通用動力 (GD) 2024 Q3 法說會逐字稿

And or Good morning and welcome to the General Dynamics Third Quarter 2024 earnings conference call.

或早安，歡迎參加通用動力 2024 年第三季財報電話會議。

All participants will be in listen only mode.

所有參與者將處於僅聽模式。

After the speakers' remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you'd like to ask a question during this time, simply press the star key followed by the number on

如果您想在此期間提出問題，只需按星號鍵，然後按上面的數字即可

e on your telephone keypad.

e 在您的電話鍵盤上。

If you would like to withdraw your question, press star one again.

如果您想撤回問題，請再按星號一。

Please note this event is being recorded, Vice President of Investor Relations.

請注意，投資者關係副總裁正在記錄此事件。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

Welcome to the General Dynamics Third Quarter 2024 conference call.

歡迎參加通用動力 2024 年第三季電話會議。

Any forward-looking statements made today represent our estimates regarding the Company's outlook.

今天發表的任何前瞻性陳述均代表我們對公司前景的估計。

These estimates are subject to some risks and uncertainties.

這些估計存在一些風險和不確定性。

Additional information regarding these factors is contained in the Company's 10 K, 10 Q and eight K filing.

有關這些因素的更多資​​訊包含在公司的 10 K、10 Q 和 8 K 文件中。

We will also refer to certain non-GAAP financial measures for additional disclosures about these non-GAAP measures, including reconciliations to comparable GAAP measures.

我們也會參考某些非 GAAP 財務指標，以取得這些非 GAAP 指標的額外揭露，包括與可比較 GAAP 指標的調整。

Please see the slides that accompany this webcast, which are available on the Investor Relations page of our website, investorrelations dot GD. dot com.

請參閱本網路廣播隨附的投影片，這些投影片可在我們網站的投資者關係頁面（投資者關係點 GD）上找到。 .com。

On the call today are feeding over Kodak's Chairman and Chief Executive Officer, and Kim Korea, Chief Financial Officer, will now turn the call over to Phoebe.

今天的電話會議由柯達董事長兼首席執行官負責，首席財務官金·韓國 (Kim Korean) 現在將把電話轉交給菲比 (Phoebe)。

Thank you, Nicole.

謝謝你，妮可。

Good morning, everyone, and thanks for being with us.

大家早安，感謝您和我們在一起。

Earlier this morning, we reported earnings of $3.35 per diluted share on revenue of 11,670,000,000.00, operating earnings of 1.18 billion and net income of 930 million across company revenue increased 1.1 billion, a strong 10.4%, led by a 22% increase in our Aerospace segment and a 20% increase in Marine Systems.

今天早些時候，我們報告稀釋後每股收益為3.35 美元，收入為11,670,000,000.00，營業收入為11.8 億美元，淨利潤為9.3 億美元，公司收入增長了11 億美元，強勁增長10.4%，其中航空航太部門成長了22%海洋系統增加 20%。

We enjoyed revenue increases at three of our four business segments compared to the year-ago quarter.

與去年同期相比，我們四個業務部門中的三個部門的收入有所成長。

Only Combat Systems was flat, this strong growth by any reasonable standard.

只有戰鬥系統持平，無論以任何合理標準衡量，這種強勁增長都是如此。

Importantly, operating earnings of 1.18 billion are up 124 million or 11.7%.

重要的是，營業利潤從 11.8 億美元增長了 1.24 億美元，即 11.7%。

Similarly, net earnings increased $94 million or 11.2% and earnings per share up $0.31 or 10.2% over the year ago quarter.

同樣，與去年同期相比，淨利潤增長了 9,400 萬美元，即 11.2%，每股收益增長了 0.31 美元，即 10.2%。

Earnings are up at a greater rate than revenue and a growth environment.

獲利的成長速度高於收入和成長環境。

The business is demonstrating solid operating leverage.

該業務展現了堅實的營運槓桿。

We are doing just that on a year-to-date basis, revenue of $34.4 billion was up $3.77 billion or 12.3% over last year.

年初至今，我們的營收為 344 億美元，比去年增加了 37.7 億美元，成長 12.3%。

Operating earnings of $3.37 billion are up 14.1%.

營業利潤達 33.7 億美元，成長 14.1%。

Net earnings of $2.63 billion are up 14% despite higher tax rate.

儘管稅率較高，淨利仍成長 14%，達 26.3 億美元。

Nevertheless, we missed Street EPS consensus by a fair amount because we are able to deliver only for G. seven hundreds in the quarter.

然而，我們與街頭每股收益共識相差相當大，因為我們本季只能交付七百英鎊。

So without further ado, let me move right into aerospace and give you as much insight into this issue as I can and its implications for the remainder of the year.

因此，言歸正傳，讓我直接進入航空航太領域，並盡可能深入了解這個問題及其對今年剩餘時間的影響。

At the outset, let me give you some comparative numbers that are quite good despite the shortfall of anticipated G. 700 deliveries.

首先，讓我提供大家一些比較數據，儘管 G.700 的預期交付量有所不足，但這些數據還是相當不錯的。

Then I will put all of this and some reasonable context for you.

然後我將為您提供所有這些內容和一些合理的背景。

Aerospace had revenue of 2.48 billion and operating earnings of 305 million was a 12.3%.

航太航空營收為24.8億美元，營業利潤為3.05億美元，年增12.3%。

Operating margin revenue is 415 million more than last year's third quarter, a solid 22% increase.

營業利潤收入比去年第三季增加了 4.15 億歐元，大幅成長 22%。

The revenue increase was driven by the four G. 700 deliveries, higher service center and special missions volume and higher FBO. and MRO. volume, particularly in the Asia Pacific region.

收入成長的推動因素包括四架 G.700 的交付、服務中心和特殊任務數量的增加以及 FBO 的增加。和維護、維修和營運。量，特別是在亞太地區。

At GE Aviation, we delivered 28 aircraft, including four G. seven hundred's this quarter.

在 GE 航空集團，本季我們交付了 28 架飛機，其中包括四架 G.700 飛機。

This is all 11 CRJ seven hundreds than we expected to deliver.

這 11 架 CRJ 總共比我們預期交付的七百架多。

We also delivered one must see 600 G 500 mg to 80 than we did a year ago quarter.

與去年同期相比，我們還交付了 600 G 500 毫克至 80 毫克的必需品。

But deliveries of these aircraft are reasonably steady state and the modest shortfall is the typical variance having to do largely with timing and customer convenience.

但這些飛機的交付量處於相當穩定的狀態，適度的短缺是典型的差異，很大程度上與時間和客戶便利性有關。

Operating earnings of 305 million are up 37 million or 13.8% over the year-ago quarter.

營業利潤為 3.05 億美元，比去年同期成長 3,700 萬美元，成長 13.8%。

The 12.3% operating margin was 90 basis points lower than the year-ago quarter for a host of reasons, including inefficiencies caused by supply chain deficiencies.

12.3% 的營業利潤率比去年同期低 90 個基點，原因有很多，其中包括供應鏈缺陷導致的效率低下。

So despite a very good quarter, we had planned to do better and sell side consensus reflected our expectations.

因此，儘管季度表現非常好，但我們計劃做得更好，賣方的共識反映了我們的預期。

You might recall that I told you we expected to deliver 50 to 52 G. 700 this year and the deliveries will be more or less evenly divided over the last three quarters of the year.

您可能還記得，我告訴過您，我們預計今年將交付 50 至 52 台 G.700，並且交付量將或多或少均勻分佈在今年最後三個季度。

Well, we planned 15 for Q2 and delivered 11.

嗯，我們為第二季度計劃了 15 個，並交付了 11 個。

We planned 15 to 16 for Q3 and delivered four three weeks before the end of the quarter.

我們計劃在第三季度交付 15 到 16 個，並在季度末三週前交付 4 個。

We still had a reasonable belief that we would deliver at least 11 in the quarter.

我們仍然有理由相信我們將在本季至少交付 11 個產品。

So what happens whenever we missed our forecast so badly, it is almost always for a number of reasons that all play a part.

因此，每當我們如此嚴重地錯過了我們的預測時，幾乎總是由於多種原因而發生的情況。

So let me identify the most important and impactful ones.

因此，讓我列出最重要和最有影響力的內容。

First, due to the timing of engine certification, aircraft engines arrived late to schedule.

首先，由於引擎取證時間的原因，飛機引擎遲到了。

We painted the aircraft before the end of arrived and then painted and install the engines.

我們在年底前對飛機進行了噴漆，然後噴漆並安裝了引擎。

This led to a significant amount of repaid that resulted in increased cost and time spent.

這導致大量償還，導致成本和時間增加。

Second, many of the aircraft plan for delivering this quarter have highly customized interiors.

其次，計劃本季交付的許多飛機都具有高度客製化的內裝。

First of tight intricacies.

首先是緊密的複雜性。

This intricacies are considered to be major changes for regulatory purposes.

這種錯綜複雜的情況被認為是監管目的的重大變化。

This resulted in longer than anticipated efforts to finalize and achieve Supplemental Type Certificate related to this, the size and complexity.

這導致最終確定和獲得與此、規模和複雜性相關的補充型式證書的時間比預期的要長。

The G. 700 cabinets has also elongated the customer reviews during final delivery of these plants.

G.700 機櫃也延長了這些設備最終交付期間的客戶審查時間。

Third and maybe most important late in the border, a supplier quality escape on a specific component cause the exchange has several components on each plant.

第三，也許是最重要的，在邊境後期，供應商在特定組件上出現品質問題，因為每個工廠都有多個組件。

Aircraft delivery up to 16 per aircraft.

每架飛機最多可交付 16 架飛機。

The suppliers fully cooperative and is providing components for all our needs.

供應商充分合作，並提供滿足我們所有需求的組件。

But this rework has increased the number of test flights necessary to obtain the final certificate of air worthiness for each aircraft.

但這次返工增加了獲得每架飛機最終適航證書所需的試飛次數。

So the removal and replacement of these components has impacted labor costs and schedule adversely.

因此，這些組件的拆卸和更換對勞動成本和進度產生了不利影響。

We are nonetheless working our way nicely through this problem with the cooperation with them here, if I may.

儘管如此，如果可以的話，我們仍然透過與他們的合作很好地解決了這個問題。

If that wasn't enough, we lost four days of productivity as a result of hurricane and lean several customers who are in Savannah, working with us to accept delivery left and went home to avoid the storm.

如果這還不夠，我們因颶風而損失了四天的生產力，並失去了薩凡納的幾位客戶，他們與我們一起接受離開的交貨並回家以避免風暴。

So given that there is always risk and precise estimates, I will describe our delivery cadence of a bit later and provide some monthly forecast so that you can monitor quarter from publicly available data by back to some good numerical comparisons for the year to date, Aerospace revenue is up $1.63 billion, an increase of 27.7%.

因此，鑑於總是存在風險和精確的估計，我將稍後描述我們的交付節奏，並提供一些月度預測，以便您可以通過回顧今年迄今為止的一些良好的數字比較來監控公開數據中的季度，航空航太收入成長 16.3 億美元，成長 27.7%。

Operating earnings are up $146 million, an increase of almost 20%.

營業利潤成長了 1.46 億美元，增幅近 20%。

I recite these figures, which will reflect even more growth by the end of the year.

我背誦這些數字，它們將反映到今年年底更多的成長。

So the way we do not get lost in the third quarter delivery issue, this is still eye-watering growth.

因此，我們不要迷失在第三季的交付問題中，這仍然是令人眼花繚亂的成長。

So what impact should we now expect for the fourth quarter and the year, given the pure than planned G. 700 deliveries in the second quarter and third quarters, you may recall that we expected to deliver 50 to 50 to 700 this year.

那麼，考慮到第二季和第三季G.700 的交付量超出計劃，我們現在應該預計第四季度和今年會產生什麼影響，您可能還記得，我們​​預計今年將交付50 到50 到700 架。

We now expect to be some in the fourth quarter.

我們現在預計第四季會出現一些情況。

This number is not without risk, but there's also some opportunities to bring forward.

這個數字並非沒有風險，但也存在一些提升的機會。

The real issue here is supply chain support during this critical period.

這裡真正的問題是這個關鍵時期的供應鏈支援。

Let me give you some insight into the sequencing of the 27 planned deliveries in the quarter.

讓我向您介紹本季 27 項計畫交付的順序。

We anticipate five and October nine in November 13th in December, recognizing there is some risk because these numbers could vary a little bit up or down through the quarter.

我們預計 12 月 13 日為 5 日和 10 月 9 日，我們認識到存在一些風險，因為這些數字在整個季度可能會略有上升或下降。

You can, as I have said, follow this with fairly accurate but not perfect publicly available data.

正如我所說，您可以使用相當準確但不完美的公開數據來遵循這一點。

Turning to market demand, the interest level buyers and the expiration of accelerated depreciation at year's end suggest a reasonably strong order intake in the fourth quarter, and that is what we are seeing after some slowing in the U.S. during the second and third quarters, we are seeing improved interest across all models in the fourth quarter.

談到市場需求，買家的興趣水平和年底加速貶值的結束表明第四季度的訂單量相當強勁，這就是我們在美國第二和第三季度出現一些放緩之後所看到的情況，我們發現第四季度所有型號的興趣都有所提高。

Europe and Middle East activity is quite strong, but current activity in Southeast Asia and China has slowed.

歐洲和中東的活動相當強勁，但目前東南亞和中國的活動已經放緩。

But interestingly, the overall number of prospects in all areas continues to increase the overall number of prospects and our pipeline is at an all time high, with the most active models being achieved 500, 607 hundred.

但有趣的是，所有領域的潛在客戶總數都在持續增加，我們的管道處於歷史最高水平，最活躍的模型達到了 500、60700 個。

We have a good cross-section of U.S. businesses in this mix.

我們在這組合中擁有大量美國企業。

In summary, the aerospace team at a very good quarter, albeit disappointing from the perspective of G. 700 deliveries.

總而言之，航空航太團隊的季度表現非常好，儘管從 G.700 交付量的角度來看令人失望。

We look forward to a strong finish to the year in the fourth quarter, but will fall somewhat short of our midyear forecast.

我們期待第四季度的業績表現強勁，但將略低於我們年中的預測。

So let's move on to the defense businesses.

那麼讓我們繼續討論國防業務。

As collectively, once again saw strong growth and good operating performance across the portfolio.

整體而言，整個投資組合再次實現強勁成長和良好營運績效。

Let me walk you through each segment in turn.

讓我依序帶您了解每個部分。

First Combat Systems combat system, we had revenue of 2.2 billion for the quarter, similar to a year ago, earnings of 325 million or up 8.3% and margins at 14.7% represents a 120 basis point increase over Q3 last year.

首先Combat Systems作戰系統，我們本季的營收為22億美元，與去年同期相似，獲利為3.25億美元，成長8.3%，利潤率為14.7%，比去年第三季成長120個基點。

Each of the businesses increased earnings with particularly strong operating leverage and munitions and customer service businesses.

每項業務都透過特別強勁的營運槓桿以及彈藥和客戶服務業務來增加收益。

On a sequential basis, while revenue decreased 3%, earnings rose almost 4%.

環比來看，雖然收入下降了 3%，但獲利卻增加了近 4%。

Year to date, revenue of 6.6 billion is up almost 12% and earnings of 920 million are up 124 million or almost 16%.

年初至今，營收 66 億美元，成長近 12%，獲利 9.2 億美元，成長 1.24 億美元，成長近 16%。

Combat saw robust order activity over $3.3 billion awarded in Q3, resulting in a book-to-bill of 1.5 to 1 for the quarter.

Combat 在第三季獲得了超過 33 億美元的強勁訂單活動，導致該季度的訂單出貨比為 1.5 比 1。

Orders came from across the portfolio with notable orders and munitions and near defense vehicles for the US Army.

訂單來自整個產品組合，其中包括美國陸軍的著名訂單、彈藥和近防車輛。

Overall, demand remained solid across combat, particularly in our ordinance and international combat vehicle businesses.

總體而言，整個戰鬥領域的需求仍然強勁，特別是在我們的軍令和國際戰車業務中。

In the U.S., we are increasing production of 1.55 millimeter ammunition project out as well as expanding our support for the U.S. Army across several other areas, including final load Ping An assembly of artillery Combat Systems.

在美國，我們正在增加 1.55 毫米彈藥項目的產量，並在其他幾個領域擴大對美國陸軍的支持，包括最終裝載平安火砲作戰系統的組裝。

Backlog at roughly EUR18 billion reflects the strong demand falling off a strong performance quarter for combat.

大約 180 億歐元的積壓訂單反映了作戰需求在強勁的季度業績中有所下降。

Turning to Marine Systems.

轉向海洋系統。

Once again, our shipbuilding group is demonstrating strong revenue growth.

我們的造船集團再次展現強勁的營收成長。

Marine Systems revenue of 3.6 billion is up 500, 97 million or 20% against the year-ago quarter.

船舶系統營收為 36 億美元，比去年同期成長 500 億美元、9,700 萬美元，即 20%。

Columbia class construction and engineering volume as well as Virginia-class volume drove the growth.

哥倫比亞級建造和工程量以及弗吉尼亞級數量推動了增長。

DG. 51.

總幹事。 51.

Revenue also increased somewhat.

收入也有所增長。

Just put this in some context is 20% growth follows 15% growth in Q4 23, 11% growth in Q1 of 24% and 13% growth in Q2 of 24.

簡而言之，2023 年第四季成長 15%，24% 第一季成長 11%，24 年第二季成長 13%，成長 20%。

Impressive growth by any standard operating earnings are 258 million, up 47 million over the year-ago quarter with a 20 basis point increase in operating margin.

以任何標準計算，營業利潤成長顯著，達到 2.58 億美元，比去年同期成長 4,700 萬美元，營業利潤率增加 20 個基點。

However, margins continue to be adversely affected by additional delays from the submarine industrial base, partially offset by improved margin profile that's at Masco.

然而，利潤率繼續受到潛艇工業基地額外延誤的不利影響，但 Masco 利潤率狀況的改善部分抵消了這一影響。

Sequentially, revenue increased 4.2% and earnings improved 5.3% in Q3, driven by volume and EBIT year to date, marine revenue of $10.4 billion, up 14.7% and earnings of 735 million, up 12%.

隨後，在今年迄今的銷量和息稅前利潤的推動下，第三季度收入增長了4.2%，盈利增長了5.3%，海運收入為104 億美元，增長14.7%，盈利為7.35 億美元，增長12%。

So across the business, we have seen rapid growth of revenue and earnings, but stagnant margin performance.

因此，在整個業務中，我們看到收入和獲利快速成長，但利潤率表現卻停滯不前。

As I noted last quarter.

正如我上個季度指出的那樣。

Although the supply chain is improving and places, EB. continues to be severely impacted by late deliveries from major component supplier, which has delayed schedule and is continuing to impact costs are out of sequence.

儘管供應鏈正在改善和地方，EB。繼續受到主要零件供應商延遲交貨的嚴重影響，這些供應商推遲了時間表，並繼續影響成本。

Work on modules way in thousands of tons is time consuming and therefore expensive, sometimes up to eight times the cost of in sequence work.

數千噸的模組工作非常耗時，因此成本高昂，有時高達順序工作成本的八倍。

The operating metrics tell us that we have in fact increased our productivity to somewhat offset cost.

營運指標告訴我們，我們實際上提高了生產力，在一定程度上抵消了成本。

As I noted last quarter, to put a significant measure of productivity continues to improve.

正如我上個季度指出的那樣，衡量生產力的重要指標持續改善。

And while we will continue to work on improved productivity, there is no point hiring portions of the boat only to have to stop and wait increasingly extended periods of time for major components to arrive.

雖然我們將繼續努力提高生產力，但租用部分船隻是為了停下來等待主要部件到達的時間越來越長，這是沒有意義的。

It is not a good for the bull overtime nor costs.

這對公牛的加班和成本都沒有好處。

Given the recent projections from the supply chain on deliveries, we need to get our cadence in sync with the supply chain and take costs out of the business.

鑑於供應鏈最近對交付的預測，我們需要使節奏與供應鏈同步，並降低業務成本。

If we are to hope to see incremental margin growth, put another way the supply chain is not getting better at a fast enough rate as we had hoped through our internal efficiency, we have now a pace from this is the reality of the post-COVID environment for many of our most important suppliers.

如果我們希望看到利潤率的增量成長，換句話說，供應鏈沒有像我們透過內部效率所希望的那樣以足夠快的速度改善，那麼我們現在的步伐就是後疫情時代的現實。重要的供應商的環境。

Finally, to be clear, current submarine delivery projections are not incrementally impacted since they already reflect the anticipated delays from the SEC blockchain.

最後，需要明確的是，目前的潛艦交付預測不會受到增量影響，因為它們已經反映了 SEC 區塊鏈的預期延遲。

We will, of course, carefully monitor supply chain performance and accelerate our work should their deliveries to us improve.

當然，如果他們向我們交付的貨物有所改善，我們將仔細監控供應鏈績效並加快我們的工作。

And lastly, technologies, it was another strong quarter with revenue of almost 3.4 billion, which is up 2% over the prior year.

最後，在技術方面，本季又是強勁的季度，營收接近 34 億美元，比上年成長 2%。

Operating earnings in the quarter were $326 million, up 3.5% on a margin of 9.7%.

該季度營業利潤為 3.26 億美元，成長 3.5%，利潤率為 9.7%。

That was a 20 basis points improvement year over year.

年比提高了 20 個基點。

The year to date comparisons are similar.

今年迄今為止的比較是相似的。

Revenue at EUR9.9 billion is up 1.2% through earnings of $941 million are up almost 5% on a 30 basis point improvement in operating margin.

營收達 99 億歐元，成長 1.2%；獲利成長近 5%，達到 9.41 億美元，營運利潤率提高 30 個基點。

The growth for this quarter in the first nine months was driven by GDIT.s investments in their digital accelerators.

本季前九個月的成長是由 GDIT. 對數位加速器的投資所推動的。

Mission Systems was flat year over year as they continue to transition from legacy programs to new franchises.

任務系統公司的業績同比持平，因為他們繼續從遺留項目過渡到新的特許經營項目。

Strong operating performance across the group more than offset the relative growth in services and GDIT. compared to hardware at Mission Systems, 2.5% spread relatively evenly over both businesses, with margin steady at 9.7%.

整個集團強勁的營運業績遠遠抵銷了服務業和 GDIT 的相對成長。與 Mission Systems 的硬體相比，2.5% 的利潤率在兩項業務中分佈相對均勻，利潤率穩定在 9.7%。

Order activity was particularly strong in the quarter with a book-to-bill of 1.3 to 1 that resulted in backlog at the end of the quarter, 14.4 billion, up 13.5% from year ago quarter.

本季訂單活動尤其強勁，訂單出貨比為 1.3 比 1，導致季末積壓訂單達到 144 億份，比去年同期成長 13.5%。

Through the first nine months, the group achieved a book-to-bill ratio of 1.21 more than keeping pace with the strong revenue growth across the business.

前 9 個月，該集團的訂單出貨比達到 1.21，與整個業務收入的強勁成長保持同步。

GDIT. and Mission Systems have shared in the robust order activity so far this year, demonstrating the strength of this portfolio and prospects remain strong with a large qualified funnel of more than 120 billion and opportunities they are pursuing across the Group.

GDIT。和 Mission Systems 分享了今年迄今為止強勁的訂單活動，這表明該產品組合的實力和前景仍然強勁，擁有超過 1200 億的大型合格渠道以及他們在整個集團中尋求的機會。

That concludes my comments about the defense businesses.

我對國防業務的評論到此結束。

Let me now turn the call over to our CFO, Kim Korea, and then we'll wrap up with our guidance for the remainder of the year.

現在讓我將電話轉給我們的財務長 Kim Korean，然後我們將總結今年剩餘時間的指導。

Thank you, Phoebe, and good morning.

謝謝你，菲比，早安。

We had a solid quarter from an orders perspective with an overall book-to-bill ratio of 1.1 for the company.

從訂單角度來看，我們這個季度表現穩健，該公司的整體訂單出貨比為 1.1。

This is particularly impressive with the continued strong revenue growth in the quarter.

鑑於本季營收持續強勁成長，這一點尤其令人印象深刻。

Combat systems and technologies led the way with book-to-bill of 1.5 times and 1.3 times, respectively.

作戰系統和技術領先，訂單出貨比分別為 1.5 倍和 1.3 倍。

Lee.

李.

This order activity led to our backlog increasing to 92.6 billion at the end of the quarter.

這項訂單活動導致我們的積壓訂單在本季末增加至 926 億。

Our total estimated contract value, which includes options and IDIQ contracts, ended the quarter at a record level of 137,600,000,000.0.

我們的預期合約總價值（包括選擇權和 IDIQ 合約）在本季結束時達到創紀錄的 137,600,000,000.0 美元。

Moving to our cash performance, this was another good story in the quarter.

轉向我們的現金表現，這是本季的另一個好故事。

Cash flow improved as anticipated.

現金流如預期改善。

Over the prior two quarters, we produced 1.4 billion of operating cash flow.

前兩個季度，我們產生了 14 億美元的營運現金流。

All segments contributed to the results with particularly strong cash generation and technologies, including capital expense senators, our free cash flow was 1.2 billion for the quarter or 131% of net income.

所有部門都透過特別強勁的現金產生和技術為業績做出了貢獻，包括資本支出參議員，我們本季的自由現金流為 12 億美元，佔淨利潤的 131%。

For the fourth quarter.

對於第四季。

We are expecting free cash flow to again be greater than 100% of net income, but we now expect full year to fall short of our 100% conversion target as G. 700 deliveries pushed into 2025.

我們預計自由現金流將再次超過淨利潤的 100%，但隨著 G.700 交付推遲到 2025 年，我們現在預計全年將達不到 100% 的轉換目標。

As a reminder, total free cash flow generation between 2021 and 2023 was quite strong with a three year conversion rate of 107%.

需要提醒的是，2021 年至 2023 年期間產生的自由現金流總量相當強勁，三年轉換率為 107%。

Looking at capital deployment, capital expenditures were 200.

從資本配置來看，資本支出為200。

1 million in the quarter were 1.7% of sales.

100萬輛佔該季度銷售額的1.7%。

We're still targeting to be around 2% of sales for the full year, given the commitments that remain, we paid 390 million in dividends and repurchased a little over 150,000 shares of stock for $44 million during the quarter.

我們的目標仍然是全年銷售額的2% 左右，考慮到仍然存在的承諾，我們在本季度支付了3.9 億美元的股息，並以4,400 萬美元的價格回購了略多於150,000 股的股票。

We ended the quarter with a cash balance of over $2.1 billion.

本季結束時，我們的現金餘額超過 21 億美元。

That brings us to a net debt position of 7.2 billion, down over 700 million from last quarter.

這使我們的淨債務部位達到 72 億美元，比上個季度減少了 7 億多美元。

As a reminder, we have an additional 500 million of fixed rate notes maturing in the fourth quarter that we plan to repay with cash on hand.

提醒一下，我們還有 5 億張固定利率票據將於第四季到期，我們計劃用手頭現金償還。

Net interest expense in the quarter was 82 million, bringing interest expense for the first nine months of the year to 248 million, down from 265 million for the same period in 2023.

該季度淨利息支出為 8,200 萬美元，使今年前 9 個月的利息支出達到 2.48 億美元，低於 2023 年同期的 2.65 億美元。

Finally, the tax rate in the quarter was 16.5%, bringing the rate for the first nine months to seven 15%.

最後，該季度的稅率為16.5%，使得前9個月的稅率達到15%。

The rate was slightly lower than expected, principally due to increased U.S. and foreign tax credits and benefits and other timing items.

該利率略低於預期，主要是由於美國和外國稅收抵免和福利以及其他時間項目的增加。

As a result, for the year, we believe our full year tax rate will be closer to the 17%.

因此，我們相信今年全年稅率將接近 17%。

Now let me turn it back over to Phoebe for some final remarks.

現在讓我把它轉回給菲比做一些最後的評論。

Thanks, Kim.

謝謝，金。

In light of the things I have just discussed, let me give you some clarity for the remainder of the year figures I am about to give you are all compared to our July update, which will be posted along with today's guidance on our website.

鑑於我剛才討論的事情，讓我向您澄清一下我即將向您提供的今年剩餘時間的數據，這些數據均與我們7 月的更新進行了比較，該更新將與今天的指導一起發佈在我們的網站上。

In aerospace, we expect sales to be about $12.3 billion versus 13.2% margin.

在航空航太領域，我們預計銷售額約為 123 億美元，而利潤率為 13.2%。

We are expecting 150 versus 116 deliveries with tenant the delivery slipping into next year.

我們預計交付量將達到 150 輛，租戶將推遲到明年交付 116 輛。

This will, of course, benefit next year.

當然，這將使明年受益。

With respect to the defense businesses, Combat Systems and Technology remain unchanged from July.

國防業務方面，作戰系統和技術與七月相比保持不變。

Marine Systems revenue should be about 13.9 billion with margins of 6.9%.

Marine Systems 的營收約為 139 億美元，利潤率為 6.9%。

For all the reasons I previously noted.

由於我之前提到的所有原因。

On a company-wide basis, we see annual revenue of around 48 billion in margins of around 10.3%.

在全公司範圍內，我們預計年收入約為 480 億美元，利潤率約為 10.3%。

All up.

全部起來。

That indicates EPS guidance of approximately $14 per share, about $0.45 below our previous expectation.

這表明 EPS 指引約為每股 14 美元，比我們之前的預期低約 0.45 美元。

That concludes my remarks, and we will be happy to take your questions.

我的發言到此結束，我們很樂意回答您的問題。

Thank you, Phoebe.

謝謝你，菲比。

As a reminder, we ask participants to ask one question and one follow-up so that everyone has a chance to participate.

提醒一下，我們要求參與者提出一個問題和一個後續行動，以便每個人都有機會參與。

Operator, could you please remind participants how to enter the queue?

接線員，您能提醒一下參加者如何進入隊列嗎？

Thank you.

謝謝。

We will now begin the question and answer session.

我們現在開始問答環節。

You have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue.

您已撥入並想提問，請按電話鍵盤上的星號一舉手並加入隊列。

If you would like to withdraw your question, simply press star one.

如果您想撤回您的問題，只需按星號一即可。

Again, we ask that you please limit yourself to one question and follow-up to allow everyone an opportunity to ask a question.

我們再次要求您將自己限制在一個問題上並進行跟進，以便讓每個人都有機會提問。

We'll take our first question from Seth Seifman of JPMorgan.

我們將回答摩根大通的 Seth Seifman 提出的第一個問題。

Okay.

好的。

Thanks, Raj, and good morning, mining SAP, both QBO.

謝謝，Raj，早安，挖掘 SAP，都是 QBO。

I was wondering if you could talk a little bit about this year's kind of some unusual year in terms of various things that have come up with produce over 100, but we think about going forward and you know where the profitability can go in the aerospace segment, um, you know that I know it's early for 2025, but maybe even qualitatively talking about the things that are awaiting the margin this year and how things could evolve from taking into account also the introduction of the G. 800 and you kind of what the progression looks like.

我想知道您是否可以談談今年的一些不尋常的一年，涉及生產超過 100 種的各種產品，但我們考慮未來，您知道航空航天領域的盈利能力可以走向何方，嗯，你知道，我知道2025 年還為時過早，但也許甚至可以定性地談論今年等待利潤的事情，以及考慮到G.800 的推出以及你的想法，事情會如何發展進展看起來像。

So I think as we discuss through most of this year, we still have supply chain challenges that require that all stream that require out of station work.

因此，我認為，正如我們今年大部分時間所討論的那樣，我們仍然面臨供應鏈挑戰，需要所有需要站外工作的流。

And we still have late deliveries of material.

而且我們仍然有材料延遲交付。

The supply chain has gotten much better as evidenced by our ability to ramp up production, but they still got a ways to go.

我們提高產量的能力證明了供應鏈變得更好，但他們還有很長的路要走。

And until we get that supply chain quality as well as some delivery timing stabilized.

直到我們使供應鏈品質以及部分交貨時間穩定下來。

Tom will continue to have amortization work that, however, should be behind us, um, you know, before too terribly long, let's talk about the 700.

湯姆將繼續進行攤銷工作，但是，應該在我們身後，嗯，你知道，在太長的時間之前，讓我們談談 700。

And so the 700 we've talked throughout the year about some of the margin pressures that the first lots.

因此，我們全年都在討論 700 指數的一些利潤壓力。

But when we look forward, as we've talked about before, we see gross margin improvement of about 600 to 700 basis points back remains the same.

但當我們展望未來時，正如我們之前談到的，我們看到毛利率將提高約 600 至 700 個基點，但保持不變。

You know, as I look forward in them in the aerospace group, we see very, very strong margins going forward.

你知道，正如我對航空航太集團的期望一樣，我們看到未來的利潤率非常非常強勁。

And we'll see good good margins in Q4, not as high as we expected because a lot of 700 slip into next year.

我們將在第四季度看到良好的利潤率，但沒有我們預期的那麼高，因為許多 700 人會推遲到明年。

But we'll have very nice margin expansion as we go through into next year of is with respect to the 800 we expected to come out every day and have some nice margin impacts over the course of the year.

但是，隨著我們進入明年，我們將實現非常好的利潤率擴張，相對於我們預計每天都會推出的 800 款產品，我們將在這一年中產生一些不錯的利潤率影響。

So I would say that we're pretty optimistic over starting about next year and into the future.

所以我想說，我們對明年開始和未來非常樂觀。

Feature of the margin performance at Aerospace.

航空航太的利潤率表現特徵。

Thanks.

謝謝。

And maybe I'm just to follow up on combat them with the, you know, understand the growth trajectory kind of slowing down here in the second half.

也許我只是為了跟進與他們的鬥爭，你知道，了解下半年成長軌跡有所放緩。

How much of that reflects kind of the end of the facilitization process for so 100 to 5 millimeter shells?

這在多大程度上反映了 100 至 5 毫米砲彈的便利化過程的結束？

And how do we think about kind of the interplay of growth and margin going forward?

我們如何看待未來成長和利潤率之間的相互作用？

It would seem that the backlog here would allow this to be as we look across the industry, maybe one of the faster growing businesses across the industry that a fair assessment and have we had this quarter indicated that some of the margin pressure from facilitization is behind us.

從我們整個行業的角度來看，這裡的積壓似乎會讓這成為整個行業增長最快的企業之一，經過公平的評估，我們本季度是否表明便利化帶來的一些利潤壓力已經過去了我們。

So look, if we look at our backlog and the threat environment and the performance of combat in general over time, they believe is expected in our market space.

因此，如果我們看看我們的積壓工作、威脅環境以及隨著時間的推移的整體戰鬥表現，他們相信我們的市場空間是預期的。

We will continue to grow and perform very well.

我們將繼續成長並表現出色。

Facilitization for increased.

便利化程度提高。

The initial production is largely behind us.

最初的生產大部分已經過去了。

We're moving into production, we'll see increased revenue from our on from our Combat Vehicle business.

我們正在投入生產，我們的戰車業務收入將會增加。

And so we do see a pretty good solid growth pattern.

所以我們確實看到了一個非常好的穩健成長模式。

If we go forward this this year, we accelerated our growth into the first half.

如果我們今年繼續這樣做，我們將在上半年加速成長。

So expect hard-coded to be relatively flat, but still have about 5.9% growth for the group in the year.

因此，預計硬編碼將相對持平，但今年該組仍有約 5.9% 的成長。

And we can we expect to see very nice growth going forward.

我們可以預期未來會出現非常好的成長。

I would add this on a high-performing organization like Combat Systems, variability in revenue and margin is almost always a question of timing on who just to give you a little context on that score.

我想在像戰​​鬥系統這樣的高績效組織中添加這一點，收入和利潤的變化幾乎總是一個時間問題，誰只是為您提供一些有關該分數的背景信息。

We'll move next to Robert Stallard of Vertical Research Partners.

接下來我們將請垂直研究合作夥伴的羅伯特·斯塔拉德 (Robert Stallard) 發言。

Thanks, much.

非常感謝。

Good morning.

早安.

Good morning.

早安.

First of all, a question on marine figure.

首先，關於海洋人物的問題。

You mentioned about the supply chain issues there.

您提到了那裡的供應鏈問題。

I was wondering if you could elaborate on why it's not improved as much as you would have hoped.

我想知道您能否詳細說明為什麼它沒有像您希望的那樣得到改善。

And also what point does this start to negatively impact some resurgence?

這從什麼時候開始對某些復甦產生負面影響？

Well, I think that it already has some impact as scheduled, and that's been pretty well publicized by the Navy A.M.

嗯，我認為它已經按計劃產生了一些影響，並且海軍 A.M. 對此進行了很好的宣傳。

Until recently, we had of we had a reasonable hope and it was reasonable set of expectations based on the indicators that the supply chain would connect to get a better, um, but who most recently, we've seen that, in fact, that's not the case and not getting better at the rate at which we had hoped for a whole series of reasons.

直到最近，我們還有一個合理的希望，這是基於供應鏈將連接以獲得更好的指標的合理期望，嗯，但最近我們看到，事實上，這就是事實並非如此，由於一系列原因，情況並沒有按照我們希望的速度得到改善。

And I think that and some of those have been very well documented.

我認為這一點以及其中一些已經得到了很好的記錄。

The Navy and Congress have been well aware of that.

海軍和國會很清楚這一點。

So they've been pumping on additional support into other parts of the supply chain and some parts are doing well, but others are continuing to struggle in.

因此，他們一直在向供應鏈的其他部分提供額外的支持，有些部分錶現良好，但其他部分則繼續陷入困境。

And I'd say that it was not a typical of a number of manufacturing sectors.

我想說，這並不是許多製造業的典型情況。

If you go back from December 2019, the PBI. for manufacturing has increased by 25% overlay that with the demographic challenges that we have a smaller cohort of new hires and wage growth that that span and added pressure or on on some of our suppliers, at the same time, you almost doubling on the throughput on arm and the demand on submarines.

如果從 2019 年 12 月開始，PBI。製造業增加了 25%，由於人口挑戰，我們新員工數量減少，工資增長，這給我們的一些供應商帶來了壓力，同時，吞吐量幾乎翻了一番對武器和對潛艇的需求。

So those down a lot of pressure on parts of the supply chain.

因此，這給供應鏈的某些部分帶來了極大的壓力。

I think that's well understood by our customer and the Congress.

我認為我們的客戶和國會都很理解這一點。

And so we're going to get to to to work with them and how far we can.

因此，我們將開始與他們合作，以及我們能走多遠。

But in the meantime, we're going to come Troll.

但同時，我們要來巨魔了。

What we can control and that is in are going to adjust our pace to align with what we now see is more of, you know, predictable some supply chain schedules that have elongated will take cost out of our business and will continue to or productivity on the debt flights with an increasingly capable and skilled and experienced work, of course.

我們可以控制的，就是調整我們的步伐，以與我們現在看到的情況保持一致，你知道，一些可預測的供應鏈計劃已經延長，這將降低我們業務的成本，並將繼續提高生產力。 ，隨著工作能力越來越強、技術越來越熟練、經驗越來越豐富，債務也隨之消失。

So you can control what you can control.

所以你可以控制你能控制的事情。

And we're simply in the moment adjusting to what we see as the inability of supply chain to improve at the rate.

我們目前只是在調整我們認為供應鏈無法以這種速度改善的情況。

That is what we had hoped.

這正是我們所希望的。

And that, frankly, I believe our customer had hoped.

坦白說，我相信我們的客戶也希望如此。

But just a quick follow-up.

但只是快速跟進。

Do you think the supply chain issues jeopardize the aspiration to move back to boots for you on the Virginia class?

您認為供應鏈問題是否會危及您在維吉尼亞級課程中重返靴子的願望？

Well, I think that in the short term, Tom, there's going to be pressure on that considerable pressure on that on how you think that's something for us to work through with our customer and frankly, the customer to work with the supply chain.

好吧，我認為在短期內，湯姆，您認為我們如何與客戶合作，坦白說，客戶與供應鏈合作，將面臨巨大的壓力。

But I think it's a well-known issue.

但我認為這是一個眾所周知的問題。

We'll go next to Myles Walton at Wolfe Research.

接下來我們將採訪沃爾夫研究中心的邁爾斯·沃爾頓。

Thanks.

謝謝。

Good morning.

早安.

Fabio for can following on on Rob's question there, the implied Q4 margin mid-6 percent range for Marine.

Fabio 可以繼續回答 Rob 的問題，Marine 的第四季利潤率隱含在 6% 的範圍內。

Is there something in the third quarter of positively offsetting them to get to the low sevens or know if there's a positive view so you move through it?

第三季是否有一些積極抵消它們的因素，以達到低點，或知道是否有正面的觀點，以便您度過難關？

And then looking to 25 is the mid-6 percent margin the road run route, but you can for now in our business.

然後，25 是公路跑路線中 6% 的利潤率，但目前在我們的業務中您可以這樣做。

So in this quarter, we had some strong performance out of Masco on.

因此，在本季度，我們在 Masco 上取得了一些強勁的表現。

We had some some good performance at Electric Boat, but that's going to in this environment.

我們在電船隊有一些不錯的表現，但那是在這種環境下的。

They vary, of course by quarter.

當然，它們會因季度而異。

So we anticipate some more supply chain impacts in the fourth quarter.

因此，我們預計第四季度供應鏈將受到更多影響。

And as we project next year, and I'll give you that clarity about in our regular order in January, but it is a project next year, the ability to continue to drive incremental margins in the short term as to how fast we can take our pace down at costs and improve our productivity.

正如我們明年的計劃，我將在一月份的常規訂單中向您明確說明，但這是明年的一個項目，我們有能力在短期內繼續推動增量利潤，以及我們能以多快的速度採取行動我們降低成本並提高生產力。

So we'll work through all that with the shipyard and give you a sense of what we're seeing.

因此，我們將與造船廠一起完成所有這些工作，讓您了解我們所看到的情況。

And in margins, I'd say they are going to be kind of lumpy probably through next year and and maybe even beyond.

在利潤方面，我想說，他們可能會在明年甚至更長時間內變得不穩定。

Okay.

好的。

And then one on competition.

然後是關於競爭的。

I know it's super granular near term or apologize in advance, but in October to date, have you gotten more than one, two, seven out the door?

我知道這在短期內是非常細粒度的，或者提前道歉，但從十月至今，你有超過一、二、七嗎？

Yes, I think I was, um, yes, we have on and I think I've given you some pretty good clarity of what we expect expect for October.

是的，我想我是，嗯，是的，我們已經進行了，我想我已經向您清楚地說明了我們對 10 月的預期。

That funds get pretty much on schedule, Tom and non-mass, November and December I gave you that such clarity is what I'm trying to be as transparent with you all.

湯姆和非彌撒，11 月和 12 月，資金幾乎按計劃進行，我已經向你們表明了這樣的明確性，這就是我試圖對你們所有人保持透明的原因。

So the two can better understand where we anticipate.

這樣兩人就能更理解我們的預期。

And as you well know, you can follow some of that with the publicly available data.

正如您所知，您可以透過公開數據來追蹤其中的一些內容。

We'll go next to David Strauss of Barclays.

接下來我們將邀請巴克萊銀行的大衛‧史特勞斯。

Thanks.

謝謝。

Good morning.

早安.

Good morning, David.

早安，大衛。

Be going up on them on the items you highlighted in terms of what's impacting the G7 under deliveries.

重點關注您強調的影響 G7 交付的因素。

I guess just to clarify you his roles from an engine perspective or they are the high end.

我想只是為了從引擎的角度向您澄清他的角色，或者它們是高端的。

Is that part of the issue?

這是問題的一部分嗎？

And then you on the interior side, this view, this is kind of a temporary issue was or could it linger just given the much larger cow manure?

然後你在內側，這個觀點，這是一個暫時的問題，或者可能會因為更大的牛糞而持續存在？

And I would assume a lot more in the way influx of the on the tour, so on a on a go-forward basis.

我會假設巡迴演出中會有更多的人湧入，所以在未來的基礎上。

Yes.

是的。

So we control the interiors.

所以我們控制內裝。

So we are very comfortable in our projections on how we work both interior.

因此，我們對內部工作方式的預測非常滿意。

So I don't I'm not worried or even concerned about our interiors engines on station have improved on.

所以我不擔心，甚至不擔心我們車站的內裝引擎有所改進。

So that is definitely a benefit.

所以這絕對是一個好處。

And I tried to give you some color around that particular issue in my remarks.

我試圖在我的發言中就這個特定問題向大家提供一些說明。

But there's improve.

但還有改進。

Okay.

好的。

Okay.

好的。

And could for the, um, fall ROCm motor announcement with a partnership with Lockheed in the quarter.

並且可能會在本季與洛克希德公司合作發布秋季 ROCm 引擎公告。

Can you just give some color around that and how that might materialize over the next couple of years in terms of numbers, but yes, and we'll make some investment over the next couple of years.

您能否對此進行一些說明，以及在未來幾年內如何從數位方面實現這一目標，但是是的，我們將在未來幾年內進行一些投資。

And then I think that um and I don't have an exact start date of the tip of my tongue, Tom, but a lot of the number of the number of motors will be driven by overall by the demand for the rock itself.

然後我認為，嗯，我沒有一個確切的開始日期，湯姆，但很多電機的數量將由對岩石本身的需求總體驅動。

But we're pretty comfortable that this is well within our capability set, and we'll work through that come with our partner.

但我們很放心，這完全在我們的能力範圍之內，我們將與我們的合作夥伴一起解決這個問題。

Thanks very much.

非常感謝。

We'll move next to Peter Arment of Baird.

我們將移至貝爾德 (Baird) 的彼得·阿門 (Peter Arment) 旁邊。

Service fee tomorrow.

明天加服務費。

Morning.

早晨。

Maybe just to focus on combat.

也許只是為了專注於戰鬥。

You guys read really strong growth, you know, through the first three quarters of the year and your obviously your profit margins reflect a lot of really good execution.

你們知道，今年前三個季度的成長非常強勁，顯然你們的利潤率反映了許多非常好的執行力。

Just how are you thinking about just kind of, you know, the long-term visibility, you're you know, how big of a business, you know, do you see in terms of the bookings environment?

您如何看待長期可見性，您知道，您在預訂環境方面看到了多大的業務？

You mentioned Middle East image in Europe on maybe just describe how you see visibility or combos.

您提到歐洲的中東形像也許只是描述您如何看待可見性或組合。

So our book-to-bill and backlog support nice growth beyond unfortunate trend environment also continues to drive demand.

因此，我們的訂單出貨量和積壓訂單支持了良好的成長，超越了不幸的趨勢環境，也繼續推動需求。

And we see our pipeline is pretty robust, both domestically and outside the United States.

我們看到我們的管道在美國國內和國外都非常強大。

How at least for the foreseeable future feature on we've seen nice steady growth in combat.

至少在可預見的未來，我們看到戰鬥功能穩定成長。

And just what are your margins right away with good margin performance?

如果利潤率表現良好，您的利潤率是多少？

And then my follow-up is on the margin front.

然後我的後續行動是在邊緣方面。

I mean almost 14%, you know, for the first nine months, I mean, is there opportunities to further enhance margins?

我的意思是，前九個月幾乎達到 14%，我的意思是，是否有機會進一步提高利潤率？

I know the you know, some somewhat material mix was a factor, but you've got a lot of growth.

我知道你知道，一些材料的混合是一個因素，但你已經有了很大的成長。

A lot of interest income was actually this business can generate.

很多利息收入其實是這個業務可以產生的。

So historically, this when we've talked about this before on previous calls, our over the years, this tends to be a 14.5% margin business.

因此，從歷史上看，當我們之前在之前的電話會議上討論過這個問題時，多年來，這往往是一項利潤率為 14.5% 的業務。

Um, given some margin variability quarter to quarter, again, largely driven by mix, and I suspect that will continue in that range.

嗯，考慮到季度與季度之間的一些利潤率變化，很大程度上是由混合驅動的，我懷疑這種情況將繼續在這個範圍內。

Again, some margins for the better could we make long term incremental structural improvement in that?

再說一遍，我們能否在這方面做出長期漸進的結構性改進？

I don't see that at the moment, but there's always opportunity for will continue to pursue this.

我目前還沒有看到這一點，但總有機會繼續追求這一點。

So this is a it has always been a very high operating leverage company.

所以這一直是一家營運槓桿非常高的公司。

So and groups the company, the three of them.

於是，他們三個人組成了公司。

So I think we'll continue to see both nice growth and good earnings expansion.

因此，我認為我們將繼續看到良好的成長和良好的獲利擴張。

We'll take our next question from Ron Epstein of Bank of America.

我們將接受美國銀行的 Ron Epstein 提出的下一個問題。

Good morning financing.

早安融資。

Good afternoon.

午安.

That replaces.

那取代了。

So so if we look at the supergene ore from the shipyards broken, I know that's been an issue.

因此，如果我們看看來自造船廠的破碎的超基因礦石，我知道這是一個問題。

Then if we look to the loan assistance business has grown, do you worry about the sport tumor?

那麼如果我們看到貸款援助業務成長了，您是否擔心體育腫瘤？

And I guess broadly, we would hope the supply chain munitions business in the business and better grown in Marine Systems during better the supply chain and the shipyards.

我想從廣義上講，我們希望供應鏈軍火業務在供應鏈和造船廠更好的情況下在船舶系統業務中得到更好的發展。

So I think it's a function of stage on type of material that we use in combat systems versus the scope size and of the material and inputs we use both had some at some marine group and particularly submarines and Gulfstream mean Gulfstream supply chain got part abated by a lot of of of factors that have been well reported some.

因此，我認為這是我們在作戰系統中使用的材料類型與範圍大小以及我們使用的材料和輸入的階段函數，這些材料和輸入在某些海軍陸戰隊，特別是潛艇和灣流中都有一些，這意味著灣流供應鏈的部分減弱許多因素已經得到了很好的報導。

But I think it's really a question of just the types of materials we use and the overall demand even outside of the combat, particularly vehicle business, that tends to be a more robust supply chain on component parts, given that there's other uses for a lot of that material materials, the inputs for for aerospace for Gulfstream and the Marine group for one-of-a-kind replicated anywhere else in an industry.

但我認為這實際上是我們使用的材料類型以及戰鬥之外的整體需求的問題，特別是車輛業務，考慮到很多東西還有其他用途，這往往是零部件的更強大的供應鏈灣流的航空航太投入和海洋集團的投入在該行業的其他任何地方都是獨一無二的。

So I think that that explains why we had fewer issues that we will have some issues with supply on ad.com back, but those are largely behind us.

所以我認為這解釋了為什麼我們遇到的問題較少，我們在 ad.com 上的供應方面會遇到一些問題，但這些問題基本上已經過去了。

And I think that tried to give you some color on why that is and then move over to follow on certain routes or elements with others.

我認為這試圖讓你了解其中的原因，然後與其他人一起遵循某些路線或元素。

Looking at the moment.

看著此刻。

So when we look to marine used to supply chain split, you the huge boom.

因此，當我們專注於用於供應鏈分割的船舶時，就會出現巨大的繁榮。

And I think we all have a good understanding of Arrow where the inventory concerns, what in the room who issue, I mean, what what Cunard component or are you just kind of broadening to understand the Bluebird Neurogen where our suppliers not support the Bears, whatever.

我認為我們都對Arrow 的庫存問題有很好的了解，房間裡的問題是誰發出的，我的意思是，Cunard 組件是什麼，或者您只是擴大了解Bluebird Neurogen，而我們的供應商不支持熊隊，任何。

While we have a number of smaller parts, certain remained they get produced by single source suppliers and often small ones that remain on a better than it remain initial.

雖然我們有許多較小的零件，但某些零件仍然是由單一來源供應商生產的，而且通常是小型零件，其品質比最初的零件要好。

I think it's a large component parts.

我認為這是一個很大的組成部分。

And I think the Navy is as reported on some of that, that trend to be highly complex costs have risen significantly, and you've got the green workforce and a lot of these areas.

我認為海軍正如報導的那樣，高度複雜的趨勢導致成本顯著上升，而且你擁有綠色勞動力和許多這樣的領域。

So those are while it's a large group, I think that's all I'm about the most power I'm going to give you on on where some The challenges are because how many has been kind of explicit in some instances about that.

因此，雖然這是一個大團體，但我認為這就是我將在某些挑戰方面給予您的最大權力，因為在某些情況下有多少挑戰是明確的。

And I think that's just have a better place to be.

我認為那隻是一個更好的地方。

We'll go next to Ken Herbert at RBC Capital Markets.

接下來我們將訪問加拿大皇家銀行資本市場部的肯‧赫伯特 (Ken Herbert)。

Yes, good morning.

是的，早安。

Thanks for taking the question from Mike Linenberg first first, three weeks on services within aerospace issue, you had nice growth here again, you should have ReaShure that will flow through sort of a much higher run rate to think about for the services business within this.

感謝您首先回答 Mike Linenberg 的問題，關於航空航天問題中的服務三週，您再次在這裡取得了良好的增長，您應該擁有 ReaShure，它將通過更高的運行率來考慮此範圍內的服務業務。

And maybe if you could talk about how do we would at this point, the businesses relative to your relative to the aircraft side within the segment?

也許您可以談談我們在這一點上如何處理該領域內與您相對的飛機方面的業務？

So we have long said that services is going to grow at a rate of that fleet expansion.

因此，我們長期以來一直表示，服務業將以機隊擴張的速度成長。

And think about it this way, we gathered we will garner between 85 million in 19 plus percent of our Gulfstream service.

這樣想一想，我們預計我們將在 19% 以上的灣流服務中獲得 8500 萬美元的收入。

And so as we've seen expand service expands its impact on overall margin.

正如我們所看到的，擴大服務範圍擴大了其對整體利潤率的影響。

This tends to be rather lumpy on, but it is in some instances and some quarters, it's about even so it's certainly not any large dilution impact and hasn't been for some time.

這往往是相當不穩定的，但在某些情況和某些季度，情況是這樣的，所以它肯定不會產生任何大的稀釋影響，而且已經有一段時間沒有這樣了。

So this is a nice, steady growth business.

所以這是一個不錯的、穩定成長的業務。

Okay.

好的。

And on the requirement to use group, I guess we've told deliveries are trending in this month and you're confident you feel good about that risk getting retired or is there anything, but sounds like there's clearly still some caution into the bar chart for the year, but you feel good about that particular supplier and giving back on schedule.

關於使用群組的要求，我想我們已經告訴過本月的交付趨勢，並且您確信自己對退休風險感覺良好，或者有什麼情況，但聽起來條形圖中顯然仍然有一些警告今年，但您對特定供應商感覺良好並按計劃回饋。

Yes, they have.

是的，他們有。

They're working very cooperatively cooperatively with us, but on he and I think it is emblematic or at least descriptive of the fact that we don't have all of these risk behind us and that were slipping airplanes into next year.

他們正在與我們非常合作，但他和我認為這具有像徵意義，或者至少描述了這樣一個事實：我們並沒有擺脫所有這些風險，而這些風險正在將飛機推遲到明年。

So I've tried to give you my best estimate, both on cadence and timing on and off of what we see pet, um, for the remainder of this year.

因此，我試圖向您提供我的最佳估計，包括今年剩餘時間我們所看到的寵物的節奏和時間安排。

And then as I said, some of these airplanes will go into next year, but we've worked well with the supplier industry and the scope on.

正如我所說，其中一些飛機將在明年投入使用，但我們與供應商行業和範圍合作良好。

So that is not that is not any particular long term issue, nor is it a complete anomaly on just in terms of of of the type of thing that happened here, Tom, so just fixing that and the regular order, it was a timing problem, but not a systemic one to think about it that way.

所以這並不是什麼特別的長期問題，也不是就這裡發生的事情類型而言完全異常，湯姆，所以只要解決這個問題和常規順序，這是一個時間問題，但不是系統性地這樣思考。

Thank you.

謝謝。

We'll go next to Doug Harnett at Bernstein.

接下來我們將前往伯恩斯坦的道格‧哈內特 (Doug Harnett)。

Good morning.

早安.

Thank you.

謝謝。

Morning.

早晨。

So going back to Henri look to growth.

因此，回到亨利的身上，我們著眼於成長。

When you look at the supply chain issues there and to lose them in the programs, how do you think over the route Virginia-class in Colombia plus separately, how you prioritize work or you are using this Susan's to prioritize one over the other?

當你審視那裡的供應鏈問題並在計劃中失去它們時，你如何考慮哥倫比亞的弗吉尼亞級航線以及單獨的路線，你如何確定工作的優先順序，或者你正在使用蘇珊的優先順序來優先考慮其中一個？

Well, that is now at how fast the national security decision dictated by the Navy.

嗯，現在就是海軍做出國家安全決策的速度。

So Columbia has across the entirety of the industrial base priority.

所以哥倫比亞擁有橫跨整個工業基地的優先權。

And it has been since inception show.

自展會成立以來一直如此。

Yes.

是的。

So by definition, Virginia gets some just behind in terms of priority Columbia.

因此，根據定義，維吉尼亞州在優先順序方面落後於哥倫比亞。

And that has ramifications for Virginia is well understood by our customer, particularly in a environment in which some supply chain material is constrained at Columbia against style.

我們的客戶充分理解這對維吉尼亞州的影響，特別是在哥倫比亞的一些供應鏈材料受到限制的環境下。

First of a pick again, given its national security imperative, will be given the importance of these programs, not just remove the bird food overall the suites.

首先，考慮到其國家安全的必要性，將考慮這些計劃的重要性，而不僅僅是取消整個套房的鳥食。

Great.

偉大的。

You know, I mean, you got the money in the supplemental for for supporting those two buildings industrial base.

你知道，我的意思是，你在補助金中得到了用於支持這兩個建築工業基地的資金。

But when you work with your customer, how is that helping or the subsequent steps that can be taken within the budget to help build this industrial-based seller?

但是，當您與客戶合作時，這有什麼幫助，或者在預算範圍內可以採取哪些後續步驟來幫助建立這個基於工業的賣家？

So the Navy and the Congress have recognized that there are portions of the industrial base that need help.

因此，海軍和國會已經認識到部分工業基礎需要幫助。

And that's what you that's what we see.

這就是你，這就是我們所看到的。

Some shipbuilding and submarine industrial base funding is intended to address both expanding the capacity and shoring up the capacity.

一些造船和潛艇工業基地資金旨在解決擴大產能和加強產能的問題。

There has been significant cost growth, as I noted earlier, across on manufacturing business, in particular and by extension into the into the submarine industrial base.

正如我之前指出的，製造業務的成本顯著增長，特別是延伸到潛艇工業基地。

So costs are increasing fact of life costs or economic realities and and funding is going to have to go from adjust to these fundamental changes in inputs, and that will need to happen over time.

因此，成本正在增加，生活成本或經濟現實的事實和資金將不得不從調整到投入的這些根本性變化，這將需要隨著時間的推移而發生。

Thank you.

謝謝。

We'll move next to Gautam Khanna at TDK.

我們將接替 TDK 的 Gautam Khanna。

Yes, thank you.

是的，謝謝。

Good morning.

早安.

Morning.

早晨。

So just to follow up on Marine, no, Velcade, you go to you in negotiations with the Navy on the Columbia Glo Fiber goes.

因此，只是為了跟進海軍陸戰隊，不，Velcade，你去與海軍就 Columbia Glo Fiber 進行談判。

I think it's kind of 12 Virginia-class broke out of service.

我認為這有點像 12 艘弗吉尼亞級退休。

What sort of your expectation is for the timing of when those contracts good agreed to?

您對這些合約達成一致的時間有何期望？

And is there any cash or margin implications once those are assigned to cut to what's in the yard?

一旦這些被分配去削減院子裡的東西，是否會產生任何現金或利潤影響？

Now we keep talking about our cash now Tom margin impact happens over time and begin to execute those programs.

現在我們繼續談論我們的現金，湯姆利潤率影響隨著時間的推移而發生，並開始執行這些計劃。

I don't have a good sense of timing.

我沒有很好的時間觀念。

I expect that the FY. 24 on ships that are not yet under contract at the next few months, but I don't have a good sense of timing for some for the remainder of that.

我預計財年。 24 是在接下來的幾個月中尚未簽訂合約的船舶上，但我對剩下的一些時間沒有很好的把握。

Negotiations on Block fixed contract on Block six are built to of Columbia.

第六區塊固定合約的談判是在哥倫比亞進行的。

It's going to be hard to get those contracts under those ships under contract, given that we've had some kind of genome cost and increases in input, frankly, throughout the economy.

坦白說，考慮到我們在整個經濟中存在某種基因組成本和投入增加，因此很難在這些船舶下獲得這些合約。

But as I noted earlier, manufacturing and keep the eye sight and those costs have increased for input.

但正如我之前指出的，製造和保持視力以及這些投入的成本已經增加。

So we're going to have to work that with our customer and Congress.

因此，我們必須與我們的客戶和國會合作。

Just as a follow up.

只是作為後續。

I guess what I'm asking is there any expectation that there would be what we provided for, you know, higher labor inflation going, so that was experienced on boats that are already in production, has a part of that negotiation?

我想我要問的是，是否有任何預期，我們所提供的，你知道，更高的勞動力通貨膨脹，所以已經在生產的船上經歷過這種情況，有談判的一部分嗎？

Well, at another part of that negotiation on I wouldn't link it necessarily those negotiations, but we are constantly in negotiations with our current with our customer on a whole on any number of contracting actions.

好吧，在談判的另一部分，我不會將其與這些談判必然聯繫起來，但我們一直在與我們當前的客戶就任何數量的合約行動進行談判。

And now there is no different were also I have entitlements in our contracts for which we will seek remedy.

現在，如果我在合約中也享有我們將尋求補救措施的權利，那就沒有什麼不同了。

So there's some there's a lot of ongoing discussions with our customer about these costs, the fact of life cost increases and and and labor cost increases.

因此，我們與客戶就這些成本、壽命成本增加和勞動成本增加的事實進行了許多持續的討論。

And now some of that plus the remedy to which were entitled arms with a customer.

現在，其中一些加上有權與客戶合作的補救措施。

We'll take our next question from Gavin Parsons at UBS.

我們將回答瑞銀集團 (UBS) 的加文‧帕森斯 (Gavin Parsons) 提出的下一個問題。

Good morning, flooring freight, CB crucial builders to do so in hundreds of inventory this year and maybe some of the inventory again, mixture to help us with what the under a lot of inventory help me with what you mean by out of inventory.

早上好，地板貨運，CB 關鍵建築商今年這樣做了數百個庫存，也許又是一些庫存，混合物可以幫助我們了解大量庫存的情況，幫助我了解庫存不足的意思。

They are back at a rate of 715 in Victoria of 700 that are from some stage of production, but just picking them up there with you or I guess can you help us with the underlying production group?

他們在維多利亞州以 715 人的速度回歸，其中 700 人來自某個製作階段，但只是和你一起去那裡撿起來，或者我想你能幫助我們與底層的製作團隊合作嗎？

Yes.

是的。

So I tried to be a path as explicit as I could be for the remainder of the year.

因此，我試圖在今年剩餘的時間裡盡可能明確地走一條路。

Some of the airplane go into next year that will help next year.

一些飛機將於明年投入使用，這將對明年有所幫助。

And then we'll give you what does a lot of clarity around what next year looks like in our ordinary course, when you get will give you our guidance in January, right on the airplane is performing very well.

然後我們將在我們的常規課程中為您提供關於明年的情況的很多清晰信息，當您在一月份得到我們的指導時，飛機上的表現非常好。

But we still, as I've noted in our own frequently, we still got out of station work that needs to get behind us.

但正如我在自己的文章中經常指出的那樣，我們仍然完成了需要落後的工作。

Okay.

好的。

I'll throw one more from I don't know.

我再扔一個我不知道的。

This is just an accounting question, but you can call out of the older that cost onto interiors component replacement or do you sort of 100 out of the 600 to 700 basis point margin step-up remain intact?

這只是一個會計問題，但您可以從舊的內部組件更換成本中剔除，或者您是否可以在 600 至 700 個基點的利潤提升中保留 100 個基點保持不變？

Well, that will happen and I don't have exact clarity on when those gross margin improvements will happen.

嗯，這將會發生，但我並不清楚毛利率的改善何時會發生。

But I think relatively soon and over the course of potentially the next year, we have to see some really nice margin expansion.

但我認為相對較快的時間以及可能在明年的過程中，我們必須看到一些非常好的利潤率擴張。

We are seeing it in the fourth quarter right off the bat, Anna and I can expect to see that margin expansion continue throughout next year and beyond.

我們將在第四季度立即看到這一點，安娜和我預計明年及以後將繼續看到利潤率擴張。

We'll go next to Jason Gursky of Citi.

接下來我們請花旗銀行的傑森‧古爾斯基 (Jason Gursky) 發言。

Hello there.

你好呀。

Good morning, everybody.

大家早安。

Mining CBO's, but was hoping you could just step back for a minute and maybe talk a little bit about the things that you're most excited about where you're kind of spending the most amount of your time as it relates to technology investments in terms of the business development pipeline from for core technologies business in the across the defense businesses as a whole?

挖掘 CBO，但希望您能退後一步，也許談談您最興奮的事情，即您花費最多時間的事情，因為它與技術投資相關就整個國防業務中核心技術業務的業務發展渠道而言？

Yes.

是的。

So I would say that we need to continue to capitalize on the come on the very strong growth profile we see going forward in the Marine group.

因此，我想說，我們需要繼續利用我們在海洋集團中看到的非常強勁的成長態勢。

We spend an awful lot of time on on improving our own capability within our own shipyards.

我們花了大量的時間來提高我們自己的造船廠的能力。

I think the technologies group in general is shown nice growth and some they have positioned themselves in faster currency, then they're highly competitive businesses.

我認為科技集團總體上顯示出良好的成長勢頭，其中一些將自己定位在更快的貨幣中，然後它們是極具競爭力的企業。

So we're pretty excited about we see there.

所以我們對在那裡看到感到非常興奮。

And then I think Combat Systems performance continues to be strong and how we then translate demand into revenue in the out years and continued strong operating performance we've had there's sort of where we focus our time group.

然後我認為戰鬥系統的性能仍然強勁，以及我們如何將需求轉化為未來幾年的收入以及我們持續強勁的營運業績，這就是我們關注時間組的地方。

There's a lot to build.

有很多東西需要建造。

And you know, there's a lot to be excited about in terms of performance of the Company.

您知道，公司的表現有很多值得興奮的地方。

Yes, no, understood.

是的，不是，明白了。

Okay.

好的。

No, that's helpful to understand the prioritization.

不，這有助於理解優先順序。

And then maybe this is, of course, when we get him involved as well.

當然，也許這就是我們讓他參與其中的時候。

But just philosophically how you grows or Peru, are you all excuse me or approaching the balance sheet and the capital structure and leverage of just going to come the growth of the future of the company where you want to operate?

但從哲學上講，秘魯的成長方式，請問你們是否正在接近你們想要經營的公司的未來成長的資產負債表、資本結構和槓桿？

Yes.

是的。

Well, obviously, we have a very strong balance sheet were recently upgraded in terms of our credit rating, and we have some debt repayments coming due that we expect to pay on schedule and will consistently look at where we stand.

顯然，我們的資產負債表非常強勁，最近我們的信用評級得到了升級，而且我們還有一些債務到期，我們預計會按計劃償還，並將持續關注我們的狀況。

But we feel pretty good about where we stand right now.

但我們對目前的處境感覺很好。

Right.

正確的。

But I'm just sort of like where you want to keep your leverage under its terms of leverage there.

但我有點像你想將你的槓桿保持在其槓桿條件下。

Just kind of curious, are you how you're thinking about?

只是有點好奇，你是怎麼想的？

Yes.

是的。

I don't think, you know, at this point in time, I think we're continuing to work the growth environment that we're in and and determining in terms of where the cash is going to have come out for 2025, especially.

我不認為，你知道，在這個時間點，我認為我們正在繼續努力我們所處的成長環境，並確定 2025 年現金的來源，特別是。

And I think it's a matter of time in terms of taking a look at where we stand.

我認為審視我們的立場只是時間問題。

So Andrew, I think we have time for one more question.

安德魯，我想我們還有時間再問一個問題。

Thank you.

謝謝。

We'll take that question from Scott Doyle at Deutsche Bank.

我們將回答德意志銀行斯科特·多伊爾的問題。

Hey, good morning, David, just to clarify your response to David's question earlier, due to the certifications are getting this year on those highly customized interiors for to 700, do those de-risk this as an item for from being a constraint next year?

嘿，早上好，大衛，只是為了澄清你之前對大衛問題的回答，由於今年將在 700 輛高度定制的內飾上獲得認證，那些人是否可以降低這一項目的風險，以免明年成為限制？

Yes.

是的。

I mean, these are the first ones out of the block on.

我的意思是，這些是第一批走出困境的。

So we don't see that as a constraining out next year.

因此，我們不認為這會限制明年的發展。

Okay, great.

好的，太好了。

And then the question.

然後是問題。

Yes, but this Combat Systems, how many products that are approved for export on the direct commercial sale basis?

是的，但是這個作戰系統，有多少產品被批准以直接商業銷售的方式出口？

Then are you seeing much traction for DCF sales either in terms of the bookings you put up recently a combat or terms of orders that are in the pipeline, not adding United States, but out of our European business?

那麼，您是否看到 DCF 銷售有很大的吸引力，無論是在您最近進行的戰鬥預訂方面，還是在正在醞釀的訂單條款方面，不包括美國，但不包括我們的歐洲業務？

Yes, those tend to be direct sales, and that's been true for 25 years.

是的，這些往往是直銷，25 年來一直如此。

And the demand for those products in Europe and even Eastern and Western Europe remains very strong.

歐洲乃至東歐和西歐對這些產品的需求仍然非常強勁。

Thank you.

謝謝。

Great.

偉大的。

Well, thank you, everyone, for joining our call today.

好的，謝謝大家今天加入我們的電話會議。

As a reminder, please refer to the General Dynamics website for the third quarter earnings release and highlights.

謹此提醒，請參閱通用動力網站以了解第三季財報發布和亮點。

Presentation you have additional questions.

示範您還有其他問題。

I can be reached at seven zero three eight seven six three one five two.

七零三八七六三一五二可以聯絡我。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。