福斯 (FLS) 2025 Q1 法說會逐字稿

Good day, and welcome to the Flowserve first quarter 2025 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Brian Ezzell, Vice President, Treasurer and Investor Relations and Corporate Finance. Please go ahead.

大家好，歡迎參加福斯 2025 年第一季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給財務主管、投資者關係和公司財務副總裁 Brian Ezzell。請繼續。

Thank you, and good morning, everyone. Welcome to Flowserve's first quarter 2025 business update. I'm joined by Scott Rowe, Flowserve's President and Chief Executive Officer; and our Chief Financial Officer, Amy Schwetz. Following Scott and Amy's prepared remarks, we'll open the call for questions.

謝謝大家，早安。歡迎閱讀福斯 2025 年第一季業務更新。與我一起參加會議的還有 Flowserve 總裁兼執行長 Scott Rowe；以及我們的財務長 Amy Schwetz。在史考特和艾米發表完準備好的發言後，我們將開始提問。

Turning to slide 2. Our discussion will contain forward-looking statements that are based upon information available as of today. Actual results may differ due to risks and uncertainties, refer to additional information, including our note on non-GAAP measures in our press release, earnings presentation and SEC filings, which are available on our website.

翻到幻燈片 2。我們的討論將包含基於今天可用的信息的前瞻性陳述。由於風險和不確定性，實際結果可能有所不同，請參閱更多信息，包括我們新聞稿中關於非公認會計準則指標的說明、收益報告和美國證券交易委員會 (SEC) 文件中的信息，這些信息均可在我們的網站上找到。

With that, I will turn it over to Scott.

說完這些，我將把麥克風交給史考特。

Thank you, Brian, and good morning, everyone. I'll begin on slide 3. We delivered a strong start to the year in the first quarter, demonstrating the strength of our diversified portfolio and the exceptional performance of our associates around the world, operating under the Flowserve business system. Looking at some of our headline numbers.

謝謝你，布萊恩，大家早安。我將從幻燈片 3 開始。我們在第一季取得了強勁的開局，展現了我們多元化投資組合的實力以及在福斯業務系統下運營的全球員工的卓越表現。查看我們的一些主要數字。

Bookings grew 18% versus last year to $1.2 billion. Revenue increased 5% and adjusted gross margins expanded 180 basis points to 33.5%. We delivered adjusted operating margins of 12.8%, resulting in impressive incremental margins of more than 50% in the quarter. Adjusted earnings per share was $0.72 for the quarter, an increase of nearly 25% versus the prior year.

預訂金額較去年同期成長 18%，達到 12 億美元。營收成長 5%，調整後毛利率擴大 180 個基點至 33.5%。我們實現了 12.8% 的調整後營業利潤率，從而使本季度的增量利潤率達到了令人印象深刻的 50% 以上。本季調整後每股收益為 0.72 美元，較上年增長近 25%。

We entered the second quarter encouraged by our momentum, and we remain confident in our ability to execute at a high level. However, the current tariff environment introduces a new dynamic to our outlook, which I'll touch on in more detail shortly. We also recognize there is macroeconomic uncertainty as we look ahead.

我們以強勁的勢頭進入第二季度，並且我們仍然對自己高水平執行的能力充滿信心。然而，當前的關稅環境為我們的前景帶來了新的動態，我很快就會詳細介紹。我們也認識到展望未來存在宏觀經濟不確定性。

Accordingly, we are reaffirming our full year guidance and remain focused on navigating the current environment while building on the strong results of the first quarter. Amy will provide additional details on the financial outlook later in the call.

因此，我們重申全年指引，並將繼續專注於應對當前環境，同時鞏固第一季的強勁業績。艾米將在稍後的電話會議中提供有關財務前景的更多細節。

Turning to slide 4. Our strong first quarter bookings performance resulted in a book-to-bill ratio of 1.07 times with outstanding growth in aftermarket bookings and nuclear activity. We continue to see outsized growth from our 3D strategy, with 3D bookings representing 31% of our total awards for the quarter. Record aftermarket bookings of almost $690 million represented the fourth consecutive quarter above $600 million. Our focus on growing the aftermarket business is paying dividends where our high service levels continue to translate into increased aftermarket capture.

翻到幻燈片 4。我們第一季的預訂業績表現強勁，訂單出貨比達到 1.07 倍，售後市場預訂和核能活動實現了顯著增長。我們的 3D 策略持續取得超額成長，3D 預訂量佔本季總獎勵的 31%。售後市場訂單金額達到創紀錄的近 6.9 億美元，連續第四個季度超過 6 億美元。我們專注於發展售後市場業務，這已獲得回報，我們的高服務水準繼續轉化為售後市場佔有率的提高。

In the quarter, our aftermarket franchise benefited from a roughly $50 million nuclear aftermarket order to upgrade a major nuclear power plant in North America. Our next largest award was a $42 million original equipment award also within the nuclear space for a new plant in Europe. Followed by a $36 million award for an energy project in the Middle East. In total, nuclear bookings were more than $100 million for the third consecutive quarter, and power bookings were up more than 45% versus the prior year. We also generated 28% year-over-year growth in general industries. These results underscore the ongoing demand for our products and services in critical industries.

本季度，我們的售後市場特許經營權受益於一份約 5,000 萬美元的核售後市場訂單，用於升級北美一座大型核電廠。我們第二大獎項是一份價值 4,200 萬美元的原始設備獎項，同樣屬於核能領域，用於歐洲的新工廠。隨後又獲得了價值 3,600 萬美元的中東能源專案獎金。整體而言，核電訂單連續第三個季度超過 1 億美元，電力訂單比上年增長超過 45%。我們的一般產業也實現了 28% 的年成長。這些結果強調了關鍵產業對我們的產品和服務的持續需求。

Turning to slide 5. I I'll provide our view of how tariffs could impact our results and what actions we are taking to manage the current environment. As trade policy continues to evolve, we are focused on responding as quickly as possible to a very dynamic situation. We have clear visibility to tariff exposures down to the product family level, and we have a number of levers in place to mitigate the impact of the current tariff program.

翻到幻燈片 5。我將提供我們對關稅如何影響我們業績的看法，以及我們為應對當前環境將採取哪些行動。隨著貿易政策的不斷發展，我們致力於盡快應對不斷變化的情況。我們對產品系列層面的關稅風險有著清晰的了解，並且我們採取了多種手段來減輕當前關稅計劃的影響。

Specific to US tariffs, the vast majority of the products we sell in the US are manufactured, assembled and tested within the United States. That said, we do import certain materials such as castings and forgings as well as some components like electronics and motors into the US. These items represent a single-digit percentage of our total cost of sales with the largest exposures to China, India and Mexico.

具體到美國關稅，我們在美國銷售的絕大多數產品都是在美國製造、組裝和測試的。也就是說，我們確實向美國進口某些材料，例如鑄件和鍛件以及一些零件，例如電子產品和馬達。這些項目占我們總銷售成本的個位數百分比，其中最大的部分來自中國、印度和墨西哥。

We also manufacture some products in the US for export to other geographies, but this activity represents a modest mid-single-digit percentage of our total sales and often comes with the ability to migrate this work to other non-US facilities. In total, based on tariff rates known today, we estimate the annualized gross impact of the new tariffs before any mitigating actions is between $90 million and $100 million.

我們也在美國生產一些產品並出口到其他地區，但這種業務僅占我們總銷售額的中等個位數百分比，並且通常能夠將這項工作遷移到其他非美國工廠。總體而言，根據目前已知的關稅稅率，我們估計在採取任何緩解措施之前，新關稅的年化總影響在 9,000 萬美元至 1 億美元之間。

Following the first round of tariffs in 2018 and the supply chain disruptions of 2022, we developed a more resilient and regionally diverse supply chain. As a result, we are better positioned to navigate these challenges than ever before with a focus on delivering the best value to our customers.

在經歷了 2018 年第一輪關稅和 2022 年供應鏈中斷之後，我們開發了更具彈性和區域多樣化的供應鏈。因此，我們比以往任何時候都更有能力應對這些挑戰，並專注於為客戶提供最佳價值。

Our global footprint is an advantage in this environment, and we are leveraging our network to optimize the location of our work to help mitigate the impact of tariffs. We're also actively shifting sourcing around the globe to deliver the lowest cost, highest quality products to our customers.

在這種環境下，我們的全球影響力是一個優勢，我們正在利用我們的網路來優化我們的工作地點，以幫助減輕關稅的影響。我們也積極地在全球範圍內轉移採購，以便向客戶提供成本最低、品質最高的產品。

In short, Flowserve is better positioned to navigate these challenges than ever before. We have also taken select pricing actions where needed to offset the impact of higher costs. In January, we executed our typical annual price increase. And in March, we raised prices again to offset the impact of incremental tariffs.

簡而言之，福斯比以往任何時候都更有能力應對這些挑戰。我們也在必要時採取了選擇性定價措施來抵銷成本上漲的影響。一月份，我們實施了典型的年度價格上調。3月份，我們再次提高了價格，以抵消增量關稅的影響。

Additionally, we are utilizing change orders to reprice projects in our backlog as appropriate. We have a dedicated team focused on understanding the dynamic trade environment and ensuring that we are utilizing all of the available tools to mitigate their impact, such as USMCA and other trade agreements. Finally, we are tightly managing discretionary spending. And as we have in the past, we are prepared to move quickly to address costs if the macro environment changes.

此外，我們正在利用變更單來適當地重新定價積壓的項目。我們有一個專門的團隊，專注於了解動態的貿易環境，並確保我們利用所有可用的工具來減輕其影響，例如 USMCA 和其他貿易協定。最後，我們正在嚴格管理可自由支配的開支。正如我們過去所做的那樣，如果宏觀環境發生變化，我們準備迅速採取行動解決成本問題。

Turning to page 6. We are also focused on the potential for tariffs to impact global market demand. Despite the increased uncertainty, our end markets currently remain healthy. Asset utilization for large process industries remain steady and maintenance spending has currently continued as expected. The spring turnaround season has been strong, and there have been no signs at this point that customers are deferring maintenance.

翻到第 6 頁。我們也關注關稅對全球市場需求的影響潛力。儘管不確定性增加，但我們的終端市場目前仍然保持健康。大型製程工業的資產利用率維持穩定，維護支出目前仍如預期進行。春季週轉季節一直很強勁，目前還沒有跡象顯示客戶推遲維護。

April bookings to date continue to look healthy across our run rate and aftermarket business. Our strong aftermarket business, which represents over 50% of sales, also provides some insulation from potential changes in near-term demand that might first impact project spending.

截至目前，四月份的預訂量從我們的營運率和售後業務來看依然保持良好勢頭。我們強大的售後市場業務佔銷售額的 50% 以上，也在一定程度上抵禦了可能首先影響專案支出的近期需求變化。

Our project funnel remains at an elevated level and increased sequentially in some of our largest end markets, including energy, chemical and power. Our nuclear opportunity funnel, in particular continues to grow even as large project opportunities have converted to bookings.

我們的專案漏斗仍然處於較高水平，並且在一些最大的終端市場（包括能源、化學和電力）中持續成長。即使大型專案機會已轉化為預訂，我們的核能機會管道仍在繼續成長。

We are currently seeing a limited amount of project deferrals in select industries like mining and renewables. Our strong backlog at $2.9 billion is another advantage in this environment and provides a level of certainty for future revenues. At this point, we have not seen anything out of the ordinary with backlog cancellations and we expect 2025 to be in line with what we have experienced in past years. Overall, we have good near-term visibility, and we will continue to monitor the macro environment as we move through the year.

目前，我們看到採礦業和再生能源等特定行業的項目延期數量有限。我們 29 億美元的強勁積壓訂單是這種環境下的另一個優勢，並為未來的收入提供了一定程度的確定性。目前，我們尚未發現積壓訂單取消的異常情況，我們預計 2025 年的情況將與過去幾年的情況一致。總體而言，我們擁有良好的近期可見性，並且我們將在今年繼續監測宏觀環境。

Turning to slide 7. Execution remains a key priority for us. We are leveraging the Flowserve Business System to drive consistency and results across the organization. The business system is a critical tool to help us navigate today's market volatility, something we did not have in place during the COVID downturn, and we're focused on leveraging a consistent and agile framework to run the business. Within the business system, CORE, our 80-20 program is accelerating with strong results in the first quarter, which were modestly ahead of our expectations.

翻到幻燈片 7。執行仍然是我們的首要任務。我們正在利用福斯業務系統來推動整個組織的一致性和成果。業務系統是幫助我們應對當今市場波動的關鍵工具，這是我們在 COVID 低迷時期所沒有的，我們專注於利用一致且靈活的框架來經營業務。在業務系統 CORE 中，我們的 80-20 計畫正在加速推進，第一季取得了強勁的業績，略高於我們的預期。

As an example of our progress, I recently visited one of our US locations that manufactures pumps for the North American market. At that one site, we reduced SKUs by nearly 80%. These actions significantly reduce complexity and improve margins without having a significant impact on revenue.

作為我們進步的一個例子，我最近參觀了我們在美國的一個為北美市場生產泵的工廠。在那個站點，我們將 SKU 減少了近 80%。這些措施顯著降低了複雜性並提高了利潤率，同時對收入沒有顯著影響。

By midyear, all of our product revenue will be utilizing the 80-20 methodology. For the year, we continue to expect the actions we are taking will benefit gross margins by roughly 50 basis points or more at the Flowserve level and then accelerate thereafter.

到年中，我們所有產品的收入都將採用 80-20 方法。對於今年，我們仍然預計我們正在採取的行動將使福斯的毛利率提高約 50 個基點或更多，然後加速成長。

We remain confident in our ability to generate 200-plus basis points of margin expansion from the portfolio excellence program by 2027. In summary, I am very pleased with the strong start to 2025 and the progress we have made on executing our strategic initiatives. While we are mindful of the near-term macro uncertainty, our end markets are currently healthy, bookings have been strong, and our improved execution provides a solid foundation for continued success.

我們仍然有信心，到 2027 年，我們能夠透過投資組合卓越計畫實現 200 多個基點的利潤率擴張。總而言之，我對 2025 年的強勁開局以及我們在執行策略舉措方面取得的進展感到非常高興。雖然我們注意到近期宏觀不確定性，但我們的終端市場目前狀況良好，預訂量強勁，而且我們改進的執行力為持續成功奠定了堅實的基礎。

Let me now turn the call over to Amy.

現在讓我把電話轉給艾米。

Thank you, Scott, and good morning, everyone. Turning to Slide 8. We delivered another strong performance with first quarter revenue of $1.1 billion, adjusted operating margin of 12.8% and $0.72 of adjusted earnings per share. representing earnings growth of almost 25% versus the prior period. For the quarter, we performed better than our expectations, driven by higher sales volume on improved revenue conversion and robust FPD margins on favorable mix and accelerating 80/20 benefits.

謝謝你，斯科特，大家早安。翻到幻燈片 8。我們再次取得了強勁的業績，第一季營收為 11 億美元，調整後營業利潤率為 12.8%，調整後每股收益為 0.72 美元。與上一時期相比，獲利成長了近 25%。本季度，我們的業績超出預期，這得益於收入轉換率提高帶來的銷售量增加、產品組合有利以及 80/20 效益加速帶來的強勁 FPD 利潤率。

Overall, revenues grew 5% versus last year, with organic growth of approximately 410 basis points and 330 basis points benefit from the Mogas acquisition. While foreign currency translation negatively impacted reported sales growth by about 220 basis points. Original equipment and aftermarket revenues grew both 5% versus the prior period driven by FCB.

總體而言，營收較去年同期成長了 5%，其中有機成長約 410 個基點，而收購 Mogas 帶來的營收成長為 330 個基點。而外幣折算對報告的銷售額成長產生了約 220 個基點的負面影響。在 FCB 的推動下，原始設備和售後市場收入較上一時期均成長了 5%。

Shifting to margins. We generated an adjusted gross margin of 33.5%, representing a 180 basis point year-over-year increase and our sixth consecutive quarter of sequential margin improvement. We believe our operational and portfolio excellence efforts position us well to continue driving margin expansion. Higher gross margins, coupled with SG&A remaining consistent as a percentage of sales led to adjusted operating margin expanding 190 basis points versus the prior period to 12.8% and represented exceptional incremental margins. Adjusted operating income was $147 million, a 24% increase versus last year. Altogether, we delivered adjusted earnings per share of $0.72 for the first quarter.

轉向邊緣。我們的調整後毛利率為 33.5%，較去年同期成長 180 個基點，並且連續第六個季度實現利潤率成長。我們相信，我們在營運和產品組合方面的卓越努力使我們能夠繼續推動利潤率的擴大。毛利率上升，加上銷售、一般及行政費用佔銷售額的百分比保持不變，導致調整後的營業利潤率較上期擴大 190 個基點，達到 12.8%，代表著利潤率的大幅增長。調整後的營業收入為 1.47 億美元，較去年同期成長 24%。總體而言，我們第一季的調整後每股收益為 0.72 美元。

Turning to our segments, starting with FPD on slide 9. We FPD delivered exceptional bookings growth of 21% versus last year, with double-digit growth in both original equipment and aftermarket activity. Growth was driven by continued strength in nuclear activity, along with benefits in general industries and energy end markets. FPD sales growth of 2% versus last year was modest but ahead of our expectations on healthy book and ship activity and improved backlog conversion. FPD generated adjusted gross margins of 34.7% and an increase of 180 basis points versus last year, driven by favorable mix, increased productivity and strong project management.

轉到我們的部分，從幻燈片 9 上的 FPD 開始。與去年相比，我們的 FPD 訂單量實現了 21% 的顯著成長，原始設備和售後市場活動均實現了兩位數的成長。成長的動力來自於核能活動的持續強勁以及一般工業和能源終端市場的好處。FPD 銷售額較去年同期成長 2%，雖然成長幅度不大，但由於訂單和出貨活動良好以及積壓訂單轉換率提高，銷售額超出了我們的預期。由於良好的產品組合、生產率的提高和強大的專案管理，FPD 的調整後毛利率為 34.7%，比去年增加了 180 個基點。

Coupled with SG&A leverage, FPD delivered an outstanding adjusted operating margin of 17.7%, a 280 basis point increase versus the prior year period. We've made tremendous progress in FPD driving growth and expanding margins. While FPD is now ahead of 2027 adjusted operating margin targets, we still see opportunities to expand margins from here. supported by disciplined price cost actions, continued aftermarket capture, our 80-20 complexity reduction program and an enhanced approach to commercial excellence.

加上銷售、一般及行政費用槓桿，FPD 實現了 17.7% 的出色調整後營業利潤率，比去年同期增加了 280 個基點。我們在 FPD 推動成長和擴大利潤方面取得了巨大進步。雖然 FPD 目前已超出 2027 年調整後的營業利潤率目標，但我們仍然看到從現在開始擴大利潤率的機會。透過嚴格的價格成本行動、持續的售後市場佔領、我們的 80-20 複雜性降低計劃以及增強的商業卓越方法的支持。

Turning to FCB on Slide 10. SCD delivered strong growth in the quarter with bookings growth of 10% and sales growth of 14%. The Mogas contributed 1,100 basis points of sales growth in the quarter. In FCD, aftermarket bookings increased by 19% versus last year, while original equipment bookings were up 7% and driven by general industries, energy and power end markets. FCB adjusted growth and adjusted operating margins were 30.4% and 12.2%, respectively, an increase of 120 and 110 basis points versus last year, driven by higher aftermarket margins and mix. We expect FCD margins will continue to expand as we leverage our 80-20 programming, improve execution through operational excellence and accelerate Mogas related synergies.

前往投影片 10 上的 FCB。SCD 本季實現了強勁成長，預訂量成長 10%，銷售額成長 14%。Mogas 在本季貢獻了 1,100 個基點的銷售成長。在 FCD 領域，售後市場訂單量較去年同期成長了 19%，而原始設備訂單量增加了 7%，主要受一般工業、能源和電力終端市場的推動。FCB 調整後成長率和調整後營業利潤率分別為 30.4% 和 12.2%，較去年同期增加 120 個基點和 110 個基點，這得益於售後市場利潤率和產品組合的提高。我們預計，隨著我們利用 80-20 程式設計、透過卓越營運提高執行力並加速 Mogas 相關的協同效應，FCD 利潤率將繼續擴大。

Turning now to cash flow on slide 11. Cash from operations was a $50 million use of cash in the quarter driven by higher temporary working capital requirements. While our receivables increased in the first quarter due to the timing of milestone billings and collections, we expect days sales outstanding to improve in the remaining periods of the year. We also paid the majority of our 2024 performance-based incentive compensation in the quarter, which impacted the accrued liabilities account.

現在轉到幻燈片 11 上的現金流量。由於臨時營運資金需求增加，本季營運現金流為 5,000 萬美元。雖然由於里程碑帳單和收款時間的安排，我們的應收帳款在第一季有所增加，但我們預計今年剩餘時間內未收帳款週轉天數將會改善。我們也在本季支付了 2024 年大部分基於績效的激勵薪酬，這影響了應計負債帳戶。

In contrast, last year's performance-based incentive compensation was paid in the second quarter. This difference in timing will be a tailwind for cash from operations next quarter. Overall, adjusted primary working capital as a percent of sales increased to 29.8%.

相比之下，去年基於績效的激勵薪酬是在第二季支付的。這種時間上的差異將對下個季度的經營現金流產生推動作用。整體而言，調整後的主要營運資本佔銷售額的百分比增加至 29.8%。

Our efforts around a standardized inventory strategy resulted in improved inventory turns during the quarter, and we believe it points to further working capital opportunities and efficiencies ahead. From here, we expect significant improvement in our cash from operations and working capital efficiency with full year cash flow to adjusted net earnings of 90% or more.

我們圍繞標準化庫存策略所做的努力使得本季的庫存週轉率有所提高，我們相信這預示著未來將有更多營運資本機會和效率。從現在開始，我們預計經營活動現金流量和營運資本效率將顯著提高，全年現金流量與調整後淨收益比將達到 90% 或更多。

Turning to capital allocation on slide 12. With the recent market volatility, we view our share price at a discount to its intrinsic value. Guided by our capital allocation philosophy, we repurchased $21 million of Flowserve shares during the first quarter and bought an additional $32 million of shares during the month of April. In total, we have repurchased $53 million of shares year-to-date at an average cost of $45 per share. We continue to believe that M&A will play an important role in our long-term strategy, and we are maintaining a critical eye towards opportunities to create value from a purchase price, synergy and balance sheet perspective.

轉向第 12 張投影片上的資本配置。由於近期市場波動，我們認為我們的股價低於其內在價值。在我們的資本配置理念的指導下，我們在第一季回購了價值 2,100 萬美元的福斯股票，並在 4 月額外購買了價值 3,200 萬美元的福斯股票。總體而言，今年迄今我們已回購了價值 5,300 萬美元的股票，平均成本為每股 45 美元。我們始終相信併購將在我們的長期策略中發揮重要作用，並且我們始終以批判的眼光看待從收購價格、協同效應和資產負債表的角度創造價值的機會。

Altogether, our capital allocation framework will continue to guide us in fulfilling our commitments like the dividend and maintaining our investment-grade rating while deploying excess cash to the highest long-term return on investment. Including share buybacks, acquisitions and prepayable debt.

總而言之，我們的資本配置框架將繼續指導我們履行股利等承諾並維持投資等級評級，同時將過剩現金部署到最高的長期投資報酬率。包括股票回購、收購和預付債務。

Turning to our 2025 outlook on slide 13. The first quarter represents a great start to the year, and we remain focused on driving significant shareholder value in 2025. As Scott mentioned, while our end markets remain largely healthy, and we're executing better than ever, we are operating in an uncertain and evolving macro environment. As we navigate the environment, we will symbol, leverage our significant intel capabilities and continue delivering value for our customers with speed.

轉向第 13 張幻燈片上的 2025 年展望。第一季是今年的一個好開端，我們將繼續致力於在 2025 年實現顯著的股東價值。正如斯科特所提到的，雖然我們的終端市場總體上保持健康，而且我們的執行情況比以往任何時候都好，但我們正處於一個不確定且不斷變化的宏觀環境中。在我們探索環境的過程中，我們將發揮符號作用，利用我們重要的情報能力，繼續快速地為我們的客戶提供價值。

With this backdrop, we are reaffirming our earnings guidance communicated in February, including organic growth of 3% to 5% and adjusted earnings per share of $3.10 to $3.30, representing an 18% to 25% increase over 2024 full year adjusted EPS.

在此背景下，我們重申 2 月發布的獲利預期，包括有機成長 3% 至 5%，調整後每股收益 3.10 美元至 3.30 美元，比 2024 年全年調整後每股收益成長 18% 至 25%。

With the recent weakening of the US dollar, the sales headwind from currency translation for the balance of the year should abate modestly. So given the 220 basis point headwind in the first quarter in volatility and currency rates, we expect the full year impact to range from 100 basis point headwind to roughly neutral. Our guidance assumes tariff rates communicated to date are in place for the year. Guidance also assumes that general economic conditions and flow control demand remained relatively steady during the rest of the year.

隨著近期美元走弱，今年餘下時間貨幣換算的銷售阻力應該會略為減弱。因此，考慮到第一季波動性和貨幣匯率面臨 220 個基點的阻力，我們預計全年影響範圍將從 100 個基點的阻力到大致中性。我們的指導假設迄今為止公佈的關稅稅率將在今年實施。該指南還假設總體經濟狀況和流量控制需求在今年剩餘時間內保持相對穩定。

Considering the quarterly pace of performance, we expect second quarter results to be similar or slightly better than the first quarter. We anticipate modest year-over-year top line growth and Flowserve margin expansion with solid incremental margins though incrementals are likely lower than in Q1 based on the expected mix of business in Q2.

考慮到季度業績成長速度，我們預計第二季業績將與第一季相似或略好。我們預計，公司營收將年比溫和成長，福斯利潤率將擴大，利潤增量將穩健，但根據第二季的預期業務組合，增量可能低於第一季。

Similar to historical seasonality, we would expect the second half of the year to represent a higher contribution to earnings than the first half, given our near record backlog of $2.9 billion, accelerating benefits from the Flowserve business system and expected synergies from the Mogas acquisitions.

與歷史季節性類似，考慮到我們接近創紀錄的 29 億美元積壓訂單、Flowserve 業務系統的加速收益以及 Mogas 收購的預期協同效應，我們預計下半年的盈利貢獻將高於上半年。

In summary, we are proud of our strong start to 2025 and the confidence it provides in delivering year-over-year earnings growth in 2025. We are well positioned to navigate the macro environment given our global footprint and the actions Scott outlined. We remain focused on executing our strategy serving our customers and delivering value for our shareholders.

總而言之，我們為 2025 年的強勁開局感到自豪，並對其在 2025 年實現盈利同比增長充滿信心。鑑於我們的全球影響力和斯科特概述的行動，我們已做好充分準備來應對宏觀環境。我們將繼續專注於執行我們的策略，服務我們的客戶並為股東創造價值。

Operator, we will now open the call for questions. Thank you.

接線員，我們現在開始提問。謝謝。

(Operator Instructions) Andy Kaplowitz, Citigroup.

（操作員指示）花旗集團的 Andy Kaplowitz。

Maybe you can -- Scott, maybe you can talk about the sustainability of bookings as you see it. Obviously, you said April look pretty good. Aftermarket was very strong. You didn't put in the book-to-bill over one. I'm just curious about how you see the second half. I think you mentioned the funnel some of your end markets. improve. So can that sort of offset any project deferrals you seem to continue to have relatively solid bookings, especially aftermarket, maybe $600 million, the new $500 million in aftermarket bookings.

也許你可以——斯科特，也許你可以談談你所看到的預訂的可持續性。顯然，您說四月看起來相當不錯。售後市場非常強勁。您沒有將訂單出貨比放入其中。我只是好奇你如何看待下半場。我認為您提到了一些終端市場的管道。提升。那麼，這是否可以抵消任何項目延期，您似乎繼續擁有相對穩定的預訂，特別是售後市場，大概是 6 億美元，新的 5 億美元售後市場預訂。

Sure. Let me just start with Q1 bookings. We had a fantastic start to the year. $690 million of aftermarket bookings is the highest level I've seen since I've been here. A little -- we had a $50 million nuclear award in that number, and so that won't repeat. But we've been holding $600 million now for quite some time in aftermarket. And then I'd just say as we kind of look forward, we feel pretty good about that run rate.

當然。我先從第一季的預訂情況開始。我們今年有一個美好的開始。 6.9 億美元的售後市場訂單是我來到這裡以來見過的最高水平。有一點——我們獲得了 5000 萬美元的核能獎項，所以這種情況不會再發生。但我們在售後市場已經持有 6 億美元很長一段時間了。然後我想說，當我們展望未來時，我們對這個運行率感覺相當滿意。

And then Q1 projects, we also had a nice healthy list of projects, two nuclear awards, one in the energy space. And so nice conversion on some of those projects. And then if we go from end of Q1 to today, even as of last week, our markets continue to remain relatively healthy.

然後是第一季的項目，我們也有一份健康的項目清單，兩個核能獎項，一個能源領域的獎項。其中一些項目的轉化非常順利。然後，如果我們從第一季末到今天，甚至截至上週，我們的市場仍然保持相對健康。

Our run rate aftermarket bookings have remained elevated. We track this now. I mean we were talking about four on a weekly basis, I'm looking at it. Amy and I are looking at it far more than ever before on a weekly basis. And even through last week, that run rate business and aftermarket remained at a very healthy level.

我們的售後市場訂單運行率一直保持在高水準。我們現在正在追蹤此事。我的意思是我們每週談論四次，我正在看它。艾米和我每週都會比以前更頻繁地查看它。即使到了上週，運行率業務和售後市場仍然保持非常健康的水平。

On the project funnel on the forward look is at a high level. power, energy and chemical growth in our forward funnel for projects is sequentially higher. And then at this point, we've seen limited project pushouts. It's hard to say that if this is kind of normal project pushouts or maybe effect of some of the macro concerns. We've seen this in some select markets like mining and in the renewables space.

項目漏斗的前瞻性處於較高水準。我們專案前向漏斗中的電力、能源和化學品成長率持續走高。而此時，我們看到的項目推出有限。很難說這是否是一種正常的專案推進，或者可能是某些宏觀問題的影響。我們在採礦業和再生能源領域等一些特定市場看到了這種情況。

But I'd say nothing like too dramatic in terms of projects coming out. And again, that forward funnel is at an elevated level. And very similar to what we saw at the end of Q4. And then I'd say within our backlog as well, we haven't seen any cancellations that would be considered out of the ordinary. And so up until today, the market looks reasonably good for us. The question is about the forward look. And I'd say if the tariff program continues and the uncertainty caused by this dynamic environment continues, then we could potentially see a slowdown in the second half of 2025.

但我認為，就項目的推出而言，沒有什麼比這更戲劇性的了。再次強調，前向漏斗處於較高水準。與我們在第四季末看到的情況非常相似。然後我想說，在我們的積壓訂單中，我們還沒有看到任何被認為不尋常的取消情況。因此，到目前為止，市場對我們來說看起來相當不錯。問題在於展望未來。我想說，如果關稅計劃繼續下去，而這種動態環境造成的不確定性持續下去，那麼我們可能會在 2025 年下半年看到經濟放緩。

We haven't seen this yet. I think there's a little bit of a wait and see with our customers. We're obviously staying in close contact with them having a lot of discussions with our customers. We know that they're doing scenario planning on different things. But at this point, we don't expect them to stop capital dramatically.

我們還沒有看到這個。我認為我們的客戶還有點觀望的態度。我們顯然與他們保持著密切聯繫，並與我們的客戶進行了大量討論。我們知道他們正在針對不同的事情進行情境規劃。但目前，我們預期他們不會大幅停止資本投入。

But I'd just say, Andy, it's really hard to call kind of what our customer is going to do in the second half of the year given the amount of uncertainty that is out in the global market. And so we deliberately didn't put the full year book-to-bill over 1.0 in the prepared remarks.

但我只想說，安迪，考慮到全球市場的不確定性，很難預測我們的客戶在下半年會做什麼。因此，我們在準備好的評論中故意沒有將全年訂單出貨比寫得超過 1.0。

Obviously, we started Q1 at 1.07, and so we're in a really good place. And I'd say if we continue to operate how we do today, then we're going to be way above 1.0, and we feel really good with that, if the environment worsens, then there's a chance that the back half slows down.

顯然，我們第一季的開局是 1.07，所以我們處於一個非常好的位置。我想說，如果我們繼續按照現在的方式運營，那麼我們的業績將遠高於 1.0，我們對此感到非常滿意，但如果環境惡化，那麼後半部分的增長速度就有可能放緩。

Very helpful. And then, Amy, just to the guidance on Q2, the sort of similar or modestly better EPS. Maybe you could talk a little bit more. You mentioned sort of mix could hurt incrementals a bit. Is there any sort of issue where tariffs ladder in before pricing or other countermeasures? Or sort of what's going on there? Because usually, seasonally, Q2 is a pretty decent step-up from Q1.

非常有幫助。然後，艾米，對於第二季的預測，每股收益類似或略有改善。也許你可以再多聊一點。您提到這種混合可能會對增量造成一定損害。是否有先徵收關稅，後徵收定價或其他對策的問題？或是那裡到底發生了什麼事？因為通常從季節性來看，第二季比第一季有相當不錯的成長。

Yeah. So maybe to start with the tariff impact, which we see largely as a second half issue as that works through backlog. So as we think about the second quarter, a couple of things, similar or slightly better than the first quarter. We had really strong revenue conversion on our backlog in the first quarter, which is kind of impacting the spread of revenue across those two quarters. we obviously have really strong operational momentum coming from the first quarter. And we think that 80-20 and pricing actions that we took early in the year, those increases that Scott mentioned in January, provide some positive tailwinds.

是的。因此，也許首先要考慮關稅的影響，我們認為這主要是下半年的問題，因為它會透過積壓來解決。因此，當我們考慮第二季度時，有幾件事與第一季類似或略好。我們第一季的積壓訂單收入轉換率非常高，這在一定程度上影響了這兩個季度的收入分佈。顯然，從第一季開始，我們的營運動能就非常強勁。我們認為，我們在今年年初採取的 80-20 和定價行動，以及斯科特在一月份提到的那些增長，帶來了一些積極的推動力。

And then I think that as we look at really margin performance, we're looking at something that's pretty close to what we saw in the first quarter of the year from both a gross margin and an operating margin standpoint. But we will have some mix headwinds that are in there based on what we see in the backlog today. So I think overall, what can work well for us in the second quarter of the year. book-to-bill staying at elevated levels will help continued strong revenue conversion will help. But overall, I think we're still seeing our earnings profile be weighted towards the second half of the year.

然後我認為，當我們真正觀察利潤率表現時，無論從毛利率還是營業利潤率的角度來看，我們都會看到與今年第一季非常接近的水平。但根據我們今天看到的積壓情況，我們將會面臨一些混合阻力。所以我認為整體而言，今年第二季我們可以做些好事。訂單出貨比維持在較高水準將有助於持續強勁的收入轉換。但總體而言，我認為我們的獲利狀況仍將側重於下半年。

And then Andy, I'd just add, Q1 was a really, really strong performance across the board. And so we're starting at a very elevated level as we go from Q1 to Q2 we'd be really excited to keep that or be slightly better and then prepare to deliver in the second half of the year like we normally do.

然後安迪，我想補充一點，第一季的全面表現確實非常強勁。因此，從第一季到第二季度，我們的起點非常高，我們非常高興能夠保持這種水平，或者稍微好一點，然後像往常一樣準備在下半年交付。

Mike Halloran, Baird.

麥克·哈洛倫，貝爾德。

Good morning, everyone. One of my thinking about this in terms of the footprint, the competitive footprint, the ability to push price. Two-fold question. One, how do you view your footprint relative to the peer group? It feels like everyone buys cast these fittings overseas. So I don't know if there's really much difference there other than it seems like you're in a good position, but please would love your viewpoint there? And then also, how receptive has the market been to pricing as you sit here today?

大家早安。我對此的想法之一是從足跡、競爭足跡和推動價格的能力來考慮。雙重問題。第一，您如何看待自己相對於同儕的足跡？感覺大家都在海外購買這些配件。所以我不知道除了看起來你處於有利地位之外，那裡是否真的有很大區別，但請問您是否喜歡您的觀點？那麼，今天當您坐在這裡時，市場對定價的接受程度如何？

Sure. Let me just start. I'll level set everyone on the Flowserve kind of the layout. Two thirds of our business is outside of the US. And from a manufacturing perspective, about one third of that roof line is in North America. We've got good coverage in kind of that Europe and the Middle East region, and then we've got good manufacturing presence in Asia Pacific. And so I think from a manufacturing standpoint, and we put this as one of our mitigating actions, we are regionally positioned and we can typically manufacture our product in the region where our customers need it.

當然。讓我先開始吧。我將為大家設定 Flowserve 類型的佈局。我們的三分之二的業務在美國以外。從製造角度來看，大約三分之一的屋頂生產線位於北美。我們在歐洲和中東地區有良好的覆蓋範圍，並且在亞太地區擁有良好的製造業務。因此，我認為從製造的角度來看，我們將此作為我們的緩解措施之一，我們處於區域位置，通常可以在客戶需要的地區生產我們的產品。

And so we're not getting tariffs essentially on finished goods. So we're not -- we don't ship a whole lot of stuff from Europe into the US as a finished good or a finished pumper valve. The impact for us is mostly on our supply chain.

因此，我們基本上不會對成品徵收關稅。所以我們不會——我們不會將大量成品或成品泵閥從歐洲運往美國。對我們來說，影響主要在於我們的供應鏈。

And so I'd say from a footprint standpoint where we can manufacture, that's actually a competitive advantage. And we're still cleaning up our roofline and we know we've got some more work to do with that. But right now, it actually gives us an advantage and allows us to manufacture in a region that may have a less tariff impact than some of our peer groups.

因此我想說，從我們能夠製造的足跡的角度來看，這實際上是一種競爭優勢。我們仍在清理屋頂，我們知道還有一些工作要做。但目前，這實際上給了我們一個優勢，使我們能夠在比我們的一些同行受到關稅影響較小的地區進行生產。

And so I'll talk about going on the offense here at the end. But let me hit castings and forging. So castings and forgings are coming primarily from China, India, Mexico. Everybody does that. So we're in line with the peer group within Flow Control. And what we're trying to do is just find a scenario or a modeling that gives us the lowest tariff impact as we think through that.

最後我將談論如何採取進攻措施。但讓我來談談鑄件和鍛造件。因此鑄件和鍛造件主要來自中國、印度和墨西哥。每個人都這麼做。因此我們與流量控制中的同儕群體保持一致。我們正在嘗試做的就是找到一種能夠對關稅產生最低影響的方案或模型。

We do a little bit of that material in the US, but it's just the capacity in the US just isn't there to support the overall business. And so I'd say we're in line with the peers of where do you go for that raw material. And then on the component level, it's motors and sensors and essentially, everyone is buying from the same place. And so I don't think there's a big competitive advantage with the supply chain.

我們在美國生產少量此類材料，但美國的產能不足以支持整體業務。所以我想說，我們與同業在原料採購方面是一致的。然後在組件層面，它是馬達和感測器，基本上，每個人都從同一個地方購買。因此我認為供應鏈並沒有什麼很大的競爭優勢。

The one thing I would say is that with the reorg design in 2023, we bolstered our supply chain and operations team we're performing better than we ever have from an operational excellence standpoint and the ability to pivot and migrate that supplier base. We've been in that work over the last two years in earnest. We've already seen some of the supply chain movements taking place and putting us in a really, really good position as we go forward.

我想說的是，透過 2023 年的重組設計，我們加強了我們的供應鏈和營運團隊，從卓越營運的角度來看，我們的表現比以往任何時候都更好，並且能夠調整和遷移供應商群。過去兩年我們一直認真地從事這項工作。我們已經看到一些供應鏈的變動正在發生，這讓我們在未來的發展中處於非常非常有利的地位。

And then on your second question on price, Mike, we do our annual price increase at the beginning of the year. That's always reasonably sticky. It's always a modest level that goes in that we start to see a little bit of that impact in Q2 and Q3. When we put that in, in the beginning of the year, we felt like that was very much a number or an amount that put us squarely above price/cost and felt very good about our ability to stay positive in that ratio.

然後關於你關於價格的第二個問題，麥克，我們在每年年初都會提高價格。這總是相當棘手。它始終處於一個適度的水平，我們將在第二季和第三季開始看到一點影響。當我們在年初將其納入時，我們感覺這個數字或金額大大高於價格/成本，並且對我們保持該比率的能力感到非常滿意。

And then with the tariff situation escalating, we went pretty aggressive in March with another price increase and did that at the product family level. And so we really focused on exactly where the tariffs were impacting, we are very clear with our customers of exactly why this price increase was going in and that we would monitor the situation globally. We did that at the base level. We didn't do it as a surcharge. And typically, we find that a little bit stickier when we go that way.

隨著關稅情勢的升級，我們在三月採取了相當激進的措施，再次提高了價格，並且是在產品系列層面。因此，我們真正關注的是關稅究竟會產生什麼影響，我們向客戶非常清楚價格上漲的具體原因，並且我們會在全球範圍內監控這種情況。我們在基礎層面上做到了這一點。我們沒有收取附加費。通常，當我們這樣做時，我們會發現事情變得更加棘手。

And so I'd say we don't know exactly what the stickiness is at this point. We'll start to get some data points on that in the second quarter. the feedback is most of the peer group is doing something similar. We're relatively in line. And I believe that, that will go in relatively smoothly.

所以我想說，我們目前還不知道黏性到底是什麼。我們將在第二季開始獲得一些相關數據點。回饋是大多數同齡人都在做類似的事情。我們相對來說還是一致的。我相信，這一切都會相對順利地進行。

The other thing on price, I just want to add, Mike, within the 80-20 framework, we've been moving prices up in our Quad 2 and Quad 3, and those are very, very healthy price increases. And so at this point, we feel relatively good about the pricing lever. We feel good about the ability to generate the price/cost ratio moving up with the aggressive price actions we've taken thus far this year.

關於價格的另一件事，麥克，我只想補充一下，在 80-20 框架內，我們一直在提高 Quad 2 和 Quad 3 中的價格，這些都是非常非常健康的價格上漲。因此，就目前而言，我們對定價槓桿感覺相對良好。我們很高興看到，透過今年迄今採取的積極價格行動，我們能夠提高價格/成本比。

That's super helpful. Last one for me then. Just based on the comments, you seem very confident in the ability to manage margins in the backlog. So just maybe talk about the mechanics there, whether that's hedging, price change in orders, whatever it is and how that dynamic plays out.

這非常有幫助。對我來說這是最後一個了。僅根據評論，您似乎對管理積壓利潤的能力非常有信心。因此，也許只是談論那裡的機制，無論是避險，訂單價格變化，還是其他什麼，以及這種動態如何發揮作用。

Yeah. So again, obviously, price is an important part of that. We're a little bit early on moving in March. And so the intention there was to get that in front of the cost impact. And then with our projects in backlog, we've done a nice job updating our terms and conditions from what we learned in the COVID crisis and supply chain crisis.

是的。所以，顯然價格是其中的重要因素。我們三月搬家有點早。因此，我們的目的是將其置於成本影響之前。然後，由於我們的專案積壓，我們根據在 COVID 危機和供應鏈危機中學到的教訓，很好地更新了我們的條款和條件。

And so we've got the ability now in projects that are in our backlog to reprice that backlog given some of the macro dynamics. And so we're aggressively looking to do change orders on our cost position that got impacted by tariffs for things that are in the backlog.

因此，現在我們有能力根據一些宏觀動態對積壓項目進行重新定價。因此，我們正在積極尋求改變積壓商品的成本狀況，這些成本狀況受到關稅的影響。

And sometimes that's a little bit of a negotiation. But again, with our terms and conditions position, we feel very good about our ability to get that priced in. There is a piece of business that wouldn't be able to do price or wouldn't be able to do change orders, so our nonproject work that's somewhere in that kind of four to six-week window, and then that's where we're looking for the general price increase to overcome the tariff impact.

有時這需要一點談判。但是，根據我們的條款和條件，我們對將其計入價格的能力感到非常滿意。有一部分業務無法定價或無法更改訂單，因此我們的非專案工作大約在四到六週的時間範圍內，在此期間我們希望透過整體價格上漲來克服關稅的影響。

Deane Dray, RBC Capital Markets.

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

Would love to continue this topic, following up on Mike's question. So on pricing, just some of the nuances you parse between aftermarket versus OE. Just kind of talk about your pricing power between the two. Switching costs for a customer, demand elasticity, at what point would they walk away? And just because it sounds like you've moved early and you have the ability to reprice backlog, which is fabulous. But just some of the nuances here, aftermarket versus OE and demand elasticity.

很想繼續這個話題，跟進麥克的問題。因此，關於定價，您只是分析了售後市場和原始設備市場之間的一些細微差別。只是談談兩者之間的定價能力。客戶的轉換成本、需求彈性，在什麼情況下他們會離開？因為這聽起來像是你已經提前行動了，並且有能力重新定價積壓訂單，這太棒了。但這裡只是一些細微差別，售後市場與原始設備市場以及需求彈性。

Sure. I think on the aftermarket side, it's obviously stickier Typically, lead times, speed of quoting making sure that we can deliver on time are far more important than price. And so I feel really good about our ability to get the price within the aftermarket. So that impacts our seals business. It's our pump parts. It's a lot of the components within the control valve that have a heavy aftermarket content there.

當然。我認為在售後市場方面，這顯然更具黏性，通常，交貨時間、報價速度確保我們能夠按時交貨比價格重要得多。因此，我對我們在售後市場獲得價格的能力感到非常滿意。這會影響我們的密封件業務。這是我們的幫浦零件。控制閥內的許多組件都具有大量的售後市場內容。

And so I'd say that part, we feel really good. The pricing dynamics in the backlog with our change orders for projects, we feel good about our ability to get that done. Again, a little bit of a negotiation, but I feel confident in our ability to overcome the tariff cost. And then I'd just say on the price side with the go-forward projects, that will be the one that we'll see what happens as we go forward.

所以我想說，就這一點而言，我們感覺非常好。透過對專案變更單積壓價格的動態分析，我們對自己完成這項工作的能力感到很滿意。再次，這需要一點談判，但我對我們克服關稅成本的能力充滿信心。然後我想說的是，就未來項目的價格方面而言，我們將拭​​目以待未來會發生什麼。

And so these tariffs globally have put an inflationary pressure on all costs. It's us and our peer groups. And so as our customers start to process the new cost profile within their project spending and their project budgets, that will be a discussion.

因此，全球範圍內的這些關稅給所有成本帶來了通膨壓力。這就是我們和我們的同儕群體。因此，當我們的客戶開始在其專案支出和專案預算中處理新的成本狀況時，這將是一個討論。

Obviously, we're getting some pushback with our customers on wanting to share some of those inflationary costs similar to what we're doing with some of our suppliers. But I don't think there's an alternative. And so at this point, we feel that these projects continue to move forward despite the inflationary pressures with their cost profile we feel like we're in a good position to continue to win the work that we feel we're entitled to win there.

顯然，我們遇到了一些客戶的阻力，他們希望分擔一些通膨成本，就像我們與一些供應商所做的那樣。但我不認為還有其他選擇。因此，目前，我們認為，儘管面臨通膨壓力，但這些項目仍在繼續向前推進，考慮到其成本狀況，我們覺得我們處於有利地位，可以繼續贏得我們認為我們有權贏得的工作。

Yeah. And I think one other thing just to point out from a global perspective, a number of our projects are coming from bookings outside of the US. And so we continue to use our global footprint to serve our customers. So with two thirds of our business outside of the US, we do view sort of a ring fence around the tariff concerns.

是的。我認為從全球角度來看還有一件事需要指出，我們的許多項目都來自美國以外的預訂。因此，我們將繼續利用我們的全球影響力為客戶提供服務。因此，由於我們的三分之二的業務在美國以外，我們確實認為關稅問題存在某種界限。

I appreciate all the precision in these pricing, the pricing strategy and how it's being implemented. And my follow-up question is more on the M&A side. Would love an update on Mogas integration, early read and what kind of contribution you're expecting?

我很欣賞這些定價的精確性、定價策略以及其實施方式。我的後續問題比較是關於併購方面。想要了解有關 Mogas 整合的最新消息、早期閱讀以及您期望什麼樣的貢獻？

Sure. I'll start, and maybe Amy can jump in on a couple of points. Look, we're still excited -- we're very excited about the Mogas business. The product is highly differentiated. It puts us -- it positions us incredibly well within the severe service ball valve market.

當然。我先開始，也許艾米可以插播幾點。看，我們仍然很興奮——我們對 Mogas 業務感到非常興奮。產品差異化程度高。它使我們在嚴苛服務球閥市場中佔據了極為有利的地位。

The bookings in the quarter were a little lighter than we would want. And most of that was driven by project bookings. And so what we've seen is a bit of a slowdown in project bookings over the last two to three quarters. We have good visibility to project bookings on the forward look, and we're pretty excited about the order rate as we look in the back half of the year.

本季的預訂量比我們預期的要少一些。其中大部分是由專案預訂推動的。因此，我們看到過去兩到三個季度專案預訂量有所放緩。我們對未來專案預訂情況有很好的了解，並且對下半年的訂單率感到非常興奮。

With that said, the margins are at the gross level -- gross margin levels are accretive to what we see at FCD. We like what we can do there. The aftermarket business remains incredibly strong. And so we're seeing good MRO work, good aftermarket at really high margins. And we feel like we can pull through a lot of the Mogas product on the back of the Flowserve network and certainly our QRC network.

話雖如此，利潤率處於毛利率水平——毛利率水平相對於我們在 FCD 看到的水平有所增加。我們喜歡在那裡做的事情。售後市場業務依然保持強勁勢頭。因此，我們看到了良好的 MRO 工作、良好的售後市場以及非常高的利潤率。我們覺得，借助 Flowserve 網路以及 QRC 網絡，我們可以銷售大量 Mogas 產品。

From an integration standpoint, it's progressing ahead. In fact, we're ahead of pace in terms of some of the cost-out actions that we identified early on, and we feel confident in our ability to deliver our synergy target number as well as being accretive to earnings in the first year.

從整合的角度來看，它正在向前發展。事實上，我們在早期確定的一些成本削減行動方面已經取得了領先，並且我們有信心能夠實現協同效應目標，並在第一年增加收益。

Yeah. And the only other thing that I'll point out to what Scott added on synergies is just the acceleration of those synergies and getting up to run rate levels is part of the first half back half story for us from an earnings perspective. And so we're seeing that play out with Mogas being accretive to earnings in the first quarter, and we can continue to think that, that will accelerate over the course of 2025.

是的。關於史考特在綜效方面所增加的內容，我要指出的唯一另一件事是，從獲利角度來看，這些協同效應的加速和運行率水準的提高只是我們前半部分故事的一部分。因此，我們看到 Mogas 在第一季的獲利有所成長，我們可以繼續認為，這一成長將在 2025 年加速。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

I guess, starting off with a question on the visibility into the project pipeline. I think typically, when you're booking project orders, those projects are fairly advanced. And so if you were to see a drop off in project orders. it probably does happen in the first quarter, it doesn't happen in the second quarter. It might not even happen in the third quarter of this year, but maybe a bit further out. Do you guys have visibility to those projects that might turn into orders for Flowserve of 6, 12, 18 months ahead? And is that where you would see project pushouts if they were to occur?

我想，首先要問的是有關專案流程可見度的問題。我認為通常情況下，當您預訂項目訂單時，這些項目已經相當先進了。因此，如果您發現項目訂單數量下降。這可能確實會發生在第一季度，但不會發生在第二季度。這也許不會在今年第三季發生，但也許會更遠。你們是否了解那些可能在未來 6、12、18 個月內轉化為 Flowserve 訂單的項目？如果專案延遲發生，您會看到這種情況嗎？

Yeah. I think it's a really good point. And again, I want to reemphasize what Amy said, a lot of our projects are outside of the US, and we're well positioned to manufacture that work with our global footprint and manufacturing presence outside the US.

是的。我認為這確實是一個好觀點。我想再次強調艾米所說的話，我們的許多項目都在美國以外，而且我們完全有能力憑藉我們的全球影響力和在美國以外的製造基地來完成這項工作。

But to your point on timing, it's a really good one. And so when we think about project visibility in the second quarter and even into the third quarter. A lot of those projects have already received FID and they're well, well down the line of engineering, procurement and construction. And so unwinding that project, pausing that project, we really don't ever see that. Even in the COVID downturn, you don't see a whole lot of that.

但就您提到的時機而言，這確實是一個很好的時機。因此，當我們考慮第二季甚至第三季的專案可見度時。許多項目已經獲得最終投資決定，並且工程、採購和施工階段進展順利。因此，取消該項目、暫停該項目，我們真的從未見過這種情況。即使在新冠疫情導致的經濟低迷時期，你也不會看到太多這樣的情況。

And so our funnel for kind of Q2 and Q3 would remain kind of as is. And obviously, we're competing for that work and we'll put our best foot forward. But we're very confident in that visibility in moving those projects forward.

因此，我們針對第二季和第三季的漏斗將保持原樣。顯然，我們正在競爭這項工作，我們將盡最大努力。但我們對於推動這些項目向前發展的可見性非常有信心。

The FID decisions that could be made in the second quarter or potentially delayed given some of the global environment would impact our bookings in 2026 and maybe even in 2027. But again, we haven't seen that at this point. We typically will get kind of a one year out visibility for these large projects. We'll get a little bit on the commentary from some of our larger customers. They'll talk about it in earnings calls or investor presentations, but it's difficult for us to see that type of visibility beyond kind of a 1 year.

鑑於全球環境的影響，FID 決策可能會在第二季做出，或者可能會被推遲，這將影響我們 2026 年甚至 2027 年的預訂量。但目前我們還沒有看到這一點。對於這些大型項目，我們通常會獲得一年的可見性。我們將聽取一些大客戶的評論。他們會在收益電話會議或投資者演示中談論這個問題，但我們很難看到一年以後的這種可見性。

Now the one market that is a little bit different would be nuclear. We get very, very long visibility into our nuclear orders. We'll typically start to track those projects two years, maybe two and a half years before we would get the order. And because of it's such a long nature type. And I'm talking about really about nuclear power generation, so big traditional nuclear power plants.

現在稍微不同的一個市場是核能市場。我們對核訂單的了解非常長。我們通常會在接到訂單前兩年，甚至兩年半開始追蹤這些項目。而且因為它是一種如此長的自然類型。我真正談論的是核能發電，也就是大型傳統核電廠。

So we'll get strong visibility for up to two years there. That funnel is still incredibly robust, and we still feel that we're going to continue to have outsized nuclear bookings as we go forward. And those obviously are dependent on governments and energy security, and I really don't see those trends changing as we go forward.

因此，我們將在那裡獲得長達兩年的強大知名度。這個管道仍然非常強勁，我們仍然覺得，隨著我們前進，我們將繼續擁有超額的核訂單。這些顯然取決於政府和能源安全，而且我確實不認為這些趨勢會隨著我們的前進而改變。

Yeah. And the other thing that I just comment on the nuclear funnel, Nathan, which is is comforting in uncertain times is we've had 3 quarters in a row over $100 million of nuclear bookings. And that does impact the amount of our backlog that ships within the next 12 months. So it starts to provide us visibility into revenue, not just in the current year, but in upcoming years. And I think particularly environments -- in environments like this, it's a nice piece of business to have.

是的。內森，關於核能漏斗，我剛才評論的另一件事是，在不確定的時期，令人欣慰的是，我們已經連續三個季度獲得超過 1 億美元的核能訂單。這確實會影響我們未來 12 個月內出貨的積壓數量。因此，它開始讓我們了解收入狀況，不僅是今年的收入，還有未來幾年的收入。我認為特別是在這樣的環境中，這是一件好事。

Excellent. I guess second question on -- I guess this is on tariffs. You said $90 million to $100 million of gross unmitigated impact. Can you talk about what you intend to offset with price and what you intend to offset with other supply chain initiatives or manufacturing initiatives?

出色的。我想第二個問題是關於關稅的。您所說的未緩解影響總額為 9,000 萬至 1 億美元。您能談談您打算用價格來抵消什麼，以及您打算用其他供應鏈計劃或製造計劃來抵消什麼嗎？

Sure. Yeah. I'll just let me make sure folks understand. So it's $90 million to $100 million of gross tariff impact that's unmitigated, and that's the annualized number. In our headquarters here that we -- we watch very carefully because that number has changed a lot over the last month and a half.

當然。是的。我只是想確保大家能夠理解。因此，未減輕的總關稅影響為 9,000 萬至 1 億美元，這是年化數字。在我們這裡的總部，我們非常仔細地觀察，因為這個數字在過去一個半月裡發生了很大的變化。

And then what we do is also track the activities toward mitigating that. And so obviously, price is a big lever there. We think prices could mitigate potentially half of that. And then we're really deliberately working through those supply chain actions to make sure that we're repositioning the supply chain to the lowest tariff impacted country or potentially moving that into the region where there is no tariff impact.

然後，我們所做的也是追蹤緩解這種情況的活動。顯然，價格是一個很大的槓桿。我們認為價格可能會減輕其中的一半。然後，我們確實在刻意地透過這些供應鏈行動，以確保我們將供應鏈重新定位到受關稅影響最低的國家，或可能將其轉移到沒有關稅影響的地區。

And then secondly is the repositioning of the manufacturing that I talked about earlier, we feel like with our vast manufacturing network, we've got a bit of a competitive advantage to move things around the world and reposition them where we need to. And so I think that's actually an opportunity in this dynamic time to win a little bit more work and take some market share given our presence in the region.

其次是我之前談到的製造業的重新定位，我們覺得憑藉我們龐大的製造網絡，我們在將產品運往世界各地並重新定位到我們需要的地方方面具有一定的競爭優勢。因此，我認為這實際上是一個機會，在這個充滿活力的時代，我們可以憑藉在該地區的地位贏得更多的工作並佔據一些市場份額。

And then finally, I would just say, I want to touch on 80-20 and while it might not be obvious that, that would be a help here. Any time you're reducing the complexity in your portfolio, it allows us to focus on the areas that make the biggest impact. And so when we talk about moving supply chain or repositioning some of that assembly, we're really talking about our Quad 1 products.

最後，我想說的是，我想談談 80-20，雖然這可能不是很明顯，但這會有所幫助。只要你降低投資組合的複雜性，我們就能集中精力於那些影響最大的領域。因此，當我們談論轉移供應鏈或重新定位部分組裝時，我們實際上是在談論我們的 Quad 1 產品。

And now that's dramatically a much shorter list dramatically less complexity than what we've had in the past, and it allows us to move with speed as we're doing some of this repositioning. So we feel very good about our ability to mitigate. Obviously, we're leveraging trade agreements as well. And so there's been a lot of work on just making sure that all of our coding is in the right place and making sure that we can capitalize on those trade agreements.

現在，這個清單比我們過去的清單要短得多，複雜性也低得多，這使我們能夠在進行一些重新定位時快速行動。因此，我們對我們的緩解能力感到非常滿意。顯然，我們也在利用貿易協定。因此，我們做了大量工作，以確保所有編碼都位於正確的位置，並確保我們能夠利用這些貿易協定。

And so we feel that the combination of efforts does allow us to fully mitigate the impact. We think the timing could be a little bit mismatched as we work through the quarters. But overall, for the full year of 2025 -- and we said this in the prepared remarks, we feel like we can mitigate the full $90 million to $100 million.

因此，我們認為，透過共同努力確實可以讓我們完全減輕影響。我們認為，隨著我們各季度的工作進展，時間可能會有點不匹配。但總體而言，對於 2025 年全年而言——我們在準備好的發言中也說過這一點——我們覺得我們可以將全部損失控制在 9,000 萬美元到 1 億美元之間。

And Nathan, just to double down on one point with core or 80-20 and other sort of benefits from the way we run the business through the Flowserve business system we see playing out over the year. When we reiterated guidance, we're reiterating our margin expansion as well for the full year. And so we said in February, 100 basis points of operating margin expansion year-over-year. Our Q1 operating margin performance was actually 100 basis points better our full year 2024 operating margin performance. So we feel like we've got a really strong start to the year from that perspective.

內森，我只想強調一點，即核心或 80-20 以及其他方面的好處，這些好處是我們透過福斯業務系統經營業務的方式在一年內取得的。當我們重申指引時，我們也重申了全年利潤率的擴大。因此我們在二月表示，營業利潤率年增 100 個基點。我們第一季的營業利潤率表現實際上比 2024 年全年營業利潤率表現高出 100 個基點。因此，從這個角度來看，我們覺得今年的開局非常強勁。

Now what I will say is as we look at tariffs, there is a bit of a disparity in terms of our segments that are impacted. So a higher proportion of our tariff exposure is actually on the flow control side of the business, the valve side of the business than on as we look at margin expansion playing out over the course of the year, we may see valves being slightly more pressured than pumps in this area.

現在我想說的是，當我們考慮關稅時，受影響的細分市場存在一些差異。因此，我們的關稅風險敞口中，實際上有更高比例是在業務的流量控制方面，即閥門方面，而當我們觀察全年利潤率的擴張時，我們可能會發現閥門在這一領域的壓力略大於泵。

And just a quick clarification. The timing being a bit mismatched would imply that there's a bit of margin pressure in the second quarter and a bit less in second half.

我只是簡單澄清一下。時間上有點不匹配意味著第二季利潤率會有點壓力，而下半年利潤率會稍微小一些。

I would consider the margin pressure to be more between the third and fourth quarters. So I think second quarter, as we look at our backlog, a lot of that is going to be fulfilled with materials that are in inventory already. And so really, the second half, I think, is where we see more pressure coming in and that price mismatch probably occurring more between the third and fourth quarters.

我認為第三季和第四季之間的利潤壓力會更大。因此，我認為第二季度，當我們查看積壓訂單時，許多訂單將透過已有庫存的材料來滿足。因此，我認為下半年我們將面臨更多壓力，價格錯配可能更多地發生在第三季和第四季之間。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

This is David Ridley Lane on for Andrew Obin. Last quarter, you said that inventory positions at your distributors were at pretty normal levels. Wondering if you saw any prebuy activity from your distributors maybe ahead of the March price actions.

大衛‧里德利‧萊恩 (David Ridley Lane) 為安德魯‧奧賓 (Andrew Obin) 報道上個季度，您說分銷商的庫存狀況處於相當正常的水平。想知道您是否看到分銷商在三月價格行動之前有任何預購活動。

Sure. We'll talk about our distributors, and these would be the stocking distributors that are primarily in the valve business, but we have a little bit of this in pumps and our mechanical seals. They have been under a lot of pressure on inventory management over the last one and a half years. And so we really didn't see a whole lot of prebuying. We know there is a little bit of it with a few of our distributors but really nothing material and no big boost to kind of the February or March bookings levels through that distribution channel.

當然。我們將討論我們的經銷商，這些是主要從事閥門業務的庫存分銷商，但我們在泵浦和機械密封方面也有少量業務。過去一年半來，他們在庫存管理方面承受著很大的壓力。因此我們確實沒有看到大量的預購。我們知道我們的一些經銷商存在一些問題，但實際上沒有什麼實質影響，也沒有對透過該分銷管道的 2 月或 3 月的預訂量產生很大的推動作用。

Understood. And then do you see any need to add to your capacity as you are seeing these elevated nuclear orders continue? And maybe would you need to add to capacity on some of the more specialized LNG or power generation projects, which are?

明白了。那麼，隨著核訂單不斷增加，您是否認為有必要增加產能？也許您需要增加一些更專業的液化天然氣或發電項目的產能，對嗎？

Sure. We're blessed and cursed with a large roof line. And so at this point, we don't see any scenario where we need to add incremental roofline. In fact, we're continuing to take roofline out of the global network. With that said, there are a lot of things that we can do to expand capacity within the sites that we have. And so obviously, we've got dedicated nuclear facilities to support the rigid quality plans that are required in the nuclear product space. And in those sites, we are looking to expand that capacity.

當然。擁有這麼大的屋頂線，我們既有福氣，也有禍患。因此，目前為止，我們沒有看到任何需要增加增量屋頂線的情況。事實上，我們正​​在繼續將 Roofline 從全球網路中剔除。話雖如此，我們仍然可以做很多事情來擴大現有站點的容量。顯然，我們擁有專門的核設施來支援核子產品領域所需的嚴格品質計劃。在這些站點，我們正在尋求擴大容量。

But we can do that with minimal investment. It's more through process change and staffing effectively. And a lot of that work really relies more on the front end with your project management and your engineering. And so we've got a pretty good view of forward product demand. We'll ensure that we can continue to increase capacity more through our operational excellence program as part of the Flowserve business system than needing to drive incremental roofline or add facilities into the network.

但我們可以用最少的投資來做到這一點。這更多是透過流程變革和人員配備來實現的。很多工作實際上更依賴專案管理和工程的前端。因此，我們對未來產品需求有相當好的了解。我們將確保透過作為福斯業務系統的一部分的卓越營運計劃繼續提高產能，而不是需要增加屋頂線或在網路中添加設施。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

So maybe I'll start. The 3D bookings, obviously, have a lot of momentum here. How do you square that with like some of the actions taken from a policy standpoint. I think recently, DOE is same like cutting something like $10 billion in funding for clean energy projects spanning carbon capture and hydrogen and some of the stuff that you've been doing very well and at customers that you serve. So how do you see that interplay?

所以也許我會開始。顯然，3D 預訂在這裡有著很大的發展勢頭。從政策角度來看，您如何將其與所採取的一些行動相協調？我認為最近，美國能源部削減了大約 100 億美元的清潔能源項目資金，這些項目涵蓋碳捕獲和氫氣以及你們在為客戶服務方面做得非常好的一些項目。那麼您如何看待這種相互作用？

Sure. Those would all fall in our decarbonization line. We continue to see a lot of activity around decarbonization. I would say, it's changing. The mix is changing a bit in terms of less focus on kind of the things that were further out like a green hydrogen. But we're seeing continued support for carbon capture.

當然。這些都屬於我們的脫碳路線。我們繼續看到圍繞脫碳的大量活動。我想說，它正在改變。這種混合物正在發生一些變化，因為我們不再關注綠氫等更遠的東西。但我們看到對碳捕獲的持續支持。

And obviously, Europe has been a big rig proponent of the energy transition type bookings or the decarbonization type bookings. But the US activity hasn't changed either. And so I think companies are pretty focused on reducing their carbon footprint and ensuring that their assets are running at a reasonably clean type level.

顯然，歐洲一直是能源轉型型預訂或脫碳型預訂的大力支持者。但美國的活動也沒有改變。因此我認為公司非常注重減少碳足跡並確保其資產以合理清潔的水平運作。

And so we haven't seen any slowdown in our forward funnel there. We have seen some projects come off the list that were never economical or never were going to make a whole lot of sense. So I'd say even for US decarbonization activity, we still think that moves forward.

因此，我們沒有看到前向漏斗出現任何放緩。我們已經看到一些項目從名單上消失了，因為它們從來就不經濟，或者根本沒有太大意義。因此我想說，即使對於美國的脫碳活動來說，我們仍然認為它會向前發展。

I'd just say we also have LNG within our decarbonization lane. And obviously, the rhetoric in the United States very, very promotional around natural gas and around the LNG export side. And so we feel pretty good about the visibility to LNG projects globally, but certainly kind of a resurgence in the US LNG activity.

我想說的是，我們的脫碳路線內也有液化天然氣。顯然，美國非常積極地宣傳天然氣和液化天然氣出口。因此，我們對全球液化天然氣計畫的可見度感到非常樂觀，但美國液化天然氣活動肯定會出現復甦。

And then the second question on -- just I want to understand what's embedded in the guidance from a macro standpoint. I know the slide deck says you're assuming that kind of general economic conditions stay largely the same.

然後是第二個問題——我只是想從宏觀角度了解指導中包含的內容。我知道投影片上說你假設總體經濟狀況基本上保持不變。

But at the same time, I guess, you're raising prices here. It seems like you built in somewhat of a contingency on volumes going down as a result of price because the organic growth is the same despite the higher price component. So like -- is it fair to say that if macro conditions really do stay the same and you're booking like [1.1], [1.2], like under normal circumstances you'd probably be raising now?

但同時，我猜，你們正在提高價格。看起來你在某種程度上為價格導致銷售下降設定了應急措施，因為儘管價格成分較高，但有機成長率是相同的。那麼，如果宏觀條件真的保持不變，而你的籌碼量達到 [1.1]、[1.2]，那麼在正常情況下，你現在可能會升息，這樣說公平嗎？

So I think we talked a lot about our guidance range internally before today. And I'd start with saying that our strong execution in the first quarter gives us a little bit -- a lot of confidence in our ability to perform over the course of the full year.

所以我認為我們在今天之前已經在內部討論了很多關於我們的指導範圍的問題。首先我想說的是，我們在第一季的強勁執行力給了我們一點信心——對我們全年的表現能力有著極大的信心。

So we factored into our guidance is what we know today. So tariff climate as it is today, inflation is what we know today and demand signals that we're seeing through kind of the last several weeks. We also considered our risks and opportunities, and we feel like we have a very clear path or I should say, actually pass to delivering on our original guidance. And it might help to kind of frame this within the context of what the low end of the range and what the high end of the range might look like.

因此，我們將今天所知的情況納入了我們的指導之中。因此，今天的關稅環境、通貨膨脹是我們今天所知道的，而需求訊號是我們在過去幾週看到的。我們也考慮了我們的風險和機遇，我們覺得我們有一條非常清晰的道路，或者我應該說，實際上已經轉向實現我們最初的指導。這可能有助於在範圍的低端和高端的背景下對此進行框架化。

So if we were to deliver at the low end of our range, which still, by the way, provides 18% earnings growth year-over-year for Flowserve, that would include some mismatch in tariff impact and mitigating actions over the course of the year and it might include some level of demand destruction in the back half of the year.

因此，如果我們按照預期的低端交付產品，那麼，順便說一句，這仍將為福斯帶來 18% 的同比增長，這將包括全年關稅影響和緩解措施方面的一些不匹配，並且可能包括下半年一定程度的需求破壞。

Delivering at the high end of the range means that we execute well on our mitigation actions. And we continued the strong book-to-bill business that we've seen in the first quarter of the year and into April, and we see continued momentum under the Flowserve business system with both operational excellence and the 80-20 activities.

達到高端水準意味著我們能夠很好地執行緩解措施。我們延續了今年第一季和四月看到的強勁訂單出貨比業務，我們看到福斯業務系統憑藉卓越營運和 80-20 活動繼續保持成長勢頭。

I think either way, we're going to see margin expansion year-over-year. And I would say the other wildcard out there is certainly around FX. The current environment. And when I say current, I'll say, the last week has been very favorable. Obviously, that's been volatile as well. But the US dollar remaining at relatively weak levels in comparison to the first quarter could be a tailwind as well.

我認為無論如何，我們都會看到利潤率逐年擴大。我想說，另一個未知因素肯定與外匯有關。當前環境。當我說目前時，我會說，上週的情況非常有利。顯然，這也是不穩定的。但與第一季相比，美元仍處於相對疲軟的水平，這也可能是個順風。

Yeah. So just to reiterate what Amy said, this is -- we put the guidance out there, given everything that we know today, Obviously, this is a very dynamic environment. But right now, we feel very confident that we can deliver. And as a reminder, that guidance for 2025 is 18% higher on the low end and 25% higher on the high end, which would be outstanding performance in any operating environment. And so we'll monitor the next 90 days here, and we'll get a chance to talk about guidance at the end of our second quarter. And if things change, we'll certainly update the guidance to reflect those changes.

是的。因此，我重申艾米所說的話，這是——根據我們今天所知道的一切，我們提出了指導意見，顯然，這是一個非常動態的環境。但現在，我們非常有信心能夠實現這個目標。需要提醒的是，2025 年的預期低端高出 18%，高端高出 25%，這在任何營運環境下都是出色的表現。因此，我們將在這裡監控接下來的 90 天，並有機會在第二季末討論指導。如果情況發生變化，我們肯定會更新指南以反映這些變化。

Saree Boroditsky, Jefferies.

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑弗里斯 (Jefferies)。

This is James on for Saree. I wanted to understand 1Q and 2Q dynamic a little bit more here. So you talked about strong backlog conversion in the quarter, that is kind of impacting the like spread between 1Q and 2Q. So can you talk about what drove the strong conversion? I think you talked about there wasn't really a prebuy. So I just wanted to understand why there was such a strong conversion in backlog.

這是詹姆斯為紗麗 (Saree) 拍攝的。我想在這裡進一步了解 1Q 和 2Q 的動態。所以您談到了本季強勁的積壓訂單轉換，這在某種程度上影響了第一季和第二季之間的差距。那麼，您能談談是什麼推動了這種強勁的轉變嗎？我認為您談到實際上沒有預購。所以我只是想了解為什麼積壓訂單的轉換率如此之高。

Sure. So it really -- the conversion in backlog was really around things that were already in backlog entering the year in our more engineered business. So just continuing to well from an operational excellence perspective, hitting milestones, delivering kind of what we say we're going to do for our customers or in some cases, even overdelivering in those instances. And I think that this is really just an indication that operational excellence is in a really good place within our platforms, and that's really the conversion that we saw in the first quarter.

當然。因此，積壓訂單的轉換實際上是圍繞著我們更加工程化的業務中進入今年以來已經積壓的訂單進行的。因此，從卓越營運的角度來看，我們只要繼續做得好，達到里程碑，實現我們為客戶承諾的目標，或者在某些情況下，甚至超額完成目標。我認為這實際上表明我們的平台的卓越運作處於非常好的位置，而這正是我們在第一季看到的轉變。

Got it. And I guess I wanted to touch on the margin side a little bit more. So I think -- going into the year, I think you were expecting FCD to show little bit better margin expansion compared to FPD, but it seems like FPD can perform better in the quarter. So how should we think about the margin expansion in each segment?

知道了。我想我想再多談談邊緣方面的問題。所以我認為——進入今年，我認為您預計 FCD 的利潤率擴張會比 FPD 略好一些，但看起來 FPD 在本季度的表現會更好。那我們該如何看待各個細分領域的利潤擴張呢？

Sure. So FPD has been on a really great run. The results that we posted in the first quarter of this year, the best that we've seen since that segment has been in existence as it is today. So we really can't say enough about the performance from that segment. And we think there's still more gas in the tank there.

當然。因此，FPD 的運作確實非常順利。我們在今年第一季公佈的業績是自該階段以來我們所見過的最好的業績。因此，我們真的無法充分評價該部分的表現。我們認為油箱裡還有更多的汽油。

So we're just starting to see the benefits of 80-20 come through the system there. They continue to focus on operating and operational excellence under the Flowserve Business System and delivering on the benefits of that as well. They've also seen a strong mix benefit in the numbers with really the focus on growing the aftermarket and investing in the right type of engineer to order projects.

因此，我們才剛開始看到 80-20 的優勢透過該系統顯現出來。他們繼續專注於福斯業務系統下的卓越營運和運營，並實現其帶來的好處。他們還看到了數字上強勁的混合效益，真正注重的是擴大售後市場和投資合適的工程師來訂購專案。

And so we think there's still more room above the levels that we saw in Q1. And we're at our long-term target levels for 2027, we're going to continue to try and surpass those and determine what we think is the art of the possible in terms of margin performance in FPD.

因此，我們認為，與第一季的水平相比，仍有更大的成長空間。我們已達到 2027 年的長期目標水平，我們將繼續努力超越這些目標，並確定我們認為 FPD 利潤率表現方面可能實現的目標。

Turning to FCD. We have made important structural changes within FCD to bring our margins up. And under normal circumstances, we do or we would see FCD margins expanding more than FPD in the current year. And just to kind of outline what those are. It's really around footprint decisions that were made and executed in 2024. It's around the Mogas acquisition, which already is accretive at the gross margin level. And it's about really selective bidding in margins and backlog that we saw coming into 2025.

轉向 FCD。我們對 FCD 內部進行了重要的結構性變革，以提高利潤率。在正常情況下，我們確實會看到或會看到今年 FCD 的利潤率比 FPD 的利潤率增長得更多。並簡單概述一下這些是什麼。這其實與 2024 年制定和執行的足跡決策有關。這是圍繞著 Mogas 收購展開的，該收購已經提高了毛利率。我們看到，2025 年會出現利潤和積壓方面的真正選擇性投標。

The headwinds that we face are what I referenced in one of the earlier questions, which is just that the tariff impact and exposure is greater on the FCD side of the business. That's in part because they've done a nice job shifting their supply chain to low-cost countries and also manufacture more in low-cost countries in certain instances than FPD. And so as we work our way through the course of 2025, the risk around the mismatch of timing between mitigating actions, and our order delivery is greater on that side of the business.

我們面臨的阻力就是我在先前的問題中提到的，即關稅的影響和風險對 FCD 業務的影響更大。部分原因是他們成功地將供應鏈轉移到低成本國家，並且在某些情況下在低成本國家的生產量比 FPD 還要大。因此，當我們努力實現 2025 年目標時，緩解措施與訂單交付之間的時間不匹配所帶來的風險在業務方面會更大。

And then I want to finish what's a long answer to a simple question by saying, just to reiterate, we feel very good about overall margin expansion for Flowserve of 100 basis points or better in 2025, and we're going to continue to deliver that, knowing that is incredibly important to our investors.

然後，我想透過以下方式結束對一個簡單問題的長篇回答：我再重申一遍，我們對 2025 年 Flowserve 的整體利潤率擴張 100 個基點或更高感到非常滿意，而且我們將繼續實現這一目標，因為我們知道這對我們的投資者來說非常重要。

And that does conclude the question-and-answer session. I'll now turn the call back over to Brian Ezzell for any additional or closing remarks.

問答環節到此結束。現在我將把電話轉回給 Brian Ezzell，請他發表任何補充或結束語。

Great. Thank you to everyone for joining the call today. We look forward to seeing many of you at upcoming conferences and then again, when we report Q2 earnings. If you have any questions following the call, please reach out to the Investor Relations team will be happy to connect.

偉大的。感謝大家今天參加電話會議。我們期待在即將召開的會議上以及報告第二季度收益時再次見到你們。如果您在通話後有任何問題，請聯絡投資者關係團隊，我們將很樂意為您解答。

And with that, we appreciate the time. Have a great day.

我們非常感謝你們給予我們的時間。祝你有美好的一天。

Thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day.

謝謝。今天的會議到此結束。我們非常感謝您的參與。祝您有個愉快的一天。