Carpenter Technology Corp (CRS) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the Carpenter Technology's second-quarter fiscal year earnings call. (Operator Instructions) I would now like to turn the conference over to John Huyette. You may begin.

女士們、先生們，感謝你們的耐心等待。我叫黛西蕾，今天將擔任你們的會議接線生。在此，我謹代表卡朋特科技公司歡迎各位參加第二財季財報電話會議。（操作員指示）現在我將把會議交給約翰·休耶特。你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to the Carpenter Technology earnings conference call for the fiscal 2026 second quarter ended December 31, 2025. This call is also being broadcast over the Internet along with presentation slides. For those of you listening by phone, you may experience a time delay in slide movement.

謝謝接線生。各位早安，歡迎參加 Carpenter Technology 2026 財年第二季（截至 2025 年 12 月 31 日）收益電話會議。本次通話也將透過網路進行直播，並配有簡報。如果您是透過電話收聽，可能會遇到幻燈片播放延遲的情況。

Speakers on the call today are Tony Thene, Chairman and Chief Executive Officer; and Tim Lain, Senior Vice President and Chief Financial Officer.

今天參加電話會議的發言人有：董事長兼執行長托尼·塞恩；以及高級副總裁兼財務長蒂姆·萊恩。

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; Form 10-Q for the quarter ended September 30, 2025; and the exhibits attached to those filings.

管理階層在本次獲利報告中所作的前瞻性陳述均基於目前的預期。可能導致實際結果與這些前瞻性聲明有重大差異的風險因素，可以在 Carpenter Technology 最新的美國證券交易委員會文件中找到，包括該公司截至 2025 年 6 月 30 日止年度的 10-K 表格報告；截至 2025 年 9 月 30 日止季度的 10-Q 表格所附的這些文件所附的附件。

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 in sales excluding surcharge.

另請注意，在以下討論中，除非另有說明，管理層討論銷售額或收入時，所指金額不包括附加費。談到營業利潤率時，指的是根據調整後的營業收入計算的，不包括銷售中的特殊項目和附加費。

I will now turn the call over to Tony.

現在我將把電話轉給托尼。

Thank you, John. Good morning to everyone. I will begin on slide 4 with a review of our safety performance. We ended the second quarter of fiscal year 2026 with a total case incident rate of 1.4. We saw improvement over the last quarter. And as a result of the actions in this area, I expect to see continued progress going forward. 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。2026 財年第二季末，總個案發生率為 1.4。與上一季相比，情況有所改善。由於在這一領域採取的行動，我預計未來將取得持續進展。我們將一如既往地致力於實現我們的最終目標，即打造零工傷工作場所。

Let's turn to slide 5 for an overview of our second quarter performance. Second quarter performance continued our earnings momentum and sets us up for a strong second half to fiscal year 2026. Let me highlight the four major takeaways for you.

讓我們翻到第 5 張投影片，了解我們第二季的業績概況。第二季業績延續了我們的獲利勢頭，並為2026財年下半年的強勁成長奠定了基礎。讓我為大家重點介紹以下四個面向。

One, record earnings. In the second quarter, we generated $155 million in operating income, exceeding our previous record set in the prior quarter. And it is a 31% increase over our second quarter of fiscal year 2025. Another meaningful step-up year over year. Our consistent earnings growth continues to be the result of our solid execution, strong market position, and unique capacity and capabilities.

第一，創紀錄的收益。第二季度，我們實現了 1.55 億美元的營業收入，超過了上一季創下的紀錄。與 2025 財年第二季相比，成長了 31%。與前一年相比，又有了顯著的進步。我們持續的獲利成長得益於我們穩健的執行力、強大的市場地位以及獨特的能力和實力。

Two, expanding operating margins The SAO segment continued to expand margins, reaching an adjusted operating margin of 33.1% in the quarter. This margin compares to 28.3% a year ago and 32% in the prior quarter.

第二，擴大營業利益率 SAO 業務部門持續擴大利潤率，本季調整後的營業利潤率達到 33.1%。這一利潤率低於一年前的 28.3% 和上一季的 32%。

Keep in mind that there are lots of factors that impact what our operating margins can be in any given quarter. Most notably, the mix of our products. So going forward, we may see some quarters that are flat or slightly lower, but their overall trajectory is anticipated to continue upwards.

請記住，有許多因素會影響我們每季的營業利潤率。最值得注意的是我們產品的組合。因此，展望未來，我們可能會看到一些季度持平或略有下降，但預計其整體趨勢將繼續上升。

With that being said, our current outlook calls for increasing SAO margins over the next two quarters of fiscal year 2026. As in the past, the positive trend will continue to be driven by increased productivity, product mix optimization, and pricing actions. As a result of the expanding margins, the SAO segment recorded $174.6 million in operating income, an increase of 29% year over year and another all-time record for the segment.

綜上所述，我們目前的預測是，在 2026 財年的接下來的兩個季度中，SAO 利潤率將會提高。與過去一樣，這一積極趨勢將繼續由生產力提高、產品組合優化和定價措施推動。由於利潤率不斷擴大，SAO 部門的營業收入達到 1.746 億美元，年增 29%，創下該部門的歷史新高。

Three, strengthening market demand. Especially in the aerospcae and defense end-use market as we continue to see strengthening demand signals in terms of OEM production and order intake rates. Our customers are keenly aware of these demand signals and are positioning themselves accordingly.

三、增強市場需求。尤其是在航空航太和國防終端用戶市場，我們持續看到 OEM 生產和訂單接收率的需求訊號不斷增強。我們的客戶敏銳地意識到這些需求訊號，並正在據此調整自身定位。

In the quarter, booking for the aerospace and defense end-use market increased 8% sequentially. However, it is important to note that defense sub-market orders were down materially in the quarter due to the government's shutdown and uncertainty in terms of the defense budget.

本季度，航空航太和國防終端用戶市場的預訂量較上季成長 8%。然而，值得注意的是，由於政府停擺和國防預算的不確定性，本季國防子市場訂單大幅下降。

Most importantly, commercial airspace bookings were up 23% sequentially. This is the fourth consecutive quarter of sequential order intake increases for the aerospace and defense end-use market. Seeing such strong bookings in a quarter that's usually quieter due to the holidays is a good indication of the accelerating demand for our materials.

最重要的是，商業空域預訂量較上季成長了 23%。這是航空航太和國防終端用戶市場連續第四個季度訂單量成長。在通常因假期而較為淡季的季度中，如此強勁的預訂量表明市場對我們材料的需求正在加速成長。

And four, pricing continues to be a tailwind. Given the strong demand outlook, our customers continue to be focused on securing their supply and our pricing continues to increase. As evidence of this, we completed three additional long-term agreements with aerospace customers with significant price increases during the quarter. These long-term agreements represent good value for us and our customers as they look to secure their material needs going forward.

第四，價格仍是利好因素。鑑於強勁的需求前景，我們的客戶繼續專注於確保供應，因此我們的價格也持續上漲。作為證據，我們在本季度與航空航太客戶簽訂了三份額外的長期協議，價格大幅上漲。這些長期協議對我們和我們的客戶來說都很有價值，因為他們希望確保未來所需的材料供應。

Let's turn to slide 6 and have a closer look at second quarter sales and market dynamics. In the second quarter of fiscal year 2026, our total sales, excluding raw materials surcharge, were up 8% over the second quarter of fiscal year 2025 and down 2% sequentially.

讓我們翻到第 6 張投影片，仔細看看第二季的銷售額和市場動態。2026 財年第二季度，我們的總銷售額（不含原料附加費）比 2025 財年第二季成長 8%，季減 2%。

Net sales were as we expected and a result of multiple factors, including the available operating days and customer closure schedules, items which we see at every calendar year in and which I noted in last quarter's earnings call. As we enter our third quarter, these factors are not in play, and we expect a sequential increase in net sales.

淨銷售額符合預期，這是多種因素共同作用的結果，包括可用的營業天數和客戶停業安排，這些都是我們每年都會遇到的情況，我在上個季度的收益電話會議上也提到過。進入第三季度，這些因素不再起作用，我們預計淨銷售額將環比成長。

Let me briefly review some of the key markets starting with aerospace and defense. Sales in the aerospace and defense end-use market were down 1% sequentially and up 15% year over year. While down modestly on a sequential basis, the aerospace and defense end-use market net sales represented our second best quarter on record, and activity with our aerospace and defense customers continues to increase.

讓我簡單回顧幾個關鍵市場，首先是航空航太和國防領域。航空航太和國防終端用戶市場的銷售額環比下降 1%，年增 15%。儘管環比略有下降，但航空航太和國防終端用戶市場淨銷售額仍是我們有史以來第二好的季度業績，而且我們與航空航太和國防客戶的業務活動也持續增長。

I will mention two important data points from the aerospace engine and structural sub-markets. Order intake in the quarter for our aerospace engine materials was up 30% sequentially, signaling continued growing strength and demand. And very importantly, our aerospace structural customers are moving off the sidelines and ramping up order placement. Many of them recently placed their first large orders with us in several quarters, and are already preparing their next round of orders which they anticipate being larger and even more urgent.

我將提及來自航空航太發動機和結構子市場的兩個重要數據點。本季我們航空航太引擎材料的訂單量較上季成長 30%，顯示市場實力和需求持續成長。更重要的是，我們的航空航太結構件客戶正走出觀望，加強訂單。他們中的許多人最近幾個季度以來首次向我們下了大訂單，並且已經在準備下一輪訂單，他們預計下一輪訂單規模更大，也更緊急。

Moving on to the medical end-use market. Our sales were down 7% sequentially and 22% compared to the prior year's second quarter. The decrease is isolated to certain titanium products for a specific set of medical distribution customers, and all within our PEP segment. (inaudible) this has impacted the earnings of the much smaller PEP segment, but the impact is not material to total Carpenter Technology results and not material to our overall earnings outlook or our ability to deliver on such outlook.

接下來轉向醫療終端市場。我們的銷售額季減 7%，年減 22%。此次下滑僅限於我們針對特定醫療分銷客戶的特定鈦產品，且均屬於我們的PEP業務板塊。 （聽不清楚）這影響了規模較小的PEP業務板塊的盈利，但對Carpenter Technology的整體業績、我們的整體盈利預期以及實現該預期的能力均無重大影響。

Outside of these distribution customers for titanium, we do see bright spots in other areas of the medical end-use market. (inaudible) to our orthopedic and dental sub-markets remain strong, both near and all-time record. Our advanced solutions, which are ultimately used to support improved patient outcomes and are critical to trends like minimally invasive surgeries, metal sensitivity, and robotics, remain highly valued by our customers.

除了這些鈦金屬分銷客戶之外，我們在醫療終端市場的其他領域也看到了亮點。 （聽不清楚）我們的骨科和牙科細分市場依然強勁，接近並創下歷史新高。我們的先進解決方案最終用於支持改善患者治療效果，並且對微創手術、金屬過敏和機器人等趨勢至關重要，因此仍然深受客戶的重視。

Shifting to the energy end-use market. Sales were down 10% sequentially and up 19% year over year. As I've said many times, sales in the power generation sub-market will fluctuate quarter to quarter due to the frequency of orders and our practice of strategically sliding them into our production process.

轉向能源終端用戶市場。銷售額季減 10%，年增 19%。正如我多次說過的那樣，由於訂單頻率以及我們將其策略性地安排到生產流程中的做法，發電子市場的銷售額會逐季度波動。

Power generation demand continues to accelerate driven primarily by the immense energy needs of data centers. We remain in close coordination with the power generation customers across multiple platform types and OEMs to plan for their future material needs.

受資料中心龐大的能源需求驅動，發電需求持續加速成長。我們與多個平台類型和原始設備製造商的發電客戶保持密切協調，以規劃他們未來的材料需求。

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，我們目前在高價值終端用戶市場需求不斷增強的環境下運營，我們相信這將推動公司在短期和長期內實現顯著成長。

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

現在，我將把財務總結部分交給提姆。

Thanks, Tony. Good morning, everyone. I'll start in the income statement summary. Starting at the top, sales excluding surcharge increased 8% year over year on 5% higher volume. Sequentially, sales were down 2% on 4% higher volume. The improving productivity, product mix, and pricing are evident in our gross profit, which increased to $218.3 million in the current quarter, up slightly sequentially and up 23% from the same quarter last year.

謝謝你，托尼。各位早安。我先從損益表摘要開始。從最高端開始，不計附加費的銷售額年增 8%，銷量成長 5%。環比來看，銷量成長 4%，但銷售額下降 2%。生產效率、產品組合和定價的改善在我們的毛利中顯而易見，本季毛利增至 2.183 億美元，較上季略有成長，比去年同期成長 23%。

Selling, general, and administrative or SG&A expenses were $63.1 million in the second quarter. Flat sequentially and up $4.5 million from the same quarter last year. The SG&A line includes corporate costs, which were $26.2 million. This is flat sequentially and up $2.6 million from the second quarter of fiscal year 2025. For the upcoming third quarter of fiscal year 2026, we expect corporate costs to be about $25 million.

第二季銷售、一般及行政費用（SG&A）為 6,310 萬美元。與上一季持平，比去年同期成長 450 萬美元。銷售、一般及行政費用包括公司成本，金額為 2,620 萬美元。與上一季相比持平，比 2025 財年第二季增加了 260 萬美元。我們預計 2026 財年第三季的公司成本約為 2,500 萬美元。

Operating income was $155.2 million in the current quarter which is 31% higher than our second quarter of fiscal year 2025 and up slightly from our recent first quarter. As Tony mentioned earlier, this represents another record quarterly operating income result. Breaking the previous record that last quarter.

本季營業收入為 1.552 億美元，比 2025 財年第二季成長 31%，比最近的第一季略有成長。正如托尼之前提到的，這又創下了季度營業收入的新紀錄。上個季度打破了先前的紀錄。

Moving on to our effective tax rate, which was 19% in the current quarter. This quarter's effective tax rate was lower than anticipated, primarily due to discrete tax benefits associated with the exercise of certain equity awards in the current quarter.

接下來談談我們的實際稅率，本季為 19%。本季實際稅率低於預期，主要是由於本季行使某些股權獎勵所帶來的特殊稅收優惠。

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

在本財政年度剩餘時間內，我們預計實際稅率將在 22% 至 23% 之間。預計 2026 財年全年實際稅率將處於我們先前給出的全年指引值 21% 至 23% 的較低水準。

Finally, the adjusted earnings per diluted share was $2.33 for the quarter. The adjusted earnings per share excludes the impact of the debt refinancing we completed in the quarter. I'll talk about that shortly.

最後，本季調整後的每股攤薄收益為 2.33 美元。調整後的每股盈餘不包括我們在本季完成的債務再融資的影響。我稍後會談到這一點。

Now turning to more detail on each of the segments, starting with our SAO results. Net sales excluding surcharge for the second quarter were $527.3 million. Compared to the same quarter last year, sales were up 10% on 5% higher volume, reflecting the impact of product mix optimization and pricing actions.

現在讓我們更詳細地了解每個部分，首先從我們的 SAO 結果開始。第二季淨銷售額（不含附加費）為 5.273 億美元。與去年同期相比，銷售額成長了 10%，銷量成長了 5%，這反映了產品組合優化和定價措施的影響。

Sequentially, sales were down 1% on 5% higher volume. We recognize there is a significant focus externally on our reported sales and volume each quarter and ultimately, the selling price per pound of our products particularly in our SAO segment as an indicator of pricing changes.

環比來看，銷量成長 5%，但銷售額下降 1%。我們意識到，外界非常關注我們每季公佈的銷售額和銷量，以及最終我們產品的每磅售價，尤其是在我們的 SAO 細分市場，以此作為價格變化的指標。

As we've stated before, the selling price per pound in any given quarter is highly dependent on the mix of products that we ship in any one quarter. As we saw this quarter, our product mix was influenced by the planned maintenance activities and holidays. As a result and as expected given these dynamics, our reported net sales excluding surcharge per pound were down slightly sequentially and up year over year.

正如我們之前所說，任何一個季度每磅的售價都很大程度上取決於我們在該季度發貨的產品組合。正如我們本季所看到的，我們的產品組合受到了計劃維護活動和假期的影響。因此，正如預期的那樣，鑑於這些動態，我們報告的淨銷售額（不包括每英鎊附加費）環比略有下降，但同比增長。

Most importantly, SAO's adjusted operating margin continued to increase and in fact hit record levels, reaching 33.1% in adjusted operating margin. This marks the 16th consecutive quarter of margin expansion. As a result, SAO reported operating income of $174.6 million in the second quarter, a new all-time high for the segment.

最重要的是，SAO 的調整後營業利潤率持續成長，實際上達到了創紀錄的水平，調整後營業利潤率達到 33.1%。這是利潤率連續第16季擴張。因此，SAO 第二季的營業收入為 1.746 億美元，創下該業務部門的歷史新高。

In addition to max and price benefits, the record performance reflects the SAO team's ability to actively manage our production schedules, increase productivity at key work centers, manage cost and execute thoughtful plan maintenance activities.

除了最大效益和價格優勢外，創紀錄的業績還反映了 SAO 團隊積極管理生產計劃、提高關鍵工作中心的生產力、控製成本以及執行周密的計劃維護活動的能力。

Looking ahead to our third quarter of fiscal year 2026, we anticipate SAO will generate operating income in the range of $195 million to $200 million. This implies a healthy 12% to 15% increase from SAO's second quarter record results.

展望 2026 財年第三季度，我們預期 SAO 將產生 1.95 億美元至 2 億美元的營業收入。這意味著較 SAO 第二季創紀錄的業績成長 12% 至 15%。

Now turning to slide 10 on our PEP segment results. Net sales excluding surcharge in the second quarter of fiscal year 2026 were $77.2 million, down 11% sequentially and down 10% from the same quarter a year ago. As Tony mentioned earlier, the decline was primarily driven by titanium sales which were heavily impacted by lower demand from specific medical customers. As a result, PEP reported an operating income of $6.9 million in the current quarter. Compared with $9.4 million in the first quarter of fiscal year 2026 and $7 million in the same quarter a year ago.

現在就來看看第 10 張投影片，了解我們的 PEP 細分市場結果。2026 財年第二季淨銷售額（不含附加費）為 7,720 萬美元，較上季下降 11%，較去年同期下降 10%。正如托尼之前提到的，下降的主要原因是鈦的銷售受到特定醫療客戶需求下降的嚴重影響。因此，PEP本季公佈的營業收入為690萬美元。相較之下，2026 財年第一季為 940 萬美元，去年同期為 700 萬美元。

The year-over-year improvement in operating margin reflects increasing sales in our additive business driven by demand as well as the cost benefits of actions we took last year to reduce structural costs in this business. We currently anticipate the PEP segment's operating income for the upcoming third quarter to be in line with the second quarter of fiscal year 2026.

營業利潤率年增，反映了我們添加劑業務銷售額的成長，這得益於需求的推動，以及我們去年為降低該業務的結構性成本而採取的措施所帶來的成本效益。我們目前預計 PEP 業務部門在即將到來的第三季的營業收入將與 2026 財年第二季的營業收入持平。

Before we move to cash flow, I just wanted to pull together the pieces that make up our outlook for operating income for the third quarter of fiscal year 2026. We anticipate total operating income of $177 million to $182 million. This includes SAO at $195 million to $200 million, PEP at roughly $7 million, and corporate costs of $25 million.

在討論現金流之前，我想先匯總一下構成我們對 2026 財年第三季營業收入展望的各個組成部分。我們預計總營業收入為 1.77 億美元至 1.82 億美元。其中包括 SAO 1.95 億至 2 億美元，PEP 約 700 萬美元，以及 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 $132.2 million of cash from operating activities and spent $46.3 million on capital expenditures which resulted in adjusted free cash flow of $85.9 million. As I mentioned last quarter, we expect capital spending will accelerate in the second half of the fiscal year 2026 as construction activities related to the brownfield capacity expansion project broaden and equipment delivery and installation begins in earnest.

現在請翻到下一張投影片，談談我們的現金流產生和資本配置重點。本季度，我們從經營活動中產生了 1.322 億美元的現金，並在資本支出上花費了 4,630 萬美元，由此產生的調整後自由現金流為 8,590 萬美元。正如我上個季度提到的，我們預計隨著與棕地產能擴建專案相關的建設活動擴大，以及設備交付和安裝的正式開始，2026 財年下半年資本支出將加速成長。

As we look ahead, we expect to generate at least $280 million of adjusted free cash flow in fiscal year 2026. Our free cash flow generation is important as it enables us to deploy a balanced capital allocation. As we've discussed before, our primary focus areas for capital deployment are investing cash in attractive and accretive growth projects, and returning cash to shareholders.

展望未來，我們預計在 2026 財年將產生至少 2.8 億美元的調整後自由現金流。我們的自由現金流產生能力非常重要，因為它使我們能夠進行均衡的資本配置。正如我們之前討論過的，我們資本部署的主要重點領域是將現金投資於有吸引力且能帶來增值收益的成長項目，並將現金返還給股東。

In that regard, we continue to execute against our share repurchase authorization and repurchased 32.1 million of shares in the current quarter. This brings the total to $183.1 million spent to-date against the $400 million authorization that we announced in July of 2024.

在這方面，我們繼續執行我們的股票回購授權，並在本季回購了 3,210 萬股股票。截至目前，已支出總額為 1.831 億美元，而我們在 2024 年 7 月宣布的授權金額為 4 億美元。

In addition to the buyback program, we also continued to fund a recurring and long-standing quarterly dividend. That brings us to investing in growth As noted, the brownfield expansion project construction activities are ongoing and rapidly progressing. The project is currently on budget and on schedule.

除了股票回購計畫外，我們還繼續提供定期且長期的季度股利。這就引出了投資成長的問題。如同前面所提到的，棕地擴建工程的建設活動正在進行中，並且進展迅速。該項目目前在預算範圍內，按計劃進行。

Finally, our ability to deploy capital is also supported by our healthy liquidity and strong balance sheet. In the current quarter, we took actions to strengthen both our balance sheet and liquidity. Namely, we completed a refinancing of our long-term debt to extend the maturity of our notes to 2034, while reducing the interest rate.

最後，我們充足的流動性和穩健的資產負債表也為我們部署資本的能力提供了保障。本季度，我們採取了措施來加強資產負債表和流動性。具體來說，我們完成了長期債務的再融資，將票據到期日延長至 2034 年，同時降低了利率。

In addition, we amended and restated our revolving credit facility, primarily to increase our credit facility from $350 million to $500 million and extended the term to 2030. As is the most recent quarter end, our total liquidity was $730.8 million, including $231.9 million of cash and $498.9 million of available borrowings under our credit facility. Our credit metrics remain very strong. With our net debt to EBITDA ratio remaining well below 1 times.

此外，我們修改並重述了我們的循環信貸安排，主要目的是將信貸額度從 3.5 億美元增加到 5 億美元，並將期限延長至 2030 年。截至最近一個季度末，我們的總流動資金為 7.308 億美元，其中包括 2.319 億美元的現金和根據我們的信貸安排可獲得的 4.989 億美元借款。我們的信用指標依然非常強勁。我們的淨債務與 EBITDA 比率遠低於 1 倍。

Altogether, we believe our strong balance sheet and outlook for significant cash generation position us well to fund continued growth and deliver significant shareholder returns.

總而言之，我們相信，我們強勁的資產負債表和可觀的現金流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.

這樣，我就把電話轉回給托尼了。

Thanks, Tim. Each quarter, important things emerge that become the focus of attention in the investment community. As I did last quarter, I will address them in detail to make sure Carpenter Technology's position is clear.

謝謝你，提姆。每個季度，都會出現一些重要事件，成為投資界關注的焦點。就像我上個季度所做的那樣，我將詳細闡述這些問題，以確保卡彭特科技的立場清晰明確。

First, the ongoing discussion concerning the strength and acceleration of the aerospace demand environment where they focus on current and anticipated build rates. On last quarter's earnings call, I spent a lot of time providing details of positive momentum in the aerospace demand environment. Without repeating everything, I will just state again that the aerospace market is in the midst of one of the largest build grants ever to meet the unprecedented demand projections.

首先，他們正在討論航空航天需求環境的強度和加速情況，並專注於當前和預期的生產速度。在上個季度的財報電話會議上，我花了很多時間詳細介紹航空航太需求環境的正面動能。無需贅述，我只想再次強調，為了滿足前所未有的需求預測，航空航太市場正處於有史以來規模最大的建設補貼計畫之中。

Let me provide a couple new positive data points that have appeared over the last quarter. Notably, Boeing achieved the milestone of building 42 737s in the month of December. On their earnings call earlier this week, Boeing reaffirmed their intention to increase build rates in calendar year 2026.

讓我提供一些過去一個季度出現的新的正面數據點。值得一提的是，波音公司在 12 月實現了生產 42 架 737 飛機的里程碑。在本週稍早的財報電話會議上，波音公司重申了 2026 年提高產量的計畫。

And most notably, they emphasized their builds would be increasing much higher than deliveries given that finished plain inventory has now been depleted and their intent to build some 737s ahead of delivery in 2027. While citing an expected 10% increase in deliveries, Boeing noted that build activity would have to increase much more to account for the factors I just mentioned.

最值得注意的是，他們強調，鑑於成品飛機庫存已經耗盡，並且他們打算在 2027 年交付之前建造一些 737 飛機，因此他們的生產量將遠高於交付量。波音公司在預測交付量將成長 10% 的同時指出，為了因應我剛才提到的那些因素，生產活動必須大幅成長。

In light of this, our aerospace customers continue to report increasing demand in the supply chain to support the build rate ramp. This in turn is accelerating confidence in the aerospace outlook across each of our sub-markets.

有鑑於此，我們的航空航太客戶不斷反映供應鏈需求不斷成長，以支援產能提升。這反過來又增強了我們對各個細分市場航空航太前景的信心。

Our airspace engine customers are full steam ahead. The engine OEMs are asking us whether the supply chain has ordered enough material to support part builds. And our direct customers are focused on getting orders placed against in many cases recently signed long-term agreements. Importantly, and as I mentioned previously, we continue to see meaningful sequential increases in order intake for our aerospace engine materials, up 30% sequentially.

我們的空域引擎客戶正在全力推進。引擎製造商詢問我們供應鏈是否已訂購足夠的材料來支援零件的生產。我們的直接客戶專注於根據近期簽署的長期協議下訂單。重要的是，正如我之前提到的，我們的航空航太引擎材料訂單量持續穩定成長，季增 30%。

I will also repeat my statement from earlier that our aerospace structural customers are moving off the sidelines and ramping up order placement. This is an aerospace sub-market that has been lagging to others, and the recent placement of their first large orders with us in several quarters is an encouraging sign of strengthening confidence in the aerospace ramp.

我還要重申我之前的說法，我們的航空航太結構件客戶正在不再觀望，而是加大了下單力度。這是航空航太子市場中一直落後於其他市場的領域，而他們最近幾季以來首次向我們下達大訂單，這是一個令人鼓舞的跡象，表明人們對航空航太領域的成長信心正在增強。

We are also working closely with our aerospace fastener customers to ensure they get the materials needed as they are projecting big increases for calendar year 2026.

我們也與航空航太緊固件客戶密切合作，以確保他們獲得所需的材料，因為他們預計 2026 年的需求將大幅成長。

Altogether, we are clearly in the midst of an acceleration of aerospace demand. Our sophisticated customers understand the accelerating demand dynamics, and we continue to work with them to ensure they have their orders in place, so they are not last in line.

總而言之，我們顯然正處於航空航天需求加速成長的時期。我們眼光獨到的客戶了解不斷加速的需求動態，我們將繼續與他們合作，確保他們及時下單，以免被排在最後。

Our customers also understand that nickel-based super alloys will be in short supply with only a few qualified producers globally. That point leads to the second topic to discuss, nickel-based super alloy industry supply. This could be a difficult topic to understand and to quantify as there are numerous complex nickel-based super alloys that are supplied into aerospace engines and other critical areas of the aircraft such as landing gear, avionics, and structural.

我們的客戶也明白，鎳基高溫合金將供應短缺，全球合格的生產商寥寥無幾。這一點引出了第二個要討論的議題，即鎳基高溫合金產業的供應。這可能是一個難以理解和量化的話題，因為有許多複雜的鎳基高溫合金被供應給航空航天發動機和飛機的其他關鍵區域，如起落架、航空電子設備和結構。

Before I address supply, it is important to understand the demand projections for nickel-based super alloys into the aerospace supply chain. As we have detailed in our investor event about a year ago, the aerospace industry is targeting build rates of 2,100-plus airplanes per year. To put that into perspective, that is at least 30% higher than the pre-COVID high calender year 2019 when the industtry was effectively sold out of nickel-bas super alloys.

在討論供應問題之前，了解航太供應鏈對鎳基高溫合金的需求預測非常重要。正如我們在大約一年前的投資者活動中詳細介紹的那樣，航空航太業的目標是每年生產 2100 多架飛機。換個角度來看，這比新冠疫情前的 2019 年高峰期高出至少 30%，當時鎳基高溫合金產業實際上已經售罄。

But aerospace OEM demand is not the only area that competes for scarce nickel-based super alloys. As the installed fleet of planes continues to grow and age, MRO demand is projected to be at significantly higher levels going forward versus today.

但航空航太 OEM 需求並不是唯一爭奪稀缺鎳基高溫合金的領域。隨著飛機機隊的不斷增長和老化，預計未來MRO（維護、修理和大修）需求將比現在顯著提高。

Defense demand is increasing rapidly driven by the increased number of platforms and by the need of even more advanced capabilities, both of which mean higher demand for specialty material solutions. Demand for special materials used in space has also been increasing, with one driver being that the number of commercial satellite launches continues to increase as the space economy grows.

受平台數量增加和對更先進能力的需求推動，國防需求正在迅速增長，這兩方面都意味著對特種材料解決方案的需求更高。太空特殊材料的需求也不斷增長，其中一個驅動因素是隨著太空經濟的成長，商業衛星發射的數量持續增加。

And lastly, power generation demand is increasing substantially. This has been widely discussed, with news articles on this topic nearly weekly. And it is driven by the need for power to support their growing data center build out as well as increasing needs from developing economies. It's important to include the power generation demand in this discussion, because in many cases, it can (inaudible) for time on the same assets used to produce aerospace nickel-based super alloys. Taking into consideration increased demand from several areas, it becomes clear that macro trends support an accelerating explosion of demand for nickel-based super alloys.

最後，發電需求正在大幅增加。這個問題已被廣泛討論，幾乎每週都有相關新聞報導。其驅動力來自不斷增長的資料中心建設所需的電力，以及發展中經濟體日益增長的電力需求。討論中必須考慮發電需求，因為在許多情況下，它可能會（聽不清楚）在用於生產航空航天鎳基高溫合金的同一資產上持續一段時間。考慮到多個領域的需求不斷增長，宏觀趨勢表明，鎳基高溫合金的需求正在加速成長。

Now let's address the supply of these alloys. Since the pre-COVID year of 2019, there has been no meaningful increases in overall qualified nickel-based super alloy supply other than from internal productivity improvements from the current suppliers. Since that time, Carpenter Technology has been the only company to formally announce any investment in capacity expansion in this specific area, as we did recently at our February 2025 investor update.

現在我們來談談這些合金的供應問題。自新冠疫情爆發前的 2019 年以來，除了現有供應商內部生產力的提高外，合格鎳基高溫合金的整體供應量並沒有出現任何實質成長。自那時以來，Carpenter Technology 是唯一一家正式宣佈在該特定領域進行產能擴張投資的公司，正如我們最近在 2025 年 2 月的投資者更新中所做的那樣。

For those who are unfamiliar, we are investing in a brownfield capacity expansion focused on primary melt, specifically, a new vacuum induction melting furnace which is a critical piece of equipment in the manufacturing process of high-purity specialty alloys.

對於不熟悉情況的人來說，我們正在投資擴大現有產能，重點是初級熔煉，具體來說，是新建一台真空感應熔煉爐，這是高純度特種合金製造過程中的關鍵設備。

In total, this project plans to add 9,000 additional tonnes, roughly a 7% increase over our 2019 shipments. While this is meaningful to the financials of Carpenter Technology, it is not a meaningful increase for the industry. Remember, Carpenter Technology is one of three players participating in the high-end nickel-based alloy market. And we are only adding a modest 7% additional capacity versus our 2019 shipment levels only.

該項目計劃總共增加 9,000 噸，比 2019 年的出貨量增加約 7%。雖然這對 Carpenter Technology 的財務狀況意義重大，但對整個產業而言，這並不是一個有意義的成長。請記住，Carpenter Technology 是參與高階鎳基合金市場的三家公司之一。而且，與 2019 年的出貨量相比，我們只增加了 7% 的產能。

Taking into consideration the significant projected increase in aerospace OEM builds, combined with the projected demand increases for aerospace MRO, defense, space, and power generation applications, our capacity increase may account for only a small single-digit percentage of the total projected supply/demand deficit.

考慮到航空航太 OEM 製造量預計將大幅成長，以及航空航太 MRO、國防、航太和發電應用領域預計需求成長，我們的產能成長可能僅佔預計總供需缺口的個位數百分比。

Of course, there could be other incremental capacity announcements on the horizon given the delay and environment. But they, too, will likely be minimal in terms of their impact on closing the projected gap in supply.

當然，考慮到目前的延誤和環境，未來可能會有其他新增產能的公告。但是，就彌合預期的供應缺口而言，它們的影響可能也微乎其微。

Keep in mind this type of capacity is highly specialized, difficult to operate, costly, and take significant time to build, install, develop, qualify. It is this persistent supply/demand gap that is driving the current pricing environment, particularly in the nickel-based super alloy market, and we don't see that changing materially.

請記住，這種類型的能力是高度專業的，操作難度高，成本高，建造、安裝、開發和驗證都需要大量時間。正是這種持續存在的供需缺口導致了當前的定價環境，尤其是在鎳基高溫合金市場，而且我們認為這種情況不會發生實質改變。

This leads to the third topic, nickel-based super alloy pricing. Similar to the aerospace demand topic, I also spent a lot of time providing details of our pricing and cost contractual arrangements on the last quarter's earnings call. Again, all of that commentary still holds true.

這就引出了第三個主題：鎳基超合金定價。與航空航天需求主題類似，在上一季的財報電話會議上，我也花了大量時間詳細介紹了我們的定價和成本合約安排。再次強調，以上所有評論仍然成立。

I will note again to support our view of the pricing dynamics for our materials that in the quarter we completed negotiations on three long-term agreements 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 w hich is highly valuable to them in an extraordinarily high-demand environment.

為了佐證我們對材料定價動態的看法，我再次指出，本季我們與三家航空航太客戶完成了長期協議的談判，這些協議都大幅提高了價格。值得注意的是，反過來，我們的客戶也從中受益匪淺，因為他們可以確保獲得我們的產品供應，這在需求異常旺盛的環境下對他們來說非常有價值。

Final point on this topic. We have communicated publicly many times and states 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 as expected to intensify in the future for nickel-based super alloys.

關於這個主題的最後一點。我們已經多次公開表示，並且今天再次聲明，我們相信，由於目前鎳基高溫合金供需失衡，價格措施將繼續在未來成為積極的推動因素，而且預計未來這種失衡還會加劇。

Lastly, we continue to receive questions about our confidence in our earnings guidance. As you have come to understand, our earnings guidance philosophy is very structured and well thought out. We believe in establishing challenging targets that we have line of sight to achieving. With disciplined action plans in place, we have earned the reputation of achieving and exceeding our targets.

最後，我們不斷收到關於我們對獲利預測信心的詢問。正如您所了解的，我們的獲利預測理念結構嚴謹，經過深思熟慮。我們相信應該設定具有挑戰性的目標，並且確保這些目標能夠實現。憑藉嚴謹的行動計劃，我們贏得了實現並超越目標的聲譽。

At the start of fiscal year 2026, we projected operating income for the current fiscal year of $660 million to $700 million. Given the supply/demand dynamics I just covered and the visibility we have for the second half of the fiscal year 2026, we are raising our guidance to $680 million to $700 million. This range for fiscal year 2026 represents a 30% to 33% increase over our record fiscal year 2025 earnings.

在 2026 財年伊始，我們預測本財年的營業收入為 6.6 億至 7 億美元。鑑於我剛才提到的供需動態以及我們對 2026 財年下半年的可見性，我們將業績預期上調至 6.8 億美元至 7 億美元。2026 財年的這一預期範圍比我們 2025 財年創紀錄的收益增加了 30% 至 33%。

As you recall, we established fiscal year 2027 guidance of $765 million to $800 million almost a year ago in February of 2025. At that time, we stated our belief that the targets for fiscal year 2026 and 2027 were the highest earnings growth trajectory among our industry peers, and we still believe that to be true.

您應該還記得，我們​​早在 2025 年 2 月就制定了 2027 財年的業績預期，目標為 7.65 億美元至 8 億美元。當時，我們表示相信 2026 財年和 2027 財年的目標是業界同業中最高的獲利成長軌跡，我們至今仍相信這一點。

However, 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 target. As we continue to fine tune our outlook, I would expect in the next few quarters we will be updating the fiscal year 2027 guidance, as well as adding longer-term annual guidance.

但是，我要明確指出，隨著航空航太市場的持續加速發展，我們的重點並不是實現 2027 財年的業績目標。重點在於超越這個目標。隨著我們不斷調整展望，我預計在接下來的幾個季度裡，我們將更新 2027 財年的業績指引，並增加更長期的年度業績指引。

Now let's turn to the final slide to summarize this great story. Let me close as I did last quarter with why I think Carpenter Technology is a compelling story for existing and potential shareholders. 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，總結一下這個精彩的故事。最後，我想像上個季度一樣，談談為什麼我認為 Carpenter Technology 對現有股東和潛在股東來說都是一個引人入勝的故事。讓我們來看看股東最關心的三個主要領域。

One, we have an enviable market position in the industry. We're in the midst of a significant acceleration of demand, especially in the aerospace and defense end-use market. With accelerating build rates driving high demand for our materials, a fundamental supply/demand imbalance, and nickel-based super alloys will tighten even further.

第一，我們在業界擁有令人羨慕的市場地位。我們正處於需求顯著加速成長的時期，尤其是在航空航太和國防終端用戶市場。隨著生產速度加快，對我們材料的需求也隨之增加，導致供需嚴重失衡，鎳基高溫合金的供應將進一步緊張。

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.

我們世界一流的獨特製造資產和相關能力即使不是完全不可能，也很難被複製。我們領先的產能和能力，以及為航空航太、國防和其他關鍵終端市場應用提供先進材料所需的嚴格資格，進一步凸顯了我們的差異化優勢。

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.

第二，我們致力於採取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，以及令人矚目的自由現金流前景。我們致力於透過長期分紅和穩健的股票回購計畫向股東返還現金。

In addition, our strong performance enables 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增長項目，例如我們最近宣布的棕地擴建項目，該項目加速了盈利增長，但不會實質地影響鎳基供需失衡。

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，我們取得了令人矚目的財務業績，獲利前景強勁。我們剛完成了又一個創紀錄的獲利季度，這主要得益於SAO業務部門利潤率的大幅提升。

Our increased guidance for fiscal year 2026 implies a 30% to 33% increase over a record fiscal year 2025. And we are well on our way to achieving and even surpassing the 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.

我們提高對 2026 財年的業績預期，意味著比創紀錄的 2025 財年增長 30% 至 33%。我們正朝著實現甚至超越 2027 財年的獲利目標穩步前進。我不知道我們行業內是否有哪家公司的獲利前景比 Carpenter Technology 更樂觀。

Of course, fiscal year 2027 is not expected to be our peak. We have plans in line of sight to further earnings growth beyond 2027.

當然，我們預計2027財年不會是我們的業績巔峰。我們有計劃在 2027 年以後進一步實現獲利成長。

In summary, we 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. 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.

總而言之，我們認為 Carpenter Technology 符合股東的所有重要標準。迄今為止，我們已經為股東創造了巨大的價值，但這只是我們成長之旅的開始。最好的還在後頭。一如既往，我們將繼續專注於滿足客戶需求、有效運營，並實踐我們的價值觀，力求在短期和長期內取得卓越的業績。

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

感謝您的關注。現在我將把電話轉回給接線生。

(Operator Instructions)

（操作說明）

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Thanks. Good morning, guys. I was wondering, Tony, if you could elaborate on how broad-based you're starting to see the airframe customers participate in ordering. And is this kind of Boeing-specific stuff where you previously experienced a bit of a de-stock post the strike over at Boeing?

謝謝。各位早安。東尼，我想知道，你能否詳細說明一下，你現在看到飛機機身客戶參與訂購的範圍有多廣？這是波音公司特有的狀況嗎？之前波音公司罷工後，你們是否也經歷過類似的股票減持情況？

Good morning, Gautam. I hope you're doing well. Yes, I think two really important points that I made in the prepared remarks, I will say, at a high level across all of our aerospace sub-markets, whether that be engine, fastener, structural, we're seeing increased activity with increasing forward demand.

早上好，高塔姆。希望你一切都好。是的，我認為我在準備好的發言稿中提出的兩點非常重要，我想說，在我們所有的航空航天子市場中，無論是發動機、緊固件還是結構件，我們都看到市場活動增加，遠期需求也在增加。

Specifically though, in this quarter, the two things that stood out the most are that you had engine orders continued to increase sequentially, 30% this quarter. That's significant. Maybe you could argue even more significant is what our structural customers did in the quarter. And you rightly said, Gautam, the impact of Boeing really put them on the sidelines. Prior to those issues, they had been probably the top sub-market in terms of ordering quantity. So they had a lot of inventory.

不過具體來說，本季最突出的兩件事是引擎訂單持續環比成長，本季成長了 30%。這意義重大。或許你可以說，更重要的是我們的結構性客戶在本季的表現。你說得對，Gautam，波音公司的衝擊確實讓他們黯然失色。在這些問題出現之前，就訂購量而言，他們可能是最大的細分市場。所以他們有很多庫存。

To see them now come off the sidelines, and two things, not only one place some significant orders but then immediately come back to us and say, there's more coming and they're going to be bigger and more urgent. That's a big positive sign. And I would agree with you that at least on the structural side that that was primarily driven by the confidence in Boeing, not just in what they believe they can do, but what they've actually achieved in this last month.

看到他們現在從旁觀者的位置上走出來，發生了兩件事，不僅下了幾個大訂單，而且立刻回來告訴我們，還有更多訂單即將到來，而且訂單規模更大、更緊急。這是一個非常正面的訊號。我同意你的觀點，至少在結構方面，這主要是由對波音公司的信心所驅動的，不僅是對他們認為自己能做什麼的信心，更是對他們在過去一個月裡實際取得的成就的信心。

Okay. That's very helpful. And you mentioned that the defense sub-market saw a bit of a government shutdown impact. Do you have any visibility from customers in that sub-market as to how they expect to put in orders over the next couple quarters?

好的。那很有幫助。您提到國防細分市場受到了政府停擺的影響。您能否從該細分市場的客戶那裡了解到他們預計在未來幾季會如何下單？

Yeah. We've already seen that come back. I mean, quite frankly, they would have liked to have been placing orders during that time but weren't able to do so or weren't allowed to do so because of the government shutdown so you've got some pent-up order demand there. We see that coming back very rapidly.

是的。我們已經看到這種情況再次出現。坦白說，他們當時很想下訂單，但由於政府停擺，他們無法下訂單，或者說不被允許下訂單，所以就產生了一些積壓的訂單需求。我們看到這種情況正在迅速恢復。

Okay. And last one for me just on, you mentioned the mix and the quarter itself, the basic message I think is that overall, pricing saw no reduction. This is purely a mixed dynamic. Pricing is still trending, as you've said for the last couple of years, higher for longer. Is that right?

好的。最後一個問題，你提到了產品組合和本季本身，我認為基本資訊是，總體而言，價格沒有下降。這完全是一種混合動態。正如你過去幾年所說，價格趨勢依然是高點持續更久。是這樣嗎？

Well, that's 100% right. Maybe if you allow me to speak more about this. This is something that we've talked about a lot. In fact, we signaled this on the last call where we said, based on some of the planned maintenance that we're going to do specifically in some of the testing equipment at the back end, that a lot of the higher-priced aerospace needs to go through, that that would impact that. All right?

沒錯，完全正確。或許您可以允許我再多說幾句。我們已經多次討論過這個問題了。事實上，我們在上次電話會議上就表達了這一點，我們說，根據我們計劃對後端一些測試設備進行的維護，許多價格較高的航空航天設備都需要進行維護，這將對價格產生影響。好的？

So I've talked about that quite a bit. And I think that if there's some belief that a small sequential price decline, which we've said could happen multiple times, it's somehow a red flag, I don't think it could be any more wrong than that.

我已經多次談到這個問題了。我認為，如果有人認為小幅的價格連續下跌（我們說過這種情況可能會多次發生）是一種危險信號，那真是大錯特錯了。

I mean, we just talked about it, Gautam. Aerospace-only bookings up 23%. Aerospace engine bookings up 30%. Just completed three aerospace engine LTAs at substantial price increases. I can tell you very clearly, we are not or we did not discount premium airspace products in the quarter. There's absolutely no reason to do so.

我的意思是，我們剛才才談過這件事，高塔姆。僅航空航太領域的預訂量就成長了 23%。航空航太發動機訂單量增加30%。剛完成了三台航空航太引擎輕型試驗裝置（LTA），價格大幅上漲。我可以非常明確地告訴大家，本季我們沒有對高階空域產品進行任何折扣。完全沒有理由這樣做。

And I've repeated this many, many times and we said it probably several times over the last year that we see pricing actions continuing to be a positive tailwind for us going forward. And I would just say quite frankly, this should be obvious due to the supply demand imbalance that exists today. And that's only expected to intensify.

我已經多次重申這一點，而且在過去一年中，我們可能也多次說過，我們認為價格因素將繼續成為我們未來發展的積極推動因素。坦白說，鑑於目前存在的供需失衡，這一點應該很明顯。而且這種情況預計只會加劇。

So there's no issue with what happened in this quarter in terms of a slight price per pound decrease. And you'll see that continuing to go up over the next several course. Hopefully that's helpful.

所以，就本季每磅價格略有下降而言，並沒有什麼問題。你會看到，在接下來的幾期課程中，這個數字還會繼續上升。希望對您有幫助。

Very much so. Thank you, Tony.

確實如此。謝謝你，托尼。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Good morning, Tony, and I'm going to take a shot at a question. I'm not sure if you'll be able to answer. But for the aerospace LTAs that have renewed over the last six months, can you say whether the average price increase is more or less than 30%?

早安，東尼，我想問你一個問題。我不確定你是否能夠回答。但對於過去六個月續簽的航空航太長期租賃協議，您能否說明平均價格漲幅是超過還是低於 30%？

Scott, I think you already know the answer to that. I mean, these are substantial price increases going forward. 30% is not substantial.

史考特，我想你已經知道答案了。我的意思是，這些都是大幅漲價，30%的漲幅並不算大。

And these are post-COVID LTAs?

這些是新冠疫情後的長期協議嗎？

There have been one or two that are longer, that works fine prior to COVID. But primarily, these are ones that have come due again since that time, yes.

之前有一兩片片子比較長，在新冠疫情之前用著也沒什麼問題。但主要來說，是的，這些問題自那時以來又出現了。

Okay. And 30% is not substantial for those?

好的。對這些人來說，30%並不算多嗎？

I agree with you.

我同意你的看法。

Okay. Tony, you just delivered this strong SAO guide for the third quarter. Should we expect volume, price per pound, and EBITDA per pound to all move up sequentially?

好的。Tony，你剛剛提交了一份非常棒的SAO第三季指南。我們是否應該預期銷售量、每磅價格和每磅 EBITDA 都會較上季成長？

Yeah. Scott, I would say yes to that. I don't manage at that level of detail. I know I am sitting on a gold mine here, right, doing something that very few people in the world can do. So I'm going to supply all of those costs to the best of our ability to maximize the profitability.

是的。史考特，我會同意的。我無法做到如此細緻入微。我知道我現在正坐在金礦上，對吧，我正在做世界上極少數人能做的事情。因此，我將盡我們所能承擔所有這些成本，以實現利潤最大化。

If one quarter, my margin goes down 0.5 percentage point, Scott, that's not an issue, right? The overall trajectory is going forward. And I think we get very hung up with this fact of quarter over quarter, you have some of these small movements. Basically, because you've got a complex production system that's making a thousand different types of alloys in any one quarter, right?

史考特，如果一個季度我的利潤率下降了0.5個百分點，那沒問題吧？整體趨勢是向前發展。我認為我們過於關注季度環比這個事實，而忽略了其中的一些小波動。基本上，因為你的生產系統很複雜，每季都要生產上千種不同類型的合金，對吧？

So I wouldn't get so hung up on slight movements to that quarter over quarter. I will say, year over year, absolutely, you will see increases In price per pound and earnings per pound. There is no doubt. It's impossible for us not to deliver that based on the overall market dynamics going forward. Does that make sense?

所以我不會太在意季度間的細微波動。我可以肯定地說，與去年相比，每英鎊的價格和每英鎊的收益都會上漲。毫無疑問。根據未來整體市場動態，我們不可能不做到這一點。這樣說得通嗎？

Okay. Thank you. Absolutely. And just last question, the medical distribution channel, is there any real sizable revenue left in that channel that you're shipping this past quarter or -- I'm just trying to think, is there still downward pressure potential there or is it basically completely bottomed out and near zero?

好的。謝謝。絕對地。最後一個問題，關於醫療通路，你們上個季度在這個通路的出貨量是否還有相當可觀的收入？或者──我只是在想，這個管道是否還有下行壓力，還是已經完全觸底，接近零？

Well, I can tell you that the good news in January, from a booking standpoint, that we saw that specific area come back and have the highest order intake than it had of any month in 2025. So that would suggest that yes, you're right, that it's probably hit the bottom.

我可以告訴你，從預訂的角度來看，1 月份的好消息是，我們看到該特定地區的訂單量回升，達到了 2025 年任何月份的最高水平。所以這表明，是的，你說得對，它可能已經觸底了。

And I think the big piece here is that's very impactful to the PEP segment, as you all know, Scott, you cover us very closely. It's not material to overall Carpenter and it doesn't impact what I say about my guidance whatsoever. I want to see that bounce up, and I think when it does here in the next couple quarters, it'll be a tailwind for us. But it's not something I rely on to hit my guidance numbers.

我認為關鍵在於，這對 PEP 板塊影響非常大，正如你所知，斯科特，你對我們報導得非常密切。這與卡本特的整體情況無關，也絲毫不影響我對指導意見的看法。我希望看到它反彈，我認為如果它在接下來的幾個季度內反彈，那將對我們來說是一個順風。但我並不依賴它來實現我的業績目標。

Thank you.

謝謝。

Josh Sullivan, Jonestrading.

Josh Sullivan，Jonestrading。

Good morning. Tony, you made an interesting comment there. You said jet engine OEMs are asking you if their own supply chains have ordered enough materials to meet projected build rates. But you kind of left us on a cliffhanger there. What was your answer and I guess, how are those conversations translating to the expectations of their suppliers?

早安.東尼，你剛才的評論很有意思。您說噴射引擎原始設備製造商 (OEM) 正在詢問您，他們自己的供應鏈是否已訂購足夠的材料以滿足預期的生產速度。但你留下的這個懸念有點太大了。你的回答是什麼？我想，這些對話又是如何轉化為供應商的期望的呢？

Well, I mean, it's going to be different depending on the customer. I would say that in many cases, our answer to that is no, they're not ordering quick enough. There needs to be more orders in the system based on the build rate that you want to achieve. So I would say -- and that's a positive thing for me to say, is that there needs to be more orders to hit this build rate projection that's out there.

嗯，我的意思是，這取決於客戶。我認為在很多情況下，我們的答案是否定的，他們下單的速度不夠快。根據您想要達到的生產速度，系統中需要有更多的訂單。所以我想說——這對我來說是件好事——我們需要更多的訂單才能達到目前的生產力預期。

We just talked about specifically on the structural side, there'n hesitation to place orders and wanting to see more and more evidence of prolonged performance from the air framers, specifically Boeing. You're starting to see that. No you see them now coming off the sidelines, I said that phrase several times now, and placing large orders.

我們剛才具體談到了結構方面的問題，目前下訂單有所猶豫，希望看到飛機製造商，特別是波音公司，提供越來越多的長期性能證據。你開始明白這一點了。不，你現在可以看到他們從場外走出來，我已經說過好幾次了，並且下了大訂單。

So I've talked about this, Josh, more than once about there is not going to be a gradual increase in orders. You're seeing it now and then you're going to see a significant hockey stick. That's the way it's happened in the past. I believe that's the way it'll happen again this time. And I think the structural customers, with the activity they had in this last quarter, is one of the leading indicators to that.

喬希，我已經不只一次說過，訂單量不會逐步增加。你現在看到的是它，接下來你會看到一個明顯的曲棍球棒狀曲線。過去一直都是這樣發生的。我相信這次也會以這種方式再次發生。我認為，結構性客戶在上個季度的活躍程度，是這一趨勢的領先指標之一。

And actually, that dovetails nicely to just the conversation on the long-term agreements you highlighted. What's your calculus or your mindset on committing to those versus leaving spot capacity open? As you've talked about in the past, you've got the golden goose. Just curious on your thoughts there.

事實上，這正好與您剛才提到的長期協議的討論不謀而合。你對於是否要投入這些資源，還是保留空缺名額，有什麼考量或想法？正如你過去所說，你擁有了一隻金鵝。只是好奇你對此有何看法。

Well, I don't -- I mean, that's another -- you know this, I mean, the words matter to me. I don't have spot pricing, right? I don't have a generic alloy sitting on the shelf waiting for the highest bidder to come get, right? My LTAs are based on a mutual beneficial relationship with my customers. You have a lot of volume, I'm going to give you a (inaudible) of supply.

嗯，我不知道——我的意思是，那是另一回事——你知道的，我的意思是，措辭對我來說很重要。我沒有現貨價格，對吧？我不會把某種通用合金放在貨架上等著價高者來買吧？我的長期協議是基於與客戶互惠互利的關係。你有很多貨源，我會給你一些（聽不清楚）貨源。

So I'm not here trying to be the riverboat gambler trying to say, let's keep it all speculative. That's not what I'm trying to do. But I do understand the value of my product, as do my customers. So when there's that beneficial relationship to say, let's enter into an LTA with increasing prices, that's good for both of us.

所以，我來這裡並不是想扮演賭徒的角色，說「讓我們保持一切投機取巧吧」。我不是那個意思。但我和我的客戶都明白我的產品的價值。所以，當存在這種互惠互利的關係時，比如說，讓我們簽訂一份價格不斷上漲的長期協議，這對我們雙方都有好處。

I think, Josh, you know this. I'm not sitting on the sidelines waiting for somebody to bid on my products. I'm pretty sure that's not what you were trying to allude to anyway.

我想，喬希，你知道這一點。我不會袖手旁觀，等別人競標我的產品。我非常確定你並不是想暗示這件事。

No. I was just curious in the long-term. And then I guess relatedly, just outside of aerospace, are you seeing more interest in those types of relationships? As you talk about IGT and some of those other markets, are you seeing similar levels of interest in the capacity that may not be there?

不。我只是對長遠發展感到好奇。那麼，我想就此而言，在航空航太領域之外，您是否看到人們對這類關係的興趣日益濃厚？當您談到IGT和其他一些市場時，您是否看到人們對可能並不存在的產能表現出類似的興趣？

Absolutely. Primarily on the power generation side because as you all know, in many, cases, they use the same assets. But we also see some of that on the medical side as well primarily on the SAO business because there's times that there can be overlap on some of the production assets between some of those alloys. So you see more interest in those specific alloys for medical customers. Because in many cases, we're the sole supplier and have a proprietary alloy there. So in both non-distribution medical and especially in power generation, we see some of the same dynamics as far as the openness or the willingness or wanting to have LTA with us in those areas.

絕對地。主要體現在發電方面，因為大家都知道，在許多情況下，他們使用相同的資產。但我們在醫療領域也看到了一些這種情況，主要是在 SAO 業務中，因為有時某些合金的生產資產可能會有重疊。因此，醫療客戶對這些特定合金的興趣越來越濃厚。因為在很多情況下，我們是唯一的供應商，並且擁有專有的合金。因此，無論是在非分銷醫療領域，還是在發電領域，我們都看到了一些相同的動態，例如在這些領域與我們建立長期合作關係的開放程度、意願或願望。

Great. Thank you for the time.

偉大的。感謝您抽出時間。

Bennett Moore, J.P. Morgan.

貝內特摩爾，J.P.摩根大通。

Good morning, Tony and Tim. Congrats on yet another impressive quarter. Quickly, I wanted to thank you for all the color and commentary on the bookings. But could you also comment on how engine and fastener sales trended during the quarter and year over year? And also, what lead times look like for structural products relative to engine alloys?

早安，托尼和蒂姆。恭喜又一個季度取得了令人矚目的成績。我想快速地感謝你對預訂情況提供的所有精彩見解和評論。您能否也談談本季以及與去年同期相比，引擎和緊固件的銷售趨勢？此外，結構件的交貨週期相對於引擎合金而言是怎樣的？

Yeah. It's a good question. Our overall aerospace (inaudible) sales were relatively flat quarter over quarter basically because of the number of operating days, you've written about this, as well as the holidays. So aerospace engine sales are relatively flat, down a couple percent. Engine fasteners was flat, I think, up 1%. So all of the sub-markets inside of aerospace were plus or minus 1 or 2 on a sequential basis. Certainly, on a year-over-year basis, all of them up quite substantially as you would expect.

是的。這是個好問題。我們整體的航空航太（聽不清楚）銷售額環比基本上持平，這主要是因為營運天數較少（您也寫過這方面的內容），以及假日的影響。因此，航空航天發動機的銷售額相對平穩，下降了幾個百分點。我認為引擎緊固件價格持平，上漲了 1%。因此，航空航太領域內的所有子市場依序來看，波動幅度都在正負 1 到 2 之間。當然，從同比來看，所有這些指標都如預期般大幅增長。

The second part of your question was on lead times. You're also very well aware that lead times is a universal indicator of demand increasing just because we limit with cap lead times. But I can say that in that area, you have seen them extend across all the areas inside of aerospace. And I think, we'll be pushing right back up to that same level that we were before in very short order. But yes, we did see expansion of lead times.

你問題的第二部分是關於交貨週期的。您也非常清楚，交貨週期是需求成長的普遍指標，僅僅因為我們限制了交貨週期，就會導致需求成長。但我可以肯定地說，在那個領域，它們已經擴展到航空航太領域的各個方面。我認為，我們很快就能恢復到以前的水準。但確實，我們觀察到交貨週期有所延長。

And I guess in the context of your positive commentary on structural customers moving off the sidelines, is it just fair to assume that lead times generally for the structural alloys are shorter than the engine alloys so we could see that benefit sooner?

我想，鑑於您對結構件客戶不再觀望的積極評價，是否可以合理地假設結構件合金的交貨週期通常比發動機合金短，因此我們可以更快地看到這種好處？

Yes. I think in general, that is a true statement.

是的。我認為總的來說，這是正確的說法。

Great. And then real quick, I just wanted to ask about the additive business. You showed strong growth during the quarter. Is this lumpy or are you seeing improved adoption in the space? And can you remind us how the margin profile compares for these products? And if this is a space Carpenter would look to grow into into the future?

偉大的。然後，我還想快速問一下關於添加劑業務的問題。本季你們取得了強勁的成長。這種趨勢是停滯不前還是正在好轉？您能否提醒我們這些產品的利潤率如何？如果這是卡本特未來想要拓展的領域呢？

Yeah. I think the second part of your question is the right way to look at it. We see it as something that could be a tailwind for us in the future. We've been inside the additive business for quite some time. This is the higher adoption rate and some increased activity with some very large customers that we bring proprietary alloy in that area.

是的。我認為你問題的第二部分是正確的看法。我們認為這可能會在未來成為我們的有利因素。我們從事添加劑行業已經有一段時間了。這是由於更高的採用率以及我們與一些大型客戶進行的更多業務活動，我們在該領域引入了專有合金。

So it's still relatively small in the whole scheme of things, Bennett. But yes, I think It's something we want to stay in and I think going forward, we'll see continued growth in that area. So I'm very happy, quite frankly, with the performance of additive. Again, relatively small from an earnings standpoint, but very happy with the way they've been performing over the last couple of quarters.

所以從整體來看，它仍然相對較小，貝內特。是的，我認為這是我們想要繼續深耕的領域，而且我認為展望未來，我們將看到該領域持續成長。坦白說，我對添加劑的性能非常滿意。從獲利角度來看，這家公司規模相對較小，但我們對他們在過去幾季的表現非常滿意。

Great. Tony, team, thank you for all the comments. Best of luck.

偉大的。Tony，各位團隊成員，感謝你們的所有評論。祝你好運。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Good morning. As as we look at the LTA sign in the quarter, are any of these first time customers on an LTA basis? And how should we expect the mix of LTAs to trend in the quarters and years to come?

早安.當我們查看本季的 LTA 標誌時，這些客戶中是否有任何首次以 LTA 方式購買服務的客戶？那麼，我們應該如何預期未來幾季和幾年內長期租賃協議的組合趨勢呢？

Well, it's going to be -- there's not a trend. They're all at different times. It seems like we're always working on some type of LTA, and to the first part of your question, these are longer-term customers, so not new.

嗯，這將會是──沒有趨勢可言。它們出現的時間各不相同。我們似乎一直在研究某種類型的長期協議，至於你問題的第一部分，這些都是長期客戶，所以不是新客戶。

Got it. And then we've been hearing a lot of chatter from recent conversations with customers about potentially exploring capacity expansion that they help fund. I mean, is that something that you guys would ever look into?

知道了。最近我們從與客戶的對話中聽到了很多關於探討由他們資助的產能擴張的討論。我的意思是，你們會考慮調查這件事嗎？

Maybe if something became more than just chatter, I could comment on that. We have already made our position known. We have gone out there and announced capacity expansion in a very professional manner. We told you exactly what the pounds will be. We've told you exactly when it will come online. We've told you exactly what the equipment will be. And we've told you exactly what the impact will be, not only to Carpenter Technology's financials, but the overall supply/demand dynamic. So we've been very, very clear and professional on what that would be. So we've told you already how we would react, and we were able and willing to fund that 100% ourselves.

或許如果事情不再只是閒聊，而是發展成更實質的內容，我就可以表達意見了。我們已經表明了我們的立場。我們以非常專業的方式對外宣布了產能擴張計畫。我們已經告訴你確切的英鎊金額了。我們已經明確告知您上線時間。我們已經詳細說明了所需的設備。我們已經明確地告訴你們，這將會產生怎樣的影響，不僅對 Carpenter Technology 的財務狀況，而且對整體的供需動態也會產生怎樣的影響。所以我們已經非常、非常明確、非常專業地說明了那會是什麼樣子。所以我們已經告訴你們我們會如何應對，而且我們有能力也有意願100%自行承擔這筆費用。

Got it. That's clear. And then if I could sneak one more in, can you just maybe break down a little more clearly where the orders are exactly coming from? Jet engine versus airframe, OEM versus MRO? Is there a split that you can provide?

知道了。這一點很清楚。如果可以的話，我再問一個問題，您能否更清楚地說明這些訂單究竟來自哪裡？噴射發動機與機身，OEM廠商與MRO廠商？您能提供一份拆分清單嗎？

Well, I mean, orders are up across the board. I'll give you a couple of examples. Engines were up 30%. That's significant, right? We have order intake increasing across all of the sub-markets. The one I called out, from a sales standpoint, you obviously saw a bit of a dip in defense from a sales standpoint. But now you see orders, I think, will start picking back up again. So we have order intake increase across all of the markets.

嗯，我的意思是，所有訂單都在增加。我舉幾個例子。引擎數量增加了30%。這意義重大，對吧？所有細分市場的訂單量都在增加。從銷售角度來看，我提到的那一個，顯然在銷售方面出現了一些下滑。但現在訂單量似乎會開始回升。因此，我們所有市場的訂單量都有所增加。

And again, Andre, that shouldn't be a surprise. Loow what you have out there. Look what Boeing and Airbus and MRO and what all that is doing that's increasing significantly. Of course, orders are going to have to increase also.

安德烈，這不該讓人感到意外。放輕鬆，看看你現在擁有什麼。看看波音、空中巴士、MRO以及所有相關企業都在做什麼，這些企業都在大幅成長。當然，訂單量也必須增加。

Yeah. I agree completely and I see it. I appreciate the color, Tony. I'll hop back in. Thanks.

是的。我完全同意，我也看到了。東尼，我很喜歡這個顏色。我這就回去。謝謝。

Phil Gibbs, Keybank Capital Markets.

Phil Gibbs，Keybank Capital Markets。

Good morning. Tim, can you give us a review of the CapEx this year again just in terms of how much you expect to spend overall and how much of that is going to the new project and how much carries over into the fiscal '27?

早安.Tim，你能否再次為我們回顧今年的資本支出情況，包括你預計總共要花費多少錢，其中有多少用於新項目，又有多少結轉到 2027 財年？

Yeah. I'll break that into pieces and then you can follow-up if you want to. The full-year guidance for total CapEx was $300 million to $315 million. That includes the $175 million to $185 million for the brownfield capacity expansion.

是的。我會把它拆分成幾個部分，如果你想的話，你可以接著往下看。全年資本支出預期為 3 億美元至 3.15 億美元。其中包括用於棕地擴建的 1.75 億美元至 1.85 億美元。

I also said that given where we are, we spend about a little over $80 million through the first half. We said that we expect our brownfield capacity expansion spending to increase pretty rapidly in the second half as activity ramps up.

我還說過，鑑於我們目前的處境，上半年我們的支出略高於 8000 萬美元。我們曾表示，隨著業務活動的增加，預計下半年棕地產能擴張支出將快速成長。

There's a fair amount of assumptions there. Look at the big capital project complex, the timing of those capital expenditures may vary, and they were making assumptions about progress payments, when the equipment gets delivered payment terms. So we'll provide an update in the next quarter. But the guidance out there still holds true for now. And that's incorporated into our free cash flow guidance.

這裡面有很多假設。看看大型資本項目綜合體，這些資本支出的時間可能會有所不同，而且他們對進度付款（設備交付時的付款條件）做出了假設。因此，我們將在下一季提供最新進展報告。但就目前而言，現有的指導原則仍然適用。這一點已納入我們的自由現金流預期。

Thank you. And Tony, any of the LTAs that you signed, have they been with power gen manufacturers at all?

謝謝。東尼，你簽署的那些長期協議中，有沒有和發電廠商簽訂的？

Well, the three that I mentioned on the call here were all aerospace.

嗯，我剛才在電話會議上提到的三個專案都是航空航天專案。

But none of the prior five, for example, that you mentioned last quarter?

但例如，您在上個季度提到的五個人中，一個都沒有嗎？

Traditionally, that's not been an area that's been LTAs for us, but it's an area -- I think it was to Josh's question earlier, it's an area that we're now exploring that the customers in that sub-market would like to enter into an LTA and that could be something that we're interested in as well. But traditionally, that has not been for us because of the size that's been relatively small. To the rest of the business, it's becoming obviously much bigger now.

傳統上，這並非我們長期租賃協議的領域，但正如 Josh 先前提出的問題，我們現在正在探索這個領域，因為該細分市場的客戶希望簽訂長期租賃協議，而這可能也是我們感興趣的領域。但傳統上，由於規模相對較小，我們並沒有這麼做。對公司其他部門來說，它的規模顯然已經大了許多。

And then lastly, I know it's a small business for you all relative to SAO and PEP, but what surprised you just relative to the outcome because I know you expected to do better. I know you mentioned outright medical, but usually, you have pretty good visibility within a given quarter --

最後，我知道相對於 SAO 和 PEP 而言，這對你們來說只是個小生意，但結果如何讓你們感到驚訝呢？因為我知道你們期望做得更好。我知道你提到了直接的醫療問題，但通常情況下，在特定季度內，你的視野會相當開闊。--

You're speaking speaking specifically of that sub-market inside of medical?

您指的是醫療領域內的那個細分市場嗎？

Oh, I'm just saying in general for the segment, I know you expected to do better a few months ago and you usually have a very good inter-quarter visibility. So I'm just saying kind of what surprised you?

哦，我只是想說，就這個細分市場而言，我知道幾個月前你們預期業績會更好，而且你們通常對季度間的業績有很好的預測。所以，我只是想問，什麼事情讓你感到驚訝？

Yeah. In the PEP segment, correct?

是的。在PEP片段中，對嗎？

Yeah.

是的。

Yeah. Listen, I think that's a fair question. I think we do usually have pretty good visibility. This one on medical distribution has been a little elusive for us to get a handle around that, quite frankly. I think that's a fair comment. But a good point is that the order intake for that specific sub-market was the highest in January than had been in any month in 2025. So I'm hoping for the PEP segment that's hit the bottom. But as you can see with our guidance, we're still remaining fairly cautious in that area.

是的。我覺得這個問題問得蠻合理的。我覺得我們通常能見度都很好。坦白說，醫療用品分銷這方面我們一直有點難以掌握。我認為這個評論很中肯。但值得一提的是，該特定子市場的訂單量在 1 月達到了 2025 年以來的最高水準。所以我希望已經觸底的PEP板塊能夠反彈。但正如您從我們的指導方針中看到的，我們在該領域仍然保持相當謹慎的態度。

And as you said, again, it doesn't impact our overall guidance. But it's important to us to do the best we can as far as forecasting what we think PEP can do as well. So a little bit of conservatism maybe or a little bit of let's wait and see to make sure we can get it.

正如您所說，這不會影響我們的整體指導方針。但對我們來說，盡我們所能預測PEP能做到什麼也很重要。所以，或許應該採取一點保守態度，或是採取一點觀望態度，看看能否成功。

Thank you so much.

太感謝了。

That concludes the question-and-answer session. I would like to turn the call back over to John Huyette for closing remarks.

問答環節到此結束。我謹將電話交還給約翰·休耶特，請他作總結發言。

Thank you, operator. Thank you, everyone, for joining us today for our fiscal-year 2026 second-quarter conference call. Have a great rest of your day.

謝謝接線生。感謝各位今天參加我們2026財年第二季電話會議。祝您今天餘下的時間過得愉快。

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

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