艾默生電氣 (EMR) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Emerson third quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

早安，歡迎參加艾默生 2025 年第三季財報電話會議。（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 your host, Colleen Mettler, Vice President of Investor Relations at Emerson. Please go ahead.

現在，我想將會議交給主持人、艾默生投資者關係副總裁科琳·梅特勒 (Colleen Mettler)。請繼續。

Good morning, and thank you for joining Emerson's third quarter 2025 earnings conference call. This morning, I am joined by President and Chief Executive Officer, Lal Karsanbhai; Chief Financial Officer, Mike Baughman; and Chief Operating Officer, Ram Krishnan.

早安，感謝您參加艾默生 2025 年第三季財報電話會議。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 turn to slide 2. This presentation may include forward-looking statements, which contain a degree of business risk and uncertainty. Please take time to read the safe harbor statement and note on non-GAAP measures.

請翻到投影片 2。本簡報可能包括前瞻性陳述，其中包含一定程度的商業風險和不確定性。請花時間閱讀安全港聲明和非公認會計準則措施的說明。

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

現在，我將把電話轉給艾默生總裁兼執行長 Lal Karsanbhai，請他致開幕詞。

Thank you, Colleen. Good morning, everyone. I would like to begin by thanking the global Emerson teams for delivering yet another strong quarter. With the support of Emerson's Board of Directors, we are energized by the company we have created with highly differentiated technology, serving a diverse set of industries and customers and a compelling value creation proposition for investors.

謝謝你，科琳。大家早安。首先，我要感謝艾默生全球團隊又一個強勁的季度表現。在艾默生董事會的支持下，我們為所創建的公司注入了活力，該公司擁有高度差異化的技術，服務於各種行業和客戶，並為投資者提供引人注目的價值創造主張。

Please turn to slide 3. In May, we hosted approximately 3,000 attendees from 51 countries at Emerson Exchange, where we showcased how Emerson is accelerating innovation to lead the future of automation. Innovation is integral to Emerson. And three key product developments demonstrate the notable progress we are making to advance our world-class industrial software portfolio.

請翻到幻燈片 3。5 月份，我們在艾默生交流會上接待了來自 51 個國家的約 3,000 名與會者，展示了艾默生如何加速創新以引領自動化的未來。創新對艾默生而言至關重要。三項關鍵產品的開發顯示我們在推進世界一流的工業軟體產品組合方面取得了顯著進展。

First, we announced a strategic collaboration with TotalEnergies, a significant milestone in realizing Emerson's boundless automation vision with our new enterprise operations platform. Building on a nearly 30-year relationship Emerson will deploy our industrial data fabric to continuously collect, store and contextualize millions of real-time data points from TotalEnergies facilities providing secure and unified access to data across the organization.

首先，我們宣布與 TotalEnergies 建立策略合作關係，這是我們利用新企業營運平台實現艾默生無限自動化願景的重要里程碑。基於近 30 年的合作關係，艾默生將部署我們的工業資料結構，以持續收集、儲存和情境化來自 TotalEnergies 設施的數百萬個即時資料點，從而為整個組織提供安全、統一的資料存取。

The digital infrastructure, which also includes Emerson's advanced process control solutions, will enable TotalEnergies to optimize operational performance and accelerate AI implementation. This data fabric technology is foundational for Emerson's enterprise operations platform. The industry-first software-defined OT ready digital platform that seamlessly integrates and optimizes industrial operations.

該數位基礎設施還包括艾默生先進的製程控制解決方案，將使 TotalEnergies 能夠優化營運效能並加速人工智慧的實施。此資料結構技術是艾默生企業營運平台的基礎。業界首個軟體定義的 OT 就緒數位平台，可無縫整合和優化工業營運。

Next, we released the Ovation AI-enabled Virtual Adviser which is the first Gen AI adviser integrated into a control system for power generation. The Ovation Virtual Adviser as part of Ovation 4.0, enables advanced power plant diagnostics using Microsoft Azure OpenAI to increase productivity and operational awareness. This highly differentiated solution is driving strong traction with over 80% of upcoming modernization projects involving an upgrade to Ovation 4.0. For example, Ovation was selected by Entergy to automate power generation at two greenfield combined cycle power plants. Entergy today provides electricity to 3 million customers and is expanding in Texas and Mississippi with [2 754-megawatt] generation facilities. Emerson was chosen for our leading technology, local presence and enterprise scalability across multiple sites.

接下來，我們發布了支援 Ovation AI 的虛擬顧問，這是第一個整合到發電控制系統中的 Gen AI 顧問。Ovation Virtual Adviser 作為 Ovation 4.0 的一部分，使用 Microsoft Azure OpenAI 實現高級發電廠診斷，以提高生產力和營運意識。這款高度差異化的解決方案正在強勁發展，超過 80% 的即將進行的現代化改造項目都涉及升級到 Ovation 4.0。例如，安特吉公司 (Entergy) 選擇 Ovation 為其兩座新建聯合循環發電廠實現發電自動化。安特吉電力目前為 300 萬客戶提供電力，並正在德州和密西西比州擴建 [2,754 兆瓦] 發電設施。選擇艾默生是因為我們擁有領先的技術、本地影響力以及跨多個站點的企業可擴展性。

Third, Emerson unveiled Nigel AI adviser in its market-leading test software. This innovation is the company's first step in integrating test optimized AI technology into its trusted LabVIEW portfolio will aid engineers in unlocking the full potential of our world-class software tools to address the increasing complexity of test and measurement across industries like semiconductor, transportation and electronics. Nigel can analyze, code and provide recommendations for improvements when developing and executing tests through plain language prompts, enabling engineers to focus on their own innovation and business goals.

第三，艾默生在其市場領先的測試軟體中推出了Nigel AI顧問。這項創新是該公司將測試優化的 AI 技術整合到其值得信賴的 LabVIEW 產品組合中的第一步，將幫助工程師充分發揮我們世界一流軟體工具的潛力，以應對半導體、運輸和電子等行業日益複雜的測試和測量問題。Nigel 可以在開發和執行測試時透過簡單易懂的語言提示進行分析、編碼並提供改進建議，使工程師能夠專注於自己的創新和業務目標。

Please turn to slide 4. Investments in automation continue to drive resilient demand in Emerson's process and hybrid markets as customers seek to modernize and improve their operations. The discrete recovery progressed further, particularly in test and measurement markets. North America, India and the Middle East and Africa have been strong. And we expect these regions to remain growth drivers with sustained investment across LNG, power and life sciences.

請翻到幻燈片 4。隨著客戶尋求營運現代化和改善，對自動化的投資繼續推動艾默生製程和混合市場對彈性需求的推動。離散市場復甦進一步推進，特別是在測試和測量市場。北美、印度、中東和非洲表現強勁。我們預計這些地區將繼續保持成長動力，並在液化天然氣、電力和生命科學領域持續投資。

Our industrial software, ACV again grew double digits over the prior year and ended the quarter at $1.5 billion. Underlying orders grew 4% and led by Test & Measurement, up 16% and with our process and hybrid businesses again up mid-single digits. MRO remained strong at 62% of sales with software and cybersecurity upgrades driving increased activity in long-term service agreements. The dynamic tariff environment persisted and our exposure was less than expected in the quarter.

我們的工業軟體 ACV 再次比去年達到兩位數成長，本季末達到 15 億美元。基礎訂單成長了 4%，其中測試與測量業務成長了 16%，而我們的流程和混合業務再次實現了中等個位數的成長。MRO 保持強勁，佔銷售額的 62%，軟體和網路安全升級推動了長期服務協議活動的成長。動態關稅環境持續存在，本季我們的曝光度低於預期。

As the quarter progressed, we decided to ease the scope of surcharges, which meaningfully impacted our third quarter sales growth. Underlying sales growth was 3%, and we delivered excellent profitability. Emerson's adjusted earnings per share of $1.52 met the top end of our guide and better-than-expected free cash flow generation led to a 21.3% margin. Mike Baughman will provide additional color on the results in a few slides.

隨著本季的進展，我們決定放寬附加費的範圍，這對我們第三季的銷售成長產生了重大影響。基礎銷售額成長了 3%，我們實現了出色的獲利能力。艾默生調整後的每股收益為 1.52 美元，達到了我們預期的水平，而好於預期的自由現金流產生了 21.3% 的利潤率。Mike Baughman 將在幾張投影片中對結果進行更詳細的說明。

Our teams are committed to completing a strong 2025, and we are pleased to see the turn in our discrete end markets. In the fourth quarter, we expect underlying sales growth of 5% to 6%, driven by further improvements in Test & Measurement and sustained growth in our process and hybrid businesses. We project adjusted segment EBITDA margin of 27%, higher than previously planned due to the impact of lower tariff exposure with adjusted EPS of $1.58 to $1.62.

我們的團隊致力於在 2025 年取得強勁成績，我們很高興看到離散終端市場的轉變。在第四季度，我們預計基本銷售額將成長 5% 至 6%，這得益於測試與測量業務的進一步改善以及流程和混合業務的持續成長。我們預計調整後的部門 EBITDA 利潤率為 27%，高於先前的計劃，原因是關稅風險降低的影響，調整後的每股收益為 1.58 美元至 1.62 美元。

As we look forward to fiscal 2026, we expect strong exit rates for underlying orders to support underlying sales within our growth framework. Additionally, we will be hosting an investor conference on November 20 in New York City. We look forward to talking about our transport portfolio and a differentiated value creation framework. More details will be communicated as we approach the conference.

展望 2026 財年，我們預期基礎訂單的強勁退出率將支持我們成長框架內的基礎銷售。此外，我們將於 11 月 20 日在紐約市舉辦投資者會議。我們期待討論我們的運輸組合和差異化價值創造框架。隨著會議臨近，我們將公佈更多細節。

Please turn to slide 5. Emerson's demand outlook remains healthy. As expected, underlying orders in our process and hybrid businesses grew mid-single digits in the quarter and are expected to maintain similar growth in the fourth quarter. The secular need for energy security and affordability is leading to significant activity in LNG across the globe and increasing electricity demand in the Americas and Asia is driving robust activity in power. For example, underlying orders in our Ovation business were up 40% in the quarter. and we expect to end the year up over 20%. We are also seeing strong demand in Life Sciences with customers investing in biomedicines and GLP-1 drugs.

請翻到投影片 5。艾默生的需求前景依然健康。正如預期的那樣，我們流程和混合業務的基本訂單在本季度增長了中等個位數，預計第四季度將保持類似的成長。對能源安全和可負擔性的長期需求導致全球液化天然氣活動活躍，而美洲和亞洲不斷增長的電力需求則推動了電力活動的強勁增長。例如，我們 Ovation 業務的基本訂單在本季成長了 40%，我們預計今年年底將成長 20% 以上。我們也看到生命科學領域的需求強勁，客戶對生物醫學和 GLP-1 藥物進行了投資。

The capital cycle remains constructive, and we continue to see new investments, replenish projects booked from our $11.2 billion funnel. Underlying orders in our discrete businesses were up 6% in the third quarter, led by Test & Measurement, which was up 16% due to robust growth across all world areas. The recovery in these markets is building momentum, and we expect underlying orders growth in test and measurement to approach 20% in the fourth quarter, supporting double-digit order rates in our discrete businesses as we exit the year.

資本週期仍然保持建設性，我們繼續看到新的投資，補充我們 112 億美元漏斗中預訂的項目。第三季度，我們離散業務的基本訂單成長了 6%，其中測試與測量業務成長最快，由於全球所有地區的強勁成長，該業務成長了 16%。這些市場的復甦勢頭正在增強，我們預計第四季度測試和測量領域的潛在訂單增長將接近 20%，從而支持我們在今年年底前實現離散業務的兩位數訂單率。

Emerson has now posted two consecutive quarters of mid-single-digit underlying orders growth. In July with a strong start to the fourth quarter, the trailing three-month underlying orders growth of 6%. As we exit the year, we expect underlying orders growth between 5% and 7%.

艾默生目前已連續兩季實現中等個位數的基本訂單成長。7月第四季開局強勁，過去三個月基本訂單成長6%。今年即將結束時，我們預計基礎訂單成長率將在 5% 至 7% 之間。

Please turn to slide 6. Our view for full year 2025 underlying sales remains similar to what we communicated in the May earnings call. Demand trends are favorable and support our fourth quarter outlook for underlying sales growth to accelerate to 5% to 6%. We expect fourth quarter underlying sales for our process and hybrid businesses in the mid-single digits, driven by global investment in LNG, power and life sciences. Our discrete businesses are expected to be up double digits in the quarter, reinforced by the recovery in Test & Measurement, which is expected to be up sharply with growth in the high teens.

請翻到幻燈片 6。我們對 2025 年全年基本銷售額的預期與我們在 5 月財報電話會議上表達的預期相似。需求趨勢良好，支持我們對第四季基本銷售成長加速至 5% 至 6% 的預期。我們預計，受全球對液化天然氣、電力和生命科學的投資所推動，我們的流程和混合業務第四季的基本銷售額將達到中等個位數。我們的離散業務預計在本季將實現兩位數成長，這得益於測試與測量業務的復甦，預計該業務將大幅成長，成長率達到十幾歲。

In the Americas, we expect broad-based strength in North America MRO and greenfield projects. We plan to see growth accelerate in Europe led by energy security and modernization projects, coupled with recovery in discrete markets. Robust investment is expected to continue in the Middle East, India and Southeast Asia, and we expect China to be up slightly, supported by power and marine with improving business fundamentals in Test & Measurement markets.

在美洲，我們預計北美 MRO 和綠地計畫將全面走強。我們預計，在能源安全和現代化項目的帶動下，以及離散市場的復甦，歐洲的成長將加速。預計中東、印度和東南亞的投資將持續強勁，我們預期中國的投資將略有成長，受電力和船舶產業的支撐，以及測試和測量市場業務基本面的改善。

We continue to see strength in customer adoption of our subscription software and expect double-digit ACV growth for the full year. Notably, ACV in AspenTech's digital grid management grew 26% in the third quarter with strong momentum across North America and Europe.

我們繼續看到客戶對我們訂閱軟體的採用力度不斷加大，並預計全年 ACV 將實現兩位數成長。值得注意的是，AspenTech 數位電網管理的 ACV 在第三季成長了 26%，在北美和歐洲發展勢頭強勁。

Please turn to slide 7. The tariff environment continues to be dynamic. Emerson's annualized gross incremental tariff impact is now approximately $210 million, which is down from our prior estimate of $455 million given the recent announcements. In the fiscal year, we are now expecting a gross tariff impact to be $130 million versus our prior estimate of $245 million. After our May earnings call, the tariff environment improved as announced tariffs were paused and deals were reached with a number of trade partners.

請翻到幻燈片 7。關稅環境持續動態。艾默生的年度總增量關稅影響目前約為 2.1 億美元，低於我們根據最近的公告估計的 4.55 億美元。在本財政年度，我們預計總關稅影響將達到 1.3 億美元，而我們先前估計的是 2.45 億美元。在我們五月的收益電話會議之後，關稅環境有所改善，因為宣布暫停徵收關稅並與一些貿易夥伴達成了協議。

Subsequently, due to the improved tariff environment and in consideration of our customers, we decided to ease a number of the surcharges we had in place. We now expect approximately $115 million of price actions for the fiscal year, which equates to 50 basis points of incremental price. This is a 0.5 point reduction versus our prior guide. We have implemented all the price actions and supply chain mitigations to completely offset the impact of this exposure.

隨後，由於關稅環境的改善以及考慮到我們的客戶，我們決定降低一些現有的附加費。我們現在預計本財年的價格行動約為 1.15 億美元，相當於 50 個基點的增量價格。與我們之前的指南相比，這減少了 0.5 個百分點。我們已經實施了所有價格行動和供應鏈緩解措施，以完全抵消這種風險的影響。

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

現在我將電話轉給麥克鮑曼。

Thanks, Lal. Please turn to slide 8, where I will discuss our third quarter financial results. Underlying sales growth was 3%. And Growth was led by our resilient process and hybrid businesses, which were up 3.5%, and our discrete businesses collectively turned positive, up 2% year-over-year. Price contributed 2.5 points in the quarter, less than previously expected due to easing some surcharges. Our sales fell short of guidance driven primarily by this dynamic. Underlying growth was 7% in the Americas and 2% in Asia and the Middle East and Africa, while Europe was down 7%.

謝謝，拉爾。請翻到第 8 張投影片，我將在其中討論我們的第三季財務表現。基本銷售額成長3%。成長主要由我們的彈性流程和混合業務推動，這些業務成長了 3.5%，而我們的離散業務整體呈現正成長，年成長 2%。由於降低了部分附加費，價格在本季度貢獻了 2.5 個百分點，低於先前的預期。我們的銷售額未達到預期，主要是受這種動態的影響。美洲地區基本成長率為 7%，亞洲、中東和非洲地區基本成長率為 2%，而歐洲地區基本成長率下降了 7%。

Software and Control grew 2% and Intelligent Devices was up 3%. Backlog increased to $7.6 billion, and our book-to-bill for the quarter was 1%. Sequentially, backlog was up 2% in both our process and hybrid and discrete businesses. Adjusted segment EBITDA margin of 27.1% met expectations and was negatively impacted by 40 basis points due to tariffs, which primarily affected profitability in Intelligent Devices. We had strong profit contributions from software and control, including synergy realization at AspenTech and Test & Measurement.

軟體和控製成長 2%，智慧型設備成長 3%。積壓訂單增加至 76 億美元，本季的訂單出貨率為 1%。與上一季相比，我們的流程業務、混合業務和離散業務的積壓訂單均成長了 2%。調整後部門 EBITDA 利潤率為 27.1%，符合預期，但因關稅而受到 40 個基點的負面影響，這主要影響了智慧設備部門的獲利能力。軟體和控制為我們帶來了強勁的利潤貢獻，包括 AspenTech 和測試與測量的協同效應實現。

Operating leverage was 25%, and excluding the impact of tariffs, operating leverage was 38%. Adjusted earnings per share in the quarter of $1.52 grew 6% year-over-year, and I will discuss this in more depth on the next chart. On a year-to-date basis, adjusted earnings per share of $4.38 is up 9%, with strong operational performance, contributing an incremental $0.45. Finally, Emerson generated better-than-expected free cash flow of $970 million, resulting in a margin of 21.3%. The cash flow performance was led by higher earnings and improvements in working capital. Year-to-date, free cash flow is up 20% versus the prior year and at a margin of 18%.

營業槓桿為25%，剔除關稅的影響，營業槓桿為38%。本季調整後每股收益為 1.52 美元，年增 6%，我將在下一張圖表中更深入地討論這一點。年初至今，調整後每股收益為4.38美元，成長9%，強勁的營運績效貢獻了0.45美元的增量收益。此外，艾默生實現了9.7億美元的自由現金流，優於預期，利潤率達到21.3%。現金流表現主要得益於更高的收益和營運資本的改善。今年迄今為止，自由現金流比上年增長了 20%，利潤率為 18%。

Please turn to slide 9. Emerson executed well again in Q3. Operations added $0.09 versus the prior year adjusted earnings per share of $1.43. Software and Control added $0.06 and Intelligent Devices added $0.03. The AspenTech buy-in was slightly accretive in the quarter, driven by synergy realization. Nonoperating items netted to 0 as share count and other favorability offset a $0.02 headwind from FX and a $0.02 headwind from pension. Overall, adjusted EPS grew 6% year-on-year to $1.52.

請翻到第 9 張投影片。艾默生在第三季再次表現良好。營運業務每股收益較上年同期1.43美元增加0.09美元。軟體與控制業務每股收益增加0.06美元，智慧設備業務每股收益增加0.03美元。受綜效的推動，AspenTech的收購在本季略有增值。由於股票數量和其他有利因素抵消了外匯和退休金帶來的 0.02 美元的不利因素，非營業項目淨額為 0。總體而言，調整後的每股盈餘年增 6% 至 1.52 美元。

Please turn to slide 10 for additional details on our fourth quarter and full year 2025 guidance. We expect fourth quarter underlying sales growth of 5% to 6%, supported by a meaningful acceleration in Test & Measurement, sustained healthy pace of business in our process and hybrid businesses, a strong backlog position as we enter the quarter and expected incremental tariff-related revenue. Adjusted segment EBITDA is expected to be approximately 27%, up 80 basis points over the prior year with operating leverage of approximately 40%. With this, we expect to land adjusted earnings per share between $1.58 and $1.62, a strong year-over-year growth of 7% to 10%.

請翻到第 10 張投影片，以了解我們 2025 年第四季和全年指引的更多詳細資訊。我們預計第四季度基本銷售額將成長 5% 至 6%，這得益於測試與測量業務的顯著加速、流程和混合業務持續健康的業務節奏、進入本季度時強勁的積壓訂單狀況以及預期的關稅相關收入增量。調整後的部門 EBITDA 預計約 27%，比上年增長 80 個基點，營運槓桿約 40%。因此，我們預計調整後的每股盈餘將達到 1.58 美元至 1.62 美元之間，年增 7% 至 10%。

For the full year, we expect underlying sales to be up approximately 3.5%. Price is now expected to contribute approximately 2.5 points of growth versus 3 points in the prior guide due to decreased tariff exposure, resulting in lower surcharges. We are increasing adjusted segment EBITDA margin guidance to approximately 27.5% with operating leverage of approximately 70%. Adjusted EPS is increased at the midpoint to approximately $6 per share. Free cash flow was also increased to approximately $3.2 billion resulting in a margin of approximately 18%, which includes $200 million of transaction-related headwinds.

我們預計全年基本銷售額將成長約 3.5%。由於關稅風險降低，導致附加費降低，目前預計價格將貢獻約 2.5 個成長點，而先前的指南中則為 3 個成長點。我們將調整後的分部 EBITDA 利潤率預期上調至約 27.5%，經營槓桿率約 70%。調整後的每股收益中位數增加至約每股 6 美元。自由現金流也增加至約 32 億美元，利潤率約 18%，其中包括 2 億美元的交易相關不利因素。

With that, we will now turn the call over to the operator for Q&A.

現在，我們將把電話轉給接線員進行問答。

(Operator Instructions)

（操作員指示）

Jeff Sprague, Vertical Research Partners.

傑夫·斯普拉格（Jeff Sprague），Vertical Research Partners。

Hey thank you good morning everyone.

嘿，謝謝大家早安。

Good morning, Jeff.

早安，傑夫。

Good morning. Hey, I thought you were going with Geoffrey for the AI adviser. Could we just maybe just sort of touch on the margins again and sort of intelligent devices in particular. So I kind of get the tariff math, but dollar sales were actually up in the quarter sequentially and dollar profits were down sequentially. So can we just unpack that a little bit? Were you technically behind on price cost relative to tariffs in the quarter and expecting to catch that up in Q4 or maybe there's something going on in mix or else otherwise?

早安.嘿，我以為你會和傑弗裡一起擔任人工智慧顧問。我們是否可以再次觸及邊緣問題，特別是智慧型設備。所以我大概明白了關稅計算方法，但本季美元銷售額其實是季比上升的，而美元利潤卻是季減的。那我們可以稍微解釋一下嗎？從技術上講，本季相對於關稅的價格成本是否落後，並預計在第四季度趕上這一水平，或者是否存在其他混合情況或其他情況？

Yeah. Jeff, thanks for the question. The Intelligent Devices, you're right, 24.4% and 25% with the adjusted EBITDA margin down about 1.1 points. And there was a meaningful impact of tariffs, which we expected, but there was also a meaningful impact with FX included in there that really wasn't expected that drove that down. When you take those two out, it's up 20 basis points. The other thing to bear in mind is that the tariffs largely hit that group. There isn't nearly as much tariffs in Control Systems and Software. So that's where you see all of that tariff math reading through for the most part. There's some in the other, but it's primarily there. So the unexpected piece was the FX, which is FX, to be clear, of balance sheet exposures that then get mark-to-market and that is in the segment EBITDA margins.

是的。傑夫，謝謝你的提問。智慧型設備，您說得對，24.4% 和 25%，調整後的 EBITDA 利潤率下降了約 1.1 個百分點。關稅產生了重大影響，這是我們預料到的，但其中包含的外匯也產生了重大影響，這確實是出乎意料的，導致了這一數字下降。如果去掉這兩個數字，則上漲了 20 個基點。另一件需要記住的事情是，關稅主要打擊的是該群體。控制系統和軟體的關稅幾乎沒有那麼多。這就是您看到的大部分關稅計算過程。其他地方也有一些，但主要都在那裡。因此，意外的部分是外匯，明確地說，這是資產負債表風險敞口的外匯，然後按市價計價，並且屬於分部 EBITDA 利潤率。

Yeah, great. Thanks for clarifying that. Yes, I was surprised that FX was a headwind on that bridge given you got a translation positive, but the hedge is working through. Understood. And then maybe just on Test & Measurement, the inflection that you're seeing there, how would you kind of characterize vertical markets that might be driving that? Is it broad based? Is it concentrated in a few areas, if there's any geographic color to add, I'd be interested in that also.

是的，很棒。感謝您澄清這一點。是的，我很驚訝 FX 在那座橋上遇到了阻力，因為你得到了積極的翻譯，但對沖正在發揮作用。明白了。那麼也許僅在測試和測量方面，您所看到的拐點，您如何描述可能推動這一趨勢的垂直市場？它的基礎廣泛嗎？它是否集中在幾個地區，如果有任何地理色彩可以添加，我也會對此感興趣。

Yeah. No, I'll comment, Jeff, and I'll let Ram add as well. No, we saw a very broad-based recovery across all segments, in all world areas in Test & Measurement. I would suggest that the most encouraging segment recovery has been in the portfolio business, which is the vast array of thousands of customers with a diversified end market basis and gives us the best indication of the recovery in the market. But in addition to that, aerospace defense continues to remain strong as it has been for a number of quarters now, but the recovery in semiconductor and of course, easy comparisons in automotive made it possible to have a positive order number across all four of the segments. Ram?

是的。不，我會發表評論，傑夫，我也會讓拉姆添加。不，我們看到測試與測量領域所有領域、全球所有地區都出現了非常廣泛的復甦。我認為最令人鼓舞的細分市場復甦是投資組合業務，該業務擁有數千名客戶，終端市場基礎多元化，是市場復甦的最佳指標。但除此之外，航空航太國防領域持續保持強勁勢頭，就像過去幾季一樣，但半導體領域的復甦，當然還有汽車領域的簡單比較，使得四個領域的訂單數都呈現正成長。記憶體？

Yeah. And just to add to that, from a world area or region of the world perspective, Asia being the strongest they went down first, so they're recovering, rebounding very strong. China has been actually very good in terms of recovery as well, followed by North America and then Europe. So I think as Lal said, every segment and every world area is strongly positive.

是的。補充一點，從世界地區或區域的角度來看，亞洲是最強的，他們首先受到衝擊，因此他們正在復蘇，反彈非常強勁。事實上，中國的復甦也非常好，其次是北美，然後是歐洲。所以我認為正如拉爾所說，每個領域和每個世界地區都具有強烈的正面意義。

That's great to hear, thanks, I'll leave it there.

很高興聽到這個消息，謝謝，我就不多說了。

Thank you, Jeff.

謝謝你，傑夫。

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。

Can you just maybe talk about how you saw the quarter play out? I think you guys said the orders in April were up 7%. And I think you may have exited at a bit of a lower rate, maybe May was weak and June came back? Just maybe some color on how these orders trended in May and June.

您能否談談您對本季業績的看法？我想你們說過 4 月的訂單成長了 7%。我認為您可能以較低的速度退出，也許 5 月表現疲軟，而 6 月又回升了？也許只是一些關於這些訂單在五月和六月的趨勢的資訊。

Yeah. We felt strongly about the mid-single-digit exit rate that we talked about at the beginning of the quarter. And there were some puts and takes as we went through in terms of timing speed, which you always have on some of the orders. You can see some of it slipped into July. Some of them might have been pulled for some just large capital bookings. What remains very consistent throughout the quarter was our MRO bookings. That there was really no fluctuation there and that gave us a really good basis. And then we had the capital fluctuations come in and out just based on timing.

是的。我們對本季初談到的中等個位數退出率有強烈的感受。我們在處理時間速度方面也遇到了一些困難，而在某些訂單中，這種情況總是會發生。您可以看到其中一些已經進入 7 月。其中一些可能只是因為一些大額資本預訂而被拉去。整個季度我們的 MRO 訂單量保持非常穩定。那裡確實沒有波動，這給了我們一個很好的基礎。然後，我們的資本波動只是根據時間進出。

Okay. And then just as we move into next year from a kind of software perspective, always tough to for us to model that. Is anything next year with regards to the comps at Aspen or anything like that from a growth perspective that we should keep in mind?

好的。然後，當我們從軟體角度進入明年時，我們總是很難對其進行建模。從成長角度來看，明年我們是否應該關注阿斯彭 (Aspen) 的同類產品或類似產品的情況？

No. I think from an Aspen perspective, certainly ACV continues in terms of high single-digit growth into double digits as some of the synergies come through. So nothing in terms of ACV from an Aspen perspective that is concerning. And then certainly, as it relates to our other businesses, the Process segment will remain pretty consistent at mid-single digits with recovering discrete.

不。我認為從 Aspen 的角度來看，隨著一些協同效應的發揮，ACV 肯定會繼續從高個位數成長到兩位數。因此，從阿斯彭的角度來看，ACV 方面沒有什麼值得擔心的。當然，就我們其他業務而言，流程部門將保持相當穩定的中等個位數成長，並恢復離散成長。

Okay, great, thanks.

好的，太好了，謝謝。

Andy Kaplowitz, Citi.

花旗銀行的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey, good morning, everyone.

嘿，大家早安。

Good morning, Andy.

早安，安迪。

Lal, just a little bit more on your core process and hybrid markets. I know you expected mid-single-digit order growth. That's what you got. If you look at the business or the end markets, you expect stability or maybe slight improvement moving forward. How do you get that? Is it all from power and LNG? And maybe you could talk about some of the weaker markets, what you're seeing like in chemical stabilization there, still getting weaker. How do you look at it?

Lal，請再多談談您的核心流程和混合市場。我知道您預計訂單將實現中等個位數成長。這就是你得到的。如果你觀察一下業務或終端市場，你會預期未來會穩定或略有改善。你是怎麼得到它的？全部來自電力和液化天然氣嗎？也許您可以談談一些較弱的市場，您看到那裡的化學穩定性仍在減弱。你怎麼看？

Yeah. No, certainly, LNG, power generation, and life sciences will continue to fuel process hybrid on a forward basis here, given the visibility we currently have. And we feel very positive about the underlying drivers across all 3 of those. Chemicals is a mixed story. We actually are doing quite well in specialty chemicals. The bulk chemical story is negatively impacted in Europe and in China, and we just have a demand condition and an overcapacity condition that impacts those end markets. And so those are negative for us.

是的。不，當然，鑑於我們目前的狀況，液化天然氣、發電和生命科學將繼續為混合過程提供燃料。我們對這三個因素的潛在驅動因素感到非常樂觀。化學品的情況好壞參半。事實上，我們在特種化學品領域做得相當不錯。歐洲和中國的大宗化學品市場受到負面影響，需求狀況和產能過剩狀況對這些終端市場產生了影響。所以這些對我們來說都是負面的。

But just about as I look forward into 2026. Certainly, I expect the momentum to continue as capacity is invested, not just to meet the energy security needs, but also to nationalize localized manufacturing of drugs and of course, the enormous expansion we have in generation and transmission distribution capacity.

但正如我展望 2026 年。當然，我預計這種勢頭將會持續下去，因為產能投資不僅是為了滿足能源安全需求，也是為了實現藥品在地化生產的國有化，當然還有發電和輸配電能力的巨大擴張。

Got you. And then just back to Test & Measurement, I know, Lal, you've been working on sort of the commercialization of growth there. So maybe you can talk about how much of the improvement is the market, as you answered Jeff's question, but maybe just your own self-help and where you are in that process of improving the business. Obviously, you mentioned LabVIEW and the presentation is outperforming. So maybe you could talk about that as well.

明白了。然後回到測試與測量，我知道，拉爾，你一直致力於那裡的成長商業化。因此，也許您可以談論市場在多大程度上做出了改善，就像您回答傑夫的問題一樣，但也許只是您自己的自助以及您在改善業務的過程中所處的位置。顯然，您提到了 LabVIEW，並且演示效果出色。所以也許你也可以談論這個。

Yeah. I will, and I'll let Ram jump in here as well. Look, so much work has been done, Andy, as you know, by this team led by Ram and Ritu Favre, and they've done an exceptional job resetting this company to address and to be a quick, more nimble responding to market opportunities. So certainly, we have seen market recovery, underlying market recovery, which fuels, but we believe that we're outperforming the market. And that is based on not just the reset of the commercial focus in the company, but also in the new products that we're bringing to market. And the example I highlighted with LabVIEW is a new generation, new incremental product in the marketplace. And I think that's going to make a big difference across the segments. Ram?

是的。我會的，而且我也會讓拉姆跳進來。你看，安迪，正如你所知，由拉姆和里圖·法夫爾領導的這個團隊已經做了大量的工作，他們出色地完成了公司重組工作，使其能夠快速、靈活地應對市場機遇。因此，我們當然已經看到市場復甦，潛在的市場復甦，這是推動力，但我們相信我們的表現優於市場。這不僅基於公司商業重點的重新設定，也基於我們向市場推出的新產品。我重點介紹的 LabVIEW 範例是市場上的新一代、新增量產品。我認為這會對各個領域產生重大影響。記憶體？

Yeah, you said it well. I think the focus on new products, I think, as Lal said, LabVIEW, the software suite, they're launching a new DAQ or a data acquisition product, which I think is a core capability that NI and NI customers were expecting. So I think that's going to be a net positive. But also on the commercial side, going back to the basics as it relates to country-specific growth plans. They have great exposure in many, many parts of the world and going back to the basics and developing go-to-market plans and growth initiatives. Simple things, but hugely important as the market recovers, where our management system deployed is helping NI grow faster than the market, and that's clearly evident in the pace of business we're seeing.

是啊，你說得很好。我認為重點放在新產品上，正如 Lal 所說，LabVIEW 軟體套件，他們正在推出一款新的 DAQ 或資料擷取產品，我認為這是 NI 和 NI 客戶所期望的核心功能。所以我認為這將是一個淨收益。但從商業方面來看，也要回歸到與特定國家的成長計畫相關的基本面。他們在世界許多地方都有廣泛的知名度，並且回歸基礎，制定市場進入計劃和成長舉措。雖然很簡單，但隨著市場復甦，它非常重要，我們部署的管理系統正在幫助 NI 以高於市場的速度成長，這一點從我們看到的業務速度中就可以看出來。

Appreciate it guys.

感謝你們。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Hey, good morning, guys.

嘿，大家早安。

Good morning, Scott.

早安，史考特。

Let me talk a little bit about Ovation, if you don't mind. And just maybe some of this is just going to be reeducating us on kind of how this, how you guys make money there. But when you talk about like orders up 40%. Is this all new projects? Is it a mix of retrofit new projects? How do you kind of guys think about what goes into a new, does a retrofit go into a new order for example? And then I got a follow-up on that, too.

如果你不介意的話，讓我簡單談談 Ovation。也許其中一些只是會重新教育我們如何在那裡賺錢。但是當你談到訂單增加 40% 時。這些都是新項目嗎？這是新舊改造工程的混合嗎？你們怎麼看待新產品的誕生，比如說，改造是否會影響新訂單？然後我也對此進行了跟進。

Yeah. No. Certainly, there are a couple of categories there. There is new projects, new construction, I highlighted the Entergy combined cycle plans as an example. Those typically have long lead times. You book, you do the engineering work, construction begins, you start driving the automation in. There are extension of life implants. That's we're seeing that in combined cycle and coal and in nuclear in the United States and Asia. And then largely and then lastly, there are modernizations whether it's for cybersecurity purposes, AI purposes or other plants put in new control systems and upgrade Ovation. All three of those, Scott, as you know, are bookings, they all have different implications to the ship ratio given the time it takes to implement and build. Ram, any?

是的。不。當然，那裡有幾個類別。有新項目、新建設，我以 Entergy 聯合循環計畫為例。這些通常需要很長的交貨時間。您預訂，您進行工程工作，您開始施工，您開始推動自動化。有延長壽命的植入物。這就是我們在美國和亞洲的複合循環、煤炭和核能中看到的。最後，主要是出於網路安全目的、人工智慧目的，或是其他工廠安裝新的控制系統並升級 Ovation，都會進行現代化改造。斯科特，正如你所知，這三個都是預訂，考慮到實施和建造所需的時間，它們對船舶比例都有不同的影響。有 Ram 嗎？

Yeah, you said it. I think traditionally, the power industry for us has been one of competitive displacement. As you know, greenfield opportunities have really picked up in the recent past. But over the years, we've owned this, it was a competitive displacement story. But what is certainly a net positive for us is the greenfield capacity investment in combined cycle happening in the US to fuel the power needs for the data centers.

是的，你這麼說過。我認為，傳統上，電力產業對我們來說一直是競爭性替代產業之一。如您所知，綠地投資機會近期確實有所增加。但多年來，我們一直擁有這個，這是一個具有競爭力的置換故事。但對我們來說肯定是淨利好的是美國聯合循環的綠地產能投資，以滿足資料中心的電力需求。

But certainly, markets like China as well, there is a significant level of greenfield activity, and we're capitalizing on that with the technology position we have in Ovation. So all three aspects of the business: greenfield, modernizations as well as continued MRO and competitive displacement is fueling the order growth, which will convert to sales over the next couple of years.

但當然，像中國這樣的市場也存在大量的綠地活動，而我們正在利用我們在 Ovation 的技術地位來利用這一點。因此，業務的所有三個方面：綠地、現代化以及持續的 MRO 和競爭性取代都在推動訂單成長，並將在未來幾年轉化為銷售。

Okay. And are those installs profitable? I mean, how do you -- is it more of a loss leader and then you make money over time on the subscription? Or do you make money on the install as well?

好的。這些安裝能帶來利潤嗎？我的意思是，你如何——它更像是一種虧本銷售，然後你透過訂閱隨著時間的推移賺錢？或者您也可以透過安裝賺錢？

We make money on the install. We make more money on the aftermarket. It's the standard formula we've described in the past. I mean, obviously, there's a margin delta between when we win the project, greenfield and modernization and then ongoing MRO is a very profitable revenue stream.

我們透過安裝賺錢。我們在售後市場賺了更多的錢。這是我們過去描述過的標準公式。我的意思是，顯然，當我們贏得專案、綠地和現代化建設之間存在利潤差距，然後持續的 MRO 是一個非常有利可圖的收入來源。

Okay, helpful. Thank you guys. I'll pass it on.

好的，有幫助。謝謝你們。我會傳達的。

Thank you.

謝謝。

Joe O'Dea with Wells Fargo.

富國銀行的喬‧奧迪亞 (Joe O'Dea)。

Hi, good morning. Can you talk through Control Systems and Software a little bit. We saw really good organic growth there last quarter, this quarter, more in that kind of low mid-single-digit range. Just talk about kind of what you saw within Aspen and then Controls and how you're thinking about that growth into the fourth quarter?

嗨，早安。能簡單談談控制系統和軟體嗎？上個季度，我們看到了非常好的有機成長，而本季度，成長幅度則處於中低個位數的範圍內。請談談您在 Aspen 和 Controls 內部看到的情況，以及您如何看待第四季度的成長？

Joe, I'll start this one. Yes. Remember, last quarter, we talked about the Total deal pulling into Q2, which would have been in Q3 and Aspen's Emerson Q3, their Q4 was traditionally their biggest. So we have that movement. But underlying Aspen ACV growth and continued revenue growth, very strong this year. And then the systems business continues to do very well in the mid-single digits and continues to see all the dynamics that Lal and Ram have talked about.

喬，我來開始吧。是的。記得，上個季度，我們談到了道達爾的交易進入第二季度，這本來應該是在第三季度和阿斯彭的艾默生第三季度，而他們的第四季度傳統上是最大的季度。所以我們有這樣的運動。但今年 Aspen 的基本 ACV 成長和持續收入成長非常強勁。然後，系統業務繼續以中等個位數的速度表現良好，並繼續看到 Lal 和 Ram 談到的所有動態。

Yeah, I think you said it. I think overall, from a full year perspective, mid-single-digit growth plus in the systems and software business. But as Mike described, the lumpiness associated with how Aspen recognizes ASC 606 with the Total, for example, as well as project lumpiness and how we execute within systems and software will have variations from one quarter to the next. But overall, we feel very, very good about the high end of the 4% to 7% range for underlying growth in our systems and software business.

是的，我想你這麼說過。我認為總體而言，從全年角度來看，系統和軟體業務將實現中等個位數以上的成長。但正如麥克所描述的，Aspen 如何將 ASC 606 與 Total 進行識別，以及專案不一致性以及我們如何在系統和軟體中執行，都會在一個季度與下一個季度之間有所不同。但總體而言，我們對系統和軟體業務潛在成長率 4% 至 7% 的高端感到非常非常滿意。

Great. That's helpful. And then just a little bit more color on the discrete side of the business and kind of contrasting Test & Measurement with legacy discrete. You did see order acceleration there in Test & Measurement. It looks like discrete orders may be pacing more flattish. And so what you're seeing in the different demand trends there and your expectation for kind of legacy discrete recovery?

偉大的。這很有幫助。然後稍微詳細地介紹業務的離散方面，並將測試與測量與傳統的離散方面進行比較。您確實看到了測試與測量領域的訂單加速。看起來離散訂單的步伐可能更加平穩。那麼，您看到了哪些不同的需求趨勢以及您對傳統離散復甦的預期？

I'll start off, and Ram can add some color. So there are two very important dimensions of the legacy discrete, Joe, that differ from Test & Measurement. The first is exposure to automotive and packaging businesses, particularly in Western Europe and China. And both of those markets continue to be relatively depressed and challenging and that certainly dampened the recovery there. Offset, of course, by some of the more traditional broad-based industrials which have impacted positively. But generally speaking, a much more muted. And you're right, slightly positive as they came out of the quarter, but significantly more muted than the broad-based applications and market exposures that the Test & Measurement business has.

我先開始，Ram 可以加入一些顏色。因此，Joe，傳統的分立元件有兩個非常重要的維度與測試和測量不同。首先是接觸汽車和包裝業務，特別是在西歐和中國。這兩個市場仍然相對低迷且充滿挑戰，這無疑抑制了它們的復甦。當然，一些較傳統的、基礎廣泛的工業也產生了正面的影響。但整體來說，聲音要柔和得多。您說得對，雖然本季的表現略顯積極，但與測試與測量業務的廣泛應用和市場曝光相比，表現要低調得多。

Yeah. And I think the outsized market exposure for us in Europe, which has been the slowest market to recover for our traditional discrete business, our factory automation piece, versus test and measurement points to the disparity in the pace and amplitude of recovery. But as Lal described, I think the automotive segment and then factory automation as it relates to Europe and China have more muted recovery than many of the markets in Test & Measurement.

是的。我認為，我們在歐洲的市場曝光率過高，而歐洲是我們傳統分立業務、工廠自動化部分與測試和測量部分復甦最慢的市場，這表明復甦的速度和幅度存在差異。但正如拉爾所描述的，我認為與歐洲和中國相關的汽車領域以及工廠自動化領域的復甦比測試和測量領域的許多市場更緩慢。

Got it. Thank you.

知道了。謝謝。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Good morning, Lal, just a broader question on your power vertical. You sort of enter the power cycle with sort of very material endowment in terms of market share, the Ovation orders up nicely. Clearly, the Aspen Grid business is doing very well. What do you think is a sustainable growth rate going forward? Can it stay elevated for the next, I don't know, 12 to 24 months, given what's happening in the power gen industry broadly?

早上好，拉爾，我只想問一個關於你的權力垂直的更廣泛的問題。當你進入動力週期時，就市場佔有率而言，你擁有非常實質的禀賦，而 Ovation 的訂單則很好。顯然，Aspen Grid 業務發展得非常好。您認為未來可持續的成長率是多少？考慮到發電產業的整體情況，我不知道它是否能在未來 12 到 24 個月內保持高位？

Yeah. Thanks, Andrew. I'll comment and if Ram or Mike have something to add. I certainly believe it can based on the visibility we have of opportunity across both markets, generation and transmission distribution. And I think it's sustainable in the high teens kind of range over the next couple of years. As a matter of fact, we'll probably highlight this market. And when we all get together in New York City in November as a growth factor for the company because the dollar spend that we're seeing and it's not just a US story, obviously, it is very meaningful and impact.

是的。謝謝，安德魯。如果 Ram 或 Mike 有補充的話我會發表評論。我當然相信，這可以基於我們對發電和輸配電兩個市場機會的了解。我認為，在未來幾年內，這個成長率將維持在十幾個百分點點左右。事實上，我們可能會重點關注這個市場。當我們在 11 月齊聚紐約時，我們看到公司在美元支出方面取得了成長，這不僅僅是一個美國的故事，顯然，它非常有意義且具有影響力。

And as Ram described, it's been a significant shift for this team, which had been, as you noted, it's a high participation rate company to begin with, but essentially grew over the last 20 years by driving competitive displacement. And now we've refocused the team really around project pursuit and expansion of market. And so we see that momentum. We're very close to our customers because of that very large participation in the business, and we are very optimistic about the next 24 months at high rates of growth. Ram?

正如拉姆所描述的，這對這個團隊來說是一個重大的轉變，正如你所說，這本來是一個高參與率的公司，但在過去 20 年裡，透過推動競爭性取代，我們基本上實現了成長。現在，我們已將團隊的重點重新放在專案追求和市場擴張上。因此我們看到了這種勢頭。由於客戶大量參與業務，我們與客戶的關係十分密切，我們對未來 24 個月的高成長率非常樂觀。記憶體？

Yeah. To add to that, our customer intimacy in this business is very high. And based on, I mean, Bob Yeager, who runs this business, has great relationships with a lot of the major power companies here in the US. And certainly, I think their plans for continued investment in capacity expansion in combined cycle. And then certainly, the digital grid management space on the T&D side who supports an investment cycle that goes well beyond two years. Now obviously, you can't call well beyond two years. But certainly, for the next two years, we feel that the funnel is very, very strong on both sides, both generation as well as transmission and distribution. And so we expect these type of growth rates to continue.

是的。除此之外，我們這個業務的客戶親密度非常高。而且，我的意思是，根據經營這項業務的鮑勃·耶格爾 (Bob Yeager) 與美國許多主要電力公司都保持著良好的關係。當然，我認為他們計劃繼續投資於聯合循環產能擴張。當然，輸配電的數位電網管理空間支持超過兩年的投資週期。顯然，你不能預測超過兩年的時間。但可以肯定的是，在接下來的兩年裡，我們感覺到無論是發電還是輸配電，漏斗都會非常非常強勁。因此我們預計這種成長率將會持續下去。

Excellent. And then just looking at where we are in the cycle, I think the narrative from a lot of companies back in the spring, early summer was that tariffs are really impacting the ability of companies to sign off on large projects. I think with 65% of US trading partners sort of having some form of agreement with the US How has the dialogue with your customers changed? Are you getting more visibility? What does the funnel look like? What's the likelihood of large projects actually being released into the calendar year and in early '26?

出色的。然後看看我們所處的周期，我認為許多公司在春季和初夏的說法是，關稅確實影響了公司簽署大型專案的能力。我認為 65% 的美國貿易夥伴都與美國達成了某種形式的協議，您與客戶的對話發生了什麼樣的變化？您的知名度是否提高了？漏斗是什麼樣的？大型專案實際上在日曆年和 26 年初發布的可能性有多大？

Yeah. So Andrew, Ram here. We haven't from our perspective, certainly in LNG, power of life sciences, which is the majority of our project funnel that we continue to drive, we have seen no slowdown in decision-making or approvals to move projects forward. So I think that's the most important data point. Now certainly in terms of some of the sustainability projects in our funnel, and that's not necessarily tariff related.

是的。安德魯，我是拉姆。從我們的角度來看，當然在液化天然氣、生命科學的力量（這是我們繼續推動的專案管道的主體）方面，我們沒有看到決策或批准在推動專案進度方面有任何放緩。所以我認為這是最重要的數據點。現在就我們管道中的一些永續發展項目而言，這些項目不一定與關稅有關。

We have seen some project cancellations that have impacted the overall size of our funnel, but not in a meaningful fashion. But the most important thing is where we see the growth in LNG, power, life sciences. And certainly, even in the US chemical, petrochemical projects and all of the activity in the Middle East, no slowdown, and we continue to yield $350 million to $400 million of project wins a quarter from our $11.2 billion funnel that has been consistent with what we've experienced in the last several quarters.

我們看到一些項目被取消，這對我們漏斗的整體規模產生了影響，但影響並不大。但最重要的是我們看到液化天然氣、電力和生命科學的成長。當然，即使在美國化工、石化項目和中東的所有活動中，也沒有放緩的跡象，我們繼續從 112 億美元的漏斗中獲得每季度 3.5 億至 4 億美元的項目勝利，這與我們過去幾個季度的經歷一致。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Oh, thanks. Good morning. And the point of that, this is not the chatbot, this is the the real person.

噢，謝謝。早安.重點是，這不是聊天機器人，而是真人。

Yeah, Nigel, we honored you with that.

是的，奈傑爾，我們很榮幸您能來。

There you go. It's great. I hope it's got a British accent. Okay. So look, I think that when we you've talked about the order push out. So I just thought maybe we could just double click into sort of the second half order rates, it looks to be mid-singles. I think you pointed to high single-digit order rates in the second half of the year. So just wondering if you can maybe just double click into where you've seen some of the pushouts. I'm guessing some of the energy transition projects have either canceled or pushed out. And then maybe talk about the North American greenfields. Clearly, power and some of the other verticals you talked about, but I'm wondering, are we starting to see some of these reshoring announcements bearing fruit in terms of orders?

就這樣。這很棒。我希望它帶有英國口音。好的。所以看，我認為當我們談論訂單推出時。所以我只是覺得也許我們可以雙擊進入下半年的訂單率，它看起來是中等單打。我認為您指出的是下半年的個位數高訂單率。所以我只是想知道您是否可以雙擊您看到的一些推出的位置。我猜測一些能源轉型項目要么被取消，要么被推遲。然後也許再談談北美綠地。顯然，您談到了電力和其他一些垂直行業，但我想知道，我們是否開始看到其中一些回流公告在訂單方面取得成果？

Yeah. So first of all, I did not talk about order pushouts, Nigel. That was not one of the elements that we experienced in the quarter. There are dynamics around timing of bookings. Some came earlier in the quarter. Some came in July, but we didn't see any dimension or pushouts on bookings on capital. And as I mentioned in the prior comments, the MRO activity and booking pace on MRO, which is, as you know, 62% of the business was very steady throughout the quarter. Ram, any comment why don't you comment on the greenfields?

是的。首先，我沒有談論訂單推遲，奈傑爾。這不是我們本季經歷的因素之一。預訂時間存在動態變化。有些是在本季早些時候來的。有些人在七月就來了，但我們沒有看到首都的預訂量有任何增長或延遲。正如我在之前的評論中提到的那樣，MRO 活動和 MRO 預訂速度（如您所知，佔業務的 62%）在整個季度都非常穩定。拉姆，有什麼評論嗎？為什麼不評論一下綠地呢？

Yeah. I think the greenfields in which is LNG greenfields, power greenfield, life sciences greenfield and even activity in chemical and ethylene and methanol continue to be positive for us in North America. So no pushouts, no slowdowns there. I think you may have picked up on the point. In terms of our funnel, we've seen some moves in sustainability and decarbonization projects in the funnel, but these are not in the quarter or near-term type projects. So that was maybe the commentary you picked up. But in terms of greenfield activity, we stay very, very positive on the movement of these projects in North America.

是的。我認為，液化天然氣綠地、電力綠地、生命科學綠地，甚至化學、乙烯和甲醇領域的活動對我們在北美繼續有利。因此不存在推出，也不存在減速。我想你可能已經明白這一點了。就我們的漏斗而言，我們已經看到永續性和脫碳項目在漏斗中有一些動向，但這些不是季度或近期類型的項目。這也許就是您所聽到的評論。但就綠地活動而言，我們對這些計畫在北美的進展保持非常非常樂觀的態度。

Yeah. Sorry about that, the chatbot gave me the wrong information. So moving on to the discrete automation, sort of the discrete and Test & Measurement outlook. Clearly, we're hitting some really deeply favorable comps here. So we've got a mathematical uplift on comps. But are we seeing a genuine increase in investment from your customers? That's the first part of my second question. And just maybe just touch on this FX pinch to margins. Do you think that's going to be a factor in 4Q as well?

是的。抱歉，聊天機器人給了我錯誤的訊息。因此，繼續討論離散自動化，即離散和測試與測量展望。顯然，我們在這裡獲得了一些非常有利的比較。因此，我們的業績在數學上得到了提升。但我們是否看到客戶的投資真正增加了？這是我的第二個問題的第一部分。或許只是觸及了外匯對利潤率的影響。您認為這也會成為第四季的因素嗎？

I'll take the second part of that, Nigel. We are not planning for the FX pinch on margins in the fourth quarter.

我將負責第二部分，奈傑爾。我們沒有為第四季外匯對利潤率的影響做準備。

Yeah. And in terms of the discrete markets, I mean, for us, obviously, the Test & Measurement growth rates certainly drove the majority of the discrete recovery in terms of momentum. And certainly, many markets within Test & Measurement is an inflection. For example, our largest single market is aerospace and defense.

是的。就離散市場而言，對我們來說，顯然，測試與測量成長率在動力方面肯定推動了離散復甦的大部分。當然，測試與測量領域的許多市場都正在轉變。例如，我們最大的單一市場是航空航太和國防。

And that we'll see and as per the recent announcement, continued momentum in spending across the globe, certainly in Europe and North America, where we have the best presence. So certainly, that's an inflection. Semiconductors both RF and mixed signal, which is where we play, there'll be validation investment, R&D investment as well as capacity investment.

根據最近的公告，我們將看到全球支出繼續保持成長勢頭，尤其是在歐洲和北美，我們在那裡的業務最為活躍。所以這當然是一種改變。我們所從事的領域包括射頻和混合訊號半導體，將進行驗證投資、研發投資以及產能投資。

And then the broad-based T&M recovery is more a sign of markets getting more confident about the pace of investments and our distributors and integrators restocking on NI. So -- now I would say many parts of our discrete market have inflection points and sustained recovery. But certainly, the ones we're watching are factory automation investments out of Germany and China where we haven't seen sustained inflection yet.

然後，廣泛的測試與測量復甦更表明市場對投資步伐以及我們的分銷商和整合商在 NI 上補貨的信心增強。所以——現在我想說，我們離散市場的許多部分都已經出現轉折點並持續復甦。但可以肯定的是，我們正在關注的是德國和中國的工廠自動化投資，我們尚未看到持續的變化。

That's great. Thank you.

那太棒了。謝謝。

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. Good morning, Dean. When we were at the Emerson Exchange in San Antonio, we saw that demo of Ovation AI? And can you just remind us, is this still in beta test? Has it been launched? And it was interesting, the first application, I guess, it's not surprising, is power gen. What's the plan for the rollout for other applications?

謝謝。大家早安。早上好，迪恩。當我們在聖安東尼奧的艾默生交易所時，我們看到了 Ovation AI 的演示？您能否提醒我們，這仍處於 Beta 測試階段嗎？已經推出嗎？有趣的是，我猜，第一個應用是發電，這並不奇怪。推出其他應用程式的計劃是什麼？

Yeah. No. I noted that on slide 3, Deane, that Ovation Virtual Advisor has been launched, and it's integrated in Ovation 4.0. So that's not in the marketplace, and it's off to a very good looking start already. I give an example of Entergy which is building two combined cycle 754-megawatt power plants in Mississippi and Texas, and they're using the technology. So there's a really good customer adoption there already on that product that you saw as a demo.

是的。不。Deane，我注意到第三張投影片上Ovation Virtual Advisor已經發布，並且整合在Ovation 4.0中。所以它目前還沒有上市，而且已經有了一個非常好的開始。我舉一個例子，安特吉公司正在密西西比州和德克薩斯州建造兩座 754 兆瓦的聯合循環發電廠，他們正在使用這項技術。因此，您所看到的演示產品已經獲得了非常好的客戶認可。

Good to hear. And then in your Q this morning, there's a reference to the One Big Beautiful bill talking about the accelerated depreciation that you're saying it would not be a meaningful impact for Emerson. Can you just clarify, is that a reference to your own CapEx? And what about customer CapEx with all this reshoring, there could be some benefit there. Can you just clarify?

很高興聽到這個消息。然後在您今天早上的問答中，提到了“One Big Beautiful”法案，其中討論了加速折舊，您說這不會對艾默生產生重大影響。您能否澄清一下，這是對您自己的資本支出的引用嗎？那麼，隨著這些業務回流，客戶的資本支出可能會有一些好處。你能解釋一下嗎？

You are correct. That is a reference to ours. And you're also correct that it certainly could be a benefit to our customers as they think about CapEx. And just to expand on that a little bit, the provisions of the One Big Beautiful bill are generally favorable for Emerson, avoiding some downsides that were in the outlook as part of TCJA and changing some rates there, that will be helpful modestly helpful as we move forward.

你是對的。這是對我們的一個引用。而且您說得對，當我們的客戶考慮資本支出時，這肯定會為他們帶來好處。稍微擴展一下，One Big Beautiful 法案的條款總體上對艾默生有利，避免了 TCJA 前景中的一些不利因素，並改變了一些利率，這對我們今後的發展將有一定的幫助。

Thank you.

謝謝。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Yeah, thanks good morning guys. Just wanted to ask about the order outlook for 4Q. I think previously, it was up high singles. Now we're looking at 5% to 7% growth. Was that driven by a revision in the factory automation outlook? Can you guys just elaborate a bit there?

是的，謝謝大家早安。只是想問一下第四季的訂單前景。我認為以前是高位單打。現在我們期待5%到7%的成長。這是由工廠自動化前景的修改所推動的嗎？你們能詳細說明一下嗎？

No. Look, the process hybrid has remained very consistent for us in terms of outlook. We are still expecting that to exit in the mid-single digits as we were prior. Discrete recovery has been very, very encouraging as we went through the quarter and you saw in the call. So double-digit exit rate there still expected. And then safety productivity, there's some comps in there but lower single digits on that one. And so it's a mix of the different things, 5% to 7%, but it's I guess it's mid- to mid-single high. I don't not need to define it Nicole, but it still falls in that band of expectation that we have.

不。瞧，從前景來看，混合工藝對我們來說一直保持非常一致。我們仍然預計其出口額將像之前一樣處於個位數中段。正如您在電話會議中看到的那樣，隨著我們度過這個季度，離散恢復非常令人鼓舞。因此預計那裡的退出率仍將達到兩位數。然後是安全生產率，其中有一些可比較數據，但都是較低的個位數。所以它是不同因素的混合，5% 到 7%，但我猜它是中等到中等單高。我不需要對它進行定義，妮可，但它仍然符合我們的期望範圍。

Okay. Understood. Yes, that's fair. And then just a follow up on the margin outlook for 4Q, I think you guys said about 27% EBITDA margins. Usually, margins stepped down a little bit sequentially in the fourth quarter. Is the divergence versus normal seasonality just driven by the moving pieces around tariffs?

好的。明白了。是的，這很公平。然後，再問一下第四季的利潤率前景，我想你們說的 EBITDA 利潤率大約是 27%。通常，第四季度的利潤率會較上季略有下降。與正常季節性的差異是否僅僅是由關稅變動因素引起的？

Yeah. I think for us, in the fourth quarter, as if you're talking versus Q3, the fact that we're holding at that 27%, clearly is an indication of tariff-related pricing getting more favorable in the fourth quarter versus the third quarter. We always planned it that way that we would implement the pricing actions in Q3. We have a little bit of a headwind as it relates to them fully offsetting tariffs, but then we'll get totally green, as we call it, into Q4 and hence, Q4 margin is very solid, up 80 basis points year-over-year and sequentially flat to Q3.

是的。我認為，對我們來說，在第四季度，與第三季度相比，我們保持在 27% 這一水平，這顯然表明第四季度與第三季度相比，關稅相關的定價變得更加優惠。我們一直計劃在第三季實施定價行動。我們在完全抵消關稅方面遇到了一些阻力，但隨後我們將在第四季度實現完全盈利，因此第四季度的利潤率非常穩固，同比增長 80 個基點，與第三季度持平。

At this time, this will conclude our question-and-answer session and also conclude today's teleconference. You may disconnect your lines at this time. We thank you for your participation, and have a wonderful day.

至此，我們的問答環節就結束了，今天的電話會議也結束了。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。