Carpenter Technology Corp (CRS) 2026 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to today's Carpenter Technology Q1 fiscal year '26 earnings presentation. (Operator Instructions) Thank you.

感謝您的支持。現在，我歡迎大家參加今天的 Carpenter Technology 26 財年第一季財報。（操作員指示）謝謝。

I would now like to turn the call over to John Huyette, Vice President, Investor Relations. John?

現在我想將電話轉給投資者關係副總裁 John Huyette。約翰？

Thank you, operator. Good morning, everyone, and welcome to the Carpenter Technology earnings conference call for the fiscal 2026 first-quarter ended September 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.

謝謝您，接線生。大家早安，歡迎參加 Carpenter Technology 截至 2025 年 9 月 30 日的 2026 財年第一季財報電話會議。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, Chairman 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董事長兼執行長 Tony Thene 和高級副總裁兼財務長 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, 2025, and the exhibits attached to that filing.

管理階層在本次收益報告中所做的前瞻性陳述是基於目前預期。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 向美國證券交易委員會提交的最新文件中找到，包括該公司截至 2025 年 6 月 30 日的 10-K 表格報告以及該文件所附的附件。

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

另請注意，在下面的討論中，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.

現在我將把電話轉給托尼。

Thank you, John, and good morning to everyone. I will begin on slide 4 with a review of our safety performance. We ended the quarter with a total case incident rate of 1.6. As we continue to drive improvement in multiple leading indicators, I expect to see continued progress. As always, we remain committed to our ultimate goal, a zero-injury workplace.

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。本季末，我們的總事故率僅為1.6。隨著我們持續推動多項領先指標的改善，我預計未來將繼續取得進展。一如既往，我們始終致力於我們的最終目標：零傷害工作場所。

Let's turn to slide 5 for an overview of our first quarter performance. First quarter was a great start to fiscal year 2026. Let me highlight the four major takeaways. One, record earnings. In the quarter, we generated $153 million in adjusted operating income, exceeding the fourth quarter of fiscal year 2025, which was then a record quarter.

讓我們翻到投影片 5 來概覽一下我們第一季的業績。第一季是 2026 財年的良好開端。讓我重點介紹一下四大要點。一、創紀錄的獲利。本季度，我們實現了 1.53 億美元的調整後營業收入，超過了當時創紀錄的 2025 財年第四季。

And it is a 31% increase over first quarter of fiscal year 2025, a meaningful step-up year-over-year. The earnings exceeded our strong first quarter guidance, driven by increased productivity, product mix optimization, and pricing actions, a positive step towards our full fiscal year 2026 earnings outlook.

與 2025 財年第一季相比，這一數字成長了 31%，年比有了顯著的成長。在生產力提高、產品組合優化和定價行動的推動下，第一季的收益超過了我們強勁的預期，這向我們 2026 財年全年收益前景邁出了積極的一步。

Two, expanding operating margins, the SAO segment continued to expand margins, reaching an adjusted margin of 32% in the quarter. The 32% margin compares to 26.3% a year ago and 30.5% in the prior quarter. And we don't believe this is the peak margin level over the long term. Our ability to continue to expand margins can be attributed to our solid execution strong market position and unique capacity and capabilities. As a result of the expanding margins, the SAO segment recorded $170.7 million in operating income, an increase of 27% year-over-year and an all-time record for the segment.

二、擴大營業利益率，SAO部門利潤率持續擴大，本季調整後利潤率達32%。32% 的利潤率與去年同期的 26.3% 和上一季的 30.5% 相比有所下降。我們不認為這是長期的最高利潤水準。我們能夠持續擴大利潤率，這歸功於我們穩健的執行力、強大的市場地位以及獨特的產能和能力。由於利潤率的擴大，SAO 部門的營業收入達到 1.707 億美元，年增 27%，創下該部門的歷史新高。

Three, strengthening market demand. We continue to see demand environment strengthen, especially in the aerospace supply chain as it gains confidence in the Boeing and Airbus build rate ramp. As a result, September was the highest order intake month in over a year. Specifically in the quarter, we saw bookings for Aerospace and Defense accelerate, up 23% over the previous quarter.

三是增強市場需求。我們繼續看到需求環境增強，特別是在航空航太供應鏈中，因為它對波音和空中巴士的建造率提升更有信心。因此，9月成為一年多來訂單量最高的月份。具體來說，本季度，我們看到航空航太和國防領域的訂單加速成長，比上一季成長了 23%。

Fourth, pricing continues to be a tailwind. In this strengthening demand environment, our pricing remains elevated and consistently increasing as evidenced by our financial results. Our customers continue to be focused on securing their supply of our critical materials.

第四，定價繼續成為推動力。在這種需求不斷增強的環境下，我們的定價仍然保持高位並持續上漲，這一點從我們的財務表現中可以看出。我們的客戶繼續專注於確保我們關鍵材料的供應。

As evidenced in the last quarter, we negotiated five large LTAs with aerospace customers with significant price increases, reflecting their strong outlook on the market. If I were to write the headline for this quarter's performance, it would be Carpenter Technology delivers all-time record quarterly earnings, driving SAO margins to an impressive 32%, even in a quarter where they smartly completed planned maintenance activities.

正如上個季度所證明的那樣，我們與航空航太客戶談判了五份大型長期協議，價格大幅上漲，反映了他們對市場的強勁前景。如果我要為本季度的業績撰寫標題，那將是“Carpenter Technology 創造了歷史最高季度收益，即使在他們巧妙地完成計劃維護活動的季度中，SAO 利潤率也達到了令人印象深刻的 32％。”

In addition, they shattered the narrative held by some of a seasonally weak quarter, a weakening demand environment and decreasing pricing power by achieving record earnings, strong sequential growth in aerospace and defense orders and negotiating five aerospace LTAs with substantial price increases.

此外，他們還透過創紀錄的盈利、航空航天和國防訂單的強勁增長以及與五家航空航天長期協議談判並大幅提高價格，打破了一些人認為的季節性疲軟季度、需求環境疲軟和定價能力下降的說法。

Let's turn to slide 6, and a closer look at first quarter sales and market dynamics. In the first quarter of fiscal year 2026, our total sales, excluding raw material surcharge were up 4% over the first quarter of fiscal year 2025 and down 3% sequentially.

讓我們翻到第 6 張投影片，仔細看看第一季的銷售和市場動態。2026 財年第一季，我們的總銷售額（不含原物料附加費）比 2025 財年第一季成長 4%，比上一季下降 3%。

As expected, the sequential sales decline was driven by the planned maintenance outages we discussed on the last earnings call, offset by increased productivity, improved product mix and pricing actions. Sales in the Aerospace and Defense end-use market were up 1% sequentially and up 11% year-over-year.

正如預期的那樣，銷售額的連續下滑是由於我們在上次財報電話會議上討論的計劃內維護停機造成的，但生產力的提高、產品組合的改善和定價行動抵消了這一影響。航空航太和國防終端市場銷售額較上季成長 1%，較去年同期成長 11%。

Notably, sales in the engine submarket were up 14% sequentially. Our engine customers continue to be concerned about surety of supply as they navigate high MRO demand while managing the ongoing and accelerating build rate ramp.

值得注意的是，引擎子市場的銷售額較上季成長了 14%。我們的引擎客戶在應對高 MRO 需求的同時，還要管理持續且不斷加速的建造率，因此他們持續關注供應的保證。

Across all submarkets, the aerospace supply chain continues to increase activity as build rates ramp and confidence grows in the OEM's ability to perform. As evidence of this, we saw aerospace and defense bookings accelerate in the quarter, increasing 23% sequentially. And as I mentioned earlier, we also completed five LTA negotiations with aerospace customers in the quarter, all with significant price increases.

在所有子市場中，隨著建造率的提高和對 OEM 執行能力的信心增強，航空航天供應鏈的活動持續增加。作為證據，我們看到本季航空航太和國防訂單加速成長，季增 23%。正如我之前提到的，我們在本季也與航空航太客戶完成了五項長期協議談判，所有談判的價格都大幅上漲。

Moving on to the Medical end-use market. Our sales were down 20% sequentially and 16% compared to the prior year first quarter. The large majority of the sequential decrease is from medical distribution customers as they continue to see quarter-over-quarter volatility.

轉向醫療終端市場。我們的銷售額季減 20%，與去年同期相比下降 16%。環比下降的主要原因是醫療分銷客戶繼續面臨季度環比波動。

Recall that coming out of COVID, there was a rapid recovery in patient procedures, generating significant activity in the supply chain. As the medical field caught up on the backlog of procedures and growth rates normalized, the supply chain, especially our distribution customers has been working to manage working capital levels.

回想一下，在新冠疫情爆發後，患者的治療程序迅速恢復，在供應鏈中產生了顯著的活動。隨著醫療領域處理積壓的程序和成長率正常化，供應鏈，特別是我們的分銷客戶一直在努力管理營運資金水準。

As we've highlighted in previous quarters, this has impacted a portion of our medical business and it is continuing longer than anticipated.

正如我們在前幾個季度所強調的那樣，這已經影響了我們的部分醫療業務，並且持續時間比預期的要長。

Even so, we have still been able to produce record quarterly earnings and see the medical market as an increasing tailwind going forward. Our medical customers reported a positive long-term outlook on the market as the fundamental demand drivers remain strong.

即便如此，我們仍然能夠創造創紀錄的季度收益，並看到醫療市場在未來將日益成為順風。由於基本需求驅動因素依然強勁，我們的醫療客戶對市場長期前景持樂觀態度。

Further, our broad portfolio of medical alloys is unique and critical to our customers' focus on improving patient outcomes. Shifting to the energy end-use market, sales were down 5% sequentially and up 8% year-over-year. As discussed during our last several earnings calls, the energy market is currently driven by the accelerating demand for power generation, and we see this only getting stronger with order intake up 41% in the quarter.

此外，我們廣泛的醫用合金產品組合是獨一無二的，對於我們的客戶專注於改善患者治療效果至關重要。轉向能源終端市場，銷售額季減 5%，較去年同期成長 8%。正如我們在過去幾次財報電話會議上所討論的那樣，能源市場目前受到發電需求加速增長的推動，而且我們認為這種趨勢只會更加強勁，本季度訂單量增長了 41%。

As we have stated before, sales in the power generation submarket will fluctuate quarter-to-quarter due to the frequency of orders and our practice are strategically slotting them into our production process. Of course, the key end use market for our increasing profitability is aerospace and defense, where we see demand strengthening as evidenced by accelerating order intake and increasing pricing actions.

正如我們之前所說，由於訂單頻率，發電子市場的銷售額將逐季度波動，而我們的做法是將其策略性地納入我們的生產流程。當然，我們獲利能力提升的關鍵終端市場是航空航太和國防，我們看到該領域的需求正在增強，訂單量加快和定價行動增加就是明證。

Altogether, we are operating in a strengthening demand environment across the high-value end-use markets that we believe will drive meaningful growth in both the near term and long term.

總而言之，我們正處於高價值終端市場需求不斷增強的環境中，我們相信這將在短期和長期推動有意義的成長。

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 increased 4% year-over-year on 10% lower volume. Sequentially, sales were down 3% on 5% lower volume.

謝謝，托尼。大家早安。我將從損益表摘要開始。從頂部開始，不包括附加費的銷售額同比增長 4%，而銷量下降了 10%。銷量較上月下降 3%，銷量較上月下降 5%。

The improving productivity, product mix and pricing are evident in our gross profit which increased to $216.4 million in the current quarter, up 1% sequentially and 23% from the same quarter last year. SG&A expenses were $63.1 million in the first quarter essentially flat sequentially and up slightly from the same quarter last year. The SG&A line includes corporate costs, which were $26.6 million. This is flat sequentially and up slightly when excluding the special item from the first quarter of fiscal year 2025.

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 2.164 億美元，季增 1%，年增 23%。第一季銷售、一般及行政費用為 6,310 萬美元，與上一季基本持平，較去年同期略有上升。銷售、一般及行政費用包括公司成本，為 2,660 萬美元。如果剔除 2025 財年第一季的特殊項目，這一數字將與上一季持平，但略有上升。

For the second quarter of fiscal year 2026, we expect corporate costs to be about $25 million, which is in line with our quarterly average of fiscal year 2025. Adjusted operating income was $153.3 million in the current quarter, which is 31% higher than the $117.2 million in our first quarter of fiscal year 2025 and up 1% from our recent fourth quarter.

對於 2026 財年第二季度，我們預計企業成本約為 2,500 萬美元，這與 2025 財年的季度平均值一致。本季調整後的營業收入為 1.533 億美元，比 2025 財年第一季的 1.172 億美元高出 31%，比最近的第四季成長 1%。

As Tony mentioned earlier, this represents another record quarterly operating income results, breaking the previous record set last quarter. This is even more impressive considering we were able to deliver the results in a quarter with planned maintenance activities.

正如 Tony 之前提到的，這代表著季度營業收入再次創下新高，打破了上個季度創下的紀錄。考慮到我們能夠透過計劃的維護活動在一個季度內取得成果，這一點就更加令人印象深刻。

Moving on to our effective tax rate, which was 15.4% in the current quarter. This quarter's effective tax rate was lower than anticipated and comparable to the same quarter last year due to discrete tax benefits associated with the vesting of certain equity awards in both quarters.

繼續討論我們的有效稅率，本季為 15.4%。本季的有效稅率低於預期，與去年同期相當，原因是兩季與某些股權獎勵歸屬相關的單獨稅收優惠。

For the balance of the fiscal year, we expect the effective tax rate to be between 22% to 23%. And the effective tax rate for the full fiscal year 2026 is expected to be on the low end of the full year guidance we provided of 21% to 23%.

對於本財年的剩餘時間，我們預計有效稅率將在 22% 至 23% 之間。預計 2026 財年全年有效稅率將處於我們提供的全年指引 21% 至 23% 的低端。

Finally, the earnings per diluted share was $2.43 for the quarter. Again, our recent first quarter was a record quarter for profitability. Our teams continue to drive higher profitability with the manufacturing organizations focus on increasing productivity while managing the product mix to optimize profit and realizing the benefits of pricing actions that we continue to pursue and capture.

最後，本季每股攤薄收益為 2.43 美元。再次，我們最近的第一季創下了獲利紀錄。我們的團隊繼續推動更高的獲利能力，製造組織專注於提高生產力，同時管理產品組合以優化利潤並實現我們繼續追求和獲得的定價行動的利益。

Now turning to more detail in each of the segments, starting with our SAO segment. Net sales, excluding surcharge for the first quarter were $533.9 million. Compared to the same quarter last year, sales were up 5% on 11% lower volume, reflecting the impact of product mix optimization and pricing actions. Sequentially, sales were down 3% on 5% lower volume. The sequential decline in volume was in line with expectations given the planned maintenance activities in the quarter.

現在轉向每個部分的更多細節，從我們的 SAO 部分開始。第一季淨銷售額（不含附加費）為 5.339 億美元。與去年同期相比，銷售額成長了 5%，但銷售量下降了 11%，反映了產品結構優化和定價措施的影響。銷量較上月下降 3%，銷量較上月下降 5%。考慮到本季計畫的維護活動，銷量的連續下降符合預期。

SAO reported operating income of $170.7 million in the first quarter. But I think the most impressive measure for the SEO segment is the adjusted operating margin of 32%. This marks the 15 consecutive quarter of margin expansion. The record margin is being driven by the growth levers that we consistently highlight.

SAO 報告第一季營業收入為 1.707 億美元。但我認為 SEO 部門最令人印象深刻的指標是 32% 的調整後營業利益率。這標誌著利潤率連續第15季擴大。創紀錄的利潤率是由我們不斷強調的成長槓桿所推動的。

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 optimize the highest value margins, while carefully managing costs and executing thoughtful planned maintenance activities.

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優化最高價值利潤，同時仔細管理成本並執行周到的計劃維護活動時，這些領域仍然至關重要。

Tony will talk in detail about the pricing environment. Altogether, we continue to see opportunities to expand profitability and margin further as we execute against our growth levers.

Tony 將詳細談論定價環境。總而言之，隨著我們實施成長槓桿，我們繼續看到進一步擴大獲利能力和利潤率的機會。

Looking ahead to our upcoming second quarter of fiscal year 2026, we anticipate SAO will generate operating income in the range of $168 million to $172 million, in line with the record first quarter. The SEO guidance for the second quarter considers ever available effective capacity. This accounts for the impact of time off for the holidays, which is important to our employees and downtime associated with upgrades to key testing work centers.

展望即將到來的 2026 財年第二季度，我們預計 SAO 將產生 1.68 億美元至 1.72 億美元的營業收入，與創紀錄的第一季持平。第二季的 SEO 指導考慮了所有可用的有效容量。這考慮了假期休假的影響，這對我們的員工來說很重要，以及與關鍵測試工作中心升級相關的停工時間。

This is an area where it makes sense to spend modest capital to upgrade certain equipment to ensure capacity is available to support our highest value materials, which means we see significant payback on small investments.

在這個領域，花費適度的資金來升級某些設備是有意義的，以確保有足夠的能力來支持我們最高價值的材料，這意味著我們可以從小額投資中獲得豐厚的回報。

Now turning to slide 10 and our PEP segment results. Net sales, excluding surcharge in the first quarter of fiscal year 2026 were $87.2 million, down 10% sequentially and down 6% from the same quarter a year ago. In the current quarter, PEP reported operating income of $9.4 million compared with $11.7 million in the fourth quarter of fiscal year 2025 and $7.3 million in the same quarter a year ago.

現在翻到第 10 張投影片，看看我們的 PEP 部分結果。2026 財年第一季不包括附加費的淨銷售額為 8,720 萬美元，較上季下降 10%，年減 6%。本季度，PEP 報告的營業收入為 940 萬美元，而 2025 財年第四季的營業收入為 1,170 萬美元，去年同期的營業收入為 730 萬美元。

The year-over-year increase in profitability despite lower sales reflects the impact of a favorable shift in product mix. We currently anticipate the PEP segment's operating income to be relatively flat in the second quarter of fiscal year 2026.

儘管銷售額下降，但獲利能力年增率反映了產品結構有利轉變的影響。我們目前預計 PEP 部門的營業收入將在 2026 財年第二季相對持平。

A few additional comments to keep in mind. TEP represents roughly 6% of the company's overall segment profitability on a trailing 12-month basis. In other words, SAO diverse PEP and FAO will continue to be the growth driver for Carpenter Technology.

需要記住的一些補充意見。過去 12 個月，TEP 約占公司整體部門獲利能力的 6%。換句話說，SAO 多樣化的 PEP 和 FAO 將繼續成為 Carpenter Technology 的成長動力。

From an outlook perspective, we anticipate PEP results will improve, but I would point out that our total company outlook is based largely on our growth expectations for the SEO segment, which will continue to outpace that performance.

從前景來看，我們預計 PEP 的業績將會改善，但我要指出的是，我們對整個公司的前景主要基於我們對 SEO 部門的成長預期，該部門的表現將繼續超過這一水平。

With that said, the PEP business is a small but strategic part of Carpenter Technologies portfolio. We believe that PEP can be a growth accelerator in the future. Before we move to cash, I just wanted to pull together the pieces that make up our outlook for operating income in the second quarter of fiscal year 2026. We anticipate total operating income of $152 million to $156 million. This includes SAO at $168 million to $172 million, PEP roughly a $9 million and corporate costs of $25 million.

話雖如此，PEP 業務雖然只是 Carpenter Technologies 產品組合中規模較小但具有戰略意義的一部分。我們相信 PEP 可以成為未來的成長加速器。在我們轉向現金之前，我只想匯總一下我們對 2026 財年第二季營業收入前景的各部分內容。我們預計總營業收入為 1.52 億美元至 1.56 億美元。其中包括 1.68 億至 1.72 億美元的 SAO、約 900 萬美元的 PEP 和 2,500 萬美元的公司成本。

Now turning to the next slide to talk about our cash generation and capital allocation priorities. In the current quarter, we generated $39.2 million of cash from operating activities and spent $42.6 million on capital expenditures, which resulted in negative adjusted free cash flow of $3.4 million.

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 3,920 萬美元的現金，並在資本支出上花費了 4,260 萬美元，導致調整後的自由現金流為負 340 萬美元。

For fiscal year 2026, we continue to anticipate generating between $240 million to $280 million of adjusted free cash flow, which includes $175 million to $185 million of spending for our brownfield capacity expansion project.

對於 2026 財年，我們繼續預計將產生 2.4 億至 2.8 億美元的調整後自由現金流，其中包括 1.75 億至 1.85 億美元的棕地產能擴建項目支出。

To be clear, the brownfield capital expenditures are on top of the $125 million of annual capital expenditures to fund our normal maintenance and sustaining capital as well as smaller growth projects. As an update on the brownfield expansion project, construction activities are in full swing. Site work is underway, currently focused on building foundation work at our Athens, Alabama site. The project is currently on budget and on schedule.

需要明確的是，棕地資本支出是在每年 1.25 億美元資本支出的基礎上進行的，用於資助我們的正常維護和維持資本以及較小的成長項目。作為棕地擴建工程的最新消息，建設活動正在如火如荼地進行中。現場工作正在進行中，目前主要集中在我們位於阿拉巴馬州雅典的現場的建設基礎工作。目前該項目的預算和進度都符合預期。

As the project progresses, we expect that capital spending will begin to accelerate in the second half of fiscal year 2026. The as construction activities broaden and equipment delivery and installation begins in earnest.

隨著專案的進展，我們預計資本支出將在2026財年下半年開始加速。隨著施工活動的擴大以及設備交付和安裝的認真開始。

Moving on to our capital allocation philosophy. As we've discussed before, our primary focus areas for capital deployment are investing cash in attractive and accretive growth and returning cash to shareholders. Our commitment to investing for growth is evident in our brownfield expansion project I just mentioned.

繼續討論我們的資本配置理念。正如我們之前討論過的，我們資本部署的主要關注領域是將現金投資於有吸引力且增值的成長並向股東返還現金。我們致力於投資成長的承諾體現在我剛才提到的棕地擴建計畫中。

In terms of returning cash to shareholders, we continue to execute against our $400 million stock buyback authorization. In the current quarter, we repurchased $49.1 million of our shares, bringing the cumulative total to $151 million.

在向股東返還現金方面，我們繼續執行 4 億美元的股票回購授權。本季度，我們回購了價值 4,910 萬美元的股票，累計總額達 1.51 億美元。

In addition to the buyback program, we also continue to fund a recurring and long-standing quarterly dividend. Our capital allocation philosophy is enabled by our healthy liquidity and strong balance sheet. Liquidity as of the most recent quarter is $556.9 million, including $208 million of cash and $348.9 million of available borrowings under our credit facility.

除了回購計劃外，我們還繼續為經常性和長期的季度股息提供資金。我們的資本配置理念源自於我們健康的流動性和強勁的資產負債表。截至最近一個季度的流動資金為 5.569 億美元，其中包括 2.08 億美元的現金和 3.489 億美元的信貸額度下的可用借款。

Our credit metrics remain very strong with net debt-to-EBITDA ratio remaining well below 1 times. Altogether, we believe our strong balance sheet and outlook for significant cash generation positions us well to fund continued growth and deliver significant shareholder returns.

我們的信用指標依然非常強勁，淨負債與 EBITDA 比率仍遠低於 1 倍。總而言之，我們相信，我們強勁的資產負債表和大量現金產生的前景使我們能夠為持續成長提供資金並為股東帶來豐厚的回報。

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. Over this past quarter, a couple of important topics have garnered the attention of the investment community. I would like to address them to make sure Carpenter Technology's position is 100% clear. There has been much written on the current pricing environment in the nickel-based super alloy market.

謝謝，蒂姆。在過去的一個季度，一些重要話題引起了投資界的關注。我想向他們發表講話，以確保 Carpenter Technology 的立場 100% 明確。關於鎳基超合金市場當前定價環境的文章已經有很多。

We have two basic categories that we break our customers into. Those that work with us under long-term agreements and those that don't have long-term agreements with us, which we call transactional. Customers in both categories are extremely important and strategic. The customers who do not work with us through a long-term agreement, our transactional customers in almost every case, our long-standing customers with highly specialized and exact specifications.

我們將客戶分為兩大基本類別。那些與我們簽訂長期協議的客戶和那些沒有與我們簽訂長期協議的客戶，我們稱之為交易型客戶。這兩類客戶都極為重要且具戰略意義。不與我們簽訂長期協議的客戶、幾乎在所有情況下都是我們的交易客戶、具有高度專業化和精確規格的長期客戶。

Quoting for these transactional customers require significant time and effort with multiple levels of internal technical reviews and discussions with the customer. As a result, we do not entertain spot pricing as it is typically defined.

為這些交易客戶報價需要花費大量的時間和精力，並進行多層次的內部技術審查和與客戶的討論。因此，我們不接受通常定義的現貨定價。

There is not a moving daily price, and we do not typically quote for immediate or short-term delivery. In fact, our transactional business pricing is generally higher than LTA pricing. Certainly, we do not provide transactional customers with better pricing than our LTA customers as that would be illogical.

沒有固定的每日價格，我們通常不提供立即或短期交貨的報價。事實上，我們的交易業務定價通常高於LTA定價。當然，我們不會為交易客戶提供比 LTA 客戶更優惠的價格，因為這是不合邏輯的。

For customers who work with us through long-term agreements, their primary focus during renewal discussions remains the surety of supply of our products. With each contract renewal, we have been able to realize price increases that demonstrate the value of our products in the supply chain and reflect the underlying supply-demand imbalance that is only expected to tighten in the future.

對於透過長期協議與我們合作的客戶，他們在續約討論期間的主要關注點仍然是我們產品的供應保證。隨著每次合約續約，我們都能夠實現價格上漲，這體現了我們的產品在供應鏈中的價值，並反映了潛在的供需不平衡，預計未來這種不平衡只會加劇。

I will note again to support our view of the pricing dynamic for our materials that in the quarter, we completed negotiations on five LTAs with aerospace customers with significant price increases. It is also important to note that, in turn, our customers also benefit greatly as they are getting surety of supply of our products, which is highly valuable to them in an extraordinarily high demand environment.

我將再次指出，為了支持我們對材料定價動態的看法，在本季度，我們與航空航太客戶完成了五項長期協議的談判，價格大幅上漲。值得注意的是，我們的客戶也受益匪淺，因為他們獲得了我們產品供應的保證，這在需求極高的環境中對他們來說非常有價值。

You can see the results of our pricing actions in our SAO segment financials as our total sales dollars per shipment pound remained elevated and increased significantly year-over-year. For more insight, I will note that the year-over-year increase is 10 percentage-points higher for the aerospace and defense end-use market. The results demonstrate we are consistently increasing the pricing level of our aerospace products.

您可以在我們的 SAO 部門財務報表中看到我們的定價行動的結果，因為我們每磅貨物的總銷售額仍然保持高位，並且同比大幅增長。為了更深入了解，我將指出航空航太和國防終端市場的年成長率高出 10 個百分點。結果表明，我們正在不斷提高航空航天產品的定價水準。

If we were discounting aerospace products, or seeing immense pricing pressure, you would have seen a significant sequential decrease in the price per pound. Clearly, that is not the case.

如果我們對航空航太產品打折，或面臨巨大的定價壓力，你會看到每磅價格大幅連續下降。顯然，事實並非如此。

With that said, it is important to repeat something that I've said before. Price per pound may not move in a linear fashion quarter-to-quarter as a product mix in any given quarter influences results. However, we expect that the pricing trend will continue to be favorable.

話雖如此，重複我之前說過的話是很重要的。由於每季的產品組合都會影響結果，因此每磅價格可能不會逐季呈線性變化。然而，我們預計定價趨勢將繼續保持良好。

Final point on this topic. We have communicated publicly many times and state again today, that we believe pricing actions will continue to be a positive tailwind into the future due to the supply-demand imbalance that exists today and is expected to intensify in the future for nickel-based super alloys. In addition, another topic that has been written about is the aerospace demand environment and more specifically, the potential weakness in the titanium market.

關於這個主題的最後一點。我們已多次公開表示，今天再次聲明，我們相信，由於目前存在的供需失衡，定價行動將繼續成為未來的積極推動力，預計未來鎳基超合金的供需失衡將進一步加劇。此外，另一個被提及的議題是航太需求環境，更具體地說是鈦市場的潛在疲軟。

Let me address the titanium portion first. Carpenter Technologies does not melt titanium or produce large titanium forgings for aerospace structural applications. To be very clear, any current or future weakness in the titanium raw material or structural markets has no material impact on Carpenter Technology.

讓我先談談鈦部分。Carpenter Technologies 不會熔化鈦或生產用於航空航天結構應用的大型鈦鍛件。需要明確的是，鈦原材料或結構市場當前或未來的任何疲軟都不會對卡彭特技術公司產生實質影響。

In stark contrast to titanium raw materials, nickel-based super alloys, which is our primary focus, are in short supply, have only a few qualified producers globally with high barriers to entry and rapidly accelerating demand. As I mentioned earlier, our aerospace and defense end-use market orders have been steadily increasing over the last couple of quarters.

與鈦原料形成鮮明對比的是，我們重點關注的鎳基高溫合金供應短缺，全球合格生產商寥寥無幾，進入門檻高，需求增長迅速。正如我之前提到的，我們的航空航太和國防終端市場訂單在過去幾季一直穩定成長。

In this quarter, they were up 23% sequentially that is after a similar sequential increase in the prior quarter. This strong sequential growth in bookings was driven by increased volume, which is a very encouraging sign and continued pricing actions.

本季度，其環比增長了 23%，而上一季也實現了類似的環比增長。預訂量的強勁環比增長是由銷量增加（這是一個非常令人鼓舞的信號）和持續的定價行動推動的。

Obviously, the accelerated bookings is a very positive trend developing and signals continuing expansion as the air framers drive for higher build rates. To support this position, let me provide more color on what we are seeing in each of the aerospace submarkets.

顯然，訂單加速成長是一個非常積極的趨勢，並且預示著隨著飛機製造商追求更高的建造率，其將繼續擴張。為了支持這個立場，讓我更詳細地介紹一下我們在每個航空航太子市場看到的情況。

I will start by saying that, in general, the tone with all of our aerospace customers is one of increasing positivity as they see large demand upticks on the horizon. Our aerospace structural customers experienced the most disruption from the OEM build rate issues we have seen over the last 1.5 years. This is due to the relatively low MRO needs on structural versus engine parts.

首先我想說的是，總體而言，我們所有航空航太客戶的基調都越來越積極，因為他們看到未來需求將大幅上升。在過去的一年半中，我們的航空航天結構客戶因 OEM 建造率問題而遭受了最嚴重的干擾。這是因為結構部件與引擎部件相比，其 MRO 需求相對較低。

Over this period of time, they have been carefully managing their near-term working capital needs. Encouragingly, some have begun reordering on increasingly positive momentum from Boeing, while other states, they are expecting more earnest ordering to begin soon.

在這段時間裡，他們一直在謹慎管理近期營運資金需求。令人鼓舞的是，隨著波音公司日益積極的勢頭，一些國家已經開始重新訂購，而其他國家則預計很快就會開始有更多認真的訂購。

Collectively, our aerospace structural customers universally agreed that strong demand is on the near-term horizon and are considering when and how to ramp activity back up. Our aerospace fastener customers report steady improvement in their demand. Some customers are already placing orders with us to cover all of calendar 2026.

總體而言，我們的航空結構客戶普遍認為，近期將出現強勁需求，並正在考慮何時以及如何恢復活動。我們的航空航太緊固件客戶報告其需求穩定成長。有些客戶已經向我們下了涵蓋整個 2026 年的訂單。

They are continuing to expect improvements in demand and our quoting activity has increased notably over the last few months. Fastener customers are generally expecting very solid double-digit growth next year based on ongoing improvements in the aerospace OEM build rates.

他們繼續期待需求改善，並且我們的報價活動在過去幾個月中顯著增加。由於航空航太原始設備製造商 (OEM) 製造率不斷提高，緊固件客戶普遍預計明年將實現非常穩健的兩位數成長。

Our aerospace engine customers continue to remain busy as they generally have been over the last several quarters. Engine OEMs are very active across the supply chain, working to ensure material availability. Customers continue to report high MRO activity and a need for more material from us.

我們的航空發動機客戶繼續保持忙碌狀態，就像過去幾個季度一樣。引擎原始設備製造商在整個供應鏈中非常活躍，致力於確保材料的可用性。客戶繼續報告高MRO活動並且需要我們提供更多材料。

In summary, our engine customers continue to be very positive as evidenced by the 14% sequential increase in aerospace engine sales in the quarter. I don't usually mention the space submarket as it is a much smaller portion of our business. But I will note that we have seen large increases in activity over the last few quarters and our space customers report expectations for significant ongoing demand.

總而言之，我們的引擎客戶繼續保持非常積極的心態，本季航空引擎銷售季增 14% 就是明證。我通常不會提及太空子市場，因為它只占我們業務的一小部分。但我要指出的是，過去幾季我們的活動量大幅增加，我們的空間客戶報告了對持續大量需求的預期。

Finally, I will mention our defense customers because we have seen significant increase in activity here as well. Our defense customers are expecting very strong increases in demand based on new programs being worked on as well as the expected fiscal year 2026 defense budget.

最後，我要提到我們的國防客戶，因為我們也看到這裡的活動顯著增加。根據正在實施的新項目以及預計的 2026 財年國防預算，我們的國防客戶預計需求將大幅成長。

With those insights, let me state where we believe the aerospace market stands today. The aerospace market has seen large cyclicality over many years, and we have seen the same pattern play out cycle after cycle. That is the supply chain gets a little ahead of OEMs and then decides to pull back or pause.

有了這些見解，讓我來談談我們對當今航空航太市場的認識。多年來，航空航太市場經歷了很大的周期性，我們看到相同的模式一輪又一輪地上演。也就是說，供應鏈比原始設備製造商領先一點，然後決定撤退或暫停。

That is followed quickly by the time when the supply chain realizes they do not have enough material on order, and there is an urgent scramble to place orders. This results in what the industry describes as the bullwhip effect where there is effectively a run of material.

隨後，供應鏈很快意識到他們訂購的材料不夠，於是緊急下訂單。這導致了業界所說的“牛鞭效應”，即材料實際上出現短缺。

In this case, I'm speaking specifically of nickel-based aerospace materials. This cycle we are emerging from right now is similar as before, except for one major factor. That is the total demand targets from OEMs are significantly higher than before.

在這種情況下，我特別談論的是鎳基航空航太材料。我們現在正在經歷的這個週期與以前相似，除了一個主要因素。也就是說，來自OEM廠商的總需求目標比以前明顯更高。

Our conversations over the last quarter with our closest customers have focused on advising them to ensure they have their orders placed now, so they are not last in line. The pattern I have described is not a surprise to our nickel-based customers who all understand the question is when, not if this run occurs. And then last week, we have the reporting of the FAA approving a 737 MAX rate increase from 38 to 42 per month, which we believe will support the BU WIP effect I just mentioned.

上個季度，我們與最親密的客戶的對話重點是建議他們確保現在下訂單，這樣他們就不會排在最後。我所描述的模式對於我們的鎳客戶來說並不意外，他們都明白，問題在於何時發生，而不是是否會發生這種運作。上週，我們收到了美國聯邦航空管理局 (FAA) 批准將 737 MAX 的停飛率從每月 38 架增加到 42 架的報告，我們相信這將支持我剛才提到的 BU WIP 效應。

Lastly, we have received questions about our confidence in our earnings guidance as the marketplace continues to move. To start with just a couple of points on our earnings guidance philosophy. One, we believe it is important to provide. Two, we established challenging targets that we have line of sight to achieving with disciplined action plans in place.

最後，隨著市場持續波動，我們收到了有關我們對獲利預測的信心的質疑。首先，我們先談談我們的獲利指導理念的幾點。首先，我們認為提供這一點很重要。第二，我們訂定了一個有挑戰性的目標，並制定了嚴謹的行動計劃，力爭實現這些目標。

Three, we don't believe multiyear earnings targets should be back-end loaded. Therefore, we commit to meaningful earnings growth in the first year of multiyear guidance. And fourth, not only do we have a track record of achieving our targets, we exceed them. That philosophy should give you confidence in our future performance.

第三，我們認為多年獲利目標不應該是後端加載的。因此，我們承諾在多年指導的第一年實現有意義的獲利成長。第四，我們不僅實現了目標，也超越了目標。這一理念應該會讓你對我們未來的表現充滿信心。

Now specifically to address our guidance. As a reminder, at our February 2025 investor update, we announced our fiscal year 2027 operating income target of $765 million to $800 million. More recently, on our last earnings call, we provided additional insights as we guided to a strong fiscal year 2026, projecting $660 million to $700 million in operating income.

現在具體討論一下我們的指導。提醒一下，在我們 2025 年 2 月的投資者更新中，我們宣布了 2027 財年的營業收入目標為​​ 7.65 億美元至 8 億美元。最近，在我們上次的財報電話會議上，我們提供了額外的見解，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。

As I stated in this range for fiscal year 2026 represents 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, quite impressive.

正如我所說，2026 財年的這一範圍比我們創紀錄的 2025 財年收益增長了 26% 至 33%，而且我們相信這是我們行業同行中最高的收益增長軌跡，相當令人印象深刻。

Now we have just completed the first quarter of our fiscal year 2026 and remain confident in our full year earnings guidance. Most importantly, we have line of sight to the high end of the range with increased volume, pricing actions, and productivity all contributing to higher profitability.

現在，我們剛完成 2026 財年第一季度，並且對全年獲利預期充滿信心。最重要的是，我們已瞄準高端市場，產量增加、定價行動和生產力都有助於提高獲利能力。

As I just mentioned, the reporting that the FAA approved a 737 MAX rate increase from 38 to 42 per month is important. That was a material unknown that has now been revealed and should support a continued increase in aerospace bookings.

正如我剛才提到的，美國聯邦航空局批准將 737 MAX 的費率從每月 38 架增加到 42 架的報導很重要。這是一個未知的重大事件，現已被披露，並將支持航空航天訂單的持續增長。

As we look at fiscal year 2027, we also remain committed to that level of profitability, which, by the way, would be an approximately 50% increase of our recently completed record fiscal year 2025. But let me be clear, as this aerospace market continues to accelerate, our focus is not on achieving the fiscal year 2027 guidance. The focus is on exceeding that lofty target.

展望 2027 財年，我們仍致力於保持這一盈利水平，順便說一句，這將比我們最近完成的創紀錄的 2025 財年增長約 50%。但我要明確一點，隨著航太市場的持續加速發展，我們的重點並不在於實現 2027 財年的預期。重點是超越這一崇高目標。

Now let's turn to the final slide to summarize this great story. Let me close with why I say Carpenter Technology is a compelling story for existing and potential shareholders. Specifically, let's take a look at the three major areas most important to shareholders.

現在讓我們翻到最後一張投影片來總結這個偉大的故事。最後，讓我來解釋為什麼我說 Carpenter Technology 對於現有股東和潛在股東來說都是一個引人入勝的故事。具體來說，我們來看看股東最重視的三大領域。

One, we have an enviable market position in the industry. We are in the midst of a significant acceleration in demand especially in the aerospace and defense end-use market. Demand for air travel has never been higher, and OEMs are pushing to ramp production build rates significantly over the next several years, which is just the beginning.

一是我們在業界擁有令人羨慕的市場地位。我們正處於需求大幅加速的時期，尤其是在航空航太和國防終端市場。航空旅行的需求從未如此高漲，原始設備製造商正在努力在未來幾年大幅提高生產率，而這只是個開始。

With accelerating build rates driving higher demand for our materials, a fundamental supply-demand imbalance in nickel-based super alloys will tighten even further. Our world-class collection of unique manufacturing assets and related capabilities are difficult, if not impossible, to replicate. Our leading capacity and capabilities are further differentiated by stringent qualifications necessary to supply advanced materials for aerospace and defense and other key end-use market applications.

隨著生產速度的加快推動對材料的需求增加，鎳基超合金的供需失衡將進一步加劇。我們擁有世界一流的獨特製造資產和相關能力，即使不是不可能，也很難複製。我們領先的產能和能力透過為航空航太、國防和其他關鍵終端市場應用提供先進材料所必需的嚴格資格得到進一步區分。

Two, we are committed to a balanced capital allocation approach. We have a healthy liquidity position and a strong balance sheet, combined with an impressive free cash flow generation outlook. We are focused on returning cash to shareholders via a long-standing dividend and a robust share repurchase plan.

二、我們致力於均衡的資本配置方式。我們擁有健康的流動性狀況和強勁的資產負債表，以及令人印象深刻的自由現金流生成前景。我們致力於透過長期股利和強勁的股票回購計畫向股東返還現金。

In addition, our strong performance allows us to invest in highly accretive growth projects like our recently announced brownfield expansion. That accelerates earnings growth but will not materially impact the nickel-based supply-demand imbalance.

此外，我們強勁的業績使我們能夠投資於高增值成長項目，例如我們最近宣布的棕地擴建項目。這會加速獲利成長，但不會對鎳的供需失衡產生實質影響。

And three, we have delivered impressive financial results with a strong earnings outlook. We have just completed another record quarter of profitability, driven by significant margin expansion in our SAO segment.

第三，我們取得了令人印象深刻的財務業績，獲利前景強勁。我們剛剛完成了另一個創紀錄的獲利季度，這得益於 SAO 部門利潤率的大幅提升。

Our outlook for fiscal year 2026 implies a 26% to 33% increase over our record fiscal year 2025, and we are well on our way to achieving and even surpassing the ambitious earnings target for fiscal year 2027. I don't know if anyone in our industry who can say they have a stronger earnings outlook than Carpenter Technology. Of course, fiscal year 2027 is not expected to be our peak. We have planned and line of sight to further earnings growth beyond 2027.

我們對 2026 財年的展望意味著，與創紀錄的 2025 財年相比，我們的盈利將增長 26% 至 33%，而且我們正朝著實現甚至超越 2027 財年的雄心勃勃的盈利目標邁進。我不知道我們這個行業中是否有人可以說他們的獲利前景比 Carpenter Technology 更強。當然，預計 2027 財年不會成為我們的巔峰。我們已經制定了計劃，並著眼於 2027 年以後進一步實現盈利增長。

In summary, I believe Carpenter Technology checks every important shareholder criteria box. We have created significant shareholder value to date, but we are only at the beginning of this growth journey. The best is still to come.

總而言之，我相信 Carpenter Technology 符合所有重要的股東標準。到目前為止，我們已經為股東創造了巨大的價值，但我們才剛開始這段成長之旅。最好的還在後頭。

As always, 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.

像往常一樣，我們將繼續專注於支持客戶需求、營運執行和實踐我們的價值觀，努力實現卓越的短期和長期業績。

Thank you for your attention. I will now turn the call back to the operator.

感謝您的關注。我現在將把電話轉回給接線生。

(Operator instructions) Gautam Khanna, TD Cowen.

（操作員指示）Gautam Khanna，TD Cowen。

Great results, guys, and good explanation, John. -- Tony, I did want to get your perspective on a couple of things. A, like what have happened, if anything, in your own jet engine alloy lead times? Are they still kind of fairly extended. And also just what is your best guess as to why some of those channel checks like -- so not representative of the business. It is -- I mean, it's -- there's such a dichotomy what you guys have continued to put up and some of the chatter out there.

夥計們，結果很棒，約翰，解釋得很好。 ——東尼，我確實想聽聽你對幾件事的看法。A，你們自己的噴射引擎合金交貨週期發生了什麼變化？它們是否仍然相當延伸？另外，您能猜測為什麼某些渠道檢查不能代表業務狀況嗎？我的意思是，你們一直在堅持的這種二分法以及外界的一些閒言碎語。

And then lastly, just on your comments on Boeing. You guys have already endured a number of quarters of, if you will, destocking. I just wanted to get a sense for like your perspective on had that not happened over the last year, whether you would have had even more profits. And if that's what we're pivoting to we're starting to see that recovery in the Boeing orders. A lot there, take it anywhere you want.

最後，我想談談您對波音的評論。如果你們願意的話，你們已經經歷了好幾季的去庫存。我只是想了解您的看法，如果去年沒有發生這種情況，您是否會獲得更多利潤。如果這就是我們所關注的重點，我們將開始看到波音訂單的復甦。那裡有很多東西，可以帶到任何你想去的地方。

Okay. Thanks, Gautam, for your questions. One, yes, on engine lead times, they're still extended. And in fact, I think we're at the point now where they're going to start pushing out again pretty quickly because the Boeing news, whereas, of course, many people say, well, that's what they expected. But it's a big deal for the FAA to come out and actually say that.

好的。謝謝 Gautam 提出的問題。首先，是的，引擎的交付週期仍然延長。事實上，我認為我們現在正處於這樣一個階段：由於波音公司的消息，他們很快就會再次開始推出新產品，當然，很多人說，嗯，這正是他們所期望的。但對於美國聯邦航空局來說，站出來發表這樣的言論是一件大事。

So the discussions we've had with customers just in the last couple of days, you remember that was just reported, I think, last Friday has turned, and you've seen more push to start increasing orders. So I think that's a very significant positive for us.

因此，您記得，就在最近幾天我們與客戶進行的討論剛剛報道過，我想，上週五已經發生了變化，您已經看到了開始增加訂單的更多推動力。所以我認為這對我們來說是一個非常重要的正面因素。

As far as the news around the industry, it's hard for me to speak to that. That's why we took even extra time on today's call to explain very clearly, and I appreciate that you recognize that. We take it really seriously these earnings calls, we try to communicate very clearly.

至於有關該行業的新聞，我很難談。這就是為什麼我們在今天的電話會議上花了額外的時間來解釋清楚，我很感激你們認識到了這一點。我們非常重視這些財報電話會議，我們試著進行非常清楚的溝通。

We believe we are different than other products capabilities, the capacity that we have, the broad customer base we have. So the best thing to do for us is listen to what we have to say, follow what we have to say, and I think we'll do a good job of guiding you there.

我們相信我們與其他產品的功能、容量和廣泛的客戶群不同。因此，對我們來說最好的方法就是傾聽我們的意見，遵循我們的意見，我認為我們會很好地引導你們。

The third thing you mentioned was really -- is really important because a lot of people missed the fact that starting back in early calendar 2024 is really when you started seeing some issues in the Boeing supply chain. And we were able to maintain, and in fact, produced record quarters during that time because of the flexibility that we have, Airbus was still making planes. We had a very robust backlog that we were able to pull in and use power generation and stepped up with more demand.

您提到的第三件事確實非常重要，因為很多人都忽略了一個事實，那就是從 2024 年初開始，波音供應鏈才真正開始出現一些問題。由於我們擁有靈活性，我們能夠保持這一水平，事實上，在那段時間裡，我們創造了創紀錄的季度產量，而當時空中巴士公司仍在製造飛機。我們擁有非常充足的積壓訂單，能夠拉動和利用發電，並滿足更多的需求。

And even in that very difficult time where you had one of the two airframers got them effectively making zero airplanes because remember then later in 2024, they had their work stoppage that we were able to produce record results during that time, I think went a bit unnoticed and may be underappreciated.

即使在那個非常困難的時期，兩家飛機製造商中的一家實際上沒有製造任何飛機，因為記得在 2024 年下半年，他們停工了，我們能夠在那段時間創造創紀錄的成果，我認為這有點被忽視了，可能被低估了。

And now here we are, where you've got Boeing performing very well, but only at the beginning. Airbus, who has quite a bit further, they want to go, let's say, for example, in their A320 targets. And I think now as we go into the second half of FY26. That's why you heard the confidence from me and then in terms of our guidance and then also for FY27. I mean, I think there's more opportunities for increase over that guidance than there are risks.

現在我們看到波音公司表現非常出色，但這只是個開始階段。空中巴士公司還有很長的路要走，他們想走得更遠，比如說，在 A320 目標上。我認為現在我們已經進入 26 財年的下半年。這就是為什麼你們聽到了我對我們的指導以及 2027 財年的信心。我的意思是，我認為超出該指導範圍的成長機會大於風險。

Hopefully, I answered all three of them for you.

希望我已經為您解答了這三個問題。

Yes. No, that was a very great answer. And just maybe a quick ask on fastener demand trends, how those tracked in the quarter?

是的。不，這是一個非常棒的答案。也許只是想快速詢問一下緊固件需求趨勢，本季的趨勢如何？

Yes. Sorry about that. I know you usually ask about it. But fasteners for this quarter were down 7% sequentially, 40% up year-over-year. But as we look at the order intake coming in right now, as you all know, fastener orders can be a little lumpy. Those are strong coming into our second quarter.

是的。很抱歉。我知道你常常會問到這個問題。但本季緊固件銷量較上月下降7%，較去年同期成長40%。但如大家所知，當我們查看現在收到的訂單量時，緊固件訂單可能會有點不穩定。進入第二季度，這些表現強勁。

And like I said in the prepared remarks, which I think is a very important point, you're seeing a lot of these fastener companies already trying to place orders for the entirety of their calendar year 2026. So that's a big deal, and that's a really strong evidence of how they see the market playing out.

正如我在準備好的發言中所說的那樣，我認為這是非常重要的一點，您會看到許多緊固件公司已經在嘗試為整個 2026 年下訂單。所以這是一件大事，這也是他們如何看待市場趨勢的有力證據。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

You mentioned the five new LTAs, and I was just wondering if you could speak more to the duration of these and how we can maybe expect duration mix to shift moving forward?

您提到了五項新的長期協議，我只是想知道您是否可以更多地談論這些協議的期限，以及我們可以預期期限組合在未來將如何變化？

On these five specific ones that I was referencing, they range between two years and five years.

對於我提到的這五個具體問題，它們的時間範圍是兩年到五年。

Got it. And I mean, obviously, these have come in from what you saw pre COVID, pre-MAX, pre, post-COVID boon. I mean, I guess, just how do you expect the duration to -- yes, like what should it look like through the end of the decade, would you say? Would you say it be consistent at these levels pulling even further or push out a little bit longer?

知道了。我的意思是，顯然，這些都是從新冠疫情之前、MAX 之前、新冠疫情之後的繁榮中得到的。我的意思是，我猜，您預計持續時間會怎樣——是的，您認為到本世紀末它會是什麼樣子？您認為在這些水平上它會保持一致，進一步拉動還是延長一段時間？

Well, I think that contract links will stay at this range versus a historical 10 year contract. And that's all -- I mean, that should be obvious that I mean that's based on where you think the supply-demand and balance is going to go. So I think it's interesting as well I can provide a little bit more color on those five contracts.

嗯，我認為與歷史上的 10 年合約相比，合約連結將保持在這個範圍內。這就是全部——我的意思是，這應該是顯而易見的，這取決於你認為供需和平衡將會走向何方。所以我認為這也很有趣，我可以對這五份合約提供更多細節。

Only one of them were a renewal from prior to COVID. So the other four, this is the second time we've renewed them, if you will, since the post-COVID more robust ordering, especially now. So that's an important point to make as well.

其中只有一份是新冠疫情之前的續約。因此，對於另外四個，這是我們第二次續簽，如果你願意的話，因為 COVID 之後的訂單更加強勁，尤其是現在。所以這也是一個重要的觀點。

Got it. Got it. No, that's very helpful. And then I think if I could squeeze in one more. When you look at -- it's very clear on the Aero side what the moving pieces are, but can we maybe peel back what some of those pieces are for defense I know you highlighted still strong demand there, especially inside of a strong budget request. So -- ?

知道了。知道了。不，這非常有幫助。然後我想是否可以再擠一點。當你看到——航空方面，移動部件非常清晰，但我們能否揭示其中哪些部件是用於國防的？我知道你強調了國防方面仍然有強勁的需求，特別是在強勁的預算要求下。所以-- ？

Well, we play across a lot of different areas in defense. I mean, we offer products not just that are maybe traditional or historically been offered, but the next level we're looking at alloys and tweaking those alloys to get better performance based on the outcomes that they're looking for.

嗯，我們在防守方面涉及很多不同的領域。我的意思是，我們提供的產品不僅僅是傳統的或歷史上提供的產品，而且我們正在研究更高層次的合金，並根據他們所尋求的結果調整這些合金以獲得更好的性能。

So you see us across multiple segments inside the defense market. And quite frankly, our relationship there has grown significantly over time, mainly because they're looking for increased performance. They're looking to operate at a higher level, and our alloys and our innovations allow them to do that.

因此，您可以看到我們涉足國防市場的多個領域。坦白說，我們之間的關係隨著時間的推移而顯著增強，主要是因為他們正在尋求提高績效。他們希望在更高的水平上開展業務，而我們的合金和創新使他們能夠做到這一點。

Josh Sullivan, Jones Trading.

喬許沙利文，瓊斯貿易公司。

Tony, Tim, John, congratulations on the quarter. I think I have the title of my note wrapped up, but just to add some other questions, Tony. On the aerospace backlog is up nicely, that Bolic pandemic, that just always seems to happen in this industry. Are customers receptive to that messaging to get in now? Or is it your sense that most of the industry is just going to get hit with the rush that comes?

東尼、提姆、約翰，恭喜你們本季的成績。我想我已經把筆記的標題總結好了，但我還要補充一些其他問題，東尼。航空航太積壓訂單情況良好，但疫情似乎總是發生在這個行業。客戶現在是否願意接受該資訊並加入？或者您認為，大多數行業都會受到隨之而來的熱潮的衝擊？

Well, that's a really good question. And you know this, you've been around long enough. Aerospace customers, there are differences based on whether they're an engine, customer or structural, they're in the distribution side. I think that I can tell you they're very receptive to that message. The discussions we've had over the last couple of weeks, they're very receptive.

嗯，這是一個非常好的問題。你知道這一點，你已經在這裡待了很長時間了。航空航太客戶，根據他們是引擎客戶還是結構客戶而有所不同，他們處於分銷方面。我想我可以告訴你，他們非常樂意接受這個訊息。他們非常樂意接受我們過去幾週的討論。

Now all of them are in a little bit different point on where their working capital levels are. But clearly, you've seen an inflection point that says we see this demand coming. We see Boeing continuing to perform well. We see Airbus pushing higher and higher. And I think that has become a pretty uniform feel that now is the time to start increasing the order intake.

現在，他們的營運資本水準都略有不同。但顯然，你已經看到了一個轉折點，表明我們看到了這種需求的到來。我們看到波音公司繼續表現良好。我們看到空中巴士的步伐越來越大。我認為現在已經成為一種普遍的看法，那就是現在是時候開始增加訂單量了。

You've seen that. I mean, 22% sequential this year on aerospace. If I remember right, last quarter, it was -- aerospace was up over 20% as well. So you might not get 20% sequentially, Josh, every quarter for the next three or four quarters. The point is that linear trend upwards, I think, is going to be pretty strong as we go through the rest of this fiscal year.

你已經看到了。我的意思是，今年航空航太業的環比成長了 22%。如果我沒記錯的話，上個季度，航空航太業也上漲了 20% 以上。因此，喬希，你可能無法在接下來的三到四個季度裡每季都連續獲得 20% 的收益。關鍵在於，我認為，隨著本財年剩餘時間的推進，這種線性上升趨勢將會非常強勁。

Got it. And then kind of relatedly, into your comments just on LTAs versus transactional customers. You got the new one signed up here. How should we think about that optimal mix for -- between the two customer sets and then how that layers into Athens? And I think you had mentioned it Paris, there's a lot of interest in Athens.

知道了。然後，與此相關的是，您對 LTA 與交易客戶的評論。您已在這裡註冊了新帳戶。我們應該如何考慮這兩個客戶群之間的最佳組合，然後如何將其融入雅典？我想您提到過巴黎，人們對雅典很感興趣。

Yes, there's really nothing overly magic about that. I mean whether somebody is on an LTA or not has a lot to do with their point of view, certainly, our point is a view well. Is that what's best for them to have an LTA. Some customers prefer not to do that. On the distribution side, Josh, that's not their mode of operation.

是的，這確實沒有什麼特別神奇的地方。我的意思是，某人是否簽署 LTA 與他們的觀點有很大關係，當然，我們的觀點也是一種觀點。對他們來說，簽訂長期協議是最好的選擇嗎？有些顧客不願意這麼做。從分銷方面來說，喬希，這不是他們的運作模式。

So I think the point that I was trying to make there is that there's really not a big distinction for us between an LTA customer and a transactional customer. This idea that a non-LTA customer walks in randomly from the Street and orders a random aerospace alloy just doesn't exist. These are customers that we've had for a decade that order very specific material.

所以我認為我想要表達的觀點是，對我們來說，陸路交通管理局客戶和交易客戶之間並沒有太大的差異。非 LTA 客戶從街上隨機走進來並隨機訂購航空合金的想法根本不存在。這些客戶已經與我們合作了十年，他們訂購非常特殊的材料。

So -- and it commands the same type of price, as I said, in my prepared remarks. So there's really not a percentage that I'm trying to get to. We manage each of our customers as individuals, and we'll keep doing it that way.

所以——正如我在準備好的發言中所說的那樣，它的價格是一樣的。因此我實際上並沒有試圖達到某個百分比。我們將每位客戶視為個體來管理，我們將繼續這樣做。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Tony, do you already have line of sight to another quarter of sequential A&D growth in the quarter you're in right now?

托尼，您是否已經預見到當前這個季度 A&D 業務將再出現連續成長？

Right? And that's why I just was telling Josh. I don't -- I can't tell you it's going to be exactly 23%. But I think over these next several quarters, you're going to see continued growth in order intake for sure.

正確的？這就是我剛才告訴喬希的原因。我不知道——我無法告訴你這個數字是否剛好是 23%。但我認為在接下來的幾個季度裡，你肯定會看到訂單量持續成長。

Okay. And then the EBIT per pound at SAO was up 42% year-over-year on down volumes. So if the volumes actually start to return to growth on the back of this order improvement, is there an upside opportunity in which you could have a repeat of the EBIT growth profile you experienced over the last couple of years?

好的。儘管銷量下降，但 SAO 的每磅息稅前利潤卻比去年同期成長了 42%。因此，如果訂單量實際上在這種改善的背景下開始恢復成長，那麼是否存在上行機會，可以重複過去幾年經歷的息稅前利潤成長？

Well, certainly, the math works out in our favor, right? If we're producing these types of numbers, and you still have volume that's not at the point where we think it's going to go to. That's a pretty good equation.

嗯，當然，數學計算對我們有利，對吧？如果我們產生了這些類型的數字，但您的交易量仍然沒有達到我們認為的水平。這是一個非常好的等式。

Okay. And then last question for the LTAs that you said repriced this quarter, do we see that benefit hit in the fiscal second quarter? Or do those become effective in January of the third quarter?

好的。最後一個問題是關於您說的本季重新定價的長期協議，我們是否認為該收益會在第二財季受到影響？或者這些措施將於第三季一月生效？

I don't want to give specifics on each of the contracts, Scott. But as you know, it varies, right? Some of them will be more, what should I say, earlier, maybe in the second half of this fiscal year. Some of our customers will negotiate a little bit farther out.

史考特，我不想透露每份合約的具體細節。但正如你所知，它是有變化的，對吧？有些會更早，也許在本財年的下半年。我們的一些客戶會進行更遠一點的談判。

(Operator instructions) Phil Gibbs, KeyBanc Capital Markets.

（操作員指示）Phil Gibbs，KeyBanc Capital Markets。

Good job, Tony and the team. I think you mentioned it earlier in the call, were the engine sales up 14% year-on-year? Or was that sequentially, Tony?

托尼和團隊幹得好。我想您之前在電話中提到過，引擎銷量比去年同期增長了 14% 嗎？或者這是按順序進行的，托尼？

Yes. Thanks for mentioning that, Phil. It was 14% sequentially. It was about 20% year-over-year.

是的。謝謝你提到這一點，菲爾。環比增長 14%。年增約20%。

Okay. Excellent. And you mentioned in your prepared remarks on space and defense verticals and you've had some space business be a little bit more recurring over the last few quarters. Any sense or color you can provide in terms of how much maybe the combination of Space and Defense is of the A&D business?

好的。出色的。您在準備好的太空和國防垂直領域的發言中提到，過去幾個季度，您的一些太空業務變得更加頻繁。您能否提供任何關於太空和防禦的結合在多大程度上屬於 A&D 業務的觀點或描述？

Yes. Well, I mean, space is small, right? But the reason I mentioned it is because it's a growing area. And I think it's just another example of our exposure to this very quickly growing market. And I think probably going forward, you'll see me or see us speak about space more. So it's very small, Phil. But I think it's going to be very strategic for us going forward.

是的。嗯，我的意思是，空間很小，對吧？但我提到它的原因是因為它是一個正在發展的領域。我認為這只是我們接觸這個快速成長的市場的另一個例子。我想，未來你會看到我或看到我們更多地談論太空。所以它非常小，菲爾。但我認為這對我們未來的發展有重要的戰略意義。

And then lastly, on the brownfield. Can you just give us give us an update in terms of what you expect in terms of the construction period in the second half in deliveries and then give us a view of the time line just as we try to envision the project.

最後，關於棕地。您能否為我們提供您對下半年施工交付期的預期，然後在我們嘗試設想專案時向我們介紹時間表。

Yes. I'll give that one to Tim since he's overseeing that project for us.

是的。我會把這個交給蒂姆，因為他正在為我們監督這個項目。

Phil, in terms of time line, just high-level construction now expected to be complete beginning late fiscal '27, early fiscal '28. In my remarks, I said we're instructions underway. Most of the focus in these last several months has been about getting the site readies so doing the land -- site preparation, getting building foundations for things like that, getting the structure in place.

菲爾，就時間表而言，高層建設預計將於 2027 財年末至 2028 財年初完成。我在演講中說過，我們正在執行指示。過去幾個月的大部分工作重點是準備場地，即進行土地準備、打好建築地基、建造建築物等。

Over the next several months, several quarters, we'll shift pretty quickly to more building infrastructure, getting the equipment delivered, set up installed. So high level, we're on track in terms of budget and schedule. And just to reiterate the guidance for that capital, specifically for the brownfield expansion, we said $175 million to $185 million of CapEx this year, fiscal on top of the normal CapEx of $125 million.

在接下來的幾個月、幾個季度裡，我們將迅速轉向更多的基礎設施建設、設備交付和安裝。因此，從總體上看，我們的預算和進度都進展順利。為了重申對該資本的指導，特別是對於棕地擴建，我們表示今年的資本支出為 1.75 億美元至 1.85 億美元，這是在正常的 1.25 億美元資本支出之上的財政支出。

Bennett Moore, JPMorgan.

摩根大通的貝內特摩爾。

Congrats on another impressive quarter. -- I was hoping you can maybe delineate on the A&D bookings growth sequentially? What does look like between engines and structural? I think you had a comment in there that part of this was volume driven. So just trying to gauge note there's Boeing levered customers, to what extent they're coming off the sidelines?

恭喜您又一個令人印象深刻的季度。 ——我希望您能按順序描述一下 A&D 預訂量的成長？引擎和結構之間是什麼樣子的？我認為您在那裡評論說這部分是由數量驅動的。因此，只是想衡量波音公司的槓桿客戶，他們在多大程度上退出了場外？

Well, I made the comment around that it was volume driven as well because that's important, right? And it's certainly, price is a big driver. But the point there was it's not just a price increase. The volume is coming from the marketplace. So that was an important point.

好吧，我評論說這也是由數量驅動的，因為這很重要，對吧？毫無疑問，價格是一個重要驅動因素。但重點是，這不僅僅是價格上漲。該數量來自市場。所以這是一個重要的觀點。

I don't think -- I'm not going to get into bookings for each one of the submarkets that would get us into a level of detail that probably is not helpful overall. I'll just keep it at the total aerospace and defense level for you and keep it there.

我不認為——我不會深入研究每個子市場的預訂情況，因為這會讓我們陷入細節層面，而這可能對整體沒有幫助。我只會將其保持在總體航空航天和國防水平並保持在那裡。

All right. I guess as we think about the fiscal '26 guidance then and the revision towards the high end. What were the prior assumptions around when the structural activity would resume? And how has that changed now? Or is that really just what's reflected in this new guidance?

好的。我想，當我們考慮 26 財年的指導方針以及對高端的修訂。關於結構性活動何時恢復的先前假設是什麼？現在情況有什麼改變嗎？或者這真的只是新指南所反映的內容嗎？

Well, I mean, the guidance is the same. We've just said we're very open about what we're feeling right now and saying that we see it at the high end, right? So we're always adjusting our forecast based on what we're hearing from our customers. And the takeaway there is that you're seeing, as I think I said in my prepared remarks, a higher degree of positivity coming from them.

嗯，我的意思是，指導是一樣的。我們剛才說過，我們對我們現在的感受非常坦誠，並認為它處於高端，對嗎？因此，我們總是根據從客戶那裡聽到的資訊來調整我們的預測。正如我在準備好的發言中所說的那樣，從中可以看出，他們表現出了更高程度的積極性。

So based on that, we have line of sight that will be on the higher side of that guidance. But it's all based on what we're hearing from the market and from -- directly from our customers.

因此，基於此，我們的預期將高於該指導值。但這一切都基於我們從市場和直接從客戶那裡聽到的信息。

All right. And then if I could real quick, are you seeing any acceleration in the incremental value being realized in these LTA renewals? Or is kind of the repricing similar to what we saw initially post COVID?

好的。然後，如果我可以快速回答的話，您是否看到這些 LTA 續約中實現的增量價值有任何加速？或者這種重新定價是否與我們最初在 COVID 之後看到的類似？

Tough question only because it really depends on the submarket that you're in, Bennett. I would tell you at a high level that you are seeing continued increase percentages, not always the same for each submarket, if that makes sense.

這是一個很難回答的問題，因為這實際上取決於您所在的子市場，貝內特。我想從高層次告訴你，你會看到百分比持續成長，但每個子市場的百分比並不總是相同的，如果這說得通的話。

And it looks like there are no further questions. So I will now hand it back over to John Huyette for closing remarks. John? .

看起來沒有其他問題了。現在我將把發言權交還給 John Huyette，請他做最後發言。約翰？。

Thank you, operator, and thank you, everyone, for joining us today for our fiscal year 2026 first 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 2026 財年第一季電話會議。祝您今天剩餘時間愉快。

And ladies and gentlemen, again, that concludes today's call. Thank you for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的加入，您現在可以斷開連接。