Curtiss-Wright Corp (CW) 2024 Q4 法說會逐字稿

Welcome to the Curtiss-Wright, fourth quarter and full year 2024 earnings conference call. (Operator Instructions)

歡迎參加柯蒂斯-萊特 2024 年第四季和全年收益電話會議。（操作員指令）

I would like to turn the call over to Mr. Jim Ryan, Vice President of Investor Relations.

我想將電話轉給投資者關係副總裁 Jim Ryan 先生。

Thank you, Shana. And good morning everyone. Welcome to Curtis Wright's fourth quarter and full year 2024 earnings conference call. Joining me on the call today are Chair and Chief Executive Officer, Lynn Bamford; and Vice President and Chief Financial Officer, Chris Farkas. Her call today is being webcast and the press release as well as a copy of today's financial presentation is available for download through the investor releases section of our company website at curtiswright.com. Also, a replay of this webcast will be available on the website.

謝謝你，莎娜。大家早安。歡迎參加 Curtis Wright 2024 年第四季和全年財報電話會議。今天與我一起參加電話會議的還有董事長兼執行長 Lynn Bamford；以及副總裁兼財務長克里斯·法卡斯（Chris Farkas）。她今天的電話會議正在進行網路直播，新聞稿以及今天的財務報告副本可透過我們公司網站 curtiswright.com 的投資者發布部分下載。此外，該網路直播的重播將在網站上提供。

Please note today's discussion will include certain projections and statements that are forward-looking as defined in the Private Securities Litigation Reform Act of 1,995. These statements are based on management's current expectations and are not guaranteed to future performance. We detail those risk and uncertainties associated with our forward-looking statements and our public filings with the SEC.

請注意，今天的討論將包括 1995 年《私人證券訴訟改革法案》定義的某些前瞻性預測和陳述。這些聲明是基於管理層目前的預期，並不能保證未來的表現。我們詳細說明了與我們的前瞻性陳述和向美國證券交易委員會提交的公開文件相關的風險和不確定性。

As a reminder, the company's results include an adjusted non-GAAP view that excludes certain costs in order to provide greater transparency into Curtiss-Wright's ongoing operating and financial performance. And in references to organic growth are on an adjusted basis and exclude foreign currency translation, acquisitions, divestitures, and restructuring unless otherwise noted. GAAP and non-GAAP reconciliations for current and prior year periods are available in the earnings release and on our website.

提醒一下，該公司的業績包括調整後的非 GAAP 觀點，其中排除了某些成本，以便更透明地了解柯蒂斯-萊特公司的持續營運和財務業績。除非另有說明，提到的有機成長均以調整後的基礎計算，且不包括外幣折算、收購、資產剝離和重組。當前年度和上年度的 GAAP 和非 GAAP 對帳表可在收益報告和我們的網站上找到。

And I'd like to turn the call over to Lynn to get things started.

我想將電話轉給 Lynn 來開始工作。

Thank you, Jim. And good morning, everyone. 2024 was an exciting year for Curtiss-Wright, and I want to begin by thanking our nearly 9,000 employees for their contributions to our success.

謝謝你，吉姆。大家早安。 2024 年對柯蒂斯-萊特來說是激動人心的一年，首先我要感謝我們近 9,000 名員工為我們的成功所做的貢獻。

We executed on our growth strategy and continued to invest in some of our most critical areas, including talent, systems, and research and development, while we achieved record financial results for our shareholders. We are clearly building momentum, and I'm pleased with the team's execution and the steady progress we made this past year in pursuit of our three-year investor day objectives unveiled this past May.

我們執行了成長策略，並繼續對人才、系統和研發等一些最關鍵的領域進行投資，同時為股東實現了創紀錄的財務表現。我們顯然正在積聚勢頭，我對團隊的執行力以及我們在過去一年中為實現今年 5 月公佈的三年投資者日目標所取得的穩步進展感到滿意。

With that, I'll turn to today's presentation. I'll begin by covering the highlights of our fourth quarter and full year 2024 performance. Then I'll provide a brief update on our capital allocation and a preview of our 2025 financial outlook before turning the call over to Chris to provide a more in-depth review of our financials. Finally, I'll wrap up with some closing remarks about our long-term prospects before we move to Q&A.

下面，我將開始今天的演講。我將首先介紹我們第四季和 2024 年全年業績的亮點。然後，我將簡要介紹我們的資本配置並預覽我們的 2025 年財務前景，然後將電話轉給克里斯，以便對我們的財務狀況進行更深入的審查。最後，在我們進入問答環節之前，我將對我們的長期前景做一些總結。

Starting with our fourth quarter 2024 highlights, sales increased 5% year over year due to a better than expected performance in both our defense electronics and naval and power segments. Operating income was essentially flat, while operating margin was strong at 19.8%.

從我們 2024 年第四季的亮點開始，由於我們的國防電子、海軍和電力部門的表現優於預期，銷售額年增 5%。營業收入基本持平，營業利益率高達19.8%。

As a reminder, our various restructuring actions, some of which were undertaken to reshape our global footprint, generated a few million dollars of initial savings in 2024, and provided a modest benefit to our results. Diluted earnings per share increased 3% year over year, which also exceeded our expectations and was primarily driven by higher A&D sales.

提醒一下，我們採取了各種重組措施，其中一些是為了重塑我們的全球影響力，這些措施在 2024 年產生了幾百萬美元的初始節省，並為我們的業績帶來了適度的收益。每股攤薄收益年增 3%，這也超出了我們的預期，主要得益於 A&D 銷售額的成長。

Free cash flow was strong at $278 million reflecting a 223% conversion rate due to improved operational performance and lower working capital. Growth in our order book was exceptionally strong in the fourth quarter of 37% year over year, reflecting a 1.1 times book to build. These results were driven by growth in all of our A&D markets and continued solid demand within commercial nuclear.

自由現金流強勁，達到 2.78 億美元，由於營運績效提高和營運資本降低，轉換率達 223%。我們的訂單量在第四季度增長異常強勁，與去年同期相比增長了 37%，訂單量增長了 1.1 倍。這些業績的動力來自於我們所有航空航太與國防市場的成長以及商用核能領域持續強勁的需求。

Next, I'll highlight our full year 2024 results, which included a number of financial records. We generated double digit growth in sales and operating income in 2024, reflecting the underlying demand within our core portfolio and another record year of orders. We delivered modest margin expansion while maintaining our firm commitment to grow R&D faster than sales.

接下來，我將重點介紹我們 2024 年全年業績，其中包括多項財務記錄。2024 年，我們的銷售額和營業收入實現了兩位數成長，這反映了我們核心產品組合中的潛在需求以及另一個創紀錄的訂單年。我們實現了利潤率適度擴大，同時堅定致力於研發成長速度超過銷售成長速度。

Diluted earnings per share of $10.90 increased 16% year over year. Adjusted pre-cash flow reached a record $483 million and reflected strong conversion of 116%. Of note, our results included $16 million of incremental capital expenditures supporting growth investments across all three segments.

每股攤薄收益 10.90 美元，年增 16%。調整後預現金流達到創紀錄的 4.83 億美元，反映出 116% 的強勁轉換率。值得注意的是，我們的業績包括1,600萬美元的增量資本支出，用於支持三個部門的成長投資。

Turning to our order book, demand was exceptional, reflecting the 20% year over year increase, reaching a new record of $3.7 billion and a 1.2 times book to bill overall.

談到我們的訂單，需求非常旺盛，年增 20%，達到了 37 億美元的新紀錄，整體訂單出貨比為 1.2 倍。

Leading the way with our naval and power segment which benefited from strong demand for naval nuclear propulsion equipment supporting the US Navy's most critical platforms. At the same time, higher demand for embedded computing and tactical communications equipment in the ground and aerospace defense markets drove great results in our defense electronic segments where orders cost $1 billion for the first time. Total Curtiss-Wright's backlog was up 20% in 2024, reaching a record of more than $3.4 billion providing additional confidence in our long-term growth outlook.

我們的海軍和電力部門處於領先地位，受益於對支援美國海軍最關鍵平台的海軍核子推進設備的強勁需求。同時，地面和航空航天防禦市場對嵌入式運算和戰術通訊設備的需求增加，推動了我們的國防電子部門取得了巨大業績，訂單金額首次達到 10 億美元。2024 年，柯蒂斯·萊特的總訂單量增加了 20%，達到了創紀錄的 34 億美元以上，這為我們的長期成長前景增添了信心。

Turning to slide 4, we begin with some comments about our acquisitions and share repurchase activity. We added two new businesses in 2024 to further expand our commercial nuclear portfolio. In June, we added WSC, a leading supplier of power plant control room simulation technology. And then on December 31, we closed on the acquisition of Ultra Energy, which is a leading provider of reactor protection systems, radiation and flux monitoring systems, and specialized temperature and pressure sensors.

前往投影片 4，我們首先對我們的收購和股票回購活動發表一些評論。我們在 2024 年增加了兩項新業務，以進一步擴大我們的商業核能組合。6 月份，我們增加了發電廠控制室模擬技術領先供應商 WSC。12 月 31 日，我們完成了對 Ultra Energy 的收購，該公司是反應器保護系統、輻射和通量監測系統以及專用溫度和壓力感測器的領先供應商。

As a reminder, Ultra provides safety critical products and services to commercial nuclear and power generation plants globally and also supports defense markets including the UK nuclear submarine fleet as well as various aerospace applications.

提醒一下，Ultra 為全球商業核電廠和發電廠提供安全關鍵產品和服務，同時也支援包括英國核潛艦艦隊以及各種航空航太應用在內的國防市場。

This acquisition not only enables us to leverage our UK based nuclear manufacturing footprint, but it also expands our presence with leading global SMR designers. I'm pleased to welcome all of our new colleagues to Curtiss-Wright.

此次收購不僅使我們能夠利用在英國的核子製造業足跡，而且還擴大了我們與全球領先的 SMR 設計商的合作關係。我很高興歡迎所有新同事加入柯蒂斯-萊特公司。

As we integrate these new acquisitions, our teams are already collaborating with customers to increase our opportunities for growth as we further expand the scope of Curtiss-Wright's capabilities. In 2024, we also utilized our strong balance sheet and financial position to accelerate our share repurchase activity.

在整合這些新收購的同時，我們的團隊已經與客戶展開合作，以增加我們的成長機會，同時進一步拓展柯蒂斯-萊特公司的能力範圍。2024 年，我們也利用強大的資產負債表和財務狀況來加速股票回購活動。

In the month of December alone, we bought back $100 million in stock through an accelerated repurchase plan boosting our full year repurchase activity to $250 million. This past year we also increased our dividend for the eighth consecutive year.

光是 12 月份，我們就透過加速回購計畫回購了價值 1 億美元的股票，使全年回購額達到 2.5 億美元。去年，我們還連續第八年增加股利。

Now I would like to introduce our full year 2025 guidance. Overall, we are projecting mid single digit organic sales growth driven by increases in nearly all of our end markets and total growth of 7% to 8%, including acquisitions.

現在，我想介紹一下我們 2025 年全年指引。整體而言，我們預期有機銷售額將實現中等個位數成長，這得益於幾乎所有終端市場的成長，包括收購在內的總成長率為 7% 至 8%。

Operating income growth is once again anticipated to exceed our sales growth, reflecting 40 basis points to 60 basis points and operating margin expansion this year to 18% at the midpoint of the range. At the heart of our drive for operational excellence is the operational growth platform which fuels our pivot to growth strategy by driving continued opportunities for margin expansion and savings across the portfolio.

預計今年營業收入成長將再次超過銷售額成長，達到 40 個基點至 60 個基點，營業利潤率將擴大至 18% 的中間值。我們追求卓越營運的核心是營運成長平台，它透過推動整個投資組合的利潤率持續擴大和節省機會，推動我們轉向成長策略。

In addition, we'll continue to deploy new tools and systems to optimize our manufacturing operations and drive connectivity throughout the organization. This in turn will allow us to maintain incremental investments in research and development to drive organic growth, which we've successfully delivered over the past few years and anticipate ramping up yet again in 2025.

此外，我們將繼續部署新的工具和系統來優化我們的製造業務並推動整個組織的連結性。這反過來將使我們能夠維持對研發的增量投資，以推動有機成長，我們在過去幾年中已經成功實現了這一目標，並預計在 2025 年將再次加速。

It also provides an opportunity to overcome dilution from acquisitions such as Ultra Energy as we integrate this business into our broader operations and seek opportunities to drive future margin accretion. These efforts backed by our strong top line growth provide us with confidence to once again generate double digit growth in diluted EPS along with strong free cash flow.

它還提供了一個機會來克服因收購 Ultra Energy 等公司而產生的稀釋效應，因為我們將這項業務整合到我們更廣泛的業務中，並尋求機會推動未來的利潤率成長。這些努力加上我們強勁的營收成長，使我們有信心再次實現攤薄每股收益兩位數的成長以及強勁的自由現金流。

In summary, Curtiss-Wright remains well positioned to deliver an outstanding performance in 2025. Now I would like to turn the call over to Chris to continue with our prepared remarks.

總而言之，柯蒂斯-萊特公司仍有可能在 2025 年取得出色的成績。現在我想把電話轉給克里斯，讓他繼續我們準備好的發言。

Thank you.

謝謝。

On slide 5, I'll review the key drivers of our fourth quarter 2024 performance by segment. I begin in Aerospace and industrial where overall sales increased 5% and was in line with our expectations. Within the segment's defense markets, we experienced solid increases in actuation equipment sales, most notably within our aerospace defense market supporting the F-35 program.

在投影片 5 上，我將按部門回顧我們 2024 年第四季業績的關鍵驅動因素。我首先從航空航太和工業領域開始，那裡的整體銷售額成長了 5%，符合我們的預期。在該部門的國防市場中，我們的執行設備銷售穩定成長，最明顯的是支援 F-35 計畫的航空航太國防市場。

Within the segment's commercial Aerospace market, our results reflected solid OEM sales growth supporting increased production on both narrow body and wide body platforms. In the general industrial market, our results reflected lower global off highway and specialty industrial vehicle sales as certain customers continued to reduce their inventory levels through year end.

在該領域的商用航空市場，我們的業績反映了穩健的OEM銷售成長，支持了窄體和寬體平台產量的增加。在一般工業市場，我們的業績反映出全球非公路用車和專用工業車輛銷售下降，因為某些客戶在年底前繼續降低庫存水準。

Partially offsetting those declines was a modest increase in domestic demand for on-highway vehicle equipment and surface treatment services. Of note, and despite reduced sales in this market, we have continued to see improving year over year industrial vehicle order trends since the second quarter of 2024.

國內對公路車輛設備和表面處理服務的需求小幅成長部分抵消了這些下降的影響。值得注意的是，儘管該市場的銷量下降，但自 2024 年第二季以來，我們仍看到工業車輛訂單趨勢較去年同期不斷改善。

In turning to the segment's fourth quarter profitability, we delivered a record quarterly operating margin of 21.3%. This was driven by favorable absorption on higher sales along with the benefits of our restructuring initiatives while we continue to invest in R&D to support our future growth.

談到該部門第四季度的獲利能力，我們實現了創紀錄的21.3%的季度營業利潤率。這是由於銷售額增加帶來的有利吸收以及重組措施帶來的好處，同時我們繼續投資研發以支持我們未來的成長。

Next, in the defense electronics segment, if you recall, we implemented several restructuring initiatives beginning in the second half of 2024 to support this business's future growth. Given the expected ramp up in these efforts and to ensure on-time delivery to our customers' schedules, we accelerated some revenues and deliveries into the third quarter.

接下來，在國防電子領域，如果您還記得的話，我們從 2024 年下半年開始實施了幾項重組舉措，以支持該業務的未來成長。考慮到這些努力的預期加大，為了確保按時按照客戶的時間表交付產品，我們在第三季度加快了部分收入和交付速度。

As the fourth quarter unfolded, those restructuring efforts progressed ahead of schedule, and we were able to effectively take on more volume. And as a result, while we recognized year over year and sequential declines in quarterly revenue, the performance was slightly ahead of our expectations.

隨著第四季的展開，這些重組工作提前取得進展，我們能夠有效地承擔更多的業務量。因此，雖然我們認識到季度收入同比和連續下降，但業績略高於我們的預期。

Regarding the segment's fourth quarter operating performance, though we delivered a solid 24.3% operating margin, our profitability was impacted by under absorption and timing on lower revenues, partly due to the realignments of our manufacturing footprint as well as unfavorable nicks.

就該部門第四季度的經營業績而言，雖然我們實現了24.3%的穩健經營利潤率，但我們的盈利能力受到吸收不足和收入下降的影響，部分原因是我們的製造足跡重新調整以及不利的因素。

Turning to the naval and power segment, sales growth of 12% was ahead of our expectations, principally driven by higher revenue across several key platforms in naval defense. Within this market, we experience stronger than anticipated growth in production on Columbia class and Virginia class submarines, as well as the CVN 81 aircraft carrier program due in part to the timing and material receipts.

談到海軍和電力領域，12%的銷售額成長超出了我們的預期，主要得益於海軍防禦幾個關鍵平台的收入增加。在這個市場中，我們發現哥倫比亞級和維吉尼亞級潛艦以及 CVN 81 航空母艦計畫的產量成長強於預期，部分原因是時間和材料收據。

We also experienced higher development revenues on the next generation SSNX submarine program and increased demand for aircraft handling systems to international customers. Within the segment's aerospace defense market, our results reflected lower international aircraft arresting systems revenues based on timing and strong performance in the prior year period.

我們也從新一代 SSNX 潛艦計畫中獲得了更高的開發收入，國際客戶對飛機處理系統的需求也增加了。在該領域的航空航太防禦市場中，我們的業績反映出，由於時機和去年同期的強勁表現，國際飛機攔阻系統收入較低。

In the power and process market, our results reflected continued strong demand in commercial nuclear supporting the ongoing maintenance of US operating reactors. Partially offsetting the strong demand was lower sales in the process market based on the timing of domestic MRO valve sales following strong growth in the prior year period.

在電力和製程市場，我們的業績反映了對商業核能的持續強勁需求，支持了美國正在運作的反應器的持續維護。由於國內 MRO 閥門銷售在去年同期強勁成長，導致流程市場的銷售額下降，這在一定程度上抵消了強勁的需求。

Turning to the segment's fourth quarter operating performance, despite favorable absorption on higher revenues, profitability was mainly impacted by unfavorable mixs across our defense and process markets. To sum up Curtiss-Wright's fourth quarter overall results, we generated a strong operating margin of nearly 20% while maintaining our commitment to R&D investment across the portfolio.

回顧該部門第四季度的經營業績，儘管收入增加帶來了良好的吸收效應，但盈利能力主要受到國防和流程市場不利組合的影響。總結柯蒂斯-萊特公司第四季的整體業績，我們在保持對整個產品組合研發投資承諾的同時，創造了近 20% 的強勁營業利潤率。

Turning to our full year guidance, 2025 guidance, I'll begin on slide 6, with our end market sales outlook where we anticipate total sales to grow 7% to 8%, reflecting mid single digital organic growth plus the contribution from Ultra Energy.

談到我們的全年指引，即 2025 年指引，我將從第 6 張投影片開始，介紹我們的終端市場銷售前景，我們預計總銷售額將成長 7% 至 8%，這反映了中期單數字有機成長加上 Ultra Energy 的貢獻。

Please note that while the majority of Ultra Energy sales are tied to our power and process market, the business also sells equipment to customers within our A&D markets. Starting in aerospace defense, our outlook for growth of 6% to 8% mainly reflects higher embedded computing revenues in defense electronics serving both domestic and international customers.

請注意，雖然 Ultra Energy 的大部分銷售與我們的電力和製程市場相關，但該業務也向我們的 A&D 市場內的客戶銷售設備。從航空航太國防開始，我們預計將成長 6% 至 8%，這主要反映了為國內外客戶提供服務的國防電子產品中嵌入式運算收入的提高。

We also expect increased sales of aircraft arresting systems equipment, principally supporting international customers. Within ground defense, our outlook for 3% to 5% growth reflects continued strong demand for tactical communications equipment, which, as a reminder follows strong 15% sales growth in 2024.

我們也預期飛機攔阻系統設備的銷售將會增加，主要支援國際客戶。在地面防禦領域，我們預計將成長 3% 至 5%，這反映了對戰術通訊設備的持續強勁需求，提醒一下，2024 年的銷售額將強勁成長 15%。

In naval defense, growth of 3% to 5% reflects higher revenue on aircraft carriers, including increased production on the CVN-81, as well as support for the CVN-75 refueling and complex overhaul program, which is a multi-year effort that will begin to ramp up this year.

在海軍防禦方面，3%至5%的增長反映了航空母艦收入的增加，包括CVN-81產量的增加，以及對CVN-75加油和複雜大修計劃的支持，這是一項多年的努力，將於今年開始加速。

We expect those increases to be partially offset by timing on submarine programs that accelerated into 2024. Elsewhere within our defense electronics business, we anticipate higher embedded computing revenues supporting various domestic and international programs.

我們預計這些成長將被 2024 年加速推進的潛艦計畫所部分抵銷。在我們的國防電子業務的其他方面，我們預計支援各種國內和國際項目的嵌入式運算收入將會增加。

Looking more broadly across all three defense markets, I'd like to highlight the expected contribution of direct foreign military sales. In 2025 we expect continued low double digit growth in FMS to be driven by the alignment of our technologies to support increased global defense spending priorities.

更廣泛地縱觀這三個國防市場，我想強調一下直接對外軍售的預期貢獻。我們預計，到 2025 年，FMS 將繼續保持低兩位數成長，這得益於我們的技術調整以支援日益增加的全球國防開支優先事項。

Turning to commercial aerospace, our outlook for 10% to 12% sales growth reflects our strong order book driving high ROEM production sales on narrow body and wide-body aircraft, including modest growth expectations on the 737 max in the back half of the year.

談到商用航空，我們預計銷售將成長 10% 至 12%，這反映了我們強勁的訂單量推動窄體和寬體飛機的高 ROEM 生產銷售，包括下半年對 737 max 的適度成長預期。

We expect those increases to be driven by higher sales within our aerospace and industrial segment for sensors and surface treatment services. As well as our defense electronics segment for avionics and instrumentation equipment. Wrapping up our aerospace and defense markets, we expect total sales in these markets to increase 5% to 7% in 2025.

我們預計這些成長將得益於航空航太和工業部門的感測器和表面處理服務的銷售額成長。以及我們的航空電子和儀器設備國防電子部門。總結我們的航空航太和國防市場，我們預計 2025 年這些市場的總銷售額將成長 5% 至 7%。

Moving to our commercial markets and power and process, our outlook for 16% to 18% growth reflects a combination of mid to high single digit organic revenue growth, as well as the contribution from Ultra Energy.

轉向我們的商業市場和電力與工藝，我們預計將成長 16% 至 18%，這反映了中高個位數的有機收入成長以及 Ultra Energy 的貢獻。

Starting in commercial nuclear, growth and aftermarket revenues is expected to be driven by continued strong US demand despite lower year over year domestic outages, as well as increased sales supporting the UK aftermarket from newly acquired Ultra Energy.

從商業核能開始，儘管國內停電次數同比減少，但美國需求持續強勁，預計成長和售後市場收入將受到推動，而新收購的 Ultra Energy 對英國售後市場的銷售成長也將推動這一成長。

Our commercial nuclear outlook also includes a ramp up in development revenues across several SMR designs, including the X Energy and TerraPower advanced reactors. And as a result, we anticipate high single digit organic growth in this market and greater than 20% growth overall this year when including acquisitions.

我們對商業核能的展望還包括幾種 SMR 設計（包括 X Energy 和 TerraPower 先進反應器）的開發收入的增加。因此，我們預計該市場將實現高個位數的有機成長，如果包括收購的話，今年的整體成長率將超過 20%。

Next, in the process market, our outlook for low to mid single digital organic growth reflects increased development on subsea pumps, most notably supporting Petrobras's deep sea operations, as well as a contribution from ultra Energy with sales to the oil and gas and non-nuclear power generation markets.

其次，在流程市場中，我們對低到中單數字有機成長的展望反映了海底泵的開發增加，最顯著的是支持巴西石油公司的深海作業，以及超能源對石油和天然氣以及非核能發電市場的銷售貢獻。

Lastly, in the general industrial market, we anticipate sales to be flat in 2025. Our outlook reflects modest sales growth in industrial automation and surface treatment services, which typically aligns with global GDP growth rates. However, that growth will be offset by reduced sales of industrial vehicles amid ongoing market challenges, but we remain cautiously optimistic based upon our improving order book throughout 2024. Wrapping up our total commercial markets, we're targeting full year sales growth of 9% to 11%.

最後，在一般工業市場，我們預期 2025 年的銷售額將持平。我們的展望反映了工業自動化和表面處理服務的適度銷售成長，這通常與全球 GDP 成長率一致。然而，在持續的市場挑戰下，這一增長將被工業車輛銷售的下降所抵消，但基於 2024 年全年訂單量的不斷增加，我們仍然保持謹慎樂觀的態度。總結我們的整個商業市場，我們的目標是全年銷售成長 9% 至 11%。

Moving on to our full year 2025 outlook by segment on slide 7, I begin in aerospace and industrial, where where we expect sales to grow 3% to 5% overall, reflecting strong growth in commercial aerospace and flat sales in general industrial.

接下來是第 7 張幻燈片中按部門劃分的 2025 年全年展望，我首先從航空航天和工業開始，我們預計整體銷售額將增長 3% 至 5%，這反映了商用航空航天的強勁增長和一般工業的銷售持平。

Regarding the segment's profitability, we project operating income growth of 5% to 8% and operating margins to increase 40 basis points to 60 basis points and range from 17.4% to 17.6%. This outlook reflects our expectation for higher sales as well as the savings generated by our restructuring actions.

關於該部門的獲利能力，我們預計營業收入將成長 5% 至 8%，營業利潤率將增加 40 個基點至 60 個基點，範圍在 17.4% 至 17.6% 之間。這一前景反映了我們對更高銷售額的預期以及重組行動所帶來的節省。

Next, in defense electronics, we expect sales to grow 7% to 9% principally driven by the strength of this business's record 2024 order book, which is driving solid growth across all A&D markets.

接下來，在國防電子領域，我們預計銷售額將成長 7% 至 9%，這主要得益於該業務創紀錄的 2024 年訂單強勁成長，這將推動所有 A&D 市場的穩健成長。

Regarding the segment's profitability, we expect operating income growth of 8% to 10% and operating margin expansion of 10 basis points to 30 basis points to a new all-time high range of 25% to 25.2%, which includes a $5 million or 50 basis points headwind from increased internally funded R&D investments. And enabling power, we expect overall sales growth of 10% to 11% or 3% to 5% organically reflecting solid growth across this segment's defense and commercial markets.

至於該部門的獲利能力，我們預計營業收入將成長 8% 至 10%，營業利潤率將擴大 10 個基點至 30 個基點，達到 25% 至 25.2% 的歷史新高，其中包括來自內部資助的研發投資增加的 500 萬美元或 50 個基點的阻力。憑藉強大的動力，我們預計整體銷售額將成長 10% 至 11% 或 3% 至 5%，有機地反映出該領域國防和商業市場的穩健成長。

Regarding the segment's profitability, we expect operating income growth of 13% to 16% and operating margin expansion of 50 basis points to 70 basis points to a range of 16.3% to 16.5%, reflecting both favorable absorption on higher organic sales, as well as the contribution from Ultra Energy, which will initially be diluted the operating margin.

至於該部門的獲利能力，我們預計營業收入將成長 13% 至 16%，營業利潤率將擴大 50 個基點至 70 個基點，至 16.3% 至 16.5% 之間，這既反映了有機銷售額增加帶來的有利吸收，也反映了 Ultra Energy 的貢獻，後者最初將稀釋利潤率之間，這既反映了有機銷售額增加帶來的有利吸收，也反映了 Ultra Energy 的貢獻，後者最初將稀釋利潤率。

We'll also move past the $10 million dollar impact from last year's first quarter in Aval contract adjustment. In addition, our guidance reflects approximately $4 million in incremental R&D investments to support internally funded development programs.

我們還將擺脫去年第一季 Aval 合約調整帶來的 1000 萬美元的影響。此外，我們的指導方針反映了約 400 萬美元的增量研發投資，以支持內部資助的開發項目。

Regarding ultra energy, we expect this business to generate high single digit revenue growth and produce a low double digit operating margin in 2025. And I note this outlook includes increased year over year investments in advanced reactor technology as this business similarly focuses on expanding its presence across major SMR designers.

關於超級能源，我們預計該業務將在 2025 年實現高個位數收入成長並產生低兩位數營業利潤率。我注意到，這一前景包括對先進反應器技術的投資逐年增加，因為該業務同樣專注於擴大其在主要 SMR 設計人員中的影響力。

So to summarize our 2025 outlook, overall, we expect total Curtiss-Wright operating income to grow 10% to 12%. We expect operating margin to range from 17.9% to 18.1%, up 40 basis points to 60 basis points.

總結我們對 2025 年的展望，總體而言，我們預計柯蒂斯萊特公司的總營業收入將成長 10% 至 12%。我們預計營業利潤率在 17.9% 到 18.1% 之間，上漲 40 個基點到 60 個基點。

Next, in your quarterly modeling the sales and operating margin. We expect first quarter 2025 sales to grow by high single digits relative to the first quarter of 2024, including Ultra Energy. Within the AI segment based on the seasonality within these businesses, we expect that sales and operating margin will be in line with our first quarter 2024 results.

接下來，在您的季度建模中對銷售額和營業利潤率進行分析。我們預計 2025 年第一季的銷售額將較 2024 年第一季成長高個位數，其中包括 Ultra Energy。在人工智慧領域，基於這些業務的季節性，我們預期銷售額和營業利潤率將與 2024 年第一季的業績保持一致。

In defense electronics, we expect to demonstrate strong growth in sales and profitability and exceed last year's first quarter results. Lastly, in the naval and power segment, while we expect solid growth in sales, our first quarter 2025 profitability will reflect initial margin solution from the Ultra Energy acquisition. In summary, at the overall Curtis Wright level, we're expecting mid-teens first quarter operating margin on strong sales growth.

在國防電子方面，我們預期銷售額和獲利能力將強勁成長，並超過去年第一季的業績。最後，在海軍和電力領域，雖然我們預計銷售額將穩定成長，但我們 2025 年第一季的獲利能力將反映收購 Ultra Energy 帶來的初步利潤解決方案。總而言之，在 Curtis Wright 整體水準上，我們預計第一季的營業利潤率將達到十五六美分，銷售額將強勁成長。

Continuing with our financial outlook on slide 8, I wanted to provide some color on a few non-operational items. I'll start with other income which we expect to decrease by approximately $4million to $5 million this year. This is principally due to lower interest income as we entered the year with a slightly lower cash balance given our fourth quarter 2024 cash payment for Ultra Energy and increased share repurchase activity.

繼續第 8 頁投影片上的財務展望，我想對一些非營運項目提供一些說明。我首先要說的是其他收入，我們預計今年其他收入將減少約 400 萬至 500 萬美元。這主要是由於利息收入減少，因為考慮到我們在 2024 年第四季以現金支付 Ultra Energy 以及股票回購活動增加，我們進入今年以來的現金餘額略有下降。

Later this month we'll pay down the $90 million in senior notes coming due, which will have a positive offset and lower interest expense. And not this current guidance assumes that we'll have no borrowings against the revolver again in 2025.

本月晚些時候，我們將償還到期的 9,000 萬美元優先票據，這將產生積極的抵銷作用並降低利息支出。目前的指導方針並不假設我們在 2025 年將不再以循環信貸為抵押進行借款。

In addition, our outlook reflects a reduction in our 2025 tax rate to 22%, further building on last year's tax optimization and efficiency efforts. Turning to our EPS guidance, we expect full year 2025 dilud EPS to range from $12.10 to $12.40 up 11% to 14%, reflecting the strong profitable growth within our operations.

此外，我們的展望反映出 2025 年稅率將降至 22%，這將進一步鞏固去年的稅收優化和效率努力。談到我們的每股盈餘指引，我們預計 2025 年全年每股收益將在 12.10 美元至 12.40 美元之間，成長 11% 至 14%，這反映了我們營運中強勁的獲利成長。

Paid in your quarterly EPS modeling, we expect first quarter EPS to reflect approximately 20% growth relative to the first quarter of 2024. And similar to last year, we expect sequential quarterly improvement with the fourth quarter being our strongest.

根據您的季度每股收益模型，我們預計第一季的每股收益將較 2024 年第一季成長約 20%。與去年類似，我們預計每季都會有所改善，其中第四季的表現最為強勁。

Please note that our EPS outlook also includes a reduction in our share count following the completion of $250 million in share purchases in 2024. For 2025, here we anticipate $60 million in standard share purchases reflecting a $10 million dollar year over year program increase as we continue to offset pollution.

請注意，我們的每股盈餘預期還包括在 2024 年完成 2.5 億美元股票購買後股票數量的減少。到 2025 年，我們預計標準股份購買量將達到 6,000 萬美元，隨著我們繼續抵銷污染，計劃將同比增加 1,000 萬美元。

And lastly, we're projecting a full year free cash flow of $485 million to $505 million in 2025, essentially in line to slightly above last year's record performance. Growth in cash flow from operations is expected to benefit from higher cash earnings, a small contribution from Ultra Energy, and our continued focus on working capital management.

最後，我們預計 2025 年全年自由現金流將達到 4.85 億美元至 5.05 億美元，基本上與去年的創紀錄表現持平或略高。預計經營現金流的成長將受益於更高的現金收益、Ultra Energy 的少量貢獻以及我們對營運資本管理的持續關注。

And as a reminder, last year's free cash flow benefited from an all-time record level of advances, a portion which we would expect to be consumed as work progresses in 2025. In addition, we expect capital expenditures to increase nearly $20 million year over year relative to the of our guide as we continue to invest in support of our future growth.

提醒一下，去年的自由現金流受益於歷史最高水準的預付款，我們預計這部分資金將在 2025 年隨著工程的進展而被消耗掉。此外，由於我們將繼續投資以支持未來的成長，我們預計資本支出將比我們的指南增加近 2000 萬美元。

Overall, our outlook reflects a healthy free cash flow conversion rate in excess of 105% again this year, which remains in line with our long-term targets.

總體而言，我們的展望反映出今年的自由現金流轉換率將再次超過 105%，這與我們的長期目標一致。

Now I'd like to turn the call back over to Lynn.

現在我想把電話轉回給 Lynn。

Thank you, Chris. And turning to slide 9, as we have discussed today, our record order book and growing backlog, as well as our positioning within our end markets provides us with confidence to deliver profitable growth again in 2025. While we remain cautious in light of the ongoing political and macroeconomic environment, we expect to generate high single digit total sales growth this year.

謝謝你，克里斯。轉到第 9 頁，正如我們今天所討論的，我們創紀錄的訂單和不斷增長的積壓訂單，以及我們在終端市場中的定位，使我們有信心在 2025 年再次實現盈利增長。儘管我們對當前的政治和宏觀經濟環境保持謹慎，但我們預計今年的總銷售額將實現高個位數成長。

This output outlook reflects both increases in both our A&D in commercial markets and the strength of our combined portfolio. Beyond the top line, one of the most significant milestones that we're forecasting in 2025 is to reach 18% operating margin at the midpoint of our guide.

這一產出前景反映了我們在商業市場的航空航太和國防業務的成長以及我們綜合投資組合的實力。除了營業收入之外，我們預測 2025 年最重要的里程碑之一是達到我們指南中位數的 18% 營業利潤率。

Our drive to generate operating income growth in excess of revenue growth continues to be a fundamental premise under the pivot to growth strategy, and we expect this to result in an accelerated pace of margin expansion in 2025.

我們努力實現超過收入成長的營業收入成長，這仍然是轉向成長策略的基本前提，我們預計這將在 2025 年加速利潤率的擴張。

Further, our steadfast focus on operational excellence allows us to continue to make incremental R&D investments while still targeting double digit EPS growth.

此外，我們堅定不移地專注於卓越運營，這使我們能夠繼續加大研發投入，同時仍以兩位數的每股收益成長為目標。

And as we've noted, based on our strong outlook for free cash flow generation this year, we are able to fuel investments in our systems and infrastructure as we continue to grow our operations and increase efficiencies to better serve our customers. These investments will better enable us to capture positions on next generation defense platforms or benefit from the continued development of SMR technology in commercial nuclear.

正如我們所指出的，基於我們今年對自由現金流產生的強勁前景，我們能夠推動對我們的系統和基礎設施的投資，同時繼續擴大我們的業務並提高效率，以更好地服務我們的客戶。這些投資將使我們更好地佔領下一代國防平台的地位，或受益於商用核能領域SMR技術的持續發展。

Next, regarding our capital allocation and as we look beyond the recently completed Ultra Energy acquisition, we continuously look to put the strength of our balance sheet to work through a disciplined and strategic approach to capital deployment, and we are focused on investing our capital for the best possible returns to drive long-term shareholder value.

接下來，關於我們的資本配置，在我們展望最近完成的 Ultra Energy 收購的同時，我們不斷尋求透過嚴謹和策略性的資本配置方法發揮我們資產負債表的實力，我們專注於投資我們的資本以獲得最佳回報，從而推動長期股東價值。

Our pursuit of high quality acquisitions has been and will continue to remain our highest priority for capital allocation. Beyond that, we'll supplement those pursuits by driving consistent returns to our shareholders as I highlighted earlier in our remarks.

我們對高品質收購的追求一直是、並將繼續是我們資本配置的最高優先事項。除此之外，正如我之前在評論中所強調的那樣，我們還將透過為股東帶來持續的回報來補充這些追求。

Finally, having demonstrated strong financial results this past year and considerable progress towards our long-term growth objectives, we remain confident and committed to achieving all of the three-year targets established at our 2024 investor day.

最後，由於過去一年取得了強勁的財務業績，並在實現長期成長目標方面取得了長足進步，我們仍然充滿信心並致力於實現 2024 年投資者日確定的所有三年目標。

Beyond these targets and as we look out across the next decade to the art of the possible that we proposed at last May Investor Day, we remain confident in our focused strategy and the alignment of our technologies to key secular growth trends. The external market forces and related push for carbon-free energy and energy independence is a global movement and one that is needed to address growing energy demands that remain at an all-time high.

除了這些目標之外，當我們展望未來十年，實現我們在去年五月投資者日提出的可能性時，我們仍然對我們的重點策略以及我們的技術與關鍵長期成長趨勢的一致性充滿信心。外部市場力量以及對無碳能源和能源獨立的相關推動是一項全球運動，也是滿足持續成長的能源需求所必需的。

This in turn will drive the continued expansion of projects to satisfy both traditional energy demand, including electricity and process and heat applications, as well as the potential for incremental demand to support AI and data centers. We recognize that the impacts of legislative and technological disruption on these large and complex projects is likely to continue to create uncertainty along the way.

這反過來將推動專案的持續擴展，以滿足傳統能源需求，包括電力、製程和熱能應用，以及支援人工智慧和資料中心的增量需求的潛力。我們認識到立法和技術中斷對這些大型複雜項目的影響可能會繼續產生不確定性。

But the core fundamentals remain unchanged, and our view on Curtiss-Wright's ability to generate strong growth in this market and provide continued value to our shareholders over the near, medium, and long term remains firmly within our sights.

但核心基本面保持不變，我們對柯蒂斯-萊特在該市場實現強勁增長並在短期、中期和長期內為股東持續提供價值的能力的看法仍然堅定不移。

We are aligned with Westinghouse in their pursuits to construct new AP1,000 power plants across Europe and North America, and we continue to expect an order for our reactor coolant pumps in the next 1 to 2 years.

我們與西屋電氣公司保持一致，致力於在歐洲和北美建造新的 AP1,000 發電廠，並將繼續期待在未來 1 到 2 年內獲得反應器冷卻劑泵的訂單。

We also continue to grow our presence with the leading designers of small modular reactors, both organically and through acquisition, with construction of advanced reactor technology expected to accelerate later this decade. The numerous projects that Curtis Wright is supporting are all still moving forward and continue to build upon our very strong position supporting existing reactors across the globe. At this point, nothing has changed that would impact our investor day outlook, which many of you know was a conservative and prudent assessment of the overall growth opportunity for Curtis Wright.

我們也將繼續透過內部發展和收購的方式，擴大與小型模組化反應器領先設計公司的合作，預計本世紀後期先進反應器技術的建設將加速。柯蒂斯萊特支持的眾多項目仍在推進中，並將繼續鞏固我們在全球支持現有反應器的強大地位。到目前為止，還沒有任何變化會影響我們的投資者日展望，很多人都知道，這是對 Curtis Wright 整體成長機會的保守和審慎的評估。

Finally, we remain encouraged by the new administration's pro-nuclear stance and the recent appointments of [Curtiss-Wright] as the new US Energy Secretary and Doug Burgum as the Secretary of the Interior. As a reminder, the US's initiative to regain our commercial nuclear advantage started in 2017, and this industry continues to garner strong bipartisan support.

最後，我們仍然對新政府的支持核能立場以及最近任命 [Curtiss-Wright] 為新任美國能源部長和任命 Doug Burgum 為內政部長感到鼓舞。提醒一下，美國重新獲得商業核優勢的舉措始於2017年，該行業繼續獲得兩黨的大力支持。

Collectively, these positive market forces support our confidence in projecting our commercial nuclear business to grow fivefold by the middle of the next decade to an annual run rate of $1.5 billion providing tremendous long-term value to Curtiss-Wright and our shareholders. In closing, I'm excited about Curtiss-Wright's future and the many great pursuits across our operations beyond that nuclear option optionality. Such as our world class defense electronics portfolio and our position as a mission critical partner to the US Navy, we expect to sustain our growth by winning in strong and expanding markets with exciting and new technologies and solutions while continuing to build momentum in our pivot to growth strategy.

總的來說，這些積極的市場力量增強了我們的信心，預計到下個十年中期，我們的商業核能業務將增長五倍，年營運將達到 15 億美元，為柯蒂斯-萊特公司和我們的股東提供巨大的長期價值。最後，我對柯蒂斯-萊特公司的未來以及我們除了核選項之外的許多偉大追求感到興奮。例如我們世界一流的國防電子產品組合以及我們作為美國海軍關鍵任務合作夥伴的地位，我們希望透過以令人興奮的新技術和解決方案贏得強大且不斷擴大的市場來維持我們的成長，同時繼續在我們的成長策略中保持勢頭。

Thank you. And at this time I would like to open up today's conference call for questions.

謝謝。現在，我想開始今天的電話會議並回答大家的提問。

(Operator Instructions)

（操作員指令）

Nathan Jones, Steeple.

內森瓊斯，尖頂。

Good morning everyone. I guess I'll start on the ultra energy acquisition. I know this is one you guys have been excited about, and you touched on some of these things in your, prepared remarks from how you get a bit more color on.

大家早安。我想我應該開始獲取超級能量。我知道這是你們一直很興奮的事情，你們在準備好的發言中談到了其中的一些事情，並談到瞭如何讓事情變得更加詳細。

How it improves your position on some of the European SMR manufacturers, how you can leverage that business with your current businesses to maybe grow content on some of these platforms, just a little bit more color on kind of the strategic value you see just outside of the financial.

它如何提升您在一些歐洲 SMR 製造商中的地位，您如何能夠利用該業務與您當前的業務相結合，以便在這些平台上增加內容，這只是您在財務之外看到的戰略價值的一小部分。

Sure, and thank you for that question. We were, it took longer than we anticipated to get it to close, but December 31, we got it done in the year, so it's a nice clean break point you could say from that position, but we're, definitely out of the gate strong with these guys. We've had, the two main locations, one in the UK, one down in Texas, we've had kickoff meetings, with both of them, and, both teams.

當然，感謝您的提問。我們花了比預期更長的時間來完成它，但在 12 月 31 日，我們在一年內完成了它，所以你可以從這個角度說這是一個很好的斷點，但我們在這些傢伙的幫助下絕對表現強勁。我們有兩個主要地點，一個在英國，一個在德克薩斯州，我們已經與這兩個地點以及兩個團隊舉行了啟動會議。

We, chomping at the bit to get started on figuring out how we would collaborate together because, the closing of the acquisition took longer than anticipated. So there's a lot of enthusiasm and activity going on. So with that said, to talk more about the strategic fit, there's a couple of aspects to it.

我們迫不及待地想開始研究如何合作，因為收購的完成時間比預期的要長。因此，存在著許多的熱情和活動。因此，要進一步談論策略契合度，有幾個面向需要考慮。

One is as a European supplier with a European footprint, it gives us the opportunity to possibly transition some products to be able to be supported through that facility and provide more localized content, which you know is important as you think of the major reactor providers that are European based and most notably Rolls-Royce that they have a great relationship with and. Already initial meetings on how we can better advance our partnership, with them, with ultra being, we were engaged with them beforehand but really opening the doors there, so that, that's, one example of leveraging that footprint, but it won't be just with that one customer. I don't want to imply that, but that's kind of, the biggest and one that's most before us right now.

一是作為一家在歐洲具有影響力的歐洲供應商，我們有機會轉變一些產品，以便能夠透過該設施獲得支持，並提供更多本地化內容，這一點很重要，因為主要的反應器供應商都位於歐洲，最著名的是勞斯萊斯，他們與勞斯萊斯保持著良好的關係。我們已經舉行了初步會議，討論如何更好地推進我們與他們的合作夥伴關係，與 ultra being 的合作，我們之前就與他們進行了接觸，但真正打開了大門，所以，這是利用這一足蹟的一個例子，但它不僅僅是針對那一個客戶。我不想暗示這一點，但這是目前我們面臨的最大問題。

They also do work, as we mentioned with the UK submarine fleet, dollar wise it's not, an overly significant part of their revenue stream, but it's critical technologies and critical relationships that we'll see where potentially that can take us as a partnership there. Very high temperature, pressure and sensor, pressure and temperature sensors, were produced and designed mainly for the nuclear market, but as the world tries to get more energy efficient, it, there's a much broader applicability of these, products more globally and something that, with our, strong market breath across, commercial aerospace, is one example.

他們也確實在為英國潛艦艦隊工作，從美元角度來看，這並不是他們收入來源中過於重要的一部分，但這是關鍵的技術和關鍵的關係，我們將看到這些有可能將我們帶入那裡的合作夥伴。超高溫、壓力和感測器、壓力和溫度感測器主要為核能市場生產和設計，但隨著世界試圖提高能源效率，這些產品的全球適用性更加廣泛，而憑藉我們強大的市場影響力，商業航空航太就是其中一個例子。

I think we'll have a much greater reach in how we can take these products to market than was really, a focus for that team. And so we're early days of working with them on that area. So that's just to touch on a couple, but, their heritage, one of the things I think is exciting, from our investor day we talked about how, we're proud that we have heritage in many of our, businesses from the inception of the industries and these, this team, brings that same heritage and with it just deep industry knowledge, different some different customer connections than we have and so, this, it's more than just the tangible things, they're a well established strong player and this was really unique and great technology that just broadens what we can take to our customer base.

我認為我們在將這些產品推向市場方面會比該團隊真正關注的重點有更大的影響力。因此，我們與他們在該領域的合作才剛剛開始。這只是談到幾個方面，但是，他們的傳統，我認為令人興奮的事情之一，從我們的投資者日開始，我們就談到，我們很自豪，我們的許多業務都擁有從行業起步階段開始的傳統，而這個團隊，帶來了同樣的傳統，以及深厚的行業知識，與我們不同的一些客戶聯繫，所以，這只為客戶提供了真正的東西，他們是一個成熟的強大參與者，這不僅是我們的

Awesome, thanks for the color. I guess I guess my second question, I'm going to go on foreign military sales. There's obviously a big push from the US administration to get Europe to increase their defense spending.

太棒了，謝謝你的顏色。我的第二個問題是談論對外軍售。美國政府顯然大力推動歐洲增加國防開支。

I think air defense and ground defense would likely be areas of focus should our foreign military or European governments look to to increase military spending, which should fit very well with Curtiss's portfolio. Maybe you could just give us some color on.

我認為，如果我們的外國軍隊或歐洲政府希望增加軍事開支，防空和地面防禦可能會成為重點領域，這與柯蒂斯的業務組合非常契合。也許你可以提供我們一些相關資訊。

What kind of improvement you would expect in foreign military sales if I don't know, Europe increased defense spending by 1% or or just any kind of color you can give us on how you would benefit.

如果我不知道，您期望對外軍售會有什麼樣的改善，歐洲如果增加了 1% 的國防開支，或者您能告訴我們您將如何受益，您能提供什麼資訊。

Well let Chriss speak to the numbers, but before that, you're very much right. Ground defense is, a great area over there. We have a very sophistic capability in stabilization equipment that is used on a variety of type of of vehicle platforms and a very strong partnership with (inaudible) Natal, which is really the leading manufacturer of vehicles over in Europe, not the only and then that's not the only place we partner, but, a very preeminent one.

好吧，讓克里斯來談談數字，但在此之前，你說得很好。地面防禦是那邊的一個很棒的區域。我們在穩定設備方面擁有非常先進的能力，這些設備可用於各種類型的車輛平台，並且與（聽不清楚）納塔爾（Natal）建立了非常牢固的合作夥伴關係，納塔爾實際上是歐洲領先的汽車製造商，雖然不是我們唯一的合作夥伴，但卻是非常卓越的合作夥伴。

And so that and, we have a systems capability to deliver, other types of products into, both ground. And aerial vehicles that are there, but we ship a lot of stuff just out of the US and so directly into those customers, so you know our our product applicability is pretty great, but with that maybe I'll turn it over to talk let Chris walk through some of the numbers.

因此，我們擁有向地面運送其他類型產品的系統能力。雖然有飛行器，但是我們很多東西都是從美國運出的，直接送到那些客戶手中，所以你知道我們的產品適用性非常好，但是也許我會把它交給克里斯來談談一些數字。

Yeah, sure, that's been a great growth factor for us, Nathan, as you know. I will say that it's very difficult for us to predict, what a 1% increase in GDP across NATO is going to necessarily translate to for Curtiss-Wright, but we have seen some really great increases in NATO spending over the past few years in 2024, and we now have 70% of the country spending in more than 2% of their GDP, and if that continues to accelerate, then we would expect that that will only continue to help accelerate our portfolio.

是的，當然，如你所知，內森，這對我們來說是一個巨大的成長因素。我想說的是，我們很難預測北約 GDP 成長 1% 對柯蒂斯-萊特公司來說意味著什麼，但在過去幾年中，我們看到北約的支出在 2024 年有了很大的增長，現在有 70% 的國家將支出用於其 GDP 的 2% 以上，如果這一趨勢繼續加速，那麼我們預計這只會繼續幫助我們的投資組合。

But back in '23. FMS growth or direct FMS growth, I should say, grew more than 20% for Curtiss-Wright, in 2024, our FMS sales grew 10%, and that was really despite some timing issues that we had in the prior year with our TDS business which can kind of be a little bit lumpy. But we saw a really strong demand across our defense electronics business given that a very broad portfolios supporting, arrow and ground markets and as well as some benefit to our aircraft handling business with naval power.

但回到'23年。我應該說，FMS 成長或直接 FMS 成長對於 Curtiss-Wright 來說成長了 20% 以上，到 2024 年，我們的 FMS 銷售額成長了 10%，儘管我們在前一年 TDS 業務中遇到了一些時間問題，這可能會有點不穩定。但是，我們看到國防電子業務的需求非常強勁，因為它擁有非常廣泛的產品組合支持，包括箭頭和地面市場，海軍力量也為我們的飛機處理業務帶來了一些好處。

And as we enter into this next year, we're expecting that we're going to continue to grow at a low double digit plus pace, and that'll be mainly driven. Again, by C-5 ISR naval aircraft handling, and then also some of the ground based arresting systems that we have within naval and power. So we see it as an opportunity for Curtiss-Wright going forward for sure.

隨著進入明年，我們預計我們將繼續以低兩位數以上的速度成長，這將主要受其推動。再次，由 C-5 ISR 海軍飛機處理，然後還有我們海軍和軍隊內的一些地基攔阻系統。因此，我們肯定將此視為柯蒂斯·萊特公司未來發展的機會。

Mich Ciarmoli, Truist Securities.

Truist Securities 的 Mich Ciarmoli。

Hey, good morning guys. Folks, thanks for taking the question. Hey, Chris, I guess just looking at, great order flow, record backlog, you've got the organic growth outlook in in 2025 decelerating a bit, defense has obviously been extremely strong. But any other kind of hooks and takes, and I know that the mid single digits in line with with kind of what you laid out in investor day, it seems like, I would have thought maybe, the arrow piece would have been a little bit better, but any other puts and takes on just kind of that revenue dynamic?

嘿，大家早安。大家好，感謝你們提出這個問題。嘿，克里斯，我想只要看一下，巨大的訂單流，創紀錄的積壓，你就會發現 2025 年的有機增長前景會略有放緩，防禦能力顯然非常強大。但還有其他類型的誘惑嗎？

As we enter into the year, we feel really well positioned with where we are, from a backlog perspective, particularly across our A&D markets, a lot of that, order activity that we experienced here in 2024, when you look at, like a second quarter book to bill 1.7 times in naval and power, that's multi-year work that's that's coming to Curtiss-Wright. So as we look across naval defense, we certainly see a solid opportunity for growth ahead for that business, within aerospace defense, that there's a strong driver there, not only what's happening within C5-ISR, but also what's happening over in in the actuation business relative to get some additional work that they have with the F-35 program and other fighter jets and then within naval and power, you're looking at at some uplift relative to the ground-based arresting systems on an international level, as we approach ground defense, we had 15%. Growth in that business this last year and it was even stronger the year before.

進入新的一年，從積壓訂單的角度來看，特別是在我們的 A&D 市場中，我們感覺自己處於非常有利的位置，我們在 2024 年經歷的許多訂單活動，例如第二季度海軍和動力訂單出貨比是 1.7 倍，這是柯蒂斯-萊特公司正在進行的多年工作。因此，當我們縱觀海軍防禦領域時，我們當然看到了該業務未來堅實的增長機會，在航空航天防禦領域，那裡有強大的驅動力，不僅是 C5-ISR 內部發生的事情，而且還有驅動業務方面發生的事情，相對於 F-35 計劃和其他戰鬥機的一些額外工作，然後在海軍和電力領域，你會看到我們的一些國際防禦領域，我們會看到一些更多地面防禦時，我們在海軍和電力領域，你會看到我們的地面防禦方面的一些額外工作，然後在海軍和電力領域，你會看到我們的國際層面的一些額外工作，我們在海軍和電力領域，你會看到我們的一些額外了地面防禦時，我們會看到一些額外工作。去年該業務有所成長，前年甚至更加強勁。

Yeah, the order book is great, but as we enter into the year, some of that footprint capacity and management that we're doing within that business continues, so we'll expect a little bit of more chatter here maybe in the first quarter until we get some of those efforts completed and then. Yeah, just overall, I think if you look at defense electronics, we've got some really exciting things that we're doing.

是的，訂單量很棒，但隨著我們進入新的一年，我們在該業務中所做的一些足跡容量和管理仍會繼續，因此我們預計第一季可能會出現更多的閒談，直到我們完成其中一些工作然後。是的，總的來說，我認為如果你看看國防電子產品，你會發現我們正在做一些非常令人興奮的事情。

You saw it in the CapEx and some of that is systems enhancements and improvements in the organization. Other investments are really just to expand footprinting capacity and we just have to balance some of those major projects that are going on across the organization to support future growth with the expectations for what we what we can achieve in 2025. So I think like I feel like we've taken an appropriate position entering into the year given all that.

您可以在資本支出中看到它，其中一些是組織內的系統增強和改進。其他投資實際上只是為了擴大覆蓋能力，我們只需要平衡整個組織正在進行的一些主要項目，以支持未來的成長與我們在 2025 年能夠實現的目標的期望。因此，考慮到所有這些，我認為我們在進入新一年時採取了適當的立場。

Got it, that's helpful. And then I guess just a question on the topic that's coming up across almost every call tariffs and I guess we're going to get more news here at [01:00] today, presumably, but going back and kind of looking at. At your exposure, I guess back in 2018, maybe you had a couple million dollars here or there. How are you thinking about, potential tariff headwinds, either the revenues or operating income kind of contemplated in the outlook?

明白了，很有幫助。然後我想這只是一個關於幾乎所有通話資費都會出現的主題的問題，我想我們大概會在今天 [01:00] 在這裡得到更多新聞，但回過頭來看一下。以您的經驗來看，我猜早在 2018 年，您也許就擁有數百萬美元。您如何看待潛在的關稅阻力，無論是收入還是營業收入，在前景中都有所考慮？

It's definitely a topic of conversation and a, a fluid situation to say the least, but I appreciate you bringing up, the past situation, and I guess, the thing I would communicate first is current rights over, the recent past has dealt with, a variety of disruptive, situations, whether it was the tariffs back in the late teens, which you're right, we're about $9 million of which about half we were able to mitigate with our customers and half we absorbed. But not material to the business, but we absorbed the pandemic came along and we lost $300 million of sales. We have the supply chain disruption and defense of electronics, ongoing inflation, and I think it's important to note.

這絕對是一個談話主題，至少可以說是一個不穩定的情況，但我很感謝你提起過去的情況，我想我首先要傳達的是當前的權利，最近的過去已經處理了各種破壞性的情況，無論是十幾歲後期的關稅，你是對的，我們大約有 900 萬美元，其中大約一半是我們能夠與客戶一起減輕的，另一半是我們自己吸收的。雖然這對業務來說並不重要，但我們承受了疫情的影響，損失了 3 億美元的銷售額。我們面臨供應鏈中斷和電子產品防禦、持續通貨膨脹等問題，我認為這些值得注意。

Curtiss-Wright has delivered steady growth and steady margin expansion through all these situations. So, we have our commitments to manage this current situation as we, have a very agile and or you know. Action oriented team and so you know we're already doing the things that we can do with the information we have. We've started some cross functional tiger teams that are, really making sure that, we have our handle around everything, related to operations, contracts, financial, legal, etc.

在所有這些情況下，柯蒂斯-萊特都實現了穩步成長和利潤穩步擴大。所以，我們致力於管理當前局勢，因為我們非常靈活，或者你知道。行動導向的團隊，所以你知道我們已經在利用我們掌握的資訊做我們可以做的事情。我們已經啟動了一些跨職能的虎隊，真正確保我們能夠掌控與營運、合約、財務、法律等相關的所有事務。

We're definitely reviewing things such as. Flow of products, contracts, terms, and watching the formal government communications to consider all the options that we can lever now and continuously thinking through areas we can improve to minimize the impact and are focused on mitigating actions whether that's, price recovery or a different.

我們肯定正在審查諸如此類的事情。產品流動、合約、條款，並專注於正式的政府通訊，以考慮我們現在可以利用的所有選項，並不斷思考我們可以改進的領域，以盡量減少影響，並專注於緩解行動，無論是價格恢復還是其他。

Approach to delivering a product to a customer that isn't overly disruptive in communicating those things. So we feel at this point in time that, we will manage this as we have managed in situations in the past, but we're also contemplating, with.

向客戶交付產品的方法不會在溝通過程中造成過多幹擾。因此，我們此時此刻認為，我們將按照過去的方式處理這個問題，但我們也在考慮。

If the tariffs stay more permanent, more broad, more, and appear to be more durable, how we might make some other even more significant changes to protect the business. And so obviously you need more details than we have right now to do those things, but we feel really good about our guidance and they're, entering the year and this is obviously, an ongoing situation and we know of it, but we feel as if we will be able to manage our way through it.

如果關稅變得更加永久、更廣泛、更加嚴厲並且看起來更加持久，我們可能會做出其他更重大的改變來保護企業。因此，顯然你需要比我們現在掌握的更多的細節來完成這些事情，但我們對我們的指導感到非常滿意，他們正進入新的一年，這顯然是一個持續的情況，我們知道這一點，但我們覺得我們能夠設法度過難關。

Got it. Helpful. And then just last one, Lynn, I think I heard you correct, you're expecting maybe a reactor coolant pump order in the next 1 to 2 years. Is that just maybe color on that timeline is that that sort of in line? Is it sliding to the right? Anything changing out there, I guess the latest news maybe Ukraine is looking at buying some Russian reactors from Bulgaria, but. Any kind of general update on market opportunities with with RCPs for the AP1,000?

知道了。很有幫助。然後最後一個問題，Lynn，我想我聽對了，您預計未來 1 到 2 年內可能會有反應器冷卻劑泵的訂單。那條時間線上的顏色是不是就是這樣的呢？它是向右滑動嗎？那裡有什麼變化嗎？ 我猜最新消息可能是烏克蘭正在考慮從保加利亞購買一些俄羅斯反應堆，但是。關於 AP1,000 的 RCP 的市場機會有任何一般更新嗎？

Yeah. So it's been -- I'd say, honestly, amazingly steady over the past 3 years from coming out with our February 24, 2022 guidance when this whole situation over Ukraine began that morning, the time line for our first RCP orders has gone from 3 to 5, 2 to 4, 1 to 2 with a steady progression year-over-year. And so it has remained very, very stable. We work very closely with Westinghouse on monitoring the pipeline.

是的。所以，我想說，老實說，從我們在 2022 年 2 月 24 日早上烏克蘭局勢爆發時發布指導意見以來，過去 3 年裡情況出奇地穩定，我們第一批 RCP 訂單的時間線從 3 個增加到 5 個，從 2 個增加到 4 個，從 1 個增加到 2 個，並且逐年穩步增長。所以它一直保持非常非常穩定。我們與西屋電氣密切合作，監控管道。

And when we say 1 to 2 years, we're really saying we expect an initial order by the end of 2026. So just to be a little bit more specific, somewhere between now and then. I wouldn't say now, I would say more in the 1- to 2-year time frame, but really by the end of 2026. And one piece of news that's out there for those who follow all the news feeds is Poland has moved their operational date from 2031 to 2033.

當我們說 1 到 2 年時，我們實際上是說我們預計在 2026 年底會收到首筆訂單。更具體地說，是從現在到那時之間的某個時間。我現在不會說，我會說在 1 到 2 年的時間範圍內，但實際上是在 2026 年底。對於那些關注所有新聞的人來說，有一條新聞是波蘭已將其運營日期從 2031 年移至 2033 年。

But that absolutely does not impact our time line of expecting the first order. Westinghouse has known that for some time. It just was not made public. So as we worked with Westinghouse and anticipate that order don't let that think that's a delay to that first order, which is still anticipated to be in Poland. So that's just one thing. Two other points of note is there's talk of trying the VC Summer plant back online, and that has a potential of being a very good opportunity for Curtiss-Wright. If that were to happen, I mean, there's not much specificity around that. But it has been put forward.

但這絕對不會影響我們期待第一批訂單的時間表。西屋電氣早就知道這一點。只是沒有公開而已。因此，當我們與西屋電氣合作並預期該訂單時，不要認為這是對第一批訂單的延遲，預計該訂單仍將在波蘭進行。這只是一件事。另外值得注意的兩點是，有傳言稱 VC Summer 工廠將重新上線，這對柯蒂斯-萊特公司來說可能是一個非常好的機會。如果真的發生了這種情況，我的意思是，目前還沒有太多具體資訊。但它已經被提出來了。

And kind of the late breaking news this week that again, needs to be flushed out is that India is considering changing their approach to indemnification on nuclear power plant which could break down what has always been the barrier for plants being sold into India. So those are kind of two new things. I don't think there either of those are going to play out in a manner that's going to jump ahead of a Poland or potentially Bulgaria order, but there are things that are new and good.

本週需要再次強調的最新消息是，印度正在考慮改變其核電廠的賠償方式，這可能會打破一直以來阻礙核電廠進入印度的障礙。所以這是一種新事物。我認為，這兩種情況都不會超越波蘭或保加利亞的秩序，但還是存在著一些新的、好的事情。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Could you comment on what the order was that triggered the large deferred revenue to come through on the cash flow? And then also, as I look at your naval defense business, that went from an expectation in 2024 of started the year at 3% to 5% growth and end up at 14%.

謝謝。您能否評論一下是什麼訂單導致大量遞延收入進入現金流？而且，當我回顧你們的海軍防禦業務時，我發現 2024 年的預期成長率從年初的 3% 上升到 5%，最終達到 14%。

Can you give some color as to it seems like every quarter that was getting revised higher. What exactly was going on there? And the new starting point for 2025 is 3% to 5%. So is there a similar upside opportunity?

您能否詳細說明一下，似乎每季的修訂都會有所提高。那裡到底發生了什麼事？而2025年的新起點是3%至5%。那麼是否有類似的上行機會？

Yeah. I mean, first, to discuss the upside opportunity. I think we feel pretty well positioned with where we're coming into the year Myles. And I would say that to answer maybe the first question that you asked, I mean, the volume of naval orders that we had received across this business this last year was very, very strong. When you look at that business and then our ability to convert that, whether it be through material receipts or the significant ramp-up in staffing that we were able to achieve for this business this last year. I think we certainly surpassed our own expectations.

是的。我的意思是，首先，討論一下上行機會。我認為，邁爾斯，我們對今年的定位非常滿意。我想說，這也許可以回答您提出的第一個問題，我的意思是，去年我們在整個業務中收到的海軍訂單數量非常非常多。當你審視這項業務以及我們實現轉換的能力時，無論是透過材料收據還是透過去年我們為這項業務實現的人員配備的大幅增加。我認為我們確實超出了自己的預期。

And as that work gets completed, or as those orders come on in, that provides an opportunity for us to kind of bill and bill in advance of certain milestones being achieved. So if you step back and take a look at the balance sheet for Curtiss-Wright, I mean we were up $140 million in deferred revenue this last year.

隨著這項工作的完成或訂單的到來，這為我們提供了一個機會，可以在實現某些里程碑之前提前開出帳單。所以，如果你退一步看看柯蒂斯-萊特公司的資產負債表，你會發現，去年我們的遞延收入增加了 1.4 億美元。

So a record level of advances not only across the full year, but in the fourth quarter, as well. So most of that relates to what you saw in submarines and the acceleration of work that happened here into the fourth quarter, but I also want to say, across our Defense Electronics business, they did a really solid job of getting in advances ahead of their work.

因此，不僅全年的成長水準創下了歷史新高，而且第四季的成長水準也創下了歷史新高。因此，其中大部分與您在潛艇中看到的情況以及第四季度的工作加速有關，但我還想說，在我們的國防電子業務中，他們在工作中取得了非常紮實的進展。

So there was a lot that kind of went into that. I wouldn't say it's a single contract, but -- so that was all good effort. And as we go into this year, will there be upside in Naval Defense. I think a lot of that is just -- is going to continue to depend upon the ability to put the right CapEx and people in place and execute on that backlog and get through that sooner. But I'll say that, again, we do feel good about the guide entering into the year.

所以有很多事情都牽涉到其中。我不會說這只是一份單獨的合同，但是——這都是很好的努力。隨著我們進入今年，海軍防禦是否會出現上升趨勢？我認為這在很大程度上只是——將繼續取決於是否有能力將正確的資本支出和人員安排到位，並執行積壓任務並儘快完成。但我想說的是，我們對於今年的指南確實感到很滿意。

Okay, and what was the book to build by segment, for 2024 if you have that?

好的，那麼，如果您有的話，2024 年按細分市場要建立的書是什麼？

Yeah, so if you look at aerospace and industrial, it was 1.05. Defense Electronics was 1.16, and naval power was 1.3.

是的，如果你看航空航天和工業，這個數字是 1.05。國防電子為1.16，海軍力量為1.3。

Yeah. Okay. And then maybe, Lynn, on the subsea pump business, given we know have the Gulf of America and we're going to drill a lot. What's the outlook for the subsea pumps and if that's a material opportunity over the next 3 to 5 years upside versus what you've previously been thinking?

是的。好的。然後也許，林恩，關於海底泵業務，考慮到我們知道有美國灣，而且我們將進行大量鑽探。海底幫浦的前景如何？

Well, I'd say across our entire process end market, it's surely drill baby drill is probably a good thing. So -- but joking aside. The early executive orders -- the first executive orders of Curtiss-Wright, not only was very pro nuclear, it was very pro LNG and all things fossil fuels, and that is going to be good for Curtiss-Wright. And so we size the opportunity for the subsea pumps at $250 million of potential by the end of this decade. That has not changed as of yet.

嗯，我想說，在我們整個流程終端市場中，鑽寶寶鑽肯定是件好事。所以——玩笑歸玩笑。早期的行政命令－柯蒂斯-萊特公司的第一份行政命令，不僅非常支持核能，而且非常支持液化天然氣和所有化石燃料，這對柯蒂斯-萊特公司來說是有利的。因此，我們預計到本世紀末海底泵的潛在市場規模將達到 2.5 億美元。這一點至今仍沒有改變。

We sort of going through the last stages of getting the Shell pump deployed and we're really developing it with Petrobras. But I feel like it will surely only be a tailwind for not just at subsea, but many things around our valve footprints and some other equipment that we sell across the process industry.

我們正處於部署殼牌幫浦的最後階段，並且正在與巴西石油公司合作開發它。但我覺得這肯定不僅對海底領域有利，而且對我們的閥門足跡以及我們在整個製程工業中銷售的一些其他設備的許多方面也有利。

Jason Gursky, Citigroup.

花旗集團的傑森古爾斯基。

Hey, good morning everybody. Lynn, I'd like to just do a couple of big picture questions with you, if that's okay. Just starting with the transition with the administration. And maybe just kind of reflect if you wouldn't mind for a minute on how this transition has been different than what you all have seen in the past. And what, if anything, you all are doing differently as a result of any differences that you've seen in this transition?

嘿，大家早安。林恩，如果可以的話，我想和你問幾個大問題。政府的過渡才剛開始。如果您不介意的話，也許您可以花一點時間思考一下，這種轉變與過去所見的有何不同。那麼，由於你們在這轉變過程中看到了一些差異，你們的做法有何不同？

So it's been a fast-paced transition that I think everybody realizes the terms on the news. And so I think that's universally true not necessarily tied to Curtiss-Wright in any particular way. I think the clarity of position on things such as nuclear coming out with an executive order in the first like 2 weeks on how the administration sees energy dominance and the very clear support for nuclear and really all things fossil fuel production.

所以這是一個快速的轉變，我想每個人都意識到了新聞中的術語。所以我認為這是普遍正確的，並不一定與柯蒂斯·萊特公司有任何特定的聯繫。我認為，在核能等問題上的立場要明確，即在前兩週發布行政命令，說明政府如何看待能源主導地位，並明確支持核能以及所有化石燃料生產。

I think those are levels of clarity and speed of clarity that is not typical. Now what's not clear is the tariffs, right? So I mean, that's kind of -- on the other side of the paper is that, which is not clear. But I think, hopefully, that will sort itself out here in the next couple of weeks as to what the position is going to be and we'll just have to live with the ambiguity and do what we can in the meantime.

我認為這些清晰度水平和清晰度速度並不典型。現在不清楚的是關稅，對嗎？所以我的意思是，這有點——在紙的另一面，這是不清楚的。但我認為，希望在接下來的幾週內，這個問題能夠自行解決，至於具體情況，我們只需要接受這種模糊性，並在此期間盡我們所能。

But I also see things, (inaudible) obviously all over the news and okay, set aside what anybody thinks about, broadly speaking, if we have a more efficient government that wants to spend dollars wisely, and if you take that is what the big picture intent of it is. I think that's going to be a great thing for Curtiss-Wright. One of the beliefs out of it is that a lot less friendly attitude to all of these cost-plus contracts and wanting to drive more fixed-price contracts, which is the vast, vast majority of where Curtiss-Wright plays is a good thing.

但我也看到一些事情，（聽不清楚）顯然在新聞中到處都是，好吧，拋開任何人的想法，廣義上講，如果我們有一個更有效率的政府，願意明智地花錢，如果你接受這就是它的大局意圖。我認為這對柯蒂斯·萊特公司來說是一件大事。其中一種看法是，對所有這些成本加成合同的態度不那麼友好，而希望推動更多的固定價格合同，這是柯蒂斯-萊特公司所採取的絕大多數做法，這是一件好事。

And I believe that if a more efficient government and the value proposition Curtiss-Wright gives for the dollars that we take, either directly from the government or through a prime to deliver equipment, I think we produce a great value. I feel very confident that the money spent at Curtiss-Wright delivers value to our military. And with that, I feel like it could only be good in that sense.

我相信，如果有更有效率的政府和柯蒂斯-萊特公司對我們收取的資金（無論是直接向政府收取還是透過主要承包商提供設備）提出的價值主張，我認為我們可以創造巨大的價值。我非常有信心，在柯蒂斯·萊特公司花的錢會為我們的軍隊帶來價值。因此，我覺得從這個意義上來說，它只能是好的。

And then if you take that efficiency and apply it to the process of building out commercial nuclear, which is clearly called out in the energy dominance is to finally deliver on a commercial nuclear footprint in a meaningful way across the US making that less bureaucratic only speeds up the time line to some of these projects can be implemented.

然後，如果你把這種效率應用到商業核能建設的過程中，這在能源主導地位中明確提出，最終以有意義的方式在全美實現商業核能足跡，減少官僚主義，只會加快其中一些項目的實施時間表。

So I think all those things, we see it is way more a positive than a negative. There's -- we'll see what happens with the tax code. I mean that's -- we'll see where that goes. But we don't produce everything in the US, but we produced a lot of things in the US. And if there is a favorability towards companies that hire in the US and produce products in the US, that will be good for Curtiss-Wright. If that's how that turns out and even take the executive order on Iron Dome, I mean we have a lot of content, whether it's through our Enduring Shield win back in 2022 and many other things across Defense Electronics that would drive great content to us.

因此我認為，我們看到的所有這些事情的積極一面遠大於消極的一面。我們將看看稅法會發生什麼變化。我的意思是——我們會看看會發生什麼。但我們並不是在美國生產所有東西，但我們在美國生產了很多東西。如果美國對在美國招募員工和生產產品的公司有好感，那麼這對柯蒂斯-萊特公司來說將是一件好事。如果事實確實如此，甚至採取有關鐵穹防禦系統的行政命令，那麼我認為我們有很多內容，無論是透過我們在 2022 年贏得的持久盾牌計劃，還是國防電子領域的許多其他事情，這些都會為我們帶來很棒的內容。

So, there's a lot of areas, again, taxes, tariffs, you name it, but we like to hire and build things here in America, and that's clearly a focus of this administration. So we're trying to stay nimble. I will say that and take the news in daily as it comes and consider how we can best take those moves by the federal government to our advantage.

所以，有很多領域，稅收、關稅等等，但我們喜歡在美國僱用和建造東西，這顯然是本屆政府的重點。因此我們努力保持靈活。我會這樣說，並每天關注新聞並考慮如何才能最好地利用聯邦政府的這些舉措來為我們謀利。

That's great. And you touched on what was -- you briefly touched on what was going to be my follow-up question, which was on those. It sounds like those guys are going to make their way across the Key bridge and over to the Pentagon at some point here in the near term.

那太棒了。您簡單提到了我的後續問題，即關於這些內容。聽起來這些人近期某個時候將會穿過 Key 大橋，到達五角大廈。

And you touched on maybe more firm fixed price type contracts. But maybe if you could step back and give some recommendations or prescriptions, actions that you'd like to see to take at the Pentagon, I think that might be interesting to hear your thoughts on what other the firm fixed price contracts, maybe should they be looking to get done.

您可能提到了更堅定的固定價格類型的合約。但是，如果您可以退一步考慮並提出一些建議或建議，您希望五角大樓採取的行動，我認為聽聽您對其他固定價格合約的看法可能會很有趣，也許他們應該考慮完成這些合約。

Well, I would say, broadly, the whole acquisition process is fairly -- is a slow process. And I think attacking that broadly, and you've heard some of the CEOs of even larger defense companies than us talk about that. In the end, our industry will produce more value for the government, not less. If the acquisition process is streamlined. So I'd say that's one that comes top of mind.

嗯，我想說，從廣義上講，整個收購過程相當緩慢。我認為應該廣泛地攻擊這一點，而且你們也聽過一些比我們更大的國防公司的執行長談論這一點。最終，我們的產業將為政府創造更多價值，而不是更少。如果收購流程得到簡化。因此我認為這是最先想到的。

But just to add -- go back to your first question about things we're doing different. One of the things we are doing differently as a company in 2025 is -- and it's as much coincidental as response to this because we were decided to make this a big initiative later last year is really increasing our visibility and our touch points at the Pentagon and on Capitol Hill to really emphasize what Curtiss-Wright does and what value we bring to the government.

但只是補充一下——回到你的第一個問題，關於我們正在做的不同的事情。作為一家公司，我們在 2025 年所做的不同的事情之一是——這既是巧合也是對此的回應，因為我們決定在去年晚些時候將此作為一項重大舉措，真正提高我們的知名度和我們在五角大樓和國會山的接觸點，真正強調柯蒂斯-萊特公司所做的事情以及我們為政府帶來的價值。

And I think connecting a drive for efficiency, and I will stand up and proudly present what we do for the dollars we get and know that we are a great supplier to the US government. And so I think that will align nicely us bringing that message out to the forefront as this is all going on.

我覺得，把效率當作驅動力，我會站起來，自豪地展示我們用得到的錢所做的事情，並且知道我們是美國政府的優秀供應商。所以我認為這將很好地幫助我們在事情發生時把這個訊息帶到最前線。

Peter Arment, Baird

彼得·阿門特，貝爾德

Yeah, thanks, good morning or good afternoon now I guess, Lynn, Chris, Jim. Hey Lynn, could you comment a little bit about the outlook on commercial nuclear. You called out for a high single organic growth -- high single-digit organic growth this year, but you grew low double digits last year in your guidance for '26 assumes low double digits. Are we -- is there -- is this just timing related? Or is there a deceleration something get pushed out that is a change from '24 versus '25.

是的，謝謝，我想現在大家早安或下午好，Lynn、Chris、Jim。嘿，Lynn，你能否對商業核能的前景發表一些評論？您呼籲今年實現高個位數有機成長，但去年您的成長率卻低於兩位數，您在 26 年的指引中假設了低於兩位數的成長。我們 — — 這只是與時間有關嗎？或者是否存在減速，某些東西被推出，這是 '24 與 '25 之間的變化。

No. I think, Peter, we did have a very strong year this last year. And as we committed to Investor Day, we would grow and we still see the trajectory being a low double-digit CAGR over the 3 year period. This year, I'll say that while we are seeing and benefiting from some of the license renewals and flex work that's starting to kind of happen more around the industry, one of the headwinds that we are facing is that there are lower year-over-year outages, and that's just something that's going to happen once every 3 years or so, there's going to be a little bit of a dip there.

不。彼得，我認為，去年我們的確表現非常出色。正如我們致力於投資者日一樣，我們將繼續成長，並且我們仍然看到三年內的成長軌跡保持低兩位數的複合年增長率。今年，我想說的是，雖然我們看到並受益於一些開始在行業內越來越多地發生的許可證續簽和彈性工作，但我們面臨的阻力之一是同比停機次數減少，而且這種情況大約每三年發生一次，會出現一點下降。

But overall, higher maintenance activity across the operating fleet to support that. We are going to see a steady ramp-up in the design effort. We talked a little bit about that in the prepared remarks, but it's not just TerraPower and X-energy. We're excited about what Ultra Energy can do, and they're investing in research and development to secure some new and exciting wins themselves.

但總體而言，需要更高的維護活動來支持這一目標。我們將看到設計工作穩步推進。我們在準備好的演講中談到了這一點，但不僅僅是 TerraPower 和 X-energy。我們對 Ultra Energy 的能力感到非常興奮，他們正在投資研發以確保自己獲得一些新的和令人興奮的勝利。

So overall, I think we feel really good about the low double-digit guide that we gave over the 3 year period. And as we enter into 2026, we only expect that to continue to ramp up as this SMR work gets closer to prototyping.

因此總體而言，我認為我們對過去 3 年給出的低兩位數指導值感到非常滿意。隨著我們進入 2026 年，我們預計，隨著 SMR 工作越來越接近原型設計，這一數字將繼續上升。

Got it. Okay. That's helpful color. And then just, Lynn, you made the comment about the nuclear business being 5x as you get out into the next decade. Is that all organic? Or do you contemplate more M&A in this space?

知道了。好的。這是很有幫助的顏色。然後，林恩，您剛才評論說，到下一個十年，核能業務將會成長 5 倍。這些都是有機的嗎？或者您是否考慮在這個領域進行更多的併購？

Thanks.

謝謝。

We really did that build up from an organic standpoint of where we are driving content that we know of today and what we anticipate from the AP1000 build-outs, the aftermarket and plant life extensions and the beginning of the build-out of SMRs at a rhythm drumbeat that is anticipated. So that is a business that is within our wheelhouse to drive for Curtiss-Wright.

我們確實是從一個有機的角度來進行建設的，我們今天所知道的內容以及我們對 AP1000 建設、售後市場和工廠壽命延長以及 SMR 建設開始的預期，都以預期的節奏進行。因此，這是我們可以負責柯蒂斯-萊特公司業務的。

Pete Skibitski, Olympic Global.

奧林匹克全球的皮特‧斯基比茨基 (Pete Skibitski)。

Yeah, good morning guys. Nice quarter. A couple of follow-ups on Naval & Power. First, just a clarification. So the material receipts that you brought in and booked revenue on in the fourth quarter, that is what led to the strong revenue. But I assume those low-margin revenue on the material, and that's why I guess, the 4Q margin at Naval came in a little below your expectations. Is that kind of the way you work there?

是的，大家早安。不錯的季度。關於海軍與電力的一些後續報告。首先，我要澄清一下。因此，您在第四季度獲得的材料收據和預定的收入是帶來強勁收入的原因。但我認為這些低利潤收入來自於材料，所以我猜 Naval 第四季的利潤率會略低於你的預期。這就是你們在那裡的工作方式嗎？

Yeah, partly. I mean -- so I'll definitely say that a good portion of the beat in Naval was associated with material, but other portions of it were just better progress and staffing and ramping up to support the strong order book. Another little nuance here for those that had actually been out to the Cheswick facility, where we do a lot of naval work and AP1000 work and the subsea work. We did see some resources shift from subsea pump development to support some of those Naval milestones in the fourth quarter.

是的，部分如此。我的意思是 - 所以我肯定會說海軍的很大一部分節拍與材料有關，但其他部分只是更好的進展和人員配備以及加大力度以支持強勁的訂單。對於那些實際上去過 Cheswick 工廠的人來說，這裡還有另一個小細節，我們在那裡做了很多海軍工作、AP1000 工作和海底工作。我們確實看到一些資源從海底泵開發轉移以支援第四季度的一些海軍里程碑。

So that's another little nuance here. But as you look at the overall while we still had a very strong 19.1% margin here in the fourth quarter, by and large, the biggest reason for the missed versus expectations is just higher defense business. And it's a great business.

這是這裡的另一個小細微差別。但從整體來看，雖然我們第四季的利潤率仍然非常高，達到 19.1%，但整體來看，未達到預期的最大原因還是國防業務的成長。這是一項偉大的事業。

There's very solid margins. They're obviously a strong cash producer, but as you look across the Naval & Power portfolio and you think about nuclear products and process products and narrow defense products and international sales, it can be dilutive. So it's really a combination of the strong naval defense sales lower product valve sales during the fourth quarter, lower arresting systems, and we had a really great quarter of the prior year and international arresting systems, and those carry very high margins. So mostly mix as you look across the explain.

利潤空間非常可觀。他們顯然是一個強大的現金生產商，但當你縱觀海軍與動力產品組合，並考慮核產品、工藝產品、狹義的國防產品和國際銷售時，它可能會稀釋你的股權。因此，這實際上是海軍防禦銷售強勁、第四季度產品閥門銷售下降、阻攔系統銷售下降等多種因素的綜合作用，而去年同期我們國際阻攔系統銷售表現非常好，這些產品的利潤率非常高。因此，當你查看解釋時，大部分都是混合的。

That's helpful. I appreciate it. And then looking ahead to 2025 in the segment, what's the right way to think about the restructuring that you guys are doing there? Are you closing sites, doing other investments? Can you help us understand what's going on? And it looks like that restructuring is going to impact margin positively by the end of the year. Just kind of -- or maybe the mix shifts back, but I was just wondering if you could add some color there?

這很有幫助。我很感激。展望 2025 年，你們如何正確思考正在進行的重組？您是否正在關閉網站或進行其他投資？你能幫助我們了解發生了什麼事嗎？看起來重組將在年底前對利潤產生積極影響。只是有點——或者也許混合會轉變回來，但我只是想知道你是否可以在那裡添加一些顏色？

Yeah. So just to be clear, the vast majority of the restructuring that we spent this year, and we spent $15 million to get $10 million of annualized savings. $3 million of which fell into 2024, $7 million is going to fall into 2025 to get you to that $10 million spend. But the $3 million the majority of that fell through the A&I segment, and we increased our margin, I think maybe in the second or third quarter call, 30 basis points to account for that. The other biggest piece of that entering into 2025 is going to continue to benefit the aerospace and industrial group.

是的。所以需要明確的是，我們今年花費的絕大部分是重組，我們花了 1500 萬美元來獲得 1000 萬美元的年度節省。其中 300 萬美元將用於 2024 年，700 萬美元將用於 2025 年，這樣您就可以達到 1000 萬美元的支出目標。但那 300 萬美元中的大部分都流向了 A&I 部門，而我們提高了利潤率，我想可能是在第二季度或第三季度，提高 30 個基點來彌補這一點。進入 2025 年，另一個最大的收益將繼續惠及航空航太和工業集團。

A lot of efficiency behind some of those actions that we took within that restructuring. But then as you step back and you look at defense electronics, which is probably the second biggest contributor towards that spend and what we're doing is really just. yes, we're moving footprint. We're expanding capacity. There's still going to be some -- there was disruption, obviously, here in the fourth quarter, even though we had very strong results, but that will continue a little bit into Q1.

我們在重組過程中採取的一些行動非常有效率。但如果你退一步看看國防電子產品，它可能是該支出的第二大貢獻者，而我們所做的實際上只是。是的，我們正在移動足跡。我們正在擴大產能。儘管我們的業績非常強勁，但第四季顯然仍會存在一些混亂，這種情況將持續到第一季。

And the order book looks incredibly strong. We're excited about the outlook for that business going forward. So I hope that we're in a position as we get deeper into the year or maybe we have to do some more of this. But then I'll also say that we are investing back not only in restructuring, CapEx, systems across the organization, we're doing some exciting things from a systems perspective.

訂單量看起來異常強勁。我們對該業務的未來前景感到興奮。因此，我希望隨著時間的流逝，我們能夠做更多這樣的事，或者說，我們必須做更多這樣的事。但我還要說，我們不僅在重組、資本支出、整個組織的系統方面進行投資，我們還從系統角度做了一些令人興奮的事情。

And that's a lot of work is going on in defense electronics at this point to support that. And -- but the trajectory going forward and where we're spending most of that time and effort is really in aerospace and industrial and defense electronics.

目前國防電子領域正在進行大量工作來支持這一點。但未來的發展軌跡以及我們花費大部分時間和精力的地方實際上是在航空航太、工業和國防電子領域。

(Operator Instructions)

（操作員指令）

Bryce Sandberg, William Berg.

布萊斯桑德伯格、威廉伯格。

Lynn, Chris and Jim, good morning and thanks for the question. Good morning. Just want to ask on the Naval business, we've seen pretty significant supply chain and labor disruption that one of the shipyards that's impacting production. But obviously, you've had strong momentum in your naval business. So just kind of want to understand better how that disruption may or may not flow through your business? And does that represent an opportunity for you to take on more work within the supply chain?

林恩、克里斯和吉姆，早安，感謝你們的提問。早安.只想問海軍業務，我們發現其中一個造船廠的供應鏈和勞動力中斷相當嚴重，這對生產造成了影響。但顯然，你們的海軍事業發展勢頭強勁。所以您只是想更了解這種中斷是否會對您的業務產生影響？這是否意味著您在供應鏈中承擔更多工作的機會？

So that's a question we get asked fairly frequently. And we're -- to some degree, we're reasonably decoupled from the exact flow in the shipyards as our material is such long lead. And if you're curious, Chris can walk through kind of the flow of material. But our equipment is usually order years in advance, a couple of years in advance of the shipyards. And so there really isn't a one-to-one coupling.

這是我們常被問到的問題。而且，在某種程度上，我們與造船廠的確切流程合理地脫鉤，因為我們的材料週期很長。如果您好奇的話，克里斯可以帶您了解材料的流程。但我們的設備通常提前幾年訂購，比船廠提前幾年。因此實際上不存在一對一的耦合。

Now from an opportunity standpoint, we are always out presenting ourselves as a hungry, ambitious, naval equipment supplier and open to taking on new work as the Navy needs to second source things or move points of supply. And those don't happen frequently, but they do happen. And we've won some content through taking that kind of attitude, but it's not really a one to one coupling with the shipyards.

現在從機會的角度來看，我們一直在展示自己是一個渴望成功、雄心勃勃的海軍裝備供應商，並且願意承擔新的工作，因為海軍需要第二來源或轉移供應點。這些情況並不常發生，但確實會發生。透過採取這種態度，我們贏得了一些內容，但這並不是真正與造船廠一對一的結合。

I'll just add that one of the exciting things about our business, and we talked about this at Investor Day so it's really gratifying to see some of this play out and we talked a little bit about it in the script. It's just the aftermarket work that's becoming available to Curtiss-Wright. We got two service centers on the East Coast and one in the West Coast.

我只想補充一點，這是我們業務中令人興奮的事情之一，我們在投資者日談到了這一點，因此看到其中的一些進展真的很高興，我們在腳本中討論了一點。這只是柯蒂斯·萊特公司可以從事的售後市場工作。我們在東海岸設有兩個服務中心，在西海岸設有一個服務中心。

And not only is it RCOH work, but there's also just a lot of aftermarket coming Virginia-class submarines with initial spares provisioning that's helping Curtiss-Wright to grow. We've got a great footprint in naval arresting systems that also is growing internationally. So there's other ways for us to grow that are -- and what we are experiencing now that's not tied directly to what's happening in the shipyards.

而且不只是換料複合複合加工工作，還有很多維吉尼亞級潛艦的售後市場，以及初始備件的供應，這些都幫助柯蒂斯-萊特公司實現了成長。我們在海軍攔阻系統領域已取得巨大成就，並且正在國際上不斷發展。所以，我們還有其他的發展方式──我們現在所經歷的與造船廠發生的事情沒有直接關係。

Thank you. There are no further questions coming from the phone lines. I will now turn the call over to Lynn Bamford, Chair and Chief Executive Officer, for additional or closing remarks.

謝謝。電話那頭沒有傳來任何其他問題。現在，我將把電話轉給董事長兼執行長 Lynn Bamford，請她發表補充演講或結束語。

Thank you, everybody, for joining us today, and we look forward to reconvening when we have our Q1 results. Have a good rest of your day.

感謝大家今天的參與，我們期待在第一季結果公佈後再次召開會議。祝您今天剩餘的時間過得愉快。

Thank you. This does conclude today's Curtiss-Wright earnings conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。今天的柯蒂斯-萊特收益電話會議到此結束。請立即斷開您的線路，祝您有美好的一天。