Curtiss-Wright Corp (CW) 2025 Q1 法說會逐字稿

Welcome to the Curtiss-Wright first-quarter 2025 earnings conference call.

歡迎參加柯蒂斯-萊特 2025 年第一季財報電話會議。

(Operator instructions)

（操作員指示）

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

現在我想將電話轉給投資者關係副總裁 Jim Ryan。

Thank you, Chelsea, and good morning everyone. Welcome to Curtis Wright's first-quarter of 2025 earnings conference call.

謝謝你，切爾西，大家早安。歡迎參加 Curtis Wright 2025 年第一季財報電話會議。

Joining me on the call today are Chair and Chief Executive Officer Lynn Bamford; and Vice President and Chief Financial Officer Chris Farkas.

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 Chris Farkas。

A copy of today's financial presentation and the press release are available for download through the investor relations section of our website at curtiswright.com. The replay of this webcast will also be available on the website.

您可以透過我們網站 curtiswright.com 的投資者關係部分下載今天的財務報告和新聞稿的副本。此網路直播的重播也將在網站上提供。

Our discussion today includes certain projections and forward-looking statements that are based on management's current expectations and are not guarantees of future performance. The detail those risks and uncertainties associated with our forward-looking statements, including the impacts of tariffs and our public filings with the SEC.

我們今天的討論包括某些預測和前瞻性陳述，這些預測和前瞻性陳述是基於管理層當前的預期，並不能保證未來的表現。詳細說明與我們的前瞻性陳述相關的風險和不確定性，包括關稅的影響和我們向美國證券交易委員會提交的公開文件。

As a reminder, the company's results and guidance include an adjusted non-gap view that excludes certain costs in order to provide greater transparency in the Curtis Wright's ongoing operating and financial performance. GAAP to non-GAAP reconciliations are available in the earnings release and on our website.

提醒一下，該公司的業績和指導包括調整後的無差距觀點，其中排除了某些成本，以便為 Curtis Wright 的持續營運和財務表現提供更大的透明度。您可以在收益報告和我們的網站上查閱 GAAP 與非 GAAP 的對帳表。

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

現在我想把電話轉給 Lynn 來開始演講。

Thank you, Jim, and good morning, everyone. We are off to a great start in 2025 as we delivered fantastic results that exceeded our expectations. Before getting into the details, I would like to say a few words about the momentum that continues to build with respect to our pivot to growth strategy and how that translates into value for all of our stakeholders.

謝謝你，吉姆，大家早安。2025 年我們有一個好的開端，因為我們取得了超乎預期的優異成績。在深入探討細節之前，我想先簡單談談我們轉向成長策略的持續發展勢頭，以及這項策略如何轉化為我們所有利害關係人的價值。

First and foremost, I commend the team for embracing our strategy and their drive and execution, which has yielded better than expected results in both growth and efficiency. As we discussed at our May 2024 Investor Day, we continue to enhance customer engagement while leveraging our strong domain expertise as a highly valued supplier of mission critical technologies to help solve our customers' most challenging problems.

首先，我要讚揚團隊接受我們的策略以及他們的動力和執行力，這在成長和效率方面都取得了超出預期的結果。正如我們在 2024 年 5 月投資者日所討論的那樣，我們將繼續加強客戶參與度，同時利用我們作為關鍵任務技術的高度重視供應商的強大領域專業知識來幫助解決客戶最具挑戰​​性的問題。

In addition, we are implementing the core principles of our operational growth platform, remaining focused on both commercial and operational excellence to expand margins and free up funding opportunities for investments that will accelerate profitable growth across the portfolio.

此外，我們正在實施營運成長平台的核心原則，繼續專注於商業和營運卓越，以擴大利潤率並釋放投資融資機會，從而加速整個投資組合的獲利成長。

Regarding our improved 2025 outlook, we take pride in meeting our commitments and being the company that investors can rely on to deliver strong results, even in the face of macroeconomic uncertainty. Whether it was the quick return to providing guidance during the pandemic with minimal margin dilution or the rapid response of our team to the electronic supply chain challenges in 2022, in all cases, our team has responded quickly to adapt as needed and deliver superior results.

關於我們改進的 2025 年展望，我們為履行承諾並成為投資者可以信賴的公司而感到自豪，即使在宏觀經濟不確定的情況下也能取得強勁業績。無論是在疫情期間以最小的利潤率稀釋迅速恢復提供指導，還是我們的團隊對 2022 年電子供應鏈挑戰的快速反應，在所有情況下，我們的團隊都迅速做出反應，根據需要進行調整併取得卓越的成果。

This is a testament not only to our strategy, but also to our leadership positions in our end markets as well as the people, the systems and the processes that we continuously invest in to ensure that Curtis Wright is built for long term success. As a result, and in the face of a number of macro level uncertainties, we are confidently raising our overall full year 2025 guidance.

這不僅證明了我們的策略，也證明了我們在終端市場的領導地位，以及我們不斷投資的人才、系統和流程，以確保 Curtis Wright 獲得長期成功。因此，面對許多宏觀層面的不確定性，我們有信心提升 2025 年全年整體績效指引。

With that, I'll turn to today's presentation. Starting with our first quarter 2025 highlights. Sales of $806 million represented an increase of 13% year-over-year or 11% on an organic basis, driven by stronger than expected growth in our airspace and defense markets. Operating income increased 34% year-over-year, once again exceeding our sales growth and resulted in 260 basis points of overall operating margin expansion.

好了，下面我開始今天的演講。從我們 2025 年第一季的亮點開始。銷售額為 8.06 億美元，年增 13%，有機成長 11%，這得益於我們空域和國防市場超出預期的成長。營業收入年增 34%，再次超過我們的銷售額成長，並導致整體營業利潤率擴大 260 個基點。

This performance reflected the strong growth in sales, the benefits of our corporate-wide restructuring actions initiated last year to support future growth and efficiency and our ongoing commercial and operational excellence programs. Diluted earnings per share increased 42% year-over-year, which also exceeded our expectations and was primarily driven by our higher A&D sales.

這項業績反映了銷售額的強勁成長、我們去年啟動的全公司重組行動的效益，這些行動旨在支持未來的成長和效率，以及我們正在進行的商業和營運卓越計畫。每股攤薄收益年增 42%，這也超出了我們的預期，主要得益於我們更高的 A&D 銷售額。

Free cash flow, while typically a first quarter outflow, reflected a year-over-year increase of 5% while we continue to support investments across all three segments. New orders increased 13% year-over-year to a record of more than $1 billion and resulted in an overall book to bill of 1.26 times.

自由現金流通常會出現在第一季度，但今年同比增長了 5%，同時我們繼續支持所有三個部門的投資。新訂單年增 13%，達到創紀錄的 10 多億美元，總訂單出貨比達到 1.26 倍。

Within our A&D markets, we experience strong demand for neighbor nuclear propulsion equipment supporting the US Navy's current and next generation submarine programs. Orders within our commercial aerospace market were mainly driven by higher demand for avionics equipment within our defense electronics segment.

在我們的 A&D 市場中，我們對支援美國海軍當前和下一代潛艇計劃的鄰近核子推進設備的需求強勁。我們商用航空航太市場的訂單主要受到國防電子領域對航空電子設備需求增加的推動。

Within our commercial markets, we continue to benefit from increasing demand for commercial nuclear aftermarket products supporting the upcoming spring outage season, advanced SMRs, and the contribution from Ultra Energy. Overall, we've reached a new record backlog in excess of $3.6 billion which provides us great visibility and confidence in our long-term growth outlook.

在我們的商業市場中，我們繼續受益於即將到來的春季停電季節、先進的 SMR 和 Ultra Energy 的貢獻等對商業核售後產品日益增長的需求。總體而言，我們的積壓訂單已超過 36 億美元，創下新高，這為我們的長期成長前景提供了極大的透明度和信心。

Regarding our full year guidance, we have raised our overall outlook for sales, operating margins, and earnings per share, and on track to deliver strong top and bottom line growth this year. We now expect overall sales to increase 8% to 9%, reflecting an improved outlook in the majority of our A&D markets and the strength of our order book.

關於我們的全年指引，我們提高了銷售額、營業利潤率和每股盈餘的整體預期，並有望在今年實現強勁的營收和利潤成長。我們現在預計整體銷售額將成長 8% 至 9%，這反映出我們大多數 A&D 市場的前景改善以及訂單的強勁。

In addition, the organization's continuous strive for commercial and operational excellence is fueling some tremendous margin expansion this year. We now anticipate an increase of 80 to 100 basis points in pursuit of a record operating margin of 18.3% to 18.5%, and we expect to generate these strong returns while maintaining incremental investments in research and development. In addition, we expect to overcome the impact of tariff-related headwinds which Chris will cover in more detail in a few minutes.

此外，該組織不斷追求卓越的商業和運營，推動了今年利潤率的大幅成長。我們現在預計將增加 80 至 100 個基點，以追求創紀錄的 18.3% 至 18.5% 的營業利潤率，並且我們預計在保持對研發的增量投資的同時獲得這些強勁的回報。此外，我們預計將克服與關稅相關的不利因素的影響，Chris 將在幾分鐘內對此進行更詳細的介紹。

Diluted EPS is now expected to grow 14% to 17%. In addition, we raised our free cash flow guide to reflect higher confidence in the full year outlook and continue to expect strong free cash flow conversion. In summary, Curtis Wright remains well positioned to deliver another exceptional performance in 2025.

目前預計稀釋每股收益將成長 14% 至 17%。此外，我們提高了自由現金流指南，以反映對全年前景的更高信心，並繼續預期強勁的自由現金流轉換。總而言之，柯蒂斯·賴特仍然有能力在 2025 年再次取得出色的表現。

Now I would like to turn the call over to Chris to provide a more in-depth review of our financials.

現在我想將電話轉給克里斯，以便對我們的財務狀況進行更深入的審查。

Thank you, Lynn. I'll begin on slide 4 by reviewing the key drivers of our first quarter 2025 performance by segment.

謝謝你，林恩。我將從第 4 張投影片開始，按部門回顧我們 2025 年第一季業績的關鍵驅動因素。

Starting in Aerospace and Industrial, overall sales increased 4%, which is slightly ahead of our expectations. Beginning with the segment's defense markets, we experienced solid increases in actuation equipment sales, most notably within our aerospace defense markets supporting the F-35 and F-18 programs and also in ground defense for the enduring Shield platform.

從航空航太和工業開始，整體銷售額成長了 4%，略高於我們的預期。從該部門的國防市場開始，我們的執行設備銷售穩步增長，最顯著的是支持 F-35 和 F-18 計劃的航空航天國防市場，以及持久的 Shield 平台的地面防禦市場。

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 a modest increase in sales for our industrial automation equipment, which was essentially offset by reduced sales of industrial vehicle products.

在該領域的商用航空市場中，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。在一般工業市場中，我們的業績反映出工業自動化設備銷售額的小幅成長，但這基本上被工業車輛產品銷售的下降所抵消。

And turning to the segment's first quarter profitability, operating income and margin were ahead of expectations growing 15% and 140 basis points respectively, driven by favorable absorption on higher sales and restructuring savings, as well as a tailwind from FX.

談到該部門第一季的獲利能力，營業收入和利潤率均超出預期，分別成長 15% 和 140 個基點，這得益於銷售額增加和重組節省帶來的良好吸收，以及外匯帶來的順風。

Next, in the defense electronics segment, sales growth of 16% reflected increases in embedded computing equipment sales supporting a variety of C5/ISR programs as we continue to benefit from increases in global demand.

其次，在國防電子領域，銷售額成長 16%，反映了支援各種 C5/ISR 計畫的嵌入式運算設備銷售額的成長，我們繼續受益於全球需求的成長。

Within this segment's aerospace defense market, we experienced higher revenues supporting various helicopter platforms, most notably on the Black Hawk, in addition to higher sales on the Trite and UAV program.

在該領域的航空航太國防市場中，我們在支援各種直升機平台（尤其是黑鷹）方面獲得了更高的收入，此外 Trite 和無人機專案的銷售額也更高。

While on ground defense, our results mainly reflected higher revenues supporting US Army vehicle modernization and replenishment. Regarding the segment's operating performance, we delivered a record first quarter operating margin of 27.5%, mainly reflecting favorable absorption on higher revenues, as well as a shift in mix towards higher margin C5/ISR programs.

在地面防禦方面，我們的業績主要反映了支持美國陸軍車輛現代化和補給的更高收入。關於該部門的營運業績，我們第一季的營運利潤率創下了 27.5% 的紀錄，這主要反映了對更高收入的有利吸收，以及產品組合向利潤率更高的 C5/ISR 項目的轉變。

In addition, we continue to improve the efficiency of our operations to support this business's future growth and further bolster our position as a leading supplier of defense electronics. First quarter profitability also reflected the benefits of our prior year restructuring program to expand our manufacturing capacity, as well as our ongoing operational and commercial excellence initiatives, which are now expected to promote further margin expansion in 2025.

此外，我們將繼續提高營運效率，以支持該業務的未來成長，並進一步鞏固我們作為國防電子產品領先供應商的地位。第一季的獲利能力也反映了我們上一年為擴大製造能力而實施的重組計劃所帶來的好處，以及我們正在進行的營運和商業卓越計劃，預計這些計劃將促進 2025 年利潤率的進一步擴大。

Turning to the Naval and Power segment, sales growth of 18% exceeded our expectations, principally driven by higher revenue across several key platforms in naval defense. Within this market, our results reflected strong performance and execution on the submarine programs, as well as the timing and acceleration of material receipts from suppliers.

談到海軍和電力部門，銷售額成長 18%，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，我們的業績反映了潛艦計畫的強勁表現和執行，以及從供應商收到材料的時間和加速。

In the Power and Process market, our results mainly reflected the contribution from acquisitions driving strong growth in both our commercial nuclear and processed markets. On an organic basis, we experience high single digit revenue growth in commercial nuclear supporting the maintenance of operating reactors, as well as the ramp up and development across several SMR designs, including the X Energy and Naval Power advanced reactors.

在電力和加工市場，我們的業績主要反映了收購帶來的貢獻，推動了商業核能和加工市場的強勁成長。從有機成長來看，我們在商業核能領域的收入實現了高個位數成長，這得益於對運行反應器維護的支持，以及多種 SMR 設計（包括 X Energy 和 Naval Power 先進反應器）的提升和發展。

Elsewhere within the process market, higher domestic MRO valve sales were essentially offset by the timing of large capital projects. Regarding the segment's operating performance, favorable absorption on higher organic revenues was partially offset by unfavorable mix, as well as increased investment in customer funded development programs supporting future growth in our naval defense and commercial nuclear businesses.

在流程市場的其他部分，國內 MRO 閥門銷售額的增加基本上被大型資本項目的時機所抵消。就該部門的經營業績而言，較高的有機收入帶來的良好吸收部分被不利的組合所抵消，以及對支持我們海軍防禦和商業核業務未來增長的客戶資助開發計劃的投資增加。

As a reminder, last year's results included an unfavorable naval contract adjustment that did not recur in 2025. Beyond that, and as expected, while it was a strong contributor to our first quarter sales growth, we did experience margin dilution from the ultra energy acquisition as we integrate this business into our operations.

需要提醒的是，去年的結果包括一項不利的海軍合約調整，但該調整在 2025 年並未再次發生。除此之外，正如預期的那樣，雖然超級能源收購對我們第一季的銷售成長做出了巨大貢獻，但在我們將這項業務整合到我們的營運中時，我們的利潤率確實因收購而被稀釋。

To sum up Curtis Wright's first quarter results overall, we generated a strong operating margin of 16.6%, driving 260 basis points and operating margin expansion on the stronger than expected top line performance.

總結 Curtis Wright 第一季的整體業績，我們實現了 16.6% 的強勁營業利潤率，在強於預期的營收表現的推動下，營業利潤率增長了 260 個基點並擴大。

Turning to our full year 2025 guidance, I'll begin on slide 5 with our end market sales outlook, where we now expect total sales to grow 8% to 9%, reflecting 5% to 7% organic growth, mainly driven by continued momentum in defense electronics and more broadly across our A&D markets.

談到我們 2025 年全年指引，我將從第 5 張投影片開始介紹我們的終端市場銷售前景，我們現在預計總銷售額將成長 8% 至 9%，反映出 5% 至 7% 的有機成長，主要受到國防電子和更廣泛的 A&D 市場持續成長的推動。

Starting in aerospace defense, our outlook for 6% to 8% sales growth remains unchanged, mainly reflecting our strong order book for embedded computing equipment on various C5/ISR programs. Within ground defense, we now expect full year sales growth of 6% to 8% driven by increased throughput for our tactical communications equipment resulting from our recent restructuring actions.

從航空航太國防開始，我們對 6% 至 8% 的銷售成長預期保持不變，這主要反映了我們對各種 C5/ISR 專案中嵌入式運算設備的強勁訂單。在地面防禦領域，我們目前預計全年銷售額將成長 6% 至 8%，這得益於我們最近的重組行動帶來的戰術通訊設備吞吐量的提高。

In Naval defense, we now expect full year sales growth of 5% to 7% based on expectations for higher production revenue on submarine programs following the strong Q1 results, as well as higher aftermarket revenues supporting overhauls and retrofits on prior generation carriers. Elsewhere within our Defense Electronics business, we continue to anticipate strong growth in embedded computing revenues supporting various domestic and international programs.

在海軍防禦方面，我們目前預計全年銷售額將增長 5% 至 7%，這是基於強勁的第一季業績之後潛艇項目的生產收入將增加，以及支持上一代航空母艦大修和改造的售後市場收入將增加。在我們的國防電子業務的其他領域，我們繼續預計支援各種國內和國際項目的嵌入式運算收入將強勁成長。

Looking more broadly across all three defense markets, we now expect high 10s growth in direct foreign military sales in 2025, driven by the alignment of our technologies such as C5/ISR and arresting systems equipment to support increased global defense spending priorities.

更廣泛地看待這三個國防市場，我們目前預計 2025 年直接對外軍事銷售將成長 10% 以上，這得益於我們的 C5/ISR 和攔阻系統設備等技術的協調，以支持全球國防開支優先事項的增加。

Turning to Commercial Aerospace, we now expect full year sales to increase 13% to 15% with the increased outlook fully driven by an exciting new avenue for growth in avionics equipment within our defense electronics segment.

談到商用航空航太，我們現在預計全年銷售額將成長 13% 至 15%，這一成長前景完全受到國防電子領域航空電子設備令人興奮的新增長途徑的推動。

Building upon our legacy flight data recorder technology used in both defense and commercial applications, we're bringing improved cockpit voice recorder solutions to the commercial aerospace market to meet new safety mandates for longer recording capability. Then we will provide additional color on these efforts and our opportunities for growth later in our prepared remarks.

在我們用於國防和商業應用的傳統飛行數據記錄器技術的基礎上，我們為商業航空市場帶來了改進的駕駛艙語音記錄器解決方案，以滿足更長時間記錄能力的新安全要求。然後，我們將在稍後的準備好的發言中進一步闡述這些努力以及我們的成長機會。

Wrapping up our Aerospace and Defense outlook, we now expect total sales in these markets to increase 7% to 9% in 2025.

總結我們對航空航太和國防的展望，我們現在預計這些市場的總銷售額到 2025 年將成長 7% 至 9%。

Moving to our Commercial Markets and Power and Process, our outlook for 16% to 18% sales growth remains unchanged and continues to reflect 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，我們對 16% 至 18% 的銷售成長預期保持不變，並繼續反映中高個位數的有機收入成長以及 Ultra Energy 的貢獻。

Within our commercial nuclear market, we continue to expect increased aftermarket sales supporting the maintenance of the US, UK, and South Korea reactors, as well as a ramp up in development revenues across several SMR and advanced reactor designs. Next, within the Process Market, we continue to expect solid organic growth, mainly reflecting increased development on subsea pumps.

在我們的商業核能市場中，我們繼續預期支援美國、英國和韓國反應器維護的售後市場銷售額將會增加，同時多個 SMR 和先進反應器設計的開發收入也會增加。接下來，在製程市場中，我們繼續預期穩健的有機成長，這主要反映了海底泵的不斷發展。

And lastly, in the general industrial, you need to take a cautious approach and anticipate sales to be flat in 2025, where modest growth in (technical difficulty) automation and surface treatment services will be offset by reduced sales of industrial vehicle products.

最後，在一般工業領域，你需要採取謹慎的態度，預計 2025 年的銷售額將持平，其中（技術難度）自動化和表面處理服務的適度增長將被工業車輛產品銷售額的下降所抵消。

Of note, the order book for our vehicle products has remained stable over the past five quarters in spite of ongoing industry headwinds. Wrapping up our total commercial markets, we continue to target full year sales growth of 9% to 11%.

值得注意的是，儘管產業持續面臨阻力，但過去五個季度我們的汽車產品訂單仍然保持穩定。總結我們的整個商業市場，我們繼續將全年銷售成長目標定為 9% 至 11%。

Moving on to our full year 2025 outlook by segment on slide 6, I will going to begin by discussing the tariff impact on our operations. Of note, approximately 20% of our businesses are currently subject to tariffs. For those areas where we have exposure at the gross level, we estimate approximately $30 million in impacts for the remainder of 2025, most of which is related to imports from China.

接下來是第 6 張投影片中按部門劃分的 2025 年全年展望，我將首先討論關稅對我們營運的影響。值得注意的是，我們目前約有 20% 的業務受到關稅影響。對於那些我們在整體層面受到影響的地區，我們估計 2025 年剩餘時間內的影響約為 3,000 萬美元，其中大部分與來自中國的進口有關。

As we instituted in 2018 and 2019, we have tariff mitigation strategies in place, including various pricing and operational actions to improve our competitive positioning and to protect our operating margin. As a result, we expect the 2025 net impact tariffs to be approximately $10 million about two-thirds within our aerospace and industrial segment, and one-third in naval and power.

正如我們在 2018 年和 2019 年制定的那樣，我們制定了關稅減免策略，包括各種定價和營運行動，以提高我們的競爭地位並保護我們的營業利潤率。因此，我們預計 2025 年淨影響關稅約為 1,000 萬美元，其中三分之二集中在航空航太和工業領域，三分之一集中在海軍和電力領域。

We're also updating our expectations for the corporate-wide restructuring program that we initially launched in 2024, where we had originally anticipated $15 million in total cost to yield $10 million in annualized savings through operating income by the end of 2025.

我們也更新了對 2024 年最初啟動的全公司重組計畫的預期，我們最初預計總成本為 1,500 萬美元，到 2025 年底將透過營業收入產生 1,000 萬美元的年度化節省。

Due to additional actions being implemented this year, we now anticipate total cost of approximately $20 million with the increase mainly impacting the aerospace and industrial segment driven by additional facility consolidations. As a result, we now expect approximately $12 million in total annualized savings, the majority of which were recognized in 2025.

由於今年將實施更多措施，我們目前預計總成本約為 2,000 萬美元，成本成長主要影響受額外設施整合推動的航空航太和工業領域。因此，我們現在預計年度總節省金額約為 1200 萬美元，其中大部分將在 2025 年實現。

Regarding the updates to our outlook by segment, I'll begin in aerospace and industrial, where we continue to expect to grow 3% to 5%, reflecting strong growth in our A&D markets and flat sales in general industrial. Regarding the segment's profitability and as a result of potential tariff impacts, we reduced the low end of the guidance range for operating income and margins slightly to reflect our net exposure.

關於我們按部門劃分的展望更新，我將從航空航天和工業開始，我們預計這兩個領域將繼續增長 3% 至 5%，這反映了我們 A&D 市場的強勁增長和一般工業的平穩銷售。關於該部門的獲利能力以及潛在的關稅影響，我們略微降低了營業收入和利潤率指導範圍的下限，以反映我們的淨風險敞口。

In the event that the latest tariffs are lessened or lifted, we still see a path to the high end of our original segment guide driven by our expectation for higher sales and the savings generated by our restructuring actions.

如果最新的關稅降低或取消，我們仍然認為，受更高銷售額的預期以及重組行動帶來的節省的推動，我們能夠達到原有細分市場指南的高端。

We now project operating income to increase 3% to 8% and operating margin to be flat to up 60 basis points in range from 17% to 17.6%.

我們現在預計營業收入將成長 3% 至 8%，營業利潤率將持平至成長 60 個基點，介於 17% 至 17.6% 之間。

Next, in defense electronics, we now expect sales to grow 9% to 11% following the strong first quarter performance and 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，由於第一季表現強勁，且該業務創紀錄的 2024 年訂單強勁，我們現在預計銷售額將增長 9% 至 11%，這將推動所有 A&D 市場的穩健增長。

Regarding the segment's profitability, we now expect operating income growth of 15% to 18% and operating marginal expansion of 140 to 160 basis points to a new all-time high range of 26.3% to 26.5%. The dramatic improvement in our outlook results from a combination of the higher top line guide, the acceleration of our commercial and operational excellence initiatives, and better than anticipated savings resulting from our prior restructuring efforts.

關於該部門的獲利能力，我們目前預計營業收入將成長 15% 至 18%，營業邊際擴張將達到 140 至 160 個基點，達到 26.3% 至 26.5% 的歷史新高。我們的前景大幅改善是由於更高的營收指引、我們商業和卓越營運計畫的加速實施，以及我們先前的重組努力帶來的好於預期的節省。

In Naval and Power, we now expect sales to grow 10% to 12%, reflecting increased confidence following the strong first quarter performance in naval defense and overall solid growth across the segment's defense and commercial markets.

在海軍和動力領域，我們現在預計銷售額將成長 10% 至 12%，這反映出海軍防禦第一季表現強勁以及該領域國防和商業市場整體穩健成長後信心增強。

Regarding the segment's profitability, we now expect operating income growth of 14% to 17% on the higher sales. And of note, we're holding our margin guidance despite a tariff impact in this segment which we plan to mitigate through higher sales, pricing and commercial excellence initiatives.

關於該部門的獲利能力，我們目前預計，隨著銷售額的增加，營業收入將成長 14% 至 17%。值得注意的是，儘管該領域受到關稅影響，我們仍維持利潤率指引，我們計劃透過提高銷售、定價和商業卓越計劃來緩解這一影響。

As a reminder, our outlook also reflects the contribution from Ultra Energy, which will initially be diluted to operating margin in its first year with Curtis Wright, as well as approximately $4 million in incremental investments to support internally funded R&D programs. %

提醒一下，我們的展望也反映了 Ultra Energy 的貢獻，該公司在與 Curtis Wright 合作的第一年將首先稀釋其營業利潤率，以及約 400 萬美元的增量投資以支持內部資助的研發項目。％

So to summarize our 2025 outlook, overall, we now expect total Curtis Wright operating income to grow 13% to 16%, and operating margins will range from 18.3% to 18.5% of 80 to 100 basis points.

因此，總結我們對 2025 年的展望，總體而言，我們現在預計 Curtis Wright 的總營業收入將增長 13% 至 16%，營業利潤率將在 18.3% 至 18.5% 之間，即 80 至 100 個基點。

Next, to aid in your quarterly modeling the sales and operating margin, we expect second quarter 2025 sales to grow by high single digits relative to the second quarter of 2024, reflecting increases in all three segments and most notably driven by the timing of higher naval defense and commercial nuclear revenues in the Naval and Power segment.

接下來，為了幫助您進行季度銷售額和營業利潤率建模，我們預計 2025 年第二季度的銷售額將比 2024 年第二季度增長高個位數，這反映了所有三個部門的增長，最顯著的是受海軍和電力部門海軍防禦和商業核收入增加的推動。

Within the A&I segment, we expect the operating margins to be up slightly compared with our second quarter 2024 results along with strong year over-year-growth and profitability within our defense electronics and naval and power segments.

在 A&I 部門內，我們預計營業利潤率將與 2024 年第二季度的業績相比略有上升，同時國防電子、海軍和電力部門的同比增長和盈利能力也將強勁。

In summary, at the overall Curtis-Wright level, we're expecting high teen second quarter operating margin on strong sales growth.

綜上所述，從整體柯蒂斯-萊特水準來看，我們預計第二季的營業利潤率將達到 15% 左右，銷售額也將強勁成長。

Continuing with our financial outlook on slide 7 and starting with our EPS guidance. Building upon our strong first quarter performance, we now expect full year 2025 diluted EPS to range from $12.45 to $12.80 up 14% to 17%, mainly reflecting improved sales and profitability within Defense Electronics.

繼續我們第 7 張投影片上的財務展望，並從我們的每股盈餘指引開始。基於我們第一季的強勁業績，我們現在預計 2025 年全年稀釋每股收益將在 12.45 美元至 12.80 美元之間，增長 14% 至 17%，主要反映國防電子部門銷售額和盈利能力的提高。

Aid in your quarterly EPS modeling, we expect second quarter 2025 EPS to reflect low double digit growth sequentially relative to our strong first quarter results. We then expect modest sequential EPS growth over the remainder of 2025 based on the timing of strong first half revenues, with the fourth quarter EPS being our strongest.

幫助您進行季度每股收益建模，我們預計 2025 年第二季每股收益將相對於我們強勁的第一季業績連續呈現較低的兩位數成長。然後，基於上半年強勁的營收時機，我們預計 2025 年剩餘時間內每股收益將實現適度的連續成長，其中第四季每股收益將達到最高水準。

And lastly, turning to free cash flow in Q1, while we experienced our typical outflow, we delivered a solid year over year improvement of 5% driven by the strong growth in earnings. Overall, we had a good start to the year and that provides us with confidence to raise our full year free cash flow projections to a new range of $495 to $515 million up 2% to 7% over 2024.

最後，談到第一季的自由現金流，雖然我們經歷了典型的資金流出，但在盈利強勁增長的推動下，我們實現了同比增長 5%。總體而言，我們今年開局良好，這使我們有信心將全年自由現金流預測提高到 4.95 億美元至 5.15 億美元的新範圍，比 2024 年增長 2% 至 7%。

And as a reminder, our album concludes an increase in capital expenditures of nearly $20 million year-over- year relative to the midpoint of our guide as we continue to invest in support of our future growth. Of note, we also remain on track to deliver a healthy free cash flow conversion rate in excess of 105% again this year, which remains in line with our long-term targets.

需要提醒的是，隨著我們繼續投資以支持未來的成長，我們的專輯總結了相對於指南中點的資本支出同比增長近 2000 萬美元。值得注意的是，我們今年仍有望再次實現超過 105% 的健康自由現金流轉換率，符合我們的長期目標。

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 8. As we have discussed today, our strategy continues to build momentum. While we remain cautious in light of the uncertain geopolitical and macroeconomic environment, Curtis Wright remains well positioned to deliver strong, profitable growth again in 2025.

謝謝你，克里斯。翻到第 8 張投影片。正如我們今天所討論的，我們的策略繼續蓬勃發展。儘管我們對不確定的地緣政治和宏觀經濟環境保持謹慎，但 Curtis Wright 仍有望在 2025 年再次實現強勁的獲利成長。

Our execution during the first quarter is a perfect illustration of how we are focused on managing Kurdish Wright's consolidated portfolio, which in turn supports our revised outlook targeting record financial performance across all major metrics this year.

我們在第一季的執行完美地說明了我們如何專注於管理庫德賴特的合併投資組合，這反過來又支持了我們修改後的展望，即今年在所有主要指標上都實現創紀錄的財務業績。

I'm particularly excited about the team's ability to target robust operating margin expansion of 80 to 100 basis points to nearly 18.5% and to generate at least $500 million in free cash flow this year. Overall, the team continues to deliver at a high level in support of our three-year objectives provided at last May's Investor Day.

我特別興奮的是，該團隊能夠實現今年營業利潤率強勁增長 80 至 100 個基點至近 18.5%，並產生至少 5 億美元的自由現金流。總體而言，團隊繼續以高水準支持我們在去年五月投資者日提出的三年目標。

Next, regarding our capital allocation. Curtis Wright maintains a very healthy balance sheet supporting our disciplined and strategic approach to capital deployment. While we continue to foster significant financial flexibility to pursue acquisitions and continued share repurchase, we're also driving steady investments in our systems and infrastructure which supports the team's efforts to capture positions on both current and next generation platforms across our A&D and commercial businesses.

接下來，關於我們的資本配置。Curtis Wright 保持著非常健康的資產負債表，支持我們採取嚴謹且策略性的資本部署方法。在我們繼續培養強大的財務靈活性以進行收購和持續股票回購的同時，我們也在推動對系統和基礎設施的穩定投資，以支持團隊努力在 A&D 和商業業務的當前和下一代平台上佔據一席之地。

Finally, as I look across our operations, we remain very well positioned to capture the medium and long term secular growth trends across our end markets.

最後，當我回顧我們的營運時，我發現我們仍然處於非常有利的位置，可以抓住終端市場的中長期成長趨勢。

I'll highlight a few examples. And starting with defense, we believe the fundamentals of our industry remain strong, and Curtis Wright is poised to grow in all facets of our defense end markets. The passage of the FY25 budget, even with, when considering the full year continuing resolution helps remove some uncertainty while still allowing for a critical new program starts.

我將重點舉幾個例子。從國防開始，我們相信我們行業的基本面依然強勁，而柯蒂斯萊特已準備好在我們國防終端市場的各個方面實現成長。即使考慮到全年持續決議，2025 財政年度預算的通過也有助於消除一些不確定性，同時仍允許啟動一項重要的新專案。

Further, we are encouraged by the release of the industrial FY26 budget, which includes the benefit of budget reconciliation to drive a total defense spending of more than $1 trillion which would reflect strong year-over-year growth of more than 13%. Given our alignment across many of the platforms and priorities in those bills, including shipbuilding, missile defense, and air superiority, we expect our defense businesses to be well positioned entering into 2026.

此外，我們對工業 26 財年預算的發布感到鼓舞，其中包括預算調節的好處，推動國防總開支超過 1 兆美元，這將反映出同比增長超過 13%。鑑於我們在這些法案中的許多平台和優先事項上保持一致，包括造船、飛彈防禦和空中優勢，我們預計我們的國防業務將在 2026 年處於有利地位。

Turning to our world class defense electronics portfolio, which remains a growing and very profitable business for Curtis Wright, we take pride in being an industry leader, leading supplier of commercial off the shelf embedded computing technology. We continuously invest in research and development to maintain our technological leadership, stay ahead of our customers' needs, and speed the delivery of next generation technology to the battlefield.

談到我們世界一流的國防電子產品組合，這對柯蒂斯萊特來說仍然是一個不斷增長且利潤豐厚的業務，我們為成為行業領導者、領先的商用現貨嵌入式計算技術供應商而感到自豪。我們不斷投資於研發，以保持我們的技術領先地位，滿足客戶的需求，並加快將下一代技術推向戰場。

This includes our alignment to rugged modular open systems approach, Hermosa-based solutions to accelerate the development of leading edge computing technologies into multi-platform solutions. In addition, through our Fabric 100 product line, this ecosystem of very high performance processors, network switches, and processing units such as GPU and FPGA modules brings state of the art expertise to enable faster data communication capabilities for sensor emission processing applications.

這包括我們與堅固的模組化開放系統方法的結合，基於 Hermosa 的解決方案，以加速將前沿計算技術開發為多平台解決方案。此外，透過我們的 Fabric 100 產品線，這個由高效能處理器、網路交換器和 GPU 和 FPGA 模組等處理單元組成的生態系統帶來了最先進的專業知識，為感測器發射處理應用提供了更快的資料通訊能力。

Through our recent alignment with Nvidia, their OEM partner program, Curtis Wright is integrating Nvidia's cutting edge AI technology into rugged, deployable systems that bring commercial innovation to the tactical edge.

透過我們最近與 Nvidia 的 OEM 合作夥伴計畫的合作，Curtis Wright 正在將 Nvidia 的尖端 AI 技術整合到堅固、可部署的系統中，將商業創新帶到戰術優勢。

Today with the markets we serve, we are the only company to hold the distinction covering the three major competencies, embedded computing, networking, and AI reinforcing Curtis Wright's ability to meet the growing demand for higher performance and advanced processing solutions across our customer base.

如今，在我們服務的市場中，我們是唯一一家同時擁有嵌入式運算、網路和人工智慧三大核心能力的公司，這增強了 Curtis Wright 滿足客戶群對更高效能和先進處理解決方案日益增長的需求的能力。

Next, in commercial aerospace, and as Chris alluded to earlier, we have traditionally served the aerospace and defense markets with our fortress, ruggedized cockpit voice and data recorder solutions, essentially the back box used in aviation. More recently, we build upon our commercial successes and were awarded a contract to support the DoD T6 Texan primary training fleet.

接下來，在商業航空航太領域，正如克里斯之前提到的，我們傳統上為航空航太和國防市場提供堅固耐用的駕駛艙語音和數據記錄器解決方案，本質上是航空中使用的後箱。最近，我們基於商業上的成功，獲得了支持國防部 T6 德克薩斯主要訓練艦隊的合約。

We have also aligned with honey well to develop critical technology supporting the 25 hour safety mandate for longer recording capability in commercial aviation, which well exceeds the current standards for only 2 hours of recorded audio. Our jointly developed flight recorder innovation complies with both the FAA and the European Aviation Safety Agency or EASAM mandate and allows us to support our OEM customers, including Boeing and others still in pursuit as well as the airlines as they prepare to implement this critical upgrade.

我們還與 Honeywell 合作開發關鍵技術，以支援商業航空 25 小時安全規定中的更長錄音時間，這遠遠超過了目前僅 2 小時錄音的標準。我們共同開發的飛行記錄器創新符合美國聯邦航空局和歐洲航空安全局 (EASAM) 的規定，並使我們能夠為我們的 OEM 客戶（包括波音公司和其他仍在追求的客戶）以及準備實施這項關鍵升級的航空公司提供支援。

In addition, the FAA's reauthorization Act of 2024 applies to both new OEM installations as well as retrofit applications in the US, providing Curtis Wright with an opportunity to serve thousands of registered aircraft. Further, order activity supporting these efforts has been accelerating since late 2024 and has begun to translate into meaningful revenues for Defense electronics this year.

此外，美國聯邦航空管理局 (FAA) 2024 年的重新授權法案適用於美國的新 OEM 安裝以及改造應用，為 Curtis Wright 提供了為數千架註冊飛機提供服務的機會。此外，支持這些努力的訂單活動自 2024 年底以來一直在加速，並已於今年開始轉化為國防電子的可觀收入。

Lastly, in commercial nuclear, we have steadily communicated our vast opportunities for growth in this market and are well positioned to provide continued value to our shareholders over the near, medium, and long term.

最後，在商業核能領域，我們一直在穩步傳達我們在這個市場中巨大的成長機會，並已做好準備，在短期、中期和長期內為股東提供持續的價值。

Curtis Wright's dedication and expertise to safeguarding existing operations reactors provides us with strong immediate opportunities for growth. Beyond the aftermarket, we remain well positioned with Westinghouse in their pursuits to construct new AP 1,000 power plants globally as they move closer to production orders from Poland and Bulgaria.

Curtis Wright 對保護現有運作反應器的奉獻精神和專業知識為我們提供了強大的即時成長機會。除了售後市場之外，隨著西屋電氣越來越接近波蘭和保加利亞的生產訂單，我們將繼續與西屋電氣合作，在全球建造新的 AP 1,000 發電廠。

At the same time, we continue to grow our presence with the leading designers of advanced and small modular reactors as current design and developments will begin to translate into prototypes and eventually into production units.

同時，隨著當前的設計和開發開始轉化為原型並最終轉化為生產單元，我們將繼續加強與先進小型模組化反應器領先設計者的合作。

Overall, Curtis Wright's technologies remain well aligned globally to support the entire commercial nuclear life cycle from the new build to the aftermarket for decades to come. These are some of the many exciting pursuits that we expect to support our pivot to growth strategy.

總體而言，柯蒂斯萊特的技術在全球範圍內保持了良好的一致性，可以支持未來幾十年從新建到售後市場的整個商業核子生命週期。這些都是我們期望支持我們轉向成長策略的眾多令人興奮的追求中的一部分。

In summary, I remain confident in Curtis Wright's ability to demonstrate strong profitable growth this year. Our agility as an organization and drive for operational and commercial excellence runs deep, providing confidence in our proven ability to mitigate the impacts of economic uncertainty on our financials while leveraging our record order book and growing backlog to position us to drive strong returns for our shareholders.

總而言之，我仍然對 Curtis Wright 今年實現強勁獲利成長的能力充滿信心。我們作為組織的敏捷性和對營運和商業卓越的追求根深蒂固，這讓我們對我們有信心減輕經濟不確定性對我們財務的影響，同時利用我們創紀錄的訂單和不斷增長的積壓訂單，為股東帶來強勁的回報。

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

謝謝大家，現在我想開始今天的電話會議並回答大家的提問。

The floor is now open for questions.(Operator instructions)

現在開始接受提問。 （操作員指示）

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

I'm sorry. Good morning, Lynn and Chris and Jim. Very nice quarter. I wonder if we could start just a little more specificity on the tariff impact. It sounds like you can mitigate it pretty well. But, could you give us some details just in terms of the products impacted and how China plays into it? And the cost side sounds pretty well mitigated. But just on the sourcing, any concerns about sourcing in this tariff environment?

對不起。早安，Lynn、Chris 和 Jim。非常好的季度。我想知道我們是否可以更具體地說明關稅的影響。聽起來你可以很好地緩解這種情況。但是，您能否就受影響的產品以及中國在其中所扮演的角色向我們提供一些細節？而且成本方面聽起來也得到了很好的緩解。但就採購而言，在這種關稅環境下採購有什麼擔憂嗎？

Yes, it is. Thank you for that question, Peter. And it surely is a dynamic situation, but one -- we have really been very purposeful in how we're approaching as a company quite a few months ago. We put together a Tiger team, which was very cross-functional to really make sure we understood aspects of our contracts and honestly, optionality we had to try and mitigate the tariffs.

是的。謝謝你的提問，彼得。這確實是一個動態的情況，但是，幾個月前，我們作為一家公司就已經非常有目的地採取了行動。我們組建了一支跨職能的 Tiger 團隊，以確保我們真正了解合約的各個方面，並且老實說，我們必須選擇嘗試並降低關稅。

And so we're -- I'm really -- I'm pleased the numbers that Chris put forward of reducing mitigating over $20 million of the potential impact is pretty impressive and it's halted off to the team for being able to do that. There's a lot of hard work that has gone behing that and that mitigation comes through a variety of avenues.

因此，我們 — — 我真的 — — 我很高興克里斯提出的減少超過 2000 萬美元潛在影響的數字非常令人印象深刻，並且團隊能夠做到這一點。我們為此付出了很多艱苦的努力，並透過多種途徑緩解了這個問題。

It's a blend of operational outcome, we go about sourcing and supplying products to our customers. We learned a lot back in 2018 and put a lot of flexibility into our operational footprint at that time so we be prepared if there was a similar situation -- and then so we didn't have to start from ground zero. That was really important.

它是營運成果的混合體，我們負責為客戶採購和供應產品。我們在 2018 年學到了很多東西，並在當時的營運足跡中投入了極大的靈活性，因此如果出現類似情況，我們就會做好準備——這樣我們就不必從零開始。這確實很重要。

And pricing is also part of it. And that is something that we're very purposeful in talking to our customers about and working with them and being fairly transparent and they're willing to work with us largely as we approach some targeted price increases for where we're seeing the tariffs. So a lot of hard work by the team to be able to achieve what we spoke about during our prepared remarks.

定價也是其中的一部分。這是我們與客戶進行有針對性的溝通和合作，並且保持相當透明的方式，當我們針對關稅制定有針對性的價格上漲時，他們也願意與我們合作。因此，團隊付出了很多努力才能夠實現我們在準備好的發言中所談到的目標。

And maybe with that, I'll turn it over to Chris to put a little more color on some parts of your question.

也許有了這個，我會把它交給克里斯，讓他對你的問題的某些部分做更詳細的解釋。

Sure. So you heard in the prepared remarks that roughly 20% of our product portfolio is subject to tariff risks. And we kind of break that down as you look across our defense markets, it represents 50% of our business today.

當然。所以您在準備好的演講中聽過，我們大約 20% 的產品組合面臨關稅風險。如果你看一下我們的國防市場，你會發現它占我們目前業務的 50%。

Most of that is domestic sourcing. But where it's not, there are tariff exclusions for military products that allow us to affect tariffs are not applied to service revenue today. That's roughly 15% of our total business. And then when we look across our non-US sites non-US customers. Today, that's roughly 10% to 15% of our business.

其中大部分是國內採購。但在沒有關稅的地方，軍用產品有關稅豁免，這使我們能夠影響關稅，而這些關稅目前不適用於服務收入。這大約占我們總業務的15%。然後，當我們查看非美國網站時​​，就會發現非美國客戶。如今，這大約占我們業務的 10% 到 15%。

So within that 20% the greatest pressure in the Aerospace and Industrial segment, mainly with industrial products like you saw back in the 2018, 2019 time frame, but then also there's some process product exposure within enable and power segment, stepping back and looking at what we're being tariffed on, really not a big impact from Canada and Mexico.

因此，在這 20% 中，航空航天和工業領域面臨的壓力最大，主要是工業產品，就像您在 2018 年、2019 年期間看到的那樣，但同時在啟用和電源領域也存在一些工藝產品暴露，退一步看看我們被徵收關稅的產品，加拿大和墨西哥的影響確實不大。

The majority of those products are covered by USMCA, nothing material from the (inaudible) tariffs and then steel and won tariff imports are low volume and our largest consumers are really sourced domestic. So we feel good about the position and our guide in the full year.

這些產品大部分都受到 USMCA 的保護，（聽不清楚）關稅​​對任何實質產品都沒有影響，而且鋼鐵和韓元關稅進口量很低，我們最大的消費者實際上來自國內。因此，我們對全年的排名和指導感到滿意。

Okay. Very helpful. Thanks, guys. And just one follow-up. You raised the commercial aerospace guide quite a bit for the year. And I'm just wondering was the Boeing kind of return to production and accelerated production post strike.

好的。非常有幫助。謝謝大家。僅剩一個後續行動。您今年將商業航空航太指南提高了不少。我只是想知道波音公司在罷工後是如何恢復生產並加速生產的。

Was that a part of that? Or was it all kind of the FAA safety mandate in terms of the corner sales there. And I'm just wondering how long should we expect a safety mandate-related sales that kind of to drive revenue for you?

這是其中的一部分嗎？或者這是美國聯邦航空管理局針對角落銷售所頒布的安全規定？我只是想知道我們應該期待多久與安全授權相關的銷售能為您帶來收入？

Well, maybe I'll start off with the guide and then just in terms of the longevity and I'll turn that back over to Lynn. But I want to be clear, the guidance increase that we made here on the call is entirely related to on what the new cockpit waste records. We do still have got some conservatism that's embedded within the guide. There's obviously a lot happening in commercial aerospace right now relative to Boeing and aerospace and the supply chain. So we're trying to approach that situation cautiously. But we feel good about being able to increase our guide in this environment, and it's mainly the CBR.

好吧，也許我會從指南開始，然後就壽命而言，我會把它交還給 Lynn。但我想明確一點，我們在電話會議上提出的指導增加完全與新的駕駛艙廢棄物記錄有關。我們的指南中確實仍然存在一些保守主義。目前，相對於波音、航空航太和供應鏈而言，商用航空航太領域顯然發生了很多事情。因此，我們正嘗試謹慎地處理這種情況。但我們很高興能夠在這種環境下增加我們的指導，而且主要是 CBR。

And you picking up from, what Chris just commented on, this is definitely a long-term sustainable revenue source for Curtis Wright. The FAA mandate gives airlines through the end of this decade to do the retrofit and, so we are really at the very beginning of that, and it's mandated in new production aircraft, and so this is an area that we are continuing to grow. We have a very solid position with Boeing, having received this various certifications for new and retrofit airlines, back in the end of 2023, but it takes a while for these things to kick in.

正如克里斯剛才所說，這對柯蒂斯·賴特來說絕對是一個長期可持續的收入來源。美國聯邦航空管理局要求航空公司在本十年末之前進行改裝，因此我們實際上正處於這項工作的開始階段，而這是新生產的飛機的強制性要求，因此這是我們正在持續發展的領域。我們與波音公司的關係非常穩固，早在 2023 年底就已獲得針對新建和改裝航空公司的各種認證，但這些認證的實施還需要一段時間。

We're working very hard to receive certification across the Airbus A-320 fleet, and there's a lot of work to go going on to receive certification across a lot of the regional jets that are also subject to the mandate. So this is a very exciting portion of our business that has been building, really even in 2024, but it doesn't get talked about a lot, and that's why we really wanted to bring it to the forefront as it really begins to see some really dynamic growth and bringing a bit more to the forefront during the call.

我們正在努力爭取整個空中巴士 A-320 機隊的認證，還有很多工作要做，以獲得同樣受該規定約束的大量支線噴射機的認證。因此，這是我們業務中非常令人興奮的一部分，即使在 2024 年也一直在發展，但它並沒有被談論太多，這就是為什麼我們真的想把它帶到最前沿，因為它真的開始看到一些真正有活力的增長，並在電話會議期間把更多的東西帶到最前沿。

Kristine Liwag , Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Good morning, everyone.

大家早安。

Hey, Kristine.

嘿，克里斯汀。

Nice to hear your voice. Yeah, welcome back.

很高興聽到你的聲音。是的，歡迎回來。

Happy to send some pictures if you guys want. She's seven months and just blowing raspberries all day long. She is at raspberry factory. So maybe starting on a commercial nuclear with the Trump administration and their approach to energy, has their approach on nuclear been more supportive to the degree you were expecting, or has there been a change? And so I just want to understand the outlook for US nuclear and then also the second piece is once we get out to the international orders, Poland and Bulgaria, how has this geopolitical environment and uncertainty with tariffs affected their plans to go build nuclear power plants?

如果你們想要的話，我很樂意發送一些照片。她七個月大了，整天都在吹樹莓。她在樹莓工廠。那麼，也許從川普政府開始商業核能及其能源方針來看，他們對核能的態度是否比您預期的更加支持，或者是否有所改變？因此，我只想了解美國核能的前景，然後第二點是，一旦我們獲得國際訂單，波蘭和保加利亞的地緣政治環境和關稅不確定性將如何影響他們建造核電廠的計劃？

So I would say, we were cautiously positive before we moved to the new administration that there would be ongoing support and that was largely based on the stances we knew a lot of the cabinet members were very pro-nuclear and so you could see that that was in the underpinnings of the people he put around himself, but I think it is played out, maybe even better than we would have anticipated.

所以我想說，在新政府上任之前，我們謹慎樂觀地認為將會得到持續的支持，這主要是基於我們所知道的許多內閣成員都非常支持核能的立場，所以你可以看到這是他身邊的人的基礎，但我認為它已經發揮了作用，甚至可能比我們預期的要好。

And, I give two examples. Secretary Wright, it was very much front and center in both a recent announcement in Poland, that was extending their engineering contract to the end of the year, which will really be the final stage before construction contracts are awarded and was front and center within Bulgaria with -- then declaring, the site of their first AP1000 plant and their goal of being the first AP1000 plant in Europe jumping ahead of Poland. So a little bit of a foot race is not a bad thing in in our world.

我舉兩個例子。賴特部長，這一點在波蘭最近宣布延長工程合約至年底的聲明中佔據了中心位置，這實際上是授予建築合約之前的最後階段，在保加利亞也是中心位置，當時保加利亞宣布了其第一座 AP1000 工廠的廠址，並宣布了其目標是超越波蘭成為歐洲第一座 AP1000 工廠。所以在我們的世界裡，進行一點賽跑並不是一件壞事。

And I think every time you see the executive orders that come out in across the US about energy dominance, it always includes nuclear in a very positive way. So, we feel very good about the support from this administration and even some of the things about ties to deregulation and making the NRC more efficient will also fundamentally lend themselves to the build out. So there's a lot of different angles to it, but it's positive from what we see today.

我認為，每次你看到美國各地頒布的關於能源主導地位的行政命令時，它總是以非常積極的方式涉及核能。因此，我們對本屆政府的支持感到非常滿意，甚至一些與放鬆管制和提高 NRC 效率相關的措施也將從根本上促進建設。所以，這個問題有很多不同的角度，但從我們今天看到的情況來看，它是正面的。

Thank you for that. And shifting gears to shipbuilding, there's a clear shipbuilding emphasis from this administration, but starting out new programs take time and building ships take time. How do you think this plays out and how does that flow get to you and when would you start expecting to see significant orders to come through? You are generally in the earlier side of those projects.

謝謝你。轉向造船業，本屆政府明確強調造船業，但啟動新工程需要時間，建造船舶也需要時間。您認為這會如何發展？這種流程如何影響您？什麼時候會開始期待看到大量訂單的到來？您通常處於這些專案的早期階段。

Yeah, it's a fair point. These industries don't turn on a dime. I do think it's interesting to see that, obviously there's great support for shipbuilding and what we see in both the reconciliation bill and the skinny budgets, so to speak. And a lot of money for the industrial base, I think one point that's noteworthy is, we commented in our Investor Day back in May of 2024 that we had received $15 million over the prior few years for industrial-based funding. That's up to $21 million as of today, and we have a lot of money in pursuit.

是的，這是一個合理的觀點。這些行業不會瞬間改變。我確實認為這很有趣，顯然造船業得到了大力支持，而且我們在和解法案和精簡預算中都看到了這一點。對於工業基礎，我們投入了大量資金。我認為值得注意的一點是，我們在 2024 年 5 月的投資者日上表示，過去幾年我們已經收到了 1,500 萬美元的工業基礎融資。截至今天，這筆金額已達 2,100 萬美元，我們還有大量資金用於追尋。

So that's maybe the more immediate here and now, but we also are seeing, opportunities to take work share as there's a real push to get the existing fleet more operational, and it is leading to opening up some new opportunities for ourselves, as well as the ongoing work that we have across, Virginia, Columbia, the aircraft carriers and one subtlety that was in the reconciliation bill was putting the second Virginia class back in '27. So, that's just a good thing. So, it will build over time, but we're very conscious of things we can do in the near term to try and win businesses we build our long-term positions.

所以這可能是目前最緊迫的問題，但我們也看到了分擔工作的機會，因為我們正在真正推動現有艦隊的運作，這將為我們自己開闢一些新的機會，以及我們正在進行的關於弗吉尼亞號、哥倫比亞號、航空母艦的工作，而和解法案中的一個微妙之處是將第二艘弗吉尼亞級航空母艦放回 1927 年。所以，這只是一件好事。因此，它會隨著時間的推移而建立，但我們非常清楚我們可以在短期內做些什麼來嘗試贏得我們建立長期地位的業務。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Good morning. I was wondering if you could comment on the defense electronics margin performance or maybe the absolute EBITDA dollar performance. I think the rest of the year is implied to be below the run rate of the first quarter, which would be pretty unusual given your historical tendency in that segment. Is there anything that was accelerated in the first quarter, or is this more conservatism for the rest of the year?

謝謝。早安.我想知道您是否可以評論一下國防電子利潤率表現或絕對 EBITDA 美元表現。我認為今年剩餘時間的運行率將低於第一季度，考慮到該部分的歷史趨勢，這將是相當不尋常的。第一季是否有任何加速的跡象，或者今年剩餘時間內的趨勢是否更加保守？

So thank you for that question, Myles. I guess I'd like to honestly start and back up for a second and talk about the corporations in total because I think it's important to set the stage about how we're viewing our guidance and the way that we did put forward is, we started the year, and I will definitely come to the details of what you asked. So if you give me two seconds, I'm not dodging your question.

謝謝你的提問，邁爾斯。我想誠實地開始並回顧一下，並總體談論公司，因為我認為重要的是要說明我們如何看待我們的指導，以及我們提出的方式，我們從今年開始，我一定會詳細了解你所問的問題。所以如果你給我兩秒鐘，我就不會迴避你的問題。

So, we started out with a reasonable amount of conservatism in our initial guide this year. I mean, there was talks of terrorists, what was going to happen with the continuing resolution, recession, fears, just a lot of different things going on and some things going on inside business, specifically in defense electronics with our restructuring and setting the stage for growth and ERP implementation.

因此，我們在今年的初步指南中採取了相當程度的保守態度。我的意思是，有關於恐怖分子的討論，有關於持續決議將會發生什麼、經濟衰退、恐懼等很多不同的事情發生，還有一些企業內部發生的事情，特別是在國防電子領域，我們正在進行重組，為增長和 ERP 實施奠定基礎。

So with that, we took a pretty cautionary tone to our guide, and I will say, we've raised our guidance by thinking that we can more clearly see line of sight on some of those things, but there's definitely still areas, and Chris mentioned one just a moment ago where we are still -- we know we have conservatism in our guidance and, whether that's, commercial aerospace, which you just mentioned a minute or two ago, what's going on in general industrial with recessionary signals and our risk with tariffs and how that's going to play out.

因此，我們對我們的指南採取了相當謹慎的語氣，我想說，我們提高了我們的指導，因為我們認為我們可以更清楚地看到其中一些事情的前景，但肯定仍然存在一些領域，克里斯剛才提到了一個我們仍然 - 我們知道我們的指導是保守的，無論是商業航空，你剛才提到一兩分鐘前，一般工業的航天信號如何發揮作用。

Within Defense Electronics, we're doing a full ERP implementation across that group and we have a lot of big projects going on in enabling power and I'm not throwing up any alarms on any of these things, but we try and make sure we are putting forth numbers that we will be able to deliver onto the street. That's important to us. It's how we operate as a management team.

在國防電子部門，我們正在整個集團內全面實施 ERP，並且我們在啟用電源方面有很多大型專案正在進行，我不會對這些事情發出任何警報，但我們會盡力確保我們提供的數字能夠交付到街頭。這對我們很重要。這就是我們作為管理團隊的運作方式。

And so, with that, there is conservatism across the board in what we've put forward, but there's also a lot of things that all the ongoing, programs around commercial excellence and operational excellence, they're bearing fruits and turning those to talk about defense electronics specifically, there's a blend of things and they've all asked Chris to speak about a few of the things that are driving the margin and then I would like to come back and touch on pricing.

因此，我們提出的建議普遍都比較保守，但所有正在進行的、圍繞商業卓越和運營卓越的項目也都取得了成果，並將它們轉化為專門討論國防電子產品，其中有各種各樣的因素，他們都要求克里斯談談推動利潤率的一些因素，然後我想回過頭來談談定價問題。

Yeah, so, absolutely, we're trying to approach this cautiously as we move through the rest of the year, but now specifically, if you look at the Q1 margin, we talked a little bit about the mix that's going on. We're certainly seeing some expansion from commercial and operational excellence. Also in Q1, we had some FX benefits, so we saw the US dollar strengthen against key currencies and using our bank, our five bank forecast, we're looking out across the remainder of the year.

是的，所以，絕對的，我們會在今年剩餘時間內謹慎地處理這個問題，但現在具體來說，如果你看一下第一季的利潤率，我們會稍微談論一下正在發生的組合。我們確實看到了商業和營運卓越性方面的一些擴張。此外，在第一季度，我們獲得了一些外匯收益，因此我們看到美元兌主要貨幣走強，根據我們五家銀行的預測，我們正在展望今年剩餘時間的表現。

We're expecting some of that FX benefit to go away as the dollar weakens against some of those currencies. We expect research and development to ramp as we progress through the rest of the year. And then, it's important to note we've talked about this in past calls, the sequential ramp in defense electronics, this team has really been working hard to try to balance that out and to not have it be such a fourth quarter spike.

我們預計，隨著美元兌部分貨幣走弱，部分外匯優勢將會消失。我們預計，隨著今年剩餘時間的進展，研發工作將會加速推進。然後，值得注意的是，我們在過去的電話會議中討論過這個問題，國防電子設備的連續增長，這個團隊一直在努力平衡這一點，避免在第四季度出現這樣的飆升。

So as you look at defense electronics over the remainder of the year, it will be very modest sequential growth for that segment. So it's really the combination of very modest sequential growth and those other things that I just talked about.

因此，當你觀察今年剩餘時間的國防電子產品時，你會發現該領域的連續成長將非常溫和。因此，這實際上是非常溫和的連續成長和我剛才談到的其他因素的結合。

Yeah the last element that, is meaningful, but I want to be very purposeful in how I speak to. It is our ability to drive pricing across the products that we provide to our customers in this segment and we're very focused on delivering a fantastic value to our customers and being a rock solid supplier that is there for them in all aspects of how they take advantage of our products and work them into their systems and overall solutions.

是的，最後一個要素是有意義的，但我希望我的說話方式非常有目的性。我們有能力推動我們為該領域客戶提供的所有產品的定價，並且我們非常注重向客戶提供卓越的價值，並成為堅如磐石的供應商，在他們如何利用我們的產品並將其融入他們的系統和整體解決方案的各個方面為他們提供服務。

And with that, we launched the operational growth platform back at the beginning of my tenure. Commercial excellence was a big part of that, and that's really understanding the value you're bringing to customers and pricing appropriately and keeping in mind competition and a win-win with your customer and all those things.

因此，我在任職之初就啟動了營運成長平台。商業卓越是其中很重要的一部分，這實際上意味著了解您為客戶帶來的價值並進行適當的定價，同時牢記競爭以及與客戶的雙贏等等。

So it's not just all about margin, but it's about charging for the value you bring, and I think the team has done a great job to evolve over the past few years and to be able to understand the value they're bringing and price appropriately and that's also part of the margins that we're receiving in that team.

所以這不僅與利潤有關，還與為你帶來的價值收取費用有關，我認為團隊在過去幾年中取得了很大的進步，能夠理解他們帶來的價值並進行適當的定價，這也是我們在該團隊中獲得的利潤的一部分。

All right. Thanks for the color. And then one follow up if I could, the book to bill for the company was 1.26. Was there much of a differentiated by segment or if you can just provide book bill by segment?

好的。謝謝你的顏色。如果可以的話，我再跟進一下，該公司的訂單出貨比是 1.26。按細分市場劃分，是否存在很大差異，或者您可以按細分市場提供書籍帳單？

Sure, yeah. Within the airspace and industrial segment miles, it was a 1.1 times, approximately 1.1 times to book the bill in the quarter. We had great commercial aerospace orders for the quarter. Within Defense Electronics, it was about a 1 times book to bill on 16% sales growth. Not anything really unusual here, we obviously started off the first quarter with a CRR that kind of creates some slowness in terms of the order patterns, but then, if you look back at Q1 of 2024, there were some pretty big, lumpy orders that had come on in at that point in time for multi-year orders that had come in at that time for defense electronics. So pipeline still looks great as we look ahead.

當然，是的。在空域和工業領域英里內，這是1.1倍，大約是本季預訂帳單的1.1倍。本季我們獲得了大量商業航空訂單。在國防電子領域，銷售額成長 16%，訂單出貨比約 1 倍。這沒什麼不尋常的，我們顯然在第一季開始時就有一個 CRR，這在訂單模式方面造成了一些放緩，但是，如果回顧 2024 年第一季度，你會發現當時出現了一些相當大的、大宗的訂單，這些訂單是國防電子產品的多年期訂單。因此，展望未來，管道看起來仍然很棒。

With Naval and Power is a 1.6 times book to bill, a very strong naval order quarter That can be somewhat lumpy, but I think, when you start to take it into context of what we did last year with naval orders, what we're seeing this year, it's really helping to drive our expectations for these very strong first half revenues. A lot of material timing in there, but very strong first half revenues for Naval and Power this year.

海軍和動力部門的訂單出貨比為 1.6 倍，這是一個非常強勁的海軍訂單季度。這可能有些不穩定，但我認為，當你開始將其與我們去年在海軍訂單方面的表現以及我們今年所看到的情況結合起來時，它確實有助於推動我們對上半年非常強勁的收入的預期。這其中有許多實質的時間因素，但今年 Naval 和 Power 上半年的收入非常強勁。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Good morning everybody. I've been asking, everybody this quarter a similar question around the change that's afoot in Washington, particularly around acquisition reform and the proposal to rewrite bar and (inaudible). I'm just kind of curious if you can maybe step in and provide context from your perspective on what you think is in front of us on that front and the implications, both for the industry and for Curtis Wright in particular, it's just going to end up being a positive, a negative, kind of a neutral. I'm just kind of curious how you're thinking about the prospects of what seems to be a pretty significant efforts to reform the way that the government is going to buy goods and services going forward. Thanks.

大家早安。本季我一直在問大家一個類似的問題，關於華盛頓正在發生的變化，特別是關於收購改革和重寫禁令和（聽不清楚）。我只是有點好奇，您是否可以介入並從您的角度提供背景信息，說明您認為我們在這方面面臨的情況以及對行業和 Curtis Wright 的影響，最終將是積極的、消極的、還是中性的。我只是有點好奇，您如何看待這項看似相當重大的努力，即改革政府未來購買商品和服務的方式的前景。謝謝。

Thank you for that question. It's definitely something there's been a lot of activity in. So a lot of executive orders. So and many of them very good in the line, broadly speaking, before we talk specifically about acquisition around shipbuilding and energy production and all areas that should be really strong forces for Curtis Wright's growth going forward.

謝謝你的提問。這肯定是一件有很多活動的事情。因此有很多行政命令。因此，在我們具體討論圍繞造船和能源生產以及所有應該成為 Curtis Wright 未來成長真正強大力量的領域的收購之前，從廣義上講，他們中的許多人都非常優秀。

I think it's interesting. As we are digging into this, I very much feel it's going to be a strong positive for Curtis Wright, and there's a couple avenues of that, a lot of where the focus has been on the large cost plus type contracts that it keeps growing in size.

我認為這很有趣。當我們深入研究這個問題時，我非常覺得這對柯蒂斯賴特來說將是一個非常積極的信號，而且有幾種途徑可以實現這一目標，其中很多重點都集中在大型成本加成合約上，其規模不斷擴大。

Curtis Wright almost exclusively a firm fixed price contracting across our defense work, and that's very much where there's pushes to move to was, one of the things that's buried down in those executive orders, we're comfortable taking business in that approach and we deliver great value, and I'm always want to make that point that I really do know that we provide a great value to our government for the contracts that they afford to give to Curtis Wright. And so that's the most fundamental basis of saying why I think we will win. But that's, one of the pushes and that's how we like to do business.

柯蒂斯·賴特幾乎完全採用固定價格承包方式來開展我們的國防工作，而這正是推動我們前進的方向，這些行政命令中隱藏著一個事實，那就是我們樂於以這種方式開展業務，並且我們提供了巨大的價值，我一直想強調這一點，我確實知道，對於我們政府與柯蒂斯·賴特簽訂的合同，我們提供了巨大的價值。這就是我認為我們會獲勝的最根本依據。但這只是我們的動力之一，也是我們喜歡做生意的方式。

Another big focus out of some of the EEOs is a push towards more commercial practices and more commercial buying practices and really our defense electronics segment, that is they go to market commercially. So we are very much know how to go about working commercially with the government and know how to do that and I think it's great to see that there'll be more buying practices pushed in that direction and we'll look to see where else in our portfolio we can leverage commercial pricing and drive more business that way, and I think it'll be great for the customer, great for our Defense Department, and great for Curtis Wright.

一些平等就業機會的另一個重點是推動更多的商業實踐和更多的商業採購實踐，這實際上是我們的國防電子領域，即以商業方式進入市場。因此，我們非常了解如何與政府進行商業合作，也知道如何做到這一點，我認為很高興看到會有更多的購買實踐朝著這個方向發展，我們會看看我們的投資組合中還有哪些地方可以利用商業定價並以此推動更多業務，我認為這對客戶、對我們的國防部和柯蒂斯賴特公司都有好處。

And so those are two things. The other thing that's in there is something that's called the OTAs or the other transaction authority and it's an area where Curtis Wright, we don't have an extensive experience in it, but we absolutely have worked -- are set up through the partnerships to be able to take OTA money and we'll absolutely are seeing that part of the executive orders and building out to make sure we're ready as money flows through those OTAs that where have the fundamental relationships that we're able to take those types of partnerships.

所以這是兩件事。其中另一件事是所謂的 OTA 或其他交易機構，這是我們 Curtis Wright 所沒有的領域，我們絕對已經透過合作夥伴關係開展工作，以便能夠接受 OTA 的資金，我們絕對會看到行政命令的這一部分，並進行建設，以確保當資金流經那些擁有基本關係的 OTA 時，我們已做好準備，以便我們能夠建立這些類型的合作夥伴關係。

So I do, I feel that, I feel proud of the value we bring to the Defense Department for what we do, and I think as they look to drive efficiencies and value fundamentally in how they spend their money, I think Curtis Wright will be at the forefront of winning for that.

所以我確實、我認為，我為我們為國防部所做的工作帶來的價值感到自豪，而且我認為，當他們尋求從根本上提高資金使用效率和價值時，我認為柯蒂斯·賴特將站在贏得勝利的最前線。

That's helpful. I appreciate it. Thanks (inaudible)

這很有幫助。我很感激。謝謝（聽不清楚）

Thank you, Jason.

謝謝你，傑森。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Great, I was wondering, can you discuss, your exposure to different drone platforms with the (inaudible)

太好了，我想知道，您能否討論一下您對不同無人機平台的了解（聽不清楚）

Yeah, sorry, we're not able to hear you. Would you mind repeating that?

是的，抱歉，我們聽不到您的聲音。您介意再說一次嗎？

You're just kind of coming through mumbled. I'm not sure what's going on with the lines. So sorry about that, Louie.

你只是含糊地說。我不確定這些線條是怎麼回事。非常抱歉，路易。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

Good morning, everyone.

大家早安。

Hey, good morning.

嘿，早安。

Just a couple follow up questions. You said the commercial aerospace guidance was raised solely on that voice recorder, incremental business that you're winning. I think it works out to be about $12 million or something for 2025. But you also talked about, this being the very beginning and it and it extending out to at least the end of this decade. Could you use a bit more color on what you think that the market potential there could be over the next few years, obviously it's, I would imagine it's growing fairly quickly, given that you're right at the start of that.

僅有幾個後續問題。您說，商業航空航天指導完全是基於您正在贏得的錄音機和增量業務而提出的。我認為到 2025 年這個數字大約是 1200 萬美元左右。但您也談到，這只是開始，並且至少會延續到本世紀末。您能否更詳細地介紹一下未來幾年的市場潛力？顯然，考慮到您正處於起步階段，我認為市場成長速度會相當快。

Yeah, I mean, we are definitely on and it clearly was part of our forecast at the beginning of the year and as Chris said, it was the entirety of why we raised our commercial aerospace as we're getting more clarity with our partnership with honestly well and how the ramp is beginning to become visible and, it's a little there's still some undeterminants, it's going to continue to grow for many years to come and we're in the work of we're in the process of getting certification across the Airbus platforms that will happen, probably in 2026.

是的，我的意思是，我們肯定在繼續前進，這顯然是我們年初預測的一部分，正如克里斯所說，這也是我們提高商業航空航天業務的原因，因為我們與誠實的合作關係越來越清晰，而且增長勢頭開始顯現，雖然仍有一些不確定因素，但它將在未來許多年繼續增長，我們正在努力獲得空客平台的認證，這可能仍有一些不確定因素，這可能將在未來許多年實現。

So that's still a future dynamic that's coming and across some of the regional jets. So it's a little hard at this point until we've really sized the opportunity and figure out who all, where we're going to win and have content to put a dollar figure to it, but, I think we're -- I will agree with you. We are at the very beginning of what's going to be a long steady ramp for that product family.

所以這仍然是未來一些支線噴射機將要出現的動態。因此，現在這有點困難，直到我們真正評估了機會，弄清楚了誰是誰，我們將在何處取勝，並有足夠的資金來衡量它，但我認為我們——我同意你的看法。我們正處於該產品系列長期穩定成長的起步階段。

Fair enough. I'll ask you again in a couple of quarters time. Now the defense electronics margins, I know you got asked about the progression through the year. It's obviously significantly higher than where you started, and then based on all of the things you talked about, it doesn't sound like any of those are one time in nature for 2025, your commercial excellence, restructuring, higher levels of volume that don't sound like they're going away either.

很公平。我會在幾個季度後再次詢問您。現在說到國防電子利潤率，我知道您被問及全年的進展。它顯然比你開始時要高得多，然後根據你談到的所有事情，聽起來這些都不是 2025 年一次性的事情，你的商業卓越、重組、更高水平的交易量聽起來也不像是會消失的。

There's no reason why we think there's any step down next year or something like that in the defense electronics margin. This is kind of a new higher baseline that we're starting from now. And then maybe you could just comment on what kind of incremental margins we should expect in that business. Thanks.

我們沒有理由認為明年國防電子利潤率會出現任何下降或類似情況。這是我們現在開始的一個更高的新基準。然後也許您可以評論一下我們應該預期該業務的增量利潤率是多少。謝謝。

So I can, I'll ask Chris to put a little more color on the defense electronics margins, but we're really not putting forward a prediction for 2026 at this time, and I can appreciate the question and wanting to know, but, we're going to take it a year at a time and we have our current guide.

因此我可以請克里斯對國防電子產品的利潤率做更多的說明，但我們目前實際上並沒有對 2026 年做出預測，我可以理解這個問題並且想知道，但是，我們將一年一年地進行下去，我們有目前的指南。

We've updated that and we feel good about it, but I would agree there's not a one time thing in that, across that product portfolio, but we really do like to afford ourselves the flexibility to invest as we see a strong return for the company going forward and so, that's really the caution around trying to lock in or foreshadow margins coming in and out here.

我們已經更新了這一點，我們對此感覺良好，但我同意，在整個產品組合中，這不是一次性的事情，但我們確實希望自己能夠擁有投資的靈活性，因為我們看到公司未來將獲得強勁的回報，因此，這確實是在試圖鎖定或預示利潤率進出時需要謹慎的做法。

Yeah, and I would just say in terms of incremental margins for that segment absence R&D investments or other things that we're doing, you're going to see that in that 30% to 35% range. I mean that is the pivot to growth, grow your top line and free up that funding for investment beneath, right? So team's doing a great job and all those things you talked about are absolutely things that we're excited about and see as we look out into the future.

是的，我只想說，就該細分市場的增量利潤率而言，如果沒有研發投資或我們正在做的其他事情，你會看到它在 30% 到 35% 的範圍內。我的意思是，這是成長的關鍵，增加你的收入並釋放資金用於下面的投資，對嗎？所以團隊做得很好，您談到的所有事情絕對是我們為未來感到興奮和期待的事情。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

Thank you, Nathan.

謝謝你，內森。

(Operator instructions)

（操作員指示）

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Lynn, Chris, and Jim, good morning. I hope you can hear me more clearly this time, but I was just wondering, how are the SMR content partnerships progressing?

林恩、克里斯和吉姆，早安。我希望這次您能聽​​得更清楚，但我只是想知道，SMR 內容合作進展如何？

So, thank you. And yes, you're coming through loud and clear, so glad we could get your questions. So it's-- they're definitely progressing and I think, made reference to ramping, development dollars across (inaudible) and X Energy for some of the projects we're working on there and that's just indicative of ever becoming more clear and where we're going to bring products to market with them. Our work with Rolls-Royce from the Ultra Energy acquisition, and we talked about that being critical to helping us, even extend our partnership with them. That is going very well.

所以，謝謝你。是的，您的回答非常清楚，很高興我們能收到您的問題。所以，他們肯定在進步，而且我認為，提到我們正在加大對（聽不清楚）和 X Energy 的開發資金投入，用於我們正在進行的一些項目，這只是表明我們將更加清晰地了解我們將在哪裡與他們一起將產品推向市場。我們與勞斯萊斯從收購 Ultra Energy 開始合作，我們認為這對幫助我們甚至延長與他們的合作關係至關重要。一切進展順利。

So it's all steady as she goes and you know we're beginning to be able to more clearly see the designs take form and line of sight that we will be moving to prototyping here in the next 12, 24 months and working with them to get their first plants online. So it's it's exciting.

所以，隨著她的進展，一切都很穩定，你知道，我們開始能夠更清楚地看到設計的形成和視線，我們將在未來 12 到 24 個月內轉向原型設計，並與他們合作，讓他們的第一批工廠上線。所以這很令人興奮。

Excellent. That's it for me. Thanks, Lynn.

出色的。對我來說就是這樣。謝謝，林恩。

Thank you, Louie.

謝謝你，路易。

Myles Walto, Wolfe Research.

邁爾斯·沃爾托（Myles Walto），沃爾夫研究公司。

Thanks for the follow up. Lynn, you mentioned Westinghouse's press releases in the last week or two regarding Poland and Bulgaria, and one of the dates that Westinghouse referred to was the engineering procurement and construction agreement by the end of 2025. If that timeline stuck, would you expect to have a construction contract of your own by the end of 2025 or early 2026?

感謝您的跟進。林恩，您提到了西屋公司在過去一兩週發布的有關波蘭和保加利亞的新聞稿，其中提到的日期之一是2025年底前的工程採購和建設協議。如果這個時間表得以實現，您是否預計在 2025 年底或 2026 年初獲得自己的建築合約？

Yeah, I mean, we're -- I think, I'm really pleased to be able to say, we -- three years ago started seeing three to five years and have whittled that down and, we're very much saying, we expect an order in 2026 at some point in time and by the end of the year, but it could come mid-year. So I feel like we're, we believe we're triangulating in on that time frame, but I wouldn't say by the end of this year.

是的，我的意思是，我們——我想，我很高興地說，我們——三年前開始考慮三到五年，並將其縮短，我們非常肯定地說，我們預計在 2026 年的某個時間點和年底會收到訂單，但也可能在年中。所以我覺得，我們相信我們正在對這個時間框架進行三角測量，但我不會說在今年年底之前。

That was it. Thanks so much.

就是這樣。非常感謝。

Thank you.

謝謝。

Thank you. And at this time there are no further questions, so I'd like to turn the floor back over to Lynn Bamford, Chair and Chief Executive Officer, for additional or closing remarks.

謝謝。目前沒有其他問題，因此我想將發言權交還給董事長兼執行長 Lynn Bamford，請她發表補充發言或結束語。

Thank you everyone for joining us today and we look forward to speaking with you again on the road or at our next quarter results call. Thank you. Have a great day.

感謝大家今天的加入我們，我們期待在路上或下一季業績電話會議上再次與您交談。謝謝。祝你有美好的一天。

Thank you.

謝謝。

Thank you. This concludes today's Curtis Wright earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。今天的 Curtis Wright 財報電話會議到此結束。請此時斷開您的線路並祝您有美好的一天。