Carpenter Technology Corporation (CRS) 2026 Q4 法說會逐字稿

Hello, everyone, and thank you for joining us, and welcome to the Carpenter Technology Corp Q4 FY26 earnings presentation.

各位好，感謝各位加入我們，歡迎參加 Carpenter Technology Corp 2026 財年第四季（Q4 FY26）財報簡報。

(Operator Instructions)

（接線員指示）

I will now hand the conference over to John Huyette, Vice President, Investor Relations. Please go ahead.

我現在把會議交給投資人關係副總裁 John Huyette。請開始。

Thank you, operator. Good morning, everyone, and welcome to the Carpenter Technology earnings conference call for the fiscal 2026 fourth-quarter ended June 30, 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.

謝謝，接線員。各位早安，歡迎參加 Carpenter Technology 截至 2026 年 6 月 30 日止之 2026 財年第四季財報電話會議。本次會議亦透過網際網路直播，並搭配簡報投影片。使用電話收聽的各位，投影片切換可能會有時間延遲。

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

今天出席的講者包括：董事長、總裁暨執行長 Tony Thene，以及資深副總裁暨財務長 Tim Lain。

Statements made by management during this earnings presentation that are forward-looking statements are based on current expectations. Risk factors that could cause actual results to differ materially from these forward-looking statements can be found in Carpenter Technology's most recent SEC filings, including the company's report on Form 10-K for the year ended June 30, 2025, Forms 10-Q for the quarters ended September 30, 2025, December 31, 2025, and March 31, 2026, 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這些前瞻性陳述有重大差異的風險因素，載於 Carpenter Technology 最近向美國證券交易委員會（SEC）提交的文件中，包括公司截至 2025 年 6 月 30 日止年度的 Form 10-K 報告、截至 2025 年 9 月 30 日、2025 年 12 月 31 日及 2026 年 3 月 31 日止各季的 Form 10-Q，以及隨附於上述申報文件的附件。

Please also note that in the following discussion, unless otherwise noted, when management discussed 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，管理層提及銷售額或營收時，該數字不包含附加費（surcharge）。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。

I will now turn the call over to Tony.

我現在把電話交給 Tony。

Thank you, John, and good morning to everyone. Before I begin this morning, I want to take a moment to share my condolences on behalf of the Carpenter Technology family to Brian Malloy's family. His sudden passing last week was a tragic loss and a shock to all of us. Brian joined the company in 2015 and through various leadership roles was instrumental in advancing Carpenter Technologies' strategic priorities over the last decade. And on July 1, Brian became CEO, a role he was truly excited to take on.

謝謝你，John，各位早安。在我今天早上開始之前，我想代表 Carpenter Technology 大家庭，向 Brian Malloy 的家人致上哀悼。他上週的驟然離世，是一個悲痛的損失，也讓我們所有人震驚。Brian 於 2015 年加入公司，並在不同的領導職務中，於過去十年間對推動 Carpenter Technologies 的策略重點發揮了關鍵作用。並且在 7 月 1 日，Brian 就任執行長一職，這是他真正非常期待承擔的角色。

Brian will be forever remembered here as a trusted and respected leader for his commitment to our values, employees, and the company's long-term success. Brian was a friend, and he will be sorely missed. As you know from our press release, I was reappointed by the Board of Directors to the role of CEO. To be clear, this is not an interim assignment, and we are not launching an external search for a new CEO. The plan is for me to remain as a CEO for an indefinite period of time.

Brian 將永遠被我們銘記為一位值得信賴且備受尊敬的領導者，他致力於我們的價值觀、員工以及公司的長期成功。Brian 是一位朋友，我們將深切懷念他。如各位從我們的新聞稿所知，我已由董事會重新指派擔任執行長。我要說明清楚，這不是臨時指派，我們也不會啟動對外尋找新執行長的程序。計畫是我將在不定期間內持續擔任執行長。

Now on to the business of the earnings call. Let's turn to slide 4 and a review of our safety performance. We start every quarterly earnings presentation with our safety slide, reinforcing that a zero injury workplace is our number one value and our ultimate goal. We believe that superior sustainable operational performance is only possible in a company culture that places the safety of their employees as an unquestionable number one priority.

接著進入本次財報電話會議的業務內容。請看投影片第 4 頁，回顧我們的安全績效。我們每一季的財報簡報都以安全投影片作為開場，強調零傷害的工作場所是我們的第一價值與最終目標。我們相信，唯有在企業文化中將員工安全視為無可置疑的第一優先事項，才能達成卓越且可持續的營運表現。

We ended fiscal year 2026 with a total case incident rate of 1.4. We believe we are one of the safest manufacturing companies in the world, but we will only be satisfied with a zero injury workplace, a target that we firmly believe is possible.

我們以總案件事故率（total case incident rate）1.4 結束 2026 財年。我們相信我們是全球最安全的製造公司之一，但我們只會以零傷害的工作場所為滿足；我們堅信這個目標是可以達成的。

Let's turn to slide 5 for an overview of our fourth-quarter performance. Carpenter Technology just delivered another record quarter, reflecting the continued strong operational execution and accelerating demand across our high-value markets. In the fourth-quarter, we generated $206.9 million in operating income, exceeding our previous record set in the third-quarter by 11%.

請看投影片第 5 頁，概覽我們第四季的表現。Carpenter Technology 再次交出創紀錄的一季，反映我們持續強勁的營運執行力，以及高價值市場需求的加速成長。第四季我們創造 2.069 億美元的營業利益，較第三季所創下的前一項紀錄高出 11%。

The profitability was driven by the SAO segment, which delivered an adjusted operating margin of 37.8% in the quarter, another new record for the business. This margin compares to 35.6% in the prior quarter and 30.5% a year ago.

獲利主要由 SAO 事業部帶動，該事業部本季調整後營業利益率達 37.8%，再創業務新高。此一利益率相較於前一季的 35.6% 以及一年前的 30.5%。

As a result of the expanding margins, the SAO segment reported $229.7 million in operating income, an increase of 10% sequentially and another all-time record for the segment and above the expectation we had set for the segment. Importantly, these record earnings translated directly into another strong cash flow generation quarter.

受惠於利益率擴張，SAO 事業部營業利益達 2.297 億美元，較前一季成長 10%，再度創下該事業部歷史新高，亦高於我們先前對該事業部所設定的預期。更重要的是，這些創紀錄的獲利直接轉化為本季再度強勁的現金流量創造。

In the fourth-quarter, we generated $240.1 million in cash from operating activities and $155 million of adjusted free cash flow. And we continued returning cash to shareholders through our dividend and repurchase programs, executing $45.2 million of repurchases in the quarter, raising the total to $179.1 million for all of fiscal year 2026.

第四季我們來自營運活動的現金流入為 2.401 億美元，調整後自由現金流為 1.55 億美元。我們也持續透過股利與庫藏股回購計畫回饋股東，本季執行回購 4,520 萬美元，使 2026 財年全年回購總額提升至 1.791 億美元。

Turning to slide 6 and a closer look at fourth-quarter sales and market conditions. In the fourth-quarter of fiscal year 2026, sales increased in a strengthening demand environment year-over-year and sequentially. Starting with the aerospace and defense end-use market, sales were up 3% sequentially and up 17% year-over-year.

接著看投影片第 6 頁，更深入檢視第四季銷售與市場狀況。在 2026 財年第四季，於需求轉強的環境下，銷售額不論年增或季增皆上升。先從航太與國防終端市場來看，銷售額季增 3%，年增 17%。

Our sales growth reflects accelerating activity across the aerospace supply chain as OEMs continue to push toward higher build rates. Boeing and Airbus continue to increase production against a backlog of approximately 16,000 aircraft, while engine manufacturers remain focused on securing supply to support both increasing production rates and elevated MRO demand. On their earnings call Tuesday, Boeing stated that they expect to achieve rate 47 per month for the 737 this summer, and they discussed their plans to increase to rate 52 per month in the near term.

我們的銷售成長反映航太供應鏈活動加速，因 OEM 持續推動更高的生產速率。Boeing 與 Airbus 持續提高產量，以因應約 16,000 架飛機的訂單積壓（backlog）；同時，發動機製造商仍專注於確保供應，以支援產量提升以及維修、保養與大修（MRO）需求維持在高檔。Boeing 於週二的財報電話會議中表示，預期今年夏天 737 的月產能可達 47 架，並討論其在短期內提升至每月 52 架的計畫。

We see this reflected in the sequential increase in bookings for the aerospace and defense end-use market. And we heard this confidence from customers at the Farnborough International Air Show just last week. Our engine customers report strong demand with many commenting that demand is less of a concern than the capacity needed to meet that demand. Our fastener customers are ramping significantly and discussing with us areas where they need more material sooner. Across the board, our structural customers are expecting demand to accelerate in the coming quarters.

我們也從航太與國防終端市場訂單（bookings）的季增中看到這點。而就在上週的范堡羅國際航空展（Farnborough International Air Show），我們也從客戶端聽到同樣的信心。我們的發動機客戶回報需求強勁，許多人評論相較於需求本身，更令人擔心的是滿足需求所需的產能。我們的緊固件客戶正大幅拉升產能，並與我們討論哪些領域需要更早取得更多材料。整體而言，我們的結構件客戶預期未來幾季需求將加速。

For an increasing number of structural customers, we are already experiencing accelerated ordering with extending lead times. At the same time, some structural customers remain cautious in their ordering patterns, but at the same time, acknowledging that they are ordering below expected demand rates.

對於愈來愈多的結構件客戶，我們已經感受到訂購加速，交期也在拉長。同時，部分結構件客戶在下單模式上仍較為謹慎，但也同時承認其下單量低於預期需求水準。

We agree. And as that caution fades and ordering aligns with expected production rates, we expect demand to accelerate even further. In the defense submarket, we continue to see strong demand and urgent requests for material across multiple platforms. Moving on to the medical end-use market. Our sales were up 5% sequentially and down 30% compared to the prior year fourth-quarter.

我們同意。隨著這種謹慎情緒消退、下單與預期生產速率一致時，我們預期需求將進一步加速。在國防次市場方面，我們持續看到強勁需求，且多個平台皆有急迫的材料需求。接著談醫療終端市場。我們的銷售額季增 5%，但較去年第四季年減 30%。

This is the first-quarter in this fiscal year that medical end-use market sales were up sequentially. Our medical end-use market continues to have solid fundamentals, and we see ongoing improvement in demand across orthopaedics, dental, and cardiology. This quarter, energy end-use market sales flipped versus the large sequential increase last quarter, down 22% sequentially and 12% year-over-year. The demand from our IGT customers, primarily driven by the growing energy needs of data centers remains strong.

這是本財年中醫療終端市場銷售額首次出現季增。我們的醫療終端市場基本面仍然穩健，並看到骨科、牙科與心臟科領域的需求持續改善。本季能源終端市場銷售與上季大幅季增的情況相反，季減 22%，年減 12%。我們 IGT 客戶的需求仍然強勁，主要受資料中心日益成長的能源需求所驅動。

As we have said many times, quarterly sales for IGT material will fluctuate due to order timing and production scheduling. Finally, we saw a significant uptick in the sales for industrial and consumer end-use market, up 19% sequentially and 22% year-over-year.

如同我們多次提到的，IGT 材料的季度銷售會因訂單時點與生產排程而波動。最後，我們看到工業與消費者終端市場的銷售顯著上升，較前一季成長 19%，較去年同期成長 22%。

This was primarily driven by increasing demand from the semiconductor industry, where our materials are used in critical components in the semiconductor production process. We continue to see strong investment in fabrication facilities, semiconductor equipment, and supporting infrastructure. Customer confidence has improved, demand remains robust, and our position is strengthening in this market.

這主要是由半導體產業需求增加所帶動，我們的材料用於半導體生產流程中的關鍵零組件。我們持續看到對晶圓製造廠、半導體設備及相關支援基礎設施的強勁投資。客戶信心已改善，需求仍然強勁，而我們在此市場的地位也在強化。

In summary, we continue to operate in an accelerating demand environment across our high-value end-use markets. We believe that rate of growth will increase in the near term, specifically in the aerospace and defense end-use markets as airframers continue to increase build rates. Combined with our differentiated capabilities and capacity, this positions Carpenter Technology for meaningful growth, both in the near term and over the long term. Now I will turn it over to Tim for the financial summary.

總結而言，我們在高價值終端市場持續處於需求加速的環境中營運。我們相信短期內成長率將進一步提高，特別是在航太與國防終端市場，因為飛機製造商持續提高產量。結合我們差異化的能力與產能，這使 Carpenter Technology 在短期與長期皆具備可觀的成長動能。現在我把時間交給 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 9% year-over-year on 22% higher volume. Sequentially, sales were up 4% on 11% higher volume. The improving productivity, product mix and pricing are evident in our gross profit, which increased to $268.9 million in the current quarter, up 26% from the same quarter last year and up 7% sequentially.

謝謝你，Tony。各位早安。我將從第 8 頁投影片的損益表摘要開始。先從最上方來看，扣除附加費的銷售額在出貨量增加 22% 的帶動下，較去年同期成長 9%。與前一季相比，銷售額在出貨量增加 11% 的情況下成長 4%。生產力提升、產品組合與定價改善在毛利中表現明顯；本季毛利增至 2.689 億美元，較去年同期成長 26%，較前一季成長 7%。

Selling, general and administrative or SG&A expenses were $62 million in the fourth-quarter, roughly flat year-over-year and down $3.3 million sequentially. The SG&A line includes corporate costs, which were $28.6 million. This is up $1.3 million sequentially and up $1.7 million from the fourth-quarter of fiscal year 2025.

第四季銷售、一般及行政（SG&A）費用為 6,200 萬美元，較去年同期大致持平，較前一季減少 330 萬美元。SG&A 包含公司費用（corporate costs），金額為 2,860 萬美元。此項較前一季增加 130 萬美元，較 2025 會計年度第四季增加 170 萬美元。

For the upcoming first-quarter of fiscal year 2027, we expect corporate costs to be roughly in line with our recent fourth-quarter. Operating income was $206.9 million in the current quarter, which is 37% higher than our fourth-quarter of fiscal year 2025 and up 11% from our recent third-quarter.

對於即將到來的 2027 會計年度第一季，我們預期公司費用將大致與近期第四季相當。本季營業利益為 2.069 億美元，較 2025 會計年度第四季高出 37%，較近期第三季成長 11%。

As Tony mentioned earlier, this represents another record quarterly operating income result, breaking the previous record set just last quarter. Moving on to our effective tax rate, which was 20.7% in the current quarter. This quarter's effective tax rate was lower than anticipated, primarily due to discrete tax benefits associated with certain equity awards. Finally, the earnings per diluted share was $3.23 for the quarter.

如 Tony 先前提到，這代表又一次創下單季營業利益新高，打破了僅在上一季才創下的前一項紀錄。接著看有效稅率，本季為 20.7%。本季有效稅率低於預期，主要是因與特定股權獎酬相關的一次性（discrete）稅務利益所致。最後，本季稀釋後每股盈餘為 3.23 美元。

Now turning to more detail on each of the segments, starting with our SAO segment. Net sales, excluding surcharge for the fourth-quarter were $607.4 million. Compared to the same quarter last year, sales were up 11% on 23% higher volume. Sequentially, sales were up 4% on 11% higher volume. The net sales increase that is outpaced by the volume increase translates to a lower reported ratio of net sales, excluding surcharge per pound. In other words, a lower average base price per pound, both sequentially and year-over-year.

接下來更詳細說明各事業部門，先從 SAO 部門開始。第四季扣除附加費的淨銷售額為 6.074 億美元。與去年同期相比，銷售額在出貨量增加 23% 的帶動下成長 11%。與前一季相比，銷售額在出貨量增加 11% 的情況下成長 4%。淨銷售額的增幅落後於出貨量增幅，反映為「扣除附加費之每磅淨銷售額」的報告比率較低。換言之，平均每磅基礎價格（base price）無論較前一季或較去年同期皆較低。

In the past, some have mistakenly interpreted a lower aggregated average base price as an indication of declining prices in the portfolio. For those of you newer to the story, it's important to remember that the average base price per pound for the SAO segment in any given quarter is highly dependent on the mix of products. As in previous quarters, the decline in average selling price in the recent quarter is due to the higher proportion of lower-priced products in the mix of materials that we shipped in the quarter.

過去有些人曾誤將彙總後的平均基礎價格下降解讀為產品組合中價格下滑的跡象。對於較新接觸我們故事的各位，重要的是要記得：SAO 部門在任何一個季度的平均每磅基礎價格高度取決於產品組合。如同先前各季，近期一季平均售價下降是因為本季出貨的材料組合中，較低價格產品的占比提高所致。

Importantly, the lower-priced products often come with comparable average profit margins. That is clearly evident in SAO's adjusted operating margin for the fourth-quarter, which increased for the 18th consecutive quarter to a new record level of 37.8%. The continued margin expansion reflects the SAO team's ability to actively manage our production schedules, increase productivity at key work centers, manage costs, and execute thoughtful planned maintenance activities.

重要的是，較低價格的產品往往仍能帶來相近的平均利潤率。這在 SAO 第四季調整後營業利益率上表現得非常明顯：連續第 18 季上升，並創下 37.8% 的新紀錄。持續的利潤率擴張反映 SAO 團隊能主動管理生產排程、提升關鍵工作中心的生產力、控管成本，並執行周延規劃的維護保養活動。

As we have said many times before, quarterly operating margins may be impacted by a number of short-term factors, most notably product mix. That said, clearly, operating margins remain on an upward trajectory, supported by our core drivers, including productivity, mix, and pricing.

如同我們多次提到，季度營業利益率可能受到多項短期因素影響，其中最顯著的是產品組合。即便如此，很明顯營業利益率仍維持上升趨勢，並由我們的核心驅動因素所支撐，包括生產力、組合與定價。

As a result of the higher sales and expanding margin, SAO reported operating income of $229.7 million in the fourth-quarter, a new all-time high for the segment. As we look ahead to our first-quarter of fiscal year 2027, we anticipate SAO will generate operating income in the range of $218 million to $222 million. This implies an impressive 28% to 30% increase from SAO's first-quarter of fiscal year 2026. The outlook considers the elevated preventative maintenance levels that traditionally occur in our first fiscal quarter.

因此，在銷售額提高與利潤率擴張的帶動下，SAO 第四季營業利益為 2.297 億美元，創該部門歷史新高。展望 2027 會計年度第一季，我們預期 SAO 將產生 2.18 億至 2.22 億美元的營業利益。這意味著相較 SAO 2026 會計年度第一季，將有令人印象深刻的 28% 至 30% 成長。此展望已考量我們在會計年度第一季傳統上較高的預防性維護水準。

The preventative maintenance, while reducing the amount of operating time in the quarter is required to keep our assets healthy and running effectively over the long term. As in previous years, we will offset a portion of the loss in operating time with improved productivity and portfolio optimization.

預防性維護雖會降低該季可運轉時間，但為了長期維持資產健康並有效運行，這是必要的。如同往年，我們將透過提升生產力與產品組合最佳化，抵銷部分運轉時間減少的影響。

Now turning to slide 10 and our PEP segment results. Net sales, excluding surcharge in the fourth-quarter of fiscal year 2026 were $98.2 million, up 1% year-over-year and 8% sequentially. We saw sales increase across most of our end-use markets sequentially, most notably our titanium products in the medical end-use market. As Tony mentioned earlier, our medical end-use market continues to have solid fundamentals, and we are continuing to see improving demand.

接著看第 10 頁投影片與我們 PEP 部門的結果。2026 會計年度第四季扣除附加費的淨銷售額為 9,820 萬美元，較去年同期成長 1%，較前一季成長 8%。我們看到多數終端市場的銷售較前一季增加，其中最顯著的是醫療終端市場的鈦產品。如 Tony 先前提到，我們的醫療終端市場基本面仍然穩健，且我們持續看到需求改善。

In addition, our additive business continues to deliver year-on-year and sequential sales growth driven by aerospace and defense demand. PEP reported operating income of $7.1 million in the current quarter compared with $6.7 million in the third-quarter of fiscal year 2026 and $11.7 million in the same quarter a year ago. We currently anticipate the PEP segment's operating income for the upcoming first-quarter to be between $6 million and $7 million.

此外，我們的增材製造（additive）業務在航太與國防需求帶動下，持續實現年增與季增的銷售成長。PEP 本季營業利益為 710 萬美元，相較 2026 會計年度第三季的 670 萬美元增加，但低於去年同期的 1,170 萬美元。目前我們預期 PEP 部門在即將到來的第一季營業利益約為 600 萬至 700 萬美元。

Before we move to cash flow, I want to pull together the pieces that make up our outlook for operating income for the first-quarter of fiscal year 2027. We anticipate total operating income of $195 million to $200 million. This includes SAO $218 million to $222 million, PEP at $6 million to $7 million and corporate costs of approximately $29 million. Our guidance for the first-quarter of fiscal year 2027 implies delivering operating income that would be 27% to 30% higher than last year's first fiscal quarter, which was then a record best first-quarter.

在我們進入現金流之前，我想先把構成 2027 會計年度第一季營業利益展望的各項因素整合說明。我們預期合計營業利益為 1.95 億至 2.00 億美元。其中包括 SAO 2.18 億至 2.22 億美元、PEP 600 萬至 700 萬美元，以及約 2,900 萬美元的公司費用。我們對 2027 會計年度第一季的指引意味著，營業利益將較去年第一季（當時為創紀錄的最佳第一季）高出 27% 至 30%。

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. In fiscal year 2026, we generated $605 million of cash from operating activities, a 37% increase over fiscal year 2025. The cash generated from operations more than supports the $242.7 million in capital spending in fiscal year 2026. The capital spend includes the brownfield capacity expansion project.

接著看下一頁，談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，我們也在較高獲利與持續緊密管理營運資金（尤其是存貨）的努力帶動下，產生了可觀的現金流。在 2026 會計年度，我們由營運活動產生 6.05 億美元現金，較 2025 會計年度增加 37%。營運所產生的現金不僅足以支應 2026 會計年度 2.427 億美元的資本支出。資本支出包含既有廠區（brownfield）的產能擴充專案。

As anticipated, capital spending ramped up in our recent fourth-quarter, totalling $85.1 million as activities around the capacity expansion project accelerated. A brief update on this project. The brownfield capacity expansion remains on budget and on schedule to be completed by the start of fiscal year 2028.

如預期所示，我們在最近的第四季資本支出加速提升，隨著產能擴建專案相關活動加快，合計達 8,510 萬美元。以下就此專案做簡要更新。此棕地（brownfield）產能擴建專案仍在預算內並按進度推進，預計於 2028 會計年度開始前完成。

The construction phase is well underway with key equipment being delivered and on-site assembly and installation progressing. And the project remains focused on not only completing construction and installation of equipment but also preparing for a smooth start-up of operations.

施工階段進展順利，關鍵設備已開始交付，現場組裝與安裝亦持續推進。此外，專案重點不僅在於完成施工與設備安裝，也在於為營運順利啟動做好準備。

With those details in mind, we generated $362.3 million in adjusted free cash flow in fiscal year 2026, ahead of what we had anticipated. We continue to execute our balanced capital philosophy that includes investing cash in attractive and accretive growth projects like the brownfield capacity expansion and returning cash to shareholders.

基於上述細節，我們在 2026 會計年度創造了 3.623 億美元的調整後自由現金流，優於我們原先的預期。我們持續落實均衡的資本配置理念，包括將現金投入具吸引力且具增益性的成長專案（如棕地產能擴建），並回饋現金給股東。

To that end, we continue to execute against our repurchase authorization and repurchased $179.1 million of shares in fiscal year 2026. This brings the total to $281 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.

為此，我們持續依據回購授權執行，並於 2026 會計年度回購 1.791 億美元的股份。截至目前，針對我們於 2024 年 7 月宣布的 4 億美元回購授權，累計已投入 2.81 億美元。除回購計畫外，我們也持續支付一項固定且長期維持的季度股利。

Finally, our ability to deploy capital is also supported by our healthy liquidity and strong balance sheet. As of the most recent quarter end, our total liquidity was $892.4 million, including $393.3 million of cash and $499.1 million of available borrowings under our credit facility.

最後，我們的資本部署能力亦受惠於充裕的流動性與強健的資產負債表。截至最近一季季末，我們的總流動性為 8.924 億美元，其中包括 3.933 億美元現金，以及在我們的信貸融資額度下可動用借款 4.991 億美元。

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

我們的信用指標仍然非常強勁，淨負債對 EBITDA 比率持續遠低於 1 倍。整體而言，我們相信強健的資產負債表與可觀的現金創造前景，使我們具備良好條件以資助持續成長並為股東帶來可觀回報。

Before I turn the call back to Tony, I want to highlight that as we have done in the past, we have included a slide in the appendix of this presentation that includes selected guidance to help model our anticipated fiscal year 2027 results. With that, I will turn the call to Tony.

在我把電話交回給 Tony 之前，我想強調，如同過去一樣，我們在本次簡報的附錄中加入了一張投影片，包含部分指引資訊，以協助建立我們預期的 2027 會計年度結果模型。接下來我把電話交給 Tony。

Carpenter Technology just delivered another significant record-breaking year of profitability. For fiscal year 2026, we generated $702 million in adjusted operating income, a 34% increase over fiscal year 2025 and more than five times fiscal year 2023.

Carpenter Technology 剛剛再度交出一個重要且破紀錄的獲利年度。2026 會計年度，我們創造了 7.02 億美元的調整後營業利益，較 2025 會計年度成長 34%，且超過 2023 會計年度的五倍。

It is clearly a testament to our focus on execution, backed by a strong market position, broad solutions portfolio, and unique capabilities that we were able to deliver another record-breaking year. In addition, with the record earnings and disciplined working capital management, we generated $362.3 million in adjusted free cash flow, including investment in the brownfield expansion project, and we continue to return cash to shareholders.

這清楚證明我們對執行力的專注；在強勢的市場地位、廣泛的解決方案組合與獨特能力的支撐下，我們得以再創一個破紀錄的年度。此外，憑藉創紀錄的獲利與嚴謹的營運資金管理，我們創造了 3.623 億美元的調整後自由現金流（包含對棕地擴建專案的投資），並持續回饋現金給股東。

Over the course of the fiscal year, we executed $179.1 million in share repurchases in addition to $40.3 million in dividends. And we believe our current record results are far from our peak. The same dynamics that drove our success in fiscal year 2026 are only strengthening as we look ahead over the next several years. With that, let's turn to the next slide for our outlook. At the outset, I want to emphasize that our approach to target setting remains the same.

在整個會計年度期間，除 4,030 萬美元股利外，我們亦執行了 1.791 億美元的股份回購。我們相信目前的創紀錄成果遠非我們獲利能力的高峰。推動我們在 2026 會計年度成功的相同動能，在展望未來數年時只會更加強勁。接著，讓我們看下一張投影片，說明我們的展望。首先，我要強調我們的目標設定方法維持不變。

We believe in setting targets that we have a high level of confidence we can achieve based on what we can see today. At the same time, our team always focuses on identifying opportunities to exceed the commitments we make. With that in mind, let's start with the near term.

我們相信應設定在以目前可見資訊為基礎下、具高度把握可達成的目標。同時，我們的團隊也始終專注於辨識機會，以超越我們所做出的承諾。基於此，先從近期展望談起。

As Tim detailed, we are projecting a strong start to fiscal year 2027, with operating income projected between $195 million and $200 million. For the full fiscal year 2027, we expect between $850 million and $880 million of operating income. That represents approximately 21% to 25% growth over our record fiscal year 2026 performance and continues what we believe is one of the strongest earnings growth trajectories within our industry. Importantly, this outlook is supported by anticipated strengthening demand across our most important end-use markets. Looking beyond fiscal year 2027, we expect our strong growth momentum to continue.

如 Tim 所詳述，我們預期 2027 會計年度將強勁開局，營業利益預估介於 1.95 億至 2.00 億美元。就 2027 會計年度全年而言，我們預期營業利益介於 8.50 億至 8.80 億美元。這相當於較我們創紀錄的 2026 會計年度表現成長約 21% 至 25%，並延續我們認為在本產業中最強勁的獲利成長軌跡之一。重要的是，此展望係以我們最重要終端市場需求預期走強為支撐。展望 2027 會計年度之後，我們預期強勁的成長動能將持續。

Our fiscal year 2029 operating income target of approximately $1.2 billion to $1.3 billion reflects both the continued strength of the projected underlying demand environment and the contribution from our brownfield expansion project.

我們對 2029 會計年度營業利益的目標約為 12 億至 13 億美元，反映了預期的基礎需求環境持續強勁，以及棕地擴建專案的貢獻。

Notably, the fiscal year 2029 target represents more than a 20% three-year CAGR on our record fiscal year 2026 operating income, a number that we believe sets us apart from our industry peers. And we do not believe fiscal year 2029 represents the peak of our earnings power as the brownfield projects will still be ramping production while the underlying demand environment continues to strengthen.

值得注意的是，2029 會計年度目標相當於在我們創紀錄的 2026 會計年度營業利益基礎上，三年複合年成長率（CAGR）超過 20%；我們認為這使我們有別於同業。此外，我們不認為 2029 會計年度代表我們獲利能力的高峰，因為棕地專案仍將持續提升產量，同時基礎需求環境也將繼續走強。

Now let's talk about cash generation. Over the last several years, we have demonstrated the ability to convert earnings into cash. For fiscal year 2027, we anticipate between $400 million and $430 million of adjusted free cash flow.

接著談現金創造。過去幾年，我們已展現將獲利轉化為現金的能力。對於 2027 會計年度，我們預期調整後自由現金流介於 4.00 億至 4.30 億美元。

Note that level of cash generation includes the remaining investment in our brownfield expansion project that we expect to be completed in early fiscal year 2028. Looking beyond fiscal year 2027, we expect cash generation to continue increasing as earnings expand and the brownfield project contributes to profitability.

請注意，該現金創造水準包含我們棕地擴建專案的剩餘投資；我們預期該專案將於 2028 會計年度初期完成。展望 2027 會計年度之後，隨著獲利擴張以及棕地專案對獲利的貢獻，我們預期現金創造將持續增加。

That brings me to capital allocation. I think it's important to clearly state that our balanced capital allocation philosophy remains unchanged. That is we are focused on maintaining a balance between investing for growth and returning cash to shareholders. First, we will continue investing in the business. Second, we remain committed to returning capital directly to shareholders.

接下來談資本配置。我認為有必要清楚說明：我們均衡的資本配置理念維持不變。也就是說，我們專注於在成長投資與回饋現金給股東之間維持平衡。第一，我們將持續投資於業務。第二，我們仍致力於直接向股東返還資本。

We have a long-standing dividend that reflects the strength and consistency of our cash generation. In addition, to complement the quarterly dividend, we continue to execute against our share repurchase program. The strength of our earnings growth, cash generation and balance sheet gives us the ability to invest for future growth while simultaneously returning meaningful capital to shareholders.

我們長期維持的股利政策反映了我們現金創造的強度與一致性。此外，為了搭配季度股利，我們也持續執行股份回購計畫。我們獲利成長、現金創造與資產負債表的強勁表現，使我們有能力在投資未來成長的同時，亦向股東返還具意義的資本。

When you step back and look at the outlook we've provided today, we believe it represents one of the strongest growth profiles in our industry. And as we have done in the past, we will work not only to meet these impressive targets but exceed them.

當你退一步回顧我們今天提供的展望，我們相信這代表本產業中最強勁的成長輪廓之一。並且如同以往，我們不僅會努力達成這些令人印象深刻的目標，也會力求超越。

Now let's take a step back and summarize this great story. Fiscal year 2026 was another year of record financial performance and demonstrates the strength of our strategy, a strong market position and our team's ability to execute. We delivered record quarterly profits with fourth-quarter operating income increasing 37% year-over-year and driving operating income to a record $702 million for the full fiscal year.

現在讓我們退一步，總結這個精彩的故事。2026 會計年度再度創下財務表現新高，展現了我們策略的力量、強勢的市場地位，以及團隊的執行能力。我們交出創紀錄的季度獲利，第四季營業利益年增 37%，並推動全年營業利益達到創紀錄的 7.02 億美元。

Within our Specialty Alloys Operations segment, adjusted operating margins continued to expand and reached 37.8%, highlighting the power of our business and the benefits of disciplined execution.

在我們的特殊合金營運（Specialty Alloys Operations）部門中，調整後營業利益率持續擴張並達到 37.8%，突顯了我們業務的實力以及嚴謹執行所帶來的效益。

We also converted those earnings into meaningful cash generation, producing more than $360 million of adjusted free cash flow during the year, including funding our brownfield capacity expansion. And importantly, we continued returning capital to shareholders, executing approximately $179 million in share repurchases while maintaining our long-standing dividend.

我們也將這些獲利轉化為具意義的現金創造，全年產生超過 3.60 億美元的調整後自由現金流，其中包含對棕地產能擴建的資金投入。更重要的是，我們持續向股東返還資本，在維持長期股利的同時，執行約 1.79 億美元的股份回購。

As I just detailed, our earnings outlook continues to strengthen, supported by the same drivers that have fuelled our success over the last several years, productivity improvements, product mix optimization, and favourable pricing actions. For fiscal year 2027, we expect operating income to be substantially higher than our record fiscal year 2026 performance while continuing to generate significant cash flow.

如我剛才所詳述，我們的獲利展望持續轉強，並受到過去數年推動我們成功的相同驅動因素所支撐，包括生產力提升、產品組合最佳化，以及有利的定價措施。就2027會計年度而言，我們預期營業利益將顯著高於創紀錄的2026會計年度表現，同時持續創造可觀的現金流。

Looking beyond fiscal year 2027, our brownfield capacity expansion project will begin contributing in fiscal year 2028, providing an additional accelerator to our earnings growth profile. And by fiscal year 2029, we expect operating income to reach approximately $1.2 billion to $1.3 billion. That's a 20% plus CAGR over three years, a rate that we believe exceeds most in the industry.

展望2027會計年度之後，我們的棕地產能擴建專案將於2028會計年度開始貢獻，為我們的獲利成長曲線提供額外的加速器。並且到2029會計年度，我們預期營業利益將達到約12億至13億美元。這相當於三年超過20%的年複合成長率（CAGR），我們相信此成長率高於產業中多數同業。

Just as importantly, we do not view fiscal year 2029 as the peak of our earnings power. The market dynamics we've discussed today are expected to continue to strengthen and the brownfield expansion will still be in the early stages of its contribution.

同樣重要的是，我們不認為2029會計年度是我們獲利能力的高峰。我們今天討論的市場動態預期將持續增強，而棕地擴建也仍將處於貢獻的早期階段。

Finally, we believe Carpenter Technology offers an attractive long-term investment opportunity. We are operating in an accelerating demand environment across many of the most attractive end-use markets in the world. Our portfolio consists of highly specialized solutions serving critical applications where performance matters. qualification cycles are long and the barriers to entry are significant. We have built a unique collection of manufacturing assets, process technologies, metallurgical expertise, and customer relationships that we believe are extraordinarily difficult to replicate.

最後，我們相信Carpenter Technology提供具吸引力的長期投資機會。我們在全球多個最具吸引力的終端市場中，正處於需求加速的環境。我們的產品組合由高度專業化的解決方案構成，服務於對效能至關重要的關鍵應用；認證週期漫長，進入門檻顯著。我們已建立一套獨特的製造資產、製程技術、冶金專業能力與客戶關係，我們相信這些極其難以被複製。

In addition, our strong balance sheet and growing cash flow generation provide us with the flexibility to maintain a balanced and disciplined approach to capital allocation. We will continue investing in profitable growth opportunities, including our brownfield expansion project. We will continue supporting our long-standing dividend, and we will continue returning excess capital to shareholders through our share repurchase program.

此外，我們強健的資產負債表與持續成長的現金流創造能力，使我們能以更具彈性的方式維持均衡且嚴謹的資本配置策略。我們將持續投資於具獲利性的成長機會，包括我們的棕地擴建專案。我們將持續支持我們長期以來的股利政策，並將透過庫藏股回購計畫持續把多餘資本回饋給股東。

When you put all those elements together, the investment proposition is straightforward. We are delivering record results today. We have a clear path to significant earnings growth in the years ahead, and we remain committed to creating meaningful long-term value for shareholders through disciplined execution, continuous improvement and profitable growth.

把所有這些要素綜合起來，投資主張就很清楚。我們今天正交出創紀錄的成果。我們在未來幾年有一條清晰的路徑可實現顯著的獲利成長，並且我們仍致力於透過嚴謹執行、持續改善與獲利性成長，為股東創造具意義的長期價值。

Thank you for your time, your interest and your continued confidence in Carpenter Technology.

感謝各位撥冗、關注，以及對Carpenter Technology持續的信任。

(Operator Instructions)

（接線員指示）

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Tim, can you share what the FY29 EBIT guide assumes with respect to the brownfields contribution to earnings?

Tim，你能分享一下FY29的EBIT指引在棕地專案對獲利貢獻方面的假設嗎？

Yes, Scott. So let me talk a little bit about just reaffirm some of the stuff we've already said about the brownfield project. In our prepared remarks, we said it's on track, on schedule, on budget. It comes online early fiscal '28. And then through '28, we expect to ramp up production of that new -- of those newer assets.

好的，Scott。我先再談一下、也算是重申我們先前已經提過的棕地專案的一些內容。在我們的事先準備發言中，我們提到專案進度如期、按計畫、按預算。它會在2028會計年度初期上線。接著在2028年度期間，我們預期會逐步拉升那批新——那些較新資產的產量。

And in '28, we expect it to be OI incremental. So that's a big deal for a project like that. And then the next milestone we set when we announced the project was in 2030, it would contribute roughly $150 million of incremental OI. So '29, you referenced the EBIT guide, we gave a '29 number. It won't quite be linear between that first year and the $150 million in 2030.

而在2028年，我們預期它將帶來營業利益（OI）的增量貢獻。對這類專案而言，這是很重要的一點。我們在宣布該專案時設定的下一個里程碑是：到2030年，它將貢獻約1.5億美元的營業利益增量。所以你提到的2029年EBIT指引，我們確實給了2029年的數字。但從第一年到2030年的1.5億美元之間，成長不會完全呈線性。

We'd expect it probably actually to be a little bit more weighted towards the '30 number, but that's all baked into the current guide.

我們預期實際上可能會更偏向2030年的那個數字，但這些都已反映在目前的指引之中。

Okay. Is the $150 million in 2030 still the right number? Or is it biased higher given how pricing has trended since you introduced that guide?

了解。那2030年的1.5億美元仍然是正確的數字嗎？或者，鑑於你們提出該指引以來定價走勢的變化，是否有偏向更高的可能？

I mean, since we announced -- Scott, I would say it's fair to say that we are more confident in those numbers, and we would expect could drive higher. But I think for now, we're going to keep the $150 million out there for 2030.

我的意思是，自從我們宣布以來——Scott，我認為可以說我們對那些數字更有信心了，而且我們預期有機會推動更高。但目前我們仍會維持2030年1.5億美元這個數字。

Okay. And then Tony or Tim, can you parse out the 23% SAO volume growth in the quarter by end market?

好的。另外，Tony或Tim，你們能否按終端市場拆解一下本季SAO出貨量成長23%的來源？

Yes, Scott, I mean, you can see that there was a lot of growth from a volume perspective in our industrial and consumer business sequentially. That leads to, okay, what I talked about on the call, this average price per pound. That's not necessarily a negative. That just means we ship more volume of some of the lower-priced material, but it carries an overall attractive margin profile. So that's why we saw the margin growth in SAO in the quarter.

好的，Scott，我的意思是，你可以看到從出貨量角度來看，我們的工業與消費品業務在環比上有很大的成長。這就會導向——也就是我在電話會議上提到的——每磅平均售價。這不一定是負面的。這只是表示我們出貨了更多某些單價較低的材料，但其整體毛利結構仍具吸引力。因此我們才會看到本季SAO的利潤率成長。

Okay. And my last question is for Tony. And the thing I'm just a bit confused by is the business has been accelerating EBIT growth in each of the last few quarters, but the guide for the first-quarter and for 2027 as a whole implies that this EBIT growth begins to moderate a bit, still very strong, but moderates. And I'm a bit confused by that because it seems like the A&D demand presumably is still very strong, A&D volume growth should still be very strong and the pricing backdrop seems to me is only getting better. And so why would the EBIT growth moderate from here as opposed to accelerate in that backdrop?

了解。我最後一個問題是問Tony。我有點困惑的是，過去幾季公司EBIT成長都在加速，但對第一季以及整個2027年的指引卻暗示EBIT成長會開始稍微放緩——仍然很強，但會放緩。我之所以困惑，是因為看起來航太與國防（A&D）需求應該仍非常強勁，A&D的出貨量成長也應該仍非常強，而定價環境在我看來只會越來越好。在這樣的背景下，為什麼EBIT成長會從這裡開始放緩，而不是加速？

Scott, I appreciate your question. I don't necessarily disagree with you on that. I think from our standpoint, our goal is always to have guidance is right out in front of us. I'll say this, if you want to take that guide and say that's the floor for FY27, you wouldn't get any pushback from me.

Scott，謝謝你的提問。我不一定不同意你的看法。從我們的角度來看，我們的目標一向是讓指引貼近眼前、保持審慎。我會這麼說：如果你想把那個指引視為FY27的底線，我不會反對。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

My condolences to all of the people connected to Brian, that's a real tragedy. Of course. And we're very lucky to have you back in the seat, Tony. So thanks for doing that.

我向所有與Brian相關的人致上哀悼，這真的是一場悲劇。當然。而且我們很幸運你回到這個位置上，Tony。所以謝謝你願意這麼做。

Thank you.

謝謝。

I wanted to ask a couple of questions. On the comment of OI accretive in '28 and not being linear, just to be clear, Tim, were you trying to say that it will be closer to the $150 million, not closer to the barely breakeven? Is that what you meant to say? So north of $75 million or something.

我想問幾個問題。關於你提到2028年會對營業利益（OI）有增益、且不會線性成長的評論，為了確認清楚，Tim，你是想說它會更接近1.5億美元，而不是更接近勉強打平嗎？你是這個意思嗎？也就是說會高於7,500萬美元之類的？

Yes, not quite the midpoint between those two, but more towards the $150 million, yes.

是的，不會剛好落在兩者的中點，但會更偏向1.5億美元，沒錯。

Okay. Cool.

好的。很棒。

Gautam, if I can say, it gets difficult on that projection, right, because you heard Scott earlier talk about, well, is the $150 million now a bit dated. And of course, the pricing is higher. But as we run through qualifications as well, we're not 100% sure of the exact mix of those products. So that's why we're a bit hesitant to just put on some type of higher price on those products. We don't believe I should put a target out there that we hope to hit.

Gautam，如果我可以補充一下，這個預估會變得困難，對吧？因為你剛才也聽到Scott提到，嗯，1.5億美元這個數字現在是否有點過時。而且當然，定價更高了。但當我們也在推進各項認證時，我們並不能100%確定那些產品的確切組合。所以這就是為什麼我們對於直接在那些產品上套用某種更高的價格會比較保守。我們不認為我應該在那裡提出一個我們希望達成的目標。

We think we should put one out there that we have confidence in. So that's why you see us maintaining that $150 million because at this point in time, we just don't know 100% what the exact mix of products we run across those assets.

我們認為應該對外提供一個我們有信心的數字。所以你會看到我們維持在1.5億美元，因為就目前而言，我們還無法百分之百確定在那些資產上運行的產品確切組合。

That's very helpful. And maybe, Tony, just as you thought about guidance for '27 and also for '29, but for '27 more immediately, what do you anticipate in terms of the contributors to that operating income growth maybe in order of rank. So price, volume, productivity, mix, I guess, productivity and volume are very related. But how would you rank order those? Is price the biggest driver? I'll let you off.

這非常有幫助。另外，Tony，當你思考對於'27以及'29的指引時，但就更近期的'27而言，你預期營業利益成長的貢獻來源會是哪些，或許可以按重要性排序。例如價格、銷量、生產力、組合——我想生產力和銷量其實很相關。但你會怎麼排序？價格是最大的驅動因素嗎？我就不再追問了。

Yes. No, it's a good question, Gautam. Maybe I'll give you a direct answer and maybe a little commentary just on guidance in general. But we talk about price mix, volume, probably the biggest, most significant input to FY27 is the build rate that Boeing and Airbus is going to hit, right? I mean that's the biggest input that all of us have.

是的。不，這是個好問題，Gautam。我也許先給你一個直接的答案，然後再補充一點對指引本身的看法。我們談到價格/組合、銷量；但對FY27而言，最大的、最關鍵的輸入變數，可能是波音和空中巴士將達到的產量爬坡速度，對吧？我的意思是，這是我們所有人面臨的最大變數。

Now we've made assumptions to that, but that's the biggest input. And then if you take a step back, certainly, price is going to be a big driver for us, but also volume, as Tim talked about volume in some of the non-aerospace markets, volume is going to come and be a significant tailwind as well. It has to be -- you're still at build rates that are much less to where they want to be. And the comments I made in my prepared remarks, you still have some structural customers, Gautam, that are still not ordering at the levels that they acknowledge they should be ordering at. Let that sink in for a minute.

我們已經對此做了假設，但那仍是最大的輸入變數。再退一步看，當然價格會是我們的一大驅動因素，但同時銷量也會——正如Tim談到一些非航太市場的銷量——銷量也會成為顯著的順風。因為目前的產量水準仍遠低於他們希望達到的水準。而我在事先準備的發言中提到，你仍有一些結構件客戶，Gautam，他們的下單量仍未達到他們自己也承認應該下單的水準。你先消化一下這點。

So I think it just magnifies any type of significant uptick in ordering and volume when that does hit, and that will be in this fiscal year for us, of course. So I think that's -- all those are going to be major drivers. And you know us well enough, you've covered us a long time. Productivity is always a big factor for us. We are never satisfied where we're at today.

所以我認為，一旦訂單與銷量出現任何顯著上升，就會被放大；而這對我們而言會發生在本財年，當然。因此我認為——這些都會是主要驅動因素。而你也很了解我們，你追蹤我們很久了。生產力對我們而言一直是很重要的因素。我們從不滿足於今天的水準。

And as you look at our plans for this fiscal year, there is a healthy dose of productivity actions that we have in there.

而當你看我們本財年的計畫時，裡面包含相當多的生產力提升措施。

That's helpful. And last one for me before I turn it over. Just if you could walk through kind of some of the submarket order rates and maybe sales growth rates, engine, fasteners, structural..

這很有幫助。在我把問題交出去之前，最後一個問題。你能否帶我們走一遍各個子市場的下單率，以及可能的銷售成長率，例如引擎、緊固件、結構件……

Yes, I'll do that. And maybe I just want to take a step back because I do want to come back to this guidance piece and what it should be, what it shouldn't be. Gautam, I think it's important to understand myself and my team, we all understand that everybody has a model and everybody has corresponding expectations. And of course, I would say the reaction to earnings guidance, you must consider the personality of the company that's giving that guidance. And I mean, what do I mean by that?

可以，我來說明。不過我想先退一步，因為我確實想回到「指引」這件事：它應該是什麼、不應該是什麼。Gautam，我認為重要的是要理解我和我的團隊都明白：每個人都有模型，也都有相對應的預期。當然，我會說，對盈餘指引的反應，你必須考量提供指引的公司本身的「個性」。那我所謂的意思是什麼？

I mean, Corporate Technology provides guidance not that we hope we can achieve, we believe in setting targets that we have a high level of confidence in and what we can see today and then immediately starting to say what I have as far as plans in place and then what I can do to overachieve them.

我的意思是，Corporate Technology提供的指引不是我們「希望」能達成的；我們相信應該設定我們有高度信心、且以今天所能看見的資訊為基礎的目標，然後立刻開始說明我有哪些既定計畫，以及我能如何超額達成。

And again, you've covered us long enough to know that we are very disciplined from an operational standpoint, commercial standpoint, and we've proven quarter-over-quarter. The proof is in the numbers. So I would argue those are the two factors are the reason that we've consistently overachieved what we put out there as targets.

而且你追蹤我們夠久了，也知道我們在營運面、商業面都非常自律，並且我們已經一季接一季地證明了。證據就在數字裡。所以我會主張，正是這兩個因素，讓我們能夠持續超越我們對外提出的目標。

So as I said to Scott, if you want to consider FY27 to floor, you won't get any pushback from me because we're already focused on overachieving that. And I think before we get too far out ahead of ourselves, and Gautam, I think you had mentioned this, let's just keep in mind what the guidance we just gave, right? I mean that guidance we just gave is 25% higher than our record fiscal year 2026.

所以我跟Scott說過，如果你想把FY27視為底線（floor），我不會反對，因為我們已經在專注於超額達成。而且我認為在我們把話題拉得太遠之前——Gautam，我想你也提到過——我們先記得我們剛給出的指引是什麼，對吧？我的意思是，我們剛給的指引比我們創紀錄的2026財年高出25%。

And as you noted in your note, probably the strongest earnings growth trajectories in the industry. So through all this noise, I'm proud to say we've got a team that's going to put their head down, and we're going to deliver quarter after quarter. We're going to do it the right way. We're going to do it in a sustainable way. And I think that operational discipline paired with an aerospace demand environment that appears to be poised to expand significantly over the next couple of years, that should yield substantial shareholder value.

而如你在報告中所指出的，這可能是產業中最強的盈餘成長軌跡之一。所以在這些雜音之中，我很自豪地說，我們有一個團隊會埋頭苦幹，我們會一季接一季地交付成果。我們會用正確的方式去做。我們會以可持續的方式去做。我認為，這種營運自律再加上航太需求環境看起來在未來幾年有望顯著擴張，應該能帶來可觀的股東價值。

So I guess that was a long-winded way of saying, Gautam, the bottom line for me is I wouldn't bet against this.

所以我想，這一大段話的意思是，Gautam，對我而言結論是：我不會去押注它會失敗。

Understood. And the submarkets, color, if you have it?

了解。那子市場的細節（color），如果你有的話？

I do. Just as a highlight, I'd say, hey, listen, from an overall aerospace standpoint, as you saw on our slide, up 3% sequentially, 17% year-over-year. That was the highest quarter all time for aerospace for us. So that's an important point to make. And if you look at FY26 in total, that was an all-time high.

有的。先重點提示一下：就整體航太而言，如你在我們投影片上看到的，季增3%、年增17%。那是我們航太業務史上最高的一季。所以這點很重要。而如果看FY26全年，那也是歷史新高。

You did that while Boeing was working to regain its footing and Airbus wasn't where it wanted to be. So it kind of pairs to what I just said from a volume standpoint, there's still a lot more to come there. Now to your specific question, you waited long enough. The submarket details, aero engines was up almost 30% year-over-year. It was down a bit sequentially, low single digits, just that was on a sequential quarter before was a very strong one. But even with that, it was the second highest in history.

你是在波音仍在努力恢復穩定、而空中巴士也還沒達到其理想狀態的情況下做到的。所以這也呼應我剛才從銷量角度所說的：那裡仍然還有很多成長空間。回到你的具體問題，你等很久了。子市場細節方面，航太引擎年增接近30%。季比略有下滑，低個位數，主要是因為前一季本來就非常強。但即便如此，這仍是史上第二高。

So a very -- another strong aero engine sales quarter. I know you always ask about aerospace fasteners. They were up 10% sequentially, 12% year-over-year. If you take that bucket where it's almost got the non-fastener, non-engine, so that structural distribution bucket that we've talked specifically about those customers, that was up again significantly this quarter, up 25% quarter-over-quarter, 8% year-over-year. And I know there was some maybe confusion last quarter about how does that all balance out.

所以航太引擎又是一個非常強勁的銷售季度。我知道你總是會問航太緊固件。緊固件季增10%、年增12%。如果看那個類別——幾乎涵蓋非緊固件、非引擎的部分，也就是我們談過的結構件/分銷那一桶，特別是那些客戶——本季再次顯著上升，季增25%、年增8%。我知道上季可能有人對於這些數字如何相互平衡有些困惑。

You've got -- aero engine was down slightly. Defense was also down sequentially about 10%, and that's normal. That's related to the specific nature of this submarket and how it's built on very program specific. Hopefully, that helps you Gautam.

你會看到——航太引擎略為下滑。國防也季比下滑約10%，這是正常的。這與該子市場的特性有關，因為它非常依賴特定專案/計畫（program-specific）的建置節奏。希望這能幫到你，Gautam。

David Strauss, Wells Fargo.

Wells Fargo的David Strauss。

My condolences as well on Brian's unfortunate passing. So your aero and defense for you guys grew 15% ex surcharge in '26. You mentioned 17% in Q4. What do you -- does that growth rate you think accelerate in '27 relative to '26?

也對 Brian 不幸離世致上哀悼。所以你們的航太與國防業務在 '26 年（不含附加費）成長了 15%。你提到第四季是 17%。你認為 '27 年相較於 '26 年，這個成長率會加速嗎？

Yes, that's a good question. I mean, of course, we see aerospace being meaningfully higher in FY27. I mean, as you all know, you've been around longer. You know it has to be higher with the build rates that Boeing and Airbus wants to hit. Is it exactly that same growth rate?

是的，這是個好問題。我的意思是，當然，我們看到 FY27 的航太需求會明顯更高。我的意思是，如各位所知，你們在這個產業更久了。以波音和空中巴士想要達到的產量爬坡速度來看，需求必然得更高。會不會剛好就是同樣的成長率？

I think you could argue that would be the case. The reason I'm hesitating a bit, obviously, it depends on the success primarily of Boeing and when they can get to that next level and then the level after that.

我想你可以主張確實可能如此。我之所以有點猶豫，顯然主要取決於波音的進展，以及他們何時能達到下一個水準，然後再到下一個水準。

Okay. And would you think within that, that structures would -- structural would outgrow engine, just given it sounds -- based on your prior comments, it sounds like you're a bit just kind of capacity constrained on the engine side until the brownfield comes online.

了解。那在這之中，你會不會認為結構件的成長會超過引擎端？因為聽起來——根據你先前的評論——在棕地（brownfield）擴建上線之前，你們在引擎端有點受產能限制。

Yes. I don't -- I mean there's still -- we've still got some room that we can work with primarily from a productivity standpoint, the accomplishments we're making quarter-over-quarter. But I think you could see a situation where the growth in structural will lead the pack only because it's been so depressed here recently, right? So there is a big recovery that's needed. We've seen this many, many times, right?

是的。我的意思是——我們仍然還有一些空間可以運作，主要是從生產力角度來看，我們每一季相較上一季都有所成果。但我認為你可能會看到一種情況：結構件的成長會領先，原因只是因為最近結構件被壓得太低了，對吧？所以需要一個很大的復甦。我們已經看過很多很多次了，對吧？

We saw it just a couple of years ago when Boeing had the issue with Alaskan Airlines, you had the strike. You saw the same thing happen. So I think you're going to see structural. When that does turn the corner and you see that ordering pattern pick up, it's going to be significant.

就在幾年前，波音因為阿拉斯加航空的事件，加上你有罷工，你就看到同樣的事情發生。你看到同樣的狀況。所以我認為你會看到結構件。當它真的轉折、你看到訂單模式回升時，幅度會很顯著。

Okay. And then last one, rather than focus on kind of the EBIT number for SAO what's the right way to think about kind of incremental margins from here or margin improvement? I mean last year, margins improved 600 -- something like 600 basis points, incremental were close to 100%. I mean, I know you've made it clear the guidance is very conservative for this year. But I mean, it would imply, I think, that incremental closer to like 50%.

了解。然後最後一個問題：與其聚焦在 SAO 的 EBIT 數字，從現在起要怎麼看增量毛利（incremental margins）或利潤率改善才是正確方式？我的意思是，去年利潤率改善了 600——大概 600 個基點，增量接近 100%。我知道你已經很清楚地說今年的指引非常保守。但我的意思是，這似乎暗示增量更接近 50% 左右。

I'm just trying to kind of think about given all the moving pieces here in terms of the price per pound that we calculate, all these various different things, like what do you think about kind of the incremental margin level for Specialty alloy, that business, what it should look like from here?

我只是想在這裡有這麼多變動因素——例如我們計算的每磅價格、各種不同的因素——在 Specialty alloy（特種合金）這個業務上，你怎麼看從現在起的增量利潤率水準應該會是什麼樣子？

No, it's a good question. And I can tell you now, this isn't the floor for us. I mean, we do believe that we've got opportunities to move higher. Now it certainly gets tougher and tougher, the higher you get, obviously. And as you stated before, I'm really not going to start forecasting our quarterly operating margins are, but we believe there's a lot more growth for us to go -- to have going forward, especially some of the work we're doing around productivity is pretty significant.

不，這是個好問題。我現在可以告訴你，這對我們來說不是底部。我的意思是，我們確實相信還有機會再往上提升。當然，越往上就越來越難，這很明顯。而且如你先前所說，我真的不會開始去預測我們每季的營業利潤率，但我們相信未來還有很多成長空間——尤其是我們在生產力方面所做的一些工作相當顯著。

So I think as we get a couple of quarters into FY27, we'll see how that lays out. But we still expect very good performance from that standpoint.

所以我想等我們進入 FY27 的幾個季度後，就會看到實際展開的情況。但從這個角度來看，我們仍然預期會有非常好的表現。

Bennett Moore, JPMorgan.

Bennett Moore，摩根大通。

This is to the team and Brian's family. I wanted to start with some of your commentary on the cautious ordering from the structural customers. And I guess, based on your conversations with those customers, what do you feel is really contributing to this? Or said another way, what are these customers looking for to move off the sidelines? Is it really just the next leg hire in Boeing's ramp? Or is there other things in the market they're looking for?

這是對團隊以及 Brian 家人的致意。我想先從你們對結構件客戶下單較為謹慎的評論談起。我想問，根據你們與這些客戶的對話，你覺得真正造成這種情況的原因是什麼？或者換句話說，這些客戶在觀望什麼，才會願意從場邊走回來？真的是只在等波音爬坡的下一個階段嗎？還是市場上還有其他他們在看的因素？

No, I think that's the main thing. And by the way, Bennett, thank you for your comments. That's the primary driver. They've had a history of maybe being burned in the past. A lot of it depends on the individual metrics of that company and what they grade themselves on that they might be a little bit more cautious.

不，我認為主要就是那個因素。順帶一提，Bennett，謝謝你的關心。那是主要驅動因素。他們過去可能有被「燙傷」的經驗。很多時候取決於那家公司各自的指標，以及他們用什麼標準來評量自己，因此可能會更謹慎一些。

So there's not just one answer to that. But yes, I think as you see Boeing continue to improve as they are, I don't think that ordering pattern will be gradual. I think it will be -- when that time hits here in the next quarter or two, I think you'll see a significant uptick. If history is any indication of what's going to happen, you'll see that significant uptick.

所以這不是只有一個答案。但是的，我認為當你看到波音如同現在這樣持續改善時，我不覺得下單模式會是逐步的。我認為會是——當時間點在接下來一兩季到來時，你會看到顯著的上升。如果歷史能作為指標，你會看到那個顯著的上升。

Understood. And then space has become a growing area of interest. I'm interested in your latest thoughts on the opportunity there. And if you could remind us how your exposure is split between SAO, PEP and I guess, within SAO, to what extent do these products compete for time on the asset with engine alloys?

了解。接著，太空已成為一個日益受到關注的領域。我想聽聽你對那邊機會的最新看法。另外也請你提醒我們，你們在 SAO、PEP 的曝險（exposure）大概如何分配？以及我想問，在 SAO 內部，這些產品在資產產能上會在多大程度上與引擎合金爭用時間？

Yes, it's a good question because we do have both SAO and PEP selling to the space market. On the PEP side, it's primarily our additive business, and that's quite strong right now. On the SAO side, yes, that space could potentially compete with aero engine alloys. There are some similarities there, not 100%. And again, that tonnage right now is very low compared to engines, but that could compete on similar assets.

是的，這是個好問題，因為我們確實有 SAO 和 PEP 都在銷售到太空市場。在 PEP 端，主要是我們的增材製造（additive）業務，而目前相當強勁。在 SAO 端，是的，太空相關產品可能會與航太引擎合金形成競爭。兩者有一些相似之處，但不是 100% 相同。而且再說一次，目前那個噸數相較於引擎端非常低，但它可能會在相似的資產上競爭產能。

And then my last one real quick is in the past, you guys guided to, I believe, a 90% free cash flow conversion for the prior FY27 free cash flow guidance. I'm wondering if this is still applicable and also, Tim, how we should think about CapEx cadence through the year?

最後一個很快的問題：過去你們在先前 FY27 的自由現金流指引中，我記得你們指引了大約 90% 的自由現金流轉換率。我想確認這是否仍然適用？另外 Tim，我們應該如何看待全年 CapEx 的投入節奏（cadence）？

Yes, Ben, in '26 and the number we provided for '27, there are growth investments in the reported adjusted free cash flow. But when you look at those and say, take the growth investments out, we've demonstrated that we can hit that 85% to 90% type conversion ratio, both in '26. So we demonstrated that and then what we've projected for '27 and the guidance we provided. And then going forward, as that -- as the large growth project right now wraps up and we bring that online in '28, on a go-forward basis, we'd expect those kinds of conversion rates. Still continue to maintain our balanced capital allocation.

是的，Ben，在 '26 年以及我們提供的 '27 年數字中，已揭露的調整後自由現金流包含成長投資。但當你把這些成長投資拿掉來看，我們已經證明我們可以達到 85% 到 90% 這種轉換率，在 '26 年也是如此。所以我們已經證明了這點，也反映在我們對 '27 年的預測以及所提供的指引中。而往後看，當目前這個大型成長專案告一段落、並在 '28 年上線後，從長期角度我們預期會維持這類轉換率。同時仍會維持我們均衡的資本配置策略。

But given the growth in profitability that we've laid out and our focus on managing working capital, we think that's more than attainable in the future, too.

但考量到我們所描繪的獲利成長，以及我們對營運資金管理的重點，我們也認為未來要達成這點是完全可行的。

And the CapEx cadence, please?

那 CapEx 的投入節奏呢？

Yes, sorry, CapEx cadence. I mean given the project, the brownfield project is pretty much in full swing, a lot of activity there, a lot going on. I would expect that it would be fairly ratable throughout the year.

是的，抱歉，CapEx 的投入節奏。我的意思是，考量到這個專案——棕地（brownfield）專案——幾乎已全面展開，活動很多、事情很多。我預期全年會是相對平均、較為均衡的投入。

Josh Sullivan, JonesTrading.

Josh Sullivan，JonesTrading。

I want to extend thoughts to Brian's family and Carpenter. He's a great asset and importantly, a good guy. Tony, just wanted a clarifying point on the guide for '29. Does that guidance assume those cautious customers have come back and are pulling at anticipated build rates at that point? I know it's up in '29, but just curious what contribution you're thinking about from those more cautious players.

我想向 Brian 的家人以及 Carpenter 表達哀思。他是很重要的資產，更重要的是，他是個好人。Tony，我想就 29 年的指引做個釐清。這個指引是否假設那些較為謹慎的客戶已經回來，並且在那個時間點以預期的建置速率拉貨？我知道 29 年會上升，但只是好奇你認為那些更謹慎的玩家會貢獻多少。

Yes. I think it's going to be -- they'll get more aggressive quite a bit earlier than FY29. So the answer is yes.

是的。我認為他們會在 FY29 之前更早就變得積極許多。所以答案是是的。

Okay. And then just on Dynamet, as aerostructures picks up and medical looking a little bit better, what is the cadence in the Dynamet margin profile look like between now and '29?

好的。另外關於 Dynamet，隨著航太結構回溫、醫療看起來也好一些，從現在到 29 年之間，Dynamet 的毛利率走勢節奏會是怎樣？

Well, that's a good question. I mean, obviously, Dynamet, we see it as a strategic asset. But at the same time, it's a very small portion of our overall operating income. I mean, SAO is 95% plus of our segment operating income. So it is -- again, we see it as very strategic, but it's very, very small.

嗯，這是個好問題。我的意思是，很明顯地，Dynamet 我們視為策略性資產。但同時，它在我們整體營業利益中占比非常小。也就是說，SAO 佔我們部門營業利益的 95% 以上。所以它——再次強調，我們認為它很具策略性，但規模非常、非常小。

At the same time, I see Dynamet over the next two to five years being a bigger contribution to overall operating income. We flipped Dynamet. It used to be probably 60% aerospace. It's probably flipped and become more of a medical business than aerospace, that 60-40 has split. So again, relatively small now and not a big driver to our overall guidance for FY27, to be honest, really not that much of a driver to FY29, although we have ticked that up going forward. I think there's a lot of opportunity there, Josh, for us to take that to the next level.

同時，我看到 Dynamet 在未來兩到五年會對整體營業利益有更大的貢獻。我們已經把 Dynamet 的結構翻轉了。以前大概 60% 是航太。現在大概已經翻過來，醫療業務比航太更大，那個 60/40 的比例已經對調。所以再說一次，目前相對仍小，老實說對我們 FY27 的整體指引不是主要驅動因素，對 FY29 也不是很大的驅動因素，雖然我們往後確實把它略微上調。Josh，我認為那裡有很多機會讓我們把它提升到下一個層級。

Okay. And just any update on Athens? To your point on the call, Carpenter is always great at overachieving and efficiency and productivity. Are you finding any potentially upside production opportunities or ancillary expansion opportunities as you put Athens together, the brownfield.

了解。那 Athens 有沒有任何最新進展？如你在電話會議上提到的，Carpenter 一向很擅長超額達成、提升效率與生產力。在你們整合 Athens 這個棕地案時，是否發現任何可能的產能上行機會或周邊擴建機會？

Well, as Tony said this earlier, I mean, I think we think there's always opportunity. But I also say this project that we're working on the Brownfield project is a pretty complex project. So -- and we're managing that project. Within that project, we're always finding, hey, there's pluses or minuses we could potentially change some design here or there. But given the complexity of it, Josh, it's not necessarily -- those aren't necessarily big opportunities.

嗯，正如 Tony 先前說的，我的意思是，我們認為總是有機會。但我也要說，我們正在做的這個棕地專案是相當複雜的專案。所以——我們正在管理這個專案。在專案過程中，我們總會發現，嘿，可能有一些加分或扣分之處，我們或許可以在這裡或那裡調整一些設計。但考量其複雜度，Josh，那些不一定是很大的機會。

But as we finalize and get -- we're, call it, 12 months away now from bringing that online, I think there's going to be some things that we'll find along the way, and we'll talk about that as we go. But it's such a complex project and it's such a big deal for us that we don't really want to veer too far off from getting that project done, if that makes sense.

不過，隨著我們定案並且——我們現在大概還有 12 個月就會讓它上線，我想一路上會發現一些事情，我們也會在進展中再談。但這是個非常複雜的專案，對我們而言也非常重要，所以我們不太想為了那些事情而偏離把專案完成的主軸太多，如果這樣說得通的話。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Condolences to everyone. Could you maybe just talk a bit more about what's implied in your FY29 outlook at a submarket level, just looking at engines, fasteners, medical and then maybe even further to the extent that you can, aftermarket and OE. I know that is a little bit -- it gets a little greyer at that point. But just really trying to understand the moving pieces to the '29 numbers, especially given that concerns these days are mounting around accelerating retirements and whatnot.

向各位致哀。你能否再多談一些你們 FY29 展望在次市場層級所隱含的內容，例如引擎、緊固件、醫療，然後如果可以的話，再進一步談到售後市場與 OE。我知道那在那個時間點會有點——會變得比較模糊。但我主要是想了解 29 年數字背後的變動因素，尤其是考量到近期市場對加速退役等議題的擔憂正在升高。

Well, I don't have any concerns at all about the mix between OEM and MRO or aftermarket in FY29. We've talked about that extensively. There's been other people in the industry, very experts talk about that in the industry. So there is no concern about that. And I think it's premature for me to talk about in detail what's in the FY29 number.

嗯，我對 FY29 OEM 與 MRO 或售後市場之間的組合完全沒有任何擔憂。我們已經非常深入地談過這件事。產業裡也有其他非常專業的人士談過。所以對此沒有疑慮。而且我認為現在就詳細談 FY29 數字裡包含什麼，還太早。

You should assume that we see all of our markets increasing going forward in FY29 because we have all of these -- we're in the right markets, the high-value end markets. All the macro demand signals are pointing very positive. So all of our markets, we expect to be higher in FY29. Remember, with aerospace and medical, IGT, you're well over 80% of our revenue and all of those are projected to be very strong going into FY29 and beyond, and we have the same viewpoint.

你應該假設我們看到所有市場在 FY29 往後都會成長，因為我們身處正確的市場，也就是高價值終端市場。所有總體需求訊號都非常正向。因此我們預期 FY29 我們所有市場都會更高。記得，航太與醫療、IGT 合計占我們營收 80% 以上，而這些領域在 FY29 及之後都預期會非常強勁，我們也持相同看法。

Got it. And then I guess, looking again still at FY29, you've said it's at the peak of earnings. I mean, is that on a margin or a nominal earning basis or both? And maybe additionally, if it is on margin, what do you truly view as maybe the high watermark for margins?

了解。那再看 FY29，你們說那是獲利的高峰。我的意思是，那是以毛利率/利潤率角度，還是以名目獲利金額角度，或兩者都是？另外，如果是以利潤率來看，你們真正認為利潤率的高水位大概會在哪裡？

Andre, you thought you might get me at a weak moment and I tell you what the margin is in our model. But I would say to the first part of your question is both, right? As we look past FY29, we usually go out five years for us internally, and we see growth. That's why we're able to say we see -- we're confident we see growth beyond FY29.

Andre，你以為可以趁我一時鬆懈，讓我把模型裡的利潤率告訴你。但我會說，你問題的第一部分答案是兩者都是，對吧？當我們看 FY29 之後，我們內部通常會往後看五年，我們看到成長。這也是為什麼我們能說——我們有信心看到 FY29 之後仍會成長。

Got it. Got it. And then I guess just longer-term capital deployment, I mean, you're almost at $900 million total liquidity now. I can only imagine by FY29, I'm not going to ask specifics, but like obviously, the cash on hand will continue to grow as well. I'm curious, is M&A on the table at all?

了解。了解。那再談長期資本配置，你們現在總流動性接近 9 億美元。我可以想像到 FY29 時——我不問具體數字——但顯然手上現金也會持續增加。我好奇，併購（M&A）是否完全在考量範圍內？

And if so, what does the process look like? I'm just curious to see if maybe beyond organic investments and growth you guys are looking inorganically.

如果是的話，流程會是什麼樣子？我只是想了解，除了有機投資與成長之外，你們是否也在看無機成長。

Well, of course, I mean, you would guess that a company like us, we get all of the notices whenever something is "available," and we do our research on all of those. So I'll never say no. But when you have such attractive organic projects or possible projects in front of you, it's hard to rank an M&A opportunity higher than that. I mean it just gets -- when I can control my own destiny and do what I'm doing internally, I mean, the risk profile is much better for me. That's not a no, but it's just a tough one to make that work.

嗯，當然，我的意思是，你會猜到像我們這樣的公司，只要有什麼「可供出售」，我們都會收到各種通知，我們也會對每一個做研究。所以我永遠不會說不。但當你眼前有這麼具吸引力的有機專案或潛在專案時，很難把一個併購機會排得比它更高。我的意思是——當我能掌控自己的命運、做我內部正在做的事時，對我而言風險輪廓要好得多。這不是說不，但就是很難讓它成立。

I don't want to just -- I don't want to buy M&A or buy something just to buy something. And I think the important point here is what you said earlier, you see a significant amount of cash generation going forward, right, for FY29. If you look at that $1.2 billion to $1.3 billion, that's three years out. Someone would ask, do you think that number could be higher? Of course, it could.

我不想——我不想為了併購而併購，或只是為了買而買。而且我認為這裡的重點是你先前說的：你看到未來會有相當可觀的現金創造，對吧，朝 FY29。如果你看那個 12 億到 13 億美元，那是三年後的數字。有人會問，你覺得那個數字可能更高嗎？當然，有可能。

It very easily could be higher based on what the build rates are. And then you put that type of cash conversion number on that, that's a significant amount of cash. And that's the reason why we repeated three or four times in this call that we're going to have a balanced capital allocation process. So there are still growth investments we can make in our core markets, maybe some of our smaller markets as well at a much lower level that doesn't disrupt the supply-demand balance that we can work on.

基於建置速率的情況，這個數字很容易還會更高。然後你把那種現金轉換的數字套用在上面，那就是一筆相當可觀的現金。這也是為什麼我們在這通電話裡重複了三、四次：我們將採取均衡的資本配置流程。因此，在不破壞供需平衡的前提下，我們在核心市場仍有成長投資可以做，或許在一些較小的市場也能以更低的投入水準來推進。

And it tells you that we're going to be committed to returning cash to shareholders. You should expect that in any given time, we'll probably have some type of share repurchase program in place. We're always going to have the dividend.

而這也告訴你，我們將致力於把現金回饋給股東。你應該預期在任何一段時間內，我們大概都會有某種股票回購計畫在進行。我們也會一直維持股利發放。

So it's a good situation to be in to have that amount of cash that you believe you're going to be able to generate and then have a very strong philosophy to be very balanced in how you take care of that cash.

所以，能夠擁有你相信自己可以產生的那麼多現金，並且在如何妥善運用這些現金上秉持非常均衡的理念，這是一個很好的處境。

(Operator Instructions)

（接線員指示）

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Just a quick couple of follow-ups. One, I wanted to ask if lead times have changed much at all on engine or other products.

我有幾個很快的追問。第一個，我想問引擎或其他產品的交期是否有明顯變化。

Yes, lead times are relatively consistent quarter-over-quarter. There are some specific products that you see that pushing out. Again, we cap that, as you know, we're not taking orders two years out. But I would see that, that's going to accelerate quite a bit here over the next quarter for sure over the rest of this calendar year.

是的，交期相較於上一季大致一致。有一些特定產品你會看到交期往後延。不過如你所知，我們會加以限制，我們不會接兩年後才交付的訂單。但我認為在接下來一季、以及今年剩餘的日曆年度內，這種情況肯定會加速。

Okay. Great. And then, Tony, I know in the past, sometimes you've given color on long-term agreements that come up for renewal and kind of the magnitude of price hikes associated with those. I was wondering over the next year or two, are there a number of LTAs that come up for renewal again? Any way to kind of frame that for us, percentage of business that kind of on the LTA side that gets repriced again between now and 2029.

了解。很好。接著，Tony，我知道過去你有時會就即將到期續約的長期協議提供一些背景，以及相關的漲價幅度。我想請教未來一到兩年，是否有不少LTA將再次到期續約？能否幫我們框架一下：從現在到2029年，LTA端會再次重新定價的業務占比大概如何？

It's an excellent question, Gautam. I won't give you -- I will disappoint you and say I won't give you the exact percent of what comes up. But I will say there are a couple of very significant contracts that will come up for renewal over the next two years, and I will go as far as saying there's one that we're -- a large one that we're currently working on now. So yes, there's still opportunity there.

這是個很好的問題，Gautam。我不會給你——我會讓你失望地說，我不會提供即將到期的確切百分比。但我可以說，未來兩年會有幾份非常重要的合約要續約，我甚至可以再多說一點：其中有一份大型合約我們目前正在處理。所以是的，那裡仍然有機會。

And just -- I mean, one more point on that, too, Gautam, in addition to those bigger contracts, there's always -- talked about this before, always a bit of a churn. So there's always contracts coming up for renewal. There's no magical. They all roll over on this date. So there is a constant refresh.

另外——我的意思是，關於這點再補充一下，Gautam，除了那些較大的合約之外，還有——我們以前也談過——總會有一些更替。所以總是會有合約到期需要續約。沒有什麼神奇的情況。不會所有合約都在同一天一起到期。因此會持續不斷地更新。

I guess one of the things I was curious about as a follow-up to that is way back in the day, I remember Carpenter sometimes entered into 10-year contracts. Are any of those still in the book of business? Or are these that are coming up stuff that has been already renewed since COVID? So you wouldn't see this massive kind of reprice due to inflation that has to get caught up? Like do you still have any of those 10-year wins on the books that were pre-COVID that are coming up?

我想追問的是，很久以前我記得Carpenter有時會簽10年期合約。那些合約現在還在業務合約庫裡嗎？還是說，這些即將到期的合約其實都已在COVID之後續約過？因此你不會看到那種因通膨需要一次性補漲、導致大幅重新定價的情況？也就是說，你們帳上是否仍有任何COVID之前簽下的10年期合約、現在正要到期？

I'll give you one more answer. Yes.

我再多給你一個答案。有。

Okay. Good.

好。很好。

And we already have some that are turning over as well because of the shorter duration. We have some that we're working on now that's the second time. If you start the clock in 2021 or 2022, let's say, 2022, Gautam, we have some that we're doing the second term is that one.

而且因為期限較短，我們也已經有一些正在到期換約。我們目前正在處理的一些合約，已經是第二次續約。如果把起點放在2021或2022年——就以2022年來說，Gautam——我們有一些正在做第二期的就是那一類。

Is there any -- I'm sorry, I'm asking too many questions. But I am curious, like in the LTA book, is there any way to dimensionalize the percentage of those that are coming up for renewal that are pre-COVID terms, if you will, that are still to be renewed versus ones that are coming around for their second renewal.

有沒有——抱歉，我問太多了。但我確實好奇：在LTA合約庫裡，有沒有辦法量化一下，這些即將到期續約的合約中，仍屬於COVID之前條款、尚待續約的比例，對比那些已經進入第二次續約的比例？

I would say it's not significant, right? It's not significant. We've moved most of those out. But the reason I said one answer, yes, because I didn't -- I was hoping you wouldn't ask for more follow-up, but I should have expected that from you that yes, there's still one, maybe two that's pre-COVID.

我會說那不算顯著，對吧？不算顯著。我們已經把大多數那類合約移出去了。但我之所以只回答一個字「有」，是因為我——我本來希望你不要再追問，但我應該早就料到你會問：是的，仍然有一份，可能兩份，是COVID之前的。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Yes. Just to follow up on that, Tony, can you share how your share position has changed or not changed on newer LTAs, particularly with the large engine manufacturers? Not asking on any specific customer, but just on balance across the recent LTAs you signed, how has your share trended? And to what extent does it even matter if you're sold out?

是的。就此再追問一下，Tony，你能否分享在較新的LTA上，你們的份額地位是否有變化，特別是面對大型引擎製造商？我不是問任何特定客戶，而是就你們近期簽署的LTA整體而言，你們的份額趨勢如何？以及如果你們已經滿載，份額在多大程度上還重要？

Well, what you just said at the end is the most important comment. But I will tell you this, that every contract in the aerospace side that we're working on, they ask for more and more material. Not less.

你最後那句其實是最重要的評論。但我可以告訴你，我們在航太端正在洽談的每一份合約，對方都要求更多、更多的材料。不是更少。

Okay. And your share of that material is generally holding in?

了解。那你們在這些材料上的份額一般來說是維持住的嗎？

Well, that's what I'm talking about our share, right? So I'm saying whatever the past -- usually the contractor some percent of their needs, they are wanting more that percentage to be higher and higher with each contract.

嗯，這就是我在談我們的份額，對吧？所以我的意思是，無論過去——通常承包商會供應其需求的一定比例——他們希望在每一份合約中，這個比例都越來越高。

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

我們的問答環節到此結束。現在我把電話交回給John Huyette作結語。

Thank you, operator, and thank you, everyone, for joining us today for our fiscal year 2026 fourth-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會計年度第四季法說會。祝各位今天剩下的時間愉快。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。