Curtiss-Wright Corp (CW) 2025 Q3 法說會逐字稿

Welcome to the Curtiss-Wright third quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Jim Ryan, Vice President of Investor Relations

歡迎參加柯蒂斯-萊特公司2025年第三季財報電話會議。（操作員指示）現在我將把電話轉交給投資者關係副總裁吉姆·瑞安。

Thank you, Erica, and good morning, everyone. Welcome to Curtiss-Wright's third 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，艾麗卡，大家早安。歡迎參加柯蒂斯-萊特公司2025年第三季財報電話會議。今天與我一起參加電話會議的有董事長兼執行長林恩·班福德，以及副總裁兼財務長克里斯·法卡斯。今天的財務報告和新聞稿可透過我們網站 curtisswright.com 的「投資者關係」欄位下載。本次網路直播的錄影也將在該網站上提供。

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.

我們今天的討論包含一些基於管理層目前預期的預測和前瞻性陳述，這些預測和陳述並不保證未來的績效。

We detail those risks and uncertainties associated with our forward-looking statements in our public filings with the SEC. 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.

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聲明相關的風險和不確定性。提醒各位，公司績效和指引包含經調整的非GAAP財務報表，其中剔除了某些成本，以便更清晰地展現柯蒂斯-萊特公司持續的營運和財務業績。GAAP 與非 GAAP 的調整表可在盈利報告和我們的網站上查閱。

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

現在我想把電話交給琳恩，讓她開始吧。

Thank you, Jim, and good morning, everyone. As you saw in last night's results, we continue to deliver on our Pivot to Growth strategy. Our top line is accelerating. We continue to drive operational and commercial excellence initiatives throughout the organization while making focused investments and remaining measured in our approach to capital allocation.

謝謝你，吉姆，大家早安。正如您昨晚在業績報告中看到的那樣，我們繼續推動「轉型成長」策略。我們的營收正在加速成長。我們將繼續在整個組織內推進營運和商業卓越計劃，同時進行重點投資，並在資本配置方面保持謹慎的態度。

Looking ahead, I am encouraged by the positioning of our technologies across the A&D and commercial markets we serve and see meaningful growth opportunities for Curtiss-Wright well into the next decade. Later in our prepared remarks, I'll spend some more time discussing Curtiss-Wright's opportunities for growth within those markets and will provide some high-level commentary on our outlook for 2026.

展望未來，我對我們的技術在我們所服務的航空航太和商業市場的定位感到鼓舞，並看到了柯蒂斯-萊特公司在未來十年內取得重大成長的機會。稍後，我將在準備好的演講稿中花更多時間討論柯蒂斯-萊特公司在這些市場中的成長機會，並對我們 2026 年的展望進行一些高層次的評論。

The momentum continues to build, and the team and I are excited about the long runway ahead. With that, I'll turn to the highlights of our third quarter 2025 results. We delivered another strong operational performance with revenue and growth in operating income across all three segments. Overall, sales of $869 million represented an increase of 9% year over year, in line with our expectations and highlighted by 6% organic growth.

勢頭持續增強，我和我的團隊對未來的漫長旅程感到興奮。接下來，我將重點介紹我們 2025 年第三季的業績。我們再次取得了強勁的營運業績，三大業務部門的收入和營業利潤均實現了成長。整體而言，銷售額為 8.69 億美元，年增 9%，符合我們的預期，其中有機成長達 6%。

Operating income increased 14% year over year, exceeding our sales growth and driving 90 basis points of overall operating margin expansion to 19.6%. This translated into a 14% year-over-year increase in diluted earnings per share. This result slightly exceeded our expectations based on improved operational performance and fewer shares outstanding.

營業收入年增 14%，超過了銷售額的成長，推動整體營業利潤率成長 90 個基點，達到 19.6%。這意味著稀釋後每股收益年增了 14%。由於營運績效改善和流通股數量減少，這一結果略微超出了我們的預期。

Free cash flow was $176 million, up 8% year over year, reflecting nearly 140% conversion due to higher cash earnings and lower tax payments, while increasing growth investments in capital spending. Regarding our order book, new orders increased 8% and resulted in an overall book-to-bill of 1.1 times providing continued confidence in future top line growth.

自由現金流為 1.76 億美元，年增 8%，這反映出由於現金收益增加和稅收減少，以及資本支出成長投資增加，自由現金流轉換率接近 140%。關於我們的訂單情況，新訂單增加了 8%，訂單出貨比達到 1.1 倍，這讓我們對未來的營收成長充滿信心。

Starting with our A&D markets, we continue to experience strong demand for commercial aerospace products, signaling a low risk of destocking as production ramps across the major OEM platforms. In naval defense, we saw higher orders for nuclear propulsion equipment supporting the US Navy's current and next-generation submarine programs.

從我們的航空航太市場來看，我們持續感受到對商用航空航太產品的強勁需求，這表明隨著主要 OEM 平台產量的提升，去庫存的風險較低。在海軍防禦方面，我們看到用於支援美國海軍當前和下一代潛艇項目的核動力推進設備的訂單增加。

Those increases in demand were partially offset by the timing of orders within our aerospace defense and ground defense markets where despite some delays due to the extended continuing resolution, our pipeline remains strong.

這些需求的成長部分被航空航太防禦和地面防禦市場的訂單時間所抵消，儘管由於持續的決議延長而出現了一些延誤，但我們的訂單儲備仍然強勁。

Within our commercial markets, we experienced tremendous growth in commercial nuclear orders, including two new DOE-funded multiyear contracts in support of Idaho National Laboratory and other government sites. This is a small but growing opportunity, which leverages Curtiss-Wright's nuclear pedigree and broad portfolio of products and services in support of increased government focus towards commercial nuclear.

在我們的商業市場中，商業核能訂單實現了巨大的增長，其中包括兩份由美國能源部資助的多年期新合同，以支持愛達荷國家實驗室和其他政府機構。這是一個雖小但不斷成長的機會，它利用柯蒂斯-萊特公司在核能領域的深厚底蘊和廣泛的產品及服務組合，來支持政府對商業核能日益增長的關注。

Beyond that, we continue to experience solid demand for aftermarket equipment supporting planned outages and restarts in addition to new development contracts supporting SMRs. Overall, the continued growth in orders builds on Curtiss-Wright's already strong backlog, which is now up 14% year-to-date, reaching a new record in excess of $3.9 billion.

除此之外，我們還持續感受到對支援計畫停機和重啟的售後設備的強勁需求，以及支援小型模組化反應器 (SMR) 的新開發合約。總體而言，訂單的持續成長鞏固了柯蒂斯-萊特公司原本就強勁的積壓訂單，今年迄今為止，積壓訂單增長了 14%，創下超過 39 億美元的新紀錄。

Regarding our updated full year 2025 guidance, our strong year-to-date performance and growing backlog that provided confidence to once again raise our overall outlook for sales, operating income, and earnings per share. We now expect sales to increase 10% to 11%, reflecting the strength within our A&D markets. This, in turn, supports a new range of 16% to 19% growth in operating income.

關於我們更新後的 2025 年全年業績指引，我們強勁的年初至今業績和不斷增長的積壓訂單使我們有信心再次提高對銷售額、營業收入和每股收益的整體預期。我們現在預計銷售額將成長 10% 至 11%，這反映了我們在航空航太和國防市場的強勁表現。這反過來又支撐了營業收入成長16%至19%的新區間。

We continue to expect more than 100 basis points in margin expansion and remain on track to deliver record operating margin in excess of 18.5%. Diluted EPS is now expected to grow 19% to 21%, which also includes the benefits of our increased 2025 share repurchase activity. And lastly, we maintained our free cash flow guidance, while accelerating overall capital expenditures to support future growth initiatives, and we continue to expect strong free cash flow conversion exceeding 105%.

我們繼續預期利潤率將擴大 100 個基點以上，並有望實現超過 18.5% 的創紀錄營業利潤率。稀釋後每股盈餘預計將成長 19% 至 21%，其中也包括我們 2025 年增加股票回購活動帶來的收益。最後，我們維持了自由現金流預期，同時加快了整體資本支出以支持未來的成長計劃，我們繼續預期自由現金流轉換率將超過 105%。

In summary, Curtiss-Wright's strong year-to-date execution and demonstrated success under our Pivot to Growth strategy ensures that we remain well positioned to deliver exceptional results for the full year. Now I would like to turn the call over to Chris to provide a more in-depth review of our financials.

總而言之，柯蒂斯-萊特公司今年迄今的強勁執行力以及在「轉向成長」策略下的成功，確保我們能夠保持良好的發展勢頭，在全年取得卓越的業績。現在我想把電話交給克里斯，讓他對我們的財務狀況進行更深入的分析。

Thank you, Lynn. Turning to slide 4, I'll begin by reviewing the key drivers of our third quarter 2025 performance. I'll start with the Aerospace & Industrial segment, where overall sales increased 8%. In the segment's commercial aerospace market, growth was driven by continued strong demand supporting increased production on both narrow-body and wide-body platforms. In Aerospace Defense, we experienced modest growth for sensors and surface treatment services supporting both domestic and international fighter jet programs.

謝謝你，琳恩。接下來請看第 4 張投影片，我將先回顧我們 2025 年第三季業績的關鍵驅動因素。我先從航空航太和工業領域說起，該領域整體銷售額成長了 8%。在該細分市場的商業航空航太市場中，持續強勁的需求推動了窄體和寬體平台產量的增加，從而促進了成長。在航空航太國防領域，我們為支援國內和國際戰鬥機計畫的感測器和表面處理服務實現了適度成長。

Within the segment Ground Defense market, our results reflected increased EM actuation sales supporting ground-based mobile launcher systems for the US Army's IFPC program. In the general industrial market, sales were flat overall despite the ongoing macro challenges affecting global industrial vehicle markets.

在地面防禦市場領域，我們的業績反映了電磁驅動裝置的銷售成長，為美國陸軍的 IFPC 專案提供了地面移動發射系統支援。儘管全球工業車輛市場持續面臨宏觀挑戰，但總體而言，工業市場的銷售額保持穩定。

And turning to the segment's third quarter profitability. Operating income grew 17%, while operating margin expanded 140 basis points to 18.6%. These strong results were driven by favorable absorption on higher A&D sales, restructuring savings, and a more favorable mix of business.

接下來我們來看看該業務板塊第三季的獲利情況。營業收入成長17%，營業利益率成長140個基點至18.6%。這些強勁的業績得益於航空航太和國防銷售成長帶來的良好吸收、重組節省以及更有利的業務組合。

Next, in the Defense Electronics segment. Sales growth of 4% exceeded our expectations, mainly due to the timing of tactical communications equipment revenues within ground defense as some revenues and deliveries accelerated into the third quarter.

接下來，我們來看國防電子領域。銷售額成長 4%，超出預期，這主要是由於地面防禦戰術通訊設備收入的時機，因為部分收入和交付量在第三季度加速成長。

Within the segments aerospace defense market, growth for embedded computing equipment supporting European fighter jets and domestic UAV programs was partially offset by the timing of revenue on helicopter programs.

在航空航太國防市場細分領域，支援歐洲戰鬥機和國內無人機專案的嵌入式運算設備的成長部分被直升機專案的收入時間所抵消。

Growth in the segment's naval defense market was driven by higher embedded computing equipment revenues supporting both domestic and foreign military customers. In the segment's commercial aerospace market, we once again experienced solid sales growth, mainly for our flight data recorders, supporting the FAA's 25-hour safety mandate.

該領域海軍防禦市場的成長是由嵌入式計算設備收入的增加所推動的，這些設備為國內外軍事客戶提供支援。在該領域的商業航空航太市場，我們再次實現了穩健的銷售成長，主要得益於我們的飛行資料記錄器，以支援美國聯邦航空管理局 (FAA) 的 25 小時安全強制規定。

Regarding the segment's operating performance. we delivered a strong operating margin of 29.2%, up 270 basis points and [out of our] expectations, reflecting favorable absorption on higher revenues, the benefits of our ongoing operational excellence initiatives, and a more favorable mix of higher-margin business. Of note, this favorable mix is mainly due to the timing between the third and fourth quarters, and we expect this to normalize across the remainder of the year.

關於該業務板塊的經營業績，我們實現了29.2%的強勁營業利潤率，比預期高出270個基點，這反映了收入增長帶來的良好消化、我們持續推進的卓越營運舉措所帶來的效益，以及高利潤率業務組合的改善。值得注意的是，這種有利的組合主要是由於第三季和第四季之間的時間安排，我們預計這種情況將在今年剩餘的時間內恢復正常。

Turning to the Naval and Power segment, where overall sales increased 12%. In Naval defense market, we once again experienced strong revenue growth driven by the acceleration of production on both the Columbia Class and Virginia Class submarine programs. Those gains were partially offset by lower sales within the segment's aerospace defense market based on the timing of arresting systems revenues.

再來看海軍和電力部門，該部門的整體銷售額成長了 12%。在海軍防務市場，由於哥倫比亞級和維吉尼亞級潛艦計畫的生產加速推進，我們再次實現了強勁的營收成長。由於阻攔系統收入的發放時間，該部門航空航太防禦市場的銷售額下降，部分抵消了上述成長。

And as a result, as we look ahead to the fourth quarter, we now expect a strong sequential increase in revenues for arresting Systems products, principally supporting international customers.

因此，展望第四季度，我們預期阻攔系統產品的營收將大幅較上季成長，主要針對國際客戶。

In the Power and Process market, our results reflect yet another solid contribution from our I&C Solutions acquisition, formerly known Ultra Energy, driving higher sales to both our commercial nuclear and process markets.

在電力和流程市場，我們的業績反映了我們收購的 I&C Solutions（前身為 Ultra Energy）的另一個穩健貢獻，推動了我們在商業核能和流程市場的銷售額成長。

On an organic basis, commercial nuclear sales grew more than 10%, reflecting the ramp-up in development across several SMR designs as well as higher government nuclear revenues. Sales in the process market were down slightly overall, but reflected modest growth in subsea pump development revenues.

從有機成長來看，商業核能銷售額成長超過 10%，這反映了多個小型模組化反應器設計研發的加速推進以及政府核能收入的增加。流程市場的銷售額整體略有下降，但反映出海底幫浦開發收入的溫和成長。

Regarding the segment's operating performance, operating income grew 14%, while operating margin expanded 20 basis points to 16.6%, mainly reflecting favorable absorption on higher sales, which was partially offset by higher research and development supporting next-generation SMR designs.

就該業務板塊的經營業績而言，營業收入增長了 14%，營業利潤率增長了 20 個基點至 16.6%，主要反映了銷售額增長帶來的良好吸收，但部分被支持下一代 SMR 設計的更高研發投入所抵消。

To sum up Curtiss-Wright's third quarter results, the strong top line performance resulted in an overall operating margin of 19.6%, driving 90 basis points in operating margin expansion.

總結柯蒂斯-萊特公司第三季業績，強勁的營收表現帶來了 19.6% 的整體營業利潤率，營業利潤率成長了 90 個基點。

Turning to our full year 2025 guidance. I'll begin on slide 5 with our end market sales outlook where total sales are now expected to grow 10% to 11%, driven by improved expectations for organic growth across our A&D markets.

接下來，我們來看看2025年全年業績指引。我將從第 5 張投影片開始，介紹我們的終端市場銷售前景，目前預計總銷售額將成長 10% 至 11%，這主要得益於我們對航空航太和國防市場有機成長預期的提高。

Starting in aerospace defense, our outlook of 7% to 9% sales growth remains unchanged and continues to reflect strong growth in defense electronics as well as higher sales of aircraft arresting systems equipment. Within Ground defense, full year sales are now expected to grow 7% to 9% based upon increased EM actuation sales as well as higher tactical communications equipment revenues.

從航空航太國防領域來看，我們對 7% 至 9% 的銷售成長預期保持不變，這繼續反映出國防電子產品的強勁成長以及飛機阻擋系統設備的更高銷售額。在地面防禦領域，由於電磁驅動設備銷售額的成長以及戰術通訊設備收入的增加，預計全年銷售額將成長 7% 至 9%。

In Naval Defense, while we expect a sequential decline in revenues in the fourth quarter based upon the timing of material receipts, the strong year-to-date performance on submarine provides us with confidence to raise our full year sales guidance to a new range of 9% to 11%. Looking more broadly across all three defense markets and based upon our strong backlog supporting key platforms globally, we're well positioned for continued solid growth in these markets in 2026.

在海軍防務方面，雖然我們預計第四季度收入將因材料到貨時間而環比下降，但潛艇業務今年迄今的強勁表現使我們有信心將全年銷售預期上調至 9% 至 11% 的新區間。從更廣泛的角度來看，縱觀三大國防市場，並基於我們為全球關鍵平台提供的強大積壓訂單，我們有信心在 2026 年繼續在這些市場中穩健成長。

Turning to commercial aerospace. Our outlook for 13% to 15% sales growth is unchanged, and we remain on track to deliver strong growth based upon both the ramp-up in OEM production as well as increased sales of flight data recorders within our Defense Electronics segment.

轉向商用航空航太領域。我們對 13% 至 15% 的銷售成長預期保持不變，並且我們仍有望實現強勁增長，這得益於 OEM 生產的提升以及國防電子部門飛行數據記錄器銷量的增長。

Additionally, our order book in commercial aerospace continues to demonstrate tremendous growth, providing increased confidence in our 2025 outlook and our ability to once again deliver strong growth in this market in 2026.

此外，我們在商業航空航太領域的訂單量持續呈現強勁成長勢頭，這增強了我們對 2025 年前景的信心，也讓我們相信我們能夠在 2026 年再次在該市場實現強勁增長。

Wrapping up our Aerospace and Defense outlook, we now project total sales in these markets to increase 10% to 11%. Moving to our commercial markets. In Power and Process, despite some timing between the third and fourth quarters, our outlook for 16% to 18% sales growth remains unchanged. Of note, the continued strength of our commercial nuclear order book now provides us with increased confidence to be closer to the high end of our full year guidance range in this market.

總結我們的航空航太和國防市場展望，我們現在預計這些市場的總銷售額將成長 10% 至 11%。轉向我們的商業市場。在電力和工藝領域，儘管第三季和第四季之間存在一些時間上的差異，但我們對 16% 至 18% 的銷售成長預期仍然保持不變。值得注意的是，我們商業核能訂單的持續強勁成長，使我們更有信心接近全年市場預期範圍的高端。

Overall, our outlook continues to reflect the combination of strong organic revenue growth as well as the contribution from I&C Solutions. And lastly, in the general industrial market, while we continue to expect flat sales in 2025, our team has done a great job positioning Curtiss-Wright to overcome the ongoing global macro challenges facing industrial vehicle markets. Wrapping up our total commercial markets, we continue to target strong full year sales growth of 9% to 11%.

總體而言，我們的展望繼續反映出強勁的內生收入成長以及 I&C Solutions 的貢獻。最後，在一般工業市場方面，雖然我們仍然預計 2025 年的銷售額將保持平穩，但我們的團隊在使 Curtiss-Wright 能夠克服工業車輛市場面臨的持續全球宏觀挑戰方面做得非常出色。總結我們的整體商業市場，我們繼續以全年強勁的銷售成長目標為目標，增幅為 9% 至 11%。

Moving on to our full year 2025 outlook by segment on slide 6. In I'll begin in Aerospace and Industrial, where we raised (inaudible) both our revenue and operating income guidance based upon the strong year-to-date performance in our A&D markets.

接下來，請看第 6 頁，了解我們按業務板塊劃分的 2025 年全年展望。首先，我將從航空航太和工業領域開始，我們根據航空航太和國防市場今年迄今的強勁表現，提高了（聽不清楚）收入和營業利潤預期。

Overall, we continue to project sales growth of 4% to 5%. Regarding the segment's profitability, we continue to project operating income growth of 6% to 9% and operating margin expansion of 30 to 60 basis points ranging from 17.3% to 17.6%.

總體而言，我們仍然預期銷售額將成長 4% 至 5%。關於該業務板塊的獲利能力，我們繼續預期營業收入將成長 6% 至 9%，營業利潤率擴大 30 至 60 個基點，達到 17.3% 至 17.6%。

Next, in Defense Electronics, we increased our revenue guidance to a new range of 10% to 11%, reflecting solid growth projections across all A&D markets and improved confidence as we close out the year. Regarding the segment's profitability, we now expect operating income growth of 19% to 22% and operating margin expansion of 220 to 240 basis points to a new all-time high range of 27.1% to 27.3%, reflecting more favorable absorption, the benefits of our commercial and operational excellence and mix on higher sales.

其次，在國防電子領域，我們將收入預期上調至 10% 至 11% 的新區間，這反映了所有航空航太和國防市場的穩健成長預期，以及隨著年底臨近，我們信心的增強。關於該業務板塊的盈利能力，我們現在預計營業收入將增長 19% 至 22%，營業利潤率擴大 220 至 240 個基點，達到 27.1% 至 27.3% 的歷史新高，這反映了更有利的吸收、我們卓越的商業和運營以及更高的銷售額帶來的組合效益。

At Naval and Power, we now expect sales to grow 13% to 15%, including 7% to 8% organic growth reflecting our increased naval defense market outlook and our overall strong backlog, which provides solid long-term visibility.

在海軍和電力業務方面，我們現在預計銷售額將成長 13% 至 15%，其中包括 7% 至 8% 的內生成長，這反映了我們對海軍防禦市場前景的樂觀預期以及我們整體強勁的積壓訂單，從而提供了可靠的長期可見性。

Regarding the segment's profitability, we raised our operating income guidance to a new range of 17% to 20% based on the higher revenue growth. However, we maintained our prior margin outlook of 16.3% to 16.5%, reflecting the increasing mix towards naval revenues.

關於該業務板塊的獲利能力，鑑於更高的收入成長，我們將營業收入預期上調至 17% 至 20% 的新區間。然而，我們維持了先前 16.3% 至 16.5% 的利潤率預期，這反映出海軍收入佔比不斷提高。

To summarize our 2025 outlook, overall, we now anticipate total Curtiss-Wright operating income to grow 16% to 19% and we continue to expect operating margin to range from 18.5% to 18.7%, up 100 to 120 basis points. And as a reminder, we are delivering these strong results while continuing to grow our total research and development across the portfolio, positioning us for future organic growth.

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 16% 至 19%，我們繼續預計營業利潤率將在 18.5% 至 18.7% 之間，增長 100 至 120 個基點。再次提醒大家，我們在取得這些強勁業績的同時，也不斷擴大整個產品組合的研發投入，為未來的有機成長奠定了基礎。

Continuing with our financial outlook on slide 7. Building upon our year-to-date performance and expectations for continued strong growth in earnings, we've increased our full year adjusted diluted EPS guidance to a new range of $12.95 to $13.20 or up 19% to 21%.

繼續我們在幻燈片 7 中的財務展望。基於我們今年迄今的業績以及對盈利持續強勁增長的預期，我們將全年調整後攤薄每股收益預期上調至 12.95 美元至 13.20 美元的新區間，增幅為 19% 至 21%。

Note that our guidance now includes a reduction in other income due to lower year-over-year interest income resulting from the accelerated share repurchase activity, which also supports the lower share count. We also reduced the bottom end of our tax rate, which now reflects a range of 21.75% to 22% as we continue to pursue and demonstrate success in our tax optimization strategies.

請注意，由於加速股票回購活動導致利息收入同比下降，我們的業績指引現在包含了其他收入的減少，這也解釋了較低的股票數量。我們也降低了稅率的下限，目前稅率範圍為 21.75% 至 22%，我們將繼續追求並證明我們在稅務優化策略方面的成功。

Overall, we remain well ahead of the EPS growth targets that we set at our May 2024 Investor Day as we continue to compound earnings at a mid-teens pace over time.

總體而言，我們仍然遠遠領先於我們在 2024 年 5 月投資者日設定的 EPS 成長目標，因為我們的獲利將繼續以 15% 左右的速度持續成長。

And lastly, we're maintaining our free cash flow outlook and expect them to deliver record free cash flow of $520 million to $535 million, up 8% to 11%. Of note, based on the strength in earnings, we increased the low end of our expectations for operational cash flow by $10 million. That increase was equally offset by a $10 million acceleration in anticipated capital expenditures.

最後，我們維持對自由現金流的預期，預計他們將實現創紀錄的 5.2 億美元至 5.35 億美元自由現金流，成長 8% 至 11%。值得注意的是，基於強勁的獲利表現，我們將營運現金流預期下限提高了 1,000 萬美元。這一增長被預期資本支出加速成長的 1000 萬美元所抵消。

As a result, our outlook for $85 million in capital expenditures now reflects an increase of approximately 40% year over year and is reflective of our ongoing investments to support near- and medium-term growth. And despite these increased investments, we continue to expect cash flow in excess of earnings and a free cash flow conversion rate of approximately 108%.

因此，我們預計資本支出將達到 8,500 萬美元，年增約 40%，這反映了我們為支持近期和中期成長而進行的持續投資。儘管增加了投資，我們仍然預期現金流將超過收益，自由現金流轉換率約為 108%。

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

現在我想把電話轉回給琳恩。

Thank you, Chris. And turning to slide 8, where I will wrap up today's prepared remarks. As we demonstrated today, we continue to build momentum and deliver consistently strong financial performance through our relentless focus on execution. As a result, we are positioned for a strong finish in 2025 with expectations to generate record full year financial results across all major metrics.

謝謝你，克里斯。接下來請看第 8 張投影片，我將在此總結今天準備好的發言。正如我們今天所展示的那樣，我們透過對執行力的不懈追求，不斷累積發展勢頭，並持續取得強勁的財務業績。因此，我們預計在 2025 年取得強勁的收官成績，並有望在所有主要指標上創造創紀錄的全年財務表現。

As mentioned in my opening remarks, as I look to the future of Curtiss-Wright, I am excited about the positioning of our technologies across the A&D and commercial markets we serve. This position is driven by thoughtful and targeted investment to ensure that our businesses remain deeply aligned to the major near, medium and long-term growth vectors within our end markets.

正如我在開場白中提到的，展望柯蒂斯-萊特公司的未來，我對我們的技術在我們所服務的航空航天和商業市場中的定位感到興奮。這一立場源於深思熟慮且有針對性的投資，以確保我們的業務與終端市場中近期、中期和長期的主要成長方向保持高度一致。

I would like to spend just a few of the next minutes highlighting several of those critical market dynamics that have and will continue to provide compelling upside for Curtiss-Wright well into the future.

我想花幾分鐘時間重點介紹幾個關鍵的市場動態，這些動態已經並將繼續為柯蒂斯-萊特公司在未來很長一段時間內提供令人信服的上漲空間。

Starting in defense, we are well positioned to capitalize on the continued acceleration in global defense spending based on the accelerated pace of growth in NATO and Allied funding and our strong alignment to US priorities.

從國防領域來看，由於北約和盟國的資金成長速度加快，以及我們與美國優先事項的高度契合，我們已做好充分準備，利用全球國防開來支持續加速成長的趨勢。

For example, in shipbuilding, which ranks near the top of the priority list of the combined FY26 budget and reconciliation bill, we have significant content on Columbia class and Virginia class submarines and the [Ford class] aircraft carrier program and also continue to receive significant development funding on the next-generation SSN(X) submarine.

例如，在造船業方面，我們在 2026 財年預算和協調法案的優先事項清單中名列前茅，我們有大量關於哥倫比亞級和弗吉尼亞級潛艇以及[福特級]航空母艦計劃的內容，並且還繼續獲得下一代 SSN(X) 潛艇的大量開發資金。

Additionally, Curtiss-Wright's position as a mission-critical partner to the US Navy has led to a meaningful increase in maritime industrial-based funding, now up to $40 million and nearly double our [pace] entering the year.

此外，柯蒂斯-萊特公司作為美國海軍的關鍵合作夥伴，其在海事工業領域的資金投入顯著增加，目前已達 4,000 萬美元，幾乎是我們年初投入速度的兩倍。

For investments in capital equipment and capacity expansion to support our near- and long-term growth, and we continue to believe there's still more funding expected to come our way. Beyond the strong support for ship holding, I would also like to highlight our confidence in defense electronics, where we continue to maintain a leading position with the broadest and most differentiated portfolio of products and with our alignment to open standards like SOSA, MOSA, and CMOSS.

為了支持我們近期和長期的成長，我們將投資於資本設備和產能擴張，我們仍然相信還會有更多資金流入我們手中。除了對船舶控股的大力支持外，我還想強調我們對國防電子領域的信心，我們憑藉最廣泛、最具差異化的產品組合以及與 SOSA、MOSA 和 CMOSS 等開放標準的契合，繼續保持領先地位。

We are investing in and developing a broad range of technologies to support the battlefield of the future focused on the highest processing capacity, interconnect speeds, and secure communications, which, in turn, will allow us to secure positions on a wide range of applications at the tactical edge.

我們正在投資和開發各種技術，以支援未來的戰場，重點是最高的處理能力、互連速度和安全通信，這反過來將使我們能夠在戰術邊緣的各種應用領域佔據有利地位。

We also have a great opportunity to support Golden Dome. Curtiss-Wright has the potential to provide numerous solutions across our defense electronics segments, including embedded computing, tactical communications, tactical data links, and EM actuation equipment.

我們也有一個絕佳的機會來支持金色圓頂。Curtiss-Wright 有潛力為我們的國防電子領域提供許多解決方案，包括嵌入式運算、戰術通訊、戰術資料鍊和電磁驅動設備。

Elsewhere, we remain aligned with [Rheinmetall] to support increases in ground vehicle production throughout Europe with our turret drive stabilization systems and we were pleased to recently announce Curtiss-Wright's collaboration on the prototype phase of the US Army's new XM30 combat vehicle program.

此外，我們繼續與萊茵金屬公司合作，利用我們的砲塔驅動穩定係統來支持歐洲各地地面車輛產量的成長。我們很高興地宣布，柯蒂斯-萊特公司正在參與美國陸軍新型 XM30 戰車計畫的原型階段。

In commercial aerospace, we have a strong foundation with established content on every Boeing and Airbus platform and remain well positioned to support the anticipated production rate increases going forward. Beyond our existing content, we continue to address our customers' future needs through development of sensor technology in the hottest sections of the engine, EM actuation equipment, and specialized coatings, all of which are yielding new opportunities for growth.

在商用航空航太領域，我們擁有強大的基礎，在波音和空中巴士的每個平台上都有成熟的內容，並且仍然處於有利地位，能夠支持未來預期的產量成長。除了我們現有的內容之外，我們還透過開發引擎最熱部分的感測器技術、電磁驅動設備和專用塗層，不斷滿足客戶的未來需求，所有這些都為成長帶來了新的機會。

And as Chris noted earlier, we are delivering improved cockpit voice recorder solutions to the market to meet FAA and the EASA safety mandates for longer recording capacity.

正如克里斯之前提到的，我們正在向市場提供改進的駕駛艙語音記錄器解決方案，以滿足美國聯邦航空管理局 (FAA) 和歐洲航空安全局 (EASA) 對更長錄音容量的安全要求。

While we have yet to define the full opportunity set, this has begun to translate into meaningful revenues this year and is forecasted to accelerate over the next several years to support both retrofit and new build opportunities.

雖然我們尚未完全確定所有機會，但這已開始在今年轉化為可觀的收入，預計未來幾年將加速成長，以支持改造和新建機會。

Turning to our commercial market and starting with General Industrial. Despite the ongoing global macro challenges affecting the industrial vehicle market, our order book has remained generally stable over the past 12 months and actually inflected slightly higher in the third quarter, which is an encouraging sign heading into 2026.

接下來，我們來看看商業市場，先從通用工業市場開始。儘管工業車輛市場持續受到全球宏觀挑戰的影響，但過去 12 個月我們的訂單量總體保持穩定，並且在第三季度實際上略有上升，這對 2026 年來說是一個令人鼓舞的跡象。

Our team has done a great job navigating the impact of tariffs, driving pricing initiatives, and building upon its leadership positions to generate market share gains, which is enabling us to remain essentially flat despite the declining industry growth rate in this market.

我們的團隊在應對關稅影響、推動定價舉措以及鞏固其領先地位、獲取市場份額方面做得非常出色，這使得我們能夠在市場行業增長率下降的情況下保持基本持平。

In the process market, we continue to drive innovation and diversification of our critical valve technologies to position the business to support future growth segments such as the [LNG] market, which is expected to experience a significant surge in production by the end of this decade.

在流程市場，我們不斷推動關鍵閥門技術的創新和多元化，以使業務能夠支持未來的成長領域，例如預計到本十年末將迎來產量大幅增長的液化天然氣 (LNG) 市場。

In addition, we are developing applications to drive enormous value and savings to customers that operate deep sea drilling and offshore production facilities. Our first subsea pump was delivered to Shell in the third quarter, while our development testing and support activities with Petrobas and others continue to progress.

此外，我們正在開發應用程序，以為營運深海鑽井和海上生產設施的客戶帶來巨大的價值和節省。第三季度，我們的第一台海底幫浦已交付給殼牌公司，同時我們與巴西石油公司和其他公司的開發測試和支援活動也持續進行。

Through the advancement of this new technology, we have an opportunity to win significant new business by the end of this decade. Lastly, turning to commercial nuclear, which continues to play an important role in meeting future energy demand.

隨著這項新技術的進步，我們有機會在本世紀末贏得大量新業務。最後，我們來談談商業核能，它在滿足未來能源需求方面將繼續發揮重要作用。

Curtiss-Wright is very well positioned to support the strong growth anticipated to drive this market over the next 25-plus years. Our technologies are aligned to support the entire life cycle both in new build from AP1000 reactors to small modular reactors and in our growing global support in the aftermarket.

Curtiss-Wright 已做好充分準備，支持預計在未來 25 年甚至更長時間內推動該市場的強勁成長。我們的技術旨在支援整個生命週期，包括從 AP1000 反應器到小型模組化反應器的新建項目，以及我們在售後市場不斷增長的全球支援。

Our opportunity to reach our Investor Day objectives has been reinforced by the administration's focus on nuclear as a matter of national security. In addition, it is encouraging to see more and more technology companies address their (inaudible) power needs and support future data centers through nuclear power.

由於政府將核能視為國家安全問題，這增強了我們實現投資者日目標的幾率。此外，令人鼓舞的是，越來越多的科技公司正在透過核能來滿足其（聽不清楚）電力需求，並為未來的資料中心提供支援。

Adding to that, what we have been seeing continued progress from Poland and Bulgaria and other European countries to build new 1 gigawatt plants. Private enterprises such as [Fermi] and Texas have raised the possibility of beginning construction on new AP1000 plants within the next 12 to 18 months. As a result, we see the potential for significant orders supporting AP1000 reactors likely as soon as 2026.

此外，我們還看到波蘭、保加利亞和其他歐洲國家在建造新的 1 吉瓦電廠方面取得了持續進展。費米能源公司和德州大學等私人企業提出了在未來 12 至 18 個月內開始建造新的 AP1000 工廠的可能性。因此，我們認為支持 AP1000 反應爐的大量訂單可能最早在 2026 年就會出現。

This, in turn, provides us with increased confidence in our ability to meet our 2028 target to double our 2023 revenue base in this market and then generate more than $1.5 billion in annual commercial nuclear revenues by the middle of the next decade. The momentum and pace of activity continued to grow.

反過來，這讓我們更有信心實現 2028 年的目標，即在該市場將 2023 年的收入基礎翻一番，然後在下一個十年中期創造超過 15 億美元的年度商業核能收入。活動的勢頭和速度持續增長。

Overall, looking across all our end markets, these are just a few of the many examples highlighting the alignment of our technology, strong positive market growth vectors that are driving confidence in our outlook for 2026 and beyond.

總體而言，縱觀我們所有的終端市場，以上僅是眾多例證中的幾個，這些例證突顯了我們的技術與強勁的積極市場增長動力相契合，從而增強了我們對 2026 年及以後前景的信心。

Next, I wanted to share a few comments on the topic of capital allocation and highlight our third quarter announcements regarding the acceleration and timing of our share repurchase activity. In May, the Board approved a $400 million increase in our share repurchase authorization, reflecting their confidence in the company's strong free cash flow generation and the momentum we are building in the Pivot to Growth strategy.

接下來，我想就資本配置這個主題發表一些看法，並重點介紹我們第三季關於加快和調整股票回購活動時間的公告。5 月，董事會批准將我們的股票回購授權增加 4 億美元，這反映了他們對公司強勁的自由現金流產生能力以及我們在「轉向成長」策略中建立的勢頭的信心。

Subsequently, in August and then again in September, the Board approved our request for two separate $200 million expansion of our 2025 share buyback program. As a result, we now anticipate a record of more than $450 million in share repurchases this year. We continue to see the value in our stock price relative to the strong growth and earnings potential in front of Curtiss-Wright.

隨後，在 8 月和 9 月，董事會分別批准了我們提出的兩次 2 億美元 2025 年股票回購計畫擴展請求。因此，我們現在預計今年股票回購額將超過 4.5 億美元，創歷史新高。我們仍然認為，鑑於柯蒂斯-萊特公司強勁的成長和獲利潛力，我們的股票價格具有價值。

Aside from share repurchases, our record free cash flow generation, and efficient balance sheet continue to provide flexibility to enable future growth under our strategy, including ongoing investments in R&D talent, and systems as well as acquisitions, which remains our top priority beyond fueling the core.

除了股票回購之外，我們創紀錄的自由現金流和高效的資產負債表繼續為未來的成長提供靈活性，這得益於我們的策略，包括持續投資研發人才和系統以及收購，這仍然是我們除核心業務之外的首要任務。

Lastly, to conclude our prepared remarks, Overall, we remain on track to exceed the three-year objectives provided at last year's Investor Day. Note that these targets exclude an AP1000 order, which as we mentioned earlier, is anticipated in 2026.

最後，總結我們準備好的發言，總體而言，我們仍有望超額完成去年投資人日上提出的三年目標。請注意，這些目標不包括 AP1000 訂單，正如我們之前提到的，該訂單預計將於 2026 年發布。

As we look ahead to next year and beyond, the strength of our order book, expanding positions across our end markets, and the contributions from our capital allocation strategy ensure that we are well positioned for continued profitable growth well into the future.

展望明年及以後，我們強勁的訂單儲備、在終端市場不斷擴大的地位以及資本配置策略的貢獻，確保我們能夠在未來持續實現盈利增長。

In 2026, we are targeting solid top line growth in each of our three segments and continued operating margin expansion while increasing investments in research and development. In summary, we are executing on our pivot to growth strategy by compounding earnings at a mid-teens pace and delivering consistent financial performance across all major metrics.

2026 年，我們的目標是在三大業務部門實現穩健的營收成長，並持續擴大營業利潤率，同時增加研發投入。總而言之，我們正在執行轉向成長策略，以兩位數中段的速度實現獲利複合成長，並在所有主要指標上取得持續的財務表現。

Momentum continues to build at Curtiss-Wright, and we remain committed to driving our business to new heights and delivering exceptional results for our shareholders. Thank you. And at this time, I would like to open up today's conference call for questions.

Curtiss-Wright 的發展勢頭持續增強，我們將繼續致力於推動業務邁向新高度，並為股東帶來卓越的業績。謝謝。現在，我想開放今天的電話會議，接受提問。

(Operator Instructions) Myles Walton, Wolfe Research.

（操作說明）邁爾斯·沃爾頓，沃爾夫研究公司。

I was wondering if you could pick up where you left off on the AP1000 and maybe speak to the shipset content that you have currently on that reactor, classically thought about it as $30 million per reactor coolant pump -- for reactor coolant pumps. But is a complement of your work scope improving there, increasing? Maybe just to level set us.

我想問一下，您能否繼續討論 AP1000，並談談您目前在該反應器上擁有的艦船套件內容，傳統上認為每個反應器冷卻泵的成本為 3000 萬美元——用於反應器冷卻泵。但是，你在那裡的工作範圍是否有所改善或增加？或許只是為了讓我們認清彼此的差距。

Thank you. It's a timely question as we've been really looking into this and making sure we're appreciating the full range of content we have. And when you start out with the RCP. The last time they were sold was just over $28 million per RCP. So you're in line with what you're thinking there.

謝謝。這是一個很及時的問題，因為我們一直在認真研究這個問題，並確保我們能夠充分利用我們所擁有的全部內容。當你開始使用RCP。上次出售的價格是每輛 RCP 略高於 2800 萬美元。所以你的想法和實際情況是一致的。

I'm really pleased. We've made some rough comments on this in the past. We've historically set our content on top of the RCPs as $10 million to $20 million of content. And the team is doing a really good job of increasing that incremental content.

我非常高興。我們過去曾對此發表過一些粗略的評論。我們歷來都將內容投入設定在 RCP 之上，內容投入為 1,000 萬至 2,000 萬美元。團隊在增加增量內容方面做得非常出色。

I think 2 times, 3 times from what we had prior had is what today is in play for Curtiss-Wright. These are ongoing pursuits. So nothing is assured yet. But I do think we are going to really add meaningful business on top of the RCPs to the content we have per AP1000 plant.

我認為，與之前相比，今天柯蒂斯-賴特組合的實力提升了 2 到 3 倍。這些都是持續進行的研究工作。所以一切都還未成定局。但我認為，除了 RCP 之外，我們真的會在每個 AP1000 工廠的內容中增加有意義的業務。

Okay. Great. And then just a follow-up, if I could, on the bookings. Could you provide that by segment and defense electronics in particular, did that bounce back? And is there any concern on the government shutdown?

好的。偉大的。如果可以的話，我想跟進一下預訂情況。能否依細分領域，特別是國防電子產品領域，提供相關數據，看看該領域是否出現反彈？政府停擺是否令人擔憂？

So maybe I'll start with a little color on bookings and then maybe Chris can walk through a little bit more of the specifics after that. So broadly speaking, good quarter, 1.1 times book-to-bill. But the government shutdown and CR and now shutdown is having some impact on portions of our business. Our largest end market, the naval defense market, there really hasn't been much disruption our year-to-date results and especially the growth in submarine programs are very strong.

所以，我先簡單介紹一下預訂流程，然後克里斯可以再詳細解說一些細節。總的來說，本季業績不錯，訂單出貨比為 1.1 倍。但是政府停擺、CR以及現在的停擺對我們的部分業務產生了一定影響。我們最大的終端市場，即海軍防務市場，並沒有受到太大干擾，我們今年迄今的業績，特別是潛艇項目的成長非常強勁。

We work on large multiyear contracts. And so that portion of the business has not been very affected. The most prominent impact within our order book has been in the Defense Electronics segment, where the team has identified over $50 million of orders that have pushed out of Q3 during the CR. And so this is definitely something that we're very closely tracking. We feel very confident none of this business has gone away.

我們承接的是多年期的大型合約。因此，這部分業務並沒有受到太大影響。在我們的訂單簿中，受影響最大的領域是國防電子部門，該部門團隊已確定超過 5,000 萬美元的訂單在 CR 期間被推遲到第三季之外。所以，這絕對是我們正在密切關注的事情。我們非常有信心，這些業務都沒有消失。

The guys in the field talk to the customers, and it's really a matter of being able to process this business that the pipeline of business across defense electronics is healthy and growing.

第一線人員與客戶溝通，關鍵在於能否有效處理這些業務，從而確保國防電子領域的業務通路健康發展並持續成長。

And there's a lot of things. I want to take the time to just talk on a couple of things that we're doing that is give us understanding as to why we are able to grow the pipeline of business for this so much. And the things that have kind of come up, but just to touch on them briefly, we are confident we have the strongest, most associate CMOSS aligned offering in the marketplace. And this year alone, we've introduced 20 -- over 20 new product (inaudible) into this family of products, which is a very strong contribution out of the team and something we're really proud of.

還有很多事情。我想花點時間談談我們正在做的幾件事，這些事能讓我們了解為什麼我們能夠如此迅速地拓展業務管道。還有一些事情已經出現，但簡單提一下，我們有信心我們擁有市場上最強大、最符合 CMOSS 標準的產品和服務。光是今年，我們就為這個產品系列推出了 20 多款新產品（聽不清楚），這是團隊做出的巨大貢獻，也是我們引以為傲的事情。

We have talked about our NVIDIA partnership. We are now delivering NVIDIA-based products at the [GTC] show just a little while back. We were the only company to demo a CMOSS-based Blackwell processor. So again, that's something very special to Curtiss-Wright.

我們已經討論過與英偉達的合作關係。不久前，我們在 [GTC] 大會上發布了基於 NVIDIA 的產品。我們是唯一一家展示基於CMOS的Blackwell處理器的公司。所以，這對柯蒂斯-賴特公司來說意義非凡。

Our Fabric 100, which is the highest speed interconnect available in the marketplace is out and helping really provide a very unique differentiator for Curtiss-Wright in our ability to provide solutions at that tactical edge.

我們的 Fabric 100 是市場上速度最快的互連技術，它真正幫助 Curtiss-Wright 在提供戰術優勢解決方案方面提供了非常獨特的差異化優勢。

But we're also doing things that we also are continuously looking at new capabilities that widen the application space where we can sell our products to keep pushing those walls out. And to name just one, we recently achieved Microsoft Azure validated across several of our small form factor products. And that means these products have been added to the Microsoft Azure [locale] or catalog, which obviously has a huge customer reach. And so that's something we're very excited about.

但我們也一直在探索新的功能，以拓寬我們產品的應用領域，並不斷突破這些限制。舉個例子來說，我們最近在多款小型化產品上實現了 Microsoft Azure 的驗證。這意味著這些產品已新增至 Microsoft Azure [區域] 或目錄中，顯然該目錄擁有龐大的客戶群。所以，我們對此感到非常興奮。

And again, another another notable capability of taking cloud applications to the tactical edge. So I list those these are the types of things the team is always doing that is ensuring that, that pipeline is healthy in growth in spite of the fact we didn't see the push out in Q3.

此外，雲端應用的另一項顯著優勢在於能夠將其應用到戰術前沿。所以我列舉了這些，這些都是團隊一直在做的事情，以確保儘管我們在第三季度沒有看到產品推出，但產品線仍然保持健康成長。

So Chris, I don't know if you want to add some color on the segments.

克里斯，我不知道你是否想為這些部分添加一些顏色。

Sure. Yes. Let me try to jump into some of the numbers here, Myles. And I think it's important to note, I think as you look at the overall orders and what's been happening for Curtiss-Wright, that we had a very strong first half in naval bookings.

當然。是的。邁爾斯，讓我試著分析這裡的一些數據。我認為值得注意的是，從整體訂單和柯蒂斯-萊特公司的情況來看，我們在上半年的海軍訂單方面表現非常強勁。

First thing is, if you just remove that off the table, we have seen sequential growth in our orders since Q1 and then includes defense electronics. So important to kind of pull that out. The Q3 book-to-bill was about 1.1 times and that was on 9% sales growth. We had a 1 time book-to-bill in Aerospace and Defense and we had a 1.2 times in commercial. So the orders were up 8% year over year. The backlog is now up -- was up 14%. We had a record backlog right now of $3.9 billion.

首先，如果排除這個因素，我們看到自第一季以來訂單量持續成長，其中包括國防電子產品。所以把它拿出來很重要。第三季訂單出貨比約為 1.1 倍，而銷售額則成長了 9%。我們在航空航太和國防領域的訂單出貨比為 1 倍，在商業領域的訂單出貨比為 1.2 倍。因此，訂單量比去年同期增長了 8%。積壓案件數量現在增加了——增加了 14%。我們目前的積壓訂單高達39億美元，創歷史新高。

Diving into the segments and just the book-to-bill for the quarter, we were about 1.04 times on Aerospace and Industrial, and we were about 1.14 times in Naval and Power. We talked about the strength of the commercial aerospace orders. and the nuclear orders on the call. But to dive into Defense Electronics, maybe just a little bit more on that topic.

深入分析各個細分市場，僅就本季的訂單出貨比而言，我們在航空航太和工業領域的訂單出貨比約為 1.04 倍，在海軍和電力領域的訂單出貨比約為 1.14 倍。我們在電話會議上討論了商業航空航天訂單和核能訂單的強勁勢頭。但要深入探討國防電子領域，或許可以再多說幾句。

The order book did improve sequentially here in the third quarter. As Lynn had mentioned, the pushouts had affected that. It was a 1 times book-to-bill. Had we not had the pushouts, we're confident that it would have been 1.1 times book-to-bill. The backlog in that segment is up 3%.

第三季訂單情況較上季有所改善。正如琳恩所提到的那樣，這些驅逐行動影響了這一點。訂單金額與帳單金額之比為 1 倍。如果沒有延期交付，我們有信心訂單出貨比將達到 1.1 倍。該領域的積壓訂單增加了 3%。

Strong revenue growth at 10%. It's above the prior year September backlog number, but the book to bill has been holding steady at a long time. So as we look ahead, I mean, right now, we're assuming that the shutdown is going to get resolved here in mid-November. We believe that once that gets resolved, it's a 30- to 45-day turnaround time before orders begin to resume a more normal flow.

營收強勁成長，達到10%。雖然高於去年9月份的積壓訂單數量，但訂單出貨比長期以來一直保持穩定。所以展望未來，我的意思是，目前我們假設停擺問題將在 11 月中旬解決。我們相信，一旦這個問題解決，訂單恢復正常流動大約需要 30 到 45 天的時間。

But fortunately for us, the businesses that are most impacted are generally short cycle in nature. And we would expect to recover very quickly. So I think it's important to note that there's nothing that's affecting our 2025 guidance. You then mentioned the pipeline is strong. You have good confidence levels in 2026.

但幸運的是，受影響最大的企業通常都是週期較短的企業。我們預計會很快恢復。所以我認為有必要指出，目前沒有任何因素會影響我們2025年的業績指引。然後你提到管道狀況良好。你對2026年充滿信心。

And strong alignment to the customers' priorities next year defense spending between the budget and the reconciliation [were up] 13%. So we see positivity as we look out into the future, we just need these guys to come to agreement in the meantime.

明年國防開支與客戶優先事項高度一致，預算與核對結果之間的國防開支增加了 13%。所以展望未來，我們看到了積極的一面，我們只需要這些人在此期間達成一致。

That's great. And Lynn, I'm sorry, just to clarify on your prior AP1000 comment, is the $10 million to $20 million of incremental content on AP1000. Is that a historical benchmark of which I should think about it's growing 2 times or 3 times? Or is that the current benchmark?

那太棒了。琳恩，不好意思，我只是想澄清一下你之前關於 AP1000 的評論，AP1000 的增量內容價值 1000 萬至 2000 萬美元是指什麼？這是一個值得我關注的歷史里程碑嗎？它成長了2倍還是3倍？或者說，這是目前的基準？

No, that's the historical benchmark, Myles, that we had back in the mid-teens.

不，邁爾斯，那是我們在十幾世紀​​中期達到的歷史性里程碑。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Maybe following up on Myles' question on the AP1000 pricing. I just want to make sure we get it right. when -- in the past, when you guys looked at your content, so each cooling tower used to be like $250 million, roughly. And then so a build with twin towers would be about $500 million. And I think the [Poland one] they're doing triplets so that will be $750 million.

或許可以接著 Myles 關於 AP1000 定價的問題來解答。我只是想確保我們做對了。過去，你們查看內容的時候，每個冷卻水塔大約要花費 2.5 億美元。那麼，建造一座雙子塔樓大約需要 5 億美元。我覺得（波蘭那部）他們要拍三胞胎，所以預算會達到7.5億美元。

So the numbers that you're saying incremental to that, the 2x, 3x, is that off of that specific base? Or are we talking about the initial US order from 2007, which is a much lower amount?

所以你所說的增量數字，像是 2 倍、3 倍，都是基於那個特定的基數嗎？還是我們說的是2007年美國的首筆訂單，那筆訂單的金額要低很多？

So maybe just to back up a second. And if you look in our -- like even in our Investor Day briefing from last year, we think of it as a plant, which has four RCPs and that's how we've -- when we talk about our revenue per plant, that's the framework for it.

所以，或許我們應該先倒敘一下。如果你看看我們——比如我們去年投資者日的簡報，我們會把它看作一個工廠，它有四個 RCP，這就是我們——當我們談論我們每家工廠的收入時，這就是它的框架。

We talked about we have $110-plus million of revenue per plant. So [Poland] is talking about building six plants, Bulgaria is talking about building two plants, Firmi is talking about building four plants. So that's just to keep the terminology because it's easy to get confused between the RCPs versus the plants and such.

我們談到，我們每個工廠的收入超過 1.1 億美元。所以波蘭正在考慮蓋六家工廠，保加利亞正在考慮蓋兩家工廠，Firmi公司正在考慮蓋四家工廠。這樣做只是為了保持術語的一致性，因為很容易將 RCP 與植物等概念混淆。

And so having that as a baseline prior, we had the RCPs and about $10 million to $20 million of content per plant. And that is the area where we've been working very purposefully to see where else we can supply Westinghouse as a supplier to them and engaging with them on different work scopes.

因此，以此為基準，我們有了RCP，每家工廠大約有1000萬至2000萬美元的投入。而這正是我們一直在努力的方向，看看我們還能以供應商的身份為西屋電氣提供哪些服務，並與他們就不同的工作範圍展開合作。

And at this time, it looks like we are targeting, taking that incremental on top of the RCPs content, that $10 million to $20 million and doubling it or tripling it. And it's still a work in progress as they're still working through their supply chain things, and we're just trying to be there and support them as much as we can and make them successful. So pretty excited that that would be pushing that content per plant up into the mid-100s for sure.

目前看來，我們的目標是在 RCP 內容的基礎上增加 1,000 萬至 2,000 萬美元，並使其翻倍或三倍。目前這項工作仍在進行中，因為他們仍在處理供應鏈方面的問題，我們只是盡力為他們提供支持，幫助他們取得成功。所以，我非常興奮，這肯定會將每株植物的含量提升到 100 多毫克。

Got you. That makes sense. And maybe digging more into this on AP1000, I mean it looks since your Investor Day last year, and we've seen a lot more support for US large nuclear power plant builds. And so we've seen the support of executive orders from the White House.

抓到你了。這很有道理。或許我們可以更深入地研究一下 AP1000，我的意思是，自從你們去年的投資者日以來，我們看到對美國大型核電廠建設的支持力度大大增強。因此，我們看到了來自白宮的行政命令的支持。

But then also last week, we saw Cameco and Brookfield established a transformational partnership with the US government to accelerate deployment of Westinghouse nuclear reactors.

但就在上週，我們看到 Cameco 和 Brookfield 與美國政府建立了變革性的合作關係，以加速西屋公司核反應爐的部署。

I was wondering, can you give us more color regarding the potential of the US market and the timing? And also following up on the expected order that you have for 2026, are you expecting Poland order and the US order? Or is that just Poland and Bulgaria?

我想請問，您能否詳細介紹美國市場的潛力以及時機選擇？另外，關於您預計的 2026 年訂單，您預計會收到波蘭的訂單和美國的訂單嗎？還是說只有波蘭和保加利亞？

Yes. So we work very closely with Westinghouse to try and -- I mean, this is a fast-moving market, and that also was a just fantastic to see because it's really the money that needs to really get this machine running. So we are very excited to see that partnership get announced. And then there was also the announcement with Japan of putting some money into building nuclear in the US.

是的。所以我們與西屋公司密切合作，努力——我的意思是，這是一個快速變化的市場，看到這一點也令人振奮，因為這正是讓這台機器真正運轉起來所需的資金。我們非常高興看到這項合作關係的宣布。此外，日本也宣布將投資部分資金用於在美國建造核電廠。

And all these things are sort of taking form, but two separate pretty positive announcements in October relative to that. So really what's in the public knowledge is this funding for these 10 plants. How the Japan money overlaps with that, there's -- I don't think there's a clear vision of it. And we have some insights from Westinghouse, but really sticking to what's in the public eye. We're focused on those first 10 plants, which is great.

所有這些事情都在逐漸成形，但10月份有兩個相當積極的消息與此相關。所以，公眾真正知道的是，這 10 家工廠獲得了資金。日本的資金與此有何重疊之處，我認為目前還沒有清楚的認知。我們從西屋公司獲得了一些見解，但實際上我們只專注於公眾關注的內容。我們目前專注於前10株植物，這很好。

And so today, the team still does believe the first order we get will be driven by the Poland opportunity, although Bulgaria is right there with it and the thinking is those will be ahead of the US. But how this [$80 billion] which is targeted at long lead material types of expenditures is going to play out that still needs to take some form.

因此，時至今日，團隊仍然相信我們獲得的第一筆訂單將來自波蘭的機會，儘管保加利亞也緊隨其後，而且人們認為保加利亞的訂單量將超過美國。但是，這筆針對長週期材料類型支出的 800 億美元資金將如何運作，還需要以某種形式體現。

But -- so whether that happens in 2026 is very much TBD. I wouldn't foreshadow that yet at this point. But we do feel good overall about getting our first order in 2026, and the team is doing a lot of work to get ready for it.

但是——所以，2026年是否會發生這種情況，目前還很難說。我現在還不會妄下斷言。但我們總體上對 2026 年獲得第一筆訂單感到樂觀，團隊正在為此做很多準備工作。

And to think through the various ramp scenarios with this accelerated activity in the U.S. and then what's going on elsewhere. Along with, it's exciting, but our work on SMR opportunities continues to grow and move towards prototyping too. So the team is busy. I'll leave it at that.

並且要仔細考慮在美國經濟活動加速成長的情況下，各種復工復產方案，以及其他地方的情況。同時，這令人興奮，但我們在 SMR 機會方面的工作也在不斷發展，並朝著原型製作的方向邁進。所以團隊很忙。我就說到這兒吧。

Yes. I mean it seems like when it rains, it pours. And so can you just remind us, Lynn, what your capacity is to build on AP1000, especially because, right, the US Navy content is also increasing. So just trying to understand what could you produce in a given year and you had called out elevated CapEx this year or next year, what is that supporting?

是的。我的意思是，感覺就像是禍不單行。那麼，Lynn，可以提醒我們一下，你在 AP1000 的基礎上有什麼發展能力嗎？特別是考慮到，美國海軍的內容也不斷增加。所以，我只是想了解你們在特定年份能產出多少，你們之前提到今年或明年的資本支出會增加，這是為了支持什麼？

Is this in anticipation of commercial nuclear power or the opportunities in the other segments that you had highlighted?

這是為了迎接商業核電的發展，還是為了迎接您之前提到的其他領域的機會？

Yes. So we think of our capacity as 12 or 16 reactors per year. But again, that needs dovetailed exactly as you just said, with the naval work. And I will say the team is committed from a CapEx standpoint to our Investor Day targets of 105% free cash flow conversion. And we increased our CapEx spending both last year and this year by 30% each year.

是的。所以我們認為我們的產能是每年12到16座反應爐。但是，正如你剛才所說，這需要與海軍工作完全銜接起來。我還要說，從資本支出角度來看，團隊致力於實現我們在投資者日設定的105%自由現金流轉換率目標。去年和今年，我們的資本支出每年都成長了 30%。

And a lot of that is geared around preparing for expansion in the space, and the $10 million that Chris spoke of in his prepared remarks is geared at expansion capabilities tied to nuclear.

其中許多都是為了該領域的擴張做準備，克里斯在事先準備好的演講稿中提到的 1000 萬美元就是用於與核能相關的擴張能力。

And so how -- what we need to be prepared for to support Westinghouse is a very active discussion with them. But we're trying to make sure we're doing the things that we're ahead of it and prepared to support them and that $10 million as part of us getting ahead of it.

所以，為了支持西屋公司，我們需要做好準備，與他們進行非常積極的討論。但我們正在努力確保我們提前做好準備，為他們提供支持，而這 1000 萬美元是我們提前做好準備的一部分。

Peter Arment, Baird.

Peter Arment，Baird。

Lynn and Chris, Jim, nice results. Chris, maybe just to stay on the theme of AP1000. If you get an order in 2026, maybe could you just give us a high level how quickly you begin to recognize revenues on that? I remember back with the China direct order how that all works back in the day, but maybe just to level set us on how quickly that begins to flow through on the financials. And then I have a follow-up.

Lynn、Chris、Jim，結果不錯。克里斯，或許只是為了繼續圍繞 AP1000 的主題。如果你們在 2026 年收到訂單，能否大致說明一下你們多久開始確認訂單的收入？我記得以前直接從中國訂購商品的時候，整個流程是怎樣的，但也許只是為了讓我們了解一下，這種情況發生得有多快，資金很快就能反映到財務狀況上。然後我還有一個後續問題。

Yes, sure. I think we've had a lot of discussion on the call today regarding reactor coolant pumps and then other content and I'll focus on the reactor coolant pumps to begin with. When we get that first order, I think a lot of it's going to depend upon the timing of receipts and long lead materials and how quickly we can get that in the door.

當然可以。我認為我們今天在電話會議上討論了很多關於反應器冷卻劑泵以及其他內容，我將首先重點討論反應器冷卻劑泵。當我們接到第一筆訂單時，我認為這很大程度取決於收貨時間和長週期材料的到貨時間，以及我們能多快把貨物送到公司。

Lynn's talked about the fact that we're in active discussions with our customer regarding capacity and how to accelerate potentially some of those flows. So as you look at the receipt of the order, it's going to be under [POC] accounting. And typically, in the past, it was maybe a five-year bell curve. I think the China contract went out seven years because their schedule was delayed. But with this flood of activity that we're seeing here, I could see that be accelerated into a tighter window than a five-year period of recognition.

Lynn 談到，我們正在與客戶積極討論產能問題，以及如何加快部分業務流程。所以，當你查看訂單收據時，它會被記入 [POC] 會計科目。過去，通常情況下，這可能是一個五年的鐘形曲線。我認為中國那份合約之所以拖延了七年，是因為他們的進度延誤了。但就我們目前看到的這種活動熱潮而言，我認為這一進程可能會縮短，比五年的認可期要短得多。

So again, a lot's is going to depend on the timing of the material receipts and then the labor that kind of follows that. But there would be some revenue recognition upfront to 2026, but then it would quickly accelerate in 2027.

所以，很多事情都取決於材料到貨的時間，以及隨後的勞動投入。但到 2026 年會有一些收入提前確認，然後到 2027 年收入將迅速成長。

When we talk about this extra or the other product that can go into the AP1000 power plants, a lot of that won't be long lead material type items. You've got to get some of that bigger stuff into the plant first. So I would expect that to be recognized a little bit further towards the back end of the bell curve, but certainly an opportunity for us as well.

當我們談到可以添加到 AP1000 發電廠的額外產品或其他產品時，其中許多都不是交貨週期較長的材料類型。你得先把一些體積較大的物質運到工廠。因此，我預計這一點會在鐘形曲線的後半段得到更多認可，但這對我們來說當然也是一個機會。

I appreciate that color. And then just, Lynn, on the, I guess, near term more when you think about your targets that you put out there for [doubling] the business by 2028. Did you contemplate a lot of these restarts that we're seeing, whether it's Palisades or Three Mile Island or some of the others. When you were thinking about that planning just because it seems like that is, again, an incremental tailwind to all things else nuclear.

我喜歡這個顏色。然後，琳恩，我想，就近期而言，當你想到你提出的到 2028 年將業務翻一番的目標時，情況就更是如此。你有沒有認真考慮過我們現在看到的這些重啟項目，無論是帕利塞茲核電廠、三里島核電廠還是其他一些核電廠？當你考慮制定這項計劃時，因為這似乎又一次為核能領域的其他一切帶來了一絲輔助。

Yes. I mean that was -- there might have been talk about it, but that was not on the table at a level that we would have had that in how we put together our targets. So there's a lot of things -- a lot of good things have happened since we put our targets out just 15 months ago, 18 months ago however long it was. It's amazing how the industry has come alive and announcements around Europe.

是的。我的意思是，或許有人討論過這個問題，但這並沒有被提上議程，以至於我們在設定目標時會考慮到這一點。所以，自從我們15個月前、18個月前（不管是多久前）設定目標以來，發生了很多好事。令人驚嘆的是，整個產業都煥發了生機，歐洲各地也發布了相關公告。

The GBM announcement [with picking] Rolls Royce. I mean there's just -- there's a lot of things that are incrementally happening. But you're right, that is new.

GBM發表會[附帶挑選]勞斯萊斯。我的意思是，有很多事情正在逐步發生。但你說得對，這確實是新的。

Yes, this whole AI wave has been something that's been new for us as well. That's a lot of positive momentum. And I would just remind the listeners is you go back and look at what we provided at Investor Day and we said we would be doing $1.5 billion in annual commercial nuclear revenue by the middle of this next decade.

是的，這波人工智慧浪潮對我們來說也是全新的事物。這是很大的正面勢頭。我只想提醒聽眾，回顧一下我們在投資者日上提供的信息，我們當時說過，到下一個十年中期，我們的商業核能年收入將達到 15 億美元。

That really only [contemplated] the European opportunity at that point in time. So I know we're still several years away from that, the middle of this next decade, but we feel much stronger and more confident (inaudible) order the possible as it was labeled at that point than we did back in May.

當時，這其實只考慮了歐洲的機會。我知道我們距離那一天還有好幾年，也就是下一個十年的中期，但我們感覺比五月的時候要強大得多，也更有信心（聽不清楚）實現當時所謂的「可能」。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Lynn, are you seeing meaningful retrofit demand for the two- hour flight data recorder yet? Or is it primarily only OEM demand at this point? And then how should we think about the retrofit gross margins on that product relative to the OE gross margins?

Lynn，你那邊對兩小時飛行數據記錄器的改裝需求有明顯成長了嗎？或者說，目前主要需求僅限於OEM廠商的需求？那麼，我們該如何看待該產品的改造毛利率與原廠毛利率之間的關係呢？

So it is a blend. But a lot of the retrofit is, I think, staging of material to prepare for the retrofit more than the actual retrofits is our understanding dealing with our customer that is Honeywell. So I think that's very much another layer that's ahead of us as this -- we just continue to say it's going to continue to grow through the back half of the year as that comes to reality.

所以它是混合的。但我認為，許多改造工作更多的是為了改造做準備的材料準備工作，而不是實際的改造工作，這是我們與客戶霍尼韋爾的溝通中得出的結論。所以我認為這又是擺在我們面前的另一個層面——我們只能說，隨著這種情況在下半年成為現實，它將繼續增長。

But it's not even just the retrofit market. It is also -- we are working with Honeywell to figure out how we would have an appropriate product offering that would target the regional jets that are over 30 seats that are also part of this mandate. Those are obviously big, big numbers.

但這甚至不只是改造市場。此外，我們正在與霍尼韋爾合作，探討如何提供合適的產品，以滿足30座以上的支線噴射機的需求，這些飛機也屬於這項授權範圍。這些數字顯然非常非常大。

And our work with Airbus continues on in a positive manner, and we think we will receive certification in the first half of 2026. And then we need to see how our production ramps with those.

我們與空中巴士的合作仍在積極進行中，我們認為將在 2026 年上半年獲得認證。然後我們需要看看這些措施能否提高我們的產量。

So we've really not given a 10-year view of revenue on this program yet because there are still a lot of moving parts that are taking form and really how this retrofit is going to take place is it's still a little bit of a work in progress.

因此，我們還沒有對該計畫未來 10 年的收入狀況做出預測，因為還有很多環節正在形成，而且這項改造究竟如何進行，目前還處於進行中。

And really, we haven't given much color on the shipset content nor the margin on this for the OEM or the projection. But I will say it's inside of our Defense Electronics segment, as you know. And we like the products we produce to support the margins in the segments.

事實上，我們還沒有詳細說明船組內容，也沒有透露 OEM 的利潤空間或預測情況。但正如您所知，它屬於我們的國防電子部門。我們喜歡我們生產的產品，因為它們能夠支撐各個細分市場的利潤率。

Okay. And then, Lynn, can you give an update on the state of the M&A pipeline and how we might think about the opportunity for a reacceleration in M&A activity in 2026?

好的。那麼，Lynn，你能否介紹一下併購專案的進展情況，以及我們如何看待2026年併購活動再次加速的機會？

Yes. So I mean, it's -- we're not (inaudible) about saying it's our top priority. And the team is definitely out there. We have some -- a couple properties that we are having discussions with that are more ones that I like when we work with somebody possibly to come join Curtiss-Wright in the proprietary fashion more than we're in an auction.

是的。所以我的意思是，我們並不是（聽不清楚）要說這是我們的首要任務。團隊肯定已經準備就緒。我們正在洽談幾個房產項目，我個人更喜歡與潛在買家合作，以獨家方式加入 Curtiss-Wright，而不是透過拍賣的方式。

But I know some people have noted, we've kind of acted like there was more excitement and then not announced anything over the past earlier part of 2026. I do remind everybody we only closed on Ultra, at the IND at the end of last year changed by terminology at the end of last year. So that's going great. But we do have some properties we're looking at that are very strategic in nature for how they would add to our portfolio.

但我知道有些人注意到，我們在 2026 年上半年表現得好像很興奮，但卻沒有宣布任何事情。我在此提醒大家，我們只是在去年年底的IND會議上完成了Ultra的交易，由於術語變更，我們在去年年底才完成了交易。一切進展順利。但我們正在考察一些房產，這些房產在策略上非常有價值，能夠豐富我們的投資組合。

And there's still a lot of focus on it. But strategic fit and financial fit, we're not going to overpay for a property. And some of the things that we thought were strategic that's just the price tag I just -- I don't think it would create value for our shareholders, and we're not going to do it if it won't.

而且人們仍然非常關注這個問題。但從策略和財務角度考慮，我們不會為房產支付過高的價格。有些我們認為具有策略意義的事情，光是價格標籤就讓我覺得──我不認為這會為我們的股東創造價值，如果不能創造價值，我們就不會去做。

(Operator Instructions) Nathan Jones, Stifel.

（操作說明）Nathan Jones，Stifel。

I guess I'll ask you a nonnuclear question. You talked about stabilization in industrial vehicles and maybe a little bit of a positive inflection in orders during the quarter. So maybe just a little bit more color on regions, geographies, or end markets that might be driving that improvement? Or any color you've got for us there?

我想我問你一個跟核能無關的問題。您談到了工業車輛市場的穩定，以及本季訂單量可能出現的小幅積極變化。那麼，或許可以再詳細說哪些地區、地理位置或終端市場可能正在推動這種改善？或者你們那裡有什麼其他顏色可以選擇嗎？

Yes. So I'll start. I mean, obviously, it's been a very challenging situation for industrial vehicle markets as a whole. And the team has been doing a great job at staying above that and flat for the year. I think as we position ourselves for this next year and look forward, while we do recognize that the North American on-highway markets are going to continue to be challenged, we do feel that there are some opportunities and pockets in Europe as the team continues to try to expand its customer and market reach in a few areas.

是的。那我先來。我的意思是，很顯然，對於整個工業車輛市場來說，這都是一個極具挑戰性的局面。而且，該隊在保持這一水平以上並全年保持穩定方面做得非常出色。我認為，當我們為來年做好準備並展望未來時，雖然我們認識到北美公路市場將繼續面臨挑戰，但我們確實覺得歐洲存在一些機會和市場空間，因為團隊將繼續努力在一些地區擴大客戶和市場覆蓋範圍。

But the team is doing -- we're seeing some good signs within the order book. We actually had an improvement here in the third quarter that was roughly 4% year over year. And again, I'm sometimes reluctant to talk about these data points that are hot off the presses, but we're -- we had a very strong October.

但團隊正在努力——我們從訂單簿中看到了一些好兆頭。實際上，第三季我們在這方面有所改善，年增約 4%。再次聲明，我有時不太願意談論這些剛剛公佈的數據，但是——我們十月份的業績非常強勁。

And that's a real positive kind of a standout month over the past few years. And with the conversations that we're having with some of our customers, we feel like we're positioning ourselves for a very strong fourth quarter.

這是過去幾年中一個非常積極的、突出的月份。透過與部分客戶的溝通，我們感覺我們已經為第四季度的強勁表現做好了充分準備。

So I don't want to diminish the fact that there will be challenges again for this market in '26. We expect uplift in '27. But the team is doing a great job. And they continue to kind of push the boundaries to gain more share.

所以我不想淡化這樣一個事實：2026年這個市場將再次面臨挑戰。我們預計2027年將出現成長。但團隊做得非常出色。他們不斷突破界限，以獲取更多市場份額。

Then maybe one just on following up on the government shutdown potential impact. I think historically that when we've had these kinds of disruption, it tends to make the defense electronics business, especially maybe a little more second half weighted once it gets resolved.

然後或許可以專門寫一篇關於政府停擺可能造成的影響的後續報導。我認為從歷史經驗來看，當我們遇到這類幹擾時，往往會使國防電子業務，尤其是國防電子業務，在問題解決後，下半年的業績佔比有所增加。

So I think, Chris, you were talking about some of the delays being more on the short-cycle side. So maybe just any color you can give us on expected cadence through the year in 2026 relative to historical patterns just based on what's happened so far and what you know so far?

所以我覺得，克里斯，你剛才說的有些延誤屬於短週期的情況。所以，您能否根據目前的情況和您目前所了解的信息，告訴我們 2026 年全年相對於歷史模式的預期節奏？

Yes. So we have been very focused over the past few years is trying to make the fourth quarter less dramatic. And I think as you look at what's happening here in the fourth quarter, we've got a very strong backlog. We raised the bottom end of our guidance here to show a little bit of increased confidence as we go to close out the year in 2025.

是的。因此，過去幾年我們一直非常注重讓第四季的情況不那麼糟糕。我認為，從第四季的情況來看，我們積壓的訂單非常多。我們提高了業績預期下限，以顯示我們對2025年即將結束這一年的信心有所增強。

But to the extent that the government shutdown continues and we have delays in the receipt of those orders, yes, it will take a little bit of time to kind of pick back up. So I'm assuming that there will be a little bit more pressure on Q1 at this point in time than there would historically. And that will force us to be a little bit more back-half weighted.

但是，如果政府停擺持續下去，導致我們收貨延遲，那麼確實需要一些時間才能恢復正常運作。因此，我認為目前第一季面臨的壓力會比以往更大。這將迫使我們稍微加強後半程的進攻重心。

But we are confident in the orders that are out there and coming our way, and we'll cautiously balance that against things like advanced buys and other positions in inventory that will help us to kind of recover and deliver those revenues to our customers as fast as possible because I know that they want the orders, they want the product, and they're equally disappointed with what's happening here right now.

但我們對現有的和即將到來的訂單充滿信心，我們會謹慎地權衡這些訂單與預購和其他庫存情況，以幫助我們盡快恢復並向客戶交付這些收入，因為我知道他們想要訂單，想要產品，他們對目前的情況同樣感到失望。

So I would expect there to be a little bit of pressure on Q1, but then we will recover over the course of the year, and we'll continue to try to keep the fourth quarter from being a dramatic data point.

所以我預期第一季會有一些壓力，但之後我們會在年內逐漸恢復，我們也會繼續努力，避免第四季成為一個劇烈波動的數據點。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Next quarter. I want to ask specifically about the Switzerland business in Defense Electronics, the turret drive stabilization business because it seems like some of your key customers like Rheinmetall, for instance, are getting a good amount of new orders for ground vehicles.

下個季度。我想具體詢問一下瑞士在國防電子領域的業務，特別是砲塔驅動穩定業務，因為你們的一些主要客戶，例如萊茵金屬公司，似乎獲得了大量的地面車輛新訂單。

So I just wonder if you could talk to kind of the visibility in that business. It seems like the growth outlook could maybe even outperform your -- the rest of that segment. So I was wondering if you could talk that through with us. And maybe valid also, I'm assuming that unit doesn't use commercial pricing unlike some of the rest of DE, maybe you can clarify that as well.

所以我想知道您能否談談這個行業的知名度。看起來成長前景甚至可能超過你所在領域的其他公司。所以我想問您是否可以和我們詳細談談這件事。或許也有道理，我假設該單位不像德國其他一些單位那樣採用商業定價，也許您也能澄清一下這一點。

So I mean this is -- just put the nature on the [team] I mean they've been part of Curtiss-Wright for several decades. It's had periods of strength years gone by. We talked about the Kingdom of Saudi Arabia program about a decade ago when it was on a gross trajectory.

所以我的意思是－－就把性質放在[團隊]身上吧，我的意思是他們已經加入柯蒂斯-賴特幾十年了。它過去幾年也曾有過強勢時期。大約十年前，我們討論過沙烏地阿拉伯王國的計劃，當時該計劃正處於糟糕的發展階段。

And prior to the Ukraine war and such, it has been a very slow growth portion of our business. We expected it to pick up when -- I think when Europe woke up and realized what they have for militarized vehicles. And it has been slower than we thought, but it's pretty exciting that it does feel like it has turned the corner and those orders are going to deliver.

在烏克蘭戰爭等事件發生之前，這部分業務在我們公司的成長速度一直非常緩慢。我們預計這種情況會在——我認為是在歐洲醒悟過來，意識到他們擁有的軍用車輛之後——開始好轉。雖然速度比我們預想的要慢，但令人興奮的是，感覺情況已經好轉，那些訂單將會交付。

And we have a very good relationship with Rheinmetall and they're strategic partner for turret drive stabilization. I mentioned in the prepared remarks, the wins for the XM30. So that's a first for them getting outside of the European market. But Germany is kind of leading the charge of being committed to ramping their vehicles, and we're very much aligned with them to be participation of that.

我們與萊茵金屬公司保持著非常好的關係，他們是砲塔驅動穩定係統的策略夥伴。我在準備好的演講稿中提到了XM30的勝利。這是他們首次進軍歐洲以外的市場。但德國在致力於提升車輛行駛能力方面走在了前列，我們非常贊同他們的做法，並積極參與其中。

So I don't think it's appropriate really to talk about the pricing at this point. They're not subject to the far, obviously. And the product does have applicability into some commercial markets outside of defense. We sell it into tilting trains and a couple of other end markets. So there is a commercial capability, but I'll just leave it at that.

所以我覺得現在談價格還不合適。顯然，他們不受遠方的約束。而且該產品在國防以外的一些商業市場也具有應用前景。我們將其銷售給擺式列車和其他幾個終端市場。所以它具備商業應用能力，但我就說到這裡吧。

Tony Bancroft, Gabelli Funds.

Tony Bancroft，Gabelli 基金。

Congratulations, Lynn, Chris and Jim, great numbers and a great job doing managing this. I just had a bigger picture here. You have four businesses that have very strong growth outlook going forward, a lot of secular tailwinds for the long term, and you've talked about M&A relighting. Could you just maybe sort of just very high level walk me through -- these are four big opportunities. How do you see you prioritize them?

恭喜 Lynn、Chris 和 Jim，成績斐然，管理工作也做得非常好。我原本想從更宏觀的角度來看這個問題。你們有四家業務在未來都具有非常強勁的成長前景，有很多長期發展的利多因素，而且你們也談到了併購的重新興起。您能否簡單概括一下—這四大機會。你如何決定它們的優先順序？

I mean you only have so much CapEx that you can probably do in reinvesting in the business. Can you sort of sort of prioritize those for me?

我的意思是，你的資本支出畢竟有限，你只能把這些錢再投資在企業上。你能幫我大致確定一下這些事情的優先順序嗎？

So I think we've been pretty transparent that our CapEx allocation and acquisition focuses over the recent past have been around our aerospace and defense and commercial nuclear markets. And those are priorities for the company in places where we see really strong growth, really differentiated technologies.

所以我認為我們已經相當坦誠地表明，我們最近一段時間的資本支出分配和收購重點都集中在航空航太和國防以及商業核能市場。在那些我們看到強勁成長、真正差異化技術的地區，這些都是公司的優先事項。

But I think one of the things we always remind people of -- you take just, for example, pick one thing randomly, the electromechanical actuation capability that goes into industrial markets, it also is the same capability, engineering teams, manufacturing floors that builds this for aerospace and defense markets.

但我認為我們總是提醒人們的一點是——例如，隨便舉個例子，工業市場所需的機電驅動能力，同樣也是航空航太和國防市場所需的能力、工程團隊和製造車間。

So even though our business lays on paper as if it has these different buckets and there's isolated pieces from an engineering capability, manufacturing standpoint, our businesses are intertwined across end markets, and it's something we're proud of and pursue that we've always believed that investing in a technology once and taking it to different end markets, as part of how Curtiss-Wright has achieved the margin expansion we've achieved over the past years.

因此，儘管從紙面上看，我們的業務似乎分為不同的部分，從工程能力和製造角度來看，各個部分都是孤立的，但我們的業務在終端市場之間是相互交織的，我們為此感到自豪並一直追求，我們始終相信，一次性投資一項技術並將其推廣到不同的終端市場，正是柯蒂斯-萊特公司在過去幾年中實現利潤率擴張的方式之一。

And the latest, very visible example of that is the flight data recorder technology that was developed over decades ago and for defense applications and now has this fantastic foothold in a commercial application. So I know I didn't really directly answer your question, but it's hard because- I see a business and I see it going across many of our end markets. They're not just like I can look at that business over there and that business over there and say it's just serving one of the end markets.

而最近一個非常明顯的例子就是飛行資料記錄器技術，這項技術是幾十年前為國防應用而開發的，現在在商業應用領域已經取得了巨大的成功。我知道我並沒有直接回答你的問題，但這很難回答，因為——我看到的是一個企業，而且我看到它正在跨越我們的許多終端市場。他們不會像我一樣，看看那邊的那家企業，再看看那邊的那家企業，然後說它們只是服務某個終端市場。

[Alexandra Mineri], Truist Securities.

[Alexandra Mineri]，Truist 證券。

This is Alexandra (inaudible) on for Michael Ciarmoli with Truist Securities. How are you guys thinking about 2026 in terms of growth trajectories, end markets and margin expansion?

這裡是 Alexandra（聽不清楚），為您帶來 Truist Securities 的 Michael Ciarmoli 的報導。你們如何看待2026年的成長軌跡、終端市場和利潤率擴張？

So we touched a little bit on 2026 in the prepared remarks that we feel good about driving growth across all three of the segments. So that's really positive. There's -- I try to talk about what some of the things that are going on in the closing remarks of what are the market dynamics, what are our technologies that support, you can look at things in the industry, whether it's the growth rates in commercial aerospace that Boeing and Airbus are talking about, to defense spending to all things nuclear is sort of the ones that are top of everyone's mind. That will support that growth into 2026.

因此，我們在準備好的演講稿中稍微談到了 2026 年，我們對推動所有三個細分市場的成長充滿信心。所以這確實是個好消息。在總結發言中，我會盡量談談一些正在發生的事情，例如市場動態、我們的技術支援等等。你可以看看產業內的各種情況，無論是波音和空中巴士正在談論的商用航空航太成長率，還是國防開支，再到核能等所有相關領域，這些都是大家最關心的問題。這將支撐這一增長勢頭延續到2026年。

We do believe we'll be well ahead of our 2024 Investor Day targets really down the line. And we're committed to driving operating margin expansion faster than cash, and we'll be given more specific guide obviously on 2026 when we close out the year and have our Q1 call.

我們相信，從長遠來看，我們將遠遠超過我們在 2024 年投資者日設定的目標。我們致力於以比現金成長更快的速度推動營運利潤率擴張，顯然，在年底召開第一季電話會議時，我們會給出關於 2026 年的更具體指導。

So I would just say, I hope we were able to kind of project some of that confidence in the script today we -- in the areas that we kind of called out. We're excited for what's happening now and as we look out into the future.

所以我想說，我希望我們今天能夠在劇本中展現出一些自信，尤其是在我們重點提到的方面。我們對現在發生的一切感到興奮，也對未來充滿期待。

At this time, there are no further questions in queue. And I would like to turn the floor back over to Lynn Bamford, Chair and Chief Executive Officer for additional closing remarks.

目前隊列中沒有其他問題了。現在，我想把發言權交還給董事長兼執行長林恩·班福德，請她作最後的總結發言。

Thank you, everybody, for joining us today, and we look forward to speaking with you possibly on the road or with our Q4 results out in the beginning of 2026. So have a good day.

感謝各位今天蒞臨，我們期待在旅途中或2026年初發布第四季度業績報告時與大家再次交流。祝你今天過得愉快。

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

謝謝。今天的柯蒂斯公司收益電話會議到此結束。請您暫時斷開電話，祝您有美好的一天。