杜邦 (DD) 2024 Q3 法說會逐字稿

內容摘要

杜邦召開電話會議,討論 2024 年第三季強勁的財務業績,包括淨銷售額、營業 EBITDA 和調整後每股收益的成長。他們正在提高全年指導,並在卓越營運舉措方面取得進展。

該公司專注於分離電子和水務業務,預計在 2025 年第一季末任命新的董事會成員和高階主管領導層。

該公司在半導體技術領域和水過濾業務上看到了積極的成果,並計劃透過分拆來分離水和電子業務。他們專注於建築市場和電子領域的投資。

電話會議最後提醒大家,將在公司網站上提供文字記錄。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Thank you for standing by. My name is Pam, and I will be your conference operator today. At this time, I would like to welcome everyone to the DuPont third-quarter 2024 earnings conference call. (Operator Instructions)

    謝謝你的支持。我叫帕姆,今天我將擔任你們的會議操作員。此刻,我歡迎大家參加杜邦2024年第三季財報電話會議。 (操作員說明)

  • Thank you. I would now like to turn the conference over to Chris Mecray, Investor Relations. You may begin.

    謝謝。我現在想將會議交給投資者關係部的克里斯麥克雷 (Chris Mecray)。你可以開始了。

  • Christopher Mecray - Investor Relations

    Christopher Mecray - Investor Relations

  • Good morning, and thank you for joining us for DuPont's third-quarter 2024 financial results conference call. Joining me today are Ed Breen, Executive Chairman; Lori Koch, Chief Executive Officer; and Antonella Franzen, Chief Financial Officer.

    早安,感謝您參加杜邦 2024 年第三季財務業績電話會議。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 have prepared slides to supplement our remarks, which are posted on DuPont's website under the Investor Relations tab and through the webcast link. Please read the forward-looking statement disclaimer contained in the slides.

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

    在這次電話會議中,我們將就我們對未來的期望或預測做出前瞻性聲明。由於這些陳述是基於當前的假設和涉及風險和不確定性的因素,因此我們的實際績效和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 and periodic reports, includes detailed discussion of principal risks and uncertainties, which may cause such differences. Unless otherwise specified, all historical financial measures presented today are on a continuing operations basis and exclude significant items.

    我們的 10-K 表格已根據當前報告和定期報告進行更新,其中包括對可能導致此類差異的主要風險和不確定性的詳細討論。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. A reconciliation to the most directly comparable GAAP financial measure is included in our press release and presentation materials, and have been posted in DuPont's Investor Relations website.

    我們也將參考其他非公認會計原則措施。我們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,並已發佈在杜邦投資者關係網站上。

  • I'll now turn the call over to Lori, who will begin.

    我現在將電話轉給洛里,由他開始。

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Good morning, and thanks, everyone, for joining our third-quarter call. Earlier today, we reported another strong quarter of financial performance, with continued sequential improvement across all key financial metrics. We posted a solid quarter highlighted by year-over-year growth for consolidated net sales, operating EBITDA, and adjusted EPS.

    早安,感謝大家參加我們的第三季電話會議。今天早些時候,我們報告了又一個強勁的季度財務業績,所有關鍵財務指標均持續改善。我們公佈了一個穩健的季度業績,其中綜合淨銷售額、營業稅息折舊及攤銷前利潤 (EBITDA) 和調整後每股收益的同比增長突出。

  • Third-quarter sales of $3.2 billion included a return to organic sales growth, which increased 3% versus the year-ago period. Operating EBITDA of $857 million increased 11%, with operating EBITDA margin increasing 150 basis points to 26.8%.

    第三季銷售額達 32 億美元,其中有機銷售額恢復成長,較去年同期成長 3%。營運 EBITDA 為 8.57 億美元,成長 11%,營運 EBITDA 利潤率成長 150 個基點,達到 26.8%。

  • Third-quarter adjusted EPS of $1.18 increased 28% year over year. We also delivered another strong quarter of cash generation, with transaction-adjusted free cash flow conversion of 130%, highlighting our disciplined working capital management. For the full-year 2024, we are raising our guidance for operating EBITDA and adjusted EPS, which Antonella will detail shortly.

    第三季調整後每股收益為 1.18 美元,年增 28%。我們也實現了另一個強勁的季度現金生成,交易調整後的自由現金流轉換率為 130%,凸顯了我們嚴格的營運資本管理。對於 2024 年全年,我們將提高 EBITDA 和調整後每股收益的營運指引,安東內拉將很快詳細說明。

  • From an end market view, the electronics and industrial segment saw another quarter of double-digit sales growth in both the semi and interconnect solutions lines of business, which continued to benefit from strong demand for advanced node chips and AI-enabling technologies.

    從終端市場來看,電子和工業領域的半成品和互連解決方案業務線的銷售額又實現了兩位數的成長,這繼續受益於對先進節點晶片和人工智慧支援技術的強勁需求。

  • In the water and protection segment, we saw better-than-expected sequential improvement in water, including continued stabilization in China volumes. We also saw further sequential sales lift in medical packaging end markets, which are returning to more normalized buying patterns.

    在水和保護領域,我們看到水的連續改善好於預期,包括中國水量的持續穩定。我們也看到醫療包裝終端市場的銷售進一步連續成長,這些市場正在回歸更正常化的購買模式。

  • Overall, I'm encouraged by our continued positive results. Volume recovery has been a key driver of our financial performance, coupled with our team's continued strong operational execution and helped by savings from the restructuring actions taken earlier this year.

    總的來說,我對我們持續取得的正面成果感到鼓舞。銷售恢復一直是我們財務表現的關鍵驅動力,加上我們團隊持續強大的營運執行力以及今年稍早採取的重組行動帶來的節省。

  • I am pleased to say we have made real progress with our operational excellence initiatives, with benefits seen in improved margins and working capital, and enhanced customer reliability metrics. By fostering our culture of continuous improvement and equipping our teams with the right tools and training, we are well positioned to unlock long-term value across each business line.

    我很高興地說,我們在卓越營運計畫方面取得了真正的進展,利潤率和營運資本的提高以及客戶可靠性指標的提高都體現了出來。透過培養持續改進的文化,並為我們的團隊提供正確的工具和培訓,我們有能力在每個業務線中釋放長期價值。

  • Specific to the training aspect, we have been actively investing in our people and have completed around 30,000 hours of training year to date. We count on operational excellence to drive productivity every year as a key offset to inflation.

    具體到培訓方面,我們一直積極投資員工,今年迄今已完成約30,000小時的培訓。我們依靠卓越的營運來每年提高生產力,以此作為抵消通貨膨脹的關鍵因素。

  • Through focus on process optimization, we have successfully reduced costs across critical operations, with benefits from increased uptime, leading to incremental capacity release, and lower fixed and variable costs. All in, we are pleased to report a strong third quarter and are well positioned for a solid finish to the year.

    透過專注於流程優化,我們成功降低了關鍵營運的成本,並從增加正常運行時間中獲益,從而釋放了增量產能,並降低了固定和可變成本。總而言之,我們很高興地報告第三季的強勁業績,並為今年的圓滿收官做好了準備。

  • I'll now turn the call over to Ed, who can provide a few comments around our progress on the planned separations on slide 4.

    我現在將把電話轉給 Ed,他可以就幻燈片 4 上計劃的離職進展提供一些評論。

  • Edward Breen - Executive Chairman

    Edward Breen - Executive Chairman

  • Thanks, Lori, and good morning, everyone. We clearly remain focused on driving results and demonstrating the performance potential of our portfolio, while also advancing our plans to unlock value through the previously announced separations of our electronics and water businesses.

    謝謝洛瑞,大家早安。顯然,我們仍然專注於推動業績並展示我們投資組合的業績潛力,同時也推進我們透過先前宣布的電子和水務業務分離來釋放價值的計劃。

  • We remain excited about this value creation opportunity and believe our investors broadly appreciate the potential that we expect these three industry-leading companies to realize by leveraging tailored growth strategies.

    我們對這一價值創造機會仍然感到興奮,並相信我們的投資者廣泛認可我們期望這三家行業領先的公司透過利用量身定制的成長策略來實現的潛力。

  • Our teams remain highly motivated and have the experience to ensure that the new companies are prepared to operate and execute from day one. We continue to make progress on our separation-related work streams.

    我們的團隊始終保持高度積極性,並擁有豐富的經驗,確保新公司從第一天起就做好營運和執行的準備。我們繼續在與離職相關的工作流程上取得進展。

  • We are also working diligently to accelerate our timing to potentially complete the separations closer to the earlier end of the 18- to 24-month timeline set at our May announcement. And we'll update you as we progress.

    我們也正在努力加快進度,以便在 5 月公告中設定的 18 至 24 個月時間表的較早結束時完成離職。我們會隨著進展向您通報最新情況。

  • In addition, we are making progress in establishing the new Board, which have been a major focus of mine. And we expect to be able to announce Board Members of each company, along with key executive leadership appointments, for electronics and water by the end of the first quarter of 2025.

    此外,我們在成立新董事會方面正在取得進展,這一直是我的主要關注點。我們預計能夠在 2025 年第一季末之前公佈電子和水務領域每家公司的董事會成員以及關鍵高階主管領導任命。

  • With that, I'll turn it over to Antonella, who will cover our financial results and outlook.

    接下來,我將把它交給安東內拉,他將介紹我們的財務表現和前景。

  • Antonella Franzen - Senior Vice President & Chief Financial Officer

    Antonella Franzen - Senior Vice President & Chief Financial Officer

  • Thanks, Ed, and good morning, everyone. We are very pleased that our third-quarter results reflect sequential improvement across all key financial metrics and a return to organic sales growth at the consolidated level. Both earnings and cash flow benefited from volume recovery and improved production rates at key operating sites. And our team has executed well on productivity and cost actions announced last year.

    謝謝艾德,大家早安。我們非常高興的是,我們的第三季業績反映出所有關鍵財務指標的連續改善以及綜合水平有機銷售成長的回歸。獲利和現金流均受益於主要營運基地銷售的恢復和生產力的提高。我們的團隊在去年宣布的生產力和成本行動方面執行得很好。

  • Turning to slide 5, I will cover our third-quarter financial highlights in further detail. Net sales of $3.2 billion increased 4% versus the year-ago period on organic sales growth of 3% and favorable portfolio impact of 2%, reflecting contributions from both the Spectrum and Donatelle acquisitions. These increases were partially offset by a 1% currency headwind.

    轉向投影片 5,我將更詳細地介紹我們第三季的財務亮點。淨銷售額為 32 億美元,較去年同期成長 4%,有機銷售額成長 3%,有利的投資組合影響達 2%,這反映了 Spectrum 和 Donatelle 收購的貢獻。這些增長被 1% 的貨幣逆風部分抵消。

  • The organic sales growth of 3% reflects a 5% increase in volume, partially offset by a 2% decrease in price. Higher volume was driven by continued broad-based growth in electronics end markets, with semi and interconnect solutions volumes both up double digits, coupled with the return to year-over-year volume growth in water solutions.

    3% 的有機銷售額成長反映了銷量成長 5%,但部分被價格下降 2% 所抵消。電子終端市場的持續廣泛增長推動了銷量的成長,半導體和互連解決方案的銷量均增長了兩位數,再加上水解決方案銷量恢復了同比增長。

  • On a segment view, E&I organic sales grew 10%. And W&T's quarterly organic sales decline moderated further to 2%, on its way to an anticipated return to positive growth in the fourth quarter. Organic sales in corporate declined 6% versus the year-ago period, driven by continued weakness in China solar markets, which led us to exit a photovoltaic film product line during the third quarter. This product line represents less than 1% of consolidated net sales.

    從細分市場來看,E&I 有機銷售額成長了 10%。 W&T 的季度有機銷售額降幅進一步放緩至 2%,預計在第四季度恢復正成長。由於中國太陽能市場持續疲軟,導致我們在第三季退出光伏薄膜產品線,企業有機銷售額年減 6%。此產品線僅佔合併淨銷售額的不到 1%。

  • From a regional perspective, Asia-Pacific delivered 9% organic sales growth versus the year-ago period, led by another strong quarter in China, where organic sales were up low double digits, driven by electronics end markets. In other regions, organic sales in Europe grew 1%, while North America was down 2%.

    從區域角度來看,亞太地區的有機銷售額與去年同期相比增長了 9%,其中中國季度的有機銷售額在電子終端市場的推動下實現了低兩位數的強勁增長。在其他地區,歐洲的有機銷售額成長了 1%,而北美則下降了 2%。

  • Second-quarter operating EBITDA of $857 million increased 11% versus the year-ago period, as volume gains along with improved plant utilization and savings from restructuring actions were partially offset by higher variable compensation and select growth investments.

    第二季營業 EBITDA 為 8.57 億美元,較去年同期成長 11%,銷售成長、工廠利用率提高以及重組行動帶來的節省被較高的可變薪酬和精選增長投資所部分抵消。

  • Operating EBITDA margin during the quarter increased to 26.8%, up 150 basis points versus the year-ago period and up 160 basis points on a sequential basis. Third quarter reflected another period of strong cash generation and conversion, reflecting both improved volumes as well as strong working capital discipline across each business line.

    本季營運 EBITDA 利潤率增至 26.8%,較去年同期上升 150 個基點,較上季上升 160 個基點。第三季體現了另一個強勁的現金產生和轉換時期,反映出每個業務線的銷售增加以及嚴格的營運資本紀律。

  • On a continuing operations basis, cash flow from operations of $737 million, less capital expenditures of $109 million and $12 million of separation-related transaction cost payments, resulted in transaction-adjusted free cash flow of $640 million and related conversion of 130%.

    在持續經營的基礎上,營運現金流為7.37 億美元,減去1.09 億美元的資本支出和1,200 萬美元的分拆相關交易成本支付,交易調整後的自由現金流為6.4 億美元,相關轉換率為130%。

  • Turning to slide 6. Adjusted EPS for the quarter of $1.18 per share increased 28% from $0.92 in the year-ago period. Higher segment earnings of $0.14 as well as the benefit of a lower share count of $0.09 and lower tax rate of $0.6 were partially offset by higher depreciation of $0.03.

    轉向投影片 6。部門收益增加 0.14 美元,股份數減少 0.09 美元,稅率降低 0.6 美元,但折舊增加 0.03 美元,部分抵銷了這項收益。

  • Our base tax rate for the quarter was 19.8%, down from 24.6% a year ago, driven by certain discrete tax benefits recorded in the current period. We now estimate our full-year 2024 base tax rate to be approximately 23.5%.

    由於本期記錄的某些離散稅收優惠,我們本季的基本稅率為 19.8%,低於去年同期的 24.6%。我們現在估計 2024 年全年基本稅率約為 23.5%。

  • Turning to segment results, beginning with E&I on slide 7. E&I third-quarter sales of $1.6 billion increased 13% versus the year-ago period, as organic sales growth of 10% and the Spectrum and Donatelle sales contribution of 4% were slightly offset by a 1% currency headwind.

    轉向部門業績,從幻燈片 7 上的 E&I 開始。 1%的貨幣逆風。

  • Organic sales growth of 10% reflects an 11% increase in volume, slightly offset by a 1% decrease in price. As the line of business level, organic sales for semi were up more than 20% for the second consecutive quarter, reflecting continued overall semi demand recovery, driven by AI technology ramps and share gains in certain products.

    10% 的有機銷售額成長反映了銷量成長 11%,但被價格下降 1% 略微抵消。在業務層面,半導體的有機銷售額連續第二季成長超過 20%,反映出在人工智慧技術提升和某些產品份額成長的推動下,半導體整體需求持續復甦。

  • Semi demand was notably strong in China, including continued customer prebuying, similar to what we saw last quarter. As we move forward, we expect China demand to normalize but still remain strong. Overall, semi fab utilization continues to improve, averaging 76% during the quarter, though notably stronger for advanced node chips due in part to AI-related demand acceleration.

    中國的半成品需求尤其強勁,包括持續的客戶預購,與我們上季看到的情況類似。隨著我們的前進,我們預計中國的需求將正常化,但仍然保持強勁。總體而言,半晶圓廠利用率持續提高,本季平均為 76%,但先進節點晶片的利用率明顯更高,部分原因是人工智慧相關需求加速。

  • Interconnect solutions delivered another strong quarter as well, with organic sales up low double digits, reflecting continued broad-based electronic recovery, including a demand benefit from AI-driven technology ramps. We saw content and share gains within high-value electronics applications and the volume recovery within the overall printed circuit board space.

    互連解決方案也迎來了另一個強勁的季度,有機銷售額成長了兩位數,反映出電子產業持續廣泛的復甦,包括人工智慧驅動的技術成長所帶來的需求受益。我們看到了高價值電子應用領域的內容和份額成長以及整個印刷電路板領域的銷售恢復。

  • The year-over-year sales decline in industrial solutions continued to moderate as organic sales were down slightly during the quarter. And strength in printing and packaging applications was offset by ongoing volume headwinds for Kalrez.

    由於本季有機銷售額略有下降,工業解決方案的銷售額年減仍持續放緩。印刷和包裝應用領域的優勢被 Kalrez 持續的銷售逆風所抵消。

  • Also within industrial solutions, we completed the acquisition of Donatelle, a medical device manufacturer, at the end of August. We are very pleased with the integration of Donatelle into Spectrum and are seeing the potential benefit to leverage Donatelle technology and capabilities to other businesses, as well as cross-selling opportunities within our healthcare platform.

    同樣在工業解決方案領域,我們於 8 月底完成了對醫療設備製造商 Donatelle 的收購。我們對 Donatelle 與 Spectrum 的整合感到非常高興,並且看到了將 Donatelle 技術和能力應用於其他業務的潛在好處,以及我們的醫療保健平台內的交叉銷售機會。

  • Operating EBITDA for E&I of $467 million was up 22% versus the year-ago period driven by volume growth, the impact of higher production rates, savings from restructuring actions, as well as the earnings contribution from Spectrum and Donatelle.

    受產量成長、生產力提高的影響、重組行動節省以及 Spectrum 和 Donatelle 的獲利貢獻推動,E&I 的營業 EBITDA 為 4.67 億美元,較上年同期成長 22%。

  • These gains offset by higher variable compensation and select growth investments related primarily to the ongoing transition to advanced nodes, and new and ramping AI applications across the semi and interconnect solutions. Operating EBITDA margin during the quarter was 30.4%, up 210 basis points versus the year-ago period.

    這些收益被較高的可變薪酬和精選成長投資所抵消,這些投資主要與持續向先進節點的過渡以及半導體和互連解決方案中的新的和不斷增長的人工智慧應用有關。本季營運 EBITDA 利潤率為 30.4%,比去年同期成長 210 個基點。

  • Turning to slide 8. W&P third-quarter net balance of $1.4 billion declined 2% versus the year-ago period, primarily due to price headwinds as overall segment volumes were flat. Within safety solutions, organic sales were down mid-single digits, largely on price declines, although with lower volume, driven mainly by Tyvek medical packaging. We did see a second consecutive quarter of sequential sales growth in medical packaging, with sales up 10% in Q3.

    轉向幻燈片 8。在安全解決方案中,有機銷售額下降了中個位數,主要是由於價格下降,但銷量有所下降,這主要是由特衛強醫療包裝推動的。我們確實看到醫療包裝銷售額連續第二季環比成長,第三季銷售額成長了 10%。

  • Shelter solutions sales were down slightly on an organic basis, with headwinds in North American residential construction market, mostly offset by growth in commercial construction. The third quarter includes a return to year-over-year sales growth for water solutions, where organic sales were up low single digits.

    由於北美住宅建築市場的不利因素,住房解決方案銷售額有機略有下降,但大部分被商業建築的成長所抵消。第三季水解決方案的銷售恢復了年成長,其中有機銷售額成長了低個位數。

  • Higher volumes were driven by strength in ultrafiltration technologies, along with continued volume recovery in China. On a sequential basis, water solutions sales also increased for a second consecutive quarter, with sales up 3%, which was better than our expectations coming into the quarter.

    超濾技術的實力以及中國銷量的持續恢復推動了銷量的成長。環比來看,水解決方案銷售額也連續第二季成長,銷售額成長 3%,優於我們對本季的預期。

  • Operating EBITDA for W&P during the quarter of $364 million was up 1% versus the year-ago period, as productivity and savings from restructuring actions more than offset the organic revenue decline and higher variable compensation. Operating EBITDA margin during the quarter was 26.3%, up 70 basis points from the year-ago period. As we move into the fourth quarter, we expect strong volume growth on a year-over-year basis.

    W&P 本季的營運 EBITDA 為 3.64 億美元,較去年同期成長 1%,因為生產力和重組行動帶來的節省足以抵消有機收入的下降和可變薪酬的上升。本季營運 EBITDA 利潤率為 26.3%,比去年同期成長 70 個基點。隨著進入第四季度,我們預計銷量將同比強勁增長。

  • Moving to our outlook on slide 9. For the fourth quarter, we expect net sales, operating EBITDA, and adjusted EPS of about $3.07 billion, $790 million, and $0.98 per share, respectively. On a year-over-year basis, our fourth-quarter guidance assumes sales and earnings growth from both E&I and W&P, translating to total company growth in net sales of about 6%, operating EBITDA of 10%, and adjusted EPS of 13%.

    轉向幻燈片 9 中的展望。與去年同期相比,我們的第四季指引假設E&I 和W&P 的銷售和獲利均實現成長,這意味著公司總淨銷售額成長約6%,營運EBITDA 為10%,調整後每股盈餘為13 % 。

  • Sequentially, we assume normal seasonal declines in our electronics and construction markets. Additionally, as I mentioned earlier, we expect to see a moderation of growth in China as prebuying and selling plays out, as well as the impact of exiting the PV-filled product line.

    因此,我們假設電子和建築市場出現正常的季節性下降。此外,正如我之前提到的,隨著預購和銷售的展開,以及退出光伏產品線的影響,我們預計中國的成長將放緩。

  • Partially offsetting these sequential declines is the continued recovery in water and medical packaging end markets. For the full-year 2024, we are raising our earnings guidance above the high end of our prior range and now expect operating EBITDA of about $3.125 billion and adjusted EPS of $3.90 per share, which reflects 12% EPS growth year over year.

    水和醫療包裝終端市場的持續復甦部分抵消了這些連續下降的影響。對於 2024 年全年,我們將獲利指引提高到先前區間的上限之上,目前預計營業 EBITDA 約為 31.25 億美元,調整後每股收益為 3.90 美元,每股收益將年成長 12%。

  • 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。讓我將其返回給接線員以打開問答。

  • Operator

    Operator

  • (Operator Instructions) Scott Davis, Melius Research.

    (操作員說明)Scott Davis,Melius Research。

  • Scott Davis - Analyst

    Scott Davis - Analyst

  • Congrats on the quarter. And I wanted to come back to your comments on the -- it looks like the bid ask on the 18 to 24 months has narrowed down a bit. But what are the work -- you put the work streams on slide 4, six of them. But like what are the gating factors? Kind of why do you feel a little bit more comfortable today perhaps than three months ago in that time frame getting short?

    恭喜本季。我想回到您的評論——看起來 18 至 24 個月的出價已經縮小了一些。但工作是什麼——你把工作流程放在第四張投影片上,共六張。但像什麼是門控因素呢?為什麼你今天感覺比三個月前舒服一點,因為時間越來越短了?

  • Edward Breen - Executive Chairman

    Edward Breen - Executive Chairman

  • Yeah. Well, yeah, we've made great progress. Two of the longer poles in the tent of the legal entity work and the IT work to separate everything, and the teams have made tremendous progress on that. So our confidence level is definitely up.

    是的。嗯,是的,我們已經取得了很大的進步。法人實體帳篷中的兩個較長的桿子將所有內容分開,團隊在這方面取得了巨大進展。所以我們的信心肯定是上升了。

  • And that's why we made the comment that we might be more on the 18-month timeline somewhere and maybe in that ZIP code, which if we could get it all the way to that would be December 2025. So we'll keep you posted on that. we're pretty positive. We're going to move it in. The issue is can we move it in all that way.

    這就是為什麼我們發表評論說,我們可能會更專注於 18 個月的時間表,也許在那個郵政編碼中,如果我們能一直到 2025 年 12 月。我們非常積極。我們要把它搬進去。

  • Scott Davis - Analyst

    Scott Davis - Analyst

  • Okay. Fair enough. And guys, the electronics business, the prebuy that you've talked about that the last two quarters. What -- why is there -- I guess maybe I can get to back up a little bit, why is there a prebuy? Why are they concerned about not having enough or are you not being able to supply enough product on time. Why do they want to build inventory, I guess?

    好的。很公平。夥計們,電子業務,你們在過去兩個季度談到的預購。什麼——為什麼會有——我想也許我可以稍微備份一下,為什麼會有預購?為什麼他們擔心沒有足夠的產品或您無法按時供應足夠的產品。我猜他們為什麼要建立庫存?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. So a lot of it ties around the. Yes. So a lot of it, Scott, is around the new fabs that are being put in place in China. So last quarter, we had mentioned $30 million in total, $20 million of which was in (inaudible).

    是的。所以很多事情都圍繞著。是的。斯科特,其中很大一部分是圍繞在中國新建的晶圓廠進行的。因此,上個季度,我們提到總額為 3000 萬美元,其中 2000 萬美元已投入(聽不清楚)。

  • This quarter, it's another $20 million for a total of $40 million over the second half. And it's really the new fabs coming online. So about half of the global fabs that are being constructed are in China, there's about seven of them, four in the logic space and three in the memory space.

    本季又增加了 2,000 萬美元,下半年總計 4,000 萬美元。這確實是新晶圓廠的上線。因此,全球正在興建的晶圓廠約有一半位於中國,約有七座,其中四座於邏輯領域,三座位於儲存領域。

  • And as they bring their new fabs online, they prebuy to get through qualifications in the ramp. So it's really a function of fact from the prebuy perspective that we had quoted.

    當他們將新工廠上線時,他們會進行預購,以獲得坡道上的資格。因此,從我們引用的預購角度來看,這確實是一個事實函數。

  • Scott Davis - Analyst

    Scott Davis - Analyst

  • That's what happens when you're not a tech analyst. I had no idea. Thank you.

    當你不是技術分析師時就會發生這種情況。我不知道。謝謝。

  • Operator

    Operator

  • Steve Tusa, JPMorgan.

    史蒂夫圖薩,摩根大通。

  • Steve Tusa - Analyst

    Steve Tusa - Analyst

  • Just a lot going on today, I guess. Can you just talk about the trends you saw in exiting September and October, just for broadly the various businesses in the portfolio? Anything move around materially?

    我想今天發生了很多事。您能否談談您在 9 月和 10 月退出時看到的趨勢,僅針對投資組合中的各個業務?有什麼物質在移動嗎?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • No. minus the normal seasonality that you see in the quarter with the last month being the strongest primarily in the water space, there wasn't a lot of variability as we exited the quarter. I mean as we go into the fourth quarter, we have the usual seasonal sweetness that we see primarily within the electronics space and the shelter space.

    不,減去您在本季度看到的正常季節性(上個月主要在水域領域最強),當我們退出本季度時,沒有太多變化。我的意思是,當我們進入第四季度時,我們將看到通常的季節性甜蜜,主要是在電子領域和庇護所領域。

  • And as you recall, we had done on the last earnings call, we had mentioned that the recovery kind of came early and the seasonality that you normally would see from 2Q to 3Q was a little muted. And therefore, to see the seasonality as you head into the fourth quarter, you have to compare the fourth quarter to the second quarter. And that's where you see that about $100 million that we typically see between the electronics and the shelter space.

    正如您所記得的,我們在上次財報電話會議上提到,復甦來得早,而且您通常會在第二季到第三季看到的季節性有點減弱。因此,要了解第四季的季節性,必須將第四季與第二季進行比較。這就是我們通常在電子設備和避難空間之間看到的大約 1 億美元的地方。

  • Steve Tusa - Analyst

    Steve Tusa - Analyst

  • Okay. And then in the W&P margins, anything unusual there, really strong margins in the quarter? And anything going on there? Any raw material relief or maybe price cost, something like that?

    好的。然後在 W&P 利潤率方面,有什麼不尋常的地方嗎?那裡發生了什麼事嗎?有原料減免或價格成本之類的嗎?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. We were really pleased with the margins that we saw. It's a lot of operational execution that we've been driving across the whole company. So we took a lot of restructuring actions earlier this year. We're seeing the benefit of those -- we're driving productivity and operational excellence.

    是的。我們對所看到的利潤非常滿意。我們一直在整個公司推動大量的營運執行。因此,我們今年早些時候採取了許多重組行動。我們看到了這些的好處——我們正在提高生產力和卓越營運。

  • We shuttered a couple of lines -- older lines in the U.S. in the safety business that are nicely impacting our broader profile. So we're encouraged by the 26% plus that we posted .

    我們關閉了幾條生產線——美國安全業務領域的老生產線,這對我們更廣泛的形象產生了很好的影響。因此,我們對發布的 26% 以上感到鼓舞。

  • Steve Tusa - Analyst

    Steve Tusa - Analyst

  • So that should be able to leverage nicely as volumes come back, I would assume.

    因此,我認為,隨著銷量的回升,這應該可以很好地發揮作用。

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes.

    是的。

  • Operator

    Operator

  • Chris Parkinson, Wolfe Research.

    克里斯帕金森,沃爾夫研究中心。

  • Chris Parkinson - Analyst

    Chris Parkinson - Analyst

  • Just want to dig in a little bit more into the semi tech side of it. I mean, clearly, you have some benefits from some of the Chinese subs. But -- can you just dig in a little bit more by product substrate in terms of the pad slurries? It just seems like there's a bit of a bifurcation between some of the product categories versus others based on what evolving in the marketplace. So any color there would be particularly helpful.

    只是想更深入地了解它的半技術面。我的意思是,很明顯,中國的一些潛艇為你帶來了一些好處。但是──你能在墊漿方面多挖一點副產品基材嗎?根據市場的發展情況,某些產品類別與其他產品類別之間似乎存在一些分歧。所以任何顏色都會特別有幫助。

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. I mean we saw strength across all the key semi technologies. So within the CMP space with pads and slurries within the listed space, we saw really nice results in the clean space. So it's a combination of one, the market recovery from the destock that happened last year. Two, the strength that we have in China.

    是的。我的意思是,我們看到了所有關鍵半導體技術的優勢。因此,在所列空間內具有拋光墊和漿料的 CMP 空間中,我們在潔淨空間中看到了非常好的結果。因此,這是一個綜合因素,即市場從去年的去庫存中復甦。第二,我們在中國的實力。

  • So we are a larger footprint in China than some of our peers, and that's where a lot of the new fab construction is going on a lot outsized recovery is happening. And then our exposure to advanced nodes versus the legacy nodes and DRAM versus memory is driving our results. So we had been up 50% plus in China. So that was a key driver of the overall sentiment results being up in the low 20% range.

    因此,我們在中國的足跡比一些同行更大,而且那裡正在建造許多新的晶圓廠,並且正在發生大規模的復甦。然後,我們對先進節點與傳統節點以及 DRAM 與記憶體的接觸正在推動我們的結果。所以我們在中國的業績成長了 50% 以上。因此,這是整體情緒結果上升 20% 範圍內的關鍵驅動因素。

  • Chris Parkinson - Analyst

    Chris Parkinson - Analyst

  • That's helpful. And just as a follow-up on the W&T side, you've got some things going pretty well, but it still seems like the macro is overall a little bit sluggish. So -- just digging to the water side of it, can you hit on kind of the drivers of the ultrafiltration strength?

    這很有幫助。正如 W&T 方面的後續行動一樣,有些事情進展得相當順利,但總體看來宏觀仍然有點遲緩。那麼——只要挖到水邊,你就能找到超濾強度的驅動因素嗎?

  • It seems like China is kind of beginning to turn the corner. Just how we should ultimately be thinking about that? Is this now back to normalization as we kind of get into 2025? Or are there any other considerations we should be looking at?

    中國似乎正開始走出困境。我們最終該如何思考這個問題?隨著我們進入 2025 年,這種情況是否已恢復正常化?或者有其他我們應該考慮的因素嗎?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. We should start to see activity more normalized now. I think we're clearly past the worse of it. We've seen sequential improvement from the first quarter to the second quarter. We saw it again going into Q3.

    是的。我們現在應該開始看到活動更加正常化。我認為我們顯然已經度過了最糟糕的時期。我們看到從第一季到第二季的連續改善。我們在第三季再次看到了這一點。

  • And and we would expect we continue to see some sequential improvement as we move into Q4. So overall, the business has definitely gotten back to where -- getting close back to where we used to be. I would tell you, the activity in China has improved, the ultrafiltration activity, in particular, just in any one region to call it out, but we're definitely seeing much better activity overall in water and have kind of passed the destock.

    我們預計,進入第四季後,我們將繼續看到一些連續的改善。總的來說,業務肯定已經回到了原來的位置——接近回到我們以前的狀態。我想告訴你,中國的活動有所改善,特別是超濾活動,只是在任何一個地區都可以稱之為,但我們肯定會看到整體水活動的改善,並且已經通過了去庫存。

  • Operator

    Operator

  • Vincent Andrews, Morgan Stanley.

    文森安德魯斯,摩根士丹利。

  • Vincent Andrews - Analyst

    Vincent Andrews - Analyst

  • Maybe just one more item of something that needs to turn the corner a little bit is the Caleres destocking. Are you sort of at the bottom of that? And should we start to see that inflect?

    也許還有一項需要扭轉局面的事情就是卡萊雷斯的去庫存。你是否處於最底層?我們應該開始看到這種改變嗎?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes, we're definitely at the bottom. We actually saw a sequential improvement. We're still seeing year-over-year headwinds. So we expect the business to continue to stabilize and see recovery as we head into 2025. So just a reminder of the (inaudible) end markets, it is largely semi-CapEx exposed.

    是的,我們確實處於底部。我們實際上看到了連續的改進。我們仍然看到逐年的逆風。因此,我們預計,進入 2025 年,業務將繼續穩定並看到復甦。 因此,提醒一下(聽不清楚)終端市場,它很大程度上是半資本支出暴露的。

  • So the long-term profile and expectations for topline growth in that business are very sound as there continues to be an expectation of mid-single-digit capacity expansions within the semi space.

    因此,該業務的長期狀況和營收成長預期非常穩健,因為半成品領域的產能擴張仍有望達到中個位數。

  • Vincent Andrews - Analyst

    Vincent Andrews - Analyst

  • And then I'd be curious to get your thoughts on interest rates. I think we've all been sort of poised and waiting for these cuts, and they're kind of starting to happen. But the curve is not sort of behaving the way I think we all thought it would and that the back end has kind of stayed high and the front end has come down. So maybe you could just talk about if rates do get cut, which parts of your businesses will benefit the most from the front end coming down versus which parts really need the back end to come down?

    然後我很想知道你對利率的看法。我認為我們都已經做好了準備,等待這些削減,而且它們即將開始發生。但曲線的表現並不像我們想像的那樣,後端一直保持在高位,而前端卻下降了。因此,也許您可以討論一下,如果利率確實下調,您的業務的哪些部分將從前端下降中受益最多,而哪些部分真正需要後端下降?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. I mean, on the front end, it would be the construction market, primarily the North America residential space. And so we had mentioned in our 4Q expectations that they're a little needed in the shelter space because the rate cuts didn't happen quickly.

    是的。我的意思是,在前端,這將是建築市場,主要是北美住宅空間。因此,我們在第四季的預期中提到,庇護所領域有點需要它們,因為降息並沒有很快發生。

  • And as we'll see what happens here at the next meeting the expectations through the fine cut again. But I would say that front's our largest exposure with respect to positive using breakout slide down, more broadly, obviously, the lower rate covers broader economic activity that will favor all of our businesses.

    正如我們將在下次會議上看到的那樣,再次透過微調來實現期望。但我想說的是,這是我們在積極利用突破性下滑方面最大的敞口,更廣泛地說,顯然,較低的利率涵蓋了更廣泛的經濟活動,這將有利於我們所有的業務。

  • Operator

    Operator

  • Josh Spector, UBS.

    喬許‧斯佩克特,瑞銀集團。

  • Josh Spector - Analyst

    Josh Spector - Analyst

  • I wanted to ask on, not necessarily the spin timeline per se, but really, are there alternatives still being explored for any of the businesses, water or electronic outside of the spins be it the sale or RMT? And just if you are, how do you think about maybe achieving something there versus the spin timeline? What would be more important to you?

    我想問的是,不一定是旋轉時間表本身,但實際上,旋轉之外的任何業務、水或電子業務是否仍在探索替代方案,無論是銷售還是 RMT?如果你是,你如何看待在旋轉時間線上可能實現的目標?什麼對你來說更重要?

  • Edward Breen - Executive Chairman

    Edward Breen - Executive Chairman

  • Yes. No, it's a little simpler than that, Josh. Our plan is to do the separation of both water and electronics, and we're moving very rapidly down that growth.

    是的。不,比那簡單一點,喬許。我們的計劃是實現水和電子設備的分離,我們正在非常迅速地降低這一增長速度。

  • As we mentioned on the prepared remarks, we're talking to potential Board members already. We making four announcements for the companies and management announcements for those companies during the first quarter of next year.

    正如我們在準備好的發言中提到的,我們已經在與潛在的董事會成員進行交談。我們將在明年第一季為這些公司發布四項公告以及這些公司的管理層公告。

  • Josh Spector - Analyst

    Josh Spector - Analyst

  • Okay. Clear enough. And on the core business, I wanted to ask about -- you had some comments about increased investments, increased variable comp. Obviously, some of that makes sense given the better operating performance.

    好的。夠清楚了。關於核心業務,我想問一下——您對增加投資、增加可變薪酬有一些評論。顯然,考慮到更好的營運績效,其中一些是有意義的。

  • But I was wondering if we think about the level of investment taking place now, is that fully back to normal in that if we look at growth, the incrementals become higher as we look forward -- or are you still investing at a lower level given demand remains tepid.

    但我想知道我們是否考慮現在的投資水平,是否完全恢復正常,因為如果我們專注於成長,隨著我們的展望,增量會變得更高——或者考慮到您是否仍在較低水平進行投資需求依然不溫不火。

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. I mean we're not going gangbusters, right? So we had some growth investments primarily within the electronics space as we look to continue to take advantage of the AMI recovery. And we had mentioned the variable compensation headwinds and you can see in our approximately about from last year and variable compensation within an average of 15% payoff, so that would be as been as we had 2024.

    是的。我的意思是我們不會大肆宣傳,對吧?因此,我們主要在電子領域進行了一些成長投資,因為我們希望繼續利用 AMI 復甦的優勢。我們已經提到了可變薪酬的不利因素,您可以在去年的大約中看到可變薪酬的平均回報率為 15%,因此這將與 2024 年的情況一樣。

  • We continue to keep button down until we're really confident that we've got recovery across the board. We continue to make CapEx levels at the same levels where they were last year and we'll continue to expect to revise this down expect we can below the 5% level comp.

    我們將繼續保持低調,直到我們真正有信心全面復甦。我們繼續將資本支出水準保持在去年的水平,我們將繼續預期將這一水平下調,預計我們可以低於 5% 的水平。

  • And I wouldn't expect any outsized investments. We continue to be really smart. One of the key areas, I think, that's driving the margin profile that we're seeing and we did take a lot of actions, especially on the plant fixed cost front as we saw the volumes decline last year, and we've done a really nice job keeping those out even as volumes have recovered. So that's also driving a piece of our margin recovery.

    我預計不會有任何巨額投資。我們仍然非常聰明。我認為,關鍵領域之一是推動我們所看到的利潤狀況,我們確實採取了很多行動,特別是在工廠固定成本方面,因為我們看到去年的銷量下降,我們已經做了即使銷量有所恢復,仍將其排除在外,這真是太好了。因此,這也推動了我們利潤率的恢復。

  • Operator

    Operator

  • John Roberts, Mizuho.

    約翰·羅伯茨,瑞穗。

  • Unidentified Participant

    Unidentified Participant

  • Is China about 50% of the electronic sales and how much of that would be made in China for China as opposed to imported into China and might have some risk from some trade retaliation by China.

    中國是否約佔電子產品銷售額的 50%?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. So China is about 30% of electronic sales. So about half of that is China for China and the other half does any come back out for global consumption.

    是的。所以中國約佔電子產品銷售額的30%。因此,其中大約一半是中國的,另一半是供全球消費的。

  • Unidentified Participant

    Unidentified Participant

  • Okay. And then how is advanced mobility looking with the slowdown in both EVs and ICE vehicles outside of China?

    好的。那麼,隨著中國以外的電動車和內燃機汽車的成長放緩,先進的移動出行前景如何?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. So we continue to see nice performance within the CEB side. We just got a really nice long term being with one of the large European OEMs within the bad space.

    是的。因此,我們繼續看到 CEB 方面的良好表現。我們剛剛與一家大型歐洲原始設備製造商在惡劣的環境中建立了非常良好的長期合作關係。

  • So it is muted to growth expectations just as everybody else is with respect to VI revising down their expectations for total sales across the space, but we continue to be encouraged more broad based and longer-term transition.

    因此,它對成長預期的影響不大,就像其他人在 VI 方面下調了對該領域總銷售額的預期一樣,但我們繼續受到更廣泛和更長期的轉型的鼓勵。

  • Operator

    Operator

  • Aleksey Yefremov, KeyBanc.

    Aleksey Yefremov,KeyBanc。

  • Aleksey Yefremov - Analyst

    Aleksey Yefremov - Analyst

  • Interconnect, could you discuss two things: The share gains that you cite -- and then the AI-driven ramps, what products are you seeing ramping in AI? What kind of applications.

    Interconnect,您能否討論兩件事:您提到的份額成長,以及人工智慧驅動的成長,您認為哪些產品在人工智慧領域有所成長?什麼樣的應用。

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. On the AI side, in the packaging space within the interconnect business. So we're seeing nice improvement there. And on the share gain side, it's also it's a function of being greater share of wallet with some of our customers as we expand beyond just the phones and some of the other devices that our key customers are producing.

    是的。在人工智慧方面,在互連業務的封裝領域。所以我們看到了很好的改進。在份額增益方面,隨著我們的業務擴展到手機和主要客戶生產的其他一些設備之外,我們還可以在一些客戶中獲得更大的錢包份額。

  • So pleased with the results there. We had mentioned, I think, on the last call about a lot of the IPS driven by thermal management and packaging opportunities, and that continues to play out.

    對那裡的結果非常滿意。我想,我們在上次電話會議上提到了許多由熱管理和封裝驅動的 IPS 機會,而且這種情況仍在繼續。

  • Operator

    Operator

  • David Begleiter, Deutsche Bank.

    大衛‧貝格萊特,德意志銀行。

  • David Begleiter - Analyst

    David Begleiter - Analyst

  • Lori, E&I margins were above 30% in the quarter. Is that level sustainable for the entirety of 2025?

    Lori、E&I 本季利潤率超過 30%。這個水準能持續到 2025 年嗎?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. We've seen nice margin growth in both segments, both E&I and W&P. It's a little early to talk about specifics of 2025 at this point, but we are encouraged. There's not one time is driving that number, I'll say from that perspective.

    是的。我們在 E&I 和 W&P 兩個領域都看到了良好的利潤成長。現在談論 2025 年的具體細節還為時過早,但我們感到鼓舞。從這個角度來看,我會說,沒有一次能夠推動這個數字。

  • So as long as you can maintain the top line numbers that we're posting and the productivity initiatives should stay in place that we're driving, and we should be in an acquisition to get factored margin profile for the E&I.

    因此,只要您能夠維持我們發布的營收數字,並且生產力計劃應該保持在我們正在推動的位置,我們就應該進行收購以獲得 E&I 的因素利潤率概況。

  • David Begleiter - Analyst

    David Begleiter - Analyst

  • Very good. And just in safety solutions, what's driving the decrease in pricing?

    非常好。就安全解決方案而言,是什麼推動了價格下降?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • So I think it's important to keep in mind that when you look over the last couple of years, particularly in some select businesses, we did have price increases that were in the mid-teens, which more than covered our cost increase. And so it wouldn't be too surprising that we would give back a couple of points in order to maintain share as we go forward.

    因此,我認為重要的是要記住,當你回顧過去幾年時,特別是在某些特定業務中,我們確實出現了十幾歲左右的價格上漲,這超出了我們的成本增長。因此,為了在前進的過程中保持份額,我們會回饋一些積分,這並不奇怪。

  • Operator

    Operator

  • Frank Mitsch, Fermium Research.

    弗蘭克米奇,費米研究中心。

  • Frank Mitsch - Analyst

    Frank Mitsch - Analyst

  • Nice results. I want to say on the price -- I want to stay on the pricing area. And E&I, price was down 1%. Volumes were very impressive, but price was down a percent.

    不錯的結果。我想說的是價格——我想留在定價領域。 E&I 價格下跌 1%。銷量非常可觀,但價格卻下降了百分之一。

  • You have to go back to the second quarter of last year when you saw price flat since then it's been ticking down. Can you expand upon what's driving the lower price and what your outlook is there?

    你必須回到去年第二季度,當時你看到價格持平,此後價格一直在下降。您能否詳細介紹一下價格下降的原因以及您的展望?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • You look specifically at E&I, to your point, typically, there is about a point of price giveback. A lot of it relates to new products kind of coming into the market. and volumes going up. So there's typically about 1 point in price historically what we see in E&I. And we would expect that trend to continue as we go forward.

    您特別關注 E&I,就您的觀點而言,通常存在一定程度的價格回饋。其中很多與進入市場的新產品有關。和數量不斷增加。因此,從歷史上看,我們在 E&I 中看到的價格通常約為 1 個點。我們預計隨著我們的前進,這種趨勢將繼續下去。

  • Frank Mitsch - Analyst

    Frank Mitsch - Analyst

  • Got you. So as you're pricing new products, you're giving discounts to the customers?

    明白你了。因此,當您為新產品定價時,您會向客戶提供折扣嗎?

  • Edward Breen - Executive Chairman

    Edward Breen - Executive Chairman

  • No. You're getting price on the new product introduction, Frank, but you get paid a little bit of price gain on older products which are -- that's very typical of the electronics business like that. Forget the last couple of years has been creating times with COVID and destock and all that, but that's typically been the model to a higher growth business more up in the mid- to high teens, but you give up about 10% of price.

    不。忘記過去幾年因新冠疫情和去庫存等而創造的時代吧,但這通常是在十幾歲左右實現更高增長業務的模式,但你放棄了大約 10% 的價格。

  • Frank Mitsch - Analyst

    Frank Mitsch - Analyst

  • All right. Understood. And just on the restructuring benefits, I believe the last time you mentioned it was going to be about $115 million benefit in 2024. Is that still a good number? And any initial thoughts on 2025?

    好的。明白了。僅就重組收益而言,我相信您上次提到的 2024 年收益將約為 1.15 億美元。對 2025 年有什麼初步想法嗎?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. Actually, that benefit number is a bit higher. We got to our quarterly run rate of benefits in the third quarter. So we are getting a nice impact to this year. There will be a little bit of carry forward as we go into 2025.

    是的。事實上,這個福利數字要高一些。我們在第三季度獲得了季度福利運行率。所以我們今年收到了很好的影響。當我們進入 2025 年時,將會有一些結轉。

  • Operator

    Operator

  • Mike Sison, Wells Fargo.

    麥克西森,富國銀行。

  • Mike Sison - Analyst

    Mike Sison - Analyst

  • Nice quarter and outlook. Ed, a lot of the chemical companies thus far have kind of painted an exciting picture for the first half of '25 and maybe '25 in total.

    不錯的季度和前景。 Ed,到目前為止,許多化學公司都為 25 年上半年甚至整個 25 年描繪了一幅令人興奮的圖景。

  • As you've noted, your end markets are different. So I know it's a little bit early to get specific outlook for 2025, but could you sort of give us your thoughts on how maybe semiconductors, electronics and some of the water and industrial businesses shape up for next year?

    正如您所指出的,您的最終市場是不同的。所以我知道現在對 2025 年做出具體展望還為時過早,但是您能否告訴我們您對半導體、電子產品以及一些水和工業業務明年的發展有何看法?

  • Edward Breen - Executive Chairman

    Edward Breen - Executive Chairman

  • Yes. I'll let Lori walk you through some details. I don't mean this flippantly, but to make a comment, we really morphed the portfolio very differently than we were five, six, seven years ago, away from a chemical company into a multi-industrial. And I think you see that a lot of our end markets that we're in right now. But I'll let Lori maybe walk you through some puts and takes.

    是的。我會讓 Lori 向您介紹一些細節。我並不是輕率地說,而是要發表評論,我們的投資組合確實與五、六、七年前非常不同,從一家化學公司轉變為一家多工業公司。我想你看到了我們現在所處的許多終端市場。但我會讓 Lori 引導您完成一些操作。

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. No, there's no significant changes from the commentary we had provided on the last call about some initial 2025 expectations. So from an electronics perspective, we continue to expect semi growth to accelerate, really driven by the AI and the new fabs coming online.

    是的。不,我們在上次電話會議上提供的關於 2025 年一些初步預期的評論沒有重大變化。因此,從電子產品的角度來看,我們繼續預期半成品成長將加速,這實際上是由人工智慧和新晶圓廠上線推動的。

  • And just a reminder that the memory market and some of the more mature technology markets haven't recovered yet. So that recovery is on the come as we head into 2025. There's also on the interconnect side, continued utilization the PCB space, especially as you look for a refresh cycle within the AR space and consumer devices. Within W&P, we expect Timex Healthcare to continue to recover.

    只是提醒一下,內存市場和一些更成熟的技術市場尚未復甦。因此,隨著我們進入 2025 年,這種復甦即將到來。在 W&P 內部,我們預計 Timex Healthcare 將繼續復甦。

  • As we had mentioned, we saw a sequential lift from Q2 to Q3 of 10%. We expect a further sequential (inaudible) and then more normalized buying has as we head into 2025. And we expect a more normalized demand environment within (inaudible), we'll expect to continue to recover as well. So no changes from what we said last year or last quarter with respect to 2025.

    正如我們所提到的,我們看到從第二季到第三季連續成長了 10%。我們預計,隨著進入 2025 年,購買將進一步連續化(聽不清楚),然後更加正常化。因此,我們去年或上季所說的 2025 年情況沒有改變。

  • Operator

    Operator

  • Patrick Cunningham, Citi.

    派崔克‧坎寧安,花旗銀行。

  • Patrick Cunningham - Analyst

    Patrick Cunningham - Analyst

  • Are you still anticipating price givebacks in shelter in 4Q and maybe into 2025? And what was the dynamic between positive growth in commercial construction versus resi? And any sort of early view on a broad-based resi recovery into next year?

    您是否仍預計第四季甚至 2025 年房屋價格會回落?商業建築與房地產的正成長之間的動態是什麼?對於明年的廣泛的 Resi 復甦有什麼早期看法嗎?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. Given what we saw in pricing this year and as we're exiting the year, you would expect that you would have some price give back carryforward going into 2025. But I think the one thing that you got to keep in mind is we still have to take a deep look at where our costs next year relative to a logistics and utilities and that to determine if there's any pluses or minuses associated with them.

    是的。鑑於我們今年的定價情況以及我們即將退出的這一年,您可能會期望將一些價格返還結轉到 2025 年。成本相對於物流和公用事業的成本,並確定它們是否有任何優點或缺點。

  • So I would expect that as we go forward. In terms of the resi as a construction market, they are -- we are seeing a little bit less activity than what we originally anticipated. As Lori mentioned earlier, when you look at kind of rates and where they are, there were a few rate cuts that were expected in 2024.

    所以我希望隨著我們的前進。就 Resi 作為建築市場而言,我們看到的活動比我們最初預期的要少一些。正如 Lori 之前提到的,當你觀察利率的類型和利率水準時,你會發現 2024 年預計會有幾次降息。

  • I mean we had one, so we had a little too late in the building cycle to really have an impact. So as we go in the next year, I would say, in terms of the construction markets, we would expect low single-digit activity, and I think that, that's kind of predicated on some additional rate cuts coming. But we'll see what happens.

    我的意思是我們有一個,所以我們在建設週期中有點太晚了,無法真正產生影響。因此,當我們進入明年時,我想說,就建築市場而言,我們預計活動將呈現低個位數,而且我認為,這在一定程度上取決於即將到來的額外降息。但我們會看看會發生什麼。

  • Edward Breen - Executive Chairman

    Edward Breen - Executive Chairman

  • Our current midpoint of guidance in the fourth quarter seemed slightly less price impact than we saw during the third quarter.

    我們目前第四季指引的中點似乎比我們在第三季看到的價格影響略小。

  • Patrick Cunningham - Analyst

    Patrick Cunningham - Analyst

  • Understood. Very helpful. And then just on consolidated W&P, I mean it seems you have easier comps on water, medical packaging. Is most of that sequential EBITDA decline come from more typical seasonality on shelter and safety. And if you could remind us what was the $25 million discrete impact from last year, and that won't repeat this year just for clarification.

    明白了。非常有幫助。然後就綜合 W&P 而言,我的意思是,水、醫療包裝的比較似乎更容易。 EBITDA 的連續下降大部分是由於住房和安全方面更典型的季節性所致。如果您能提醒我們去年 2500 萬美元的離散影響是什麼,今年不會重複,只是為了澄清。

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. So the Q3 to Q4 in W&P would be your typical seasonality. Q3 tends to be the highest quarter and comes down a bit. in Q4, a big piece of that would be related to the shelter business as we kind of go into the winter months.

    是的。因此,W&P 中的第三季到第四季將是典型的季節性。第三季度往往是最高的季度,然後略有下降。在第四季度,其中很大一部分將與庇護所業務有關,因為我們即將進入冬季。

  • For (inaudible) explicitly, we did call out about $25 million of one-time items last year that were related to a land sale and some supply agreements that we had certainly benefits from, I would say. Keep in mind that in totality, in Q4 of last year, we actually called out $40 million of one-time items. The remaining $15 million wasn't in corporate.

    (聽不清楚)明確地說,我們去年確實拿出了約 2500 萬美元的一次性項目,這些項目與土地出售和一些供應協議有關,我想說,我們肯定會從中受益。請記住,去年第四季度,我們實際上總共籌集了 4000 萬美元的一次性物品。剩下的 1500 萬美元沒有歸公司所有。

  • Operator

    Operator

  • John McNulty, BMO Capital Markets.

    約翰·麥克納爾蒂 (John McNulty),BMO 資本市場部。

  • Bhavesh Lodaya - Analyst

    Bhavesh Lodaya - Analyst

  • This is Bhavesh Lodaya for John. Can you talk about some of the competitive dynamics around your electronic peers in China. China is bringing in a lot of new fabs, as you mentioned, but they also invest in kind of like a homegrown domestic supply chain. You mentioned gaining some market share, I'm not sure if that was in China as well. But overall, how do you see this landscape developing over the next few years?

    我是約翰的巴韋什·洛達亞 (Bhavesh Lodaya)。能談談中國電子同行的一些競爭動態嗎?正如您所提到的,中國正在引進大量新晶圓廠,但他們也投資於類似本土的國內供應鏈。你提到要獲得一些市場份額,我不確定在中國是否也是如此。但整體而言,您如何看待未來幾年這一格局的發展?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes, we can continue to have a nice position within China. I think our exposure in China within the semi spaces outside versus some of the peers. So we're about 30% in China, where some of the peers I think are left and that you're seeing that, that is fairly to play out nicely in our numbers as a lot of the bills are more concentrated there with respect to the global outlet. We have a nice position with the local players.

    是的,我們可以繼續在中國保持良好的地位。我認為,與一些同行相比,我們在中國的業務處於半開放的領域。所以我們大約有 30% 的人在中國,我認為有些同行還留在中國,你也看到了,這在我們的數字中表現得很好,因為很多帳單都集中在中國全球出口。我們與本地球員的關係很好。

  • As we had mentioned, we able to have nice positions with the global OEMs that are in China that are favoring our China results as well.

    正如我們所提到的,我們能夠與中國的全球原始設備製造商保持良好的關係,這也有利於我們在中國的表現。

  • Operator

    Operator

  • Arun Viswanathan, RBC Capital Markets.

    阿倫‧維斯瓦納坦 (Arun Viswanathan),加拿大皇家銀行資本市場部。

  • Arun Viswanathan - Analyst

    Arun Viswanathan - Analyst

  • Just wanted to go back to maybe some initial thoughts on '25. So this year, you showed -- it looks like you're showing pretty good mid-teens EBITDA growth in E&I, although you have been -- that's been offset slightly by some of that water destocking and headwinds.

    只是想回到 25 年的一些最初想法。因此,今年,您的 E&I 業務似乎顯示出相當不錯的 10 左右 EBITDA 增長,儘管您一直在這樣做,但這一增長已被一些水庫存減少和逆風所略微抵消。

  • As you look into next year, maybe if you adjust for the prebuy that you saw in E&I, would that kind of decrease maybe to like a high single-digit rate and then -- but maybe you could see some recovery in W&P, and so overall, you still expect maybe mid- to high single-digit EBITDA growth for next year?

    當你展望明年時,也許如果你對 E&I 中看到的預購進行調整,這種下降可能會喜歡高個位數的利率,然後 - 但也許你可以看到 W&P 出現一些復甦,等等總體而言,您仍然預計明年的EBITDA 可能會實現中高個位數成長?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • So that's where I provided some color on the top line. That's where our expectations are. I would say it's a bit too early to start commenting on EBITDA growth for next year. We'll give more detailed guidance as we get on to the next quarter call. But clearly, volume will be a driver as we noted this year, you would expect to have the continued benefits of our restructuring actions that we took this year to continue to benefit us as we move forward.

    這就是我在頂行提供一些顏色的地方。這就是我們的期望所在。我想說,現在開始評論明年的 EBITDA 成長還為時過早。當我們進入下一季的電話會議時,我們將提供更詳細的指導。但顯然,正如我們今年指出的那樣,數量將是一個驅動因素,您會期望我們今年採取的重組行動能夠持續帶來好處,以便在我們前進的過程中繼續使我們受益。

  • Arun Viswanathan - Analyst

    Arun Viswanathan - Analyst

  • Okay. I understand. And just on that note then, assuming that you do see some continued margin growth, how should we think about free cash flow and maybe how you deploy that.

    好的。我明白。就這一點而言,假設您確實看到利潤率持續成長,我們應該如何考慮自由現金流,以及如何部署它。

  • Are there any significant extra CapEx projects in in the pipeline? Or will you likely be using most of your cash for standing up the businesses? And -- or could you potentially deploy more and return more to shareholders?

    是否有任何重大的額外資本支出項目正在進行中?或者您可能會將大部分現金用於維持業務?或者您有可能部署更多資金並為股東帶來更多回報?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. So I've been talking about free cash flow conversion. As I mentioned for this quarter, we did have a really strong free cash flow conversion. It was about 113%. We're at 109% for the year, and we did know -- we do expect to be well above our target for this year.

    是的。所以我一直在談論自由現金流轉換。正如我在本季提到的,我們確實實現了非常強勁的自由現金流轉換。大約是113%。今年我們的目標是 109%,我們確實知道——我們確實預計會遠高於我們今年的目標。

  • As we go into next year, I would expect that we continue to have good free cash flow conversion. The teams have done a great job relative to managing working capital even while sales are increasing and we're now having a use of working capital.

    當我們進入明年時,我預計我們將繼續保持良好的自由現金流轉換。即使在銷售額不斷增長並且我們現在正在使用營運資金的情況下,這些團隊在管理營運資金方面也做得非常出色。

  • As you think about our cash deployment for next year, given it is the year of the separation, the majority of cash will be used for our separation costs. We did know last quarter on the call, we do not expect to do any additional share repurchases this year. I would say that applies to next year as well and no significant outsized CapEx that you should be expecting next year relative to this year.

    當你考慮到我們明年的現金部署時,考慮到今年是離職年,大部分現金將用於支付我們的離職費用。我們在上個季度的電話會議上確實知道,我們預計今年不會進行任何額外的股票回購。我想說這也適用於明年,相對於今年,您預計明年的資本支出不會大幅增加。

  • Operator

    Operator

  • Mike Leithead, Barclays.

    麥克萊特黑德,巴克萊銀行。

  • Mike Leithead - Analyst

    Mike Leithead - Analyst

  • I think DuPont filed an ITC complaint last month around a legal tieback imports, I guess, first, is the issue you're seeing somebody else claiming and naming something to be tied back and it's not -- or did it name something else and the issue is they're using DuPont's proprietary technology? And then just more broadly, how is the tieback business performing today?

    我認為杜邦公司上個月就合法的回扣進口向國際貿易委員會提出了投訴,我想,首先,問題是你看到其他人聲稱並命名了一些要回扣的東西,但事實並非如此——或者它是否命名了其他東西,並且問題是他們使用杜邦的專有技術嗎?更廣泛地說,現在的回扣業務表現如何?

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. So the ITC filing speak for itself. We'll continue to defend our patents and our trade secrets. So that's really all we want to say on that point. The Tyvek business and market performance continues to recover nicely.

    是的。因此,國際貿易委員會的文件不言而喻。我們將繼續捍衛我們的專利和商業機密。這就是我們在這一點上想說的全部。 Tyvek 業務和市場表現持續良好復甦。

  • A lot of the headwinds that we had saw throughout 2024 was related to medical packaging, and we've highlighted a few times about a nice recovery that we're seeing there, up 10% sequentially and up even further sequentially as we head into Q4. So we're really encouraged by the rebound that we're seeing there.

    我們在 2024 年看到的許多不利因素都與醫療包裝有關,我們已經多次強調了我們看到的良好復甦,連續增長 10%,進入第四季度時,連續增長甚至進一步。因此,我們對在那裡看到的反彈感到非常鼓舞。

  • Operator

    Operator

  • Steve Byrne, Bank of America.

    史蒂夫伯恩,美國銀行。

  • Steve Byrne - Analyst

    Steve Byrne - Analyst

  • Yes. I'd like to ask another one about that ITC complaint. When did you start to see these competing versions of Tyvek coming into the states? And is this across your broad platform? Is this this Tyvek house rep?

    是的。我想詢問另一位關於 ITC 投訴的問題。您什麼時候開始看到這些競爭版本的 Tyvek 進入美國?這是否跨越了您廣泛的平台?這是 Tyvek 品牌代表嗎?

  • Is this packaging? Is this PPE? Is it all of them? And you're seeing this this competing version? When did this happen? And just curious on the timing of this.

    這是包裝嗎?這是個人防護裝備嗎?是全部嗎?你看到這個競爭版本了嗎?這是什麼時候發生的事?只是好奇這發生的時間。

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. So I mean we had mentioned that the filing speak for itself as the public filing that can be red. So we started seeing it in recent months, the release of our (inaudible) in addition to some trade infringement or as you were seeing, which is what led us to the filing.

    是的。所以我的意思是,我們已經提到,該文件本身就是可以紅色的公開文件。因此,我們在最近幾個月開始看到,除了一些貿易侵權之外,或者正如您所看到的,我們的(聽不清楚)的發布也是導致我們提起訴訟的原因。

  • Steve Byrne - Analyst

    Steve Byrne - Analyst

  • And then maybe just one more across new DuPont any new products in development that you could be enrolling that could drive growth in new DuPont other than just the recovery in end markets.

    然後,也許您可以註冊新杜邦公司正在開發的任何新產品,這些產品除了終端市場的復甦之外,還可以推動新杜邦公司的成長。

  • Lori Koch - Chief Executive Officer

    Lori Koch - Chief Executive Officer

  • Yes. So I have mentioned earlier that the really nice one that we saw in the battery adhesives space was one of the largest European OEMs. So that was a nice win for us that can to solidify our position in the EV space. We have a really nice growing position within healthcare. So we closed the Donatelle acquisition in August.

    是的。所以我之前提到過,我們在電池黏合劑領域看到的真正好的公司是歐洲最大的原始設備製造商之一。因此,這對我們來說是一次很好的勝利,可以鞏固我們在電動車領域的地位。我們在醫療保健領域擁有非常好的發展地位。因此,我們在八月完成了對 Donatelle 的收購。

  • We were actually out there as a leadership team, the Board visiting the site. And we're even more encouraged by what we saw with respect to cross-selling with some of the larger medical device layers as well as leveraging the really high-end machining capabilities that Donatelle has, not only our medical packaging businesses that are other parts in the (inaudible) portfolio. So really encouraged that, that space will continue to be a nice growth driver for us.

    我們實際上是作為一個領導團隊、董事會參觀了現場。更令我們鼓舞的是,我們看到了與一些較大的醫療器材層的交叉銷售,以及利用 Donatelle 擁有的真正高端加工能力,而不僅僅是我們的醫療包裝業務以及其他零部件在(聽不清)投資組合中。非常令人鼓舞的是,這個空間將繼續成為我們良好的成長動力。

  • Operator

    Operator

  • There are no more questions. I will now turn the conference back over to Chris Mecray for closing remarks.

    沒有更多問題了。現在,我將把會議轉回克里斯麥克雷 (Chris Mecray) 致閉幕詞。

  • Christopher Mecray - Investor Relations

    Christopher Mecray - Investor Relations

  • Thank you, everyone, for joining the call. And for your reference, a copy of the transcript will be posted on our website. This concludes the call. Thank you.

    謝謝大家加入通話。為了供您參考,成績單副本將發佈在我們的網站上。通話就此結束。謝謝。

  • Operator

    Operator

  • Thank you all for joining. You may now disconnect.

    感謝大家的加入。您現在可以斷開連線。