Hexcel Corporation (HXL) 2026 Q1 法說會逐字稿

Good morning, and welcome to Hexcel's first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加 Hexcel 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。

I would now like to turn the call over to Kurt Goddard, Vice President of Investor Relations. Thank you. Please go ahead, sir.

現在我想把電話交給投資人關係副總裁 Kurt Goddard。謝謝。先生，請開始。

Hello, everyone, and welcome to Hexcel Corporation's first quarter earnings conference call. Before beginning, let me cover the formalities. I would like 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.

各位好，歡迎參加 Hexcel Corporation 第一季財報電話會議。在開始之前，我先說明一些正式事項。我想提醒各位注意我們在本次電話會議中可能提出之任何前瞻性陳述所適用的「安全港」條款。本次電話會議中的某些陳述，可能構成 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述涉及估計、假設、判斷，以及由多種因素所造成的不確定性，可能導致未來實際結果或成果與我們今日的前瞻性陳述出現重大差異。

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. 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.

相關因素已在公司向 SEC 提交的文件及財報新聞稿中詳述。本次電話會議的重播將可於我們網站的投資人關係頁面取得。最後，本次電話會議由 Hexcel Corporation 錄製，並屬受著作權保護之資料。未經我們明確許可，不得錄音或轉播。您參與本次電話會議即表示您同意該要求。

With me today are Tom Gentile, our Chairman, CEO and President; and Mike Lenz, Interim Chief Financial Officer. The purpose of the call is to review our first quarter 2026 results detailed in our news release issued yesterday.

今天與我一同出席的有：董事長、執行長兼總裁 Tom Gentile，以及代理財務長 Mike Lenz。本次電話會議的目的，是回顧我們於昨日發布之新聞稿中所詳述的 2026 年第一季業績。

Now let me turn the call over to Tom. Tom?

現在我把電話交給 Tom。Tom？

Thanks, Kurt. Hello, everyone, and thank you for joining us today for Hexcel's first quarter 2026 earnings call. Our first quarter results were in line with our expectations in terms of an improving commercial market with higher production levels and channel inventory levels normalizing following the destocking we experienced in 2025. Quarter reflects strong execution across the business in a very dynamic environment, which is creating the operating leverage we predicted as production rates continue to increase. Also, these results for the first quarter further demonstrate the long-term value Hexcel brings to our customers as a global leader in the development and manufacturing of advanced fledweight material solutions.

謝謝，Kurt。各位好，感謝各位今天參加 Hexcel 2026 年第一季財報電話會議。我們第一季的結果符合預期：商用市場持續改善，產量提高，且在 2025 年去庫存之後，通路庫存水位正逐步回歸正常。本季在非常動態的環境中展現了全公司強勁的執行力；隨著生產速率持續提升，也帶來我們先前預期的營運槓桿。此外，第一季結果也進一步證明 Hexcel 作為全球先進輕量化材料解決方案研發與製造領導者，能為客戶帶來長期價值。

Our market position benefits from our deep technical expertise vertical integration at scale and outstanding customer relationships. With the uniquely broad portfolio of lightweight composite solutions, Hexcel is well positioned for returning to growth as commercial aerospace production recovers back to pre-pandemic levels and higher.

我們的市場地位受益於深厚的技術專業、具規模的垂直整合能力，以及卓越的客戶關係。憑藉獨特且廣泛的輕量化複合材料解決方案產品組合，隨著商用航太產量回升至疫情前水準並進一步提升，Hexcel 已做好準備重返成長。

Before turning to our first quarter results in more detail, I want to briefly address the environment with the current situation in the Middle East. We are monitoring developments closely and remain in regular contact with our customers and suppliers as the situation evolves. Hexcel constantly maintains a focus on taking actions to protect our business for near-term cost volatility.

在更詳細說明第一季業績之前，我想先簡要談談中東目前情勢所帶來的環境影響。我們正密切關注事態發展，並在情勢演變過程中，持續與客戶及供應商保持定期聯繫。Hexcel 一向專注採取行動，以因應短期成本波動並保護我們的業務。

While some of the inputs to our products are petroleum-based, most of what we buy is under long-term contract. We also hedged propylene, a petroleum derivative for eight quarters. These mechanisms mitigate much of the near-term impact from higher oil prices for our feedstock, energy and logistics costs as much as possible. Our focus is on managing near-term impacts and maintaining flexibility in our operations, along with a disciplined approach to managing business. Jet fuel is one of the largest operating cost for airlines, which reinforces the importance of efficiency and lightweighting.

雖然我們產品的部分投入品以石油為基礎，但我們採購的大多數項目都簽有長期合約。我們也對丙烯（石油衍生物）進行了為期八個季度的避險。這些機制在可行範圍內，能緩解油價上漲對我們原料、能源與物流成本的短期影響。我們的重點是管理短期衝擊並維持營運彈性，同時以嚴謹的方式經營業務。航空燃油是航空公司最大的營運成本之一，這也再次凸顯效率提升與輕量化的重要性。

Recent consumer price index data shows that air prices for airfare have risen almost 15% year-over-year as airlines grapple with higher fuel costs. Newer aircraft deliver improved fuel efficiency, which in a higher-priced fuel environment makes lightweighting even more critical. This renewed emphasis on fuel efficiency directly benefits Hexcel. Turning to our first quarter results. XLT sales of $502 million, a 10% increase compared to the same period last year.

近期消費者物價指數資料顯示，隨著航空公司面臨更高燃油成本，機票價格年增近 15%。較新型的飛機可提供更佳的燃油效率；在燃油價格較高的環境下，輕量化就更為關鍵。對燃油效率的再度重視，將直接使 Hexcel 受益。接著談第一季業績：XLT 銷售額為 5.02 億美元，較去年同期成長 10%。

Adjusted earnings per share were $0.59, Rising commercial aerospace demand drove earnings, which enhanced our operating leverage as we grow back into our existing capacity. Gross margins also improved compared to last year.

調整後每股盈餘為 0.59 美元。商用航太需求上升帶動獲利，隨著我們在既有產能內擴量生產，營運槓桿也隨之提升。毛利率亦較去年改善。

These results reflect improved capacity utilization and strong operating performance across our operations. In our Commercial Aerospace segment, sales were $334 million in the first quarter. An 18.8% increase in the same period in 2025. Sales increased across all 4 major programs, the Airbus A350 and the A320 and the Boeing 787 and 737 MAX. Other commercial aerospace sales increased 15.6% over the same quarter in 2025 on the strength of regional and business jets.

這些結果反映產能利用率提升，以及我們各項營運的強勁表現。在商用航太事業部，第一季銷售額為 3.34 億美元，較 2025 年同期成長 18.8%。四大主要機型專案的銷售均有所增加，包括 Airbus A350 與 A320，以及 Boeing 787 與 737 MAX。其他商用航太銷售額在區域型與商務噴射機需求帶動下，較 2025 年同季成長 15.6%。

As we have discussed in prior quarters, commercial aerospace recovery has taken longer than initially expected.

如同我們在前幾季所討論，商用航太的復甦所花的時間比最初預期更長。

In our previous call, we highlighted our growing confidence that a sustained increase for commercial production rates at the OEMs was taking hold. We continue to see that production rate ramp materialize. Our first quarter results align with our expected outlook for growing commercial aerospace volumes entering 2026 and continuing over the next few years. Remember that as a materials provider, the various supply chain partners keep different levels of inventory, and there is also scrap and waste so production rates we provide are approximate. Also, Hexcel is typically 4 to 6 months ahead of the OE aircraft assembly so our assumptions are based on production, not OE delivered.

在上一次電話會議中，我們提到對 OEM 端商用機生產速率將持續上升的信心正在增強。我們持續看到這樣的增產逐步實現。我們第一季結果與我們對 2026 年商用航太量能成長、並在未來幾年延續的展望一致。請記得，作為材料供應商，供應鏈各合作夥伴持有的庫存水位不同，且也存在報廢與耗損，因此我們所提供的生產速率為約略值。此外，Hexcel 通常會比 OE 飛機總裝提前 4 到 6 個月，因此我們的假設是基於生產，而非 OE 交付量。

Here's how we see the outlook for the major commercial programs. First, the A320 based on recent public announcements regarding A320 engine availability, we now expect our volumes on the A320 be at the lower end of our guidance of low 700 for the year rather than low to mid-70s.

以下是我們對主要商用機型專案的展望。首先是 A320：根據近期關於 A320 引擎供應可得性的公開公告，我們目前預期 A320 的年度量將落在我們指引「低 700 架」區間的下緣，而非「低到中 700 架」。

We remain confident in the overall catalyst for increased OEM production rates on the A320 to continue going forward. On A350 program, we are seeing increasing alignment between our production rates and the Airbus build rates. With channel destocking largely behind us. We remain confident in our outlook for 80 units in 2026, perhaps even with the upside. On Boeing programs, we see tangible evidence of progress in the ramp-up of both the 737 and the 787, which includes investments to expand manufacturing capacity in Charleston for the 787 and in Everett for the MAX.

我們仍對 A320 OEM 生產速率持續提升的整體驅動因素充滿信心。就 A350 專案而言，隨著通路去庫存大致告一段落，我們看到自身生產速率與 Airbus 的組裝速率愈來愈一致。我們仍有信心 2026 年達到 80 架的展望，甚至可能有上行空間。至於 Boeing 專案，我們看到 737 與 787 的增產皆有具體進展，包括在 Charleston 擴增 787 製造產能，以及在 Everett 擴增 MAX 產能的投資。

While we continue to lag the Boeing production rate for the MAX, the year-over-year first quarter sales growth was particularly noteworthy. Q1 was our best quarter on the MAX in years, with production at around 40 aircraft per month. Our forecast on the MAX for 2026 was mid-400s, and it looks like Boeing exceeds that. On the 787, our forecast was 900 units, and that continues to be our expectation. As commercial production rates at the OEM recover, we expect to see continuing ongoing benefits to our operations from increased operating leverage.

雖然我們在 MAX 上仍落後於 Boeing 的生產速率，但第一季年增銷售成長特別值得注意。第一季是我們多年來在 MAX 上表現最好的一季，產量約為每月 40 架。我們對 2026 年 MAX 的預測為「中 400 架」區間，而看起來 Boeing 可能會高於此水準。至於 787，我們的預測為 900 架，這仍是我們目前的預期。隨著 OEM 端商用機生產速率復甦，我們預期營運槓桿提升將持續為我們的營運帶來效益。

At the same time, we are taking a measured approach to bringing capacity online to ensure incremental costs are aligned with that sustained demand and that the benefits of higher production rates are not dilutive.

同時，我們也以審慎的方式逐步啟用產能，以確保新增成本與持續性需求相匹配，並確保更高的生產速率所帶來的效益不會被稀釋。

Throughout this process, our propriety remains on meeting increasing production requirements while maintaining the highest standards of safety and quality. On balance, we see the puts and takes for this year handling each other out, and we are maintaining our full year guidance. Turning to the Defense Base & Other segment. Our first quarter sales of $169 million were impacted by the divestment of our Austrian facility, which led to a decrease in sales volume overall in the segment compared to the same quarter last year. Looking at just Defense & Space, our sales increased low single digits compared to the same period last year.

在整個過程中，我們的首要任務是滿足日益增加的生產需求，同時維持最高的安全與品質標準。整體而言，我們認為今年各項利多與不利因素大致相互抵銷，因此我們維持全年指引不變。接著談國防、太空與其他事業部：第一季銷售額為 1.69 億美元，受到我們出售奧地利廠的影響，導致該事業部整體銷售量較去年同季下降。若僅看國防與太空，我們的銷售額較去年同期呈低個位數成長。

We saw an increase in our volume for our European fighter programs and for both US and European military rotorcraft programs. This was offset by lower volumes for launchers and rocket motors in the space. First quarter volumes for this segment also reflect the inherently uneven nature of defense program funding and spending, which can vary from quarter-to-quarter. We expect to see the impact of increased defense spending in areas such as missiles begin to impact us favorably later this year.

我們在歐洲戰機專案，以及美國與歐洲的軍用旋翼機專案之出貨量均有所增加；但太空領域的發射載具與火箭發動機出貨量較低，抵銷了部分增幅。該事業部第一季的量也反映國防專案資金撥付與支出本質上較不均衡的特性，可能隨季度而波動。我們預期在飛彈等領域增加的國防支出，將於今年稍晚開始對我們帶來更有利的影響。

As we have discussed in previous calls, the organic growth in the defense and space market is a strategic priority for Hexcel, and we remain confident in the long-term opportunity. Defense spending trends for procurement of new platforms by the US and Western line countries continue to indicate increased multiyear defense spending. Underscoring the durability and scale of the current rearmament cycle. This increased defense and space set spending highlights the opportunity we have known as our advanced composite materials enable greater range, increased payloads and enhanced performance characteristics such as low observability for military and space platforms.

如同我們在先前電話會議所討論，國防與太空市場的有機成長是 Hexcel 的策略優先事項，我們仍對長期機會充滿信心。美國與西方盟國在新平台採購方面的國防支出趨勢，持續顯示多年度國防支出增加，凸顯目前再武裝循環的持久性與規模。國防與太空支出增加也突顯我們所掌握的機會：我們的先進複合材料可為軍用與太空平台帶來更遠航程、更高載重，以及更佳的性能特徵，例如低可偵測性。

All these are areas that differentiate Hexcel. In terms of our balance sheet, at the end of Q1, we refinanced our $750 million revolver, extending its maturity to 2031. This refinancing terminated our previous revolver that was set to mature in 2028. This action further reinforces our strong liquidity position. As part of our ongoing work to streamline Hexcel's portfolio towards markets that value our high-performance aerospace carbon fiber.

以上這些都是使 Hexcel 脫穎而出的領域。就我們的資產負債表而言，在第一季末，我們為 7.5 億美元的循環信貸融資（revolver）完成再融資，將到期日延長至 2031 年。此次再融資終止了原本將於 2028 年到期的舊循環信貸。這項行動進一步鞏固了我們強勁的流動性部位。作為我們持續推動 Hexcel 投資組合精簡、聚焦於重視我們高性能航太碳纖維之市場的一部分。

We remain on track with the transition of our Lester UK business from industrial applications to aerospace development.

我們仍按計畫推進將英國 Lester 業務由工業應用轉向航太開發。

The restructuring costs from our transformation at Lester impacted our results this quarter. To recap, our first quarter results reflected the forecasted rise in commercial volumes we anticipated and our expectations that operating leverage will be beneficial. Our operations typically use cash in the first quarter of the year, and this quarter, cash usage was low and noticeably favorable compared to past history. This gives us confidence in the 2026 full year guidance that we provided in our previous earnings call, macroeconomic challenges.

Lester 轉型所產生的重組成本影響了我們本季的業績。回顧而言，我們第一季的結果反映了我們先前預期的商用出貨量上升，以及我們對營運槓桿將帶來助益的預期。我們的營運通常在每年第一季會使用現金，而本季的現金使用量偏低，且相較過往明顯更為有利。這讓我們對先前法說會所提供的 2026 全年指引更具信心，儘管仍面臨總體經濟挑戰。

While uncertainty in the global environment remains elevated, the market fundamentals support sustained demand for Hexcel's lightweight composite material across commercial, defense and space markets. With our broad product portfolio, market-leading position and continued operational discipline, we are well positioned to navigate near-term uncertainty and deliver long-term value for our shareholders and other stakeholders.

儘管全球環境的不確定性仍然偏高，市場基本面支持 Hexcel 的輕量化複合材料在商用、國防與太空市場的需求持續。憑藉我們廣泛的產品組合、市場領先地位以及持續的營運紀律，我們已做好準備以因應短期不確定性，並為股東及其他利害關係人創造長期價值。

With that, I'll turn the call over to Mike to walk through the first quarter financial results in more detail. Mike?

接下來，我把電話交給 Mike，請他更詳細說明第一季的財務結果。Mike？

Thank you, Tom. Sales growth was strong in the first quarter of 2026 as commercial aerospace platforms ramp and the higher volume drove margin expansion from operating leverage. Total first quarter 2026 sales of $502 million increased 8.8% in constant currency, reflecting strong growth in the commercial aerospace market. This commercial aerospace growth was partially offset by lower defense space and other sales following the divestment of the Austrian Industrial business on September 30, 2025. By market, Commercial Aerospace first quarter sales were $333 million, increasing 19% compared to the first quarter of 2025.

謝謝你，Tom。2026 年第一季銷售成長強勁，因商用航太平台產能爬坡，較高的出貨量透過營運槓桿帶動毛利率擴張。2026 年第一季總銷售額為 5.02 億美元，以固定匯率計增加 8.8%，反映商用航太市場的強勁成長。由於我們於 2025 年 9 月 30 日出售奧地利工業業務，國防、太空及其他銷售下滑，部分抵銷了商用航太的成長。按市場別來看，商用航太第一季銷售額為 3.33 億美元，較 2025 年第一季成長 19%。

Commercial Aerospace comprised approximately 66% of the total quarterly sales. Sales increased for all four of the major platforms, including the Airbus A350 and A320 and the Boeing 787 and 737. Sales growth for the 2 Boeing platforms was particularly strong, which was admittedly an easier year-over-year comparison as our first quarter 2025 sales to Boeing were light. Sales for Other Commercial Aerospace in the first quarter increased 15.6% year-over-year with strength in both fines jets and regional jets.

商用航太約占本季總銷售額的 66%。四大主要平台的銷售均增加，包括 Airbus A350 與 A320，以及 Boeing 787 與 737。其中兩個波音平台的銷售成長尤其強勁，坦白說，這也因為去年同期比較基期較容易，因為我們 2025 年第一季對波音的銷售較少。第一季「其他商用航太」銷售年增 15.6%，商務噴射機與區域型客機皆表現強勁。

Defense, space and other first quarter sales of $169 million represented approximately 34% of total sales. First quarter sales decreased 6.9% on lower industrial sales following the divestment of the Ocean industrial business last year. Year-over-year comparisons will be influenced through the third quarter of this year due to this previous divestment. And further, as we proceed with the ceasing industrial operations of our Western UK site as disclosed last quarter, that will add an additional decrement to year-over-year comparisons as the Lester site annual sales have been around $15 million annually.

國防、太空及其他第一季銷售額為 1.69 億美元，約占總銷售額的 34%。由於去年出售 Ocean 工業業務後工業銷售降低，第一季銷售年減 6.9%。由於先前的出售案，年對年比較將一路受到影響至今年第三季。此外，隨著我們依上季揭露逐步停止英國西部據點的工業營運，這也將使年對年比較再出現額外減項，因為 Lester 據點年銷售額約為 1,500 萬美元。

In terms of the Defense & Space business, international military sales were strong in the fourth quarter, including the Rafael and Typhoon fighter aircraft as well as European military helicopter program.

就國防與太空業務而言，第四季國際軍售表現強勁，包括 Rafael 與 Typhoon 戰鬥機，以及歐洲軍用直升機計畫。

Domestically, the CH-53 pay and Black Hawk sales were strong in the quarter. Base sales were softer year-over-year for launches and right Motors. Gross margin of 26.9% for the first quarter of 2026 increased from 22.4% in the first quarter of 2020 on volume, mix and price realization. Rising carbon fiber sales support asset utilization, which drives margin expansion from improved cost absorption. In addition, we had a nonrecurring favorable effect from the timing of inventory utilized.

在國內市場方面，本季 CH-53 pay 與 Black Hawk 的銷售表現強勁。發射與 right Motors 的基礎銷售年對年較為疲弱。2026 年第一季毛利率為 26.9%，較 2020 年第一季的 22.4% 提升，主要受惠於出貨量、產品組合與價格實現。碳纖維銷售上升支撐資產利用率，並透過成本吸收改善帶動毛利率擴張。此外，我們也因存貨耗用時點而出現一次性有利影響。

As a percentage of sales, operating expenses, including selling, general and administrative expenses and R&D expenses were 13.4% in the first quarter of 2026. Compared to 12.5% in the comparable prior year period, with the increase primarily reflecting R&D expenses. A portion of this was the timing of R&D activities as we continue to invest in innovation to secure a position on the next-generation aircraft. Adjusted operating income in the first quarter was $68 million or 13.5% of sales compared to $45 million or 9.9% of sales in the comparable prior year period.

以銷售額百分比計，營業費用（含銷售、一般及行政費用與研發費用）在 2026 年第一季為 13.4%。相較去年同期的 12.5%，增加主要反映研發費用上升。其中一部分來自研發活動時點差異，因我們持續投資創新，以取得下一代飛機的供應地位。第一季調整後營業利益為 6,800 萬美元，或占銷售額 13.5%，相較去年同期為 4,500 萬美元，或占銷售額 9.9%。

Foreign exchange has become a headwind as the impact of a weaker dollar is now being felt following a lag resulting from our hedging program. First quarter 2026 operating margin was negatively impacted by approximately 80 basis points from foreign exchange.

外匯已轉為逆風；由於我們避險計畫造成的遞延效果，美元走弱的影響如今開始反映。2026 年第一季營業利益率因外匯因素約受到 80 個基點的負面影響。

In contrast, first quarter of 2025 had a favorable impact of approximately 60 basis points from foreign exchange. Now turning to our two segments. The Composite Materials segment represented 80% of total first quarter sales and generated an adjusted operating margin of 17.6% this compares to an adjusted operating margin of 14.2% in the prior year period. The Engineered Products segment, which is comprised of our structures and engineered core businesses, represented 20% of total sales and generated an adjusted operating margin of 14.6%.

相較之下，2025 年第一季外匯約帶來 60 個基點的正面影響。接著談我們的兩個事業部門。複合材料（Composite Materials）部門占第一季總銷售額的 80%，調整後營業利益率為 17.6%，相較去年同期調整後營業利益率 14.2%。工程產品（Engineered Products）部門由結構件與工程芯材業務組成，占總銷售額的 20%，調整後營業利益率為 14.6%。

This compares to an adjusted operating margin of 6.8% in the prior year period. Net cash provided by operating activities in the first quarter '26 was $19 million compared to a use of $29 million last year. Working capital was a cash use of $63 million compared to a cash use of $98 million last year. Capital expenditures on an accrual basis were $18 million in the first quarter of 2026 compared to $17 million in the comparable prior year period. Free cash flow in the first quarter of 2026 was a use of $6 million compared to a use of $55 million in the first quarter of 2025.

相較去年同期調整後營業利益率 6.8%。2026 年第一季營業活動提供的淨現金為 1,900 萬美元，去年同期為使用 2,900 萬美元。營運資金為使用現金 6,300 萬美元，去年同期為使用 9,800 萬美元。以應計基礎計算，2026 年第一季資本支出為 1,800 萬美元，去年同期為 1,700 萬美元。2026 年第一季自由現金流為使用 600 萬美元，相較 2025 年第一季為使用 5,500 萬美元。

Q1 is historically a cash use quarter this year was less than typical as the timing considerations we highlighted regarding 4Q '25 cash flow normalized in Q1 in addition to the improved EBITDA results.

第一季歷來是現金使用季度；今年低於典型水準，原因在於我們先前提到的 2025 年第四季現金流時點因素在第一季回歸常態，此外 EBITDA 結果也有所改善。

Adjusted EBITDA totaled $107 million in the three months of 2026 compared to $85 million in the first three months of 2025 or an increase of 26%. We refinanced our $750 million syndicated revolver at the end of March, and a maturity through 2031 from 2028 with a slight improvement to pricing. There were no substantive changes to covenants and this maturity extension enhances our medium-term liquidity and improve our debt maturity profile. Leverage, defined as net debt to last 12 months adjusted EBITDA was 2.6x at March 31, 2026. And our leverage remains elevated following our revolver borrowing in October 2025 to finance an accelerated share repurchase.

2026 年前三個月調整後 EBITDA 合計為 1.07 億美元，相較 2025 年前三個月的 8,500 萬美元，增加 26%。我們在 3 月底為 7.5 億美元的聯貸循環信貸完成再融資，將到期日由 2028 年延長至 2031 年，且定價略有改善。契約條款（covenants）沒有實質變更；此次延長到期日提升了我們中期流動性並改善債務到期結構。槓桿比率（定義為淨負債／過去 12 個月調整後 EBITDA）在 2026 年 3 月 31 日為 2.6 倍。由於我們在 2025 年 10 月為資助加速庫藏股回購而動用循環信貸借款，我們的槓桿仍處於較高水準。

We remain committed to a disciplined financial policy and to returning leverage to the targeted range of 1.5 to 2 times during 2026. The accelerated share repurchase concluded in early March with approximately 4.5 million shares repurchased or almost 6% of our outstanding float. Since the beginning of 2024, we have returned over $800 million to stockholders through dividends and share repurchases. The company did not repurchase any shares of common stock in the first quarter 2026 and the remaining authorization under the share repurchase program at quarter end was $381 million. The Board of Directors declared an $0.18 quarterly dividend yesterday, and the dividend payable to stockholders of record as of May 4, with a payment date of May 11.

我們仍致力於嚴謹的財務政策，並在 2026 年將槓桿降回目標區間 1.5 至 2 倍。加速庫藏股回購於 3 月初結束，回購約 450 萬股，約占流通在外股數的近 6%。自 2024 年初以來，我們已透過股利與股票回購向股東返還超過 8 億美元。公司在 2026 年第一季未回購任何普通股；截至季末，股票回購計畫剩餘核准額度為 3.81 億美元。董事會昨日宣告每季每股 0.18 美元股利，股利將支付給 5 月 4 日登記在冊的股東，付款日為 5 月 11 日。

In closing, we had a solid first quarter. And as Tom mentioned, we have reaffirmed our 2026 guidance, including adjusted EPS of $2.10 to $2.30. Our expectation remains for a roughly split between the first and second half of 2026, consistent with normalized historical seasonality. There remain a number of potential puts and takes with uncertainty from the Middle East conflict and higher oil prices, a potential headwind, whereas the possibility of faster customer rate ramp could become a tailwind as the year progresses. Before I want to turn it back to Tom, I want to state how much I've valued my time as CFO and the privilege of working with an exceptional team producing such differentiated products for our customers.

最後，我們第一季表現穩健。如 Tom 所提，我們已重申 2026 年指引，包括調整後每股盈餘（EPS）2.10 至 2.30 美元。我們的預期仍是 2026 年上、下半年大致各占一半，符合歷史常態的季節性。仍存在若干可能的正負因素：中東衝突與油價上升帶來的不確定性可能形成逆風；而隨著年度推進，若客戶拉升產量速度更快，則可能轉為順風。在把電話交回 Tom 之前，我想說我非常珍惜擔任財務長（CFO）的這段時間，也很榮幸能與一支卓越團隊共事，為客戶打造如此具差異化的產品。

And with that, back to you, Tom.

那麼，接下來交給你了，Tom。

Thank you, Mike. And before we open the call for questions, I want to thank Mike for his leadership and contributions as our interim Chief Financial Officer. Mike stepped into this role at an important time for Hexcel. Providing steady leadership while we conducted a search for Hexcel's next CFO. Mike with us to close out 2025, assisted with executing the accelerated share repurchase built the plan for 2026 and participated and led the finance sections and 2 Board meetings, refinanced our revolver and participated in 2 earnings calls.

謝謝你，Mike。在我們開放提問之前，我想感謝 Mike 在擔任臨時財務長期間所展現的領導力與貢獻。Mike 在 Hexcel 的關鍵時刻接下這個職務，在我們為 Hexcel 尋找下一任 CFO 的過程中提供了穩健的領導。Mike 與我們一起完成了 2025 年的收尾，協助執行加速股份回購、制定 2026 年計畫，並參與且主導了財務相關內容與 2 次董事會會議，完成循環信貸的再融資，並參與了 2 次財報電話會議。

Quite a set of accomplishments for an interim CFO. With the hiring of Jamie Coogan, who starts May 1 as Hexcel's next CFO, Mike will finish out his tenure and support Jamie in his transition into the new role.

對一位臨時 CFO 來說，這是一連串相當亮眼的成果。隨著 Jamie Coogan 的加入（他將於 5 月 1 日開始擔任 Hexcel 的下一任 CFO），Mike 會完成其任期，並在 Jamie 轉任新職的過渡期間提供支持。

Mike came into this role and was not just a caretaker. He brought new perspectives and helped us get better in a variety of financial areas. On behalf of the Hexcel Board and the entire management team, I want to thank Mike for his commitment and the impact he made during his time with Hexcel. Thank you very much, Mike. To close out our first quarter performance reinforces our confidence in the direction of the business and Hexcel's value proposition.

Mike 進入這個角色後，並不只是看守者。他帶來新的觀點，並在多個財務領域協助我們做得更好。我代表 Hexcel 董事會與整個管理團隊，感謝 Mike 的投入，以及他在 Hexcel 期間所帶來的影響。非常感謝你，Mike。總結第一季的表現，進一步強化了我們對業務方向與 Hexcel 價值主張的信心。

As commercial aerospace production continues to recover, we will benefit from improving operating leverage, supported by our disciplined approach to bring capacity back online control costs and focus on safety and quality. Long-term fundamentals across commercial, defense and space remains strong. And Hexcel's differentiated portfolio, technical capabilities and customer relationships resisting us well to deliver growth and value over the long term.

隨著商用航太產量持續復甦，我們將受惠於營運槓桿的改善；這得益於我們有紀律地讓產能重新上線、控管成本，並聚焦於安全與品質。商用、國防與太空等領域的長期基本面依然強勁。而 Hexcel 具差異化的產品組合、技術能力與客戶關係，使我們具備良好條件，在長期交付成長與價值。

With that, Julian, we'll take some questions.

那麼，Julian，我們來回答一些問題。

(Operator Instructions)

（接線員指示）

David Strauss, Wells Fargo.

David Strauss，Wells Fargo。

Thanks. Good morning, Tom is there any change in your I think you had forecast commercial up low to mid-double digits for the year. Is there any change there given the potential upside you're talking about on rates? And then second question on the Composite Materials margin. It looks like the incrementals there were north of 40%. I think you're absorbing a decent kind of FX headwind.

謝謝。早安，Tom。你們先前我記得對商用（航太）全年預估是低到中雙位數成長。考量你們提到產量（rate）可能有上行空間，這個看法有任何改變嗎？第二個問題關於複合材料（Composite Materials）部門的毛利率。看起來該部門的增量利潤率超過 40%。我想你們也在吸收不小的匯率逆風。

What kind of how did you get there this quarter and how you're thinking about incrementals from here.

你們這一季是如何做到的？以及接下來你們如何看待增量利潤率？

So in terms of the outlook on commercial, we're basically saying that we're going to pull to our guidance and our overall plan with some puts and takes. So we do see a little bit of upside on the A350 from the 80% based on the Airbus master schedule based on our bottoms-up forecasting and based on the POs that we already have, the firm. We see upside on the 737, as I mentioned, and 787is about flat. But we do see some pressure on the A320. As I said, our original forecast was 700 to 750 so low 700s, to mid-700.

就商用（航太）展望而言，我們基本上是說會維持在指引與整體計畫的範圍內，但會有一些此消彼長。我們確實看到 A350 有一些上行空間：相較於依 Airbus 主排程所推估的 80%，根據我們自下而上的預測，以及我們已經拿到的確定採購訂單（PO），我們看到上行。737 也如我提到的有上行，而 787 大致持平。不過我們確實看到 A320 有一些壓力。如我所說，我們原先的預估是 700 到 750 架，也就是低 700 到中 700。

And now we're saying it's going to be at the low end of that range because Airbus has highlighted that with the engine situation, they're expecting to deliver fewer A320s this year.

而現在我們的看法是會落在該區間的低端，因為 Airbus 已指出受引擎問題影響，他們預期今年交付的 A320 會更少。

So net-net, we see basically a flat outcome for the year in terms of our plan, but substantially up from last year. So again, higher on A350 and 27%, flat on 87 and a little down on. In terms of the margins, this quarter really benefited from a few things. One, we had strong volume performance. Secondly, we did get some price on a couple of contracts with customers that customers send you in the normal course of events and we were able to capture that.

所以整體而言，就我們的計畫來看，全年結果大致持平，但相較去年仍是大幅成長。再說一次：A350 較高、（成長）27%，87（787）持平，而（A320）略降。至於毛利率，這一季主要受惠於幾個因素。第一，我們的出貨量表現強勁。第二，我們在與客戶的幾份合約上取得了一些價格調整，這些是客戶在正常業務過程中提出的，我們也成功掌握了這些機會。

We also benefited, as Mike mentioned in his remarks from inventory that was built last year and was on the books at a lower cost since when we sold it, we got the benefit from that. And then it was just a lot of operational discipline, holding the line on costs, driving productivity in the factories, and that helped improve our margins. And so overall, we were very pleased with that outcome.

此外，如 Mike 在談話中提到，我們也受惠於去年建立的庫存；這些庫存在帳面上的成本較低，因此當我們出售時就享有了成本優勢。再來就是大量的營運紀律：守住成本底線、提升工廠生產力，這些都幫助我們改善毛利率。因此整體而言，我們對這個結果非常滿意。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Tom, maybe just given and clearly, the volume incrementals are dropping through really nicely. Maybe on just where the mix can be particularly helpful. It sounds like you're feeling better about the destocking trend there, and it's only the A320 that's an issue. So you mentioned favorable inventory sales timing in Q1. How does the A350 ultimately flow through to the top line and margin profile as we move through the year?

Tom，鑑於（出貨）量的增量利潤率表現非常好，想請教在產品組合（mix）方面，哪些因素可能特別有幫助。聽起來你們對去庫存（destocking）趨勢更有信心，而只有 A320 是問題。你提到第一季有利的庫存銷售時點。隨著今年推進，A350 最終會如何反映到營收與毛利率輪廓？

Great. Well, what we see, typically, Julie, is when our volume goes up, we get better operating leverage because we're using more of our capacity. And so that drives the operating leverage for improved margins. And when I say capacity, we have 14 carbon fiber lines in Salt Lake City. We had four of those mothballed during most of the pandemic.

好的。Julie，我們通常看到的是，當出貨量上升時，因為我們使用了更多產能，所以營運槓桿會更好，進而帶動毛利率改善。我所說的產能是指：我們在鹽湖城有 14 條碳纖維產線。在疫情期間的大部分時間裡，其中有 4 條是停用（mothballed）的。

We brought one on at the end of last year. We'll bring on another one this year. And so as we go through the year and rates increase, particularly on the A350, using that additional capacity will create more operating leverage for us.

我們在去年底啟用其中 1 條，今年還會再啟用 1 條。因此，隨著今年進行、產量（rate）提升，特別是在 A350 上，使用這些新增產能將為我們帶來更多營運槓桿。

And as we bring the next line on, that will create even further operating level and so that's really the way it translates. Increased volume allows us to utilize more of the capacity that absorbs more fixed cost and increases the operating leverage, which drives margin. And as I mentioned, we expect to see the rates continue to increase. As Airbus has said, they're at seven, they're planning to go to eight. We may see before the end of the year.

而當我們啟用下一條產線時，將帶來更進一步的營運槓桿。這就是它的傳導方式：出貨量增加讓我們能更充分利用產能，吸收更多固定成本並提高營運槓桿，從而推升毛利率。正如我提到的，我們預期產量（rate）會持續上升。Airbus 表示目前在 7 架/月，計畫提升到 8 架/月。我們可能在今年底前就會看到。

And that's why we feel comfortable right now with our outlook of 80 and maybe a little bit of upside to that as we go through the year.

這也是為什麼我們目前對 80（%）的展望感到有把握，並且在今年推進過程中可能還會有一些上行空間。

And then just volume on defense. I wouldn't expect that to really accelerate given some of the opportunities you have in your portfolio and how we see the budget come through. .

另外，關於國防的出貨量，我不預期會真的加速，考量你們產品組合中的一些機會，以及我們對預算落地的看法。

Right. Well, defense is sometimes it's lumpy, like on space launchers and satellites. We do see lumpiness on that. We saw that this quarter. For example, there was one program that we supply, the Vulcan, which has been paused.

是的。國防有時候會有波動（lumpy），例如太空運載火箭與衛星。我們確實看到這種波動，這一季就有。舉例來說，我們供應的一個專案 Vulcan 目前已暫停。

And so that was a pretty good number last year. And in the first quarter, it was fairly negligible. And so that's an example of the lumpiness. We saw the same in Europe with some launch systems. But on missiles, for example, we're at a very good rate right now, but that gets better and we start to see it really jump in the third and fourth quarter of this year.

因此去年那個專案的數字相當不錯，但第一季幾乎可以忽略不計，這就是波動性的例子。我們在歐洲的一些發射系統也看到類似情況。不過以飛彈來說，我們目前的產量水準非常好，而且會進一步改善；我們預期在今年第三、第四季會看到明顯跳升，

because there have been a lot of new orders for missiles, and that's starting to flow through.

因為飛彈有很多新訂單，而這些正開始逐步反映出來。

But it hasn't flowed through yet. It will flow through later in the year. And then on some of the other programs that we're on, I would say they're still in the EMD phase. In terms of engineering, manufacturing development going into LRIP, low rate initial production. And so over time, as those rates start to ramp up from low rate initial production and the full rate production, we'll start to see the benefit of that.

但目前還沒有完全反映，會在今年稍晚反映。至於我們參與的其他一些專案，我會說仍處於 EMD 階段，也就是工程、製造與開發，接著會進入 LRIP（低率初始生產）。因此隨著時間推進，當這些產量從低率初始生產逐步爬升到全率生產時，我們就會開始看到其帶來的效益。

So it's a slow build, but we're starting to see it and it will become more material in the third and fourth quarter this year.

所以這是一個緩慢的累積，但我們已開始看到跡象，並且在今年第三、第四季會變得更為顯著。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Tom and Mike very nice numbers; Tom, if the numbers in my model are correct, I think the $281 million of commercial aero sales of composite materials is the highest for any quarter since the first quarter of 2020, which wasn't really impacted by COVID. Wide-body production rates are still below pre-COVID levels. So I'm just curious, was there a restocking benefit? And then on the pricing comments, was there any specific end market or program that was particularly strong from a pricing perspective?

Tom、Mike，數字非常漂亮；Tom，如果我模型裡的數字沒錯，我認為複合材料部門的商用航太銷售額 2.81 億美元，是自 2020 年第一季（當時基本上尚未受到 COVID 影響）以來的單季最高。廣體機的生產速率仍低於 COVID 前水準。所以我想請教，是否有補庫存（restocking）的助益？另外，關於你提到的定價，是否有任何特定終端市場或機型/專案在定價方面特別強勁？

Right. Okay. I'll do the first one. Yes, commercial aero sales were high. And even though wide-body production is still below where it was in 2019, and we expect it to be below for a couple of years.

好的。我先回答第一個。是的，商用航太銷售確實很高。即使廣體機的產量仍低於 2019 年的水準，而且我們預期在未來幾年仍會低於當時水準。

We are seeing the benefits of that increased production. We didn't see the restocking that we saw last year. We saw that our deliveries were more in line with the OEM production rate and so that suggests to us that, that's normalizing, and we're not seeing the destocking. So that's a positive.

我們正在看到產量提升所帶來的效益。我們沒有看到去年那種補庫存。我們看到我們的交付更貼近 OEM 的生產節奏，這讓我們認為情況正在正常化，而且我們也沒有看到去庫存。因此這是正面的。

In terms of the pricing, it was not in any particular area. It was just several contracts that came up for renewal in the normal course of events. And as I've said before, whenever that happens, we do try to align current market conditions with pricing on those contracts. And we got the benefit of that in Q1 and so we'll continue to see that on a regular basis as we go forward. And our contracts tend to be 5 to 7 years.

就定價而言，並不是發生在任何特定領域。只是有幾份合約在正常情況下到期續約。正如我之前說過的，每當發生這種情況，我們都會嘗試讓這些合約的價格與當前市場狀況對齊。我們在第一季（Q1）因此受益，未來也會持續、定期地看到這樣的效果。而我們的合約通常是 5 到 7 年期。

So every year between 15% and 20% of our contracts come up for renewal, and we renegotiate them, and we have been getting better prices to align with some of the inflation and the higher cost of labor materials and utilities and logistics that we've seen in recent years.

因此每年大約有 15% 到 20% 的合約會到期續約，我們會重新談判；而我們一直在爭取更好的價格，以反映近年來我們看到的通膨，以及勞動力、材料、公用事業與物流成本上升。

Great. And then you sounded upbeat on the A350 outlook for this year. Airbus is on Kinston now for over 5 months. Based on your conversations with Airbus, is that facility no longer issue when it comes to A350 production and mainly that ramp just comes down to business class seats and to a lesser extent, engines?

了解。接著你對今年 A350 的展望聽起來相當樂觀。Airbus 現在已經接管 Kinston 超過 5 個月。根據你們與 Airbus 的對話，該設施在 A350 產量方面是否已不再是問題，而主要的爬坡瓶頸只是商務艙座椅，以及在較小程度上是引擎？

Well, I'll let them speak to the specifics of it. But certainly, they now have full control of it, and they're able to control their own destiny. They've been fairly optimistic in terms of their schedules. And what we look at is our bottoms-up demand estimate, where we talk to every plant, including Kinston, and that's been very strong. And then we look at the firm POs.

嗯，具體細節我就讓他們來說。不過可以確定的是，他們現在已完全掌控該設施，能夠掌握自己的命運。他們在排程方面一直相當樂觀。我們看的則是自下而上的需求估算，我們會與每一座工廠（包括 Kinston）溝通，而那一直非常強勁。接著我們也會看已確定的採購訂單（PO）。

Our POs are generally firm 5 months out into the future. So we're starting to see the POs already for September, which is post the August shutdown and those are very strong as well. So it's on the basis of that, that we're optimistic on the outlook for the year.

我們的 PO 通常會在未來 5 個月內相對確定。因此我們已經開始看到 9 月的 PO，也就是 8 月停工之後的訂單，而那些也非常強勁。因此基於這些，我們對今年的展望感到樂觀。

Myles Walton, Wolfe Research.

Wolfe Research 的 Myles Walton。

Mike, you mentioned guidance split roughly in half. First half versus second half. Were you referring to sales, EPS or both?

Mike，你提到指引大致是一半一半分布：上半年對下半年。你指的是營收、EPS，還是兩者？

I was referring to EPS. That was in the context of the $210 million to $230 million, yes.

我指的是 EPS。那是在談到 2.10 億到 2.30 億美元的脈絡下，是的。

And so that $0.10 or so decline that you're pointing to at the midpoint, is that mostly based on margins being lower within CM because of the lack of benefit from the inventory you had in the first quarter?

那麼你在中位數所指出的大約 0.10 美元的下滑，主要是因為 CM 的利潤率較低，原因是第一季你們手上庫存帶來的效益在後續不再有了嗎？

So a couple of things as you think about margins and trajectory going forward. Certainly, that was a nonrecurring benefit of relatively significant or I wouldn't have mentioned it. There are other considerations as we move through the year. Tom mentioned about lines coming back on which is great because we're carrying the depreciation and get the leverage for that, but you'll also have some start-up costs when you open up a new line and the phasing of hiring in that. So there's always an ebb and flow along the way.

所以當你思考未來利潤率與走勢時，有幾件事。當然，那是一項一次性（nonrecurring）的效益，而且幅度相對顯著，不然我也不會特別提。隨著我們走過今年，還有其他考量。Tom 提到產線回來運作，這很好，因為我們一直在承擔折舊，產能回升就能帶來槓桿效益；但當你開啟一條新產線時，也會有一些啟動成本，以及人員招募分期到位的節奏。因此一路上總會有起伏。

So as we look at the balance of everything, like Tom said, seem pretty good through September. We'll see what the Q4 comes in later down the road. We saw that as the right balance of conservatism as well as looking at the potential opportunity later in the year as well.

因此綜合各項因素來看，如同 Tom 說的，到 9 月看起來相當不錯。至於第四季（Q4）會如何，之後再看。我們認為這樣的設定在保守性與同時保留今年稍晚潛在機會之間，取得了適當平衡。

And then, Tom, anything you want to comment on the M&A pipeline or outlook for inorganic growth?

另外，Tom，你是否想評論一下併購（M&A）案源管線或非有機成長的展望？

Well, right now, Myles, our focus is really 100% on executing on the production ramp, then also making sure we're driving our R&D and innovation to get on the next generation aircraft and then focusing on organic growth in our core businesses and in defense in particular. As you know, we did the ASR last year in October, and we took $350 million out of our revolving credit facility and we committed that we would pay that back and get our leverage down back below two.

嗯，Myles，目前我們的重點其實是 100% 放在執行產能爬坡，同時也確保我們推動研發（R&D）與創新，以切入下一代飛機，並且聚焦於核心業務的有機成長，尤其是國防業務。如你所知，我們去年 10 月做了 ASR（加速股票回購），並從我們的循環信貸額度中動用了 3.5 億美元；我們也承諾會把這筆還回去，並把槓桿降回 2 以下。

So as Mike said, we're at 2.6%, 2.7% right now. Our goal is to get back under 2 by the end of this year. And so we're not really planning on any M&A until we get to that point. But in the future, the focus for M&A will be looking at things that are advanced material science and have an ROIC of 15% or greater. And in the absence of that, we will continue to repurchase shares in the future.

所以如 Mike 所說，我們目前大約在 2.6 倍、2.7 倍。我們的目標是在今年年底前回到 2 倍以下。因此在達到那個水準之前，我們並沒有真的規劃進行任何併購。不過未來，併購的重點會放在先進材料科學相關標的，且投資資本報酬率（ROIC）要達到 15% 或以上。若沒有符合這些條件，我們未來將持續回購股票。

But not until we get back below 2 times our net debt-to-EBITDA leverage.

但前提是要等我們的淨負債對 EBITDA 槓桿回到 2 倍以下。

Ken Herbert, RBC Capital Markets.

RBC Capital Markets 的 Ken Herbert。

Nice results. I wanted to see if you can provide a little more detail as to how you're managing risk on specifically European your European manufacturing footprint. I know you went through some of this detail on the call, and we've had a number of questions on this over the last month as we've seen greater volatility, obviously, in input cost. Can you just help framing the risk that and help with confidence that you won't see any sort of uptick or inflated risk as a result of what's happening with energy prices or other input costs globally, but in particular with your European footprint. .

表現不錯。我想看看你是否能更詳細說明，你們如何管理風險，特別是你們在歐洲的製造據點風險。我知道你在電話會議中提到過一些細節，而過去一個月我們也收到不少相關問題，因為我們看到投入成本顯然更為波動。你能否協助界定相關風險，並讓大家更有信心：不會因為全球（尤其是你們歐洲據點）能源價格或其他投入成本所發生的情況，而看到任何上升或被放大的風險？

Great. So a couple of things. First of all, most of what we buy for production in the US and Europe comes from US and Europe, over 90%.

好的。幾點說明。首先，我們在美國與歐洲用於生產的大多數採購都來自美國與歐洲，超過 90%。

So we have that sort of natural edge. In Europe, in particular, we do have a forward buying program on things like natural gas that give us a little bit more stability in the energy outlook. Now of course, if things persist for a very long period of time, we'll see the impact of that in out years. But for the next couple of years, we feel very confident with our hedging program and our forward buying program. that will help mitigate some of those costs.

因此我們有某種天然的優勢。特別是在歐洲，我們針對天然氣等項目有遠期採購計畫，讓能源展望更具穩定性。當然，如果這些情況持續非常長的時間，我們會在更後面的年度看到影響。但就未來幾年而言，我們對我們的避險計畫與遠期採購計畫非常有信心，這將有助於緩解部分成本。

And the fact that most of what we buy in for European production comes from Europe and not from outside of Europe or from some of the regions that are more impacted by the current events.

此外，我們歐洲生產所需的大多數採購都來自歐洲，而不是來自歐洲以外或目前事件影響較大的某些地區。

Ken, as Tom said, we layer in sequentially as you go out over several quarters, both the hedging of the propylene as well as the prebuy. So in the near term, you're the most covered as it were. And then that obviously fades off as you go out in the later period. But again, none of us have a precise crystal ball as to what exactly how events will unfold here over the next few months.

Ken，如 Tom 所說，隨著時間往後推進、跨越數個季度，我們會逐步分層配置，包括丙烯（propylene）的避險以及預先採購（prebuy）。因此在短期內，你的覆蓋程度是最高的；然後隨著時間拉長，在較後期覆蓋就會逐漸減弱。但同樣地，我們都沒有精準的水晶球，能確切知道未來幾個月事件會如何發展。

And in fares to is most of our production of carbon fiber is in the US. So we've got 14 lines in the US, 2 in Europe, 1 Paline in Europe in 7 in the US. So again, we tilted a little bit more towards US production. Now preCrag is mostly in Europe, which is near the Airbus plants, but the carbon fiber production is tilted towards the US.

另外，碳纖維的大部分產能在美國。因此我們在美國有 14 條產線，在歐洲有 2 條；在歐洲有 1 條 Paline，在美國有 7 條。所以整體而言，我們的配置稍微偏向美國生產。現在，preCrag 主要在歐洲，因為靠近 Airbus 的工廠，但碳纖維生產則偏向美國。

Tom, you've mentioned a few times again, spending to support next-generation aircraft. Do you have any updated thinking in your spending as to when we could hear about announcements from your customers and not that you get in front of anything they might say, but is the timing accelerating? Has your timing on this changed at all as you think about sort of next-generation pre-sheet aircraft? .

Tom，你又提到幾次，為了支持下一代飛機而投入支出。就你們的支出規劃而言，你是否有更新的看法：我們何時可能會聽到客戶的相關宣布？我不是要你搶在他們前面發言，但時程是否正在加速？你對於所謂下一代「pre-sheet」飛機的時程判斷有任何改變嗎？

No, it hasn't changed. We're still consistent with what the OEMs have both declared publicly, which is that they wouldn't make a decision for another couple of years, maybe launch a program by the 2030 time frame with an entry of service in the late 30s. And so nothing has changed in that. But there's a lot of discussions that are going on right now for all different parts of the aircraft. Looking at not only what type of carbon fiber and resin system but also what type of production process.

沒有，沒有改變。我們仍與 OEM 目前公開宣示的內容一致，也就是他們還要再過幾年才會做決定，可能在 2030 年左右啟動一個計畫，並在 2030 年代後期投入營運（entry of service）。因此這方面沒有變。不過目前確實有很多討論正在進行，涵蓋飛機的各個不同部位，不僅在看要用哪種碳纖維與樹脂系統，也在看要採用哪種生產製程。

And so we're deeply engaged in those discussions with both airframe OEMs, much in Boeing, but also with the engine OEM. And so those discussions are continuing, and I expect that they'll stick to their time frame that they've announced publicly.

因此我們深度參與這些討論，對象包括機體 OEM（很大一部分是波音），也包括引擎 OEM。這些討論仍在持續，我預期他們會遵循其公開宣布的時程。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

I wanted to ask you just if you could so wanted to ask you if you could quantify what you think your A350 shipment rate was in the first quarter? And maybe if you could give it for some of the other programs as well.

我想請教一下，您是否可以量化您認為第一季 A350 的出貨率大概是多少？另外，也許也能提供其他一些機型專案的數據。

Just roughly, I'd say A350 was at about 7%, a little bit underneath 7. 787 was a little bit above 7%. Both of them are talking about going to in later this year. Boeing is talking about going above that and Airbus is the same for its A350 as I said, we think we could see 9% before the end of the year. On the A320, we were just under 60-ish.

大致來說，我會說 A350 約在 7% 左右，略低於 7%。787 略高於 7%。兩者都在談今年稍晚要提升。波音談的是要高於這個水準，空中巴士對 A350 也是一樣；如我所說，我們認為在年底前可能會看到 9%。至於 A320，我們略低於 60 左右。

So kind of in line with where Airbus is, but that's good and as I said, we're usually ahead of the OEMs, and our production is a little bit more of an estimate because we're looking at the quantity of material and we're also about 6 months ahead of them in terms of where they are. So it's not deliveries that we're looking at so much as production.

所以大致上與空中巴士目前的狀況一致，這是好事；而且如我所說，我們通常會領先 OEM，我們的生產數字也比較偏估算，因為我們看的是材料數量，同時在他們目前所處的位置上，我們大概領先他們約 6 個月。因此我們看的與其說是交付，不如說是生產。

On the math, as I said, we're in the 40% range. which is consistent with where Boeing has said they are. They've been tracking very nicely, and they're expecting to go to 47 later in the year, so we will be prepared for that. And on the 787, we were a little bit ahead of in and they're tracking nicely to the 90 to the 100 that they indicated last year that still seems to be a good number. So that's how we look at each of the rates.

至於 737 MAX（數學題那部分），如我所說，我們在 40% 的區間，這與波音所說的水準一致。他們追蹤得很不錯，並預期今年稍晚會到 47，所以我們會為此做好準備。至於 787，我們略微領先，他們也正順利朝去年所提到的 90 到 100 的水準前進，看起來仍是個不錯的數字。這就是我們看待各項速率的方式。

Jordan Lines, Bank of America.

Jordan Lines，美國銀行。

Last quarter, you guys talked about a selective hiring for the A350 ramp up. Could you just give us a sense of where you are in the hiring? And then two, how you're thinking about hiring for everything else that is also ramping up?

上季你們提到為了 A350 拉升而進行選擇性招募。能否請你們說明一下目前招募進度？第二，你們如何看待其他同樣在拉升的業務之招募規劃？

Right. Well, because our production is fungible across all of the programs, our hiring is kind of aggregate. So I'll give you the overall. So, as we said, we were a little bit heavy last year in terms of staffing because we had expected higher rates. We hired people that didn't come.

好的。由於我們的產能在所有專案之間是可互換的，因此我們的招募基本上是以整體彙總來看。我先給你整體狀況。如我們所說，去年在人力配置上我們稍微偏重，因為我們原本預期速率會更高。我們招了人，但需求沒有如期到來。

So, we ended up higher. But there was no point in, obviously, laying them off as we knew we had our hiring back this year in train. So we held on to that and that impacted some of our margins last year.

所以最後人力就偏高。但顯然沒有必要裁員，因為我們知道今年會重新啟動招募節奏。因此我們把人留住了，而這也影響了我們去年的部分毛利率。

This year, we expect to hire around 400 people, direct labor to help support the production. And through March, we hired about 200 about half of so we, because we saw the rates going up a little bit, we were expecting to not start hiring in volt until the middle of the year. But with the higher rates, we started a little bit earlier. So we had about 200 in the first quarter. We expect 400 for the year to support the plan that we have in front of us.

今年我們預期將招募約 400 名直接人力來支援生產。到 3 月為止，我們已招了約 200 人，大概完成一半。原本因為看到速率只是小幅上升，我們預期要到年中才會開始大量招募；但因為速率更高，我們稍微提早啟動。因此第一季大約招了 200 人。我們仍預期全年招募 400 人，以支援我們目前的計畫。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Mike or Tom, is this step-up in R&D likely to continue over the rest of the year? Or should it normalize back down from these levels?

Mike 或 Tom，今年剩餘期間研發費用的這個上升幅度是否可能持續？還是會從目前水準回落、恢復正常？

Scott. So a couple of considerations that play here. Just broadly, our overall R&D head count is actually down during year. But remember, R&D spending involves other activities as well. So we had a degree of an increase in Q1 just with the timing of certain activities related to that.

Scott，這裡有幾個需要考量的點。整體來說，我們的研發人數其實在年內是下降的。但請記得，研發支出也包含其他活動。因此第一季的增加，部分只是某些相關活動的時點所致。

as well as if you start any fiscal year, you look at and revisit where are your costs are flowing and there was a couple of items that were in the factory cost centers that we identified would be that are really dedicated and related to R&D. So there was a little bit of a bucket shift there, nothing drastic or radical. So I would just give you that context for that.

另外，每個會計年度一開始，你會檢視並重新盤點成本流向；我們也在工廠成本中心裡辨識出幾個項目，其實是專門且與研發相關的。因此出現了一點「桶子挪移」（費用歸類轉移），但沒有什麼劇烈或根本性的變化。我只是提供這個背景。

Yeah. Well, and that's -- that's exactly right. So when we are doing testing of new carbon fibers to increase tensile strength and modulus and compression, we have to produce batches of test material. And those batches historically just stated it with the plant because they're picking up now, they're a little bit more material. We're allocating them more properly to R&D.

是的，這完全正確。當我們在測試新的碳纖維、以提升抗拉強度、模數以及抗壓性能時，我們必須生產一批批的測試材料。過去這些批次在會計上通常就留在工廠端，因為現在測試量增加、材料用量也多了一些，我們就更適當地把它們分攤到研發。

So you'll see some of that. And that's the bucket shift that Mike mentioned.

所以你會看到其中一部分變化，而這就是 Mike 提到的那個「桶子挪移」。

But in general, we are stepping up R&D to make sure that we have the right products in front of our customers as they make their decisions in the next-generation products. So you will see a slightly elevated R&D as we go forward. Some of it being the bucket shift and some of it just being, we are stepping it up to be right in line with where the OEMs are both the airframers and the engine makers for the next-generation aircraft.

但整體而言，我們確實在提高研發投入，以確保當客戶在做下一代產品決策時，我們能提供正確的產品。因此未來你會看到研發費用略為偏高：一部分來自費用歸類的挪移，另一部分則是我們主動加大投入，以便與 OEM（不論是機體製造商或引擎製造商）在下一代飛機上的節奏保持一致。

Okay. Great. And then Tom, the high end of guidance implies the average EPS over the next three quarters is about in line or actually even slightly lower in the $0.59 you pen this quarter. I understand you had the inventory sale benefit. But unless that was really big, it would seem there'd be pressure to grow EPS off this first quarter base given the build rate increases.

好的，了解。接著 Tom，指引區間上緣意味著未來三季的平均 EPS 大致與本季的 0.59 美元相當，甚至略低。我理解你們有庫存出售的利益。但除非那筆非常大，否則在產量提升的情況下，看起來 EPS 應該會相對第一季基礎有成長壓力。

And so was just curious if you could just clarify the puts and takes as you go into the...

所以我想請你們釐清一下，接下來的變動因素（正負面）會是哪些……

Mike said, we're going to be half and half on EPS for the course of the year, the first half, second half. This was a strong start to the year. Obviously, we're going to continue to drive forward on production rate efficiencies, holding the line on costs, driving productivity in the factories. And so we feel comfortable with the outlook it's about balance, as I said, first half, second half. And with all the uncertainty with regard to production rates in the trade and oil, we feel it's prudent right now to just hold the line and maintain guidance, but we'll certainly try to drive productivity and improve on it.

如 Mike 所說，我們預期全年 EPS 會呈現上半年、下半年各占一半的分布。這是個強勁的開局。顯然，我們會持續推進生產速率效率、控制成本、提升工廠生產力。因此我們對展望感到有信心；重點在於平衡，如我所說，上半年與下半年。考量到生產速率、貿易與油價的不確定性，我們認為目前維持指引、守住基準是審慎的作法，但我們當然會努力推動生產力並加以改善。

But right now, as we said, about half and half, half in the first half.

但就目前而言，如我們所說，大約是各半，上半年占一半。

Yeah. And Scott, as we mentioned, we're very well mitigating all of the various cost increases here in the near term, but not completely 100%. So we're just being thoughtful about that. You see it while everybody focuses on oil per se and those inputs just as it is within the broader economy, but prolonged elevation of that type of situation. You can see that a lot of other things such as shipping costs and others.

是的，Scott，如我們提到的，短期內我們正在非常有效地緩解各種成本上升，但並非 100% 完全抵消。因此我們在這方面會更審慎。大家常把焦點放在油價本身及其投入成本，但就像整體經濟一樣，若這種情況長期維持在高檔，你也會看到許多其他項目，例如運輸成本等也會受到影響。

So again, just being prudent and balanced as we think about the full year. And as I mentioned earlier, there's the phasing of the startup of the lines with start-up costs and you got to bring the hiring on before you realize the business and the flow-through of it. So again, just taking all those into consideration there, we felt this was the balanced outlook. And like Tom said, hopefully, we see some further acceleration, and that could lead to potential upside.

所以我們再次強調，在思考全年時我們會保持審慎與平衡。正如我先前提到的，產線啟動有其時程分段，會有啟動成本；而且你必須在業務量與其帶來的貢獻（flow-through）實現之前，先把人力招募到位。綜合考量這些因素後，我們認為這是較為平衡的展望。也如 Tom 所說，希望我們能看到進一步加速，這可能帶來上行空間。

We have no further questions. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

我們沒有其他問題了。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。