Moog Inc (MOG.A) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Moog Inc. first quarter fiscal 2026 earnings conference call. (Operator Instructions) I will now hand the conference over to Aaron Astrachan, Head of Investor Relations. Aaron, please go ahead.

女士們、先生們，感謝各位的到來，歡迎參加 Moog 公司 2026 財年第一季財報電話會議。（操作員指示）現在我將把會議交給投資者關係主管 Aaron Astrachan。亞倫，請繼續。

Good morning, and thank you for joining Moog's first quarter 2026 earnings release conference call. I am Aaron Astrachan, Director of Investor Relations. With me today is Pat Roche, our Chief Executive Officer; and Jennifer Walter, our Chief Financial Officer.

早安，感謝各位參加穆格公司2026年第一季財報電話會議。我是投資者關係總監 Aaron Astrachan。今天陪同我的是我們的執行長帕特·羅奇和我們的財務長珍妮佛·華特。

Earlier this morning, we released our results and our supplemental slides, both of which are available on our website. Our earnings press release, our supplemental slides and remarks made during our call today contain adjusted non-GAAP results. Reconciliations for these adjusted results to GAAP results are contained within the provided materials.

今天早些時候，我們發布了研究結果和補充幻燈片，這兩份文件都可以在我們的網站上找到。我們的獲利新聞稿、補充幻燈片以及今天電話會議上的發言均包含經調整的非GAAP業績。所提供的資料中包含了這些調整後結果與 GAAP 結果的調整表。

Lastly, our comments today may include statements related to expected future results and other forward-looking statements, which are not guarantees. Our actual results may differ materially from those described in our forward-looking statements and are subject to a variety of risks and uncertainties that are described in our earnings press release and in our other SEC filings.

最後，我們今天的評論可能包含與預期未來業績相關的聲明和其他前瞻性聲明，這些聲明並非保證。我們的實際業績可能與前瞻性聲明中描述的情況存在重大差異，並且受到各種風險和不確定性的影響，這些風險和不確定性已在我們的盈利新聞稿和我們提交給美國證券交易委員會的其他文件中進行了描述。

Now I'm happy to turn the call over to Pat.

現在我很高興把電話交給派特。

Good morning, and welcome to our earnings call. We started fiscal '26 with an outstanding quarter. We delivered exceptional revenue growth of over 20% relative to prior year, underpinned by record quarterly sales in all segments. We increased 12-month backlog by 30%, setting another record. We also improved adjusted operating margin relative to prior year and delivered record earnings per share.

早上好，歡迎參加我們的財報電話會議。我們在2026財年伊始就取得了非常出色的成績。與去年相比，我們實現了超過 20% 的卓越營收成長，這得益於所有業務板塊創紀錄的季度銷售額。我們12個月的積壓訂單增加了30%，再次創下紀錄。與前一年相比，我們的調整後營業利潤率也有所提高，並實現了創紀錄的每股盈餘。

Our focus is on delivering for our customers and driving ongoing continuous improvement in pursuit of excellence. Our results are reflective of continuing success in driving both operational and financial performance.

我們專注於為客戶提供優質服務，並不斷改進以追求卓越。我們的業績反映了我們在提升營運和財務績效方面持續取得成功。

Now let's turn our attention to end markets and the macro environment, starting with Defense. The Defense market continues to be very strong. We are already seeing increased Defense spending by governments in the US, Europe, Australia and Japan, with further increases expected. In addition, there is an urgency to expand industrial capacity in these regions.

現在讓我們把注意力轉向終端市場和宏觀環境，首先從國防領域開始。國防市場依然非常強勁。我們已經看到美國、歐洲、澳洲和日本等國政府的國防開支都在增加，預計未來還會進一步增加。此外，這些地區迫切需要擴大工業產能。

Recent US government announcements demonstrate strong commitment to raise production rates. These announcements make public the need, which has underpinned our recent elevated levels of business investments. This positions us very well to respond to increasing production demands.

美國政府近期發布的公告顯示了其提高生產力的堅定決心。這些公告公開了這項需求，而這正是我們近期提高商業投資水準的根本原因。這使我們能夠更好地應對不斷增長的生產需求。

Moving to commercial aerospace. Our customers have strengthened backlogs and our intent on driving increased production rates. We continue to see consistency in their production and have confidence in their growth plans. We are maintaining a production plan that supports our customers' needs. On the aftermarket side, we continue to benefit from increased airline activity and aging fleet, increased wide-body fleet utilization and our ability to maintain a strong aftermarket position through excellent customer service.

轉向商用航空航太領域。我們的客戶增加了訂單積壓，我們也決心提高生產力。我們看到他們的生產持續穩定，並且對他們的發展計劃充滿信心。我們正在維持一個能夠滿足客戶需求的生產計劃。在售後市場方面，我們繼續受益於航空公司業務的成長和機隊的老化、寬體機隊利用率的提高，以及我們透過卓越的客戶服務保持強大的售後市場地位的能力。

Finally, within industrial markets, we're seeing signs of recovery. This is reflected both in stronger book-to-bill and continued growth in our 12-month backlog over three successive quarters. We see particular strength in demand for data center cooling pumps and medical pumps and sets. Overall, end market conditions are very favorable for our business.

最後，在工業市場方面，我們看到了復甦的跡象。這體現在訂單出貨比的穩定提升以及過去三個季度12個月積壓訂單的持續成長。我們看到資料中心冷卻幫浦和醫療幫浦及設備的需求特別強勁。整體而言，終端市場環境對我們的業務非常有利。

Now turning attention to our leadership priorities, starting with customer focus. We're pleased to have our operational performance, officially recognized by another important customer. We received BAE Systems Gold Supplier of the Year Award for 2025, recognizing 100% quality and 100% on-time delivery performance. Our pursuit of operational excellence enables us to meet our customers' requirement, which drives our organic growth.

現在讓我們把注意力轉向我們的領導重點，首先是客戶至上。我們很高興我們的營運表現得到了另一位重要客戶的正式認可。我們榮獲 BAE Systems 2025 年度金牌供應商獎，表彰我們 100% 的品質保證和 100% 的準時交貨率。我們追求卓越運營，從而滿足客戶的需求，進而推動自身實現有機成長。

Our strong customer value proposition was further reflected in several notable bookings and contract awards. We secured over $1 billion in Commercial Aircraft orders across several platforms, reflecting future growth in OE production. We secured an additional order for over $100 million for the PAC-3 missile program and see further potential given the recent contract between Lockheed Martin and the US government. We also received over $50 million of missile orders across PAC-2 and FAD programs.

我們強大的客戶價值主張在幾項重要的訂單和合約授予中得到了進一步體現。我們在多個平台上獲得了超過 10 億美元的商用飛機訂單，這反映了 OEM 生產的未來成長。我們為 PAC-3 飛彈項目爭取了超過 1 億美元的額外訂單，鑑於洛克希德馬丁公司與美國政府最近簽訂的合同，我們看到了更大的潛力。我們還收到了價值超過 5000 萬美元的 PAC-2 和 FAD 項目的飛彈訂單。

In addition, we won a new space vehicle contract for over $100 million for our existing Meteor satellites. These orders account for close to half of what was a record Space and Defense segment bookings quarter. As we look to further develop our value proposition, we have strengthened our leadership team with the addition of a new C-suite role, namely that of Chief Strategy and Corporate Development Officer.

此外，我們還贏得了一份價值超過 1 億美元的新航天器合同，用於我們現有的 Meteor 衛星。這些訂單佔航太與國防領域創紀錄季度訂單量的近一半。為了進一步發展我們的價值主張，我們透過新增一個高階主管職位——首席策略和企業發展長——來加強我們的領導團隊。

This role will focus on ensuring the robustness of our business development plans and the strategic alignment of our acquisitions. Our ability to proactively pursue acquisitions and to follow through with effective integration will enhance our ability to create value. We will continue to have a balanced approach to capital allocation.

該職位的主要職責是確保我們業務發展計劃的穩健性和我們收購的策略一致性。我們積極主動地進行收購並有效整合的能力將增強我們創造價值的能力。我們將繼續採取平衡的資本配置方式。

Now turning to our employees and communities. We believe that our unique culture is a critical asset. It defines our identity, supports the attraction and retention of extraordinary talent and enhances collaboration with our customers. I'm exceptionally proud that we have been recognized by Glassdoor with a 2026 Best Places to Work Award, which ranks Moog in the top 100 large employers in the US. This is a testament to our focus on creating a work environment that is rewarding for our employees and empowers them to make their best contribution.

現在，讓我們把目光轉向我們的員工和社區。我們相信，我們獨特的文化是一項至關重要的資產。它定義了我們的身份，有助於吸引和留住傑出人才，並加強與客戶的合作。我非常自豪地宣布，我們獲得了 Glassdoor 頒發的 2026 年最佳工作場所獎，該獎項將 Moog 評為美國前 100 名大型雇主之一。這證明了我們致力於創造一個對員工有益且能讓他們做出最大貢獻的工作環境。

In addition, we were proud to receive the inaugural Business of the Year award from the Buffalo Niagara partnership, our Regional Chamber of Commerce. We were also recognized for our impressive recovery efforts in Tuxbury with Team of the Year award from the local business community.

此外，我們很榮幸獲得了由布法羅尼亞加拉合作組織（我們的區域商會）頒發的首屆年度最佳企業獎。我們在塔克斯伯里進行的出色災後重建工作也獲得了當地商界的認可，榮獲年度最佳團隊獎。

Our financial performance continues to strengthen with solid growth and consistent focus on pricing and simplification. Our pursuit of continuous improvement is built on 80/20 principles. Having deployed 80/20 to all our significant manufacturing locations, our focus now is on further enhancing the maturity of 80/20 across the organization and to embed its principles into our management practices. The following practices are important to exemplars.

我們的財務表現持續走強，實現了穩健成長，並始終專注於定價和簡化流程。我們追求持續改善的原則是 80/20 法則。80/20 已部署到我們所有重要的製造地點，我們現在的重點是進一步提高 80/20 在整個組織中的成熟度，並將其原則融入我們的管理實踐中。以下做法對榜樣來說很重要。

Portfolio reviews are shaping our focus on the profitable businesses that we want to invest in and grow. This is happening at site, business units and division levels and is informed by segmentation analysis. Portfolio reviews drive our decisions to sell our exit products, sites and businesses and are an ongoing process allowing us to move resources to where they can have the most impact.

投資組合評估正在幫助我們專注於我們想要投資和發展的獲利企業。這種情況發生在站點、業務部門和事業部層面，並以細分分析為依據。投資組合審查指導我們決定出售退出產品、網站和業務，並且是一個持續的過程，使我們能夠將資源轉移到能夠產生最大影響的地方。

Voice of the customer feedback directs our continuous improvement actions. We want to enhance the experience of those important customers, which will drive our success and create an even more clearly differentiated offering. We are specifically responding to our customers' needs for greater agility and capacity to meet increased demand. Pricing reviews are integral to our business process and are happening at all levels in the organization. They are data-driven and informed by our simplification and segmentation analysis. Our pricing activities are ensuring that we are fairly compensated for the value that we create for our customers.

客戶的回饋意見指導我們持續改進的行動。我們希望提升這些重要客戶的體驗，這將推動我們的成功，並創造更鮮明的差異化產品和服務。我們正在積極回應客戶對更高靈活性和更大產能的需求，以滿足不斷增長的需求。價格審查是我們業務流程中不可或缺的一部分，並且在組織的各個層面都在進行。它們以數據為驅動，並參考了我們的簡化和細分分析。我們的定價策略旨在確保我們為客戶創造的價值能夠得到公平的回報。

Now let me switch over to the work we're doing to optimize our balance sheet. Last quarter, I highlighted an opportunity to reduce trade net working capital requirements in our Commercial Aircraft business. This structural improvement is being achieved through the simplification of our global manufacturing and supply chain network and reshaping the relationship with our suppliers. We are committed to achieving these initiatives with the same deal that we have brought to our margin enhancement journey.

現在讓我來談談我們正在進行的優化資產負債表的工作。上個季度，我重點介紹了降低商用飛機業務貿易淨營運資本需求的機會。這項結構性改進是透過簡化我們的全球製造和供應鏈網絡以及重塑與供應商的關係來實現的。我們致力於以與提升利潤率相同的方式來實現這些目標。

I'm pleased to share that over the last quarter, we have made considerable progress. I'll share a couple of examples. We are shifting suppliers from long-term discrete purchase orders with fixed quantity and delivery dates to a more agile arrangement based on rolling forecast and short fixed commitment window. This approach allows us to respond to changes in customer demand more effectively and share the burden of customer demand changes more equitably between us and our suppliers. This action is about 2/3 complete.

我很高興地告訴大家，在過去的一個季度裡，我們取得了相當大的進展。我舉幾個例子。我們正在將供應商從長期、離散的採購訂單（數量和交貨日期固定）轉變為基於滾動預測和短期固定承諾窗口的更靈活的安排。這種方法使我們能夠更有效地應對客戶需求的變化，並在我們和供應商之間更公平地分擔客戶需求變化所帶來的負擔。這項行動已完成約三分之二。

We also used these strategic negotiations to optimally align material supply to production plan needs, ensuring that we're not carrying excess inventory materials to -- sorry, access to requirement. This builds on prior work and has already reduced expected material receipts for 2026, in line with our annual plan, an impact measured in tens of millions of dollars. We've made progress on these structural issues, and we'll further build on this strong focus.

我們也利用這些策略談判，使物料供應與生產計畫需求達到最佳平衡，確保我們不會持有過多的庫存物料，從而影響——抱歉，影響了需求的獲取。這是在前期工作的基礎上進行的，並且已經減少了 2026 年的預期材料收入，符合我們的年度計劃，其影響以數千萬美元計。我們在解決這些結構性問題上取得了進展，我們將繼續加強這項重點工作。

Now turning to the full year. We've updated our guidance for fiscal '26 reflecting our excellent performance in the first quarter and a more positive market outlook. We've increased sales and adjusted earnings per share and held adjusted operating margin and free cash flow conversion unchanged. With this updated guidance, FY26 will be a year of double-digit year-over-year sales growth, further expansion in adjusted operating margin, strong growth in adjusted earnings per share and improved free cash flow conversion.

現在進入全年展望。我們更新了 2026 財年的業績預期，這反映了我們第一季的出色表現和更積極的市場前景。我們提高了銷售額和調整後每股收益，同時保持了調整後營業利潤率和自由現金流轉換率不變。根據這項更新後的預期，2026 財年將實現兩位數的同比增長，調整後的營業利潤率將進一步擴大，調整後的每股收益將強勁增長，自由現金流轉換率也將提高。

And with that, let me hand over to Jennifer for a detailed breakdown on the quarter and our updated fiscal '26 guidance.

接下來，我將把麥克風交給詹妮弗，讓她詳細分析本季業績以及我們更新後的 2026 財年業績指引。

Thanks, Pat. Before I get into our financial performance, I'd like to remind everyone about the revisions we disclosed in our FY25 year-end financial statements.

謝謝你，帕特。在深入探討我們的財務表現之前，我想提醒大家注意我們在 2025 財年年終財務報表中揭露的修訂。

As previously described, we identified an error related to the accounting for a certain group of Commercial Aircraft aftermarket contracts. Accordingly, we revised certain prior period annual and quarterly financial statement amounts to reflect the correction of this error, as well as other previously recognized immaterial out-of-period items in the period in which they originated. The comparative prior year numbers we'll discuss today are those revised amounts. Additional detail can be found in supplemental schedules posted on our website.

如前所述，我們發現與某組商用飛機售後市場合約的會計處理有關的錯誤。因此，我們修訂了某些前期年度和季度財務報表金額，以反映此錯誤的更正，以及其他先前確認的不重大期外項目在其產生期間的更正。我們今天將討論的與去年同期相比的數據是這些修訂後的數字。更多詳情請參閱我們網站上發布的補充時間表。

Now turning to our financial performance. We had another outstanding quarter. We beat our plan for sales, adjusted operating margin, adjusted earnings per share and free cash flow. We took $7 million of charges in the first quarter that we've adjusted out of the operating profit numbers that we'll describe. Over half of the charges were associated with M&A activity with the balance related to simplification efforts and a program termination.

現在來看我們的財務表現。我們又度過了一個非常出色的季度。我們在銷售額、調整後營業利潤率、調整後每股收益和自由現金流方面均超出了預期計劃。第一季我們提列了 700 萬美元的費用，我們已從即將公佈的營業利潤數據中進行了調整。超過一半的費用與併購活動有關，其餘部分與簡化工作和專案終止有關。

I'll now talk through our first quarter results, excluding these charges. Sales in the first quarter of $1.1 billion were 21% higher than last year's first quarter. Each of our segments had a record level of sales and were up double-digit percentages. The largest increase in segment sales was in Space and Defense. Sales were a record $324 million, up 31% over the first quarter last year, reflecting broad-based Defense demand. Demand was particularly strong for missile control and satellite components.

接下來，我將介紹我們第一季的業績，不包括這些費用。第一季銷售額為 11 億美元，比去年同期成長 21%。我們各個業務部門的銷售額均創歷史新高，實現了兩位數的百分比成長。各細分市場銷售額增幅最大的是航太與國防領域。銷售額達到創紀錄的 3.24 億美元，比去年第一季成長 31%，反映出國防領域的廣泛需求。飛彈控制系統和衛星零件的需求尤其強勁。

Commercial Aircraft sales of $268 million increased 23% over the same quarter a year ago. The increase was driven by volume on major production programs, as well as aftermarket associated with strong fleet utilization. Pricing also contributed to the sales growth. In military aircraft, sales of $247 million were up 16% over the first quarter last year. In the first quarter, we had a significant V-22 spares order that contributed to the strong sales increase. In addition, activity on the MV-75 program continued to increase.

商用飛機銷售額為 2.68 億美元，比去年同期成長 23%。成長主要受主要生產項目產量以及與車隊高利用率相關的售後市場需求所推動。定價也是促進銷售成長的因素之一。軍用飛機銷售額為 2.47 億美元，比去年第一季成長 16%。第一季度，我們獲得了一筆數額可觀的 V-22 備件訂單，這促進了銷售額的強勁增長。此外，MV-75 計畫的活動持續增加。

Industrial sales were $261 million in the quarter, up 14% over the same quarter a year ago. Sales grew within the expanding data center cooling market. We also had particularly strong sales within Industrial Automation this quarter. In addition, sales of Enteral cleaning and IV sets were also strong, reflecting current demand.

本季工業銷售額為 2.61 億美元，比去年同期成長 14%。在資料中心冷卻市場不斷擴張的背景下，銷售額也隨之成長。本季我們在工業自動化領域的銷售額也特別強勁。此外，腸內清潔用品和靜脈輸液裝置的銷售情況也十分強勁，反映了當前的市場需求。

We'll now shift to operating margin. Adjusted operating margin in the first quarter was 13.0%, up 90 basis points from the first quarter a year ago or up 220 basis points, excluding tariff pressure. Excluding this pressure, each of our segments were up nicely, reflecting operational strength.

接下來我們將討論營業利益率。第一季調整後的營業利潤率為 13.0%，比去年同期成長 90 個基點，若排除關稅壓力，則成長 220 個基點。撇開這項壓力不談，我們各個業務部門都取得了不錯的成長，反映了我們強大的營運實力。

Base and Defense operating margin was 14.8% in the first quarter, up 280 basis points. The increase was driven by profitable sales growth, offset partially by increased business capture, product development and operational readiness investment. Industrial operating margin was 14.1%, a 100 basis points above that of the same period a year ago. Business optimization and sales growth drove our operating margin upwards, while tariffs pressured our margins.

第一季基礎及國防業務營業利益率為 14.8%，成長 280 個基點。成長主要由獲利性銷售成長推動，但部分被業務拓展、產品開發和營運準備的投資增加所抵銷。工業營業利益率為 14.1%，比去年同期高出 100 個基點。業務優化和銷售成長推動了我們的營業利潤率上升，而關稅則給我們的利潤率帶來了壓力。

Military aircraft operating margin was 11.9% in the first quarter, up 60 basis points from the first quarter last year. We benefited from the strong aftermarket sales, which was offset by a less favorable OE sales mix. Commercial Aircraft operating margin was 10.6%, down 120 basis points from the first quarter last year. The decrease was driven by tariff pressure. Operating margin benefited from increased volume and pricing benefits. Putting it all together, adjusted earnings per share came in at $2.63, up 37% compared to last year's first quarter. The increase reflects the higher operating margin and sales level, offset partially by the impact of tariffs.

第一季軍用飛機營運利潤率為 11.9%，比去年第一季成長了 60 個基點。我們受惠於強勁的售後市場銷售，但被較不有利的原廠配套銷售組合所抵銷。商用飛機業務的營業利潤率為 10.6%，比去年第一季下降了 120 個基點。降幅主要受關稅壓力驅動。銷售成長和價格上漲帶來了營業利潤率的提升。綜合所有因素，調整後每股收益為 2.63 美元，比去年第一季成長 37%。這一增長反映了更高的營業利潤率和銷售水平，但部分被關稅的影響所抵消。

Let's shift over to cash flow. Although we plan a slow start to the year, free cash flow came in better than expected. In the first quarter, we used $79 million of free cash flow. Growth in our physical inventory consumed cash, and we were negatively impacted by the timing of payments, including the normal timing of compensation payments. Capital expenditures were at about the same level as the quarterly average from last year and are expected to pick up in the rest of this year. We continue to invest in our facilities to support our strong growth opportunities.

我們接下來談談現金流。儘管我們計劃年初緩慢啟動，但自由現金流好於預期。第一季度，我們使用了 7,900 萬美元的自由現金流。實體庫存的成長消耗了現金，付款時間（包括正常的薪資支付時間）也對我們產生了負面影響。資本支出與去年同期平均水準基本持平，預計今年剩餘時間將增加。我們將繼續投資我們的設施，以支持我們強勁的成長機會。

Our leverage ratio was 2.0x as of the end of the first quarter, putting us at the low end of our target leverage of 2 to 3x. Our capital deployment priorities center around organic growth and will pursue strategic acquisitions to complement our existing portfolio, as Pat already mentioned. We strive to have a balanced capital deployment strategy over the long term.

截至第一季末，我們的槓桿率為 2.0 倍，處於我們 2 至 3 倍目標槓桿率的低端。正如 Pat 已經提到的那樣，我們的資本部署重點是內生成長，並將尋求策略性收購來補充我們現有的投資組合。我們力求長期採取均衡的資本配置策略。

We'll now shift over to our updated guidance for the year. We're increasing our 2026 guidance for sales and adjusted earnings per share from what we provided a quarter ago, and we're affirming our guidance on adjusted operating margin and free cash flow conversion. We're increasing our sales guidance for three of our segments. In Space and Defense, we're increasing our guidance by $30 million to reflect new orders and strong first quarter sales. We're increasing guidance for Commercial Aircraft by $15 million to reflect production ramps on narrow-body programs, as well as strong first quarter aftermarket sales.

接下來，我們將介紹我們更新後的年度業績指引。我們將 2026 年的銷售額和調整後每股收益預期值高於上個季度給出的預期值，並確認我們對調整後營業利潤率和自由現金流轉換率的預期。我們將上調旗下三個業務部門的銷售預期。在航太與國防領域，我們將業績預期上調 3,000 萬美元，以反映新訂單和強勁的第一季銷售情況。我們將商用飛機業務的業績預期上調 1500 萬美元，以反映窄體飛機項目的產量提升，以及第一季強勁的售後市場銷售。

We're also increasing guidance for Industrial by $15 million, and this largely reflects strong demand for data center cooling pumps. We're holding our adjusted operating margin in FY26 at 13.4%, a 40 basis point increase over FY25. We're adjusting segment operating margins slightly in two of our segments based on first quarter performance.

我們還將工業領域的業績預期上調了 1500 萬美元，這主要反映了對資料中心冷卻泵的強勁需求。我們預期 2026 財年調整後的營業利益率為 13.4%，比 2025 財年成長 40 個基點。根據第一季的業績，我們對其中兩個業務部門的營業利潤率進行了小幅調整。

We're increasing our operating margin for Space and Defense to 13.9% and moderating our operating margin for military aircraft to 13.8%. We're increasing our FY26 adjusted earnings per share guidance by $0.20 to $10.20 plus or minus $0.20. The increase reflects sales growth beyond what we had initially projected. For the second quarter, we're forecasting earnings per share to be $2.25 plus or minus $0.10.

我們將航太與國防業務的營業利益率提高到 13.9%，並將軍用飛機業務的營業利益率下調至 13.8%。我們將2026財年調整後每股盈餘預期調高0.20美元至10.20美元，上下浮動0.20美元。此次上調反映了銷售成長超出我們最初的預期。我們預測第二季每股收益為 2.25 美元，上下浮動 0.10 美元。

Finally, turning to cash. We're still projecting free cash flow conversion to be about 60%, an improvement over FY25. Next quarter, we expect to generate free cash flow at least equal to the amount that we used in the first quarter. Timing of payments, including the normal timing of compensation payments used cash in the first quarter but won't do so in the second quarter. In addition, we'll consume less cash for physical inventories as we continue to reschedule material receipts within Commercial Aircraft.

最後，我們來談談現金。我們仍預期自由現金流轉換率約為 60%，比 2025 財年有所提高。我們預計下一季產生的自由現金流至少將等於第一季我們使用的金額。付款時間，包括正常的補償金支付時間，第一季使用現金支付，但第二季不會再使用現金支付。此外，隨著我們繼續調整商用飛機部門的物料收貨計劃，我們將減少用於實體庫存的現金消耗。

We had an incredible start to the year with our strong first quarter financial performance, and we'll continue to build on our financial strength in fiscal year 2026. We'll achieve a record level of sales, further expand our operating margin and make meaningful progress towards generating strong free cash flow.

今年開年我們取得了令人矚目的成績，第一季財務表現強勁，我們將繼續在 2026 財年鞏固我們的財務實力。我們將實現創紀錄的銷售額，進一步擴大營業利潤率，並在產生強勁的自由現金流方面取得實質進展。

And now I'll turn it back to Pat.

現在我把麥克風交還給派特。

So we delivered an outstanding first quarter financial results. We've improved our guidance based on the continuing strong performance in the robust market. And with that, let me open the floor to questions.

因此，我們取得了優異的第一季財務表現。鑑於強勁的市場表現，我們提高了業績預期。接下來，我將開始接受提問。

(Operator Instructions) John Tanwanteng, CJS Securities.

（操作員說明）John Tanwanteng，CJS Securities。

And then congrats on a great start to the year. I was wondering if you could comment on just the guidance increase for the year. A little bit less on both the revenue and the earnings versus what you beat in Q1, but, I was wondering if you could give us any color on that, if there's any nuances that we missed, maybe some timing items that were pulled in or maybe 1x items that was sustainable. Help us understand the mismatch there.

恭喜你今年開局順利。我想請您就今年的業績預期上調發表一下看法。與第一季相比，營收和利潤都略有下降，但我很想知道您能否就此提供一些細節，例如我們是否遺漏了什麼細微差別，例如是否納入了一些時間因素，或者是否有一些可持續的一次性項目。請幫助我們理解其中的不匹配之處。

Yes, Tom, I'll take that. Yes, we did increase our guidance for EPS by $0.20 for the year. And while we beat our Q1 guidance by about twice that. We did have a very strong first quarter performance, as we've described, and we've reflected that in our guidance.

是的，湯姆，我接受。是的，我們將全年每股收益預期上調了0.20美元。而且我們第一季的實際業績比預期高出近兩倍。正如我們之前所述，我們第一季的業績表現非常強勁，這也反映在我們的業績預期中。

In particular, it came in strong sales. We had strong sales in Space and Defense, overall strength of that business. In Commercial Aircraft related to production and aftermarket activity and in industrial, certain areas within industrial automation. So that part has been carried forward and reflected in our guidance for the year, but we also had some pull-ins from later in the year. And these are largely Defense-related things. And I'd attribute it to military readiness.

尤其值得一提的是，它的銷量非常強勁。我們在航太和國防領域的銷售業績強勁，整體業務表現良好。在商用飛機領域，涉及生產和售後市場活動；在工業領域，涉及工業自動化的某些領域。因此，這部分內容已經延續並反映在我們的年度業績指引中，但我們也在今年稍後收到了一些補充資訊。這些大多與國防有關。我認為這要歸功於軍隊的戰備狀態。

For instance, the V-22 spares order, that is something that reflects basically a year's worth of orders that came in, in just the first quarter. And we saw similar types of things within our Space and Defense business as well. So these latter examples for military readiness are largely pull-ins from later in the year and just reflect timing. So we have reflected the true increases for the year that we achieved in Q1 for the full year.

例如，V-22 備件訂單，基本上反映了一年的訂單量，而這只是第一季的訂單量。我們在航太和國防業務中也看到了類似的情況。因此，這些後文提到的軍事準備大多是今年稍後才出現的，僅僅反映了時間上的差異。因此，我們已將第一季實現的實際成長反映到全年業績中。

Okay. Great. That's really helpful. And then second, could you just talk about the decrease in the military aircraft margin outlook, what's going on there? I'm not sure if you went into that.

好的。偉大的。這真的很有幫助。其次，能否談談軍用飛機利潤率前景下降的問題，究竟發生了什麼事？我不確定你是否深入研究過這個問題。

Yes. What we did is we just reflected our Q1 performance and make sure that we took that into consideration as we were going for, for the full year. So previously, we had it at 14.3%, we decreased it to 13.8% as we achieved 11.9% in the year. So basically, it's just fine-tuning it to based on our results for the first quarter. And that's offset by some of the increase that we saw in our Space and Defense business. So we are holding our operating margin for the company at the 13th quarter that we had previously guided to.

是的。我們所做的就是反映第一季的業績，並確保在製定全年目標時考慮到這一點。所以之前我們設定的比例是 14.3%，由於今年達到了 11.9%，所以我們將其降低到了 13.8%。所以基本上，這只是根據我們第一季的業績進行微調。但這部分被我們在航太和國防業務方面的一些成長所抵消。因此，我們維持公司第 13 季的營業利潤率與我們先前預期的一致。

Okay. And then finally, just on the better cash flow in the quarter. Was that a result of your better net working cash -- excuse me, net working capital initiatives or maybe lower CapEx? Or was that just a function of higher earnings?

好的。最後，也是因為本季現金流狀況有所改善。這是由於你們的淨營運現金流改善——抱歉，是淨營運資本舉措，還是資本支出減少所致？或者，這只是因為收入較高？

It was -- I would say, it's attributable to our physical inventories. We had slowed down the material receipts that we had talked about this quarter and last quarter. We had done a nice job on that, and we saw that come through in our results this quarter, and we look forward to continuing those efforts and building upon those as we move throughout the year as well.

我認為，這要歸因於我們的實體庫存。我們已經放慢了本季和上季討論過的物料接收速度。我們在這方面做得不錯，這在本季度的業績中也得到了體現，我們期待在今年繼續努力並在此基礎上取得更大進展。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

Jennifer, Pat, just on the Commercial Aircraft margins, I know you called out tariff pressure, but is there any other headwind there? I mean, you guys are making really good progress across the portfolio. And I know the aircraft side seems to be the one that's got more of the tariff-related pressure. We saw a year-over-year decline there. And I think that it's probably a couple of quarters since a couple -- more than a couple of quarters that has been down to 10.6%.

珍妮佛、帕特，關於商用飛機利潤率，我知道你們提到了關稅壓力，但還有其他不利因素嗎？我的意思是，你們在整個投資組合方面都取得了非常好的進展。我知道飛機製造領域似乎承受著更大的關稅相關壓力。我們看到那裡出現了同比下降。而且我認為，可能已經有幾個季度了——不只幾個季度——下降到 10.6%。

Anything else going on in that segment that's giving you sort of a challenge in driving those margins higher? Or is it really just all tariffs and some mix?

該領域還有其他因素導致你在提高利潤率方面面臨挑戰嗎？或者，它實際上只是全部關稅加上一些其他的關稅組合？

Tariffs is about 300 basis points of the impact on this quarter compared to a quarter ago when we didn't have the tariff impact. So without debt, that business is up very nicely. So operationally wise, we're seeing this increased sales volume and pricing benefits come through really nicely. So that business overall is performing great. The tariff pressure is what -- why we're seeing that downtick there.

關稅對本季的影響約為 300 個基點，而上一季我們沒有受到關稅的影響。所以，沒有債務，這家公司發展得非常好。從營運角度來看，銷售成長和價格優勢都得到了很好的體現。所以這家公司整體表現非常出色。關稅壓力是造成這種下滑趨勢的原因。

And that tariff pressure was particularly high in quarter one. We have, as you know, aftermarket repairs coming back from airlines around the world and some of the costs associated with tariffs on that were higher than we had anticipated within the quarter. Not all of those airlines were completing the paperwork in the necessary manner for us in order to bring them in into a bonded area avoiding the tariff, and we're tightening up on that process and helping our customers make sure that they are compliant. So that should go down in subsequent quarters, but it was a relatively significant hit in this quarter.

第一季關稅壓力尤其高。如您所知，我們收到了來自世界各地航空公司的售後維修訂單，其中一些與此相關的關稅成本高於我們本季的預期。並非所有航空公司都按照必要的流程完成了相關文件，以便我們能夠將貨物帶入保稅區以避免關稅，我們正在加強這一流程，並幫助我們的客戶確保他們遵守規定。因此，在接下來的幾個季度裡，這種情況應該會有所改善，但本季受到的影響相對較大。

Okay. And that was my next question. What else could you do to mitigate this tariff. So it sounds like you just mentioned a paperwork getting them into some bonded areas. Is there anything else? I mean, is it as simple as just pricing? Or are there other levers you can pull to offset that headwind?

好的。這就是我的下一個問題。除了以上措施，你還能做些什麼來減輕這項關稅的影響？聽起來你剛才好像提到了讓他們進入某些保稅區域的文件手續。還有其他問題嗎？我的意思是，問題真的只是價格問題嗎？或者有其他方法可以抵消這種不利因素嗎？

Well, we're actually doing quite a number of things. We have some supply chain routes around the world, which end up bringing product, I would say, unnecessarily into the US and back out to our customer who is outside of the US. So we've changed around some of our supply chain. We're now using one of our facilities in the UK with a Belgian supplier and then the product gets delivered to France. And so it never comes into the US. That actually is single-digit million saving for us in tariff costs. And so we're pursuing all of those avenues, Michael.

其實，我們正在做很多事情。我們有一些遍布全球的供應鏈路線，我認為這些路線最終會不必要地將產品運入美國，然後運回給位於美國境外的客戶。因此，我們對部分供應鏈進行了調整。我們現在使用我們在英國的一家工廠，與比利時供應商合作，然後將產品運送到法國。所以它永遠不會進入美國。實際上，這為我們節省了數百萬美元的關稅成本。所以，邁克爾，我們正在探索所有這些途徑。

Okay. And then just moving on, I guess, I can't recall a bookings quarter this strong for you guys. I know you called out some of those major Defense programs. But then I noticed that the 12-month backlog didn't really go up nearly as much as the total bookings.

好的。然後，我們繼續往下看，我想說，我記不清你們哪個季度的預訂量會這麼強勁。我知道你點名批評了一些主要的國防項目。但後來我注意到，12 個月的積壓訂單量並沒有像總預訂量那樣大幅增加。

So how much of those $2.3 billion are beyond 12 months? I know you mentioned PAC-3, presumably, that's going to spread over a couple of years. But maybe if you could just give a little bit more color on the bookings and kind of the backlog trends.

那麼，這23億美元中有多少是超過12個月的呢？我知道你提到了 PAC-3，想必它會持續幾年時間。不過，如果您能更詳細地介紹一下預訂情況和積壓訂單的趨勢就更好了。

Yes. I mean we're really pleased with the bookings, Michael, because I think they reflect that we're doing the right things for the customer, and it's building a solid book of business for us. And so yes, they are at an exceptionally high level. If I characterize that $2.3 billion, about half of that was the Commercial Aircraft business, and that was C919 order that stretches out for a number of years. And some increased engine valve orders that were in there as well and also reflecting the progression of our wide-body OE sales going forward as well.

是的。我的意思是，我們對預訂情況非常滿意，邁克爾，因為我認為這反映出我們正在為客戶做正確的事情，並且正在為我們建立穩固的業務基礎。所以，是的，他們的水平非常高。如果我對這 23 億美元進行分類，其中大約一半是商用飛機業務，那是 C919 的訂單，交貨期限長達數年。此外，還有一些增加的引擎氣門訂單也包含在內，這也反映了我們寬體原廠配套銷售的未來發展趨勢。

So there was -- it was reflecting that whole increase in both narrowbody, widebody and engines on the commercial side. About 1/4 of the orders were Space and Defense group related and those orders that brought orders in Space and Defense group to a record level.

所以，這反映了商用車領域窄體車、寬體車和引擎的全面成長。約有 1/4 的訂單與航太和國防集團相關，這些訂單使航太和國防集團的訂單量達到了創紀錄的水平。

And what was driving that was -- or a lot of it was PAC-3 over $100 million order for PAC-3, adding to the $100 million-plus order we had a year ago on PAC-3, plus a space vehicle order ordering Meteor satellites you know about those from our previous calls, but that was good to get a follow-on order on those. And then about 60% of it was military aircraft group, and that was reflecting both current platform programs that we're working on and new aircraft or new developments that are moving into production.

而推動這一成長的主要原因是——或者說很大程度上是PAC-3項目獲得了超過1億美元的訂單，加上一年前我們在PAC-3項目上獲得的超過1億美元的訂單，以及我們之前電話會議中提到的Meteor衛星航天器訂單，很高興能獲得後續訂單。其中約 60% 為軍用飛機集團，這反映了我們正在進行的當前平台項目以及正在投入生產的新飛機或新開發項目。

Got it. That's helpful. And just the last one, Jennifer, what's sort of the expectation for working capital and maybe physical inventory for the remainder of the year?

知道了。那很有幫助。最後一個問題，Jennifer，您預計今年剩餘時間的營運資金和實體庫存如何？

Yes. So we're going to -- so as we look into '26, some of the things that we'll see within working capital is we are going to see positive advances. So that will be a positive for us. We will see some growth in receivables and physical inventories associated with business growth, but we are mitigating that with the activities that Pat has described there.

是的。所以，展望2026年，我們將看到營運資本方面出現一些正面的進展。那對我們來說是個好消息。隨著業務成長，應收帳款和實體庫存將會出現一些成長，但我們正在透過 Pat 所描述的措施來緩解這種情況。

Gautam Khanna, TD Securities.

Gautam Khanna，TD Securities。

I was curious on the V-22 order and just in general, are you seeing an uptick in Defense orders in the current quarter? I'm just curious like as -- was that a surprise that you got that order all at once? Is there any change in kind of customer activity that's worth noting one way or the other?

我對V-22的訂單以及總體而言，您是否看到本季國防訂單有所增長？我只是好奇──你一下子收到那麼多訂單，是不是很意外？客戶活動方面是否有值得注意的變化？

I'm not sure that there's too much of a change. This one did happen to be basically what we had expected to have in orders for the year get accelerated into the quarter. So it is an acceleration. On the military side, we are seeing a little bit of acceleration in moving things to the left. We're positioned well so that we can accommodate these orders and take care of that.

我不確定這是否算是太大的變化。而這恰好與我們預期全年訂單提前到本季的情況基本吻合。所以這是一種加速。在軍事方面，我們看到左傾的趨勢有所加速。我們已做好充分準備，可以滿足這些訂單並妥善處理。

I don't know that it's too much of a change, but we are seeing that really in the Defense side. As I mentioned earlier, I think it's really just determined by military need for readiness and just making sure that suppliers like us are positioned well, and we are positioned well to meet those needs.

我不知道這算不算太大的變化，但我們確實在防守方面看到了這種變化。正如我之前提到的，我認為這實際上取決於軍方對戰備的需求，以及確保像我們這樣的供應商能夠做好充分準備，從而滿足這些需求。

And if I step back from just that specific case, I mean, there is a sense of urgency in the Defense side of the business to actually accelerate capacity for missile programs, specifically replenishing an arsenal that was heavily depleted. And as Jennifer has said, on readiness, making sure that all the assets that you have are able to be deployed. I think that's a general trend pulling things into the left.

如果我跳出這個具體案例不談，我的意思是，國防領域確實存在一種緊迫感，需要加快飛彈計畫的產能，特別是補充嚴重損耗的武器庫。正如詹妮弗所說，關於準備工作，確保你擁有的所有資源都能部署到位。我認為這是一種將事物向左傾斜的總體趨勢。

Yes. To follow up on that point, Pat, I was just curious like we are seeing these contracts or framework agreements anyway, be negotiated with some of the Defense prime contractors. I'm curious how advanced are your conversations with those primes to kind of get capacity up and perhaps that slowed down to you guys? I'm just curious how far advanced are those talks?

是的。帕特，關於這一點，我只是好奇我們是否看到這些合約或框架協議是在與一些國防主要承包商談判的情況下達成的。我很好奇你們與那些主要領導人的對話進展到什麼程度，才能提升談判能力，也許這減緩了你們的談判進程？我只是好奇這些會談進展到什麼程度了？

So how I would characterize it is this need to build capacity has been apparent for at least 18 to 24 months. And when we've been leading on missile programs over that period, we've been asked the question again and again, what would you need to do to double your capacity or to quadruple your capacity. So it has been well flagged through the industry.

因此，我認為這種能力建構的需求至少在過去 18 到 24 個月裡已經很明顯了。在那段時間裡，當我們一直領導飛彈計畫時，我們被反覆問到這樣一個問題：要將產能翻一番或翻四番，你們需要做些什麼？因此，業內人士對此已經非常重視。

I think the announcement of the seven-year frame agreement with Lockheed Martin makes it really public that there's this government imperative to increase those production volumes. And so we've been planning through that, and we've been making investments in our business that are supportive.

我認為，與洛克希德馬丁公司簽署的七年框架協議的宣布，真正公開表明了政府迫切需要提高這些產品的產量。因此，我們一直在進行規劃，並對我們的業務進行支持性投資。

Once we think about the PAC-3 program, we run that through our Salt Lake City facility. Over the course of the last couple of years, we've freed up space in that facility by selling a Navaids business a few years back, as you remember, that space is now completely free and available for new work to be in loaded into that facility.

一旦我們考慮 PAC-3 項目，我們就會在鹽湖城的工廠運作。在過去的幾年裡，我們透過出售幾年前的導航設備業務騰出了該設施的空間，您還記得嗎？現在該空間完全空出來了，可以接收新的工作進入該設施。

That will be the PAC-3 activity. We've decided to invest in a circuit card assembly line in that plant as well in support of programs like PAC-3 and other missile programs, and those capital investments are all within our current planning. So we're looking forward to seeing a level of volume coming on those programs, Gautam.

這將是 PAC-3 的活動。為了支持 PAC-3 等飛彈項目和其他飛彈項目，我們還決定在該工廠投資建造一條電路板組裝線，這些資本投資都在我們目前的計劃之內。所以，我們期待看到這些節目能達到一定的收視量，Gautam。

That makes a lot of sense. And just last one, Jennifer, what was the total company price realization year-over-year in the quarter?

這很有道理。最後一個問題，Jennifer，本季公司總售價年比是多少？

Did you say for pricing benefit?

您說是為了價格優勢嗎？

Yes.

是的。

Yes, we haven't given out the pricing benefit year-over-year. But as we look to it, it is -- it does contribute nicely. It's not half of the amount that we're doing. It's definitely volume and demand is being the biggest part. And then I would say it's complemented by price increases that we're securing throughout our book of business.

是的，我們沒有逐年提供價格優惠。但仔細觀察，它的確如此——它確實做出了很好的貢獻。這還不到我們實際工作量的一半。銷售和需求無疑是最重要的因素。然後，我認為，我們正在透過提高整個業務範圍內的價格來補充這一點。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

（操作員指示）Kristine Liwag，摩根士丹利。

Good morning, everyone. And it's wonderful to see some of these strong sales signals converting to orders. I was wondering on PAC-3, can you just let us know how much this is as a percent of company sales? Or if not PAC-3, how we think about overall missiles as the size for Moog?

各位早安。看到這些強勁的銷售訊號轉化為訂單，真是太好了。我想問 PAC-3，能否告知我們這部分支出占公司銷售額的百分比是多少？或者，如果不是PAC-3，我們該如何看待穆格公司認為飛彈的整體尺寸？

So if I think about our missiles business, in '25, it was over $200 million, and it was growing at about 20% a year. In '26, we expect it to be more than a $0.25 billion business for us within that space in Defense group.

所以，如果我回顧我們的飛彈業務，在 2025 年，它的規模超過 2 億美元，並且每年以大約 20% 的速度成長。2026 年，我們預計國防集團在該領域的業務額將超過 2.5 億美元。

Great. That's helpful color, Pat. So I was wondering, with the record, I guess, novel contracts at Lockheed signed with the Department of Water for the PAC-3 and the FAD. I mean, it seems like we're in the beginning stages of this new acquisition reform that's providing multiyear outlook and capacity is growing 300%, 400%, 500%. I was wondering how you should -- how we think about what this could mean for your business? And is that the growth trajectory that you could potentially see as we get more of these deals signed?

偉大的。帕特，這顏色真有用。所以我想知道，洛克希德公司與水利部簽訂的PAC-3和FAD項目合同，是否創下了紀錄？我的意思是，我們似乎正處於這項新的收購改革的初期階段，這項改革提供了多年的展望，產能正在以 300%、400%、500% 的速度成長。我想知道我們應該如何思考這對貴公司可能意味著什麼？隨著更多此類交易的簽署，您是否會看到這樣的成長軌跡？

We're very optimistic about it, Kristine. We feel that we have been demonstrating over the last couple of years, a really strong commitment to this business. We're delivering really well operationally. As you know from the last quarter, we got an award from Lockheed Martin for 100% on time, 100% quality.

克里斯汀，我們對此非常樂觀。我們覺得，在過去幾年裡，我們已經展現了對這項事業的堅定承諾。我們在營運方面做得非常出色。正如您上個季度所了解的，我們獲得了洛克希德馬丁的獎項，因為我們實現了 100% 的按時交付和 100% 的品質保證。

In this quarter, we announced the BAE systems have given us an award. Also that was on a missile program. So we are really effective at delivering. And if people are looking for increased capacity and throughput, no better place to go than some places, delivering 100% downtime. So I think we're well set up to meet the needs of our customers in these programs.

本季度，我們宣布 BAE 系統公司授予我們一項獎項。那也是在一個導彈項目上。所以我們的交貨效率真的很高。如果人們想要提高產能和吞吐量，那麼沒有什麼地方比某些地方更好了，儘管這些地方會造成 100% 的停機時間。所以我認為我們已經做好充分準備，能夠滿足客戶在這些專案中的需求。

In terms of our capacity to accommodate it, I just mentioned the Salt Lake City factory. We have the floor -- the square footage available there to meet the expanded needs that we see coming even if it is 2 or 4x current levels on those programs. And our exposure across missile programs is really broad. So we're all focused on PAC-3 here, but FAD is also a program that is experiencing significant growth. We have content on that and hope to increase scope on that. Plus Standard Missile 2, Standard Missile 3, Standard Missile 6, Prism, Tomahawk, to name just a few. So it is a really positive upside for us, Kristine.

至於我們是否有能力滿足這項需求，我剛剛提到了鹽湖城工廠。我們已經準備好了場地——那裡有足夠的面積來滿足我們預見的擴大需求，即使是這些項目目前的水平的 2 倍或 4 倍。我們在導彈項目領域的參與範圍非常廣泛。所以我們現在都專注於 PAC-3 項目，但 FAD 項目也正在經歷顯著成長。我們已經有一些相關內容，並希望擴大這方面的內容範圍。另外還有標準飛彈 2、標準飛彈 3、標準飛彈 6、棱鏡飛彈、戰斧飛彈等等。所以這對我們來說確實是一個非常積極的利多因素，克里斯汀。

Super exciting. And if I could squeeze a third question about data center cooling, can you talk about what exactly you're supplying? How big could this business be for you? And what's the margin profile of data center cooling?

太棒了！如果我可以再問一個關於資料中心冷卻的問題，您能談談您們具體提供的是什麼嗎？這家公司對你來說能發展到多大規模？資料中心冷卻的利潤率如何？

So in 2025, it was about $25 million of sales. We expect that to double in 2026 in terms of what we manufacture. It is a pump that is used to circulate the cooling fluids through the long rack of processors and servers that are used in these data centers. So it's a critical component within the cooling system. It goes into what's called a cooling distribution unit, which is at the end of the server line. We have multiple pumps within that for redundancy reasons.

因此，到 2025 年，銷售額約為 2,500 萬美元。我們預計到 2026 年，我們的產量將翻倍。它是一種泵，用於使冷卻液在這些資料中心使用的長機架處理器和伺服器之間循環。所以它是冷卻系統中的關鍵部件。它進入所謂的冷卻分配單元，該單元位於伺服器生產線的末端。出於冗餘考慮，我們在該裝置內設置了多個泵。

Our pump has some highly differentiated features associated with it, which improved its reliability and maintainability in the environment. We've gone from producing at a rate of about 200 a week of these pumps at the beginning of '25 to over 500 a week by the end of '25, and our customers would like us to double the volume on those pumps. And so we're standing up a second production line and boosting capacity in our existing facility.

我們的泵浦具有一些高度差異化的特性，提高了其在各種環境下的可靠性和可維護性。2025 年初，我們每週生產這種泵浦約 200 台；到 2025 年底，每週生產超過 500 台。我們的客戶希望我們把這種幫浦的產量翻倍。因此，我們正在建立第二條生產線，並提高現有工廠的產能。

There are no further questions at this time. I will now turn the call back to CEO, Pat Roche, for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給執行長帕特·羅奇，請他作總結發言。

So that concludes our earnings call. I appreciate you taking the time to listen to our update on the business, and I look forward to providing an update again next quarter. Thank you.

至此，我們的財報電話會議就結束了。感謝您抽出時間聽取我們關於公司業務的最新情況匯報，我期待下個季度再次向您報告最新情況。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。