Carpenter Technology Corporation (CRS) 2026 Q3 法說會逐字稿

Hello, and welcome. My name is Ellie, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Carpenter Technology CRS third-quarter fiscal year 2026 earnings presentation call. Please note that this call is being recorded. (Operator Instructions) I would now like to hand the call over to John Huyette, Vice President of Investor Relations. You may now go ahead, please.

大家好，歡迎各位。我是 Ellie，今天將擔任本次會議的接線員。此刻，我謹代表公司歡迎各位參加 Carpenter Technology CRS 2026 會計年度第三季財報簡報電話會議。請注意，本次電話會議將被錄音。(接線員指示) 接下來我將把電話交給投資人關係副總裁 John Huyette。請您開始。

Thank you, operator. Good morning, everyone, and welcome to the Carpenter Technology earnings conference call for the fiscal 2026 third-quarter ended March 31, 2026. This call is also being broadcast over the internet along with presentation slides. For those of you listening by phone, you may experience a time delay in slide movement. Speakers on the call today are Tony Thene, Chairman and Chief Executive Officer; Tim Lain, Senior Vice President and Chief Financial Officer; and Brian Malloy, President and Chief Operating Officer.

謝謝，接線員。各位早安，歡迎參加 Carpenter Technology 2026 會計年度第三季（截至 2026 年 3 月 31 日止）財報電話會議。本次電話會議亦將透過網路直播，並搭配簡報投影片。若您以電話收聽，投影片切換可能會有時間延遲。今天出席並發言的主管包括：董事長兼執行長 Tony Thene；資深副總裁兼財務長 Tim Lain；以及總裁兼營運長 Brian Malloy。

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, forms 10-Q for the quarters ended September 30, 2025, and December 31, 2025, and the exhibits attached to those filings.

管理層在本次財報簡報中所作之陳述，如屬前瞻性陳述，係基於目前的預期。可能導致實際結果與此等前瞻性陳述出現重大差異的風險因素，請參閱 Carpenter Technology 最近向美國證券交易委員會（SEC）提交的申報文件，包括截至 2025 年 6 月 30 日止年度的 Form 10-K、截至 2025 年 9 月 30 日及 2025 年 12 月 31 日止季度的 Form 10-Q，以及上述申報文件所附之附件。

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

另請注意，在以下討論中，除非另有說明，當管理層提及銷售額或營收時，該數字不包含附加費（surcharge）。當提及營業利益率時，係以調整後營業利益為基礎，排除特殊項目，且銷售額亦排除附加費（surcharge）。

I will now turn the call over to Tony.

接下來我把電話交給 Tony。

Thank you, John, and good morning to everyone. I will begin on slide 4 with a review of our safety performance. We ended the third quarter of fiscal year 2026 with a total case incident rate of 1.3. We continue to make progress as a result of targeted actions we've implemented across the organization centered on standardized work and disciplined safety practices.

謝謝你，John，各位早安。我將從第 4 頁投影片開始，回顧我們的安全績效。我們在 2026 會計年度第三季的總案件事故率（total case incident rate）為 1.3。透過在全組織推動以標準化作業與嚴謹安全實務為核心的重點措施，我們持續取得進展。

As always, we remain committed to our ultimate goal of a zero injury workplace. Let's turn to slide 5 for an overview of our third quarter performance. Carpenter Technology just delivered another record quarter, reflecting the accelerating demand across our high-value markets and our continued strong operational execution. This record performance is best understood through four key takeaways that highlight the strength, durability, and trajectory of the business: one, record earnings.

一如既往，我們仍致力於達成「零傷害」的最終目標。接著請看第 5 頁投影片，概覽我們第三季的表現。Carpenter Technology 再次交出創紀錄的一季，反映高價值市場需求加速，以及我們持續強勁的營運執行力。要理解這項創紀錄表現，最好的方式是從四個關鍵重點切入，凸顯公司業務的強度、韌性與發展軌跡：第一，獲利創新高。

In the third quarter, we generated $187 million in operating income, exceeding our previous record set in the second quarter by 20%. Certainly, we have earned a reputation of setting meaningful financial targets and then exceeding them, and we did it again in this quarter. But it must be noted the ability to increase earnings by 20% sequentially over what was a record quarter and in a market that is still accelerating, must be recognized as superior performance. We are extremely proud of the Carpenter Technology team for their commitment to performance and their focus on continuous improvement.

第三季我們創造 1.87 億美元的營業利益，較第二季所創下的前一項紀錄高出 20%。我們確實建立了訂定具意義的財務目標並超越目標的口碑，而本季我們再次做到。但必須指出，在上一季已是創紀錄的一季、且市場仍在加速的情況下，仍能連續季將獲利再提升 20%，這樣的能力必須被視為卓越表現。我們對 Carpenter Technology 團隊對績效的承諾，以及對持續改善的專注，感到非常自豪。

Importantly, these record earnings translated directly into another step change in cash flow generation. In the third quarter, we generated $193.5 million in cash from operating activities and $124.8 million of adjusted free cash flow. Two, expanding operating margins. The SAO segment delivered an adjusted operating margin of 35.6% in the quarter, another new record for the business. This margin compares to 33.1% in the prior quarter and 29.1% a year ago. This meaningful margin expansion clearly demonstrates the impact of ongoing productivity gains, product mix optimization, and pricing actions. As a result of the expanding margins, the SAO segment recorded $208 million in operating income, an increase of 19% sequentially and another all-time record for this segment.

更重要的是，這些創紀錄的獲利直接轉化為現金流創造能力的另一個躍升。第三季我們來自營運活動的現金流為 1.935 億美元，調整後自由現金流為 1.248 億美元。第二，營業利益率擴張。SAO 事業部本季調整後營業利益率達 35.6%，再創公司新高。相較之下，上一季為 33.1%，一年前為 29.1%。這項顯著的利益率擴張清楚展現持續的生產力提升、產品組合最佳化與定價措施所帶來的影響。在利益率擴張的帶動下，SAO 事業部營業利益達 2.08 億美元，較前一季增加 19%，並再度創下該事業部歷史新高。

Three, strengthening market demand. We see clear and accelerating demand signals across the Aerospace and Defense end-use market, reflected in both OEM production plans and order intake. Notably, bookings for aerospace structural materials continued to increase, up substantially this quarter. Remember, the submarket for aerospace structural material has been the most impacted by the OEM build rates. Therefore, increasing orders from our Aerospace structural customers is a clear signal that the supply chain is accelerating the ramp to support the expected OEM build rates going forward.

第三，市場需求走強。我們在航太與國防終端市場看到明確且加速的需求訊號，反映在 OEM 的生產計畫與接單量上。值得注意的是，航太結構材料的訂單持續增加，本季大幅成長。請記得，航太結構材料這個次市場一直是最受 OEM 組裝/產量提升速度影響的領域。因此，來自航太結構客戶的訂單增加，是供應鏈正加速爬坡、以支援未來預期 OEM 產量提升的明確訊號。

And fourth, pricing continues to be a tailwind. As I've said many times, pricing has been and will continue to be a tailwind for the business. Against a backdrop of strong demand, customers are prioritizing security of supply, and we are continuing to realize pricing that reflects the value we deliver. While no long-term agreements were completed in the quarter, several are currently in negotiation. These long-term agreements support attractive economics for us while providing our customers with the supply chain certainty they need, making them strategically beneficial for both sides.

第四，定價仍持續帶來順風。我已多次提到，定價一直是、也將持續是公司業務的順風因素。在需求強勁的背景下，客戶更重視供應保障，而我們也持續實現能反映我們所提供價值的定價。雖然本季未完成任何長期合約，但目前有數項仍在協商中。這些長期合約在為我們帶來具吸引力的經濟效益之餘，也為客戶提供其所需的供應鏈確定性，因此對雙方皆具策略性利益。

Now let's turn to slide 6 and have a closer look at our third quarter sales and market dynamics. In the third quarter of fiscal-year 2026, we delivered strong top-line growth, with total sales, excluding raw material surcharge up 10% year over year and up 11% sequentially, reflecting higher volumes and continued pricing strength.

現在請看第 6 頁投影片，更深入檢視我們第三季的銷售與市場動態。在 2026 會計年度第三季，我們實現強勁的營收成長：扣除原物料附加費（raw material surcharge）後的總銷售額年增 10%，並較前一季成長 11%，反映出出貨量提升以及定價力道持續強勁。

The higher volumes were the result of increased operating time, improved productivity, and increasing demand for aerospace materials primarily in the aerospace structural submarket. Looking ahead, we expect continued productivity improvements and healthy demand across our core end-use markets to support further sales growth.

出貨量提升主要來自營運時間增加、生產力改善，以及航太材料需求上升（主要集中在航太結構次市場）。展望未來，我們預期生產力將持續改善，且核心終端市場需求維持健康，將支撐銷售進一步成長。

Now let me review our key end-use markets, starting with Aerospace and Defense. Sales in the Aerospace and Defense end-use market were up 13% sequentially and up 17% year over year. Our sales growth reflects accelerating activity across the aerospace supply chain as OEMs continue to push towards higher build rates.

接下來我將回顧我們的主要終端市場，先從航太與國防開始。航太與國防終端市場的銷售額較前一季成長 13%，年增 17%。我們的銷售成長反映航太供應鏈活動正在加速，因 OEM 持續推動更高的生產速率。

Let me give some color on what we see happening in the aerospace market. With backlogs of new plane orders reaching new records every quarter, Boeing and Airbus are ramping production. Notably, Boeing is now consistently producing 42 737s per month. As reported on their recent earnings call, they are poised to go to 47 per month this summer and have their sights set on 52 and beyond due to the growing demand. As a result, the supply chain is building confidence and our customer order intake has been increasing.

我再補充一些我們在航太市場觀察到的情況。隨著新機訂單積壓量每季都創新高，波音與空中巴士正加速提升產量。值得注意的是，波音目前已能穩定每月生產 42 架 737。根據其近期財報電話會議所述，他們預計今年夏天將提升至每月 47 架，並因需求成長而把目標放在每月 52 架及更高。因此，供應鏈信心正在建立，我們的客戶接單量也持續增加。

Even with the increasing orders, OEMs are still concerned that the supply chain is not ordering material fast enough. We agree. As we have seen order intake increase significantly, but we know from experience that it is still not enough to support the desired ramp.

即使訂單持續增加，OEM 仍然擔心供應鏈下單採購材料的速度不夠快。我們同意。我們看到接單量顯著增加，但依經驗判斷，這仍不足以支撐所期望的爬坡增產。

Over the last three months, we've had customers reach out requesting urgent deliveries to avoid line shutdowns for specific applications. We also continue to have customers across engine programs telling us our material is needed sooner. The Boeing comment inventories that had been helping with recent output are now coming down is significant, and it will drive urgency to yet another level. We expect this urgency will continue to spread throughout the supply chain as inventories run short, further tightening the market for our materials.

在過去三個月裡，我們有客戶主動聯繫，要求緊急交付，以避免特定應用出現產線停擺。我們也持續收到跨多個引擎專案的客戶反映，我們的材料需要更早到位。波音提到先前有助於近期產出之庫存如今正在下降，這一點很重要，並將把緊迫性推升到另一個層級。我們預期，隨著庫存見底，這種緊迫性將持續在整個供應鏈擴散，進一步收緊我們材料的市場供給。

Moving on to the Medical end-use market, our sales were down 9% sequentially and 29% compared to the prior-year third quarter. On a positive note, bookings were up significantly in the quarter. supporting our expectation the Medical end-use market will begin to recover and return to growth in the near term.

接著談醫療終端市場，我們的銷售額較前一季下降 9%，較去年第三季下降 29%。正面的是，本季訂單（bookings）大幅成長，支持我們對醫療終端市場將在短期內開始復甦並重回成長軌道的預期。

In the Energy end-use market, sales increased 32% sequentially and 44% year over year, driven by higher volumes supporting industrial gas turbine builds. The demand from our IGT customers, primarily driven by the growing energy needs of data centers, remains strong across multiple platform types and OEMs. Keep in mind that the production flow for the IGT material goes across similar flow path as aerospace materials.

在能源終端市場方面，受工業燃氣渦輪（IGT）建造所需的更高出貨量帶動，銷售額較前一季增加 32%，年增 44%。我們 IGT 客戶的需求（主要由資料中心日益增加的能源需求所驅動）在多種平台類型與多家 OEM 之間仍然強勁。請記住，IGT 材料的生產流程與航太材料走的是相近的流程路徑。

As a result, quarterly sales for IGT material can fluctuate due to order timing and production scheduling. Taking a step back, we are clearly operating in an accelerated demand environment across our highest value end use markets. Combined with our differentiated capabilities and capacity, this positions Carpenter Technology for meaningful growth, both in the near term and over the long term.

因此，IGT 材料的季度銷售可能會因訂單時點與生產排程而波動。退一步來看，我們在最高價值的終端市場中，顯然正處於需求加速的環境。結合我們差異化的能力與產能，這使 Carpenter Technology 在短期與長期都具備可觀的成長動能。

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

接下來我把時間交給 Tim 進行財務摘要。

Thanks, Tony. Good morning, everyone. I'll start on the income statement summary on slide 8. Starting at the top, sales excluding surcharge increased 10% year over year on 15% higher volume. Sequentially, sales were up 11% on 10% higher volume. The improving productivity, product mix, and pricing are evident in our gross profit, which increased to $251.8 million in the current quarter, up 25% from the same quarter last year and up 15% sequentially.

謝謝，Tony。各位早安。我先從第 8 頁投影片的損益表摘要開始。先看最上方，扣除附加費（surcharge）後的銷售額在出貨量增加 15% 的帶動下，年增 10%。就季比而言，銷售額在出貨量增加 10% 的情況下，成長 11%。生產力提升、產品組合與定價改善在毛利中清楚可見：本季毛利增至 2.518 億美元，較去年同期成長 25%，較前一季成長 15%。

Selling, general and administrative or SG&A expenses were $65.3 million in the third quarter, up roughly $2 million both sequentially and versus the same quarter last year. The SG&A line includes corporate costs, which were $27.3 million. This is up $1.1 million sequentially and up $2.9 million from the third quarter of fiscal year 2025.

第三季銷售、一般及行政（SG&A）費用為 6,530 萬美元，較前一季及較去年同期各增加約 200 萬美元。SG&A 包含公司總部成本（corporate costs），為 2,730 萬美元。此項較前一季增加 110 萬美元，較 2025 會計年度第三季增加 290 萬美元。

For the upcoming fourth quarter of fiscal-year 2026, we expect corporate cost to be between $25 million to $26 million. Operating income was $186.5 million in the current quarter, which is 35% higher than our third quarter of fiscal year 2025 and up 20% from our recent second quarter. As Tony mentioned earlier, this represents another record quarterly operating income result, breaking the previous record set last quarter.

對於即將到來的 2026 會計年度第四季，我們預期公司總部成本約在 2,500 萬至 2,600 萬美元之間。本季營業利益為 1.865 億美元，較 2025 會計年度第三季高出 35%，較近期第二季成長 20%。如 Tony 先前提到，這是另一個創紀錄的單季營業利益表現，打破了上季創下的前一項紀錄。

Moving on to our effective tax rate, which was 21% in the current quarter. This quarter's effective tax rate was lower than anticipated, primarily due to discrete tax benefits associated with changes to the estimates for certain tax positions taken in the prior year. For the upcoming fourth quarter of fiscal year 2026, we expect the effective tax rate, excluding discrete items, to be about 23%.

接著談有效稅率，本季為 21%。本季有效稅率低於預期，主要是因為與前一年度某些已採取稅務立場之估計變更相關的一次性（discrete）稅務利益。對於即將到來的 2026 會計年度第四季，我們預期在排除一次性項目後的有效稅率約為 23%。

Finally, the earnings per diluted share was $2.77 per share for the quarter. Now turning to the next slide to talk about our cash generation and capital allocation priorities. In addition to the strong earnings performance, we've generated meaningful cash flows, driven by higher earnings and ongoing efforts to manage working capital closely, particularly inventory.

最後，本季稀釋後每股盈餘為每股 2.77 美元。接著看下一頁，談我們的現金創造能力與資本配置優先順序。除了強勁的獲利表現外，我們也創造了可觀的現金流，主要由更高的獲利以及持續努力嚴格管理營運資金（尤其是存貨）所帶動。

To date, in fiscal year 2026, we generated $364.9 million of cash from operating activities. This is roughly 2 times the operating cash flows when compared to the same period last year. The cash generated from operations more than supports the capital spending in fiscal year 2026. To date, we have spent $157.6 million in fiscal year 2026. This includes the annual targeted capital expenditures of $125 million as well as the brownfield capacity expansion project. As anticipated, capital spending ramped in our recent third quarter, totaling $68.7 million as activities around the capacity expansion project accelerated.

截至目前，在 2026 會計年度，我們由營運活動產生的現金為 3.649 億美元。相較去年同期，約為 2 倍的營運現金流。營運所產生的現金不僅足以支應 2026 會計年度的資本支出。截至目前，我們在 2026 會計年度已支出 1.576 億美元。其中包含年度目標資本支出 1.25 億美元，以及既有廠區（brownfield）產能擴建專案。如預期，我們近期第三季的資本支出加速攀升，合計 6,870 萬美元，因產能擴建專案相關活動加快。

A brief update on this project. The brownfield capacity expansion project remains on budget and on schedule. The construction phase is well underway and key equipment deliveries have begun. The project team remains focused on not only completing construction and installation of equipment, but also preparing for activities to ensure a smooth startup of operations.

簡要更新此專案進度。既有廠區（brownfield）產能擴建專案仍在預算內並按進度推進。施工階段進展順利，關鍵設備交付已開始。專案團隊仍專注於不僅完成施工與設備安裝，也同時為確保營運順利啟動所需的各項準備工作做好規劃。

As we look to the balance of the year, we expect capital expenditures for fiscal year 2026 to finish at about $260 million. This is below the expectation we set at the beginning of the year based solely on changes in the estimates we made for the timing of cash spending related to the project. This doesn't change our outlook for the full project that we set out when we announced the expansion.

展望本年度剩餘期間，我們預期 2026 會計年度資本支出約為 2.60 億美元。這低於我們年初所設定的預期，原因僅在於我們對該專案相關現金支出時點之估計有所調整。這不會改變我們在宣布擴建時所提出的整體專案展望。

With those details in mind, to date in fiscal year 2026, we have generated $207.3 million in adjusted free cash flow. We are increasing our outlook for free cash flow and currently expect to generate at least $350 million of adjusted free cash flow in fiscal year 2026.

基於上述細節，截至目前在 2026 會計年度，我們已產生 2.073 億美元的調整後自由現金流。我們上調自由現金流展望，目前預期 2026 會計年度至少可產生 3.50 億美元的調整後自由現金流。

As we have said many times before, our adjusted free cash flow generation is important as it enables us to deploy a balanced capital allocation approach. That includes investing cash in attractive and accretive growth projects like the brownfield capacity expansion and returning cash to shareholders.

如同我們多次強調，調整後自由現金流的創造能力很重要，因為它使我們能夠採取均衡的資本配置策略。其中包括將現金投資於具吸引力且具增益（accretive）的成長專案，例如既有廠區產能擴建，以及回饋現金給股東。

To that end, we continue to execute against our repurchase authorization and repurchased $133.9 million of shares in fiscal-year 2026. This brings the total to $235.8 million spent to date against the $400 million authorization that we announced in July of 2024. And in addition to the buyback program, we also continue to fund a recurring and long-standing quarterly dividend. Finally, our ability to deploy capital is also supported by our healthy liquidity and strong balance sheet.

為此，我們持續依照回購授權執行，並在 2026 會計年度回購了 1.339 億美元的股票。這使得截至目前，針對我們於 2024 年 7 月宣布的 4.00 億美元回購授權，累計已投入 2.358 億美元。此外，除了回購計畫外，我們也持續支付例行且長期維持的季度股利。最後，我們部署資本的能力也受到充裕流動性與強健資產負債表的支持。

Last quarter, we talked about the refinancing actions we took to strengthen both our balance sheet and liquidity. As of the most recent quarter end, our total liquidity was $793.8 million including $294.8 million of cash and $499 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. 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.

上一季，我們談到為強化資產負債表與流動性而採取的再融資行動。截至最近一季季末，我們的總流動性為7.938億美元，其中包括2.948億美元現金，以及在我們的信貸融資額度下可動用的4.99億美元借款額度。我們的信用指標仍然非常強勁，淨負債對EBITDA比率持續遠低於1倍。總體而言，我們相信強健的資產負債表以及可望顯著產生現金的前景，使我們具備良好條件為持續成長提供資金並為股東帶來可觀回報。

With that, I'll turn the call to Brian.

接下來，我把電話交給Brian。

Thanks, Tim, and good morning, everyone. I'll provide some commentary on each of our segments for the quarter, starting on slide 11 with our Specialty Alloys Operations segment. SAO delivered an exceptional third quarter, marked by strong top-line growth, record margins, and another step change in operating income performance. SAO's performance was supported by continued improvements in productivity across our facilities, pricing realization, product mix optimization, and higher available uptime versus the prior quarter. Net sales, excluding surcharge, were $585 million in the quarter, up 13% year over year and 11% sequentially, with both comparisons driven by higher volumes.

謝謝你，Tim，各位早安。我將就本季各事業部門提供一些評論，先從第11頁的Specialty Alloys Operations（SAO，特種合金營運）部門開始。SAO交出卓越的第三季成績，呈現強勁營收成長、創紀錄的利潤率，以及營業利益表現再上層樓。SAO的表現受惠於我們各廠區生產力持續提升、價格落實、產品組合最佳化，以及相較前一季更高的可用稼動時間。本季淨銷售額（不含附加費）為5.85億美元，年增13%、季增11%，兩項比較皆由更高的出貨量所帶動。

The growth was led by improving demand in the Aerospace and Defense market as well as continued strength in Energy, especially from IGT customers. Adjusted operating margin increased to a record 35.6% in the quarter, marking the 17th consecutive quarter of margin expansion and exceeding the prior record set just last quarter. Keep in mind, there are short-term factors that could impact what operating margins can be in any given quarter, most notably the mix of products.

成長主要來自航太與國防市場需求改善，以及能源市場持續強勁，尤其是來自IGT客戶。調整後營業利益率本季提升至創紀錄的35.6%，為連續第17季擴張，並超越上一季才剛創下的前一項紀錄。請記住，短期因素可能影響任何單一季度的營業利益率水準，其中最顯著的是產品組合。

While quarterly margins can vary based on product mix, the underlying trajectory remains clearly upward, supported by our core structural drivers, productivity mix, and pricing. As a result of top line growth and expanding margins, SAO delivered operating income of $208 million in the third quarter, the highest quarterly result in the segment's history and a significant sequential increase.

雖然季度利潤率會因產品組合而波動，但在核心結構性驅動因素、生產力/組合與定價的支撐下，基本趨勢仍明顯向上。因此，受惠於營收成長與利潤率擴張，SAO第三季營業利益達2.08億美元，為該部門史上最高單季成果，且較前一季大幅增加。

The SAO team has clearly risen to meet the challenge and is operating at a high level across the organization. From the commercial team working with customers to provide solutions to our production planning team optimizing our manufacturing system to ensure that the highest margin materials are prioritized across Flow path and to the manufacturing team, the backbone of our operations, improving productivity at each shift to ensure we consistently produce at high levels to meet the growing demand.

SAO團隊顯然迎難而上，並在整個組織中以高水準運作。從與客戶合作提供解決方案的商務團隊，到最佳化製造系統、確保在Flow path各環節優先安排最高利潤材料的生產規劃團隊，再到作為營運骨幹的製造團隊，在每個班次提升生產力，確保我們能持續以高水準產出以滿足日益成長的需求。

But the SAO team is not content with our current success. We believe we can do better and are looking forward to continuing to demonstrate record-breaking performance. Looking ahead to the fourth quarter, SAO remains focused on sustaining this momentum by optimizing product mix for margin, closely managing production planning and capacity and continuing to drive productivity and cost discipline. Based on current visibility, we expect SAO to generate operating income in the range of $224 million to $228 million in the fourth quarter, representing yet another strong step forward for the segment.

但SAO團隊並不滿足於目前的成功。我們相信還能做得更好，並期待持續展現破紀錄的表現。展望第四季，SAO仍專注於透過最佳化產品組合以提升利潤率、嚴密管理生產規劃與產能，並持續推動生產力與成本紀律，以維持這股動能。依目前能見度，我們預期SAO第四季營業利益將落在2.24億至2.28億美元區間，代表該部門再向前邁出強勁一步。

Now turning to slide 12 and our PEP segment results. Net sales, excluding surcharge in the third quarter of fiscal year 2026 were $90.6 million, up 17% sequentially and down 6% from the same quarter a year ago. The sequential improvement in sales was driven by increasing sales in Aerospace and Defense. Year over year, Aerospace and Defense sales were also higher, but were more than offset by a year-over-year decline in Medical sales in our titanium business. The softness in the medical market continues to be in certain titanium products for a specific set of medical distribution customers, which has had an outsized impact on our titanium business.

接著看第12頁與我們的PEP部門表現。2026會計年度第三季淨銷售額（不含附加費）為9,060萬美元，季增17%，較去年同期下降6%。銷售的季比改善主要由航太與國防銷售增加所帶動。年比方面，航太與國防銷售同樣較高，但被我們鈦業務中醫療銷售的年比下滑所抵銷且有餘。醫療市場的疲弱仍集中在特定鈦產品與特定醫療通路客戶群，對我們的鈦業務造成了不成比例的影響。

As Tony mentioned in his comments, we are seeing an increase in bookings and are optimistic about a return to a growth trajectory in the medical market. Our teams in Dynamet continue to focus on what they can control like productivity, equipment reliability, and overall consistency, very similar to the dynamics in SAO.

如Tony在評論中提到的，我們看到接單增加，並對醫療市場回到成長軌道抱持樂觀。Dynamet的團隊持續專注於可控事項，例如生產力、設備可靠度與整體一致性，這與SAO的動態非常相似。

More recently, although a smaller piece of PEP, a bright spot has been our additive business where our material solutions continue to benefit from strong demand. The growing demand in additive is driven primarily by the Aerospace and Defense end-use market, where our value proposition for highly specialized products and capabilities support our customers' needs.

近期，雖然在PEP中占比較小，但一個亮點是我們的增材製造業務，我們的材料解決方案持續受惠於強勁需求。增材需求的成長主要由航太與國防終端市場驅動；我們在高度專業化產品與能力上的價值主張，能支援客戶需求。

PEP reported an operating income of $6.7 million in the current quarter, which is as we expected, largely in line with our recent second quarter. We currently anticipate the PEP segment's operating income for the upcoming fourth quarter to be in line with the third quarter of fiscal-year 2026.

PEP本季營業利益為670萬美元，符合我們預期，且大致與近期第二季相當。我們目前預期PEP部門即將到來的第四季營業利益將與2026會計年度第三季大致持平。

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

接下來，我把電話交回給Tony。

Let me close as I have the last couple of quarters with why Carpenter Technology is a compelling story for existing and potential shareholders. One, we have an (inaudible) market position in the industry. We're at the beginning of a major growth cycle, especially in the Aerospace and Defense end-use market. With the accelerating aerospace build rates driving higher demand for our materials, a fundamental supply-demand imbalance in nickel-based super alloys will continue to tighten.

最後我用過去幾季一樣的方式作結，說明為何Carpenter Technology對現有與潛在股東而言是一個具吸引力的投資故事。第一，我們在產業中擁有（聽不清）市場地位。我們正處於一個重大成長循環的起點，尤其是在航太與國防終端市場。隨著航太產量提升速度加快、帶動對我們材料的更高需求，鎳基超合金的供需失衡將持續收緊。

Our leading capabilities are differentiated by stringent qualifications necessary to supply advanced materials for Aerospace and Defense and other key end-use market applications. And our world-class collection of unique manufacturing assets are difficult, if not impossible, to replicate.

我們的領先能力之所以具差異化，在於供應航太與國防及其他關鍵終端市場應用之先進材料所需的嚴格認證資格。而我們世界級且獨特的製造資產組合，難以複製，甚至可說幾乎不可能被複製。

Two, we have demonstrated a commitment to a balanced capital allocation approach. As Tim noted, we have a healthy liquidity position and a strong balance sheet, combined with an impressive cash flow generation outlook, with a long-standing dividend and a robust share repurchase plan.

第二，我們已展現對均衡資本配置方法的承諾。如Tim所指出，我們具備健康的流動性部位與強健的資產負債表，再加上令人印象深刻的現金流創造前景、長期穩定的股利政策，以及強而有力的庫藏股回購計畫。

In addition, our strong performance enables us to invest in highly accretive growth projects that accelerate earnings growth, but do not materially impact the nickel-based supply-demand imbalance. And three, we continue to deliver record financial results with a strong earnings outlook. We just completed another record quarter of profitability driven by significant margin expansion in our SAO segment.

此外，我們的強勁表現使我們能投資於高度增益（accretive）的成長專案，以加速獲利成長，但不會對鎳基供需失衡造成實質影響。第三，我們持續交出創紀錄的財務成果，且獲利展望強勁。我們剛完成另一個創紀錄的獲利季度，主要由SAO部門顯著的利潤率擴張所驅動。

As I mentioned earlier, it is important to keep in mind that we are delivering record earnings even at a time when the aerospace and defense market is at the beginning of this growth cycle. And today, we increased our operating income guidance for fiscal year 2026 that implies at least a 33% increase over a record fiscal-year 2025. I don't know if anyone in our industry who can say they have a stronger earnings outlook than Carpenter Technology.

如我先前提到的，重要的是要記住，即使航太與國防市場仍處於此成長循環的起點，我們仍在創造創紀錄的獲利。而今天，我們上調了2026會計年度的營業利益指引，意味著相較於創紀錄的2025會計年度，至少將成長33%。我不知道在我們產業中，還有誰能說他們的獲利展望比Carpenter Technology更強。

Looking forward, our current fiscal year 2027 earnings target is outdated and does not reflect our current earnings momentum. Further, with the demand environment accelerating, especially in aerospace and defense, we are confident our financial outlook will continue to improve beyond fiscal year 2027. We will provide an updated view, including fiscal-year 2027 guidance on our next quarter's earnings call.

展望未來，我們目前對2027會計年度的獲利目標已經過時，未能反映我們當前的獲利動能。此外，隨著需求環境加速，尤其是在航太與國防領域，我們有信心我們的財務展望在2027會計年度之後仍將持續改善。我們將在下一季的財報電話會議中提供更新的觀點，包括對2027會計年度的指引。

Carpenter Technology checks every important shareholder criteria box. To date, we have created significant shareholder value, but we are only at the beginning of this growth journey. The best is still to come. Thank you for your attention, and I will now turn the call back to the operator.

Carpenter Technology符合股東所重視的每一項關鍵評估標準。迄今為止，我們已創造可觀的股東價值，但我們仍僅處於這段成長旅程的起點。最精彩的仍在後頭。感謝各位的聆聽，接下來我把電話交回給接線員。

(Operator Instructions) Gautam Khanna, TD Cowen.

(接線員指示) TD Cowen 的 Gautam Khanna。

Just wanted to ask if you could comment on like lead times if they changed at all, broadly, engines and other key submarkets? Also wanted to get a sense for what do you think is possible with respect to increasing output? I know you guys are kind of 24/7 full out, but just as we think about '27 and '28 outside of pricing, how much tonnage could grow over those couple of years?

我想請教你們能否評論一下交期是否有任何變化，整體而言，在引擎以及其他關鍵子市場方面？另外也想了解一下，你們認為在提高產出方面有哪些可能性？我知道你們基本上是24/7全力運轉，但當我們思考到2027與2028年、撇開定價因素不談，這兩年之間的產量（噸數）大概能成長多少？

Yeah, sure. On lead times, they remain fairly consistent quarter over quarter, but I do anticipate those starting to push out here in the near term. As you well know, we cap lead times anyway based on our order activity, but I see those pushing out as we go over the next couple of quarters even higher than they are right now.

好的，當然。關於交期，整體來看各季之間仍相當一致，但我確實預期在短期內交期會開始拉長。如你所知，我們也會依據接單活動對交期設上限，但我看到未來幾季交期會進一步往後推，甚至高於目前的水準。

Your second question is a really good one. And that's one of the reasons I kind of alluded to the fact that we're producing record earnings when the aerospace market specifically is still accelerating. And it's also the reason why we've noted a couple of times the order intake acceleration of aerospace structural materials. Because although you say we're operating 24/7, which is correct on specific process or production flow path, particularly on the engine side, but on some of the other aerospace submarkets, we are not. We have pockets of opportunity there. And because the structural market was not ordering.

你的第二個問題非常好。這也是我先前提到的一個原因：即便航太市場（特別是）仍在加速，我們卻已經在創造創紀錄的獲利。這也解釋了為什麼我們多次提到航太結構材料的接單加速。因為雖然你說我們24/7運轉——就特定製程或生產流程路徑而言，尤其在引擎端確實如此——但在其他一些航太子市場，我們並不是這樣。那裡仍有一些可把握的機會。而且因為結構市場先前並沒有下單。

So we have a very nice opportunity from a volume standpoint in some of those submarkets over the next couple of quarters, over the next couple of years as you stated. And I think Brian mentioned in his prepared remarks, you're still -- we've done a tremendous amount of work on productivity. I mean that just jumps off the page, but there's still a lot more to do there. So from a volume standpoint, Gautam, I guess, to summarize my answer, there's still a lot left in the tank there for us.

因此，從量的角度來看，在其中一些子市場，未來幾季、以及你所說的未來幾年，我們都有非常好的機會。我想 Brian 在事先準備的發言中也提到，你仍然——我們在生產力提升上做了大量工作。我的意思是，成果非常明顯，但仍有很多可以再做的地方。所以從量的角度來看，Gautam，總結我的回答：我們還有很大的成長空間可發揮。

Scott Deuschle, Deutsche Bank.

德意志銀行的 Scott Deuschle。

Tony, for the transactional price increases that you referenced in the press release, is that mostly referring to favorable transactional pricing for aerospace structural alloys? Or are you seeing those transactional prices create a lot more broadly across the portfolio?

Tony，關於你在新聞稿中提到的交易性價格上調，這主要是指航太結構合金的有利交易價格嗎？還是你們看到這些交易價格的改善更廣泛地出現在整個產品組合中？

Yeah, Scott, remind me, I'm not sure I specifically mentioned price in my prepared remarks. I talked about order intake increasing on that specific submarket, but I will say that we continue to see pricing as a tailwind force. Again, you know this very well, but you see our price per pound potentially being flat. That's a good news for our overall earnings because you see structural business being a bigger ratio of our total volume. That's good. It does have a relatively lower price point than, for example, engines. But if you look at Aerospace, in total, you'll still see a positive trend there. So I'll come back with a follow-up there if I didn't quite answered your question.

是的，Scott，提醒我一下，我不確定我在事先準備的發言中是否有特別提到價格。我談到的是該特定子市場的接單增加，但我可以說，我們仍持續看到定價成為一股順風。同樣地，你也很清楚，你可能會看到我們每磅價格大致持平。這對我們整體獲利是好消息，因為你會看到結構性業務在我們總出貨量中的占比提高。這是好事。相較於例如引擎業務，它的價格點確實相對較低。但如果你看航太整體，你仍會看到正向的趨勢。如果我沒有完全回答你的問題，我會再補充跟進。

Okay. Yeah, that's fine. And then has the frequency of expedite requests has been increasing pretty steadily each month this year? Or is that -- have those expedite requests been pretty erratic each month?

好的。嗯，沒問題。另外，今年以來每個月的加急需求（expedite requests）頻率是否一直穩定上升？還是說——這些加急需求每個月都相當不規則？

Yeah, that's an interesting question. I guess there is a feel of a little bit that they're a little bit unpredictable from that standpoint. But if I can't say they've been consistently unpredict like we're getting those on a pretty regular basis. I think those are going to increase if history is any indication. As I said in the prepared remarks, we share the same sentiment as the OEMs where they do not believe that the order intake, although increasing, is not enough yet.

是的，這是個有意思的問題。我想從這個角度看，確實有一種感覺是它們有點難以預測。但如果要我說，它們也不是一直都那麼不可預測——我們其實相當常態性地會收到這類需求。如果歷史可作為參考，我認為這些需求會增加。正如我在事先準備的發言中所說，我們與OEM的看法一致：他們認為接單量雖然在增加，但仍然不夠。

There is concern on the OEMs that suppliers are not ordering enough material fast enough. We agree with that. And I think as that continues to step up, you'll get more and more emergency orders. I mean also, as you all know, I really don't want to be in the Emergency Order business. I'd like for all the customers to order at a nice consistent pace so we can plan our facilities the best possibly can. But I do see that, that's going to increase for us over the next couple of quarters. I think that's pretty well in absolute.

OEM擔心供應商下單材料的速度不夠快、數量也不夠。我們同意這點。我認為隨著這種情況持續升溫，你會看到越來越多的緊急訂單。另外，如各位所知，我其實不希望我們是在做「緊急訂單」的生意。我希望所有客戶都能以穩定一致的節奏下單，讓我們能以最佳方式規劃產能與廠房。但我確實看到，未來幾季這對我們而言會增加。我認為這在絕對值上相當明確。

Okay. And then last question, Tim, can you say how much IGT revenue specifically was up in the quarter? I think can you give us an updated sense as to how much of the energy mix is now IGT at this point as opposed to oil and gas?

好的。最後一個問題，Tim，你能否說明本季IGT營收具體成長了多少？另外，你能否更新一下目前能源組合中IGT占比大概是多少，相較於石油與天然氣？

Yeah. Yeah, you see on that one slide, you said the total energy, that was almost 100% driven by IGT. And right now, IGT is, I would say that dominating that space. Oil and gas is rather subdued from quarter-to-quarter. So IGT was the big driver this quarter. Now keep in mind also big increase in IGT. Remember, last quarter, I believe you had it, it was a pretty material decrease, and that's just the order patterns of IGT. So I don't get too excited if I see a plus 36% because you had a big order come in, you could be minus 20% the next quarter. But over a long period of several quarters' time, we've seen significant and consistent increase on the IGT business.

可以。你在那張投影片上看到的能源總額，幾乎100%都是由IGT所帶動。而目前我會說，IGT在那個領域占據主導地位。石油與天然氣則是各季之間相對低迷。所以本季的主要驅動因素是IGT。不過也請記得，IGT的增幅很大。回想上一季，我相信你也看到，當時是相當明顯的下滑，這只是IGT的下單模式所致。因此當我看到+36%時不會太興奮，因為如果下一季沒有大單進來，可能就會變成-20%。但拉長到好幾季的期間來看，我們看到IGT業務有顯著且持續的成長。

Josh Sullivan, Jones Trading.

Josh Sullivan，Jones Trading。

Just want to say congratulations, Tony, to the next phase here. Great job done starting Carpenter to these heights; and to Brian, congratulations on the next leg here.

只是想說恭喜你，Tony，進入下一個階段。把 Carpenter 帶到這樣的高度，做得非常好；也恭喜 Brian，邁向下一段里程碑。

Thank you.

謝謝。

But I guess just a follow-up on the Aerostructures question. Boeing made some comments. I think above what was it, 47%, it would take a bigger investment on the supplier inventory side versus some of the previous jumps. And so when you talk about supply chain under ordering, would you expect that, or is it your sense that we're going to -- the supply chain is going to see that and tighten up in the near term? Or do you think we need to be at above 47% as Boeing is kind of talking about to really see the supply chain react?

不過我想就 Aerostructures 的問題再追問一下。波音有一些評論。我記得他們說，若高於大概 47%，相較於先前幾次的提升，供應商端庫存需要更大的投資。所以當你談到供應鏈「少下單」時，你會預期會出現那種情況嗎？還是你的看法是——供應鏈會看到這點並在短期內收緊？或者你認為必須到高於 47%（如波音所說）才會真正看到供應鏈做出反應？

Well, Josh, that's a really good question. In many ways, that's the million-dollar question, right? What is that last piece of information that drives that increased behavior. I can say we speak regularly to our customers about that. I would say, every month, you see more and more activity. I don't necessarily think that it needs to be at 47% before you see a big jump in activity, particularly on the structural side, only because we've already seen a nice jump up. No, that's not enough.

Josh，這真的是個很好的問題。在很多方面，這就是那個百萬美元問題，對吧？到底是哪最後一塊資訊會驅動行為的提升。我可以說，我們會定期和客戶就此溝通。我想說的是，每個月你都會看到越來越多的活動。我不一定認為必須到 47% 才會看到活動大幅跳升，尤其是在結構件這一端，因為我們已經看到不錯的一波上升。不，這還不夠。

I think another really important point that I made there too, Josh, is where Boeing stated that they have basically exhausted their inventory. That's a key piece of information. So let's see how it plays out, but I don't necessarily think we have to wait for the 47% to see that next push up in orders. Let's see how it goes over the next 30, 60 days.

Josh，我剛才也提到另一個非常重要的點：波音表示他們基本上已經把庫存消耗殆盡。這是一個關鍵資訊。所以我們看看後續如何發展，但我不一定認為我們必須等到 47% 才會看到下一波訂單往上推升。接下來 30 到 60 天我們再觀察看看。

Got it. And then I guess just kind of relatedly on the cash flow profile for Carpenter, whenever that does happen, you start to see that order intake, I mean, is there any working capital builds? I know you guys you're out so far in your lead times, maybe not. Just curious when that bow wave does finally hit. I mean, is there any sort of thought process on the cash flow profile or should be pretty consistent?

了解。那再延伸問一下 Carpenter 的現金流輪廓：當那件事真的發生、你開始看到接單量上來時，我是說，會不會有任何營運資金的增加？我知道你們目前交期已經排得很遠了，也許不會。只是好奇當那波「堰塞湖」終於湧來時。現金流輪廓上有沒有什麼思考？還是應該會相當一致？

I'll leave that one to Tim.

這題我交給 Tim 來回答。

Yeah, I'd say it's pretty consistent, Josh, over time. I mean we still think inventory is an opportunity for us. That would be the biggest impact, I mean sales increasing in AR and days and things like that. But we view all the work that's being done on productivity, we view inventory as an opportunity. So I don't see us investing heavily in inventory just to meet demand.

對，我會說長期來看相當一致，Josh。我的意思是，我們仍然認為庫存對我們而言是一個機會點。最大的影響會是銷售增加帶動應收帳款（AR）與天數等這些項目。但我們把目前在生產力上的所有工作視為重點，也把庫存視為一個機會。所以我不認為我們會為了滿足需求而大幅投資庫存。

And then just one last one, just on more of the jet engine aftermarket bookings characteristics for the quarter, just on that, and then I'll jump back in the queue.

最後一題，關於本季噴射引擎售後市場接單的特性，就這點問一下，然後我再回到排隊序列。

And what's the question, just the bookings on engines? Is that what you said?

你的問題是什麼——只是引擎的接單嗎？你是這樣說的嗎？

Yes, forging jet engine side, more aftermarket kind of related activity as just some questions around obviously the broader air traffic environment and maintenance market. Just any comments you might have there?

是的，鍛造噴射引擎那一端，偏售後市場相關的活動；主要是因為大家對整體航空運輸環境與維修市場有一些疑問。你們那邊有沒有什麼評論可以分享？

Yeah, sure. You usually Gautam asks me this question on what sales are -- engines are up sequentially -- so I'll tell you that we're -- engines sequentially were up 24% sales year over year 44%. So still see very strong sales on the engine side. Fasteners were up 9% or 10% sequentially, 20% year over year. So do you see good movement there. Orders were pretty much in line. We had a big quarter last quarter, had another big quarter this quarter in orders. And as I've said before, I think you'll continue to see that increase over the next couple of quarters.

好的，當然。通常 Gautam 會問我這題，關於銷售——引擎是季比上升——所以我跟你說：我們引擎業務季比銷售成長 24%，年增 44%。所以引擎端的銷售仍然非常強勁。緊固件季比上升 9% 或 10%，年增 20%。所以你也看到那邊有不錯的動能。訂單大致上符合預期。我們上季訂單很強，本季訂單也同樣很強。而且如我之前所說，我認為接下來幾季你會持續看到那樣的增長。

Bennett Moore, JPMorgan.

Bennett Moore，摩根大通（JPMorgan）。

Congrats on the quarter. I wanted to come to defense. And I'm wondering if you've seen any uptick in defense-related orders since the onset of the conflict. And maybe if you could provide any color on where you might have more exposure within those submarkets, for instance, munitions versus jets, et cetera?

恭喜本季表現。我想談談國防。我想知道自衝突爆發以來，你們是否看到國防相關訂單有任何增加？另外，能否提供一些細節，說明你們在那些次市場的曝險較多，例如彈藥相對於戰機等等？

Yeah, it's a great question. We saw increased activity even in advance of the Middle East conflict just because with the Department of War wanting to revitalize and restock, if you will. So we have seen that in the past already. And just as a reminder, just as you start talking about different submarkets there. I mean we're a supplier, I think we have been on many platforms, fixed wing, rotorcraft, naval missile armored vehicles. So we're across multiple submarkets, if you will, that are all very program-specific.

是的，這是個很好的問題。其實即便在中東衝突之前，我們就已經看到活動增加，因為國防部希望重振並補充庫存（如果你願意這麼說）。所以我們過去就已經看到這種情況。再提醒一下，當你開始談不同次市場時，我們是一家供應商，我想我們在很多平台上都有供貨：固定翼、旋翼機、海軍飛彈、裝甲車輛。所以我們橫跨多個次市場，而這些都非常依賴特定專案（program-specific）。

So again, it is a it is more of a lumpy order pattern depending on the program. But we see this as a submarket that's going to continue to increase. In many ways, the impact of the conflict has not been felt yet. I mean, there could potentially be another push upward on orders just to do that replenishment. So that's not always immediate signal that we see through the supply chain. So I think there's probably more to come on the order intake from a defense standpoint, which was already elevated, I think it goes to the next level.

所以再說一次，訂單型態會比較不均勻（lumpy），取決於不同專案。但我們認為這個次市場會持續成長。在很多方面，衝突的影響其實還沒有真正反映出來。也就是說，為了補庫存，訂單可能還會再往上推一波。所以這不一定會立刻在供應鏈中形成我們能看到的訊號。因此我認為，從國防角度來看，接單量可能還有更多增量；本來就已經在高檔，我認為會再上到下一個層級。

Thanks for that context. And then I think this quarter's buybacks were the strongest since the program started and despite the Athens CapEx, the free cash flow outlook is improving. So I'm wondering how this might impact any capital allocation decisions? Could we expect to see a relatively higher quarterly buyback run rate moving forward?

謝謝這些背景。另外，我想本季的庫藏股回購是自計畫啟動以來最強的一季；而且儘管有 Athens 的資本支出（CapEx），自由現金流展望仍在改善。所以我想知道這會如何影響資本配置決策？未來我們是否可以預期每季回購的執行速度（run rate）相對提高？

Well, it's possible. I mean it's a good position to be in, right? I think it's very important, and I said it in my prepared remarks because I think it's critical to our shareholders is that we're going to stay balanced. We're going to have a repurchase program. We're working on our current brownfield. That's our focus. And that type of relationship, if you will, you should anticipate that being pretty close to the same going forward. That's how we're going to run the company. And I've got Brian sitting here right next to me. He's shaking his head. That's obviously exactly the way he feels as well.

嗯，這是有可能的。我的意思是，這是一個不錯的位置，對吧？我認為非常重要——我也在事先準備的談話中提到——因為我覺得這對股東至關重要：我們會保持平衡。我們會有回購計畫。我們正在推進目前的既有廠區擴建（brownfield）。那是我們的重點。而這樣的配置關係，你可以預期未來大致會維持相近。這就是我們經營公司的方式。Brian 就坐在我旁邊。他正在點頭。顯然這也正是他的想法。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

I kind of wanted to dig into LTAs a little bit further. I think in the release you had talked about and in your comments as well, a willingness to kind of further advance some of those LTAs. There's some that are in the works right now, really pushing for volume visibility and pricing consistency. Is that an indication that you think LTA mix might increase through the coming quarters and years? I guess I'm trying to figure out how that mix might evolve with where we are in the demand environment?

我想再更深入探討一下 LTA。我認為在新聞稿以及你們的評論中都有提到，你們願意進一步推進其中一些 LTA。目前有一些正在進行中，主要是為了提升對出貨量的可視性以及價格的一致性。這是否表示你們認為在接下來幾個季度與幾年，LTA 的占比可能會提高？我想了解的是，在目前的需求環境下，這個占比可能會如何演變？

Yeah, Andre, that's a good question. Total Carpenter, I mean, our percent LTA is in the 40%. Now if you look at Aerospace only, it jumps up quite a bit. You're in the low 60%. So 60% -- 60% to 65% of Aerospace revenue is under some type of LTA. Honestly, I don't see that changing a lot going forward. Mutually, there are some customers that don't operate under an LTA based on their preference. I would say what's changing is the customers that historically have been doing business with us under LTA would like for those to be longer.

是的，Andre，這是個好問題。以 Carpenter 整體來看，我們的 LTA 占比在 40% 左右。如果只看航太業務，這個比例會高很多。大約在 60% 出頭。所以航太營收中有 60%——約 60% 到 65%——是在某種形式的 LTA 之下。坦白說，我不認為未來這會有很大的改變。雙方來看，有些客戶基於自身偏好並不在 LTA 架構下運作。我會說正在改變的是：那些過去一直在 LTA 下與我們合作的客戶，希望把這些合約拉得更長。

Of course, and that's another data point to suggest that they also believe in the tightness of the market and it's only going to get tighter. That's why they'd like to have it longer. We work with each of our customers individually on what's best for both of us. So I guess, gave you a little bit more than what you asked for. But at a high level, I don't see that percentage changing drastically going forward.

當然，而這也是另一個數據點，顯示他們同樣相信市場供需緊俏，而且只會變得更緊。這就是為什麼他們希望合約期限更長。我們會與每一位客戶逐一合作，找出對雙方都最好的安排。所以我想，我給你的資訊可能比你問的還多一點。但從高層次來看，我不認為這個比例未來會出現劇烈變化。

Got it. Got it. That's all helpful color. I think pivoting back not to beat the dead horse here, but aerostructure orders. What kind of quantifiable color can you give there? I remember last quarter, you guys had said like January month-to-date orders were higher than any month in '25. Like is there a similar metric that you can give us right now to kind of show just where demand is for Aerostructures?

了解。了解。這些補充都很有幫助。我想再回到另一個話題，不是要老調重彈，但關於航太結構件（Aerostructures）訂單。你們能提供哪些可量化的補充說明？我記得上季你們提到，像是一月截至當時的訂單量高於 2025 年任何一個月份。那現在是否也能給我們類似的指標，來說明航太結構件的需求到底處在什麼位置？

Well, we had a -- I'll say it this way, without getting into specifics on all the submarkets, you had a continued strong order demand for structural last quarter and you saw a similar type of increase this quarter. So no pullback on the structural side. And Andre, to be honest, I think that's going to continue. And that's why we made the point about, I don't think the order rate that's coming in to us, although it's increasing significantly, I'm speaking on the structural side, those more distribution value-add customers, even though it's increased significantly, I think there's still a lot more to go there.

嗯，我們——我這樣說吧，不去談所有次市場的細節，上季在結構件方面的訂單需求持續強勁，而本季你也看到類似幅度的增加。所以結構件這邊沒有出現回落。而且 Andre，老實說，我認為這會持續下去。這也是為什麼我們提到：我不認為目前進到我們這裡的接單速度——雖然在結構件這邊顯著增加，我指的是那些偏通路、增值服務的客戶——即便已經大幅增加，我仍認為後面還有很大的成長空間。

Samuel McKinney, KeyBanc Capital Markets.

Samuel McKinney，KeyBanc Capital Markets。

It seems -- it sounds like some of that fiscal year '26 CapEx has been pushed into next year. Could you give us a little more color on the reasons behind the delayed cash spend at the brownfield expansion?

看起來——聽起來你們把 2026 財年的部分資本支出（CapEx）推遲到明年了。能否就棕地擴建（brownfield expansion）現金支出延後的原因，提供更多說明？

Yes, Sam, this is Tim Lain. So you're right. We did defer about $40 million of the expected. We set a number for CapEx has started the year around $300 million, we're down -- and that includes the annual $125 million of targeted CapEx in addition to the brownfield capacity. It's a pretty complex project. You make a set of assumptions on the activities that are going to happen, and then on top of that, you've also got to project what you think cash payments are going to be relative to different milestones and payment terms and again, a lot of variability. So throughout the year, we're looking relatively positive. We just finished Q3, we have a good handle on what's going to happen in the next 90 days.

好的，Sam，我是 Tim Lain。你說得沒錯。我們確實遞延了約 4,000 萬美元的預期支出。我們年初設定的 CapEx 約為 3 億美元，目前下修——而這個數字包含每年 1.25 億美元的目標性 CapEx，另外再加上棕地擴產的產能投資。這是一個相當複雜的專案。你會先對將要發生的活動做一組假設，除此之外，還必須推估你認為現金付款相對於不同里程碑與付款條件會如何發生，而這裡面同樣有很大的變動性。所以在整個年度過程中，我們的狀況看起來相對正面。我們剛完成第三季，對接下來 90 天會發生什麼也有很好的掌握。

So it isn't an indication -- it's an indication of the cash, not necessarily an indication of the progress on the project, the project is still on track from a timing and budget perspective, it's really just the timing of cash payments. So that's why we reduced the estimate to $260 million for the year for CapEx.

所以這並不是——這反映的是現金支付的時點，不一定代表專案進度有問題；從時程與預算角度來看，專案仍在軌道上，主要只是現金付款時點的差異。因此我們把今年的 CapEx 估計下修到 2.6 億美元。

Okay. Then I asked this because I know we all get questions about it on our end. And I know you said you touched on it next call, but the release generally talked about continued momentum into next year. Did you guys give any thought to updating that existing EBIT guidance range for next year given the commercial aerospace production momentum has clearly improved meaningfully since you gave that outlook last year?

好的。我之所以問，是因為我知道我們這邊也常被問到這件事。我知道你們說會在下次電話會議再談，但新聞稿大致提到動能會延續到明年。鑑於商用航太的生產動能自你們去年給出展望以來顯然已明顯改善，你們是否有考慮更新明年既有的 EBIT 指引區間？

Is the question, Sam, did we give any thought to given that update this quarter?

Sam，你的問題是：我們是否有考慮在本季就更新那個指引？

Yes. That's the question.

是的。就是這個問題。

Yes. Well, we have a very detailed process, right? And I could tell you right now at what '27, '28, '29 and '30 (inaudible). I've got a number for each one of those. But I want to drive and Brian wants to drive ownership down throughout the entire organization. So we have a process that -- we do our first cut in the fall.

是的。嗯，我們有一套非常細緻的流程，對吧？我現在就可以告訴你 2027、2028、2029 和 2030 年（聽不清）的狀況。這些年度我各自都有一個數字。但我希望推動——Brian 也希望推動——把責任歸屬一路往整個組織下放。所以我們有一個流程——我們會在秋季先做第一輪。

We come back in the spring, and we do a bottoms-up cut of that again, right, where the commercial team does customer by customer, product by product, operations folks come in, piece of equipment by piece of equipment, what the productivity rates are going to be, and we're in the process of doing that right now. Now Brian and I both know what that number in '27 needs to be, but I want the ownership of the people out on the shop floor that they're not only going to hit that number, but exceed that number.

接著春季再回來，重新做一次由下而上的編製，對吧？商務團隊會逐一按客戶、按產品來做；營運團隊也會進來，逐一按設備、按設備來看生產力率會是多少，而我們現在正在進行這個流程。Brian 和我都知道 2027 年那個數字需要是多少，但我希望讓現場產線上的同仁真正擁有這個目標的責任感，不只是達成那個數字，而是要超越那個數字。

So I don't want to interrupt a process that has worked very, very well for us over the last several years and we'll be wrapping that up here shortly. And then the next time we speak publicly will be the fourth quarter, so that's why you'll get it in the fourth quarter. And that's why we did it the last couple of years. Sam, that work for us, and that gets a buy-in from our entire organization. But as I said in my notes, I mean, it's clear that the 2027 number, as it stands now, is outdated, and we'll be doing much better than that.

所以我不想打斷一個在過去幾年對我們非常、非常有效的流程，我們也會在近期把它收尾。而我們下一次公開對外溝通會是在第四季，因此你們會在第四季聽到更新。這也是我們過去幾年一直採用的做法。Sam，這套做法對我們有效，也能讓整個組織取得共識。但如同我在備註中所說，很明顯地，以目前的情況來看，2027 年的數字已經過時了，我們的表現會比那個好很多。

(Operator Instructions) Scott Deuschle, Deutsche Bank.

(接線員指示) Scott Deuschle，德意志銀行。

Tony, did I hear you right that jet engine revenue was up 44% year over year? And then was there any submarket within A&D that moved against you in a meaningful way to offset that?

Tony，我有沒有聽錯，你說噴射引擎營收年增 44%？另外，在航太與國防（A&D）裡面，有沒有任何子市場出現對你們不利、且幅度足以抵消的變動？

I did say that. I think total A&D was up 17%. I think some of the other ones, you'll have different pockets that were plus and minus a little bit faster, so it was up as well. You had a really, really big structural sales month -- sorry, not month, quarter -- last quarter. So this quarter, the structural distribution was actually down from a sales standpoint a little bit, but the orders are high. So you know how that works, Scott. It doesn't always match up in that tight 90-day window.

我確實是這麼說的。我認為整體航太與國防（A&D）年增 17%。我想其他一些領域會有不同區塊，增減的速度略有不同，所以整體也上升。你們上季有一個非常、非常大的結構件銷售月份——抱歉，不是月份，是季度——在上一季。所以這一季，從銷售角度來看，結構件分銷實際上略有下滑，但訂單很高。所以你知道這是怎麼運作的，Scott。它不一定會在那個緊密的 90 天窗口內完全對得上。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

The incremental margins that you've been putting up ex surcharge at SAO have been extraordinary. I think this past quarter, 80%-some looks like you're forecasting or baking in kind of something similar in Q4. But how do we think about what might be more normal incremental margins for that business as the structural piece kind of becomes a bigger portion, I would assume, going forward?

你們在 SAO（不含附加費 surcharge）的增量利潤率表現非常驚人。我想本季看起來是 80% 多，而且你們似乎在預測或在 Q4 也納入了類似水準。但隨著結構件（structural）部分未來占比變得更大（我猜是如此），我們應該如何看待該業務更「正常」的增量利潤率可能會是多少？

Yeah, David, number one, welcome to the call. We appreciate you picking up coverage. I think I'm going to get Brian involved on the call here and let him give a comment, at least from a high level from operating margins and maybe I can fill back in afterwards.

是的，David，第一，歡迎加入這通電話會議。我們很感謝你開始覆蓋我們。我想我會請 Brian 也加入來回應，至少先從營業利潤率的高層角度給些評論，之後我再補充。

Yeah. Yeah. So as you've seen, we've delivered steady increase in SAO margins, and we're very happy with the efforts of the commercial and operating teams to achieve the 35.6% this quarter, but we've got a strong performance mindset. We obviously have action plans in place to continue to grow from here. Just remind you that quarter-by-quarter, the margin expansion isn't going to be linear.

好的。好的。如你所見，我們持續穩定提升 SAO 的利潤率，我們也對商務與營運團隊的努力感到非常滿意，讓本季達到 35.6%；但我們有很強的績效導向心態。我們顯然也已制定行動計畫，從這裡繼續成長。提醒一下，逐季來看，利潤率擴張不會是線性的。

So there are a lot of factors we mentioned in our prepared comments that operating margins can be in any given quarter different. But overall, we see a positive trend upwards I'm not going to start forecasting quarterly operating margins, but I will say that my expectation is that 35.6% is not the ceiling. We expect the dynamics that are driving margins today to only get stronger in the coming years.

我們在事先準備的評論中提到，影響因素很多，因此營業利潤率在任何一個季度都可能不同。但整體而言，我們看到正向向上的趨勢。我不會開始預測每季的營業利潤率，但我會說，我的預期是 35.6% 不是天花板。我們預期，推動當前利潤率的動能在未來幾年只會更強。

And I would just add on to that because you mentioned structural specifically, and that's a very good point. Certainly, as the market grows and we want it all to grow, and you see that structural business get higher, that could have an impact. Now just because something that's at a lower price doesn't necessarily mean it's a lower margin, right, because it has a different process flow. But we've been able to offset any of those type of mix movements with some of our other levers. So hopefully, that was -- that answered your question.

我也補充一下，因為你特別提到結構件，這點非常好。當然，隨著市場成長、而我們也希望各項都成長，當你看到結構件業務占比提高時，確實可能會有影響。不過，價格較低的產品不一定代表利潤率較低，對吧，因為它的製程流程不同。但我們已能透過其他槓桿來抵消這類組合（mix）變動。所以希望這——回答了你的問題。

Yeah. Yeah. And then -- I appreciate that. That's helpful. And then on the price per pound discussion with regard to SAO, how do we kind of reconcile flattish price with, I think, relatively slight year-over-year with engine up so much year-over-year? I thought you were kind of implying or my understanding is engine price per pound would be higher than kind of structural and fasteners. So just asking kind of how do we reconcile that?

是的。是的。然後——我很感謝。這很有幫助。另外，關於 SAO 的每磅價格（price per pound）討論，我們該如何把價格大致持平（我想年對年只是小幅變動）與引擎業務年對年大幅成長連結起來？我原本以為你在暗示，或我的理解是，引擎的每磅價格應該會高於結構件與緊固件。所以想請教，我們該如何調和這點？

Yes. I'll tell you this, David, I don't want to get into a habit of giving price movement by every submarket. But it is a good question. And I will say, remember, we're about 65% aerospace. So that number you saw was total CRS. You saw some improvement, some higher sales in some of our non-aerospace markets that have traditionally a lower price. I will give you this that if you look at aero only year-over-year, price is up almost 10%. So that's the real driver. It is so mix dependent. But from an aero only standpoint, you see that continue to go up. As you see other non-aero businesses or submarkets increase in volume, that's a good thing for overall earnings that could have a more of a lowering the impact on the overall Carpenter total price per pound.

是的。David，我先說，我不想養成針對每個子市場逐一提供價格變動的習慣。但這確實是個好問題。我也要提醒，你知道我們大約 65% 是航太。所以你看到的那個數字是 CRS 的總體。你也看到我們一些非航太市場的銷售有所改善、銷量更高，而那些市場傳統上價格較低。我可以補充的是，如果你只看航太業務的年對年，價格上升了將近 10%。所以那才是真正的驅動因素。這非常取決於產品組合。但從僅航太的角度，你會看到它持續上升。當你看到其他非航太業務或子市場的量增加時，這對整體獲利是好事，但可能會對 Carpenter 整體每磅總價格造成較偏向下拉的影響。

I would now like to hand the call back to John Huyette for closing remarks.

我現在要把電話交回給 John Huyette 作結語。

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

謝謝接線員，也謝謝各位今天參加我們 2026 會計年度第三季的電話法說會。祝各位今天剩下的時間愉快。

Thank you for attending today's call. You may now disconnect. Goodbye.

感謝您參加今天的電話會議。您現在可以掛線。再見。