艾默生電氣 (EMR) 2025 Q1 法說會逐字稿

Good day, and welcome to the Emerson first quarter 2025 earnings conference call.

大家好，歡迎參加艾默生 2025 年第一季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Colleen Mettler, Vice President of Investor Relations.

現在，我想將會議交給投資者關係副總裁科琳·梅特勒 (Colleen Mettler)。

Please go ahead.

請繼續。

Good morning and thank you for joining us for Emerson's first quarter 2025 earnings conference call.

早安，感謝您參加艾默生 2025 年第一季財報電話會議。

This morning, I am joined by President and Chief Executive Officer, Lal Karsanbhai; Chief Financial Officer, Mike Baughman; and Chief Operating Officer, Ram Krishnan.

今天上午，與我一起出席的還有總裁兼執行長 Lal Karsanbhai；財務長 Mike Baughman；和首席營運長 Ram Krishnan。

As always, I encourage everyone to follow along with the slide presentation, which is available on our website.

像往常一樣，我鼓勵大家關注我們網站上的幻燈片演示。

Please join me on slide 2.

請和我一起觀看第二張投影片。

This presentation may include forward-looking statements, which contain a degree of business risks and uncertainties.

本簡報可能包含前瞻性陳述，其中包含一定程度的商業風險和不確定性。

Please take time to read the safe harbor statement and note on non-GAAP measures.

請花時間閱讀安全港聲明和非公認會計準則指標的說明。

I will now pass the call over to Emerson's President and CEO, Lal Karsanbhai, for his opening remarks.

現在，我將電話轉給艾默生總裁兼執行長拉卡桑拜 (Lal Karsanbhai)，請他致開幕詞。

Thank you, Colleen.

謝謝你，科琳。

Good morning.

早安.

Today marks the anniversary of my fourth year as CEO of Emerson.

今天是我擔任艾默生執行長四週年紀念日。

I reflect on this time with tremendous admiration and gratitude for what we have accomplished as a team to deliver on our collective vision.

回想起這段時光，我心中充滿著無比的欽佩和感激，因為我們作為一個團隊為實現共同願景所取得的成就。

Thank you to the Emerson Board of Directors for your trust and support, to the management team for your commitment and energy and most importantly, to the 70,000 Emerson employees around the world for your dedication and deep care for our customers, our communities, and each other.

感謝艾默生董事會的信任和支持，感謝管理團隊的承諾和精力，最重要的是，感謝全球 70,000 名艾默生員工的奉獻以及對客戶、社區和彼此的深切關懷。

All of you make me better.

你們所有人都讓我變得更好。

Yesterday, alongside the Emerson Board of Directors, employees, community leaders, local CEOs, and Emerson retirees, we held the grand opening ceremonies for our new global headquarters in St. Louis.

昨天，我們與艾默生董事會、員工、社區領導、當地執行長以及艾默生退休人員一起，為聖路易斯的新全球總部舉行了盛大的開幕儀式。

It was an exciting day.

這是令人興奮的一天。

The modern offices align our work environment with the industrial technology company we created an environment that fosters innovation, collaboration, and inclusiveness.

現代化的辦公室使我們的工作環境與工業科技公司保持一致，我們創造了一個促進創新、協作和包容的環境。

Thank you to the Emerson leaders who brought our new space to life.

感謝艾默生的領導們，他們為我們的新空間注入了活力。

I remain as energized as I was on February 5, 2021, about the future of our company.

我對我們公司的未來仍然像 2021 年 2 月 5 日一樣充滿信心。

Please turn to slide 3.

請翻到幻燈片 3。

We are excited about our Q1 performance and the outlook for the year is healthy market fundamentals and our Emerson management system have positioned us to capitalize on value-creation opportunities.

我們對第一季的業績感到非常興奮，今年的前景是健康的市場基本面，而我們的艾默生管理系統使我們能夠利用創造價值的機會。

Our process and hybrid markets continue to demonstrate stable demand as secular drivers propel continued investment in automation technology to drive efficiency, reliability, and safety.

由於長期驅動因素推動對自動化技術的持續投資以提高效率、可靠性和安全性，我們的流程和混合市場繼續表現出穩定的需求。

Energy security, near-shoring initiatives and energy transition commitments are driving sustained spend in LNG, life sciences, power and metals and mining.

能源安全、近岸建設計劃和能源轉型承諾正在推動液化天然氣、生命科學、電力和金屬以及採礦業的持續支出。

We saw sequential order improvement in our discrete businesses, although the amplitude was a little softer than expected as momentum in industrial, semiconductor and discrete MRO was offset by muted performances in automotive and factory automation.

我們的離散業務訂單環比改善，儘管幅度略低於預期，因為工業、半導體和離散 MRO 的成長勢頭被汽車和工廠自動化的低迷表現所抵消。

We are expecting discrete orders to turn slightly positive in Q2 with a more meaningful orders ramp in the second half.

我們預計離散訂單在第二季將略微轉為正值，下半年訂單將出現更有意義的成長。

We saw robust underlying demand for our software solutions across the portfolio with 10% growth in ACV, or annual contract value, led by double-digit growth from control systems and software.

我們看到整個產品組合中軟體解決方案的潛在需求強勁，ACV（即年度合約價值）成長了 10%，其中控制系統和軟體實現了兩位數的成長。

Emerson again executed at a world-class level and demonstrated the profitability of our transfer portfolio.

艾默生再次展現了世界一流的水平，並證明了我們轉會組合的獲利能力。

As margin leverage adjusted earnings per share and cash flow all exceeded our expectations.

由於保證金槓桿調整後的每股盈餘和現金流都超出我們的預期。

Q1 underlying sales were inside the guide.

Q1 基本銷售額在指導範圍內。

Now I'll go into more detail on the next slide.

現在我將在下一張投影片中更詳細地介紹。

We remain confident in our ability to deliver our 2025 plans and are energized by the robust operational start to the year and sustained high level performance.

我們對於實現 2025 年計畫的能力充滿信心，並為今年強勁的營運開局和持續的高水準業績注入了活力。

We are pleased to reiterate our guidance for underlying sales, adjusted earnings per share and free cash flow with outstanding execution offsetting the profitability headwinds from the large movements in FX since our initial guide.

我們很高興重申我們對基礎銷售額、調整後每股收益和自由現金流的指引，出色的執行抵消了自我們最初的指引以來外匯大幅波動帶來的盈利阻力。

Additionally, we are increasing our expectations for operating leverage for the year to the 70s from the mid-40s.

此外，我們將今年的營業槓桿預期從40%左右提高到70%。

The growth and profitability of the Emerson portfolio is evident, supported by our exceptional team, world-class technology and differentiated Emerson management system.

由於我們優秀的團隊、世界一流的技術和差異化的艾默生管理系統，艾默生產品組合的成長和獲利能力是顯而易見的。

Last week, we took a significant step forward in the final phase of our portfolio transformation by reaching an agreement with , under which Emerson would acquire all outstanding shares of AspenTech common stock not already owned by Emerson for $265 per share pursuant to an all-cash tender offer.

上週，我們與 達成協議，在投資組合轉型的最後階段邁出了重要一步，根據協議，艾默生將以每股 265 美元的價格通過全現金要約收購艾默生尚未擁有的所有 AspenTech 普通股。

You can find our comments regarding the AspenTech agreement and pursuing tender process in our January 27 press release, and we will not be commenting further until appropriate.

您可以在我們 1 月 27 日的新聞稿中找到我們對 AspenTech 協議和正在進行的招標程序的評論，在適當的情況下我們不會進一步發表評論。

The strategic alternatives process for safety and productivity is still underway, and we will provide an update when appropriate.

安全和生產力的策略替代方案流程仍在進行中，我們將在適當的時候提供更新。

Now I want to spend a few moments to talk about tariffs.

現在我想花一點時間談談關稅問題。

In 2018, the United States enacted Section 232 and Section 301 tariffs, primarily targeting exports from China.

2018年，美國頒布第232條、第301條關稅，主要針對中國出口。

At that time, we acted immediately to use price and surcharges to protect profitability.

當時我們立即採取行動，利用價格和附加費來保護獲利能力。

And we also embarked on a program to de-risk our supply chain for raw materials, subassemblies and finished goods.

我們還啟動了一項計劃，以降低原材料、組件和成品供應鏈的風險。

The impact of those tariffs was de minimis due to our swift actions and ability to capture price.

由於我們採取了迅速的行動並能夠控制價格，這些關稅的影響被降到了最低。

The current tariff situation is fluid, but based on our supply chain regionalization strategy, learnings from prior tariff responses and planned price actions, we feel very good about our position.

目前的關稅情況瞬息萬變，但基於我們的供應鏈區域化策略、從先前的關稅反應和計劃的價格行動中學到的經驗教訓，我們對自己的立場感到非常滿意。

Starting with China, we do not expect a material impact based on actions taken since 2018.

從中國開始，我們預計自2018年以來採取的行動不會產生重大影響。

Next, we expect the impact from Canada to also be de minimis as we do not have any material exposure there.

其次，我們預期來自加拿大的影響也將微乎其微，因為我們在加拿大沒有任何重大風險。

Last, the situation in Mexico is evolving, and we are prepared for a variety of scenarios.

最後，墨西哥局勢正在發生變化，我們已經為各種情況做好了準備。

We are ready to implement price and surcharges to protect the P&L commitments of the company, and these assumptions are embedded in our guide.

我們準備好實施價格和附加費來保護公司的損益承諾，這些假設已嵌入我們的指南中。

Please turn to slide 4.

請翻到幻燈片 4。

Q1 once again showcased Emerson's ability to consistently execute.

Q1 再次展現了艾默生持續執行的能力。

Underlying orders were up 1% year-over-year, led by healthy process and hybrid markets, which were up low single digits despite a difficult comp from the prior year, which benefited from the timing of mega project bookings.

基礎訂單年增 1%，主要得益於流程和混合市場的健康狀況。

Orders growth was led by robust demand in the Middle East and strength in the US, both from MRO business and several project awards.

訂單成長主要得益於中東地區強勁的需求以及美國的強勁成長，這得益於 MRO 業務和多個專案獎項。

We saw exceptional demand growth in our power business as well as continued strength in energy and energy transition projects globally.

我們看到電力業務的需求顯著成長，全球能源和能源轉型專案持續強勁成長。

Chemical in the Middle East and Americas continues to see strong investment from capacity expansion and modernization efforts.

中東和美洲的化學工業繼續因產能擴張和現代化建設而獲得強勁的投資。

Demand in China remained muted as strength in power was offset by weakness in chemical and discrete end markets.

由於電力市場的強勢被化工和離散終端市場的疲軟所抵消，中國的需求仍然低迷。

Underlying sales were up 2%, led by sustained strength in our Process and Hybrid businesses, which were up mid-single digits.

基本銷售額成長 2%，其中，流程業務和混合業務的持續強勁成長（增幅達到中位數個位數）功不可沒。

We saw healthy activity in power and energy markets globally with sustained capital project momentum as customers are moving to meet the demand for energy security and affordability as well as increasing electricity demand.

我們看到全球電力和能源市場活動活躍，資本項目持續成長，因為客戶正在努力滿足能源安全性和可負擔性以及不斷增長的電力需求。

Robust project activity in the Middle East offset softness in Asia, and we saw strength in North America MRO and Latin America broadly.

中東地區強勁的專案活動抵消了亞洲的疲軟，我們看到北美 MRO 和拉丁美洲普遍表現強勁。

MRO also performed well in the quarter, representing 64% of sales.

MRO 在本季也表現良好，佔銷售額的 64%。

Gross profit margin was a record 53.5%, reflecting the value of our transformed portfolio.

毛利率達到創紀錄的53.5%，反映了我們轉型後投資組合的價值。

We also delivered record adjusted segment EBITDA margins of 28%, a 340 basis points improvement driven by strong operational performance, including price/cost management, mix and the benefits of cost reductions and synergy realization.

我們也實現了創紀錄的調整後分部 EBITDA 利潤率 28%，這一數字提高了 340 個基點，這得益於強勁的營運業績，包括價格/成本管理、產品組合以及降低成本和實現協同效應帶來的好處。

This profit performance in addition to the impact of FX, drove our operating leverage significantly above our guide.

這一利潤表現加上外匯的影響使我們的經營槓桿大大高於我們的預期。

Adjusted earnings per share exceeded expectations at $1.38 was above the top end of our guide and up 13% year-over-year.

調整後每股收益超過預期，達到 1.38 美元，高於我們的指導最高值，年增 13%。

Emerson also delivered strong free cash flow of $694 million, a margin of approximately 17% and up 89% versus Q1 2024.

艾默生也實現了強勁的自由現金流，達 6.94 億美元，利潤率約為 17%，較 2024 年第一季成長 89%。

Additionally, Emerson completed approximately $1 billion of share repurchase in the quarter as guided.

此外，艾默生按照預期在本季完成了約 10 億美元的股票回購。

Mike Baughman will provide additional color on our financials in a few slides.

Mike Baughman 將在幾張投影片中進一步介紹我們的財務狀況。

Please turn to slide 5.

請翻到投影片 5。

Emerson's innovation and differentiated product portfolio continues to be recognized by our customers and industry experts.

艾默生的創新和差異化產品組合繼續獲得客戶和行業專家的認可。

And I'd like to highlight two recent awards recognizing our DeltaV business.

我想強調我們 DeltaV 業務最近獲得的兩個獎項。

In December, Emerson's DeltaV edge environment was 1 of 10 products recognized as 2024 processing breakthrough product.

12 月，艾默生的 DeltaV 邊緣環境被評為 2024 年處理突破性產品的 10 款產品之一。

Processing's annual award honors innovative technology solutions that made significant contributions to increase efficiency, productivity, safety, and profitability in industrial processing operations.

Processing 的年度獎項旨在表彰為提高工業加工作業的效率、生產力、安全性和盈利能力做出重大貢獻的創新技術解決方案。

DeltaV Edge environment was selected because it is -- it's first of its kind integrated software solution to help customers access and contextualize data to improve enterprise operational performance.

之所以選擇 DeltaV Edge 環境，是因為它是首個此類整合軟體解決方案，可協助客戶存取和情境化數據，從而提高企業營運績效。

It also enables customers to run AI tools on the edge, moving the compute process closer to the intelligent field to make better use of their data.

它還使客戶能夠在邊緣運行 AI 工具，使運算過程更接近智慧領域，以更好地利用他們的數據。

We also recently released DeltaV Edge Environment 2.0, which now supports batch data integration to help life sciences chemical and other batch processing industries bridge the gap between OT and IT applications.

我們最近也發布了 DeltaV Edge Environment 2.0，它現在支援批量數據集成，以幫助生命科學化學和其他批處理行業彌合 OT 和 IT 應用之間的差距。

DeltaV Edge Environment 2.0 provides secure contextualized DCS data to help customers deploy advanced analytics, AI, and machine learning at the edge or in the cloud to make better operational and business decisions.

DeltaV Edge Environment 2.0 提供安全的情境化 DCS 數據，幫助客戶在邊緣或雲端部署高階分析、AI 和機器學習，以做出更好的營運和業務決策。

This release is another step forward in our vision to bound this automation as it helps to eliminate data silos and drive competitive advantage.

此版本是我們實現這一自動化願景的又一步，它有助於消除資料孤島並提高競爭優勢。

Emerson was also awarded the 2025 IoT Breakthrough Award for industrial IoT innovation of the year for its DeltaV workflow management software.

艾默生也以其 DeltaV 工作流程管理軟體榮獲 2025 年度工業物聯網創新物聯網突破獎。

This year's program attracted more than 3,850 nominations globally.

今年的節目吸引了全球超過 3,850 項提名。

And the award recognizes Emerson's next-generation software as a service solution to help life science companies more efficiently develop, scale and manufacture life-changing therapies.

該獎項認可了艾默生的下一代軟體即服務解決方案，該解決方案可幫助生命科學公司更有效地開發、擴展和生產改變生活的療法。

DeltaV workflow management provides a cloud-based solution with simple recipe authoring execution and electronic data capture, which helps life science customers scale and deliver drugs to market safely, efficiently, and quickly.

DeltaV 工作流程管理提供基於雲端的解決方案，具有簡單的配方創作執行和電子資料收集功能，可協助生命科學客戶擴大規模並將藥物安全、高效、快速地推向市場。

Emerson has been recognized every year by the IoT breakthrough awards since their inception due to our industrial technology portfolio, driving innovation across the world's essential industries.

憑藉其工業技術組​​合，艾默生自成立以來每年都榮獲物聯網突破獎，推動全球重要產業的創新。

Please turn to slide 6.

請翻到幻燈片 6。

We see significant opportunity in front of us for LNG.

我們看到液化天然氣面臨巨大的機會。

When we announced LNG as part of our energy transition growth platform in 2022, we expect that the current wave to add approximately 250 million tonnes per annum of operational capacity, predominantly across North America and the Middle East and Africa.

當我們在 2022 年宣布液化天然氣作為我們能源轉型成長平台的一部分時，我們預計當前這波浪潮每年將增加約 2.5 億噸的營運產能，主要分佈在北美、中東和非洲。

While we are approximately 2/3 through the initial 250 MTPA, we are seeing large incremental opportunities as additional projects are announced to meet the world's growing demand for gas.

雖然我們目前已完成初始 2.5 億噸天然氣產量的約 2/3，但隨著為滿足世界日益增長的天然氣需求而宣布的更多項目，我們看到了巨大的增量機會。

LNG will continue to play a large role as a transition fuel, and we will also benefit from a rising demand for power generation.

LNG 將繼續作為過渡燃料發揮重要作用，我們也將受益於不斷增長的發電需求。

An important milestone in the LNG project time line is when an EPC is selected because this typically starts the process to award automation, which can take up to a year.

LNG 專案時間表中的一個重要里程碑是選定 EPC，因為這通常會啟動授予自動化流程，而這可能需要長達一年的時間。

In 2024, only 18 MTPA was awarded to EPCs, partly due to the US moratorium on export licenses.

2024 年，僅有 18 MTPA 授予 EPC，部分原因是美國暫停頒發出口許可證。

The LNG project pipeline continues to see significant growth, and we have solid visibility into a potential 80-plus MTPA per year being awarded to EPCs over the next three years as the moratorium has been lifted, and the LNG wave is proving to be larger than we had initially expected.

LNG 專案管道繼續呈現顯著增長，隨著禁令的解除，我們預計未來三年內每年將有超過 80 MTPA 的潛在訂單授予 EPC，而且事實證明，LNG 浪潮比我們最初預期的要大。

These are large, complex projects in which our differentiated portfolio, global scale and demonstrated project execution capabilities to enable a strong value proposition for customers.

這些都是大型、複雜的項目，我們差異化的產品組合、全球規模和經過驗證的項目執行能力可以為客戶提供強大的價值主張。

We continue to see an opportunity for automation content of approximately $10 million per MTPA of liquefaction across our leading valves, instrument and control system and software portfolio.

我們繼續看到，在我們領先的閥門、儀器和控制系統以及軟體產品組合中，每噸液化天然氣的自動化內容存在約 1000 萬美元的商機。

We have continued to see a win rate of approximately 50% for the full portfolio and greater than 50% for control systems in large LNG projects and are seen as a premier automation supplier globally.

我們整個產品組合的得標率持續保持在約 50% 的水平，大型液化天然氣專案的控制系統的中標率持續保持在 50% 以上，我們被視為全球首屈一指的自動化供應商。

For example, around 70% of the world's LNG flows through Emerson valves.

例如，全球約 70% 的液化天然氣 (LNG) 流經艾默生閥。

And we have gone control systems on 6 of the last 11 projects awarded.

在最近得標的11個項目中，我們已經對6個項目實施了控制系統。

Given the incremental opportunity for projects expected to move forward and our projects go, we see a potential for greater than $1 billion in Emerson orders over the next few years.

考慮到預計項目將持續向前推進和我們項目將不斷推進的增量機會，我們預計未來幾年艾默生的訂單可能會超過 10 億美元。

We were recently awarded one such key win, CEDAR LNG, a floating LNG facility in British Columbia.

我們最近贏得了一個這樣的重要合同，那就是位於不列顛哥倫比亞省的浮動液化天然氣設施 CEDAR LNG。

CEDAR LNG is a partnership between Pembina and the (inaudible) and is being executed by a leading EPC Black and

CEDAR LNG 是 Pembina 和（聽不清楚）之間的合作，由領先的 EPC 黑人和

(inaudible).

（聽不清楚）。

Emerson will provide our leading technology from across the automation stack, including valves, instruments, control systems and optimization software.

艾默生將提供我們整個自動化領域的領先技術，包括閥門、儀表、控制系統和最佳化軟體。

Emerson was selected, Gerard demonstrated SONG expertise and global reach.

艾默生被選中，傑拉德展示了 SONG 的專業知識和全球影響力。

Please turn to slide 7.

請翻到幻燈片 7。

As we continue -- as we communicated last year, power is an area where we have seen strong orders growth as the fundamental opportunities in this sector continue to accelerate.

正如我們去年所傳達的那樣，隨著電力領域的基本機會不斷加速，我們看到電力訂單強勁成長。

As such, we are now classifying traditional power as a growth platform for Emerson.

因此，我們現在將傳統電力歸類為艾默生的成長平台。

Power and Renewables represented approximately 10% of sales in 2024, and Emerson is poised to capitalize on positive trends across the power landscape as global project investment continues to increase in response to rising electricity demand forecasts and grid complexity.

2024 年，電力和再生能源約佔銷售額的 10%，隨著全球專案投資因電力需求預測上升和電網複雜性而不斷增加，艾默生準備利用整個電力領域的積極趨勢。

Installed renewable capacity globally is expected to triple by 2030, taxing an aging grid developed for the runway flow of electrons.

預計到 2030 年，全球再生能源裝置容量將增加兩倍，這將對為電流流而開發的老化電網造成巨大負擔。

It is estimated that over $3 trillion of grid infrastructure investment is required by 2030 to support electrification and renewable energy.

據估計，到 2030 年需要超過 3 兆美元的電網基礎設施投資來支持電氣化和再生能源。

Utilities are also making large investments for incremental generating capacity through a mix of greenfield, brownfield and modernization projects.

公用事業公司也透過綠地、棕地和現代化項目等方式對增量發電能力進行大量投資。

Emerson has leading solutions across the technology stack, to serve customer needs from our generation, transmission and distribution, including our industry-leading ovation control systems, control valves and AspenTech's digital grid management software.

艾默生擁有領先的跨技術堆疊解決方案，可滿足發電、輸電和配電領域客戶的需求，包括業界領先的 ovation 控制系統、控制閥和 AspenTech 的數位電網管理軟體。

Our Ovation control system technology currently automates around 1.8 terawatts or 20% of the electricity generated globally, including 50% of power generated in the US, and we also have a large installed base in power across our instrument and valve portfolio.

我們的 Ovation 控制系統技術目前可自動化全球約 1.8 太瓦或 20% 的發電量，其中包括美國 50% 的發電量，而且我們的儀器和閥門產品組合也擁有龐大的電力安裝基礎。

These projects include many types of generation, and I want to highlight our strength in combined cycle gas plants and nuclear power, including a recent win in nuclear.

這些項目包括多種類型的發電，我想強調我們在聯合循環燃氣電廠和核電方面的優勢，包括最近在核電方面的勝利。

Ovation automates 18 of the 20 largest combined cycle gas plants in the US and approximately 100 nuclear reactors globally also use the Ovation technology.

Ovation 負責美國 20 座最大的聯合循環燃氣電廠中的 18 座的自動化，全球約有 100 座核反應器也使用 Ovation 技術。

Our control valves were the first ever to receive ASME certification decades ago for us in nuclear facilities and have been installed in approximately 90% of the world's nuclear plants.

幾十年前，我們的控制閥在核設施中率先獲得 ASME 認證，並且已安裝在全球約 90% 的核電廠中。

Emerson has the most complete portfolio of nuclear-grade isolation, control and safety valves and has been serving customers in the nuclear power industry for decades with nuclear power sales of approximately $325 million last year.

艾默生擁有最完整的核能隔離、控制和安全閥產品組合，幾十年來一直為核電行業的客戶服務，去年的核電銷售額約為 3.25 億美元。

Emerson's expertise in intelligent devices for the nuclear power industry was critical to recently winning an award for the Sizewell C project in the UK.

艾默生在核電行業智慧設備方面的專業知識對於最近贏得英國 Sizewell C 專案獎項至關重要。

Within the project, Framatone will deliver two pressurized water reactors that will generate 3.2 gigawatts of electricity powering the equivalent of around 6 million homes for 60 years.

在該計畫中，法馬通將提供兩座壓水反應堆，可產生 3.2 千兆瓦的電力，可為約 600 萬戶家庭供電 60 年。

Emerson will provide valves and instruments and was selected for our innovative technology and long history of high-quality solutions.

艾默生將提供閥門和儀表，並因其創新技術和悠久的高品質解決方案歷史而被選中。

Please turn to slide 8.

請翻到第 8 張投影片。

We are in a resilient capital cycle with a healthy strategic project funnel, and I'd like to walk through some updates to align with our current portfolio and market opportunities.

我們正處於一個有彈性的資本週期中，擁有健康的策略專案管道，我想介紹一些更新，以適應我們當前的投資組合和市場機會。

As discussed on the prior chart, we are now reclassifying our traditional power funnel as a growth platform.

如同前面的圖表所討論的，我們現在將傳統的電力漏斗重新歸類為成長平台。

Additionally, we have own test & measurement for a year and integrate it into our processes, including how we pursue projects and manage the business.

此外，我們擁有自己一年的測試和測量經驗，並將其融入我們的流程中，包括我們如何開展專案和管理業務。

While semiconductor has been in a tough cycle, we see it as a driver of future growth supported by macro trends such as nearshoring, advanced packaging and ubiquity of chips.

儘管半導體產業正處於艱難的周期中，但我們認為，在近岸外包、先進封裝和晶片普及等宏觀趨勢的支持下，半導體產業將成為未來成長的驅動力。

We have included the large semiconductor project opportunities currently valued at $300 million and are classifying it as a growth platform.

我們已經納入了目前價值 3 億美元的大型半導體專案機會，並將其歸類為成長平台。

With this addition, our funnel now is at $11.5 billion.

加上這筆資金後，我們的收入管道現在已達到 115 億美元。

Excluding semiconductor, our funnel is $11.2 billion, consistent with last quarter and up 7% year-over-year.

不包括半導體，我們的漏斗是 112 億美元，與上一季持平，年增 7%。

Many verticals in the funnel were up double-digit year-over-year, led by Life Sciences, LNG, sustainability and decarbonization, nuclear and traditional power.

該通路中的許多垂直產業年增率均達到兩位數，其中以生命科學、液化天然氣、永續性和脫碳、核能和傳統能源最為突出。

Combined with the approximately $400 million of project awards in the quarter that exited the funnel, this showcases a constructive environment in which customers continue to invest and advance projects.

加上本季已完成的約 4 億美元專案獎勵，這展現出了一個客戶繼續投資和推進專案的建設性環境。

I'll now turn the call over to Mike Baughman.

現在我將電話轉給麥克鮑曼。

Thanks, Lal, and good morning, everyone.

謝謝，拉爾，大家早安。

Please turn to slide 9 to discuss our first quarter financial results.

請翻到第 9 頁討論我們的第一季財務表現。

Underlying sales growth was 2%, led by our process and hybrid businesses, which were up approximately 5%, while our discrete businesses, including safety and productivity, were down approximately 4%.

基本銷售額成長 2%，其中流程業務和混合業務成長約 5%，而包括安全性和生產力在內的離散業務下降約 4%。

We continue to see strong performance from our growth platforms, which were collectively up mid-single digits, led by industrial software, energy transition, which includes LNG and life sciences.

我們的成長平台持續表現強勁，整體成長幅度達到個位數中段，其中工業軟體、能源轉型（包括液化天然氣）和生命科學表現突出。

Investment across greenfield, brownfield and modernization projects continues at robust levels.

對綠地、棕地和現代化項目的投資持續保持強勁水準。

Price contributed 1.5 points to growth.

價格對成長貢獻了1.5個百分點。

Underlying growth was up 4% in Asia and the Middle East and up 3% in the Americas.

亞洲和中東地區基本成長率為 4%，美洲地區基本成長率為 3%。

Europe was down 2%.

歐洲下跌2%。

Software and control grew 4%, while Intelligent Devices grew 2%.

軟體和控制增長了 4%，而智慧型設備增長了 2%。

Backlog increased slightly to $7.3 billion.

積壓訂單小幅增加至 73 億美元。

Sequentially, and excluding FX, total backlog was up 4%, led by our process and hybrid businesses, which were up mid-single digits, while our discrete businesses were up low single digits.

與上一季相比，除去外匯，總積壓訂單增長了 4%，其中流程業務和混合業務增長了中等個位數，而離散業務增長了低個位數。

Adjusted segment EBITDA margin improved 340 basis points to 28%, a record high.

調整後分部 EBITDA 利潤率提升 340 個基點，達到 28%，創歷史新高。

Margin expansion was driven by favorable price and net material inflation mix, the benefit of cost reductions and synergy realization.

利潤率的擴大主要得益於優惠的價格和淨材料通膨組合、成本降低及綜效的實現。

Operating leverage of 265% exceeded our guide due to outstanding profit performance and the effect of foreign exchange rates on margins.

由於出色的利潤表現和外匯匯率對利潤率的影響，265%的營業槓桿超出了我們的預期。

Adjusted EPS grew 13% to $1.38, up $0.16 and is a strong start to the year.

調整後每股收益成長 13% 至 1.38 美元，上漲 0.16 美元，為今年開了個好頭。

I will discuss adjusted EPS in more depth on the next chart.

我將在下圖中更深入地討論調整後的每股盈餘。

Lastly, free cash flow was $694 million, up 89% versus the prior year.

最後，自由現金流為 6.94 億美元，比上年增長 89%。

This strong performance was driven by higher earnings, improved working capital and tailwinds from the prior year cash outflow of approximately $100 million for acquisition-related costs and integration activities.

這一強勁表現得益於更高的盈利、更好的營運資本以及去年因收購相關成本和整合活動而產生的約 1 億美元現金流出的有利因素。

Free cash flow margin for the quarter was approximately 17%.

本季自由現金流利潤率約17%。

Please turn to slide 10.

請翻到第 10 張投影片。

We delivered another exceptional quarter operationally in Q1.

我們在第一季又取得了優異的營運成績。

Adjusted earnings per share increased $0.16 from the prior year due solely to operations.

調整後每股收益較前一年增加 0.16 美元，完全由於營運原因。

Software and control of the growth contributing $0.09 and Intelligent Devices contributed $0.07. Corporate and other items netted to 0 as headwinds from stock comp and pension, were offset by an FX tailwind from an unfavorable impact last year.

軟體和控制增長貢獻了 0.09 美元，智慧型設備貢獻了 0.07 美元。由於股票薪酬和退休金帶來的不利因素，公司和其他項目的淨利潤為 0，但被去年不利影響帶來的外匯順風所抵消。

Overall, adjusted EPS grew 13% year-on-year to $1.38.

總體而言，調整後的每股盈餘年增 13% 至 1.38 美元。

Please turn to slide 11 for details on our Q2 and full year 2025 guidance.

請翻到第 11 張投影片了解我們 2025 年第二季和全年指引的詳細資訊。

The sustained momentum in process in hybrid markets and our strong Q1 operational performance put us in a position to reiterate our full year 2025 guidance for underlying sales, adjusted EPS and free cash flow.

混合市場持續發展的勢頭和我們強勁的第一季營運業績使我們能夠重申 2025 年全年對基礎銷售額、調整後每股收益和自由現金流的指導。

Overall, we expect our process and hybrid businesses to grow mid-single digits for the year, supported by backlog and a resilient funnel.

總體而言，在積壓訂單和彈性管道的支持下，我們預計今年的流程和混合業務將實現中等個位數成長。

We have lowered our full year outlook for our discrete businesses to the low single-digit range.

我們已將離散業務的全年預期下調至個位數低點。

Our discrete businesses have started the year slower than expected, but we expect a meaningful recovery against easier comps in the second half.

我們的離散業務今年開局比預期慢，但我們預計下半年將出現較容易比較的明顯復甦。

As Lal mentioned earlier, China demand has been muted, but we are looking to see growth in the second half as we are expecting recovery in chemical industry with power continuing to be strong in the region.

正如拉爾先前提到的，中國的需求一直低迷，但我們期待下半年出現成長，因為我們預計化學工業將復甦，且該地區的電力將繼續保持強勁。

We are holding underlying sales at 3% to 5%, but lower GAAP net sales guidance to 1.5% to 3.5% due to a foreign exchange headwind of approximately $350 million as the US dollar strengthened at the end of Q1.

我們將基本銷售額保持在 3% 至 5% 之間，但由於第一季末美元走強，外匯逆風約為 3.5 億美元，我們將 GAAP 淨銷售額預期下調至 1.5% 至 3.5%。

This FX movement unfavorably impacted adjusted EPS approximately $0.08, which we have predominantly offset with our strong Q1 operational performance, to hold our prior guidance of $5.85 to $6.05 per share.

這一外匯變動對調整後每股收益產生了約 0.08 美元的不利影響，我們主要透過強勁的第一季度營運業績抵消了這一影響，從而維持了我們之前每股 5.85 美元至 6.05 美元的預期。

We are increasing our expectations for 2025 operating leverage to the 70s versus the mid-40s guidance from November due to the operating performance in Q1 and the impact of FX on leverage.

由於第一季的經營業績以及外匯對槓桿率的影響，我們將對 2025 年經營槓桿率的預期從 11 月的 40 多% 提高到 70 多%。

We are reiterating our free cash flow guidance of $3.2 billion to $3.3 billion.

我們重申 32 億美元至 33 億美元的自由現金流預期。

For the year, we expect to return approximately $3.2 billion to shareholders through dividends of approximately $1.2 billion and share repurchases of approximately $2 billion, of which we completed approximately $1 billion in the first quarter as planned.

今年，我們預計透過約 12 億美元的股息和約 20 億美元的股票回購向股東返還約 32 億美元，其中，我們在第一季度按計劃完成了約 10 億美元。

In the second quarter, we expect underlying sales to be up 1% to 2% and FX to be unfavorable by approximately 1.5 points.

我們預計第二季基本銷售額將成長 1% 至 2%，外匯匯率將下降約 1.5 個百分點。

Our growth reflects tough prior year comps for our process and hybrid businesses and continued softness in discrete.

我們的成長反映了去年流程業務和混合業務的艱難表現以及離散業務的持續疲軟。

However, discrete volumes are expected to be up sequentially and better on a year-over-year basis compared to the Q1 year-over-year change.

不過，與第一季的同比變化相比，預計離散銷售量將環比上升，且同比表現會更好。

We expect adjusted segment EBITDA margin of approximately 26.5% and adjusted EPS between $1.38 and $1.42.

我們預計調整後分部 EBITDA 利潤率約為 26.5%，調整後每股收益在 1.38 美元至 1.42 美元之間。

Consistent with November's guide, our current guidance includes safety and productivity and a 57% ownership of AspenTech.

與 11 月的指導一致，我們目前的指導包括安全性和生產力以及對 AspenTech 57% 的所有權。

We have provided the contribution of safety and productivity as a reference for investors to understand when an exit of this business could look like.

我們提供了安全性和生產力的貢獻，作為投資者了解該業務退出時機的參考。

For the year, we continue to expect safety and productivity to contribute approximately $0.48 of adjusted EPS and approximately $200 million of free cash flow on flat underlying sales.

今年，我們繼續預計安全和生產力將在基本銷售額持平的情況下貢獻約 0.48 美元的調整後每股收益和約 2 億美元的自由現金流。

Regarding AspenTech, we are expecting $0.11 in our Q2 adjusted EPS guide and $0.44 to $0.46 for the year, also the same as communicated in November.

關於 AspenTech，我們預計第二季調整後每股收益為 0.11 美元，全年每股收益為 0.44 至 0.46 美元，與 11 月公佈的結果相同。

Finally, regarding the AspenTech transaction.

最後，關於 AspenTech 交易。

While the effect of the pending AspenTech transaction is not part of our invested EPS guidance today, if we had assumed a successful close in the first half of calendar 2025, the minority buy-in would not have changed our current guidance range of $5.85 to $6.05.

雖然即將進行的 AspenTech 交易的影響不屬於我們今天投資的每股收益指引的一部分，但如果我們假設在 2025 年上半年成功完成交易，少數股權收購就不會改變我們目前的 5.85 美元至 6.05 美元的指導範圍。

And with that, we will now turn the call back to the operator for Q&A.

現在，我們將把電話轉回給接線員進行問答。

(Operator Instructions)

（操作員指令）

Jeff Sprague, Vertical Research.

傑夫‧斯普拉格 (Jeff Sprague)，垂直研究公司。

Hey, thank you.

嘿，謝謝你。

Good morning, everyone.

大家早安。

Just -- and Lal, thanks for the color on the geographic and congrats on the anniversary.

只是——拉爾，謝謝你對地理的描述，並祝賀週年紀念日。

I didn't realize today was the day.

我沒想到今天就是那一天。

Could you just be a little more specific on Mexico, maybe the size of your COGS down there and what parts of your business are most highly exposed?

您能否具體介紹一下墨西哥的情況，例如您在那裡的銷貨成本 (COGS) 是多少，以及你們業務中哪些部分的風險敞口最大？

Good morning.

早安.

Jeff, thank you.

傑夫，謝謝你。

Good to hear you.

很高興聽到你的消息。

No, look, I think we feel very comfortable, obviously, with the understanding of the exposure related to potential tariffs in Mexico.

不，看，我認為我們顯然對墨西哥潛在關稅相關風險的了解感到非常舒適。

We've done the work with our businesses to assess the required price and such activities that we'd have to put in place and we're ready to go.

我們已經與我們的企業合作評估了所需的價格以及我們必須實施的活動，並且我們已經準備好開始了。

But I'm not going to go into the details on COGS, et cetera.

但我不會詳細討論銷貨成本（COGS）等等。

And then on the discussion on discrete that Mike went through, your commentary on discrete is collectively legacy Emerson discrete plus test and measurement is there any distinction to be drawn between what you're expecting for the remainder of the year in those two businesses in terms of their trajectory or other factors?

然後，關於 Mike 所討論的離散產品，您對離散產品的評論是統稱傳統的艾默生離散產品加上測試與測量產品，就這兩家企業的發展軌跡或其他因素而言，您對今年剩餘時間的預期有何區別？

No, that's a correct interpretation.

不，這是正確的解釋。

As we referenced the end market.

正如我們所參考的終端市場。

We are referencing those two businesses.

我們正在參考這兩家企業。

The color I gain applies across both as we have exposure in all markets.

由於我們在所有市場都有曝光，因此我所獲得的知識適用於兩者。

Obviously, certainly one or two weighted one way or the other.

顯然，肯定有一兩個因素會以某種方式加權。

Strength in semiconductor in the quarter, which is encouraging to see certain elements of MRO was stronger and industrial applications of those products.

本季半導體表現強勁，令人鼓舞的是看到 MRO 的某些元素表現更強勁以及這些產品的工業應用。

The offset there, and we're watching very carefully is broader factory automation and, of course, automotive.

我們正在密切關注的是更廣泛的工廠自動化，當然還有汽車產業。

.

。

Great.

偉大的。

Thank you.

謝謝。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Hi, good morning.

嗨，早安。

Good morning, Steve.

早安，史蒂夫。

Just kind of a question on like a little bit of a knit, which is the ForEx side.

這只是關於 ForEx 方面的一個問題，有點類似針織。

I think it was a headwind on sales, but it looks in the earnings bridge on in the slides that it was a benefit to EPS of like $0.04 or something.

我認為這是銷售方面的阻力，但從幻燈片中的獲利情況來看，這對每股收益來說是一個好處，大約為 0.04 美元左右。

Can you just explain what's going on there?

你能解釋一下那裡發生了什麼事嗎？

Yes, Steve.

是的，史蒂夫。

It's Mike.

是麥克。

The benefit of $0.04 was largely some transactional effects that was in the prior year that didn't happen in the current year.

0.04 美元的收益主要是前一年發生的一些今年沒有發生的交易效應。

So we had a number of losses that didn't emerge.

因此，我們遭受了一些未顯現的損失。

And again, that's not the translation of the P&L.

再說一遍，這不是損益表的翻譯。

That's just translating the non-functional balance sheet pieces, and that's the $0.04 that we're referencing.

這只是翻譯非功能性資產負債表部分，這就是我們所參考的 0.04 美元。

Okay.

好的。

Great.

偉大的。

And then just one follow-up on the incrementals.

然後只需對增量進行一次跟進。

I mean, like super strong core incrementals here.

我的意思是，這裡有超強的核心增量。

A little bit tough to explain just by operations -- is there -- did you guys have raw material deflation this quarter or is that just a mix impact?

僅從營運角度來解釋有點困難——你們本季是否遭遇了原材料通貨緊縮，還是只是混合影響？

I mean it was pretty much across the Board.

我的意思是這幾乎是全面的。

So just curious as to maybe a little bit more on the bridge for the profits, whether that's deflation or beneficial mix?

所以只是好奇，對於利潤來說，橋樑可能會多一點，無論是通貨緊縮還是有益的組合？

Yes, Steve, Ram here.

是的，史蒂夫，我是拉姆。

Yes, I think we certainly had positive price, 1.5 points of positive price.

是的，我認為我們確實有正價格，1.5個點的正價格。

We had favorable net material inflation, which is the deflation you referenced, we had strong mix, strong growth in AspenTech at good margins.

我們的淨材料通膨率有利，也就是您提到的通貨緊縮，我們的產品組合強勁，AspenTech 成長強勁，利潤率也較高。

So the mix was in our favor.

因此這種組合對我們有利。

So a lot of things went our way in the quarter as it relates to price cost, cost reductions and favorable mix to drive the incrementals that you saw.

因此，本季很多事情都朝著有利於我們的方向發展，包括價格成本、成本削減和有利的產品組合，從而推動了您所看到的增量。

.

。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Andy Kaplowitz, Citi Group.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey, good morning, everyone.

嘿，大家早安。

Good morning, Andy.

早安，安迪。

Lal, sir, project funnel 11.2x semi was pretty stable, as you said, versus Q4, but obviously, there's a lot of geopolitical maganois out there.

拉爾先生，正如您所說，與第四季度相比，項目漏斗 11.2x 半指數相當穩定，但顯然，存在許多地緣政治因素。

So maybe just stepping back and opining on the ability of the funnel to continue to grow?

所以也許只是退一步並評論漏斗繼續增長的能力？

I know you highlighted LNG and power.

我知道您強調了液化天然氣和電力。

So did they, for instance, now lead growth versus let's say, clean energy type projects given the new US administration's focus?

那麼，考慮到美國新政府的重點，它們現在是否引領成長，而不是清潔能源類型的計畫？

And then could you comment on your visibility in the process and hybrid markets continuing to grow mid-single digits?

那麼您能否評論一下您在流程和混合市場中的知名度是否繼續以中位數個位數成長？

I know you reiterated that, but confidence level on that?

我知道您重申了這一點，但對此有信心嗎？

Yes.

是的。

Thanks, Andy.

謝謝，安迪。

It's a great question.

這是一個很好的問題。

Certainly, we have not seen any abatement in the commitment of our customers to not just make investments to increase energy security and affordability efforts but also to decarbonize their operations.

當然，我們沒有看到客戶的承諾有任何減弱，他們不僅要投資提高能源安全和可負擔性，還要實現營運脫碳。

They seem to be working hand in hand and that's based on commitments that have been made to shareholders and employees and communities.

他們似乎正在攜手合作，這是基於對股東、員工和社區的承諾。

So we're continuing to see that across the world.

我們在世界各地持續看到這種現象。

Further, the investments in power generation seem to be relatively balanced.

此外，發電方面的投資似乎相對平衡。

We certainly think that nuclear we'll have a -- we are in the beginning of a renaissance on the nuclear space with not just the extension of life of plants, but the recommissioning in the past mothball facilities, just three [such] in the United States that have been publicly announced so far.

我們當然認為，核能將迎來——我們正處於核能領域復興的開端，這不僅是核電站壽命的延長，而且是過去封存設施的重新啟用，到目前為止，美國公開宣布的封存設施只有三座。

But in addition to that, combined (inaudible) will play a big role, so gas burning, which ties back to the investments made in the field.

但除此之外，綜合（聽不清楚）將發揮重要作用，也就是天然氣燃燒，這與該領域的投資息息相關。

But we're continuing to see acceleration as well in hydro, wind, and solar investments.

但我們持續看到水力、風能和太陽能投資的加速。

And of course, the promise of hydrogen continues to be out there with significant investments being made in the Middle East and use cases being developed in Korea and Japan for that energy.

當然，氫能的前景仍然光明，中東地區正在進行大量投資，韓國和日本也在開發氫能的應用案例。

So watching all of those carefully don't really have a sense today or concern about a slowdown in a sustainability funnel, and I would expect that to continue to be robust through the quarter.

因此，仔細觀察所有這些，今天確實沒有感覺到或擔心可持續發展管道的放緩，我預計這種情況將在本季度繼續保持強勁。

In terms of Process and Hybrid, yes, we are -- we continue to be optimistic based on what we see in the marketplace, not just driven by the capital but also by the modernizations and certainly by the MRO. 3%, 4% of total revenue in the quarter continues to be a very significant driver of our business and the profitability in the business as well.

就流程和混合而言，是的，我們——根據我們在市場上看到的情況，我們繼續保持樂觀，這不僅是受到資本的驅動，還受到現代化和 MRO 的驅動。本季總收入的 3%、4% 繼續成為我們業務和業務盈利能力的重要推動力。

Ram and (inaudible) again to be traveling around who will be in India and Asia.

Ram 和（聽不清楚）再次前往印度和亞洲旅行。

I'll be in the Middle East next week.

我下週會去中東。

We continue to get a sense with our customers of the investment, but nothing that we've heard to date, would give me concern on the strength of the funnel.

我們繼續向客戶了解投資情​​況，但迄今為止我們聽到的一切都讓我對通路的強度感到擔憂。

That's helpful.

這很有幫助。

Maybe a preview of your trip next week.

也許是您下週旅行的預覽。

Like in terms of geography, obviously, you mentioned China is still little slow.

例如從地理方面來說，顯然您提到中國仍然有點慢。

Do you think China grows in '25?

您認為中國在25年會成長嗎？

And if it doesn't, can you offset it, for instance, with continued Middle East strength?

如果沒有的話，你能透過持續的中東實力來抵消它嗎？

That's exactly right. we're down mid-single digits in China in the quarter.

完全正確。本季度，中國市場的銷售額下降了中個位數。

We do expect it to better towards the second half, but growth is something we're going to be watching carefully there.

我們確實預計下半年情況會好轉，但我們將密切關注成長情況。

The strength really comes from two well there is the Americas, being one, (inaudible) by North America and the Middle East and Africa region.

其力量其實來自於兩個地區，一個是美洲，（聽不清楚）是北美洲，另一個是中東和非洲地區。

That's the press.

這就是媒體。

And then I will say on a tertiary basis, India, and other parts of Asia as well.

然後我想說，從第三產業來看，印度和亞洲其他地區也是如此。

Ram anything to add?

還有什麼要加的嗎？

Yes.

是的。

No.

不。

I think on China, certainly, the one segment that we're watching very carefully, which is a significant part of our sales mix is bulk chemicals.

我認為，在中國，我們確實非常密切關注的一個領域，也是我們銷售組合中很重要的一部分，那就是大宗化學品。

But there are pockets of activity in power and exports.

但電力和出口方面仍存在一些活動。

Certainly, we have a $20 billion installed base in China.

當然，我們在中國擁有價值 200 億美元的安裝基礎。

We're driving that.

我們正在推動這一點。

But China, overall, to your point, I think if we can drive to a flat year in China, I think that's what's baked into a plan.

但就中國而言，總體而言，正如你所說，我認為如果我們能夠在中國實現平穩發展，我認為這就是計劃中的內容。

And as Lal said, the upside for us or where we have to really press hard is North America and the Middle East.

正如拉爾所說，對我們來說有利的或說我們必須真正努力爭取的是北美和中東。

Appreciate the color, guys.

欣賞這顏色，夥計們。

Thank you.

謝謝。

Joe O'Dea, Wells Fargo.

富國銀行的喬‧奧迪亞 (Joe O’Dea)。

Hi, good morning.

嗨，早安。

I wanted to spend a little bit more time on the margins.

我想在邊緣多花一點時間。

It sounds like price cost was the biggest driver of the margin strength in the quarter.

聽起來價格成本是本季利潤率上升的最大驅動因素。

And so maybe just confirmation around that.

因此也許只是對此進行確認。

And then as well, how you think about that dynamic moving forward?

那麼，您如何看待這種動態未來的發展呢？

Is that easing?

這算是放鬆嗎？

And any color on the cost component of it is that market-based costs or more Emerson actions?

其成本組成部分是否基於市場成本或更多艾默生行動？

.

。

Joe, it's Mike.

喬，我是麥克。

On price/cost, yes, it was a driver as it consistently is for us.

就價格/成本而言，是的，它是一個驅動因素，對我們來說始終如此。

I would say this quarter, cost reduction was actually a bigger driver.

我想說本季度，降低成本實際上是一個更大的驅動力。

We did a lot of work last year in, as you know, test and measurement with the integration and in the discrete business, measurement and analytical.

如您所知，去年我們在整合測試和測量以及離散業務、測量和分析方面做了很多工作。

We did a lot of cost work that's reading through.

我們做了很多正在閱讀的成本工作。

We also got off to a great start on just discretionary cost control in the first quarter that I think we'll see some of that come back in the second quarter.

我們在第一季的可自由支配成本控制方面也取得了良好的開端，我認為我們將在第二季度看到一些回升。

And I'm really glad we did that given what we saw in FX and the FX headwind that we're going to face in the back half.

考慮到我們在 FX 中看到的情況以及我們在下半年將要面臨的 FX 逆風，我很高興我們這樣做了。

The other thing that we thought that Ram touched on was mixed.

我們認為 Ram 提到的另一件事是混亂的。

There's business mix in there.

其中有業務組合。

The Aspen contribution in the quarter was significant.

本季 Aspen 的貢獻十分顯著。

They had a very strong quarter, which drove the adjusted segment EBITDA margin up quite a bit.

他們本季的業績非常強勁，推動調整後分公司 EBITDA 利潤率大幅上升。

Now again, that impact in Q2 won't be quite as big.

現在，第二季的影響不會那麼大。

And then there was the FX that we touched on, which also drove actually a full point of that 340 basis points in the quarter that we won't see.

然後還有我們提到的外匯問題，這實際上也推動了本季 340 個基點的上漲，這是我們不會看到的。

So it was a combination of all of those things.

所以它是所有這些因素的結合。

We'll continue to see cost reductions and price as we do every quarter.

正如每個季度一樣，我們將繼續看到成本降低和價格上漲。

And to give you a little more color, those are running ahead of inflation.

為了給你更多的信息，這些都領先於通貨膨脹。

So it's accretive to the margin.

因此它可以增加利潤。

That's great color.

顏色真棒。

And then to touch on your comment about being in the final phase of portfolio transformation and how we think about that vis-a-vis sort of future M&A appetite you think about sort of post portfolio transformation that we enter more of a bolt-on environment, but just overall what the future sort of portfolio priorities are.

然後談談您關於處於投資組合轉型最後階段的評論，以及我們如何看待未來的併購意願，您認為在投資組合轉型之後，我們將進入一個更具附加性的環境，但總體而言，未來的投資組合優先事項是什麼。

Yes.

是的。

Thanks, Joe. Yes, so I'll reiterate what I said, I think, three months ago.

謝謝，喬。是的，所以我將重申我三個月前說過的話。

This was a very significant transformative effort for the company. a significant amount of M&A activity to put us in the position that we are in now.

這對公司來說是個非常重大的轉型努力。大量的併購活動使我們處於現在的地位。

And so on a go-forward basis, our focus will be on disciplined M&A around bolt-ons, we believe there continue to be billions, some billion dollar opportunities to bring technology into the company and expand our customer relevance.

因此，從未來來看，我們的重點將放在圍繞附加項的規範併購上，我們相信，繼續有數十億美元的機會為公司帶來技術並擴大我們的客戶相關性。

But certainly, returning cash to our shareholders through the dividend, share repurchase where appropriate, as we committed to and investing back into our businesses.

但可以肯定的是，我們會透過股息、適當股票回購等方式向股東返還現金，正如我們承諾的那樣，並重新投資於我們的業務。

We have a great portfolio of technology opportunities for organic investment.

我們擁有豐富的有機投資技術機會。

And that's where the focus will be as we get through this transformation year, which is very forecast.

這正是我們度過轉型年時所關注的重點，這是可以預見的。

Thank you.

謝謝。

Thank you, Joe.

謝謝你，喬。

Nigel Coe, Wolfe Research.

奈傑爾·科（Nigel Coe），沃爾夫研究公司。

Just want to come back to the second half inflection in the (inaudible) and National Instruments.

只是想回到（聽不清楚）和國家儀器的後半部分音調變化。

I mean easier comps, I get, and that's very clear, but what about any sort of near-term KPIs you're tracking?

我的意思是更容易的補償，我明白，這是非常清楚的，但是您正在追蹤的任何近期 KPI 又如何呢？

I mean, obviously, we're seeing some good news on ISM, but are you seeing any kind of orders inflection or book-to-bill above one.

我的意思是，顯然，我們看到了 ISM 的一些好消息，但您是否看到任何類型的訂單變化或訂單出貨比超過 1 呢？

Anything to kind of give you confidence that, that's actually playing out?

有什麼事情可以讓您相信這確實會發生嗎？

Yes, Nigel here, Ram here.

是的，我是奈傑爾，我是拉姆。

First off, we saw sequential orders growth in the discrete business in the first quarter.

首先，我們看到第一季離散業務訂單持續成長。

So that's a positive sign.

這是一個正面的信號。

Certainly, segments where we're seeing inflection is semis for national instruments on the Test & Measurement side and also the broader business, the portfolio business, which is, again, representative of our customers, the broad-based 35,000 customers. stocking up and distribution and integrators putting stock back in.

當然，我們看到轉折點的領域是測試與測量方面的國家儀器的半導體，以及更廣泛的業務，投資組合業務，這再次代表了我們的客戶，廣泛的 35,000 個客戶。庫存和分銷，以及整合商重新進貨。

So that's a good sign.

這是個好兆頭。

Certainly, the North America activity in our traditional discrete automation business has been promising.

當然，我們在傳統離散自動化業務的北美業務一直前景看好。

So some green shoots, but again, the way the second half recovery for us will work is certainly sequential growth to the first half, which I think is built in at a pretty nominal rate to the plan.

因此出現了一些復甦跡象，但是對於我們來說，下半年的復甦方式肯定是相對於上半年實現連續增長，我認為這是按照相當名義上的速度納入計劃的。

But certainly, on a year-over-year basis, the second half comparisons given the second half of last year will be more promising.

但可以肯定的是，與去年下半年相比，下半年的表現將更加樂觀。

And so I think it's thoughtful plan as it relates to how we expect the markets to come back, and the green shoots have certainly been semiconductors portfolio and North America in our discrete business.

因此，我認為這是一個深思熟慮的計劃，因為它與我們預期市場如何復甦有關，而復甦的芽孢肯定是半導體產品組合和北美離散業務。

Thanks very much.

非常感謝。

That's helpful.

這很有幫助。

And then just switching to the LNG slides.

然後只需切換到 LNG 滑梯即可。

Number one, did the moratorium have any impact in terms of -- I mean, I'm sure it did, but how significant is the lifting of the moratorium on new LNG permits.

第一，這項禁令是否產生了任何影響？ 我的意思是，我確信它產生了影響，但解除對新的液化天然氣許可證的禁令有多大意義？

And then the pipeline, 35% North America is a stunning number.

然後是管道，35％ 佔北美，這是一個驚人的數字。

Does your win rates vary across regions?

你們的勝率在不同地區是否有所不同？

I'm just thinking, do you have a stronger win rate in North America versus global?

我只是在想，你們在北美的勝率是否比全球更高？

And do you expect any sort of big order inflection in the back half of the year?

您預計今年下半年訂單數量會大幅變動嗎？

Thanks.

謝謝。

Yes.

是的。

No, good question.

不，這是好問題。

No, certainly, the more term had an impact as investments paused.

不，當然，隨著投資暫停，更長的期限會產生影響。

It was difficult, obviously, to think about financing, obtained financing in an environment where there was uncertainty on whether you could actually export the product.

顯然，在不確定是否可以實際出口產品的情況下考慮融資和獲得融資都是很困難的。

So we saw the delays in place there, which resulted in a significantly lower amount of awards to EPCs in 2024, as I described.

因此，我們看到了那裡的延遲，這導致 2024 年授予 EPC 的數量顯著減少，正如我所描述的那樣。

In terms of the win rate itself, No.

從勝率本身來看，不是。

Look, we put significant effort over the last 2.5 years to create an understanding and develop relationships and in North America to ensure that we could be in a winning position.

你看，在過去的兩年半里，我們付出了巨大的努力來建立理解和發展關係，並在北美確保我們能夠處於勝利的地位。

But our story is even stronger, to be very honest, if you look at Middle East and Africa where the early projects existed in Qatar predominantly.

但說實話，如果你看看中東和非洲，我們的故事就更強大了，早期的計畫主要在卡達。

And so we feel really good globally and our teams is continue to operate and pursue in a very consistent fashion, and we're in a very consistent action around the world.

因此，我們在全球範圍內感覺非常好，我們的團隊繼續以非常一致的方式運作和追求，並且我們在全球範圍內採取了非常一致的行動。

Okay.

好的。

Thanks, guys.

謝謝大家。

Brett Linzey, Mizuho.

瑞穗的布雷特‧林澤 (Brett Linzey)。

Hey, good morning, all.

嘿，大家早安。

Good morning.

早安.

I wanted to come back to the power and renewables portion of the funnel, pretty healthy contribution in the first quarter there on the project wins.

我想回到電力和再生能源部分，第一季該專案獲勝的貢獻相當可觀。

Any context you can offer on the elongation of the sales cycle there or when these wins might begin to convert to the order backlog?

您能否提供有關銷售週期延長的情況或這些勝利何時可能開始轉化為訂單積壓？

Yes.

是的。

No, not really a whole lot of color.

不，顏色確實沒有太多。

You can imagine, I think, much like LNG.

我認為，你可以想像一下，這很像液化天然氣。

These are large, particularly when you're talking about additional capacity.

這些都很大，特別是當你談論額外容量時。

There's a long lead time projects that take time to work themselves through backlog.

有一些專案的準備週期很長，需要花一些時間來解決積壓問題。

I will suggest, however, and I'll ask Ram to have some color that in the modernizations or its capacity expansions, those go pretty quick.

不過，我會建議，我會要求 Ram 說明一下，在現代化或容量擴展方面，這些會進展得相當快。

They're a little faster to bring online.

它們上線的速度更快一些。

So it really varies.

所以它確實是多種多樣的。

When you're thinking about building a new combined cycle power plant, that's a five year, six year type of venture.

當你考慮建造一個新的聯合循環發電廠時，這是一個五年、六年的冒險。

Ram?

記憶體？

.

。

Yes.

是的。

I think you said it, the modernization projects, which actually had a significant impact in Q1 orders performance for us in power will go through flat faster in terms of conversion to sales.

我想您說過，現代化項目實際上對我們第一季的訂單表現產生了重大影響，就銷售轉換而言，其速度會更快。

But certainly, the nuclear projects, which is a good portion of our funnel as well as the combined cycle greenfield plants take much longer to convert to sales.

但可以肯定的是，核電項目（占我們銷售管道的很大一部分）以及聯合循環綠地電廠需要更長的時間才能轉換為銷售。

Okay.

好的。

Got it.

知道了。

And then just a follow-up on orders, so up 1% in the quarter.

然後只是對訂單的跟進，因此本季度增長了 1%。

What are you assuming for order growth for the year as part of this operating framework on the sales side?

作為銷售方面的營運框架的一部分，您對今年的訂單成長有何假設？

And then any color on book-to-bill embedded as part of the planning assumptions?

那麼，作為規劃假設的一部分，訂單出貨比是否包含任何細節？

Yes, Brett, we don't forecast the orders publicly.

是的，布雷特，我們不會公開預測訂單。

So we're not going to comment on that.

所以我們不會對此發表評論。

Book-to-bill was greater than one in the first quarter.

第一季的訂單出貨比大於1。

Book-to-bill was greater than one -- and we will see our typical seasonal book-to-bill with the first half being greater than one in the back half being under 1%.

訂單出貨比大於 1，我們將看到典型的季節性訂單出貨比，上半年大於 1，下半年低於 1%。

And for the full year, I'll tell you that we're expecting book-to-bill to be about one.

就全年而言，我預計我們的訂單出貨比將達到 1 左右。

Okay.

好的。

Great.

偉大的。

Appreciate the detail.

欣賞細節。

Best of luck.

祝你好運。

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

Thank you. Good morning, everyone.

謝謝。大家早安。

Good morning, Deane.

早上好，迪恩。

I tried [not] a bit late.

我嘗試得有點晚了。

I'm not sure if I missed this, but any comments on how January has gotten off?

我不確定我是否錯過了這個，但對於一月份的情況有什麼評論嗎？

Tahe good news is you didn't miss anything.

好消息是你沒有錯過任何東西。

We didn't comment on January.

我們對一月份沒有發表評論。

I'm not going to comment on it beginning of the quarter, and we feel good about the guide we just put out there.

我不會在本季度初對此發表評論，我們對剛發布的指南感到滿意。

Okay.

好的。

And I know there was a reference to mega projects, and there's still lots of focus aware and how they play out.

我知道其中有對大型專案的提及，並且仍然有很多焦點關注以及它們如何發揮作用。

There was a reference to them in -- on the automation side.

在自動化方面有它們的提及。

Just what's your setup, what's your expectation how might there be some ways you benefit and some of the starts that are coming, we think, over the next 12 months?

您的安排是怎樣的？

Yes.

是的。

Deane, Ram Krishnan here.

迪恩，我是拉姆‧克里希南。

On the project funnel, the areas where I think we are well positioned to certainly capitalize our twofold LNG, which Lal described and in very much of detail, and there's a big pipeline of new capacity -- liquefaction capacity coming down the pipe, both in North America as well as in Qatar, where we're well positioned and then certainly in the power industry.

在專案管道中，我認為我們完全有能力利用我們的雙重液化天然氣，正如拉爾非常詳細地描述的那樣，並且有大量新產能——液化產能正在湧現，無論是在北美還是在卡達，我們都佔據有利地位，當然在電力行業也是如此。

But across the board, activity in terms of chemical modernizations in North America, greenfield chemical in the Middle East, certainly, life sciences, diabetes driven drugs investments in the US.

但整體而言，北美的化學現代化、中東的綠地化學、當然還有美國的生命科學、糖尿病驅動藥物投資等活動。

So there's plenty of activity across Life Sciences and metals and mining as well, where we feel pretty good.

生命科學、金屬和採礦業也有很多活動，我們感覺相當不錯。

So the $11.5 billion funnel, which on -- if you take semiconductors out was 11.2% and up 7% year-over-year, represent that -- represents a pretty robust set of activities across a diversified set of industries we're pursuing.

因此，115 億美元的漏斗（如果除去半導體，則為 11.2%，同比增長 7%）代表了我們所追求的多元化行業的一系列相當強勁的活動。

Great.

偉大的。

Thank you.

謝謝。

Saree Boroditsky, Jefferies.

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑富瑞 (Jefferies)。

Thanks for taking the question.

感謝您回答這個問題。

You mentioned some of the cost and synergy actions you realized in the quarter is driving the margin.

您提到本季實現的一些成本和協同效應正在推動利潤率的提高。

Could you just talk about how that plays out the remainder of the year.

您能否談談今年剩餘時間的情況如何？

I think you talked about some discretionary costs coming back starting in the second quarter.

我想您談到了從第二季開始的一些可自由支配的成本。

So maybe if we should expect less of a benefit going forward.

因此，我們或許不該對未來的收益抱持太高的期待。

Thank you.

謝謝。

Well, yes, there will be -- certainly compared to the first quarter.

嗯，是的，與第一季相比肯定會有。

There will be a tempering of some of that cost reduction.

部分成本削減將會有所減緩。

But the cost reduction benefits will continue throughout the year.

但成本降低的效益將持續全年。

I think the other thing that we touched on that's important to think about is gross margin in the first quarter was particularly high due to mix, and that will temper a bit as the year goes on as well.

我認為我們談到的另一件重要的事情是，第一季的毛利率由於產品組合而特別高，而且隨著時間的推移，這種狀況也會有所緩和。

So I touched on the other drivers as you think about moving forward in comparing the first quarter to the rest of the year, particularly around FX, which was the one point in the quarter.

因此，在比較第一季與今年剩餘時間的表現時，我談到了其他驅動因素，尤其是外匯，這是本季的關鍵點。

But we will continue to drive cost reductions throughout the year.

但我們全年將繼續推動降低成本。

And that will be an uplift to the margin as we move forward.

隨著我們不斷前進，這將會提高利潤。

Yes, you said it, Mike.

是的，你這麼說，麥克。

I think price/cost, which was positive in the first quarter continues through the year.

我認為價格/成本在第一季呈現正成長趨勢，並將持續到全年。

Cost reductions, which was positive in the first quarter continues through the year.

成本削減在第一季取得了積極進展，並持續到全年。

What will change is fundamentally the mix dynamic, which was hugely positive in Q1 and drove the 28% EBITDA margins at the segment level will change.

從根本上來說，變化的是組合動態，該動態在第一季表現出極大的積極性，並推動了分部層級 28% 的 EBITDA 利潤率改變。

We've modelled that into the year as well as dynamics around discretionary spend, which was throttled in the first quarter, some of that, as Mike referenced, will come back.

我們已經將其納入全年模型，並模擬了可自由支配支出的動態。

So that's how I would think about modelling margins for the rest of the year.

這就是我對今年剩餘時間利潤模型的看法。

Great.

偉大的。

And just a quick one on the discretionary commentary.

我只想快速談一下自由裁量權的評論。

You talked about factory automation and auto as markets you're watching.

您談到了您正在關注的工廠自動化和汽車市場。

Just maybe comment on what you're seeing from both of those and how you expect those to potentially accelerate in the second half.

只是可能評論一下您從這兩者中看到了什麼，以及您預計它們在下半年將如何加速發展。

Yes, I mean, both those markets have remained pretty depressed auto, very depressed, particularly on the EV side.

是的，我的意思是，這兩個市場的汽車市場一直處於低迷狀態，非常低迷，尤其是電動車方面。

And then certainly, on the factory automation, though we've seen pockets of activity in North America Europe, Germany and then certainly China, where we have that exposure have been muted.

當然，在工廠自動化方面，雖然我們看到北美、歐洲、德國以及中國的一些活動，但我們對這方面的關注較少。

We are not expecting significant recovery on an absolute basis as we move into the second half, but the power of easier comparisons in the second half will drive growth in both those segments and that's how it's modelled in for the rest of the year.

我們並不預期下半年會出現絕對意義上的顯著復甦，但下半年更容易比較的優勢將推動這兩個領域的成長，這也是今年剩餘時間的預測方式。

Christopher Glynn, Oppenheimer.

奧本海默的克里斯托弗·格林。

Thanks.

謝謝。

Just wanted to ask about the overall pace of control system competitive conversions.

只是想問一下控制系統競爭性轉換的整體步伐。

I think that's part of your story, a lot of end market focus today.

我認為這是你的故事的一部分，當今許多終端市場都關注這一點。

But curious about win rate trends as you leverage the combined technology portfolio across Emerson for competitive displacement.

但當您利用艾默生的綜合技術組合進行競爭取代時，您對勝率趨勢感到好奇。

And any updates on any revenue model changes there in terms of the install value versus recurring maintenance with the control systems side of the business?

就安裝價值與控制系統業務的經常性維護而言，收入模式有什麼改變嗎？

Yes.

是的。

I mean, no major changes as it delays to I think the installed base win and the MRO conversions, that's pretty consistent with how we have traditionally operated in our Control Systems business, both with DeltaV innovation.

我的意思是，沒有重大的變化，因為它延遲了我認為安裝基礎的勝利和 MRO 轉換，這與我們傳統上在控制系統業務中的運作方式非常一致，兩者都採用了 DeltaV 創新。

I think the competitive displacements, particularly in our power business continue, that's been strength of how we've driven differentiated growth in that space.

我認為競爭性的取代，特別是在我們的電力業務中持續下去，這是我們推動該領域差異化成長的優勢。

And certainly, with DeltaV as well, but we couldn't point to any significant change in the level of activity there.

當然，DeltaV 也是如此，但我們無法指出那裡的活動水平發生任何顯著變化。

I think it's consistent with how we've performed in the past and we continue to gain momentum.

我認為這與我們過去的表現一致，而且我們將繼續獲得發展動力。

Great.

偉大的。

And then -- you talked a lot about margins on an overall Emerson level.

然後 - 您談了很多關於艾默生整體水平的利潤率。

I think in particular, measurement and analytical and control systems and software hit kind of new threshold levels of profitability.

我認為，特別是測量、分析和控制系統和軟體達到了盈利的新門檻水準。

And that doesn't get explained by AspenTech having a really strong quarter for Emerson's overall mix.

但這並不能解釋 AspenTech 本季對 Emerson 整體業績表現的強勁表現。

So curious if you could talk a little bit about those couple of segments profitability.

我很好奇您是否可以談談這幾個部分的盈利能力。

Yes.

是的。

So for the systems business, they had a very strong gross margin quarter.

因此對於系統業務而言，他們本季的毛利率非常強勁。

They had some favorable closeouts of projects due to strong execution.

由於出色的執行力，他們完成了一些有利的項目。

And they also benefited quite a bit from the SG&A spend during the quarter.

他們也從本季的銷售、一般及行政開支中獲益頗豐。

And then on the (inaudible) business, the measurement analytical business, they had pretty consistent gross margins quarter-to-quarter -- very good gross margins, but consistent and benefited from the SG&A.

然後在（聽不清楚）業務，即測量分析業務方面，他們每個季度的毛利率都相當穩定 - 非常好的毛利率，但保持穩定，並且受益於銷售、一般及行政費用。

And that was in part due to the work that was done last year to take some cost out of that cost base, and they had some discretionary as well.

這在一定程度上是由於去年所做的工作，從成本基礎中拿出了一些成本，而且他們也有一些可自由支配的成本。

So that's what was going on with those two, and we're really pleased with the performance there.

這就是他們兩個發生的事情，我們對他們的表現非常滿意。

Sounds great.

聽起來不錯。

Thank you.

謝謝。

This concludes our question-and-answer session, and the conference has now concluded.

我們的問答環節到此結束，會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。