亨廷頓·英格爾斯工業 (HII) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the fourth quarter 2025 HII earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would like now to hand the call over to Christie Thomas, Vice President of Investor Relations. Mrs. Thomas, you may [begin].

女士們、先生們，感謝各位的耐心等待，歡迎參加 HII 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作員指示）現在我將把電話交給投資者關係副總裁克里斯蒂·托馬斯。托馬斯夫人，您可以[開始]。

Thank you, operator, and good morning, everyone. Welcome to the HII fourth quarter 2025 conference call. Matters discussed on today's call that constitute forward-looking statements, including our estimates regarding the company's outlook involve risks and uncertainties and reflect the company's judgment based on information available at the time of this call. These risks and uncertainties may cause our actual results to differ materially.

謝謝接線員，大家早安。歡迎參加 HII 2025 年第四季電話會議。今天電話會議上討論的構成前瞻性陳述的事項，包括我們對公司前景的估計，都涉及風險和不確定性，並反映了公司根據本次電話會議時可獲得的資訊做出的判斷。這些風險和不確定性可能導致我們的實際結果與預期有重大差異。

Additional information regarding these factors is contained in today's press release and the company's SEC filings. We will also refer to 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 at ir.hii.com. On the call today are Chris Kastner, President and Chief Executive Officer; and Tom Stiehle, Executive Vice President and Chief Financial Officer.

有關這些因素的更多信息，請參閱今天的新聞稿和公司向美國證券交易委員會提交的文件。我們也會參考非公認會計準則財務指標。有關這些非GAAP指標的更多披露信息，包括與可比GAAP指標的調節表，請參閱本次網絡直播的幻燈片，這些幻燈片可在我們網站ir.hii.com的投資者關係頁面上找到。今天參加電話會議的有總裁兼執行長克里斯·卡斯特納(Chris Kastner)和執行副總裁兼財務長湯姆·史提勒(Tom Stiehle)。

Now I'll turn the call over to Chris.

現在我把電話交給克里斯。

Thanks, Christie. Good morning, everyone, and thank you for joining us on our fourth quarter 2025 earnings call. Before discussing the results, highlights and guidance, I'd like to take a moment to reflect upon our progress over the past year. The solid results we posted this morning are the outcome of a measurable increase in Shipbuilding throughput, a key indicator for scheduled performance.

謝謝你，克里斯蒂。各位早安，感謝各位參加我們2025年第四季財報電話會議。在討論結果、亮點和指導意見之前，我想花點時間回顧一下我們過去一年的進展。我們今天早上公佈的實際成果，是造船產能顯著提高的結果，而產能是衡量計劃執行情況的關鍵指標。

During 2025, in partnership with our government customers, we've taken steps to increase our hiring, improve our retention and strengthen proficiency levels within our workforce. What these efforts represent our thousands of skill shipbuilders, engineers, technologists and professionals who are committed to HII's mission.

2025 年，我們與政府客戶合作，採取措施增加招募、提高員工留任率並加強員工隊伍的熟練度。這些努力代表了我們數千名技術精湛的造船工人、工程師、技術專家和專業人員，他們都致力於實現 HII 的使命。

I'd like to say thank you to our 44,000 employees. Every improvement in our operations, every efficiency we unlock, every day we reduce from a schedule translates directly into capability our customers urgently need and can deploy to protect American interest.

我要感謝我們44,000名員工。我們營運中的每一次改進，我們釋放的每一分效率，我們縮短的每一天工期，都直接轉化為我們的客戶急需的能力，這些能力可以部署以保護美國的利益。

Now turning to our 2025 results. Revenues of $12.5 billion grew 8.2% and EPS was $15.39. 2025 awards totaled $16.9 billion. All three of our divisions reached record revenue levels and hit key milestones. Now I'd like to share some of the 2025 division highlights starting with Mission Technologies.

現在來看我們2025年的預測結果。營收達 125 億美元，成長 8.2%，每股收益 15.39 美元。 2025 年的授標總額為 169 億美元。我們三個部門的收入均創歷史新高，並達到了關鍵里程碑。現在我想和大家分享 2025 年各部門的一些亮點，首先是 Mission Technologies。

In 2025, Mission Technologies delivered another year of top line growth with record revenues topping the $3 billion mark for the first time. Throughout 2025, we announced key milestones that highlight the breadth of our defense technology offerings.

2025 年，Mission Technologies 的營收再次實現成長，創下歷史新高，首次突破 30 億美元大關。在 2025 年全年，我們宣布了一系列重要里程碑，突顯了我們國防技術產品的廣泛性。

These included developing the US Army's high-energy laser weapon system debuting GRIMM spectrum dominance EW solution delivering Lionfish, small unmanned underwater vehicles to the US Navy, expanding shipboard and shore-based training for US and coalition forces and delivering our 750th REMUS Autonomous Underwater Vehicle.

其中包括開發美國陸軍的高能量雷射武器系統，推出 GRIMM 頻譜優勢電子戰解決方案，向美國海軍交付 Lionfish 小型無人水下航行器，擴大美國和盟軍的艦載和岸基訓練，以及交付我們的第 750 艘 REMUS 自主水下航行器。

To accelerate support of a hybrid fleet, we unveiled the ROMULUS family of unmanned surface vessels powered by our own Odyssey autonomy software suite and construction of the first prototype is well underway on the Gulf Coast.

為了加快對混合艦隊的支持，我們推出了由我們自己的 Odyssey 自主軟體套件驅動的 ROMULUS 系列無人水面艦艇，目前第一艘原型船正在墨西哥灣沿岸順利建造。

In summary, the Mission Technologies team is executing well, and we are confident in continuing this success, particularly given how closely our portfolio maps to our defense customers' needs. Shifting to Shipbuilding. At Ingalls, we delivered our second Flight III destroyer, DDG 128 Ted Stevens, launch Jeremiah Denton and authenticated the keel DDG 135 Thad Cochran.

總而言之，Mission Technologies 團隊執行得很好，我們有信心繼續取得成功，尤其考慮到我們的產品組合與國防客戶的需求非常契合。轉行造船業。在英格爾斯，我們交付了第二艘Flight III驅逐艦DDG 128“泰德·史蒂文斯”號，下水了“傑裡邁亞·丹頓”號，並驗證了DDG 135“薩德·科克倫”號的龍骨。

Also in January, we completed sea trials on DDG 1000 Zumwalt. On the amphibious ship programs, we christened LPD 30 Harrisburg and began fabrication of LPD 32 Philadelphia, and LHA 8 Bougainville is actively in the test program and has achieved generator light-off. We also signed a memorandum of agreement with HD Hyundai Heavy Industries, reinforcing our strategic collaboration to explore future partnership opportunities.

同樣在 1 月份，我們完成了 DDG 1000 朱姆沃爾特級驅逐艦的海上試航。在兩棲艦艇計畫方面，我們為 LPD 30 哈里斯堡號舉行了命名儀式，並開始建造 LPD 32 費城號，LHA 8 布干維爾號正在積極進行測試，並已實現發電機點火。我們也與HD現代重工簽署了合作備忘錄，加強了我們的策略合作，以探索未來的合作機會。

Additionally, in December, the US Navy announced a golden fleet, which includes the Trump class battleship as well as a frigate which will leverage the proven design of the Ingalls built legend class national security cutter. I have great confidence in Ingall's team to execute this program and in our ongoing efforts with our partners to successfully expand the US shipbuilding industrial base to meet the Navy's needs.

此外，美國海軍在 12 月宣布了一支黃金艦隊，其中包括川普級戰艦以及一艘護衛艦，該艦將採用英格斯造船廠建造的傳奇級國家安全艦的成熟設計。我對英格爾的團隊執行這項計畫充滿信心，也對我們與合作夥伴持續努力，成功擴大美國造船工業基礎以滿足海軍需求充滿信心。

In 2025, at Newport News Shipbuilding, we delivered Virginia-class submarine, SSN 798 Massachusetts launched SSN 800 Arkansas, laid the keel of SSN 804 Barb and undocked SSN 796 New Jersey in preparation for redelivery to the fleet. We also delivered the bow of the first Columbia class submarine SSBN 826 District of Columbia.

2025 年，在紐波特紐斯造船廠，我們交付了弗吉尼亞級潛艇 SSN 798 馬薩諸塞號，下水了 SSN 800 阿肯色號，鋪設了 SSN 804 巴布號的龍骨，並讓 SSN 796 新澤西號出塢，準備重新交付給艦隊。我們也交付了第一艘哥倫比亞級潛艦 SSBN 826「哥倫比亞特區號」的艇首。

In our aircraft carrier programs, last year, we completed dock trials on CVN 79 Kennedy and the team is now finishing up for first sea trial evolution, moving another step closer to preliminary acceptance and delivery. In addition, having completed deck over of both engine rooms post receipt of the remaining major interim components, CVN 80 has now reached 50% erected in the dry dock and CVN 81 keel units are in fabrication, and we continue to receive major material components in support of production.

去年，我們在航空母艦計畫中完成了 CVN 79 甘迺迪號的碼頭試驗，目前團隊正在完成首次海上試驗演練，向初步驗收和交付又邁進了一步。此外，在收到剩餘的主要過渡部件後，兩個機艙的甲板覆蓋工作已經完成，CVN 80 號目前在乾船塢中已完成 50% 的組裝，CVN 81 號的龍骨單元正在製造中，我們繼續收到支持生產的主要材料部件。

After delivering two ships in 2025, DDG 128 and SSN 798 we expect to deliver another two ships in 2026, SSN 800 and LPD 30 as well as complete preliminary acceptance of CVN 79. I'll note that we've accelerated our forecast of LPD 30 delivery into 2026 and adjusted LHA 8 Bougainville delivery to 2027. This ensures that we avoid any potential conflicts, people or equipment and establishes clear and consistent priorities for the joint Ingalls and Navy teams throughout all the interim milestones leading to delivery.

在 2025 年交付 DDG 128 和 SSN 798 兩艘艦艇後，我們預計將在 2026 年交付 SSN 800 和 LPD 30 兩艘艦艇，並完成 CVN 79 的初步驗收。我要指出的是，我們已將 LPD 30 的交付預測提前至 2026 年，並將 LHA 8 Bougainville 的交付調整至 2027 年。這確保我們避免任何潛在的衝突、人員或設備問題，並為英格爾斯和海軍聯合團隊在交付前的所有階段性里程碑中確立清晰一致的優先事項。

Now I'd like to update you on our operational initiatives. In 2025, we set out to improve throughput and achieved 14% year-over-year increase. As we continue to invest with our customer partner in our workforce, facilities, technology and supply chain, we've established our 2026 target to increase throughput by another 15%, supporting the throughput increase, we hired over 6,600 shipbuilders in 2025 and expect to hire at least this many in 2026.

現在我想向大家報告我們的營運舉措。2025年，我們著手提高生產效率，並實現了年成長14%。隨著我們與客戶合作夥伴繼續投資於我們的員工隊伍、設施、技術和供應鏈，我們已製定了 2026 年的目標，即再提高 15% 的產量。為了支持產量的成長，我們在 2025 年僱用了 6,600 多名造船工人，並預計 2026 年至少會僱用這麼多人。

Given recent investments in wages and workforce, we expect continued improvement in our retention rate, and we'll continue to develop our workforce to maximize productivity. Also, we plan to continue to ramp our distributed shipbuilding strategy. While we doubled outsourcing year-over-year in 2025, we are planning to increase outsourcing by another 30% in 2026.

鑑於近期在工資和勞動力方面的投入，我們預計員工留任率將持續提高，我們將繼續發展我們的員工隊伍，以最大限度地提高生產力。此外，我們計劃繼續加大分散式造船戰略的力度。雖然我們在 2025 年實現了外包業務年增一倍，但我們計劃在 2026 年再將外包業務增加 30%。

Our second operational initiative in 2025 was a cost reduction target of $250 million, which we met by removing mostly overhead and support labor costs for improved efficiency. Lastly, we expect several shipbuilding contract awards in 2026, including Virginia-Class Block 6, Columbia Build 2, CVN 75 RCOH and CVN 82 Long-Lead material.

我們在 2025 年的第二個營運措施是削減 2.5 億美元的成本目標，我們透過削減管理費用和輔助勞動成本來提高效率，從而實現了這一目標。最後，我們預計 2026 年將授予幾項造船合同，包括弗吉尼亞級 6 號區塊、哥倫比亞級 2 號建造、CVN 75 RCOH 和 CVN 82 長週期材料。

Regarding capital allocation, we've historically taken a very balanced approach, leading with reinvestments into our shipyards. Stakeholders that have visited our yards have seen firsthand the tremendous amount of investment we have made over the past decade at both Ingalls and Newport News.

在資本配置方面，我們歷來採取非常平衡的方法，優先對造船廠進行再投資。參觀過我們船廠的利益相關者都親眼目睹了過去十年我們在英格爾斯和紐波特紐斯船廠投入的巨額資金。

In 2026, we will again target hundreds of millions of dollars of capital investment in the shipyards. Specifically at Newport News, these projects include finishing a multipurpose carrier refueling and overhaul work center, making peer updates to support carrier inactivation significant investments in manufacturing centers of excellence to support higher submarine throughput and completion of the new parking garage that began construction in 2025.

2026年，我們將再次瞄準造船業，投入數億美元的資金。具體來說，在紐波特紐斯，這些項目包括完成多用途航母加油和大修工作中心，進行同級更新以支持航母退役，對卓越製造中心進行重大投資以支持更高的潛艇吞吐量，以及完成於 2025 年開始建設的新停車場。

Now I'd like to say a few words about guidance, and Tom will provide more detail in his remarks. With our keen focus on execution, the progress made this past year the large investments in shipbuilding and the unprecedented demand for our products and services, we are raising our medium-term shipbuilding revenue growth guidance from approximately 4% to approximately 6%.

現在我想就指導方面談幾句，湯姆會在他的發言中提供更多細節。由於我們高度重視執行，過去一年取得了進展，在造船領域進行了大量投資，並且我們的產品和服務需求空前高漲，我們將中期造船收入增長預期從約 4% 提高到約 6%。

We did have some sales driven by material timing move into 2025 that were expected in 2026. So our current year outlook for shipbuilding revenues is between $9.7 billion and $9.9 billion and shipbuilding margins in the range of 5.5% to 6.5%. For Mission Technologies, we expect revenues between $3 billion and $3.2 billion and margins of approximately 5% with EBITDA margins between 8.4% and 8.6%. Our free cash flow outlook for 2026 is between $500 million and $600 million.

由於材料交付時間推遲，一些原計劃在 2026 年完成的銷售額推遲到了 2025 年。因此，我們預計今年造船業收入將在 97 億美元至 99 億美元之間，造船業利潤率將在 5.5% 至 6.5% 之間。對於 Mission Technologies，我們預計營收在 30 億美元至 32 億美元之間，利潤率約為 5%，EBITDA 利潤率在 8.4% 至 8.6% 之間。我們對 2026 年自由現金流的預期在 5 億至 6 億美元之間。

Turning to activities in Washington for a moment. Congress on a bipartisan basis passed the National Defense Authorization Act for fiscal year 2026 in December. The fiscal year 2026 NDAA strongly supports our shipbuilding programs including incremental funding and block buy procurement authorization for CVNs 82 and 83.

讓我們暫時把目光轉向華盛頓的動態。國會兩黨於12月通過了2026財年國防授權法案。2026 財政年度國防授權法案大力支持我們的造船計劃，包括為 CVN 82 和 83 提供增量資金和批量採購授權。

Incremental funding and procurement authorization for up to five Columbia class submarines and continuous production authority for a range of Virginia-class components to optimize construction schedules and supply chain resilience.

為最多五艘哥倫比亞級潛艦提供增量資金和採購授權，並為一系列維吉尼亞級潛艦零件提供持續生產授權，以優化建造進度和供應鏈彈性。

The fiscal year 2026 defense appropriation bill shows strong support for our programs. The bill includes continued incremental funding for CVN 80 and 81 along with advanced procurement for CVN 82. Continued funding for CVN 74 RCOH, funding for the Virginia-Class and Columbia-class submarine programs, advanced procurement for the DDG 51 program and funding for long-lead materials for the new frigate program. Combined with the shipbuilding funding provided in the budget reconciliation bill that was enacted into law in July 2025, the FY26 defense appropriations bill continues the strong support for the shipbuilding industry.

2026財年國防撥款法案顯示，我們的計畫得到了強而有力的支持。該法案包括繼續為 CVN 80 和 81 提供增量資金，以及為 CVN 82 進行預先購買。繼續為 CVN 74 RCOH 提供資金，為弗吉尼亞級和哥倫比亞級潛艇項目提供資金，為 DDG 51 項目進行提前採購，並為新護衛艦項目提供長週期材料資金。加上 2025 年 7 月頒布的預算協調法案中提供的造船資金，2026 財政年度國防撥款法案繼續大力支持造船業。

In summary, we have made meaningful progress over the past year and have increased throughput and improved execution. We must build on this momentum and continue to increase our shipbuilding throughput. The US Navy and all of our defense customers need our ships and technologies now more than ever. The global security environment demands that we operate with a sense of urgency and purpose that matches the seriousness of the threats to our nation faces.

總而言之，過去一年我們取得了實質進展，提高了吞吐量，改善了執行力。我們必須保持這種勢頭，繼續提高造船產能。美國海軍和我們所有的國防客戶現在比以往任何時候都更需要我們的艦艇和技術。全球安全環境要求我們以緊迫感和使命感開展行動，以應對我國面臨的威脅的嚴重性。

Now I will turn the call over to Tom for some remarks on our financial results and guidance. Tom?

現在我將把電話交給湯姆，請他談談我們的財務表現和未來展望。湯姆？

Thanks, Chris, and good morning. Today, I'll review our fourth quarter and full year results and also provide some additional color regarding our outlook for 2026. For more detail on the segment results, please refer to the earnings release issued this morning and posted to our website.

謝謝你，克里斯，早安。今天，我將回顧我們第四季度和全年的業績，並就我們對 2026 年的展望提供一些補充資訊。有關各業務板塊業績的更多詳情，請參閱今天早上發佈在我們網站上的盈利報告。

Beginning with our consolidated results on slide 6. Our fourth quarter revenues of $3.5 billion increased approximately 16% compared to the same period last year. The higher revenues were driven by growth at all three segments.

首先是幻燈片 6 上的綜合結果。我們第四季營收為 35 億美元，比去年同期成長約 16%。營收成長得益於三大業務板塊的全面成長。

Ingalls fourth quarter 2025 revenues of $889 million increased $153 million or 21% compared to the fourth quarter of 2024, driven primarily by higher volumes on amphibious assault ships and surface combatants. At Newport News fourth quarter 2025 revenues of $1.9 billion increased $303 million or 19% from the fourth quarter of 2024, primarily due to higher volumes in both submarines and aircraft carriers.

英格爾斯公司 2025 年第四季營收為 8.89 億美元，比 2024 年第四季成長 1.53 億美元，增幅達 21%，主要得益於兩棲攻擊艦和水面作戰艦艇的銷售量增加。紐波特紐斯造船廠 2025 年第四季營收為 19 億美元，比 2024 年第四季成長 3.03 億美元，增幅達 19%，主要原因是潛艇和航空母艦的產量增加。

At Mission Technologies, fourth quarter 2025 revenues of $731 million increased $18 million or 2.5% from the fourth quarter of 2024, primarily driven by higher volumes in Warfare Systems, global security and unmanned systems.

Mission Technologies 公司 2025 年第四季營收為 7.31 億美元，比 2024 年第四季增加了 1,800 萬美元，增幅為 2.5%，主要得益於戰爭系統、全球安全和無人系統銷售的成長。

Moving to slide 7. Segment operating income for the quarter was $195 million and segment operating margin was 5.6%, this compares to $103 million and 3.4%, respectively, in the fourth quarter of 2024. Results at all three segments improved compared to the fourth quarter of 2024.

切換到第7張投影片。本季分部營業收入為 1.95 億美元，分部營業利益率為 5.6%，而 2024 年第四季分別為 1.03 億美元及 3.4%。與 2024 年第四季相比，所有三個業務板塊的業績均有所改善。

Ingall's fourth quarter 2025 operating income of $68 million and margin of 7.6% compared to $46 million and 6.3%, respectively, in the fourth quarter of 2024. The improvement was due to the higher volumes I noted as well as lower unfavorable cumulative adjustments for amphibous assault ships and surface combatants compared to the fourth quarter of 2024.

Ingall 2025 年第四季營業收入為 6,800 萬美元，利潤率為 7.6%，而 2024 年第四季分別為 4,600 萬美元和 6.3%。這一改善是由於我注意到的更高的數量，以及與 2024 年第四季度相比，兩棲攻擊艦和水面作戰艦艇的不利累計調整減少。

Newport News fourth quarter 2025 operating income of $84 million and margin of 4.4% compared to $38 million and 2.4%, respectively, in the fourth quarter of 2024. If you recall, these results are lapping the fourth quarter of 2024, which included unfavorable accumulative adjustments for Virginia-class submarines and new carrier construction as well as contract incentives related to the Columbia-class program.

紐波特紐斯 2025 年第四季營業收入為 8,400 萬美元，利潤率為 4.4%，而 2024 年第四季分別為 3,800 萬美元和 2.4%。如果你還記得的話，這些結果涵蓋了 2024 年第四季度，其中包括弗吉尼亞級潛艇和新航母建造的不利累計調整，以及與哥倫比亞級航母項目相關的合約激勵措施。

Fourth quarter 2025 results also include favorable contract adjustments on the Virginia-class program. Shipbuilding margin for the fourth quarter of 2025 was 5.5%. Mission Technologies fourth quarter 2025 operating income of $43 million and segment operating margin of 5.9% compares to $19 million and 2.7%, respectively, in the fourth quarter of 2024.

2025 年第四季業績還包括維吉尼亞級專案的有利合約調整。2025年第四季造船業利潤率為5.5%。Mission Technologies 2025 年第四季營業收入為 4,300 萬美元，分部營業利潤率為 5.9%，而 2024 年第四季分別為 1,900 萬美元和 2.7%。

The improvement was driven by better performance in warfare systems, global security and unmanned systems as well as the high emission technologies volume I noted earlier. Net earnings in the quarter were $159 million compared to $123 million in the fourth quarter of last year. Diluted earnings per share in the quarter were $4.04 compared to $3.15 in the fourth quarter of the previous year.

這項進步得益於戰爭系統、全球安全和無人系統性能的提升，以及我之前提到的高排放技術規模的擴大。本季淨利為 1.59 億美元，而去年第四季為 1.23 億美元。本季稀釋後每股收益為 4.04 美元，而去年同期為 3.15 美元。

Moving on to consolidated results for 2025 on slide 8. Revenues of $12.5 billion increased $949 million or 8.2% compared to 2024. While each segment contributed to the higher revenue, growth was particularly strong at Ingalls and Newport News shipbuilding.

接下來是 2025 年的綜合業績報告（見第 8 頁）。營收為 125 億美元，比 2024 年增加了 9.49 億美元，增幅為 8.2%。雖然每個部門都對更高的收入做出了貢獻，但英格爾斯和紐波特紐斯造船廠的成長尤為強勁。

Ingall's revenues of $3.1 billion in 2025 increased $311 million or 11.2% from 2024, driven primarily by higher volumes in surface combatants and amphibious assault ships. At Newport News, 2025 revenues of $6.5 billion increased by $538 million or 9% from 2024 due to higher volumes in both submarines and aircraft carriers. At Mission Technologies, 2025 revenues of $3 billion increased $107 million or 3.6% from 2024, primarily driven by higher volumes in warfare systems, global security and unmanned systems.

2025 年 Ingall 的收入為 31 億美元，比 2024 年增加了 3.11 億美元，增幅達 11.2%，主要得益於水面作戰艦艇和兩棲攻擊艦的銷量增加。由於潛艦和航空母艦的產量增加，紐波特紐斯造船廠 2025 年的收入為 65 億美元，比 2024 年增加了 5.38 億美元，增幅達 9%。Mission Technologies 2025 年的營收為 30 億美元，比 2024 年增加了 1.07 億美元，增幅為 3.6%，主要得益於戰爭系統、全球安全和無人系統銷售的成長。

Moving to slide 9. Segment operating income for the year was $717 million, and segment operating margin was 5.7%, this compares to $573 million and 5%, respectively, in 2024. Ingalls operating income of $233 million and margin of 7.6% in 2025 compared to $211 million and 7.6%, respectively, in 2024.

切換到第9張投影片。該年度分部營業收入為 7.17 億美元，分部營業利益率為 5.7%，而 2024 年分別為 5.73 億美元及 5%。預計到 2025 年，英格斯的營業收入將達到 2.33 億美元，利潤率為 7.6%，而 2024 年分別為 2.11 億美元和 7.6%。

The increase in operating income was primarily driven by the higher volumes noted earlier and favorable contract adjustments in surface combatants, partially offset by lower performance in amphibious assault ships.

營業收入的成長主要得益於先前提到的銷售增加以及水面作戰艦艇合約的有利調整，但部分被兩棲攻擊艦艇業績的下滑所抵消。

Newport News 2025 operating income of $331 million and margin of 5.1% compared to $246 million and 4.1%, respectively, in 2024. The increases were primarily driven by favorable contract adjustments in the Virginia-class submarine program, partially offset by contract adjustments and incentives in 2024 in the aircraft carrier refueling and complex overhaul program.

紐波特紐斯 2025 年營業收入為 3.31 億美元，利潤率為 5.1%，而 2024 年分別為 2.46 億美元和 4.1%。成長主要得益於維吉尼亞級潛艦計畫的有利合約調整，但部分被2024年航空母艦加油和複雜大修計畫的合約調整和激勵措施所抵消。

Shipbuilding margin for 2025 was 5.9%, within the guidance range we provided for the year and consistent with my commentary on our last earnings call. This represents a 70 basis point improvement over 2024s results.

2025 年造船利潤率為 5.9%，在我們先前給出的年度指導範圍內，與我在上次財報電話會議上的評論一致。這比 2024 年的結果提高了 70 個基點。

Net cumulative adjustments for the year were negative $28 million. Newport News net cumulative adjustments was negative $64 million, which included adjustments related to CVN 80 and CVN 81 carrier construction. The negative Newport News cumulative adjustment was partially offset by positive net cumulative adjustments at Ingalls of approximately $16 million, in Mission Technologies of approximately $20 million.

本年度淨累計調整額為負2,800萬美元。紐波特紐斯的淨累計調整額為負 6,400 萬美元，其中包括與 CVN 80 和 CVN 81 航空母艦建造相關的調整。紐波特紐斯的負面累積調整被英格斯約 1600 萬美元的正面淨累計調整和米申技術公司約 2000 萬美元的正面淨累計調整部分抵消。

Moving on, Mission Technologies 2025 operating income of $153 million and segment operating margin of 5%, both improved from $116 million and 3.9%, respectively, in 2024. The improvement was driven primarily by the lower purchased intangible amortization, better performance in warfare systems as well as higher revenue volumes noted earlier.

接下來，Mission Technologies 2025 年的營業收入為 1.53 億美元，分部營業利益率為 5%，均較 2024 年的 1.16 億美元和 3.9% 有所提高。這項改善主要得益於先前提到的購買無形資產攤銷減少、戰爭系統性能提高以及收入增加。

Mission Technologies 2025 results included approximately $89 million of amortization of purchased intangible assets compared to approximately $99 million in 2024. Mission Technologies EBITDA margin for 2025 was 8.6%, up from 7.9% in 2024. Net earnings in 2025 were $605 million compared to $550 million in 2024. Diluted earnings per share in 2025 were $15.39 compared to $13.96 in 2024.

Mission Technologies 2025 年的業績包括約 8,900 萬美元的已購無形資產攤銷，而 2024 年約為 9,900 萬美元。Mission Technologies 2025 年的 EBITDA 利潤率為 8.6%，高於 2024 年的 7.9%。2025 年淨利為 6.05 億美元，而 2024 年為 5.5 億美元。2025 年稀釋後每股收益為 15.39 美元，而 2024 年為 13.96 美元。

Turning to cash flow on slide 10. 2025 free cash flow was $800 million, above the guidance range we had provided for the year as we finished the year very strong from a working capital position, slightly underran our planned capital expenditures for the year.

翻到第 10 頁的現金流部分。 2025 年自由現金流為 8 億美元，高於我們先前給出的年度指導範圍，因為我們在營運資本方面以非常強勁的勢頭結束了這一年，略低於我們計劃的年度資本支出。

During the year, the company invested $396 million in capital expenditures or 3.2% of sales as we continue to prioritize investments to drive higher throughput in our shipyards. We paid dividends totaling $213 million in a year and did not repurchase any shares during the year.

年內，公司在資本支出方面投資了 3.96 億美元，佔銷售額的 3.2%，我們將繼續優先投資，以提高造船廠的產量。我們一年內支付了總計 2.13 億美元的股息，而該年度沒有回購任何股票。

We ended 2025 with $774 million in cash and cash equivalents on hand and liquidity of approximately $2.5 billion. Cash contributions to our pension and other postretirement benefit plans totaled $54 million in 2025. You can find our updated five year pension outlook in the appendix of today's presentation on slide 14.

截至 2025 年底，我們手邊擁有 7.74 億美元的現金及現金等價物，流動資金約 25 億美元。2025 年，我們向退休金和其他退休後福利計畫繳納的現金總額為 5,400 萬美元。您可以在今天簡報的附錄第 14 頁找到我們更新後的五年退休金展望。

Turning to slide 11 and our financial outlook. First, I will highlight that the guidance we are providing today is predicated on achieving the shipbuilding throughput improvements that we've outlined as well as reaching agreement on the next Virginia and Columbia class submarine contracts in the first half of the year.

接下來請看第11張投影片，了解我們的財務展望。首先，我要強調的是，我們今天提供的指導意見是基於我們概述的造船產能提升目標的實現，以及在今年上半年就下一批弗吉尼亞級和哥倫比亞級潛艇合約達成協議。

Regarding our multiyear targets, we're updating the medium-term growth targets that we have provided previously. We now expect the consolidated HII medium-term top line CAGR of approximately 6%. This is comprised of shipbuilding growth of approximately 6% and Mission Technologies growth of approximately 5%.

關於我們的多年目標，我們正在更新先前提供的中期成長目標。我們現在預計 HII 合併後的中期營收複合年增長率約為 6%。其中，造船業成長約 6%，任務技術成長約 5%。

We believe this shipbuilding growth has additional upside as the forecast does not yet account for the recently announced frigate or battleship programs. We will need to revisit these growth assumptions once we have a better understanding how each of these programs will proceed forward.

我們認為造船業的成長還有進一步上升的空間，因為目前的預測還沒有考慮到最近宣布的護衛艦或戰艦項目。一旦我們對每個專案的進展有了更深入的了解，我們將需要重新審視這些成長假設。

Regarding our 2026 expectations, Chris provided our outlook, but let me provide a bit more color on our free cash flow expectations for the year. We expect 2026 free cash flow of between $500 million and $600 million.

關於我們對 2026 年的預期，Chris 已經給出了我們的展望，但讓我再詳細解釋一下我們對當年自由現金流的預期。我們預計 2026 年自由現金流將在 5 億美元至 6 億美元之間。

At the midpoint, that puts combined 2025 and 2026 free cash flow at $1.35 billion, an increase from the $1.2 billion target we discussed last quarter for the two year projection. As I noted earlier, we finished 2025 very strong from a working capital perspective. Overall, working capital was a tailwind of approximately $170 million in 2025.

以中間值計算，2025 年和 2026 年的自由現金流合計為 13.5 億美元，高於我們上季度討論的兩年預測目標 12 億美元。正如我之前提到的，從營運資金的角度來看，我們在 2025 年末表現非常強勁。總體而言，到 2025 年，營運資金將帶來約 1.7 億美元的利多。

We think careful working capital management, along with beneficial cash tax impacts from the One Big Beautiful Bill will continue to be a cash tailwind in 2026. As Chris mentioned, we continue to prioritize strategic capital investments into our shipyards.

我們認為，謹慎的營運資金管理，加上《一項偉大的法案》帶來的有利的現金稅收影響，將在 2026 年繼續成為現金流的順風。正如克里斯所提到的，我們將繼續優先對造船廠進行策略性資本投資。

We expect 2026 capital expenditures to be approximately 4% to 5% of sales. This represents approximately $500 million to $600 million of investment to drive capacity and throughput. You can find additional 2026 guidance elements on the 2026 outlook table on slide 11 of the presentation or in the earnings release. This includes an anticipated 2026 effective tax rate of approximately 17%. This lower tax rate is primarily attributable to an expected reduction in total tax expense related to research and development tax credits.

我們預計 2026 年資本支出將佔銷售額的 4% 至 5%。這意味著將投資約 5 億至 6 億美元用於提升產能和吞吐量。您可以在簡報第 11 頁的 2026 年展望表或獲利報告中找到更多 2026 年的指導要素。這其中包括預計 2026 年實際稅率約為 17%。較低的稅率主要歸因於與研發稅收抵免相關的總稅收支出預計減少。

Turning to our provided look ahead for the first quarter of 2026. We expect approximately $2.3 billion for shipbuilding revenues and $700 million to $750 million of Mission Technologies revenues with shipbuilding operating margin near 5.5%, and Mission Technologies operating margin up between 4% and 4.5%.

接下來，讓我們來看看 2026 年第一季的展望。我們預計造船業務收入約 23 億美元，任務技術業務收入約為 7 億至 7.5 億美元，造船業務營業利潤率接近 5.5%，任務技術業務營業利潤率在 4% 至 4.5% 之間。

Consistent with normal cash flow cadence, we expect first quarter free cash flow to be negative, representing a use of approximately $600 million as some of the fourth quarter working capital benefit unwinds.

與正常的現金流節奏一致，我們預計第一季自由現金流為負，約 6 億美元將被使用，因為第四季部分營運資本利得正在消退。

To close my remarks and echo Chris' comments, we have exited 2025 with good momentum and are focused on a clear set of goals and objectives for 2026 that are aligned to our customers' needs and our national security while continuing to create value for the HII enterprise.

最後，我想重申克里斯的觀點，我們以良好的勢頭結束了 2025 年，並​​專注於 2026 年一系列明確的目標和任務，這些目標和任務與我們的客戶需求和國家安全相一致，同時繼續為 HII 企業創造價值。

With that, I'll turn the call back over to Christie for Q&A.

接下來，我將把電話轉回給克里斯蒂進行問答環節。

Thanks, Tom. (Operator Instructions) Operator, I will turn it over to you to manage the Q&A.

謝謝你，湯姆。（操作員指示）操作員，我將把問答環節交給你來管理。

(Operator Instructions)

（操作說明）

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Thanks so much. Good morning.

非常感謝。早安.

Good morning.

早安.

Good morning.

早安.

Chris, I'd like to follow up on those productivity numbers that you gave, the 14% progress in 2025. I was wondering if the performance there was the same across the various shipbuilding programs and then how much more is needed, for example, on the Virginia-class, if you're going to get consistently to two a year?

克里斯，我想跟進你提到的生產力數據，即到 2025 年將取得 14% 的進展。我想知道各個造船項目的性能是否相同，如果要穩定地每年建造兩艘維吉尼亞級戰艦，還需要做多少改進？

Yeah. It was pretty broad-based improvement across the programs. The Virginia-class program actually did very well in 2025. Remember, those schedules were reset post COVID. So there's an incremental walk-up in throughput required to get to the two Virginia-class per year. But they had a very good year last year, but it was really broad-based improvement across the portfolio, both at Newport News and Ingalls.

是的。各個項目都得到了相當廣泛的改進。維吉尼亞級計畫在 2025 年的表現非常出色。請記住，這些日程安排是在新冠疫情後重新調整的。因此，要達到每年兩艘維吉尼亞級潛艦的產量，需要逐步提高吞吐量。但他們去年取得了非常好的成績，這實際上是整個投資組合的全面提升，無論是在紐波特紐斯還是英格斯。

Okay. And then quickly as a follow-up, you mentioned that there's a step-up in CapEx this year. How do you expect the long-term CapEx to progress from here? Do you expect it to remain around 4% of sales going forward?

好的。然後您很快又提到，今年的資本支出增加。您預計長期資本支出將如何發展？你預計未來這比例會維持在4%左右嗎？

Well, we don't have guidance beyond this year yet, Rob. But I do expect it to continue to be elevated simply because there's such opportunity out there. Tom, I don't know if you want to give any more additional details related to that. But I do expect it to continue to be elevated and -- but we're not going to provide additional guidance at this point.

羅布，我們目前還沒有今年以後的指導意見。但我確實預計它會繼續提升，因為外面有很多機會。湯姆，我不知道你是否想提供更多相關細節。但我預計它會繼續維持在高位，而且——但我們目前不會提供更多指導。

That's right, Chris. I'll just comment on that. And as he says, there's opportunity -- the awards are plentiful going forward. And obviously, that's going to drive the top line. There's going to be a need for capital and investments, both from our Navy partner and ourselves in that. So I haven't provided that yet, but I would expect it to be higher than where we've been in the past and probably consistent with where we are right now going forward in 2026.

沒錯，克里斯。我只想就此發表一下看法。正如他所說，機會很多——未來有很多獎項可以獲得。很顯然，這將帶動營收成長。這需要資金和投資，無論是來自我們的海軍合作夥伴還是我們自己。所以我還沒有提供具體數據，但我預計到 2026 年，它將高於我們過去的水平，並且可能與我們目前的水平保持一致。

Okay. That's great. Thanks so much.

好的。那太棒了。非常感謝。

Thanks, Rob.

謝謝你，羅伯。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning. Thank you.

早安.謝謝。

Good morning.

早安.

Yeah, good morning. So you saw really good revenue growth in Q4 in both yards. In Newport News, though, your margins are still pretty low. Tom, you mentioned the two negative EACs on the CVN program. But when you look across the programs at Newport News, my assumption is you're working hard to get those margins higher. How do you see each of the programs in terms of their ability to improve and get to the goals that you're really looking for longer term?

早安.所以，你們在第四季兩個碼頭的營收都實現了非常可觀的成長。不過，在紐波特紐斯，你的利潤率仍然很低。湯姆，你提到了CVN計畫中的兩個負面EAC。但縱觀紐波特紐斯大學的各個項目，我的假設是你們正在努力提高利潤率。您如何看待各個專案在提升自身能力和實現您長期目標方面的能力？

I appreciate the question there. Yes. So when we look at Newport News, the EACs are stable. The booking rates, obviously, we want to get those up right there. That's going to be a function, as we've described in the past, of working off the existing portfolio we have right now.

我很感謝你提出這個問題。是的。所以，當我們觀察紐波特紐斯時，EAC 是穩定的。很顯然，我們希望提高預訂率。正如我們過去所描述的那樣，這將取決於我們目前擁有的現有投資組合。

And we have these pre-COVID ships that have been impacted by scheduled inefficiency. And as those continue to evolve out, we talk about the portfolio in 2027 becoming more post than pre-COVID, that's going to assist in that list. I believe what we've done in wages and what we've done in contract adjustments, some change management RIAs that we have in that will assist in that, too.

而這些在新冠疫情之前建造的船舶，由於航班計劃效率低下而受到了影響。隨著這些因素不斷演變，我們談到 2027 年的投資組合將更多地受到新冠疫情後的影響，而不是疫情前的影響，這將有助於實現這一目標。我相信我們在薪資和合約調整方面所做的工作，以及我們擁有的一些變革管理RIA（註冊投資顧問），也會對此有所幫助。

A piece of what we're seeing at Newport News is fairly consistent across all four quarters there. It's just a mix of the portfolio itself, contract type, additional work scope that we have. The growth, which is good on the top line, is coming about both in labor and material. But on the material side, it's hitting contracts at either advanced procurement, which have restrictions on margins and fee right now.

我們在紐波特紐斯看到的情況，在四個季度中都相當一致。這只是投資組合本身、合約類型以及我們額外的工作範圍等因素的綜合體現。營收成長良好，勞動力和原料兩方面都實現了成長。但在材料方面，它正在影響高級採購合同，而這些合約目前對利潤率和費用都有限制。

And then as we kind of work ourselves forward and definitize either those contracts and new contract awards, we'll see a moderate ramp in either fee on the existing contracts or incentives that can come in place on the new awards there.

然後，隨著我們推進工作並最終確定現有合約和新合約的授予，我們將看到現有合約的費用適度上漲，或者新合約中會推出激勵措施。

So that's the playbook going forward. We're working hard to kind of stabilize performance. We've seen improvement in hiring, attrition, moderately improvements in rework. So it's the stabilization, the EACs, making our milestones, working off the existing portfolio and getting into those new start contracts.

這就是接下來的行動方案。我們正在努力穩定性能。我們在招募和人員流失方面都看到了改善，返工方面也有了適度的改善。所以，關鍵在於穩定局面、完成 EAC、實現我們的里程碑、利用現有投資組合併簽訂新的啟動合約。

Well, when you look at -- you've got a lot of money for the industrial base of those last two Block V boats. And as you commented, the '26 budget has really in a big support for shipbuilding. One of the things that we found challenging is the money can be there, but it's getting it through the throughput that you're talking about.

嗯，你看——你有很多錢用於最後兩艘Block V型潛艇的工業基礎建設。正如你所評論的，2026年的預算確實大力支持造船業。我們發現的挑戰之一是資金可能已經到位，但如何像你所說的那樣高效地將資金輸送出去是個難題。

Right now, you've probably seen a lot of the commentary about a pretty significant addition to the 2027 budget potentially, which could include money for the industrial base. When you look at it from a shipbuilding standpoint, do you need more? Or are you in already a good position given the large amount of funding that's come in? And is that enabling you to get where you need to be with respect to the -- to your industrial base?

目前，你可能已經看到很多關於 2027 年預算可能大幅增加的評論，其中可能包括用於工業基礎的資金。從造船的角度來看，還需要更多嗎？或者，鑑於已經獲得的大量資金，你們的處境是否已經很有利了？這是否能幫助你達到所需的產業基礎目標？

Yeah. So Doug, let me take that, and I can -- Tom, if he wants to add, that's great. But definitely, the Block V two boat contract assisted us from a capital standpoint and wages standpoint to increase throughput at Newport News. There is more capital required. We're going to continue to ramp the throughput within Newport News on the submarine program and the aircraft carrier program. So there will be additional capital requirements.

是的。道格，讓我來吧，我可以──湯姆，如果他想補充，那就太好了。但可以肯定的是，第五批次的兩艘船合約從資金和工資方面幫助我們提高了紐波特紐斯港的吞吐量。需要更多資金。我們將繼續提高紐波特紐斯工廠的潛艦計畫和航空母艦計畫的產能。因此，需要追加資金。

We hope to partner with our Navy customer to provide that capital, both our internal capital as well as incentives. But there's plenty of opportunity to increase throughput in both internally within the shipyards and then through distributed shipbuilding as well because it's not just labor, it's not just additional labor and throughput within the shipyards.

我們希望與海軍客戶合作，提供資金，包括我們內部的資金和激勵措施。但是，無論是在造船廠內部還是透過分散式造船，都有很大的機會提高產量，因為這不僅僅是勞動力問題，也不僅僅是造船廠內部增加勞動力和產量的問題。

We need to expand distributed shipbuilding as well. We had a pretty good year last year. We'll have another good year this year in expanding the industrial base and some of the investments could go there as well. So we welcome the opportunity to continue investment to increase throughput, and we're going to continue to do that.

我們也需要擴大分佈式造船規模。我們去年過得相當不錯。今年我們在擴大工業基礎方面又將迎來一個好年頭，一些投資也可能流向那裡。因此，我們歡迎繼續投資以提高產量的機會，我們將繼續這樣做。

I'd piggy back on the backside of that. I'm with you about the budgets and opportunity sets there. We're seeing it flow into the company. So it's not just on the budget line. Both Q3 and Q4 saw HII have quarters of 16% growth.

我打算搭它的順風車。我同意你對預算和機會的看法。我們看到它正流入公司。所以這不僅僅是預算問題。HII 第三季和第四季均實現了 16% 的成長。

We finished out the year -- this year in 2025 at 8.2% growth from '25 over '24. We saw shipbuilding at 9.7%, for the year for '25 over '24. And I'm inspired by several quarters now in a row of seeing double-digit growth in shipbuilding. Ingalls was at 11.2% and Newport News 9% for the year. So the dollars are there. There's a need for our products and services. The funding is in place, both with our backlog and anticipated awards that we have coming in 2026.

我們以 8.2% 的成長結束了這一年——2025 年比 2024 年成長了 8.2%。2025 年造船業比 2024 年成長了 9.7%。令我倍感鼓舞的是，造船業已經連續幾季實現了兩位數的成長。英格斯市的年利率為 11.2%，紐波特紐斯市的年利率為 9%。所以資金是有的。市場對我們的產品和服務有需求。資金到位，既能滿足我們目前的積壓訂單需求，也能滿足我們預計在 2026 年獲得的撥款需求。

And I'm happy to see an inflection of the labor material flowing into the yards, increased outsourcing. We've established over 23 vendors last year, and there's more to follow going forward. You can see from our earnings release, we're going to increase -- we've increased outsourcing by 100% last year. We have a 30% target this year.

我很高興看到流入碼頭的勞動力資源出現轉折點，外包業務也隨之增加。去年我們與超過 23 家供應商建立了合作關係，未來將有更多供應商加入。從我們的財報可以看出，我們將繼續增加外包業務——去年我們的外包業務成長了 100%。我們今年的目標是30%。

So the inflection that we've discussed is happening right now. The guide right now at 6% is probably a conservative guide, but it's the beginning of the year, let's get into it. We've beaten that the last two quarters, and we'll see that we can continue hiring, retention and outsourcing.

所以，我們討論過的轉折點現在正在發生。目前的指導價為 6%，這可能還是一個保守的估計，但現在是年初，讓我們拭目以待。過去兩個季度我們都實現了這一目標，我們將看到我們能夠繼續招募、留住人才和外包業務。

Very good. Thank you.

非常好。謝謝。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Good morning, Chris and Tom. A quick question. Ingalls and Newport News, both exited '25 with a lot of top line momentum. You did note that the fourth quarter had some pull forward. But the first quarter guide, if my math is right, calls for shipbuilding sales to be up 13% year-over-year. But then that implies that shipbuilding sales are down 1% for the remaining three quarters. Is that just a function of tougher comps because it seems like you have a healthy amount of opportunity based on the milestones laid out in the slides.

克里斯和湯姆，早安。問個問題。英格爾斯和紐波特紐斯在 2025 年底都保持著強勁的上升勢頭。你確實注意到了第四節比賽一度出現逆轉。但如果我沒算錯的話，第一季的業績指引顯示，造船業銷售額將年增 13%。但這意味著，在剩下的三個季度裡，造船業銷售額將下降 1%。這只是因為競爭對手更激烈嗎？因為根據幻燈片中列出的里程碑來看，你似乎有很多機會。

Yeah, I wouldn't get too tied up in how that plays out for the whole year. There's a lot of timing in that, both we saw a little bit material unexpected EBITDA guide we gave you going from 8.9% to 9.1% to 9.0% to 9.1% and then we came out at 9.5%. So there's some material that got pulled to the left.

是的，我不會太在意這件事全年的發展結果。這其中有很多時機因素，我們看到了一些實質性的意外，我們給出的 EBITDA 指導從 8.9% 到 9.1%，再到 9.0%，最後到 9.1%，然後我們最終確定為 9.5%。所以有一些材料被拉到左邊了。

I would tell you it's not a onetime trick there of getting revenue up in Q4 because as I just answered in the previous question, Q3 and Q4 saw some good growth. The backlog and the new awards are going to facilitate that and then the outsourcing and the hiring is all going to continue that.

我想告訴你，第四季營收成長並非一蹴而就，因為正如我在上一個問題中回答的那樣，第三季和第四季都實現了不錯的成長。積壓訂單和新獲得的獎勵將促進這一點，而外包和招聘也將繼續推動這一進程。

I think it's more just a conservative guide that we have right now. It's the beginning of the year. We want to make sure we continue with the momentum we're exiting last year on the top line. And I would anticipate -- I expect that to continue going forward here. So there's always some choppiness from quarter-to-quarter on milestones and margin recognition on ship deliveries and major milestones. So there's nothing overly to highlight that's going to be problematic as the revenue, I expect, to continue to ramp into 2026.

我認為它更像是我們目前擁有的保守指南。新年伊始。我們希望確保能夠延續去年在營收方面取得的成長動能。而且我預計——我希望這種情況會繼續下去。因此，在船舶交付和重大里程碑方面，季度之間的里程碑和利潤確認總是會有一些波動。因此，沒有什麼特別值得關注的問題，預計到 2026 年，收入將繼續增長。

Okay. And then on the new battle ships, is there a possibility that a Japanese or Korean shipyard could fund some of the CapEx to fulfill their obligations under the recent trade deals, and then you contribute the workforce and the design sort of in a joint venture-type format? That way, it would be an attractive investment for Huntington from a return on invested capital standpoint.

好的。那麼，關於新型戰艦，是否有可能由日本或韓國的造船廠出資部分資本支出，以履行其在最近貿易協定下的義務，然後你們以合資企業的形式提供勞動力和設計？這樣一來，從投資回報率的角度來看，這對亨廷頓來說將是一項很有吸引力的投資。

Yeah, I'm really not sure. I think the aperture is open relative to the industrial base and how that battleship is going to get built. There's a need for additional capacity in the industrial base. And could a foreign investor bring more capacity into the industrial base? Sure.

是啊，我真的不太確定。我認為相對於工業基礎以及這艘戰艦的建造方式而言，機會還是很大的。工業基地需要增加產能。外國投資者能否為工業基地帶來更多產能？當然。

I don't know if it'd be necessarily for the battleship, but that's always an opportunity. So you need to keep the aperture open and depending on how the acquisition profile or the acquisition strategy develops, then I think the investments will follow.

我不知道這是否一定適用於戰艦，但這始終是一個機會。所以你需要保持開放的態度，根據收購情況或收購策略的發展，我認為投資也會隨之而來。

Alright. Thank you.

好吧。謝謝。

Sure.

當然。

Noah Poponak, Golden Sachs.

Noah Poponak，Golden Sachs。

Hey, good morning, guys.

嘿，大家早安。

Good morning, Noah.

早上好，諾亞。

So I guess, if I kind of zoom out and look at the shipbuilding margin, it's kind of flattish through 2025. I mean it's actually down sequentially a little bit through '25, '26 guidance kind of flattish versus '25. Recognizing it's a long-cycle business and manufacturing process and these things take time.

所以我覺得，如果我從更宏觀的角度來看造船業的利潤率，到 2025 年它應該會比較平穩。我的意思是，實際上從 2025 年開始，業績環比略有下降，2026 年的業績預期與 2025 年相比基本持平。要認識到這是一個週期很長的業務和製造過程，這些事情都需要時間。

I guess just with the incremental funding, the throughput achievements, the labor achievements, Tom, you just reiterated better mix of contracts by '27. Help us better understand how the shipbuilding margins are flat for that full two year window?

我想，憑藉逐步增加的資金、吞吐量的提升、勞動力方面的成就，湯姆，你剛才重申了到 2027 年合約組合會更加完善。請幫助我們更能理解為什麼造船利潤率在整整兩年時間內都保持穩定？

Do they snap in '27 when the mix flips to more post-COVID? And to what extent is the weighting on the next batch of nuclear subcontracts pretty binary in this discussion because you have to book so much long lead at a low margin before you get that?

2027 年，當市場風向轉向後疫情時代時，他們會做出什麼反應？而在此次討論中，下一批核電分包合約的權重在多大程度上是非此即彼的呢？因為在獲得這些合約之前，你必須以較低的利潤率預定大量的長期合約。

Let me start on that Noah, and then Tom can chip in on the back end. But I mean you know our process I think, relative to how we evaluate risk and opportunities when we do our plan, and we're very disciplined in how we evaluate them and how we develop our guidance for the subsequent year, and that's what we've done.

諾亞，我先開始，然後湯姆再在後面幫忙。但我的意思是，我想你應該了解我們的流程，也就是我們在製定計劃時如何評估風險和機遇，我們在評估風險和機會以及如何制定下一年的指導方針方面都非常嚴謹，而我們也正是這樣做的。

I would say that we are -- there's investment required that we're making in outsourcing and overtime to prioritize schedules on these ships, which is impacting our profitability. There's no doubt. We think that makes sense. We're going to continue to do it because the strategy to get out of these ships into the next ships just makes great sense.

我認為確實如此——我們需要在船舶外包和加班方面進行投資，以優先安排這些船舶的航行計劃，這影響了我們的盈利能力。毫無疑問。我們認為這很有道理。我們將繼續這樣做，因為從這些船上轉移到下一艘船的策略非常合理。

Relative to the submarine program, we think that needs to get done by the end of the first half of the year. We need to make sure that we don't incur risk related to a delayed start on that program. The teams are meeting. I have high hopes that after the '26 budget was done and then the '27 budget, we get a little more clarity that everything will fall into place and we'll get started, but we really need to get that done in the first half of the year. Tom, I don't know if you have anything else.

就潛水艇計畫而言，我們認為需要在今年上半年結束前完成。我們需要確保不會因為該專案啟動延遲而帶來風險。各隊正在開會。我非常希望在 2026 年預算和 2027 年預算完成後，一切都能更加明朗，我們可以開始著手工作，但我們真的需要在今年上半年完成這項工作。湯姆，我不知道你還有沒有其他東西。

Yeah, I have some comments for you, [Scott], and the Street there. So to your point on the -- with the new contract starts that are coming with the awards and we book low, that's baked in already into the guidance that we provide, right? So nothing's changed just because those awards are coming and what we gave you in 2026. And then Chris and I have said that, hey, the 9% to 10% is not just aspirational. We've been there before, and we want to get there. We haven't given the Street the timing of that.

是的，我有一些話要對你說，[斯科特]，還有那條街上的人。所以，關於您提到的——隨著新合約的簽訂和訂單的減少，我們的預訂量較低，這已經反映在我們提供的指導意見中了，對吧？所以，即便這些獎項即將頒發，即便我們在 2026 年給了你們一些東西，一切都沒有改變。然後克里斯和我說過，嘿，9%到10%不僅僅是一個願景。我們以前去過那裡，我們想再去一次。我們還沒有向華爾街透露具體時間。

We've said incrementally, we would expect to improve annually. And we still feel that way right now, going from '25 to '26. If you think about '24, it was 5.2%; '25, it was 5.9%, that's up 13%. And although we gave you a range of 5.5% to 6.5%, it's kind of in line. Chris said back in Q3 '24, heading in the next 18 months to 24 months, it's going to be choppy.

我們曾說過，我們會逐步改進，預計每年都會有所進步。從 2025 年到 2026 年，我們仍然有這種感覺。如果你看看 2024 年，那是 5.2%；2025 年，那是 5.9%，成長了 13%。雖然我們給的範圍是 5.5% 到 6.5%，但這個結果還算合理。克里斯在 2024 年第三季表示，未來 18 到 24 個月將會是動盪的。

We're going to work off these old ships. So a reguide of what we gave you last year is not inconsistent. And even in Q3 when I gave you the -- I said it's around the midpoint. It could be a little bit higher with the awards. It could be a little bit lower without the awards.

我們將利用這些舊船進行作業。所以，重新制定去年我們提供的指南並不矛盾。即使在第三季我告訴你的時候——我說過它大約在中點附近。加上獎項的話，金額可能會更高一些。如果沒有這些獎項，排名可能會更低一些。

We didn't get the awards in '25. They've fallen into this year. We finished at 5.9% rough. So we're not surprised. It's off what we've been talking about that we're dealing with here. I'd tell you that the range is consistent in '26 as it is in '25. We finished the '25 at 5.5% for the quarter. And when we look at Q1 right here, there's not a plethora of milestones or sell off that's going to change what the last 13 weeks did for the next 13 weeks.

我們在 2025 年沒有獲得獎項。今年他們都跌倒了。我們最終的粗加工率為 5.9%。所以我們並不感到驚訝。我們現在處理的正是我們一直在討論的內容。我可以告訴你，26 年的範圍與 25 年的範圍一致。本季「25」的成長率為5.5%。當我們審視第一季時，並沒有什麼里程碑事件或拋售潮能夠改變過去 13 週的走勢，也不會影響未來 13 週的走勢。

So again, if we think about it, we shouldn't be surprised that we guided fairly conservative at the beginning of the year and consistent with what the actuals were for Q4. As we look at Q4, there's timing in there. There's a higher volume of the new starts that I've talked about, advanced procurement that kind of either no fee or limits fee. So we'll work that off. And then the material, which is good for the top line, pulls a little less fee on a couple of our contracts as we work ourselves through that.

所以，仔細想想，我們年初的業績指引相當保守，與第四季的實際情況相符，這也就不足為奇了。當我們展望第四季時，會發現其中存在時間因素。我之前提到過，現在新開工的項目數量更多了，而且都是提前採購，要么不收費，要么收費有限制。所以我們會努力把這些都抵消掉。然後，由於我們正在努力解決材料問題，雖然這有利於提高總收入，但在我們一些合約中，這部分材料的費用會略有減少。

The 5.5% to 6.5%, it's still a good range of outcomes. Last year, it was just about at the midpoint without the award. So we're expecting those awards to happen this year. In my remarks, I said in the first half of the year. And then with the milestones that we've given you in this Q2, Q4, we provided the milestones.

5.5%到6.5%，這仍然是一個不錯的結果範圍。去年，差不多到中期的時候還沒有得獎。所以我們預計這些獎項會在今年頒發。我在演講中提到，今年上半年。然後，我們在第二季和第四季都設定了里程碑，並提供了這些里程碑。

We met most of them last year, and we expect to go do that most all of them this year. So that's going to be a lift on where we go forward here. The awards will have some incentives to them to that we didn't have last year. So that's going to be an assist as we go forward.

我們去年見過他們中的大多數人，我們預計今年會見到他們中的絕大多數人。所以這將對我們未來的發展起到推動作用。這些獎項將包含一些去年沒有的激勵措施。所以這對我們接下來的工作會有所幫助。

And then I mentioned the increase from the 5.2% of '24 to 5.9% of 2025. And the midpoint of 6%, although moderate, is still kind of better than the actual of last year, and we have a whole year to go work the contracts here.

然後我提到，從 2024 年的 5.2% 成長到 2025 年的 5.9%。6% 的中點雖然不算高，但仍然比去年的實際值要好一些，而且我們還有一整年的時間來處理這些合約。

And then kind of lastly, as Chris said, it was baked in already, but we have had -- as we put focus on milestones and delivering the ships as fast as possible for our Navy customer, we have put a premium on additional overtime. We have both sites working high overtime than usual. So there's a little bit of draw on cost efficiency on that.

最後，正如克里斯所說，這其實早已包含在內，但我們一直致力於——因為我們專注於里程碑，並儘可能快地為海軍客戶交付艦艇，所以我們非常重視額外的加班。我們兩個工地都比平常加班加點。所以這方面在成本效益方面有些不足。

And then the first -- outsourcing and first-time bills, just a little bit of extra cost in that. Not unanticipated. Again, it's all in our guide and our progression as we turn the portfolio heading towards 2027. I hope that was helpful.

然後是第一點——外包和首次帳單，這方面會有一些額外的成本。並非意料之外。再次強調，這一切都在我們的指南和發展規劃中，我們將逐步調整投資組合，以迎接 2027 年的到來。希望這對您有所幫助。

That was very helpful. It's a lot of detail, and I appreciate it. When you provided the shipbuilding medium-term revenue growth target, the 6%, you have the sub bullet point there that has additional upside from recently announced programs. Can you talk a little bit more about that? I mean how much upside? And specifically on the SSC win, when does that start ramping up for you?

那很有幫助。細節很多，很欣賞。當您給出造船業中期收入成長目標 6% 時，您提到的子要點是，最近宣布的專案還有額外的成長空間。能再詳細談談這方面嗎？我的意思是，上漲空間有多大？具體來說，在SSC的勝利中，你覺得什麼時候開始進入狀態？

Yeah, so -- yeah. Thanks, Noah. The frigate win, that pretty confident -- very confident we're going to build the first two boats or first two ships in that class. We're unsure what the acquisition strategy is beyond that. I think we'll learn more when the '27 budget comes out.

是的，所以——是的。謝謝你，諾亞。護衛艦項目獲勝，我們非常有信心——非常有信心我們將建造該級別的前兩艘艦艇。除此之外，我們還不確定其收購策略是什麼。我認為等到 2027 年預算公佈後，我們會了解更多資訊。

But we're fortunate on that program that we still have a lot of material from NSC11, which is really a lot of the upfront cost on a ship. So I don't expect material impact to sales this year. It should start to ramp in '27. The battleship is a little different. We're still engaged with the Navy on understanding how that design is going to unfold with us, the Navy and BIW. So there will be modest revenue this year and then a little ramp from there. We don't have specific numbers for you right now. But as we understand them, we will provide them.

但幸運的是，在這個項目中，我們仍然有許多來自 NSC11 的材料，這實際上涵蓋了建造一艘船的大部分前期成本。因此，我預計今年的銷售額不會受到實質影響。應該會在2027年開始加速成長。戰艦的情況略有不同。我們仍在與海軍溝通，以了解該設計將如何與我們、海軍和巴斯鋼鐵廠共同實施。所以今年的收入會比較溫和，然後會在此基礎上略有成長。我們現在沒有具體數字可以提供給您。但我們會盡我們所能提供它們。

Okay. Thank you.

好的。謝謝。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Thank you. Good morning, guys. Hey, Chris, could you talk more about the supply chain? -- Chris, can you talk more about supply chain at Newport News? I think you touched on it in your remarks. I didn't hear all of it. Did you receive all the equipment from the supply chain that you expected in the fourth quarter on CVN 80? Or was it later than expected? Is that what drove the negative EACs? And kind of where are you right now in that program? And just want to get a better sense of that.

謝謝。各位早安。嘿，克里斯，你能詳細談談供應鏈嗎？ ——克里斯，你能詳細談談紐波特紐斯的供應鏈嗎？我認為你在發言中已經提到了這一點。我沒聽到全部內容。第四季度，CVN 80 航母的供應鏈是否如預期提供了所有設備？或是比預期的時間晚了？這就是導致EAC為負值的原因嗎？那麼，你目前在這個專案中處於什麼階段呢？我只是想更了解一下。

Yeah. So we have received all of the engine room material, done deck over. As I said in my prepared remarks, we're 50% erected, and we'll continue to make progress this year. Have a little bit of momentum on that program. Throughput has actually accelerated and the key there is to getting back in sequence, which they're working very hard to do. So it did -- there was investment in overtime on 80 to get back on schedule or try to get back on schedule. And as I said, they're working hard to do that.

是的。我們已經收到了所有機艙材料，甲板上的部分也已經完成。正如我在準備好的演講稿中所說，我們已經完成了 50% 的建設，今年我們將繼續取得進展。這個專案現在有點進展了。實際上，吞吐量已經加快，關鍵在於恢復正常秩序，他們正在為此付出巨大的努力。所以確實如此——80號工廠投入了加班費，以恢復或努力恢復生產進度。正如我所說，他們正在努力實現這一目標。

Okay. Sounds good. And then just, Chris, between reconciliation and the '26 Appropriations Bill that's law now, did you get all of your priorities through in the budget this past year that you wanted? Just wondering if there's anything that didn't get into those bills that is going to be a priority for you in fiscal '27?

好的。聽起來不錯。那麼，克里斯，在和解協議和現在已經生效的 2026 年撥款法案之間，你去年在預算中是否實現了所有你想要優先考慮的事項？我想知道在2027財年，除了這些法案之外，還有什麼其他事項是您需要優先考慮的事項？

No, it's universal support for shipbuilding and reconciliation the '26 budget. The potential '27 budget, it's all on us to execute now. But all of our programs are supported.

不，這是對造船業的普遍支持，也是對 2026 年預算的協調。2027 年的潛在預算，現在全靠我們來執行了。但我們所有的項目都得到了支持。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Sure.

當然。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Okay. Thanks very much and good morning. I wanted to follow up quickly on the frigate. I think you talked about that being a driver of potentially of growth in 2027. I mean, given the target of having a boat in the water in 2028, should we think about that ramping up rather quickly? And is there anything you could say about the magnitude of the lift there at Ingalls and what it will do to the mix as well, given that the -- I think the NSC was a very profitable ship for that yard?

好的。非常感謝，早安。我想盡快跟進護衛艦的情況。我認為你曾提到過，這可能是 2027 年成長的潛在驅動因素。我的意思是，考慮到目標是在 2028 年讓船下水，我們是否應該考慮加快進度？鑑於 NSC 號對英格斯造船廠來說是一艘非常賺錢的船，您能否談談該船廠的增產規模以及它將對整個造船業產生的影響？

I think it's a little bit too early for that. I think if you were to project the cost related to ship getting in the water in two years, less the long-lead material, there's probably enough data out there for you to figure out what that could mean from a sales standpoint. So that is upside. But beyond that, I think it's a little bit too early to talk about potential top line upside related to that until we get a little bit further along.

我覺得現在說這個還太早。我認為，如果你要預測船舶兩年內下水的相關成本，減去長週期材料的成本，那麼應該有足夠的數據可以幫助你從銷售角度弄清楚這意味著什麼。這是有利的一面。但除此之外，我認為現在談論與此相關的潛在營收成長還為時過早，直到我們取得更大進展為止。

Okay. Okay. And should we think about that being -- mix-wise being NSC like?

好的。好的。我們是否應該考慮一下，混合方式是否類似 NSC？

I wouldn't necessarily think that, right? We're going to work with our customer to get a fair deal on that contract. So I wouldn't necessarily think about that. I think on a blended rate, getting to 9% to 10% margin is still our objective, and I think we'll eventually get there.

我倒不一定會這麼想，對吧？我們將與客戶協商，爭取在合約上達成公平的交易。所以我不會特意去考慮這個問題。我認為，以綜合利率計算，達到 9% 到 10% 的利潤率仍然是我們的目標，我認為我們最終會實現這個目標。

Okay. Okay. Thanks. And then just to follow up, given where you ended the year with the cash balance, and what you're forecasting for '26 to have a decent amount of excess cash on the balance sheet. But by year-end, I know there's understandably a certain amount of reticence about repurchases at this point. But with good performance, does that become more of an option? Or are there other things you would think about doing with it? Or do we just kind of maybe sit with some excess cash for a little while?

好的。好的。謝謝。然後，我想跟進一下，鑑於您年底的現金餘額，以及您對 2026 年的預測，希​​望資產負債表上能有相當多的盈餘現金。但到了年底，我知道大家對回購股票會有一定的顧慮，這是可以理解的。但如果表現出色，這是否會成為更可行的選擇？或者你有沒有想過用它做其他事情？還是我們乾脆先把多餘的現金放一段時間？

Remember, in the words of one of my predecessors, cash can be pretty lumpy. So it will continue to be lumpy in shipbuilding. But we think the overwhelming opportunity from a value standpoint is to continue to invest in the shipyards. So we're going to do that. It's going to improve both the top and bottom line. So that's our focus right now, and it's been our focus for a while.

記住，正如我的一位前任所說，現金可能非常不穩定。因此，造船業的發展仍將充滿波折。但我們認為，從價值角度來看，最大的機會在於繼續投資造船廠。所以我們要這麼做。這將同時提升營收和利潤。所以這就是我們目前的關注重點，而且已經持續了一段時間。

Great. Thanks very much.

偉大的。非常感謝。

Sure.

當然。

John Godyn, Citigroup.

約翰‧戈丁，花旗集團。

Hey, guys. Thanks for taking my questions. I wanted to just revisit shipbuilding margins one more time. There was a lot of good detail. I think you made clear that there is some conservatism in the outlook. What I'm interested in is in the first quarter, you have shipbuilding margins kind of at the low end of the full year guidance. It suggests that the conservatism is more of a back half event as it plays out. Is that right? Or is that not?

嘿，夥計們。謝謝您回答我的問題。我想再回顧一下造船利潤率。有很多很好的細節。我認為你已經明確表明，你的觀點中存在著一定的保守主義傾向。我感興趣的是，第一季造船利潤率處於全年預期值的低端。這表明，保守主義更像是後半程才會出現的現象。是這樣嗎？還是說並非如此？

Can you help us just think about the shape of margins throughout the year? And is that conservatism something in the back half? Or might we just see a stronger start to the year than expected as you suggested?

您能幫我們分析一下全年利潤率的變化趨勢嗎？保守主義是後半部的內容嗎？或者，正如您所說，我們可能會看到今年開局比預期更強勁？

Yeah. So obviously, we gave you the annual guidance, 5.5% to 6.5%. We've been giving for the last couple of years the next quarter, so it's 5.5%. That kind of leaves you guessing for Q2, Q3, Q4. I'd say you stay consistent with just what you've seen from us over the years.

是的。所以很顯然，我們給了年度指導目標，即 5.5% 至 6.5%。過去幾年，我們一直把收益分配給下一個季度，所以是 5.5%。這樣一來，第二季、第三季、第四季的情況就很難預測了。我認為你應該保持一貫的作風，就像你這些年來在我們這裡看到的那樣。

It's about the milestones. It's about performance. It's about the deliveries. There's nothing that's going to alter it one way or the other, other than timing, how we perform over the next 11 months. And then the awards themselves will bring about a good balance of affordability to profitability, the contract terms and conditions.

關鍵在於里程碑。關鍵在於表現。關鍵在於配送。除了時間因素，也就是我們未來 11 個月的表現之外，沒有任何事情可以改變結果。然後，獎項本身將帶來可負擔性和盈利能力之間的良好平衡，以及合約條款和條件。

There'll be some incentives in there. So we'll have to work ourselves through that. I'm not going to give any more comment on that as we're in negotiations -- through negotiations as that effort is trying to get through approval cycle right now.

裡面會有一些獎勵措施。所以我們需要自己想辦法解決這個問題。鑑於我們仍在談判中，我不會對此發表任何評論——目前正在通過審批程序，透過談判。

But yeah, I mean, I think it's the beginning of the year. We don't want to get ahead of ourselves. And really it makes sense that we exit Q4 at 5.5% kind of run rate over there. So we've got a whole path at this number. We'll update you in May, and you're going to look to see both for what's going to happen as a forecast in Q2. We have hinted that we'd like to see the awards -- expect the awards for the first half of the year. So that's going to facilitate a good pace and a trajectory of at least midpoint or better going forward here for the year.

不過，是啊，我的意思是，我想現在才年初。我們不想操之過急。實際上，我們第四季末的成長率達到 5.5% 左右也是合理的。所以，我們在這個數字處找到了一條完整的路徑。我們將在五月向您報告最新情況，屆時您可以查看第二季的預測。我們已經暗示過我們想看到這些獎項——敬請期待上半年的獎項。這樣就能確保今年至少達到年中或更好的進度和軌跡。

I guess my question is, is it even possible that we start the year at the higher end at 6.5% that we fast forward a quarter or two when we realize that we delivered numbers like that or in terms of the art of the possible, that's not even on the table?

我想問的是，我們年初的成長率有可能達到 6.5% 嗎？然後一兩個季度後，我們意識到我們實現了這樣的數字，或者從可能性的角度來看，這根本不可能？

The range is for the entire year. Stay focused on what we gave you for the quarter.

此範圍適用於全年。請專注於我們本季交付給您的內容。

Okay. Fair enough. And then if we just double click on the milestones and the time line. As you guys know, with deliveries, with the milestones, there's an intense focus on different milestones as we get closer to the dates.

好的。很公平。然後，如果我們雙擊里程碑和時間軸。正如你們所知，在交付和里程碑方面，隨著日期的臨近，我們會更加關注不同的里程碑。

Are there any milestones or delivery dates that you would just flag for us right now to kind of bracket and sensitize a little, one that might be pushed a little bit more than others, just so that we can have that conversation now instead of on the eve of expecting some sort of delivery or milestone event. Any risk around anything that you would just kind of take the opportunity to bound for us?

您能否現在就為我們指出一些重要的里程碑或交付日期，以便我們提前做好準備，並稍微關註一下，特別是那些可能會比其他日期推遲一些的日期，這樣我們現在就可以進行討論，而不是等到某個交付或里程碑事件發生前夕才進行討論。是否有任何風險，讓你願意把握機會為我們效力？

Sure. Delivery of 30 and the delivery of 800 towards the end of the year, very focused on getting both of those -- those boats done. So those -- that's how I call it, from a risk standpoint and an opportunity standpoint, those two -- that boat and that ship are very critical to us.

當然。交付 30 艘，並在年底交付 800 艘，我們非常專注於完成這兩艘船的交付。所以，從風險和機會的角度來看，這兩樣東西——我就是這麼稱呼它們的——那艘船和那艘船對我們來說至關重要。

Got it. Thank you, guys.

知道了。謝謝大家。

Sure.

當然。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning. Tom, do you expect the company to make money on CVN 80 and 81 given this trend of negative EACs?

嘿，早安。湯姆，鑑於EAC持續為負面的趨勢，你認為公司能從CVN 80和81獲利嗎？

Yeah. Well, yeah, we do. We think we booked accordingly right now. We've described what transpired on those ships upfront will be impacted by some material that goes deep into the ship. That risk is behind us. Obviously, that's caused an impact on the schedule. So the schedule is a little bit longer and has created some cost inefficiency.

是的。是的，我們有。我們認為目前的預訂安排是適當的。我們已經描述了這些船隻上發生的事情，而這些事情會受到一些深入船體內部的材料的影響。那個風險已經過去了。顯然，這給日程安排造成了影響。因此，工期稍長了一些，也造成了一些成本效益下降。

We're working 80 specifically out of sequence. But with the deck over right now, the team is seriously working with the experience they have building carriers, getting that back on sequence, getting out of the dry dock and then doing the ship/shore work kind of going forward here. But we have not forecasted and we do not expect it not to be profitable.

我們正在以非順序的方式專門處理第 80 項工作。但現在甲板已經完工，團隊正在認真利用他們建造航空母艦的經驗，使建造進度恢復正常，離開乾船塢，然後繼續進行艦上/岸上作業。但我們並未預測，也不認為它會不獲利。

Okay. And then, Chris, there are a lot of data centers under construction in the state of Virginia. It looks like within one hour or two drive from Newport News. Are you seeing that have any kind of impact on the labor situation at Newport News, particularly for trades like electricians or pipe fitters?

好的。克里斯，維吉尼亞州還有許多資料中心正在興建中。看起來距離紐波特紐斯只有一兩個小時的車程。您是否發現這會對紐波特紐斯的勞動力市場狀況產生任何影響，特別是對電工或水管工等行業？

That's interesting. We haven't seen the impact and the applicants and the hiring in Newport News was very, very strong over the back half of the year. So we haven't seen it yet. We'll watch out for it. We're fortunate. And the regional workforce development centers have been coordinating with the federal government, state governments to produce good shipbuilders, and we're going to continue to work on that pipeline, but we have not seen that.

那很有意思。我們尚未看到影響，而且今年下半年紐波特紐斯的申請人數和招聘情況都非常非常強勁。所以我們還沒看到。我們會密切注意。我們很幸運。區域勞動力發展中心一直在與聯邦政府、州政府協調，以培養優秀的造船工人，我們將繼續努力完善這個人才培育體系，但我們還沒有看到成效。

Good to hear. Thank you.

很高興聽到這個消息。謝謝。

Sure.

當然。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Thanks. Good morning. Tom, I was wondering -- I'm wondering if you can give us a little bit more color on the improvement in attrition because I'm trying to put the math together. You hired 6,600 shipbuilders. I think you've got another 500 employees from W International's acquisition, but I also think that you finished headcount flat versus the start of the year. So walk me through what your definition of improvement in attrition is? Did you end up with the headcount you expected? And then do you expect headcount to grow in '26?

謝謝。早安.湯姆，我想問一下──我想問的是，你能不能再詳細解釋一下人員流失率的改善情況，因為我正在嘗試把相關數據整理出來。你僱用了6600名造船工人。我認為你們從收購 W International 中又增加了 500 名員工，但我也認為你們的員工總數與年初相比持平。那麼請您詳細解釋一下，您認為降低人員流失率的改善措施是什麼？最終的人員編制是否符合預期？那麼，您預計2026年員工人數會成長嗎？

So let me start and if Tom has anything additional, he can add it. So attrition did improve year-over-year. It's about a 15% to 18% improvement across both shipyards. Both shipyards improved. In that data, the 44,000 employees, Myles, we have supported labor in that as well. And obviously, Mission Technologies labor in that as well.

那我就先開始吧，如果湯姆還有什麼補充，他可以再說。因此，人員流失率確實比前一年有所改善。兩個造船廠的產量都提高了約 15% 到 18%。兩家造船廠都得到了改進。邁爾斯，根據這些數據，我們有 44,000 名員工，我們也支持勞工權益。顯然，Mission Technologies 也參與了這項工作。

So we did increase staff in both shipyards. We ended pretty much where we wanted to be, and we're in a pretty good place from an applicant flow and a hiring standpoint for next year. So from a labor standpoint, we're in a pretty good place. We do need to continue to improve attrition and efficiency of the workforce, which we're working very hard at.

因此，我們增加了兩個造船廠的員工人數。我們最終基本上達到了預期目標，從申請人數和明年的招募角度來看，我們的處境相當不錯。所以從勞動市場的角度來看，我們處境相當不錯。我們確實需要持續提高員工流動率和工作效率，而我們也正在為此努力。

But with that, we also need to continue to focus on distributed shipbuilding because in order to get through all of these ships, it's not just the shipyards that are going to be required to be more efficient. We need to work on distributed shipbuilding, continue to qualify suppliers and make sure they're efficient in producing what they need to produce as well.

但同時，我們也需要繼續關注分散式造船，因為為了建造所有這些船舶，不僅造船廠需要提高效率。我們需要推動分散式造船，繼續對供應商進行資格審核，並確保他們能夠有效率地生產出他們需要生產的產品。

I'll just comment on that. As Chris said, there's the mix of it. What's the direct -- it's Tom, here. I'll comment just on that. It's the mix of the labor. It's direct labor, the support, the job shop is that we have that's not in the number. And then there's outsourced work that we have. So all that goes into our ability to kind of ramp and both get more earned progress and get more work accomplished towards the milestones going forward.

我只想就此發表一下看法。正如克里斯所說，兩者兼而有之。導演是誰？ ——我是湯姆。我就這一點發表一下看法。這是勞動力的混合。直接勞動力、支援、加工車間等，這些都沒有反映在數字中。此外，我們還有一些外包工作。所以所有這些都會影響我們提升能力，從而取得更多應得的進展，並朝著未來的里程碑完成更多工作。

Okay. And then one quick one on Mission Technologies. I think you're benefiting by another $20 million runoff in amortization, which should imply an 80 basis point step down in EBITDA margins, basically very little growth in EBIT despite the $20 million runoff. Is that right? And if so, what's driving the year-on-year profile for Mission Technologies profit?

好的。然後快速介紹一下Mission Technologies公司。我認為你將受益於另外 2000 萬美元的攤銷，這應該意味著 EBITDA 利潤率下降 80 個基點，儘管有 2000 萬美元的攤銷，但 EBIT 基本上沒有增長。是這樣嗎？如果真是如此，是什麼因素推動了 Mission Technologies 利潤的逐年成長？

Yeah. So you're talking about, I guess, the guide? Or are you talking about how we performed in '25 to '24 or the guide to '26?

是的。所以你指的是，我猜，那份指南？或者您指的是我們在 2024 年至 2025 年的表現，還是 2026 年的展望？

2026 guidance for 5% EBIT, but it should be benefiting, I believe, about 80 basis points of amortization runoff.

2026 年的預期 EBIT 成長率為 5%，但我相信，這將受益於約 80 個基點的攤銷支出減少。

Yeah. I think the amortization runoff is about $10 million improvement. So it's not as much as that. I would tell you that -- so that's a piece of it. It's about half of it. And then just the other half is what we're seeing in our contract performance, the maturity of how we're executing. We had some fee write-ups in 2025 that we took and there's a potential of opportunity sets in 2026.

是的。我認為攤銷減少大約能帶來 1000 萬美元的改善。所以實際數字並沒有那麼多。我會告訴你這一點——這就是其中的一部分。大約是其中的一半。而另一半則是我們從合約履行情況以及執行成熟度所看到的。我們在 2025 年收到了一些費用報告，2026 年也可能會出現一些機會。

Our nuclear business with equity income always has upside, and we have to see how the year plays out and how our scores are. We get evaluated by the customer set. So that's included in there. Although your question was specifically on the return on sales side, the EBIT side. I would tell you, on the EBITDA side, you saw we raised the guidance from 8% to 8.5% last year to 8.6% finish, up almost 50 bps on that now to 8.4% to 8.6%.

我們的核能業務及其股權收益始終具有成長潛力，我們需要看看今年的業績如何以及我們的評分如何。我們接受客戶群的評價。所以這部分也包含在內了。雖然您的問題具體是關於銷售回報方面的，但實際上是關於息稅前利潤（EBIT）方面的。我想告訴你們，在 EBITDA 方面，你們可以看到，我們去年將預期從 8% 到 8.5% 上調到 8.6%，現在又提高了近 50 個基點，達到 8.4% 到 8.6%。

Again, just the maturation of the portfolio. I'm trying to, although it's predominantly cost-type contracts, trying to see where we can get the additional value of adding more products than services, a little bit more how we bid these jobs and a focus on profitability there. So it's an incremental improvement. I like how we finished out from '25 versus '24, and it's good to see an incremental improvement on both metrics going forward in '26.

再次強調，這只是投資組合的成熟過程。雖然主要是成本型合同，但我正在嘗試看看我們能否透過增加產品而非服務來獲得額外價值，稍微改進一下我們的投標方式，並更加註重盈利能力。所以這只是漸進式的改進。我喜歡我們2025年與2024年相比的最終成績，很高興看到2026年這兩個指標都有逐步提高。

Thank you.

謝謝。

Thanks. Thanks for questions.

謝謝。謝謝大家的提問。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Hey, good morning, guys.

嘿，大家早安。

Good morning.

早安.

Good morning, Gautam.

早上好，高塔姆。

Wanted to ask on Ingalls. I know there was -- and maybe you addressed it and I missed it, but the union contract, did you guys push the wage increases through in Q4? And was that part of the revenue upside at shipbuilding broadly in the quarter?

想問關於英格爾斯的事。我知道有——也許你們已經談到了但我錯過了，但是關於工會合同，你們在第四季度是否推動了工資增長？那是否是本季造船業整體營收成長的一部分？

No, not at Ingalls. No.

不，英格爾斯沒有。不。

No. And what's sort of the timing on that?

不。那大概會在什麼時間進行呢？

We expect to get through that in the first quarter. I don't want to comment directly on union negotiation, but we're engaged heavily with the -- to get that done, almost daily. So -- but we expect that to get done in the first quarter.

我們預計第一季就能克服這個困難。我不想直接評論工會談判，但我們幾乎每天都在積極參與談判，以完成這項工作。所以——但我們預計這將在第一季完成。

Got you. And just on the VCS Block VI and the Columbia-class contract, what is your best sense on timing of when that might get awarded formally?

抓到你了。就 VCS Block VI 和哥倫比亞級合約而言，您認為正式授予合約的時間大概是什麼時候？

Gautam, it's really hard to say. We need it before the end of the first half of the year in order to maintain our production schedules. But it's just hard to say. We're engaged heavily with Electric Boat and the Navy to get it behind us. And I think we will get it done. And as I said previously, the '26 budget getting done and then clarity around what's going to happen in '27 and the fit up, I think, really helps. And after that falls into place, we can get those contracts behind us.

Gautam，這真的很難說。為了確保生產進度，我們需要在今年上半年結束前拿到這批貨。但這很難說。我們正與通用動力電船公司和海軍密切合作，爭取盡快解決這個問題。我認為我們一定能完成這件事。正如我之前所說，2026 年的預算完成，以及 2027 年將要發生的事情和安排的明確性，我認為真的很有幫助。等這一切安排妥當之後，我們就可以把這些合約搞定了。

One thing I know for sure, the Navy is going to buy submarines. So we need to get it done before the first half of the year, so we can maintain the production schedules and make sure that is not a risk that we have to deal with.

我確信一件事，海軍一定會購買潛水艇。所以我們需要在今年上半年之前完成這項工作，這樣我們才能維持生產計劃，並確保這不是我們需要應對的風險。

And I would just love to get your perspective, if you're willing to share them, on how -- like this thing was expected at one point to be done over a year ago than we were thinking year-end 2025. Is there any long poles in the tent? Or is this just sort of T's and C's, minor stuff that needs to get hashed out? Or is there a big -- I'm just curious if you can give us any sort of update just because we've been talking about it for north of a year.

如果您願意分享您的看法，我很想聽聽您的意見，例如——這件事原本預計在一年多前就能完成，而我們當時認為要到 2025 年底才能完成。帳篷裡有長桿嗎？或者這只是一些條款和條件，一些需要敲定的小細節？或有什麼重大進展嗎？我只是好奇您能否給我們一些最新情況，因為我們已經討論這個問題一年多了。

Gautam, I just think it's a big complicated contract. And you have three parties involved that need to all be comfortable with what the solution is. Fortunately, those teams work very well together. But it's just a big complicated contract, and we need to get to the finish line here.

高塔姆，我覺得這是一份非常複雜的大合約。而且，這涉及到三個方面，都需要對解決方案感到滿意。幸運的是，這些團隊合作得非常好。但這是一份非常複雜的大合同，我們需要完成它。

Okay. Thank you, guys.

好的。謝謝大家。

Sure.

當然。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

Thank you very much for taking my question. Good morning, everyone.

非常感謝您回答我的問題。各位早安。

Good morning.

早安.

So my question is going to be about Mission Technologies. How should we think about the share of the mix towards like unmanned solutions, autonomy and those things in that portfolio? Because I would imagine those are growing double digits. And I'm wondering when we should start to see that reflected in the growth for that segment.

所以我的問題是關於Mission Technologies公司的。我們該如何考慮在產品組合中，無人解決方案、自主技術以及其他類似技術所佔的份額？因為我估計這些數字會以兩位數的速度成長。我想知道我們什麼時候才能在該細分市場的成長中看到這種趨勢的體現。

So interesting. Let me start here, and thank you for bringing up that question. We don't break out growth rates within Mission Technologies by market segment. But I will say that unmanned doing very well, unmanned undersea and unmanned surface as you can see by the launch of our new ROMULUS vehicles.

真有趣。讓我先從這裡開始，感謝您提出這個問題。我們不按市場細分列出 Mission Technologies 的成長率。但我要說的是，無人系統發展得非常好，無論是水下無人系統還是水面無人系統，正如你們從我們新推出的 ROMULUS 水下航行器中看到的那樣。

And I think it's interesting when you think about the new or the evolving Navy strategy around the hybrid fleet or the hedge fleet that we're right in the middle of that with obviously a very keen understanding of large capital ships. But then also being the largest provider of unmanned undersea vehicles and then have an unmanned surface vehicles, all predicated upon an autonomy software that's really world-class.

我認為，當你思考圍繞混合艦隊或對沖艦隊的新海軍戰略或不斷發展的戰略時，你會發現我們正處於這一戰略的核心，並且顯然對大型主力艦有著非常深刻的理解。但同時，它也是最大的無人水下航行器供應商，並且擁有無人水面航行器，所有這些都基於真正世界一流的自主軟體。

So from an unmanned standpoint, I do believe there's potential tailwinds there. But I think there's also tailwinds with the intersection between man and unmanned. When you think about the Minotaur suite that we provide for the Navy, we're the Chief Developer of that. So I think it's going to continue to evolve. I think it's going to continue to play right into our sweet spot. And I thank you for the question because I think it's something that's going to be very positive going forward.

所以從無人駕駛的角度來看，我認為這方面有一些有利因素。但我認為，人類與無人化之間的交集也帶來了有利因素。想想我們為海軍提供的 Minotaur 套件，我們就是該套件的總開發商。所以我認為它會繼續發展演變。我認為這將繼續正中我們下懷。感謝你的提問，因為我認為這對未來的發展將非常有益。

And then when you think about those opportunities, right, and an administration that is leaning into what we're going to call like commercial terms. How do you think about like investing your own dollars, owning that IP and actually getting, I don't know, out of these like mid-single digit, like cost-plus type of like margins for that segment, I don't know, 5, 10 years from now? Is that a possibility? How do you think about like investments from that end?

然後，當你想到這些機會時，對吧？以及一個傾向於我們稱之為商業條款的政府。你覺得投資自己的資金，擁有這些智慧財產權，然後從目前這種成本加成式的、個位數的利潤率中真正獲得收益，比如說，在未來 5 年、10 年內，你能獲得什麼收益？這有可能嗎？從這個角度來看，你如何看待這類投資？

I definitely think there's more profitability potential within that segment. I think the IP situation or that argument gets to be a little bit more complex because we actually design our autonomy software to Navy standards and it's open architecture, which allows you to plug and play and bring really good providers into the space. So that is a different argument. That's a different discussion on profitability.

我絕對認為該細分市場還有更大的獲利潛力。我認為智慧財產權問題或相關爭論會變得更加複雜，因為我們的自主軟體實際上是按照海軍標準設計的，而且是開放式架構，這使得我們可以即插即用，並將非常優秀的供應商引入到這個領域。所以這是另一個論點。關於獲利能力，那是另一個需要討論的問題。

I do think that there's upside related to the unmanned space. I do think there's upside related to integrating the software into the product sets. And so that's why we've invested against it. And we will continue to invest it against it. And it's probably our highest source of IRAD internally within the organization.

我認為無人太空領域確實存在一些正面因素。我認為將該軟體整合到產品集中是有好處的。所以這就是我們進行反向投資的原因。我們將繼續加強投資力度來應對這種情況。而且它可能是公司內部 IRAD 的最大來源。

Alright. Thank you so much.

好吧。太感謝了。

Thank you.

謝謝。

Thank you, Mariana. I am not showing any further questions at this time. I would now like to hand back the call over to Mr. Kastner for any closing remarks.

謝謝你，瑪麗安娜。目前我不再提出其他問題。現在我謹將電話交還給卡斯特納先生，請他作總結發言。

Sure. Thank you, and thanks for joining the call today. Hey, I want to give a shout out to the CVN 79 team, both the sailors and the shipbuilders had a really great trial this week. It was an excellent week to be a shipbuilder, I'm proud of the team. And I think the ship performed very, very well. And we'll keep that momentum towards delivery on CVN 79. So thanks, everybody, for joining, and we'll see you out there.

當然。謝謝，也謝謝各位今天參加電話會議。嘿，我要向 CVN 79 團隊致敬，水兵和造船工人本週都經歷了一次非常棒的試航。對於造船工人來說，這是非常棒的一周，我為我的團隊感到驕傲。我認為這艘船表現得非常非常出色。我們將繼續保持這一勢頭，朝著 CVN 79 的交付目標邁進。感謝大家的參與，我們賽場上再見。

That 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了。