Ducommun Inc (DCO) 2024 Q3 法說會逐字稿

Good day. And thank you for standing by. Welcome to the third quarter. 2024 do come earnings conference call at this time(Operator Instructions), I would now like to hand the conference over to your speaker today, Suman Mukherjee, Vice President and Chief Financial Officer. Please go ahead.

再會。感謝您的支持。歡迎來到第三季。 2024 年的收益電話會議確實在這個時候到來（操作員說明），我現在想將會議交給今天的發言人，副總裁兼首席財務官蘇曼·慕克吉 (Suman Mukherjee)。請繼續。

Thank you and welcome to Ducommun 2024, Third quarter conference call with me. Today is Stephen Oswald, Chairman, President and Chief Executive Officer.

謝謝並歡迎與我一起參加 Ducommun 2024 年第三季電話會議。今天是董事長、總裁兼執行長史蒂芬·奧斯瓦爾德。

I'm going to discuss certain limitations to any forward-looking statements regarding future events, projections or performance that we may make during the prepared remarks or the Q&A session that follows certain statements today that are not historical facts, including any statements as to future market conditions, results of operations and financial projections are forward-looking statements under the Private Security Litigation Reform Act of 1995 and are therefore prospective.

我將討論我們在準備好的發言或今天某些非歷史事實的陳述之後的問答環節中可能做出的有關未來事件、預測或業績的任何前瞻性陳述的某些限制，包括有關未來的任何陳述根據1995 年《私人安全訴訟改革法案》，市場狀況、經營績效和財務預測屬於前瞻性陳述，因此具有前瞻性。

These forward-looking statements are subject to risks uncertainties and other factors which could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements.

這些前瞻性陳述受到風險不確定性和其他因素的影響，這些因素可能導致實際結果與此類前瞻性陳述明示或暗示的未來結果有重大差異。

Although we believe that the expectations reflected in our forward-looking statements are reasonable. We can give no assurance that such expectations will prove to have been correct. In addition, estimates of future operating results are based on the company's current business which is subject to change.

儘管我們認為我們的前瞻性陳述中所反映的預期是合理的。我們不能保證此類期望將被證明是正確的。此外，對未來經營績效的估計是基於公司目前的業務，可能會發生變化。

Particular risks facing Ducommon include among others, the cyclicality of our end use markets, the level of us government defence spending. Our customers may experience delays in the launch and certification of new products.

杜康蒙面臨的具體風險包括我們的最終用途市場的週期性、美國政府國防支出水準等。我們的客戶可能會遇到新產品發布和認證方面的延遲。

Timing of orders from our customers, legal and regulatory risks, the cost of expansion and acquisitions competition, economic and geopolitical developments including supply chain issues and rising or high interest rates, the ability to attract and retain key personnel and avoid labor disruptions, the ability to adequately protect and enforce intellectual property rights, pandemics, disasters, natural or otherwise and risk of cyber security attacks.

客戶的訂單時間、法律和監管風險、擴張和收購競爭的成本、經濟和地緣政治發展（包括供應鏈問題和利率上升或高利率）、吸引和留住關鍵人員並避免勞動力中斷的能力、充分保護和執行智慧財產權、流行病、自然災害或其他災害以及網路安全攻擊的風險。

Please refer to our annual report on form 10-K quarterly reports on form 10-Q and other reports filed from time to time with the SEC as well as the press release issued today for a detailed discussion of the risks. Our forward-looking statements are subject to those risks. Statements made during this call are only as of the time made and we do not intend to update any statements made in this presentation except if and as required by regulatory authorities.

請參閱我們關於 10-K 表格的年度報告、關於 10-Q 表格的季度報告以及不時向 SEC 提交的其他報告以及今天發布的新聞稿，以了解有關風險的詳細討論。我們的前瞻性陳述面臨這些風險。本次電話會議期間發表的聲明僅截至當時的情況，除非監管機構要求，否則我們不打算更新本簡報中的任何聲明。

The call also includes non-GAAP financial measures. Please refer to our filings with the SEC for a reconciliation of the GAAP to non-GAAP measures referenced on this call. We filed our Q3 2024 quarterly report on form 10-Q with the SEC. Today.

該電話會議還包括非公認會計準則財務指標。請參閱我們向 SEC 提交的文件，以了解本次電話會議中引用的 GAAP 與非 GAAP 措施的調整表。我們以 10-Q 表格形式向 SEC 提交了 2024 年第三季報告。今天。

I would now like to turn the call over to Steve Oswald for a review of the operating results, Steve.

我現在想將電話轉給史蒂夫奧斯瓦爾德（Steve Oswald），以審查營運結果，史蒂夫。

Okay. Thank you so much. Thanks everyone for joining us today for our third quarter conference call today. And as usual, I'll give an update of the current situation at the company afterwards, I'll review our financials in detail.

好的。太感謝了。感謝大家今天參加我們的第三季電話會議。像往常一樣，之後我會介紹公司目前的最新情況，並詳細審查我們的財務狀況。

Let me start off again on this quarterly call with the Ducommun Vision 2027 game plan for investors.

讓我在本次季度電話會議上再次為投資者介紹 Ducommun Vision 2027 遊戲計劃。

The strategy and vision were developed coming out of the COVID pandemic over the summer and fall of 2022 unanimously approved by the Common board in November 2022 and then presented to investors the following month in New York where we got excellent feedback.

這個策略和願景是根據2022 年夏季和秋季的新冠疫情大流行製定的，並於2022 年11 月獲得共同董事會的一致批准，然後於次月在紐約向投資者提交，我們得到了極好的反饋。

Since that time, the commons management has been executing the vision 2027 strategy by increasing the revenue percentage of engineered product and aftermarket content, consolidating its fact facility or rooftop footprint, continuing its target acquisition program, executing our offloading strategy with defence primes and high growth segments of the defence budget value added pricing initiatives and by expanding content on key commercial aerospace platforms.

從那時起，Commons 管理層一直在執行2027 年願景戰略，增加工程產品和售後市場內容的收入百分比，鞏固其事實設施或屋頂足跡，繼續其目標收購計劃，執行我們的國防優勢和高增長卸載戰略國防預算增值定價措施的一部分以及透過擴展關鍵商業航空航天平台的內容。

All of us here, as well as my fellow board members continue to have a high level of conviction in the vision 2027 strategy and financial goals.

我們所有人以及我的董事會成員仍然對 2027 年願景策略和財務目標抱有高度信念。

And believe that many catalysts ahead present a unique value creation opportunity for shareholders.

並相信未來的許多催化劑為股東提供了獨特的價值創造機會。

The Q3 2022 results are another great example of our strategy and initiatives working. Q3 was our second consecutive quarter of record revenue gross margin represents another very strong performance for DCO revenues exceeded $200 million for the first time ever growing 2.6% over the prior year. And this quarter is our fifth consecutive quarter above $190 million in revenue.

2022 年第三季的業績是我們的策略和舉措發揮作用的另一個很好的例子。第三季是我們連續第二季創紀錄的收入毛利率，這代表 DCO 收入的另一個非常強勁的表現，首次超過 2 億美元，比上一年增長 2.6%。本季是我們營收連續第五個季度超過 1.9 億美元。

Strong year. Over year growth in our radar, electronic warfare and missile programs drove our military space revenues to 6% growth. Over prior year, the defence business has now been over $100 million in revenue for the fourth time in the last five quarters.

強勁的一年。雷達、電子戰和飛彈項目的逐年增長推動我們的軍事太空收入增加了 6%。與去年同期相比，國防業務的收入在過去五個季度中第四次超過 1 億美元。

We remain optimistic about the growth ahead. I also want to point out that Northrop Grumman was our second largest customer for revenue this quarter.

我們對未來的成長保持樂觀。我還想指出，諾斯羅普·格魯曼公司是我們本季收入的第二大客戶。

A first at DCO and up from Q3 last year by over 100% to over $17 million.

這是 DCO 的第一次，比去年第三季成長了 100% 以上，達到超過 1,700 萬美元。

This will moderate going forward but is a great sign as we move to build scale at other defence primes outside of RTX. Our largest customer in our commercial aerospace business. We continue to see excellent growth on the A 220 program where we make the skins for the entire fuselage along with strong growth in other Airbus platforms,

這將減緩未來的進展，但隨著我們在 RTX 之外的其他防禦主要項目上建立規模，這是一個很好的跡象。我們商業航空航太業務的最大客戶。我們繼續看到 A 220 項目的出色成長，我們為整個機身製造蒙皮，同時其他空中巴士平台也有強勁成長，

A real bright spot as well. With the A 320 family up 60% year over year, things are moving business jet revenues powered on and was driven higher by the work we do at Gulfstream Bombardier and others.

也是一個真正的亮點。隨著 A 320 系列年增 60%，我們在灣流、龐巴迪和其他公司所做的工作推動公務機收入不斷增長並不斷提高。

The strength at Airbus and with business jets was partially offset by weakness from Boeing platforms which were down over prior year by over 40% driven by lower build rates earlier in the quarter. And the impact of the strike in September overall commercial aerospace grew 3% year over year.

空中巴士和公務機的強勁勢頭被波音平台的疲軟部分抵消，由於本季早些時候建造率下降，波音平台比去年下降了 40% 以上。受罷工影響，9月整體商業航空年增3%。

We now have grown year over year revenue in our commercial aerospace business for 13 consecutive quarters. Demonstrating the resilience of our business even in a challenging OEM environment with Spirit and Boeing.

目前，我們的商業航空航太業務收入已連續 13 個季度年增。即使在充滿挑戰的 OEM 環境中，與 Spirit 和波音公司一起展示我們業務的彈性。

The other good news for DCO's commercial aerospace business, the fuselage skin project for the 737 MAX Spirit, which I've been mentioning is being outsourced from their internal operation.

對於 DCO 的商業航空業務來說，另一個好消息是我剛才提到的 737 MAX Spirit 機身蒙皮項目，該項目正在從他們的內部運營中外包。

We received first arc approval in September and shipped our first production set last month, 2025 revenue for the foreskin should be over $3 million.

我們於 9 月獲得了第一個弧形批准，並在上個月發貨了我們的第一套生產套件，2025 年包皮的收入應超過 300 萬美元。

The foreskin section which is less than 10% of the fuselage, it's $22,000 for our ship set for the max and we continue to drive that number higher and higher for the program.

包皮部分不到機身的 10%，我們的船舶設置的最大成本為 22,000 美元，我們將繼續推動該項目的數字越來越高。

I also want to add that we are picking up more content on the 787 for all models due to a share shift from a competitor in 2025 and we'll have more details for you on the next call. It is significant.

我還想補充一點，由於 2025 年競爭對手的份額轉移，我們將為所有型號的 787 獲取更多內容，我們將在下次電話會議上為您提供更多詳細資訊。這很重要。

Another record highlight in Q3 was gross margins of 26.2% for the quarter of 350 basis points year over year from 22.7% and 20 basis points compared to the second quarter. As we continue to realize benefits from our strategic value pricing initiatives, productivity improvements, favourable pro product mix, growing engineered product portfolio with aftermarket and initial restructuring savings.

第三季的另一個創紀錄亮點是毛利率為 26.2%，較去年同期成長 350 個基點，而第二季毛利率為 22.7%，較去年同期成長 20 個基點。隨著我們不斷從策略價值定價計劃、生產力提高、有利的專業產品組合、不斷增長的工程產品組合和售後市場以及初始重組節省中獲益。

In addition, our Monrovia California facility is now closed and our Berryville Arkansas facility is down to less than 10 people to remain to maintain capability into the receiving plant in Guayas. Mexico is certified for the Tomahawk missile program.

此外，我們位於加州蒙羅維亞的工廠現已關閉，而我們位於阿肯色州貝裡維爾的工廠的員工人數也減少至不到 10 人，以維持瓜亞斯接收工廠的能力。墨西哥已獲得戰斧飛彈計畫認證。

We're already seeing cost savings from these facility closures and we see these savings be higher as the receiving plants wrap ramp up production in 2025 stay tuned for adjusted operating income margins. In Q3, the team delivered 10.5% a record performance and well ahead of the 8.9% number in Q3, 2023.

我們已經看到這些工廠關閉帶來了成本節約，而且隨著接收工廠在 2025 年完成產量提升，這些成本節約會更高，請繼續關注調整後的營業利潤率。第三季度，該團隊實現了 10.5% 的創紀錄表現，遠高於 2023 年第三季的 8.9%。

This is a great result driven by the continued growth in our engineered product businesses favourite favourable product mix impact of our strategic pricing initiatives and our restructuring savings during the quarter adjusted EBITA was another great story. Q3, achieving $31.9 million and expanding to 15.8% for the first time.

這是一個偉大的成果，是由我們的工程產品業務持續成長所推動的，我們的策略定價舉措和我們在本季度調整後的重組節省的重組影響是另一個偉大的故事。第三季度，實現 3,190 萬美元，首次擴大至 15.8%。

This is 9,090 basis points above prior year and 60 basis points over the second quarter.

這比去年同期高 9,090 個基點，比第二季高 60 個基點。

This continues the outstanding momentum we've seen each quarter this year as you work towards the 18% goal in our vision 2027 plan, GAAP diluted EPS was $0.67. A share in Q3 2024 versus $0.22. A share for Q3 2023.

這延續了我們今年每個季度看到的出色勢頭，因為您正在努力實現我們的 2027 年願景計劃中 18% 的目標，GAAP 攤薄後每股收益為 0.67 美元。 2024 年第三季的 A 股價格為 0.22 美元。 2023 年第三季的 A 股。

And with the adjustments loaded, EPS was an impressive $0.99 a share compared to the loaded EPS of $0.70 in the prior year. Core, the higher GAAP and adjusted diluted EPS during the quarter was driven by improved operating income as well as lower interest costs due to our hedging strategy put in place this year. in January.

經過調整後，每股收益達到令人印象深刻的 0.99 美元，而前一年的每股收益為 0.70 美元。核心而言，本季度公認會計準則和調整後攤薄每股收益的提高是由於我們今年實施的對沖策略提高了營業收入以及降低了利息成本。一月。

The company's consolidated backlog continues to be strong at $1 billion, $44 million, decreasing $24 million sequentially but increasing over $85 million year over year, the defence backlog increased $97 million compared to the prior year quarter and is at $592 million with new orders for tow missiles, mesa airborne surveillance as well as other platforms.

該公司的綜合積壓訂單持續強勁，達到10 億美元、4,400 萬美元，比上一季減少2,400 萬美元，但同比增長超過8,500 萬美元，國防積壓訂單與去年同期相比增加了9,700 萬美元，拖車新訂單達5.92 億美元飛彈、檯面機載監視等平台。

As discussed, we've experienced the pause in the order second for the total missile case, but now it is coming back strong with better pricing and will be manufactured in a low-cost Guayas Mexico facility where previously it was produced in Monrovia, California.

正如所討論的，我們經歷了整個導彈案例的第二個訂單暫停，但現在它以更好的價格強勢回歸，並將在低成本的墨西哥瓜亞斯工廠製造，而之前它是在加利福尼亞州蒙羅維亞生產的。

The commercial aerospace backlog decreased sequentially by $20 million but was still up $8 million on a year over year basis.

商用航空航太積壓訂單季減了 2,000 萬美元，但年比仍增加了 800 萬美元。

As for the 2024 revenue guidance with BA and the movement of three major programs out of Monrovia and Berryville, we're guiding to the lower end of single digits when expected range of 3% to 4% for the full year.

至於 BA 的 2024 年收入指導以及蒙羅維亞和貝裡維爾的三個主要項目的轉移，我們的指導是個位數的下限，而全年的預期範圍為 3% 至 4%。

Three major programs being moved will all start up again in 2025 and the max bill rates they still work in Q4 will start to recover as BA employees now return to work.

正在轉移的三個主要項目將於 2025 年全部重新啟動，隨著 BA 員工現已重返工作崗位，第四季度仍在實施的最高帳單費率將開始恢復。

We are well positioned for the BA recovery in 2025 and 2026 for both the max and the 787.

我們已為 2025 年和 2026 年 MAX 和 787 的 BA 恢復做好了準備。

Now let me provide some additional color on our markets, products and programs beginning with our military and space sector, we experienced revenues of $111 million compared to $105 million. In Q3 2023 growth was driven by radar electronic welfare programs as well as F-15 and the Black Hawk.

現在讓我對我們的市場、產品和計劃提供一些額外的信息，從我們的軍事和航太部門開始，我們的收入為 1.11 億美元，而之前的收入為 1.05 億美元。2023 年第三季的成長是由雷達電子福利計畫以及 F-15 和黑鷹戰鬥機推動的。

These are partially offset by weakness and Apache which is in the middle of being transferred out of Monrovia and the JSF revenues.

這些被疲軟和阿帕奇（正在從蒙羅維亞轉移出）和 JSF 收入所部分抵消。

The third quarter's military and space revenue represented 55% of the commons revenues in the period, down from 59% for the full year back in 2022 and 70% in 2021.

第三季的軍事和航太收入占同期公共收入的 55%，低於 2022 年全年的 59% 和 2021 年的 70%。

We expected this trend and reflects commercial aerospace getting stronger for DCO providing good balance.

我們預料到了這一趨勢，並反映出商業航空航天日益強大，為 DCO 提供了良好的平衡。

We also ended the third quarter with a backlog of $592 million. An increase of $97 million year over year, representing 57% of the commons total backlog within our commercial aerospace operations.

第三季結束時，我們的積壓金額還達到了 5.92 億美元。年比增加 9,700 萬美元，占我們商業航空航太業務中公共積壓總額的 57%。

Third quarter revenue continued to grow, increasing 3% year over year to $85 million driven mainly by growth on the A 220 A 220 platforms, as well as with business jets offset by slowing rates on the 737 MAX.

第三季營收持續成長，年增 3%，達到 8,500 萬美元，這主要得益於 A 220 A 220 平台的成長，以及公務機的成長，但 737 MAX 的成長放緩抵消了這一成長。

As mentioned earlier, we believe a much better story ahead for BA and the max now that strike is resolved and the return to the projected production rates in 2025 also keep an eye on the 787 as you move higher on the rates for BA.

正如前面提到的，我們相信 BA 和 max 的前景會更好，既然罷工已經解決，並且 2025 年恢復到預計生產率，隨著 BA 的生產率提高，我們也將密切關注 787。

The backlog within our commercial aerospace business is $431 million at the end of the third quarter, increasing $8 million compared to prior year. A solid number given the temporary weakness in the commercial aerospace markets.

截至第三季末，我們商業航空航太業務的積壓訂單為 4.31 億美元，比去年同期增加 800 萬美元。鑑於商業航空航太市場暫時疲軟，這數字相當可觀。

With that, I'll have to review our financial results in detail.

這樣，我就必須詳細檢視我們的財務表現。

Thank you, Steve. As a reminder, please see the company's Q3 10-Q and Q3 earnings release for a further description of information mentioned on today's call as Steve discussed our third quarter, results reflected another period of strong performance with growth in both our commercial aerospace and military and markets as well as continued improvement in our margins.

謝謝你，史蒂夫。提醒一下，請參閱該公司第三季度10-Q 和第三季度收益發布，以進一步了解今天電話會議中提到的信息，史蒂夫討論了我們的第三季度，結果反映了我們的商業航空航太和軍事和軍事領域又一個強勁業績時期的成長。

In addition, we also made good progress on our facility consolidation efforts during the quarter which has benefited us in 2024 and will drive more meaningful synergies in 2025 and beyond. With all this, we feel like 2024 is showing good momentum as we continue to drive our performance towards our vision. 2027 goals.

此外，本季我們的設施整合工作也取得了良好進展，這使我們在 2024 年受益，並將在 2025 年及以後帶來更有意義的協同效應。綜上所述，我們認為 2024 年將呈現出良好的勢頭，我們將繼續推動我們的業績實現我們的願景。 2027 年目標。

Now turning to our third quarter results revenue for the third quarter of 2024 was $201.4 million versus $196.3 million for the third quarter of 2023.

現在來看我們的第三季業績，2024 年第三季的營收為 2.014 億美元，而 2023 年第三季的營收為 1.963 億美元。

The year over year increase of 2.6% reflects growth in both commercial aerospace and military and space highlighted by $6.6 million of growth across military and space platforms and $2.8 million of growth in our commercial aerospace platforms.

2.6% 的同比增長反映了商業航空航天以及軍事和航太領域的成長，其中軍事和航太平台增長了 660 萬美元，商業航空航天平台增長了 280 萬美元。

We posted total gross profit of $52.7 million or 26.2% of revenue for the quarter versus $44.6 million or 22.7% of revenue in the prior period. We continue to provide adjusted gross margins as we have certain non-GAAP cost of sales items in the current and prior year. Period relating to inventory step up amortization on our recent acquisitions, restructuring charges and the impact from the Guam fire on our operations on an adjusted basis. Our gross margins were 26.5% in Q3, 2024 versus 24.1% in Q3 2023.

我們公佈的本季毛利總額為 5,270 萬美元，佔營收的 26.2%，而上一季毛利為 4,460 萬美元，佔營收的 22.7%。我們繼續提供調整後的毛利率，因為我們在本年度和前一年有某些非公認會計準則銷售成本項目。與我們最近收購的庫存逐步攤銷、重組費用以及關島火災對我們業務影響的調整相關的期間。2024 年第三季我們的毛利率為 26.5%，而 2023 年第三季為 24.1%。

The improvement in gross margin was driven by our growing engineered product portfolio as well as favourable product mix in our manufacturing services, businesses, strategic pricing initiatives, productivity improvements and restructuring savings.

毛利率的提高得益於我們不斷成長的工程產品組合以及製造服務、業務、策略定價措施、生產力提高和重組節省中有利的產品組合。

We continue to make progress working through a difficult operating environment with supply chain and labor through our proactive efforts including strategic buyers and our inventory investments. We have been able to avoid any significant impacts thus far on our business.

透過我們的積極努力，包括策略性買家和庫存投資，我們在供應鏈和勞動力方面的困難營運環境中繼續取得進展。到目前為止，我們已經能夠避免對我們的業務產生任何重大影響。

During the third quarter of 2024 we reduced our inventory by $16 million from Q2 while still keeping our performance centers positioned to meet our 2024 delivery commitments and ready for a ramp up in commercial airspace build rates.

2024 年第三季度，我們的庫存比第二季度減少了 1,600 萬美元，同時仍保持我們的性能中心能夠滿足 2024 年的交付承諾，並為提高商業空域建設率做好準備。

We continue to look for opportunities to unwind our working capital investments to improve our cash flow.

我們繼續尋找機會解除我們的營運資本投資，以改善我們的現金流。

The government reported operating income for the third quarter of $15.3 million or 7.6% of revenue compared to $8.6 million or 4.4% of revenue in the prior year period.

政府報告第三季營業收入為 1,530 萬美元，佔收入的 7.6%，去年同期為 860 萬美元，佔收入的 4.4%。

Adjusted operating income was $21.1 million or 10.5% of revenue this quarter compared to $17.5 million or 8.9% of revenue in the comparable period. Last year, the company reported net income for the third quarter of 2024 of $10.1 million or 67¢ per diluted share compared to net income of $3.2 million or $0.22 per diluted share a year ago.

本季調整後營業收入為 2,110 萬美元，佔營收的 10.5%，而同期調整後營業收入為 1,750 萬美元，佔營收的 8.9%。去年，該公司公佈的 2024 年第三季淨利為 1,010 萬美元，即稀釋後每股收益 67 美分，而一年前淨利潤為 320 萬美元，即稀釋後每股收益 0.22 美元。

On an adjusted basis, the company reported net income of $14.8 million or $0.99 per diluted share compared to adjusted net income of $10.3 million or $0.70. In Q3 2023 the higher net income and adjusted net income during the quarter was driven by the higher operating income and adjusted operating income. Additionally, our interest rate hedge helped to reduce our year over year interest expense.

在調整後的基礎上，該公司公佈的淨利潤為 1,480 萬美元，即稀釋後每股收益 0.99 美元，而調整後淨利潤為 1,030 萬美元，即每股稀釋收益 0.70 美元。 2023 年第三季度，該季度淨利潤和調整後淨利潤較高，是由較高的營業收入和調整後營業收入推動的。此外，我們的利率避險有助於減少我們的年比利息支出。

Now let me turn to our segment results.

現在讓我談談我們的部門結果。

Our structural systems segment posted revenues of $86 million in the third quarter of 2024 versus $85.5 million. Last year.

我們的結構系統部門 2024 年第三季的營收為 8,600 萬美元，而同期營收為 8,550 萬美元。去年。

The year over year increase reflects $3.7 million of higher sales across our commercial aerospace applications including the A 320 A 220. In addition to business jets and other commercial aerospace, the $3.3 million of lower revenue within the military and space markets was driven by a decline in Apache revenue as we shut down production in our Monrovia facility offset by growth we saw in Black hawk.

年比成長反映出我們的商業航空航天應用（包括 A 320 A 220）銷售額增加了 370 萬美元。除了公務機和其他商業航空航太領域外，軍事和航太市場收入下降了330 萬美元，因為阿帕奇收入下降，因為我們關閉了蒙羅維亞工廠的生產，但黑鷹的成長抵消了這一影響。

Structural systems operating income for the quarter was $8.3 million or 9.6% of revenue compared to $6.7 million or 7.9% of revenue for the prior year quarter, excluding restructuring charges and other adjustments in both years. The segment operating margin was 14.7% in Q3 2024 versus 15.7% in Q3 2023.

本季結構系統營業收入為 830 萬美元，佔營收的 9.6%，而上年同期為 670 萬美元，佔營收的 7.9%，不包括兩年的重組費用和其他調整。2024 年第三季該部門的營業利潤率為 14.7%，而 2023 年第三季為 15.7%。

The slight decline was from higher costs due to the transition of product production from Monrovia to Guayas, partially offset by strategic pricing initiatives and operating leverage from higher revenues at other performance centers within the segment.

略有下降的原因是產品生產從蒙羅維亞轉移到瓜亞斯導致成本上升，但部分被戰略定價舉措和該部門其他績效中心收入增加帶來的營運槓桿所抵消。

Our electronic systems segment posted revenue of $115.4 million in the third quarter of 2024 versus $110.7 million in the prior year period.

我們的電子系統部門在 2024 年第三季的營收為 1.154 億美元，而去年同期為 1.107 億美元。

The increase is attributable to higher revenues from radar and electronic warfare programs. This was offset by lower revenues from inflight entertainment electronics along with the reduction in our industrial business as we chose to selectively prune noncore business electronic systems operating income for the third quarter was $18.9 million or 16.4% of revenue versus $12.7 million or 11.5% of revenue in the prior year period excluding restructuring charges and other adjustments in both years.

這一增長歸因於雷達和電子戰項目的收入增加。這被機上娛樂電子產品收入下降以及我們選擇選擇性削減非核心業務電子系統的工業業務減少所抵消。 11.5%上一年期間不包括重組費用和兩年的其他調整。

The segment operating margin was 16.8% in Q3, 2024 versus 13.4% in Q3 2023.

2024 年第三季該部門的營業利潤率為 16.8%，而 2023 年第三季為 13.4%。

The year over year increase was primarily due to shifting mix with higher growth in revenues and profitability in our engineered product businesses along with strategic value pricing initiatives, as well as savings from the restructuring program.

年比成長主要是由於我們的工程產品業務收入和盈利能力的更高增長、戰略價值定價舉措以及重組計劃帶來的節省帶來的組合轉變。

Restructuring savings were driven by the transition of product lines from our very well performance center to other facilities.

產品線從我們性能良好的中心轉移到其他設施，推動了重組節省。

Next, I would like to provide an update on our ongoing restructuring program as a reminder and as discussed previously, we commenced a restructuring initiative back in 2022 these actions are being taken to better position the company for stronger performance in the short and long term. This includes the shutdown of our facilities in Monrovia, California and Berryville, Arkansas and the transfer of that work to our low-cost operation in Guaymas, Mexico and to other existing performance centers in the United States.

接下來，我想提供有關我們正在進行的重組計劃的最新信息，以供提醒，正如之前所討論的，我們早在2022 年就開始了重組計劃，採取這些行動是為了更好地定位公司，從而在短期和長期內實現更強勁的業績。這包括關閉我們在加州蒙羅維亞和阿肯色州貝裡維爾的設施，並將該工作轉移到我們在墨西哥瓜伊馬斯的低成本營運中心以及美國其他現有的表演中心。

We continue to make progress on these transitions and are working diligently with our customers, Boeing and Raytheon to obtain the requisite approvals.

我們將繼續在這些過渡方面取得進展，並與我們的客戶波音和雷神公司努力合作，以獲得必要的批准。

During Q3 2024 we recorded $1.9 million in restructuring charges. We expect to incur an additional $2 million to $3 million in restructuring expenses as we complete the program. Upon the completion of our restructuring program, we expect to generate $11 million to $13 million in annual savings from our actions and are already beginning to see some realization of savings from these actions this year,

2024 年第三季度，我們記錄了 190 萬美元的重組費用。完成該計劃後，我們預計將產生額外 200 萬至 300 萬美元的重組費用。重組計劃完成後，我們預計每年可透過我們的行動節省 1100 萬至 1300 萬美元，並且今年已經開始看到這些行動帶來了一些節省，

We anticipate selling the land and building at both Monrovia and Berryville, turning next to liquidity and capital resources. Year-to-date Q3 2024 we generated $15.8 million in cash flow from operating activities which was an improvement compared to year-to-date Q3 2023 generation of $4.6 million.

我們預計出售蒙羅維亞和貝裡維爾的土地和建築物，然後轉向流動性和資本資源。2024 年第三季迄今，我們透過經營活動產生了 1,580 萬美元的現金流，這比 2023 年第三季迄今的 460 萬美元有所改善。

The improvement was due to higher net income of $24.7 million as well as improvements compared to prior year in inventories and accounts payable.

這一改善是由於淨利潤增加了 2,470 萬美元，以及庫存和應付帳款較上年有所改善。

As of the end of the third quarter, we had available liquidity of $218.3 million comprising of the unutilized portion of our revolver and cash on hand.

截至第三季末，我們的可用流動資金為 2.183 億美元，包括左輪手槍的未使用部分和手頭現金。

Our existing credit facility was put in place in July 2022 at an opportune time in the credit markets allowing us to reduce our spread, increase the size of our revolver and allowing us the flexibility to execute on our acquisition strategy.

我們現有的信貸安排於 2022 年 7 月在信貸市場的適當時機到位，使我們能夠減少利差，增加左輪手槍的規模，並使我們能夠靈活地執行收購策略。

Interest expense was $3.8 million compared to $5.4 million in Q3 of 2023. The year over year improvement in interest cost was due to the interest rate hedge going into effect in November 2021 we put in place an interest rate hedge that went into effect for a seven-year period starting January 2024 and pegs the one-month term so far at 170 basis points for $150 million of our debt.

利息支出為 380 萬美元，而 2023 年第三季為 540 萬美元。利息成本同比改善是由於利率對沖於 2021 年 11 月生效，我們實施了利率對沖，該利率對沖從 2024 年 1 月開始生效，為期七年，並固定一個月期限，因此我們1.5 億美元的債務已經上漲了170 個基點。

The hedge resulted in interest savings of $1.4 million in Q3 2024 and will continue to drive significant interest cost savings in 2024 and beyond to conclude the financial review for Q3, 2024. I would like to say that the third quarter results continued our momentum this year and positions us well for the rest of 2024 I'll now turn it back over to Steve for his closing remarks, Steve.

該對沖在 2024 年第三季節省了 140 萬美元的利息，並將在 2024 年及以後繼續推動大幅利息成本節省，以完成 2024 年第三季的財務審查。我想說的是，第三季的業績延續了我們今年的勢頭，並為我們在2024 年剩餘時間做好了準備。夫。

Okay, thanks Aman in closing. Look, Q3 excellent quarter. The record in some cases of many highlights for the company and our shareholders, as we realize the gains we all expect from our vision 2027 strategy, especially around margin expansion.

好的，最後謝謝阿曼。看，第三季表現出色。在某些情況下，記錄對公司和我們的股東來說是許多亮點，因為我們意識到我們都期望從我們的 2027 年願景策略中獲得收益，特別是在利潤率擴張方面。

It's working. We're not surprised and the progress on gross and even a margin expansion has especially been a highlight.

它正在發揮作用。我們並不感到驚訝，毛利率的成長甚至利潤率的擴張尤其是一個亮點。

We're also tracking well against the goals of 18% even the margins and 25% or more of engineered product and aftermarket revenues for 2027 I could not be happier finally with the BA strike and now behind us, commercial bill rates heading higher along with stronger defence activity including FMS ahead. I feel great about the next few years for all of us. So thank you again for listening and we'll turn it over for questions.

我們也很好地實現了 2027 年利潤率 18% 以及工程產品和售後市場收入 25% 或更多的目標，我對 BA 罷工終於感到高興不已，現在商業賬單利率走高，更強大的防禦活動，包括前方的FMS。我對我們所有人的未來幾年感覺很好。再次感謝您的聆聽，我們將把它轉交以供提問。

Thank you as a reminder to ask a question (Operator Instructions)

謝謝提醒，請提問（操作員說明）

Mike Crawford with B Riley Securities.

B Riley 證券公司的 Mike Crawford。

Thank you. What is it that you're doing? New for Northrop Grumman? And where else could you help them?

謝謝。你在做什麼？諾斯羅普格魯曼公司的新產品？您還能在哪些方面幫助他們？

Yeah. Well, look, we're we again, highlight for me, highlight for the company. We do a lot of the airborne surveillance electronics. We do power packs this whole MESA program which kind of comes every two years, which is a huge order for us is all Northrop and we're sole source on that.

是的。好吧，看，我們又來了，對我來說是亮點，對公司來說也是亮點。我們生產很多機載監視電子設備。我們為整個 MESA 項目提供動力包，該項目每兩年進行一次，這對我們來說是一筆巨大的訂單，全部來自諾斯羅普，我們是該項目的唯一來源。

So we'll continue to drive that business. So it's a lot of electronics, a lot of it's in our Huntsville operation in Arkansas, but we're doing other things as well. I'm actually two weeks from now, I'm going to be with their leadership out in Baltimore, because we're looking for even bigger things ahead.

因此，我們將繼續推動該業務。因此，有許多電子產品，其中許多都在我們位於阿肯色州亨茨維爾的工廠中，但我們也在做其他事情。實際上，兩週後，我將與他們的領導層一起前往巴爾的摩，因為我們正在尋找未來更大的事情。

So, my point about bringing the whole thing up is that we've talked about this over the years about, okay. You know, RTX is a huge customer for you for DCOC. That's great. Where else can be going for, you know, bigger scale of defence primes. And I think, you know, we're finally starting to crack the code at Northrop Grumman and we love them as far as their partnership and, and we do a lot of good things, I think value add it for them.

所以，我提出整件事的觀點是，我們多年來一直在談論這個問題，好吧。要知道，RTX是你們DCOC的大客戶。那太棒了。你知道，還有什麼地方可以尋求更大規模的防禦素數。我認為，你知道，我們終於開始破解諾斯羅普·格魯曼公司的密碼，我們喜歡他們的合作夥伴關係，而且我們做了很多好事，我認為這為他們增加了價值。

Oh, okay. Great. And then on the 787 and you've been, I believe, delivering about $90,000 worth of, content per aircraft. And where is that heading to? Now, with the share ship that you've won?

哦好的。偉大的。我相信，在 787 上，每架飛機交付的內容價值約為 9 萬美元。那要去哪裡？現在，你贏得了那艘共享船嗎？

Yeah, I'm going to have to, I'm going to have my just, I want to wait until the next call. I will tell you that, you know, the increase is going to be double digit. I don't want to go too far right now, but this is a major win for us. This is coming from a competitor. I'll have more detail in February.

是的，我必須這樣做，我要公正，我想等到下一個電話。我會告訴你，你知道，增幅將是兩位數。我現在不想走得太遠，但這對我們來說是一個重大勝利。這是來自競爭對手的訊息。我將在二月提供更多詳細資訊。

Then I'll give you the actual ship set number. I don't want to go, I don't want to get too ahead of ourselves right now, but everything is kind of done, done, but we just need to give a little more time and then we'll be ready.

然後我會給你實際的船組編號。我不想走，我現在不想太超前，但一切都已經完成了，完成了，但我們只需要多一點時間，然後我們就會準備好。

Okay. Thank you one last for me. Just from these acquired engineered products and aftermarket product businesses, are there any new favourite or I guess, conversely, unruly Children among that set of companies that you're now growing?

好的。謝謝你最後一次給我。僅從這些收購的工程產品和售後產品業務來看，在你們現在正在發展的公司中，有沒有新寵，或者我猜，相反，不守規矩的孩子？

No, I wouldn't specifically highlight one over the other. We've had a good performance across our engineered product portfolio.

不，我不會特別強調其中一個。我們的工程產品組合表現良好。

That's fair.

這很公平。

Okay. Thank you, Simon. Thank you, Steve.

好的。謝謝你，西蒙。謝謝你，史蒂夫。

Thanks, bye.

謝謝，再見。

Jason Gursky with Citi. Your line is open. Please go ahead.

花旗銀行的賈森古爾斯基。您的線路已開通。請繼續。

Great, good. Good morning, everybody.

太好了，很好。大家早安。

Just a quick question on capacity at the company sounds like, you know, the there's been an acceleration here, maybe, potentially of some outsourcing. Both commercial as well as defence. Sounds like you've got plenty of opportunities there.

關於公司能力的一個簡單問題聽起來像是，你知道，這裡可能有一些外包的加速。既有商業用途，也有國防用途。聽起來你那裡有很多機會。

I'm just curious how much more work can you all take on without the need to you know, ramp up CapEx? I mean, yeah, maybe just, let's.

我只是好奇你們還能承擔多少工作而不需要增加資本支出？我的意思是，是的，也許只是，讓我們吧。

Start with that. Yes, for.

從那開始。是的，為了。

Sure. Thanks Jason for that question. So we do believe our structures business has a lot of capacity max production rates are still pretty low versus the 57 we saw back in 2019. So we're not looking at any significant investments expected there in the near term.

當然。感謝傑森提出這個問題。因此，我們確實相信我們的結構業務擁有大量產能，但與 2019 年我們看到的 57 個相比，最大生產力仍然相當低。因此，我們預計短期內不會有任何重大投資。

On the electronic side, the business is doing well a lot of that is defence. And so we do expect that as the business continues to grow, we will continue to make on the fringes at, at a number of our facilities, but those are not very capital intensive expansions. And so we're maintaining kind of our outlook on CapEx spending to be in line with what we had said during our vision 2027 strategy discussions. And you know, it's going to be kind of in that $20 million range going forward for the next few years.

在電子方面，業務表現良好，其中很大一部分是國防業務。因此，我們確實預計，隨著業務的持續成長，我們將繼續在我們的許多設施的邊緣進行生產，但這些並不是資本密集的擴張。因此，我們維持對資本支出的展望，以與我們在 2027 年願景策略討論中所說的保持一致。你知道，未來幾年的花費將在 2000 萬美元左右。

Let me just jump in here. So also, you know, we're not running heavy 2nd, 3rd shifts, you know, with some of the structural plants you know, we're, I think we're in very good shape there. So we only, we not only have the capital in place but, you know, we have the time in the plant, right? So we feel good about where we are and where we're going without capital.

讓我跳到這裡。所以，你知道，我們沒有進行繁重的第二、第三輪班，你知道，對於一些你知道的結構工廠，我們，我認為我們在那裡的狀況非常好。所以我們不僅有資金，而且，你知道，我們有時間在工廠，對嗎？因此，在沒有資本的情況下，我們對自己的現狀和未來的發展方向感到滿意。

Okay, great. Yeah, that makes good sense. And then just on the M&A front, can you kind of describe the, the pipeline and the, the current environment there? I know you've assumed some additional acquisitions here over time. And I'm just kind of curious how that part of the vision 2027 framework is, shaping up for you.

好的，太好了。是的，這很有道理。那麼在併購方面，您能描述一下那裡的管道和當前環境嗎？我知道隨著時間的推移，您已經在這裡進行了一些額外的收購。我只是有點好奇 ​​2027 年願景框架的這一部分是如何為您塑造的。

And there is continuous activity on that front. I can tell you we're super busy looking at things and we have been for the most part this year. We're seeing even more, I would say in the past few months, we've got to make the right selection and, and we've got to make sure that it's, you know, the right fit for us. So, you know, we'll we're keeping at it, we think there is plenty of opportunity there. And you know, stay tuned in the coming few quarters and, you know, we'll continue to have M&A activity.

這方面的活動持續不斷。我可以告訴你，我們非常忙於研究事物，今年大部分時間都是如此。我想說，在過去的幾個月裡，我們看到了更多，我們必須做出正確的選擇，我們必須確保它適合我們。所以，你知道，我們會堅持下去，我們認為那裡有很多機會。你知道，請繼續關注未來幾個季度，我們將繼續進行併購活動。

I think that's fair. I think, you know, we are, we're seeing, we are seeing more okay, deals, you know, and obviously, Jason, you know, we're, as they say, we're kind of we're picky eaters, you know, you know, we've had a lot of success with the things we bought in the past. So, you know, we maybe look at things and for environmental other reasons, you know, we just think it's not for us. So, so we're continuing on though. They're good, good news ahead for that.

我認為這是公平的。我想，你知道，我們正在看到，我們正在看到更多好的交易，你知道，顯然，傑森，你知道，我們，正如他們所說，我們有點挑剔食客們，你知道，你知道，我們過去買的東西取得了很大的成功。所以，你知道，我們可能會考慮一些事情，出於環境其他原因，你知道，我們只是認為這不適合我們。所以，我們還是繼續吧。他們是好消息，這是好消息。

Okay, great. I'll leave it there Thanks guys.

好的，太好了。我會把它留在那裡謝謝大家。

Thank you, Jason. Good to be with you.

謝謝你，傑森。很高興和你在一起。

Michael Ciarmoli with Truist Securities.

Truist 證券公司的 Michael Ciarmoli。

Hey, morning guys. Thanks for taking the questions. Good results. I, I guess either Steve, you know, just on the revenue guidance, you know, now down at the lower end, I, I guess it implies, you know, you know, a sequential step down into the fourth quarter, maybe 5% or so if you get to that low end and then I, I guess I'm just thinking about, you know, what does your margin situation look like?

嘿，早上好，夥計們。感謝您提出問題。良好的結果。我，我想史蒂夫，你知道，只是在收入指導上，你知道，現在處於低端，我，我想這意味著，你知道，你知道，連續下降到第四季度，也許是 5 %左右，如果你達到了這個低端，然後我，我想我只是在想，你知道，你的利潤狀況是什麼樣的？

Try and calibrate us maybe for the fourth quarter and then obviously with, with, with the Boeing strike and disruption and then kind of how we recover to that into 25. And it, it sounds like it's the guide all related to the Boeing strike. I know you called out some of the program movement, but I thought that was kind of already in the plan.

試著對我們進行校準，也許是在第四季度，然後顯然是隨著波音罷工和中斷，然後我們如何恢復到 25。聽起來這就是與波音罷工有關的指南。我知道您提出了一些計劃變動，但我認為這已經在計劃中了。

Yeah. So the Boeing piece is definitely a key driver, right? If you look at where we were expecting commercial aerospace build rates to be for the Mac coming into the year versus where they actually panned out and then even versus where things stood at the end of Q2. When we last spoke about our outlook for the year, things have deteriorated dramatically and we have seen shipments to Spirit go to kind of the low 20s. And we're seeing shifts to going come down to zero on the max, in September. So that is certainly,

是的。所以波音公司的產品絕對是關鍵驅動因素，對吧？如果你看看我們對今年 Mac 的商業航空製造率的預期與實際結果，甚至與第二季末的情況相比。當我們上次談到今年的前景時，情況已經急劇惡化，我們看到 Spirit 的出貨量降至 20 左右。我們看到九月份的最高值將降至零。所以這肯定是，

I mean, the max is still less than 10% of our revenues in the current year, but it is, but just under and so it does why it doesn't have an outsized impact and we've been able to stay broadly in the ballpark of where we had previously guided, you know, there was a little bit of a haircut to accommodate for, for the max changes we've seen in the quarter.

我的意思是，最高限額仍低於我們今年收入的 10%，但確實如此，但略低於這一比例，因此這就是為什麼它沒有產生過大的影響，而且我們能夠廣泛地保持在你知道，我們之前指導的大致範圍，對於我們在本季度看到的最大變化，需要進行一些調整。

And we jump in here for a minute just on these programs. So look, you know, the Tomahawk, for instance, it's 17 different harnesses and, pretty much, as I've mentioned in the past, you know, OEMs are busy with other things and we really had a fight to get this approved. We have final, we have final buy in now.

我們在這裡花一點時間來討論這些節目。所以，你知道，以戰斧為例，它有 17 種不同的線束，而且，正如我過去提到的，原始設備製造商正忙於其他事情，我們確實為獲得批准而奮鬥。我們有最終的購買，現在我們有最終的購買。

So that's going to come soon, but that's one of the reasons too in Q4, we just had some delays with OEMs. I mean, it's not anything other than, you know, just trying to push this thing over the line and we're very close on this and we feel great about these transfers. So more common and margin Should be good.

所以這很快就會實現，但這也是第四季度的原因之一，我們只是與原始設備製造商發生了一些延誤。我的意思是，這不是別的，你知道，只是試圖將這件事推向終點，我們非常接近這件事，我們對這些轉會感覺很好。所以比較常見和margin應該不錯。

I mean, margins though in the fourth quarter, I mean, it sounds like structural if, if, you know, I mean, Max at zero sounds like you're going to be dealing with some detrimental and, and excess overhead there. And then do we kind of just sort of snap back maybe to this level in that 1,415 and back in the first quarter.

我的意思是，儘管在第四季度，這聽起來像是結構性的，如果，如果，你知道，我的意思是，最大為零聽起來像是你將在那裡處理一些有害的和多餘的管理費用。然後我們是否會在 1,415 中恢復到這個水平，並在第一季恢復到這一水平。

No. Great question, Mike. And while max shipment rates might be at zero, we will still see some revenue and production activity, as required by ASC 606. So we're going to see some because we don't want to shut down the facility and restart again.

不。好問題，麥克。儘管最大出貨率可能為零，但我們仍會看到一些收入和生產活動，按照 ASC 606 的要求。所以我們會看到一些，因為我們不想關閉設施並再次重新啟動。

So there's going to be some continuing activity. So it won't technically come down to zero even though ship shipments are at zero. I would say margins are going to stay in the same ballpark. There's going to be maybe some minor impact of volume and product mix, but we're not expecting, you know, and again, we don't guide on margins, but there isn't any reason for us to believe that there's going to be any material change there.

所以將會有一些持續的活動。因此，即使船舶出貨量為零，從技術上講，它也不會降至零。我想說，利潤率將維持在同一水平。銷售和產品組合可能會產生一些微小的影響，但我們並不期望，你知道，我們不會對利潤率進行指導，但我們沒有任何理由相信會出現這種情況。

Mike we're in good shape and that's one of the things about the vision 2027 coming in with, you know, we're, we're, we're getting more and more engineered product and aftermarket. Right. So it might take a little bit on the chin, you know, with the max, but we got other things coming in. So that's the beauty of this thing.

麥克，我們狀況良好，這是 2027 年願景的其中之一，你知道，我們正在獲得越來越多的工程產品和售後市場。正確的。所以這可能需要一點努力，你知道，最大的，但我們還有其他的東西進來。這就是這件事的美妙之處。

Got it, got it helpful and then just the last one, how much is, is there a lot left of pruning on the industrial, sort of piece of the business? I mean, it's kind of subscale now, I'm, I'm sure there's just some, some natural product adjacent. But any anything else you're, you're either industrial or anywhere else you're looking to prove?

明白了，得到了幫助，然後就是最後一個，多少錢，工業領域還有很多修剪工作嗎？我的意思是，現在有點小規模了，我確信只有一些、一些天然產品相鄰。但你還有其他什麼身份，無論是工業界還是其他你想證明的地方？

Yeah. You know, let me jump. I just because I looked at it the other day. So look, the only real game that we have in there is there's pretty much card business, which is a legacy at Appleton and a few of the things we might do on, on our plastic extrusion. But our business, the business year over year is down about 50%.

是的。你知道嗎，讓我跳吧。我只是因為那天我看了它。所以看，我們在那裡唯一真正的遊戲是有相當多的卡片業務，這是阿普爾頓的遺產，也是我們可能在塑膠擠壓上做的一些事情。但我們的業務，年減了50%左右。

So we're, we're really winding down on this, which is what we want. Right. Well, you know, if it's great business for us, we can make some cards and make 40% margin. Okay. You know what I mean? But, you know, the customer is generally going to move on at some point. So that's why that now we feel good about it. Okay.

所以我們真的正在逐步減少這件事，這就是我們想要的。正確的。嗯，你知道，如果這對我們來說生意很好，我們可以製作一些卡片並賺取 40% 的利潤。好的。你知道我的意思？但是，您知道，客戶通常會在某個時候離開。這就是為什麼我們現在對此感覺良好。好的。

Got it. Perfect. Thanks guys.

知道了。完美的。謝謝你們。

Thank you, Mike. As always.

謝謝你，麥克。一如既往。

There appears to be no further questions and I would like to turn the conference back over to Chairman, President and CEO Steve Oswald for closing remarks.

似乎沒有其他問題了，我想將會議轉回主席、總裁兼首席執行官史蒂夫·奧斯瓦爾德 (Steve Oswald) 致閉幕詞。

Okay. Thank you very much and thank you everyone for joining us today. Look, you know, we, we feel great about the print. You know, obviously we're thrilled that the strike is now over, for VA in Seattle and we look forward to, you know, many, many great years now and, you know, we have full trust and Kelly and the team up there, that's going to be a big lift for us. I mean, our Airbus business was fantastic and as I've talked about, it's really coming on now because they have internal operations.

好的。非常感謝大家今天加入我們。聽著，你知道，我們對印刷品感覺很棒。你知道，顯然我們很高興西雅圖退伍軍人管理局的罷工現在已經結束，我們期待著，你知道，現在很多很多偉大的歲月，你知道，我們完全信任凱利和那裡的團隊，這對我們來說將是一個巨大的提升。我的意思是，我們的空中巴士業務非常棒，正如我所說，它現在確實正在發展，因為他們有內部運作。

But, you know, we're up, we're way up on the A 320. And you know, that's what we want, right? So it's all coming together for DCO and obviously our vision 2027 which is the most important thing is, is working and we're seeing that in our margins and our profit and our engineered product and aftermarket mix. So, so all good news from here. Just want to wish you a great day and a safe day. Thank you.

但是，你知道，我們已經進步了，我們在 A 320 上已經進步了很多。你知道，這就是我們想要的，對吧？因此，對於DCO 來說，這一切都在實現，顯然我們的2027 年願景（最重要的事情）正在發揮作用，我們在我們的利潤、我們的利潤以及我們的工程產品和售後市場組合中看到了這一點。所以，所有的好消息都來自這裡。只是祝您度過美好的一天和安全的一天。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。