Hubbell Inc (HUBB) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the third quarter 2025 Hubbell Inc. earnings conference call. (Operator Instructions) Please be advised conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Hubbell Inc. 2025 年第三季財報電話會議。（操作員說明）請注意，會議正在錄音。

I would now like to hand the conference over to your speaker today, Dan Innamorato, VP of Investor Relations. Please go ahead.

現在我謹將會議交給今天的演講嘉賓，投資者關係副總裁丹·伊納莫拉托。請繼續。

Great. Thanks, operator. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the third quarter. The press release and slides are posted on the Investors section of our website at hubbell.com.

偉大的。謝謝接線生。各位早安，感謝各位的參與。今天早些時候，我們發布了一份新聞稿，公佈了我們第三季的業績。新聞稿和幻燈片已發佈在 hubbell.com 網站的投資者關係版塊。

I'm joined today by our Chairman, President and CEO, Gerben Bakker; and our Executive Vice President and CFO, Bill Sperry. Please note our comments this morning may include statements related to the expected future results of our company. These are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.

今天與我一同出席的有我們的董事長、總裁兼執行長 Gerben Bakker，以及我們的執行副總裁兼財務長 Bill Sperry。請注意，我們今天早上的發言可能包含與公司未來預期業績相關的內容。這些是1995年《私人證券訴訟改革法案》所定義的前瞻性陳述。

Please note the discussion of forward-looking statements in our press release and considered incorporated by reference on this call. Additionally, comments may also include non-GAAP financial measures. Those measures are reconciled to the comparable GAAP measures, which are included in the press release and slides.

請注意我們在新聞稿中討論的前瞻性陳述，這些陳述已透過引用納入本次電話會議。此外，評論中可能還會包含非GAAP財務指標。這些指標已與相應的 GAAP 指標進行核對，相關內容已包含在新聞稿和幻燈片中。

Now let me turn the call over to Gerben.

現在我把電話交給格爾本。

Great. Good morning, and thank you for joining us to discuss Hubbell's third quarter 2025 results. Hubbell delivered double-digit adjusted earnings growth in the third quarter driven by strong high single-digit organic growth in Electrical Solutions and grid infrastructure as well as a lower year-on-year tax rate.

偉大的。早安，感謝各位參加本次研討會，共同探討 Hubbell 2025 年第三季業績。Hubbell 第三季調整後收益實現了兩位數成長，這主要得益於電氣解決方案和電網基礎設施業務強勁的高個位數內生成長，以及同比稅率的下降。

In Utility Solutions, T&D markets remain strong as utility customers invest to interconnect new sources of load and generation on the grid, while aging infrastructure continues to drive solid hardening and resiliency activity. Our grid infrastructure businesses achieved high single-digit organic growth in the quarter.

在公用事業解決方案領域，輸配電市場仍然強勁，因為公用事業客戶投資將新的負載和發電源連接到電網，而老化的基礎設施繼續推動電網加固和彈性增強活動的穩步推進。本季度，我們的電網基礎設施業務實現了高個位數的內生成長。

While the pace of inflection in grid infrastructure growth was steadier than we anticipated in our July outlook, markets and order activities are strong, and we anticipate further improvement in year-over-year organic growth in the fourth quarter. While Grid automation sales declined 18% in the third quarter on large project roll-offs, we anticipate these headwinds to fade in the fourth quarter as the business returns to more normalized comparisons.

儘管電網基礎設施成長的拐點速度比我們在 7 月的展望中預期的要穩定，但市場和訂單活動依然強勁，我們預計第四季度將同比有機成長進一步改善。雖然由於大型專案取消，電網自動化銷售額在第三季度下降了 18%，但我們預計隨著業務恢復到更正常的比較水平，這些不利因素將在第四季度消退。

In Electrical Solutions, we delivered high single-digit organic growth with continued margin expansion and double-digit adjusted operating profit growth. Our segment unification efforts and strategy to compete collectively are driving outgrowth in key vertical markets, most notably in data center, where new product introduction and capacity additions contributed to strong performance in the third quarter, with visibility to continued strength in the fourth quarter. We continue to simplify our HES segment to drive productivity and operating efficiencies, which we are confident will drive long-term margin expansion.

在電氣解決方案領域，我們實現了高個位數的內生成長，利潤率持續擴大，調整後營業利潤實現了兩位數的成長。我們的業務整合努力和集體競爭策略正在推動關鍵垂直市場的成長，尤其是在資料中心領域，新產品的推出和容量的增加促成了第三季的強勁業績，並且第四季度有望繼續保持強勁勢頭。我們將繼續簡化 HES 業務板塊，以提高生產效率和營運效率，我們相信這將推動長期利潤率的成長。

Turning back to overall Hubbell. While cost inflation accelerated from the first half as anticipated, our pricing and productivity actions have been successful in more than offsetting these costs. Our strong positions in attractive markets and our execution in proactively managing our cost structure drove positive price/cost productivity in the third quarter and positions us well to drive continued profitable growth going forward.

回到整體的Hubbell。雖然成本通膨如預期般從上半年開始加速，但我們的定價和生產力提升措施已成功抵銷了這些成本，而且收益遠超預期。我們在有吸引力的市場中佔據了強大的地位，並且積極主動地管理成本結構，從而在第三季度實現了積極的價格/成本生產力，這使我們能夠更好地推動未來持續的盈利增長。

We are raising our full year 2025 outlook this morning. Operationally, we anticipate the impact of lower organic growth to be fully offset by stronger margin performance, while a lower full year tax rate drives higher adjusted earnings per share relative to our prior outlook. As we look ahead to 2026, we anticipate a year of strong broad-based organic growth across the portfolio.

今天上午，我們上調了2025年全年業績預期。在營運方面，我們預計較低的有機成長將完全被更強的利潤率表現所抵消，而較低的全年稅率將推動調整後每股收益高於我們先前的預期。展望 2026 年，我們預期投資組合將實現強勁且全面的內生性成長。

Hubbell is uniquely positioned at the intersection of grid modernization and electrification, and we have driven strong performance over the last five years. As these megatrends accelerate, and we exit 2025 with recent supply chain normalization dynamics behind us, we are confident in our ability to deliver continued strong performance in 2016 and beyond.

Hubbell 在電網現代化和電氣化的交匯點上擁有獨特的優勢，並且在過去五年中取得了強勁的業績。隨著這些大趨勢的加速發展，以及2025年供應鏈近期正常化進程的結束，我們有信心在2016年及以後繼續保持強勁的業績。

Now turning to Slide 5. We announced at the beginning of October, the closing of our acquisition of DMC Power. We are very excited to add DMC to Hubbell's portfolio as the business is highly complementary to our utility connector product offerings and provides a unique technical solution in high-growth substation markets.

現在請看第5張投影片。我們在 10 月初宣布完成了對 DMC Power 的收購。我們非常高興將 DMC 加入 Hubbell 的產品組合，因為該業務與我們的公用事業連接器產品高度互補，並在高成長的變電站市場中提供獨特的技術解決方案。

Hubbell has been very successful in our acquisition playbook in utilizing our industry-leading sales force and portfolio, brand, to drive penetration of new solutions across our customer base and we are confident that we can accelerate DMC's strong growth trajectory further over the long term. This acquisition is a continuation of our capital allocation strategy to acquire high-growth high-margin businesses in attractive markets with strong strategic fit and product differentiation. We anticipate the acquisition of DMC will contribute approximately $0.20 of adjusted earnings per share accretion in 2026.

Hubbell 在我們的收購策略中取得了巨大成功，利用我們行業領先的銷售團隊和產品組合、品牌，推動新解決方案在客戶群中的滲透，我們有信心在長期內進一步加速 DMC 的強勁增長勢頭。此次收購是我們資本配置策略的延續，即在有吸引力的市場中收購高成長、高利潤、具有強大策略契合度和產品差異化優勢的企業。我們預計收購 DMC 將在 2026 年帶來約 0.20 美元的調整後每股收益成長。

Before I turn the call over to Bill, I want to highlight our recent announcement of Bill's upcoming retirement as CFO at the end of this year. Bill's contributions to Hubbell have been immeasurable over his 18-year career with the company, but let me highlight a few statistics that put his impact into perspective.

在將電話交給比爾之前，我想重點提一下我們最近宣布的比爾將於今年底卸任財務長的消息。在比爾為 Hubbell 公司效力的 18 年裡，他對公司的貢獻是無法估量的，但讓我列舉一些統計數據，以便更好地了解他的影響。

He led 68 quarterly earnings call, including more than 50 as CFO. He led the acquisition of 50 companies averaging a double-digit ROIC for our shareholders and most prominently, under Bill's tenure, Hubbell has more than doubled sales, improved OP margins from low teens to over 20% and increased our market cap from less than $3 billion to $23 billion.

他主持了 68 次季度財報電話會議，其中 50 多次擔任財務長。在他的領導下，公司收購了 50 家公司，平均為股東帶來了兩位數的投資報酬率。尤其值得一提的是，在比爾的領導下，Hubbell 的銷售額翻了一番多，營業利潤率從十幾歲提高到 20% 以上，市值從不到 30 億美元增長到 230 億美元。

In short, Bill's strategic and financial leadership have helped shape Hubbell in the company it is today. He is valued and respected by employees, customers and shareholders alike. And on a more personal note, Bill has been a trusted partner to me and our entire leadership team. Thank you for your distinguished service to Hubbell, Bill, and we wish you all the best in a well-earned retirement.

簡而言之，比爾的策略和財務領導力幫助塑造了哈貝爾公司今天的規模。他深受員工、客戶和股東的重視和尊重。就我個人而言，比爾一直是我和我們整個領導團隊值得信賴的合作夥伴。比爾，感謝您為哈貝爾公司所做的傑出貢獻，祝福您退休生活幸福美滿。

One of Bill's many strength was developing a strong bench of finance under Hubbell, and I'm pleased to have announced Joe Capozzoli as Bill's successor. Joe has held a wide range of leadership positions across Hubbell, and the finance organization over his 12 years and most recently has been the CFO of our Electrical Solutions segment where he has worked as a close business partner to our segment President, Mark Mikes, in implementing our strategy to transform HGS as a unified operating segment.

比爾的眾多優勢之一是在哈貝爾的領導下培養了一支強大的金融人才隊伍，我很高興地宣布喬·卡波佐利將接替比爾的職位。在過去的 12 年裡，Joe 在 Hubbell 及其財務部門擔任過各種領導職務，最近擔任電氣解決方案部門的首席財務官，與該部門總裁 Mark Mikes 密切合作，共同實施將 HGS 轉型為統一營運部門的策略。

You can see the success of Joe's leadership in that role to the strong growth and margin expansion of ATS over the last few years. Joe and I have worked closely together over our careers and I am confident in a seamless transition and in Joe's ability to drive further value for all of our key stakeholders in his new role as CFO starting in 2026.

從喬在該職位上的領導才能，我們可以看出 ATS 在過去幾年中實現了強勁增長和利潤率擴張。在我的職業生涯中，我和喬一直密切合作，我相信過渡會非常順利，而且我相信喬在 2026 年開始擔任財務長的新職位後，能夠為我們所有主要利益相關者創造更大的價值。

With that, let me turn the call over to Bill to provide some additional details on our financial results.

接下來，我將把電話交給比爾，讓他為我們提供更多有關財務表現的細節。

Good morning, everybody. Thanks for joining, and thank you, Gerben, for those remarks especially appreciative of the partnership you've offered me over my 18 years. And I think particularly the past five have been really special to me and Joe, I congratulate. I recruited him about 15 years ago, worked super closely with him. We've given him a variety of roles, as Gerben has noted, in corporate, in the field, inside of finance, operations and shared services. And I think you're going to find these really well prepared to be our CFO. And I think will be a great partner to Gerben, and I'm sure a great communicator to our shareholders.

各位早安。感謝各位的參與，也感謝 Gerben 的發言，特別感謝你在過去 18 年給予我的合作。我覺得過去的五年對我來說尤其特別，我和喬都對此表示祝賀。我大約15年前招募了他，和他密切合作過。正如 Gerben 所指出的，我們給了他各種各樣的角色，包括公司內部、現場、財務、營運和共享服務部門。我認為你會發現他們都具備擔任我們財務長的優秀素質。我認為他將成為 Gerben 的優秀合作夥伴，我確信他也會成為我們股東的優秀溝通者。

So I'm going to use the slides that you found. I'm starting on page 5, the third quarter results. You see sales up 4% to about $1.5 billion, OP similarly up 4% to $358 million. Adjusted diluted EPS up 12% and free cash flow up 34%. Let's go through each of those measures individually.

所以我打算用你找到的幻燈片。我從第5頁開始看，也就是第三季業績。銷售額成長 4% 至約 15 億美元，OP 也成長 4% 至 3.58 億美元。經調整後的稀釋每股盈餘成長 12%，自由現金流成長 34%。讓我們逐一分析這些措施。

So starting with sales, those results show really strong performance across the entire Electrical segment and the grid infrastructure unit within our utility segment. Those two areas, electrical and grid infrastructure grew collectively at around high single digits, where the grid automation component of utilities segment contracted and created about a 4% drag to the overall growth.

首先來看銷售業績，結果顯示整個電氣部門以及我們公用事業部門內的電網基礎設施部門都表現出色。電力和電網基礎設施這兩個領域整體成長了近兩位數，而公用事業部門的電網自動化部分卻出現萎縮，對整體成長造成了約 4% 的拖累。

What's important about that, as we look forward, we can see that the year-over-year compare for grid automation will start to flatten and that drag of 3 points or 4 points will start to ebb away, as Gerben said, fade. So the combination of growth in the Electrical segment growth in grid infrastructure plus the flattening of good automation is good driver of Q4 and ultimately a good setup for 2026.

重要的是，展望未來，我們可以看到電網自動化年增速將開始趨於平緩，正如 Gerben 所說，3 或 4 個百分點的拖累將開始減弱，逐漸消失。因此，電網基礎設施的電氣化領域成長，加上良好自動化的普及，是第四季度的良好驅動力，並最終為 2026 年奠定了良好的基礎。

The second column there is operating profit, 4% growth to $358 million margins roughly comparable with effective price pulling offsetting combination of tariffs and a higher level of restructuring spending, which we feel it's really important to continue to drive productivity and to keep pushing margins up into the future.

第二列是營業利潤，成長 4% 至 3.58 億美元，利潤率與有效的價格拉動效應大致相當，抵消了關稅和更高水平的重組支出，我們認為這對於繼續提高生產力並在未來繼續提高利潤率至關重要。

The earnings per share in the third to up 12% more than the growth rate in operating profit, and that's driven by tailwinds below the OP line. Specifically, we had share repurchases in the first half of the year totaling about $225 million that's helping lift EPS. And we had a lower tax rate as there was an international acquisition that gave us the opportunity for a tax-friendly restructuring and helped us drive the rate down. So helping push EPS up.

第三季每股收益成長比營業利潤成長率高出 12%，這是由於營業利潤以下的利多因素所致。具體來說，我們在今年上半年進行了總計約 2.25 億美元的股票回購，這有助於提升每股盈餘。而且，由於進行了一項國際收購，我們獲得了進行稅務友善重組的機會，從而降低了稅率，使我們的稅率也隨之降低。因此有助於推高每股盈餘。

And the fourth is free cash flow up 34%, $254 million, most importantly, in line to deliver our 90% of net income to the full year which continues to replenish the balance sheet. So Gerben commented on the DMC acquisition. And even after that, $825 million investment, our balance sheet is still poised for investment. And so very good to see us be able to absorb an acquisition of that size and just take that in stride.

第四點是自由現金流成長 34%，達到 2.54 億美元，最重要的是，這有望實現全年淨收入的 90%，並繼續補充資產負債表。所以 Gerben 對 DMC 的收購發表了評論。即便投入 8.25 億美元後，我們的資產負債表仍具備投資條件。所以，很高興看到我們能夠消化如此規模的收購，並坦然接受。

So now let's unpack the performance by segment. And on page 6, we'll start with the Utility segment results. Sales up 1% to $944 million. OP roughly comparable in dollars to $242 million. Back to sales, you see the grid infrastructure unit which accounts for about three-quarters of the segment grew high single digits. And I think the good news about that strength is that it was broad across all of the end markets.

現在讓我們按細分市場來分析一下業績。接下來，我們將在第 6 頁開始介紹公用事業板塊的結果。銷售額成長1%，達到9.44億美元。約2.42億美元。回到銷售方面，可以看到佔該業務板塊約四分之三的電網基礎設施部門實現了接近兩位數的成長。我認為好消息是，這種強勁勢頭遍及所有終端市場。

So Transmission was double digit, seeing strength driven by low growth and grid interconnections. Substation was up mid- to high single digit distribution up double digit with grid hardening and resiliency initiatives, and that's a good sign. That's representing acceleration as we move past a period of inventory normalization and distribution area.

因此，輸電業務實現了兩位數成長，成長主要受低成長和電網互聯的推動。變電站的配電比例從個位數中高位增長到兩位數，這得益於電網加強和彈性措施，這是一個好兆頭。這代表著隨著我們度過庫存正常化和分銷區域階段，市場正在加速發展。

And lastly, Telecom and Enclosures returned to growth in the third quarter. I think you'll remember that had been dragging on us through an overstock situation there. So third quarter experiencing good breadth of sales strength in utility grade infrastructure. I think as we look to the fourth quarter in that area, we've got very good visibility to stronger growth rates in the fourth quarter. That's really being driven by the order book, which has really accelerated over the past two months in September and October, really releasing some pent-up spending and I think is a good sign for 4Q and beyond.

最後，電信和機櫃業務在第三季恢復成長。我想你應該還記得，那邊一直因為庫存過剩而拖延著我們。因此，第三季公用事業級基礎設施的銷售表現強勁，覆蓋率廣。我認為，展望第四季度，該領域的成長率有望大幅提升。這主要受訂單量的推動，訂單量在過去兩個月（9月和10月）大幅增長，釋放了一些被壓抑的支出，我認為這對第四季度及以後來說是一個好兆頭。

Grid automation, continuing the trend from the last several quarters, down double digits driven by project roll-offs that aren't being backfilled with new projects, and that's being partially offset by growth in grid protection and control products. I think what's important here about the grid automation is we're really coming up to the point where we've had four quarters in a row now sequentially bouncing around between about $230 million to $240 million of quarterly sales. And so that started in the fourth quarter of 2024.

電網自動化延續了過去幾季的趨勢，由於專案取消而沒有新專案填補空缺，導致兩位數的下降，但電網保護和控制產品的成長部分抵消了這一影響。我認為電網自動化方面比較重要的一點是，我們已經連續四個季度實現了季度銷售額在 2.3 億美元到 2.4 億美元之間波動。因此，這項計劃於 2024 年第四季啟動。

So as we get to the fourth quarter of 2025, we're going to start to see that sequential flatness turn into year-over-year flatness and really remove the drag on the segment that we've been experiencing. So good news there, just around the corner. On the OP side, dollars roughly comparable. Pricing and cost management created a nice tailwind, but offset largely with higher levels of restructuring spend and decrementals from the grid automation side.

因此，到了 2025 年第四季度，我們將開始看到這種環比平穩轉變為同比平穩，並真正消除我們一直以來所經歷的對該行業的拖累。好消息就在眼前。樓主這邊，美元金額大致相當。定價和成本管理帶來了良好的利好，但重組支出增加以及電網自動化方面的減少在很大程度上抵消了這些利好。

Page 7, let's switch to the Electrical segment. And you'll see Electrical segment continuing a string of strong performance here over the last several quarters. So you see double-digit sales growth of 10% and 17% OP growth with about 140 basis points of margin expansion. Returning to those sales, you'll see 8% organic fundamentally across the end markets, that lift is coming from two of those markets. One is data centers where we're selling connectors and grounding balance of system products as well as modular power distribution skin solutions, very strong growth there.

第 7 頁，我們切換到電氣部分。你會發現，在過去的幾個季度裡，電氣板塊繼續保持著強勁的業績表現。因此，您可以看到銷售額達到兩位數成長，達到 10%，營業利潤成長 17%，利潤率擴張約 140 個基點。回到這些銷售情況，你會發現終端市場整體有機成長了 8%，而這項成長主要來自其中的兩個市場。一是資料中心，我們在那裡銷售連接器和系統平衡產品以及模組化配電解決方案，該領域成長非常強勁。

Also very strong growth from the Light Industrial segment where you see connectors being sold into industrial applications, providing the lift there. That's where our R&D brand is continuing through the markets heavy industrial, a little bit mixed in the quarter and nonres remaining soft as it has been for the past few quarters. So basically by market there, you see about 8% growth. But beyond market growth, we feel good that we're pushing for both organic and inorganic growth here.

輕工業領域也實現了非常強勁的成長，連接器被銷售到工業應用中，推動了該領域的成長。我們的研發品牌繼續在重工業市場中發展，本季市場表現略有波動，非住宅市場也像過去幾季一樣保持疲軟。所以基本上，就當地市場而言，你會看到大約 8% 的成長。但除了市場成長之外，我們很高興看到我們在這裡同時推動了有機成長和無機成長。

So we've effectively realigned the sales force. We have a more geographic bent now, which creates some efficiency, and we're complementing that with some vertical market specialists which creates some effectiveness, and we're very happy about how that's working for us. New product development, which Gerben had mentioned, we continue to expand the franchise organically through those measures. And on the inorganic side, we've been successfully operating an acquisition since the first quarter of '25, inventive provide solutions that power protect and connect wireless network. So Electrical really doing both organic and inorganic measures here.

因此，我們有效地重組了銷售團隊。我們現在更加重視地域性，這提高了效率，同時我們也聘請了一些垂直市場專家來補充，這提高了效果，我們對這種模式的運作方式非常滿意。正如 Gerben 所提到的，我們透過新產品開發，繼續以這些措施有機地擴大特許經營權。在非有機成長方面，自 2025 年第一季以來，我們一直在成功進行收購，創新地提供能夠保護和連接無線網路的解決方案。所以，Electrical公司其實同時採取了有機和無機措施。

On the OP side, the 140 basis points of margin expansion coming through volume growth, price cost management and productivity initiatives to drive efficiency, as Gerben described, both Joe and Mark Mike and their team putting in initiatives to compete collectively as a segment. So really nice job turned in by Electrical Solutions segment, continuing multiyear story there, driving margins up.

在OP方面，正如Gerben所描述的那樣，透過銷售成長、價格成本管理和提高效率的生產力舉措，利潤率將擴大140個基點；Joe和Mark Mike以及他們的團隊都在採取措施，作為一個細分市場共同競爭。電氣解決方案部門表現出色，延續了多年來的成長勢頭，推動利潤率上升。

Let's pivot from describing the third quarter and so looking forward on page 8. And you'll see that we've adjusted our EPS guidance upward for the year as well as narrowing the range. So we had a $0.50 range from $17.65 to $18.15. We now have a $0.20 range from $18.10 to $18.30. That's a midpoint movement from $17.90 to $18.20 or a $0.30 increase, and we're essentially passing through lower expected tax rate for 2025.

讓我們不再描述第三季度，而是展望第 8 頁。你會發現，我們上調了今年的每股盈餘預期，並縮小了預期範圍。所以之前價格區間是 17.65 美元到 18.15 美元，漲幅是 0.50 美元。現在價格區間是 18.10 美元到 18.30 美元，漲幅為 0.20 美元。這相當於價格中點從 17.90 美元上漲到 18.20 美元，也就是上漲了 0.30 美元，我們實際上是在反映 2025 年預期稅率的降低。

And that really implies that operationally for us, the third quarter was in line with what we needed to hit the full year target. We're getting there with a little more weight to electrical versus utility, and we're getting there with a little bit more weight to margin and sales versus what we had originally expected. But this outlook now can be summarized in that 3% to 4% organic growth, OP margins expanding in the 50 basis point to 100 basis point range, good pricing, good productivity initiatives.

這實際上意味著，就我們的營運而言，第三季符合我們實現全年目標所需的要求。我們正在逐步提高電力業務相對於公用事業業務的權重，並且我們正在逐步提高利潤率和銷售額，這與我們最初的預期有所不同。但現在的前景可以概括為：3%至4%的有機成長，營業利潤率擴大50至100個基點，良好的定價，良好的生產力提升措施。

The DMC acquisition, which Gerben highlighted, we're anticipating being neutral to earnings in Q4 as we set it up to contribute $0.20 next year. And we've got the free cash flow driving towards 90% of adjusted income conversion. It may be instructive to comment on and talk about the Q4 that's needed to deliver this full year guide. It's a little bit stronger than normal seasonality. And I just want to take a second to describe why we're confident to have the visibility in that.

Gerben 重點提到的 DMC 收購案，我們預計對第四季收益影響不大，因為我們預計明年將貢獻 0.20 美元。我們有自由現金流推動調整後營收轉換率達到 90%。評論和討論一下完成這份全年業績指南所需的第四季度工作可能會很有啟發意義。比正常的季節性波動強一些。我想花一點時間解釋為什麼我們有信心在這方面取得這樣的成就。

So the fourth quarter would imply 8% to 10% organic growth with contributions from both segments. And if you think about the step-up in growth, if we walk sequentially, you can see -- we talked about the absence of the grid automation headwinds that adds substantially. We've got incremental price in the fourth quarter, and we see strong visibility to data center projects new capacity inside of our Burndy business from some investments we've made in automation there and very substantial pickup in September and October in the transmission and distribution orders of utility segment.

因此，第四季意味著有機成長8%至10%，兩個業務部門均有貢獻。如果你考慮成長的階梯，如果我們按順序來，你可以看到——我們討論過電網自動化帶來的不利因素的缺失，這大大增加了增長。我們在第四季度獲得了增量價格，我們看到數據中心項目的新容量在 Burndy 業務中展現出強勁的前景，這得益於我們在那裡進行的自動化投資，以及 9 月和 10 月公用事業部門輸配電訂單的大幅增長。

So we see that we've got visibility to that, and we're going to see margin expansion in both segments in the quarter. And so that's leading to our ability to maintain that original guide with the pass-through of the taxes creating a $0.30 increase.

因此，我們看到了這一點，並且我們將在本季度看到這兩個業務板塊的利潤率都將有所提高。因此，我們能夠在稅收轉嫁的情況下維持原有的價格指導，從而導致價格上漲 0.30 美元。

So with that, I'll pass it back to Gerben and ask him to pull back the lens from this quarterly focus to a longer-term view of our utility franchise.

因此，我將把這個任務交還給 Gerben，請他把目光從這個季度的重點轉移到我們公用事業特許經營的長期發展上。

Okay, great. Before we give our preliminary thoughts on 2026, we thought it would be instructive to set the stage by taking a closer look at the performance of our utility segment over the last five years and how that sets us up looking ahead to 2026 and over the next several years, and this is on page 9.

好的，太好了。在對 2026 年提出初步想法之前，我們認為有必要先仔細回顧過去五年我們公用事業部門的表現，以及這如何幫助我們展望 2026 年和未來幾年，這部分內容在第 9 頁。

While there is a lot of information on the page, let me highlight a few key points. First, while supply chain dynamics have impacted the various pockets of our segment over the last few years, we have executed well through these dynamics, and they will be fully normalized exiting 2025.

雖然頁面上的資訊很多，但我將重點放在幾個關鍵點。首先，雖然過去幾年供應鏈動態對我們業務的各個領域都產生了影響，但我們已成功應對了這些動態，這些動態將在 2025 年後完全恢復正常。

Second, the strong growth and margin expansion we have delivered has been driven by our large, high growth and margin businesses. Most notably, T&D infrastructure has grown a double-digit CAGR over the last five years underpinned by our strong portfolio, position and secular megatrends and proactive price cost management. While our meters and AMI performance has been more modest we are confident that we have repositioned this business with the appropriate cost structure and a more focused strategy to deliver growth at improving margin levels moving forward.

其次，我們所取得的強勁成長和利潤率擴張是由我們規模龐大、成長迅速且利潤豐厚的業務所驅動的。最值得注意的是，在過去五年中，輸配電基礎設施實現了兩位數的複合年增長率，這得益於我們強大的產品組合、市場地位、長期發展趨勢以及積極的價格成本管理。雖然我們的電錶和 AMI 業務表現較為一般，但我們相信，我們已經透過適當的成本結構和更專注的策略重新定位了這項業務，以期在未來實現利潤率的提高。

Third, our M&A and capital allocation strategy has been effective in driving outgrowth while expanding our leading utility positions. Most notably, in substation automation with the acquisition of Systems Control, as well as the attractive area of grid protection and control.

第三，我們的併購和資本配置策略有效地推動了業務成長，同時擴大了我們在公用事業的領先地位。最值得注意的是，在變電站自動化方面，收購了系統控制，以及在電網保護和控制這個極具吸引力的領域。

And finally, as we look back at the last several years of performance as a whole, HUS has delivered organic growth in line with strong utility CapEx budgets, which are set to accelerate further over the next several years as customers increase their investment budget to meet the demands of grid hardening, load growth and data center interconnections. We are confident that our strong position in these attractive markets will enable our Utility Solutions segment to meet or exceed our long-term targets for mid-single-digit organic growth moving forward.

最後，回顧過去幾年的整體業績，HUS實現了有機增長，這與強勁的公用事業資本支出預算相符，而且隨著客戶增加投資預算以滿足電網加固、負載增長和數據中心互聯的需求，未來幾年這一增長勢頭還將進一步加快。我們相信，憑藉我們在這些極具吸引力的市場中的強大地位，我們的公用事業解決方案部門將能夠實現或超過我們長期設定的中等個位數有機成長目標。

Now turning to page 10. I'd like to provide some preliminary views on our end markets for the next year before providing a more comprehensive full year outlook in the next few months. In Utility Solutions, we have high visibility to a robust project pipeline supporting continued strength in substation and transmission markets. While ongoing hardening and resiliency activity support continued momentum in distribution markets and modernization initiatives support strong growth in grid protection and controls. In our smaller end markets, we anticipate a return to growth in meters and AMI as well as telecom.

現在翻到第10頁。在接下來的幾個月裡，我將提供更全面的全年展望，在此之前，我想先為我們明年的終端市場提供一些初步看法。在公用事業解決方案領域，我們擁有充足的專案儲備，這為變電站和輸電市場的持續強勁發展提供了有力支撐。持續的加固和韌性活動支持配電市場的持續成長勢頭，而現代化舉措則支持電網保護和控制的強勁成長。在我們規模較小的終端市場中，我們預期電錶、AMI 以及電信業務將恢復成長。

In Electrical Solutions, we expect data center, light industrial and T&D markets to remain strong. While macroeconomic uncertainty drives a more modest preliminary growth outlook in areas of the portfolio such as nonresidential construction, heavy industrial and renewables. We are confident that our strategy to compete collectively in HES will continue to drive above-market growth and long-term margin expansion.

在電氣解決方案領域，我們預期資料中心、輕工業和輸配電市場將保持強勁勢頭。宏觀經濟的不確定性導致投資組合中非住宅建築、重工業和再生能源等領域的初步成長前景較為溫和。我們相信，我們在HES領域採取的集體競爭策略將繼續推動高於市場平均的成長和長期利潤率的提升。

Overall, we see an attractive end market environment which we believe will enable us to deliver organic growth in line with our long-term targets, and we are confident that accelerating mega trends impacting the largest high-margin areas of our portfolio will underpin strong performance in 2026 and beyond.

總體而言，我們看到了一個極具吸引力的終端市場環境，我們相信這將使我們能夠實現符合長期目標的內生成長，並且我們有信心，影響我們投資組合中利潤率最高領域的加速發展趨勢將支撐我們在 2026 年及以後取得強勁的業績。

With that, let me turn the call over to Q&A.

接下來，我將把通話交給問答環節。

(Operator Instructions) Jeffrey Sprague, Vertical Research.

（操作說明）Jeffrey Sprague，Vertical Research。

Hey, thanks. Good morning, everyone. Hey, thanks for -- Well, Bill, thanks for everything over the years, and that's a lot. Hopefully, we'll see you around. And then just kind of appreciate on 2026, maybe you don't want to kind of get over your skis given how frustrating this utility guide has been this year. But I just want to sort of interrogate a little bit Q3 versus Q4 in utility and think about what that exit rate really means for 2026.

嘿，謝謝。各位早安。嘿，謝謝你——嗯，比爾，謝謝你這些年來所做的一切，真的很多。希望我們還能再見面。然後，到了 2026 年，你或許就不想放棄滑雪了，畢竟今年的實用指南有多令人沮喪。但我只想稍微探究一下第三季與第四季在實用性上的差異，並思考一下這種退出率對 2026 年的真正意義。

I think there's a little bit of debate about what is normal seasonality but one could certainly make a case on simple arithmetic that this exit rate for utility would actually point to maybe double-digit utility growth in 2026.

我認為對於什麼是正常的季節性還存在一些爭議，但透過簡單的算術，肯定可以證明，這種公用事業的退出率實際上可能預示著 2026 年公用事業將實現兩位數的增長。

So I just want to get your thoughts on that. Again, I understand you don't want to get ahead of your skis here, but maybe how unusual is Q4, the stuff that you expected to happen in Q3 slip into Q4 and therefore, we need to be a little judicious about thinking about the exit rate.

所以我想聽聽你對此的看法。我再次理解您不想操之過急，但也許第四季度的情況很不尋常，原本預計在第三季度發生的事情會延續到第四季度，因此，我們需要謹慎地考慮退出率。

Yes. I think you hit on several important points in that question, Jeff, which we would agree with. And thank you for the well-wishes by the way. But I do think that there's a chance you could see a very strong year. I think we think, as you say, it's prudent for us to plan our resources around that sort of long-term guidance that we've had.

是的。傑夫，我認為你在這個問題中提到了幾個要點，我們對此表示贊同。順便說一句，謝謝你的祝福。但我認為今年很有可能迎來非常強勁的一年。我認為，正如你所說，我們應該謹慎地根據我們所擁有的那種長期指導方針來規劃我們的資源。

Fourth quarter's got some easy compares and you point out seasonality as a point of debate, which usually we have a head and shorter construction where the fourth quarter is a little bit lower. And we still probably have that, but your year-over-year with some easy comps help really boost that. I think you started looking at the sequentials and then apply seasonality to ['26] and you start to feel that setup is pretty good. So we share your confidence. We think it's prudent as you say, not get over the skis.

第四季有一些容易比較的比較，你指出季節性是一個爭論點，通常我們會採用一個較短的周期結構，導致第四季略低一些。我們可能仍然有這個優勢，但你透過一些簡單的對比數據，確實有助於提升這個優勢。我認為你開始關注序列，然後將季節性因素應用於 ['26]，然後你開始覺得這種設定相當不錯。所以我們和您一樣充滿信心。正如你所說，我們認為謹慎的做法是不要操之過急。

Yes, maybe the one thing, and we're certainly looking at those exit rates as well with the businesses and to see what could be and I think, Bill, you said it well. maybe going into the year and a little bit to your point of the frustration this year is that we'll take a more conservative approach going into next year and really making sure that our cost is aligned to that lower volume. And then if we do see the upside, and I think, Bill, you're correct that, that upside could likely happen, we'll benefit from it.

是的，或許有一點要注意，我們當然也在關注這些企業的退出率，看看可能會發生什麼情況。比爾，你說得很好。或許進入新的一年，也正如你所說，今年令人沮喪的一點是，我們將採取更保守的策略，確保明年的成本與較低的業務量相符。然後，如果我們真的看到了利好，而且我認為，比爾，你說得對，這種利好很可能會發生，我們將從中受益。

Could you elaborate a little bit more on the September, October order strength? And also just thinking about the up arrows here on the slide for telecom and meters specifically. Obviously, these have been nagging issues and problems all through 2025, some of it's comps, but still sort of an issue of can those businesses grow, why will they grow? Should they grow? Just the confidence to put up arrows on those into 2026.

能否再詳細談談9月和10月的訂單強度？另外，也要特別留意投影片上電信和計量方面的向上箭頭。顯然，這些問題在 2025 年一直困擾著我們，儘管有些比較情況有所不同，但問題仍然是這些企業能否成長，以及為什麼它們會成長。它們應該生長嗎？只是有足夠的信心把這些目標指向 2026 年。

We started with Telecom, again, it's a function of sequential math where we got flat for more than four quarters. And so the growth comes, but certainly, Jeff, off of a lower level, right? And that's just that's already sort of happened, and we see demand there and orders in line to support that.

我們從電信業開始，這同樣是按順序計算的結果，我們在四個多季度都處於停滯狀態。所以成長是必然的，但傑夫，肯定是從較低的水平開始的，對吧？這種情況實際上已經發生了，我們看到了這方面的需求，訂單也正在排隊支援這種需求。

I think with meters and AMI it's not dissimilar. We've seen four-ish quarters of contraction and building a franchise that's maybe led off some of the larger public utility projects and kind of getting down to a size that is based on stronger MRO base as well as some good repeatable business inside of the union co-op segment.

我認為電錶和AMI系統之間並沒有太大差異。我們已經經歷了大約四個季度的萎縮，並建立了一個特許經營權，這可能引領了一些較大的公共事業項目，並且規模縮小到基於更強大的MRO基礎以及工會合作社部門內一些良好的可重複業務。

So I think that's -- and you will note the color there of yellow maybe suggest it's not bar, but let's call it, modest Jeff. And then the September October order strength I think the best thing to say about it is it's very broad-based inside of the T&D world really across all of the products. So I don't know, Gerben, if you have anything to add.

所以我覺得——你會注意到那裡的黃色可能表明它不是酒吧，但我們就叫它謙虛的傑夫吧。至於 9 月和 10 月的訂單強度，我認為最好的描述是，它在 T&D 領域非常廣泛，涵蓋了所有產品。所以，格爾本，我不知道你是否還有什麼要補充的。

Yes. I would say this was the inflection we were expecting to happen and perhaps a little bit later. And if we think back and with some of the discussion with our customers, certainly with the tariff environment, and there have been some pretty significant ongoing tariff increase and pricing increases over the summer.

是的。我認為這是我們預期會發生的轉捩點，或許比預期晚了一點。如果我們回顧一下與客戶的一些討論，特別是關於關稅環境的討論，就會發現夏季期間關稅和價格都出現了相當大的持續上漲。

These customers are working within their budgets and assessing what this all means for their budgets. And I think that perhaps influenced a little bit but it's very hard to call exactly in timing to a specific month or quarter. But the good news is we're seeing it come up. And I would say this is what been waiting and expecting to happen.

這些客戶都在預算範圍內運作，並評估這一切對他們預算的影響。我認為這或許有一定影響，但很難準確指出具體是哪個月份或季度。但好消息是，我們看到這種情況正在發生。我想說，這正是我一直期待和等待發生的事情。

I'm sorry, just one quick one. Is this tax rate sustainable into '26?

不好意思，就問一個問題。這個稅率能持續到2026年嗎？

Yes. It's driven by an international acquisition restructuring. So I'd say it's project-driven, Jeff, and we're anticipating tax rate normalizing next year.

是的。這是由國際收購重組所推動的。所以我覺得這是項目驅動的，傑夫，我們預計明年稅率會恢復正常。

Alright. Thanks.

好吧。謝謝。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Good morning and thank you for taking my questions.

早上好，感謝您回答我的問題。

Good morning, Tommy.

早安，湯米。

I want to make sure I'm hearing you here on the pace of recovery for utility. Is it a fair characterization that in reducing the organic guidance for this year, the revenue guidance -- it was entirely within the Utility segment, but that the shape of the recovery is as expected, the timing has shifted.

我想確認一下，您所說的公用事業復甦速度我理解對了嗎？可以這樣描述：今年的有機成長預期有所下調，營收預期也隨之下調——這完全是公用事業部門的業績下滑，但復甦的形態正如預期，只是時間有所變化。

I would say both your points are accurate, yes.

我認為你們兩點都正確。

Okay. Thank you. And that would be true as well of the distribution piece of that business?

好的。謝謝。那麼，該業務的分銷環節也是如此嗎？

Yes. I think we saw a good inflection in distribution in the third quarter, Tommy, but I think that's a similar comment as well.

是的。湯米，我認為我們在第三季度看到了分配情況的良好轉變，但我認為這也是一個類似的說法。

Yeah. Okay. Thank you. And I'll move to a housekeeping type item here. On your early commentary for 2026, which is appreciated as always, you indicated that organic growth is in line with long-term targets. We've heard from you before on the sales piece of that four to six, have you commented explicitly on what your organic earnings algorithm is? I know you've communicated a double-digit pace, but I think that includes some acquisitions. And so if there's anything you could do to tightness that would help.

是的。好的。謝謝。接下來我要談一些家事方面的事。您在對 2026 年的早期評論中（一如既往地令人讚賞），指出有機增長符合長期目標。我們之前聽您提到 4 到 6 年的銷售情況，您是否明確評論過您的自然收入演算法是什麼？我知道你們已經宣布了兩位數的成長速度，但我認為這其中包含了一些收購。所以，如果有什麼辦法可以緩解肌肉緊張，那就太好了。

What we've talked about is four to six from the top line. We've talked about incrementals in the 25-ish to 30 range that gets you a loan into high single digits. And then we're talking about buttressing that inorganically, Tommy. So the -- that's kind of mathematically how we built to double digits for kind of mid-cycle sustainable earnings growth.

我們剛才討論的是頂線往下數的四到六個。我們已經討論過，每次增貸金額在 25 到 30 左右，這樣你的貸款金額就能降到個位數。然後我們還要討論如何用非自然的方式支撐它，湯米。所以——這就是我們實現兩位數成長，從而在中期實現可持續獲利成長的數學原理。

Steve Tusa, JP Morgan Chase & Company.

史蒂夫‧圖薩，摩根大通公司。

Hey, good morning. I am not a big management tire pumper here, but thanks a lot for all the interactions over the years, Bill and I think you're not only a really good and honest CFO, but a great guy. So it's been a pleasure working with you and hopefully set around the golf course in the future.

嘿，早安。我不是那種喜歡吹捧管理層的人，但是比爾，非常感謝你這些年來的所有互動，我認為你不僅是一位非常優秀、誠實的首席財務官，而且是一位很棒的人。所以，與您合作非常愉快，希望將來有機會再次一起在球場上揮桿。

Thank you, Steve, Likewise, back at you.

謝謝你，史蒂夫。也謝謝你。

So just on the quarter pricing, what was -- what's kind of the breakout by the two segments?

那麼就季度定價而言，這兩個細分市場的具體情況如何？

Yes. We were talking about pricing for the year being in the 3 point range and the quarter was in line with that and I'd say, reasonably balanced between the segments. Steve?

是的。我們之前討論過全年的定價在 3 個點左右，而本季也符合這個預期，我認為各個細分市場之間的定價相當平衡。史蒂夫？

Okay. And then any -- can we just talk about the puts and takes on the margins for next year? Anything moving around on the PCP front for next year?

好的。那麼，我們能不能談談明年的利差交易呢？明年PCP（苯環利定）方面有新動向嗎？

Yes. I mean I think I'd rather wait and let my esteem colleague, Joe give you those guidances in our January call. But I do think if you take the long-term setup that we're referring to, which goes back to Investor Day, the incrementals that we cite are below what I would call maybe harvesting incrementals and that implies that we would anticipate continuing to make investments along the way.

是的。我的意思是，我覺得還是等等吧，讓我尊敬的同事喬在1月的電話會議上給你這些指導。但我認為，如果我們從我們所指的長期角度來看（可以追溯到投資者日），我們提到的增量低於我所說的收穫增量，這意味著我們預計會在過程中繼續進行投資。

As you know, there's a little bit of wraparound price embedded. And we'll talk through all that in detail in January, but that's kind of how that long-term framework really plays out.

如您所知，其中包含了一些附加費用。我們將在1月詳細討論所有這些問題，但這就是這個長期框架的實際運作方式。

Yes. Maybe the only thing to add is we certainly will continue to manage the price cost productivity equation to net neutral or better.

是的。或許唯一需要補充的是，我們一定會繼續努力，使價格成本與生產力之間的關係達到淨零或更高水準。

All right. And then, Jeff, I'd like, I think, 3.5 questions. So I'll just do three. The -- I guess just on this drag from the meters and the other kind of infrastructure, more infrastructure-type businesses. How much visibility do you think you have on that bottoming? And do you just get the sense that some of your businesses are getting like crowded out from an investment perspective with such a significant focus from the utilities on P&G as opposed to the D side of the equation?

好的。然後，傑夫，我想問3.5個問題。所以我只做三個。我猜想，正是這種來自計量表和其他基礎設施的拖累，以及更多基礎設施類型的企業。你認為你對底部情況的可見度有多高？您是否感覺到，由於公用事業公司將大量資金投入寶潔公司，而不是像D公司那樣關注電力行業，導致您的某些業務在投資方面受到擠壓？

Yes. So first question. Remind me sorry, Steve, I was thinking about the direct.

是的。第一個問題。對不起，史蒂夫，我剛才在想面對會的事情。

I did. I snuck in 3.5 maybe 4, but the first one is just how much visibility do you have on the Aclara and grid infrastructure drag? Like how confident are you?

我做了。我偷偷加了 3.5 到 4 個，但第一個問題是，您對 Aclara 和網格基礎設施的阻力有多大了解？你有多自信？

Yes. Thanks, Steve. I would say it's generally longer dated than our -- certainly our distribution side of the business. But -- it's after this big project rollout, this business now has more of a component of MRO and we see future projects actually being less lumpy. We're refocusing this business on more of the public power.

是的。謝謝你，史蒂夫。我認為它通常比我們的——當然也包括我們的分銷業務——的周期更長。但是——正是在這個大型項目推出之後，這項業務現在有了更多MRO（維護、維修和大修）的成分，我們看到未來的項目實際上會更加平穩。我們將把這項業務的重心更多地放在公共電力領域。

Those projects tend to be smaller, and they tend to be implemented over a longer period of time as well. So I would say what was much longer visibility is now much smaller. But I think it's also going to be more predictable for that business. And certainly, distribution is still going to be very good growth.

這些項目往往規模較小，實施週期也往往較長。所以我覺得，以前能見度很高的地方，現在能見度已經大大降低了。但我認為這對那個行業來說也會更可預測。當然，分銷領域仍將保持非常好的成長動能。

Yes, the crowding out point, I think, is one we debate a lot, Steve. And I think even the way he was asking is a heavy amount of T&S spending going to for by definition, drive kind of down a little bit and we've seen a very healthy deed. And even though there's some logic and there's a fixed number of dollars, -- it just feels like there's going to be growth across those three markets.

是的，我認為，擠出效應這一點是我們經常討論的問題，史蒂夫。而且我認為，他提出的要求實際上是將大量的運輸和供應支出用於推動經濟發展，這在某種程度上降低了成本，而我們已經看到了一個非常健康的舉措。儘管其中存在一些邏輯因素，而且金額也是固定的，但感覺這三個市場都會出現成長。

And maybe the one thing that, if it did drag it out and we saw the upside in substations at which we will. We're a little bit agnostic. We're very strong position in all three of those markets. I'd say equally strong position, so $1, an additional dollar goes to substation and transmission that just delays the investments that need to be made in distribution. So we'll probably extend that cycle of investment that will benefit. So we see our position to benefit equally if some of that happens, and it could.

也許有一件事，如果這種情況持續下去，我們看到了變電站的優勢，我們將會看到這一點。我們有點不可知論。我們在這三個市場都擁有非常強大的地位。我認為雙方地位同樣穩固，所以每增加 1 美元，就意味著要投入變電站和輸電線路，這只會延緩配電領域所需的投資。因此，我們可能會延長這項投資週期，這將使我們受益。因此，我們認為如果其中一些情況發生，我們同樣會從中受益，而這種情況也確實有可能發生。

Okay, great, thanks a lot.

好的，太好了，非常感謝。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

Thank you. I just wanted to follow up on, I guess, the softer back half utility organic growth. I guess, maybe relative to three months ago, is this like a function of Aclara, maybe softening a little bit versus that Q2 kind of expectation. Is distribution turning just maybe not as sharp as previously expected? I guess just kind of what specifically is kind of causing the utility back half to come in below? Thank you.

謝謝。我只是想跟進一下，我想說的是，後半段較為平緩的實用主義有機增長。我猜，或許相對於三個月前而言，這有點像是 Aclara 的業績，可能比第二季的預期略有下降。分銷管道的轉變或許並沒有先前預期的那麼劇烈？我想問的是，具體是什麼原因導致後半部公用事業收入低於預期？謝謝。

Yes, Chris, it's not Aclara. Aclara has been kind of as expected. There is just a little less from the T&D side. Now we say that and it's growing 8%, right? It's not like that's a low growth rate, but we were expecting kind of this sharper snapback that the September and October orders are suggesting.

是的，克里斯，它不是Aclara。Aclara的表現基本上符合預期。輸配電方面稍微少一點。現在我們這麼說，它的成長率是 8%，對吧？雖然成長率不算低，但我們原本預期會出現像 9 月和 10 月訂單所顯示的那種更強勁的反彈。

And so I think Gerben's -- Gerben described it as a more steady improvement rather than maybe that third quarter snap back, but I think we're going to see a little snap in the fourth quarter here. So it's within T&D, just, I'd say, 90 days delayed. Chris, is really what I would say.

所以我認為格爾本——格爾本將其描述為一種更穩定的進步，而不是像第三節那樣突然反彈，但我認為我們會在第四節看到一些反彈。所以這在技術發展和交付範圍內，只是，我估計，延遲了 90 天。克里斯，我真想這麼說。

Thank you. I appreciate that. And then, I mean, it seems like the full year guide kind of calls for pricing to exit maybe in like the 5% range versus, I think you guys said 3% in Q3. So I guess, is that right? And then just any commentary you would have on price realization? Any pushback on price in the market, any elasticity you're seeing tied to that? Thank you.

謝謝。我很感激。然後，我的意思是，全年的指導方針似乎要求價格退出時可能在 5% 左右，而我記得你們在第三季度說過是 3%。所以，是這樣嗎？那麼，您對價格實現還有什麼看法呢？市場上的價格是否有任何阻力？你觀察到的價格彈性與此有何關聯？謝謝。

Yes, let's start with kind of the timing of pricing, and we've recognized tariff costs increasing throughout the year. And similarly, pricing to match that has increased throughout the year. So I think you're right to say if we end the year in the ballpark of 3%, you do a little bit better in the fourth quarter. And then I think some of that would wrap around. In terms of stickiness, I think the stickiness has been quite good in terms of pushback.

是的，我們先從定價的時間安排說起，我們已經注意到關稅成本全年都在上漲。同樣，與之相匹配的價格也在全年上漲。所以我覺得你說得對，如果我們全年的勝率在 3% 左右，那麼第四季的表現就會好一些。然後我認為其中一些會環環相扣。就黏性而言，我認為就反彈力而言，黏性相當不錯。

Maybe ask Gerben to comment. But I would say, so far, we're talking about very constructive discussions with our channel partners very constructive discussions with our end market partners. And -- but I don't know Gerben if you had anything to say on stickiness and or.

或許可以請格爾本發表意見。但我想說，到目前為止，我們與通路夥伴以及終端市場合作夥伴的討論都非常具有建設性。而且——但我不知道格爾本，你對黏性或其他方面有什麼看法。

Yes. No. I'd say our price realization has been quite strong this year. And I'd say not much different from what it has been the last couple of years. And if you remember, our certainly are in the market -- some of the markets that we operate in, the demand is pretty strong.

是的。不。我認為我們今年的價格實現情況相當不錯。我覺得和過去幾年相比並沒有太大變化。如果你還記得的話，我們當然在市場上——在我們經營的一些市場中，需求非常強勁。

If you look at utility and data centers. The other thing to remember, we're generally a small part of the total cost of systems going to go in, but critical in the use. So usually, quality, service, availability is the leading conversations and questions with strong specified positions in many of the markets that we deal in. So that all works in our favor for why you would have strong stake right now. The conversations have been more frequent, I would say, as some of these tariffs came through, but a big part of that was just helping our customers understand where some of these costs we're coming from, how this affected our product line.

如果你看看公用事業和資料中心。另一點要記住的是，我們通常只佔系統總成本的一小部分，但在使用過程中卻至關重要。因此，品質、服務和可用性通常是我們在所涉足的許多市場中，人們討論的重點和提出的問題，並且具有很強的明確地位。所以這一切都對我們有利，也解釋了為什麼你現在會持有大量股份。我認為，隨著一些關稅的出台，我們之間的對話變得更加頻繁，但很大一部分原因是為了幫助我們的客戶了解我們這些成本的來源，以及這對我們的產品線產生了怎樣的影響。

What we're doing about it to partially offset it. And I would say that combination of those 2 things has caused us to have pretty good stake rates here.

我們正在採取措施來部分抵消這種影響。我認為正是這兩件事的結合，才使得我們這裡有相當不錯的質押費率。

Thank you. I appreciate that.

謝謝。我很感激。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

Hi, good morning. Thanks for taking my questions. Can you just touch a little bit on behind-the-meter infrastructure investments and what that means from a content perspective for you on both the utility and the electrical side, how that would compare to an alternative of in front of the meter, any perspective on sort of dollars per megawatt in the data center and how to think about that from the different kind of angles of investment?

您好，早安。謝謝您回答我的問題。您能否簡要談談用戶側基礎設施投資，以及從內容角度來看，這對您（在公用事業和電力方面）意味著什麼？它與用戶側替代方案有何不同？您對資料中心每兆瓦的成本有何看法？如何從不同的投資角度來思考這個問題？

You're talking about data center investment, Joe? Or

喬，你是說資料中心投資嗎？或者

Specifically data center investment, but whether that's being supported from kind of behind the meter or in front of the meter and how to think about what it might mean for differences in your content opportunity.

具體來說，就是資料中心投資，但這種投資是來自幕後還是台前，以及如何思考這可能對您的內容機會產生哪些影響。

Yes. I would say probably immediately on the data center, it's directly more on the electrical side with some of the Berne businesses with the grounding system, I mean, tremendously strong position with some of our electrical connectors that are going into the data centers. As a matter of NPD that we're doing to continue to support data centers with higher amperages that are going through it as well as our PCX business.

是的。我認為最直接的一點是資料中心，尤其是在伯爾尼的一些企業，它們的接地系統在電氣方面更勝一籌。我的意思是，我們的一些用於資料中心的電氣連接器擁有非常強大的優勢。作為新產品開發的一部分，我們正在繼續支援那些電流更高的資料中心以及我們的 PCX 業務。

So I would say there, we feel the direct impact of it. But I think what you're pointing out, it is clearly a benefit for us as well on the utility side of how do we support the data centers with the power that they need. And that comes in various forms. I would say the primary way that a data center wants to be served by utility companies for that power and there's a lot of investment going in there, not just in regeneration, but in how you can connect -- interconnect the grid better to provide that load.

所以我覺得，在那裡，我們直接感受到了它的影響。但我認為你所指出的這一點，對於我們公用事業部門來說，也顯然是一個優勢，因為我們需要為資料中心提供它們所需的電力。而且它以多種形式出現。我認為資料中心主要希望透過公用事業公司獲得電力服務，而且這方面投入了大量資金，不僅用於再生能源，還用於更好地連接電網以滿足負載需求。

But then also, we have very strong relationship with the independent power producers, the EPC. So in some cases, you see data centers, maybe looking in the short term, to fulfill some of that generation more directly. And I'd say we would benefit from that as well when you interconnect these data centers to with substations and with the short lines that you would need to bring into the data centers as well. So I think our position is good to benefit from this. But I would say, generally, a data center would have a preference to have utilities provide that power.

但同時，我們與獨立電力生產商和EPC公司也保持著非常牢固的關係。因此，在某些情況下，你會看到資料中心，或許著眼於短期，以更直接的方式滿足部分世代的需求。我認為，當把這些資料中心與變電站以及引入資料中心所需的短線路連接起來時，我們也會從中受益。所以我認為我們處於有利地位，可以從中受益。但我認為，一般來說，資料中心會更傾向於由公用事業公司提供電力。

And I think, Joe, maybe one of the things you're pointing out when we talk explicitly about our data center exposure. We are talking about that behind the meter piece. And I think you're pointing out that in front of the meter, there's quite a bit driving growth that doesn't exactly -- we don't call that a data center because it's going into our utility customer. But I agree with you, there's a driver there, too, for sure.

喬，我想，也許你指出的一點是，當我們明確談到我們的資料中心風險時，問題就出在這裡。我們說的是電錶後面的那部分。我認為你指出的是，在電錶前面，有很多因素在推動成長，但這些因素並不完全是——我們不稱之為資料中心，因為它進入了我們的公用事業客戶。但我同意你的看法，那裡一定也有個司機。

Right. No, exactly. Just trying to understand kind of those different phases of investment and opportunities and appreciating the direct kind of data center exposure within electrical that you're reporting.

正確的。沒錯，正是如此。我只是想了解投資和機會的不同階段，並欣賞您所描述的資料中心在電力產業的直接應用。

And then just thinking about the grid automation piece, where that sort of CAGR has been relative to target over the past couple of years. and trying to think through like any perspective that you can add on meters and AMI maybe sort of growth not performing to what those targets would be. But whether there's broader value within the portfolio that maybe is underappreciated. And so is there synergy value that, that business is bringing that remains attractive to you?

然後，再想想電網自動化這部分，過去幾年它的複合年增長率相對於目標如何。也要考慮從電錶和智慧網聯（AMI）的角度來看，它們的成長是否可能沒有達到預期目標。但投資組合中是否蘊藏著可能被低估的更廣泛價值呢？那麼，這項業務帶來的綜效價值是否仍對您具有吸引力？

Yes. Yes. I would say the short answer to that is yes. And you're right to point out that the financial performance of it has been below our expectations. Now we've not said still on that, and we've pivoted that business to where we believe we can compete, we can win and we can get a margin that's more closely in line with the rest of our portfolio.

是的。是的。簡而言之，我的答案是肯定的。您說得對，它的財務表現低於我們的預期。現在我們還沒有就此發表任何意見，我們已經調整了業務方向，以期在我們認為能夠競爭、能夠獲勝並獲得與我們其他業務更接近的利潤率的領域展開競爭。

But yes, it's actually one of the strategic reasons we acquired that business in 2018 when we assessed our portfolio and we have a tremendously strong position in the component side, and that continues today. That continues to be needed for tomorrow. But as we saw the grid modernizing, we really didn't have the right resources of portfolio to do that. And so we acquired Aclara in it. And initially, it was just Aclara, today it's great automation.

但沒錯，這實際上是我們在 2018 年評估我們的投資組合時收購該業務的戰略原因之一，我們在零件方面擁有非常強大的地位，而且這種情況一直延續至今。明天仍然需要這些。但隨著電網現代化進程的推進，我們實際上並沒有合適的資源組合來實現這一目標。因此，我們收購了Aclara。最初它只是 Aclara，如今已經實現了高度自動化。

So half of the revenues of this business today is not Aclara for products that we've since acquired that we have developed that are growing at the high end of our portfolio growth. So I would say it's absolutely contributed to the whole of grid automation, but we're also focused as we are in the rest of our portfolio that the individual businesses have to perform and contribute to the whole. And that's our focus right now is with Aclara.

因此，目前該業務一半的收入並非來自 Aclara，而是來自我們後來收購並開發的、在我們產品組合成長方面處於高端的產品。因此，我認為它絕對為整個電網自動化做出了貢獻，但我們也像對待我們投資組合中的其他業務一樣，專注於各個業務部門的業績，並使其為整體做出貢獻。而我們目前的重點就是 Aclara。

Thank you. I appreciate.

謝謝。謝謝。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Thanks very much, and I wish you all the best, Bill. Thank you for the help and congratulations to Joe. Maybe just my first question would be around operating margins. Just wanted to try and understand as we think about next year, I understand there'll be more flavor or color in three months' time. But if there was anything to highlight in terms of the effect from restructuring costs not repeating or higher savings, any kind of carryover to margin effects next year from self-help measures this year?

非常感謝，祝你一切順利，比爾。謝謝你的幫助，也恭喜喬。我的第一個問題可能是關於營業利潤率的。我只是想了解一下，當我們展望明年時，我知道三個月後會有更多風味或色彩。但是，如果說重組成本不會重複產生或節省更多成本的影響有什麼值得強調的地方，或者今年採取的自救措施是否會對明年的利潤率產生任何結轉效應呢？

And whether there would be any effect on the year-on-year margin progression from the accounting change earlier this year. Just to see if you could flesh out a little bit the comments around incrementals next year.

以及今年稍早的會計變更是否會對同比利潤率產生任何影響。想看看您能否就明年的增量收益問題再補充一些評論。

Yes. I think restructuring, Julian, we've tried to put it into this virtuous cycle where we spend roughly the same amount every year. Maybe it bumps around a little bit quarter-by-quarter. But then you don't notice it annually in terms of the margins. And we continue to believe that restructuring program is important in driving future productivity, we might call that productivity with a capital P, lots of smaller productivity initiatives with a lower case p, obviously.

是的。我認為，朱利安，透過重組，我們已經努力將其納入良性循環，每年支出大致相同。或許每季都會有一些小波動。但從利潤率的角度來看，你不會注意到每年的變化。我們仍然相信重組計劃對於推動未來的生產力至關重要，我們可以稱之為生產力（首字母大寫 P），當然，還有許多較小的生產力舉措（首字母小寫 p）。

And so I think that part is something we hope not to whipsaw you with margin-wise and that we feel -- I know a lot of our competitors would exclude that number from their margin and say that it's a discretionary item. And we just feel it's going to be part of our year in and year out modus operandi. And therefore, we include the cost because we expect you to experience it every year plus, it's not just an expense. It's basically an investment to get margins up.

所以我覺得，我們希望這部分不會在利潤率方面給您帶來太大衝擊，而且我們覺得——我知道我們的許多競爭對手會把這個數字從他們的利潤率中剔除，並說這是一個可自由支配的項目。我們覺得這將成為我們年復一年運作模式的一部分。因此，我們把費用包含在內，因為我們希望您每年都能體驗到它，而且它不僅僅是一筆開支。這本質上是一種提高利潤率的投資。

So that's why we included and hoping that you don't see a lot of distortion from that. And the accounting change, I don't think would change the margins percentage next year either.

所以這就是我們加入這些內容的原因，希望您不會因此看到太多失真。我認為會計準則的改變也不會影響明年的利潤率。

That's great, thank you. And then just maybe on the top line for a second. A lot of explanation understandably around the utility market that may be switching to electrical and the commentary around, I think, nonresidential and also kind of heavy industry into next year is quite muted per slide 10, I think, maybe sort of flesh out any movement you've seen there? I know some other companies have sort of talked up US nonresidential in the past month or two? It seems like you're a bit more cautious.

太好了，謝謝。然後，也許就在最上面一行停留一秒鐘。可以理解的是，公用事業市場可能會轉向電力，而關於非住宅和重工業明年發展的評論則相當平靜（請參閱第 10 張投影片），也許可以詳細闡述你觀察到的任何趨勢？我知道過去一兩個月裡，其他一些公司也大力宣傳過美國非住宅市場？看來你比以前謹慎多了。

I think we are probably a little cautious. It's been reasonably mixed and soft for us, but I wouldn't be surprised if you see a decent rebound, our exposure in that space has gotten smaller as a result of some of our business development work, both in terms of what we bought and what we sold and the heavier industrial, it's always interesting to look at steel prices and the like to see if you start to see some output increase there. But that will certainly true that up, Julian, by the time we get to our January guidance, I think you'll find -- I don't think we'll be an outlier from the general market expectations there.

我覺得我們可能有點謹慎了。對我們來說，情況一直比較複雜，也比較疲軟，但如果出現不錯的反彈，我不會感到驚訝。由於我們的一些業務拓展工作，無論是在買賣方面，還是在重工業方面，我們在該領域的投資都減少了。觀察鋼鐵價格等情況，看看產量是否會開始增加，總是很有趣的。但朱利安，到我們發布一月份的業績指引時，情況肯定會證實這一點，我認為你會發現——我不認為我們會與市場普遍預期相悖。

That's great. Thank you.

那太棒了。謝謝。

Nigel Coe, Wolfe Research

Nigel Coe，沃爾夫研究公司

Thanks for the question. Good morning, everyone, and Bill, you look forward to useful to be retiring, but I know you've had a long career. So congrats and hope you enjoy your retirement. So no comments on that, so I'll move on. So couple -- a couple of quick modeling items (multiple speakers) -- but a couple of quick modeling items. And then I've got a bit more of a strategic one.

謝謝你的提問。大家早安，比爾，我知道你即將退休，也知道你擁有漫長的職業生涯，你一定很期待退休後的生活。恭喜你，希望你退休生活愉快。所以對此我沒什麼要說的，我就此打住吧。所以，一對——一對快速建模專案（多位發言者）——但只是一對快速建模專案。然後我還有一個更具策略意義的方案。

Just on DMC, we understand the margins there are a reaching north of 40% EBITDA margins. Is that the case? And then maybe just comment on the 3Q utility performance -- was there any impact from the storm activity? It seemed like there weren't any big storms down in the Gulf Coast area. I know that can swing things a little bit. So I was just wondering if that was an impact as well.

僅就 DMC 而言，我們了解到其 EBITDA 利潤率已超過 40%。真是這樣嗎？然後或許可以評論一下第三季公用事業公司的業績——風暴活動是否對其造成了任何影響？墨西哥灣沿岸地區似乎沒有任何大型風暴。我知道這可能會對結果產生一些影響。所以我想知道這是否也產生了影響。

Yes. Maybe I'll start with the second first. So storm impact there was none. It was quite a calm season, although there is a big one right now that's hitting Jamaica. But yes, that's -- and that generally, we would say in the overall scope of Hubbell is not a big driver of revenue. But within a quarter, certainly, that could have a couple of points if there's storm activity.

是的。或許我會先從第二個開始。所以風暴沒有造成任何影響。雖然目前牙買加正遭受強烈颶風的襲擊，但今年颶風季總體上比較平靜。但是，是的，而且總的來說，我們認為，就 Hubbell 的整體情況而言，這並不是收入的主要驅動因素。但在一個季度內，如果出現風暴活動，肯定會有幾分之差。

On the first question on DMC, that's indeed a quite attractive margin business. And if you think about the application of this, it's in substation, very high stakes, I would say, environment of power with a very unique solution of a swage technology to put this crimpers on these connectors onto the conductors what traditionally would be a specialized welding application in a substation.

關於DMC的第一個問題，那確實是利潤率相當誘人的業務。如果你考慮這項技術的應用場景，那就是變電站，這是一個風險極高的環境，電力環境，它採用了一種非常獨特的壓接技術，將壓接鉗壓接到連接器上，再壓接到導線上，而這在傳統上是變電站中需要專門焊接才能完成的工作。

So you can imagine both the application of something like this and the savings or the efficiency in installation, that's what drives a really nice margin. And when you put that then in our portfolio, and I would say this is about as down the fairway, as you can get for fitting in our portfolio because we do a lot of connectors and this is yet not solution of that.

所以你可以想像一下，這種技術的應用以及安裝過程中節省的成本或效率，正是這些因素帶來了非常可觀的利潤。如果你把它放進我們的產品組合裡，我會說這已經算是非常符合我們產品組合的定位了，因為我們做了很多連接器，而這還不是其中的解決方案。

We generally are able to add and to boost what privately or single line player can get with our sales force without relationships. So we're really excited when we are able to hold in businesses like that into the portfolio.

我們通常能夠透過我們的銷售團隊，在不建立任何關係的情況下，增加和提升私人或單一通路玩家所能獲得的利益。所以，當我們能夠將這樣的企業納入投資組合時，我們感到非常興奮。

Run DMC. And then my follow-on question is really, it seems like there's a huge market for control house applications in data center and my understanding is systems control, certainly, the sort of the history of system control is very much in the substation for utilities. So I'm actually wondering if there's a sales channel opportunity into the data center for that business.

運行DMC。那麼我的後續問題是，資料中心的控制室應用似乎有一個巨大的市場，而我的理解是，系統控制，當然，系統控制的歷史很大程度上是在公用事業的變電站中。所以，我其實想知道，對於這家企業來說，資料中心是否存在銷售管道的機會。

Yeah, we bought a company a little while ago called PCX, which does the control house to data centers. And we do think, Nigel, the application has got a lot of growth in it. And we do agree there's some interesting best practices to be shared between data centers and the utility side on the substation. So I think your -- we would agree with your premise.

是的，我們不久前收購了一家名為 PCX 的公司，該公司為資料中心提供控制中心服務。奈傑爾，我們確實認為這款應用還有很大的發展空間。我們一致認為，資料中心和變電站的公用事業部門之間有一些值得分享的最佳實踐。所以我認為──我們同意你的前提。

The only thing I may say is we are very busy trying to serve our utility customers at this point. We're adding capacity in this business, but we see like you an opportunity to expand in those other areas.

我唯一想說的是，目前我們正忙於為我們的公用事業客戶提供服務。我們正在擴大這項業務的產能，但我們和你們一樣，也看到了在其他領域拓展業務的機會。

Okay, thanks.

好的，謝謝。

Christopher Glyn, Oppenheimer & Company.

克里斯托弗·格林，奧本海默公司。

Thanks. A lot of ground been covered but Bill a pleasure to work with you and observe the excellence you brought to Hubbell for a long time. So thanks for all the work together there.

謝謝。雖然已經取得了很大的進展，但比爾，很高興能與你共事，並見證你長期以來為 Hubbell 帶來的卓越成就。所以，感謝大家共同付出的努力。

Just looking at data center, I don't know if we got a particular call out on the growth rate there. But I think that's kind of the spearhead of your vertical market strategy. Light industrial is obviously a little more diversified, but I think you're probably seeing some of that there. Just curious if you could comment on that as we think about the vertical market strategy being bigger than a data center theme for HES.

單就資料中心而言，我不知道我們是否特別關注過那裡的成長率。但我認為這可以說是你們垂直市場策略的先鋒。輕工業顯然更加多元化一些，但我認為你可能已經從中看到了一些體現。我只是好奇您是否可以就此發表一下看法，因為我們認為 HES 的垂直市場策略比資料中心主題更為廣泛。

Yes. It's -- I would say, you're right, the data center is driving a lot of notable growth inside of the Electrical segment and some of it is a dedicated unit, PCX and some of it is the connectors and grounding solutions. So I agree.

是的。沒錯，資料中心正在推動電氣領域內許多顯著的成長，其中一些是專用部門 PCX 的成長，有些是連接器和接地解決方案的成長。我同意。

But I think I also agree with you that there are other verticals besides data centers where we've tried to add sales and marketing specialists do a better job of cross-selling across different units, and we're finding those efforts to be well worth it. And it's not just the data center vertical, as you say. It just happens to be a very high-growth pointed one right now.

但我認為我也同意你的觀點，除了資料中心之外，我們還嘗試在其他垂直領域增加銷售和行銷專家，以更好地進行跨部門交叉銷售，我們發現這些努力非常值得。正如你所說，這不僅限於資料中心這個垂直領域。它恰好是目前一個快速成長的行業。

Okay. And then just wondering if you have the D&A numbers for DMC in particular, maybe the depreciation since the amortization backs out anyway?

好的。另外，我想問您是否有DMC的折舊和攤銷數據，特別是折舊部分，因為攤銷費用反正都會被抵銷掉？

I don't have it off the top of my head. But the math right, you're talking about sales growth in the 20%-ish range, you're talking about EBITDA, as we said, in the 40%-ish range and you should assume, I may be guessing here, but it's a couple of points of sales. And then we'll do -- we'll be doing some investing in that business. So we'll be ramping those margins up over our ownership time, I would think Chris.

我一時想不起來。但從數學角度來看，銷售成長在 20% 左右，EBITDA 如我們所說，在 40% 左右，你應該假設，我可能是在猜測，但銷售額會成長幾個點。然後我們會對那家公司做一些投資。所以我認為，在我們持有公司期間，利潤率會逐步提高，克里斯。

Great. Thanks. That's all I've got.

偉大的。謝謝。這就是我全部的資訊了。

Thank you. At this time, I would now like to turn the conference back over to Dan Innamorato for closing remarks.

謝謝。現在，我謹將會議交還給丹·伊納莫拉托，請他作閉幕致詞。

Great. Let me take the call here. And I just want to make a comment of thanks to all of you for the well-deserved well wishes for Bill. I'm sitting here across from him. And while he's long is reacting verbally, I can tell what it means to him.

偉大的。讓我來接電話。我只想對大家送上的對比爾的美好祝愿表示感謝，這些祝愿都是比爾應得的。我就坐在他對面。雖然他很久沒有用語言表達出來，但我能看出這對他的意義。

And also, I think we set the bar for Joe coming in of beating 50 earnings calls as CFO. So I'll make sure to relay that to him. But thanks, and look forward to connecting in the first quarter. Thank you.

而且，我認為我們為喬設定了一個目標，那就是作為財務官，他要帶領團隊成功完成 50 次財報電話會議。所以我一定會把這件事轉達給他。不過還是要謝謝，期待在第一季與您聯繫。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。