MSA Safety Inc (MSA) 2025 Q1 法說會逐字稿

Good day and welcome to the MSA Safety first quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 MSA Safety 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Larry De Maria. Please go ahead.

現在我想將會議交給拉里·德瑪利亞。請繼續。

Thank you. Good morning, and welcome to MSA Safety's first quarter 2025 earnings conference call. This is Larry De Maria, Executive Director of Investor Relations. I'm joined by Steve Blanco, President and CEO; Elyse Brody, Interim CFO; and Stephanie Sciullo, President of our Americas segment. During today's call, we'll discuss MSA's first quarter financial results and provide an update on our full year 2025 outlook.

謝謝。早上好，歡迎參加 MSA Safety 2025 年第一季財報電話會議。我是投資者關係執行董事 Larry De Maria。與我一起出席的還有總裁兼執行長 Steve Blanco； Elyse Brody，臨時財務長；以及美洲部門總裁 Stephanie Sciullo。在今天的電話會議上，我們將討論 MSA 第一季的財務表現並提供 2025 年全年展望的最新資訊。

Before we begin, I'd like to remind everyone that the matters discussed during this call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, all projections and anticipated levels of future performance.

在我們開始之前，我想提醒大家，本次電話會議討論的事項可能包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。前瞻性陳述包括但不限於對未來績效的所有預測和預期水準。

Forward-looking statements involve a number of risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed today. These risks, uncertainties and other factors are detailed in our SEC filings. MSA Safety undertakes no duty to publicly update any forward-looking statements made on this call, except as required by law.

前瞻性陳述涉及許多風險、不確定性和其他因素，這些因素可能導致我們的實際結果與今天討論的結果有重大差異。這些風險、不確定性和其他因素在我們提交給美國證券交易委員會的文件中詳細說明。除非法律要求，MSA Safety 不承擔公開更新本次電話會議中任何前瞻性聲明的義務。

We have included certain non-GAAP financial measures as part of our discussion this morning. The non-GAAP reconciliations are available in the appendix of today's presentation. The presentation and press release are available on our investor relations website at investors.msasafety.com.

我們在今天上午的討論中納入了某些非公認會計準則財務指標。非公認會計準則對帳表可在今天簡報的附錄中找到。您可以在我們的投資者關係網站 investors.msasafety.com 上查閱該簡報和新聞稿。

Moving on to today's agenda. Steve will first provide a business update and strategic actions from the first quarter of 2025. Elyse will then review our financial performance and 2025 outlook. Steve will then provide closing remarks and open the call for your questions.

繼續今天的議程。史蒂夫將首先提供 2025 年第一季的業務更新和策略行動。然後，Elyse 將回顧我們的財務表現和 2025 年展望。史蒂夫隨後將致閉幕詞並開始回答大家的提問。

With that, I'll turn the call over to Steve Blanco. Steve?

說完這些，我將把電話轉給史蒂夫布蘭科。史蒂夫？

Thanks, Larry, and good morning, everyone, and thank you for your continued interest in MSA Safety. I'm on slide four. Our team executed well against a dynamic operating environment to begin 2025. Financial results for the first quarter exceeded our original expectations while delivering solid free cash flow generation. Higher sales were primarily driven by strong demand across detection and partnering with our customers to accelerate certain shipments in consideration of tariffs.

謝謝，拉里，大家早安，感謝你們對 MSA Safety 的持續關注。我在第四張投影片上。在 2025 年初充滿活力的營運環境下，我們的團隊表現良好。第一季的財務表現超出了我們最初的預期，同時實現了穩健的自由現金流。銷售額的成長主要得益於檢測領域的強勁需求以及與客戶合作以考慮關稅來加速某些貨物的運輸。

Operating margins declined year over year due to gross margin pressure, largely from transactional foreign currency headwinds, which was partially offset by lower SG&A, pricing and favorable mix. Overall demand was resilient across our product categories as evidenced by a healthy order pace in the first quarter. We've also seen stable order trends in April.

由於毛利率壓力（主要來自交易外匯逆風），營業利潤率同比下降，但較低的銷售、一般及行政費用、定價和有利的產品組合部分抵消了這一影響。第一季健康的訂單速度表明，我們各產品類別的整體需求都具有彈性。我們也看到四月的訂單趨勢穩定。

Sequentially, backlog increased in line with historical trends and remains within normalized levels. First quarter orders included the award of a $10 million breathing apparatus contract from the Orange County Fire Authority in Southern California.

連續，積壓訂單按照歷史趨勢增加，並保持在正常水準。第一季的訂單包括與南加州橘郡消防局簽訂的價值 1000 萬美元的呼吸器合約。

The order is expected to be delivered this year, though the exact timing is still being worked out. This marks a key competitive conversion and builds on the previously announced wins in Southern California, such as with our customers in LA City and LA County.

該訂單預計將於今年交付，但具體時間仍在確定中。這標誌著一次關鍵的競爭轉變，並鞏固了我們之前在南加州的勝利，例如與洛杉磯市和洛杉磯縣的客戶。

Moving to our product categories. Sales in fire service were down high single digits year over year, primarily due to the challenging year over year comparable in the Americas segment. This included the remainder of the first tranche of the U.S. Air Force order.

轉到我們的產品類別。消防服務銷售額較去年同期下降了高個位數，主要原因是美洲地區較去年同期情況嚴峻。其中包括美國空軍訂單第一批的剩餘部分。

International growth was up double digits organically in the first quarter on SCBA deliveries in Asia Pacific. Excluding the impact of the U.S. Air Force, fire service on an organic basis was up low single digits. Mid-teens growth in detection was supported by expansion in fixed and portable gas detection categories across both segments.

第一季度，亞太地區 SCBA 交付量實現了兩位數的有機成長。不計美國空軍的影響，消防服務的有機成長僅為個位數。固定式和便攜式氣體檢測類別的擴張推動了兩個領域檢測量中期的成長。

Industrial PPE sales were up 3% organically. Within the category, growth in head and fall protection was offset by contraction in other PPE. In the first quarter, we delivered reported sales growth of 2% or 4% organically, while delivering adjusted earnings growth per share of 4%.

工業 PPE 銷售額有機成長 3%。在該類別中，頭部和防墜落保護的成長被其他個人防護裝備的萎縮所抵消。第一季度，我們的報告銷售額有機成長 2% 或 4%，同時調整後每股盈餘成長 4%。

Despite the tariffs and macroeconomic uncertainty, we remain encouraged by the positive long-term trends in industrial safety technology, our innovation pipeline and the overall diversification of the business. Now turning to slide five.

儘管存在關稅和宏觀經濟的不確定性，但工業安全技術、創新管道和業務整體多元化的長期積極趨勢仍然令我們感到鼓舞。現在翻到第五張投影片。

While the operating environment has become more uncertain since we last reported in February, we remain focused on advancing our Accelerate strategy and delivering long-term profitable growth aligned with our 2028 financial targets.

儘管自從我們 2 月上次報告以來，經營環境變得更加不確定，但我們仍然專注於推進我們的加速策略，實現與我們的 2028 年財務目標一致的長期獲利成長。

I'd like to highlight key year-to-date strategic and commercial progress. First, we continued to extend our innovation-led leadership in our product categories. As I mentioned earlier, we saw excellent growth in detection and remain well positioned for continued above-market growth in fixed and portable devices. Within portable gas detection, we continue to see momentum in our connected MSA+ offerings and the io4 gas monitor, which grew substantially again this quarter. I'm pleased to note that over half of our MSA+ customers continue to be new. In the fire service, we continue to navigate the 2025 National Fire Protection Association, NFPA, standard change cycle by introducing innovative, industry-leading products and solutions.

我想強調今年迄今的關鍵策略和商業進展。首先，我們繼續擴大我們在產品類別中的創新領先地位。正如我之前提到的，我們在檢測方面看到了出色的成長，並且仍然處於有利地位，可以在固定和便攜式設備方面繼續保持高於市場的成長。在便攜式氣體檢測領域，我們繼續看到聯網 MSA+ 產品和 io4 氣體監測器的發展勢頭，本季它們再次大幅成長。我很高興地註意到，我們的 MSA+ 客戶中有一半以上都是新客戶。在消防領域，我們透過推出創新的、領先業界的產品和解決方案，繼續引領 2025 年美國國家消防協會 (NFPA) 標準變革週期。

The Orange County order I mentioned earlier is an excellent example of our innovation in action. Key factors contributing to our success included connectivity features, integrated communication capabilities and our integrated thermal imaging camera.

我之前提到的橘郡命令就是我們創新行動的一個絕佳例子。我們成功的關鍵因素包括連接功能、整合通訊能力和整合熱成像攝影機。

I recently attended the Fire Department Instructors Conference, or FDIC, in Indianapolis, and it was a pleasure to interact with our customers, channel partners and the MSA Fire Service team. Building on the momentum from our successful launch of our new Cairns 1836 Fire Helmet last year, we introduced the G1 SCBA XR Edition and the new Globe G-XTREME PRO turnout gear jacket at this year's show.

我最近參加了在印第安納波利斯舉行的消防部門教員會議（FDIC），很高興與我們的客戶、通路合作夥伴和 MSA 消防服務團隊互動。繼去年成功推出新款凱恩斯 1836 消防頭盔之後，我們在今年的展會上推出了 G1 SCBA XR 版和新款 Globe G-XTREME PRO 消防夾克。

In addition, with the NFPA standards change, the XR Edition features many elements outlined in the 2025 standard, allowing our customers to replace now rather than waiting. Customer feedback has been positive as we continue to advance our mission of safety in the fire service.

此外，隨著 NFPA 標準的變化，XR 版採用了 2025 標準中概述的許多元素，使我們的客戶可以立即更換，而不必等待。隨著我們繼續推進消防安全使命，客戶的回饋一直很正面。

Now let's talk about tariffs for a moment. They've been a bit of a moving target. While it's generally our strategy to manufacture as much in region for region [as possible] (added by company after the call), we have a global supply chain and some cross-border material flows. We're evaluating the potential impacts in this rapidly evolving situation while considering our best long-term strategic path.

現在我們來談談關稅。他們就像是一個移動的目標。雖然我們的整體策略是盡可能在區域內進行生產（公司在電話會議後補充道），但我們擁有全球供應鏈和一些跨境物料流。我們正在評估這種快速發展的情況下可能產生的影響，同時考慮最佳的長期策略路徑。

To quantify this, based on the current tariff situation, about 15% of our cost of sales is now subject to tariffs with about a third of that coming from China. To mitigate the impact, we implemented targeted price increases in April with further adjustments contingent on the evolving tariff rates. These could take several months to work through the backlog.

為了量化這一點，根據目前的關稅情況，我們約有 15% 的銷售成本現在受到關稅影響，其中約三分之一來自中國。為了減輕影響，我們在4月份實施了定向提價，並根據不斷變化的關稅稅率進一步調整。解決積壓問題可能需要幾個月的時間。

Second, our teams are also leveraging the MSA Business System, MBS, to drive productivity savings through sourcing initiatives, supply chain and manufacturing initiatives, and value engineering efforts, among other actions. While we anticipate some tariff headwinds, we're working diligently with our customers and internal teams to mitigate the higher input costs as much as possible.

其次，我們的團隊也利用 MSA 業務系統 (MBS)，透過採購計劃、供應鏈和製造計劃、價值工程工作等措施來推動生產力節約。雖然我們預計會出現一些關稅阻力，但我們正在與客戶和內部團隊努力合作，盡可能降低更高的投入成本。

From a capital allocation perspective, the team amended and increased the size of our Revolving Credit Facility to $1.3 billion in April, ensuring we're well positioned to execute our growth initiatives. We remain disciplined in our approach to M&A as we continue to evaluate our actionable pipeline for inorganic growth opportunities that meet our strategic and financial targets.

從資本配置的角度來看，團隊在 4 月修改了循環信貸額度並將其規模增加到 13 億美元，以確保我們能夠很好地執行成長計畫。我們在併購方面保持嚴謹的態度，同時我們將繼續評估可行的無機成長機會，以滿足我們的策略和財務目標。

Now I'd like to turn the call over to Elyse. Elyse?

現在我想把電話轉給 Elyse。伊莉絲？

Thank you, Steve, and good morning, everyone. We appreciate you joining the call. Let's start on slide six with the quarterly financial highlights. First quarter sales were $421 million, an increase of 2% on a reported basis and 4% organic over the prior year, which includes mid-teens growth in detection and a low single-digit increase in industrial PPE, partially offset by a high single-digit contraction in fire service. We had positive contributions from volume and pricing and currency translation was a 2% headwind to overall growth, primarily on the Brazilian real, Mexican peso and the euro.

謝謝你，史蒂夫，大家早安。感謝您參加此次電話會議。讓我們從第六張投影片開始介紹季度財務亮點。第一季銷售額為 4.21 億美元，報告成長 2%，有機成長 4%，其中包括探測業務的中等雙位數成長和工業 PPE 業務的低個位數成長，但消防業務的高個位數收縮部分抵消了這一成長。銷售和定價對我們做出了積極貢獻，而貨幣換算對整體成長產生了 2% 的阻力，主要是巴西雷亞爾、墨西哥比索和歐元。

Order pace remained healthy in the first quarter, and we continue to see a stable order pace so far in the second quarter. While macro and geopolitical conditions have become increasingly difficult to predict, we have generally seen resilient market conditions to date. Consistent with seasonal patterns, our quarterly book-to-bill was above one.

第一季的訂單速度保持健康，第二季迄今的訂單速度仍然穩定。儘管宏觀和地緣政治條件變得越來越難以預測，但迄今為止我們總體上看到了市場狀況的彈性。與季節性模式一致，我們的季度訂單出貨比高於 1。

Gross margin in the first quarter was 45.9%, down 140 basis points from last year. Gross margin was impacted by transactional foreign exchange headwinds and inflation, which was partially offset by price, higher volume and favorable mix.

第一季毛利率為45.9%，較去年同期下降140個基點。毛利率受到交易外匯逆風和通貨膨脹的影響，但價格、更高的銷售量和有利的產品組合部分抵消了這種影響。

We expect FX pressure on gross margins to continue in the second quarter, mostly due to Latin American currencies. GAAP operating margin was 18.5%, with adjusted operating margin of 20.8%, down 50 basis points from a year ago on the contraction in gross margins, partially offset by effective cost management and discrete items within SG&A.

我們預計第二季毛利率仍將面臨外匯壓力，主要原因是拉丁美洲貨幣。GAAP 營業利潤率為 18.5%，調整後營業利潤率為 20.8%，較去年同期下降 50 個基點，原因是毛利率下降，但有效的成本管理和銷售、一般及行政費用中的單獨項目部分抵消了這一影響。

Quarterly GAAP net income totaled $60 million or $1.51 per share. On an adjusted basis, diluted earnings per share were $1.68, up 4% from last year. The increase was mainly due to revenue growth, lower SG&A and lower interest expense due to lower debt and interest rates.

季度 GAAP 淨收入總計 6,000 萬美元，即每股 1.51 美元。經調整後，每股攤薄收益為 1.68 美元，較去年同期成長 4%。成長主要歸因於收入成長、銷售、一般及行政費用降低以及債務和利率降低導致的利息支出減少。

Now I'd like to review our segment performance. In our Americas segment, sales decreased 1% year over year on a reported basis but were up 1% on an organic basis as strong growth in detection and mid-single-digit growth in industrial PPE was offset by a contraction in fire service.

現在我想回顧一下我們各部門的表現。在我們的美洲分部，銷售額按報告基礎計算同比下降 1%，但按有機基礎計算增長 1%，因為探測業務的強勁增長和工業 PPE 的中等個位數增長被消防服務的萎縮所抵消。

Adjusted operating margin was 26.8%, down 240 basis points year over year. Margin contraction was mainly due to transactional foreign currency headwinds in Latin America and inflation, partially offset by lower SG&A and mix.

調整後營業利益率為26.8%，較去年同期下降240個基點。利潤率下降主要是由於拉丁美洲交易外匯逆風和通貨膨脹，但銷售、一般及行政費用及產品組合下降部分抵消了這一影響。

In our International segment, sales increased by 9% year over year on a reported basis or 11% organic. Double-digit organic growth in detection and fire service was countered by a low single-digit contraction in industrial PPE.

在我們的國際部門，銷售額年增 9%，有機成長 11%。探測和消防服務領域的兩位數有機成長被工業個人防護裝備領域的個位數低幅收縮所抵消。

Currency translation posed a 2% headwind in the quarter. Adjusted operating margin was 14.6%, 310 basis points above last year due to double-digit organic revenue growth, favorable mix and SG&A leverage.

貨幣換算在本季造成了 2% 的阻力。調整後的營業利潤率為 14.6%，比去年高出 310 個基點，這得益於兩位數的有機收入增長、良好的產品組合以及銷售、一般及行政費用槓桿。

Now turning to slide seven. Free cash flow was $51 million, representing a conversion rate of 86%. Earnings growth and lower variable compensation payments drove 29% year over year expansion. We returned value to shareholders through $20 million in dividends and $10 million of share repurchases, invested $11 million in capital expenditures and repaid $7 million of debt.

現在翻到第七張幻燈片。自由現金流為 5,100 萬美元，轉換率為 86%。獲利成長和較低的浮動薪酬支出推動了年增 29%。我們透過 2000 萬美元的股息和 1000 萬美元的股票回購向股東返還了價值，投資了 1100 萬美元的資本支出並償還了 700 萬美元的債務。

Steve mentioned that we recently amended and resized our Revolving Credit Facility up to $1.3 billion. This strategic action provides ample liquidity for investment in future growth initiatives aligned with our Accelerate strategy. Net debt at the end of the quarter was $331 million, including cash of $171 million.

史蒂夫提到，我們最近修改了循環信貸額度並將其規模調整至 13 億美元。這項策略行動為符合我們加速策略的未來成長計畫的投資提供了充足的流動性。本季末的淨債務為 3.31 億美元，其中現金為 1.71 億美元。

Adjusted EBITDA for the trailing 12 months is $470 million or 25.9% of net sales. We ended the quarter with net leverage of 0.7 times. Our balance sheet provides capital allocation optionality to invest in our business and return value to shareholders.

過去 12 個月的調整後 EBITDA 為 4.7 億美元，佔淨銷售額的 25.9%。本季末我們的淨槓桿率為 0.7 倍。我們的資產負債表提供了資本配置選擇權，以投資我們的業務並為股東帶來回報。

Let's turn to our 2025 outlook on slide eight. We maintain our low single-digit full year organic [sales] (added by company after the call) growth outlook and have made a solid start in 2025. The business remains healthy, supported by stable order trends into April.

讓我們來看看第八張幻燈片上的 2025 年展望。我們維持全年低個位數有機[銷售額]（電話會議後公司補充）成長預期，並在 2025 年取得了良好的開端。受四月穩定訂單趨勢的支持，業務保持健康。

Our broad diversification across products, geographies and markets, along with favorable underlying market trends in the safety industry and a strong commercial pipeline provides confidence as we move forward. In contrast, there has been increased macro uncertainty recently, and we continue to navigate the global tariff activity, which could present risk to our growth outlook. That said, you can expect us to remain agile as the operating environment evolves. For modeling purposes, our expectations for the full year are unchanged, but we realized a bit more sales in the first quarter based on order acceleration. Assumptions for below-the-line drivers for the full year remain unchanged from our fourth quarter release.

我們在產品、地理和市場的廣泛多元化，加上安全產業良好的潛在市場趨勢和強大的商業管道，為我們前進提供了信心。相較之下，近期宏觀不確定性增加，我們繼續關注全球關稅活動，這可能對我們的成長前景構成風險。也就是說，您可以期待我們隨著營運環境的發展而保持敏捷。出於建模目的，我們對全年的預期保持不變，但由於訂單加速，我們在第一季實現了略高的銷售額。全年線下驅動因素的假設與我們第四季發布的假設相同，且保持不變。

With that, I'll now turn the call back to Steve.

說完這些，我現在將電話轉回給史蒂夫。

Thanks, Elyse. I'm on slide nine. Before we conclude today's presentation, I want to emphasize the resilience of our business, which is enabled by the diversity of our products, end markets and geographies and add some perspective on how our company has proven to perform well during challenging periods.

謝謝，伊莉絲。我現在在看第九張投影片。在結束今天的演講之前，我想強調一下我們業務的彈性，這是由我們的產品、終端市場和地理的多樣性所致，並補充一些關於我們公司如何在充滿挑戰的時期表現良好的觀點。

Since the end of 2014, we've had the industrial recession, a recession caused by the global pandemic and unprecedented global supply chain challenges. At the same time, despite these economic pressures, MSA grew sales by mid-single digits and earnings by double-digits, on average, over the 10-year period.

自2014年底以來，我們經歷了工業衰退，這場衰退是由全球疫情和前所未有的全球供應鏈挑戰引起的。同時，儘管面臨這些經濟壓力，MSA 的銷售額在 10 年期間平均成長了中等個位數，收益平均成長了兩位數。

MSA's mission has always been to protect workers around the world. While we're not immune to the recent events that have caused some confusion in our industries and introduced heightened macro risks, we will continue to focus on market-leading safety innovation and launching new safety solutions that solve our customers' most significant challenges. The need for safety and compliance continues to grow around the world, and MSA is well positioned to help drive the industry forward.

MSA 的使命一直是保護世界各地的工人。儘管我們無法免受最近發生的事件的影響，這些事件給我們的行業帶來了一些混亂，並加劇了宏觀風險，但我們將繼續專注於市場領先的安全創新，並推出新的安全解決方案，以解決客戶面臨的最重大挑戰。全球對安全和合規的需求持續增長，MSA 完全有能力推動該行業向前發展。

Moving to slide 10. To close, I'm proud of our team's execution and thank all of our associates for their continued commitment to serving our mission in the first quarter.

移至投影片 10。最後，我為我們團隊的表現感到自豪，並感謝我們所有的同事在第一季繼續致力於完成我們的使命。

With that, I'll turn the call back to the operator for Q&A.

說完這些，我將把電話轉回給接線生進行問答。

(Operator Instructions)

（操作員指示）

Rob Mason, Baird.

羅布梅森，貝爾德。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Steve, you somewhat indirectly addressed this with just the order commentary, but I'm just curious if you drill in a little bit and speak to how project decision-making may have changed or not, I guess, during the quarter, just as tariffs came to the forefront?

史蒂夫，你只是透過訂單評論間接解決了這個問題，但我只是好奇，你是否可以深入一點，談談專案決策在本季度是否發生了變化，我想，就像關稅成為焦點一樣？

Thanks, Rob. Well, I'll kind of hit it two ways. We talked a little bit about some customers in North America, really in Canada, I think the biggest piece, right, Elyse? But customers enabling an acceleration of shipments for a little bit of our Q1 revenue. So, we took advantage of that, and we wanted to support them with that, which made a lot of sense.

謝謝，羅布。好吧，我會用兩種方式來解決。我們談論了一些北美的客戶，尤其是加拿大的客戶，我認為他們是最大的客戶，對吧，Elyse？但客戶加速了出貨量，這給我們第一季的收入帶來了一點影響。所以，我們利用了這一點，並希望以此來支持他們，這是非常有意義的。

And I think when you think of the project work, I'd probably talk more broadly that it was very strong in the first quarter. Energy, petrochem were really solid across the globe. And you saw some of that play out in detection as we continue to see that strength across the globe and the pipeline there supports a really nice year, at least is what we see going on for 2025.

我認為，當您考慮專案工作時，我可能會更廣泛地談論它在第一季表現非常強勁。全球能源、石化產業表現十分強勁。您在檢測領域看到了一些進展，我們繼續看到全球範圍內的這種實力以及那裡的管道支持著一個非常好的年份，至少這是我們對 2025 年前景的預期。

So, fair to say that the acceleration that happened in the quarter was primarily detection then?

那麼，可以公平地說，本季發生的加速主要是檢測嗎？

I would say that, you saw the numbers on detection. We had a really nice quarter in detection, not on the accelerated customer shipments. Elyse that was a mix really similar to what our product mix is. I think actually a little heavier, about 40% in fire service, right?

我想說的是，您看到了檢測的數字。我們在檢測方面度過了一個非常好的季度，而不是加速客戶出貨量。Elyse，這種混合物與我們的產品混合物非常相似。我認為實際上要重一些，消防服務約佔 40%，對嗎？

That's right.

這是正確的。

So, a little heavier in fire service for that accelerated piece, Rob. But what I'm talking about is the ongoing demand cycle and what we saw in Q1, yeah, I'd say detection is really leading the charge.

因此，羅布，對於這個加速作品來說，火力要大一些。但我談論的是持續的需求週期以及我們在第一季看到的情況，是的，我想說檢測確實處於領先地位。

Yeah. And then, Elyse, any way to tease out what a local currency gross margin would have been? Just help us understand the magnitude of the transactional headwinds.

是的。那麼，Elyse，有什麼方法可以推算出當地貨幣的毛利率是多少嗎？只需幫助我們了解交易阻力的程度。

Rob, good morning, thanks for the question. The biggest impact on gross margins in the quarter was from FX, and that's primarily on the Latin American currencies. So, it's a meaningful impact when you look at the overall gross margin.

羅布，早安，謝謝你的提問。本季對毛利率影響最大的是外匯，主要是拉丁美洲貨幣。因此，從整體毛利率來看，這是一個有意義的影響。

And based on where rates are today, that continues into the second quarter. We also had in the first quarter, a higher level of business shipped from the 2024 price book. And as we move forward, that's behind us now. So, as we look to the second half, we would start to see the impact of the tariffs in the second half as well as the mitigations that Steve talked about.

根據目前的利率水平，這種情況將持續到第二季​​。我們在第一季也實現了 2024 年價格手冊中更高水準的業務出貨量。隨著我們不斷前進，這些都已成為過去。因此，當我們展望下半年時，我們將開始看到關稅對下半年的影響以及史蒂夫談到的緩解措施。

Very good. Well, I'll hop back in queue. Thank you.

非常好。好吧，我重新回到隊列中。謝謝。

Thanks, Rob.

謝謝，羅布。

Thank you.

謝謝。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Hey, good morning guys.

嘿，大家早安。

Good morning.

早安.

That was some strong momentum in the detection business. Just trying to maybe parse out the fixed versus portable growth if we could? I know portables have been growing around 40% on a two-year stack. But then again, we did have some second half 2024 order slippage on the fixed side. Just any way you can help us kind of conceptualize where those ended up?

這對檢測業務來說是一個強勁的發展勢頭。如果可以的話，我們能否嘗試分析固定成長與可移動成長之間的關係？我知道便攜式設備在兩年內成長了約 40%。但話說回來，2024 年下半年我們在固定方面確實出現了一些訂單下滑。您能用什麼方式幫助我們了解它們的最終結果？

Thanks, Ross. For both fixed and portables, we had some really nice incoming and performance. Certainly, fixed was a little softer in the fourth quarter, as you noted. But we had double-digit incoming for detection overall. And when you look at the performance we had across that business, I'd come back to this Accelerate strategy we talked about at the Investor Day.

謝謝，羅斯。對於固定和便攜式設備，我們都獲得了一些非常好的收益和性能。當然，正如您所說，第四季度的固定收益略有疲軟。但總體而言，我們的檢測數量達到了兩位數。當你看到我們整個業務的表現時，我會回想起我們在投資者日討論過的加速策略。

When you think about what we've done here and where we're headed, the initiatives that we've delivered on have really played out. Fixed just tremendous business performance and pipeline, as I was saying earlier to Rob, across the energy segments globally.

當你思考我們在這裡所做的事情以及我們的前進方向時，我們實施的舉措確實發揮了作用。正如我之前對 Rob 所說的那樣，修復了全球能源領域的巨大業務績效和管道。

And portables, we're seeing a similar story. Now the nice thing about portables, certainly, we've seen it across the entire portfolio. As I said, we've got this excellent combination for customers to choose from between the traditional detection as well as our MSA+ connected device. But the growth was pretty much, I'd say, level between the two, between the traditional and the connected on an absolute basis. So, that just gives you an idea of the percentage on the connected. It's really doing well.

對於便攜式設備，我們也看到了類似的情況。現在，便攜式產品的優點當然是我們已經在整個產品組合中看到它了。正如我所說，我們為客戶提供了完美的組合，包括傳統檢測和 MSA+ 連接設備。但我認為，從絕對意義上來說，傳統和互聯之間的成長水準基本上持平。所以，這只是讓您了解所連接的百分比。確實做得很好。

Okay. So, nothing really to call out that would kind of change this run rate looking into the second quarter and beyond?

好的。那麼，展望第二季及以後，真的沒有什麼可以改變這個運行率的嗎？

We're expecting detection to be a real nice player for 2025. It was a super strong quarter. I know the comps in the second quarter are going to make that a little tougher certainly. But we are expecting 2025 to be really good. Double digits is a little aspirational, maybe, but certainly, our numbers tell us high single digits is achievable.

我們期望檢測能成為 2025 年真正優秀的參與者。這是一個非常強勁的季度。我知道第二季的業績肯定會讓情況變得更加艱難。但我們預計 2025 年將會非常好。兩位數可能有點過於理想化，但可以肯定的是，我們的數字告訴我們，高個位數是可以實現的。

Absolutely. And then maybe just one last one here. Just putting a finer point on some of the moving parts. I believe you called out a tariff pull-forward. Second quarter has this $40 million backlog headwind. And then I think there was an International industrial PPE from the second half that was pushed out for ballistic helmets. I know there's a lot to unpack, but I mean, can you maybe just help us size any of those as we think about where the starting point is for the second quarter?

絕對地。這裡也許只剩下最後一個了。只是對一些活動部件進行了更精細的定位。我相信您呼籲提前徵收關稅。第二季面臨 4,000 萬美元的積壓訂單困難。然後我認為下半年出現了一種國際工業 PPE，專門用於防彈頭盔。我知道有很多事情需要解決，但我的意思是，當我們考慮第二季的起點時，您能否幫助我們確定其中任何一個的規模？

Well, I'll let Elyse take the second half of this. I think the second quarter, you talked about the comps, that's a challenge. The FX, certainly the exchange, that's going to play out a little more in this quarter as we saw in the first quarter. Those are two pressure points, certainly, we’d call out. Obviously, as we look longer into the year, some of those kind of go away.

好吧，我將讓 Elyse 來承擔後半部分。我認為第二季度，你談到了比較，這是一個挑戰。正如我們在第一季看到的那樣，外匯，當然還有交易，將在本季度發揮更大的作用。毫無疑問，這是兩個壓力點，我們會指出。顯然，當我們回顧今年的情況時，其中一些問題就會消失。

But tariffs don't. Frankly, when you think of the tariff impact, you're really not going to see much of an impact in the first half. We implemented a targeted price increase in April. We'll have further adjustments contingent on the evolving rates. But as you know, it takes several months for that to work through the backlog.

但關稅卻不會。坦白說，當你考慮關稅的影響時，你實際上不會在上半年看到太大的影響。我們在四月實施了有針對性的漲價。我們將根據利率的變化做出進一步的調整。但正如你所知，解決積壓問題需要幾個月的時間。

And so the impacts of the tariffs and the respective pricing or cost actions we take are going to play out more so in the second half. But from a demand perspective, I think you're right, the comps are tough. And certainly, the FX. Elyse, anything else you want to add to that?

因此，關稅以及我們採取的相應定價或成本行動的影響將在下半年發揮更大的作用。但從需求角度來看，我認為你是對的，競爭很激烈。當然還有 FX。伊莉絲，您還有什麼要補充的嗎？

Sure. Good morning, Ross. Building on what Steve said, just to unpack a few of the areas you mentioned, the pull forward in Q1 was just under $10 million and most of that in Americas. As you had mentioned, the backlog comp in Q2, we converted $40 million of backlog in the second quarter last year. That was the quarter where we really got back to a normalized backlog level. So, we had really strong orders in the first quarter, high single-digit growth, but we are up against that backlog comp heading into the second quarter.

當然。早安，羅斯。根據史蒂夫所說的，僅就您提到的幾個領域而言，第一季的提前量略低於 1000 萬美元，其中大部分來自美洲。正如您所提到的，第二季的積壓訂單量相當於去年第二季積壓訂單量的 4,000 萬美元。那個季度我們的積壓訂單水準才真正恢復正常。因此，我們在第一季的訂單量非常強勁，實現了高個位數成長，但進入第二季度，我們面臨積壓訂單的問題。

And then as you look to the second half, you had mentioned ballistics. We're very pleased that we got a nice order in ballistics in Europe. So we should see that support industrial PPE in the International segment in the second half.

然後當你看下半部時，你提到了彈道學。我們很高興在歐洲獲得了彈道領域的一份不錯的訂單。因此，我們應該看到下半年國際市場對工業 PPE 的支持。

Perfect. Very helpful, guys. Thank you.

完美的。非常有幫助，夥計們。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Jeff Van Sinderen, B. Riley FBR.

Jeff Van Sinderen，B. Riley FBR。

Hi, good morning, everyone. I wanted to see if we could drill down on a couple of things. Possible to quantify how much was pulled forward into Q1? And then any color on what specifically that consisted of? I know you did touch on kind of various things more generally, but just wondering specific product there.

大家好，早安。我想看看我們是否可以深入探討一些事情。可以量化有多少被提前到第一季嗎？那麼它具體地由什麼顏色組成呢？我知道您確實更籠統地談到了各種各樣的事情，但我只是想知道那裡的具體產品。

And then obviously, you had the anniversary of the Air Force but just as we think about Q2 and the remainder of the year, how that pull forward might impact?

顯然，今年是空軍成立週年紀念日，但當我們考慮第二季和今年剩餘時間時，這種提前可能產生什麼影響？

Sure, Jeff. Elyse, do you want to capture that?

當然，傑夫。伊莉絲，你想捕捉它嗎？

Sure, Jeff. So, the pull forward in the first quarter was just under $10 million. And as I mentioned before, it's a pretty similar mix to the overall mix of our business, maybe a little bit heavier weighted to fire service.

當然，傑夫。因此，第一季的預付款略低於 1,000 萬美元。正如我之前提到的，它與我們業務的整體組合非常相似，可能消防服務的權重更大一些。

Okay. That's helpful. And then I realize this is a tough subject given the fluidity of the situation but as you're thinking about the potential tariff impact in supply chain areas that could impact you if trade deals don't materialize in a favorable way, could you speak more to mitigation efforts and help us understand a little more about what is controllable at this juncture versus what is not? And then, just how you're generally evolving your supply chain?

好的。這很有幫助。然後我意識到，鑑於情況的變化，這是一個棘手的問題，但當您考慮到如果貿易協議沒有以有利的方式達成，關稅對供應鏈領域可能產生的影響時，您能否更多地談談緩解措施，並幫助我們更多地了解在這個關鍵時刻什麼是可控的，什麼是不可控的？那麼，您一般如何發展您的供應鏈？

Yeah. Thanks, Jeff. As you noted, it's got some variability right now. And as I said in the prepared remarks, we're really approaching this both from pricing and cost management. We did implement that one price increase, very targeted.

是的。謝謝，傑夫。正如您所說，它現在存在一些變化。正如我在準備好的演講中所說，我們確實從定價和成本管理兩個方面來解決這個問題。我們確實實施了那次提價，非常有針對性。

When we think about this, as I said then, we really have a nice business system. I think we're well positioned with our playbook, and we're evaluating everything here. But pricing, we have some nice pricing with our brand that we'll leverage, but we're also cognizant of the customer needs in the market and trying to minimize or mitigate as much as we can from the cost element.

當我們考慮到這一點時，正如我當時所說的，我們確實有一個很好的商業系統。我認為我們的劇本已經準備就緒，我們正在評估這裡的一切。但在定價方面，我們的品牌有一些不錯的定價，我們會加以利用，但我們也了解市場上的客戶需求，並試圖盡可能地減少或減輕成本因素。

I think the thing I would probably point to, you talked about the [tariff] (added by company after the call) numbers right now. But until we have clear visibility and line of sight to the longer-term tariff numbers, it's going to take some time to shake out. And that might provide or cause some short-term choppiness but I was thinking about this, and we had a similar story play out with margins in 2021 when you think about the inflation and some of the challenges we had on the supply chain side. But once that leveled out, we had a much stronger business and our playbook on the MSA Business System, MBS, side is even stronger now.

我想我可能會指出的是，您現在談到了[關稅]（通話後公司添加的）數字。但在我們清楚了解並預見長期關稅數字之前，還需要一些時間來解決這個問題。這可能會帶來或造成一些短期波動，但我正在考慮這一點，當你考慮到通貨膨脹和我們在供應鏈方面面臨的一些挑戰時，我們在 2021 年的利潤率上也出現了類似的情況。但一旦穩定下來，我們的業務就會變得更加強大，而且我們在 MSA 業務系統 (MBS) 方面的策略現在也更加強大。

So I think you can trust over the long term that we're going to focus on what we do that's right, not reactionary, not short term in the decision making. I think I've got a great team around the world in support of our mission to our customers, and we'll continue to adjust accordingly.

因此我認為你可以相信，從長遠來看，我們將專注於做正確的事情，而不是被動的、短期的決策。我認為我擁有一支遍布全球的優秀團隊來支持我們為客戶實現使命，我們將繼續做出相應的調整。

So it might be a little choppy, but when we get on the other side of this, I think you come back to that strategy we talked about, our Accelerate strategy, and we feel like we'll be in a good place.

所以它可能有點不穩定，但是當我們站在另一邊時，我想你會回到我們談到的那個戰略，我們的加速戰略，我們覺得我們會處於一個好的位置。

Okay, good to hear. Thanks for taking my questions. I'll take the rest offline.

好的，很高興聽到這個消息。感謝您回答我的問題。我將把其餘部分下線。

Thank you.

謝謝。

Mike Shlisky, D.A. Davidson.

麥克·施利斯基（Mike Shlisky），地方檢察官戴維森。

Good morning. Thanks for taking my question.

早安.感謝您回答我的問題。

Good morning.

早安.

Good morning.

早安.

Steve, I wanted to follow up on that last comment that you just made to the last question. The cost reduction actions that you've been taking here, if tariffs end up being resolved or eventually are lower than where they are today, do you expect to actually keep some of those gains? Are these potentially long-term margin gains? Or does a lot of this kind of revert back if tariffs revert back?

史蒂夫，我想跟進一下你剛才對最後一個問題所做的評論。您在這裡採取的成本削減措施，如果關稅最終得到解決或最終低於目前的水平，您是否預計實際上能夠保留其中的一些收益？這些是潛在的長期利潤收益嗎？或者如果關稅恢復，許多此類情況是否會恢復？

Yeah. Thanks for the question. I would say it depends. But on the cost side, we're looking at these as long-term strategic initiatives from a cost and productivity side. So, we expect that whatever we're able to take action on will continue to play out for the long term.

是的。謝謝你的提問。我想說這得看情況。但在成本方面，我們從成本和生產力角度將其視為長期策略舉措。因此，我們預計，無論我們採取什麼行動，都將長期發揮作用。

Pricing, we're going to have to measure the market. And that's one of the reasons I talked about the choppiness. It's not our plan to price to the customer and then three months later, if the tariffs disappear or there's a trade agreement, then peel that back. So, we're trying to be strategic about how this looks to our customer based on the long term. But certainly, cost, we expect those to hold.

定價，我們必須衡量市場。這就是我談論波動性的原因之一。我們的計畫不是先向客戶定價，然後三個月後，如果關稅消失或達成貿易協議，再取消定價。因此，我們正嘗試從長遠角度製定策略，以了解客戶對此的看法。但當然，我們預期成本將會維持不變。

Okay. Great. And then maybe secondly, just taking a bit of a step back, does anything that you're experiencing now affect your ability to reach your 2028 targets? That's the last year of the current presidential administration. If tariffs don't get any better, if they get worse from here by maybe just a little bit, does the current environment, is it still conducive to that $10 to $11 EPS target? Or should we be thinking differently about that if things just don't get out of where they are today?

好的。偉大的。其次，稍微退一步來說，您現在所經歷的事情是否會影響您實現 2028 年目標的能力？這是本屆總統政府執政的最後一年。如果關稅沒有任何改善，如果從現在開始可能只是稍微惡化一點，那麼當前的環境是否仍然有利於實現每股收益 10 至 11 美元的目標？或者，如果事情沒有從現在這個狀態發展，我們是否應該以不同的方式思考這個問題？

Well, I'd step up and say our Accelerate strategy initiatives are on pace. The macro trends are still very, very good and we've got a great diverse portfolio. So, in our view and what we look at in our business, we're fully committed to those 2028 targets, that growth, the margin expansion over time and of course, compounding that EPS number. And we don't see that changing.

好吧，我想說我們的加速策略舉措正在順利推進。宏觀趨勢仍然非常非常好，而且我們擁有非常多元化的投資組合。因此，從我們的觀點和業務角度來看，我們完全致力於實現 2028 年的目標、成長、隨著時間的推移利潤率的擴大，當然還有每股盈餘的複合成長。我們認為這種情況不會改變。

I would say that we don't know the economic environment, whether there's a growth period or some recessionary pressure. That could certainly play out in some degree if tariffs stayed at this current level. But I think we're well positioned, Mike, to make sure that we achieve those targets. We feel really good about where we're at. This year is going to be kind of choppy, as we said, as many are talking about, and we'll be in a really good position to manage through this and come out on the other side.

我想說的是，我們不知道經濟環境是處於成長期還是衰退壓力。如果關稅維持在當前水平，這種情況肯定會在一定程度上發揮作用。但麥克，我認為我們已做好準備，確保實現這些目標。我們對目前的狀況感到非常滿意。正如我們所說，正如許多人所談論的那樣，今年將會有些動盪，但我們將處於非常有利的位置來渡過難關並走出困境。

Thank you. I'll pass it along.

謝謝。我會傳達的。

There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Larry De Maria for any closing remarks.

隊列中沒有其他問題。我們的問答環節到此結束。我想將會議交還給拉里·德瑪利亞 (Larry De Maria) 做最後發言。

Thank you. We appreciate you joining the call this morning and for your continued interest in MSA Safety. If you missed a portion of today's call, an audio replay will be made available later today on our Investor Relations website and will be available for the next 90 days. We look forward to updating you on our continued progress again next quarter.

謝謝。感謝您今天上午參加電話會議並持續關注 MSA Safety。如果您錯過了今天電話會議的部分內容，我們將在今天晚些時候在我們的投資者關係網站上提供音訊重播，並將在接下來的 90 天內提供。我們期待下個季度再次向您通報我們的持續進展。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。