Illinois Tool Works Inc (ITW) 2025 Q1 法說會逐字稿

Good morning. My name is Lacey, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the ITW's first quarter earnings conference call. (Operator Instructions) Erin Linnihan, Vice President of Investor Relations, you may begin your conference.

早安.我叫萊西 (Lacey)，今天我將擔任你們的會議主持人。現在，我歡迎大家參加 ITW 第一季財報電話會議。（操作員指示）投資者關係副總裁 Erin Linnihan，您可以開始您的會議了。

Thank you, Lacey. Good morning, and welcome to ITW's first quarter 2025 conference call. Today, I'm joined by our President and CEO, Chris O'Herlihy; and Senior Vice President and CFO, Michael Larsen. During today's call, we will discuss ITW's first quarter financial results and provide an update on our outlook for full year 2025. Slide 2 is a reminder that this presentation contains forward-looking statements.

謝謝你，萊西。早安，歡迎參加 ITW 2025 年第一季電話會議。今天，我們與總裁兼首席執行官 Chris O'Herlihy 一起出席；以及高級副總裁兼首席財務官 Michael Larsen。在今天的電話會議上，我們將討論 ITW 第一季的財務業績，並提供我們對 2025 年全年的展望。投影片 2 提醒您，本簡報包含前瞻性陳述。

We refer you to the company's 2024 Form 10-K and subsequent reports filed with the SEC for more detail about important risks that could cause actual results to differ materially from our expectations. This presentation uses certain non-GAAP measures, and a reconciliation of those measures to the most directly comparable GAAP measures is contained in the press release. Please turn to slide 3, and it's now my pleasure to turn the call over to our President and CEO, Chris O'Herlihy. Chris?

我們請您參閱該公司 2024 年 10-K 表格以及隨後向美國證券交易委員會提交的報告，以了解有關可能導致實際結果與我們的預期存在重大差異的重要風險的更多詳細資訊。本簡報使用了某些非 GAAP 指標，新聞稿中包含了這些指標與最直接可比較的 GAAP 指標的對帳。請翻到幻燈片 3，現在我很高興將電話轉給我們的總裁兼執行長 Chris O'Herlihy。克里斯？

Thank you, Erin, and good morning, everyone. As you saw in our press release this morning, ITW delivered a solid start to the year as we outperformed our underlying end markets with flat organic growth on an equal days basis in a steady demand environment.

謝謝你，艾琳，大家早安。正如您在我們今天早上的新聞稿中看到的，ITW 今年取得了良好的開端，在穩定的需求環境下，我們的業績表現優於基礎終端市場，在同等天數的基礎上實現了平穩的有機增長。

We continue to execute well in controlling the controllables as enterprise initiatives contributed 120 basis points to operating margins of 24.8%. In addition, GAAP EPS of $2.38 came in ahead of our planned expectations.

我們在控制可控因素方面繼續表現良好，企業計劃為 24.8% 的營業利潤率貢獻了 120 個基點。此外，GAAP EPS 為 2.38 美元，超出了我們的預期。

Importantly, we continue to make progress on our next phase key strategic priorities as we remain laser-focused on building above-market organic growth fueled by customer-backed innovation into defining ITW's strength on par with our world-class financial and operational capabilities.

重要的是，我們將繼續在下一階段的關鍵策略重點上取得進展，因為我們仍然專注於建立由客戶支援的創新推動的高於市場的有機成長，從而將 ITW 的實力定義為與我們世界一流的財務和營運能力相當。

As we've said many times before, ITW is built to outperform in uncertain and volatile environments because of the unique advantages that we derive from our powerful ITW business model, our diversified portfolio of differentiated products and services, our decentralized close to the customer structure, and our considerable financial strength.

正如我們之前多次說過的，ITW 之所以能夠在充滿不確定性和波動性的環境中脫穎而出，是因為我們擁有強大的 ITW 業務模式、多樣化的差異化產品和服務組合、分散的貼近客戶的結構以及強大的財務實力。

In addition, when it comes to tariffs, we believe that ITW is better positioned than most as the tariff impact is largely mitigated by our 90%-plus produce where we sell manufacturing strategy. That said, ITW is obviously not immune to tariffs, and our people are reading and reacting rapidly and decisively, working closely with our suppliers and customers to mitigate the impact of tariff increases.

此外，在關稅方面，我們認為 ITW 比大多數公司都處於更有利的地位，因為我們 90% 以上的產品銷往製造地，這在很大程度上減輕了關稅的影響。話雖如此，ITW 顯然無法免受關稅的影響，我們的員工正在迅速果斷地了解情況並做出反應，與我們的供應商和客戶密切合作，以減輕關稅上調的影響。

These strategic adjustments and ongoing pricing actions are projected to offset the cost impact of tariffs and, therefore, be EPS neutral or better by year-end. Looking forward and based on what we know today, we are maintaining our EPS guidance for the year without incorporating the upside from our first quarter results and more favorable foreign exchange rates.

這些策略調整和持續的定價行動預計將抵消關稅的成本影響，因此到年底每股收益將保持中性或更好。展望未來，根據我們目前所掌握的信息，我們將維持今年的每股收益預期，不考慮第一季業績的上漲和更有利的外匯匯率。

While the impact of tariffs and customer demand is obviously not known at this stage and uncertainties remain, we will continue to leverage our financial strength to remain invested in the focused execution of our long-term strategy.

雖然目前關稅和客戶需求的影響顯然尚不清楚，並且仍然存在不確定性，但我們將繼續利用我們的財務實力，繼續投資於我們長期策略的重點執行。

In concluding my remarks, I extend my sincere gratitude to our global ITW colleagues for their unwavering dedication to serving our customers and executing our strategy with excellence. Now I'll turn the call over to Michael to provide more detail on the quarter as well as our guidance for 2025. Michael?

在結束我的演講時，我要向全球的 ITW 同事表示誠摯的感謝，感謝他們堅定不移地致力於服務我們的客戶並出色地執行我們的策略。現在我將把電話交給邁克爾，以提供有關本季度的更多詳細資訊以及我們對 2025 年的指導。麥可？

Thank you, Chris, and good morning, everyone. In Q1, the ITW team delivered a solid start to the year, both operationally and financially. Starting with the top line, organic growth was down 1.6% as expected. On an equal days basis, organic revenue was flat to the prior year, which had one additional shipping day. Foreign currency translation reduced revenue by 1.8% and total revenue was down 3.4%.

謝謝你，克里斯，大家早安。在第一季度，ITW 團隊在營運和財務方面都取得了良好的開端。從營收來看，有機成長率如預期下降 1.6%。以同等天數計算，有機收入與去年持平，但去年增加了一天運輸日。外幣折算導致收入減少 1.8%，總收入下降 3.4%。

Product Line Simplification reduced revenue by 50 basis points in the quarter. Of note, we did not experience a meaningful impact from customers pulling forward orders from Q2 into Q1.

產品線簡化導致本季營收減少了 50 個基點。值得注意的是，客戶將訂單從第二季提前到第一季並沒有為我們帶來重大影響。

On the bottom line, the ITW team continued to focus and execute well on the things that we can control as evidenced by enterprise initiatives, which contributed 120 basis points and free cash flow of $496 million with a conversion rate of 71%.

總的來說，ITW 團隊繼續專注於我們能夠控制的事情並執行得很好，企業計劃就是明證，它貢獻了 120 個基點和 4.96 億美元的自由現金流，轉換率為 71%。

Operating margin was 24.8% as enterprise initiatives were offset by operating leverage, higher restructuring expenses related to 80/20 front-to-back projects, and other one-time items. The margin decline year over year was due primarily to the nonrepeat of a 300 basis points LIFO inventory accounting benefit last year.

營業利潤率為 24.8%，因為企業措施被營業槓桿、與 80/20 前後端項目相關的更高重組費用以及其他一次性項目所抵消。利潤率較去年同期下降的主要原因是去年 300 個基點的後進先出存貨會計效益沒有重複出現。

We are projecting that margins will continue to improve sequentially from here in every segment and at the enterprise level as we go through the year, which is in line with our historical pattern and supported by meaningful contributions from enterprise initiatives that are volume-independent.

我們預計，從現在開始，每個部門和企業層面的利潤率將逐年提高，這符合我們的歷史模式，並得到了與數量無關的企業計劃的有意義的貢獻的支持。

In summary, demand remained steady in Q1 as we continued to outperform our underlying end markets, delivering flat organic growth on an equal days basis, solid margins of 24.8%, free cash flow of approximately $500 million as well as GAAP EPS of $2.38, which was ahead of our planned expectations, primarily due to a lower effective tax rate in the quarter.

綜上所述，第一季需求保持穩定，我們繼續跑贏基礎終端市場，在同等天數基礎上實現平穩有機增長，利潤率達到 24.8%，自由現金流約為 5 億美元，GAAP EPS 為 2.38 美元，高於我們的預期，這主要得益於本季度有效稅率較低。

Please turn to slide 4 for a look at organic growth by geography. And on a geographic basis, organic revenue declined about 3% in both North America and Europe, while Asia Pacific was up 7% with China up 12%, driven in part by continued strong performance in the Automotive OEM business. As you can see, China represents about 7% of total company revenues, and China grew 9% even when excluding the 14% growth in Automotive OEM.

請翻到投影片 4，查看按地區劃分的有機成長。從地理角度來看，北美和歐洲的有機收入均下降了約 3%，而亞太地區的有機收入成長了 7%，其中中國成長了 12%，部分原因是汽車 OEM 業務持續表現強勁。如您所見，中國市場約占公司總收入的 7%，即使不包括汽車 OEM 的 14% 成長，中國市場也成長了 9%。

Let's move to the segment results, starting with Automotive OEM, where organic revenue declined 1% in the first quarter as product line simplification or PLS efforts reduced revenue by 1%. On a regional basis, North America was down 6% as D3 customer builds were down 10%. Europe was down 6%, while China grew 14% against a tough comparison of plus 23% last year as our local team continues to innovate and gain market share, particularly in the rapidly growing EV market.

讓我們來看看分部業績，首先是汽車 OEM，由於產品線簡化或 PLS 工作導致收入減少 1%，第一季有機收入下降 1%。從地區來看，北美地區下降了 6%，因為 D3 客戶建設量下降了 10%。歐洲下降了 6%，而中國成長了 14%，而去年同期成長了 23%，這得益於我們本地團隊不斷創新並獲得市場份額，尤其是在快速成長的電動車市場。

We expect this strong growth momentum to continue through the balance of 2025, partially offsetting expected weakness in North America. For the full year and compared to industry build data, we expect that this segment will outperform relevant builds by the usual 200 basis points to 300 basis points as we continue to grow our content per vehicle.

我們預計這一強勁的成長勢頭將持續到 2025 年底，部分抵消北美預期的疲軟勢頭。就全年而言，與行業建造數據相比，隨著我們繼續增加每輛車的內容，我們預計這一細分市場的表現將比相關建造數據高出 200 個基點至 300 個基點。

We have incorporated recently revised auto builds forecast into our guidance as worldwide order builds are projected to be down low single digits with North American builds down high single digits, Europe down low single digits and partially offset by China.

我們已將最近修訂的汽車生產預測納入我們的指導中，因為預計全球訂單量將下降低個位數，其中北美訂單量將下降高個位數，歐洲訂單量將下降低個位數，並被中國部分抵消。

Overall, our relevant markets are expected to be down in the mid-single digits in 2025, which compares to a plan of down low single digits going into the year. On the bottom line, the Automotive OEM segment delivered operating margin of 19.3% in Q1, which included 80 basis points of restructuring headwind. In other words, margins were 20.1% excluding restructuring.

整體而言，我們預期 2025 年相關市場將下降至中個位數，而年初的計畫是下降低個位數。總體而言，汽車 OEM 部門第一季的營業利潤率為 19.3%，其中包括 80 個基點的重組逆風。換句話說，不包括重組，利潤率為 20.1%。

And it is worth noting that the tariff-related cost and margin impacts in this segment are relatively insignificant primarily because of our produce where we sell manufacturing footprint, and we remain confident that we will continue to expand margins as we go through the year.

值得注意的是，該部門與關稅相關的成本和利潤影響相對較小，這主要是因為我們的產品銷售製造足跡，並且我們仍然有信心在今年繼續擴大利潤率。

Turning to slide 5. Food Equipment organic growth was up a little more than 1% and up 3% on an equal days basis. Equipment was flat and service grew 3%. By region, North America grew 1% with strength in institutional end markets, which were up double digits. Our international business was up 2%, Europe was up 2%, and Asia Pacific was up 1%.

翻到幻燈片 5。食品設備有機成長率略高於 1%，較去年同期上漲 3%。設備持平，服務成長 3%。按地區劃分，北美成長 1%，其中機構終端市場表現強勁，增幅達兩位數。我們的國際業務成長了 2%，歐洲業務成長了 2%，亞太業務成長了 1%。

In Test and Measurement and Electronics, organic revenue was down 5%, due primarily to tough comparisons in the MTS business, which grew 23% in the year ago quarter and was down 19% this quarter. Excluding MTS, this segment was down 2%.

在測試測量和電子領域，有機收入下降了 5%，這主要是因為 MTS 業務的比較困難，該業務去年同期增長了 23%，但本季下降了 19%。不包括 MTS，該部門下降了 2%。

Overall, Test and Measurement declined 9% with about half of that decline due to MTS. While on a positive note, electronics was up 3% with some encouraging signs as semi-related orders were up double digits in the quarter. Operating margin of 21.4% declined 200 basis points due primarily to negative operating leverage as well as a headwind from higher restructuring costs of 60 basis points.

總體而言，測試與測量業務下降了 9%，其中約一半的下降是由於 MTS 造成的。從積極的方面來看，電子產品上漲了 3%，出現了一些令人鼓舞的跡象，因為本季半相關訂單增加了兩位數。營業利益率為 21.4%，下降了 200 個基點，主要原因是負的營業槓桿以及重組成本上升 60 個基點的不利影響。

Moving on to slide 6. Organic growth in Welding was essentially flat and up 2% on an equal days basis. Equipment increased 1%, which marked the first positive growth rate in equipment in two years. Consumables were down 2%, while industrial sales declined 1% and the commercial side was down 6%.

繼續看投影片 6。焊接業務的有機成長基本持平，較去年同期上漲 2%。設備產量成長1%，這是兩年來設備產量首次實現正成長。消耗品銷售額下降2%，工業銷售額下降1%，商業銷售額下降6%。

Overall, North America was down 2%, offset by international which was up 14%, driven primarily by more than 30% growth in China as a result of the success of new product introductions targeted at the energy space.

總體而言，北美地區銷售額下降了 2%，而國際地區銷售額則成長了 14%，這主要得益於中國市場銷售額成長了 30% 以上，因為中國市場針對能源領域的新產品成功推出。

Operating margin of 32.5% was essentially flat year over year. Polymers and Fluids organic revenue grew 2% with Polymers up 6%. Both fluids and automotive aftermarket were flat. On a geographic basis, North America was flat and international grew 5%. Operating margin improved 70 basis points to 26.5%.

營業利益率為32.5%，與去年同期基本持平。聚合物和流體有機收入成長 2%，其中聚合物成長 6%。流體和汽車售後市場均持平。從地理來看，北美市場持平，國際市場成長 5%。營業利益率提高70個基點至26.5%。

Turning to slide 7, Construction Products. Organic growth was down 7% in tough end markets. In the US, annualized new housing starts were down double digits compared to year-end, and we estimate that international markets were down in the high single digits. As a result, North America was down 10% with residential automation down 12%, while commercial construction was up 2%. In the first quarter, Europe was down 2%, and Australia and New Zealand was down 9%.

翻到幻燈片 7，建築產品。在艱難的終端市場，有機成長率下降了 7%。在美國，年度新屋開工量與年底相比下降了兩位數，我們估計國際市場的新屋開工量下降了個位數。結果，北美下降了 10%，其中住宅自動化下降了 12%，而商業建築則增加了 2%。第一季度，歐洲下降2%，澳洲和紐西蘭下降9%。

Operating margin of 29.2% was essentially flat with another significant contribution from enterprise initiatives. Specialty Products, organic revenue was up 1% against the comparison of plus 6% in the year ago period with North America up 2% and international down 1%. The reduction in revenue from strategic PLS was 130 basis points.

營業利益率為 29.2%，基本上持平，企業舉措也做出了重大貢獻。特色產品有機收入成長 1%，去年同期為成長 6%，其中北美成長 2%，國際下降 1%。策略性 PLS 收入減少了 130 個基點。

Of note, equipment orders were up double digits with continued strength in the aerospace and packing equipment businesses. Operating margin improved 120 basis points to 30.9%, with another solid contribution from enterprise initiatives.

值得注意的是，設備訂單成長了兩位數，航空航太和包裝設備業務持續保持強勁成長。營業利益率提高 120 個基點至 30.9%，這得益於企業措施的另一個堅實貢獻。

With that, let's turn to slide 8 for an update on our full year 2025 guidance, which is unchanged. Looking ahead to the balance of the year, we firmly believe that we are better positioned than most as the impact of tariffs is largely mitigated by our 90%-plus produce where we sell manufacturing strategy and our unmatched ability to read and react in a highly decentralized operating culture.

接下來，讓我們翻到第 8 張投影片，了解我們 2025 年全年指引的最新情況，指引保持不變。展望今年餘下的時間，我們堅信，我們比大多數公司都處於更有利的地位，因為我們的 90% 以上的產品銷往製造戰略以及我們在高度分散的運營文化中無與倫比的解​​讀和反應能力，在很大程度上減輕了關稅的影響。

We're well-positioned to outperform our end markets and deliver organic growth of 0% to 2% based on our usual top line guidance process, which is based on current levels of demand adjusted for typical seasonality, the incremental pricing associated with tariffs and updated for the most recent automotive build projections that we talked about earlier.

根據我們通常的營收指導流程，我們完全有能力超越我們的終端市場，實現 0% 至 2% 的有機增長，該流程基於根據典型季節性調整的當前需求水平、與關稅相關的增量定價，並根據我們之前討論過的最新汽車製造預測進行更新。

As you saw in our press release this morning, we're maintaining our previous guidance, including GAAP EPS in the range of $10.15 to $10.55. And given the uncertainty in the global demand environment, we decided to not incorporate the EPS upside from our above-plan results in Q1 as well as approximately $0.30 of tailwind from foreign exchange at current rates.

正如您在我們今天早上的新聞稿中看到的那樣，我們維持先前的指導，包括 GAAP EPS 在 10.15 美元至 10.55 美元的範圍內。鑑於全球需求環境的不確定性，我們決定不將第一季超出計劃的業績帶來的每股收益上漲以及按當前匯率計算的約 0.30 美元的外匯順風納入考慮。

We fully expect to continue to execute at a high level on the most important profitability drivers that are within our control, such as our ongoing pricing and supply chain actions that, as Chris said, are projected to offset tariff costs and therefore, be EPS neutral or better as well as our enterprise initiatives, which we now expect will contribute 100 basis points or more of margin expansion, independent of volume.

我們完全希望繼續高水準地執行我們控制範圍內最重要的獲利驅動因素，例如我們正在進行的定價和供應鏈行動，正如克里斯所說，這些行動預計將抵消關稅成本，因此每股收益中性或更好，以及我們的企業計劃，我們現在預計這些計劃將貢獻 100 個基點或更多的利潤率擴張，與銷量無關。

So to wrap things up, we're confident that the strength and resilience of the ITW business model, our high-quality diversified business portfolio, and our people put us in a strong position to deal decisively and effectively with the effects of the announced tariffs, however they play out from here, while remaining focused on executing our long-term enterprise strategy. So with that, Erin, I'll turn it back to you.

總而言之，我們相信，ITW 業務模式的實力和彈性、我們高品質的多元化業務組合以及我們的員工將使我們處於有利地位，能夠果斷有效地應對已宣布的關稅的影響，無論它們將來如何發展，同時仍然專注於執行我們的長期企業戰略。因此，艾琳，我會把它交還給你。

Thank you, Michael. Lacey, will you please open the line for questions?

謝謝你，麥可。萊西，請您開通熱線回答問題好嗎？

(Operator Instructions)

（操作員指示）

[Vlad Bystricky].

[弗拉德·比斯特里茨基]。

So I know you talked about offsetting potential tariff headwinds with pricing. I guess can you just talk about any color on how you're thinking about overall pricing expectations for the year now versus coming into '25? And then just along with that, I know historically, you've looked to offset inflationary pressures on a dollar-for-dollar basis but you're maintaining the margin outlook here. So is there some different approach this time around?

所以我知道您談到了透過定價來抵消潛在的關稅阻力。我想您能否談談您對今年和 25 年整體定價預期的看法？除此之外，我知道從歷史上看，你們一直試圖以一美元對一美元的方式抵消通膨壓力，但你們仍維持利潤前景。那麼這次有什麼不同的方法嗎？

Yes. So that, I would say at a high level, the strategy is to offset tariffs with appropriate pricing. As we've said on many occasions, we're able to get pricing due to high levels of differentiation across our business. So we expect the price/cost equation to be pretty manageable. Based on what we know today, we expect tariff cost impact to be EPS neutral or better.

是的。因此，我想說，從高層次來看，我們的策略是透過適當的定價來抵銷關稅。正如我們多次說過的，我們能夠獲得定價是因為我們業務的高度差異化。因此我們預期價格/成本方程式是相當容易控制的。根據我們目前所了解的情況，我們預期關稅成本對每股盈餘的影響為中性或更好。

I would say pricing in general, I mean, any comments that we make on pricing should be considered in the context that we have 84 different divisions. And obviously, the context is different in each one. But overall, we expect the price/cost impact with tariffs to be EPS neutral or better. We do a lot better than that in some businesses. We allow our businesses who are very close to our customers to make these decisions with some overarching guidance from us.

我想說的是整體定價，我的意思是，我們對定價所做的任何評論都應該在我們有 84 個不同部門的背景下考慮。顯然，每個上下文都是不同的。但總體而言，我們預期關稅對價格/成本的影響將與每股盈餘中性或更好。在某些業務上，我們做得好得多。我們允許與客戶關係密切的企業在我們給出的一些總體指導下做出這些決定。

But business that are close to their customers, they know their customers very well. They understand the competitive intensity and the price volume dynamics relative to their particular markets. And these are decisions that are taken in our businesses on an ongoing basis, not just in response to a tariff environment.

但那些與客戶關係密切的企業，他們非常了解自己的客戶。他們了解特定市場的競爭強度和價格量動態。這些決定都是我們在業務中持續做出的，而不僅僅是為了應對關稅環境。

So there's a lot of market-specific expertise within our divisions as to how to get price and where to get price. But in general, as I said, we sell differentiated products and services, we get paid for our value. And I would say so far, we're also very in terms of getting price based on the tariffs that were introduced in early March.

因此，我們的部門擁有大量針對特定市場的專業知識，包括如何取得價格以及在哪裡取得價格。但總的來說，正如我所說，我們銷售差異化的產品和服務，我們獲得與我們的價值相符的報酬。我想說，到目前為止，我們在根據 3 月初推出的關稅獲取價格方面也做得很好。

That's helpful, Chris. Appreciate it. And then just stepping back, can you talk about how you're thinking about potential contingency plans if we see the demand environment materially slow over the course of '25? And I recall in the COVID and post-COVID era, you were very focused on winning the recovery. So can you talk about how you're thinking about a potential recession and recovery playbook today?

這很有幫助，克里斯。非常感謝。然後退一步來說，如果我們看到 25 年期間需求環境大幅放緩，您能否談談您如何考慮潛在的應急計劃？我記得在新冠疫情和後新冠時代，你們非常專注於贏得復甦。那麼，您能談談您今天如何看待潛在的經濟衰退和復甦策略嗎？

Sure. So I would say that in terms of contingency, obviously, we are in the position that we have, I would say, a lot of self-help in context of enterprise initiatives in the first instance. Divisions, in the spirit of continuous improvement, our divisions are always looking at supply chains, alternative suppliers as a matter of course.

當然。因此，我想說，就應急措施而言，顯然，我們處於這樣的境地：首先，在企業舉措方面，我們可以採取許多自助措施。各部門本著持續改善的精神，我們的各部門始終在關注供應鏈，理所當然地尋找替代供應商。

That's very much consistent with our continuous improvement approach. From a recession kind of posture response standpoint, clearly, it's a pretty fluid environment, but I would say that our overall posture in a short-term recession would be to, wherever possible, stay invested in our growth initiatives and these really highly profitable business.

這與我們的持續改善方法非常一致。從經濟衰退應對姿態的角度來看，顯然這是一個相當不穩定的環境，但我想說，在短期經濟衰退中我們的總體姿態是，盡可能地繼續投資於我們的成長計劃和這些真正高利潤的業務。

We're a long-term focused company. We have the financial resources to do that. Obviously, during the pandemic, our win to recovery approach helped us, number one, take care of customers; number two, gain share. And so we'd look at kind of somewhat similar approach. And again, I come back to the point that we set up enterprise initiatives, which would certainly help us protect margins in a downturn.

我們是一家注重長期發展的公司。我們擁有足夠的財力來實現這一點。顯然，在疫情期間，我們的「勝利復甦」策略首先幫助我們照顧好了客戶；第二，獲得份額。因此我們會考慮一種有點類似的方法。我再次回到剛才提到的問題，即我們制定了企業計劃，這肯定有助於我們在經濟低迷時期保護利潤率。

The other point I would make that's pretty specific to ourselves is that as we've often noted, a fundamental element of 80/20 is that we've got a very flexible cost structure. And we typically engage in the higher value-added parts, the manufacturing process, and outsource those other parts that may be lower on the value chain. So this makes the cost structure for us very flexible, and this would be a real benefit in a recessionary scenario.

我想說的另一點對我們自己來說非常具體，那就是正如我們經常指出的那樣，80/20 的一個基本要素是我們擁有非常靈活的成本結構。我們通常從事高附加價值部分和製造過程，並將價值鏈中可能處於較低位置的其他部分外包。因此，這使得我們的成本結構非常靈活，這在經濟衰退的情況下將帶來真正的好處。

Tami Zakaria, J.P. Morgan.

摩根大通的塔米·扎卡里亞 (Tami Zakaria)。

My question is on pricing. So the organic growth guide, 0% to 2%, I think I heard you say it includes some pricing action. So are you assuming the pricing gain will be offset by some volume decline and that's why you're leaving the full year organic growth guide intact?

我的問題是關於定價的。因此，我認為我聽到您說有機成長指南（0% 到 2%）包括一些定價行動。那麼，您是否認為定價收益將被銷售下降所抵消，這就是您保持全年有機成長指南不變的原因？

Tami, this is Michael. So the organic growth guidance of 0% to 2% is based on kind of our typical run rate for current levels of demand. We have added to that incremental pricing, which is associated with tariffs. And then we also updated the forecast for the lower projected auto build forecasts. And I think your question around, could this incremental price be offsetting volume, I think, is kind of how we think about it.

塔米，這是邁克爾。因此，0% 至 2% 的有機成長預期是基於我們對當前需求水準的典型運作率。我們已經增加了與關稅相關的增量定價。然後，我們也更新了較低預測的汽車生產預測。我認為你的問題是，這個增量價格是否可以抵消銷量，我想，這就是我們對此的看法。

While we haven't seen a slowdown in our businesses today, certainly, the uncertainty, it's not unreasonable to imagine that things could slow a little bit in the second half. And if that's the case that volumes come down, then that will be offset by the higher level of pricing that we're getting right now in our businesses to help offset the tariff impact.

雖然我們今天沒有看到業務放緩，但肯定存在不確定性，因此可以合理地想像下半年業務可能會略有放緩。如果銷售量下降，那麼我們目前在業務中獲得的更高定價將抵消關稅的影響。

Understood. That's very helpful. And so a quick follow-up on that is, have you already taken pricing in response to tariffs or you're waiting to take the pricing when tariffs become effective on May 2 or whatever the latest date is from the administration?

明白了。這非常有幫助。那麼，快速的跟進一下，您是否已經針對關稅採取了定價措施，或者您正在等待 5 月 2 日關稅生效時或政府確定的最晚日期時採取定價措施？

I think, as Chris said, this is 84 different discussions. But what I can tell you, every division has a slightly different timeline. But I can also tell you, everybody impacted by tariffs has already taken decisive action on pricing, as Chris said, based on the announcements that were made back in March and our -- and some of them have taken action already based on the announcements that were made early April.

我認為，正如克里斯所說，這是 84 個不同的討論。但我可以告訴你，每個部門的時間表都略有不同。但我也可以告訴你，正如克里斯所說，所有受到關稅影響的人都已經根據 3 月份的公告和我們的公告對定價採取了果斷行動——其中一些人已經根據 4 月初的公告採取了行動。

And so this is kind of an ongoing process. I think what's really encouraging if you look back at kind of how this played out in 2017 and '18, how it played out in an inflationary environment coming out of COVID, I think we've demonstrated we have ample pricing power in these highly differentiated businesses.

這是一個持續的過程。我認為，如果回顧一下 2017 年和 2018 年的情況，以及在新冠疫情後的通膨環境下的情況，真正令人鼓舞的是，我們已經證明我們在這些高度差異化的業務中擁有充足的定價權。

And so that's what gives us the confidence to say that our pricing actions, along with some of the other supply chain actions we talked about will enable us to offset the impact of tariffs and be EPS neutral or better by year-end.

因此，我們有信心說，我們的定價行動以及我們談到的一些其他供應鏈行動將使我們能夠抵消關稅的影響，並在年底前實現每股收益中性或更好。

That's wonderful to hear.

聽到這個消息真是太好了。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Just wanted to start off, the Food Equipment business perhaps doesn't get a lot of airtime, but you gave a very good update on Auto and Test and Measurement. I'm just asking on Food Equipment because we've seen some fairly lackluster updates from some larger customers in that sort of quick-serve channel, whether it's Starbucks or KFC or whoever in the last 24 hours. Wondered if you're seeing any shift in customer behavior in Food Equipment yourself. And what's your confidence in the sort of continued spending by those customers in the balance of the year?

首先，食品設備業務可能沒有太多的播出時間，但您對汽車和測試與測量進行了非常好的更新。我只是在食品設備上詢問，因為在過去的 24 小時內，我們看到一些來自這種快餐渠道的大客戶（無論是星巴克還是肯德基或其他什麼公司）的更新相當乏善可陳。想知道您是否親眼看到食品設備領域的客戶行為發生了任何變化。您對今年餘下時間裡這些顧客的持續消費有何信心？

Yeah. So Julian, overall, I think our confidence in Food Equipment is very high. This is a highly differentiated business for us. It also contains -- about one-third of the business is service-related, and that's very unique because we are the only major equipment manufacturer with that captive service business. And as you've seen from what Michael reported earlier, the service business continues to grow nicely.

是的。所以朱利安，總的來說，我認為我們對食品設備的信心非常高。對我們來說，這是一項高度差異化的業務。它還包含——大約三分之一的業務與服務相關，這是非常獨特的，因為我們是唯一擁有專屬服務業務的大型設備製造商。正如您從邁克爾之前的報告中看到的那樣，服務業務繼續保持良好的成長勢頭。

On the equipment side, given the end market split, we are about [40%, 45%] of our business goes to institutional customers, and that continues to be very strong for us. Food Equipment in the aggregate is an extremely fertile innovation environment.

在設備方面，考慮到終端市場的分割，我們的業務中大約有 [40%、45%] 流向了機構客戶，這對我們來說仍然非常強勁。食品設備整體而言是一個極為肥沃的創新環境。

We have new product launches in all product categories this year. In Food, there are some real tangible things to innovate around like energy and water savings, which really matter to our customers. So we feel very good about Food Equipment.

今年我們在所有產品類別中都有新產品推出。在食品領域，有一些真正切實可行的創新，例如節約能源和水資源，這對我們的客戶來說非常重要。所以我們對食品設備感覺非常好。

It's a very fertile innovation space. Because of our end market mix being more skewed towards institutional, that is helping us right now. And obviously, we have the big service business, which is a huge differentiator for us. So we see broad-based strength in Food Equipment. North America, China, and Latin America are also expected to be strong geographically.

這是一個非常肥沃的創新空間。由於我們的終端市場組合更加偏向機構，這對我們目前有幫助。顯然，我們擁有龐大的服務業務，這對我們來說是一個巨大的差異化因素。因此，我們看到食品設備產業普遍表現強勁。預計北美、中國和拉丁美洲在地理上也將表現強勁。

That's very helpful. And then just to understand on the tariff points from sort of segment standpoint and phasing through the year. Is the assumption that all segments should be sort of tariff dollar-neutral for 2025 as a whole? And is there any kind of pressure in a given quarter for ITW enterprise-wide from tariffs in terms of EBIT dollars or EBIT margin rate that you'd highlight to us?

這非常有幫助。然後從細分角度和全年分階段了解關稅點。是否假設所有領域的關稅在 2025 年整體上都應保持中性？在特定季度中，ITW 整個企業是否會因關稅而在 EBIT 美元或 EBIT 利潤率方面面臨任何壓力，您可以向我們強調嗎？

Well, so Julian, historically, if you go back to 2017, '18, there was a little bit of a lag between when tariffs were enacted and when pricing kicked in. I think we learned some things. I think we've become faster in terms of reacting to these tariff increases.

嗯，朱利安，從歷史上看，如果回顧 2017 年、2018 年，你會發現關稅頒布和定價生效之間存在一些滯後。我想我們學到了一些東西。我認為我們對這些關稅上調的反應速度已經變得更快了。

And so we really don't expect a whole lot of quarterly impact here in the short term from a lag between price/cost. I think all segments have -- I'd say the tariff impact is pretty broad-based, a little bit less in Automotive, which is a good thing because as you know, it takes a little bit longer to get price there.

因此，我們確實不認為價格/成本之間的滯後會在短期內對季度產生太大影響。我認為所有領域都有——我會說關稅的影響相當廣泛，汽車領域的影響稍微小一些，這是一件好事，因為如你所知，汽車領域定價需要更長的時間。

But everywhere else, all of our divisions, all segments are working actively on offsetting these tariff costs with supply chain and pricing actions. And ultimately, that's what's going to enable us to be EPS neutral or better by the time we get to year-end. But there really shouldn't be a lot of pressure here in the short term.

但在其他地方，我們所有的部門、所有的部門都在積極努力透過供應鏈和定價行動來抵銷這些關稅成本。最終，這將使我們在年底時實現每股收益中性或更好。但短期內確實不應該有太大的壓力。

Stephen Volkmann, Jefferies.

傑富瑞的史蒂芬·福爾克曼。

Julian kind of teed me up here. I was just going to ask if, Michael, if there's anything you want to say relative to the second quarter that might be different than normal seasonality just as we model this out?

朱利安 (Julian) 在這裡為我做好了準備。我只是想問一下，邁克爾，您是否想說一下相對於第二季度可能與我們建模的正常季節性有所不同的事情？

Well, so obviously, I'll just say this. We're operating in a pretty uncertain environment as you know. We had a pretty solid finish to Q1. We had a pretty good start. April is not completely done yet, but things are tracking pretty good.

嗯，很明顯，我只想說這一點。如您所知，我們正處於一個相當不確定的環境中。我們在第一季取得了相當不錯的成績。我們的開局非常好。四月尚未完全結束，但一切進展順利。

So what I'll maybe offer is that typically, from Q1 to Q2, we see about a 2% top line sequential growth. We also benefit from having one more day in Q2 than we did in Q1. So if you model that out, you'll see that revenues are about flat from an organic growth standpoint on a year-over-year basis.

因此，我可能會說，通常從第一季到第二季度，我們會看到營收季增約 2%。我們也受惠於第二季比第一季多一天。因此，如果你對此進行建模，你會發現從有機成長的角度來看，營收與去年同期相比基本上持平。

Pricing may help out a little bit but that's kind of the base assumption that the top line is flat year over year. Margins, we should see a significant meaningful step-up from Q1, primarily as a result of some of these onetime items not recurring, and so solid margin improvement from Q1 to Q2.

定價可能會有一點幫助，但這是一個基本假設，即營業收入與去年同期持平。利潤率，我們應該會看到從第一季開始出現顯著的有意義的提升，這主要是因為其中一些一次性項目不再重複出現，因此從第一季到第二季的利潤率穩步提高。

And then on a year-over-year basis, margins about flattish and EPS also about flat. So that would put, I think last year, we did [$2.54. So if you believe what I just said, that would put EPS kind of in the mid $2, $2.50s].

與去年同期相比，利潤率基本持平，每股盈餘也基本持平。所以我認為去年我們確實2.54美元。因此，如果您相信我剛才所說的，那麼每股盈餘將介於 2 美元到 2.5 美元之間。

You add our Q1 [$2.38 on top of that, and then for the first half, you'll get to somewhere around $4.90-ish], which would be 48% of the full year EPS guidance if you look at it in terms of the midpoint. And that's pretty close to kind of our historical cadence, [49, 51]. It's a little bit lower this year as a result of slightly higher restructuring tied to our 80/20 front-to-back project.

加上我們第一季的 [2.38 美元，那麼上半年的收益將達到 4.90 美元左右]，如果從中點來看，這將是全年每股收益預期的 48%。這與我們的歷史節奏非常接近，[49, 51]。由於與我們的 80/20 前後項目相關的重組略高，今年的金額略低。

But overall, this seems like a pretty reasonable way to think about Q2, first half, second half. And again, I'll just -- in case it wasn't clear, if you go back to our last call when we gave guidance, we highlighted $0.30 of currency headwind.

但總的來說，這似乎是思考第二季、上半年和下半年的相當合理的方式。再說一次，如果不清楚的話，如果你回顧一下我們上次給出指導意見時的情況，我們強調了 0.30 美元的貨幣逆風。

That's no longer the case based on current rates. As you may recall, we don't hedge, so these currency moves, favorable in this case, flow through pretty quickly, given the short-cycle nature of our business. So that's maybe a way to kind of think about Q2 and the balance of the year.

根據目前的利率，情況已不再如此。您可能還記得，我們​​不進行對沖，因此考慮到我們業務的短週期性質，這些貨幣變動（在這種情況下是有利的）會很快流通。這也許是思考第二季和全年平衡的一種方式。

Great. Very thorough and I definitely do believe you. Just anything on the tax rate? I know that was a little benefit in the first quarter.

偉大的。非常徹底，我絕對相信你。只是關於稅率的事情嗎？我知道這在第一季是有一點好處的。

Yeah. So I think this was a pretty standard kind of tax transaction, and so we are modestly lowering our guidance for the full year for the tax rate to 24%. I think it was [24.25%] prior to that. And that's -- if you do the math, that's about $0.05. And typically, what we would have done in a normal environment is flow through the benefit of the lower tax rate and current foreign exchange rates.

是的。所以我認為這是一種非常標準的稅務交易，因此我們適度將全年稅率預期下調至 24%。我認為在此之前是[24.25%]。如果你算一下，那就是大約 0.05 美元。通常情況下，在正常環境下我們會利用較低稅率和當前外匯匯率帶來的好處。

And just given the environment that we're in, we decided to not do that. And so to some extent, we've de-risked our guidance for the full year. Whether that will be enough or not remains to be seen. As I said earlier, things can change quickly. We're operating in a pretty uncertain environment, and we'll just go back to what Chris said is that we really believe we're better positioned than most to deal with this level of volatility and uncertainty.

但考慮到我們所處的環境，我們決定不這麼做。因此，從某種程度上來說，我們降低了全年業績指引的風險。這是否足夠還有待觀察。正如我之前所說，事情可能很快就會改變。我們在一個相當不確定的環境中運營，我們只需要回到克里斯所說的，我們真的相信我們比大多數人更有能力應對這種程度的波動性和不確定性。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Just a question on, I think last quarter, you had a slide in there on CBI and the contribution to revenue for 2025 (technical difficulty) supposed to contribute 2.3% to 2.5% of growth. And I'm just wondering, did you take that slide out for a reason or in this environment, who knows? Just kind of think through that. And then just my last follow-up question, PLS, is that just still assumed 1 point headwind?

只是一個問題，我認為上個季度，你們的 CBI 出現了下滑，而 2025 年的收入貢獻（技術難度）應該貢獻 2.3% 到 2.5% 的成長。我只是想知道，你取出那張幻燈片是否有原因，或者在這種環境下，誰知道呢？只是稍微想一下。然後是我的最後一個後續問題，請問這是否仍然假設 1 點逆風？

Yeah. So on CBI, Jamie, we're very encouraged by the progress that we're making across the business. A great pipeline of new products, every segment contributing. It's one of the reasons we would say we're outperforming our end markets, right? Several product launches across the business this year, again, across all segments.

是的。因此，關於 CBI，傑米，我們對整個業務所取得的進展感到非常鼓舞。大量新產品的湧現，每個部門都做出了貢獻。這是我們的業績超越終端市場的原因之一，對嗎？今年，該公司在所有業務領域都推出了多款產品。

And I would say that with respect to our target of 2.3% to 2.5% for the full year in terms of CBI contribution, then we are well on track to do that based on our performance here in Q1.

我想說的是，就我們全年 CBI 貢獻 2.3% 至 2.5% 的目標而言，根據我們在第一季的表現，我們有望實現這一目標。

Yeah. And I think what we'd rather not do, Jamie, and it's a fair question to just kind of give you an update on what the CBI number is every quarter. It can be a little lumpy. But as Chris said, we are definitely tracking it. And based on what we've seen so far, we are on track to deliver on our full year target.

是的。傑米，我認為我們不想做的是，只是向您更新每個季度的 CBI 數字，這是一個公平的問題。它可能有點凹凸不平。但正如克里斯所說，我們肯定會追蹤它。根據我們目前所看到的情況，我們有望實現全年目標。

In terms of PLS, we're still targeting 100 basis points of PLS primarily in the Specialty Products segment, in the Automotive segment as well as on the Construction side. So those are kind of the three larger ones. And again, this is all kind of strategic repositioning of these businesses to improve the growth rate on a go-forward basis. That's all on track.

在 PLS 方面，我們仍以 100 個基點為 PLS 目標，主要在特種產品領域、汽車領域以及建築領域。所以這算是三個較大的。再次強調，這是對這些業務進行的策略性重新定位，目的是提高未來的成長率。一切都在按計劃進行。

Joe O'Dea, Wells Fargo.

富國銀行的喬·奧迪亞。

Just looking to understand the tariff price/cost dynamic a little bit more. I think Michael, last quarter, you talked about $250 million of imports roughly from China. If you just run math on that and 145% tariff and take like [three quarters] of this year, you're going to need maybe 1.5 points of price to offset it and then we have some of the reciprocal tariffs as well.

只是想進一步了解關稅價格/成本動態。我認為邁克爾，上個季度你談到了從中國進口約 2.5 億美元的商品。如果你對此進行計算，並採用 145% 的關稅，並佔用今年的 [四分之三]，你可能需要 1.5 個點的價格來抵消它，然後我們還會產生一些互惠關稅。

And so I'm not sure if 2% price is a reasonable kind of benchmark to be thinking about required to offset cost to be dollar-neutral. But really, just any color you can provide on the costs associated with the different tariffs that are in place.

因此，我不確定 2% 的價格是否是合理的基準，需要考慮抵銷成本以保持美元中立。但實際上，您只能提供與現行不同關稅相關的成本的任何細節。

Yeah. I think, Joe, the kind of the back-of-the-envelope math you're doing is not completely unreasonable. I mean, as you said, we talked about this on our last call in terms of the imports into the US from China being about 5% of our total domestic spend. So as you can tell from that smaller number is, we never pursued a low-cost country or low-cost manufacturing strategy.

是的。喬，我認為你所做的這種粗略計算並不是完全不合理的。我的意思是，正如你所說，我們在上次電話會議上談到了這一點，美國從中國進口的商品約占我們國內總支出的 5%。因此，從這個較小的數字可以看出，我們從未推行低成本國家或低成本製造策略。

It's always been kind of produce where we sell. As you said, that $250 million, that's an annualized number. Once we get through inventory, we're almost halfway through the year. So the potential impact is -- for the full year '25 is less than that.

我們銷售的一直都是這種農產品。正如你所說，2.5 億美元是一個年化數字。一旦我們完成庫存盤點，今年就快過一半了。因此，對 2025 年全年的潛在影響將小於這個數字。

I'd say we're -- as Chris said, actively working to offset the impact with supply chain actions, pricing actions, and therefore, EPS neutral or better, which is exactly what we did the last time around in '17 and '18, as well as post COVID. So we're confident we can do that.

我想說的是，正如克里斯所說，我們正在積極努力透過供應鏈行動、定價行動來抵消影響，從而使每股收益保持中性或更好，這正是我們在 2017 年和 2018 年以及 COVID 之後所做的。因此我們有信心能夠做到這一點。

And I'll just say it again. I think we believe we're better positioned here than most. And like we said on the call last time, we think these tariffs from a cost standpoint are certainly manageable. Obviously, what's known at this point is what the impact might be from a demand standpoint in the second half.

我再說一次。我認為我們相信我們在這裡的地位比大多數人都要好。正如我們上次電話會議中所說的那樣，我們認為從成本角度來看這些關稅肯定是可控的。顯然，目前已知的是從下半年需求的角度來看可能產生的影響。

But I think at this point, with the visibility we have, we feel like we're in a really good spot. Let's get through Q2. And then we'll kind of update all the analytics, and we'll give you an update in terms of how we view the year on our next call.

但我認為，就目前的情況來看，憑藉我們所掌握的知名度，我們感覺自己處於一個非常好的位置。讓我們度過第二季。然後，我們將更新所有分析數據，並在下次電話會議上向您提供我們對今年的看法的最新消息。

And then just in terms of the contingency that's embedded within the guide if we approach tariffs as price/cost neutral, and then the FX, I think the revenue guide for the year now embeds a less bad FX environment. But that didn't flow through -- that $0.30 didn't flow through. And so is that kind of the contingency versus the unknown on the macro or just how you're approaching embedding kind of contingency?

然後，就指南中包含的應急措施而言，如果我們將關稅視為價格/成本中性，然後是外匯，我認為今年的收入指南現在包含了一個不那麼糟糕的外匯環境。但這並沒有流過去——那 ​​0.30 美元並沒有流過去。那麼，這是宏觀的偶然性與未知性之間的對比嗎？或者您是如何接近嵌入偶然性的？

Yeah. So we updated the revenue number but we didn't update EPS. So that's a good way to look at it. It's part of the contingency, if you want to call it that, for what might happen to volume in the back half of the year, even though we haven't really seen it yet. And in Automotive, we have already factored that into our guidance as we sit here today based on the most recent build projections, which, by the way, is really more of a North America challenge at this point.

是的。因此我們更新了收入數字，但沒有更新每股收益。這是一個很好的觀察方式。如果你願意這麼稱呼它的話，它是今年下半年交易量可能出現的變化的一部分，儘管我們還沒有真正看到它。在汽車領域，根據最新的建設預測，我們已經將這一點納入了我們的指導中，順便說一句，這實際上目前對北美來說是一個更大的挑戰。

I think we feel very good about our China business being able to sustain the type of growth rates that they're putting up. That's really driven mostly by the EV market and production growing at some pretty staggering numbers in China, which is projected to continue as we go through the year. And then Europe, as we sit here today, is kind of down low single digits with auto builds. And all of that is, like I said, factored into the updated guidance that we're giving you here today.

我認為，我們對中國業務能夠維持目前的成長率感到非常滿意。這主要是受到中國電動車市場和產量驚人成長的推動，預計今年這一成長趨勢還將持續。而當我們今天坐在這裡時，歐洲的汽車產量正處於個位數的低點下降。正如我所說的，所有這些都已納入我們今天在此向你們提供的最新指南中。

And so just big picture when you think about kind of the elevated uncertainty we're dealing with, which parts of the business are you watching most closely for vulnerabilities? Which parts of the business are you looking at that's most insulated from some of those vulnerabilities?

因此，當您考慮我們正在處理的高度不確定性時，從總體來看，您最密切關注的是業務的哪些部分是否存在漏洞？您認為哪些業務部分最能抵禦這些漏洞？

Yeah. So I'd say at a high level, in terms of uncertainty overall, we always say we're built for uncertainty based on a number of attributes that we have. Across the company, I think the resilience provided by our diverse portfolio across the seven segments, we're always going to have a mixture of headwinds and tailwinds with and all concentration risk.

是的。因此我想說，從整體的不確定性來看，我們總是說，我們是根據我們所擁有的一些屬性為不確定性而建立的。在整個公司範圍內，我認為我們七大業務板塊的多元化投資組合所提供的韌性，讓我們始終能夠應對各種不利因素和順風，以及集中風險。

The fact that the portfolio is built around sustainable differentiation, this provides a really strong ability to cover price. I think the strength in the business model to help us control the controllables and provide self-help opportunities like the enterprise initiatives.

事實上，投資組合是圍繞可持續差異化構建的，這提供了非常強大的價格覆蓋能力。我認為商業模式的優點在於它可以幫助我們控制可控因素，並提供像企業計畫這樣的自助機會。

And then I think the very important one is the nimbleness of our decentralized close to the customer structure, which really enables our ability to read and react to whatever we can't control so we can mitigate the impact.

然後我認為非常重要的一點是我們的分散式貼近客戶結構的靈活性，這確實使我們能夠讀取和應對我們無法控制的任何事情，從而減輕影響。

And I think all of these attributes position ITW to outperform particularly well in uncertain environments. If we were to hit in any particular segment, I think we've seen some challenges for a long time in terms of the CapEx markets likely to continue, obviously, with the interest rate environment being kind of where it is. A little bit of uncertainty in Automotive but some of that's already baked in based on the build numbers coming down.

我認為所有這些屬性使得 ITW 在充滿不確定性的環境中表現出色。如果我們要進入任何特定領域，我認為我們已經看到資本支出市場長期以來面臨的一些挑戰，顯然，由於利率環境的現狀，這些挑戰可能會持續下去。汽車產業存在一些不確定性，但根據產量下降的情況，其中一些不確定性已經顯現。

But I'd say that across the company, we're pretty well positioned based on the overall posture and attributes that we have to really help us manage these uncertain times.

但我想說，從整個公司來看，我們整體的態勢和屬性都處於相當有利的位置，這確實有助於我們應對這些不確定的時期。

[Avi Uresawitz]

[阿維·尤雷薩維茨]

Just as we think about the margin progression for the rest of the year, I know you expect margins to improve as the year goes on. But when are you expecting price/cost would be most favorable? Would it be like Q2 with higher pricing coming in sooner when the cost or would pricing or be in line costs as the year progresses?

正如我們思考今年剩餘時間的利潤率成長一樣，我知道您預計利潤率會隨著時間的推移而提高。但您預計什麼時候價格/成本最優惠？這是否會像第二季度一樣，成本會更早提高定價，或者隨著時間的推移定價或成本會保持一致？

Yeah. So Avi you were breaking up a little bit, but if I understood your question correctly, I'd say we went into the year kind of assuming a normal price/cost environment, which for us typically is slightly favorable to margins. We are not expecting anything unusual on a quarterly basis as we go through the year.

是的。所以 Avi，你剛才說得有點分手了，但如果我理解正確的話，你的問題應該是這樣的：我們進入這一年時假設了一個正常的價格/成本環境，這對我們來說通常對利潤率略有利。我們預計今年每季都不會出現任何異常情況。

I think there was a question earlier about the potential lag between price and cost, and we feel like we're better-positioned this time around. So I think what always happens down the road, most good companies will recover their margin impact.

我認為之前有一個關於價格和成本之間潛在滯後的問題，我們覺得這次我們處於更有利的位置。所以我認為，未來總是會發生這樣的事情，大多數優秀的公司都會恢復其利潤率的影響。

Whether that happens by year-end or into next year, that remains to be seen. But there is some pressure in short term. And again, as we sit here today, we'd say it's manageable.

這是否會在年底或明年實現，還有待觀察。但短期內有一定壓力。而且，今天我們坐在這裡，我們可以說這是可以控制的。

Okay, got it. And it's possible you already addressed this to some extent, but just as you think about the kind of risk to potential demand weakening, would you expect that to be more from a weaker macro impacting end markets or more from higher prices and price sensitivity there?

好的，明白了。您可能已經在某種程度上解決了這個問題，但是，正如您所考慮的潛在需求減弱的風險一樣，您是否認為這更多的是來自較弱的宏觀經濟對終端市場的影響，還是更多的是來自更高的價格和價格敏感性？

It would be all end market-related. I think you got to factor in that our divisions, their competitors are dealing with the same challenge that we are, and they are less favorably positioned than we are, I think is a fair comment. So in terms of driving above-market organic growth, with the new product pipeline, with the share gain opportunities in front of us, and you are seeing that in a number of places.

這一切都與終端市場有關。我認為你必須考慮到我們的部門，他們的競爭對手也面臨著與我們相同的挑戰，而且他們的地位不如我們，我認為這是公平的評論。因此，在推動高於市場的有機成長方面，透過新的產品線，我們面前有增加份額的機會，而且您可以在很多地方看到這一點。

And so you can look at complete segments, whether it's Food Equipment or Welding, where there are comparables out there, or even Automotive, where we are outgrowing underlying markets by 200 basis points to 300 basis points. So this is going to be all about end market demand, and we're confident that we'll continue to outperform these underlying end markets as we go through the remainder of the year.

因此，你可以看看完整的細分市場，無論是食品設備還是焊接，都有可比性，甚至是汽車，我們的成長速度比基礎市場高出 200 個基點到 300 個基點。所以這一切都與終端市場需求有關，我們有信心在今年剩餘時間內繼續超越這些基礎終端市場。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Just with respect to the mechanics of the price increases, I'm sorry to beat this like a dead horse, but are you guys going after this with more of like a surcharge mentality where the pricing would then come off if tariffs were to go away? Or is it an actual list price increase, which is obviously more sticky?

就價格上漲機製而言，我很抱歉再重複這個問題，但你們是否採取了一種附加費心態，即如果關稅取消，價格就會下降？或者實際上是標價上漲，這顯然更具黏性？

Yeah. So Nicole, it's pretty much a mixture of both. And again, it comes back to the individual circumstance in each business, the relative competitive intensity, I would say, the price volume dynamics that are going on in all these businesses.

是的。所以妮可，這基本上是兩者的混合。再次強調，這又回到了每個企業的具體情況、相對競爭強度，我想說，所有這些企業中正在發生的價格量動態。

So that's a decision that we allow our businesses to make, whether it's surcharge or price increase. Obviously, there's a lot of, as I said before, market-specific expertise in these businesses as to how to get price, whether it's surcharge or increase and where to get it.

因此，這是我們允許企業做出的決定，無論是附加費還是漲價。顯然，正如我之前所說，這些企業需要許多針對特定市場的專業知識，例如如何獲得價格、是否加價或增加價格以及在哪裡獲得價格。

But in general, I think the level of differentiation that we have really enables us to do it. But these are decisions that are taken at the divisional level, like I say, and it's a mixture of both surcharge and price increase.

但總的來說，我認為我們所擁有的差異化程度確實使我們能夠做到這一點。但正如我所說，這些都是在部門層級做出的決定，它是附加費和價格上漲的混合。

Okay, understood. And then with respect to the restructuring actions that you guys are taking this year, has there been any shift in the total amount of restructuring, especially considering a weaker volume environment? And do you still expect to incur 80% of those charges in the first half?

好的，明白了。那麼，就你們今年採取的重組行動而言，重組總量是否有任何變化，特別是考慮到交易量較弱的環境？您是否仍預計上半年會產生 80% 的費用？

Yes, Nicole, that's still the case. I think these are the restructuring projects that are being done are all tied to our 80/20 front-to-back process and are identified kind of going into the year as part of the plan process. And obviously, we'll see kind of how things play out from here, but it's still the same assumption for the full year and still assuming that about 80% of the total spend this year will happen in Q1 and Q2.

是的，妮可，情況仍然如此。我認為這些正在進行的重組項目都與我們 80/20 的前後流程息息相關，並且作為計劃流程的一部分在年度內被確定下來。顯然，我們將拭​​目以待事情將如何發展，但全年的假設仍然相同，仍然假設今年總支出的 80% 將發生在第一季和第二季。

Thank you for participating in today's conference call. All lines may disconnect at this time.

感謝您參加今天的電話會議。此時所有線路可能會斷開。