ITT Inc (ITT) 2026 Q2 法說會逐字稿

Welcome to ITT's 2026 second quarter conference call. Today is Thursday, August 6, 2026. Today's call is being recorded and will be available for replay beginning at 12:00 PM Eastern Time. (Operator Instructions)

歡迎參加 ITT 2026 年第二季電話法說會。今天是 2026 年 8 月 6 日（星期四）。本次電話會議將進行錄音，並將自美東時間中午 12:00 起提供重播。（接線員指示）

It is now my pleasure to turn the floor over to Carleen Salvage, Vice President, Investor Relations and FP&A. You may begin.

現在我很榮幸將會議交給投資人關係與財務規劃與分析（FP&A）副總裁 Carleen Salvage。您可以開始。

Thank you, Liz, and good morning. Joining me in Stamford today are Luca Savi, ITT's Chief Executive Officer and President; and Mike Savinelli, Interim Chief Financial Officer. Today's call will cover ITT's financial results for the three-month period ended July 4, 2026, which we announced this morning.

謝謝你，Liz，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，以及代理財務長 Mike Savinelli。今天的電話會議將說明 ITT 截至 2026 年 7 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, including those described in our 2025 annual report on Form 10-K and other recent SEC filings. Except where otherwise noted, the second quarter results we present this morning will be compared to the second 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，今天的發言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，實際結果可能與預期有重大差異，包括我們 2025 年 Form 10-K 年報及近期其他 SEC 申報文件中所述者。除非另有說明，今天上午所呈現的第二季結果將與 2025 年第二季比較，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. Today's earnings call includes year-over-year commentary on the performance of SPX FLOW that reflects financial information before the acquisition date of March 2, 2026.

上述指標與最可比 GAAP 數字之調節表，已詳列於我們的新聞稿及簡報附錄中，兩者皆可於我們網站取得。今天的財報電話會議包含對 SPX FLOW 表現的年對年評論，所反映之財務資訊係以 2026 年 3 月 2 日收購日之前為基礎。

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

接下來，我很榮幸將電話會議交給 Luca，他將從第 3 頁投影片開始。

Thank you, Carleen, and good morning. Before I begin, I would like to welcome our new Aerospace Contacts colleagues to the ITT family. I look forward to working with you to grow CCT more and faster. We would also like to recognize our ITTers all around the world for an outstanding performance in Q2 once again. And a particular thank you to our employees in Flow Technologies for their hard work that has enabled us to make significant progress on the integration of SPX FLOW whilst continuing to deliver strong operational and financial performance.

謝謝你，Carleen，大家早安。在我開始之前，我想歡迎我們新加入的 Aerospace Contacts 同仁加入 ITT 大家庭。我期待與各位合作，讓 CCT 成長得更多、更快。我們也要再次表揚全球各地 ITT 同仁在第二季的傑出表現。並特別感謝 Flow Technologies 的員工辛勤付出，使我們在持續交出強勁營運與財務表現的同時，也能在 SPX FLOW 整合上取得重大進展。

In the second quarter, we accelerated the Q1 momentum. Our ITT has delivered strong performance across the portfolio through flawless execution and the realization of benefits from our acquisitions, building a solid foundation for the remainder of 2026 and beyond.

在第二季，我們加速延續第一季的動能。我們的 ITT 透過無懈可擊的執行力，以及實現併購效益，在整體投資組合各業務均交出強勁表現，為 2026 年剩餘期間及更長遠的未來奠定堅實基礎。

Now to the momentum. We grew orders 53%, 13% organically. We grew revenue 51%, 13% organically, reflecting a book-to-bill of 1.1 for the quarter. We expanded operating margin 40 basis points. We delivered adjusted EPS of $2.08, up 18% year-over-year, and we generated $176 million of free cash flow year-to-date, a truly record quarter.

接著談動能。訂單成長 53%，其中有機成長 13%。營收成長 51%，其中有機成長 13%，反映本季出貨比（book-to-bill）為 1.1。營業利益率擴張 40 個基點。調整後 EPS 為 2.08 美元，年增 18%；年初至今我們創造 1.76 億美元自由現金流，這確實是創紀錄的一季。

Let's dive now into the details. On orders, CCT was the highlight of our Q2 performance, growing 59% organically. CCT's growth was fueled by large defense orders in our kSARIA business, which posted significant multiyear bookings across mission-critical platforms such as advanced night vision applications and fighter jet programs. kSARIA grew orders 168%, and it didn't end there. We continue to see strength in early Q3 with record order bookings in July.

現在讓我們深入細節。在訂單方面，CCT 是我們第二季表現的亮點，有機成長 59%。CCT 的成長主要來自 kSARIA 業務的大型國防訂單；該業務在多個關鍵任務平台（例如先進夜視應用與戰鬥機計畫）取得顯著的多年期接單。kSARIA 訂單成長 168%，而且不僅如此。我們在第三季初期仍持續看到強勁動能，7 月創下訂單接單紀錄。

The Connectors business also posted record orders, increasing 38%, fueled by growth in North America, Europe and Asia. Motion Technologies continue to win new platform and conquer new awards in friction, feeding future market share gains. KONI orders were also strong with 9% growth, thanks mainly to China Rail and Defense. And lastly, in Flow Technologies, we delivered 91% orders growth.

Connectors（連接器）業務也創下訂單新高，成長 38%，主要受北美、歐洲與亞洲成長帶動。Motion Technologies 持續贏得新平台並取得摩擦產品的新獎項，為未來市占提升提供動能。KONI 訂單同樣強勁，成長 9%，主要受中國鐵路與國防帶動。最後，在 Flow Technologies，我們的訂單成長 91%。

Organic orders declined 3% year-over-year due to the impact of deferred orders in the Middle East and the strong prior year performance that included very large oil and gas orders. SPX FLOW grew orders 9% in Q2 versus their prior year numbers, 23% growth in mixers across North America and China, 10% growth in Waukesha Cherry-Burrell and 8% growth in Nutrition & Health, supported by strong systems orders in Europe.

有機訂單年減 3%，主要因中東訂單遞延的影響，以及去年同期表現強勁（包含非常大型的油氣訂單）。SPX FLOW 第二季訂單較去年同期成長 9%；其中攪拌機在北美與中國成長 23%，Waukesha Cherry-Burrell 成長 10%，Nutrition & Health 成長 8%，並受歐洲強勁系統訂單支撐。

On revenue, this quarter's performance was fueled by organic growth across all our segments. CCT grew 17% organically, driven by strength across the portfolio. Commercial Aerospace grew 14% from increased volume, coupled with pricing benefits. Defense grew 16%, driven by strong performance in kSARIA, which grew 28% versus the prior year. We also grew industrial connectors 24%, led mainly by Europe and Asia.

在營收方面，本季表現由各事業部的有機成長所帶動。CCT 有機成長 17%，受整體產品組合強勁表現驅動。商用航太因出貨量增加並結合定價效益而成長 14%。國防成長 16%，主要由 kSARIA 的強勁表現帶動；kSARIA 較去年成長 28%。我們的工業連接器營收也成長 24%，主要由歐洲與亞洲帶動。

Motion Technologies revenue increased 6%, 2% organic, led by friction aftermarket and outperformance of global vehicle production by more than 300 basis points, led by Europe and China, in addition to strength in China Rail.

Motion Technologies 營收成長 6%，其中有機成長 2%；主要由摩擦售後市場帶動，且全球車輛產量的表現被我們超越逾 300 個基點，主要由歐洲與中國帶動，另加上中國鐵路的強勁需求。

And finally, Flow Technologies revenue was up 21% organically or 123% in total. The team continues to deliver higher pump project sales, up 45%, driven by shipments in marine energy transition and oil and gas markets. And we also continue to grow our valves business, up 19% as we keep on winning in biopharma. Well done, Kasturi, and the Lancaster team. SPX FLOW revenue grew 5% in Q2 and 9% year-to-date, in line with our full year guidance of high single-digit growth.

最後，Flow Technologies 營收有機成長 21%，總計成長 123%。團隊持續推動更高的泵浦專案銷售，成長 45%，主要由海事能源轉型與油氣市場的出貨帶動。我們也持續擴大閥門業務，成長 19%，因我們在生物製藥領域持續勝出。做得好，Kasturi，以及 Lancaster 團隊。SPX FLOW 第二季營收成長 5%，年初至今成長 9%，符合我們全年「高個位數」成長的指引。

On operating margin, CCT's margin expanded 100 basis points over the prior year and 240 basis points sequentially to 21.7%, primarily from higher volume and pricing. Motion Technologies margin of 21.1% grew 90 basis points as a result of net productivity. And Flow Technologies, excluding SPX FLOW, expanded margins 70 basis points, fueled by market share gains and pricing. Total Flow margin of 21.4% was diluted by the full quarter contribution of SPX FLOW.

在營業利益率方面，CCT 利潤率較去年擴張 100 個基點，且較前一季擴張 240 個基點至 21.7%，主要來自更高的出貨量與定價。Motion Technologies 利潤率為 21.1%，因淨生產力提升而增加 90 個基點。Flow Technologies（不含 SPX FLOW）利潤率擴張 70 個基點，受市占提升與定價帶動。Flow 整體利潤率為 21.4%，因 SPX FLOW 全季貢獻而被稀釋。

Nevertheless, cost synergies from the integration, together with other productivity actions in the second half of the year, are expected to expand margin throughout the remainder of 2026. As a result of our outstanding operational execution, we delivered adjusted EPS of $2.08, up 18% versus the prior year.

儘管如此，整合帶來的成本綜效，加上今年下半年其他生產力措施，預期將在 2026 年剩餘期間持續推升利潤率。由於我們卓越的營運執行力，調整後 EPS 達 2.08 美元，較去年成長 18%。

Turning now to capital allocation. As previously shared, we're prioritizing debt repayment. And in Q2, we paid down $124 million, bringing our leverage ratio to 2.5x, 6 months ahead of our original commitment. In July, we also deployed capital to acquire Aerospace Contacts. Though small, this acquisition is highly strategic to enhance our supply chain resilience, secure supply of critical high-precision contacts and in doing so, support continued growth with our connectors defense and aerospace customers.

接著談資本配置。如先前所分享，我們將償還債務列為優先事項。第二季我們償還 1.24 億美元，使槓桿比率降至 2.5 倍，較原先承諾提前 6 個月達成。7 月我們也投入資本收購 Aerospace Contacts。雖然規模不大，但此收購具高度策略性，可提升供應鏈韌性、確保關鍵高精密接點的供應，並藉此支持我們與連接器國防與航太客戶的持續成長。

As you see, our legacy businesses are firing on all cylinders and now are also taking advantage of some market tailwinds. And as we shared during our Capital Markets Day, we are compounding and creating more value with our recent acquisitions.

如您所見，我們的既有業務火力全開，現在也正受惠於一些市場順風。此外，正如我們在資本市場日所分享的，透過近期的收購案，我們正在持續複利成長並創造更多價值。

Let's turn to Slide 4 to discuss these contributions. During the last few years, we worked hard to cultivate and execute the right acquisitions. We focus on high-quality companies with strong management teams and solid fundamentals. These acquisitions do more than add scale. They strengthen ITT's portfolio by increasing our exposure to higher growth, higher-margin businesses where we can drive additional value through differentiation in execution and innovation.

接下來請看投影片4，討論這些貢獻。過去幾年，我們努力培育並執行合適的收購。我們聚焦於具備優秀管理團隊與穩健基本面的高品質公司。這些收購不僅僅是擴大規模。它們透過提高我們在高成長、高毛利業務的曝險，強化了ITT的投資組合；在這些領域，我們能藉由執行與創新上的差異化來驅動額外價值。

This is exactly the playbook with Svanehøj. We entered the marine energy transition market, a market that has a lot of growth potential today with LNG and in the future with ammonia. Svanehøj's products and team are leaders in their market, and the results speak for themselves. Since acquisition through the end of 2026, Svanehøj is expected to grow revenue 32% on average each year with a book-to-bill of 1.2. Our projected backlog at the end of 2026 will be up 40% since the acquisition.

這正是我們在Svanehøj身上採用的策略手冊。我們進入海事能源轉型市場；該市場目前在LNG方面具備龐大成長潛力，未來在氨燃料方面亦然。Svanehøj的產品與團隊在其市場中居於領先地位，成果不言自明。自收購完成至2026年底，預期Svanehøj營收平均每年成長32%，出貨比（book-to-bill）為1.2。我們預估至2026年底的在手訂單（backlog）將較收購時增加40%。

As a result, the acquisition multiple of 13 is projected to be just 6 at the end of 2026. Thank you, Søren, Morten and Johnny for this excellent performance. And the marine energy transition end market expected to remain strong. Svanehøj is well positioned for future profitable growth. kSARIA, another bolt-on acquisition, is also a success story.

因此，收購倍數13倍預計到2026年底將降至僅6倍。感謝Søren、Morten與Johnny帶來如此優異的表現。海事能源轉型終端市場預期仍將維持強勁。Svanehøj已為未來的獲利成長做好良好布局。另一項加碼式收購kSARIA同樣也是成功案例。

The defense market, which represents roughly 80% of kSARIA provides a powerful market tailwind. kSARIA's leadership and flawless execution enable us to win larger portions of the prime programs we participate in.

國防市場約占kSARIA的80%，提供了強勁的市場順風。kSARIA的領導力與零失誤的執行力，使我們能在所參與的主承包計畫（prime programs）中贏得更大的份額。

By the end of 2026, we are projecting to grow backlog 180% since the acquisition and orders 60% on average each year. This positions us incredibly well for the future. kSARIA's acquisition multiple of 13 is expected to be 11 by the end of 2026. And we still have plenty of opportunities to expand margins with pricing actions and productivity initiatives. Thanks, DiPoto, and team for the quarter of results.

到2026年底，我們預估在手訂單（backlog）將較收購時成長180%，而訂單（orders）平均每年成長60%。這使我們在未來具備極佳的有利位置。kSARIA的收購倍數13倍，預期到2026年底將為11倍。此外，我們仍有大量機會透過調價措施與生產力提升計畫來擴大利潤率。感謝DiPoto及團隊在本季交出的成果。

On SPX, we are in the early innings, but we are encouraged by how we started, the progress we have made and the future potential. On the start, we are ahead of our plan, and the team is working hard to accelerate. We have a path to our high single-digit growth commitment with orders in the first half of the year growing 7% and revenue growing 9% year-to-date, resulting in a book-to-bill of 1.05. We are progressing well and cost synergies are ahead of plan, whilst we are working hard to build a strong foundation for future revenue synergies.

至於SPX，我們仍處於早期階段，但對於起步表現、已取得的進展以及未來潛力感到鼓舞。就起步而言，我們進度超前於計畫，團隊正努力加速推進。我們有一條可達成「高個位數成長」承諾的路徑：上半年訂單成長7%，年初至今營收成長9%，使出貨比（book-to-bill）達1.05。我們進展良好，成本綜效也超前於計畫，同時我們正努力建立堅實基礎，以支撐未來的營收綜效。

On future potential, we have plenty of growth prospects in each business, be it Nutrition & Health, Waukesha Cherry-Burrell, mixers or pumps, and the funnel of opportunities keeps on growing. I'm encouraged by what I experienced at Seital, a small factory and business in Italy that is part of Nutrition & Health. I was fortunate to spend time with the local management, learn from their deep knowledge of the commercial and engineering teams, and observed the 5S of the well-run plant. This is a team that is ready to win and conquer more.

就未來潛力而言，我們在各項業務都有充足的成長前景，無論是Nutrition & Health、Waukesha Cherry-Burrell、攪拌機或泵浦，機會漏斗仍持續擴大。我對於在義大利、隸屬於Nutrition & Health的小型工廠與事業體Seital的所見所聞感到振奮。我很幸運能與當地管理團隊相處，向其商務與工程團隊的深厚專業學習，並觀察到這座管理良好的工廠所落實的5S。這是一支已準備好取勝並攻下更多市場的團隊。

Another site with great potential is our Xidu factory in China. We spent time with Bruce Wang and the local team exploring how we can grow faster and more profitably in APAC and China by adopting a more entrepreneurial mindset and a continuous improvement approach and continuing to invest in innovation. As you can see, our acquisition playbook is indeed working.

另一個具備巨大潛力的據點是我們在中國的西渡（Xidu）工廠。我們與Bruce Wang及當地團隊一起探討，如何透過更具創業家精神的思維、持續改善的方法，並持續投資創新，讓我們在亞太（APAC）與中國更快且更獲利地成長。如您所見，我們的收購策略手冊確實正在奏效。

In summary, our legacy businesses will keep delivering value through above-market growth and continuous margin expansion, whilst the acquisitions will compound value by doing exactly the same.

總結而言，我們的既有業務將透過高於市場的成長與持續的利潤率擴張，持續交付價值；而收購案也將以同樣方式複利累積價值。

With that, let me now turn the call over to Mike Savinelli, who is joining us for his first earnings call to discuss Q2 results in detail on Slide 5.

接下來，我把電話會議交給Mike Savinelli。他將首次參與我們的法說會，並在投影片5上更詳細說明第二季（Q2）業績。

Thank you, Luca, and good morning. As Luca highlighted, we delivered a very strong quarter. In Q2, we achieved outstanding growth across the business in revenue, adjusted margin, EPS and cash. Our teams delivered a record $1.5 billion in revenue, growing 51% or 13% organically. CCT grew 17% organically, fueled by industrial connectors and aerospace and defense strength.

謝謝你，Luca，各位早安。正如Luca所強調的，我們交出非常強勁的一季。在第二季，我們在營收、調整後利潤率、每股盈餘（EPS）與現金等方面，皆實現卓越成長。我們的團隊創下15億美元營收紀錄，成長51%，其中有機成長13%。CCT有機成長17%，主要受工業連接器以及航太與國防需求強勁所帶動。

CCT ended the quarter with a robust book-to-bill of 1.4. Motion Technologies grew 2% organically, a significant achievement in a down market, driven by friction aftermarket and OE outperformance together with KONI growth. And finally, Flow Technologies grew 21% organically, driven by strong project shipments and from strength in short cycle, which was up 10% year-over-year.

CCT在本季結束時的出貨比（book-to-bill）強勁，達1.4。Motion Technologies有機成長2%；在市場下行的環境中，這是一項顯著成就，主要由摩擦售後市場與原廠配套（OE）的優於市場表現，以及KONI成長所驅動。最後，Flow Technologies有機成長21%，主要受強勁的專案出貨帶動，以及短週期業務的強勢表現（年增10%）。

Our strong top line performance contributed to operating income growth of 55% and margin expansion of 40 basis points, supported further by the full quarter of SPX FLOW as well as strong execution across our legacy businesses. CCT delivered 23% operating income growth to a margin of 21.7%, a 100 basis point expansion, driven by increased volume, realization of pricing actions and productivity, partially offset by material inflation.

我們強勁的營收表現帶動營業利益成長55%，並使利潤率擴張40個基點；此外，SPX FLOW完整季度的貢獻，以及既有業務的強勁執行力，也進一步提供支撐。CCT營業利益成長23%，營業利益率達21.7%，擴張100個基點，主要受出貨量增加、調價措施的落實與生產力提升所帶動，但部分被材料通膨所抵銷。

Flow Technologies delivered a margin of 21.4%, a decline of 160 basis points, driven by the full quarter impact of SPX FLOW. We expect to expand margin sequentially throughout the year from cost synergy realization and other productivity initiatives. And MT's operating margin grew 90 basis points to 21.1% as the team drove net productivity of 110 basis points over the prior year. As a result of our top line performance and margin expansion, EPS reached $2.08 for the quarter, increasing 18% versus the prior year.

Flow Technologies的利潤率為21.4%，下滑160個基點，主要受SPX FLOW完整季度影響所致。我們預期今年利潤率將逐季擴張，來自成本綜效的實現與其他生產力提升計畫。而MT的營業利益率提升90個基點至21.1%，團隊推動的淨生產力較去年提升110個基點。受惠於營收表現與利潤率擴張，本季EPS達2.08美元，較去年同期增加18%。

Lastly, year-to-date free cash flow of $176 million was impacted by $71 million of onetime acquisition-related expenses, which we highlighted in Q1. Excluding these impacts, free cash flow was up 15% year-over-year, and looking purely at Q2, our free cash flow margin was 11% for the quarter.

最後，年初至今自由現金流為1.76億美元，受到7,100萬美元一次性收購相關費用影響；我們已在第一季（Q1）提及此項。若排除這些影響，自由現金流年增15%；若僅看第二季，我們本季自由現金流利潤率為11%。

Let's now turn to the Q2 EPS bridge on Slide 6. The 18% EPS growth was primarily driven by strong operational performance delivered by all legacy businesses, compounded by our acquisitions. Our legacy businesses contributed $0.36 of growth, of which Svanehøj and kSARIA contributed $0.12 of that from market share gains, pricing and productivity actions. The full quarter of SPX FLOW contributed $0.68 of growth with the impacts of the incremental interest, share count and tax rate, mostly offsetting this contribution. We are maintaining SPX FLOW's EPS accretion expectation of $0.10 to $0.14 for the year.

接下來請看投影片6的第二季EPS橋接分析。EPS成長18%主要由所有既有業務所交出的強勁營運表現所驅動，並由收購案進一步複利放大。既有業務貢獻了0.36美元的成長，其中Svanehøj與kSARIA透過市占提升、調價與生產力措施貢獻了其中的0.12美元。SPX FLOW完整季度貢獻了0.68美元的成長，但新增利息、股數與稅率的影響大多抵銷了這項貢獻。我們維持對SPX FLOW今年EPS增厚（accretion）0.10至0.14美元的預期。

I want to also stress that the net impacts of the tariff refunds were immaterial to the quarter at just $0.5 million.

我也想強調，關稅退稅的淨影響對本季並不重大，僅為0.5百萬美元。

Now let's move on to Slide 7 to discuss our updated 2026 outlook. We are raising our full year organic revenue guidance range to 5% to 8% growth, driven by increased bookings in our CCT business, strength in both Flow Technologies projects and short cycle and continued friction OE outperformance, coupled with operational performance above our original expectations. On adjusted operating margin, we expect to deliver over 100 basis points of margin expansion to approximately 20.5% at the midpoint, fueled by top line growth, favorable price-to-cost ratio and productivity gains.

現在我們來看第7頁，討論我們更新後的2026年展望。我們將全年有機營收指引區間上調至成長5%至8%，主要受CCT業務訂單增加所帶動，同時Flow Technologies專案與短週期業務表現強勁，且摩擦OE持續優於預期，再加上營運表現高於我們原先的預期。在調整後營業利益率方面，我們預期在中點可實現超過100個基點的擴張，約達20.5%，動能來自營收成長、有利的價/成本比以及生產力提升。

As a result of the momentum we generated in the first half of the year, we are raising our adjusted EPS outlook for 2026 to $8.22 at the midpoint. This represents a $0.37 increase and 14% growth at the midpoint, fueled by volume growth, pricing actions and productivity initiatives. The low end of our new range now exceeds the high end of our previous guidance range.

由於我們在上半年所累積的動能，我們將2026年調整後每股盈餘（EPS）展望中點上調至8.22美元。這代表中點上調0.37美元，且中點年增14%，主要由銷量成長、定價措施與生產力計畫所驅動。我們新區間的低端如今已高於先前指引區間的高端。

This revised guidance does not consider any additional net benefits from tariff refunds above the $0.5 million from Q2. Finally, on cash and capital structure, we are raising the midpoint of our free cash flow guidance to $565 million, resulting in a free cash flow margin between 10% and 11%. We made good progress lowering our leverage ratio. We are ahead of target and are driving towards approximately 2.3x by year-end.

本次修訂後的指引未納入除第二季0.5百萬美元之外、任何額外的關稅退稅淨收益。最後，在現金與資本結構方面，我們將自由現金流指引中點上調至5.65億美元，使自由現金流利潤率介於10%至11%。我們在降低槓桿比率方面取得良好進展。我們進度超前，並朝著年底約2.3倍的目標邁進。

Now let me turn the call back over to Luca to wrap up on Slide 8.

現在我把電話交回給Luca，請他在第8頁做總結。

Thanks, Mike. Before we move to Q&A, let me reinforce a few points. What you see in Q2, as you saw in Q1, is ITT's strategy in action. Our entrepreneurial spirit is accelerating growth in our legacy businesses. Our relentless execution is accelerating margin expansion.

謝謝，Mike。在進入問答之前，我想再強調幾點。你們在第二季看到的，正如第一季所見，是ITT策略的落實。我們的創業精神正在加速既有業務的成長。我們不懈的執行力正在加速利潤率擴張。

Our acquisitions are compounding organic value creation more and more. And in Q2, the momentum towards our long-term targets is accelerating. As always, I appreciate your time and continued interest in ITT. Liz, please open the line for Q&A.

我們的併購正越來越多地放大有機價值創造。而在第二季，朝向我們長期目標的動能正在加速。一如既往，感謝各位撥冗並持續關注ITT。Liz，請開放線路進行問答。

(Operator Instructions)

(接線員指示)

Scott Davis with Melius Research.

Melius Research的Scott Davis。

Good morning, thanks operator, good morning, Luca, Mike, and Carlene. Hi Scott, Congrats on these numbers. There's really not much to pick on here at all. So I'm going to talk -- I'd like to talk a little bit about SPX FLOW because that's the newest asset that we need to learn here. Where -- can you give us a sense, Luca, kind of, where SPX FLOW is in their, kind of, lean and operational excellence journey, kind of, how you would compare them to, kind of, your legacy ITT businesses and such and where the upside is there?

各位早安，謝謝接線員；Luca、Mike和Carlene，早安。嗨Scott，恭喜這些數字。這裡幾乎沒有什麼可挑剔的。所以我想談談——我想稍微談一下SPX FLOW，因為這是我們需要了解的最新資產。Luca，你能否讓我們了解一下，SPX FLOW在精實與營運卓越的旅程中大概處於什麼階段？你會如何把他們與你們ITT既有業務做比較？以及那裡的上行空間在哪裡？

Sure. So I would say when we look at the plants, if it's Xidu, if it's our plant in Poland, if it is even the factory that I visited in Italy, those are well-run plants, I would say, and good 5S, Scott, and some good talent. I think though that the area for improvement that we have in SPX FLOW and in the lean is really to ensure that the lean is entrenched in the DNA in the cell.

當然。我會說，當我們看工廠時，不論是Xidu、我們在波蘭的工廠，甚至是我在義大利參訪的那座工廠，這些都是管理良好的工廠；我會說，Scott，他們的5S做得不錯，也有一些優秀人才。不過我認為，SPX FLOW在精實方面需要改善的地方，主要是要確保精實真正深植於產線單元（cell）的DNA之中。

So today, I would say it's probably more linked to what were corporate initiatives, the A3 that you see stuck on the board, but not necessarily in improving the productivity in the cell or sometimes the material flow in the factory. So there is work to be done, but there is a good level of talent and the plants tend to be in general with a good 5S.

所以就目前而言，我會說它可能更多是與公司層級的倡議連結在一起，例如你看到貼在看板上的A3，但未必真正落實到提升產線單元的生產力，或有時候工廠內的物料流動。因此仍有工作要做，但人才水準不錯，而且整體而言工廠的5S普遍良好。

Okay. Good answer. Just a quick follow-up. Where are we on price versus cost in your three different segments?

好的。回答得很好。再快速追問一下。你們三個不同事業部在價格相對成本（price versus cost）方面目前狀況如何？

Yes. When you look at the price cost, it's pretty much the same dynamic. You have a price cost positive when it comes to Flow Technologies and in CCT because obviously, we got more price power in there. Different dynamic in Motion Technologies, where we are recovering some of the cost inflation, but not full. So there are pressures there.

是的。當你看價格與成本時，動態大致相同。在Flow Technologies與CCT方面，價格相對成本是正向的，因為顯然我們在那裡有更強的定價能力。Motion Technologies則是不同的動態，我們正在回收部分成本通膨，但尚未完全回收。所以那裡存在壓力。

But at ITT level, we expect to be price/cost positive, probably neutral from a margin perspective for the full year.

但在ITT整體層級，我們預期全年將維持價格/成本為正，從利潤率角度看可能大致持平。

Okay, helpful, I'll pass it on, best of luck this year.

好的，很有幫助，我把時間交給下一位，祝你們今年順利。

Thank you, Scott.

謝謝你，Scott。

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc Capital Markets的Jeff Hammond。

Hi, good morning, everyone. Great start here with SPX FLOW. Just wondering if you could maybe speak to just the underlying demand momentum in SPX FLOW. I guess that's what's driving the order growth and kind of any early wins you're seeing around maybe backing off 80/20 or synergies? And then maybe just expand on the funnel comment in SPX FLOW, which I think you said was expanding thanks.

嗨，各位早安。SPX FLOW這邊開局很不錯。想請教你們是否能談談SPX FLOW的基礎需求動能。我想這應該是推動訂單成長的因素，以及你們是否已看到一些早期成果，例如可能不再那麼依賴80/20或是協同效益？另外也請再延伸說明一下你在SPX FLOW提到的漏斗（funnel）評論，我記得你說它正在擴大，謝謝。

Yes. So when you look at the funnel of -- so the orders is a great performance. If you think about up 9% in Q2, year-to-date, our orders are up 7%. And also our book-to-bill is above one. Our book-to-bill in Q2 for SPX FLOW is 1.13.

是的。所以當你看漏斗——訂單表現非常好。如果你想一下，第二季年增9%，年初至今我們的訂單年增7%。而且我們的接單出貨比（book-to-bill）高於1。SPX FLOW在第二季的接單出貨比是1.13。

So good performance on there. What we see is really a good recovery on the chemicals. So if you think about the mixers dynamic, and we had a very good performance on the orders on the mixers.

所以那邊表現不錯。我們看到的是化工領域確實有良好復甦。所以如果你想到攪拌機（mixers）的動態，我們在攪拌機的訂單表現非常好。

Good performance on Waukesha as well, 10% orders growth. And in Nutrition & Health, I can tell you that just to give you a little bit more color, I participated to some very important bid reviews for large projects in Europe. So good orders, book-to-bill above one, building backlog and the funnel of opportunities in SPX FLOW is growing. And this, I would say, is geographically across the board, both in North America as well as in Europe.

Waukesha的表現也很好，訂單成長10%。在Nutrition & Health方面，我可以補充一些細節：我參與了歐洲幾個大型專案非常重要的投標審查（bid reviews）。所以訂單良好、接單出貨比高於1、在建立積壓訂單（backlog），而SPX FLOW的機會漏斗正在成長。而且我會說，這在地理上是全面性的，北美與歐洲皆然。

Okay. That's good to hear. And then just on the -- I mean, the CCT orders were pretty eye-popping, and I think you mentioned record July. Can you just kind of spike out underlying demand versus kind of good lumpiness?

好的。很高興聽到。另外關於——我是說，CCT的訂單非常驚人，我想你也提到7月創下紀錄。你能否拆解一下，這是基礎需求帶動，還是比較偏向一次性的大單波動（lumpiness）？

Sure. Sure, Jeff. I mean CCT was simply outstanding in terms of the orders. Everything was up. So it's not just CCT up 58%.

當然。當然，Jeff。CCT在訂單方面就是非常出色。各項都在成長。所以不只是CCT成長58%。

Controls were up 22%. Connectors were up 38%. kSARIA is true. You're right, Jeff, in terms of lumpiness. Probably you remember that Q1, we postponed some of the orders from Q1 to Q2.

控制業務成長22%。連接器成長38%。kSARIA 為真。Jeff，你說得對，就波動性而言。你大概記得第一季我們把部分訂單從第一季延後到第二季。

But if you look at kSARIA today, orders up 46%. So there is really a market tailwind, which I was referring to in the prepared remarks, but there is a lot of market share gains.

但如果你看今天的 kSARIA，訂單成長46%。所以確實有市場順風，我在事先準備的講稿裡有提到，但同時也有很多市占率的提升。

So we are participating to some programs, and we know that we have rewon those programs and more. So this is good. Some of this has got long-term visibility also to '28 and beyond. But I can tell you that the backlog that we have visible for Q3, Q4 and Q1 of next year compared to what we saw last year at the same time is considerably higher. So great growth for the midterm as well as long term.

因此我們正在參與一些專案，我們也知道我們重新贏回了那些專案，甚至更多。所以這是好事。其中一部分也具備長期能見度，一直到 2028 年及之後。但我可以告訴你，與去年同一時間相比，我們目前可見的第三季、第四季以及明年第一季的在手訂單明顯更高。所以中期與長期都有很好的成長。

Okay, thanks for the time.

好的，謝謝你撥冗。

Thanks, Jack.

謝謝，Jack。

Mike Halloran with Baird.

Baird 的 Mike Halloran。

Hi Mike.

嗨，Mike。

Hey, good morning everyone. How you doing? So a couple of questions here. First, can you help with the back half of the year cadencing as you think about earnings, revenue and any of those metrics? But then maybe also put in context how your orders are tracking in terms of time line, how much visibility it's giving you. Essentially it feels with the strength in the orders, you're getting a little bit of longer-dated, longer cycle type orders coming through. Just curious how we should think about that order to revenue conversion.

嘿，各位早安。你們好嗎？我這裡有幾個問題。首先，談到獲利、營收以及任何相關指標時，你能否協助說明下半年你們預期的節奏（cadencing）？另外也請你把訂單目前的走勢放在時間軸的脈絡下說明一下，它帶給你們多少能見度。基本上感覺在訂單強勁之下，你們收到了一些交期更長、週期更長的訂單。想請教我們應該如何看待訂單轉換為營收的節奏。

Sure. So if it's okay, Mike, do you address the full year '26 EPS guidance sequentially, and I talk about the orders?

當然。Mike，如果可以的話，你先按序說明 2026 全年 EPS 指引，我來談訂單，可以嗎？

That will be fine. So I just want to mention that we had a significant step-up in performance in Q2. And for the balance of the year, for the second half, we expect to remain at that elevated level of performance. And then looking at each value center for Motion Tech, we expect some seasonality in the second half, expecting stable margins. For CCT, we're expecting consistent revenue and margin similar to Q2.

可以。我先提一下，我們在第二季的表現有顯著躍升。而在今年剩餘期間、也就是下半年，我們預期會維持在這個較高的表現水準。再看 Motion Tech 的各個價值中心，我們預期下半年會有一些季節性，但毛利率預期穩定。至於 CCT，我們預期營收與毛利率將與第二季相近、維持一致。

And FT's margin expansion, we expect to expand from synergies.

而 FT 的毛利率擴張，我們預期會因協同效益而進一步擴大。

And talking about the orders, Mike, I think that different picture. If you think about CCT, as I said, incredible performance of the orders. There are some long-term programs so that gives us fantastic visibility in the future. But as I said, in the short term, our backlog is incredibly up for also the next few quarters. So very good visibility there. When you look at Flow Technologies, the orders up, of course, 91% in total. But if I look at the book-to-bill, Svanehøj's book-to-bill is 1.3.

至於訂單方面，Mike，我認為畫面不太一樣。如果你看 CCT，如我所說，訂單表現非常亮眼。其中有一些是長期專案，因此讓我們對未來有極佳的能見度。但如我所說，短期來看，我們未來幾季的在手訂單也大幅增加。所以那裡的能見度非常好。再看 Flow Technologies，訂單總體當然成長 91%。但如果我看接單出貨比（book-to-bill），Svanehøj 的接單出貨比是 1.3。

Just to give you an example, -- so if you have a business like this, which is growing 39% in Q2, on top of that, you got a book-to-bill of 1.3 and you're building backlog. This is visibility in the short, medium term. The SPX FLOW, the revenue is up 5% and the book-to-bill is 1.13. So we are building backlog for the medium term. And then when you go to Motion Technologies, we are winning more and more awards that will feed market share gains.

舉例來說——如果你有這樣一個業務，第二季成長 39%，同時接單出貨比又有 1.3，而且在累積在手訂單。這就代表短期到中期的能見度。SPX FLOW 的營收成長 5%，接單出貨比是 1.13，所以我們正在為中期累積在手訂單。然後再看 Motion Technologies，我們贏得越來越多的獎項／標案，將帶動市占率提升。

And then KONI orders were also up 9%, thanks to rail and defense. So great visibility for the long term, but also in the short and medium.

另外 KONI 的訂單也成長 9%，受惠於軌道交通與國防。所以長期能見度很好，短期與中期也同樣不錯。

That makes sense. Appreciate that. And then maybe just state of the union on the legacy Flow assets, what you're seeing on a regional basis, maybe specific emphasis on directional dynamics in the Middle East, and what you're seeing in terms of project outlays?

了解。謝謝你的說明。接著想請教一下傳統（legacy）Flow 資產的整體狀況：你們在各區域看到什麼情況？也許特別聚焦在中東的方向性動態，以及你們看到的專案支出（project outlays）狀況？

Of course. So let me address the Middle East first, and then we talk about the other regions. When you look at about the Middle East, I know that this sounds strange, but our business in the Middle East has been growing for the first six months incredibly well. And this is because of all the orders that we won in the last couple of years that we are delivering. We had a huge backlog, and we are delivering this backlog.

當然。我先談中東，然後再談其他地區。談到中東，我知道這聽起來有點奇怪，但我們在中東的業務在前六個月成長非常好。這是因為我們正在交付過去幾年贏得的所有訂單。我們有很大的在手訂單，而我們正在交付這些在手訂單。

So huge growth from a revenue perspective in Q1 and Q2. The orders in the Middle East have been delayed. And this probably will impact the regional growth in that -- in Saudi Arabia and in the Middle East when it comes to the next few quarters. Now what we have seen is that some of the orders are being now given to the EPCs. So we have started seeing some moves in terms of the orders, which is good. The other thing that I want to highlight on the Middle East is Habonim performance.

所以從營收角度來看，第一季與第二季都有很大的成長。但中東的訂單出現延遲。這可能會影響未來幾季沙烏地阿拉伯及中東地區的區域成長。目前我們看到的是，有些訂單現在正在交給 EPC（工程、採購與施工承包商）。因此我們開始看到訂單方面的一些動向，這是好事。另外我想強調中東的另一點是 Habonim 的表現。

Despite the fact that they are in the middle of it, Habonim has an incredible performance with orders up 18% in the quarter, revenue up 19%. Year-to-date, both orders and revenue up double digit and the book-to-bill above one.

儘管他們正處於事件中心，Habonim 的表現仍非常出色，本季訂單成長 18%，營收成長 19%。年初至今，訂單與營收都呈雙位數成長，接單出貨比也高於 1。

So great over there. Now if you look at the funnel, the funnel is increasing year-over-year. As a matter of fact, the funnel is up 34% year-over-year and 6% sequentially. When you look at the region, your question, North America, Latin America and interestingly Middle East are up. Forget about the Middle East funnel up because mainly that is because the orders get delayed, but North America and Latin America funnel up highlights the strength of those regions because revenue is growing, book-to-bill above one, so your orders are growing even more.

所以那邊表現很好。再看商機漏斗（funnel），漏斗年對年在增加。事實上，漏斗年對年成長 34%，較前一季成長 6%。就區域來看，回到你的問題，北美、拉丁美洲，以及有趣的是中東都在上升。先不談中東漏斗上升，主要是因為訂單延遲；但北美與拉丁美洲漏斗上升凸顯這些地區的強勁，因為營收在成長、接單出貨比高於 1，所以訂單成長更快。

And on top of that, your funnel is growing. So you're replenishing at a faster rate. So whereas Europe and Asia Pacific funnels are down a little bit.

此外，你們的漏斗也在成長。所以你們補充商機的速度更快。相較之下，歐洲與亞太的漏斗則略有下滑。

That was great. Appreciate it. Congrats on the quarter.

很棒。謝謝，感謝分享。恭喜這一季的表現。

Daniel DiCicco, BMO Capital Markets.

BMO Capital Markets 的 Daniel DiCicco。

Great, thank you for taking my request.

很好，謝謝你接受我的提問。

How are you?

你好嗎？

Good, how are you? It looks like chair literally everywhere, So it looks like you're winning share literally everywhere. So I guess, we've talked about some of the drivers, but maybe where do you see the most opportunity still in the portfolio when we kind of look out to the medium term?

很好，你呢？看起來你們幾乎在所有地方都在搶市占，所以看起來你們真的到處都在贏得市占。我想我們已經談過一些驅動因素，但如果我們把視野放到中期，從投資組合角度來看，你們認為哪裡仍有最大的機會？

Okay. So you're absolutely spot on, Dan. We are winning share across the board. Is it in KONI rail? Is it -- I was in China and the team was presenting the market share that we have with the China CRRC, fantastic.

好的。所以你說得完全正確，Dan。我們在各個面向都在搶占市占。是在KONI軌道業務嗎？還是——我之前在中國，團隊展示了我們在中國中車（CRRC）的市占率，表現非常出色。

We are winning market share in China with the Chinese OEMs. And therefore, we expect to increase market share there. We increased market share. You see on the growth with a 21% revenue growth in Flow Technologies organic. You know that we're winning market share there as well, mainly because of our project management and also in connectors.

我們也在中國、與中國的OEM（原始設備製造商）贏得市占。因此，我們預期在那裡會進一步提升市占。我們已經提高了市占。你從Flow Technologies（流體技術）有機成長21%的營收成長就看得出來。你知道我們在那裡也在搶市占，主要是因為我們的專案管理能力，以及在連接器方面的表現。

I would say we still have opportunities across the board, but probably more on the -- in the FT side on the Flow Technologies as well as CCT. So this is where we can even grow faster and more.

我會說我們在各個面向仍然有機會，但可能更多是在——FT端，也就是Flow Technologies以及CCT。所以這是我們可以更快、成長更多的地方。

Great. And then just a quick follow-up. I know you've talked about it a little bit in the past, but just some of the commercial opportunities you see within SPX FLOW and then maybe specifically some pricing opportunities on the Nutrition & Health side would be great.

很好。接著快速追問一下。我知道你過去稍微談過一些，但如果能分享你在SPX FLOW內看到的一些商業機會，尤其是Nutrition & Health（營養與健康）端的一些定價機會，那就太好了。

Sure. So I think that when we look at SPX FLOW, let me give an example. A few weeks ago, I was in Xidu, China, where we have a very good plant in terms of SPX FLOW. But I think our approach in China could be probably be adapted a little bit more to the market. What I mean by that, invest more on the engineering side, on the local application engineering in some local R&D so that we are actually adapting and making decisions more closer to the market, closer to the customer.

當然。我想當我們看SPX FLOW時，我舉個例子。幾週前我在中國西渡（Xidu），那裡我們有一座就SPX FLOW而言非常不錯的工廠。但我認為我們在中國的做法，可能可以更貼近市場一些。我的意思是，在工程端投入更多資源，在地應用工程以及一些在地研發（R&D），讓我們能更貼近市場、更貼近客戶地做調整與決策。

This is what has generated a lot of success for our friction business in China, for our KONI business in China and for our connectors business in China in the last few years. So decentralized empowering, developing more the periphery and the markets like China will definitely be a great opportunity. Similar opportunities out at Seital, our plant in small plant in Italy. I mean, that team is eager to win and conquer more. We need to ensure that we have though managed a more decentralized and make decision closer to the customer and closer to the market.

這正是過去幾年我們在中國的摩擦材料業務、KONI業務以及連接器業務取得大量成功的原因。因此，去中心化賦權、更多發展外圍與像中國這樣的市場，絕對會是很好的機會。在義大利的小型工廠Seital也有類似機會。我的意思是，那個團隊渴望贏得更多、攻下更多市場。我們需要確保採取更去中心化的管理，並讓決策更貼近客戶、更貼近市場。

We are also working on revenue synergies, particularly in Latin America for mixers, I would say. And the pause that we have in the Middle East presents an opportunity for us to get ready with mixers or the Bran+Luebbe pumps with localization in Saudi.

我們也在推動營收協同，特別是在拉丁美洲的混合設備（mixers）方面。而我們在中東目前的暫停狀態，也讓我們有機會做好準備，例如混合設備或Bran+Luebbe泵浦，並在沙烏地進行在地化。

Great. Congratulations on a great quarter.

很好。恭喜你們交出很棒的一季。

Thanks, Ben.

謝謝，Ben。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Hey guys, good morning.

各位早安。

Hi, John.

嗨，John。

Hey, Just curious what the opportunity set is. You've been talking about winning valves market share for a while with the legacy portfolio in like pharma and health. And just curious what the potential is for you to like bring in and pull in some of the SPX FLOW into those discussions from the wins that you've had on the legacy in valves?

嗨，我只是好奇機會集合是什麼。你們談到在製藥與健康等領域，透過既有產品組合持續贏得閥門市占已經有一段時間了。我想了解的是，你們是否有機會把SPX FLOW的一些產品帶進這些討論中，利用你們在既有閥門業務贏得的案子來帶動SPX FLOW？

Yeah, that's -- you're absolutely right, Joe. It looks like you were listening to some of our meetings in our meetings is yes, we have a very good penetration in some of the biopharma with our Lancaster plant because of our proprietary technology with EnviZion, and we won incredibly well. This is a market where we can expand with some of the brands of SPX FLOW, but also with the mixers. So the conversations are happening, and we need -- it could be across sales synergies that we probably were underestimating during the due diligence. Very fair.

是的——你說得完全正確，Joe。看起來你有在聽我們的一些會議內容；答案是：沒錯，我們在部分生物製藥領域滲透率很高，因為我們Lancaster工廠的EnviZion專有技術，讓我們贏得非常漂亮。這個市場我們可以用SPX FLOW的一些品牌來擴張，也可以帶入混合設備。所以相關對話正在進行中，而我們需要——這可能涉及銷售協同，而我們在盡職調查時可能低估了這部分。這個觀察很公平。

Yeah, that's kind of what I figured. And then can you talk about -- so what's going on in the Middle East, the implications of this, right? Like if we have to start moving around where LNG capacity goes and make new pipelines and have different shipping routes, like I'd imagine that you're a pretty big beneficiary from that across multiple elements of the firm. I mean Svanehøj, maybe and maybe on the infrastructure itself. Can you talk about what -- if that's what we ultimately have to do, kind of, rethink the, kind of, where some of this where some of this energy flows through, how does that impact you guys?

是的，這大概就是我猜的。另外你能談談——中東那邊到底發生什麼事，以及其影響嗎？例如如果我們必須開始調整LNG產能的去向、建新的管線、改變航運路線，我想你們在公司多個面向都會是很大的受益者。像是Svanehøj，或是基礎設施本身。你能談談——如果最終我們真的得重新思考、重新配置這些能源流向的路徑，這會如何影響你們？

Sure. There are always -- you're absolutely right. There are always two sides to the coin, right? So if our factory in Dammam gets penalized on one side in the short term, I mean, for the shipping perspective in terms of what the business could be for Svanehøj, could be a positive one. If there is more investment in pipelines, pipelines will use the BB3 pumps.

當然。你說得沒錯。事情總是一體兩面，對吧？所以如果我們在達曼（Dammam）的工廠短期在某一面受到影響，從航運角度來看，對Svanehøj的業務反而可能是正面。如果管線投資增加，管線會使用BB3泵浦。

And interesting enough, the BB3 is the pump that we went already completely the complete range through VA/VE, and we have a very good product, a product that has allowed us actually to win the Vaca Muerta project in Argentina.

而且很有意思的是，BB3是我們已經透過VA/VE把全系列完整跑過的泵型，我們有非常好的產品；這個產品也讓我們實際上贏下了阿根廷的Vaca Muerta專案。

And then as well, further investment in different regions could be also good for our Bornemann or Goulds Pumps. So for example, what's happening in Venezuela is probably going to be a great tailwind for our Bornemann pumps. Let's not forget that Venezuela was probably the largest market for Bornemann in the long past -- in the far past. So definitely great opportunities across the board.

此外，在不同地區的進一步投資，對我們的Bornemann或Goulds Pumps也可能是利多。例如，委內瑞拉正在發生的事情，對我們的Bornemann泵浦可能會是很大的順風。別忘了，委內瑞拉在很久以前——在更早以前——可能曾是Bornemann最大的市場。所以整體來看，機會非常多。

Nathan Jones, Stifel.

Nathan Jones，Stifel。

I'll follow up to Scott's question on Lean and ask you where you think SPX is on their 80/20 journey. And I guess I'm specifically interested in hearing where they are on value-based pricing, given that comes typically later in the cycle there. I know they've been on an 80/20 journey since about when they went private. But just any updates or thoughts that you have around that?

我接續Scott關於精實（Lean）的問題，想問你覺得SPX在他們的80/20旅程上走到哪一步了。我特別想聽的是他們在價值定價（value-based pricing）方面的進展，因為那通常是在這個循環後期才會出現。我知道他們自從私有化之後就一直在推80/20。但你對此有沒有任何更新或看法？

Sure. You know that I'm not an 80/20 guy, right? It's -- listen, I -- 80/20 is a good tool. Do we use it in ITT? Of course, we do.

當然。你知道我不是80/20派的，對吧？聽著——80/20是個好工具。我們在ITT有用嗎？當然有。

We did it on the safety, on the quality, you 80/20, absolutely. But I'm not a fan of the 80/20. I'm a fan of the 100 and to go after. So if some of our competitors want to leave there the 20, I'm happily going after that 20. So to be honest with you, we are reversing that approach of the 80/20 and to have a much more rational and much more common sense.

我們在安全、品質上都做過，用80/20，絕對。但我不是80/20的粉絲。我是100的粉絲——要去追求100。所以如果有些競爭對手想把那20留在那裡，我很樂意去把那20拿下來。所以老實說，我們正在反向調整80/20的做法，採取更理性、更符合常識的方法。

To be honest with you, what we are adopting is common sense and approach rigorously. That's it. It could be 80/20, it could be 90/10, it could be 100. So we are reversing that to be much more business savvy.

坦白跟你說，我們採用的是常識，並以嚴謹的方法來執行。就這樣。可以是80/20，也可以是90/10，也可以是100。所以我們正在把它反過來，讓做法更具商業敏銳度。

Now when it comes to the value-based pricing, the team is good at value-based pricing. When I look -- when I talk commercially to -- with Wendy or with Rudy, I mean, they definitely know their market, their customers, and they know exactly how to price different opportunities. And this is also in Nutrition & Health in some of those bids that I participated to, Silvia, the lead, the top salesperson and the management team are really able to push it to the right price and to the right value.

現在談到價值導向定價，團隊很擅長價值導向定價。當我看——當我在商業層面跟Wendy或Rudy交流時，我的意思是，他們絕對了解他們的市場、他們的客戶，而且非常清楚該如何為不同的機會定價。在營養與健康（Nutrition & Health）方面也是如此，在我參與的一些投標中，Silvia作為負責人、頂尖業務以及管理團隊，確實能把價格推到正確的水準、也把價值對齊到正確的位置。

Interesting. Fair enough. I guess on the revenue synergy opportunities, you talked about some of the biopharma opportunities pulling SPX product through there. Are there opportunities that you've identified to pull legacy ITT products through to some of the end markets or to combine with some of the SPX products to generate revenue synergies there?

有意思。可以理解。我想在營收協同的機會上，你提到一些生物製藥的機會，能把SPX的產品帶進去。你們是否已經辨識到一些機會，可以把傳統的ITT產品帶入某些終端市場，或是與部分SPX產品結合，以在那裡創造營收協同？

Sure. I think that the largest one on that front will -- is the Bornemann hygienic pumps. If we look at the Bornemann, mainly in the oil and gas, the chemical, et cetera, but we have an application. We've got very good products for hygienic. Now having said that, we were nobody in hygienic.

當然。我認為在這方面最大的一項將會——就是Bornemann的衛生級泵。如果我們看Bornemann，主要是在油氣、化工等等，但我們也有一個應用。我們有非常好的衛生級產品。不過話說回來，我們在衛生級領域原本是無名之輩。

We didn't have the proper channels. And therefore, if you think about it, what Waukesha Cherry-Burrell had is really great channel on hygienic. So having Waukesha Cherry-Burrell to sell Bornemann pumps in the US through their channel is really the greatest opportunity, I would say.

我們沒有合適的通路。因此，如果你這樣想，Waukesha Cherry-Burrell所擁有的，其實是在衛生級領域非常強的通路。所以，透過他們的通路讓Waukesha Cherry-Burrell在美國銷售Bornemann泵，我會說這真的是最大的機會。

And in some cases, they might have some strong distributor that we might not have in that region. I'm talking about mixers, for example, with Goulds Pumps. And therefore, we might have the benefit of utilizing their distributor instead of ours and vice versa. That's really where we see the benefits.

而且在某些情況下，他們在某個地區可能有我們沒有的強勢經銷商。例如我說的是混合設備（mixers），搭配Goulds Pumps。因此，我們可能受益於使用他們的經銷商而不是我們的，反之亦然。這就是我們看到效益的地方。

Vlad Bystricky, Citigroup.

Vlad Bystricky，花旗集團（Citigroup）。

Hey, good morning, guys, thanks for Morning, thanks for taking my call and Nice results, obviously. Just on the SPX FLOW orders and revenue momentum, can you parse out a little how much of that is volume versus price driven? And then I guess, more broadly for ITT overall, how you're thinking about price contributing to organic growth this year and evolving going forward given lingering inflation?

嗨，早安，各位，謝謝——早安，謝謝接我的電話，而且結果顯然很不錯。就SPX FLOW的訂單與營收動能而言，你能否稍微拆解一下，其中有多少是由量帶動、多少是由價格帶動？然後我想更廣泛地問一下，對於整體ITT，你們如何看待今年價格對有機成長的貢獻，以及在通膨仍然揮之不去的情況下，未來的演變？

Sure. Thank you. So when it comes to SPX FLOW, the growth is mainly volume. There is a little price on that one. And then when also you look at our -- if you look, for example, our legacy short-cycle orders in Flow Technologies, they were up 5% in the quarter.

當然。謝謝。所以就SPX FLOW而言，成長主要來自量。其中有一點點來自價格。另外，當你看我們——例如你看我們在流體技術（Flow Technologies）中傳統的短週期訂單，本季成長了5%。

Of that 5%, 4% is volume, is real growth, it's volume growth and 1% is price. So as you can see, we need to be much more surgical today when it comes to price. Having said that, our price/cost equation remains positive for Flow Technologies every quarter and for the full year.

這5%之中，4%是量，是實質成長，也就是量的成長，1%是價格。所以如你所見，現在在定價方面我們需要更精準、更具針對性。話雖如此，我們在流體技術每一季以及全年，價格/成本的方程式仍然是正向的。

Got it. And then just shifting to CCT and I guess, specifically on kSARIA. Given the orders growth you're seeing there, I know some of it is longer cycle and extending out. But just -- how are you thinking about capacity at the kSARIA business and your ability to ramp to deliver versus these large orders and really supply chain ability to keep up as well?

了解。接著轉到CCT，我想特別問kSARIA。考量你們看到的訂單成長，我知道其中一部分是較長週期、會往後延伸。但——你們如何看待kSARIA業務的產能，以及你們在面對這些大型訂單時提升產出與交付的能力？另外供應鏈的能力是否也能跟上？

Sure. So you're absolutely right. I mean, great performance on the orders. I would say also great performance on the revenue side because if you look at also Q2, kSARIA pro forma revenue was up 28%. So great performance.

當然。你說得完全正確。我的意思是，訂單表現非常好。我也會說營收端表現同樣很棒，因為如果你也看第二季，kSARIA按備考（pro forma）口徑的營收成長了28%。所以表現很強。

As of today, we do not see any capacity constraint on the kSARIA front. As a matter of fact, when we look at the capacity, this is exactly why we made the acquisition of Aerospace Contacts, right? We were concerned of being able to feed the demand and the growth on the connector side, aero and defense.

截至目前，我們在kSARIA這邊沒有看到任何產能限制。事實上，當我們看產能時，這正是我們收購Aerospace Contacts的原因，對吧？我們擔心在連接器端、航太與國防領域，是否能夠支撐需求與成長。

And therefore, we purchased Aerospace Contacts, and now we have in-sourced that, and we are able to have a better secure and more resilient supply chain. But no real constraint from capacity from a kSARIA point of view.

因此，我們收購了Aerospace Contacts，現在也把它內製化（in-sourced），讓我們能擁有更有保障、也更具韌性的供應鏈。但從kSARIA的角度來看，產能方面沒有真正的限制。

Good to hear, appreciate that, Luke, I'll get back in you.

很高興聽到，謝謝你，Luke，我先回到隊列裡。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行（Bank of America）。

Yes, good morning.

是的，早安。

Hi Andrea.

嗨，Andrea。

Hey, how are you? Just a question on margin guide raise. Just a question in terms of -- I think second quarter was a little bit short -- the quarter was good. I'm not complaining. But the quarter came a little bit short on margin versus what we were modeling. But it seems that you raised on margins into the second half.

嗨，你好嗎？想問一下你們上調毛利率指引的問題。就——我想第二季稍微有點低於——這一季表現很好。我不是在抱怨。但這一季的毛利率相較於我們的模型預期略低一些。不過看起來你們把下半年的毛利率上調了。

Absolutely. I think to be honest with you, Andrew, you're right. I mean every single place we go, we have plenty of opportunities for improvement, absolutely. Now I would say when you look at the margins, I think that Motion Technologies at 21.1% margin. They grew up 90 basis points.

完全是。Andrew，坦白跟你說，你說得對。我的意思是，我們走到任何一個地方，都有很多改善的機會，絕對有。現在我會說，當你看毛利率時，運動技術（Motion Technologies）的毛利率是21.1%。他們提升了90個基點。

So great performance, I would say, if you think about where they play in the market that they play, the pressure they're in. And so what we are working in Motion Technologies is to consolidate and maintain this level of margin for the full year. So that this is in it. It's solid rock.

所以我會說表現很棒，若你考慮他們所處的市場位置以及所承受的壓力。因此我們在運動技術所做的工作，是鞏固並維持全年這個毛利率水準。讓它納入其中。它很穩固。

When you look at CCT, CCT margin at 21.7% is actually a record margin for CCT. And this is with the dilution of kSARIA. I mean without kSARIA, this margin will be higher than 23% so -- and improved sequentially more than 240 basis points. So those -- I think that what you might be referring to is the dilution that we had in Flow Technologies probably is a little bit higher than what we were expecting, okay? But having said that, at 21% the legacy business in Flow Technologies is up 70 basis points, and we're already probably a great benchmark when you look in the market.

當你看CCT，CCT的毛利率21.7%其實是CCT的歷史新高。而且這是在kSARIA稀釋的情況下。我的意思是，如果沒有kSARIA，這個毛利率會高於23%，並且環比提升超過240個基點。所以——我想你可能指的是，流體技術（Flow Technologies）那邊的稀釋可能比我們預期的稍微高一些，對吧？但話說回來，在21%的水準下，流體技術的傳統業務毛利率提升了70個基點，而且當你看市場上的同業，我們大概已經是很好的標竿。

So you're right, a little bit of a higher dilution in Q2. But as we move forward, you will see this margin improving more and more because the productivity ramp up through the year, and you will have the acquisition cost synergies really starting having an impact.

所以你說得對，第二季的稀釋稍微高一些。但隨著我們往前走，你會看到毛利率愈來愈改善，因為全年生產力會逐步爬升，而且你也會看到併購成本協同效益真正開始產生影響。

So it's really about FLOW?

所以這其實是關於 FLOW 的問題？

Yes, that is really more dilution by FLOW, absolutely right.

是的，這確實更多是由 FLOW 造成的稀釋，完全正確。

And then the opposite question. The second thing, if you sort of back into second half organic growth, I maybe -- the math may be incorrect, but I hope it is. Sort of we're getting sort of slightly down to plus 6% implied. And -- but the first half, you got 12% organic and orders, I think, were very, very impressive. So the opposite on the top line, very strong first half, but second half feels overly conservative.

然後是相反的問題。第二點，如果你倒推下半年有機成長，我可能——數學可能不太對，但我希望是對的。看起來隱含大概略降到約 +6%。而且——但上半年你們有 12% 的有機成長，訂單我認為非常、非常亮眼。所以在營收端相反，上半年非常強勁，但下半年看起來過於保守。

Any commentary there?

對此有什麼評論嗎？

Yeah, Just a couple of things. So I would like to bring it back to the full year picture, right? When you look at the full year picture, we are posting is a really great growth, and we are raising the growth for the full year. Now when you look at the dynamics sequentially, I think that a couple of things.

有的，幾點說明。我想把它拉回到全年整體來看，對吧？當你看全年，我們呈現的是非常好的成長，而且我們也上調了全年成長。現在如果你按序列動態來看，我認為有幾個因素。

First, it gets a little bit of a tougher compare, right, year-over-year in terms of the -- for Q3 and Q4. Then what you have from a sequential point -- from a year-over-year growth, you have to think about it that Q4 of this year will have 4 days less than Q4 of last year. So from a year-over-year, you've got that dynamic.

第一，年對年比較會變得更具挑戰，對吧，尤其是在第三季和第四季。接著從序列角度——從年對年成長來看，你也要考慮到今年第四季會比去年第四季少 4 天。所以從年對年角度，你會有這個動態。

And then, of course, there is always the Middle East, where we have been growing tremendously in the first half. And -- but because of the orders delay, there is going to be a little bit of a decrease when it comes to the next few quarters. Having said that, I would say, Andrew, if you look at sequentially, we are consistent. So we have raised -- if you look at Q3 and Q4 EPS guidance has been raised and stay at elevated level. And for a full year, which is going to be pretty much outstanding.

然後，當然還有中東，我們在上半年成長非常強勁。而且——但因為訂單延遲，接下來幾個季度會有一些下滑。話雖如此，Andrew，我會說如果你按序列來看，我們是保持一致的。所以我們已經上調——如果你看第三季和第四季的 EPS 指引已經上調，並維持在較高水準。而全年表現將會相當出色。

And there is, of course, also the MT top line seasonality that happens in Q4 with the market going down. In most of the cases, the customer tend to shut down early in December.

另外，當然還有 MT 營收端在第四季的季節性，市場走弱時會發生。在多數情況下，客戶往往在 12 月會提早停工。

Excellent, thanks so much.

太好了，非常感謝。

(Operator Instructions)

(接線員指示)

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

Hey guys, good morning, Luca, your 80/20 comments had me laughing earlier. So I always thought of you guys as the 95-5 company, 5% proud, 95% never satisfied.

嗨，各位，早安，Luca，你先前提到 80/20 的評論讓我笑了。所以我一直把你們視為 95/5 的公司，5% 自豪，95% 永不滿足。

That's true.

沒錯。

Yes. So -- but here, look, the -- just really exceptional performance across the board and incredible that you guys have been able to do all of this M&A, delever faster than expected. And the M&A seems to be really paying dividends for you guys. So maybe let's spend a minute just discussing like what the pipeline looks like, where the opportunities are from here, how you're thinking about potentially deploying future capital? Obviously, it's been a great way for you guys to compound over the last few years.

是的。所以——但在這裡，你們整體表現真的非常卓越，而且令人難以置信的是，你們能完成這麼多併購，去槓桿的速度也比預期更快。而且這些併購似乎真的為你們帶來了回報。所以也許我們花一點時間談談目前的併購管線長什麼樣子、機會在哪裡、以及你們如何思考未來資本可能的部署？顯然，這在過去幾年一直是你們複利成長的很棒方式。

Sure. So everything is working well. So as you can imagine, Joe, we're very busy cultivating the right companies. So the fact that we are delevering faster gives a little bit more flexibility, but let's not -- our priorities have not really changed. So the priorities today is really to pay down the debt, like Mike said in the prepared remarks, is really to execute on the synergies and deliver on SPX FLOW.

當然。所以一切運作得很好。所以你可以想像，Joe，我們正非常忙於培育合適的公司。我們去槓桿速度更快確實帶來更多彈性，但我們的優先順序其實沒有改變。所以目前的優先事項確實是償還債務，正如 Mike 在事先準備的發言中所說，也就是要落實協同效益並交付 SPX FLOW 的成果。

Of course, there might be some bolt-on acquisitions that we are cultivating, and this goes across in FLOW as well as on the connector side of the business. You have seen Aerospace, a very small contact, a very small acquisition, but very strategic. So small bolt-ons are in the pipeline and might be executed, but we are definitely busy cultivating as well as paying down debt and delivering the synergies.

當然，我們也可能會有一些正在培育的補強型收購，這涵蓋 FLOW 以及連接器業務端。你們也看到航太領域，一個非常小的標的、非常小的收購，但非常具策略性。所以小型補強案在管線中，可能會執行，但我們確實也同時忙於培育機會、償還債務並交付協同效益。

Okay. Great to hear. And then I guess I may have missed it earlier. When you talked about the kSARIA orders and then specifically what you're seeing across your portfolio, I'm curious, is like the mix of your business shifting at all to maybe a little bit longer cycle than it has been historically. Maybe comment on that because you're booking these orders on like longer-term platforms.

好的。很高興聽到。然後我想我可能先前漏聽了。你提到 kSARIA 的訂單，以及你在整個投資組合中看到的情況，我很好奇，你們的業務組合是否正在轉向比過去歷史上更長週期一些？也許請評論一下，因為你們是在較長期的平台上接到這些訂單。

I'm just curious like how you're thinking about the maybe more visibility beyond just like 2026?

我只是好奇你們如何看待，可能不只到 2026，而是更往後的能見度？

I think that's a very fair point, Joe. But I would say is we are lucky to have both. And what I mean by that is kSARIA is winning important platforms and you have the visibility for '28. So if you look at jet programs, so we are winning our fair share and more because we're winning market share, you have that. But when you look at the backlog because every quarter, we look at the backlog for the next four quarters, and we compare to the backlog that we had one year ago for the future growth at that time.

我認為這是非常合理的觀點，Joe。但我會說我們很幸運兩者兼具。我的意思是，kSARIA 正在贏得重要的平台，因此你能看到到 2028 年的能見度。所以如果你看噴射機專案，我們不僅拿到應有份額，甚至更多，因為我們正在提升市占，你會有那樣的能見度。但當你看積壓訂單時，因為每一季我們都會看未來四個季度的積壓訂單，並與一年前、當時用於未來成長的積壓訂單做比較。

And I can tell you that we -- our backlog that we have in our hands for the next few quarters is considerably higher. So for the next quarter, sometimes the backlog is higher by 30%, two quarters that allow by 20%. And for the next year, it's already 20% higher than what it was one year ago. So you've got great visibility in the long term, but also much more backlog for the short term.

我可以告訴你，我們——手上未來幾個季度的積壓訂單顯著更高。所以對下一季而言，有時積壓訂單高出 30%，兩季後高出 20%。而對明年而言，現在已經比一年前高出 20%。所以你在長期有很好的能見度，同時短期也有更多的積壓訂單。

Thank you. This does conclude 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。請現在掛斷您的線路，祝您有美好的一天。

Thank you.

謝謝。