伊頓 (ETN) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Eaton first quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加伊頓第一季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the conference over to our host, Senior Vice President of Investor Relations, Yan Jin. Please go ahead.

我現在想將會議轉交給我們的主持人，投資者關係高級副總裁嚴進。請繼續。

Okay. Good morning, guys. Thank you all for joining us for Eaton's First Quarter 2022 Earning Call. With me today are Craig Arnold, our Chairman and CEO; and Tom Okray, Executive Vice President and the Chief Financial Officer. Our agenda today, including opening remarks by Craig, highlighting the company's performance in the first quarter. As we have done in our past calls, we'll be taking questions at the end of Craig's comments. The press release and the presentation we'll go through today have been posted on our website.

好的。早上好傢伙。感謝大家參加伊頓 2022 年第一季度財報電話會議。今天和我在一起的是我們的董事長兼首席執行官 Craig Arnold；以及執行副總裁兼首席財務官 Tom Okray。我們今天的議程，包括克雷格的開場白，重點介紹了公司第一季度的業績。正如我們在過去的電話會議中所做的那樣，我們將在 Craig 的評論結束時回答問題。我們今天將通過的新聞稿和演示文稿已發佈在我們的網站上。

This presentation, including adjusted earning per share, adjusted free cash flow and other non-GAAP measures, they're reconciled in the appendix. A webcast of this call is accessible on our website and will be available for replay.

本演示文稿，包括調整後的每股收益、調整後的自由現金流和其他非公認會計原則措施，在附錄中進行了核對。可在我們的網站上收聽此次電話會議的網絡廣播，並可進行重播。

I would like to remind you that our comments today will including statements related to expected future results of the company and are therefore forward-looking statements. Our actual results may differ materially from our projected -- forecasted projections due to a wide range of risks and uncertainties that are described in our earnings release and 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，因此是前瞻性陳述。由於我們的收益發布和演示文稿中描述了廣泛的風險和不確定性，我們的實際結果可能與我們的預測 - 預測預測存在重大差異。

With that, I will turn it over to Craig.

有了這個，我會把它交給克雷格。

Thanks, Yan. And we'll start on Page 3 with highlights for the quarter. Overall, I'd say we had a strong start to the year, Q1 coming in modestly better than guidance despite additional headwinds and commodities in the quarter. We had a particularly strong quarter in our Electrical Global and Aerospace businesses, and this enables us to deliver a first quarter record for adjusted EPS of $1.62, a 13% increase over prior year.

謝謝，嚴。我們將從第 3 頁開始，介紹本季度的亮點。總體而言，我想說我們今年開局強勁，儘管本季度面臨更多不利因素和大宗商品，但第一季度的業績略好於預期。我們在電氣全球和航空航天業務的季度表現特別強勁，這使我們能夠實現第一季度調整後每股收益 1.62 美元的創紀錄，比去年同期增長 13%。

Our sales were $4.8 billion, up 10% organically from last year, and this was above the high end of our guidance range of 7% to 9%. Most of our end markets remained strong with significant strength in industrial, commercial, residential markets for electrical and commercial aftermarket and commercial OE for aerospace. And our orders continue to accelerate, allowing us to post another record for backlog.

我們的銷售額為 48 億美元，比去年有機增長 10%，這高於我們 7% 至 9% 的指導範圍的高端。我們的大多數終端市場保持強勁，在工業、商業、電氣和商業售後市場的住宅市場以及航空航天的商業 OE 市場具有顯著優勢。我們的訂單繼續加速，使我們能夠發布另一個積壓記錄。

For our combined Electrical business, orders on a rolling 12-month basis were up 30%, an acceleration from last quarter, which was up 21%. And our backlog for Electrical was up 76% compared to up 56% at the end of 2021. Our Aerospace business also had a significant increase in demand with orders on a rolling 12-month basis up 35% organically compared to up 19% at year-end. We also posted a first quarter record operating margins of 18.8%, which were at the high end of our guidance range and 110 basis points over prior year. So overall, a good quarter with healthy end markets and solid execution in what remains a challenging environment overall.

對於我們合併的電氣業務，連續 12 個月的訂單增長了 30%，比上一季度增長 21% 有所加快。與 2021 年底的 56% 相比，我們的電氣積壓量增加了 76%。我們的航空航天業務的需求也顯著增加，連續 12 個月的訂單增長了 35%，而去年則增長了 19% -結尾。我們還公佈了第一季度創紀錄的 18.8% 的營業利潤率，處於我們指導範圍的高端，比去年同期高 110 個基點。因此，總體而言，這是一個良好的季度，擁有健康的終端市場和穩健的執行力，總體而言仍然是一個充滿挑戰的環境。

And I'd say we're also executing well on our strategic growth initiatives as noted here on Slide 4. Highlighted here are several new wins tied to the secular growth trends that we're focused on. We've talked about electrification, energy transition and digitalization. Overall, we continue to see an acceleration in each of these important growth drivers and are convinced that we have the right growth strategy.

我想說的是，我們在幻燈片 4 中指出的戰略增長計劃也執行得很好。這裡強調的是與我們關注的長期增長趨勢相關的幾項新勝利。我們已經討論了電氣化、能源轉型和數字化。總體而言，我們繼續看到這些重要增長動力中的每一個都在加速發展，並相信我們擁有正確的增長戰略。

In the interest of time, I'll highlight one of these recent wins, but we're happy to provide more detail on a follow-up call. While we're not at liberty to disclose the customer, we had another very significant win on an energy transition project. This was a very large follow-on order for EV charging stations in the U.S., where we're providing the full suite of Eaton solutions, including power distribution equipment, energy storages, inverters, control automation and remote monitoring software. And we continue to work on a number of big opportunities focused on building out the needed electrical charging infrastructure given the explosive growth in electric vehicles. Now as the world continues to embrace sustainability, our technologies will continue to play a key part of this solution.

為了節省時間，我將重點介紹最近的其中一項勝利，但我們很高興在後續電話會議上提供更多詳細信息。雖然我們不能隨意透露客戶，但我們在能源轉型項目中取得了另一個非常重要的勝利。這是美國電動汽車充電站的一個非常大的後續訂單，我們提供全套伊頓解決方案，包括配電設備、儲能、逆變器、控制自動化和遠程監控軟件。鑑於電動汽車的爆炸式增長，我們繼續致力於開發一些重大機遇，重點是建設所需的充電基礎設施。現在，隨著世界繼續擁抱可持續發展，我們的技術將繼續在這一解決方案中發揮關鍵作用。

Moving to Page 5. We summarize our key financial metrics for the quarter. And I'll just note a few highlights here. First, 3% revenue growth included 10% organic growth, offset by net headwind of 6% from acquisition and divestitures. And this was primarily the Cobham and the Tripp Lite acquisitions, offset by the divestiture of Hydraulics. Our acquisitions added 6 points of growth, while the divestiture of Hydraulics reduced growth by 12 points. We also had negative FX of 1% in the quarter.

轉到第 5 頁。我們總結了本季度的關鍵財務指標。我將在這裡指出一些亮點。首先，3% 的收入增長包括 10% 的有機增長，被收購和資產剝離帶來的 6% 的淨逆風所抵消。這主要是對 Cobham 和 Tripp Lite 的收購，被液壓公司的剝離所抵消。我們的收購增加了 6 個百分點的增長，而液壓公司的剝離使增長減少了 12 個百分點。我們在本季度也有 1% 的負外匯。

Second, with 3% revenue growth, we posted solid operating leverage with 9% growth in operating profits and even stronger adjusted growth and -- adjusted EPS growth of 13%. And third, like last quarter, both adjusted EPS of $1.62 and segment operating margins of 18.8% were Q1 records. Now this strong financial performance, we think, underscores the power of our portfolio transformation and our ability to execute well under challenging operating conditions.

其次，憑藉 3% 的收入增長，我們公佈了穩健的經營槓桿，營業利潤增長了 9%，調整後的增長更加強勁，調整後的每股收益增長了 13%。第三，與上一季度一樣，調整後的每股收益為 1.62 美元，部門營業利潤率為 18.8%，均為第一季度的記錄。現在，我們認為，這種強勁的財務表現突顯了我們投資組合轉型的力量以及我們在充滿挑戰的運營條件下良好執行的能力。

Next on Page 6, we have the results of our Electrical Americas segment. Here, revenues increased 17%, including organic growth of 10%. And just as a comparison, this compares with 5% in Q4 and 1% in Q3. The acquisition of Tripp Lite added 7 points of growth. Our organic sales growth was driven by strength in industrial and residential markets overall. And as you can imagine, we're still working through supply chain constraints, which saw modest improvements in the quarter but remain challenging.

接下來在第 6 頁，我們有美國電氣部分的結果。在這裡，收入增長了 17%，其中包括 10% 的有機增長。作為比較，這與第四季度的 5% 和第三季度的 1% 相比。收購 Tripp Lite 增加了 7 個增長點。我們的有機銷售增長受到工業和住宅市場整體實力的推動。正如您可以想像的那樣，我們仍在努力克服供應鏈限制，在本季度有所改善，但仍然具有挑戰性。

Operating margins were 19.1%, down 140 basis points from last year. And this decline was driven primarily by higher input costs and supply chain inefficiencies and also some increased growth-related investments. Importantly, we were successful in fully offsetting the expected inflationary costs with price increases on a dollar basis. However, we did not earn incremental margins on inflation, which did compress margins. As you'll see in our full year guidance, we expect this to improve, and we continue to expect 90 basis points of margin improvement for the full year.

營業利潤率為 19.1%，比去年下降 140 個基點。這種下降主要是由於較高的投入成本和供應鏈效率低下以及一些與增長相關的投資增加所致。重要的是，我們成功地通過以美元為基礎的價格上漲完全抵消了預期的通脹成本。然而，我們並沒有因通貨膨脹而獲得增量利潤，這確實壓縮了利潤率。正如您將在我們的全年指導中看到的那樣，我們預計這種情況會有所改善，並且我們繼續預計全年利潤率將提高 90 個基點。

And as I mentioned in my opening comments, market demand remained strong. We had very strong order growth. Our rolling 12-month orders were up 31%, and this compares to up 20% in Q4. So things continue to accelerate. We had strength across all end markets with a range of up 28% to up 36%, and this led to a record backlog, which increased 86% on an organic basis. And on a sequential basis, we posted a large $1.3 billion increase in our backlog.

正如我在開場評論中提到的那樣，市場需求依然強勁。我們的訂單增長非常強勁。我們的 12 個月滾動訂單增長了 31%，而第四季度增長了 20%。所以事情繼續加速。我們在所有終端市場都有實力，增幅在 28% 到 36% 之間，這導致了創紀錄的積壓，有機基礎上增加了 86%。在連續的基礎上，我們的積壓訂單增加了 13 億美元。

Moving to Page 7. We have a summary of our Electrical Global business, where we had another very strong quarter. Our organic growth was 18% with 3% headwind from currency. We saw strength in all regions with particular strength in commercial and industrial markets. We also generated strong operating leverage, delivering record Q1 operating margins of 19.4% and incremental margins of 36%. Similar to Q4, this included some favorable mix from our exposure to growing industrial end markets, but we expect this to continue. And as we saw in the Americas, orders on a rolling 12-month basis continue to accelerate, up 27% in Q1 compared to up 22% in Q4.

轉到第 7 頁。我們總結了我們的全球電氣業務，我們在該業務中又取得了一個非常強勁的季度。我們的有機增長為 18%，貨幣逆風為 3%。我們在所有地區都看到了實力，尤其是在商業和工業市場上的實力。我們還產生了強大的經營槓桿，實現了創紀錄的第一季度營業利潤率 19.4% 和 36% 的增量利潤率。與第四季度類似，這包括我們接觸不斷增長的工業終端市場的一些有利組合，但我們預計這種情況將繼續下去。正如我們在美洲看到的那樣，連續 12 個月的訂單繼續加速增長，第一季度增長 27%，而第四季度增長 22%。

We had strength across all end markets with a range of up 22% to up 41%. And I say for the fourth quarter in a row, we continued to grow our backlog by 50% or more and achieved a new record in the quarter. So our Electrical Global business is very well positioned for continued strong growth overall.

我們在所有終端市場都表現強勁，漲幅在 22% 到 41% 之間。我說連續第四個季度，我們的積壓訂單繼續增長 50% 或更多，並在本季度創下新紀錄。因此，我們的電氣全球業務非常適合整體持續強勁增長。

Just before we move to the industrial businesses, here's the way that I'd really summarize the performance of our combined Electrical business. The business delivered strong organic growth of 14%, built a sizable backlog which strengthens certainly our outlook for future quarters, and we improved margin by 20 basis points. So on balance, I'd say, once again, a strong quarter given the current operating environment.

就在我們轉向工業業務之前，這是我真正總結我們合併電氣業務的表現的方式。該業務實現了 14% 的強勁有機增長，積壓了大量訂單，這無疑加強了我們對未來幾個季度的展望，我們將利潤率提高了 20 個基點。因此，總的來說，鑑於當前的運營環境，我會再次說，這是一個強勁的季度。

Let's move to Page 8, where we recap our Aerospace segment. As you can see, we delivered very strong results here with revenues up 38%. This includes 15% organic growth and 25% from the acquisition of Cobham Mission Systems and 2% currency headwind. Organic growth in the quarter was especially strong in commercial aftermarket and commercial OEM markets and certainly including business jets. Operating margins were 22.1%, up 360 basis points versus prior year, and incremental margins were solid at 32%.

讓我們轉到第 8 頁，在這裡我們回顧一下我們的航空航天部門。如您所見，我們在這裡取得了非常強勁的業績，收入增長了 38%。這包括 15% 的有機增長和 25% 的收購 Cobham Mission Systems 和 2% 的貨幣逆風。本季度的有機增長在商業售後市場和商業 OEM 市場尤其強勁，當然也包括公務機。營業利潤率為 22.1%，比上年增長 360 個基點，增量利潤率穩定在 32%。

Another area of strength was accelerating orders, where -- which we saw a rolling 12-month orders up 35% in the quarter, and this compares to up 19% in Q4. We also ended the quarter here with a record backlog on an organic basis, up 14%. And consistent with the broader message of industry recovery, we're currently pursuing $1.3 billion of life of the program opportunities for strategic military and commercial programs, all incremental revenue, so another segment that I'd say that's very well positioned for growth today and for years to come.

另一個優勢領域是加速訂單，我們看到該季度連續 12 個月的訂單增長了 35%，而第四季度增長了 19%。我們還在本季度結束時有機積壓了創紀錄的積壓，增長了 14%。與行業復甦的更廣泛信息相一致，我們目前正在為戰略軍事和商業項目尋求 13 億美元的項目生命週期機會，所有增量收入，所以我想說的另一個細分市場今天非常適合增長和未來幾年。

Next, on Page 9, we have the financial summary of our Vehicle business. Revenues were up 3%, all organic. We continue to see solid growth in North America aftermarket business and in our South America business, which was offset by weakness in global light vehicle markets. As you've read, this market continued to experience significant supply chain constraints, which certainly impacted revenues in the quarter. Just as markets here begin to see some improvements, supply chain issues tied to primarily the war in the Ukraine had a particularly large impact on this market. These constraints also contributed to operating inefficiencies in our business and a 50 basis point reduction in our operating margins.

接下來，在第 9 頁，我們有車輛業務的財務摘要。收入增長了 3%，都是有機的。我們繼續看到北美售後市場業務和南美業務的穩健增長，這被全球輕型汽車市場的疲軟所抵消。正如您所讀到的，這個市場繼續受到嚴重的供應鏈限制，這無疑影響了本季度的收入。正如這裡的市場開始出現一些改善一樣，主要與烏克蘭戰爭相關的供應鏈問題對該市場產生了特別大的影響。這些限制也導致我們的業務運營效率低下，我們的營業利潤率降低了 50 個基點。

We're undertaking a number of price- and cost-related measures to offset the additional inflation, but it will certainly take some time to get these in place, but certainly something we plan to do before the end of the year.

我們正在採取一些與價格和成本相關的措施來抵消額外的通脹，但這些措施肯定需要一些時間才能到位，但我們肯定會計劃在今年年底之前做一些事情。

Turning to growth. During our investor meeting earlier this year, we provided an overview of how we're transforming the business by focusing on new spaces and products not tied to the internal combustion engine. And the team is seeing good progress. We continue to see new wins, including a win with a Chinese OEM for our electronic traction control devices. We're also pursuing a pipeline worth $500 million in annual revenue for our powertrain solutions for leading EV OEMs, once again, all incremental. So I'd say that we're well on our way to transforming our legacy Vehicle business by selling into EV and other new markets. And so this business is performing very much like we expected.

轉向增長。在今年早些時候的投資者會議上，我們概述了我們如何通過關注與內燃機無關的新空間和產品來轉變業務。團隊正在看到良好的進展。我們繼續看到新的勝利，包括我們的電子牽引力控制設備與中國 OEM 的勝利。我們還在為領先的電動汽車原始設備製造商的動力總成解決方案尋求價值 5 億美元的年收入管道，再一次，所有這些都是增量的。所以我想說，我們正在通過向電動汽車和其他新市場銷售來轉變我們的傳統汽車業務。因此，這項業務的表現非常符合我們的預期。

Moving to Page 10. We summarize our eMobility segment. Revenues increased 52%, including 7% organic and 46% from the acquisition of Royal Power with 1% negative currency. While still negative, we narrowed the operating loss in the quarter, and then we expect to generate positive margins for the year. And the outlook for this market continues to strengthen. Consistent with what you're hearing, we're actively pursuing some $2 billion of new program opportunities, and this number is really growing every quarter.

轉到第 10 頁。我們總結了我們的電動汽車細分市場。收入增長了 52%，其中包括 7% 的有機收入和 46% 的收入來自以 1% 的負匯率收購 Royal Power。雖然仍然是負數，但我們縮小了本季度的經營虧損，然後我們預計今年將產生正利潤率。這個市場的前景繼續加強。與您所聽到的一致，我們正在積極尋求大約 20 億美元的新計劃機會，而且這個數字實際上每個季度都在增長。

I'd also note that our acquisition of Royal Power added almost $600 million of pipeline opportunities focused on their innovative solutions for terminal connectors and high-voltage busbars. As a reminder here, our area of focus in eMobility is around power distribution, power conversion and power protection. And in the area of power protection, we had previously announced that when using our Breaktor technology with a major European OEM manufacturer. That customer just awarded Eaton with significant additional volume as they are expanding the use of our innovative technology to more of their vehicle platforms. And so once again, another segment where things are progressing very much in the way that we anticipated.

我還注意到，我們對 Royal Power 的收購增加了近 6 億美元的管道機會，專注於他們的端子連接器和高壓母線的創新解決方案。在這裡提醒一下，我們在 eMobility 的重點領域是配電、電源轉換和電源保護。而在電源保護領域，我們之前曾與歐洲一家主要的 OEM 製造商合作使用我們的 Breaktor 技術。該客戶剛剛向伊頓授予了顯著的額外銷量，因為他們正在將我們的創新技術的使用擴展到更多的車輛平台。再一次，另一個部分的進展非常符合我們的預期。

Now let's turn to Page 11, where we summarize our updated organic revenue and margin guidance for the year. Overall, and I'd say despite uncertainties in the broader macro environment, we continue to experience strong demand in our end markets. We're increasing our guidance on organic growth for all segments, which results in Eaton's total organic growth stepping up from a range of 7% to 9% to our -- now our expectation of 9% to 11%. This growth outlook, I'd say, is easily supported by our ongoing growth in orders and growing backlog.

現在讓我們轉到第 11 頁，我們在其中總結了我們更新的年度有機收入和利潤率指導。總體而言，我想說，儘管更廣泛的宏觀環境存在不確定性，但我們的終端市場需求繼續強勁。我們正在增加對所有部門有機增長的指導，這導致伊頓的總有機增長從 7% 到 9% 上升到我們現在的預期 9% 到 11%。我想說，這種增長前景很容易得到我們持續增長的訂單和不斷增長的積壓訂單的支持。

For margins, we're reaffirming our full year guidance for Eaton at 19.9% to 20.3%, which represents a 120 basis point increase over 2021 at the midpoint. Note, while we've increased organic revenues, we're maintaining our margin outlook. And I'd say this is largely due to additional inflation that we've experienced in the year and expect to see for the balance of the year. We continue to increase prices to offset inflation, but I'd say we're experiencing kind of a normal timing impact and not getting a normal margin on top of inflation.

對於利潤率，我們重申對伊頓的全年指導為 19.9% 至 20.3%，這比 2021 年的中點增加了 120 個基點。請注意，雖然我們增加了有機收入，但我們仍在維持我們的利潤率前景。我想說這主要是由於我們在今年經歷了額外的通貨膨脹，並預計會在今年餘下時間看到。我們繼續提高價格以抵消通貨膨脹，但我想說我們正在經歷一種正常的時間影響，並且在通貨膨脹之上沒有獲得正常的利潤。

Within Electrical, we're reaffirming our margins for Electrical Americas and increasing the guidance range for Electrical Global by 10 basis points. We've also increased margins for our Aerospace business by 20 basis points and eMobility by 50 basis points. These 3 segments are offsetting the lower margins that we're now expecting in our Vehicle business due to margin compression from the new wave of inflation that we experienced in the quarter and expect for the year and some inefficiencies as well in our operations. But at the midpoint, we expect to deliver record margins and to be north of 20% for the first time in Eaton's history. So on balance, a very strong year.

在電氣領域，我們重申了美國電氣公司的利潤率，並將電氣全球的指導範圍提高了 10 個基點。我們還將航空航天業務的利潤率提高了 20 個基點，eMobility 提高了 50 個基點。這三個部分抵消了我們現在對汽車業務的較低利潤率的預期，這是由於我們在本季度經歷的新一波通貨膨脹以及我們的運營中的一些低效率導致利潤率壓縮。但在中點，我們預計將實現創紀錄的利潤率，並在伊頓歷史上首次超過 20%。總的來說，這是非常強勁的一年。

Turning to Page 12. We provide the balance of our guidance for the year. We're raising our '22 guidance on adjusted EPS to between $7.32 and $7.72, which is 14% growth at the midpoint and reflective of what we think is going to be a strong year. We're increasing our organic growth, as we talked about, from 9% to 11%. And this is partially offset by $250 million of negative currency compared to our original guidance, where we thought currency would be flat for the year. So if you think about it, we're also offsetting approximately $0.10 of headwinds from negative currency in our earnings. But for the new FX headwinds, we'd certainly be taking our guidance up more than we did today. And we did complete $86 million of share repurchases in the quarter, and we're on track for a full year guidance of $200 million to $300 million for the year.

轉到第 12 頁。我們提供了本年度指導的餘額。我們將 22 年調整後每股收益的指引提高到 7.32 美元至 7.72 美元之間，中點增長 14%，反映了我們認為將是強勁的一年。正如我們所說，我們正在將有機增長從 9% 提高到 11%。與我們最初的指導相比，這被 2.5 億美元的負貨幣部分抵消，我們認為今年的貨幣將持平。因此，如果您考慮一下，我們還可以抵消大約 0.10 美元的負面貨幣收益帶來的不利影響。但對於新的外匯逆風，我們肯定會比今天更多地接受我們的指導。我們確實在本季度完成了 8600 萬美元的股票回購，我們有望實現 2 億至 3 億美元的全年指導。

Lastly, our Q2 guidance includes adjusted EPS forecast between $1.78 and $1.88 for Q2; organic revenue growth between 7 -- excuse me, 9% and 11%; negative currency, we think, will be $75 million; and 8% net revenue impact from M&A. For segment margins, our Q2 guidance is 19.1% to 19.5%, which is a sequential improvement of 50 basis points at the midpoint from Q1. And if you adjust for the $0.10 headwind from M&A, our year-on-year EPS growth in Q2 would be 12%, so roughly in line with our full year guidance for the year of 14%.

最後，我們的第二季度指引包括調整後的第二季度每股收益預測在 1.78 美元至 1.88 美元之間； 7 之間的有機收入增長——對不起，9% 和 11%；我們認為，負貨幣將是 7500 萬美元；併購帶來的淨收入影響為 8%。對於分部利潤率，我們的第二季度指引為 19.1% 至 19.5%，比第一季度的中點連續提高 50 個基點。如果你調整併購帶來的 0.10 美元逆風，我們第二季度的每股收益同比增長將達到 12%，大致符合我們全年 14% 的全年指導。

Lastly, on Page 13, I'll summarize by making here just kind of a few closing comments. As many of you heard at our Investor Day and as I highlighted at the start of the presentation, we continue to experience accelerating growth in our end markets. The secular growth trends are really playing out very much the way we anticipated, and it's really underpinning our strategy as a global intelligent power management company. We're delivering key project wins, for sure, that are also accelerating our growth rate. These 2 revenue drivers are certainly showing up in our order book and growing backlog. So very much just a case of markets inflecting positively. And despite high inflation and supply chain challenges, we're growing our margins.

最後，在第 13 頁，我將在這裡做一些總結性評論。正如你們中的許多人在我們的投資者日聽到的那樣，正如我在演講開始時強調的那樣，我們的終端市場繼續經歷加速增長。長期增長趨勢確實以我們預期的方式發展，它確實支持了我們作為全球智能電源管理公司的戰略。當然，我們正在交付關鍵項目的勝利，這也加快了我們的增長速度。這兩個收入驅動因素肯定會出現在我們的訂單簿和不斷增長的積壓訂單中。因此，這只是市場積極變化的一個例子。儘管存在高通脹和供應鏈挑戰，但我們的利潤率仍在增長。

I would also point out that based upon our Q1 actuals and Q2 guidance, we expect to generate 46% of our full year adjusted EPS in the first half, and this is in line with our historical averages of -- for first half earnings. So as the global economy continues to face unprecedented number of challenges, I'd say you can count on our team to continue to execute well to deliver our commitments in both the short and the long term.

我還要指出，根據我們第一季度的實際數據和第二季度的指導，我們預計上半年將產生 46% 的全年調整後每股收益，這與我們上半年收益的歷史平均水平一致。因此，隨著全球經濟繼續面臨前所未有的挑戰，我想說你可以指望我們的團隊繼續良好地執行我們的短期和長期承諾。

So with that, I'll turn it back to Yan for Q&A.

因此，我將把它轉回給 Yan 進行問答。

Okay. Great. Thanks, Craig. Now it's time for the Q&A. I will turn it over to the operator to give you guys the instruction.

好的。偉大的。謝謝，克雷格。現在是問答時間。我會把它交給接線員給你們指導。

(Operator Instructions) We'll go to the line of Josh Pokrzywinski with Morgan Stanley.

（操作員說明）我們將與摩根士丹利一起前往 Josh Pokrzywinski。

Craig, you've been in this kind of accelerating order environment now for, call it, the last 3 quarters where maybe supply chain is kind of limiting what you can be able to deliver. And the world has changed quite a bit over that time, especially the last quarter or so. What's the composition of the order book look like? And I guess what I'm trying to get at is, have you seen sort of a progression or handoff from some of the more early-cycle stuff to maybe later-cycle or more resource industries? Or is it just kind of a healthy mix of everything where it's harder to tease out what leadership is?

克雷格，你現在一直處於這種加速訂單的環境中，稱之為，過去 3 個季度，供應鏈可能會限制你能夠交付的東西。在那段時間裡，世界發生了很大的變化，尤其是最後一個季度左右。訂單簿的組成是什麼樣的？而且我想我想要了解的是，您是否看到了從一些更早期週期的東西到可能是後期週期或更資源行業的進展或移交？或者它只是一種健康的組合，很難梳理出什麼是領導力？

Yes. I appreciate the question, Josh. And it's certainly been a period of time where I'd say we're really seeing broad-based order strength. And as you know, we would typically highlight strength in particular end markets, but quite frankly, we're seeing strength across the board. And that's why we talked about, for example, in our Electrical Americas business, we said we have a range of strength at the very low end, up 28%; at the high end, up 36%. The same thing is true in our global business where we said at the low end of the increase, it was 22%; at the high end, it's 41%. So as you can imagine, I mean this is very broad-based strength across just about every end market that we serve. So things today, I think, are very strong across the board, and it's tough to really find much in the way of differentiation between some of these end markets because the numbers are just that good.

是的。我很欣賞這個問題，喬希。我會說，在這段時間裡，我們確實看到了廣泛的訂單強度。如您所知，我們通常會強調特定終端市場的實力，但坦率地說，我們看到了全面的實力。這就是為什麼我們談到，例如，在我們的美國電氣業務中，我們說我們在非常低端擁有一系列實力，增長 28%；在高端，上漲 36%。在我們的全球業務中也是如此，我們說增長的低端是 22%；在高端，它是 41%。因此，您可以想像，我的意思是，這是我們服務的幾乎每個終端市場的基礎廣泛的優勢。因此，我認為今天的情況非常全面，很難真正找到其中一些終端市場之間的差異化方式，因為這些數字就是那麼好。

Got it. That's helpful. And then maybe just a follow-up more specifically on the relationship there with price. So I know there's a lot of factors driving orders right now, and you mentioned some of them just from broad demand. But I would have to think that some of that comes from customers wanting to get ahead of price increases. And it seems like, just listening to some of your peers out there, that the pace of those increases is starting to kind of subside. What would be your observation on kind of that relationship between orders and folks getting out ahead? And have you noticed anything in your own book here in 1Q as maybe there hasn't been quite the same rate of increases as you saw maybe second half last year?

知道了。這很有幫助。然後可能只是更具體地說明與價格的關係的後續行動。所以我知道現在有很多因素在推動訂單，你提到其中一些只是因為廣泛的需求。但我不得不認為其中一些來自希望搶在價格上漲之前的客戶。似乎，只是聽聽你的一些同行，這些增長的速度開始放緩。你對訂單和人們領先的那種關係有什麼看法？你有沒有註意到第一季度你自己的書中的任何內容，因為可能沒有像你去年下半年看到的那樣的增長速度？

Yes. I'd say this is one that we spend a lot of time, Josh, and really trying to get a sense for, assuring ourselves, first and foremost, that all of these orders are real. And as you know, we're largely in the project business, where we can say that the orders that we're taking are all tied to project.

是的。我想說這是我們花了很多時間，喬希，並真正試圖了解，首先向自己保證，所有這些訂單都是真實的。如您所知，我們主要從事項目業務，可以說我們接受的訂單都與項目相關。

Now are we getting some of these orders perhaps maybe a little earlier in the process -- project process in terms of the cycle? There could be a little of that taking place for sure. So to the extent that we're getting some benefit from seeing orders earlier in the project, that certainly maybe giving us a little bit of lift. A lot of our business, as you know, also goes through distribution. And I can tell you, in the distribution channel, with almost no exception, they don't have as much inventory as they like. And inventory levels today are below levels that they'd like to support their future outlook for the business overall.

現在我們是否可能在流程中更早地獲得其中一些訂單 - 就週期而言的項目流程？肯定會發生一些這樣的事情。因此，如果我們從項目早期的訂單中獲得了一些好處，那當然可能會給我們帶來一點提升。如您所知，我們的許多業務也通過分銷進行。我可以告訴你，在分銷渠道中，幾乎沒有例外，他們沒有他們想要的那麼多庫存。今天的庫存水平低於他們希望支持其整體業務未來前景的水平。

And so I do think this is just a broad-based strengthening in many of our end markets. To your point on price and are things slowing down, I think it's really a function of what your call is on inflation. I'd say that certainly coming into the year, we anticipated that inflation would moderate. And as a result, there'd be fewer price increases that we would put in forth during the course of 2022. But yet what we saw in Q1 is we saw commodities, for the most part, increase. And so we, like others, certainly are back in the market again, taking prices up to deal with the latest round of inflation, some of which is obviously being driven by what's happening in the Ukraine, some of which being driven perhaps by another wave of shutdowns that are taking place in China. But I would say that, for the most part, certainly, we are seeing more inflation this year than we anticipated. And at this point, I'd say it's too early to call on whether or not it has fundamentally slowed down at this point.

所以我確實認為這只是我們許多終端市場的廣泛強化。就您對價格的看法並且事情正在放緩，我認為這實際上是您對通貨膨脹的呼籲的一個函數。我會說，肯定會進入今年，我們預計通脹將會放緩。因此，我們在 2022 年期間提出的價格上漲幅度將會減少。但我們在第一季度看到的是，我們看到商品大部分都在上漲。因此，我們和其他人一樣，肯定又回到了市場，抬高價格以應對最新一輪的通脹，其中一些顯然是由烏克蘭正在發生的事情推動的，其中一些可能是由另一波推動的中國正在發生的停工事件。但我要說的是，在很大程度上，當然，我們今年看到的通貨膨脹比我們預期的要高。在這一點上，我想說現在判斷它是否已經從根本上放緩還為時過早。

Next we go to the line of Joe Ritchie with Goldman Sachs.

接下來我們去看看喬·里奇和高盛的關係。

Craig, can you maybe just touch on margins for a second? You have a really good start to the year. When you take a look at the guidance -- the updated guidance for the year, the one segment that probably has the most wood to chop, I guess, in terms of getting within the range is Electrical Americas. So just help frame how much of this is either additional price coming through, supply chain using better volume leverage. How do we get from that low-19 percentage range to what the guidance is for the year?

克雷格，你能不能稍微談談頁邊距？你今年有一個非常好的開始。當您查看指南時——今年的更新指南，我猜想，就進入該範圍而言，可能需要砍伐木材最多的部分是美國電氣公司。因此，只需幫助確定其中有多少是額外的價格通過，供應鏈使用更好的數量槓桿。我們如何從 19% 的低百分比範圍到今年的指導？

Appreciate the question, Joe. And I can tell you, one, we have high level of confidence that Electrical Americas will absolutely deliver the guidance for the year. And what we've been chasing, as you can imagine, for some time now is we have been chasing commodities with price. As I mentioned a moment ago, we did anticipate coming into the year that inflation would have abated somewhat, and we ended up taking more inflation in Q1 than we anticipated. And so we've obviously had to go to the market for additional price.

欣賞這個問題，喬。我可以告訴你，一個，我們對美國電氣公司絕對會提供今年的指導充滿信心。正如你可以想像的那樣，我們一直在追逐的是，一段時間以來，我們一直在追逐有價格的商品。正如我剛才提到的，我們確實預計到今年通脹會有所減弱，最終我們在第一季度承受的通脹比我們預期的要多。因此，我們顯然不得不以額外的價格進入市場。

And so if you think about the back half of the year and going into subsequent quarters, we're going to have a better relationship between price and inflation. And the other thing that we certainly have seen in our Americas business, we've seen a lot of inefficiencies associated with kind of supply chain disruptions. As you can imagine, if you're missing one small component, you have a bunch of people standing around in factories not able to complete assemblies. That drives fairly material inefficiencies in your operation.

因此，如果您考慮今年下半年和接下來的幾個季度，我們將在價格和通脹之間建立更好的關係。我們在美洲業務中肯定看到的另一件事是，我們已經看到許多與供應鏈中斷相關的低效率。可以想像，如果您缺少一個小組件，您就會有一群人站在工廠裡，無法完成組裝。這會在您的運營中造成相當大的效率低下。

And so we do anticipate, as we look at the back half of the year, although we're not looking for a dramatic improvement, we are expecting some modest improvements in supply chain. And we are expecting, quite frankly, to deliver better price versus cost in terms of commodities in the back half of the year. And those would be the 2 principal things that will allow us to increase margins.

因此，我們確實預計，當我們回顧今年下半年時，雖然我們並不期待顯著的改善，但我們預計供應鏈會出現一些適度的改善。坦率地說，我們期望在今年下半年提供更好的商品價格與成本。這些將是使我們能夠增加利潤的兩個主要因素。

The other big piece is volume is increasing, right? So certainly, look at Q1 as always the lowest quarter for our Electrical Americas business. And so there'll be naturally some margin lift on simply the higher volumes that are going to come based upon the seasonality of the business.

另一件大事是成交量在增加，對吧？因此，當然，將第一季度視為我們美國電氣業務的最低季度。因此，根據業務的季節性，將有更高的交易量自然會帶來一些利潤提升。

Makes sense. That's helpful. And then maybe just a broader question. So fully recognize your order rates have been really good and continue to accelerate. And to Josh's question earlier, the environment has changed. I'm just curious, from your perspective, how do you see this all playing out? In Europe, there's a lot of concern around demand rationing, China with the lockdowns. Just help us -- kind of love to get your perspective on how you think things will play out over the coming quarters.

說得通。這很有幫助。然後也許只是一個更廣泛的問題。因此，充分認識到您的訂單率非常好並繼續加速。而對於喬希早些時候的問題，環境已經改變。我只是好奇，從您的角度來看，您如何看待這一切？在歐洲，有很多關於需求配給的擔憂，中國的封鎖。只是幫助我們——有點喜歡了解你認為未來幾個季度會如何發展的觀點。

Yes. And I'd say that I wish I had a crystal ball to really give you kind of a better than an educated guess on the way we see things playing out. But our business certainly in Europe, we don't have, number one, very large exposure to Russia, Ukraine. It's an immaterial piece of our revenue overall. And so we don't think we're going to see any material impact at all from a direct standpoint in terms of what's happening. We do have some supply chain largely, as we talked about in our Vehicle business, where we're seeing the biggest impact, as you know as well. It certainly will have an impact on the semiconductor industry potentially.

是的。我想說，我希望我有一個水晶球，可以讓你對我們看待事情發展的方式有一個比有根據的猜測更好的答案。但我們的業務肯定是在歐洲，我們在俄羅斯、烏克蘭沒有第一、非常大的風險敞口。這是我們整體收入的一個無關緊要的部分。因此，我們認為從正在發生的事情的直接角度來看，我們根本不會看到任何實質性影響。正如我們在車輛業務中談到的那樣，我們確實有一些供應鏈，我們看到了最大的影響，你也知道。它肯定會對半導體行業產生潛在的影響。

So I'd say at the micro level, we think it's very manageable in terms of what the ultimate impact will be on our business. On the more macro level, in terms of the geopolitical and trade sanctions and the like, that one, I think it's, quite frankly, just too early to make a call on what the downstream implications are going to be in terms of sanctions. As you know, I mean Russia today is a very small part of global GDP. So I don't think, once again, having a decoupling of Russia from the global economy will have a material impact on our end markets or our business. It just really becomes the sanctions and whether or not it does anything in terms of underlying business confidence and their willingness to make investments.

所以我想說在微觀層面上，我們認為它對我們業務的最終影響是非常可控的。在更宏觀的層面上，就地緣政治和貿易制裁等而言，坦率地說，我認為現在就制裁對下游的影響做出呼籲還為時過早。如你所知，我的意思是今天的俄羅斯在全球 GDP 中只佔很小的一部分。因此，我再次認為，俄羅斯與全球經濟脫鉤不會對我們的終端市場或我們的業務產生重大影響。它只是真的變成了製裁，無論它是否在潛在的商業信心和他們的投資意願方面做任何事情。

But I can tell you so far, I mean things have held up. As you saw in our order book, extremely well, and we've not really seen any slowdown at all related to the war in Russia and -- or excuse me, in the Ukraine. And at this point, we're just -- as a company, like we always do, we think the key is you have to be agile and flexible and be willing to make adjustments as needed as the situation unfolds.

但到目前為止，我可以告訴你，我的意思是事情一直保持不變。正如您在我們的訂單中看到的那樣，非常好，我們並沒有真正看到與俄羅斯戰爭和 - 或者對不起，烏克蘭戰爭有關的任何放緩。在這一點上，我們只是 - 作為一家公司，就像我們一直做的那樣，我們認為關鍵是你必須敏捷和靈活，並願意隨著情況的發展根據需要進行調整。

We'll next go to the line of Steve Volkmann with Jefferies.

接下來，我們將與 Jefferies 一起前往 Steve Volkmann 的路線。

My question is also kind of related to the backlog in Electrical. Obviously, very impressive. But at the same time, Craig, you've talked about raw materials sort of reaccelerating. So I'm curious sort of how we handle that -- those 2 things together in terms of do you have some ability to reprice backlog if you need to? Is that something that you're pushing more as the cycle progresses? Or is there potentially little risk if inflation continues to move up?

我的問題也與電氣方面的積壓有關。顯然，非常令人印象深刻。但與此同時，克雷格，你談到了原材料的重新加速。所以我很好奇我們是如何處理這個問題的——這兩件事在一起，如果你需要的話，你是否有能力對積壓的訂單重新定價？隨著周期的進行，您是否會更多地推動這一點？或者，如果通脹繼續上升，風險可能不大？

Yes. No, appreciate the question. And I'd say that while it's not something that we do often, and we obviously think long and hard before we would do it, but we have had to reprice the backlog in some cases. It's something that we went through in Q4. And I'd say that today, what's baked into our guidance is very much manageable in terms of our expectation around inflation and price. And obviously, we tried to anticipate some of this as we think about the next wave of price increases that are going in.

是的。不，感謝這個問題。我想說的是，雖然這不是我們經常做的事情，而且我們顯然在做這件事之前想了很久很久，但在某些情況下我們不得不重新定價積壓的訂單。這是我們在第四季度經歷的事情。我想說的是，就我們對通脹和價格的預期而言，我們指導中的內容非常易於管理。顯然，當我們考慮即將到來的下一波價格上漲時，我們試圖預測其中的一些。

And so as we sit here today, we don't have an expectation of needing to reprice the backlog. It's fully baked into our guidance and our plan. But I'd say that in the event that we ended up in a situation where things got materially worse in terms of commodity input costs, it's something that we've done in the past and we would be willing to do again. But at this junction, we don't think we need to. We think we have a plan that makes good sense. And it's fully baked into our guidance that commodities essentially stay at these relatively high levels. We're not anticipating that commodity costs retreat in any material way in the back half of the year. If we do, that's upside, but that's not our base case.

因此，當我們今天坐在這裡時，我們不需要對積壓的訂單重新定價。它完全融入了我們的指導和計劃。但我想說，如果我們最終陷入商品投入成本大幅惡化的情況，這是我們過去做過的事情，我們願意再做一次。但在這個路口，我們認為不需要。我們認為我們有一個非常有意義的計劃。大宗商品基本上保持在這些相對較高的水平，這完全融入了我們的指導。我們預計今年下半年商品成本不會以任何實質性方式回落。如果我們這樣做，那是有利的，但這不是我們的基本情況。

Understood. And somewhat unrelated, eMobility seems to be progressing well. And I'm curious now that we're a ways into this, are you still convinced that having eMobility and Vehicle sort of under the same umbrella, as it were, is a competitive advantage? Are there some data points or anecdotes that might suggest that that's part of the success in eMobility is having a Vehicle business?

明白了。並且有些無關緊要，eMobility 似乎進展順利。現在我很好奇，我們已經進入了這個領域，你是否仍然相信將 eMobility 和 Vehicle 放在同一個保護傘下是一種競爭優勢？是否有一些數據點或軼事可能表明電動汽車成功的一部分是擁有汽車業務？

No. That's very much still the case, Steve, from our perspective. We -- from the very fundamental idea that says they're all the same customers. And so we have a seat at the table. We have a reputation. They know us. We know them. We know the application. And that's always been our thesis around why we thought we had the right to win in eMobility: one, because we know the customers, the markets and the applications; and secondly, it's essentially electrical technology. And so we come at it from both a customer intimacy standpoint and an application intimacy standpoint by virtue of our legacy position in vehicle and we come at it from a technology standpoint given our heritage on the electrical side. And it really is this connection on both sides of the house, I think, gives us the ability to win in that market.

不，從我們的角度來看，情況仍然如此，史蒂夫。我們 - 從一個非常基本的想法說他們都是相同的客戶。所以我們在桌子上有一個座位。我們有聲望。他們認識我們。我們認識他們。我們知道應用程序。這一直是我們的論點，為什麼我們認為我們有權在 eMobility 中獲勝：第一，因為我們了解客戶、市場和應用程序；其次，它本質上是電氣技術。因此，憑藉我們在車輛中的傳統地位，我們從客戶親密度的角度和應用親密度的角度出發，鑑於我們在電氣方面的傳統，我們從技術的角度出發。我認為，正是這種房子兩邊的聯繫讓我們有能力在那個市場上取勝。

If you think about this Breaktor win that we talked about in our eMobility business, I mean that's largely technology that was first created in our Electrical business, then taken and lifted by the eMobility team modified for a vehicle application, but the origins of that technology actually came out of our Electrical business. And so we do think the synergistic nature of what we do as a company is what gives us the right to win in the eMobility space.

如果您考慮一下我們在電動汽車業務中談到的 Breaktor 勝利，我的意思是，這主要是在我們的電氣業務中首先創建的技術，然後由針對車輛應用進行修改的電動汽車團隊採用和提升，但該技術的起源實際上來自我們的電氣業務。因此，我們確實認為，作為一家公司，我們所做工作的協同作用賦予了我們在電動汽車領域取勝的權利。

Our next question will come from the line of Andrew Obin with Bank of America.

我們的下一個問題將來自美國銀行的 Andrew Obin。

So just a big-picture question. So structurally, right, I mean I think most multis this quarter actually had negative volumes, right, despite price being very positive. We had negative GDP. So structurally, what do you think needs to happen with the U.S. supply chain to debottleneck it? And what do you see actually happening among your supply chain? And how long do you think it will take to sort of normalize things? And what are the key bottlenecks as you see them? I know it's a big sort of picture question but would love to pick your brain here.

所以只是一個大問題。所以從結構上來說，對，我的意思是我認為本季度大多數多產品的銷量實際上都是負數，對，儘管價格非常積極。我們的GDP是負數。那麼在結構上，您認為美國供應鏈需要做什麼才能消除瓶頸？您認為供應鏈中實際發生了什麼？你認為需要多長時間才能使事情正常化？您看到的關鍵瓶頸是什麼？我知道這是一個很大的圖片問題，但很想在這裡挑選你的大腦。

Yes. Yes. No, I'd say that -- and as you rightly point out, Andrew, the U.S. has been an outlier. We've not experienced anywhere near the same level of supply chain disruptions in our European or Asia business. And I do think that so much of the challenge in the U.S. is that the U.S. companies, ourself included, have really relied very much heavily on global sourcing in our operations that has obviously created greater interdependencies in terms of supply. We in the U.S. had some of the unique issues around labor and some of the port congestions. We also dealt with, as the world did, these pretty significant downturns in the markets associated with COVID and then a very strong V-shaped recovery that has continued. And so it's -- in many ways, it's been a perfect storm with respect to creating challenges for global supply chain businesses like our own.

是的。是的。不，我會這麼說——正如你正確指出的那樣，安德魯，美國一直是個局外人。在我們的歐洲或亞洲業務中，我們從未經歷過類似程度的供應鏈中斷。而且我確實認為，美國面臨的很大挑戰在於，包括我們自己在內的美國公司在我們的運營中確實非常依賴全球採購，這顯然在供應方面產生了更大的相互依賴性。我們在美國遇到了一些關於勞動力和一些港口擁堵的獨特問題。我們還像世界一樣處理了與 COVID 相關的市場中這些相當顯著的低迷，然後是持續的非常強勁的 V 型複蘇。因此，在許多方面，對於像我們這樣的全球供應鏈企業來說，這是一場完美的風暴。

So I'd say -- so what's happened since -- I mean clearly, you've read about and there's lots of discussion and work going on around certainly nearshoring, reshoring of manufacturing in the U.S. I think you're going to continue to see more of that, and that will certainly benefit Eaton given our relative outsized position in the U.S. market. I think you have a lot of companies, ourselves including, who are really looking at their supply chain resiliency in general. And there'll be, in many cases, some dual sourcing to create additional redundancy in supply chain. So as we -- if we end up having to go through another event like this that we can absorb the shock a little better than we did this time around.

所以我會說——那麼從那以後發生了什麼——我的意思很清楚，你已經閱讀了很多關於美國製造業的近岸和回流的討論和工作。我認為你將繼續看到更多，鑑於我們在美國市場的相對龐大的地位，這肯定會使伊頓受益。我認為您有很多公司，包括我們自己在內，總體上都在真正關注他們的供應鏈彈性。在許多情況下，會出現一些雙重採購，以在供應鏈中創造額外的冗餘。所以我們——如果我們最終不得不經歷另一個這樣的事件，我們可以比這次更好地吸收衝擊。

And so I do think that this event, and I don't know if it's a black swan event or not, but it certainly has forced companies to really take a hard look at their supply chain resiliency and whether or not we have enough capability to deal with shocks in the system without fundamentally shutting down our businesses. And so there's going to be -- as a result of that, we think also good for Eaton, I think there's going to be more investments in facilities and plants and factories as companies continue to build out some redundancy in their capability and build more local sourcing into their supply chain.

所以我確實認為這個事件，我不知道這是否是黑天鵝事件，但它確實迫使公司認真審視他們的供應鏈彈性，以及我們是否有足夠的能力在不從根本上關閉我們的業務的情況下應對系統中的衝擊。所以會有 - 因此，我們認為對伊頓也有好處，我認為隨著公司繼續在其能力上建立一些冗餘並建立更多本地採購到他們的供應鏈。

And just a follow-up question. You did sort of highlight that you see strength across the board, but can we talk about on the utility side? Clearly, more talk about renewables. We have stimulus. Are you seeing any projects start to get into the pipeline tied to U.S. or European stimulus there?

只是一個後續問題。你確實強調了你看到全面的力量，但我們可以談談實用方面嗎？顯然，更多地談論可再生能源。我們有刺激。您是否看到有任何項目開始進入與美國或歐洲刺激措施相關的管道？

Yes. I think tied to stimulus dollars, certainly, we're seeing a lot of activity, a lot of, I could say, projects in the discussion phase. I don't know today, Andrew, if we've seen material dollars from stimulus that have started to flow yet. We really think that's more of an end of '22, 2023 kind of impetus for the business more than we're seeing in our business today. I think what we're seeing today largely in and around utility investment is really much more tied to grid resiliency. It's much more tied to the fact that aging infrastructure. It's much more tied to the increase in electrification much more today than it is tied to the direct stimulus dollars. But that's clearly coming.

是的。我認為與刺激資金有關，當然，我們看到很多活動，很多，我可以說，項目處於討論階段。安德魯，我今天不知道我們是否已經看到刺激措施帶來的實質性資金已經開始流動。我們真的認為，與我們今天在業務中看到的相比，這更像是 22、2023 年的結束對業務的推動。我認為我們今天在公用事業投資中和周圍看到的情況實際上與電網彈性更加相關。這與老化的基礎設施這一事實密切相關。它與今天的電氣化增長的關係比與直接刺激美元的關係要大得多。但這顯然即將到來。

We'll now go to the line of Nigel Coe with Wolfe Research.

我們現在將與 Wolfe Research 一起前往 Nigel Coe 的路線。

So Americas, I want to come back to Americas margins. So the 1Q margin was actually pretty flat with 4Q. And I think I'm right in saying that normally, 1Q would be weaker than 4Q. So I take that as a positive sign that things have improved there. What would you say is driving that improvement primarily? Is it price/cost? Is it productivity, be it labor or kind of the sequencing of materials in? Anything to help us on that sort of improvement sequentially? And then can we then think about Americas margins due to the normal sequential uplift from 1Q to 2Q?

所以美洲，我想回到美洲的利潤。因此，1Q 的利潤率實際上與 4Q 持平。我認為我說得對，通常情況下，1Q 會弱於 4Q。所以我認為這是一個積極的跡象，表明那裡的情況有所改善。你會說主要是什麼推動了這種改進？是價格/成本嗎？是生產力，是勞動力還是材料排序？有什麼可以幫助我們按順序進行這種改進嗎？然後我們可以考慮一下由於從第一季度到第二季度的正常連續上升而導致的美洲利潤率嗎？

Yes. Appreciate the recognition on that, Nigel. You're absolutely right, by the way. Q1 has historically always been a down quarter for Electrical. A lot of that is volume-related. And what we've seen historically in the business, we typically see a seasonal volume reduction in Q1 versus Q4. And as a result, margins on a decremental basis go down. And we are pleased the fact that they actually held up nicely in this Q1.

是的。感謝對此的認可，奈傑爾。順便說一句，你是絕對正確的。從歷史上看，第一季度一直是電氣的下降季度。其中很多與數量有關。我們從歷史上看，我們通常會看到第一季度與第四季度的季節性銷量減少。結果，遞減的利潤率下降。我們很高興他們在第一季度表現得很好。

But the biggest difference between, I'd say, the overall profitability level largely is we're doing a better job in managing price/costs overall. We did, in fact, in Q1, while still not out of the woods, we did see a little better supply chain performance in Q1 around certain commodities that actually got a bit better in the quarter. And so I think it's really those 2 things: better price/cost achievement in the quarter and a little better supply chain performance from our suppliers.

但我想說，整體盈利水平之間的最大區別主要是我們在整體價格/成本管理方面做得更好。事實上，我們在第一季度確實做到了，雖然仍未走出困境，但我們確實看到第一季度某些商品的供應鍊錶現有所改善，而該季度實際上有所改善。所以我認為這真的是這兩件事：本季度更好的價格/成本成就以及我們供應商的供應鍊錶現更好。

Yes. Included in the price/cost is how we're taking cost out of our direct material and our logistics as well. And to come back to the other part of your question, yes, you can expect to see margins improving in Q2 versus Q1.

是的。包含在價格/成本中的是我們如何從我們的直接材料和物流中扣除成本。回到你問題的另一部分，是的，你可以預期第二季度的利潤率會比第一季度有所提高。

Great. And then my follow-on is Aerospace. You took up Aerospace by 2 points for 2022. Maybe just talk about that. What drove that? And I'm particularly interested in the outlook for defense because that was obviously a problematic end market in your 2022 outlook. So wondering if given the kind of the good news or -- that's not the right word, but given the improvement in defense budget outlooks globally, are you starting to see some of that benefit coming through in the back half of the year?

偉大的。然後我的後續是航空航天。 2022 年，您在航空航天領域佔了 2 分。也許只是說說而已。是什麼推動了它？我對國防前景特別感興趣，因為這顯然是您 2022 年前景中存在問題的終端市場。所以想知道如果給出這樣的好消息，或者 - 這不是正確的詞，但考慮到全球國防預算前景的改善，你是否開始看到今年下半年出現的一些好處？

Yes. Appreciate once again. That did not call out as well in Aerospace, really did have a very strong quarter and delivered very strong profitability overall. And I'd say in Aerospace, it's really a function largely of where we're getting the growth. I mean aftermarket, as you know, and Aerospace had been depressed over the last number of years. And so we saw very strong growth in the aftermarket side of the Aerospace business. And aftermarket, as you know, carries a much higher profitability, and we certainly would expect that to continue as we look forward.

是的。再次欣賞。這在航空航天領域表現不佳，確實確實有一個非常強勁的季度，並且總體上實現了非常強勁的盈利能力。我想說的是，在航空航天領域，這實際上很大程度上取決於我們獲得增長的地方。我的意思是售後市場，如你所知，航空航天在過去幾年一直處於低迷狀態。因此，我們看到航空航天業務的售後市場增長非常強勁。如您所知，售後市場的盈利能力要高得多，我們當然希望在我們期待的過程中這種情況會繼續下去。

We also, in Aerospace, like in our other business, did a better job of managing price versus input costs and getting price to offset inflation, which was very helpful for the business. And then to your point on defense, I'd say defense spending, largely -- we're looking at a year today where it's, on average, flat to maybe up slightly. And we really think that the defense budgets, as you think about the fiscal '23 defense budget for the U.S. and around the world, certainly, influenced, we think, also by what's happening today in the Ukraine. We think budgets are going up on the defense side of the business. And so we had a case assumption of what we thought defense market is going to look like over the next number of years. And we think that number is certainly going up, given already public proclamations from many governments around the world around them increasing their defense spending.

在航空航天領域，我們與其他業務一樣，在管理價格與投入成本以及通過價格抵消通貨膨脹方面做得更好，這對業務非常有幫助。然後到你關於國防的觀點，我會說國防開支，主要是——我們今天看到的一年，平均而言，它可能持平或略有上升。我們真的認為國防預算，正如你考慮美國和世界各地的 23 財年國防預算一樣，當然，我們認為，也受到烏克蘭今天發生的事情的影響。我們認為，企業國防方面的預算正在增加。所以我們有一個案例假設，我們認為未來幾年國防市場會是什麼樣子。我們認為這個數字肯定會上升，因為世界各地許多政府已經公開宣布增加國防開支。

And so we think the Aerospace outlook, although you hate to benefit from these kinds of events in the world, but we'd certainly think defense spending is going to improve as we go forward. But it's largely going to be, we think, a 2023 story more than this 2022.

所以我們認為航空航天的前景，雖然你不想從世界上的這些事件中受益，但我們當然會認為國防開支會隨著我們的發展而增加。但我們認為，這在很大程度上將是 2023 年的故事，而不是 2022 年的故事。

We'll now go to the line of Scott Davis with Melius Research.

我們現在將與 Melius Research 一起前往 Scott Davis 的路線。

Just, Craig, on the topic of Aerospace while we're there. Are the airlines starting to rebuild inventory in spare parts at all? Have you seen that occurrence?

只是，克雷格，當我們在那裡的時候，關於航空航天的話題。航空公司是否開始重建備件庫存？你見過這種現象嗎？

Yes. I mean the short answer is yes, and it's part of what's driving the strong growth that we're seeing in our aftermarket business. So absolutely.

是的。我的意思是簡短的回答是肯定的，這是推動我們在售後業務中看到的強勁增長的一部分。所以絕對。

Okay. That's helpful. And then going back to kind of the early prepared remarks, you talked about this EV charging contract that you got and the different SKUs that you supplied into it. What do you -- what are you not getting, meaning are there key components that -- could you potentially handle the full project? Will it ever get bid out that way on a full project basis as opposed to buying componentry? Or how do you see that playing out, I guess, is an open question?

好的。這很有幫助。然後回到早期準備好的評論，你談到了你得到的這個電動汽車充電合同以及你提供給它的不同 SKU。你有什麼 - 你沒有得到什麼，意思是有關鍵組件 - 你可以處理整個項目嗎？它會不會在整個項目的基礎上以這種方式競標，而不是購買組件？或者你如何看待這場比賽，我猜，是一個懸而未決的問題？

Yes. Thanks for the question, Scott. I mean as you can imagine, I mean there's just really large opportunities by various customers in different parts of the platform. And so yes, we're winning content, and we're also passing on content as well because we don't think it's going to deliver the returns that we expect as an organization. We're focused, as I said, on how do you distribute power, how do you convert power and how do you keep it safe inside of the car. And so we are certainly being selective, I'd say, in terms of where we think we can participate in this growth in EV.

是的。謝謝你的問題，斯科特。我的意思是你可以想像，我的意思是平台不同部分的不同客戶都有很大的機會。所以是的，我們正在贏得內容，我們也在傳遞內容，因為我們認為它不會帶來我們作為一個組織所期望的回報。正如我所說，我們專注於如何分配動力、如何轉換動力以及如何確保車內安全。因此，我會說，就我們認為可以參與電動汽車增長的地方而言，我們當然是有選擇性的。

As -- we talked about this goal that we set for creating a new leg inside of the company and the revenue goals that we set. That number could actually be much higher if we were going to be kind of less discriminate in trying to participate in every opportunity that's out there. So I'd say that this kind of $2 billion to $4 billion number that we put out there is really taken into consideration that we think there's going to be places where we have technology that allows us to differentiate to offer real value to the customers. And there's going to be other elements of what's happening in electrification that's more commoditized, and we're going to stay away from the commoditized stuff and really focus on the places where we offer a differentiated technology-based solution. And that's -- those are the kinds of programs that we're winning. Those are the kinds of programs that we want to win.

正如 - 我們談到了我們為在公司內部開闢新業務而設定的目標以及我們設定的收入目標。如果我們在嘗試參與每一個機會時不那麼歧視，這個數字實際上可能會更高。所以我要說的是，我們提出的這種 20 億到 40 億美元的數字確實被考慮到了，我們認為我們將在某些地方擁有技術，使我們能夠差異化，為客戶提供真正的價值。電氣化中發生的其他因素將會更加商品化，我們將遠離商品化的東西，真正專注於我們提供基於技術的差異化解決方案的地方。那就是 - 這些是我們正在贏得的項目。這些是我們想要贏得的項目。

Yes. I was asking specifically about the charging contract, not the EV platform.

是的。我專門詢問的是充電合同，而不是電動汽車平台。

Oh, the charging contract. Okay.

哦，收費合同。好的。

Yes. Is it the same answer? I don't want you to have to repeat.

是的。答案是一樣的嗎？我不想讓你重複。

Yes. So that's also true, but I was thinking you were talking about the eMobility wins specifically. No, I'd say on the charging contract specifically, as I talked about, it was -- unfortunately, we're not at liberty to disclose the customer's name, but it's one of the big names out there who today is helping build out the nation's charging infrastructure as the world moves to EVs. And once again, I'd say that answer largely applies. I mean there are going to be clearly parts of what's going to happen in the context of charging infrastructure where there's going to be essentially a charger that doesn't have embedded intelligence, where it doesn't require a lot of sophistication around the way you manage the load, the energy required, the energy consumed and how you balance the load. Let's call that dumb charging, if you will. There's -- you plug it in and these electrons flow, and it doesn't really require much intelligence in between.

是的。所以這也是正確的，但我想你是在專門談論 eMobility 的勝利。不，我會特別在收費合同上說，正如我所說，這是 - 不幸的是，我們無權透露客戶的姓名，但它是當今正在幫助建立的知名人士之一隨著世界轉向電動汽車，美國的充電基礎設施。再一次，我想說這個答案在很大程度上適用。我的意思是，在充電基礎設施的背景下，很明顯會發生一些事情，其中本質上將是一個沒有嵌入式智能的充電器，它不需要圍繞你的方式有很多複雜性管理負載、所需能量、消耗的能量以及如何平衡負載。如果你願意的話，讓我們稱之為愚蠢的充電。有——你把它插進去，這些電子就會流動，而且它實際上並不需要太多的智能。

And so we're really not today participating in that end of the market. The places where we've decided to compete is where it really does require a fair amount of sophistication in terms of understanding what's happening behind the meter and how much electricity is available, where you typically have multiple vehicles plugged in at the same time. So you have to make sure there's enough electricity available and you have to actually manage the charging in a very intelligent way. And that's where we, once again, think we bring the most value to the table, and that's where we think we can make decent returns in that business.

所以我們今天真的沒有參與到市場的那一端。我們決定競爭的地方是真正需要相當複雜的地方，以了解電錶後面發生的事情以及可用電量，通常同時插入多輛汽車。因此，您必須確保有足夠的電力可用，並且必須以非常智能的方式實際管理充電。這就是我們再次認為我們帶來最大價值的地方，這就是我們認為我們可以在該業務中獲得可觀回報的地方。

We'll now go to the line of Julian Mitchell with Barclays.

我們現在將與巴克萊一起前往 Julian Mitchell 的路線。

One number that stood out to me from the release was the negative free cash flow in the quarter. I think that's pretty unusual for Eaton. So maybe just help us understand kind of the confidence in that full year free cash flow guide. I think the inventories are up sort of 40% year-on-year. So how do we think about those leveling out? And just to make sure that you're still sort of very confident that the inventories for you are very, very high, but the inventories that everyone you sell into and through are very, very low.

從發布中讓我印象深刻的一個數字是本季度的負自由現金流。我認為這對伊頓來說很不尋常。因此，也許只是幫助我們了解對全年自由現金流指南的信心。我認為庫存同比增長了 40%。那麼我們如何看待那些變平的人呢？只是為了確保您仍然非常有信心，您的庫存非常非常高，但是您銷售的每個人的庫存非常非常低。

Yes. Appreciate the question, Julian. Prudently, we invested in working capital in Q1 for a number of reasons. One is to really protect the strong growth that we're seeing. Another factor in that is the supply chain constraints, wanting to make sure that we can serve our customers properly. We've also got a dynamic where we have an elevated amount of work-in-process inventory where we're waiting for individual components. And then the final aspect is we just have inflation, and that's driving up the cost of the inventory. As you saw in the prepared remarks, we remain committed to our guide on operating and free cash flow, and we expect cash flow to get better throughout the year.

是的。欣賞這個問題，朱利安。出於多種原因，我們謹慎地在第一季度投資了營運資金。一是真正保護我們所看到的強勁增長。另一個因素是供應鏈限制，希望確保我們能夠為客戶提供適當的服務。我們還有一個動態，我們有大量的在製品庫存，我們正在等待單個組件。最後一個方面是我們只有通貨膨脹，這推高了庫存成本。正如您在準備好的評論中看到的那樣，我們仍然致力於我們的運營和自由現金流指南，我們預計全年現金流會變得更好。

And then just on the point on sort of firm-wide operating margin. So I think a lot of industrial companies are guiding for a big year-on-year improvement in operating margins in the second half, largely due to price/cost dynamics. I think for Eaton, it's very, very level-loaded. You're up, I think, 110 bps in the first quarter. You're saying the year is up 120. So just trying to sort of gauge. I think you're saying that price/cost dynamics improve for you as well, but it doesn't seem to be embedded in that margin rate guide. Is there any sort of specific headwinds kind of coming the other way? I know Aerospace has a tough margin comp in the fourth quarter and that kind of thing. Maybe just any sort of help around that margin guide.

然後就在公司範圍內的營業利潤率上。因此，我認為很多工業公司都在指導下半年的營業利潤率同比大幅提高，這主要是由於價格/成本動態。我認為對於伊頓來說，它非常非常有層次。我認為，你在第一季度上漲了 110 個基點。你是說今年是 120。所以只是想衡量一下。我認為您是在說價格/成本動態對您來說也有所改善，但它似乎並未包含在該保證金率指南中。是否有任何特定的逆風以另一種方式出現？我知道航空航天在第四季度的利潤率比較高，諸如此類。也許只是圍繞該邊距指南的任何形式的幫助。

The way I think about it, Julian, and generally, there's still -- as you guys know as well as us, there's still a lot of uncertainties out there in the marketplace. Whether it's supply chain, whether it's COVID-related shutdowns that are going on in China, whether it's the downstream implications of the war in the Ukraine, there is a lot of uncertainty that still exists in the marketplace. And so given where we sit today, we just think it's prudent to say that, let's be a little bit on the cautious side with respect to the outlook for the back half of the year.

朱利安，我認為它的方式，一般來說，仍然存在 - 正如你們和我們所知，市場上仍然存在很多不確定性。無論是供應鏈，還是中國正在進行的與 COVID 相關的停工，還是烏克蘭戰爭對下游的影響，市場上仍然存在很多不確定性。因此，鑑於我們今天所處的位置，我們只是認為謹慎地說，讓我們對下半年的前景保持謹慎。

I mean the reality is, if we end up with a better supply chain environment, if the lockdowns in China resolve themselves more quickly than we anticipate that they will, if the impacts of the war in the Ukraine are more contained than perhaps they are right now, there could be certainly upside in the back half of the year. We just think at this juncture, it's really not prudent to make those assumptions. And so we put in place a forecast that we think makes sense in the context of the current economic environment and the political environment that we're dealing in.

我的意思是，現實情況是，如果我們最終獲得更好的供應鏈環境，如果中國的封鎖問題比我們預期的更快解決，如果烏克蘭戰爭的影響得到控制，也許他們是正確的現在，下半年肯定會有上漲空間。我們只是認為，在這個關頭，做出這些假設真的很不謹慎。因此，我們做出了我們認為在當前經濟環境和我們所處的政治環境背景下有意義的預測。

And just to reinforce something that's in the prepared remarks, which you noted, which is a very good thing, we don't have a hockey stick plan. We don't have a back half-loaded plan. We're 46% in the first half. We're 54% in the second, which is consistent with what we've done in history.

只是為了加強準備好的評論中的一些內容，你指出，這是一件非常好的事情，我們沒有曲棍球棒計劃。我們沒有半載的計劃。上半年我們佔 46%。我們在第二個中是 54%，這與我們在歷史上所做的一致。

We'll next go to the line of Deane Dray with RBC Capital Markets.

接下來，我們將與 RBC Capital Markets 聯繫 Deane Dray。

Can you comment on inventory in the channel, specifically distributor inventory? Where does that stand?

您能否評論一下渠道中的庫存，特別是經銷商庫存？這在哪裡？

Yes. And I'd tell you, I mentioned that briefly in my comments in response to another question. I think today, Deane, if you -- every conversation I'm having with our distributor partners is that they all want more. I mean today, inventory levels from where they sit are not where they'd like them to be. We continue to have challenges around today supporting all the demand. That's one of the reasons why certainly our backlog is growing the way it's grown, principally in our Electrical businesses.

是的。我會告訴你，我在回答另一個問題的評論中簡要提到了這一點。我想今天，迪恩，如果你——我與我們的經銷商合作夥伴的每一次談話都是他們都想要更多。我的意思是今天，他們所在的庫存水平並不是他們想要的。我們今天繼續面臨挑戰，支持所有需求。這就是為什麼我們的積壓工作肯定以它的增長方式增長的原因之一，主要是在我們的電氣業務中。

And so I'd say today, inventories in the channel are in better shape than they want them to be in with respect to they don't have enough. And so at this juncture, I'd say we keep testing for that and make it to ensure that there isn't double ordering taking place and ensuring that people aren't putting provisional orders in the systems to get their place in line. But I can just tell you today, based upon where inventories sit in respect to the outlook for the year, inventory levels in the channel today are below, and in some cases, well below where they'd like them to be.

所以我今天要說的是，渠道中的庫存狀況比他們希望的要好，因為他們沒有足夠的庫存。因此，在這個時刻，我想說我們會繼續對此進行測試，並確保不會發生雙重訂購，並確保人們不會在系統中下達臨時訂單以排好隊。但我今天只能告訴你，根據庫存相對於今年的前景，今天渠道中的庫存水平低於，在某些情況下，遠低於他們希望的水平。

That's helpful. And then on infrastructure spending, you're starting to see any initiatives around like grid hardening, bearing power lines. Has that started to show up in bid activity?

這很有幫助。然後在基礎設施支出方面，您開始看到任何舉措，例如電網加固、承載電力線。這是否開始出現在投標活動中？

Yes. I'd say it's still early days, Deane. And we think it's another place where it's certainly needed. We think it's coming. But I'd say today, even around the margins, the utility markets, I'd say, like our markets in general, are performing well. How much of that is tied specifically to grid hardening, how much of that's tied to energy transition, tough to really say and bifurcate the 2. But I'd say today, we are certainly seeing strength in utility markets, very much like we are in our other end markets as well.

是的。我想說現在還為時尚早，迪恩。我們認為這是另一個肯定需要它的地方。我們認為它即將到來。但我今天要說，即使在利潤空間附近，公用事業市場，我想說，就像我們的市場一般，表現良好。其中有多少與電網加固有關，有多少與能源轉型有關，很難說清楚並將兩者分開。但我今天要說的是，我們確實看到了公用事業市場的實力，就像我們現在一樣在我們的其他終端市場也是如此。

Next we'll go to the line of Jeff Hammond with KeyBanc.

接下來，我們將使用 KeyBanc 轉到 Jeff Hammond 的線路。

I just had one quick follow-up. Craig, you gave some color on kind of what's different between global and Americas around supply chain and labor. But anything else in there around if you look at just the global margins versus Americas in terms of momentum around mix or where they are on price/cost or structural opportunities globally versus Americas?

我只是進行了一次快速跟進。克雷格，您對全球和美洲在供應鍊和勞動力方面的不同之處進行了一些說明。但是，如果您只看全球利潤率與美洲的混合動力，或者它們在全球與美洲的價格/成本或結構性機會方面的位置，那麼還有什麼其他的嗎？

Yes. There's really not much to add, Jeff, to what we said. I mean clearly, as we talked about the global segment, we're certainly getting a benefit from better mix as industrial markets continue to rebound. As the Crouse-Hinds business -- global Crouse-Hinds business continues to rebound coming back to more historical levels of profitability, that's certainly helping profitability in global.

是的。傑夫，我們所說的確實沒什麼可補充的。我的意思很清楚，當我們談到全球細分市場時，隨著工業市場繼續反彈，我們肯定會從更好的組合中受益。隨著 Crouse-Hinds 業務——全球 Crouse-Hinds 業務繼續反彈，恢復到更高的歷史盈利水平，這肯定有助於全球盈利。

As I mentioned, once again, they're seeing less inflation in commodities. They're seeing fewer supply chain disruptions, so fewer operational inefficiencies in their facilities as well than the Americas business. And so that's also part of the story of, I'd say, more of what's holding the Americas back, like it's not even better than it is right now. But no, I don't really think there's anything else going on. And certainly, if you take a look at our outlook for the year, we fully anticipate that the Americas business margins will be up some 120 bps this year, and so it's going to be a good year.

正如我所提到的，他們再次看到商品的通脹減少。與美洲業務相比，他們發現供應鏈中斷的情況越來越少，因此其設施和運營效率低下的情況也越來越少。所以這也是故事的一部分，我會說，更多的是阻礙美洲的因素，就像它並不比現在更好。但是不，我真的不認為還有其他事情發生。當然，如果您看一下我們對今年的展望，我們完全預計今年美洲的業務利潤率將增長約 120 個基點，因此這將是一個好年頭。

We'll go the line of Brett Linzey with Mizuho.

我們將與瑞穗一起走布雷特林澤的路線。

First question is just on backlog and revenue coverage. Obviously, backlog continues to build here. Given the project nature of your businesses, I'd imagine you have some visibility on timing. I'm curious, of the current backlog, how much ships this year versus '23? And are you starting to book orders for 2023 at this point?

第一個問題只是關於積壓和收入覆蓋率。顯然，積壓工作繼續在這裡建立。鑑於您的業務的項目性質，我想您對時間有一定的了解。我很好奇，在目前的積壓訂單中，今年與 23 年相比有多少船？您現在是否開始預訂 2023 年的訂單？

Yes. Appreciate the question. And as I mentioned in some of my commentary, we are today with respect to backlog seeing some earlier orders perhaps on some projects than we would typically see them. But I'd say most of what we're experiencing in the backlog is it's fundamentally strengthening in the markets. The markets are strong, and that's largely what's driving the backlog. We are today -- in the backlog, there would be some orders that will certainly ship in 2023. Some of those are planned for 2023 for certain.

是的。欣賞這個問題。正如我在一些評論中提到的那樣，我們今天在積壓方面看到一些較早的訂單，可能是在某些項目上，而不是我們通常會看到的訂單。但我想說的是，我們在積壓中遇到的大部分情況是它從根本上加強了市場。市場強勁，這在很大程度上是推動積壓的原因。我們今天——在積壓的訂單中，肯定會有一些訂單在 2023 年發貨。其中一些訂單肯定會在 2023 年發貨。

But I'd say, by and large, the backlog coverage is as good as it's ever been in the history of the business. And so we have better visibility today into what's required wind than we ever have and don't feel like there's much in the backlog today that would be, in any way, a double order or not tied to a very specific project that we've somehow won in the marketplace.

但我想說，總的來說，積壓的覆蓋率與業務歷史上的任何時候一樣好。因此，我們今天比以往任何時候都更好地了解所需的風能，並且不覺得今天的積壓訂單中有太多東西，無論如何，這將是雙重訂單，或者與我們已經完成的非常具體的項目無關以某種方式在市場上獲勝。

Okay. Great. And then just my follow-up on the EV charging stations, is there a way to frame Eaton's content per site and what that profitability looks like as those wins ramp? And then was that booked in the quarter? Or was it in April?

好的。偉大的。然後只是我對電動汽車充電站的跟進，有沒有辦法確定伊頓每個站點的內容，以及隨著這些勝利的增加，盈利能力如何？然後是在本季度預訂的嗎？還是在四月？

That win was -- the one we talked about specifically was in the first quarter. What we try to do is be pretty clean with respect to orders. And so anytime we talk about an order booked on these calls, it will always be in the context of the order -- the quarter that we're talking about. But in terms of the profit, the profitability of those businesses, I think it's really -- it's early, right? We're still in the early stages of -- fundamentally of the build-out the electrical charging infrastructure in general.

那場胜利是——我們特別談到的那場胜利是在第一節。我們試圖做的是在訂單方面非常乾淨。因此，每當我們談論通過這些電話預訂的訂單時，它總是在訂單的背景下——我們正在談論的季度。但就利潤而言，這些業務的盈利能力，我認為真的——現在還早，對吧？我們仍處於充電基礎設施建設的初期階段。

But I'd say we have an expectation in the company, and we have a standard in the company around what an attractive business looks like. And as we think about the way we bid projects and programs and the margin expectations, we have no reason to believe that the margin expectation in EV charging infrastructure will be any different than the underlying profitability for our Electrical business.

但我想說我們對公司有一個期望，我們在公司中有一個關於有吸引力的業務是什麼樣子的標準。當我們考慮投標項目和計劃的方式以及利潤率預期時，我們沒有理由相信電動汽車充電基礎設施的利潤率預期與我們電氣業務的潛在盈利能力有任何不同。

And our final question will come from the line of Phil Buller with Berenberg.

我們的最後一個問題將來自 Phil Buller 和 Berenberg 的觀點。

Just on the topic of Q2, I think, Craig, you answered some of this in Julian's question. You were referencing that there's a lot of uncertainties out there, which you appear to have baked into a relatively conservative margin guide for the course of the year. But I guess I'm just a little surprised that the Q2 top line guide is as strong as it is, 10% organic at the midpoint. Just on a gut-feel-type basis, feels pretty high given all of those uncertainties that are out there. So I was hoping you could just expand on what the Q2 planning assumptions are. Is it equally broad-based? Or are you particularly bullish or potentially cautious on one specific end market or another, be that residential or industrial? Or perhaps there's some specific geographies that we need to be calling out. I'm thinking of places such as China.

就第二季度的話題，我想，克雷格，你在朱利安的問題中回答了一些問題。您指的是那裡存在很多不確定性，您似乎已經將其納入了今年相對保守的保證金指南。但我想我只是有點驚訝第二季度的頂線指南如此強大，中點有機率為 10%。考慮到所有這些不確定性，就直覺而言，感覺相當高。所以我希望你可以擴展第二季度的計劃假設。它的基礎是否同樣廣泛？或者，您是否特別看好或可能對某個特定終端市場持謹慎態度，無論是住宅市場還是工業市場？或者也許我們需要指出一些特定的地理位置。我在想像中國這樣的地方。

I think it's -- I mean as we think about the Q2 revenue guide at 10%, we don't think that's in any way an aggressive number. If you just take a look at the growth in the backlog, the growth in orders, I mean that number could quite frankly be much higher if we had the ability to ship and satisfy all the demand that we're seeing in our businesses today. We are banking on the fact that we are going to see some modest improvements in supply chain and availability. But no, that growth number is in no way an aggressive number in the context of the real underlying demand that we're seeing in our businesses. So we're very comfortable with the growth number in Q2.

我認為這是 - 我的意思是，當我們考慮將第二季度的收入指南設為 10% 時，我們認為這絕不是一個激進的數字。如果您只看一下積壓訂單的增長，我的意思是坦率地說，如果我們有能力運送並滿足我們今天在業務中看到的所有需求，這個數字可能會更高。我們寄希望於這樣一個事實，即我們將看到供應鍊和可用性方面的一些適度改善。但是，不，在我們在業務中看到的真正潛在需求的背景下，這個增長數字絕不是一個激進的數字。因此，我們對第二季度的增長數字感到非常滿意。

That's great. And just to follow up, just not wanting to labor the point. But to be clear, the order strength that we're seeing, we shouldn't be attributing much of that growth to the giant project-type orders that you called out like the EV charger -- EV OEM charger-type project? That's a big deal, a big project, but it's not the predominant driver of the order momentum we're seeing. It really is quite broad-based.

那太棒了。只是為了跟進，只是不想費力。但需要明確的是，我們看到的訂單強度，我們不應該將這種增長大部分歸因於你所說的大型項目類型訂單，比如電動汽車充電器——電動汽車 OEM 充電器類型項目？這是一件大事，一個大項目，但它並不是我們所看到的訂單勢頭的主要驅動力。它確實是相當廣泛的。

No. No, I appreciate the question. But the way the electrical industry works and the business works in all of these projects tend to be in the theme of the total business relatively small. And so no, it's -- we're seeing -- that's why one of the reasons we tried to give some color around the strength in end markets. If you think about today, we talk about we serve commercial, we serve utility, we serve resi, we serve data center, we show -- we serve MOEM, we serve industrial. So we serve all of these end markets. And I talked about in the Americas, a range of growth in these end markets from 27% on the low end, right, to 36% on the high end.

不，不，我很欣賞這個問題。但電氣行業的運作方式和所有這些項目中的業務運作方式往往以總業務相對較小的主題為主題。所以不，這是 - 我們正在看到 - 這就是為什麼我們試圖為終端市場的實力賦予一些色彩的原因之一。如果你今天想想，我們談論的是我們服務於商業，我們服務於公用事業，我們服務於資源，我們服務於數據中心，我們展示——我們服務於 MOEM，我們服務於工業。所以我們服務於所有這些終端市場。我談到在美洲，這些終端市場的增長范圍從低端的 27% 到高端的 36%。

So every one of these markets are doing very well right now, and none of our order growth would be tied to any particular one project. The only piece that tends to be a little bit lumpy is sometimes data centers is lumpy. When the hyperscale guys come in, we've talked about that on some earlier calls. Sometimes they'll come in with some lumpy big orders, and sometimes they'll take a quarter off. But for the most part, we're seeing this broad-based strength.

因此，這些市場中的每一個現在都做得很好，我們的訂單增長都不會與任何特定的項目掛鉤。唯一容易出現問題的部分是數據中心有時會出現問題。當超大規模人員進來時，我們已經在之前的一些電話會議中談到了這一點。有時他們會帶著一些大訂單進來，有時他們會減半。但在大多數情況下，我們看到了這種廣泛的優勢。

Okay. Great. Thanks, guys. We're reaching to the end of the call. As always, Chip and I will be available to do any follow-up call with you guys. Appreciate everybody joining us today. Thanks.

好的。偉大的。多謝你們。我們即將結束通話。與往常一樣，Chip 和我將隨時與你們進行任何後續通話。感謝今天加入我們的每一個人。謝謝。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T Event Conferencing. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與和使用 AT&T Event Conferencing。您現在可以斷開連接。