杜邦 (DD) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Pam and I will be your operator today.

我叫帕姆，今天我將成為您的接線生。

At this time, I would like to welcome everyone to the DuPont Second Quarter 2024 Earnings Call.

此時此刻，我謹歡迎大家參加杜邦 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Chris Mecray.

我現在想把會議交給克里斯·麥克雷。

You may begin.

你可以開始了。

Good morning and thank you for joining us for DuPont's second quarter 2024 financial results conference call.

早安，感謝您參加杜邦 2024 年第二季財務業績電話會議。

Joining me today are Ed Breen, Executive Chairman; Lori Koch, Chief Executive Officer; and Antonella Franzen, Chief Financial Officer.

今天與我一起出席的有執行主席 Ed Breen；洛里·科赫，執行長；和財務長安東內拉‧弗蘭岑 (Antonella Franzen)。

We've prepared slides to supplement our remarks which are posted on DuPont's website under the Investor Relations tab and through the webcast link.

我們準備了幻燈片來補充我們的評論，這些幻燈片已發佈在杜邦網站的「投資者關係」標籤下並透過網路廣播連結發布。

Please read the forward-looking statement disclaimer contained in the slides.

請閱讀幻燈片中包含的前瞻性聲明免責聲明。

During this call, we'll make forward-looking statements regarding our expectations or predictions about the future.

在本次電話會議中，我們將就我們對未來的期望或預測做出前瞻性聲明。

Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance or results may differ materially from our forward-looking statements.

由於這些陳述是基於目前的假設和涉及風險和不確定性的因素，因此我們的實際表現或結果可能與我們的前瞻性陳述有重大差異。

Our Form 10-K, as updated by our current periodic reports, includes detailed discussion of principal risks and uncertainties which may cause such differences.

我們的 10-K 表（根據當前定期報告更新）包含可能導致此類差異的主要風險和不確定性的詳細討論。

Unless otherwise specified, all historical financial measures presented today are on a continuing operations basis and exclude significant items.

除非另有說明，今天提出的所有歷史財務指標均以持續經營為基礎，不包括重要項目。

We will also refer to other non-GAAP measures.

我們也將參考其他非公認會計原則措施。

A reconciliation to the most directly comparable GAAP financial measure is included in our press release and presentation materials that have been posted on DuPont's Investor Relations website.

我們在杜邦投資者關係網站上發布的新聞稿和簡報資料中包含了與最直接可比較的 GAAP 財務指標的調節。

I'll now turn the call over to Lori.

我現在將把電話轉給洛里。

Good morning and thank you for joining.

早安，感謝您的加入。

I'm excited to be here today for my first quarterly call as CEO and to be joined by Antonella, our newly appointed CFO.

我很高興今天能夠作為執行長參加我的第一次季度電話會議，並由我們新任命的財務長安東內拉參加。

We both look forward to partnering with Ed and our global teams to continue to drive value creation for all stakeholders.

我們都期待與 Ed 和我們的全球團隊合作，繼續推動為所有利害關係人創造價值。

We remain focused on driving results and demonstrating the performance potential of our combined portfolio while furthering the plans to unlock value through our previously announced separation.

我們仍然專注於推動績效並展示合併後的投資組合的績效潛力，同時進一步推進透過先前宣布的分離來釋放價值的計劃。

This morning, we reported second quarter financial results ahead of our previous guidance, reflecting continued positive momentum led by broad-based electronics recovery as well as sequential improvement from all W&P lines of business.

今天上午，我們公佈的第二季財務業績超出了先前的指引，反映出廣泛的電子產品復甦以及所有 W&P 業務線的連續改善所帶來的持續積極勢頭。

We were very pleased with this outcome and by the continued focus and strong execution of our global team.

我們對這一結果以及我們全球團隊的持續關注和強大執行力感到非常滿意。

On a consolidated basis for the quarter, we saw improvement across all key financial metrics.

在本季的綜合基礎上，我們看到所有關鍵財務指標都有所改善。

Net sales and operating EBITDA were both up year-over-year and sequentially, including a 17% pickup in operating EBITDA versus the first quarter.

淨銷售額和營業 EBITDA 均較去年同期成長，其中營業 EBITDA 較第一季成長 17%。

We saw strength in the semi business driven by growth in advanced technology applications, including AI.

我們看到了包括人工智慧在內的先進技術應用的成長推動了半成品業務的強勁成長。

We also realized continued recovery and new wins within consumer electronics market to drive both year-over-year and sequential growth for interconnect solutions.

我們也實現了消費性電子市場的持續復甦和新的勝利，推動互連解決方案的年比和環比成長。

We did see some favorable timing benefits within each of these businesses during second quarter relative to our expectations.

相對於我們的預期，我們確實在第二季度看到了這些業務中的一些有利的時機優勢。

In the W&P segment, we were pleased to see a better than anticipated sequential step up in our water business in China as well as improvement in Tyvek medical packaging within Safety Solutions which was in line with our expectations.

在 W&P 領域，我們很高興看到我們在中國的水業務連續成長優於預期，以及安全解決方案中 Tyvek 醫療包裝的改進，這符合我們的預期。

Our year over year growth in operating EBITDA reflects solid margin expansion with operating EBITDA margin improvement of 130 basis points, driven by favorable business mix, stronger production rates in our electronics businesses and realization of restructuring related cost savings, partially offset by higher variable compensation expense.

我們的營業EBITDA 年成長率反映了利潤率的穩健擴張，在有利的業務組合、電子業務生產率提高以及實現重組相關成本節約的推動下，營業EBITDA 利潤率提高了130 個基點，但部分被較高的變動薪酬費用所抵銷。

Second quarter adjusted earnings per share increased 14% year-over-year.

第二季調整後每股盈餘較去年同期成長 14%。

Strong cash generation and related conversion of over 100% was another bright spot for the quarter, highlighting disciplined working capital management and made a sequential sales ramp.

強勁的現金產生和超過 100% 的相關轉換率是本季的另一個亮點，凸顯了嚴格的營運資本管理並實現了連續的銷售成長。

For the full year 2024, we are raising our guidance for net sales, operating EBITDA and adjusted EPS which Antonella will detail shortly.

對於 2024 年全年，我們將提高對淨銷售額、經營 EBITDA 和調整後每股收益的指導，安東內拉將很快詳細說明。

I also wanted to highlight that earlier this week; we closed our acquisition of Donatelle, a manufacturer of sophisticated medical devices.

我還想在本週早些時候強調這一點；我們完成了對精密醫療設備製造商 Donatelle 的收購。

We are delighted to welcome the Donatelle team to DuPont and are excited about this transaction which will deepen and complement our expertise in medical device market alongside Spectrum which we acquired last year.

我們很高興歡迎 Donatelle 團隊來到杜邦，並對這筆交易感到興奮，這將加深和補充我們在醫療器材市場的專業知識以及我們去年收購的 Spectrum。

Donatelle will be managed within our E&I Industrial Solutions line of business alongside the Spectrum team.

Donatelle 將與 Spectrum 團隊一起在我們的 E&I 工業解決方案業務線內進行管理。

Together, these offerings are expected to enhance our position as a partner of choice for customers in the high-growth medical device field.

這些產品預計將增強我們作為高成長醫療器材領域客戶首選合作夥伴的地位。

I'll now turn the call over to Ed, who will provide a progress update on our planned separation.

我現在將把電話轉給艾德，他將提供我們計劃分離的最新進展。

Thanks and good morning, everyone.

謝謝大家，早安。

As seen in our second quarter results, we are well into the recovery phase from last year's inventory corrections in most key end markets and electronics may be setting up for a prolonged positive cycle.

從我們第二季的業績來看，我們已經從去年大多數關鍵終端市場的庫存調整中恢復過來，電子產品可能正在為一個長期的正週期做好準備。

Turning to the separations, we've received very encouraging feedback since our May announcement of our intent to separate the electronics and water businesses and the formation of 3 independent companies.

談到分離，自 5 月宣布打算分離電子和水務業務並組建 3 家獨立公司以來，我們收到了非常令人鼓舞的回饋。

We believe our investors broadly appreciate the value creation opportunity of having 3 industry-leading global companies with compelling growth opportunities and distinct investment propositions.

我們相信，我們的投資者廣泛認可擁有 3 家行業領先的全球公司的價值創造機會，這些公司擁有引人注目的成長機會和獨特的投資主張。

As we shift gears to ramp up our separation activities, we have also worked to ensure our teams internally are highly motivated to remain focused on serving customers and driving business performance.

在我們轉變策略以加強分離活動的同時，我們也努力確保我們的團隊內部有高度積極性，繼續專注於服務客戶和推動業務績效。

That remains the top priority and I'm confident our operating teams will continue to execute.

這仍然是首要任務，我相信我們的營運團隊將繼續執行。

As you can see on Slide 4, we have already begun working on the rigorous project management processes necessary to ensure the separation work is executed smoothly.

正如您在投影片 4 中看到的，我們已經開始製定嚴格的專案管理流程，以確保分離工作順利執行。

Our teams have plenty of experience to rely on to ensure we stay within the 18 to 24 month time line from our May announcement with all 3 companies well positioned for day 1.

我們的團隊擁有豐富的經驗，確保我們在 5 月發佈公告後的 18 至 24 個月的時間內完成任務，並且所有 3 家公司都已在第一天做好準備。

One key short-term milestone that has already been completed is the establishment of key work stream leaders as part of our integrated project management team under Lori and Antonella's leadership, along with myself.

已經完成的一個關鍵的短期里程碑是在洛里和安東內拉以及我自己的領導下，建立了關鍵工作流程領導者作為我們綜合專案管理團隊的一部分。

Key separation work streams underway include legal entity standup, IT separation and stand, our financials and talent selection.

正在進行的關鍵分離工作流程包括法人實體站立、IT 分離和站立、我們的財務和人才選擇。

A current priority, along with our Board, is to complete executive leadership appointments for electronics and water along with corporate governance aspects including board appointments.

目前的首要任務是與我們的董事會一起完成電子和水務方面的行政領導任命以及包括董事會任命在內的公司治理方面的任命。

We currently anticipate announcements in early 2025.

我們目前預計將於 2025 年初發佈公告。

We are also making progress towards the future capital structures of the 3 intended companies.

我們也正在這 3 家擬定公司的未來資本結構方面取得進展。

Specifically, during June, we redeemed $650 million of our 2038 bonds and entered into new interest rate swaps that hedged the rate risk on our longer-dated maturities.

具體來說，6 月份，我們贖回了 6.5 億美元的 2038 年債券，並簽訂了新的利率互換協議，以對沖長期期限的利率風險。

To the extent that it becomes necessary to repay these bonds, the new swaps hedge the risk of higher debt repayment costs that would occur in a lower interest rate environment.

如果有必要償還這些債券，新的互換對沖了在較低利率環境下可能出現的較高債務償還成本的風險。

So while it is still early in the process, you can see that the separation work is progressing along and we look forward to updating you as we move forward.

因此，雖然目前還處於早期階段，但您可以看到分離工作正在取得進展，我們期待在進展過程中向您通報最新情況。

Before I turn it over to Antonella, I'd like to mention one of the updates detailed in our 10-Q which will be filed later today, specifically around the South Carolina MDL.

在將其交給安東內拉之前，我想提一下我們的 10-Q 中詳細介紹的更新之一，該更新將於今天晚些時候提交，特別是圍繞南卡羅來納州 MDL 的更新。

Now that the water district settlement has become final, the court has indicated a focus on the personal injury cases.

現在水區和解已經最終確定，法院表示重點關注人身傷害案件。

Earlier this year, the court ordered cases not involving 1 of the 8 medical patients to be dismissed by August 22 unless certain evidence is presented.

今年早些時候，法院下令在 8 月 22 日之前駁回不涉及 8 名患者中 1 名的案件，除非提出某些證據。

About half of the 6,000 cases depending on June 30 are expected to be dismissed on that basis.

截至 6 月 30 日的 6,000 起案件中，約有一半預計將據此被駁回。

They can be refiled over the next 4 years if those evidence requirements are later met.

如果以後滿足這些證據要求，則可以在未來 4 年內重新提交。

We do not, however, expect any trials in 2024 in the South Carolina MDL.

然而，我們預計 2024 年不會在南卡羅來納州 MDL 進行任何試驗。

With that, let me turn it over to Antonella, who will provide additional details on our financial results and outlook.

接下來，讓我將其轉交給安東內拉，他將提供有關我們的財務表現和前景的更多詳細資訊。

Thanks, Ed and good morning, everyone.

謝謝艾德，大家早安。

I'm excited to be here today and honored to serve as CFO of DuPont.

我很高興今天來到這裡，並很榮幸能擔任杜邦公司的財務長。

Turning to Slide 5; I will cover our second quarter financial highlights in further detail.

轉到投影片 5；我將更詳細地介紹我們第二季的財務亮點。

Our second quarter results were clearly encouraging.

我們第二季的業績顯然令人鼓舞。

Volume recovery is a key driver of our improved Q2 financial performance.

銷售恢復是我們第二季財務業績改善的關鍵驅動力。

Additionally, our ongoing commitment to drive productivity and operational excellence as well as continued savings from restructuring actions announced last November are also contributing to top line growth, margin expansion and cash flow improvement.

此外，我們對提高生產力和卓越營運的持續承諾，以及去年 11 月宣布的重組行動帶來的持續節約，也有助於營收成長、利潤率擴張和現金流改善。

Net sales of $3.2 billion increased 2% versus the year ago period, as a favorable portfolio benefit of 4%, reflecting the Spectrum acquisition was partially offset by a 2% currency headwind.

淨銷售額為 32 億美元，較去年同期成長 2%，帶來 4% 的有利投資組合收益，反映出 Spectrum 收購被 2% 的貨幣逆風部分抵銷。

Organic sales were flat as a 2% increase in volume was offset by a 2% decrease in price.

有機銷售額持平，銷售成長 2% 被價格下降 2% 所抵銷。

Higher volume was driven by broad-based growth in electronics markets within semi and interconnect solutions with year-over-year reported volumes up more than 20% and mid-teens, respectively.

半導體和互連解決方案電子市場的廣泛增長推動了銷量的增長，報告銷量同比分別增長了 20% 以上和 15% 左右。

These gains were partially offset by year-over-year declines in China within Water Solutions as well as Tyvek Medical packaging.

這些收益被中國水解決方案和特衛強醫療包裝業務年減所部分抵銷。

However, we did see sequential improvement in these areas, as Lori mentioned.

然而，正如洛里所提到的，我們確實看到了這些領域的連續改進。

On a segment view, E&I organic sales inflected to grow 8% while W&P organic sales decline moderated to 6%.

從細分市場來看，E&I 有機銷售額成長了 8%，而 W&P 有機銷售額下降幅度放緩至 ​​6%。

Organic sales in corporate decreased 5% versus the year ago period.

企業有機銷售額較去年同期下降 5%。

From a regional perspective, Asia Pacific delivered 3% organic sales growth versus the year ago period with growth driven by China, where organic sales were up 8%, led by strong growth in E&I.

從區域角度來看，亞太地區的有機銷售額較去年同期成長了 3%，其中成長由中國推動，在 E&I 的強勁成長帶動下，中國的有機銷售額成長了 8%。

In other regions, the North America was down 2% and Europe was down 7%.

在其他地區，北美下降了 2%，歐洲下降了 7%。

Second quarter operating EBITDA of $798 million increased 8% versus the year ago period as volume gains, lower product costs, savings from restructuring actions and the earnings contribution from Spectrum were partially offset by higher variable compensation.

第二季營業 EBITDA 為 7.98 億美元，較去年同期成長 8%，原因是銷售成長、產品成本降低、重組行動節省的成本以及 Spectrum 的獲利貢獻被較高的可變薪酬部分抵銷。

Operating EBITDA margin during the quarter was 25.2%, up 130 basis points versus the year ago period and up 190 basis points sequentially from first quarter.

本季營運 EBITDA 利潤率為 25.2%，比去年同期成長 130 個基點，比第一季連續成長 190 個基點。

Additionally, I am very pleased with our cash flow performance as we reported another quarter of strong cash generation and conversion.

此外，我對我們的現金流表現非常滿意，因為我們報告了另一個季度強勁的現金產生和轉換。

On a continuing operations basis, cash from operations of $527 million less capital expenditures of $102 million resulted in adjusted free cash flow of $425 million.

在持續經營的基礎上，營運現金為 5.27 億美元，減去 1.02 億美元的資本支出，調整後的自由現金流為 4.25 億美元。

Adjusted free cash flow conversion during the quarter was 104%.

本季調整後自由現金流轉換率為 104%。

Turning to Slide 6, adjusted EPS for the quarter of $0.97 per share increased 14% from $0.85 in the year-ago period.

轉向幻燈片 6，該季度調整後每股收益為 0.97 美元，比去年同期的 0.85 美元增長 14%。

Higher segment earnings of $0.10 and the benefit of a lower share count of $0.09 were partially offset by lower interest income of $0.05 resulting from a reduction in cash on hand versus the prior year.

部門收益增加 0.10 美元，股份數量減少 0.09 美元，但因手頭現金較上年減少而導致利息收入減少 0.05 美元，部分抵消了這一影響。

Other below-the-line items totaled a net $0.02 headwind as a higher tax rate and depreciation were partially offset by lower exchange losses versus the year ago period.

其他線下項目總計淨逆風 0.02 美元，因為較高的稅率和折舊被較去年同期較低的匯兌損失部分抵消。

Our base tax rate for the quarter was 26.4% up from 23.7% in the year ago period, driven by certain discrete tax expenses as well as geographic mix and earnings.

受某些離散稅收支出以及地理組合和收益的推動，我們本季的基本稅率為 26.4%，高於去年同期的 23.7%。

Our full year 2024 base tax rate is now estimated to be at the high end of our prior range or approximately 24%.

目前，我們的 2024 年全年基本稅率預計將處於先前範圍的高端，即 24% 左右。

Turning to segment results, beginning with E&I on Slide 7.

轉向分段結果，從投影片 7 上的 E&I 開始。

E&I second quarter net sales of $1.5 billion increased 15% versus the year ago period, as the spectrum sales contribution of 9% and organic sales growth of 8% were partially offset by a currency headwind of 2%.

E&I 第二季淨銷售額為 15 億美元，較去年同期成長 15%，其中 9% 的頻譜銷售貢獻和 8% 的有機銷售成長被 2% 的貨幣不利因素部分抵銷。

Organic sales growth of 8% reflects a 10% increase in volume, partially offset by a 2% decrease in price.

8% 的有機銷售額成長反映了銷量成長 10%，但部分被價格下降 2% 所抵消。

At the line of business level, organic sales for semi were up more than 20%, driven by continued semi demand recovery, including AI-driven technology ramps as well as higher volumes for OLED materials led by new product launches.

在業務層面，受半成品需求持續復甦的推動，半成品的有機銷售額增長了 20% 以上，其中包括 AI 驅動的技術增長以及新產品發布帶動的 OLED 材料銷量增加。

A resurgence of demand for leading-edge materials requiring higher content and accelerated buying in support of new fab capacity, primarily in China, also contributed to the volume increase in the second quarter.

對需要更高含量的尖端材料的需求復甦，以及為支持新晶圓廠產能（主要在中國）而加速購買，也促成了第二季度銷量的增長。

Overall, semi fab utilization improved from the first quarter, with average utilization in the mid-70s.

整體而言，半晶圓廠利用率較第一季有所改善，平均利用率在 70 年代中期。

Within Interconnect Solutions, organic sales were up low teens, driven by mid-teens volume gains, reflecting continued broad-based consumer electronics recovery, incremental share gains and a demand benefit from AI-driven technology ramps.

在互連解決方案中，在銷售成長的推動下，有機銷售額成長了十幾位數，反映出消費性電子產品的持續廣泛復甦、份額的增量成長以及人工智慧驅動的技術成長所帶來的需求收益。

We also saw earlier-than-expected timing of orders within certain consumer electronics markets that helped volumes in the second quarter.

我們也看到某些消費性電子市場的訂單時間早於預期，這有助於第二季的銷售。

As expected, organic sales for Industrial Solutions were down low double digits, due primarily to ongoing destocking for Kalrez and biopharma markets.

正如預期的那樣，工業解決方案的有機銷售額下降了兩位數，這主要是由於 Kalrez 和生物製藥市場的庫存持續減少。

On a sequential basis, sales for Industrial Solutions increased 9% during the second quarter, including an improvement in Kalrez and biopharma.

第二季工業解決方案銷售額較上季成長 9%，其中 Kalrez 和生物製藥銷售額有所成長。

Operating EBITDA for E&I of $419 million was up 20% versus the year ago period, driven by volume growth and the impact of increased production rates in both semi and interconnect solutions, savings from restructuring actions and the earnings contribution from Spectrum.

E&I 的營業 EBITDA 為 4.19 億美元，較去年同期成長 20%，這主要得益於銷售成長、半成品和互連解決方案生產力提高的影響、重組行動帶來的節省以及 Spectrum 的獲利貢獻。

These gains were partially offset by lower volume in Industrial Solutions and higher variable compensation.

這些收益被工業解決方案銷售下降和可變薪酬上升部分抵消。

Operating EBITDA margin of 27.8% increased 120 basis points versus the year ago period.

營業 EBITDA 利潤率為 27.8%，較去年同期成長 120 個基點。

Turning to Slide 8, W&P second quarter net sales of $1.4 billion, declined 7% versus the year ago period due to a 6% organic sales decline, of which 4% related to volume and 2% related to price, as well as a 1% currency headwind.

轉向投影片 8，W&P 第二季淨銷售額為 14 億美元，較去年同期下降 7%，原因是有機銷售額下降 6%，其中 4% 與數量相關，2% 與價格相關，以及 1 % 貨幣逆風。

Within Safety Solutions, organic sales were down high single digits versus the year ago period on lower volumes, driven mainly by channel inventory destocking for Tyvek Medical Packaging.

在安全解決方案領域，由於銷售量減少，有機銷售額較上年同期下降了高個位數，這主要是由於特衛強醫療包裝通路庫存減少所致。

However, we did see a sequential increase of more than 20% in this end market, confirming a recovery is in process.

然而，我們確實看到該終端市場環比增長超過 20%，證實復甦正在進行中。

Within Water Solutions, organic sales were down high single digits versus the year ago period, driven primarily by lower volumes resulting from distributor inventory destocking.

在水解決方案領域，有機銷售額與去年同期相比下降了高個位數，這主要是由於分銷商庫存去庫存導致銷售下降。

Market conditions in Water Solutions also improved during the second quarter with net sales up 12% sequentially which was ahead of our expectations and driven primarily by an initial recovery in China.

第二季水解決方案的市場狀況也有所改善，淨銷售額環比成長 12%，超出了我們的預期，這主要是由中國的初步復甦推動的。

Shelter Solutions sales increased low single digits on an organic basis due to demand improvement in construction markets compared to the prior year period.

由於建築市場的需求與去年同期相比有所改善，住房解決方案銷售額有機增長了低個位數。

Operating EBITDA for W&P during the quarter of $344 million was down 7% due to lower volumes and higher variable compensation, partially offset by the impact of lower product costs and savings from restructuring actions.

由於產量減少和可變薪酬增加，W&P 本季的營業 EBITDA 下降了 7%，為 3.44 億美元，但產品成本下降和重組行動節省的影響部分抵消了這一影響。

W&P saw a nice step-up sequentially from the first quarter in both the top and bottom line with nearly 50% incremental margin.

W&P 的營收和利潤較第一季連續大幅成長，利潤率增幅接近 50%。

Moving to our outlook on Slide 9, for the third quarter, we expect net sales, operating EBITDA and adjusted EPS to increase sequentially to approximately $3.2 billion, $815 million and $1.03 per share, respectively.

轉向我們對幻燈片 9 的展望，我們預計第三季淨銷售額、營運 EBITDA 和調整後每股收益將分別成長至約 32 億美元、8.15 億美元和每股 1.03 美元。

For the full year 2024, we are raising our guidance for net sales, operating EBITDA and adjusted EPS.

對於 2024 年全年，我們提高了對淨銷售額、經營 EBITDA 和調整後每股收益的指引。

At the midpoint of the revised ranges provided, we now expect full year net sales of about $12.45 billion operating EBITDA of about $3.085 billion and adjusted EPS of $3.75 per share.

按照所提供的修訂範圍的中點，我們現在預計全年淨銷售額約為 124.5 億美元，營運 EBITDA 約為 30.85 億美元，調整後每股收益為 3.75 美元。

Our full year net sales guide reflects about $50 million of incremental foreign currency headwinds in the second half of the year versus prior guidance assumptions which are expected to be partly offset by a sales contribution from the Donatelle acquisition which closed earlier this week.

我們的全年淨銷售指引反映了下半年約 5,000 萬美元的增量外匯逆風，而先前的指引假設預計將被本週早些時候完成的多納泰爾收購的銷售貢獻所部分抵消。

With that, we are pleased to take your questions and let me turn it back to the operator to open the Q&A.

因此，我們很高興回答您的問題，並讓我將其轉回給接線員以開始問答。

(Operator Instructions) And your first question comes from the line of Jeff Sprague of Vertical Research Partners.

（操作員說明）您的第一個問題來自Vertical Research Partners 的Jeff Sprague。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Lorraine Congrats.

洛林 恭喜。

Whoever would like to take it.

誰願意就拿走吧。

I'd just love to drill a little bit more into electronics.

我只是想對電子產品有更多的了解。

A couple of things you said were quite interesting.

你說的有幾件事很有趣。

First, maybe, is there any kind of inventory rebuild that's going on in that market?

首先，也許該市場正在進行任何形式的庫存重建？

Or is this growth you think clearly indicative of what end demand is.

或者您認為這種增長清楚地表明了最終需求是什麼。

And I wonder if you could just elaborate a little bit for us what in the context of DuPont AI-driven demand really means how significant it might be content per chip or anything that you could give to provide some perspective on that question.

我想知道您是否可以為我們詳細說明一下，在杜邦人工智慧驅動的需求背景下，每個晶片的內容到底意味著什麼，或者您可以提供的任何內容，以提供對這個問題的一些看法。

Yes.

是的。

Jeff, maybe to your first question.

傑夫，也許是你的第一個問題。

So yes, the majority of the growth that we saw within the semi and ICS business was just market recovery but there was probably about $30 million of pre-buy, especially within Asia Pacific, as some of the new fabs come online.

所以，是的，我們在半導體和 ICS 業務中看到的大部分成長只是市場復甦，但隨著一些新晶圓廠上線，預購金額可能約為 3000 萬美元，特別是在亞太地區。

So that drove the Q2 performance up a little bit and then it will mute a little bit the ramp into Q3 and the back half of the year.

因此，這推動了第二季的業績成長，然後又會稍微減弱第三季和今年下半年的成長。

But overall, still really nice recovery in the electronic space.

但總體而言，電子領域的復甦仍然非常好。

As we have noted, a lot of it is coming from the AI acceleration that's felt in both the semi and the ICS business.

正如我們所指出的，其中很大一部分來自半成品和工業控制系統業務中感受到的人工智慧加速。

In total, AI is about $250 million of sales for us today; so a lot of improvement to be able to drive growth there.

如今，人工智慧為我們帶來的銷售額總計約 2.5 億美元；因此需要進行大量改進才能推動那裡的成長。

Like I had mentioned, it's felt across the board in semi as well as ICS on the packaging and the thermal management side.

正如我所提到的，半成品以及 ICS 的封裝和熱管理方面都感受到了這一點。

And also on the consumer side of electronics, I think there was a comment about orders being stronger.

在電子產品的消費方面，我認為有人評論說訂單更加強勁。

Is there just some timing issues there.

那裡只是一些時間問題嗎？

There's certainly some hope that there's a stronger iPhone cycle here into the holidays?

iPhone 的銷售週期肯定會在假期到來之前出現更強勁的表現嗎？

Is that what you're starting to see?

這就是你開始看到的嗎？

Any other color there would be helpful.

任何其他顏色都會有幫助。

Yes, we did.

是的，我們做到了。

The 30 million of pre-buy was probably about 20 million in St. Louis and about $10 million of interconnect.

3000萬美元的預購金額可能是聖路易斯的約2000萬美元以及約1000萬美元的互連費用。

And so on the interconnect side, it would be a little bit of a timing shifts for some of the treaties, not seeing them smartphone deliveries.

因此，在互連方面，某些條約的時間安排會有所改變，而不會看到智慧型手機的交付。

Great.

偉大的。

Thank you.

謝謝。

The next question comes from the line of Scott Davis of Melius Research.

下一個問題來自 Melius Research 的 Scott Davis。

Good morning, everybody.

大家早安。

Lori and Antonella, it's good to have you guys leading the call here.

洛里和安東內拉，很高興你們能在這裡主持會議。

I wanted just to dig in a little bit on price.

我只是想深入了解價格。

I was expecting price to be down in E&I but maybe not necessarily in W&P.

我預期 E&I 的價格會下跌，但 W&P 的價格不一定會下跌。

Is it mostly kind of a pass-through in like tieback?

它主要是一種類似回接的傳遞嗎？

I'm trying to picture why price would come down in Water, I guess but perhaps it's just kind of the comps and how you had to raise price into that big inflation pickup at the beginning last year?

我試著想為什麼水的價格會下降，我猜，但這也許只是一種比較，以及你如何在去年年初的通貨膨脹大幅上升的情況下提高價格？

Maybe just some color there would be helpful.

也許只是一些顏色會有幫助。

Sure, Scott.

當然，斯科特。

It's Antonella.

是安東內拉。

So just a couple of quick things that I would mention.

我想簡單介紹幾件事。

I think it's important to keep in mind, particularly in W&P, we had some really strong pricing over the last couple of years.

我認為重要的是要記住，特別是在 W&P，過去幾年我們的定價非常強勁。

And I would say, particularly, there's a few businesses where our pricing over the last 2 years was about in the mid-teens that more than compensated for any of the cost increases that we saw.

我想說，特別是，有一些企業在過去兩年中我們的定價大約在十幾歲左右，這足以彌補我們所看到的任何成本增加。

So it's not unlikely that we would see a couple of points that we would kind of give back really more just so to maintain share.

因此，我們不太可能會看到一些我們會回饋更多的積分，以維持份額。

So to your point, it's really the timing of the price increases that we had.

所以就你的觀點而言，這其實是我們漲價的時機。

Okay.

好的。

That's what I thought.

我就是這麼想的。

And just going back to Jeff's question and this is just -- I'm not an expert in electronic chemicals at all.

回到傑夫的問題，我根本不是電子化學品的專家。

But is it the same product mix going into AI applications?

但人工智慧應用中的產品組合是否相同？

I assume it's higher volumes per purchase, et cetera but is it the same product?

我認為每次購買的數量更高，等等，但它是同一個產品嗎？

Or are there variations of that?

或有什麼變化嗎？

Yes.

是的。

It's the same product.

這是同一個產品。

It's just more content into the space because of the advanced nodes.

由於先進的節點，該領域的內容更多了。

And so the advanced nodes have more stacks and/or thermal management requirements that require more of our material.

因此，先進的節點有更多的堆疊和/或熱管理要求，需要更多的材料。

So 1 rule of thumb that we point out is in the semi space.

因此，我們指出的第一個經驗法則是在半空間。

MSI is a typical indicator of market growth and we would be 200 to 300 basis points above market growth because of the advanced node exposure that we have.

MSI 是市場成長的典型指標，由於我們擁有先進的節點暴露，我們將比市場成長高出 200 到 300 個基點。

So they need more material to be able to produce the higher-end chips.

因此他們需要更多的材料才能生產更高端的晶片。

Okay, that makes sense.

好吧，這是有道理的。

That's what I thought.

我就是這麼想的。

So thank you.

所以謝謝你。

Best of luck.

祝你好運。

Your next question comes from the line of Steve Tusa of JPMorgan.

你的下一個問題來自摩根大通的史蒂夫圖薩。

Congrats everyone in the room there.

祝賀房間裡的每個人。

Just on the guidance, what is kind of normal seasonality now for EBITDA?

就指導而言，現在 EBITDA 的正常季節性是怎麼樣的？

It looks like it should be up mid-single digits quarter-to-quarter, at least that's kind of what it did last year but you're more in recovery mode, it feels like.

看起來季度環比應該會上漲中個位數，至少去年是這樣，但感覺更像是處於復甦模式。

So unclear to me why it would only be up a couple of percent like you haven't guided.

我不清楚為什麼它只會像你沒有指導的那樣上漲幾個百分點。

Yes.

是的。

I think to your point, we haven't , so I think you have to go back a couple of years to kind of see the more normal seasonality pattern that would exist.

我認為就你的觀點而言，我們還沒有，所以我認為你必須回到幾年前才能看到可能存在的更正常的季節性模式。

And so if you go back, it's probably more about $50 million to $100 million lift from Q2 to Q3 and then normally about a $100 million decline from Q3 to Q4.

因此，如果你回頭看，從第二季到第三季可能會增加約 5,000 萬至 1 億美元，然後通常從第三季到第四季會減少約 1 億美元。

So this year's recovery is muting that.

所以今年的復甦正在削弱這種影響。

And also the pre-buy in Q2 is muting that a bit from Q2 to Q3, so rising about $30 million.

而且，第二季的預購數量從第二季到第三季減弱，因此增加了約 3,000 萬美元。

But our decline Q3 to Q4 is muted down to about $50 million in the guide, because that's the continued recovery that we see across the board.

但在指南中，我們將第三季到第四季的跌幅降至約 5,000 萬美元，因為這是我們看到的全面持續復甦。

So seasonality is a bit challenging, to your point, whenever you're having market inflections but that's what's into our number.

因此，就您而言，每當市場發生變化時，季節性就有點具有挑戰性，但這就是我們的數據。

Like if you take away the pre-buy, then you would see more the normal seasonality.

就像如果你去掉預購，那麼你會看到更多正常的季節性。

Okay, that makes sense.

好吧，這是有道理的。

And then, Ed, you mentioned the change in the PFAS item there.

然後，Ed，您提到了 PFAS 專案的變更。

Where do we stand on like State AG as well as just remind us what the other major moving items around PFAS actually are and how significant this South Carolina News is in the context of what's remaining here.

我們像 State AG 一樣站在哪裡，只是提醒我們圍繞 PFAS 的其他主要移動項目實際上是什麼，以及這篇南卡羅來納州新聞在剩下的內容的背景下有多麼重要。

Yes.

是的。

Steve, there's really 2 buckets left.

史蒂夫，真的還剩兩桶。

Obviously, we sell the big 1 on the water district cases.

顯然，我們在水區出售大一號的箱子。

The 2 buckets left in the state AG cases and the personal injury cases.

州 AG 案件和人身傷害案件中還剩下 2 個桶子。

And I think the comment we made this morning on the PI basis, I think, is fairly significant because it reduces the cases from about 6,000 down to about 3,000.

我認為我們今天早上在 PI 基礎上發表的評論相當重要，因為它將病例數從約 6,000 例減少到約 3,000 例。

And remember, this is not like some of the other settlements we did where we had a location and we settled because we used PFAS.

請記住，這與我們所做的其他一些定居點不同，我們有一個地點，我們定居是因為我們使用了 PFAS。

In this case, this is because of firefighting phone again.

這次，這又是因為消防電話。

So only 3,000 cases and this goes back to what the plaintiffs also said in our settlement that we are probably responsible for 3% to 7% as a consortium group and we're only 1/3 of the 3% to 7%.

所以只有 3,000 起案件，這可以追溯到原告在我們的和解協議中所說的，我們作為一個財團可能要承擔 3% 到 7% 的責任，而我們只是 3% 到 7% 中的 1/3。

So I think you can wrap your head around a number that's pretty reasonable here.

所以我認為你可以理解一個相當合理的數字。

And I guess for PFAS more broadly though, does that mean for the other guys that are involved, the ones with the larger exposures, I mean, I would assume that it's kind of a similar impact to those guys as well.

我想，對於更廣泛的 PFAS 來說，這是否意味著對於其他參與其中的人，那些暴露程度較大的人，我的意思是，我認為這對那些人也有類似的影響。

Now is there any reason why judging how injured somebody actually is, is different from company to company when it just comes to the basic injury, if you will?

現在，如果您願意的話，當僅涉及基本傷害時，是否有任何理由可以解釋為什麼每個公司對某人實際受傷程度的判斷有所不同？

No.

不。

I think the difference is just to distinguish that we didn't make firefight.

我認為差別只是為了區分我們沒有交火。

So, if you made it, you're in a different little bit of a category but we did not make it. which is I think why our percent is just 3% to 7% and we're 1/3 of that.

所以，如果你成功了，你就屬於一個不同的類別，但我們沒有成功。我認為這就是為什麼我們的百分比只有 3% 到 7%，而我們只是其中的 1/3。

And then any update on

然後有任何更新

(Inaudible)?

（聽不清楚）？

Pretty nice news.

相當不錯的消息。

Any update?

有更新嗎？

I don't expect Steve any settlement this year but we are working hard to settle as much to the rest of the PFAS as we can by the time of the spin to get them out clean.

我預計史蒂夫今年不會達成任何和解，但我們正在努力與 PFAS 的其他成員達成和解，以便在旋轉時讓他們清白。

So we're working hard at it.

所以我們正在努力。

Yes.

是的。

You're always working hard.

你總是很努力。

So we appreciate that.

所以我們對此表示讚賞。

Thanks a lot.

多謝。

Your next question comes from the line of Josh Spector of UBS.

你的下一個問題來自瑞銀集團的喬許·史佩克特。

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to ask on W&P.

我想問W&P。

Just within the guidance in the context the year-on-year comps get easier, so you're clearly expecting some growth there in the second half.

就在這種背景下的指導範圍內，同比比較變得更加容易，因此您顯然預計下半年會出現一些增長。

But it kind of seems like you're guiding things somewhat flattish from a sales and EBITDA perspective.

但從銷售和 EBITDA 的角度來看，你的指導似乎有些平淡。

So I'd be curious, are you seeing continued improvement from destocking?

所以我很好奇，您是否看到去庫存的持續改善？

Are you not?

你不是嗎？

And what are your assumptions around that?

您對此有何假設？

Yes.

是的。

So this is Antonella.

這是安東內拉。

Just a couple of comments there.

這裡只有幾則評論。

So as we mentioned, we did see a nice lift off of Q1 in both medical packaging in Tyvek as well as in our Water business, where we saw the biggest impact of destocking.

正如我們所提到的，我們確實看到特衛強的醫療包裝和我們的水業務在第一季都有了良好的成長，我們看到了去庫存的最大影響。

A we move forward, we do continue to expect that we will see a little bit more lift in medical package as we go through the year.

隨著我們向前邁進，我們確實繼續期望在這一年裡我們會看到醫療計劃增加。

For water, as we mentioned, we actually saw a bigger lift headed into Q2 than we were originally expecting.

對於水，正如我們所提到的，我們實際上看到第二季的成長比我們最初預期的要大。

So that will be pretty consistent.

所以這將非常一致。

As we head into the third quarter, we'll see a little bit more of a lift in the fourth quarter as well.

當我們進入第三季時，我們也會在第四季看到更多的提升。

So overall, revenue is relatively flattish as we go into the second half of the year for W&P.

因此，總體而言，隨著進入今年下半年，W&P 的收入相對持平。

And I would just keep in mind, there's probably a little bit of muted seasonality that we built in, in the shelter business, just given the soft resi market and just we're keeping a close eye on the macros out there.

我只想記住，鑑於黃金市場疲軟，我們在住房業務中可能存在一些溫和的季節性，而我們正在密切關注那裡的宏觀情況。

And so that's a little bit of a cautious view, I would say that we have built into our guidance currently.

因此，這是一個有點謹慎的觀點，我想說，我們目前已將其納入我們的指導中。

Thanks.

謝謝。

And I guess what about margins?

我想利潤率怎麼樣？

Kind of the same line of thought there.

那裡有類似的想法。

I mean that was a bright spot in the quarter here, getting back to kind of a year ago margins and volumes still down.

我的意思是，這是本季的一個亮點，回到一年前的利潤率和銷售仍然下降。

Is there something incremental negative on the margin sequentially?

邊際上是否有連續的增量負值？

It seems like you're assuming that's a little bit lower versus what you did in 2Q.

您似乎假設這比第二季的情況要低一些。

No.

不。

Actually the margins in W&P are expected to be flattish to up a little bit actually as we head into the third quarter and expect it to continue to improve as we head into the fourth quarter as well.

實際上，隨著我們進入第三季度，W&P 的利潤率預計將持平，甚至略有上升，並預計隨著我們進入第四季度，其利潤率將繼續改善。

Okay, thank you.

好的，謝謝。

Your next question comes from the line of John McNulty of BMO Capital Markets.

您的下一個問題來自 BMO 資本市場的 John McNulty。

Please go ahead.

請繼續。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

This is regarding the split.

這是關於分裂的事情。

So you've had the big announcement this past quarter.

所以你在上個季度發布了重大公告。

I guess can you speak to interest that you may be seeing in some of those assets, sometimes there's not a lot of interest until announcements get made and then all of a sudden, people start lining up.

我想你能談談你可能對其中一些資產感興趣嗎？

So maybe you can help us to think about that, especially around maybe the water business?

那麼也許您可以幫助我們思考這個問題，尤其是在水務業務方面？

And if not, I guess I'd also ask, it does look like the M&A markets are heating up in a couple of areas, especially in water.

如果沒有，我想我也會問，看起來併購市場確實在幾個領域正在升溫，特別是在水領域。

Would you consider bolting on businesses ahead of the split to any of the other assets?

您是否會考慮在拆分至任何其他資產之前專注於業務？

Or is that just too much to deal with for the organization at this point?

或者目前對於組織來說處理的事情太多了？

How should we be thinking about that?

我們該如何思考這個問題？

Yes.

是的。

Yes.

是的。

So your last point, no, we wouldn't do anything where we bolt something on the asset.

所以你的最後一點是，不，我們不會做任何在資產上固定某些東西的事情。

I don't want to get out in front of ourselves on any speculation of what's going on.

我不想對正在發生的事情做出任何猜測。

But as I said on the last earnings call, John, if there is interest in the water business, we obviously will look at it and study it hard if there's a better path to creating value for our shareholders, we would clearly do that.

但正如我在上次財報電話會議上所說，約翰，如果有人對水務業務感興趣，我們顯然會研究它並努力研究，如果有更好的途徑為我們的股東創造價值，我們顯然會這樣做。

And I'll just leave it at that for now.

我暫時就這樣吧。

Okay.

好的。

Fair enough.

很公平。

And then I guess just a question on the PFAS issue.

然後我想只是關於 PFAS 問題的問題。

So look, you guys have been doing a pretty good job of cleaning up the liability so far.

所以看，到目前為止你們在清理責任方面做得非常好。

Earlier this quarter, we had the Chevron decision kind of get overruled by the Supreme Court.

本季度早些時候，我們的雪佛龍決定被最高法院否決了。

I guess I'm wondering, what does that do in terms of how you think about the liability and the ability to put that to rest.

我想我想知道，這對於您如何看待責任以及消除責任的能力有什麼作用。

Does it change kind of the strategy or how you're thinking about that, what that liability might mean going forward?

它是否改變了某種策略或您對此的看法，這種責任對未來意味著什麼？

Yes.

是的。

So it kind of goes back to the whole superfund circle issue.

所以這又回到了整個超級基金圈的問題。

And to make it very clear, manufacturers of products are not responsible under circle.

並且要明確的是，產品製造商在circle下不承擔任何責任。

There's kind of 4 key categories, if you don't mind me telling you these for a minute just to clarify this issue.

有 4 個關鍵類別，如果您不介意我告訴您這些只是為了澄清這個問題。

The responsible parties are current owners and operators of facilities where substances are located, [indiscernible] owners of facilities where hazardous substances were disposed, aggregators and generators, persons who arrange for disposal has a substance at a site and transporters who transported it to those sites.

責任方是物質所在設施的當前所有者和經營者、危險物質處置設施的[音頻不清晰]所有者、聚集者和生成者、安排處置的人員以及將物質運輸到這些地點的運輸者。

So by the way, there's a Supreme Court case on this, just to clarify it more.

順便說一句，最高法院對此有一個案例，只是為了進一步澄清這一點。

An entity will not be held liable as an arranger merely for selling a new and useful product if the purchaser of that product later and unbent to the seller dispose of the product in a way that led to contaminate it.

如果該產品的購買者隨後不顧賣方的意願而以導致產品污染的方式處置該產品，則僅因銷售新的有用產品，實體將不承擔作為安排者的責任。

So I think it's pretty darn clear, as we've said all along that we don't have responsibility under this

所以我認為這是非常清楚的，正如我們一直以來所說的那樣，我們對此不承擔任何責任

Great.

偉大的。

Thanks very much for the clarity.

非常感謝您的澄清。

Thank you.

謝謝。

Your next question comes from John Roberts of Mizuho.

你的下一個問題來自瑞穗銀行的約翰羅伯茲。

Thank you.

謝謝。

On the spin-off, will we have to wait until the SEC filings for the income statements and debt allocations to the spin co -- or do you think DuPont will begin reporting more like a holding company and give us electronics and water, at least summary income statement, summary balance sheets before the SEC filings.

關於分拆，我們是否必須等到美國證券交易委員會提交損益表和分拆公司的債務分配文件，或者您認為杜邦將開始更像一家控股公司進行報告，並至少為我們提供電子產品和水向SEC 提交文件之前的損益表摘要、資產負債表摘要。

Yes.

是的。

We intend to report in the new structure prior to the Form 10 detailed filings would go out.

我們打算在 10 號表格詳細文件發布之前以新結構進行報告。

So we're targeting sometime early next year to have leadership appointments and then ultimately report on the new segments would be the future spin.

因此，我們的目標是明年初進行領導層任命，然後最終報告新的細分市場將是未來的發展方向。

Okay.

好的。

And then will new DuPont pen report medical or health as a separate segment?

那麼新的杜邦筆會將醫療或健康作為一個單獨的部分來報告嗎？

Or is it going to continue to be split across industrial and safety?

或者它會繼續在工業和安全領域分裂嗎？

I think it's going to be over 25% of new DuPont but it's a little hard to see in the current reporting.

我認為這將超過新杜邦公司的 25%，但在目前的報告中很難看到這一點。

Yes.

是的。

So we will most likely have three reportable segments for Remainco, one of which is health care which would be the combination of Tyvek, Spectrum, the Liveo Biopharma business and now Donatelle given that acquisition closed.

因此，我們很可能會為 Remainco 提供三個可報告的部門，其中之一是醫療保健部門，該部門將由 Tyvek、Spectrum、Liveo Biopharma 業務以及現在的 Donatelle（鑑於收購完成）合併而成。

And the other two reportable segments would be a next-gen mobility which would help all of our EV automotive exposure.

另外兩個可報告的細分市場將是下一代移動出行，這將有助於我們所有的電動車業務。

And then the remaining would be generally the safety business and the shelter business and the rest of the printing businesses and industrial businesses, industrial solutions that aren't semi related.

然後剩下的通常是安全業務和庇護所業務以及其餘的印刷業務和工業業務，以及不半相關的工業解決方案。

Fantastic.

極好的。

Thank you.

謝謝。

.

。

So next question comes from the line of Chris Parkinson of Wolfe Research.

下一個問題來自沃爾夫研究中心的克里斯·帕金森。

Please go ahead.

請繼續。

Great.

偉大的。

Thank you so much.

太感謝了。

Just two quick questions on E&I.

只是關於 E&I 的兩個簡單問題。

The first is, do you mind as we enter into the second half, can you just offer a little bit more color on Semi tech just given some of your commentary around the broader strokes.

第一個問題是，當我們進入下半場時，你介意嗎？

But if we dig in to pad slurries, you mentioned older materials in your PR as well as the PowerPoint.

但是，如果我們深入研究墊漿，您在 PR 和 PowerPoint 中提到了舊材料。

Can you just help us conceptualize how we are trending into '25, '26 and perhaps into a larger upcycle?

您能否幫助我們概念化我們將如何走向「25」、「26」甚至更大的升級週期？

Yes.

是的。

So we expect nice high single-digit growth in the current construct of E&I as we head into 2025, a lot of that coming from the growth acceleration from AI as well as overall continued pickup within the consumer electronics space.

因此，我們預計，進入 2025 年，目前的 E&I 結構將實現較高個位數成長，其中很大一部分來自人工智慧的成長加速以及消費性電子領域的整體持續回升。

So we think we'll be from a utilization perspective on the semi front more in the high 70s as we exit 2024 overall.

因此，我們認為，當我們總體退出 2024 年時，從半前端的利用率角度來看，我們將在 70 多歲左右。

It's more like in the low 80s in the advanced nodes in DRAM and then lower than that in the legacy nodes and some of the more legacy memory applications.

它更像是 DRAM 高級節點中的 80 年代初，然後低於傳統節點和一些更傳統的記憶體應用程式。

Got it.

知道了。

And Lori, I have to bring it back a couple of years, because the follow-up is on ICS and specifically, Laird.

Lori，我必須把它帶回來幾年，因為後續是關於 ICS，特別是萊爾德。

When you originally did that transaction, you kind of mentioned AI as an optionality.

當您最初進行該交易時，您提到人工智慧是一種可選方案。

And obviously, you're kind of -- at the time talking about the shielding the thermal management portfolio there.

顯然，您當時正在談論屏蔽熱管理組合。

Can you just kind of help us think about the ICS business as it stands today versus kind of the legacy way of thinking around handsets.

您能否幫助我們思考目前的 ICS 業務與圍繞手機的傳統思維方式。

It seems like there's perhaps a lot more going on under the hood there in terms of how we should be thinking about sustainable growth rates?

就我們應該如何考慮永續成長率而言，似乎還有更多的事情發生？

Yes.

是的。

So ICS, I kind of think about it in 2 big buckets as far as market opportunity is concerned.

因此，就市場機會而言，我認為 ICS 分為兩大類。

One is like a powerhouse with respect to interconnect solutions and 1 is a powerhouse with respect to thermal management and you see opportunity on the 3 lines of business underneath across both of those segments.

一是互連解決方案的強國，一是熱管理方面的強國，您會在這兩個細分市場的 3 條業務線中看到機會。

And so the Laird acquisition has continued to play out nicely for us to drive opportunity across the ICS portfolio.

因此，對萊爾德的收購繼續為我們在 ICS 產品組合中推動機會提供良好的幫助。

It's been really timely with the AI boost and the ADAS boost that's coming to have that thermal management business within our portfolio.

人工智慧的提升和 ADAS 的提升非常及時，我們的產品組合中也包含了熱管理業​​務。

Thank you.

謝謝。

Next question comes from the line of David Begleiter of Deutsche Bank.

下一個問題來自德意志銀行的 David Begleiter。

Please go ahead.

請繼續。

Favorable weather and you can go next.

天氣好就可以去下一步了。

All right.

好的。

Our next question comes from the line of Mike Leithead of Barclays.

我們的下一個問題來自巴克萊銀行的麥克萊特黑德。

Please go ahead.

請繼續。

Great.

偉大的。

Thank you.

謝謝。

Good morning.

早安.

One on E&I, just strong results mostly across the board with the exception of maybe industrial and you called out the 1 headwind around kind of ongoing Kalrez destocking.

就 E&I 而言，除了工業領域之外，幾乎所有領域都取得了強勁的業績，您指出了正在進行的 Kalrez 去庫存帶來的第一個逆風。

I just wanted to dig into that.

我只是想深入研究一下。

So your volumes in your sense really consistent with end market trends for the product?

那麼您認為您的銷售量確實符合該產品的終端市場趨勢嗎？

Or is there any competitive dynamics impacting Kalrez specifically there?

或是否有任何競爭動態特別影響 Kalrez？

No.

不。

No, there's no competitive dynamics.

不，沒有競爭動力。

It's really just the destock from the 2023 high volumes that went on.

這實際上只是 2023 年持續大量庫存的減少。

So there's nothing competitively.

所以沒有什麼競爭力。

We did see sequential improvement in Kalrez as we had expected.

正如我們所預期的那樣，我們確實看到了 Kalrez 的連續改善。

We actually do forecast of return to volume growth in Industrial Solutions in total in the back half.

實際上，我們對下半年工業解決方案總量恢復成長進行了預測。

So it was really just getting through the destock in Kalrez and also in the biopharma which are both in Industrial Solutions.

因此，實際上只是通過了 Kalrez 和生物製藥公司的去庫存，這兩個部門都屬於工業解決方案。

Okay, great.

好的，太好了。

And then just as a quick follow-up, maybe a question for Antonella on the cash flow statement this quarter.

然後，作為快速跟進，也許可以向安東內拉詢問有關本季現金流量表的問題。

It looks like cash flow from operations for discontinued operations was a $400 million use of cash in the quarter.

看起來，來自已終止經營業務的現金流在本季使用了 4 億美元的現金。

Can you just help us understand that?

你能幫我們理解一下嗎？

Yes.

是的。

So keep in mind, as Ed mentioned earlier, we did have the settlements.

所以請記住，正如艾德之前提到的，我們確實有和解。

So really, that's predominantly all the cash out of about $408 million related to the MOU settlement.

事實上，這主要是與諒解備忘錄和解相關的約 4.08 億美元中的所有現金。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Next question comes from the line of Frank Mitsch of Fermium Research.

下一個問題來自費米研究中心的 Frank Mitsch。

Please go ahead.

請繼續。

Good morning and nice result.

早上好，結果很好。

If I could stay on the cash flow side of things, Laurie, when you were wearing your prior hat, as CFO.

勞裡，當你擔任財務長時，如果我能留在現金流方面的話。

There was an expectation that the second quarter cash flow conversion might be lower than the first quarter in part with interest payments.

人們預計第二季度現金流量轉換可能低於第一季度，部分原因是利息支付。

And obviously, it came in materially above or nicely above, I should say.

顯然，我應該說，它在實質上高於或遠遠高於。

So can you speak to the factors behind that as well as what the outlook is in terms of cash flow generation?

那麼您能否談談背後的因素以及現金流生成的前景如何？

Yes, so good memory.

是啊，記性真好。

I had signaled that usually, Q2 is a little muted because of the interest payment which we did pay.

我曾表示，由於我們確實支付了利息，第二季通常會有點平靜。

It was really a reflection of better working capital performance for the most part.

這實際上在很大程度上反映了更好的營運資金績效。

So we had sequential revenue but we're really able to keep the working capital headwind.

因此，我們有連續的收入，但我們確實能夠保持營運資金的逆風。

So we've done a really nice job primarily on the inventory front around driving productivity across our businesses to get better at cash.

因此，我們主要在庫存方面做得非常好，圍繞著提高整個企業的生產力以更好地利用現金。

So we're still in that 90% target range for the year, we're at about 96% quarter-to-date.

因此，我們仍處於今年 90% 的目標範圍內，本季迄今約為 96%。

So we're in good shape to be able to deliver against the targets that we have out there.

因此，我們處於良好狀態，能夠實現我們設定的目標。

All right.

好的。

Terrific.

了不起。

And then maybe just a second or two in terms of the corporate line.

然後就公司線路而言，可能只需要一兩秒鐘。

Sales were relatively flat sequentially, yet EBITDA picked up materially.

銷售額環比相對持平，但 EBITDA 大幅回升。

Can you talk about the factors there and what your outlook is.

您能談談其中的因素以及您的看法嗎？

Yes, really, that was driven by a bit of our corporate expenses.

是的，確實，這是由我們公司的一些開支所推動的。

So there's always a little bit of timing from quarter-to-quarter.

因此，每季之間總是會有一些時間安排。

So I would say when you take a look at kind of corporate expenses, we're probably a little heavy in Q1, a little light in Q2 and on average, kind of expected where we would typically be.

所以我想說，當你看一下公司支出時，我們第一季可能有點重，第二季有點輕，平均而言，我們通常會達到預期的水平。

As you kind of look into the second half of the year, as you look at corporate as a segment, we did point out in the materials that we do expect overall less income coming from corporate in the second half of the year than we had in the first half of the year.

當你審視下半年時，當你將企業視為一個細分市場時，我們確實在材料中指出，我們確實預計下半年來自企業的總體收入將低於我們去年的水平今年上半年。

Yes. It really was driven by a bit of our corporate expenses. So there's always a little bit of timing from quarter to quarter. So I would say when you take a look at kind of corporate expenses were probably a little heavy in Q1, a little light in Q2 and on average kind of expected where we would typically be as you kind of look into the second half of the year.

是的。這確實是由我們公司的一些開支所推動的。因此，每季總是會有一些時間安排。所以我想說，當你看一下第一季的企業支出可能有點重，第二季的有點輕，平均預期我們通常會在下半年看到什麼。

As you look at corporate and the segment, we did point out in the materials that we do expect overall less income coming from corporate in the second half of the year than we had in the first half.

當您查看企業和細分市場時，我們確實在資料中指出，我們確實預計下半年來自企業的整體收入將低於上半年。

Terrific.

了不起。

Thanks so much.

非常感謝。

Your next question comes from the line of David Begleiter of Deutsche Bank.

你的下一個問題來自德意志銀行的大衛貝格萊特。

This is David Hwang here for Dave.

我是戴夫 (Dave) 的黃大衛 (David Hwang)。

I guess, first, on Industrial Solutions, when do you expect volumes to recover and turn positive here?

我想，首先，在工業解決方案方面，您預計銷售何時會恢復並轉為正值？

Yes.

是的。

We expect volumes to be up low single digits in the third quarter year-over-year for Industrial Solutions and then more in the low double-digit range for the fourth quarter.

我們預計工業解決方案第三季的銷售量將年增率較低的個位數，然後在第四季將成長到較低的兩位數範圍。

So we saw a nice inflection sequentially and then we'll see a return to year-over-year volume growth in the second half.

因此，我們連續看到了一個很好的轉折點，然後我們將看到下半年銷售恢復同比增長。

And I guess just on the potential water sale.

我猜只是潛在的水銷售。

I guess there is some interested parties there.

我想那裡有一些有興趣的團體。

And it sounds like PFAS continue to progress positively.

聽起來 PFAS 正在繼續積極進展。

As when you talk to potential interested parties, what's the initial thoughts from them taking over some of the PFAS liabilities?

當您與潛在感興趣的各方交談時，他們接管部分 PFAS 負債的最初想法是什麼？

And I guess is there a threshold there willing to accept?

我想有一個願意接受的門檻嗎？

Or is it, in general, still a big hurdle for them?

或者說，總體而言，這對他們來說仍然是一個很大的障礙？

And you think if that scenario were to play out, it will not involve any PFAS liability allocation at all?

您認為如果這種情況發生，它根本不會涉及任何 PFAS 責任分配？

Yes.

是的。

So we haven't had any conversations on selling the water business.

所以我們還沒有就出售水業務進行任何對話。

So our intent is still to spend.

所以我們的目的還是花錢。

Each of the 3 spins will pick up their pro rata share of the of the PFAS liability per the trailing 12-month EBITDA underneath the sharing agreement with Corteva.

根據與 Corteva 簽訂的共享協議，這 3 次旋轉中的每一次都將根據過去 12 個月的 EBITDA 按比例承擔 PFAS 負債。

Your next question comes from the line of Laurence Alexander of Jefferies.

你的下一個問題來自傑弗里斯的勞倫斯·亞歷山大。

Please go ahead.

請繼續。

Good morning.

早安.

Can you give a little bit more detail on the sequential momentum in Water & Safety Solutions sort of into Q3 and how much visibility here is the visibility improving in those 2 businesses or lead times improving?

您能否更詳細地介紹一下第三季水與安全解決方案的連續勢頭，以及這兩項業務的可見度提高了多少，或者交貨時間提高了多少？

For the water business, as we mentioned from Q2 to Q3, we do expect it to be relatively flat as we get into the fourth quarter we do expect a sequential increase in terms of the top line.

對於水務業務，正如我們從第二季到第三季提到的那樣，我們確實預計，進入第四季後，水務業務將相對持平，我們預計收入將連續成長。

And some of that is just driven by some project-related activity that we have there.

其中一些只是由我們在那裡進行的一些與專案相關的活動所驅動的。

In terms of safety, we did talk about that's where our medical packaging business is within Tyvek, we do expect to see some sequential improvement there as well.

在安全方面，我們確實談到了我們的醫療包裝業務在 Tyvek 內部的地位，我們確實希望看到那裡也能出現一些連續的改進。

I think there, the growth will be a little less muted as we go through the course of the year because there's just a couple of little other puts and takes within that business.

我認為，隨著我們度過這一年，成長將會減弱，因為該業務中只有一些其他的投入和投入。

Thank you.

謝謝。

So next question comes from the line of Mike Sison of Wells Fargo.

下一個問題來自富國銀行的麥克·西森（Mike Sison）。

Please go ahead.

請繼續。

Hey, good morning.

嘿，早安。

Nice quarter outlook.

不錯的季度前景。

Ed, just one question.

艾德，只有一個問題。

How do you expect the agencies to assign sort of industry codes for each of the entities of the spin maybe that would help investors assign the right multiple or comps longer term?

您如何期望機構為每個旋轉實體分配某種行業代碼，這可能會幫助投資者分配正確的長期倍數或比較？

And I assume you don't expect the entities to get assigned materials or chemicals.

我假設您不希望實體獲得分配的材料或化學品。

But any color on how you think you can help them sort of make that right decision.

但任何你認為可以幫助他們做出正確決定的顏色。

I'll just say it this way.

我就這樣說吧。

We are going to work at for.

我們將在以下地方工作。

The electronics is very clear where that should be and we will work that issue.

電子設備非常清楚它應該在哪裡，我們將解決這個問題。

I mean there are pure-play comps in those industries that there's only a couple of key competitors against some that have their marking in the water business is the same way, so that will be worked would not have the chemicals SIC code anymore and some of the work that one as well.

我的意思是，在這些行業中存在純粹的競爭，只有幾個主要競爭對手與在水業務中具有相同標記的一些公司競爭，因此將不再有化學品 SIC 代碼，並且一些那個工作也是如此。

Your next question comes from the line of Arun Viswanathan of RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場 (RBC Capital Markets) 的阿倫·維斯瓦納坦 (Arun Viswanathan)。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks for taking my question on.

感謝您回答我的問題。

I guess just kind of curious on the guidance.

我想只是對指導有點好奇。

So you're raising it by looks like around $110 million or so on the EBITDA line for the full year.

因此，您將在全年 EBITDA 線上籌集約 1.1 億美元左右。

The Q2 beat was around $80-something million, so $88 million.

第二季的業績約為 80 多萬美元，即 8,800 萬美元。

So that remaining kind of $22 million, it seems like there could be a little bit of seasonal drop off and maybe some moderation in growth.

因此，剩下的 2,200 萬美元似乎可能會出現一些季節性下降，成長可能會有所放緩。

I know you mentioned the pre-buy $30 million but anything else you'd call out there as to why you're not raising guidance maybe by a little bit more?

我知道你提到了預購 3000 萬美元，但你還有什麼想說的，為什麼你不把指導意見提高一點點？

Actually, I would say, our ways in our guidance, when we kind of take a look at it is not only adding in the Q2 beat but actually a bit more than that as well.

實際上，我想說，當我們審視我們的指導方式時，不僅增加了第二季的節奏，而且實際上還不止於此。

So kind of the way to look at it is if you look where our previous guidance was and to your point, kind of at the beat that we had in the second quarter of around $150 million on the top and $90 million on the bottom, I think you need to keep in mind that incremental headwind from when we previously gave guidance to the tune of $75 million.

因此，看待這個問題的方式是，如果你看一下我們之前的指導，就你的觀點而言，有點像我們在第二季度的頂部大約 1.5 億美元，底部大約 9000 萬美元，我認為你需要牢記我們之前給出的7500 萬美元指導意見中的增量阻力。

And clearly, there's an EBITDA impact associated with that as well.

顯然，這也會對 EBITDA 產生影響。

That is only partially offset by the Donatelle acquisition that's going in.

這僅被正在進行的多納泰爾收購所部分抵消。

So on a true underlying basis, if you put FX and acquisitions aside, in addition to the Q2 beat, we are raising the top line close to $100 million in the bottom line, around $30 million or so.

因此，在真正的基礎上，如果你把外匯和收購放在一邊，除了第二季的表現之外，我們還將淨利潤提高到接近 1 億美元，約為 3000 萬美元左右。

Okay, perfect.

好的，完美。

And then, I guess just as a quick follow-up.

然後，我想這只是一個快速的後續行動。

As you look into '25, where are you kind of in that recovery maybe on E&I would you say like where do you expect fab rates to kind of utilization rates to end the year?

當您展望 25 年時，您在 E&I 的復甦中處於什麼位置，您可能會說，您預計年底的晶圓廠率和利用率會在哪裡？

And do you see those kind of continuing to move up as you move into '25?

當您進入 25 年後，您是否看到這種情況繼續上升？

Yes.

是的。

I think we'll end the year overall in utilization in the high 70s that will be different between advanced nodes and more legacy nodes.

我認為到今年年底，我們的整體利用率將達到 70 多歲，這在高階節點和更多傳統節點之間會有所不同。

So the advanced node should be in the low 8s and the more mature notes with would not quite be at the average.

因此，高階節點應該在低 8 處，而較成熟的音符則不會完全處於平均水準。

So it sets up well for 2025 to get back to the more normal utilization patterns that exist in the semi space.

因此，到 2025 年，半空間領域將恢復到更正常的利用模式。

As I had noted earlier, we overall probably see high single-digit growth in E&I in total in 2025 with a lot of growth coming from continued acceleration with AI on both the data center side as well as on the ICS side.

正如我之前指出的，我們總體上可能會看到 2025 年 E&I 總體出現高單位數增長，其中很大一部分增長來自資料中心端和 ICS 端人工智慧的持續加速。

Your next question comes from Aleksey Yefremov.

您的下一個問題來自阿列克謝·葉夫列莫夫。

Next question comes from the line of Patrick Cunningham of Citi.

下一個問題來自花旗集團的 Patrick Cunningham。

Hi, good morning.

嗨，早安。

Just on the Donatelle acquisition, first, maybe talk about the strategic fit there and even potential cross-selling opportunities where it's complementary in the portfolio?

就多納泰爾收購而言，首先，也許可以談談那裡的策略契合度，甚至是在投資組合中互補的潛在交叉銷售機會？

And then can you also help us size the transaction and how much earnings contribution we should expect in the second half?

那麼您能否幫助我們確定交易規模以及我們預計下半年的獲利貢獻是多少？

Yes.

是的。

So we closed Spectrum earlier this week -- or Donatelle earlier this week.

因此，我們本週早些時候關閉了 Spectrum，或者本週早些時候關閉了 Donatelle。

We get up Donatelle nicely with our Spectrum acquisition that we're actually lapping a year on here, August 1.

8 月 1 日，我們對 Spectrum 的收購實際上已經過去了一年。

And so they've got nice exposure to some of the large medical device OEMs that Spectrum did not have.

因此，他們與 Spectrum 沒有的一些大型醫療設備原始設備製造商有很好的接觸。

So there's a lot of cross-selling opportunity to come in there as they've also got some really nice machining and tooling competencies that will add to the portfolio.

因此，那裡有很多交叉銷售的機會，因為他們也擁有一些非常好的加工和模具能力，這些能力將增加到產品組合中。

In total, the revenue is about $75 million from Donatelle.

Donatelle 的總收入約為 7500 萬美元。

It's got slightly better margins than what the Spectrum acquisition did.

它的利潤率比收購 Spectrum 時的利潤率略高。

So a nice addition there.

這是一個很好的補充。

Yes.

是的。

The only thing I would add is the $75 million is a full year number, just to clarify.

我唯一要補充的是，7500 萬美元是全年數字，只是為了澄清。

Thank you.

謝謝。

And then maybe just a clarification on corporate earnings.

然後也許只是對公司獲利的澄清。

I think there was a sizable step-up into 2Q.

我認為第二季有相當大的進步。

I know you mentioned there were some expenses that moved around.

我知道你提到有一些費用會轉移。

But were there any areas of strength on the underlying retained businesses that help to Q2?

但基礎保留業務是否有任何優勢領域有助於第二季的業績？

And how much lower should backup earnings beyond the corporate line?

超出公司限額的獲利應降低多少？

Yes. So I would say in the second quarter, in addition to the timing of expenses, we did have a good strong margin performance in terms of the retained businesses as well as we shifted into the second half of the year. As I mentioned earlier, we do expect the overall earnings and corporate to come down in terms of our solar business that we are have within the retained businesses was a little bit of earnings headwind related to their and as I mentioned earlier, a little bit of timing related to actual corporate expense.

是的。所以我想說，在第二季度，除了支出的時間安排外，我們在保留業務方面確實有良好的強勁利潤率表現，並且我們進入了下半年。正如我之前提到的，我們確實預計整體收益和企業將在我們保留的業務中擁有的太陽能業務方面下降，這是與它們相關的一點收益逆風，正如我之前提到的，一點點與實際公司費用相關的時間安排。

Yes. And then, maybe just a clarification on corporate earnings. I think there was a sizable step-up into 2Q.

是的。然後，也許只是對公司獲利的澄清。我認為第二季有相當大的進步。

I know you mentioned there were some expenses that moved around but were there any areas of strength on the underlying retained businesses that helped 2Q?

我知道您提到有一些費用轉移了，但基礎保留業務是否有任何優勢領域對第二季度有所幫助？

And how much lower should back half earnings be on the corporate line?

公司利潤的一半應該降低多少？

Yes.

是的。

So I would say in the second quarter, in addition to the timing of expenses, we did have a good strong margin performance in terms of the retained businesses as well.

所以我想說，在第二季度，除了支出的時間安排外，我們在保留業務方面也確實擁有良好的強勁利潤率表現。

As we shift into the second half of the year, as I mentioned earlier, we do expect the overall earnings in corporate to come down there is a little bit of pressure that we have in terms of our solar business that we have within the retained businesses.

正如我之前提到的，隨著進入下半年，我們確實預期企業的整體收益將會下降，我們在保留業務中的太陽能業務面臨一些壓力。

So we have a little bit of earnings headwind related to there.

因此，我們面臨著一些與此相關的獲利阻力。

And I mentioned earlier, a little bit of timing related to actual corporate expense.

我之前提到過，一些與實際公司支出相關的時間安排。

Thank you so much

太感謝了

Your next question comes from the line of Vincent Andrews of Morgan Stanley.

你的下一個問題來自摩根士丹利的文森安德魯斯。

Thank you.

謝謝。

Could I ask quickly on electronics.

可以快速詢問一下電子產品嗎？

The timing differences that you called out in the quarter that were favorable to the quarter, are you seeing in your 3Q order book that those are indeed shifted to 2Q?

您在本季指出的時間差異對本季有利，您在第三季訂單簿中是否看到這些確實轉移到了第二季？

Are you just assuming that?

你只是假設嗎？

And then we'll see how the quarter plays out.

然後我們將看看本季的表現如何。

And then separately, Ed, if I could ask you on the PFAS on the personal injury cases, just a little bit of clarification in terms of it sounds like we'll go from 6,000 to 3,000 cases.

然後，Ed，我能否就人身傷害案件的 PFAS 向您詢問一下，請稍微澄清一下，聽起來我們的案件數量將從 6,000 例增加到 3,000 例。

But has that case count been increasing?

但病例數是否一直在增加？

Or has it been static around those levels, firstly?

或者首先它在這些水平附近是靜態的嗎？

And then secondly, on your comments that DuPont is sort of, I think you said 3% to 6% or 3% to 7% sort of the assumed liability.

其次，關於你對杜邦公司的評論，我認為你說的是 3% 到 6% 或 3% 到 7% 的承擔責任。

Is that to mean that, that would be your sort of exposure to any payout should there be any?

這是否意味著，如果有的話，這將是您對任何支出的曝險？

Or is that your exposure to the amount of cases?

或者說這就是你接觸到的病例數？

And lastly on that, how do you expect this to proceed in terms of will something actually go to trial?

最後，您預期事情會如何進行，是否會真正進入審判階段？

Will it be the typical MDL where you pick 1 and they pick 1 and you see what the outcomes are and then maybe you try to settle?

這會是典型的 MDL，你選擇 1，他們選擇 1，然後你看看結果是什麼，然後也許你會嘗試解決？

Or is there a path to settling ahead of time?

或是有沒有辦法提前解決？

Or just sort of what you think the process is going to be?

或者只是你認為這個過程會是什麼樣子？

Yes.

是的。

So the cases have crept up over time but the slope has obviously changed, come down.

因此，隨著時間的推移，病例數逐漸增加，但斜率明顯發生了變化，開始下降。

And remember, it's predominantly firefighters.

請記住，主要是消防員。

It's not other individuals.

這不是其他人。

So the drop will be at least down to 3,000 of cases.

因此，病例數將至少下降至 3,000 例。

And I'd just say, overall, because it's firefighting foam, it goes back to the last settlement we did where we never made the firefighting foam but we had 1 surfactant that went in for 10 or 11 years.

我只想說，總的來說，因為它是消防泡沫，它可以追溯到我們上次做的解決方案，我們從未製造過消防泡沫，但我們有一種表面活性劑，已經使用了10 或11年。

So net-net was determined that the exposure of Corteva [ph] us was in the 3% to 7% range.

因此net-net確定Corteva[ph]us的暴露量在3%到7%的範圍內。

And so I think you can do the math like we were able to do when we settled the water cases and kind of get this into a certain box.

所以我認為你可以像我們解決水箱時所做的那樣進行數學計算，並將其放入某個盒子中。

And remember, we're only 1/3 of 3% to 7%, as I mentioned earlier.

請記住，正如我之前提到的，我們只是 3% 到 7% 的 1/3。

And Mike, just to kind of one of your last points.

麥克，我想談談你的最後一點。

Obviously, we always try to settle these as a class, like we did the water cases and we'll work hard to do that.

顯然，我們總是試圖將這些問題作為一個班級來解決，就像我們處理水案一樣，我們會努力做到這一點。

And I said we would love to clean a lot of this up before the actual separations occur.

我說過，在真正的分離發生之前，我們很樂意清理掉其中的大部分內容。

Yes.

是的。

And maybe on your order question.

也許是關於你的訂單問題。

So our order book is trending alongside the guide that we had given.

因此，我們的訂單簿趨勢與我們提供的指南一致。

So we feel like we're in good shape there.

所以我們感覺我們在那裡狀態良好。

And our last question comes from the line of Steve Byrne of Bank of America.

我們的最後一個問題來自美國銀行的史蒂夫·伯恩。

Please go ahead.

請繼續。

Yes.

是的。

Your cost of goods were down 2% in the quarter.

本季您的商品成本下降了 2%。

Can you provide a little more detail on that, such as were raws down more than that?

您能否提供更多細節，例如原始資料是否下降得更多？

Your volumes being a little higher might suggest that raws were down more than that.

你的成交量稍高可能表示生鮮的下降幅度更大。

But more importantly, where do you think that cost of goods year-over-year is likely to go as we move forward?

但更重要的是，您認為隨著我們的前進，商品成本可能比去年同期會走向何方？

This is Antonella.

這是安東內拉。

So a couple of things that I would mention there to keep in mind.

所以我要提到一些要記住的事情。

So one, obviously, we are seeing a bit of an impact from deflation of cost that's in there.

因此，顯然，我們看到了成本通貨緊縮帶來的一些影響。

Secondly, I would also mention in terms of restructuring, we took a lot of actions as we announced the program last year towards late November; some of those actions have actually been accelerated.

其次，我還要提到在重組方面，我們在去年11月底宣布該計劃時採取了很多行動；其中一些行動實際上已經加快了。

So we are seeing even more of a benefit this year than we were originally anticipating.

因此，今年我們看到的好處比我們最初預期的還要多。

So as you may recall, we were first expected we'd have about $100 million of restructuring savings in 2024.

您可能還記得，我們​​最初預計 2024 年將節省約 1 億美元的重組費用。

We now expect that to be closer to $115 million or so for the year.

我們現在預計今年將接近 1.15 億美元左右。

So that's also helping from a COGS perspective and kind of bringing our costs down.

因此，從銷貨成本的角度來看，這也有助於降低我們的成本。

And then you mentioned on Slide 14, a lot of products in development.

然後您在投影片 14 上提到，許多產品正在開發中。

And you mentioned your water business has some DLE opportunity.

您提到您的水務業務有一些 DLE 機會。

Just a question on that.

只是一個問題。

Is this 1 lithium project at a temperate later to that could be many, many years from now?

這個 1 鋰專案的溫度是否會在很多年後達到？

Or is there some breadth to this opportunity that you see in lithium?

或者您在鋰中看到的這種機會是否具有一定的廣度？

We continue to see a nice opportunity.

我們繼續看到一個很好的機會。

We're actually investing in a facility in Europe to be able to take advantage as well from a production perspective.

實際上，我們正​​在歐洲投資一家工廠，以便能夠從生產角度利用這一優勢。

So it's still a little early.

所以現在還有點早。

I mean, the potential market opportunity on the low end is probably in the $250 million range as we position ourselves as a component supplier into the space.

我的意思是，低端市場的潛在市場機會可能在 2.5 億美元範圍內，因為我們將自己定位為該領域的零件供應商。

Thank you.

謝謝。

I will now turn the call back over to Chris for closing remarks.

我現在將把電話轉回給克里斯，讓他發表結束語。

Thank you for joining the call today.

感謝您今天加入通話。

As a reminder, our materials are posted on the website, including the transcript from today's call.

提醒一下，我們的資料已發佈在網站上，包括今天的電話會議記錄。

Thank you for joining.

感謝您的加入。

Good day.

再會。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。