通用動力 (GD) 2025 Q2 法說會逐字稿

Good morning and welcome to the General Dynamics second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加通用動力公司 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Nicole Shelton, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Nicole Shelton。請繼續。

Thank you, operator, and good morning, everyone. Welcome to the General Dynamics second quarter 2025 conference call. Any forward-looking statements made today represent our estimates regarding company's outlook. These estimates are subject to some risks and uncertainties. Additional information regarding these factors is contained in the company's 10-K, 10-Q and 8-K filings.

謝謝接線員，大家早安。歡迎參加通用動力公司 2025 年第二季電話會議。今天所做的任何前瞻性陳述均代表我們對公司前景的估計。這些估計值受到一些風險和不確定性的影響。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, please see the slides that accompany this webcast, which are available on the Investor Relations page of our website investorrelations.gd.com.

我們還將參考某些非公認會計準則 (non-GAAP) 財務指標，以獲得有關這些非公認會計準則 (non-GAAP) 指標的更多披露，包括與可比公認會計準則 (GAAP) 指標的對賬，請參閱此網絡廣播附帶的幻燈片，這些幻燈片可在我們網站 investorrelations.gd.com 的投資者關係頁面上找到。

On the call today are Phebe Novakovic, Chairman and Chief Executive Officer; Kim Kuryea, Chief Financial Officer; Danny Deep, Executive Vice President, Global Operations; Jason Aiken, Executive Vice President, Combat and Mission Systems; and Amy Gilliland, Executive Vice President and President GDIT.

參加今天電話會議的有董事長兼執行長 Phebe Novakovic、財務長 Kim Kuryea、全球營運執行副總裁 Danny Deep、作戰和任務系統執行副總裁 Jason Aiken 以及執行副總裁兼 GDIT 總裁 Amy Gilliland。

I will now turn the call over to Phebe.

現在我將把電話轉給 Phebe。

Thank you, Nicole. Good morning, everyone, and thanks for being with us. Earlier today we reported earnings of $3.74 per diluted share on revenue of $13 billion, operating earnings of $1.3 billion and net income slightly over $1 billion.

謝謝你，妮可。大家早安，感謝大家的來訪。今天早些時候，我們報告每股攤薄收益 3.74 美元，營收 130 億美元，營業收益 13 億美元，淨收入略高於 10 億美元。

We enjoyed revenue increases at three of our four business segments compared to the year ago quarter. Across the company, revenue increased over $1 billion, an 8.9% increase. Importantly, operating earnings of $1.3 billion are up almost 13%. once again demonstrating strong operating leverage. Similarly, net earnings are up 12% and earnings per share are up 14.7% over the year ago quarter.

與去年同期相比，我們的四個業務部門中有三個部門的收入都有所成長。整個公司的收入增加了10多億美元，增幅為8.9%。重要的是，13 億美元的營業利潤成長了近 13%，再次證明了強大的經營槓桿。同樣，淨收益比去年同期增長了 12%，每股收益增長了 14.7%。

You will note we beat Street EPS consensus by $0.19. On a year-to-date basis, revenue of $25.3 billion is up 11.3%. Operating earnings of nearly $2.6 billion are up 17.4%, and earnings per share are up $1.26 or 20.5%. In my view, this was a wonderful quarter that exceeded our expectations and led to a very good first half of the year.

您會注意到，我們的每股盈餘比華爾街預期高出0.19美元。年初至今，營收253億美元，成長11.3%。營業利潤近 26 億美元，成長 17.4%，每股收益成長 1.26 美元，成長 20.5%。在我看來，這是一個出色的季度，超出了我們的預期，並帶來了非常好的上半年業績。

Let me ask our CFO Kim Kuryea to provide detail on our strong order activity, growing backlog and superb cash generation, as well as other relevant financial information.

請容許我請我們的財務長 Kim Kuryea 詳細介紹我們強勁的訂單活動、不斷增長的積壓訂單和卓越的現金創造能力，以及其他相關的財務資訊。

Thank you, Phebe, and good morning. I'll start with orders. We had a huge quarter with over $28 billion of orders, yielding an overall book to build ratio of 2.2:1 for the company. The largest driver was the Marine Systems segment, which received several contracts for further construction of submarines.

謝謝你，菲比，早安。我先從訂單開始。本季我們的訂單量龐大，超過 280 億美元，公司整體訂單與建造比率達 2.2:1。最大的推動力是海洋系統部門，該部門獲得了幾份進一步建造潛艇的合約。

The large awards in marine almost overshadowed the fact that Aerospace had a tremendous quarter with a book to build ratio of 1.3 times. This is the strongest first half for orders since 2022 and reflected strong demand across the entire Gulfstream product line. Combat Systems and Technologies also had solid quarters with book to bill ratios of 1 times and 0.9 times, respectively.

船舶領域的巨額獎項幾乎掩蓋了航空航太業本季表現優異（訂單與建造比率為 1.3 倍）的事實。這是自 2022 年以來訂單量最強勁的上半年，反映了整個灣流產品線的強勁需求。作戰系統與技術部門的季度業績也表現穩健，訂單出貨比分別為 1 倍和 0.9 倍。

We ended the quarter with a record level of backlog of $103.7 billion, up 14% from a year ago. Our total estimated contract value, which includes options and IDIQ contracts, ended the quarter at over $160 billion, also an all-time high.

本季結束時，我們的積壓訂單量達到創紀錄的 1,037 億美元，比去年同期成長了 14%。我們的合約總價值（包括選擇權和 IDIQ 合約）在本季結束時達到 1,600 多億美元，也創下歷史新高。

Turning to our cash performance for the quarter, we generated $1.6 billion of operating cash flow with all four segments contributing to our efforts to drive cash earlier in the year. After capital expenditures, our free cash flow was $1.4 billion for the quarter, yielding a cash conversion rate of 138%.

談到本季的現金表現，我們產生了 16 億美元的營運現金流，所有四個部門都為我們在今年稍早推動現金的努力做出了貢獻。扣除資本支出後，本季我們的自由現金流為 14 億美元，現金轉換率為 138%。

Through the first half of 2025, we have free cash flow of $1.1 billion which is well ahead of what we had planned. However, there is still work to be done as we have working capital to unwind from the balance sheet. We expect a strong second half with the majority of cash generated in the fourth quarter, which should push us towards a cash conversion rate around 90% for the year, an improvement from what we were originally forecasting.

到 2025 年上半年，我們的自由現金流將達到 11 億美元，遠遠超出我們的計畫。然而，由於我們還有營運資金需要從資產負債表中釋放，因此仍有工作要做。我們預計下半年業績將表現強勁，大部分現金將在第四季度產生，這將推動我們全年的現金轉換率達到 90% 左右，比我們最初的預測有所改善。

Our full year cash estimate excludes the impact of the recent tax legislation. As you know, reversing the prior law's requirement to capitalize R&D expenses will provide us a cash benefit. We are still working to develop an estimate of the exact timing and amounts associated with how that will all unfold.

我們的全年現金估計不包括最近稅收立法的影響。如您所知，推翻先前法律對研發費用資本化的要求將為我們帶來現金收益。我們仍在努力估計這一切將如何展開的具體時間和金額。

Now turning to capital deployment. Capital expenditures were $198 million or 1.5% of sales in the quarter. Similar to last year, you should expect capital expenditures to be somewhat higher in the second half of the year, spending a little over 2% of sales for the year.

現在轉向資本部署。本季資本支出為 1.98 億美元，佔銷售額的 1.5%。與去年類似，您應該預期下半年的資本支出會略高一些，略高於全年銷售額的 2%。

We paid $402 million in dividends in the quarter, but we made no share repurchases, largely due to our cash profile. Also in the quarter, we refinanced $750 million of notes that matured in May. We have no further debt maturities until next year. We ended the quarter with a cash balance of approximately $1.5 billion and a net debt position of $7.2 billion, down $1.2 billion from last quarter.

我們在本季支付了 4.02 億美元的股息，但沒有進行股票回購，這主要是因為我們的現金狀況。本季我們也對 5 月到期的 7.5 億美元票據進行了再融資。到明年為止，我們沒有其他債務到期。本季末，我們的現金餘額約為 15 億美元，淨債務狀況為 72 億美元，比上一季減少了 12 億美元。

Our net interest expense in the quarter was $88 million compared to $84 million last year. That brings the interest expense for the first half of the year to $177 million, up from $166 million for the same period in 2024 due to our utilization of commercial paper.

本季我們的淨利息支出為 8,800 萬美元，而去年同期為 8,400 萬美元。由於我們使用了商業票據，因此今年上半年的利息支出從 2024 年同期的 1.66 億美元上升至 1.77 億美元。

At this point, our expectation for interest expense for the year is approximately $330 million. Finally, the effective tax rate in the quarter was 17.7%, bringing the tax rate for the first half to 17.4%. This rate is a little lower than our outlook for the full year, which remains around 17.5%.

目前，我們預計今年的利息支出約為 3.3 億美元。最後，本季有效稅率為17.7%，使得上半年稅率達到17.4%。這一增長率略低於我們對全年的預期，全年增長率仍為 17.5% 左右。

Phebe, that concludes my remarks. I'll turn it back over to you.

菲比，我的發言到此結束。我會把它交還給你。

Thanks, Kim. Now, let me review the quarter in the context of the business segments and provide detailed color as appropriate. I have asked some of our group executives to participate and provide color from their perspective as well.

謝謝，金。現在，讓我根據業務部門的背景來回顧本季度，並根據需要提供詳細的說明。我已經邀請我們集團的一些高階主管參與並從他們的角度提供意見。

First, Aerospace. Aerospace performed well in the quarter. It had a revenue of $3.06 billion, a 4.1% increase. Operating earnings of $403 million or 26.3% better than the year ago quarter. Operating margin is 230 basis points better than the year ago quarter.

第一，航空航天。本季航空航太業表現良好。其收入為30.6億美元，成長4.1%。營業利潤為 4.03 億美元，比去年同期成長 26.3%。營業利益率比去年同期高出 230 個基點。

To give you a little perspective here, Gulfstream had 38 deliveries in the quarter, including 15 G700s, which is four more than a year ago quarter and two more sequentially. This was offset in part by fewer G650s as we made the final deliveries of this high margin product.

為了讓您有一個大致的了解，灣流公司本季共交付了 38 架飛機，其中包括 15 架 G700，比去年同期多交付了 4 架，比上一季多交付了 2 架。由於我們最終交付了這款高利潤產品，因此這一差距被 G650 數量的減少所部分抵消。

As I indicated previously, the supply chain continues to improve and is performing better to both schedule and quality. We are finding fewer faults, and those we are finding are becoming easier to fix. In short, I'm increasingly confident that we can meet this year's delivery plan. And in fact, we are delivering G700s on a much more predictable cadence. I am pleased that all of our G700 retrofit airplanes have been delivered.

正如我之前所說，供應鏈不斷改善，在進度和品質方面都表現得更好。我們發現的錯誤越來越少，而且發現的錯誤也越來越容易修復。簡而言之，我越來越有信心我們能夠實現今年的交付計劃。事實上，我們推出 G700 的節奏更加可預測。我很高興我們所有的 G700 改裝飛機都已交付。

Also, all of the G700s that were completed before engines were installed have also been delivered. You may recall that both of these things have negatively impacted cost and delayed deliveries. We are in the process of completing the G700 flight test aircraft and a number of them will be delivered in the second half.

此外，所有在安裝引擎之前完成的 G700 也已交付。您可能還記得，這兩件事都對成本和延遲交貨產生了負面影響。我們正在完成G700飛行試驗飛機，其中一部分將於下半年交付。

These are lower margin aircraft and will be dilutive to margin but will reduce inventory and increase operating cash by a large amount. The initial deliveries of the G800 will be made in the third quarter. We expect to deliver about 13 G800s for the year, which is about three less than the G650s we delivered in the second half of last year.

這些是利潤率較低的飛機，將會稀釋利潤率，但會減少庫存並大幅增加營運現金。G800 的首批交付將於第三季進行。我們預計今年將交付約 13 架 G800，比去年下半年交付的 G650 少約 3 架。

The initial G800s will not carry the operating margins of the G650s. This will obviously put some pressure on operating margin in the second half, but we still expect the margins in the third quarter to be very similar to the second quarter, coupled with a stronger fourth quarter.

最初的 G800 不會擁有 G650 的營運利潤率。這顯然會對下半年的營業利潤率造成一些壓力，但我們仍然預計第三季的利潤率將與第二季非常相似，同時第四季的利潤率將更加強勁。

In summary, the Aerospace team had a solid quarter. G800 deliveries are about to commence, and G700 delivery cadence and operating margin are both improving. Anecdotally, as you may recall, the G800 was designed to replace the G650.

總而言之，航空航太團隊本季表現穩健。G800 即將開始交付，G700 的交付節奏和營業利潤率都在提高。有趣的是，您可能還記得，G800 的設計是為了取代 G650。

Interestingly, the first 20 of the G800s will be the G650 owners. There is significant interest in this plane from Fortune 500 companies. Before I discuss demand, I am frequently asked questions about Aerospace operating margin and when it will move into the high-teens, that is above 15%.

有趣的是，G800 的前 20 名車主將是 G650 的車主。財富 500 強企業對這架飛機表現出濃厚的興趣。在我討論需求之前，我經常被問到有關航空航太營業利潤率的問題，以及它何時會進入十幾歲的高水平，即 15% 以上。

The simple answer is maybe 2026, but for sure in 2027 with degradation again in 2028 with the delivery of a significant number of G400s. The simple answer is made with some trepidation. Nothing is more complex to forecast than the operating margin for Aerospace. So first, let me focus on what you all think about operating margin on aircraft deliveries. This is almost always driven by mix.

簡單的答案是也許是 2026 年，但肯定是在 2027 年，而隨著大量 G400 的交付，2028 年產量將再次下降。簡單的回答卻讓人有些忐忑。沒有什麼比預測航空航太的營業利益率更複雜了。首先，讓我重點介紹一下大家對飛機交付的營業利潤率的看法。這幾乎總是由混合驅動的。

The G700 has the highest margins. The G800 should ultimately enjoy similar margins, but it's early in its delivery cycle. The G600 enjoys the next highest margin, followed by the G500 and G280. And let's not forget a very strong margin contribution earlier in the year from the Sunset G650 program.

G700 的利潤率最高。G800 最終應該會享有類似的利潤率，但它還處於交付週期的早期階段。G600 的利潤率位居第二，其次是 G500 和 G280。我們不要忘記今年早些時候 Sunset G650 項目對利潤的強勁貢獻。

But aircraft margins, while important because of their size are only part of the story. Aerospace also has over $3.5 billion of sales in what we generally refer to as aircraft services business. In the Gulfstream, we have a large maintenance business impacted by the amount of warranty work in a given period over the counter parts sales and special mission aircraft, each with different operating margins and varying from quarter to quarter and impacted by both volume and mix.

儘管飛機的利潤率因其尺寸而重要，但這只是故事的一部分。航空航太業在我們通常所說的飛機服務業務中也擁有超過 35 億美元的銷售額。在灣流公司，我們擁有龐大的維修業務，該業務受到特定時期內非處方零件銷售和特殊任務飛機的保固工作量的影響，每個業務的營業利潤率都不同，並且每個季度都有所不同，並受到數量和組合的影響。

At Jet Aviation, we have a large MRO business impacted by mix, particularly the number of large maintenance checks in a given quarter. They also have an aircraft completions business that is influenced by the mix of aircraft in-house, i.e., narrow body, wide body or completions for Gulfstream.

在 Jet Aviation，我們的大型 MRO 業務受到組合的影響，尤其是特定季度內大型維護檢查的數量。他們還擁有飛機完工業務，該業務受到內部飛機組合的影響，即窄體飛機、寬體飛機或灣流飛機的完工。

It also has a high margin FBO business impacted by volume in any particular quarter. FBO volume happen to have been down in the second quarter. Finally, Jet has a significant aircraft management and services business that has over 300 aircraft under management.

該公司還擁有高利潤的 FBO 業務，但該業務會受到特定季度交易量的影響。FBO 數量在第二季度有所下降。最後，Jet 航空擁有重要的飛機管理和服務業務，管理超過 300 架飛機。

The mix of these things impacts margin quarter over quarter at Jet. Jet also has about $1.6 billion of annual revenue, and that is sufficient to impact margins in the group. I hope this to some extent helps you understand the mosaic that makes forecasts in this area so complex and the impact of both volume and mix on the results. However, do not let this discussion distract you from the main Aerospace of steady increasing sales and earnings.

這些因素綜合影響了 Jet 的季度利潤率。Jet 的年收入約為 16 億美元，足以影響該集團的利潤率。我希望這在某種程度上能幫助您理解導致該領域預測如此複雜的因素以及數量和組合對結果的影響。然而，不要讓這個討論分散您對航空航太主要業務的注意力，即銷售額和收益的穩定成長。

So turning to demand, Aerospace enjoyed very strong market demand in the quarter. As Kim noted, we had a 1.3 book to bill in the quarter even as aircraft deliveries increased the denominator. As I said last quarter, we fully expect the certification of the G800. It's better than planned performance characteristics, and early deliveries to customers will stimulate demand. We continue to see very strong interests across all models in the US, across Europe, the Middle East and other parts of the world.

因此，談到需求，航空航太在本季享有非常強勁的市場需求。正如 Kim 所指出的，儘管飛機交付增加了分母，但本季我們的訂單出貨比仍為 1.3。正如我上個季度所說，我們完全期待 G800 的認證。其性能特徵優於計劃，提前交付給客戶將刺激需求。我們持續看到美國、歐洲、中東和世界其他地區對所有車型的濃厚興趣。

So let's move on to the defense businesses. First, Marine. The growth story at Marine continues. Revenue of $4.22 billion is up 22.2% from the year ago quarter and 17.6% sequentially. Similarly, operating earnings of $291 million are up 18.8% quarter over quarter and 16.4% sequentially.

那麼讓我們繼續討論國防業務。首先，海軍陸戰隊。Marine 的成長故事仍在繼續。營收為 42.2 億美元，較去年同期成長 22.2%，較上一季成長 17.6%。同樣，營業收入為 2.91 億美元，季增 18.8%，季增 16.4%。

Operating margin of 6.9% leaves plenty of room for improvement, but let's not lose sight of the fact that operating earnings continue to grow along with sales. This particular quarter's growth was driven by Columbia Class and Virginia Class construction, as well as a slight increase in DDG-51 construction.

6.9% 的營業利潤率還有很大的提升空間，但我們不要忽略營業利潤隨著銷售額持續成長的事實。本季的成長主要得益於哥倫比亞級和維吉尼亞級的建造，以及 DDG-51 建造的輕微成長。

On a sequential basis, the 10 point decline in operating margin was driven by an unfavorable EAC adjustment at NASCO. Backlog increased in the quarter by $14.6 billion or 38% to almost $53 billion largely the result of a contract for two Block V Virginia lass ships, including a one-of-a-kind special mission ship with considerable contact.

與上一季相比，營業利潤率下降 10 個百分點是由於 NASCO 的 EAC 調整不利所致。本季度積壓訂單增加了 146 億美元（38%），達到近 530 億美元，這主要是由於簽訂了兩艘 Block V 弗吉尼亞級艦艇的合同，其中包括一艘具有大量合同的獨一無二的特殊任務艦。

The contract also included important investment funds to support shipyard productivity, wage increases and additional training programs. These funds complement the funding that the Navy and Congress have provided over the last several years to help stabilize and improve the submarine industrial base. Taken together, these will help further improve EB throughput and productivity.

該合約還包括重要的投資資金，用於支持造船廠生產力、工資成長和額外的培訓計劃。這些資金是對海軍和國會過去幾年提供的資金的補充，旨在幫助穩定和改善潛艇工業基礎。綜合起來，這些將有助於進一步提高 EB 的吞吐量和生產力。

As I said last quarter, an Electric Boat, we continue to experience delays and quality problems in the supply chain. Material and parts are late and sometimes exhibited quality escapes. This obviously disrupts workflow, but we are developing good workarounds. We have more work to do here, but we are making progress.

正如我上個季度所說的那樣，作為電動船，我們在供應鏈中繼續遇到延誤和品質問題。材料和零件延誤，有時還會出現品質問題。這顯然會擾亂工作流程，但我們正在開發好的解決方法。我們還有很多工作要做，但我們正在取得進展。

We are working closely with the Navy and the new administration to continue to address the problems in the supply chain and to work diligently to improve throughput and performance of Electric Boats. Our job remains to continuously improve to help the industrial base get stronger and to improve the cadence of ship delivery to the Navy.

我們正在與海軍和新政府密切合作，繼續解決供應鏈中的問題，並努力提高電動船的吞吐量和性能。我們的工作仍然是不斷改進，幫助工業基礎變得更加強大，並提高向海軍交付船隻的節奏。

Next Combat Systems. I'm going to summarize the group's results for the quarter and first half of the year and then ask Jason, our new Executive Vice President to give you some color on the quarter from his perspective.

下一代戰鬥系統。我將總結集團本季和上半年的業績，然後請我們的新執行副總裁 Jason 從他的角度對本季的情況進行一些介紹。

Revenue in the quarter of $2.28 billion is essentially flat versus a year ago quarter. Operating earnings of $324 million are up 3.5% on a 50 basis point increase in operating margin to 14.2%. Year-to-date, the comparison is not dissimilar with modest revenue growth of 1.6% to $4.46 billion, stronger earnings growth of 3.4% to $615 million, and a 20 basis point expansion of operating margin to 13.8%.

本季營收為 22.8 億美元，與去年同期基本持平。營業利益為 3.24 億美元，成長 3.5%，營業利益率增加 50 個基點至 14.2%。今年迄今，情況並無不同，營收溫和成長 1.6% 至 44.6 億美元，獲利強勁成長 3.4% 至 6.15 億美元，營業利潤率擴大 20 個基點至 13.8%。

And sequentially, even stronger revenue growth, 4.9% to $2.28 billion, an impressive increase of 11.3% in operating earnings to $324 million on an 80 basis point improvement in operating margin. Order activity was solid with a book to bill of 1 times through the quarter. So solid performance all around for Combat Systems.

與上一季相比，公司營收成長更為強勁，成長 4.9% 至 22.8 億美元，營業利潤大幅成長 11.3% 至 3.24 億美元，營業利潤率提高了 80 個基點。本季的訂單活動很活躍，訂單出貨比為 1 倍。戰鬥系統的整體表現非常穩定。

Jason?

傑森？

Thank you, Phebe, and good morning. As you can see from the numbers Phebe detailed for you, the group continues to demonstrate strong operating leverage irrespective of the topline trajectory, flat versus the prior year quarter, up modestly year-to-date and up more significantly on a sequential basis, and that's a testament to the operating discipline of this group.

謝謝你，菲比，早安。從 Phebe 為您詳述的數字中您可以看到，無論營收軌跡如何，該集團繼續表現出強勁的營運槓桿，與去年同期持平，年初至今小幅上漲，環比上漲更為顯著，這證明了該集團的營運紀律。

Growth in the quarter in Europe was offset by lower volume in our US combat vehicle business, driven largely by the cancellation of the booker program. While the booker cancellation represents a headwind, we stayed very close to the Army and are supporting their efforts as they work through budget and program prioritization activities.

本季歐洲業務的成長被美國戰車業務的銷售下降所抵消，這主要是由於取消了布克計劃。儘管取消預訂對我們來說是一個不利因素，但我們仍然與陸軍保持密切聯繫，並支持他們進行預算和專案優先活動。

To that point, we've invested ahead of need to make sure we're well positioned to support priorities such as the rapid development and fielding of the next-generation main battle tank. The growth in Europe is particularly encouraging and is representative of significant potential in that business as defense spending in Europe is poised to accelerate.

為此，我們提前進行了投資，以確保我們能夠很好地支援優先事項，例如下一代主戰坦克的快速開發和部署。歐洲的成長尤其令人鼓舞，並且代表著該業務的巨大潛力，因為歐洲的國防開支即將加速。

To that point, the book-to-bill in our European business was 1.5 times in the first half, and they've got solid opportunities as we look ahead. Our mission's business continues to focus on facility expansion and increasing production rates in all areas related to artillery, including projectiles, load assembly and pack and propellant. We're making progress and working closely with the Army in support of their artillery production goals.

到目前為止，我們歐洲業務的訂單出貨比在上半年達到了 1.5 倍，展望未來，他們面臨著巨大的機會。我們的使命業務繼續專注於設施擴建和提高與火砲相關的所有領域的生產率，包括彈頭、裝載組件和包裝以及推進劑。我們正在取得進展並與陸軍密切合作，以支持他們的火砲生產目標。

Thanks, Jason. And finally, Technologies. As with combat, I'm going to summarize the group's results for the quarter and the first half of the year and then ask Amy and Jason to give you some color on the quarter from the perspective of GDIT and Mission Systems respectively.

謝謝，傑森。最後，技術。與戰鬥一樣，我將總結該小組本季度和上半年的業績，然後請艾米和傑森分別從 GDIT 和任務系統的角度對本季度的情況進行一些介紹。

The group had another strong quarter with revenue and earnings up quarter over quarter sequentially in year-to-date. A revenue of $3.5 billion was up 5.5% from the year ago quarter, while earnings of $332 million were up 3.8%. Operating margin for the group was 9.6%, down 10 basis points from a year ago on a shift in mix as GDIT grew faster than Mission Systems in the quarter.

該集團又度過了一個表現強勁的季度，年初至今的營收和收益環比成長。營收為 35 億美元，較去年同期成長 5.5%，獲利為 3.32 億美元，成長 3.8%。該集團的營業利潤率為 9.6%，較去年同期下降 10 個基點，原因是本季 GDIT 的成長速度快於任務系統，導致產品組合發生變化。

On a sequential basis, revenue and earnings were up by 1.3% and 1.2% respectively on a steady margin rate of 9.6%. And for the first half, revenue of $6.9 billion was up 6.1%, and operating earnings of $660 million were up 7.3% on a 20 basis point expansion and operating margins to 9.6%.

與上一季相比，營收和獲利分別成長 1.3% 和 1.2%，利潤率穩定在 9.6%。上半年，公司營收為 69 億美元，成長 6.1%；營業利潤為 6.6 億美元，成長 7.3%（成長 20 個基點）；營業利潤率達 9.6%。

The group continues to have solid order activity with a book to bill of just under 1 times for the quarter and just over 1 times for the first six months. As a result, the group's backlog is up 7.5% from this time a year ago, and their total estimated contract value is up more than 11% over the same period.

該集團的訂單活動持續穩健，本季的訂單出貨比略低於 1 倍，前六個月的訂單出貨比略高於 1 倍。因此，該集團的積壓訂單比去年同期增加了 7.5%，預計合約總價值將比去年同期增加了 11% 以上。

With that, I'll turn it over to Amy first to talk about GDIT's quarter.

說完這些，我先把話題交給艾米，讓她談談 GDIT 的季度狀況。

Thank you, and good morning, everyone. As Phebe noted, GDIT delivered a solid quarter and first half with growth in all of our customer facing divisions. This performance highlights the discipline and agility of a business focused on mission execution and cost control in a particularly dynamic environment.

謝謝大家，早安。正如 Phebe 所指出的，GDIT 本季和上半年業績表現穩健，所有面向客戶的部門都實現了成長。這項業績凸顯了企業在極其動態的環境中專注於任務執行和成本控制的紀律性和敏捷性。

The pace of contract award activity was slower than normal in the first half, albeit somewhat improved in the second quarter. Despite significantly lower first half customer adjudications, GDIT enjoyed six wins over $100 million including [1 over $1 billion], and the business delivered a first half book to bill of essentially 1 times on a growing business.

上半年合約授予活動的速度比正常水平慢，儘管第二季度有所改善。儘管上半年客戶裁決金額大幅下降，GDIT 仍然贏得了六項超過 1 億美元的裁決，其中包括 [1 項超過 10 億美元的裁決]，並且該公司在業務不斷增長的情況下，上半年的訂單出貨比基本上是 1 倍。

First half book to bill would have been even stronger, but for the protest by a competitor of a significant new second quarter win in the defense business. We are pleased with the results we are seeing from the investments we've made in our portfolio of digital accelerators capabilities that enable customers to quickly leverage AI, cyber and mission software technologies and our deepening relationships with strategic and emerging technology partners.

如果不是競爭對手抗議國防業務第二季取得重大勝利，上半年訂單出貨比本來會更加強勁。我們對我們在數位加速器功能組合方面的投資所取得的成果感到滿意，這些投資使客戶能夠快速利用人工智慧、網路和任務軟體技術以及我們與策略和新興技術合作夥伴日益深化的關係。

We reliably deliver and integrate the best technology has to offer day in and day out, and that has helped us navigate the changes in administration priorities throughout the first half.

我們日復一日地可靠地交付和整合最佳技術，這幫助我們應對了上半年管理重點的變化。

With that, I'll turn it over to Jason to talk about Mission Systems.

說完這些，我會把話題交給 Jason 來談論任務系統。

Thanks, Amy. Mission Systems also had a great quarter with revenue, earnings and margins up on every comparator basis, quarter over quarter, sequentially and year over year.

謝謝，艾米。任務系統本季也表現出色，其收入、收益和利潤率以可比價格計算均有所上升，環比、同比均有所增長。

As we've been discussing for some time, Mission Systems has been transitioning from legacy lower margin programs to new franchises for several years now. So the top line has been relatively flat even as the margin profile is improving steadily. We said this is the final year of that transition. And so, we're starting to see an inflection to growth. So that's very encouraging.

正如我們一段時間以來一直在討論的那樣，Mission Systems 多年來一直在從傳統的低利潤專案轉型為新的特許經營專案。因此，儘管利潤率穩定提高，但營業收入卻相對穩定。我們說這是過渡的最後一年。因此，我們開始看到成長的轉折點。這非常令人鼓舞。

Like GDIT, Mission Systems has been investing ahead of need in areas like unmanned platforms, smart munitions, high speed encryption, strategic deterrence and contested space, and as a result, they're seeing increasing opportunities across the portfolio. To that point, their total backlog is up 15% from a year ago, and total potential contract value is up 23% over the same period. All in all, a very strong first half of the year.

與 GDIT 一樣，任務系統公司一直在無人平台、智慧彈藥、高速加密、策略性威懾和爭奪太空等領域進行超前投資，因此，他們在整個投資組合中看到了越來越多的機會。到目前為止，他們的總積壓訂單比一年前增加了 15%，而總潛在合約價值同期增加了 23%。總而言之，今年上半年表現非常強勁。

I'll now turn it back over to Phebe.

現在我將把話題交還給 Phebe。

Before getting into guidance, I wanted you to hear from Danny Deep about his new responsibilities and what we are up to here with the new Executive VP for Operations.

在開始指導之前，我想讓您聽聽 Danny Deep 講述他的新職責以及我們與新任營運執行副總裁在這裡的工作內容。

Thank you, Phebe, and good morning. As you are all aware, General Dynamics takes great pride in being an outstanding operating company focused on cash generation, earnings and dependable delivery of highly differentiated and critical capabilities to our customers.

謝謝你，菲比，早安。眾所周知，通用動力公司是一家出色的營運公司，專注於現金創造、盈利以及向客戶提供高度差異化和關鍵功能的可靠交付，對此我們感到非常自豪。

As the portfolio has grown and in some cases quite rapidly, we see opportunity across each of our business units to further optimize our operating leverage. Along with the senior corporate leadership team and the operating unit presidents, we will focus on driving continuous improvement across the entire value chain from competing to winning while maintaining discipline in our contracts to ensuring a robust supply chain and efficient manufacturing footprint to execute on our commitments.

隨著投資組合的成長，在某些情況下成長得相當快，我們看到每個業務部門都有機會進一步優化我們的營運槓桿。我們將與公司高層領導團隊和營運部門總裁一起，致力於推動整個價值鏈的持續改進，從競爭到勝利，同時保持合約的紀律性，確保強大的供應鏈和高效的製造足跡，以履行我們的承諾。

We'll place particular attention on programs where we have challenges to ensure we get them up the learning curve and performing to the high standards that have been the hallmark of general dynamics. In summary, we see a wealth of value creation opportunities across the portfolio.

我們將特別關注那些面臨挑戰的項目，以確保它們能夠提升學習曲線並達到通用動力公司的標誌性高標準。總而言之，我們看到整個投資組合中存在大量價值創造機會。

With that, I'll turn it back to Phebe.

說完這些，我就把它交還給 Phebe。

So let me provide you our operating forecast for 2025 with some specifics around our outlook for each business group and then the company-wide roll up. For 2025, we now expect Aerospace revenue of around $12.9 billion, up around $250 million over prior estimate.

因此，讓我向您提供我們對 2025 年的營運預測，其中包括對每個業務部門的展望以及整個公司的整體展望。到 2025 年，我們預計航空航太收入約為 129 億美元，比先前的估計高出約 2.5 億美元。

Gulfstream deliveries will be [150 to 155], up a little over our previous estimate. We anticipate a 13.5% operating margin for the year, 20 basis points lower than our earlier estimates. The third quarter operating margin will be about the same as this quarter with a somewhat better fourth quarter. In short, revenue is up on more deliveries, margin is down a little due to mix and airplane deliveries and at the service businesses.

灣流飛機的交付量將為[150 至 155 架]，比我們先前的估計略有增加。我們預計今年的營業利潤率為 13.5%，比我們先前的估計低 20 個基點。第三季的營業利潤率將與本季大致相同，第四季的營業利潤率將略有改善。簡而言之，由於交付量增加，收入增加，但由於混合和飛機交付以及服務業務，利潤率略有下降。

In Combat, we expect revenue of about $9.2 billion coupled with a 14.5% operating margin. This should lead to somewhat improved earnings over our last estimate. As noted earlier, the marine group has been on a remarkable but difficult growth journey. It will continue during the rest of 2025, albeit at slightly lower growth rates.

在戰鬥業務方面，我們預計收入約為 92 億美元，營業利潤率為 14.5%。這應該會使收益比我們上次的估計有所提高。如前所述，海事集團經歷了一段非凡而艱辛的成長歷程。儘管成長率會略有下降，但這種趨勢仍將在 2025 年剩餘時間內持續下去。

Our outlook for this year now anticipates revenue around $15.6 billion with operating margin of 7%, which should provide better earnings than previously estimated. And technologies we are making no change to the 2025 revenue and earnings estimate provided at the beginning of the year.

我們對今年的預期是營收約為 156 億美元，營業利潤率為 7%，這將帶來比之前預期更好的收益。對於技術，我們不會對年初提供的 2025 年收入和獲利預測做任何改變。

So for 2025 company-wide, we expect to see revenue of approximately $51.2 billion and operating margin of 10.3%. The revenue estimate is increased by $900 million and the overall operating margin held constant. You've already heard Kim's commentary about our estimate for increased cash for the year.

因此，我們預計 2025 年全公司營收約 512 億美元，營業利益率為 10.3%。收入預計增加 9 億美元，整體營業利潤率維持不變。您已經聽到了 Kim 對我們對今年現金增加量的估計的評論。

All of this rolls up to an increased EPS forecast of $15.05 to $15.15. So to wrap up, as we go into the second half coming off a very strong first half, we feel very good about the potential for the year.

所有這些加起來，每股收益預測從15.05美元上調至15.15美元。總而言之，在經歷了上半年的強勁表現後，我們即將進入下半年，對今年的潛力充滿信心。

Nicole, back to you.

妮可，回到你身邊。

Thank you, Phebe. As a reminder, we ask participants to ask one question and one follow up so that everyone has a chance to participate. Operator, could you please remind participants how to enter the queue.

謝謝你，菲比。提醒一下，我們要求參與者提出一個問題和一個後續問題，以便每個人都有機會參與。接線員，請您提醒參與者如何進入隊列。

(Operator Instructions) Gautam Khanna, TD Cowen.

（操作員指示）Gautam Khanna，TD Cowen。

Thanks. Good morning and nice results. Phebe, I was wondering if you could elaborate on the G800 delivery cadence. You mentioned 13 in the second half. Do you have a sense for when the first one might deliver and what the SKU will be Q3 to Q4? And relatedly, you've given color on the lots on the G700 margins, if you will. Any guidance you can give us on how to think about G800 profitability by lots over time? Thanks.

謝謝。早上好，結果很好。Phebe，我想知道您是否可以詳細說明 G800 的交付節奏。您在後半部分提到了 13。您是否知道第一批產品何時交付以及 SKU 將在第三季到第四季之間？與此相關的是，如果您願意的話，您已經為 G700 邊緣的地段賦予了顏色。您能為我們提供任何指導，告訴我們如何隨著時間的推移思考 G800 的獲利能力嗎？謝謝。

So the first G800 should deliver very soon. And I actually am not -- I don't really know the distribution of each by quarter. But we'll be pretty much on what I noted in my remarks. As you know, as we talked about before, the G700 lot one carried lower margins for all the developmental cost reasons. Lot two is better.

因此第一台 G800 應該很快就會交付。而實際上我並不清楚——我確實不知道每季的分佈。但我們基本上會圍繞著我在發言中提到的內容進行討論。如您所知，正如我們之前所討論的，由於開發成本的原因，G700 第一批的利潤率較低。第二批比較好。

Lot three is going to be better yet or is better yet, and I expect the same from lot four. The G800 comes out of the box at a higher -- lot one at a higher incremental margin than the 700 that didn't bear as much of the developmental cost. And it will too have margin expansion as we come both down our learning curves and move from one lot to the next.

第三批將會更好或已經更好了，我希望第四批也能有同樣的效果。G800 的出廠價格較高——第一批的增量利潤率比 700 更高，而且開發成本沒有那麼高。隨著我們學習曲線的下降以及從一個批次轉移到下一個批次，它的利潤率也會擴大。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Thanks very much and good morning. I wanted to ask, first of all, I thought it was helpful to have the breakdown of Aerospace and thinking about the different ingredients in margin. It seems like in services after a strong couple of years, things seem to have slowed down a little bit here in the first half.

非常感謝，早安。我想問的是，首先，我認為對航空航天進行細分並思考利潤中的不同成分是有幫助的。服務業在經歷了幾年的強勁成長之後，上半年似乎有所放緩。

And so, maybe if you could talk a little bit about kind of why that's happening and while I realize that there's a lot of unpredictability around the different dynamics there in terms of the contributors and the mix.

因此，也許您可以稍微談談為什麼會發生這種情況，同時我意識到，就貢獻者和組合而言，不同的動態存在著許多不可預測性。

But what's sort of a good algorithm for services going forward? Does it grow at a pace with flight hours or, I guess, there were deliveries or kind of how to think about it and how it fits into the margin mix going forward as well?

但是，什麼樣的演算法對於未來的服務來說是好的呢？它是否隨著飛行小時數的增長而增長，或者，我猜，有交付，或者如何考慮它以及它如何適應未來的利潤組合？

Sure. So there is the case behind our services was that if we build additional service centers at or near location of Gulfstream airplanes. And in fact, that would drive additional incremental revenue. And in fact, that's been the case. And as I tried to walk you through in my remarks, the margins are varied principally by mix, but also by volume.

當然。因此，我們提供服務的背後有一個案例，那就是如果我們在灣流飛機所在地或附近建立額外的服務中心。事實上，這將帶來額外的增量收入。事實上，情況也確實如此。正如我在評論中試圖向您解釋的那樣，利潤主要根據混合而變化，但也根據數量而變化。

And so, in any given quarter, it depends heavily both at Jet Aviation and Gulfstream on what the mix is of both MRO and then in the case of Jet, a lot of their other services lines of business that also accrue to the margin story. So I don't know that there's a given algorithm for thinking about margin in the service world, but we expect it to continue to grow with the fleet. And we're very pleased with how we have done there.

因此，在任何一個季度，Jet Aviation 和 Gulfstream 的利潤率都很大程度上取決於 MRO 的組合情況，而對於 Jet Aviation 來說，其許多其他服務業務線也影響著利潤率。所以我不知道在服務領域是否存在一個考慮利潤率的既定演算法，但我們預計它會隨著車隊的擴張而繼續成長。我們對於我們在那裡的表現感到非常滿意。

Okay, great. And then just as a follow-up, it seems like based on the new guidance with technologies unchanged, there's a step down in terms of both margin and sales in the second half. And so, maybe if you could talk a little bit about what's driving that and then where it goes from here?

好的，太好了。然後作為後續行動，似乎基於技術不變的新指導，下半年的利潤率和銷售額都會有所下降。那麼，您能否稍微談談推動這項進程的因素以及未來發展方向？

Yeah. So we were given the fluidity in that market so far this year. We thought it's prudent to keep our earnings and our revenue estimates about where they are, but I'll ask both for Amy and then Jason to give you a little bit of color.

是的。因此，今年到目前為止，我們在該市場獲得了流動性。我們認為，將我們的收益和收入估計保持在當前水平是明智之舉，但我會請艾米和傑森給你們一些細節。

Good morning. So from a GDIT perspective, we did navigate the first half very well, that was not without some impact from contract scope changes, from cancellations of some of our contracts. And so, as we look at the second half, the thing that will most impact our positioning is really the cadence of award activity and commented in my remarks, adjudication were down significantly in the first half of 2025 compared to the first half of 2024.

早安.因此，從 GDIT 的角度來看，我們確實很好地度過了上半年，但這並非沒有受到合約範圍變化和部分合約取消的影響。因此，當我們展望下半年時，對我們的定位影響最大的實際上是裁決活動的節奏，我在評論中評論說，與 2024 年上半年相比，2025 年上半年的裁決數量大幅下降。

And so, we're running out of days of the year to be able to win that work and deliver on it. And so, really from a revenue expectation, it is the pace of adjudications that we're watching for the second half of the year, but feel very good about where we are from an earnings perspective. Jason?

因此，我們一年中能贏得並完成這項工作的時間已經所剩無幾了。因此，從收入預期來看，我們正在關注下半年的裁決速度，但從獲利角度來看，我們對目前的狀況感到非常滿意。傑森？

Yeah. So from Mission Systems perspective, a good bit of the strength that we saw in the first half came from activity in their high-speed encryption product business, which is really a transactional business. And so, while we still see incredible demand on that side of the business, the timing of that is somewhat less predictable given the transactional nature.

是的。因此，從 Mission Systems 的角度來看，我們在上半年看到的強勁表現很大程度上來自於其高速加密產品業務的活動，這實際上是一項交易業務。因此，儘管我們仍然看到該業務方面的巨大需求，但考慮到交易性質，其時機不太可預測。

So I would tell you there's opportunity for them in the second half, depending on how that demand goes. But as Phebe said, just given the uncertainty overall in the market for the group as a whole, that's the reason we're holding to the full year guidance.

所以我想告訴你，下半年他們還有機會，這取決於需求如何。但正如 Phebe 所說，考慮到整個集團市場的整體不確定性，這就是我們堅持全年指導的原因。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning. Thank you. On Marine, the big increase you saw in revenues in Q2, that's unusual to see that large of a jump there. Can you talk about what happens specifically related to Virginia Class, Columbia Class that really took it up so much?

早安.謝謝。關於海洋業務，您看到第二季的收入大幅增加，這種大幅成長並不常見。您能否具體談談與維吉尼亞級、哥倫比亞級相關的事情，這些事情真的佔用了這麼多時間？

So Virginia was about 60% of the volume, Columbia about 40%, and it really just was the construction volume. And I'd say we'll give you a little bit of perspective here. We've been growing on average about 9% year-over-year for the last couple of years.

因此，維吉尼亞州約佔建築量的 60%，哥倫比亞約佔 40%，這實際上只是建築量。我想說我們會在這裡給你一點觀點。過去幾年，我們的年均成長率約為 9%。

And some quarters, we've hit high-teens, but I'd say the 22% growth in this quarter is really just a question of largely both timing but also continued increasing performance of the shipyard.

有些季度，我們的成長率達到了百分之十幾，但我想說，本季 22% 的成長率其實只是一個時間問題，也是造船廠業績持續成長的問題。

And then you've gotten -- early in the quarter, you got the award for the last two Block V boats, which was certainly very good news with support for labor. Can you talk about the increased funding, both that and what we may see in the '26 budget? And how you can get that to translate into higher throughput, which it looks like you're already getting some of and ultimately higher margin as well?

然後你就得到了——在本季度初，你獲得了最後兩艘 Block V 船的獎勵，這對於勞工的支持來說無疑是一個非常好的消息。您能談談增加的資金以及我們可能在 26 年預算中看到的情況嗎？您如何將其轉換為更高的吞吐量？看起來您已經獲得了一些吞吐量，並且最終獲得了更高的利潤？

Okay. Let me answer that in the inverse order. We've been telling you for some time the margin improvement at the Marine group and particularly within the submarine industrial base improves at Electric Boat when we get additional stabilization in that industrial base and in our supply chain. So that has been a key driver of really the productivity at the shipyard.

好的。讓我按相反的順序來回答這個問題。我們一直告訴你們，當我們的工業基地和供應鏈更加穩定時，海洋集團的利潤率，特別是潛艇工業基地的利潤率，在電船公司會有所提高。所以這確實是造船廠生產力的關鍵驅動因素。

And as you know, part of our strategy is really dependent on controlling what we can control. And on the debt place, getting better and better and better maximizing or optimizing the work we have in-house with workarounds on late deliveries from major suppliers as well as any quality escapes.

如你所知，我們的部分策略實際上取決於控制我們能夠控制的事情。在債務方面，我們透過解決主要供應商的延遲交貨以及任何品質漏洞等問題，越來越好地最大化或優化我們內部的工作。

So if you think about our big strategy at that and we are seeing productivity improvement in a number of key places on the deck plates and at Electric Boat, frankly, in our other businesses as well as across the board. I would say that with respect to the supply chain, we've seen some stabilization, an improvement in some important areas.

因此，如果您考慮我們的大策略，我們會發現，在甲板、電船等多個關鍵位置，坦白說，我們的其他業務以及整個行業的生產力都在提高。我想說，就供應鏈而言，我們已經看到了一些穩定，一些重要領域有所改善。

I think the Navy and the Congress have been out in funding for the industrial base to undergird their performance and some of that is beginning to improve, but we've got a ways to go there. With respect to the fiscal year '26 funding levels, we are still working out with our Navy customer what the exact funding levels are by program. There's a fair amount of complexity as we unpack the '26 budget and the reconciliation bill, but our programs are fully supported.

我認為海軍和國會已經為工業基礎提供了資金來鞏固其績效，並且其中一些已經開始改善，但我們還有很長的路要走。關於 26 財年的資金水平，我們仍在與海軍客戶商討按專案劃分的具體資金水平。當我們解讀 26 年預算和和解法案時，存在相當多的複雜性，但我們的計劃得到了全力支持。

And then with respect to the anomaly, we were glad to get that under contract. One of those boats is a particularly complicated boat. And as we gear up on that. And I think that this is an important -- that contract was important and that it provides the type of funding for the shipyards that we've seen going into the supply chain, so over the last few years.

關於異常情況，我們很高興能夠簽訂合約。其中一艘船特別複雜。我們正為此做好準備。我認為這是一個重要的合同，它為我們在過去幾年中看到的進入供應鏈的造船廠提供了資金。

So that kind of funding support on training and wage increases as well as productivity, maybe funding productivity improvements at each one of those, each of the yards, that will be very, very helpful as we go forward.

因此，這種對培訓、工資成長以及生產力的資金支持，或許可以為每個船廠、每個船廠提供生產力改善的資金，這對我們未來的發展將非常有幫助。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning. Phebe, does getting to high-teens margins at Aerospace require meaningfully higher Gulfstream deliveries then the [150 to 155], you're planning for 2025? Or is that bridge to high-teens, primarily driven by coming down the learning curve and optimizing the mix?

嘿，早安。Phebe，要讓航空航太公司的利潤率達到十幾個百分點，是否需要灣流飛機的交付量顯著高於您計劃在 2025 年實現的 [150 到 155 架] 的目標？或者說，這是通往十幾歲的橋樑，主要透過降低學習曲線和最佳化組合來推動？

I think it's a combination of all of that. I tried to spend some considerable time in my remarks, driving you all through the knothole that is Aerospace margins. So I'm not quite sure what other clarification I can give you. But it will be mix and it will be volume in simple terms.

我認為這是所有這些因素的綜合作用。我試著在我的發言中花費相當多的時間，帶領大家了解航空航太利潤率這個難題。所以我不太確定我還能給你什麼其他解釋。但簡單來說，它將是混合的，並且將是體積的。

Okay. That's fair. And sorry if I missed this, but was the order strength at Gulfstream this quarter pretty well spread across aircraft types? Or is it concentrated in any particular pockets of the Gulfstream portfolio, particularly in the context of the G800.

好的。這很公平。如果我錯過了這一點，我很抱歉，但本季灣流的訂單強度是否在各個飛機類型中分佈均勻？或者它是否集中在灣流產品組合的任何特定領域，特別是在 G800 的背景下。

This is across all of our airplanes. First with the 700, 600, right behind it and we had nice geographic distribution as well. So it was a good solid demand. And we continue to see that in the third quarter with particular just in the 800 I might add.

我們所有的飛機都是如此。首先是 700，然後是 600，我們的地理分佈也很好。所以這是一個很好的、穩定的需求。我們繼續看到，在第三季度，特別是 800 左右。

Robert Stallard, Vertical Research.

羅伯特·斯托拉德（Robert Stallard），垂直研究。

Thanks so much. Good morning. Phebe, I was wondering if you could comment on the management reorganization that you announced this quarter and how this could affect the way that the business is ran going forward. Thank you.

非常感謝。早安.Phebe，我想知道您是否可以評論一下您本季宣布的管理重組，以及這將如何影響未來的業務運作方式。謝謝。

Well, it was one of the reasons I asked Danny to give you some clarity on how we see his role in particular playing out. We'll continue to manage the business as we have been managing it and really driving for value creation across each and every one of our portfolios.

嗯，這也是我要求丹尼向您解釋我們如何看待他所扮演的角色的原因之一。我們將繼續像以往一樣管理業務，並真正推動我們每個投資組合的價值創造。

But as we grow, we have believed as a leadership team, and we've talked on this call and I've talked with many of you individually and in groups about our desire to increase our operating leverage. And you'll note in almost every single one of our calls will point out and then stress where we are on our operating leverage.

但隨著我們的成長，我們作為一個領導團隊相信，我們在這次電話會議上進行了討論，並且我已經與你們中的許多人單獨和集體討論了我們希望提高經營槓桿的願望。您會注意到，幾乎在我們每一次電話會議中，我們都會指出並強調我們的經營槓桿率處於什麼水平。

So one of Danny's missions is to really focus on the operating performance of each and everyone of our businesses. But we will manage the business in the same way.

因此，丹尼的使命之一就是真正關注我們每個企業的經營績效。但我們將以同樣的方式管理業務。

Okay. The quick follow-up. Are you also looking to combine Combat Mission going forward? Or is they going to remain standalone businesses?

好的。快速跟進。您是否也希望未來能結合戰鬥任務？或者他們將繼續保持獨立經營？

No. We'll keep them as they are.

不。我們將保持它們的原樣。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Thanks. Good morning. Phebe, following up on Rob's question. So the portfolio as a whole, I think, used to run 12% -- in the range of 12% to 13% margin more recently and running in the low-10s. I know there are a lot of moving pieces. But any thoughts you might have in terms of where the margin potential is for the portfolio as we move forward?

謝謝。早安.Phebe，繼續回答 Rob 的問題。因此，我認為，整個投資組合的利潤率過去一直保持在 12% 左右——最近則在 12% 至 13% 之間，並且一直保持在 10% 出頭。我知道有很多事情需要處理。但是，隨著我們不斷前進，您對投資組合的利潤潛力有何看法？

So look, as Danny noted, we pride ourselves on our operating performance, and I think we can improve and particularly, I mean the one that jumps out at you is in the Marine group. So those margins over time need to improve. But I'll ask Danny if he has any particular insights. He is that not that far into a new position, but he's been a senior operating executive with the company for some time.

所以，正如丹尼所說，我們為自己的營運表現感到自豪，我認為我們可以改進，特別是最引人注目的是海軍陸戰隊。因此，隨著時間的推移，這些利潤率需要提高。但我會問丹尼他是否有任何特別的見解。他上任不久，但已在該公司擔任高級營運主管一段時間了。

Okay. Well, thank you. Yeah. I mean, I think Phebe hit it. We're going to look across each of the operating units and program by program and where we've had some challenges in getting up the learning curve. I think that's where our focus is going to be and not to point any one particular operating unit out.

好的。好的，謝謝你。是的。我的意思是，我認為 Phebe 擊中了它。我們將逐一檢視每個營運單位和項目，並找出我們在學習過程中遇到的一些挑戰。我認為這就是我們的重點，而不是指出任何特定的營運單位。

But if you look at where the largest operating pieces of the business are and where we've historically had our margins. That's where we see our best opportunities. But this company has been focused on operations and has been very disciplined from an operating perspective for a long time, and we're just going to put a finer point on that.

但如果你看看業務中最大的營運部分在哪裡以及我們的歷史利潤率在哪裡。那裡正是我們看到的最佳機會。但這家公司一直專注於運營，並且長期以來從營運角度非常嚴謹，我們只是要對此進行更細緻的闡述。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Good morning. Phebe, the strength of bookings at Aerospace in the first half, are you feeling more confident in seeing a book-to-bill at or above 1 for 2025 at this point?

謝謝。早安.菲比，上半年航空航太公司的訂單量非常強勁，您是否對 2025 年的訂單出貨比達到或超過 1 更有信心？

We're keeping it [about 1]. That's sort of been our cadence and our thought patterns and our observations, frankly. But the demand has been quite good. And as I noted, in my previous answers to one of the questions, we see that demand carrying through into the third quarter.

我們會保留它[約1]。坦白說，這就是我們的節奏、思考模式和觀察。但需求一直都很好。正如我在之前回答其中一個問題時所指出的，我們看到這種需求將持續到第三季。

Okay. And then I think in your prepared remarks you mentioned margin pressure in 2028 from the G280 because I had my notes of certification in --

好的。然後，我認為您在準備好的演講中提到了 G280 在 2028 年帶來的利潤壓力，因為我有認證記錄--

400.

400.

Sorry. The G400. I had in my notes that was certification was in 2026. Has that slipped to the right?

對不起。G400。我的筆記上寫著認證時間是 2026 年。是不是滑到右邊了？

I don't think so. I will tell you, we slowed down the 400 a bit because we've got our handful, that's not about the FAA. It simply is awful lot as we continue to grow and really work on our operating leverage and bolstering, but 400 is doing quite well.

我不這麼認為。我會告訴你，我們放慢了 400 的速度，因為我們有少數人，這與 FAA 無關。隨著我們繼續發展並真正致力於提高我們的經營槓桿和支持，這確實非常糟糕，但 400 的表現相當不錯。

But I think we've -- I don't know that we've ever actually given -- I don't recall that we've given you an entry into service estimate. And the word is estimate. But I was just trying to give you some color about year-over-year progression without getting into next year's guidance, like of course, you know we won't do.

但我認為我們——我不知道我們是否真的給過——我不記得我們給過你服務估算。這個詞是估計。但我只是想給你一些關於逐年進展的信息，而不會涉及明年的指導，當然，你知道我們不會這樣做。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning, everyone, and thank you, Phebe. I really appreciate the color on Aero. I might follow up a little bit on Myle's question. Just I think the point on Aerospace is it's a stable growing business, both on revenues and operating profit.

大家早安，謝謝你，菲比。我真的很喜歡 Aero 的色彩。我可能會稍微回答一下 Myle 的問題。我只是認為航空航太業的重點是它是一個穩定成長的業務，無論是收入還是營業利潤。

So maybe if you could talk about just the capacity of volume Gulfstream could produce? Is it growing off this 150 base annually? And to Myles' question, why the dip in '28 if G400 comes in there? I thought it would be maybe a year after the 800. So if you could just provide that dip timing?

那麼，您能否談談灣流的產能呢？它每年都是以 150 為基數增長嗎？針對 Myles 的問題，如果 G400 進入 28 年，那為什麼會出現下滑呢？我以為那可能是在 800 之後的一年。那麼您是否可以提供該下降時間？

As 400 comes on, it will be a lower-margin airplanes than the very large cabin. And I think -- remind me what the first part of your question was?

隨著 400 的出現，它的利潤率將低於超大客艙的飛機。我認為——提醒我你的問題的第一部分是什麼？

Just on the production capacity.

僅就生產能力而言。

Yeah. So on the capacity question, we've got the plant and equipment jigs and fixtures as well as the workforce to support a capacity of 200 airplanes, but we'll continue to work to increase our production exporting to the market.

是的。因此，就產能問題而言，我們擁有廠房、設備夾具和固定裝置以及勞動力來支援 200 架飛機的產能，但我們將繼續努力增加產量並出口到市場。

Maybe one more, if I could ask, was services down in the quarter?

也許還有一個問題，如果我可以問的話，本季的服務是否下降了？

Yes.

是的。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Hey, good morning, everybody. You made some comments about NASCO, maybe a small negative EAC there. I was wondering if you can just talk a little bit generally about what's going on out at NASCO and the priorities of the new administration and the impact that might have on that yard out there? And then just provide a little bit color on EAC.

嘿，大家早安。您對 NASCO 發表了一些評論，其中可能包含一些 EAC 的負面評價。我想知道您是否可以簡單談談 NASCO 的現狀、新政府的優先事項以及可能對船廠的影響？然後只需在 EAC 上提供一點顏色。

Yeah. So let me talk about what we see as the market environment, and then I'll turn it over to Danny to talk a little bit about this particular EAC impact, which by the way, at NASCO is extremely unusual. So let's just set the table here and remind ourselves that NASCO produces primarily auxiliary ships for the US Navy.

是的。因此，讓我來談談我們所看到的市場環境，然後我會讓丹尼談談這種特殊的 EAC 影響，順便說一句，這在 NASCO 是非常不尋常的。因此，讓我們在這裡擺好桌子並提醒自己，NASCO 主要為美國海軍生產輔助船。

And the demand for those has been increasing over the last few years, and we continue to see that need as the warships all need support ships in order to function at sea. So we've seen nice increases in demand, and we expect that to continue. We're working on the oiler program, and we've got several other programs in place as well, but I'll turn it over to Danny to talk about this orders EAC.

過去幾年來，對這些的需求一直在增加，我們繼續看到這種需求，因為所有軍艦都需要支援船才能在海上作戰。因此，我們看到需求大幅增長，並且我們預計這種趨勢將會持續下去。我們正在進行加油機計劃，我們也正在實施其他幾個計劃，但我將把這個任務交給丹尼來談論這個 EAC 訂單。

Okay. Yeah. So at NASCO, it really started with the flood and the impact the flood had on our prime line. It took us down from two lines to one and then we had a subsequent issue. And after that issue, it created a fair bit of rework in the system. And so, that's what's reflected in the EAC as we speak and we think we'll largely be through that by the end of the year and have both of those prime lines up and running and this issue will be behind us.

好的。是的。因此，在 NASCO，一切實際上都是從洪水以及洪水對我們主要線路的影響開始的。這使得我們的生產線從兩條減少到一條，然後我們又遇到了後續問題。這個問題出現之後，系統需要進行大量的返工。這就是我們所說的 EAC 所反映的情況，我們認為到今年年底我們將基本完成這項工作，並使這兩條主要線路恢復運行，這個問題也將得到解決。

Okay. Lacey, I think we have time for just one more question.

好的。萊西，我想我們還有時間再問一個問題。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Good morning. Phebe, the Secretary of the Navy commented that it might be preferable to have Huntington Ingalls and Electric Boat each build Virginia Class submarine separately rather than in a teaming arrangement.

早安.海軍部長菲比評論說，亨廷頓英格斯公司和電船公司各自建造弗吉尼亞級潛艇可能比合作建造更好。

So if the Navy were to actually pursue that route, how much capital would you need to invest to make that happen? And is there enough skilled labor for Electric Boat to handle one Virginia by itself while also continuing to work on Columbia?

那麼，如果海軍真的要走這條路線，需要投入多少資金才能達成這個目標呢？電船公司是否有足夠的熟練勞動力來獨自處理一艘維吉尼亞號並繼續處理哥倫比亞號的作業？

So skilled labor has not been an issue for Electric Boat for some time now. And we do not see a capacity problem in the region with the availability of our touch labor. So we can support additional growth. We would need some additional capital if in fact the Navy opts on that strategy, but not an enormous amount. But I'll defer to the Navy on any future discussions about that.

因此，熟練勞動力暫時不再是 Electric Boat 面臨的問題。而且，由於我們擁有充足的勞動力，我們並不認為該地區有產能問題。因此我們可以支持額外的成長。如果海軍確實選擇該戰略，我們將需要一些額外的資金，但金額不會太大。但對於未來有關此事的任何討論，我都會聽從海軍的意見。

Okay. And then a quick question on Aerospace. The book-to-bill in the quarter was very good despite the stock markets perturbations around Liberation Day. Have you seen any uptick in the pipeline since the One Big Beautiful Bill Act was signed into law and reinstated bonus depreciation?

好的。然後是關於航空航天的一個快速問題。儘管解放日前後股市波動，但本季的訂單出貨比仍然非常好。自從《一項偉大的美麗法案》簽署成為法律並恢復獎金折舊以來，您是否看到管道方面有任何上升趨勢？

I wouldn't cite one macroeconomic factor. I think that there are a lot of them here. There wasn't one in particular from my perspective that drove the demand. Bonus depreciation helps quite a bit, always have.

我不會列舉一個宏觀經濟因素。我認為這裡有很多這樣的人。從我的角度來看，沒有任何特定因素可以推動需求。獎金折舊有很大幫助，一直都是這樣。

Okay. Thank you everyone for joining our call today. As a reminder, please refer to the General Dynamics website for the second quarter earnings release and highlights presentation.

好的。感謝大家今天參加我們的電話會議。提醒一下，請參閱通用動力公司網站以了解第二季財報和重點介紹。

Finally, we want to let you know that we expect to hold our Q3 earnings call on Friday, October 24 at 9 AM. That's a slight change from our normal practice of announcing earnings on Wednesday. So we want to advise you of that early for planning purposes. We will resume our normal schedule for the fourth quarter call. If you have additional questions, I can be reached at 703-876-3152.

最後，我們想通知您，我們預計將於 10 月 24 日星期五上午 9 點召開第三季財報電話會議。這與我們週三公佈收益的正常做法略有不同。因此，為了便於規劃，我們希望儘早通知您這一點。我們將恢復第四季度電話會議的正常日程。如果您還有其他問題，請撥打我的電話 703-876-3152。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。