伊頓 (ETN) 2025 Q1 法說會逐字稿

Good day. Thank you for standing by. Welcome to Eaton's first quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded.

再會。感謝您的支持。歡迎參加伊頓 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I will now hand the conference over to your speaker host, Yan Jin, Senior Vice President of Investor Rations. Please go ahead.

現在，我將會議交給主持人、投資人配給資深副總裁嚴進。請繼續。

Good morning, thank you all for joining us for Eaton's first quarter 2025 earnings call. With me today are Craig Arnold, our Chairman and CEO; Paulo Ruiz, President and Chief Operating Officer; and Olivier Leonetti, Executive Vice President and Chief Financial Officer. Our agenda today includes the opening remarks by Paulo. Then he will turn it over to Olivier, who will highlight the company's performance in the first quarter. As we have done on our past calls, we'll be taking questions at the end of the polls closing commentary.

早安，感謝大家參加伊頓 2025 年第一季財報電話會議。今天和我一起的還有我們的董事長兼執行長克雷格‧阿諾德 (Craig Arnold)；總裁兼營運長 Paulo Ruiz；以及執行副總裁兼財務長 Olivier Leonetti。我們今天的議程包括保羅的開幕詞。然後，他將把會議交給奧利維爾，奧利維爾將重點介紹公司第一季的業績。正如我們在過去電話會議中所做的那樣，我們將在投票結束評論時回答問題。

The press release and the presentation we'll go through today have been posted on our website. This presentation, including adjusted earnings per share, free cash flow and other non-GAAP measures. The recount sales in the appendix, a webcast of this call is accessible on our website and will be available for replay.

我們今天要發布的新聞稿和簡報已發佈在我們的網站上。本報告包括調整後的每股盈餘、自由現金流量和其他非公認會計準則指標。附錄中的重新計票銷售額，本次電話會議的網路直播可在我們的網站上存取並可重播。

I would like to remind you that our commentary today will include statements related to the expected future results of the company and are therefore forward-looking statements. Our actual results may differ materially from our forecasted projection due to a wide range of risks and uncertainties that are described in our earnings release and the presentation.

我想提醒您，我們今天的評論將包括與公司預期未來業績相關的陳述，因此屬於前瞻性陳述。由於我們的收益報告和簡報中描述了各種風險和不確定性，我們的實際結果可能與我們的預測有重大差異。

With that, I will turn it over to Paulo.

說完這些，我會把麥克風交給保羅。

Thanks, Yan. Before we begin, I just want to take a minute to acknowledge Craig Arnold as you prepare to retire at the end of this month, for his incredible leadership over the past 25 years at Eaton, but especially during the nine years as Chairman and CEO. He's focused on fostering a values-based culture strong attention to adtax and commitment to high standards have laid a very strong foundation for our growth. And the actions he's taken to transform our portfolio have positioned us for faster growth, higher margins and better earnings consistency. So under Craig's strategic guidance, we have consistently delivered strong shareholder returns with our stock value rising from $61.65 on June 1, 2016, to $294.37 as per April 30, 2025.

謝謝，Yan。在我們開始之前，我想花一點時間來感謝克雷格·阿諾德，因為他準備在本月底退休，在過去的 25 年裡，特別是在擔任董事長兼首席執行官的九年裡，他在伊頓公司發揮了令人難以置信的領導作用。他致力於培育以價值為基礎的文化，高度關注廣告稅並致力於高標準，為我們的成長奠定了非常堅實的基礎。他為轉變我們的投資組合而採取的行動使我們實現了更快的成長、更高的利潤率和更好的獲利穩定性。因此，在 Craig 的策略指導下，我們持續為股東帶來豐厚的回報，我們的股票價值從 2016 年 6 月 1 日的 61.65 美元上漲至 2025 年 4 月 30 日的 294.37 美元。

So thank you, Craig, for our strong leadership and the legacy you leave us with. I'm really excited and energized to be leading Eaton as such an electrifying time. On that note, let's get into the results. We will start with some highlights on the quarter in which we've delivered another strong set of results to start the year. We generated Q1 record adjusted EPS of $2.72, up 13% from the prior year.

所以，克雷格，感謝你為我們留下的強大領導力和遺產。能夠在如此令人興奮的時刻領導伊頓，我感到非常興奮和充滿活力。就此而言，讓我們來看看結果。首先，我們將介紹本季的一些亮點，今年年初我們又取得了一系列強勁的業績。我們第一季的調整後每股盈餘創歷史新高，達到 2.72 美元，比上年增長 13%。

Organic growth accelerated to 9% from 6% in the prior quarter with particular strength in Electrical Americas, aerospace and Electrical Global. And we also delivered Q1 record segment margins of 23.9% and which was in line with our guidance and expectations. Meanwhile, market activity remained strong and orders remained at a very high dollar value. Total company orders increased 3% versus prior quarter. And as a result, total Eaton book-to-bill ratio at 1.1 with backlog growth year-over-year and sequentially.

有機成長率從上一季的 6% 加速至 9%，其中電氣美洲、航空航天和電氣全球表現尤為強勁。我們第一季的分部利潤率也達到了創紀錄的 23.9%，符合我們的指導和預期。同時，市場活動依然強勁，訂單金額仍然很高。公司訂單總額較上一季成長 3%。因此，伊頓的總訂單出貨比為 1.1，積壓訂單較去年同期成長且較上季成長。

With a strong start of the year robust backlog and a strong secular trends, we are set up to deliver another year of differentiating results while we navigate through an increasingly dynamic environment. While I will go into the details on the full year outlook, at the high level, we are raising our expectations for organic growth and reaffirming our adjusted EPS, cash flow and share repurchases.

憑藉年初強勁的訂單量和強勁的長期趨勢，我們已準備好在日益動態的環境中繼續創造差異化業績。雖然我將詳細介紹全年前景，但從高層來看，我們提高了對有機成長的預期，並重申了調整後的每股盈餘、現金流量和股票回購。

Turning to page 4 now. We present this chart at our annual investor conference in March. It provides an overview of the eight end markets we play in and the mega trends driving a generational growth opportunity for us. Few companies have the opportunity that's in front of us right now with multiple paths to our growth. And we remain very confident in the long-term market growth prospects for our end markets.

現在翻到第 4 頁。我們在三月的年度投資者會議上展示了這張圖表。它概述了我們所涉足的八個終端市場以及推動我們實現世代成長機會的大趨勢。很少有公司能像我們一樣擁有如此多的發展機會和途徑。我們對終端市場的長期成長前景仍充滿信心。

Now turning to slide 5. Allow me to quickly touch on Fiber Bond, an acquisition we announced at the annual investor conference and which we closed on April 1, this year. Fiber Bond is the right asset at the right time Data center players are increasingly focused on capital efficiency and deployment speed to improve their competitiveness. Fiber Bond's and innovative and customer-focused businesses positions Eaton as one-stop shop to rapidly deploy power where it's needed.

現在翻到投影片 5。請容許我簡要介紹一下 Fiber Bond，這是我們在年度投資者會議上宣布的一項收購，並於今年 4 月 1 日完成。光纖黏合是在正確時間出現的正確資產資料中心參與者越來越關注資本效率和部署速度，以提高其競爭力。Fiber Bond 的創新和以客戶為中心的業務使伊頓成為一站式商店，可在需要的地方快速部署電力。

By deploying outdoor modular powering closures, data center customers can also expand their IT area and generate more revenue per square foot inside the data center. In data center markets, we continue to see construction starts and put in place and showing strong growth. US data center construction backlog now stands at nine years based on the 2024 build rates, up from the seven years of backlog we spoke about last quarter. And we are also seeing strong activity in EMEA, in APAC as well as regional and regulatory policies drive data center built out globally.

透過部署戶外模組化供電外殼，資料中心客戶還可以擴大其 IT 區域並在資料中心內每平方英尺產生更多收入。在資料中心市場，我們繼續看到建設開始和實施並呈現強勁成長。根據 2024 年的建設率，美國資料中心建設積壓目前為 9 年，高於我們上個季度談到的 7 年積壓。我們也看到歐洲、中東和非洲地區以及亞太地區的強勁活動，以及區域和監管政策推動全球資料中心的建置。

Okay. And now I'll turn over to Olivier for the financial results.

好的。現在我將把財務結果交給奧利維爾。

Thanks, Paulo. I'll start by providing a brief summary of Q1 results. We posted 9% organic sales, well above our guidance range driven by broad strength in many of our end markets. We generated record quarterly revenue of $6.4 billion and expanded margin of 80 basis points to 23.9%. Adjusted EPS of $2.72 increased 13% from a strong start to the year above the midpoint of our guidance.

謝謝，保羅。我將首先簡要概述第一季的業績。我們的有機銷售額成長了 9%，遠高於我們的預期範圍，這得益於我們眾多終端市場的強勁表現。我們創造了創紀錄的 64 億美元季度收入，利潤率提高了 80 個基點，達到 23.9%。調整後的每股盈餘為 2.72 美元，較年初的強勁成長 13%，高於我們預期的中位數。

Now let's move to the segment details. On slide 7, we highlight the Electrical Americas segment. Once again, the business executed at a high level and delivered another record quarter. Organic sales growth accelerated to 13%, driven primarily by strength in data center and utility end markets. Operating margin of 30% was up 80 basis points versus the prior year, benefiting primarily from higher sales.

現在讓我們轉到片段細節。在第 7 張投影片上，我們重點介紹了美國電氣部分。該業務再次表現出高水準並創造了另一個創紀錄的季度業績。有機銷售額成長加速至 13%，主要得益於資料中心和公用事業終端市場的強勁成長。營業利益率為 30%，比上年增長 80 個基點，主要受益於銷售額的成長。

Orders from a dollar perspective remained at a high level. As expected, orders versus prior year were down 4% on a holding 12-month basis to a tough comp from one large multiyear percent order in Q1 2024. Excluding this lumpiness, orders for the segment were up 4% on a rolling 12-month basis, and data center orders were up 11% on the same basis. Book-to-bill remains above 1 with 6% growth in our large $10.1 billion backlog, providing strong visibility for our organic growth in 2025 and beyond. Our major project negotiations pipeline in Q1 was up 18% versus the prior quarter, remaining at a high level, up 168% since Q1 2023.

從美元角度來看訂單仍維持在高點。正如預期的那樣，與去年相比，訂單量以 12 個月持有量計算下降了 4%，這與 2024 年第一季一筆大型多年期百分比訂單相比相當艱難。除去這個不均衡因素，該部門的訂單在 12 個月的滾動基礎上增長了 4%，數據中心的訂單在相同基礎上增長了 11%。訂單出貨比仍然高於 1，我們 101 億美元的龐大積壓訂單成長了 6%，為我們 2025 年及以後的有機成長提供了強勁的可預見性。我們第一季的主要項目談判數量較上一季成長了 18%，仍處於高位，自 2023 年第一季以來成長了 168%。

As Paulo discussed, we closed the acquisition of Fiber Bond on April 1. The next page summarizes the results of our Electrical Global segment. Organic growth accelerated from 5.5% last quarter to 9% this quarter, partially offset by 2% FX headwind, with strength in data center, machine OEM and Utilities end markets. We saw continued strength in APAC and a recovery in EMEA with both regions posting double-digit organic growth. Operating margin of 18.6% was up 30 basis points over prior year, driven primarily by sales growth and operating efficiencies. Orders were flat on a rolling 12-month basis with double-digit order growth in APAC.

正如 Paulo 所討論的，我們於 4 月 1 日完成了對 Fiber Bond 的收購。下一頁總結了我們全球電氣部門的表現。有機成長率從上一季的 5.5% 加速至本季的 9%，部分被 2% 的外匯逆風所抵消，資料中心、機器 OEM 和公用事業終端市場表現強勁。我們看到亞太地區持續保持強勁勢頭，歐洲、中東和非洲地區出現復甦，兩個地區均實現了兩位數的有機成長。營業利益率為 18.6%，比上年成長 30 個基點，主要得益於銷售額成長和營運效率的提升。過去 12 個月，訂單量保持平穩，亞太地區的訂單量將達到兩位數成長。

On a sequential basis, we saw an inflection in our quarterly orders up mid-teens in EMEA and GIS up double digits and APAC up more than 30%. Backlog increased 5% over prior year and 6% sequentially, while book-to-bill remained strong above 1 on a rolling 12-month basis. Before moving to our industrial businesses, I'd like to briefly recap the combined electrical segments. For Q1, we posted organic growth of 11% and segment margin of 26.1%, which was up 80 basis points over prior year. On a holding 12-month basis, orders were down 2%, and our book-to-bill ratio for electrical sector remains above 1. We remain confident in our positioning for continued growth with strong margins in our overall electrical business.

與上一季相比，我們發現 EMEA 地區的季度訂單量出現了中位數增長，GIS 地區訂單量增長了兩位數，而 APAC 地區訂單量則增長了 30% 以上。積壓訂單較上年同期增加 5%，較上一季增加 6%，而訂單出貨比在連續 12 個月內仍維持在 1 以上的強勁水準。在談到我們的工業業務之前，我想簡單回顧一下合併後的電氣部門。第一季度，我們的有機成長率為 11%，分部利潤率為 26.1%，比去年同期成長了 80 個基點。以 12 個月的持有期計算，訂單量下降了 2%，而我們電氣行業的訂單出貨比仍然高於 1。我們對我們的持續成長以及整體電氣業務強勁的利潤率的定位充滿信心。

Page 9 highlights our aerospace segment. Organic growth accelerated to 13%, resulting in all-time record sales. We had growth in all end markets and particular strength in military aftermarket commercial aftermarket and military OEM. Operating margin was strong at 23.1%. On a rolling 12-month basis, orders increased 14%, up 10% from the prior quarter with particular strength in military OEM and commercial aftermarket.

第 9 頁重點介紹我們的航空航太領域。有機成長率加速至 13%，創下歷史新高。我們在所有終端市場都實現了成長，尤其是在軍用售後市場、商用售後市場和軍用原始設備製造商方面實力雄厚。營業利益率高達 23.1%。連續 12 個月，訂單量成長 14%，較上一季成長 10%，軍用 OEM 和商用售後市場表現特別強勁。

On a rolling 12-month basis, our book-to-bill for our Aerospace segment remains strong at 1.1 and resulted in a backlog increase of 16% year over year and 5% sequentially. We are very encouraged by the strong results from the Aerospace team this quarter.

連續 12 個月，我們航空航天部門的訂單出貨比仍然保持強勁，為 1.1，導致積壓訂單同比增長 16%，環比增長 5%。我們對航空航太團隊本季取得的強勁業績感到非常鼓舞。

Moving to our vehicle segment on page 10. In the quarter, revenue was down 15%, including an 11% organic decline primarily driven by weakness in both commercial and ICE light motor vehicle markets in North America and 4% unfavorable effects. Despite top line weakness, the team managed to deliver strong margins of 15.5% with a decremental of less than 20%.

轉到第 10 頁的車輛部分。本季度，營收下降了 15%，其中有機下降 11%，主要原因是北美商用車和 ICE 輕型機動車市場疲軟，以及 4% 的不利影響。儘管營收疲軟，團隊仍成功實現了 15.5% 的強勁利潤率，降幅不到 20%。

On page 11, we show results of our e-mobility business. Revenue increased 2% to reach with 3% organic, partially offset by 1% unfavorable effect. Operating margins were flat to prior year, which continues to include investments for our growth programs. We are seeing an expanding opportunity pipeline as customers are redesigning vehicles for lower cost and improved efficiencies.

第 11 頁展示了我們的電子行動業務的成果。營收成長 2%，達到 3% 的有機成長，但被 1% 的不利影響部分抵銷。營業利潤率與上年持平，這繼續包括我們成長計畫的投資。隨著客戶重新設計車輛以降低成本並提高效率，我們看到了不斷擴大的機會管道。

Now I will pass it back to Paulo to go over our market assumptions and guidance.

現在我將把它交還給保羅，讓他討論我們的市場假設和指導。

Thanks, Olivier. Before we walk through the details of our end market assumptions and guide I just want to address the uncertainties arising from the dynamic global trade environment. We will fully compensate for the tariff impact through the actions described on this chart. We have maintained a localized sourcing and manufacturing strategy globally for a long time. And as you know, we've recently announced large investments to increase our manufacturing presence in the US.

謝謝，奧利維爾。在我們詳細介紹終端市場假設和指南之前，我只想解決動態全球貿易環境中出現的不確定性。我們將透過此圖表中所述的行動充分補償關稅的影響。我們長期在全球範圍內維持在地化的採購和製造策略。如您所知，我們最近宣布大規模投資以增加我們在美國的生產業務。

Those decisions are helping us being even more resilient to the trading impacts the world is experiencing. It's also important to highlight that following COVID, we have spent the last couple of years introducing additional flexibility resiliency and digital tools into our supply chains. Many of those actions noted on this slide are aligned to our long-term strategy and it will take time to fully be implemented as the global landscape continues to evolve. But that's the way we run the company today. In the meantime, we have also implemented our proven playbook to control cost and limit discretionary spending.

這些決定正在幫助我們更好地抵禦世界正在經歷的貿易影響。還需要強調的是，在新冠疫情之後，我們在過去幾年為供應鏈引入了額外的靈活性、彈性和數位工具。這張投影片上提到的許多行動都與我們的長期策略一致，隨著全球情勢的不斷發展，這些行動需要時間才能全面實施。但這就是我們今天經營公司的方式。同時，我們也實施了行之有效的策略來控製成本並限制可自由支配的開支。

And we have and will continue to take the necessary commercial actions to offset the impact of tariffs. In dynamic markets like this, we rely on a strong Eaton culture and value of our strategic relationships with customers and suppliers so we can minimize disruption. Now we are shifting our attention to 2025 on page 13. We have our latest view on the end market growth expectations. We continue to see growth across most of our end markets with a few adjustments to our assumptions, which are highlighted on the slide.

我們已經並將繼續採取必要的商業行動來抵消關稅的影響。在像這樣的動態市場中，我們依靠強大的伊頓文化以及與客戶和供應商的策略關係的價值，以最大限度地減少干擾。現在我們將注意力轉向第 13 頁的 2025 年。我們對終端市場成長預期有最新的看法。我們繼續看到大多數終端市場的成長，並對我們的假設進行了一些調整，這些調整在幻燈片中進行了突出顯示。

In aggregate, broad market growth is similar to the view we shared last quarter, and we are confident in our ability to outgrow the market as we outlined in our increased growth guidance. On the plus side, we are raising the defense aerospace to solid growth based on momentum we are seeing with the increased government spending. However, we now expect slightly lower growth in electric vehicles with solid growth instead of strong double-digit growth. And we have also lowered our forecast for internal combustion engine light vehicles from slight growth to a slight decline. While we acknowledge the current economic uncertainties, we remain confident the portfolio of businesses and end markets we enable Eaton to continue to deliver differentiated growth.

總體而言，廣泛的市場成長與我們上個季度的觀點相似，並且我們有信心我們有能力超越市場，正如我們在增加的成長指引中所概述的那樣。從好的方面來看，基於政府支出增加的勢頭，我們正在推動國防航空航太產業穩健成長。不過，我們現在預計電動車的成長速度將略有下降，將呈現穩健成長，而不是強勁的兩位數成長。我們也將內燃機輕型車的預測從小幅成長下調至小幅下降。儘管我們承認當前存在經濟不確定性，但我們仍然相信，我們的業務和終端市場組合能夠使伊頓繼續實現差異化成長。

Moving now to page 14, we have our updated guidance for 2025 and Q2. One of the things we pride ourselves on here at Eaton is our ability to plan for and navigate through headwinds. Our healthy and diverse end markets, combined with our large backlog continue to provide premium visibility to support our businesses. Our teams always target high internal plans, as you know, providing greater line of sight to additional opportunities to hedge against potential pockets of weaker growth. We are raising the 2025 organic growth outlook by 50 basis points to a range of 7.5% to 9.5%.

現在翻到第 14 頁，我們有針對 2025 年第二季的最新指引。在伊頓，我們引以為傲的事情之一就是我們有能力規劃並克服逆境。我們健康且多樣化的終端市場，加上我們大量的積壓訂單，繼續提供優質的可見性來支持我們的業務。如您所知，我們的團隊始終以高水準的內部計劃為目標，從而提供更大的視野來尋找更多機會來對沖潛在的成長疲軟因素。我們將 2025 年有機成長預期上調 50 個基點，至 7.5% 至 9.5%。

We are reaffirming our adjusted EPS guidance. For 2025, we reconfirm our adjusted EPS range of $11.80 to $12.20. The $12 midpoint represents 11% growth in adjusted EPS over the prior year. We are also reaffirming our cash flow and share repurchase expectations for the year and we provided guidance for Q2 on this page. This reflects the net impact of the announced tariffs and assumes the current 90-day pause on rercypical tariffs will persist through the end of the year.

我們重申調整後的每股盈餘指引。對於 2025 年，我們再次確認調整後的每股盈餘範圍為 11.80 美元至 12.20 美元。 12 美元的中間點代表調整後的每股盈餘較上年增長 11%。我們也重申了今年的現金流量和股票回購預期，並在此頁面提供了第二季的指導。這反映了已宣布的關稅的淨影響，並假設當前 90 天的典型關稅暫停期將持續到今年年底。

On the next page, we have the balance of our guidance for organic growth and operating margin. The high organic growth outlook includes increasing the Electric Americas guidance by 150 basis points to a range of 12% to 14% growth. Meanwhile, we are decreasing vehicle growth by 350 basis points to a range of minus 5.5% to minus 3.5%, which reflects the weaknesses in the light motor vehicles. For segment margins, our guidance range of 24% to 24.4% is 40 basis points lower than the prior guide. Our guidance reflects the impact to margins from our commercial actions offsetting the impact of tariffs on a dollar-for-dollar basis. As such, we are lowering the 2025 outlook for electrical Americas by 80 basis points and in vehicle by 200 basis points.

在下一頁，我們將對有機成長和營業利潤率的預期進行平衡。高有機成長前景包括將 Electric Americas 的指導價格提高 150 個基點，達到 12% 至 14% 的成長範圍。同時，我們將汽車成長率降低 350 個基點，至-5.5% 至-3.5% 之間，這反映了輕型機動車輛的疲軟。對於分部利潤率，我們的指導範圍為 24% 至 24.4%，比先前的指導範圍低 40 個基點。我們的指導反映了我們的商業行動對利潤率的影響，以一比一的方式抵消了關稅的影響。因此，我們將 2025 年美洲電動車前景下調 80 個基點，汽車前景下調 200 個基點。

And I will close with a quick summary on page 16. We are in the right markets and the identified megatrends are creating some of the biggest opportunities we have seen in our lifetime. The growth opportunities are everywhere. We had a very strong start of the year, but there's a lot for us to go do. We've discussed before, high standards are deeply instilled in our culture, and we remain focused on delivering our commitments, and we are prepared to weather any uncertainty ahead.

最後，我將在第 16 頁做一個簡短的總結。我們處於正確的市場，並且已確定的大趨勢正在創造我們一生中見過的一些最大的機會。成長機會無處不在。我們今年的開局非常強勁，但我們還有很多事情要做。我們之前討論過，高標準深深植根於我們的文化中，我們仍然專注於履行承諾，並準備好應對未來的任何不確定性。

So with that, I will open up for your questions.

因此，我將開始回答你們的提問。

Thanks Paulo. For the Q&A today, guys, please leave me to your opportunity to just one question and then a follow-up. Thanks in advance for your cooperation. With that, I will turn it over to operator to give you guys an instruction.

謝謝保羅。各位，今天的問答環節，請給我一個提問的機會，然後再進行後續提問。在此先感謝您的合作。有了這些，我將把它交給操作員來給你們一個指示。

(Operator Instructions)

（操作員指示）

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I just want to say congrats to Craig. 5x in the market cap of a 100-year-old company is pretty incredible. So best of luck going forward. For my question, I wanted to ask on data center, given all the market focus there. Could you just provide some color on Q1 performance. And then the comps are really tough, obviously, in data center this year. I think you guys had 45% organic growth last year and 75% orders. So what should we expect for data center the rest of the year as well?

我只想對克雷格表示祝賀。一家百年老店的市值成長 5 倍是相當不可思議的。祝你未來一切順利。對於我的問題，我想問的是資料中心，因為那裡是所有市場的焦點。您能否提供一些有關第一季業績的詳細資訊？顯然，今年資料中心的競爭非常激烈。我認為你們去年的有機成長率為 45%，訂單成長率為 75%。那麼，我們對今年剩餘時間的資料中心有何期待呢？

Thanks, Chris, for the question. Well, we remain very excited about this market. We shared during our Investor Day the last month because the fundamentals are there, right, remain very strong in the marketplace. And our business did really, really well in Q1, actually, very strong double-digit growth versus last year actually stronger the 45% that we shared with you in our last discussion. So we are really proud of the team's performance there.

謝謝克里斯提出的問題。嗯，我們仍然對這個市場感到非常興奮。我們在上個月的投資者日上分享了這一點，因為基本面仍然存在，市場仍然非常強勁。我們第一季的業務表現確實非常好，實際上，與去年相比，實現了非常強勁的兩位數成長，甚至比我們上次討論中分享的 45% 還要高。因此，我們對球隊在那裡的表現感到非常自豪。

In terms of the look forward, we expect orders to be at the high level, the high level of negotiation activity we have. And as discussed before, right, we're also really excited about the Fiber bond acquisition because it's a timely one when data center operators are thinking about their designs and how to move quicker in executing on their backlogs and how to make more revenue out of the average square foot inside the data center. So we're really excited about that. So we remain bullish that business is going well, and this is a key focus for us moving forward.

展望未來，我們預計訂單量將處於高水平，我們的談判活動也將保持在高水準。正如之前所討論的，我們對光纖債券收購感到非常興奮，因為這是一個及時的收購，當時資料中心營運商正在考慮他們的設計以及如何更快地執行他們的積壓工作，以及如何從資料中心內的平均平方英尺中獲得更多收入。所以我們對此感到非常興奮。因此，我們仍然看好業務的良好發展，這也是我們未來發展的重點。

I appreciate that. And then maybe just following up, has there been any change in the US market competitive positioning here following Trump 2.0 tariffs Obviously, you guys have a lot of big EU competitors. And you've also heard a lot about the last couple of years around season competitors adding a lot of capacity, whether it be transformers or switch gears given the undersupply. So any thoughts on what that could mean?

我很感激。然後也許只是跟進一下，在川普 2.0 關稅之後，美國市場競爭定位是否發生了任何變化？顯然，你們有許多歐盟大競爭對手。而且您也聽到了很多關於過去幾年季節性競爭對手增加大量產能的消息，無論是變壓器還是開關設備，因為供應不足。那麼，您認為這可能意味著什麼嗎？

Yeah. No, thanks for the question. Again, very, very important one. We is no surprise for anyone. You know that we are, by far, the biggest player in the US in terms of our footprint historically, but also that we made record announcements in terms of expanding that footprint and that capacity starting already last year. So we have a head start, we had a head start.

是的。不，謝謝你的提問。再次強調，這一點非常非常重要。我們對任何人來說都不足為奇。你知道，就歷史上的足跡而言，我們是美國迄今為止最大的參與者，而且我們從去年就開始宣布擴大足跡和產能。因此，我們已領先一步，我們已經領先一步。

And all those projects are going -- undergoing gradually -- and I think we feel really good about the position the head start we had. I would say this, in terms of the competitive advantages we have, we do a lot in the US, so we depend very little on the external world to serve this big market here. But also globally, our other businesses in Europe and Asia, they don't depend on the US.

所有這些項目都在逐步進行中，我認為我們對自己所取得的領先地位感到非常滿意。我想說的是，就我們的競爭優勢而言，我們在美國做了很多事情，所以我們很少依賴外部世界來服務這個大市場。但從全球來看，我們在歐洲和亞洲的其他業務並不依賴美國。

Some other competitors we have, they serve the US, out of Europe. We don't have that. We have a local for local, I'd say, strategy and implementation. So on that, although we are not advocating for tariffs here, but on that is a positive effect for Eaton's competitiveness.

我們還有一些其他的競爭對手，他們服務於美國和歐洲。我們沒有這個。我想說，我們有一個針對當地的策略和實施方案。因此，儘管我們並不主張徵收關稅，但這對伊頓的競爭力有正面的影響。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Congratulations to Craig. What a run. And now I'll turn it over to Paulo. So first question on Electrical Americas order outlook. Look, you had a tough comp in the first quarter. But how should we think about your Electrical Americas orders going forward for the balance of '25?

祝賀克雷格。真是一段精彩的奔跑。現在我將把發言權交給 Paulo。第一個問題是關於美國電氣訂單前景。瞧，你在第一季的比賽很艱難。但是，我們該如何看待你們在 25 年剩餘時間內的 Electrical Americas 訂單呢？

Thanks, Andrew, for the question. I would say this, we should expect orders to remain strong at the dollar value. And based on the record backlogs we have and the visibility into 2025, we feel good about Electrical Americas performance and execution, and that's why we raised our guidance for the full year in terms of growth. As we discussed before, and you pointed out, those orders can be lumpy, especially when you have a very large multiyear order in a single quarter. So it's also important for us to track the pipeline in terms of negotiations.

謝謝安德魯提出這個問題。我想說的是，我們應該預期訂單的美元價值將保持強勁。根據我們擁有的創紀錄積壓訂單和對 2025 年的展望，我們對 Electrical Americas 的業績和執行情況感到滿意，這就是我們提高全年成長預期的原因。正如我們之前討論過的，以及您所指出的，這些訂單可能會很不均勻，特別是當您在一個季度內有一筆非常大的多年期訂單時。因此，從談判的角度來看，追蹤管道對我們來說也很重要。

So I would say our negotiation pipeline remains very strong, similar to past quarters. And to give you a little more color since the last time we met for earnings. We see sequential momentum and the sequential momentum is about 18% higher than last quarter, and I'll give you more detail inside this because we really work really hard on this pipeline with our team. So for larger businesses, think about data centers and think about industrial, both up data centers, 18% up, industrial over 40% up. We also have increases in smaller businesses in terms of health care, education, water, wastewater, et cetera.

因此我想說我們的談判管道仍然非常強勁，與前幾季類似。自從我們上次開會討論收益以來，給您更多詳細資訊。我們看到了連續的勢頭，連續的勢頭比上一季度高出約 18%，我將向您提供更多詳細信息，因為我們的團隊確實在這個渠道上付出了很大的努力。因此，對於較大的企業來說，考慮資料中心和工業，資料中心都上漲了 18%，工業上漲了 40% 以上。醫療保健、教育、水、廢水處理等領域的小型企業數量也有所增加。

And on the flip side, to be balanced here and give you a big balanced view. The only market we see a decline in negotiation pipeline are in commercial buildings and transportation, but they are smaller than the other markets before, and they are down around 20%. So overall, the number is 18% up. So that gives strong confidence in our future order pipeline.

另一方面，這裡要保持平衡，並給你一個平衡的觀點。我們看到談判管道下降的唯一市場是商業建築和交通運輸，但它們的規模比之前的其他市場要小，而且下降了約 20%。所以整體而言，這個數字增加了18%。因此，這對我們未來的訂單管道充滿了信心。

And to complement Andrew, you saw the guide, yes, at the midpoint is going to grow at 13% in revenue, and we expect for the company and ESA included our book-to-bill to be over 1.

為了補充安德魯，你看到了指南，是的，中間點的收入將增加 13%，我們預計公司和 ESA 的訂單出貨比將超過 1。

Okay. And just a follow-up on the Electrical Americas. So maybe first quarter utilities performance, we attended distribute tech several weeks ago that seem to be pretty optimistic and your utility business has continued to post strong revenue growth over the last several years. So can you give us some color about your performance in the first quarter?

好的。這只是對美國電氣展的後續報導。因此，也許第一季的公用事業表現，我們幾週前參加的分銷技術似乎相當樂觀，並且您的公用事業業務在過去幾年中繼續保持強勁的收入成長。那麼您能向我們介紹一下您第一季的表現嗎？

Yeah. Well, as we shared in our Investor Day, this is another market that we have very strong growth potential. We feel really good about utilities we highlighted that in March. So I think here, again, the teams are doing a fantastic job not only in North America, as you mentioned, but globally. And I would say this, if we were already very well positioned with our very vast and comprehensive portfolio, we're going to be even more prepared as we continue to invest in leading technologies.

是的。嗯，正如我們在投資者日所分享的，這是我們具有非常強勁成長潛力的另一個市場。我們對公用事業感到非常滿意，這一點我們在三月就強調過。因此，我認為，這些團隊不僅在北美（正如您所說）做得非常出色，而且在全球範圍內也做得非常出色。我想說的是，如果我們已經擁有非常廣泛和全面的產品組合，那麼在繼續投資領先技術時，我們將做好更充分的準備。

So we have a full commitment here to this end market. And I said before as well, we have a differentiated portfolio, not a commoditized utility portfolio. That's why our performance is differentiated here. So to give you some color on the development year-over-year, our whole electrical business globally for the electrical sector grew mid-teens over last year, which is a very strong performance. with high single digit in global and high teens in America. So very, very strong performance.

因此，我們對這個終端市場有著充分的承諾。我之前也說過，我們有一個差異化的投資組合，而不是商品化的公用事業投資組合。這就是我們的表現在這裡與眾不同的原因。因此，為了讓大家了解年比發展情況，我們全球電氣產業的整個電氣業務比去年同期成長了百分之十五左右，這是一個非常強勁的表現。全球範圍內該比例高達個位數，而美國則高達十幾歲。表現非常非常強勁。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

So Electrical Global has been lagging, but had a nice acceleration this quarter, 9% organic growth and pretty strong orders. I think you called out APAC orders up and machine OEM also up, I think, double digits. So just curious, just maybe just a bit more color in terms of what you're seeing in those two verticals.

因此，Electrical Global 一直處於落後狀態，但本季實現了良好的加速，有機成長率達到 9%，訂單也相當強勁。我認為您提到了亞太地區訂單的增加以及機器 OEM 的增加，我認為是兩位數。所以只是好奇，也許只是就您在這兩個垂直方向上看到的內容而言，有更多的顏色。

Yeah. No, thanks for the question, Nigel. We had a very strong performance in Global this quarter. You saw the growth around 9%. And if you look at the individual businesses, APAC, fantastic performance mid-teens and also low double digits for EMEA. So very good story here. What we're seeing in terms of the market development, utility markets are on fire globally, as I said before, data center market is really strong as well over the globe. And therefore, the short-cycle businesses, we see MOM stabilizing start to grow again and resis the market where we don't see recovery globally. So that provides a good picture. But I'm glad to see the results.

是的。不，謝謝你的提問，奈傑爾。本季我們在全球的表現非常強勁。您看到了約 9% 的成長率。如果你看一下各個業務，你會發現亞太地區的業績非常出色，達到了十幾歲的水平，而歐洲、中東和非洲地區的業績也達到了兩位數的低水平。這裡的故事非常精彩。就市場發展而言，我們看到全球公用事業市場火爆，正如我之前所說，全球資料中心市場也非常強勁。因此，我們看到短週期業務的環比成長趨於穩定並開始再次成長，並抵制了我們在全球範圍內看不到復甦的市場。這提供了一個很好的圖像。但我很高興看到結果。

I think you pointed out you all the analysts and investors that we had opportunities in improving our aerospace and our Electrical Global businesses. And although there is a ton for us to go do for me to go do, I'm encouraged by the green shoots we start to see here with the teams.

我想您向所有分析師和投資者指出，我們有機會改善我們的航空航太和全球電氣業務。儘管我們還有很多事情要做，但我對團隊開始出現的積極跡象感到鼓舞。

That's great. And Paulo, it looks like you're leading at the slide pack. There's a few slides that are missing from what we normally see. So I'm just curious, the mega project slide has always gotten a lot of attention. So I'm just curious what you're seeing on mega projects in the US. I think the last time -- we saw that slide is about $1.7 trillion, about I think 17% had kind of been tendered. So just a mark-to-market there would be helpful.

那太棒了。保羅，看起來你在溜滑梯組處於領先地位。有一些幻燈片是我們通常看到的幻燈片所不具備的。所以我很好奇，大型專案投影片總是受到很多關注。所以我只是好奇你對美國的大型計畫有何看法。我認為上次——我們看到的幻燈片是大約 1.7 兆美元，其中大約 17% 已經招標。因此，只要進行市價調整就會有幫助。

No, thanks for the question. Now in retrospect, I think I should have added that slide back on. I'll give you the information. We track that very rigorously. So Q1 was another strong quarter for announcements. Actually, 42 projects and in dollar amounts, $169 billion. So very, very high announcement rate over 40% versus last year. And if you look back, we did that exercise here with our leadership team. If you look back the announcement rate monthly increased to $57 billion. So again, a very impressive set of numbers.

不，謝謝你的提問。現在回想起來，我認為我應該把那張投影片加回去。我會把資訊提供給你。我們對此進行非常嚴格的追蹤。因此，第一季是公告發布的另一個強勁季度。實際上，有 42 個項目，金額為 1,690 億美元。與去年相比，公告率非常高，超過 40%。如果你回顧一下，我們和我們的領導團隊一起做過這個練習。如果你回顧一下，每個月的公告利率增加到了 570 億美元。這又是一組令人印象深刻的數字。

And then you think about starts, most of those products haven't started. It's just 15% then started. So the message we always emphasize, we're going to continue to emphasize is of a long tail of businesses coming into the US from those mega projects. And in terms of starts, Dodge data, Dodge forecast sees that it will be around $300 billion in starts for this year versus $135 billion last year. So even if we don't believe all those projects will start as planned there's plenty of room to show still strong growth year-over-year.

然後你想想開始，大多數產品還沒開始。剛開始時只有 15%。因此，我們一直強調、並將繼續強調的訊息是，透過這些大型項目，大量企業將進入美國。就開工量而言，道奇數據和道奇預測今年的開工量將達到 3,000 億美元左右，而去年的開工量為 1,350 億美元。因此，即使我們不相信所有這些項目都會按計劃啟動，但仍有足夠的空間顯示出同比強勁的成長。

We are tracking Niger also, you do to the level of cancellation, and we haven't seen any change still in the 11% range.

我們也在追蹤尼日的取消程度，我們還沒有看到任何變化，仍然在 11% 的範圍內。

Yeah. And just to give another data point on momentum here. Think about this, we track this for since 2021, I guess. And we booked a little less than let's say, in orders from those projects. We have $3.6 billion in negotiation pipeline today. So there is definitely acceleration. Definitely takes time is a long tail for the business.

是的。這裡僅提供關於動量的另一個數據點。想想看，我想我們從 2021 年就開始追蹤這個問題了。我們從這些項目中獲得的訂單比我們想像的要少一些。我們目前有 36 億美元的談判籌備。因此一定會有加速。這對企業來說絕對是長尾效應，需要時間。

Jeff Sprague, Vertical Research.

傑夫·斯普拉格（Jeff Sprague），垂直研究公司。

Could you share with us what the gross tariff impact is that you're wrestling with here and give us some sense of how much of it is price versus cost and other actions, certainly get price must be an important part in the margin friction. But help us size that up, please.

您能否與我們分享您在這裡所努力解決的總關稅影響是什麼，並讓我們了解其中有多少是價格與成本以及其他行動的對比，當然，價格肯定是利潤摩擦的重要組成部分。但請幫我們評估一下。

Yeah. So first of all, we -- I want to give you and everyone around the call the reassurance that we take tariffs really, really seriously. And we meet frequently with the team. The teams meet every second day. I personally meet with the team every week. And I think I should also say, and I hope you appreciate, is a rather very dynamic environment in every single week. So we decided not to disclose that number because we will be wrong in a week's time. What you can expect of us is that we will continue to run this with the biggest rig or possible trying to mitigate the cost pressure and at whatever cost pressure we get, we're going to recover on a dollar-by-dollar basis in terms of pricing. Maybe, Olivier, if you want to add some color.

是的。因此，首先，我想向你們以及電話會議中的每個人保證，我們非常非常重視關稅問題。我們經常與團隊會面。各隊每隔一天會面一次。我每週都會親自與團隊會面。我想我也應該說，我希望你們能夠理解，每週都是一個非常有活力的環境。因此我們決定不透露這個數字，因為一週後我們就會出錯。您可以期待的是，我們將繼續使用最大的鑽機或可能嘗試減輕成本壓力，並且無論我們面臨什麼樣的成本壓力，我們都將在定價方面逐美元收回成本。也許吧，奧利維爾，如果你想添加一些顏色的話。

No, I mean, we had a slide on this. We're going to use three levers. It's quite intuitive. One, we're going to manage our cost, two, we're going to implement supply chain actions and three, pricing will be one of the elements. So the three levers would be a play for us to mitigate on a dollar-by-dollar basis, the impact of tariff. Now we will see how the tariff evolves. We expect over time to recover from a margin standpoint, but not this year.

不，我的意思是，我們有一張關於這個的幻燈片。我們將使用三個槓桿。這是非常直覺的。第一，我們要管理成本；第二，我們要執行供應鏈行動；第三，定價將是其中一個要素。因此，我們可以利用這三個槓桿來逐一減輕關稅的影響。現在我們將看看關稅如何演變。我們預計利潤率會隨著時間的推移而恢復，但不是今年。

Understood. Okay. And then maybe as a separate question, not a follow-up per se. But Paul, you mentioned kind of the focus on global, right? That's one of your to do list items here as just step into the leadership role Obviously, nice to just see this market tailwind starting to kick into gear. But how quickly can you sort of action kind of organic initiatives there or start to tuck in with some of the bolt-ons less you're thinking about to kind of round out your position in some of these growth verticals internationally.

明白了。好的。然後也許作為一個單獨的問題，而不是後續問題本身。但是保羅，你提到了對全球的關注，對嗎？這是您剛擔任領導角色時要做的事情之一，顯然，很高興看到這個市場順風開始發揮作用。但是，您能多快在那裡採取某種有機舉措，或者開始加入一些您不太在意的附加措施，以完善您在國際上某些增長垂直領域的地位。

Yeah. So thanks for the question. So I think there are many elements to Global's improvement and most of, if not all of them, are also applicable to aerospace. First of all, operationally, we can do better. based on the business we already have in hand. And we are working on that strong leadership in place, support of the whole company. So that's something that is in our full control in self-help. The other element is about the portfolio. We have an organic strategy. We are dealing with this new environment of project business.

是的。感謝您的提問。所以我認為 Global 的改進有很多因素，其中大部分（如果不是全部）也適用於航空航太。首先，在操作上，我們可以做得更好。根據我們現有的業務。我們正在努力實現強有力的領導，並獲得整個公司的支持。因此，這是我們在自助過程中完全可以控制的事情。另一個要素是關於投資組合。我們有一個有機戰略。我們正在應對這個新的專案業務環境。

We decided to invest in Dubai. We launched that. We broke ground. And here, not only are we investing for the region in terms of being a player to produce locally, so we can win more business in this very fast-growing market. But we're also going to have a front-end group of engineers developing project business for the overall region, not only for the Middle East.

我們決定在杜拜投資。我們推出了它。我們破土動工。在這裡，我們不僅在作為本地生產參與者方面對該地區進行投資，而且我們還可以在這個快速成長的市場中贏得更多業務。但我們也將擁有一支前端工程師團隊，負責開發整個地區的專案業務，而不僅僅是中東地區。

So that's something that we are committed to do and we are doing it. So it's part of the organic play. If you look at the rest of the global segment, it's no surprise to you that the GIS business continues to perform well with the market has been flattish over time. So we have opportunity as well on that side of the business to come back up. If you follow other competitors in the same space, so we have that in our favor.

所以這是我們致力於做的事情，而且我們正在做這件事。所以它是有機遊戲的一部分。如果您看一下全球其他市場，您就不會對 GIS 業務繼續表現良好而市場卻一直保持平穩感到驚訝。因此，我們在該業務方面也有機會重新崛起。如果您關注同一領域的其他競爭對手，那麼我們就有優勢。

And then I think the strategy that the Asian team implemented over the years through JVs has proven to be the right one because they are consistently beating the competitors locally and growing double digits in an environment like this is a testament to the leadership of our leaders down there. So there's a bit of execution. There is a lot of leadership and discussion around organic growth we can do. And we are not close to the right deals if they pop up but we don't depend on them for near future and for our long-term plan.

然後我認為亞洲團隊多年來透過合資企業實施的策略已被證明是正確的，因為他們在當地不斷擊敗競爭對手，並且在這樣的環境中實現兩位數的增長，證明了我們當地領導者的領導能力。因此需要進行一些執行。圍繞著我們可以實現的有機成長，有很多領導力和討論。即使出現合適的交易，我們也離它們還很遠，但我們在近期和長期計劃中並不依賴它們。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Craig, congrats on your retirement. Maybe just starting with -- I know this is a bit nitpicky, but the guidance now implies kind of like 47% EPS in the first half of the year. I think it was about 48% as of last quarter. So can we just talk about the puts and takes of what might have shifted between the first half and the second half?

克雷格，祝賀你退休。也許只是從——我知道這有點吹毛求疵，但現在的指導意味著上半年的每股盈餘約為 47%。我認為截至上個季度這一比例約為 48%。那麼我們能否討論一下上半場和下半場之間可能發生的變化呢？

Yeah. Thank you for your question, Nicole. You're right. Initially, we had indicated 48% for the first half and now about 47%, if you do the math. That's about $0.10. Six of the 10 relates to corporate items. That includes higher interest rate associated with the financing of fiber bond. And the second element of increase in corporate cost is also the timing of equity compensation for some of our executive requirements. I don't need to mention names here on this call.

是的。謝謝你的提問，妮可。你說得對。最初，我們預計上半年的比例是 48%，現在算起來大約是 47%。大約是 0.10 美元。其中 6 項與公司專案有關。其中包括與纖維債券融資相關的更高利率。企業成本增加的第二個因素也是我們一些高階主管要求的股權補償時機。我不需要在這次通話中提及姓名。

You have also sort of $0.06, $0.04 is the timing delay on the recovery of the tariff. We will recover tariff on a dollar-for-dollar basis over the year, but we have a headwind of about $20 million, $0.05 in Q2, Nicole. I give you another number, and I'm sorry to mention so many statistics. Historically, first half is about 46% of the earnings. So at 47% were slightly better.

您還有 0.06 美元，0.04 美元是關稅恢復的時間延遲。我們將在全年以一比一的方式恢復關稅，但我們面臨約 2000 萬美元的逆境，第二季為 0.05 美元，妮可。我給你另一個數字，很抱歉提到這麼多統計數據。從歷史上看，上半年的收益約佔46%。所以 47% 稍微好一點。

Olivier. That was really helpful. I appreciate all the detail. And then this question is kind of hard to ask because I know you guys don't like to give a lot of color on price and that's totally understandable. But just trying to understand like the moving pieces with respect price and volume in your guidance. Did you guys actually maybe take a little bit of a haircut to the volume expectations in the second half to embed some potential macro uncertainty in the more short-cycle businesses.

奧利維爾。這真的很有幫助。我感謝所有的細節。這個問題有點難問，因為我知道你們不喜歡在價格上給出太多細節，這是完全可以理解的。但只是想了解您指導中與價格和數量有關的變動因素。你們是否實際上對下半年的銷售預期進行了一點削減，以便在更短週期的業務中嵌入一些潛在的宏觀不確定性。

Yeah. So let me start, and then Olivier can add color if he feels like. The overall market, when we talk about the end markets is at the same level as we saw before, around 7%. And for the overall end markets we see. With a little change of -- we see a little bit more pricing because of the tariffs and a little more volume, but it's already embedded in the 7%.

是的。那麼讓我開始吧，然後如果奧利維爾願意的話，他可以添加顏色。當我們談論終端市場時，整體市場與我們之前看到的處於同一水平，約為 7%。就我們所見的整體終端市場而言。由於關稅和銷量略有增加，我們看到價格略有上漲，但這一變化已經包含在 7% 中。

Having said that, we are highly confident based on our backlog position that we can outgrow that market. That's why we then increased our organic growth for the year. So that's a way to think about it. In terms of leveraging the cost base with tariffs, we are fully committed. The teams are on it, and we're going to take action. We've done that in the past. We have a playbook. And then if we need to go for pricing, we'll get the pricing.

話雖如此，根據我們的積壓訂單情況，我們非常有信心能夠超越該市場。這就是我們今年增加有機成長的原因。這是一種思考方式。在利用關稅來提高成本基礎方面，我們全力以赴。各團隊正在努力，我們將採取行動。我們過去也這樣做過。我們有劇本。然後，如果我們需要定價，我們就會得到定價。

Deane Dray, RBC Capital Markets.

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

Special congrats to Craig, and I want to note that Olivier was so polite, not to name any names on retirement packages, but congrats.

特別祝賀克雷格，我想指出的是，奧利維爾非常有禮貌，沒有提到退休金方面的任何名字，但我還是表示祝賀。

I want to audit that number, Olivier. I'm not sure if my retirement package is big as what you suggested. We'll move on.

我想審計一下這個號碼，奧利維爾。我不確定我的退休金是否如您所說的那樣豐厚。我們將繼續前進。

All right. Yeah. Let's move on. So can we dive a little deeper into the implications on data center backlog going from seven years to nine years for the industry because that's really significant. Just talk about implications and opportunities. And are there opportunities for Eaton to increase the share of wallet in particular? And where might those be and just how do you pull those levers? And then related talk about those five-year supply agreements. I would imagine if it's being pushed out to nine years, you're being asked to do these more and kind of touch on the economics.

好的。是的。我們繼續吧。那麼，我們能否更深入探討資料中心積壓時間從七年到九年對產業的影響，因為這確實意義重大。只談影響和機會。伊頓是否有機會增加錢包份額？那麼這些槓桿可能在哪裡呢？又該如何拉動這些槓桿呢？然後討論有關那些五年供應協議的相關主題。我想，如果將其延長至九年，你就會被要求做更多這些事情，並涉及經濟方面。

Yeah. Thanks very, very good question here. If you think about the implications that it's not going to take nine years for them to build this. The industry will continue to find ways to build faster and to get things done in a more, I would say, productive and competitive way. So what you should expect is that Modular Solutions the likes of the JV we made in Europe, but also the acquisition we made with Fiber Bond in North America start to be more relevant, one, because you take a lot of engineering requirement away from the data center operators is largely used already today by multi-tenant data center builders and with very much interest from hyperscalers to adapt as well.

是的。非常感謝你提出這個非常好的問題。如果你考慮一下其意義，你就會知道他們不需要花九年時間來建造它。我認為，該行業將繼續尋找更快的建設方式，並以更有效率、更具競爭力的方式完成工作。因此，您應該期待模組化解決方案（例如我們在歐洲建立的合資企業）以及我們在北美對 Fiber Bond 進行的收購開始變得更加重要，因為您從數據中心運營商那裡拿走了大量的工程要求，如今多租戶數據中心建設者已經廣泛使用了這種解決方案，並且超大規模數據中心建設者也非常有興趣採用這種解決方案。

So this is one big conclusion we can derive from. Another one is that data center operators and investors are much more open for solution discussions with providers like Eaton that have a very broad portfolio, and they can sit on the table and help them make their designs better. So we welcome that. We are, by far, the company that keeps investing this the most. And we are hiring also experts that can have this dialogue in the designs of our customers and how to accelerate their produce.

所以這是我們可以得出的一個重要結論。另一個原因是，資料中心營運商和投資者更願意與伊頓等擁有廣泛產品組合的供應商討論解決方案，他們可以坐在一起幫助他們改進設計。因此我們對此表示歡迎。到目前為止，我們是在這方面投入最多的公司。我們也聘請了能夠就客戶的設計以及如何加速其生產進行對話的專家。

The other part of it is not only about speed, it's about efficiency of capital, think about making best returns out of the dollar, not only because of timing. And then again, we're going to talk about removing equipment from inside the data center so they can have more revenue from the racks. Again, we are there. We are at the table. We are discussing with our biggest customers in how to help them. So there are consequences, and I think they are positive for Eaton.

另一部分不僅與速度有關，還與資本效率有關，考慮如何從美元中獲得最佳回報，而不僅僅是因為時機。然後，我們將再次討論從資料中心內部移除設備，以便他們可以從機架中獲得更多收入。我們又到了那裡。我們在餐桌旁。我們正在與我們最大的客戶討論如何幫助他們。因此，這是有後果的，但我認為這對伊頓來說是積極的。

And five-year supply agreements?

還有五年供應協議嗎？

We have those long-term agreements, of course, I don't see a change there. I don't see people going for nine years. I think it's too long and too speculative for me to say that. I haven't seen that so far.

我們當然有那些長期協議，我認為不會有任何變化。我沒見過有人堅持九年。我認為這麼說太長而且太具有推測性。我到現在還沒見過。

Great. And just a related question, and Chris earlier question touched on this. Can you address barriers to entry. You see lots and lots of new competitors I could supercompute. Just I know being on an approved vendor list is extremely important, but what are the other barriers to entry?

偉大的。這是一個相關的問題，克里斯之前的問題也涉及了這一點。您能解決進入障礙嗎？你會看到很多很多新的競爭對手，我可以對其進行超級計算。我只知道被列入核准的供應商名單非常重要，但還有哪些其他進入障礙呢？

Can you repeat the beginning of your question? I didn't get the beginning of it.

你能重複一下你的問題的開頭嗎？我沒明白它的開頭。

Yeah. Just the idea that with this kind of growth, there's more competitors coming into the market. Chris Snyder mentioned it in his first question, just the idea of how is Eaton positioned already? I know you're on a number of approved vendor list in the hyperscale players. But where and else are there barriers to entry because this market is attracting lots of new competitors?

是的。只是認為，隨著這種成長，會有更多的競爭對手進入市場。克里斯·斯奈德 (Chris Snyder) 在第一個問題中提到了這一點，伊頓目前的定位如何？我知道你們是超大規模廠商中多家核准供應商之一。但是，由於這個市場吸引了大量新競爭對手，進入障礙在哪裡呢？

A very good question. Of course, the designs of the future is when you put your name on the table and then you become relevant. So we have the fortune to be present all the way from the utility feeder all the way down to the server rack, right? So that gives us a tremendous advantage there. And to your point, of course, it's a big market that attracts interest from many players.

非常好的問題。當然，未來的設計是當你把自己的名字擺上桌面，然後你就會變得重要。所以我們有幸從公用事業饋線一直到伺服器機架都參與其中，對嗎？這給了我們巨大的優勢。正如您所說，當然，這是一個吸引眾多參與者興趣的巨大市場。

But we also need to work with a chip manufacturers today. That's the difference. In the past, we only work with the data center, hyperscalers and multi-tenant. Today, the collaboration is much more intensive, it's much deeper Therefore, you need to have open discussion with the likes of the chip manufacturers here, NVIDIA and so on. Not many companies, especially for new companies can have the dialogue with them. So again, this is another entry barrier that creates naturally, by the way, the market is developing.

但今天我們還需要與晶片製造商合作。這就是差別。過去，我們只與資料中心、超大規模和多租戶合作。如今，合作更加緊密，更加深入，因此，你需要與這裡的晶片製造商、NVIDIA 等進行公開的討論。沒有多少公司，特別是新公司能夠與他們對話。所以，這又是自然形成的另一個進入壁壘，順便說一句，市場正在發展。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Congratulations, Craig. My first question, I'm just -- I know that you don't want to give the exact tariff impact and there's a couple of ways to maybe just parse this out. But if I take a look at just the change in your segment margins in the two segments, Electrical Americas and in Vehicle, like roughly $150 million impact for the given space on the original guidance versus this guidance. And I fully appreciate that the vehicle markets are a little bit worse, but that doesn't fully explain it. And so I'm just trying to -- I'm trying to understand like maybe even outside of the one-for-one tariff and pricing impact, what else has anything else really changed on the margins, totally recognizing that vehicle has probably gotten a little bit worse?

恭喜你，克雷格。我的第一個問題是——我知道您不想給出確切的關稅影響，也許有幾種方法可以分析出這一點。但是，如果我只看兩個部門（美國電氣和車輛）的部門利潤率變化，那麼與原始指導相比，給定空間對原始指導的影響約為 1.5 億美元。我完全理解汽車市場的情況稍微糟糕一些，但這並不能完全解釋這一點。所以我只是想——我想了解，除了一對一關稅和定價的影響之外，利潤率還發生了哪些真正的變化，完全認識到車輛的情況可能已經變得更糟了？

Joe, if you were to look, we haven't changed our guide. So $0.12 at the midpoint of EPS. Fiber Bond is neutral from an EPS standpoint. You have to conclude that tariffs are neutral from a dollar standpoint as well. We have said this largely the guide excluding tariff and fiber bond is unchanged relative to what we had at the start of the year. You could then give a bit of -- you could size a bit what is going on to the P&L with what I've just said, largely unchanged prior fiber bond and the impact of tariff on the P&L top and bottom line.

喬，如果你看一下，你會發現我們的指南並沒有改變。因此 EPS 的中點為 0.12 美元。從 EPS 角度來看，纖維黏合是中性的。你必須得出結論，從美元的角度來看，關稅也是中性的。我們已經說過，不包括關稅和光纖債券的指南與年初相比基本上保持不變。然後，您可以給出一點 - 您可以根據我剛才所說的內容來衡量損益表中發生的情況，即基本上不變的先前纖維債券以及關稅對損益表頂線和底線的影響。

Okay. All right. And I'll walk through some of the math maybe offline, but then also just on the change that you guys have on the top line. So some of it sounds like better growth so it's a little bit of an impact from pricing, but it does also appear like there's a lag because you've got this $0.05 impact that you called out for the second quarter. So I guess my question is on the pricing side given that you have a portion of your business going through distribution, but you also have projects that you've now booked into your how easy is it going to be for you to get the pricing that you need to cover the tariff impact? And does it impact the margin profile of some of the projects that you've already booked into your backlog?

好的。好的。我可能會離線地介紹一些數學知識，但也會介紹你們在頂線上所做的更改。因此，其中一些聽起來像是更好的成長，所以這有點受到定價的影響，但它似乎也存在滯後，因為你在第二季度獲得了 0.05 美元的影響。所以我想我的問題是關於定價方面的，考慮到您的部分業務是透過分銷進行的，但您也有一些現在已預訂的項目，那麼您獲得覆蓋關稅影響所需的定價有多容易？這是否會影響您已經預訂的一些項目的利潤狀況？

Yeah. Good question. I'll get started here. So first of all, we definitely will take care of backlog as needed as well is not off the table, of course. And in terms of the pricing approach here, there is a little lag in Q2 because for price realization to sales it takes a little time for us to see in the bottom line. So that explains why not only the below the line, $0.06 that Olivier talked about, but also the operational margin has a little lag that, as we said before, we fully compensate during the fiscal year, and we're going to recover the margin structurally moving forward according to our long-term plan. So that's the way to think about it.

是的。好問題。我就從這裡開始。因此，首先，我們肯定會根據需要處理積壓問題，當然這也不是不可能。就這裡的定價方法而言，第二季度存在一些滯後，因為從價格實現到銷售，我們需要一點時間才能看到底線。這就解釋了為什麼不僅奧利維爾提到的低於 0.06 美元的利潤率，而且營業利潤率也存在一點滯後，正如我們之前所說，我們會在財政年度內完全彌補這一差距，並且我們將根據我們的長期計劃，從結構上恢復利潤率。這就是思考這個問題的方式。

Amit Mehrotra, UBS.

瑞銀的阿米特·梅赫羅特拉 (Amit Mehrotra)。

Can you just talk about the opportunity for data center orders to actually reaccelerate given the changes, obviously, that happen to our rack density from the transition to Hopper to Blackwell. I mean we're talking about 60 kilowatts to over 100 kilowatts per rack. Is that transition already reflected in the backlog? Or can we actually see orders actually tick up in absolute dollar terms to reflect that opportunity in terms of total energy intensity.

您能否談談，考慮到從 Hopper 到 Blackwell 的過渡過程中我們的機架密度發生了明顯變化，資料中心訂單實際上重新加速的機會。我的意思是我們談論的是每機架 60 千瓦到 100 千瓦以上。這種轉變是否已經反映在積壓工作上了？或者我們是否真的可以看到訂單以絕對美元計算實際上有所增加，以反映總能源強度的機會。

Well, thanks. So everything you described in terms of the rack power, it goes right into all in what we are good at. Of course, the benefits our business. I would say this. So for the long run, I would say, it's logical to think this market will continue to be stronger for longer.

嗯，謝謝。因此，您所描述的有關機架功率的一切，都與我們擅長的領域有關。當然，這對我們的業務有好處。我會這麼說。因此，從長遠來看，我認為有理由相信這個市場將在較長時間內繼續保持強勁。

It's very difficult to make order forecasting on the quarter, that's why we always point to 12-month rolling and even 12-month rolling given some oversized orders can be lumpy as well. So I would invite you to think about the negotiation pipeline we have. So once again, if I go back to the answer I gave earlier in the Q&A. Our data center business grew over that 45% I talked about last quarter. And our negotiation pipeline is up 18% even to last quarter. So yeah, definitely is a trend. Difficult to predict orders, but we are negotiated in the next designs with our customers, and that's a trend that we embrace and we're going to benefit from.

按季度進行訂單預測非常困難，這就是為什麼我們總是指向 12 個月滾動，甚至 12 個月滾動，因為一些超大訂單也可能是不穩定的。因此，我請你們思考我們現有的談判管道。因此，我再次回顧先前在問答環節中給出的答案。我們的資料中心業務成長超過了我上個季度提到的 45% 的成長。截至上個季度，我們的談判管道已成長了 18%。是的，這絕對是一種趨勢。很難預測訂單，但我們正在與客戶就下一個設計進行協商，這是我們所接受的趨勢，我們將從中受益。

If you go back to what we said not too long ago during Investor Day, we have said that this market care, we expect this market to grow at 15%. By the way, that number was considering the constraints due to power, which is the business we are in. Without these constraints, you could argue that the level of business will be maybe double of that. And if you look at all the calls we have had this week, all the hyperscalers are confirmed the level of CapEx. So we believe that this 15% CAGR for data center is still intact.

如果你回顧一下我們不久前在投資者日上說過的話，我們說過這個市場值得關注，我們預計這個市場將成長 15%。順便說一句，這個數字考慮到了電力的限制，而這正是我們所從事的業務。如果沒有這些限制，你可能會說業務水平可能會是現在的兩倍。如果你看一下我們本週接到的所有電話，你會發現所有超大規模企業都確認了資本支出水準。因此我們相信資料中心的 15% 複合年增長率仍然保持不變。

Okay. And just it's a fast-moving technology and market, so things can change, which is what I'm trying to figure out. So the question -- when we think about this $1.5 million of content per megawatt that you guys have put out there. Is there a difference if the AI data center proliferation is done via retrofit versus greenfield? And maybe also related, do you expect Electric America's backlog to be up this year? Or maybe do we start burning some of that just as that capacity comes online?

好的。而且這是一個快速發展的技術和市場，所以事情可能會發生變化，這正是我想要弄清楚的。所以問題是——當我們考慮到你們每兆瓦所投入的內容價值 150 萬美元。如果人工智慧資料中心的擴張是透過改造還是透過新建來實現，會有什麼區別？也許還有相關的，您預計今年 Electric America 的積壓訂單會增加嗎？或者也許我們只是在該容量上線時就開始消耗其中的一部分？

So to the first part of your question, I would say this that the AI data centers will increase our dollar per megawatt content because of the reasons you just described before, in terms of the power density, how much of electrical equipment goes within it, but also because you need UPS's even for the liquid cooling part of the portfolio. So there is definitely a growth in that area. And then a second part of your question was once again on what can you repeat the second part?

因此，對於您問題的第一部分，我想說的是，人工智慧資料中心將增加我們每兆瓦的美元含量，這是由於您剛才描述的原因，就功率密度而言，其中有多少電氣設備，而且因為即使是產品組合中的液體冷卻部分也需要 UPS。因此該領域肯定會出現成長。然後你的問題的第二部分再次是關於你能重複第二部分嗎？

It was just about the retrofit versus the greenfield part of the equation in terms of content if it matters. And the EA backlog the backlog growing year-on-year?

如果這很重要的話，就內容而言，這只是關於改造與綠地部分的比較。EA 積壓訂單是否逐年增加？

Okay. That's the part I was missing the backlog. So on the retrofit versus new builds, we try to find solutions for our customers that it's modular. So think about building blocks that will feel and look the same, whether you're doing inference or what you're doing training AI. So if we and we are working on that very closely. When we get the designs done with customers, then it becomes a very good opportunity for us to do retrofit. So it's not disconnected effort is a very well-connected effort. To your question on the backlogs for Electrical Americas, we, again, it's difficult to predict order development, but we see that our book-to-bill will continue to be above 1. That's what we are aiming for.

好的。這就是我遺漏的積壓部分。因此，無論是改造還是新建，我們都嘗試為客戶找到模組化的解決方案。因此，無論您是在進行推理還是在訓練人工智慧，請考慮建立具有相同感覺和外觀的模組。所以，如果我們正在密切合作的話。當我們與客戶一起完成設計時，這對我們來說就成為一個進行改造的絕佳機會。因此，這不是一種不連貫的努力，而是一種緊密相連的努力。關於您關於 Electrical Americas 積壓訂單的問題，我們再次強調，很難預測訂單的發展情況，但我們看到我們的訂單出貨比將繼續保持在 1 以上。這就是我們的目標。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

Great. Just going back to the electrical global discussion earlier and nice to see maybe we've got some tailwinds there from an organic growth perspective. I'm just thinking about the implications for profitability I think since that the restructuring has been underway. There's been over, I think, just over $100 million of restructuring charges that, that segment has incurred. So how should we think about kind of the timing the realization of some of the associated savings in that particular business.

偉大的。回到剛才關於全球電氣的討論，很高興看到從有機成長的角度來看，我們可能已經獲得了一些順風。我只是在思考重組對獲利能力的影響，我認為這是因為重組已經開始。我認為，該部門已產生超過 1 億美元的重組費用。那麼，我們應該如何考慮在該特定業務中實現相關節省的時機呢？

So the improvement of the margin in our global business has been a focus for the management team. And that's why we have most of the restructuring targeted at this business. We see the half of our -- the second half being impacted by restructuring programs more than the first half indeed.

因此，提高全球業務的利潤率一直是管理團隊關注的重點。這就是為什麼我們的大部分重組都針對這項業務。我們看到下半年受到重組計畫的影響確實比上半年更大。

Meaning the savings with that? Or I'm sorry --

意思是節省了嗎？或者我很抱歉--

Both, the impact of the program and the associated savings. Correct.

該計劃的影響和相關的節省都是如此。正確的。

Got it. Got it. Okay. All right. And then maybe, Olivier, why you have the mic. Just a comment on cash conversion and Specifically, I'm just -- obviously, there's a typical seasonality in terms of your cash collection, but the day sales outstanding did seem to kind of jump out. And I -- just curious if that's a reflection or should we think about as you're doing more and more business with some of the hyperscalers, is that of an implication in terms of ultimate collection? Or is there something else going on there.

知道了。知道了。好的。好的。然後也許，奧利維爾，你為什麼拿著麥克風。只是對現金轉換的評論，具體來說，我只是 - 顯然，就現金收集而言，存在典型的季節性，但應收帳款日數似乎確實有點突出。我只是好奇，這是否是一種反映，或者我們應該考慮，隨著您與一些超大規模企業開展越來越多的業務，這是否對最終的收集有影響？或者那裡還有其他事情發生。

No. If you look at the performance of the cash in the quarter, the big variable impacting our cash flow was actually inventory and that was intentional. We feel like other companies, we build inventory to manage tariff -- that was about four days, give or take, of inventory. It's about $150 million. And the inventory was built in parts, which are going to be more targeted by tariff -- we haven't changed our free cash flow guide for the year. And to answer to your question should be relatively flat year-on-year and nothing specific going on, you could have a phasing in the quarter because how the sales are phased in a particular quarter, but nothing happening on DSO, it's an inventory story.

不。如果你看一下本季的現金表現，影響我們現金流的最大變數實際上是庫存，這是有意為之。我們感覺就像其他公司一樣，我們建立庫存來管理關稅——大約需要四天的庫存。大約是1.5億美元。庫存是分部分建立的，這些部分將更受關稅的針對性——我們今年的自由現金流指南沒有改變。回答您的問題應該是同比相對持平，沒有什麼具體的事情發生，您可能會在本季度分階段進行，因為銷售是在特定季度分階段進行的，但 DSO 上沒有任何變化，這是一個庫存故事。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

I think most of the questions have been asked that are relevant. But I wanted to back up a little bit and just talk about lead times and your own capacity in the context of where are we now? I mean, I'm sure transformers are still a pretty long ways out, maybe even still 23, 24 months. But as far as the rest of your offering? Are we back to normalized lead times for the most part?

我認為大多數問題都是相關的。但我想稍微回顧一下，並結合我們現在的狀況來討論交貨時間和您自己的能力？我的意思是，我確信變形金剛還需要很長的路要走，甚至可能還需要 23、24 個月。但至於您提供的其他產品呢？我們大部分的交貨時間是否已經恢復正常了？

No. So we are not back to normal. We see improvement in our lead times. Think about 20% to 25% depending on the product line, but we keep pretty loaded. In terms of the investment and the capacity through the first part of your question, we said before that we don't have projects we have two dozen of projects happening. So thinking about expansions that are already in play.

不。所以我們還沒有恢復正常。我們的交貨時間有所改善。根據產品線的不同，大概在 20% 到 25% 之間，但我們保持相當高的負載。關於您問題第一部分的投資和產能，我們之前說過，我們沒有項目，但有二十幾個項目正在進行。因此考慮一下已經在進行的擴展。

And that is supporting the print that eletric Americas team could put on the table, right? Stong 13% growth and a vast majority, if not all, is volume, right? It's not very little pricing today on that. So that starts to show. Nevertheless, we continue to invest. We have projects in early stages. So I should expect more of capacity coming online in the second half and beginning of next year. That's a good way to model.

這支持了美國電力公司團隊可以提出的方案，對嗎？強勁的 13% 成長，而且絕大部分（如果不是全部的話）都是數量，對嗎？今天對此的定價並不低。這開始顯現出來。儘管如此，我們仍繼續投資。我們的專案處於早期階段。因此我預計下半年和明年年初將有更多的產能上線。這是一個很好的建模方法。

Okay. That makes sense. And I think you said something in your prepared remarks, Paulo, about capacity adds in North America just above and beyond perhaps what you had planned for before, but maybe I'm misreading that. Can you comment, are you actually accelerating some plans to build local to local in light of the tariff announcements? Or is that -- am I over reading that?

好的。這很有道理。保羅，我認為您在準備好的發言中提到了北美新增產能可能超出了您先前的計劃，但也許我誤解了。您能否評論一下，根據關稅公告，您是否實際上正在加速一些本地對本地建設計劃？或者說——我是不是讀太多了？

No. We -- as I said before, we made this $1.2 billion additional investment in growth public much before tariffs. We're just executing on that plan. We don't depend on that plan. And we continue to monitor. If things will change. We have a plan. We feel really good about capacity adds for a number of reasons. We felt good before because then markets are very strong, number one. Number two, as question before, some of our customers give long-term commitments. So we feel good about it.

不。正如我之前所說，我們在徵收關稅之前就已公開了這 12 億美元的額外成長投資。我們只是在執行該計劃。我們不依賴該計劃。我們將繼續監測。如果事情會改變的話。我們有一個計劃。由於多種原因，我們對容量增加感到非常滿意。我們之前感覺很好，因為當時的市場非常強勁，這是第一點。第二，正如先前的問題，我們的一些客戶做出了長期承諾。因此我們對此感覺良好。

Number three, we have in our business something really particular to Eaton that our capacity is fungible. So if you think about a power transformer, I can sell it to data center, I can sell it to commercial institution or can sell to industrial, so on and so forth. Very few companies have the opportunities. So we feel good about it. And ultimately, our investments are on assembly. Don't think about this heavy machinery, high capital-intensive we can get a lot of output for the dollar we invest. So we feel good about it. We continue to monitor it. And if needed, we will expand it, but we don't see them needed as of today.

第三，我們的業務對伊頓來說非常特別，那就是我們的產能是可替代的。因此，如果您考慮電力變壓器，我可以將其出售給資料中心，可以將其出售給商業機構，或者可以將其出售給工業機構，等等。很少公司有這樣的機會。因此我們對此感覺良好。最終，我們的投資是在裝配上。不要想著這些重型機械，這些高資本密集的機器，我們投資一美元就能獲得很多產出。因此我們對此感覺良好。我們將繼續監測此事。如果需要的話，我們會擴大它，但截至目前為止我們認為還不需要。

I think we have reached the end of the call and appreciate everybody's questions. It's always the IR team will be available to address too follow-up questions. As a good rest of your day.

我想我們的通話已經結束了，感謝大家的提問。IR 團隊始終可以解答後續問題。好好享受一天的休息。

Thanks, everyone.

謝謝大家。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。