強鹿 (DE) 2026 Q1 法說會逐字稿

Good morning, and welcome to Deere & Company first-quarter earnings conference call. (Operator Instructions) I would now like to turn the call over to Mr. Josh Beal, Director of Investor Relations. Thank you. You may begin.

早上好，歡迎參加迪爾公司第一季財報電話會議。（操作員指示）現在我將把電話交給投資者關係總監喬許‧比爾先生。謝謝。你可以開始了。

Hello. Welcome, and thank you for joining us on today's call. Joining me on the call today are Josh Jepsen, Chief Financial Officer; Ryan Campbell, President, Worldwide Construction, Forestry, and Power Systems; and Chris Seibert, Manager, Investor Communications. Today, we'll take a closer look at Deere's first-quarter earnings, then spend some time talking about our markets and our current outlook for fiscal 2026. After that, we'll respond to your questions.

你好。歡迎各位參加今天的電話會議，感謝你們的參與。今天與我一起參加電話會議的有：財務長 Josh Jepsen；全球建築、林業和電力系統總裁 Ryan Campbell；以及投資者溝通經理 Chris Seibert。今天，我們將仔細研究迪爾公司第一季的收益，然後花點時間談談我們的市場以及我們對 2026 財年的展望。之後，我們會回覆您的問題。

Please note that slides are available to complement the call this morning. They can be accessed on our website at johndeere.com/earnings. First, a reminder, this call is broadcast live on the internet and recorded for future transmission and use by Deere & Company. Any other use, recording, or transmission of any portion of this copyrighted broadcast without the express written consent of Deere is strictly prohibited. Participants in the call, including the Q&A session, agree that their likeness and remarks in all media may be stored and used as part of the earnings call.

請注意，我們已準備好幻燈片，以配合今天上午的電話會議。您可以在我們的網站 johndeere.com/earnings 上查看相關資訊。首先提醒您，本次電話會議將透過網路直播，並錄製下來供迪爾公司日後播放和使用。未經迪爾公司明確書面同意，嚴禁以任何其他方式使用、錄製或傳播本受版權保護的廣播的任何部分。參與電話會議（包括問答環節）的人員同意，他們的肖像和在所有媒體上的發言可能會被存儲，並作為財報電話會議的一部分使用。

This call includes forward-looking statements concerning the company's plans and projections for the future that are subject to uncertainties, risks, changes in circumstances, and other factors that are difficult to predict. Additional information concerning factors that could cause actual results to differ materially is contained in the company's most recent Form 8-K, Risk Factors in the Annual Form 10-K, as updated by reports filed with the Securities and Exchange Commission.

本次電話會議包含有關公司未來計劃和預測的前瞻性聲明，這些聲明受到不確定性、風險、情況變化以及其他難以預測的因素的影響。有關可能導致實際結果與預期結果存在重大差異的因素的更多信息，請參閱公司最新的 8-K 表格、年度 10-K 表格中的風險因素部分，以及向美國證券交易委員會提交的報告。

This call also may include financial measures that are not in conformance with accounting principles generally accepted in the United States of America, GAAP. Additional information concerning these measures, including reconciliations to comparable GAAP measures, is included in the release and posted on our website at johndeere.com/earnings under Quarterly Earnings and Events.

本次電話會議可能包含不符合美國公認會計原則（GAAP）的財務指標。有關這些措施的更多信息，包括與可比 GAAP 指標的調節表，已包含在新聞稿中，並發佈在我們的網站 johndeere.com/earnings 的“季度收益和事件”下。

I will now turn the call over to Chris Seibert.

現在我將把電話交給克里斯·塞伯特。

Good morning, and thank you for joining us today. John Deere completed the first quarter with a 5.9% operating margin for the equipment operations. Our results reflect the strength and resilience of a diversified portfolio spanning multiple end markets and geographies. All business segments delivered higher net sales year-over-year, with both Small Ag and Turf and Construction Forestry top-line growing by over 20%.

早安，感謝各位今天收看我們的節目。約翰迪爾第一季設備營運的營業利潤率為 5.9%。我們的表現反映了涵蓋多個終端市場和地區的多元化投資組合的實力和韌性。所有業務部門的淨銷售額均較去年同期成長，其中小型農業和草坪及建築林業部門的營收成長均超過 20%。

Our results for the quarter exceeded our forecast, driven by shipping volumes that were ahead of our initial plan. Importantly, over the course of the quarter, we saw continued strengthening of our order books across several product lines, most notably in Small Ag and Turf, as well as Construction. In earthmoving, double-digit year-over-year growth in retail settlements and a growing order bank have prompted us to increase our industry outlooks for both construction and compact construction equipment in North America.

本季業績超出預期，主要得益於出貨量超出預期。重要的是，在本季中，我們看到多個產品線的訂單量持續成長，尤其是在小型農業和草坪設備以及建築領域。在土方工程領域，零售結算額年增兩位數，訂單量不斷增長，促使我們提高了對北美建築和小型建築設備的行業展望。

In Small Ag, order activity for mid-size tractors supporting the dairy and livestock production system has remained solid, while order velocity for North American turf equipment and compact utility tractors has increased. Global large ag fundamentals, while still challenged, were largely stable over the quarter. This stability has enabled a modest improvement in our net sales forecast for North American large ag this year, as our combined early order program finished better than expected, and large tractor order activity has increased.

在小型農業領域，用於支援乳牛和牲畜生產系統的中型拖拉機的訂單活動保持穩定，而北美草坪設備和小型多用途拖拉機的訂單速度有所提高。全球大型農業基本面雖然仍面臨挑戰，但本季整體維持穩定。由於我們的早期訂單計劃總體完成情況好於預期，且大型拖拉機訂單活動有所增加，因此，這種穩定性使得我們今年對北美大型農業產品的淨銷售額預測略有改善。

These improvements have helped us to offset softer projections for the South American ag equipment market in 2026. The developments over the course of the past three months have strengthened our belief that 2026 marks the bottom of the current cycle, as we project mid-single-digit net sales growth for the equipment operations this fiscal year.

這些改進幫助我們抵消了2026年南美農業設備市場預測下調的影響。過去三個月的發展更加堅定了我們對 2026 年標誌著當前週期底部的信念，因為我們預計本財年設備業務的淨銷售額將實現中等個位數成長。

Slide 3 starts with the results for the first quarter. Net sales and revenues were up 13% to $9.611 billion, while net sales for the equipment operations were up 18% to $8.001 billion. Net income attributable to Deere & Company was $656 million or $2.42 per diluted share.

第 3 張投影片從第一季的結果開始。淨銷售額和收入成長 13% 至 96.11 億美元，而設備業務的淨銷售額成長 18% 至 80.01 億美元。歸屬於迪爾公司的淨利潤為 6.56 億美元，即每股攤薄收益 2.42 美元。

Turning to our individual segments, we begin with the Production and Precision Ag business on slide 4. Net sales of $3.163 billion were up 3% compared to the first quarter last year, primarily due to positive effects of foreign currency translation. Price realization was roughly flat. Price realization in North America was positive, though was offset by additional incentives for the South American market. Currency translation was positive by nearly 4 points.

接下來，我們來看各個業務板塊，首先是第 4 頁的生產和精準農業業務板塊。淨銷售額為 31.63 億美元，比去年第一季成長 3%，主要得益於外匯折算帶來的正面影響。價格實現基本持平。北美市場的價格實現情況良好，但南美市場的額外激勵措施抵消了這一積極影響。匯率變動帶來了近4個百分點的正面影響。

Operating profit was $139 million, resulting in a 4.4% operating margin for the segment. The year-over-year decrease was primarily due to higher tariffs, unfavorable sales mix, and higher warranty expenses.

營業利益為 1.39 億美元，該業務部門的營業利潤率為 4.4%。年比下降的主要原因是關稅上漲、銷售組合不利以及保固費用增加。

Moving on to Small Ag and Turf on slide 5. Net sales were up 24%, totaling $2.168 billion in the first quarter because of higher shipment volumes and positive effects of foreign currency translation. Price realization was positive by 2 points. Currency translation was also positive by just under 2.5 points.

接下來，請看第 5 張投影片，內容是小型農業和草坪。由於出貨量增加和外幣折算的正面影響，第一季淨銷售額成長了 24%，總計 21.68 億美元。價格實現上漲 2 個點。匯率變動也帶來了近 2.5 個百分點的正面影響。

Operating profit increased year-over-year to $196 million, resulting in a 9% operating margin. The increase was primarily due to higher shipment volumes, favorable sales mix, and price realization, partially offset by higher tariffs.

營業利潤年增至 1.96 億美元，營業利益率為 9%。成長主要歸因於出貨量增加、銷售組合有利以及價格實現，但部分被更高的關稅所抵消。

Slide 6 gives our industry outlook for ag and turf markets globally. We continue to expect the large ag equipment industry in the US and Canada to decline 15% to 20% this year. However, we are seeing encouraging developments that should provide stability to this segment in the near term, while also improving the setup for return to growth.

第 6 張幻燈片介紹了我們對全球農業和草坪市場的行業展望。我們仍然預計今年美國和加拿大的大型農業設備產業將下降 15% 至 20%。然而，我們看到了一些令人鼓舞的發展，這些發展應該會在短期內為該領域帶來穩定性，同時也會改善恢復成長的局面。

While global row crop production remains strong -- global production remains strong, robust demand for commodities and a normalization of trade flows are providing support for prices at current levels, which are above the lows that growers experienced last summer. Additionally, government programs are supporting farmer liquidity in the short term.

儘管全球大田作物產量依然強勁——全球產量依然強勁，對大宗商品的強勁需求和貿易流動的正常化為當前價格提供了支撐，而當前價格高於種植者去年夏天經歷的低點。此外，政府計畫也在短期內為農民提供資金支持。

Ongoing improvement in the used inventory market is providing a better environment for machine replacement, while the age of the fleet continues to grow. Additionally, proposed government policy actions, including additional support for biofuels, provide potential tailwinds for growth.

二手設備市場的持續改善為機器更換提供了更好的環境，而設備機隊的年齡卻不斷增長。此外，政府提出的政策措施，包括對生物燃料的額外支持，為經濟成長提供了潛在的助力。

For Small Ag and Turf in the US and Canada, industry demand estimates remain flat to up 5%. The dairy and livestock sector remains profitable due to strong beef prices, while the turf market is seeing a modest return to growth as that sector normalizes after several years of declines.

美國和加拿大的小型農業和草坪行業需求預計將保持穩定或成長 5%。由於牛肉價格堅挺，乳製品和畜牧業依然盈利；而草皮市場在經歷了數年的下滑後，正逐步恢復正常，並出現溫和的增長復甦。

Moving to Europe, the industry is still projected to be flat to up 5%. The underlying fundamentals of the ag sector are largely unchanged, with no near-term material impact expected from newly negotiated EU trade agreements or recent declines in milk prices. Interest rates are steady, long-term financing costs are manageable, and the region continues to show resilience across key arable markets.

放眼歐洲，預計該行業仍將保持穩定或成長 5%。農業部門的基本面基本上保持不變，新近談判達成的歐盟貿易協定或近期牛奶價格下跌預計不會在短期內產生實質影響。利率穩定，長期融資成本可控，該地區在主要耕地市場持續展現韌性。

In South America, industry sales of tractors and combines are now expected to be down approximately 5%, driven by the Brazilian market, where subdued commodity prices, high interest rates, and a stronger real are putting pressure on producer margins.

受巴西市場的影響，南美洲拖拉機和聯合收割機的行業銷售量預計將下降約 5%。巴西市場大宗商品價格低迷、利率高企、雷亞爾走強，都給生產者的利潤率帶來了壓力。

Industry sales in Asia are now projected to be flat to down 5%. The Indian market is now expected to only be down slightly from the strong level seen in 2025.

亞洲產業銷售額預計將持平或下降 5%。預計印度市場目前只會比 2025 年的強勁水準略有下降。

Next, our segment forecasts begin on slide 7. For Production and Precision Ag, net sales are still forecasted to be down between 5% and 10% for the full year. The forecast assumes roughly 1.5 points of positive price realization and about 3 points of partially positive currency translation. For the segment's operating margin, our full-year forecast remains between 11% and 13%.

接下來，我們的細分市場預測從第 7 頁開始。生產型和精準農業業務的全年淨銷售額預計仍將下降 5% 至 10%。這個預測假設價格實現將有大約 1.5 個百分點的正向波動，匯率變動將有大約 3 個百分點的部分正向波動。對於該業務板塊的營業利潤率，我們全年的預測仍為 11% 至 13%。

Slide 8 shows our forecast for the Small Ag and Turf segment. We now expect net sales to be up about 15%. This includes 2 points of positive price realization as well as 2 points of positive currency translation. The segment's operating margin guide is now between 13.5% and 15%.

第 8 張幻燈片展示了我們對小型農業和草坪行業的預測。我們現在預計淨銷售額將成長約15%。這包括 2 個正向價格實現點和 2 個正向貨幣兌換點。該業務部門的營業利潤率預期目前在 13.5% 至 15% 之間。

Shifting now to Construction Forestry on slide 9. Net sales for the quarter increased roughly 34% year-over-year to $2.67 billion, due to higher shipment volumes and positive effects of foreign currency translation. Price realization was negative, but just under 0.5 point. Currency translation was positive, but 3.5 points.

現在轉到第 9 張投影片，內容是建築林業。由於出貨量增加和外幣折算的正面影響，本季淨銷售額年增約 34%，達到 26.7 億美元。價格實現為負值，但略低於 0.5 個百分點。匯率波動帶來正面影響，但幅度為 3.5 個百分點。

Operating profit of $137 million more than doubled year-over-year, resulting in a 5.1% operating margin due primarily to favorable shipment volumes as well as production efficiencies, partially offset by higher tariffs.

營業利潤為 1.37 億美元，年成長超過一倍，營業利潤率為 5.1%，這主要得益於有利的出貨量和生產效率，但部分被更高的關稅所抵消。

Slide 10 describes our construction forestry industry outlook. Industry sales for both construction equipment and compact construction equipment in the US and Canada are now expected to be up around 5% year-over-year. Construction markets remain solid, supported by US government infrastructure spending, declining interest rates, strong rental demand, and data center construction starts.

第 10 張幻燈片介紹了我們的建築林業行業前景。預計美國和加拿大的建築設備和小型建築設備的行業銷售額將年增約 5%。受美國政府基礎設施支出、利率下降、強勁的租賃需求以及資料中心開工等因素支撐，建築市場仍穩健。

Our year-to-date retail settlement activity is running ahead of our expectations, and our order books continue to grow. Global forestry markets are still expected to remain flat. Global road building markets are now expected to be up around 5%, driven by market increases in both North America and Europe.

今年迄今為止，我們的零售結算活動超出預期，訂單量持續成長。全球林業市場預計仍將保持穩定。受北美和歐洲市場成長的推動，全球道路建設市場預計將成長約 5%。

Moving to the C&F segment outlook on slide 11. 2026 net sales are now forecasted to be up around 15%. Our net sales guidance for the year includes about 2.5 points of positive price realization and just over 2 points of positive currency translation. Our projection for the segment's operating margin also increased and is now estimated to be between 9% and 11%.

接下來是幻燈片 11 中的 C&F 業務展望。預計 2026 年淨銷售額將成長約 15%。我們對今年的淨銷售額預期包括約 2.5 個百分點的正向價格實現和略高於 2 個百分點的正面匯率變動。我們對該業務部門的營業利潤率預測也有所提高，目前預計在 9% 到 11% 之間。

Now, transitioning to our financial services operations on slide 12. Worldwide financial services net income attributable to Deere & Company in the first quarter was $244 million. The year-over-year increase was mainly due to favorable financing spreads and a lower provision for credit losses, partially offset by favorable special items recorded in the first quarter last year. For fiscal year 2026, our outlook increased to $840 million, primarily driven by lower provision for credit losses.

現在，讓我們過渡到第 12 頁的金融服務營運部分。第一季歸屬於迪爾公司的全球金融服務淨收入為 2.44 億美元。年比成長主要歸功於有利的融資利差和較低的信貸損失準備金，但部分被去年第一季確認的有利特殊項目所抵銷。2026 財年，我們的預期增加至 8.4 億美元，主因是信貸損失準備金減少。

Finally, slide 13 outlines our guidance for net income, effective tax rate, and operating cash flow. For fiscal year 2026, our updated outlook for net income is now between $4.5 billion and $5 billion. Next, our guidance continues to incorporate an effective tax rate between 25% and 27%. And lastly, projections for cash flow from the equipment operations increased by $500 million at both ends of our range and is now expected to be between $4.5 billion and $5.5 billion.

最後，第 13 頁概述了我們對淨收入、有效稅率和經營現金流的指導意見。我們更新後的 2026 財年淨收入預期為 45 億美元至 50 億美元。其次，我們的指導意見繼續採用 25% 至 27% 的有效稅率。最後，設備營運現金流的預測在我們預測範圍的兩端都增加了 5 億美元，現在預計將在 45 億至 55 億美元之間。

This concludes our formal comments. We'll now shift to a few topics specific to the quarter. To start, let's review these results this quarter. Net sales increased by about 18% year-over-year, and margins were just under 6%. Although the first quarter of fiscal year 2025 had an easier top-line compare, given last year's underproduction in Small Ag and Turf and Construction Forestry, it still performed ahead of our plan.

我們的正式發言到此結束。接下來，我們將討論一些與本季相關的具體主題。首先，讓我們回顧一下本季的業績。淨銷售額年增約 18%，利潤率略低於 6%。儘管 2025 財年第一季的營收基數較低，考慮到去年小農、草坪和建築林業的產量不足，但其業績仍超過了我們的計畫。

Josh Beal, could you explain what happened this quarter and how it affected our full-year outlook?

Josh Beal，您能否解釋本季發生了什麼，以及這對我們全年的展望產生了怎樣的影響？

Yeah, absolutely, Chris. Let's start with our expectations for the quarter. Overall, we were projecting double-digit net sales growth in the equipment operations, driven by estimates for over 20% growth in both Small Ag and Construction and Forestry, while large ag sales were expected to be flat year-over-year. Despite the projected net sales increase, we were expecting lower equipment operations operating margin year-over-year due to incremental tariff expenses and an unfavorable product and regional mix in large ag.

是的，沒錯，克里斯。讓我們先來看看我們對本季的預期。總體而言，我們預計設備營運的淨銷售額將實現兩位數成長，這主要得益於小型農業和建築及林業領域預計超過 20% 的成長，而大型農業的銷售額預計將與去年持平。儘管預計淨銷售額將成長，但由於關稅支出增加以及大型農業產品和區域組合不利，我們預計設備營運營業利潤率將比去年同期下降。

Across all three businesses -- business units, we executed ahead of our plan for the quarter, and as a result, our performance reflects better top line and margins than originally forecasted. Better than expected shipment volume was the primary driver of both the top line and margin beat.

在所有三個業務部門中，我們都提前完成了季度計劃，因此，我們的業績反映出收入和利潤率都比最初預測的要好。出貨量超出預期是營收和利潤率雙雙超預期的主要驅動因素。

In PPA, shipments of North America large tractors were ahead of plan, while C&F benefited from higher road building sales in Europe and North America, as well as ahead of planned shipments of both construction and compact construction equipment in North America.

在PPA公司，北美大型拖拉機的出貨量超前於計劃；而C&F公司則受益於歐洲和北美道路建設設備銷量的增長，以及北美建築設備和小型建築設備的出貨量均超計劃。

On the pricing front, C&F pricing was slightly negative this quarter, although competitive price pressures have started to show signs of easing. The results from the quarter in C&F had a slight impact on the timing of our expected price realization in the segment, and as a result, we've revised our full-year forecast down by 0.5 point.

在定價方面，本季 C&F 定價略有下降，儘管競爭性的價格壓力已開始出現緩解跡象。C&F 季度業績對我們預期該業務板塊價格實現的時間產生了輕微影響，因此，我們將全年預測下調了 0.5 個百分點。

PPA pricing was neutral during the quarter, primarily due to discounts implemented in South America, responding to FX movements, as well as targeted field inventory reductions. Our PPA price guidance for the full year remains unchanged, and we still expect positive full-year price realization in South America.

本季 PPA 定價保持中性，主要原因是南美洲實施了折扣，以應對匯率波動，以及有針對性的現場庫存削減。我們對全年的購電協議價格預期保持不變，我們仍然預期南美洲全年價格將實現正成長。

Foreign exchange was also impactful in the quarter. The US dollar was weaker year-over-year against several relevant currencies for Deere, particularly the euro and Brazilian real. The translation impact drove year-over-year net sales gains for all three business units.

外匯波動也對本季產生了影響。與去年同期相比，美元兌迪爾公司幾種相關貨幣走弱，尤其是兌歐元和巴西雷亞爾。翻譯帶來的正面影響推動了所有三個業務部門的淨銷售額年增。

Transitioning to cost management, excluding tariffs, production costs were lower year-over-year for all business segments in the first quarter. This was largely attributable to operational efficiencies from higher production and disciplined overhead spending. Tariffs for the year are still projected at around $1.2 billion, as mitigation on Section 232 steel tariffs and some relief in India have been offset by volume growth.

轉向成本管理後，除關稅外，第一季所有業務部門的生產成本均較去年同期下降。這主要歸功於更高的產量和嚴格的管理費用支出所帶來的營運效率提升。由於第 232 條鋼鐵關稅的緩解以及印度的一些減免被銷售增長所抵消，預計今年的關稅總額仍約為 12 億美元。

As you mentioned in your opening comments, our full-year industry demand outlooks for most markets improved over the course of the quarter. We maintained our net sales guidance for PPA, even though South America softened due to some incremental improvement in North America, and we increased the net sales ranges for SAT and C&F by 5 points. That resulted in higher projected margin ranges for Small Ag and C&F, resulting in an increased net income forecast of $4.5 billion-$5 billion.

正如您在開場白中所提到的，本季度我們對大多數市場的全年行業需求預期有所改善。儘管由於北美市場略有改善，南美市場有所疲軟，但我們仍維持了對 PPA 的淨銷售額預期，並將 SAT 和 C&F 的淨銷售額範圍提高了 5 個百分點。這導緻小農和 C&F 的預期利潤率範圍更高，從而使淨收入預測增加到 45 億至 50 億美元。

Perfect. Thanks for that breakdown, Josh. It is encouraging to see that our teams continue to execute and focus on what we can control, while also seeing some pickup in end market demand.

完美的。謝謝你的詳細分析，喬希。令人鼓舞的是，我們的團隊繼續執行並專注於我們能夠控制的事情，同時我們也看到終端市場需求有所回升。

Now, let's take a moment to talk about the broad ag industry. Since late last year, we've seen several supportive developments in the US market, including the recently announced $12 billion Farmer Bridge Assistant Program and renewed purchase commitments for US commodities. Can you add some additional color to what this could mean for US growers?

現在，讓我們花點時間談談整個農業產業。自去年底以來，我們看到美國市場出現了一些利好因素，包括最近宣布的 120 億美元農民橋樑援助計劃以及美國大宗商品採購承諾的更新。您能否再補充一些關於這對美國種植者可能意味著什麼的資訊？

Sure, Chris. I'll start by reiterating a couple of comments on the global ag economy that you mentioned in your opening. Global crop production remains strong, but so does global demand. At current commodity price levels, producer pre-margins remain pressured in many geographies.

當然可以，克里斯。首先，我想重申您在開場白中提到的關於全球農業經濟的幾點看法。全球農作物產量依然強勁，但全球需求也同樣強勁。在目前大宗商品價格水準下，許多地區的生產者利潤率仍面臨壓力。

Specifically for the US, the USDA just updated their 2026 forecast for net cash farm income. While 2026 US net cash farm income is forecasted to be up around 3% from 2025, much of this increase is being driven by more government payments. Crop cash receipts are expected to be up slightly this year, but expenses are projected to increase as well. Given this setup, we continue to anticipate a challenging environment for many row crop farmers.

具體來說，美國農業部剛剛更新了對 2026 年農業淨現金收入的預測。雖然預計 2026 年美國農業淨現金收入將比 2025 年增長約 3%，但這一增長很大程度上是由政府補貼增加所推動的。預計今年農作物現金收入將略有成長，但支出預計也會增加。鑑於這種形勢，我們預計許多大田作物種植者將繼續面臨充滿挑戰的環境。

However, as you mentioned, we're starting to see some stability for producers as China has resumed purchasing US soybeans, and the recently approved government support program looks to provide some near-term liquidity. Additionally, strong farmland values are keeping debt ratios low, despite the lower margin backdrop.

不過，正如您所提到的，隨著中國恢復購買美國大豆，生產商的處境開始趨於穩定，而且最近批准的政府支持計劃似乎也能提供一些短期流動性。此外，儘管利潤率較低，但強勁的農地價值仍使負債比率維持在較低水準。

Notably, the US fleet age is high and continues to get older as customers put more hours on their equipment. With the stabilization that we're seeing in US ag fundamentals, along with an improving used market, our expectation is that we'll start to see some replacement demand return.

值得注意的是，美國車隊的機齡較高，隨著客戶使用設備的時長增加，機齡仍在增加。隨著美國農業基本面趨於穩定，以及二手市場狀況好轉，我們預期更換需求將會開始回升。

This is Jepsen. Maybe one key point to reinforce. The government payments should continue to mitigate downside risks for farmers' balance sheets, acting as a bridge in an environment where crop cash receipts are under pressure. We believe that future policies around renewable fuels and additional export opportunities should drive demand and provide continued stability.

這是卡蕾·傑普森。或許需要強調一點。政府補貼應繼續減輕農民資產負債表的下行風險，在農作物現金收入面臨壓力的環境下起到緩衝作用。我們相信，未來圍繞再生燃料的政策以及更多的出口機會應該會推動需求並帶來持續的穩定性。

Great. Thank you both. With the developments over the quarter in North America, it appears that we've moved past peak uncertainty and that the market is stabilizing. Building off that, could you also share an update regarding global ag inventories and order books?

偉大的。謝謝你們兩位。從北美本季的發展來看，我們似乎已經度過了不確定時期，市場正在趨於穩定。在此基礎上，您能否也分享一下全球農業庫存和訂單的最新情況？

Yeah, definitely. Let's start with large ag in North America. On the new inventory side, we continue to be in a great position and hold on to our plan to produce in line with retail demand in fiscal 2026. We also continue to make progress in North American used inventories.

是的，當然。讓我們先從北美的大型農業說起。在新庫存方面，我們繼續保持良好的狀態，並堅持在 2026 財年按照零售需求進行生產的計劃。我們在北美二手車庫存方面也持續取得進展。

We saw a typical seasonal increase in used Deere combines during our first quarter. However, current inventory levels for Deere combines remain about 15% below their peak in March 2024, with model year distribution at a normal mix. Deere high horsepower tractor units were down mid-single digits in our first quarter and have declined by over 10% from their March 2025 peak.

第一季度，我們看到二手迪爾聯合收割機的銷售出現了典型的季節性成長。然而，目前迪爾聯合收割機的庫存水準仍比 2024 年 3 月的峰值低約 15%，且各型號年份的分佈處於正常水準。第一季度，迪爾大馬力拖拉機銷量下降了個位數百分比，比 2025 年 3 月的峰值下降了 10% 以上。

Late model mix is improving too. It's notable that while total Deere high horsepower tractors are down over 10% from March, model year '22 and model year '23 8R tractors are down more than 40% in that same time period. Just this past quarter alone, model year '22 and model year '23 8Rs were down over 20% sequentially, with model year '24 8Rs also declining by over 10%.

後期車型的搭配也不斷改善。值得注意的是，雖然迪爾大馬力拖拉機的總銷量比 3 月下降了 10% 以上，但 2022 年和 2023 年 8R 拖拉機的銷量在同一時期下降了 40% 以上。光是上個季度，2022 年款和 2023 年 8R 的銷量就環比下降了 20% 以上，2024 年款 8R 的銷量也下降了 10% 以上。

While continued reduction in used tractors remains a focus, we're encouraged by the progress that we're seeing. At the same time, large tractor order velocity for the North American market has picked up, and our rolling order books now provide visibility into the fourth quarter. We also just recently took our last calls for North American combine orders for the year, and while we still expect that overall North American large ag industry to be down 15% to 20% this year, combines will be down less than that range.

雖然繼續減少二手拖拉機的數量仍然是我們的重點，但我們對目前的進展感到鼓舞。同時，北美市場的大型拖拉機訂單速度有所加快，我們的滾動訂單簿現在可以讓我們了解第四季度的情況。我們最近也完成了今年北美聯合收割機訂單的最後一次徵集，雖然我們仍然預計今年北美大型農業產業整體將下降 15% 至 20%，但聯合收割機的降幅將小於這個範圍。

Similar to North America, we feel good about our new inventory positions in both Europe and South America. The one exception is combines in Brazil, where we're a bit higher than we want to be. We'll underproduce retail for Brazilian combines in our second and third quarters to bring those inventory levels down.

與北美的情況類似，我們對在歐洲和南美的新庫存狀況感到滿意。唯一的例外是巴西的聯合收割機，我們在那裡的排名比我們預期的要高一些。我們將在第二季和第三季減少巴西聯合收割機的零售產量，以降低庫存水準。

Despite being higher than our target, our current inventory to sales ratio for combines is still significantly lower than what we see with competitors. As far as order visibility, European tractor order books are currently four to five months out, while South American orders are full through our second quarter.

儘管高於我們的目標，但我們目前的聯合收割機庫存銷售比率仍然遠低於競爭對手的水平。就訂單可見性而言，歐洲拖拉機訂單目前排到了四到五個月之後，而南美訂單已經排到了我們第二季。

Turning to Small Ag and Turf in North America, last year's underproduction resulted in healthy beginning inventory levels for this segment that remain in place today. For reference, current new field inventory for both tractor horsepower categories in this segment, that's the less than 100 horsepower category and the 100 to 220 horsepower category, are each about 40% lower year-over-year.

就北美小型農業和草坪行業而言，去年的產量不足導致該領域年初庫存水準良好，並且至今仍保持在這一水準。作為參考，目前該細分市場中兩個拖拉機馬力類別（即 100 馬力以下類別和 100 至 220 馬力類別）的新田間庫存量均較去年同期下降約 40%。

Our ability to maintain those lower inventory levels reinforces our plan to build in line with retail demand in small ag this year. And commitment to that plan has been further supported by strength in order activity in the first quarter.

我們能夠維持較低的庫存水平，這鞏固了我們今年根據零售需求對小型農產品進行生產的計劃。第一季強勁的訂單活動進一步印證了對該計劃的承諾。

This is Jepsen. Let me share an additional perspective following Beal's comments. Our channel has consistently worked to reduce used inventory levels, and our deliberate approach to managing production and inventories set us up favorably both this year and into the next. With growing demand across various other markets and segments, we feel good about how we're positioned to execute for the remainder of '26.

這是卡蕾·傑普森。在比爾發表評論之後，我想補充一點我的看法。我們的通路一直致力於降低二手庫存水平，我們審慎的生產和庫存管理方法使我們今年和明年都處於有利地位。隨著其他各個市場和細分市場需求的成長，我們對2026年剩餘時間的執行充滿信心。

Thank you both. Now, let's move on to Construction Forestry. Josh Beal, we've already touched on C&F's performance in Q1, but can you please give us an update on the current business environment and outlook for 2026?

謝謝你們兩位。現在，我們來談談建築林業。Josh Beal，我們已經討論過C&F在第一季的業績，但您能否為我們介紹一下當前的商業環境以及2026年的展望？

Yeah, happy to, Chris. Let me start with the current market environment, and Ryan, please jump in with any additional color you might have. As you noted earlier, construction markets are a bright spot and continue to demonstrate resilience, bolstered by US government infrastructure investments, decreasing interest rates, and improved rental demand.

是的，我很樂意，克里斯。讓我先談談目前的市場環境，瑞恩，請你補充一些你的看法。正如您之前提到的，建築市場是一個亮點，並繼續展現出韌性，這得益於美國政府的基礎設施投資、利率下降和租賃需求改善。

Recall that we underproduced retail in the first half of fiscal 2025, which set us up to produce in line with retail demand this year. We saw strength in our first quarter in retail sales that exceeded our estimates, as settlements of construction and compact construction equipment were both up mid-teens year-over-year in our first quarter.

回想一下，我們在 2025 財年上半年零售產品產量不足，這為我們今年能夠根據零售需求進行生產奠定了基礎。第一季零售銷售強勁，超出預期，建築和小型建築設備的結算金額在第一季均較去年同期成長了15%左右。

What's perhaps most encouraging is that our order bank has risen by over 50% in the past quarter, reaching its highest point since May of 2024. This provides us with clear visibility into the second half of the fiscal year, allowing the Construction and Forestry team to optimize their production plans accordingly.

最令人鼓舞的是，我們的訂單庫在過去一個季度增長了 50% 以上，達到了自 2024 年 5 月以來的最高點。這使我們能夠清楚地了解本財年下半年的情況，從而使建築和林業團隊能夠相應地優化其生產計劃。

Overall, we're very encouraged by the momentum that we've seen to start the year. Ryan, is there anything you'd like to add?

總的來說，我們對今年開局取得的良好勢頭感到非常鼓舞。瑞恩，你還有什麼要補充的嗎？

Absolutely. I share your enthusiasm, and I'm excited about what's on the horizon for this business. As I mentioned at our recent investor event in New York, there are numerous reasons for my optimism. At a macro level, the world is facing growing urgency to upgrade or replace key infrastructure.

絕對地。我和你一樣充滿熱情，也對這家公司未來的發展前景感到興奮。正如我在最近於紐約舉行的投資人活動中所提到的，我樂觀的理由有很多。從宏觀層面來看，世界正面臨升級或更換關鍵基礎設施的日益迫切性。

Investment in single-family housing, especially across the United States, needs to increase, and there's a huge demand to support the required infrastructure for AI investments. To get all this work done, the industry must boost productivity significantly, with machines doing more work with precision and utilizing less resources overall.

尤其是在美國，對單戶住宅的投資需要增加，而且對支援人工智慧投資所需的基礎設施有著巨大的需求。為了完成所有這些工作，該行業必須大幅提高生產力，讓機器以更高的精度完成更多的工作，並整體減少資源消耗。

Meeting these goals require smart machines and data-driven insights to execute tasks and manage job sites efficiently. And we believe we can help customers meet these challenges and will continue to invest on our side to ensure success.

要實現這些目標，需要智慧機器和數據驅動的洞察力來有效率地執行任務和管理作業現場。我們相信我們能夠幫助客戶應對這些挑戰，並將繼續加大投入，以確保成功。

Hey, thanks for the recap, Ryan. Could you remind us of the investments that we're making to meet those challenges?

嘿，謝謝你的總結，瑞恩。能否提醒我們一下，為了因應這些挑戰，我們正在進行哪些投資？

Sure, Chris. Let's start with excavators. As we've talked about, we are excited to announce our new Deere-designed 20-ton class excavators at the upcoming CONEXPO Show in Las Vegas. We've included additional information in the appendix of the earnings presentation for those interested in more detail.

當然可以，克里斯。我們先從挖土機說起。正如我們之前所討論的，我們很高興地宣布，我們將在即將於拉斯維加斯舉行的 CONEXPO 展會上推出我們全新的 Deere 設計的 20 噸級挖掘機。我們已在收益報告的附錄中提供了更多信息，供有興趣了解更多詳情的人士參考。

Excavators represent about 40% of the North American construction equipment industry, and these models are the first introduction of fully Deere-designed and Kernersville, North Carolina-built machines to the market. We packed the new units with easy-to-use, productivity-enhancing technology while remaining absolutely focused on and making further improvements in quality and durability.

挖土機約佔北美建築設備產業的 40%，這些型號是迪爾公司首次將完全由其設計、北卡羅來納州克納斯維爾製造的機器推向市場。我們在新設備中融入了易於使用、可提高生產力的技術，同時始終專注於品質和耐用性，並不斷改進。

This is the first step of what will be a multi-year launch plan for a complete line of excavators. We couldn't be more excited about sharing these first models with our customers.

這是多年推出全系列挖土機計畫的第一步。我們非常興奮地與客戶分享這些首批模型。

The CONEXPO event will feature 24 product launches, including world premieres of equipment from John Deere and six market debuts from the Wirtgen Group. The last several years, our efforts have been heavily focused on excavators. However, we continue to innovate across the product portfolio. From new equipment designs to the latest in precision and job site technology, we have never felt better about our complete product portfolio.

CONEXPO 展會將推出 24 款新產品，其中包括約翰迪爾設備的全球首發和維特根集團的六款市場首發產品。過去幾年，我們的工作重點主要集中在挖土機上。然而，我們將繼續在整個產品組合中進行創新。從全新的設備設計到最新的精密技術和現場作業技術，我們對我們的全系列產品從未如此充滿信心。

Thank you. Hey, on the digital side, yesterday, we completed the acquisition of Tenna. Could you please provide your insights on this acquisition and discuss how it aligns with the broader C&F business and strategy?

謝謝。嘿，在數位業務方面，昨天我們完成了對 Tenna 的收購。請您就此次收購提供一些見解，並討論它如何與 C&F 的整體業務和策略相契合？

Yeah, we're incredibly excited about bringing the Tenna team and their capabilities into the John Deere portfolio of businesses. It might help to take a step back and talk through our strategy at a high level in the C&F division.

是的，我們非常高興能將 Tenna 團隊及其能力納入約翰迪爾的業務組合中。或許退一步，在C&F部門的高層討論一下我們的策略會有所幫助。

We think about the construction industry and how we want to compete in three different layers: machines, tasks, and job sites. On the machine side, completing our product portfolio of best-in-class earthmoving equipment, both in high-precision machines and those that are more basic, is our focus at that level.

我們從三個不同的層面思考建築業以及我們希望如何參與競爭：機器、任務和工地。在機械方面，我們目前的重點是完善我們一流的土方機械產品組合，包括高精度機械和更基礎的機械。

Second, we're enhancing the tasks that the machines do individually on the job site through precision technologies like SmartGrade, SmartDetect, and SmartWay. The agreements with the three survey providers to provide a fully integrated grade control experience through our equipment is an example of what we are working on in this area.

其次，我們正在透過 SmartGrade、SmartDetect 和 SmartWay 等精準技術來增強機器在作業現場單獨執行的任務。我們與三家測量服務商達成協議，透過我們的設備提供完全整合的坡度控制體驗，這是我們在該領域努力的一個例證。

Third, it's having the capabilities to help contractors and customers optimize their fleets, operations, and job sites. Tenna provides a leading technology platform that automates contractor workflows, gives near real-time insights into equipment operations and maintenance, and enhances visibility, planning and coordination to boost productivity and cut costs.

第三，它有能力幫助承包商和客戶優化他們的車隊、營運和工作現場。Tenna 提供領先的技術平台，可自動執行承包商的工作流程，提供近乎即時的設備運行和維護信息，並增強可視性、規劃和協調能力，從而提高生產力並降低成本。

Tenna's leading fleet-based products and services, combined with the productivity solutions from Virtual Superintendent, who we acquired a little over a year ago, along with the foundational capabilities we've built through the John Deere Operations Center, give us a unique value proposition to offer customers as they work to optimize their fleets, operations, and job sites. Importantly, Tenna and Virtual Superintendent are and will continue to be brand-agnostic, focused on mixed fleet solutions in step with the reality of the fleets and job sites in the industry.

Tenna 領先的車隊產品和服務，加上我們一年多前收購的 Virtual Superintendent 的生產力解決方案，以及我們透過 John Deere 營運中心建立的基礎能力，使我們能夠為客戶提供獨特的價值主張，幫助他們優化車隊、營運和作業現場。重要的是，Tenna 和 Virtual Superintendent 現在是並將繼續保持品牌中立，專注於混合車隊解決方案，以適應行業內車隊和作業現場的實際情況。

Thank you, Ryan. It sounds like there's a lot to be excited about in the Construction Forestry segment going forward.

謝謝你，瑞恩。看來建築林業領域未來有許多值得期待的發展方向。

This is Jepsen. Maybe one thing in addition to the C&F product releases, I'd like to share a quick comment about innovation in our other businesses. At the end of this month, we'll be at Commodity Classic in San Antonio, Texas, with several major product launches and updates to our advanced technology solutions. And just last week, at the World Ag Expo in California, we showcased several innovations that are helping drive value for our high-value crop producers as well.

這是卡蕾·傑普森。除了 C&F 產品發布之外，我還想簡單談談我們其他業務的創新情況。本月底，我們將參加在德州聖安東尼奧舉行的商品經典展，屆時將推出幾款重要產品，並更新我們的先進技術解決方案。就在上週，在加州舉行的世界農業博覽會上，我們展示了多項創新成果，這些創新成果也有助於提升我們高價值作物生產商的價值。

Thank you both for your comments. Josh, do you have any final thoughts before we open the line for questions?

感謝二位的評論。喬希，在開放提問環節之前，你還有什麼要補充的嗎？

Yeah, thanks, Chris. The first quarter demonstrated great execution from our teams. All business segments operated efficiently and delivered results ahead of plan. At the same time, we saw stabilization and improvement in a variety of our end markets.

謝謝你，克里斯。第一季我們團隊展現了出色的執行力。所有業務部門均高效運轉，並提前完成了計劃目標。同時，我們看到各個終端市場都趨於穩定並有所改善。

Our channel maintained focus on inventory management, particularly in North American used equipment. Our financial strength has allowed us to maintain high levels of investment throughout the cycle, which positions us well for future growth, particularly as the cycle inflects.

我們的通路始終專注於庫存管理，尤其是在北美二手設備方面。我們的財務實力使我們能夠在整個週期中保持高水準的投資，這為我們未來的成長奠定了良好的基礎，尤其是在週期發生轉變的時候。

The recent and upcoming product and technology introductions are tangible examples of that outcome and bolster our confidence in our growth aspirations through the end of the decade and beyond. Over the quarter, we returned nearly $750 million in cash to shareholders through dividends and share repurchases, demonstrating that strong through-cycle financial performance supports both reinvestment in the business and shareholder return.

近期和即將推出的產品和技術都是這項成果的切實例證，增強了我們對未來十年及更長時間內成長目標的信心。本季度，我們透過股利和股票回購向股東返還了近 7.5 億美元的現金，這表明強勁的周期性財務表現既支持對業務的再投資，也支持股東回報。

Finally, I'd like to express my sincere appreciation to all members of the Deere team. The commitment and dedication demonstrated by our employees, dealers, and suppliers across every area of the business have been instrumental in maintaining this high level of discipline. The Deere team is committed to executing our strategy and focused on solving our customers' biggest challenges.

最後，我要向迪爾團隊的所有成員表達我誠摯的感謝。我們員工、經銷商和供應商在業務各個領域所展現的敬業精神和奉獻精神，對於維持這種高度的紀律性至關重要。迪爾團隊致力於執行我們的策略，並專注於解決客戶面臨的最大挑戰。

Thanks, Josh. Now, let's open it up to questions from all our investors.

謝謝你，喬希。現在，讓我們開放提問環節，歡迎所有投資人提問。

\We're now ready to begin the Q&A portion of the call. The operator will instruct you on the polling procedure. In consideration of others and to allow more of you to participate in the call, please limit yourself to one question. If you have additional questions, we ask that you rejoin the queue.

現在我們準備開始電話會議的問答環節。操作員將指導您完成輪詢流程。考慮到其他人的需要，並為了讓更多人參與通話，請將你的問題限制為一個。如果您還有其他問題，請重新排隊。

(Operator Instructions) Kristen Owen, Oppenheimer.

（操作說明）克里斯汀歐文，奧本海默。

Hi, good morning. Thank you for taking the question. Just briefly, Josh Jepsen, thank you so much for all the help over the years.

您好，早安。感謝您回答這個問題。簡單來說，Josh Jepsen，非常感謝你這些年來給我的所有幫助。

If I could start maybe with a pricing question. You gave some helpful commentary on PPA pricing, but I'm just wondering how we should think about the bridge from here at neutral in Q1 to the full-year guide of 1.5%?

如果可以的話，我想先問一個價格方面的問題。您對購電協議 (PPA) 定價提出了一些很有幫助的意見，但我只是想知道，我們應該如何看待從第一季度保持中性到全年 1.5% 指導價之間的過渡？

And similarly, if you could help us, you trimmed your expectation on C&F. Can you just maybe walk us through what you're seeing on the pricing side there? Thank you so much.

同樣地，如果您能幫助我們，請降低您對 C&F 的期望。能否詳細介紹一下您那邊的價格狀況？太感謝了。

Yeah, thanks, Kristen. Happy to. Yeah, starting with large ag, the first quarter, as we mentioned, we did put some incremental incentives in place in South America. As we mentioned, we've seen a little bit of a slowdown in that market, and as a result, we're going to pull down inventory a little bit in that market, just in combines.

謝謝你，克里斯汀。樂意之至。是的，從大型農業開始，正如我們所提到的，第一季我們在南美洲實施了一些漸進式激勵措施。正如我們之前提到的，我們已經看到該市場出現了一些放緩，因此，我們將稍微減少該市場的庫存，特別是聯合收割機的庫存。

And maybe just for perspective, too, on the combine inventory, while we've come up a little bit in Q1, we're still about half of the levels on combines that we saw -- that we peaked at in 2023. So still in really good shape, but want to be proactive there. And as we've seen a little bit of a slowdown, we've taken some action.

或許從另一個角度來看，關於聯合收割機庫存，雖然我們在第一季有所回升，但目前聯合收割機的庫存水準仍然只有 2023 年高峰水準的一半左右。所以目前狀態依然很好，但我想在這方面採取更積極主動的措施。由於我們看到經濟成長略有放緩，所以我們採取了一些措施。

We don't expect that to continue through the year. As we mentioned, our expectation is for Brazilian price realization to be positive for the full year. And we've seen positive price in North America. Recall that we did some accrual in the third quarter of last year in large ag for pool funds. That should provide some easier comps as we move through the course of the year as well, so our expectation is to still maintain that 1.5 point for large ag price.

我們預計這種情況不會持續到年底。正如我們之前提到的，我們預計巴西全年的價格實現值為正。我們看到北美市場價格走勢積極。請記住，我們在去年第三季對大型農業資金池進行了一些應計專案。隨著年內的發展，這也應該會帶來一些更容易比較的比較數據，因此我們預計大型農產品價格仍將維持在 1.5 個百分點的水平。

Yeah, Kristen, this is Jepsen. I think on the PPA side, that 1.5 point for the full year, and I think we would expect that really as we run through the remaining quarters. So not too lumpy or different as we go two through 4Q.

是的，克莉絲汀，我是傑普森。我認為就 PPA 而言，全年目標是 1.5 個百分點，而且我認為隨著剩餘賽季的進行，我們確實會預期達到這個水平。所以從第二季到第四季，變化不會太大或太大。

Yeah, maybe just a bit on C&F. We took the guide down slightly. That wasn't a function of our lack of confidence in us being able to execute price increases, really a function of how fast the year started. We announced some price increases in January, and quite frankly, we were surprised at how quickly we had built our backlog in the first couple of months of the year.

是的，或許可以稍微談談 C&F。我們把導遊稍微拉低了一點。這並非因為我們對自身提價能力缺乏信心，而是因為今年的開局速度太快。我們在 1 月宣布了一些提價措施，坦白說，我們對年初頭幾個月訂單積壓的速度之快感到驚訝。

So the price actions are going to be delayed a little bit. It's important to keep in mind that it's Wirtgen, it's parts, and also earthmoving, and so it's a combination. Each one will do a little bit differently, and then over the rest of the year, we'll start to lap some of the more aggressive pricing actions that we had to take last year. So overall, we still feel very confident in the price realization for the year. Thanks, Kristen.

因此，價格走勢會稍有延遲。要記住的是，它是維特根的產品，它包含各種零件，而且還是土方工程設備，所以它是一個組合體。每個品牌都會採取略有不同的策略，然後在今年剩餘的時間裡，我們將逐步取消去年必須採取的一些更激進的定價措施。所以總的來說，我們仍然對今年的價格實現情況非常有信心。謝謝你，克里斯汀。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Hi, thanks for taking my question. Just want to maybe follow up on that, if you could just talk a little bit more in detail about what's going on in terms of the order strength, in particular, I guess, on the C&F side, to the comments on the pricing and the strength that you've been surprised by.

您好，感謝您回答我的問題。我想就此做進一步說明，您能否更詳細地談談訂單強度方面的情況，特別是 C&F 方面，以及您對定價和訂單強度感到驚訝的評論。

I recognize it might be difficult to unpack, but just curious if you're seeing -- if you're able to split that up between what might be One Big Beautiful Bill bonus depreciation related? Any versus end-market driven versus gear performance driven by all the portfolio product innovation you were talking about, or just merchandising incentives? Just curious, the puts and takes across the various tailwinds that might be driving some of the strength, and if you're able to unpack that.

我知道這可能很難理解，但我只是好奇你是否注意到——你是否能夠將其拆分成與“一筆巨額賬單”相關的額外折舊部分？您提到的所有產品組合創新，究竟是終端市場驅動還是設備效能驅動，抑或是僅僅是銷售激勵措施？我只是好奇，各種順風的推拉作用可能會帶來一些力量，如果你能分析一下就更好了。

Yeah, I'll start, Angel, and Ryan, Josh, jump in. I mean, first and foremost, I would just point to contractor confidence. More and more as we have conversations with contractors, they feel good about their backlog, and candidly, they feel good about that backlog growing even as they look into 2027 as well.

好，我先來，Angel，Ryan，Josh，你們也加入進來。我的意思是，首先，我想強調的是承包商的信心。隨著我們與承包商的交流越來越多，他們對自己目前的訂單量感到滿意，坦白說，即使展望 2027 年，他們也對訂單量的成長感到樂觀。

So I think it's strength in their end markets and particularly around larger projects. I mean, infrastructure, mega projects, certainly supporting data centers as well, is where we're seeing more of that strength. Housing, still subdued, yeah, to start the year. Some expectation that that'll pick up a little bit as we get some easing as we move through the course of the year.

所以我認為他們的優勢在於終端市場，尤其是在大型專案方面。我的意思是，基礎設施、大型項目，當然也包括資料中心，這些都是我們更能體現這種優勢的領域。年初以來，房屋市場依然低迷。預計隨著今年情況逐漸緩和，這種情況會有所改善。

But that's still a segment for smaller contractors where there's still challenge on the housing side. But again, particularly for the larger folks, they're seeing strength in their order book, and I think that's starting to translate into order activity.

但對於規模較小的承包商來說，住房方面仍面臨挑戰。但再次強調，特別是對於規模較大的公司而言，他們的訂單量表現強勁，我認為這正在轉化為實際的訂單活動。

Yeah, just to add to that, Angel, we've seen rental repleting, which has been positive. Our retails were at mid-teens in the quarter, so we've seen strength there. So not only order activity, but retail more than matching, which has helped as well. So I think that's given us more confidence as we've seen that build.

是的，Angel，補充一點，我們看到租賃市場出現了復甦，這是一個正面的訊號。本季我們的零售額達到了十幾個百分點，所以我們看到了這方面的表現強勁。所以不僅是訂單活動，零售活動也比配對活動更有幫助，這也起到了作用。所以我覺得，隨著這種發展動能的出現，我們更有信心了。

Yeah, just maybe to summarize all of the above of the things that you identified. And I've been out quite a bit with customers, geographic mix and a broad swath of the different types of construction, and it's really broad-based. They feel confident. I think the construction activity has been strong the last couple of years.

是的，或許可以這樣總結你上面提到的所有事情。我經常與客戶外出，接觸過不同地域的客戶，以及各種類型的建築項目，業務範圍非常廣泛。他們感到自信。我認為近兩年來建築業活動一直十分活躍。

They were probably a little more cautious with respect to fleet for various reasons last year and the year before that. But now the confidence in their backlogs is growing and they need to start making more investments in the fleet.

去年和前年，由於各種原因，他們在船隊方面可能更加謹慎。但現在他們對積壓訂單的信心越來越強，需要開始對船隊進行更多投資。

And maybe just one last comment on Wirtgen side, too. We're seeing strength there. We mentioned it's not just concentrated in North America, certainly strong infrastructure investment there, but Europe as well, we're seeing some pickup. Infrastructure in Germany, as an example, has been positive, so strength in both of those markets as well on the road building side. Thanks, Angel.

最後，關於維特根方面，或許還有一點要補充。我們看到了那裡的強勁勢頭。我們之前提到過，這不僅集中在北美，當然，北美的基礎建設投資力度很大，但歐洲也出現了一些復甦跡象。以德國的基礎設施為例，情況一直不錯，因此這兩個市場以及道路建設方面都表現強勁。謝謝你，安琪兒。

Stephen Volkmann, Jefferies.

Stephen Volkmann，傑富瑞集團。

Hi. Good morning, everyone. Maybe I'll just stay with this topic. I guess, given what you're -- you guys are all saying, which sounds very reasonable, the up to -- up 5%-ish forecast feels pretty conservative. So I'm curious if you think there's some headwinds that we should be keeping in mind, maybe as the year progresses or something? And then on that same note, your net sales forecast in C&F is quite a bit higher than your end market forecast, so maybe you could tease that part out as well?

你好。各位早安。或許我就繼續討論這個話題吧。我想，鑑於你們──你們所說的這些聽起來都很合理，5%左右的預測感覺相當保守了。所以我很好奇，你認為我們是否應該注意一些不利因素，例如隨著時間的推移或其他情況？另外，您在成本與收益方面的淨銷售額預測比您的終端市場預測高出不少，所以也許您也可以把這部分也分析出來？

Yeah. I think you're right, Steve, that there's certainly optimism. You heard us say that in our prior answer. It is mixed in some segments. Housing has still been subdued. So I think that's part of it. But yeah, I mean, overall we're optimistic, and we're seeing strength there.

是的。史蒂夫，我覺得你說得對，確實存在樂觀情緒。您在我們之前的回答中已經聽到我們說過這一點。有些部分是混合的。房地產市場依然低迷。所以我覺得這是原因之一。但是，總的來說，我們持樂觀態度，並且看到了這方面的優勢。

On the sales guide, up 15%, recall that we did some pretty strong order production last year, which has really set us up well for this upturn. I mean, it was close to 10%, just high single digits for the segment last year, and so we're building in line with retail this year. So that is helping.

銷售指南顯示成長了 15%，回想一下，我們去年訂單量相當強勁，這確實為我們今年的復甦奠定了良好的基礎。我的意思是，去年這個領域的成長率接近 10%，只有個位數，所以今年我們正在與零售業保持同步成長。這樣確實有幫助。

On top of that, you're getting, 2.5 points of price, so getting positive price, and currency has been a tailwind as well. So for all those reasons, we're much closer to 15% now versus, those markets we're seeing are up 5%.

除此之外，價格還上漲了 2.5 個百分點，所以價格上漲和匯率走強也是有利因素。因此，由於上述種種原因，我們現在更接近 15%，而我們看到的那些市場漲幅為 5%。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

Hi, thank you, and so we'll miss you, Josh. When it comes to the large ag commentary, I was intrigued by the order book color. But obviously, you're not willing to change the guide on large ag. I was just curious, that order book, is it coming in just, in a sense, earlier than you would have thought, in the sense of you have the same view and the order book just came in at a level where now you feel you have just better visibility? Or are we at the stage where Waterloo or East Moline is starting to -- and increase line rates?

嗨，謝謝你，我們會想念你的，喬許。說到大型農業評論，我被訂單簿的顏色吸引住了。但顯然，你並不願意改變大型農業指南。我只是好奇，訂單簿的到來是否比你預想的早一些？也就是說，你的看法是否和我們一樣，訂單簿的到來讓你感覺現在對市場有了更清楚的了解？或者我們已經到了滑鐵盧或東莫林開始提高線路費率的階段？

And I, I'm not just talking seasonality. I'm speaking about versus your original budget. I'm just curious how you're digesting the at least more stable, better order book on large ag when, as you pointed out, I mean, grain prices -- even this morning, some of the USDA, corn acre number came in, I thought, kind of constructive, but corn is still not reacting positively. And I'm just trying to put together how you're thinking about that order book versus corn prices just aren't really supporting the improvement. Thank you.

我說的不僅僅是季節性因素。我指的是與你最初的預算相比。我只是好奇，你如何看待大型農產品訂單簿至少更加穩定、更好的情況，正如你所指出的，我的意思是，糧食價格——即使是今天早上，美國農業部公佈的一些玉米種植面積數據，我認為，有點建設性，但玉米價格仍然沒有積極反應。我只是想弄清楚你是如何看待訂單簿和玉米價格之間的關係的，因為訂單簿和玉米價格之間的關係似乎並沒有真正支撐價格的上漲。謝謝。

Yeah, no, thanks for the question, David. I mean, on the North American side, our guide is still for the industry down 15% to 20%. And maybe breaking that down by product lines, our spring seasonal products, things like sprayers and planters, those EOPs happened over the course of last summer, wrapped up in August, September.

不，謝謝你的提問，大衛。我的意思是，就北美市場而言，我們的行業指南仍然預測該行業將下降 15% 至 20%。或許可以按產品線細分，例如我們的春季季節性產品，像是噴霧器和播種機之類的，這些 EOP 是在去年夏天進行的，在八月、九月結束。

Still a lot of uncertainty in the market and prices for commodities were much lower at the time. Those product lines are probably the upper end of that range, closer to 15%. What we've seen over the course of the quarter -- I'm sorry, closer to 20%, at the upper end of that range for those product lines.

當時市場仍存在諸多不確定因素，大宗商品價格也低得多。這些產品線可能處於該範圍的高端，接近 15%。本季我們看到的情況是——抱歉，更準確地說是接近 20%，處於這些產品線的上限。

What we saw over the course of the quarter on the tractor side was some pickup in order velocity, particularly in the last month or so. So we're probably closer to down 15% or so on tractors, the lower end of that range. And then combines, as we mentioned in our commentary, as we close out that EOP, that'll finish better than the range, more like probably down 10% to 15% for combines in that segment.

本季我們在拖拉機業務方面看到訂單速度有所回升，尤其是在上個月左右的時間。所以，拖拉機價格可能下跌了15%左右，這是該範圍的下限。然後，正如我們在評論中提到的，隨著EOP的結束，聯合收割機的業績將比預期要好，該細分市場的聯合收割機可能會下降10%到15%。

So yeah, what are we seeing? What's driving that? I mean, as you're right, yeah, I think from a ag fundamental standpoint, still challenged, and haven't seen a whole lot of change there over the course of the quarter. However, we do feel like things are more stable, certainly than where we were, end of last summer, into the fall.

所以，我們到底看到了什麼？是什麼原因導致這種情況？我的意思是，正如你所說，是的，我認為從農業基本面來看，仍然面臨挑戰，而且在本季度中並沒有看到太大的變化。不過，我們確實感覺情況比以前穩定多了，肯定比去年夏末秋初的時候要好得多。

We've seen China come back to the market. we've seen some stability in grain prices. Not a lot of upside at this point in time, to your point, even on some of the recent news, but we've seen some stability there. And then I think the other thing to keep in mind is that the age of the fleet is getting older. We haven't seen much replacement over the last couple of years, and you do have some folks that do need to look to replace even despite of what we're seeing with ag fundamentals.

我們看到中國重返市場，糧食價格也趨於穩定。正如你所指出的，就目前而言，上漲空間並不大，即使是最近的一些消息也表明了這一點，但我們已經看到市場趨於穩定。還有一點要記住的是，艦隊的艦齡正在逐漸老化。過去幾年我們並沒有看到太多的人員更替，儘管農業基本面情況良好，但仍有一些人需要考慮人員更替。

And when you see an improving used inventory market, and we mentioned some significant improvement even over the course of the quarter. I think most notably, like model year '22, '23, 8R's down 20% sequentially in the quarter, just gives you a sense of how those are starting to move. That's starting to free up the trade ladder, free up movement there.

當你看到二手庫存市場有所改善時，我們提到過，即使在本季度內也出現了顯著改善。我認為最值得注意的是，像 2022 年款、2023 年款、8R 車型在本季環比下降了 20%，這讓你感受到這些車型的走勢。這開始打開貿易管道，促進貿易流動。

And so we are seeing a little bit of pickup from a replacement demand. Not a massive inflection, again, given where the fundamentals are, but replacement does come back over time, just given that situation.

因此，我們看到替換需求略有回升。鑑於基本面，這並非一次巨大的轉變，但鑑於目前的情況，隨著時間的推移，替換確實會再次發生。

Yeah, Jepsen, the only thing I'd add to that, Dave, to your question is, yeah, we are seeing some increased build rates in tractors, and it's back half related to this order activity that we saw come through. As Josh mentioned, we're already out, nearly through Q3.

是的，傑普森，戴夫，關於你的問題，我唯一要補充的是，是的，我們看到拖拉機的生產速度有所提高，這與我們看到的訂單活動有關。正如 Josh 所說，我們已經結束了，差不多第三季就結束了。

So back half of the year, we see some of that step up, but that's based on actual orders that we're seeing. And I think really underlying some of the replacement that Josh just mentioned. And as we see used get healthier, I think that's aiding that trade ladder, aiding, the ability to move those used. We've seen stability in used prices, and then as you take inventory down, it's facilitating more activity there. Thank you.

所以，上半年我們看到一些成長，但這只是基於我們看到的實際訂單情況。我認為這實際上與喬希剛才提到的某些替換有關。隨著二手商品狀況的改善，我認為這有助於二手商品的交易，有助於二手商品的流通。我們看到二手車價格趨於穩定，隨著庫存減少，二手車市場也更加活躍。謝謝。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

Thank you. Good morning. And yeah, Josh Jepsen, all the best, and thank you for your help over all these many years. Just a question, circling back on the outline as we came into the year with respect to price versus production costs. Given the maybe slower start to the year in some of these segments, are we -- but then you've also mentioned some maybe fluctuations on the cost and tariff side. How -- has anything changed in terms of the expectation for the full year and how you expect it to play out in terms of price versus cost? Thank you.

謝謝。早安.還有，Josh Jepsen，祝你一切順利，感謝你多年來的幫助。我還有一個問題，想回顧年初我們討論的價格與生產成本之間的關係。考慮到今年某些領域的開局可能較為緩慢，我們——但您也提到成本和關稅方面可能存在一些波動。對於全年的預期以及您預計價格與成本方面的情況，是否有任何變化？謝謝。

Yeah. Thanks, Tim. I mean, you're right, some changes over the course of the quarter. We're probably closer now to price cost neutral for the full year, just given -- particular little bit of a reduction on the pricing side in C&F. Tariff costs -- and by the way, that price cost neutral is inclusive of the $600 million of incremental tariffs that we're seeing this year, so we're covering that tariff piece coming into the business in 2026.

是的。謝謝你，提姆。我的意思是，你說得對，這個季度確實發生了一些變化。考慮到 C&F 價格方面略有下降，我們現在可能更接近全年價格成本中性了。關稅成本——順便說一句，這個價格成本中性包含了我們今年看到的 6 億美元的增量關稅，所以我們將涵蓋 2026 年進入業務的這部分關稅。

But we've -- tariffs have been roughly flattish quarter-over-quarter. There were some puts and takes there, but that $1.2 billion for the full-year guide on tariffs is still unchanged. We've seen a little bit of change and maybe a little bit more inflationary pressure on materials, but offset by some improvements from the overhead side.

但是，關稅基本上保持平穩，環比變化不大。雖然期間有一些波動，但全年關稅指導價 12 億美元仍然保持不變。我們看到了一些變化，材料價格可能面臨更大的通膨壓力，但管理費用的一些改善抵消了這些影響。

As we've added volume, we're seeing more overhead efficiency. And so we'll be slightly unfavorable from a production cost standpoint, ex tariffs, but overall, again, price cost neutral with the price actions that we're taking.

隨著業務量的增加，我們的營運效率也提高了。因此，從生產成本的角度來看，不計關稅，我們會略微不利，但總體而言，我們採取的價格措施將使價格成本保持中性。

Yeah, and maybe just one thing. First quarter, ex tariffs, we were production cost favorable. So I think it speaks to just the things we can control and how we're operating in an environment with a fair bit of uncertainty.

是的，或許還有一件事。第一季度，不計關稅，我們的生產成本有利。所以我認為這反映了我們能夠控制的事情，以及我們在充滿不確定性的環境中是如何運作的。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

Thanks. Good morning, and I echo my sentiments. Thanks a lot, Josh, really appreciate the help. In terms of some of the regional dynamics, I think there were expected to be some pretty big differences between North America and Europe in the first quarter. It sound like maybe North America ended up being a little bit better on the tractor side, perhaps.

謝謝。早上好，我完全同意。非常感謝你，喬希，你的幫助真的讓我感激不盡。就一些區域動態而言，我認為第一季北美和歐洲之間出現一些相當大的差異是意料之中的。聽起來北美在拖拉機方面可能稍微佔優勢一些。

Anything in particular from a regional production perspective we should be expecting or just general for Q2, how to model that and any of the differences for the rest of the year? Because I think those can certainly affect the margin progression in large ag.

從區域生產角度來看，我們應該對第二季有什麼特別的預期，或者說整體情況如何？如何對此進行建模？以及今年剩餘時間可能出現的任何差異？因為我認為這些因素肯定會影響大型農業的利潤成長。

Yeah. Thanks for the question, Steve. That regional mix was certainly an impact on large ag in the first quarter. I mean, if you look at overall volume in the large ag business in Q1, we were effectively flattish year-over-year in terms of total volume, but that mix was: Europe, up; Asia, it was a smaller part of our large ag business, but Asia, up; and then both North America and South America, down year-over-year in Q1. So given the different profitability profile -- excuse me, for those different geographies, yeah, that was unfavorable mix for us in the first quarter.

是的。謝謝你的提問，史蒂夫。這種區域結構變化無疑對第一季的大型農業產生了影響。我的意思是，如果你看一下第一季大型農業業務的整體銷量，就總銷量而言，我們實際上與去年同期基本持平，但具體情況是：歐洲增長；亞洲，雖然在我們大型農業業務中所佔比例較小，但亞洲也增長了；而北美和南美在第一季度同比均有所下降。所以，鑑於不同地區的獲利狀況不同——抱歉，應該說是不同地區的獲利狀況不同，是的，這對我們來說是第一季一個不利的組合。

That starts to change as you move through the course of the year. I mean -- as we'll see it pick up, particularly in North America production here and in the second quarter. And as Josh Jepsen mentioned, our order books are for tractors, as an example, now into the fourth quarter. So we've got good confidence that we'll see that pick up, and we'll revert to a more normal mix going forward and that will aid margins.

隨著時間推移，這種情況會開始改變。我的意思是——我們將會看到這種情況有所好轉，尤其是在北美，尤其是在第二季。正如 Josh Jepsen 所提到的，以拖拉機為例，我們的訂單已經進入第四季了。因此，我們很有信心，這種情況將會好轉，未來我們將恢復到更正常的產品組合，這將有助於提高利潤率。

I mean, you can expect us in large ag to do double-digit margins each quarter for the rest of the year. So it really is a mix that's improving as you move through 2026.

我的意思是，你可以預期我們大型農業企業在今年剩餘的每季都能實現兩位數的利潤率。所以，隨著時間推移，到 2026 年，這種混合情況確實在不斷改善。

Yeah, Steven, I think you see that too, like in gross margins, that really rings through. And when you look at the first quarter versus the rest of the year where we bounce back and looks a lot more like, what do we do for gross margins in PPA in 2025 and the remainder of the year, that's where it operate. And a big part of that is a little bit more normal mix geographically.

是的，史蒂文，我想你也看到了這一點，例如毛利率，這點就體現得非常明顯。當你觀察第一季與今年剩餘時間的情況，你會發現我們反彈了，看起來更像是，我們在 2025 年和今年剩餘時間裡，PPA​​ 的毛利率會如何，這就是它的運作方式。其中很大一部分原因是地理分佈更加正常化了。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hey, good morning, guys. Got a quick question for you on tariffs. So if we get the tariff relief, will they get rolled back to farmers, and how soon could that happen? Is that something we need to wait to see until like the '27 model year pricing?

嘿，大家早安。我有個關於關稅的問題想請教一下。如果關稅減免政策獲得通過，這些減免措施是否會退還給農民？如果可以，最快什麼時候才能實現？我們需要等到 2027 年車型定價公佈時才能看到嗎？

Yeah. And so maybe just to break down a little bit, Chad, on the exposure. So like I mentioned, total tariff costs this year in 2026 is $1.2 billion, pre-tax. And if you break that down by exposure the IEEPA tariffs is a little less than half of that, a little bit higher in [$232 million], but a little less than half is IEEPA.

是的。所以，查德，或許我們可以稍微分析一下曝光度的問題。正如我之前提到的，2026 年的關稅總成本為 12 億美元（稅前）。如果按風險敞口細分，IEEPA 關稅略低於其中的一半，略高一些（2.32 億美元），但 IEEPA 關稅略低於其中的一半。

So we'll see, what happens on the Supreme Court side. It's been a very dynamic environment, so it's hard to say if those go away or something else doesn't come back. So yeah, we'll watch how that plays out. We won't react too quickly. Similar to when we saw tariffs going up last year, we didn't take immediate price action, and you can expect a similar approach from us this year in 2026 as well.

所以，我們拭目以待，看看最高法院那邊會發生什麼事。這是一個瞬息萬變的環境，所以很難說這些問題是否會消失，或者其他問題是否會再次出現。所以，我們會拭目以待。我們不會反應太快。與去年關稅上漲時的情況類似，我們沒有立即採取價格行動，預計今年（2026年）我們也會採取類似的策略。

Yeah, I'd just reiterate, Chad. I mean, we were relatively muted. I mean, we're well below normal or historical averages for price. I mean, last year in PPA, we did just below 1 point. We're talking about 1.5 point here this year.

是的，我再重申一遍，查德。我的意思是，我們當時相對比較低調。我的意思是，我們現在的價格遠低於正常或歷史平均。我的意思是，去年我們在PPA（每場比賽平均得分）方面只得了不到1分。今年我們說的是1.5分。

So we haven't taken outsized price as it's related to tariffs. We're focused on how do we mitigate, how do we work our way through those. We've seen good progress on mitigation on 232, and teams continue to do a lot of really good work. So I think we're kind of heads down focused on that, and we'll see what -- how the environment changes. But we're going to keep working on that and focus on the things that we can manage.

所以我們沒有接受過高的價格，因為它與關稅有關。我們關注的是如何減輕這些影響，以及如何克服這些影響。我們已經看到在 232 號漏洞的緩解方面取得了良好進展，各團隊也繼續做了很多非常好的工作。所以我覺得我們現在全力以赴，看看環境會如何改變。但我們會繼續努力，專注於我們所能掌控的事情。

Jerry Revich, Wells Fargo.

傑瑞·雷維奇，富國銀行。

Hey, this is Kevin on for Jerry Revich. Just had a quick question about large ag used inventories. Based on our data, we're seeing North America large ag used inventory destock accelerated over the quarter by 4%. Just trying to understand, were there any higher pool funds or other incentives? and is this pace of destock sustainable based on what you're seeing?

大家好，我是凱文，代傑瑞雷維奇為您報道。我有個關於大型農機設備庫存的問題想請教一下。根據我們的數據，北美大型農業二手庫存的去庫存速度在本季加快了 4%。我只是想了解一下，是否有更高的資金池或其他激勵措施？根據你目前觀察到的情況，這種去庫存的速度是否可持續？

Yeah, Kevin, thanks for the question. As we mentioned, we see a really good progress in the first quarter, and maybe worth repeating again. I mean, particularly late model tractors, we saw a really significant reduction over the quarter. I mean, '22s and '23 8R is down 20% sequentially in the quarter. Even model year '24s, down 10%. So really good, really good movement there.

是的，凱文，謝謝你的提問。正如我們之前提到的，我們在第一季取得了非常好的進展，也許值得再次取得同樣的成績。我的意思是，特別是新款拖拉機，我們看到本季銷量出現了非常顯著的下降。我的意思是，2022 年款和 2023 年款 8R 在本季環比下降了 20%。即使是 2024 年款，銷量也下降了 10%。所以，那裡的動作真的很好，真的很好。

We did this in 2025. We increased the pool funds contribution rate to keep those levels healthy for our channel. And we'll continue to support the market with pool funds. We did a little bit in Q1, but still positive price for North America.

我們在 2025 年完成了這項工作。我們提高了資金池的繳款比例，以維持我們頻道資金水準的健康成長。我們將繼續利用資金池支持市場。我們在第一季做了一些工作，但北美市場的價格仍然保持正成長。

So like I said, we're seeing good momentum there. We're seeing good movement. Our first quarter tends to be the strongest quarter of the year for used reduction. You do see a lot of year-end calendar buying so you'll see probably more movement in Q1 than you will as you get to some of these other quarters. But we've seen continued progression quarter-over-quarter, really, for the last -- better part of the year or so and we'd expect that to continue going forward. Thanks, Kevin.

正如我所說，我們看到這方面發展勢頭良好。我們看到了一些積極的進展。我們第一季通常是一年中二手商品減量最強勁的季度。年底的購貨潮很盛行，因此第一季的市場波動可能會比其他季度更大。但在過去一年左右的時間裡，我們看到每個季度都在持續進步，我們預計這種情況會繼續下去。謝謝你，凱文。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning, and, Josh Jepsen, thanks for all your help throughout the years, and best of luck to you. I guess just my question in terms of how we're managing large ag, seems like things are getting better. You talked about the combines coming in better, order velocity improving. To what degree -- I know you have orders through the third quarter. To what degree do you want to limit production, I guess, in 2026 to set yourself up for a better 2027 in terms of how you're managing things?

您好，早安。 Josh Jepsen，感謝您多年來的幫助，祝您一切順利。我想問的是，就我們管理大型農業的方式而言，情況似乎正在改善。你提到聯合收割機效能提升，訂單處理速度加快。程度如何——我知道你們第三季的訂單已經很多了。我想問的是，您希望在 2026 年將產量限製到什麼程度，以便為 2027 年在管理方面取得更好的成績做好準備？

And then I guess my second question, just with large ag getting better, production moving up, surprised your margins and the mix getting better with more North America, just surprised margins wouldn't be more towards the upper end of the range for the year and production and precision ag. Thank you.

然後，我想問第二個問題，隨著大型農業的改善、產量的提高，利潤率和結構（北美地區佔比增加）的改善，利潤率沒有達到今年產量和精準農業水平的上限，這讓我感到驚訝。謝謝。

Yeah, thanks, Jamie. I mean, yeah, certainly as you mentioned, we've seen improvement over the course of the quarter. For combines, as you know, we base our production for the year on that early order program. So that largely defines what we're going to build this year, and so, I wouldn't say, there's any really much change. It will be pretty level through the rest of the year on combines.

謝謝你，傑米。我的意思是，是的，正如你所說，我們在本季已經看到了進步。如您所知，對於聯合收割機而言，我們全年的生產計劃是根據早期訂單計劃制定的。所以這在很大程度上決定了我們今年要建造的內容，因此，我不會說有什麼真正的改變。今年剩餘時間裡，聯合選秀大會的情況將保持相對穩定。

I mean, tractors, as we've mentioned, order book is now into the fourth quarter. We've seen some increased momentum there, and as Josh Jepsen said, we'll pick up some production towards the back half of the year. Probably not a whole lot of change now at this point, and we're getting pretty close to where the full year -- we'll have the year filled up.

我的意思是，正如我們之前提到的，拖拉機的訂單現在已經排到了第四季。我們已經看到這方面勢頭有所增強，正如喬許傑普森所說，我們將在今年下半年提高產量。目前來看可能不會有太大變化，而且我們離全年結束也越來越近了——我們今年的日程就排滿了。

We'll see how things play out over the next quarter or so as we build out the book for the rest of the year. But we'll be pretty steady, pretty level now, based on our plans for the rest of the year. Yeah, I mean, margin, certainly as we see North America come back, that's good mix. We've seen a little bit of softening in South America. That's a very profitable region for us as well, and so there's some puts and takes there that don't drive the margin too different from what we've originally forecasted.

接下來一個季度左右，我們將觀察事態發展，並逐步改善今年剩餘時間的計畫。但根據我們今年剩餘時間的計劃，我們現在的情況會相當穩定，相當平穩。是的，我的意思是，利潤率，當然，隨著北美市場的復甦，這是一個很好的組合。我們看到南美洲的情況略有緩和。對我們來說，那也是一個利潤非常豐厚的地區，因此那裡的一些買賣交易不會對利潤率造成太大影響，與我們最初的預測相差不大。

Yeah, Jamie, it's Jepsen. I think the one thing I'd point out is, we're still below trough levels for production precision ag overall, and North America below that. So the overall magnitude of North America being down 15% to 20% and the pull or negative impact on margins is real there.

是的，傑米，是卡莉·蕾·傑普森。我認為需要指出的一點是，我們整體的精準農業生產水平仍然低於谷底水平，北美地區的水平更是低於谷底水平。因此，北美整體下滑 15% 至 20% 的幅度以及對利潤率的拖累或負面影響是真實存在的。

So I think we're glad to see some of that order activity move, but it's not, to Josh's earlier point, it's not a bounce, it's not inflecting hard. It's just we're seeing some positive progress and momentum. So that I think, does demonstrate we should see momentum as we go forward. Inventories are in good shape.

所以我覺得我們很高興看到一些訂單活動有所變化，但正如 Josh 之前所說，這並不是反彈，也沒有大幅波動。我們看到了一些積極的進展和勢頭。所以我認為這表明我們應該會看到前進的勢頭。庫存狀況良好。

Factories are running really lean. So as we see demand come back, I think we will see strong, strong incremental, particularly ex tariffs, but we're still coming off of very low levels right now. Thanks, Jamie.

工廠的運作效率非常低。隨著需求回升，我認為我們將看到強勁的成長，尤其是在扣除關稅之後，但我們目前仍處於非常低的水平。謝謝你，傑米。

Thanks. Congrats.

謝謝。恭喜。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Hi, good morning. Thank you so much for taking the question. My question is on the new excavator, which is quite exciting. Curious whether you can comment on any marketing plans around the launch of this? Are you expecting to put in some promotions to gain share, any financing promotions, incentive for dealers, or anything along those lines to start off on a strong note?

您好，早安。非常感謝您回答這個問題。我的問題是關於那台令人非常興奮的新型挖土機。想請問您能否透露一下圍繞此次產品發布製定的任何行銷計劃？您是否計劃推出一些促銷活動來獲取市場份額，例如融資促銷、經銷商獎勵或其他類似措施，以期取得良好的開局？

Yeah, I think the big splash that we have is out at CONEXPO, and so that'll be the big launch event. We spent a lot of time with a lot of different operators from customers across the country, testing and understanding the capabilities of the equipment. We had a big launch party and a large launch event with them.

是的，我認為我們在 CONEXPO 展會上會有一次重大亮相，那將是一次盛大的發布會。我們花了很多時間與來自全國各地客戶的眾多不同操作員一起測試和了解設備的性能。我們和他們一起舉辦了一場盛大的發表會和發布活動。

And so I think the capability and the quality of the equipment and what we're going to deliver to the marketplace is pretty well known. We've done more testing than we have in the past. With respect to incentives, the excavator market has been pretty challenging from a price perspective over the last couple of years. This new model gives us differentiation that we haven't had over the last couple of years.

因此，我認為我們設備的實力和質量，以及我們將向市場提供的產品，都是眾所周知的。我們進行的測試比以往更多。就激勵措施而言，過去幾年挖土機市場的價格情況相當嚴峻。這種新模式使我們獲得了過去幾年所不具備的差異化優勢。

We're not going to significantly take price with that, but the value that we're offering to our customers through this and through all the work that we've done, we feel like they really understand it. And continue to do that, and again, at CONEXPO, we'll continue to emphasize the message of the value that we're delivering through technology, through improved durability, and just the productivity and capability of the new excavator. We think we're in a great spot to launch.

我們不會大幅提高價格，但我們透過這種方式以及我們所做的一切工作為客戶提供的價值，我們覺得他們真正理解了。我們將繼續這樣做，並且在 CONEXPO 展會上，我們將繼續強調我們透過技術、提高耐用性以及新型挖土機的生產力和能力所創造的價值。我們認為我們現在處於非常有利的啟動位置。

And the teams are super excited, the dealers are super excited. There are good products in the market today. We've had a long-standing relationship with Hitachi, with good products. This is a truly differentiated product that we're super excited to bring to the marketplace.

車隊非常興奮，經銷商們也非常興奮。如今市場上有許多優質產品。我們與日立一直保持著長期的合作關係，他們提供的產品也很好。這是一款真正與眾不同的產品，我們非常興奮能將其推向市場。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Just a two-parter there. I think the initial comments around some of the shipments during the quarter being a little bit better. I guess based on the order book, are you finding that this is more of a structural shift in the outlook that the farmers on the ground have, maybe because of some of the trade issues easing and/or other factors?

只有兩個部分。我認為本季部分出貨情況的初步評價略有改善。我猜根據訂單情況來看，您是否發現這更多是基層農民前景的結構性轉變，可能是由於一些貿易問題的緩解和/或其他因素造成的？

Then secondly, just as the trade issues do ease for the US and China starts to order, how are you thinking about the offset in South America, where maybe some of the orders for soybeans or other things might moderate? How are you thinking about that on that basis? Thanks so much, and all the best.

其次，當美國的貿易問題有所緩解，中國開始下單時，您如何看待南美洲的抵銷效應？南美洲的大豆或其他商品的訂單可能會減少。基於這個原因，你對此有何看法？非常感謝，祝一切順利。

Yeah. Thanks, Sabahat. I mean, specific to the quarter, I would say largely, we ran really well in our factories. So we talked about overhead efficiencies that we saw in the quarter as we ran so well. Tractors in North America, we shipped a little bit more than we anticipated, just given how the factory ran.

是的。謝謝，薩巴哈特。我的意思是，就本季而言，總的來說，我們工廠的運作情況非常好。因此，我們討論了本季營運良好所帶來的營運效率提升。考慮到工廠的運作情況，我們在北美地區的拖拉機出貨量比預期略多。

And so I wouldn't say in the quarter that that production was so much demand-related versus just how we ran in our operations. But yeah, I mean, as you think about -- overall for large ag, we talked about the pickup in North America. We've hit that point already, just on some of the improved optimism we've seen there. It's, again, it's a minor inflection, but we've seen some positive momentum there.

因此，我不會說本季的產量很大程度取決於需求，而只是我們運作方式的結果。但是，是的，我的意思是，當你思考——總體而言，對於大型農業來說，我們討論了北美地區的皮卡市場。我們已經達到了那個階段，這主要體現在我們看到的樂觀情緒的改善。這雖然只是一個小小的轉折點，但我們已經看到了一些積極的動力。

South America, the way I've described that is just a little more caution in the market. I mean, there's a few factors at play there. Certainly, the high interest rates that we've seen in the region have been pressuring customers. We saw the real appreciate quite a bit over the course of really the past month, month and a half.

就我所描述的而言，南美洲的市場氛圍略顯謹慎。我的意思是，這裡面有幾個因素在起作用。當然，該地區的高利率給消費者帶來了壓力。在過去一個月到一個半月的時間裡，我們看到房地產價格大幅上漲。

Given the structure of our customers' operations, they sell a lot of their commodities in US dollars, that puts some pressure on their margins, so we've seen a little more caution there as well. And certainly, they're keeping an eye on the election -- presidential election in the country that's coming up at the end of the year as well. So for all those reasons, a little more caution in the market, and we've seen just a bit of a cautious ordering as a result.

鑑於我們客戶的營運結構，他們銷售的大量商品都是以美元結算的，這會對他們的利潤率造成一些壓力，因此我們也看到他們在這方面更加謹慎。當然，他們也密切關注選舉——也就是今年底即將舉行的總統大選。因此，由於上述種種原因，市場更加謹慎，我們也看到了由此帶來的謹慎下單現象。

Hey, Sabahat, it's Josh Jepsen. I think the one thing, to your point, on trade flows and how does this balance North America, South America, I think there's a couple positive things here, and that's domestic consumption in both geographies, North and South America. North America, we're seeing more crush of soybeans domestically, more use domestically, and conversely, exports of corn and ethanol are higher.

嘿，薩巴哈特，我是喬許傑普森。我認為，正如您所說，關於貿易流動以及如何平衡北美和南美之間的貿易，有一點值得關注，那就是北美和南美的國內消費。在北美，我們看到國內大豆壓榨量增加，國內消費量也增加，相反，玉米和乙醇的出口量更高。

And in part, you've seen Brazil actually consume more corn and more ethanol domestically. So I think you're seeing some puts and takes and just shifts in terms of how domestic markets are evolving vis-a-vis what's happening in exports.

在某種程度上，我們已經看到巴西國內的玉米和乙醇消費量實際上有所增加。所以我認為你會看到國內市場相對於出口市場的發展出現了一些波動和變化。

So I think positive is we're seeing strong demand both in-country when you go US and South America, Brazil in particular. And then obviously some shifting as trade impacts that. But I think as things settle there, I think the important part is the strong demand we're seeing that's consuming those grains domestically. Thanks, Sabahat.

所以我認為積極的一面是，我們看到無論是在美國國內還是在南美洲，特別是巴西，都有強烈的需求。然後，很顯然，隨著貿易的影響，情況也會有所改變。但我認為，隨著局勢穩定下來，最重要的是我們看到國內對這些穀物的強勁需求。謝謝，薩巴哈特。

Mike Shlisky, DA Davidson.

麥克‧施利斯基，戴維森地方檢察官。

Yes. Hi, good morning. Thanks for taking my question, and I want to add my sentiments. Josh, thanks for everything. All the best to you. Kim, I kind of want to just maybe dive into you're a little more optimistic tone on large ag and some of the order trends that you're seeing, especially in combines.

是的。您好，早安。感謝您回答我的問題，也想補充一些我的看法。喬希，謝謝你所做的一切。祝你一切順利。Kim，我想深入探討你對大型農業和你觀察到的一些訂單趨勢（尤其是在聯合收割機方面）的比較樂觀的態度。

Are you seeing or do you think you'll be seeing any market share gains this year? And I was curious whether you could tell us about tech attachments on some of your combines or other products. Are more farmers taking on the ultimate package or other subscriptions this year that might start to benefit you in 2027?

您認為今年是否會看到市場佔有率的成長？我很好奇您能否介紹一下貴公司一些聯合收割機或其他產品的技術配件。今年是否有更多農民選擇終極套餐或其他訂閱服務，這些服務可能會在 2027 年開始使您受益？

Yeah. Thanks, Mike. Yeah, I mean, I think overall, large ag in North America over the last 12 to 18 months, we've ceded a little bit of share. I think as we've been leaner on the new inventory side, more focused on driving use down, and we've talked about the progress that we've seen there. As a result, we're set up really well coming into 2026. Our expectation is we've got some opportunity to gain some share as we move through the course of the year.

是的。謝謝你，麥克。是的，我的意思是，我認為總體而言，在過去的 12 到 18 個月裡，北美大型農業的市場份額有所下降。我認為，隨著我們在新庫存方面更加精簡，更加重視降低使用量，我們也討論了我們在這方面取得的進展。因此，我們已經為迎接 2026 年做好了非常充分的準備。我們預計，隨著時間的推移，我們將有機會獲得一些市場份額。

Yeah, on the tech side, on combine, super excited. Last year was our first year of harvest settings automation, predictive ground speed automation. We saw really good success in the field. I mean, on harvest settings auto automation, over 60% utilization of operators in the cab had that tech on while they were harvesting last fall, and saw really good productivity gains, really good throughput gains.

是的，在技術方面，在聯合試訓方面，我超級興奮。去年是我們實現收割機設定自動化和預測地面速度自動化的第一年。我們在實地取得了非常好的成功。我的意思是，在收割設定自動自動化方面，去年秋季收割時，駕駛室內超過 60% 的操作員都使用了這項技術，並且獲得了非常好的生產力提升和吞吐量提升。

And as a result, we're seeing a pickup in take rates on that option as well. So 99% of the combines that were ordered this year through the EOP had some level of harvest automation. And nearly 80% of that was taking the highest level, the ultimate package. That's 4 or 5 points, Mike, better year-over-year. And so we've seen really good gains there, and we'd expect that to translate into good utilization in the fall as well.

因此，我們看到選擇該選項的使用者比例也有所上升。因此，今年透過 EOP 訂購的聯合收割機中，99% 都具備一定程度的收割自動化功能。其中近 80% 的人選擇了最高級別，也就是終極套餐。麥克，那可是比去年同期高了4到5分。因此，我們已經看到了非常好的進展，我們預計這也會轉化為秋季的良好利用率。

Yeah. Maybe stepping back to as we think about just overall tech adoption and our conversations around, are we covering acres with more Deere technology? Our engaged acres stepped up again this quarter, 500 million engaged acres. That's over 10% increase from a year ago and about a 25% increase on highly engaged. So nearly a third of those engaged acres are highly engaged.

是的。或許我們應該退後一步，思考一下整體技術普及以及我們圍繞這一問題的討論，我們是否正在用更多的迪爾技術覆蓋更多的土地？本季我們的耕地面積再次增加，達到 5 億英畝。這比一年前增加了 10% 以上，而高度參與的用戶數量增加了約 25%。因此，近三分之一的耕地都高度參與耕作。

So we're continuing to see progression there, which speaks to what we're doing on connectivity and making sure we're reaching deeper into the fleet. But we're seeing that progress, and we're seeing it progress really across the world, which is positive as well. Thanks, Mike.

因此，我們繼續看到這方面的進展，這說明我們在連接性方面所做的工作，並確保我們能夠更深入地覆蓋整個機隊。但我們看到了這種進步，而且我們看到這種進步在世界各地都在發生，這也是一件好事。謝謝你，麥克。

Jairam Nathan, Daiwa.

賈伊拉姆·納坦，大和。

Hi. Yeah, thanks for taking my question. So, Josh, you mentioned in your comments about biofuels if you could just expand on that and on what your expectations are medium term? And on construction, I think one of your competitors yesterday talked about bringing back some of the incentives. If you could kind of address that as well? Thank you.

你好。謝謝你回答我的問題。喬希，你在評論中提到了生物燃料，你能不能詳細說說這方面以及你對中期發展的預期？至於建築方面，我想你們的一位競爭對手昨天談到要恢復一些激勵措施。如果您也能談談這個問題就太好了？謝謝。

Yeah, thanks, Jairam. Sorry, on the biofuels question, I mean, certainly, as Josh said, around the world we've seen the power of increased consumption of biofuels. I mean, Brazil is a great example where more and more of their corn production is going into ethanol, and that's having a positive impact.

謝謝你，賈伊拉姆。抱歉，關於生物燃料的問題，我的意思是，當然，正如喬希所說，我們在世界各地都看到了生物燃料消費量增加的力量。我的意思是，巴西就是一個很好的例子，他們越來越多的玉米產量用於生產乙醇，這產生了積極的影響。

Looking forward, we're looking at a number of different areas. Certainly in the near term, some of the opportunity around the RVO and what that might mean for 2026 and 2027. Keep an eye on that. I mean, E15, as that legislation continues to move through Congress as well, we see opportunity there to increase consumption longer term for corn through E15. So on a number of different fronts, we see opportunity there.

展望未來，我們正在關注多個不同領域。當然，在短期內，RVO 帶來了一些機遇，這對 2026 年和 2027 年可能意味著什麼。密切關注此事。我的意思是，隨著 E15 法案在國會繼續推進，我們看到了透過 E15 長期增加玉米消費的機會。因此，在很多方面，我們都看到了機會。

On the -- switching to the competitive side on Construction and Forestry, I mean, certainly that's been a competitive market. We've seen that over the last, 12, 18 months. We've seen competition as of late last quarter or two take some price increase, signal some price increase.

至於——轉向建築和林業領域的競爭方面，我的意思是，當然，那一直是一個競爭激烈的市場。在過去12到18個月裡，我們已經看到了這一點。我們看到，從上個季度末到上個季度末，競爭對手已經開始漲價，並發出漲價的信號。

The timing of that, we're keeping an eye on. Many of our competitors still have a lot of inventory in the field, so as those price increases for 2026 start to manifest themselves in transaction price, there's a bit of a lag there that creates some pressure. But overall, as we said, we feel good about the price increases that we've taken and the opportunity to continue to drive increased realization as we move through the course of the year. Thanks, Jairam.

我們會密切注意具體時間安排。我們的許多競爭對手仍然有很多庫存，因此，當 2026 年的價格上漲開始反映在交易價格中時，會存在一些滯後，從而造成一些壓力。但總的來說，正如我們所說，我們對已經採取的價格上漲感到滿意，並且有機會在今年繼續推動價格上漲。謝謝你，賈伊拉姆。

Evan McCall, BMO Capital Markets.

Evan McCall，BMO資本市場。

Hi, good morning. It's Evan on for Joel. Just wanted to talk about your cadence of earnings for the year. If you could just give some color on that? And if you see growth in Q3 as possible, or would Q4 be the first possible quarter of growth? Thank you.

您好，早安。埃文代替喬爾上場。想和您談談今年的收入狀況。你能不能再詳細解釋一下？您認為第三季有可能成長，還是第四季才是第一個可能成長的季度？謝謝。

Yeah, I mean, as we look to -- through the balance of the year for equipment operations as a total, yeah, our expectation is to see a bit of growth as we move through the entire of the year. I mean, it's less, Evan, than we saw in Q1.

是的，我的意思是，展望今年剩餘時間裡，就設備營運總量而言，我們預計隨著全年的推進，將會出現一些成長。我的意思是，埃文，這比我們在第一季看到的要少。

As we mentioned, in Q1, we lapped some significant underproduction, particularly in Construction and Forestry last year. So it's an easier comp in Q1, but you'd expect to see mid-single-digit growth for most quarters for the balance of the year.

正如我們之前提到的，第一季我們彌補了去年的一些重大產能不足問題，尤其是在建築和林業領域。因此，第一季的同比數據更容易實現，但預計今年剩餘時間的大部分季度都將保持個位數中段的成長。

Yeah, I think PBA, if you look at that one specifically, Evan, you can think about that, you're probably the toughest comp is 2Q, and then get easier when you get to the back half of the year from a top-line perspective. And then, you've got kind of the call it a pretty equal tariff burden as you move through the year.

是的，我覺得PBA，如果你具體看看那場比賽，埃文，你可以想想，你可能最難比較的是第二季度，然後從整體來看，到了賽季後半段就會容易一些。然後，你會發現，隨著時間的推移，關稅負擔基本上保持不變。

It looks like that's the last call we have for the day. Thanks all for taking the time -- for taking time with us today. We appreciate your time, and thanks for joining. Have a great day.

看來這是我們今天最後一次接電話了。感謝各位抽出時間——感謝大家今天抽出時間來和我們在一起。感謝您抽空參與。祝你有美好的一天。

That concludes today's conference. Thank you for participating. You may disconnect at this time.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。