Lincoln Electric Holdings Inc (LECO) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Lincoln Electric 2025 second-quarter financial results conference call. All lines have been placed on mute and this call is being recorded.

您好，歡迎參加林肯電氣 2025 年第二季財務業績電話會議。所有線路均已靜音，此通話正在錄音。

It is my pleasure to introduce your host, Amanda Butler, Vice President of Investor Relations and Communications. Thank you. You may begin.

我很高興介紹您的主持人、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, Tamika, and good morning, everyone. Welcome to Lincoln Electric's second-quarter 2025 conference call. We released our financial results earlier today, and you can find our release and this call slide presentation at lincolnelectric.com in the Investor Relations section.

謝謝你，塔米卡，大家早安。歡迎參加林肯電氣 2025 年第二季電話會議。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幻燈片演示。

Joining me on the call today is Steve Hedlund, Chair, President and Chief Executive Officer; and Gabe Bruno, our Chief Financial Officer. Following our prepared remarks, we're happy to take your questions.

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) 和財務長加布·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。

But 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 do discuss 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 tables in our earnings release, which again is available in the Investor Relations section of our website at lincolnelectric.com.

但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，這些因素和不確定因素在我們的新聞稿和我們向美國證券交易委員會提交的 10-K 和 10-Q 表格中有所說明。此外，我們確實討論了不符合美國 GAAP 的財務指標，並且在我們的收益報告的財務表中找到了非 GAAP 指標與最可比較的 GAAP 指標的對賬表，該對賬表也可在我們網站 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, I am pleased to report strong second quarter results. Our 7% sales growth reflected diligent price management, benefits from our M&A strategy, and improved volume performance from the Americas Welding and Harris Products Group segments.

謝謝你，阿曼達。大家早安。翻到幻燈片 3，我很高興地報告第二季的強勁業績。我們 7% 的銷售成長反映了勤勉的價格管理、併購策略帶來的好處以及美洲焊接和哈里斯產品集團部門銷售表現的提高。

Our team has done an excellent job managing inflationary headwinds and navigating supply chain complexities while maintaining our neutral price cost position. These efforts, combined with $11 million from savings actions and stronger operating leverage from SG&A has delivered strong profit performance. These results demonstrate the long-term value creation we are generating from our higher standard strategy initiatives and how we are shaping the business to outperform in the next growth cycle. I would like to recognize and thank the global Lincoln Electric team for their ongoing hard work and commitment to serving our customers and advancing the business towards our targets.

我們的團隊在保持中立價格成本地位的同時，也出色地應對了通膨逆風和供應鏈複雜性。這些努力，加上 1,100 萬美元的節約行動以及銷售、一般和行政費用更高的營運槓桿，帶來了強勁的利潤表現。這些結果證明了我們透過更高標準的策略舉措所創造的長期價值，以及我們如何塑造業務以在下一個成長週期中脫穎而出。我要表彰並感謝林肯電氣全球團隊的持續努力和致力於服務我們的客戶並推動業務朝著我們的目標發展。

Our earnings expanded in the quarter with adjusted earnings per share up 11% to $2.60. Year-to-date cash flow generation has been strong with 100%-plus cash conversion of free cash flow. We have maintained top quartile ROIC performance, which reinforces our disciplined and balanced capital allocation strategy of investing in growth through the cycle and returning excess cash to shareholders.

本季我們的獲利有所成長，調整後每股盈餘成長11%，達到2.60美元。年初至今，現金流生成強勁，自由現金流的現金轉換率超過100%。我們維持了最高四分位的 ROIC 表現，這強化了我們嚴謹、均衡的資本配置策略，即在整個週期內投資成長並將多餘的現金回饋給股東。

And as we highlighted in our earnings release, we are pleased to announce that tomorrow, we expect to close our acquisition of the remaining 65% interest in Alloy Steel. We are excited to bring the Alloy Steel team aboard and work together to scale their proprietary wear plate solutions into new geographies and end markets. We've had a chance to work with them for a few months, and they are a great addition with a strong business that will be accretive to margins and earnings on day one.

正如我們在收益報告中所強調的那樣，我們很高興地宣布，我們預計明天將完成對合金鋼剩餘 65% 權益的收購。我們很高興能夠與合金鋼團隊合作，共同將他們的專有耐磨板解決方案擴展到新的地區和終端市場。我們已經有幾個月的時間與他們合作了，他們的業務非常強大，對我們而言是一個很好的補充，第一天就能增加利潤和收益。

Turning to slide 4 to discuss organic sales performance. We achieved an approximate 3% increase in organic sales in the quarter, led by pricing actions taken to mitigate higher input costs. Volume declines narrowed to 2.3% as North American manufacturing activity and the industrial gas distribution channel in Americas Welding remained more resilient than expected. In addition, the Harris Products Group generated 11% higher volumes, primarily from the rollout of product to support a new national US retail partner as well as ongoing strength in HVAC due in part to data center build-outs.

翻到幻燈片 4 討論有機銷售業績。本季度，我們實現了約 3% 的有機銷售成長，這主要得益於為降低更高的投入成本而採取的定價措施。由於北美製造業活動和美洲焊接工業氣體分銷管道仍比預期更具彈性，銷量跌幅收窄至 2.3%。此外，哈里斯產品集團 (Harris Products Group) 的銷售量成長了 11%，這主要得益於推出產品以支持新的美國全國零售合作夥伴，以及由於資料中心建設而導致的 HVAC 業務的持續強勁增長。

We continue to see customers defer capital spending and maintain a wait-and-see approach due to policy uncertainty, which continues to impact our equipment and automation portfolios. Our automation sales have stabilized around $215 million per quarter, which we expect to continue in the third quarter and possibly through year-end. We are encouraged by automation steady order rates and backlog quarter over quarter and quoting activity remains elevated across their end markets. Year to date, automotive and energy sector projects are growing, and we saw general industries pivot to growth in the second quarter.

由於政策不確定性，我們繼續看到客戶推遲資本支出並保持觀望態度，這繼續影響我們的設備和自動化產品組合。我們的自動化銷售額穩定在每季 2.15 億美元左右，我們預計這一趨勢將在第三季持續下去，甚至可能持續到年底。我們對自動化穩定的訂單率和季度積壓量感到鼓舞，其終端市場的報價活動仍然很高。今年迄今為止，汽車和能源行業的項目正在成長，我們看到一般產業在第二季度轉向成長。

Looking at end market organic sales trends, three of five end markets grew in the quarter. This was largely price driven, but we achieved volume growth across general industries, which incorporates HVAC and in consumables supporting domestic manufacturing activity.

從終端市場有機銷售趨勢來看，本季五分之三的終端市場均達到成長。這主要是受價格驅動，但我們在包括暖通空調和支持國內製造活動的消耗品在內的一般行業實現了銷售增長。

Energy also grew, led by domestic and international power generation projects and strong pipe activity in Americas Welding. Heavy Industries remains challenged, but it is incrementally improving on easier prior-year comparisons. And as agricultural machinery OEMs continue to destock, it sets up for a recovery in production in 2026.

在國內外發電項目以及美洲焊接管道業務強勁成長的帶動下，能源產業也實現了成長。重工業仍面臨挑戰，但與去年同期相比正在逐步改善。隨著農業機械原始設備製造商繼續去庫存，預計2026年產量將復甦。

Construction infrastructure is generally choppy given the timing of project activity. But looking at the first half of the year, which smooths out project timing, organic sales were relatively steady. And finally, automotive transportation volumes were compressed due to slower production levels, while equipment investments did expand.

考慮到專案活動的時機，建築基礎設施通常不太穩定。但從專案時間安排平穩的上半年來看，有機銷售額相對穩定。最後，由於生產水準放緩，汽車運輸量受到壓縮，而設備投資卻增加。

I am pleased by the progression of the business year to date and would like to underscore our team's continued focus on serving customers, investing in growth, and driving productivity and operational efficiency throughout the organization. We also remain disciplined on price/cost management and are continuing to shape the operating model to position the business for more profitable growth as end markets recover.

我對今年迄今為止的業務進展感到滿意，並想強調我們的團隊繼續專注於服務客戶、投資成長以及提高整個組織的生產力和營運效率。我們在價格/成本管理方面也保持嚴格，並繼續塑造營運模式，以便在終端市場復甦時使業務實現更有利可圖的成長。

And I will now pass the call to Gabe Bruno to cover second-quarter financials and our raised outlook in more detail.

現在我將把電話轉給 Gabe Bruno，讓他更詳細地介紹第二季的財務狀況和我們上調的展望。

Thank you, Steve. Moving to slide 5, our second-quarter sales increased 6.6% to $1.089 billion from 5.2% higher price, a 3% benefit from acquisitions and 70 basis points from favorable foreign exchange translation. These increases were partially offset by 2.3% lower volumes. Gross profit dollars increased approximately 6% to $406 million and gross profit margin held relatively steady at 37.3%, down 30 basis points versus prior year.

謝謝你，史蒂夫。轉到投影片 5，我們的第二季銷售額成長 6.6% 至 10.89 億美元，其中價格上漲 5.2%，收購收益為 3%，有利的外匯折算收益為 70 個基點。但這些成長被 2.3% 的銷量下降部分抵消。毛利成長約 6% 至 4.06 億美元，毛利率維持相對穩定在 37.3%，較前一年下降 30 個基點。

A $3 million benefit from our savings actions as well as diligent cost management and operational initiatives substantially offset the impact of lower volumes and $8.5 million LIFO charge in the quarter and acquisitions. Year to date, we have incurred approximately $10 million in LIFO charges, which is expected to repeat in the second half of the year.

我們的節約措施以及勤勉的成本管理和營運措施帶來的 300 萬美元收益大大抵消了本季和收購中銷量下降和 850 萬美元後進先出費用的影響。今年迄今為止，我們已發生約 1000 萬美元的後進先出費用，預計今年下半年還會再次發生。

Our SG&A expense increased approximately 1% or $2 million, primarily from acquisitions. $8 million from our savings actions offset an incremental $4 million of employee costs, reflecting our decision to reinstate the annual compensation merit increase in the quarter, which adds approximately $5 million per quarter.

我們的銷售、一般及行政費用增加了約 1% 或 200 萬美元，主要來自收購。我們節省的 800 萬美元抵消了 400 萬美元的增量員工成本，反映了我們決定在本季度恢復年度薪酬績效增長，這每季度增加約 500 萬美元。

SG&A as a percent of sales improved 100 basis points to 19.4% of sales. Reported operating income increased 29%. The year over year increase reflects special item charges in the prior year period. Excluding special items, adjusted operating income increased approximately 10% to $195 million.

銷售、一般及行政費用佔銷售額的百分比提高了 100 個基點，達到銷售額的 19.4%。報告營業收入成長29%。同比增長反映了去年同期特殊項目費用的增加。不計特殊項目，調整後的營業收入成長約 10%，達到 1.95 億美元。

Our adjusted operating income margin increased 50 basis points to 17.9%, reflecting a 26% incremental margin. Acquisitions had a 30-basis-point unfavorable impact to our margin. Other income, excluding special items, was 19% higher from our initial Alloy Steel investment.

我們的調整後營業收入利潤率增加了 50 個基點，達到 17.9%，反映出 26% 的增量利潤率。收購對我們的利潤率產生了 30 個基點的不利影響。不包括特殊項目的其他收入比我們最初的合金鋼投資高出 19%。

We reported second-quarter diluted earnings per share of $2.56. On an adjusted basis, EPS increased 11% to $2.60. Our EPS results include $0.03 from favorable foreign exchange translation and $0.06 from the impact of share repurchases.

我們公佈第二季攤薄每股收益為2.56美元。經調整後，每股收益成長11%，達到2.60美元。我們的每股盈餘結果包含0.03美元的有利匯率折算影響和0.06美元的股票回購影響。

Moving to our reportable segments on slide 6. Americas Welding sales increased approximately 7%, driven by 6.5% higher price and an approximate 5% contribution from our Vanair acquisition, which anniversaries August 1. Volumes were lower by approximately 3%. Higher price reflects actions taken through the first half of the year to address rising input costs. We anticipate higher price in the third quarter due to the timing of our actions throughout the second quarter, and we will continue to monitor trade policy and decisions and take appropriate actions as needed.

前往投影片 6 上的可報告部分。美洲焊接業務的銷售額成長了約 7%，這得益於價格上漲 6.5% 以及我們對 Vanair 的收購（收購週年紀念日為 8 月 1 日）貢獻了約 5%。交易量下降了約 3%。價格上漲反映了今年上半年為應對投入成本上升而採取的措施。由於我們在第二季採取了行動，因此我們預計第三季的價格會更高，我們將繼續監控貿易政策和決策，並根據需要採取適當的行動。

Americas Welding segment second-quarter adjusted EBIT increased 1% to $138 million. The adjusted EBIT margin declined 130 basis points to 18.6%, primarily due to higher incentive compensation and the impact from the acquisition and higher allocation of corporate expenses, which anniversaries in the third quarter. These factors offset the benefits of cost management and our savings actions. We expect Americas Welding to continue to operate in the 18% to 19% EBIT margin range for the remainder of the year.

美洲焊接部門第二季調整後息稅前利潤成長 1%，達到 1.38 億美元。調整後的息稅前利潤率下降 130 個基點至 18.6%，主要原因是激勵薪資增加以及收購的影響以及公司費用分配增加（這些費用在第三季週年紀念日）。這些因素抵銷了成本管理和節約行動帶來的好處。我們預計，美洲焊接公司在今年剩餘時間內的息稅前利潤率將繼續保持在 18% 至 19% 的範圍內。

Moving to slide 7, the International Welding segment sales declined 2.5% as approximately 4% favorable foreign exchange translation was partially offset by 7% lower volumes. Demand trends further weakened in the EMEA region, largely outside of core Europe, and Asia Pacific was challenged with stronger prior year project activity.

移至幻燈片 7，國際焊接部門銷售額下降 2.5％，因為約 4％ 的有利外匯轉換被 7％ 的銷售量下降部分抵消。歐洲、中東和非洲地區（主要是歐洲核心地區以外）的需求趨勢進一步減弱，而亞太地區則面臨上年專案活動更強勁的挑戰。

Adjusted EBIT increased approximately 19% to $31 million. Margin increased 230 basis points to a more normalized rate of 12.7%, which reflects seasonality, benefits from savings actions, and equity earnings from our Alloy Steel investment.

調整後的息稅前利潤成長約 19%，達到 3,100 萬美元。利潤率增加了 230 個基點，達到更正常的 12.7%，這反映了季節性、儲蓄行動帶來的好處以及我們合金鋼投資的股權收益。

We expect International Welding margin performance to operate on the higher end of their 11% to 12% margin range for the balance of the year, reflecting the inclusion of Alloy Steel.

我們預計，由於納入了合金鋼業務，國際焊接公司的利潤率在今年餘下時間將維持在 11% 至 12% 的較高水平。

Moving to the Harris Products Group on slide 8. Second-quarter sales increased 19% with 11% higher volumes and 7% higher price. Volumes reflected strength from the HVAC sector and expansion of our brand in the retail channel requiring initial inventory stocking. Underlying retail trends remained challenged in the quarter. Price increased on metal costs and price actions taken to mitigate rising input costs.

前往幻燈片 8 上的哈里斯產品集團。第二季銷售額成長 19%，銷量成長 11%，價格上漲 7%。銷售量反映了暖通空調行業的強勁表現以及我們品牌在零售通路的擴張，需要初始庫存儲備。本季度，零售業的基本趨勢仍面臨挑戰。由於金屬成本上漲以及採取價格行動以緩解投入成本的上升，價格上漲。

Adjusted EBIT increased approximately 28% to $32 million and margin improved 100 basis points to a record 19.4% on volume growth, effective cost management, and strategic initiatives. We expect the Harris segment to operate in the 17% to 18% margin range for the balance of the year due to seasonality and normalized volume trends.

調整後的息稅前利潤成長約 28%，達到 3,200 萬美元，利潤率提高 100 個基點，達到創紀錄的 19.4%，這得益於銷售成長、有效的成本管理和策略性舉措。受季節性因素和正常化銷售趨勢的影響，我們預計哈里斯部門今年剩餘時間的利潤率將在 17% 至 18% 之間。

Moving to slide 9. We continue to generate strong cash flows from operations in the quarter. For the first half, cash flows have increased approximately 9% with 104% conversion ratio. Average operating working capital rose 40 basis points to 18.4% versus the comparable prior-year period.

移至幻燈片 9。本季我們繼續從營運中產生強勁的現金流。上半年現金流成長約9%，轉換率為104%。平均營運資本較去年同期上升 40 個基點，至 18.4%。

Moving to slide 10. We are executing well to our capital allocation plan. We invested $57 million in growth, reflecting CapEx investments and our initial investment in Alloy Steel. We also returned $169 million to shareholders through our higher dividend payout rate and the $127 million of share repurchases. We maintained a solid adjusted return on invested capital of 21.7%.

移至投影片 10。我們的資本配置計劃執行得很好。我們投資了 5700 萬美元用於成長，其中包括資本支出投資和對合金鋼的初始投資。我們也透過提高股息支付率和 1.27 億美元的股票回購向股東返還了 1.69 億美元。我們維持了 21.7% 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 are raising our operating framework assumptions given first-half actuals and the inclusion of Alloy Steel. Year to date, we have seen volumes only partially offset price increases, and our updated operating assumptions assume this dynamic will continue through the balance of the year given the relative resilience in North America. We expect this will result in a low single-digit percent organic sales growth for the full year.

轉到投影片 11，討論我們對 2025 年的營運假設。根據上半年的實際情況和合金鋼的納入，我們提高了營運框架假設。今年迄今為止，我們看到銷量僅部分抵消了價格上漲，並且鑑於北美相對的彈性，我們更新後的營運假設認為這種動態將持續到今年年底。我們預計這將導致全年有機銷售額實現低個位數百分比的成長。

With the announced agreement to acquire the remaining interest in Alloy Steel on August 1, we now expect acquisitions to generate approximately 270 basis points in sales growth this year, with Alloy Steel contributing $20 million to $25 million in sales for the balance of the year.

隨著 8 月 1 日宣布的收購合金鋼剩餘權益的協議，我們現在預計收購將在今年產生約 270 個基點的銷售成長，其中合金鋼將在今年剩餘時間內貢獻 2,000 萬至 2,500 萬美元的銷售額。

We are continuing to target a neutral price cost position. Our supply chain initiatives are focused on maximizing domestic supply, and we are pursuing benefits from operational initiatives and savings actions to help offset inflation in addition to price actions. Our savings program anniversaried in July and in the first four quarters of the program, we generated $47 million in incremental savings with approximately 65% from temporary cost savings actions.

我們將繼續以中性的價格成本為目標。我們的供應鏈計劃專注於最大限度地提高國內供應，並且我們正在尋求透過營運計劃和節約行動獲得收益，以幫助抵消價格行動以外的通貨膨脹。我們的節約計劃於 7 月迎來週年紀念日，在該計劃實施的前四個季度，我們實現了 4700 萬美元的增量節約，其中約 65% 來自臨時成本節約措施。

As we look ahead to the balance of the year, we estimate an additional $10 million to $15 million will be realized largely from permanent structural savings now that we have anniversaried our temporary cost savings actions. These permanent savings will be split evenly between our two welding segments. This savings mix shift reflects the reintroduction of some discretionary spending into the business to support our commercial teams and strategic initiatives, which have been margin neutral as demonstrated in the second quarter. By year-end, we expect to achieve approximately $60 million in savings from the six-quarter program at a 50-50 temporary and permanent split, and we continue to assess where we can further shape the operating model.

展望今年的剩餘時間，我們估計，由於臨時成本節約行動已經週年紀念，我們將主要透過永久性結構性節約實現額外的 1000 萬至 1500 萬美元。這些永久性的節省將在我們的兩個焊接部門之間平均分配。這種儲蓄組合的轉變反映了將一些可自由支配的支出重新引入業務，以支持我們的商業團隊和策略計劃，正如第二季度所顯示的那樣，這些支出對利潤率沒有影響。到年底，我們預計透過六個季度的計劃節省約 6000 萬美元，臨時和永久節省的比例為 50-50，並且我們將繼續評估在哪些方面可以進一步塑造營運模式。

With more favorable volume performance in the first half of the year and the inclusion of Alloy Steel, we now expect our full year adjusted operating income margin to be steady to slightly up versus the prior year period with a high teens percent incremental margin. This builds on our first half incremental margin rate of 17%.

由於上半年銷售表現較好以及合金鋼的納入，我們現在預計全年調整後的營業利潤率將與去年同期相比保持穩定或略有上升，增量利潤率將達到百分之十幾。這是基於我們上半年 17% 的增量利潤率。

Our interest expense, tax and CapEx assumptions are being maintained, but we are now including $0.07 of EPS contribution from the Alloy Steel acquisition for the balance of the year. We believe these updated operating assumptions reflect the progression of the business while remaining cautious on demand trends in the near term.

我們的利息支出、稅收和資本支出假設保持不變，但我們現在將合金鋼收購帶來的 0.07 美元每股收益貢獻計入當年餘額。我們相信這些更新的營運假設反映了業務的進展，同時對短期需求趨勢保持謹慎。

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) Angel Castillo, Morgan Stanley.

（操作員指示）摩根士丹利的 Angel Castillo。

Hi, good morning. Thanks for taking my question. I was hoping you could help unpack a little bit more what you're seeing in terms of orders and just kind of customer demand. In particular, if you could talk about maybe what you're seeing in terms of trends in July and how that kind of progressed from 2Q into July and how that's kind of informing your second-half outlook?

嗨，早安。感謝您回答我的問題。我希望您能幫助我們進一步了解訂單和客戶需求的情況。具體來說，您能否談談您所看到的 7 月的趨勢，以及這種趨勢從第二季到 7 月是如何發展的，以及這對您對下半年的展望有何影響？

Yeah. So thanks for that question, Angel. We are seeing July order trends hold. So this is what gives us confidence as we provided an update to the assumptions. We're seeing more strength in general industries as we wound up the second quarter. As Steve commented, volume trends were improving in general industries. More cautious, as you can expect in heavy industries being down low teens, seeing that progression still into the third quarter.

是的。謝謝你的提問，Angel。我們看到七月份的訂單趨勢保持不變。因此，當我們對假設進行更新時，這給了我們信心。隨著第二季的結束，我們看到一般產業的實力進一步增強。正如史蒂夫所說，一般產業的銷售趨勢正在改善。更加謹慎，正如你所預料的，重工業將下降百分之十幾，並且這種趨勢仍將持續到第三季。

And then on the automotive side, I'd comment that while the overall trends were up low single digits, a little bit more pressure on volumes as we saw progressively in the second quarter and as we enter the third quarter.

然後在汽車方面，我想說，雖然整體趨勢是上升個位數，但正如我們在第二季和進入第三季時逐漸看到的那樣，銷售壓力會更大一些。

That's helpful. Thank you. And then I was hoping you could help me understand, I guess, a little bit more of the kind of the Harris segment volume dynamic. It sounds like some of the volume uplift there was kind of driven by some inventory stocking ahead of -- I think you said product rollout. But just curious, can you help us understand, I guess, maybe the underlying -- what the underlying kind of organic demand trends are like when you back that out?

這很有幫助。謝謝。然後我希望你能幫助我更了解哈里斯細分市場的銷售動態。聽起來，銷量的成長似乎是由於提前囤積庫存所致——我想您說的是產品推出。但只是好奇，您能否幫助我們理解，我想，也許是潛在的——當您回過頭來看時，潛在的有機需求趨勢是什麼樣的？

And as we think about that stocking, I guess, how does that ultimately impact your second half or potentially first half of next year?

當我們考慮那隻襪子時，我想，它最終會如何影響你明年下半年或上半年？

Yeah, Angel, great question. So in general, I just think if we remove the initial stocking for a new retail customer in the channel, we're probably more flattish type of volumes progressively as we go into the third quarter.

是的，安吉爾，這個問題問得好。所以總的來說，我認為如果我們取消通路中新零售客戶的初始庫存，那麼進入第三季度，我們的銷售可能會逐漸趨於平穩。

Saree Boroditsky, Jefferies.

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

Hi, thanks for taking the question. Kind of building on the end market commentary, but you talked about customers deferring decisions. I was just curious if we get more tariff certainty, we now have The Big Beautiful bill, if you've seen any changes in behavior? And if not, what are customers waiting to see to execute on some of those elevated quoting levels that you talked about?

你好，謝謝你回答這個問題。有點像是基於終端市場的評論，但你談到了客戶推遲決策。我只是好奇，如果我們獲得了更多的關稅確定性，我們現在有了《大美麗法案》，您是否看到了行為上的任何變化？如果沒有，那麼客戶在等待什麼來執行您談到的一些提高的報價水平？

Yeah, Saree, I think what you're seeing is as the Trump administration starts to provide some clarity around the tariff rates for individual countries, the rules of the road are starting to get more firmly set up, which has, I think, been the key hang up for a lot of our customers who look at investments in CapEx, particularly around equipment and automation, not wanting to put capacity or investments in the wrong place as the trade policy wins were shifting constantly. So I think as we start to get a little bit more clarity on what the rules are going to be going forward and hopefully, those stabilize, I think that will really go a long way towards addressing the wait-and-see attitude that a lot of our customers have taken.

是的，薩裡，我認為你所看到的是，隨著川普政府開始明確各國的關稅稅率，貿易規則開始變得更加牢固，我認為這是我們許多客戶關注資本支出投資的關鍵，特別是在設備和自動化方面，他們不想把產能或投資放在錯誤的地方，因為貿易政策的勝利在不斷變化。因此，我認為，隨著我們開始更清楚地了解未來的規則，並希望這些規則能夠穩定下來，我認為這將在很大程度上解決許多客戶採取的觀望態度。

The One Big Beautiful bill will obviously try to create incentives and pressures for reshoring in America. And I think that will primarily benefit the general industry segment where we have a lot of the more smaller fabricators that are going to see an uptick in demand and need to invest, particularly in automation to handle the additional volume despite the labor shortages.

「一個大美麗」法案顯然將試圖為美國製造業回流創造激勵和壓力。我認為這主要將有利於一般工業領域，因為我們擁有許多較小的製造商，他們將看到需求上升並需要投資，特別是在自動化方面，以便在勞動力短缺的情況下處理額外的產量。

Appreciate the color. And then you cited the $10 million to $15 million of savings in the second half from permanent cost action. Could you just expand on some of those actions that you're taking?

欣賞色彩。然後您提到下半年透過永久性成本行動節省了 1000 萬至 1500 萬美元。您能否詳細說明您正在採取的一些行動？

Yeah. Saree, just think about the actions as a continued focus on evolving the operating model. So whether it's an organization or looking at facilities and shaping efficiencies for the long term, we just continue to look for opportunities to shape the model.

是的。Saree，只需將這些行動視為對改善營運模式的持續關注。因此，無論是組織還是著眼於設施並塑造長期效率，我們都只是繼續尋找塑造模型的機會。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Thank you. Good morning, everyone. You noted that automation quoting activity has been strong. That's encouraging. I'm wondering if you could offer any finer points on that front. You just mentioned The One Big Beautiful bill. I suspect that's going to be a good guy in terms of automation demand near to medium term.

謝謝。大家早安。您注意到自動化報價活動一直很強勁。這令人鼓舞。我想知道您是否可以就此提出任何更詳細的觀點。您剛才提到了「一個美麗的大法案」。我認為從中短期來看這對自動化需求來說將是一個利好。

Just curious what color you can offer. And in the end, I'm mostly curious how your team is feeling about potential inflection in demand and sales rate into 2026.

只是好奇您能提供什麼顏色。最後，我最好奇的是您的團隊對 2026 年需求和銷售率的潛在變化有何看法。

Yeah, Bryan, thanks for the question. A lot of what's happening is our customers are trying to figure out how they're going to respond to the changes in trade policy in terms of what they make where. And a lot of the quoting activity is driven by their contingency planning and their desire to respond to whatever the ultimate rules of the road become.

是的，布萊恩，謝謝你的提問。我們的客戶正在嘗試弄清楚他們將如何應對貿易政策的變化，包括他們在哪裡生產什麼。許多報價活動都是由他們的應急計劃和對最終交通規則做出反應的願望所驅動的。

The wait-and-see approach is while the rules aren't finalized, so I don't really know whether to pull the trigger on the investment you quoted for me in the US versus Canada versus Mexico, what capacity should I be assuming, and the like. So our team is very encouraged that as the trade policy starts to get more firmly established, that that will encourage customers to then pull the trigger on projects that we've quoted for them already.

觀望態度是在規則尚未最終確定的情況下，所以我真的不知道是否應該對您在美國、加拿大和墨西哥為我報價的投資採取行動，我應該假設什麼樣的產能等等。因此，我們的團隊感到非常鼓舞，因為隨著貿易政策開始變得更加穩固，這將鼓勵客戶對我們已經為他們報價的項目採取行動。

Now we've been in this wait-and-see approach for a while now. So I think we're a little bit conservative in trying to prognosticate when the spigot is going to get turned on. And there are portions of our business that are fairly long cycle. So we need to get the orders in hand before we can be confident about forecasting the future revenue of those. But in general, the market situation is very encouraging, and we're optimistic about the future with a conservative assumption that the business is -- the automation business will basically stay steady through the second half.

現在我們已經採取這種觀望態度一段時間了。因此，我認為我們在預測何時打開水龍頭時有些保守。我們的部分業務週期相當長。因此，我們需要先獲得訂單，然後才能有信心預測未來的收入。但總體而言，市場情況非常令人鼓舞，我們對未來持樂觀態度，保守估計自動化業務在下半年將基本保持穩定。

Okay. Understood. I appreciate the color. And you mentioned that International Welding demand incrementally weakened during the quarter with that weakness more so outside core Europe. Can you offer a little more detail on that dynamic? It would be helpful to know how International Welding orders trended through the quarter and into July.

好的。明白了。我很欣賞這個顏色。您提到，本季國際焊接需求逐漸減弱，歐洲核心地區以外地區尤其如此。您能否提供更多關於這項動態的細節？了解本季和七月份國際焊接訂單的趨勢將會很有幫助。

Now, Gabe, you had mentioned that July trends have held overall. Does that include International Welding? Just any color or nuance would be helpful.

現在，Gabe，您提到七月份的趨勢總體保持不變。這包括國際焊接嗎？任何顏色或細微差別都會有幫助。

Yeah, Bryan, when I talk about July, I'm talking overall. So that is a good observation you made, Bryan. But when you think about International, there are a couple of dynamics that we kind of pointed to. One is the timing of projects, particularly comparing on the Asia side of the prior year. And then on the EMEA side, Turkey continues to operate in a challenged economic environment as well as some project timing in Middle East and some areas of Europe.

是的，布萊恩，當我談論七月時，我指的是整體情況。所以，布萊恩，你的觀察非常好。但是當你考慮國際時，我們會指出一些動態。一是專案的時間安排，特別是與去年亞洲地區相比。而在歐洲、中東和非洲地區，土耳其繼續在充滿挑戰的經濟環境中運營，在中東和歐洲部分地區也有一些計畫正在進行中。

So if you back those out, core Europe is probably tracking more in the low single-digit type progression of -- on real organic trends. And the timing of projects have a meaningful impact on the overall trend. So that's built into the overall outlook that we built into the assumptions.

因此，如果你將這些因素排除在外，那麼核心歐洲地區可能會更追蹤低個位數類型的實際有機趨勢。專案的時間對整體趨勢有著重大的影響。因此，這已融入我們假設的整體前景中。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Yeah, good morning. So two things that sort of stood out to me in your end market commentary was automation. You talked about this business stabilizing, I think that's interesting. And I'd like to hear more of what you're seeing in the auto component of that business, which as we know is quite large versus maybe some of the other industries that you're exposed to in automation.

是的，早安。因此，在您的終端市場評論中，有兩件事讓我印象深刻，那就是自動化。您談到這個業務正在穩定下來，我認為這很有趣。我想進一步了解您對該業務的汽車零件的看法，我們知道，與您所接觸的自動化領域的其他一些行業相比，該業務的規模相當大。

And then the second thing is general industries being up high single-digit percent. I'm just kind of wondering what's all in there. I know smaller fabricators, as you mentioned, but I would imagine maybe some of your distributors are in this category as well. Do you have the sense that there's been any demand pull forward or anything unusual happening in the channel as a result of these tariffs and your own price increases?

第二件事是一般工業的成長率高達個位數。我只是有點好奇裡面到底有什麼。正如你所說，我知道一些規模較小的製造商，但我想也許你們的一些分銷商也屬於這一類。您是否覺得由於這些關稅和您自己的價格上漲，導致需求提前或通路出現任何異常情況？

Yeah, Mig, I'll provide some high-level commentary and then let Gabe comment on specifics. With respect to automation, I think it's important to note that our outlook for automation in the second half of the year is steady from the first half, and there is normally a fourth-quarter pickup in automation. So the outlook that says steady for the second half actually does imply a decline versus prior year. But we think given where the business has settled in, that's a pretty realistic and conservative call for the second half with maybe a little bit of upside potential for that.

是的，米格，我會提供一些高層次的評論，然後讓加布對具體內容進行評論。關於自動化，我認為值得注意的是，我們對下半年自動化的展望與上半年持穩定態度，並且第四季度自動化通常會有所回升。因此，下半年前景保持穩定實際上意味著與上年相比會下降。但我們認為，考慮到業務已經穩定下來，這對於下半年來說是一個相當現實和保守的預測，可能還有一點上行潛力。

And then with respect to your comment about general industries and the industrial distribution channel, remember that when we spoke last quarter, our concern was that we had to raise prices to offset tariffs. We were anticipating a demand elasticity response. Our call was that volume would offset price and we'd be flat. And what we've seen is that volume has been less negative than we feared, right? So that leads you to the overall organic up.

然後，關於您對一般工業和工業分銷管道的評論，請記住，當我們上個季度談話時，我們擔心的是我們必須提高價格以抵消關稅。我們預期需求會出現彈性反應。我們預測銷量將抵消價格，因此銷量將持平。而我們看到的是，交易量並沒有我們擔心的那麼糟糕，對嗎？這樣，您就可以實現整體的有機成長。

Just to add, Mig, on the automation side of things, when Steve refers to things being flat, that does imply for the full year that we're down, call it, mid-single digits. And we just haven't seen the inflection of incremental orders yet. Although as Steve mentioned, the quoting activity is very strong. The pipeline is very strong. We are very positive in terms of the framework when we do see more confidence in the commitment to capital. So we're very well postured for growth on the automation side of things.

米格，我還要補充一點，在自動化方面，當史蒂夫提到事情持平時，這確實意味著全年我們的收入會下降，可以說是下降到中等個位數。但我們還沒有看到增量訂單的變化。儘管正如史蒂夫所提到的，報價活動非常強勁。管道非常堅固。當我們確實看到對資本承諾的更多信心時，我們對這個框架非常樂觀。因此，我們在自動化方面的成長勢頭非常良好。

In general industries, we do have the impact on HVAC activity in general industries. But overall, volumes were positive. And so while I can't point to an inflection, I'm not aware of any buy forward of inventories that are occurring. We're not seeing that in the channels. So we are monitoring that closely, real positive within that on the consumable activity. As you know, that's a reflection of factory activity.

在一般工業中，我們確實對一般工業的 HVAC 活動產生了影響。但總體而言，交易量是正面的。因此，雖然我無法指出拐點，但我不知道有任何正在發生的庫存預購行為。我們在頻道中沒有看到這一點。因此，我們正在密切監測消費品活動內部的真正正面因素。如您所知，這是工廠活動的反映。

So we're staying real close to it, trying to understand the drivers there progressively from PMI, industrial production trends. And what we saw on the industrial distribution side of things is activity holding, and I'm considering price impact and volumes and just seeing a more favorable steady trend on industrial distribution. So those are positive trends, and they are better than expected as we entered the second quarter.

因此，我們密切關注這一情況，試圖逐步從 PMI、工業生產趨勢中了解其驅動因素。我們在工業分銷方面看到的是活動保持，我正在考慮價格影響和數量，並且看到工業分銷呈現更有利的穩定趨勢。這些都是正面的趨勢，而且進入第二季後，情況比預期的要好。

Understood. I guess my follow-up then, Steve, you kind of hinted in your prepared remarks at the next cycle and mentioned margins. So I guess I want to ask you a question about that. When we're kind of looking here this year, last year, having to deal with, obviously, the volume pressure that you have to deal with, margins have been quite resilient. And I'm wondering how you think about or what the right framework to think about margins as we're starting to see, hopefully, this volume recovery extend into 2026 and beyond.

明白了。那麼，史蒂夫，我想我的後續問題在您準備好的關於下一個週期的發言中有所暗示，並且提到了利潤率。所以我想就此問您一個問題。回顧今年和去年，我們顯然必須應對銷售壓力，利潤率一直相當有彈性。我想知道您如何看待利潤率，或者說我們開始看到這種產量復甦能夠延續到 2026 年及以後，考慮利潤率的正確框架是什麼。

How do you guys think about incremental margins? What's the right opportunity for the company, especially with the cost takeouts that you had here and with automation now being a bigger part of the mix relative to where we were in the early cycle portion of the prior cycle?

你們如何看待增量利潤？對於公司來說，什麼是正確的機會，特別是考慮到您現在的成本削減，以及相對於上一周期的早期階段而言，自動化現在佔據了更大的比重？

Well, Mig, the margin performance, as you point out, we're pleased with the progression, particularly with the known opportunities we see within the business. And I'll just point to a couple. You mentioned volume. And I would point to our historical incrementals when we perform in volumes in the, call it, the mid-single digits. We're talking about potentially mid-20s type of incrementals.

嗯，米格，正如您所指出的，我們對利潤率的表現感到滿意，特別是對我們在業務中看到的已知機會。我僅指出幾個。您提到了音量。我想指出的是，當我們的銷售量達到中等個位數時，我們的歷史增量。我們正在討論潛在的 20 年代中期的增量。

On the automation side, which is you know, it's included in our mix of business, and we've -- despite the more flattish trending slightly down in automation, we've been able to kind of hold our overall operating margins with knowing that as we gain improvements in volume, our automation margins are going to progress at a higher incremental level.

在自動化方面，您知道，它包含在我們的業務組合中，儘管自動化趨勢較為平穩且略有下降，但我們已經能夠保持整體營運利潤率，因為我們知道，隨著產量的提高，我們的自動化利潤率將以更高的增量水平增長。

So that's how we think of our model. We continue to look for opportunities to shape our business. We expect that incrementals will progress as historically we've advanced, and we've got opportunities continuing on the automation side of our business, and I'd point to International as well. You know the targets we've established. And with some volume improvement, we should also see improvement in margins on the International side.

這就是我們對模型的看法。我們將繼續尋找機會來塑造我們的業務。我們預計，隨著我們歷史上的進步，增量將會不斷進步，並且我們在業務的自動化方面仍有機會繼續發展，而且我還想指出國際方面也同樣如此。您知道我們設定的目標。隨著銷量的提高，我們也應該會看到國際方面的利潤率提高。

(Operator Instructions) Nathan Jones, Stifel.

（操作員指示）Nathan Jones，Stifel。

Good morning, everyone. A bit of a follow-up question on consumables and particularly focusing on the Americas. There's obviously a lot of steel in the consumables that you sell. Interested in just hearing a little bit finer point on what volume versus price was in the consumables. Just thinking primarily about as you said, it's an indicator of what overall activity is. So just interested in some more color on volume versus price in the consumables business.

大家早安。關於消耗品的後續問題，特別是關注美洲。你們所銷售的消耗品中顯然含有大量鋼材。我只是想更詳細地了解一下消耗品的產量與價格之間的關係。正如您所說，主要考慮的是，它是整體活動的指標。因此，我只是對消耗品業務中數量與價格的更多細節感興趣。

Yeah. Nathan, in general, we don't break out the pricing between the product offerings, but you could assume that pricing is a little bit higher on the consumables side than on the equipment side. And then what that means is that volumes held on the consumables side of our business to be flattish type of a look.

是的。內森，一般來說，我們不會單獨列出不同產品之間的定價，但你可以假設消耗品方面的定價會比設備方面的定價略高一些。這意味著我們業務中消耗品方面的銷售量將呈現持平狀態。

So we're pleased with the progression. It is has been more resilient than we were expecting, and we're monitoring factory activity and how that progresses on the macro level.

因此我們對此進展感到滿意。它比我們預期的更有彈性，我們正在監測工廠活動及其在宏觀層面的進展。

Okay. That's helpful. And then maybe just any color you can give us on what we should expect for pricing in 3Q, just given pricing is going to be higher in the third quarter just based on timing of what you implemented during the second quarter.

好的。這很有幫助。然後，也許您能告訴我們對第三季定價的預期，因為根據您在第二季實施的時間安排，第三季的定價將會更高。

And then I guess just a follow-up on that would be, do you expect to have to go back to the market for any more price just given higher steel tariffs and potential copper tariffs coming along here or anything else that's in the pipeline that might see you have to go back to the market for more price? Thanks.

然後我想接下來的問題是，考慮到更高的鋼鐵關稅和潛在的銅關稅，或者其他任何可能讓你不得不回到市場尋求更高價格的事情，你是否預計你必須回到市場尋求更高的價格？謝謝。

So maybe I'll answer that question first, the latter question, Nathan. We're going to respond with our price/cost neutral posture as we've done. And so we'll have to monitor what progresses from a trade actions standpoint as well as input costs.

所以也許我會先回答這個問題，後一個問題，內森。我們將像以前一樣，以價格/成本中立的姿態回應。因此，我們必須從貿易行動和投入成本的角度監控進度。

In terms of pricing going into the third quarter and the timing of actions taken in the second quarter, we do expect another 100 to 200 basis points of incremental pricing impact going into the third quarter from actions taken.

就第三季的定價和第二季採取行動的時間而言，我們確實預計，所採取的行動將對第三季的定價產生另外 100 到 200 個基點的增量影響。

And Nate, just to follow up on that. We have already taken pricing actions to cover the announced tariffs on steel and aluminum. So we would -- unless that policy changes, right, we would not need to take additional price on steel and aluminum. But as the country-by-country tariffs get finalized, then we'll respond accordingly, as Gabe indicated, to maintain the neutral price cost model.

內特，我來跟進一下這個問題。我們已經採取定價措施來彌補已宣布的鋼鐵和鋁關稅。所以我們會——除非政策發生變化，否則我們就不需要對鋼鐵和鋁收取額外的費用。但隨著各國關稅最終確定，我們將做出相應反應，正如 Gabe 所指出的，以維持中性的價格成本模型。

Walt Liptak, Seaport Research Partners.

沃爾特·利普塔克（Walt Liptak），海港研究合作夥伴。

Hi, thanks. Good morning. Hey, I wanted to ask about the comments around incentive comp programs and how those were brought back in. So I just wanted to understand your thinking about why you brought it back. Was it because of the second quarter and the volume and pricing discussion that we've been having? Or is it -- what is it about now that you would bring back that incentive comp?

你好，謝謝。早安.嘿，我想問一下有關激勵補償計劃的評論以及如何將其重新引入。所以我只是想了解你為什麼要把它帶回來。是因為我們一直在進行的第二季銷售和定價討論嗎？或者是－現在您為什麼要恢復激勵補償？

Yeah. So Walt, there's two elements to that. One, the incentive comp and bonus is really just formulaic based on the performance of the business. So there wasn't really a decision to make on incentive comp.

是的。沃特，這其中有兩個要素。首先，激勵薪酬和獎金實際上只是基於業務績效而製定的公式。因此，實際上不需要就激勵薪酬做出任何決定。

On the merit increases, which are base salary increases, if you recall, we announced a temporary pause in that because we were very concerned as we saw the shockingly high tariff proposals from the Trump administration and factored in the pricing that we would have to take to try and offset that. We were very concerned that there was going to be an overwhelming demand elasticity response and that volumes could potentially fall off a cliff.

關於績效加薪，也就是基本薪資的成長，如果你還記得的話，我們宣布暫時停止加薪，因為我們非常擔心，因為我們看到川普政府提出的令人震驚的高關稅方案，並考慮到我們必須採取的定價措施來抵消這一影響。我們非常擔心會出現壓倒性的需求彈性反應，且交易量可能會急劇下降。

So as a prudent measure, we decided we didn't want to introduce more cost into the business in that time of uncertainty. We took a 90-day pause to evaluate the demand input and the market's response to the tariffs and our pricing actions. And as we've been talking about throughout this call, right, the volume response wasn't as bad as we feared. And so we decided to reinstate or restore the merit increase per our normal program.

因此，作為一項謹慎的措施，我們決定在不確定的時期不為業務帶來更多成本。我們暫停了 90 天，以評估需求輸入以及市場對關稅和定價行動的反應。正如我們在整個通話過程中所討論的那樣，音量響應並不像我們擔心的那麼糟糕。因此，我們決定依照正常計畫恢復或再恢復績效加薪。

Okay. That's great. Yeah, thanks for clarifying that. Yeah. And I guess as a follow-up, we've talked about the volume holding up a little bit better in the second quarter. Was there anything else that stood out to you in the quarter that was better than expected? Was it the price realization that you're getting and pushback or anything else about the quarter that was on the positive side?

好的。那太棒了。是的，謝謝你澄清這一點。是的。我想作為後續，我們已經討論過第二季的交易量會保持得更好一些。本季還有哪些事情讓您印象深刻並且比預期更好？是您實現了價格上漲，還是遇到了阻力，或者本季其他方面出現了積極變化？

Again, it's important to keep in mind, Walt, that in the first quarter, we had a big headwind from Turkey, right? That was a onetime related to the work stoppage and the labor negotiations there. And in the second quarter, we didn't have that headwind, and we also had a little bit of a tailwind from the load-in to a new large retail partner.

再次強調，沃爾特，重要的是要記住，在第一季度，我們面臨來自土耳其的巨大阻力，對嗎？那是一次與那裡的停工和勞資談判有關的事件。而在第二季度，我們沒有遇到這種逆風，而且我們也從新的大型零售合作夥伴的進駐中獲得了一點順風。

So absent those two things, we're still encouraged by the strength of the business and the progression and the resiliency that we see, but you have to include those two onetimes as you're comparing the sequential move from Q1 to Q2.

因此，即使沒有這兩件事，我們仍然對業務的實力、進步和我們所看到的彈性感到鼓舞，但在比較從第一季度到第二季度的連續變化時，你必須把這兩個一次性事件也包括在內。

Just to add, Walt, on the pricing side, based on what we saw, we're right in line to what our communications have been. If you recall, we said we expected pricing to move in the mid-single digits, and that's what we've seen now. We're probably pushing with the full -- at full maturity on the higher end of that. But really, as we've been speaking to on the call, is the resiliency in volumes where you've seen the -- which were stronger than expected.

沃爾特，我還要補充一點，在定價方面，根據我們所看到的情況，我們的定價與我們的溝通一致。如果您還記得的話，我們說過我們預計價格將以中等個位數波動，而現在我們也看到了這樣的情況。我們可能正在全力推動這一高端目標的全面成熟。但實際上，正如我們在電話中談到的那樣，您所看到的交易量的彈性比預期的要強。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Hey, thanks. Good morning, guys. Going back to some of the third-quarter commentary, I hear you on the continued uncertainty. But as you noted, pricing is strong, comps are easy. So should we expect normal 3Q revenue seasonality of down kind of low single digits sequentially? Or is there some other factor we should think about?

嘿，謝謝。大家早安。回顧第三季的一些評論，我聽到了您對持續存在的不確定性的看法。但正如您所說，定價強勁，比較容易。那麼，我們是否應該預期第三季營收會出現正常的季節性下降，也就是季減個位數？或者我們還應該考慮其他因素嗎？

No, I think it's a fair observation, just progressing in our normal seasonality is a good assumption.

不，我認為這是一個公平的觀察，只要我們的正常季節性進展就是一個很好的假設。

Yeah. With the caveat, Steve, that we'll start to see now the sell-through replenishment of the new retail customer, but we won't have the onetime load-in that we had in the second quarter.

是的。史蒂夫，需要注意的是，我們現在將開始看到新零售客戶的銷售補貨，但我們不會像第二季度那樣出現一次性的進貨。

Yeah. Understood. Back to the quoting activity in robotics. During the quarter, we saw an announcement between the largest Cobot OEM and one of the biggest global robotics consumers. In some industries, seeing a big player make an investment can spur activity from fast followers. Do you see dynamics like that in your business? Or is each deal more idiosyncratic?

是的。明白了。回到機器人領域的引用活動。在本季度，我們看到了最大的 Cobot OEM 和全球最大的機器人消費者之一之間的公告。在某些行業，看到大公司進行投資可能會激發快速跟進者的行動。您在自己的業務中看到過這樣的動態嗎？還是每筆交易都更具特色？

Steve, we're really focused on trying to solve the customer's challenge of attracting and retaining labor to drive their operations. And one of the biggest barriers for somebody to adopt automation is ease of use, ease of programming, ease of setting welding parameters, and the like.

史蒂夫，我們真正專注於嘗試解決客戶面臨的吸引和留住勞動力以推動其營運的挑戰。人們採用自動化的最大障礙之一是易用性、易編程性、易設定焊接參數等。

So we're singularly focused on trying to make automation easier for customers to deploy and adopt into their operations to the degree that there are other participants in the market that help amplify the message to the end user that they need to automate to survive. That's fine with us, but we're focused on our strategy and playing our game.

因此，我們專注於嘗試讓客戶更容易部署和採用自動化技術，以便市場上有其他參與者幫助向最終用戶傳達他們需要自動化才能生存的訊息。這對我們來說沒問題，但我們專注於我們的策略和比賽。

This concludes our question-and-answer session. I will now turn the call back to Gabe Bruno for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回 Gabe Bruno 進行結束語。

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.

我要感謝大家今天參加我們的電話會議，並感謝大家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。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。