3M (MMM) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the 3M first-quarter earnings conference call. (Operator Instructions) As a reminder, this call is being recorded Tuesday, April 22, 2025. I would now like to turn the call over to Chinmay Trivedi, Senior Vice President of Investor Relations and Financial Planning and Analysis at 3M.

女士們、先生們，感謝你們的支持。歡迎參加 3M 第一季財報電話會議。（操作員指示）提醒一下，本次通話於 2025 年 4 月 22 日星期二進行錄音。現在我想將電話轉給 3M 公司投資者關係和財務規劃與分析高級副總裁 Chinmay Trivedi。

Thank you. Good morning, everyone, and welcome to our first-quarter earnings conference call. With me today are Bill Brown, 3M's Chairman and Chief Executive Officer, and Anurag Maheshwari, our Chief Financial Officer. Bill and Anurag will make some formal comments, and we will take your questions.

謝謝。大家早上好，歡迎參加我們的第一季財報電話會議。今天與我一起出席的還有 3M 公司董事長兼執行長比爾布朗 (Bill Brown) 和財務長安努拉格馬赫什瓦里 (Anurag Maheshwari)。Bill 和 Anurag 將發表一些正式評論，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 the homepage of our Investor Relations website at 3m.com.

請注意，今天的收益報告和本次電話會議的幻燈片演示已發佈在我們的投資者關係網站 3m.com 的主頁上。

Please turn to slide 2 and take a moment to read the forward-looking statements. During today's conference call, we'll be making certain predictive statements that reflect our current views about 3M's future performance and financial results.

請翻到投影片 2，花點時間閱讀前瞻性陳述。在今天的電話會議中，我們將做出一些預測性陳述，反映我們對 3M 未來業績和財務結果的當前看法。

These statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Item 1A of our most recent Form 10-K lists some of these most important risk factors that could cause actual results to differ from our predictions.

這些聲明是基於對未來事件的某些假設和預期，這些假設和預期受風險和不確定性的影響。我們最新的 10-K 表格第 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, throughout today's presentation we'll be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in the attachments to today's press release.

請注意，在今天的演示中我們將參考某些非 GAAP 財務指標。非公認會計準則 (non-GAAP) 指標的對帳表可在今天的新聞稿附件中找到。

With that, please turn to slide 3 and I will hand the call off to Bill. Bill.

說完這些，請翻到幻燈片 3，我會將電話轉給比爾。帳單。

Thank you, Chinmay and good morning, everyone. We had a strong start to the year with first quarter adjusted earnings per share of $1.88 up 10% versus last year and above expectations. Organic sales growth was 1.5% with all business groups posting positive growth.

謝謝你，Chinmay，大家早安。我們今年開局強勁，第一季調整後每股收益為 1.88 美元，比去年同期成長 10%，高於預期。有機銷售額成長 1.5%，所有業務集團均實現正成長。

Operating margins increased 220 basis points year-over-year through productivity and cost controls while we continued to invest in growth initiatives. And free cash flow was solid at about $0.5 billion as we benefited from strong earnings, working capital improvements, and disciplined capital expenditures.

透過提高生產力和控製成本，同時我們繼續投資於成長計劃，營業利潤率年增了 220 個基點。由於我們受益於強勁的盈利、營運資本的改善以及有紀律的資本支出，自由現金流保持穩定，約 5 億美元。

These results were achieved during a dynamic macroenvironment and demonstrate the performance culture that's starting to take hold at 3M. The urgency and operating rhythm the team exhibited, along with the round the clock interactions with customers and suppliers drove a strong finish to the quarter, and I'm really proud of the resilience and persistence of all 3Mers.

這些成果是在動態的宏觀環境下取得的，體現了 3M 開始紮根的績效文化。團隊表現出的緊迫感和營運節奏，以及與客戶和供應商的全天候互動，推動了本季度的強勁收官，我為所有 3M 員工的韌性和毅力感到自豪。

We're exercising a new commercial excellence muscle with a much tighter alignment across the supply chain, and we're institutionalizing the March op tempo to execute at that pace in every month of the quarter and every week of the month. In this environment, it's critical for us to focus on what we control and remain deliberate in executing on the three priorities we discussed at our recent Investor Day, driving sustained top line organic growth, improving operational performance across the enterprise, and effectively deploying capital.

我們正在鍛鍊新的商業卓越能力，使整個供應鏈更加緊密地協調，並且我們正在將三月份的營運節奏制度化，以便在該季度的每個月和每月的每一周都以這種速度執行。在這種環境下，我們必須專注於我們能控制的事情，並堅持執行我們在最近的投資者日討論的三個優先事項，即推動持續的收入有機增長、提高整個企業的運營績效以及有效地配置資本。

Central to the top line growth is increasing the cadence of new product launches. In Q1 we launched 62 new products, up about 60% year-on-year on top of a 32% increase in 2024. And we achieved more than 70% on time launch attainment, up from 56% a year ago.

營收成長的核心是加快新產品的推出節奏。我們在第一季推出了 62 款新產品，年增約 60%，而 2024 年則成長了 32%。我們的準時發佈率已超過 70%，高於一年前的 56%。

Our new product pipeline health continues to improve, and we're on track to launch 215 new products this year and 1,000 over the next three years. We've bottomed out and turned the corner on five-year new product sales with Q1 up 3% and tracking well toward the target of growing sales from products launched in the past five years by more than 15% by year end.

我們的新產品線健康狀況持續改善，我們預計今年將推出 215 種新產品，並在未來三年內推出 1,000 種新產品。我們已經觸底並扭轉了五年來新產品的銷售頹勢，第一季銷售額增長了 3%，並且正在順利實現到年底過去五年推出的產品銷售額增長 15% 以上的目標。

The pace of innovation is accelerating at 3M, and our teams are operating with greater urgency and focus than ever before. A few notable new products introduced in Q1 include ScotchBlue PROSharp Painter's Tape with Edge-Lock technology for sharper lines and less paint bleed through, a low sparkle optical film with enhanced brightness for the mainstream notebook market, and a new solid state drive connector for the data center market.

3M 的創新步伐正在加快，我們的團隊比以往任何時候都更加緊迫、更加專注。第一季推出的一些值得注意的新產品包括採用 Edge-Lock 技術的 ScotchBlue PROSharp Painter's Tape，可實現更清晰的線條和更少的油漆滲透，針對主流筆記型電腦市場的增強亮度的低閃光光學薄膜，以及針對數據中心市場的新型固態驅動器連接器。

We're making progress on our commercial excellence objectives with standardized operating rhythms, improved target setting and performance measurement, and tighter pricing governance. We tripled the number of structured sales manager and sales rep reviews in the first quarter and completed more than 100 joint business plans with our largest customers to align on growth opportunities and capture plans.

我們正透過標準化的營運節奏、改進的目標設定和績效衡量以及更嚴格的定價管理來實現商業卓越目標。我們在第一季將結構化銷售經理和銷售代表評估的數量增加了兩倍，並與我們最大的客戶完成了 100 多個聯合業務計劃，以協調成長機會和獲取計劃。

One area of particular focus is cross-selling. We now have more than $40 million of opportunities in our pipeline across 23 product pairs, tracking well against the $100 million and 50 pair goal through 2027 that Chris described that Investor Day.

特別關注的一個領域是交叉銷售。目前，我們的產品線中涵蓋 23 個產品對，擁有超過 4,000 萬美元的投資機會，與 Chris 在投資者日上提出的到 2027 年實現 1 億美元和 50 個產品對的目標相符。

And finally, we're laser focused on customer retention and reducing churn, and we've begun deployment of a predictive analytics tool to flag at-risk accounts to proactively address the primary drivers of customer attrition. These initiatives are foundational to building a more commercially driven, customer-focused company.

最後，我們專注於客戶保留和減少客戶流失，我們已經開始部署預測分析工具來標記有風險的帳戶，以主動解決客戶流失的主要驅動因素。這些措施對於打造一個更商業化、以客戶為中心的公司至關重要。

As a result of these targeted actions, we saw solid order momentum in the quarter across all of our business groups. Our average daily order rate is up over 2% for the quarter, accelerating in March, and driving company-wide backlog up low -teens since the beginning of the year.

由於採取了這些有針對性的措施，我們本季所有業務部門的訂單都呈現強勁勢頭。本季度，我們的日均訂單率上漲了 2% 以上，3 月更是加速上漲，並帶動全公司積壓訂單量自年初以來一直維持在 10% 以下。

And we continue to execute well on our key operational performance metrics, including leveraging our new 3M excellence operating model. On-Time/In-Full or OTIF increased 3.5 percentage points versus last year and about 1 point sequentially to 89%, the best quarter we've had in the past five years.

我們繼續在關鍵營運績效指標上表現良好，包括利用我們新的 3M 卓越營運模式。準時/全額交付率（OTIF）比去年同期增加了 3.5 個百分點，比上一季增加了約 1 個百分點，達到 89%，這是我們五年來最好的季度。

Consumer and Transportation Electronics performed again above 90%, and Safety and Industrial was up 2 points to about 82%, is on a steep climb to achieve 90% by year end. Our metric for equipment utilization or OEE was up 4 percentage points sequentially to 58% and is now deployed on 191 key assets across our 38 largest factories, a 10x increase over this time last year and covering about 50% of production volume.

消費和運輸電子產品的表現再次超過 90%，安全和工業產品的表現上漲 2 個百分點，達到 82% 左右，預計在年底前大幅攀升至 90%。我們的設備利用率或 OEE 指標環比上升 4 個百分點，達到 58%，目前已部署在我們最大的 38 家工廠的 191 項關鍵資產上，比去年同期增長了 10 倍，覆蓋了約 50% 的生產量。

Having a robust baseline on unutilized capacity will help us adjust our sourcing strategy more readily to the changing trade landscape. And finally, safety performance continued to trend in the right direction with our incident rate down 25% in the quarter, following a similar improvement last year as we continue on our journey to an injury-free workplace.

擁有未利用產能的穩健基準將有助於我們更容易根據不斷變化的貿易格局調整採購策略。最後，安全績效繼續朝著正確的方向發展，本季我們的事故率下降了 25％，與去年相比也有類似的改善，我們繼續朝著無傷害工作場所的目標邁進。

During the first quarter, we refinanced $1.1 billion in debt, returned $1.7 billion to shareholders, and raised our dividend by 4%. In Q1, the Board approved the share repurchase authorization of $7.5 billion, and we now expect repurchases to be about $2 billion, up from our prior expectation of $1.5 billion.

第一季度，我們為 11 億美元的債務進行了再融資，向股東返還了 17 億美元，並將股息提高了 4%。在第一季度，董事會批准了 75 億美元的股票回購授權，我們現在預計回購金額約為 20 億美元，高於我們先前預期的 15 億美元。

We continue to advance our portfolio shaping efforts with one small divestiture recently signed and others progressing more slowly in view of trade policy uncertainty. Our guidance for the year remains $7.60 to $7.90 adjusted earnings per share before the impact of tariffs and offsetting cost, sourcing, and price actions. We are not flowing through the upside in our Q1 results to our full year outlook, given the uncertain macroenvironment with recent data reflecting some softening in GDP, IPI, and global auto build.

我們繼續推進投資組合塑造工作，最近簽署了一項小規模資產剝離協議，而鑑於貿易政策的不確定性，其他資產剝離的進展則較為緩慢。在不考慮關稅和抵銷成本、採購和價格行動的影響之前，我們對今年的調整後每股盈餘的預期仍為 7.60 美元至 7.90 美元。由於宏觀環境不確定，且近期數據反映出 GDP、IPI 和全球汽車製造業有所疲軟，我們不會將第一季業績的上行趨勢納入全年展望。

Tariffs are going to be a headwind this year, but we thought it would be prudent to hold the impact outside of our full year guidance while we digest the new policies and fully develop and qualify mitigation plans. With the significant footprint we have in the US and the flexibility of our global network, we're identifying a number of ideas to adjust product sourcing and logistics flows to mitigate at least a part of the impact, some of which are no regret moves regardless of where trade policies eventually settle.

關稅將成為今年的阻力，但我們認為，在消化新政策並全面製定和完善緩解計劃的同時，將其影響控制在全年指導範圍之外是明智之舉。憑藉我們在美國的巨大影響力和全球網路的靈活性，我們正在確定一些調整產品採購和物流流程的想法，以至少減輕部分影響，無論貿易政策最終如何解決，其中一些舉措都是不會後悔的。

Overall we have a solid game plan. We're executing well against our strategic priorities and we're focused on long term value creation for shareholders.

總體而言，我們有一個完善的比賽計劃。我們正在順利執行我們的策略重點，並專注於為股東創造長期價值。

And with that, I'll hand it over to Anurag to talk through the details. Anurag.

說完這些，我會把話題交給阿努拉格討論細節。阿努拉格。

Thank you, Bill. Turning to slide 4, we had a strong start to the year, performing ahead of expectations on margins, earnings, and cash. On sales, we delivered a second consecutive quarter of positive organic growth across all three business groups, performing at the high end of the 1% to 1.5% range we provided in March.

謝謝你，比爾。翻到幻燈片 4，我們今年開局強勁，利潤率、收益和現金表現超乎預期。在銷售方面，我們三個業務集團連續第二季實現了正有機成長，表現達到我們 3 月提供的 1% 至 1.5% 區間的高點。

We saw strength in several of our key end markets and divisions, including electrical markets and industrial adhesives and tapes in SIBG, aerospace in TEBG, and consumer safety and well-being in CBG. And we continue to see softer trends in auto, abrasives, and packaging and expression.

我們在幾個關鍵的終端市場和部門看到了實力，包括 SIBG 的電氣市場和工業黏合劑和膠帶、TEBG 的航空航太以及 CBG 的消費者安全和福祉。我們繼續看到汽車、磨料、包裝和表達領域的疲軟趨勢。

Geographically, all regions grew year-on-year with the exception of Europe. China was up mid-single digits with strength in the Industrial business and electronic bonding solutions, driven by share gains with key accounts and increased orders ahead of tariff actions.

從地理上看，除歐洲外，所有地區均同比增長。中國市場實現了中等個位數成長，工業業務和電子黏合解決方案表現強勁，這得益於大客戶的份額成長和關稅行動前訂單的增加。

The US was up low-single digits, despite the challenging macro backdrop, with continued eye demand for cable accessories and strength in aerospace, partially offset by weakness in auto. And Europe was down low-single digits due to the continued weak environment, including a high-single digit decline in auto builds. On orders, we saw good momentum through the quarter, and our daily order rate grew by over 2%, resulting in a robust ending backlog that provides close to 25% of coverage as we enter the second quarter.

儘管宏觀環境充滿挑戰，但美國經濟仍實現了低個位數成長，電纜配件需求持續成長，航空航太產業表現強勁，但被汽車產業的疲軟部分抵消。由於持續疲軟的經濟環境，歐洲的銷量下降了低個位數，其中包括汽車產量出現了高個位數的下滑。在訂單方面，我們整個季度都保持著良好的勢頭，每日訂單率增長了 2% 以上，導致期末積壓訂單強勁，在進入第二季度時可提供近 25% 的覆蓋率。

Adjusted operating margins were 23.5%, up 220 basis points year-on-year. The operating income growth of $150 million at constant currency was driven by benefits from growth, lower restructuring cost, productivity, and TSA cost reimbursement, which was partially offset by our continued growth investments, timing of equity-based comp, and stranded cost.

調整後營業利益率為23.5%，較去年成長220個基點。以固定匯率計算，營業收入成長 1.5 億美元，這得益於成長、較低的重組成本、生產力和 TSA 成本補償帶來的好處，但我們的持續成長投資、基於股權的補償時機和擱淺成本部分抵消了這一成長。

SIBG and CBG margin rates were up year on year, while TEBG was down as expected due to a challenging prior year comparison and inclusion of incremental stranded costs from the exit of PFAS manufacturing. The strong operational performance contributed $0.23 to earnings, which was partially offset by $0.06 of non-operational headwinds, including FX, resulting in adjusted EPS up $0.17 or 10% versus last year to $1.88.

SIBG 和 CBG 利潤率較去年同期上升，而 TEBG 利潤率則如預期下降，原因是與去年同期相比存在困難，且計入了退出 PFAS 製造所產生的增量擱淺成本。強勁的營運業績為收益貢獻了 0.23 美元，但被外匯等非營運不利因素（0.06 美元）部分抵消，導致調整後的每股收益較去年同期上漲 0.17 美元（即 10%），達到 1.88 美元。

Relative to our initial expectation of flat earnings growth in Q1, this $0.17 outperformance was driven by $0.10 of G&A efficiency while maintaining our growth investments and $0.07 of timing benefits related to spin and cost containment actions in the current quarter. We expect this $0.07 of timing items to be earnings neutral for the first half of the year.

相對於我們最初預期的第一季獲利成長持平，這筆 0.17 美元的超額表現是由 0.10 美元的 G&A 效率推動的，同時保持了我們的成長投資，以及與本季度分拆和成本控制行動相關的 0.07 美元的時間效益。我們預計這 0.07 美元的計時項目將對今年上半年的盈利產生中性影響。

Free cash flow of approximately $500 million came in stronger than expected on the back of better earnings and discipline CapEx spending. And we continue to have a balanced capital deployment, including returning $400 million to shareholders via dividends and $1.3 billion in gross share buybacks, partially offset by higher-than-expected stock option exercise.

由於獲利改善和資本支出紀律的推動，自由現金流約 5 億美元，強於預期。我們繼續保持平衡的資本配置，包括透過股息向股東返還 4 億美元，以及 13 億美元的總股票回購，但部分被高於預期的股票選擇權行使所抵銷。

I will provide a quick overview of our growth performance for each business group on slide 5. Safety and Industrial organics sales grew 2.5% in the first quarter. This growth was broad-based, with five out of seven divisions posting positive growth.

我將在第 5 張投影片上簡要概述我們每個業務組的成長表現。第一季安全和工業有機產品的銷售額成長了 2.5%。這種成長是廣泛的，七個部門中有五個實現了正成長。

We saw particularly strong demand for cable accessories driven by construction of data centers and renewable energy projects. We also saw strength in industrial and electronics bonding solutions driven by continued share gains in structural adhesives from improved service and our focus on pipeline management, driving higher closed one.

我們發現，資料中心和再生能源專案的建設推動了對電纜配件的需求特別強勁。我們也看到了工業和電子黏合解決方案的優勢，這得益於結構膠黏劑份額的持續成長，這得益於服務的改善以及我們對管道管理的關注，從而推動了更高的封閉性。

We also saw good momentum in personal safety as they continue to win key government contracts in the US and Europe. Auto aftermarket was down low-single digits on the back of a market where collision repair claim rates are down high-single digits to the year-to-date.

我們也看到個人安全業務發展勢頭良好，他們繼續贏得美國和歐洲的重要政府合約。由於年初至今碰撞維修理賠率下降了高個位數，汽車售後市場也下降了低個位數。

Transportation and Electronics adjusted sales were up 1.1% organically in the first quarter. Aerospace delivered another quarter of double digit growth from commercial aircraft and defense related business with a strong value proposition in portfolios like films and bonding and joining, and advanced materials grew high-single digits driven by key project wins.

第一季度，運輸和電子業務調整後的銷售額有機成長 1.1%。航空航太產業憑藉商用飛機和國防相關業務再創雙位數成長，並在薄膜、黏合和連接等產品組合中展現出強大的價值主張，而先進材料則在關鍵項目勝利的推動下實現了高個位數成長。

The Electronics business grew low-single digits, softer than expected, driven by lower device demand. Our auto OEM business was down mid-single digits, reflecting continued weakness in auto builds, particularly in Europe and the US, which were each down high-single digits year-on-year.

由於設備需求下降，電子業務成長低個位數，低於預期。我們的汽車 OEM 業務下降了中等個位數，反映出汽車製造持續疲軟，尤其是歐洲和美國，這兩個地區的汽車製造業務比去年同期都下降了高個位數。

Finally, the Consumer business was up 0.3% organically in Q1. Growth investments and new product innovation drove strength for filters, respiratory products, pain protection, and Meguiar's auto care, partially offset by soft consumer spending, principally in Command and packaging expression.

最後，消費者業務在第一季有機成長了 0.3%。成長投資和新產品創新推動了過濾器、呼吸產品、疼痛防護和美光汽車護理產品的成長，但被疲軟的消費者支出（主要是在命令和包裝表達方面）部分抵消。

I will now share an update on our '25 Outlook trends on slide 6. Starting with the macroenvironment, we see a softer outlook than the start of the year. Market forecasts have been lowered, reflecting weaker consumer spending and lower demand in industries such as auto and electronics.

我現在將在第 6 張投影片上分享我們 25 年展望趨勢的最新情況。從宏觀環境來看，我們看到前景比年初更為疲軟。市場預測已被下調，反映出消費者支出減弱以及汽車和電子等行業需求下降。

The blended GDP, IPI 2025 growth was estimated to be 2.1% and has since come down to 1.8% for the year. We continue to believe we can grow above macro due to progress on all our commercial excellence initiatives and focus on new product introductions. However, due to the softer market, we're trending to the lower end of our 2% to 3% range.

預計 2025 年綜合 GDP、IPI 成長率為 2.1%，但今年已降至 1.8%。我們始終相信，憑藉我們所有商業卓越計劃的進步以及對新產品推出的關注，我們能夠實現超越宏觀的成長。然而，由於市場疲軟，我們的成長趨勢處於 2% 至 3% 區間的低端。

On operating margins, due to the Q1 performance, we see upside to the midpoint of our margin and earnings guidance range. In terms of non-operational drivers, FX has been more favorable than expected. However, it is offset by share option exercise and a higher net interest. We expect the operational cadence of sales and EPS to be split equally between the first and second half, in line with historical performance.

在營業利益率方面，由於第一季的業績表現，我們預期利潤率和獲利預期範圍的中點將會上升。從非營運驅動因素來看，外匯表現比預期更為有利。然而，這一增長被股票選擇權的行使和更高的淨利息所抵消。我們預期銷售額和每股盈餘的營運節奏將在上半年和下半年平均分配，與歷史表現一致。

On cash, we continue to expect approximately 100% adjusted free cash flow conversion. Additionally, to offset higher than expected share option exercise, we're increasing our gross share repurchases in '25 to $2 billion versus the $1.5 billion discussed previously. As Bill pointed out, we have bought authorization for $7.5 billion of repurchases, and we are prepared to be opportunistic in response to market conditions.

就現金而言，我們繼續預期調整後的自由現金流轉換率約為 100%。此外，為了抵銷高於預期的股票選擇權行使，我們將 2025 年的總股票回購額從先前討論的 15 億美元增加到 20 億美元。正如比爾所指出的，我們已經獲得75億美元的回購授權，並準備根據市場情況把握機會。

As you know, we are dealing with tariffs, and it will provide a quantification of the tariff sensitivity on slide 7. Looking from left to right on the slide, our January guidance was for earnings of $7.60 to $7.90.

如您所知，我們正在處理關稅問題，第 7 張投影片將提供關稅敏感度的量化。從投影片的左到右看，我們 1 月的預期收益為 7.60 美元至 7.90 美元。

As I earlier mentioned, given the Q1 strength, we are trending about $0.10 better operationally, while our non-operational is balanced between FX and below the line items. Our intention is to continue to drive for results, but we are early in the year, and given the current environment, we are taking a $0.10 contingency and maintaining our $7.60 to $7.90 EPS guidance.

正如我之前提到的，鑑於第一季的強勁表現，我們的營運趨勢將好轉約 0.10 美元，而我們的非營運業務在外匯和線下項目之間保持平衡。我們的目的是繼續努力取得成果，但現在正值年初，考慮到目前的環境，我們採取了 0.10 美元的應急措施，並維持 7.60 美元至 7.90 美元的每股收益指引。

On the right, I've provided a tariff sensitivity. I wanted to quantify the impact as we see it right now and outline our mitigation plan. As we have mentioned before, we import $1.6 billion into the US and export $4.1 billion from the US. China is approximately 10% of the imports and slightly more on exports for a total trade flow of approximately $600 million between the US and China.

在右側，我提供了關稅敏感度。我想量化我們目前看到的影響並概述我們的緩解計劃。正如我們之前提到的，我們向美國進口了 16 億美元的商品，從美國出口了 41 億美元的商品。中國約占美國進口量的 10%，出口量略多，中美之間的貿易總額約 6 億美元。

These flows at the current tariff rates of 125% imports into China from the US and 145% from China into US will equate to approximately $675 million of potential annualized tariff impact after anticipated exemptions. In addition, tariffs on products not qualified under USMCA, along with aluminum steel, and other reciprocal actions, had an approximately $175 million impact for a total annualized impact of approximately $850 million before any mitigation actions.

以目前美國對華進口商品徵收 125% 的關稅、中國對美進口商品徵收 145% 的關稅計算，這些商品在預期免稅後將產生約 6.75 億美元的潛在年化關稅影響。此外，對不符合 USMCA 資格的產品徵收關稅，以及鋁鋼和其他對等行動，在採取任何緩解措施之前，共產生約 1.75 億美元的影響，年化總影響約為 8.5 億美元。

Given that most of the tariffs were enacted recently and we typically carry 90 days of inventory, we expect only half of this impact this year, which is approximately $400 million or approximately $0.60 of EPS before any offsets. The team has responded quickly and is working on a number of mitigation plans, including cost and productivity initiatives, optimizing production and logistics, including leveraging a US footprint and selective price increases where feasible.

鑑於大多數關稅都是最近頒布的，而且我們通常持有 90 天的庫存，我們預計今年的影響只有一半，約為 4 億美元，或在任何抵消之前約為每股收益 0.60 美元。該團隊迅速做出反應，並正在製定一系列緩解計劃，包括成本和生產力措施、優化生產和物流、利用美國影響力以及在可行的情況下有選擇地提高價格。

And we believe we can partially offset the headwind for an estimated 2025 net impact of $0.20 to $0.40. We will keep you updated as the situation evolves.

我們相信，我們可以部分抵銷不利因素的影響，預計2025年的淨影響將達到0.20美元至0.40美元。我們將隨時向您通報最新情況。

In the meantime, we are controlling what we can and focus on growth acceleration, strong margin expansion, and delivering strong shareholder returns in '25. I want to take a moment to thank the 3M team for remaining resilient through this environment.

同時，我們正在控制我們所能控制的範圍，並專注於加速成長、大幅提高利潤率以及在 25 年實現豐厚的股東回報。我想花點時間感謝 3M 團隊在這種環境下保持堅韌。

With that, let's open the call for questions.

現在，讓我們開始提問。

(Operator Instructions) Jeff Sprague, Vertical Research Partners.

（操作員指示） Jeff Sprague，Vertical Research Partners。

Maybe we could start, again, maybe a little bit on the macro side. Interesting commentary about the March exit rate, but obviously, kind of post-Liberation Day, all eyes are on what happened in April. I assume that's encompassed in how you've guided here this morning.

也許我們可以再次從宏觀角度開始。關於三月退出率的評論很有趣，但顯然，解放日之後，所有人的目光都集中在四月發生的事情上。我認為這已經包含在您今天早上的指導中了。

But maybe give us some color if you could on how things progressed as you moved out of the quarter into Q2 and whether that March activity you saw maybe felt or looked like some pre-buy actions by your customers.

但是，如果您可以的話，請告訴我們，當您從第一季進入第二季度時，事情進展如何，以及您所看到的 3 月份活動是否感覺或看起來像是客戶的一些預購行為。

I mean, first on the pre-buy, we saw maybe $10 million move from Q2 and Q1, primarily in China. So it was fairly minimal from our assessment on that part of the question.

我的意思是，首先在預購方面，我們看到第二季和第一季之間可能有 1000 萬美元的流動，主要在中國。因此，從我們對此部分問題的評估來看，這個問題相當小。

On just the trends, as we mentioned in the prepared comments, our Q1 order rates were up a little more than 2%. We ended backlog at the end of March, up low-teens. As Anurag mentioned, we had about 25% of our revenue in Q2 covered.

僅從趨勢來看，正如我們在準備好的評論中提到的那樣，我們的第一季訂單率上漲了 2% 多一點。我們在三月底結束了積壓工作，增幅達到了十幾歲。正如 Anurag 所提到的，我們第二季的營收已達到約 25%。

As we turn the corner into April, we're seeing continued, again, it's early, only half of the month, but we're seeing continued momentum in our Industrial business and SIBG order rates. Pretty similar to where they were in March, which is a bit higher than they were for the overall quarter. So they had that ended March pretty good and it continued into April.

隨著我們進入四月，我們看到了持續的勢頭，雖然現在還為時過早，只有半個月，但我們看到工業業務和 SIBG 訂單率繼續保持增長勢頭。與三月的情況非常相似，但比整個季度的情況略高。因此，他們在三月結束時表現很好，並且一直持續到四月。

A little bit softer on TEBG. Again, it's a little bit early in the quarter, but maybe a little bit softer. Consumer, it typically starts a little bit weak, it's a -- the start of a quarter, the retailers close the books at the end of April, so it's typically a slower month for us. But generally speaking, Industrial, in line with March, just a tad softer in the other two businesses.

TEBG 稍微軟一點。再次，這是本季度的初期，但可能稍微疲軟一些。消費者，通常一開始會有點疲軟，這是一個季度的開始，零售商在四月底結帳，所以這對我們來說通常是一個較慢的月份。但整體而言，工業業務與3月持平，其他兩個業務略微疲軟。

Great. And then just back to the tariffs, I appreciate that build up to what the gross impact was. That's some great color.

偉大的。然後回到關稅問題，我很欣賞其整體影響。那是很棒的顏色。

Just when we think about, Bill, the levers you're going to pull here on the mitigation side. Maybe just a little bit more color there, how much might be price, the ability for the market to actually take price. And I wonder if you could just elaborate a little bit more on some of the moves you're making and some of the things you characterized as no regrets moves.

就在我們思考的時候，比爾，你在緩解方面要採取哪些措施。也許只是多一點色彩，價格可能是多少，市場實際上接受價格的能力。我想知道您是否可以更詳細地闡述您正在採取的一些舉措以及您所說的「無悔」舉措。

So yeah, there's several things. I put it in maybe three buckets. One is -- and we referenced this at a high level in the call here. The first are on sourcing and logistics actions.

是的，有幾件事。我把它放在大概三個桶子裡。一是——我們在這次電話會議中高度提到了這一點。首先是採購和物流行動。

As you know, we've got 110 factories, 88 distribution centers. And in my comments, I talked about being a 58% utilization. So yeah, I guess the positive side of that is we have a lot of flexibility to move those assets up and down. And move things across our network.

如您所知，我們有 110 家工廠和 88 個配送中心。在我的評論中，我談到了 58% 的利用率。是的，我想積極的一面是，我們可以靈活地調高或調低這些資產。並透過我們的網路移動事物。

So within sourcing logistics, we can change our source of supply fairly quickly and we're looking at those kinds of things. We're adjusting our trade flows, logistics flows, leveraging more bonded facilities, free trade zones.

因此，在採購物流方面，我們可以相當快速地改變我們的供應來源，我們正在研究這類事情。我們正在調整貿易流、物流流，利用更多的保稅設施和自由貿易區。

A little bit more point-to-point shipments on our logistics that we might have done before in terms of hub and spoke. We're optimizing where value add occurs across our network, so where we might have been shipping a finished goods, we may now ship a semi-finished goods and do finishing in a different market, different country.

我們的物流中點對點的運輸比以前透過樞紐輻射的方式進行的運輸要多一些。我們正在優化網路中增值發生的位置，因此，我們可能在運送成品的地方，現在我們可能會運送半成品，並在不同的市場、不同的國家進行整理。

And we're looking at alternative production sites with different countries of origin to try to optimize the network and minimize the tariff impact on our business. So there's a bunch of things, from a sourcing perspective, that we're looking at.

我們正在尋找不同原產國的替代生產基地，以嘗試優化網路並最大限度地減少關稅對我們業務的影響。因此，從採購的角度來看，我們正在考慮很多事情。

There are certain things we can do relatively quickly within the first couple of months. Some of the things actually are in flight today or have been enacted.

有些事情我們可以在頭幾個月內相對較快地完成。其中一些措施實際上已於今日實施或頒布。

There's others that won't take investment but just take a little bit of time to qualify something. There's others that might take a little bit of investment, a little bit more time, that's likely to be more a '26 help for us if we go forward with that, but several things we can do, some of which are being actioned today.

還有一些不需要投資，而只是需要一點時間來獲得資格。還有一些事情可能需要一點投資，一點時間，如果我們繼續下去，這可能會為我們帶來更多幫助，但我們可以做幾件事，其中一些今天正在採取行動。

The second big block is around discretionary cost actions we can take. And there's a number of things that we're doing like we did in Q1 but still protecting the growth investments we're trying to make in the business.

第二個大問題是我們可以採取的可自由支配的成本行動。我們正在做的一些事情與第一季一樣，但仍在保護我們在業務中嘗試進行的成長投資。

And then the third is selected surgical price actions. They could be in the form of surcharges depending upon the customer, could be list price changes that might come into effect. They're going to be a bit more limited.

第三是選擇外科手術價格行動。它們可能是根據客戶而定的附加費，也可能是可能生效的標價變化。它們會受到更多限制。

But when I put those three pieces together, we talk about our $0.20 to $0.40 offsetting mitigating actions. At the high end of that range, it's probably about 50/50 between cost sourcing and pricing. At the low end, assumes some of the pricing doesn't stick, but we're continue to work on that.

但當我把這三部分放在一起時，我們討論的是 0.20 美元到 0.40 美元的抵消緩解措施。在這個範圍的高端，成本採購和定價的比例大概是 50/50。在低端，假設一些定價不會堅持，但我們會繼續努力。

Those are all the things I think we're doing, if you will, from a defensive perspective, but I'd remind you there's some offensive opportunities here as well. We've got a very, very large US footprint. We can bring more things into the US.

如果你願意的話，從防禦的角度來看，我認為這些都是我們正在做的事情，但我要提醒你，這裡也有一些進攻機會。我們在美國的業務範圍非常廣泛。我們可以將更多的東西帶入美國。

There are certain products that we compete against that come in from other regions around the world. And perhaps there's an offensive opportunity to take some share here, and we're looking very carefully at that as well, Jeff.

我們的競爭產品來自世界其他地區。也許這裡有一個進攻機會來奪取一些份額，我們也在非常仔細地考慮這一點，傑夫。

Great, thanks for all that color.

太好了，謝謝你的色彩。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

I guess another way to follow on to Jeff's question, I think there'll be lots of questions related, it's just do you feel like you're more or less exposed than your average competitor to the tariff risk and perhaps that informs the ability to maybe get price or if everybody's in the same boat and similarly exposed, and maybe it's a little bit easier to get price versus the alternative.

我想用另一種方式來回答傑夫的問題，我認為會有很多相關的問題，那就是你是否覺得你比你的平均競爭對手更容易或更少地受到關稅風險的影響，也許這會影響到獲得價格的能力，或者如果每個人都在同一條船上，面臨類似的風險，也許與其他選擇相比，獲得價格會更容易一些。

But do you have any feel for that generally? I know you sell a lot of SKUs in a lot of different markets and a lot of different competitors, but is there a general -- what do you think about that?

但你對此有什麼整體感覺嗎？我知道您在許多不同的市場和許多不同的競爭對手中銷售很多 SKU，但是否存在一個普遍的情況——您對此有何看法？

Look, we compete against different competitors, different companies across all of our business groups and across all of our divisions within business groups. So it's going to be fairly mixed.

你看，我們在所有業務集團以及業務集團內的所有部門中都與不同的競爭對手、不同的公司競爭。所以它會相當混雜。

Obviously, we do export $4 billion, as Anurag mentioned, a piece that goes into China. That's mainly for the Electronics change, but it's also for some domestic consumption as well. I wouldn't say it's any better or worse than where our competitors happen to be, but there's certain things that we can do with the flexibility of our network that we can take advantage of costs and sourcing actions and then move strategically on what we try to do on pricing.

顯然，正如阿努拉格所提到的，我們的出口額確實有 40 億美元，其中一部分銷往了中國。這主要是為了電子產品的變化，但也是為了一些國內消費。我不會說它比我們的競爭對手更好或更差，但是我們可以利用網路的靈活性來做某些事情，我們可以利用成本和採購行動，然後在定價方面採取策略性行動。

We do see some of our competitors, some things have moved on the Consumer side, outside of the US, primarily, China sourced. We walked away from some of that business, some of that might be private label today. And there might be some opportunities to pull back on this.

我們確實看到我們的一些競爭對手，在美國以外的消費者方面發生了一些變化，主要是來自中國。我們放棄了部分業務，其中一些今天可能是自有品牌。並且可能存在一些機會來扭轉這一局面。

But to push pricing is going to be different in every business that we're in. We have to make an assessment of the competitive nature of the business, how differentiated our product happens to be.

但對於我們從事的每個行業來說，推動定價的方式都是不同的。我們必須對業務的競爭性質以及我們的產品的差異化程度做出評估。

And we're working very closely with all of our partners. This is a we, not us versus them, but we're working together on what do we do to mitigate the impact that's hitting all of the companies. So, a bit of a mixed bag, Scott, but I think in general, I think, we're probably a little bit better positioned than a lot of our competitors.

我們正在與所有合作夥伴密切合作。這是我們之間的對抗，不是我們與他們的對抗，而是我們正在共同努力，尋找減輕對所有公司造成的影響的方法。所以，斯科特，情況有點複雜，但我認為總的來說，我們可能比許多競爭對手處於更有利的地位。

Okay. And then as a natural follow up, I mean, 3M is a global company, but it's a very American brand, at least that's the perception. Have you seen any kind of anti-American behaviors, purchasing behaviors from your customers and biases to perhaps go in a different direction in certain areas or is that just something that we read about in the papers, that's not a real thing yet?

好的。然後自然而然地，我的意思是，3M 是一家全球性公司，但它是一個非常美國的品牌，至少人們的看法是這樣的。您是否看到任何形式的反美行為、客戶的購買行為以及在某些領域可能朝著不同方向發展的偏見，或者這只是我們在報紙上讀到的內容，還不是真實發生的事情？

Well, Scott, we haven't seen it yet. I mean, it's still early days, but we've not seen that. I'm not sure we we're anticipating that. We do have very strong brands, very global brands.

嗯，斯科特，我們還沒有看到它。我的意思是，現在還為時過早，但我們還沒有看到這一點。我不確定我們是否預料到了這一點。我們確實擁有非常強大的品牌，非常全球化的品牌。

As you mentioned, a very strong position in the US We've got 50 factories here and a big chunk of our supply base, and we do a lot of R&D here. But we've not seen so far any -- so any risk coming on us because of us being a US-based manufacturer, US-based brands.

正如您所說，我們在美國擁有非常強大的地位，我們在這裡擁有 50 家工廠和很大一部分供應基地，並且我們在這裡進行大量研發。但到目前為止，我們還沒有看到任何風險，因為我們是一家美國製造商、美國品牌。

Okay. Helpful. Best of luck this year, guys. Good luck.

好的。很有幫助。祝大家今年好運。祝你好運。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Maybe, I just wanted to follow up on the organic sales outlook, first off. So I think you mentioned early on that maybe you're looking at around sort of 2% organic growth for the year in the current guide.

也許，我只是想先跟進一下有機銷售前景。所以我認為您早些時候提到過，也許您正在考慮當前指南中今年的有機成長率約為 2%。

And just wondered, when we're thinking about the balance of the year, are you assuming steady organic growth around that sort of 1.5%, 2% range each quarter to the rest of the year or do you think we see a dip this quarter and then some improvement in the back half? Any color on that and by the segments would be interesting.

我只是想知道，當我們考慮今年的餘額時，您是否假設今年剩餘時間每個季度的有機增長率都在 1.5% 到 2% 左右，或者您是否認為本季度會出現下滑，然後在下半年有所改善？任何顏色和片段都會很有趣。

Yeah, so just to start off with what we said is we're trending towards the lower end of the range right now, but if you look at it through the course of the year, I think it's going to be pretty stable. So let me first probably just talk about the first half and then we can talk about sequentially.

是的，首先我們說的是，我們現在正趨向於該範圍的低端，但如果你從全年來看，我認為它會相當穩定。因此，我首先大概只談論前半部分，然後我們再按順序討論。

So as I said in my prepared comments, we expect the operating cadence to be split equally between the first and second half. So on the sales side, this would actually imply that Q2 would be at a slightly better than Q1. And as we move into the second half, we should see a little bit of take. So I think it's pretty balanced between the two.

因此，正如我在準備好的評論中所說的那樣，我們預計營運節奏將在上半年和下半年平均分配。因此從銷售方面來看，這實際上意味著第二季的表現會略優於第一季。隨著我們進入下半場，我們應該會看到一些收穫。所以我認為兩者之間相當平衡。

As Bill mentioned on the Industrial side, we are seeing a good growth momentum. We saw that in Q1 and that should continue through the rest of the year.

正如比爾在工業方面提到的那樣，我們看到了良好的成長勢頭。我們在第一季就看到了這種情況，並且這種情況應該會持續到今年剩餘時間。

On the Electronics, there are a couple of pockets of weaknesses on the macro side on electronics and auto. We saw that in the first quarter, so that could be a little bit lower than what we thought at the beginning of the year.

在電子產品方面，電子和汽車等宏觀方面存在一些弱點。我們在第一季就看到了這一點，因此這可能比我們年初的預期要低一點。

And Consumer is -- it's Q1 was 0.3% of flattish growth, but we expect that to pick up through the course of the year. So to answer your question, not seeing a dip in the second quarter on the back of the backlog coverage we have the orders on the Industrial side, we should see this momentum continue through the course of the year.

消費者方面，第一季成長 0.3%，略有放緩，但我們預計全年成長將會回升。因此，回答您的問題，由於積壓訂單覆蓋率較高，第二季度的訂單量沒有下滑，工業方面的訂單量也應該會持續這一勢頭。

That's very helpful. Thank you. And then just my second question around the tariff impact. So I think it's in the in-year framework, it's $0.60 gross headwind, $0.30 net headwind, potentially, at the midpoint of that framework you gave.

這非常有幫助。謝謝。我的第二個問題是關於關稅的影響。因此，我認為它在年內框架內，總逆風為 0.60 美元，淨逆風為 0.30 美元，可能處於您給出的框架的中點。

Any more details you could give us if it is around that middle of the middle type number. How do we think about the phasing of that $0.30 net headwinds through the year?

如果是在中間類型數字的中間，您可以向我們提供更多詳細資訊。我們如何看待全年 0.30 美元淨逆風的分階段消退？

And also any color you could give on the impact by Stegeman? Is it better or worse in any division?

您能描述一下 Stegeman 的影響嗎？在任何部門中情況是更好還是更糟？

Yeah, Julian, listen, as we said, the tariffs started in February with non-USMCA aluminum steel, but the ones with the biggest impact started in April, particularly between US and China. And as I mentioned, we typically carry about 90 days of inventory, so we will see this impact in mainly in the second half of the year.

是的，朱利安，聽著，正如我們所說，關稅於 2 月開始對非 USMCA 鋁鋼徵收，但影響最大的關稅於 4 月開始徵收，尤其是在美國和中國之間。正如我所提到的，我們的庫存通常為 90 天左右，因此我們主要會在下半年看到這種影響。

For the second quarter, we may see a couple of pennies here and there, a small impact, but that's within the guidance range of $7.60 to $7.90. So you'll see this impact in the second half of the year.

對於第二季度，我們可能會看到一些小幅的降價，影響不大，但這在7.60美元至7.90美元的指導範圍內。所以你會在下半年看到這種影響。

Now, regarding the businesses and the segments, we'll probably get more color as we go around here. What the team is more importantly, if you take a step back, is working on actions very quickly across the buckets that Bill mentioned and what we can control.

現在，關於業務和部門，我們可能會在這裡獲得更多詳細資訊。團隊更重要的是，如果你退一步來看，你會發現他們正在針對比爾提到的以及我們能夠控制的範圍快速採取行動。

So obviously, on the cost side, you'll see us control a little bit faster price will come in. And then the offensive strategy, you'll see more of the benefit come through towards the end of the year or next year. So you will see us mitigating this impact more as we go along through the course of the year into next year.

因此顯然，在成本方面，你會看到我們控制價格的速度會更快一些。然後是進攻策略，你會看到在年底或明年更多的好處。因此，隨著我們今年和明年的進展，您會看到我們將進一步減輕這種影響。

Great. Thank you.

偉大的。謝謝。

Amit Mehrotra, UBS.

瑞銀的阿米特·梅赫羅特拉 (Amit Mehrotra)。

Just following up on the cadence maybe with respect to EPS as opposed to the organic sales. And the last couple years we've seen 10% or so sequential uplift in EPS.

可能只是跟進 EPS 的節奏，而不是有機銷售。過去幾年，我們看到每股盈餘連續成長 10% 左右。

There's a lot of moving parts in terms of stock comp. I know there was a timing in terms of 1Q, 2Q stock comp. There's obviously timing of all the costs and then tariffs, but I guess tariffs are more second half given the inventory.

就股票補償而言，有許多變動因素。我知道第一季和第二季的股票價格有一個時間差。顯然，所有成本和關稅都有時間安排，但考慮到庫存，我猜下半年的關稅會更高。

Could you just help us think about the cadence in light of all those moving parts as we think about EPS moving from 1Q into 2Q in the rest of the year?

當我們考慮今年剩餘時間內 EPS 從第一季轉移到第二季時，您能否根據所有這些變動因素幫助我們思考節奏？

I mean, I've already touched upon the sales, so I'll go more on the earnings side. So first, let me do the year-over-year between for Q2, and then I'll come to the sequential because as you correctly said, there are a lot of moving pieces there.

我的意思是，我已經談到了銷售，所以我將更多地談論收益方面。因此，首先，讓我來看看第二季度的同比情況，然後再進行連續性分析，因為正如您所說，這其中有很多變動因素。

So the EPS's growth year over year should be about $0.15 to $0.20 on the operational side because of the benefits from volume, restructuring costs, productivity, the lower equity comp that you referenced to. But as I mentioned in my prepared comments, there was some Q1 timing events, so that'll be partially offset, increasing investments, but you see a big step up in Q2 relative to last year because we only started making investments in the second half of last year, and the PFAS related cost.

因此，由於產量、重組成本、生產力以及您提到的較低股權補償的好處，營運方面的 EPS 年成長率應該在 0.15 美元到 0.20 美元左右。但正如我在準備好的評論中提到的那樣，第一季有一些時間事件，因此這將被部分抵消，從而增加投資，但你會看到第二季度相對於去年有大幅增長，因為我們只是在去年下半年才開始進行投資，以及與 PFAS 相關的成本。

But operationally, you should see be up $0.15 to $0.20 on the EPS. But on the non-op side, we have a total headwind of about $0.10, and a large part of that is driven by net interest as the cash balance last year in the second quarter was over $10 billion. And now, we're returning back to more normal cash levels.

但從營運角度來看，每股收益將上漲 0.15 美元至 0.20 美元。但在非經營方面，我們總共面臨約 0.10 美元的逆風，其中很大一部分是由淨利息驅動的，因為去年第二季的現金餘額超過 100 億美元。現在，我們的現金水準正在恢復到更正常的水準。

So we will have some impact in non-op pension as well, but all of that will be offset by lower share count. But if you take the net interest pension offset by the lower share count, it's about a $0.10 headwind year-over-year. So you put that together, we should grow EPS by about $0.05 to $0.10 year-over-year.

因此，我們也會對非經營性退休金產生一些影響，但所有這些都將被較低的股份數量所抵消。但如果用淨利息退休金抵消較低的股票數量，那麼與去年同期相比，這大約是 0.10 美元的逆風。所以綜合起來，我們的每股盈餘應該會比去年同期增加約 0.05 美元至 0.10 美元。

Now sequentially, you're correct, it's seasonally, revenue should be up about $300 million, which should come with good flow through. But as I said, there are some offsets around the timing of Q1 items. There is some step up in the investments.

現在按順序來看，您說得對，這是季節性的，收入應該會增加約 3 億美元，這應該會帶來良好的流通。但正如我所說，第一季專案的時間安排存在一些偏差。投資有所增加。

So what you will see is about $0.05 to $0.10 again operationally, it should be good. And $0.05 benefit from a little bit below the line. So sequentially also, we should see about $0.10 to $0.15 benefit on the EPS.

因此，從操作上看，您會看到價格再次達到約 0.05 美元到 0.10 美元，這應該是不錯的。低於該線的一點點收益為 0.05 美元。因此，按順序來看，我們應該會看到每股收益增加約 0.10 美元至 0.15 美元。

So overall, if you put all of that together, for the first half, our EPS will grow about $0.22 to $0.27, which is actually a pretty much 50% of the growth of what we expect for the full year. And second half should mirror that too.

所以總體而言，如果把所有這些因素加在一起，上半年我們的每股盈餘將增加約 0.22 美元至 0.27 美元，這實際上相當於我們預期全年成長的 50%。下半場也應該反映這一點。

Okay. Very helpful. Thank you. And then I guess maybe one for Bill in terms of -- you obviously have a lot of efficiency actions that the company's pursuing. I wonder if what's happening now gives you an opportunity to accelerate some of those actions. If you can just talk about the opportunity that you see there that'd be helpful. Thanks.

好的。非常有幫助。謝謝。然後我想也許對比爾來說，你顯然為公司採取了許多效率行動。我想知道現在發生的事情是否為您提供了加速其中某些行動的機會。如果您能談談您在那裡看到的機會，那將會很有幫助。謝謝。

I mean, look, this is it's a challenging situation that we happen to be in. The environment's moving pretty quickly, but the team has responded very, very well. The actions that I've talked about, I talk about it in very large buckets, but the reality is this has to be done down at an SKU-by-SKU level based on a customer or a flow, a factory to a region.

我的意思是，你看，這正是我們正處於的一個充滿挑戰的境地。環境變化非常快，但團隊的反應非常非常好。我所談論的行動，是在非常大的範圍內談論的，但實際情況是，這必須根據客戶或流程、從工廠到地區，在 SKU 層級逐一完成。

It's a very discrete analysis. And it's really helping us get into the bows, if you will, of how we actually run the business. So it's pointing out some good opportunities to do some things differently and better.

這是一個非常離散的分析。如果你願意的話，它確實幫助我們了解我們實際上是如何經營業務的。因此，它指出了一些以不同方式和更好的方式做一些事情的好機會。

We have been focused on driving operational performance, operational excellence across the whole enterprise, including on our operations. I went through some of the metrics that we're focused on here. There's an environment that we're in, we're trying to figure out a way to offset some of the tariff effects.

我們一直致力於推動整個企業的營運績效和卓越運營，包括我們的營運。我介紹了我們在此關注的一些指標。在我們所處的環境中，我們正在試圖找到一種方法來抵消部分關稅的影響。

But a lot of the things that we're doing are just running our game plan. It's driving on time and full up. I talked about that pretty extensively here; driving OEE or operational equipment effectiveness, improving that; driving productivity, driving cost for quality downers. All of these various initiatives, it just puts a lot more focus and attention on.

但我們所做的很多事情只是在執行我們的比賽計劃。準時行駛，滿員。我在這裡非常詳細地討論了這一點；推動 OEE 或操作設備效率，改進它；提高生產力，降低品質下降的成本。所有這些不同的舉措都引起了人們更多的關注和重視。

So is there more we can do? There might be simply because we're getting deeper into a deeper understanding of the trade flows and what's happening, but I think we've got a good game plan. It's executing well.

那我們還能做什麼呢？這可能只是因為我們對貿易流動和正在發生的事情有了更深入的了解，但我認為我們已經有一個很好的計劃。執行得很好。

You saw it in a marginal improvement in Q1. It's also pointing out good opportunities to tighten down on G&A. So, look, it's -- we're trying to make it the best of the situation we're in and drive performance.

您在第一季就看到了輕微的改善。這也指出了縮減 G&A 費用的良好機會。所以，你看，我們正在努力使我們所處的情況變得最好並提高績效。

No, very good. Thank you very much. I appreciate it.

不，非常好。非常感謝。我很感激。

Stephen Tusa, JPMorgan.

摩根大通的史蒂芬·圖薩。

So you guys had previously said, I think negative $0.20 on ForEx. What specifically are you now assuming for ForEx year-over-year?

所以你們之前說過，我認為外匯交易價格是負 0.20 美元。您現在對於外匯的年比變動有何具體假設？

So expecting $0.15 right now or $0.05 of headwind. From a $0.20 headwind to a $0.15 headwind.

因此，目前預計價格為 0.15 美元，或逆風價格為 0.05 美元。從 0.20 美元的逆風到 0.15 美元的逆風。

On ForEx.

在外匯上。

Correct, yeah.

正確，是的。

What are you using for your euro rate?

您使用什麼來計算歐元匯率？

Okay, so we snapped it at the end of March. Okay, so that was around [108, 109] level, right? It has moved up since then.

好的，我們是在三月底拍攝的。好的，那大約是 [108, 109] 級別，對嗎？自那時起，它就開始上漲。

I guess where you're going is that, with FX moving at this rate, why is there only $0.05? So maybe let me just take a step back. And so, when we gave the guidance in January, we said operationally, we'll go $0.85 at the midpoint and we had $0.40, broken $0.20 between FX and $0.20, which was non-op.

我猜你要問的是，外匯以這種速度變動，為什麼只有 0.05 美元？所以也許讓我退一步來說。因此，當我們在一月份給出指導時，我們說從營運角度來看，我們將以中間價達到 0.85 美元，而我們的價格為 0.40 美元，在外匯和 0.20 美元之間有 0.20 美元的區間，這是非營運價格。

On the FX, as you said, we assume about $0.20 over there. Now, we rerun the forecast at the end of the quarter, and now the FX headwind on the revenue from 2% has become 1.5%, which runs straight into $0.15 of headwind.

關於外匯，正如您所說，我們假設那裡的價格約為 0.20 美元。現在，我們在本季末重新進行預測，現在外匯對收入的不利影響從 2% 變為 1.5%，直接轉化為 0.15 美元的不利影響。

But if the US dollar continues the way it is, this headwind should definitely reduce. But as you know, not all FX rates move in the same direction. And actually in some cases, we are in net cost position.

但如果美元繼續維持目前的走勢，這種不利因素肯定會減弱。但如您所知，並非所有外匯匯率都朝同一方向變動。實際上在某些情況下，我們處於淨成本狀態。

But if they continue to go where they are, we should see an upside in the FXs, and that is the reason why we split the operational and the non-operational, which includes FX in our earnings bridge, because we want to drive on the operational side of the business. And if there is an upset on FX, we'll share it as we go along.

但如果他們繼續維持現狀，我們應該會看到外匯方面出現上漲，這就是我們將營運性和非營運性業務分開的原因，其中包括將外匯納入我們的獲利橋樑，因為我們希望推動業務的營運面向。如果 FX 上出現任何意外，我們會及時分享。

Right. And so I guess on the non-op side, the non-op, non-FX, then there's really not much change there because there's really not much change in the FX, underlying FX assumption.

正確的。因此，我猜想在非操作方面，非操作、非外匯方面，實際上並沒有太大的變化，因為外匯、底層外匯假設實際上並沒有太大的變化。

Yeah, that is the point. There's a penny two-year in each of the items, but not material change. For example, on interest rates, right, we had assumed about, two cuts this year. They could be three or four cuts is what we are hearing. So we've kind of calibrated for that, which is low interest income.

是的，這就是重點。每兩年每項費用都會有所增加，但沒有實質的變化。例如，關於利率，我們曾假設今年會降息兩次。我們聽到的是，可能會有三到四次削減。因此，我們已經針對低利息收入進行了調整。

On pension, there's a penny or two year because the stock option exercise share accounts penny or two. So it's not very material, but the $0.05 that we have assumed in the FX improving is probably mitigated by these other items. But if FX continues the way it is, there should be net upside and below the line.

關於退休金，每年有一兩分錢，因為股票選擇權行使份額佔了兩分錢。因此，這不是很重要，但我們假設外匯改善的 0.05 美元可能會被這些其他項目所抵消。但如果外匯繼續保持這種狀態，應該會出現淨上行和下行趨勢。

Yeah, okay. And then just lastly on China, could you just -- are there sales there that you could just walk from? I mean, I know you guys export a decent amount there, obviously. I just don't know how like critical those are to your customers.

嗯，好的。最後，關於中國，您能否—那裡的銷售額是否足以讓您望而卻步？我的意思是，我知道你們顯然在那裡出口了相當多的商品。我只是不知道這些對您的客戶有多重要。

I mean, is that like an option for the exports from the US to China? I don't know how much a part of that the $850 million that actually is but is there an option to just walk from those sales?

我的意思是，這是否是美國向中國出口的選項？我不知道這 8.5 億美元實際上佔了多少，但有沒有辦法直接放棄這些銷售呢？

I don't think it's an option of like walking from the sales. We have a very strong business in China. We have important domestic and export customers in China.

我不認為這是從銷售中走出來的選擇。我們在中國的業務非常強勁。我們在中國擁有重要的國內和出口客戶。

I think we do have some opportunities to shift around our network to bring product into China from other regions that don't have the same sort of tariff effect. I'll give you just an example. We, today, we shipped from products from the US to China that we could also instead ship from Europe into China and then perhaps backfill that volume in the US to where those factories in Europe were directed in their products.

我認為我們確實有機會轉移我們的網絡，將產品從沒有相同關稅影響的其他地區引入中國。我只給你舉一個例子。今天，我們將產品從美國運往中國，也可以將這些產品從歐洲運往中國，然後再運回美國，再由歐洲的工廠生產產品。

So there's things we can do to mitigate some of this impact and preserve the relationship and the great business we have in China. Again, it's 10% of our company. It grew double digits last year. We had solid mid-single digit Q1.

因此，我們可以採取一些措施來減輕這種影響，並維護我們在中國的關係和良好的業務。再說一遍，這是我們公司的 10%。去年，該數字實現了兩位數的成長。我們第一季的業績表現穩健，達到個位數中段。

We follow our international customers there where they manufacture in China are moving more there or moving to other different regions. So we want to be there to support them. But there's some things we can do on our end just in terms of sourcing to try to mitigate some of that impact.

我們追蹤那些在中國生產產品的國際客戶，他們正在將更多的生產轉移到中國或轉移到其他不同地區。所以我們希望在那裡支持他們。但就採購而言，我們可以做一些事情來嘗試減輕一些影響。

All right. Makes a ton of sense. Thank you.

好的。非常有道理。謝謝。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

I hate to be a bore, but a few more tariff questions. Are there any perverse impacts as a result of these excessive China tariffs? So you know this increasing concerns around supply chain impact here, shipments are being made, so will be imposed in lieu of news flow. Is there any risk that your supply chain could be impacted by shippers just not making their shipments because of the tariffs?

我不想讓人覺得無聊，但我還有幾個關稅問題。對中國徵收過高的關稅是否會產生任何負面影響？因此，您知道，人們對供應鏈影響的擔憂日益增加，貨物正在運輸中，因此將代替新聞流實施。由於關稅，托運人不再發貨，您的供應鏈是否會受到影響？

You know, Nigel, we've not seen anything like that yet. We haven't heard any word of that. We've seen no disruption, no supplier hesitant at the moment to ship to us. We've not actually seen much push on to us in terms of pricing.

你知道，奈傑爾，我們還沒看過這樣的事。我們還沒有聽到任何有關此事的消息。我們沒有看到任何中斷，目前也沒有供應商猶豫向我們發貨。實際上，我們在定價方面並沒有受到太大的壓力。

These things will evolve over the balance of the year, but I've read a lot about what you're suggesting. We have not yet seen that in our business.

這些事情將在今年剩餘的時間裡逐漸發展，但我已經閱讀了很多關於你的建議。我們在我們的業務中還沒有看到這種情況。

Okay. That's good news. And then Anurag, just to double confirm, the 50/50 comment on EPS is based on the [$7.75] midpoint, and then the second half would be whatever lands in terms of net tariffs, is that right?

好的。這是個好消息。然後 Anurag，再次確認一下，對 EPS 的 50/50 評論是基於 [7.75 美元] 中點，然後下半年將取決於淨關稅，對嗎？

That is correct.

沒錯。

Okay. And then just a quick one on cash flow, with again with the tariffs. Does that put a more of a back-end load on cash flow because you have to pay the tariffs on day one?

好的。然後我們再快速討論一下現金流，以及關稅問題。這是否會對現金流造成更大的後端負擔，因為你必須第一天支付關稅？

No, not really. I mean, if you look at the cash flow, we actually did quite well for the first quarter as well. Typically, it's a low quarter for us. Net income is about $1 billion. We consume about $300 million of working capital as we build up inventory.

不，不是真的。我的意思是，如果你看一下現金流，你會發現我們第一季的表現其實也相當不錯。通常來說，這對我們來說是一個低迷的季度。淨收入約10億美元。我們在增加庫存時消耗了約 3 億美元的營運資金。

We enter Q2, which is seasonally a high quarter, and then we have bonus payments, AIP payments of about $300 million. So that gets about $400 million, but we did better because of discipline CapEx spending and receivables.

我們進入第二季度，這是季節性的高峰季度，然後我們有獎金支付，AIP 支付約 3 億美元。因此，這大約是 4 億美元，但由於我們嚴格控制資本支出和應收帳款，所以我們做得更好。

What we're seeing going out is in terms of areas, we are definitely focusing is on the DSO and the AIP payments as well. And right now, we're not really seeing a material change in that. We're going to manage it. So I don't expect to be a little more pressure in the second half of the year, and we'll probably have a good cadence on cash flow growth as we go through the course of the year.

就我們所看到的領域而言，我們肯定也關注 DSO 和 AIP 支付。而目前，我們並沒有看到實質的改變。我們會處理好這件事的。因此，我預計今年下半年不會有太大壓力，而且我們全年的現金流成長節奏可能會很好。

That's great. Thank you.

那太棒了。謝謝。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓 (Andrew Obin)。

Just another question on tariffs. Are you modeling any demand destruction related to tariffs in your core guide? Right, because you know, as prices go up, as you need to substitute things that sort of drives economic model will tell you it would drive some demand destruction on the margin. Are you thinking about it or you're just modeling the volume based on your economic forecast?

這只是關於關稅的另一個問題。您的核心指南中是否對與關稅相關的任何需求破壞進行了建模？是的，因為你知道，隨著價格上漲，你需要替換一些東西，而這個驅動經濟模型會告訴你，這會導致邊際需求的破壞。您是否考慮過這個問題，或者您只是根據您的經濟預測來對數量進行建模？

Yeah, so the tariff impact is all about the tariff cost impact sensitivity that we've shown. Obviously, because of the tariffs, the market's been a little bit weaker, so that's why we say we're trending lower on that range. But other than that, no, we have not modeled anything more.

是的，所以關稅影響完全取決於我們所展示的關稅成本影響敏感度。顯然，由於關稅，市場有所疲軟，所以我們說該範圍內的趨勢較低。但除此之外，我們沒有建模任何其他東西。

Yeah, I mean, look, but just to be clear on the pricing, we're trying to be pretty smart, strategic, and surgical about this. And we're not doing without interaction with our customers.

是的，我的意思是，看，但只是為了明確定價，我們正試圖對此採取相當聰明、有策略性和精準的態度。我們也不能不與客戶互動。

In many cases when we put out a surcharge, it's through consultation with the distributor or a customer. There's some receptivity to a certain amount based upon the individual customer for a period of time.

很多時候，當我們收取附加費時，都是透過與經銷商或客戶協商來決定的。根據個人客戶在一段時間內對一定數量的接受度。

There's an understanding that that volume will deteriorate. If we start to get to a point later in the year where we feel like we ought to be pushing price out to accommodate or offset more of the tariff risk and there's a volume impact, we're going to have to take that under consideration.

有消息稱，這一數量將會減少。如果我們在今年稍後開始意識到我們應該提高價格以適應或抵消更多的關稅風險，並且會產生數量影響，那麼我們就必須考慮到這一點。

But the team has been very smart and surgical about how we do this. So outside of the macro erosion, we're not expecting much demand deterioration from a volume perspective because of the way we're being smart about pricing.

但我們的團隊非常聰明，對如何做到這一點非常精明。因此，除了宏觀侵蝕之外，由於我們的定價方式很明智，從數量角度來看，我們預計需求不會出現太大的惡化。

And just a follow up question on buyback seems that the buyback is there because folks are exercising their options. Why not be more aggressive? You're doing a lot of good stuff operationally. It seems a lot of momentum that's long term underway. Why not just take adventure in the stock weakness and be more aggressive on stock buyback. What's the Board's and your thinking on that?

關於回購的後續問題似乎是，回購的存在是因為人們正在行使他們的選擇權。為什麼不更積極一些呢？你們在營運方面做了很多好事。看起來，這股勢頭正在長期持續。為什麼不在股票疲軟時冒險並更積極地回購股票？董事會和您對此有何看法？

It was just a little bit more on the timing side. Let me give you some colors. So, as we ended last year, 2 out of the 10 past -- two years out of the 10 of the past 10 years options were in the money and the 2015 options, which expired this year, were not in the money.

只是在時間方面稍微多了一點。讓我給你一些顏色。因此，截至去年年底，過去 10 年中有 2 年的選擇權處於價內，而今年到期的 2015 年選擇權則沒有處於價內。

And in February, they came into the money, so that was a one distinct exercise incident that happened and a couple more which came in the money. So it was more around that as opposed to we're seeing accelerated options being exercised. It was more timing of the 2015 options.

而在二月份，他們開始賺錢，所以這是一起獨特的運動事件，另外還有幾起事件讓他們賺到了錢。因此，這更多的是關於這一點，而不是我們看到加速選擇權的行使。這更多是關於 2015 年選擇的時機。

But I think to your point, Andrew, I think you know we, Anurag mentioned in his remarks, we have a $7.5 billion authorization, went from $1.5 billion to $2 billion, and we have the optionality to go bigger than that if we need to in the back half of the year based on the situation we happen to have in our business. So Anurag will make the right call as we get out of the quarter into later on in the year.

但我認為，安德魯，正如你所說，我想你知道，阿努拉格在他的演講中提到的，我們有 75 億美元的授權，從 15 億美元增加到 20 億美元，而且，如果下半年有需要，我們可以選擇將授權金額擴大到 20 億美元，具體取決於我們業務的情況。因此，當我們走出本季度並進入今年晚些時候時，Anurag 將做出正確的決定。

I appreciate the answer. Thanks so much.

我很感謝你的回答。非常感謝。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Just a couple on the outlook within the margin puts and takes. Have you guys actually shifted the G&A productivity expectation for the full year? And same question on growth investments. And anything major to highlight on the timing of those if they've shifted at all between quarters?

這只是對保證金看跌期權和看漲期權前景的一些看法。你們實際上是否改變了全年的 G&A 生產力預期？關於成長投資也有同樣的問題。如果這些變化在各個季度之間有所變化，那麼在時間上有什麼需要強調的嗎？

So first thing on the growth of investments, I think we're keeping track. We said we're going to increase by $225 million. The first quarter was around $50 million and this big step up in the second quarter, and we are maintaining that cadence as we go along.

因此，首先，我認為我們正在追蹤投資的成長。我們說過要增加 2.25 億美元。第一季的收入約為 5,000 萬美元，第二季的收入大幅增加，我們將繼續保持這一節奏。

And you can see that actually in the R&D numbers for the first quarter as a percentage of revenue last year was 4.2%. This year, it's 4.8% so you see a step up of 60 basis points and all the other initiatives that Bill was talking about on commercial excellence, we're funding that.

您可以看到，去年第一季的研發數據佔收入的百分比實際上為 4.2%。今年是 4.8%，所以你會看到它上升了 60 個基點，而比爾談到的所有其他有關商業卓越的舉措，我們都在為其提供資金。

On the G&A side if you roll through our Q1 performance, which we said, $0.17 more than what we expected, $0.10 was more on G&A efficiency and FX, $0.07 of that was G&A. And the remaining part was timing. That was more structural and permanent, right?

在 G&A 方面，如果您查看我們第一季的業績，我們會發現，這比我們預期的多出 0.17 美元，其中 G&A 效率和外匯支出多出 0.10 美元，而 G&A 支出為 0.07 美元。剩下的部分就是時間安排。這更具結構性和持久性，對嗎？

And then the Investor Day, we spoke about we have $2 billion of G$A. Outside that, we also have indirect expense. Late last year, what we started doing a lot of these external services, for example, were done locally. We pulled it centrally, try to see if they align with the strategic priorities. If yes -- if not, we don't spend. If they do, align then how can we leverage our global buy to get a better rate?

在投資者日，我們談到了我們有20億美元的一般及行政支出。除此之外，我們還有間接支出。例如，去年年底，我們開始提供許多外部服務，這些服務都是在當地完成的。我們將其集中起來，嘗試看看它們是否符合戰略重點。如果是，那我們就不花錢。如果他們確實這麼做了，那麼我們如何利用我們的全球購買力來獲得更好的利率？

We saw some benefits of that in the first quarter, and we expect that to move to probably increase as we move through the course of the year. So we have taken a little bit of a hedge in our guide. As you can see the Q1 has upside, but we've taken a $0.10 hedge. If you were not to have the $0.10 hedge, then I would say that you should see at least $150 million of G&A improvement in Q1 flow through the rest of the year.

我們在第一季看到了一些好處，我們預計，隨著全年的發展，這種好處可能會增加。因此我們在指南中採取了一些限制措施。如您所見，第一季有上漲空間，但我們採取了 0.10 美元的對沖。如果您沒有 0.10 美元的對沖，那麼我會說您應該會看到今年剩餘時間第一季的 G&A 流量增加至少 1.5 億美元。

Okay. Got it. Thanks, Anurag. That's clear. And just a follow up on a couple of your market expectations because there's a lot of movement in these two in particular. What are you guys thinking for Auto builds and Electronics for 2025?

好的。知道了。謝謝，阿努拉格。這很清楚。我想跟進一下您對市場的幾個預期，因為這兩個市場尤其波動很大。你們對 2025 年的汽車製造和電子產品有何看法？

So right now Auto builds, it came down very recently in the recent IHS data. It's down, I think, 1.8% global Auto builds. Now, I think, it's down about 9% in the US, so pretty big erosion from them from the middle of March. I think middle of March, it was like 4.5%. It's down 9% now in the latest estimate for the year.

因此，就目前而言，汽車產量在最近的 IHS 數據中有所下降。我認為全球汽車產量下降了 1.8%。現在，我認為美國的銷售額下降了約 9%，因此從 3 月中旬開始下降幅度相當大。我認為三月中旬的比例是 4.5%。根據今年的最新估計，這一數字已下降 9%。

Europe is down around 4% or 5% for the year. I think China is up modestly. That's for the full year. I think from what I heard recently, about 1.5 million units came out of the full year auto build forecast, and that's what's reflected in our numbers. We expect our Auto OE business to be down mid-single digits both in the quarter and for the year. So that's already modeled into our expectations.

歐洲今年的跌幅約為 4% 或 5%。我認為中國經濟溫和成長。這是全年的數據。我認為，根據我最近聽到的消息，全年汽車產量預測約為 150 萬輛，這也反映在我們的數據中。我們預計本季和全年汽車原廠配件業務的銷售額都將下降中等個位數。這已經融入我們的預期了。

Consumer Electronics, we think it's probably going to be up low-single digits. It was that's where we were at in Q1. We think it's about that flat up low-single digits for the year. There might have been a little bit of stockpiling in the channel in Q1, but the reality is we see that to be kind of modest growth, flattish to modest growth for us for this year.

消費性電子產品，我們認為其成長率可能會達到個位數。這就是我們第一季所處的狀況。我們認為今年的成長率將維持在低個位數左右。第一季通路中可能存在少量囤貨，但實際情況是，我們認為今年的成長將是溫和的，持平至溫和的成長。

Thanks Bill, I'll pass it on.

謝謝比爾，我會傳達的。

Andrew Kaplowitz, Citi.

花旗銀行的 Andrew Kaplowitz。

Well, I just want to ask you about TEBG margin and Q1, it still looked like it was under still a bit of pressure as it was in Q4. I know you said that that's a segment that's absorbing PFAS stranded costs, but you also said you expect to grow margin. I think in all three segments, at least before the tariff impact, so maybe you can give some more color into what's happening in that segment was the issue just the lower Electronics volume or something else.

好吧，我只想問您有關 TEBG 利潤率和 Q1 的問題，它看起來仍然像 Q4 一樣承受著一點壓力。我知道您說過這是一個吸收 PFAS 擱淺成本的部分，但您也說過您預期利潤率會增加。我認為在所有三個領域，至少在關稅影響之前，也許你可以更詳細地說明該領域發生的情況，問題只是電子產品銷售較低還是其他原因。

So we do expect all three business groups to expand their margins to 2025. In the first quarter, we did expect TEBG to be lower. You got the drivers correct. The biggest one is the PFAS stranded costs and higher investments that we made, but also it was mixed.

因此，我們確實預計到 2025 年這三個業務集團的利潤率都將擴大。在第一季度，我們確實預計 TEBG 會較低。您獲取了正確的驅動程式。最大的問題是 PFAS 擱淺成本和我們所做的更高投資，但這也是好壞參半的。

If you look at Q1 last year, Electronic sales, which is a high margin business, was quite good in TEBG for the first quarter of last year, and that obviously mix has shifted. So it was a little bit of a mixed impact more in the quarter, but as we go through the year, we do expect all three business groups to margins to expand. Like we looked at this quarter, for example, SIBG and very healthy margin expansion so at CBG, and that should continue.

如果你看去年第一季度，你會發現，電子產品銷售（利潤率較高的業務）在 TEBG 去年第一季的表現相當不錯，而且這種結構顯然已經改變了。因此，本季的影響有點複雜，但隨著時間的推移，我們確實預期三個業務集團的利潤率都會擴大。例如，就像我們在本季看到的那樣，SIBG 和 CBG 的利潤率擴張非常健康，而且這種情況應該會持續下去。

It's helpful. And I think that we're all trying to figure out what's going on in the macro and you mentioned your Industrial businesses are holding up reasonably well in terms of order growth through April so far in line with March. So as some of the recent regional manufacturing surveys have started to look a little weaker, it doesn't seem like you're seeing it. Just trying to -- your thoughts talking to customers, you still expect things to hold up even with these surveys starting to look a little weaker?

這很有幫助。我認為我們都在試圖弄清楚宏觀層面上發生了什麼，您提到，就 4 月的訂單成長而言，您的工業業務表現相當不錯，與 3 月持平。因此，儘管最近的一些地區製造業調查結果開始顯得有些疲軟，但您似乎並沒有看到這一點。只是想——根據您在與客戶交談時的想法，即使這些調查結果開始看起來有些弱，您仍然預計事情會持續下去嗎？

So it's still very early in the quarter and all of the conversations our teams are having with their customers, distributor, channel partners, seems to be reasonably solid, at least through the beginning part of April. It's continuing from where we were in the month of March.

因此，現在仍處於本季的初期，我們的團隊與客戶、經銷商、通路夥伴進行的所有對話似乎都相當穩固，至少在 4 月初是如此。這是我們三月所經歷的延續。

We're watching a lot of these regional indicators like you are. And clearly, things are softening, but it's interesting when we talk to our channel partners about inventory in the channel, generally speaking, it's fairly normalized. We've not seen anything moving from Q2 into Q1 in terms of adding to inventory, adding to stocks. It's fairly normal, so we don't think there's a correction that's happening.

我們和您一樣正在關注許多區域指標。顯然，情況正在好轉，但有趣的是，當我們與通路合作夥伴談論通路庫存時，一般來說，情況相當正常化。從庫存增加和存貨增加方面來看，我們並沒有看到第二季到第一季有任何變化。這是相當正常的，所以我們認為沒有發生修正。

The elongation of orders that we had articulated about a month ago, we see that continuing here in the month of April. So what might have been a 45- or 50-day cycle time now is stretching out a little bit longer. That's one of the things that impacted us in Q1.

我們大約一個月前就明確表示延長訂單，我們發現這種情況在四月仍在繼續。因此，原本 45 天或 50 天的周期現在變得稍微長了一點。這是第一季對我們產生影響的事情之一。

We saw in February orders that were just pushing out into Q2. We still see a bit of that activity, but the indicators, the macro indicators that we're seeing still look okay for the Industrial business. But again, we're watching it very carefully.

我們看到二月的訂單正推進到第二季。我們仍然看到一些這樣的活動，但指標、我們看到的宏觀指標對於工業業務來說仍然看起來不錯。但我們仍會非常仔細地觀察。

Very helpful. Thank you.

非常有幫助。謝謝。

Joe O'Dea, Wells Fargo.

富國銀行的喬·奧迪亞。

Can you just talk about, tactically, how you approach imports from China and when you think about that [$160 million] or so I think that you're talking about. Just the timing of that, you've got some inventory that you're sitting on, are you pausing orders right now, waiting for better information just given the fluid nature of what we're seeing on the tariff headline front?

您能否從策略上談談您如何處理從中國的進口，以及當您考慮那個[1.6億美元]時，我認為您談論的是這個數字。就時間而言，您有一些庫存，考慮到我們在關稅標題方面看到的流動性，您現在是否暫停訂單，等待更好的資訊？

Yeah, so Joe, no, we're not pausing any orders or any shipments right now. We have 90 days of inventory, so which will bleed through by the end of June, and then you'll start seeing the impact of the tariff on the imports after that. So we're not slowing down anything on the business side.

是的，喬，不，我們現在沒有暫停任何訂單或任何發貨。我們有 90 天的庫存，所以到 6 月底就會用完，然後你會開始看到關稅對進口的影響。因此，我們在業務方面不會放慢任何步伐。

What we are looking at is, as Bill earlier mentioned, around sourcing, logistics, discretionary cost, as well as pricing. So that's the way we are tactically approaching it right now.

正如比爾之前提到的，我們正在關注的是採購、物流、可自由支配的成本以及定價。這就是我們現在採取的策略方法。

And pricing, for example, in some cases, you can put a surcharge. In some cases, you need to come up with a new list price. So we're working depending upon the situation, keeping in mind that we still -- the business is going on as it was.

以定價為例，在某些情況下，您可以收取附加費。在某些情況下，您需要提出一個新的標價。因此，我們會根據具體情況開展工作，同時牢記，業務仍在照常進行。

Yeah, a lot is coming in from China for Consumer that passes through the channel to pretty large retailers, and we're having lots of conversations with them on that. But we're not, at the moment, pausing or stopping any imports from China. And then actually don't anticipate doing that.

是的，許多產品來自中國，透過這個管道銷往大型零售商，供消費者購買，我們正在就此與他們進行大量對話。但目前我們並沒有暫停或停止任何來自中國的進口。然後實際上不要期望這樣做。

And just your comment there to make sure I understood it correctly, there would be a higher weighting of exposure on those imports from China to the Consumer side of the business?

為了確保我理解正確，請您評論一下，從中國進口的商品在消費者業務中佔比是否會更高？

On that on that element of the tariff impact that our articulated, yes, it would be more on the Consumer business. Correct.

關於我們所闡述的關稅影響因素，是的，它將更影響消費者業務。正確的。

And then just one on the guidance side of the corporate and unallocated and other items for operating profit. I think corporate unallocated initially $25 million to $50 million loss, other $50 million, 100 million income. The quarter I think looked a little better than we anticipated on the corporate side, but any updates or any changes to that initial expectation on those items?

然後，僅就公司和未分配項目以及其他營業利潤的指導方面而言。我認為公司未分配的最初損失為 2500 萬至 5000 萬美元，其他為 5000 萬美元至 1 億美元的收入。我認為本季公司方面的情況比我們預期的要好一些，但這些項目的初步預期有沒有什麼更新或變化？

Yeah, it's probably trending more towards the higher end and because corporate, just to take a step back, contains, obviously, the enterprise governance related costs. So there's G&A costs. There's also the Solventum transition agreements that are sitting in there.

是的，它可能更趨向高端，因為企業，退一步來說，顯然包含企業治理相關的成本。因此存在一般及行政費用。還有 Solventum 過渡協定正在等待處理。

So on the G&A side, clearly, there were some areas that we did in the first quarter. So that helps it to go towards the higher end of the range. But on the spin related items, it's mainly timing between Q1 and Q2.

因此，在一般及行政管理方面，顯然我們在第一季做了一些工作。這有助於它達到更高的範圍。但就旋轉相關項目而言，主要是 Q1 和 Q2 之間的時間。

Got it. Thank you.

知道了。謝謝。

This concludes the question-and-answer portion of our conference call. I will now turn the call back over to Bill Brown for some closing comments.

我們的電話會議問答部分到此結束。現在我將把電話轉回給比爾·布朗，請他發表一些結束語。

Well, thank you, everybody, for joining us today. I want to thank again all the 3Mers for their continued hard work and their dedication delivering value for our customers and our shareholders. I know we covered a lot of moving parts today, but we're focused on executing against our key priorities, and we're going to update you on our progress at the next earnings release in July. So thank you very much and have a good day.

好吧，謝謝大家今天加入我們。我要再次感謝所有 3M 員工的持續努力和奉獻，為我們的客戶和股東創造價值。我知道我們今天討論了很多活動部分，但我們專注於執行我們的關鍵優先事項，我們將在 7 月的下一次收益發布會上向您通報我們的進展。非常感謝您，祝您有美好的一天。

Ladies and gentlemen, that does conclude today's conference call. We thank you for your participation and ask that you please disconnect your line at this time.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您此時斷開線路。