Donaldson Company Inc (DCI) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Donaldson Company Q1 FY26 earnings webcast. (Operator Instructions)

您好，感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。此時此刻，我謹代表唐納森公司歡迎大家參加2026財年第一季業績網路直播。（操作說明）

I would now like to turn the call over to Sarika Dhadwal, Head of Investor Relations. Sarika, please go ahead.

現在我將把電話交給投資者關係主管薩里卡·達德瓦爾。莎莉卡，請繼續。

Good morning. Thank you for joining Donaldson's first quarter fiscal 2026 earnings conference call. With me today are Tod Carpenter, Chairman, President, and CEO; Brad Pogalz, Chief Financial Officer; and Rich Lewis, Chief Operating Officer.

早安.感謝您參加唐納森公司2026財年第一季業績電話會議。今天陪同我出席的有：董事長、總裁兼執行長托德·卡彭特；財務長布拉德·波加爾茲；以及營運長里奇·劉易斯。

This morning, Todd and Brad will provide a summary of our first quarter performance and our outlook for fiscal 2026. During today's call, we will discuss non-GAAP or adjusted results. First quarter 2026 non-GAAP results exclude a pre-tax gain on the sale of fixed assets of $9.3 million and a pre-tax charge of $5 million for restructuring and other charges primarily related to footprint optimization and cost reduction initiatives.

今天上午，Todd 和 Brad 將總結我們第一季的業績以及對 2026 財年的展望。在今天的電話會議中，我們將討論非GAAP或調整後的表現。2026 年第一季非 GAAP 業績不包括出售固定資產的稅前收益 930 萬美元，以及與業務佈局優化和成本削減計劃相關的重組和其他費用的稅前支出 500 萬美元。

A reconciliation of GAAP to non-GAAP metrics is provided within the schedules attached to this morning's press release. Additionally, please keep in mind that any forward-looking statements made during this call are subject to risks and uncertainties which are described in our press release and SEC filings.

今天早上發布的新聞稿附件附表中提供了 GAAP 與非 GAAP 指標的調整表。此外，請注意，本次電話會議中作出的任何前瞻性陳述均存在風險和不確定性，這些風險和不確定性已在我們的新聞稿和美國證券交易委員會文件中進行了描述。

With that, I will now turn the call over to Todd.

接下來，我將把電話交給托德。

Thanks, Sarika. Good morning, everyone. Donaldson Company's first quarter results were strong, and I'm proud of what our team was able to accomplish growing sales, operating profit margin and earnings. We delivered once again on our commitments to all of our stakeholders, our customers, our shareholders and our employees.

謝謝你，薩里卡。各位早安。唐納森公司第一季的業績表現強勁，我為我們團隊在提高銷售額、營業利潤率和收益方面所取得的成就感到自豪。我們再次履行了對所有利害關係人、客戶、股東和員工的承諾。

We did this through our leadership position infiltration which was built on decades of solving our customers' most difficult filtration problems with our razor to sell razor blades model. Our best in class technology, which is uniquely powerful because we focus on filtration capabilities and then leverage these technologies across markets.

我們透過鞏固領導地位並滲透市場來實現這一目標，而這一地位的建立，源自於我們數十年來運用「刮鬍刀銷售模式」來解決客戶最棘手的過濾問題。我們擁有業界領先的技術，其獨特優勢在於我們專注於過濾能力，然後將這些技術應用於各個市場。

Our ability to help customers meet evolving environmental and operational goals by helping to protect equipment and maintain cleaner work environments and our clear strategic and balanced growth strategy. That is why our success continues. I will start by discussing our first quarter performance, touch briefly on our expectations for fiscal 2026, then Brad will detail our financials. Lastly, I'll provide some closing remarks before opening the call to questions.

我們有能力幫助客戶實現不斷變化的環境和營運目標，透過幫助保護設備和維持更清潔的工作環境，以及我們清晰的策略和平衡的成長策略。這就是我們持續成功的原因。我將首先討論我們第一季的業績，簡要地談談我們對 2026 財年的預期，然後 Brad 將詳細介紹我們的財務狀況。最後，在開放式提問環節之前，我將作一些總結性發言。

In the first quarter, we grew sales to an all-time first quarter high of $935 million, a 4% year-over-year increase with growth across many key businesses including mobile aftermarket, power generation, food and beverage and disk drive. Expanded operating profit margin to a record 15.5% driven by leverage on higher sales and cost optimization initiatives.

第一季度，我們的銷售額達到創歷史新高 9.35 億美元，年增 4%，這得益於行動售後市場、發電、食品飲料和磁碟機等多個關鍵業務的成長。由於更高的銷售額和成本優化措施，營業利潤率擴大至創紀錄的 15.5%。

Delivered record earnings per share of $0.94, 13% above prior year, returned $127 million to shareholders through share repurchase and dividends and continued cost optimization initiatives, including our footprint optimization, laying the foundation for higher future profitability.

每股盈餘創歷史新高，達到 0.94 美元，比上年增長 13%；透過股票回購和分紅以及持續的成本優化舉措（包括我們的佈局優化），向股東返還了 1.27 億美元，為未來更高的盈利能力奠定了基礎。

Now a few highlights by segment. In mobile solutions, our razor to sell razor blades model continues to drive through cycle performance. Our aftermarket results are robust. For example, we continue to gain share in the independent channel where sales grew nearly double-digits. We have expanded partnerships with customers like NAPA. Our distribution centers are performing well, stock availability is at desired levels, and our on-time delivery rates are high.

現在按部分來看幾個亮點。在行動解決方案方面，我們的刮鬍刀銷售模式持續推動整個銷售週期的業績成長。我們的售後市場業績表現強勁。例如，我們在獨立通路的市佔率持續成長，銷售額實現了近兩位數的成長。我們擴大了與NAPA等客戶的合作關係。我們的配送中心運作良好，庫存充足，準時交貨率很高。

While cyclical headwinds continue our largest first-fit business, Off-Road, grew for the second consecutive quarter with supportive and market conditions in construction more than offsetting muted conditions in agriculture.

儘管週期性不利因素持續存在，但我們最大的首件改裝業務——越野車業務——連續第二個季度實現增長，這得益於建築業的良好市場環境，足以抵消農業的疲軟狀況。

In industrial solutions, our power generation business is robust, supported by the current electricity demand super cycle including data center and AI infrastructure buildouts. Our power generation order books are full through the rest of this fiscal year.

在工業解決方案領域，我們的發電業務十分穩健，這得益於當前電力需求超級週期，包括資料中心和人工智慧基礎設施的建置。在本財年剩餘時間裡，我們的發電訂單已經全部排滿。

Dust collection replacement parts sales growth was solid, another example of our razor to sell razor blade strategy at work as we continue to build out our service and aftermarket capabilities. To that end, this quarter, over half of our total industrial sales were replacement part sales.

除塵設備更換零件的銷售成長穩健，這是我們「刮鬍刀銷售刮鬍刀片」策略奏效的又一例證，我們將持續拓展服務和售後市場能力。為此，本季我們工業總銷售額的一半以上是替換零件銷售額。

In Life Sciences, we're excited by the market share we are gaining in food and beverage where sales grew over 20%. We are winning with key OEMs and channel partners, growing first-fit sales and planting seeds for future replacement parts sales.

在生命科學領域，我們對在食品和飲料領域不斷增長的市場份額感到興奮，該領域的銷售額增長超過 20%。我們正在贏得主要 OEM 廠商和通路合作夥伴的支持，提高首件安裝銷量，並為未來的替換零件銷售播下種子。

Our disk drive business also grew over 20% through share gains and supportive market conditions and we are investing in new technologies to support capabilities for HAMR, pronounced hammer, short for heat-assisted magnetic recording which will contribute to future growth.

我們的磁碟機業務也透過市場份額的成長和有利的市場環境實現了 20% 以上的成長，我們正在投資新技術以支援 HAMR（發音為 hammer，是熱輔助磁記錄的縮寫）的能力，這將有助於未來的成長。

Our strong overall results are a testament to the capabilities and agility of the Donaldson team. Our global operations teams in particular continue to deliver for our customers through the changing tariff landscape and with a keen focus on efficiency.

我們所取得的優異整體成績證明了唐納森團隊的能力和敏捷性。尤其是在不斷變化的關稅環境下，我們的全球營運團隊始終注重效率，並持續為客戶提供優質服務。

Our global region for region footprint is a strong asset for the company and one of our key competitive advantages. Leveraging this decades-long foundation, we have successfully offset residual tariff impacts through pricing and optimized supply chain.

我們遍佈全球各區域的業務佈局是公司的強大資產，也是我們的關鍵競爭優勢之一。憑藉數十年累積的基礎，我們透過定價和優化供應鏈成功抵消了剩餘關稅的影響。

I am proud of how we are also stepping up and helping our customers mitigate tariff impacts through collaboration, education and production transfers. To that end, our current annualized estimate for the impact of tariffs is approximately $25 million down from $35 million previously.

我為我們積極主動地透過合作、教育和生產轉移來幫助客戶減輕關稅影響而感到自豪。為此，我們目前對關稅影響的年度化估計約為 2500 萬美元，低於先前的 3500 萬美元。

We are also building long-term structural efficiencies through our footprint and cost optimization initiatives. We expect to be mostly complete with our current activities by the second half of this fiscal year. Our commitment to serving our customers through any market conditions while maintaining high on-time delivery rates is driving demand and our backlogs are reflective of the confidence our customers have in Donaldson.

我們也透過優化佈局和成本控制舉措，建構長期的結構性效率。我們預計在本財年下半年基本完成目前的各項活動。我們致力於在任何市場條件下為客戶提供服務，同時保持較高的準時交貨率，這推動了需求成長，而我們的積壓訂單也反映了客戶對唐納森的信心。

We are also building for our future through our disciplined investments in R&D and capital expenditures. This quarter, these included continued focused investments in growth areas such as solvent recovery, new disk drive technologies and air and alternative fuels filtration.

我們也透過在研發和資本支出方面的嚴格投資，為未來發展奠定基礎。本季度，這些投資包括繼續專注於成長領域，例如溶劑回收、新型磁碟機技術以及空氣和替代燃料過濾。

Now I'll provide some detail on first quarter sales. Mobile Solutions' total sales were $598 million, 5% above prior year. Aftermarket sales were $480 million, up 7%, driven by strength in both the OE and independent channel.

現在我將詳細介紹第一季的銷售情況。行動解決方案業務總銷售額為 5.98 億美元，比上年成長 5%。售後市場銷售額達 4.8 億美元，成長 7%，主要得益於 OE 通路和獨立通路的強勁表現。

On the first-fit side, Off-Road sales of $95 million increased 6%. Gains in construction offset continued weakness in agriculture. On-Road sales of $23 million declined 27% as a result of decreased global truck production.

在首批產品方面，越野車銷售額為 9,500 萬美元，成長了 6%。建築業的成長抵消了農業的持續疲軟。由於全球卡車產量下降，公路銷售額為 2,300 萬美元，下降了 27%。

Within Mobile Solutions, our China business was solid, with overall sales up 15% from strength in off-Road and aftermarket. This marks the fifth consecutive quarter of growth and we recently won another hydraulics program with a top agriculture equipment manufacturer, another sign that customer trust in Donaldson is building in this massive market.

在行動解決方案領域，我們的中國業務表現穩健，整體銷售額成長了 15%，這主要得益於非公路和售後市場的強勁表現。這標誌著我們連續第五個季度實現成長，而且我們最近還與一家頂級農業設備製造商贏得了另一個液壓項目，這再次表明，在這個龐大的市場中，客戶對唐納森的信任正在不斷增強。

Now on to Industrial Solutions. Industrial sales were $258 million flat to prior year. Industrial Filtration Solutions or IFS sales of $216 million grew 2% from continued strength in power generation, particularly in Europe and dust collection replacement parts sales in the US. Aerospace and defense sales were $42 million, a 7% decrease driven by softer defense sales following the completion of a few large projects.

接下來是工業解決方案部分。工業銷售額為2.58億美元，與前一年持平。工業過濾解決方案 (IFS) 的銷售額為 2.16 億美元，成長了 2%，這得益於發電業務的持續強勁成長，尤其是在歐洲，以及美國除塵設備更換零件銷售的成長。航空航太和國防銷售額為 4,200 萬美元，下降 7%，原因是幾個大型項目完成後國防銷售額疲軟。

In Life Sciences, sales of $79 million grew 13% year-over-year as a result of double-digit growth in food and beverage and disk drive bolstered by project timing in our upstream biotechnology businesses. Given our robust start to the year and our confidence in delivering on our financial and strategic objectives through the balance of the year, we are increasing our operating margin and EPS outlook.

在生命科學領域，由於食品飲料和磁碟機業務的兩位數成長，以及上游生物技術業務專案進度的加快，銷售額年增 13%，達到 7,900 萬美元。鑑於我們今年開局強勁，並且我們有信心在今年餘下的時間裡實現我們的財務和戰略目標，我們將提高營業利潤率和每股收益預期。

At the midpoint of our updated guidance ranges, we expect record sales of $3.8 billion and sales growth in each of our segments. Operating margin expansion of 80 basis points to a record of 16.5%, which puts our incremental margin above 40%. And all-time high earnings per share of $4.03.

根據我們更新後的業績指引範圍中位數，我們預期銷售額將創下 38 億美元的紀錄，並且我們每個業務部門的銷售額都將成長。營業利益率成長 80 個基點，達到創紀錄的 16.5%，使我們的增量利潤率超過 40%。每股盈餘創歷史新高，達到 4.03 美元。

With that, I will now turn it over to Brad, who will provide more details on the financials and our outlook for fiscal 2026. Brad?

接下來，我將把發言權交給布拉德，他將提供有關財務狀況和我們對 2026 財年展望的更多細節。布拉德？

Thanks, Tod. Good morning, everyone. Before getting into the financials, I want to thank the Donaldson team for producing strong first quarter results, giving us confidence in our ability to deliver on our increased profit guidance for the full year. The team continues to display their talent and focus, quarter after quarter, and we're excited to build on our momentum.

謝謝你，托德。各位早安。在深入探討財務數據之前，我要感謝唐納森團隊取得了強勁的第一季業績，這讓我們有信心實現全年更高的利潤預期。球隊每季都在持續展現他們的天賦和專注力，我們很高興能夠在此基礎上再接再厲。

I want to start this morning with a few highlights. Note that my profit comments exclude the impact from the non-recurring net gain that Sarika referenced earlier. Total sales increased 4%. Operating margin was a first quarter record of 15.5%, up 60 basis points over prior year with an incremental margin over 30%. Adjusted EPS was $0.94, up 13% and cash conversion was strong at 101% due to improved working capital management. Altogether, a solid quarter for Donaldson Company.

今天早上我想先講幾個重點。請注意，我的獲利評論不包括 Sarika 之前提到的非經常性淨收益的影響。總銷售額成長4%。第一季營業利益率創歷史新高，達 15.5%，比上年同期成長 60 個基點，增量利潤率超過 30%。調整後的每股盈餘為 0.94 美元，成長 13%，由於營運資本管理改善，現金轉換率強勁，達到 101%。整體而言，唐納森公司本季業績穩健。

Digging deeper into the P&L, our strong first quarter operating margin was driven by expense favorability. Operating expense as a rate of sales improved to 19.9% from 20.7% a year ago, reflecting leverage on higher sales that was compounded by benefits from the structural cost optimization initiatives launched during the prior fiscal year.

深入分析損益表，我們第一季強勁的營業利潤率得益於成本優勢。營業費用佔銷售額的比例從一年前的 20.7% 改善至 19.9%，反映出銷售額成長帶來的槓桿效應，以及上一財年啟動的結構性成本優化措施帶來的效益。

Gross margin was 35.4%, down 20 basis points from the prior year and slightly better than our internal expectations. We partially offset increased operating costs with pricing including pricing related to tariffs, as we are successfully mitigating that impact.

毛利率為 35.4%，比前一年下降 20 個基點，略優於我們的內部預期。我們透過價格調整（包括與關稅相關的價格調整）部分抵消了營運成本的增加，因為我們正在成功地減輕這種影響。

We still expect gross margin expansion for the full year with most of the favorability in the second half as our footprint optimization projects come to completion and we benefit from volume leverage that accompanies our typical seasonality.

我們仍然預計全年毛利率將有所增長，下半年將出現大部分利好，因為我們的佈局優化項目將完成，而且我們將受益於季節性因素帶來的銷售增長。

In terms of segment profitability, Mobile Solutions pre-tax profit margin was 18.6%, up 30 basis points from the prior year. Due to mixed benefits from higher aftermarket sales and leverage on higher sales. Industrial solutions pre-tax margin was 12.5%, down from 15.9% in 2025 due to an unfavorable sales mix and loss of leverage and operating costs.

從業務部門獲利能力來看，行動解決方案的稅前利潤率為 18.6%，比上年增長了 30 個基點。由於售後市場銷售額成長和利用更高銷售額帶來的收益喜憂參半。由於銷售組合不利、槓桿作用減弱以及營運成本上升，工業解決方案的稅前利潤率為 12.5%，低於 2025 年的 15.9%。

We expect segment profitability to increase through the balance of the year as sales leverage translates into gross margin and expense rate improvements. Life Sciences pre-tax margin improved notably to 9.2% from a loss of 7.6% a year ago. Strong sales in our higher margin, food and beverage and disk drive businesses combined with benefits from last year's optimization programs, drove the improvement.

我們預計，隨著銷售槓桿作用轉化為毛利率和費用率的改善，該業務部門的獲利能力將在今年剩餘時間內持續提高。生命科學業務的稅前利潤率顯著改善，從一年前的虧損 7.6% 改善至 9.2%。高利潤率的食品飲料和磁碟機業務的強勁銷售，加上去年優化計畫帶來的收益，推動了業績的改善。

A quick comment on last year's optimization efforts. We initiated the first and most substantial round of restructuring in LIFE SCIENCES late in the first quarter and then performed additional rounds over the course of fiscal '25. Given that cadence, the year-over-year improvement we just recognized in first quarter is at a much higher level than what we expect in future quarters over the balance of this fiscal year.

關於去年的優化工作，我簡單提一下。我們在第一季末啟動了生命科學領域第一輪也是規模最大的一輪重組，然後在 2025 財年期間進行了多輪重組。鑑於這種節奏，我們剛剛在第一季實現的同比改善幅度，遠高於我們預期在本財年剩餘時間未來幾季的水平。

Turning to our fiscal '26 outlook. First on sales. We are reiterating our sales guidance for every business except on-road within Mobile Solutions. This business represents less than 3% of total company sales. Consequently, the change to the on-road forecast does not have a meaningful impact on our growth expectations for the total company or Mobile Solutions.

接下來展望我們2026財年的前景。搶先發售。我們重申除移動解決方案業務範圍內的公路運輸業務外，所有業務的銷售指導方針。這項業務的銷售額占公司總銷售額的不到3%。因此，道路運輸預測的變化不會對公司整體或行動解決方案的成長預期產生實質影響。

We still expect total company sales to increase between 1% and 5%, including pricing of about 1%. And Mobile Solution sales are expected to be flat to up 4%. Within mobile solutions, On-Road sales are now expected to be flat versus 2025. This compares to our previous estimate of high single-digit growth and the change is driven by the timing of a few key projects that were pushed out beyond this fiscal year.

我們仍然預計公司總銷售額將成長 1% 至 5%，其中包括約 1% 的價格上漲。行動解決方案銷售額預計將持平或成長 4%。在行動解決方案領域，預計到 2025 年，公路運輸銷售將與去年持平。這與我們先前估計的高個位數成長相比有所下降，這項變更是由一些關鍵項目的時間安排所致，這些項目被推遲到本財年之外。

Off-Road sales are forecast to be up mid-single-digits, due in large part to easier comparisons from sharp declines in agriculture a year ago. We continue to see that end market at trough or near trough levels. Aftermarket sales are projected to grow low single-digits due to market share gains and vehicle utilization rates.

由於去年農業銷售量大幅下滑，今年的年比數據相對寬鬆，預計非公路車輛銷售將實現個位數中段的成長。我們持續看到終端市場處於低谷或接近低谷水準。由於市場份額的成長和車輛利用率的提高，預計售後市場銷售額將實現個位數低成長。

In Industrial Solutions, sales are forecast to grow between 2% and 6%, with a mid-single-digit increase in IFS, where sales are expected to grow across all businesses including in strategically important areas such as aftermarket enabled by services and connectivity.

在工業解決方案領域，預計銷售額將增長 2% 至 6%，其中 IFS 領域將實現中等個位數的增長，預計所有業務的銷售額都將增長，包括由服務和連接支持的售後市場等戰略重要領域。

Aerospace and defense sales are projected to be flat after cycling against record levels in the prior year. This forecast also reflects a rebound from the decline in first quarter as the timing of orders can be lumpy in this business.

在經歷了前一年創紀錄的水平後，預計航空航天和國防銷售額將保持穩定。該預測也反映出從第一季下滑中反彈，因為該行業的訂單時間可能不穩定。

In Life Sciences, we expect sales growth between 1% and 5% with continued momentum in food and beverage and disk drive. Through benefits from sales leverage and our improved cost structure, we anticipate full year Life Sciences profit margin to be mid-single-digits.

在生命科學領域，我們預計銷售額將成長 1% 至 5%，食品飲料和磁碟機領域將繼續保持成長勢頭。憑藉銷售槓桿效應和改進的成本結構，我們預計全年生命科學業務的利潤率將達到中等個位數。

One side note to help with calendarization of this profit. We expect life sciences will be profitable in every quarter but at a lower level than first quarter, which benefited from leverage that was due in part to the timing of project sales in our acquired businesses which we anticipated later in this year.

這裡補充一點，方便您將這部分利潤納入日曆。我們預期生命科學業務每季都會獲利，但獲利水準會低於第一季度，第一季度受益於槓桿效應，而槓桿效應部分是由於我們收購業務的專案銷售時間安排，我們預計這些專案銷售將在今年稍後實現。

Overall, we're pleased with our profitability expansion in this segment. Given our first quarter performance and our outlook for the balance of the year, we are increasing our full year operating margin guidance by 10 basis points to between 16.2% and 16.8%. This includes year-over-year sales growth in all three segments, gross margin expansion and expense leverage.

總體而言，我們對該業務板塊的獲利成長感到滿意。鑑於我們第一季的業績以及今年剩餘時間的展望，我們將全年營業利潤率預期上調 10 個基點，至 16.2% 至 16.8%。這包括所有三個業務板塊的年銷售額成長、毛利率擴張和費用槓桿化。

The midpoint of our guidance range implies an incremental margin of more than 40%. With that, we're also increasing our fiscal 2026 EPS guidance by $0.03 to $3.95 a share to $4.11 per share, or $4.03 at the midpoint.

我們給出的指導範圍中點意味著增量利潤率超過 40%。因此，我們將 2026 財年每股收益預期上調 0.03 美元，至每股 3.95 美元至 4.11 美元，中位數為 4.03 美元。

To help with modeling for the rest of the year, I would like to make a few points on calendarization. As is typical, our sales are weighted towards the back half of the year, representing about 52% of full year sales due to seasonal dynamics, such as holiday timing in the second quarter and peak activity in our end markets in the back half of the year.

為了幫助對今年剩餘時間進行建模，我想就日曆化提出幾點看法。與往常一樣，我們的銷售額主要集中在下半年，約佔全年銷售額的 52%，這是由於季節性因素造成的，例如第二季度的假期以及下半年終端市場的活躍高峰。

Operating profit is even more heavily skewed towards the back half with about 55% of full year profit being generated between February and July. We'll benefit from higher leverage on the normal step-up in second half sales volume and we also expect abating headwinds from footprint optimization initiatives as those projects complete.

營業利潤更集中在下半年，全年利潤的約 55% 是在 2 月至 7 月期間產生的。我們將受益於下半年銷售正常成長帶來的更高槓桿效應，同時隨著這些專案的完成，我們也預期佈局優化計畫帶來的不利影響將會減弱。

Now onto our balance sheet and cash flow outlook. We project cash conversion to be in the range of 85% to 95%, an improvement versus 2025 and consistent with historical averages. Combined with our supportive balance sheet and low net leverage ratio, which currently sits at 0.7 times. Donaldson has the financial flexibility to thoughtfully invest for our future growth. Our strategic capital allocation priorities are unchanged.

接下來我們來看看資產負債表和現金流量展望。我們預計現金轉換率將在 85% 至 95% 之間，比 2025 年有所提高，與歷史平均值一致。再加上我們穩健的資產負債表和較低的淨槓桿比率（目前為 0.7 倍）。唐納森擁有足夠的財務靈活性，可以為我們未來的發展進行審慎的投資。我們的策略資本配置重點保持不變。

First, reinvest back into the company. We are the leader in technology-led filtration and are committed to maintaining our position. We continue to make R&D investments in strategically important, high growth, high margin areas and we also invest in our supply chain and working capital to ensure best in class delivery for our customers, which is part of the value we provide. Our longer-term efforts are also supported by capital expenditures which include investments in new products and technologies across all of our segments.

首先，將資金重新投入公司。我們在技術驅動型過濾領域處於領先地位，並致力於保持這一地位。我們持續在具有策略意義、高成長、高利潤的領域進行研發投資，同時我們也投資於供應鏈和營運資金，以確保為客戶提供一流的交付服務，這是我們所提供的價值的一部分。我們的長期努力也得到了資本支出的支持，其中包括對我們所有業務部門的新產品和新技術的投資。

Our second capital deployment priority is disciplined M&A. We are actively working through a pipeline of opportunities and discipline is key to our approach as we pursue opportunities that meet our strategic and financial criteria.

我們的第二個資本部署重點是穩健的併購。我們正在積極掌握一系列機遇，而嚴謹的態度是我們追求符合我們策略和財務標準的機會的關鍵。

The value we create comes through reinvestment and also through the return of cash to our shareholders. As such, our third capital allocation priority is dividends. Speaking to our long-standing commitment to our shareholders, this calendar year is our 70th in a row of paying dividends and the 30th in a row of increasing our dividend, maintaining our status as a proud member of the S&P high yield dividend aristocrat Index. Our fourth priority is share purchase. For fiscal 2026, we're forecasting a repurchase of 2% to 3% of shares outstanding, which more than offsets dilution and is in line with our historic levels.

我們創造的價值來自於再投資以及向股東返還現金。因此，我們的第三項資本配置優先事項是分紅。為了履行我們對股東的長期承諾，今年是我們連續第 70 年派發股息，也是連續第 30 年提高股息，從而保持了我們作為標普高收益股息貴族指數成員的榮譽地位。我們的第四項優先事項是購買股票。對於 2026 財年，我們預計回購 2% 至 3% 的流通股，這足以抵消股權稀釋，並與我們的歷史水平相符。

To summarize, we are growing Donaldson Company and growing profitably. Taking the midpoints of our top and bottom line guidance ranges, we're projecting 10% earnings growth and 3% sales growth with incremental operating margin leverage of more than 40%. We have the balance sheet to invest in growth and we'll do that responsibly. We started the year strong and I expect to maintain that momentum well beyond fiscal '26.

總而言之，我們正在發展壯大唐納森公司，並且實現了獲利成長。取我們營收和利潤預期範圍的中點，我們預期獲利成長 10%，銷售額成長 3%，營業利潤率提升超過 40%。我們有足夠的資產負債表進行成長投資，而且我們會負責任地進行投資。今年開局強勁，我預計這種勢頭將持續到 2026 財年以後。

Now, I'll turn the call back to Tod.

現在，我把電話轉回給托德。

Thanks, Brad. As we turn the page to our second quarter, Donaldson is in a position of strength. We are maintaining our focus on doing what we do best solving our customers' complex filtration challenges through our technology-led products and services.

謝謝你，布拉德。進入第二季度，唐納森處於強勢地位。我們將繼續專注於我們最擅長的領域，透過我們以技術為主導的產品和服務，解決客戶複雜的過濾問題。

With this focus and through our execution, key investments and strategic initiatives, I am confident in our ability to create value for all of our stakeholders in the future and we look forward to reporting on our ongoing progress. To close, I want to thank our talented employees around the globe who each day are building our future success.

憑藉這一重點，以及我們的執行力、關鍵投資和策略舉措，我對我們未來為所有利害關係人創造價值的能力充滿信心，我們期待著報告我們持續取得的進展。最後，我要感謝我們遍佈全球的優秀員工，他們每天都在為我們未來的成功而努力。

With that, I will now turn the call back to the operator to open the line for questions.

接下來，我將把電話轉回給接線生，以便接聽提問。

(Operator Instructions)

（操作說明）

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Thank you. Good morning, everyone.

謝謝。各位早安。

Good morning. Hello.

早安.你好。

Sorry if I missed the detail, but what was IFS first-fit in aftermarket revenue in fiscal Q1, and then how should we think about first-fit and aftermarket contribution to mid-single-digit full year growth? And on the aftermarket side, is it still -- your expectation to increase connected machines by over 30% this year?

如果我遺漏了細節，請見諒。 IFS 在第一個財季的售後市場首次安裝收入是多少？我們該如何看待首次安裝和售後市場對全年中個位數成長的貢獻？在售後市場方面，您是否仍預期今年連網機器的數量將成長超過 30%？

Bryan, this is Brad. I'll start with the numbers. In IFS, both first-fit and replacement were up. We didn't go into the details on it. I think notably, power generation continues to do very well for us in terms of the projects and a lot of power needs for data center buildouts. So that business continues to do very well and that's on the new projects and then a little more tepid elsewhere.

布萊恩，這位是布萊德。我先從數字說起。在IFS中，首次安裝和更換量均有所上升。我們沒有深入探討細節。值得注意的是，就專案而言，發電業務繼續為我們帶來非常好的效益，滿足了資料中心建設的大量電力需求。所以這項業務繼續發展得很好，這主要得益於新項目，而其他方面的業務則略顯疲軟。

And relative to -- this is Todd -- and relative to connected solutions, we continue to do well and execute the strategy very well. We do expect to connect between 2,000 and 3, 000 dust collectors this year and we continue to be on target.

相對於——我是托德——相對於互聯解決方案而言，我們繼續表現出色，並且很好地執行了策略。我們預計今年將連接 2000 至 3000 台除塵器，目前我們正按計劃推進。

Okay, that's great to hear. And you had emphasized a little more so last quarter that the team remains in the heavy lift phase of footprint optimization. That being said, are you willing to speak to what structural benefits have been realized to date and what we should anticipate in terms of pending efficiencies, cost savings, et cetera, as the initiatives conclude the back half of this year into early next year.

好的，聽到這個消息太好了。上個季度您曾更強調，團隊仍處於佈局優化的艱苦階段。也就是說，您能否談談迄今為止已經實現的結構性效益，以及隨著這些舉措在今年下半年到明年初結束，我們應該對即將到來的效率提升、成本節約等方面抱有怎樣的預期？

Sure, this is Brad again, Bryan. In terms of structural efficiencies to date, very limited. I think if you look at this morning's report, one notable thing is a gain on sale of $9 million. So we've been moving a lot of product out of facilities. This was related to a plant in the UK. That's completed now.

沒錯，我是布萊德，布萊恩。就目前而言，結構效率非常有限。我認為，如果你看一下今天早上的報告，會發現一個值得注意的地方，那就是出售所得收益為 900 萬美元。所以我們一直在將大量產品從工廠轉移出去。這與英國的一種植物有關。現在已經完成了。

So there's two aspects of this work and the heavy lift has been that kind of final wrap up. And then the next tranche of work is going to be -- I'd call it startup in the new home of this production. So as we ramp up there, it's going to be teams getting used to this new delivery, new products and that'll happen over the. Over the course of this fiscal year, but that's where we talk about more of a building benefit towards the back half of fiscal '26.

所以這項工作有兩個面向，而最繁重的工作就是最後的收尾工作。接下來的一系列工作將是──我稱之為在新製作基地啟動這個計畫。所以隨著我們逐步前進，各個團隊需要時間來適應這種新的交付方式和新產品，而這需要一段時間。在本財年期間，我們將更深入討論在 2026 財年下半年取得實質進展。

And Bryan, Tod, just a little bit more -- so I also want to emphasize that we have taken out, best shots according to our all the planning that we have. For those benefits that you're looking for, and we have put those in the current guide that you're now in possession of.

還有布萊恩、陶德，再多說一點——我還想強調的是，我們已經根據我們所有的計劃，採取了最佳拍攝方式。您所尋求的那些好處，我們都已包含在您現在擁有的這份指南中。

Okay, understood. Appreciate the color.

好的，明白了。欣賞這種顏色。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Hi, good morning, and thanks for taking my question. I wanted to touch on the pricing trends a little bit. You had a 2%, I think, in this quarter, but got the full year guide at around 1%. Can you just talk a little bit more broadly about what you're seeing in terms of pricing dynamics in the market and just how should we think about kind of the full year and ability to potentially have that be closer to what you saw in the first quarter, why that doesn't persist?

您好，早安，感謝您回答我的問題。我想稍微談談價格趨勢。我認為你這季度的業績是 2%，但全年業績預期約為 1%。您能否更廣泛地談談您目前在市場定價動態方面觀察到的情況，以及我們應該如何看待全年的情況，並探討一下是否有可能使全年情況更接近您在第一季度看到的情況，以及為什麼這種情況沒有持續下去？

Hi, Angel, this is Rich. Yeah, just talking about pricing. I would say in general, if you think about where we're at and I go back to sort of what we're trying to do principally, which is have fair and balanced relationships commercially with our customers.

你好，Angel，我是Rich。是的，我們只是在討論價格。總的來說，如果你想想我們所處的位置，再回到我們主要想要做的事情，那就是與我們的客戶建立公平、平衡的商業關係。

We are in a fairly normalized pricing cycle after the past few years. And I think what you see in the guide is, exactly that. So costs are being managed well and we are pricing competitively in the market, but again, more normalized to sort of back pre-covid type conditions.

經過過去幾年的發展，我們目前處於相對正常的定價週期。我認為你在指南中看到的內容正是如此。因此，成本控制得很好，我們在市場上定價也很有競爭力，但同樣，一切都更加正常化，以恢復到新冠疫情前的狀態。

Got it. That's helpful. And then you gave a lot of helpful color on some of the end markets here. I was hoping you could dive a little bit deeper maybe on the regions and what you saw during the quarter and in particular I would be interested to kind of hear what you're seeing in terms of November to date and how some of these trends may or may not be kind of progressing given that most of your guides other than onward were essentially unchanged. So just yeah just how things are progressing in November.

知道了。那很有幫助。然後，你對這裡的一些終端市場進行了很多有益的介紹。我希望您能更深入地探討一下各個地區的情況，以及您在本季觀察到的情況。特別是，我很想聽聽您對 11 月至今的觀察，以及考慮到除了「Onward」之外的大部分指南基本上都沒有變化，這些趨勢是否正在發展。所以，這就是11月事情的進展。

Yeah, sure, this is Tod. So the -- say the best region or the most consistent region right now is Europe. Europe continues to actually strengthen a bit. We saw that within the quarter -- from the fourth quarter last year to the first quarter this year. So Europe's doing quite well in a broad-based manner across our businesses.

是的，沒錯，這是托德。所以——比如說，目前最好的地區或最穩定的地區是歐洲。歐洲的經濟其實仍在小幅走強。我們看到，從去年第四季到今年第一季度，情況發生了變化。因此，歐洲在各個業務領域都表現得相當不錯。

US, we're seeing a bit more careful, within the first quarter of this year, but still on a solid foundation. Latin America, also we're being very careful across Latin America. It's got some highs and lows. It's really pretty uneven across Latin America. Asia Pacific is doing okay. Obviously, we had a nice quarter in China based upon the wins that we have and the share gains that we continue to have in China, but we're just trying to be very careful on China.

我們看到，美國今年第一季採取了更謹慎的態度，但仍建立在堅實的基礎上。在拉丁美洲，我們也一直非常謹慎。它有高潮也有低潮。拉丁美洲各地的情況真的很不均衡。亞太地區情況尚可。顯然，基於我們在中國取得的勝利和持續成長的市場份額，我們在中國度過了一個不錯的季度，但我們只是想在中國保持非常謹慎的態度。

We've had two up quarters in a row, but we're still not really ready to call it economic recovery or green shoots or things like that. We'd really prefer to see more data points. All in all, though, we grow in everywhere in the world. Right now, we're executing really well as a company, and I'd say that's the regional summary.

我們已經連續兩個季度實現了成長，但我們仍然不認為這是經濟復甦或經濟出現好轉跡象之類的。我們非常希望看到更多的數據點。總而言之，我們在世界各地都有發展。目前，我們公司的營運狀況非常好，我認為這就是該地區的概況。

Helpful, thank you.

很有幫助，謝謝。

Adam Farley, Stifle.

亞當法利，Stifle。

Good morning, everyone.

各位早安。

Good morning.

早安.

We'll start on the Mobile aftermarket piece. Really strong growth there. It's good to see. Did you win any incremental share gains this quarter? Is this mostly carryover benefit from prior wins?

我們先從移動售後市場部分開始。那裡的成長勢頭非常強勁。很高興看到這一點。本季你們的市佔率是否有成長？這主要是之前勝利帶來的延續優勢嗎？

Little bit of --

一點點--

You look at the OE aftermarket. What about --

你看看原廠售後市場。那--

Sorry, go ahead, Adam.

抱歉，請繼續，亞當。

I was just going to say on the OE aftermarket channel side. Do you think you're seeing any, potential restocking activity?

我本來想說的是原廠售後市場通路方面的情況。你認為你看到了任何潛在的補貨活動嗎？

On the independent channel, a little bit of both some share gain, some carryover obviously from share gains that we've been talking about in the prior two quarters, on the OE aftermarket channel. As a reminder, quarter 2, particularly on the OEs, we do see a dip as the OEs, really do some balance sheet management, typical behavior. We did start to see that a little bit in October, and so we think -- it will be on the OE side, the typical behavior for them.

在獨立通路方面，市佔率有所成長，顯然也延續了我們在前兩個季度一直在討論的市佔率成長；在OE售後市場通路方面，市佔率也有所成長。提醒一下，第二季度，特別是對於原始設備製造商而言，我們確實看到業績下滑，因為原始設備製造商確實進行了一些資產負債表管理，這是典型的行為。我們在十月開始就看到了一些這樣的跡象，所以我們認為——對於 OE 來說，這將是他們的典型行為。

And we put that within the guide, but it's not -- it's not anything more than typical behavior and we're at poulter levels, and we're feeling really good about both the independent and OE channel. On the replacement parts and we're executing very well for our customers.

我們把這一點也寫進了指南裡，但這只是——這只是典型的行為，我們現在處於雛雞級別，我們對獨立渠道和 OE 渠道都感覺非常好。更換零件方面，我們為客戶提供的服務非常出色。

Okay, that's good to hear. Maybe on the industrial side, what were the primary drivers of the decrementals this quarter? Was it mainly the lower volumes in A&D or were there any other maybe one-time items of note?

好的，聽到這個消息很高興。或許從工業方面來看，本季出現下滑的主要原因是什麼？主要是A&D的銷售下降，還是還有其他值得注意的一次性事件？

Hi, Adam, Brad here. So the decrementals -- the -- it was about flat for the total segment but definitely pressure in then gross margin from higher operating costs and expense leverage, the pressure on those costs.

嗨，亞當，我是布萊德。因此，就整體業務而言，減損部分基本上持平，但營運成本和費用槓桿作用上升，導致毛利率面臨壓力，這些成本都承受著壓力。

So it's kind of the combination of those two things. We do expect it to build up from here over the course of the year. The challenge is timing in these businesses and you touched on it with A&D. This can be a very lumpy business and when that comes through, that's very good, and obviously we'll have some fits and starts like we have for probably the last eight quarters in that business. And then project timing on the IFS side.

所以這算是這兩件事的結合吧。我們預計這種情況會在今年逐漸改善。這些產業面臨的挑戰在於時機把握，您在航太與國防領域也談到了這一點。這個行業可能會非常不穩定，當它發展順利時，當然很好，但顯然，就像過去八個季度以來我們在這個行業中經歷的那樣，我們會經歷一些起伏。然後是IFS方面的專案時間安排。

Yeah, Adam, this is Rich. The only other thing I would add is we spoke about our footprint optimization work. The vast majority of that sets in that space, and so that work will continue and we'll see the benefits in the latter part of the year.

是的，亞當，我是里奇。我唯一要補充的是，我們也討論了我們的足跡優化工作。絕大多數項目都集中在這個區域，因此這項工作將繼續進行，我們將在今年下半年看到成效。

Okay, thank you for taking my questions.

好的，謝謝您回答我的問題。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Hey, good morning. Thanks for taking my questions. The first one I just wanted to dig into the industrial outlook a little bit further, up 1.5% or so in this quarter but the outlook for, stronger growth, so acceleration. Can you just, put some detail around that forecast?

嘿，早安。謝謝您回答我的問題。首先，我想更深入地探討工業前景，本季成長了約 1.5%，但前景是更強勁的成長，也就是加速成長。能詳細說明一下這個預測嗎？

Yeah, Bryan, this is Brad. So I think part of it is this timing that we mentioned. I mean, defense and was particularly challenged in the quarter. There's still some supplier issues that we've been talking about for a while in this business that pushes some of those sales out.

是的，布萊恩，這位是布萊德。所以我覺得部分原因在於我們之前提到的時機問題。我的意思是，防守方面，我們在這一節比賽中受到了特別大的挑戰。我們這個行業仍然存在一些供應商問題，這些問題我們已經討論過一段時間了，這些問題導致一些銷售延遲。

Also some project timing, particularly with PowerGen. I mentioned earlier in this call that we had a good quarter but obviously that this is -- these are big projects and we have a lot in queue that we're working to get out. So those are the couple things that build. I mean it's hard to say exactly the date and we won't go into quarter by quarter guidance, but like I said in the earlier answer industrial we do expect it to build up from here. In terms of sales volume and profitability.

此外，還有一些專案的時間安排問題，特別是與 PowerGen 相關的項目。我之前在電話會議中提到過，我們這個季度業績不錯，但顯然——這些都是大項目，我們有很多項目正在排隊等待完成。所以，這就是構成這一切的兩大要素。我的意思是，很難說確切的日期，我們也不會逐季度給出指導，但就像我在之前的回答中提到的工業領域一樣，我們預計它會從這裡開始成長。就銷量和獲利能力而言。

Okay. Okay. And then in the disk drive business, can you talk a little bit about what's driving that in the near term and you know what are the, what's the long-term secular outlook for that business now and I know you probably don't want to talk about how significant that is in terms of revenue dollars but if you could give any -- give us any sense for how large that business is now, that would be helpful.

好的。好的。那麼，關於磁碟機業務，您能否談談近期推動該業務發展的因素，以及該業務的長期發展前景？我知道您可能不想談論該業務在收入方面的重要性，但如果您能大致介紹一下該業務目前的規模，那就太好了。

Yeah, Bryan, this is Rich. I'll talk about the outlook and what's driving it. Clearly, our customers in this space continue to evolve their technology. We talked about hammering the script. It's the latest technology driving, really technical challenges in the filtration space and so we're seeing both share gains and market upturn.

是的，布萊恩，我是里奇。我將談談前景以及推動前景發展的因素。顯然，我們在這個領域的客戶正在不斷發展他們的技術。我們討論瞭如何反覆修改劇本。這是最新的技術，它真正帶來了過濾領域的技術挑戰，因此我們看到了市場份額的成長和市場回升。

A lot of that's being driven by the AI and the cloud-based storage. That's the predominant driver of that. Our expectation is we'll continue to see a lot of strength this year and we believe that, that trend will moderate but still continue to grow in the coming years following that secular trend.

這很大程度上是由人工智慧和雲端儲存推動的。這是主要原因。我們預計今年將繼續保持強勁勢頭，我們相信，這種趨勢會有所放緩，但在未來幾年仍將遵循長期趨勢繼續增長。

Hey, Bryan, Brad, again. We can triangulate that for you. It's a couple percent of total rep, couple percent of total Donaldson's sales.

嗨，布萊恩，布萊德，又是你們。我們可以幫你進行三角測量。這僅佔總代理商的百分之幾，也僅佔唐納森總銷售額的百分之幾。

Okay, got it. And by the way, Brad, after like 15 years, I do recognize all of your voices really clearly, but --

好的，明白了。順便說一句，布拉德，過了大概15年，我仍然能非常清楚地認出你們所有人的聲音，但是…--

It's for the AI, man.

這是給人工智慧用的，夥計。

Yeah, no, I know it's not for me, I guess actually it's been like 17 years, so just one quick question, the last question, yeah, so this is Brian Drab at William Blair, one last quick question is data center in general, maybe for your industrial business I'm thinking like [torrent], dust collectors, is this data center opportunity going to materially materially impact your business going forward. Like what are the opportunities --

是的，不，我知道它不適合我，我想實際上已經過去17年了，所以最後一個問題，是的，我是William Blair的Brian Drab，最後一個問題是關於數據中心的，特別是對於你們的工業業務，比如[torrent]、除塵器，數據中心的機遇是否會對你們未來的業務產生實質性的影響。有哪些機會？--

Bryan, this is Rich. This crosses actually both our Life Science segment and our Industrial. And so if you think about these data centers, we're touching them in a lot of ways. They use a lot of power. So it's really good for our power generation business on the input side.

布萊恩，我是里奇。這實際上涵蓋了我們的生命科學部門和工業部門。所以，想想這些資料中心，我們其實在很多方面都與它們息息相關。它們耗電量很大。所以這對我們發電業務的輸入方面來說真的很有好處。

We have a microelectronic business where we're doing chips. These are also being fed into these data centers or disk drive business, clearly we just talked about. And we're also seeing some new opportunities using some of our food and bed products in the cooling, the water cooling, and so we've seen some pretty nice upticks in demand.

我們是一家微電子企業，主要生產晶片。顯然，這些設備也被輸送到我們剛才討論過的資料中心或磁碟機業務。我們也看到了一些新的機遇，可以將我們的一些食品和床上用品用於冷卻、水冷等領域，因此我們看到需求出現了相當不錯的增長。

Based on -- there's a lot of these folks were using air cooling before and they're switching over to liquid cooling and that's driving some nice business opportunities for us so we're coming at it from multiple angles, probably a little bit less so on the dust collection standpoint. That's more of an HVAC play but for the rest of our business is touching this in a lot of ways.

基於以下情況——很多人以前使用風冷，現在他們正在轉向液冷，這為我們帶來了一些不錯的商機，所以我們從多個角度著手，可能在除塵方面著墨不多。這更多的是一種暖通空調的應用，但我們其他業務也以許多方式與之相關。

Okay, very interesting. Thanks very much.

好的，很有意思。非常感謝。

Lawrence Alexander, Jeffries.

勞倫斯·亞歷山大，杰弗里斯。

So good morning. Could you help us with the overall rate of share gains. What the impact is on either the first quarter sales or what you're baking in for the full year. Just to give a sense for how much you're outperforming the end market.

早安.請問您能否提供一下股票整體報酬率的數據？這將對第一季銷售額或您為全年所做的預算產生什麼影響？只是為了讓您了解您的業績比終端市場高出多少。

Well, just generally, as you look at your models, share gains, typically within our more mature markets, are more low single-digit type of gains that help us to grow on an annual basis. So if you just kind of think of it that way in our mature markets, in our more immature markets, it could be pretty lumpy or in our project-based businesses, it could be lumpy like power generation, obviously, where you have multi-million dollar projects but the best way to look at that is in our mature markets, it's a low single-digit type of a situation.

總的來說，從我們的模型來看，市場份額的成長，尤其是在我們較成熟的市場中，通常是個位數的成長，這有助於我們實現年度成長。所以，如果你這樣想的話，在我們成熟的市場中，在我們不太成熟的市場中，情況可能會相當不穩定；或者在我們以項目為基礎的業務中，情況可能會很不穩定，比如發電，顯然，那裡有數百萬美元的項目，但最好的看待方式是，在我們成熟的市場中，情況是低個位數。

So I guess if PowerGen, for example, were to accelerate over the next couple of years, does that mean the net contribution from shared gains is increasing or declining from this year?

所以我想，如果例如 PowerGen 在未來幾年加速發展，這意味著共享收益的淨貢獻是比今年增加還是減少呢？

Increasing because our overall Power Generation business will continue to grow as we look forward. For example, we told you in the script that we are at full capacity for the balance of this fiscal year.

成長的原因在於，展望未來，我們的整體發電業務將持續成長。例如，我們在腳本中告訴您，本財年剩餘時間我們將滿載運轉。

And then I guess just lastly just if you look out four, five years, what's your view on kind of how much capacity you might need to add in some in those in those businesses to sort of keep up with the projected data center build out.

最後，我想問的是，展望未來四、五年，您認為這些企業可能需要增加多少容量才能跟上預計的資料中心建設進度？

If you look back to the last five years of Donaldson Company and you take a look at our investment levels, our CapEx, et cetera. The new manufacturing facilities that we put, we sit in really strong shape to position ourselves for when the end markets that have headwinds presented to us today, when they recover, we'll be able to answer.

回顧唐納森公司過去五年的發展歷程，看看我們的投資水準、資本支出等等。我們新建的製造設施使我們處於非常有利的地位，能夠為目前面臨逆境的終端市場做好準備，待其復甦時，我們將能夠應對挑戰。

And so we feel as though we sit in really strong position to really take care of our customers. It's one of our guiding principles and that's the way, we invested in the corporation. We'll be fine when that recovery happens and so overall plan expansions, et cetera. It'll just be a normal cadence standard work for Donaldson. There won't be typical rushes that other people may experience that's -- we are really happy with where we sit.

因此，我們感覺自己處於非常有利的地位，能夠真正照顧好我們的客戶。這是我們的指導原則之一，也是我們投資這家公司的方式。等經濟復甦到來，整體計畫擴張等等都會順利進行。對唐納森來說，這只是普通的節奏標準訓練。不會像其他人一樣遇到擁擠的情況——我們對自己的座位非常滿意。

Thank you.

謝謝。

Tim Thane, Raymond James.

提姆·塞恩，雷蒙德·詹姆斯。

Oh great. Thank you, good morning. The first question was just on the aftermarket business within Mobile and just thinking about this for the balance of the year -- the -- you grew nicely against what was the toughest comp it from last year. So I know it -- it's sometimes these things are you run the risk of cutting it too finely, but the growth that it appears that you're expecting it to maybe settle a bit from what you experienced in the first quarter. Can you just -- is that a fair assumption and maybe just kind of walk through any assumption that may be included as to how you're thinking about the balance of the year for that.

哦，太好了。謝謝，早安。第一個問題是關於 Mobile 的售後市場業務，考慮到今年剩餘時間的情況——儘管去年同期競爭非常激烈，但你們的成長依然可圈可點。我知道——有時候，這類事情可能會處理得太細緻，但成長似乎會比第一季經歷的放緩。您能否說明一下－這個假設是否合理？能否請您詳細說明您對今年剩餘時間的考慮中可能包含的任何假設？

Tim, that's a fair assumption and maybe just to be a little bit more granular, when you break up the OE growth versus the independent channel growth in Q1, I would tell you that the OE growth is low single-digits and the independent channels or double-digits. So that kind of shows you the mix. It also speaks to the share games that we continue to win, but we do think, particularly in the second quarter as is typical every single year, the OEs will balance sheet manage, will go more muted and then we'll bounce back in our typical secular fashion year-over-year in the second half.

Tim，這是一個合理的假設，為了更細緻一些，當你把第一季的 OE 成長與獨立通路成長分開來看時，我會告訴你，OE 的成長是低個位數，而獨立通路的成長是兩位數。這大致就能看出其中的成分了。這也說明了我們在市場份額爭奪戰中持續獲勝，但我們認為，尤其是在第二季度，就像每年一樣，企業會進行資產負債表管理，採取更為低調的策略，然後在下半年，我們將以典型的長期方式逐年反彈。

Okay, and alright, and then the -- just on the -- these [4 plus 40%] incrementals are pretty impressive in terms of the benefits related to the footprint optimization. Is there a way to help us think about what that is yielding as you -- as we exit the year, kind of a starting off point thinking about next year once these savings are kind of fully in the numbers. Is there any help you can give us on that?

好的，而且，就這些[4加40%]增量而言，在與佔地面積優化相關的收益方面，這些增量相當令人印象深刻。有沒有辦法幫助我們思考，隨著今年即將結束，這些節省的費用完全計入數字之後，明年我們該如何著手考慮這些節省會帶來什麼結果？您在這方面能為我們提供什麼協助嗎？

Thank you. I guess -- Hi, Tim, I point back to the comments I made about triangulating the full year. I won't break it down into the specifics of this is where exactly that number lands but if you think about operating profit tilted 55% comes in the second half and all of the -- I shouldn't say all of them, most of that is gross margin expansion.

謝謝。我想——嗨，蒂姆，我再次提及我之前關於全年數據三角測量的評論。我不會詳細解釋這個數字具體落在了哪裡，但如果你想想營業利潤，55% 的增長發生在下半年，而且所有——我不應該說所有，其中大部分是毛利率的擴張。

We'll continue to get expense leverage as we go through but a lot of that is gross margin, and some of that is from the footprint optimization. We will have the natural volume leverage but we do expect to start to build on the momentum as those projects are complete.

我們將繼續利用成本槓桿，但其中許多是毛利率，部分來自佈局優化。我們將擁有自然的銷售優勢，但我們預計隨著這些項目的完成，我們將開始鞏固這一勢頭。

Alright. Thank you, Brad. Appreciate it.

好吧。謝謝你，布拉德。謝謝。

Yeah.

是的。

Rob Mason, Baird.

羅布梅森，貝爾德。

Hi, good morning.

您好，早安。

Good morning, Rob.

早安，羅布。

And congratulations on a good start to the year.

恭喜你今年開局順利。

Thank you.

謝謝。

Just around that, Tod, it's somewhat uncharacteristic or at least recently, for you to change guidance or raise guidance after the first quarter and it looks like maybe I can trace that to the improvement in the margin expectations. But if you kind of walked around the world there regionally use the word careful a lot is also, so I'm just maybe a little more context on where the confidence is to go ahead and raise the guidance is this all kind of self-help driven margin controlled or is there anything else moving around within the sales, outlook. Within the ranges that you have that did not change but is anything moving up?

托德，就這一點而言，你最近在第一季之後改變或提高業績預期有點反常，或者至少最近是這樣，而這似乎與利潤率預期的改善有關。但如果你環遊世界，你會發現很多地區都在使用「謹慎」這個詞，所以我只是想了解一下，提高業績指引的信心來源是什麼，這完全是自我激勵驅動的利潤控制，還是銷售前景中還有其他因素在起作用？在您設定的範圍內，哪些指標沒有變化，但哪些指標上升了？

Yeah, sure.

當然可以。

So any other context you can give us.

所以，您還能提供其他什麼背景資訊嗎？

Sure, absolutely, Rob. So when we take a look at the portfolio, right, we have a strong, diversified portfolio of businesses, all the puts and takes, we do have some headwinds in portfolio but we are winning share gains. If you look at our aftermarket businesses, industrial, our Mobile Solutions businesses, the way our Life Sciences business, particularly food and beverage performed.

當然可以，羅布。所以當我們審視投資組合時，我們擁有一個強大且多元化的業務組合，涵蓋了所有買賣雙方，雖然我們的投資組合確實面臨一些不利因素，但我們正在贏得市場份額的成長。如果你看看我們的售後市場業務、工業業務、行動解決方案業務，以及我們生命科學業務（特別是食品和飲料業務）的表現。

You take. You take the highs are higher -- highs than the lows are on the step down. And so consequently, we pride ourselves on being transparent for all of you and helping you understand our company and we felt, as though we would do that again this time rather than hold back and that's our guiding principle. We feel very good and confident about where we are to execute the year and so that's why we did that.

你拿走。你會發現高峰比低谷更高——高峰比低谷更高。因此，我們一直以對大家保持透明、幫助大家了解我們公司而自豪，我們覺得這次我們也會這樣做，而不是有所保留，這就是我們的指導原則。我們對今年的執行情況感到非常滿意和自信，所以才這樣做。

Very good. Well, maybe I'll press you on the transparency. Can you speak to -- you talked about your PowerGen business having a lot of demand order books full, you also seemingly sound comfortable on where your ability to improve capacity. But yeah, can you give us some feel for how that business can grow this year given it is in kind of a sold out position, yeah, with at least within the context of the mid-single-digit for IFS, where that may land for this year. PowerGen.

非常好。好吧，或許我會就透明度問題向你施壓。您能否談談—您提到您的發電業務有很多訂單已滿，而且您似乎對提高產能的能力也很有信心。但是，鑑於目前業務幾乎已經售罄，您能否大致談談該業務今年的成長前景？至少在IFS年增長率預計為個位數的背景下，您能否預測一下該業務今年的成長？發電。

Yeah, the biggest challenge for us within Power Generation is because of full capacity utilization is the ramp up and ramp up to the level when you see that business really go as hard and as fast forward as it is, are usually more complicated than just kind of running it as you might imagine. These things are, one order could take 40 semi-trucks full of fabricated metal to be shipped somewhere in the world.

是的，對於我們發電行業來說，最大的挑戰在於產能利用率的提升，以及當業務真正像現在這樣快速發展時，產能提升到所需水平的過程，通常比你想像的要復雜得多。例如，一個訂單可能需要 40 輛半拖車裝滿金屬製品才能運送到世界各地。

So it's really that part of it that will determine our overall growth rates, we baked that into the guide, we've taken our best opportunity to do that. We believe that at this point that year-over-year will be kind of mid-single-digits on the growth.

所以，正是這部分因素將決定我們的整體成長率，我們已將其納入指導方針，並盡最大努力實現了這一點。我們認為，目前來看，年增速將處於個位數中段水準。

There is a chance we could have some upside if we execute better but because those projects are also multi-million dollar projects, if you have a site not ready at a customer, they could push out delivery into another quarter as you've been. You've been following this a long time and even into a fiscal year. So we've tried to just balance all those macro factors into the guidance that we gave. It's obviously an important component of our story right now and we're working hard to execute it for our customers.

如果我們執行得更好，或許會有一些好處，但由於這些項目也是數百萬美元的項目，如果你的網站沒有準備好交付給客戶，他們可能會像你一樣將交付推遲到另一個季度。你一直關注這件事，甚至已經持續了一個財政年度。因此，我們努力將所有這些宏觀因素納入我們給予的指導方針中。這顯然是我們目前故事的重要組成部分，我們正在努力為我們的客戶實現它。

That's helpful. Thank you.

那很有幫助。謝謝。

That concludes our question-and-answer session. I will now turn the call back over to Tod Carpenter for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給托德·卡彭特，請他作總結發言。

That concludes the call today. Thanks to everyone who has participated. We all at Donaldson wish all of you a safe and happy holiday season and we look forward to reporting our second quarter earnings in about 90 days. Goodbye.

今天的電話會議到此結束。感謝所有參與者。唐納森公司全體員工祝福大家假期平安快樂，我們期待在大約 90 天後公佈第二季財報。再見。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。