ITT Inc (ITT) 2026 Q1 法說會逐字稿

Welcome to ITT's 2026 first quarter conference call. Today is Wednesday, May 6, 2026. Today's call is being recorded and will be available for replay beginning at 12:00 PM Eastern Time. (Operator Instructions) It is now my pleasure to turn the call over to Carleen Salvage, Vice President, Investor Relations and FP&A. You may begin.

歡迎參加 ITT 2026 年第一季電話會議。今天是 2026 年 5 月 6 日（星期三）。本次電話會議將被錄音，並將於美東時間中午 12:00 起提供重播。(接線員指示) 現在我很榮幸將電話交給投資人關係與 FP&A 副總裁 Carleen Salvage。您可以開始了。

Thank you, Kathy, and good morning. Joining me in Stanford 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 April 4, 2026, which we announced this morning.

謝謝你，Kathy，大家早安。今天在史丹佛與我一同出席的有 ITT 執行長兼總裁 Luca Savi，以及財務長 Emmanuel Caprais。今天的電話會議將涵蓋 ITT 截至 2026 年 4 月 4 日止三個月期間的財務結果，我們已於今早發布。

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 and including those described in our 2025 annual report on Form 10-K and other recent SEC filings, except where otherwise noted, the first quarter results we present this morning will be compared to the first quarter of 2025 and include certain non-GAAP financial measures.

請參閱我們網站上簡報的第 2 頁投影片；我們在其中指出，今天的評論將包含以前瞻性陳述為主，並以我們目前的預期為基礎。由於多項風險與不確定性，實際結果可能出現重大差異，其中包括我們 2025 年 Form 10-K 年報及其他近期 SEC 申報文件所述者。除非另有說明，我們今早呈報的第一季結果將與 2025 年第一季比較，並包含若干非 GAAP 財務衡量指標。

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. As previously communicated during our fourth quarter 2025 earnings call, going forward, ITT will include intangible amortization expenses related to acquisitions as a separate line item within the consolidated statement of operations and in its adjustments to earnings.

上述衡量指標與最可比 GAAP 數字之調節表，已詳列於我們的新聞稿與簡報附錄中，兩者皆可於我們網站取得。如同我們在 2025 年第四季財報電話會議中先前所溝通，未來 ITT 將把與併購相關的無形資產攤銷費用，於合併損益表中列為單獨項目，並納入其對盈餘的調整。

In 2025, the impact of this reporting change on earnings per share was $0.13 in Q1 and $0.47 for the full year. All adjusted EPS figures presented going forward will be on this basis. A full reconciliation of the impact of the revision to adjusted operating income and margin, income from continuing operations and EPS for each quarter in 2025 and the full year can be found in the supplemental materials at the end of our presentation available on our website.

在 2025 年，此一報導變更對每股盈餘的影響為第一季 0.13 美元、全年 0.47 美元。未來所呈報的所有調整後 EPS 數字都將以此基礎計算。關於 2025 年各季與全年之調整後營業利益與利潤率、持續營運利益及 EPS 的修訂影響完整調節表，可於我們網站上簡報末尾的補充資料中查閱。

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

接下來，我很榮幸將電話交給 Luca，他將從第 3 頁投影片開始。

Thank you, Carleen, and good morning. Before I begin, I want to recognize our employees across ITT for delivering a very strong start to the year. In particular, our Middle East teams who delivered despite the ongoing conflict, the supply chain disruptions and the challenges this has represented to their professional and personal lives. Thank you.

謝謝你，Carleen，大家早安。在開始之前，我想表揚 ITT 全體員工在年初交出非常強勁的開局。特別是我們的中東團隊，在衝突仍持續、供應鏈受干擾，以及這些情勢對其工作與個人生活帶來挑戰的情況下，仍然完成交付。謝謝。

In Q1, we demonstrated solid momentum across the portfolio. Thanks to the disciplined execution and the tangible benefits of our M&A strategy. We delivered outstanding orders growth above market revenue expansion and robust earnings exemplified our 25% EPS growth in the quarter. We are truly pumped up.

第一季，我們在整體投資組合展現了穩健動能。這要歸功於嚴謹的執行力，以及我們併購策略所帶來的具體效益。我們交出亮眼的訂單成長、優於市場的營收擴張，以及強勁的獲利表現，最具代表性的是本季 EPS 成長 25%。我們真的非常振奮。

Here are some highlights. We grew orders 26% at 8% organically. We grew revenue 33% and 11% organically. We expanded margin by 130 basis points and we delivered 25% adjusted EPS growth. I'm also encouraged by SPX FLOW's strong start.

以下是一些重點。訂單成長 26%，其中有機成長 8%。營收成長 33%，其中有機成長 11%。利潤率擴張 130 個基點，並交出調整後 EPS 成長 25%。我也對 SPX FLOW 的強勁開局感到鼓舞。

In month 1, we already produced net earnings cash accretion and promising top line growth. This is all included in our newly formed Flow Technologies segment that now combines industrial process and SPX FLOW.

在第 1 個月，我們就已實現淨利與現金的增益（accretion），並展現令人期待的營收成長。這些成果都已納入我們新成立的 Flow Technologies 事業部門，該部門現已整合工業流程（industrial process）與 SPX FLOW。

This was an outstanding quarter. Let's dive into the details. We grew revenue 33% and 11% organically with all businesses contributing. CCT up 17%, grew industrial connector sales by 27% and Aerospace and Defense by nearly 20% and we're already benefiting from the Boeing price negotiation closed last year. MT increased revenue by 15% and 5% organically in an automotive market down [three] as friction outperformed global vehicle production by more than 1,400 basis points.

這是一個非常出色的季度。讓我們深入看看細節。營收成長 33%，其中有機成長 11%，所有業務皆有貢獻。CCT 成長 17%，工業連接器銷售成長 27%，航太與國防接近 20%；而且我們已開始受惠於去年完成的波音價格談判。MT 營收成長 15%，其中有機成長 5%；在汽車市場下滑 [three] 的情況下，摩擦材料（friction）表現仍優於全球汽車產量超過 1,400 個基點。

And to top it off, Flow Technologies revenue was up 61% or 12% organically. The team delivered higher project sales, including from [Sevan], which were up 44%, well down gland. Show cycle also grew 10% due to market share gains in all product categories. On orders, ITT grew 26% and 8% organically in Q1, showing broad strength across our segments. CCT grew 10% organically on the back of strong aerospace demand and market share gains in industrial connectors.

此外，Flow Technologies 營收成長 61%，其中有機成長 12%。團隊帶動更高的專案銷售，包括來自 [Sevan] 的貢獻；專案銷售成長 44%，well down gland。短週期（short cycle）也因在所有產品類別的市占提升而成長 10%。在訂單方面，ITT 第一季成長 26%，其中有機成長 8%，顯示各事業部門普遍強勁。CCT 在強勁航太需求與工業連接器市占提升的帶動下，有機成長 10%。

In Flow Technologies, we delivered 44% orders growth and 7% organically, driven by share gains in short cycle, including baseline pumps, aftermarket and bars. Bars up 24% continues to benefit from a GLP-1 project that keeps expanding in scope.

在 Flow Technologies，我們的訂單成長 44%，其中有機成長 7%，主要由短週期業務的市占提升所驅動，包括 baseline pumps、售後市場（aftermarket）與 bars。Bars 成長 24%，持續受惠於一項 GLP-1 專案，且該專案範疇仍在擴大。

And friction continued to gain market share with significant platform awards, including in the high-performance segment. And last but not least, our book-to-bill was 1.09. We delivered equally strong margin expansion of 130 basis points with all businesses contributing.

摩擦材料（friction）也持續取得市占，並獲得多項重要平台獎項，包括高性能（high-performance）領域。最後但同樣重要的是，我們的接單出貨比（book-to-bill）為 1.09。我們也交出同樣強勁的利潤率擴張 130 個基點，且所有業務皆有貢獻。

Flow Technologies delivered 23.7% operating margin up 100 basis points, thanks to significant contributions from volume and to a lesser extent price. At 21.1% ITT deliver 130 basis points margin progression as productivity and volume growth more than offset price pressure. Finally, CCT expanded margin to 19.3% as volume growth and price both contributed.

Flow Technologies 的營業利潤率為 23.7%，提升 100 個基點，主要受惠於出貨量（volume）的顯著貢獻，價格因素的貢獻相對較小。在 21.1% 的水準下，ITT 實現 130 個基點的利潤率提升，生產力改善與量的成長，足以抵銷價格壓力。最後，CCT 的利潤率擴張至 19.3%，量的成長與價格皆有貢獻。

Moving to capital deployment. On March 2, we closed the SPX FLOW acquisition, one month ahead of schedule and with a leverage ratio comfortably below 3 at 2.7. The newly created Flow Technologies segment, both nearly $3 billion in revenue and is a global flow leader with premier brands in pumps, bars, mixes and other process solutions.

接著談資本配置。3 月 2 日，我們完成 SPX FLOW 併購案交割，比原定時程提前一個月，且槓桿比率在 2.7，明顯低於 3，處於舒適水準。新成立的 Flow Technologies 事業部門營收接近 30 億美元，是全球流體領導者，旗下擁有泵浦、bars、混合（mixes）及其他製程解決方案等一流品牌。

On the first day, the entire ITT leadership team actively participate in person to turn all meetings around the world with SPX FLOW employees. We lead out our vision and our expectations and answered questions from highly engaged employees.

在第一天，ITT 整個領導團隊即親自積極參與，與全球各地的 SPX FLOW 員工進行一系列會議。我們闡述了願景與期望，並回答高度投入的員工所提出的問題。

I was fortunate enough to be in delavant Wisconsin together with Rudy, or WakasaCheriboral leader. I was encouraged by what I saw in the plant by the enthusiasm of the local team by their deep knowledge of the business and their openness to do better and to do more.

我也很幸運能與 Rudy 一起在威斯康辛州 delavant，或 WakasaCheriboral leader。我對在工廠所見感到鼓舞：當地團隊的熱情、對業務的深厚理解，以及願意做得更好、做得更多的開放態度。

I also experienced this enthusiasm with Wendy, our mixing solutions leader and our two other sites in Rochester, New York and Palmyra Pennsylvania. Their team has been working hard to improve material flows and overall equipment efficiency.

我也在與我們的混合解決方案負責人 Wendy，以及位於紐約州羅徹斯特與賓夕法尼亞州帕爾邁拉的另外兩個據點互動時，感受到這股熱忱。他們的團隊一直努力改善物料流動並提升整體設備效率。

Biotech Wendy, Rudy and I also share future growth plans and was still early in the year, I'm heartened by the orders and sales growth we delivered in the first quarter to achieve high single-digit revenue growth for 2026.

在生技方面，Wendy、Rudy 和我也分享了未來成長計畫；雖然今年仍在年初階段，但第一季我們交出的訂單與銷售成長令人振奮，讓我們得以在 2026 年達成高個位數的營收成長。

When it comes to synergies, the Flow Technologies team has been hard at work identifying and implementing actions to secure the $80 million cost of synergies. We have executed the first tranche related to corporate G&A cost reductions, and we are on track to deliver 1/3 of the total synergies in year 1.

在協同效益方面，Flow Technologies 團隊一直積極辨識並推動各項行動，以確保達成 8,000 萬美元的成本協同效益。我們已執行第一階段、與公司層級一般及行政（G&A）成本削減相關的措施，並正按計畫在第 1 年交付總協同效益的三分之一。

We're also working hard to deliver commercial synergies. And last week, the [Wake] Cerebral business of SPX 1 is first order for an ITT Bodeman Twence pulp. Well done, Rudin and team and Rodolphe, I expect more.

我們也正全力推動商業協同效益。而在上週，SPX 的 [Wake] Cerebral 業務拿到了 ITT Bodeman Twence 紙漿的首張訂單。Rudin 與團隊以及 Rodolphe，做得好；我期待更多成果。

Finally, as part of our capital allocation strategy, we continue to cultivate and be active on smaller-sized M&A opportunities. In addition, in March, we also deployed $100 million towards share repurchases. Moving on to guidance. Today, we initiate on the new basis, our full year adjusted EPS guidance with a range of $7.70 to $8, up 9% at the midpoint. We're guiding to 37% revenue growth and 5% organic growth at the midpoint with a book to be above 1, and we expect SPX FLOW to contribute low-teens net adjusted EPS accretion.

最後，作為我們資本配置策略的一部分，我們持續培育並積極尋找較小規模的併購（M&A）機會。此外，我們也在 3 月投入 1 億美元進行庫藏股回購。接下來談展望指引。今天，我們以新的基礎口徑啟動全年調整後 EPS 指引，區間為 7.70 至 8.00 美元，中點較去年提升 9%。我們在中點假設下指引營收成長 37%、有機成長 5%，訂單出貨比（book-to-bill）高於 1，並預期 SPX FLOW 將帶來低十位數的淨調整後 EPS 增厚。

This guidance based on the profitable growth ITT has delivered over several years. Let us review our top line growth trajectory, since 2023 on slide 4. Over the past three years, we have delivered outstanding top line growth with orders and revenue up over 9% on average every year and we expect the strong growth trends to continue in 2026, both by market share gains in our legacy businesses and the contribution of SPX FLOW.

此一指引是建立在 ITT 多年來所交出的獲利性成長基礎之上。讓我們回顧自 2023 年以來的營收成長軌跡，請見投影片 4。過去三年，我們交出了卓越的營收成長，訂單與營收平均每年成長超過 9%；我們預期 2026 年強勁的成長趨勢將延續，成長動能同時來自既有業務的市占提升以及 SPX FLOW 的貢獻。

Insicity, for example, as defense spending ramps up, we've been awarded large multi contracts like F-35 and RSS in the US and ground vehicles, radar and precision-guided systems in Europe. We're well positioned to capture a significant portion of the incremental future spend out of our Winter facility in Germany.

以 Insicity 為例，隨著國防支出升溫，我們在美國拿下了如 F-35 與 RSS 等大型多項合約，並在歐洲取得地面載具、雷達與精準導引系統等合約。我們已做好準備，將透過位於德國的 Winter 廠區，掌握未來新增支出中的相當大一部分。

During my recent visit there, I sit set down with our project managers who are collaborating with European contractors on the development of customized connectors for new decide applications. Well done Marco and June on fostering this level of customer intimacy.

我最近造訪當地時，與我們的專案經理坐下來交流；他們正與歐洲承包商合作，為新的裝置應用開發客製化連接器。Marco 與 June 在建立如此程度的客戶緊密合作方面做得很好。

In MT, our KONI business grew more than 30% over the last three years to become a $200 million platform for growth and the shock absorb leader for high-speed trains in China. Moreover, our friction business continues to counter platforms and win market share as demonstrated by the Q1 frictional outperformance of over 1,400 basis points.

在 MT 方面，我們的 KONI 業務在過去三年成長超過 30%，已成為 2 億美元的成長平台，並且是中國高速列車避震器的領導者。此外，我們的摩擦業務持續反制競品並贏得市占，第一季摩擦業務表現超越同業逾 1,400 個基點即為明證。

At the end of last year, friction reached 32% of the global auto OE market and the share gain journey continues. Flow Technologies has been growing at a 15% revenue CAGR since 2023, in addition to the 12% organic growth and a 61% total revenue growth in Q1 this year. We continue to differentiate our flawless project execution as demonstrated by vans growth of 44% with a book-to-bill over 1.2.

在去年底，摩擦業務已達到全球汽車原廠（OE）市場 32% 的市占，而市占提升之路仍在持續。自 2023 年以來，Flow Technologies 的營收年複合成長率（CAGR）達 15%；此外，今年第一季有機成長 12%，總營收成長 61%。我們持續以無瑕疵的專案執行能力形成差異化；例如 vans 成長 44%，且訂單出貨比（book-to-bill）超過 1.2。

Moving to backlog we have nearly doubled it in the last three years, and it will continue to grow in 2026 as we strive towards a book-to-bill above one this year as well. With that, let me now turn the call over to Emmanuel to discuss Q1 results in detail on slide 5.

談到在手訂單（backlog），我們在過去三年幾乎將其翻倍；隨著我們今年也力拚訂單出貨比高於 1，2026 年在手訂單將持續成長。接下來我把電話會議交給 Emmanuel，請他在投影片 5 詳細說明第一季結果。

Thank you, and good morning. As Luca highlighted, we kicked off the year with a very strong quarter. In Q1, we delivered outstanding growth across the business in orders, revenue, margin and EPS. Our teams delivered $1.2 billion in revenue up 33% in total and 11% organically. CCT grew 17% organically, fueled by strength in aerospace and defense and industrial, which were up approximately 20%. We're also realizing the benefit of the Boeing contract renewal.

謝謝，大家早安。如 Luca 所強調，我們以非常強勁的一季揭開今年序幕。第一季，我們在訂單、營收、利潤率與 EPS 方面均交出亮眼成長。我們的團隊實現 12 億美元營收，總成長 33%，其中有機成長 11%。CCT 有機成長 17%，主要受航太與國防以及工業領域的強勁表現帶動，兩者約成長 20%。我們也正在實現波音合約續約所帶來的效益。

Flow Technology grew 61% in total and 12% organically, driven by strong project shipments including [venue], which is up 44% and short cycle market share gains, especially in valves, which is up 19%. MT grew 5% organically, a significant achievement in a down market. Friction OE outperformed global automotive production by over 1,400 basis points with all regions above 1,000 basis points.

Flow Technology 總成長 61%、有機成長 12%，主要由強勁的專案出貨帶動，包括 [venue] 成長 44%，以及短週期市場的市占提升，尤其是閥門業務成長 19%。MT 有機成長 5%，在市場下行的環境中是一項重大成就。摩擦 OE 的表現較全球汽車產量高出逾 1,400 個基點，且所有地區均高於 1,000 個基點。

[NXPX] FLOW added 17 points of growth to IT. On profitability, operating income grew 42% and margin expanded 130 basis points, primarily driven by strong operational performance in our legacy businesses and the [SPX FLOW] contribution. MT operating income grew 22% for a margin of 21.1% as the team drove net productivity of 220 basis points.

[NXPX] FLOW 為 IT 增加了 17 個成長點。在獲利能力方面，營業利益成長 42%，利潤率擴張 130 個基點，主要由我們既有業務的強勁營運表現以及 [SPX FLOW] 的貢獻所帶動。MT 營業利益成長 22%，利潤率達 21.1%，團隊推動淨生產力提升 220 個基點。

Flow Technologies expanded margin 100 basis points to 23.7%, driven by price and volume leverage. CCT delivered 20% income growth to a margin of 19.3%, driven by aerospace volume growth and Boeing contract benefits. As previously stated, intangible amortization expense related to acquisitions is now excluded from adjusted operating income, including in the segment.

Flow Technologies 的利潤率擴張 100 個基點至 23.7%，主要受價格與量的槓桿效應帶動。CCT 的利益成長 20%，利潤率達 19.3%，主要由航太出貨量成長與波音合約效益所驅動。如先前所述，與併購相關的無形資產攤銷費用現已自調整後營業利益中排除，分部層級亦同。

EPS of $1.98 on the new basis was up an outstanding 25% versus the prior year. You will note the immediate net accretion of the SPX FLOW acquisition. Lastly, free cash flow of $14 million was impacted by $71 million of onetime acquisition-related expenses. Excluding these impacts, free cash flow was up 10% year-over-year.

以新口徑計算的 EPS 為 1.98 美元，較去年大幅成長 25%。你會注意到 SPX FLOW 併購案立即帶來淨增厚效果。最後，自由現金流為 1,400 萬美元，受到 7,100 萬美元一次性併購相關費用的影響。若排除這些影響，自由現金流年增 10%。

Let's now turn to the Q1 EPS bridge on slide 16. The 25% EPS growth was primarily driven by strong operational performance delivered by all businesses compounded by the month one net contribution of SPX FLOW Included in the SPX FLOW contribution is income from operations, partially offset by the higher interest expense and tax rate as well as the dilution from the December equity issuance and the equity given to Lone Star as part of the acquisition consideration. There were four additional working days in Q1 versus the prior year that will be reabsorbed in Q4.

現在讓我們看投影片 16 的第一季 EPS 橋接分析。EPS 成長 25% 主要來自各業務交出的強勁營運表現，再加上 SPX FLOW 在併入首月的淨貢獻。SPX FLOW 的貢獻包含營業利益，但部分被較高的利息費用與稅率，以及 12 月股權發行造成的稀釋、與作為併購對價一部分而提供給 Lone Star 的股權所抵銷。第一季較去年多了 4 個工作天，該影響將在第四季回補。

Finally, we continue to invest in strategic programs such as VIDAR, FLRAA, our Friction high-performance segment and the Geopad to sustain growth for the long term. On to slide 8. to discuss our 2026 outlook. With the SPX FLOW acquisition closed, we are now initiating our full year outlook.

最後，我們將持續投資於VIDAR、FLRAA、我們的Friction高性能事業部以及Geopad等策略性專案，以支撐長期成長。接著看第8頁，討論我們對2026年的展望。隨著SPX FLOW收購案完成交割，我們現在開始提出全年展望。

We expect 37% total revenue growth and 5% organic at the midpoint driven by aerospace and defense demand, strength in both Flow projects and short cycle and continued friction OE outperformance following an outstanding Q1.

我們預期總營收在中位數將成長37%，其中有機成長5%；主要動能來自航太與國防需求、Flow專案與短週期業務的強勁表現，以及在第一季表現亮眼後，Friction原廠設備（OE）持續優於市場。

Contribution from previous acquisitions continue to be ahead of expectations. We expect to deliver roughly 70 basis points of margin expansion to approximately 20% at the midpoint fueled by top line growth, favorable price cost and productivity gains. We expect SPX FLOW to deliver high single-digit revenue growth in 2026 and net adjusted EPS accretion in the low teens.

先前收購案的貢獻持續優於預期。我們預期在中位數可實現約70個基點的利潤率擴張，提升至約20%，動能來自營收成長、有利的價格/成本差以及生產力提升。我們預期SPX FLOW在2026年可達到高個位數的營收成長，並帶來低十位數的調整後每股盈餘（EPS）淨增益。

Cost synergies are expected to be approximately $15 million in 2026. Regarding the Middle East, as a reminder, our overall exposure to the region is approximately 4% of total revenue and the conflict had minimal impact in our Q1 results.

預期2026年的成本綜效約為1,500萬美元。關於中東地區，提醒一下，我們對該區域的整體曝險約占總營收的4%，而衝突對我們第一季業績影響甚微。

Finally, on cash, we expect to generate free cash flow of roughly $560 million at the midpoint resulting in a free cash flow margin between 10% and 11%. Now let's move to slide 9 to finish with the EPS outlook detail. As you can see, the 9% EPS growth at the midpoint, much like Q1 will come from our differentiated execution comprised of above-market growth and productivity savings compounded by the SPX FLOW accretion.

最後，在現金方面，我們預期中位數的自由現金流約為5.6億美元，對應自由現金流利潤率約在10%至11%之間。現在讓我們到第9頁，以每股盈餘展望的細節作結。如各位所見，中位數9%的EPS成長，與第一季類似，將來自我們差異化的執行力：高於市場的成長與生產力節省，再加上SPX FLOW的增益。

The SPX FLOW contribution is net of higher interest expense due to the $2.9 billion debt we contracted in March as well as a higher combined tax rate of 24.9%. It also includes a projected 90 million share count over the next three quarters. We will continue to invest part of the incremental profit generated to fund long-term growth initiatives.

SPX FLOW的貢獻已扣除因我們於3月承作的29億美元債務所帶來的較高利息費用，以及較高的合併有效稅率24.9%。其中也包含未來三個季度預估約9,000萬股的股數。我們將持續把部分新增利潤再投入，以支持長期成長計畫。

I'd now like to briefly discuss our Q2 outlook. EPS is expected to be up high single digits in Q2 compared to the prior year. We anticipate organic revenue growth in the mid-single digits. With Flow Technologies in the low double digits organically, CCT in the mid-single digits and empty in the low single digits.

接下來我想簡要說明我們對第二季的展望。預期第二季EPS相較去年同期將成長高個位數。我們預期有機營收成長為中個位數。其中Flow Technologies有機成長為低雙位數，CCT為中個位數，empty為低個位數。

Operating margin should expand by around 50 basis points compared to the prior year and approximately 20%. Interest expense is expected to increase meaningfully due to the acquisition of SPX FLOW. Let me now turn the call over to Luca to wrap up on slide.

營業利潤率相較去年同期應可擴張約50個基點，並達到約20%。由於收購SPX FLOW，利息費用預期將顯著增加。接下來我把電話交給Luca，請他在投影片上做總結。

Thanks, Emmanuel. A few points before Q&A. As you can see, we have pumped up for 2026. Our legacy business is firing on all cylinders. In Q1, we delivered 13% of this growth, 16% revenue growth and continued margin expansion.

謝謝你，Emmanuel。在進入問答前先講幾點。如各位所見，我們已為2026年蓄勢待發。我們的既有業務火力全開。在第一季，我們交出13%的成長、16%的營收成長，並持續擴大利潤率。

SPX FLOW provided a boost with 5% orders growth in 14% revenue growth and the fast start in synergy capture. This is our strategy in action. Organic value creation through market share gains and relentless execution driving sustained margin expansion compounded by M&A.

SPX FLOW也帶來助力，訂單成長5%、營收成長14%，並在綜效擷取上快速起步。這就是我們策略的具體展現。透過市占提升與不懈執行來創造有機價值、推動持續的利潤率擴張，並透過併購（M&A）進一步放大。

This is the commitment we made during our Capital Markets Day, and it remains a commitment today. We do what we say and Q1 proves it. This is ITT. Before opening the line for Q&A, there is one more thing that we'd like to share. Is made even more better with by the great results that we shared with you all today.

這是我們在資本市場日所做出的承諾，而今天仍然是承諾。我們說到做到，第一季已證明。這就是ITT。在開放問答之前，還有一件事我們想與各位分享。而這件事也因為我們今天與各位分享的優異成果而更加美好。

Emmanuel, our CFO for the last 6 years and my partner here at ITT for almost 14 years, Estonia is ready to take a break and will be leaving the company. Dear Emmanuel, thank you for everything you've done. As I told you, in the last 14 years, I probably spend more time with you than with my wife. I do not know if this talks more about our partnership or about my marriage. It has been a fantastic ride, full of challenges and achievements.

Emmanuel，我們過去6年的財務長，也是我在ITT近14年的夥伴，已準備休息一段時間，並將離開公司。親愛的Emmanuel，感謝你所做的一切。如我跟你說的，過去14年，我和你相處的時間可能比和我太太還多。我不知道這更能說明我們的夥伴關係，還是我的婚姻狀況。這是一段精彩的旅程，充滿挑戰與成就。

I have so many memories from the very first day we met. We have always been there on my side, in the perform and in a transformed journey, and we transformed this company indeed. In these 14 years, you made us better. I always knew I could count on you. We have been a real thought partner, a copilot to discuss with to work with, to debate, agree, disagree with a real partner to bunk with. In these 14 years, you made me much, much better.

我對我們第一次見面的那一天有太多回憶。在績效提升與轉型的旅程中，你一直在我身旁，而我們也確實改造了這家公司。這14年來，你讓我們變得更好。我一直知道我可以依靠你。你一直是我真正的思考夥伴，是可以一起討論、一起工作、一起辯論、可以同意也可以不同意的副駕；是真正可以並肩作戰的夥伴。這14年來，你也讓我變得更好、好很多。

I'm so grateful as I was very fortunate to find you that Day Milan and work with you side-by-side for 14 years, [gratitude]. Emmanuel, we seek around in an advisory role until the end of June, helping to ensure a seamless transition for us. Mike Samineli, Vice President, Treasurer, Chief Tax Officer and Assistant Secretary, has been appointed to serve as interim CFO. Thanks, Mike. To the people connected to our call, thank you for joining us today. As always, I appreciate your time and continued interest in ITT. Kathy, please open the line for Q&A.

我非常感激，也很幸運能在那一天找到你，並與你並肩合作14年，[感謝]。Emmanuel將以顧問角色留任至6月底，協助確保我們順利交接。副總裁、財務主管、稅務長兼助理秘書Mike Samineli已被任命為代理財務長。謝謝你，Mike。也感謝所有參與本次電話會議的各位，謝謝今天加入我們。一如既往，我感謝各位的時間以及對ITT持續的關注。Kathy，請開放線路進行問答。

(Operator Instructions)

(接線員指示)

Joe Giordano, [TD].

Joe Giordano，[TD]。

Hey, guys, good morning.

嘿，各位，早安。

Hi, Joe. Good morning.

嗨，Joe。早安。

Emmanuel, I know you don't like the spotlight, but you've been a great partner for all these years. So I think we're all set to see you go. So best of luck to you in the next.

Emmanuel，我知道你不喜歡站在聚光燈下，但這些年你一直是很棒的夥伴。所以我想我們都很捨不得看到你離開。祝你接下來一切順利。

Thank you, Joe.

謝謝你，Joe。

Let's start -- Luca, you never know everything about a deal, I guess, until you own it. So as SPX came into the portfolio, what was like a pleasant surprise to you versus what your initial views were? And was there anything there that you kind of realized, alright, maybe we have a little bit more work to do, maybe this was a little different than what we thought.

我們先從這個開始——Luca，我想在真正擁有一筆交易之前，你永遠不可能完全了解它。所以當SPX納入投資組合後，有哪些地方讓你覺得是驚喜、與你原先的看法相比更正面？另外，有沒有什麼是你後來才意識到：好吧，也許我們還需要多做一些工作，或是這跟我們原本想的有點不一樣？

That's -- this is very true, Joe. I think that we don't forget that we cultivated the SPX FLOW for three years. So we visited all the plans. We went deep dive on the due diligence. So we really have met many people. And therefore, we were able to find many things before the acquisition.

沒錯——這點非常正確，Joe。我認為我們不要忘了，我們培育 SPX FLOW 已經三年了。所以我們拜訪了所有的計畫。我們對盡職調查做了深入探討。因此，我們確實見過很多人。也因此，我們能在收購前發現很多事情。

I would say one thing that surprised me even more positively as they've been able to walk the plant to talk to the people on the shop floor, for example, in Delavan is to see the commitment and the engagement of our workers in the Delavan plant, in the Rochester plant, in the Palmyra plant in Pennsylvania. So the engagement of the workforce on the shop floor is something that I was able to experience and definitely surprised me positively.

我會說，有一件事更讓我感到正向驚喜：他們能夠走訪工廠、和產線現場的人員交談——例如在 Delavan——看到我們在 Delavan 工廠、Rochester 工廠，以及賓州 Palmyra 工廠的員工所展現的承諾與投入。因此，產線現場員工的投入程度是我親身感受到、而且確實讓我正向驚喜的一點。

I also was positively surprised by the growth potential that we have on the revenue synergies. We work hard on those. It's going to take more time because those are revenue synergies. But definitely, there are there and more and these are opportunities.

我也對我們在營收協同（revenue synergies）方面的成長潛力感到正向驚喜。我們在這些方面很努力。這會需要更多時間，因為這些是營收協同。但毫無疑問，這些確實存在，而且還有更多——這些都是機會。

Same on the cost side. So I think that all of those is good and you start seeing good in the results, good orders growth 5%, revenue growth 15% accretive to EPS, good pipeline visibility and moving fast on the synergies. I think that from a cultural point of view, similar, but there are aspects that they do differently that we -- both of us, we will have to adjust.

成本端也是一樣。所以我認為這些都很好，而且你開始在結果中看到好的表現：訂單成長 5%、營收成長 15%、對 EPS 具增益（accretive）、良好的管線能見度，以及在協同上快速推進。我認為從文化角度來看相似，但也有一些他們做法不同的面向，我們——雙方——都需要調整。

Yeah. And then maybe your defense business has been doing great for a while now. If we have a larger trend here over the next several months towards like an ending of global hospitalities, does that create any sort of potential air pocket for anywhere?

是的。然後也許你們的國防業務已經表現很好一段時間了。如果接下來幾個月出現一個更大的趨勢，像是全球敵對行動走向結束，這會不會在任何地方造成某種潛在的「空窗期」？

No, we don't see that, Joe. I think that we are -- we have a portfolio that is broad in defense. And so we are on a lot of different applications. And so there's a lot of defense modernization. There's a large defense monetization trend that is happening both in the US and in Europe. And we think that this is here to stay, and this is a long-term trend.

不，我們沒有看到那樣的情況，Joe。我認為我們在國防領域的產品組合很廣。因此我們涵蓋很多不同的應用。而且國防現代化正在進行。美國與歐洲都正在發生一個大型的國防「貨幣化」趨勢。我們認為這會持續下去，這是一個長期趨勢。

Thanks, guys.

謝謝，各位。

Thank you, Joe.

謝謝你，Joe。

Julian Mitchell, Barclays.

Julian Mitchell，Barclays。

Yes. Hi, good morning, and thanks very much. And wish you all the best, Emmanuel. If we think about the first question really around selling days dynamics? Sorry for the fiddly question, but maybe help us understand how much of a contribution that was to sales or EPS in the first quarter and how we should think about the seasonality of EPS over the balance of the year as that selling days tailwind goes into reverse.

是的。嗨，早安，非常感謝。也祝你一切順利，Emmanuel。如果我們回到第一個問題，主要是關於銷售天數（selling days）的變動？抱歉這個問題有點瑣碎，但也許可以幫我們理解，第一季這對銷售或 EPS 的貢獻大概有多少？以及當這個銷售天數的順風在接下來轉為逆風時，我們該如何看待今年剩餘期間 EPS 的季節性？

Yes, Julian. So the contribution of the additional four selling days was around 5% -- 5 points of growth in the quarter from a revenue standpoint and then a little less than $0.10 from an EPS standpoint in Q1. When we think about the cadence of EPS, I would say that the next few quarters are going to be around the $1.90 to $1.95 EPS for Q2, Q3 and Q4.

是的，Julian。所以，額外增加的四個銷售天數，從營收角度來看，對本季成長的貢獻大約是 5%——也就是 5 個成長百分點；從 EPS 角度來看，第一季大約貢獻不到 0.10 美元。當我們思考 EPS 的節奏時，我會說接下來幾季 Q2、Q3 和 Q4 的 EPS 大約會在 1.90 到 1.95 美元之間。

That's really helpful. Thank you, and then my follow-up would just be around if we're thinking about operating margins kind of moving around a lot year-on-year, I think you guided up 50 bps in Q2. They were up over 100 bps in Q1, and you've got a pretty wide margin guide range for the year as a whole. So maybe any sort of -- is there any phasing of investment spend to be aware of in the year? And what are you assuming for the flow acquired operating margin for the year as a whole, including those synergies you mentioned, please?

這非常有幫助。謝謝。接著我的追問是：如果我們看到營業利益率（operating margins）年對年波動很大，我想你們指引 Q2 上升 50 個基點。Q1 則上升超過 100 個基點，而且你們對全年給出的利益率指引區間也相當寬。所以，是否有任何投資支出在年度內的時點安排（phasing）需要注意？另外，請問你們對今年全年（包含你提到的協同）所收購的 FLOW 之營業利益率假設是什麼？

Yeah. I would say that from an operating margin standpoint, we expect continued progression during the year, and this is because of obviously the productivity improvements that we're driving in all the businesses, as well as some of the price actions that we're taking and that will have a full impact starting in Q2.

是的。我會說，從營業利益率角度來看，我們預期全年會持續改善，這顯然是因為我們在所有業務推動的生產力提升，以及我們正在採取的一些定價措施，而這些措施將從 Q2 開始產生完整影響。

So as you've come to expect of ITT we drive margin progression year-over-year. That is really key to our success. And then from an SPX FLOW standpoint, we expect -- so we had a really strong margin in Q1. And the reason for that is that we only had the month of March in there and March had 5 weeks which is unusually large.

因此，如同你們對 ITT 的一貫期待，我們會推動營業利益率逐年提升。這對我們的成功非常關鍵。至於 SPX FLOW，我們預期——我們在 Q1 的利益率非常強。原因是我們只納入了 3 月那一個月，而 3 月有 5 週，這是異常偏長的。

So a disproportionate impact in the quarter. We don't expect that margin to be the same in Q2, Q3 and Q4. However, we do expect that margin will continuously improve as we roll out our productivity plan as well as our growth initiatives.

因此對本季造成不成比例的影響。我們不預期 Q2、Q3 和 Q4 的利益率會和 Q1 一樣。不過，我們確實預期，隨著我們推動生產力計畫以及成長倡議，該利益率會持續改善。

That's great. Thank you.

太好了。謝謝。

Thanks, Julian.

謝謝你，Julian。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

Hey, good morning, everyone. Best of luck to Emmanuel. We're sad to hear you're leaving as it sounds like Luca, you are, too. Just staying on SPX FLOW, can you dig in a little more on the order trends in that business just from a market standpoint? And then it just -- it seems like shorter term, you may be getting some early revenue synergies. But just the opportunities around leaning in on commercial excellence and starting to drive out growth because I think what are the early concerns with the acquisition was the legacy growth rate? And how do you accelerate that? Thanks.

嘿，各位早安。祝 Emmanuel 好運。聽到你要離開我們很難過，聽起來 Luca 你也是。就 SPX FLOW 而言，你能否從市場角度再深入談談該業務的訂單趨勢？另外，看起來短期內你們可能會取得一些早期的營收協同。但就加強商業卓越（commercial excellence）並開始推動成長的機會而言——我想收購初期的疑慮之一是其歷史成長率。你們要如何加速？謝謝。

Sure. Thanks, Jeff. So when you look at the orders growth was a good order growth of 5%. Now when that is overall for SPX FLOW in the quarter. When you look at the different businesses, you have Waukesha Cherry-Burrell, our Agini pumps, their orders were up double digit. Nutrition & Health Solutions, their orders were up 3%, mixers up 7% and the pumps up 2%. So all the different businesses were up actually in terms of orders.

當然。謝謝，Jeff。所以你看訂單成長是 5%，這是相當不錯的訂單成長。這是 SPX FLOW 本季整體的表現。若看不同事業，你會看到 Waukesha Cherry-Burrell、我們的 Agini 幫浦，訂單是雙位數成長。Nutrition & Health Solutions 的訂單成長 3%，攪拌機成長 7%，幫浦成長 2%。所以其實各個事業的訂單都呈現成長。

And all of the four businesses were up also in revenue with Nutrition & Health and Waukesha double-digit and mixer and pump in the low single digit. So overall, 15%, okay? We expect also the book-to-bill for the full year to be above [1] for SPX FLOW. Now this is very similar to what we said at the very beginning because during the due diligence, we saw that pipeline and we believe in this growth.

而且四個業務的營收也都成長，其中 Nutrition & Health 與 Waukesha 為雙位數成長，mixer 與 pump 則為低個位數成長。所以整體是 15%，好嗎？我們也預期 SPX FLOW 全年的接單出貨比（book-to-bill）將高於 [1]。這與我們一開始所說的非常相似，因為在盡職調查期間，我們看到了那個商機管線（pipeline），而且我們相信這樣的成長。

Now this, to be honest, has got nothing to do with -- this is the good work that the SPX FLOW employees have done since nothing really has changed during the month of March. Now if you top this off together with our approach, going after the 100%, not the 80-20, be more granular and be more decentralized, I would expect that performance to continue to improve.

坦白說，這跟——沒有任何關係；這是 SPX FLOW 員工做出的好成果，因為 3 月期間其實沒有什麼真正改變。如果再加上我們的做法：追求 100%，而不是 80-20；更細緻、更分散化，我預期表現會持續改善。

Okay. Great. And then just from a modeling standpoint, Emmanuel, you gave kind of the organic trends in the 2Q by segment, but how should we think about that within the 4% to 6%? And then just on the tax rate, is there an opportunity to bring that down over time? That was a little bit of a surprise that the tax rate is going up? Thanks.

好的。很好。那從建模的角度來看，Emmanuel，你有按部門給了第二季的有機趨勢，但我們應該如何把它放在 4% 到 6% 這個區間內來理解？另外關於稅率，是否有機會隨時間把它降下來？稅率要上升這點有點出乎意料。謝謝。

Yeah. So for the full year, Jeff, we expect both IP and CCT to lead the charge from an organic growth standpoint in the high single digits. And then Motion Technologies in the low single digits for the full year because, obviously, there's a decline in the automotive production. And so -- and the friction is really outperforming very, very nicely as we saw in Q1, but nonetheless, there's a global production that is down.

是的。Jeff，就全年而言，從有機成長角度，我們預期 IP 與 CCT 會以高個位數成長領先。而 Motion Technologies 全年則是低個位數成長，因為很明顯汽車產量在下滑。所以——摩擦材料（friction）如同我們在第一季看到的，表現確實非常、非常好，但儘管如此，全球產量仍在下降。

And then from a tax rate standpoint, so today, we stand at almost 25% at [24.9%]. This is the impact. This is directly the impact of SPX FLOW. And so Mike and the team will work on tax opportunities in order to bring that tax rate down. But I think with limited impact in 2026 and more to come in the years after.

至於稅率方面，目前我們接近 25%，約為[24.9%]。這是影響。這是 SPX FLOW 直接帶來的影響。因此 Mike 和團隊會著手尋找稅務機會，以便把稅率降下來。但我認為 2026 年的影響有限，更多效果會在之後幾年逐步顯現。

Okay. Thank you.

好的。謝謝。

Thanks, Jeff.

謝謝你，Jeff。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

Good morning, everyone. I'll add my best wishes to Emmanuel. First question here on CCT margins. It seems over the last few years, you guys have done the work on improving the value proposition to customers there, even -- I mean I'm talking outside of the aerospace stuff, improving the productivity, improving the on-time delivery.

各位早安。我也向 Emmanuel 致上我最誠摯的祝福。第一個問題是關於 CCT 的利潤率。看起來過去幾年你們在提升對客戶的價值主張方面做了很多工作，即便——我是說不只是在航太相關業務之外，也包括提升生產力、提升準時交付。

So I guess my question is about value-based pricing in CCT and where you are in that process outside of the commercial OEM stuff? And how much do you think that could contribute to margins over the next two or three years?

所以我想問的是，CCT 的價值定價（value-based pricing）在商用 OEM 業務之外的推進進度如何？你認為未來兩到三年，這能對利潤率貢獻多少？

Thanks, Nathan. This is fair. And I think that price has been also a good tailwind when you look at CCT in the last couple of years, exactly for the reason that you said. The price negotiation with Boeing that we closed last year is a natural proof of what you just said.

謝謝你，Nathan。這個問題很合理。我認為過去幾年看 CCT 的表現，價格確實也是一個不錯的順風因素，原因正如你所說。我們去年完成與波音的價格談判，就是你剛才所說的自然佐證。

Having said that, I think that there is more to do on the pricing on the CCT front, and this is what the team is working on. I would say the largest opportunity to be fair Nathan is probably in [Kesaria]. So I think the Kesaria is providing a great service to our customers, and they think that there is more to be done specifically in that part of CCT.

話雖如此，我認為在 CCT 這邊的定價仍有更多工作要做，團隊也正在推進。坦白說，Nathan，最大的機會可能在[Kesaria]。我認為 Kesaria 為客戶提供了很好的服務，而我們也認為在 CCT 的這一部分，特別還有更多可以做的。

I guess a follow-up question. [Maris] interested in revenue synergies out of this kind of deal, and I'm sure there is a lot of plans going on there. I know they take longer to generate. So I'm not going to ask you what they contribute to 2026. But maybe if you could just provide a little bit more color on the things that you're working on where you see the opportunities to generate revenue synergies and kind of if you have any target over time of what that could add to the overall growth for ITT? Thanks.

我有個追問。[Maris] 對這類交易帶來的營收協同很感興趣，我相信你們那邊一定有很多規劃在進行。我知道這些通常需要更長時間才能產生。所以我不會問你們它們對 2026 年的貢獻。但也許你可以再多分享一些細節：你們正在做哪些事情、在哪些地方看到產生營收協同的機會，以及長期來看是否有任何目標，這可能為 ITT 的整體成長額外增加多少？謝謝。

Sure. Let's try to be specific. So if you -- when I was in Delavan together with Rudy and we on the shop floor going around. We know that the Wacker doesn't have the twin screw pumps. As a matter of fact, we were spending money in Waukesha to really develop a new twin screw pumps.

當然。我們盡量講得具體一點。如果你——當我和 Rudy 一起在 Delavan，到現場產線走一圈時。我們知道 Wacker 沒有雙螺桿泵（twin screw pumps）。事實上，我們一直在 Waukesha 投入資金，真正去開發新的雙螺桿泵。

We did the assessment, Bornemann creams are super good, very well recognized in the market and therefore, Waukesha will sell Bornman wins screw pumps, that was just a small order that we had, but it's a start. And not only they will start selling but then we will also localize our production of the twin screw in our client in the bank. That is a specific activity that I'm sure will deliver quite a bit of synergies.

我們做了評估，Bornemann 的產品非常好，在市場上也很受認可，因此 Waukesha 會銷售 Bornemann 的雙螺桿泵；那只是一筆小訂單，但這是個開始。而且不只是開始銷售，接下來我們也會在我們的客戶端把雙螺桿的生產在地化。這是一項具體的行動，我確信會帶來相當多的協同效益。

Latin America on the mixing front. Nikos our leader in Latin America. He is working hard together with the leaders of the different units in -- from SPX FLOW. And I'm sure that as we localize more the decision-making, we speeded up the decision and the action in the region in Latin America, and we get more intimate with the customers just the fact that we are there. That will provide good revenue synergies.

在混合（mixing）方面的拉丁美洲。我們拉丁美洲的負責人 Nikos。他正與 SPX FLOW 各單位的領導者一起努力推進。我確信，隨著我們讓決策更在地化，我們會加快拉丁美洲區域的決策與行動速度，並且僅僅因為我們在當地，就能與客戶建立更緊密的關係。這將帶來良好的營收協同。

The Middle East is another area where we are working on but as you can imagine, that probably at this point in time is more planning and discussion. And then there are potential synergies happening just because now we have a base in Xidu, Shanghai, where we never had a plan before in the local -- in the legacy Flow Technologies, in the legacy IP and a plant in Poland where we never had in Europe a low-cost base manufacturing. So we are working hard on all those fronts, Nathan.

中東是我們正在推進的另一個領域，但如你所想，在目前這個時間點可能更多還是在規劃與討論。此外，也有一些潛在協同只是因為我們現在在上海西渡有一個據點——過去在本地（legacy）的 Flow Technologies、本地的 IP 以及在歐洲，我們從未有過在波蘭這樣的低成本製造基地。所以我們在所有這些面向都在努力推進，Nathan。

Thanks for taking my questions.

謝謝回答我的問題。

Thank you.

謝謝。

Vlad Bystricky, Citigroup.

Vlad Bystricky，花旗集團。

Good morning, guys. Thanks for taking my call. And I echo the sentiment. Congratulations to Emmanuel. We'll miss working with you tremendously, obviously.

各位早安。謝謝接聽我的電話。我也同感。恭喜 Emmanuel。很顯然，我們會非常想念與你共事。

Thank you.

謝謝。

I guess my first question -- just when I look at the organic growth outlook for the year, the plus 4% to 6%, it seems very consistent with what you were thinking coming into the year. But can you talk about whether there's been any sort of moving pieces underneath that businesses or regions that are trending better or worse versus three months ago? And I guess specifically, whether you're baking in any incremental headwinds in the Middle East associated with conflict there?

我想我的第一個問題是——當我看今年的有機成長展望，也就是正 4% 到 6%，看起來和你們年初進來時的想法非常一致。但你能否談談，在這之下是否有任何變動因素——例如哪些業務或區域相較三個月前表現更好或更差？另外我想特別問一下，你們是否已把中東因當地衝突所帶來的任何額外逆風納入考量？

Sure. No major change from what we were expecting, Vlad. And now as a matter of fact, sure, the Middle East is something to watch. But now just to give you a perspective of the Middle East, which is 4% of total year revenue, we have an impact in Q2, but the impact in Q2 is probably less than 1% of the [IP] revenue. It's probably between $0.5 million and $0.7 million of the sales when it comes to the Middle East.

當然。Vlad，整體來看，和我們原先預期相比沒有重大變化。而且確實，中東是需要關注的。不過給你一個中東的視角：中東約占全年總營收的 4%，我們在第二季會受到影響，但第二季的影響可能不到 [IP] 營收的 1%。就中東而言，銷售影響大概在 50 萬到 70 萬美元之間。

I think that there is a very strong performance in the short cycle when you look at the spare parts, the baseline. And I want to tell that growth is not nominal growth. That is real growth. This is volume growth. There was a little bit of price but that was minimum. And then also the connectors industrial sales, both with the OEM and distribution and those Vlad, those are market share gains in Flow and also on the Connector side.

我認為短週期的表現非常強勁，尤其是你看備品、基礎盤（baseline）。我想強調這個成長不是名目成長。這是真實成長。這是量的成長。有一點點價格因素，但非常有限。另外，工業連接器的銷售也很強，不論是 OEM 還是通路；而且 Vlad，這些是在 Flow 以及連接器端的市占率提升。

That's really helpful, Luca. And I guess just following up on that one on the industrial connectors. Can you -- when you talk about market share gains there, can you give us any more color on what specific end markets or verticals you're seeing share gains and any notable regional differences to call out there?

這很有幫助，Luca。我想就工業連接器再追問一下。當你提到市占率提升時，能否再多分享一些細節：你們在哪些特定終端市場或垂直領域看到市占提升？以及是否有任何值得指出的區域差異？

I think there is a very good performance on the -- in Asia Pacific, where the team has worked really hard on the medical side and Medical has been growing incredibly hard and then also on the HVOR. So Asia Pacific and China has been definitely a good tailwind whereas I would say, when you look at Europe on the orders front, it's really working hard on the defense because of the defense ramp-up that is happening in Europe. And in North America, you have really the distribution is wider. So it will be difficult really to really pointing out to any specific market.

我認為亞太地區表現非常好，團隊在醫療領域投入了很多努力，而醫療成長非常強勁，另外還有 HVOR。所以亞太與中國確實是很好的順風；相較之下，如果你看歐洲的訂單面，主要是在國防領域非常努力，因為歐洲正在發生國防的產能爬坡。而在北美，通路分布更廣。因此要指出任何特定市場其實會比較困難。

Got it. Thanks. I'll hop back in queue.

了解。謝謝。我回到隊列後面。

Thanks, Vlad.

謝謝你，Vlad。

Brad Hewitt, Wolfe Research.

Wolfe Research 的 Brad Hewitt。

Hey, good morning. Thanks for taking my questions.

嗨，早安。謝謝回答我的問題。

Hi, Brad.

嗨，Brad。

So you mentioned that your friction business outgrew auto builds by 1,400 basis points during the quarter. Curious if you expect that outgrowth versus build to compress through the rest of the year? Or could there perhaps be upside this year is the typical algorithm of 400 basis points to 500 basis points of outgrowth?

你提到你們的摩擦業務在本季相較汽車產量（auto builds）高出 1,400 個基點。我想了解你是否預期這種相對於產量的超額成長在今年剩餘時間會收斂？或者今年是否可能有上行空間，超過典型的 400 到 500 個基點超額成長的算法？

I would say, listen, is an exceptional performance. And allowed us in a market that was down 3.4% in the quarter actually to grow, show the resilience of the team, the resilience of the business. I would say, for the time being, this is only one quarter. So I would say we stick to our usually forecast of an outperformance between 500 basis points and 700 basis points for the full year.

我會說，這確實是非常出色的表現。在本季市場下滑 3.4% 的情況下，我們仍能成長，展現了團隊的韌性與業務的韌性。不過就目前而言，這只是一個季度。因此我們仍維持一貫的全年預測：全年超額表現介於 500 到 700 個基點。

What I really like about this outperformance was that it was spread. It was in every region. Was in China. It was in Europe where we already had a high market share and was also in North America. And last but not least, is we won 39 platforms -- electrified platforms in the quarter, which will feed future market share gains. And whilst production will be down this year to 91 million vehicles. The production of hybrid and the production of EV will actually grow double digit, and this is where we are particularly strong.

我特別喜歡這次超額表現的一點是它很分散。各個區域都有。在中國有。在我們原本市占就很高的歐洲也有，在北美也有。最後但同樣重要的是，我們本季拿下了 39 個平台——電動化平台——這將帶動未來的市占提升。而且雖然今年整體產量會下滑至 9,100 萬輛，但油電混合車與電動車的產量實際上會呈現雙位數成長，而這正是我們特別強勢的領域。

Okay. Great. And then as we think about at the total company level, can you walk through your assumptions for the year in terms of the net price cost equation as well as some of the moving pieces related to tariffs and material inflation? Thank you.

好的。很好。接著從公司整體層面來看，你能否說明一下你們對今年「淨價格/成本」關係的假設，以及與關稅與材料通膨相關的一些變動因素？謝謝。

Sure. On the price cost, you really have the usual dynamic. In terms of you have a very good price cost equation when it comes to IP and CCT because we've got more pricing power. Less so in motion technology where we feel the price pressure. But overall, for the full year, at ITT, the price cost is going to be positive.

當然。在價格與成本方面，基本上是你熟悉的動態。就 IP 與 CCT 而言，我們的價格/成本關係非常好，因為我們有更強的定價能力。在運動科技（motion technology）方面則沒那麼好，因為我們感受到價格壓力。但整體而言，就 ITT 全年來看，價格/成本將會是正向的。

Now when you look at the tariff, the situation is very fluid. I'm pretty sure that the next few weeks is going to be different than what it is today. Now we are actively pursuing any opportunity to recover any targets that we already pay, but we think that process will be long and who knows how it's going to pan out. And then -- what I would like to highlight is that as we demonstrated in 2025, we were able to offset that all the tariffs with commercial and productivity actions. So we think that, that will be a similar scenario in 2026.

至於關稅，情勢非常多變。我很確定接下來幾週的狀況會和今天不同。我們正積極尋求任何機會，去追回我們已經支付的任何關稅，但我們認為這個流程會很長，而且也不知道最後會如何發展。另外我想強調的是，正如我們在 2025 年所展現的，我們能透過商業與生產力行動抵銷所有關稅影響。因此我們認為 2026 年也會是類似情境。

Great. Thanks, Luca.

很好。謝謝，Luca。

Thanks, Brad.

謝謝，Brad。

Matt Summerville, D.A. Davidson.

D.A. Davidson 的 Matt Summerville。

Thanks, Echo. Similar sentiment, Emmanuel. Just two quick ones for me. Can you talk about the core sort of industrial process funnel as you look ahead relative to maybe what you were seeing 90 days ago or a year ago, whatever makes sense to drive the most informed sort of comparison as to how that's evolving? And then I have a follow-up.

謝謝，Echo。我也有類似的感受，Emmanuel。我這邊兩個很快的問題。你能否談談核心的工業流程（industrial process）案源漏斗（funnel），往前看相較於 90 天前或一年前（以你覺得最有資訊含量的比較為準），目前的狀況如何、以及它是怎麼演變的？然後我還有一個追問。

Sure, Matt. The funnel is very healthy. It's elevated and is actually up year-over-year, Matt, is also up sequentially to. Now what is interesting is that then if you want to go a little bit more granular and you look at the region, I would say the region where the funnel is up the most is North America, which is interesting because this is where we had our largest orders growth in North America.

當然，Matt。漏斗非常健康。它處於較高水準，而且 Matt，年對年是上升的，環比也在上升。有趣的是，如果你想再更細一點看區域，我會說漏斗上升最多的區域是北美；這也很有意思，因為我們在北美的訂單成長也是最大的。

And despite that, the panel is up tremendously, which tells us something about the replenishment speed of the opportunity in North America. The funnel is down when you look at the Europe and the Middle East for obvious reasons because all the commercial conversation, the investment that we had with Saudi Aramco, for example, all of those are frozen. But we expect those to start quickly if the situation normalizes.

儘管如此，該面板仍大幅上升，這告訴我們北美市場機會補充的速度相當快。但當你看歐洲與中東時，漏斗量下滑是顯而易見的，因為所有商業對話——例如我們與沙烏地阿美（Saudi Aramco）的投資討論——都已凍結。不過我們預期，一旦情勢正常化，這些將會很快重啟。

Thank you. And then I was wondering if you could help sort of cadence out the flow accretion you expect for the year if we were at $0.04 in Q1. Obviously, you're assuming something more conservative on the look ahead out three quarters. So maybe help me understand kind of the logic behind that. Maybe it's just conservatism but ultimately, how we should be thinking about that cadence?

謝謝。另外我想請你協助梳理一下，如果第一季是 0.04 美元，你們預期今年全年現金流增厚（accretion）的節奏會是如何。顯然，你們對未來三個季度的展望採取了更保守的假設。所以也許請幫我理解背後的邏輯。也許只是保守起見，但最終我們應該如何看待這個節奏？

Yeah. So when you think about Q1, as I mentioned, in Q1, you have an outsized contribution from SPX FLOW. And the reason for this is because basically March is so disproportionate compared to the rest of the quarter. And then you also have less interest expense as well as a smaller share count. So as you ramp that in Q2, Q3 and Q4, you get your interest that increases roughly by $30 million a quarter.

是的。所以當你看第一季時，如我提到的，第一季有來自 SPX FLOW 的超額貢獻。原因在於基本上 3 月相較於本季其他月份的占比非常不成比例。另外，你也有較低的利息費用以及較小的流通股數。因此當你在第二季、第三季與第四季逐步拉升時，你的利息大約每季增加 3,000 萬美元。

You get your share count that goes to 90 million shares. And then so as a result, SPX FLOW continues to deliver really strong performance but it's kind of impacted by these variables and the normalizing of the fact that we don't have just one month with fibre.

你的股數會增加到 9,000 萬股。因此，SPX FLOW 仍持續交出非常強勁的表現，但會受到這些變數影響，以及回到常態——也就是我們不再只有某一個月份特別突出。

So I would say the continued progression of the performance of SPX FLOW from a growth standpoint, as Luca said, but also from a margin standpoint. And so -- and preparing the ground for further productivity as we hit '27, including cost synergies.

所以我會說，SPX FLOW 的表現會持續推進，從成長面來看如 Luca 所說，同時也從毛利率/利潤率面來看。並且——為我們在 2027 年達成進一步生產力（提升）做好準備，包括成本綜效。

Got it. Thank you.

了解。謝謝。

Thank you, Matt.

謝謝你，Matt。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Hi, good morning. It's Jake on for Scott. Congrats on getting the SPX deal across the goal line and congrats to Emmanuel as well. We appreciate all your help over the years and hopefully you'll be on the beach in a few months with a nice [Cavern] actually, I don't know what your drink is, but just on the Middle East, I know you touched on -- you made a few comments on that.

嗨，早安。我是 Jake，代 Scott 發言。恭喜 SPX 這筆交易順利完成，也恭喜 Emmanuel。我們很感謝你們多年來的協助，也希望幾個月後你能在海灘上好好休息，來一杯不錯的 [Cavern]——其實我不知道你喝什麼——不過回到中東，我知道你剛剛有提到——你對那邊做了幾點評論。

But I'd have to imagine when you start turning on some of those production has been shut in, you're going to have a lot of valves and pumps and other products that probably won't work as they should and to say nothing on some of the infrastructure that's been destroyed. So I guess, is there a way to think about what the upside might be on the other side of this conflict?

但我得想像，當你開始讓一些先前停產的產能重新啟動時，會有很多閥門、幫浦以及其他產品可能無法如預期運作，更不用說部分基礎設施也已被摧毀。所以我想問，有沒有一種方式可以思考這場衝突結束後的上行空間可能有多大？

Yeah, what you said is absolutely true. So I think that we expect that the investment that was supposed to happen, the conversation to start super quick. And then there should be some good service world that comes out of it. And this is where our team headed by Calin by Harland by Handy to be able to perform because the service business is actually very, very good. And the Saudi expansion that we made will be perfect at that time.

是的，你說得完全正確。所以我認為，我們預期原本應該發生的投資、相關對話會非常快速地重新啟動。接著應該會帶來一些不錯的服務業務機會。而這正是由 Calin、Harland、Handy 領導的團隊能夠發揮的地方，因為服務業務其實非常、非常好。而我們在沙烏地所做的擴張，屆時會非常到位。

One thing also I want to remind is the incredible performance also that we had of our Habonim valves in Israel. As despite what's going on and the war, this business has been able actually to grow orders despite the war to grow revenue despite the war.

另外我也想提醒一下，我們在以色列的 Habonim 閥門業務也有非常出色的表現。儘管目前的情況與戰爭仍在進行，這個業務仍然能在戰爭期間成長訂單、在戰爭期間成長營收。

And sure, we had pressure on the margin because the cost of the containers, because of the transportation, et cetera, and the disruption on the operations, as you can imagine, but a great performance from the Habonim team over there in the Middle East as well.

當然，我們的利潤率確實承受壓力，因為貨櫃成本、運輸等因素，以及你可以想像的營運中斷，但 Habonim 團隊在中東那邊仍交出了很好的表現。

Okay. That's good color. Thanks. And just a different topic, I was surprised to hear you mention small bolt-on deals on the call, just given all you have on your plate with SPX and it seemed like a very deliberate comment, but I'm not sure if that's an indication that maybe there's some deals in your pipeline that you feel are actionable. So do you feel like you have the organizational capacity to be able to take on some more from here?

好的。這些補充很有幫助。謝謝。另外換個話題，我有點意外聽到你在電話會議中提到小型補強併購（bolt-on deals），因為你們在 SPX 上已經有很多事情要做，而且那聽起來像是刻意提到的，但我不確定這是否表示你們的管線裡可能有一些你們覺得可執行的交易。所以你覺得組織上有能力在此基礎上再承接更多嗎？

Sure. Yeah, Jake. Yes, we do. Because when you think about the SPX FLOW, it involves our business units that outstanding the terms of SPX FLOW, of course, will be integrated with our pumps business. But there are areas where the business and the business leaders are running very well, they got the capacity to really add to it.

當然。是的，Jake。我們有。因為當你看 SPX FLOW，它當然涉及我們的事業單位；SPX FLOW 的條款/業務最終會與我們的幫浦業務整合。但也有一些領域，業務與業務領導團隊運作得非常好，他們確實有能力在此基礎上再加一些東西。

Think about Habonim. Habonim is performing incredibly well. 44% revenue growth, book-to-bill of 1.2. The fundamentals are strong. They've been practically untouched by the SPX FLOW acquisition. So their management team, that business have the capacity to really to do a little bit more.

以 Habonim 為例。Habonim 的表現非常出色：營收成長 44%，接單出貨比（book-to-bill）為 1.2。基本面很強。他們幾乎沒有受到 SPX FLOW 併購的影響。因此他們的管理團隊與該業務確實有能力再多做一點。

And this is also why we kept our debt ratio to 2.7 to really have that flexibility. So we got the financial capacity to do small bolt-ons and also the management capacity. Obviously, they're going to be small in size, right? Nothing large.

這也是為什麼我們把負債比率維持在 2.7，以保有那樣的彈性。所以我們既有財務能力做小型補強併購，也有管理能力。當然，它們會是小規模的，對吧？不會是大型交易。

Okay. I appreciate it, Luca. Thank you. I'll pass it on.

好的。我明白了，Luca。謝謝。我把時間交回去。

Thank you, [Jake].

謝謝你，[Jake]。

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

謝謝。今天的電話會議到此結束。請各位現在掛斷電話線，祝各位有美好的一天。