Hexcel Corp (HXL) 2024 Q4 法說會逐字稿

Hello, and welcome to the Hexcel fourth-quarter and full-year 2024 earnings call. (Operator Instructions)

您好，歡迎參加赫氏 2024 年第四季和全年財報電話會議。（操作員說明）

I would now like to turn the conference over to Patrick Winterlich, Chief Financial Officer. You may begin.

現在我想將會議交給財務長 Patrick Winterlich。你可以開始了。

Thanks, Sara. Good morning, everyone. Welcome to Hexcel Corporation's fourth-quarter and full-year 2024 earnings conference call.

謝謝，薩拉。大家早安。歡迎參加赫氏公司 2024 年第四季和全年財報電話會議。

Before beginning, let me cover the formalities. I want to remind everyone about the Safe Harbor provisions related to any forward-looking statements we may make during the course of this call. Certain statements contained in this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. They involve estimates, assumptions, judgments and uncertainties caused by a variety of factors that could cause future actual results or outcomes to differ materially from our forward-looking statements today. Such factors are detailed in the company's SEC filings and earnings release. A replay of this call will be available on the Investor Relations page of our website.

在開始之前，讓我先介紹一下手續。我想提醒大家注意與我們在本次電話會議期間可能做出的任何前瞻性陳述相關的安全港條款。本次電話會議中所包含的某些陳述可能構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。它們涉及由各種因素引起的估計、假設、判斷和不確定性，這些因素可能導致未來的實際結果或結果與我們今天的前瞻性陳述有重大差異。這些因素在該公司向美國證券交易委員會提交的文件和財報中都有詳細說明。本次電話會議的重播將在我們網站的投資者關係頁面上提供。

Lastly, this call is being recorded by Hexcel Corporation and is copyrighted material. It cannot be recorded or rebroadcast without our express permission. Your participation on this call constitutes your consent to that request.

最後，本次通話由赫氏公司錄製，是受版權保護的資料。未經我們明確許可，不得對其進行錄製或轉播。您參與本次通話即表示您同意該要求。

With me today are Tom Gentile, our Chairman, CEO President; and Kurt Goddard, our Vice President of Investor Relations. The purpose of the call is to review our fourth-quarter and full-year 2024 results detailed in our news release issued yesterday.

今天與我在一起的有我們的董事長兼執行長兼總裁 Tom Gentile；以及我們的投資者關係副總裁 Kurt Goddard。這次電話會議的目的是回顧我們昨天發布的新聞稿中詳細介紹的 2024 年第四季和 2024 年全年業績。

Now, let me turn the call over to Tom.

現在，讓我把電話轉給湯姆。

Thanks, Patrick. Good morning, everyone, and thank you for joining us today as we share our 2024 fourth-quarter and full-year results.

謝謝，派崔克。大家早安，感謝您今天加入我們，分享 2024 年第四季和全年業績。

Hexcel is a company well positioned for growth with a very talented team world-leading portfolio of products and a strong operational and safety focus. I am confident [in this team's] ability to deliver on current commitments and drive advanced composite material innovation for a future with lighter, more sustainable aircraft and capture new growth opportunities. Our 2024 fourth-quarter and full-year results underscore the robust operational performance Hexcel has demonstrated throughout what was another challenging year for the aerospace industry.

赫氏公司是一家具有良好發展前景的公司，擁有才華橫溢的團隊、世界領先的產品組合以及強烈的營運和安全關注。我相信[這個團隊]有能力兌現當前的承諾，推動先進複合材料創新，打造更輕、更永續的飛機，並抓住新的成長機會。我們的 2024 年第四季和全年業績突顯了赫氏在航空航天業又一個充滿挑戰的一年中展現出的強勁營運業績。

2024 was again a year of disruption for the commercial aviation industry as supply chain and labor challenges persisted for the OEMs and suppliers. While OEM production [rates] are increasing, recent history has clearly shown that ramping up aircraft build rates continues to be a challenging process. Indeed, production levels in 2024 were only 68% of 2018 levels. On the other hand, demand for air travel now exceeds pandemic levels and aircraft backlogs at both Boeing and Airbus are at near record levels. And the underlying demand for Hexcel advanced composite materials remains very strong.

2024 年又是商用航空業動盪的一年，原始設備製造商和供應商持續面臨供應鏈和勞動力挑戰。儘管 OEM 生產率不斷提高，但最近的歷史清楚地表明，提高飛機製造率仍然是一個充滿挑戰的過程。事實上，2024 年的產量水準僅為 2018 年水準的 68%。另一方面，航空旅行的需求現在已超過大流行水平，波音和空中巴士的飛機積壓量接近歷史最高水平。對赫氏先進複合材料的潛在需求仍然非常強勁。

Despite all the disruptions in 2024, we had a solid close to the year and generally met or marginally exceeded all of our final guidance targets with sales of $1.903 billion, a 6.4% increase over 2023. Adjusted EPS of $2.03, and free cash flow of $203 million. Hexcel fourth-quarter sales were $474 million, a 4% increase year over year in constant currency. Solid performance in Commercial Aerospace and Space & Defense drove higher sales volumes, partially offset by weaker industrial sales. Adjusted EPS for the quarter was $0.52, a nearly 21% increase over Q4 2023.

儘管 2024 年出現了種種幹擾，但我們今年的收官表現依然穩健，總體上達到或略微超過了我們的所有最終指導目標，銷售額達到 19.03 億美元，比 2023 年增長 6.4%。調整後每股收益為 2.03 美元，自由現金流為 2.03 億美元。赫氏第四季銷售額為 4.74 億美元，以固定匯率計算年增 4%。商業航空航太和航太與國防領域的穩健表現推動了銷售的成長，但部分被工業銷售疲軟所抵消。該季度調整後每股收益為 0.52 美元，比 2023 年第四季成長近 21%。

Commercial aerospace sales in the fourth quarter of 2024 increased 4.6% year over year on a constant currency basis, and full year sales increased 11.9%. 2024 sales growth was consistent with our guidance. 787, A350 and A320neo all increased in 2024, whereas the 737 MAX decrease as Boeing worked through a number of issues. The other commercial aerospace category increased 6.7% on strength in regional jets.

2024年第四季商業航太銷售額以固定匯率計算年增4.6%，全年銷售額成長11.9%。 2024 年的銷售成長與我們的指導一致。787、A350 和 A320neo 在 2024 年均有所增加，而 737 MAX 則因波音解決了一系列問題而有所減少。其他商業航空航太類別的支線噴射機數量增加了 6.7%。

Fourth-quarter Space & Defense sales increased 7.6%, and the full year increased 4.6%, consistent with our 2024 guidance. For the year, F-35, CH-53K and classified programs drove the growth. The V-22 was a top five program in 2023, but as the program winds down V-22 sales has not even reached the top 10 in 2024 for Hexcel, declining as we expected.

第四季太空與國防銷售額成長 7.6%，全年成長 4.6%，與我們的 2024 年指引一致。今年，F-35、CH-53K 和機密項目推動了成長。V-22 是 2023 年排名前五的項目，但隨著該項目逐漸結束，赫氏的 V-22 銷量在 2024 年甚至沒有進入前十，正如我們預期的那樣下降。

The industrial market remains a challenge. In the fourth quarter, industrial sales decreased 14.8% and weakness in all of the submarkets except for recreation. For the year, Industrial sales decreased 21.1%. Given the soft industrial performance during 2024, we announced that we will be divesting our Neumarkt, Austria site, which is focused on wind and industrial applications for glass fiber. Going forward, we will still pursue industrial business opportunities, but we'll focus more on niche value-add applications, which use our existing aerospace production plant and equipment.

工業市場仍然是一個挑戰。第四季工業銷售下降14.8%，除娛樂業外的所有次市場均表現疲軟。全年工業銷售額下降 21.1%。鑑於 2024 年工業表現疲軟，我們宣布將剝離奧地利諾伊馬克特工廠，該工廠專注於風能和玻璃纖維工業應用。展望未來，我們仍將尋求工業商機，但我們將更專注於利基增值應用，這些應用使用我們現有的航空航太生產工廠和設備。

Connected to the Neumarkt divestiture, we have taken onetime non-cash charges in this quarter's results, which Patrick will describe in more detail shortly. As we continue to review our operations and optimize our footprint, we also recently signed a deal to divest our Hartford, Connecticut 3D printing business. Industry adoption of 3D printing has been slower than we anticipated, and there are better operators for this business. We expect the deal will close in Q1 2025.

與 Neumarkt 剝離有關，我們在本季度的業績中採取了一次性非現金費用，帕特里克很快就會對此進行更詳細的描述。隨著我們繼續審查我們的營運並優化我們的足跡，我們最近還簽署了一項協議，剝離我們康乃狄克州哈特福德的 3D 列印業務。3D 列印的行業採用速度比我們預期的要慢，而且該業務有更好的營運商。我們預計該交易將於 2025 年第一季完成。

We also announced that we have formally initiated a project to review our Welkenraedt, Belgium, plant which supplies engineered core. This review is expected to be [concluded] sometime in the first half of 2025. Patrick will provide more details on all of our finances in a few minutes.

我們還宣布，我們已正式啟動一個項目，以審查我們位於比利時 Welkenraedt 的工廠，該工廠供應工程核心。該審查預計將於 2025 年上半年的某個時間[結束]。帕特里克將在幾分鐘內提供有關我們所有財務狀況的更多詳細資訊。

Looking out over the next decade, we see three broad bases that will define Hexcel growth. The near-term focus is to drive growth by executing and delivering on existing programs and our current contracts and supporting our customers as they increase production rates. Hexcel has the capacity to support the OEM announced peak rates even as some of these peak rates exceed pre-pandemic levels. We expect to generate strong key free cash flow during this period as we grow into our existing capacity and capital expenditure remains at a lower level. I am confident in our team's ability to execute on this ramp-up.

展望未來十年，我們看到了決定赫氏成長的三大基礎。近期的重點是透過執行和交付現有計劃和當前合約來推動成長，並在客戶提高生產力時為他們提供支援。赫氏有能力支持 OEM 宣布的高峰費率，即使其中一些高峰費率超過了大流行前的水平。隨著我們現有產能的成長和資本支出保持在較低水平，我們預計在此期間將產生強勁的關鍵自由現金流。我對我們團隊執行此升級的能力充滿信心。

Since [I've been in] Hexcel, I visited about 3/4 of the company's sites, meeting with hundreds of Hexcel talent. The Hexcel workforce is continuing to drive efficiency and quality, [securing our factories] for the future, continually prioritizing worker safety. With the capital in place and the strong team recruited and trained, we are ready to meet whatever production schedules our OEM customers adopt across all the programs we support.

自從[我加入]赫氏以來，我訪問了該公司大約 3/4 的場所，會見了數百名赫氏人才。赫氏員工不斷提高效率和質量，為未來[保護我們的工廠]，並不斷優先考慮工人的安全。憑藉到位的資金以及招募和培訓的強大團隊，我們已準備好滿足 OEM 客戶在我們支援的所有專案中採用的任何生產計劃。

In the medium term, we see opportunities to drive both organic and inorganic growth. For example, our Space & Defense business is well positioned to grow, given Hexcel's unique position as the only vertically-integrated US domestic corporation, providing advanced lightweight composite materials. Composite technology is critical in current and future military programs, and we look forward to engaging defense clients more directly as well as pursue R&D funding opportunities with new government research labs to support Hexcel's value proposition.

從中期來看，我們看到了推動有機和無機成長的機會。例如，鑑於赫氏公司作為唯一一家提供先進輕質複合材料的垂直一體化美國國內公司的獨特地位，我們的航太與國防業務處於良好的成長態勢。複合材料技術在當前和未來的軍事項目中至關重要，我們期待與國防客戶更直接地接觸，並與新的政府研究實驗室尋求研發資助機會，以支持赫氏的價值主張。

We have additional organic growth potential across regional and business jets, the emerging EV [toll] market and with new aircrafts that will soon enter production, such as the Boeing 777X and the Falcon 10X from Dassault. As we consider future capital allocation from our growing cash generation, we will be stepping up our disciplined evaluation of potential M&A opportunities that leverage our advanced materials science expertise and meet our return thresholds.

我們在支線飛機和公務機、新興電動車[收費]市場以及即將投入生產的新飛機（例如波音 777X 和達梭的獵鷹 10X）方面擁有額外的有機成長潛力。當我們考慮來自不斷增長的現金產生的未來資本配置時，我們將加強對潛在併購機會的嚴格評估，這些機會利用我們先進的材料科學專業知識並滿足我們的回報門檻。

Our core expertise revolves around carbon fiber and resin system, honeycomb and then the engineering of honeycomb into highly advanced shapes and difficult to engineer specialty aircrafts. These advanced materials, along with other adjacent material science technologies are the type of inorganic growth that we will be evaluating. Longer-term growth for Hexcel will come from the launch of next-generation commercial and defense aircraft, as well as the development of new propulsion systems.

我們的核心專業知識圍繞著碳纖維和樹脂系統、蜂窩，然後將蜂窩工程加工成高度先進的形狀和難以設計的特殊飛機。這些先進材料以及其他相關材料科學技術是我們將評估的無機生長類型。赫氏的長期成長將來自下一代商用和國防飛機的推出，以及新推進系統的開發。

The decision on identifying what material systems these platforms will utilize are taking place right now and will continue over the next several years with the [air] and engine OEM, (inaudible) into service likely to be after 2030. Our current innovation efforts are focused on developing materials for these future platforms. Just as important, our innovation is focused on how we can continue to refine the production process for [carbon part] composites to support the high rate production requirements next-generation aircraft, including the next single aisle. These production techniques will include improvements in [layup rate, steer time] and non-destructive inspection.

目前正在決定確定這些平台將使用哪些材料系統，並將在未來幾年繼續進行，[空氣]和引擎 OEM（聽不清楚）可能會在 2030 年後投入使用。我們目前的創新工作主要集中在為這些未來平台開發材料。同樣重要的是，我們的創新重點是如何繼續改進[碳部件]複合材料的生產工藝，以支援下一代飛機（包括下一代單通道飛機）的高產量要求。這些生產技術將包括[鋪放率、轉向時間]和無損檢測的改進。

We're also driving what we call our future factory initiatives, which will be a constant throughout the three phases of growth. Near term, the focus of future factory is on continuing to drive efficiencies with our operational excellence initiatives. Longer term, it will involve more creative approaches to revolutionize production and lower manufacturing costs by rethinking production processes in machinery, leveraging AI and selectively adding further automation to a repetitive path.

我們也正在推動我們所謂的未來工廠計劃，這將在整個成長的三個階段中持續不斷。短期內，未來工廠的重點是透過我們的卓越營運計劃繼續提高效率。從長遠來看，它將涉及更多創造性的方法，透過重新思考機械生產流程、利用人工智慧並選擇性地在重複路徑中進一步增加自動化，來徹底改變生產並降低製造成本。

Looking forward, we issued 2025 guidance in our earnings release issued last night. We are forecasting 2025 sales between $1.95 billion and $2.05 billion. Adjusted earnings per share between $2.05 and [$2.25], and free cash flow greater than $220 million. When we provide guidance, our objective is to provide (inaudible) estimates that align with our understanding of the market. Remember that we provide shipset information for all of our top programs, which enables anyone interested to undertake their own sensitivity analysis of our guidance based on our own assumption of OEM build risk.

展望未來，我們在昨晚發布的財報中發布了 2025 年指引。我們預計 2025 年銷售額將在 19.5 億美元至 20.5 億美元之間。調整後每股收益在 2.05 美元至 [2.25 美元] 之間，自由現金流超過 2.2 億美元。當我們提供指導時，我們的目標是提供與我們對市場的理解一致的（聽不清楚）估計。請記住，我們為所有頂級計劃提供船舶組信息，這使任何感興趣的人都可以根據我們自己對 OEM 構建風險的假設對我們的指南進行敏感性分析。

Because of the continued [start, stop, start] production environment, uncertainty remains in relation to the outlook for our 2025 performance. Sales growth may be impacted by potential delays to the recovery in production rates. As we enter 2025, our operation's headcount is marginally elevated since production was softer in Q4 than expected. However, we expect to grow into that head count during the first half of the year in 2025. Our R&T spend will also be elevated in 2025 as we work on developing and qualifying new materials for next-generation aircraft and propulsion programs. These cost headwinds will dampen margins to some extent until we achieve further sales recovery to drive a considerable operating leverage opportunity that is in front of us.

由於持續的[啟動、停止、啟動]生產環境，我們 2025 年業績前景仍存在不確定性。銷售成長可能會受到生產力恢復的潛在延遲的影響。進入 2025 年，由於第四季度的產量低於預期，我們的營運人員數量略有增加。不過，我們預計 2025 年上半年的員工人數將達到這個數字。我們的研發支出也將在 2025 年增加，因為我們致力於為下一代飛機和推進項目開發新材料並對其進行鑑定。這些成本阻力將在一定程度上抑制利潤率，直到我們實現銷售進一步復甦，以推動我們面前的巨大經營槓桿機會。

Since I started in this role in May, I continue to be impressed by the team here at Hexcel. As compelling as our technology is, it is our people who truly make a difference for itself and for our customers. Although the industry faces another challenging year in 2025, Hexcel is positioned for growth and cash generation as we leverage our exceptional team, our intellectual property and our operational capabilities.

自從我五月開始擔任這個職位以來，赫氏團隊一直給我留下了深刻的印象。儘管我們的技術引人注目，但真正為自身和客戶帶來改變的是我們的員工。儘管該行業在 2025 年將面臨另一個充滿挑戰的一年，但赫氏憑藉我們卓越的團隊、智慧財產權和營運能力，已做好了實現成長和現金生成的準備。

Now, let me turn it over to Patrick to provide more details on the numbers. Patrick?

現在，讓我將其轉交給帕特里克，以提供有關數字的更多詳細資訊。派崔克？

Thank you, Tom.

謝謝你，湯姆。

As a reminder, regarding foreign exchange exposure, Hexcel benefits from a strong dollar. We continue to hedge foreign exchange exposure over a 10-quarter time horizon. The year-over-year sales comparisons I will provide are in constant currency and thereby remove the foreign exchange impact sales.

提醒一下，就外匯風險而言，赫氏受益於強勢美元。我們繼續在 10 個季度的時間範圍內對沖外匯風險。我將提供的同比銷售比較是按固定匯率計算的，從而消除了外匯對銷售的影響。

The commercial aerospace market represented approximately 59% of total fourth quarter sales of $473.8 million. Fourth quarter commercial aerospace sales of $278.3 million increased 4.6% compared to the fourth quarter of 2023. Various industry issues, including OEM supply chain challenges and labor strikes [from] customers muted Hexcel sales growth. The Boeing 787 and Airbus A320neo grew modestly year over year while Boeing 737 MAX sales were down with fourth quarter sales being primarily for the (inaudible) LEAP-1B and nacelle. Sales for Other Commercial Aerospace in the fourth quarter increased 9.5% year over year led by regional jets.

商業航空航太市場約佔第四季總銷售額 4.738 億美元的 59%。第四季商業航空航太銷售額為 2.783 億美元，較 2023 年第四季成長 4.6%。各種行業問題，包括 OEM 供應鏈挑戰和客戶罷工，抑制了赫氏銷售成長。波音 787 和空中巴士 A320neo 年比小幅成長，而波音 737 MAX 銷量下降，第四季的銷量主要來自（聽不清楚）LEAP-1B 和機艙。第四季度其他商業航空航太的銷售額年增 9.5%，其中支線噴射機帶動了成長。

To share some further perspective on our Commercial Aerospace business for the full year, widebody comprise just under 40% of 2024 commercial aerospace sales. Narrowbody sales were just over 30% and the legacy commercial aircraft were 10%. And finally, Other Commercial Aerospace, including business and regional aircraft, grew 20%. Business jet combined the largest submarket within this category. While business jet sales are higher than pre-pandemic levels, 2024 business jet sales were flat compared to 2023.

為了進一步分享我們全年商業航空航太業務的情況，寬體機佔 2024 年商業航空航太銷售額的近 40%。窄體機銷量略高於 30%，傳統商用飛機佔 10%。最後，其他商業航空航天，包括公務機和支線飛機，增加了 20%。公務機是該類別中最大的子市場。雖然公務機銷量高於疫情前的水平，但 2024 年公務機銷量與 2023 年持平。

Space & Defense represented approximately 34% of fourth quarter sales and totaled $163.3 million, increasing 7.6% from the same period in 2023. In the fourth quarter of 2024, growth was led by the [asset defined] CH-53K. For fiscal year 2024, approximately [35%] Space & Defense sales were outside of the US. This included customers in a number of Western European countries as well as sales to customers in other Western Alliance markets, including Brazil, India, South Korea and Turkey.

航太與國防領域約佔第四季銷售額的 34%，總計 1.633 億美元，較 2023 年同期成長 7.6%。2024 年第四季度，成長由[資產定義]CH-53K 引領。2024 財年，約 [35%] 的太空與國防銷售額來自美國境外。這包括許多西歐國家的客戶以及向其他西方聯盟市場（包括巴西、印度、韓國和土耳其）的客戶進行的銷售。

Industrial comprised only 7% of fourth quarter 2024 sales which totaled $32.2 million, decreasing 14.8% compared to the fourth quarter of 2023. We experienced softness across all of the markets, except for recreation. For the full year, Industrial sales were down 21.1%, declining more than forecasted. Higher financing costs and growing competition from Chinese automakers negatively impacted the performance automotive category of industrial to a much greater degree than we had suspected, particularly the Western European auto companies. Wind continued its multiyear decline, decreasing 37% year over year, whereas we were forecasting flattish of an already low base as submarkets also decreased.

工業銷售額僅佔 2024 年第四季銷售額的 7%，銷售額總計 3,220 萬美元，比 2023 年第四季下降 14.8%。除了娛樂市場外，我們在所有市場上都經歷疲軟。全年工業銷售額下降 21.1%，降幅超出預期。更高的融資成本和來自中國汽車製造商日益激烈的競爭對工業性能汽車類別的負面影響比我們想像的要大得多，尤其是西歐汽車公司。風電持續多年下滑，年減 37%，而我們預測本已較低的基數將持平，因為子市場也有所下降。

Gross margin of 25% in the fourth quarter of 2024 favorably compared to the prior year period gross margin of 22.5% as higher sales drove operating leverage combined with strong operational execution. As a percentage of sales, selling, general and administrative expenses and R&T expenses were 13% in the fourth quarter compared to 11.8% in the comparable prior year period. Higher R&T expenses to support innovation for future programs, partially (inaudible) to the increase. Other operating expenses in the fourth quarter of 2024, considered of non-cash impairment and restructuring charges, primarily related to the pending divestment of the Neumarkt, Austria (inaudible) industrial operations as previously disclosed.

2024 年第四季的毛利率為 25%，優於去年同期的毛利率 22.5%，原因是較高的銷售額推動了營運槓桿以及強大的營運執行力。第四季銷售、一般和管理費用以及研發費用佔銷售額的百分比為 13%，而去年同期為 11.8%。支持未來專案創新的更高研發費用，部分（聽不清楚）增加。考慮到非現金減損和重組費用，2024 年第四季的其他營運費用主要與先前揭露的奧地利諾伊馬克特（聽不清楚）工業業務的待剝離有關。

Adjusted operating income in the fourth quarter was $57.1 million or 12.1% of sales compared to $49.1 million or 10.7% of sales in the comparable prior year period. The year-over-year impact of exchange rates in the fourth quarter to operating income was favorable by approximately 60 basis points. Now turning to our two segments.

第四季調整後營業收入為 5,710 萬美元，佔銷售額的 12.1%，去年同期為 4,910 萬美元，佔銷售額的 10.7%。第四季匯率對營業收入的年比影響有利約 60 個基點。現在轉向我們的兩個部分。

The Composite Materials segment represented 79% of total forward sales and adjusting for non-recurring charges generated an adjusted operating margin of 15.3%. This compares to an adjusted operating margin of 14.7% in the prior year period.

複合材料部門佔遠期銷售總額的 79%，對非經常性費用進行調整後，調整後的營業利潤率為 15.3%。相較之下，去年同期調整後的營業利益率為 14.7%。

The Engineered Products segment, which is comprised of our structures and engineered core businesses, represented 21% of total sales and generated an adjusted operating margin of 10.7%. This compares to an adjusted operating margin of 9.6% in the prior year period.

工程產品部門由我們的結構和工程核心業務組成，佔總銷售額的 21%，調整後的營業利潤率為 10.7%。相較之下，去年同期調整後的營業利益率為 9.6%。

Net cash provided by operating activities in 2024 was $289.9 million compared to $257.1 million in 2023. Working capital was a cash use of $0.8 million in 2024 compared to a use of $27.4 million in 2023.

2024 年經營活動提供的現金淨額為 2.899 億美元，而 2023 年為 2.571 億美元。2024 年的營運資金現金使用量為 80 萬美元，而 2023 年的使用量為 2,740 萬美元。

Capital expenditures on an accrual basis were $81.1 million in 2024 compared to $121.6 million in the comparable prior year period. Recall that in 2023, we purchased the land and buildings by our Amesbury, Massachusetts operations for approximately $38 million.

2024 年按權責發生製計算的資本支出為 8,110 萬美元，而去年同期資本支出為 1.216 億美元。回想一下，2023 年，我們以約 3,800 萬美元的價格購買了馬薩諸塞州埃姆斯伯里業務的土地和建築物。

Free cash flow in 2024 was $202.9 million, which compared to $148.9 million in 2023. Increased volume, robust working capital management and tightly managed capital expenditures supported to a higher level of cash generation.

2024 年的自由現金流為 2.029 億美元，而 2023 年為 1.489 億美元。數量的增加、穩健的營運資本管理和嚴格管理的資本支出支持了更高水準的現金產生。

Adjusted EBITDA totaled $382.3 million compared to $362.4 million in 2023. We operate long-lived assets, which explains why our depreciation expense has been well above our capital expenditures for a number of years.

調整後 EBITDA 總計 3.823 億美元，而 2023 年為 3.624 億美元。我們經營長期資產，這解釋了為什麼我們的折舊費用多年來一直遠高於我們的資本支出。

We did not repurchase any stock during the fourth quarter. In total, for fiscal year 2024, we used $252.2 million to repurchase stock. The remaining authorization under the share repurchase program as of December 30, 2024, [with] $234.9 million. The Board of Directors declared a $0.17 quarterly dividend yesterday, which is an increase of $0.02 or $0.13 from the prior level. The dividend is payable to stockholders of record as of February 7, with a payment date of February 14.

第四季我們沒有回購任何股票。2024 財年，我們總共使用了 2.522 億美元回購股票。截至 2024 年 12 月 30 日，股份回購計畫下的剩餘授權為 2.349 億美元。董事會昨天宣布季度股息為 0.17 美元，較之前增加 0.02 美元或 0.13 美元。股利將支付給截至2月7日登記在冊的股東，支付日期為2月14日。

Expanding on Tom's comments regarding our 2025 sales and adjusted EPS guidance, we are forecasting 5% sales growth at the midpoint and 6% adjusted EPS growth at the midpoint. Hexcel has the operational capacity to support much higher demand from our customers, so considering the various current industry supply chain issues and rate ramp challenges faced by our customers, we are forecasting somewhat muted sales growth in 2025. Note also that our guidance excludes approximately $40 million of annual sales from the Neumarkt, Austria facility, which we are planning to divest.

擴展 Tom 對我們 2025 年銷售額和調整後每股收益指引的評論，我們預測銷售額中點增長 5%，調整後每股收益中點增長 6%。Hexcel 擁有滿足客戶更高需求的營運能力，因此考慮到當前的各種行業供應鏈問題以及客戶面臨的速率提升挑戰，我們預計 2025 年的銷售成長將放緩。另請注意，我們的指導不包括奧地利諾伊馬克特工廠約 4000 萬美元的年銷售額，我們計劃剝離該工廠。

In terms of our markets, we expect 2025 Commercial Aerospace sales to increase high single digits. As a result of the planned sale of industrial-focused Austrian facility, we will change the reporting by market. Beginning with the first quarter of 2025, we will report results for Commercial Aerospace and a second market titled Defense, Space and Others. This market will include the remaining industrial business which will consist primarily of performance-orientated automotive sales.

就我們的市場而言，我們預計 2025 年商用航空航太銷售額將實現高個位數成長。由於計劃出售以工業為重點的奧地利工廠，我們將更改按市場劃分的報告。從 2025 年第一季開始，我們將報告商業航空航太和名為國防、航太及其他的第二個市場的表現。該市場將包括剩餘的工業業務，其中主要包括以性能為導向的汽車銷售。

In 2025, we are expecting the defense space and other markets to be flattish as low single-digit defense and space growth is expected to be offset by continued softness in industrial. Tom pointed out some pressure on our margins, including growing into our existing head count and higher R&T costs as we continue to develop and innovate materials for the next generation of aircraft and propulsion platforms.

到 2025 年，我們預計國防領域和其他市場將持平，因為低個位數的國防和航太成長預計將被工業持續疲軟所抵消。湯姆指出，我們的利潤面臨一些壓力，包括隨著我們繼續開發和創新下一代飛機和推進平台的材料，我們現有的員工數量不斷增加，研發成本也隨之增加。

Additionally, we are focused on product [efficiency] and driving operating efficiency to offset recent inflation pressures including labor inflation. Top line growth and higher capacity utilization will ultimately be critical to driving improved overhead leverage and stronger margin performance. As Tom referenced last quarter, we are updating our ERP system as this new ERP system will be cloud-based, accounting rules require it to be expensed rather than capitalized facing some further short-term pressure on margins.

此外，我們專注於產品[效率]和提高營運效率，以抵銷近期的通膨壓力，包括勞動力通膨。收入成長和更高的產能利用率最終對於推動改善管理費用槓桿和更強的利潤率表現至關重要。正如 Tom 上個季度提到的，我們正在更新我們的 ERP 系統，因為這個新的 ERP 系統將基於雲，會計規則要求將其計入費用，而不是資本化，以應對利潤率進一步的短期壓力。

Rounding out the guidance discussion, we expect a tax rate of 21%. Interest expense, interest expense will likely increase as during the year, we expect to refinance our 4.7% note, which is due in August 2025 and rates were expected to be higher for the new bonds. We book our capital expenditures to remain subdued as we grow brands into existing capacity. So for 2025 and likely for the next two or three years, accrued capital expenditures are forecast to be below $100 million. This level of capital expenditure should support a strong cash conversion ratio of 100% or higher for a period of time.

為了完成指導討論，我們預計稅率為 21%。利息支出，利息支出可能會在年內增加，我們預計將對將於 2025 年 8 月到期的 4.7% 票據進行再融資，並且新債券的利率預計會更高。隨著我們將品牌發展到現有產能，我們的資本支出將維持在較低水準。因此，到 2025 年以及未來兩三年，應計資本支出預計將低於 1 億美元。這一水準的資本支出應該能夠在一段時間內支持 100% 或更高的強勁現金轉換率。

With that, let me turn the call back to Tom.

接下來，讓我把電話轉回給湯姆。

Thanks, Patrick.

謝謝，派崔克。

As Hexcel enters 2025, I am confident in our long-term growth and the value we will provide to our customers and shareholders. Hexcel's lightweight material technology is vital for the design and production of modern aircraft that are lighter and structurally stronger at greater range, consume less fuel and emit less carbon dioxide. I am proud to be part of this exceptional team.

隨著赫氏進入 2025 年，我對我們的長期成長以及我們將為客戶和股東提供的價值充滿信心。赫氏的輕質材料技術對於現代飛機的設計和生產至關重要，這些飛機更輕、結構更堅固、航程更遠、燃料消耗更少、二氧化碳排放更少。我很自豪能成為這個傑出團隊的一員。

With that, we're ready to take some questions.

至此，我們準備好回答一些問題了。

(Operator Instructions) Ken Herbert, RBC Capital Markets.

（操作員指示）Ken Herbert，RBC 資本市場。

Maybe Tom or Patrick, as you think about the Commercial Aerospace guide for this year, up high single-digits to 10%, can you talk about maybe some of the moving pieces there and maybe explicitly where you are today on some of the higher volume or higher revenue programs like the A350 and to what extent we should expect sort of acceleration on that program in '25 or what's embedded in the guide?

也許湯姆或派崔克，當你想到今年的商業航空航太指南時，高個位數增長到10%，你能談談那裡的一些變化，也許能明確地談談你今天在一些更高的數量上的情況或更高收入的計劃，如 A350，我們應該期望該計劃在 25 年得到何種程度的加速，或者指南中包含哪些內容？

Right. Well, Ken, let me take that and just walk through some of the different programs to give you a sense of what we use is the underlying assumptions for production rates for our 2025 guidance. So starting with Boeing, on the 737, we're pulling at mid-30s in terms of aircraft per month for really Q1 last year. And in Q2, it dropped into the kind of 30 range. And then in Q4, we were still pulling at 23 in that range.

正確的。好吧，Ken，讓我來介紹一些不同的計劃，讓您了解我們使用的 2025 年指導生產力的基本假設。因此，從波音公司開始，就 737 而言，我們去年第一季的每月飛機數量在 30 多架左右。而在第二季度，它下降到了 30 的範圍內。然後在第四季度，我們仍然在這個範圍內保持在 23 的水平。

For the '25 outlook, we built in low 30s as an average APM, aircraft per month, for the [whole] year. And the reason for that is, Boeing has said publicly they want to get back up to 38, they've got some aircraft that they're going to deliver that are out of inventory, so the production rates may be lower. We are taking into account there could be some destocking with all the inventories in the system. But we feel like a low 30s number as an average is a good number for us. If it's higher, we certainly have the capacity in place. We've got the people in place, and we can meet the demand. But that's what we built. We took a fairly conservative number in terms of building our plan for 2025 on the 37.

對於 25 年的展望，我們將全年的平均 APM（每月飛機數量）控制在 30 左右。原因是，波音公司公開表示，他們希望恢復到 38 架，他們將要交付的一些飛機已缺貨，因此生產率可能會較低。我們正在考慮可能會對系統中的所有庫存進行一些去庫存。但我們認為 30 多歲的平均數字對我們來說是一個不錯的數字。如果更高，我們當然有能力。我們已經安排好人員，可以滿足需求。但這就是我們所建造的。在 37 日制定 2025 年計畫時，我們採用了相當保守的數字。

On the 87, we were pulling at about seven aircraft per month for the whole year, including Q4. And so we expect 2025 to be at about that same level, delivering somewhere in the mid-80s in terms of total number of units. And again, if it goes higher, we can support higher rates. But that's where we are for 2025 is kind of in the six to seven range and mid-80s, with the ability to flex. And on the 777, we're expecting three to four aircraft per month for '25.

在 87 號上，我們全年每月約有 7 架飛機，包括第四季。因此，我們預計 2025 年將達到大致相同的水平，單位總數將達到 80 年代中期。再說一次，如果價格走高，我們可以支持更高的利率。但這就是 2025 年我們所處的位置，大約是 6 到 7 歲和 80 年代中期，具有靈活的能力。對於 777，我們預計 25 年每月會有三到四架飛機。

Shifting to Airbus. On the 320, we were pulling at mid-50s for most of last year and right about 50 in Q4. So it did drop a little bit in Q4. Airbus delivered 602 units last year, which was an increase. And for 2025, we're really expecting probably low 60s in terms of aircraft per month. So kind of low 700 units in terms of total deliveries. On the 350, we're -- obviously, we have a very big shipset value, $4.5 million to $5 million per shipset. We were pulling at 6.5 to 7 for Q1 to Q3. Q4 was a little bit less -- but as we look at the outlook for '25, again, we're thinking six to seven and mid-80s in terms of total units that range.

轉向空中巴士。在 320 上，去年大部分時間我們的拉力都在 50 左右，第四季正好在 50 左右。所以第四季確實有所下降。空中巴士公司去年交付了 602 架飛機，增加。到 2025 年，我們預計每月飛機數量可能會低至 60 多架。就總交付量而言，只有 700 台。顯然，在 350 上，我們擁有非常大的船舶組價值，每艘船舶組價值 450 萬至 500 萬美元。第一季到第三季我們的業績比為 6.5 比 7。第四季的數量有所減少，但當我們再次審視 25 年的前景時，我們認為總單位數量範圍為六到七歲和 80 年代中期。

And then on the 220, where we also have content in the $200,000 to $500,000 range, we were pulling at 10 to 9 for most of the year. It dropped a little bit in Q4. And the outlook for 2025 is we expect to be pulling at about 10 to 11 units per month. So that's how we built our plan with those underlying assets, a bit conservative, but we have the ability to flex if the rates are higher because we have the capital in place. We have people in place that are trained. And so as I mentioned in my remarks, and Patrick reiterated, we are fully prepared to deliver whatever our customers require from us across all of our programs in 2025.

然後在 220 上，我們也有 200,000 美元到 500,000 美元範圍內的內容，一年中大部分時間我們的收入都在 10 到 9 美元之間。第四季略有下降。預計 2025 年每月銷售量將達到 10 至 11 台左右。這就是我們如何利用這些基礎資產來制定計劃，有點保守，但如果利率較高，我們有能力靈活調整，因為我們有足夠的資本。我們有經過訓練的人員。正如我在演講中提到的，帕特里克重申的，我們已做好充分準備，在 2025 年透過我們的所有專案滿足客戶的需求。

Matt Akers, Wells Fargo.

馬特·埃克斯，富國銀行。

Can you just help with kind of modeling the quarters for 2025, just how we should think about maybe a slower start to the year, ramp up in the second half if there's any way to kind of think about that split?

您能否幫助對 2025 年的季度進行建模，我們應該如何考慮今年開局可能會放緩，如果有什麼方法可以考慮這種分裂，那麼下半年會加速嗎？

So Matt, I would take it as normal, we're on an upward ramp frustratingly so as we all know. But we're moving up, we're climbing. And so as Tom said, on the widebodies, we kind of moved from six to seven in 2024 and kind of pushing towards seven and hopefully above it. And we should see that trend as we move through 2025. The 350 -- sorry, the 320, as Tom said, sort of in the 50s in 2024 and hopefully pushing through 60s to the mid-60s in 2025 and growing as the year goes.

所以馬特，我認為這很正常，眾所周知，我們正處於令人沮喪的上升階段。但我們正在向上，我們正​​在攀登。正如 Tom 所說，在寬體客機方面，我們在 2024 年從 6 架增加到了 7 架，並朝著 7 架的目標邁進，並希望能夠超過這個數字。當我們邁入 2025 年時，我們應該會看到這一趨勢。350——抱歉，正如湯姆所說，320，到 2024 年大約是 50 多歲，希望到 2025 年能從 60 多歲推到 60 多歲，並隨著時間的推移而增長。

The hardest call is the MAX coming out of the strike, Boeing are in the 20s probably right now. And it's really going to be down to how well they can grow that. As Tom said, we're fully ready to support. And hopefully, they pushed through the 30s and into the high 30s in the back end of the year. So our expectation, yes, if there's some growth as the year progresses and then obviously, that would position ourselves for strength as we go into 2026 when hopefully, more of the supply chain and OEM's rates continue to go up.

最難的決定是 MAX 從罷工中恢復過來，波音現在可能已經是 20 多歲了。這實際上取決於他們的發展程度。正如湯姆所說，我們已完全準備好提供支援。希望他們能在今年年底突破 30 歲並進入 30 歲高位。因此，我們的預期是，如果隨著時間的推移出現一些增長，那麼顯然，這將使我們在進入 2026 年時保持優勢，屆時更多的供應鏈和 OEM 的利率將繼續上升。

Okay. Great. And then I guess within the industrial sales, I think you said it's down in 2025, what's the biggest driver there?

好的。偉大的。然後我想在工業銷售方面，我想你說過它會在 2025 年下降，最大的驅動因素是什麼？

Well, obviously pulling out Austria, which is not included in our guidance is worth roughly $40 million. And then we're also seeing a bit of a decline. It's not massive, but a bit of a decline in automotive which is the largest subsegment within Industrial year over year.

嗯，顯然，退出奧地利（不包括在我們的指導中）的價值約為 4000 萬美元。然後我們也看到了一些下降。汽車業雖然規模不大，但略有下降，而汽車業是工業中最大的細分市場。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Maybe I just wanted to ask about profitability, if we could talk about it for a minute. Two-part question. First, the guidance implies 20% incremental to high 12% adjusted EBITDA margins. Tom, I don't know if you're comfortable talking about this, but how do we think about return to high-teens margins over the medium term? And just given some of the rate changes in ['25 and '26], you just mentioned, how do we think about what your [capacity is] in terms of hiring?

也許我只是想問一下獲利能力，我們能否討論一下。兩部分的問題。首先，該指引意味著調整後 EBITDA 利潤率將增加 20% 至 12%。湯姆，我不知道你是否願意談論這個問題，但我們如何考慮在中期內恢復高雙位數的利潤率？考慮到 ['25 和 '26] 的一些費率變化，您剛才提到，我們如何看待您在招募方面的 [能力]？

Great. Well, if you go back to 2018, 2019, that's where Hexcel was (inaudible) in terms of margins. And it was because we were utilizing a lot of the capacity we're getting great operating leverage. After the pandemic, when we saw the decline in production, we've lost a little bit of that operating leverage, and we're still recovering. So last year the production (inaudible) [in 2018 that was] -- so we're still in the middle of the recovery. And as we start to get more production and more revenue, [will] drive a lot of operating leverage, and it will help us get our margins back up to those high teens.

偉大的。好吧，如果你回顧 2018 年、2019 年，赫氏的利潤率就是（聽不清楚）。正是因為我們利用了大量的產能，我們才獲得了巨大的營運槓桿。疫情過後，當我們看到產量下降時，我們失去了一點營運槓桿，但我們仍在恢復中。所以去年的產量（聽不清楚）[2018 年]—所以我們仍處於復甦之中。隨著我們開始獲得更多的產量和更多的收入，[將]推動大量的營運槓桿，這將幫助我們將利潤率恢復到十幾歲。

Now at the same time, over the last three or four years, we've seen a maximum amount of inflation in labor, in utilities and material, and we have to offset that. So I mean we'll always have to run faster [to stand still] in this industry, but I think these inflationary pressures over the last few years have been particularly [daunting]. Now we've got a lot of work to do to drive our productivity programs that future factory that I talked about to drive productivity and efficiency will help us offset the inflationary pressures to get back to the high teens in terms of margins. So we still got a couple of years ago before we're going to fully get back to those production rates. But at that time, we'll be driving productivity initiatives so that we can offset the inflationary pressures and get back to higher marks.

同時，在過去的三、四年裡，我們看到勞動力、公用事業和材料的通貨膨脹達到了最高水平，我們必須抵消這一點。所以我的意思是，在這個行業中，我們總是必須跑得更快[才能保持靜止]，但我認為過去幾年的通膨壓力特別大[令人畏懼]。現在我們還有很多工作要做來推動我們的生產力計劃，我談到的未來工廠將幫助我們抵消通膨壓力，使利潤率回到十幾歲左右。因此，在我們完全恢復到這些生產力之前，我們還需要幾年的時間。但到那時，我們將推動生產力舉措，以便抵消通膨壓力並恢復到更高水平。

Pete Skibitski, Alembic Global Advisors.

Pete Skibitski，Alembic 全球顧問。

Just wanted to clarify a little bit more the revenue guide. So Austria is out of guidance. but you haven't sold it yet. So will you actually report that revenue in the first quarter even though it's not in guidance? And then maybe you could talk about I'm sorry, maybe you can talk about the impact of the Hartford sale as well because it sounds like that is a done deal.

只是想進一步澄清一下收入指南。所以奧地利失去了指導。但你還沒有賣掉它。那麼，即使不在指導範圍內，您實際上會報告第一季的收入嗎？然後也許你可以談談我很抱歉，也許你也可以談談哈特福德出售的影響，因為聽起來這已經是板上釘釘的事情了。

Yes. So we will report any sales that we achieved out of Austria because you're quite right, the sale is not closed yet. We will call out what those sales are. So those would be, I guess, small increments to the guidance that we have provided. That's the best way to manage that, I think, through the year. We expect it to go at some point.

是的。因此，我們將報告我們在奧地利以外實現的任何銷售，因為您說得很對，銷售尚未結束。我們將公佈這些銷售額是多少。因此，我認為這些只是我們提供的指導的微小增量。我認為，這是全年管理這個問題的最佳方式。我們預計它會在某個時候消失。

Clearly, the timing is uncertain. In relation to Hartford, really de minimis level of sales. Clearly, a development program. We had a very small low single-digit millions of sales but negligible in the total company. So more of a research development sort of program that we're -- as we said, [there] are better operators of that business, and we've agreed a good deal on that.

顯然，時間是不確定的。就哈特福德而言，銷售水平確實很低。顯然，這是一個開發計劃。我們的銷售額非常小，只有數百萬美元，但在整個公司中可以忽略不計。因此，我們更多的是一種研究開發項目——正如我們所說，該業務有更好的運營商，我們已經就此達成了許多協議。

Okay. That's helpful. If I could just add one follow-up. Are you guys expecting net pricing improvements in '25? And then is there any way to quantify -- I don't know how big it is, but you're talking about margin headwind from this ERP implementation. I was wondering if you could quantify that.

好的。這很有幫助。如果我可以增加一個後續行動就好了。你們期待 25 年的淨定價改善嗎？然後有沒有什麼方法可以量化——我不知道它有多大，但你說的是這個 ERP 實施帶來的利潤逆風。我想知道你是否可以量化這一點。

So we are always looking for opportunities for price when our contracts come due. And we have several long-term contracts, which is great, but we also have a fair number of contracts that are coming due on a regular basis, maybe 20% a year. And so we did get good price increases last year to reflect a lot of the inflationary pressures, and we expect that, that will continue into 2020 as well. Now your second question was regarding what?

因此，當我們的合約到期時，我們總是在尋找價格機會。我們有幾份長期合同，這很好，但我們也有相當數量的合約定期到期，每年可能有 20%。因此，去年我們確實實現了良好的價格上漲，以反映許多通膨壓力，我們預計這種情況也將持續到 2020 年。現在你的第二個問題是關於什麼？

The ERP implementation, if you can quantify that?

ERP的實施，你能能量化嗎？

Yes. It's in the kind of $5 million to $7 million range. It's normal cost for implementing an ERP. It's just -- it's hitting (inaudible), as Patrick said, as an expense. And that's creating some headwind. But on the flip side, it should drive a lot of productivity because at the same time, we're implementing the ERP, we're also implementing an MES, a manufacturing efficiency system, which will drive a lot of productivity in the plant. So it will pay back. It's just -- it's a bit of a [headwind] (inaudible).

是的。其價格在 500 萬至 700 萬美元之間。這是實施 ERP 的正常成本。正如帕特里克所說，這只是一項支出（聽不清楚）。這造成了一些阻力。但另一方面，它應該會大大提高生產力，因為同時，我們正在實施 ERP，我們也正在實施 MES，這是一個製造效率系統，這將極大地提高工廠的生產力。所以它會得到回報。只是——有點像[逆風]（聽不清楚）。

(Operator Instructions) John McNulty, BMO Capital Markets.

（操作員說明）John McNulty，BMO 資本市場。

So when you look at the inflation that you saw in SG&A in 2024, which I guess, is high single digits, call it, 8%, how much of that was putting people in seats versus wage inflation? And I guess, how are you thinking about how that line grows in 2025? It sounds like you've got all the feet you need in the seats, but [not necessarily], it's harder to figure out how to think about the wage inflation side of things going forward.

因此，當你看看 2024 年 SG&A 的通膨率（我猜是個位數較高的通膨率，稱之為 8%）時，其中有多少是為了讓人們就座而不是薪資通膨？我想，您如何看待該產品線在 2025 年的成長？聽起來你已經在座位上擁有了所需的所有腳，但[不一定]，很難弄清楚如何思考未來事情的工資通膨方面。

Yes. John, I think SG&A is a combination of things, and it isn't just people. So the ERP implementation, some of those charges as we talked about, (inaudible), I think we called out previously, obviously, with the (inaudible) succession, we had some specific onetime costs this year, those ran through SG&A, as well as, yes, I mean we're gradually adding [commits] and then you've got the merit, the labor cost increases coming through the inflation, if you like.

是的。約翰，我認為 SG&A 是事物的組合，而不僅僅是人。因此，ERP 實施，其中一些費用，正如我們所討論的，（聽不清楚），我想我們之前已經說過，顯然，隨著（聽不清楚）的繼任，我們今年有一些特定的一次性成本，這些費用也透過SG&A因為，是的，我的意思是我們正在逐漸增加[承諾]，然後你就得到了好處，勞動力成本因通貨膨脹而增加，如果你願意的話。

So it's a combination of things that are really driving that year on year but that infrastructure in place to support the growth that we expect ahead. So we're managing it tightly. We're controlling it on an ongoing basis. We have from time to time some onetime costs like the CEO, which clearly was unique in 2024, the ERP was in 2024, and that will recur to some extent to 2025 as well as the underlying general inflation, if you like, merit cost increases that we normally see.

因此，這是年復一年真正推動成長的因素的結合，但基礎設施的到位可以支持我們預期的未來成長。所以我們正在嚴格管理它。我們正在持續控制它。我們不時會遇到一些一次性成本，例如首席執行官，這在2024 年顯然是獨一無二的，ERP 是在2024 年，並且會在某種程度上在2025 年重現，以及潛在的總體通貨膨脹（如果您願意的話，績效成本會增加）我們通常看到的。

Got it. Okay. And then it sounds like you've got a bit of a ramp in R&T coming up. I guess, can you help us to think about how big that could be? I guess it was, you're up about $5 million year over year in '24, but it sounds like it may be a little bit more meaningful going forward. Can you help us to think about that and what that's going towards?

知道了。好的。聽起來 R&T 方面的進展似乎即將到來。我想，你能幫我們想想它有多大嗎？我猜是的，24 年你的收入年增了約 500 萬美元，但聽起來這可能更有意義。你能幫助我們思考這個問題以及它的走向嗎？

Yes. Maybe one way to look at it is it's about 3% of revenue right now, which is a little bit up from where it's been historically. But that's the number that we think is a good number. That will allow us to make sure we're driving innovation on not only our fibers and our resin systems and our production technique, but to really make sure that we're developing the material systems for the next generation. So maybe the easiest way to think about it is we're going to be in the 3% range for R&T in order to fund the level of development that's required for the next generation.

是的。也許一種看待它的方式是，它目前約佔收入的 3%，這比歷史上的水平略高一些。但我們認為這個數字是個好數字。這將使我們能夠確保我們不僅在纖維、樹脂系統和生產技術方面推動創新，而且還真正確保我們正在開發下一代材料系統。因此，也許最簡單的思考方式是我們將 R&T 的比例控制在 3% 的範圍內，以便為下一代所需的開發水準提供資金。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究中心。

First, maybe a follow-up question to Pete's question on the implied growth within Commercial Aerospace for '25. In that 10%, is it -- is the volume growth, maybe something closer to 5% to 7% and the rest is gross pricing?

首先，也許是皮特關於 25 年商用航空航太隱含成長問題的後續問題。在這 10% 中，是銷售成長，也許接近 5% 到 7%，其餘的是總定價？

The majority is volume, Myles, which then topped up by some pricing. Yes.

邁爾斯，大部分是銷量，然後透過一些定價來補充。是的。

Okay. All right. Tom, on the capital deployment, strategy you have. And as it evolves, there is no stock repurchase in the quarter. Curious if that signals to us how you're thinking about the availability of this inorganic growth you put into the press release for the first time. And if I could just clarify, as it relates to what's in scope and not in scope on your M&A strategy, is it fair to think that structures and composite manufacturer of structures is not within your scope?

好的。好的。湯姆，關於資本部署、策略，你有。隨著情況的發展，本季沒有股票回購。很好奇這是否向我們表明您如何看待首次在新聞稿中放入的這種無機增長的可用性。如果我可以澄清一下，因為它涉及到您的併購策略範圍內和不範圍內的內容，那麼認為結構和結構的複合材料製造商不在您的範圍內是否公平？

That's correct. We're really not looking at structures. We're really focused on advanced materials science. In terms of capital deployment, let me just go backwards in terms of your questions. You asked about Q4. Really, I mean Q4 wasn't signaling anything other than we've done $250 million or so of share repurchases during 2024. And so that was obviously higher than our cash flow for the year. So we didn't do any further in Q4, but we do have $235 million still left on our authorization, and we do intend to do some this year as we go through the year.

這是正確的。我們其實不是在研究結構。我們真正專注於先進材料科學。關於資金配置，我就你的問題倒退一下。你問到了第四季的情況。實際上，我的意思是，除了我們在 2024 年進行了約 2.5 億美元的股票回購之外，第四季並沒有發出任何訊號。因此，這顯然高於我們今年的現金流。因此，我們在第四季沒有採取任何進一步的行動，但我們的授權確實還剩 2.35 億美元，而且我們確實打算在今年做一些事情。

We put M&A in as a topic just because as we think of capital allocation, we're going to, of course, fund all of our productivity initiatives and our R&D and our innovation initiatives. And at the same time, the organic growth initiatives, like we talked about with Space & Defense or on commercial and regional jets and [EV tolls]. At the same time, we do want to start to look at things that would leverage our material science expertise inorganically, things that are aligned strategically to the direction we want to go and that also meet our return threshold. And if something comes up, we will look at it very, very closely.

我們將併購作為一個主題，只是因為當我們考慮資本配置時，我們當然會為我們所有的生產力計劃、研發和創新計劃提供資金。同時，有機成長計劃，就像我們在太空與國防或商用和支線飛機上談到的那樣[電動車通行費]。同時，我們確實希望開始關注能夠無機地利用我們的材料科學專業知識的事物，這些事物在戰略上與我們想要的方向保持一致，並且也滿足我們的回報閾值。如果出現問題，我們會非常非常仔細地研究。

Absent that, absent an inorganic opportunity, we will continue with our share repurchases, and you saw that we did increase our dividend again this year from $0.15 to $0.17. So that's how we think of the capital allocation overall. But again, to reiterate, we're not interested in structures. We're more interested in advanced material science for things that we consider for inorganic growth.

如果沒有這種情況，沒有無機機會，我們將繼續進行股票回購，您會看到我們今年確實再次將股息從 0.15 美元增加到 0.17 美元。這就是我們對整體資本配置的看法。但再次重申，我們對結構不感興趣。我們對先進材料科學更感興趣，因為我們認為這些東西可以用於無機生長。

Gavin Parsons, UBS.

加文·帕森斯，瑞銀集團。

Really appreciate all the build rate color. That's really helpful. You mentioned having some buffer for MAX destock in there. Is there any consideration for that in some of the other programs? Or maybe is that already in those build rates?

真的很欣賞所有的構建率顏色。這真的很有幫助。您提到那裡有一些用於 MAX 去庫存的緩衝區。其他一些計劃是否有考慮到這一點？或者也許這已經在那些建造率中了？

Well, MAX is the one where we think it's the most relevant just because build rates have been all over, Boeing is going up. There's still a lot of inventory in the system. So that was one we really probably were more conscious about it. The other is -- our rates have been more or less ticking along with the rates of the OEMs. So it wasn't much of a factor. But MAX is still a bit of a special situation.

好吧，MAX 是我們認為最相關的一個，因為建造率已經結束，波音正在上升。系統中還有大量庫存。所以我們確實可能對此更有意識。另一個是——我們的費率或多或少與原始設備製造商的費率一起變化。所以這並不是什麼大因素。但MAX的情況還是有點特殊。

Got it. Okay. That's helpful. And it sounds like maybe the -- due to some of those metrics, you talked about margins a little more second half weighted. But when do you expect to get back to maybe more normal incremental margin drop-through on revenue growth?

知道了。好的。這很有幫助。聽起來可能是 - 由於其中一些指標，您談論的利潤率在下半年有所增加。但是，您預計什麼時候才能恢復到更正常的收入成長增量利潤下降？

Great. Well, I mean, I would say that the situation really requires the operating leverage that will come through from revenue. So when production rates get back to where they were in the 2018 level and our revenues are up at that level, that's when we can start to see some more normalized margins. And as I said, that's probably '26, perhaps even in '27, it gives us time to work on our productivity initiatives, our future factory initiatives to drive productivity to offset some of the [inflation that was].

偉大的。嗯，我的意思是，我想說，這種情況確實需要透過收入來實現營運槓桿。因此，當生產力回到 2018 年的水平並且我們的收入達到該水平時，我們就可以開始看到一些更正常化的利潤率。正如我所說，這可能是 26 年，甚至可能是 27 年，它讓我們有時間致力於我們的生產力計劃，我們未來的工廠計劃，以提高生產力，以抵消一些[那是通貨膨脹]。

Michael Ciarmoli, Truist Securities.

邁克爾·恰莫利 (Michael Ciarmoli)，Truist 證券公司。

Great. Patrick, just on exchange rates. I mean it seems like the Trump administration powers that be might want a weaker dollar, given where we are now, do it make sense to change the hedging philosophy to extend that to a more longer term to kind of lock in these current rates where we're basically at parity with the euro?

偉大的。派崔克，只是關於匯率。我的意思是，考慮到我們現在的處境，川普政府的權力似乎可能希望美元走弱，改變對沖理念，將其延伸到更長期，以鎖定目前的利率，是否有意義？嗎？

Yes. I mean it's an interesting question, Mike. I think it's a little bit premature for us to do anything in terms of changing our policy right now. We will obviously be vigilant, we always are. I mean we have a 10-quarter horizon hedging policy, which is quite a long horizon already, and that's quite a substantial amount of hedging in terms of the total dollars involved. So if we extend out further would be a lot. But I understand your point. A strong dollar is good for Hexcel [as] the way our cost base in Europe rolls up. So good question. We will stay vigilant. No plans imminently to change anything else.

是的。我的意思是這是一個有趣的問題，麥克。我認為我們現在改變政策還為時過早。顯然我們會保持警惕，我們一直如此。我的意思是，我們有一個 10 個季度的對沖政策，這已經是一個相當長的期限了，而且就涉及的總美元而言，這是相當大的對沖金額。因此，如果我們進一步擴展，將會有很多。但我理解你的意思。強勢美元對赫氏有利，因為我們在歐洲的成本基礎不斷增加。好問題。我們將保持警惕。沒有計劃立即改變任何其他事情。

Got it. Got it. And just if I may. Tom, I think you said you might engage defense primes more directly. What would be different in the strategy there going forward versus what you've historically done?

知道了。知道了。如果可以的話。湯姆，我想你說過你可能會更直接地使用防禦素數。未來的策略與您過去所做的有什麼不同？

Right. Well, I think historically, we sometimes operated through intermediaries or partners as opposed to dealing directly with the defense primes. Obviously, as we go forward, we want to be tighter with the defense primes and understanding what their requirements are and how our material systems could impact them. So that's something that we are seeking to do is we've always had good relationships with the defense primes.

正確的。嗯，我認為從歷史上看，我們有時會透過中間人或合作夥伴來操作，而不是直接與防禦素數打交道。顯然，隨著我們的前進，我們希望對防禦素數更加嚴格，並了解他們的要求是什麼以及我們的材料系統如何影響他們。因此，我們一直在尋求與國防主力保持良好的關係。

What we'd like to do is strengthen those and move further upstream and get more involved in their innovation and development, particularly as it relates to material systems. So that we can see, if you will, Hexcel material throughout the program. So that's what we meant by it.

我們想做的是加強這些並進一步向上游邁進，更多地參與它們的創新和開發，特別是與材料系統相關的創新和開發。如果您願意的話，這樣我們就可以在整個計劃中看到赫氏材料。這就是我們的意思。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Tom, just to clarify, has Boeing restarted issuing purchase orders for products where they had previously halted purchase orders during the strike?

湯姆，我想澄清一下，波音公司是否已重新開始為先前在罷工期間暫停採購訂單的產品發出採購訂單？

The answer -- yes, we're shipping again from all of our plants [that's by Boeing]. As I said, even in Q4, on the 737, we're still [on] in the low 20s.

答案是——是的，我們所有的工廠都會再次發貨[這是波音公司的]。正如我所說，即使在第四季度，737 的表現仍處於 20 左右。

So it was mainly engine-focused.

所以它主要以引擎為中心。

Engine-focused, you're right.

以引擎為中心，你是對的。

Okay. For products that go on airframes, is that broadly restarted, though?

好的。不過，對於安裝在機身上的產品來說，是否會廣泛重啟？

(inaudible). Yes.

（聽不清楚）。是的。

Okay. And then, Tom, it looks like your A350 build rate assumptions are a bit higher than what Airbus itself is signaling to the Street and what consensus is expecting there. Just curious if you could talk a bit about why you're comfortable tending to ship to and guide to this healthier rate?

好的。然後，湯姆，您對 A350 建造率的假設似乎比空中巴士本身向華爾街發出的信號以及市場共識的預期要高一些。只是好奇您能否談談為什麼您樂於運送並指導這種更健康的價格？

Well, of course, we will be guided by what Airbus (inaudible). It's just -- these are the assumptions that we put in for the year. As I said, between six and seven, pushing up to seven as the year goes on. And that's generally in line with what Airbus has been indicating. They will, of course, clarify when they presented in February.

嗯，當然，我們將以空中巴士的指導方針（聽不清楚）。只是——這些都是我們今年所做的假設。正如我所說，在六到七之間，隨著時間的推移，會增加到七。這與空中巴士的表現基本一致。當然，他們會在二月發表演講時做出澄清。

But the one thing they've reiterated is they're still on track for 12 aircraft per month by 2028. So it's just a question of what's the ramp curve. And we've tried to be conservative and realistic, but we will obviously adjust to what Airbus indicates when they (inaudible).

但他們重申的一件事是，到 2028 年，他們仍有望每月生產 12 架飛機。所以這只是斜坡曲線是什麼的問題。我們試圖保持保守和現實，但我們顯然會根據空中巴士公司的指示進行調整（聽不清楚）。

And Scott, you always have to remember, we're about four to six months ahead of Airbus' assembly. So we're always going to be a little bit higher in terms of the amount of material we ship relative to the planes that they sell.

史考特，你永遠要記住，我們比空中巴士公司的組裝提前了大約四到六個月。因此，相對於他們銷售的飛機，我們運送的材料數量總是更高。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

A follow-up question on currency. You called out that it was a 40 bp tailwind to margins in 2024. What kind of tailwind is it -- further tailwind is it in 2025 and 2026 based on where your hedge rates are?

關於貨幣的後續問題。您指出這對 2024 年的利潤率來說是 40 個基點的順風車。根據您的對沖利率水平，2025 年和 2026 年會出現什麼樣的順風？

Well, I can't answer that until I know what the actual rates are. So I mean, we're well positioned and hedged coming into the year. But obviously, the hedge and the benefit we have will depend on the actual rate because we're not 100% hedged. So I'd also bring in the actual FX rates, combined then with where we're hedged and then that will be the comparison to 2024.

好吧，在我知道實際利率是多少之前我無法回答這個問題。所以我的意思是，我們在今年已經做好了定位和對沖。但顯然，對沖和我們獲得的收益將取決於實際利率，因為我們並不是 100% 對沖。因此，我還會引入實際匯率，然後與我們對沖的地方結合，然後這將是與 2024 年的比較。

So we're in a good position. I will say that much. We've obviously locked in some of those stronger rates. But until we have the actual rate each quarter, we can't predict ahead. All I will say is we're well positioned.

所以我們處於有利的位置。我就說這麼多。顯然，我們已經鎖定了其中一些更強勁的利率。但在我們獲得每個季度的實際利率之前，我們無法提前預測。我想說的是我們處於有利位置。

Can you maybe give us what was your average rate in 2024 on the euro?

您能否告訴我們 2024 年歐元的平均匯率是多少？

No. We'll come back to you. I don't want to make up a number. I don't want to make up, David.

不。我們會回來找你的。我不想編一個數字。我不想和好，大衛。

Okay. And Patrick, I think in terms of your cash progression through the year, typically, Q1 is a usage of cash? Should we expect the same thing this year?

好的。帕特里克，我認為就您全年的現金進展而言，通常第一季是現金的使用？今年我們是否應該期待同樣的事情？

Yes. I mean the profile of cash usage will be more or less the same. We had a fantastic fourth quarter the way we closed out the year, I mean, complement to the team, great income and really good working capital management. That tends to reverse in the first quarter. And then after the first quarter, we're then trying to drive ourselves back to a positive situation.

是的。我的意思是現金使用情況或多或少是相同的。我的意思是，我們第四季的表現非常出色，為我們結束了這一年，我的意思是，對團隊的補充，豐厚的收入和非常好的營運資金管理。這種情況往往會在第一季發生逆轉。第一季之後，我們會努力讓自己回到正面的狀態。

Richard Safran, Seaport Research Partners.

理查德·薩夫蘭，海港研究合作夥伴。

Tom, Patrick, Kurt, I dropped off for a bit. So if you answered this, I'll move on. You're coming off some fairly high level of growth in '24 for business and regional jets. I thought you might talk a little bit more about business and regional jets growth trends in '25. And I'm assuming that you're going to see more contribution from Dassault in '25, is that correct?

湯姆、派崔克、庫爾特，我暫時離開了。所以如果你回答了這個問題，我會繼續。24 世紀，公務機和支線飛機將實現相當高的成長。我想你可能會多談談 25 年商務和支線飛機的成長趨勢。我假設您將在 25 年看到達梭的更多貢獻，對嗎？

Yes. we have great packages on the Dassault Falcon 10X in particular. And so as that program gets into low rate production and then [fuller] production, it will be a good generator of revenue for us.

是的。我們特別為 Dassault Falcon 10X 提供了很棒的套件。因此，當該計劃進入低速生產，然後[更全面]生產時，它將為我們帶來良好的收入來源。

Okay. And then second -- just second question. So you guys have been pretty clear in the release and your commentary about the ongoing challenges in the OEM supply chain. So as an industry observer, and speaking generally, I want to know if you could comment on how you think about progress we made to eliminate supply chain issues. And if you have an expectation that we're going to exit 2025 with most, if not all, the supply chain issues behind us?

好的。然後是第二個問題——只是第二個問題。所以你們在發布和評論中已經非常清楚地了解了 OEM 供應鏈中持續存在的挑戰。因此，作為一名行業觀察家，總的來說，我想知道您是否可以評論您如何看待我們在消除供應鏈問題方面取得的進展。如果您預計我們將在 2025 年結束時解決大部分（如果不是全部）供應鏈問題？

It's been evolutionary. And certainly, it's taken longer than everybody expected for the recovery. Part of it is that production rates have remained low, and that's put pressure on the supply chain in terms of cash conversion. Obviously, inflation was a bigger problem in the '22, '23 time period. Labor shortages have kind of persisted, but I think those are getting under control.

這是進化的。當然，復甦所需的時間比大家預期的還要長。部分原因是生產力仍然很低，這給供應鏈的現金轉換帶來了壓力。顯然，通貨膨脹是 22、23 年間的一個更大的問題。勞動力短缺問題一直持續存在，但我認為這些情況正在得到控制。

People have now hired the people. They've trained them. So the answer is, I do expect that '25 is going to be better than '24, not completely fully stable. The recovery is not going to completely happen in '25. And so in 26, you'll get even more stability. So yes, it's improving. Inflation has tapered a bit, but we still are at a higher level of cost. The labor shortages have mitigated. People are in place, and they're getting trained and some of the attrition is going on.

人們現在已經僱用了這些人。他們已經訓練過他們了。所以答案是，我確實預期 25 年會比 24 年更好，但並不完全穩定。復甦不會在 25 年完全發生。因此，在 26 中，您將獲得更多穩定性。所以是的，情況正在改善。通貨膨脹有所減弱，但我們仍然處於較高的成本水平。勞動力短缺問題有所緩解。人們已經就位，並且正在接受培訓，有些人員正在流失。

So we're certainly seeing that. So I expect we'll definitely be in a better place by the end of '25.

所以我們確實看到了這一點。所以我預計到 25 年底我們肯定會處於一個更好的位置。

Yes. If I can just jump in on the call to answer David's question, it was $1.08, $1.08 to the euro with our average rate. So David, if you're on the line, there you go.

是的。如果我能接聽電話回答 David 的問題，我會告訴您，以我們的平均匯率，匯率為 1.08 美元，即 1.08 美元兌歐元。大衛，如果你接通了電話，那就接吧。

Scott Mikus, Melius Research.

斯科特·米庫斯，Melius 研究公司。

Tom, I think most agree that without changes in scope causes, regional jets are probably going to be less relevant going forward. So Embraer may need to launch a clean sheet aircraft to challenge Boeing, Airbus. So I'm just wondering if you had any preliminary discussions with Embraer about a potential clean sheet narrowbody aircraft that could enter service in the 2030s?

湯姆，我認為大多數人都同意，如果範圍原因沒有變化，支線飛機未來的相關性可能會降低。因此巴西航空工業公司可能需要推出一款乾淨的飛機來挑戰波音、空中巴士。所以我想知道您是否與巴西航空工業公司就可能在 2030 年代投入使用的新型窄體飛機進行了初步討論？

Right. Well, we have a very good relationship with Embraer. I don't want to get into confidential discussions that we would have with them on new programs. But we've always had a good relationship with Embraer, and we're going to continue that.

正確的。嗯，我們與巴西航空工業公司有著非常好的關係。我不想與他們就新項目進行秘密討論。但我們與巴西航空工業公司一直保持著良好的關係，我們將繼續保持這種關係。

Certainly, I have read about the thoughts that they could introduce a new narrowbody. There's certainly plenty of demand for that sort of thing. And so we'll continue the discussions with Embraer, but I don't have anything more to say about the specific discussions that we have with Embraer.

當然，我讀到有關他們可以推出新窄體飛機的想法。這類事情的需求肯定很大。因此，我們將繼續與巴西航空工業公司進行討論，但對於我們與巴西航空工業公司的具體討論，我沒有更多可說的。

Okay. And then given concerns about tariffs, could that impact your ability or cost to acquire some of the precursor chemicals that you need? And are you actively accelerating purchase orders to suppliers to preempt any tariffs?

好的。然後考慮到關稅問題，這是否會影響您獲取所需的一些前體化學品的能力或成本？您是否正在積極加速向供應商下訂單以搶佔關稅？

No. I mean so on this point, we've obviously been watching this very closely. Hexcel buys about 95% of its material, direct material and sourcing activity from the US, Europe and Japan. And by the way, only 1.2% or so from Canada, Mexico and China. So we have very limited exposure to the countries that have been targeted for higher for higher tariffs.

不。我的意思是，在這一點上，我們顯然一直在密切關注這一點。Hexcel 約 95% 的材料、直接材料和採購活動從美國、歐洲和日本購買。順便說一句，只有 1.2% 左右來自加拿大、墨西哥和中國。因此，我們對那些被徵收更高關稅的國家的曝險非常有限。

And with regard to acrylonitrile, which is the basis for our PAM, all of the acrylonitrile in the US comes from US sources, all the acrylonitrile we use in Europe, come from European sources. There is no cross-border trade in that major raw material for us.

至於作為我們 PAM 基礎的丙烯腈，美國所有的丙烯腈都來自美國，我們在歐洲使用的所有丙烯腈都來自歐洲。我們的主要原料不存在跨境貿易。

Okay. And then one quick question for Patrick. I think you have a union negotiation coming up in September. Just wondering, is that factored into the guidance and part of the conservatism on the incremental margin?

好的。然後向帕特里克提出一個簡短的問題。我認為你們將在九月進行工會談判。只是想知道，這是否已納入增量利潤率的指導和保守主義的一部分？

We haven't put anything specific out of the ordinary into the plan. We obviously are well -- first on what to do and we're going to prepare well for that negotiation as we do periodically as those come around, we don't have anything specific. And we believe we're going to find a mutual agreement and successful outcomes.

我們沒有在計劃中加入任何特殊的東西。顯然，我們做得很好——首先是要做什麼，我們將為談判做好準備，就像我們定期做的那樣，我們沒有任何具體的內容。我們相信我們將達成共識並取得成功的結果。

Jack Ayers, TD Cowen.

傑克·艾爾斯，TD·考恩。

Yes. Really appreciate all the color here from both of you guys. Just more high level, and I know you're not giving long-term guidance, Tom. I think you guys kind of backed away from that last quarter. But just at like a very high level, Hexcel did $3.50 in earnings in 2019, guiding to almost $4 in earnings for 2020 before COVID with much higher build rates to all our points here.

是的。真的很欣賞你們兩個的所有顏色。只是更高層次，我知道你沒有提供長期指導，湯姆。我認為你們在上個季度有所退縮。但赫氏在 2019 年的盈利為 3.50 美元，處於一個非常高的水平，預計在新冠疫情爆發之前，2020 年的盈利將接近 4 美元，而我們這裡的所有觀點的構建率都要高得多。

I just wanted to like back up and see like -- is there anything changing like structurally, like maybe wind is structurally down. But like any moving pieces that $3.50 in earnings as we get out there and production rates go higher, just so we can kind of get like a sense for normalized earnings power?

我只是想回顧一下，看看有沒有結構上的變化，例如風可能結構上減弱了。但是，就像任何移動的東西一樣，當我們到達那裡並且生產率提高時，收益為 3.50 美元，只是為了讓我們能夠感受到正常化的盈利能力？

Well, I think the key is operating leverage. And it has to do with build rates that drive revenue. And it allows us to essentially absorb more of the fixed costs in terms of production. So again, as we get back to those 2018, 2019 levels of production, that will create the operating leverage that will drive the margin and earnings. And that will be the biggest driver.

嗯，我認為關鍵是經營槓桿。這與推動收入的建構率有關。它使我們能夠從根本上吸收更多的生產固定成本。因此，當我們回到 2018 年、2019 年的生產水準時，這將創造營運槓桿，從而推動利潤率和收益。這將是最大的驅動力。

I mean we'll continue to drive all of our efficiency initiatives, our future factory initiatives, but the biggest thing is going to be the recovery in the production rate. In 2024, production was only 68% of what it was in 2018. As that recovers back up to 100%, that's when we will get back to our full margin and earnings potential.

我的意思是，我們將繼續推動所有效率舉措、未來工廠舉措，但最重要的是生產力的恢復。2024年產量僅為2018年的68%。當恢復到 100% 時，我們將恢復全部利潤和獲利潛力。

To clarify, I think the 68% is the industry production levels that Tom's alluding to. Hexcel is close to about 80% as compared to 2019 levels. And just on the structural chain, I mean, fundamentally, we're still of carbon fiber, resin, honeycomb, engineered core business. And so fundamentally, it hasn't shifted and taking out the glass [pre-grade] wind business, if anything, will be a very marginal small benefit to us.

澄清一下，我認為 68% 是湯姆提到的產業生產水準。與 2019 年的水準相比，赫氏接近 80% 左右。就結構鏈而言，我的意思是，從根本上來說，我們仍然是碳纖維、樹脂、蜂巢、工程核心業務。因此，從根本上來說，它並沒有發生改變，並且取消玻璃[預級]風電業務（如果有的話）對我們來說將是一個非常微不足道的小好處。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Just a quick one. With the expansion of the 787 facility down in South Carolina, what kind of opportunity does that bring along for you guys?

只是快一點。隨著南卡羅來納州 787 設施的擴建，這會為你們帶來什麼樣的機會？

Well, 787 is a good program for us. Our shipset value is between $1 million and $2 million on it. The expansion, as I understand it, will allow them to go from kind of a historic rate of seven aircraft per month to high as 12. And that obviously would be great for the industry.

嗯，787 對我們來說是一個很好的項目。我們的船組價值在 100 萬至 200 萬美元之間。據我了解，這次擴張將使他們的飛機數量從歷史上每月 7 架增加到 12 架。這顯然對該行業來說是件好事。

It would be great for Hexcel, because it's a good shipset value. So I think that was very encouraging to see that they're making that investment and that they are going to be increasing the capacity because the 787 is a very popular aircraft, and it's a very good program for Hexcel and for many others in the industry.

這對赫氏來說非常好，因為它是一個很好的船舶組價值。因此，我認為看到他們進行投資並增加運力是非常令人鼓舞的，因為 787 是一款非常受歡迎的飛機，對於赫氏和業內許多其他公司來說，這是一個非常好的計劃。

Thank you. This concludes today's conference call. We thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。我們感謝您的加入。現在您可以斷開線路。