福斯 (FLS) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Flowserve second quarter 2026 earnings call. Today's conference is being recorded.

各位大家好，歡迎參加 Flowserve 2026 年第二季財報電話會議。今天的會議將進行錄音。

At this time, I would like to turn the conference over to Mr. Brian Ezzell, Vice President of Investor Relations. Please go ahead, sir.

此刻，我想將會議交給投資人關係副總裁 Brian Ezzell 先生。先生，請開始。

Thank you, and good morning, everyone. Welcome to Flowserve's second quarter 2026 business update. I'm joined by Scott Rowe, Flowserve's President and Chief Executive Officer; and Flowserve Chief Financial Officer, Amy Schwetz. Following Scott and Amy's prepared remarks, we'll open the call for questions.

謝謝，各位早安。歡迎參加 Flowserve 2026 年第二季業務更新。今天與我一同出席的有 Flowserve 總裁暨執行長 Scott Rowe，以及 Flowserve 財務長 Amy Schwetz。在 Scott 與 Amy 的事先準備發言之後，我們將開放提問。

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.

請看投影片第 2 頁。我們的討論將包含前瞻性陳述，係基於截至今日可得之資訊。實際結果可能因風險與不確定性而有所不同。請參閱更多資訊，包括我們新聞稿、財報簡報與向 SEC 提交文件中的非 GAAP 指標說明，相關資料可於我們網站取得。

With that, I will turn it over to Scott.

接下來，我把時間交給 Scott。

Thank you, Brian, and good morning, everyone. Turning to slide 3. I'd like to begin by thanking our associates around the world for their hard work, disciplined execution, and resilience in what remains a dynamic environment. The second quarter was marked by meaningful customer bookings, solid execution and strong financial performance, building on the momentum of the Flowserve business system and durable end market demand.

謝謝你，Brian，各位早安。請看投影片第 3 頁。我想先感謝全球同仁的辛勤付出、紀律執行，以及在仍然充滿變動的環境中展現的韌性。第二季在具意義的客戶接單、穩健的執行與強勁的財務表現下告一段落，延續 Flowserve 商業系統與終端市場持續性需求所帶來的動能。

Starting off with some key highlights. Bookings were a standout in the quarter, growing double digits year-over-year to $1.35 billion. with record are bookings of almost $700 million, and adjusted operating margin expanded 70 basis points to 15.3%. That performance drove adjusted earnings per share of $0.95 and ahead of our expectations for the quarter.

先從幾項重點亮點開始。本季接單表現突出，年增達雙位數至 13.5 億美元；其中售後市場接單創新高、接近 7 億美元；調整後營業利益率擴張 70 個基點至 15.3%。上述表現帶動調整後每股盈餘達 0.95 美元，優於我們對本季的預期。

Sales came in modestly ahead of what we outlined in April, down 2% on a reported basis and down 3% on an organic basis versus the prior year period reflecting ongoing 80/20 actions and the continuing conflict in the Middle East. These results reflect the earnings power we have built over the last three years.

銷售額略高於我們在 4 月所提出的展望；以報表口徑計年減 2%，以有機口徑計年減 3%，反映持續推動 80/20 行動以及中東衝突延續的影響。這些結果展現了我們在過去三年所建立的獲利能力。

Adjusted operating margin has expanded from 9.5% in 2023 to an expected roughly 16% this year, well on the way to our 2030 target of 20%. This expansion has been enabled through operational excellence, the 80/20 program and commercial excellence, all of which are strengthening execution, reducing complexity and driving sustainable margin expansion.

調整後營業利益率已自 2023 年的 9.5% 擴張至今年預期約 16%，正穩步邁向我們 2030 年 20% 的目標。此一擴張得以實現，係透過營運卓越、80/20 計畫與商業卓越等措施，強化執行、降低複雜度並推動可持續的利潤率擴張。

With half the year behind us, we are updating our full year guidance, including modestly lowering our sales outlook due to the expected impact of the conflict in the Middle East in raising the low end of our adjusted EPS guidance range to reflect strong year-to-date performance and confidence in back half earnings. Taken together, I'm incredibly pleased with the performance in the second quarter and encouraged by the continued progress we are making.

在上半年已過之際，我們更新全年指引：由於預期中東衝突的影響，我們小幅下調銷售展望；同時，基於年初至今的強勁表現以及對下半年獲利的信心，我們上調調整後 EPS 指引區間的下緣。綜合而言，我對第二季表現感到非常滿意，也對我們持續取得的進展感到鼓舞。

Let's turn to bookings on slide 4. Bookings in the second quarter were $1.35 billion, up 26% versus the prior year period with a book-to-bill of 1.15 times.

接著看投影片第 4 頁的接單。第二季接單為 13.5 億美元，較去年同期成長 26%，接單出貨比（book-to-bill）為 1.15 倍。

We are particularly pleased to see substantial growth in both original equipment and aftermarket bookings in the quarter. The second quarter performance builds our confidence in delivering mid-single-digit organic bookings growth for the full year. Record aftermarket bookings of nearly $700 million grew 12% year-over-year and marked our ninth consecutive quarter above $600 million as our focus on expanding the aftermarket business continues to deliver results, and we drive higher capture rates across our large installed base.

我們特別高興看到本季原廠設備與售後市場接單皆大幅成長。第二季的表現提升了我們對全年達成中個位數有機接單成長的信心。售後市場接單創紀錄、接近 7 億美元，年增 12%，並連續第九季高於 6 億美元；我們持續聚焦擴大售後市場業務已見成效，並在龐大的已安裝基礎上提升攫取率。

Original equipment bookings of roughly $650 million were up 44%, supported by strong commercial activity, a healthy project funnel, MRR bookings in line with expectations, in continued momentum in Power and nuclear.

原廠設備接單約 6.5 億美元，成長 44%，受惠於強勁的商務活動、健康的專案漏斗、符合預期的 MRR 接單，以及電力與核能業務的持續動能。

We delivered this growth despite the ongoing challenges in the Middle East. The strength and breadth of our bookings this quarter reflect both the health of our end markets, and the commercial discipline we are building through the business system and particularly commercial excellence.

即便中東仍面臨持續挑戰，我們仍交出這樣的成長。本季接單的強度與廣度，反映我們終端市場的健康狀況，以及我們透過商業系統、尤其是商業卓越所建立的商業紀律。

Underpinning this momentum, our overall project pipeline remains robust and well balanced across original equipment and aftermarket giving us good visibility into elevated third quarter bookings and the back half of the year. That strength gives us confidence toward our long-term ambition of mid-single-digit organic sales growth. Importantly, our backlog also continues to grow, creating a runway for future sales growth. Backlog grew 6% sequentially and 9% versus the prior year period excluding backlog from the Trillium acquisition.

支撐此一動能的是：我們整體專案管線仍然強勁，且在原廠設備與售後市場之間配置均衡，使我們對第三季較高的接單以及下半年表現具備良好能見度。這樣的強勢讓我們對長期目標——中個位數有機銷售成長——更具信心。重要的是，我們的在手訂單（backlog）也持續成長，為未來銷售成長提供跑道。在手訂單較前一季成長 6%，若排除 Trillium 併購帶來的在手訂單，則較去年同期成長 9%。

Moving to slide 5. Growth was broad-based across end markets. In energy, bookings grew 48% in the quarter and 17% year-to-date supported by large engineered project awards, including a large LNG project in the Middle East and another large LNG project in Canada.

接著看投影片第 5 頁。各終端市場的成長相當廣泛。在能源領域，本季接單成長 48%，年初至今成長 17%，主要受大型工程專案得標帶動，包括中東一個大型 LNG 專案，以及加拿大另一個大型 LNG 專案。

We saw stronger utilization and maintenance activity across many large process facilities around the world. General Industries bookings grew 11% in the quarter and 3% year-to-date with continued strength in sectors such as pharmaceuticals and water and we anticipate seeing further growth in areas like food and beverage, pharmaceuticals, mining and agriculture.

我們看到全球許多大型製程設施的稼動率與維護活動轉強。一般工業接單本季成長 11%，年初至今成長 3%，製藥與水務等領域持續強勁；我們也預期在食品飲料、製藥、礦業與農業等領域將進一步成長。

Chemical bookings grew 7% in the quarter and 5% year-to-date, consistent with the modest gradual improvement we anticipated, including one large chemical project award in the Middle East. Power bookings grew 39% in the quarter and 7% year-to-date, driven by continued strength in both nuclear and traditional power generation.

化工接單本季成長 7%，年初至今成長 5%，符合我們預期的溫和、逐步改善趨勢，其中包括中東一個大型化工專案得標。電力接單本季成長 39%，年初至今成長 7%，主要由核能與傳統發電的持續強勁所帶動。

Notably, nuclear bookings were over $110 million in the quarter, including an award for new large reactors in Asia and several life extension awards in North America. We are encouraged by this performance, which reflects broad-based demand across existing reactors and new build activity that we expect to continue.

值得注意的是，本季核能接單超過 1.1 億美元，包括亞洲新建大型反應爐的訂單，以及北美多項延役（life extension）訂單。我們對此表現感到鼓舞，這反映既有反應爐與新建活動的廣泛需求，且我們預期此趨勢將持續。

We remain optimistic about the growth in the nuclear sector for years to come. The underlying fundamentals across our end markets remain healthy. Our 12-month project funnel expanded again this quarter, both sequentially and year-over-year.

我們對核能領域未來多年的成長仍保持樂觀。我們各終端市場的基本面依然健康。我們的 12 個月專案漏斗本季再次擴大，無論較前一季或較去年同期皆然。

The operating environment also remains favorable for continued global aftermarket growth. These trends reinforce our confidence in the durability of demand and keep us well positioned to deliver on our 2030 targets.

營運環境也仍有利於全球售後市場持續成長。這些趨勢強化了我們對需求韌性的信心，並使我們處於有利位置以達成 2030 年目標。

As noted last quarter, we believe the broader environment and recent volatility in the Middle East has the potential to drive increased investment in energy security and diversification activities globally providing another potential long-term tailwind for Flowserve. While it's too early to accurately gauge the potential size of incremental energy security investments, we believe the next few years could see more spending in areas of historical Flowserve strength like downstream refining, storage facilities, LNG and pipelines.

如同上季所提，我們認為整體環境以及近期中東的波動，可能推動全球在能源安全與多元化方面增加投資，為 Flowserve 帶來另一項潛在的長期順風。雖然目前仍難以精準評估額外能源安全投資的潛在規模，但我們認為未來幾年在 Flowserve 傳統優勢領域（如下游煉製、儲存設施、LNG 與管線）可能會有更多支出。

Our diversification within the 3D strategy has positioned the company to manage through dynamic market conditions more effectively, and we are encouraged by the bookings trends from the second quarter.

我們在 3D 策略下的多元化布局，使公司能更有效地因應動態市場環境；我們也對第二季的接單趨勢感到鼓舞。

Turning to the Middle East on slide 6. Consistent with the situation we described at the end of the first quarter, conditions in the region were a headwind in the second quarter primarily affecting operational activity at customer sites and the timing of customers' willingness to accept equipment deliveries. The pictures on this slide show pumps and valves at Flowserve facilities awaiting approval to ship into the Middle East region. We have seen no change in cancellation rates in the region, which remains immaterial.

接著看投影片第 6 頁的中東情況。與我們在第一季末所描述的情況一致，該地區的狀況在第二季形成逆風，主要影響客戶現場的營運活動，以及客戶願意接受設備交付的時點。本頁投影片的照片顯示，Flowserve 廠區內的泵與閥門正等待核准，以便出貨至中東地區。我們未見該地區的取消率有任何變化，且仍屬不具重大性。

But as you can see from the pictures, it has become more challenging to determine exactly when product deliveries may occur. Year-to-date, Middle East sales have declined approximately $60 million, an approximate 3-percentage-point headwind to organic sales. Given the nature of our installed base in the region, these headwinds are having a disproportionate impact on FCD as book and ship valve activity has slowed. While FPD has seen some negative impact related to parts and repairs, the larger project backlog in this segment continues to convert to sales. Our number one priority remains the safety of our associates across the region, and we continue to support our customers as they manage in this dynamic environment.

但如你從圖片中所見，要判斷產品交付究竟會在何時發生，已變得更具挑戰性。年初至今，中東銷售額約下降6,000萬美元，對有機銷售造成約3個百分點的逆風。鑑於我們在該地區的裝機基礎特性，隨著訂單並出貨（book-and-ship）的閥門業務活動放緩，這些逆風對FCD造成了不成比例的影響。雖然FPD在零件與維修方面受到一些負面影響，但該分部較大的專案積壓訂單仍持續轉化為銷售。我們的首要任務仍是確保該地區同仁的安全，並在這個動態環境中持續支持客戶的營運管理。

As we have done since the conflict began, we continue to be nimble in our support of our region, leveraging our global presence to best serve our Middle Eastern customers. Looking to the second half of 2026. We continue to anticipate healthy project bookings in the Middle East, though the majority is expected to come from projects that will not convert to sales in 2026. There is also further potential for some large projects originally anticipated in 2026 to push into 2027.

自衝突開始以來我們一直如此，我們持續以靈活方式支援該地區，運用我們的全球布局，以最佳方式服務中東客戶。展望2026年下半年。我們仍預期中東將有健康的專案接單，但其中大多數預計不會在2026年轉化為銷售。此外，部分原先預期於2026年的大型專案，也可能進一步延後至2027年。

Regarding the rebuilding of damaged assets, we have seen some modest restoration activity in certain customer sites, but the magnitude thus far has been limited. Our teams are working with customers and, in some cases, performing site assessments to determine the level of restoration activity that may be needed. While it is too early to know with certainty, we continue to view rebuild as an incremental bookings opportunity of approximately $50 million in late 2026 and into 2027. We will continue to work with our customers to help them restore and restart their assets as quickly as possible.

關於受損資產的重建，我們在部分客戶場址看到一些溫和的修復活動，但迄今規模仍有限。我們的團隊正與客戶合作，並在某些情況下進行現場評估，以判定可能需要的修復活動程度。雖然現在要確定仍為時過早，但我們仍將重建視為一項增量接單機會，規模約為5,000萬美元，時間落在2026年末至2027年。我們將持續與客戶合作，協助他們盡快修復並重新啟動其資產。

Looking beyond the second half of 2026 for the Middle East, we see sizable incremental opportunities in the 2027 to 2030 time frame. We're already having discussions with customers about expanding capacity and building redundancy in assets like pipelines and storage facilities, which have the potential to provide additional growth tailwinds for Flowserve as one of the leading suppliers of flow control solutions in the region with a large installed base and a long legacy of customer relationships. We believe we are prepared to respond quickly and support our customers as these opportunities develop.

若將視野延伸至2026年下半年之後的中東市場，我們在2027年至2030年的期間看到可觀的增量機會。我們已開始與客戶討論擴充產能並在管線與儲存設施等資產上建立備援；作為該地區領先的流體控制解決方案供應商之一，Flowserve擁有龐大的裝機基礎與長期客戶關係傳承，這些因素有望為我們帶來額外的成長順風。我們相信，隨著這些機會發展，我們已準備好快速回應並支援客戶。

Let's move to capital allocation on slide 7. Our intentional disciplined framework continues to guide our capital allocation decisions, balancing reinvestment in business, strategic M&A and direct returns to shareholders. We continue to see M&A as an important and attractive way to create shareholder value by growing the business, diversifying our end markets and expanding our margins.

接著看第7頁的資本配置。我們一貫且嚴謹的紀律性框架持續引導資本配置決策，在再投資於業務、策略性併購（M&A）與直接回饋股東之間取得平衡。我們仍將併購視為創造股東價值的重要且具吸引力的方式，透過擴大業務、分散終端市場並提升利潤率。

We closed the Trillium Valve Division acquisition on June 30, and I would like to extend a warm welcome to the Trillium associates around the world. We are excited for you to be part of the Flowserve team. The Trillium acquisition is fully aligned with our 3D strategy and further solidifies our ability to capitalize on the power generation megatrend. It extends our leadership in mission-critical flow control solutions enhances our service capabilities and expands our global installed base with high aftermarket entitlement.

我們已於6月30日完成Trillium閥門事業部的收購，並在此熱烈歡迎全球各地的Trillium同仁加入。我們很高興你們成為Flowserve團隊的一員。Trillium收購案與我們的3D策略完全一致，並進一步鞏固我們把握發電產業巨型趨勢的能力。此案延伸我們在關鍵任務流體控制解決方案的領導地位、強化服務能力，並以具高售後權益（aftermarket entitlement）的方式擴大我們的全球裝機基礎。

Integration of Trillium valves is underway using the Flowserve business system, including our 80/20 operating principles, which we anticipate will enhance operational performance, expand margins and allow us to serve customers with an even more powerful portfolio of products, services and aftermarket capabilities.

我們正使用Flowserve業務系統推進Trillium閥門的整合，包括我們的80/20營運原則；我們預期這將提升營運績效、擴大利潤率，並使我們能以更強大的產品、服務與售後市場能力組合來服務客戶。

In fact, we have already completed the full 80/20 data analysis. Based on this analysis and reviewing our Trillium backlog, we expect to drive meaningful margin enhancement and support our value creation objectives moving into 2027, though there will likely be some headwind to Trillium sales in 2027 given the 80/20 actions.

事實上，我們已完成完整的80/20資料分析。基於此分析並檢視Trillium的積壓訂單，我們預期在邁向2027年之際可推動顯著的利潤率提升並支持我們的價值創造目標；不過，鑑於80/20行動，2027年Trillium銷售可能會面臨一些逆風。

In the quarter, we also completed an acquisition for the remaining equity of a joint venture company in the Middle East. This modest deployment of capital further strengthens our ability to serve customers directly in the region. Beyond M&A, we also view share repurchases as an attractive use of cash when we see dislocation between our share price and our view of the company's intrinsic value.

本季我們也完成了對中東一家合資公司剩餘股權的收購。這項適度的資本投入進一步強化我們在該地區直接服務客戶的能力。除併購外，當我們看到股價與我們對公司內在價值的判斷之間出現偏離時，我們也認為庫藏股回購是具吸引力的現金運用方式。

Our healthy balance sheet, modest leverage and improving cash generation give us the flexibility to act decisively while continuing to invest in the business. combined with the consistent and reliable dividend that reflects our confidence in the durability of our cash flow, returning capital to shareholders is a core disciplined component of our framework. Year-to-date, we returned $80 million to shareholders, including $55 million of dividends and $25 million of share repurchases in the quarter at an average price of $67 per share.

我們健康的資產負債表、適度的槓桿與改善中的現金創造能力，使我們在持續投資業務的同時，仍具備果斷行動的彈性。再加上穩定可靠、反映我們對現金流韌性信心的股利政策，回饋股東是我們框架中核心且具紀律的組成。年初至今，我們已回饋股東8,000萬美元，其中包括5,500萬美元股利，以及本季以每股平均67美元回購2,500萬美元股份。

Additionally, we repurchased an incremental $25 million of shares in July. Across all of our capital allocation decisions, our focus remains squarely on creating long-term value for our shareholders. In summary, I could not be more pleased with our performance in the quarter and over the last several years. We are gaining momentum and confidence in our long-term 2030 financial targets. The business system continues to drive results and guide our decision-making.

此外，我們在7月又額外回購了2,500萬美元的股份。在所有資本配置決策上，我們的重點始終聚焦於為股東創造長期價值。總結而言，我對本季以及過去幾年的表現感到無比滿意。我們正累積動能，並對長期2030年財務目標更具信心。業務系統持續推動成果並引導我們的決策。

We are beginning to see the benefits of commercial excellence as we have just entered year two of execution.

隨著我們剛進入執行的第二年，我們開始看到商業卓越所帶來的效益。

Operational excellence continues to be a tailwind, and our facilities are performing at the highest levels in Flowserve's history. This improved productivity gives us the opportunity to drive further roofline consolidation in the years to come. We are now in the third year of portfolio excellence with many of our business units in year two of 80/20.

營運卓越仍是順風，我們的各項設施正以Flowserve歷史最高水準運作。這項生產力提升讓我們有機會在未來幾年推動進一步的廠房整併（roofline consolidation）。我們目前正進入產品組合卓越的第三年，且多數事業單位已進入80/20的第二年。

We are making thoughtful decisions around the portfolio including the divestiture of a small product line in valves that we expect to close in Q3. And you can expect more progress in the second half of 2026 and beyond as we continue to drive complexity reduction while leveraging the tailwinds in our end markets to grow the business with a stronger portfolio.

我們正就產品組合做出審慎決策，包括處分閥門業務中的一條小型產品線，預期將於第三季完成。隨著我們持續降低複雜度，同時運用終端市場的順風，以更強健的產品組合推動業務成長，你們可預期在2026年下半年及之後看到更多進展。

I'm excited about what we are doing at Flowserve and confident in our ability to continue to make significant progress in a dynamic environment.

我對Flowserve正在做的事情感到振奮，並對我們在動態環境中持續取得顯著進展的能力充滿信心。

With that, I'll turn the call over to Amy to walk through our financial results and guidance in more detail.

接下來我把電話會議交給Amy，請她更詳細說明我們的財務結果與指引。

Thank you, Scott, and good morning, everyone. Turning to income statement highlights on slide 8. Reported sales were $1.2 billion, down 2% versus the second quarter of 2025 with aftermarket sales growth of 7%, while original equipment was down 11%, primarily due to lower convertible backlog of large engineered projects. MRO sales were in line with our expectations during the quarter.

謝謝你，Scott，各位早安。接著看第8頁的損益表重點。公告銷售額為12億美元，較2025年第二季下降2%；其中售後市場銷售成長7%，而原始設備（OE）下降11%，主要因大型工程專案可轉化的積壓訂單較低。本季MRO銷售符合我們的預期。

Walking through the sales bridge versus the prior year, we delivered underlying growth of 1-percentage-point, which was offset by an estimated 2-point headwind from disruption in the Middle East and a 2-point headwind from our 80/20 portfolio actions, resulting in organic sales down 3%.

就與去年同期相比的銷售橋接來看，我們實現了1個百分點的基本面成長，但被中東擾動帶來的約2個百分點逆風，以及我們80/20產品組合行動帶來的2個百分點逆風所抵銷，使得有機銷售下降3%。

Reported sales benefited 90 basis points from acquisitions, and 80 basis points from foreign exchange rates. Both organic and reported sales modestly exceeded our expectations for the quarter. We continue to make progress on our margin objectives with adjusted gross margin expanding 100 basis points to 35.9%, our 14th consecutive quarter of year-over-year adjusted gross margin expansion and adjusted operating margin expanding 70 basis points to 15.3%.

公告銷售額受惠於併購貢獻90個基點，以及外匯匯率貢獻80個基點。本季有機與公告銷售均小幅超出我們的預期。我們在利潤率目標上持續取得進展：調整後毛利率擴張100個基點至35.9%，為連續第14季年對年調整後毛利率擴張；調整後營業利益率擴張70個基點至15.3%。

Margin expansion in the quarter was again driven by the disciplined execution of the Flowserve Business System with improved margins from 80/20 and strong operational execution, improved commercial discipline, and mix benefits more than offsetting lower volume.

本季毛利率擴張再次主要由嚴謹落實 Flowserve Business System 所帶動，80/20 帶來的毛利率改善與強勁的營運執行、商務紀律提升以及產品組合效益，均足以抵銷較低出貨量的影響。

Overall, this performance was ahead of our expectations and reflects positive incrementals on lower sales. These results drove adjusted earnings per share of $0.95, up 4% versus the second quarter of 2025.

整體而言，此表現優於我們的預期，並反映在較低銷售額下仍呈現正向的增量利潤。這些結果帶動調整後每股盈餘達 0.95 美元，較 2025 年第二季成長 4%。

Turning to slide 9. Both segments delivered strong execution and tangible progress on our full year objectives. In FPD, bookings of $938 million were up 30% versus the prior year, an exceptional result driven by strong project activity, including energy security, and industrial investments and continued aftermarket momentum as we capture more business from our large installed base.

接著看第 9 頁投影片。兩個事業部門皆展現強勁執行力，並在全年目標上取得具體進展。在 FPD，接單金額 9.38 億美元，較去年同期成長 30%，這是由強勁的專案活動所驅動的卓越成果，包括能源安全與工業投資，以及我們從龐大的已安裝基礎中取得更多業務所帶來的售後市場動能持續增強。

Sales were $814 million, down 1% versus the prior year period. Adjusted gross margin expanded 100 basis points to 37.8%, driven by mix benefits, 80/20 actions, and improved project execution. Adjusted operating income grew 4% to $173 million with adjusted operating margins up 100 basis points to 21.3%.

銷售額為 8.14 億美元，較去年同期下降 1%。調整後毛利率擴張 100 個基點至 37.8%，主要受惠於產品組合效益、80/20 行動以及專案執行改善。調整後營業利益成長 4% 至 1.73 億美元，調整後營業利益率上升 100 個基點至 21.3%。

In FCD, bookings were up 18% to $417 million, with growth across both original equipment and aftermarket. FCD saw particular strength in nuclear and energy project bookings. Sales were $357 million, down 4%, largely reflecting headwinds from the Middle East run rate business in anticipated 80/20 headwinds.

在 FCD，接單成長 18% 至 4.17 億美元，原始設備與售後市場皆有成長。FCD 在核能與能源專案接單方面表現尤為強勁。銷售額為 3.57 億美元，下降 4%，主要反映中東常態性（run rate）業務的逆風，以及預期的 80/20 逆風影響。

Adjusted gross margin expanded 30 basis points to 31.1%. Adjusted operating income was $45 million with adjusted operating margin up 40 basis points to 12.6%. Lower Middle East run rate volumes in the quarter, which we anticipate will return when the conflict subsides, along with the challenging executional environment in the region moderated FCD margin expansion.

調整後毛利率擴張 30 個基點至 31.1%。調整後營業利益為 4,500 萬美元，調整後營業利益率上升 40 個基點至 12.6%。本季中東常態性（run rate）出貨量較低（我們預期衝突緩解後將回升），加上該區域具挑戰性的執行環境，使 FCD 的毛利率擴張幅度受到抑制。

Moving to slide 10. We generated $129 million of cash from operations in the quarter, driven by higher earnings, strong working capital management and cash receipts related to IEPA tariff refund claims accrued in the first quarter. Second quarter free cash flow was 92% of adjusted net earnings, and we continue to expect full year free cash flow conversion of approximately 90% of adjusted net earnings.

接著看第 10 頁投影片。本季我們的營運活動現金流入為 1.29 億美元，主要由較高獲利、強勁的營運資金管理，以及與第一季已計提之 IEPA 關稅退稅申請相關的現金收款所帶動。第二季自由現金流為調整後淨利的 92%，我們仍預期全年自由現金流轉換率約為調整後淨利的 90%。

We expect cash flow to improve through the balance of 2026 following our typical seasonal patterns and reflecting focused working capital discipline. Our second half cash flow will include modest use of cash for our accelerated footprint realignment, including group line consolidation, which we expect will drive structural cost savings and improved operating performance over time. Additionally, in July, we received the remaining IEPA tariff cash refunds that were submitted and recognized in our first quarter results.

依循我們典型的季節性型態並反映對營運資金紀律的聚焦，預期 2026 年剩餘期間的現金流將持續改善。下半年現金流將包含為加速據點版圖調整（包括產線整併）而小幅動用現金；我們預期此舉將隨時間帶來結構性成本節省並改善營運表現。此外，我們於 7 月收到其餘 IEPA 關稅現金退稅款，該等退稅申請已於第一季提交並在第一季業績中認列。

In May, we issued $500 million of 5.7% senior notes due in 2036, with the net proceeds used to fund the Trillium acquisition, which closed on June 30. Even with the incremental debt, our balance sheet remains very healthy with net leverage of 1.8 times, providing flexibility for capital allocation.

5 月，我們發行 5 億美元、票面利率 5.7%、2036 年到期的優先票據，淨募集資金用於資助 Trillium 收購案，該交易已於 6 月 30 日完成交割。即使增加了額外負債，我們的資產負債表仍非常健全，淨槓桿倍數為 1.8 倍，為資本配置提供彈性。

Turning to our full year outlook on slide 11. As Scott covered earlier, we delivered exceptional bookings growth in the second quarter, and we continue to expect organic bookings growth of mid-single digits for the year. The complexion of our bookings has evolved. However, as the ongoing conflict in the Middle East has negatively impacted our run rate, book and ship business in the region.

接著看第 11 頁投影片的全年展望。如 Scott 先前所述，我們在第二季達成卓越的接單成長，且仍預期全年有機接單成長為中個位數。我們的接單結構已經演變。然而，中東持續的衝突已對該區域的常態性（run rate）「接單並出貨」（book and ship）業務造成負面影響。

Additionally, the strength in original equipment bookings in Q2 positions us for future sales growth. So the impact to the second half of this year is more muted based on project start dates impacted by the conflict. This dynamic is muting near-term sales conversion, even as we continue to expand the backlog and build momentum in the back half of the year and into 2027.

此外，第二季原始設備接單的強勁表現，使我們具備未來銷售成長的有利基礎。因此，由於衝突影響專案啟動時程，今年下半年所受影響相對較為溫和。即便我們持續擴大在手訂單並在今年下半年及 2027 年建立動能，這項動態仍在短期內抑制銷售轉換。

Based on these updates, we are modestly lowering our sales outlook to the low end of our previous range. We now expect organic sales growth to be down approximately 1% with roughly 300 basis points of net benefit from acquisitions and divestitures and an estimated 100 basis point benefit from foreign exchange for total sales growth of approximately 3%.

基於上述更新，我們將銷售展望小幅下修至先前區間的低端。我們目前預期有機銷售成長約為下滑 1%，併購與處分合計帶來約 300 個基點的淨正面效益，外匯估計帶來約 100 個基點的正面效益，使總銷售成長約為 3%。

We are also raising the low end of our adjusted earnings per share guidance to $4.05 to $4.20, reflecting our continued confidence in delivering another year of double-digit adjusted EPS growth. Our remaining 2026 guidance assumptions are largely unchanged, and we continue to expect full year adjusted operating margin expansion of approximately 100 basis points. This Trillium acquisition is expected to expand adjusted operating profit dollars in 2026 and be roughly neutral to adjusted earnings per share when factoring in incremental financing costs. Approximately 85% of Trillium sales will reside in FCD with the remaining 15% of pump aftermarket business in FPD starting in the third quarter.

我們也將調整後每股盈餘指引的低端上調至 4.05 至 4.20 美元，反映我們對於再度實現調整後 EPS 兩位數成長的持續信心。我們其餘 2026 年指引假設大致不變，並仍預期全年調整後營業利益率擴張約 100 個基點。Trillium 收購案預期將在 2026 年擴大調整後營業利益金額；若將新增融資成本納入考量，對調整後每股盈餘的影響大致為中性。自第三季起，約 85% 的 Trillium 銷售將歸屬於 FCD，其餘 15% 的泵浦售後市場業務將歸屬於 FPD。

Transitioning to slide 12, and we expect year-over-year performance to accelerate in the second half of the year with organic sales growth of approximately 5%, driven by a larger backlog, continued aftermarket strength and steady MRO performance, and increasing project activity. We anticipate the 80/20 headwind in the first half will abate through the remainder of the year. Our back half sales outlook also contemplates similar performance in the Middle East, given the ongoing conflict.

接著看第 12 頁，我們預期下半年年對年表現將加速，有機銷售成長約 5%，主要由更大的在手訂單、售後市場持續強勁與穩健的 MRO 表現，以及專案活動增加所帶動。我們預期上半年 80/20 的逆風將在今年剩餘期間逐步消退。我們對下半年銷售的展望亦假設中東表現與目前相近，鑑於衝突仍在持續。

We anticipate Trillium sales will also benefit back half reported growth as we deliver from the acquired backlog while implementing 80/20 portfolio actions. We expect to expand adjusted operating margins in the back half, driven by top line growth and the associated operating leverage and the ongoing benefits from the Flowserve Business System, partially offset by the margin profile of the Trillium business backlog expected to convert to sales in the second half of the year.

我們也預期 Trillium 的銷售將在下半年帶動已報告的成長，因我們將交付所收購的在手訂單，同時推動 80/20 組合調整行動。我們預期下半年調整後營業利益率將擴張，主要由營收成長及其帶來的營運槓桿、以及 Flowserve Business System 的持續效益所驅動；但部分將被 Trillium 業務在手訂單（預期於下半年轉為銷售）的毛利率結構所抵銷。

Looking at the third quarter outlook, we anticipate roughly flat organic sales growth and mid-single-digit total sales growth. Third quarter adjusted operating margins are expected to expand modestly from Q2 and while net earnings are expected to be similar to Q2, including the impact of the higher tax rate.

就第三季展望而言，我們預期有機銷售成長大致持平，總銷售成長為中個位數。第三季調整後營業利益率預期將較第二季小幅擴張；而淨利預期與第二季相近，並包含較高稅率的影響。

Turning to slide 13. In closing, we are proud of our strong second quarter results, particularly securing orders to underpin future revenue growth and the solid execution across the business. We remain firmly on track to deliver double-digit adjusted EPS growth in 2026 and make continued progress towards our 2030 financial targets.

接著看第 13 頁。最後，我們對第二季的強勁成果感到自豪，特別是取得訂單以支撐未來營收成長，以及全公司穩健的執行表現。我們仍堅定按計畫在 2026 年實現調整後 EPS 兩位數成長，並持續朝 2030 年財務目標邁進。

I want to thank our associates around the world for their continued dedication. We are confident in the near and long-term opportunities across our business and in our ability to create value for our stakeholders.

我要感謝全球同仁持續的投入與奉獻。我們對於本業務在短期與長期的機會，以及為利害關係人創造價值的能力，充滿信心。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Andy Kaplowitz, Citi Group.

(接線員指示) Andy Kaplowitz，花旗集團。

Scott, so first half bookings growth actually turned out to be high single digits. So the bar for the second half to get to mid-single digits isn't that high, but maybe you could help us dissect what actually happened in Q2 in terms of the acceleration you saw in power, energy and general industrial. I think we all understand power, but with the energy acceleration, mostly the two LNG projects you mentioned? Or would you call it more broad-based across your energy businesses? Do you think your general industrial momentum is sustainable and can Flowserve actually end up delivering, let's call it, mid-single-digit plus bookings growth in '26 of the Middle East conflict were to be resolved?

Scott，上半年接單成長實際上達到高個位數。因此，下半年要達到中個位數的門檻其實不高，但也許你可以協助我們拆解第二季實際發生了什麼，尤其是你在電力、能源與一般工業看到的加速。我想大家都理解電力，但能源的加速主要是你提到的那兩個 LNG 專案嗎？還是你會說在你們的能源相關業務中更為廣泛、較具全面性？你認為一般工業的動能是否可持續？如果中東衝突得以解決，Flowserve 是否最終可能在 2026 年交出（姑且稱之為）中個位數以上的接單成長？

Yes. No, great question, Andy. And let me just start and I'll start at the very end there, saying that we are confident on the mid-single-digit bookings growth for the full year. We're currently at 8% year-to-date. And so our setup looks really good to deliver Q3 and Q4 in line with that.

是的。不，這是個很好的問題，Andy。我先從最後一點開始說，我們對全年訂單（bookings）中個位數中段成長充滿信心。我們目前年初至今為 8%。因此，我們的布局看起來非常好，能在第三季與第四季達成與此一致的表現。

Just breaking down the quarter on bookings, I really want to start with record aftermarket bookings, nearly $700 million. It's a great outcome for our teams. I've continued to say this on our earnings calls, the team focus on aftermarket has been fantastic.

若拆解本季的訂單表現，我想先從創紀錄的售後市場訂單談起，接近 7 億美元。這對我們團隊而言是很棒的成果。我在法說會上也持續提到，團隊對售後市場的聚焦一直非常出色。

And we use the mantra of speed wins and making sure that we can quote our customers quickly. Our QRCs are in the neighborhood of where they need to be in terms of operating and supporting our customers and then we deliver incredibly fast. And so we're going to continue to refine those processes. We're going to continue to do more to drive services and solutions for our customers. And we feel good about our ability to continue to sustain growth of the aftermarket business in that franchise.

我們秉持「速度致勝」的口號，並確保能快速為客戶報價。就營運與支援客戶而言，我們的 QRC（快速回應中心）大致已達到應有水準，接著我們交付也非常迅速。因此，我們會持續精進這些流程。我們也會持續做更多事情，為客戶推動服務與解決方案。而且我們對於在該特許經營領域持續維持售後市場業務成長的能力感到樂觀。

And so I think that's probably the single biggest highlight. But then maybe going to some of the end markets and projects that you asked about specifically. In the quarter, we had four larger projects and larger being greater than $20 million. Two of those were in the Middle East. We had two LNG projects, one Middle East, one in Canada.

所以我認為這大概是最重要的亮點。接著談到你特別問到的一些終端市場與專案。本季我們有四個較大型專案，所謂「較大型」是指超過 2,000 萬美元。其中兩個在中東。我們有兩個 LNG（液化天然氣）專案，一個在中東、一個在加拿大。

We had a large nuclear award in Asia region. And so we're excited about continuing to do over $100 million of nuclear and then we had the fourth award was another Middle Eastern project.

我們在亞洲地區拿到一個大型核能訂單。因此我們很期待能持續在核能領域做到超過 1 億美元，另外第四個得標則是另一個中東專案。

And so I'd say, healthy on the large projects, but definitely not an over rotation. And then -- so that goes back to your point, we feel reasonably good about the sustainability of the end markets across the board. All of our end market sectors showed growth in the quarter and both year-on-year and sequentially. And so -- we feel really good about our ability to look forward. With that said, our project pipeline is up year-to-date and sequentially.

所以我會說，大型專案方面是健康的，但絕對不是過度偏重。而且——回到你提到的重點，我們對各終端市場整體的可持續性抱持相當正面的看法。我們所有終端市場部門本季都呈現成長，無論是年對年或季對季。因此——我們對未來展望的能力感到非常有信心。話雖如此，我們的專案管線（pipeline）年初至今以及相較前一季都有所增加。

And so that gives us good visibility into Q3 and Q4. And so today, we feel confident about the mid-single-digit growth into 2026. And then that obviously provides a really nice backdrop for 2027 and achieving that mid-single-digit revenue growth in the 2027 time frame.

因此，這讓我們對第三季與第四季有良好的能見度。所以目前我們對 2026 年的中個位數成長充滿信心。而這顯然也為 2027 年提供了很好的背景，有助於在 2027 期間達成中個位數的營收成長。

Good color. And then FCD margin improvement, as you know, continues to lag FPD improvement. And I think we understand the weakness in the Middle East is hurting absorption in FCD. But is there anything else going on in FCD besides just under absorption the needs correcting. And what's your confidence level in the second half FCD ramp in margin. Are you assuming -- are you still assuming FCD margin improvement could exceed FPD? Or should -- is that now not in guidance?

說明得很清楚。接著談 FCD 的利潤率改善，如你所知，仍持續落後於 FPD 的改善。我想我們理解中東的疲弱正在傷害 FCD 的吸收率（absorption）。但除了吸收不足之外，FCD 還有沒有其他需要修正的問題？以及你對下半年 FCD 利潤率爬升的信心程度如何？你們是否仍假設——FCD 的利潤率改善可能會超過 FPD？或者——這現在已不在指引之內？

Yes. So I think that in terms of FCD margin improvement, we remain confident that we've taken the actions that are necessary to improve their margins absent the Middle East that we would have seen over 100 basis points of improvement from FCD in the quarter.

是的。我認為就 FCD 利潤率改善而言，我們仍有信心：我們已採取必要行動來改善其利潤率；若不考慮中東因素，本季 FCD 的改善本可超過 100 個基點。

In terms of confidence in the second half, I'd just point out that actions have been taken or are well underway to really achieve that margin expansion in the second half and start to see that overdrive in terms of where we've been at historically in FCD.

至於對下半年的信心，我只想指出，相關行動已經採取或正在順利推進中，目標就是在下半年真正實現利潤率擴張，並開始看到 FCD 在利潤率上相對於歷史水準的「加速超車」。

And I'd point out 80/20 footprint acceleration. And so we actually have two relatively significant consolidations that have taken place and will benefit the second half of the year and then also just volume elevated from what we've secured in the backlog.

我也想提到 80/20 產能布局（footprint）加速。因此，我們其實已完成兩項相對重大的整併，並將在下半年帶來效益；此外，從我們已取得的在手訂單（backlog）來看，出貨量也會較高。

And then the last point I'd make with FCD just overall in terms of our confidence is we have seen more seasonality historically in this business. And so we've expanded margins year-over-year, albeit we would have liked to have seen more in the first half of the year, but we have expanded margins over last year. And last year was a year of improvement for FCD where we saw operating margins at over 15%. So we like our setup for the back half of the year.

最後一點，談到我們對 FCD 整體的信心：我們過去在這項業務上確實看到較明顯的季節性。因此，我們的利潤率已較去年同期擴張；雖然我們原本希望上半年能看到更多改善，但確實已較去年提升。而去年本身就是 FCD 改善的一年，當時我們看到營業利潤率超過 15%。所以我們喜歡今年下半年的布局。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC Capital Markets。

I really appreciate the specifics you provided on both the Middle East disruption so far, but also importantly, and what kind of opportunities come out of it. Obviously, we need peace to break out for those opportunities to read through. But just if we could just follow up, you provided some additional color on the rebuild based upon damage to customer sites. How do you land on that $50 million estimate? And then on the energy security build-out that as a consequence of this, the pipelines and storage, do you have any estimate on a TAM of where and how Flowserve would participate in that?

我非常感謝你針對目前為止中東的干擾所提供的具體細節，但更重要的是，也談到能從中衍生出哪些機會。顯然，我們需要和平出現，這些機會才會真正落地。不過如果可以再追問一下，你提供了一些關於因客戶場址受損而進行重建的補充說明。你們是如何得出 5,000 萬美元這個估算的？另外，作為此事件的後果所帶動的能源安全建設（管線與儲存），你們是否能估算一個 TAM（可服務市場總量），以及 Flowserve 將如何參與其中？

Maybe we can start there.

也許我們可以先從這裡開始。

Yes, Deane, it's funny you say that. I'm hoping for a ceasefire right now, piece in the Middle East would be -- it seems like a traction something that people have been hoping and praying for decades, if not centuries. Maybe just context for everyone, the Middle East is significant for Flowserve, right? It's roughly 12% to 13%. And we've got a large presence in the region, both from a manufacturing standpoint and a service standpoint.

是的，Deane，你這麼說很有意思。我現在也希望能停火；中東的和平——看起來像是人們已經期盼並祈禱了數十年、甚至數百年的事情。先給大家一些背景，中東對 Flowserve 來說很重要，對吧？大約占 12% 到 13%。而且我們在該地區有很大的據點，無論是製造端或服務端。

And I'd say today's situation is incredibly dynamic. We saw that over the evening. We've seen it this morning. We've seen it over the last couple of weeks.

我會說，今天的情勢變化非常快。我們昨晚就看到了。今天早上也看到了。過去幾週也一直如此。

But I also want to just say we believe that this is temporary or transitory and we do believe over the long term that this is a massive opportunity for Flowserve. And maybe to hit your specific question, I want to break that kind of categories into four things. And so one is our run rate business. And so with our QRC network, with our large installed base across the region, we do have a substantial run rate business. That currently is down about 20%.

但我也想說，我們相信這是暫時性的或過渡性的，我們也相信從長期來看，這對 Flowserve 是一個巨大的機會。針對你的具體問題，我想把這些類別拆成四件事。第一是我們的常態性（run rate）業務。因此，透過我們的 QRC 網絡，以及在該地區龐大的裝機基礎（installed base），我們確實有相當可觀的常態性業務。目前這部分大約下滑 20%。

And so we're being impacted by the ability to go to sites, the ability to conduct our work as we normally would. And then just, quite frankly, our customers being distracted with other things and other priorities.

因此，我們受到影響的原因包括：前往現場的能力、如常執行工作的能力。此外，坦白說，我們的客戶也被其他事情與其他優先事項分散了注意力。

And what we -- you've heard in the preliminary commentary that we expect that to continue into the second half of the year. And I would say your guess is good to mind of exactly how that plays out. But in our assumptions for the second half, we're saying that we're roughly going to be the same in that category. On the large projects coming into the year, we had a significant funnel of large projects and opportunities. We saw two of those projects come to fruition in the second quarter, which we're super excited about.

而你在先前的初步評論中也聽到，我們預期這種情況會延續到下半年。我會說，你的猜測跟我的一樣好，這究竟會如何發展。但在我們對下半年的假設中，我們認為在這個類別上大致會維持差不多的水準。至於年初的大型專案，我們原本有相當可觀的大型專案與機會漏斗（funnel）。我們看到其中兩個專案在第二季落地，我們對此非常興奮。

And we're going to begin to start some work on that with revenue more in the 2027 time line, but we'll begin executing on those projects. The project funnel is still healthy.

我們將在這方面開始著手一些工作，營收較多會落在 2027 年的時間軸上，但我們會開始執行這些專案。專案漏斗仍然健康。

And I would expect other awards in the second half of the year, but some of those bigger projects will most likely slip into 2027 as well. And then getting to restoration, we -- in the prepared remarks, we talked about a $50 million restoration activity.

我預期今年下半年還會有其他得標，但其中一些較大型的專案很可能也會延後到 2027 年。接著談到修復（restoration），我們——在事先準備的講稿中提到一項 5,000 萬美元的修復活動。

We are -- we have a full understanding of what sites have been damaged, and we're starting to get an understanding of what equipment will either get repaired or replaced. That work has been slow to develop. But every week, we start to get a little bit clearer picture. At this point, we believe it's $50 million activities this week. That number may go up.

我們——我們已充分掌握哪些場址受損，也開始了解哪些設備會被修理或更換。這項工作進展得比較慢。但每一週，我們都能看得更清楚一些。就目前而言，我們認為本週的活動規模是 5,000 萬美元。這個數字可能會上升。

But I would say that's a relatively good estimate given what we know right now and with the limited site access that we have. And so I would expect to start booking some of that in the second half of this year and then into 2027. The biggest prize is on what we're calling the category of redundancy. And so think of the Middle East needing to build out redundant pipelines, incremental storage, incremental capacity. We think there's a very significant prize for this type of work.

但我會說，以我們目前所知以及場址可進入性有限的情況來看，這是個相對不錯的估計。因此我預期今年下半年會開始認列其中一部分，並延續到 2027 年。最大的獎項在於我們所稱的「冗餘」類別。也就是把它想成中東需要建置備援管線、增加儲存量、增加產能。我們認為這類工作有非常可觀的機會。

You asked for an estimate, we're not ready to provide an estimate on that type of work. We are in conversations with our customers. There's some public commentary out there about redundant pipelines already. And so you could expect that we're in those conversations.

你要我們估算，但我們還沒準備好對這類工作提供估算。我們正在與客戶洽談。外界也已經有一些關於備援管線的公開評論。因此你可以預期我們正在參與這些對話。

And we believe we have the right to win there because of our large installed base because of our presence in the Middle East because of our customer relationships, because of our existing market share in the region. So as this redundancy begins to shape up and the build-out begins, I'm confident that Flowserve plays a major role in the activities in the future.

我們相信我們有勝出的條件，因為我們有龐大的既有裝機基礎、在中東的據點、客戶關係，以及在該區域既有的市占率。因此，隨著這些冗餘需求逐步成形、建置開始展開，我有信心 Flowserve 未來會在相關活動中扮演重要角色。

Really like how you've sized that opportunity. And just my second question is on aftermarket and Scott, you've been working in getting the organization. We called it Project selectivity where you were passing on OE projects that didn't have a good aftermarket. You've done this for a couple of years. So now we're seeing aftermarket pick up, how much of this growth in aftermarket is a result of prior work in selectivity and what does that say about the opportunity or the sustainability aftermarket going forward?

我很喜歡你對那個機會的量化方式。我第二個問題是關於售後市場（aftermarket），Scott，你一直在推動組織調整。我們稱之為「專案選擇性」（Project selectivity），也就是你會放棄那些售後表現不佳的原始設備（OE）專案。你已經做了幾年。現在我們看到售後開始回升，這波售後成長有多少是先前選擇性策略的成果？這對未來售後機會或其可持續性意味著什麼？

Sure. I think the concept that we talk about is selective bidding. And so when we look at the large original equipment work, we're cognizant that typically, you're going to get a little bit of a lower margin on that versus some of the MRO run rate aftermarket business. And -- so what we want to make sure is the OE project work that we're going to win, we want to make sure it's with customers that value our ability to provide support for the life of their asset and our ability to provide the parts service and repairs.

當然。我認為我們談的概念是「選擇性投標」。因此當我們看大型原始設備業務時，我們會意識到通常其毛利會比一些 MRO（維修、修理與大修）常態化的售後業務來得低一些。而——因此我們要確保的是，我們要贏得的 OE 專案，必須是那些重視我們在資產全生命週期提供支援能力的客戶，也重視我們提供零件、服務與維修的能力。

And so that's where we get really selective is we make sure that we're winning projects that we know will have a long aftermarket tail. And I'd say we've kind of pulled back a little bit on our overall large project funnel. With that said, the work that we win is definitely going to drive large installed base and strong aftermarket for the future. And the Middle East is a region that does acknowledge and respect the OEM in terms of that aftermarket pull-through. And so we really are leaning into the work in the Middle East because we know they value that relationship.

因此我們真正嚴格篩選的地方在於：確保我們贏得的是我們知道會有長期售後尾端（aftermarket tail）的專案。我會說我們在整體大型專案漏斗上確實稍微收斂了一些。但話說回來，我們贏得的工作肯定會帶來更大的裝機基礎，並為未來帶來強勁的售後。而中東是一個在售後帶動（pull-through）方面會認可並尊重 OEM 的區域。因此我們確實更積極投入中東的工作，因為我們知道他們重視這種關係。

I said this in Andy's question a little bit earlier, we did -- we delivered $700 million of bookings in the aftermarket in the quarter, which is a record. A lot of that is really just on our process focus. And the speed wins is super important, quoting fast, delivering fast in being local to provide that support. And what we're finding is when we do those things that our capture rate moves up and our ability to capitalize on our large installed base improves. And so again, really excited about what's happening with the teams and confident that we can continue to, over time, walk up that aftermarket business on a go-forward basis.

我在稍早回答 Andy 的問題時也提到，我們本季在售後拿到 7 億美元的接單（bookings），創下紀錄。其中很大一部分其實來自我們對流程的專注。而「速度致勝」非常重要：快速報價、快速交付，以及在地化以提供支援。我們發現當我們做到這些時，我們的拿單率（capture rate）會提升，而我們利用龐大裝機基礎變現的能力也會改善。因此，再次強調，我對團隊目前的進展感到非常振奮，也有信心我們能在未來持續、逐步把售後業務往上推升。

Mike Halloran, Baird.

Mike Halloran，Baird。

Everybody. question. guidance question on the back half of the year. Just confirming that the $60 million headwind in the front half of the year from the Middle East is the dollar number you're roughly anticipating back half? And then -- could you talk about the sequential ramp into the fourth quarter?

各位好。我有個問題，是關於下半年指引的問題。想確認一下，上半年來自中東的 6,000 萬美元逆風，是否就是你們大致預期下半年的金額？另外——能否談談到第四季的逐季爬升（sequential ramp）？

Obviously, it's a sharper acceleration from a growth perspective, 3Q to 4Q. I mean, there's elements of closer of old and how sharp that ramp is. But I just would like to understand the moving pieces behind the confidence in that kind of 4Q outlay.

很明顯，從成長角度看，第三季到第四季的加速更為明顯。我的意思是，這裡面有一些舊案結案（close of old）的因素，以及那個爬升幅度到底有多陡。但我想了解的是，支撐你們對第四季這種展望有信心的背後變動因素。

Yes. So the first half to second half, a few things that you pointed out. I think that $60 million of Middle East impact is the right ZIP code to be working with in terms of the headwind. We're essentially assuming that, that run rate business that we've seen be muted in the first half of the year that, that dynamic continues as we look at the second half. A couple of things that abate that we saw in the first half, the first is really that 80-20 headwinds that was primarily in valves.

是的。所以從上半年到下半年，你提到的幾點確實是關鍵。我認為中東影響 6,000 萬美元這個數字，用來衡量逆風大致是對的範圍（right ZIP code）。我們基本上假設：我們在上半年看到較為疲弱的那部分常態化業務（run rate business），在下半年展望中仍會延續這種狀態。上半年我們看到有幾個因素在下半年會緩解，第一個主要是 80-20 的逆風，主要發生在閥門（valves）。

We worked through those comps, and we see that move away from us in the second half. That was about 200 basis points over the first half of the year in terms of a sales headwind. And then the second is really around the North American MRO softness that we saw in the first quarter of the year. That dynamic has subsided as well. And so it abates as we go into the second half.

我們已經度過那些比較基期（comps），我們看到下半年這個因素會不再對我們不利。就上半年而言，這大約造成 200 個基點的銷售逆風。第二個則是我們在第一季看到的北美 MRO 疲弱。那個動態也已經消退。因此進入下半年後，這些逆風會緩解。

You commented really on that third to fourth quarter ramp for Flowserve. And you're absolutely right that it is seasonality that we've seen in the past. I think even last year, as we actually consume shippable backlog over the course of the year, we actually saw organic sales ramp 4% from the third quarter to the fourth quarter.

你提到 Flowserve 第三季到第四季的爬升。你說得完全正確，這是我們過去也見過的季節性。我想即使是去年，隨著我們在一年中逐步消化可出貨的在手訂單（shippable backlog），我們也看到有機銷售從第三季到第四季提升了 4%。

So the ramp that we're expecting to see from 3Q to 4Q is not out of the range of results that we've delivered in the past. And I'd point out that this year, we've actually seen a 9% year-over-year increase in our backlog at the end of Q2 that includes OE projects that will give us some revenue benefit in the fourth quarter of the year. And we continue to have a lot of confidence in the strength of our aftermarket. So the ramp in the fourth quarter is pretty well supported.

因此，我們預期的 3Q 到 4Q 爬升幅度，並不超出我們過去交出的結果範圍。另外我也要指出，今年我們在第二季末的在手訂單（backlog）年增 9%，其中包含一些 OE 專案，將在第四季帶來部分營收貢獻。而我們對售後市場的強勁表現仍然非常有信心。因此第四季的爬升有相當充分的支撐。

Appreciate that. And then secondarily, just customers, how much hesitancy, if there is any, to move forward on some of these projects, the Middle East commentary makes a lot of sense. I'm curious outside the Middle East, if customers are moving forward at a relatively normal pace, if there's been any catch-up in some of the orders in the second quarter for what happened in the first quarter and how they're thinking about and how you are thinking about pricing in the context of the environment.

感謝說明。其次，關於客戶端：在推進這些專案上是否有任何猶豫（如果有的話）？中東的評論很合理。我好奇的是，在中東以外，客戶是否以相對正常的節奏推進？第二季是否有針對第一季的情況出現一些訂單回補？以及他們如何看待、你們又如何在這樣的環境下看待定價（pricing）？

Sure, Mike. You'd have to break it by industry. So I'll just start on the different industries. So on the energy side, what we're seeing is energy security outside of the Middle East. And so we are seeing incremental activity.

當然可以，Mike。你得按產業來拆分。所以我就從不同產業開始說。在能源端，我們看到的是中東以外地區對能源安全的需求。因此我們看到一些增量活動。

The LNG award in Canada was -- came a little bit faster than we thought. We believe that some of that acceleration is possibly as a result of what's happening in the Middle East. And when we look at the project funnel, there's other opportunities like that, that really are trying to regionalize the energy and making sure that different countries or different regions has a secure source of energy.

加拿大的LNG授標——比我們原先預期來得更快一些。我們認為其中部分加速，可能是中東局勢所致。而當我們看專案漏斗時，還有其他類似的機會，這些機會本質上是在推動能源區域化，並確保不同國家或不同區域都有安全的能源來源。

And so I think you can see incremental LNG on a go-forward basis. You see some midstream kind of build out potentially some capital on the refining side, but I'd say less OE on refining and more about making sure that they can continue to run refining assets at a really high level. And then if you go to Power, I would say that, that end market or that megatrend continues to work in a big way. And right now, we don't see any slowdown there. And that would be both for traditional power and for nuclear.

所以我認為你會在未來看到增量的LNG。你會看到一些中游的擴建，煉油端可能也會有一些資本投入，但我會說煉油的OE（營運支出）較少，更多是確保他們能以非常高的水準持續運轉煉油資產。然後如果你看電力，我會說那個終端市場或那個大趨勢仍在大幅推進。而目前我們沒有看到任何放緩。這同時適用於傳統電力以及核能。

And so our outlook on power remains incredibly strong. We're well positioned on the nuclear kind of backdrop and we feel good about our right to win as new awards start to move through the system.

因此我們對電力的展望依然非常強勁。在核能這個大環境下我們的布局很到位，隨著新的授標開始在系統中推進，我們對自身的「勝出權」（right to win）也很有信心。

We're very excited to get awards for two reactors in Asia in this quarter, and we expect to continue to be involved in the new reactor build out, the life extension traditional aftermarket and then ultimately in that -- the space of SMRs. And then on general industries, we feel good about general industries. And so we saw work in the quarter around some -- you had some pharmaceutical, we had water. We had other kind of not necessarily large markets for us, but really healthy growth in demand there.

我們非常興奮在本季於亞洲拿到兩座反應爐的訂單，我們預期會持續參與新反應爐的建置、延壽的傳統售後市場，並最終進入——SMR（小型模組化反應爐）的領域。至於一般工業，我們對一般工業的看法也很正面。所以本季我們看到一些相關工作——有一些製藥，我們有水務。還有其他一些對我們而言不一定是很大的市場，但需求成長非常健康。

And I don't see that slowing down as we look at the second half of the year. And I'd say then the last one is chemical. We did have a large chemical award in the quarter that was in the Middle East. The rest of -- outside of that large order, I would say chemical business is stable. And so of all our end markets, that's the one that's roughly flat.

而當我們看今年下半年，我不認為這會放緩。然後我會說最後一個是化工。我們本季確實拿到一筆大型化工訂單，地點在中東。除此之外——撇開那筆大單，我會說化工業務是穩定的。因此在我們所有終端市場中，這個大致是持平的。

And we feel really optimistic about the other three.

而我們對另外三個則非常樂觀。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

This is Adam Farley on for Nathan. In the Middle East. One more on the Middle East. How should we think about working capital in 2026 from the delayed Middle East shipments and slower collections?

我是Adam Farley，代Nathan提問。關於中東。再問一個中東相關問題。對於因中東出貨延遲與回款變慢，2026年的營運資金我們應該如何看待？

Yes. I mean I'll start, and Amy can hit that. We've put some pictures on the slide there of valves and pumps that are tied up at our facilities awaiting to get approval to ship to the Middle East. And so it's definitely having an impact. And as the situation evolves there, we certainly expect to ship that and get it back to a more normal place.

是的。我的意思是我先說，Amy也可以補充。我們在投影片上放了一些照片，是一些閥門和泵浦，因為等待核准出貨到中東而滯留在我們的廠區。所以這確實正在造成影響。隨著那邊情勢演變，我們當然預期會把這些貨出掉，並讓狀況回到較正常的水準。

But Amy, maybe you can provide more details there.

不過Amy，也許你可以在這裡提供更多細節。

Yes. I think if we look at our working capital performance in the quarter, we continue to make improvements. We want to see more in this area and the Middle East has certainly been a headwind. And -- and Scott's pointed out really two ways that we're seeing that or one way that we're seeing that in terms of shipments just being slowed into the Middle East, which slows our cash conversion cycle overall, particularly on that run rate business, where we're recognizing revenue and getting payments after shipment.

好的。我想如果我們看本季的營運資金表現，我們持續在改善。我們希望在這方面看到更多進展，而中東確實帶來了逆風。而——正如Scott指出的，我們看到的主要影響有兩個面向，或說其中一個面向是：對中東的出貨放慢，這會拖慢我們整體的現金轉換週期，特別是在那種常態性業務上——我們在出貨後認列營收並收款。

With our POC or our sort of large project revenue, particularly out of the region, we are seeing a little bit elongated payment cycles from some of our customers as it relates to the Middle East projects. And so we continue to watch that carefully and ensure that we have the appropriate discipline internally to manage those collections and make sure that they're coming through overall. Working capital is going to be a focus for us as it has been. It's an area that we've made a lot of improvements in, but we continue to watch. And the Middle East is just another situation that we'll manage and overcome.

至於我們的POC（完工比例法）或大型專案營收，特別是該區域的專案，我們確實看到部分客戶在中東專案相關的付款週期稍微拉長。因此我們會持續密切關注，並確保內部有適當的紀律來管理這些應收款，確保整體回款能到位。營運資金將會是我們的重點，就像一直以來一樣。這是我們已經做出很多改善的領域，但我們仍會持續監控。而中東只是另一個我們會去管理並克服的情況。

All right. And then maybe switching gears to FPD margins really strong in the quarter, up 100 basis points year-over-year. Over the primary driver is that the FPD margins in the quarter? Were there any discrete mix benefits, maybe just expectations in the back half.

好的。那再換個話題，本季FPD毛利率非常強勁，同比提升100個基點。FPD本季毛利率的主要驅動因素是什麼？是否有任何一次性的產品組合（mix）利多？以及對下半年的一些預期？

Yes. So we're super proud of what we've been able to continue to deliver in FPD in terms of margin expansion. No unusual items in the quarter. You pointed out mix. We continue to see that strength in aftermarket and the record bookings from an aftermarket perspective are going to assist with mix.

是的。我們對FPD在毛利率擴張方面能持續交出成果感到非常自豪。本季沒有任何不尋常的項目。你提到產品組合。我們持續看到售後市場的強勁表現，而從售後市場角度來看，創紀錄的接單將有助於產品組合。

And as we see the return of larger projects, that is -- that could be a year-over-year moderation that we see in the back half of the year. But what we're seeing is great execution on the project side as well. And that was some of the delivery that we saw in the quarter.

而隨著較大型專案回歸，這——可能會使我們在下半年看到同比的溫和化。但我們同時也看到專案端的執行表現很出色。而這也是我們在本季所看到的一部分交付成果。

And so this is the playbook. Frankly, it's the same playbook that we're running for FCD as we look to expand margins, which is the focus on operational excellence, the discipline of the 80/20 process and making our customers happy in terms of efficient use through our facilities. So we're going to continue to do more of the same.

所以這就是我們的作戰手冊。坦白說，這也是我們在FCD上用來擴大利潤率的同一套作法：聚焦營運卓越、落實80/20流程的紀律，並透過在我們廠區的高效率運作來讓客戶滿意。所以我們會持續做更多同樣的事情。

Amit Mehrotra, UBS.

Amit Mehrotra，UBS。

I just wanted to circle back on the aftermarket $700 million bookings up 12%. It sounded like a lot of that strength is sort of you guys just doing things better, but I'd be curious to get a perspective on maybe price versus volume and regions, end market that kind of produced the strongest growth there?

我想回到售後市場：接單7億美元、成長12%。聽起來很多強勁表現是你們把事情做得更好，但我也想了解一下，價格與量的貢獻，以及哪些地區、終端市場帶來了最強的成長？

And then just related to that, obviously, organic growth down 7% in the first half, inflecting to plus-5% in the back half. I just -- you have the bookings, I'd just be curious to understand how much of that inflection is already supported by that scheduled backlog, any variables or execution assumptions we have to make to get our confidence around basically hitting that inflection.

然後再延伸一下，上半年有機成長下滑7%，下半年轉為+5%。我只是——你們有接單，我想了解這個轉折有多少已經由已排程的在手訂單所支撐？以及要達成這個轉折，我們需要做哪些變數或執行面的假設，才能對基本上達成該轉折建立信心？

With aftermarket and Amy can talk about the inflection in the back half of the year on the sales number. So again, $700 million, we're super proud of what the team is able to accomplish there. I didn't say this earlier, but we continue to make great progress with that aftermarket business, and we're now in the ninth consecutive quarter greater than $600 million. And so I think we kind of established a floor here. [$600 million, $650 million] is what we think is our entitlement, and we really want to grow on the back of that.

關於售後市場，以及Amy可以談談下半年銷售數字的轉折。所以再說一次，7億美元，我們對團隊能做到這點感到非常自豪。我之前沒提到的是，我們在售後市場業務上持續取得很大進展，現在已經連續第九季超過6億美元。因此我認為我們某種程度上已經在這裡建立了一個底部。[$600 million, $650 million]是我們認為應得的水準（entitlement），而我們真的希望在此基礎上持續成長。

And then as you know, right, aftermarket continues to hold a premium in terms of margin, right? We've got a substantial portion of our aftermarket is pumps -- pump parts come in at a really high margin entitlement as well as the bow parts. And then repairs is an area that we've continued to do a much better job at growing that business and making sure that we can do the repairs efficiently for our customers, but also making sure that we can get the margin, we believe, that we're entitled to as we do that repair work. And so the teams have done a really nice job in improving the overall repair.

然後如你所知，對吧，售後市場在毛利率方面仍然維持溢價，對吧？我們售後市場中有相當大一部分是泵——泵的零件同樣享有非常高的毛利權益，另外還有弓形零件。此外，維修也是我們持續做得更好的一個領域：一方面擴大這項業務，並確保我們能夠為客戶高效率地完成維修；另一方面也確保在進行這些維修工作時，我們能取得我們認為應得的毛利。因此，各團隊在提升整體維修表現方面做得非常出色。

And so I'd say from a price cost standpoint, the aftermarket business continues to shine. We continue to expand our margins and grow that business. And I'll just kind of -- you go back a few years. In 2023, we made the org design change to really have a dedicated focused team across both pumps and valves. And really, that effort, that focus is helping us drive success and the other thing would be commercial excellence.

所以我會說，從價格與成本的角度來看，售後市場業務仍然表現亮眼。我們持續擴大毛利率並成長這項業務。我稍微回顧一下——回到幾年前。在2023年，我們進行了組織設計調整，真正建立一支同時涵蓋泵與閥門的專責聚焦團隊。而且，這份努力與聚焦正在幫助我們推動成功；另外一個因素則是商業卓越（commercial excellence）。

And so as we're a year into our commercial excellence program, and as I've described it historically, we're really investing in our sales force to do the good hygiene of selling.

因此，當我們的商業卓越計畫推行滿一年時，正如我過去所描述的，我們確實是在投資我們的銷售團隊，讓他們把銷售的基本功（良好衛生習慣）做好。

And part of that is mapping our markets, mapping our customers, making sure we have account plans making sure that we have visibility to that installed base and making sure our sales engineers know what their entitlement and what that price is. And so we're giving them more tools to do their job. And we're early days in commercial excellence, but we're starting to see some really nice wins, which support the aftermarket growth.

其中一部分是繪製我們的市場版圖、客戶版圖，確保我們有客戶帳戶計畫，確保我們能看見那個已安裝基礎（installed base），並確保我們的銷售工程師知道他們的權益（entitlement）以及對應的價格。因此，我們提供他們更多工具來做好工作。我們在商業卓越方面仍處於早期階段，但已開始看到一些非常不錯的成果，這些成果也支持了售後市場的成長。

Yes. So maybe turning to the organic growth assumptions in the second half of the year. And I'd start by saying just reiterating those two headwinds that we have in the first half that we know have abated and the first around the 80/20 impact that we saw in the first half of the year, that was primarily in valves -- that was about 200 basis points of headwind. That wraparound effect goes away as we look at the second half of the year in terms of those product decisions that we've made. And the second is around 200 basis points of the MRO slowness that we had to start the year in North America.

是的。那麼也許轉到下半年有機成長的假設。我先重申上半年我們面臨的兩個逆風，而我們知道它們已經消退：第一個是上半年看到的80/20影響，主要在閥門——約造成200個基點的逆風。隨著我們所做的產品決策進入下半年，這個連帶影響（wraparound effect）就會消失。第二個是北美年初MRO（維護、修理與營運）需求放緩，約200個基點的影響。

That situation has abated as well. We continue to see strong bookings in this area. -- and have gained confidence in our ability to perform at those levels. We're not assuming that the Middle East improves in terms of run rate, and that's one of the reasons why we moderated or the main reason why we moderated our organic growth guidance for the full year to accommodate those run rate book-to-ship sales that we don't expect to materialize in the back half of the year in the Middle East. That said, as we look at the remainder, which is, call it, 400 basis points of organic growth in the back half of the year are supported by a backlog that's grown 9% excluding Trillium.

那個情況也已經消退。我們在這個領域仍看到強勁的接單——並且對我們能在那些水準上交付的能力更有信心。我們並未假設中東的運行率（run rate）會改善，這也是我們下調（或主要原因是下調）全年有機成長指引的原因，以反映我們預期中東在下半年不會出現那些按運行率計的book-to-ship銷售。話雖如此，若看其餘部分，也就是下半年約400個基點的有機成長，則是由訂單積壓（backlog）在排除Trillium後成長9%所支撐。

And so we have a high degree of confidence that we have a large amount of that organic growth in the backlog already. That includes some of these project orders that we saw in the second quarter that start to convert to revenue in the fourth quarter of the year as we -- as we began to receive materials and do the necessary engineering associated with these projects. And so those are the factors that led to where we're at organically in the back half.

因此，我們非常有信心：相當大一部分的有機成長已經在訂單積壓中。其中包含我們在第二季看到的一些專案訂單，隨著我們開始收到材料並完成與這些專案相關的必要工程作業，這些訂單會在第四季開始轉為營收。因此，這些因素共同導致我們下半年有機成長的現況。

Great. That's a perfect answer. And just as a follow-up, as we think about some of these larger longer-cycle products and large energy, LNG, nuclear, et cetera, as they convert to revenue, obviously, I assume there's an absorption benefit to the margin, but I'm more interested in kind of the economics of those contracts relative to kind of the P&L margin structure you have today? So is the assumption that there's a margin accretion of some of these larger energy LNG products projects kind of convert to revenue, if you could talk about that.

很好。這是個完美的回答。再追問一下，當我們思考一些較大型、週期較長的產品，以及大型能源、LNG、核能等等，當它們轉為營收時，顯然我假設毛利率會有吸收效益（absorption benefit），但我更關心的是：這些合約的經濟性相對於你們目前的損益表（P&L）毛利結構如何？所以假設是：當這些大型能源、LNG產品專案逐步轉為營收時，毛利率會有增厚（margin accretion）嗎？如果可以的話請談談。

Yes. So absolutely, the volume and the leverage that we get from that is a benefit over time. aftermarket business is always going to be more accretive than original equipment. It's -- I don't think that you can look across a number of industries, and that's going to be the that's going to be the setup. That said, we're not taking projects that we think put a drag on our ability to achieve those 2030 margin targets.

是的。所以完全正確，隨著時間推進，這些帶來的量與槓桿效益確實是好處。售後市場業務的增厚效果永遠會比原始設備（original equipment）更強。——我認為你放眼許多產業，基本上都是這樣的結構。但話說回來，我們不會承接那些我們認為會拖累我們達成2030年毛利率目標能力的專案。

And so everything that we're taking or putting into the backlog is assumed to provide us benefit in step and steps towards that 2030 margin target, and it's through both the margins that we achieve on that original equipment, but also that aftermarket annuity that we look to deliver on quickly in the cycle.

因此，我們承接或放入訂單積壓的每一筆，都假設能以階段性方式為我們帶來效益，並一步一步朝2030年毛利率目標前進；這來自兩個面向：一是我們在原始設備上達成的毛利率，二是我們希望在週期中快速實現的售後市場年金式收入（aftermarket annuity）。

Joe Giordano, Cowen.

Joe Giordano，Cowen。

This is [Chris Grenga] on for Joe. What do you view as the biggest execution risk to achieving that 4Q growth ramp? Is the gating factor customer project timing, ability to ship against backlog or something else?

我是代替Joe的[Chris Grenga]。你認為達成第四季成長加速（4Q growth ramp）最大的執行風險是什麼？關鍵限制因素是客戶專案時程、依訂單積壓出貨的能力，還是其他因素？

Yes. I think Amy hit this a little bit earlier, and I'll just reiterate our confidence in our ability to do this. And so when we look at our shippable backlog, we look at our backlog conversion rates -- this isn't something that's unusual. And so we just need to execute and I think the teams have done a really good job over the last three or four years of driving consistent execution.

是的。我想Amy稍早已稍微提到，我再重申我們對達成這件事的信心。因此，當我們看可出貨的訂單積壓（shippable backlog）、看訂單積壓轉換率（backlog conversion rates）——這並不是什麼不尋常的情況。所以我們只需要把執行做好；而我認為過去三到四年，團隊在推動一致且穩定的執行方面做得非常好。

And so the one thing that could disrupt this is the book and ship business potentially in the Q3 or early Q4. But at this point, we've got a really nice -- we've got good visibility into what the book and ship levels look like. And -- we track that on a regular basis. And we've seen really nice step change really since March. So March, April, May and June, we've seen a nice trajectory of that run rate an in and out business. And so we feel pretty good about the backdrop in the second half.

因此，唯一可能干擾的是第三季或第四季初的book-and-ship業務。但就目前而言，我們對book-and-ship水準有非常好的——我們有良好的能見度。而且——我們會定期追蹤。自三月以來我們看到非常不錯的階梯式改善（step change）。所以三月、四月、五月與六月，我們看到這種運行率的即進即出（in and out）業務呈現良好走勢。因此，我們對下半年的整體環境相當有信心。

And you had you noted nuclear, and when you look at the drivers behind the confidence in achieving the long-term growth plan despite Middle East disruption, where does nuclear rank among those growth vectors? And has anything changed in the pace of customer decision-making or project awards or funding over the last prior month that makes you incrementally more constructive on the outlook for nuclear.

你提到了核能；當你看在中東受干擾的情況下，仍有信心達成長期成長計畫的驅動因素時，核能在這些成長向量中排名如何？而且在過去一個月左右，客戶決策節奏、專案授標或資金到位方面，有沒有任何變化，讓你對核能前景更為樂觀？

Sure. Yes. I would say I'm still incredibly optimistic about nuclear. Our first half awards for nuclear up 34%. And so you've got some new reactor awards in there.

當然。是的。我會說我對核能仍然非常樂觀。我們上半年核能的得標（awards）成長34%。因此，其中包含一些新的反應爐得標。

You've got some life extensions in North America. We've got our general aftermarket. And so I'd say those three levers will continue to work as we go forward. what's in the press and what people read all the time are the big kind of announcements of new traditional reactors. And I would say there's a lot of stakeholders in those, right?

也包含北美的一些延役（life extensions）。我們也有一般性的售後市場業務。所以我會說，這三個槓桿會在未來持續發揮作用。媒體上以及大家經常讀到的，是那些大型、關於新建傳統反應爐的重大宣布。而我會說，這些案子牽涉到很多利害關係人，對吧？

You've got governments in the US, it's states it's utilities, it's the government, but also around the world. It's just a lot of stars have to align to make these projects successful and move forward. But I would say, talking to a lot of customers and visiting several countries in the second quarter. We still feel incredibly constructive about the backdrop for new large reactors.

你在美國有政府層面，有州政府、有公用事業公司、有聯邦政府，但在全球各地也是如此。要讓這些專案成功並推進，必須有很多條件同時到位。但我會說，第二季我們與許多客戶交流並走訪了好幾個國家之後，我們對於新建大型反應爐的整體環境仍然感到非常正面。

And so there's a concept in the US of 10 reactors and the US Department of Energy has leaned in on potential loan structure. And I feel like at some point, either a utility or somebody in a private space will take the federal government up on the loan structure and move forward. And once the first one goes, I think you moved pretty quickly to getting to 10 announced reactors on a go-forward basis.

因此，在美國有一個「10座反應爐」的概念，而美國能源部也積極推動潛在的貸款架構。我覺得在某個時間點，無論是公用事業公司或私營領域的某個參與者，都會接受聯邦政府提供的貸款架構並向前推進。而一旦第一個案子啟動，我認為你會很快就看到未來將宣布推進的反應爐數量達到10座。

You've also got Europe that's a proven ground for energy and nuclear. And so there's some concepts in Eastern Europe and in Europe proper in terms of what those new builds look like. And I'd say we're relatively on track to our expectations on that.

你也看到歐洲在能源與核能方面是已被驗證的市場。因此，在東歐以及歐洲本土，對於這些新建案會長什麼樣子也有一些構想。我會說，我們在這方面的進展大致符合我們的預期。

India is moving very quickly in terms of we're moving their nuclear program forward. And I feel very good about our participation and ability to serve the Indian market. And then you recently saw an announcement with the United States and Saudi about sharing of nuclear technology. And why I don't have that in my short-term playbook, that is a win and something that will ultimately go forward. And so I would just say, in summary, large reactors and life extensions are largely playing out like our expectations. If you remember in Q3 last year, we talked about a $10 billion number over years.

印度在推動其核能計畫方面進展非常迅速。我對我們的參與程度以及服務印度市場的能力感到非常有信心。另外，你最近也看到美國與沙烏地之間關於分享核能技術的公告。雖然我沒有把它納入短期的行動計畫，但這是一個勝利，且最終會向前推進。因此我總結來說，大型反應爐與延役的發展大致符合我們的預期。如果你還記得去年第三季，我們談到多年期約100億美元的規模。

And that's that market ability or market sizing. We believe we've got the right to win there, and we're excited about what that trajectory looks like. And then maybe on the upside, the small modular reactors are probably moving faster than what I expected a year ago. And so you've seen GE Hitachi move forward into construction. There were several announcements in July with SMR companies and the ability to meet certain technical milestones and I'd just remind people Flowserve is incredibly well positioned in the SMR community as we go forward.

那就是該市場的承接能力或市場規模估算。我們相信我們具備在那裡勝出的條件，也對這條成長軌跡感到興奮。另外，可能在上行面，小型模組化反應爐（SMR）的進展速度大概比我一年前預期的還要快。因此你已經看到GE日立推進到施工階段。7月也有數項SMR公司的公告，內容涉及達成特定技術里程碑的能力；我也想提醒大家，隨著我們往前走，Flowserve在SMR社群中具備非常有利的定位。

And then lastly, I'd just add with the Trillium acquisition, they do really well in the nuclear space that allows us to move up our entitlement on a reactor. And so we were organically about $100 million of price per reactor with Trillium, that moves up to kind of a $115 million number per reactor. And so we continue to make sure that we're aligning our products and our technology to best support this end market, and I remain very optimistic about our growth in nuclear and our ability to participate in a large way on a global scale.

最後我再補充一點，透過收購Trillium，他們在核能領域表現非常出色，這讓我們能提高在單座反應爐上的可取得份額。因此我們原本有機成長下，每座反應爐約1億美元的價格/價值量級；加入Trillium後，提升到每座反應爐約1.15億美元。因此我們持續確保產品與技術能夠對齊，以最佳方式支援這個終端市場；我仍然對我們在核能領域的成長，以及在全球範圍內大規模參與的能力，保持非常樂觀。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

I'll squeeze in two. So first one, just how much visibility do you have on MRO and turnaround sort of outage season in second half in US refining because the dynamic here is we're hearing they're running all out because they're making so much money. But effectively, they have to do maintenance eventually. So just color there.

我快速問兩個。第一個，你們對美國煉油業下半年MRO與大修（turnaround）這類停機季的能見度有多高？因為我們聽到的動態是，他們因為賺很多錢而全力運轉。但實際上，他們終究還是得做維護。所以想請你補充一些背景。

And second, can you remind us just time line on LNG, how does it progress? How do your revenues progress from order until shipment? And how much visibility do you have in the funnel.

第二個，能否提醒我們LNG的時間軸是怎麼走的、如何推進？你們的營收從接單到出貨是如何逐步認列的？以及你們對於漏斗（pipeline）的能見度有多高？

Sure. Yes. Andrew, on the US, I'll say North America refineries, a really good question. We're seeing incredibly high utilization rates, the crack spreads are high, so they're making a lot of money, but that really happened from the end of February to now. And so we saw that dynamic in the second quarter as well.

當然。是的。Andrew，關於美國——我會說北美煉油廠，這是個很好的問題。我們看到非常高的產能利用率，裂解價差（crack spreads）也很高，所以他們賺很多錢；但這個情況其實是從2月底到現在才發生的。因此我們在第二季也看到了這個動態。

And we saw one or two turnarounds that actually got pushed in the early part of the year. But I'd say more realistic is just, call it, a skinny down turnaround. So just doing less activity, shortening the window for that and maybe doing less work.

而且我們看到年初有一到兩個大修其實被往後延。但我會說更現實的情況是，所謂「縮水版」的大修。也就是做更少的活動、縮短停機窗口，可能也做更少的工作量。

And -- the counter to that is if they're running flat out and don't do a turnaround, then what we see as some kind of emergency spending or stacking up more spare parts in the event that they can then service their business quickly. And so I'd say for us, I think it's net neutral, like I don't see a negative -- or any negative scenario where the MRO and aftermarket slows.

而——相對的另一面是，如果他們全力運轉又不做大修，那我們會看到某種緊急性支出，或是為了能快速維持營運而囤積更多備品。所以我會說，對我們而言，我認為整體是中性影響；我看不到MRO與售後市場會放緩的負面——或任何負面情境。

In Q3. I think when the crack spreads ultimately do subside, you'll see a more robust turnaround season potentially in 2027. And did see that in 2025, and this is why I feel like a lot of the refineries can run pretty hard in 2026 without jeopardizing their long-term program. But the good refineries know that they have to do that work.

在第三季。我認為當裂解價差最終回落時，你可能會在2027年看到更強勁的大修季。我們在2025年也看到了那種情況；這也是為什麼我覺得許多煉油廠在2026年可以維持相當高的運轉強度，而不會危及其長期計畫。但優質的煉油廠知道他們必須做那些工作。

We're participating in those turnarounds. And then we'll pick up the emergency type work at a premium as they're desperate to get equipment on and make sure they can keep running. And then secondly, on the LNG time line, kind of book to award and it depends pumps versus valves. The pump time line is probably 18 months. They are more engineered, the two projects that we booked this year are extensions.

我們會參與那些大修。然後當他們急著讓設備上線、確保能持續運轉時，我們也會以溢價承接那類緊急型工作。第二點，關於LNG時間軸，從簽約到授標（book to award）——而且會因為是泵還是閥而不同。泵的時間軸大概是18個月。它們工程設計成分更高；我們今年拿下的兩個專案是擴建案。

And so a lot of that engineering work is done. And so maybe you see, call it, 12 to 14 months versus an 18-month there. And then the valves would typically be 12 months on an LNG project.

因此很多工程設計工作已經完成。所以你可能會看到大概12到14個月，而不是18個月。至於閥門，在LNG專案上通常是12個月。

And that does conclude the question-and-answer session. Mr. Ezzell, I will turn things back over to you for any closing comments.

以上結束問答環節。Ezzell先生，我把時間交還給您做任何結語。

Great. Thank you, and thank you to everyone for joining the call today. If you do have any further questions regarding our second quarter results. Please feel free to reach out to the Investor Relations team, and we will look forward to providing another update on our business performance at the end of the third quarter. Thanks to everyone, and have a great day.

很好。謝謝，也感謝各位今天參與電話會議。如果你對我們第二季的業績還有任何進一步問題，歡迎隨時聯繫投資人關係團隊；我們也期待在第三季結束時，提供下一次的業務表現更新。謝謝大家，祝各位有美好的一天。

And once again, that does conclude today's call. Thank you for your participation. You may now disconnect.

再次提醒，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。