Lincoln Electric Holdings Inc (LECO) 2025 Q1 法說會逐字稿

Greetings and welcome to the Lincoln Electric 2025 first quarter financial results conference call. (Operator Instructions) this call is being recorded. This is my pleasure to introduce your host, Amanda Butler, Vice President of Investor Relations and Communications. Thank you, you may begin.

大家好，歡迎參加林肯電氣 2025 年第一季財務業績電話會議。 （操作員指示）此通話正在錄音。我很高興向大家介紹主持人、投資者關係和傳播副總裁阿曼達·巴特勒 (Amanda Butler)。謝謝，你可以開始了。

Thank you, Selena, and good morning, everyone. Welcome to Lincoln Electric's first quarter 2025 conference call. We released our financial results earlier today, and you can find our release and this call's slide presentation at lincolnelectric.com in the investor relations section. Joining me on the call today is Steve Hedlund, Chairman, President and Chief Executive Officer, as well as Gabe Bruno, our Chief Financial Officer. Following our prepared remarks, we're happy to take your questions.

謝謝你，賽琳娜，大家早安。歡迎參加林肯電氣 2025 年第一季電話會議。我們今天早些時候發布了財務業績，您可以在 lincolnelectric.com 的投資者關係部分找到我們的新聞稿和本次電話會議的幻燈片演示。今天與我一起參加電話會議的還有董事長、總裁兼執行長史蒂夫·赫德倫 (Steve Hedlund) 以及財務長加布·布魯諾 (Gabe Bruno)。在我們準備好發言之後，我們很樂意回答您的問題。

Before we start our discussion, please note that certain statements made during this call may be forward-looking, and actual results may differ materially from our expectations due to a number of risk factors and uncertainties which are provided in our press release and in our SEC filings on forms 10-K and 10-Q. In addition, we discussed financial measures that do not conform to US GAAP, and a reconciliation of non-GAAP measures to the most comparable GAAP measure is found in the financial statements in our earnings releases, which again is available in the investor relations section of our website at lincolnelectric.com.

在我們開始討論之前，請注意，本次電話會議中所作的某些陳述可能是前瞻性的，並且由於我們在新聞稿和 10-K 和 10-Q 表格中提交給美國證券交易委員會的文件中提供的許多風險因素和不確定因素，實際結果可能與我們的預期存在重大差異。此外，我們也討論了不符合美國公認會計準則 (US GAAP) 的財務指標，非公認會計準則 (non-GAAP) 指標與最可比公認會計準則 (GAAP) 指標的對帳表可在我們的收益報告的財務報表中找到，該對帳表也可在我們網站 lincolnelectric.com 的投資者關係部分找到。

And with that, I'll turn the call over to Steve Hedlund. Steve?

說完這些，我將把電話轉給史蒂夫·赫德倫 (Steve Hedlund)。史蒂夫？

Thank you, Amanda. Good morning, everyone. Turning to slide 3, we reported solid execution in the first quarter despite a softer industrial cycle. We are well positioned to manage evolving market conditions while still investing in long-term growth, advancing our strategic operational initiatives which are focused on driving margin improvement, and increasing our returns to shareholders.

謝謝你，阿曼達。大家早安。轉到投影片 3，儘管工業週期較弱，但我們報告第一季的執行情況仍然穩健。我們有能力應對不斷變化的市場條件，同時仍投資於長期成長，推進我們的策略營運計劃，重點是提高利潤率，並增加股東回報。

Looking at our first quarter highlights, top line sales increased on benefits from acquisitions and price, while volumes were a bit softer than we expected. Half of the volume decline was due to labor negotiations in our Turkey facility, which impacted sales. We successfully concluded negotiations mid-March and orders started to normalize in April.

縱觀我們第一季的亮點，由於收購和價格的推動，營收有所成長，但銷售量略低於我們的預期。銷量下降的一半是由於我們土耳其工廠的勞資談判影響了銷售。我們在3月中旬成功結束談判，4月訂單開始恢復正常。

Our first quarter price included our initial response to announced tariffs, and we have since implemented additional pricing. Together, these actions are expected to yield mid single digit percent higher price in the second quarter, and we are prepared to take further pricing actions if other tariffs come into effect. The team did a great job maintaining diligent cost management and generated an incremental $16 million from our saving actions in the quarter. Our adjusted operating income margin declined by 60 basis points to 16.9%.

我們第一季的價格包括了我們對已宣布關稅的初步反應，此後我們實施了額外的定價。綜合起來，這些措施預計將使第二季的價格上漲百分之五十左右，如果其他關稅生效，我們準備採取進一步的定價行動。該團隊在保持勤勉的成本管理方面做得非常出色，並且在本季度透過我們的節約行動產生了 1600 萬美元的增量收益。我們的調整後營業收入利潤率下降了 60 個基點，至 16.9%。

Acquisitions which we are still integrating and the impact from Turkey had an unfavorable 110 basis points impact to our adjusted operating income margins. Our adjusted earnings per share of $2.16 was slightly lower than expected, but included a $0.05 headwind from the combination of Turkey and unfavorable foreign exchange. ROIC remained top quartile at 21.5%, and we generated record cash flows with a 130% cash conversion ratio. We returned $150 million to shareholders through our higher dividend and share repurchases.

我們仍在整合的收購以及來自土耳其的影響對我們的調整後營業利潤率產生了不利的 110 個基點的影響。我們的調整後每股收益為 2.16 美元，略低於預期，但包括土耳其和不利外匯因素帶來的 0.05 美元的阻力。投資資本回報率 (ROIC) 仍保持在 21.5% 的最高水平，並且我們以 130% 的現金轉換率創造了創紀錄的現金流。我們透過提高股利和股票回購向股東返還了 1.5 億美元。

In this period of uncertainty, we are staying agile and are working diligently to serve customers with our innovative solutions while leveraging our global supply chain to minimize costs wherever possible. We are continuing our savings actions until we have better confidence in improving fundamentals in demand. We continue to expect to generate an incremental $15 million to $20 million in year over year savings in the second quarter. And we expect some easing in our savings rate in the third quarter as we anniversary the program, but are committed to limiting discretionary spending until volume performance improves.

在這個不確定的時期，我們保持敏捷，努力為客戶提供創新解決方案，同時利用我們的全球供應鏈盡可能降低成本。我們將繼續採取節約行動，直到我們對需求基本面的改善更有信心為止。我們仍然預計第二季的年比節省將增加 1500 萬至 2000 萬美元。隨著該計劃的周年紀念，我們預計第三季度我們的儲蓄率將有所下降，但我們致力於限制可自由支配的支出，直到總量表現改善為止。

We have also decided to temporarily suspend merit increases, which are normally implemented April 1. This delays an increase in employee cost of approximately $5 million per quarter until we better understand customer demand trends as trade policies evolve. While a difficult decision, we felt this was the prudent position to take in the near term.

我們也決定暫時停止通常在 4 月 1 日實施的績效加薪。這將推遲每季約 500 萬美元的員工成本成長，直到我們更了解貿易政策演變過程中的客戶需求趨勢。雖然這是一個艱難的決定，但我們認為這是短期內應該採取的謹慎立場。

Turning to slide 4, reported organic sales declined 1.2% in the quarter, which includes a 190 basis point unfavorable impact from Turkey. We continue to see better resilience and consumable organic sales as customer order rates improved through the quarter. Automation's organic sales remained steady year over year as double-digit international growth was offset by ongoing compression in the American region this quarter.

轉到投影片 4，報告的有機銷售額本季下降了 1.2%，其中包括來自土耳其的 190 個基點的不利影響。隨著本季客戶訂單率的提高，我們繼續看到更好的彈性和消耗品有機銷售。本季度，自動化部門的有機銷售額較去年同期保持穩定，因為兩位數的國際成長被美洲地區的持續壓縮所抵消。

Long lead time automotive projects and energy were sources of growth for automation, while all other end markets continued to compress as customers defer capital spending. Automation reported sales increased mid single digit percent to $215 million. The automation team continues to see strong quoting activity as customers hedge different investment scenarios, but order rates and backlog have not yet normalized, which puts what is normally a seasonally strong back half of the year at risk.

交付週期較長的汽車專案和能源是自動化的成長源，而由於客戶推遲資本支出，所有其他終端市場繼續壓縮。自動化部門報告稱銷售額增長了中等個位數百分比，達到 2.15 億美元。由於客戶對沖不同的投資情景，自動化團隊繼續看到強勁的報價活動，但訂單率和積壓尚未正常化，這使得通常下半年季節性強勁的表現面臨風險。

Looking at end-sector direct channel sales trends across the company, we were pleased to see that four of our five end markets achieved organic sales growth. This was led by global growth in both non-residential construction infrastructure applications and an automotive. General industries also improved with momentum and HVAC within the Harris Products Group and an international due to select automation projects.

縱觀整個公司終端部門直銷通路的銷售趨勢，我們很高興地看到，我們的五個終端市場中有四個實現了有機銷售成長。這是由非住宅建築基礎設施應用和汽車領域的全球成長所推動的。由於選擇了自動化項目，一般工業也得到了良好的發展，哈里斯產品集團和國際範圍內的暖通空調也得到了改善。

Heavy industries remains challenged, and we expect this trend through year end until production activity normalizes in the agricultural sector. Our domestic rental and industrial distribution channels, which predominantly serve commercial and light industrial solutions, also performed well as compared to industrial demand.

重工業仍面臨挑戰，我們預計這種趨勢將持續到年底，直到農業部門的生產活動恢復正常。我們的國內租賃和工業分銷通路主要服務於商業和輕工業解決方案，與工業需求相比也表現良好。

To conclude before passing the call to Gabe, while this is a more dynamic environment to navigate, we are continuing to prioritize our customers, are implementing short-term actions to mitigate inflation, and are progressing towards our higher standard strategic targets. We are focused on executing what we can control and staying agile to adapt quickly to evolving conditions.

在將電話轉交給 Gabe 之前，我想總結一下，雖然這是一個更具動態的環境，但我們仍將繼續優先考慮我們的客戶，實施短期行動以緩解通貨膨脹，並朝著更高標準的策略目標邁進。我們專注於執行我們能夠控制的事情，並保持敏捷以快速適應不斷變化的條件。

Our strong balance sheet, ample levels of liquidity, and confidence in cash generation allows us to pursue our capital allocation strategy through the cycle to continue to compound earnings and position ourselves for superior returns once growth returns.

我們強大的資產負債表、充足的流動性以及對現金創造的信心使我們能夠在整個週期內推行資本配置策略，繼續增加收益，並在成長恢復後獲得更高的回報。

I will now pass the call to Gabe Bruno to cover first quarter of financials in more detail.

我現在將電話轉給 Gabe Bruno，讓他更詳細地介紹第一季的財務狀況。

Thank you, Steve.

謝謝你，史蒂夫。

Moving to slide 5, our first quarter sales increased approximately 2.4% to $1.4 billion from a 4.9% benefit from acquisitions and 2.6% from higher prices. These increases were partially offset by 130 basis points from unfavorable foreign exchange translation and 3.8% lower volumes. Turkey had a 200-basis point unfavorable impact to net sales.

轉到投影片 5，我們的第一季銷售額成長約 2.4%，達到 14 億美元，其中收購帶來 4.9% 的收益，價格上漲帶來 2.6% 的收益。但這些成長被不利的外匯折算所導致的 130 個基點和 3.8% 的交易量下降部分抵消。土耳其對淨銷售額產生了 200 個基點的不利影響。

Gross profit dollars declined by approximately 1% to $365 million as a $4 million benefit from our savings actions, as well as benefits from cost management and operational initiatives were offset by the impact of lower volumes, Turkey, acquisitions, and an approximate $2 million [lico] charge in the quarter.

毛利下降約 1% 至 3.65 億美元，因為我們採取的節約措施帶來了 400 萬美元的收益，而成本管理和營運舉措帶來的收益被銷量下降、土耳其、收購以及本季度約 200 萬美元 [lico] 費用的影響所抵消。

Our gross profit margin declined 110 basis points to 36.4% versus the prior year's record results. Acquisitions and Turkey combined had a 90-basis point unfavorable impact to gross profit margin results. Our SG&A expense decreased 1%, as $11 million of expense from acquisitions was offset by approximately $12 million of savings benefits and $6 million of favorable foreign exchange. SG&A as a percent of sales improves 60-basis points to 19.5% of sales.

我們的毛利率與去年同期相比下降了 110 個基點，至 36.4%。收購和土耳其因素對毛利率結果產生了 90 個基點的不利影響。我們的銷售、一般及行政費用下降了 1%，因為 1,100 萬美元的收購費用被約 1,200 萬美元的儲蓄收益和 600 萬美元的有利外匯所抵銷。銷售、一般及行政費用佔銷售額的百分比提高了 60 個基點，達到 19.5%。

For analysts closely following our EBIT schedule, we reported corporate expense of approximately $1.7 million which was substantially lower than prior year. The decline was primarily due to a lower level of accelerated stock compensation and equity awards, as well as an update to corporate allocations in mid 2024, which decreases the distribution of corporate costs to reportable segments.

對於密切關注我們息稅前利潤 (EBIT) 計劃的分析師，我們報告的公司費用約為 170 萬美元，大幅低於上一年。下降的主要原因是加速股票薪酬和股權獎勵水準較低，以及 2024 年中期公司分配的更新，從而減少了公司成本向可報告部門的分配。

This lowered corporate expense by approximately $4 million in the quarter. Looking ahead, we expect corporate expense of approximately $2 million to $3 million per quarter for the balance of the year. Reported operating income held relatively steady versus prior year. Excluding special items, adjusted operating income declined 1% to $160 million with an adjusted operating income margin of 16.9%, 60 basis points lower than prior year.

這使得本季的公司支出減少了約 400 萬美元。展望未來，我們預計今年餘下時間公司每季的支出約為 200 萬至 300 萬美元。報告的營業收入與上年相比保持相對穩定。不計特殊項目，調整後營業收入下降 1% 至 1.6 億美元，調整後營業收入利潤率為 16.9%，比上年下降 60 個基點。

As Steve mentioned, Turkey and acquisitions had a combined unfavorable impact of 110 basis points, the margin. We reported first quarter diluted earnings per share of $2.10 or $2.16 on an adjusted basis. We incurred a $0.05 head when EPS this quarter from the combined impact of Turkey and unfavorable foreign exchange.

正如史蒂夫所提到的，土耳其和收購對利潤率產生了 110 個基點的不利影響。我們報告第一季每股攤薄收益為 2.10 美元，調整後每股收益為 2.16 美元。受土耳其和不利外匯的綜合影響，本季每股收益下降 0.05 美元。

Moving to our reportable segments on slide 6. America's welding sales increased approximately 5% in the quarter, driven by a nearly 8% contribution from acquisitions and 2% higher prices. These increases were partially offset by 4% lower volumes and 1% unfavorable foreign exchange. Pricing reflects benefits of prior to 2024 pricing actions, which anniversaries at the end of the first quarter and new first quarter pricing implemented to address rising material costs and tariffs.

前往投影片 6 上的可報告部分。本季度，美國焊接銷售額成長了約 5%，其中收購貢獻了近 8%，價格上漲了 2%。但這些成長被 4% 的銷量下降和 1% 的外匯不利因素部分抵消。定價反映了 2024 年定價行動之前的好處，這些行動在第一季末週年紀念日和新的第一季定價中實施，以應對不斷上漲的材料成本和關稅。

As Steve mentioned, we have also announced additional pricing in the second quarter, including surcharges to mitigate the impact of the announced tariffs. We will continue to monitor the dynamic situation and respond as trade policies evolve. First quarter volume softness reflected customers' cautious capital investment spending with automation representing just under half of the decline due to soft second half 2024 order rates, which we've previously discussed.

正如史蒂夫所提到的，我們還宣布了第二季度的額外定價，包括附加費，以減輕已宣布的關稅的影響。我們將繼續監控動態情況並根據貿易政策的變化做出反應。第一季銷售疲軟反映了客戶謹慎的資本投資支出，其中自動化佔下降的近一半，這是由於 2024 年下半年訂單率疲軟，我們之前已經討論過這一點。

Consumer demand was relatively steady as order rates improved progressively through the quarter. This was most notable in our industrial distribution channel and in non-residential construction and energy. We expect acquisition contributions to narrow starting in the second quarter, reflecting the April 1 anniversary of the Red Viking acquisition.

由於本季訂單率逐步提高，消費者需求相對穩定。這在我們的工業分銷管道以及非住宅建築和能源領域最為明顯。我們預計從第二季開始收購貢獻將會縮小，以反映 4 月 1 日 Red Viking 收購週年紀念。

VanAyer will then anniversary on August 1. America's welding segments first quarter adjusted EBIT decreased approximately 9% to $124 million. The adjusted EBIT margin declined 260 basis points to 18.2%, only due to the impact of lower volumes as well as an 80-basis point unfavorable impact from acquisitions and a 40-basis point impact from the higher allocation of corporate expenses.

範艾爾將於 8 月 1 日迎來週年紀念日。美國焊接部門第一季調整後息稅前利潤下降約 9% 至 1.24 億美元。調整後的息稅前利潤率下降 260 個基點至 18.2%，這僅是由於銷售下降的影響以及收購帶來的 80 個基點的不利影響和企業費用分配增加帶來的 40 個基點的影響。

These factors offset the benefits of cost management in our savings actions. We expect America's welding to continue to operate in their 17% to 19% EBIT margin target for the remainder of the year. Moving to slide 7, the international welding segment sales declined approximately 7%, primarily due to 6% lower volumes. Excluding the impact of Turkey, international welding volumes would have increased 3% on strong volume growth in Asia Pacific and a modest decline in the EMEA.

這些因素抵銷了我們節約行動中成本管理所帶來的好處。我們預計美國焊接公司在今年剩餘時間內將繼續實現 17% 至 19% 的息稅前利潤率目標。轉到幻燈片 7，國際焊接部門銷售額下降約 7%，主要原因是銷量下降 6%。排除土耳其的影響，由於亞太地區焊接量強勁成長以及歐洲、中東和非洲地區小幅下降，國際焊接量將成長 3%。

The overall improved demand was seen across four or five end markets, excluding heavy industries. Adjusted EBIT decreased approximately 17% to $23 million. Margin declined 120 basis points to 10.2%, which includes a 30-basis point unfavorable impact from corporate allocations and a 140-basis point compression from Turkey. We expect international welding's margin performance to improve sequentially and should be within 11% to 12% for the balance of the year.

除重工業外，四、五個終端市場的需求整體有所改善。調整後的息稅前利潤下降約 17% 至 2,300 萬美元。利潤率下降 120 個基點至 10.2%，其中包括企業配置帶來的 30 個基點的不利影響以及土耳其帶來的 140 個基點的壓縮。我們預計國際焊接的利潤率表現將環比改善，今年剩餘時間的利潤率應在 11% 至 12% 之間。

Moving to the Harris Products group on slide 8. First quarter sales increased 9% with a 9.5% higher price and 60 basis points of higher volumes. Price increased on metal cost and volume growth reflected ongoing strength in the HVAC industry, which was partially offset by softer retail trends.

前往幻燈片 8 上的 Harris Products 組。第一季銷售額成長 9%，價格上漲 9.5%，銷量增加 60 個基點。金屬成本和銷售成長導致價格上漲，反映出暖通空調產業持續強勁，但零售趨勢疲軟在一定程度上抵消了這一優勢。

Adjusted EBIT increased approximately 22% to $24 million and margin improved 190 basis points to 17.9%. Improved profitability reflects effective cost management and strategic initiatives in the segment. We expect the Harris segment to operate in the 17% to 18% margin range for the full year 2025.

調整後的息稅前利潤成長約 22%，達到 2,400 萬美元，利潤率提高 190 個基點，達到 17.9%。獲利能力的提高反映了該部門有效的成本管理和策略性舉措。我們預計哈里斯部門 2025 年全年的利潤率將在 17% 至 18% 之間。

Moving to slide 9. We generated a record $186 million in cash flows from operations in the quarter, resulting in a 130% cash conversion ratio. Average operating working capital improved 100 basis points to 17.8% versus the comparable prior year period due to continued improvement in operating disciplines in the business and timing.

移至幻燈片 9。本季度，我們的營運現金流創下了 1.86 億美元的新高，現金轉換率達到 130%。由於業務和時間表的營運紀律持續改善，平均營運營運資本比去年同期提高了 100 個基點，達到 17.8%。

Moving to slide 10. We invested $27 million in CapEx, and cash returns to shareholders were strong at $150 million in the quarter, there are a higher dividend payout and approximately $107 million of share repurchases. We maintained a solid adjusted return on invested capital of 21.5%.

移至投影片 10。我們在資本支出上投資了 2,700 萬美元，本季股東現金回報強勁，達到 1.5 億美元，股息支付增加，股票回購約 1.07 億美元。我們維持了 21.5% 的穩健調整後投資資本報酬率。

Moving to slide 11 to discuss our operating assumptions for 2025. We have adjusted our full year framework to incorporate US tariffs enacted through April. At this early stage in the year, we are assuming our full year 2025 organic sales will be relatively flat year over year, which is consistent with our prior position. However, we have updated the drivers.

轉到投影片 11，討論我們對 2025 年的營運假設。我們已調整全年框架，以納入截至四月實施的美國關稅。在今年年初，我們假設 2025 年全年有機銷售額將與去年同期相比保持相對平穩，這與我們先前的預測一致。但是，我們已經更新了驅動程式。

To maintain a neutral price/cost position on enacted tariffs, we have estimated our full year consolidated price will be in the mid single digit percent range as compared with our original estimate of 50 basis points to 100 basis points. We are assuming that higher prices and the possibility of incremental tariffs in the months ahead will lead to lower volumes. We are expecting to see this starting in the second quarter.

為了在已頒布的關稅上保持中立的價格/成本地位，我們估計全年綜合價格將處於中等個位數百分比範圍內，而我們最初估計的價格為 50 個基點至 100 個基點。我們預計未來幾個月價格上漲和關稅上調的可能性將導致銷售下降。我們預計這一情況將在第二季開始出現。

Our framework assumes that we are able to substantially mitigate the impact of enacted tariffs and mid single digit percent lower volumes through a combination of price, supply chain, and operational initiatives in our savings actions, which is in line with our track record. This would result in a full-year adjusted operating income margin that is flat to down 50 basis points versus the prior year at a high teens percent decremental margin.

我們的框架假設我們能夠透過結合價格、供應鏈和營運措施來大幅減輕已頒布關稅和中等個位數百分比下降的影響，這與我們的業績記錄一致。這將導致全年調整後的營業利潤率與去年持平或下降 50 個基點，且利潤率下降幅度高達百分之十幾。

While April demand has been relatively steady sequentially, this stability may not reflect improved fundamentals nor the impact of all of our pricing actions. We also recognize that evolving trade policies and tariffs will continue to shape market conditions and uncertainty in the quarters ahead, which could prompt customers to defer capital spending and lower production levels until conditions stabilize. We will monitor trade and demand conditions as the year progresses and aggressively managed conditions as warranted.

儘管四月份的需求較上季相對穩定，但這種穩定性可能並未反映出基本面的改善，也未反映出我們所有定價措施的影響。我們也意識到，不斷變化的貿易政策和關稅將繼續影響未來幾季的市場狀況和不確定性，這可能促使客戶推遲資本支出並降低生產水平，直到情況穩定。我們將隨著時間的推移監測貿易和需求狀況，並在必要時積極管理狀況。

Looking further down the income statement, we now expect a contribution of approximately $1 million in other income per quarter from a recent equity investment. While we are continuing to pursue M&A, the sluggish deal environment in our own valuation favors an elevated level of opportunistic share repurchases. We are now estimating our full year 2025 share repurchases to be in the range of $300 million to $400 million. We're maintaining our other assumptions on interest expense, tax, CapEx, and cash conversion.

進一步查看損益表，我們現在預計最近的股權投資每季將帶來約 100 萬美元的其他收入貢獻。雖然我們仍在繼續進行併購，但我們自身估值中低迷的交易環境有利於更高水準的機會性股票回購。我們現在估計 2025 年全年股票回購額將在 3 億至 4 億美元之間。我們維持對利息支出、稅收、資本支出和現金轉換的其他假設。

And now I would like to turn the call over for questions.

現在我想將電話轉交給提問者。

(Operator Instructions)

（操作員指示）

Saree Boroditsky, Jefferies.

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑弗里斯 (Jefferies)。

Thanks for taking the question. You talked about growth in all markets excluding heavy industries. I believe that includes price. If you just talk through what you saw from those end markets on a volume basis and then how you're thinking about that for the remainder of the year?

感謝您回答這個問題。您談到了重工業以外所有市場的成長。我相信其中包括價格。如果您只是從數量上談談您在這些終端市場看到的情況，那麼您對今年剩餘時間的看法是什麼？

Yeah, just to give you some some clarity, Saree, while the four out of the five end markets were stronger than they had been, we do have an unclear picture as the year progresses, as you can appreciate. As we've talked in the past, construction and infrastructure while I was up mid to high single digits pretty choppy. So we've got good momentum there, but depending on where we see activity levels, we will progress and how we use that part of the market. Smaller part of our business as you know, it's about 13% of our overall sales.

是的，只是為了讓你更清楚地了解情況，Saree，雖然五個終端市場中有四個比以前更加強勁，但隨著時間的推移，我們確實對今年的形勢有一個不明確的認識，正如你所理解的。正如我們過去談到的，當我的業績以中高個位數成長時，建築和基礎設施業務相當不穩定。因此，我們在那裡擁有良好的發展勢頭，但我們將根據所看到的活動水平取得進展，並決定如何利用該部分市場。如您所知，這是我們業務中較小的一部分，約占我們總銷售額的 13%。

Automotive general industries were positive. We're good to see that they're up mid-single digit. When you see the mix of our business in general industries, we did see strength in the consumable side of our business. And we saw that not only in the international markets but also in the US. We did have some strength on the HVAC as we've mentioned. And so while we had positive trends there again pretty difficult to assert whether or not that momentum will continue in the balance of the year and that's why our cautious position on volume activity.

汽車通用產業表現積極。我們很高興看到他們的成長率達到了個位數中段。當您看到我們的業務在一般行業的組合時，我們確實看到了業務在消費品方面的優勢。我們不僅在國際市場看到了這種情況，在美國也看到了這種情況。正如我們所提到的，我們在 HVAC 方面確實具有一定的優勢。因此，儘管我們再次看到了積極的趨勢，但很難判斷這種勢頭是否會在今年餘下時間繼續下去，這就是我們對交易量活動持謹慎態度的原因。

An automotive, as we've mentioned, we were up mid single digit. And while we were trending favorable on the capital side, automation as well as standard equipment, consumables were down mid single digit. That reflects production activity and as you know there's some caution on where production activity goes across the automotive industry. But we'll continue to monitor that. The comps on the automation side were easier, and we're looking to see quotes to translate to orders as we've commented on how that impacts us for the second half of the year.

正如我們所提到的，汽車產業的銷售額成長了個位數中段。儘管我們在資本方面呈現良好趨勢，但自動化以及標準配備、消耗品卻下降了中等個位數。這反映了生產活動，正如你所知，人們對汽車行業的生產活動走向持謹慎態度。但我們會繼續監控。自動化方面的比較容易，我們希望看到報價轉化為訂單，因為我們已經評論過這對我們下半年的影響。

Lastly, I just comment on heavy industries. Heavy industries down high teens, that's the same progression that we've noted throughout the last year. That continues to be the most challenged. We are seeing some positive reports on the destocking, but we're still cautious as we progress throughout the year. And we've positioned our expectation to see softening production levels to the balance of the year.

最後，我只評論一下重工業。重工業產量下降了十幾個百分點，這與我們去年全年觀察到的趨勢相同。這仍然是最嚴峻的挑戰。我們看到了一些關於去庫存的積極報告，但隨著全年的進展，我們仍然保持謹慎。我們預計今年餘下的時間內產量水準將會下降。

I should comment lastly on energy. Energy was low single digits. And as we talked, we're bullish on oil and gas, but there were some tough comparisons beginning part of 2024, and we do see easier comps in the back half. So that's kind of an outlook that we would have. A lot of uncertainty as you know, it's dependent upon how the end markets progress on production levels as well as decisions on capital investment.

最後我要評論一下能源。能量處於個位數以下。正如我們所說，我們對石油和天然氣持樂觀態度，但從 2024 年開始有一些艱難的比較，我們確實看到下半年更容易的比較。這就是我們所持有的觀點。如你所知，存在著許多不確定性，這取決於終端市場在生產水準上的進展以及資本投資決策。

So we just add that as you look at the consumable demand in the first quarter, I think the question on everybody's mind is how much of that reflects pre-buy activities by our customers end. Through both our analysis of demand trends and conversations with many of our large customers, the feedback is they're not pre-buying. There may be some opportunistic purchases here and there, but in general, our customers are very reluctant to get stuck with inventory they don't need, given the uncertainty of demand in the future. So while there may be a little bit of pre-buying in the first quarter and numbers and in the April quarter trends, we don't believe it's significant at this point in time.

因此，我們只是補充一點，當您查看第一季的消耗品需求時，我認為每個人心中的問題是，其中有多少反映了我們客戶端的預購活動。透過對需求趨勢的分析以及與許多大客戶的對話，我們得到的回饋是他們沒有預先購買。偶爾可能會有一些投機性購買，但總的來說，考慮到未來需求的不確定性，我們的客戶非常不願意陷入他們不需要的庫存。因此，儘管第一季和四月季度的趨勢中可能存在少量預購，但我們認為目前這種情況並不顯著。

Pre-buy was going to be my next question, so I appreciate that. I'll add one more just kind of high level. You mentioned customers deferring capital spending a couple times in the career marks, impacting automation demand. You just provide some color on what you're hearing from customers, and what they're really looking to see to start redoing some of those projects? Thank you.

我的下一個問題是關於預購，所以我很感激。我將再添加一個高級的。您提到客戶在職涯中推遲了幾次資本支出，從而影響了自動化需求。您只是提供一些您從客戶那裡聽到的信息，以及他們真正希望看到什麼以開始重新做一些專案？謝謝。

Yeah, sorry, as we commented, we continue to see a lot of quotation activities, so a lot of customers trying to figure out how they're going to respond to the shifting trade policies. And I believe long term, there will be a lot of good growth opportunity for us as a result of that. It's the near term where given the uncertainty of where the trade policies are finally going to shake out, general uncertainty over macroeconomic conditions, impact on demand and the like, the customers are just taking a little longer to make decisions than we would like to see.

是的，抱歉，正如我們所評論的，我們繼續看到很多報價活動，因此許多客戶試圖弄清楚他們將如何應對不斷變化的貿易政策。我相信，從長遠來看，這將為我們帶來許多良好的成長機會。短期內，由於貿易政策最終走向的不確定性、宏觀經濟狀況的普遍不確定性、對需求的影響等，客戶的決策時間會比我們希望看到的要長一些。

And I would just add, Saree, when you translate a pause in the decision making on capital investment. We can see up to another quarter, and that's the rest that we see in the second half of the year. So we have been pointing to, if you recall, throughout the second half of last year of softening order trends that would impact the first half of this year. And so we're more cautious because of the pause in making capital investment decisions on what it means to our second half, and that's our -- that's why we posture our our dialogue on volumes to be offset with the pricing impacts that we've announced.

我想補充一點，Saree，當你翻譯資本投資決策中的停頓。我們可以看到另一個季度的情況，這就是我們在下半年看到的剩餘情況。因此，如果您還記得的話，我們一直在指出，去年下半年訂單趨勢的疲軟將影響今年上半年。因此，我們更加謹慎，因為我們在做出資本投資決策時暫停了對下半年的影響，這就是為什麼我們在產量對話上採取的立場是抵消我們宣布的定價影響。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Thank you. Good morning, everyone. I just wanted to level set on announced pricing. What -- in terms of the mid single digit incremental pricing, what is the split between direct price and surcharges? And then if you're willing to share what was price/cost in Q1 and given the moving parts and timing of those moving parts, how's your team thinking about price/cost impact in Q2 and throughout 2H to net to the roughly neutral full year level?

謝謝。大家早安。我只是想對公佈的價格進行調整。就中位數個位數增量定價而言，直接價格和附加費之間的比例是多少？然後，如果您願意分享第一季的價格/成本情況，並考慮到這些活動部件的變動及其時間安排，您的團隊如何看待第二季度和整個下半年的價格/成本影響，以達到大致中性的全年水平？

Yeah, so Bryan, on the price costs, we're essentially flattish in the first quarter. And you know that is our strategy to be price/cost neutral. We're not disclosing the split between surcharges and absolute price changes, but we're looking at that balance to be able to respond to tariffs. So you can see a mix of that being more traditional pricing that's reflective of inflationary pressures and then the surcharge to tie into some of the tariff actions.

是的，布萊恩，就價格成本而言，第一季我們基本上持平。你知道我們的策略是保持價格/成本中立。我們不會透露附加費和絕對價格變化之間的分攤，但我們正在研究這種平衡，以便能夠對關稅做出反應。因此，您可以看到，其中既有反映通膨壓力的更傳統的定價方式，也有與某些關稅措施掛鉤的附加費。

Okay, understood. And maybe offer quick updates on Red Viking and then integration Red Viking obviously. You owned for around a year now. I'm just curious how those deals are progressing relative to plan the impact of the operating environment and just overall macro uncertainty on that progression, and then any quick comments you can offer on the deal pipeline and how this unique backdrop is affecting the development of pipeline action ability, etc? Thank you.

好的，明白了。也許可以提供 Red Viking 的快速更新，然後顯然整合 Red Viking。您已經擁有該商品約一年了。我只是好奇這些交易相對於計劃的進展情況、運營環境的影響以及整體宏觀不確定性對這一進展的影響，然後您可以對交易渠道提供任何簡短的評論，以及這種獨特的背景如何影響渠道行動能力的發展等？謝謝。

Yes, so generally, Bryan, the integration work on both Red Viking and VanAyer are doing great. We're right on schedule, deployed new systems at Red Viking. We've integrated them within our Lincoln business system. That's progressing nicely. The VanAyer strategy is also driven by growth and that, so that's also progressing right on schedule. But just keep in mind that the first three years of any integration that the results are expected to be diluted to the overall business. So it's running right on track.

是的，總的來說，Bryan，Red Viking 和 VanAyer 的整合工作都做得很好。我們按照計畫在 Red Viking 部署了新系統。我們已將它們整合到我們的林肯業務系統中。進展順利。VanAyer 策略也是由成長驅動的，因此其進展也正按計劃進行。但請記住，任何整合的前三年，其結果預計都會對整體業務產生稀釋作用。所以一切進展順利。

The Red Viking business is a little bit more choppy because of the project level of activity. For example, the fourth quarter was pretty strong and yet first quarter while we had incremental. Sales contributions we did have some margin pressure on the red biking side of things. So we're very pleased with the progression of both businesses and they're very much on schedule. On the pipeline, you've heard our comments around a sluggish environment. We have, as you know, a very active pipeline. But we do anticipate some slowness and being able to to complete deals, and that's why we pressed on our dialogue around share repurchases as we think about capital allocation.

由於專案活動水準的原因，Red Viking 的業務有些不穩定。例如，第四季表現相當強勁，但第一季卻出現了增量。銷售貢獻方面，我們在紅色自行車方面確實面臨一些利潤壓力。因此，我們對兩項業務的進展感到非常滿意，而且進展非常順利。在管道方面，您已經聽到了我們關於低迷環境的評論。如您所知，我們擁有非常活躍的管道。但我們確實預計會出現一些緩慢的情況，並且能夠完成交易，這就是為什麼我們在考慮資本配置時堅持圍繞股票回購進行對話。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Hello, thanks for taking my question. This is actually Stefan Diaz sitting in for Angel. I was wondering if you could just speak to your America's margin performance for the quarter. I know in the slides you mentioned, impact of lower volumes and some impact from acquisitions and then, also that corporate reallocation. But maybe if you could also just mention how quickly you expect kind of the integration of VanAyer and Red Viking. I know you just mentioned maybe some margin impact this quarter. But maybe like how quickly do you expect the integration of those two to progress to the point where it's not margin to creative?

您好，感謝您回答我的問題。這其實是 Stefan Diaz 代替 Angel 的。我想知道您是否可以談談本季美國的利潤表現。我知道您在幻燈片中提到了交易量下降的影響、收購的影響以及企業重新分配的影響。但也許您也可以提一下您預期 VanAyer 和 Red Viking 的整合速度有多快。我知道您剛才提到本季的利潤率可能會受到一些影響。但是也許您認為這兩者之間的整合能夠多快發展到不再有創意的程度？

Yes, so Stefan, thanks for that question. So in general, as I just mentioned, on acquisitions, we look to up to three years to get to our normalized margins for both. VanAyer and Red Viking are progressing on schedule. A little bit more choppiness from Red Viking and more accelerated growth on the VanAyer side is what we expect.

是的，Stefan，謝謝你的提問。因此，總的來說，正如我剛才提到的，在收購方面，我們希望用最多三年的時間來實現兩者的正常利潤率。VanAyer 和 Red Viking 的進展正在按計劃進行。我們預期 Red Viking 的表現會稍微不穩定一些，而 VanAyer 的表現會更快速。

In terms of the margins for the Americas, we've talked about the impact of acquisitions being dilutive impact of basis points kind of resetting corporate allocations, decrease the EBIT margins for America to 40 basis points. But the larger driver is volumes, and by half of that, we know that it was in the automation side of our business.

就美洲的利潤率而言，我們已經討論過收購的影響，即基點的稀釋影響，即重新設定公司分配，將美洲的息稅前利潤率降低至 40 個基點。但更大的驅動力是銷量，其中一半是銷量，我們知道這是我們業務的自動化方面。

So we're looking at mid to high single digit types of decline in growth in the first quarter in America's. Overall stable in automation, but the other offsets and the strengths on the international side. So we do expect our America's though to stay within our target range of 17% to 19% and you can see that's how we ended the first quarter, but those are the drivers. We need to see progression around automation orders to have more confidence that volumes will improve in the second half of the year.

因此，我們預期美國第一季經濟成長將出現中高個位數的下滑。自動化方面整體穩定，但其他方面有差距，國際方面也存在優勢。因此，我們確實預計美國的經濟成長將保持在 17% 至 19% 的目標範圍內，您可以看到這就是我們第一季結束時的情況，但這些都是驅動因素。我們需要看到自動化訂單的進展，才能更有信心相信下半年訂單量會有所改善。

Thanks, that's really helpful. Maybe just sticking with automation, given all the uncertainty and maybe the reluctance of capital spend that you're mentioning particularly in America, are you still expecting that business to sort of hit $1 billion this year? Because I know you were expecting some organic growth from the automation business last quarter. Thanks.

謝謝，這真的很有幫助。也許只是堅持自動化，考慮到所有的不確定性，也許還有您提到的特別是在美國的資本支出的猶豫，您是否仍然預計該業務今年將達到 10 億美元？因為我知道您預計上個季度自動化業務將實現一些自然成長。謝謝。

Stefan, so I would say the core of our business, all the fundamentals are there to achieve our long-term targets, but this year I don't expect us to hit the billion based on everything that we see now. The order patterns and the trends around capital investment are going to put a lot of pressure on our automation business. But I'm pretty excited about how the business is positioned in long term. When you just take the core business and the acquisitions we've completed, on a normalized basis, we're exceeding the $1 billion objective.

史蒂芬，我想說，我們業務的核心，所有的基本要素都是為了實現我們的長期目標，但根據我們目前看到的一切，我並不認為今年我們的收入能達到 10 億美元。訂單模式和資本投資趨勢將給我們的自動化業務帶來很大壓力。但我對該業務的長期定位感到非常興奮。如果只考慮核心業務和我們已完成的收購，以正常化計算，我們已經超過了 10 億美元的目標。

Yes, Stefan, it really comes back to the comments we made about customers delaying decision making. So given the mix of our business in terms of project life cycle, we need to be getting orders in this part of the quarter in the second quarter to have greater confidence in the third and fourth quarter of this year. And what we've seen so far gives us an indication that customers are still delaying decision making, which puts the back half at risk for us.

是的，史蒂芬，這確實回到了我們關於客戶推遲決策的評論。因此，考慮到我們的業務在專案生命週期方面的組合，我們需要在第二季的這個時間段內獲得訂單，以便對今年第三季和第四季更有信心。到目前為止，我們看到的情況表明，客戶仍在推遲決策，這使我們的後半部分面臨風險。

Steve Parker, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Parker。

Good morning, everyone. This is actually Christian Zyla on for Steve Parker.

大家早安。這實際上是 Christian Zyla 為 Steve Parker 表演的。

Thank you for taking the questions. First question, on automation robotics, solid performance on a tough comp. Give your prepared remarks, has your visibility improved or changed since 4Q, especially in the auto and market? And I know it's fresh, but is there any indication that the stacked tariff relief helps your outlook or your customer's outlook on the automotive-related automation?

感謝您回答這些問題。第一個問題是關於自動化機器人技術，在艱難的競爭中表現穩定。請您發表準備好的評論，自第四季度以來，您的知名度是否有所提高或改變，特別是在汽車和市場方面？我知道這很新鮮，但有沒有跡象表明疊加關稅減免有助於您或您的客戶對汽車相關自動化的展望？

There's an issue there. Chris, are you still with us there?

那裡有一個問題。克里斯，你還和我們在一起嗎？

Yeah, can you hear me? Do you need me to repeat the question?

是的，你聽得到我說話嗎？你需要我重複這個問題嗎？

Yeah, if you just clarify that your first question. The second one is pretty easy, right? I mean, it's a very fluid dynamic environment. The administration's policy around double stacking of tariffs, I think just occurred yesterday, so it's a little bit too early to see any impact of that.

是的，如果你澄清一下你的第一個問題。第二個相當簡單，對吧？我的意思是，這是一個非常流動的動態環境。我認為政府關於雙重關稅的政策昨天才剛實施，因此現在觀察其影響還為時過早。

Got it, understood. And I guess the question was, has visibility changed in the automotive related automation segment just given, from 4Q to 1Q, has any visibility changed?

明白了，了解了。我想問題是，從第四季到第一季度，汽車相關自動化領域的可見性是否發生了變化？

No, I think Christian, what you're referring to our longer lead time parts of our business, we would comment that the forward portion of our business, we had good activity into this first quarter. So that gives us some positive indication of some decisions on the longer 2026, 2027 program years. And that drove some of the automotive strength in the first quarter. But I think it's important for us to really monitor, as Steve mentioned, how the automotive industry then positions the response to tariffs. So we'll stay very close to that.

不，我認為克里斯蒂安，您指的是我們業務中較長的交付週期部分，我們會評論說，我們業務的前期部分在第一季表現良好。因此，這為我們關於 2026 年、2027 年更長計畫年度的一些決定提供了一些積極的跡象。這推動了第一季汽車產業的強勁成長。但我認為，正如史蒂夫所提到的，我們真正需要監控的是汽車產業如何應對關稅。因此，我們會密切關注這一情況。

Got it, I understood. And then, second question, if we go back to early 2018, your American segment had solid margin expansion from tariff related price increases and surcharges, but then contracted in 2019 because of broader industrial weakness and buying declines. So the question is, if we fast forward to today, do you expect a similar playbook and do you see opportunities in America's margin longer term, given we started this time at lower volumes or are you anticipating a lower like down in volumes?

明白了，我了解了。然後，第二個問題，如果我們回到 2018 年初，你們的美國分部的利潤率因關稅相關的價格上漲和附加費而穩步增長，但由於整體工業疲軟和購買力下降，2019 年出現萎縮。所以問題是，如果我們快進到今天，您是否期待類似的劇本，並且考慮到我們這次的起步交易量較低，您是否認為美國利潤率在長期內有機會，或者您是否預計交易量會下降？

Thank you.

謝謝。

No, I think the longer-term picture for America's margins are to continue to improve, I mean that we've operated above the range. We need to see more contribution volumes from our automation business, but America's EBIT is solid. And the acquisition contributions will improve over time and as well as volume. So we're well positioned to continue to improve the EBIT profile for America's.

不，我認為美國利潤率的長期前景將會繼續改善，我的意思是我們的營運已經超出了預期。我們需要看到自動化業務的更多貢獻量，但美國的息稅前利潤是穩健的。並且收購貢獻將會隨著時間的推移和數量的增加而提高。因此，我們已做好準備，繼續改善美國的息稅前利潤狀況。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

All right, thank you, good morning. I must admit I am a little bit confused with all the moving pieces here, so I just want to make sure that I understand this clearly because when you're talking about Q1, right, four out of five end markets reported growth. Then you mentioned that at least in April, what you've seen is demand was stable sequentially, yet your commentary points to uncertainty about the back half of the year.

好的，謝謝，早安。我必須承認，我對這裡的所有活動部分有點困惑，所以我只是想確保我清楚地理解這一點，因為當你談到第一季時，五分之四的終端市場都報告了成長。然後您提到，至少在四月份，您所看到的需求是環比穩定的，但您的評論指出了下半年的不確定性。

So I'm sort of trying to understand here, is it a function of automation primarily and the backlogs sort of depletion and the push out that you're seeing there that gives you this sort of more cautious tone about the back half or is it that you're sort of saying, yeah, there's that, but there's also the maybe the consumables business that has been studied that could potentially deteriorate as customer production levels yet take another step down in the back half? So maybe we can parse this out, that'd be helpful to me at least.

所以我想在這裡理解一下，這主要是自動化的功能嗎？您所看到的積壓訂單的減少和延遲是否讓您對下半年持更謹慎的態度？或者您是否想說，是的，有這個，但也許還有研究過的消耗品業務，隨著客戶生產水平在下半年進一步下降，該業務可能會惡化？所以也許我們可以分析這個問題，至少這對我來說是有幫助的。

Mig, at a high level there are two things that give us concern over the second half of the year. The first and the easy one to understand is automation, right. As customers continue to delay decision making, that puts the revenue recognition in the second half of the year at risk for projects that we're hoping they will award soon, that we can start working on, recognize the revenue under 1% complete accounting. But if they don't award it, we can't start, we can't recognize the revenue, right? So that's pretty straightforward.

米格，從高層來看，有兩件事令我們對今年下半年感到擔憂。第一個也是最容易理解的就是自動化，對吧。由於客戶繼續推遲決策，這使得下半年的項目收入確認面臨風險，我們希望他們能盡快授予這些項目，以便我們能夠開始工作，並在 1% 的完整會計核算下確認收入。但如果他們不授予，我們就無法開始，也無法確認收入，對嗎？這很簡單。

The core part of our business, what we're seeing so far is that as we take price in response to material inflation and tariffs, there's an offset in volume. And we're assuming for the second quarter that the price volume offset is effectively neutral as we have to take further pricing actions depending on how all the liberation day tariff announcements get resolved, there's a concern that as that price gets further elevated, there might be a more a demand-elastic response from a volume standpoint and then you've got the general uncertainty and macroeconomic conditions. You see falling consumer confidence, PMIs, etc. So it just makes us very cautious about the back half of the year based on what we can see at this particular point in time.

我們業務的核心部分，到目前為止我們看到的是，當我們根據材料通膨和關稅調整價格時，銷售就會受到抵銷。我們假設第二季的價格量抵銷實際上是中性的，因為我們必須根據所有解放日關稅公告的解決情況採取進一步的定價行動，人們擔心隨著價格進一步上漲，從數量的角度來看可能會出現更多的需求彈性反應，然後你就會得到普遍的不確定性和宏觀經濟條件。你會看到消費者信心、採購經理人指數等都在下降。因此，根據我們目前所看到的情況，我們對下半年的情況非常謹慎。

Okay, that's helpful. And I think it would also be useful to talk a little bit about where your business is experiencing cost headwinds from tariffs. Is it certain countries where you're sourcing components, is it primarily in equipment, anything on the consumable side? And I ask really because as this tariff picture continues to evolve from a policy standpoint, it'd be helpful to know if certain deals are reached with certain countries or whatnot, if that would have a more immediate or direct effect on your cost structure as well?

好的，這很有幫助。我認為，稍微談談您的企業在哪些方面遭遇了關稅帶來的成本阻力也是很有幫助的。你們的零件採購對像是否在某些特定國家？主要涉及設備還是消耗品方面？我之所以問這個問題，是因為隨著關稅狀況從政策角度不斷演變，了解是否與某些國家達成某些協議或其他協議會很有幫助，這是否會對您的成本結構產生更直接的影響？

So I would maybe emphasize that, yeah, we have pressure on steel, you have some components, some on accessories. We have about just less than 20% of our overall COGS that are exposed to where we believe tariff actions have an impact. You have a mix between when the sourcing from Mexico, Canada, China, EMEA, and the rest of the world. But that's what drives the visibility that we have in responding with a mid single digit, average price impact. So it's simply understanding the supply chains and the exposures of risk. And it's broad based, but there are definitely areas that we're working through with components and accessories, particularly within the supply chain to mitigate. But that's kind of how we think about it, big picture wise.

所以我可能會強調，是的，我們在鋼鐵方面面臨壓力，在零件方面也面臨壓力，在配件方面也面臨壓力。我們認為，關稅行動將對我們的整體銷貨成本產生影響，而這影響將近 20%。當您從墨西哥、加拿大、中國、歐洲、中東和非洲地區以及世界其他地區採購時，您會發現存在混合採購的情況。但這正是我們能夠以中位數個位數、平均價格影響做出反應的驅動力。因此，這只是了解供應鏈和風險暴露。它的基礎很廣泛，但肯定有一些領域我們正在努力解決零件和配件問題，特別是在供應鏈中以減輕影響。但從宏觀的角度來看，我們就是這樣思考。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

Yeah, thanks. Good morning. This is Adam Farley on for Nathan. I wanted to clarify the price/cost discussion. Historically, you passed through, cost to customers with a margin. I know this environment is very different, but are you looking to drive margin with your price increases?

是的，謝謝。早安.亞當法利 (Adam Farley) 代替內森 (Nathan)。我想澄清一下價格/成本討論。從歷史上看，您透過利潤將成本轉嫁給客戶。我知道這個環境非常不同，但您是否希望透過提高價格來提高利潤率？

Adam, we're maintaining our same posture that we've had historically, and that's price/cost neutral. And we'll continue with that, posture in the markets.

亞當，我們維持著與以往相同的姿態，那就是價格/成本中立。我們將繼續保持這種市場態勢。

Yeah, Adam, our goal is to manage and maintain and defend the profitability of the business through a combination of pricing, productivity actions in our factories, the cost savings initiatives that we've taken, and really being aggressive on trying to find alternative sources of supply that aren't subject to tariffs or subject to lower tariffs. So it's a combination of all those effects that lead us to have an objective of trying to maintain the EBIT margin of the business to flat to down 50 basis points over the course of the year.

是的，亞當，我們的目標是透過定價、工廠的生產力行動、我們採取的成本節約舉措以及積極尋找不受關稅或較低關稅影響的替代供應來源來管理、維持和捍衛業務的盈利能力。因此，所有這些影響的綜合作用促使我們設定了一個目標，即努力在全年將業務的息稅前利潤率維持在平穩或下降 50 個基點的水平。

Okay, that does make sense. That's understandable. I guess if the tariff picture does hypothetically improve from here, would you look to maybe hold on to pricing gains or again with the tariff environment, it's easy to point to what the cost increases are? Should we maybe assume maybe a lag on the way down from price increases or does all that price kind of go away?

好的，這確實有道理。這是可以理解的。我想，如果關稅情況確實從現在開始改善，您是否會考慮保持價格上漲，或者再次考慮到關稅環境，很容易指出成本增加的原因？我們是否應該假設價格上漲後價格下降可能會出現滯後，或者所有價格都會消失？

And I would just assume that we're going to manage the conditions and we'll be agile and responsive to what we see, and we want to predict outcomes and and uncertainties progressively.

我只是假設我們將管理這些條件，我們將對所看到的情況保持敏捷和反應，我們希望逐步預測結果和不確定性。

Walt Liptak, Seaport Research.

沃爾特·利普塔克（Walt Liptak），海港研究。

Hi, Mr. Walt. I think your line is on mute.

你好，沃特先生。我認為您的線路處於靜音狀態。

Oh, sorry about that. Morning, everyone. So I just wanted to ask about the -- we get it on the surcharging and price increases, how that could hit volumes. But I wonder if you talked a little bit more about some of the things you just mentioned about finding new local suppliers, if that's possible for, electronics, yet? Are you seeing opportunities for reshoring? And in automation, as you're talking to your customers, are they -- are some of the quotes on reshoring, especially around automation for the auto sector?

噢，很抱歉。大家早安。所以我只是想問一下——我們了解附加費和價格上漲對銷售有何影響。但我想知道您是否能再多談一些您剛才提到的關於尋找新的本地供應商的事情，對於電子產品來說這是否可行？您是否看到了回流的機會？在自動化方面，當您與客戶交談時，他們是否談到了回流，特別是汽車產業的自動化？

Sure, well, we go through the categories of products that we buy that Gabe mentioned earlier, we buy a lot of steel outside the US. That's largely a function of limited supply, domestically of people that want to make welding grade products, right? So reshoring steel buying is a very long cycle activity that requires significant investment on behalf of our suppliers.

當然，我們會查看 Gabe 之前提到的我們購買的產品類別，我們在美國以外購買了很多鋼鐵。這主要是因為國內想要生產焊接級產品的人們的供應有限，對嗎？因此，重新採購鋼材是一個非常長的週期活動，需要我們的供應商進行大量投資。

And then you look at electronics, the global electronics industry, a lot of the core components or transistors and blank circuit boards and the like has moved to China. And so while you can look at setting up operations either on or a supplier outside in other countries, you're still going to have an impact of buying the raw components from a country that's being heavily tariffed.

然後你看看電子產業，全球電子產業的許多核心元件或電晶體和空白電路板等已經轉移到中國。因此，儘管您可以考慮在其他國家/地區開展業務或尋找供應商，但從被徵收高額關稅的國家/地區購買原材料仍會對您產生影響。

And then on accessories, a lot of the things like welding guns and helmets and the like are sourced out of China because it's the only cost competitive source of supply for doing that. We're working with our suppliers to look at them setting up other operations in Vietnam and other places that are less subject to tariffs, but there's some lead time in doing that as well. So both we and they are racing to try to do that. But there's going to be a period of time where we're going to need to take pricing through to cover the tariffs to protect the business, right? So we're pulling all levers simultaneously and it's really a question of trying to balance this interim period and manage through it.

而在配件方面，很多東西，像是焊槍、安全帽等，都是從中國採購的，因為中國是唯一具有成本競爭力的供應來源。我們正在與供應商合作，研究在越南和其他受關稅較少的地方建立其他業務，但這樣做也需要一些準備時間。因此，我們和他們都在競相嘗試做到這一點。但在一段時間內，我們需要透過定價來覆蓋關稅，以保護業務，對嗎？因此，我們同時採取所有措施，真正的問題是試圖平衡這個過渡期並度過它。

Okay, great. And then just on the flip side of that, are you seeing -- is it too early still are these longer too long cycle to see automation projects that are kind of tied to reshoring or bringing automotive manufacturing back to the US?

好的，太好了。那麼另一方面，您是否看到——現在看到與回流或將汽車製造業帶回美國相關的自動化項目是否為時過早？

Well, I think a lot of the quoting activity we see is tied to that, and part of the uncertainty is people not wanting to pull the trigger on a major capital investment if there's uncertainty and fluidity around whether the trade policies are going to stick or not. So if you're looking at reshoring something in the US to get out from under a 50% tariff, and there's a risk that the 50% tariff goes away or gets reduced significantly in the next 100 days, you're probably going to sit on the sidelines and wait to see how that gets resolved, right? So there is a lot of interest in reshoring, but whether that interest will translate into actual project activity is the open question.

嗯，我認為我們看到的許多報價活動都與此有關，不確定性的部分原因是，如果貿易政策是否會堅持下去存在不確定性和流動性，人們就不願意進行大規模資本投資。因此，如果您正在考慮將某些產品回流美國以擺脫 50% 的關稅，並且存在 50% 的關稅在未來 100 天內取消或大幅降低的風險，您可能會袖手旁觀，等著看這個問題如何解決，對嗎？因此，人們對回流很感興趣，但這種興趣是否會轉化為實際的專案活動仍是一個懸而未決的問題。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

Hey, morning guys, thanks for taking the questions. Forgive me if I missed it, but I believe you made a comment around the pricing offsetting volume for the second quarter specifically. I guess one, can you kind of walk through, what kind of went into that algebra why that's the expectation in 2Q and is that what you've seen through April to date here?

大家早安，感謝你們回答問題。如果我錯過了，請原諒我，但我相信您是專門針對第二季度的定價抵消量發表了評論。我想首先，您能否詳細解釋一下，為什麼第二季的預期是這樣的，這是您從四月到現在看到的情況嗎？

Yeah, Chris, the algebra is pretty straightforward, that's what we've seen through the month of April. So we're -- at this point, we don't know any better to say, pricing will be an increment to volume or volume will overcome pricing. We just don't know at this point, but what we've seen through the month of April on the order intake side is they're roughly offsetting each other.

是的，克里斯，代數非常簡單，這就是我們在四月所看到的。因此，就目前情況而言，我們還不知道該如何更好地解釋，是定價將成為銷售的增量，還是銷售將超越定價。我們目前還不知道，但從四月的訂單量來看，它們大致上相互抵消。

Got it. Super helpful. Thank you. And just following up, speaking to the automation portfolio, if I remember correctly, you guys do include both automation equipment and the consumables that go through that equipment, I guess. Can you remind of that split today to try and get arms around what project delays could kind of impact on that business?

知道了。超有幫助。謝謝。接下來，說到自動化產品組合，如果我沒記錯的話，你們確實包括自動化設備和通過該設備的消耗品，我想。您能否回顧一下今天的分裂，並嘗試了解專案延遲會對業務產生哪些影響？

No, Chris, we do not include consumable activity within our automation business. So that's strictly the equipment components, the robots, larger projects that are tied into our automation business.

不，克里斯，我們的自動化業務不包括消耗品活動。所以這些嚴格來說是與我們的自動化業務相關的設備組件、機器人和大型專案。

Very helpful. Thanks so much, guys.

非常有幫助。非常感謝大家。

Thank you, Chris.

謝謝你，克里斯。

This concludes our question-and-answer session. I would like now to turn the call over to Gabe Bruno for closing remarks. Please go ahead.

我們的問答環節到此結束。現在我想將演講時間交給 Gabe Bruno 來做最後發言。請繼續。

I'd like to thank everyone for joining us on the call today and for your continued interest in Lincoln Electric. We look forward to discussing the progression of our strategic initiatives in the future. Thank you very much.

我想感謝大家今天參加我們的電話會議，並感謝你們對林肯電氣的持續關注。我們期待討論未來戰略舉措的進展。非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。