年中已經大幅成長，但我們仍然相信仍有巨大的成長潛力。

Shifting to the Energy end-use market, sales were up 27% sequentially and 22% year-over-year with significant increases in sales to our power generation customers. As has been widely reported, demand for power generation continues to accelerate because the alloys that we produce that go into power generation applications, primarily industrial gas turbines, are similar to our aerospace materials, they command similar high margins. They also compete for time on similar assets. Therefore, we are carefully managing our production schedules to slide in the power generation demand.

轉向能源終端使用市場，銷售額環比成長 27%，年增 22%，我們對發電客戶的銷售額大幅成長。正如廣泛報導的那樣，發電需求持續加速成長，因為我們生產的用於發電應用（主要是工業燃氣渦輪機）的合金與我們的航空航天材料類似，它們具有類似的高利潤率。他們還在類似資產上爭取時間。因此，我們正在謹慎地管理生產計劃，以減少發電需求。

Looking ahead, we will continue to work 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.

展望未來，我們將繼續與從原始設備製造商到零件製造商的發電供應鏈密切合作，以支持他們的成長，因為這個子市場已經成為我們寶貴的策略優勢。

Altogether, the demand outlook for Carpenter Technology remains very positive and should only strengthen in the coming quarters as the aerospace industry continues to ramp, the medical industry remains at high levels, and the IGT business continues to aggressively pull for more material.

總體而言，Carpenter Technology 的需求前景仍然非常樂觀，並且隨著航空航天業的持續增長、醫療業保持高水平以及 IGT 業務繼續積極尋求更多材料，未來幾個季度的需求前景只會增強。

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 the income statement summary. Starting at the top, sales excluding surcharge decreased 2% year-over-year on 14% lower volumes. Sequentially, sales were up 4% on 5% higher volume. The improving productivity, product mix and pricing are evident in our gross profit, which increased to $213.9 million in the current quarter, up 12% from the same quarter last year.

謝謝，托尼。大家早安。我將從損益表摘要開始。從最高層開始，不包括附加費的銷售額年減 2%，銷量下降 14%。銷量較上月成長 5%，銷售額較上季成長 4%。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 2.139 億美元，比去年同期成長 12%。

SG&A expenses were $62.5 million in the fourth quarter, essentially flat sequentially and down slightly from the same quarter last year. Adjusted operating income was $151.4 million in the current quarter, which is 21% higher than the $125.2 million in our fourth quarter of fiscal year 2024 and up 10% from our recent third quarter. As Tony mentioned earlier, this represents another record quarterly operating income results, breaking the previous record which was just set last quarter.

第四季銷售、一般及行政費用為 6,250 萬美元，與上一季基本持平，較去年同期略有下降。本季調整後的營業收入為 1.514 億美元，比 2024 財年第四季的 1.252 億美元高出 21%，比最近的第三季高出 10%。正如 Tony 之前提到的，這代表著季度營業收入再次創下新高，打破了上個季度剛創下的紀錄。

Moving on to our effective tax rate, which was 19.7% in the current quarter. This quarter's effective tax rate was lower than our anticipated rate due to certain discrete tax benefits recorded in the current quarter associated with equity awards. The full fiscal year 2025 effective tax rate was similar to the current quarter.

繼續討論我們的有效稅率，本季為 19.7%。本季的有效稅率低於我們的預期稅率，因為本季記錄了與股權獎勵相關的某些單獨稅收優惠。2025財年全年有效稅率與本季相似。

Again, the reason the effective tax rate is lower than the normalized rate is primarily due to discrete tax benefits from the impact of equity awards vesting and stock option exercises during the year. For fiscal year 2026, we expect the effective tax rate to be more in line with our normalized rate of 21% to 23%.

再一次，有效稅率低於標準稅率的原因主要是由於年度內股權獎勵歸屬和股票選擇權行使的影響而產生的單獨稅收優惠。對於 2026 財年，我們預計有效稅率將更符合我們的 21% 至 23% 的正常稅率。

Finally, the earnings per diluted share was $2.21 for the quarter. The quarterly results cap off a historic fiscal year 2025. The Carpenter Technology team delivered on our promise of higher profitability driven by actions across the operations to increase productivity, manage the product mix to optimize for profit and realize the benefits of pricing actions that we continue to pursue and capture.

最後，本季每股攤薄收益為 2.21 美元。該季度業績為具有歷史意義的 2025 財年畫上了圓滿的句號。Carpenter Technology 團隊兌現了我們的更高盈利能力的承諾，透過在整個營運過程中採取行動來提高生產力、管理產品組合以優化利潤並實現我們持續追求和獲取的定價行動帶來的好處。

Now turning to more detail on each of the segments, starting with our SAO segment results. Net sales, excluding surcharge for the fourth quarter were $548 million. Sequentially, sales were up 6% on 5% higher volume driven by increases in our key end-use markets of Aerospace and Defense, Medical and Energy. With adjusted operating margin of 30.5%, a meaningful milestone, SAO reported operating income of $167 million in the fourth quarter.

現在轉向每個部分的更多細節，從我們的 SAO 部分結果開始。第四季不包括附加費的淨銷售額為 5.48 億美元。受航空航太與國防、醫療和能源等主要終端使用市場成長的推動，銷售額環比成長 6%，銷售量成長 5%。SAO 調整後的營業利潤率達到 30.5%，這是一個具有重要意義的里程碑，該公司報告第四季度的營業收入為 1.67 億美元。

The continued increase in sales, profitability and margin expansion is a result of what we have highlighted over the last several quarters. Specifically, the SAO team's ability to increase productivity at key work centers to drive an improving mix while realizing higher selling prices. 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.

銷售額、獲利能力和利潤率的持續成長是我們過去幾季所強調的結果。具體來說，SAO 團隊能夠提高關鍵工作中心的生產力，從而推動產品組合的改善，同時實現更高的銷售價格。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 first quarter of fiscal year 2026, we anticipate SAO will generate operating income in the range of $162 million to $165 million, which accounts for the planned maintenance activities to be executed in our upcoming first quarter.

展望即將到來的 2026 財年第一季度，我們預計 SAO 將產生 1.62 億美元至 1.65 億美元的營業收入，這將用於我們即將到來的第一季執行的計劃維護活動。

Now turning to slide 10 and our PEP segment results. Net sales, excluding surcharge in the fourth quarter of fiscal year 2025 were $97.1 million, down 5% from the same quarter a year ago, and flat sequentially. In the current quarter, PEP reported operating income of $11.7 million compared with $10.6 million in the same quarter a year ago and $10.9 million in the third quarter of fiscal year 2025.

現在轉到幻燈片 10 和我們的 PEP 部分結果。2025 財年第四季不含附加費的淨銷售額為 9,710 萬美元，較去年同期下降 5%，與上一季持平。本季度，PEP 報告的營業收入為 1,170 萬美元，而去年同期為 1,060 萬美元，2025 財年第三季為 1,090 萬美元。

The improving profitability is a result of solid results in our titanium business. As we've talked about in the past, our titanium business, Dynamet, is the driver for path. Our titanium solutions are an important element of our Medical end-use market portfolio. Dynamet Medical end-use market sales account for more than 60% of Dynamet's net sales in fiscal year 2025.

獲利能力的提高得益於我們鈦業務的穩健表現。正如我們過去所談到的，我們的鈦業務 Dynamet 是道路的驅動力。我們的鈦解決方案是我們醫療終端用途市場組合的重要組成部分。Dynamet Medical 終端用途市場銷售額佔 Dynamet 2025 財年淨銷售額的 60% 以上。

In addition to Dynamet, the Additive business continues to drive higher sales, resulting in improved profitability. With that in mind, we currently anticipate that the PEP segment will deliver operating income in the range of $11 million to $12 million in the upcoming first quarter of fiscal year 2026.

除了 Dynamet 之外，增材業務持續推動銷售額的成長，從而提高獲利能力。考慮到這一點，我們目前預計 PEP 部門將在即將到來的 2026 財年第一季實現 1,100 萬美元至 1,200 萬美元的營業收入。

Now turning to the next slide to talk about our cash generation and capital allocation priorities. In the current quarter, we generated $258 million of cash from operating activities, and we spent $58 million on capital expenditures, resulting in $201.3 million of adjusted free cash flow.

現在翻到下一張投影片來討論我們的現金產生和資本配置優先事項。本季度，我們從經營活動中產生了 2.58 億美元的現金，並在資本支出上花費了 5,800 萬美元，從而產生了 2.013 億美元的調整後自由現金流。

For the full fiscal year, we generated $287.5 million in free cash flow. The cash generation results were driven by improving profitability and our disciplined approach to working capital management. The cash generation is the engine driving our capital allocation priorities.

在整個財政年度，我們產生了 2.875 億美元的自由現金流。現金產生結果得益於獲利能力的提高和我們嚴謹的營運資本管理方法。現金產生是推動我們資本配置重點的引擎。

At the beginning of fiscal year 2025, we announced the authorization of a $400 million stock repurchase program. To date, we have purchased $101.9 million under the program. The share repurchases complement our long-standing quarterly dividend and taken together reflect our commitment to return cash to our shareholders. In addition, we are committed to investing in our future growth. We announced the $400 million brownfield capacity expansion back in February, which is now underway.

在2025財年伊始，我們宣布授權4億美元的股票回購計畫。迄今為止，我們已經根據該計劃購買了 1.019 億美元。股票回購是對我們長期以來的季度股利的補充，總體上反映了我們向股東返還現金的承諾。此外，我們致力於投資未來的發展。我們早在二月就宣布了 4 億美元的棕地產能擴張計劃，目前正在進行中。

During fiscal year 2025, we spent $26 million of capital expenditures related to this project over and above the base CapEx, which resulted in $154.3 million of reported capital expenditures for fiscal year 2025. As we look ahead to fiscal year 2026, we expect to spend $300 million to $315 million on capital expenditures. This includes an estimated $175 million to $185 million related to the brownfield expansion project.

在 2025 財年，我們在基本資本支出之外還花費了 2,600 萬美元與該項目相關的資本支出，導致 2025 財年報告的資本支出為 1.543 億美元。展望 2026 財年，我們預期資本支出將達到 3 億至 3.15 億美元。其中包括與棕地擴建工程相關的約 1.75 億至 1.85 億美元。

We ended the quarter and the fiscal year with $664.4 million in total liquidity, including $315.5 million of cash. Our leverage ratio remains at historic lows. In fact, at June 30, 2025, our net debt-to-EBITDA ratio is 0.5x and we have no near-term debt maturities.

本季度和本財年結束時，我們的總流動資金為 6.644 億美元，其中包括 3.155 億美元的現金。我們的槓桿率仍然處於歷史低點。事實上，截至 2025 年 6 月 30 日，我們的淨負債與 EBITDA 比率為 0.5 倍，且我們沒有近期債務到期。

Our free cash flow outlook is strong. We expect to generate adjusted free cash flow of $240 million to $280 million in fiscal year 2026. For clarity, this is net of our anticipated capital expenditures of $175 million to $185 million related to our brownfield capacity expansion project.

我們的自由現金流前景強勁。我們預計 2026 財年調整後的自由現金流將達到 2.4 億至 2.8 億美元。為清楚起見，這是我們預計的與棕地產能擴張項目相關的 1.75 億美元至 1.85 億美元資本支出的淨額。

Before I turn the call back to Tony, I wanted to highlight that as we have done in the past, we have included a slide in the appendix of this presentation that includes selected guidance to help model our anticipated fiscal year 2026 results.

在我將電話轉回給托尼之前，我想強調一下，正如我們過去所做的那樣，我們在本簡報的附錄中加入了一張幻燈片，其中包含精選的指導，以幫助模擬我們預期的 2026 財年業績。

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. The completion of fiscal year 2025 marked a meaningful milestone in the growth of Carpenter Technology. Just over two years ago, at our Investor Day in May 2023, we communicated a four-year goal to reach $460 million to $500 million in operating income, which was double our pre-COVID high. We exceeded that original target in just two years. For fiscal year 2025, we generated $525.4 million in adjusted operating income, a 48% increase over fiscal year 2024. Our previous record year is nearly 4x our fiscal year 2023.

謝謝，蒂姆。2025財年的完成標誌著Carpenter Technology發展歷程中一個意義重大的里程碑。就在兩年多前，在 2023 年 5 月的投資者日上，我們公佈了一個四年目標，即實現 4.6 億至 5 億美元的營業收入，這是新冠疫情之前最高水準的兩倍。我們僅用兩年就超越了最初的目標。2025 財年，我們的調整後營業收入為 5.254 億美元，比 2024 財年成長 48%。我們之前的創紀錄年份幾乎是 2023 財年的 4 倍。

And we delivered those record profits at a time when the aerospace supply chain slowed, the medical industry went through a destocking and geopolitical issues continued. It is a testament to our focus on execution backed by a strong market position, broad solution portfolio and unique capabilities that we were able to deliver such a strong year.

在航空航太供應鏈放緩、醫療產業去庫存化以及地緣政治問題持續不斷的背景下，我們實現了創紀錄的利潤。這證明了我們專注於執行，並以強大的市場地位、廣泛的解決方案組合和獨特的能力為後盾，我們才能取得如此強勁的業績。

In addition, with the record earnings and disciplined working capital management, we generated $287.5 million in adjusted free cash flow in fiscal year 2025. That is net of our investment in the brownfield expansion project as detailed in our recent investor update event, which will be an accelerant to our growth trajectory starting in fiscal year 2028.

此外，憑藉創紀錄的盈利和嚴格的營運資本管理，我們在 2025 財年產生了 2.875 億美元的調整後自由現金流。這是我們在最近的投資者更新活動中詳細說明的棕地擴建項目投資的淨額，這將加速我們從 2028 財年開始的成長軌跡。

And we continue to return cash to shareholders. Over the course of the fiscal year, we executed $101.9 million in share repurchases in addition to $40 million in dividends. Altogether, the results speak for themselves, demonstrating powerful momentum. This is also evident as our market cap increased to over $13 billion, delivering meaningful total shareholder return.

我們將繼續向股東返還現金。在整個財政年度，除了 4000 萬美元的股息外，我們還執行了 1.019 億美元的股票回購。總而言之，結果不言而喻，展現出強大的勢頭。這也顯示我們的市值已增至 130 多億美元，為股東帶來了可觀的總回報。

But as we communicated in our recent investor update event, we believe this is far from our peak. The same dynamics that drove our success in fiscal year 2025 are only strengthening as we look ahead over the next several years.

但正如我們在最近的投資者更新活動中所說的那樣，我們認為這遠未達到頂峰。展望未來幾年，推動我們在 2025 財年取得成功的動力只會更加增強。

With that, let's turn to our fiscal year 2026 outlook. Let's start with the near term. For the first quarter of fiscal year 2026, we are projecting between $148 million and $152 million in operating income. This is approximately 26% to 30% higher than last year's first fiscal quarter, which was then a record best first fiscal quarter and roughly in line with our just completed record fourth quarter. This represents a strong start to fiscal year 2026.

接下來，讓我們來展望一下 2026 財年。讓我們從近期開始。對於 2026 財年第一季，我們預計營業收入將在 1.48 億美元至 1.52 億美元之間。這比去年第一財季高出約 26% 至 30%，去年第一財季是創紀錄的最佳第一財季，與我們剛完成的創紀錄的第四季大致持平。這標誌著 2026 財年有一個強勁的開端。

For those of you who have been following our story, you know our preventive maintenance program is critical to keeping our assets healthy as we look to grow over the long term. We continue to operate in an increasingly strong demand environment and asset availability is key to our continued success.

對於那些一直關注我們故事的人來說，你們知道我們的預防性維護計劃對於保持我們的資產健康至關重要，因為我們尋求長期發展。我們繼續在日益強勁的需求環境中運營，資產可用性是我們持續成功的關鍵。

Already in the first quarter of fiscal year 2026, we have completed several preventive maintenance projects and have additional activities planned for the remainder of the quarter. It is a strong testament to our earnings creation momentum that we are able to project record first quarter earnings even while completing strategic preventive maintenance projects.

在 2026 財年第一季度，我們已經完成了多個預防性維護項目，並計劃在本季度剩餘時間內開展其他活動。即使在完成策略預防性維護專案的同時，我們仍能夠預測第一季的獲利記錄，這有力地證明了我們的獲利創造勢頭。

Moving on to how we are thinking about the full fiscal year 2026. At our recent investor update event in February, we set a target of $765 million to $800 million in adjusted operating income for fiscal year 2027. This represents a nearly 25% two-year CAGR over our record fiscal year 2025 operating income, and we believe it is the highest growth trajectory of our peers in the industry over that period of time.

接下來談談我們對 2026 財年全年的展望。在我們最近於 2 月舉行的投資者更新活動中，我們設定了 2027 財年調整後營業收入的目標為 7.65 億美元至 8 億美元。這意味著我們 2025 財年創紀錄的營業收入的兩年複合年增長率接近 25%，我們相信這是我們同行業在此期間的最高成長軌跡。

Our growth will continue to be driven by increasing sales and expanding margins from improving productivity, product mix and pricing actions. It is important to note that we expect operating income to be materially higher in the second half of fiscal year 2026 versus the first half.

我們的成長將繼續透過提高生產力、產品組合和定價行動來增加銷售和擴大利潤率來推動。值得注意的是，我們預計 2026 財年下半年的營業收入將較上半年大幅增加。

This is driven by available operating days more heavily weighted towards the second half of our fiscal year due to planned maintenance activities and holidays as well as the anticipated aerospace supply chain ramp continuation that will drive further earnings growth tailwinds in the second half of fiscal year 2026.

這是因為，由於計劃中的維護活動和假期，可用營業日更多地集中在我們財政年度的下半年，以及預期的航空航天供應鏈坡道的延續，這將推動 2026 財政年度下半年的盈利進一步增長。

With that said, we project fiscal year 2026 to be a meaningful step on the path towards fiscal year 2027 operating income goal. Specifically, we expect $660 million to $700 million in adjusted operating income in fiscal year 2026. This range represents a 26% to 33% increase over our record fiscal year 2025 earnings. And as I stated earlier, we believe this is our highest earnings growth trajectory among our industry peers.

話雖如此，我們預計 2026 財年將是實現 2027 財年營業收入目標的重要一步。具體來說，我們預計 2026 財年的調整後營業收入為 6.6 億至 7 億美元。這一範圍比我們創紀錄的 2025 財年收益增加了 26% 至 33%。正如我之前所說，我們相信這是我們在同業中最高的獲利成長軌跡。

In addition, we are projecting approximately $240 million to $280 million in adjusted free cash flow during fiscal year 2026, net of brownfield capital expenditures, another meaningful step-up in our cash flow performance.

此外，我們預計 2026 財年的調整後自由現金流扣除棕地資本支出後約為 2.4 億至 2.8 億美元，這是我們現金流表現的又一次有意義的提升。

Finally, what is now our fiscal year 2027 target will not be the peak of our earnings growth as the same dynamics that are driving our current performance are expected to only get stronger in the future.

最後，我們現在的 2027 財年目標不會是我們獲利成長的頂峰，因為推動我們當前業績的動力預計在未來只會變得更加強勁。

Let's turn to the next slide, as I believe this point deserves a bit more detail. As I detailed earlier on the market slide, the Aerospace and Defense, Medical and Energy markets had strong growth outlook for years to come. To be successful, both to meet the volume output demand as well as the performance challenges, these markets will rely on our diverse portfolio of products and world-class capabilities.

讓我們翻到下一張投影片，因為我相信這一點值得更詳細地闡述。正如我之前在市場幻燈片中詳細介紹的那樣，航空航太和國防、醫療和能源市場在未來幾年有著強勁的成長前景。為了取得成功，既要滿足產量需求，又要應對性能挑戰，這些市場將依賴我們多樣化的產品組合和世界一流的能力。

We manufacture highly specialized products designed to meet customer and application-specific technical needs. And in many cases, we are the only company in the world able to make the material. As we look to the future in the aerospace market, significantly more planes will need to be built and practically all will have Carpenter Technology content on them as we saw some of the most difficult technological challenges across many areas of the aircraft.

我們生產高度專業化的產品，旨在滿足客戶和特定應用的技術需求。在很多情況下，我們是世界上唯一一家能夠生產這種材料的公司。展望未來的航空航太市場，我們將看到需要製造更多的飛機，幾乎所有飛機上都會有卡本特技術的內容，因為我們看到飛機的許多領域都面臨著一些最困難的技術挑戰。

Our specialized materials are found on all engine platforms in a wide range of components, including rings and discs, combustors, gearing systems, bearings and fuel nozzles. Beyond the robust outlook for current generation engines, we continue to engage with OEMs to discuss future generation engine designs and how our solutions can address the challenges they are facing.

我們的專用材料廣泛應用於所有引擎平台的各種零件，包括環和盤、燃燒室、齒輪系統、軸承和燃料噴嘴。除了當前一代引擎的強勁前景之外，我們還將繼續與 OEM 合作，討論未來一代引擎的設計以及我們的解決方案如何應對他們面臨的挑戰。

In structural applications, our materials are found in high-performance parts such as landing gear and wing components. Given the stress these components must withstand, they require high strength, wear and corrosion resistance performance. In avionics, we enable more powerful and efficient electric motors and generators, critical on aircraft where weight and space are at a premium.

在結構應用中，我們的材料可用於製造起落架和機翼部件等高性能零件。考慮到這些部件必須承受的壓力，它們需要高強度、耐磨和耐腐蝕的性能。在航空電子設備方面，我們提供更強大、更有效率的電動馬達和發電機，這對於重量和空間至關重要的飛機來說。

Our soft magnetic material found in the rotor and stator of an electric motor is critical to realizing those performance requirements. And our broad range of specialized alloys, including titanium are found in fasteners across the entire plane, including the fuselage and the engine. As you can see, we are not overexposed to one particular platform, but instead participate across multiple platforms and OEMs for new builds and MRO. Our relevance to the aerospace OEM and the overall aerospace supply chain is significant and highly valued by our customers.

我們在電動機轉子和定子中發現的軟磁材料對於實現這些性能要求至關重要。我們的各種專用合金（包括鈦）被廣泛應用於整架飛機的緊固件中，包括機身和發動機。如您所見，我們並沒有過度關注某個特定平台，而是跨多個平台和 OEM 參與新建和 MRO。我們與航空航太原始設備製造商和整個航太供應鏈的相關性非常重要，並受到客戶的高度重視。

Shifting to Medical, where our vision of partnering with our customers to solve their challenges has come to life. In working with Medical OEMs, we are inventing new advanced solutions that improve patient outcomes. For example, in orthopedics, we have invented low nickel alloys for use in medical implants. This material virtually eliminates the impact of nickel sensitivities which can cause complications for a portion of the medical patient population.

轉向醫療領域，我們與客戶合作解決其挑戰的願景已經變成現實。透過與醫療原始設備製造商合作，我們正在發明新的先進解決方案來改善患者的治療效果。例如，在骨科領域，我們發明了用於醫療植入物的低鎳合金。這種材料實際上消除了鎳敏感性的影響，這種敏感性可能會給部分醫療患者帶來併發症。

Finally, in power generation, as I detailed in the market overview, there is significant demand for industrial gas turbines with rising energy demand from the technology sector. Carpenter Technology supports the IGT supply chain with multiple material solutions that are similar to materials used in commercial jet engines. These are just a few examples of where some of our most advanced solutions address key application challenges for our customers today and will continue to do so into the future.

最後，在發電方面，正如我在市場概覽中所詳述的那樣，隨著科技業對能源的需求不斷增長，對工業燃氣渦輪機的需求也很大。Carpenter Technology 為 IGT 供應鏈提供多種與商用噴射發動機所用材料類似的材料解決方案。這些只是我們最先進的解決方案解決客戶當前面臨的關鍵應用挑戰的幾個例子，並且在未來仍將繼續如此。

We believe our capabilities are unmatched and virtually impossible to fully replicate over the course of the next several decades. So when we talk about 2028 and beyond, it is undeniable that we will continue to be an irreplaceable force in helping our customers solve their most critical challenges.

我們相信，我們的能力是無與倫比的，並且在未來幾十年內幾乎不可能完全複製。因此，當我們談論 2028 年及以後時，不可否認的是，我們將繼續成為幫助客戶解決最關鍵挑戰的不可替代的力量。

With this strong market outlook and our unique strategic position, we continue to seek opportunities to accelerate our long-term earnings growth potential. This mindset drove the recently announced brownfield expansion. The $400 million project will add high-purity primary and secondary melt capacity that will feed existing downstream finishing assets.

憑藉強勁的市場前景和我們獨特的策略地位，我們將繼續尋求機會來加速我們的長期獲利成長潛力。這種心態推動了最近宣布的棕地擴張計劃。這個耗資 4 億美元的計畫將增加高純度一次和二次熔煉產能，為現有的下游精加工資產提供原料。

We are in a demand environment where industry capacity for our specialized materials is well short of demand. This enables us to invest in a brownfield expansion without materially changing the industry's fundamental supply-demand imbalance. We believe Carpenter Technology is best positioned to successfully complete such a project, given our capabilities and unique collection of assets.

我們處於這樣一種需求環境：我們的專用材料的產業產能遠遠不能滿足需求。這使我們能夠投資棕地擴張，而不會從根本上改變該行業的供需失衡。我們相信，憑藉我們的能力和獨特的資產組合，Carpenter Technology 最有能力成功完成此類專案。

Now let's turn to the final slide to summarize this great story. We just completed a historic fiscal year 2025. For fiscal year 2025, we generated $525.4 million in adjusted operating income, a 48% increase over fiscal year 2024, our previous record year, and nearly 4x our fiscal year 2023, exceeding the original 4-year target in just two years. We generated $287.5 million in adjusted free cash flow over the course of the year, net of brownfield capacity expansion expenditures.

現在讓我們翻到最後一張投影片來總結這個偉大的故事。我們剛結束了具有歷史意義的2025財年。2025 財年，我們實現了 5.254 億美元的調整後營業收入，比我們之前創紀錄的 2024 財年增長 48%，幾乎是 2023 財年的 4 倍，僅用兩年時間就超過了原定的 4 年目標。在扣除棕地產能擴張支出後，我們全年產生了 2.875 億美元的調整後自由現金流。

We continue to build operating momentum with increased productivity, improved mix and higher realized prices. In the current quarter, we expanded SAO adjusted operating margins to 30.5%, up from 25.2% from the previous year fourth quarter. And we executed $101.9 million in stock repurchases in fiscal year 2025 against the $400 million authorization, returning cash to shareholders.

我們持續透過提高生產力、改善產品組合和提高實現價格來增強經營勢頭。本季度，我們將 SAO 調整後營業利潤率擴大至 30.5%，高於去年第四季的 25.2%。我們在 2025 財年執行了 1.019 億美元的股票回購，而授權金額為 4 億美元，向股東返還現金。

At our February 2025 investor update, we announced a fiscal year 2027 operating income target of $765 million to $800 million. And today, we provided more insight as we guided to a strong fiscal year 2026, projecting $660 million to $700 million in operating income. As I stated earlier, this range would represent a 26% to 33% increase over our record fiscal year 2025 earnings and as we believe the highest earnings growth trajectory among our industry peers.

在我們 2025 年 2 月的投資者更新中，我們宣布 2027 財年的營業收入目標為​​ 7.65 億美元至 8 億美元。今天，我們提供了更多見解，預測 2026 財年將表現強勁，營業收入將達到 6.6 億至 7 億美元。正如我之前所說，這一範圍將比我們創紀錄的 2025 財年收益增長 26% 至 33%，並且我們相信這是我們業內同行中最高的收益增長軌跡。

Importantly, we believe fiscal year 2027 isn't the earnings peak. We are just getting started. As we look out over the long term, Carpenter Technology is well positioned to continue to drive meaningful shareholder value. We are operating in a strong demand environment across our end-use markets with the long-term outlook even stronger than today.

重要的是，我們認為 2027 財年並不是獲利高峰。我們才剛開始。從長遠來看，卡彭特科技已準備好繼續為股東創造有意義的價值。我們的終端市場需求強勁，長期前景比現在更強勁。

Given our unique assets, capabilities and solutions, we are well positioned to realize this high-value demand. We are actively investing to accelerate that growth with additional strategic brownfield melting capacity, and we are balancing opportunities to invest in future growth with our desire to return cash to shareholders through our repurchase and dividend programs.

憑藉我們獨特的資產、能力和解決方案，我們完全有能力實現這一高價值需求。我們正在積極投資，透過增加策略性棕地熔化能力來加速這一增長，並且我們正在平衡投資未來成長的機會與透過回購和股息計劃向股東返還現金的願望。

In closing, we remain focused on supporting our customer needs operational execution and living our values as we drive to exceptional near-term and long-term performance. Thank you for your attention.

最後，我們將繼續專注於支援客戶需求的營運執行和實現我們的價值觀，努力實現卓越的短期和長期業績。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。

(Operator Instructions)

（操作員指示）

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Thanks for the great explanation and good results. Tony and Tim, I was wondering, could you just talk a little bit about lead times if they've evolved at all in jet engine, fasteners and any other markets you think are important indicators?

感謝您的精彩解釋和良好的結果。東尼和提姆，我想知道，你們能否簡單談談交貨時間，看看它們在噴射引擎、緊固件以及任何其他你們認為是重要指標的市場中是否有所變化？

And then broadly, if you could speak to your expectations of pricing through the cycle over the next couple of years? You may have heard ATI announced a little bit of capacity today or I guess they alluded to it a quarter ago. Just do you think there's any impact to the strong pricing power that you guys have had, do you think that will endure?

然後從廣義上講，您能否談談對未來幾年周期定價的預期？您可能已經聽說 ATI 今天宣布了一些產能，或者我猜他們在一個季度前就暗示過這一點。您認為這會對你們所擁有的強大定價權產生什麼影響嗎？您認為這種影響會持續下去嗎？

Yes. Thanks for your question, Gautam. I'll start with the second one. We said publicly in the past that as we go forward that we see pricing actions continuing to be a tailwind. That's still the case for us. That hasn't changed. The supply-demand gap as you look forward is so large. You remember, we made a very concerted effort to talk specifically about that when we announced our brownfield that said that it would not impact that overall supply/demand.

是的。謝謝你的提問，Gautam。我先從第二個開始。我們過去曾公開表示，隨著我們前進，我們看到定價行動將繼續成為順風。對我們來說，情況仍然如此。這一點沒有改變。放眼望去，供需缺口非常大。你記得，當我們宣布棕地計畫時，我們非常努力地專門談論這一點，並表示這不會影響整體供需。

As you see others put in smaller investments, that's not going to have a big impact to the overall supply and demand. In fact, it's helpful. It helps us the entire industry build at a higher rate than we are right now. So I think those are complementary more investments. And I think they are welcomed in the industry. So I don't see any issue with that going forward.

正如你所看到的，其他人投入了較小的投資，這不會對整體供需產生很大的影響。事實上，它是有幫助的。它幫助我們整個產業以比現在更高的速度發展。所以我認為這些都是互補的更多投資。我認為他們在業界受到歡迎。因此，我認為今後不會有任何問題。

The activity we just had in Paris with some of the contracts would substantiate that, that we don't see any change to our position when it comes to pricing actions. That's number one.

我們剛剛在巴黎就一些合約所進行的活動證實了這一點，在定價行動方面，我們的立場沒有任何改變。這是第一點。

Number two, the first part of your question at lead times, they remain extended. We use jet engines as the proxy for overall lead times, and they remain extended. And I would assume that they'll stay that. I think going forward, quite frankly, Gautam, you're going to see even more tightness than you see now, right?

第二，您問題的第一部分關於交貨時間的問題，交貨時間仍然會延長。我們以噴射發動機作為整體交貨時間的代理，而且交貨時間仍然延長。我認為他們會保持這種狀態。坦白說，高塔姆，我認為展望未來，你會看到比現在更緊張的情況，對嗎？

Because you've got Boeing making good progress right now. That's a major positive. But you still have a subsection of the overall supply chain that was tied very tightly to Boeing and maybe specifically the 737. So in their mind, they're probably saying we're holding more inventory than what we'd like. But I think over the next couple of quarters, Gautam, you're going to see that turn dramatically. And any of that inventory will be used very, very quickly.

因為波音公司目前進展順利。這是一個重大的正面因素。但整個供應鏈中仍有一部分與波音公司（特別是 737）緊密相關。所以在他們看來，他們可能認為我們持有的庫存比我們想要的還要多。但我認為，在接下來的幾個季度裡，高塔姆，你會看到這種巨大的轉變。任何庫存都會被非常非常快地使用。

On the other hand, you have customers that are broader in their offerings, I mean by more outlets than the 737. We see them pulling pretty aggressively on us right now. So I think you had a very good point right now where you see Boeing producing well, very consistent. And over the next couple of quarters, I believe it's going to continue to get tighter. So lead times are going to stay extended. Hopefully, that helps answer your question.

另一方面，你們的客戶範圍更廣，我的意思是說，你們的銷售點比 737 還多。我們看到他們現在對我們採取了相當激進的行動。所以我認為你現在的觀點非常正確，你看到波音的生產表現良好，而且非常穩定。在接下來的幾個季度裡，我相信它會繼續收緊。因此交貨時間將會延長。希望這有助於回答您的問題。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Tony, did you approach this initial 2026 EBIT guide with a similar level of conservatism as you initially approached 2025 guide with?

東尼，您在製定 2026 年初始息稅前利潤指南時是否也採取了與製定 2025 年指南時類似的保守態度？

Scott, that's a good question. At a high level, of course, we take a look at what we see internally. And when we put a number out there, we want to make sure that we can hit it. So we are not overexposed on that number. We're not -- that number doesn't include actions that we don't have a line of sight to being able to accomplish. Now there's a lot of hard work, as I know you appreciate, to get to that number.

史考特，這個問題問得很好。當然，從高層次上講，我們會看看我們內部看到的情況。當我們提出一個數字時，我們希望確保能夠達到它。所以我們並沒有過度關注這個數字。我們不是——這個數字不包括我們無法完成的行動。我知道你們也明白，為了達到這個數字，我們需要付出很多辛苦的努力。

And obviously, the market is a bit more defined, if you will, then back in May of 2023, a lot of things have happened since then. But I think it's fair to say that we take these targets very seriously. We know people rely on them. And in all cases, we have line of sight that we're going to be able to achieve that.

顯然，市場更加明確了，如果你願意的話，那麼回到 2023 年 5 月，從那時起發生了很多事情。但我認為，公平地說，我們非常重視這些目標。我們知道人們依賴它們。在所有情況下，我們都堅信我們能夠實現這一目標。

And Tony, are you getting orders today that support a reacceleration in Aerospace and Defense volumes within the next few quarters? Or maybe just having conversations to that effect that give you confidence and an acceleration of volumes in that specific end market?

托尼，您今天收到的訂單是否支持未來幾季航空航太和國防產量重新加速成長？或者也許只是進行這樣的對話就能給你信心並加速特定終端市場的銷售量？

Yes, Scott, so maybe I'll elaborate a little bit further. It's kind of the point I was making there to Gautam, if you take a look at aerospace, defense, if you're on the defense side, that is very aggressive. So the polls on the defense side is very aggressive.

是的，斯科特，也許我可以進一步詳細說明。這就是我向 Gautam 強調的觀點，如果你看一下航空航天和國防，如果你站在國防方面，你會發現這是非常激進的。因此，防守方面的民調非常激進。

And I think on the aerospace side, Scott, there are really two sub-groups inside of that, right? And that's -- and I think that's a real distinction. And again, I'm talking about nickel billet in aerospace. I'm not talking about titanium because I don't play in the titanium aerospace space other than my titanium fasteners. And I think the dynamics between nickel and titanium are significantly different.

斯科特，我認為在航空航天方面，實際上有兩個子群體，對嗎？這就是——我認為這是真正的區別。我再次談論航空航天業的鎳坯。我不是說鈦，因為除了鈦緊固件之外，我不涉足鈦航空航太領域。我認為鎳和鈦之間的動態有顯著差異。

So I just want to be clear, I'm specifically talking about obviously, nickel the area that we play in. So on nickel aerospace, there's really two camps. One, there is, for sure, this camp that has been -- that is very tied to Boeing and the 737. And it wasn't that long ago that they were building two- or three quarters ago, when I say not long ago, building inventory for this ramp and then you had the issues with Boeing, obviously. So they might be holding a little bit more than they would like. Certainly our discussions with them or they're looking for that next level of confidence.

所以我只是想說清楚，我具體談論的顯然是我們比賽的區域。因此，在鎳航空航太領域，實際上存在兩個陣營。首先，可以肯定的是，這個陣營與波音和 737 有著密切的聯繫。就在不久前，也就是兩三個季度前，他們還在為這個坡道建造庫存，然後你顯然遇到了與波音公司的問題。因此他們持有的金額可能比他們想要的多一點。當然，我們與他們的討論或他們正在尋求更高層次的信心。

I've said this before, we have worked with those customers. We have not forced material on them. We don't think that's the way to do it. So we've been very proactive with them and helping them work through that. But seeing what -- talking to them recently, the announcement out of Boeing about the rates that they're hitting and where they see themselves going in the next two quarters, let's say, by the fall, I think, is how they phrased it. That's very positive for them.

我之前就說過，我們曾與那些客戶合作過。我們沒有強迫他們接受任何內容。我們認為這不是解決問題的方法。因此，我們一直非常積極地幫助他們解決這個問題。但看看最近和他們交談時，波音公司宣布了他們正在達到的利率以及他們預計未來兩個季度（比如說，到秋季）的發展方向，我想這就是他們的說法。這對他們來說非常積極。

And I think if they see just a little bit more of that, Scott, you'll see that ordering come back from them very quickly, right? And I think probably in two quarters, you might even say urgently. Now the other side of that, the other subgroup that is -- has content, certainly on the 737, but that's not the only outlet they have. We've seen them come back more aggressively here over the last couple of months. I mean our bookings are higher sequentially than they were last quarter. So we see that coming back. I mean, bookings were up 17% to 18% sequentially.

史考特，我認為，如果他們看到更多這樣的情況，你會看到他們的訂單很快就會回來，對嗎？我認為可能在兩個季度內，你甚至可能會說很緊急。現在，另一方面，另一個子群體有內容，當然是關於 737 的，但這不是他們唯一的出路。在過去的幾個月裡，我們看到他們更積極地回歸。我的意思是我們的預訂量比上一季增加。因此我們看到它正在回歸。我的意思是，預訂量連續成長了 17% 到 18%。

So to answer your question, that's the number, right? That tells you that, yes, you see that type of improvement. So I think this is all very positive. I know we're in this point now where, of course, people are looking to see more consistency, I think, specifically from Boeing, but I think they're delivering that. And I believe over the next couple of quarters, you'll see that -- those folks in that subgroup come back pretty strongly.

所以回答你的問題，這就是數字，對嗎？這說明，是的，你看到了這種改進。所以我認為這一切都是非常正面的。我知道我們現在處於這個階段，當然，人們希望看到更多的一致性，特別是波音公司的一致性，但我認為他們正在實現這一點。我相信在接下來的幾個季度裡，你會看到這個子群體中的人們會強勢回歸。

That's really helpful. And Tim, sorry if I missed this, but how much were power generation revenues up this quarter year-over-year?

這真的很有幫助。提姆，如果我錯過了這一點，請見諒，但本季發電收入年增了多少？

We didn't say that on the call, Scott, but they were up significantly. Remember, Power Gen is in our energy business and it's Power Gen and oil and gas and makeup energy, but Power Gen was up significantly both year-over-year and sequentially.

斯科特，我們在電話會議上沒有這麼說，但它們確實大幅上漲了。請記住，發電業務屬於我們的能源業務，包括發電業務、石油、天然氣和補充能源，但發電業務年比和季比均大幅成長。

Josh Sullivan, Benchmark.

喬許·沙利文，基準。

Just on the defense growth, you noted the urgent requests continue to come in. Clearly, geopolitical operationally, tempos pretty high globally. But is there a way you can frame the urgent request from defense versus the more regular way. And then what is that urgent versus regular order flow look like over kind of the medium term cycle in your opinion?

就國防成長而言，您注意到緊急請求不斷湧入。顯然，從地緣政治運作來看，全球節奏相當快。但是，有沒有辦法可以建構防禦的緊急請求而不是更常規的方式？那麼，您認為中期週期內緊急訂單流與常規訂單流是什麼樣的呢？

Well, Josh, I think as you know, on the defense side, those orders are historically more uneven than aerospace because they're very program-specific. They depend on budgets being passed by the Congress, they depend on a lot of different schedules. So by definition, they're more uneven, right? Now you've seen some potential clarity when it comes to the defense budget and what that will be. And we've seen those orders increase even more over the last couple of months.

嗯，喬希，我認為，正如你所知，在國防方面，這些訂單從歷史上看比航空航天更不均衡，因為它們非常針對特定項目。它們依賴國會通過的預算，依賴許多不同的時間表。所以根據定義，它們比較不均勻，對嗎？現在，您已經看到了國防預算及其數量方面的一些潛在清晰資訊。我們發現過去幾個月這些訂單的數量甚至進一步增加。

I would suspect going forward that defense, based on what's in the new defense budget that lines up very closely to the products that we produce or we supply that you'll see that stay at very elevated order levels.

我認為，根據新國防預算的內容來看，國防支出將與我們生產或供應的產品密切相關，而這些產品的訂單水準將保持在非常高的水準。

And then on the maintenance events coming up, your ability to operate at these historic margins and continue to march higher. You're pretty uncompromising on the maintenance, but it seems to be a very effective tool in managing the system. How -- can you just talk about how that's an advantage for you guys and maybe how that helps the overall long-term margin profile?

然後在即將發生的維護事件中，您有能力在這些歷史性的利潤率下運作並繼續走高。您在維護方面相當不妥協，但它似乎是管理系統的非常有效的工具。您能否談談這對你們來說是一個什麼優勢，以及這對整體長期利潤狀況有何幫助？

Well, you can't make any money if the assets don't run and that's pretty clear. Maybe not everybody operates that way. But we do. We've really moved to be much more, over the last couple of years, much more data-driven using AI tools significantly in this area to predict what may happen. I mean predictive maintenance has been around for decades. What hasn't been around for decades is the AI tools that you can use to even dig even much deeper and to understand what type of preventive maintenance outages you want to take.

好吧，如果資產不運行，你就賺不到錢，這很明顯。也許不是每個人都這麼做。但我們確實如此。在過去的幾年裡，我們確實已經更多地轉向數據驅動，在這個領域大量使用人工智慧工具來預測可能發生的事情。我的意思是預測性維護已經存在幾十年了。幾十年來一直沒有出現的是人工智慧工具，您可以使用它來更深入地挖掘並了解您想要採取哪種類型的預防性維護停機。

I think secondly, Josh, what's the big deal is that for us, the days of these long-term shutdowns are behind us, right? I mean we're -- we keep our outages shorter, more targeted. I mean that avoids the long ramp-ups like others might have when you have that long period of shutdown.

其次，喬希，我認為，對我們來說，重要的是，這些長期停工的日子已經過去了，對吧？我的意思是，我們讓停電時間更短，更有針對性。我的意思是，這可以避免像其他人一樣在長時間停工時進行長時間的加速。

So as you look -- for us over the next couple of quarters, I mean, we have very targeted many outages, if you will, scheduled across melting, remelt, hot working, cold finishing across the entire production flow to keep this thing running at its highest level. I agree with you. I think it is a strategic advantage on how we manage our operations and how we perform preventive maintenance, and it is a focus area for us even going forward to get better.

所以，正如您所看到的 - 對於我們來說，在接下來的幾個季度中，我的意思是，我們非常有針對性地安排了多次停機，如果您願意的話，這些停機安排涵蓋了整個生產流程中的熔化、重熔、熱加工、冷加工，以保持其以最高水平運行。我同意你的看法。我認為這是我們管理營運和進行預防性維護的策略優勢，也是我們未來改善的重點領域。

And then maybe just one last one. On the power generation side, are you seeing anything where they're using more of your advanced materials, I mean, is there any material change in the IG that side? Or is it more a replacement cycle of legacy materials for putting industrial gas turbines?

然後也許只剩下最後一個了。在發電方面，您是否看到他們使用更多先進材料，我的意思是，IG 這一方面是否有任何材料變化？還是這更像是工業用燃氣渦輪機遺留材料的更換週期？

Well, I mean, we operate on the high end, right? So the products that we supply are the alloy is very similar to the -- an aerospace alloys. So we see that being the prominent alloy going forward for us. And Josh, if you don't mind, I hate to disappoint Scott, when he asked the question about Power Gen. As Tim said, it's inside of our oil and gas. Oil and gas was actually down from a quarter-over-quarter, I mean Power Gen was -- year-over-year was over 100% increase. So you see a big a big play there in power generation.

嗯，我的意思是，我們經營的是高端業務，對嗎？因此，我們供應的產品與航空合金非常相似。因此，我們認為這將成為我們未來發展的突出合金。喬希，如果你不介意的話，當斯科特問到有關 Power Gen 的問題時，我不想讓他失望。正如提姆所說，它就在我們的石油和天然氣裡面。石油和天然氣的產量實際上比上一季下降，而發電量的產量則年增了 100% 以上。因此，您會看到發電領域發揮巨大的作用。

That's a real strategic advantage for us because now we're able to command aerospace like margins. It's a product that we know very well, and it really fits well within our overall production flow. So maybe the percent of revenue is small because we're so dominant on aerospace, but it's very strategic to us and a real market growth potential for us going forward.

這對我們來說是一個真正的戰略優勢，因為現在我們能夠像控制航空航太業一樣控制利潤。這是我們非常了解的產品，它非常適合我們的整體生產流程。因此，也許由於我們在航空航太領域佔據主導地位，所以收入百分比很小，但這對我們來說非常具有戰略意義，並且是我們未來真正的市場成長潛力。

Bennett Moore, JPMorgan.

摩根大通的貝內特摩爾。

And congrats on a record year. How should we think about further mix gains into fiscal year '26? More specifically, if you can maintain the rate of A&D mix growth seen over the past 12- to 18 months, I would think this would be somewhat a function of yield improvements and leveraging latent capacity? If you could comment on that, too, please?

祝賀這一年創下了紀錄。我們該如何看待 26 財年的進一步混合收益？更具體地說，如果您可以保持過去 12 到 18 個月的 A&D 組合成長率，我認為這將在某種程度上是收益率提高和利用潛在產能的函數？如果您能對此也發表評論，可以嗎？

Well, make sure come back with a follow-up if I don't hit your question on the mark. I mean, as we go forward, certainly, we see ourselves predominantly as an aerospace company. That's going to be where we -- that our primary focus or one of our primary focuses are going to be. So we see that continuing to increase.

好吧，如果我沒有準確回答你的問題，請務必回來跟進。我的意思是，隨著我們不斷前進，我們當然主要將自己視為一家航空航天公司。這將是我們的首要關注點，或者說我們首要關注點之一。因此，我們看到這一數字還在持續成長。

I mean, aerospace demand is going to be significantly higher over the next couple of years than it is right now. I mean, that doesn't take a lot to figure that out when you just look at where the OEMs are building today and where they want to be building two years from now. So we see our aerospace business continuing to grow.

我的意思是，未來幾年航空航天需求將比現在高得多。我的意思是，只要看看 OEM 目前在哪裡生產以及他們兩年後想要在哪裡生產，就不難弄清楚這一點。因此，我們看到我們的航空航天業務持續成長。

At the same time, Medical is a market that is very strong for us as well, where you get aerospace margins and, in some cases, higher than aerospace margins. And I think this is really important, right? If you look at our Medical business, Bennett, back in FY19, prior to COVID, our Medical sales are 70% higher than they were then. So this is a market that we've really expanded, and we've been able to expand because we're an innovator.

同時，醫療市場對我們來說也是一個非常強大的市場，在這個市場中你可以獲得航空航太利潤，在某些情況下，甚至高於航空航太利潤。我認為這真的很重要，對吧？如果您看看我們的醫療業務 Bennett，那麼在 2019 財年（即 COVID 爆發之前），我們的醫療銷售額比當時高出了 70%。所以，這是一個我們真正擴大了的市場，而我們之所以能夠擴大，是因為我們是一個創新者。

This market demands that you are an innovator. This market demands that you invent new alloys to help solve the customers' problems. That's why I mentioned in my prepared remarks, this new alloy around nickel sensitivity. That's a major issue in the medical market that we were able to step in and solve. So this isn't a market that you can step into and step out of whenever you think you have some open capacity. This is a market that you have to be committed to as an inventor and an innovator and a solver of your customers' problems. So that's the way we see it. So that's going to be a continued driver for us.

這個市場要求你成為創新者。這個市場要求您發明新的合金來幫助解決客戶的問題。這就是為什麼我在準備好的發言中提到這種新型合金對鎳的敏感度。這是醫療市場的一個重大問題，我們能夠介入並解決。因此，這不是一個只要你認為自己有空餘產能就可以進入或退出的市場。作為一個發明家、創新者和客戶問題的解決者，你必須致力於這個市場。這就是我們的看法。所以這將成為我們持續的動力。

And then we just talked about power generation. I mean in many ways, I think we can push our power generation sales as high as we want. I mean the demand right now seems really unlimited, and the exchanges we have with those customers are extremely positive. So if you take those three pieces right there, I mean, you've got aerospace over 60%. You add in medical and power generation, you get over 80%. So it's a very, very strong mix, Bennett, that I see is -- maybe to specifically answer your question, continuing to strengthen or rich in that mix over the coming years.

然後我們剛剛討論了發電。我的意思是，在很多方面，我認為我們可以將發電銷售額推高到我們想要的高度。我的意思是，目前的需求似乎真的是無限的，而且我們與這些客戶的交流非常積極。所以如果你把這三個部分都考慮進去，那麼航空航太業就佔了 60% 以上。如果加上醫療和發電，則能達到 80% 以上。因此，貝內特，我認為這是一個非常非常強大的組合——也許可以具體回答你的問題，在未來幾年裡，這種組合將繼續加強或豐富。

And then I guess, coming to shipments. I know you mentioned the preventive maintenance in 1Q think earnings back half weighted. Are you still -- or is it fair to assume SAO volumes could trend higher this year, maybe more back half weighted?

然後我想，就要開始出貨了。我知道您提到了第一季的預防性維護，認為收益回落了一半。您是否仍然——或者是否可以合理地假設今年 SAO 交易量可能呈上升趨勢，或許後半部分加權更多？

I think what we have to do, Bennett, when you talk about volumes, I think the days of looking at overall volumes are gone, right? We're just too complex. It's too sophisticated. You need to look specifically at aerospace volumes medical volumes. Those I will answer yes to. Some of our other markets that have traditionally been higher volume, lower profit, then you're not going to see the same emphasis there. So going forward, let's talk about volumes by market, and I think we'll have a much clearer picture. And that's what we're trying to do. We're trying to drive profitability, not volume.

貝內特，當你談到交易量時，我認為我們必須要做的事情是，關注整體交易量的日子已經一去不復返了，對嗎？我們太複雜了。太複雜了。您需要特別關注航空航太量和醫療量。對此我都會回答「是」。我們的其他一些市場傳統上銷量較大，利潤較低，因此你不會在那裡看到同樣的重視。因此，展望未來，讓我們來討論一下各市場的交易量，我想我們會有一個更清晰的認識。這正是我們正在努力做的事情。我們努力提高獲利能力，而不是產量。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

I wanted to ask a bit more pointedly. I don't mean to beat a dead horse here, but it kind of ties into your conversation about the two separate camps that we're seeing right now. And I guess when you look at it, if I can ask more pointedly, what are you seeing around airframe demand? And are you seeing significant destocking?

我想更尖銳地問一下。我並不是想在這裡重複老生常談，但這和你關於我們目前看到的兩個不同陣營的談話有點聯繫。我想當您看到它時，如果我可以更尖銳地問一下，您對機身的需求是怎樣的？您是否看到了大幅的去庫存現象？

Well, I mean, in this whole environment, we just produced record quarters. So I mean this is not impacting our ability to produce these types of earnings. My point is that you have some customers -- this should be obvious by the way. I mean that have more inventory than they like because they're very tied to 737. That shouldn't be new news right? That's very common.

嗯，我的意思是，在整個這種環境下，我們剛剛創造了創紀錄的季度業績。所以我的意思是這不會影響我們產生這些類型收益的能力。我的觀點是，你有一些客戶——順便說一句，這應該是顯而易見的。我的意思是，由於他們與 737 的聯繫非常緊密，所以他們的庫存比他們想要的要多。這應該不是什麼新消息吧？這很常見。

And like I said, I think those -- that inventory will burn off very quickly. But that's not the overall driver to where we're at and what we are able to produce as far as earnings. So the fact that some of those customers are ordering -- are holding back a little bit on orders, that didn't impact our quarter. And I don't see it -- it's not going to impact the guidance that we just gave. So I think that's a point in time that should be very obvious to everyone that will -- with Boeing's continued success be a thing in the past very quickly.

正如我所說的，我認為那些庫存很快就會消耗殆盡。但這並不是我們目前所處位置以及我們所能創造的收益的整體驅動力。因此，儘管部分客戶減少了訂單，但這並沒有影響我們的季度業績。我不認為這會影響我們剛剛給的指導。所以我認為，對於每個人來說，這個時間點都應該非常明顯——隨著波音的持續成功，這很快就會成為過去。

Got it. And then Medical, obviously, continued momentum there, but the story seems a bit different at one of your peers. They highlighted some inventory destocking there as well, some trade headwinds, some pricing pressure. Are you seeing any of that? I mean I know the comp is --

知道了。然後，醫療行業顯然繼續保持發展勢頭，但您的一個同行的情況似乎有些不同。他們也強調了一些庫存去庫存、一些貿易逆風、一些定價壓力。你看到這些了嗎？我的意思是我知道公司--

Yes. No. I mean -- listen, I think not everything is the same, right? Just because you're in the Medical market, doesn't mean that you're competing at the same areas. I mean we compete at the very high end of the medical market, orthopedics, cardiology, dental. And I said before, this is really if you're going to jump in and out of the market, yes, you probably have those types of headwinds.

是的。不。我的意思是——聽著，我認為不是所有的事情都是一樣的，對吧？你處於醫療市場，並不代表你們在同一領域競爭。我的意思是我們在醫療市場的高端領域競爭，包括骨科、心臟病學、牙科。我之前說過，如果你要進入或退出市場，是的，你可能會遇到這類阻力。

But if you're us, we're a long-term player, solving these types of highly complex problems, we just don't see -- we don't see that. So we have a different path to market maybe than others. And for us, that's a very high and very profitable, very strong market today and it's going to get stronger for us in the future. So not a comparison to what you just stated.

但如果你是我們，我們是長期參與者，解決這些類型的高度複雜問題，我們只是沒有看到——我們沒有看到這一點。因此，我們的行銷路徑可能與其他人不同。對我們來說，這是一個目前非常高、利潤非常高、非常強勁的市場，而且未來它會變得更加強勁。因此與您剛才所說的沒有可比性。

Phil Gibbs, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Phil Gibbs。

So Tony, as I look out to the guidance for fiscal '26, is there a way to sort of tether out how much you think within that upside relative to this year is going to be pricing and mix related versus just volume leverage?

所以托尼，當我展望 26 財年的指引時，有沒有辦法確定，您認為相對於今年而言，這一上漲空間在多大程度上與定價和產品組合有關，而不是僅僅與數量槓桿有關？

Well, I will tell you the specifics on that, Phil, but all three of those are going to be drivers for us going forward. We believe all three of those will take a next step up.

好吧，菲爾，我會告訴你具體細節，但這三個都將成為我們前進的動力。我們相信這三者都會更上一層樓。

Appreciate that. And then I don't know if you mentioned it earlier, but did you provide your jet engine sales growth either sequentially or year-over-year?

非常感謝。然後我不知道您是否之前提到過，但您是否提供了噴氣發動機銷售額的環比或同比增長？

Yes, I'll do that for you, sir. Aero Engines, plus 5% sequentially and plus 3% year-over-year. So good quarter for us there in that area.

是的，先生，我會為您效勞。航空發動機環比增長 5%，年增 3%。因此，對我們來說，該地區的這個季度是好的。

And then lastly, Big Beautiful Bill within your fiscal '26 free cash flow guidance. Is there any cash tax benefit from accelerated depreciation within that outlook?

最後，Big Beautiful Bill 在您的 26 財年自由現金流指導中。在這個前景下，加速折舊是否能帶來現金稅優惠？

Phil, this is Tim. I mean short answer is no. We didn't assume that in this -- in the guidance we just gave. We're working through the impacts as most companies are. You said accelerated depreciation. There's some -- the other provision that benefits us is the potential to expense R&D, which should have a positive impact on our cash taxes. So more to come on that. We'll talk about that in Q1, but it should be a net positive to us and not included in the guidance we just gave.

菲爾，這是提姆。我的意思是簡短的回答是「不」。在我們剛剛給出的指導中，我們並沒有假設這一點。和大多數公司一樣，我們正在努力克服這些影響。你說的是加速折舊。另一項對我們有利的規定是有可能將研發費用化，這應該會對我們的現金稅產生正面的影響。對此我們還有更多內容。我們將在第一季討論這個問題，但這對我們來說應該是一個淨利好，並不包含在我們剛剛給出的指導中。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Sorry, I just had a follow-up as well. You mentioned completing some LTAs in Paris. I mean are you seeing any sizable change to your LTA mix?

抱歉，我也剛進行了跟進。您提到在巴黎完成了一些長期協議。我的意思是，您是否看到 LTA 組合發生了顯著變化？

Sizable change? No, not a sizable change. I mean these LTAs primarily are re-upping of existing prior LTA. So it's just the next level. There's been a couple of customers maybe that we signed new LTAs with, but the majority is the renewal of the existing LTAs.

變化很大嗎？不，變化不大。我的意思是這些長期協議主要是對現有的長期協議的重新修訂。所以這只是下一個級別。我們可能與一些客戶簽署了新的長期協議，但大多數是與現有的長期協議續約。

There are no further questions at this time. I would like to hand the call back over to John Huyette for some closing remarks.

目前沒有其他問題。我想將電話轉回給 John Huyette，請他發表一些結束語。

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

謝謝接線員，也謝謝大家今天參加我們的 2025 財年第四季電話會議。祝您今天剩餘的時間過得愉快。