Donaldson Company, Inc. (DCI) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Donaldson Company third quarter fiscal year 2026 earnings webcast and conference call. (Operator Instructions)

大家好。感謝各位加入，歡迎收聽唐納森公司（Donaldson Company）2026 會計年度第三季財報網路直播與電話會議。（接線員指示）

I will now hand the conference over to Sarika Dhadwal, Head of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係主管 Sarika Dhadwal。請開始。

Good morning. Thank you for joining Donaldson's third quarter fiscal 2026 earnings conference call. With me today are Rich Lewis, President and CEO; and Brad Pogalz, Chief Financial Officer. This morning, we will provide a summary of our third quarter performance and our outlook for fiscal 2026.

各位早安。感謝各位參加唐納森 2026 會計年度第三季財報電話會議。今天與我一同出席的有總裁暨執行長 Rich Lewis，以及財務長 Brad Pogalz。今天早上，我們將摘要說明第三季表現，以及對 2026 會計年度的展望。

During today's call, we will discuss non-GAAP or adjusted results. For third quarter 2026, non-GAAP results exclude pretax charges of $9.8 million, including $9 million of restructuring and other and $800,000 of business development charges. This compares to prior year pretax charges of $65.8 million, including $4.2 million of restructuring and other, $800,000 of business development charges, $62 million for the impairment of intangible assets and a $1.2 million gain on the sale of fixed assets. A reconciliation of GAAP to non-GAAP metrics is provided within the schedules attached to this morning's press release.

在今天的電話會議中，我們將討論非 GAAP（或調整後）結果。就 2026 年第三季而言，非 GAAP 結果排除稅前費用 980 萬美元，其中包括 900 萬美元的重整及其他費用，以及 80 萬美元的業務發展費用。相較之下，去年同期稅前費用為 6,580 萬美元，其中包括 420 萬美元的重整及其他費用、80 萬美元的業務發展費用、6,200 萬美元的無形資產減損，以及出售固定資產的 120 萬美元收益。GAAP 與非 GAAP 指標的調節表已載於今早新聞稿所附的附表中。

Before I turn it over to Rich, a quick note on our recently completed acquisition of Facet Filtration. Facet performance will be included in our consolidated fourth quarter earnings results reported in the Aerospace and Defense business unit within Industrial Solutions.

在我把時間交給 Rich 之前，先簡要說明我們近期完成的 Facet Filtration 收購案。Facet 的業績將納入我們合併第四季財報，並歸屬於工業解決方案（Industrial Solutions）事業單位中的航太與國防（Aerospace and Defense）業務。

With that, 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.

此外，請各位留意，本次電話會議中的任何前瞻性陳述均受風險與不確定性影響，相關內容已於我們的新聞稿與向 SEC 提交的文件中說明。

I will now turn the call over to Rich.

現在我把電話會議交給 Rich。

Thanks, Sarika, and good morning, everyone. Third quarter was a strong quarter for Donaldson Company and as expected, marked a significant step-up in performance from our second quarter results. I am proud of our team whose hard work resulted in the company's strongest quarter to date with respect to sales, adjusted operating margin, and adjusted EPS.

謝謝你，Sarika，各位早安。第三季對唐納森公司而言是強勁的一季，且如預期，相較第二季的結果，表現顯著躍升。我為我們的團隊感到自豪；他們的辛勤付出使公司在銷售額、調整後營業利益率與調整後每股盈餘（EPS）方面，創下迄今最強的一季。

We successfully navigated macro uncertainty, including uneven cyclical dynamics and the ongoing conflict in the Middle East. To that end, I specifically want to thank our team in Abu Dhabi, whose dedication and resolve have been on display over the last several months. Our leaders have ensured employees feel as safe as possible and that our local operations continue.

我們成功因應總體環境的不確定性，包括不均衡的景氣循環動態，以及中東地區持續的衝突。在此我特別要感謝我們阿布達比團隊，過去幾個月他們的投入與韌性有目共睹。我們的領導團隊確保員工在可能的情況下感到安全，並讓當地營運得以持續。

Globally, this quarter, we continue to serve our customers through our expanded product portfolio and high on-time delivery rates, including in the higher-margin Mobile Solutions aftermarket business, Food and Beverage, and our Disk Drive business.

在全球層面，本季我們持續透過擴充的產品組合與高準時交付率來服務客戶，其中包括毛利率較高的行動解決方案（Mobile Solutions）售後市場業務、食品與飲料，以及我們的磁碟機（Disk Drive）業務。

We made further progress on optimizing our cost structure as we closed the last two plants identified within our footprint optimization initiative. We are now focused on ramping up production in the receiving sites, which puts us on the path to delivering incremental efficiencies in the future.

我們在優化成本結構方面也取得進一步進展，已關閉足跡優化計畫中所識別的最後兩座工廠。目前我們聚焦於在承接生產的據點提升產能，這將使我們走在未來帶來額外效率提升的道路上。

Lastly, subsequent to quarter end, we closed our acquisition of Facet Filtration, adding high-performance fuel and fluid capabilities to our expanding Industrial Solutions product portfolio. Facet increases our exposure to durable growing end markets, including aerospace and power generation and strengthens our aftermarket position with approximately 70% of revenues driven by recurring regulated replacement part sales with highly accretive margins. We welcome the Facet team to the Donaldson, and integration efforts are underway.

最後，在季末之後，我們完成了對 Facet Filtration 的收購，為我們持續擴大的工業解決方案產品組合增添高性能燃油與流體處理能力。Facet 提升了我們在具韌性且成長中的終端市場之曝險，包括航太與發電，並強化我們的售後市場地位；其約 70% 的營收來自受法規規範的替換零件之經常性銷售，且具高度增益的利潤率。我們歡迎 Facet 團隊加入唐納森，整合作業已在進行中。

As demonstrated this quarter, Donaldson is committed to delivering for all our stakeholders, including our customers, shareholders, and employees. We continually do this through our leadership position in filtration, which was built on decades of solving our customers' most difficult filtration problems; our best-in-class technology, uniquely powerful because we focus on filtration capabilities and then leverage these technologies across multiple end markets; our ability to help customers meet evolving environmental and operational goals by helping to protect equipment, processes and people; and our clear strategic and balanced growth strategy. This is how we have and continue to win.

如本季所展現，唐納森致力於為所有利害關係人交付成果，包括客戶、股東與員工。我們持續透過以下方式做到這一點：在過濾（filtration）領域的領導地位——這建立在數十年來解決客戶最棘手的過濾問題之上；同級最佳的技術——其獨特優勢在於我們專注於過濾能力，並將這些技術延伸至多個終端市場；協助客戶達成不斷演進的環境與營運目標——透過保護設備、製程與人員；以及清晰、具策略性且均衡的成長策略。這就是我們過去如何取勝，並將持續取勝的方式。

Now I will cover some third quarter highlights. Brad will discuss the quarterly financials and full year guidance in more detail, and then I will return for some closing remarks. At a high level, sales were a record $995 million, 6% above prior year, driven by currency translation, net pricing benefits and volume growth.

接下來我將說明第三季的一些重點。Brad 將更詳細討論本季財務表現與全年指引，之後我會回來做一些結語。整體而言，銷售額創新高達 9.95 億美元，較去年同期成長 6%，主要由匯率換算、淨定價效益與銷量成長所帶動。

Operating margin was 16.6%, up 30 basis points over prior year and an increase of 260 basis points from second quarter. Expense leverage on higher sales was partially offset by gross margin pressure from production shifts to support customer-specific requirements in Power Generation within Industrial Solutions. Adjusted earnings per share were $1.06, 7% above 2025.

營業利益率為 16.6%，較去年同期提升 30 個基點，並較第二季增加 260 個基點。在銷售成長帶動下的費用槓桿效益，部分被工業解決方案中發電（Power Generation）業務為支援客戶特定需求而進行的生產轉移所造成的毛利率壓力所抵銷。調整後每股盈餘為 1.06 美元，較 2025 年成長 7%。

Now I'll cover some highlights by segment. In Mobile Solutions, sales were $630 million, up 8%, inclusive of strong volume growth. Aftermarket sales were $498 million, up 8%, with growth in all regions and in both channels.

接下來我將按事業部門說明一些重點。在行動解決方案方面，銷售額為 6.30 億美元，成長 8%，其中包含強勁的銷量成長。售後市場銷售額為 4.98 億美元，成長 8%，各區域與兩個通路皆有成長。

We grew double digits in our independent channel, where our product availability, reliability, and consistency continue to drive share gains. This quarter, we had a large competitive win with a major North America fleet operator supplying a mix of air, lube, and fuel products. These types of programs allow us to strengthen our future dealer relationships and create meaningful future pull-through opportunities for incremental sales.

在獨立通路方面，我們實現兩位數成長；我們的產品供應能力、可靠性與一致性持續帶動市占提升。本季我們在競爭上取得一項重大勝利，與北美一家大型車隊營運商合作，供應包含空氣、潤滑油與燃油等產品組合。此類方案使我們得以強化未來的經銷商關係，並為未來新增銷售創造具意義的延伸帶動（pull-through）機會。

On the first-fit side, Off-Road sales were $104 million, an increase of 9% versus prior year, led by strength in construction. On-Road sales of $28 million increased 5% as truck production began to ramp, particularly in EMEA. Touching on China within mobile, sales were up 6% due to strength in Off-Road. Performance in China has been encouraging, and the growing export market is supporting demand for our technology-led solutions.

在原廠配套（first-fit）方面，非道路（Off-Road）銷售額為 1.04 億美元，較去年同期成長 9%，主要由建築領域的強勁表現帶動。道路（On-Road）銷售額為 2,800 萬美元，成長 5%，因卡車產量開始回升，尤其在 EMEA 地區。談到行動業務中的中國市場，銷售額成長 6%，主要受非道路業務走強帶動。中國的表現令人鼓舞，且不斷成長的出口市場正在支撐對我們以技術為導向解決方案的需求。

In Industrial Solutions, sales were $282 million, down 1%, driven by volume declines, partially offset by net pricing and currency benefits. IFS sales of $237 million grew 2% from net pricing and Power Generation volume growth, primarily in EMEA, where sales of new equipment more than doubled as we continue to benefit from the super cycle. Partially offsetting this favorability were volume declines in new equipment sales for industrial gases and dust collection.

在工業解決方案方面，銷售額為 2.82 億美元，年減 1%，主要由銷量下滑所致，部分被淨定價與匯率效益所抵銷。IFS 銷售額為 2.37 億美元，因淨定價與發電業務銷量成長而年增 2%；成長主要來自 EMEA 地區，隨著我們持續受惠於超級循環（super cycle），新設備銷售額增加逾一倍。部分抵銷上述利多的是工業氣體與集塵（dust collection）新設備銷售的銷量下滑。

Importantly, we are encouraged by the positive macro indicators we are seeing for our CapEx-based businesses, including strengthening industrial production and capital expenditures in certain regions, including North America and APAC. This more supportive backdrop, combined with our new product introductions gives us confidence in our ability to win in these markets.

重要的是，我們對以資本支出（CapEx）為基礎的業務所見到的正向總體指標感到鼓舞，包括部分地區工業生產與資本支出走強，涵蓋北美與亞太（APAC）。在更有利的環境背景下，加上我們的新產品導入，使我們對在這些市場取勝的能力更具信心。

Last month, we launched our Stratos Mist Collector as part of our dust collection product portfolio. With modern machining operations, elevated levels of smaller mist particles and contaminants need to be captured. We are solving this customer problem through Stratos' reliable, continuous duty filtration, which comes in a space-efficient footprint and supports multiple industries. Early indications are positive, including strong customer interest and quoting activity.

上個月，我們推出 Stratos 油霧收集器（Stratos Mist Collector），作為我們集塵產品組合的一部分。在現代化加工製程中，較小的油霧微粒與污染物濃度提高，需要被有效捕捉。我們透過 Stratos 可靠、可連續運轉的過濾能力來解決此一客戶痛點；其占地更節省空間，並可支援多個產業。初步跡象正面，包括客戶興趣濃厚與報價活動活躍。

Switching over to Aerospace and Defense. Sales were $45 million, down 14% versus 2025 due to weaker new equipment sales. Volumes were pressured by ongoing supply chain constraints and project timing.

接著談航太與國防。銷售額為 4,500 萬美元，較 2025 年下滑 14%，主因新設備銷售較弱。受持續的供應鏈限制與專案時程影響，出貨量承壓。

In Life Sciences, sales of $84 million increased 13%, largely as a result of robust new equipment volume in Food and Beverage and ongoing strength in Disk Drive. Momentum continues in our Food and Beverage business, where sales grew over 30%, supported by new equipment sales and with a growing installed base driving consumables demand.

在生命科學領域，銷售額為8,400萬美元，成長13%，主要受惠於食品與飲料的新設備出貨量強勁，以及磁碟機業務持續走強。我們的食品與飲料業務動能持續，銷售成長超過30%，由新設備銷售帶動，且隨著裝機基數擴大，耗材需求也隨之增加。

We are excited about the customer and channel partner reception to our new technology-led offerings and continue to build out our portfolio. In March, we expanded our LifeTec product line by introducing our most advanced high loading performance filter, largely for use in bottled water filtration applications. This product is built with Donaldson membrane manufactured in our own material research center and is designed to improve efficiency and filter life, driving lower total cost of ownership and value to our customers.

我們對客戶與通路夥伴對我們以新技術為主導的產品方案之反應感到振奮，並將持續擴充產品組合。3月，我們推出目前最先進的高載量性能濾芯，擴展了LifeTec產品線，主要用於瓶裝水過濾應用。該產品採用由我們自有材料研究中心製造的Donaldson膜材打造，旨在提升效率與濾芯壽命，進而降低總持有成本，並為客戶創造價值。

In summary, I am pleased with our third quarter results. We exited the quarter with robust order volumes, elevated backlogs and focused execution, giving us confidence in delivering on our record organic guidance ranges, inclusive of record sales of over $3.8 billion or a 4% increase over prior year, driven by growth in several key high-margin businesses, operating margin expansion versus 2025, earnings per share roughly 8% above prior year and free cash flow conversion of approximately 90%, important as we remain committed to returning value to our shareholders.

總結而言，我對我們第三季的表現感到滿意。我們在本季結束時擁有強勁的訂單量、偏高的在手訂單（backlog）以及聚焦的執行力，讓我們有信心達成創紀錄的有機成長指引區間，其中包括：創紀錄的銷售額超過38億美元、較去年成長4%（由多項關鍵高毛利業務成長所帶動）、相較2025年營業利益率擴張、每股盈餘約較去年高8%，以及約90%的自由現金流轉換率；在我們持續致力於回饋股東價值之際，這點尤為重要。

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，我將把時間交給Brad，他將就財務細節以及我們對2026會計年度的展望提供更多說明。Brad？

Thanks, Rich. Good morning, everyone. The topic we have been discussing with many of you since our last report was our plan to drive a strong sequential improvement in operating margin, and we're pleased to say, on that point, we delivered.

謝謝你，Rich。各位早安。自上次財報以來，我們與許多各位討論的主題是我們推動營業利益率逐季顯著改善的計畫；我們很高興地表示，就這一點而言，我們做到了。

While the operational work is not yet done in our Industrial segment, our Mobile and Life Sciences segments performed very well, all complemented by sharp prioritization of initiatives across the company. I want to thank my global colleagues for their diligence and commitment as we propelled the company to new records for sales, operating margin, and EPS.

雖然我們工業事業部的營運改善工作尚未完成，但行動解決方案與生命科學事業部表現非常出色，同時也受惠於全公司對各項計畫的明確優先順序安排。我要感謝全球同仁的勤勉與投入，因為在大家的努力下，我們推動公司在銷售、營業利益率與每股盈餘（EPS）方面創下新紀錄。

As I detail third quarter results, note that my profit comments exclude the impact from the nonrecurring charges Sarika referenced earlier.

在我說明第三季業績時，請注意，我對獲利的評論不包含Sarika先前提到的一次性費用之影響。

Total sales increased 6% and adjusted EPS of $1.06 grew 7% over the prior year. Third quarter operating margin of 16.6% was up 30 basis points from the prior year and at an all-time high. Versus second quarter, operating margin increased 260 basis points due to both gross margin improvement and expense leverage.

總銷售額成長6%，調整後每股盈餘為1.06美元，較去年成長7%。第三季營業利益率為16.6%，較去年提升30個基點，並創歷史新高。相較第二季，營業利益率提升260個基點，原因包括毛利率改善以及費用槓桿效益。

Breaking down the components of the year-over-year operating margin expansion, expense leverage remains a consistent strength at Donaldson Company. Third quarter operating expense as a rate of sales was 17.8%, an improvement of 40 basis points from the prior year, showcasing the structural expense discipline that affords us the latitude to make investment choices while driving margin expansion.

拆解營業利益率年增擴張的構成要素，費用槓桿一直是Donaldson Company的穩定強項。第三季營業費用占銷售比率為17.8%，較去年改善40個基點，展現出結構性的費用紀律，使我們在推動利益率擴張的同時，仍能保有進行投資決策的空間。

Third quarter gross margin was 34.4%, down 10 basis points from 2025 as benefits from pricing, volume and mix were more than offset by about 100 basis points of headwinds from short-term operating inefficiencies in our Industrial segment.

第三季毛利率為34.4%，較2025年下降10個基點；定價、銷量與產品組合帶來的效益，已被工業事業部短期營運效率不彰所造成約100個基點的不利因素所抵銷。

More specifically, we realized about 80 basis points of pressure from the production shifts to Mexico for large turbine systems in our Power Generation business. We are seeing improved delivery performance and operational alignment, so we view third quarter as the low point and expect to be fully recovered midway through fiscal 2027.

更具體而言，我們在發電業務的大型渦輪系統生產移轉至墨西哥的過程中，承受了約80個基點的壓力。我們看到交付表現與營運協同正在改善，因此我們將第三季視為低點，並預期在2027會計年度中期前可完全恢復。

Footprint optimization initiatives added a little under 20 basis points of pressure due to costs associated with plant closures and transfers of production. These initiatives were designed to improve our cost structure and the last two plant closures were completed during the quarter. The work is now transitioned to ramping up productivity in the new locations. We expect these industrial-based initiatives to generate annualized benefits of about $10 million once we hit run rate productivity during fiscal 2027.

據點（產能）最佳化計畫因工廠關閉與生產移轉相關成本，帶來略低於20個基點的壓力。這些計畫旨在改善我們的成本結構，而最後兩座工廠的關閉已於本季完成。目前工作已轉為在新據點提升生產力的爬坡。我們預期，一旦在2027會計年度達到穩態（run rate）生產力，這些以工業為主的計畫將帶來約1,000萬美元的年化效益。

I want to take a moment to recognize the teams that have been working on these projects. It has been an incredible effort, and we're in the final stages due entirely to their commitment, collaboration, and resilience. The work being done strengthens Donaldson's foundation for long-term success. So I want to especially thank everyone involved in this massive undertaking.

我想花點時間表揚投入這些專案的團隊。這是一項令人驚嘆的努力，而我們能進入最後階段，完全歸功於他們的承諾、協作與韌性。這些工作正在強化Donaldson長期成功的基礎。因此，我要特別感謝所有參與這項龐大任務的同仁。

In terms of profitability by segment, the gross margin impacts from power generation and footprint optimization drove pressure on the pretax margin in our Industrial segment, which was 13.4% in the quarter versus 18.1% in the prior year. The margin was lower than we anticipated, but did step up from the second quarter. We expect that trend to continue in the fourth quarter, driven by higher sales and improved operational performance.

就各事業部獲利能力而言，發電與據點最佳化對毛利率的影響，對我們工業事業部的稅前利益率造成壓力；本季為13.4%，相較去年為18.1%。該利益率低於我們的預期，但較第二季已有回升。我們預期此趨勢將在第四季延續，主要由更高的銷售額與改善的營運表現所帶動。

In our other two segments, we were pleased with the profit performance. Mobile Solutions margin was an all-time high of 20.2%, 210 basis points above prior year, primarily due to volume leverage and favorable mix related to aftermarket sales strength. Life Sciences pretax margin was 8.1%, up 30 basis points from the prior year.

在另外兩個事業部，我們對獲利表現感到滿意。行動解決方案利益率創歷史新高達20.2%，較去年提升210個基點，主要受惠於銷量槓桿效益，以及與售後市場銷售強勁相關的有利產品組合。生命科學稅前利益率為8.1%，較去年提升30個基點。

Importantly, last year's profitability benefited from an earn-out reversal from the Purilogics business. Excluding this prior year one-time benefit, pretax margin would have increased more than 8 percentage points. Volume leverage and favorable mix from our higher-margin Food and Beverage and Disk Drive businesses, combined with a focused expense structure drove the improvement.

值得注意的是，去年的獲利能力受惠於Purilogics業務的或有對價（earn-out）回轉。若排除去年這項一次性利益，稅前利益率將增加超過8個百分點。來自高毛利的食品與飲料及磁碟機業務之銷量槓桿與有利產品組合，再加上聚焦的費用結構，共同推動了改善。

As of the end of the quarter, the company remains in a strong position with robust orders, record backlog and notable progress made on the footprint projects, all of that factored into our revised outlook for fiscal '26, which contemplates another sequential step up in sales and margin, and we will also have Facet included in our results for the first time.

截至本季末，公司仍處於強勁態勢：訂單量充沛、在手訂單創新高，且據點專案取得顯著進展；上述因素皆已納入我們對2026會計年度修訂後的展望，其中預期銷售與利益率將再逐季提升，且我們也將首次把Facet納入業績。

Given the newness of Facet, I want to break out our guidance in terms of organic performance and then lay out the impact Facet will have on some key measures. With that, our consolidated organic sales are expected to grow between 3% and 5%, with the midpoint being about 1% higher than prior guidance due to sales strength in our Mobile Solutions and Life Sciences segments. Additionally, pricing and currency translation are each expected to contribute a little more than 1% to growth.

鑑於Facet仍屬新納入項目，我想先以有機表現來拆解我們的指引，接著說明Facet對幾項關鍵指標的影響。因此，我們預期合併有機銷售成長介於3%至5%，其中位數較先前指引高約1%，主要反映行動解決方案與生命科學事業部的銷售強勁。此外，定價與匯率換算預期各自將對成長貢獻略高於1%。

In Mobile Solutions, sales are expected to grow between 3.5% and 5.5%, slightly above our prior guidance, driven by an improved, but still mid-single-digit increase outlook in aftermarket sales as a result of share gains and higher vehicle utilization rates.

在行動解決方案方面，預期銷售成長介於3.5%至5.5%，略高於先前指引；主要由售後市場銷售展望改善所帶動（雖仍為中個位數成長），其原因包括市占提升與車輛使用率提高。

In our first-fit businesses, Off-Road sales are projected to grow mid-single digits from improvements in select end markets, and On-Road sales are expected to decrease low single digits versus flat previously as global truck production remains tempered.

在我們的原廠配套（first-fit）業務中，非道路（Off-Road）銷售預計將因部分終端市場改善而呈中個位數成長；而道路（On-Road）銷售預期將較去年下降低個位數（先前預期為持平），因全球卡車產量仍然偏弱。

In Industrial Solutions, organic sales are forecast to be between flat and up 2%, with the midpoint of this range consistent with the prior guide. IFS sales are expected to grow in the low single digits, driven by robust volume growth in Power Generation and favorable currency and pricing in dust collection.

在工業解決方案方面，有機銷售預估介於持平至成長2%，其中位數與先前指引一致。IFS銷售預期將呈低個位數成長，主要由發電業務強勁的銷量成長，以及集塵業務有利的匯率與定價所帶動。

Aerospace and Defense sales are projected to decline mid-single digits due to the timing of certain programs as we continue to navigate supply chain issues. In Life Sciences, we project sales to increase between 9% and 11%, up from 5% to 9% previously, reflecting continued volume strength in Food and Beverage and Disk Drive. With our focused expense structure, we expect full year pretax margin in the mid- to high single digits.

航太與國防銷售預計將因部分專案時程因素而呈中個位數下滑，因我們仍在因應供應鏈問題。在生命科學方面，我們預期銷售成長介於9%至11%，高於先前的5%至9%，反映食品與飲料及磁碟機業務持續的銷量強勁。在我們聚焦的費用結構下，我們預期全年稅前利益率將落在中至高個位數區間。

Driven by our year-to-date performance and reflective of another margin step-up in the fourth quarter, our organic operating margin guidance is now forecast between 15.8% and 16.2% versus 16% to 16.4% previously. The current range implies full year organic operating margin expansion between 10 and 50 basis points with expense leverage being partially offset by gross margin pressure.

在我們年初至今的表現帶動下，並反映第四季營運利潤率再度提升，我們目前將有機營業利潤率指引下修至介於15.8%至16.2%，先前為16%至16.4%。目前區間意味著全年有機營業利潤率可擴張10至50個基點，費用槓桿的效益將部分被毛利率壓力所抵銷。

It's worth reiterating that our fiscal 2026 margin performance will be at a record level despite dealing with temporary operational inefficiencies, which we advanced meaningfully in the quarter and have a clear path to eliminating. With the strength of our underlying business, I am confident we will get past these headwinds and generate more meaningful margin expansion in future periods.

值得再次強調的是，儘管我們正面對暫時性的營運效率不彰問題（本季已大幅推進改善，且有明確路徑可予以消除），我們2026會計年度的利潤率表現仍將達到創紀錄水準。憑藉我們核心業務的強勁動能，我有信心我們將能克服這些逆風，並在未來期間帶來更具意義的利潤率擴張。

Now I'll give a few points on Facet's impact to what I just laid out. We expect fourth quarter sales between $25 million and $30 million, adding around 70 to 80 basis points to the full year growth rate. The impact on operating margin is likely immaterial this year as robust business performance is offset by amortization costs. Debt incurred from the transaction will add about $9 million of interest expense in the quarter with the net dilution to EPS of about $0.03. Excluding Facet, adjusted EPS is projected between $3.94 and $4.01 per share, with the midpoint reflecting an 8% increase from the prior year, about double the rate of our sales growth.

接下來我補充幾點，說明Facet對我剛才所述內容的影響。我們預期第四季銷售額介於2,500萬至3,000萬美元，將使全年成長率增加約70至80個基點。由於強勁的業務表現將被攤銷成本所抵銷，今年對營業利潤率的影響可能不大。本次交易所產生的負債將在本季增加約900萬美元的利息費用，對每股盈餘（EPS）的淨稀釋約為0.03美元。若排除Facet，調整後EPS預估介於每股3.94至4.01美元，中位數較去年成長8%，約為我們銷售成長率的兩倍。

Now on to our balance sheet and cash flow outlook. Our capital expenditures are expected to be between $60 million and $75 million, with focused investments, including new products and technologies across all segments. Rich highlighted several new product introductions earlier, and we intend to continue leading in the area. We project cash conversion in the range of 85% to 95%, an improvement versus 2025 and consistent with historical averages.

接著談我們的資產負債表與現金流展望。我們預期資本支出介於6,000萬至7,500萬美元，將聚焦投資於各事業部的新產品與新技術等項目。Rich先前已提到多項新產品上市，我們也打算持續在此領域保持領先。我們預估現金轉換率介於85%至95%，較2025年改善，並與歷史平均水準一致。

Our balance sheet remains a strength. Including Facet, our leverage ratio is approximately 1.8 times net debt to EBITDA, still leaving us ample financial flexibility to thoughtfully invest for future growth.

我們的資產負債表仍是一項優勢。納入Facet後，我們的槓桿比率約為淨負債對EBITDA的1.8倍，仍為我們保留充足的財務彈性，以審慎投資未來成長。

Integral to the Donaldson story is our capital allocation strategy, how we build for our future and simultaneously return value today. Our priorities in that regard are unchanged.

Donaldson故事的核心之一，是我們的資本配置策略：我們如何為未來打造基礎，同時在今天回饋價值。在這方面，我們的優先順序維持不變。

First, reinvest back into the company. We're committed to maintaining our position as the leader in technology-led filtration. We do this through our R&D investments in strategically important high-growth, high-margin areas where we have a clear path to win.

第一，將資金再投資於公司。我們致力於維持在技術驅動過濾領域的領導地位。我們透過研發投資來達成，聚焦於具策略重要性、成長性高且毛利率高的領域，且我們有清晰的致勝路徑。

We are proud to have a portfolio of patent-protected products and have nearly 3,000 active US and international patents with over 120 patents awarded in calendar year 2025. In addition to R&D, we think critically about our investments in working capital and capital expenditure, investing for efficiency today and growth for tomorrow by ensuring we meet our customers' needs.

我們以擁有受專利保護的產品組合為榮，目前在美國及國際上有近3,000件有效專利，並於2025曆年獲授超過120件專利。除研發外，我們也審慎評估在營運資金與資本支出上的投資，透過確保滿足客戶需求，在提升當下效率的同時，為明日成長布局。

Our second capital deployment priority is disciplined M&A. We will continue to pursue opportunities that strengthen our portfolio and meet our strategic and financial criteria with Facet being an excellent example.

我們第二項資本運用優先事項，是紀律性的併購（M&A）。我們將持續尋求能強化產品組合、並符合我們策略與財務標準的機會，而Facet就是極佳的例子。

The financial strength of Donaldson is evidenced by our ability to invest for profitable growth and still return cash to shareholders. With that, our third capital allocation priority is dividends. As of the end of calendar 2025, we have paid dividends for 70 years in a row. We've also increased our dividend for 30 years in a row and recently announced an additional 7% dividend increase. We're committed to remaining as a proud member of the S&P High-Yield Dividend Aristocrat Index.

Donaldson的財務實力，體現在我們既能投資於獲利性成長，同時仍能向股東回饋現金。因此，我們第三項資本配置優先事項是股利。截至2025曆年年底，我們已連續70年發放股利。我們也已連續30年提高股利，並近期宣布再度調升股利7%。我們承諾將持續作為標普高股息股利貴族指數（S&P High-Yield Dividend Aristocrat Index）的自豪成員。

Share repurchase is our fourth capital deployment priority. Share repurchase is our variable lever. And as we indicated last quarter, we have paused our repurchasing activity to focus on paying down our Facet-related debt. Year-to-date, we have repurchased 1.2% of shares outstanding, offsetting stock compensation dilution. As Sarika mentioned, beginning in the fourth quarter, our reporting will include Facet, and I'm excited to fold their financial strength into our results.

股票回購是我們第四項資本運用優先事項。股票回購是我們可變動的槓桿。如同我們上季所提到的，我們已暫停回購活動，以專注於償還與Facet相關的負債。年初至今，我們已回購流通在外股數的1.2%，以抵銷股權薪酬造成的稀釋。如Sarika所提，自第四季起，我們的財務揭露將納入Facet，我也很期待將他們的財務實力納入我們的業績表現。

We're working towards a strong finish to fiscal 2026, and I'm confident our strategy deployed by the talented Donaldson teams around the world will deliver.

我們正朝著2026會計年度強勁收官邁進，我有信心，全球各地才華洋溢的Donaldson團隊所落實的策略將帶來成果。

Now I'll turn the call back to Rich.

接下來我把電話交回給Rich。

Thanks, Brad. While I've been a Donaldson employee for over two decades, my first 90 days as CEO have been remarkable. I've had the chance to meet with countless employees, customers, and investors around the globe, and I am increasingly proud of the work we have collectively done to fulfill our mission of advancing filtration for a cleaner world.

謝謝，Brad。雖然我在Donaldson任職已超過二十年，但我擔任CEO的前90天令人印象深刻。我有機會與全球各地無數員工、客戶與投資人會面，也更加以我們共同推動「以先進過濾技術打造更潔淨世界」的使命而感到自豪。

Our deep technical expertise, strong culture, track record, and financial position have allowed us to operate from a position of strength, and I take great pride and responsibility in building upon that success. For more than a decade, our strategic investments have driven the growth and diversification of our high-performing company, and there is ample opportunity for us to further enhance our performance.

我們深厚的技術專長、強健的文化、過往績效與財務狀況，使我們能以優勢地位營運；我也以延續並建立在這份成功之上為榮，並深感責任重大。十多年來，我們的策略性投資推動了這家高績效公司的成長與多元化，而我們仍有充足機會進一步提升表現。

We are continuing to invest in attractive markets where we have a clear path to win while also critically evaluating our existing portfolio of businesses, ensuring each business has earned a place in our portfolio. With this rigor, our foundation becomes stronger, positioning us to deliver value for all of our stakeholders. I am excited about the journey that lies ahead and humbled by the opportunity to lead such a talented organization through this next phase of our evolution. I look forward to reporting on our progress.

我們將持續投資於具吸引力、且我們有明確致勝路徑的市場，同時也嚴謹檢視既有的業務組合，確保每一項業務都「值得」留在我們的投資組合中。透過這樣的嚴謹度，我們的基礎將更為穩固，使我們能為所有利害關係人創造價值。我對前方旅程感到振奮，也很榮幸有機會在公司演進的下一階段，帶領這個才華洋溢的組織。我期待向各位報告我們的進展。

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

接下來，我把電話交回給接線員，開放提問。

(Operator Instructions) Bryan Blair, Oppenheimer.

(接線員指示) Bryan Blair，Oppenheimer。

I was hoping to level set a bit on footprint optimization, Power Gen ramp-up and the impact on industrial margins there. I realize that most of the pieces are now in place and it sounds like your team is confident in driving better operating leverage going forward, but there's still quite a number of moving parts at hand.

我希望就產能/據點（footprint）最佳化、Power Gen的爬坡進度，以及其對工業部門利潤率的影響，先做一些基準校準。我理解大多數環節現在都已到位，聽起來你們團隊也有信心在未來推動更好的營運槓桿，但目前仍有相當多變動因素。

Is the right way to think about this that by the midpoint of fiscal '27, you're back, all else equal, to 18%-ish margin, the prior run rate and then we're layering on the $10 million in cost savings -- or there -- is that unfair or overly aggressive based on mix outlook or any other consideration?

是否可以這樣理解：在其他條件不變下，到2027會計年度的中段，你們就能回到約18%左右的利潤率，也就是先前的運行水準，然後再把1,000萬美元的成本節省疊加上去——還是說，基於產品組合展望或其他考量，這樣的看法不公平或過於積極？

Yes. Bryan, I would say if you just take footprint and the Power Gen situation and factor those in, I think that's a fair assessment. That would put us clearly back to prior high watermarks for the Industrial business. And then I think as you look forward from there, we'll have the rolled in savings that we had mentioned.

是的。Bryan，我會說如果你只把據點（footprint）以及Power Gen的情況納入考量，我認為這樣的評估是合理的。那將使我們明確回到工業業務先前的高水位。接著我認為，往後看，我們也會把先前提到的節省效益逐步反映進來。

Of course, if there's other major mix changes that could have an impact, we'll have to explain those and talk about those as those arise. At this point, I would not foresee anything meaningful at this point. But we'll continue to monitor the situation and keep you informed.

當然，如果還有其他重大的產品組合變化可能造成影響，我們屆時需要加以說明並討論。就目前而言，我不預期會有任何顯著影響。但我們會持續監控情勢並向各位更新。

Okay. Understood. You've, obviously, owned Facet for about a month now, so obviously, in early stage. Maybe offer a little color on the initial steps of integration, remind us of the cost synergies contemplated in your deal model. I believe that's all procurement.

好的。了解。你們顯然才剛擁有Facet大約一個月，所以還在早期階段。也許可以補充一些整合初期步驟的細節，並提醒我們在你們交易模型中所預期的成本綜效。我記得那全部都來自採購端。

And then most importantly, elaborate on commercial synergy potential. If I recall the phrase correctly, the journey of refinery to the wing. That has a nice ring to it.

然後最重要的是，請進一步闡述商業協同效應的潛力。如果我沒記錯這句話，是「從煉油廠到機翼的旅程」。這句話聽起來很順口。

Yes. So as you mentioned, we just closed Facet. And I would just tell you, if you just go back to the sort of the rationale for the acquisition, it's a great end market with a lot of natural tailwinds, higher margins. So I think double our margin profile, higher growth rates. We continue to be encouraged by what we've seen.

是的。如你提到的，我們剛完成 Facet 的交割。我想說，如果你回頭看這次收購的邏輯，這是一個很好的終端市場，具備許多自然的順風因素，且毛利率更高。所以我認為我們的利潤率輪廓可望翻倍，成長率也更高。我們持續對目前看到的情況感到鼓舞。

We did our first deep business review with the team post close and the outlook for the business over the next 12 months, even in spite of the situation in the Middle East, is still strong. We're very encouraged by what we're seeing with Facet.

交割後我們與團隊做了第一次深入的業務檢視；在未來 12 個月，即便考量中東局勢，該業務的展望仍然強勁。我們對 Facet 的表現非常受到鼓舞。

From a cost synergy, you're right, it's all on the procurement side. It was in the neighborhood of around $4 million to $5 million. Brad can clarify the exact amount. And then on the revenue synergy side, we didn't build any revenue synergies into our justification, but we do believe that there are some. So for example, they'll sell a fuel system into a particular marine application.

就成本協同而言，你說得對，全部都在採購端。大約在 400 萬到 500 萬美元的區間。Brad 可以澄清確切金額。至於營收協同，我們在投資論證中沒有納入任何營收協同，但我們確實相信存在一些機會。例如，他們會在特定的船舶應用中銷售燃油系統。

It also requires air filtration. So they have relationships with customers that we do not, and we have relationships with customers that they do not. So over time, we believe we'll be able to leverage additional growth synergies. It's not determined at this point how large those will be, but we're encouraged by what we've seen so far.

而該應用也需要空氣過濾。因此，他們有我們沒有的客戶關係，而我們也有他們沒有的客戶關係。所以隨著時間推進，我們相信能夠帶動額外的成長協同。目前尚未確定規模會有多大，但就目前所見，我們感到鼓舞。

Nothing to add for me, Bryan. Rich has the cost right. And I think it's just -- it's been a good month of getting to know the team and starting to work the plans together.

我這邊沒有要補充的，Bryan。Rich 對成本數字的描述是正確的。我認為這一個月主要是很順利地認識團隊，並開始一起推動各項計畫。

Angel Castillo, Morgan Stanley.

Angel Castillo，摩根士丹利。

This is Oliver on for Angel this morning. Just a quick question on your operating margin guide. I mean, that seems to imply a pretty substantial step-up in 4Q in Industrial Solutions. Can you just help us bridge some of the key drivers there? Is it mostly mix or operating leverage or something else there?

今天早上由 Oliver 代替 Angel 發問。關於你們的營業利益率指引，我有個簡短問題。這看起來意味著工業解決方案在第四季（4Q）會有相當顯著的跳升。你能否協助我們串起其中幾個關鍵驅動因素？主要是產品組合、營運槓桿，或是其他因素？

Oliver, yes, I mean, you've got it right. We're definitely implying the step-up in Q4. And as I commented in my remarks, we expected more of a step-up in Q3, but we feel good about the end point where we've worked through some things. And as I noted on footprint specifically, two plants were closed, and now it's about that final phase of transitioning and getting productivity in the new homes.

Oliver，是的，你理解得沒錯。我們確實在暗示第四季會有跳升。如我在發言中提到的，我們原本預期第三季（Q3）會有更大的跳升，但我們對目前處理完一些事項後的最終落點感到滿意。另外，如我特別提到的產能佈局（footprint），有兩座工廠已關閉，現在進入最後階段：完成轉移並在新據點提升生產力。

So the step-up there is really about improved operational performance. Volumes are contemplated up from here. And then on top of it, some of the more meaningful headwinds are behind us in terms of overall profit.

因此，這次的跳升主要來自營運表現的改善。我們也假設從現在起出貨量會上升。此外，就整體獲利而言，一些較顯著的逆風已經過去了。

Okay. Great. That's helpful. And then just a question on A&D. I mean, year to date, it seems like we're down kind of in the mid-teens organically. Can you just give us a sense of the orders in the backlog if you can still ship those this year with the supply chain constraints? Or potentially, does this become a tailwind in 2027 if we all ship those orders then?

好的。很好。這很有幫助。另外想問一下航太與國防（A&D）。今年迄今看起來有機成長大概下滑在十幾個百分點的中段。在供應鏈受限的情況下，你能否說明一下在手訂單（backlog）中的訂單，今年是否仍能出貨？或者，若這些訂單要到那時才出貨，是否可能在 2027 年成為順風？

Yes. Oliver, if you think about (technical difficulty)

是的。Oliver，如果你想想(技術問題)

Please hold for technical delay.

請稍候，技術延遲。

All right, Oliver, I think we're back. We lost connection.

好，Oliver，我想我們回來了。我們剛剛斷線了。

Yes, I can hear you.

是的，我聽得到你。

So A&D, we exited Q3 with near-record backlogs. And it's been increasing steadily throughout the year. So there is an element of, hey, we only have three months left, how much will we be able to get out? And as you mentioned, there are some recurring supply chain issues that we're working through. I -- we do expect that you'll see continued improvement in the next few quarters. But as a tailwind into F27, that's probably a good way to think about it.

關於 A&D，我們在第三季末的在手訂單接近歷史新高。而且全年都在穩步增加。所以確實存在一個因素：只剩三個月，我們到底能出多少貨？如你提到的，我們也正在處理一些反覆出現的供應鏈問題。我——我們確實預期未來幾個季度會持續改善。至於把它視為推進到 2027 財年（F27）的順風，我認為這樣理解大致是對的。

Adam Farley, Stifel.

Adam Farley，Stifel。

Maybe first on the Mobile aftermarket strength, just a little more color on how the OE channel progressed following last quarter's expected balance sheet management? And then what's driving the double-digit strength on the independent side?

先談行動（Mobile）售後市場的強勁表現：能否再多給一些細節，說明在上季預期的資產負債表管理之後，原廠（OE）通路的進展如何？另外，獨立通路為何能維持雙位數的強勁成長？

Yes. So Adam, if you think about -- let's just talk about the OE side. We came out of Q2 and the OEs were aggressively managing their balance sheet, as you mentioned. The expectation was we would see a reversal of that. I think clearly, that came through. I would call it, probably, a destocking in Q2 and a little bit of restocking in Q3, and we'll have straight pull-through demand in Q4, albeit at a very high level.

好的。Adam，如果你這樣看——我們先談 OE 端。我們在第二季（Q2）結束時，OE 如你所說，正積極進行資產負債表管理。我們原本預期會看到這種情況反轉。我想很明顯，確實發生了。我會形容為：第二季可能是在去庫存（destocking），第三季有一點補庫存（restocking），而第四季（Q4）將呈現直接的終端拉動需求（pull-through demand），雖然水準仍然非常高。

Just in general, utilization rates are really strong right now globally, and we see that very broad based. It's not just one region, it's across the entire world through both channels. On our independent aftermarket side, we mentioned that we had picked up a nice new business award that will start shipping here in Q4 and will be a nice tailwind into next year. So overall, it's a mix of volume, pricing, and we feel really encouraged by what we're seeing out in the market right now.

整體而言，目前全球的設備稼動率非常強勁，而且我們看到這是非常廣泛的現象。不只是單一地區，而是透過兩個通路在全球各地都很強。在我們的獨立售後市場端，我們提到已拿下一個不錯的新業務獎項，將在第四季開始出貨，並在明年形成良好的順風。因此整體來看，是出貨量、價格等因素的組合，我們對目前市場端看到的情況感到非常鼓舞。

All right. That's really helpful. And maybe staying on the Mobile business. On the first-fit side, how do you characterize the end markets maybe on a relative basis? I know you called out construction, but maybe what are you seeing or expecting on some of the other end markets in first-fit?

好的。這非常有幫助。那我再延伸問行動（Mobile）業務。在原裝配套（first-fit）端，你會如何相對地描述各終端市場的狀況？我知道你提到了營建，但其他 first-fit 終端市場你們目前看到或預期如何？

Yes. So let's start on the sort of the positive side. So construction, as you mentioned, mining, they continue to run, sort of, I'd call it, mid-cycle levels, good order patterns. On the ag and trucking side, we continue to be at trough levels or near those levels. We have seen pockets of improvement in certain areas of ag. So I think small ag and turf, but those are more niche applications. I'd say broad-based ag remains constrained.

好的。我們先從比較正面的部分開始。如你提到的，營建、礦業仍在運行，我會說大致處於中周期水準，訂單型態良好。在農業（ag）與卡車運輸（trucking）方面，我們仍處於谷底水準或接近谷底。我們確實在農業的某些領域看到一些改善。例如小型農機與草坪（turf），但那是較利基的應用。我會說整體農業仍然受限。

On the trucking side, we're seeing elevated order patterns, especially in North America in the second half as we enter the new EPA regulations in 2027. But overall demand on both of those markets for the first-fit remains muted. And as we spoke a minute ago, most of our revenue, over 75%, is recurring revenue on the replacement side, and we can see those demand and backlog is still remaining pretty strong.

在卡車運輸方面，我們看到訂單型態偏高，尤其是在北美，因為下半年將逐步進入 2027 年新的 EPA 法規前的節點。但整體而言，這兩個市場在原裝配套（first-fit）端的需求仍然偏弱。而如我們剛才提到的，我們超過 75% 的營收是來自替換端的經常性收入，我們也看到那邊的需求與在手訂單仍維持相當強勁。

Brian Drab, William Blair.

Brian Drab，William Blair。

I just wonder if you could talk a little bit more about the Aerospace and Defense business. I know last quarter, I think the main issue you highlighted was project timing. Now I think it sounds like project timing and supply chain. And could you just elaborate on what's happening in the supply chain? And is that your supply chain? Or are you seeing disruptions in customer supply chain that's dampening demand and kind of give us some visibility there to when that gets resolved?

我想請您再多談一點航太與國防業務。我知道上季我記得您強調的主要問題是專案時程。現在聽起來像是專案時程加上供應鏈。您能否再說明一下供應鏈目前發生了什麼事？這是你們自己的供應鏈嗎？還是你們看到客戶的供應鏈出現中斷、抑制了需求？也請給我們一些能見度，這些問題何時能解決？

Sure. Yes. Thanks, Brian. And yes, maybe to start, big picture, we're hearing from our customers. It does sound like from our customers that they have a number of supply chain challenges.

當然。是的。謝謝你，Brian。是的，也許先從大方向說起，我們從客戶那邊聽到的情況是：聽起來客戶確實面臨不少供應鏈挑戰。

Very rarely are our supply chain challenges the ones that are keeping them from building product. If you look at our specific situation, it's probably twofold. So let's talk about the lumpy project timing we talked about.

很少是我們的供應鏈問題導致他們無法生產產品。如果看我們自身的具體情況，大概有兩個面向。先談我們提到的專案時程不均（lumpy）的問題。

We've seen a lot of strengthening coming out of the first half in our Aerospace and Defense backlogs. So that's those project timing, those new orders coming in that we expected. So that has strengthened significantly, really comes down to our ability to ship those. It's primarily on the system side.

我們看到航太與國防的在手訂單在上半年之後明顯轉強。也就是我們預期會進來的新訂單、那些專案時程因素所帶來的訂單。因此在手訂單顯著增強，真正關鍵在於我們能否把貨出出去。主要是在系統端。

So if you think about it, these are large, engineered, highly complex systems that we're selling to our customers. And in many cases, we're waiting on one part or one material to ship those. So there is a handful of challenges that we're working through. Based on our timelines, we would expect the vast majority of these to be recovered through Q1 of next fiscal into calendar year at the latest.

如果你這樣想，這些是我們賣給客戶的大型、工程設計、且高度複雜的系統。很多情況下，我們只是在等某一個零件或某一種材料到位，才能出貨。所以我們正在處理少數幾項挑戰。依照我們的時程預估，絕大多數問題可望在下一財年第一季之前恢復，最晚延續到曆年內。

Probably the only one internally would be we did close that plant in California in the last quarter, and we're working on the ramp-up at the new site. Like our supplier challenges, that will also continue into the early part of next fiscal. But overall, we'll carry a strong tailwind into next year, and we would expect most of these issues to get resolved through a series of actions.

內部方面可能唯一的一項是：我們在上一季關閉了加州那座工廠，正在新址進行產能爬坡。就像我們的供應商挑戰一樣，這也會延續到下一財年的前段。但整體而言，我們明年仍會帶著強勁的順風，我們預期透過一連串行動，大多數問題都能獲得解決。

Okay. And then just one more. On the outlook, the 3% to 5% revenue growth, what is the breakdown there between -- in your mind between price and volume? And how much is price contributing? And is this -- are you having to adjust based on tariffs and steel prices, et cetera?

好的。再問一個。關於展望的營收成長3%到5%，在你們的想法中，價格與量的拆分各是多少？價格貢獻多少？另外，這是否因關稅、鋼價等因素而需要調整？

Brian, the price is relatively consistent with where we've been so far this year, probably a little more than 1%. I will point out, though, if you remember, one year ago, we were starting to lap the real hit from tariffs. We were paying those costs. So year over year, it looks a little bit different.

Brian，價格大致與我們今年迄今的水準一致，可能略高於1%。不過我也要指出，如果你記得，一年前我們開始進入關稅實質衝擊的比較基期。當時我們在承擔那些成本。因此年對年看起來會有些不同。

To your question about what we're getting right now, of course, I think the biggest thing that we're all watching is the inflation and the impact from the Middle East conflict. And it really didn't come through in Q3. So I would say we're poised for that.

至於你問到我們現在正在面對的情況，當然，我想大家都在關注的最大因素是通膨，以及中東衝突帶來的影響。而這在第三季其實沒有反映出來。所以我會說，我們已經準備好因應。

We'll use surcharges where appropriate. We'll use price increases where appropriate. But that's something we didn't factor in meaningful incremental price in our forecast as a result of that. I would consider it more of an organic forecast in that regard.

我們會在適當時使用附加費（surcharges）。也會在適當時進行漲價。但在我們的預測中，並沒有因為這些因素而納入有意義的額外價格增量。就這點而言，我會把它視為較偏有機的預測。

Okay. And Brad, can you just quickly remind me, did the Section 232 change impact anything? I know you moved a lot of volume to Mexico and you're shifting a lot of that into the US.

好的。Brad，你能否快速提醒我一下，第232條款（Section 232）的變更有影響到什麼嗎？我知道你們把很多量移到墨西哥，也把其中不少轉回美國。

Yes. Sorry, I didn't mean to cut you off. Yes, the change there is, at this point, I would say, negligible for us. There's a few parts that we're looking at. And obviously, the metal content is the biggest one.

是的。抱歉，我不是要打斷你。是的，就目前而言，我會說那項變更對我們的影響可以忽略不計。我們正在檢視少數幾個零件。而很明顯，金屬含量是最大的一項。

So think about our hydraulic filters are a good example. But in terms of the net impact to tariffs and despite these changes with 232, it's not something that I would say is material for Donaldson.

例如我們的液壓濾芯就是個很好的例子。但就關稅的淨影響而言，即使232有這些變更，我不會說這對Donaldson有重大影響。

Robert Mason, Baird.

Robert Mason，Baird。

Just first question around Facet. The expectation that, that comes in about $0.03 dilutive, I guess, more or less on a GAAP basis, that includes the amortization and the thought that the margin impact is immaterial in the fourth quarter. Is that -- are those good benchmarks to annualize and carry into fiscal '27? Or is there anything unique about the fourth quarter? Presumably, you would deleverage some along the way, but how to think about that on an annualized basis?

第一個問題是關於Facet。你們預期它在GAAP口徑下大約會稀釋0.03美元（每股），我想或多或少包含了攤銷，並且認為第四季的毛利率影響不重大。這些是否是可以年化、並延續到2027財年的良好基準？還是第四季有什麼特殊因素？推測你們會在過程中降低槓桿，但年化應該怎麼看？

Sure. You really touched on an important point is the deleveraging. So thinking about fourth quarter, and we talked about roughly $9 million of interest expense, all else equal, that ends up being a high watermark as we work to pay it down over the course of the coming quarters.

當然。你確實點到一個重點：去槓桿（deleverage）。因此以第四季來看，我們提到大約900萬美元的利息費用；在其他條件相同下，隨著我們在接下來幾季逐步償還，這會是相對的高點。

In terms of the net impact, the other side of it would be the expected and -- expected growth in revenue and then profit expansion that comes with Facet, whereas amortization, of course, ends up being a fixed amount. We'll give some more details on the very specific components of that when we do our fiscal '27 outlook in a few months.

就淨影響而言，另一面是Facet帶來的預期——以及——預期的營收成長與隨之而來的獲利擴張；而攤銷當然是固定金額。我們會在幾個月後提出2027財年展望時，提供更具體的組成細節。

But to your question, I would caution against just saying $0.03 times 4 is the annualized number. It definitely goes less than that. And as we said on the call last quarter, we would expect Facet accretion on a GAAP basis in year two and its cash basis much more quickly.

但就你的問題，我會提醒不要直接用0.03乘以4當作年化數字。它肯定會低於那個水準。而且如同我們上季電話會議所說，我們預期Facet在第二年會在GAAP口徑下轉為增益（accretive），而在現金口徑下會更快。

Understood. And just as a follow-up, Rich, your commentary around the mobile aftermarket certainly tended to the positive with some things kicking in here even in the fourth quarter on the share gain. But if I step back and look at what that -- your full year guide kind of implies sequentially, it's maybe not as strong seasonal as I would normally expect.

了解。再追問一下，Rich，你對移動端售後市場（mobile aftermarket）的評論整體偏正面，甚至提到第四季就會有一些市占提升的因素開始發酵。但如果我退一步看，你們全年指引在序列上所隱含的表現，季節性似乎沒有我通常預期的那麼強。

I don't know, maybe my math is off, but is that conservatism on your part? Or is there anything else kind of discrete that is keeping kind of the seasonal lift less than what we've seen historically?

我不確定是不是我算錯了，但這是你們比較保守嗎？還是有其他較為離散的因素，使得季節性拉升低於我們歷史上看到的水準？

Yes. It's a little bit of what we spoke about a minute ago where we had the OEs doing the destocking in Q2 and then they restocked probably, we think, to a little bit more aggressive level than pull-through demand. It's honestly a little bit hard to pin that down exactly. But we're assuming there'll be a slight pullback, and we'll just have pull-through demand, no more stocking, destocking in Q4. I would say to be determined, order rates still look really strong into Q4, but we'll continue to monitor it throughout the quarter, but that's the main impact there.

是的。這有點像我們剛才提到的：第二季OEM在去庫存，之後他們又補庫存；我們認為補得可能比終端拉動需求（pull-through demand）更積極一些。老實說，這很難精準釐清。但我們的假設是會有些微回落，第四季就只剩拉動需求，不再有補庫存、去庫存的影響。我會說還有待觀察；目前看第四季的訂單率仍然很強，但我們會在整個季度持續監控，而這就是主要影響因素。

Laurence Alexander, Jefferies.

Laurence Alexander，Jefferies。

It's Dan Rizzo on for Laurence. So you mentioned -- I mean, obviously, market share gains are a big part of kind of the growth algorithm. I was wondering if it's -- how we split between increased penetration with existing customers versus new customers, if new customers is harder to get or that's not how we should think about it? Or just any color on how that's working?

我是 Dan Rizzo，代替 Laurence。所以你提到——我的意思是，顯然，市占率提升是成長演算法中很重要的一部分。我想知道——我們如何在既有客戶的滲透率提升與新客戶之間做拆分？新客戶是否更難取得，或我們不該用這種方式來思考？或者能否分享一下目前運作情況的更多細節？

Yes. I would say it's really a business-by-business conversation because if you go to some of our businesses like in our mobile OE world, we have business with the vast majority of the large OEs. So it's about taking share with those existing customers.

是的。我會說這真的要逐個事業來看，因為如果你看我們某些事業，例如行動裝置 OE（原廠配套）領域，我們與絕大多數大型 OE 都有業務往來。所以重點是在既有客戶中提升市占。

Disk Drive would be a similar story. But then if you get into like our Food and Beverage business, a big part of their Q3 story was taking share at new customers. We talked about last time the cooling systems for data centers, that's a brand -- that's an adjacency that we've just pushed into.

硬碟機業務也是類似的情況。但如果你看像我們的食品與飲料業務，他們第三季故事的一大部分是在新客戶那裡取得市占。我們上次也談到資料中心的冷卻系統，那是一個品牌——那是一個我們剛推進的相鄰領域。

So I would -- it's a mix, and it probably varies by business and the maturity of the business.

所以我會說——這是混合的，而且可能會因事業別以及事業成熟度而有所不同。

Okay. And then I'm sorry if I missed this. So obviously, interest rates going up, but you still have a very healthy balance sheet. But I was wondering if you're shifting your strategic priorities to focus more on debt reduction and lessening share repurchases. I'm thinking more of 2027 and beyond, or just for 2027 really. I don't know if it's going to be a short-term shift in how you kind of allocate your available cash?

好的。另外，如果我漏聽了請見諒。顯然利率在上升，但你們的資產負債表仍然非常健康。但我想知道你們是否正在調整策略優先順序，更聚焦於降低負債、並減少股票回購。我想的是 2027 年及以後，或就 2027 年而言。我不確定這是否會是你們分配可用現金方式上的短期調整？

Dan, so the share repurchase, as we talked about, we paused to do some paydown on Facet, but I would say this isn't a suspension at all. Share repurchase has always been the variable lever. We've got fresh debt minted right now. Obviously, we'll give more updates on our plans in a few months. But it's something that would ebb and flow based on our opportunities.

Dan，關於股票回購，如我們所談，我們暫停是為了對 Facet 做一些償債，但我會說這完全不是停止。股票回購一直都是可變的槓桿。我們目前剛發行了新債。顯然，我們會在幾個月後就計畫提供更多更新。但這會依我們的機會而起伏調整。

And the point to make, too, is that we would still look for M&A opportunities in the market. It's got to be the right strategic fit. It's got to be something like a Facet, good qualifications that come with Facet, but share repurchase will move according to those opportunities.

另外也要強調的是，我們仍會在市場上尋找併購（M&A）機會。必須是正確的策略契合。必須像 Facet 那樣——具備 Facet 所帶來的良好條件與資格——而股票回購也會隨著這些機會而調整。

Tim Thein, Raymond James.

Tim Thein，Raymond James。

First question, Brad, maybe one for you. Just on the gross margins and circling back to the comments earlier around some of the potential inflation bubbling up that, that hasn't yet flown through the P&L. Did that -- did the gross margin change, did that come into play? Or was it more on the industrial side that impacted that?

第一個問題，Brad，可能問你。關於毛利率，回到你先前提到一些可能正在浮現、但尚未反映到損益表（P&L）的通膨。那——毛利率的變化是否有受到影響？還是更多是工業端的因素造成的影響？

And I'm just thinking as we put the calendar to '27 based on where we sit today, which could change tomorrow, obviously, but just how you think you're positioned just from a broader kind of price/cost perspective?

我在想，當我們把日曆拉到 2027 年、以我們今天所處的位置來看（當然明天可能就會改變），你如何看待你們在更廣泛的價格/成本面向上的定位？

Sure. Overall, we're positioned pretty well from price/cost. So the impacts in the quarter, as you point out, it was really about these very specific industrial things. So we talked about essentially reconciling 100 basis points of pressure that are attributable to the Industrial segment for temporary activities. And all else equal, then that would imply gross margin up 90 basis points versus the minus 10% year over year.

當然。整體而言，我們在價格/成本方面的定位相當不錯。所以如你所指出，本季的影響其實主要來自一些非常特定的工業端事項。我們談到，基本上需要釐清約 100 個基點的壓力，這可歸因於工業事業部因暫時性活動所致。在其他條件不變下，這意味著毛利率應該上升 90 個基點，而不是年對年下降 10%。

Price, volume, and mix were all contributing there. So I feel like our pricing muscle is in a really good spot. To the extent that we see pressure from the Middle East, we'll react and we'll react quickly. And in the past quarter, it was only upside for us.

價格、銷量與組合都在其中做出貢獻。所以我覺得我們的定價能力處在非常好的狀態。如果我們看到來自中東的壓力，我們會反應，而且會快速反應。而在上一季，對我們而言只有正面影響。

Okay. Interesting. And then on the aftermarket piece within Mobile, how do you -- I know you don't want to go out and talk on '27, but the new contract that you won, we're not talking a scope of the NAPA win from the years past, I assume, right, in terms of how to size that?

好的。有意思。另外關於 Mobile 內的售後市場部分，你們怎麼看——我知道你不想對 2027 年發表太多，但你們贏得的新合約，我想我們談的規模不會像過去幾年的 NAPA 勝案那麼大，對吧？就規模衡量而言。

Yes. Think about it in two pieces. So first, it's not the size of a NAPA win, but it is a sizable win. And what it does strategically is it gets our products on the shelf at a number of dealers that we had not been present before, which then creates future growth opportunities. We actually think the future growth opportunity is bigger than the current business award. So it is a nice catalyst for our growth over the next couple of years.

是的。可以把它分成兩個部分來看。首先，它不是 NAPA 勝案那種規模，但仍是一個相當可觀的勝案。而它在策略上的作用是，讓我們的產品上架到一些我們過去未曾進入的經銷商貨架上，進而創造未來的成長機會。我們其實認為未來的成長機會比目前這筆業務授予更大。所以這會是未來幾年推動我們成長的一個很好的催化劑。

Maybe I'll add on that. I talked in my section about capital deployment and working capital. Every quarter, we hear from our aftermarket partners about wins that they've got in the field and some are bigger than others, of course, but it's consistency and reliability that are helping us get share here. So this is a durable part of our growth plans in aftermarket as well.

我也補充一下。我在我的部分談到資本配置與營運資金。每一季，我們都會從售後市場合作夥伴那裡聽到他們在前線拿下的勝案，有些當然比其他更大，但正是穩定性與可靠性在幫助我們在這裡取得市占。所以這也是我們售後市場成長計畫中一個可持續的部分。

There are no further questions at this time. I will now turn the call back to Rich Lewis for closing remarks.

目前沒有進一步的問題。我現在把電話會議交回 Rich Lewis 作結語。

Thank you. That concludes our call for today. Thanks to everyone who participated. We look forward to reporting our fourth quarter fiscal 2026 results in August. Thank you, and goodbye.

謝謝。今天的電話會議到此結束。感謝所有參與者。我們期待在 8 月公布 2026 會計年度第四季的業績。謝謝，再見。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。