Curtiss-Wright Corp (CW) 2025 Q2 法說會逐字稿

Please stand by. Your program is about to begin.

請稍候。您的程式即將開始。

Welcome to the Curtiss-Wright second quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加柯蒂斯-萊特 2025 年第二季財報電話會議。（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, Madison, and good morning, everyone. Welcome to Curtiss-Wright second quarter 2025 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. A copy of today's financial presentation and the press release are available for download through the Investor Relations section of our website at curtisswright.com. A replay of this webcast will also be available on the website.

謝謝你，麥迪遜，大家早安。歡迎參加柯蒂斯-萊特 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有董事長兼執行長 Lynn Bamford 和副總裁兼財務長 Chris Farkas。今日財務報告及新聞稿的副本可透過我們網站 curtisswright.com 的「投資者關係」板塊下載。本次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. We detail those risks and uncertainties associated with our forward-looking statements, including the impacts of tariffs in 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。我們在向美國證券交易委員會提交的公開文件中詳細說明了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。

As a reminder, the company's results and guidance 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. GAAP to non-GAAP reconciliations are available in the earnings release and on our website.

提醒一下，公司的業績和指導包括調整後的非公認會計準則觀點，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表現。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 來開始發言。

Thank you, Jim, and good morning, everyone. As you will hear in our discussion today regarding our second quarter performance and the increases to our 2025 guidance, we are delivering on our pivot to growth strategy and in turn, driving strong results for our shareholders. The team's continued deployment of our operational growth platform is benefiting Curtiss-Wright in many ways, from internal collaboration on R&D projects to securing positions on meaningful programs and projects across all our end markets and commercial excellence initiatives throughout the book of business.

謝謝你，吉姆，大家早安。正如您在我們今天關於第二季業績和 2025 年指引上調的討論中聽到的那樣，我們正在實施成長策略，進而為股東帶來強勁的業績。團隊對我們營運成長平台的持續部署使柯蒂斯-萊特在許多方面受益，從研發專案的內部合作到確保在我們所有終端市場和整個業務範圍內的商業卓越計劃中佔據有意義的計劃和專案的地位。

As a result, we are well positioned to deliver strong financial performance in 2025 and maintain line of sight on the 3-year objectives that we provided at last May's Investor Day. As we look to the next 5- to 10-years and beyond, we see numerous opportunities developing globally that we expect to provide tremendous upside to Curtiss-Wright's long-term growth. Later in our prepared remarks, I'll spend some time discussing our excitement and alignment with two of those areas of growth, defense and commercial nuclear.

因此，我們完全有能力在 2025 年實現強勁的財務業績，並繼續實現我們在去年 5 月投資者日提出的三年目標。展望未來 5 到 10 年及以後，我們看到全球範圍內出現了大量發展機遇，我們預計這些機會將為柯蒂斯-萊特的長期增長帶來巨大的上升空間。稍後在我們準備好的發言中，我將花一些時間討論我們對國防和商業核這兩個成長領域的興奮和一致性。

With that, I'll turn to the highlights of our second quarter 2025 results. Sales of $877 million represented an increase of 12% year-over-year, exceeding our expectations and highlighted by strong organic growth of 9%. The primary drivers behind this performance were higher sales in our Naval and Power segment and continued momentum in Defense Electronics.

接下來，我將介紹我們 2025 年第二季業績的亮點。8.77 億美元的銷售額年增 12%，超出了我們的預期，其中有機成長率高達 9%。這一業績背後的主要驅動力是海軍和電力部門的銷售額成長以及國防電子部門的持續成長勢頭。

Operating income increased 20% year-over-year, exceeding our sales growth and driving 130 basis points of overall operating margin expansion. Diluted earnings per share increased 21% year-over-year, which slightly exceeded our expectations based on the higher A&D sales.

營業收入年增 20%，超過了我們的銷售額成長，並推動整體營業利潤率擴大 130 個基點。每股攤薄收益年增 21%，略微超出了我們基於 A&D 銷售成長的預期。

Free cash flow was $117 million as higher cash earnings and improved working capital management drove a year-over-year improvement of 17%, reflecting nearly 100% cash conversion as we continue to support capital investments across all three segments.

自由現金流為 1.17 億美元，因為更高的現金收益和改善的營運資本管理推動其同比增長 17%，反映出近 100% 的現金轉換率，因為我們繼續支持所有三個部門的資本投資。

We also experienced strong demand in the second quarter as new orders of $1 billion resulted in an overall book-to-bill in excess of 1.1 times. Starting with our A&D markets, while orders were down slightly year-over-year, mainly due to the timing of naval defense orders in the prior year, we experienced strong demand within our commercial aerospace market, supporting the anticipated ramp-up in OEM production as well as modestly higher demand for our embedded computing equipment in Defense Electronics.

我們在第二季也經歷了強勁的需求，因為 10 億美元的新訂單導致整體訂單出貨比超過 1.1 倍。從我們的 A&D 市場開始，雖然訂單同比略有下降，主要是由於前一年海軍防禦訂單的時間安排，但我們的商業航空航天市場需求強勁，支持了預期的 OEM 生產增長以及國防電子領域對嵌入式計算設備的需求略有增加。

As a result, book-to-bill across our A&D markets was 1.2 times. With our commercial market, we experienced strong demand in our commercial nuclear aftermarket, supporting the planned outages and restarts in addition to the contribution from Ultra Energy. Overall, the second quarter growth in orders builds on our already strong backlog, which is now up 12% year-to-date, reaching a new record in excess of $3.8 billion.

因此，我們 A&D 市場的訂單出貨比為 1.2 倍。在我們的商業市場中，我們的商業核售後市場需求強勁，除了 Ultra Energy 的貢獻外，還支持計劃中的停機和重新啟動。總體而言，第二季訂單的成長建立在我們本已強勁的積壓訂單基礎之上，今年迄今積壓訂單已成長 12%，達到超過 38 億美元的新紀錄。

I would also like to highlight our second quarter announcements regarding capital allocation, where the Board approved a $400 million increase in share repurchase authorization and a 14% increase in our quarterly dividend, which we've now grown for 9 straight years. Both actions highlight our strong track record of financial performance and our dedication to returning capital to shareholders.

我還想強調我們第二季有關資本配置的公告，董事會批准將股票回購授權增加 4 億美元，並將季度股息提高 14%，目前我們已經連續 9 年增長。這兩項舉措凸顯了我們出色的財務業績記錄以及我們致力於向股東返還資本的決心。

Turning to our full year guidance. Based on our first half performance, the strength of our order book and our confidence in our second half outlook, we once again raised our overall guidance. We remain on track to deliver strong results while generating some of the strongest operational growth rates and margin expansion to date under the Pivot to Growth strategy.

談到我們的全年指導。根據我們上半年的業績、訂單實力以及對下半年前景的信心，我們再次提高了整體預期。在「轉向成長」策略的引領下，我們將繼續保持強勁業績，同時實現迄今為止最強勁的營運成長率和利潤率擴張。

Overall, sales are now expected to increase 9% to 10% and our revised guide represents 100 basis points to 120 basis points of margin expansion in pursuit of a record operating margin in excess of 18.5%. At the bottom line, the strong increases in sales and earnings are now expected to drive diluted EPS growth of 16% to 19% as we continue to compound our earnings at a mid-teens pace over time.

總體而言，目前預計銷售額將成長 9% 至 10%，而我們修訂後的指引顯示利潤率將擴大 100 個基點至 120 個基點，以追求超過 18.5% 的創紀錄營業利潤率。從根本上講，隨著我們繼續以中等幅度的速度增加盈利，銷售額和盈利的強勁增長預計將推動稀釋每股收益增長 16% 至 19%。

Lastly, we raised our free cash flow guidance and continue to expect strong free cash flow conversion exceeding 105%. In summary, Curtiss-Wright's strong year-to-date execution provides a stable foundation for our team to deliver another outstanding financial performance.

最後，我們提高了自由現金流指導，並繼續預期強勁的自由現金流轉換率將超過 105%。總而言之，柯蒂斯-萊特今年迄今的強勁執行力為我們的團隊再次取得出色的財務表現奠定了穩定的基礎。

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 second quarter 2025 performance by segment. Starting in Aerospace & Industrial, overall sales increased 3% and were essentially in line with our expectations. Beginning with the segment's commercial aerospace market, we experienced solid OEM sales growth supporting increased production on both narrow-body and wide-body platforms.

謝謝你，林恩。我將從投影片 4 開始，按部門回顧我們 2025 年第二季業績的關鍵驅動因素。從航空航太和工業開始，整體銷售額成長了 3%，基本上符合我們的預期。從該領域的商用航空市場開始，我們的 OEM 銷售穩步成長，支持了窄體和寬體平台產量的增加。

Across the segments, defense markets, we experienced modest increases in actuation equipment sales within our aerospace defense market, supporting various fighter jet programs and also in Ground Defense for the enduring Shield platform. In the general industrial market, sales were essentially flat overall despite the ongoing macro challenges facing global industrial vehicle markets.

在各個領域，國防市場中，我們的航空航太國防市場的執行設備銷售額均出現了小幅增長，為各種戰鬥機項目以及地面防禦系統的持久盾牌平台提供了支援。在一般工業市場，儘管全球工業車輛市場面臨持續的宏觀挑戰，但整體銷售額基本上持平。

And turning to the segment second quarter profitability. Operating income and margin grew 5% and 40 basis points, respectively. These results were driven by favorable absorption on higher sales, restructuring savings and a tailwind from FX, which were partially offset by increased investments in customer-funded development programs.

並轉向第二季部門獲利能力。營業收入和利潤率分別成長5%和40個基點。這些結果是由銷售額增加、重組節省和外匯帶來的有利吸收所推動的，但部分被客戶資助的開發項目的投資增加所抵消。

Next, in the Defense Electronics segment. Overall sales increased 11% and were slightly ahead of our expectations. Within the segments aerospace defense market, this performance was driven by increased sales of our embedded computing equipment on both European fighter jets and domestic UAV programs. In the ground defense market, our results reflected increased tactical communications revenues as well as continued support for US. Army vehicle modernization and replenishment.

接下來是國防電子領域。整體銷售額成長了 11%，略高於我們的預期。在航空航太國防市場領域，這一業績得益於我們在歐洲戰鬥機和國內無人機專案中嵌入式運算設備的銷售成長。在地面防禦市場，我們的表現反映了戰術通訊收入的增加以及對美國的持續支持。陸軍車輛現代化和補充。

Elsewhere in the segment, commercial aerospace market, we experienced a modest increase in sales for our flight data recorder supporting Boeing aircraft under the new 25-hour safety mandate, and this activity is expected to accelerate going forward. Regarding the segment's operating performance, we delivered strong operating margin of 26.8%, up 110 basis points mainly reflecting absorption on higher revenues as well as the benefits of our ongoing operational excellence initiatives.

在其他細分市場，即商用航空航太市場，在新的 25 小時安全規定下，支援波音飛機的飛行數據記錄器的銷量略有增長，預計這一增長勢頭將進一步加速。關於該部門的營運業績，我們實現了 26.8% 的強勁營運利潤率，上漲 110 個基點，主要反映了更高的收入吸收以及我們正在進行的卓越營運舉措帶來的好處。

Turning to the Naval and Power segment. Sales growth of 19% exceeded our expectations once again, driven by higher naval defense revenues, most notably on the Columbia-class submarine based upon the timing and acceleration of material receipts as our production continues to ramp on the US Navy's top acquisition priority.

轉向海軍和電力部分。銷售額成長 19%，再次超出我們的預期，這得益於海軍國防收入的增加，最顯著的是由於哥倫比亞級潛艇的材料接收時間和加速，因為我們的生產繼續在美國海軍的首要收購重點上增加。

In the power and process market, our results reflected another solid contribution from the Ultra Energy acquisition, which benefited both our commercial nuclear and process markets. On an organic basis, we experienced strong low teens revenue growth in commercial nuclear supporting the ramp-up in development across several SMR designs, including the X-energy and TerraPower Advanced Reactors, as well as increased aftermarket revenues based upon the strong spring outage season for US operating reactors.

在電力和製程市場，我們的業績反映了對 Ultra Energy 收購的另一項堅實貢獻，這使我們的商業核能和製程市場都受益。從有機成長來看，我們在商業核能領域經歷了強勁的低十幾歲收入成長，支持了包括 X-energy 和 TerraPower 先進反應器在內的多種 SMR 設計的發展，同時由於美國運行反應爐春季停運旺季的到來，售後市場收入也有所增加。

Regarding the segment's operating performance, favorable absorption on higher organic revenues and favorable mix, particularly in commercial nuclear were partially offset by increased investment in research and development.

就該部門的經營績效而言，較高的有機收入和有利的產品組合（尤其是商用核能）帶來的良好吸收被研發投資的增加部分抵消。

To sum up Curtiss-Wright's second quarter results, overall, we generated a strong operating margin of 18.3%, driving 130 basis points in operating margin expansion on the strong top line performance. Turning to our full year 2025 guidance.

總結柯蒂斯-萊特公司第二季的業績，總體而言，我們實現了 18.3% 的強勁營業利潤率，在強勁的營收表現的推動下，營業利潤率擴大了 130 個基點。談到我們 2025 年全年的指導。

I'll begin on Slide 5 with our end market sales outlook, where total sales are now expected to grow 9% to 10%, driven by improved expectations for organic growth in both our aerospace and naval defense markets. Starting in aerospace defense, a strong first half performance, particularly for our embedded computing equipment on C5/ISR programs provides us with confidence to raise our full year sales guidance to a new range of 7% to 9%.

我將從幻燈片 5 開始介紹我們的終端市場銷售前景，目前預計總銷售額將成長 9% 至 10%，這得益於我們對航空航太和海軍防禦市場有機成長的預期提高。從航空航太國防開始，上半年的強勁表現，特別是 C5/ISR 專案中的嵌入式運算設備，使我們有信心將全年銷售預期提高到 7% 至 9% 的新範圍。

Additionally, we continue to expect higher sales of aircraft arresting systems equipment, principally supporting international customers, and we remain on track to demonstrate strong growth in the second half of the year. Within Ground Defense, our outlook of 6% to 8% sales growth remains unchanged and continues to reflect higher full year sales of tactical communications equipment as well as electromechanical actuation equipment on ground-based missile defense systems. Of note, we now anticipate sales in this market to decline sequentially in Q3 based upon the timing of year-to-date orders resulting from the full year continuing resolution.

此外，我們繼續預期飛機攔阻系統設備的銷售額將會增加，主要支援國際客戶，我們仍有望在下半年實現強勁成長。在地面防禦領域，我們對 6% 至 8% 的銷售成長預期保持不變，並繼續反映戰術通訊設備以及地面飛彈防禦系統機電作動設備的全年銷售成長。值得注意的是，根據全年持續決議導致的年初至今的訂單時間，我們現在預計該市場的銷售額將在第三季環比下降。

However, we expect the surge in third quarter orders as we approach the US government September 30 fiscal year-end, which in turn, will drive strong fourth quarter revenues in this market. In Naval Defense, we now expect full year sales to grow 7% to 9%, mainly driven by the better-than-expected first half performance.

然而，隨著美國政府 9 月 30 日財政年度結束的臨近，我們預計第三季訂單量將激增，這反過來將推動該市場第四季營收強勁成長。在海軍防禦方面，我們現在預計全年銷售額將成長 7% 至 9%，主要得益於上半年業績優於預期。

Of note, the sales on the Columbia-class submarine program, which ramped up considerably to begin the year based upon the timing of material receipts are expected to decline and stabilize in production over the remainder of the year. Beyond that, we continue to expect higher aftermarket revenues supporting overhauls and retrofits on prior generation carriers in addition to the contribution from Ultra Energy on UK submarines.

值得注意的是，根據材料收貨時間來看，「哥倫比亞」級潛艦項目的銷售額在年初大幅增長，預計在今年剩餘時間內將下降並趨於穩定。除此之外，我們預計，除了 Ultra Energy 對英國潛艦的貢獻外，上一代航空母艦的大修和改造也將帶來更高的售後市場收入。

Looking more broadly across all three defense markets, our improved outlook reflects approximately 20% growth in direct foreign military sales in 2025 based on accelerating demand from NATO and allied countries.

更廣泛地看待這三個國防市場，我們改善的前景反映出，由於北約和盟國的需求不斷增長，2025 年直接對外軍事銷售將增加約 20%。

Turning to commercial aerospace. Our outlook for 13% to 15% sales growth is unchanged, and we remain on track to deliver strong second half growth based on the planned ramp-up in OEM production and the timing of avionics and instrumentation equipment within our Defense Electronics segment. Wrapping up our aerospace and defense outlook, we now project total sales in these markets to increase 8% to 10%.

轉向商用航空航天。我們對 13% 至 15% 的銷售成長預期保持不變，並且根據 OEM 生產的計劃提升以及國防電子部門內航空電子和儀器設備的時機，我們仍有望在下半年實現強勁增長。總結我們對航空航太和國防的展望，我們現在預測這些市場的總銷售額將成長 8% 至 10%。

Moving to our commercial markets. In Power & Process, we maintained our outlook for 16% to 18% sales growth, which 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。在電力與製程領域，我們維持 16% 至 18% 的銷售成長預期，這繼續反映出中高個位數的有機收入成長以及 Ultra Energy 的貢獻。

Within our commercial nuclear market, continued strength in our order book provides us with increased confidence regarding our full year outlook for higher aftermarket sales supporting the maintenance of US, UK, and South Korea reactors as well as a ramp-up in development revenues across several SMR and advanced reactor designs.

在我們的商業核能市場中，訂單的持續強勁使我們對全年前景更有信心，售後市場銷售額將會增加，這將支持美國、英國和韓國反應器的維護，同時多個 SMR 和先進反應器設計的開發收入也會增加。

Next, within the process market, we continue to expect solid organic growth, mainly reflecting higher subsea pump development revenues. And lastly, in the general industrial market, we maintain a cautious outlook and continue to expect flat sales in 2025 despite the macro challenges facing global industrial vehicle markets and our expectations for modest sales increases in industrial automation and surface treatment services. Wrapping up our total commercial markets, we continue to target full year sales growth of 9% to 11%.

接下來，在流程市場中，我們繼續預期穩健的有機成長，這主要反映了更高的海底泵開發收入。最後，在一般工業市場中，儘管全球工業車輛市場面臨宏觀挑戰，並且我們預計工業自動化和表面處理服務的銷售額將溫和增長，但我們仍保持謹慎的展望，並預計 2025 年的銷售額將保持平穩。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'll begin in Aerospace and Industrial, where we are increasing our revenue guidance to a new range of 4% to 5%. This is principally driven by our overall strong outlook in commercial aerospace, along with improved expectations across a number of our defense markets.

接下來是幻燈片 6 中按部門劃分的 2025 年全年展望，我將從航空航天和工業開始，我們將該領域的收入預期提高到 4% 至 5% 的新範圍。這主要是由於我們對商用航空航太領域整體強勁的前景以及對多個國防市場的預期改善。

Regarding the segment's profitability, we now expect operating income growth of 6% to 9% and operating margin expansion of 30 basis points to 60 basis points to a new range of 17.3% to 17.6% as we raised the low end of the guidance range due to expectations for a lesser net tariff impact as well as a more favorable absorption on higher sales. For your modeling purposes, we expect third quarter sales and operating income to improve sequentially over the segment second quarter results, benefiting from higher sales volumes, various pricing and operational excellence initiatives and a more favorable mix of business.

關於該部門的盈利能力，我們目前預計營業收入將增長 6% 至 9%，營業利潤率將擴大 30 個基點至 60 個基點，達到 17.3% 至 17.6% 的新範圍，因為我們提高了指導範圍的低端，因為預計淨關稅影響較小，以及銷售額增加帶來更有利的吸收銷售額。為了您的建模目的，我們預計第三季的銷售額和營業收入將比第二季的業績連續改善，受益於更高的銷售量、各種定價和卓越營運措施以及更有利的業務組合。

Next, in Defense Electronics, we continue to expect sales to grow 9% to 11% overall, reflecting the strength of this business record backlog, its forward pipeline and solid growth projections across all A&D markets. Regarding the segment's profitability, our continued efforts to drive margin improvement through commercial excellence and improved manufacturing throughput are now expected to promote further margin expansion.

接下來，在國防電子領域，我們繼續預期整體銷售額將成長 9% 至 11%，這反映了該業務創紀錄的積壓訂單的強勁勢頭、其未來的銷售管道以及所有 A&D 市場的穩健成長預測。就該部門的獲利能力而言，我們繼續努力透過卓越的商業表現和提高的製造吞吐量來推動利潤率的提高，預計這將進一步促進利潤率的擴大。

As a result, we now expect operating income growth of 18% to 20% and operating margin expansion of 190 basis points to 210 basis points to a new all-time high range of 26.8% to 27%. Again, for your modeling purposes and based on the timing of revenues in the ground defense market, we now anticipate the segment's third quarter results to reflect similar margins to Q2 but on lower sales.

因此，我們現在預計營業收入將成長 18% 至 20%，營業利潤率將擴大 190 個基點至 210 個基點，達到 26.8% 至 27% 的歷史新高。再次，出於您的建模目的，並基於地面防禦市場的收入時間，我們現在預計該部門第三季的業績將反映出與第二季相似的利潤率，但銷售額較低。

We then expect a strong finish to the year. In Naval and Power, we now expect sales to grow 12% to 13%, reflecting the increased naval defense market outlook following the strong first half performance and overall solid growth across the segments, defense and commercial markets.

我們期待今年能夠圓滿成功。在海軍和動力領域，我們目前預計銷售額將成長 12% 至 13%，這反映了繼上半年表現強勁以及國防和商業市場各部門整體穩健成長之後，海軍防禦市場前景的成長。

Regarding the segment's profitability, we now project operating income to grow 15% to 18% on the higher sales. For your modeling purposes, we expect the segment's third quarter sales and operating income to be in line with our second quarter results, while the fourth quarter should reflect a shift in mix towards more profitable end market sales.

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 15% 至 18%。為了您的建模目的，我們預計該部門第三季的銷售額和營業收入將與我們第二季的業績一致，而第四季應反映出產品組合向更有利可圖的終端市場銷售的轉變。

So to summarize our 2025 outlook, overall, we now anticipate total Curtiss-Wright operating income growth of 15% to 18% and operating margin to range from 18.5% to 18.7%, up 100 basis points to 120 basis points. And we expect to generate these strong returns while maintaining greater than $20 million in incremental investments in total research and development across the portfolio.

因此，總結我們對 2025 年的展望，總體而言，我們現在預計柯蒂斯-萊特公司的總營業收入將增長 15% 至 18%，營業利潤率將在 18.5% 至 18.7% 之間，上漲 100 個基點至 120 個基點。我們期望在產生這些強勁回報的同時，在整個投資組合中保持超過 2,000 萬美元的總研發增量投資。

For your modeling purposes, at the overall Curtiss-Wright level, we expect total sales to be fairly evenly distributed between the third and fourth quarters while the fourth quarter reflects a benefit of favorable mix on more profitable end market sales, resulting in a strong operating margin to conclude the year.

為了您的建模目的，在柯蒂斯-萊特整體水平上，我們預計總銷售額將在第三季度和第四季度之間相當均勻地分佈，而第四季度反映了更有利可圖的終端市場銷售的有利組合的好處，從而導致今年年底的強勁營業利潤率。

Continuing with our financial outlook on Slide 7. Building upon our first half performance and expectations for continued strong growth, we have increased our full year adjusted diluted EPS guidance to a new range of $12.70 to $13 or up 16% to 19% and based on the timing of sales, as previously discussed, we expect our third quarter 2025 EPS to be relatively on par sequentially with our second quarter 2025 results, followed by a strong finish to the year.

繼續我們在第 7 張投影片上的財務展望。基於我們上半年的業績和持續強勁增長的預期，我們將全年調整後稀釋每股收益預期上調至 12.70 美元至 13 美元的新範圍，即上漲 16% 至 19%，並且根據銷售時間，如前所述，我們預計 2025 年第三季度的每股收益將與 2025 年第二季度的業績為基本持平。

And lastly, turning to free cash flow. Our full year guidance now reflects an increase $20 million to $25 million based upon both higher cash earnings and an approximate $15 million cash benefit from the administration's recent changes in tax legislation.

最後，談談自由現金流。我們現在的全年預期是增加 2000 萬美元至 2500 萬美元，這既基於更高的現金收益，也基於政府最近修改稅收立法帶來的約 1500 萬美元的現金收益。

As a reminder, our outlook for capital expenditures continues to reflect an increase of nearly $20 million year-over-year associated with ongoing growth investments. Overall, our free cash flow outlook now ranges from $520 million to $535 million, up 8% to 11%, which implies an improved free cash flow conversion rate of approximately 108%.

提醒一下，我們對資本支出的展望繼續反映出與持續成長投資相關的年增近 2,000 萬美元。總體而言，我們目前的自由現金流預期範圍為 5.2 億美元至 5.35 億美元，成長 8% 至 11%，這意味著自由現金流轉換率將提高約 108%。

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. I would like to spend the next few minutes discussing Curtiss-Wright's potential for near, medium and long-term growth in defense and commercial nuclear driven by the tremendous global demand that continues to build across these markets. Starting in defense, where we are well positioned to capitalize on the continued acceleration in global defense spending.

謝謝你，克里斯。翻到幻燈片 8。接下來的幾分鐘，我想討論一下柯蒂斯-萊特公司在國防和商用核能領域的近期、中期和長期成長潛力，這得益於這些市場持續成長的巨大全球需求。從國防開始，我們已做好準備，充分利用全球國防開來支持續增長的機會。

In the US, we are aligned to the strategic priorities outlined within the combined FY '26 DoD budget and reconciliation bill, including shipbuilding, the Golden Dome program, aircraft modernization and next-generation air superiority to name a few.

在美國，我們與國防部26財年預算和協調法案中概述的戰略重點保持一致，其中包括造船、金頂計畫、飛機現代化和下一代空中優勢等等。

Our proven capabilities as an industry-leading supplier of embedded computing technology and MOSA based solutions as well as our long-standing presence on the highest priority US naval platforms ensures that Curtiss-Wright will continue to play an important role supporting both current and next-generation pursuits.

我們作為嵌入式計算技術和 MOSA 解決方案的行業領先供應商的公認能力，以及我們在美國最高優先級海軍平台上的長期存在，確保了柯蒂斯-萊特將繼續在支持當前和下一代追求方面發揮重要作用。

In addition, we strengthened our alignment with strategic military priorities by consistently investing in R&D while ensuring that we are fully equipped to support our customers throughout the entire program life cycle across all of our defense markets.

此外，我們透過持續投資研發，加強了與戰略軍事重點的一致性，同時確保我們有能力在所有國防市場的整個專案生命週期內為客戶提供充分的支援。

As a result, our strong position and success as a critical supplier has enabled us to deliver consistent growth in our defense markets and a demonstrated ability to win in any budget environment. Outside of the US the acceleration of NATO and Allied funding and the need for advanced technologies to counter emerging threats has provided a meaningful accelerant to Curtiss-Wright's overall defense market growth rate.

因此，我們作為關鍵供應商的強大地位和成功使我們能夠在國防市場中實現持續成長，並證明我們有能力在任何預算環境中獲勝。在美國以外，北約和盟國的資金投入加速以及應對新興威脅對先進技術的需求為柯蒂斯-萊特公司的整體國防市場成長率提供了有意義的加速器。

As Chris noted earlier, we now expect growth in direct foreign military sales to increase 20% this year, exceeding the mid-teens pace that we have delivered over the past few years as militaries across the globe continue to improve their operational readiness. In addition, the recently announced expectations for NATO countries to expand the previous defense spending target of 2% of GDP to potentially 5% should provide continued growth opportunities for Curtiss-Wright.

正如克里斯先前指出的，隨著全球各國軍隊不斷提高作戰準備水平，我們目前預計今年直接對外軍售的增長率將達到 20%，超過過去幾年我們實現的十五六成的增長率。此外，北約國家最近宣布，預計將國防開支佔 GDP 的 2% 目標擴大至 5%，這將為柯蒂斯-萊特公司提供持續的成長機會。

Lastly, as a high-value partner to our military customers, we remain focused on leveraging the most exciting and cutting-edge technologies in the high-tech commercial markets and bringing these capabilities to the tactical edge.

最後，作為我們軍事客戶的高價值合作夥伴，我們始終致力於利用高科技商業市場中最令人興奮和最前沿的技術，並將這些能力帶到戰術優勢。

The adoption and influence of modern advancements such as AI and machine learning and autonomous systems when tailored to defense applications to come to open new doors for Curtiss-Wright to support these increased technological demands and provide additional opportunities for revenue growth and margin expansion. Overall, our alignment to the numerous critical pursuits driving global defense spending will provide continued opportunities for growth across all Curtiss-Wright's defense businesses well into the next decade.

當人工智慧、機器學習和自主系統等現代進步技術應用於國防領域時，其採用和產生的影響將為柯蒂斯-萊特公司打開新的大門，以支持這些日益增長的技術需求，並為收入增長和利潤擴大提供額外的機會。總體而言，我們與推動全球國防開支的眾多關鍵追求保持一致，將為柯蒂斯-萊特公司所有國防業務在未來十年提供持續成長的機會。

Next, turning to the right-hand side of the slide. Nuclear power continues to undergo a strategic shift with several critical imperatives that are converging, driving nuclear power to a major inflection point, the need for reliable energy, energy independence and decarbonization. In 2023, we observed the COP28 commitments by 22 nations to triple global energy capacity by 2050, which reflected the broad and growing consensus that nuclear power must be part of a global solution.

接下來，轉向投影片的右側。核電繼續經歷戰略轉變，幾個關鍵的必要條件正在匯聚，推動核電走向一個重要的轉折點，即對可靠能源、能源獨立和脫碳的需求。2023年，我們注意到22個國家在聯合國氣候變遷綱要公約第28次締約國會議上所做的承諾，即2050年將全球能源容量增加兩倍，這反映了核電必須成為全球解決方案一部分的廣泛且日益增長的共識。

In more recent news, we've witnessed the US administration's focus on reinvigorating the commercial nuclear industrial base by signing FOUR critical executive orders that are expected to quadruple the country's current nuclear output to 400 gigawatts by 2050, to reform modernization regulations to promote faster and more cost-effective practical licensing for new and existing reactors, to accelerate the deployment of advanced reactor technologies, including peaceful nuclear cooperation or 123 agreement as a matter of national security and to promote the construction of 10 new large reactors in the US by 2030.

在最近的新聞中，我們看到美國政府通過簽署四項重要行政命令，致力於重振商業核工業基礎，預計到2050年將該國目前的核電產量增加三倍，達到400吉瓦；改革現代化法規，以促進對新建和現有反應堆更快、更具成本效益的實際許可；加速先進反應堆技術的部署，包括出於國家安全的考慮開展和平組織1230123232023年的大型核。

Curtiss-Wright remains in a prime position to leverage its deep commercial nuclear experience to serve this global resurgence in demand with technologies supporting the entire life cycle from new build to the aftermarket.

柯蒂斯-萊特公司仍處於有利地位，可以利用其豐富的商業核經驗來滿足全球需求的復甦，並提供從新建到售後市場的整個生命週期支援技術。

Next, I would like to highlight Curtiss-Wright's tremendous long-term opportunity to support the construction of Westinghouse's AP1000 reactors where we are aligned as a supplier of reactor coolant pumps and other critical technologies.

接下來，我想強調柯蒂斯-萊特公司在支持西屋公司 AP1000 反應器建設方面擁有巨大的長期機會，我們將作為反應器冷卻劑泵和其他關鍵技術的供應商。

As we discussed at last year's Investor Day, we see the potential to generate more than $1.5 billion of growth in Europe alone, likely beginning with awards to support the AP1000 plants in Bulgaria and Poland with an order still anticipated to come in 2026. Of note, we conservatively excluded this benefit from our 3-year Investor Day targets. The AP1000 optionality sitting on top of our strong core continues to grow.

正如我們在去年投資者日所討論的那樣，我們認為僅在歐洲就有可能創造超過 15 億美元的增長，可能首先從支持保加利亞和波蘭的 AP1000 工廠的獎項開始，預計訂單仍將在 2026 年到來。值得注意的是，我們保守地將這項收益排除在我們的 3 年投資者日目標之外。我們強大核心之上的 AP1000 可選性持續成長。

Elsewhere, the recent Pennsylvania Energy and Innovation Summit hosted by Senator McCormick and attended by President Trump, top administration officials and Westinghouse executives was certainly an encouraging sign for this industry. It signaled a strong US commitment to new large reactor construction that follows the vision set forth in the administration's executive orders.

另外，最近由參議員麥考密克主持、川普總統、高級政府官員和西屋電氣高管出席的賓州能源與創新高峰會無疑對該行業是一個令人鼓舞的信號。這顯示美國堅定致力於按照政府行政命令中提出的願景來建造新的大型反應爐。

Given their advanced technology and strong government backing, Westinghouse has expressed their plans to begin construction of 10 new large reactors in the US by 2030 which would provide an incremental opportunity of greater than $1 billion for Curtiss-Wright.

鑑於其先進的技術和政府的大力支持，西屋電氣表示計劃在2030年開始在美國建造10座新的大型反應堆，這將為柯蒂斯-萊特公司帶來超過10億美元的增量機會。

Next, the growth of small modular and advanced reactors is expected to be transformative to the nuclear industry. We continue to grow our presence across the leading reactor designers with our expected content ranging from $20 million to more than $120 million and with the potential for further upside as we continue to secure additional content.

接下來，小型模組化和先進反應器的成長預計將對核工業產生變革作用。我們將繼續擴大在領先反應器設計商中的影響力，預計內容範圍從 2000 萬美元到 1.2 億美元以上，並且隨著我們繼續獲得更多內容，還有進一步上漲的潛力。

Last Friday, we were excited to announce our newest partnership with Rolls-Royce SMR to support their global SMR fleet. This was a tremendous first step in our relationship, which leverages Curtiss-Wright's expertise as a leading provider of reactor protection systems resulting from our acquisition of Ultra Energy while also meeting their desire for localization of the UK supply base.

上週五，我們很高興宣布與勞斯萊斯 SMR 建立最新合作夥伴關係，以支援其全球 SMR 車隊。這是我們合作關係中邁出的重要的一步，它利用了柯蒂斯-萊特公司作為領先的反應器保護系統供應商的專業知識，這些專業知識源於我們收購了 Ultra Energy，同時也滿足了他們對英國供應基地本地化的願望。

Rolls-Royce SMR was recently selected by great British Energy to provide the UK's first three SMRs, and we look forward to supporting these and other commitments across Europe. Overall, while SMRs only represent a small portion of Curtiss-Wright's commercial nuclear revenues today, current design and development will begin to transition into prototypes over the next few years driving accelerated growth in this market.

勞斯萊斯 SMR 最近被英國能源公司選中，為英國提供前三座 SMR，我們期待支持這些以及整個歐洲的其他承諾。總體而言，雖然 SMR 目前僅佔柯蒂斯-萊特商業核能收入的一小部分，但目前的設計和開發將在未來幾年開始轉向原型，從而推動該市場的加速成長。

Lastly, as demand for commercial nuclear power continues to accelerate, Curtiss-Wright is well positioned to strengthen its leadership position in all these areas to win significant new business today and well into the next decade. This continued momentum provides us with increased confidence in our ability to generate more than $1.5 billion in annual commercial nuclear revenues by the middle of next decade and nearly quadrupled our current base of approximately $400 million.

最後，隨著商用核電需求的不斷增長，柯蒂斯-萊特公司已做好準備，加強其在所有這些領域的領導地位，從而在當前和未來十年贏得重要的新業務。這種持續的勢頭使我們更有信心，到下一個十年中期，我們每年的商業核能收入將超過 15 億美元，並幾乎使我們目前約 4 億美元的收入翻了兩番。

Turning to Slide 9, where I'll wrap up today's prepared remarks, the team's consistent execution along with our strong and growing backlog provides confidence in our expectations to generate record financial performance across all major metrics in 2025. As a result, we remain on track to achieve or exceed our 3-year objectives provided at last May's Investor Day.

翻到投影片 9，我將在這裡總結今天的準備好的發言，團隊的一貫執行力以及我們強勁且不斷增長的積壓訂單使我們對 2025 年在所有主要指標上創造創紀錄的財務業績的期望充滿信心。因此，我們仍有望實現或超越去年五月投資者日提出的三年目標。

In addition, our efficient balance sheet supports our disciplined capital allocation strategy, which includes acquisitions and operational investments ensures consistent returns to our shareholders. We have also focused on our ability to consistently generate strong returns on our investments, including R&D, systems and infrastructure to support our future growth. Based on our success, we have expanded our return on invested capital by more than 400 basis points over the past 4-years, while staying steadily above the rising cost of capital.

此外，我們高效的資產負債表支持我們嚴謹的資本配置策略，其中包括收購和營運投資，確保為股東帶來持續的回報。我們也專注於持續產生強勁投資回報的能力，包括研發、系統和基礎設施，以支持我們未來的成長。基於我們的成功，我們在過去四年中將投資資本回報率提高了 400 多個基點，同時穩步高於不斷上升的資本成本。

Adding to that, we anticipate more than 100 basis points of growth in ROIC this year while integrating our most recent nuclear acquisition, this serves as yet another proof point that our pivot to growth strategy is working.

除此之外，我們預計今年的 ROIC 將成長超過 100 個基點，同時整合我們最近的核收購，這再次證明了我們的成長策略正在發揮作用。

In summary, there are a number of exciting things taking place across Curtiss-Wright to build on our strong core of A&D and commercial businesses and that position us to capture the fastest underlying growth vectors in our markets. We are driving strong financial performance, compounding earnings at a mid-teens pace and delivering strong and consistent free cash flow generation for our shareholders.

總而言之，柯蒂斯-萊特公司正在進行一系列令人興奮的工作，以鞏固我們強大的航空航太與國防和商業業務核心，並使我們能夠抓住市場中最快的潛在成長載體。我們正在推動強勁的財務業績，以中等速度成長獲利，並為股東帶來強勁而持續的自由現金流。

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，回答大家的提問。

(Operator Instructions)

（操作員指示）

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning, Chris, quite a few commercial aerospace companies saw this quarter, their growth decelerate and some destocking headwinds, and so their commercial OEM revenue in many cases, declined. Curtiss-Wright seems to be seeing the opposite trend with growth accelerating. So can you speak a bit more as to what's driving that growth acceleration in commercial aerospace?

嘿，早上好，克里斯，本季度有不少商業航空航天公司出現增長放緩和去庫存阻力，因此在許多情況下，他們的商業 OEM 收入出現下降。柯蒂斯-萊特似乎看到了相反的趨勢，其成長正在加速。那麼，您能否進一步談談推動商業航空航太業加速成長的因素？

Sure. Yeah. So I think first, it's important to note that we took a fairly conservative position on commercial aero coming into the year. There's certainly been more than a fair share of challenges in the industry over the past 18-months or so. So I think it was important that we recognize that.

當然。是的。因此我認為首先需要注意的是，我們今年對商用航空採取了相當保守的立場。在過去的 18 個月左右的時間裡，該行業確實面臨著不少挑戰。所以我認為認識到這一點很重要。

Destocking is really not an easy answer for us. I mean, given the breadth of our portfolio and our position as a Tier-2, Tier-3 supplier, and I think as you look out across our customers and upward to Boeing and Airbus, it's a fairly mixed bag, depending on the platform, the engines, the airframes. We're seeing some positive signals, some negative signals.

對我們來說，去庫存確實不是一個容易的答案。我的意思是，考慮到我們產品組合的廣度以及我們作為二級、三級供應商的地位，我認為當你縱觀我們的客戶以及波音和空中巴士時，這是一個相當混合的情況，取決於平台、發動機和機身。我們看到了一些正面的訊號，也看到了一些負面的訊號。

Overall, we do expect that there will be some adjustments to (inaudible) that are made here in the third and fourth quarter but that our customers are also very concerned that they don't disrupt the flow and capacity of products that we've achieved over the past few years.

整體而言，我們確實預期第三季和第四季會有一些調整（聽不清楚），但我們的客戶也非常擔心這些調整不會擾亂我們過去幾年取得的產品流量和產能。

So I think it's just particularly true when you think about the large growth rates that lie ahead on the major platforms over the next few years. So we think this will become a little bit clearer in the second half of the year. If anything, we think it may like temporarily abate some of the strong growth that lies ahead for commercial aero manufacturers, but we feel really well positioned with our guidance.

因此，我認為，當你考慮到未來幾年主要平台的巨大成長率時，這一點尤其正確。因此我們認為這種情況在下半年會變得更加明朗。如果有的話，我們認為它可能會暫時減弱商用航空製造商未來的一些強勁成長，但我們覺得我們的指導確實處於有利地位。

Okay. And then, Lynn, if I go to the Defense Solutions website, I can find quite a few of accelerated computing solutions that Curtiss-Wright now has in the market, including these GPU chips that have NVIDIA Blackwell chips on them. So just with that as context, can you speak a bit as to what kind of product applications these GPU cards are finding use cases for? And also what types of customers are using them today?

好的。然後，Lynn，如果我訪問國防解決方案網站，我可以找到柯蒂斯-萊特目前在市場上擁有的不少加速運算解決方案，包括這些具有 NVIDIA Blackwell 晶片的 GPU 晶片。那麼，僅以此為背景，您能否談談這些 GPU 卡適用於哪些類型的產品應用？目前哪些類型的客戶正在使用它們？

Yeah. It's definitely an exciting new area, and I love the fact that you went to the Defense Solutions website and looked at some of our products. So that's pretty good. It's definitely the mention of the tactical edge that really a lot of what's going on in modernization is about taking sensor data, processing it and acting, whether that's defensive moves or offensive moves to counter the data that's coming in that sensor. And this is really opening up the ability to deploy those kinds of applications broadly across the battle space where quick decisions is essential.

是的。這絕對是一個令人興奮的新領域，我很高興您訪問了國防解決方案網站並查看了我們的一些產品。這非常好。這肯定是提到了戰術優勢，現代化過程中發生的許多事情都與獲取感測器數據、處理數據和採取行動有關，無論是採取防禦措施還是進攻措施來對抗感測器傳來的數據。這確實開啟了在需要快速決策的戰場上廣泛部署此類應用程式的能力。

So that's like the high -- definitely a high level. So that comes in to defensive systems on ground vehicles that sends an incoming missile and something to counter that missile to a lot of other applications like that. But then also emerging data from many, many sensors on a more holistic approach across the battlefield to be able to provide a greater picture of the entire battlefield to command and control type of applications for making planning steps. And so there's a lot throughout the tactical edge and back into the command and control is just a couple of examples.

所以這就像很高——絕對是一個高水平。因此，這涉及到地面車輛的防禦系統，該系統可以發射來襲飛彈，並採取一些措施來對抗該飛彈，還有很多類似的應用。但同時，來自戰場上眾多感測器的更全面的數據也能夠為指揮和控制應用程式提供整個戰場的更廣闊圖景，以便制定規劃步驟。因此，在戰術優勢和指揮與控制方面有很多內容，這只是幾個例子。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Yeah, hey, good morning, Chris, Lynn, nice results. Chris, on the Defense Electronics margin performance, and it continues to be a really robust when we think about, I guess, like 40% incrementals, like how do you think about the sustainability there? And is there opportunities for further expansion, just given how strong the performance already is?

是的，嘿，早上好，克里斯，林恩，結果不錯。克里斯，關於國防電子利潤率表現，當我們考慮 40% 的增量時，它仍然保持著非常強勁的成長勢頭，您如何看待它的可持續性？鑑於目前強勁的業績，是否還有進一步擴張的機會？

Thanks.

謝謝。

Yeah. The team is doing an absolutely great job this year, Peter. We've talked a little bit about the restructuring for growth that's been going on within the Defense Electronics segment this year, and particularly focus on throughput. And one of the great things about moving product through your shops faster is some of the improved absorption that you get in that way. But there's also been a lot going on across that team this year in both commercial excellence and operational excellence.

是的。彼得，今年團隊的表現非常出色。我們稍微談論了國防電子領域今年進行的成長重組，特別是關注吞吐量。而讓產品更快在商店中流通的一大好處就是可以提高產品的吸收率。但今年該團隊在商業卓越和營運卓越方面也取得了許多進展。

And just taking a look at certain parts of the business, they have further opportunities, bringing them up to best practices when it comes to, I'll call it, the operational excellence. But then there's even been some pricing successes in a few areas of that business.

只需看一下業務的某些部分，他們就有進一步的機會，在談到卓越營運時將其提升到最佳實踐。但在該業務的某些領域也取得了一些定價成功。

So it's really a good collection of effort through our operational growth platform to drive that improvement. And yes, I do think that there's further opportunity that lies ahead for that team. But we're certainly balancing it against a couple of things here as we move deeper into the year. I mean we still are going through that restructuring. We're still moving product across the various business units.

因此，透過我們的營運成長平台來推動這項改進確實是一項很好的努力。是的，我確實認為該球隊未來還有更多的機會。但隨著今年的深入，我們肯定會在這方面與一些因素進行權衡。我的意思是我們仍在經歷重組。我們仍在各個業務部門之間轉移產品。

And beyond that, we have a lot of, I'll call it, focused disruption this year as the team readies itself for that full-scale ERP implementation that's currently going on. So that will kind of consume more management attention units as we get deeper into the year. So those are some of the things that were just kind of being a little bit more cautious for as we look at the margins.

除此之外，今年我們還有許多（我稱之為）集中式中斷，因為團隊正在為目前正在進行的全面 ERP 實施做好準備。因此，隨著時間的推移，這將會消耗更多的管理注意力。因此，當我們考慮利潤時，這些都是我們需要更加謹慎的事情。

But then also, as you kind of look at the strong start to the year, it's important to note that we did have some favorable mix in C5/ISR programs in the first half, we had some FX uplift. We expect the dollar is going to weaken as we get a little bit further into the year, and that's going to put that around.

但是，當你回顧今年的強勁開局時，值得注意的是，上半年我們在 C5/ISR 專案中確實有一些有利的組合，我們的外匯收入有所提升。我們預計，隨著時間的推移，美元將會走弱，這種情況將會持續下去。

And we do have a strong IR&D ramp that's planned for that organization in the back half of the year. So really pleased with the continued raises and the margin performance, the record-breaking margin performance for that segment. We're optimistic as we go forward, but we're continuing to be cautious in a few areas.

我們確實計劃在今年下半年為該組織提供強大的 IR&D 提升。因此，對於持續的成長和利潤表現，以及該部門破紀錄的利潤表現，我真的很高興。我們對未來充滿樂觀，但在某些領域我們仍保持謹慎。

Yeah, Peter, I'd add -- no, that's okay. The other side of that story is our alignment with where the DoD budget is going and the direct for military sales is we have such strong incrementals in the team that our ability to store we're doing things to accelerate top line growth and that's everything from the NVIDIA partnerships we just talked about to Honeywell flight data recorders to our alignment on golden Dome and doors, that's going to open to us.

是的，彼得，我想補充一下──不，沒關係。故事的另一面是，我們與國防部預算的走向以及軍事銷售的直接關係保持一致，團隊的增量非常大，因此我們有能力存儲我們正在做的事情以加速營收增長，這就是我們剛才談到的與 NVIDIA 的合作夥伴關係、霍尼韋爾的飛行數據記錄器，以及我們在金色圓頂和門上的一致性，這些都將向我們打開。

And then our position -- our good strong position that we've had for years across Europe and the NATO allies of the build-out that's really just beginning there that is broadly very good margin business to us. So that -- we've got to keep the top line going too, and we've got a good line of sight on that.

然後是我們的地位——我們多年來在歐洲和北約盟國所擁有的良好強勢地位，而這些擴張實際上才剛剛開始，這對我們來說是利潤率很高的業務。所以——我們必須保持營收成長，並且我們對此有著良好的預期。

Yeah. Lynn, just as a quick follow-up to the voice -- the flight data recorders. Do you see the retrofitting being kind of at a steady cadence between -- or is there an accelerant around that?

是的。林恩，作為對聲音的快速跟進——飛行數據記錄器。您是否認為改造會以穩定的節奏進行 - 或者是否存在加速器？

Thanks.

謝謝。

I think it will accelerate I mean we're just getting going with people reconciling they have to do this. We've been working for -- with production with Boeing for that's been what been the underpinning of what was part of our guide. But I would say the majority of the raise we did last quarter is us getting clearer line of sight with our partner, Honeywell, on how the fleets are going to go about doing these retrofits. And then I mean we're still -- it's early days, but the mandate really goes across a good portion of the regional jets and that's a big area of focus for us, and there's a lot more regional jets than there are even 737.

我認為它會加速，我的意思是我們剛開始與人們協調他們必須這樣做。我們一直在與波音公司合作生產，因為這是我們指南的基礎。但我想說，上個季度我們所做的大部分改進是為了讓我們與合作夥伴霍尼韋爾更清楚地了解車隊將如何進行這些改造。然後我的意思是，我們仍然處於早期階段，但這項授權確實涉及很大一部分支線噴射機，這是我們關注的一個重點領域，而且支線噴射機的數量甚至比 737 還要多。

So a big, big area of growth there, and we've been pretty open that we're working to be qualified on Airbus, and that's anticipated in the first half of 2026. So a lot of things coming that are going to make that area growth. It's one of our -- as we talk about deep diving our capacity planning across nuclear, it's another area where we're really making sure we're fully analyzing our capacity planning for what's coming.

因此，這是一個巨大的成長領域，我們一直非常開放，致力於獲得空中巴士的認證，預計在 2026 年上半年實現。很多事情的發生都會促進該地區的發展。這是我們深入探討核能產能規劃的其中之一，也是我們要確保全面分析未來產能規劃的另一個領域。

Myles Walton, Wolfe Research

邁爾斯·沃爾頓，沃爾夫研究公司

Great, thanks. Good morning, Lynn, I was hoping you could touch on the M&A pipeline, perhaps what you're seeing there. I know Ultra was the last deal in that space. But obviously, you're going to end the year here probably with a pretty unlevered balance sheet, excess cash. And just curious on the overall capital deployment and M&A pipeline.

太好了，謝謝。早安，林恩，我希望你能談談併購管道，也許你在那裡看到了什麼。我知道 Ultra 是該領域的最後一筆交易。但顯然，到今年年底，你的資產負債表很可能處於無槓桿狀態，現金過剩。我只是對整體資本部署和併購管道感到好奇。

Okay. So thank you for that. And I think when you probably took note that when we talked on this topic at the end of Q1, we indicated that we had a couple of things we were looking at. And we are not going to act on those things that we were in the process of looking at in Q1 as they really just didn't meet our strategic and financial requirements. And as much as we clearly state this is the top -- our top intended use for our capital. It is not with compromising our standards.

好的。謝謝你。我想您可能已經注意到，當我們在第一季末談論這個話題時，我們表示我們正在考慮一些事情。我們不會對第一季正在研究的事情採取行動，因為它們實際上不符合我們的策略和財務要求。正如我們明確指出的那樣，這是我們資本的最高預期用途。這並不是降低我們的標準。

And so we're -- the pipeline is not empty, so I'm not applying that, but there was, I think, a little bit more line of sight for something coming in the back half of this year and those we've dismissed. So with that, the teams are active, we're out looking.

因此，我們的管道並不是空的，所以我不會應用這一點，但我認為，對於今年下半年即將發生的事情以及那些我們已經忽略的事情，還有更多的預見性。因此，各團隊都很活躍，我們也積極尋找。

There's always we're prioritizing companies that are privately held that we can convince to go exclusively with Curtiss-Wright, but we're very active in the financial community also. But we will return capital to shareholders. We talked about raising our dividend and increased share buyback authorization from our Board. And maybe I'd ask Chris to speak a little bit to our thinking around the share buyback as our second priority for our capital.

我們始終優先考慮那些我們可以說服其與柯蒂斯-萊特公司獨家合作的私人公司，但我們在金融界也非常活躍。但我們會向股東返還資本。我們討論了提高股利和增加董事會股票回購授權的問題。也許我會請克里斯談談我們對股票回購的想法，這是我們資本的第二優先事項。

Yeah. We certainly believe that share buyback is the most effective way to return capital to shareholders. The Board increased our authorization by $400 million in May. We now have $534 million in authorization. We still believe that there's a lot in the windshield ahead for us, and we're excited to meet with the Board again here in September and have some discussions about the best way to deploy that cash. But we're certainly not intending to sit on our hands, and we're excited about what we can do with that money.

是的。我們堅信股票回購是向股東返還資本的最有效方式。董事會於五月將我們的授權金額增加了 4 億美元。我們現在已獲得 5.34 億美元的授權。我們仍然相信，我們前面還有許多事情要做，我們很高興 9 月能再次與董事會會面，討論如何最好地部署這些現金。但我們絕對不會袖手旁觀，我們很高興知道可以用這筆錢做什麼。

Okay. Cool. And then maybe on the Defense Electronics, third quarter decline and then reacceleration in the fourth quarter. How much of that is visible based on the backlog? How much of that is conversations with customers? And maybe if you can give us the book-to-bill that you had in Defense Electronics in the second quarter?

好的。涼爽的。然後也許在國防電子方面，第三季出現下滑，然後在第四季重新加速。從積壓情況來看，有多少是顯而易見的？其中有多少是與客戶的對話？您能否提供我們第二季國防電子部門的訂單出貨比？

Sure. Yeah. Maybe what I'll do is I'll just start with the book-to-bill that we have within Defense Electronics in the second quarter overall, which was about 0.9 book-to-bill. I will say that our orders were up 5% year-over-year, and our backlog has increased 3% year-over-year. But it's been kind of an unusual year.

當然。是的。也許我會做的是，先從國防電子部門第二季整體的訂單出貨比開始，這個數字大約是 0.9。我想說的是，我們的訂單年增了 5%，積壓訂單年增了 3%。但這是不同尋常的一年。

We are used to starting off as we have several times over the past 4- or 5-years under a CR. And then we had that resolved or what we felt was effectively resolved in the first quarter. But the CR has a little bit more nuance to it. It was a 1% increase over the prior year funding levels, but it also provided the government with opportunities to kind of redeploy funding to what they consider to be the highest priorities.

我們已經習慣了在 CR 下開始，就像過去 4 或 5 年一樣。然後我們解決了這個問題，或者我們認為這個問題在第一季得到了有效解決。但 CR 還有一些細微差別。這比前一年的資助水準增加了 1%，但也為政府提供了將資金重新部署到他們認為最優先事項的機會。

And we think we're very well aligned with those priorities. But it has created some uncertainty and delay in the way that those decisions are being made and the orders are being placed and the most sensitive business for us as we've mentioned in the past, given the direct connectivity to the government customer is in tactical communications.

我們認為我們與這些優先事項非常一致。但它在決策和訂單的製定方式上造成了一些不確定性和延遲，正如我們過去提到的，考慮到與政府客戶的直接聯繫是在戰術通信方面，這對我們來說是最敏感的業務。

So we've seen a little bit more delay in that order book here in the second quarter. Lynn and the rest of the management team have frequent discussions to kind of evaluate the pipeline, the status of where we are within our order book, and we do see a very strong pipeline in front of us.

因此，我們發現第二季的訂單有所延遲。林恩和管理團隊的其他成員經常進行討論，以評估管道、我們的訂單狀況，我們確實看到了我們面前非常強大的管道。

But there will be some timing issues here. We think some of those will be resolved here prior to the end of the government's fiscal year-end. And given the ship-and-bill nature of that business, we'll probably see those sales increase here in the fourth quarter. That's our current expectation. So we do have a strong backlog across this business.

但這裡會存在一些時間問題。我們認為其中一些問題將在政府財政年度結束前解決。考慮到該業務的發貨和提單性質，我們可能會在第四季度看到銷售額成長。這是我們目前的期望。因此，我們在該業務上確實有大量積壓訂單。

We're very, very confident in our overall sales guidance for the year, but it's going to put a little bit more pressure on Q3. We will maintain our profit margins, but Q4 is going to be a strong finish to the year from a sales perspective.

我們對今年的整體銷售預期非常有信心，但這會給第三季帶來更大的壓力。我們將保持我們的利潤率，但從銷售角度來看，第四季將是今年的強勁收官。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Chris and Jim, good great quarter. You mentioned Golden Dome as a potential opportunity. But speaking of large programs, do you expect to play a role with the Army's next-generation command and control program with your edge products as there's been over $3 billion in funding.

克里斯和吉姆，本季表現非常出色。您提到 Golden Dome 是一個潛在的機會。但是說到大型項目，您是否希望利用您的優勢產品在陸軍的下一代指揮和控制項目中發揮作用，因為該項目已經獲得了超過 30 億美元的資金。

We know that Palantir and Anduril received an initial prototype contract, but there likely will be many vendors involved in that one similar to Golden Dome. So what are you seeing in the pipeline with that program? And just in general, where are you seeing the most demand for your encryption, tactical communications and edge computing products?

我們知道 Palantir 和 Anduril 收到了一份初步原型合同，但可能會有許多類似於 Golden Dome 的供應商參與其中。那麼，您對該計劃的進展有何看法？總的來說，您認為哪些地區對加密、戰術通訊和邊緣運算產品的需求最大？

Yeah. So we have been involved with that in that area with that program for several years and definitely see ourselves ramping with it. And you said Golden Dome, but stepping back broadly, there's a handful of new starts going on across next-generation fighter jets, next-generation rotor wings, the CCA program.

是的。因此，我們多年來一直參與該地區的該項目，並且確實看到了我們在這方面取得的進展。您提到了金色穹頂，但從廣義上講，下一代戰鬥機、下一代旋翼機翼、CCA 計劃等都有一些新進展。

And I feel very good about our penetration across those various platforms to be prepared and some -- a winner has been selected. Some are still in competition with two winners, and that's even the XM30 program as another example that doesn't seem to make it to the headlines quite as much we have solid content across the 2-players that are competing for final down select on that.

我對我們在這些不同平台上的滲透感到非常滿意，並且已經做好了準備——獲勝者已經選出。有些仍在與兩名獲勝者競爭，甚至 XM30 計劃也是一個例子，它似乎並沒有成為頭條新聞，但我們對爭奪最終選擇的兩名球員有紮實的內容。

So our tactical communications with some really advanced encryption technologies is being very well integrated into the rollout of those programs. And I think Golden Dome is going to be a great driver for Curtiss-Wright between the computing [NAND] and our electromechanical actuation equipment, along with the radars across a lot of the major systems that will be integrated to make Golden Dome working in unison and not as isolated systems. That's a very good alignment with our product.

因此，我們的戰術通訊與一些非常先進的加密技術正在很好地融入這些計劃的推出中。我認為「金頂」將成為柯蒂斯-萊特公司在計算 [NAND] 和我們的機電驅動設備之間的巨大推動力，同時，許多主要係統中的雷達也將整合在一起，使「金頂」協同工作，而不是作為孤立的系統。這與我們的產品非常契合。

Great. And did you estimate earlier in the call that the AP1000 reactor opportunity in North America is over $1 billion?

偉大的。您是否在早些時候的電話會議中估計過北美 AP1000 反應爐的機會價值超過 10 億美元？

Yes. We just put that out as a reference, and it will be -- but again, we are cautious. We are a supplier to Westinghouse. We're working to -- we fully anticipate we'll be their partner on that program. But we don't like to get ahead of ourselves of is saying exactly what content and how things will shake out, that we need to work hard to be a good supplier to them, and that's the position we're in. But yes, it's a very significant opportunity for us.

是的。我們只是將其作為參考，但我們會再次保持謹慎。我們是西屋公司的供應商。我們正在努力——我們完全期待成為他們在該計劃上的合作夥伴。但我們不喜歡提前說出具體的內容和事情將如何發展，我們需要努力成為他們的好供應商，這就是我們現在的處境。但確實，這對我們來說是一個非常重要的機會。

Peter Skibitski, Alembic Global.

Peter Skibitski，Alembic Global。

Hey, good morning, guys. Nice quarter. Hey, Chris, I think your DCS sales or your direct FMS sales were about 9% of your total revenue last year. Just wondering, is that levered more so to one segment than another? And I was wondering which of the 3 segments do you expect to grow DCs the fastest this year?

嘿，大家早安。不錯的季度。嘿，克里斯，我認為你的 DCS 銷售額或直接 FMS 銷售額約佔去年總收入的 9%。只是想知道，這對一個細分市場的影響是否比對另一個細分市場的影響更大？我想知道您預計今年這三個細分市場中哪個 DC 的成長速度最快？

So maybe I'll just talk about it broadly, and I don't think we've given much color on how it breaks out across the segment. But if you hear the product families, that kind of tells you where it is. So it's -- we've had a long position with defense electronics equipment of various types being sold directly into the defense markets across NATO and allied countries. And so that's probably the top area I would call out. Our turret drive stabilization capabilities and mission packages, which is part of defense electronics is definitely poised for some amazing growth.

因此，也許我只是泛泛地談論一下，我認為我們還沒有詳細闡述它在整個領域中如何發展。但如果你聽到產品系列，它就會告訴你它在哪裡。因此，我們長期以來一直將各種類型的國防電子設備直接銷售到北約和盟國的國防市場。這可能是我要強調的最重要的領域。我們的砲塔驅動穩定能力和任務包是國防電子設備的一部分，無疑將實現驚人的成長。

There was an announcement out of Germany a couple of weeks ago about spending $25 billion on military vehicles and one of the vehicles they called out was the Boxer tank, which we just announced a few months ago. Our partnership with Rheinmetall selecting us for the stabilization equipment and some other equipment on those tanks and they're going to build somewhere between 2,500 to 3,500 tanks. So that's a good place. We do a lot of equipment on European-built rotorcraft. It's just really a broad coverage European build fighter jet.

幾週前，德國宣布將斥資 250 億美元購買軍用車輛，其中一種就是拳師坦克，我們幾個月前才剛宣布過這款坦克。我們與萊茵金屬公司合作，選擇我們為這些坦克提供穩定設備和其他一些設備，他們將建造 2,500 到 3,500 輛坦克。那是個好地方。我們為歐洲製造的旋翼機安裝了許多設備。它實際上只是一款覆蓋範圍廣泛的歐洲製造的戰鬥機。

So just broad coverage there. Our arresting system equipment which is in the Naval and Power segment is definitely well adopted across -- around the globe. And when we bought those, we bought the team as a carve-out from Safran, we were very open to 75% of their sales were outside of the US. So that's a great place where we have a great international footprint, and it's continuing to grow.

因此，那裡只是廣泛的報導。我們的攔阻系統設備在海軍和電力領域得到了廣泛的應用。當我們收購這些公司時，我們從賽峰集團分拆出團隊來收購，我們非常願意接受他們 75% 的銷售額來自美國以外。所以那是一個很棒的地方，我們在這裡擁有巨大的國際影響力，而且還在持續成長。

And the other area I would call out is our aircraft landing equipment from our team that does a lot of specialized equipment that's integrated onto the deck of ships to allow helicopters to land at higher sea safely for the airmen. And so there's just a couple of the areas. So it's a very good portion of our business. And we are saying that now I appreciate you referencing the 9% that this year, we anticipate our direct foreign military sales will be up to 10% of Curtiss-Wright's overall revenues relating these areas of growth.

我要提到的另一個領域是我們的團隊的飛機著陸設備，該設備將許多專用設備整合到船甲板上，以便直升機可以安全地降落在更高的海面上，供飛行員使用。所以這裡只有幾個區域。所以這是我們業務中非常重要的一部分。我們現在要說的是，我很感謝你提到今年的 9%，我們預計我們的直接對外軍事銷售將佔柯蒂斯-萊特公司與這些成長領域相關的總收入的 10%。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

Morning everyone. Just a couple of questions. You guys have had really great success investing for growth over the last few years Pivot to Growth definitely has clearly been a success. And you do have plenty of good tailwinds to revenue over the next few years. I know you said you're investing an incremental $20 million in R&D this year. Are there -- do you see opportunities to further accelerate some of the internal investments targeting some of these areas that have come to the front in terms of growth over the next few years?

大家早安。僅有幾個問題。在過去幾年裡，你們在投資成長方面取得了巨大的成功，Pivot to Growth 無疑取得了成功。未來幾年，你們的收入確實會面臨許多有利因素。我知道您說過今年將在研發方面增加 2,000 萬美元的投資。您是否看到有機會進一步加快針對未來幾年在成長方面處於領先地位的一些領域的一些內部投資？

Yeah. I think there will be areas that we will continue to invest in ourselves that are a priority for us, and we're not quite to those yet, but we will definitely have some significant expansion to do to ramp to the nuclear capacity, which is great. We are very transparent with the partners we have in this space as to how they see their ramp going and then therefore their need of our product. And so we're modeling that out, but that's definitely going to drive some incremental investments. And that's not just in capacity planning.

是的。我認為，我們將繼續對優先領域進行投資，雖然我們還沒有完全實現這些目標，但我們肯定會進行一些重大擴張以提升核電產能，這很好。我們對這個領域的合作夥伴非常透明，了解他們如何看待他們的產品發展以及他們對我們產品的需求。所以我們正在對此進行建模，但這肯定會推動一些增量投資。這不僅涉及容量規劃。

There will be some investments in some -- building out some products to be -- have the right products to supply into some of these suppliers. And we talk with the various major players in the space where we're quite willing to make investments as the opportunity base becomes more clear. So that's one area that's top of mind. I mentioned the flight data recorder ramp that we see coming. I mean that's going to require some investment.

我們將對某些產品進行一些投資，開發合適的產品來供應這些供應商。我們與該領域的各個主要參與者進行了交談，隨著機會基礎變得更加清晰，我們非常願意進行投資。所以這是我們最關心的領域。我提到了我們看到的飛行數據記錄器坡道。我的意思是這需要一些投資。

There's no major capital with it that is as significant as really across some of the nuclear equipment. But there's a lot of areas that we can continue to invest in R&D across our businesses that there's an ever-growing capability. If I take our subsea area that we've been investing in really for over 5-years at this point, it's just taking off.

沒有什麼大型資本能像核子設備那樣真正具有重大意義。但是，我們可以在許多業務領域繼續投資研發，以提高研發能力。就我們目前已經投資了 5 年多的海底領域而言，它才剛剛起步。

And we're getting ready to deliver the first pump to Shell. We've been incremental opportunities and the investments required to be able to ramp in that area. And I'm not saying it's limited to those. Those are sort of the ones that come to top of mind. But we very much look -- when we think of our capital investments, we've typically always said that around 2% seems to be the right level for us to invest in capital back into the company.

我們正準備向殼牌交付第一台幫浦。我們一直在不斷增加機會並加大在該領域所需的投資。我並不是說它僅限於這些。這些是我首先想到的。但是，當我們考慮資本投資時，我們非常看重——我們通常總是說 2% 左右似乎是我們將資本重新投資於公司的正確水平。

That may tick up a little above 2% in the back of this decade, but it will be a great situation for everyone that we need to do those investments because we'll have line of sight on the revenues that they're going to be tied to.

在未來十年內，這一數字可能會略高於 2%，但對於所有需要進行這些投資的人來說，這將是一個很好的情況，因為我們將能夠看到與之掛鉤的收入。

High return capital, I don't think you get any pushback on investing in that. Here's a high-level question. Over the last several years, you guys have talked about being aligned to the DoD budget and expect to outgrow the DoD budget each year. It's like a 13% increase in the DoD budget for fiscal '26. Why shouldn't we expect you to outgrow that budget for your US military business?

高回報資本，我認為你不會對投資該資本有任何阻力。這是一個高層次的問題。在過去的幾年裡，你們一直在談論與國防部預算保持一致，並預計每年的預算都會超過國防部預算。這相當於國防部 26 財年預算增加了 13%。我們為什麼不應該期望你們在美國軍事業務上超出這個預算呢？

So I note that you've always taken note of our making that point, and we're very proud of what we've done over the past years and we had good growth and down budgets and up budgets. This is definitely an up budget with the combination of the base budget and the continuing in the --

因此，我注意到您一直注意到我們提出這一點，我們對過去幾年所做的一切感到非常自豪，我們取得了良好的增長，預算有所減少，預算也有所增加。這無疑是一個上漲的預算，加上基礎預算和持續的--

Reconciliation.

和解。

Reconciliation, thank you very much. I don't think we're going to quite get ahead and talk about what we anticipate coming in '26 yet. But we are very well aligned to where those monies are being spent. And whether that the shipbuilding and funding for the industrial base, which we are very aggressively pursuing to the communications equipment to tactical aircraft where we have very strong historical footings in whether that is the F-47 or the MB-75 or the F-15, we really -- we're in good position across all those as doing retrofit on the existing fleet.

和解，非常感謝。我認為我們還不能完全談論我們對 26 年的期望。但我們非常清楚這些資金的用途。無論是造船和工業基礎的資金，我們都在積極追求通訊設備，還是戰術飛機，我們在這些方面都有著非常堅實的歷史基礎，無論是 F-47、MB-75 還是 F-15，我們真的 - 我們在對現有機隊進行改造方面都處於有利地位。

So I know we're aligned to the right places and that added to our continued accelerant of the direct foreign military sales contributing to our overall defense growth. I definitely think it's definitely in the possibilities. So we'll wait until we get a little further through the end of this year, we really do need to get some more color on the '26 budget, and there hasn't been an FYDP published yet. So some of those things will play into our ability to characterize where our revenues will come, and you'll hear that guidance in due time as we round out this year.

因此，我知道我們與正確的方向保持一致，這將進一步促進我們直接對外軍售，從而促進我們整體國防的成長。我絕對認為這是絕對有可能的。因此，我們要等到今年年底再說，我們確實需要對 26 年預算有更多的了解，但目前還沒有發布 FYDP。因此，其中一些因素將影響我們確定收入來源的能力，隨著今年的結束，您將及時聽到這些指導。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Hey, good morning guys.

嘿，大家早安。

Nice results. Thanks for taking the question. I think [our presenter] Chris, just an update on the Columbia, I think you said the profile stabilizes, then it's down. Can you just give us a general update maybe where you are on that? What ships that you're working on? And does that pick back up in '26?

效果不錯。感謝您回答這個問題。我認為[我們的主持人]克里斯，只是關於哥倫比亞的最新消息，我認為你說的情況是概況穩定下來，然後就下降了。您能否向我們簡單介紹一下您在這方面的進展？您在哪艘船上工作？那麼在 26 年這種情況會恢復嗎？

Yeah, sure. I mean as you saw, Mike, I mean, the strength of the Columbia was the number 1, driver here in the first half of the year, ramped up significantly front-loaded with material receipts. We talked about in the script that the production is going to lower and stabilize in the back half, but that's really just kind of a shift from material to labor.

是的，當然。我的意思是，正如你所看到的，麥克，哥倫比亞的實力是今年上半年的第一大驅動力，材料收入在前期大幅增加。我們在劇本中談到，後半部產量將會降低並趨於穩定，但這實際上只是從材料到勞動力的轉變。

It's not necessarily indicative of what's happening with the ship. But we continue to increase the cadence to meet that desired one per year pace that the customer has called out for, and as you kind of look at where we are from a ship perspective, we certainly had been working on one.

這並不一定表示船上發生了什麼事。但是，我們繼續加快節奏，以滿足客戶所要求的每年一次的速度，當你從船舶的角度來看我們所處的位置時，我們肯定一直在為此努力。

And as you look at one, that peaked out in prior years. This year, we're working on sub-2. We'll probably reach the peak there and the production on sub-1, we're moving towards that. And again, we're ramping up to a desired nice one per year pace. And I think -- more importantly, as you take a look across our total naval business and then talked about the strong support for shipbuilding et cetera. We've got a very strong backlog in that business. And overall, a great growth trajectory lies ahead for Naval Defense at Curtiss-Wright.

如果你看一下，你會發現它在前幾年達到了頂峰。今年，我們正在致力於 2 以下。我們可能會在那裡達到頂峰，並且生產量將達到 1 以下，我們正朝著這個目標邁進。再次，我們正在加快步伐，達到我們期望的每年一個的良好速度。我認為——更重要的是，當你縱觀我們的整個海軍業務，然後談到對造船業等的大力支持時。我們在該業務上有大量積壓訂單。總體而言，柯蒂斯-萊特公司的海軍防禦業務未來將擁有良好的成長軌跡。

Got it. That's helpful. And then, Lynn, this might just be semantics or mincing words, but I think you say you fully expect to be a partner for Westinghouse. I mean, is there a chance you wouldn't be supplying the reactor coolant pumps? And then just thinking about the reactor coolant pump opportunity, when do you really start kind of priming that supply chain I know you're thinking of getting that order in '26, but is that supply chain ready to go?

知道了。這很有幫助。然後，林恩，這可能只是語義或拐彎抹角的說法，但我認為你說你完全希望成為西屋公司的合作夥伴。我的意思是，你們有沒有可能不提供反應爐冷卻劑幫浦？然後想想反應爐冷卻劑幫浦的機會，你什麼時候真正開始啟動供應鏈？我知道你打算在 26 年獲得訂單，但供應鏈準備好了嗎？

Yeah. So again, it probably is more semantics because we -- I just don't like to speak to it in a presumptive manner when we're working the details out with them, we're absolutely working with them to plan the not just overseas reactors, but the -- the 10 new reactors that are to be built here in the US. And I think it's just -- if you listen to some of the things they're saying publicly, one of the real strengths that they believe they have in winning business is not changing the design.

是的。所以，這可能更多的是語義上的，因為我們——當我們與他們一起制定細節時，我只是不喜歡以假設的方式談論它，我們絕對會與他們合作規劃不僅僅是海外的反應堆，而且——將在美國建造的 10 座新反應堆。我認為——如果你聽聽他們公開說的一些話，你會發現，他們認為自己贏得業務的真正優勢之一就是不改變設計。

And having a consistent design that has a very good proven track record that they can move into a sequential ramp by repeated production is very much publicly part of their strategy. And obviously, we're the only one to deliver the reactor coolant pumps to them. So that is obviously indicative of good business signs for Curtiss-Wright, but we just hold back and are cautious in saying anything is a given.

擁有一致的設計並擁有良好的業績記錄，他們可以透過重複生產實現連續成長，這是他們策略中非常公開的一部分。顯然，我們是唯一向他們提供反應器冷卻劑泵的公司。所以這顯然預示著柯蒂斯-萊特公司業務的良好發展，但我們只是有所保留，謹慎地說任何事情都是理所當然的。

Got it. And then just a quick follow-up. I mean if they do actually start construction by 2030, what's kind of your lead time on that?

知道了。然後只是快速的跟進。我的意思是，如果他們確實在 2030 年開始建設，那麼您的準備時間是多久？

Yeah. I don't know. That's something we have to work with Westinghouse. We do still think that Poland -- somewhere in Eastern Europe, most likely Poland will be the first orders that we will get when we've been pretty consistent in saying some time in 2026, and we still see that. But obviously, they've got to be ordering pumps sooner than later, if they're going to be in construction in 2030.

是的。我不知道。這是我們必須與西屋公司合作的事情。我們仍然認為波蘭——東歐某個地方，最有可能的是波蘭將是我們獲得的第一批訂單，我們一直相當一致地表示將在 2026 年的某個時候獲得訂單，我們仍然看到這一點。但顯然，如果他們要在 2030 年開始施工，他們必須儘早訂購泵浦。

So we're definitely working on our capacity plan as indicative of when we see these orders.

因此，當我們看到這些訂單時，我們肯定會制定產能計劃。

Justin Lang, Morgan Stanley.

摩根士丹利的賈斯汀朗 (Justin Lang)。

Yeah, hi, I'm on for Kristine today. Thanks for taking the questions. Just sticking with the large reactor opportunity in the US with Westinghouse, obviously, I appreciate it's early stages. But should we think about the economics around domestic efforts looking similar to may be in Eastern Europe? Or are there any material differences to note at the outset?

是的，嗨，今天我代替克莉絲汀。感謝您回答這些問題。只是堅持與西屋公司合作在美國開發大型反應爐的機會，顯然，我很欣賞它處於早期階段。但是，我們是否應該考慮國內努力的經濟狀況與東歐的類似情況？或一開始就存在哪些需要注意的實質差異？

I think they'll be similar. Again, the details are not fully worked out. But yes, I mean, we will provide product Westinghouse at a negotiated contractual rate. And I think that will be relatively, if not exactly consistent.

我認為它們會很相似。再次，細節尚未完全確定。但是是的，我的意思是，我們將按照協商的合約價格提供西屋產品。我認為這將是相對一致的，即使不是完全一致的。

Okay. Great. And then I think you called out higher embedded computing revenue in the quarter in part related to domestic UAV programs. So when I think back to the '24 Investor Day, there was some discussion of runway with unmanned systems, building off your role in Triton. So I was just hoping you could elaborate a little bit on the drone market opportunities ahead of you, just given some of the momentum we've seen in that particular area?

好的。偉大的。然後我認為您提到的本季嵌入式計算收入增加部分與國內無人機計劃有關。因此，當我回想起 24 日投資者日時，我們討論了一些有關無人系統跑道的討論，這些討論建立在您在 Triton 中的角色的基礎上。所以我只是希望您能詳細說明未來的無人機市場機遇，考慮到我們在該特定領域看到的一些發展勢頭？

Yeah. I mean, Curtiss-Wright has a long history of participating in the drone market back to Global Hawk and EuroHawk going back well over a decade ago. And so one of the things that's exciting to me is, I mean, everybody sees the images in the news and I understand that the size of what a Global Hawk was and what people promote now is what the size of many of the UAVs are.

是的。我的意思是，柯蒂斯-萊特公司參與無人機市場的歷史悠久，可以追溯到十多年前的全球鷹和歐洲鷹。所以讓我感到興奮的事情之一是，我的意思是，每個人都在新聞中看到了這些圖像，我知道全球鷹的尺寸和人們現在宣傳的許多無人機的尺寸是一樣的。

And there is a level at a smaller level that would not be an area of Curtiss-Wright would play little things you see people holding in their hands and such like that. That's not an area that I see any fit for Curtiss-Wright, but there is a lot in between there.

在較小層面上，存在著一個不是柯蒂斯·萊特 (Curtiss-Wright) 的區域，它會播放您看到人們拿在手中的小東西等。我認為這個領域並不適合柯蒂斯·萊特公司，但是這個領域中還有很多其他的選擇。

And our product portfolio is -- includes quite a range of size, weight and power compute options that could find applicability across a very large portion of platforms in this. And so there's a lot of things we're engaged in, not all of them are public knowledge yet, but it's definitely an area where were very active.

我們的產品組合包括相當多種尺寸、重量和功率運算選項，可適用於其中很大一部分平台。因此，我們正在從事很多事情，雖然並非所有事情都已為公眾所知，但這絕對是我們非常活躍的領域。

And then the flip of that is the build-out of counter-UAS technology is definitely a focus knowing that the quantities of the smaller, cheaper drones that can be levered in the war space. And so that is also an area, not the UAVs themselves, but defenses against them is a very area where we have very relevant technology.

另一方面，考慮到在戰場上可以利用的小型、廉價無人機的數量，反無人機技術的建設無疑成為焦點。因此，這也是一個領域，不是無人機本身，而是對無人機的防禦，是我們擁有非常相關技術的領域。

And that's asked earlier about some of the applications for the NVIDIA products. That's also a good use case for it. And so a lot of things. And then there's -- all unmanned is there's unmanned ground vessels and unmanned water vehicles. And we're exploring where our product fit is across all of those.

之前我們問過一些有關 NVIDIA 產品的應用的問題。這也是一個很好的用例。還有很多事情。然後還有——所有無人駕駛的東西都是無人地面艦艇和無人水上航行器。我們正在探索我們的產品如何適應所有這些情況。

Tony Bancroft, Gabelli Funds.

東尼班克羅夫特（Tony Bancroft），加貝利基金（Gabelli Funds）。

Good morning team. Congratulations on all your successes. You mentioned earlier about -- you talked a little bit about M&A. Maybe just to get a little more into that. You have a large group of great businesses that you've either acquired or grown from submarine to arresting gear, tactical communication equipment, planes. Could you maybe just give us some maybe broad stroke priority on if you were to continue doing M&A?

大家早安。恭喜你所取得的一切成功。您之前提到過——您談了一點關於併購的事情。也許只是為了對此有更深入的了解。你們擁有一大批優秀的企業，這些企業要不是你們收購的，就是你們發展起來的，從潛水艇到攔阻裝置、戰術通訊設備、飛機。如果您繼續進行併購，您能否給我們一些大致的優先事項？

I know it sounds like the beginning of this year didn't work out. But going forward, maybe how do you sort of align those? Or how do you prioritize those different businesses? Or is there something new that we're not thinking about?

我知道這聽起來好像今年年初沒有什麼進展。但展望未來，也許您該如何調整這些呢？或者您如何對這些不同的業務進行優先排序？或者有什麼新事物是我們還沒想到的？

Yeah. So I definitely wanted to be open about pulling some things out that we had alluded to in Q1, but that does not mean there's not items in the pipeline. So I do want to just be cautious to make sure I don't send some tone. And M&A is absolutely going to be part of our future going forward. And we have been pretty open over the past couple of years. Defense Electronics is definitely a place that we look to acquire, and we have such good -- such a great track record and our global reach of that team really that some of these more bolt-on types of acquisitions.

是的。因此，我確實想公開討論我們在第一季提到的一些事情，但這並不意味著沒有正在籌備中的項目。所以我確實想謹慎一點，確保我不會發出一些聲音。併購絕對會成為我們未來發展的一部分。過去幾年我們相當開放。國防電子絕對是我們希望收購的對象，我們擁有如此出色的業績記錄和全球影響力，因此我們能夠進行一些附加類型的收購。

We can bring so much power to how they can sell their products based on the reach of our team that it usually can be a great fit. And so that's an area where we can push out the walls on the types of products we do and bring that expertise of ruggedization to help broaden the product offering. And so that's -- and there's a lot of properties in that space. So that's probably the highest area where we see potential acquisitions. And so we definitely continue to look there.

基於我們團隊的影響力，我們可以為他們如何銷售產品提供很大的權力，這通常是一個很好的契合點。因此，在這一領域，我們可以突破所生產產品類型的壁壘，並利用加固方面的專業知識來幫助擴大產品供應。這就是——這個空間裡有很多屬性。因此，這可能是我們認為具有潛在收購潛力最高的領域。因此我們肯定會繼續關注那裡。

Major naval and aircraft safety systems is definitely also fits our mandate of who -- where we drive our product strategies to safety critical types of applications. And so ESCO is a great example of that. They are absolutely critical for the safe landing of aircraft on both ground and sea. And so that is an area we look.

主要的海軍和飛機安全系統肯定也符合我們的要求—我們將我們的產品策略推向安全關鍵型應用。ESCO 就是一個很好的例子。它們對於飛機在地面和海上的安全著陸絕對至關重要。這就是我們關注的領域。

I feel really lucky that last year, we were able to have two acquisitions in the commercial nuclear space. That is an area we look and we're still active. There's not a lot of properties that would come available there. But there is a potential in that space, too. And I'd say those are broadly our priorities.

我感到非常幸運，去年我們能夠在商用核能領域完成兩次收購。這是我們關注的領域，我們仍在積極開展工作。那裡可供出售的房產並不多。但該領域也具有潛力。我想說這些基本上就是我們的優先事項。

Commercial aerospace is not an area we've been very active. It's not that it's impossible or off the table. But we're very purposeful. You probably remember many years ago, 5-ish years ago, we shed business that was -- we did not own the intellectual property on and was a continual margin challenge.

商業航空航太並不是我們非常活躍的領域。這並不是說這是不可能的或不可能的。但我們非常有目的性。您可能還記得，很多年前，大約五年前，我們放棄了一些業務——我們不擁有這些業務的智慧財產權，並且持續面臨利潤挑戰。

And so we're very careful that we want to grow our businesses in places that really have differentiated technology. That's one of our strategic fits. And so who knows maybe someday, we'll find something there. Probably right now in the industrial markets with some of the challenges in those markets, it wouldn't be a top priority. But again, select technology that really would give us a differentiator that we could tuck in to that team, it would not be off the table.

因此，我們非常謹慎，希望在真正擁有差異化技術的地方發展我們的業務。這是我們的策略契合之一。所以誰知道也許有一天我們會在那裡發現一些東西。可能目前在工業市場中，由於這些市場面臨一些挑戰，這不會成為首要任務。但是，再次強調，選擇真正能為我們帶來差異化優勢並讓我們能夠融入團隊的技術是可行的。

So I think it's one of the powers for our acquisition strategy that we have as a company because we are diversified, we can look at a broad range of books in different end markets and be very selective where if you're very narrow in the end market for your business, you might feel more of a push, you have to take what becomes available in that market and Curtiss-Wright is just never going to do that.

所以我認為這是我們公司收購策略的優勢之一，因為我們的業務多元化，我們可以在不同的終端市場中尋找廣泛的書籍，並且非常有選擇性，如果你的業務終端市場非常狹窄，你可能會感到更大的壓力，你必須接受市場上現有的東西，而柯蒂斯-萊特公司永遠不會這樣做。

Thank you. And I'm showing no further questions at this time. I will turn the floor back to Lynn Bamford, Chair and Chief Executive Officer for additional or closing remarks.

謝謝。我現在沒有其他問題了。我將把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, everybody, for joining us, and we look forward to either seeing you out on the road or at our next earnings call. Thank you.

感謝大家加入我們，我們期待在路上或下次財報電話會議上見到你們。謝謝。

Thank you.

謝謝。

Thank you. This concludes 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。此時請斷開您的線路，祝您有美好的一天。