MSA Safety Inc (MSA) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 MSA Safety 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給拉里·德·瑪利亞。請繼續。

Thank you. Good morning, and welcome to MSA Safety's third-quarter 2025 earnings conference call. This is Larry De Maria, Executive Director of Investor Relations. I'm joined by Steve Blanco, President and CEO; Julie Beck, Senior Vice President and CFO; and Stephanie Sciullo, President of our Americas segment.

謝謝。早上好，歡迎參加 MSA Safety 2025 年第三季財報電話會議。這是投資者關係執行董事拉里·德·瑪利亞。與我一同出席的還有總裁兼執行長史蒂夫·布蘭科；資深副總裁兼財務長朱莉·貝克；以及美洲區總裁史蒂芬妮·西烏洛。

During today's call, we'll discuss MSA's third-quarter financial results and provide an update on our full-year 2025 outlook. 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.

在今天的電話會議上，我們將討論 MSA 第三季的財務業績，並提供 2025 年全年展望的最新資訊。在開始之前，我想提醒大家，本次電話會議討論的事項可能包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。

Forward-looking statements include, but are not limited to, all projections and anticipated levels of future performance. 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.

前瞻性陳述包括但不限於所有對未來績效的預測和預期水準。前瞻性陳述涉及許多風險、不確定性及其他因素，可能導致我們的實際結果與今天討論的結果有重大差異。

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.

這些風險、不確定性及其他因素已在我們的美國證券交易委員會文件中詳細說明。MSA Safety 不承擔公開更新本次電話會議中所做的任何前瞻性聲明的義務，除非法律要求。

We've 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.

在今天上午的討論中，我們納入了一些非GAAP財務指標。非GAAP財務報表調整表可在今天簡報的附錄中找到。簡報和新聞稿可在我們的投資者關係網站 investors.msasafety.com 上查閱。

Moving on to today's agenda, Steve will first provide an update on the business. Julie will then review our third-quarter financial performance and 2025 outlook. Steve will then provide closing remarks and open the call for your questions.

接下來進入今天的議程，史蒂夫首先會報告公司的最新情況。接下來，朱莉將回顧我們第三季的財務表現和 2025 年的展望。隨後，史蒂夫將作總結發言，並開放提問環節。

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

接下來，我將把電話交給史蒂夫·布蘭科。史蒂夫？

Thanks, Larry, and good morning, everyone. Thank you for your continued interest in MSA Safety. Before we start, first, I'd like to welcome Julie Beck to MSA.

謝謝你，拉里，大家早安。感謝您一直以來對MSA Safety的關注。在正式開始之前，首先，我想歡迎 Julie Beck 加入 MSA。

Julie brings extensive experience across all aspects of finance from her previous public and private company experiences. Her leadership and financial acumen will be a tremendous asset to our team. And I'm excited to partner with her in the next chapter of serving our mission of safety for our customers.

Julie 憑藉其在上市公司和私人公司的工作經驗，在財務的各個方面都擁有豐富的經驗。她的領導能力和財務才能將是我們的團隊的寶貴財富。我很高興能與她攜手開啟新篇章，並持續為我們的客戶提供安全保障。

I also want to extend my heartfelt thanks to Elyse Brody for her outstanding leadership and dedication while serving as interim CFO. Elyse stepped into the role with grace and professionalism, and her contributions during this transition have been invaluable.

我還要衷心感謝 Elyse Brody 在擔任臨時財務長期間展現出的傑出領導能力和敬業精神。伊莉絲以優雅和專業的態度接任了這一職位，她在這段過渡時期所做的貢獻是不可估量的。

So on behalf of the Board and the executive team, we're deeply grateful for her continued commitment and support. Please join me in welcoming Julie and thanking Elyse for her exceptional work.

因此，我謹代表董事會和管理團隊，對她持續的投入和支持表示由衷的感謝。請和我一起歡迎朱莉，並感謝伊莉絲的出色工作。

Now let's move on to our review of the third quarter. I'm on slide 4. In the third quarter, consolidated reported sales growth was 8% with 3% organic, and adjusted earnings per share were $1.94. Our team continued to perform well, delivering a solid quarter despite encountering stronger-than-expected, near-term headwinds in the Fire Service.

現在讓我們來回顧一下第三季。我看到第四張投影片了。第三季度，合併報告銷售額成長8%，其中有機成長3%，調整後每股收益為1.94美元。儘管消防部門面臨超出預期的短期不利因素，但我們的團隊仍然表現出色，並實現了穩健的季度業績。

This was based on sustained strength in Detection, along with healthy expansion of Industrial PPE driven by Fall Protection. A decline in the Fire Service partially offset growth. The M&C TechGroup acquisition contributed $15 million for the quarter. We're pleased with M&C's performance thus far and its integration into the MSA business.

這是基於檢測業務的持續強勁成長，以及受防墜落保護推動的工業個人防護裝備的健康擴張。消防部門的下滑部分抵消了成長。M&C TechGroup 的收購為本季貢獻了 1,500 萬美元。我們對 M&C 目前的表現及其融入 MSA 業務的情況感到滿意。

Looking at sales by product categories, Detection's 6% organic growth was driven by strength in both fixed and portable instruments. More than half of absolute growth in portables came from connected devices. Organic sales in Fire Service declined 3% year over year. In the U.S., the market dynamics surrounding AFG (Assistance to Firefighters Grants) funding and the NFPA (National Fire Protection Association) standard change had a moderate impact on the quarter, while International markets were mixed. Organic sales of Industrial PPE increased 7%, with growth across all main categories. Fall Protection continued its recent strength, with double-digit organic growth.

以產品類別來看，檢測業務的 6% 有機成長主要得益於固定式和便攜式儀器的強勁表現。便攜式設備絕對成長的一半以上來自連網設備。消防服務業的有機銷售額較去年同期下降了3%。在美國，AFG（消防員援助撥款）資金和 NFPA（美國國家消防協會）標準變更相關的市場動態對本季度產生了中等程度的影響，而國際市場則喜憂參半。工業個人防護裝備的有機銷售額成長了 7%，所有主要類別均成長。防墜落業務延續了近期的強勁勢頭，實現了兩位數的自然成長。

Moving to orders, order pace across our product categories was encouraging, albeit mixed. Detection orders were up double digits, and Industrial PPE orders increased mid-single digits. A double-digit decline in Fire Service orders was principally due to the near-term market dynamics in the Americas as well as the U.S. Air Force comp. I'll address these in more detail in a few minutes. Sequentially, the backlog declined in the third quarter due entirely to timing in the Fire Service. Overall backlog remains within normalized levels. Moving forward, we expect to see a near-term negative impact from the Fire Service order pace in the Americas, following the U.S. government shutdown. Our overall book-to-bill was slightly below 1.

再來看訂單情況，我們各個產品類別的訂單速度令人鼓舞，儘管參差不齊。檢測訂單量實現了兩位數的成長，工業個人防護裝備訂單量實現了中等個位數的成長。消防服務訂單出現兩位數下降，主要是美洲近期市場動態以及美國空軍的競爭。我稍後會更詳細地討論這些問題。第三季積壓案件數量較上季下降，完全是由於消防局的時間安排所致。整體積壓訂單量仍處於正常水準。展望未來，我們預計，受美國政府停擺的影響，美洲消防服務訂單速度將在短期內受到負面影響。我們的整體訂單出貨比略低於 1。

Turning to slide 5. I want to provide some notable progress we've made across the pillars of the ACCELERATE strategy in the third quarter before providing an update on the current dynamics surrounding the Fire Service.

翻到第5張投影片。在介紹消防部門當前動態之前，我想先介紹一下我們在第三季度「加速」策略的各個支柱方面取得的一些顯著進展。

First, we continued to strengthen our leadership in industrial safety technology through customer-driven new product development and continued momentum in these key growth accelerators. I'm pleased to note that we recently introduced the ALTAIR ioTM 6 multi-gas connected portable device and the new H2® V-Gard safety helmet at this year's National Safety Congress.

首先，我們透過以客戶為導向的新產品開發，以及在這些關鍵成長加速器領域持續保持的勢頭，繼續加強我們在工業安全技術領域的領先地位。我很高興地宣布，我們最近在今年的全國安全大會上推出了 ALTAIR ioTM 6 多氣體連接便攜式設備和新型 H2® V-Gard 安全帽。

The io 6 is the latest example and addition to the MSA+ platform and is designed for confined space monitoring and sampling solutions. While we do not expect it to provide a significant near-term lift in revenue, we see it as a valuable product that will contribute to the long-term build-out of our connected ecosystem in portable gas detection.

io 6 是 MSA+ 平台的最新範例和新增產品，專為密閉空間監測和取樣解決方案而設計。雖然我們不指望它能在短期內大幅提升收入，但我們認為它是一款有價值的產品，將有助於我們長期建構便攜式氣體檢測領域的互聯生態系統。

The H2 helmet is a full-brim type 2 helmet that joins our extensive market-leading lineup of industrial safety helmets. And from a growth perspective, we continue to experience the benefits of our investments in our need-It-now inventory within Fall Protection, leading to excellent performance in this strategic growth accelerator for the second straight quarter. Centered on customer experience, the organization has been able to decrease lead times and secure new business with better availability. Year to date, sales in Fall Protection are up double digits organically. Second, on the operational and commercial side, we continue to execute our tariff mitigation programs in the third quarter. As a reminder, we are targeting price/cost neutrality in the first half of 2026.

H2 頭盔是一款全帽簷 2 型頭盔，它加入了我們市場領先的工業安全頭盔產品線。從成長的角度來看，我們繼續享受在防墜落產品領域對「即買即用」庫存進行投資帶來的收益，連續第二個季度在這個戰略成長加速器領域取得了優異的業績。該組織以客戶體驗為中心，透過提高產品可用性，縮短了交貨週期，並獲得了新的業務。今年迄今為止，防墜落產品的銷售額實現了兩位數的自然成長。其次，在營運和商業方面，我們在第三季繼續執行關稅緩解計畫。再次提醒大家，我們的目標是在 2026 年上半年達到價格/成本中立。

We also had another strong quarter for MSA+. I'm pleased to note that not only did we win a sizable competitive tender, but another large customer served as a reference, further emphasizing our solutions benefits and why we remain optimistic about this new customer adoption.

MSA+ 也迎來了又一個強勁的季度。我很高興地註意到，我們不僅贏得了規模可觀的競爭性招標，而且另一位大客戶也為我們提供了參考，這進一步強調了我們解決方案的優勢，以及我們為什麼對這位新客戶的採用保持樂觀。

Finally, our M&A pipeline remains active and our strong balance sheet positions us well for growth-oriented deployment and cash returns to shareholders as part of our disciplined capital allocation strategy.

最後，我們的併購專案仍然活躍，我們強勁的資產負債表使我們能夠很好地進行以成長為導向的投資，並按照我們嚴謹的資本配置策略向股東返還現金。

Turning to slide 6. I'd like to take a moment to provide some insights into the current conditions affecting the Fire Service market in the Americas, including the timing of AFG funding here in the U.S., our largest market for this product category.

翻到第6張投影片。我想藉此機會談談目前影響美洲消防服務市場的狀況，包括 AFG 在美國（我們這個產品類別最大的市場）的資金到位時間。

As we approach year-end, there are two dynamics for consideration in this market: the NFPA certification process, which usually occurs every five or so years; and the annual release of federal Assistance to Firefighters Grants or AFG, which is typically released in the summer months through September.

隨著年底臨近，這個市場有兩個動態需要考慮：一是 NFPA 認證流程，通常每五年左右進行一次；二是聯邦消防員援助撥款 (AFG) 的年度發放，通常在夏季至 9 月份發放。

As we've mentioned, NFPA standard years often see increased short-term volatility as customers decide when to renew their fleets. Nothing has changed here, and we still expect to see approval sometime by early 2026, if not sooner.

正如我們之前提到的，NFPA 標準年限通常會出現短期波動，因為客戶會決定何時更新他們的車隊。情況沒有任何改變，我們仍然預計最遲在 2026 年初，甚至更早，就能獲得批准。

What is different this year is the timing of the funds released from the AFG program. This program, as always, has been fully funded. But award notifications were issued historically late this year, coming at the very end of September.

今年與往年不同的是AFG計畫資金的發放時間。該計畫一如既往地獲得了全額資助。但今年的獎項通知發放時間異常晚，直到9月底才發出。

Then the U.S. government shutdown has slowed funding for the awarded departments, creating additional layers of complexity. This had a moderate effect on our revenue in the third quarter. The larger impact is on order timing in the Fire Service. The delays in receiving the orders will shift some revenue into 2026. Again, our pipeline remains strong. It's a matter of timing.

隨後，美國政府停擺導致已獲撥款部門的資金發放放緩，使情況變得更加複雜。這對我們第三季的營收產生了一定的影響。對消防局的指令執行時間影響更大。訂單接收延遲將導致部分收入延後到 2026 年。我們的供應管道依然強勁。這只是時機問題。

We successfully navigated the approval processes before and seen similar market conditions. And we're fully prepared to serve our customers in the Fire Service and to deliver the products and solutions they need to keep themselves and our communities safe.

我們之前成功通過了審批流程，也經歷過類似的市場狀況。我們已做好充分準備，為消防部門的客戶提供服務，並提供他們所需的各種產品和解決方案，以保障他們自身和我們社區的安全。

With that, it's now my pleasure to turn the call over to Julie to discuss our financial performance in the third quarter. Julie?

接下來，我很高興將電話交給朱莉，讓她來討論我們第三季的財務表現。朱莉？

Thank you, Steve, and good morning, everyone. We appreciate you joining the call. Thank you for those kind words, Steve. And thank you to the entire MSA team for doing such a great job in my orientation to MSA.

謝謝你，史蒂夫，大家早安。感謝您參加本次通話。謝謝你的鼓勵，史蒂夫。感謝MSA團隊全體成員在我入職訓練期間所做的出色工作。

This is a wonderful opportunity to work with a company that offers innovative products and solutions, great people with a continuous improvement mindset, and a strong balance sheet, providing the optionality to create shareholder value.

這是一個絕佳的機會，可以與一家提供創新產品和解決方案、擁有持續改進思維的優秀人才以及穩健的資產負債表的公司合作，從而為創造股東價值提供多種選擇。

I am truly grateful for the chance to join MSA and support the mission of safety, which has been a central theme in my career. Anyone who knows me understands I am passionate about what I do. And MSA is a perfect fit for me with a fantastic culture.

我非常感謝有機會加入 MSA 並支持其安全使命，安全一直是我職業生涯的核心主題。認識我的人都知道我對自己的工作充滿熱情。MSA 的企業文化非常棒，非常適合我。

I see tremendous opportunity to work with the team here, continue MSA's journey, and make a meaningful contribution. I have been so impressed with the commitment that everyone here displays for the work they do and the mission we serve. I look forward to meeting all of you over time.

我看到了與這裡的團隊一起工作、繼續 MSA 的發展歷程並做出有意義貢獻的巨大機會。我非常欽佩這裡每個人對工作和我們所完成的使命所展現的奉獻精神。我期待日後與大家見面。

With that, let's start on slide 7 with the quarterly financial highlights. Third-quarter sales were $468 million, an increase of 8% on a reported basis or 3% organic over the prior year. M&C added 4% to overall growth, and currency translation was a 1% tailwind based on the strengthening euro.

接下來，讓我們從第 7 張投影片開始，了解季度財務亮點。第三季銷售額為 4.68 億美元，按報告數據計算成長 8%，以有機成長計算成長 3%。M&C 為整體成長貢獻了 4%，而匯率波動則因歐元走強而帶來了 1% 的成長利好。

As expected, GAAP gross margins continue to face pressure this quarter, declining to 46.5%, down 140 basis points from last year. Gross margins reflect inflation, tariff, and transactional FX increases, partly offset by price increases and productivity gains. We are beginning to see the tariff impact become more noticeable in the second half, aligning with our mitigating pricing strategies. And our aim remains to balance this by the first half of 2026.

正如預期的那樣，本季 GAAP 毛利率繼續面臨壓力，下降至 46.5%，比去年同期下降 140 個基點。毛利率反映了通貨膨脹、關稅和交易外匯上漲，但部分被價格上漲和生產力提高所抵消。我們開始看到關稅的影響在下半年變得更加明顯，這與我們採取的緩解性定價策略相符。我們的目標仍然是在 2026 年上半年實現平衡。

GAAP operating margin was 20.1%, with an adjusted operating margin of 22.1%, which was down 50 basis points from a year ago due to the contraction in gross margins, partially offset by effective SG&A management and variable compensation adjustments. However, our adjusted operating margins increased 70 basis points from the second quarter.

GAAP 營業利潤率為 20.1%，調整後營業利潤率為 22.1%，較上年同期下降 50 個基點，原因是毛利率收縮，部分被有效的銷售、一般及行政費用管理和可變薪酬調整所抵消。然而，我們調整後的營業利潤率比第二季提高了70個基點。

We are diligently focused on SG&A productivity, pricing, and tariff mitigation plans to counter headwinds. Quarterly GAAP net income totaled $70 million or $1.77 per diluted share. On an adjusted basis, diluted earnings per share were $1.94, up 6% from last year.

我們正努力製定銷售、管理及行政費用效率、定價和關稅緩解計劃，以應對不利因素。以美國通用會計準則計算，季度淨利總計 7,000 萬美元，即每股攤薄收益 1.77 美元。經調整後，稀釋後每股收益為 1.94 美元，比去年增長 6%。

Now I'd like to review our segment performance. In our Americas segment, sales increased 5% year over year on a reported basis or 3% organic, as high single-digit organic growth in Detection and low single-digit growth in Industrial PPE was partially offset by a low single-digit contraction in Fire Service.

現在我想回顧一下我們各個業務板塊的業績。在美洲地區，按報告數據計算，銷售額同比增長 5%，有機增長 3%，其中檢測業務的個位數高增長和工業個人防護裝備的個位數低增長被消防服務的個位數低收縮部分抵消。

Currency translation was less than 1% tailwind in the quarter. Adjusted operating margin was 28.3%, down 240 basis points year over year. Margin contraction was mainly due to inflation, tariffs, and FX, partially offset by price and effective SG&A management and variable compensation adjustments.

本季匯率變動帶來的利好不到1%。經調整後的營業利益率為 28.3%，較去年同期下降 240 個基點。利潤率下降主要是由於通貨膨脹、關稅和匯率波動，部分被價格、有效的銷售、一般及行政管理以及可變薪酬調整所抵銷。

In our International segment, sales increased by 16% year over year on a reported basis, with a 7% contribution from M&C, a 5% increase on an organic basis, and a tailwind from FX. Double-digit organic growth in Industrial PPE and mid-single-digit growth in Detection was partially offset by a low single-digit contraction in Fire Service. Adjusted operating margin was 16%, 240 basis points above last year, driven by higher volume, effective SG&A management, and the impact of M&C.

在我們的國際業務板塊，按報告數據計算，銷售額同比增長 16%，其中 M&C 貢獻了 7%，有機增長了 5%，外匯匯率也帶來了利好。工業個人防護裝備的兩位數有機增長和探測設備的個位數中等增長被消防服務的個位數低幅收縮部分抵消。經調整後的營業利潤率為 16%，比去年高出 240 個基點，主要得益於銷售成長、有效的銷售、一般及行政費用管理以及行銷和消費者權益的影響。

Now turning to slide 8. We delivered robust free cash flow of $100 million or 144% of earnings. Quarterly operating cash flow was up 33% from a year ago. As expected, CapEx returned to our normal range, following the increase in the second quarter. Year to date, free cash flow was $189 million, up $41 million from last year, representing 99% conversion.

現在請看第8張投影片。我們實現了強勁的自由現金流，達到 1 億美元，佔收益的 144%。本季經營現金流比去年同期成長了33%。如預期，繼第二季成長之後，資本支出已恢復到正常水準。今年迄今為止，自由現金流為 1.89 億美元，比去年增加了 4,100 萬美元，轉換率為 99%。

As for capital allocation actions taken in the quarter, we returned $21 million to shareholders through dividends and invested $12 million in CapEx. Our year-to-date share buybacks offset dilution for the full year. We have $130 million remaining on the current authorization. And we expect to repurchase shares in the fourth quarter, following the strong free cash flow generation we have delivered so far this year.

至於本季採取的資本配置措施，我們透過股息向股東返還了 2,100 萬美元，並將 1,200 萬美元投資於資本支出。今年迄今的股票回購抵消了全年的股權稀釋。我們目前的授權額度還剩1.3億美元。鑑於今年迄今我們已實現了強勁的自由現金流，我們預計將在第四季度回購股票。

We also repaid $50 million of debt in the quarter, as net debt was $459 million compared to $532 million in the second quarter. We ended the quarter with net leverage of 1.0x, and our weighted average interest rate was 4.1%. As Steve mentioned earlier, our balance sheet and ample liquidity of $1.1 billion continue to position us well to invest in our business, and we maintain an active M&A pipeline.

本季我們也償還了 5,000 萬美元的債務，淨債務為 4.59 億美元，而第二季為 5.32 億美元。本季末，我們的淨槓桿率為 1.0 倍，加權平均利率為 4.1%。正如史蒂夫之前提到的，我們良好的資產負債表和11億美元的充足流動資金使我們能夠繼續對業務進行投資，並且我們保持著積極的併購計劃。

Let's turn to our 2025 outlook on slide 9. We maintain our low single-digit full-year organic growth outlook. Overall, our business remains healthy. Certainly, the fourth quarter is impacted by timing in the Fire Service and the US.. government shutdown. But the fundamentals there are healthy as we work through current events.

讓我們翻到第 9 頁，看看我們對 2025 年的展望。我們維持全年有機成長低個位數預期。整體而言，我們的業務依然保持健康發展。當然，第四季會受到消防部門工作安排和美國政府停擺的影響。但就我們目前所處的情況來看，那裡的基本面是健康的。

The timing of AFG funds being released and approval of the next NFPA standard remain key variables for the balance of the year that are beyond our control. We believe that the AFG timing delay and the ongoing U.S. Government shutdown will impact a portion of our fourth-quarter sales. However, we expect continued momentum in Fall Protection and Detection as key performance tailwinds.

AFG資金的發放時間和下一個NFPA標準的批准時間仍然是今年剩餘時間內我們無法控制的關鍵變數。我們認為，AFG 的交付延遲以及美國政府持續停擺將對我們第四季的部分銷售額產生影響。然而，我們預期墜落防護和偵測領域將持續維持成長勢頭，成為推動績效成長的關鍵利好因素。

Given some of the moving pieces out there, I'd like to help your modeling a little bit. We have delivered 4% reported growth, including 2% organic growth year to date through September; and remain on track to be within our low single-digit organic outlook.

鑑於其中涉及的一些複雜因素，我想在建模方面提供一些幫助。我們已實現 4% 的報告成長，其中包括截至 9 月的 2% 的有機成長；並且仍有望實現我們預期的低個位數有機成長目標。

However, the later-than-normal AFG grant awards and subsequent U.S. Government shutdown will impact us in the fourth quarter. While this is dynamic, we now anticipate that the shutdown will take roughly 1% of growth off the full-year organic pace we were on, mostly in Fire Service. In the event of a prolonged Government shutdown, we could see additional sales shift from the fourth quarter to 2026. Again, this is simply a timing issue, and we remain confident in our Fire Service business.

然而，AFG撥款發放時間晚於往常，以及隨後的美國政府停擺，將對我們第四季的業績產生影響。雖然情況瞬息萬變，但我們現在預計，此次停工將使我們全年有機成長速度下降約 1%，主要集中在消防服務領域。如果政府長期停擺，我們可能會看到部分銷售額從第四季轉移到 2026 年。再次強調，這只是一個時間問題，我們對我們的消防服務業務仍然充滿信心。

In addition to our low single-digit organic growth outlook, we continue to expect M&C to add approximately 2 points to full-year revenue growth and FX to be about 1% positive. Our below-the-line items are unchanged from our previous outlook.

除了我們較低的個位數有機成長預期外，我們仍然預期併購業務將為全年營收成長貢獻約 2 個百分點，外匯收益將帶來約 1% 的正成長。我們的線下專案與先前的展望相比沒有變化。

In conclusion, we remain confident in our business and our ability to navigate macro uncertainty and timing challenges. Our resiliency is truly a strength. With that, I'll now turn the call back to Steve.

總之，我們對我們的業務以及應對宏觀經濟不確定性和時間挑戰的能力仍然充滿信心。我們的韌性確實是一種優勢。接下來，我將把電話轉回給史蒂夫。

Thank you, Julie. I'm on 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 of safety in the third quarter. I remain encouraged that we will continue to deliver strong shareholder value as we execute our ACCELERATE strategy to drive long-term profitable growth.

謝謝你，朱莉。我看到第10張投影片了。最後，我為我們團隊的執行力感到自豪，並感謝所有同事在第三季繼續致力於實現我們的安全使命。我仍然相信，隨著我們執行加速策略以推動長期獲利成長，我們將繼續為股東創造強勁價值。

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

這樣，我就把電話轉回接線生進行問答環節。

(Operator Instructions) Rob Mason, Baird.

（操作說明）羅伯梅森，貝爾德。

Hi, good morning, Steve, and hi, Julie.

嗨，史蒂夫，早安；嗨，朱莉。

And, Julie, thanks for the additional color around thinking about the fourth quarter. I was trying to do some quick math here. But if I think I interpreted your comments correctly, it sounds like we probably won't see much of the normal seasonal uplift in the fourth quarter. I assume that's all just due to the Fire Service. Is my math correct?

朱莉，謝謝你為思考第四季提供了更多視角。我當時想快速做一些數學計算。但如果我對你的評論理解正確的話，聽起來我們可能不會在第四季看到太多正常的季節性成長。我猜這都是消防局的功勞。我的計算正確嗎？

Correct. That's correct. We're relatively consistent between Q3 and Q4, maybe a slight uptick.

正確的。沒錯。第三季和第四季之間相對穩定，可能略有成長。

Yeah. And then, Steve, so we've tracked the awards coming at the very end of September but the dollars are slower to follow behind that, I guess? Does that preclude your customers from placing orders? Do they wait until they have the dollars in hand? I'm just curious, maybe to parse the timing a little further.

是的。然後，史蒂夫，我們已經追蹤到獎項將在九月底頒發，但資金到位的速度似乎要慢一些，是嗎？這是否會阻止您的客戶下單？他們會等到手上有了美元才行動嗎？我只是好奇，想進一步分析時間安排。

Yeah, Rob. Typically, when FEMA releases these funds, they have up to a year to actually go spend the money. But what usually happens is a pretty large contingent of the fire departments act pretty quickly when they get the funds, when they get the awards.

是的，羅布。通常情況下，當聯邦緊急事務管理局 (FEMA) 發放這些資金時，他們有長達一年的時間來實際花掉這些錢。但通常情況下，相當一部分消防部門在獲得資金或獎勵後會迅速採取行動。

And so they go through a process, certainly, and we can walk through that. But they go through the process and then they action that. But with the Government shutdown, there's a step they have to take where they have to go in and basically, I guess, you could say, accept the award from the Government.

所以他們肯定會經歷一個過程，我們可以一起了解這個過程。但他們會先走完流程，然後再採取行動。但由於政府停擺，他們不得不採取一個步驟，那就是接受政府的獎勵。

So that's a little slower. And plus, historically, we've always had the funding sooner than this. This was just at the very end of September right before the shutdown. So usually, what you'd see is you'd see a buildup in incoming, as you know, of the order pace in late Q3 and certainly into early Q4, which was delayed a little bit.

所以速度會慢一些。而且，從歷史經驗來看，我們通常都能更早獲得資金。這件事發生在九月底，也就是疫情封鎖之前。所以通常情況下，你會看到訂單量在第三季度末期，尤其是在第四季度初，出現增長，正如你所知，而第四季度初的訂單量增長速度有所放緩，但這種情況有所延遲。

Yeah. Okay. And maybe just last question, I'll get back in the queue. Julie, again, nice work, and team, on the operating expense controls in the quarter. There was the mention around maybe some variable comp adjustments.

是的。好的。或許這是我最後一個問題了，我得重新排隊了。Julie，再次感謝你和你的團隊在本季度營運費用控制方面所做的出色工作。有人提到可能需要進行一些可變補償調整。

The thought was maybe we're tracking to $108 million-per-quarter-type SG&A number. It was below that, obviously, in the third. But is that more of a normalized rate, or have you made some adjustments to that?

我們當時的想法是，或許我們的銷售、管理及行政費用會達到每季約 1.08 億美元。顯然，第三名比這名低。但這是正常化後的匯率，還是你們做了一些調整？

Yes. We would expect that our fourth-quarter SG&A would return to more normal levels.

是的。我們預計第四季銷售、管理及行政費用將恢復到較正常的水平。

Very good. Okay. Thank you.

非常好。好的。謝謝。

Thank you.

謝謝。

Thanks, Rob.

謝謝你，羅伯。

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, Ross.

早安，羅斯。

Hey, maybe just touching on margins here. FX has recently flipped to a tailwind, as you guys called out. Can you maybe just remind us of the cross-currents with that transactional risk and then also maybe some of the other moving parts?

嘿，或許這裡只是稍微牽涉一下邊緣問題。正如你們所說，FX指數最近已經轉為順風。您能否提醒我們交易風險中存在的各種交叉因素，以及其他一些相關因素？

Yeah. So, we had some transactional FX that was negative in the quarter. But really, we've seen some overall inflation in the supply chain, as well as we saw a much higher tariff impact in Q3 as the tariffs are hitting the income statement now in Q3.

是的。所以，本季我們有一些交易外匯為負值。但實際上，我們看到供應鏈整體出現了一些通膨，而且第三季關稅的影響也更大，因為關稅現在正在第三季影響損益表。

I would say that our costs are up primarily in inflation and tariffs, and just a slight bit more in transactional FX.

我認為，我們的成本上漲主要來自通貨膨脹和關稅，外匯交易成本略有增加。

Okay. And then just on that inflation, anything specific to call out?

好的。那麼，關於通膨問題，有什麼特別需要指出的嗎？

I would say that when you look at general inflation, you see that overall in the supply chain, wage inflation through the various tiers of the supply chain are causing general inflation to go up. We'd also see some inflation in electronic components. We'd see inflation in metallics and some of those things that are impacting our costs.

我認為，從整體通膨情況來看，你會發現，在供應鏈的各個環節，薪資上漲導致整體通膨上升。電子元件價格也會出現一些通貨膨脹。我們會看到金屬價格上漲，以及其他一些影響我們成本的因素。

Okay, very helpful. I'll hop back in the queue. Thank you.

好的，很有幫助。我重新排隊。謝謝。

Saree Boroditsky, Jefferies.

Saree Boroditsky，傑弗里斯。

Hello. Good morning. This is James, on for Saree. Thanks for taking questions.

你好。早安.這是詹姆斯，他正在為紗麗做介紹。謝謝回答問題。

Good morning.

早安.

Yeah, good morning. Kind of going back to Fire Service here, you noted that pipeline remains strong here. So, I believe there is a lot of pent-up demand here. It's just near-term uncertainties impacting conversion here. So how should we think about Fire Service going into 2026 once all these near-term headwinds clear out?

早安.回到消防服務這個話題，你提到這裡的人才儲備依然充足。所以，我認為這裡存在著很大的潛在需求。目前影響轉換率的只是短期內的不確定因素。那麼，當所有這些近期不利因素消除後，我們應該如何看待2026年的消防服務？

Yeah. Thanks for the question. So, if you look at it, first, on the short-term basis, we typically have a really strong end of the year because of the Assistance to Firefighters Grant releases that we talked about earlier. So, that typically rolls into fire departments placing orders. And certainly, we want to get the equipment to them so they can do their jobs. So that makes the end of the year typically pretty strong. The nuance here, as we already talked, is that that's pushed a little bit, at least, for some of it depending on the timing.

是的。謝謝你的提問。所以，首先從短期來看，由於我們之前提到的消防員援助撥款的發放，我們通常會在年底迎來非常強勁的業績。所以，這通常會導致消防部門下訂單。當然，我們希望把設備送到他們手中，讓他們能夠完成工作。所以年底的業績通常都比較強勁。正如我們之前討論過的，這裡的細微差別在於，至少在某些情況下，這取決於時機，所以這種情況會被稍微推遲一些。

As you get into 2026, I would say you're probably going to have, excluding when the firefighter grant awards occur, we should have a consistent year with what we'd expect this year to be on as far as the demand cycle.

到了 2026 年，我認為，除了消防員補助金發放之外，需求週期應該會和我們預期的今年保持一致。

Globally, there's some nice things going on in certain regions, we had some international pressure based on some delays in Asia, specifically Mainland China, that I think get fixed maybe a little bit in 2026. Certainly, we expect that. North America in our big market, we would expect to be fairly consistent year over year.

在全球範圍內，某些地區正在發生一些好事，由於亞洲（特別是中國大陸）的一些延誤，我們面臨一些國際壓力，我認為這些問題可能會在 2026 年得到一些解決。當然，我們預料到了這一點。北美是我們最大的市場，我們預期其業績將逐年保持相對穩定。

I think what you'll start seeing as we get into the out-years, we're really optimistic of the Fire Service. You get 2027, 2028, 2029, it should be a really good business. Next year should be solid. But beyond that, I think it should be a really good business.

我認為隨著時間的推移，你們將會看到，我們對消防部門的未來非常樂觀。2027年、2028年、2029年，這應該會是一門非常好的生意。明年應該會很不錯。但除此之外，我認為這應該會是一門非常好的生意。

Got it. Great color. And as a follow-up, I think you guys are still expecting early 2026 for NFPA approval timing. But are there any risk that this could be further delayed? Or is that a pretty constant timeline?

知道了。顏色很棒。另外，我認為你們仍然預計 NFPA 的批准時間會在 2026 年初。但是否有進一步延誤的風險？或者說，這是一個相當固定的時間線？

Yeah. Again, this is a government agency. We don't control when they decide to pull the trigger here. But we certainly have gotten a lot of feedback from the market and others that they expect to really come through with the approval early next year at the latest. It might be yet this year. I think they're lining those things up.

是的。再次強調，這是一個政府機構。我們無法控制他們何時扣動扳機。但我們確實從市場和其他方面獲得了許多回饋，他們預計最遲明年年初就能獲得批准。或許今年就會發生。我認為他們正在安排這些事情。

And as we've talked before, we've gone through all the process. We're ready. We certainly know our product is ready. We don't know what the competitive landscape is. But I think there's a relatively high confidence that that should be taken care of and the approval issued no later than early 2026. Again, we don't have control over that, but that's our expectation.

正如我們之前討論過的，我們已經完成了所有流程。我們準備好了。我們當然知道我們的產品已經準備就緒。我們不清楚競爭格局如何。但我認為大家有相當高的信心，這個問題應該可以解決，最遲在 2026 年初就能獲得批准。我們對此無能為力，但這是我們的預期。

Got it. Great. Thanks so much.

知道了。偉大的。非常感謝。

You bet.

當然。

Michael Shlisky, D.A. Davidson.

邁克爾·施利斯基，D.A.戴維森。

Hi, good morning. This is Linda Umwali on for Mike Shlisky. Thank you for letting us ask questions.

您好，早安。這裡是琳達·烏姆瓦利，代邁克·施利斯基為您報道。謝謝你們允許我們提問。

Hi, Linda.

你好，琳達。

I'll start with this, should we be concerned about the Federal Government shutdown? And I know Julie touched on that more broadly affecting your military business. Will any of the demand that may be held up by the shutdown eventually be made up once it is all over? And if you could quantify that for us, that would be great.

我先問這個問題，我們是否應該擔心聯邦政府停擺？我知道朱莉也談到了這一點，它對你的軍事業務有著更廣泛的影響。疫情封鎖期間可能被抑制的需求，在封鎖結束後能否得到補償？如果您能幫我們量化一下，那就太好了。

Yeah. We do have some additional impact outside of the Fire Service, not as meaningful, but some from a Detection perspective, where we see some delays occurring. I wouldn't say it's something that we're overly concerned, assuming this thing gets settled sometime in the next few weeks. For us, we're managing it. We would expect that then to come through after the fact. But again, from a quantification, it's just a much smaller scale; certainly impactful to the business in the U.S. to some degree, but not significant other than the Fire Service. So, and most of the demand we have, I think we're okay when we think about the defense side or Government spending.

是的。我們在消防部門之外也產生了一些額外的影響，雖然沒有那麼重要，但從探測的角度來看，我們發現出現了一些延誤。如果這件事能在未來幾週內解決，我不會說我們對此過度擔憂。對我們來說，我們正在應對。我們預計事後會得到證實。但從量化角度來看，這只是一個很小的規模；當然，它對美國企業的影響程度肯定不大，但除了消防部門之外，影響並不顯著。所以，就我們目前的大部分需求而言，我認為，當我們考慮國防方面或政府支出時，我們都能滿足。

And just to clarify, we are forecasting that we will have sales growth in the fourth quarter. And we're forecasting that we will have a slight margin uptick in the fourth quarter, as well as sales are up for the whole fiscal year. Just to clarify that.

需要澄清的是，我們預測第四季銷售額將實現成長。我們預測第四季度利潤率將略有上升，整個財年的銷售額也將成長。澄清一下。

Thank you for that. Yeah, thank you for the clarification. And then I was wondering if you guys could update us on the MSA+ subscriptions. Has that ramped up through 2025?

謝謝。是的，謝謝你的解釋。然後我想問你們能否更新一下MSA+訂閱的相關資訊。這一趨勢是否會持續到 2025 年？

Another strong quarter for MSA+. It continues to be performing very well in the market. We had a few signature wins, which, we didn't ship a couple of them in the third quarter, but they came in. Very pleased with that. As I noted in the prepared remarks, over half of the growth in portable instruments are from MSA+.

MSA+ 又迎來了一個強勁的季度。它在市場上持續表現出色。我們取得了一些標誌性勝利，其中有幾場我們在第三季沒有完成，但最終還是完成了。非常滿意。正如我在準備好的演講稿中提到的，便攜式儀器的增長有一半以上來自 MSA+。

So it's performing right where we hoped it would. It continues to do really well. I think what's really, for us, exciting and really cool is the fact that we have this full portfolio, we have this diversity of capability for the customer.

它的表現完全符合我們的預期。它的表現一直都非常好。我認為真正讓我們感到興奮和酷的是，我們擁有如此完整的產品組合，能夠為客戶提供如此多樣化的能力。

It actually has allowed us and enabled the customer to choose these different options, which then has allowed us to grow share in Detection, in the portable gas Detection space, not just with the MSA+ connected solution, but with our continued best-in-market traditional solution.

實際上，這讓我們和客戶能夠選擇這些不同的選項，使我們在便攜式氣體檢測領域，不僅透過 MSA+ 連接解決方案，而且透過我們持續保持市場領先地位的傳統解決方案，擴大了市場份額。

So I think that total suite of solutions, the customer gets to see it all from us. And we want them to pick the best solution for their needs, and it's really played out well in both cases.

所以我認為，客戶可以從我們這裡看到整套解決方案。我們希望他們選擇最適合自身需求的解決方案，而這兩個案例的結果都非常好。

Got it. Nice. And then, I wanted to click back on the Fire Service business. So, the Americas organic growth was negative. But the International Fire was also negative, and the International business did not have a similar NFPA and shutdown issues. Can you provide more commentary on what's happening there? And could it stay negative in the fourth quarter after last year's, I think, double-digit gain?

知道了。好的。然後，我想點擊返回消防服務業務頁面。因此，美洲的有機成長率為負。但國際消防局的情況也不樂觀，而且國際消防局也沒有遇到類似的 NFPA 事故和停工問題。您能否就那裡發生的事情提供更多評論？繼去年（我認為）兩位數成長之後，第四季是否可能繼續出現負成長？

So when you think of the International Fire Service, there's a couple of dynamics that we're seeing play out. One is, in Asia-Pacific, we have seen some delays in order timing. Especially in Mainland China, they're doing some activities which have delayed some activity. We expect that to come in probably later in this quarter as well as into 2026. So, order pace should improve there, and we expect those orders to start flowing in.

所以，當你想到國際消防服務時，我們看到一些動態正在上演。一是，在亞太地區，我們發現訂單交付時間有所延遲。尤其是在中國大陸，他們所進行的一些活動導致一些活動延期。我們預計這種情況可能會在本季晚些時候以及 2026 年出現。因此，那裡的訂單速度應該會加快，我們預計訂單會開始湧入。

And then in Europe, there has been some funding shift from fire to defense for some European countries. Again, really, we see some of that on the larger tenders. So, you might see 10%-ish, 15% fewer units. The interesting thing is –it’s because they're trying to add investment and funding for defense.

此外，歐洲一些國家的資金也從消防轉向了國防。其實，我們在大型招標艦上也看到過這種情況。所以，你可能會看到銷量減少 10% 到 15% 左右。有趣的是，他們正在努力增加國防投資和資金。

So what that means for us is inside the Industrial business, if you think of the protective ballistic helmet business, in Europe, that has been very strong. And we're seeing the benefits of that. And a little bit of softness on the for International Fire Service that the team is going to work through. And I'd say if you put those two together, that's what you saw in International in Q3.

所以對我們來說，這意味著在工業領域，以歐洲的防彈頭盔業務為例，這個領域一直非常強勁。我們正在看到這樣做的好處。國際消防服務方面還有一些軟性因素，團隊將努力克服。我認為，如果把這兩點結合起來，就形成了第三季國際市場的情況。

I think Q4, you'll see some uptick in International, as some of those orders come in, we just talked about and then 2026, we're pretty optimistic with.

我認為第四季度國際業務會有所回升，因為一些訂單會陸續到來，我們剛才也談到了這一點。至於2026年，我們相當樂觀。

That's great. Yeah, thank you for the color. And then one last one. So, one area of the 3Q results that was a little surprising was that you did not have many restructuring costs, which were close to zero after being like $1 million or $2 million a quarter on average for quite some time. Do you have any major restructuring plans for the next few quarters that we should include in our model going forward?

那太棒了。是的，謝謝你提供的色彩。最後還有一個。因此，第三季業績中有點出人意料的一點是，你們的重組成本並不高，接近零，而此前很長一段時間，你們的平均季度重組成本約為 100 萬至 200 萬美元。未來幾季貴公司是否有任何重大重組計劃，需要我們納入未來的模型？

No, thanks for your question. No, we don't have any major restructurings to include in the model.

不，謝謝你的提問。不，我們的模型中沒有任何重大重組計劃。

Great. Thank you for your time this morning.

偉大的。感謝您今天上午抽出時間。

Thank you.

謝謝。

Jeff Van Sinderen, B. Riley.

Jeff Van Sinderen，B. Riley。

Hello. This is Richard Magnusen, in for Jeff Van Sinderen. Thank you for taking our call. My question goes back regarding the ALTAIR io 6 that you introduced recently. So, the io 6 and io 4 detectors, they address different needs.

你好。我是理查德·馬格努森，接替傑夫·範·辛德倫。謝謝您接聽我們的電話。我的問題是關於您最近推出的 ALTAIR io 6 的。因此，IO 6 和 IO 4 檢測器滿足不同的需求。

Are there any other detector application situations that you're working on, where you can give us more detail where you see this MSA+ family going? And maybe can you elaborate on expanding software applications and even how to accelerate subscription revenue growth?

您目前還在研究其他探測器應用場景嗎？能否詳細介紹一下您對 MSA+ 系列產品未來發展方向的看法？您能否詳細說明如何擴展軟體應用，以及如何加速訂閱收入成長？

So, hey, thanks for the question. So, if I think of io 6, certainly, it will provide nice long-term coverage. It's really a great solution for confined space and the sampling applications our customers have. Your comment about innovation, absolutely, we continue to innovate in this space. And I think the team is doing a nice job really looking at how we continue to expand capabilities.

嘿，謝謝你的提問。所以，如果我考慮 io 6，它肯定會提供良好的長期覆蓋。對於密閉空間和我們客戶的採樣應用來說，這確實是一個很棒的解決方案。您提到的創新問題，完全正確，我們將繼續在這個領域進行創新。我認為團隊在研究如何繼續擴展能力方面做得很好。

Nothing to speak of today that we would share publicly on what the next one or when that might be. But the connected solutions we have in portables, we feel really good about. And we think the io 6 will build upon that.

今天沒有什麼值得公開分享的關於下一個項目是什麼或何時進行的消息。但我們對便攜式設備中的互聯解決方案感到非常滿意。我們認為 io 6 將在此基礎上更進一步。

When you think of it outside of that space, we have other solutions that allow us to have this expansion in the recurring revenue model. And I think the team is doing a nice job really trying to match the customer with where they're at and their buying behaviors. So, that's a focus the team has.

如果跳脫這個框架來思考，我們還有其他解決方案，可以讓我們在經常性收入模式中實現這種擴展。我認為團隊做得很好，他們努力讓客戶了解他們的現狀和購買行為。所以，這是團隊關注的重點。

And as we talked with our ACCELERATE strategy, it's a focus that we continue to lean in on. And I think what I like and what we've talked about is, we mentioned this during the Investor Day, when we launched the ACCELERATE strategy.

正如我們在「加速」策略中所討論的那樣，這是我們繼續專注的重點。我認為我喜歡的，也是我們討論過的，我們在投資者日推出加速策略時也提到這一點。

But we said, hey, the key categories here where we know we can compete and win very effectively and have the right to really compete is Detection, Fall Protection; and certainly, we're going to get through the hump on Fire Service. That's the communication we had.

但我們說，嘿，我們知道我們可以在探測、防墜落保護等關鍵類別中有效地競爭並取得勝利，並且我們有資格真正參與競爭；當然，我們一定會克服消防服務方面的難關。這就是我們之間的溝通內容。

And you look at the performance the team has delivered, and it's matched that up exactly, right? We've continued to grow the Detection business. We're doing that through share growth and addressing some growth in TAM. And then Fall Protection has been a nice tailwind as well, and we expect both of those to continue.

你看看球隊的表現，完全符合預期，對吧？我們的檢測業務持續成長。我們正在透過提高市場份額和解決 TAM 成長問題來實現這一目標。此外，防墜落保護也一直是強勁的成長動力，我們預計這兩項業務都將繼續保持成長勢頭。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Yeah, thanks. Good morning, everybody. Appreciate you taking the question.

嗯，謝謝。大家早安。感謝您回答這個問題。

Good morning.

早安.

Good morning. Curious the latest you're seeing on some of your short-cycle businesses, hard hats, anything else to comment on? Curious what you're seeing from that perspective? Thanks.

早安.想了解一下您最近在一些短期業務、安全帽等方面的情況，還有其他想說的嗎？很好奇從這個角度你看到了什麼？謝謝。

Yeah. Thanks for the question, Brian. PPE was strong for the quarter, specifically because of the Fall Protection I just mentioned. But we're also seeing some growth in the protective ballistic helmets we talked about.

是的。謝謝你的提問，布萊恩。本季個人防護裝備 (PPE) 的銷售情況良好，特別是由於我剛才提到的防墜落保護措施。但我們也看到我們之前提到的防護性防彈頭盔的銷量有所成長。

The markets are still mixed. Head protection in some areas, pretty solid; other areas, it's just kind of choppy. It's really been a similar story throughout the year, Brian. We haven't seen that change a heck of a lot yet. It's not down significantly. It's not up significantly. From quarter to quarter, we're just seeing it kind of continue on as the employment has been fairly stable overall. And it's market-specific.

市場走勢依然漲跌互現。某些區域的頭部保護相當可靠；而其他區域則較為粗糙。布萊恩，這一年來情況其實一直都差不多。我們還沒有看到這種情況有太大變化。下降幅度並不大。漲幅並不顯著。從季度到季度，我們看到這種情況基本上持續下去，因為整體就業情況相當穩定。而且它是針對特定市場的。

So, if you think of the markets we participate in, some markets such as manufacturing, nonresidential construction, a little softer and have been. Energy is okay. It depends on which piece of energy. If you look at downstream, midstream, pretty solid, and we compete pretty well. And then the upstream side, softer, and we don't expect that to change too much.

所以，想想我們參與的市場，有些市場，像是製造業、非住宅建築業，都比較疲軟，而且一直如此。能量沒問題。這取決於具體是哪一部分能量。如果你看看下游和中游市場，情況都相當不錯，我們的競爭力也很強。然後上游一側的水位會下降，水位下降幅度較小，我們預計這種情況不會有太大變化。

I think the nice thing as we look forward, there's some sentiment that seems to be improving in this regard, and the channel seems to be sharing that as well. So, we'll see how that plays out. But it's a continuation of what we've seen really throughout 2025.

我認為令人欣慰的是，展望未來，這方面的一些情緒似乎正在改善，而頻道似乎也在傳達這種訊息。所以，我們拭目以待。但這正是我們在2025年所看到的趨勢的延續。

Understood. That's helpful. And then maybe just a little bit more color on how the M&C integration is going, and maybe some of your latest thoughts on potentially moving some of that product through your U.S. distribution and when we might start to see some benefits there from some cross-sell activity?

明白了。那很有幫助。然後，能否再詳細介紹 M&C 整合的進展情況，以及您對透過美國分銷管道推廣部分產品的最新想法，還有我們何時才能從交叉銷售活動中看到一些好處？

Yeah. So, the M&C business, we're really pleased with. They've done a nice job; I think the whole team, it's been a great fit and really pleased with how our team and their team have embraced each other to work together. They're laser-focused on integrating this and looking at opportunities for growth.

是的。所以，我們對M&C業務非常滿意。他們做得很好；我認為整個團隊配合得非常默契，我們對我們團隊和他們團隊彼此接納、共同合作的方式感到非常滿意。他們正全力以赴地整合這些資源，並尋找成長機會。

And we had a nice cross-functional discussion with the team here in the U.S. in the third quarter. And they've identified some really nice growth areas. The third quarter was pretty nice here. The U.S., we've unlocked some nice opportunities that the team thinks long term, we can do really well with.

第三季度，我們與美國團隊進行了一次很好的跨部門討論。他們已經確定了一些非常好的成長領域。第三季表現相當不錯。在美國，我們已經發現了一些不錯的機會，團隊認為從長遠來看，我們可以很好地掌握這些機會。

I think that's going to be a great business, that we'll see continued tailwinds going into the long-term future. Europe, also strong; typically Germany. But as far as growth, I think the Americas is really going to shine there.

我認為這將是一項非常成功的業務，我們將在未來很長一段時間內看到持續的利多因素。歐洲也很強勁，尤其是德國。但就成長而言，我認為美洲將會大放異彩。

Okay. That's helpful. And then I guess, last one for me. Leverage down to about 1.0x, obviously below your long-term target. You talked about some buybacks in the fourth quarter. But just curious what you're seeing from an M&A pipeline perspective? Has there been any notable change there? And just kind of curious how active you guys have been there generally. Thanks.

好的。那很有幫助。我想，這應該是我最後一個問題了。槓桿率降至 1.0 倍左右，顯然低於您的長期目標。您提到了第四季的一些股票回購計劃。我只是好奇，從併購專案儲備的角度來看，您看到了什麼？那裡發生過什麼顯著變化嗎？我只是有點好奇你們在那邊的活躍度如何。謝謝。

Yeah, we remain very active. I would say the pipeline is solid. We were pleased to action M&C in May. And our intent is to continue to look at deals which we have and continue to evaluate those deals to make sure they're the right fit for MSA and for our strategy. And we've got a great pipeline to do that with.

是的，我們一直都非常活躍。我認為這條輸油管很穩定。我們很高興在五月啟動了M&C計畫。我們的目標是繼續審視我們已有的交易，並繼續評估這些交易，以確保它們符合 MSA 和我們的策略。我們擁有實現這一目標的強大管道。

So you talked about the leverage. We gave you, as part of the ACCELERATE strategy, where we think the sweet spot is. So, it should give you some idea of what we think we can continue to do. And we expect to continue to move forward with that.

所以你談到了槓桿作用。作為加速策略的一部分，我們已經告訴您我們認為的最佳切入點在哪裡。所以，這應該能讓你對我們認為自己可以繼續做的事情有所了解。我們期待繼續推進這項工作。

Again, you got to have the right fit where the seller has the right idea of price that the buyer has. And sometimes, those don't fit. But if they do, we certainly want to continue to action those. And the pipeline says we can do that.

再次強調，買賣雙方必須符合得當，買賣雙方對價格的理解要一致。但有時，這些並不合適。但如果他們真的這麼做了，我們當然希望繼續採取行動。管道系統表明我們可以做到這一點。

Appreciate it. I'll pass it on.

謝謝。我會轉達的。

Thanks.

謝謝。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Hey, guys. Thanks for taking the question. Just back to the price dynamic, can you maybe give us a sense of where the year-to-date price sits across the three segments? I mean, has it been broad-based, or is it more selective?

嘿，夥計們。感謝您回答這個問題。回到價格動態方面，您能否大致介紹一下今年迄今三個細分市場的價格走勢？我的意思是，這種做法是廣泛的，還是更具選擇性的？

Yeah. We'll hit this two ways. I'll talk about kind of strategically where we're at, and then maybe Julie can give some color on the specifics in the pricing side.

是的。我們將從兩個方面著手解決這個問題。我會從策略層面談談我們目前的處境，然後朱莉或許可以就定價方面的具體細節做一些說明。

We really look at the price side. Ross, we did one targeted price increase in the first half of the year in the U.S. and the Americas. We did another one in Asia in the summer and a little bit more broad-based in October based on the sustained visibility to the tariff regime and some of the inflationary environment that Julie talked about.

我們主要關注價格方面。羅斯，今年上半年我們在美國和美洲地區進行了一次有針對性的漲價。今年夏天我們在亞洲又做了一次，10 月又做了一次範圍更廣的，因為關稅制度和朱莉提到的一些通膨環境的持續可見性。

So, that's really where we're at. So, some of those, you've got to get some flow-through certainly from those tariffs and what's in the inventory, and how that processes through and the order book that we have. And then next year, we would expect to get back on the normal cycle where we'd have our January 1 price increase, and we'll manage that.

所以，這就是我們目前的處境。所以，其中一些問題，你肯定要從關稅、庫存情況、流程以及我們現有的訂單簿中獲得一些影響。然後明年，我們預計會恢復正常的週期，也就是 1 月 1 日漲價，我們會應對這種情況。

The team also continues to work on efficiencies. I think the nice thing is you saw some of those come through, we did, quarter to quarter. And sequentially, even with the heavier pressure we had on cost, the team managed that pretty well. And I think we've got a laser focus on how we do that going forward. But maybe, Julie, you can quantify a little bit more.

團隊也持續努力提高效率。我認為令人欣慰的是，我們看到其中一些目標得以實現，我們確實做到了，每個季度都是如此。而且，即便麵臨更大的成本壓力，團隊也很好地完成了任務。我認為我們已經非常明確地關注接下來如何做到這一點。但是，朱莉，或許你可以再量化一些。

Yeah. I think when you think about our organic growth in the third quarter, it was primarily price. So, we're seeing that price hit. We had margin improvement sequentially from Q2 to Q3. And we would expect to have a slight sequential improvement from Q3 to Q4 as well in margins. And part of that will be pricing activities, of course. And so, I hope that helps.

是的。我認為，當我們回顧第三季的有機成長時，主要原因是價格因素。所以，我們看到價格受到了衝擊。從第二季到第三季度，我們的利潤率逐週提高。我們預計利潤率也會從第三季到第四季略有環比改善。當然，其中一部分將包括定價活動。希望這能有所幫助。

Yeah. That's very helpful. Thank you for that. And then just quickly on the Fire side, I mean, 1% in the fourth quarter from the U.S. shutdowns, the AFG and NFPA slippage into 2026 potentially.

是的。那很有幫助。謝謝。然後簡單說說消防方面，我的意思是，由於美國停工，第四季度下降了 1%，AFG 和 NFPA 可能會推遲到 2026 年。

I mean, can you just give us a sense of what that pipeline looks like relative to the backlog? I mean, are we talking a couple of points of growth? Or is it several points of growth going into 2026 when everything straightens out?

我的意思是，您能否大致介紹一下該生產線相對於積壓訂單的情況？我的意思是，我們說的是幾個百分點的成長嗎？或者說，到 2026 年一切步入正軌時，會有幾個成長點？

Well, it's difficult to say whether some of this stuff will come through in Q4 or Q1 or Q2 of next year into 2026. But we believe that demand is strong and believe in the business going forward. But it's difficult to tell. That's why we gave a range that the fourth quarter would be impacted, and we would expect that to come back in 2026.

嗯，很難說這些東西會在明年第四季、第一季還是第二季度，甚至是2026年實現。但我們相信市場需求強勁，對公司未來的發展充滿信心。但很難說。這就是為什麼我們給出了第四季度會受到影響的預測範圍，並預計這種情況會在 2026 年恢復。

Okay.

好的。

Ross, if you think about it, that point that Julie referenced, we see enough pressure there that we think that's a fourth-quarter challenge that will push into Q1, Q2, Q3.

羅斯，如果你仔細想想，朱莉提到的那一點，我們看到了足夠的壓力，我們認為這是第四季度的挑戰，而且會延續到第一季、第二季和第三季。

Now, again, it all is predicated on when the fire departments, especially with this NFPA standards change, that might change their thought process of when they want to buy. But it will be sometime in 2026 for that specific point. You can't really lock it down one quarter to the next.

現在，這一切又取決於消防部門何時會改變主意，尤其是在 NFPA 標準變化的情況下，這可能會改變他們何時想要購買的想法。但具體時間點要等到 2026 年的某個時候。你不可能真正把每季的成績都鎖定在下一個季度。

Well, I think, I mean, instead of just looking at the organic decline this year and taking out some of the large orders for the comps, there's probably some other pent-up demand that's in that pipeline that's just kind of hard to visualize right now. Do you think that's fair?

嗯，我認為，我的意思是，與其只關註今年的自然下滑，並剔除一些大訂單作為比較數據，不如考慮一下可能存在的其他被壓抑的需求，這些需求目前還很難被看出來。你覺得這樣公平嗎？

Yeah. I think the Air Force comp was tough. I think the way you could think about this is 2026 demand-wise is probably going to be similar to a normal year, 2024, 2025 demand, excluding this AFG grant thing.

是的。我覺得空軍的競爭很激烈。我認為你可以這樣理解：2026 年的需求可能與正常年份、2024 年、2025 年的需求類似，不包括 AFG 撥款這件事。

That's how I kind of look at it. You get past 2026, you probably are going to start to see a bit different quantified demand curve start to tick up, I would anticipate, in the latter half of the decade. But 2026 is going to be probably pretty solid and consistent with what we would expect in the 2024, 2025 demand outside of, as you noted, those extremely large orders.

我大概是這麼看的。到了 2026 年之後，你可能會開始看到一些不同的量化需求曲線開始上升，我預計，這種情況會在本世紀後半葉出現。但正如您所指出的，除了那些特大訂單之外，2026 年的需求可能會相當穩定，並與我們預期的 2024 年、2025 年的需求保持一致。

Yeah. That's extremely helpful. And then just one last one on the Detection side. Could you help us quantify the split of growth between the fixed and portable?

是的。這非常有幫助。最後，檢測方面還有最後一個問題。您能否幫助我們量化固定式和可攜式設備之間的成長比例？

Fixed was double digit. Portable was single digit. And again, portable, great strength as we've talked just before, really good growth in the connected space. The fixed business has been really solid. I think what we look at and what we try to come back to on the fixed business, it's another example of the diversity we have.

固定數字為兩位數。便攜式設備使用率是個位數。再次強調，便攜式設備具有強大的優勢，正如我們剛才討論的那樣，在互聯領域也取得了非常好的成長。固定業務一直非常穩健。我認為，我們在固定收益業務方面所關注和努力的方向，正是我們所擁有的多樣性的另一個例證。

We really like when we get some nice capital investment in some big projects. But even when you don't on that fixed business, you've got this continuation. And that's what we're seeing. You see this day-to-day business continue on because we have such a strong, large installed base.

我們非常樂意在一些大型專案中獲得可觀的資本投資。即使你沒有從事那項固定業務，你仍然可以繼續經營下去。這就是我們所看到的。你會看到這種日常業務得以持續進行，因為我們擁有如此強大、龐大的用戶基礎。

So, when a customer expands their site and they don't necessarily have a large project spend, we're still seeing the benefit of that. And the fixed is playing out that way. It's a great diverse business that continues to perform very well.

所以，當客戶擴展網站但專案支出不大時，我們仍然能看到其中的好處。而這場騙局正是這樣上演的。這是一個業務多元化且持續表現優異的優秀企業。

Okay. Almost get the sense that fixed has kind of stepped up and is structurally higher now? Is that fair, or is it just kind of a lumpy project activity?

好的。我幾乎感覺到固定收益已經有所提升，目前結構性地處於較高水平？這樣公平嗎？還是說這只是一個不太連貫的專案活動？

I think, certainly the project business is going to be a bit lumpy. And I'll tell you, right now, project business, capital investment-wise, the world is an interesting place. The Middle East is still pretty heavy on some project business, but it's super competitive.

我認為，專案業務肯定會有些起伏不定。我告訴你，就目前而言，從專案業務和資本投資的角度來看，世界是一個很有趣的地方。中東地區仍然有許多專案業務，但競爭非常激烈。

And the U.S., we see a lot of things coming into the future on this that I think is going to be good. The rest of the world is a little more challenged. But when you look at the fixed business, it's similar to what we said during the strategy cycle.

至於美國，我們看到未來有很多事情會朝著好的方向發展。世界其他地區面臨的挑戰則更大一些。但從固定業務的角度來看，這和我們在策略週期中所說的類似。

I think the business is going to be solid. It's going to continue to grow, and we diversified it. You've got the SMC acquisition. You've got the Bacharach acquisition, along with our solutions that are good for mainstream energy as well as clean energy. So, I think it's really good. Now add to that, M&C. So, it should be a good space.

我認為這家公司前景穩健。它將繼續成長，而且我們已經實現了多元化經營。你們已經完成了對SMC的收購。你們收購了巴赫拉赫公司，以及我們既適用於主流能源又適用於清潔能源的解決方案。所以，我覺得它真的很好。現在再加上M&C。所以，這裡應該是個不錯的空間。

Fantastic. All right. Well, thank you for taking the questions. Looks like a good quarter.

極好的。好的。謝謝您回答這些問題。看起來是個不錯的季度。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Larry De Maria for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給拉里·德·瑪利亞，請他作總結發言。

Okay. Thank you. We appreciate you joining the call this morning and for your continued interest in MSA Safety.

好的。謝謝。感謝您今天早上參加電話會議，也感謝您一直以來對 MSA Safety 的關注。

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.

如果您錯過了今天電話會議的部分內容，稍後我們將在投資者關係網站上提供音訊回放，重播有效期為90天。我們期待在下個季度再次向您報告我們的進展。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。