Howmet Aerospace Inc (HWM) 2025 Q2 法說會逐字稿

Good day, and welcome to the Second Quarter 2025 Howmet Aerospace Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 2025 年第二季 Howmet Aerospace 收益電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Paul Luther, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁保羅路德 (Paul Luther)。請繼續。

Thank you, Megan. Good morning, and welcome to the Howmet Aerospace Second Quarter 2025 Results Conference Call. I'm joined by John Plant, Executive Chairman and Chief Executive Officer; and Ken Giacobbe, Executive Vice President and Chief Financial Officer. After comments by John and Ken, we will have a question-and-answer session.

謝謝你，梅根。早安，歡迎參加 Howmet Aerospace 2025 年第二季業績電話會議。與我一起出席的還有執行董事長兼執行長 John Plant 和執行副總裁兼財務長 Ken Giacobbe。在約翰和肯發表評論之後，我們將進行問答環節。

I would like to remind you that today's discussion will contain forward-looking statements relating to future events and expectations. You can find factors that could cause the company's actual results to differ materially from these projections listed in today's presentation and earnings press release and in our most recent SEC filings.

我想提醒大家，今天的討論將包含與未來事件和期望有關的前瞻性陳述。您可以在今天的簡報和收益新聞稿以及我們最新的 SEC 文件中找到可能導致公司實際結果與這些預測有重大差異的因素。

In today's presentation, references to EBITDA, operating income, and EPS mean adjusted EBITDA, excluding special items; adjusted operating income, excluding special items; and adjusted EPS, excluding special items. These measures are among the non-GAAP financial measures that we've included in our discussion. Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release and in the appendix in today's presentation. In addition, unless otherwise stated, all comparisons are on a year-over-year basis.

在今天的演示中，EBITDA、營業收入和 EPS 指的是調整後的 EBITDA（不包括特殊項目）；調整後的營業收入（不包括特殊項目）；以及調整後的 EPS（不包括特殊項目）。這些指標屬於我們在討論中納入的非公認會計準則財務指標。在今天的新聞稿和今天的簡報的附錄中可以找到與最直接可比較的 GAAP 財務指標的對帳。此外，除非另有說明，所有比較均以同比為基礎。

With that, I'd like to turn the call over to John.

說完這些，我想把電話轉給約翰。

Thank you, PT, and welcome, everyone. The results for the second quarter were strong. Revenue growth increased 9% year-over-year compared to 6% in the first quarter. And the revenue broke through $2 billion to [$2.053](corrected by company after the call) billion and exceeded the high end of guidance. The revenue growth enabled us to carry on the costs of the additional headcount as we prepare for the new capacity coming on at the end of 2025, notably for turbine airfoils and the IGT build-out during 2026 and 2027.

謝謝 PT，歡迎大家。第二季的業績表現強勁。營收成長較去年同期成長 9%，而第一季為 6%。營收突破 20 億美元，達到 20.53 億美元（電話會議後公司進行了修正），超過了預期的高點。收入成長使我們能夠承擔額外員工的成本，為 2025 年底的新產能做好準備，特別是渦輪翼型和 2026 年和 2027 年期間的 IGT 建設。

EBITDA margins were healthy at 28.7%, up 300 basis points year-over-year, which was excellent, given the significant sequential revenue and EBITDA growth. EBITDA was $589 million. Free cash flow was also healthy at $344 million. This cash flow enables share repurchases of $175 million in the quarter to total $300 million in the first half, with an additional $100 million already completed in July.

EBITDA 利潤率健康，達到 28.7%，比去年同期增長 300 個基點，考慮到連續收入和 EBITDA 的顯著增長，這一成績非常出色。EBITDA 為 5.89 億美元。自由現金流也十分健康，達到 3.44 億美元。這項現金流使得本季的股票回購金額達到 1.75 億美元，上半年的股票回購總額達到 3 億美元，另外 1 億美元的回購已於 7 月完成。

Additionally, debt repayment was $76 million. We also announced an increase in the common stock dividend to $0.12 per quarter starting in August. This is a 20% increase quarter-over-quarter, which builds on the significant increases in 2023 and 2024. Lastly, earnings per share was $0.91, an increase of 36% year-over-year.

此外，債務償還金額為 7,600 萬美元。我們也宣布從 8 月開始將普通股股息提高至每季 0.12 美元。與上一季相比，這一數字增長了 20%，這是在 2023 年和 2024 年大幅增長的基礎上實現的。最後，每股收益為 0.91 美元，年增 36%。

In terms of business segment commentary, Forged Wheels continues to do well with a 27.5% margin, a slight increase on the first quarter. Additionally, Structures printed another solid quarter with EBITDA margins above 20%, the exact number being 21.4%. Lastly, Howmet incrementals were above 60% year-over-year.

從業務板塊評論來看，鍛造車輪業務持續表現良好，利潤率為 27.5%，較第一季略有成長。此外，Structures 又創下了一個穩健的季度，EBITDA 利潤率超過 20%，具體數字為 21.4%。最後，Howmet 的增量年增了 60% 以上。

I'll now pass the call to Ken to comment specifically on market sector performance and provide business segment commentary.

我現在將電話轉給肯，請他具體評論市場部門的表現並提供業務部門評論。

Thank you, John. Good morning, everyone. In the deck, you'll notice that we've added slide 5, which gives you a quick snapshot of the first half performance.

謝謝你，約翰。大家早安。在簡報中，您會注意到我們新增了投影片 5，它可以讓您快速了解上半年的表現。

But we're going to move to slide 6 now to talk about the markets. So end markets continue to be healthy, with total revenue up 9% year-over-year and 6% sequentially.

但我們現在要轉到投影片 6 來討論市場。因此，終端市場持續保持健康，總收入年增 9%，季增 6%。

Commercial aerospace was up 8%, driven by accelerating demand for engine spares. Commercial aerospace growth is further supported by the record backlog for new, more fuel-efficient aircraft with reduced carbon emissions.

受引擎備件需求成長的推動，商用航空航太業成長了 8%。新型、更省油、碳排放量更少的飛機訂單量創下紀錄，進一步支持了商用航空航太業的成長。

Defense aerospace growth continued to be robust, printing record quarterly revenue of $352 million, which was up 21%. Growth was driven by engine spares, new engine builds, and F-35 structures.

國防航空航太業務持續保持強勁成長，季度收入創下 3.52 億美元的新高，成長 21%。成長主要由引擎備件、新引擎製造和 F-35 結構推動。

As we expected, commercial transportation was challenging, with revenue down 4% in the second quarter, including the pass-through of higher aluminum costs.

正如我們預期的那樣，商業運輸業面臨挑戰，第二季收入下降了 4%，其中包括鋁成本上漲的影響。

On a volume basis, Wheels volume was down 11%. Although down year-over-year, the Wheels team did an excellent job to flex costs and deliver strong EBITDA margin of 27.5%. Finally, the Industrial and Other markets were up a healthy 17% driven by oil and gas up 26%, and IGT up 25%.

從交易量來看，Wheels 的交易量下降了 11%。儘管同比有所下降，但 Wheels 團隊在調整成本方面做得非常出色，並實現了 27.5% 的強勁 EBITDA 利潤率。最後，工業和其他市場健康上漲 17%，其中石油和天然氣上漲 26%，IGT 上漲 25%。

Within Howmet's markets, the combinations of spares for commercial aerospace, defense aerospace, IGT, and oil and gas, continues to accelerate, and was up 40% in the second quarter and represented 20% of total revenue. As a compare, total spares in 2019 was 11% of total revenue on a smaller base. So in summary, continued strong performance in commercial aerospace, defense aerospace, and industrial, partially offset by commercial transportation.

在 Howmet 的市場中，商用航空航太、國防航空航太、IGT 以及石油和天然氣的備件組合持續加速成長，第二季成長了 40%，佔總收入的 20%。相較之下，2019 年的總備件佔總收入的 11%，但基數較小。總而言之，商業航空航太、國防航空航太和工業領域繼續表現強勁，但商業運輸部分抵消了這一表現。

Now let's move to slide 7. As usual, we'll start with the P&L. Q2 revenue, EBITDA, and earnings per share were all records and exceeded the high end of guidance. Revenue was up 9% year-over-year, exceeding $2 billion. EBITDA outpaced revenue growth, up 22%. EBITDA margin increased 300 basis points to 28.7% while absorbing the costs of approximately 400 net headcount additions. Earnings per share was $0.91, which was up a healthy 36% year-over-year.

現在我們來看第 7 張投影片。像往常一樣，我們將從損益表開始。第二季的營收、EBITDA 和每股盈餘均創下新高，並超過了預期上限。營收年增9%，超過20億美元。EBITDA 成長速度超過營收成長，上漲 22%。EBITDA 利潤率增加 300 個基點至 28.7%，同時吸收了約 400 名淨員工增加的成本。每股收益為 0.91 美元，年增 36%。

Now let's cover the balance sheet and cash flow. The balance sheet continues to strengthen. Quarter-end cash balance was healthy at $546 million. Free cash flow was excellent at $344 million, which was a record for the second quarter. Free cash flow included the acceleration of capital expenditures, with approximately $100 million invested in the quarter and $220 million invested in the first half, which is up approximately 60% year-over-year. About 70% of the first half CapEx investment was in our Engines business as we continue to invest for growth in commercial aerospace and IGT, which is backed by customer contracts.

現在讓我們來看看資產負債表和現金流。資產負債表持續增強。季度末現金餘額為 5.46 億美元，狀況良好。自由現金流表現優異，達到 3.44 億美元，創下第二季的最高紀錄。自由現金流包括資本支出的加速，本季投資約 1 億美元，上半年投資 2.2 億美元，年增約 60%。上半年資本支出中約有 70% 用於發動機業務，我們將繼續投資於商用航空航太和 IGT 的成長，並以客戶合約為後盾。

Debt continues to be reduced, and we paid down an additional $76 million of our US term loan, which is due in November of 2026. The paydown will reduce annualized interest expense drag by approximately $4 million. Net debt to trailing EBITDA continues to improve to a record low of 1.3 times. All long-term debt is unsecured and at fixed rates.

債務繼續減少，我們又償還了 7,600 萬美元的美國定期貸款，該貸款將於 2026 年 11 月到期。此次償還將減少年度利息支出約 400 萬美元。淨債務與息稅折舊攤提前利潤 (EBITDA) 比率持續改善，達到歷史最低的 1.3 倍。所有長期債務均為無擔保且利率固定。

Regarding liquidity, it remains strong with a healthy cash balance and a $1 billion undrawn revolver, complemented by the flexibility of a $1 billion commercial paper program, both of which have not been utilized.

至於流動性，它仍然強勁，擁有健康的現金餘額和 10 億美元未提取的循環信貸額度，再加上 10 億美元商業票據計劃的靈活性，但這兩項都尚未使用。

Regarding capital deployment, we deployed $292 million of cash to common stock repurchases, debt paydown, and quarterly dividends. In the quarter, we repurchased $175 million of common stock at an average price of approximately $142 per share. Q2 was the 17th consecutive quarter of common stock repurchases. The average diluted share count improved to a record Q2 exit rate of 406 million shares.

在資本配置方面，我們部署了 2.92 億美元現金用於普通股回購、債務償還和季度股息。本季度，我們以平均每股約 142 美元的價格回購了價值 1.75 億美元的普通股。第二季是連續第17季進行普通股回購。平均稀釋股份數量改善至第二季創紀錄的 4.06 億股。

Additionally, in July, we repurchased $100 million of common stock at an average price of approximately $183 per share. July year-to-date common stock repurchases is $400 million at an average price of approximately $144 per share. Remaining authorization from the Board of Directors for share repurchases is approximately $1.8 billion as of the end of July.

此外，7月我們以平均每股約183美元​​的價格回購了價值1億美元的普通股。今年 7 月迄今的普通股回購額為 4 億美元，平均價格約為每股 144 美元。截至 7 月底，董事會剩餘的股票回購授權約為 18 億美元。

Finally, we continue to be confident in free cash flow. We've announced an increase in the Q3 quarterly stock dividend by 20% from $0.10 per share to $0.12 per share, payable this August.

最後，我們繼續對自由現金流充滿信心。我們宣布將第三季股票股利提高 20%，從每股 0.10 美元提高至每股 0.12 美元，並於今年 8 月支付。

Now let's move to slide 8 to cover the segment results for the second quarter. The Engine Products team delivered another record quarter for revenue, EBITDA, and EBITDA margin. Quarterly revenue broke through the $1 billion mark, with an increase of 13% to $1.056 billion. Commercial aerospace was up 9%, and defense aerospace was up 13%, both driven by engine spares growth. Both oil and gas and IGT were up approximately 25%. Demand continues to be strong across all of our engines markets, with record engine spares volume.

現在讓我們轉到投影片 8，介紹第二季的分部業績。引擎產品團隊在本季的營收、EBITDA 和 EBITDA 利潤率方面再創紀錄。季度營收突破10億美元大關，成長13%至10.56億美元。商用航空航太業上漲 9%，國防航太業上漲 13%，這都受到引擎備品成長的推動。石油天然氣和 IGT 均上漲約 25%。我們所有引擎市場的需求持續強勁，引擎備件數量創下新高。

[EBITDA dollars](corrected by company after the call) outpaced revenue growth with an increase of 20% to $349 million. EBITDA margin increased 170 basis points year-over-year to a record 33% while absorbing approximately 360 net new employees in the quarter. Year-to-date, Engines has invested in approximately 860 incremental headcount, which has a near-term margin drag, but positions us well for the future.

[EBITDA 美元]（電話會議後公司進行了更正）超過了收入成長，成長了 20%，達到 3.49 億美元。EBITDA 利潤率年增 170 個基點，達到創紀錄的 33%，同時本季淨吸收了約 360 名新員工。今年迄今為止，Engines 已投資新增約 860 名員工，雖然這會在短期內拖累利潤率，但為我們的未來奠定了良好的基礎。

Now let's move to slide 9. The Fastening Systems team also delivered a strong quarter. Revenue increased 9% to $431 million. Commercial Aerospace was up 18%. Defense Aerospace was up 19%. General Industrial was down 11%. And Commercial Transportation, which represents about 13% of Fasteners revenue, was down 18%.

現在我們來看第 9 張投影片。緊固系統團隊也在本季表現出色。營收成長 9% 至 4.31 億美元。商業航空上漲18%。國防航空航太業上漲了19%。通用工業股價下跌11%。商業運輸業務約佔緊固件業務收入的 13%，但下降了 18%。

Segment EBITDA continues to outpace revenue growth, with an increase of 25% to $126 million despite the sluggish recovery of widebody aircraft builds, along with weakness in commercial transportation. EBITDA margin increased a healthy 360 basis points year-over-year to 29.2% after taking into account the impact of delayed tariff recovery. The team has continued to expand margins through commercial and operational performance while flexing costs in the industrial and commercial transportation businesses.

儘管寬體飛機製造復甦緩慢，加之商業運輸疲軟，但分公司 EBITDA 仍持續超過營收成長，成長 25%，達到 1.26 億美元。在計入關稅延遲恢復的影響後，EBITDA 利潤率較去年同期大幅成長 360 個基點，達到 29.2%。該團隊透過商業和營運績效不斷擴大利潤率，同時在工業和商業運輸業務中靈活調整成本。

Now let's move to slide 10. Engineered Structures performance continues to improve. Revenue increased 5% to $290 million. Commercial aerospace was down 6% due to destocking and product rationalization, and was essentially flat sequentially. Defense Aerospace was up 49%, primarily driven by the end of the destocking of the F-35 program.

現在我們來看第 10 張投影片。工程結構的性能不斷提高。營收成長5%至2.9億美元。由於庫存減少和產品合理化，商用航空航太業下降了 6%，與上一季基本持平。國防航空航太產業上漲 49%，主要原因是 F-35 計畫去庫存化的結束。

Segment EBITDA outpaced revenue growth with an increase of 55% to $62 million despite the modest recovery of widebody aircraft. EBITDA margin increased 690 basis points to 21.4% as we continue to optimize the Structures manufacturing footprint and rationalize the product mix to maximize profitability.

儘管寬體飛機復甦緩慢，分公司 EBITDA 仍超過營收成長，成長 55%，達到 6,200 萬美元。隨著我們繼續優化結構製造足跡並合理化產品組合以實現盈利能力最大化，EBITDA 利潤率增加了 690 個基點，達到 21.4%。

Finally, let's move to slide 11. Forged Wheels revenue was down slightly despite higher aluminum costs. Excluding metal impacts, volume was down 11%. The Wheels team flexed costs to hold EBITDA to prior-year levels and delivered strong EBITDA margin of 27.5%.

最後，我們來看第 11 張投影片。儘管鋁成本上漲，但鍛造車輪的收入仍略有下降。不計金屬影響，銷量下降了 11%。Wheels 團隊調整成本，將 EBITDA 維持在去年同期水平，並實現了 27.5% 的強勁 EBITDA 利潤率。

Lastly, before turning it back to John, I wanted to highlight an additional item. We are reviewing the new tax legislation from the US administration related to the timing of expensing of R&D and CapEx. We expect to have a modest free cash flow benefit in 2025, which will be used to fund additional CapEx investments. The modest benefit has been included in our increased free cash flow guide.

最後，在將其交還給約翰之前，我想強調一項補充事項。我們正在檢討美國政府有關研發和資本支出費用化時間的新稅法。我們預計 2025 年將有適度的自由現金流收益，用於資助額外的資本支出投資。這筆適度的福利已包含在我們增加的自由現金流指南中。

With that, let me turn it back over to John.

說完這些，讓我把話題轉回給約翰。

Thank you, Ken, and let's move to slide 12. Firstly, Commercial Aerospace is expected to continue to grow. Q2 growth was 8% after some further destocking in certain product areas. This growth starts with passenger miles flown, which has been solid in Europe, and relatively higher growth in Asia Pacific, while flat in North America.

謝謝你，肯，讓我們轉到第 12 張投影片。首先，商用航空預計將繼續成長。在某些產品領域進一步去庫存後，第二季成長率達到 8%。這種成長始於旅客飛行里程，歐洲的旅客飛行里程一直保持穩定，亞太地區的成長相對較高，而北美則持平。

Aircraft backlogs are extraordinarily high due to prior-period underbuilds and the need for modern fuel and emissions-efficient aircraft to replace the increasingly aged fleet. There have been positive signs for narrowbody builds, with Boeing achieving a recent 38-per-month build rate for the 737 MAX. We also believe Airbus has achieved 60 builds per month for the A320/321, with some 60 A320s being gliders at this stage, awaiting engines.

由於前期飛機建造不足，以及需要現代化的燃油和排放效率高的飛機來取代日益老化的機隊，飛機積壓訂單量異常高。窄體飛機的建造出現了積極的跡象，波音公司最近實現了每月 38 架 737 MAX 的建造率。我們也認為，空中巴士已實現每月 60 架 A320/321 飛機的生產，其中約 60 架 A320 飛機現階段為滑翔機，等待引擎。

Widebody builds have not increased substantially in the second quarter, but are expected to go a little higher in the fourth quarter and going into 2026. The underlying 737 MAX assumption within our guidance today is raised from 28 per month average for the year to 33 per month average for the year, and supports a higher expected revenue, which I'll comment on later.

寬體飛機的製造量在第二季度沒有大幅增加，但預計在第四季度以及 2026 年將略有增加。我們今天指引中的基本 737 MAX 假設從全年平均每月 28 架提高到全年平均每月 33 架，並支持更高的預期收入，我稍後會對此發表評論。

Spares for Commercial Aerospace, Defense Aerospace, and IGT/Industrial, have increased by some 40% year-over-year and were at 20% of total revenue. This result is positive, with the continued first half rate of it being 20% of total revenue currently. Defense revenue was up 21% and has seemed to continue to exhibit the strength during the balance of the year.

商用航空航太、國防航空航太和 IGT/工業的備件收入年增約 40%，佔總收入的 20%。這個結果是正面的，目前上半年的持續率佔總收入的20%。國防收入成長了21%，並且似乎在今年餘下時間裡繼續展現出強勁勢頭。

IGT, oil and gas, and industrial strength in the quarter was exceptional at 17%, with IGT up some 25%. Growth for the combined IGT, oil and gas, and industrial markets is expected to be high single digits for the year. And within the combined number, the IGT market is expected to be significantly higher.

本季 IGT、石油和天然氣以及工業實力表現優異，達到 17%，其中 IGT 成長約 25%。預計今年 IGT、石油和天然氣以及工業市場的總成長率將達到高個位數。在合併數字中，IGT 市場預計將大幅成長。

Moving to Commercial Transportation. Within our Wheels segment, revenue was below 2024 by only 1%. However, metals and tariff recovery are now included in that number. Volume was down 11%, with continued softness expected in the second half.

轉向商業運輸。在我們的車輪部門中，收入僅比 2024 年低 1%。然而，金屬和關稅恢復現已被納入該數字。交易量下降了 11%，預計下半年將繼續疲軟。

In terms of general outlook, it's that we expect to see continued strength in commercial aerospace, defense aerospace, IGT, oil and gas, and an offset only in the commercial truck segment, which continues throughout this year. In 2026, the commercial truck market should stabilize, and hence, the overall picture for Howmet currently appears to be healthy.

就整體前景而言，我們預計商用航空航太、國防航空航太、IGT、石油和天然氣領域將繼續保持強勁勢頭，而商用卡車領域將出現抵消，並且這種勢頭將持續到今年年底。2026 年，商用卡車市場應該會趨於穩定，因此，Howmet 的整體情況目前看來是健康的。

In terms of specific guidance, we see the third quarter as follows: revenue, $2.03 billion, plus or minus $10 million; EBITDA of $580 million, plus or minus $5 million; EPS of $0.90, plus or minus $0.01. Q3 reflects the normal seasonality of lower European selling days due to annual vacations. The year's full guidance has been increased. Revenue has been increased by $100 million to $8.13 billion, plus or minus $50 million. EBITDA has been increased $70 million to $2.32 billion, plus or minus $20 million. Earnings per share has been increased by $0.20 to $3.60, plus or minus $0.04.

具體指引方面，我們預計第三季營收為20.3億美元，上下浮動1000萬美元；息稅折舊攤銷前利潤（EBITDA）為5.8億美元，上下浮動500萬美元；每股盈餘（EPS）為0.90美元，上下浮動0.01美元。第三季業績反映了歐洲市場銷售天數因年度假期而減少的正常季節性因素。全年指導價有所增加。營收增加了 1 億美元，達到 81.3 億美元，上下浮動 5,000 萬美元。EBITDA 增加了 7,000 萬美元，達到 23.2 億美元，上下浮動 2,000 萬美元。每股收益增加 0.20 美元至 3.60 美元，上下浮動 0.04 美元。

Free cash flow has been increased $75 million to $1.225 billion, plus or minus $50 million. Revenue, EBITDA, and EBITDA margin have been increased above the second quarter beat. The higher revenue expectation is supported by both an increased spares expectation and the higher Boeing 737 MAX rate assumption.

自由現金流增加了 7,500 萬美元，達到 12.25 億美元，上下浮動 5,000 萬美元。營收、EBITDA 和 EBITDA 利潤率均高於第二季。更高的收入預期受到備件需求增加和波音 737 MAX 費率更高假設的支持。

Full year incrementals continue to be healthy at the mid-50% within -- with the second half in the mid-40s. The increased cash flow guidance includes an increase in our capital expenditure guidance to invest in future revenue growth, with modest expected benefits from the new tax legislation. It is encouraging to see our guide increase, especially the free cash flow guide, which provides even further optionality for capital deployment.

全年增量持續保持健康，增幅約 50%，下半年增幅約 40%。增加的現金流量指引包括增加我們的資本支出指引，以投資於未來的收入成長，並預期新稅法將帶來適度的收益。令人鼓舞的是，我們的指南有所增加，尤其是自由現金流指南，它為資本部署提供了進一步的選擇。

And with that, we'll now move to your questions.

現在，我們將開始回答您的問題。

(Operator Instructions) Myles Walton, Wolfe Research.

（操作員指示） Myles Walton，Wolfe Research。

John, you can comment on the rationalization of products within Structures. How meaningful is that? Is it going to be to the margins, as well as maybe any headwind to departing from some lines of businesses or products?

約翰，你可以對結構內產品的合理化進行評論。這有多大意義？這是否會影響利潤率，以及是否會影響某些業務線或產品的退出？

I think the majority of the rationalization has already occurred on this one, Myles. And so if you go back to commentary provided in the two prior earnings calls, I mentioned the sale of one business within Structures and also the closure of another manufacturing plant, which was in Europe. And those two, combined with us probably, possibly being a little bit more discerning on order intake, has enabled us to continue the momentum on improved margins. So the way I see it is that revenue has continued to be healthy and grow, and margins have solidified. And I quite like, again, it’s the “and” conversation doing a revenue increase and margin enhancement, which has played well for the company.

我認為，關於這一點，大部分的合理化解釋已經出現了，邁爾斯。因此，如果你回顧前兩次財報電話會議上提供的評論，我提到了出售 Structures 內部的一項業務，以及關閉位於歐洲的另一家製造工廠。這兩個因素，加上我們可能在訂單量方面更加挑剔，使我們能夠繼續保持利潤率提高的勢頭。所以我認為收入持續健康成長，利潤率也趨於穩定。我非常喜歡這個「和」對話，它能增加收入和提高利潤率，這對公司來說非常有利。

The total revenue, which in our Structures business was certainly healthy from the defense side, less so from the commercial aerospace side, but that was essentially due to some destocking, particularly in the, I'll say, distribution market where some orders had been cut, I think as -- I think Boeing, in particular, decided to do some destocking throughout their supply chain. So I'm not expecting significant further rationalizations, but we always remain alert for anything where if it doesn't really contribute in a significant way to improving the business, then we'll always take a hard look at it.

我們的結構業務的總收入在國防方面肯定是健康的，但在商業航空方面則不那麼健康，但這主要是由於一些去庫存，特別是在分銷市場，一些訂單被削減，我認為——特別是波音公司決定在整個供應鏈中進行一些去庫存化。因此，我並不期待有進一步的重大合理化，但我們始終對任何事情保持警惕，如果它不能真正為改善業務做出重大貢獻，那麼我們就會認真審視它。

So should we expect the margins seen year-to-date to persist for the second half within Structures at these new levels?

那麼，我們是否應該預期今年迄今的結構利潤率將在下半年保持新的水平？

Well, that was our goal for the second quarter. And I will say, yes, we did achieve it. And so my expectation is that we'll hopefully maintain where we are. So that would be a pretty significant increase year-on-year. And you'll see from the guide that we've maintained our margin outlook of EBITDA around -- above 28%. So that assumes that we'll achieve that objective.

嗯，這就是我們第二季的目標。我會說，是的，我們確實做到了。因此我的期望是，我們有望維持現狀。因此，這將是一個相當顯著的同比增長。您將從指南中看到，我們將 EBITDA 利潤率預期維持在 28% 左右。所以假設我們會實現這個目標。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Crazy good results. So can you hear me, by the way? My voice is a little hoarse.

非常好的結果。順便問一下，你聽得到我說話嗎？我的聲音有點嘶啞。

Yes. No, I can hear you well. By the way, thank you for the compliment. I like the word crazy good.

是的。不，我能聽清楚。順便說一句，謝謝你的讚美。我喜歡「瘋狂的好」這個詞。

Yes. Very good. If you could update us on the timing of maybe the revenue contributions from the various engine expansions you've announced across aero and IGT, as it seems like CapEx is increasing and pulling forward. Is it fair to think, unlike other companies, profitability on day 1, are those sites dilutive to the segment? How do we think about pricing, expected volumes? And just what are the key pacing items for those coming online?

是的。非常好。如果您可以向我們介紹您在航空和 IGT 領域宣布的各種引擎擴展的收入貢獻時間，因為看起來資本支出正在增加並向前推進。與其他公司不同，這些網站在第一天就能實現盈利，這樣想是否公平，它們是否會稀釋該細分市場的利潤？我們如何考慮定價和預期銷售？那麼，對於剛上線的使用者來說，關鍵的節奏項目是什麼呢？

Okay. So we've got two complete new plants, which are being or have been built in the Engine segment and two significant extensions. So that's a lot of square footage that we've been putting in place. The first plant that we have essentially completed now in terms of the construction and equipment has been arriving isin our Michigan facilities. And I'm expecting some outputs from that that's salable output in the fourth quarter of the year going into 2026. And I think that's going to be important for us, particularly in the turbine airfoils market. And that's supported by the extension that we have done in one of our Tennessee plants. So that covers that one.

好的。因此，我們在引擎領域擁有兩座全新的工廠，它們正在或已經建成，還有兩座重要的擴建工廠。我們已經安裝了很大的面積。就建造和設備而言，我們目前已基本完成的第一家工廠位於密西根州。我預計到 2026 年第四季將會有一些可銷售的產出。我認為這對我們來說很重要，特別是在渦輪翼型市場。這得到了我們在田納西州一家工廠進行的擴建的支持。這就涵蓋了這一點。

The other two are aimed at the industrial gas turbine market. Again, these are large -- for the large industrial gas turbines rather than the aero derivatives. And that is a brand-new manufacturing plant in Japan, for which that construction will not be completed until the end of this calendar year, and then facilitization in the first quarter, probably going into the second quarter of 2026, and therefore, hope for output in the second half of 2026.

另外兩家則瞄準工業用燃氣渦輪機市場。再次強調，這些都是大型的——用於大型工業燃氣渦輪機而不是航空衍生產品。那是在日本的一家全新的製造工廠，該工廠的建設要到今年年底才能完成，然後在第一季度投入使用，可能要到2026年第二季度，因此，希望在2026年下半年投入生產。

And then an extension of our plant in Europe, again, with similar time frames with -- so the expansion and capitalization in terms of assets which can produce parts really into the second half of 2026, and then with them both coming on full bore for 2027. So that gives the picture across, say, the aerospace business and the gas turbine business. So quite a lot going on, Sheila.

然後，我們在歐洲的工廠也會擴建，同樣，時間框架也類似，因此，在資產方面，工廠的擴張和資本化將在 2026 年下半年真正開始生產零件，然後在 2027 年全面投入生產。這樣就可以看到航空航太業務和燃氣渦輪機業務的情況。所以發生了很多事，希拉。

And how do we think about the profitability profile of those coming online?

我們如何看待這些上線企業的獲利狀況？

I'm expecting that any costs that we incur, and we've been incurring costs each quarter, you've seen another headcount increase in the second quarter of just under 400 net new jobs into our Engine business. Clearly, we're carrying those employees today essentially as training and getting ready for production. And so the drag associated with that has really been offset by the leverage of the volume -- increased volumes. And so it's working out.

我預計我們產生的任何成本以及我們每季產生的成本都會增加，您會看到第二季我們的引擎業務部門的員工人數又增加了近 400 個淨新工作。顯然，我們今天帶這些員工主要是為了培訓和為生產做準備。因此，與此相關的阻力實際上已經被交易量的槓桿作用（增加的交易量）所抵消。一切進展順利。

And I'm hopeful that as those things, in terms of launch costs, smooth out as we go into 2026, particularly in the second half and in 2027, that those really get better and enable us to hopefully produce an improved outlook for the business, which is also, I'd say, pretty high today. So that's the expectation, and it's a combination of we hopefully reduced labor cost drag and also less production of scrap because obviously, people are still training and using materials, which don't get sold at this current stage.

我希望，隨著發射成本方面的這些因素在進入 2026 年時逐漸趨於平穩，特別是在下半年和 2027 年，情況會真正好轉，並有望讓我們為業務帶來更好的前景，我想說，今天的業務前景也相當高。這就是我們的期望，我們希望減少勞動成本的拖累，同時也減少廢棄物的產生，因為顯然，人們仍在培訓和使用材料，而這些材料在現階段還無法出售。

Seth Seifman, J.P. Morgan.

塞思‧塞夫曼，摩根大通。

John, you talked about the strength in the defense end market this quarter and expect continued strength going forward. I guess if you could talk a little bit about the contribution of F-35 in defense overall this year and how you think about setting up for the future in F-35 given some concerns about future production rates.

約翰，您談到了本季國防終端市場的強勁表現，並預計未來該市場將繼續保持強勁勢頭。我想您可以談談今年 F-35 在國防領域的整體貢獻，以及考慮到對未來生產力的擔憂，您對 F-35 的未來發展有何看法。

Yes. So this year, I'd point to -- just on the F-35, I think generally, the defense business has been strong with the legacy programs as well. But specifically for the F-35, we've received, I think, two volume inputs, which have been quite welcome. One is that we appear to have arrived at a tipping point when our spares business for our Engine Products exceeds the OE production. And so that -- which we've been talking about would happen in 2025 over the last two or three years. It looks as though that moment has arrived. And with the increased build, let's assume 150 aircraft per month -- sorry, per year, for the next few years through the end of the decade means that the fleet will continue to expand from its 1,000, 1,100 to maybe 2,000 aircraft. And therefore, again, we see increasing contributions coming for that spares business as we go forward.

是的。因此，今年我想指出的是——就 F-35 而言，我認為總體而言，國防業務在傳統項目方面也表現強勁。但具體到 F-35，我認為我們已經收到了兩份批量輸入，我們對此非常歡迎。一是，當我們的引擎產品備件業務超過原始設備製造商生產時，我們似乎已經到達了一個臨界點。因此，我們在過去兩三年中一直在談論的事情將在 2025 年實現。看起來那一刻已經來臨了。隨著飛機數量的增加，我們假設未來幾年到本世紀末每月（對不起，是每年）生產 150 架飛機，這意味著機隊數量將繼續從 1,000 架、1,100 架增加到 2,000 架。因此，隨著我們不斷前進，我們再次看到對備件業務的貢獻不斷增加。

The second input to the F-35 volume has been during 2023 and 2024, I noted that our Bulkheads division from our Structures business, we were receiving input orders at well below the Lockheed production rate as inventory was burned off from the, I'll say, excess supply relative to their COVID impaired builds back in 2020 and 2021. And so as that inventory was depleted, we're now running at a 1:1 rate, we believe, relative to Lockheed's production. And we are also optimistic that with the large input of new orders that have been there into Lockheed for the, I'll say, international programs for that fighter aircraft that we'll see solid 150 per year rates through to the end of the decade and beyond.

F-35 產量的第二次投入是在 2023 年和 2024 年，我注意到，我們結構業務的艙壁部門收到的投入訂單遠低於洛克希德的生產率，因為庫存已經被消耗殆盡，我想說，相對於 2020 年和 2021 年受 COVID 影響的生產，供應過剩。因此，隨著庫存耗盡，我們認為，相對於洛克希德的產量，我們現在的運行速度為 1：1。我們也樂觀地認為，隨著洛克希德收到大量新訂單，我認為，在戰鬥機的國際項目中，到本世紀末甚至更久，我們將看到每年 150 架的穩定產量。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

So I think you talked about your forecast for MAX for the year, if you wouldn't mind running through your assumptions on your other key programs, 787, 350 and so on.

所以我認為您談到了對 MAX 今年的預測，如果您不介意的話，請談談您對其他主要項目（787、350 等）的假設。

And then a quick one for Ken. Just if you could quantify, Ken, the amount of the tariff drag in Q2?

然後是 Ken 的簡短發言。肯，您能否量化第二季關稅拖累的程度？

Okay. So in terms of underlying assumptions, the major shift from previous commentary was that MAX shift from the average of 28 per month for the year to 33. And that basically assumes that Boeing will consistently maintain rate 38 for the balance of the year, having come off a significantly lower rate in the early part of the year. 787 should be around six average for the year with us moving to a rate seven, I think, in the second half. So sometime, I'll say, during the third quarter or by end of third quarter, achieving a solid rate seven on a consistent basis. And on Airbus 350, it's the same six until we understand more about some of the relief of the fuselage constraints there.

好的。因此，就基本假設而言，與先前的評論相比，最大的轉變是 MAX 從全年平均每月 28 起變為 33 起。這基本上假設波音公司將在今年剩餘時間內持續維持 38 的費率，因為今年年初的費率明顯較低。 787 全年的平均費率應該在 6 左右，我認為下半年我們會將費率提高到 7。因此，我想說，在第三季或第三季末，我們將持續實現穩定的 7% 的成長率。對於空中巴士 350 來說，也是同樣的六個，直到我們進一步了解機身限制的減輕情況。

And the other bright spot, which is not really computed at this stage is, while A320, the builds have been solid, we're still unclear about whether that build will be maintained, and that's also really subject to the supply of engines because of the state of aircraft, the quantity of aircraft with no engines at this point in time. So that covers the major part of it.

另一個亮點，目前還沒有真正計算出來，那就是雖然 A320 的建造一直很穩固，但我們仍然不清楚這種建造是否會持續下去，而且這也實際上取決於發動機的供應，因為飛機的狀況，即目前沒有發動機的飛機的數量。這涵蓋了它的主要部分。

And I'll cover tariffs rather than break the call up. It's -- we gave you some metrics around the gross and net effect of 80 and 15 on the last call. Since then, tariff drag, we think has probably gotten better. So if we ask to name it today, we'd be going a net effect below 15. But again, as I said, it wasn't going to be material for our year. And so if it was reduced, which it is, it is not significant. So that's been good.

我會支付關稅而不是中斷通話。這是——我們在上次通話中為您提供了一些有關 80 和 15 的總體和淨效應的指標。我們認為，自那時起，關稅拖累可能已經有所改善。因此，如果我們今天要求命名，我們的淨效應將低於 15。但正如我所說，這對我們今年來說並不重要。因此，如果減少了，事實確實如此，那也不重要。這很好。

And tariff drag for the second quarter was -- which is the -- probably the biggest quarter of drag, but again, that everything is sorted out was below $5 million. Significantly below $5 million in the quarter. And that essentially was down to timing of us incurring the cost and us receiving compensation from our customers.

第二季度的關稅拖累可能是拖累最大的季度，但一切問題解決後，拖累金額低於 500 萬美元。本季遠低於 500 萬美元。這本質上取決於我們產生成本和從客戶收到補償的時間。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

So industrial is now the fastest-growing part of Engine Products. And is the accelerated growth you're looking at, how does that depend on getting long-term agreements in place such as with Mitsubishi? And basically, where do you stand on this process? And ultimately, how do you expect IGT margins to compare with those in commercial aero?

因此，工業現在是引擎產品中成長最快的部分。您所期待的加速成長是否取決於與三菱等公司達成的長期協議？基本上，您對這個過程持什麼態度？最後，您認為 IGT 的利潤率與商用航空的利潤率相比如何？

Okay. So let's do with the margin one first is that IGT and aero are very comparable in terms of margins. So there's no dilution at all from that currently relatively higher growth rates that we see. So that's encouraging.

好的。因此，我們首先來討論利潤率，因為 IGT 和 aero 在利潤率方面非常具有可比性。因此，我們看到的目前相對較高的成長率根本不會造成任何稀釋。這令人鼓舞。

And then in terms of agreements, we now have agreements with, I would say, three of the four majors and completing with the other one in terms of the gas turbine area, the big gas turbines. And we've also just completed an agreement with, let's call it, the -- not aero derivatives, but something like that with gas turbines in the up to 35, 38 megawatt type of output. And so our business in aero derivatives is also very strong.

就協議而言，我們現在已經與四大巨頭中的三家達成了協議，並且與另一家在燃氣渦輪機領域（大型燃氣渦輪機）達成了協議。我們也剛剛達成了一項協議，我們稱之為——不是航空衍生品，而是類似於輸出功率高達 35 至 38 兆瓦的燃氣渦輪機。因此，我們的航空衍生性商品業務也非常強勁。

It's sometimes a little bit hard for us to truly understand when we receive the orders that which is designated for oil and gas or aero derivatives and then those derivatives going into whether it's the, I'll say, marine market or other military bases or oil and gas or indeed IGT. But the growth rate of aero derivative type of size of turbines is certainly becoming very significant. And the way we see it is going to be a really important part of data center build-out of energy supply over the next few years.

當我們收到用於石油和天然氣或航空衍生品的訂單時，有時我們很難真正理解，然後這些衍生品是否會進入海洋市場或其他軍事基地或石油和天然氣或 IGT。但航空衍生類型的渦輪機尺寸的成長率肯定變得非常顯著。我們認為它將成為未來幾年資料中心能源供應建設中非常重要的一部分。

Is there any way to say when you structure these agreements, how soon that growth will come from an individual agreement?

當您建立這些協定時，是否可以預知成長將在多快的時間內從單一協定中實現？

Yes. From an individual agreement, we know pretty well the growth that we'll see. Obviously, it's always dependent upon the complete supply chain. It's not just what Howmet does in terms of provision of the turbine airfoils. But assuming that everybody is on stream for those program and those new product introductions, then we have a pretty good idea of when the increased requirements are there.

是的。從單獨的協議中，我們非常清楚我們將看到的成長。顯然，它始終依賴完整的供應鏈。Howmet 所做的不僅僅是提供渦輪機翼型。但假設每個人都按計畫進行這些項目和新產品的推出，那麼我們就能清楚知道何時會出現增加的需求。

And essentially lines up with my commentary that I provided earlier in the call, Doug, where we are putting capacity in, and we're seeing increments of that capacity currently, but with the majority of it to come on stream really second half of 2026 and into 2027.

道格，這與我早些時候在電話會議上提供的評論基本一致，我們正在投入產能，目前我們看到產能在增加，但大部分產能將在 2026 年下半年和 2027 年真正投入使用。

There's no major step function this year for sure by way of capacity because when we stepped it up last year, again, it takes a full 12, 18 months for us to be on. And we've been -- as you can see from our CapEx numbers, been increasing that significantly as we've been moving through 2025, and that takes time to deploy. And we kicked it up again by some $40 million by way of expectation in the -- for this year. So it's a significant outlay that we believe will give us good results and good growth into the future.

今年在容量方面肯定不會有重大的提升，因為當我們去年加大容量時，同樣需要整整 12 到 18 個月的時間才能達到要求。正如您從我們的資本支出數字中看到的那樣，隨著我們邁向 2025 年，這一數字一直在大幅增加，而這需要時間來部署。我們又將今年的預期收入提高了約 4,000 萬美元。因此，我們相信這是一筆重大的支出，它將為我們帶來良好的業績和未來的良好成長。

Robert Stallard, Vertical Research.

羅伯特·斯托拉德（Robert Stallard），垂直研究。

John, last quarter, you talked about your worry beads, and it does sound like you're a little bit more confident about some of the issues like tariffs or the Boeing build rates than you were three months ago. But I was wondering if there's anything else on your worry radar that we should be worried about.

約翰，上個季度，你談到了你的擔憂，聽起來你對關稅或波音製造率等一些問題比三個月前更有信心了。但我想知道您的擔憂雷達上是否還有其他值得我們擔心的事情。

Well, not really. I mean I can't call the commercial truck market precisely because we're not sure whether any, I'll say, volume points we may have seen from the additional emissions requirements for '27 would result in security of volumes in the next 12 months. We don't know whether those emissions rates will continue to apply. It depends on what the new administration ultimately decides, albeit I think everybody is now prepared for those new emissions by way of equipment for the truck.

嗯，並非如此。我的意思是，我無法準確預測商用卡車市場，因為我們不確定從 27 年的額外排放要求中看到的任何銷售點是否會導致未來 12 個月的銷售安全。我們不知道這些排放率是否會繼續適用。這取決於新政府的最終決定，儘管我認為現在每個人都已經透過卡車設備為這些新的排放做好了準備。

So that's one where it's difficult to be absolutely certain. We've tried to be on the cautious side of those assumptions. And so thinking that '26 is similar to '25, but could be better. So that's -- the important thing there is we don't think it's going to get worse, and so that's great.

所以，這一點很難絕對確定。我們試圖對這些假設保持謹慎。因此我認為 26 年與 25 年類似，但可能會更好。所以——重要的是我們認為情況不會變得更糟，所以這很好。

Elsewhere at the moment, things appear to be pretty solid in commercial aero given the backlog, defense, aero budgets, particularly Europe, are going up. F-35 to us seems solid, and we know we've got enhancements coming from the Block 4 coming in 2028 unless that's delayed another year or so. So that is looking helpful. And the IGT or aero derivatives for the data center business is all solid. So I mean, I still have my -- I'm always -- I'm worried -- I'm paid to worry about things and providing I do it, then you don't have to.

目前，其他地區，鑑於積壓訂單、國防、航空預算（尤其是歐洲）不斷增加，商用航空領域的情況似乎相當穩健。對我們來說，F-35 似乎很可靠，而且我們知道 2028 年 Block 4 將會有所改進，除非再推遲一年左右。這看起來很有幫助。而資料中心業務的 IGT 或航空衍生產品都是穩固的。所以我的意思是，我仍然有我的——我總是——我很擔心——我拿錢來擔心事情，只要我這樣做，你就不必這樣做。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Nice results. John, you've talked a lot about in the past about headcount. And basically, I think in some of your plants, you're producing more parts today than you were, say, in 2019 and you're doing it with a lot less people. And Fasteners this quarter added no people and you had great growth. So maybe just talk a little bit about what you're seeing on the headcount and the productivity that you're actually seeing amongst your various plants?

效果不錯。約翰，你過去談過很多有關員工人數的問題。基本上，我認為在你們的一些工廠裡，今天生產的零件比 2019 年要多，而且用的人卻少得多。本季度緊固件部門沒有增加任何員工，但實現了巨大的成長。那麼，您能否簡單談談您所看到的員工人數以及各個工廠的實際生產力情況？

So I think our productivity numbers for three of our divisions has been really solid. That's clearly not the case in aggregate for our engine business just because of all the amount of people we've been recruiting in preparation for the, let's say, future capacity. The underlying productivity improvement, adding in those gross numbers of maybe 1,500, 1,800 people in the last 12, 18 months is obviously, to some degree, weighing on us as we go through this.

所以我認為我們三個部門的生產力數據非常穩健。對於我們的引擎業務來說，總體而言顯然情況並非如此，因為我們一直在招募大量人員，為未來的產出做準備。潛在的生產力提高，加上過去 12 至 18 個月內約 1,500 至 1,800 人的總數，顯然在某種程度上對我們造成壓力。

But productivity for the company has been solid. It has been helped by some of the automation that we had put in over the last, I'll say, two or three years, albeit now we're slightly pausing on the automation given our thirst for capital really for capacity. And so where we're putting new equipment in, we're trying to ensure that's at a highly automated level. But we're not yet going back and still completing some of the projects that we know we could do just so we can stay within our marks for capital and, I'll say, free cash flow yield as a percentage of net income where we aspire to get to that 90% on average overa period of time.

但該公司的生產力一直很穩定。我想說，過去兩三年來我們實施的一些自動化措施對這一進程有所幫助，儘管現在我們稍微暫停了自動化進程，因為我們急需資金，實際上是為了產能。因此，當我們投入新設備時，我們會盡力確保其達到高度自動化的水平。但我們還沒有回頭，我們仍在完成一些我們知道可以做的項目，這樣我們就可以保持在資本目標之內，我想說，自由現金流收益率佔淨收入的百分比，我們希望在一段時間內平均達到 90%。

But the important thing is for us to serve the market, gain the market share. And then if we have the opportunity, let's say, in '27 or '28 to go back and focus and refocus on some of the automation and further labor productivity opportunities that we have. So our pass-through is currently let's build and focus on the capacity and share, and then we'll go back and mop up in a couple of years' time any remaining productivity opportunities that we know we have, which we just can't currently focus on at the moment.

但重要的是我們要服務市場，贏得市場佔有率。然後，如果我們有機會，比如說，在 1927 年或 1928 年回去重新關注我們擁有的一些自動化和進一步提高勞動生產力的機會。因此，我們目前的重點是建立和關注產能和份額，然後我們將回過頭來在幾年內清理我們所知道的任何剩餘的生產力機會，而我們現在無法關注這些機會。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

I just wanted to follow up on some of your comments on inventory levels and destocking. It seems like that narrative has gotten a little more robust here across the supply chain. And you talked about it a little bit in Structures. But as you look across sort of your portfolio, are there any areas where you see incremental risk of this if we do see maybe any slower ramp at either Airbus or Boeing on some of their programs? And how would you characterize for you sort of the inventory or destocking risk over the next few quarters?

我只是想跟進您關於庫存水平和去庫存的一些評論。似乎這種說法在整個供應鏈中變得更加強烈了。您在《結構》中對此進行了一點討論。但是，當您審視您的投資組合時，如果我們確實看到空中巴士或波音公司在其某些項目上的速度有所放緩，您是否認為某些領域有增量風險？您如何描述未來幾季的庫存或去庫存風險？

So one of the things I noted from this quarter was in some of the other aerospace companies that have reported that they had some, I'll say, high single digit or maybe low double-digit reductions and drawdowns in their OE business for commercial aerospace. And one of the things I thought was particularly good for Howmet was that despite us facing the same customers and the same, I'll say, inventory reductions, our underlying growth was sufficient that our commercial aerospace business was still in positive growth territory despite that.

因此，我在本季度注意到的一件事是，其他一些航空航天公司報告稱，他們的商用航空航天原始設備製造商業務出現了一些（我想說）高個位數或低兩位數的削減和下降。我認為對 Howmet 來說特別好的一件事是，儘管我們面臨著相同的客戶和相同的庫存減少，但我們的潛在增長足以讓我們的商業航空業務仍然處於正增長區間。

And then when you layer in the additional business of spares, et cetera, then we produced what I think was pretty solid growth for the quarter, which was, again, a higher growth rate than we had in the first quarter. So we've been powering through some of that aerospace destocking, which has been occurring.

然後，當我們把備件等額外業務考慮進去時，我認為我們本季實現了相當穩健的成長，而且成長率也高於第一季。因此，我們一直在努力應對正在發生的航空航天去庫存現象。

And I can't be certain exactly where I'll say the likes of Boeing is on it. I read that they're going to maintain a healthy level of inventory of parts to guarantee their build. And I'm sure that they will because they need to achieve that smoothness of build. But in the way we've guided forward, we still layer in there the -- some destocking as we go into the third quarter, while still producing positive growth in our commercial aerospace OE business with the spares and the defense and all that sort of thing. And in aggregate, we expect a higher growth.

我不能確定波音公司的具體立場。我讀到他們將維持健康的零件庫存水準以確保他們的生產。我相信他們會的，因為他們需要實現建造的順利進行。但按照我們指引的方向，在進入第三季時，我們仍然會進行一些去庫存化，同時我們的商用航空航太原始設備製造商業務（包括備件、國防等）仍將實現正成長。總體而言，我們預計成長將會更高。

In fact, I think from our guide, you can see that we've picked up the growth rate to maybe 10%, 11% from what was 9% in the second quarter. So that's, again, a signal of that. But obviously, with the absolute numbers, reflecting the, let's say, the European vacations that occur. So solid year-on-year growth, if anything, a slight acceleration in the second half, starting with the third quarter.

事實上，我認為從我們的指南中，您可以看到我們的成長率已從第二季的 9% 提高到 10% 或 11%。所以，這再次表明了這一點。但顯然，絕對數字反映了歐洲假期的情況。因此，年成長穩健，如果有什麼不同的話，那就是從第三季開始，下半年會略有加速。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

John, you had some very strong sequential growth in aerospace fastener revenues this quarter, but it didn't really drop through to sequential EBITDA growth at Fastening Systems. So can you just walk us through why we didn't see much sequential profit drop-through on those higher aerospace sales? And is that just tariff recovery lag as you referenced earlier? Or was that something else?

約翰，本季航空航太緊固件收入實現了非常強勁的連續成長，但這並沒有真正影響到緊固件系統的連續 EBITDA 成長。那麼，您能否向我們解釋一下，為什麼在航空航太銷售額成長的同時，我們的利潤卻沒有大幅下降？這是否就是您之前提到的關稅恢復落後？還是別的什麼？

No, the majority of any -- first of all, I thought 29-point-something percent was pretty good actually, Scott. So it's not exactly a number that I'll say, crying about. Having said that, the -- if you look at the tariff drag that we experienced for the company, then in fact, the highest area of tariff drag was in our Fastener business. Again, we're expecting recovery as we go through the year. It's more of a timing issue.

不，大多數——首先，我認為 29.3% 左右的比例實際上已經相當不錯了，斯科特。所以這不是一個讓我哭泣的數字。話雖如此，如果你看看我們公司所經歷的關稅拖累，那麼事實上，關稅拖累最大的領域是我們的緊固件業務。再次，我們期待今年經濟能復甦。這更多的是一個時間問題。

But if you adjust for tariff drag, then it's easy to get to a number starting with a 3. And so I don't think that's anything to be concerned about at all. I could go on and say, well, there's FX and this that and the other. But there's no point really. The answer is it was a pretty good margin step-up year-on-year very sensible in terms of sequential movement given that tariff drag I mentioned to you.

但如果考慮關稅拖累，那麼很容易就會得到一個以 3 開頭的數字。所以我認為這根本不是什麼值得擔心的事。我可以繼續說，好吧，有 FX，還有這個，那個，還有其他的。但實際上沒有意義。答案是，考慮到我之前提到的關稅拖累，利潤率年增率相當可觀，從連續變動來看非常合理。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

I wondered, is there any framework for -- when we're looking at the upward revision of CapEx each of the last two years, how much you pick up from that in run rate revenue or the content gain on the engines and the IGTs where it's happening as a percentage, anything like that? And then how much of a tailwind and when does CapEx become to free cash as you get through that?

我想知道，是否存在這樣的框架——當我們查看過去兩年中每年的資本支出上調時，您從運行率收入或引擎和 IGT 的內容收益中獲得多少百分比，諸如此類？那麼，當您度過這一階段時，順風有多大，資本支出何時變成自由現金？

Yes. So right now, clearly, we would not be investing and taking up the CapEx without that expectation of future growth. Some of it, I think, is going to come in 2026 and hopefully, further in 2027 as we've obviously been actually further increased that number. And if we've increased the number, it's going to take a full year plus for that capital to be deployed. And so that's more going to affect '27 than what the increase we just put through on this one, Noah.

是的。因此，現在，顯然，如果沒有對未來成長的預期，我們就不會進行投資和承擔資本支出。我認為，其中一些將在 2026 年實現，並預計在 2027 年進一步實現，因為我們顯然已經進一步增加了這個數字。如果我們增加了數量，那麼部署這些資金將需要一年以上的時間。因此，這對 27 年的影響將比我們剛剛在這方面所實現的增長更大，諾亞。

And then in terms of profile, I think we should be in that 4% zone. And I'm still thinking that we're going to have a pretty elevated number in 2026. So this number, which now is in the high 300s. I see that persisting through next year. And then with the, I'll say, volume aspect of that pressure coming off in '27 into '28, and then we'll have more, I'd say, optionality around investment for the automation and further productivity.

從概況來看，我認為我們應該處於 4% 的區域。我仍然認為 2026 年這數字將會相當高。所以這個數字現在已經達到 300 以上。我認為這種情況將持續到明年。然後，我想說，從 2027 年到 2028 年，產量方面的壓力將會逐漸消失，屆時，我們將在自動化和進一步提高生產力的投資方面擁有更多的選擇權。

So compared to where we've been, which was underspending depreciation, we're now overspending depreciation, but we have a very keen eye on making sure that we achieve our conversion metrics. And so we're not trying to get crazy about it and again, being very discerning of where and how we deploy that capital.

因此，與我們先前的折舊支出不足的情況相比，我們現在的折舊支出過多，但我們非常專注於確保實現我們的轉換指標。因此，我們不會為此而瘋狂，而且我們會非常謹慎地考慮在何處以及如何部署這些資本。

And just to reemphasize, the point that in our view, organic growth is by far the best for us in terms of return on capital. You can see the equity returns in the company, and that's really an excellent return on organic growth and capital investment in the company.

再次強調，我們認為，就資本回報而言，有機成長對我們來說是迄今為止最好的。您可以看到公司的股權回報，這確實是公司有機成長和資本投資的絕佳回報。

And given the choice of buying back shares or acquisitive steps, then I'm positive that the organic growth and stepping up CapEx is really good for us and will be good for the future. And it's great if you think about it, that we have those opportunities to deploy the capital.

如果可以選擇回購股票或採取收購措施，那麼我相信有機成長和增加資本支出對我們來說確實有利，對未來也有好處。如果你仔細想想，你會發現我們有這些機會來部署資本，這真是太好了。

I've not given revenue guidance from it yet. If we follow to plan, then I'm sure we'll be talking about the 2027 (company correction: 2026) revenue picture in November when we talk about earnings then. So I'd prefer to defer on that just at the moment, Noah. But say we do see positive revenue growth as we go into '26 and positive revenue growth into '27. And so we're actually really pleased to deploy the capital and have more opportunities than we're actually capacitizing for.

我還沒有給出收入指導。如果我們按照計劃進行，那麼我相信我們11月份討論收益時會討論2027年（公司修正：2026年）的收入情況。因此，諾亞，我現在更願意推遲此事。但假設我們在進入26年時確實看到了正收入成長，在27年也看到了正收入成長。因此，我們實際上非常高興能夠部署資本，並且擁有比我們實際能力所能承受的更多的機會。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Great results. I was curious if you could opine on pricing expectations next year and perhaps thereafter, if you expect any change to kind of the rate of net increases you've had?

效果非常好。我很好奇，您是否可以對明年以及此後的定價預期發表意見，您是否預期淨成長率會有任何變化？

I haven't really talked much on the pricing front, except to say that we maintain the process that we've been going through, looking at wherever we renew our long-term agreements, what the movement in has been by way of volume and variety and those parts, which have gone from OE to supply or OEM service just to service supply. And so we're following that discipline as we've done now for the last six years.

我實際上並沒有在定價方面談論太多，只是說我們維持著一直在經歷的流程，關注我們在哪裡續簽長期協議，關注數量和種類的變化，以及那些從 OE 到供應或從 OEM 服務到服務供應的零件。因此，我們一直遵循這項紀律，就像過去六年來所做的那樣。

In terms of prior commentary, when I gave specific numbers, which I think the last one was in February of 2024, -- and I said that '25 would be similar, if not greater, is the last word that I used on it in 2025 than '24. And my expectation is we'll continue to our process and it will be a similar picture going forward into '26 and into '27. So just that consistent movement, Gautam, in terms of price. Nothing has changed for us by way of process nor by way of annual expectation.

就先前的評論而言，當我給出具體數字時，我認為最後一個是在 2024 年 2 月——我說 25 年會相似，如果不是更大的話，這是我在 2025 年和 24 年中使用的最後一個詞。我的期望是，我們將繼續我們的進程，並且在 2026 年和 2027 年也會出現類似的情況。因此，就價格而言，Gautam，這只是一致的變動。無論是流程還是年度期望，對我們來說都沒有任何改變。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Industrial policy is a big priority for this administration, and we're in a pretty big ramp on both the commercial aero and defense side. I mean just when we look at the forging assets in the country, there's only four presses that are over 35,000 tons in the US. They date back to 40s and 50s and you happen to own two of them. So are there any conversations between you and either the DoD or the administration about construction or upgrades to new heavy forging presses?

產業政策是本屆政府的一大優先事項，我們在商用航空和國防方面都處於相當大的發展階段。我的意思是，當我們看美國的鍛造資產時，美國祇有四台超過 35,000 噸的壓力機。它們的歷史可以追溯到 40 年代和 50 年代，而你恰好擁有其中的兩件。那麼，您和國防部或政府之間有沒有關於建造或升級新型重型鍛壓機的對話？

There has not been, Scott. I think have we missed something when you asked that question. And it's certainly interesting because that capacity and that scale is unique for us. I think there's only one other maybe press in the world that can do that, I think, in Russia.

沒有，斯科特。我認為當你問這個問題時我們是否遺漏了一些東西。這確實很有趣，因為這種能力和規模對我們來說是獨一無二的。我認為世界上可能只有另一家媒體能夠做到這一點，那就是俄羅斯。

So yes, those are pretty important assets and are certainly absolutely critical to supplying the componentry that will be required for, let's say, the new fighter jet, the F-47 and presumably for the F-55 as well as those examples, plus I'm sure some other aircraft parts.

所以是的，這些都是非常重要的資產，對於供應新型戰鬥機 F-47 和 F-55 以及這些例子所需的部件來說絕對至關重要，另外我確信還有一些其他飛機部件。

So those presses are, I'll say, vital to the defense industry. And so it's a conversation that maybe we should be having with the DoD by way of support. So I guess thank you for asking the question. It's certainly -- I was thinking about that and maybe it's going to stimulate us into having that conversation.

所以我想說，這些壓力機對國防工業來說至關重要。因此，我們或許應該與國防部進行對話以尋求支持。所以我想謝謝你提出這個問題。這當然是——我正在考慮這個問題，也許這會促使我們進行這樣的對話。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

John, it's great to finally see 737 MAX production rates continue to improve. And frankly, look, your execution has been stellar. But everyone in the supply chain needs to execute to be able to build a complete aircraft. So as you look around the industry to see where bottlenecks are for the Boeing and Airbus ramp-ups, what do you monitor as potential canaries in the coal mine?

約翰，很高興看到 737 MAX 的生產力繼續提高。坦白說，看，你的執行非常出色。但供應鏈中的每個人都需要執行才能製造出一架完整的飛機。那麼，當您環顧整個行業，看看波音和空中巴士產能提升的瓶頸在哪裡時，您會監測哪些潛在的預警訊號？

It's very difficult for us to see through the complete supply base of what might occur. I think there's probably other people better placed to do that and maybe including yourselves. The one area which I think is going to be really important for the industry for -- in the commercial area for the second half and going into 2026 is the build-out of narrowbody engines.

對我們來說，很難看透整個供應基礎，知道可能會發生什麼情況。我認為可能有其他人更適合做這件事，也許包括你們自己。我認為對產業來說真正重要的一個領域——在下半年以及到 2026 年的商業領域，就是窄體引擎的製造。

I commented earlier that Airbus have reportedly got 60 aircraft awaiting engines now. And therefore, the production of both the LEAP range of engines by CFM and the GTF by Pratt & Whitney are going to be vital to being able to deliver those aircraft and also to build consistently in the second half.

我之前評論說，據報道空中巴士目前有 60 架飛機正在等待發動機。因此，CFM 的 LEAP 系列發動機和普惠公司的 GTF 發動機的生產對於交付這些飛機以及下半年的持續生產至關重要。

And so those production rates have to significantly increase. And my assumption is that they will because at the moment, what we can see on the HPT side, we're intimate particularly in the first few blades of those turbines, there's a relatively good position way of overall inventory to produce. And the strike that happened in the first quarter in Safran is now over, and therefore, that's helping them. And we're supplying now back into volume on the LPT side.

因此生產力必須大幅提高。我的假設是他們會的，因為目前，我們在 HPT 方面可以看到，我們對這些渦輪機的前幾個葉片非常了解，整體庫存的生產方式相對較好。賽峰集團第一季發生的罷工現已結束，這對他們有幫助。現在我們正在恢復 LPT 方面的供應量。

So I'm thinking that volumes are going to go up. But the question is with the volume ramps of everybody, then is that supply going to be sufficient for everybody, including spare engines, et cetera, et cetera. So that's the one area which I'm sort of trying to look at more closely because it's closer to home. And elsewhere, it's difficult for me to really see. I mean I can't monitor lavatories or seats or AV system. It's just too difficult.

所以我認為交易量將會上升。但問題是，隨著每個人產量的增加，供應是否足以滿足每個人的需求，包括備用引擎等等。所以這是我試圖更仔細研究的一個領域，因為它離家更近。而在其他地方，我很難真正看清楚。我的意思是我無法監控廁所、座位或 AV 系統。這實在是太難了。

And maybe if I could have a follow-up there on Fasteners. Precision Castparts had their facility accident in the first quarter. Are you seeing the orders materialize from customers to make sure that they can meet all of those products? I mean it is the largest or it was the largest fastener facility for aerospace in the world. And the gains that you're getting, how does that compare to what you initially thought?

也許我可以跟進緊固件。Precision Castparts 在第一季發生了工廠事故。您是否看到客戶的訂單已實現，以確保他們能夠滿足所有這些產品的需求？我的意思是它是世界上最大的或曾經是最大的航空航天緊固件設施。您所獲得的收益與您原先想像的相比如何？

So I think PCC is trying really hard to maintain as much production as possible with movements to a plant in California. They've also been moving a lot of equipment that was still functioning or able to be functional from Jenkintown to a local facility. So I believe something in the range of several hundred pieces of equipment have been moved. But at the same time, the complete picture cannot be serviced by just them alone.

因此我認為 PCC 正在盡力透過將生產轉移到加州的工廠來維持盡可能多的產量。他們還將大量仍在運作或能夠運作的設備從詹金敦轉移到當地設施。因此我相信大約有數百件設備被移動了。但同時，僅靠他們一人之力無法完成完整的圖景。

In the last call, I commented that we moved to about $25 million of orders for that, and we're still bidding out several hundred part numbers. The picture today is that we've moved much closer to $40 million. And therefore, that's good. We are still bidding out a lot of part numbers. So we're sort of gradually moving towards what we said as an internal target for us for that business and a healthy increase in revenue for the company as we begin to supply those, not massively today, but increasing over the next 12 months.

在上次通話中，我表示我們的訂單金額已達到約 2500 萬美元，並且我們仍在對數百個零件編號進行競標。今天的情況是，我們已經接近 4000 萬美元。因此，這很好。我們仍在對大量零件編號進行招標。因此，當我們開始提供這些產品時，我們正逐步朝著我們所說的該業務的內部目標邁進，並為公司帶來健康的收入成長，雖然現在不是大量成長，但會在未來 12 個月內增加。

This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。