ITT Inc (ITT) 2025 Q3 法說會逐字稿

Welcome to ITT's 2025 third-quarter conference call. Today is Wednesday, October 29, 2025. Today's call is being recorded and will be available for replay beginning at 12 PM Eastern Time. (Operator Instructions)

歡迎參加ITT 2025年第三季電話會議。今天是2025年10月29日，星期三。今天的電話會議正在錄音，將於美國東部時間中午 12 點開始提供回放。（操作說明）

It is now my pleasure to turn the floor over to Mark Macaluso, Vice President, Investor Relations and Global Communications. You may begin.

現在我很高興將發言權交給投資者關係和全球傳播副總裁馬克·馬卡盧索。你可以開始了。

Thank you, Gigi, and good morning. Joining me in Stamford today are Luca Savi, ITT's Chief Executive Officer and President; and Emmanuel Caprais, Chief Financial Officer. Today's call will cover ITT's financial results for the three-month period ended September 27, 2025.

謝謝你，吉吉，早安。今天與我一同來到史丹福的有 ITT 執行長兼總裁 Luca Savi 和財務長 Emmanuel Caprais。今天的電話會議將涵蓋 ITT 截至 2025 年 9 月 27 日的三個月期間的財務表現。

Please refer to slide 2 of the presentation available on our website, where we note that today's comments will include forward-looking statements that are based on our current expectations. Actual results may differ materially due to several risks and uncertainties including those described in our 2024 annual report on Form 10-K and other recent SEC filings.

請參考我們網站上提供的簡報第 2 頁，其中我們指出，今天的評論將包含基於我們目前預期的前瞻性陳述。實際結果可能因多種風險和不確定因素而與預期有重大差異，包括我們在 2024 年 10-K 表格年度報告和其他近期提交給美國證券交易委員會的文件中所述的風險和不確定因素。

Except for otherwise noted, the third quarter results we present this morning will be compared to the third quarter of 2024 and include certain non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures are detailed in our press release and in the appendix of our presentation, both of which are available on our website.

除另有說明外，我們今天上午公佈的第三季業績將與 2024 年第三季業績進行比較，並包括某些非 GAAP 財務指標。這些措施與最可比較的 GAAP 資料的核對詳情已在我們的新聞稿和簡報附錄中列出，這兩份文件均可在我們的網站上查閱。

With that, it's now my pleasure to turn the call over to Luca, who will begin on slide 3.

接下來，我很高興將電話交給盧卡，他將從第 3 張投影片開始。

Thank you, Mark, and good morning. I'd like to begin today with a sincere thank you to our ITTiers. Our teams around the world delivered strong results for yet another quarter. For all your hard work, my heartfelt thanks, especially to our team in Brazil as the plant was hit by a very destructive storm during the quarter, production was back up and running in less than 48 hours. Rodrigo, the entire Salto team and Niko, thank you for your dedication and commitment to our customers and to ITT.

謝謝你，馬克，早安。首先，我要衷心感謝我們的IT技術人員。全球各地的團隊連續第二個季度取得了強勁的業績。衷心感謝大家的辛勤付出，尤其要感謝我們在巴西的團隊，因為該工廠在本季度遭受了一場破壞性極大的風暴襲擊，但生產在不到 48 小時內就恢復了運轉。Rodrigo、Salto 團隊全體成員以及 Niko，感謝你們對我們的客戶和 ITT 的奉獻和承諾。

Now to our results. ITT's third quarter was another step towards our 2030 targets with organic growth and margin expansion compounded with M&A. Let me share some highlights. In Q3, we delivered nearly $1 billion of total orders for the third consecutive quarter, up 3%, both once again by the strong order intake from our kSARIA and Svanehøj acquisitions. We grew revenue 13% total and 6% organic with all segments contributing to $999 million. Rest assure we were on the phone after quarter end with the plan that left the million bags on the shop floor.

現在公佈我們的結果。ITT 第三季實現了有機成長和利潤率擴張，並輔以併購，這是我們向 2030 年目標邁出的又一步。讓我來分享一些亮點。第三季度，我們連續第三個季度交付了近 10 億美元的訂單，成長了 3%，這再次得益於我們收購 kSARIA 和 Svanehøj 後強勁的訂單量。我們總營收成長了 13%，其中有機成長了 6%，所有業務部門共貢獻了 9.99 億美元。請放心，季度末之後我們立即打電話商討了應對方案，最終解決了導致一百萬個袋子滯留在商店貨架上的問題。

Operating income grew nearly twice the organic sales growth rate and operating margin expanded over 100 basis points excluding M&A. Adjusted EPS grew 21%, and we grew free cash flow 46% to $368 million year-to-date and now expect to be at the high end of our previous range at $0.5 billion for the full year. Furthermore, free cash flow margin in the quarter was over 15%, surpassing the high end of our 2030 target communicated in May.

營業收入成長近兩倍於有機銷售成長率，不計併購，營業利益率成長超過 100 個基點。調整後每股收益成長了 21%，今年迄今自由現金流成長了 46% 至 3.68 億美元，現在預計全年將達到我們先前預期範圍的高端，即 5 億美元。此外，本季自由現金流利潤率超過 15%，超過了我們在 5 月公佈的 2030 年目標的上限。

We also continue to fund innovations like VIDAR, our game-changing industrial motor. VIDAR is installed with three large energy companies in North America. And now we have begun shipping goods pumps with VIDAR motors. As Stan, our Global Head of Engineer mark, the best just got better.

我們也會繼續資助像 VIDAR 這樣的創新，VIDAR 是我們顛覆性的工業馬達。VIDAR已在北美三家大型能源公司安裝使用。現在我們已經開始出貨配備 VIDAR 馬達的貨物幫浦。正如我們的全球工程主管 Stan 所說，最好的也變得更好了。

Now let's get into the details. On revenue, we saw broad-based organic growth in Industrial Process and Connect and Control as we continue to convert the robust backlog. IP grew 11% organically mainly due to project, which grew over 50% including another strong top line performance from Svanehøj, growing 34%. In August, I was with the Svanehøj team reviewing the testing of our new deep well cargo and high-pressure fuel pumps. And as a firsthand the [shuffle of Gould] of beautiful shining new pumps ready to ship.

現在我們來詳細了解一下。在營收方面，隨著我們不斷轉化強勁的積壓訂單，工業流程和互聯控制領域實現了廣泛的內生成長。IP 有機成長 11%，主要得益於該專案成長超過 50%，其中包括 Svanehøj 的強勁營收表現，成長 34%。八月份，我和 Svanehøj 團隊一起審查了我們新型深井貨物和高壓燃油泵的測試情況。親眼目睹了[Gould 的]一排排漂亮閃亮的新泵準備發貨。

CCT delivered 25% total growth, both by the kSARIA acquisition or 6% organically. As the sense momentum continues and aerospace demand ramps. And in MT Friction OE grew 4% organically, outperforming global auto production once again led by an outstanding performance in China, where we keep on winning with BYD, Great Wall, Geely and others.

CCT 實現了 25% 的總成長，其中 6% 來自收購 kSARIA，其餘為內生成長。隨著這種勢頭持續增強，航空航天需求不斷增長。MT摩擦OE實現了4%的有機成長，再次跑贏全球汽車生產，這主要得益於我們在中國市場的出色表現，我們與比亞迪、長城、吉利等公司持續合作，贏得了市場。

On profitability, we expanded margin 110 basis points excluding M&A. IP grew margins 70 basis points to nearly 22% and Svanehøj also improved its profitability with EBITDA exceeding 20% this quarter. MT grew margin to 110 basis points, driven by over 300 basis points of productivity savings offsetting 120 basis points of inflation. NCCT grew margin 270 basis points, excluding kSARIA dilution. The team continues to make progress on key customer price negotiations, which we expect to finalize now in Q4.

在獲利能力方面，不計併購因素，我們的利潤率提高了 110 個基點。IP 的利潤率成長了 70 個基點，達到近 22%，而 Svanehøj 的獲利能力也得到了提高，本季 EBITDA 超過 20%。MT 的利潤率成長至 110 個基點，這主要得益於生產力提高帶來的 300 多個基點的收益，抵銷了 120 個基點的通貨膨脹。不計 kSARIA 稀釋，NCCT 利潤成長 270 個基點。團隊在與關鍵客戶的價格談判方面持續取得進展，我們預計將在第四季度完成談判。

On cash, a robust performance, which allows us to pay down debt and lower our interest expense whilst funding investments for VIDAR and other game changer innovations, including thegGeo pad. The geo pad is currently being tested on a dedicated platform with a large European OEM. More to come on this in the coming quarters.

現金流方面表現強勁，使我們能夠償還債務並降低利息支出，同時為 VIDAR 和其他顛覆性創新（包括 gGeo pad）的投資提供資金。目前，該地坪墊正在與一家大型歐洲原始設備製造商合作，在專用平台上進行測試。接下來幾季會有更多相關資訊發布。

Given our strong performance to date, ramping contribution from acquisitions and the lower effective tax rate, we are raising our full year adjusted EPS outlook. Notably, the low end of our revised EPS guidance range is now above the previous high end. This represents 13% growth versus prior year or 16% if we exclude the lost earnings from our 2024 Wolverine divestiture. This is a testament to our team's ability to deliver for our customers and our shareholders day in and day out, no method environment. Emmanuel will talk more about our revised guidance shortly.

鑑於我們迄今為止的強勁業績、收購帶來的貢獻不斷增加以及較低的實際稅率，我們上調了全年調整後每股收益預期。值得注意的是，我們修訂後的每股盈餘預期範圍的下限現在高於先前的上限。與前一年相比，這代表增長了 13%；如果排除 2024 年出售 Wolverine 業務所造成的收益損失，則增長了 16%。這證明了我們的團隊有能力日復一日地為我們的客戶和股東創造價值，不受任何環境的限制。伊曼紐爾稍後將詳細介紹我們修訂後的指導方針。

Now let's turn to slide 4 to talk about ITT's orders and revenue growth. As you recall from our Capital Markets Day in May, we demonstrated with numerous examples across all value centers, how ITT's differentiation is driving our share gains. Let's spend a few moments to discuss this further, beginning with orders.

現在讓我們翻到第 4 張投影片，談談 ITT 的訂單和營收成長。您可能還記得我們在五月的資本市場日上，透過各個價值中心的眾多實例，我們展示了 ITT 的差異化如何推動我們的市場份額成長。讓我們花幾分鐘時間進一步討論這個問題，首先從訂單開始。

Year to date, over the last three years, orders have grown 19% to over $3 billion with strength across all segments adding in attractive growing end markets, including defense and aero, rail and the energy transition. In Motion Technologies, the friction team once again continued to outperform in the market. And in Q3 alone, we won 10 high-performance platforms and more than 40 electrified awards with leading OEMs in China, Europe and North America.

今年迄今為止，過去三年訂單成長了 19%，超過 30 億美元，所有細分市場均表現強勁，並新增了具有吸引力的成長型終端市場，包括國防和航空、鐵路和能源轉型。在運動科技公司，摩擦團隊再次繼續在市場上表現出色。僅在第三季度，我們就贏得了 10 個高性能平台獎項和 40 多個電氣化獎項，獲獎者均為中國、歐洲和北美的領先 OEM 廠商。

Our market share in China has grown from 31% last year to above 34% today. At the same time, KONI expanded its leadership position on global high-speed rail and defense platforms. In Connect and Control, orders were up 27% and 6% organic on the strength in aerospace and defense. And our acquisitions continue to perform ahead of expectations with strong orders growth in 2025 and a book to bill comfortably above 1.

我們在中國的市佔率已從去年的31%成長到目前的34%以上。同時，KONI 擴大了在全球高速鐵路和國防平台上的領先地位。在互聯和控制領域，由於航空航太和國防產業的強勁表現，訂單分別成長了 27% 和 6%（有機成長）。我們的收購業務持續超越預期，2025 年訂單強勁成長，訂單總額輕鬆超過 1。

kSARIA grew orders 58% year-to-date with a book-to-bill of 1.2, thanks to awards on coveted defense platforms. This included content on a vertical launch system with a brand new customer. We were at kSARIA headquarters in Hudson, New Hampshire together with the ITT Board earlier this month. We share with our Board how built-in process quality drives kSARIA's differentiation. Thanks, Mike and team, for your accomplishments. I'm incredibly positive about the growth we will drive together in the years to come.

由於獲得了令人垂涎的國防平台訂單，kSARIA 今年迄今的訂單量增加了 58%，訂單出貨比為 1.2。這其中包括與一位全新客戶合作垂直發射系統的相關內容。本月初，我們與 ITT 董事會一起前往位於新罕布夏州哈德遜的 kSARIA 總部。我們向董事會分享了內建流程品質如何推動 kSARIA 的差異化優勢。感謝麥克和他的團隊所取得的成就。我對我們未來幾年共同取得的成長充滿信心。

On Svanehøj, Soren and team won orders of over $250 million year-to-date. This represents 59% growth versus the prior year and the book-to-bill of 1.6. For the year, even with over 30% revenue growth, Svanehøj expects to end 2025 with a book-to-bill of nearly 1.3. This quarter, Svanehøj secured a first of its kind award to enter the US land-based terminal market, which will involve the largest LPG pumping company history, capable also of handling ammonia.

在 Svanehøj 專案上，Soren 和他的團隊今年迄今已獲得超過 2.5 億美元的訂單。這比上年增長了59%，訂單出貨比為1.6。儘管全年營收成長超過30%，但Svanehøj預計到2025年底訂單出貨比將接近1.3。本季度，Svanehøj獲得了一項史無前例的合同，將進軍美國陸上碼頭市場，這將涉及有史以來規模最大的液化石油氣（LPG）泵送公司，該公司也能夠處理氨氣。

Notably, the Goulds Pumps team, which has strong connections on terminals in the US introduced Svanehøj to this customer, while done John and team for capturing this opportunity with a major US EPC, another strong year with ITT. All in, our year-to-date book-to-bill of 1.08 resulted in an ending backlog of nearly $2 billion, up 13% compared to prior year-end. For the full year, we continue to expect a book-to-bill above 1, which puts us in a strong position to grow again in 2026.

值得一提的是，在美國碼頭擁有強大關係的 Goulds Pumps 團隊將 Svanehøj 介紹給了這位客戶，而 John 和他的團隊則抓住了這個與美國一家大型 EPC 公司合作的機會，這是 ITT 又一個強勁的年份。總的來說，我們今年迄今的訂單出貨比為 1.08，導致期末積壓訂單接近 20 億美元，比上年末成長 13%。預計全年訂單出貨比將高於 1，這將使我們在 2026 年再次成長。

Speaking of growth, a main driver of our revenue growth has been our flawless execution on pump projects. One example of this is our Gould Pumps team in Saudi. This team's performance secured another win rate of more than 95% in the last two years.

說到成長，我們收入成長的主要驅動力是我們在泵浦項目上的完美執行。例如，我們在沙烏地阿拉伯的 Gould Pumps 團隊就是一個很好的例子。這支隊伍的出色表現確保了他們在過去兩年中再次取得了超過 95% 的勝率。

In mid-November, I would be in demand with [biotech] Hamdy and the local team to recognize this outstanding accomplishment and to join the ribbon cutting of Phase 2 of our $24 million expansion to announce our manufacturing and testing capabilities to meet our future growth. The last thing I would like to highlight on growth is that two-third of this revenue growth since 2023 came from volume and just one-third came from price. Clearly, we are gaining share.

11 月中旬，我將與 [生物技術] Hamdy 和當地團隊會面，以表彰這一傑出成就，並參加我們 2400 萬美元擴建項目第二階段的剪彩儀式，宣布我們的生產和測試能力，以滿足我們未來的增長需求。關於成長，我最後想強調的是，自 2023 年以來，營收成長的三分之二來自銷量，只有三分之一來自價格。顯然，我們的市佔率正在成長。

Now let me turn the call over to Emmanuel to discuss our Q3 results in more detail.

現在我把電話交給伊曼紐爾，讓他更詳細地討論我們第三季的表現。

Thank you, Luca, and good morning. As you can see, ITT delivered another strong performance in the third quarter. We saw a step-up in growth with organic revenue, EPS and free cash flow well ahead of our initial expectations. We talk briefly about some of the many highlights. On revenue, all segments contributed to the performance, growing 13% in total and 6% organically.

謝謝你，盧卡，早安。正如你所看到的，ITT在第三季再次取得了強勁的業績。我們看到成長勢頭強勁，有機收入、每股盈餘和自由現金流均遠超我們最初的預期。我們簡要地談了其中的一些亮點。在營收方面，所有業務板塊均對業績做出了貢獻，總成長13%，其中有機成長6%。

Industrial process once again led the way with 11% organic growth on the strength of projects business, which grew over 50%. And from an orders perspective, for the second consecutive quarter, we saw growth in every short-cycle product category, most notably in parts and valves. CCT grew 6% organically with strength in both aerospace, which grew 18% and defense, which grew 4%. In total, CCT grew 25%.

工業流程業務再次引領成長，有機成長率達到 11%，這主要得益於專案業務的強勁成長，專案業務成長超過 50%。從訂單角度來看，連續第二個季度，所有短週期產品類別均實現成長，其中零件和閥門最為顯著。CCT 實現了 6% 的有機成長，其中航空航太領域成長強勁，達到 18%，國防領域成長達到 4%。CCT 整體成長了 25%。

In Motion Technologies, KONI grew 12%, driven by share gains in Rail. Friction OE outperformed global auto production by 360 basis points, growing 4%, led by China and Europe. On profitability, we grew operating margin 20 basis points to 18.5% on higher volumes, pricing actions, including related to tariffs and continued operational improvements. This more than offset the impact of inflation and temporary acquisition amortization from kSARIA, which will end in Q4.

在運動技術領域，KONI 成長了 12%，這主要得益於鐵路業務份額的成長。摩擦材料原廠配套 (OE) 的表現比全球汽車產量高出 360 個基點，成長了 4%，其中中國和歐洲的成長最為顯著。在獲利能力方面，由於銷售增加、價格調整（包括與關稅相關的調整）以及持續的營運改進，我們的營業利潤率成長了 20 個基點，達到 18.5%。這足以抵消通貨膨脹和 kSARIA 的臨時收購攤銷的影響，該攤銷將於第四季度結束。

At the segment level, CCT margin expanded 270 basis points versus prior year, excluding the dilution from kSARIA. IP margin expanded 70 basis points to nearly 22% and in MT, run and the KONI team again delivered outstanding profitability, which is driving empty above 20% margin for the second consecutive quarter.

從業務部門來看，CCT 利潤率較上年同期成長 270 個基點，不包括 kSARIA 的稀釋效應。IP利潤率擴大了70個基點，接近22%；在MT方面，運作和KONI團隊再次實現了出色的獲利能力，這使得空載利潤率連續第二季超過20%。

The profitable growth drove adjusted EPS to $1.78, up 21% year-over-year. In addition to our strong operational performance, we also realized benefits from a lower share count, thanks to $500 million of share repurchases year-to-date and less unfavorable foreign currency impact, which more than offsets higher interest expense.

獲利成長推動調整後每股收益達 1.78 美元，年增 21%。除了強勁的營運業績外，由於今年迄今回購了 5 億美元的股票，以及外匯匯率不利影響較小，我們也從較低的流通股數量中獲益，這足以抵消較高的利息支出。

Finally, on cash, an incredible performance by our teams to drive strong cash collections and negotiate customer advances while demonstrated early progress in managing inventory. These actions pushed free cash flow margin in the quarter to over 15%, while still funding further strategic CapEx towards innovation and productivity to ensure our performance continues.

最後，在現金方面，我們的團隊表現出色，推動了強勁的現金回收和與客戶協商預付款，同時在庫存管理方面也取得了初步進展。這些措施使本季的自由現金流利潤率超過 15%，同時也為進一步的策略資本支出提供資金，以促進創新和提高生產力，從而確保我們的業績持續成長。

We're driving improvements in working capital, especially in MP and leveraging the learnings from Svanehøj with working capital as a percentage of sales is now just 5%. All in, as you can see, a high-quality performance across the board.

我們正在努力改善營運資本，尤其是在 MP 方面，並藉鑒了 Svanehøj 的經驗，目前營運資本佔銷售額的比例僅為 5%。總而言之，正如你所看到的，各個方面都表現出色。

Let's quickly turn to slide 6. The key takeaway here, similar to what I conveyed in Q2, is that the strong operational performance across our businesses, contributions from our acquisitions and a lower share count enabled us to grow EPS over 21%. We also realized a lower effective tax rate than planned.

讓我們快速翻到第6張投影片。與我在第二季度所表達的類似，這裡的關鍵結論是，我們各項業務的強勁營運表現、收購帶來的貢獻以及較低的流通股數量使我們能夠實現每股收益增長超過 21%。我們也實現了比預期更低的實際稅率。

The earnings accretion from our acquisitions is increasing and will continue to do so as we lap the remaining temporary amortization impacts from kSARIA. We're also making strong operational improvements with 500 basis points improvement in Svanehøj EBITDA margin this quarter. Just to step back for a moment, even if you remove the $0.07 impact from the favorable FX, tax and other items, we still grew EPS over 16%.

我們收購帶來的收益成長正在增加，隨著我們逐步消除 kSARIA 的剩餘臨時攤銷影響，收益成長也將持續。本季度，Svanehøj 的 EBITDA 利潤率提高了 500 個基點，我們在營運方面也取得了顯著進步。先退一步說，即使剔除有利的匯率、稅收和其他項目帶來的 0.07 美元的影響，我們的每股收益仍然增長了 16% 以上。

Now let's move to slide 7 to discuss our revised 2025 guidance. After a strong third quarter performance, during which we grew revenue, expanded margins and generated a ton of cash, we are raising our total revenue and EPS outlook for 2025 and bumping our free cash flow outlook for the -- to the upper end of our previous range.

現在讓我們翻到第 7 張投影片，討論我們修訂後的 2025 年指引。在經歷了強勁的第三季業績後，我們實現了營收成長、利潤率擴大並創造了大量現金，因此我們將 2025 年的總收入和每股盈餘預期上調，並將自由現金流預期上調至先前預期範圍的上限。

On revenue, our total growth is now expected to be slightly higher at 6% to 7%, while organic revenue remains within our prior range of 3% to 5%. We expect continued growth in the project business in IP, given the strong backlog, firm demand in aerospace and defense and outperformance in Friction OE and (inaudible)

在營收方面，我們預計總成長率將略微提高至 6% 至 7%，而有機營收仍保持在先前的 3% 至 5% 的範圍內。鑑於強勁的積壓訂單、航空航太和國防領域的穩健需求以及摩擦原廠設備（Friction OE）的優異表現，我們預期知識產權（IP）專案業務將持續成長。（聽不清楚）

Our margin outlook remains strong. We expect to drive continued productivity in legacy businesses and significant margin expansion in our acquisitions as well as considerable pricing, particularly in CCT. Excluding M&A, we expect margin expansion to be more than 100 basis points for the year.

我們的利潤率前景依然強勁。我們期望在傳統業務中持續提高生產力，並在收購中實現顯著的利潤率擴張，以及可觀的價格，尤其是在 CCT 領域。不計併購因素，我們預計今年利潤率將成長超過100個基點。

On EPS, we're raising the midpoint of our guidance by $0.20 to $6.65, another step change in our EPS outlook for the year with a $0.27 increase at the low end and $0.13 improvement at the high end. This is due to improved productivity, profitable growth from our acquisitions and a slightly lower effective tax rate, now expected to be 21.5% for the year.

關於每股盈餘 (EPS)，我們將預期中位數上調 0.20 美元至 6.65 美元，這是我們今年每股盈餘預期的另一個重大調整，下限上調 0.27 美元，上限上調 0.13 美元。這得益於生產效率的提高、收購帶來的獲利成長以及略微降低的實際稅率（預計今年將為 21.5%）。

Finally, on cash, we now expect to reach the high end of our guidance, delivering $500 million in free cash flow and a 13% margin this year. This reflects several years of structural improvement and disciplined execution from weekly receivable [costs] to a more granular approach to customer payment practices, ensuring ITT east top of mind with them, given the differentiated value we provide.

最後，關於現金流，我們現在預計今年將達到預期上限，達到 5 億美元的自由現金流和 13% 的利潤率。這反映了多年來的結構改進和嚴格執行，從每週應收帳款[成本]到更細緻的客戶付款方式，確保了 ITT East 在客戶心中佔據首要位置，因為我們提供了差異化的價值。

These actions are driving consistently improving results, and we see further opportunities to strengthen cash performance, such as optimizing our advanced payments for large projects. With just one quarter left in 2025, let's spend a minute discussing our implied outlook for Q4. We expect high single-digit growth in revenue of mid-single-digit growth on an organic basis led by strong performances in Connect and Control and industrial processes. Friction should once again outperform global auto production while strength in Rail should continue.

這些措施正在推動績效持續改善，我們看到了進一步加強現金流表現的機會，例如優化大型專案的預付款。2025 年只剩下最後一個季度了，讓我們花點時間討論一下我們對第四季的預期。我們預計，在連接與控制和工業流程業務強勁表現的帶動下，收入將實現高個位數成長或中位數個位數成長（以有機成長為基礎）。摩擦運輸業的表現應該會再次超過全球汽車產量，而鐵路運輸業的強勁勢頭應該會繼續保持下去。

We expect operating margin to be up approximately 130 basis points, led by strong margin expansion at IP. In CCT, pricing and productivity should make -- should more than offset the remaining temporary amortization from kSARIA and MT should once again hit the 20% mark in Q4. In terms of order forecast items, we expect total corporate costs to be slightly up compared to Q3 due primarily to higher growth investments in VIDAR. This should collectively drive EPS growth just below 20% for the quarter.

我們預計營業利潤率將上升約 130 個基點，主要得益於 IP 業務利潤率的強勁成長。在 CCT 中，定價和生產力應該能夠彌補 kSARIA 和 MT 剩餘的臨時攤銷，並在第四季度再次達到 20% 的目標。就訂單預測項目而言，我們預計總公司成本將比第三季略有上升，這主要是由於對 VIDAR 的成長投資增加所致。這應該會共同推動本季每股收益成長略低於 20%。

Let me now turn the call back to Luca to wrap up.

現在我把電話轉回盧卡，讓他來總結一下。

Thanks, Emmanuel. A few points before Q&A. Q3 was all about growth for ITT and another step on the journey towards our 2030 targets. The organic value creation through growth and margin expansion continued. And as you saw, we are compounding this growth with M&A as that acquisitions performed well ahead of expectations.

謝謝你，伊曼紐。在問答環節之前，先說明幾點。第三季對 ITT 而言，重點是成長，也是我們朝著 2030 年目標邁出的又一步。透過成長和利潤率擴張實現的有機價值創造持續進行。正如你所看到的，我們透過併購進一步鞏固了這一成長勢頭，因為這些收購的表現遠遠超出了預期。

Cash continues to ramp towards an expected $0.5 billion of free cash flow this year with a free cash flow margin this quarter of more than 15% and we made another step change improvement in our full year EPS outlook, raising the midpoint by another $0.20. As you can see, ITT's growth is strong, ended its year to stay.

現金流持續成長，預計今年自由現金流將達5億美元，本季自由現金流利潤率超過15%。我們再次大幅上調全年每股收益預期，將中位數上調0.20美元。如您所見，ITT的成長勢頭強勁，並有望保持這一成長勢頭。

Before opening the line for Q&A, there is one more heartfelt thank you, I would love to give. Mark Macaluso, our Head of Investor Relations and Global Communications will be leaving ITT later this week to pursue another opportunity. Dear Mark, thank you. You had a real and great impact on ITT and in ITT.

在開放問答環節之前，我還有一句由衷的感謝想表達。我們的投資者關係和全球傳播主管馬克·馬卡盧索將於本週稍後離開 ITT，尋求其他發展機會。親愛的馬克，謝謝你。你對ITT以及ITT公司本身都產生了真正而巨大的影響。

You elevated how we talked about our businesses. You challenged us and our thinking. You made us more efficient, you made us much, much better. You work hard, play hard and we had fun. Thank you. I learn a heck of a lot from you, and I would also have liked to keep on learning.

你提升了我們談論業務的方式。你挑戰了我們和我們的思考方式。你讓我們效率更高，你讓我們變得更好。努力工作，盡情玩樂，我們玩得很開心。謝謝。我從你身上學到了很多東西，我也很想繼續學習。

One thing you didn't deliver though was to find an earnings call operator with a strong Italian accident than mine to make me sound more Anglo-Saxon. I know you probably wanted me to say fewer words, but we wanted you to know how grateful we all are. From all of us at ITT, thank you and best of luck.

但有一件事你沒做到，那就是找到一個義大利語口音比我重得多的財報電話會議接線員，好讓我聽起來更像個盎格魯-撒克遜人。我知道你可能希望我少說幾句，但我們想讓你知道我們都非常感激。ITT全體員工感謝您，並祝您一切順利。

Gigi, please open the line for Q&A.

Gigi，請開啟問答環節。

(Operator Instructions)

（操作說明）

Mike Halloran, Baird.

麥克哈洛蘭，貝爾德。

Hey. Good morning, everyone. Congrats, Mark. So you'll leaving. We'll miss you. So two questions here. First question, maybe just spend some time given the state of the union as you see it for global auto production Luca and how you think that tracks in the next year. Obviously, the outperformance metrics will continue, but always good to understand your view on the baseline for the market.

嘿。各位早安。恭喜你，馬克。所以你要離開了。我們會想念你的。這裡有兩個問題。第一個問題，盧卡，鑑於你對全球汽車生產現狀的看法，或許你可以花點時間談談你認為明年情況會如何發展。顯然，優異的績效指標將會繼續保持，但了解你對市場基準的看法總是好的。

Sure. So when you look at auto production, Q3 actually was a good quarter. The production worldwide was up and this is very much a China story where -- which was up 9.7%. But both Europe and North America were up as well. For the full year, mind though, the auto production will be overall, up 2% year-over-year at 91 million vehicles produced.

當然。所以從汽車生產的角度來看，第三季其實是一個不錯的季度。全球產量上升，這主要與中國有關——中國產量上升了 9.7%。但歐洲和北美地區的成長幅度也同樣很大。不過要注意的是，全年汽車總產量將年增 2%，達到 9,100 萬輛。

Once again, it's a China story. China up whilst Europe and North America are forecasted to be down low single digits. Now when it comes to 2026, it's still a little bit early to tell, but I would expect it to be flattish to low single digit up. And as you rightly said, we outperformed in the market in Q3, 360 basis points, expect to do so for the full year and also in 2026.

這又是一個與中國有關的故事。中國經濟預計將上漲，而歐洲和北美經濟預計將出現個位數下滑。至於 2026 年，現在下結論還為時過早，但我預計經濟成長將保持平穩或略高於個位數。正如您所說，我們在第三季度跑贏了市場，領先360個基點，預計全年以及2026年都將保持這一成績。

That makes sense. Thank you. And then maybe just a little thought process on the funnel and what you're seeing on the IP side specifically. Certainly, it sounds like the momentum hasn't really changed, timing a little variable, comps are harder. But what are your customers saying? And how confident are you that these -- this funnel can convert to orders in a pretty orderly fashion here?

這很有道理。謝謝。然後，或許可以稍微思考一下轉換漏斗，以及你具體在 IP 端看到的情況。聽起來勢頭似乎並沒有真正改變，只是時機略有變化，比賽也更難了。但您的客戶是怎麼說的呢？你有多大把握認為，這個銷售漏斗能夠以相當有序的方式轉換成訂單？

Sure. So when we look at the funnel, you can see that the funnel year-over-year is down, but 2024 was an incredible year in terms of the opportunities. But there are a couple of important data and signs that confirmed some positive that we shared in the Q2 earnings. The former is that the funnel is up sequentially, Mike, and by quite a bit, by 22%. And I'm talking about active or projects that are active. And the latter data is that without energy, the funnel is also up year-over-year by a healthy 9%.

當然。所以當我們查看轉換漏斗時，可以看到轉換漏斗同比下降，但 2024 年在機會方面是令人難以置信的一年。但有一些重要的數據和跡象證實了我們在第二季財報中分享的一些正面消息。前者是指漏斗圖依序上升，麥克，而且上升幅度相當大，上升了 22%。我指的是正在進行的專案或正在進行的專案。後者的數據顯示，即使不考慮能源因素，漏斗的年增長率也達到了健康的 9%。

So very good positive signs, and the funnels are up as well in North America, in APAC as well as in Latin America. Another data, and then I will stop is when you look at the green project, we had very good orders intake on green projects, but also the funnel of opportunity is up considerably as well as the budget quote. So good positive size on that front, Mike.

所以都是非常好的正面跡象，北美、亞太地區以及拉丁美洲的銷售漏斗也都在上升。另一個數據（我就不多說了）是，當你查看綠色項目時，我們發現綠色項目的訂單量非常好，而且機會管道和預算報價也大幅增加。所以，麥克，這方面情況不錯，數據呈現正態勢。

Really appreciate that, Luca. Thank you.

非常感謝，盧卡。謝謝。

Jeff Hammond, KeyBanc Capital Markets Inc.

Jeff Hammond，KeyBanc Capital Markets Inc.

Hey, good morning, everyone. And best of luck to Mark. I'll plan to stay in touch. Just on the $0.20 guidance raise, I'm just wondering if you can unpack. I think you mentioned better profitability, better acquisitions and tax. I don't know if you can quantify those three pieces. It just seems like at a high level, the margins and top line aren't changing that much.

嘿，大家早安。祝馬克好運。我會保持聯絡。關於每股收益上調 0.20 美元的預期，我想請您詳細解讀一下。我想你提到了更高的獲利能力、更好的收購和稅務問題。我不知道這三個部分是否可以量化。從宏觀層面來看，利潤率和營收似乎並沒有太大變化。

Yes. Thank you, Jeff. So yes, we raised our guidance -- full year guidance EPS by $0.20, that's up 13% versus the prior year and plus 3% versus the prior guide. In Q4, like in Q3, we expect our businesses to exceed or come in line with the previous guidance. And we also expect lower corporate costs due to spending control measures.

是的。謝謝你，傑夫。是的，我們提高了業績預期——全年每股收益預期提高了 0.20 美元，比上年增長 13%，比之前的預期增長 3%。與第三季一樣，我們預計第四季的業務將超過或達到先前的預期。此外，由於支出控制措施，我們預期企業成本也會降低。

So if you think about it, Q3, we were up a little bit more than $0.10 compared to our previous guidance. In Q4, we benefiting from higher revenue and improved margin from all the businesses, a little less than $0.10. And then we have a tax rate impact also that is positive, that is around $0.01.

所以仔細想想，第三季度，我們的業績比之前的預期高出 0.10 美元多一點。第四季度，我們受益於所有業務收入的成長和利潤率的提高，略低於0.10美元。此外，稅率的影響也是正面的，約為0.01美元。

Okay. Very helpful. And then I know it's a little early to look into '26 and you mentioned kind of views on auto production. But maybe just talk about any markets you think you're more excited about and maybe improving inflecting and others that maybe seem a little less certain.

好的。很有幫助。我知道現在談論 2026 年還為時過早，而且你也提到了對汽車生產的看法。但或許可以談談你比較看好的市場，以及那些看起來不太確定的市場，像是那些正在改善的市場。

Sure. So first of all, Jeff, we are entering 2026 with a strong backlog. And this is thanks to the IP project wins and also to the CCT Defense Awards. MT continued to outperformance. So I would say, from a market point of view, Air and Defense would be a tailwind.

當然。傑夫，首先，當我們進入 2026 年時，積壓訂單很多。這要歸功於智慧財產權計畫的成功中標以及CCT國防獎的獲得。MT 繼續保持優異表現。因此，從市場角度來看，我認為空軍和國防領域將是一個利好因素。

In automotive, the outperformance will drive the growth in Motion Technologies. And when you look the IP is a very strong backlog. And as we just shared with Mike, the funnel opportunity is also increasing. We are still very excited about the acquisition in terms of we expected Svanehøj and kSARIA to deliver on the growth in 2026, which is going to be fed by the huge orders growth that they had this year.

在汽車領域，優異的性能將推動運動技術的發展。而且你會發現，IP 領域積壓的項目非常多。正如我們剛才和麥克分享的那樣，銷售管道的機會也在增加。我們仍然對此次收購感到非常興奮，因為我們預計 Svanehøj 和 kSARIA 將在 2026 年實現成長，而這將得益於他們今年巨大的訂單成長。

Okay. Thanks so much, guys.

好的。非常感謝各位。

Vlad Bystricky, Citi.

Vlad Bystricky，花旗銀行。

Morning, guys. Thanks for taking the call. And congratulations, Mark. Sorry to see you moving on, but wish you good luck. So just a couple of quick ones for me. Just in IP, the commentary around short cycle orders being up 5% seems quite encouraging, I guess, in the current environment. Can you just talk about maybe any color on regions or end markets that are driving that and how you're thinking about the sustainability of short-cycle momentum in IP?

早上好，各位。謝謝接聽電話。恭喜你，馬克。很遺憾看到你離開，祝你好運。那我就簡單回答幾個問題。僅就智慧財產權而言，短期訂單成長 5% 的消息在當前環境下似乎相當令人鼓舞。您能否談談推動這一趨勢的地區或終端市場的具體情況，以及您如何看待知識產權領域短期發展勢頭的可持續性？

Yes. So thanks, Vlad. Yeah, we were pretty excited to see good short cycle activity. We had strong activity in parts as well as in valve. And if you look at parts, while July wasn't great, August and September really showed -- delivered the growth for us.

是的。謝謝你，弗拉德。是的，看到短週期活動良好，我們非常興奮。我們在零件和閥門領域都非常活躍。從各方面來看，雖然7月表現不佳，但8月和9月卻表現出色，實現了成長。

And then from a baseline pump standpoint, we had also good numbers, slight growth. Valve was very strong. And here, what we're seeing is the foray we've made in the medical valves especially on those weight loss drugs, which is delivering for us.

從泵浦的基本情況來看，我們的數據也不錯，略有成長。閥門非常堅固。而在這裡，我們看到的是我們在醫療閥門領域，尤其是在減肥藥物領域的進展，這為我們帶來了回報。

And Vlad, if I may, I may add is that the show cycle is 5%, the legacy show cycle growth was actually 7% in the quarter. And when you look at that 7%, 4% was volume. So this is also another good sign.

弗拉德，如果可以的話，我還要補充一點，節目週期為 5%，而傳統節目週期的增長在本季度實際上達到了 7%。如果你看一下這 7%，其中 4% 是銷量。所以這也是一個好兆頭。

That's really helpful color. Thanks, guys. And then just sticking in IP, you highlighted again the strong win rates that you're seeing in Saudi pumps. Can you just talk about underlying market demand trends there and the opportunities you're seeing in Saudi and Middle East more broadly, whether you're seeing any change in demand patterns in that region for IP?

這個顏色真的很有幫助。謝謝各位。然後，就 IP 而言，你再次強調了你在沙烏地阿拉伯泵中看到的強勁勝率。您能否談談當地的潛在市場需求趨勢，以及您在沙烏地阿拉伯和更廣泛的中東地區看到的機會？您是否看到該地區對知識產權的需求模式發生了任何變化？

Sure. Well, we are very excited about our growth opportunities there. As you can see, in all the quotes that we put there, the team won 95% of those quotes. The funnel is increasing. And when we look at the funnel sequentially in the Middle East is up 21%, and these are active projects.

當然。我們對我們在那裡的發展機會感到非常興奮。正如你所看到的，在我們列出的所有引言中，團隊贏得了 95% 的引言。漏斗正在增大。當我們按順序觀察中東地區的專案漏斗時，發現其成長了 21%，而且這些都是活躍的專案。

So the opportunities are there, it is a growth area. We see investment going as well in terms of downstream in the long term, there are further investment in other areas. And this is the reason why we are enlarging our facilities there and investing in manufacturing engineering. I will be there also in November, as I said, celebrating the opening of the expansion and also meeting with some customers, but definitely a growth area for us.

所以機會就在那裡，這是一個成長領域。我們看到，從長遠來看，下游領域的投資也不斷成長，其他領域也會有進一步的投資。這就是我們在那裡擴大生產設施並投資製造工程的原因。正如我之前所說，我11月也會去那裡，慶祝擴建工程的開幕，還會見到一些客戶，但那絕對是我們一個成長的領域。

And as Luca was saying, the region is very dynamic. And I think in addition to this, customers are recognizing the performance in project management, where we really are able to deliver the pump that they want on time with the quality that they require, and this is really making the difference for our business.

正如盧卡所說，這個地區充滿活力。而且我認為，除此之外，客戶也認可了我們在專案管理方面的表現，我們確實能夠按時交付他們想要的、品質符合他們要求的泵，這確實對我們的業務產生了影響。

Very helpful, guys. I'll go back in queue. Thanks.

非常感謝各位的幫助。我重新排隊。謝謝。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Hey, guys, good morning. And Mark, congratulations. I'm sure we'll keep in touch, but I wish you the best. Yeah. So maybe just kind of starting off, look, Svanehøj and kSARIA so far has just been tremendous, right? And I know you talked a lot at Investor Day about this -- your ability to potentially compound via M&A going forward. So I just want to get a sense Luca, just on the funnel, like how attractive is your M&A funnel today types of acquisitions that you're looking at? Any potential color there would be great.

嘿，各位，早安。馬克，恭喜你。我相信我們還會保持聯繫，祝你一切順利。是的。所以，或許可以先從頭說起，你看，到目前為止，Svanehøj 和 kSARIA 的表現都非常出色，對吧？我知道您在投資者日上多次談到這一點——您未來透過併購實現複合成長的能力。所以我想了解一下盧卡，就目前而言，你們的併購管道有多吸引人？你們正在關注哪些類型的收購？任何顏色都行。

Sure. Thank you, Joe. So when you look at the funnel, the funnel is rich of opportunities. And I can tell him I'm spending quite a bit of time together with Biotech and the business leaders to look at opportunities, meeting management teams and visiting also some company sites.

當然。謝謝你，喬。所以當你觀察銷售漏斗時，你會發現其中蘊藏著大量的機會。我可以告訴他，我正在花很多時間與生技公司和企業領導人一起尋找機會，會見管理團隊，並參觀一些公司。

So those opportunities in the funnel are progressing and so this is good. I want to restate, they are in flow. So it's mainly pumps and valves and some on the connectors as well mainly our focus on aero and defense. So that is happening and is good.

所以銷售漏斗中的那些機會正在推進，這是好事。我想重申一下，他們正處於最佳狀態。所以主要是泵浦和閥門，還有一些連接器，我們主要關注航空和國防領域。所以這件事正在發生，而且是好事。

One thing is also -- as you said, the two acquisitions we made have been successful. They are overdelivering on all fronts. We need to ensure that our process stay rigorous both in terms of from a strategic point of view, it has to be on strategy and also financially that we are going to create value for our shareholders. So -- but all of that I'm positive on the progress we are making there.

還有一點——正如你所說，我們進行的這兩項收購都很成功。他們在各方面都表現出色，超乎預期。我們需要確保我們的流程在策略層面和財務層面都保持嚴謹性，既要符合策略，也要為股東創造價值。所以——但我對我們在那裡取得的進展持樂觀態度。

Yeah. Look, I know sometimes these are really difficult to like figure out exactly when timing is going to work out, willing sellers, et cetera. As you kind of think about 2026 and your ability to get a few deals done, like how are you kind of handicapping whether you'll be able to get some things done?

是的。我知道有時候很難準確掌握時機，找到願意出售的賣家等等。當你展望 2026 年以及你完成一些交易的能力時，你如何預測自己是否能夠完成一些事情？

Well, I would say, look, if you look at the last couple of years, for example, Joe, in the last couple of years since the beginning of 2024, we deployed $1.9 billion of capital. $200 million went on CapEx, $900 million went on M&A and $800 million went in dividends and share repurchases. So I would say we really are working hard to deliver the growth from an M&A point of view as well. But if things do not happen, we are going to deploy our capital and repurchase shares. So that is our backup option. But the capital will be deployed.

嗯，我想說，你看，像喬，如果你看看過去幾年，從2024年初到現在，我們投入了19億美元的資金。其中2億美元用於資本支出，9億美元用於併購，8億美元用於分紅和股票回購。所以我覺得，從併購的角度來看，我們也確實在努力成長。但如果事情沒有進展，我們將動用資金回購股票。這就是我們的備用方案。但資金將會被投入使用。

Okay. Great. And then if I could just squeeze one more in. Just on orders, sounded like the activity is very good, particularly on the industrial process side. I know you mentioned the book-to-bill kind of greater than 1 for the year. But as I kind of look at the fourth quarter, you've been kind of -- you've been in that $1 billion range for orders the last few quarters. Is that kind of like -- are you tracking towards a number in that ballpark for 4Q?

好的。偉大的。如果還能再擠出一個就好了。僅就訂單而言，聽起來業務活動非常活躍，尤其是在工業流程方面。我知道你曾提到年度帳面出貨量大於 1 的情況。但當我回顧第四季時，發現你們的訂單金額在過去幾季一直維持在 10 億美元左右。這有點像——你們預計第四季的數字會在這個範圍內嗎？

Yes. I would say, yes, Joe. And one thing that I want to stress on the orders is there has been a lot of phasing if you think about this year, right? So if you think about Q3, for sure, the book-to-bill in Q3 is not great, but there was a very tough comparison in IP projects versus the prior year when we booked a huge project in the Middle East and also on Svanehøj, many customers anticipated orders in the first half. And our philosophy Joe is to take the orders as soon as we can get them.

是的。是的，喬。關於訂單，我想強調一點，如果你回顧今年的情況，你會發現訂單的執行有很多階段性步驟，對吧？所以，如果你考慮第三季度，可以肯定的是，第三季度的訂單出貨比並不理想，但與前一年相比，IP 項目面臨著非常嚴峻的比較，因為我們在中東接到了一個大項目，而且在 Svanehøj 項目上，許多客戶都預期在上半年下訂單。喬，我們的理念是接到訂單就盡快下單。

So on the orders front is a good story for ITT. The book-to-bill for the full year will be comfortably above 1. And the backlog that we will have at the end of the year is going to be higher than the backlog that we had when we started in 2025. And as Emmanuel said, also the picture is good on the short cycle as well, which is good.

所以，就訂單方面而言，ITT 的情況不錯。全年訂單出貨比將輕鬆超過 1。到年底，我們的積壓訂單量將高於 2025 年剛開始時的積壓訂單量。正如伊曼紐爾所說，短週期畫面也很好，這很好。

Perfect. Thank you, guys.

完美的。謝謝大家。

Matt Summerville, DA Davidson.

馬特·薩默維爾，地方檢察官戴維森。

Morning. Just on the auto side of the business, can you talk about what you're seeing in aftermarket. And if in that business as you look out over the next several years, does that still really stay relegated from a geographic perspective to Europe? And then how should we be thinking about the ramp in high performance in VIDAR over the next year or two? And then I have a follow-up.

早晨。僅就汽車業務方面而言，您能否談談您在售後市場看到的情況？展望未來幾年，從地理角度來看，這個產業是否仍會侷限在歐洲？那麼，在接下來的一兩年裡，我們該如何看待 VIDAR 高績效的快速發展呢？然後我還有一個後續問題。

Sure. When you look at the aftermarket, the aftermarket that we are staying in Europe, there is no move to other regions. This is only the market where we play and we decided to play. And also in that market, we position ourselves only on the top end. The aftermarket probably is the only area where we saw some decline, and that is mainly -- is a market related that is not a share conversation to be had there.

當然。當你審視售後市場時，你會發現我們仍然留在歐洲的售後市場，並沒有轉移到其他地區的跡象。這是我們唯一參與的市場，我們決定在這裡參與。而且在這個市場中，我們也只定位在高端市場。售後市場可能是我們唯一看到下滑的領域，而這主要是──這是一個與市場相關的領域，不值得就此展開市場佔有率的討論。

Now when we look at the high performance, the performance is progressing well. The plant internally is producing a supply to our customers. We continue to win awards. So if you look, we won several awards in Q3 with a company like Daimler as well as Audi and the plant is also using green energy, that high-performance plant can run 100% with actually the green energy. So very positive growth on the high-performance side.

現在來看高效能部分，效能進展良好。該工廠內部正在生產產品，以滿足客戶的需求。我們持續獲獎。所以你看，我們在第三季度與戴姆勒和奧迪這樣的公司一起贏得了幾個獎項，而且該工廠也使用綠色能源，這座高性能工廠實際上可以100%使用綠色能源運行。因此，高性能產品方面出現了非常積極的成長。

When it comes to VIDAR. Well, VIDAR as well, I would say, is progressing well. We have it installed with three major energy companies in the USA. Now what you find here, Matt, is a revolutionary product in an industrial environment. So we really need to test the customer really to see it working for some time, you will face the typical S-curve.

說到 VIDAR。我認為，VIDAR 的進展也相當順利。我們已在美國三家大型能源公司安裝了該系統。馬特，你現在看到的是一款在工業環境中具有革命性意義的產品。所以我們需要對客戶進行真正的測試，看看它能否持續一段時間，你會遇到典型的 S 形曲線。

Having said that, we are still committed to $150 million of sales by 2030 and a 10% market share on a $6 billion market in the long term. We keep on investing a lot, Matt, in this one and in short to ensure that we have the product for the European Union as well as the larger sizes in the US.

儘管如此，我們仍然致力於在 2030 年前實現 1.5 億美元的銷售額，並在長期內佔據 60 億美元市場 10% 的市場份額。馬特，我們一直在大力投資這款產品，簡而言之，就是為了確保我們既能為歐盟提供產品，也能為美國提供更大尺寸的產品。

Thank you for that color. And then just as a follow-up, I mean, the number of platform wins, I don't know the number off the top of my head year-to-date, but I feel like you've been winning 30, 40, 50 kind of on a per quarter basis here over the last couple of quarters. What is your actual win rate in MT friction OEM on the platforms you're competing on?

謝謝你提供的這種顏色。然後，作為後續問題，我的意思是，關於平台獲勝次數，我一時想不起來今年到目前為止的具體數字，但我覺得在過去的幾個季度裡，你們每個季度大概都能贏得 30、40、50 次。在你所競爭的平台上，你的MT摩擦OEM實際勝率是多少？

It's a very good win rate. So -- and I would say, if you look at also the electrified platforms, is year to date, are 142, which is the same number of platforms that we won for the last year in 2024. So these platform wins is one of the pillar of our friction strategy to ensure that we keep on gaining share. So we are confident we will keep on improving our market share in the next few years as well because of these wins.

勝率非常高。所以——而且我想說，如果你也看看電氣化站台，今年到目前為止是 142 個，這與我們去年在 2024 年贏得的站台數量相同。因此，這些平台勝利是我們摩擦策略的支柱之一，以確保我們持續獲得市場份額。因此，我們有信心，憑藉這些勝利，在未來幾年內，我們的市佔率也將繼續提高。

Great. Thanks.

偉大的。謝謝。

Joseph Giordano, TD Cowen.

Joseph Giordano，TD Cowen。

Hey. Good morning, guys. And so I guess if you guys start beating on corporate expense, we'll know you were paying Mark too much, right? Is that the way we should think about it?

嘿。各位早安。所以，如果你們開始抨擊公司開支，我們就知道你們給馬克的薪水太高了，對吧？我們該這樣想嗎？

You got it.

答對了。

So there's been a lot of talk now about like these chip shortages in Europe for auto and like potential shutdown of production as that plays out. Just curious what you're seeing there and what you're hearing in terms of like near-term visibility.

所以現在有很多關於歐洲汽車晶片短缺以及由此可能導致停產的討論。我只是好奇你那邊的情況，以及你聽到的關於近期能見度方面的資訊。

Sure. Well, when we look at Q3, Europe posted a very slight growth in terms of production of 1%. But both Europe and North America are forecasting for the full year a decline in production of roughly 2%. So these two markets from a production point of view are still challenged. So this is what we're seeing.

當然。嗯，當我們看第三季時，歐洲的產量僅略微增加了1%。但歐洲和北美都預測，全年產量將下降約 2%。因此，從生產角度來看，這兩個市場仍面臨挑戰。這就是我們看到的情況。

Our customers are challenged from an investment point of view with a new platform from a competitive point of view, because the competitive environment is getting tougher with the Chinese OEMs. So -- but at the same time, the way that they need to win is with new models, new products coming to the market, and this is an opportunity for us to keep on increasing our market share.

從投資的角度來看，我們的客戶面臨新平台帶來的挑戰；從競爭的角度來看，由於中國OEM廠商的競爭日益激烈，我們的客戶面臨新平台帶來的挑戰。所以——但同時，他們取勝之道在於推出新車型、新產品，而這對我們來說是一個不斷擴大市場份額的機會。

So regarding the ship shortage, we read the headlines with [Nexperia] like everyone else. For the moment, our customers are not voicing any concern directly to us. We had a pretty strong month of October in terms of deliveries for Europe. So we don't know exactly what that means, but Europe was a little bit stronger than what we were expecting in October.

所以關於船舶短缺問題，我們和其他人一樣，都從[Nexperia]那裡看到了新聞報道。目前，我們的客戶尚未直接向我們表達任何擔憂。10月份我們在歐洲的交付量相當強勁。所以我們還不完全清楚這代表什麼，但10月份歐洲的經濟狀況比我們預期的要強一些。

Okay. And as you start thinking about 2026, like if you look at some of these businesses that Svanehøj and kSARIA orders up so large. I mean, obviously, that's going to derisk the revenue profile into next year. But are those sustainable order levels?

好的。當你開始思考 2026 年的時候，例如如果你看看 Svanehøj 和 kSARIA 訂購的這些規模龐大的企業。我的意思是，很顯然，這將降低明年收入前景的風險。但這樣的訂單水準是可持續的嗎？

Like how do you prepare for like -- is there likely to have some big decline in orders that you need to like calibrate what's the real kind of underlying multiyear trend line? Like how do you kind of how do you operate when you have those kind of dramatic moves one way or the other?

例如，你如何為這種情況做準備——訂單量可能會大幅下降，你需要校準一下多年潛在趨勢線的真實情況？當出現這種劇烈的變化時，你會如何應對？

Yeah. So this year, for sure, I would say if you had told us that Svanehøj would grow more than 50% in terms of orders year-to-date, we would have said no way. So what we saw during the year, though, is that a really strong first half with really, really strong growth. And customers actually pulled in orders in order to secure capacity within Svanehøj. And so that's why the second half is a little weaker.

是的。所以今年，我可以肯定地說，如果你告訴我們 Svanehøj 的訂單量今年迄今為止會成長超過 50%，我們肯定會說不可能。不過，我們在這一年看到的是，上半年業績非常強勁，成長動能非常強勁。顧客們紛紛下單，以確保 Svanehøj 的產能。所以，這就是為什麼後半部稍顯遜色的原因。

I don't expect that next year will be as strong as what we're seeing this year because on average, remember, we said that we expect growth of low double digits for the next five years. And so I think 2025 was especially strong. We think it's going to normalize over the year but still delivering over the long-term low double-digit growth.

我不認為明年會像今年一樣強勁，因為平均而言，我們說過，我們預計未來五年的成長率為兩位數低段。所以我認為 2025 年表現特別強。我們認為這種情況會在今年內趨於正常，但仍將維持長期兩位數的低成長。

Thanks, guys.

謝謝各位。

Damian Karas, UBS.

Damian Karas，瑞銀集團。

Hey. Good morning, everyone. So obviously, you guys are doing quite well in IP, really strong organic growth there. We have been hearing from some peers out there that there's been some -- maybe some deferrals going on in the project space kind of in the process markets. Just curious if you happen to be kind of seeing any of that in your business?

嘿。各位早安。顯然，你們在智慧財產權領域做得相當不錯，實現了非常強勁的自然成長。我們從一些同行那裡了解到，專案領域和流程市場可能出現了一些延期的情況。只是好奇，你的業務中是否也出現了類似的情況？

So one thing that we share -- the short answer is not really -- not material. And as a matter of fact, the sign that we had in this quarter which was positive was on the funnel. The funnel has gone up sequentially by quite a bit. And when I'm talking about the funnel, I'm not inserting in the funnel budgetary quote. I'm talking just about funnel of active projects, so projects that are funded. So no, not really. We had in our orders, some phasing because with programs always happened away, but no.

所以我們共同擁有的一點——簡而言之，不是——不是物質上的。事實上，本季我們看到的唯一積極跡象就是銷售漏斗圖。漏斗的高度已經逐一上升了不少。當我談到銷售漏斗時，我並不是指在漏斗中插入預算報價。我指的是活躍專案的管道，也就是已經獲得資金的專案。所以，不，其實不是。我們的訂單中有一些分階段實施的條款，因為程序總是會發生變化，但沒有。

Okay. That's good to hear. And Emmanuel, I was hoping you could maybe give us a little bit of framework for CCT margins thinking about 2026. There's that deal amortization thinking about how that will factor in. And then maybe just some of the mix items that you think about the areas like OE and aftermarket and aerospace and events, energy and the like.

好的。聽到這個消息真好。伊曼紐爾，我希望你能給我們一些關於 2026 年 CCT 利潤率的框架建議。還有交易攤銷的問題需要考慮，看看這會如何影響最終結果。然後，也許還可以考慮一些混合項目，例如 OE、售後市場、航空航太、活動、能源等領域。

Sure. So let me start by saying that it's a little bit early for 2026, but let me give some broad strokes in terms of CCT. So obviously, CCT will continue to benefit from the aerospace recovery. And here, what's interesting is that, so far, we've seen more narrow-body recovery, and then we expect wide-body where CCT business is stronger in a ship set from a ship set standpoint. So aero volumes up.

當然。首先我想說，現在談 2026 年還為時過早，但讓我對 CCT 做一些概括性的闡述。顯然，CCT將繼續受益於航空航太業的復甦。有趣的是，到目前為止，我們看到窄體飛機的復甦更為明顯，然後我們預計寬體飛機的復甦也會更加明顯，因為從船舶組合的角度來看，CCT 業務在寬體飛機領域更為強勁。所以航空業的銷售量上升了。

I think with that, this will be compounded by price. We have high expectations from a price standpoint for CCT. We -- on this point specifically, we continue to negotiate with Boeing, and we're making some really good progress. We value Boeing as a customer, and I think it shows in their proposal that they value us as well.

我認為，價格上漲會加劇這種情況。從價格角度來看，我們對CCT抱有很高的期望。在這一點上，我們仍在與波音公司進行談判，並且取得了一些非常好的進展。我們非常重視波音公司這個客戶，我認為他們的提案也反映了他們對我們的重視。

And so this from a top line standpoint should be really a tailwind. And then from a profit standpoint, I think in CCT, there's a lot of -- there are a lot of opportunities from a sourcing and a manufacturing standpoint. We are seeing sites like our Orchard Park site, for instance, which is doing really well and also investing in automation process of projects in order to support the growth in bill rates. And we have other sites in CCT, where we still need to make progress. We still need to go after efficiencies.

因此，從整體來看，這應該是一個利好因素。從獲利的角度來看，我認為在 CCT 領域，從採購和製造的角度來看，有很多機會。例如，我們看到像我們的 Orchard Park 站點這樣的項目運作得非常好，並且還在投資項目自動化流程，以支持計費費率的成長。我們在 CCT 還有其他一些站點，我們仍需在那裡取得進展。我們仍然需要追求效率。

So we're working a lot of machining efficiencies. And so that should drive really margin expansion in addition to volume and price. And obviously, finally, the end of the temporary amortization that you discussed should bring a little bit more than $0.10 coming from kSARIA next year.

所以我們正在努力提高加工效率。因此，除了銷量和價格之外，這應該會真正推動利潤率的擴張。最後，正如您所討論的，臨時攤銷的結束應該會在明年為 kSARIA 帶來略高於 0.10 美元的收入。

Yeah, surely helpful. Thanks, everyone. Good luck.

是的，肯定很有幫助。謝謝大家。祝你好運。

[Sabrina Adams] Bank of America.

[薩布麗娜·亞當斯] 美國銀行。

Hey. Good morning, everyone. Congratulations, Mark.

嘿。各位早安。恭喜你，馬克。

Thank you very much, Sabrina.

非常感謝你，薩布麗娜。

I'm going to follow up on Damian's question there on margins. With the incrementals have had a lot of temporary amortization in the past two years and have been running maybe closer to 25%. And I think I'm seeing the implied incremental somewhere closer to 33% in Q4 and when you're anniversarying kSARIA, I guess maybe just some thoughts on how to think about incrementals into next year versus what we've seen in the past couple of years, as you anniversary the amortization because I think historically, been able to do closer to even 40%, just any direction there?

我打算跟進一下達米安關於邊距的問題。過去兩年，增量部分有許多臨時攤銷，攤銷率可能接近 25%。我認為第四季度隱含增量接近 33%，而且在 kSARIA 週年紀念日之際，我想或許可以探討一下如何看待明年的增量，並將其與過去幾年的情況進行比較，因為我認為從歷史數據來看，我們曾經能夠達到接近 40% 的水平，只是沒有任何方向性的想法？

Yes, Sabrina. So when you remove the impact of acquisitions, our incremental in Q3 were around 40%, right? And all the businesses were really strong with Motion Tech the strongest. In Q4, we expect similar incrementals, excluding the impact of acquisitions. For 2026, we -- I think around 30% to 35% is probably a good number to keep in mind.

是的，薩布麗娜。所以，如果剔除收購的影響，我們第三季的增量約為 40%，對吧？所有企業實力都非常強勁，其中 Motion Tech 最強勁。第四季度，我們預期會有類似的增量，不包括收購的影響。對於 2026 年，我認為 30% 到 35% 左右可能是一個值得記住的數字。

Thank you. And I just want to ask a little bit about the pricing environment. Clearly, tariffs have not been an issue for your execution, but just in general, what are you seeing from your customers in terms of pricing acceptance? How is the pricing environment evolving?

謝謝。我想稍微了解一下定價環境的狀況。顯然，關稅並沒有對你們的執行造成影響，但總的來說，你們的客戶對價格的接受度如何？價格環境正在如何變動？

I think we've heard from some channel checks that there's been a lot of inflation push this year. Maybe next year, it will be more difficult, but I know you guys have some idiosyncratic pricing on the aero side. Just maybe thoughts there on how that's evolving.

我從一些管道了解到，今年通膨壓力很大。也許明年會更難，但我知道你們在航空產品方面有一些獨特的定價策略。或許可以分享一下我對這件事發展趨勢的看法。

Sure, Sabrina. So when it comes to pricing, the dynamic is different in the different businesses, I would say the most -- the area where we have more pricing power remain CCT and this is where you will have -- you will see more impact. Now when it comes to IP, Sabrina, the price would be more strategic and so we will really have to be more analytical and understanding where we can really price the value for that specific pump in the specific region for the specific customers. And then when it comes to automotive, that is a completely different dynamic.

當然可以，薩布麗娜。所以，在定價方面，不同行業的動態有所不同，我認為最主要的是——我們擁有更大定價權的領域仍然是 CCT，而這正是你將會看到更大影響的地方。薩布麗娜，說到IP，價格會更具策略性，所以我們真的需要更加分析和了解如何才能真正為特定地區特定客戶的特定泵浦定價。而汽車業的情況則完全不同。

Thank you.

謝謝。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

Good morning, everyone. This is (inaudible) on for Nathan. I wanted to quickly ask, margins were very strong 20.2% for Motion Technology. Can you provide the margin impact from FX transaction?

各位早安。這是（聽不清楚）給內森的。我想快速問一下，運動技術的利潤率非常高，達到了 20.2%。能否提供外匯交易對利潤率的影響？

Sure. So when you look at Motion Tech, we are very excited that for the second quarter in a row, they are above 20%. And so the FX transaction, I want to say, was still negative in absolute value, but year-over-year was a benefit of around 100 basis points.

當然。所以，當我們看 Motion Tech 時，我們非常高興地看到，他們連續第二個季度成長率超過 20%。因此，我想說，外匯交易的絕對值仍然是負值，但與去年同期相比，收益約為 100 個基點。

Thank you. I appreciate that. And then I guess we talked a lot about AMD. Can you just provide a little bit more color on prospects for improving growth aside from A&D within TCT?

謝謝。我很感激。然後我想我們聊了很多關於AMD的話題。能否再詳細談談除了航空航太與國防之外，TCT內部還有哪些方面可以促進成長？

Yes. So A&D for us has been pretty strong. As I mentioned, A&D historically has been a little weaker than everybody else because we are more tilted towards wide-body than narrow-body. But in the quarter, orders for aerospace were up in the high teens, and defense was also up in the -- sorry, in the mid-single digits. kSARIA was really strong as well. So the quarter in Q3 was pretty good.

是的。所以對我們來說，航空航太與國防業務一直相當強勁。正如我之前提到的，航空航太與國防產業歷來比其他產業稍弱一些，因為我們更傾向於寬體飛機而不是窄體飛機。但本季度，航空航太領域的訂單成長了接近兩位數，國防領域的訂單也成長了——抱歉，是中位數。 kSARIA 的表現也非常強勁。所以第三季業績相當不錯。

I think when you look at Q4, we expect growth to continue to accelerate with both aero and defense to be around the 20% mark in terms of growth. And obviously, this implies that we have to ramp up our production to make sure that we support our customers in delivering the products that they need.

我認為，展望第四季度，我們預計航空和國防領域的成長將繼續加速，成長率將達到 20% 左右。顯然，這意味著我們必須提高產量，以確保能夠為客戶提供所需的產品。

Awesome. Thank you, guys. Appreciate it.

驚人的。謝謝大家。謝謝。

Thank you. This does conclude today's conference. Please disconnect your lines at this time, and have a wonderful day.

謝謝。今天的會議到此結束。請暫時斷開您的線路，祝您有美好的一天。