JBT Marel Corp (JBTM) 2024 Q3 法說會逐字稿

Good morning, and welcome to JBT Corporation's third-quarter 2024 earnings conference call.

早安，歡迎參加 JBT Corporation 2024 年第三季財報電話會議。

My name is Prilla, and I will be your conference operator today.

我叫 Prilla，今天我將擔任你們的會議操作員。

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I will now turn the call over to JBT's Director of Investor Relations, Marlee Spangler to begin today's conference.

現在我將把電話轉給 JBT 投資者關係總監 Marlee Spangler，以開始今天的會議。

Thank you, Prilla.

謝謝你，普里拉。

Good morning, everyone, and welcome to our third-quarter 2024 earnings conference call.

大家早安，歡迎參加我們的 2024 年第三季財報電話會議。

With me on the call is our Chief Executive Officer, Brian Deck; and Chief Financial Officer, Matt Meister.

與我一起參加電話會議的是我們的執行長 Brian Deck；和財務長馬特·梅斯特。

In today's call, we will use forward-looking statements that are subject to the Safe Harbor language in yesterday's press release and 8-K filing.

在今天的電話會議中，我們將使用受昨天新聞稿和 8-K 文件中安全港語言約束的前瞻性陳述。

JBT's periodic SEC filings also contain information regarding risk factors that may have an impact on our results.

JBT 定期向 SEC 提交的文件還包含可能影響我們業績的風險因素的資訊。

These documents are available in the Investor Relations section of our website.

這些文件可在我們網站的投資者關係部分找到。

Also, our discussion today includes references to certain non-GAAP measures.

此外，我們今天的討論也提到了某些非公認會計原則措施。

A reconciliation of these measures to the most comparable GAAP measure can be found in the Investor Relations section of our website.

您可以在我們網站的投資者關係部分找到這些指標與最具可比性的 GAAP 指標的調整表。

Now, I'll turn the call over to Brian.

現在，我將把電話轉給布萊恩。

Thanks, Marlee, and good morning, everyone.

謝謝，瑪麗，大家早安。

We were very pleased with JBT's results for the third quarter.

我們對 JBT 第三季的業績非常滿意。

As expected, we posted double-digit year-over-year revenue growth and captured meaningful margin expansion.

正如預期的那樣，我們實現了兩位數的年收入成長，並實現了有意義的利潤成長。

Moreover, we continue to generate strong orders and benefit from the ongoing recovery in demand from the global poultry end market.

此外，我們繼續產生強勁的訂單，並受益於全球家禽終端市場需求的持續復甦。

Overall, our progress and performance in the third quarter reinforces our confidence in our full year expectations of 3% to 5% revenue growth in 2024 and adjusted EBITDA growth of 10% at the midpoint of our guidance.

總體而言，我們第三季度的進展和業績增強了我們對2024 年全年收入增長3% 至5% 的預期的信心，以及調整後EBITDA 增長10%（按我們指導的中點計算）的信心。

Matt will walk you through an analysis of the third quarter.

馬特將帶您分析第三季的情況。

He will also discuss the securing of commitments for financing the Marel merger.

他還將討論確保馬瑞爾合併融資承諾的問題。

Then, I will speak about end market and geographic turns, discuss updates on the combination with Marel, and provide some highlights on our exceptional Automated Guided Vehicle business.

然後，我將談論終端市場和地理轉變，討論與 Marel 合併的最新情況，並提供有關我們卓越的自動導引車業務的一些亮點。

Matt?

馬特？

Thank you, and good morning.

謝謝你，早安。

As Brian mentioned, we achieved strong growth and margin improvement in the third quarter of 2024.

正如 Brian 所提到的，我們在 2024 年第三季實現了強勁成長和利潤率改善。

Revenue of $454 million increased 12.4% year-over-year.

營收為 4.54 億美元，年增 12.4%。

As anticipated, we converted our strong backlog to revenue and recover the revenue shortfall from the second quarter.

正如預期的那樣，我們將強勁的積壓訂單轉化為收入，並彌補了第二季的收入缺口。

Adjusted EBITDA of $82 million increased 23% year-over-year and our adjusted EBITDA margin of 18% increased 160 basis points.

調整後 EBITDA 為 8,200 萬美元，年成長 23%，調整後 EBITDA 利潤率為 18%，成長 160 個基點。

This year-over-year improvement was driven by higher volume flow-through as well as cost savings from both our restructuring program and supply chain initiatives.

這項同比改善是由我們的重組計劃和供應鏈計劃帶來的更高的流通量以及成本節約推動的。

Adjusted EPS in the third quarter was $1.50 versus $1.11 in the prior year.

第三季調整後每股收益為 1.50 美元，去年同期為 1.11 美元。

EPS benefited primarily from our strong operational performance and positive net interest income.

每股盈餘主要受惠於我們強勁的經營業績和正的淨利息收入。

Year-to-date, we generated free cash flow of $79 million.

年初至今，我們產生了 7,900 萬美元的自由現金流。

For reference, on a trailing 12-month basis, as of September 30, we achieved free cash flow of $184 million.

作為參考，截至 9 月 30 日，過去 12 個月的自由現金流為 1.84 億美元。

Our strong performance in the third quarter is the result of higher income and improved working capital management.

我們第三季的強勁表現是營收增加和營運資金管理改善的結果。

And for the full year, we remain confident in our ability to achieve a free cash flow conversion rate in excess of 100%.

就全年而言，我們仍然對實現超過 100% 的自由現金流轉換率充滿信心。

Given JBT's strong year-to-date performance and backlog, we are reiterating our full year guidance for revenue, adjusted EBITDA, and adjusted EPS.

鑑於 JBT 年初至今的強勁業績和積壓訂單，我們重申對營收、調整後 EBITDA 和調整後每股盈餘的全年指引。

We are, however, updating guidance for income from continuing operations and GAAP EPS, which reflect our plan to settle all outstanding obligations of JBT's pension plan through a combination of voluntary lump sum settlements and the purchase of an annuity contract.

然而，我們正在更新持續經營收入和公認會計準則每股收益的指導，這反映了我們計劃透過自願一次性結算和購買年金合約的結合來解決 JBT 退休金計劃的所有未償債務。

And in the fourth quarter, we expect a portion of eligible participants to elect to receive lump sum settlements from the plan.

在第四季度，我們預計部分符合資格的參與者將選擇從該計劃中獲得一次性和解金。

As a result, we expect to incur approximately $30 million in noncash pretax charges during the quarter.

因此，我們預計本季將產生約 3,000 萬美元的非現金稅前費用。

This brings our full year estimate for income from continuing operations to $116 million to $125 million, and GAAP EPS to $3.60 to $3.90.

這使得我們對全年持續經營收入的預期達到 1.16 億美元至 1.25 億美元，GAAP 每股收益達到 3.60 美元至 3.90 美元。

Additionally, in the first quarter of 2025, we expect to settle the remaining obligations of the plan and anticipate further noncash pretax charges of approximately $145 million.

此外，我們預計在 2025 年第一季解決該計劃的剩餘義務，並預計進一步的非現金稅前費用約為 1.45 億美元。

Given the plans fully funded status, we anticipate these actions will have an immaterial impact on cash flow.

鑑於該計劃資金充足，我們預計這些行動將對現金流產生無關緊要的影響。

Lastly, as outlined in our press release, in October, we secured financing commitments contingent on the completion of the merger with Marel.

最後，正如我們在新聞稿中所述，10 月份，我們獲得了與 Marel 合併完成後的融資承諾。

Once executed, we will issue a $900 million Term Loan B and expand our existing revolving credit facility to $1.8 billion.

一旦執行，我們將發行 9 億美元的定期貸款 B，並將現有的循環信貸額度擴大到 18 億美元。

Funds from this new capital structure, along with cash on the balance sheet, will be used to pay the cash portion of the transaction, refinance Marel's outstanding debt and pay transaction-related expenses.

來自這個新資本結構的資金以及資產負債表上的現金將用於支付交易的現金部分、為 Marel 的未償債務再融資並支付交易相關費用。

As a first-time issuer in the Term Loan B market, we are very pleased with the overall demand and pricing structure.

作為定期貸款 B 市場的首次發行人，我們對整體需求和定價結構非常滿意。

With an offering that was more than 3 times oversubscribed, we were able to upsize and achieve favorable pricing.

憑藉超過 3 倍超額認購的產品，我們能夠擴大規模並獲得優惠的定價。

Additionally, we believe that lenders' willingness to add a leverage-based pricing step down indicates confidence in management's ability to delever the business.

此外，我們認為，貸款人願意降低基於槓桿的定價，顯示對管理層去槓桿化業務的能力充滿信心。

As we have stated, we are committed to reducing JBT's leverage to less than 3 times by year-end 2025.

正如我們所說，我們致力於在 2025 年底前將 JBT 的槓桿率降低至 3 倍以下。

With that, I'll turn the call back to Brian.

這樣，我會將電話轉回布萊恩。

Thanks, Matt.

謝謝，馬特。

Let me start with order trends.

讓我從訂單趨勢開始。

Orders, which totaled $440 million in the quarter, increased 10% from the prior year period.

本季訂單總額為 4.4 億美元，較去年同期成長 10%。

We feel good about what the order strength means for the current state of our business, and it positions us well as we plan for 2025.

我們對訂單強度對我們目前業務狀況的意義感到滿意，這為我們 2025 年的計劃奠定了良好的基礎。

Driving the overall gains in orders, we enjoyed continued recovery in demand from the poultry end market, which showed improvement globally.

推動訂單整體成長的因素是家禽終端市場需求的持續復甦，全球範圍內的情況有所改善。

Pet food, fruits, and vegetable and pharma end markets also experienced healthy demand in the quarter.

寵物食品、水果、蔬菜和藥品終端市場在本季也經歷了健康的需求。

Orders at AGV normalized from the record second quarter.

AGV 的訂單從創紀錄的第二季開始恢復正常。

While there were pockets of weakness, including certain CPG areas like beverages, our overall strength is a function of JBT's broad portfolio and end market and customer exposure.

雖然存在一些弱點，包括飲料等某些 CPG 領域，但我們的整體優勢取決於 JBT 廣泛的產品組合以及終端市場和客戶曝光。

As we have said, we have the diversified portfolio to serve our food and beverage customers regardless of changing consumer preferences.

正如我們所說，無論消費者偏好如何變化，我們都擁有多元化的產品組合來為我們的食品和飲料客戶提供服務。

Geographically, we experienced a nice pickup in order activity in Asia and a good quarter in Europe.

從地理上看，我們在亞洲的訂單活動出現了良好的回升，在歐洲的季度也表現良好。

North America also experienced good order momentum.

北美地區也出現了良好的訂單動能。

As we mentioned last quarter, our AGV business is posting record sales and orders.

正如我們上季度提到的，我們的 AGV 業務的銷售額和訂單創下了紀錄。

Secular demand for facility automation, which is critical to addressing labor shortages and high costs remains robust.

對設施自動化的長期需求仍然強勁，這對於解決勞動力短缺和高成本至關重要。

Within the factory and warehouse automation market, AGV bodes a differentiated product, the results of decades of experience, the quality of our technology and the ability to integrate with customers' operations.

在工廠和倉庫自動化市場中，AGV 預示著一種差異化的產品、數十年經驗的成果、我們的技術品質以及與客戶營運整合的能力。

Over the past few years, we have invested heavily in AGV's R&D and adjusted its business model.

過去幾年，我們大力投入AGV的研發，調整業務模式。

Specifically, we have focused on the intelligence, safety, and service element of our value proposition while focusing on larger scalable projects with our customers as opposed to bespoke projects.

具體來說，我們專注於價值主張的智慧、安全和服務元素，同時專注於與客戶合作的大型可擴展項目，而不是客製化項目。

This strategy is paying off.

這項策略正在取得成效。

We are seeing customers who installed AGV at one or two warehouses returned to us as they seek to establish an expanded automation solution across their enterprise.

我們看到在一兩個倉庫安裝 AGV 的客戶返回我們這裡，因為他們尋求在整個企業中建立擴展的自動化解決方案。

Additionally, with the introduction of our proprietary motion operating system, we have moved to a subscription model, which requires a multiyear software contract along with the parts and service contract.

此外，隨著我們專有的運動作業系統的推出，我們已經轉向訂閱模式，這需要多年軟體合約以及零件和服務合約。

This allows for a high-touch premium value proposition based on delivering the highest performance and safety throughout the life of our systems with constant access to the most recent software features and cybersecurity upgrades.

這使得我們能夠在系統的整個生命週期中提供最高的效能和安全性，並不斷存取最新的軟體功能和網路安全升級，從而實現高接觸性的優質價值主張。

With this model, we expect recurring revenue continue to grow meaningfully as we build out the installed base.

透過這種模式，我們預計隨著我們擴大安裝基礎，經常性收入將繼續大幅成長。

At the same time, as we discussed last quarter, changes to our manufacturing process and product standardization have improved internal efficiency and cost.

同時，正如我們上季度討論的那樣，我們的製造流程和產品標準化的變化提高了內部效率和成本。

As a result, we have enhanced our ability to deliver AGV systems and reduce lead times to address ongoing robust demand.

因此，我們增強了交付 AGV 系統的能力並縮短了交貨時間，以滿足持續強勁的需求。

Moving on to even bigger developments on the merger with Marel.

與 Marel 的合併取得了更大的進展。

We continue to focus on integration planning and day one preparedness, including an evaluation of our future organizational structure.

我們繼續關注整合規劃和第一天的準備工作，包括對我們未來組織結構的評估。

In our planning, we are viewing our businesses through the lens of the customer to create a go-to-market structure that aligns with their needs.

在我們的規劃中，我們從客戶的角度審視我們的業務，以創造符合他們需求的進入市場結構。

We have also sought the capital -- sought to capitalize on the respective strengths of JBT and Marel's complementary portfolios, enabling us to optimize operational synergies while providing the most comprehensive solutions to customers.

我們也尋求資本—尋求利用 JBT 和 Marel 互補產品組合各自的優勢，使我們能夠優化營運協同效應，同時為客戶提供最全面的解決方案。

On the regulatory front, we are nearing the final stages of completing the required approvals.

在監管方面，我們已接近完成所需批准的最後階段。

We have been engaged in an in-depth prenotification process and dialogue with the European Commission and have received feedback that we will be able to formally file our notification to the EC in the coming days.

我們已經與歐盟委員會進行了深入的預先通知流程和對話，並收到了回饋，表明我們將能夠在未來幾天內正式向歐盟委員會提交通知。

Once we submit this merger filing, a 25-day business review period begins, after which we anticipate receiving formal approval.

一旦我們提交合併備案，25 天的業務審查期就開始，之後我們預計會收到正式批准。

In terms of the voluntary takeover itself, JBT and Marel will work with FSA in Iceland to determine the appropriate extension, which will provide adequate time following the regulatory approvals for Marel shareholders to tender their shares.

就自願收購本身而言，JBT 和 Marel 將與冰島 FSA 合作確定適當的延期，這將為 Marel 股東在獲得監管批准後提供充足的時間來投標其股份。

JBT and Marel will issue press releases related to the extension of the offer.

JBT 和 Marel 將發布與延長報價相關的新聞稿。

Based on these most recent developments, the timeline to close remains on or about the end of 2024.

根據這些最新進展，關閉的時間表仍為 2024 年底左右。

And based on our extensive outreach and conversations with Marel shareholders, we remain confident that they are supportive of the merger.

根據我們與 Marel 股東的廣泛接觸和對話，我們仍然相信他們支持合併。

Lastly, I want to thank the JBT team members.

最後，我要感謝JBT團隊的成員。

JBT's growth, operational excellence, and passionate commitment to our customers wouldn't be possible without our people around the world.

如果沒有我們世界各地的員工，JBT 的成長、卓越營運以及對客戶的熱情承諾就不可能實現。

Now, let's open up the call.

現在，讓我們開始通話。

Operator?

操作員？

(Operator Instructions) Mig Dobre, RW Baird.

（操作員說明）Mig Dobre，RW Baird。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Good morning.

早安.

So Brian, you spent maybe more time than normal talking about AGV, and it sounds like this is a portion of the business that is doing quite well.

Brian，您可能會比平常花更多的時間談論 AGV，聽起來這是做得很好的業務的一部分。

It would be great to get a bit of a reminder from you in terms of the size of this business at this point, especially, since it's been growing so much.

很高興能從您這裡得到一些關於目前該業務規模的提醒，特別是因為它已經發展得如此之快。

And I'm curious how margins look like for this product?

我很好奇這個產品的利潤率如何？

Is this a positive for mix?

這對混合有利嗎？

Or is it maybe a little bit below your average portfolio margin?

或者它可能略低於您的平均投資組合利潤率？

Right.

正確的。

So -- thanks for the question.

所以——謝謝你的提問。

So in terms of revenue, they will be north -- a little bit north of $150 million this year.

因此，就收入而言，他們今年的收入將達到 1.5 億美元，略高於 1.5 億美元。

With impressive growth, like you said, north of 30% growth this year.

正如您所說，成長令人印象深刻，今年成長超過 30%。

And in terms of -- from a margin perspective, if you look at JBT's guidance for the year is 17% to 17.5%, they are above that range there.

從利潤率的角度來看，如果你看看 JBT 今年的指導值為 17% 至 17.5%，它們就高於該範圍。

They're -- we're striving for 20% plus this year.

他們 - 我們今年的目標是 20% 以上。

Interesting.

有趣的。

And as you think about this business and its potential, I'm sort of curious as to how you think two, three years out?

當您思考這項業務及其潛力時，我有點好奇您對兩三年後的想法如何？

And is there anything within the AGV business that would be able to either cross-sell or cross-pollinate with what Marel is doing, some of their customers?

AGV 業務中是否有任何東西能夠與 Marel 正在做的事情（他們的一些客戶）進行交叉銷售或交叉授粉？

Yes, would love some comments on that as well.

是的，我也希望對此發表一些評論。

Sure.

當然。

So -- yes, just if you think about the portfolio that they have, anywhere where you have warehouse automation it's applicable.

所以 - 是的，只要你考慮一下他們擁有的產品組合，無論在哪裡，只要有倉庫自動化，它都適用。

Certainly, quite a few of our CPG customers, beverage customers, are using these operations, these AGV vehicles.

當然，我們有相當多的 CPG 客戶、飲料客戶正在使用這些操作、這些 AGV 車輛。

I would say probably the easiest area, if you will, to cross-sell with this, would be on their pet food business.

我想說，如果你願意的話，最容易進行交叉銷售的領域可能是他們的寵物食品業務。

So the Wenger acquisition from a couple of years ago.

所以溫格的收購是從幾年前開始的。

There are potentially opportunities as you go downstream with some of the other end markets that they have once they get into a warehouse stage that has a potential.

當你進入下游的一些其他終端市場時，一旦它們進入有潛力的倉庫階段，就有潛在的機會。

But certainly, I would say, the more traditional CPG type and pet food type items, that's the clear opportunity.

但當然，我想說，更傳統的消費品類型和寵物食品類型的產品，這顯然是一個機會。

Got it.

知道了。

Then maybe on a core business, poultry sounds better.

那麼也許在核心業務上，家禽聽起來更好。

I'd love a little more insight as to what you're hearing from customers there.

我希望能更深入地了解您從那裡的客戶那裡聽到的情況。

I mean, frankly, why are things getting better?

坦白說，我的意思是，為什麼事情會變得更好？

How sustainable do you think this is into 2025?

您認為 2025 年這種情況的可持續性如何？

Right.

正確的。

So it's good news.

所以這是個好消息。

They continue to make good money.

他們繼續賺大錢。

We continue to have good conversations with them.

我們繼續與他們進行良好的對話。

We are aware of several projects that they are working on, either from, I would say, a brownfield perspective, but also from a refurbishment or replacement of individual lines.

我們知道他們正在進行幾個項目，我想說的是，從棕地的角度來看，也從翻新或更換單條生產線的角度來看。

So as they -- obviously, they've had some pent-up or deferred investment over the years, we do generally feel good about it.

因此，顯然，多年來他們有一些被壓抑或推遲的投資，我們總體上對此感覺良好。

So I think it never snaps back at the pace you would really want it to go, but we do have a consistent kind of, say, improvement month-over-month, quarter-over-quarter.

因此，我認為它永遠不會以你真正希望的速度恢復，但我們確實有一種持續的改善，比如說逐月、逐季的改善。

Our pipeline is good.

我們的管道很好。

We saw some -- what was really nice to see in the third quarter was some orders on the primary side.

我們看到了一些——第三季真正令人高興的是初級側的一些訂單。

So JBT is not a huge player in the primary side.

所以JBT在初級方面並不是一個大玩家。

We do chillers and some other systems.

我們生產冷水機和其他一些系統。

But what's nice about that, that's where Marel is particularly strong.

但這的好處在於，這正是 Marel 特別強大的地方。

So we're hopefully -- hoping that is a precursor to some of the strength that we would hope to see into 2025 and thereafter.

因此，我們希望——希望這是我們希望在 2025 年及之後看到的一些實力的先兆。

I think in terms of visibility, I would say we probably have a good 18 to 24 months visibility as we sit here.

我認為就能見度而言，我們坐在這裡可能有 18 到 24 個月的良好能見度。

Obviously, that could change if the fundamentals change, but the fundamentals are hanging in there for sure, both from an input perspective.

顯然，如果基本面發生變化，情況可能會發生變化，但從輸入角度來看，基本面肯定會持續存在。

We've seen some seasonal declines in the poultry prices.

我們看到家禽價格出現季節性下降。

But overall, they remain at levels where our customers are quite profitable.

但總體而言，它們仍然保持在我們的客戶能夠獲得相當可觀的利潤水平。

So generally, we feel good about that.

所以總的來說，我們對此感覺良好。

And we would expect kind of this slow but steady march to get back to full recovery.

我們預計這種緩慢但穩定的進程將恢復全面復甦。

And I think it kind of depends on -- if we're talking primary or secondary or end of line as to when you get to those full recoveries.

我認為這在某種程度上取決於——我們是在談論主要的還是次要的，還是最終康復的時間。

But either '25 or perhaps 2026 will recovery.

但要嘛 25 年，要嘛 2026 年，經濟將會復甦。

I guess my final question, and this -- I don't know if you actually want to answer this or tackle the topic, but we've got an election year coming up in a few days.

我想我的最後一個問題是——我不知道你是否真的想回答這個問題或解決這個主題，但幾天後我們將迎來選舉年。

And the whole discussion around immigration and potential deportations from Mr. Trump have certainly made headlines.

圍繞移民和川普先生可能被驅逐出境的整個討論無疑成為了頭條新聞。

And I do remember during the first Trump administration, there was some disruption that poultry processors have had ICE raids, things of that sort, that have impacted their labor force.

我確實記得在川普第一屆政府期間，家禽加工商受到了 ICE 突襲搜查之類的干擾，影響了他們的勞動力。

In your discussions with customers, are they sort of looking at this as something that will need to be addressed on their end?

在您與客戶的討論中，他們是否認為這個問題需要自己解決？

Meaning this whole idea that we're going to need some additional automation or equipment that is maybe more efficient in order to sort of manage the inherent risk to their labor force that could develop down the line?

這意味著我們將需要一些額外的自動化或可能更有效的設備，以便管理勞動力可能未來發展的固有風險？

Thanks.

謝謝。

Yes.

是的。

It's a very interesting and applicable question.

這是一個非常有趣且適用的問題。

I will say, over the last -- what we have heard over the last few years is that labor has been more available.

我要說的是，在過去的幾年裡，我們聽到的是勞動力的供應變得更容易。

And I would say more of our efforts have been on improving yield, efficiency, et cetera, and a little bit less what we saw during the Trump administration on pure labor replacement.

我想說，我們更多的努力是在提高產量、效率等方面，而在川普政府期間看到的純粹勞動力替代方面的努力要少一些。

So under a circumstance where you have tighter controls on immigration, I frankly would expect more opportunities on going from, I would say, manual cut-up lines, where you have folks standing shoulder to shoulder with knives and whatnot, to more automated solutions.

因此，在對移民實施更嚴格控制的情況下，坦白說，我希望有更多機會從手動切割線（人們拿著刀子等並肩站著）轉向更自動化的解決方案。

That would generally be the thesis under a Trump administration.

這通常是川普政府的論點。

Obviously, we'll have to see how long it takes for that to play out and whatnot.

顯然，我們必須看看它需要多長時間才能發揮作用等等。

And but that would generally bode well for companies like JBT and Marel.

但這對 JBT 和 Marel 等公司來說通常是個好兆頭。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thanks.

謝謝。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Hi.

你好。

Good morning, gentlemen.

早安，先生們。

Good morning.

早安.

Right.

正確的。

Can you maybe help us size the poultry contribution to orders in the quarter?

您能否幫助我們估算本季家禽對訂單的貢獻？

And then also your expectations for orders exiting the year into 2025?

您對 2025 年退出的訂單有何預期？

Just trying to get a sense of your seasonality versus potential acceleration as we think about the cadence for next year?

當我們考慮明年的節奏時，只是想了解您的季節性與潛在的加速性？

Yes.

是的。

So in terms of the incremental orders versus the second quarter, something in the range of $10 million to $15 million more, ballpark.

因此，就增量訂單而言，與第二季相比，增加了約 1,000 萬至 1,500 萬美元。

So -- and I would say we're still -- that does not yet bring us, I would say, fully back to kind of where we otherwise need to be kind of, as I mentioned, with Mig on the -- where we get to full recovery.

所以——我想說，我們仍然——我想說，這還沒有讓我們完全回到我們原本需要的那種狀態，正如我所提到的，米格在——我們完全康復。

But decent improvements in the quarter, specifically, as I mentioned on the primary side.

但正如我在主要方面提到的那樣，本季度取得了不錯的進步。

Got it.

知道了。

Okay.

好的。

So $10 million to $15 million more in poultry quarter-over-quarter.

因此，家禽產量比上一季增加了 1,000 萬至 1,500 萬美元。

I mean

我是說

--

--

In North America, specifically.

特別是在北美。

In North America.

在北美。

Yes.

是的。

Now, what was interesting, Ross is -- so that was North America.

現在，有趣的是，羅斯——那就是北美。

We actually saw some improvements outside of North America as well, specifically Asia.

實際上，我們在北美以外的地區也看到了一些改進，特別是亞洲。

So that was nice to see because as you know, Asia is kind of a lumpy business for us.

所以很高興看到這一點，因為如你所知，亞洲對我們來說是一個不穩定的業務。

They tend to do fuller lines, but we are starting to see some investments in poultry in Asia and actually Europe had a decent quarter as well.

他們傾向於生產更完整的產品線，但我們開始看到亞洲對家禽的一些投資，實際上歐洲也有不錯的季度表現。

Now, that's a perfect segue.

現在，這是一個完美的延續。

So I'm trying to understand, I mean, is it more of a geographic angle between why you're seeing more of an acceleration in your poultry orders versus Marel thus far?

所以我試圖理解，我的意思是，為什麼迄今為止您看到的家禽訂單與 Marel 相比更多地加速，這是否更多是地理角度的問題？

We obviously haven't seen the third quarter results.

我們顯然還沒有看到第三季的業績。

Or is it kind of brownfield, greenfield, upstream, downstream, as you kind of noted, with the strength in your business in the quarter?

或者正如您所指出的那樣，您本季的業務實力雄厚，是棕地、綠地、上游還是下游？

I won't specifically talk to Marel and kind of where they've been.

我不會專門與馬雷爾談論他們去過的地方。

But I will just generally say, JBT does play further along in the line, it's kind of your second assumption.

但我只是一般性地說，JBT 確實會進一步發揮作用，這是你的第二個假設。

They are more upfront in full processing type primary/secondary lines.

他們在全處理類型的初級/次級生產線中更加領先。

JBT's further down the line generally, which -- so they're not as full line solutions.

JBT 通常處於更下游的位置，因此它們並不是全線解決方案。

They tend to be one or two or three pieces of equipment, which are -- have shorter sales cycles and shorter lead times versus a full system.

它們往往是一件、兩件或三件設備，與完整的系統相比，它們的銷售週期更短，交貨時間也更短。

So just a little bit different place where we play in the lines.

所以我們排隊的地方有點不一樣。

Okay.

好的。

And then thinking about the Marel timeline here, 25-day EU notice.

然後考慮這裡的 Marel 時間表，即 25 天的歐盟通知。

I think that kind of mitigates any concerns from remedy, which is a positive.

我認為這減輕了對補救措施的擔憂，這是積極的。

But can you just remind us of what other countries outside of Europe we should be watching out for as it relates to filings?

但您能否提醒我們，在申請方面我們應該留意歐洲以外的哪些其他國家？

Yes.

是的。

So we're really pleased with where we are with the EU.

因此，我們對歐盟的現狀感到非常滿意。

That's been a very long process, a very collaborative process we've had with them, multiple back and forth.

這是一個非常漫長的過程，我們與他們進行了多次重複的協作。

So to get to this stage, that's a major milestone.

因此，達到這個階段，這是一個重要的里程碑。

As you -- for those that are familiar with the EU, the EC filing process.

對於熟悉歐盟、歐盟委員會備案流程的人來說。

So them giving us the green light to go ahead and the formal filing to kick off this 25-day waiting period is very, very positive.

因此，他們為我們開了綠燈，讓我們繼續進行，並正式提交文件來啟動這個 25 天的等待期，這是非常非常積極的。

We have one other jurisdiction that we're finalizing.

我們正在敲定另一項管轄權。

I would say -- I would characterize it as -- and that's Australia, doting some Is and crossing a few Ts.

我想說——我會把它描述為——那就是澳大利亞，溺愛一些“Is”，跨越一些“T”。

That does -- that is out there, but we feel confident that will play itself out within the same time frame, which basically brings us to full regulatory expectation of approvals by the end of November.

確實如此，但我們相信這將在同一時間範圍內發揮作用，這基本上使我們在 11 月底之前達到了全面批准的監管預期。

And then we would again extend the VTO, the voluntary takeover offer, period to probably a couple of weeks after that.

然後我們會再次將 VTO（自願收購要約）期限延長至之後的幾週。

We're working with Marel precisely the dates that we choose, and then we will announce that here in short order.

我們正在與 Marel 合作，具體日期是我們選擇的，然後我們很快就會在此宣布。

Perfect.

完美的。

All right.

好的。

If I could maybe just get one more in.

如果我可以再多加一個就好了。

Now you've had more time with the business to look into the hood.

現在，您有更多的時間與企業一起深入了解內部情況。

Should we expect maybe upward revision to synergy targets once the acquisition is closed?

一旦收購完成，我們是否應該預期協同目標可能會向上修正？

Or maybe you can give us an early read there?

或者您可以讓我們提前閱讀嗎？

It just looks like Marel margins and based all consensus, aren't where they really need to be in regards to the pro forma targets and maybe there's a little bit more cost out that will be required to hit your accretion goals?

看起來馬雷爾的利潤率並基於所有共識，但就預計目標而言，它們是否真正需要達到的水平，也許需要更多的成本來實現您的成長目標？

Well, I would say we have done quite a bit of work over the last 6 months.

嗯，我想說我們在過去 6 個月裡做了很多工作。

We have gotten to know them quite a bit.

我們對他們已經很了解了。

We certainly have a funnel and pipeline, if you will, to deliver on the $125 million of all-in savings -- all-in synergies.

如果你願意的話，我們當然有一個管道和管道來實現 1.25 億美元的整體節省——整體協同效應。

So I would just say we're confident in that.

所以我想說我們對此充滿信心。

We'll -- if we get to the point where we think we can do more, we'll certainly let you know.

如果我們認為我們可以做得更多，我們一定會讓您知道。

But really, there's only so much you can do until you actually combine businesses.

但事實上，在真正合併業務之前，你能做的就只有這麼多。

In terms of visibility, perfect visibility.

在能見度方面，完美的能見度。

So I think it's appropriate to just stick with the $125 million as I said here.

所以我認為堅持我在這裡所說的 1.25 億美元是合適的。

Yes.

是的。

I think the margin improvement that we're also expecting is going to come from, again, further recovery in the poultry markets and how that benefits Marel in the higher volume.

我認為，我們所期望的利潤率改善將再次來自家禽市場的進一步復甦，以及這對馬瑞爾帶來的銷售增加的好處。

So not only is there synergies, but there's also just the recovery in volumes, which will help drive improved margins at the Marel side.

因此，不僅存在協同效應，而且銷量也有所恢復，這將有助於提高 Marel 方面的利潤率。

And certainly, they're also -- I mean they are also doing their own improvement efforts kind of regardless of, I would say, synergy opportunity.

當然，我的意思是，他們也在做自己的改進工作，而不管我想說的是協同機會。

All right.

好的。

It's perfect.

太完美了。

I'll leave it here.

我會把它留在這裡。

Congrats guys.

恭喜你們。

Thank you.

謝謝。

Walter Liptak, Seaport Research.

沃爾特·利普塔克，海港研究中心。

Hi.

你好。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Congratulations on a nice quarter.

恭喜您度過了一個美好的季度。

Wanted to ask about the order strength and the recovery that we're seeing in the poultry market.

想詢問我們在家禽市場看到的訂單強度和復甦情況。

So it seems like it's still early days but as we look at it geographically, where do you expect most of the -- where do you see the recovery strength coming from?

因此，現在看來還為時過早，但當我們從地理角度來看時，您預計復甦的力量來自哪裡？

Is it -- it sounds like Asia is doing well.

是嗎——聽起來亞洲表現不錯。

Europe is doing well.

歐洲表現不錯。

Maybe US is not quite

也許美國還不太

--

--

Yes, I would say the pace of improvement, probably North America remains our biggest opportunity.

是的，我想說北美的改進速度可能仍然是我們最大的機會。

For those who have been following, for years North America was always just -- always the strongest market for us and it hasn't been over the last two years or so.

對於那些一直關注的人來說，多年來北美一直是我們最強勁的市場，但在過去兩年左右的時間裡並非如此。

So typically, that's our go-to in terms of strength and consistency.

因此，通常情況下，這是我們在強度和一致性方面的首選。

And so that's why I do think just in terms of getting back to that level of strength and consistency is what we're looking forward to.

所以這就是為什麼我確實認為我們所期待的就是恢復到那種力量和一致性水平。

That would be the primary.

那將是主要的。

Okay.

好的。

All right.

好的。

Great.

偉大的。

And then the aftermarket sales, we haven't talked too much about that on this call, but the growth -- how do you feel about the 5% plus revenue growth?

然後是售後市場銷售，我們在這次電話會議上沒有過多談論這一點，但增長——您對 5% 以上的收入增長有何看法？

And can you tell us about some of the initiatives that you've had to keep that growing and maybe any positive or negatives around aftermarket?

您能否告訴我們一些為維持成長而採取的措施以及售後市場方面的正面或負面因素？

Yes.

是的。

Sure.

當然。

No, we're very happy with the 5% growth.

不，我們對 5% 的成長感到非常滿意。

As you know, that's a more stable business than the equipment side.

如您所知，這是比設備方面更穩定的業務。

I think we had a 20%-plus equipment growth in the quarter, and that's obviously reflective of some of the recoveries and the strength in the backlog and whatnot that we have been talking about over the past few years.

我認為本季我們的設備成長了 20% 以上，這顯然反映了一些復甦和積壓的實力以及我們過去幾年一直在談論的事情。

So if we can continue to deliver consistent mid-single-digit aftermarket growth kind of in good times and bad, that's a really good answer.

因此，如果我們能夠在順境和逆境中繼續實現持續的中位數售後市場成長，那真是一個很好的答案。

Obviously, considering it does have a better margin profile.

顯然，考慮到它確實具有更好的利潤狀況。

In terms of the things that we are doing, it is really about -- providing there's a couple of things, but the most important things that we have to continue to focus on is on-time delivery on parts.

就我們正在做的事情而言，它實際上是關於——提供幾件事，但我們必須繼續關注的最重要的事情是按時交付零件。

So we're doing some additional work on making sure we've got the right parts in the right places and really focusing on that.

因此，我們正在做一些額外的工作，以確保我們在正確的位置擁有正確的部件，並真正關注這一點。

Certainly, continue to penetrate with our OmniBlu digital offering helps us in terms of those relationships with our customers and having that more engaged model.

當然，持續滲透我們的 OmniBlu 數位產品有助於我們改善與客戶的關係並擁有更具參與度的模式。

And then lastly, our service network -- making sure we -- again, the right people in the right places, the responsiveness.

最後，我們的服務網絡——再次確保我們——在正確的地方有正確的人，以及回應能力。

So it's about having the right metrics, looking through the eyes of the customer and one of the metrics that they feel are important not just things that you think about from a business perspective, like inventory turnover and whatnot, like really kind of flipping those metrics, and that's the focus that we've had.

因此，關鍵在於擁有正確的指標，從客戶的角度來看，他們認為重要的指標之一不僅僅是您從業務角度考慮的事情，例如庫存週轉率等，就像真正翻轉這些指標一樣，這就是我們關注的焦點。

And that's -- the combination with Marel adds to our ability on the aftermarket side meaningfully, again, they've got some really well-developed parts distribution centers.

那就是——與 Marel 的結合有意義地增強了我們在售後市場的能力，同樣，他們擁有一些非常發達的零件配送中心。

So we're working with that, how to optimize the usage of that, but also a pretty impressive service network in terms of their people and their coverage.

因此，我們正在研究如何優化其使用，而且在人員和覆蓋範圍方面也建立了一個令人印象深刻的服務網絡。

So -- and that's usually one of the biggest constraints in terms of being able to serve our customers effectively, like service techs are quite valuable, and they know the business and the products and the customers quite well.

因此，這通常是能否有效地為客戶提供服務的最大限制之一，例如服務技術人員非常有價值，而且他們非常了解業務、產品和客戶。

So that's a really wonderful opportunity as we come together.

因此，當我們聚集在一起時，這真是一個絕佳的機會。

Okay.

好的。

Great.

偉大的。

Okay.

好的。

Thanks so much.

非常感謝。

Thank you.

謝謝。

(Operator Instructions) And there are no further questions at this time.

（操作員說明） 目前沒有其他問題。

I would like to turn it back to Mr. Brian Deck for closing remarks.

我想請 Brian Deck 先生做結束語。

Thank you all for joining us this morning.

感謝大家今天早上加入我們。

As always, Marlee will be available if you have any follow-up questions.

像往常一樣，如果您有任何後續問題，Marlee 將隨時為您服務。

Thank you.

謝謝。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you all for participating.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。