伊頓 (ETN) 2024 Q3 法說會逐字稿

Segment margins and adjusted EPS for the year.

本年度的分部利潤率及調整後每股收益。

We did experience a couple of extraordinary events in the quarter that impacted our revenue.

本季我們確實經歷了幾起影響我們收入的非同尋常的事件。

First, the widely publicized strike taking place in the aerospace industry and then hurricane Helene, which impacted several of our Electrical Americas factories at the end of the quarter.

首先是航空航天業發生的廣為人知的罷工，然後是海倫颶風，該颶風在本季度末影響了我們美國電氣公司的幾家工廠。

While both of these events will have an impact on our revenue outlook for Q4, they are not impacting our demand and it's only timing.

雖然這兩個事件都會對我們第四季的收入前景產生影響，但它們不會影響我們的需求，而只是時間問題。

In fact, our markets continue to be strong.

事實上，我們的市場仍然強勁。

On a rolling 12 month basis, electrical orders were up 12%, with Electrical Americas orders up 16% and aero base orders increased by 6%.

在連續 12 個月的基礎上，電氣訂單增加了 12%，其中 Electrical Americas 訂單增加了 16%，航空基地訂單增加了 6%。

This led to another quarter of growing and record backlogs, up 26% for Electrical Americas, a 14% and for aerospace with strong book-to-bill ratios.

這導致積壓訂單又成長了一個季度，創歷史新高，美國電氣公司增加了 26%，預訂出貨比強勁的航空航太公司增加了 14%。

On balance.

平衡上。

We're pleased with our results and are well positioned for and for a record year performance and expect to carry strong momentum into 2025.

我們對我們的業績感到滿意，並為創紀錄的年度業績做好了充分準備，並期望在 2025 年保持強勁勢頭。

Turning to Page 4.

翻到第 4 頁。

We once again are sharing our overview of megatrends and how we're driving growth in our end markets.

我們再次分享我們對大趨勢的概述以及我們如何推動終端市場的成長。

The key message here is one of breadth, both in the number of megatrends in a number of our end markets are positively impacted.

這裡的關鍵訊息之一是廣度，我們許多終端市場的大趨勢數量都受到了正面的影響。

Something we think is unique to Eaton and will allow us to grow at an accelerated rate for years to come.

我們認為伊頓的獨特之處將使我們能夠在未來幾年加速發展。

Last quarter, we provided an end market update on our commercial and institutional segment, highlighting the show on growth outlook for institutional and infrastructure markets.

在上季度，我們提供了商業和機構部門的終端市場最新情況，重點介紹了機構和基礎設施市場的成長前景。

Today, we intend to provide a forecast for residential markets and how energy transition is creating new growth opportunities in residential homes.

今天，我們打算對住宅市場進行預測，以及能源轉型如何為住宅創造新的成長機會。

And as we've done in recent earnings calls, were also provide an update on the growing number of mega projects announced during the quarter.

正如我們在最近的財報電話會議中所做的那樣，我們還提供了本季宣布的大型專案數量不斷增加的最新情況。

So let's begin with that on slide 5.

讓我們從幻燈片 5 開始。

In the presentation.

在演示中。

This chart shows a summary of mega projects that have been announced since January of 2021.

此圖表顯示了自 2021 年 1 月以來已宣布的大型專案的摘要。

In North America.

在北美。

As a reminder, a mega project, a project with an announced value of 1 billion or more through Q3 or now at 500 for projects with a cumulative value of 1.6 trillion and the backlog now stands at 1.8 trillion, up 30% from last year.

提醒一下，大型項目，即截至第三季宣布價值10億或以上的項目，或目前累計價值1.6兆的項目為500個，積壓項目目前為1.8萬億，比去年增長30%。

I'd also point out the announcements are continuing to accelerate with Q. three up 48% versus Q2.

我還想指出的是，公告的發布速度持續加快，第三季比第二季成長了 48%。

Approximately 16% of these products have started, and we expect a record number of starts in 2025.

其中約 16% 的產品已經啟動，我們預計 2025 年啟動數量將創歷史新高。

Many of you have asked questions about cancellations, which we continue to monitor as well.

你們中的許多人都詢問了有關取消的問題，我們也會繼續監控這些問題。

To date, cancellations have been modest around 10% and well below historical levels.

迄今為止，取消預訂的比例約為 10%，遠低於歷史水準。

For projects that have started with one over 1.7 billion of orders and our win rate is almost 40%.

對於已經啟動超過 17 億訂單的項目，我們的得標率接近 40%。

Of note, we're in active negotiations on another 3 billion with orders up 175% from last quarter.

值得注意的是，我們正在積極談判另外 30 億美元的訂單，訂單比上季增加了 175%。

While mega projects continue to garner a lot of attention deservedly.

雖然大型專案繼續理所應當地受到廣泛關注。

So the Dodge Momentum Index, which tracks commercial and institutional projects that are less than 500 million, are also at record levels of 22% in the quarter.

因此，追蹤小於 5 億的商業和機構項目的道奇動量指數在本季也創下了 22% 的歷史新高。

Taken together, we think they provide a strong validation of the megatrends and support our view on the long-term outlook of our end markets.

總的來說，我們認為它們有力地驗證了大趨勢，並支持我們對終端市場長期前景的看法。

As we prepare for the growth ahead, we're making investments in our manufacturing capacity naturally and on slide 6, we show an update of our incremental capacity investments, which now stand at 1.5 billion, up 500 million from our previous estimate of the increase reflects our increasing cash confidence in our outlook as well as increasing demand that we're now seeing in data center markets.

當我們為未來的成長做準備時，我們自然會對我們的製造能力進行投資，在幻燈片6 中，我們展示了我們增量產能投資的更新，目前為15 億美元，比我們之前估計的增長量增加了5 億美元反映出我們對前景的現金信心不斷增強，以及我們現在在資料中心市場看到的需求不斷增加。

These multiyear investments with the largest addition coming in the second half of 25 and 20 sevens, several product families and importantly, can be used across most of electrical end-markets.

這些多年投資的最大增量將出現在 25 世紀和 20 世紀下半年，多個產品系列，重要的是，可以在大多數電氣終端市場中使用。

I'd also add that most of the additional capacity is what we consider a light assembly and modular, which allows us to be both flexible and efficient as we deploy capital.

我還想補充一點，大部分額外產能是我們認為的輕型組裝和模組化產能，這使我們在部署資本時能夠靈活高效。

Overall, our expansion projects are on track with a number of sites starting to ramp up production.

總體而言，我們的擴建項目正在按計劃進行，許多工廠開始提高產量。

For example, we've recently opened a 110,000 square meter facility in wireless Mexico that produces motor controllers and switchboards.

例如，我們最近在無線墨西哥開設了一家佔地 110,000 平方米的工廠，生產馬達控制器和配電盤。

And we're also the new manufacturing facility in the Dominican Republic that will increase our supply of Bussmann fusions.

我們也是多明尼加共和國的新製造工廠，這將增加我們對 Bussmann 聚變的供應。

Next on Slide 7.

接下來是投影片 7。

In our highlighting our residential markets, which include naturally the electrical infrastructure for both new construction and renovation.

當我們強調我們的住宅市場時，其中自然包括新建和翻新的電力基礎設施。

Residential markets represents 6% of Eaton total sales and a percentage of electrical sales.

住宅市場佔伊頓總銷售額的 6% 和電氣銷售額的一定比例。

And the key message here is that these secular trends that we've been talking about, our impact, our industrial and commercial markets are also impacting homes.

這裡的關鍵訊息是，我們一直在談論的這些長期趨勢、我們的影響、我們的工業和商業市場也在影響家庭。

As a result, the electrical content and homes continues to grow.

因此，電力內容和家庭不斷增長。

The growth in solar electric vehicles, energy storage and the electrification of heating and cooking are fundamentally changing and requirements in the home and new safety codes and standards are also continuing to drive the need for higher electrical content.

太陽能電動車、能源儲存以及暖氣和烹飪電氣化的成長正在發生根本性的變化，家庭的要求以及新的安全規範和標準也繼續推動對更高電氣含量的需求。

And as you know, the current IRA tax incentives for electrical power upgrades are designed to support this growing need for more electrical power.

如您所知，目前 IRA 針對電力升級的稅收優惠旨在支持對更多電力不斷增長的需求。

No doubt residential markets have been feeling the impact of higher interest rates over the last couple of years.

毫無疑問，過去幾年住宅市場一直受到利率上升的影響。

With markets now feeling like they've reached a bottom to housing shortage remains, and we should see positive growth from this point forward estimated at a 6% kegger over the next four years from what's been a drag on growth over the last 24 months should turn positive.

由於市場現在感覺已經觸底，住房短缺依然存在，從現在開始，我們應該會看到積極的增長，預計未來四年將增長 6%，而過去 24 個月的增長拖累應該是這樣的。積極。

Now with the and within the residential market, Eaton is especially well positioned as homes become more electrified generate and sometimes sell electrical power become bigger consumers of electricity, they also need to become smarter.

現在，在住宅市場中，伊頓處於特別有利的地位，因為家庭變得更加電氣化，發電，有時出售電力，成為更大的電力消費者，他們也需要變得更聰明。

We address these changes and in our everything is a grid, including homes.

我們應對這些變化，我們的一切都是網格，包括家庭。

Slide, which we show on slide 8 for more than a century power has flowed in one direction from central power plants into homes today.

幻燈片，我們在投影片 8 中展示了一個多世紀以來，電力一直從中央發電廠單向流到今天的家庭。

There's a new reality thanks to the addition of solar power electric vehicles, energy storage, all on the top of the need to run a more electrified home in simple terms, homes can now act as energy hubs producing their own power management, electrical loads and selling power back to their local utility, all of which requires more sophisticated electrical equipment.

由於增加了太陽能電動車、儲能，所有這些都需要運行一個更電氣化的家庭，簡單來說，家庭現在可以充當能源中心，產生自己的電源管理、電力負載和將電力賣回當地公用事業公司，所有這些都需要更先進的電氣設備。

Eaton's home as a grid approach creates smart energy systems that allow homeowners to reduce costs, participate in demand response programs, improve resiliency, including I mean from the grid and to optimize the home by selecting which electrical loads they want to run two and a power outage.

伊頓的家庭作為一種電網方法創建了智慧能源系統，使房主能夠降低成本，參與需求響應計劃，提高彈性，包括我的意思是來自電網，並通過選擇他們想要運行兩個和一個電源的電力負載來優化家庭停電。

So in addition to homes require more electrical power homes are now require are now required to be more intelligent to be connected and to be integrated into a home as a grid solution.

因此，除了家庭需要更多電力之外，家庭現在還需要更聰明地連接並作為電網解決方案整合到家庭中。

Today's fully grid ready homes have up to five times the electrical content of traditional home, a trend that will only increase over time and a tremendous opportunity for Eaton.

如今，完全連接電網的家庭的用電量是傳統家庭的五倍，這一趨勢只會隨著時間的推移而增加，這對伊頓來說是一個巨大的機會。

one example of how we're implementing our home was a good strategy can be sustained in the recently announced collaboration with Tesla.

我們如何實施我們的住宅的一個例子是，一個很好的策略可以在最近宣布的與特斯拉的合作中維持下去。

As you know, Tesla is one of the biggest names, energy storage and they needed a solution that would allow homeowners and installers to simplify the integration of energy storage, solar and load management know-how.

如您所知，特斯拉是能源儲存領域最著名的公司之一，他們需要一種解決方案，使房主和安裝人員能夠簡化能源儲存、太陽能和負載管理技術的整合。

This is especially important in the existing home market of more than 40 million homes with only 100 amps service Eaton's first to market and what we call able edge smart breakers provide homeowners homeowners with intelligent load management capabilities.

這在擁有超過 4000 萬戶家庭且僅提供 100 安培服務的現有家庭市場中尤其重要，伊頓首次推出市場的邊緣智慧斷路器為房主提供了智慧負載管理功能。

This technology allows homeowners to turn their standard loads into a smart load center without replacing the electrical panel.

該技術允許房主將其標準負載轉變為智慧負載中心，而無需更換配電板。

Together with our partners, our systems will manager solar energy storage, annual electrical loads, and it's simple to install.

我們的系統將與我們的合作夥伴一起管理太陽能儲存、年度電力負載，並且安裝簡單。

It provides better functionality and at a much lower cost and other solutions.

它提供了更好的功能並且以更低的成本和其他解決方案相比。

In fact, we estimate our solution will be three to five times lower costs are able to hedge.

事實上，我們估計我們的解決方案將能夠對沖成本降低三到五倍。

Some operators will be available in early 2025, and we look forward to growing our partnership with Tesla.

部分營運商將於 2025 年初投入使用，我們期待加強與 Tesla 的合作關係。

Now I'll turn it over to Olivier to take us through the financial results for the quarter.

現在我將把它交給奧利維爾，讓我們了解本季的財務表現。

Thanks, Greg.

謝謝，格雷格。

I'd start by providing a summary of our Q3 results in which we once again set many new records.

我首先總結第三季的業績，我們再次創造了許多新記錄。

We posted third quarter record sales of $6.3 billion, up 8%, both in total and organically or whatever revenue was negative.

我們公佈的第三季銷售額達到創紀錄的 63 億美元，成長 8%，無論是總銷售額還是有機收入或任何負收入。

T be impacted by about $50 million from the hurricane in then, and labor strikes in the aerospace industry.

當時的颶風和航空航太業的罷工造成了約 5000 萬美元的損失。

Without these impacts, organic growth would have been above our 8.5% guidance midpoint.

如果沒有這些影響，有機成長將高於我們 8.5% 的指導中點。

Operating profit grew 11%.

營業利潤成長 11%。

Kent and segment margin expanded 70 basis points to 24.3%.

肯特和分部利潤率擴大 70 個基點至 24.3%。

Adjusted EPS of $2 an $0.84 increased by 15% over the prior year.

調整後每股收益為 2 美元至 0.84 美元，比上年增長 15%。

This is a quarterly record and above the high end of our guidance trench.

這是一個季度記錄，高於我們指導的上限。

This performance resulted in all time record cash flow performance, including operating cash flow of $1.3 billion, up 15% on a year-over-year basis and free cash flow of $1.1 billion, up 23% versus prior year.

這項業績創造了創紀錄的現金流表現，其中營運現金流為 13 億美元，年增 15%，自由現金流為 11 億美元，較去年同期成長 23%。

On Slide 11, we summarize another very strong quarter for Electrical Americas.

在投影片 11 中，我們總結了 Electrical Americas 另一個非常強勁的季度。

Before we go to the results, we want to acknowledge the significant impact that Hurricane Helane add on our employees and their communities.

在得出結果之前，我們要承認颶風海蘭對我們的員工及其社區的重大影響。

Electrical Americas employ more than 3,000 people in North and South Carolina in nine facilities.

Electrical Americas 在北卡羅來納州和南卡羅來納州的 9 個工廠擁有 3,000 多名員工。

And the safety of our team members is our top priority.

團隊成員的安全是我們的首要任務。

We have continued to provide support to our employees, their families and affected communities, including providing essential business and financial assistance.

我們繼續向員工、他們的家人和受影響的社區提供支持，包括提供必要的商業和財務援助。

We are pleased to report that our facilities are back up and running to support all the strong consumer demand we are seeing in our markets.

我們很高興地報告，我們的設施已恢復正常運行，以支援我們在市場上看到的所有強勁消費者需求。

Despite these challenges, we set new records for sales, operating profit and margins.

儘管面臨這些挑戰，我們仍創下了銷售額、營業利潤和利潤率的新記錄。

Organic sales growth increased to 14%, reflecting strength in data center, commercial and institutional and utility end markets.

有機銷售額成長至 14%，反映了資料中心、商業、機構和公用事業終端市場的實力。

On two year stack, organic growth was up 33%.

兩年來，有機成長成長了 33%。

Electrical Americas has generated double digit growth organic growth for 11 consecutive quarters one and was up 240 basis points versus prior year, benefiting from higher sales and increased operational efficiencies that were partially offset by higher cost to support growth initiatives.

Electrical Americas 已連續11 個季度實現兩位數的有機增長，比去年同期增長240 個基點，這得益於銷售額的增加和運營效率的提高，但支持增長計劃的成本上升部分抵消了這一增長。

On a rolling 12 month basis, does he actually has accelerated to 16% from 11% last quarter, demonstrating continued tailwinds from the virus mega trends.

從 12 個月的滾動來看，他的成長率實際上已從上個季度的 11% 加速至 16%，這表明病毒大趨勢的持續推動作用。

We had particular strength in the data center market where activity is increasingly robust.

我們在資料中心市場擁有特別的優勢，而該市場的活動日益活躍。

For example, Dodge data shows use announced data center project startups are up 81% year to date nine months, surpassing 2012 three levels in Q3 of 2024.

例如，Dodge 數據顯示，今年迄今 9 個月內，已公佈的資料中心專案啟動數量增加了 81%，到 2024 年第三季就超過了 2012 年的三個水準。

Us data center construction backlog is now estimated to extend out about nine years based on 2023 build rates.

根據 2023 年的建設率，目前美國資料中心建設積壓預計將延長約 9 年。

Also all the major project negotiation pipeline is up approximately approximately 60% year to date through nine months.

此外，在今年迄今的 9 個月內，所有主要項目談判進展增加了約 60%。

Electrical Americas backlogged increased 26% year over year with a book to bill with a book-to-bill ratio of 1.2 on the hoarding 12 month basis.

Electrical Americas 積壓訂單年增 26%，以 12 個月囤積計算，訂單出貨比為 1.2。

These results underscore the tailwinds from secular trends, strong execution and all this backlog that have allowed us to raise our guidance for the year, which will discuss later in the presentation.

這些結果強調了長期趨勢、強勁執行力和所有這些積壓的推動力，使我們能夠提高今年的指導，這將在簡報的後面討論。

Next chart summarizes the results of our LTE recall global segment.

下圖總結了我們 LTE 召回全球部分的結果。

Total revenue growth was up 5%, included organic growth of 4% and Essex FX tailwind of 1%.

總收入成長了 5%，其中包括 4% 的有機成長和 1% 的埃塞克斯外匯推動。

We had strength in data center and the utility market that's partially offset by weakness in residential markets.

我們在資料中心和公用事業市場方面擁有優勢，但部分被住宅市場的疲軟所抵消。

Regionally, we saw continued strength in A-Pac with double digit organic growth and mid single digit organic growth in EMEA.

從地區來看，我們看到亞太地區持續強勁，有機成長達到兩位數，歐洲、中東和非洲地區實現中個位數有機成長。

Operating margin of 18.7% was generally in line with our expectations for the quarter and down 210 basis points versus prior year, primarily driven by a real estate transaction.

營業利潤率為 18.7%，基本上符合我們對本季的預期，比去年同期下降 210 個基點，這主要是由房地產交易推動的。

In 2023, orders were up 6% on a rolling 12-month basis, with strength in data center, UTDG. and OEM. markets.

2023 年，隨著資料中心、UTDG 的強勁成長，訂單在 12 個月的滾動基礎上成長了 6%。和OEM。市場。

Backlog increased 19% over prior year and book to bill continues to remain strong.

積壓訂單比去年增加了 19%，訂單出貨量持續保持強勁。

Q3 was 1.1 on no holding 12 months basis.

在 12 個月未持有的基礎上，第三季為 1.1。

Before moving to our industrial businesses, I like to briefly recap the combined entity called segments.

在討論我們的工業業務之前，我想簡要回顧一下稱為細分市場的合併實體。

For Q3, we posted organic growth of 11% and segment margin of 26.2%, which was up 70 basis points over prior year.

第三季度，我們的有機成長為 11%，部門利潤率為 26.2%，比去年同期成長 70 個基點。

On a rolling 12-month basis, orders were up 12%, and book to bill ratios for our electrical sector remains strong at 1.1.

在連續 12 個月的基礎上，訂單增長了 12%，我們電力行業的訂單出貨比仍然保持在 1.1 的強勁水平。

We remain confident in our positioning for continued growth with strong margins in all over all electric core business.

我們對我們在所有電力核心業務中實現持續成長和強勁利潤的定位充滿信心。

Page 13 highlights our Aerospace segment.

第 13 頁重點介紹了我們的航空航天部門。

We posted Q. three record sales and an all-time record operating profit.

我們發布了第三季的銷售記錄和營業利潤的歷史記錄。

Total growth was 9%, including organic growth of 8% for the quarter, driven driven by strength in commercial.

在商業實力的推動下，本季總成長率為 9%，其中有機成長率為 8%。

Hello, yen.

你好，日元。

Commercial aftermarket and defense aftermarket operating margin was strong at 24.4%, up 30 basis points year over year and also up 290 basis points sequentially, which was driven by higher sales and mix.

商業售後市場和國防售後​​市場營業利潤率強勁，達到 24.4%，同比增長 30 個基點，環比增長 290 個基點，這得益於較高的銷量和產品組合。

On a rolling 12-month basis, orders increased 6%, driven by strength in commercial OEM, commercial aftermarket and defense aftermarket.

在連續 12 個月的基礎上，在商業 OEM、商業售後市場和國防售後​​市場實力的推動下，訂單增加了 6%。

Year-over-year backlog increased 14% and was up 4% sequentially.

積壓訂單較去年同期增加 14%，較上季增加 4%。

On our earnings on a rolling 12-month basis, our book to bill for our Aerospace segment remains strong at 1.1, and we are pleased with $2.3 billion life of program wins so far this year.

根據我們 12 個月的滾動盈利，我們航空航天部門的帳面成本比仍保持在 1.1 的強勁水平，我們對今年迄今為止 23 億美元的專案生命週期勝利感到高興。

Moving to our vehicle segment on Page 14.

轉到第 14 頁的車輛部分。

In the quarter, total revenue was down 7%, including a 6% organic decline, primarily driven by weakness in the light vehicle markets and one point of unfavorable FX.

本季總營收下降 7%，其中有機下降 6%，這主要是由於輕型汽車市場疲軟和不利的外匯匯率造成的。

Operating margin came up at 19.4% to 100 basis points above prior year, driven by improved operating efficiencies.

由於營運效率提高，營運利潤率成長 19.4%，比上年同期成長 100 個基點。

We have made progress here to increase margins, which this quarter exceeded our midterm target of 19%, and we are pleased to have won $75 million in mature, yet sells into three across our commercial and passenger vehicle portfolio.

我們在提高利潤率方面取得了進展，本季度超出了 19% 的中期目標，我們很高興贏得了 7500 萬美元的成熟資金，但在我們的商用車和乘用車產品組合中銷售了 3 輛。

On page 15, we show results for our e-mobility business.

在第 15 頁，我們展示了我們的電動車業務的結果。

Sales were up 2%, including organic growth of 1% from slower OE. and new product launches and weakness.

銷售額成長 2%，其中 OE 放緩帶來 1% 的有機成長。以及新產品的推出和弱點。

Consumer demand.

消費者需求。

Operating loss was $7 million.

營業虧損為 700 萬美元。

And we as we continue to incur launch costs related to new programs.

我們繼續承擔與新計劃相關的啟動成本。

Moving to page 16, we show our Electrical and Aerospace backlog updated through Q3.

轉到第 16 頁，我們顯示了截至第三季更新的電氣和航空航太積壓工作。

We continued to build backlog with electrical stepping up to $11.8 billion and I/O space reaching $3.7 billion for total backlog of $15.5 billion versus prior year.

我們繼續積壓訂單，與去年相比，電氣升級達到 118 億美元，I/O 空間達到 37 億美元，總積壓達到 155 億美元。

Our backlogs are grown by 25% in electrical and 14% in aerospace.

我們的電氣訂單積壓量增加了 25%，航空航太領域的訂單量增加了 14%。

Alex record backlog benefited from acceleration in order intake from tailwinds of the secular trends, including hyperscale orders within the data center end market.

亞歷克斯創紀錄的積壓得益於長期趨勢推動下訂單量的加速成長，其中包括資料中心終端市場的超大規模訂單。

As noted earlier, book-to-bill ratios from Electrical and Aerospace are 1.1 and 1.1, respectively.

如前所述，電氣和航空航太領域的訂單出貨比分別為 1.1 和 1.1。

The continued growth in our backlog and of course, underscores our confidence in 2024 and beyond.

我們的積壓訂單持續成長，當然也凸顯了我們對 2024 年及以後的信心。

Now I will turn it back to Craig for financial guidance updates and our initial thoughts on 2025.

現在我將把它轉回 Craig，以獲取最新的財務指導和我們對 2025 年的初步想法。

Thanks, Olivier.

謝謝，奧利維爾。

Turning to page 17, we summarize our fiscal year organic growth and operating margin guidance.

翻到第 17 頁，我們總結了本財年的有機成長和營業利潤率指引。

With less than a quarter ago, we've made a number of adjustments to provide our best forecast on how we expect to close the year.

不到一個季度前，我們進行了多項調整，以提供今年結束方式的最佳預測。

Overall, we continue to expect our 2020 for organic growth be between 89%.

總體而言，我們繼續預計 2020 年的有機成長將在 89% 之間。

However, with the continuing aerospace industry, labor strikes and the slowdown in vehicle markets, we now expect our revenue growth to be on the low end of our range.

然而，隨著航空航太業的持續發展、工人罷工和汽車市場的放緩，我們現在預計我們的收入成長將處於區間的低端。

We're raising our leases mix to 13% to 14% from 11.5% to 13.5% were lowering the range of aerospace business by 150 basis points due to the labor strike.

由於工人罷工，我們將租賃組合從 11.5% 提高到 13% 至 13.5%，並將航空航太業務範圍降低了 150 個基點。

We're also lowering our Vehicle business to from down three to five to down from flat to down for and new mobility to 5% to 7% growth from 17% to 23% growth.

我們還將車輛業務從下降 3 到 5 個，從持平到下降，並將新移動業務的成長從 17% 到 23% 降低到 5% 到 7%。

Given the widely reported industry weakness and outlook for segment margins were increasing the Company's margin guidance range by 20 basis points to 23.7 at the midpoint of our guidance.

鑑於廣泛報導的產業疲軟和分部利潤率前景，我們將公司的利潤率指導範圍提高了 20 個基點，達到指導中位數 23.7。

This is driven primarily by the outlook in our Electrical Americas business, where we're increasing our margin outlook by 70 basis points at the midpoint to 29.6% event and vehicle, where we're increasing our margin outlook by 150 basis points at the midpoint to 18%.

這主要是由我們的電氣美洲業務前景推動的，我們將活動和車輛的利潤率預期中點提高了 70 個基點至 29.6%，我們將活動和車輛的利潤率展望中點提高了 150 個基點至18%。

We're also lowering our marketing outlook, product called Global Aerospace and e-mobility by 90 50 and 150 basis points, respectively.

我們也將全球航空航太產品和電動車的行銷前景分別下調了 90、50 和 150 個基點。

In total, the Company is well-positioned to continue to deliver strong financial performance and to close out the year.

總的來說，公司處於有利位置，可以繼續實現強勁的財務業績並結束今年。

Well, on page 18, we list our additional guidance metrics for 2024 and Q4.

好吧，在第 18 頁，我們列出了 2024 年和第四季的其他指導指標。

For 24, our adjusted EPS is expected to be between $10.75 and $10.81 a share.

對於 24 日，我們調整後的每股盈餘預計在 10.75 美元至 10.81 美元之間。

That $10.78 midpoint represents 18% growth in adjusted EPS, an $0.08 raise over our prior guide and is also a $0.63 increase versus our original guidance for the year.

10.78 美元的中點代表調整後每股收益增長 18%，比我們之前的指導增加了 0.08 美元，也比我們今年最初的指導增加了 0.63 美元。

For Q4, we expect organic growth to be between 6% and 7%, segment margins to be between 23.6% and 24% and adjusted EPS in the range of $2.78 to 20 $0.84 a share.

對於第四季度，我們預計有機成長將在 6% 至 7% 之間，部門利潤率將在 23.6% 至 24% 之間，調整後每股收益將在 2.78 美元至 20 美元 0.84 美元之間。

We do expect hurricane lean and the labor strike in aerospace industry to have an impact on our Q4 revenue, and it's embedded in our guidance already.

我們確實預計颶風「精益」和航空航天業的罷工將對我們第四季度的收入產生影響，並且它已經納入我們的指導中。

As I noted, while we have reaffirmed full year organic growth range of 8% to 9% based upon the impact from Hurricane a lean and labor strikes in aerospace, we expect to be at the low end of the range of the impact from the hurricane clean is behind us and all of our sites are now up and running.

正如我所指出的，雖然我們根據颶風航空業精益和罷工的影響重申全年有機增長範圍為 8% 至 9%，但我們預計將處於颶風影響範圍的低端清潔已成為過去，我們所有的站點現已啟動並運行。

There.

那裡。

Aerospace industry strike is still ongoing.

航空航太業罷工仍在持續。

And while they could have an impact on our revenues based upon what's in our outlook, we don't expect an impact in our EPS if we can draw your attention to 2025.

雖然根據我們的展望，它們可能會對我們的收入產生影響，但如果我們能引起您對 2025 年的關注，我們預計不會對我們的每股盈餘產生影響。

On page 19, we provide our initial view on end market growth expectations for next year.

在第 19 頁，我們提供了對明年終端市場成長預期的初步看法。

As you can see here, we anticipate attractive growth in nearly all of our markets.

正如您在這裡所看到的，我們預計幾乎所有市場都會出現有吸引力的成長。

We're expecting double-digit growth in data centers and distributed IT, commercial aerospace and electric vehicles.

我們預計資料中心和分散式 IT、商業航空航天和電動車將出現兩位數成長。

Solid growth in utility and modest growth across most of our other end markets.

公用事業的穩健成長和我們大多數其他終端市場的溫和成長。

Commercial vehicle is the only market that's projected to decline.

商用車是唯一預計會下降的市場。

So overall, 2025 should be another year of significant growth, with more than 90% of our end markets seeing positive growth.

因此整體而言，2025 年應該是另一個顯著成長的一年，我們 90% 以上的終端市場都實現了正成長。

And as you know, our own growth outlook is supported by a strong order book.

如您所知，我們自己的成長前景得到了強勁訂單的支持。

Record backlogs and secular trends that continue to be favorable will provide our revenue forecast in February, but we do expect to grow faster nine markets.

創紀錄的積壓和持續有利的長期趨勢將提供我們二月份的收入預測，但我們確實預計九個市場的成長速度會更快。

Company is well positioned to deliver differentiated growth of 2025.

公司已做好準備，實現 2025 年的差異化成長。

And we think beyond well, we'll provide more details in February.

我們經過深思熟慮後，將在二月提供更多細節。

We didn't want to provide some initial assumptions for 2025 guidance.

我們不想為 2025 年指導提供一些初步假設。

Based upon the last chart, we expect our end markets in total to grow between 6% and 8% and for our incremental margins to be between 30% and 35% due to high interest expense and lower pension income.

根據上一張圖表，由於高額利息支出和較低的退休金收入，我們預計終端市場整體成長將在 6% 至 8% 之間，增量利潤率將在 30% 至 35% 之間。

We anticipate roughly a $0.2 had one headwind on below the costs are below the line items and a tax rate of approximately 18%.

我們預計約 0.2 美元的成本低於項目，稅率約為 18%。

Our multiyear restructuring program costs are expected to be approximately 50 million with 75 million of savings, and we expect capital spending to be roughly between EUR900 million and 1 billion.

我們的多年重組計畫成本預計約為 5,000 萬歐元，其中節省 7,500 萬歐元，我們預計資本支出約為 9 億至 10 億歐元之間。

Lastly, we continue to repurchase shares and we're estimating the number to be approximately $2 billion.

最後，我們將繼續回購股票，預計回購金額約 20 億美元。

While we're still in the early phases of our planning, we also expect another strong year of earnings growth.

雖然我們仍處於規劃的早期階段，但我們也預計今年將迎來另一個強勁的獲利成長。

So we close on Page 21.

所以我們在第 21 頁結束。

Once again, the trends driving growth in our end market continue to play out as expected and even better in our Electrical Americas business, driven by data center markets and the reindustrialization trend that we're seeing across multiple industries.

在資料中心市場和我們在多個行業中看到的再工業化趨勢的推動下，推動我們終端市場成長的趨勢繼續按預期發揮作用，甚至在我們的電氣美洲業務中表現得更好。

We also delivered a strong quarter financial results and continue to see outstanding execution on our key initiatives across the company.

我們也交付了強勁的季度財務業績，並繼續看到整個公司關鍵舉措的出色執行。

As a result, we raised our guidance for segment margins by 20 basis points, and our EPS by $0.08 at the midpoint and in the quarter were especially pleased to see that strength in our negotiations are orders and the growth in our backlog, all of which are at record levels, validating our medium and long term growth outlook.

因此，我們將部門利潤率指引上調了 20 個基點，每股收益中點上調了 0.08 美元，在本季度，我們特別高興地看到我們談判的優勢在於訂單和積壓訂單的增長，所有這些處於創紀錄水平，驗證了我們的中長期成長前景。

So we made the quarter with a high level of competence.

因此，我們本季表現出色。

We say it will deliver higher growth, higher margins and consistent earnings growth and improving free cash flow for years to come.

我們表示，它將在未來幾年帶來更高的成長、更高的利潤率和持續的獲利成長，並改善自由現金流。

And with that, I'll open things up for questions that you may have.

接下來，我將針對您可能提出的問題進行解答。

Thank you.

謝謝。

Thanks, Craig, for the Q&A today.

謝謝克雷格今天的問答。

Please limit your opportunity.

請限制你的機會。

Just to one question.

只是針對一個問題。

I have one follow-up.

我有一個後續行動。

Thanks in no one's for your cooperation.

不感謝任何人的合作。

With that, I'll turn it over to the operator has given us the instructions.

這樣，我會將其交給給我們指示的操作員。

Thank him.

謝謝他。

As a reminder, to ask a question, please press star one on your telephone and wait for your name to be announced.

提醒一下，要提問，請按電話上的星號一，然後等待宣布您的名字。

To withdraw your question, please press star one to one.

要撤回您的問題，請一對一按星號。

Again.

再次。

Please stand by while we compile the Q&A roster.

我們正在整理問答名單，請稍候。

Our first question comes from the line from Andrew Obin from Bank of America.

我們的第一個問題來自美國銀行的安德魯‧奧賓（Andrew Obin）。

Yes, good morning.

是的，早安。

Morning.

早晨。

Morning, Andrew, Marc.

早安，安德魯，馬克。

Yes, so I wouldn't be an even called without a data center question.

是的，所以如果沒有資料中心問題，我就不會被叫到。

So maybe if you could give us more detail on how did your data center business perform on organic growth orders and negotiations, pipeline and the third quarter?

那麼，您是否可以向我們提供更多關於您的資料中心業務在有機成長訂單和談判、管道和第三季度方面的表現如何？

Thank you.

謝謝。

No, I do appreciate the question.

不，我很欣賞這個問題。

And as has been widely reported, the data center market just continues to perform much better than even we imagined in the quarter itself, our data for sales were up 35% are our net, by the way, up from 27% in the prior quarter.

正如廣泛報導的那樣，資料中心市場的表現繼續比我們在本季度的想像要好得多，順便說一句，我們的淨銷售數據增長了 35%，高於上一季的 27% 。

So the rate of growth is accelerating.

所以成長速度正在加快。

Our orders were up some 55% on a rolling 12 month basis and negotiations are up 90%.

在連續 12 個月的基礎上，我們的訂單增長了約 55%，談判增長了 90%。

And so as you can tell from this data, we discontinued the build strong momentum in the data center market.

從這些數據中您可以看出，我們停止了在資料中心市場建立強勁勢頭的勢頭。

And as we've said, we think that markets can be very strong for years to come.

正如我們所說，我們認為未來幾年市場將會非常強勁。

Perfect.

完美的。

And just a follow-up question on your have sort of how to do have presence in the Carolinas.

接下來的問題是關於如何在卡羅來納州開展業務。

That's why we are highlighting.

這就是我們強調的原因。

But maybe if you could put a finer point on the impact on the third quarter and how much of an impact do you expect on the fourth quarter?

但也許您可以更詳細地說明對第三季的影響以及您預計對第四季的影響有多大？

You did say that it's passed you by just are there any lingering impact in the fourth quarter that you're willing to quantify?

您確實說過它已經過去了，只是您願意量化第四季度是否有任何揮之不去的影響？

Thank you.

謝謝。

No, I appreciate that question as well, Andrew, and as I think most of the investors know, we have a fairly sizable footprint in the Carolinas.

不，我也很欣賞這個問題，安德魯，我想大多數投資者都知道，我們在卡羅來納州有相當大的足跡。

In fact, we have some 3,000 employees and multiple facilities that were actually in the path of the storm.

事實上，我們有大約 3,000 名員工和多個設施實際上都位於風暴路徑上。

Pleased to report that our facilities are all back up and running.

很高興地報告，我們的設施已全部恢復正常運作。

All of our employees have been accounted for and safe.

我們所有的員工都已經安全。

And so while it certainly was a bit of a challenge at the end of the quarter and at the beginning of this quarter, it's all behind us now and businesses and the sites are actually performing quite well.

因此，雖然在本季末和本季初這確實是一個挑戰，但現在一切都已經過去了，企業和網站實際上表現得相當不錯。

So yes, without a doubt, you know what I tell you that, you know, the Americas put up really strong results in Q three, they could have been stronger, but for the hurricane.

所以，是的，毫無疑問，你知道我告訴你的，你知道，美洲在第三季度取得了非常強勁的成績，如果沒有颶風，他們本來可以更強。

And certainly it's achieving a little bit of growth off of the revenue for the Electrical Americas business in the fourth quarter as well.

當然，第四季電氣美洲業務的收入也實現了一些成長。

But it just went into backlog.

但它只是進入積壓狀態。

Again, this is not lost business.

再說一次，這並不是失去生意。

This is simply timing, B&O.

這只是時機，B&O。

But as you saw from our orders growth in the quarter in the backlog growth in the quarter, we will certainly realize that revenue.

但正如您從我們本季的訂單成長和本季的積壓成長中看到的那樣，我們肯定會實現這一收入。

It's just timing in it.

這只是時間安排而已。

And if I could just for a minute here, recognize our team.

請容許我在這裡花一分鐘時間，介紹一下我們的團隊。

Our team just did an extraordinary job of supporting our employees and supporting the community providing casino shelter food generators in our team just rose to the occasion, and we'd all be very proud of the way they represented our company in this moment of need and crisis for both our employees, the community.

我們的團隊在支持我們的員工和支持社區方面做得非常出色，在我們的團隊中提供賭場庇護所食物生成器，我們都為他們在這個需要的時刻代表我們公司的方式感到非常自豪我們的員工和社區都面臨危機。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from Nigel Coe of Wolfe Research.

現在我們將接聽沃爾夫研究中心奈傑爾·科 (Nigel Coe) 的電話。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

And Craig, thanks for the 25 or early early indications.

還有 Craig，感謝您提供 25 個或早期的早期跡象。

Some just ask a question, I think so maybe Olivier, on the Electrical Americas margins, obviously, you tend to be a little bit of a bit of I think 4Q does tick down a little bit from 3Q.

有些人只是問一個問題，我想也許是奧利維爾，在美國電氣的邊緣，顯然，你傾向於有點我認為第四季度確實比第三季度略有下降。

So seasonally now slowly, we see a little bit higher.

所以現在季節性地慢慢地，我們看到有點高。

So just a question that's a broader question of, you know, we have seen a huge amount of operating leverage in the Americas on the government investment spending.

因此，這是一個更廣泛的問題，我們已經看到美洲政府投資支出存在巨大的營運槓桿。

How do you think about operating leverage and unlock the kind of going forwards, um, you know, within that $0.37, our cost structure, do you think the Americas can be above that level going forward?

您如何看待營運槓桿並釋放未來的潛力，嗯，您知道，在 0.37 美元的成本結構內，您認為美洲未來可以高於該水平嗎？

Thank you for your question.

謝謝你的提問。

Nigel, we are very pleased with the performance of our Electrical Americas business, both on the top line and the margin.

奈傑爾，我們對電氣美洲業務的營收和利潤表現非常滿意。

To answer your question directly, we do not believe we have reached our maximum potential.

直接回答您的問題，我們認為我們尚未發揮最大潛力。

We still believe we have room for improvement.

我們仍然相信我們還有改進的空間。

I would mention three levers, one operating level leverage on higher volume growth, too improving of our manufacturing efficiencies in both our existing and new facilities.

我要提到三個槓桿，一個是營運層面的槓桿，它可以提高產量成長，也可以提高我們現有和新設施的製造效率。

And finally, as you know, we have a restructuring program ongoing and does a program should deliver improvement in margin for the America.

最後，如您所知，我們正在進行一項重組計劃，該計劃應該會改善美國的利潤率。

Also, you haven't asked the question, but we believe we have margin opportunities.

另外，您還沒有問過這個問題，但我們相信我們有利潤機會。

We discussed that before in our Electrical Global business, but as well in our aerospace business, not Nigel.

我們之前在電氣全球業務中討論過這一點，但在我們的航空航天業務中也討論過這一點，而不是奈傑爾。

Okay, great.

好的，太好了。

And it comes from 4Q would be helpful, but some of our questions around the 25 framework, you said 60% end market growth and 25.

它來自第四季度會很有幫助，但我們圍繞 25 框架的一些問題，你說 60% 的終端市場成長和 25。

I think you've got an ambition to outgrow your remarks by about two point.

我認為你的野心是讓你的言論超出大約兩個百分點。

So we think about kind of a sudden famous for next year, a six to eight.

所以我們考慮明年會突然出名，六到八。

So maybe a little higher than that.

所以可能比這個高一點。

I know I appreciate that question.

我知道我很欣賞這個問題。

And you're absolutely correct.

你是完全正確的。

No, we do have both an ambition and and an expectation that our business will grow, businesses will grow faster than their end markets.

不，我們確實有雄心壯志和期望，即我們的業務將會成長，企業的成長速度將超過其終端市場。

And as you can imagine, it's still very early.

正如你可以想像的那樣，現在還很早。

And we're still working through our planning for 2025.

我們仍在製定 2025 年的計畫。

And and you can expect that will provide a framework for you more details as we get to the Q2 for earnings call next year.

您可以預期，當我們進入明年第二季的財報電話會議時，這將為您提供更多詳細資訊的框架。

And obviously Paolo will lay out a more wholesome, mid and long term strategic framework for you at our investor meeting in Q1 next year.

顯然，保羅將在明年第一季的投資者會議上為您制定一個更健康的中長期策略框架。

So but to your question specifically, you know, we should expect to outgrow our end markets, the exact magnitude of which were not prepared to say at this point as we're still working through our internal plans.

所以，但具體到你的問題，你知道，我們應該預期會超出我們的終端市場，但目前還沒有準備好透露其確切規模，因為我們仍在製定內部計劃。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

We'll now take a call from Jeffrey Sprague from Vertical Research Partners.

我們現在將接聽來自 Vertical Research Partners 的 Jeffrey Sprague 的電話。

Effective morning, everyone.

大家早安。

I'm Jeff.

我是傑夫。

Good morning.

早安.

A lot going on today and over time.

今天以及隨著時間的推移，發生了很多事情。

So I wonder, I'm wonder, Craig, if you could talk a little bit about capital deployment.

所以我想知道，我想知道，克雷格，你是否可以談談資本部署。

It looks like with what you're saying on share repo.

它看起來就像你在共享回購協議上所說的那樣。

You're quite comfortable just continue the output of the organic growth and buy back stock.

您只需繼續有機成長的產出並回購股票就可以了。

But go ahead, Mr. Michael question is right.

但是繼續吧，邁克爾先生的問題是正確的。

Liquid cooling is getting more and more attention on the data center side slide are making a size of the Vertiv there that some kind of alliance or kind of partnership.

液體冷卻在資料中心側受到越來越多的關注，Vertiv 正在形成某種聯盟或合作夥伴關係。

So I know you're sort of on the periphery of the study.

所以我知道你有點處於這項研究的邊緣。

How but maybe just speak to what do you view that as an important part of your offering or where else you might have holes that might need to be filled from an M&A standpoint?

怎麼樣，但也許只是談談您認為什麼是您產品的重要組成部分，或者從併購的角度來看您還有哪些地方可能需要填補？

And I appreciate the question, Jeff.

我很欣賞這個問題，傑夫。

And obviously, to your point, there's no data centers as a market is getting a lot of attention in owned cooling as spaces as also one of our hot topics.

顯然，就您的觀點而言，沒有資料中心，因為自有冷卻空間市場受到廣泛關注，這也是我們的熱門話題之一。

I would say to us, if you think about it, just more broadly around growth, we have growth opportunities everywhere.

我想對我們說，如果你仔細想想，更廣泛地圍繞著成長，我們到處都有成長機會。

We talked about these numbers on our own data center business, growing 35% in the quarter, 90% increase in negotiations.

我們在我們自己的資料中心業務上談到了這些數字，本季成長了 35%，談判中成長了 90%。

And so we have just tremendous opportunities to grow in data center and other markets without looking at an adjacency like cooling, I'm not saying that we would never consider doing something more deliberate there, but it is not required in any way for us to continue to post significant growth and continue to win in the data center market.

因此，我們在資料中心和其他市場上都有巨大的發展機會，而無需考慮冷卻等鄰接問題，我並不是說我們永遠不會考慮在那裡做一些更深思熟慮的事情，但我們並不需要以任何方式繼續實現顯著成長並繼續贏得資料中心市場。

And so what I would tell you today, what we're focusing on organic growth, we're focusing on essentially executing well against the opportunities in front of us.

因此，我今天要告訴你們的是，我們關注的是有機成長，我們關注的是在我們面前的機會中有效地執行。

Our deal pipeline in general to the broader question around capital deployment is certainly good today.

今天，我們針對更廣泛的資本部署問題的交易管道總體上肯定是好的。

And certainly in the pipeline is growing with opportunities in those opportunities are coming from lots of different areas.

當然，正在醞釀的機會正在不斷增長，這些機會來自許多不同的領域。

But certainly data centers for us is a key market that we're focused on.

但對我們來說，資料中心無疑是我們關注的關鍵市場。

And then speaking of capital deployment, just on the cap ex side as additional CapEx still oriented towards those kind of big pinch points of transformers and switchgear, or does this sort of broadening out and the other part of any kind of the growth that you see in front of you?

然後說到資本部署，就資本支出而言，額外的資本支出仍然面向變壓器和開關設備的那些大的關鍵點，或者這種擴大以及您看到的任何增長的其他部分在你面前？

As I mentioned in my up on count commentary, you know, the incremental investment, we talked about $1 billion of incremental CapEx investment in the last earnings call.

正如我在統計評論中提到的，增量投資，我們在上次財報電話會議中談到了 10 億美元的增量資本支出投資。

We've now taken that number up to $1.5 billion.

我們現在將這個數字提高到 15 億美元。

And a lot of that increment is, in fact, going into these kinds of markets, data center, as you know, transformers, some of these markets where we've just seen even faster growth than what we originally anticipated.

事實上，大部分的增量都進入了這些類型市場，資料中心，如你所知，變壓器，其中一些市場的成長速度比我們最初預期的還要快。

And quite frankly, we're having customers come to us now asking us to make multiyear commitments and signing up for multiyear agreements to provide that their requirements and their needs.

坦白說，現在有客戶來找我們，要求我們做出多年承諾並簽署多年協議，以滿足他們的要求和需求。

And so for us, it's just indicative of the underlying strength that we're seeing in our business and our willingness to invest.

因此，對我們來說，這只是表明我們在業務中看到的潛在實力以及我們的投資意願。

I mean, this is case where the risk today is much more on the side of under-investing, not overinvesting.

我的意思是，在這種情況下，今天的風險更多的是投資不足，而不是過度投資。

Understood.

明白了。

Thank you for the color.

謝謝你的顏色。

Thank you, sir.

謝謝您，先生。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from Chris Snyder and Morgan Stanley.

我們現在將接聽克里斯·斯奈德和摩根士丹利的電話。

So thank you, Anna, and appreciate all the color on the outlooks skill.

所以謝謝你，安娜，並欣賞所有關於外觀顏色的技巧。

Maybe if I could ask on the mega projects, I think it's pretty surprising to see that only 16% of the 1.6 trillion and have started.

也許如果我可以問一下大型項目，我認為看到 1.6 兆美元中只有 16% 已經啟動是相當令人驚訝的。

I guess does that similarly suggests that around maybe 85 RFA., 84% of the orders related to these projects are still on the horizon?

我想這是否同樣表明，大約 85 個 RFA，與這些項目相關的 84% 的訂單仍在醞釀中？

And you know, I know you guys that the cancellation of those projects is below historical levels, but are they progressing more slowly in the lag between announcement and order has extended work, maybe what we thought a couple of years ago?

你們知道，我知道你們這些項目的取消低於歷史水平，但在公告和命令之間的滯後期中，它們的進展是否會更慢，從而延長了工作時間，也許我們幾年前是這麼想的？

Thank you.

謝謝。

Yes, I think, Chris, you got it for the most part, right, in terms of the 16% of the projects have started and that doesn't mean 84% or so of the projects are still out into the future.

是的，我想，克里斯，你大部分都明白了，對吧，16% 的專案已經開始，這並不意味著 84% 左右的專案仍處於未來階段。

And so that's pretty straightforward math.

這是非常簡單的數學。

And to the point around cancellations, yes, I mean, they're running at roughly 10%, and it has always been cancellations in these big mega projects historically.

就取消而言，是的，我的意思是，它們的運行率大約是 10%，而且歷史上這些大型專案一直都是取消的。

And we tried to provide some color on how that 10% relates to historical.

我們試圖提供一些說明這 10% 與歷史的關係。

Congratulations and have been and it's low.

恭喜你，而且已經很低了。

And so bigger projects, more projects and lower cancellation rates, which is why we're so bullish on the growth.

因此，更大的項目、更多的項目和更低的取消率，這就是我們如此看好成長的原因。

In terms of the progression question specifically, as you've seen the data, the progression for us continues to look really, really positive.

具體就進展問題而言，正如您所看到的數據，我們的進展仍然看起來非常非常積極。

The numbers continue to grow quite dramatically, grow up to 175% in terms of the quarter over quarter.

該數字繼續大幅增長，環比增長高達 175%。

I will tell you that there's obviously always a question around the industry's capacity in the ability to digest all of these projects in the timeframe that they'd like.

我會告訴你，顯然，行業是否有能力在他們想要的時間範圍內消化所有這些項目，這顯然始終存在問題。

Is there going to be enough labor?

會有足夠的勞動力嗎？

You've heard the debate and data center, which is it going to be enough power.

您已經聽過關於資料中心的爭論，即它是否會提供足夠的電力。

And so what you might end up with, quite frankly, is just a mix attended longer cycle in the process overall.

因此，坦白說，您最終可能會得到的只是整個過程中更長週期的混合。

But these projects are generally pretty diverse as well.

但這些項目通常也非常多元。

And they really occurring during the early days.

它們確實發生在早期。

It was a lot of projects that were EV and battery.

有很多電動車和電池項目。

What we've seen in the last I'll pivot in the last quarter is a lot of commercial women's situational projects, a lot of data center projects, a lot of power projects.

我們在上個季度看到的是許多商業女性的情境專案、很多資料中心專案、很多電力專案。

And so just a broad base of different projects that are being essentially announced.

因此，基本上正在宣布的只是廣泛的不同項目。

And and we're certainly hopeful that that turns into a team of starts next year, which we think are going to be up nicely and long term growth outlook.

我們當然希望明年能夠成為一支新團隊，我們認為這將取得良好的進展並具有長期成長前景。

Appreciate that.

很欣賞這一點。

And then maybe transitioning over to data center.

然後可能會轉移到資料中心。

Can you maybe just talk a little bit about Ian's relationships with the big hyperscalers and as those companies getting better clarity on their phone or CapEx plans and in brings more capacity to market under that change the way that you can enter into commercial agreements, um, with those customers.

您能否簡單談談Ian 與大型超大規模企業的關係，隨著這些公司在手機或資本支出計劃上變得更加清晰，並在改變您簽訂商業協議的方式的情況下向市場帶來更多容量，嗯，與那些客戶。

Thank you.

謝謝。

Yes.

是的。

So to your point, first of all, relationship with hyperscalers, we have a very strong relationship with all of the hyperscale data center customers.

因此，就您的觀點而言，首先是與超大規模企業的關係，我們與所有超大規模資料中心客戶都建立了非常牢固的關係。

And it's a and as we talked about before, clearly one of our fastest growing markets and even within the data center market, we were growing faster with hyperscalers in general, more so than.

正如我們之前談到的，這顯然是我們成長最快的市場之一，甚至在資料中心市場內，我們整體上與超大規模企業的成長速度更快，甚至更快。

But we're growing with co-lo as well.

但我們也在與 co-lo 一起成長。

We're growing and on-prem, but we're growing most quickly with the hyperscalers and to the appointment around commercial, you know, agreements, you know, everybody is challenged right now around capacity.

我們正在不斷增長和本地部署，但我們與超大規模提供者以及圍繞商業、協議的任命增長得最快，你知道，每個人現在都面臨著容量方面的挑戰。

And as a result of that, the nature of the discussions, the visibility around projects, the forward commitments, they have changed as the hyperscalers and others are working to ensure that they have capacity in place to deal with their outlook and their growth.

因此，隨著超大規模企業和其他人正在努力確保他們有能力應對他們的前景和成長，討論的性質、專案的可見性、前瞻性承諾都發生了變化。

I mean today, there is a little bit of a competing for capacity between of dynamic that's taken place in the marketplace, which has obviously led to better and more transparent, more committed commercial agreements with our customers.

我的意思是，今天，市場上發生了一些動態的容量競爭，這顯然導致與我們的客戶達成更好、更透明、更承諾的商業協議。

Thank you.

謝謝。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from Steve Tusa from JPMorgan.

我們現在將接聽摩根大通史蒂夫圖薩 (Steve Tusa) 的電話。

Hi, good morning, everyone.

嗨，大家早安。

Thanks, David.

謝謝，大衛。

So just on on the utility side, I mean a lot going on there with them.

因此，就公用事業方面而言，我的意思是它們發生了很多事情。

You know, all these customers raising budgets, but you know, Hubbell's results were a little bit weak.

你知道，所有這些客戶都提高了預算，但你知道，Hubbell 的結果有點弱。

You guys can actually are guiding just below double digit next year.

明年你們的指導其實可能會略低於兩位數。

I think in this initial market outlook, Tom, maybe you could just talk about what you're seeing in utility and what's slowing is there?

我認為在最初的市場展望中，湯姆，也許你可以談談你在公用事業方面看到的情況以及存在哪些放緩？

And then lastly, how you kind of participate, just remind us how you participate in generation applications.

最後，您如何參與，請提醒我們您如何參與生成應用程式。

Yes, you know, the first thing I'd say is that in Q three main, our utility business continued to perform well.

是的，你知道，我要說的第一件事是，在第三季度，我們的公用事業業務繼續表現良好。

Our utility revenues increased mid 10s and Electrical Americas and low 10s and Electrical Global.

我們的公用事業收入在 Electrical Americas 中成長了 10 多歲，在 Electrical Global 中成長了 10 多歲。

So I mean, obviously, when you think when you think about your different companies, they have different product portfolios, you have different customers, you have different mix, but the but our business is actually continuing to perform quite well.

所以我的意思是，顯然，當你想到不同的公司時，他們有不同的產品組合，有不同的客戶，有不同的組合，但我們的業務實際上繼續表現良好。

And we remain confident.

我們仍然充滿信心。

We talked about our expectation that the utility market would grow at a at a growth rate of around 11% a year in our customers continue to invest in CapEx to support this growth.

我們談到，我們預計公用事業市場將以每年約 11% 的成長率成長，因為我們的客戶繼續投資資本支出以支持這一成長。

And so from where we sit in a while, there's always going to be temporary hiccups in auto and be a period of expansion and pause as they digest capacity.

因此，從我們的角度來看，汽車產業總是會出現暫時的問題，並在消化產能時出現一段擴張和暫停的時期。

There's nothing that we've seen that would suggest that the utility market, at least where we play will continue to be a very strong market for years to come.

我們沒有看到任何跡象表明公用事業市場（至少在我們所涉足的領域）將在未來幾年繼續成為一個非常強勁的市場。

If you think about the unfortunate, you know, ramifications of the storms that we're seeing around the world, certainly two big ones in the US.

如果您考慮我們在世界各地看到的風暴的不幸後果，尤其是美國的兩場大風暴。

So they continue to spend money on resiliency to do grid hardening as that, obviously, that's backing up into utilities having to increase capacity.

因此，他們繼續在彈性上花錢來強化電網，因為這顯然會支持公用事業公司必須增加容量。

By the way, data centers are really big important market for utility customers.

順便說一句，資料中心對於公用事業客戶來說確實是一個非常重要的市場。

And then you have things like undergrounding that takes place on that's taken place in places like the West Coast, where a lot of the utility infrastructure is being put underground, which is also creating growth opportunities for us.

然後，像西海岸這樣的地方發生的地下工程，許多公用事業基礎設施都被放在地下，這也為我們創造了成長機會。

And so well, once again, I know it's sometimes difficult to get up the exact read on these markets based on perhaps what peers are doing.

好吧，我再次知道，有時很難根據同行的行為來準確解讀這些市場。

But in our utility business is strong and going well.

但我們的公用事業業務強勁且進展順利。

Okay.

好的。

And then just lastly, on the backlog and order side, you know these orders are becoming obviously a bit more lumpy like get a huge first quarter.

最後，在積壓和訂單方面，你知道這些訂單明顯變得更加不穩定，就像第一季的龐大訂單一樣。

Nice bounce back here from my math.

從我的數學中恢復過來真是太好了。

In the third quarter, your backlog went up really nicely.

在第三季度，你們的積壓工作成長得非常好。

It's up 25% year over year.

較去年同期成長 25%。

And is this kind of the sequentially like a stable level of orders?

這是一種連續的訂單水平嗎？

Do you see them continuing to pick up a bit sequentially from here?

您是否看到它們繼續從這裡開始按順序增長？

And then why would the backlog where it is today, up 25% year over year, and you're and you're bringing on capacity, so you should be able to release much more of that backlog on next year.

那麼為什麼現在的積壓訂單會達到今天的水平，年增 25%，而你正在增加產能，所以你應該能夠在明年釋放更多的積壓訂單。

What why wouldn't things actually accelerate on a revenue basis at least volume-wise next year for the electrical business?

為什麼明年電力業務的收入實際上不會加速，至少在銷售上不會加速？

I'd say that the first of all to your question around orders in general, and as we've tried to characterize, you know, for the investors that we are living in a period of time now where orders have become a lot more lumpy than they've been historically.

我想說，首先是關於您關於訂單的一般問題，正如我們試圖為投資者描述的那樣，我們現在生活在訂單變得更加混亂的時期比歷史上的情況要多。

And a lot of that is tied to, you know, mega projects in it.

其中許多都與其中的大型專案有關。

one of the reasons why we started to talk about mega projects in on these calls, they give the investors transparency in terms of what has been a fundamental shift in the size of a lot of the projects that we're seeing in our electrical business.

我們開始在這些電話會議上談論大型專案的原因之一是，它們讓投資者了解我們在電力業務中看到的許多專案規模發生了根本性轉變。

And with these big projects with these mega-projects, that this creates lumpiness in orders.

由於這些大型項目和大型項目，這造成了訂單的混亂。

And that's one of the reasons why we went to a rolling 12 months trying to smooth out these patterns.

這就是我們連續 12 個月試圖消除這些模式的原因之一。

And then once again, you tried to detect that anyway into quarter, but the majority will tick deciles in this moving.

然後，你再一次試圖在季度中檢測到這一點，但大多數人會在這一移動中勾選十分位數。

But but you know, the messages that you meet these orders will continue to be lumpy as long as we're living in a world of these big mega projects to these orders will continue to be lumpy.

但你知道，只要我們生活在一個充滿這些大型項目的世界中，你滿足這些訂單的消息將繼續是不穩定的。

Any other thing?

還有其他事嗎？

I'd say what we tried to do is that so we tried to give you multiple view, right?

我想說的是，我們試圖做的是，所以我們試圖為您提供多種視圖，對吧？

It's not just you know, or as we tried to say, hey, let me tell you about the front end of mega-projects.

這不僅僅是你知道的，或者正如我們試圖說的，嘿，讓我告訴你關於大型專案的前端。

Let me tell you about what's going on with our negotiations.

讓我告訴你我們的談判進展。

We gave you obviously revenue and we give you orders.

顯然我們給了你收入並且給你訂單。

And so that we tried to give you a composite view of all the things that we look at that underlie the confidence in our view on what the world is going to look like going forward.

因此，我們試圖向您提供我們所關注的所有事物的綜合觀點，這些觀點是我們對世界未來發展的信心的基礎。

Now the question around should growth accelerate from this point forward?

現在的問題是，從現在開始成長是否應該加速？

I'd say on the volume side, as long as the capacity comes in mine, yes, it's very possible that we could see volume acceleration.

我想說的是，在成交量方面，只要我的容量有，是的，我們很有可能會看到成交量加速。

Now.

現在。

I would caveat that by saying that we've had a lot of price in the business historically over the last couple of years.

我要警告的是，過去幾年我們在該行業的歷史上有很多價格。

And as we've even transition this year of the relative contributions from volume versus price have changed quite significantly with most of the volume now most of the growth now coming from volume.

今年我們甚至已經實現了銷量與價格的相對貢獻的轉變，已經發生了相當大的變化，現在大部分銷量都來自銷量。

And so you're not going to have the same price tailwind that you've had the growth in growth as we look forward.

因此，正如我們預期的那樣，您將不會獲得與增長相同的價格順風。

Makes perfect sense.

很有道理。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from Julian Mitchell of Barclays.

我們現在將接聽巴克萊銀行朱利安·米切爾的電話。

Hi, good morning.

嗨，早安。

This is Maggie on for Julian.

這是朱利安的瑪吉。

Mitchell.

米切爾.

How much you capacity constrained to present our lead times trending?

您有多少能力來展示我們的交貨時間趨勢？

And how much cost categories like switch gear, UPS, what is the pace much more capacity come on stream?

開關設備、UPS 等成本類別有多少，更多產能投產的速度是多少？

That gives you broke up the last part of which you said, but I couldn't quite hear it broke up.

這讓你分手了你所說的最後一部分，但我聽不清楚它分手了。

But in terms of landing page sorry, go ahead.

但就著陸頁而言，抱歉，請繼續。

Your phone that we're having trouble with the connection.

您的手機連線出現問題。

But let me I'll deal with the first part and maybe we can you can come back to the second part of question around how how and where we capacity constrained.

但讓我來處理第一部分，也許我們可以回到問題的第二部分，圍繞我們如何以及在哪裡限制容量。

We talk about this $1.5 billion of incremental investment that we're making in capacity.

我們談論的是我們在產能方面進行的 15 億美元增量投資。

A lot of that.

很多這樣的。

Most of that is going into our electrical business to deal with those specific areas and markets where we are capacity constrained, albeit in data center markets, things like Transformers or electrical switch gear that really cuts across many of the different end markets that we serve.

其中大部分進入我們的電力業務，以應對我們容量有限的特定領域和市場，儘管在資料中心市場，變壓器或電氣開關設備等真正跨越了我們服務的許多不同終端市場。

I talked about in some of my opening commentary, the investments we've made in some of the circuit breakers as well as in and things like Bussmann fuses.

我在開場白中談到了我們對一些斷路器以及 Bussmann 熔斷器等產品的投資。

And so where we've had where we have capacity constraints.

因此，我們在哪裡都有容量限制。

So we look forward and we see the potential for capacity.

因此，我們期待並看到容量的潛力。

I think we are prepared actively making those investments and trying to get out in front of it.

我認為我們已經準備好積極進行這些投資並努力走出困境。

Having said that, lead times today are still not where we'd like them to be.

話雖如此，今天的交貨時間仍然沒有達到我們希望的水平。

Ideally largely a function of the fact that, you know, our businesses continue to be stronger than what we forecasted.

理想情況下，這很大程度上是因為我們的業務繼續比我們的預測更強大。

No question even coming into this year.

即使進入今年也是毫無疑問的。

If you take a look at the revenue growth in our Electrical Americas business versus our original guide me, those numbers are up quite significantly, both in revenue, orders, negotiations are really it across the board.

如果你看看我們的電氣美洲業務的收入成長與我們最初的指導相比，這些數字成長相當顯著，無論是收入、訂單還是談判都是全面的。

And so I would just say that we are today working as closely with customers as we've ever had to make sure that we are getting out in front of the capacity requirements needed so that we don't end up being a bottleneck and a constraint for the industry.

因此，我只想說，我們今天與客戶的密切合作是前所未有的，以確保我們能夠滿足所需的容量要求，這樣我們就不會成為瓶頸和約束對產業來說。

So that's helpful.

所以這很有幫助。

Thank you.

謝謝。

For a second half of your question that maybe that address it or not?

對於你問題的後半部分，也許可以解決這個問題？

Yes, that adjusted.

是的，調整了。

Thank you.

謝謝。

And now on the 25 outlook, how you're thinking about electrical Americas versus global, sir, there's a thousand basis point growth GAAP guidance and 24 did a very wide gap.

現在，在 25 月的展望中，先生，您如何看待美洲與全球的電氣行業，GAAP 指導有一千個基點的增長，而 24 月份的差距非常大。

Can actually that's dialed in.

實際上可以撥入。

Yes, I'd say it's too early for us to provide specific guidance on our, you know, our various segments for 2025.

是的，我想說，現在就我們的 2025 年各個細分市場提供具體指導還為時過早。

Do you think about going to go over the last couple of years, the Americas business has had a disproportionate benefit, a disproportionate number of if you think about what's going on in data centers today, the data center growth taking place everywhere, but about 70% of these data center projects are basically coming in the US.

你認為在過去的幾年裡，美洲業務已經獲得了不成比例的收益，如果你考慮一下當今資料中心的情況，資料中心的成長無處不在，但大約有 70 個這些資料中心專案的% 基本上來自美國。

We talk about retail industrialization and the amount of money that's being put into increasing the U.S. manufacturing capacity, a lot of that is being disproportionately benefiting the U.S.

我們談論零售工業化以及為提高美國製造能力而投入的資金，其中許多都讓美國受益匪淺。

And so so to the extent that these mega trends continued to be what they are, you'll probably continue to see a disproportion that growth coming from the Americas business.

因此，只要這些大趨勢繼續保持現狀，您可能會繼續看到來自美洲業務的不成比例的成長。

Having said that, a lot of what we do in Europe today tends to be more of the short-cycle.

話雖如此，我們今天在歐洲所做的很多事情往往更多是短週期的。

And we are, in fact, seeing a bottoming in those markets.

事實上，我們看到這些市場正在觸底。

But the long way of saying we're still working through the details and we'll give you a lot more copper when it comes to a early next year.

但總而言之，我們仍在研究細節，到明年初我們將為您提供更多的銅。

Understood.

明白了。

Thank you for the questions.

謝謝你的提問。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from Scott Davis of Melius Research.

我們現在將接聽 Melius Research 的 Scott Davis 的電話。

Hey, good morning, cash flooring and Scott.

嘿，早上好，現金地板和斯科特。

Craig, throughout a on a number earlier about a 40% win rate.

克雷格先前的數據顯示，勝率約 40%。

And then I just wanted to get a sense of context, shout.

然後我只是想了解一下背景，喊。

It seems like given the capacity constraints that for you guys want to win, I would imagine you generally a pretty high odds of winning and so it is a 40% kind of reflect first of all, it's or any historical context to that higher?

似乎考慮到你們想要獲勝的能力限制，我想你們獲勝的幾率通常相當高，所以首先這是 40% 的反映，它是或有任何歷史背景來實現這一更高嗎？

Is it normal?

正常嗎？

Is it, but any color around that is am I reading it right that there just some projects, maybe that are just less profitable and so you're going to be less aggressive bidding on.

是嗎，但是我沒讀錯的話，就是有一些項目，也許只是利潤較低，所以你不會那麼積極地競標。

And so it's, you know, that number can be it's hard for us know whether that's a good number or a bad number, but perhaps that behind the scenes, is that number's a little bit better than historical?

所以，你知道，這個數字可能我們很難知道這是一個好數字還是一個壞數字，但也許在幕後，這個數字比歷史數字好一點？

Yes, I appreciate the question, Scott.

是的，我很欣賞這個問題，斯科特。

In our fact, I would tell you today the instructions at that we've given to our team as we want to win every quarter.

事實上，我今天會告訴你們我們給球隊的指示，因為我們希望每季都能獲勝。

We don't we don't want to see ground on any no order or in any segment of the business.

我們不希望看到任何無訂單或任何業務部門的理由。

But to your specific question around the win rate, yes, we have the 40% win rate would be higher than our underlying market share in Electrical Americas.

但對於你關於獲勝率的具體問題，是的，我們 40% 的獲勝率將高於我們在電氣美洲的基本市場份額。

And so I think you can read that to be that we're winning at a higher rate than we have historically.

所以我認為你可以理解為我們的獲勝率比歷史上更高。

And that's certainly a good thing and bodes well for the future.

這當然是好事，也是未來的好兆頭。

And then you say why I mean largely, I would tell you is because the bigger the project, the more complex, the project, the more likely it is that we're going to win in that our solutions are going to be chosen over other alternatives.

然後你說為什麼我的意思主要是，我會告訴你是因為專案越大，專案越複雜，我們就越有可能獲勝，因為我們的解決方案將比其他解決方案被選擇替代方案。

And so and that has been historically true for the business that the more mission critical to more B&O complex, the project, the of it increases the rate of our winning.

因此，對於企業而言，歷史上確實如此，對於 B&O 綜合體、專案而言，任務越關鍵，我們的獲勝率就會越高。

But if you think about the win rate across various segments, and you know, we talk about this 40 megabits, our broad, they are across almost every one of our verticals, with the exception, say, of residential.

但如果你考慮一下各個細分市場的勝率，你就會知道，我們談論的是 40 兆比特，我們的廣義範圍，它們幾乎遍及我們的每一個垂直領域，除了住宅領域之外。

And I would say they're denovo.

我想說它們是從頭開始的。

I quite frankly, not looked at the data, but my guess is that our win rate is not terribly different across the various segments of the market.

坦白說，我沒有查看數據，但我的猜測是，我們在各個市場領域的勝率並沒有太大不同。

Okay.

好的。

That's helpful.

這很有幫助。

And then I know it's not a lot of questions about capacity adds, but can you just give us a little bit of a centers of the breakdown of new new rooftops versus kind of adding adding lines?

然後我知道關於容量增加的問題並不多，但是您能給我們一些關於新屋頂與增加線路的細分的中心信息嗎？

I kind of thing.

我有點像。

So just a sense of what that capacity looks like and footprint yet.

所以只是了解容量和足跡。

And as you know, I mean, I would tell you I can only say it's really it's a combination of both.

如你所知，我的意思是，我只能告訴你，這確實是兩者的結合。

In many cases, it is in fact expanding, you know, in the content from an existing footprint where we have space available on a clean up some land where we can build out our capacity.

在許多情況下，它實際上正在擴大，你知道，在現有足跡的內容中，我們有可用的空間來清理一些土地，在那裡我們可以擴大我們的能力。

In some cases, it's adding lines to facilities and in some cases, it is brand new greenfield facilities.

在某些情況下，它會增加設施的生產線，在某些情況下，它會是全新的新建設施。

And so I can only tell you that it's a mix or a mixture of all three of those and very much consistent with where we see our requirements and where we have particular limitations.

所以我只能告訴你，它是所有這三者的混合或混合，並且與我們看到的要求和我們有特定限制的地方非常一致。

And so much from addressing your specific question, but I can tell you that it really does cut through all three of those areas.

關於您的具體問題，我已經說了這麼多，但我可以告訴您，它確實貫穿了所有這三個領域。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from Joe Ritchie of Goldman Sachs.

我們現在將接聽高盛喬·里奇 (Joe Ritchie) 的電話。

Hey, guys, good morning.

嘿，夥計們，早安。

Morning.

早晨。

So on rather than like Canada and China gets you to say that you're going to develop a portfolio growth next year or even though that's and it seems like the the framework is pointing to.

因此，而不是像加拿大和中國那樣，你會說明年你將實現投資組合成長，或者即使這似乎是框架所指出的。

I'm just curious, I Craig, from a pricing standpoint, I know you said that moderated.

我只是好奇，克雷格，從定價的角度來看，我知道你說過這樣的話。

Would you still expect to get pricing across the portfolio in 2025?

您是否仍期望在 2025 年獲得整個投資組合的定價？

Yes.

是的。

The short answer, Joe, is yes, I mean and if you think about, you know, our industry historically, our industry historically has has gotten, you know, price.

喬，簡短的回答是肯定的，我的意思是，如果你想想我們的行業歷史，我們的行業歷史上已經獲得了價格。

And then I would say that we're probably back in a more historical pattern of getting price each year, but not during this period of time when we came to have.

然後我想說，我們可能又回到了每年定價的歷史模式，但不是在我們開始定價的這段時間。

If you go back to what happened over the last few years, you have the COVID-driven five chain disruptions that drove in a period of extraordinary inflation.

如果你回顧過去幾年發生的事情，你會發現新冠肺炎引發的五次鏈條中斷，導致了一段異常通貨膨脹的時期。

And so we had to get out in front of that and recover inflation than you had the scarcity issue.

因此，我們必須走出困境，恢復通貨膨脹，而不是面臨稀缺問題。

And so as those issues continue to be in the rearview mirror, we're going to go back to more of a normal level of price realization for the business.

因此，隨著這些問題繼續出現在後視鏡中，我們將恢復到業務的正常價格實現水平。

But absolutely, we will still get price into 2025 and and by weight price is embedded in those market numbers.

但絕對的是，我們仍然會在 2025 年獲得價格，並且以重量計算的價格會嵌入這些市場數據中。

We gave you the market assumptions for what we think the market's going to do in 2025, and we do incorporate price in that number as well.

我們為您提供了 2025 年市場趨勢的市場假設，並且我們也將價格納入該數字中。

Okay.

好的。

A follow-up on Scott's helpful.

斯科特的後續行動很有幫助。

And then and then I'm just trying to understand the linkage between the project negotiation pipeline being up 60%.

然後我只是想了解專案談判管道上升 60% 之間的連結。

And then your comments around 2025 starts expecting to hit a new high on you kind of think about the pipeline.

然後你的評論在 2025 年左右開始預計會達到新高，因為你有點考慮管道。

Does that include some of the projects that have even started?

這是否包括一些已經開始的項目？

Or let's say, are we are we talking about kind of like additives harm that the bulk will start will be higher next year?

或者讓我們說，我們是否正在談論某種類似添加劑的危害，明年的產量會更高？

And what you're bidding on today is already?

你今天出價的東西已經是了嗎？

Well, let's kind of broken ground.

好吧，讓我們來破土動工吧。

I'd say that fits that quite enough to really answer that question because of these projects very dramatically in terms of the type of projects that they are in the time between an announcement of Star and the completion.

我想說，這足以真正回答這個問題，因為這些項目在宣布 Star 和完成之間的時間段內的項目類型非常引人注目。

And what we said in prior calls is that from a completion standpoint, no, these projects are three to five years out.

我們在之前的電話會議中說過，從完成的角度來看，不，這些項目需要三到五年的時間。

And so what you certainly announcements become starts at some point, it does vary widely depending upon the sale of the project itself.

因此，您肯定會在某個時候發佈公告，但它確實會根據項目本身的銷售情況而有很大差異。

But I think the simple answer is yes, a lot of these announcements today that we are better embedded in our numbers will in fact, become, you know, starts in 2025.

但我認為簡單的答案是肯定的，今天我們更好地嵌入我們的數字中的許多公告實際上將在 2025 年開始。

And in fact, I mean, if we take a look at it over a longer period of time, let's say 23 to 27, the last data point that we had, we were forecasting a good start to be up some 23% over a period of beginning in 2020.

事實上，我的意思是，如果我們從更長的時間段來看，比如說 23 到 27，我們擁有的最後一個數據點，我們預測一個良好的開端，在一段時間內上漲約 23% 2020年開始。

We're going for 2027.

我們要去2027年。

We've not updated that number, but clearly, we're seeing an increase in construction starts and which is what you would naturally expect given the size of these announced projects.

我們還沒有更新這個數字，但顯然，我們看到建築開工量增加，考慮到這些已宣布項目的規模，這是您自然所期望的。

Got it.

知道了。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from 1010 at Raymond James.

我們現在將接聽 Raymond James 的 1010 電話。

Great.

偉大的。

Thank you.

謝謝。

And the answer is the time of any other questions together.

和答案是任何其他問題在一起的時間。

Craig, maybe one on just on aerospace, maybe on and talk through what the name and whether it's in our orders are or actual sales trends.

克雷格，也許只是關於航空航天，也許是關於這個名字以及它是否在我們的訂單中或實際的銷售趨勢。

Just kind of 5G navigate this strike impact to the extent that that continues on the implication in terms of the mix for you between anymore in the commercial side between OEM and aftermarket?

5G 能否應對這種罷工影響，以確保這種影響繼續對 OEM 和售後市場之間的商業方面的混合產生影響？

And then just I guess part B is just on the on the electrical side.

然後我猜 B 部分就在電氣方面。

As you as you talk about this project pipeline and the growth you're seeing, there are some of the big sectors that you've highlighted by obviously, data centers.

當您談論這個專案管道和您所看到的成長時，您顯然強調了一些重要領域，即資料中心。

But I think power and industrial also being pretty fairly our equipment intensive.

但我認為電力和工業也是我們的設備密集領域。

So just how you think about that traditional rule of thumb in terms of kind of that the electrical content per project?

那麼，您如何看待每個項目的電氣內容這項傳統經驗法則？

And if you're seeing any changes in that just given the complexion of the year pipeline.

考慮到今年管道的情況，您是否看到了任何變化。

Thank you.

謝謝。

Yes, that's the first maybe they have today.

是的，這可能是他們今天的第一個。

Aerospace questions specifically in that.

航空航天問題尤其如此。

And specifically as it relates to the strike impact at this point, what we have and we have we made some assumptions naturally around what we think is going to happen during the course of Q4.

具體來說，因為它與目前的罷工影響有關，我們所擁有的和我們所擁有的，我們自然地圍繞著我們認為第四季度將發生的事情做出了一些假設。

And that's why I mentioned in the commentary, we don't know when these strikes are going to be resolved and we're hopeful that it happens sooner rather than later, but we don't know.

這就是為什麼我在評論中提到，我們不知道這些罷工何時會解決，我們希望它能盡快發生，但我們不知道。

And so that's why I said we've made an assumption that's baked into our Q4 outlook.

這就是為什麼我說我們做出了一個假設，並將其納入我們的第四季度展望中。

You know, if we're right, it's fine.

你知道，如果我們是對的，那就沒問題。

If we're wrong, it could have a slightly bigger impact on our revenue outlook, but not going to have an impact on earnings will deliver the earnings under either circumstances.

如果我們錯了，它可能會對我們的收入前景產生稍大的影響，但不會對獲利產生影響，無論哪種情況都會帶來獲利。

But I do feel like the industry will resolve the strikes a problem, I believe, at some point over the course of Q4.

但我確實認為，我相信該行業將在第四季度的某個時候解決罷工問題。

But who knows at this junction, you know, in terms of the mix, you're right.

但誰知道在這個路口，你知道，就混合而言，你是對的。

I mean at some point that I mean, it has a positive impact on mix.

我的意思是，在某些時候，它對混合產生積極的影響。

To the extent that, you know, the fleet of new aircraft are not being built and are having to run the existing fleet.

您知道，在某種程度上，新飛機機隊尚未建造，而必須運行現有機隊。

That tends to be a lag effect of that.

這往往是其滯後效應。

But ultimately speaking, as long as consumers continue to get on planes and fly and they are, it means the fleet is operating in these older aircraft will be additional services, additional aftermarket components.

但歸根結底來說，只要消費者繼續登上飛機並飛行，就意味著在這些舊飛機上運營的機隊將獲得額外的服務、額外的售後組件。

And as you know, after March, that is very favorable for for Eaton and for other companies as well.

如您所知，三月之後，這對伊頓和其他公司來說都是非常有利的。

So we'll just have to wait and see how that plays out.

所以我們只能等著看結果如何。

Certainly disappointing that we needed to reduce our numbers to account for it.

當然令人失望的是我們需要減少人數來解決這個問題。

But once again, firmly believe that it's simply timing that does these these aircraft will be built.

但再次堅信，建造這些飛機只是時機而已。

These aircraft are needed and it just pushes some of the demand into 2025 and beyond.

這些飛機是需要的，而這只是將部分需求推到了 2025 年及以後。

And based upon the current issues that are taking place in the industry.

並基於行業當前發生的問題。

But to your question on projects and the project pipeline in electrical, if I get the gist of your question there, you know, yes, it doesn't matter a lot.

但對於你關於電氣項目和項目管道的問題，如果我明白了你問題的要點，你知道，是的，這並不重要。

The kind of project and we talk about in the electrical, the intensity of a project and the electrical intensity of certain types of projects is very different.

那種工程和我們談論的電氣、強度工程和某類工程的電氣強度是有很大不同的。

And maybe if you take data centers, for example, when we take a look at the the non-res construction market, data center, for example, accounts for about 2% of non-res construction market only 2% yet it's you know, it's in the range of, let's call it, 15% to 20% of our electrical business.

也許如果你以資料中心為例，當我們看非再生能源建築市場時，例如，資料中心約佔非再生能源建築市場的 2%，僅佔 2%，但你知道，它占我們電力業務的15% 到20%。

And that's simply that gives you a sense for the the electrical intensity of certain kinds of projects versus others.

這只是讓您了解某些項目與其他項目的電力強度。

And so for us, the good news is that if you think about the kinds of projects that are being built today, if you think about on the one extreme, you have a commercial office where the electrical intensity is quite low.

因此，對我們來說，好消息是，如果你考慮一下當今正在建造的項目類型，如果你考慮一個極端，你會發現你擁有一間電力強度相當低的商業辦公室。

In data centers on the other extreme, where the electrical intensity is very high, utilities growing nicely where the electrical intensity is very high.

在另一個極端的資料中心，電力強度非常高，電力設施在電力強度非常高的地方成長良好。

So that type of project matters greatly and new when where we sit today in our outlook does that mix will continue to be favorable for our Company.

因此，當我們今天的展望表明這種組合將繼續對我們公司有利時，此類專案就變得非常重要和新穎。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from Nicole DeBlase, Deutsche Bank.

我們現在將接聽德意志銀行 Nicole DeBlase 的電話。

Yes.

是的。

Thanks, guys.

謝謝，夥計們。

Good morning and actually, good afternoon.

早安，實際上，下午好。

Now.

現在。

Have banks are making in Sure.

有銀行在肯定賺錢。

And I guess I'll just ask one then the interest of time.

我想我只會問一個然後時間的興趣。

And could you talk a little bit about what you're seeing, Craig, in China as we tried a few companies, kind of anything kind of bit worse there this quarter?

克雷格，你能談談你在中國看到的情況嗎？

And then I guess you kind of mentioned help that the short cycle in Europe can be bottoming.

然後我想你提到了歐洲的短週期可能觸底的幫助。

So if you could maybe expand on how are you seeing any evidence of recovery there today?

那麼，您是否可以詳細說明一下，您今天如何看到任何復甦的證據？

Jim, I appreciate the question.

吉姆，我很欣賞這個問題。

The column in the first on China, our China business has performed very well.

第一篇關於中國的專欄，我們中國業務表現非常好。

I mean, if we look at our China business specifically in Q three, we actually saw a very good growth.

我的意思是，如果我們特別關注第三季的中國業務，我們實際上看到了非常好的成長。

I think our growth than China was close to double digits in Q three.

我認為我們在第三季的成長率比中國接近兩位數。

And our outlook or even going forward is for a pretty robust growth in our China business.

我們的展望甚至未來是中國業務的強勁成長。

I do think that that's mostly a function of things that we have done specifically in the context of our business.

我確實認為這主要是我們在業務背景下所做的具體事情的結果。

And as you know, we had a number of joint ventures that we signed in China that gave us just a lot of additional capability and capacity and and our team in China, we think one of the best in the industry or did just winning.

如你所知，我們在中國簽署了許多合資企業，這給了我們很多額外的能力和產能，而我們在中國的團隊，我們認為是行業中最好的之一，或者剛剛獲勝。

So our China business is doing well.

所以我們的中國業務做得很好。

And our outlook for our China business continues to be strong to your to the point around Europe specifically.

我們對中國業務的前景持續看好，尤其是在歐洲地區。

And that's where to your point, we are more exposed to short cycle, which means residential MOEM., as is Europe in general.

這就是您的觀點，我們更容易受到短週期的影響，這意味著住宅 MOEM，就像整個歐洲一樣。

And we do think we bottomed out, as you know.

正如你所知，我們確實認為我們已觸底。

And we would think that as we look forward those markets, you know, continue to grow from this point and that's kind of embedded as well in our own outlook for Q4.

我們認為，當我們展望這些市場時，您知道，從現在開始將繼續成長，這也嵌入到我們對第四季的展望中。

We think that, you know, as interest rates between or perhaps start to moderate a bit below, that helps the rising market.

我們認為，隨著利率介於兩者之間或可能開始放緩至略低於，這有助於市場的上漲。

That helps some of the industrial markets as well.

這也有助於一些工業市場。

But I would say we can call today on the short-cycle stuff, feels like we bumped along the bottom throughout the summer months.

但我想說，我們今天可以關注短週期的事情，感覺就像我們整個夏季都在觸底。

And we started to see a little bit of lift off and at least some of the markets distributed IT, for example, in Q three D and the outlook for MOEM. in residential is more positive as we look forward.

我們開始看到一些成長，至少有一些市場分配了 IT，例如第三季和 MOEM 的前景。正如我們所期望的那樣，住宅領域的情況更加積極。

Thanks, Craig.

謝謝，克雷格。

I'll pass it on.

我會把它傳遞下去。

Thanks, Nicole.

謝謝，妮可。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from Andy Kaplowitz of Citi.

我們現在將接聽花旗銀行安迪卡普洛維茨 (Andy Kaplowitz) 的電話。

Good afternoon, everyone.

大家下午好。

Andy, can you give us more color on the team's ability to offset ongoing vehicles, market related weakness sites?

安迪，您能給我們更多關於團隊抵消現有車輛、市場相關弱點的能力的資訊嗎？

You look at your vehicles, lunch and geriatric, obviously that 19.4% on declining growth was impressive.

你看看你的車輛、午餐和老年人，顯然 19.4% 的成長下降令人印象深刻。

Is that a reflection of strong positioning in the market given favorable price versus cost?

這是否反映了在相對於成本而言有利的價格的情況下在市場上的強勢定位？

And how long did that last, the vehicles and market?

車輛和市場持續了多久？

Steve stays weak.

史蒂夫仍然很虛弱。

We appreciate the question.

我們感謝這個問題。

I mean, I we have worked hard in our Vehicle business to know.

我的意思是，我們在汽車業務上努力工作才知道。

First of all, one, our business better and drive better operational execution in our business.

首先，第一，我們的業務更好，並推動我們業務更好的營運執行。

And as you know, we we went through a period of time in our own vehicle business through supply chain disruptions and some other operational challenges inside of the business where we weren't executing as well as we know we can in our team, she's done a great job of essentially improving all the way we run our factories in our facilities and sorting out inefficiencies in the plan.

如您所知，我們在自己的汽車業務中經歷了一段時間，經歷了供應鏈中斷和業務內部的一些其他運營挑戰，我們在團隊中的執行能力不如我們所知，她已經完成了這是一項偉大的工作，從根本上改進了我們在設施中運營工廠的方式，並解決了計劃中的低效率問題。

We've also been very active in that business are really managing the portfolio of one of the things we've talked to investors about is that we expect every one of our businesses to be a portfolio manager.

我們在該業務上也非常活躍，真正管理投資組合，我們與投資者討論的一件事是，我們希望我們的每一項業務都成為投資組合經理。

Every business has ahead every business, a tail.

每個企業都有前面，每個企業都有尾巴。

Every business has a piece of it where you'd say, you know, we don't have a competitive advantage here.

每個企業都有自己的特色，你知道，我們在這裡沒有競爭優勢。

We don't make great margins.

我們的利潤並不高。

It's not a growth piece of the business and we got to have a plan to address it, fix it.

這不是業務的成長部分，我們必須制定計劃來解決它、修復它。

And so we have been very active in managing the portfolio in terms of the things that we control and our Vehicle business as well.

因此，我們一直非常積極地管理我們控制的事物和車輛業務的投資組合。

And so the margins that we posted this quarter, I think a reflection of the fact that our team is executing extremely well, and we would expect them to continue to execute well as we move forward.

因此，我們本季公佈的利潤率，我認為反映了我們團隊執行得非常好的事實，我們希望他們在我們前進的過程中繼續表現良好。

And just a quick follow-up to that.

對此進行快速跟進。

In L. in relation to your restructuring efforts, I think you gave us 75 million for 2025%.

L. 關於你們的重組工作，我認為你們給了我們 2025% 的 7500 萬。

Sizable amount of that is in electricals global.

其中相當一部分是在全球電氣領域。

And then it's going to start to help you close the gap with Electrical Americas?

然後它將開始幫助您縮小與美國電氣公司的差距？

Or how should we think about that?

或者說我們該如何思考這個問題？

Yes.

是的。

I mean, without a doubt, I mean, if you think about where we're restructuring, it's generally going to be in those businesses where the margins are not at the level that we have in the rest of the Company.

我的意思是，毫無疑問，如果你考慮我們要重組的領域，通常會發生在那些利潤率達不到公司其他部門層級的業務中。

And certainly Global's is a piece of that formula as well.

當然，Global's 也是這個公式的一部分。

But in the big challenge, more than that, that and we'll do the restructuring.

但在巨大的挑戰中，不僅如此，我們還將進行重組。

The big thing in Europe is markets not eaten, but from most of our peers and in other companies in the region is that Europe today, it's just not getting the growth that we're seeing in the U.S. and in other readers of the world in China.

歐洲最重要的是市場沒有被吃掉，但從我們大多數同行和該地區其他公司的情況來看，今天的歐洲並沒有像我們在美國和世界其他讀者中看到的那樣實現成長。

So I think more than anything we need to return to growth in Europe, our incremental margins are quite high on the back of a little bit of growth.

因此，我認為，我們最需要的是歐洲恢復成長，在一點點成長的支持下，我們的增量利潤率相當高。

And so that for us is the thing that we're focused on most is that we have to grow our business in Europe, and that's going to ultimately close the gap with some of the margins that we see in the Americas business.

因此，對我們來說，我們最關注的事情是我們必須發展我們在歐洲的業務，這將最終縮小與我們在美洲業務中看到的一些利潤的差距。

Appreciate the color.

欣賞顏色。

Thanks, Andy.

謝謝，安迪。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take a call from doses of the timing of all the capacity investments coming online and Shraga, but by by the middle of next year, do you expect to have most of that online?

我們現在將接聽所有產能投資上線和 Shraga 的時間安排，但到明年年中，您預計大部分產能都會上線嗎？

And the reason for the question is when we look at the electrical backlog moving up again sequentially at 11.8 billion in trying to think through the degree to which he is in some instances, the bottleneck, how quickly you can work that down with some pretty significant capacity additions coming on online, even to the degree that can can Americas grow faster next year.

問題的原因是，當我們看到電力積壓再次連續上升至 118 億時，試圖思考在某些情況下的瓶頸程度，以及通過一些相當重要的措施可以多快地解決這個問題。上進行，甚至可以達到明年美洲成長更快的程度。

Is that capacity comes online?

該容量是否已上線？

The second question, we're absolutely counting on that capacity addition coming in next year to help our volume growth.

第二個問題，我們絕對指望明年的產能增加來幫助我們的銷售成長。

And in most of the capacity will really come in over the next, let's say, two to three years.

大部分產能將在未來兩到三年內真正投入使用。

Some of it's coming in.

有些進來了

We know now as we talked about in some of my opening commentary, but maybe just to address maybe the broader question around the backlog.

我們現在知道了，正如我們在我的一些開場評論中所討論的那樣，但也許只是為了解決圍繞積壓的更廣泛的問題。

Backlog is actually a good thing.

積壓其實是件好事。

Past due backlog is a bad thing.

逾期積壓是件壞事。

And I would tell you that our past due backlog has come down.

我想告訴你，我們逾期積壓的訂單已經減少。

So we're doing a better job today, ensuring that we're delivering against our customers' expectation.

因此，我們今天做得更好，確保我們能夠滿足客戶的期望。

But we have growing backlog largely because our markets are growing and we're getting much better visibility into our customers' requirements.

但我們的積壓訂單不斷增加，很大程度上是因為我們的市場正在成長，我們對客戶的需求有了更好的了解。

And in many cases, we're getting longer lead time visibility on orders.

在許多情況下，我們的訂單交貨時間可見度更長。

And so so I would say in general, B&O, I would not think about a growing backlog as a problem in us being a bottleneck for the industry up a past due backlog would suggest or a bottleneck and for the industry.

因此，我想說，總的來說，B&O，我不會認為不斷增長的積壓是我們的一個問題，是行業的瓶頸，而逾期積壓則意味著行業的瓶頸。

But what I would tell you today that our lead times in general are very competitive with most of our peers.

但我今天要告訴您的是，我們的交貨時間總體上與大多數同行相比非常有競爭力。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

one moment for our next question.

請稍等一下我們的下一個問題。

We'll now take our last question from Brett Linzey at Mitsui Home.

現在我們將回答三井之家的 Brett Linzey 提出的最後一個問題。

Good afternoon and thanks.

下午好，謝謝。

Appreciate the thoughts on 25.

欣賞25號的想法。

I just wanted to follow up on the incremental margins.

我只是想跟進增量利潤。

So the 30% to 35% on organic, should we think of this is the base level and then the restructuring savings would be on top of that?

那麼，30% 到 35% 的有機成本，我們是否應該認為這是基本水平，然後重組節省將在此之上？

Or are there some offsets on some of this OpEx investment ramp relative to the restructuring savings?

或者，相對於重組節省，營運支出投資成長是否存在一些抵銷？

Just wanted to square those pieces?

只是想將這些碎片拼成正方形嗎？

Thanks.

謝謝。

I know that we're giving you a range of 30 to 35, but I really should really think about that as an all in the incremental and not putting the restructuring on top of that.

我知道我們給你的範圍是 30 到 35，但我真的應該將其視為增量中的全部，而不是在此之上進行重組。

And what we've said historically, we said you want to be thinking about 30% incrementals.

正如我們過去所說的，我們說過你要考慮 30% 的增量。

And so we've tried to account for restructuring benefits in the in the the different midpoint of where we think the incrementals are going to be.

因此，我們試圖在我們認為增量的不同中點考慮重組效益。

But I'd say that you have you have a couple of forces, obviously, working for you and against you in terms of as we come through this ramp.

但我想說的是，顯然，當我們通過這個坡道時，有幾種力量為你工作，也有反對你的力量。

On the one hand, obviously, we're getting volume leverage, and that's very helpful.

一方面，顯然我們正在獲得成交量槓桿，這非常有幫助。

But on the other hand, we're also starting up new factories.

但另一方面，我們也在開設新工廠。

And as always, inefficiencies with factory startups, we're adding commercial resources to deal with the volume ramp that we're working through right now.

像往常一樣，工廠新創公司效率低下，我們正在增加商業資源來應對我們目前正在經歷的產量成長。

So so I'd say on balanced, take the midpoint or So 30% to 35% range, that's better than what we use for planning purposes.

所以我想說，平衡後，取中點或 30% 到 35% 的範圍，這比我們用於規劃目的的更好。

For most of our plans.

對於我們的大多數計劃來說。

It's certainly below what we delivered this year for sure.

這肯定低於我們今年交付的水平。

And initially, I would just point out that there was a lot of price in what we delivered in the form of incremental this year as well.

首先，我只想指出，今年我們以增量形式交付的產品也付出了很多代價。

As you know, we didn't have the same level of start-ups and ramp-ups in both our factory income, social activities.

如您所知，我們的工廠收入和社會活動都沒有同等水準的新創企業和成長。

Appreciate the detail, but to look at.

欣賞細節，但要看。

Thank you.

謝謝。

Hey, thanks, Scott.

嘿，謝謝，斯科特。

Thanks, guys.

謝謝，夥計們。

I think I mean, I really appreciate everybody's questions.

我想我的意思是，我真的很感謝大家的提問。

As always, the IR team is available to have any follow-up questions as you guys enjoy the rest of your day.

像往常一樣，IR 團隊可以解答任何後續問題，讓您度過愉快的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Okay.

好的。

Yes.

是的。

Okay.

好的。

And on.

繼續。

Yes, no, yes.

是的，不，是的。

So who Okay.

那麼誰好。

Who knows?

誰知道？

Yes, yes, yes.

是的，是的，是的。

No.

不。

Okay.

好的。

Who?

世界衛生組織?

Yes, no, on.

是的，不，繼續。

No, yes.

不，是的。

Yes, on.

是的，在。

Yes.

是的。

So who to me?

那誰給我呢？

Yes, yes, yes.

是的，是的，是的。

No, yes.

不，是的。

Okay.

好的。