3M (MMM) 2018 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the 3M second quarter earnings conference call.

歡迎來到 3M 第二季度財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, Tuesday, July 24, 2018.

（操作員說明）作為提醒，本次會議正在錄製，2018 年 7 月 24 日，星期二。

I would now like to turn the call over to Bruce Jermeland, Director of Investor Relations at 3M.

我現在想把電話轉給 3M 投資者關係總監 Bruce Jermeland。

Thank you, and good morning, everyone.

謝謝大家，早上好。

Welcome to our second quarter 2018 business review.

歡迎閱讀我們 2018 年第二季度的業務回顧。

On the call today are Inge Thulin, 3M's Executive Chairman; Mike Roman, our Chief Executive Officer; and Nick Gangestad, our Chief Financial Officer.

今天參加電話會議的有 3M 執行主席 Inge Thulin；我們的首席執行官 Mike Roman；和我們的首席財務官 Nick Gangestad。

Inge, Mike and Nick will make some formal comments, and then we'll take your questions.

Inge、Mike 和 Nick 將發表一些正式意見，然後我們將回答您的問題。

Please note that today's earnings release and slide presentation accompanying this call are posted on our Investor Relations website at 3m.com under the heading Quarterly Earnings.

請注意，本次電話會議隨附的今天的收益發布和幻燈片演示發佈在我們的投資者關係網站 3m.com 的“季度收益”標題下。

Before we begin, let me remind you of the dates for our upcoming investor events in 2018 found on Slide 2. Please mark your calendars for our Q3 earnings call on October 23.

在我們開始之前，讓我提醒您 2018 年我們即將舉行的投資者活動的日期，請參見幻燈片 2。請在您的日曆上標記 10 月 23 日的第三季度財報電話會議。

Also, our next Investor Day, which will be held at our headquarters in St.

此外，我們的下一個投資者日將在我們位於聖路易斯的總部舉行。

Paul, Minnesota, with a welcome reception the evening of Wednesday, November 14, and a formal presentation program on Thursday, November 15.

明尼蘇達州保羅，11 月 14 日星期三晚上舉行歡迎招待會，11 月 15 日星期四舉行正式演講活動。

More details will be available as we get closer to the event.

隨著活動的臨近，我們將提供更多詳細信息。

Please take a moment to read the forward-looking statement on Slide 3. During today's conference call, we will make certain predictive statements that reflect our current views about 3M's future performance and financial results.

請花點時間閱讀幻燈片 3 上的前瞻性聲明。在今天的電話會議中，我們將做出某些預測性聲明，以反映我們目前對 3M 未來業績和財務業績的看法。

These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties.

這些陳述基於某些假設和對未來事件的預期，這些事件受到風險和不確定性的影響。

Item 1A of our most recent Form 10-K lists some of the most important risk factors that could cause actual results to differ from our predictions.

我們最新的 10-K 表格的第 1A 項列出了一些可能導致實際結果與我們的預測不同的最重要的風險因素。

Please note that throughout today's presentation, we'll be making references to certain non-GAAP financial measures.

請注意，在今天的整個演示過程中，我們將參考某些非 GAAP 財務指標。

Reconciliations of the non-GAAP measures can be found in the appendices of today's presentation and press release.

非 GAAP 措施的對賬可以在今天的演示文稿和新聞稿的附錄中找到。

Please turn to Slide 4, and I'll hand off to Inge.

請轉到幻燈片 4，我將交給 Inge。

Inge?

英格？

Thank you, Bruce, and good morning, everyone.

謝謝你，布魯斯，大家早上好。

As you all are aware, Q2 was my last quarter as the CEO, and I have now moved on to my new role as Executive Chairman of the 3M Board.

正如你們所知，第二季度是我作為首席執行官的最後一個季度，現在我已經開始擔任 3M 董事會執行主席的新角色。

Mike Roman is our new CEO, and I'm pleased with the orderly transition between me and Mike, which we have worked on for the last year.

邁克·羅曼 (Mike Roman) 是我們的新任首席執行官，我對我和邁克之間的有序交接感到滿意，我們在過去一年一直致力於此。

In a moment, I would turn the call over to Mike and our CFO, Nick Gangestad, and you will see that once again, we had a very strong quarter with robust organic growth, margin expansion, EPS growth and good cash flow.

稍後，我會將電話轉給 Mike 和我們的首席財務官 Nick Gangestad，你會再次看到，我們有一個非常強勁的季度，有機增長強勁，利潤率擴張，每股收益增長和良好的現金流。

But before doing that, I would like to make a few comments.

但在此之前，我想發表幾點意見。

First, I would like to recognize all of you who have covered, analyzed and invested in 3M.

首先，我要感謝所有報導、分析和投資 3M 的人。

I have enjoyed our many interaction, and I have always appreciated your input along with your integrity and professionalism.

我很享受我們的許多互動，我一直很感激你的投入以及你的正直和專業。

I would also like to thank all of our 91,000 3Mers around the world for your contributions and support.

我還要感謝全世界所有 91,000 名 3Mers 的貢獻和支持。

Working together, I'm pleased at what we have accomplished over the last 6 years.

一起工作，我很高興我們在過去 6 年中取得的成就。

We have enhanced and focused our portfolio, and as a result, today, we are far more relevant to our customers and the marketplace.

我們增強並集中了我們的產品組合，因此，今天，我們與客戶和市場的相關性要高得多。

We have strengthened our innovation engine and improved our cost structure and began to transform 3M for the future.

我們加強了創新引擎，改善了成本結構，開始面向未來轉型3M。

We have reached for our vision of advancing every company, enhancing every home and improving every life.

我們已經實現了推動每家公司發展、改善每一個家庭和改善每一種生活的願景。

All of this is reflected in our financial results and in the premium value we have created for our customers and premium returns for our shareholders.

所有這一切都反映在我們的財務業績以及我們為客戶創造的溢價和為股東創造的溢價回報上。

At the same time, I'm equally confident in our future.

同時，我對我們的未來同樣充滿信心。

The Board of Directors and I have no doubt that Mike is the right person to lead our company as CEO and continue building strengths on strengths.

董事會和我堅信 Mike 是領導我們公司擔任 CEO 並繼續鞏固優勢的合適人選。

As I look across our enterprise, it's clear that we have the leadership, market position and capabilities to continue to build on the fundamental strengths of 3M.

當我審視我們的企業時，很明顯我們擁有領導地位、市場地位和能力，可以繼續鞏固 3M 的基本優勢。

With that, I would turn the call over to Mike for a summary of our second quarter.

有了這個，我會把電話轉給邁克，讓他對我們的第二季度進行總結。

Mike?

麥克風？

Thanks, Inge, and good morning, everyone.

謝謝，Inge，大家早上好。

Let me begin by saying that I am honored to serve as the Chief Executive Officer of this incredible enterprise and lead our team into the future.

首先讓我說，我很榮幸能擔任這家了不起的企業的首席執行官，並帶領我們的團隊走向未來。

I would like to express my gratitude to Inge for his vision, leadership and ongoing partnership in his new role as Executive Chairman.

我要感謝 Inge 在擔任執行主席的新職位上的遠見、領導能力和持續的合作夥伴關係。

Over the last 6 years, we've made great progress in building out the 3M Playbook, which has created a tremendous foundation for us.

在過去的 6 年裡，我們在構建 3M Playbook 方面取得了巨大進步，這為我們奠定了巨大的基礎。

Moving ahead, we are focused on continuing our momentum, generating extraordinary value for our customers and premium returns for our shareholders.

展望未來，我們專注於保持我們的發展勢頭，為我們的客戶創造非凡的價值並為我們的股東帶來豐厚的回報。

Now let's review our second quarter results, starting on Slide 5. We had a strong quarter, highlighted by broad-based organic growth and a double-digit increase in earnings per share, along with record sales and rising margins.

現在讓我們回顧一下我們的第二季度業績，從幻燈片 5 開始。我們有一個強勁的季度，突出表現在基礎廣泛的有機增長和每股收益兩位數的增長，以及創紀錄的銷售額和不斷上升的利潤率。

Looking at the numbers, total sales were $8.4 billion, an all-time high for 3M.

從數字上看，總銷售額為 84 億美元，是 3M 的歷史新高。

We delivered strong organic growth of 6%, with positive growth across all business groups and all geographic areas.

我們實現了 6% 的強勁有機增長，所有業務集團和所有地理區域均實現了正增長。

Please note that we have an upcoming ERP rollout in the United States.

請注意，我們即將在美國推出 ERP。

And in anticipation of that deployment, some of our customers decided to accelerate their purchases.

考慮到這種部署，我們的一些客戶決定加快購買速度。

We estimate that this added approximately 50 to 100 basis points of growth in the second quarter, all of it in the U.S. results.

我們估計這在第二季度增加了大約 50 到 100 個基點的增長，所有這些都在美國的結果中。

Moving on to earnings.

繼續收益。

We posted GAAP earnings of $3.07 per share, up 19% year-on-year.

我們公佈的 GAAP 每股收益為 3.07 美元，同比增長 19%。

Adjusted earnings were $2.59 per share compared to $2.25 a year ago.

調整後每股收益為 2.59 美元，而一年前為 2.25 美元。

This demonstrates that our teams around the world continue to execute well.

這表明我們在世界各地的團隊繼續表現良好。

Underlying margins were strong at 24%, with all business groups above 21%.

基本利潤率高達 24%，所有業務集團均超過 21%。

Beyond financial results, we are committed to building 3M for the long run while returning cash to our shareholders.

除了財務業績外，我們還致力於長期建設 3M，同時向股東返還現金。

In the second quarter, we invested $468 million in research and development and another $365 million in CapEx.

第二季度，我們在研發上投資了 4.68 億美元，在資本支出上又投資了 3.65 億美元。

We also returned $2.4 billion to shareholders, including both dividends and share repurchases.

我們還向股東返還了 24 億美元，包括股息和股票回購。

Please turn to Slide 6. There's a lot to like this quarter across our entire portfolio.

請轉到幻燈片 6。本季度我們整個產品組合中有很多值得關注的地方。

Our Industrial team posted good organic growth of 6%, a nice pickup from the first quarter.

我們的工業團隊實現了 6% 的良好有機增長，較第一季度有所回升。

Growth was broad-based, with particular strength in our filtration platform where we are leveraging our Membrana acquisition to accelerate penetration in biopharma and life sciences.

增長基礎廣泛，我們的過濾平台尤其強大，我們正在利用我們對 Membrana 的收購來加速在生物製藥和生命科學領域的滲透。

Safety and Graphics delivered another outstanding quarter of 9% organic growth, along with robust margins.

安全和圖形部門又一個出色的季度實現了 9% 的有機增長，同時利潤率也很強勁。

For the fourth consecutive quarter, our personal safety business grew double digits as we continue to build and extend our industry-leading portfolio in this market.

隨著我們繼續在該市場建立和擴展行業領先的產品組合，我們的人身安全業務連續第四個季度實現兩位數增長。

In Health Care, we continued to expand worldwide with organic growth of 4%, led by our medical solutions business with mid-single-digit growth.

在醫療保健領域，我們繼續以 4% 的有機增長在全球擴張，其中以我們的醫療解決方案業務為首，實現了中等個位數的增長。

Health Care also posted double-digit growth in developing markets as investments in those areas are paying off.

醫療保健在發展中市場也實現了兩位數的增長，因為對這些領域的投資正在取得回報。

This is a great business for 3M, and we will continue to invest to strengthen it for the future.

這對 3M 來說是一項偉大的業務，我們將繼續投資以加強它的未來。

Organic growth in Electronics and Energy was 5% on top of 10% growth in last year's second quarter.

電子和能源領域的有機增長率在去年第二季度的 10% 基礎上增長了 5%。

Within this business group, we have done a lot of portfolio work over the last several years to improve our relevance to customers and the marketplace.

在這個業務組中，我們在過去幾年中做了很多投資組合工作，以提高我們與客戶和市場的相關性。

This has led to improved growth and a sustained improvement in margins.

這導致了增長的改善和利潤率的持續提高。

Last month, we continued to build on this portfolio work with the sale of our communication markets business.

上個月，我們繼續通過出售我們的通信市場業務來鞏固這一投資組合。

After a thorough review, we decided that selling this business will result in the greatest value creation for 3M and our shareholders.

經過全面審查，我們決定出售該業務將為 3M 和我們的股東創造最大的價值。

This is a good example of how we are actively managing our portfolio to best utilize the 3M model.

這是一個很好的例子，說明我們如何積極管理我們的產品組合以最好地利用 3M 模型。

Going forward, we will continue to prioritize high growth opportunities in Electronics and Energy, such as automotive electrification, data centers and semiconductor fabrication.

展望未來，我們將繼續優先考慮電子和能源領域的高增長機會，例如汽車電氣化、數據中心和半導體製造。

Finally, organic growth in Consumer was 4%, which included good performances across our leading brands.

最後，消費者業務的有機增長為 4%，其中包括我們領先品牌的良好表現。

We saw continued strength in home improvement along with a strong start to the back-to-school season.

隨著開學季的強勁開局，我們看到了家庭改善的持續強勁勢頭。

In summary, I'm pleased with our performance in the second quarter, and I thank our teams for their many contributions.

總而言之，我對我們第二季度的表現感到滿意，感謝我們的團隊做出的諸多貢獻。

Our playbook is working, and we are just getting started.

我們的劇本正在發揮作用，我們才剛剛開始。

We are well positioned to grow into an even stronger and more successful company.

我們已準備好成長為一家更強大、更成功的公司。

Looking ahead, we'll continue to optimize our portfolio, strengthen our innovation and accelerate our transformation while developing our people.

展望未來，我們將繼續優化我們的產品組合，加強我們的創新，並在發展我們的人才的同時加快我們的轉型。

Nick will now take you through the details of the quarter.

Nick 現在將帶您了解本季度的詳細信息。

Nick?

缺口？

Thank you, Mike, and good morning, everyone.

謝謝邁克，大家早上好。

Please turn to Slide 7. Sales grew 5.6% organically in the second quarter.

請轉到幻燈片 7。第二季度銷售額有機增長 5.6%。

Increases in selling prices contributed 110 basis points to sales growth in the quarter and were positive across all geographic areas.

銷售價格的上漲為本季度的銷售增長貢獻了 110 個基點，並且在所有地區都是積極的。

The net impact of acquisitions and divestitures contributed 80 basis points to sales growth in the quarter.

收購和資產剝離的淨影響為本季度的銷售增長貢獻了 80 個基點。

Foreign currency translation increased sales by 1 percentage point.

外幣換算使銷售額增加了 1 個百分點。

All in, second quarter sales in U.S. dollars increased 7.4% versus last year.

總而言之，以美元計算的第二季度銷售額與去年同期相比增長了 7.4%。

In the U.S., organic growth was 5.6%, led by Electronics and Energy, Safety and Graphics and Consumer.

在美國，有機增長為 5.6%，由電子和能源、安全和圖形以及消費者引領。

EMEA increased 5.8% in Q2, driven by strong growth in West Europe that was led by Electronics and Energy, industrial and Safety and Graphics.

歐洲、中東和非洲地區在第二季度增長了 5.8%，這得益於以電子和能源、工業、安全和圖形為主導的西歐強勁增長。

Asia Pacific delivered 5.5% organic growth, led by Health Care and Safety and Graphics.

亞太地區實現了 5.5% 的有機增長，其中醫療保健、安全和製圖業務領漲。

Organic growth was 12% in both China/Hong Kong and India, while Japan was down 2%.

中國/香港和印度的有機增長率均為 12%，而日本下降了 2%。

Finally, Q2 organic growth in Latin America/Canada was 6%, led by Health Care and Safety and Graphics.

最後，拉丁美洲/加拿大第二季度的有機增長率為 6%，其中醫療保健、安全和製圖領漲。

At a country level, Canada was up high single digits while Mexico and Brazil both delivered mid-single-digit organic growth.

在國家層面，加拿大實現了高個位數的增長，而墨西哥和巴西均實現了中等個位數的有機增長。

Please turn to Slide 8 for the second quarter P&L highlights.

請轉到幻燈片 8 了解第二季度損益亮點。

Company-wide, second quarter sales were $8.4 billion.

全公司範圍內，第二季度銷售額為 84 億美元。

Operating income in the second quarter was $2.4 billion, which included a $400 million benefit from the communication markets divestiture gain, net of related actions.

第二季度的營業收入為 24 億美元，其中包括從通信市場剝離收益中扣除相關行動後的 4 億美元收益。

Second quarter underlying operating margins were 24%, excluding the net benefit from the communication markets divestiture.

第二季度基本營業利潤率為 24%，不包括從通信市場剝離中獲得的淨收益。

Let's take a closer look at the components of our margin performance in the second quarter.

讓我們仔細看看第二季度我們利潤率表現的組成部分。

Leverage on organic growth, improved productivity and lower year-on-year portfolio and footprint actions contributed a combined 290 basis points to margins.

有機增長的槓桿作用、提高的生產率以及同比下降的投資組合和足跡行動為利潤率貢獻了 290 個基點。

Selling price benefits more than offset raw material inflation, adding 30 basis points to operating margins.

銷售價格的好處大於抵消原材料通脹，使營業利潤率增加 30 個基點。

Foreign currency, net of hedging impacts, reduced margins by 20 basis points.

扣除對沖影響後的外幣利潤減少了 20 個基點。

Lastly, during the second quarter, we settled several respiratory and oral care-related lawsuits, which decreased margins by 70 basis points.

最後，在第二季度，我們解決了幾起與呼吸和口腔護理相關的訴訟，使利潤率下降了 70 個基點。

Let's now turn to Slide 9 for a closer look at earnings per share.

現在讓我們轉到幻燈片 9 仔細查看每股收益。

Second quarter GAAP earnings were $3.07 per share, up 19% year-over-year.

第二季度 GAAP 每股收益為 3.07 美元，同比增長 19%。

Underlying earnings were $2.59 per share when adjusting for the communication markets divestiture gain, net of related actions.

扣除相關行動後，根據通信市場資產剝離收益進行調整後，基礎收益為每股 2.59 美元。

Let me now discuss the primary drivers of the year-on-year increase in Q2 earnings per share.

現在讓我討論一下第二季度每股收益同比增長的主要驅動因素。

The benefits of organic growth, productivity and lower year-on-year portfolio and footprint actions added a combined $0.47 to per share earnings in the quarter.

有機增長、生產力以及同比下降的投資組合和足跡行動帶來的好處使本季度的每股收益合計增加了 0.47 美元。

The previously mentioned legal settlements reduced Q2 earnings by $0.07 per share.

前面提到的法律和解使第二季度每股收益減少了 0.07 美元。

Higher year-on-year net interest expense and retirement benefit expense decreased earnings by $0.06 per share.

較高的同比淨利息支出和退休福利支出使每股收益減少 0.06 美元。

Our underlying Q2 tax rate was 19.8%, which increased earnings by $0.16 per share.

我們的第二季度基本稅率為 19.8%，這使每股收益增加了 0.16 美元。

The lower tax rate was driven primarily by U.S. tax reform and the continued benefits from our Supply Chain Centers of Expertise.

較低的稅率主要是由美國稅制改革和我們供應鏈專業中心的持續收益推動的。

Lastly, lower shares outstanding added $0.04 to per share earnings.

最後，流通股減少使每股收益增加 0.04 美元。

Please turn to Slide 10 for a look at our cash flow performance.

請轉到幻燈片 10 查看我們的現金流量表現。

Second quarter free cash flow was $1.5 billion, up 14.5% year-on-year.

第二季度自由現金流為 15 億美元，同比增長 14.5%。

Free cash flow conversion was 83% in the quarter.

本季度自由現金流轉換率為 83%。

This includes a 16 percentage point headwind from the divestiture gain of the communication markets business and related actions.

這包括來自通信市場業務和相關行動的剝離收益的 16 個百分點的逆風。

Second quarter capital expenditures were $365 million, up $63 million year-on-year.

第二季度資本支出為 3.65 億美元，同比增加 6300 萬美元。

For the full year, we continue to anticipate CapEx investments in the range of $1.5 billion to $1.8 billion.

對於全年，我們繼續預計資本支出將在 15 億至 18 億美元之間。

During the quarter, we paid $802 million in cash dividends to shareholders and returned $1.6 billion to shareholders through gross share repurchases.

本季度，我們向股東支付了 8.02 億美元的現金股息，並通過股票回購總額向股東返還了 16 億美元。

Through the first half of the year, we repurchased $2.5 billion of stock and now expect full year repurchases to be in the range of $4 billion to $5 billion versus $3 billion to $5 billion previously.

今年上半年，我們回購了 25 億美元的股票，現在預計全年回購金額將在 40 億至 50 億美元之間，而此前為 30 億至 50 億美元。

Let's now review our business group performance, starting with Industrial on Slide 11.

現在讓我們回顧一下我們的業務組績效，從幻燈片 11 上的工業開始。

The Industrial Business Group delivered second quarter sales of $3.1 billion, up 5.7% organically.

工業業務集團第二季度銷售額為 31 億美元，有機增長 5.7%。

Industrial's growth was broad-based across all geographic areas and businesses.

工業的增長基礎廣泛，遍及所有地理區域和業務。

Our advanced materials, abrasives and separation and purification businesses led the way with high single-digit growth in the quarter.

我們的先進材料、磨料和分離與純化業務在本季度以高個位數增長領跑。

Looking at the rest of the Industrial portfolio, our industrial adhesives and tapes, auto and aerospace and automotive aftermarket businesses all delivered mid-single-digit growth in the quarter.

看看其餘的工業產品組合，我們的工業粘合劑和膠帶、汽車和航空航天以及汽車售後市場業務在本季度都實現了中個位數的增長。

On a geographic basis, Industrial's organic growth was led by a 7% increase in EMEA, followed by mid-single-digit growth in each of the other areas.

在地理基礎上，工業的有機增長由歐洲、中東和非洲地區 7% 的增長帶動，其次是其他每個地區的中等個位數增長。

Industrial delivered second quarter operating income of $724 million.

Industrial 第二季度營業收入為 7.24 億美元。

Operating margins were 23%, with underlying margins up 180 basis points, excluding the impact of last year's second quarter portfolio and footprint actions.

營業利潤率為 23%，基本利潤率上升 180 個基點，不包括去年第二季度投資組合和足跡行動的影響。

Please turn to Slide 12.

請轉到幻燈片 12。

Second quarter Safety and Graphics sales were $1.8 billion, up 8.5% organically, with strong growth across all businesses and geographies.

第二季度安全和圖形銷售額為 18 億美元，有機增長 8.5%，所有業務和地區均實現強勁增長。

As Mike mentioned, our personal safety business continued to post excellent growth, up double digits in the quarter.

正如 Mike 所提到的，我們的人身安全業務繼續保持出色的增長，本季度增長了兩位數。

The integration of our Scott Safety business is performing well, and we are pleased with the performance of the business.

我們 Scott Safety 業務的整合表現良好，我們對該業務的表現感到滿意。

Commercial solutions was up high single digits while the transportation safety and roofing granules businesses were both up mid-single digits.

商業解決方案增長了高個位數，而運輸安全和屋頂顆粒業務均增長了中等個位數。

Geographically, organic growth was led by 10% growth in EMEA, with high single-digit increases in both the U.S. and Asia Pacific.

從地域上看，有機增長由歐洲、中東和非洲地區 10% 的增長帶動，美國和亞太地區均實現了高個位數增長。

Latin America/Canada grew 6% organically in the quarter.

拉丁美洲/加拿大本季度有機增長 6%。

Operating income was $480 million, with operating margins of 26.4%.

營業收入為 4.8 億美元，營業利潤率為 26.4%。

Please turn to Slide 13.

請轉到幻燈片 13。

Our Health Care business generated second quarter sales of $1.5 billion, up 3.8% organically.

我們的醫療保健業務第二季度銷售額為 15 億美元，有機增長 3.8%。

Our medical solutions business, which is our largest segment in Health Care, grew mid-single digits in Q2.

我們的醫療解決方案業務是我們在醫療保健領域最大的業務，在第二季度實現了中個位數增長。

Oral care was up 3%, with continued good growth internationally, particularly in developing markets.

口腔護理增長了 3%，國際市場繼續保持良好增長，尤其是在發展中市場。

Food safety grew high single digits while health information systems grew mid-single digits.

食品安全增長了高個位數，而健康信息系統增長了中等個位數。

Finally, our project-based drug delivery business declined low single digits year-over-year.

最後，我們基於項目的藥物輸送業務同比下降了低個位數。

On a geographic basis, Asia Pacific and Latin America/Canada led the way, both up high single digits.

在地理基礎上，亞太地區和拉丁美洲/加拿大處於領先地位，均以高個位數增長。

EMEA grew 5%, followed by 1% in the U.S. We saw continued strength in developing markets, up double digits, led by China/Hong Kong growing in the high teens.

歐洲、中東和非洲地區增長了 5%，其次是美國增長了 1%。我們看到發展中市場持續強勁，增長兩位數，其中中國/香港以十幾歲的高位增長為首。

Health Care's second quarter operating income increased 7% to $435 million, and underlying operating margins were just over 30%, adjusting for the impacts of a legal settlement and the commercialization investments for our new Clarity aligners.

醫療保健第二季度營業收入增長 7% 至 4.35 億美元，基本營業利潤率略高於 30%，調整了法律和解的影響和我們新的 Clarity 對齊器的商業化投資。

Next, let's cover Electronics and Energy on Slide 14.

接下來，讓我們在幻燈片 14 上介紹電子和能源。

Electronics and Energy organic sales growth was 5.2% in the second quarter.

第二季度電子和能源有機銷售額增長 5.2%。

Sales were $1.3 billion.

銷售額為 13 億美元。

The electronics side of the business grew 4% organically, led by mid-single-digit growth in electronics materials solutions.

在電子材料解決方案的中等個位數增長的帶動下，該業務的電子業務有機增長了 4%。

Our energy-related businesses were up 9% organically, led by electrical markets up double digits.

我們的能源相關業務有機增長 9%，其中電氣市場增長兩位數。

As mentioned, we closed on the sale of substantially all of the communication markets business in the quarter and expect to close the remaining portion by the end of the year.

如前所述，我們在本季度完成了幾乎所有通信市場業務的出售，並預計將在年底前完成剩餘部分的出售。

On a geographic basis, the U.S. led with high single-digit organic growth, followed by mid-single-digit growth in both EMEA and Asia Pacific.

在地理基礎上，美國以高個位數的有機增長領先，其次是 EMEA 和亞太地區的中等個位數增長。

Latin America/Canada was up low single digits.

拉丁美洲/加拿大以低個位數增長。

Second quarter operating income for Electronics and Energy was $865 million, with underlying operating margins of nearly 28%.

電子和能源部門第二季度營業收入為 8.65 億美元，基本營業利潤率接近 28%。

Please turn to Slide 15.

請轉到幻燈片 15。

Second quarter sales in Consumer were $1.2 billion, and organic growth was 4.3% year-on-year.

消費品第二季度銷售額為 12 億美元，有機增長率同比增長 4.3%。

Our home improvement business grew double digits organically, continuing its track record of strong performance.

我們的家居裝修業務實現了兩位數的有機增長，延續了其強勁業績的記錄。

Our leading brands continue to win in the marketplace, particularly Command and Filtrete, both up double digits.

我們的領先品牌繼續在市場上獲勝，尤其是 Command 和 Filtrete，均以兩位數增長。

The home care business and stationery and office supply business each delivered low single-digit growth in the quarter, while consumer health care declined.

家庭護理業務和文具及辦公用品業務在本季度均實現了較低的個位數增長，而消費者保健業務則出現下滑。

Looking at Consumer geographically, growth was led by a 7% increase in the U.S., followed by mid-single-digit growth in Latin America/Canada.

從地域上看消費者，美國增長 7%，其次是拉丁美洲/加拿大的中等個位數增長。

In the second quarter, we continued to see strong consumer demand for our products in the U.S., particularly in the e-commerce channel.

在第二季度，我們繼續看到美國消費者對我們產品的強勁需求，尤其是在電子商務渠道。

Finally, operating income was $261 million, with operating margins of 21.4%.

最後，營業收入為 2.61 億美元，營業利潤率為 21.4%。

That wraps up our review of the second quarter results.

我們對第二季度業績的回顧到此結束。

Please turn to Slide 16, and I'll cover our updated 2018 guidance.

請轉到幻燈片 16，我將介紹我們更新的 2018 年指南。

Our full year organic growth expectations remain unchanged in the range of 3% to 4%.

我們的全年有機增長預期保持在 3% 至 4% 的範圍內不變。

With respect to earnings, we now expect full year adjusted EPS to be in the range of $10.20 to $10.45 versus a prior range of $10.20 to $10.55.

關於收益，我們現在預計全年調整後每股收益將在 10.20 美元至 10.45 美元之間，而之前的區間為 10.20 美元至 10.55 美元。

The update to the range reflects the impact of the divested income associated with the communication markets business.

該範圍的更新反映了與通信市場業務相關的剝離收入的影響。

Finally, please note that we now expect that foreign currency translation will add approximately 1% to full year sales growth versus a prior expectation of 2%.

最後，請注意，我們現在預計外幣換算將使全年銷售額增長約 1%，而此前預期為 2%。

With that, we thank you for your attention, and we'll now take your questions.

感謝您的關注，我們現在將回答您的問題。

(Operator Instructions) And our first question comes from the line of Scott Davis of Melius Research.

（操作員說明）我們的第一個問題來自 Melius Research 的 Scott Davis。

Inge, you will be missed.

英格，你會被想念的。

You did a fantastic job, as you know.

如你所知，你做得很棒。

And Mike, big shoes to fill, but I'm sure you'll do great as well.

邁克，大鞋子來填補，但我相信你也會做得很好。

Anyway...

反正...

Well, thank you, Scott.

好吧，謝謝你，斯科特。

You're quite welcome.

你太客氣了。

Guys, one thing that caught my eye just in the prepared remarks was your ERP rollout comments.

伙計們，在準備好的評論中引起我注意的一件事是您的 ERP 推出評論。

Can you tell us, is that in every segment?

你能告訴我們，是在每個細分市場嗎？

Is that -- how big of a deal is this?

那是——這有什麼大不了的？

And what's your confidence level that the pull-forward was just 50 to 100 and not something greater than that?

你認為前拉只是 50 到 100 而不是更大的信心水平是多少？

Is it possible to have that kind of precision?

有可能有那種精度嗎？

Yes.

是的。

Scott, we've been working on deploying our Business Transformation, our ERP rollout globally for a number of years.

Scott，我們多年來一直致力於部署我們的業務轉型，即我們在全球範圍內推出的 ERP。

And we have largely completed our deployment in Europe, West Europe in particular, and now we -- as we came into 2018, we are focused on the U.S. And so it's a very well-laid-out plan of deployments by region, by business, by supply chain operations.

我們已經基本完成了在歐洲的部署，特別是西歐，現在我們 - 當我們進入 2018 年時，我們專注於美國因此這是一個按地區，按業務的非常周密的部署計劃, 通過供應鏈運營。

And so we are, over the next 18 months now, deploying in the U.S. So very specific deployment by business.

因此，在接下來的 18 個月裡，我們將在美國部署非常具體的業務部署。

We did deploy our Health Care business at the end of last year, and so we have experience with that business in the deployment already complete.

我們確實在去年年底部署了我們的醫療保健業務，因此我們在已經完成的部署中擁有該業務的經驗。

And now we're deploying the rest of the businesses in the U.S. as we go through the next 18 months.

現在，在接下來的 18 個月裡，我們將在美國部署其餘業務。

So we have pretty clear view on which customers are impacted with the deployment at which periods of time.

因此，我們非常清楚哪些客戶在哪些時間段受到部署的影響。

And so we have very good -- I think, a pretty clear view of how much of the accelerated sales are in line with the deployment now that's taking place in the U.S.

因此，我們有非常好的——我認為，一個非常清楚的觀點，即有多少加速的銷售與現在在美國進行的部署相符。

Okay, fair enough.

好吧，很公平。

And then as a follow-up, I mean, we've seen some pretty big moves in EM currency over the last quarter.

然後作為後續行動，我的意思是，我們在上個季度看到了新興市場貨幣的一些相當大的波動。

And what can you guys -- I mean, what's the playbook?

你們能做什麼——我的意思是，劇本是什麼？

Do you have to go in there and raise prices?

你必須去那裡提高價格嗎？

I mean, do you realign some supply chains?

我的意思是，你會重新調整一些供應鏈嗎？

I mean, what's the playbook when -- to manage that volatility?

我的意思是，管理這種波動的策略是什麼？

Yes, Scott.

是的，斯科特。

In the playbook on there, it really isn't changing.

在那兒的劇本中，它真的沒有改變。

We seek to have natural hedges against currency risk in how we set up the supply chain, and then we layer on top of that some financial hedges.

我們尋求在我們如何建立供應鏈時對貨幣風險進行自然對沖，然後我們在其之上疊加一些金融對沖。

And those financial hedges don't ultimately change the underlying financials over a longer period of time, but we have hedges that we enter into going out 1, 2, 3 years to buy time for us to adjust our cost structure, our supply chain in order to end up with a competitive supply chain in a revised FX environment.

這些金融對沖最終不會在較長時間內改變基礎財務狀況，但我們有 1、2、3 年的對沖，為我們調整成本結構爭取時間，我們的供應鏈在為了最終在修訂後的外匯環境中形成具有競爭力的供應鏈。

So in the short term, what we often do especially in emerging markets, we will adjust prices to partially offset the FX impact, and then we will adjust our supply chain, adjusting where we're manufacturing based on FX movements.

因此，在短期內，我們經常做的事情，尤其是在新興市場，我們將調整價格以部分抵消外匯影響，然後我們將調整我們的供應鏈，根據外匯變動調整我們的製造地點。

That tends to take a little longer time, though, Scott, and not in the short term, but we often have to change and requalify sources of supply to make that happen.

不過，這往往需要更長的時間，斯科特，而不是在短期內，但我們經常必須改變和重新鑑定供應來源才能實現這一目標。

For the year, Scott, I will say we started the year guiding that FX, with rates as they stood at the end of the year, we thought that they would positively impact our earnings by about $0.10.

對於這一年，斯科特，我會說我們從年初開始指導外匯，按照年底的利率，我們認為它們會對我們的收益產生大約 0.10 美元的積極影響。

Through the first few months of the year, the dollar weakened more, and that pushed our EPS benefit that we were expecting slightly above that $0.10.

在今年的前幾個月，美元貶值幅度更大，這推動了我們預期的每股收益略高於 0.10 美元。

In the last few months, we've seen the dollar strengthen, and we now see ourselves slightly below that $0.10.

在過去的幾個月裡，我們看到美元走強，現在我們看到自己略低於 0.10 美元。

And through the first half of the year, we have seen a $0.06 EPS benefit from FX.

在今年上半年，我們已經看到 0.06 美元的每股收益從外匯中獲益。

And if we see meaningful changes to that $0.10 we originally guided, we'll provide updates on that accordingly.

如果我們看到最初指導的 0.10 美元有有意義的變化，我們將相應地提供更新。

Our next question comes from the line of Andrew Obin of Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Andrew Obin。

Inge, congratulations.

英格，恭喜。

Thanks, Mike.

謝謝，邁克。

We look forward to working with you and the team.

我們期待與您和團隊合作。

Thank you, Andrew.

謝謝你，安德魯。

Same here, Andrew.

我也一樣，安德魯。

Just a question on guidance.

只是一個關於指導的問題。

If I look at income before taxes that you guys have on Slide 22, basically, I think prior outlook was $7.7 billion to $8.2 billion and now it's $7.8 billion to $7.9 billion.

如果我看一下你們在幻燈片 22 上的稅前收入，基本上，我認為之前的前景是 77 億美元到 82 億美元，現在是 78 億美元到 79 億美元。

And I think the press release indicates that most of it is just adjusting for missing revenue and earnings from the divestiture, but the composition sort of doesn't make sense.

而且我認為新聞稿表明其中大部分只是針對資產剝離中缺失的收入和收益進行調整，但構成有點不合理。

Can you tell us what the moving -- what the big moving pieces are as we move from $7.7 billion, $8.2 billion range to $7.8 billion to $7.9 billion?

你能告訴我們移動的是什麼——當我們從 77 億美元、82 億美元的範圍移動到 78 億美元到 79 億美元時，有哪些大的移動部分？

Yes.

是的。

Andrew, there's a few moving pieces there.

安德魯，那裡有一些動人的作品。

First of all, as you noted, now that we have divested of our communications markets division, there's some income that, that would have been generating in the last 7 months of the year that, that will no longer be generating.

首先，正如您所指出的，既然我們已經剝離了我們的通信市場部門，那麼今年最後 7 個月本應產生的一些收入將不再產生。

And that's what's encompassed in our adjustment to our EPS guidance for the year.

這就是我們對今年 EPS 指導的調整所包含的內容。

In particular, what you're talking about there, there's also an impact from net interest expense.

特別是，你在那裡談論的是，淨利息支出也有影響。

So in terms of our earnings bridge that we laid out at the beginning of the year, there's a couple moving parts in addition to the -- this communication markets adjustment that we announced today.

因此，就我們在年初制定的盈利橋樑而言，除了我們今天宣布的通信市場調整之外，還有幾個移動部分。

First is we are buying back more shares.

首先是我們正在回購更多股票。

And we originally guided that, that would be $0.10 to $0.15 of benefit.

我們最初指導的是 0.10 美元到 0.15 美元的收益。

We now see ourselves at the high end of that range.

我們現在認為自己處於該範圍的高端。

So that's on the positive.

所以這是積極的。

We also are borrowing more money, so our net interest expense is going up.

我們也藉了更多的錢，所以我們的淨利息支出在增加。

So we started the year guiding that net interest expense would be a benefit to our EPS of $0.05 to $0.10.

因此，我們在今年年初指導淨利息支出將使我們的每股收益增加 0.05 美元至 0.10 美元。

We now think that'll be approximately flat for the year.

我們現在認為這一年將大致持平。

Okay, got you.

好的，明白了。

So these are the 3 moving pieces.

所以這些是 3 個移動部分。

And just a question, going back to the ERP question.

只是一個問題，回到 ERP 問題。

A, I assume your guidance sort of incorporated -- did you guys anticipate this prebuy in the second quarter?

答，我假設你的指導有點合併 - 你們是否預計第二季度會進行預購？

And the second, just how do you guys think about sort of managing disruptions from ERP implementations in North America?

第二，你們如何看待管理北美 ERP 實施帶來的中斷？

Because Western Europe -- and I do appreciate that Western Europe was a much more significant undertaking in terms of shutting down facilities, moving stuff around, but you did have negative top line comps there for a while.

因為西歐——我很欣賞西歐在關閉設施、轉移東西方面是一項更為重要的事業，但你確實有一段時間在那裡有負面的頂線補償。

So going to the second half, as you have to manage ERP disruptions in North America, what gives you confidence that there will not be hits to organic growth?

那麼進入下半年，由於您必須管理北美的 ERP 中斷，是什麼讓您相信有機增長不會受到影響？

How are you guys going to manage it?

你們打算如何管理它？

Sorry for the lengthy question.

很抱歉這個冗長的問題。

Yes.

是的。

I would maybe start with, as we've talked a lot about with our Business Transformation, it really starts and ends with the customer for us.

我可能會開始，因為我們已經就我們的業務轉型談了很多，它真正開始和結束於我們的客戶。

So we are -- in our deployments, that's where we start.

所以我們 - 在我們的部署中，這就是我們的起點。

We focus on how to do the best for our customers, minimize impact and provide benefits with where we're going with Business Transformation.

我們專注於如何為我們的客戶做到最好，最大限度地減少影響並為我們進行業務轉型的地方提供好處。

And I would say, as we deployed in Europe, that was true.

我會說，正如我們在歐洲部署的那樣，這是真的。

I mean, you are asking the customers to significantly change how they interact with us, but on the other side of that, change process is a lot of benefit for how we work together.

我的意思是，你要求客戶顯著改變他們與我們互動的方式，但另一方面，改變過程對我們的合作方式有很大好處。

And so I think we saw that in Europe.

所以我認為我們在歐洲看到了這一點。

And I -- we had the deployment, and some of the same things we're seeing now in the U.S. where we had some accelerated purchases, I don't think we would characterize it the way you did, that we saw growth impacted by that Business Transformation.

而且我 - 我們進行了部署，我們現在在美國看到了一些相同的事情，我們在那裡進行了一些加速購買，我認為我們不會像你那樣描述它，我們看到增長受到影響業務轉型。

That was other dynamics in the marketplace and even some of the things that we're doing around portfolio, so I -- and maybe to a degree, some of the things we're doing about some of the strategic investments there.

那是市場上的其他動態，甚至是我們圍繞投資組合所做的一些事情，所以我——也許在某種程度上，我們正在做一些關於那裡的一些戰略投資的事情。

But the layout with a focus on customers and how we manage that, that's part of what we're doing in the U.S. now.

但是以客戶為中心的佈局以及我們如何管理它，這是我們現在在美國所做的事情的一部分。

We're engaging them day in and day out, communicating with them early about how this is progressing, working with them very closely about managing through any disruption as we scale down the legacy systems and scale up the new ERP and surrounding capabilities.

我們日復一日地與他們接觸，儘早與他們溝通這方面的進展，與他們密切合作，在我們縮減遺留系統並擴大新的 ERP 和周邊功能時管理任何中斷。

And so that process, we are managing supply all the way through the calendar of those steps.

因此，在這個過程中，我們一直在通過這些步驟的日曆來管理供應。

And this accelerated buy, we expected some accelerated buy.

而這種加速購買，我們預計會有一些加速購買。

We were working with our customers as we got closer, how much interruption would they see, how much accelerated buy made sense, if -- and it's really up to them ultimately.

隨著我們越來越接近，我們正在與我們的客戶合作，他們會看到多少中斷，有多少加速購買是有意義的，如果 - 這最終取決於他們。

They are making the decision on what they buy based on the information we're communicating with them.

他們根據我們與他們交流的信息來決定購買什麼。

It's -- I would say it's in line with what we've seen as we've deployed through West Europe.

這是——我想說這與我們在西歐部署時所看到的一致。

And I think it's projecting that we're doing a good job with deployments.

我認為這表明我們在部署方面做得很好。

They're on track and progressing well.

他們走上正軌，進展順利。

So from your perspective, there is high degree of visibility on organic growth in second half?

那麼從您的角度來看，下半年有機增長的可見度很高嗎？

Yes.

是的。

Related to the ERP deployment?

與ERP部署相關？

Absolutely.

絕對地。

Our next question comes from the line of Andrew Kaplowitz of Citi.

我們的下一個問題來自花旗銀行的 Andrew Kaplowitz。

Inge, congrats and good luck again.

Inge，恭喜你，祝你好運。

Thank you.

謝謝。

So there's obviously been a little more noise here with the ERP rollout.

因此，隨著 ERP 的推出，這裡顯然有更多的噪音。

But can you give us a little more color on how should we think about your organic sales growth guidance by segment?

但是你能給我們更多關於我們應該如何考慮你的細分市場有機銷售增長指導的顏色嗎？

If we look at your annual guidance, you guys talked about Health Care at 4% to 6%, maybe you're trending a little below there, but Safety and Graphics is trending way above.

如果我們看一下你們的年度指導，你們談論的醫療保健佔 4% 到 6%，也許你們的趨勢略低於那裡，但安全和圖形的趨勢要高得多。

So is there a bit of a trade-off there?

那麼那裡有一些權衡取捨嗎？

And then are the other segments generally in line for the year?

那麼其他細分市場在這一年中總體上是否一致？

Is that how we should think about it?

我們應該這樣想嗎？

Yes.

是的。

Andy, thanks for the question.

安迪，謝謝你的提問。

Just a few things.

只是幾件事。

As far as the impact of this ERP go-live impact and the way it's impacting different segments in the U.S., we see these impacts primarily in our Industrial, Safety and Graphics and Electronics and Energy Business Groups.

就 ERP 上線的影響及其對美國不同領域的影響方式而言，我們主要在我們的工業、安全和圖形以及電子和能源業務組中看到這些影響。

It's not really having a material impact on Consumer and really no impact on our Health Care business.

它並沒有真正對消費者產生實質性影響，對我們的醫療保健業務也沒有任何影響。

So in terms of how you think about that impact in the second quarter and the third quarter and fourth quarter, it's really those 3 businesses that were impacted.

因此，就您如何看待第二季度、第三季度和第四季度的影響而言，確實是這 3 家企業受到了影響。

Now in terms of our guidance for the year, we continue to see Industrial -- globally, we had originally guided 3% to 5%.

現在就我們今年的指導而言，我們繼續看到工業——在全球範圍內，我們最初指導的是 3% 到 5%。

We see that most likely in the bottom half of that range, and that aligns with the updated total company guidance that we provided in April.

我們認為這很可能在該範圍的下半部分，並且與我們在 4 月份提供的更新後的公司總體指南一致。

We do see Health Care probably closer to the 4% growth for the total year.

我們確實看到醫療保健可能接近全年 4% 的增長率。

And Safety and Graphics, which we had originally guided at 4% to 6%, we see that at the high end or possibly higher than the high end of our original guidance.

我們最初指導的安全和圖形是 4% 到 6%，我們看到它處於高端或可能高於我們最初指導的高端。

The others are Consumer and Electronics and Energy.

其他是消費電子和能源。

We see those solidly in the ranges that we first put out.

我們在我們最初推出的範圍內看到了這些。

Nick, that's helpful.

尼克，這很有幫助。

And maybe I could ask you about pricing.

也許我可以問你關於定價的問題。

Obviously, very strong pricing in the quarter.

顯然，本季度的定價非常強勁。

When you look at price versus raws, it actually accelerated or was better in Q2 than Q1.

當你看價格與原始數據時，它實際上在第二季度比第一季度加速或更好。

We know you said it was going to be an elevated year for pricing, but are there any particular end markets where pricing is particularly strong?

我們知道您說過這將是定價高漲的一年，但是否有任何特定的終端市場定價特別強勁？

And then do you think the headwind on price versus raw material costs could be less than the $0.05 to $0.10 for the year that you updated us on last quarter?

然後你認為價格與原材料成本的逆風可能小於你在上個季度更新我們的那一年的 0.05 美元到 0.10 美元？

Yes.

是的。

The $0.05 to $0.10, Andy, just to be clear, that's just the raw material headwind that we updated that.

0.05 美元到 0.10 美元，安迪，要明確一點，這只是我們更新的原材料逆風。

And as far as price growth, it's actually, Andy, quite broad.

就價格增長而言，安迪實際上非常廣泛。

It's -- I won't point out one business or one geography as really driving these results.

它是 - 我不會指出真正推動這些結果的一項業務或一個地理位置。

It's really quite broad and deep where the price growth is.

價格增長的地方確實非常廣泛和深入。

In terms of impact on margin, I think I said earlier that I -- we continue to see that as being positive for the year.

在對利潤率的影響方面，我想我早些時候說過我 - 我們繼續認為這對今年是積極的。

And halfway through the year, we continue to see that -- highly confident that our price increases will more than offset whatever we see for raw material headwinds for the year.

在今年中旬，我們繼續看到這一點——我們非常有信心我們的價格上漲將抵消我們今年對原材料逆風的任何看法。

Our next question comes from the line of Julian Mitchell of Barclays.

我們的下一個問題來自巴克萊銀行的 Julian Mitchell。

I'll echo the comments on thanks to Inge and welcome to Mike.

我將回應關於感謝 Inge 的評論，歡迎來到 Mike。

In terms of, I guess, maybe a first question on a couple of the end markets.

我想，也許是關於幾個終端市場的第一個問題。

Any updated thoughts on the automotive outlook particularly in your Industrial business?

關於汽車前景的任何最新想法，尤其是在您的工業業務中？

And also, within Electronics and Energy, there had been this bifurcation earlier in the year where device sell-through was soft, but the sort of CapEx or electronics materials business was very strong.

此外，在電子和能源領域，今年早些時候出現了這種分歧，設備銷售疲軟，但資本支出或電子材料業務非常強勁。

Just wondered how you've seen that playing out more recently.

只是想知道你最近是如何看待這種情況的。

And are you worried about the CapEx portion or EMS decelerating given what's happening with device sell-through?

考慮到設備銷售情況，您是否擔心資本支出部分或 EMS 減速？

Yes.

是的。

Thank you, Julian.

謝謝你，朱利安。

So starting with the automotive, we continued -- at year-to-date through the first half, we continue to see strong growth relative to the build rates globally.

因此，從汽車開始，我們繼續 - 從年初至今到上半年，我們繼續看到相對於全球建造率的強勁增長。

So remember, we're managing a global automotive business focused around key account relationships with the OEMs globally.

所以請記住，我們正在管理一個全球汽車業務，重點是與全球 OEM 的關鍵客戶關係。

And we're seeing continued good performance on our spec-ins and penetration into the marketplace.

我們看到我們的規格和市場滲透率持續保持良好表現。

And so good growth year-to-date relative to the build rates.

相對於建設率，年初至今的增長如此之好。

Some improvement in the build rates in second quarter, still looking at IHS projections, up over 4%, slightly over 4% second quarter.

第二季度的建造率有所改善，仍在考慮 IHS 的預測，增長超過 4%，第二季度略高於 4%。

Again, total year, still in line with that 2.2% kind of number and always watching quarter-to-quarter kind of the ups and downs there, but performing well.

同樣，全年，仍然與 2.2% 的數字一致，並且始終關注季度到季度的起伏，但表現良好。

And when you bring together our automotive electrification capabilities and what we're doing in our technology and applications around that, we continue to see a very robust outlook for outgrowing the build rates.

當您將我們的汽車電氣化能力與我們在技術和應用方面所做的工作結合在一起時，我們將繼續看到超過建造速度的非常強勁的前景。

If you turn to Electronics and Energy, we continue to see, I would say, strong growth in what we'd been talking about as high-growth electronic segments, around automotive electrification, around data centers, semiconductor fabrication.

如果你轉向電子和能源，我會說，我們將繼續看到我們一直在談論的高增長電子領域的強勁增長，圍繞汽車電氣化、數據中心、半導體製造。

That continues to move forward.

這將繼續向前發展。

And semiconductor fabrication behind, maybe a part of your question there, where CapEx is being spent, still seeing significant growth opportunities for us.

半導體製造落後，也許你的問題的一部分在那裡，資本支出在哪裡，仍然為我們看到了巨大的增長機會。

We -- the rest of the electronics -- I would say electronics in general is playing out in line with the way we laid it out at the beginning of the year.

我們——其餘的電子產品——我想說的是，電子產品總體上的表現與我們在年初佈局的方式一致。

And that was more, I would say, modest growth in the consumer electronics part of our portfolio and stronger growth in that -- those higher-growth segments.

我想說的是，我們投資組合中消費電子產品部分的適度增長和更強勁的增長——那些增長較高的領域。

There are some -- I would say, some shifts here or there in the quarter, but pretty much playing out as we expected in our Electronics and Energy business, pretty much right down the middle of the range that we had laid out at the beginning of the year as well.

有一些——我想說，本季度這里或那裡發生了一些變化，但正如我們在電子和能源業務中所預期的那樣，幾乎就在我們開始時設定的範圍的中間位置也是今年的。

And then my second question would just be around, if you look back to your sort of EPS road map from Slide 8, way back at the December Outlook Meeting from Nick's presentation, I think you've given a very thorough update on sort of 2 of the main chunks in that.

然後我的第二個問題就是，如果你回顧幻燈片 8 中的 EPS 路線圖，回到 12 月展望會議上 Nick 的演講，我認為你已經對 2 進行了非常徹底的更新其中的主要部分。

But maybe any color on the productivity piece, how that's trending in terms of footprint optimization, Business Transformation and the manufacturing productivity in terms of, I guess, what are the saving -- how are the savings from those various programs tracking in the first half versus what you'd expected?

但也許生產力方面的任何顏色，它在足跡優化、業務轉型和製造生產力方面的趨勢如何，我想，節省了什麼——上半年跟踪的那些不同項目的節省情況如何與您的預期相比？

And were there any gyrations in the sales line causing you to accelerate some of the productivity plans?

銷售線中是否有任何變動導致您加快了某些生產力計劃？

Yes.

是的。

Julian, the -- in terms of the 2018 road map that I provided last December and then we updated it in January after tax reform, the other components are staying where we expected.

Julian，就我去年 12 月提供的 2018 年路線圖而言，然後我們在稅制改革後於 1 月更新了它，其他組成部分保持在我們預期的水平。

But let me give a little color on it.

但是讓我給它一點顏色。

Even organic growth, with the roll-down that we had in our growth -- total year organic growth expectation for the year, we see more of our growth coming from price, which is accretive to EPS.

即使是有機增長，隨著我們增長的下降——全年有機增長預期，我們看到更多的增長來自價格，這會增加每股收益。

So our organic growth impact on earnings remain unchanged.

因此，我們的有機增長對收益的影響保持不變。

Footprint optimization, much of that, Julian, was just not repeating the charges that we took in 2017.

足跡優化，其中大部分，朱利安，只是沒有重複我們在 2017 年採取的收費。

There were some incremental and some charges and some benefit.

有一些增量和一些收費和一些好處。

Those largely washed in 2018.

那些在 2018 年大部分被洗掉了。

We are expecting the majority of that true benefit to be coming in 2019 and 2020.

我們預計大部分真正的好處將在 2019 年和 2020 年到來。

So that is progressing exactly as we expected.

所以這完全符合我們的預期。

Raw materials, as I noted, we adjusted that down from that original guidance.

原材料，正如我所指出的，我們將其從最初的指導下調了下來。

Business Transformation and productivity, both of those are tracking to the ranges that we put in, that they are performing exactly as we expected.

業務轉型和生產力，這兩者都在跟踪我們設定的範圍，它們的表現完全符合我們的預期。

Our next question comes from the line of Deane Dray of RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Deane Dray。

Inge, wish you all the best, and congrats again to Mike.

Inge，祝你一切順利，再次祝賀 Mike。

Thanks, Deane.

謝謝，迪恩。

Hey, I'd like to follow up on some of the business line-specific questions that Julian started there.

嘿，我想跟進 Julian 在那裡開始的一些特定於業務線的問題。

And Mike, can you address how auto aftermarket did in the quarter versus some of the fall-off we saw in the first quarter?

邁克，你能談談汽車售後市場在本季度的表現與我們在第一季度看到的一些下滑情況嗎？

And then in oral care, we saw the total growth.

然後在口腔護理方面，我們看到了總體增長。

How did the U.S. market do specifically?

美國市場具體表現如何？

Has the distribution channel calmed down?

分銷渠道平靜了嗎？

And maybe talk a bit more about this launch.

也許更多地談論這次發布。

It looks like that Clarity will compete directly with Invisalign?

看起來 Clarity 將直接與 Invisalign 競爭？

And is that -- and what are the competitive dynamics there?

那是——那裡的競爭動態是什麼？

Yes, sounds good.

是的，聽起來不錯。

So starting with the Industrial, automotive aftermarket kind of question.

所以從工業、汽車售後市場這類問題開始。

Industrial, we saw broad-based growth across all geographic areas, all businesses.

工業方面，我們看到了所有地理區域、所有業務的廣泛增長。

And we highlighted some of the leading growth there.

我們強調了那裡的一些領先增長。

We saw mid-single-digit growth in our automotive aftermarket business in Q2.

我們在第二季度看到我們的汽車售後市場業務實現了中等個位數的增長。

We -- coming out of Q1, we were really looking hard at the market.

我們 - 從第一季度開始，我們真的很認真地關注市場。

We saw end demand soften as we came out of Q1, but the total year was projecting nominal growth for that marketplace, and we expected to improve as we went through the year.

隨著第一季度的結束，我們看到終端需求疲軟，但全年預計該市場的名義增長，我們預計這一年會有所改善。

And we saw that start in Q2.

我們看到從第二季度開始。

We saw the demand pick up.

我們看到需求回升。

We saw our opportunity in the marketplace pick up across developed economies in particular and the U.S. leading that.

我們看到我們在市場上的機會在發達經濟體中有所增加，尤其是美國。

So we saw the kind of improvement we expected with automotive aftermarket.

因此，我們看到了汽車售後市場預期的那種改進。

And we're projecting the total year in line with where we started at the beginning.

我們正在根據我們一開始的起點來預測全年。

Turning to oral care, oral care is an important business for us.

談到口腔護理，口腔護理對我們來說是一項重要的業務。

We're recognized as the leader in a number of positions, leveraging our material science.

利用我們的材料科學，我們在許多職位上都被公認為領導者。

And we continue to innovate and look to invest and grow this business as we move ahead.

隨著我們的前進，我們將繼續創新並尋求投資和發展這項業務。

It really does leverage our strengths.

它確實發揮了我們的優勢。

If you look at the overall growth in second quarter, 3% for worldwide growth, down slightly in the U.S., improving over Q1.

如果你看一下第二季度的整體增長，全球增長 3%，美國略有下降，比第一季度有所改善。

And again, what we're expecting is to see some improvement globally and led again by developing markets, but improving as we go through the year, still some room to go in improvement in the U.S. as we move ahead.

再一次，我們期望在全球範圍內看到一些改善，並再次由發展中市場引領，但隨著我們度過這一年，我們會有所改善，隨著我們的前進，美國仍有一些改善空間。

We did announce and introduce our Clarity aligners at the American Association of Orthodontists show in May.

我們確實在 5 月份的美國正畸醫師協會展會上宣布並介紹了我們的 Clarity 矯治器。

And we believe that this now positions us to have the broadest set of solutions across orthodontic platforms.

我們相信，這使我們現在能夠擁有跨正畸平台的最廣泛的解決方案。

And we're actively onboarding orthodontists right now.

我們現在正在積極招募正畸醫生。

So it's really a play for us to help have a broad-based suite of solutions for the orthodontists in the global market.

因此，幫助我們為全球市場的正畸醫生提供一套基礎廣泛的解決方案對我們來說真的是一場遊戲。

We're getting -- so far getting very good and positive feedback.

到目前為止，我們得到了非常好的和積極的反饋。

Got it.

知道了。

And just as a follow-up on tariffs, and maybe Nick can clarify the point that you expect to be positive in price costs.

就像關稅的後續行動一樣，也許尼克可以澄清你期望價格成本為正的觀點。

Does that include the tariffs that have been announced, enacted?

這是否包括已經宣布、頒布的關稅？

And what's the look forward on potential risk as it -- as this may get escalated?

對潛在風險的展望是什麼——因為這可能會升級？

Yes, Deane.

是的，迪恩。

The guidance that I said is inclusive of tariffs that have been enacted.

我所說的指南包括已經制定的關稅。

So when we're talking tariffs, there's a number of tariffs.

所以當我們談論關稅時，有很多關稅。

First, the steel and aluminum under the National Security Act.

首先，國家安全法下的鋼鐵和鋁。

And that impact as well as the Section 301 List 1. Those 2 that have already been enacted, we see having a fairly immaterial impact on us.

這種影響以及 301 條款清單 1。我們認為已經制定的 2 對我們產生了相當微不足道的影響。

We estimate that to be approximately $10 million or $0.01 a share on an annualized basis, the direct and indirect impact of those tariffs.

我們估計這些關稅的直接和間接影響每年約為 1000 萬美元或每股 0.01 美元。

We are actively monitoring and assessing the potential impact from Section 301 List 2 and 3, if those were implemented, and any potential retaliation that could occur with those.

我們正在積極監測和評估 301 條款清單 2 和 3 的潛在影響（如果實施），以及可能發生的任何潛在報復。

And we're prepared to act with sourcing changes, supply changes and pricing changes if enacted.

如果頒布，我們準備好應對採購變化、供應變化和價格變化。

So my initial statement stands that we think pricing will offset raw material impacts there.

因此，我的初步聲明是，我們認為定價將抵消那裡的原材料影響。

And if tariffs expand, we continue to see that happening.

如果關稅擴大，我們會繼續看到這種情況發生。

We're not quantifying the impact of those latter 2 since they haven't been enacted yet, but we are prepared with actions to minimize the impact of that.

我們沒有量化後兩項的影響，因為它們尚未頒布，但我們已準備好採取行動將其影響降至最低。

Our next question comes from the line of Laurence Alexander of Jefferies.

我們的下一個問題來自 Jefferies 的 Laurence Alexander。

Two quick ones.

兩個快的。

First on the price-versus-raws dynamic, if raw material pressures peak out, do you think you can maintain the same pace of price or is a certain amount of the price mix, just the raw material offset?

首先關於價格與原材料的動態關係，如果原材料壓力達到峰值，您認為您可以保持相同的價格步伐還是一定數量的價格組合，只是原材料抵消？

And secondly, on Asia, specifically in China, can you parse out a little bit the trends driving the pickup in Chinese growth, the acceleration from Q1 to Q2?

其次，在亞洲，特別是在中國，您能否分析一下推動中國增長回升的趨勢，即從第一季度到第二季度的加速？

Is that just consumer and health?

那隻是消費者和健康嗎？

Or is there something else going on there?

還是那裡發生了其他事情？

Yes.

是的。

Laurence, on the price/raw materials, we are likely seeing that our commodity prices and the increases we're seeing there are likely at a peak level.

勞倫斯，關於價格/原材料，我們可能會看到我們的商品價格和我們看到的漲幅可能處於峰值水平。

And our pricing projections, our selling price projections are consistent with that.

我們的定價預測，我們的售價預測與此一致。

And that's part of our anticipation that, in a more stable world going forward with commodities, we'll continue to have our prices -- our selling price increases more than offset what we're estimating now for commodity price increases.

這是我們預期的一部分，即在一個更穩定的商品世界中，我們將繼續保持我們的價格——我們的銷售價格上漲超過我們現在對商品價格上漲的估計。

And we really don't see that changing.

我們真的沒有看到這種變化。

And if the commodity prices start to change again, we will be prepared to act.

如果大宗商品價格再次開始變化，我們將準備採取行動。

Yes.

是的。

And Laurence, just taking a look at China, we had strong growth in second quarter.

勞倫斯，看看中國，我們在第二季度實現了強勁增長。

Electronics performed very well as we continued to, I would say, win business with the companies based there, including the China OEMs.

電子產品表現非常好，因為我們繼續，我想說，贏得了與總部設在那裡的公司的業務，包括中國原始設備製造商。

We also saw strong growth in our domestic-facing businesses, kind of the domestic economy-facing businesses.

我們還看到面向國內的業務強勁增長，即面向國內經濟的業務。

We've had a strategy to prioritize growth here in line with what China is doing to develop their economy.

我們制定了一項戰略，根據中國為發展經濟所做的努力優先考慮這裡的增長。

And so as you noted, Health Care is a strong leader of that growth in the first half of the year.

正如您所指出的，醫療保健是今年上半年增長的有力領導者。

A big part of our Consumer businesses, performing very well.

我們消費者業務的很大一部分，表現非常好。

Safety and Graphics also, really with the domestic-facing portfolio, doing well.

安全和圖形也確實在面向國內的產品組合中表現良好。

And even when you look at our Industrial business, we have platform businesses in our Industrial Business Group that are performing well as -- performing well, too.

甚至當您查看我們的工業業務時，我們的工業業務集團中的平台業務也表現良好 - 表現良好。

And that would be -- a good example, our industrial adhesives and tapes business doing very well in China.

這將是一個很好的例子，我們的工業粘合劑和膠帶業務在中國做得很好。

So it's broader than just Health Care and Consumer, really centered around where the growth is occurring in the broader China market.

因此，它的範圍不僅僅局限於醫療保健和消費者領域，而是真正圍繞更廣泛的中國市場的增長點展開。

Our next question comes from the line of Nigel Coe of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

Sorry.

對不起。

Am I live?

我活著嗎？

Yes, you're live, Nigel.

是的，你還活著，奈傑爾。

Sorry about that.

對於那個很抱歉。

Some technical issues here.

這裡有一些技術問題。

So apologies if this has been addressed already.

如果這個問題已經得到解決，我們深表歉意。

I was a little late joining the call.

我加入電話有點晚了。

But the $0.15 probably, Nick, of restructuring that's associated with the gain on the comms business, is that just related to the E&E comms segments?

但是尼克，與通信業務收益相關的 0.15 美元重組可能僅與 E&E 通信部門相關嗎？

Or is this broader?

或者這更廣泛？

And maybe just some color in terms of what actions you are taking with the $0.15.

就您用 0.15 美元採取的行動而言，也許只是一些顏色。

Yes, Nigel.

是的，奈傑爾。

That -- the actions that we're taking are to address stranded costs that are left after the divestiture of our CMD business.

那——我們正在採取的行動是為了解決剝離我們的 CMD 業務後留下的擱淺成本。

So they're addressing structural costs that this divestiture is leaving.

因此，他們正在解決此次剝離所留下的結構性成本。

We started those actions in Q2, and we expect to take more in the second half of the year to offset the -- what could have been a negative impact if we had left those stranded costs in the company going forward.

我們在第二季度開始了這些行動，我們預計將在今年下半年採取更多行動來抵消——如果我們將這些擱淺成本留給公司繼續前進，可能會產生負面影響。

Okay.

好的。

And would that be a payback, relatively quick payback, a 12-month payback or a little bit longer?

那會是回報，相對較快的回報，12 個月的回報還是更長一點？

We expect that, that will be paying back for us next year.

我們預計，這將在明年為我們帶來回報。

Some of those actions will trail into next year in terms of when the cost savings start to happen, but we'll be starting to see that benefit in 2019.

就何時開始節省成本而言，其中一些行動將追溯到明年，但我們將在 2019 年開始看到這種好處。

And Nigel, one other thing, I'm not sure if you were asking this earlier.

奈傑爾，還有一件事，我不確定你之前是否問過這個問題。

This charge is almost entirely being taken at a corporate level and not in our Electronics and Energy business.

這項費用幾乎完全是在公司層面承擔的，而不是在我們的電子和能源業務中。

Got it, okay.

知道了，好的。

And then just a follow-on question on the guidance.

然後只是關於指南的後續問題。

The way the guidance is set up first half versus second half, we're getting questions in terms of it's still somewhat back-end loaded, particularly when we think about the way that FX is coming through the P&L, and of course, comms comes out first half versus second half.

上半年和下半年指南的設置方式，我們收到的問題是它仍然有些後端加載，特別是當我們考慮外匯通過損益表的方式時，當然，通訊來了上半場對下半場。

What's better in the second half versus the first half to get us to the midpoint of the guidance range?

下半場和上半場有什麼更好的讓我們達到指導範圍的中點？

For the second half of the year, we do expect that we'll be seeing more benefit from share repurchases than we saw in the first half.

對於今年下半年，我們確實預計我們將從股票回購中獲得比上半年更多的收益。

We do think productivity will be better in the second half than what we saw in the first half.

我們確實認為下半年的生產率會好於上半年。

And then in terms of commodity prices from a year-on-year basis, we expect that, that'll be fairly neutral between the first half and the second half.

然後就同比大宗商品價格而言，我們預計上半年和下半年將相當中性。

Pricing will likely be better in the second half than in the first half.

下半年的定價可能會比上半年更好。

Pricing, for sure.

定價，肯定的。

Our next question comes from the line of Jeff Sprague of Vertical Research.

我們的下一個問題來自 Vertical Research 的 Jeff Sprague。

Hey, just a quick cleanup for me on Health Care and then maybe a bigger-picture question for Mike.

嘿，對我來說只是一個關於醫療保健的快速清理，然後可能是邁克的一個更大的問題。

Health Care U.S. growth has been a little on the soft side year-to-date and in the quarter.

年初至今和本季度，美國醫療保健行業的增長都有些疲軟。

Perhaps it's dental.

也許是牙科的。

But are we observing some hangover from pull-forward on sales there from ERP last year in the Health Care business?

但是，我們是否觀察到去年醫療保健業務中 ERP 對銷售的拉動帶來的一些後遺症？

Jeff, Health Care in the U.S., what -- where you're seeing the impact, broadly, we had strong growth, and our medical solutions business is leading the way there.

傑夫，美國的醫療保健，你看到的影響，從廣義上講，我們有強勁的增長，我們的醫療解決方案業務在這方面處於領先地位。

And maybe just a note about that, too.

也許也只是關於這一點的註釋。

We've been talking about this as our medical consumables business in the past, but it really is focused on value-based care and health economics, and it's a much more integrated portfolio around that.

我們過去一直將其作為我們的醫療耗材業務進行討論，但它實際上專注於基於價值的護理和健康經濟學，而且它是一個更加綜合的產品組合。

So I'm going to be talking about it as medical solutions.

所以我將把它作為醫療解決方案來談論。

So leading the way, we saw good growth in the U.S. also in food safety and health information.

因此，在美國領先的情況下，我們在食品安全和健康信息方面也取得了良好的增長。

Oral care was down slightly.

口腔護理略有下降。

The bigger drag in second quarter was our drug delivery business.

第二季度更大的拖累是我們的藥物輸送業務。

Again, we talked about project-based business.

同樣，我們談到了基於項目的業務。

We saw a decline in Q2 from that business, and that was the bigger impact.

我們看到該業務在第二季度出現下滑，這是更大的影響。

So broader-based, stronger growth, that'll position us well in the U.S. as we move ahead.

基礎更廣、增長更強勁，這將使我們在美國的發展中處於有利地位。

And then you had...

然後你有...

Yes.

是的。

And then just on the -- Mike, on the portfolio, obviously, you've been working closely with Inge all along, and I guess things will always be kind of under review.

然後就在——邁克，在投資組合上，很明顯，你一直在與 Inge 密切合作，我想事情總是會受到審查。

But with CMD out of the way here now, do you view the portfolio as relatively stable or there's more that you're working on internally and want to reevaluate?

但是現在 CMD 已經不在了，你是認為投資組合相對穩定，還是有更多的內部工作需要重新評估？

Yes.

是的。

If you look at where we are focused as we move ahead, the playbook is working.

如果你看看我們在前進的過程中關注的重點，劇本正在發揮作用。

Our playbook is working.

我們的劇本正在運作。

But there are opportunities in each of those 3 levers, including Portfolio Management.

但這 3 個槓桿中的每一個都有機會，包括投資組合管理。

We are now an active portfolio manager.

我們現在是一個活躍的投資組合經理。

And we do have a robust pipeline of how we look at our portfolio.

我們確實有一個強大的管道來說明我們如何看待我們的投資組合。

And we'll be working to best utilize the 3M model and optimize the portfolio around our model for value creation.

我們將努力最好地利用 3M 模型並圍繞我們的模型優化產品組合以創造價值。

So we're going to continue to be an active portfolio manager as we move ahead.

因此，在我們前進的過程中，我們將繼續成為積極的投資組合經理。

It's about prioritizing resources.

這是關於優先考慮資源。

It's about targeting where we go with M&A, and it's also about reviewing our businesses as we go.

這是關於我們進行併購的目標，也是關於在我們進行的過程中審查我們的業務。

So I see that as very much a part of our future of a value creation opportunity, and it's a priority for me as I step into the role.

因此，我認為這是我們未來價值創造機會的重要組成部分，也是我擔任該職位時的首要任務。

Best wishes to Inge.

向英格致以最良好的祝愿。

Take care.

小心。

Thanks, Jeff.

謝謝，傑夫。

Our next question comes from the line of Steven Winoker of UBS.

我們的下一個問題來自瑞銀集團的 Steven Winoker。

I'll echo everybody's comments here.

我會在這裡附和大家的意見。

So a lot of ground.

所以很多地面。

I just want to dig a little bit more into that important price point, the 1.1% in the quarter.

我只想深入了解這個重要的價格點，即本季度的 1.1%。

You mentioned it was quite broad.

你提到它很廣泛。

But you usually also talk about sort of splitting out currency impacts and other impacts versus underlying business year-on-year relative to taking pricing on existing items and new products sometimes driving a big part of it.

但你通常也會談論將貨幣影響和其他影響與基礎業務逐年分開，而不是對現有項目和新產品進行定價，有時會推動其中的很大一部分。

Just trying to get a sense for the kind of operating robustness of that number and the repeatability of it as we're looking through -- not only imply the rest of the year but later into next year too.

只是試圖了解該數字的運行穩健性以及我們正在研究的可重複性——不僅意味著今年剩餘時間，而且也意味著明年晚些時候。

Yes, Steven.

是的，史蒂文。

Yes, as I said, it's broad-based.

是的，正如我所說，它的基礎很廣泛。

100 basis points up in the U.S.; EMEA was up 180 basis points; Latin America/Canada, 210 basis points; and APAC, up 40 basis points.

美國上漲 100 個基點； EMEA 上漲 180 個基點；拉丁美洲/加拿大，210 個基點；和亞太地區，上漲 40 個基點。

And that 110 basis points is inclusive of our electronics business, which is normally a price-down model.

這 110 個基點包括我們的電子業務，這通常是降價模式。

If we pull electronics out, our underlying price growth was up 130 basis points.

如果我們退出電子產品，我們的基礎價格增長將上升 130 個基點。

And as far as geographies and what we see as potential there, we continue to see -- we don't see that going down.

就地理位置和我們認為那裡的潛力而言，我們繼續看到 - 我們沒有看到它下降。

Part of your question, Steve, was also on FX impact.

史蒂夫，你的部分問題也與外匯影響有關。

Right now, we estimate there is only about 20 of that 110 or 130, depending on how you look at it, of price growth that was coming from FX.

目前，我們估計這 110 或 130 個中只有大約 20 個來自外彙的價格增長，具體取決於您如何看待它。

The vast majority of it is coming from core underlying price growth.

其中絕大部分來自核心基礎價格增長。

And it's really a reflection of the value we create for our customers.

這確實反映了我們為客戶創造的價值。

And this is a new point I'm making here.

這是我在這裡提出的一個新觀點。

It's based -- it's partially being driven by improvements in our global price management that our Business Transformation initiative is enabling.

它基於 - 它部分是由我們的業務轉型計劃正在實現的全球價格管理改進推動的。

The ability to have better governance and better control over that pricing, we're starting to see that benefit.

擁有更好的治理和更好地控制定價的能力，我們開始看到這種好處。

And that's part of what you're seeing change here.

這就是您在這裡看到的變化的一部分。

Okay, that's helpful.

好的，這很有幫助。

And Mike, Jeff just referred to it on the divestiture side of the portfolio, [change] side.

邁克，傑夫剛剛在投資組合的剝離方面提到了它，[改變]方面。

But as I'm looking at acquisitions, Scott Safety was a great strategic play for you guys.

但當我在考慮收購時，Scott Safety 對你們來說是一個很好的戰略選擇。

Are you -- what do you see in terms of the pipeline right now?

你是——你現在對管道有什麼看法？

Should we be expecting anything in the bigger size range soon?

我們是否應該很快期待更大尺寸範圍內的任何東西？

Or are things on hold at all as you're kind of going through the transition?

或者當你正在經歷過渡時，事情會被擱置嗎？

What should the expectations be on the acquisition?

對收購的期望是什麼？

Yes.

是的。

Thanks, Steven.

謝謝，史蒂文。

For me coming in, as always, organic growth remains our first priority.

對我來說，一如既往，有機增長仍然是我們的首要任務。

And so we're going to continue to prioritize investments in R&D, in CapEx and in product commercialization.

因此，我們將繼續優先考慮對研發、資本支出和產品商業化的投資。

With that in mind, though, in managing our portfolio, we're looking at M&A as an opportunity to create value.

不過，考慮到這一點，在管理我們的投資組合時，我們將併購視為創造價值的機會。

We're going to maintain the flexibility to pursue additional strategic acquisition opportunities like Scott Safety.

我們將保持靈活性，以尋求像 Scott Safety 這樣的額外戰略收購機會。

And we have been, I think, very clearly focused on strategies that leverage our fundamental strengths, unique value creators to 3M, our ability to integrate successfully these acquisitions and to create market leadership positions like we've been doing in personal safety.

我認為，我們一直非常明確地專注於利用我們的基本優勢、3M 的獨特價值創造者、我們成功整合這些收購的能力以及創造市場領導地位的戰略，就像我們在人身安全領域所做的那樣。

So we are active.

所以我們很活躍。

Our top priorities, as I look ahead, are Health Care and Industrial.

展望未來，我們的首要任務是醫療保健和工業。

Safety and Graphics continues to be a priority, though they're very much focused on integrating Scott Safety at this time.

安全和圖形仍然是優先事項，儘管此時他們非常專注於集成 Scott Safety。

With that said, all 5 businesses are active, and we have strong overall pipelines for us to work with.

話雖如此，所有 5 家企業都很活躍，我們有強大的整體渠道供我們合作。

And so for me, it's about really moving ahead and identifying those opportunities that are clearly linked to those strategies where we can create differentiated value.

所以對我來說，這是關於真正向前邁進並確定那些與我們可以創造差異化價值的戰略明確相關的機會。

Our next question comes from the line of Steve Tusa of JPMorgan.

我們的下一個問題來自摩根大通的史蒂夫圖薩。

So just better understanding some of the moving parts here, back to Nigel's question on the kind of seasonality, you pulled forward a bit of sales here in the second quarter.

因此，只要更好地了解這裡的一些活動部分，回到奈傑爾關於季節性的問題，你在第二季度就在這裡推動了一些銷售。

You've got a pretty tough comp in the third quarter.

你在第三季度的表現非常艱難。

Anything on that kind of comp that we should be aware of?

我們應該注意那種類型的比賽嗎？

I mean, does -- is it kind of like second half looks like first half, whereas first quarter was lower than second quarter, kind of a 3% range?

我的意思是，是不是有點像下半年看起來像上半年，而第一季度低於第二季度，大約 3% 的範圍？

Is that kind of how we're thinking about the second half split between 3Q and 4Q on organic?

我們是這樣考慮下半年 3Q 和 4Q 有機分裂的嗎？

And then also, just on EPS.

然後，僅在 EPS 上。

You had a low tax rate.

你的稅率很低。

The tax rate at kind of the lower end of the range this quarter.

本季度的稅率處於範圍的低端。

Maybe that steps up a little bit in the third quarter.

也許在第三季度會有所上升。

Will you grow earnings here sequentially in the third quarter?

您會在第三季度連續增加收益嗎？

Yes, Steve.

是的，史蒂夫。

In terms of growth, let me give some guidance on how we're seeing growth between the third and fourth quarter.

在增長方面，讓我就我們如何看待第三季度和第四季度之間的增長給出一些指導。

Mike talked earlier about the impact of our U.S. go-live with our ERP system and the amount of the revenue.

邁克早些時候談到了我們的 ERP 系統在美國上線的影響以及收入的數量。

So that impact, as we expect that to be -- us to be giving back some of those sales in the second half of the year, we expect that to disproportionately impact the third quarter.

所以這種影響，正如我們預期的那樣——我們將在今年下半年回饋部分銷售額，我們預計這將對第三季度產生不成比例的影響。

And as you noted, between the 2 quarters, Q3 is the tougher of the 2 comps between the third and the fourth quarter.

正如您所指出的，在兩個季度之間，Q3 是第三季度和第四季度之間兩個比較強的一個。

That all in, we are looking at the third quarter being lower growth than the fourth quarter, both of them aligned with our expectation of 3% to 4% for the total year.

總而言之，我們認為第三季度的增長率低於第四季度，兩者都符合我們對全年 3% 至 4% 的預期。

But I'm not going to be surprised if we have a lower number in third quarter given what we're seeing, right, so far for the year, and it's in line with our 3% to 4% guidance.

但考慮到我們今年到目前為止所看到的情況，如果第三季度的數字較低，我不會感到驚訝，這符合我們 3% 至 4% 的指導。

And then in terms of EPS for each quarter, try to avoid giving EPS guidance on a quarter-by-quarter basis.

然後就每個季度的每股收益而言，盡量避免按季度給出每股收益指導。

But we continue to see ourselves very firmly delivering in that -- on an adjusted basis, the $10.20 to the $10.45 for the total year.

但我們繼續看到自己非常堅定地實現這一點——在調整後的基礎上，全年的 10.20 美元到 10.45 美元。

Our next question comes from the line of Joshua Aguilar of Morningstar.

我們的下一個問題來自 Morningstar 的 Joshua Aguilar。

So drug delivery, kind of down low single digits year-over-year.

因此，藥物輸送量同比下降了個位數。

And I think last quarter kind of was the same case off of tough comps.

而且我認為上個季度有點像艱難的比賽。

Obviously, this is a more project-based business, as you guys said.

顯然，正如你們所說，這是一個更基於項目的業務。

And I remember, in your Investor Day in 2016, you were talking about some of the advantages from drug delivery like analytics and patient compliance.

我記得，在 2016 年的投資者日，您談到了藥物輸送的一些優勢，例如分析和患者依從性。

More long term, are you guys still optimistic about the future trends there generally with drug delivery?

從長遠來看，你們是否仍然對藥物輸送的未來趨勢持樂觀態度？

And can you give us an update about what you're excited about?

你能告訴我們你興奮的最新消息嗎？

Yes.

是的。

Joshua, what you're referring to, some of the opportunities that we see for growth in that business, and we still -- we see opportunities to take that business to a positive-growth business as we move ahead.

約書亞，你指的是我們在該業務中看到的一些增長機會，我們仍然看到了在我們前進的過程中將該業務帶入正增長業務的機會。

It will continue to be a project-based business.

它將繼續是一個基於項目的業務。

So quarter-to-quarter, it can be lumpy and up and down, but we do see opportunities.

所以每個季度，它可能會起伏不定，但我們確實看到了機會。

We have some unique capabilities and technology there that we can apply as we move ahead.

我們在那裡擁有一些獨特的能力和技術，我們可以在前進的過程中加以應用。

That concludes the question-and-answer portion of our conference call.

我們電話會議的問答部分到此結束。

I will now turn the call back over to Mike Roman for some closing comments.

我現在將把電話轉回 Mike Roman 以徵求一些結束意見。

To wrap up, we had a strong performance in the second quarter, led by broad-based organic growth, expanded margins and a double-digit increase in earnings per share.

總而言之，我們在第二季度表現強勁，主要得益於廣泛的有機增長、擴大的利潤率和兩位數的每股收益增長。

We are executing our playbook and are positioned to deliver a successful 2018.

我們正在執行我們的劇本，並準備好交付一個成功的 2018 年。

Thank you again for joining us this morning, and have a good day.

再次感謝您今天早上加入我們，祝您有美好的一天。

Ladies and gentlemen, that does conclude the conference call for today.

女士們，先生們，今天的電話會議到此結束。

We thank you for your participation and ask that you please disconnect your lines.

我們感謝您的參與，並請您斷開您的線路。