Kadant Inc (KAI) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q2 2026 Kadant earnings conference call. (Operator Instructions)

各位好，感謝您稍候。歡迎參加 Kadant 2026 年第二季（Q2）財報電話會議。（接線員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Michael McKenney, Executive Vice President, and CFO. Please go ahead.

請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，執行副總裁兼財務長 Michael McKenney。請開始。

Thank you, Loraine. Good morning, everyone, and welcome to Kadant's second-quarter 2026 earnings call. With me on the call today is Jeff Powell, our President and Chief Executive Officer. Before we begin, let me read our Safe Harbor Statement.

謝謝你，Loraine。各位早安，歡迎參加 Kadant 2026 年第二季財報電話會議。今天與我一同在線上的還有我們的總裁兼執行長 Jeff Powell。在開始之前，讓我先宣讀我們的安全港聲明。

Various remarks that we may make today about Kadant's future plans and expectations, financial and operating results and prospects are forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995.

我們今天可能就 Kadant 未來計畫與預期、財務與營運結果及前景所做的各項評論，均屬於 1995 年《私人證券訴訟改革法》安全港條款所界定之前瞻性陳述。

These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those outlined at the beginning of our slide presentation and those discussed under the heading Risk Factors in our annual report on Form 10-K for the fiscal year ended January 3, 2026, and subsequent filings with the Securities and Exchange Commission.

這些前瞻性陳述受到已知與未知的風險與不確定性影響，可能因各項重要因素而使我們的實際結果與這些前瞻性陳述存在重大差異；其中包括我們投影片簡報開頭所列示者，以及我們截至 2026 年 1 月 3 日止會計年度之 Form 10-K 年報中「風險因素」章節所討論者，並包括其後向美國證券交易委員會提交的文件。

In addition, any forward-looking statements we make during this webcast represent our views and estimates only as of today. While we may elect to update forward-looking statements at sosme point in the future, we specifically disclaim any obligation to do so even if our views or estimates change. During this webcast, we will refer to some non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles.

此外，我們在本次網路直播期間所做的任何前瞻性陳述，僅代表截至今日我們的觀點與估計。雖然我們未來可能選擇在某個時間點更新前瞻性陳述，但即使我們的觀點或估計有所變更，我們亦明確聲明不負有任何更新義務。在本次網路直播中，我們將提及部分非 GAAP 財務衡量指標。這些非 GAAP 指標並非依一般公認會計原則編製。

A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is contained in our second-quarter earnings press release and the slides presented on the webcast and discussed in the conference call, which are available in the Investors section of our website at kadant.com.

非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表，載於我們第二季財報新聞稿，以及本次網路直播所展示並於電話會議中討論的投影片中；上述資料可於 kadant.com 網站的投資人（Investors）專區取得。

Finally, I want to note that when we refer to GAAP earnings per share or EPS and adjusted EPS on this call, we are referring to each of these measures as calculated on a diluted basis. With that, I'll turn the call over to Jeff Powell, who will give you an update on Kadant's business and future prospects. Following Jeff's remarks, I'll give an overview of our financial results for the quarter, and we will then have a Q&A session. Jeff?

最後，我想說明，當我們在本次電話會議中提到 GAAP 每股盈餘（EPS）或調整後 EPS 時，指的是以稀釋後基礎計算的各項指標。接下來我將把電話交給 Jeff Powell，他將為各位更新 Kadant 的業務狀況與未來展望。Jeff 發言後，我將概述本季財務結果，之後我們將進行問答環節。Jeff？

Thanks, Mike. Hello, everyone. Thank you for joining us this morning to review our second-quarter results and discuss our business outlook for the second half of 2026. I'll begin by reviewing our second-quarter highlights. We delivered excellent results in the second-quarter despite continued softness in global capital equipment markets.

謝謝你，Mike。各位好。感謝各位今天早上加入我們，一同回顧第二季業績並討論 2026 年下半年的業務展望。我先從第二季重點開始。儘管全球資本設備市場持續疲弱，我們第二季仍交出非常出色的成果。

Across all operating segments, commercial activity was strong, particularly in our aftermarket business, even as our customers remain cautious about the evolving geopolitical environment. Despite the uncertainties, our business model continues to perform. Our large installed base provides reoccurring profitable revenue through maintenance upgrades, aftermarket parts and growing service demand as our customers seek to maximize productivity while reducing input costs.

在所有營運部門中，商務活動表現強勁，尤其是我們的售後市場（aftermarket）業務；即使客戶對不斷演變的地緣政治環境仍保持審慎。儘管存在不確定性，我們的商業模式仍持續發揮效能。龐大的裝機基礎透過維護升級、售後零件以及不斷成長的服務需求，帶來可重複且具獲利性的收入；客戶在降低投入成本的同時，也希望最大化生產力。

This dynamic was evident across all operating segments in the second-quarter and remains a key source of earnings stability. We are seeing healthy quote activity and commercial engagement, while the primary headwinds remain customer approval cycles, delayed project releases, and geopolitical uncertainty.

這一趨勢在第二季的所有營運部門皆十分明顯，並仍是獲利穩定性的關鍵來源。我們看到報價活動與商務互動維持健康水準，而主要逆風仍包括客戶核准週期、專案釋出延後，以及地緣政治不確定性。

Overall demand remained healthy in the second-quarter, and our operational execution and cost discipline led to meeting or exceeding profitability expectations. Against the backdrop of continued trade policy uncertainty and geopolitical tension, our second-quarter performance was particularly noteworthy. I want to congratulate our sales and operations teams around the world for their outstanding execution and strong results.

整體而言，第二季需求仍然健康，而我們的營運執行力與成本紀律使我們達到或超越獲利預期。在貿易政策不確定性與地緣政治緊張情勢持續的背景下，我們第二季的表現尤其值得肯定。我想祝賀全球各地的銷售與營運團隊，憑藉卓越的執行力交出強勁成果。

Turning next to slide 6. I'd like to review our Q2 financial performance. Bookings in the second-quarter increased 16% to $312 million, led by contributions from our recent acquisitions and strong demand for aftermarket parts. Even as new orders for large capital projects were delayed, we are encouraged by the fact that multiple large projects are not yet formally released are in advanced stages.

接著請看投影片第 6 頁。我想回顧我們第二季的財務表現。第二季接單（bookings）成長 16% 至 3.12 億美元，主要來自近期併購的貢獻以及售後零件的強勁需求。即使大型資本專案的新訂單有所延後，我們仍感到鼓舞，因為多個尚未正式釋出的重大專案已進入後期階段。

Revenue increased 23% to a record $313 million. While our revenue benefited from our recent acquisitions, I am pleased to report that organic revenue increased 8% with all operating segments achieving solid growth. Adjusted EBITDA was a record $68 million, up 30% from the prior year period. Our adjusted EPS was a record at $3.42, up 26% compared to our performance in the second-quarter of 2025.

營收成長 23% 至創新高的 3.13 億美元。雖然營收受惠於近期併購，我也很高興報告，有機營收成長 8%，且所有營運部門皆達成穩健成長。調整後 EBITDA 創新高達 6,800 萬美元，較去年同期成長 30%。調整後 EPS 創新高達 3.42 美元，較 2025 年第二季表現成長 26%。

Strong cash flow remains an important feature of our business model. During the second-quarter, operating cash flow increased 32% compared to the same period last year to $54 million. Free cash flow was also healthy at $43 million, up 17%. Capital project activity has remained soft for an extended period, as I noted earlier, but we expect improving capital spending trends in the second half of 2026 and entering 2027.

強勁的現金流仍是我們商業模式的重要特徵。第二季營運現金流較去年同期成長 32% 至 5,400 萬美元。自由現金流亦維持健康水準，達 4,300 萬美元，成長 17%。如我先前所述，資本專案活動已在較長期間維持疲弱，但我們預期 2026 年下半年以及進入 2027 年後，資本支出趨勢將有所改善。

Industrial automation, modernization investments, energy, and defense, among others, remain important growth drivers for our businesses. I'll provide more details on that when I review our operating segments, and I'll begin with our Flow Control.

工業自動化、現代化投資、能源與國防等，仍是推動我們業務成長的重要動能。我在回顧各營運部門時會提供更多細節，並將先從我們的流體控制（Flow Control）開始。

As you can see on slide 7, our Flow Control segment delivered a solid quarter despite an extremely challenging European economic environment. We had solid bookings in the second-quarter of 2026, up 11% compared to the same period last year and benefited from strong aftermarket demand, while capital project bookings, particularly in North America, were stronger than expected.

如投影片第 7 頁所示，儘管歐洲經濟環境極具挑戰，我們的流體控制部門仍交出穩健的一季。2026 年第二季接單表現良好，較去年同期成長 11%，受惠於強勁的售後需求；同時，資本專案接單（尤其在北美）也比預期更強。

Revenue in the second-quarter increased 5% to $100 million, even as weaker manufacturing activity in Europe dampened our results. Our aftermarket revenue was a record $76 million and made up 76% of total revenue. Our adjusted EBITDA margin was relatively stable at 27.7% despite mixed market conditions. As we look ahead to the second half of 2026, we expect demand to remain consistent as the year progresses. Although Europe faces stiff economic headwinds, this segment continues to benefit from its diversified market exposure, while the investment environment in North America and Asia continues to show signs of optimism.

第二季營收成長 5% 至 1 億美元，儘管歐洲製造業活動轉弱抑制了我們的表現。售後營收創新高達 7,600 萬美元，占總營收 76%。在市場狀況分歧的情況下，我們的調整後 EBITDA 利潤率仍相對穩定，為 27.7%。展望 2026 年下半年，我們預期需求將隨著年度推進而保持一致。雖然歐洲面臨強勁的經濟逆風，該部門仍受惠於多元化的市場曝險；同時，北美與亞洲的投資環境持續顯示樂觀跡象。

Our Industrial Processing segment delivered excellent quarterly results despite ongoing uncertainty in global capital markets. Our competitive positioning is strong and our recent acquisitions boosted new orders to $136 million, up 29% compared to the same period last year.

我們的工業加工（Industrial Processing）部門在全球資本市場持續不確定的情況下，仍交出優異的季度成果。我們的競爭定位強勁，且近期併購推升新訂單至 1.36 億美元，較去年同期成長 29%。

Revenue increased to a record $144 million with strong contributions from both aftermarket parts and capital equipment shipments. While acquisitions led this growth, our organic growth of 13% was excellent. Operational leverage in our recent acquisitions contributed to our improved margin performance in this segment. Adjusted EBITDA was 26.1% of revenue and a record $38 million in the second-quarter.

營收成長至創新高的 1.44 億美元，售後零件與資本設備出貨皆有強勁貢獻。雖然併購帶動了此成長，但我們 13% 的有機成長同樣表現出色。近期併購帶來的營運槓桿，促成該部門利潤率表現改善。第二季調整後 EBITDA 為營收的 26.1%，金額創新高達 3,800 萬美元。

Looking ahead to the second half of 2026, we believe our aftermarket parts demand will remain stable and that the current market softness in capital business is largely timing driven. We are encouraged that our capital project pipeline continues to grow, and we believe these projects will accelerate once economic confidence improves.

展望 2026 年下半年，我們認為售後零件需求將維持穩定，而目前資本業務的市場疲弱主要是時點因素所致。我們也受到鼓舞，因為資本專案管線持續成長；我們相信一旦經濟信心改善，這些專案將加速推進。

Turning now to our Material Handling segment. We had good performance across our business even as customers remain cautious regarding large capital expenditures. Similar to our other segments, aftermarket parts and service performed well in the quarter and contributed to our bookings of $73 million. This growth was largely due to robust demand for our high-performance baler product line. Strong revenue volume and solid execution led to adjusted EBITDA increasing 7% to $15 million. The business activity remains strong with several larger capital projects under discussion.

現在轉到我們的物料搬運（Material Handling）事業部。即使客戶對大型資本支出仍保持審慎，我們各項業務仍展現良好表現。與其他事業部類似，本季售後零件與服務表現強勁，並貢獻了7,300萬美元的接單額。此成長主要來自我們高性能打包機（baler）產品線的強勁需求。強勁的營收量與穩健的執行帶動調整後EBITDA成長7%至1,500萬美元。業務活動仍然強勁，且有數個較大型的資本專案正在討論中。

Based on our market analysis, we believe our material handling markets are stable and recovering capital equipment demand is expected in 2027. The segment remains well positioned for growth as project conversions improve, while continued aftermarket and service activity supports earnings.

根據我們的市場分析，我們認為物料搬運市場維持穩定，且預期資本設備需求的復甦將在2027年出現。隨著專案轉換情況改善，本事業部仍具備良好的成長布局；同時，持續的售後與服務活動也支撐獲利表現。

Growing opportunities remain tied to demand in infrastructure, mining, food processing, and recycling. As I conclude my prepared remarks, I want to emphasize how pleased I am with our operations teams as they execute their strategic initiatives to create and capture more value. Our business continued to win new orders and deliver exceptional results despite the prolonged geopolitical uncertainties. Although customer caution and extended approval cycles are affecting capital project timing, we believe demand is being deferred rather than lost.

成長機會仍與基礎建設、採礦、食品加工與回收等領域的需求緊密相關。在結束我預先準備的發言時，我想強調我對我們營運團隊的表現感到非常滿意，他們正執行策略性計畫以創造並擷取更多價值。儘管地緣政治不確定性長期存在，我們的業務仍持續贏得新訂單並交出卓越成果。雖然客戶的審慎態度與較長的核准週期正在影響資本專案的時程，但我們相信需求是被延後，而非流失。

Looking ahead to the second half of 2026, we believe demand will strengthen relative to the first half of the year and the softness in global capital spending will begin to strengthen. Commercial activity remains healthy. Our backlog is growing and our ability to execute with our strong cost discipline is shown across the operating segments.

展望2026年下半年，我們認為相較於上半年需求將轉強，全球資本支出疲弱的情況也將開始回升。商業活動仍維持健康。我們的在手訂單（backlog）持續成長，而我們憑藉嚴謹的成本紀律所展現的執行能力，也在各營運事業部中清楚可見。

With that, I'll turn the call over to Mike for a review of our financial performance for Q2 and our guidance outlook for the remainder of the year. Mike?

接下來，我把電話交給Mike，請他回顧我們第二季的財務表現，以及今年剩餘期間的指引展望。Mike？

Thank you, Jeff. I'll start with some key financial metrics from our second-quarter. second-quarter record revenue of $312.9 million included record aftermarket parts revenue of $214.2 million. Organic revenue increased 8% compared to the second-quarter of '25, including a 23% increase in organic capital revenue.

謝謝你，Jeff。我先從第二季的一些關鍵財務指標開始。第二季創紀錄的營收為3.129億美元，其中包含創紀錄的售後零件營收2.142億美元。與2025年第二季相比，有機營收成長8%，其中有機資本設備營收成長23%。

Record revenue drove an increase in gross profit in the second-quarter, but at a comparatively lower gross margin. Gross margin was 43.8% in the second-quarter of '26, down 210 basis points compared to 45.9% in the second-quarter of '25. Our mix of higher-margin aftermarket parts revenue decreased to 68% compared to 71% in the second-quarter '25. Our gross margin was lower as a result of the higher capital mix and as a result of the product mix within both aftermarket and capital categories.

創紀錄的營收帶動第二季毛利增加，但毛利率相對較低。2026年第二季毛利率為43.8%，較2025年第二季的45.9%下降210個基點。我們較高毛利的售後零件營收占比降至68%，低於2025年第二季的71%。毛利率下降的原因在於資本設備占比提高，以及售後與資本兩大類別內部的產品組合變化。

We had a benefit in the second-quarter from tariff refunds, but this was largely offset by the negative impact from the amortization of acquired profit and inventory and deferred profit associated with our Kadant Profile acquisition, which I outlined on our last earnings call.

第二季我們受惠於關稅退稅，但此利多大致被攤銷已收購利潤與存貨，以及與我們Kadant Profile收購案相關的遞延利潤所帶來的負面影響所抵銷；我在上一次財報電話會議中已說明過。

As a refresher, Kadant Profil has been a long-time supplier to several Kadant businesses and a significant portion of its revenue, approximately 50% is now intercompany revenue under Kadant. The associated profit generated on this intercompany activity is recognized in Kadant's results, but the timing depends on when the underlying product is sold to the third-party customer.

提醒一下，Kadant Profil長期以來一直是Kadant旗下多個事業的供應商，而其營收中有相當大一部分（約50%）在併入Kadant後成為公司內部交易（intercompany）營收。此類公司內部活動所產生的相關利潤會在Kadant的財報中認列，但認列時點取決於相關產品何時售予第三方客戶。

Our Kadant businesses had on-hand inventory at the acquisition date that needs to be consumed before profit related to post-acquisition activity can be recognized. We estimate it will take the remainder of the year to work through the remaining acquisition date inventory.

在收購日，Kadant各事業單位持有的現有庫存必須先被消化，之後才能認列與收購後活動相關的利潤。我們估計需要今年剩餘時間才能處理完收購日的剩餘庫存。

SG&A expenses were well managed and as a percentage of revenue decreased to 26.1% in the second-quarter of '26 compared to 29% in the prior year period. SG&A expenses increased $7.7 million or 10% to $81.6 million in the second-quarter of '26 compared to $73.9 million in the second-quarter of '25. This increase includes incremental SG&A expense of $7.9 million related to our acquisitions.

SG&A費用控管良好，且占營收比重在2026年第二季降至26.1%，低於去年同期的29%。2026年第二季SG&A費用較2025年第二季的7,390萬美元增加770萬美元（或10%）至8,160萬美元。此增加包含與我們收購案相關的新增SG&A費用790萬美元。

Our GAAP EPS increased 24% to $2.75 in the second-quarter, and our adjusted EPS increased 26% to a record $3.42. This growth was attributed to higher organic revenue and stronger performance from our acquisitions. second-quarter of '26 adjusted EPS exceeded the high end of our guidance range by $0.44, largely due to lower operating expenses and better acquisition performance than forecasted.

第二季GAAP每股盈餘（EPS）成長24%至2.75美元，而調整後EPS成長26%至創紀錄的3.42美元。此成長主要歸因於更高的有機營收，以及收購案帶來的更強勁表現。2026年第二季調整後EPS較我們指引區間上緣高出0.44美元，主要因營運費用低於預期，以及收購案表現優於預測。

This strong performance contributed to record adjusted EBITDA and strong cash flow performance in the quarter, which I'll discuss further -- in further detail on the next slide. Adjusted EBITDA increased 30% to a record $68.1 million compared to $52.4 million in the second-quarter of '25 due to strong performance at our Industrial Processing segment. As a percentage of revenue, adjusted EBITDA was 21.8% compared to 20.5% in the second-quarter '25.

這項強勁表現促成了本季創紀錄的調整後EBITDA以及強勁的現金流表現；我將在下一張投影片進一步詳細說明。調整後EBITDA較2025年第二季的5,240萬美元成長30%至創紀錄的6,810萬美元，主要來自我們工業加工（Industrial Processing）事業部的強勁表現。以營收百分比計，調整後EBITDA為21.8%，高於2025年第二季的20.5%。

As outlined in the chart, our cash flow of $53.5 million increased significantly compared to the first-quarter of '26 and was up 32% compared to the second-quarter of '25. Our capital expenditures increased to $10.9 million in the second-quarter of '26 compared to $4 million in the prior period due in part to the purchase of a previously leased manufacturing facility.

如圖表所示，我們的現金流為5,350萬美元，較2026年第一季大幅增加，且較2025年第二季成長32%。2026年第二季資本支出增加至1,090萬美元，較前期的400萬美元上升，部分原因是購買了一處先前以租賃方式使用的製造設施。

After excluding capital expenditures, free cash flow increased 17% to $42.6 million compared to the second-quarter of '25. Let me turn next to our EPS results for the quarter. Our adjusted EPS increased $0.71 from $2.71 in the second-quarter of '25 to $3.42 in the second-quarter '26.

在排除資本支出後，自由現金流較2025年第二季成長17%至4,260萬美元。接著我來談本季的EPS結果。我們的調整後EPS由2025年第二季的2.71美元增加0.71美元至2026年第二季的3.42美元。

This included increases of $0.67 due to higher revenue, $0.52 from our acquisitions, excluding the associated borrowing costs and $0.01 from lower non-controlling interest expense. These increases were partially offset by $0.23 due to a lower gross margin percentage, $0.12 due to higher interest expense, $0.08 from a higher effective tax rate and $0.06 from higher operating expenses.

其中包含：因營收增加帶來0.67美元的提升；來自收購案的0.52美元提升（不含相關借款成本）；以及因非控制權益費用降低帶來0.01美元的提升。上述增幅部分被以下因素抵銷：毛利率較低造成0.23美元的減少；利息費用增加造成0.12美元的減少；有效稅率提高造成0.08美元的減少；以及營運費用增加造成0.06美元的減少。

Collectively, included in all the categories I just mentioned was a favourable foreign currency translation effect of $0.05 in the second-quarter of '26 compared to the second-quarter of last year.

綜合而言，在我剛才提到的所有類別中，2026年第二季相較去年第二季包含了0.05美元的有利外幣換算影響。

Looking at our liquidity metrics on slide 15. Our cash conversion days decreased to 133 at the end of the second-quarter '26 compared to 147 at the end of the first-quarter of '26. Working capital as a percentage of revenue was 19.3% in the second-quarter of '26 compared to 17.7% in the second-quarter of '25 due to the lack of a full year of revenue for our most recent acquisitions. If you exclude the acquisition impact from this calculation, it would be 17.4%, which is slightly below the second-quarter of '25.

再看投影片15的流動性指標。2026年第二季末，我們的現金轉換天數降至133天，較2026年第一季末的147天下降。2026年第二季營運資金占營收比重為19.3%，高於2025年第二季的17.7%，原因在於我們最新收購案尚未貢獻完整年度的營收。若將收購影響自此計算中排除，該比率將為17.4%，略低於2025年第二季。

Our net debt, that is debt less cash, was $373 million in the second-quarter, increasing $129 million sequentially. We borrowed $181.8 million to fund our recent acquisition and repaid $29.8 million in the second-quarter. Our leverage ratio, calculated in accordance with our credit agreement increased to 1.72 at the end of the second-quarter of '26 compared to 1.27 last quarter. At the end of the second-quarter '26, we had $249 million of borrowing capacity available under our revolving credit facility and an additional $200 million of uncommitted borrowing capacity.

第二季我們的淨負債（即負債減現金）為3.73億美元，較前一季增加1.29億美元。我們借入1.818億美元以支應近期收購，並於第二季償還2,980萬美元。依照我們的信貸協議計算的槓桿比率在2026年第二季末升至1.72，較上季的1.27提高。至2026年第二季末，我們在循環信用額度下仍有2.49億美元可用借款額度，另有2億美元的未承諾（uncommitted）借款額度。

Now I'll review our guidance for '26. Our record second-quarter revenue and strong organic capital revenue have improved our outlook. And as a result, we are modifying our guidance for the year. We are raising our full year '26 revenue guidance to $1.190 billion to $1.210 billion, revised from our previous guidance of $1.178 billion to $1.203 billion.

現在我將回顧我們對於「26 年」的財測指引。我們創紀錄的第二季營收以及強勁的有機資本營收改善了我們的展望。因此，我們正在調整本年度的指引。我們將「26 年」全年營收指引上調至 11.90 億美元至 12.10 億美元，較先前指引 11.78 億美元至 12.03 億美元上修。

We expect adjusted EPS of $12.43 to $12.68 in '26, revised from our previous guidance of $12.33 to $12.68. Our adjusted EPS guidance excludes $2.17 of intangible amortization expense and $0.48 of acquisition-related costs.

我們預期「26 年」調整後 EPS 為 12.43 美元至 12.68 美元，較先前指引 12.33 美元至 12.68 美元上修。我們的調整後 EPS 指引排除 2.17 美元的無形資產攤銷費用以及 0.48 美元的併購相關成本。

We remain cautious with our outlook for the remainder of '26. While aftermarket parts demand remains healthy, we are continuing to see uncertainty related to the timing of capital projects. The geopolitical conflicts and the resulting impact on input costs are resulting in our customers taking a more cautious approach.

對於「26 年」剩餘期間的展望，我們仍維持審慎。雖然售後零件需求仍然健康，但我們持續看到與資本專案時程相關的不確定性。地緣政治衝突及其對投入成本的影響，正使我們的客戶採取更為保守的態度。

Customer demand for quotes remains healthy with many active projects, the quote to order time is longer. Our revenue guidance for the third-quarter of '26 is $297 million to $307 million, and our adjusted EPS guidance for the third-quarter is $2.90 to $3, which excludes $0.55 of intangible amortization expense and $0.07 of acquisition-related costs.

客戶對報價的需求仍然健康，且有許多進行中的專案，但從報價到下單的時間變長。我們對「26 年」第三季的營收指引為 2.97 億美元至 3.07 億美元，第三季調整後 EPS 指引為 2.90 美元至 3.00 美元，其中排除 0.55 美元的無形資產攤銷費用以及 0.07 美元的併購相關成本。

'26 guidance includes the following assumptions: gross margins of 44% to 44.5%, SG&A as a percentage of revenue of 27.2% to 27.7%, net interest expense of $19.5 million to $20 million, a tax rate of 27.8% to 28.3%, depreciation expense of $28 million to $28.5 million and intangible amortization expense, which we now add back to our adjusted EPS calculation of approximately $34 million.

「26 年」指引包含以下假設：毛利率 44% 至 44.5%；SG&A（銷售、一般及行政費用）占營收比重 27.2% 至 27.7%；淨利息費用 1,950 萬美元至 2,000 萬美元；稅率 27.8% 至 28.3%；折舊費用 2,800 萬美元至 2,850 萬美元；以及無形資產攤銷費用（我們現在在調整後 EPS 計算中加回）約 3,400 萬美元。

That concludes my review of the financials, and I'll now turn the call back over to the operator for our Q&A session. Loraine?

以上是我對財務狀況的回顧。接下來我把電話交回給接線員，進行問答環節。Loraine？

(Operator Instructions)

（接線員指示）

Ross Sparenblek, William Blair.

Ross Sparenblek，William Blair。

Just to kick it off on a high level here with the project pipeline comments, several large projects getting close to the finish line. Can you maybe provide more color on the pockets of strength that you're seeing? It feels like resi is still choppy, but June had a pretty strong period for cardboard in the US. Just any way we should think about that going forward?

先從較高層次切入，關於你們對專案管線的評論，有幾個大型專案接近完成。你們能否更具體說明目前看到的強勢領域？感覺住宅端（resi）仍然起伏不定，但 6 月美國的紙板表現相當強勁。對於後續走勢，我們應該如何看待？

Yes, Ross, I think we have some large projects in the packaging side of the business. We're moving more in on some of these adjacent markets. We booked a very large order this quarter in the second-quarter in the Aerospace side of the business. We continue to book orders on the OSB side of the business. That business continues to, I would say, outperform the rest of the wood sector.

是的，Ross，我認為我們在包裝業務這一端有一些大型專案。我們也正更多切入一些相鄰市場。本季第二季我們在航太業務端拿到一筆非常大的訂單。我們也持續在 OSB 業務端接單。可以說，該業務持續優於木材產業的其他領域。

So it's really kind of -- and we have some large baler projects. So it's actually spread across most of our businesses. There's been -- as we've talked now for, frankly, 2.5 years, there's been this capital equipment investment recession that we've been in, and that just can't last forever. And so we're starting to see projects start to move forward in the planning stage really in almost all of our major sectors.

所以整體來看——我們也有一些大型打包機（baler）專案。實際上，這些機會分布在我們大多數業務之中。正如我們坦白說已經談了大約 2.5 年，我們一直處於資本設備投資的衰退期，而這不可能永遠持續。因此，我們開始看到在幾乎所有主要產業領域，專案在規劃階段開始往前推進。

Okay. And can you maybe just remind us how that would have compared to last year? I mean I just get a sense that there's definitely more diversified recovery coming across your markets, which obviously provides confidence in the go forward.

了解。那你能否提醒我們，這與去年相比會是什麼情況？我的感覺是，你們市場的復甦正在變得更分散、更多元，這顯然也讓你們對未來更有信心。

Yes. I mean it's -- the biggest projects for our business tend to be on these large packaging conversions. Those projects can be anywhere from $10 million to $25 million. And so as you would imagine, they get the most scrutiny, and I think the customers want to have a good visibility on what's going on. That's really what's kind of delayed them all the uncertainties we've seen.

是的。我的意思是——對我們而言，最大的專案通常是這些大型包裝產線轉換（packaging conversions）。這些專案金額可能介於 1,000 萬美元到 2,500 萬美元之間。因此如你所想，它們會受到最嚴格的審視，而我認為客戶也希望能清楚掌握情勢。這正是導致延宕的原因——我們看到的各種不確定性。

But some of those, I think, are moving forward. Some of them we thought actually might have happened last year, and they did not. They got pushed off a year because of just the different uncertainties of tariffs and everything else, the wars.

但我認為其中一些正在往前推進。有些我們原本以為去年可能會發生，但並沒有。由於關稅等各種不確定性、以及戰爭等因素，它們被延後了一年。

But they aren't going to delay them forever. As I've mentioned many times, we seldom see projects cancelled. It's always just a matter of timing on these things. And it's clear that some of these things are starting to move forward where I think the customer could no longer put off making the investments in them. So it's -- the environment is stronger. The pipeline is stronger. I think the timing of some of these larger projects is more near term now than it certainly was this time last year.

但它們不會永遠延後。正如我多次提到，我們很少看到專案被取消，通常只是時點問題。而很明顯地，其中一些專案開始往前走，我認為客戶已無法再延後對這些專案的投資。因此——環境更強、管線更強。我認為部分大型專案的時程現在更偏向近期，至少比去年此時要近得多。

Okay. And just on the M&A side and thinking about the 2025 acquisitions, the more recent ones here, can you maybe just give us a sense of how those are performing versus internal expectations and kind of the thoughts on kind of looking out to 2027 on integrating and kind of driving more accretive margins from the 3 that you did in the last, call it, 12 months here?

了解。再談談併購（M&A），以及 2025 年的收購案、也就是最近這幾筆。你能否讓我們了解它們的表現相對於內部預期如何？以及展望到 2027 年，在整合方面、以及如何從過去約 12 個月做的這 3 筆交易中，推動更具增益（accretive）的利潤率？

Yes. I would say, Ross, the larger transaction we did with Clyde, they are really performing well. they are really doing well. Very, very happy with the results to date. Then going to the one that we just completed, Profil.

是的。我會說，Ross，我們與 Clyde 的那筆較大型交易表現非常好，他們真的做得很好。到目前為止我們對結果非常、非常滿意。接著談到我們剛完成的那一筆，Profil。

Of course, I mentioned in the call, we have the profit deferral issue, but they're off to a very good start. They're off to a good start. They had some nice bookings. So we're pretty happy with how they've started out here.

當然，我在電話會議中提到，我們有遞延獲利（profit deferral）問題，但他們的起步非常不錯，確實是個好的開始。他們也有一些不錯的接單，所以我們對他們目前的開局相當滿意。

And then the smaller one we did on the fiber processing side, a component of what they're doing is supplying a product into our fiber processing systems. And right now, orders are soft in that area, though I would say we're looking at the back half of '26 and into the very front part of '27 as some -- there's -- I think we see some good opportunities on the board.

至於我們在纖維處理（fiber processing）端做的那筆較小收購，其中一部分業務是向我們的纖維處理系統供應產品。而目前該領域的訂單偏弱，不過我會說，我們看的是「26 年」下半年以及「27 年」非常前段的時間點，因為——我認為我們看到一些不錯的機會正在醞釀中。

So I'd say two of the three doing very well. And then the one that we called out more as a technology buy for us to fit into our upcycling system. That one is a little bit more challenged in the short run here because of the lower demand.

所以我會說三筆之中有兩筆表現非常好。至於那一筆我們更定位為技術型收購、用來納入我們升級再造（upcycling）系統的交易，短期內因需求較低而面臨較多挑戰。

Gary Prestopino, Barrington.

Gary Prestopino，Barrington。

Hi jeff and Mike. A couple of questions. First of all, Mike, I didn't write down the organic revenue growth and the organic capital revenue growth. Could you just give me that again, please?

嗨，Jeff 和 Mike。我有幾個問題。首先，Mike，我沒有記下有機營收成長率以及有機資本營收成長率。你能再說一次嗎？

Yes. The organic revenue growth was 8% and the capital revenue growth was -- organic capital revenue growth was 23%.

可以。有機營收成長是 8%，而有機資本營收成長是 23%。

Okay. In the quarter, I mean, you're once again saying you still expect things to get better on the capital side in the back half of the year, but your clients still seem to be reticent to commit. Is that how we should read this? What the outlook would be maybe for capital for the next 6 months?

了解。就本季而言，你們再次表示仍預期今年下半年資本端會改善，但客戶似乎仍不太願意承諾。這是我們應該這樣解讀嗎？對於未來 6 個月資本端的展望會是如何？

I know, Gary, we kind of sound like a broken record. We've been talking about that for -- it feels like forever now, but we are seeing some increase. As I mentioned, we had -- we booked a nice $8 million project this quarter and second-quarter on the aerospace side. We booked another OSB order. And then as I said, we're getting further along on some of these larger projects that we've been in discussions on.

我知道，Gary，我們聽起來有點像壞掉的唱片。我們談這件事——感覺已經談了很久了——但我們確實看到一些增加。如我提到的，我們在本季以及第二季的航太業務方面，簽下了一個不錯的 800 萬美元專案。我們也接到另一筆 OSB 訂單。然後如我所說，我們在一些一直在討論的較大型專案上也更往前推進了。

So we think things are going to -- from a booking standpoint, are going to continue to improve. second-quarter actually, capital equipment revenue, I think, Mike, was the second best ever in the second-quarter. So we definitely are starting to see some pickup in the capital equipment activity, and we expect that will continue. But it's been a long slug. I'll tell you that. It's unusual. I said this before, we normally don't see this kind of softness unless we're in a recession, a macro recession. And the economies haven't been in that, of course.

所以我們認為，從接單的角度來看，情況將會持續改善。第二季其實資本設備營收——我想，Mike——是歷來第二季表現第二好的。很明顯，我們開始看到資本設備活動有些回溫，而且我們預期這會持續。但這一路走來真的很辛苦，我得這麼說。這很不尋常。我之前也說過，通常除非是在衰退、宏觀經濟衰退時，我們才會看到這種疲弱。但當然，各國經濟並沒有處於那種狀態。

It's just that we've got this bifurcated capital investment cycle now where the -- it seems like all the auctions has been sucked out of the room between AI and all the geopolitical uncertainties that have occurred around the world. But we definitely are starting to book some capital, and we think some of these projects are getting closer to being released.

只是我們現在有一個分化的資本投資循環——看起來在 AI 與全球各地發生的各種地緣政治不確定性之間，似乎把房間裡所有的氧氣都抽走了。但我們確實開始接到一些資本設備訂單，而且我們認為其中一些專案距離正式釋出更近了。

Okay. So it's really the mindset is just, okay, we've got a lot of things swirling around here, but eventually, we're going to need this equipment. I mean, does the growth in your aftermarket parts sales indicate that these machines are being run extremely hard and eventually, something's got to give.

好的。所以心態其實就是：好吧，現在有很多事情在攪動，但最終我們還是會需要這些設備。我的意思是，你們售後零件銷售的成長，是否顯示這些機器被操得非常兇，最後總會有東西撐不住？

Yes. I mean we always say that our aftermarket business is somewhat driven by operating rates. And so we're -- we've been experiencing record or near record aftermarket business, even though none of our customers are operating anywhere near record operating rates. And what that tells us is the average age of the equipment is long, it's aged, it's old and it's taken a lot more to keep it up and running. And so that's a pretty strong indicator as to the status of the installed base out there and the age -- the average age of the installed base.

是的。我們一直說，我們的售後市場業務在某種程度上是由開工率所驅動。因此——即使我們的客戶沒有任何一家接近歷史最高的運轉率——我們仍然經歷了創紀錄或接近創紀錄的售後業務。這告訴我們的是：設備的平均使用年限很長，設備老化、很舊，為了讓它維持運轉需要投入更多。因此，這是對外部已安裝基礎狀況以及其平均年齡——已安裝基礎的平均年齡——相當強的指標。

Okay. And then I would just assume that with the change in guidance ranges and all that, the guidance doesn't reflect the beat in this quarter. And that's just more or less conservatism and dealing with the uncertainty going forward? Or was Q2 just a total positive surprise as far as the out-performance?

好的。然後我想，隨著指引區間的變動等等，這份指引並沒有反映本季的超預期表現。這基本上只是更保守、並因應未來的不確定性？還是說，第二季就表現超出預期而言，完全是一個正向驚喜？

Well, we're very happy with the out-performance, but I think you're viewing it correctly, Gary. We want to be cautious here going into the back half of the year.

嗯，我們對超預期表現非常滿意，但我認為你的理解是正確的，Gary。我們在進入下半年時希望保持謹慎。

Okay. And one last quick one. Do you have the current assets, current liabilities for the quarter, Mike?

好的。最後一個很快的問題。Mike，你有本季的流動資產、流動負債數字嗎？

Yes. One second there. Current assets $581 million, current liabilities, $224 million.

有的。稍等一下。流動資產 5.81 億美元，流動負債 2.24 億美元。

(Operator Instructions)

（接線員指示）

Ross Sparenblek, William Blair.

Ross Sparenblek，William Blair。

Can you help us with the equipment backlog? I'm getting something close to $182 million. There's obviously currency at a minimum that can change that number.

你能幫我們確認一下設備在手訂單（backlog）嗎？我算出來接近 1.82 億美元。顯然至少匯率會讓這個數字有所變動。

As I recall, Ross, you asked that on the last call and you were spot on. And your streak continues, Ross. It's $182 million.

我記得，Ross，你在上一通電話也問了這個問題，而且你算得非常準。你的連勝還在繼續，Ross。就是 1.82 億美元。

All right. And then just based on what you're kind of seeing, and it feels like there's a lot more confidence here based on customer conversations as well and equipment orders are hanging around that $90 million level. Is $300 million quarterly orders kind of the new base that you're thinking for the back half of the year?

好。然後就你們目前看到的情況來看——而且從客戶對話中也感覺信心更強——設備訂單大概維持在 9,000 萬美元左右。那麼每季 3 億美元的訂單，是否是你們對下半年所想的新的基準水準？

Yes. I'd say, yes, more or less, yes.

是的。我會說，是的，差不多是這樣。

Okay. And so then with the third-quarter guide, the implication is just more timing related and you're building the backlog looking into 2027?

好的。那麼以第三季指引來看，含意就是更多是時點因素，你們是在累積在手訂單、展望到 2027 年？

Yes. That's right, Ross. We get -- if we -- some of these larger capital orders come in, those are really going to end up being revenue for '27.

是的。沒錯，Ross。如果——我們——有些較大型的資本設備訂單進來，那些最終真的會在 2027 年才會認列為營收。

Okay. And then we talked about 80/20 for a while. Maybe update us where are we on that program. Last I recall, you're around like 50% done because of the M&A, although I'm not exactly certain which divisions are the focus this year?

好的。然後我們談 80/20 已經一段時間了。也許更新一下這個計畫目前進度如何。上次我記得你們大概完成了 50%，因為有併購（M&A）的關係，雖然我不太確定今年重點聚焦哪些事業部？

Yes, it hasn't changed much. It's still -- we seem to be kind of stuck in that 50% because we'll start three companies or four companies and we buy three or four companies. And so the percentage doesn't change. But we're continuing to aggressively pursue that implementation. So we have several businesses that are in the process right now.

是的，變化不大。仍然——我們似乎有點卡在 50%，因為我們會啟動三家或四家公司的導入，但同時我們又收購三家或四家公司，所以比例不會改變。不過我們仍在持續積極推進導入。因此目前有好幾個事業正在進行中。

We continue to refine the initiative, refine the process, specifically for the Kadant businesses. And it's still a primary driver of our increased profitability, our increased EBITDA margins that are part of our five-year plans.

我們也持續精進這項倡議、精進流程，特別是針對 Kadant 的事業。它仍然是我們獲利能力提升、以及 EBITDA 利潤率提升的重要驅動因素，而這些都是我們五年計畫的一部分。

(Operator Instructions)

（接線員指示）

I'm showing no further questions at this time. I would now like to turn it back to Jeff Powell for closing remarks.

我這邊顯示目前沒有其他問題。現在我想把電話交回給 Jeff Powell 做結語。

Thank you, Loraine. So before wrapping up the call today, I just want to leave you with a few takeaways. Despite the weaker economies in certain areas of the world and increasing geopolitical uncertainties, our second-quarter results demonstrated the resilience of Kadant's business model.

謝謝你，Loraine。在結束今天的電話會議之前，我想先留下幾點重點。儘管全球某些地區的經濟較為疲弱，且地緣政治不確定性升高，我們第二季的結果展現了 Kadant 商業模式的韌性。

We have strong market positions and expect strengthening demand in the second half of the year as project activity is gaining momentum despite ongoing trade issues and follow geopolitical tensions influencing market confidence.

我們擁有強勁的市場地位，並預期在下半年需求將轉強，因為專案活動正在累積動能，儘管仍有持續的貿易問題，以及後續的地緣政治緊張局勢影響市場信心。

Our large installed base, strong aftermarket business and disciplined operational execution enables us to deliver solid results while positioning the company for meaningful upside as capital spending recovers. With that, I want to thank you for joining us at the call today, and we look forward to updating you next quarter.

我們龐大的已安裝基礎、強勁的售後市場業務，以及嚴謹的營運執行，使我們能交出穩健成果，同時在資本支出復甦時，讓公司具備顯著上行空間的定位。最後，感謝各位參與今天的電話會議，我們期待在下個季度向各位更新。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參與今天的會議。本次議程到此結束。您現在可以掛線。