Hubbell Inc (HUBB) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the first-quarter 2026 Hubbell Inc. earnings conference call. (Operator Instructions)

各位早安，感謝您撥冗等候。歡迎參加 Hubbell Inc. 2026 年第一季財報電話會議。(接線員指示)

Please be advised that today's conference is being recorded. Now it's my pleasure to hand the conference over to the Senior Director of Investor Relations, Dan Innamorato.

提醒各位，今天的會議將進行錄音。現在我很榮幸將會議交給投資人關係資深總監 Dan Innamorato。

Please proceed.

請開始。

Thanks, operator. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the first quarter of 2026. The press release and slides are posted to the Investors section of our website at hubbell.com. I'm joined today by our Chairman, President and CEO, Gerben Bakker; and our CFO, Joe Capozzoli.

謝謝，接線員。各位早安，感謝各位加入我們。今天稍早，我們發布新聞稿，公布 2026 年第一季的業績。新聞稿與簡報已上傳至我們網站 hubbell.com 的「投資人」專區。今天與我一同出席的有董事長、總裁暨執行長 Gerben Bakker，以及財務長 Joe Capozzoli。

Please note our comments this morning may include statements related to the expected future results of our company. These are forward-looking statements defined by the Private Securities Litigation Reform Act of 1995. Please note the discussion of forward-looking statements in our press release and considered and 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，我們今天上午的發言可能包含與本公司預期未來業績相關的陳述。這些屬於 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。請參閱我們新聞稿中對前瞻性陳述的討論；該等內容在本次電話會議中亦視為已引用並納入。此外，我們的發言也可能包含非 GAAP 財務衡量指標。這些指標已與相對應的 GAAP 指標進行調節，相關內容載於新聞稿與簡報中。

Now let me turn the call over to Gerben.

現在我把電話交給 Gerben。

Great. Thanks, Dan, and good morning, everyone, and thank you for joining us to discuss Hubbell's first-quarter 2026 results. Hubbell delivered strong financial performance to begin the year, with double-digit growth in sales, adjusted operating profit and adjusted earnings per share.

很好。謝謝你，Dan。各位早安，感謝各位加入我們，一同討論 Hubbell 2026 年第一季的業績。Hubbell 年初即交出強勁的財務表現，銷售額、調整後營業利益與調整後每股盈餘皆呈現兩位數成長。

Organic growth of 8% in the first quarter was driven by double-digit organic growth in our Electrical Solutions segment as well as our grid infrastructure businesses within the Utility Solutions segment. Our core utility T&D markets remain strong with highly visible load growth, driving continued strong demand in transmission and substation markets and aging infrastructure resiliency investments, driving strong demand in distribution markets.

第一季 8% 的有機成長，主要由我們電氣解決方案（Electrical Solutions）部門的兩位數有機成長，以及公用事業解決方案（Utility Solutions）部門中電網基礎設施業務所帶動。我們核心公用事業輸配電（T&D）市場依然強勁，負載成長具高度可見度，帶動輸電與變電站市場需求持續強勁；同時，老舊基礎設施的韌性投資推動配電市場需求強勁。

Electrical Solutions growth continues to be driven by strength in data center and light industrial markets enabled by our leading brands and continued success in our strategy to compete collectively in high-growth verticals. We are raising our full year 2026 outlook for total sales growth, organic sales growth and adjusted earnings per share this morning as we are confident Hubbell's strong position in attractive end markets and continued execution of our long-term strategy will enable us to execute through a dynamic operating environment.

電氣解決方案的成長持續由資料中心與輕工業市場的強勁表現所驅動，這得益於我們領先的品牌，以及我們在高成長垂直領域採取整體競爭策略的持續成功。由於我們對 Hubbell 在具吸引力的終端市場中的強勢地位，以及長期策略的持續執行充滿信心，能夠在多變的營運環境中持續推進，因此我們今天上調 2026 全年總銷售成長、有機銷售成長與調整後每股盈餘展望。

Before I turn the call over to Joe to walk you through our financial performance in more detail, I would like to highlight an emerging growth opportunity for Hubbell in high-voltage transmission, a long-term mega trend that sits squarely in our core, and we are demonstrating early success in a multiyear investment cycle. As background, 765 kV transmission represents one of the most efficient methods to move large amounts of power over long distances in order to accommodate accelerating electricity demand from electrification and load growth.

在我把電話交給 Joe 更詳細說明財務表現之前，我想先強調 Hubbell 在高壓輸電領域的一項新興成長機會。這是一個長期的超級趨勢，完全契合我們的核心業務，而我們也在多年期投資循環中展現初步成果。作為背景說明，765 kV 輸電是將大量電力長距離輸送的最有效方法之一，可因應電氣化與負載成長所帶來的加速用電需求。

Operating transmission lines at higher voltages enables utilities to deliver more power per line with lower losses and fewer space requirements. For Hubbell, high-voltage transmission represents a significant multiyear opportunity which is largely incremental to existing strength in traditional 345 kV transmission markets. Our leading position and strong customer relationships position us well to capture this opportunity, and we are demonstrating early success with several key project wins supporting this initial phase of high-voltage transmission buildup.

以更高電壓運行輸電線路，可使公用事業公司在每條線路上輸送更多電力，同時降低損耗並減少空間需求。對 Hubbell 而言，高壓輸電代表一項重要的多年期機會，且在很大程度上是對既有傳統 345 kV 輸電市場優勢的增量機會。我們的領先地位與強大的客戶關係，使我們具備良好條件把握此機會；在高壓輸電建置的初期階段，我們已透過數個關鍵專案得標展現早期成果。

Additionally, our portfolio depth and breadth positions us as a preferred partner who customers can trust to provide a full package of critical components. This solutions offering enables high service levels and reliability while driving installation efficiency and ease of doing business for our customers. We are actively investing to support future growth in this market, including development and testing of new product offerings in collaboration with major customers as well as in capacity expansion investments.

此外，我們產品組合的深度與廣度，使我們成為客戶信賴的首選合作夥伴，能提供關鍵零組件的完整套裝方案。此一解決方案可在提升服務水準與可靠性的同時，提高安裝效率並讓客戶更易於合作與採購。我們正積極投資以支持該市場的未來成長，包括與主要客戶合作開發與測試新產品，以及進行產能擴充投資。

Overall, we believe 765 kV transmission represents an addressable market opportunity of approximately $1.5 billion over the next 10 years and we believe we are well positioned to serve this attractive long-term investment cycle.

整體而言，我們認為 765 kV 輸電在未來 10 年的可服務市場機會約為 15 億美元，且我們相信自己已做好充分準備，能在這個具吸引力的長期投資循環中提供服務。

With that, let me turn the call over to Joe to provide more details on our financial results.

接下來，我把電話交給 Joe，請他提供更多關於我們財務結果的細節。

Thank you, Gerben, and good morning, everybody. I am starting my comments on slide 5. Hubbell's first quarter financial performance was strong, with double-digit growth across sales, adjusted operating profit and adjusted earnings per diluted share.

謝謝你，Gerben。各位早安。我將從第 5 張投影片開始說明。Hubbell 第一季財務表現強勁，銷售額、調整後營業利益與調整後稀釋後每股盈餘皆呈現兩位數成長。

Net sales of $1.517 billion in the first quarter of 2026 increased by 11% compared to the prior year driven by 8% organic growth and acquisitions contributing 3%. Consistent with our fourth-quarter 2025 performance, both Electrical Solutions segment and grid infrastructure products within our Utility Solutions segment delivered double-digit organic growth in the first quarter, partially offset by anticipated softness in grid automation. Acquisitions contributed 3 points to growth in the first quarter with DMC Power off to a strong start and integrating nicely within our T&D business.

2026 年第一季淨銷售額為 15.17 億美元，較去年同期成長 11%，其中有機成長 8%，併購貢獻 3%。延續 2025 年第四季的表現，第一季電氣解決方案部門以及公用事業解決方案部門中的電網基礎設施產品皆實現兩位數有機成長，但部分被預期中的電網自動化疲弱所抵銷。第一季併購對成長貢獻 3 個百分點，其中 DMC Power 開局表現強勁，並順利整合至我們的輸配電（T&D）業務之中。

From an operational standpoint, Hubbell generated $301 million of adjusted operating profit in the first quarter, representing 18% growth versus the prior year with adjusted operating margins expanding 110 basis points year over year. This improvement in adjusted operating profit and adjusted operating margin was primarily driven by strong volume growth in high-margin businesses.

從營運角度來看，Hubbell 第一季創造 3.01 億美元的調整後營業利益，較去年同期成長 18%，調整後營業利益率年增 110 個基點。調整後營業利益與調整後營業利益率的改善，主要來自高毛利業務的強勁銷量成長。

While cost inflation accelerated against 2025 exit rates, as anticipated, our pricing and productivity actions continue to keep pace, more than offsetting those higher levels of inflation on a dollar-for-dollar basis in the first quarter. We also accelerated our investment levels in the first quarter, as previously communicated, most notably to expand capacity in high-growth areas and generate future productivity.

雖然如預期般，成本通膨相較於 2025 年年底的水準有所加速，但我們的定價與生產力提升措施仍持續跟上步伐，在第一季以一美元對一美元的方式，完全抵銷更高的通膨水準。我們也在第一季加速投資水準，如先前所溝通，最主要是為了擴充高成長領域的產能並創造未來的生產力。

And as anticipated, we invested $7 million in our restructuring and related program to further streamline our operational footprint, primarily within our Electrical Solutions segment which as a reminder, R&R is included in our adjusted results. Adjusted earnings per diluted share were $3.93 in the first quarter representing a 16% increase versus the prior year, driven primarily by adjusted operating profit growth.

此外，如同預期，我們在重整與相關計畫上投資 700 萬美元，以進一步精簡我們的營運據點，主要集中在電氣解決方案部門；提醒各位，重整與相關費用（R&R）已納入我們的調整後結果。第一季調整後稀釋後每股盈餘為 3.93 美元，較去年同期成長 16%，主要由調整後營業利益成長所帶動。

Below the line, higher interest expense associated with borrowings from the DMC acquisition, and a slightly higher year-over-year tax rate were partially offset with lower share count as a result of prior repurchase activity.

在營業利益以下項目方面，與 DMC 併購相關借款所帶來的利息費用增加，以及年對年略高的稅率，部分被先前庫藏股回購活動導致的較低股數所抵銷。

Additionally, we repurchased $168 million worth of shares in the first quarter at a dollar cost average below $500 per share. We expect the net impact of these repurchases to be neutral to 2026 earnings as a lower share count will be offset by higher interest, but the repurchases of shares at attractive valuations is expected to provide us with earnings accretion in 2027.

此外，我們在第一季回購了 1.68 億美元的股票，美元成本平均價低於每股 500 美元。我們預期這些回購對 2026 年盈餘的淨影響為中性，因為較低的股數將被較高的利息所抵銷；但以具吸引力的估值回購股票，預期將在 2027 年帶來盈餘增厚。

Our balance sheet remains strong and is poised to invest on behalf of our shareholders. Our primary focus remains on internal reinvestments and acquiring differentiated businesses to bolt on to attractive areas of our portfolio. The pipeline of opportunities remains healthy and active, and we continue to remain disciplined in our approach. Share repurchases represents an additional lever that we can and will utilize to return cash to shareholders over time.

我們的資產負債表仍然強健，並已準備好代表股東進行投資。我們的首要重點仍是內部再投資，以及收購具差異化的企業，以加掛（bolt-on）方式強化我們投資組合中具吸引力的領域。機會管線仍然健康且活躍，我們也持續在方法上保持紀律。股票回購是我們可用、且將隨時間運用的另一項槓桿，用以向股東返還現金。

Turning to page 6 to review our performance by segment. Utility Solutions delivered another strong quarter with double-digit growth in sales and adjusted operating profit. First quarter performance overall reflected a continuation of the momentum we realized exiting 2025, with overall drivers very similar across end markets. Utility Solutions generated net sales in the first quarter of $949 million, which represented growth of 11% versus the prior year, and includes organic growth of 7% and acquisitions contributing 3%.

接著翻到第 6 頁，檢視我們按部門劃分的表現。公用事業解決方案再度交出強勁的一季，銷售額與調整後營業利益皆呈現兩位數成長。第一季整體表現反映我們在 2025 年年底所展現動能的延續，各終端市場的整體驅動因素也非常相似。公用事業解決方案第一季淨銷售額為 9.49 億美元，較去年同期成長 11%，其中包含 7% 的有機成長與併購貢獻 3%。

Organic growth of 7% in the first quarter was driven by 12% organic growth in our larger, higher-margin grid infrastructure business, where demand strength was broad-based across T&D end markets. Utilities are investing at heavy rates and demand for Hubbell solutions to serve the expanding critical infrastructure needs of our customers is driving continued momentum in orders and providing visibility to further strength over the balance of 2026.

第一季7%的有機成長，主要由我們規模更大、毛利率更高的電網基礎建設業務帶動，該業務有機成長達12%，且在輸配電（T&D）終端市場的需求強勁呈現全面性擴張。公用事業以高強度持續投資，而客戶不斷擴大的關鍵基礎設施需求，帶動對Hubbell解決方案的需求，推動訂單動能延續，並提升我們對2026年其餘期間進一步走強的能見度。

As we will highlight in a few minutes, we now anticipate our Utility Solutions segment to deliver high single-digit organic growth on a full year basis. Outside of our core T&D markets, telecom and gas distribution grew attractively in the first quarter, while meters and AMI markets remained weak as anticipated. While Grid automation organic sales declined 7% year on year in the first quarter, sales increased slightly on a sequential basis.

如同我們稍後幾分鐘將重點說明的，我們目前預期公用事業解決方案（Utility Solutions）事業部在全年基礎上可實現高個位數的有機成長。除核心輸配電（T&D）市場之外，第一季電信與天然氣配銷業務成長亮眼；而電表與AMI市場則如預期般仍然疲弱。儘管第一季電網自動化（Grid automation）有機銷售額年減7%，但按季比較銷售額略有增加。

We remain confident that meter and AMI markets have stabilized and we anticipate easing comparisons and continued strength in Protection and Controls products will enable grid automation organic sales to return to slight year-over-year growth in the second quarter. Operationally, HUS delivered $207 million of adjusted operating profit in the first quarter, representing 21% growth in adjusted operating profit versus the prior year with adjusted operating margins expanding 190 basis points year over year.

我們仍有信心電表與AMI市場已趨於穩定，並預期在比較基期趨於有利，以及保護與控制（Protection and Controls）產品持續強勁的帶動下，電網自動化有機銷售額將於第二季回到小幅年增。營運方面，HUS第一季調整後營業利益為2.07億美元，較去年同期調整後營業利益成長21%，調整後營業利益率年增190個基點。

Operating profit growth was primarily driven by strong volumes in high-margin grid infrastructure products, favorable price-cost productivity and acquisitions, which were partially offset by grid automation volume's decline.

營業利益成長主要由高毛利電網基礎建設產品的強勁出貨量、有利的價格—成本生產力，以及併購所帶動；但部分被電網自動化出貨量下滑所抵銷。

Moving to page 7. Electrical Solutions results were also strong in the quarter with double-digit growth in net sales and adjusted operating profit. For the first quarter, Electrical Solutions generated sales of $568 million, which represented growth of 12% versus the prior year. Organic growth of 11% was again driven by strength in data center and light industrial markets as well as solid nonresidential growth partially offset by softer heavy industrial markets.

接著看第7頁。電氣解決方案（Electrical Solutions）本季表現同樣強勁，淨銷售額與調整後營業利益皆呈雙位數成長。第一季電氣解決方案營收為5.68億美元，較去年同期成長12%。其中11%的有機成長再次由資料中心與輕工業市場的強勁需求所帶動，非住宅市場亦穩健成長，但部分被重工業市場較疲弱所抵銷。

The Electrical Solutions segment achieved approximately 40% growth in data center markets in the first quarter, driven by strength in both balance of system component demand as well as sales of our modular power distribution skids. Data center order activity remained robust in the first quarter as build-out activity continues to accelerate across hyperscaler and colocation customers, providing enhanced visibility for us to increase our full year outlook in data center markets to more than 25%.

電氣解決方案事業部第一季在資料中心市場約成長40%，主要受系統配套（balance of system）元件需求強勁，以及我們模組化配電滑撬（modular power distribution skids）銷售帶動。第一季資料中心訂單活動仍然強勁，因超大規模（hyperscaler）與機房代管（colocation）客戶的建置活動持續加速，提升我們的能見度，使我們將全年資料中心市場展望上調至成長超過25%。

Broader light industrial markets remain healthy as solid US manufacturing activity generated demand for electrical components and our strategy to compete collectively in vertical markets continues to drive our growth. Operationally, HUS delivered $93 million of adjusted operating profit in the first quarter, representing 10% growth in adjusted operating profit versus the prior year, reflecting strong volume growth.

更廣泛的輕工業市場仍維持健康，美國製造業活動穩健帶動電氣元件需求，而我們在垂直市場採取整體協同競爭的策略也持續推動成長。營運方面，HUS第一季調整後營業利益為9,300萬美元，較去年同期成長10%，反映出強勁的出貨量成長。

Adjusted operating margins of 16.4% were down 30 basis points versus the prior year, as benefits from volume growth and the associated operating leverage were offset by higher investments in restructuring and growth initiatives.

調整後營業利益率為16.4%，較去年同期下降30個基點；出貨量成長及其帶來的營運槓桿效益，被較高的重整與成長計畫投資所抵銷。

As you'll see in our press release financials, within the Electrical Solutions segment, we invested $6 million in restructuring initiatives in the first quarter of 2026 versus only $2 million in the prior year which impacted year-over-year margins by approximately 80 basis points as we execute on footprint optimization projects, which we are confident will continue to drive long-term productivity and margin expansion. Price realization remained strong, which combined with productivity more than offset cost inflation on a dollar-for-dollar basis in the first quarter.

如各位在我們新聞稿的財務資訊中所見，在電氣解決方案事業部內，我們於2026年第一季投入600萬美元於重整計畫，而去年同期僅為200萬美元；在我們執行據點（footprint）最佳化專案的過程中，這使年對年毛利率約受影響80個基點。我們有信心這些專案將持續推動長期生產力提升與利潤率擴張。價格實現（price realization）仍然強勁，並與生產力提升相結合，在第一季以一美元對一美元的方式，完全抵銷成本通膨。

Turning to page 8 to discuss our full-year outlook. We are raising our full-year sales growth outlook to 8% to 11% and our organic sales growth outlook to 6% to 9%. This represents an increase of 1 point to the lower end and 2 points to the higher end of our prior full-year outlook and is driven by both incremental price realization to offset increased inflation relative to our initial outlook as well as enhanced visibility to continued demand strength in our T&D and data center end markets.

接著看第8頁，說明我們的全年展望。我們將全年銷售成長展望上調至8%至11%，並將有機銷售成長展望上調至6%至9%。相較先前的全年展望，低端上調1個百分點、高端上調2個百分點；主要由兩項因素驅動：其一是額外的價格實現以抵銷相較初始展望更高的通膨，其二是我們對輸配電（T&D）與資料中心終端市場需求持續強勁的能見度提升。

Operationally, we anticipate double-digit growth in adjusted operating profit at the midpoint of our guidance range for 2026 driven primarily by strong sales growth in high-margin areas of our portfolio. We remain confident in managing price cost productivity to neutral or better on a dollar-for-dollar basis over the full year. So the math on higher inflation as well as planned investments to support accelerated growth initiatives results in a slightly more modest outlook for the full-year margin expansion versus our initial outlook.

營運方面，我們預期2026年在指引區間中位數下，調整後營業利益將呈雙位數成長，主要由產品組合中高毛利領域的強勁銷售成長所帶動。我們仍有信心在全年以一美元對一美元的方式，將價格—成本生產力管理至持平或更佳。因此，較高的通膨以及為支持加速成長計畫而規劃的投資，使得全年利潤率擴張展望相較我們初始展望略為保守。

Below the line, we anticipate that lower share count of 53.1 million shares on a full year basis will be fully offset by higher net interest, while our assumptions for the other expense and tax rate remain unchanged. Overall, we continue to anticipate at least 90% free cash flow conversion on adjusted net income in 2026, and we are raising our full year adjusted earnings per diluted share outlook to $19.30 to $19.85 per share.

在損益表下方項目方面，我們預期全年平均流通股數降至5,310萬股所帶來的效益，將被較高的淨利息費用完全抵銷；其他費用與稅率的假設則維持不變。整體而言，我們仍預期2026年自由現金流對調整後淨利的轉換率至少達90%，並將全年稀釋後每股調整後盈餘展望上調至每股19.30至19.85美元。

Now let me turn the call back over to Gerben to give you some more color on our confidence to deliver on this increased full year outlook as we continue to navigate a dynamic macroeconomic and geopolitical environment.

接下來我把電話交回給Gerben，請他進一步說明，為何在我們持續面對多變的總體經濟與地緣政治環境下，仍有信心達成這次上調後的全年展望。

Okay. Thanks, Joe. Turning to page 9 then and concluding our prepared remarks, while the current operating environment poses macroeconomic and geopolitical uncertainty, as well as dynamic inflationary and supply chain conditions, we are confident in our ability to deliver on an increased organic growth outlook while continuing to manage price and productivity in '26 and beyond.

好的。謝謝你，Joe。接著看第9頁並總結我們事先準備的發言：儘管目前營運環境存在總體經濟與地緣政治不確定性，以及通膨與供應鏈狀況的動態變化，我們仍有信心能在2026年及之後實現上調後的有機成長展望，同時持續管理價格與生產力。

From an end market standpoint, our largest and most profitable businesses are exposed to end markets such as utility T&D and data center CapEx, where secular growth is being driven by long-term investment cycles. Our recent order patterns and key project wins, along with customer conversations around long-term investment planning are providing us enhanced visibility to continued strength in these end markets.

就終端市場而言，我們規模最大且最具獲利性的業務，主要暴露於公用事業輸配電（T&D）與資料中心資本支出（CapEx）等終端市場；這些市場的結構性成長由長期投資循環所驅動。我們近期的接單型態與關鍵專案得標，加上與客戶就長期投資規劃的對話，正提升我們對這些終端市場持續強勁的能見度。

From a price cost standpoint, while inflation has increased relative to our initial full-year outlook, we have implemented additional price and productivity actions, which we are confident will offset and we anticipate that recent updates to various tariff frameworks are largely neutral to our existing tariff cost structure.

就價格與成本而言，雖然通膨相較我們最初的全年展望有所上升，我們已採取額外的定價與生產力行動，並有信心可予以抵銷；同時，我們預期近期各項關稅架構的更新，對我們既有的關稅成本結構大致為中性影響。

Overall, we have demonstrated our ability to manage through an inflationary environment successfully over the last several years, and we are confident in our ability to continue to do so in 2026 and beyond. While we are closely monitoring macroeconomic and geopolitical conditions, our short-cycle demand is holding up solidly, and price and productivity across actions are being realized.

整體而言，過去幾年我們已證明能成功因應通膨環境，我們也有信心在2026年及之後持續做到。雖然我們正密切監控總體經濟與地緣政治情勢，我們的短週期需求仍穩健，而各項價格與生產力措施也正在落實並反映成效。

Hubbell's portfolio is well positioned with more than 90% sales exposure to the US and over two-thirds of our portfolio exposed to secular growth markets in data center and utility which we anticipate will continue to perform well through a broad range of economic environments.

Hubbell的產品組合具備良好定位，超過90%的銷售額來自美國，且我們的產品組合中有超過三分之二暴露於資料中心與公用事業等結構性成長市場；我們預期這些市場在各種廣泛的經濟環境下都將持續表現良好。

In short, we are confident that Hubbell's leading position in attractive end markets as well as continued execution on our long-term strategy will enable us to deliver attractive financial performance over both the near term and long term.

總之，我們有信心，Hubbell在具吸引力的終端市場中的領先地位，以及對長期策略的持續執行，將使我們在短期與長期皆能交出具吸引力的財務表現。

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

接下來，我們進入問答環節。

(Operator Instructions) Jeffrey Sprague, Vertical Research.

(接線員指示) Jeffrey Sprague，Vertical Research。

I was wondering if you could provide a little more color on the high-voltage transmission outlook. Just the level of project rollout there, how you see that pacing in? You gave a little bit of color there, obviously. And is that $1.5 billion TAM all incremental relative to your prior view on the market? Maybe we could start there.

我想請教你們是否能就高壓輸電的展望提供更多細節。就那邊專案推進的程度而言，你們如何看待其導入節奏？你們剛才顯然已提供一些說明。另外，那15億美元的TAM是否相較你們先前對市場的看法，全部都是新增量？也許我們可以先從這裡開始。

Yes. Maybe I'll start overall, Jeff, with transmission and substation, I'd probably categorize in that same area is that's continuing to do really well for us. We're communicated high single-digit growth there. And certainly, I would say we're off to a very good start against that background. Particularly the comments around 765 kV, it's the ability for utilities to bring more bulk power into areas where they're needed.

是的。Jeff，也許我先從整體來說，輸電與變電站這一塊，我大概會歸類為同一個領域，對我們而言持續表現得非常好。我們先前已溝通過該領域將有高個位數的成長。而且我確實會說，在這樣的背景之下，我們開局非常好。特別是關於 765 kV 的評論，這代表公用事業公司能把更多的大宗電力輸送到需要的地區。

There's a very efficient way to do that. We have some lines in the US that were built, I think, over 20 years ago, that for 765 kV. There just wasn't a need for it. And I think that's becoming very clear right now that the ability to drive more bulk power is actually a very efficient way to do so.

這是一種非常有效率的方式。我們在美國有一些線路，我想是 20 多年前建的，就是為了 765 kV。當時其實並沒有這個需求。而我認為現在已經非常清楚，提升大宗電力輸送能力其實是一種非常有效率的做法。

We are very well positioned. We have products today that can serve it already. We've won a couple of orders already in this. We're continuing to develop products, and these are just taking it to the next higher voltages. We were able to do that with our capabilities, certainly with our labs.

我們的布局非常到位。我們目前就有產品已經可以支援這個需求。我們也已經拿下了幾筆相關訂單。我們持續在開發產品，而這些基本上就是把電壓等級推進到更高的層級。憑藉我們的能力，當然也包括我們的實驗室，我們能做到這點。

So I'd say very well positioned. And we look at this truthfully as incremental, Jeff. We see this as upside to what's already needed. Any time you have a 765 kV, you need off ramps for that, right, where you take the power down, think highways and offshoots of that, off ramps with substations and then you step the voltages down. So we think it's an upside problem.

所以我會說我們的布局非常到位。而且坦白說，Jeff，我們把這視為增量。我們認為這是既有需求之上的上行空間。任何時候你有 765 kV，你都需要「下匝道」，對吧？也就是把電力降下來；可以把它想成高速公路及其分支，下匝道透過變電站把電壓逐級降低。所以我們認為這是一個上行的機會。

And we think it can drive a point of growth above what we're currently projecting with transmission already.

而且我們認為，這能帶動輸電業務的成長高於我們目前的預測。

And it sounds like you don't see this squeezing out spending elsewhere. There's obviously been a little bit of concern that all the generation spending may eat into T&D spending call in the kind of the core distribution side of the business also growing at a stable rate?

聽起來你不認為這會擠壓其他領域的支出。顯然市場有一些擔憂，認為所有的發電端支出可能會侵蝕輸配電（T&D）支出；在業務的核心配電端這一塊也仍以穩定的速度成長？

Yes, you needed both, Jeff. That's why we don't see it calling out. Certainly, we're not seeing that in the projects that are ahead of us that the orders that we're winning. I mean it's a logical question, certainly to ask is how far can budget flex up. But you see, too, that utilities are continually increasing their CapEx budgets. And I think that's a reflection of acknowledging and realizing that you really need to spend it on all these areas to get the outcome you need.

是的，Jeff，兩者都需要。這就是為什麼我們不認為會互相排擠。當然，從我們眼前的專案、以及我們正在贏得的訂單來看，我們並沒有看到那種情況。我的意思是，這確實是個合乎邏輯的問題：預算到底能彈性上調到什麼程度。但你也看到，公用事業公司正持續提高其資本支出（CapEx）預算。我認為這反映出他們已經認知並意識到，為了達成所需的結果，這些領域都必須投入。

Julian Mitchell, Barclays.

Julian Mitchell，Barclays（巴克萊）。

Maybe just a question, please, around how we should think about operating margins through the balance of the year and the operating leverage kind of cadence, if that's changed at all versus prior thinking, please?

想請教一個問題：我們應該如何看待今年剩餘期間的營業利益率，以及營運槓桿的節奏（cadence）？相較於先前的看法，是否有任何改變？

Yes, as far as the operating margin goes for the year, we're really looking at the full year with a 20 basis point margin expansion, and that's going to lean a little heavier towards utility with more expansion and about flattish on electrical.

是的，就今年的營業利益率而言，我們主要看全年，預期利益率擴張 20 個基點；其中公用事業端的擴張會更明顯，而電氣端大致持平。

As the year progresses, I think we see the utility side of margin expansion being pretty consistent. And certainly, on the electrical side, we see a little bit of headwind just on the year-over-year comp from last year's second quarter in electrical and the back half probably flattish. So that's kind of how we're thinking about margin for this year. Keep in mind, there's a lot of inflation that's come on.

隨著年度推進，我認為公用事業端的利益率擴張會相當一致。而在電氣端，我們看到一些逆風，主要是因為去年第二季電氣業務的年對年比較基期；下半年大概會偏持平。所以這就是我們對今年利益率的思考方式。請記得，通膨上來了不少。

And as we cover that inflation with price and productivity, that is certainly margin dilutive. So in our 20 basis point of margin expansion at the midpoint of the guide, there's about 1 point of dilution just from that price cost math.

而當我們用價格與生產力來覆蓋這些通膨時，確實會對利益率造成稀釋。因此，在指引中點所對應的 20 個基點利益率擴張裡面，僅就價格與成本的計算（price-cost math）而言，大約有 1 個百分點的稀釋。

That's helpful. And then maybe just my follow-up on the thoughts on sort of first half and sort of second quarter. Maybe I missed it, but did you clarify the sort of share of earnings in the first half? Is it still mid, high 40s. And so we're looking at kind of a 5, 20-ish EPS for Q2. Any pointers on second quarter or half's phasing, please?

這很有幫助。接著我想追問一下，關於上半年以及第二季的節奏。也許我漏聽了，但你們是否有釐清上半年獲利占比？是否仍在 40% 中段到高段？所以我們在看第二季 EPS 大概 5.20 左右。能否提供一些關於第二季或上下半年分布（phasing）的提示？

Yes. So second quarter, so we would think about normal seasonal setup for this year, and let's think about that on the sequential. So typically, with our strong orders coming through first quarter, what we would anticipate a second quarter step up like we would normally see high single digits organic growth. And add to that, we're looking at price cost productivity at about neutral on the dollars. And so that's really the constructive way to think about 2Q.

是的。就第二季而言，我們會以今年正常的季節性來看，並從季對季的角度思考。通常在第一季有強勁訂單進來之後，我們會預期第二季如同往常會有一個向上的台階，通常會看到高個位數的有機成長。再加上，我們預期價格／成本／生產力在金額上大致中性。所以這就是看待第二季（2Q）較為建設性的方式。

Tommy Moll, Stephens.

Tommy Moll，Stephens。

Sounds like versus last quarter, we're expecting more pricing for the year, perhaps also better volumes than originally expected. So I was hoping you could unpack that 6% to 9% organic for us. how much of that is price versus volume? And how do those compare to what you provided last quarter?

聽起來相較於上季，你們預期今年會有更多的定價，或許也有比原先預期更好的出貨量。所以我希望你們能幫我們拆解一下 6% 到 9% 的有機成長：其中多少來自價格、多少來自量？以及這些與你們上季提供的看法相比如何？

So coming into the year, we were anticipating about 2 points of price, and the majority of that was coming from wraparound from actions that we had implemented last year. And as we saw some of that inflation, mostly on the metals side, copper, aluminum, steel in the first quarter, we went out with price actions in the second quarter, and that added about 1 point to our full year price outlook. So our full year 6% to 9% organic has about 3 points price, but with the rest being volume.

在進入今年時，我們原本預期大約有 2 個百分點來自價格，其中大部分是去年已實施的價格行動在今年的延續效應（wraparound）。而當我們在第一季看到一些通膨，主要是在金屬端——銅、鋁、鋼——我們在第二季採取了價格行動，這讓我們對全年價格展望再增加了大約 1 個百分點。因此，我們全年 6% 到 9% 的有機成長中，大約有 3 個百分點來自價格，其餘則來自量。

If you think, Tommy, about the way that, that price rolled on last year, the year over year are going to start to wrap here 2Q, 3Q. So we would anticipate that , that our contribution from price stayed as the year progresses and our contribution from volume growth kind of increases as we step through the year sequentially.

Tommy，如果你想想去年價格推進的方式，年對年的比較會在第二季、第三季開始反映出來（wrap）。所以我們預期，隨著年度推進，價格的貢獻會維持，而量的成長貢獻會在我們逐季往前走時逐步提高。

That's very helpful. I wanted to follow up on DMC. What update can you provide for us there? In particular, are there any elements that you're seeing unfold better versus worse than the original plan?

非常有幫助。我想追問 DMC。你們能提供那邊的最新進展嗎？特別是，有沒有任何面向的發展比原先計畫更好或更差？

Yes. I would say, Tom, in DMC, as we stated, I think, in our last call, off to a really good start. I mean is squarely in the area of where the highest investment is going on in the utility, which is transmission and particularly this is a substation application. So I would say so far, it's meeting and even exceeding a little bit our expectations. It's also an area where we're really focused in adding capacity.

是的。Tom，我會說在 DMC 方面，正如我們在上次電話會議提到的，開局非常好。它正好位於公用事業投資最集中的領域，也就是輸電，且特別是變電站的應用。所以我會說到目前為止，它符合、甚至略微超出我們的預期。這也是我們非常專注於擴增產能的領域。

I think our ability to get more out of that factory this year and next year is perhaps more a function of our ability to get capacity in place because orders are really support it. So we're very, very pleased with it. And as we are with the systems control is another acquisition we did last year also in this space and with very similar dynamics of good demand and need to add capacity. We're very pleased with them.

我認為，我們今年與明年能從那座工廠再多產出一些，可能更取決於我們把產能建置到位的能力，因為訂單確實支撐這件事。所以我們對此非常、非常滿意。同樣地，我們對 Systems Control 也很滿意——那是我們去年在同一領域做的另一項收購，動能非常相似：需求良好，而且需要增加產能。我們對他們非常滿意。

Nigel Coe, Wolfe.

Nigel Coe，Wolfe。

Just want to go back to the margins. How is the Section 232 tariffs sort of changing the landscape and maybe talk about both businesses? And I believe that you were utilizing US Steel down in Mexico. Just any more color there would be helpful. And any thoughts on how to think about margins by segment as well?

我想回到毛利率的問題。第232條關稅如何改變整體態勢？也請談談兩個業務的情況。另外我相信你們在墨西哥那邊有使用美國鋼鐵（US Steel）。如果能再補充一些細節會很有幫助。以及對於如何按事業部門來看毛利率，有什麼想法？

Sure. So starting with the tariff, I'd probably start just answering it maybe more broadly with the events of tariff changes in the first quarter, of which, yes, 232 was a piece of what changed. We also saw the repeal of IEEPA. We saw 122 come online, and we saw some of those changes in 232. But the sum of all of that is about neutral to us for the year.

當然。先從關稅談起，我可能會先用更宏觀的方式回答：第一季發生了一些關稅變動事件，其中沒錯，第232條是變動的一部分。我們也看到 IEEPA 被撤銷。我們看到 122 上線，並且也看到第232條的一些調整。但把這些加總起來，對我們今年整體而言大致是中性影響。

So that impact was not significant. We were paying 232 going back to Liberation Day. So 232 with that -- with product lines that would have had US melted steel the changes there were entirely offset by some other impacts on some other product lines. So overall, not significant.

所以影響並不顯著。我們從「解放日」開始就一直在支付第232條關稅。因此，第232條在那些原本會使用美國熔煉鋼（US melted steel）的產品線上的變動，已被其他一些產品線上的影響完全抵銷。所以整體而言，不顯著。

On the -- your question about margins quarter to quarter, we have about 20 basis points of expansion embedded in the guide at the midpoint for the full year. The margin expansion is going to lean more heavy towards utility, and that utility is looking at margin expansion pretty ratably across each of the four quarters. Electrical is a little bit of a headwind on the margin in the first half of the year, and that normalizes in the second half of the year to get to about flattish on the full year margin for Electrical. That's how we see that.

至於你問到的毛利率季度間變化，我們在全年指引的中位數中，已內含約20個基點的擴張。毛利率擴張會更偏向公用事業（Utility）業務，而該業務的毛利率擴張預期會在四個季度相對均衡地發生。電氣（Electrical）在上半年對毛利率會有些逆風，但下半年會正常化，使得電氣業務全年毛利率大致持平。我們是這樣看的。

Yes. That's great color. And then just a quick follow-on, maybe on the back of Jeff's question on transmission. Obviously, very healthy growth, very sort of vibrant end market. Some of the big players in that space, (inaudible) are growing strong double digits in transmission -- group transmission.

是的。這些補充很有幫助。接著快速追問一下，可能延續 Jeff 關於輸電（transmission）的問題。很明顯，成長非常健康，終端市場也非常活躍。該領域的一些大型業者，（聽不清）在輸電——集團輸電方面都在以強勁的兩位數成長。

So I'm just wondering do you see scope for that to -- for this -- for your business to get up to those kind of levels? And is the scope of your content increasing with time?

所以我想問的是，你們是否看到空間——讓你們的業務也能提升到那樣的成長水準？以及你們的內容價值（content）是否會隨時間增加？

Yes. I would say maybe on the first one on the scope. So we continue to develop products. We continue to do acquisitions in both the DMC and system control are two examples where scope is increasing if you have additional product lines. But also as you look at where the voltages go.

是的。我想先回答第一個、關於範疇（scope）的問題。我們持續開發產品。我們也持續進行併購，例如 DMC 和系統控制（system control）就是兩個例子；當你增加額外產品線時，範疇就會擴大。另外也要看電壓等級往哪裡走。

So when we talk about 765 kV, our content on that per mile would also go up slightly from the lower voltages. So I think in net, both on what we're adding to the portfolio and kind of where the investment is going in, it does increase our content a little bit. So certainly, what we're seeing is double-digit growth. Our scope is broad. And we serve the majority of right, if you think about the transmission line, 85% to 90% of material that goes up on that research.

例如我們談到 765 kV 時，我們在每英里上的內容價值會比低電壓等級略有提高。所以整體來看，無論是我們新增到產品組合的內容，或是投資流向的方向，都會讓我們的內容價值小幅提升。因此，我們確實看到兩位數成長。我們的範疇很廣。如果你把輸電線路想成一個整體，我們服務其中大多數的部分——大約85%到90%會架設上去的材料都在那個範圍內。

So I wouldn't say we're going to get our fair share of that growth specifically how maybe (inaudible) generator assets short term, it may be a little harder for me to comment on that dynamic. But I would certainly say we will participate and get our fair share of the build-out.

所以我不會說我們會在那個成長中拿到超出應有份額的成長；至於像（聽不清）發電資產短期內的動態，這點我可能比較難評論。但我可以肯定地說，我們會參與並取得我們應有的建置（build-out）份額。

Joe O'Dea, Wells Fargo.

Joe O'Dea，富國銀行（Wells Fargo）。

Just wanted to touch on grid infrastructure growth expectations throughout the year. Is it reasonable to see something like low double-digit organic through the first few quarters of the year? I think the comp gets a little bit tougher as you get into the end of the year, so maybe that's more mid-single, high single-digit. And along with that, just any color on electrical distribution, understandably the transmission and substation is sort of driving strength, but just what you're seeing on the distribution side.

我想談一下全年電網基礎設施成長預期。是否可以合理地預期，前幾個季度有類似低兩位數的有機成長？我認為到年底比較基期會變得更具挑戰，所以可能會回到中個位數到高個位數。另外，也請補充一下配電（electrical distribution）的情況；可以理解輸電與變電站（substation）在帶動強勢，但你們在配電端看到什麼？

Joe, I'll take the first part of that question on the utility organic, and you are thinking about it the right way in terms of mid- to high single-digit organic growth as the year progresses. And that we're anticipating is going to be pretty consistent Q2, Q3, Q4.

Joe，我先回答公用事業（utility）有機成長的第一部分；你這樣思考是對的——隨著年度推進，有機成長會落在中到高個位數。而我們預期第二季、第三季、第四季會相當一致。

Yes. And maybe on the distribution side of it. Yes, we've been talking for this for quite some time now is what's driving the need to invest there. And a lot of it is driven by just upgrading and resiliency of the grid. We felt last year and the last couple of years really with the destock where we talked about that underlying demand was still solid, but we're dealing with something very specific.

是的。再談配電端。我們談這個已經有一段時間了：是什麼在驅動那邊的投資需求。其中很大一部分是由電網升級與韌性（resiliency）所驅動。我們覺得去年以及過去幾年，因為去庫存（destock），我們一直說底層需求其實仍然穩健，只是我們在處理一個非常特定的因素。

So I think that's proving out now with the destocking behind us that we're actually seeing the underlying demand. And the drivers of it are really continued hardening. I think it is slightly lower than the transmission and substation for the reasons that we thought of getting the power that's so needed in data centers and other areas. But we're very optimistic. And there, too, if we think about the start to the year, it's not just off to a good start in transmission and substation but distribution as well.

所以我認為現在去庫存已經過去，這點正在被驗證：我們確實看到底層需求浮現。其驅動因素主要是持續的強化（hardening）。我認為它確實略低於輸電與變電站，原因如我們所想：要把資料中心與其他領域非常需要的電力送到位。但我們非常樂觀。而且同樣地，如果看今年開局，不只是輸電與變電站有好的開始，配電也一樣。

And then just on the timing of pricing and the impact on demand, I think that the price announcements in the quarter. Were those in place middle of the quarter, in place kind of beginning of the second quarter and really just around any influence on demand pull forward? It sounds like no incremental pricing required to tariffs.

另外關於漲價時點以及對需求的影響，我想問一下：本季的漲價公告。那些是在本季中段生效，還是大概在第二季初生效？以及是否對需求提前拉貨有任何影響？聽起來似乎不需要因關稅而額外再漲價。

Think over the course of kind of what we're hearing through reporting season right now, there's some debate on what kind of pull-forward dynamics there were, but broadly across industrials, but the degree to which you saw any of that in the quarter, it doesn't sound like much sort of carryover impact anticipated throughout the year.

綜合目前財報季我們聽到的情況，市場對於是否存在提前拉貨的動態仍有一些爭論，這在整體工業類股都存在；但就你們在本季看到的程度而言，聽起來並不多，而且也不太預期會對全年造成太多延續性的影響。

Price increases went in for us in the beginning of the second quarter. And that typically takes 30 to 60 days to kind of work its way through the backlog and to kind of get to a point of fully realizing that, the run rate of that new price.

我們的漲價是在第二季初生效。而這通常需要30到60天，才能在訂單積壓（backlog）中逐步反映，並達到完全實現新價格的狀態，也就是新價格的運行水準（run rate）。

So that all sets in, in the course of second quarter. And we did not see any significant impacts or unusual behavior with pull forward on demand. That order momentum that we've kind of seen continue going back to the fourth quarter, throughout the first quarter and into the second quarter here.

所以這些會在第二季期間逐步到位。我們沒有看到任何顯著影響或不尋常的提前拉貨行為。我們看到的訂單動能，從第四季開始延續到第一季，並且現在也延續到第二季。

Nothing unusual in terms of how that sets up around our price increases that we have implemented. Price increases so far have been sticking, conversations with customers have been very constructive. And the basis for our price increase has been around metals. And that metals inflation has been very visible and very well accepted in the channel.

就我們已實施的漲價而言，沒有任何不尋常的情況。到目前為止，漲價都站得住腳，與客戶的對話也非常具建設性。我們這次漲價的依據是金屬成本。而金屬通膨非常明顯，在通路端也被充分理解與接受。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利（Morgan Stanley）。

I wanted to ask about data center. Obviously, came through really good 40% in Q1 and you guys did raise the full year data center guide now, I think, over 25% previously, up 15%. So I guess my question is, is this new 25% plus, is that basically all of your available capacity? Or if demand strength is sustained, is there opportunity to ship more this year?

我想請教一下資料中心的部分。很明顯地，第一季表現非常好，成長了40%，而且你們也把全年資料中心的指引上調了；我記得之前是超過25%，現在上調到15%。所以我的問題是，這個新的25%以上，基本上是否已經用滿了你們所有可用產能？或者如果需求強勁能夠持續，今年是否還有機會出貨更多？

We spend a lot of time, Chris, on that topic with all the activity and the significant demand that's out there in data center. You'd recall that we've got roughly half of our data center exposure is in our long-cycle power distribution modular skid business for which we've got good visibility to demand.

Chris，我們在這個議題上花了很多時間，因為資料中心那邊活動非常多、需求也相當顯著。你會記得，我們大約一半的資料中心曝險是在長週期的配電模組化滑撬（modular skid）業務上，對於這塊我們對需求有很好的能見度。

Orders are booked out through the year and there's little incremental capacity, and that feels pretty well situated and that was well situated in our original guide. So no real change on how we're thinking about the long cycle piece. On the short-cycle book and bill side, we do continue to see strong order demand coming through.

訂單已經排到今年年底，幾乎沒有太多額外的增量產能；這部分看起來配置得相當到位，而且在我們原先的指引中也已經反映得很充分。所以在長週期這一塊，我們的思考方式沒有實質改變。至於短週期、book-and-bill 的部分，我們確實持續看到強勁的訂單需求進來。

We continue to add capacity in that space. Every quarter, we're adding more and more capacity and we continue to add inventory to every extent possible so that we've got stock on the shelf for that short cycle, book and bill side of products that are needed for data center.

我們也持續在那個領域擴增產能。每一季我們都在增加更多產能，同時也在一切可能的範圍內增加庫存，確保短週期、book-and-bill 這一端資料中心所需的產品能夠有現貨可供出貨。

So we think we've got a little more capacity. And again, we continue to invest in that productive capacity coming online, and we'll continue to do that as the year unfolds so as to increase our capacity and serve that growing demand.

所以我們認為還有一些額外產能空間。同樣地，我們會持續投資讓生產產能逐步到位，並且在今年接下來的時間裡持續這麼做，以提升產能、服務持續成長的需求。

I appreciate that. And then I wanted to follow up on price cost. It seems like a year ago, you guys led on price cost and then over time into Q1 the cost inflation caught up and that was kind of maybe netting you closer to neutral. I mean, I guess, let me know if that's wrong. But I guess the question is, is that -- should we expect the same thing into this next round of price increases, like you guys will lead a little bit off the bat because you're now (inaudible) and then it catches up a little bit in maybe two, three quarters out?

了解，謝謝。接著我想追問一下價格與成本（price/cost）。看起來一年前你們在價格相對成本上是領先的，但隨著時間推進到第一季，成本通膨追上來了，結果可能就比較接近持平。我的理解如果不對請指正。但我的問題是，接下來這一輪漲價，我們是否應該預期同樣的情況：你們一開始會先領先一些，因為你們現在（聽不清），然後大概兩、三季後成本又會追上來一些？

You're definitely right in your first comment in terms of how last year played out. We were ahead of price versus cost, dating back to Liberation Day, tariffs and that benefit of being ahead kind of situated in the second quarter of last year, and we continue to run positive on PCP in each of the quarters of 2Q, 3Q, 4Q last year.

你第一個評論完全正確，去年確實是那樣發展的。從所謂的「解放日」（Liberation Day）、關稅開始，我們的價格相對成本是領先的；這種領先的好處大概在去年第二季就已經到位，而我們在去年第二季、第三季、第四季每一季的價格/成本（PCP）都維持正向。

We were positive PCP on a dollar basis to start this year, and we're anticipating to manage that equation on a dollar neutral or better basis. That does have an impact on margins, as you know, that math well. So do we think we can continue to hold the line on margin neutral on price cost?

今年一開始我們在金額基礎上仍是正向的 PCP，而我們預期會把這個等式管理在金額持平或更好的水準。如你所知，這會影響毛利率，你也很清楚這個數學關係。所以，我們是否認為能夠持續把價格/成本維持在毛利率中性（margin neutral）的水準？

No, I think that was a little beneficial to us last year, but we're very focused on managing to positive or better and driving that double-digit operating profit growth for this year.

不，我認為去年那對我們是有些助益的，但我們非常專注於把它管理在正向或更好，並推動今年營業利益達到雙位數成長。

Chad Dillard, Bernstein.

Chad Dillard，Bernstein。

My question for you is on Aclara. Can you talk about the sales in the quarter and how that's turned sequentially? And then just more broadly, how that business is positioned for AMI 2.0? And how should we think about when that cycle kicks off?

我想問的是 Aclara。你能談談本季的銷售表現，以及相較上一季的變化嗎？再更廣泛一點，這項業務在 AMI 2.0 的定位如何？我們應該如何看待那個週期何時啟動？

Yes. And maybe I'll start, as you know, Aclara, is part of the grid automation business, and that business continues to inflect up. We're down. The decline started to shrink. And while we still are a little bit down year-over-year, in the first quarter.

可以。也許我先開始：如你所知，Aclara 是電網自動化（grid automation）業務的一部分，而該業務持續出現向上的拐點。我們仍是下滑。但下滑幅度開始收斂。雖然第一季年對年仍略為下滑。

As we communicated, we expect that to start turning to growth. But if (inaudible) and specifically to your question of Aclara versus the rest, clearly, Aclara had been declining higher while the other part of the business was growing and I think what you have seen is that the Aclara decline is just starting to get smaller and smaller. And we still, in the first quarter saw a decline in that business.

如我們所溝通的，我們預期它會開始轉為成長。但如果（聽不清），就你問的 Aclara 相對於其他部分而言，很明顯地，Aclara 先前下滑得更明顯，而業務的其他部分在成長；你現在看到的是，Aclara 的下滑正在變得越來越小。而我們在第一季仍看到該業務下滑。

And as you look ahead, that is an area that's been more challenged as utility, and it maybe goes back a little bit to Jeff's very first question of how our utility managing budgets and our view in certain indications with conversation is that the are deselecting this a little bit over the other areas of investments, while we've seen lesser projects come through. But the challenge for utility is going to be -- this equipment is going to fail at some point, right?

往前看，這一直是公用事業端較具挑戰的領域；也許可以回到 Jeff 的第一個問題：公用事業如何管理預算。我們從一些對話與跡象的看法是，他們相較於其他投資領域，對這一塊有些降低優先順序，因此我們看到較少的專案釋出。但公用事業面臨的挑戰會是——這些設備終究會在某個時間點故障，對吧？

The life span of this is not in the range of what our component technical components are. So what we're seeing is more projects discussions right now. We're quoting more projects. We recently won a pretty nice piece of business that's multiyear. So I think from where we sit today, where this business decline, we should expect going forward to start seeing this business realizing modest growth.

它的使用壽命並不像我們某些技術元件那樣長。所以我們現在看到更多專案在討論中。我們正在報價更多專案。我們最近也拿下一筆相當不錯、為期多年的業務。因此，以我們目前的位置來看，從這項業務下滑的狀態出發，未來應該會開始看到這項業務實現溫和成長。

But we feel it's been -- it's stabilized, and maybe that's another really important that we've seen the bottom. We're now starting to come up, we're not super expecting great growth rates, but the dynamics are such that this business should grow from here.

但我們覺得它已經——已經穩定下來；也許另一個非常重要的點是，我們看到谷底了。現在開始回升；我們不太預期會有很高的成長率，但在這些動態之下，這項業務應該會從這裡開始成長。

Great. That's helpful. And then moving over to grid infrastructure. I know in the past, you guys have talked about your order rates within distribution. I was hoping you give an update on how those trended for the quarter? And then can you maybe break down how much of the demand that you're seeing is restock in the channel versus just like pure sell-through in to the end market?

很好。這很有幫助。接著談到電網基礎建設（grid infrastructure）。我知道過去你們談過在配電（distribution）領域的接單率。我希望你能更新一下本季的趨勢如何？另外，你能否拆解一下你們看到的需求中，有多少是通路補庫存（restock），以及有多少是純粹賣到終端市場的實際消化（sell-through）？

Yes. Maybe start with the second one that our view is that the demand is what's going up on infrastructure and not going to stock. And we talked we're off to a good start on revenue, and that's, of course, driven by order rates and that's on both the electric and utility side, but particularly to DMD, also up nicely in the quarter. And for us, I mean, we generally don't talk about book and bill a lot because it's about order rates. Because we're more short-cycle business.

可以。也許先回答第二個：我們的看法是，基礎建設的需求是在上升，而不是在備貨到庫存。我們也提到營收開局不錯，當然這是由接單率所帶動；這在電力與公用事業兩端都有反映，但特別是 DMD，本季也有不錯的成長。對我們而言，我們一般不太談 book-and-bill，因為重點在接單率。因為我們是偏短週期的業務。

Our orders were up over 1, that's not atypical in the first quarter where people are starting to get their orders in to get ready for construction season, and that's typically a little bit over 1 where we're up stronger over that. We're closer to start off the quarter. I'd say that's both a mix of short cycle, our book and bill that was solid as well as projects. We talked a little bit earlier about some of these projects. So we feel really good about the start to the year, and it's what's driven us to raise our organic guidance.

我們的訂單比率（orders）超過 1；第一季通常不算罕見，因為大家會開始下單、為施工季做準備，所以通常會略高於 1，而我們這次是更強一些。我們在本季一開始更接近（該水準）。我會說這同時包含短週期的 book-and-bill（表現也很穩健）以及專案型訂單的組合。我們稍早也談到其中一些專案。因此我們對今年的開局感覺非常好，而這也是促使我們上調有機成長指引的原因。

I realize there's a piece of that that's price, but there's a piece of that's volume as well. So we feel really good about how we started the year, and we don't see -- as a matter of fact, we see continuation certainly of this. So nothing unusual in it.

我知道其中有一部分是價格因素，但也有一部分是量的因素。所以我們對今年的開局感到非常滿意，而且我們沒有看到——事實上，我們確實看到這種趨勢會延續。所以沒有什麼不尋常的。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

I was just wondering, you've got a global manufacturing footprint, global company. With inflation higher with some of these geopolitical uncertainties, how is your supply chain behaving? Are you getting what you need? Are you getting any pushback in any corners? I think I heard Joe say no, not yet on pricing, but we are starting to hear enough is enough, some corners are pushing back on pricing in different markets.

我只是想請教一下，你們擁有全球製造佈局，是一家全球性公司。在通膨較高、且存在一些地緣政治不確定性的情況下，你們的供應鏈表現如何？你們拿得到所需的東西嗎？在任何角落有遇到阻力嗎？我想我聽到Joe說目前在定價方面還沒有，但我們開始聽到「夠了夠了」，在不同市場的一些角落對價格開始出現反彈。

How is your supply chain behaving overall? And then I'm hoping to the follow-up would be, how is your acquisition pipeline? Is there anything? It looks like you're pretty balance sheet is very lean right now. And I was just wondering what the outlook was for 2026. Anything you can say?

整體而言，你們的供應鏈表現如何？接著我希望追問的是，你們的併購管線如何？有任何進展嗎？看起來你們的資產負債表目前非常精實。我只是想了解一下對2026年的展望。有什麼可以分享的嗎？

Scott, maybe I'll take the first one, and I'll hand it to Gerben for the second. So on the supply chain front, so we're not seeing any significant impacts or constraints on the supply chain side. I'd say what would be more noteworthy as over the course of the last couple of months with some of the disruption over in the Middle East. We did have a little bit of aluminum that we were purchasing out of that region. It would be a noteworthy area.

Scott，第一個問題也許我先回答，第二個我再交給Gerben。就供應鏈而言，我們沒有看到供應鏈端有任何重大影響或限制。我想更值得注意的是，過去幾個月中東地區出現一些干擾。我們確實有一小部分鋁材是從該地區採購的。那會是一個值得注意的領域。

We do have other qualified sources of supply around the globe. We were able to move that to other suppliers. And we weren't at the end of the day, impacted by that, but it was something we had to address. We're not seeing constraints in other areas, yet chips or metals or component parts of any substance. So I would say the supply chain as we see it right now is holding up well and supporting what we need to do to service our customer demand.

我們在全球各地也有其他合格的供應來源。我們能把那部分轉移到其他供應商。最終我們並未因此受到影響，但這確實是我們必須處理的事情。在其他領域我們尚未看到限制，不論是晶片、金屬或任何重要的零組件。所以我會說，就我們目前所見，供應鏈運作良好，並支撐我們滿足客戶需求、提供所需服務。

And let me take the second one on M&A. You're right to point out that our balance sheet certainly supports doing acquisitions at larger scale than perhaps we were able to afford in the past.

我來回答第二個關於併購（M&A）的问题。你說得對，我們的資產負債表確實支持我們進行規模更大的收購，這在過去可能是我們負擔不起的。

And if we look at the -- maybe even before we look at the pilot, we are focused clearly around the core areas of our business. So if you think anything in T&D, if you think about things around the data center, if you think lines around our light industrial markets, those are all areas that we find very attractive. And they're still based on our pipeline of deals that we're looking at plenty of opportunity to deploy our capital there.

而如果我們看——甚至在看管線之前，我們很明確地聚焦在業務的核心領域。所以如果你想到任何輸電與配電（T&D）相關、資料中心相關，或是我們輕工業市場周邊的產品線，這些都是我們覺得非常有吸引力的領域。而且根據我們正在評估的交易管線，仍然有很多機會可以在這些領域部署資本。

Of course, timing isn't always very predictable. But you've also seen and Joe highlighted what we did in share buyback during the first quarter that in periods where perhaps there is a little bit of a void in acquisitions. We think utilizing our balance sheet to do buybacks is another attractive area to deploy our capital.

當然，時點並不總是那麼可預測。但你也看到、Joe也提到，我們在第一季進行了股票回購；在某些期間，當併購可能出現一點空窗時，我們認為運用資產負債表來做回購，也是另一個有吸引力的資本部署方向。

Of course, our highest preference goes to CapEx, and we're certainly have increased debt. And based on some of my comments of areas where we're investing, you should expect to continue to see that elevated.

當然，我們最高的優先順序是資本支出（CapEx），而且我們確實已提高負債。基於我先前提到的投資領域，你應該預期這個較高的水準會持續。

The second one being M&A. And I'd say there's a good pipeline there, both of what we call maybe the bolt-ons, even though sales are getting larger as well as larger deals. And then we have buyback as an option. So we see within those areas that we could fully deploy our balance sheet.

第二個優先順序是併購（M&A）。我會說我們的管線相當不錯，既有我們所謂的補強型收購（bolt-ons）——雖然其銷售規模也在變大——也有更大型的交易。然後我們也把回購視為一個選項。所以我們認為在這些方向上，我們可以充分運用資產負債表。

Neal Burk, UBS.

Neal Burk，瑞銀（UBS）。

I wanted to come back to the high-voltage opportunity through 2035. Apologies if I missed this, but is the $1.5 billion opportunity relative to Hubbell's $400 million, $500 million transmission business today? I just want to get a sense of how to think about the growth opportunity.

我想回到2035年前的高壓機會。如果我漏聽了先說抱歉，但這15億美元的機會，是相對於Hubbell目前約4億到5億美元的輸電業務而言嗎？我只是想了解該如何看待這個成長機會。

Yes. So if you think about that math a little bit, I'll help you, it represents about 7,000 miles of high-voltage transformation how we get to the $1.5 billion with our content. And that's over 10 years. And who knows if that's longer or shorter. But if you use that as a basis, and then we're not the only participant in that.

是的。如果你稍微算一下，我可以幫你：以我們的內容價值來看，這相當於約7,000英里的高壓變電（transformation），我們就是這樣推導出15億美元。而這是10年的期間。至於會更長或更短，誰也說不準。但如果以此為基礎，而且我們也不是唯一的參與者。

So we certainly have a very good position in that market with our customers. But if you add all those things up, we believe it can drive a point of growth above the high single digits that we provided for transmission substations in the absence of it.

因此，憑藉我們與客戶的關係，我們在該市場確實有非常好的位置。但把這些因素加總起來，我們相信它能在原本我們對輸電變電站（transmission substations）所提供的「高個位數」成長之上，再額外帶來一個成長點。

That's helpful. And yes, the RCO ISO recommendation for 7,000 miles. I mean I think there are a few hundred thousand miles of high-voltage transmission in the US overall. So I mean, could that be more market opportunity if there's increasing content of 765-kilovolt in the US, like on top of that $1.5 billion? Or is it sort of too early to say?

這很有幫助。而且是的，RCO ISO對7,000英里的建議。我的意思是，美國整體高壓輸電線路大概有幾十萬英里。所以，如果美國765千伏（kilovolt）的占比提高，是否可能帶來更大的市場機會，並且是在那15億美元之上？還是說現在談這個還太早？

I think the $1.5 billion was related to high voltage transmission overall, Neal. And so obviously, there's a baseline market transmission, that's also growing strongly, as we said. And so not sure what the question was driving that.

Neal，我認為那15億美元是與整體高壓輸電相關的。而且很明顯地，還有一個基礎的輸電市場，我們也說過它同樣在強勁成長。所以我不太確定你的問題想要導向什麼。

Thank you. Ladies and gentlemen, this concludes our Q&A session. I will turn the call back to Dan Innamorato for closing remarks.

謝謝。各位女士、先生，我們的問答環節到此結束。我將把電話交回Dan Innamorato做結語。

Great. Thanks, operator. Thank you, everyone, for joining us. We'll be around all day for follow ups. Thank you.

很好。謝謝，接線員。感謝各位今天加入我們。我們今天一整天都會在，方便後續追問。謝謝。

Thank you. And this will conclude our conference. Thank you for participating, and you may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參與，現在可以掛線。