ESAB Corp (ESAB) 2024 Q3 法說會逐字稿

Thank you for standing by.

感謝您的支持。

At this time, I would like to welcome everyone to today's ESAB Corporation third quarter 2024 earnings call.

現在，我歡迎大家參加今天的 ESAB 公司 2024 年第三季財報電話會議。

(Operator instructions)

（操作員指令）

Thank you.

謝謝。

I would now like to turn the call over to Mark Barbalato, Vice President of Investor Relations.

現在，我想將電話轉給投資者關係副總裁 Mark Ba​​rbalato。

Mark.

標記。

Please go ahead.

請繼續。

Thanks operator.

謝謝接線生。

Welcome to ESABs third quarter 2024 earnings call.

歡迎參加 ESAB 2024 年第三季財報電話會議。

This morning, I'm joined by our President and CEO Shyam Kambeyanda; and CFO Kevin Johnson.

今天早上，我們總裁兼執行長 Shyam Kambeyanda 和我一起出席了會議；和首席財務官凱文約翰遜。

Please keep in mind that some of the statements we are making are forward-looking and are subject to risks including those set forth in our SEC filings and today's earnings release.

請記住，我們所做的一些聲明是前瞻性的，並且受風險影響，包括我們向美國證券交易委員會提交的文件和今天的收益報告中所述的風險。

Actual results may differ and we do not assume any obligation or intend to update these forward-looking statements except as required by law.

實際結果可能有所不同，除非法律要求，否則我們不承擔任何義務或打算更新這些前瞻性聲明。

With respect to any non-GAAP financial measures mentioned during the call today the company reconciliation information related to those measures can be found in our earnings press release and today's slide presentation.

對於今天電話會議中提到的任何非 GAAP 財務指標，與這些指標相關的公司對帳資訊可以在我們的收益新聞稿和今天的幻燈片簡報中找到。

With that, I'd like to turn the call over to our President and CEO Shyam Kambeyanda.

說到這裡，我想把電話轉給我們的總裁兼執行長 Shyam Kambeyanda。

Thank you, Mark and good morning everyone.

謝謝你，馬克，大家早安。

Thank you all for joining us today.

感謝大家今天的參與。

We're pleased to report another strong quarter marked by positive volume growth, record third quarter margins and robust cash flow in a challenging market.

我們很高興地報告，在充滿挑戰的市場中，我們又迎來了一個強勁的季度，銷量實現正增長，第三季度利潤率創下歷史新高，現金流強勁。

Our differentiated geographic footprint, award winning products, commercial excellence initiatives and strategic acquisitions continue to drive our organic growth.

我們差異化的地理足跡、屢獲殊榮的產品、商業卓越舉措和策略收購持續推動我們的有機成長。

Let's move to slide 3 to discuss specific highlights for the quarter.

讓我們轉到投影片 3 來討論本季的具體亮點。

First, I want to recognize our teams globally for their relentless commitment to our strategy and EBX.

首先，我要表揚我們全球的團隊對我們的策略和 EBX 的不懈承諾。

Strong demand in high growth markets such as India, other parts of Asia and the Middle East have helped counterbalance slower markets.

印度、亞洲其他地區和中東等高成長市場的強勁需求有助於抵消市場放緩的影響。

Our portfolio of light and heavy industrial equipment has continued to deliver with equipment sales increasing in the low double digits this quarter.

我們的輕型和重型工業設備組合繼續表現出色，本季設備銷售實現了低兩位數的成長。

These new products continue to gain momentum across our channels.

這些新產品在我們的通路中繼續受到歡迎。

Additionally, we're seeing steady growth in our gas control equipment business with positive volume and price.

此外，我們的天然氣控制設備業務穩定成長，銷售量和價格均呈現上漲趨勢。

Adjust EBITDA margins expanded 130 basis points to reach a record 19.6% for the third quarter.

調整後 EBITDA 利潤率擴大 130 個基點，第三季達到創紀錄的 19.6%。

And year-to-date, we've generated a record $215 million in adjusted free cash flow, enabling us to execute our compounded strategy.

今年迄今為止，我們已創造 2.15 億美元調整後自由現金流記錄，這使我們能夠實施複合戰略。

Turning to slide 4, I've been sharing stories that reflect the passion of our teams and the power of our enterprise to shape the world we imagine.

轉到投影片 4，我一直在分享一些故事，這些故事反映了我們團隊的熱情以及我們企業塑造我們想像的世界的力量。

This time, I want to share my reflections from my recent trip to visit our teams and customers in the Middle East and India.

這次，我想分享我最近訪問中東和印度團隊和客戶的感想。

As you know, we pride ourselves as an executive team in going to

如你所知，作為一個執行團隊，我們很自豪能夠

[Gamba].

[飛腳] 。

This trip was reassuring.

這次旅行令人安心。

I know I've mentioned this to you all before.

我知道我之前已經跟你們提過這件事了。

I grew up in India and have been visiting the Middle East since the early 2000s.

我在印度長大，自 21 世紀初以來就開始訪問中東。

I have to reiterate the energy is different and on every trip, you see meaningful change in infrastructure in both these regions, and you get additional insights to new projects and plans.

我必須重申，能源是不同的，在每次旅行中，你都會看到這兩個地區的基礎設施發生有意義的變化，並且你會對新項目和計劃有更多了解。

For those of you familiar with the Emirates, you now see development beyond Abu Dhabi and Dubai.

對於熟悉阿聯酋的人來說，現在您會看到阿布達比和杜拜以外的發展。

There are ambitious plans in

我們有雄心勃勃的計劃

[Ras Al Qaeda].

[基地組織]。

Similarly, Saudi continues its progress, creating growth for ESAB and generating significant excitement.

同樣地，沙烏地也繼續進步，為伊薩創造了成長機會並引起了極大的興奮。

Our largest customers in the Middle East now have a backlog of orders extending five years.

我們在中東的最大客戶現在有五年的積壓訂單。

And if anticipated government investments in Saudi Arabia materialize, this could further increase the backlog at our customers.

如果預期的沙烏地阿拉伯政府投資得以實現，這可能會進一步增加我們客戶的積壓訂單。

We're also focused on addressing the skilled welder shortage by training the next generation of welders.

我們也致力於透過培訓下一代焊工來解決熟練焊工短缺的問題。

We've established several training schools in the Middle East.

我們在中東建立了多所培訓學校。

This quarter, I'd like to highlight our team's activities in India.

本季度，我想重點介紹我們團隊在印度的活動。

Clearly, it's no longer the country I grew up in.

顯然，這不再是我成長的國家。

The changes are noticeable now with every visit, you see cranes and construction in Tier 3 cities.

現在每次訪問都能看到明顯的變化，你會看到三線城市的起重機和建築物。

And our team in India is doing some exceptional work.

我們在印度的團隊正在做一些出色的工作。

We're proud of our business there and we are the market leaders in this dynamic, rapidly expanding geography.

我們為在那裡開展業務感到自豪，我們是這個充滿活力、快速擴張的地區的市場領導者。

We've made consistent investments in expanding our R&D capabilities in Chennai, as well as adding manufacturing capacity to meet both current and future demand.

我們持續投資擴大我們在欽奈的研發能力，並增加製造能力以滿足當前和未來的需求。

On the specific project called Project Bandhan which means bond or binding in English.

這個具體的項目叫做“Project Bandhan”，在英語中意為“債券”或“約束”。

Our team is very proud of this initiative where we are actively training the new generation of welders on ESAB's equipment to meet the unprecedented growth we're expecting.

我們的團隊對這項舉措感到非常自豪，我們正在積極培訓新一代焊工使用 ESAB 的設備，以滿足我們預期的前所未有的成長。

We are training 5,000 plus welders annually in India.

我們每年在印度培訓 5,000 多名焊工。

And more importantly, we're providing the new generation of welders, special training around workplace safety.

更重要的是，我們為新一代焊工提供有關工作場所安全的特殊培訓。

As you may know at ESAB, we believe zero incidents is possible.

您可能知道，在 ESAB，我們相信零事故是可能的。

As we shape our future in India, our teams have volunteered over 45,000 hours to this initiative in 2024.

在我們塑造印度未來的過程中，我們的團隊在 2024 年為這項計劃志願投入了超過 45,000 小時的時間。

Let me leave you with another statistic on India.

讓我留給你另一份有關印度的統計數據。

We know India's infrastructure needs are significant and the government has announced investments of around [$1.7 trillion] over the next seven years.

我們知道印度的基礎設施需求龐大，政府已宣布未來七年投資約 1.7 兆美元。

I'm proud to say that ESAB is playing a crucial role in training the skilled workforce necessary to support India's growth plan.

我很自豪地說，伊薩在培訓支持印度成長計畫所需的熟練勞動力方面發揮著至關重要的作用。

Moving to slide 5, let's explore how we're building the capabilities to accelerate sustainable long term growth.

前往投影片 5，讓我們探討如何建立加速永續長期成長的能力。

As I mentioned during invest today and earlier in my comments today, we're seeing good progress in equipment sales globally.

正如我在今天的投資中以及今天早些時候的評論中提到的那樣，我們看到全球設備銷售取得了良好的進展。

Let me share what our teams have been working on to enable this growth.

讓我分享一下我們的團隊為實現這一成長所做的努力。

First, our commercial excellence initiative highlighted that our invest today is gaining traction by refining our approach to better serve customers and aligning our organization around ESAB's key customer segments to our product line simplification process we're accelerating growth while enhancing customer experiences.

首先，我們的商業卓越計劃強調，我們今天的投資正在獲得關注，透過改進我們的方法以更好地服務客戶，並圍繞ESAB 的關鍵客戶群調整我們的組織與我們的產品線簡化流程，我們正在加速成長，同時增強客戶體驗。

As a result, we are growing faster in equipment.

因此，我們在設備方面的發展更快。

We're also amplifying our innovation pipeline supported by our EBX open innovation model which continues to shorten the time needed to bring new products to market.

我們也在 EBX 開放式創新模式的支持下擴大我們的創新管道，從而不斷縮短新產品推向市場所需的時間。

Alongside these efforts, we're enhancing our presence in the channel with targeted marketing initiatives, including creating social media studios across each geographic region to showcase new products and build brand equity.

除了這些努力之外，我們還透過有針對性的行銷舉措增強我們在該管道的影響力，包括在每個地理區域創建社交媒體工作室來展示新產品並建立品牌資產。

These digital marketing efforts supported by content creators are already generating significant positive impact resulting in approximately 900 million social media impressions for ESAB.

這些由內容創作者支持的數位行銷活動已經產生了顯著的正面影響，為 ESAB 帶來了約 9 億次社群媒體曝光。

All this hard work was validated by a brand market study we did that showed ESAB's brand recognition in North America has improved by 200%.

我們所做的品牌市場研究證實了所有這些努力，研究顯示 ESAB 在北美的品牌認知度提高了 200%。

Moving to slide 6, let's review our quarterly performance.

轉到第 6 張投影片，讓我們回顧一下我們的季度業績。

Organic sales increased by 100 basis points reflecting continued strength in high growth markets.

有機銷售額成長了 100 個基點，反映出高成長市場的持續強勁成長。

These results reflect double digit growth in equipment sales and positive growth from our gas control business.

這些結果反映了設備銷售額的兩位數成長和氣體控制業務的正成長。

Adjusted EBIDA expanded 130 basis points year-over-year, setting a third quarter record of 19.6%.

調整後 EBIDA 年成長 130 個基點，創下第三季 19.6% 的最高紀錄。

All this was driven by EBX initiatives across the company.

這一切都是由整個公司的 EBX 計劃推動的。

Turning to slide 7 and focusing on the performance in the Americas.

翻到幻燈片 7，重點放在美洲的表現。

Organic sales rose by 200 basis points driven by strong pricing performance, which offset softer and markets that we expected.

強勁的定價表現推動有機銷售成長 200 個基點，抵消了我們預期的市場疲軟影響。

Our equipment and workflow solutions continue to drive excitement in the channel and the team did an excellent job using EBX sales tools and lean initiatives to deliver 190 basis point increase in adjusted EBITDA margin reaching a third quarter record of 20.6%.

我們的設備和工作流程解決方案繼續推動通路的興奮，團隊出色地利用 EBX 銷售工具和精益計劃，使調整後的 EBITDA 利潤率增加了 190 個基點，達到第三季 20.6% 的記錄。

Moving to slide 8 to discuss the performance in EMEA and APAC regions.

轉到幻燈片 8，討論 EMEA 和 APAC 地區的表現。

Our teams in Europe, Asia and the Middle East achieved another quarter of solid performance.

我們在歐洲、亞洲和中東的團隊又取得了一個季度的穩健表現。

Volume increased by 200 basis points with high growth markets offsetting the volume softness in Europe as expected.

正如預期，交易量增加了 200 個基點，高成長市場抵消了歐洲交易量的疲軟。

Effective use of EBX, net pricing tool and strong operational execution led to 100 basis points margin expansion year-over-year reaching 18.9%.

有效運用EBX、淨定價工具以及強大的營運執行力，使利潤率較去年同期擴大100個基點，達到18.9%。

On that positive note, let me hand it over to Kevin for slide 9.

關於這一積極方面，請允許我將其交給凱文 (Kevin)，請看投影片 9。

Thanks Syham.

謝謝 Syham。

Good morning.

早安.

During the third quarter, ESAB delivered positive organic growth, 130 basis points of year-over-year margin expansion and robust free cash flow generation despite more challenging market conditions, more specifically on cash flow, we generated $96 million in the quarter and had a cash conversion of greater than 120% as we continue to use EBX to drive improvements in our order to cash processes.

在第三季度，儘管市場條件更加嚴峻，伊薩仍實現了正有機增長，利潤率同比增長130 個基點，自由現金流生成強勁。了9,600 萬美元的現金，由於我們繼續使用 EBX 來推動訂單到現金流程的改進，現金轉換率超過 120%。

We used part of this free cash flow to fund the terrific Linde Bangladesh acquisition we completed in the quarter, which is integrating well into ESAB.

我們利用部分自由現金流為本季完成的林德孟加拉國公司收購專案提供資金，該專案正在順利併入伊薩公司。

The combination of our strong balance sheet coupled with our consistent cash flow generation positions ESAB well to execute on our compounder journey.

強勁的資產負債表加上穩定的現金流生成，使伊薩能夠很好地執行我們的複合成長策略。

Moving now on to slide number 10.

現在轉到第 10 張投影片。

Given our stronger than expected results in the third quarter, we have raised the midpoint of our guidance across the Board.

鑑於我們第三季的業績優於預期，我們已全面上調了業績預期的中位數。

Sales guidance has been raised off a point at the midpoint to 0% to 1% benefiting from the performance of our high growth markets and continued short games and equipment.

由於我們高成長市場的表現以及持續的短距離比賽和設備銷售預期，銷售預期已從中間點上調至 0% 至 1%。

Adjusted EBITA has been increased $5 million at the midpoint to $500 million to $515 million.

調整後的 EBITA 中位數增加了 500 萬美元，達到 5 億美元至 5.15 億美元。

As we use our business system EBX to drive further improvements in our business, below the line interest expense guidance has been narrowed to $68 million to $70 million.

隨著我們使用業務系統 EBX 來推動業務的進一步改進，低於預期的利息支出指引已縮小至 6,800 萬美元至 7,000 萬美元。

Whilst tax guidance remains unchanged at 23% to 24%.

稅收指導稅率保持不變，為 23% 至 24%。

Adjusted EPS has been increased the midpoint and is now $4.80 to $4.95 benefiting from our stronger performance.

調整後的每股盈餘已從中點上升至 4.80 美元至 4.95 美元，這得益於我們更強勁的業績。

We are pleased with our team's execution so far this year and we expect to finish 2024 with positive momentum.

我們對團隊今年迄今的表現感到滿意，並預計 2024 年將以積極的勢頭結束。

On that note, let me hand back to Shyam on slide 11 to wrap up.

關於這一點，請允許我將投影片 11 交還給 Shyam 來總結。

Thank you, Kevin.

謝謝你，凱文。

Before I close something I've not mentioned yet.

在結束之前我還有一些我還沒提到的事情。

In September, ESAB celebrated its 120th year in business.

九月，伊薩慶祝了其成立 120 週年。

ESAB started in Sweden with the invention of a cod electrode by Oscar Schulberg.

ESAB 公司起源於瑞典，由 Oscar Schulberg 發明了鱈魚電極。

Since then, ESAB has been a leading global innovator in fabrication technology.

自那時起，伊薩一直是全球領先的製造技術領域的創新者。

Our associates and customers joined us to celebrate our 120th anniversary.

我們的同事和客戶與我們一起慶祝我們的 120 週年紀念日。

We received great feedback on the improvements we've made since 2016, and suggestions on what we could do better.

我們收到了關於自 2016 年以來所做改進的大量回饋，以及如何做得更好的建議。

It is also clear that there was great excitement about our future and in particular, our latest products and workflow solutions.

顯然，我們對於未來，特別是我們的最新產品和工作流程解決方案感到非常興奮。

As we look back on our 120 year history with pride, we understand we need to change and adapt to win the future.

當我們自豪地回顧我們 120 年的歷史時，我們深知我們需要改變和適應才能贏得未來。

To summarize the quarter, our strategy continues to drive robust performance.

總結本季度，我們的策略持續推動強勁的業績。

We delivered another strong quarter with positive organic growth, record third quarter margins and solid free cash flow generation.

我們又度過了一個強勁的季度，實現了正的有機成長、創紀錄的第三季利潤率和穩健的自由現金流。

Our EBX approach continues to permeate the business.

我們的 EBX 方法繼續滲透到整個業務中。

The Innovation engine continues to deliver and this quarter we are bringing our manufacturing leaders together to share best practices and raise the bar on our standards of performance.

創新引擎繼續發揮作用，本季我們將召集製造業領導者齊聚一堂，分享最佳實踐，並提高我們的績效標準。

Our balance sheet is at its strongest point.

我們的資產負債表正處於最強勁時期。

Our active acquisition pipeline is full and positions us well to pursue strategic assets that enhance growth and margin expansion.

我們的積極收購管道十分充足，這使我們能夠很好地收購能夠促進成長和擴大利潤的策略資產。

We are on track to achieve our 2028 goals, $4 billion in sales, 22% plus in EBITDA margins and free cash flow that exceeds net income.

我們預計將實現 2028 年的目標，即銷售額達到 40 億美元、EBITDA 利潤率達到 22% 以上以及自由現金流超過淨收入。

Remember, we're just getting started.

請記住，我們才剛開始。

Thank you all for joining us this morning.

感謝大家今天早上參加我們的活動。

With that operator, let's open the line for questions.

有了那位接線員，我們就可以開通問答專線了。

Thank you.

謝謝。

(Operator instructions)

（操作員指令）

Mig Dobre, Baird.

米格·多布雷、貝爾德。

Thank you and good morning everyone.

謝謝大家，早安。

I guess where I'd like to start, your comment on equipment sales being up double digits.

我想先談談您對設備銷售額成長兩位數的評論。

I thought that was quite interesting relative to the more subdued end market or macro backdrop, if you would.

如果你願意的話，我認為相對於較低迷的終端市場或宏觀背景來說，這是相當有趣的。

So I'm sort of curious here, can you give us some sense for where, which geography you're seeing this growth in equipment?

所以我有點好奇，您能否告訴我們在哪個地區看到了這種設備的成長？

I don't know if it's broad-based or if it's just one or two select geographies?

我不知道它是否具有廣泛的範圍還是僅涉及一兩個特定的地區？

And then secondarily, is this just a function of pure new product rollouts?

其次，這只是純粹的新產品推出的功能嗎？

Is this, is there like a channel locking dynamic here that we need to be aware of?

這是不是我們需要注意的頻道鎖定動態？

Yes, let's start there, if we can.

是的，如果可以的話，我們就從那裡開始。

Yeah, good morning Meg, always good to hear from you.

是的，早安，梅格，很高興收到你的來信。

So a couple of things.

有幾件事。

First, I do believe there's a couple of things in play here for ESAB.

首先，我確實相信，對於 ESAB 來說，有幾件事正在發揮作用。

The first one is the commercial sense initiative that we embarked on which really drove training, selection, changes in our incentive plans and training of our sales force to be able to sell really what was a different portfolio for ESAB.

第一個是我們開展的商業意識舉措，它真正推動了培訓、選拔、激勵計劃的改變和銷售人員的培訓，使他們能夠真正銷售對 ESAB 來說不同的產品組合。

The second piece and something that we've talked about is that today, ESAB plays with a full portfolio, both in consumables and in equipment.

第二部分也是我們已經討論過的一點是，如今，伊薩擁有完整的產品組合，包括消耗品和設備。

And don't forget, we also have our gas equipment business that did well in the quarter.

別忘了，我們的天然氣設備業務在本季也表現良好。

And so as a matter of fact, our sales teams are out there are now selling a very good portfolio that competes extraordinarily well with our peer group in the marketplace.

事實上，我們的銷售團隊目前正在銷售非常好的產品組合，在市場上與同行競爭非常激烈。

The third piece, which I think you sort of highlighted, we're making great progress in North America.

第三點，我想你已經強調過了，我們在北美取得了巨大進展。

It's tremendous interest.

這很有意思。

We always knew that the North American market for us was going to be something that we would work on and slowly begin to make a turn.

我們始終知道，北美市場是我們需要努力開拓並慢慢開始轉變的市場。

We are seeing significant interest there.

我們看到那裡有濃厚的興趣。

But what we are seeing in markets where we had positions of strength in the past like Europe, like South America, India, our equipment business is actually doing very well and US customers in those markets continue to shift to our brand.

但我們看到，在我們過去佔據強勢地位的市場，例如歐洲、南美、印度，我們的設備業務實際上表現得非常好，這些市場的美國客戶正在繼續轉向我們的品牌。

And so that's what's driving our equipment sales.

這就是推動我們設備銷售的因素。

And to your question of whether we're seeing some, if I were sort of to paraphrase what you said the regular movements in the channel that's causing some stocking, the short answer is no.

至於你問的我們是否看到了一些情況，如果我來解釋一下你所說的渠道中的常規運動是否導致了某種囤積，簡短的回答是否定的。

What we are seeing is good progress against our execution plans and our growth bridges.

我們看到我們的執行計劃和成長橋樑取得了良好進展。

That's great.

那太棒了。

Then I guess my follow-up.

然後我猜我的後續行動。

Question on Europe.

關於歐洲的問題。

It sounds like things have gotten tougher there.

聽起來那裡的情況已經變得更加艱難了。

The auto sector, obviously, is going through some tougher times.

顯然，汽車產業正在經歷一些艱難時期。

I'm curious how your business, if you can kind of separate out in Europe specifically how your business is performing there?

我很好奇您的業務如何，您能否具體說明一下您在歐洲的業務表現如何？

And as you think about 2025, and I'm not looking for you to provide guidance, but just some context here.

當你想到 2025 年時，我並不是希望你提供指導，而只是提供一些背景資訊。

Is there an argument to be made that eventually Europe starts to see a bit of a bottom forming and that becomes a little more accretive rather than detracted to growth?

是否有理由認為，歐洲最終會開始看到一些底部形成，並且會變得更具增值性而不是阻礙成長？

Thank you.

謝謝。

Yes.

是的。

I think for us, just so that we calibrate ourselves that we saw Europe perform similar to how it performed in Q2.

我認為對我們來說，我們只需要校準自己，就可以看到歐洲的表現與第二季的表現相似。

So we didn't see necessarily a pronounced dip or a change in how our European market performed, but that being said, I would also state that our teams are doing a phenomenal job in Europe gaining share.

因此，我們並沒有看到歐洲市場表現有明顯的下滑或變化，但話雖如此，我還要說的是，我們的團隊在歐洲的市場份額成長方面做得非常出色。

And I pursued our product line simplification activity with 80, 20 and where we're focused related to growth.

我開展了 80%、20% 的產品線簡化活動，並專注於與成長相關的領域。

If you remember, I had mentioned to some of you that as we looked at our product line simplification, our view was to take that initiative with an inclination towards growth.

如果你們還記得的話，我曾向你們中的一些人提到過，當我們考慮簡化產品線時，我們的觀點是採取主動措施，傾向於成長。

And that's really what our teams have been executing in Europe and doing extraordinarily well.

這確實正是我們的團隊在歐洲所執行並做得非常出色的工作。

And so our view of Europe as we finish out the year is that it stays at similar levels.

因此，我們對今年年底歐洲的看法是，它將保持在相似的水平。

It is subdued.

它很柔和。

The question you asked me regarding end markets, you're right.

您問我有關終端市場的問題，您是對的。

We see yellow goods.

我們看到了黃色的商品。

We see automotive down a bit.

我們發現汽車業的銷量略有下降。

But we generally are finding opportunities to grow share, to penetrate in terms of share of wallet.

但我們總體上正在尋找機會來增加份額，提高錢包份額。

And so our intention on that particular front is to continue to play that, but we're not seeing a worsening market in Europe, if that was the gist of your question.

因此，我們在這方面的意圖是繼續發揮這一作用，但如果這是您問題的要點的話，我們並沒有看到歐洲市場惡化。

It was.

是的。

Thank you.

謝謝。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），斯蒂費爾（Stifel）。

Yeah, good morning.

是的，早安。

This is Adam Farley on for Nathan.

這是亞當法利 (Adam Farley) 代替內森 (Nathan) 表演的。

Maybe we can start with pricing.

也許我們可以從定價開始。

Could you talk about the differences in pricing and input costs reasonably and is price cost, sorry, go ahead, Shyam.

您能否合理地談談定價和投入成本的差異，以及價格成本，抱歉，請說，Shyam。

No, finish out your question, Adam, sorry.

不，請你回答完你的問題，亞當，抱歉。

I was going to say, is price cost still favorable in EMEA and APAC, despite the pricing compression?

我想說的是，儘管價格受到壓縮，但 EMEA 和 APAC 的價格成本是否仍然優惠？

Yes.

是的。

I think let me start that question off and I'll hand it to Kevin to kind of give you a little bit more color.

我想讓我開始問這個問題，然後我會把它交給凱文，以便給你更多的資訊。

I think one of the things that we've often talked about with all of you is our pricing discipline and the process that we've instilled within our businesses.

我想我們經常與大家討論的事情之一就是我們的定價紀律和我們在業務中灌輸的流程。

And it's great to see that really show itself in how we performed in the third quarter.

我們很高興看到這一點在第三季的表現中得到充分體現。

And we've talked about value pricing.

我們已經討論過價值定價。

We've talked about shifting the mix of our business to a higher quality, higher calorie content product lines.

我們已經討論過將業務結構轉向更高品質、更高熱量的產品線。

And then the third piece is inflation-based pricing where whether we see prices going down or up, we're very quickly going out to the market with that particular aspect.

第三部分是基於通貨膨脹的定價，無論我們看到價格下跌還是上漲，我們都會很快根據這個特定因素進入市場。

So to answer your question on net price, we are positive in net price, both in the Americas and in Europe.

因此，回答您關於淨價的問題，我們對美洲和歐洲的淨價都持正面態度。

And then Kevin can give you some color by region as to how we're thinking about pricing.

然後凱文可以按地區向您介紹我們如何考慮定價。

Yeah.

是的。

Hi, good morning, Adam.

嗨，早上好，亞當。

So as Shyam mentioned, we're expecting flat organic growth in the fourth quarter, both in the Americas on EMEA and APAC.

正如 Shyam 所提到的，我們預計第四季度美洲、歐洲、中東和非洲地區以及亞太地區的有機成長將持平。

In Americas, the expectation is we'll have positive price and flat to negative volume whereas in the EMEA and APAC, we're expecting positive volume and negative price.

在美洲，我們預期價格為正值、交易量持平或為負值，而在歐洲、中東和非洲地區以及亞太地區，我們預期交易量為正值、價格為負值。

And as Shyam has said, we're very pleased with the performance of our teams.

正如 Shyam 所說，我們對團隊的表現非常滿意。

We've put a lot of effort and work into the monument of net price.

為了打造淨價豐碑，我們付出了很多的努力與勞動。

And in both of the segments, our expectation is that we will be margin positive.

我們預計這兩個部門的利潤率將為正值。

Okay.

好的。

That's really helpful.

這真的很有幫助。

And then just kind of shifting gears here.

然後就這樣換擋了。

South Asia, India, Bangladesh, obviously, a very key growth market for ESAB.

南亞、印度、孟加拉顯然是 ESAB 的關鍵成長市場。

Are there any key product or channel gaps that the company still needs to address in the region?

公司在該地區是否仍存在一些關鍵產品或通路的差距需要解決？

Well, I think there's a few things that we often talk about in those markets.

嗯，我認為我們在這些市場上經常談論一些事情。

I think the view for us and then what I talked about briefly is how do you create better brand equity, how do you create better demand, how do you create a workforce that's very comfortable with your brand and is trained on your brand.

我認為我們的觀點以及我簡要談論的內容是如何創造更好的品牌資產，如何創造更好的需求，如何創造一支對您的品牌非常滿意並接受過品牌培訓的員工隊伍。

And so our focus in those geographies are establishing schools, establishing training centers, creating content that make people familiar with our products, much easier, access to our products are getting easier through e-commerce.

因此，我們在這些地區的重點是建立學校、培訓中心、創造內容，讓人們更輕鬆地熟悉我們的產品，透過電子商務可以更輕鬆地獲得我們的產品。

And as a result, what we're doing is adding to our spaces there.

因此，我們正在做的事情就是擴大那裡的空間。

And I think I've mentioned this before, in those markets and now with the acquisition that we did in Bangladesh, which is another fast-growing economy, we're basically 4x, 5x size, our closest competitor and we've got a ground game with sales team that's also at market well serve that market in a way that makes, pleases our customers, most importantly, and then introduce products that make sense.

我想我之前提到過，在這些市場，現在我們在孟加拉國進行了收購，孟加拉國是另一個快速成長的經濟體，我們的規模基本上是我們最接近的競爭對手的4 倍、5 倍，而且我們有一個我們與同樣在市場上的銷售團隊進行實地合作，以便以讓客戶滿意的方式服務於該市場，最重要的是，然後推出有意義的產品。

And so one of the things I talked about was our investment in the R&D center creating products that are pertinent to the market and building that out.

我談到的一件事就是我們對研發中心的投資，創造與市場相關的產品並將其推廣出去。

So the short answer is that we're not resting on our laurels in those geographies where we have a lead.

簡而言之，在我們處於領先地位的地區，我們不會滿足於現狀。

We're continuing to change the game using new tools that we're bringing to market and trying to expand our user base.

我們將繼續利用我們推向市場的新工具來改變遊戲規則並嘗試擴大我們的用戶群。

Thank you for taking my questions.

感謝您回答我的問題。

Tammy Zakaria, JPMorgan.

摩根大通的 Tammy Zakaria。

Hey, good morning.

嘿，早安。

Really nice quarter.

真是一個美好的季度。

Two questions.

兩個問題。

The first one is actually about EMEA, APAC.

第一個實際上是關於 EMEA、APAC 的。

I thought that segment's performance was very good and interesting because your volume grew on top of a really strong number last year.

我認為該部門的表現非常好而且很有趣，因為你們的銷量在去年強勁增長的基礎上又增長了。

And volume has been actually quite strong for some time for that region.

一段時間以來，該地區的交易量實際上相當強勁。

Again, a very not so great macro backdrop.

再次，宏觀背景不太好。

So I'm trying to understand, are you gaining share in that market or do you have a different type of end market exposure that's driving this volume growth?

所以我想了解，您是否在該市場中獲得份額，或者您是否擁有推動這一銷量成長的不同類型的終端市場曝光度？

Anything you can share about what you're seeing in that end market and how you're sustaining positive volume growth for some time now?

您可以分享一下您對終端市場的看法嗎，以及您如何在一段時間內保持銷售量正成長？

Yes.

是的。

Well, good morning, Tammy, thanks for the question.

早安，Tammy，謝謝你的提問。

A couple of things that I want to start with.

我想先談幾件事。

First is our teams.

首先是我們的團隊。

One of the things that we've always spoken about is that we've got local teams with local leaders that understand their markets, that understand the distribution channel and understand our products well.

我們一直在談論的事情之一是，我們有本地團隊和本地領導者，他們了解當地的市場，了解分銷管道，也了解我們的產品。

And in the geographies where we've had legacy strength, in my opinion, you can see us outperform.

我認為，在我們擁有傳統優勢的地區，你可以看到我們的表現優異。

And so for some of the questions that we often get is how is your product line performing and did you develop a strong product line, the results actually reflect the strength of our product line that we've developed over the last eight years.

因此，對於我們經常遇到的一些問題，例如您的產品線表現如何以及您是否開發了強大的產品線，結果實際上反映了我們在過去八年中開發的產品線的實力。

The second piece around that is the Middle East and India.

第二部分是中東和印度。

And we have worked extraordinarily hard over the last eight years to establish our leadership position. create separation between us and what's available in that particular market, using our growth bridges, using our digital tool kits that we've brought to market along with our portfolio to continue to separate ourselves and make it easier to do business with.

過去八年來，我們付出了非凡的努力來確立我們的領導地位。在我們和特定市場中現有的產品之間建立區分，利用我們的成長橋樑，利用我們與產品組合一起推向市場的數位工具包，繼續與我們保持區別，使合作變得更加容易。

And so the short answer is all of those aspects are what's allowing ESAB to begin to separate it sells in these geographies.

因此，簡短的回答是，所有這些方面使得 ESAB 能夠開始在這些地區區分其銷售。

And I think the numbers would state that, yes, we are gaining share.

我認為數字可以證明我們的份額正在增加。

But if we're gaining share because we focused on these markets and have invested in these markets over the last eight years.

但如果我們獲得份額，是因為我們專注於這些市場，並且在過去的八年裡一直在這些市場上進行投資。

This is not something that ESAB has done in the last 12 months.

這不是 ESAB 在過去 12 個月中所做的事情。

This is something that we've been up to for the last 60 months.

這是我們過去 60 個月一直在做的事情。

And if I could just add to the end of it, it's important to also state that we've been investing in our business for the last eight years.

最後我還要補充一點，那就是我們過去八年一直在投資我們的業務。

I would submit something that I've said to all of you individually as well is that we're very comfortable with our margin expansion journey.

我想說的是，我也曾單獨向你們所有人說過，我們對我們的利潤擴張之旅感到非常滿意。

And the reason being is that over the last fivr years, we've reinvested in our business that has allowed us to kind of gain share, allowed us to introduce new products, allowed us to create separation and we expect to continue to do that.

原因在於，在過去的五年裡，我們對我們的業務進行了再投資，這讓我們獲得了份額，讓我們推出了新的產品，讓我們創造了分離度，我們希望繼續這樣做。

So our margin expansion story is not just taking everything that we do and put it down to the bottom line.

因此，我們的利潤率擴大故事並不僅僅是將我們所做的一切歸結為底線。

It also means that we're taking something away and investing in our business for the long term.

這也意味著我們可以獲得一些東西並對我們的業務進行長期投資。

Got it.

知道了。

That's very helpful.

這非常有幫助。

So your investments in India and Middle East seems like definitely paying off along with the other stuff.

因此，您在印度和中東的投資似乎肯定會像其他投資一樣獲得回報。

Okay, great.

好的，太好了。

And then my next question is, going back to that equipment growth, I think you said low double-digit growth in the quarter.

然後我的下一個問題是，回到設備成長問題，我認為您說的是本季的低兩位數成長。

Can you sort of remind us the refresher on what your equipment share is in North America versus consumables share in this region?

您能否提醒我們您在北美的設備份額以及該地區的消耗品份額是多少？

And do you see a path to bridging that gap?

您認為有辦法彌補這一差距嗎？

I'm assuming consumer share is higher.

我假設消費者份額會更高。

So do you see a path to bridging that gap between the two over time?

那麼，您是否認為隨著時間的推移，有辦法彌補兩者之間的差距？

Yes.

是的。

So let me answer that question.

那麼就讓我來回答這個問題。

I think specifically, you were sort of talking about North America with that question, but let me sort of answer that question a little broadly and then I'll speak about North America, in particular.

我認為具體來說，您在問這個問題時談論的是北美，但請讓我先廣泛地回答一下這個問題，然後再具體談談北美。

So broadly speaking, you're spot on.

所以從廣義上講，您說得完全正確。

We are seeing our equipment portfolio perform extraordinarily well in markets where we've always had a brand presence in equipment.

我們看到，在我們一直擁有設備品牌影響力的市場中，我們的設備組合表現異常出色。

So in Europe, in South America, in India, in the Middle East, we're seeing our equipment begin to sort of really gain traction.

因此，在歐洲、南美、印度和中東，我們看到我們的設備開始真正獲得關注。

And as a result, we're seeing sales and equipment grow faster than our sales in consumables.

因此，我們看到設備的銷售額成長速度快於消耗品的銷售額成長速度。

And so that's really reassuring, one, because the product line we've developed.

這確實令人放心，首先，因為我們已經開發了產品線。

Two, because our sales teams are capable of selling it.

二，因為我們的銷售團隊有能力銷售它。

The second aspect of that is something that I told you is North American customers in those regions are shifting to yellow.

我告訴您的第二個方面是，這些地區的北美客戶正在轉向黃色。

And so we're very confident that over time, we're going to see a lot of that also happen in the geography that you and I sit in, which is North America.

因此，我們非常有信心，隨著時間的推移，我們將會看到很多這樣的情況也發生在你我所處的地區，也就是北美。

Our position in North America in terms of equipment was low.

我們在北美的設備地位較低。

We've not given out the exact numbers of our share in filler metal or in equipment.

我們尚未公佈我們在填充金屬或設備中所佔份額的確切數字。

But what we are comfortable with is that it's something that I spoke about even in my script, where our brand recognition has grown 200% in North America.

但讓我們感到欣慰的是，我甚至在劇本中就提到了這一點，我們的品牌知名度在北美已經增長了 200％。

The other thing that we've stated to all of you is that we plan to work in the North American market by selling value.

我們向大家說明的另一件事是，我們計劃透過銷售價值在北美市場開展業務。

Our intention is that we're building best-in-class product.

我們的目標是打造一流的產品。

We've got a great nomenclature and brand that we're establishing in North America.

我們已經在北美建立了出色的命名體系和品牌。

And we're going to play this game for the long term.

我們將長期玩這個遊戲。

And so I'm very comfortable the progress that we're seeing globally.

因此，我對我們在全球範圍內看到的進展感到非常高興。

We're seeing green spots also in North America.

我們在北美也看到了綠斑。

And over the next couple of years, we should see that grow as well and us gain share.

在接下來的幾年裡，我們應該會看到我們的業務也會成長並且份額也會增加。

Got it.

知道了。

Thank you so much.

太感謝了。

David Raso, Evercore.

大衛·拉索（David Raso），Evercore。

Hi.

你好。

Thank you for the time.

感謝您抽出時間。

I don't mean to take you through too many numbers here, but just a couple of quick ones.

我並不想在這裡向大家介紹太多的數字，而只是簡單地介紹幾個。

I believe you said flat organic for the fourth quarter.

我相信您說的是第四季度的有機成長持平。

That would imply the full year is closer to the high end of the range.

這意味著全年業績將更接近該範圍的高端。

Is that fair to say, am I doing my math right?

可以這麼說嗎？

The midpoints now like 50 bps for organic, but it sounds like if you think you can do organic in the fourth quarter, we're closer to 1% for the full year.

現在的中間點是有機成長 50 個基點，但聽起來如果你認為你可以在第四季度實現有機成長，那麼全年的有機成長就更接近 1%。

Can you just confirm that math?

能確認一下這個數學公式嗎？

The math would take you there, about [50], probably at that midpoint of the guidance if you use the midpoint of the range of what's given, David.

經過數學運算，您可以得到大約 [50] 的結果，如果您使用給定範圍的中點，那麼可能就是指導的中點，David。

Okay.

好的。

My math would imply that the fourth quarter might be down 100 to 200 basis points to get you to only 50 bps.

根據我的計算，第四季利率可能會下降 100 到 200 個基點，最終僅降至 50 個基點。

So we can discuss that offline if need be.

所以如果需要的話我們可以線下討論。

But when it comes to the American volumes, the Americas, I think you said flat for the fourth quarter.

但說到美國的銷量，我認為你說的第四季持平。

Did I hear that correctly on volumes from you?

我從您口中聽到的這句話正確嗎？

No.

不。

Yes, we said flat to negative on volumes for the fourth quarter.

是的，我們說第四季的銷量持平或為負。

No, he's talking specifically Americas.

不，他特別指的是美洲。

I think you mentioned price to be positive.

我認為您提到的價格是積極的。

(multiple speakers) Sorry, in the Americas, price would be positive and we'd expect slightly negative volumes.

（多位發言者）抱歉，在美洲，價格會是正值，而我們預期銷售量會略微出現負值。

And it was the reverse for the rest of the world.

而世界其他地區的情況則相反。

I got that.

我明白了。

The spirit of the question is just making sure, when I look at the consensus for next year on the top line, over 4%, the carryover in acquisitions from CGAR, Bangladesh is probably 40 bps or 50 bps.

這個問題的核心是確保，當我看到明年營收的普遍預期時，超過 4% 的成長率，從 CGAR、孟加拉收購的結轉可能為 40 個基點或 50 個基點。

The Sumag acquisition, I assume that's still expected to close.

我認為 Sumag 收購仍有望完成。

Any help on the revenue there for helping for total sales for next year, assuming it closes.

假設它關閉，那裡的收入對明年的總銷售額有任何幫助嗎？

Yes.

是的。

So we've given out, David, on the last call.

大衛，我們在最後一次呼籲時已經放棄了。

We expect something to have around about $30 million of revenue for the full year.

我們預計全年收入約為 3,000 萬美元。

We're still working through the process, and we still expect the Sumag acquisition to close in the fourth quarter.

我們仍在努力完成這項流程，我們仍預計 Sumag 收購將在第四季完成。

Okay.

好的。

So that's helpful.

這很有幫助。

That adds another, maybe 100 bps or so.

這又增加了大概 100 個基點左右。

So basically, organic in the guide is about [2.5] plus.

因此基本上，指引中的有機率約為 [2.5] 以上。

The volumes in EMEA, obviously, are having helpful in that trajectory with the common absorbed saying Europe is not getting worse.

顯然，歐洲、中東和非洲地區的交易量對這一軌跡有幫助，人們普遍認為歐洲的情況不會變得更糟。

The Americas volumes.

美洲卷。

I'm just curious the negative volumes, can you give us a little more color on what's going on there?

我只是對負面數量感到好奇，你能告訴我們更多關於那裡發生的事情嗎？

Is there a bit of a selective we're focused on price, which was impressive in the quarter. even the fourth quarter, again, price but a little negative volume maybe.

我們是否有一些選擇性，專注於價格，這在本季度令人印象深刻。即使是第四季度，價格也會上漲，但銷量可能會有點負成長。

Can you just take us through what parts of the channel, light, heavy, where is the volume negative?

能否簡單介紹一下通道的哪些部分，輕量、重量，哪些部分是負量？

Because you don't seem like you feel Americas getting any worse on a macro perspective, if I'm not representing that correctly, please let me know.

因為從宏觀角度來看，您似乎不覺得美國的情況變得更糟，如果我沒有正確表達，請告訴我。

I'm just trying to make sure I understand the trajectory starting '25, particularly on Americas volumes.

我只是想確保我了解從 25 年開始的發展軌跡，特別是美洲的發展軌跡。

Thank you.

謝謝。

Yes.

是的。

I think in the quarter the best way to put it, the third quarter had a few weather-related items in there.

我認為，最好的說法是，第三季有一些與天氣相關的項目。

We had, the channel was a bit slower on its uptake, the DIY, the do-it-yourself channel was a bit slow in the quarter.

我們的通路吸收速度有點慢，DIY，DIY通路在本季有點慢。

But then we also had opportunities for growth and margin expansion, but also be able to sort of pull through some other product lines that we had brought to the market.

但同時，我們也擁有成長和擴大利潤的機會，同時也能夠透過我們推向市場的一些其他產品線來拉動業務。

So short answer is the broad spec of stuff is that North America is a bit sluggish, but nothing getting worse.

因此，簡短的回答是，總體而言，北美地區經濟有點低迷，但情況並沒有變得更糟。

The growth bridges that I've worked with the team clearly show our plans and customers that we can go after in terms of share of wallet and activities that we can put together as a team.

我與團隊合作建立的成長橋樑清楚地展示了我們的計劃和我們可以追求的客戶，包括錢包份額和我們可以作為一個團隊共同開展的活動。

So we feel really confident about our execution against those plans regardless of what the market does.

因此，無論市場如何變化，我們都對這些計劃的執行充滿信心。

And the other thing there, David, I think we've said this before, our share position in equipment in North America is small enough where small increments in shifts are beneficial to ESAB and we're seeing progress on that particular front.

另一件事，大衛，我想我們之前說過，我們在北美設備的份額很小，因此輪班的小幅增加對伊薩有利，我們在這方面看到了進展。

And we have not talked about this enough.

我們對此還討論得不夠。

Our gas control business is also doing well in the North American market and all of that is benefiting us.

我們的天然氣控制業務在北美市場也表現良好，這一切都為我們帶來了好處。

That's why I wanted to focus a little bit on gas control.

這就是為什麼我想專注於氣體控制。

For next year, is there any indication, even if we think welding equipment as an industry sluggish next year, maybe you can take a little share within it.

對於明年，有沒有跡象表明，即使我們認為明年焊接設備作為一個行業會低迷，也許你可以從中分得一點份額。

Is gas control in a situation where just you're obviously gaining some momentum as the industry leader.

在天然氣控制領域，您作為行業領導者顯然正在獲得一些發展動力。

Is that a business you would feel a lot of the things that we're talking about, obviously, you usually confident on your margins. gas control growth in '25.

這是一個你會感受到我們正在談論的很多事情的業務，顯然，你通常對自己的利潤率充滿信心。 '25 年天然氣控製成長。

Is that something you put pretty high on the comfort list of what we can expect?

您是否將其列為我們所能期待的舒適度清單中相當靠前的位置？

We're obviously expecting, we've talked about that business over time being mid-single digits.

我們顯然預計，我們已經討論過這項業務隨著時間的推移將達到中等個位數。

Next year, we think on the higher side of low single digits on the gas control side of our business and something that we've talked about in the past that business for us today is at sort of premier industrial margin profile.

明年，我們認為我們業務的天然氣控制方面的利潤率將達到較低的個位數，正如我們過去談到的，我們今天的業務利潤率處於一流的工業水平。

And so any growth that we get there is a higher caloric mix for ESAB.

因此，我們在那裡實現的任何成長都會為 ESAB 帶來更高的熱量組合。

And then also what it allows us to extend into, as we look at our funnel of acquisitions as well, which I might add, David, I know we didn't talk about this earlier, and I mentioned in my script, our funnel is the strongest it's ever been.

然後，當我們查看我們的收購管道時，它還可以讓我們擴展到什麼地方，我想補充一下，大衛，我知道我們之前沒有談論過這個問題，我在我的腳本中提到過，我們的頻道是是有史以來最強的。

And so we hope that we can continue to do a few inorganic deals as well to strengthen our position there.

因此，我們希望能夠繼續進行一些無機交易，以加強我們在那裡的地位。

And gas control deals, as much as your margins are above company average.

和天然氣控制交易一樣，您的利潤率高於公司平均水平。

Are the general targets you're looking at also accretive to margins?

您所關注的整體目標是否也能增加利潤？

That's Right.

這是正確的。

That's helpful.

這很有幫助。

Thank you so much.

太感謝了。

Chris Dankert, Loop Capital.

克里斯·丹克特（Chris Dankert），Loop Capital。

Hey morning guys.

大家早安。

Thanks for taking the questions.

感謝您回答這些問題。

I guess, first off, just a point of clarification maybe.

我想，首先，可能只是想澄清一點。

Great to hear with the double-digit growth in equipment.

很高興聽到設備數量呈現兩位數增長。

But looking at the 10-Q, equipment was up closer to 5%.

但從10-Q來看，設備價格上漲了近5%。

Is the difference there just how Russian sales are disaggregated or maybe if you could just clarify on that point?

差別在於俄羅斯的銷售如何細分，或者您能否就這一點進行說明？

Yes, the numbers that would include some element of the total business.

是的，這些數字包括了整個業務的一些要素。

So it's on a GAAP basis, so that would have a little bit of impact.

由於這是基於 GAAP，所以會產生一點影響。

And also, when we were talking about equipment, we also would have some automation going through that mix number within the 10-Q and when we're just talking about the heavy industrial and light industrial equipment are not included in the automation component.

而且，當我們談論設備時，我們也會有一些自動化通過 10-Q 內的混合數字，而當我們只談論重工業和輕工業設備時，它們並不包括在自動化組件中。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

And I guess kind of a nice segue

我想這是一個很好的過渡

(inaudible).

（聽不清楚）。

Just when we're thinking about automation sales in the quarter, you gave us the CAGR, but any comment on automation sales growth specifically?

就在我們考慮本季的自動化銷售時，您給了我們複合年增長率，但您對自動化銷售成長有何具體評論？

And is that still around 10% of overall equipment sales or you kind of lump it all together?

這仍然佔整體設備銷售額的 10% 左右嗎，還是您將其全部合併起來了？

Yeah, that's right.

是的，沒錯。

It is about 10% of our sales today.

這約占我們目前銷售額的10%。

Yes.

是的。

In terms of the automation business, on the cobalt side, we're continuing to see good trajectory, Chris.

就自動化業務而言，在鈷方面，我們繼續看到良好的發展軌跡，克里斯。

So that was up nicely within the quarter.

因此本季的業績表現良好。

Obviously, the area that's a little bit slower is the work that we do by the integrators, which has been a little bit slower in the quarter.

顯然，速度稍慢的領域是我們為整合商所做的工作，該領域的速度在本季有所放緩。

I think on the order side and the backlog side of automation, the funnel looks really good.

我認為在自動化的訂單方面和積壓方面，漏斗看起來非常好。

And I think that we're expecting that market to continue to go.

我認為我們預計該市場將繼續發展。

One of the other things that I'd tell you, Chris, is that several, we've received several inbounds from integrators to partner with ESAB now, now that they've seen our workflow solution and what we've created which actually has been a pleasant surprise because one of the things that we have been doing is we're very comfortable partnering with integrators and not doing end-arounds and that has helped ESAB position itself to where in the past, some integrators we have not had access to.

克里斯，我想告訴你的另一件事是，我們已經收到了幾家整合商的來信，希望與ESAB 合作，因為他們已經看到了我們的工作流程解決方案以及我們所創造的東西，這實際上上這是我們的一個驚喜，因為我們一直在做的事情之一就是我們非常樂意與整合商合作，而不是做繞行工作，這有助於 ESAB 定位到我們過去無法接觸到的一些整合商。

And today, we're getting calls from them.

今天，我們接到了他們的電話。

So there's real good momentum as we go into the third, the fourth quarter and into 2025 on the OpEx side of automation for us and how we were thinking about that business that makes us less cyclical and better margins over the long term.

因此，當我們進入第三季、第四季以及2025 年時，我們在自動化營運支出方面有著非常好的勢頭，而且我們也在考慮如何讓我們的業務不那麼受週期性影響，並在長期內獲得更好的利潤率。

That's really helpful.

這真的很有幫助。

Thanks so much for the (inaudible)guys .

非常感謝（聽不清楚）這些傢伙。

(Operator instructions)

（操作員指令）

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

I was hoping you can offer a little more color on early-stage integration with Linde Bangladesh, where your team is really focused in the early going, if you've seen any surprises?

我希望您能詳細介紹一下與林德孟加拉國公司早期整合的情況，您的團隊在早期階段非常專注於此，有沒有什麼意外的？

And then in terms of M&A, you just mentioned that the funnel has never been better.

然後就併購而言，您剛才提到通路從未如此好過。

Are near-term prospects weighted to gas control kind of consistent with the medium, long-term planning of your team or should we think about funnel composition differently over the coming quarters?

近期前景是否偏向控制天然氣，這與您團隊的中長期規劃一致，還是我們應該在未來幾季以不同的方式考慮漏斗組成？

Yes.

是的。

To answer the question on Bangladesh, I was actually with the team and spoke to them more recently.

為了回答有關孟加拉國的問題，我實際上和該團隊在一起，並且最近與他們進行了交談。

I think the team is excited to be part of ESAB.

我認為團隊很高興成為 ESAB 的一部分。

I think one of the things that we've talked about as well is that having focus on a business helps.

我認為我們也討論過的事情之一是專注於一項業務是有幫助的。

I had a chance to review some of the growth bridges with our team.

我有機會與我們的團隊一起回顧一些成長橋樑。

They look extraordinarily strong.

他們看起來異常強壯。

But the other part for us is that it gives us capacity to continue to serve that subcontinent.

但對我們來說，另一方面是它使我們有能力繼續為該次大陸提供服務。

And so the opportunities for Linde Bangladesh is not just for the country of Bangladesh but also extends for South Asia and possibly Southeast Asia as well in terms of our growth opportunity.

因此，就我們的成長機會而言，林德孟加拉的機會不僅限於孟加拉本身，也擴展到南亞甚至東南亞。

So we're very excited.

所以我們非常興奮。

The other piece that we've often talked about, it was primarily a consumables business, and we now get to introduce equipment into the market.

我們經常談論的另一部分，主要是消耗品業務，現在我們要將設備引入市場。

And so all in all, we feel really good about how we're positioning ESAB in that subcontinent.

總而言之，我們對 ESAB 在次大陸的定位感到非常滿意。

Your question around acquisitions, we actually have a funnel that's pulled both on the FabTech side and gas control side.

您關於收購的問題，我們實際上有一個管道，既拉動 FabTech 方面，又拉動天然氣控制方面。

So it's tough to sort of predict which one comes first.

因此很難預測哪一個會先出現。

But there are several ones out there that could come our way in the early part of 2025.

但有幾種可能在 2025 年初出現在我們面前。

And so the thoughts for us is that we're going to extend both.

因此，我們的想法是將這兩項服務延伸。

If you remember from Investor Day, we had about $300 million of acquisitions we wanted to do and get in our FabTech side of the business and about $400 million to do in gas control.

如果您還記得投資者日的情況，我們有大約 3 億美元的收購計劃，用於進入我們的 FabTech 業務領域，還有大約 4 億美元的收購計劃用於進入天然氣控制領域。

My thoughts are that what you've seen today is us make some really strong progress on the FabTech side, and we could be done earlier on the FabTech side, and it could take us our time until 2027 to finish out the gas control side of the business.

我的想法是，你今天看到的是我們在 FabTech 方面取得了一些非常大的進展，我們可以更早完成 FabTech 方面的工作，我們可能需要到 2027 年才能完成天然氣控制方面的工作。

But really feeling good about the pipeline.

但我確實對管道感覺很好。

The cultivation that our team is doing on the acquisition front and the quality of businesses that we're looking at on both sides.

我們的團隊在收購方面所做的培育以及我們在雙方關注的業務品質。

Understood.

明白了。

Very helpful color.

非常有用的顏色。

And your team's multiyear focus on refreshing your equipment portfolio, particularly in North America, obviously, bearing fruit at this point.

您的團隊多年來致力於更新您的設備組合，特別是在北美，顯然目前已取得成果。

I guess two part question.

我想這個問題由兩個部分組成。

One, I believe you're fully through the (inaudible) industrial refresh.

首先，我相信您已經完全完成了（聽不清楚）工業革新。

Is that the case?

是嗎？

And then second, in terms of heavy industrial applications, where do you stand now?

第二，就重工業應用而言，您目前的狀況如何？

And what's the time line to completing the full

完成全部

(inaudible) .

（聽不清楚）。

Yes.

是的。

I think the view that we had, I want to be sort of clearer on this.

我想，我希望更清楚地闡述我們的觀點。

I think it's probably a good way to look at the big refresh is done, but we continually want to innovate on our product line and introduce changes and better models and improvements to the products that we already have in the marketplace.

我認為這可能是看待這次大更新的一個好方法，但我們希望不斷創新我們的產品線，並對我們已經在市場上的產品引入變化、更好的模型和改進。

And so there are a few that we want to get done.

有一些工作我們想要完成。

I think one of the things if you were at FabTech, you probably saw our engine-driven welder.

我想，如果您去過 FabTech，您可能見過我們的引擎驅動焊接機。

We expect to kind of build out that product line.

我們希望拓展該產品線。

And the second one, we absolutely want to get done is on the robotics side of Warrior Edge.

第二個是我們絕對想要完成的，是關於 Warrior Edge 機器人方面的。

We plan to introduce more product lines on that front in 2025 in the first and second quarter and possibly into the third quarter.

我們計劃在 2025 年第一季、第二季甚至第三季推出更多產品線。

And the other one also for us would be more battery driven product.

對我們來說，另一個選擇是電池驅動的產品。

We're looking at also creating more battery-driven products and widening the range off of what I think has been an extraordinarily successful product for us with the Renegade Bolt.

我們還計劃創造更多電池驅動的產品，並擴大 Renegade Bolt 這款我認為極為成功的產品的範圍。

All makes sense.

一切都說得通。

Thanks again.

再次感謝。

Alright, thanks Brian.

好的，謝謝 Brian。

Guys, if I could just sort of highlight one last thing.

夥計們，如果我可以強調最後一件事的話。

We talked very little about our gas control business, but I'd say, the innovation piece there, the performance of our specialty and medical business on that particular side of the equation has done really well.

我們很少談論我們的氣體控制業務，但我想說，那裡的創新部分，以及我們在這個特定方面專業和醫療業務的表現確實非常出色。

We talked about positive price and volume on that side.

我們談論了那邊的正價和正量。

So we're really pleased with how gas control is performing and the momentum it's taking into the fourth quarter and our expectations for '25.

因此，我們對天然氣控制的表現、第四季度的發展勢頭以及我們對 25 年的預期感到非常滿意。

But again, thank you for your questions.

但再次感謝您的提問。

Thank you.

謝謝。

And that does conclude the question and answer session.

問答環節到此結束。

So I will now hand it back over to Mark Barbalato for closing comments.

因此，現在我將把發言權交還給 Mark Ba​​rbalato，請他作最後評論。

Mark.

標記。

Thank you for joining us today and we look forward to talking to you again next quarter.

感謝您今天加入我們，我們期待下個季度再次與您交談。

And ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining and you may now disconnect.

感謝大家加入，現在可以斷開連線。

Have a great day, everyone.

祝大家有個愉快的一天。