亨廷頓·英格爾斯工業 (HII) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the third quarter 2026 HII earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加 HII 2026 年第三季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。(接線員指示)

I would now like to hand the call over to Christie Thomas, Vice President of Investor Relations. Mrs. Thomas, you may begin.

現在我想將電話交給投資人關係副總裁 Christie Thomas。Thomas 女士，您可以開始了。

Thank you, operator, and good morning, everyone. Welcome to the HII third quarter 2026 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. Additional information regarding these factors is contained in today's press release and the company's SEC filings.

謝謝接線員，各位早安。歡迎參加 HII 2026 年第三季電話會議。今日電話會議中所討論、構成前瞻性陳述的事項（包括我們對公司前景的估計）涉及風險與不確定性，並反映公司基於本次電話會議當時可得資訊所作出的判斷。這些風險與不確定性可能導致我們的實際結果出現重大差異。關於這些因素的更多資訊，載於今日新聞稿以及公司向 SEC 提交的文件中。

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 at ir.hii.com.

我們也將提及若干非 GAAP 財務衡量指標。如需關於這些非 GAAP 指標的更多揭露（包括與可比 GAAP 指標的調節表），請參閱隨本次網路直播提供的簡報投影片；投影片可於我們網站 ir.hii.com 的投資人關係頁面取得。

On the call today are Chris Kastner, President and Chief Executive Officer; Andy Green, Executive Vice President and President of Mission Technologies; and Tom Stiehle, Executive Vice President and Chief Financial Officer.

今日與會者包括：總裁兼執行長 Chris Kastner；任務技術（Mission Technologies）執行副總裁兼總裁 Andy Green；以及執行副總裁兼財務長 Tom Stiehle。

Now I'll turn the call over to Chris.

現在我把電話交給 Chris。

Thanks, Christie. Good morning, everyone, and thanks for joining us on today's call. This morning, we reported strong third quarter results, underscoring our focus on providing ships and mission technology solutions to our war fighters. Today, I'll begin by providing the Q3 results and highlights from Newport News, Ingalls Shipbuilding. Andy Green, President of Mission Technologies, has joined us to provide an update on recent key wins and accomplishments, and then Tom will give the financial details and outlook.

謝謝你，Christie。各位早安，感謝各位參加今天的電話會議。今天早上，我們公布了強勁的第三季業績，凸顯我們專注於為作戰人員提供艦艇與任務技術解決方案。今天我將先說明第三季業績，以及來自 Newport News 與 Ingalls Shipbuilding 的重點摘要。任務技術總裁 Andy Green 也將與會，更新近期重要得標與成果，接著 Tom 會提供財務細節與展望。

Starting with our results. We reported record third quarter sales of $3.5 billion and diluted earnings per share of $5.48. At approximately $2.8 billion, third quarter shipbuilding sales were 14% ahead year-over-year. This continued outperformance supports raising our 2026 shipbuilding revenue guidance to between $10.5 billion and $10.7 billion. Our portfolio turnover and throughput increases continue to drive incremental margin expansion. We are reiterating our 2026 shipbuilding margin outlook of 6% to 6.5% and the midpoint represents a 35 basis point improvement over 2025.

先從我們的業績談起。我們第三季銷售額創下紀錄，達 35 億美元，稀釋後每股盈餘為 5.48 美元。第三季造船業務銷售額約 28 億美元，年增 14%。這項持續優於預期的表現，支持我們將 2026 年造船營收指引上調至 105 億至 107 億美元。我們的產品組合周轉與產能吞吐量提升，持續帶動額外的毛利率擴張。我們重申 2026 年造船毛利率展望為 6% 至 6.5%，其中中位數較 2025 年改善 35 個基點。

Turning to awards. We had an unprecedented quarter, securing over $32 billion in new contract awards, driven by Block VI Virginia-class and Build II Columbia-class submarine contract awards as well as the CVN 82 long lead time materials contract. We also finalized the contract for the refueling and complex overhaul of CVN 75, USS Harry S.

接著談獲獎與得標。我們本季表現空前，取得超過 320 億美元的新合約獎項，主要由 Block VI 維吉尼亞級（Virginia-class）與 Build II 哥倫比亞級（Columbia-class）潛艦合約獎項，以及 CVN 82 長交期材料合約所帶動。我們也完成了 CVN 75「加油與複合大修」（RCOH）合約的簽訂，對象為 USS Harry S.。

Truman at the end of September, which will be recognized in our fourth quarter results. Mission Technologies had strong performance this quarter with revenues over $790 million, EBITDA margins of 12% and book-to-bill of 2.4 times. The team is making strides across all business units, and we are raising our full year margin guidance for Mission Technologies. Andy will provide more details on the significant competitions we recently won and accomplishments we've achieved in the third quarter.

Truman，於 9 月底完成，並將在第四季業績中認列。任務技術本季表現強勁，營收超過 7.9 億美元，EBITDA 利潤率為 12%，接單出貨比（book-to-bill）為 2.4 倍。團隊在各業務單位均取得進展，我們也上調任務技術全年利潤率指引。Andy 將進一步說明我們近期贏得的重要競標，以及第三季達成的各項成果。

Now I'll provide highlights from the shipyards. At Newport News, CVN 79 Kennedy successfully completed preliminary acceptance trials and is on track for final ship delivery in 2027, consistent with the milestones we provided earlier this year. CVN 80 and CVN 81 continue to make progress. And as I mentioned, we received the long lead time materials contract for CVN 82.

接下來我將提供船廠的重點摘要。在 Newport News，CVN 79「甘迺迪號」（Kennedy）已成功完成初步驗收試航，並依照我們今年稍早提供的里程碑，朝 2027 年最終交付的目標推進。CVN 80 與 CVN 81 也持續取得進展。此外，如我先前提到，我們已取得 CVN 82 的長交期材料合約。

And one day after the award of the CVN 75 RCOH contract, the ship arrived at Newport News to officially begin the availability. On submarines, SSN 800 Arkansas, which is our last Block 4 boat, is progressing towards delivery later this year.

而在 CVN 75 RCOH 合約獲獎後的隔天，該艦即抵達 Newport News，正式開始可用期作業。在潛艦方面，SSN 800「阿肯色號」（Arkansas）作為我們最後一艘 Block 4 艦艇，正朝今年稍晚交付的目標推進。

At Ingalls, our team is focused on preparing three ships for delivery. LPD 30 Harrisburg will deliver this year. And LHA 8 Bougainville and DDG 129 Jeremiah Denton prepared for deliveries in 2027. Overall, as we head into year-end, all of our shipbuilding milestones remain on track for 2026 and 2027. Shipbuilding throughput has increased approximately 9% year-to-date over 2025.

在 Ingalls，我們的團隊專注於為三艘艦艇交付做準備。LPD 30「哈里斯堡號」（Harrisburg）將於今年交付。LHA 8「布干維爾號」（Bougainville）與 DDG 129「傑里邁亞・丹頓號」（Jeremiah Denton）則準備於 2027 年交付。整體而言，隨著我們邁向年底，2026 年與 2027 年所有造船里程碑仍按計畫推進。年初至今，造船吞吐量較 2025 年約提升 9%。

While Newport News is executing consistent with expectations, Ingalls has been impacted by a slower labor recovery given their wage increases were put in place near the end of the first quarter. However, we continue to see positive momentum. Year-to-date, we've hired over 6,000 shipbuilders across both yards. And in the third quarter, Ingalls has gained a net of 576 shipbuilders, which is their highest net increase over the past 10 quarters.

雖然 Newport News 的執行符合預期，但 Ingalls 受到勞動力復原較慢的影響，原因在於其加薪措施於第一季末附近才開始實施。不過，我們仍持續看到正向動能。年初至今，我們在兩個船廠合計已聘用超過 6,000 名造船人員。而在第三季，Ingalls 造船人員淨增加 576 人，為過去 10 個季度以來的最高淨增幅。

Also, we have achieved enrollment of over 800 at both our apprentice schools, which is a 14% increase over last year. We expect this continued labor ramp to positively impact throughput as we look ahead. Finally, distributed shipbuilding is meeting targeted levels, and we expect to exceed 30% growth year-over-year. Turning to activities in Washington.

此外，我們兩所學徒學校的在學人數均已超過 800 人，較去年增加 14%。我們預期這波持續的勞動力擴編，將在未來對吞吐量帶來正面影響。最後，分散式造船（distributed shipbuilding）已達到目標水準，我們預期年增幅將超過 30%。接著談華盛頓方面的動態。

The President submitted his fiscal year 2027 budget request in April, which remains under consideration by Congress. As bills progress through both chambers, we continue to see bipartisan support for our programs reflected in the defense bills in the House and the Senate.

總統於 4 月提交其 2027 會計年度預算請求，目前仍由國會審議中。隨著法案在參眾兩院推進，我們持續看到兩黨對我們各項計畫的支持，並反映在眾議院與參議院的國防法案之中。

In closing, overall, the quarter reflects strong operational execution. Our priority is a disciplined finish to the year and sustained momentum into 2027.

總結來說，本季反映出強勁的營運執行力。我們的首要任務是在年底前以紀律完成收官，並將動能延續至 2027 年。

And now I'll turn the call over to Andy for his remarks on Mission Technologies. Andy?

接下來我把電話交給 Andy，請他就任務技術發表談話。Andy？

Thank you, Chris, and good morning, everyone. It's great to join you on today's call. At Mission Technologies, we're proud to be part of shaping the future of America's Seapower by supporting and advancing the future fleet, a new paradigm for robotic and autonomous systems and integrated combat power that delivers speed, scale and resilience.

謝謝你，Chris，各位早安。很高興在今天的電話會議與各位相聚。在任務技術，我們很自豪能透過支援並推進未來艦隊、機器人與自主系統的新典範，以及能提供速度、規模與韌性的整合戰力，參與塑造美國海上力量（Seapower）的未來。

Almost half of our 7,000 employees are veterans, and they know what it takes to win and how to be a partner with our Department of War customers. This quarter, we delivered strong performance with several major strategic contract wins. We continue to grow the top line in the quarter while also expanding operating and EBITDA margins. Year-to-date, operating margin was 7% and EBITDA margin was 10% with total contract awards of almost $5 billion.

我們 7,000 名員工中將近一半是退伍軍人，他們了解致勝所需，以及如何成為我們戰爭部（Department of War）客戶的合作夥伴。本季我們在多項重大策略性合約得標的帶動下，交出強勁表現。我們在本季持續推升營收規模，同時擴大營業利益率與 EBITDA 利潤率。年初至今，營業利益率為 7%，EBITDA 利潤率為 10%，合約獎項總額接近 50 億美元。

These results reflect a better revenue mix and continued focus on execution by the entire Mission Technologies team. Notably, we secured several strategically significant contract awards in the third quarter. In late July, we were awarded the $2.2 billion STINGRAI program to advance our nation's ISR capabilities across the Western Hemisphere in support of SOUTHCOM.

這些成果反映出更佳的營收組合，以及任務技術全體團隊持續專注於執行。值得注意的是，我們在第三季取得多項具策略意義的合約獎項。在 7 月下旬，我們獲得 22 億美元的 STINGRAI 計畫，用以提升我國在西半球的 ISR（情報、監視與偵察）能力，以支援 SOUTHCOM。

Under this program, HII will deliver advanced tracking, intelligence, network services, reconnaissance and analysis. The program leverages the division's broad portfolio to strengthen operational awareness against evolving threats in the region.

在此計畫下，HII 將提供先進的追蹤、情報、網路服務、偵察與分析能力。該計畫運用本事業部廣泛的產品組合，以強化對區域內不斷演變威脅的作戰態勢感知。

Also during the quarter, we were awarded a large follow-on production order for the Navy's Lionfish UUVs, vehicles deployed for critical missions in hotspots around the world. We supplied more than 750 REMUS UUVs to the Navy and our allies for almost two decades and more than 90% of these vehicles remain in service today.

此外，在本季度期間，我們獲得海軍 Lionfish 無人水下載具（UUV）的重大後續量產訂單，該等載具部署於全球熱點地區執行關鍵任務。近二十年來，我們已向海軍及盟國供應超過 750 艘 REMUS 無人水下載具，而其中逾 90% 目前仍在服役。

This is a testament to the effectiveness and utility of these highly advanced platforms and is why they continue to be central to the Navy's robotics and autonomous systems strategy. Building on our advanced maritime autonomy, we also received an award for 10 ROMULUS 151-foot USVs under the Navy's MUSV program with multiple hulls already in production at our partnership yards, Breaux Brothers and Halimar. This award followed a successful two-week intensive evaluation of our robust Odyssey autonomy suite.

這證明了這些高度先進平台的效能與實用性，也正因如此，它們持續成為海軍機器人與自主系統策略的核心。在我們先進的海事自主能力基礎上，我們亦在海軍 MUSV 計畫下獲得 10 艘 ROMULUS 151 英尺無人水面載具（USV）的授標，且多艘船體已在我們的合作船廠 Breaux Brothers 與 Halimar 投入生產。此項授標係在我們強健的 Odyssey 自主套件完成為期兩週的密集評估並取得成功後獲得。

To meet the accelerating demand from the Navy and allied partners, Mission Technologies recently expanded our autonomous systems production facility in Massachusetts by 25%, increasing capacity for manufacturing, testing and integration. This investment enhances our ability to deliver next-generation unmanned systems to US and international customers. It strengthens the defense industrial base and it accelerates throughput of several high-priority vehicles.

為滿足海軍與盟國夥伴加速成長的需求，Mission Technologies 近期將我們位於麻薩諸塞州的自主系統生產設施擴建 25%，提升製造、測試與整合產能。此項投資強化我們向美國及國際客戶交付下一代無人系統的能力。它亦強化國防工業基礎，並加速多款高優先級載具的產出週轉。

Additionally, during the quarter, the Air Force awarded HII a new $332 million 5-year contract to provide enterprise SI capabilities, including analytics and data engineering. This was a follow-on award, reflecting the strong partnership we've developed with our Air Force customer. As we expand support across the joint force, we also continue to invest in the development of containerized and palletized solutions that can be fielded on ground and sea platforms.

此外，在本季度期間，空軍授予 HII 一份新的 3.32 億美元、為期 5 年的合約，以提供企業級系統整合（SI）能力，包括分析與資料工程。此為後續授標，反映我們與空軍客戶所建立的強健合作夥伴關係。在我們擴大對聯合作戰部隊的支援之際，我們也持續投資於可容器化與可棧板化解決方案的開發，使其可部署於地面與海上平台。

These flexible modular systems will be able to rapidly field a wide variety of weapons and sensors, including systems such as advanced EW capabilities, directed energy, kinetic launch systems and counter-UAS systems.

這些具彈性的模組化系統將能快速部署各式武器與感測器，包括先進電子戰（EW）能力、定向能、動能發射系統以及反無人機（counter-UAS）系統等。

Another powerful example of how HII is committed to delivering adaptable, integrated and combat-ready capabilities essential to the nation's defense. Looking ahead toward year-end, our team remains focused on operational excellence, disciplined execution and delivering the most advanced capabilities to our war fighters. In summary, we play a critical role in strengthening national security, and we're committed to meeting our customers' needs with urgency, innovation and unwavering performance.

這是 HII 致力於交付可調適、整合且具備作戰即用能力之關鍵能力、以支撐國家防衛的另一個有力例證。展望年底，我們團隊仍將聚焦於卓越營運、嚴謹執行，並向我們的作戰人員交付最先進的能力。總結而言，我們在強化國家安全方面扮演關鍵角色，並承諾以緊迫感、創新與堅定不移的績效來滿足客戶需求。

With that, I'll turn the call over to Tom for some remarks on our financial results and outlook. Tom?

接下來，我將把電話會議交給 Tom，請他就我們的財務結果與展望發表一些看法。Tom？

Thanks, Andy, and good morning. Let me start by discussing our third quarter results, and then I'll provide some color on our expectations for the remainder of the year. For more detail, please refer to the earnings release issued this morning and posted to our website. Beginning with our consolidated results on slide 4 of the presentation.

謝謝你，Andy，大家早安。我先談第三季業績，接著補充我們對今年剩餘期間的預期。如需更多細節，請參閱今早發布並已張貼於我們網站的財報新聞稿。先從簡報第 4 頁的合併結果開始。

New contract awards in the quarter totaled $32.4 billion and brought total backlog to $86.2 billion. Of note, these values do not include the award of the refueling and complex overhaul of CVN 75, USS Harry S. Truman. That contract award valued at $5.1 billion will be recognized in the fourth quarter results.

本季度新合約授標總額為 324 億美元，使總在手訂單（backlog）達到 862 億美元。值得注意的是，這些數值未包含 CVN 75「哈利・S・杜魯門號」（USS Harry S. Truman）加油與複合大修（RCOH）的授標。該合約授標金額為 51 億美元，將於第四季業績中認列。

Our third quarter revenues of approximately $3.5 billion increased 10.8% compared to the same period last year. The higher revenue was largely attributable to strong year-over-year growth at both shipyards. Ingalls revenues were $876 million and increased by 5.8% compared to the third quarter of 2025, driven primarily by higher volumes in amphibious assault ships.

我們第三季營收約 35 億美元，較去年同期成長 10.8%。營收增加主要歸因於兩座船廠皆呈現強勁的年增成長。Ingalls 營收為 8.76 億美元，較 2025 年第三季成長 5.8%，主要由兩棲突擊艦的較高產量所帶動。

Newport News revenues of $1.9 billion increased by 18.1% compared to the third quarter of 2025, driven by higher volumes across submarine and aircraft carriers. Together, shipbuilding revenue was $2.8 billion, up 13.9% year-over-year and well ahead of our guidance for the quarter as results benefited from higher-than-expected material receipts as well as the impacts of wage investments and our broader efforts to drive higher shipbuilding throughput, including increased outsourcing.

Newport News 營收為 19 億美元，較 2025 年第三季成長 18.1%，主要受潛艦與航空母艦業務量提升所帶動。合計而言，造船營收為 28 億美元，年增 13.9%，且明顯優於我們對本季度的指引；業績受惠於高於預期的材料到料，以及薪資投資與我們推動更高造船產出週轉的整體努力（包括增加外包）的影響。

Mission Technologies awards in the third quarter totaled $1.9 billion, representing a very strong book-to-bill of 2.4 times. Mission Technologies revenues of $792 million increased slightly compared to the third quarter of 2025. This was driven by growth in Unmanned Systems, partially offset by lower volumes in Global Security.

Mission Technologies 第三季授標總額為 19 億美元，對應非常強勁的接單/出貨比（book-to-bill）2.4 倍。Mission Technologies 營收為 7.92 億美元，較 2025 年第三季小幅增加。成長主要由無人系統（Unmanned Systems）帶動，但部分被全球安全（Global Security）業務量下降所抵銷。

Moving on to slide 5. Segment operating income of $262 million and segment operating margin of 7.4% in the third quarter of 2026 compared to $179 million and 5.6% in the third quarter of 2025. At Ingalls, segment operating income was $59 million and operating margin was 6.7%, compared to $65 million and 7.9% in the third quarter of 2025.

接著看第 5 頁。2026 年第三季分部營業利益為 2.62 億美元、分部營業利益率為 7.4%，相較於 2025 年第三季的 1.79 億美元與 5.6%。在 Ingalls，分部營業利益為 5,900 萬美元、營業利益率為 6.7%，相較於 2025 年第三季的 6,500 萬美元與 7.9%。

The decrease in segment operating income was driven by surface combatant performance. The third quarter net cumulative adjustment at Ingalls was negative $5 million, and none of the adjustments were individually significant.

分部營業利益下滑主要由水面作戰艦艇（surface combatant）專案表現所致。Ingalls 第三季淨累計調整（net cumulative adjustment）為負 500 萬美元，且各項調整單獨而言皆不具重大性。

At Newport News, segment operating income was $132 million and operating margin was 6.9%, compared to $80 million and 4.9% in the third quarter of 2025. The increase in segment operating income was primarily driven by contract adjustments and incentives in the Virginia-class submarine program and higher submarine and aircraft carrier volumes.

在 Newport News，分部營業利益為 1.32 億美元、營業利益率為 6.9%，相較於 2025 年第三季的 8,000 萬美元與 4.9%。分部營業利益增加主要由維吉尼亞級（Virginia-class）潛艦計畫的合約調整與獎勵，以及潛艦與航空母艦業務量提升所帶動。

For the third quarter of 2026, Newport News Shipbuilding net cumulative adjustment was positive $72 million. The gross favorable adjustments at Newport News totaled $210 million and did include a favorable $65 million adjustment related to the Columbia-class submarine program. Gross unfavorable adjustments totaled $138 million and no individual adjustment was significant.

2026 年第三季，Newport News Shipbuilding 的淨累計調整為正 7,200 萬美元。Newport News 的有利調整總額為 2.10 億美元，其中包含與哥倫比亞級（Columbia-class）潛艦計畫相關的 6,500 萬美元有利調整。不利調整總額為 1.38 億美元，且沒有任何單一調整具重大性。

Second and third quarter gross EAC adjustments at Newport News have been larger than historical norm as we have updated assumptions for contract incentives, scope and settlement changes and risk and expectations across the programs. Mission Technologies segment operating income was $71 million and operating margin was 9%, compared to $34 million and 4.3% in the third quarter of 2025.

Newport News 第二季與第三季的 EAC（完工估計）毛調整金額高於歷史常態，因我們已更新各計畫在合約獎勵、範疇與結算變更，以及風險與預期等方面的假設。Mission Technologies 分部營業利益為 7,100 萬美元、營業利益率為 9%，相較於 2025 年第三季的 3,400 萬美元與 4.3%。

The increase in segment operating income was primarily due to a successful milestone achievement related to the testing of our ROMULUS offering for the Medium Unmanned Surface Vessel program as well as higher volumes in Unmanned Systems, and higher equity income from nuclear and environmental joint ventures.

分部營業利益增加主要由我們針對中型無人水面載具（Medium Unmanned Surface Vessel）計畫之 ROMULUS 方案測試成功達成一項里程碑，以及無人系統業務量提升，並加上核能與環境合資企業的權益法收益增加所致。

For the third quarter of 2026, Mission Technologies net cumulative adjustment was a positive $9 million. None of the adjustments in the quarter were individually significant. Consolidated operating income for the quarter was $246 million, and operating margin was 7% compared to $161 million and 5% in the same period last year.

2026 年第三季，Mission Technologies 的淨累計調整為正 900 萬美元。本季度各項調整單獨而言皆不具重大性。本季度合併營業利益為 2.46 億美元、營業利益率為 7%，相較於去年同期的 1.61 億美元與 5%。

The increase in operating income was driven by the favorable segment operating income that I've just reviewed as well as a more favorable noncurrent state income taxes, partially offset by a slightly larger unfavorable operating FAS/CAS adjustment. Net earnings in the quarter were $217 million, and diluted earnings per share were $5.48, up from $145 million and $3.68 in the same period last year.

營業利益增加係由我剛才回顧的各分部有利營業利益所帶動，並受惠於較有利的非流動州所得稅（noncurrent state income taxes），但部分被略為更大的不利營運 FAS/CAS 調整所抵銷。本季度淨利為 2.17 億美元，稀釋後每股盈餘為 5.48 美元，高於去年同期的 1.45 億美元與 3.68 美元。

Turning to slide 6. Cash provided by operations was $520 million in the quarter. Net capital expenditures were $91 million or 2.6% of third quarter revenues. Free cash flow in the quarter was $429 million. Free cash flow results in the quarter came in above the guidance we provided on the last earnings call, largely due to timing of receipts and disbursements between the quarters.

接著看第 6 頁投影片。本季營運活動提供的現金為 5.20 億美元。淨資本支出為 9,100 萬美元，約占第三季營收的 2.6%。本季自由現金流為 4.29 億美元。本季自由現金流表現高於我們在上次財報電話會議所提供的指引，主要是因跨季度收付款時點差異所致。

There's no change to our free cash flow expectation for full year, but we are pleased that the third quarter performance has helped derisk fourth quarter expectations. During the third quarter, we did not repurchase any shares. We did pay a cash dividend of $1.38 per share or $54 million in aggregate.

我們對全年自由現金流的預期沒有改變，但很高興第三季的表現已降低第四季預期的不確定性。第三季我們未回購任何股份。我們支付了每股 1.38 美元的現金股利，合計 5,400 萬美元。

Turning to liquidity and the balance sheet. We ended the quarter with a cash balance of $387 million and liquidity of approximately $2.1 billion. Regarding pension, we have included an updated view for 2026 and 2027, along with the 2027 sensitivity in the appendix of today's slides.

接著談流動性與資產負債表。本季期末現金餘額為 3.87 億美元，流動性約為 21 億美元。關於退休金，我們已在今日投影片附錄中納入 2026 年與 2027 年的更新觀點，以及 2027 年的敏感度分析。

Our forecast in early 2026 assumed asset returns of approximately 7.9% and a discount rate of approximately 5.72%. Through the end of the third quarter, discount rates have increased approximately 118 basis points and asset returns through September 30 were roughly 1.7%.

我們在 2026 年初的預測假設資產報酬率約為 7.9%，折現率約為 5.72%。截至第三季末，折現率已上升約 118 個基點，而截至 9 月 30 日的資產報酬率約為 1.7%。

Pension-related numbers are subject to year-end performance and measurement criteria. We will provide a multiyear update of pension estimates on our fourth quarter earnings call in early 2027. I would like to highlight that our pension funded status remains strong and that cash flow impacts related to pension changes remain minimal.

與退休金相關的數字會受到年底表現與衡量準則影響。我們將在 2027 年初的第四季財報電話會議上，提供退休金估計的多年期更新。我想強調，我們的退休金提撥狀況仍然強健，且與退休金變動相關的現金流影響仍然很小。

Moving on to our outlook on slide 7. We are increasing our expectation for shipbuilding revenue for the year and reiterating our shipbuilding operating margin guidance for 2026. We now expect shipbuilding revenue between $10.5 billion and $10.7 billion and continue to expect shipbuilding operating margin of between 6% and 6.5%. We are reiterating Mission Technologies revenue guidance range of between $3 billion and $3.2 billion, noting that the midpoint is the most likely outcome based on our view today.

接著看第 7 頁投影片的展望。我們上調今年造船營收的預期，並重申 2026 年造船營業利益率指引。我們目前預期造船營收介於 105 億至 107 億美元，並持續預期造船營業利益率介於 6% 至 6.5%。我們重申 Mission Technologies 營收指引區間為 30 億至 32 億美元，並指出以我們目前的觀點，中位數最可能實現。

Given the strong performance year-to-date, we are increasing Mission Technologies margin expectations. We now expect segment operating margins to be approximately 6% and EBITDA margin to be approximately 9%. We are making a number of other modest adjustments to income statement items, which are provided on the outlook table on slide 7.

鑑於年初至今的強勁表現，我們上調 Mission Technologies 的利潤率預期。我們目前預期該事業部營業利益率約為 6%，EBITDA 利潤率約為 9%。我們也對損益表其他項目做出若干小幅調整，詳見第 7 頁投影片的展望表。

Regarding the effective tax rate, we are reiterating our guidance of approximately 17%, which includes the impact of a favorable research and development tax credit that was approved by the IRS earlier this month. We plan to provide our full view of 2027 guidance on the fourth quarter call, but want to highlight that we continue to expect incremental shipbuilding margin improvement in 2027 and expect cumulative free cash flow for 2026 and '27 to total between $1.2 billion and $1.3 billion.

關於有效稅率，我們重申約 17% 的指引，其中包含本月稍早獲 IRS 核准之有利研發稅額抵減的影響。我們計畫在第四季電話會議上提供 2027 年指引的完整觀點，但想先強調，我們仍預期 2027 年造船利潤率將進一步改善，並預期 2026 年與 2027 年合計自由現金流將介於 12 億至 13 億美元。

To close, it was another good quarter as we continue to make steady progress and execute against our 2026 operational initiatives. We are pleased to improve the shipbuilding top line and Mission Technologies margin expectations for the year and remain focused on executing our plan.

最後總結，這又是一個不錯的季度；我們持續穩健推進，並落實 2026 年的營運倡議。我們很高興能上調今年造船營收與 Mission Technologies 利潤率預期，並將持續專注於執行我們的計畫。

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

接下來我把電話交回給 Christie 來主持問答。

Thanks, Tom. As a reminder to everyone on the call, please limit yourself to one initial question and one follow-up. So we can get as many people through the queue as possible. Operator, I'll turn it over to you to manage the Q&A.

謝謝，Tom。提醒各位與會者，請每人限制一個主要問題與一個追問，以便讓更多人能排到提問。接線生，我把問答交給你來主持。

(Operator Instructions)

(接線生指示)

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Very nice results. I wanted to ask, so we saw the announcement from Anduril about Arsenal-2. They plan to hire 3,100 people in Maryland. The Trump administration has also talked about opening another public shipyard. It looks like HD Hyundai wants to open a shipyard in the United States as well.

成果非常亮眼。我想問一下，我們看到 Anduril 關於 Arsenal-2 的公告。他們計畫在馬里蘭州聘用 3,100 人。川普政府也談到要再開設另一座公營造船廠。看起來 HD Hyundai 也想在美國設立造船廠。

I understand that investment in the workforce and the industrial base is great. But is there the risk that industry might end up with a bunch of shipyards that are all understaffed because everyone is tapping the same labor pools?

我理解對勞動力與產業基礎的投資是好事。但是否存在這樣的風險：產業最後可能出現一堆造船廠都人手不足，因為大家都在挖同一批勞動力來源？

I think that's a pretty good question, Scott. But what you need to understand about shipbuilding is -- it's pretty local. You draw from right around your shipyard for the most part or within a reasonable commute distance. The shipyards that are -- that have been announced are not really near our shipyards, and they're in, I think, good geographic locations where they can draw on a different labor pool.

我覺得這是個相當好的問題，Scott。但你需要了解造船業的一點是——它相當在地化。多數情況下，你主要是從造船廠周邊或合理通勤距離內招募。目前宣布要設立的那些造船廠其實不太靠近我們的造船廠，而且我認為它們的地理位置不錯，能夠吸引不同的勞動力來源。

You saw what we did with Charleston, we opened that yard, that manufacturing yard to draw on a different labor pool. So if they were all opening these shipyards near each other, I think there'd be an issue. But since they're very local and have their own labor pool, I don't think it's going to be a problem.

你也看到我們在查爾斯頓的作法，我們開設了那座廠區、那座製造廠，就是為了吸引不同的勞動力來源。所以如果大家都在彼此很近的地方開造船廠，我認為確實會有問題。但既然它們都很在地化、各自有自己的勞動力來源，我不認為會成為問題。

Okay. Got it. And then it seems like the outsourcing effort and throughput is really improving, particularly at Newport News. Navy officials have talked about getting to the 2 plus 1 submarine cadence around the 2032 time frame. With the progress you're making and what you're seeing from the supply chain, are you starting to see a credible path to pulling that 2 plus 1 cadence to the left?

好的，了解。另外，看起來外包努力與產出效率確實在改善，尤其是在 Newport News。海軍官員談到大約在 2032 年左右達到「2 加 1」的潛艦建造節奏。以你們目前的進展以及你們從供應鏈看到的情況，你們是否開始看到一條可信的路徑，能把這個「2 加 1」節奏往前拉？

We're going to do all we can to accelerate submarine production. As I said in my prepared remarks, 800 is on schedule, should happen this year. Second Columbia-class boat is ahead of cost and schedule projections or back -- or excuse me, improving on cost and schedule projections from the first boat. So that's very positive. I don't want to comment on pace of recovery because there's so much work to do in front of us, but there are some positive indicators at Newport News.

我們會盡一切努力加速潛艦生產。如同我在事先準備的發言中提到的，800 仍按計畫進行，應該會在今年發生。第二艘哥倫比亞級潛艦在成本與進度上優於——或說，抱歉，是相較第一艘的成本與進度預估有所改善。所以這是非常正面的。我不想評論復原速度，因為我們前方還有很多工作要做，但在 Newport News 確實有一些正向指標。

John Godyn, Citigroup.

John Godyn，花旗集團。

Obviously, great revenue performance, revenue growth year-to-date. And in addition to that, the unprecedented awards quarter. It's a little bit -- it's becoming hard to justify, at least from my perspective, the medium-term revenue growth that you guys have out there of 6%. I know that's a multiyear CAGR, but maybe you could just kind of reflect on that for a second.

顯然，營收表現非常好，年初至今營收成長也很強。此外，本季的得標金額也前所未見。從我的角度來看，你們對外給出的中期營收成長 6%（至少）有點——越來越難以合理化。我知道那是多年期的年複合成長率（CAGR），但也許你們可以稍微談談這點。

Sure. Let me start and kick that over to Tom. But -- and we'll provide an update to that or discuss that on the year-end call as well. We'll refresh that revenue guide. But remember, as you said, it is a multiyear guide. We have to execute.

當然。我先說幾句，然後交給 Tom 補充。不過——我們也會在年終電話會議上更新或討論這件事。我們會更新那個營收指引。但請記得，如你所說，這是多年期指引。我們必須把執行做好。

We have to execute on both our throughput increases as well as our distributed shipbuilding increases. So we think it's a fair CAGR to provide. We're comfortable with it. Obviously, we've done better over the last couple of quarters, but we think we should keep it right where it is for now. So Tom, if you'd like to add anything?

我們必須在產出提升以及分散式造船能力提升兩方面都確實執行到位。因此我們認為提供這樣的 CAGR 是合理的。我們對此感到有信心。顯然，過去幾個季度我們的表現更好，但我們認為目前仍應先維持不變。Tom，你要不要補充？

Yes. So we have had strong growth. I think we had five quarters in a row now that it's been double-digit growth, both for shipbuilding and in HII. A piece of that has been -- the more capacity throughput and outsourcing. There's an element of that, that has to do with the wages that we've increased at the Ingalls at the beginning of this year and Q2 of last year.

是的。因此我們一直有強勁成長。我認為我們現在已經連續五個季度維持兩位數成長，無論是在造船業務還是在 HII。這其中一部分來自——更高的產能吞吐量以及外包。另外也有一個因素，與我們今年年初在 Ingalls 以及去年第二季提高薪資有關。

We've lapped that now at Newport News through Q2. We'll lap the Ingalls increase in Q1 as we get into next year. There is meaningful growth in that on the labor and the materials that we have as well as the Charleston operations is accretive to that growth equation.

在 Newport News 方面，我們到第二季為止已經把那個基期效應消化掉了。等進入明年，我們會在第一季消化 Ingalls 的加薪影響。我們在勞務與材料方面也有顯著成長，同時 Charleston 的營運也對這個成長方程式具有增益（accretive）。

I'm with you that when you think about the backlog has grown, tremendous push here from $53 billion to $86 billion. So we know what we're building, when we're building it and where we're building it. I think we're probably on the conservative side. We want to make sure that we continue to execute the increased throughput and capacity and outsourcing plans, and we'll evaluate that as we go forward.

我同意你的看法：當你想到積壓訂單（backlog）已經成長，這裡的推升幅度非常大，從 530 億美元到 860 億美元。因此我們知道我們要造什麼、何時造、以及在哪裡造。我想我們可能偏保守。我們希望確保能持續執行提高吞吐量、提升產能與外包的計畫，並且會在往前推進時持續評估。

Okay. Great. Appreciate it. And I'll ask the sort of margin question generally because I'm not trying to get ahead of next year's guidance specifically. But we've obviously been on a journey here to get shipbuilding margins back to kind of historical levels. Maybe we could just kind of revisit that topic. And what is the way to think about margins over the next few years if we thought about an appropriate kind of annual rate of improvement?

好的。很棒。感謝。我想一般性地問一下毛利率的問題，因為我不是想提前探問明年的指引。但我們顯然一直在努力讓造船毛利率回到某種歷史水準。也許我們可以再回到這個主題。如果我們用一個合適的年度改善速度來看，未來幾年該如何思考毛利率？

Yes. So I'm not going to give a specific rate of improvement and thanks for not getting ahead of the 2027 guidance discussion, and I'll let Tom chime in as well. But I do expect both margin and cash to incrementally improve annually. And I still expect this business should be 9% to 10% return on sales in shipbuilding. So that hasn't changed. And Tom, if you'd like to provide any other color, that would be great.

是的。所以我不會給出一個具體的改善速度，也謝謝你沒有提前進入 2027 年指引的討論；我也會讓 Tom 一起補充。但我確實預期毛利率與現金流會逐年小幅改善。而且我仍然預期造船業務的銷售報酬率（return on sales）應該達到 9% 到 10%。所以這點沒有改變。Tom，如果你願意再補充一些說明就太好了。

Well, obviously, we just talked about the revenue increase. So there will be more margin and cash that's generated from this portfolio as we continue to expand. The margin rate or the cost efficiency here, we've seen a nice incremental step-up that we've kind of talked about as the portfolio transitions from pre-COVID to post-COVID as the sales continues to ramp.

嗯，顯然我們剛剛談到營收增加。因此，隨著我們持續擴張，這個組合（portfolio）將產生更多的毛利與現金。就毛利率或成本效率而言，隨著銷售持續爬升、組合從 COVID 前過渡到 COVID 後，我們看到相當不錯的逐步提升（incremental step-up），這也是我們一直在談的。

We've seen the shipbuilding go from 5.2% return on sales in 2024 to 5.9% last year, and now we've taken the guide of 5.5% to 6.5% at the beginning of the year. We narrowed the band to 6% to 6.5%. Probably the midpoint is the right way to kind of look at it if we think about the year as it closes out.

我們看到造船業務的銷售報酬率從 2024 年的 5.2% 提升到去年的 5.9%，而今年年初我們給的指引是 5.5% 到 6.5%。我們把區間收斂到 6% 到 6.5%。如果我們看今年收官的情況，可能用中位數來看是比較合適的方式。

So 5.2% to 5.9%, 6% to 6.5%. So we're marching along both growing the top line and incrementally improving the bottom line as we've stabilized the supply chain, and we're really honing the production programs we have to get back to the cadence of expectation to eventually get to 9% to 10%.

所以從 5.2% 到 5.9%，再到 6% 到 6.5%。我們一方面在推進營收成長（top line），另一方面在供應鏈穩定後逐步改善獲利（bottom line），同時我們也在精進現有的生產計畫，讓節奏回到預期，最終回到 9% 到 10%。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛。

Tom, I think you mentioned in the quarter at Newport News when you're giving the EACs, I think you mentioned a favorable Colombia, but didn't specify Virginia. I guess just did the quarter reflect all of the EAC related to the submarine contracts you booked in the quarter? Or is there more of that still to do?

Tom，我記得你在本季談 Newport News、在說明 EAC 的時候，你提到哥倫比亞（Columbia）有利因素，但沒有特別說明維吉尼亞（Virginia）。我想問的是：本季是否已反映你們在本季簽下的潛艦合約相關的所有 EAC？還是還有一部分尚未完成？

And then you also mentioned the larger than historical norm movement in Newport News in the last two quarters. I guess, is there a way to frame what the current like real underlying Newport News margin is or where you think it lands in 4Q or how it progresses sequentially from here?

另外你也提到，過去兩個季度 Newport News 的變動幅度大於歷史常態。我想問，有沒有方式可以界定目前 Newport News 真正的、底層的毛利率大概是多少，或你認為它在第四季落在哪裡，或從現在起它的季度序列（sequential）走勢如何？

I appreciate the question, and there was a lot of moving parts. We tried to provide some color in the script remarks. And then when you take a look at the queue, you'll see that we called out what's changed on that front, too. Between Q2 and Q3 relative to Newport News, we had the incentives of the 14-boat award that were recognized and booked in Q2 and then the additional incentives and the awards and sales on the revenue side was booked in Q3.

謝謝你的問題，確實有很多變動因素。我們在講稿備註中試著提供一些說明。另外你看 Q&A 的部分，也會看到我們點出這方面有哪些變化。就 Newport News 而言，第二季與第三季之間，我們在第二季認列並入帳了 14 艘艇（14-boat）授標的獎勵（incentives），而第三季則入帳了額外的獎勵、授標，以及營收端的銷售。

In those kind of settlements in those contracts, there was additional statement of work obviously put on contracts that we had already in advanced procurement state. And then between the statement of work, some movement around on where that statement of work sits in the claims, additional funding, capital incentives, performance incentives and just changes in the current booking rates that we had, had a lot of moving parts in there right now.

在那些合約的結算（settlements）中，很明顯地又增加了額外的工作說明（statement of work），而這些工作是加到我們已經處於預先採購（advanced procurement）狀態的合約上。而在工作說明、該工作說明在索賠（claims）中的位置變動、額外資金、資本獎勵（capital incentives）、績效獎勵（performance incentives），以及我們目前入帳率（booking rates）的變化之間，現在裡面有很多變動因素。

So it's true that it's difficult to see. I would stay away from just taking the cum correct and subtracting that from the gross outcomes and try and calculate a booking rate, a run rate. We calculate too low right now as we move around contract value and incentives and book margin in that. That will settle down in Q4 with the mod and the homework behind us. Mod is on, the budgets are out and then the EAC changes have settled down now.

所以確實很難看清楚。我會避免只用累計修正（cum correct）去從總體結果中扣除，然後試著計算一個入帳率、或一個運行率（run rate）。因為當我們在調整合約價值與獎勵、並在其中入帳毛利時，我們現在算出來會偏低。等到第四季，隨著合約修改（mod）以及相關作業都完成後，情況會穩定下來。修改案已經上線、預算也已發布，而 EAC 的變動現在也已經趨於穩定。

So I think that's the way you want to take a look at it. We've had Ingalls in the low 7s and Newport News around 6%. And I think that's the fair way to take a look at it as we embark on these new contract awards. Q3 had the initial booking of VCS Block VI and Columbia Build II adjustments in there as well.

所以我認為你應該用這種方式來看待。我們看到 Ingalls 在 7% 出頭，而 Newport News 大約在 6%。我認為在我們展開這些新合約授標時，這樣看是比較公平的方式。第三季也包含了 VCS Block VI 的初始入帳，以及 Columbia Build II 的調整。

And I've talked about the capital incentives, which were accretive to the portfolio. So hopefully, that gives you some color. And when we get to Q4, we'll give you a projection of where we think shipbuilding is going to be for next year.

我也談到過資本獎勵，這對整體組合是具增益的（accretive）。希望這能給你一些脈絡。等到第四季，我們會提供對明年造船業務走勢的預估。

Do the mark-to-markets settle down considerably in '27 versus '26 as well beyond just happening in 4Q?

那麼，除了第四季會發生之外，到了 2027 年相較於 2026 年，逐項重估（mark-to-markets）也會大幅趨緩嗎？

Yes. Absent anything unforeseen, which we -- a COVID event or something like that, but the contract changes and the movement in scope and contract value will be behind us, and it will get back to more normal types of adjustments in EAC run rates.

是的。在沒有任何不可預見事件的情況下——例如我們不希望再出現 COVID 之類的事件——合約變更、範疇（scope）與合約價值的變動都會在我們身後，之後就會回到較正常類型的調整與 EAC 運行率的調整。

Okay. And I think Chris alluded to Ingalls being behind Newport News on pace just relative to the timing of the labor input changes. Is it just that? Or is there anything else? And about how far behind is it?

好的。我想 Chris 提到 Ingalls 的進度相對落後於 Newport News，主要是因為勞動投入變動的時間點不同。只是這個原因嗎？還有其他因素嗎？大概落後多少？

It's a combination of that, and they really started to make a pretty good recovery in Q3 and into Q4 from a labor standpoint. But they're also delivering three ships LPD 30 by the end of this year and then LHA 8 and DDG 129 at the beginning of next year. The good news is 30 is at sea, went out Wednesday. It will come back this weekend. Hopefully, it will be a successful trial, and they're making progress on the other test programs on those other two ships.

這是多個因素的組合，而且他們在第三季、並延續到第四季，在勞動面其實已經開始有相當不錯的復原。但他們也將在今年底前交付三艘船，包括 LPD 30，然後在明年年初交付 LHA 8 與 DDG 129。好消息是 30 已經出海了，週三出航。它會在這個週末回來。希望試航能成功，而他們也在另外兩艘船的其他測試計畫上持續取得進展。

So it's really a combination of a slow start in labor at the beginning of the year and ramping that, which there are some positive indicators and then coming through the test programs on three ships, which is kind of unprecedented. We tried to look back the last time we've been in that sort of environment, and we couldn't find it since we spun. So it's really a good job angle to fight through that. And the first really important step was to get 30 to sea, which they've done.

所以這其實是年初勞動力投入起步較慢、之後逐步拉升的綜合結果；同時也有一些正向指標，另外還要完成三艘船的測試計畫，這在某種程度上是前所未有的。我們試著回頭看上一次處於這種環境是什麼時候，但自從我們分拆以來都找不到類似情況。所以能一路撐過來，從工作執行的角度來看確實做得很好。而第一個真正重要的步驟是讓第30艘出海，他們已經做到了。

Doug Harned, Bernstein. (Operator Instructions)

Doug Harned，Bernstein。（接線員指示）

We can have Doug recall back in.

我們可以讓Doug再撥回來。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

I wanted to start off asking about the cash flow. I think the CapEx expectation for this year came down a bit and whether we think about that as just maybe a reduced requirement or something that was deferred and then kind of bridging to the -- from $550 million this year to $700 million next year. Any particular pieces you would call out or even just the breakdown between CapEx and cash from ops?

我想先從現金流談起。我認為今年的資本支出（CapEx）預期下修了一些；我們該把這視為需求降低，還是有些支出被遞延？以及如何銜接從今年5.5億美元到明年7億美元的變化。有沒有任何特定項目你會特別點出？或者就資本支出與營運現金流（cash from ops）的拆分也可以。

Thanks, Seth. I appreciate the question. Yes. So the CapEx here, we see where we stand right now kind of year-to-date on that front. And we've guided in the PowerPoint, release $500 million for CapEx to give you $500 million to $600 million at the beginning of the year, with the higher revenue that's going to fall around 3.6% CapEx to sales.

謝謝你，Seth。我很感謝這個問題。是的，關於資本支出，我們看到截至目前的年初至今（YTD）狀況。我們在簡報（PowerPoint）中給的指引是資本支出5億美元；年初我們給的是5億到6億美元區間，而在營收較高的情況下，資本支出占銷售額大約會落在3.6%。

So it helps out a little bit in the March, but the preponderance of just the good cash that we had in Q3 with the collections of $429 million as we march towards the guide of between $500 million and $600 million is more net income, better on the collection side, good cash collections in Q3 into Q4, a little bit of unwind on the working capital.

所以它在3月那邊有些許幫助，但更主要的是第三季我們有很好的現金表現，收款達4.29億美元；隨著我們朝5億到6億美元的指引邁進，主要來自更高的淨利、收款端表現更好、第三季到第四季的良好現金收款，以及營運資金的小幅回轉。

It's down about 1.5% from mid-10s to 9% right now, and that will continue to unwind as we get into Q4 into the mid-5% to 6% range, just as we play out the assets -- contract assets and liabilities and advances and inventory that we have right now.

它已經從十幾%的中段降到目前約9%，下降約1.5個百分點；隨著我們進入第四季，還會持續回轉到約5%到6%的中段區間，因為我們會逐步消化目前的資產——合約資產與負債、預收款以及存貨。

So relative to the guide that we gave you, like we did last year, we gave you a two-year guide just depending on how things transition out with receipts and bills. It's $1.2 billion to $1.3 billion. I still look at this year at the midpoint here and then kind of next year ramping up as we get into 2027.

所以就我們給你的指引而言，和去年一樣，我們提供了兩年的指引，取決於收款與開票如何過渡。區間是12億到13億美元。我仍然把今年看在這個區間的中點附近，然後明年隨著我們邁向2027年而逐步拉升。

Okay. Okay. Cool. And then, Chris, when we think about the frigate, I know -- I think it was about a year ago when the Navy first talked about this plan to use the national security cutter as a baseline. We've had some leadership changes in the Navy since then.

好的。好的。很棒。接著，Chris，談到巡防艦（frigate），我知道——我想大約一年前海軍首次談到以國家安全巡邏艦（national security cutter）作為基準的計畫。此後海軍的領導層也有一些變動。

At that time, it seemed like there was a very aggressive plan to put a boat in the water in 2028. That -- doing that would suggest a need for maybe some more accelerated activity soon. How are you thinking about that? And what's the state of play on that now?

當時看起來有一個非常積極的計畫，要在2028年讓船下水。若要做到那點，似乎意味著近期需要更快加速一些活動。你們怎麼看這件事？目前的進展狀態如何？

It's actually really positive. Thanks for that question. We're on schedule. Manufacturing is on schedule, a number of units already in production. I was down there last month and toured them. They look -- they look great. We passed the CDR and PRR.

其實非常正面。謝謝這個問題。我們按進度推進。製造按進度進行，已有多個單元在生產中。我上個月到那邊參觀巡視。它們看起來——看起來很棒。我們通過了CDR和PRR。

So we're continuing to meet our commitments relative to getting that boat in the water by the end of 2028. Now we do need to get under contract in Q1. That's the '27 boat. So we need to make sure that happens. But really proud of the work that the Ingalls team is doing on the frigate.

因此，我們持續履行承諾，目標是在2028年底前讓那艘船下水。現在我們確實需要在第一季簽約，那是2027年的那艘船。所以我們需要確保這件事發生。但我們對Ingalls團隊在巡防艦上的工作感到非常自豪。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

This is Ben Tomick on for David. I'm just curious, where was the pre-COVID versus post-COVID revenue mix end up in '26? And then how does that compare to where you guys expect it to end up by the end of 2027?

我是代替David的Ben Tomick。我想請教，2026年時，COVID之前（pre-COVID）與COVID之後（post-COVID）的營收組合最後會落在哪裡？然後這和你們預期到2027年底的組合相比如何？

So it's Tom here. And we're right on the market. We've talked about 2027 being a transition year. So by the end of '27, we should have more post-COVID work, like marginally more, 50%, 55% post-COVID work than pre-COVID work.

我是Tom。我們基本上符合市場預期。我們談過2027年會是一個過渡年。所以到2027年底，我們應該會有更多COVID之後的工作量——大概略多一些，COVID之後的工作占比約50%到55%，高於COVID之前的工作。

That we'll continue to march down as we get to the end of the decade, 8 to 10 percentage points as we march out and retire the older ships here. So we're on plan, and there's no new news over the guide that we've given this front.

隨著我們走到本十年末，這個比例還會持續下降，約再下降8到10個百分點，因為我們會逐步汰換較舊的船舶。所以我們按計畫進行，且相較於我們在這方面給出的指引，沒有新的消息。

Got it. And then on the CVN 79 Kennedy with that getting the preliminary acceptance, what's left to finish there before the final delivery? And then are there any other key milestones we should be watching out for over the next couple of quarters?

了解。另外，關於CVN 79「甘迺迪號」取得初步驗收（preliminary acceptance），在最終交付前還剩下哪些工作要完成？以及未來幾季是否還有其他我們應該關注的關鍵里程碑？

We're progressing well with the final systems that need to be completed. I wouldn't -- I don't think there's anything significant you need to watch for. We just need to get that ship to deliver. It's doing -- it's performing great. We've got people on the ship right now finishing up. So I wouldn't say it's smooth sailing going forward. There's a lot of hard work to do, but we're definitely on track.

我們在需要完成的最後系統項目上進展良好。我不會——我認為沒有什麼特別重大、你需要特別盯的事項。我們只需要把那艘船交付出去。它的表現——表現非常好。我們現在有人在船上做最後收尾。所以我不會說接下來會一帆風順。還有很多艱難的工作要做，但我們確實在正軌上。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

I was wondering because the throughput is up 9% year-to-date, and I think the target previously was 15%. Is there an update to the target, and a; and then b, if not, like what is sort of the economic consequence because of the running under that number?

我想請教，因為年初至今的產出（throughput）提升了9%，而我記得先前的目標是15%。目標有更新嗎？a；然後b，如果沒有更新，那麼低於該數字運行的經濟後果是什麼？

No real update to the target. We are trending a bit south of that towards the end of the year, but I don't want to get ahead of that, and we'll just -- we'll see how we close in both shipyards. Newport News is doing very well, as I said in my comments, Ingalls just had a tough start related to labor and getting through those three ships.

目標沒有實質更新。我們在年底前的趨勢確實略低於那個目標，但我不想過早下結論；我們會看看兩個船廠最後如何收官。如我在評論中所說，Newport News表現很好；Ingalls則因勞動力問題以及要把那三艘船的工作推進完成，開局比較艱難。

So we'll just see how that evolves and closes for the year. Tom, if you'd like to comment on the economics of it or what it means from a sales standpoint?

所以我們就看它如何演變並在年底收尾。Tom，如果你願意，可以談談其經濟影響，或從銷售角度代表什麼？

Yes. So obviously, it does roll into that on that front. Like meaningfully, as we work ourselves through a ship construction itself, more earned hours or more efficiency there is assisting the EACs and eventually the profitability and cash against that.

好的。所以很明顯，這會反映到那一端。

But being 9% year-to-date across the first three quarters, all that's cranked into the EACs right now, both the actuals to date and the forecast that we have going forward as well as the forecast that we gave you here for the back half of this year, free cash flow of next year. So it's up to date. We're kind of aligned. The financials are in line with the expectations and what we're doing right now.

但年初至今前三季是9%，這些都已經納入目前的EAC之中，包括截至目前的實際數據，以及我們對未來的預測；也包含我們在此提供的今年下半年預測，以及明年的自由現金流預測。所以它是最新的。我們大致一致。財務表現符合預期，也符合我們目前正在做的事情。

Okay. So if it were to stay at 9% for the year a quarter from now, that in and of itself does not drive a negative variance to the cum catch-ups?

好的。所以如果一年後的下一季，全年都維持在9%，那本身並不會導致累計追溯調整（cum catch-ups）出現負向差異嗎？

That's correct.

沒錯。

Okay. Cool. And then just one last one. Tom, if you could just talk about free cash flow, the bridge into Q4? And then just a preliminary view on '27 with respect -- I mean, if there's any lumpiness or what have you that you can call out that's visible to you at this point. If you could just talk about what's driving that Q4 cash and then how we should think about the lumpiness in 2027?

好的。很棒。然後最後一個問題。Tom，你能不能談談自由現金流，銜接到第四季（Q4）的橋接分析？另外，對於2027年先給個初步看法——我的意思是，如果有任何不均勻（lumpiness）或你目前看得到、可以點出的波動。你能談談是什麼在驅動Q4的現金，以及我們應該如何看待2027年的不均勻性嗎？

Yes. So we have a very tight view of that. We look at that weekly. I attend a biweekly meeting, have 55 line items to bring home the ETC and what we want to get on free cash flow on the back end. We understand what's in front of us. I feel good about it.

可以。所以我們對此有非常緊密的掌握。我們每週都在看。我每兩週會參加一次會議，有55個細項要帶回來，涵蓋ETC以及我們在後段希望達成的自由現金流。我們了解眼前有哪些事項。我對此感覺良好。

Each one of those actions and tasks that we have are on cost. That's why we reiterated the guide here. It's us selling off the ships that we talked about, 800 and LPD 30. There's a lot of contract actions issues in milestones, performance incentives, capital incentives, holding the EACs and schedule with incremental increases in booking rates, allowing us to book and bill a little bit higher. So all in play. And as we said, we've reiterated the guide here. We've been consistent all year long.

我們的每一項行動與任務都與成本相關。這也是為什麼我們在這裡重申指引。包括我們先前談到的出售船舶，800以及LPD 30。還有很多合約行動事項，包含里程碑、績效獎勵、資本獎勵，維持EAC與時程，並透過接單費率的逐步上調，使我們能以略高的水準入帳與開立帳單。所以這些都在進行中。而且如我們所說，我們在此重申指引。我們整年以來一直保持一致。

As we go into next year, I think it's more of the same. We do have a beneficial. We talked about an IRS cut of settlement we have on tax R&D was both in play when we talked to you in Q2. Last month, it was approved both by the IRS and had run up to the Congress authorization too.

展望明年，我認為大致上也是同樣的情況。我們確實有一項有利因素。我們在第二季與各位溝通時提到的稅務研發（R&D）相關IRS和解的減免（cut of settlement），當時就已在進行中。上個月，該項已獲IRS核准，並且也已送交國會授權。

So that's in play to help the lift next year as well. But I think just the stabilization of the production programs we have, staying on schedule, CPIs and SPIs, getting about the throughput that we've talked about on that last question for the year is the playbook and how we're going to see $1.2 billion to $1.3 billion.

因此這也將有助於明年的提升。但我認為，主要還是我們既有生產專案的穩定化、按進度執行、CPI與SPI，以及達到我們在上一個問題中談到的年度產出吞吐量（throughput）；這就是我們的作戰手冊，也是我們將如何達到12億至13億美元的方式。

Also that's a position with 2027 in front of us. So I think it's risk-bound and adjusted. It's factored in for both opportunities and risks against it. So again, it's another position I feel good about that it's in play, and we're happy to give you that guide for next year.

另外，這也與我們面前的2027年相關。所以我認為它是有風險邊界並已做調整的。其中已把機會與風險都納入考量。因此，再次強調，這也是一個我覺得很有把握、正在推進中的狀況，我們也很高興提供你們明年的指引。

Ron Epstein, Bank of America.

美國銀行（Bank of America）的Ron Epstein。

Maybe changing gears here just a little bit. Can we talk about Unmanned Systems and you won a bunch of awards there. How do you think about broadly the teaming of Unmanned Systems with the bigger ships that you guys make? Like where do you see your business being 5 or 10 years from now a balance between the traditional blue-water stuff that you make and now the nontraditional unmanned autonomous stuff that you're building?

也許稍微換個話題。我們能談談無人系統（Unmanned Systems）嗎？你們在那裡拿了不少獎項。你們如何從更宏觀的角度看待無人系統與你們製造的大型船艦之間的協同（teaming）？例如，從現在起5到10年後，你們的業務在你們製造的傳統遠洋（blue-water）產品與現在正在打造的非傳統無人自主產品之間，會如何取得平衡？

Yes. Really interesting question, Ronald. And I'm going to -- let me start, and then I'll kick it over to Andy, and I'll finish up with how I see the business going forward between the mix. So first things first, Unmanned Systems, north of $200 million top line this year, margin better than the average in mission technologies and really got some really nice awards. So I'm going to kick it over to Andy to kind of give you a summary of Autonomous Systems.

是的。這是個非常有意思的問題，Ronald。我先開始回答，然後我會交給Andy，最後我再補充我如何看待未來業務在有人與無人組合之間的走向。首先，無人系統今年營收超過2億美元，利潤率高於任務技術（mission technologies）的平均水準，而且確實拿到一些很不錯的獎項。所以我先把問題交給Andy，請他概述一下自主系統（Autonomous Systems）。

Ron, thanks for the question. Yes, we're very excited about the MUSV program and unmanned in general. As you know, Ron, we've been in this business for just about two decades, making UUVs, selling and installing and developing the Odyssey autonomy suite, evolving that over the past several decades. We've got a number of vehicles, like I said in my opening comments, we've got a number of vehicles out there, both UUVs and USVs and most of them are still in service today.

Ron，謝謝你的提問。是的，我們對MUSV專案以及整體無人領域都非常振奮。如你所知，Ron，我們在這個領域已經做了將近二十年，製造UUV，銷售、安裝並開發Odyssey自主套件（autonomy suite），並在過去幾十年持續演進。我們有多款載具；就像我在開場評論中提到的，我們有不少載具在外運行，包含UUV與USV，而且其中大多數至今仍在服役。

We view it as it's a very natural extension of what we do here at HII. Unmanned Systems is something that, as you know, you've been following the company for a long time. We looked at this and invested in Unmanned Systems very early on as a company because we saw this coming and we knew that the customer was going to be needing this and the demand signal was going to be there, and we got out in front of it.

我們認為，這是我們在HII所做事情的一個非常自然的延伸。無人系統是你所熟知的——你長期關注這家公司。我們很早就看到了這個方向，並在公司層面很早就投入無人系統，因為我們看到趨勢將至，也知道客戶會需要這些能力、需求訊號會出現，因此我們提前布局。

When you think about how that market develops, right now, you're looking at strictly the, let's say, the MUSV program. That's going to be -- this is all recently announced. We've got 10 vessels that we're going to deliver over the next couple of years.

當你思考這個市場如何發展時，目前你看到的是嚴格來說——比方說——MUSV專案。這將會是——這些都是最近才公布的。我們將在未來幾年交付10艘船。

That's in partnership with our friends at Breaux Brothers and Halimar down on the Gulf Coast, helping out with Hal in mechanical and construction as well as on the autonomy stack side, Applied Intuition and Greenroom Robotics who are helping to augment the Odyssey autonomy suite.

這是與我們在墨西哥灣沿岸的夥伴Breaux Brothers與Halimar合作；Halimar在機械與建造方面提供協助；在自主系統堆疊（autonomy stack）方面，Applied Intuition與Greenroom Robotics也協助強化Odyssey自主套件。

And you saw the results of that, the success of that in the successful demo test that we did for the Navy a few weeks ago, demonstrating the robustness and effectiveness of that autonomy stack.

而你也在幾週前我們為海軍進行的成功展示測試中看到了成果，證明了該自主系統堆疊的穩健性與有效性。

So we've got the solutions out there. We're continuing to look at additional opportunities that I won't comment specifically on right now because there are competition is in progress, but there's other opportunities out there for different sizes of USVs, different capabilities, we continue to look at those and to invest in those along with MUSV.

所以我們已經有解決方案在市場上。我們也持續尋找更多機會；我現在不會具體評論，因為相關競標仍在進行中，但市場上還有其他機會，涵蓋不同尺寸的USV、不同能力。我們會持續評估並投資這些機會，同時也會推進MUSV。

And over time, you're going to see that, that demand signal from the Navy, which is very strong for autonomous, both autonomous ships as well as UUVs is very, very strong. It's only going to get stronger, and you're going to see that mix of the overall fleet start to evolve, and you're going to see a much greater number of unmanned surface vehicles and UUVs over time.

而隨著時間推進，你會看到海軍對自主化的需求訊號非常強，不論是自主船艦或UUV都非常、非常強。這只會變得更強，你也會看到整體艦隊的組成開始演變，未來無人水面載具與UUV的數量會顯著增加。

And at the end of the day, the unmanned vessels are going to augment the legacy capital ships and submarines that you see out there. They're going to extend the reach of those platforms. They're going to work in close coordination with those platforms on an autonomous basis, and they're going to keep our sailors out of harm's way by doing things that we don't want to send them into. So that's kind of the way we see it, Ron. Happy to take any more questions.

歸根結底，無人船艦將會補強你現在看到的既有主力大型艦艇與潛艦。它們會延伸這些平台的觸及範圍。它們會以自主方式與這些平台密切協同運作。它們也會透過執行我們不希望派水手進入的任務，讓我們的水手遠離危險。Ron，我們大致是這樣看待的，也很樂意回答更多問題。

Yes, before we go on and thanks, Andy. The other part of that equation, and if you step back on where will HAI go and how will -- how big will we be and how it's distributed between manned and unmanned, we're always going to be a large capital ship provider. That's going to continue. We see significant demand for that, and you see that in our 6% growth rate.

是的，在我們繼續之前，也謝謝你，Andy。這個等式的另一部分是：如果你退一步看HII將走向何方，以及——我們會有多大、以及在有人與無人之間如何分布——我們始終會是大型主力艦艇的主要供應商。這會持續下去。我們看到對此有顯著需求，而你也能從我們6%的成長率中看出來。

But as Andy said, we're going to deliver a lot more unmanned vessels. Interesting part of that is that we actually are the primary developer for Minotaur, which is really the -- distribute the network that connects all the nodes so that you get a good operating environment and you could see the operating environment.

但正如 Andy 所說，我們將交付更多無人船舶。其中有趣的一點是，我們其實是 Minotaur 的主要開發商；Minotaur 的核心是——分散式網路，用來連接所有節點，讓你能獲得良好的作業環境，並且能看見該作業環境。

So when you go -- think about HAI, manned, unmanned and Minotaur connected really provides the tools the Navy needs to execute on their mission. So I think we think that's how that's evolving. Unmanned is going to be a greater part of our portfolio.

因此當你去思考 HAI、有人、無人以及 Minotaur 的連結時，這確實提供了海軍執行任務所需的工具。所以我認為我們認為這就是它的演進方向。無人將會在我們的產品組合中占比更高。

I don't think it's ever going to eclipse large capital ships. But the Hedge Force is happening. It's gradually becoming part of the Navy. And this MUSV award is very important to get those ships delivered and start getting them in the water and testing them out.

我不認為它會取代大型主力艦。但 Hedge Force 正在發生。它正逐步成為海軍的一部分。而這項 MUSV 的授標非常重要，能讓這些船交付、開始下水並進行測試。

Got it. Got it. And maybe just one follow-on. Maybe I'll be like this is sort of -- I'll be that guy, right, for a minute. Isn't it really hard to set up a shipyard. If you're new to it, I mean, Chris you've been doing this for years. So I guess someone say, hey, Chris, set up a shipyard somewhere. How do you think about that? I mean just curious if you're comfortable saying, like, it's just sort of like really a shipyard from scratch.

了解。了解。另外也許再追問一個問題。也許我就當一下那種——我就當那個人，對，先當一下。從零開始建立一座造船廠不是很難嗎？如果你是新手的話，我是說，Chris，你做這行很多年了。所以我想像有人說，嘿，Chris，在某個地方建一座造船廠。你會怎麼看這件事？我只是好奇你是否願意談談——就像是從頭開始打造一座造船廠。

Yes. So it is hard to set up a shipyard, okay? What the design tools are, what your ERP systems are, what your IT systems are, it is challenging to set up the shipyard. Probably more challenging than that is having the labor team to execute on the ships and that legacy knowledge to execute on shipbuilding programs. You can eventually get a shipyard set up. It's the talent to execute on the programs and all that experience, we're testing three ships at Ingalls at the same time. That's amazing. So I get it.

是的。所以建立造船廠確實很難，好嗎？不論是設計工具、ERP 系統、IT 系統，要把造船廠建起來都很具挑戰。可能比那更具挑戰的是，必須有能執行造船的勞動團隊，以及能執行造船專案的傳承知識。造船廠最終是可以建起來的。真正關鍵是執行專案的人才與所有那些經驗——我們在 Ingalls 同時測試三艘船。那很驚人。所以我理解。

It's hard to set up a shipyard, but it can be done. There's enough folks out there that understands how to set up a shipyard. But I think more importantly is really the talent to execute on the programs after it's set up because you kind of set up that shipyard not only with technology in mind, but with how you're going to execute on the programs in mind.

建立造船廠很難，但做得到。外面有足夠多的人了解如何建立造船廠。但我認為更重要的是，造船廠建好之後，真正能把專案執行到位的人才，因為你在建置造船廠時，不只是以技術為出發點，也要以你將如何執行專案為出發點。

So yes, it is challenging, but it needs to be done for the nation, right? We need to accelerate shipbuilding capacity. So anything that we do to accelerate shipbuilding capacity, I think is positive.

所以是的，這很具挑戰，但為了國家必須去做，對吧？我們需要加速造船產能。因此，任何能加速造船產能的作為，我認為都是正面的。

Myles Walton, Wolfe Research.

Wolfe Research 的 Myles Walton。

This is actually Emilee on for Myles. I had a quick question on Ingalls on the surface combatant commentary. Is the weaker performance isolated to specific holes? Or is it sort of across the board on the program? I'm asking as we look ahead to deliveries for next year?

其實我是代 Myles 發言的 Emilee。我有個關於 Ingalls 在水面作戰艦相關評論的快速問題。較弱的表現是集中在特定艦段（holes）嗎？還是說在整個專案上都普遍存在？我這麼問是因為我們在展望明年的交付。

Emilee, it's Tom here. Yes, I'll comment on that. We referenced in the remarks there that it was against the destroyers. We had a lot and flow into the production program. So just getting the engineering people and parts in a rhythm down there. It's just a little drag on it. So we incorporate that into the EACs. Then on the macro sense down there with the three shifts in integration and test, it's just keeping them busy down there, keeping those on schedule as well.

Emilee，我是 Tom。是的，我來回應一下。我們在發言中提到，那主要是針對驅逐艦。我們在生產專案中有不少工作量的進出波動。所以就是讓工程人員與零件供應在那邊進入節奏。這只是帶來一點拖累。因此我們把它納入 EAC（完工估計成本）。另外從更宏觀的角度來看，那邊整合與測試採三班制，重點就是讓他們保持忙碌，同時也要把進度維持在軌道上。

So nothing too alarming down there. I think we went 6.7%, 6.9%, 6.7% from a return on sales perspective. We're pushing more volume through Ingalls last year and this year. So I'm proud of what the team is accomplishing down there. They are working more sales and then they have the portfolio right now working itself through pre-COVID contracts and integration and test. So fairly steady quarter from an efficiency standpoint down at Ingalls.

所以那邊沒有什麼太令人擔憂的。從銷售報酬率的角度看，我們分別是 6.7%、6.9%、6.7%。我們去年和今年都在 Ingalls 推進更大的產量。所以我為那邊團隊的成果感到自豪。他們在處理更多銷售量，同時目前的產品組合也在消化疫情前的合約，以及整合與測試工作。因此就 Ingalls 的效率面而言，本季相當穩定。

Sounds good. And then a quick follow-up sort of on the larger budget landscape. The Trump class battleship is still sort of hanging in the ether, but we're at the same time looking at a possible change in party control in Congress. So how are you all thinking about the survivability of that program?

聽起來不錯。接著再快速追問一下，關於更大的預算環境。Trump 級戰艦仍有點懸而未決，但同時我們也在關注國會可能出現政黨控制權變動。所以你們如何看待該專案的存續性？

We're in the initial stages of planning for that and design efforts with the Navy on that program. It's in the budget. Ultimately, we're going to build what they ask us to build. So we'll continue to support the customer in that regard.

我們正與海軍就該專案進行初期規劃與設計工作。它已列入預算。最終，我們會建造他們要求我們建造的東西。因此我們會持續在這方面支持客戶。

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

目前我這邊沒有顯示其他問題。現在我想把電話交回給 Kastner 先生，請他做結語。

Thank you, everyone, for joining the call. With approximately 90% of expected shipbuilding revenue through 2030 already under contract, our focus is squarely on execution, growing our workforce, improving throughput and delivering the ships and technologies our nation needs. We look forward to keeping you updated on our progress. Thank you.

感謝各位參與本次電話會議。截至 2030 年，預期造船營收約有 90% 已簽約在手，我們的重點將完全放在執行、擴大人力、提升產出效率，並交付國家所需的船舶與技術。我們期待持續向各位更新我們的進展。謝謝。

That does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。