Mettler-Toledo International Inc (MTD) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mettler-Toledo First Quarter 2021 Earnings Call. (Operator Instructions) I would now like to turn the conference over to Adam Uhlman, Head of Investor Relations. You may begin.

謝謝你的支持。我叫莎拉，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加梅特勒-托利多 2021 年第一季財報電話會議。 （操作員指示）我現在想將會議轉交給投資者關係主管 Adam Uhlman。你可以開始了。

Thank you, Sarah, and good morning, everyone. Thanks for joining us. On the call with me today is Patrick Kaltenbach, our Chief Executive Officer; and Shawn Vadala, our Chief Financial Officer. Let me cover some administrative matters. This call is being webcast and is available for replay on our website at mt.com A copy of the press release and the presentation that we will refer to on today's call is also available on the website.

謝謝莎拉，大家早安。感謝您加入我們。今天與我通話的是我們的執行長 Patrick Kaltenbach；以及我們的財務長肖恩·瓦達拉 (Shawn Vadala)。讓我談談一些行政事務。這次電話會議正在進行網路直播，並可在我們的網站 mt.com 上重播。

This call will include forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934. These statements involve risks, uncertainties and other factors that may cause our actual results, financial condition, performance and achievements to be materially different from those expressed or implied by any forward-looking statements.

本次電話會議將包括《1933 年美國證券法》和《1934 年美國證券交易法》含義內的前瞻性陳述。 、業績和成就與任何前瞻性陳述中明示或暗示的內容有重大差異。

For a discussion of these risks and uncertainties, please see our recent annual report on Form 10-K and our quarterly and current reports filed with the SEC. The company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements, except as required by law.

有關這些風險和不確定性的討論，請參閱我們最近的 10-K 表格年度報告以及我們向 SEC 提交的季度和當前報告。除法律要求外，該公司不承擔任何對任何前瞻性陳述進行更新或修訂的義務或承諾。

On the call, we may use non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is provided in the 8-K and is available on our website.

在電話會議中，我們可能會使用非公認會計準則財務指標。 8-K 中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表，並且可以在我們的網站上找到。

Let me now turn the call over to Patrick.

現在讓我把電話轉給派崔克。

Thanks, Adam, and good morning, everyone. We appreciate you joining our call today. Last night, we reported our first quarter financial results, the details of which are outlined for you on Page 3 of our presentation. Overall, our results in the first quarter were much better than anticipated across most product categories and geographies. As discussed last quarter, we also had a benefit this quarter from recovering delayed product shipments from the fourth quarter.

謝謝亞當，大家早安。我們感謝您今天加入我們的電話會議。昨晚，我們報告了第一季的財務業績，我們的簡報第 3 頁為您概述了詳細資訊。總體而言，我們第一季的大多數產品類別和地區業績都比預期好得多。正如上季所討論的，我們本季也從第四季延遲的產品出貨恢復中受益。

However, we recovered more than expected and shipped nearly all of our delayed orders and are glad to have this disruption behind us. While our team executed well this quarter, underlying market demand is still soft, especially in China, and there remains considerable uncertainty in the global economic and geopolitical environment. We continue to maintain a cautious outlook, and we will -- and we still expect to return to sales growth in the second half of the year, largely due to easier comparisons.

然而，我們的恢復程度超出了預期，並且發貨了幾乎所有延遲的訂單，我們很高興這次中斷已經過去。儘管我們的團隊本季表現良好，但潛在的市場需求仍然疲軟，尤其是在中國，全球經濟和地緣政治環境仍然存在相當大的不確定性。我們繼續保持謹慎的前景，並且我們仍然預計下半年銷售將恢復成長，這主要是由於比較更容易。

Otherwise, we remain focused on executing on our growth and productivity initiatives, so we will emerge stronger as our markets improve. Let me now turn the call over to Shawn to cover the financial results for the quarter and our guidance for this year, and then I will come back with some additional commentary on the business. Shawn?

否則，我們將繼續專注於執行我們的成長和生產力計劃，因此隨著市場的改善，我們將變得更加強大。現在讓我將電話轉給肖恩，介紹本季的財務表現和我們今年的指導，然後我將對業務進行一些補充評論。肖恩？

Thanks, Patrick, and good morning, everyone. Sales in the quarter were $926 million, largely unchanged from prior year levels, both on a U.S. dollar basis and in local currencies. Our sales in the quarter benefited by approximately 6% from recovering nearly all of our previously disclosed delayed product shipments from the fourth quarter of 2023 above our guidance of an approximate benefit of 5%.

謝謝派崔克，大家早安。該季度的銷售額為 9.26 億美元，無論以美元計算還是以當地貨幣計算，與去年同期基本持平。我們本季的銷售額成長了約 6%，因為我們先前揭露的從 2023 年第四季開始延遲的產品出貨幾乎全部恢復，高於我們指引的約 5% 的成長。

On Slide #4, we show sales growth by region. Local currency sales grew 6% in Europe and 3% in the Americas and declined 8% in Asia Rest of the World. Local currency sales in China declined 19% in the quarter.

在投影片 #4 上，我們顯示了按地區劃分的銷售成長。以當地貨幣計算的銷售額在歐洲增長了 6%，在美洲增長了 3%，在亞洲和世界其他地區下降了 8%。本季中國的以當地貨幣計算的銷售額下降了 19%。

Excluding the benefit from recovering our fourth quarter shipping delays, we estimate our sales in Q1 declined about 6% with the Americas down approximately 1%, Europe down approximately 5%, and Asia, Rest of the World, down approximately 12%, including a 21% sales decline in China.

排除第四季度運輸延誤恢復帶來的好處，我們估計第一季的銷售額下降約 6%，其中美洲下降約 1%，歐洲下降約 5%，亞洲和世界其他地區下降約 12%，其中包括中國銷售額下降21%。

On Slide #5, we summarize local currency sales growth by product area. For the quarter, laboratory sales increased 2% and Industrial sales were flat with both core Industrial and product inspection flattish.

在投影片 #5 上，我們按產品領域總結了以當地貨幣計算的銷售成長。本季，實驗室銷售額成長 2%，工業銷售額持平，核心工業銷售額和產品檢驗銷售額持平。

Food Retail declined 9%. Service sales grew 6% in the quarter. Excluding the Q4 shipping delay benefit, we estimate laboratory product sales declined approximately 6%, Industrial declined 3% with core Industrial down 4% and product inspection flattish, and Food Retail declined 15%.

食品零售下降 9%。本季服務銷售額成長 6%。排除第四季運輸延遲的好處，我們估計實驗室產品銷售額下降約6%，工業品銷售額下降3%，其中核心工業品銷售額下降4%，產品檢驗持平，食品零售品銷售額下降15 %。

Let me now move to the rest of the P&L, which is summarized on Slide #6. Gross margin was 59.2%, an increase of 30 basis points due to improved productivity, positive pricing and favorable mix, partially offset by lower volume and currency headwinds.

現在讓我談談損益表的其餘部分，投影片#6 對此進行了總結。由於生產力提高、積極的定價和有利的產品組合，毛利率達到 59.2%，增長了 30 個基點，但部分被銷售下降和貨幣不利因素所抵消。

R&D amounted to $46.4 million in the quarter, unchanged in local currency over the prior period. SG&A amounted to $234.4 million, a 1% decrease in local currency compared to the prior year and includes benefits from our cost savings initiatives.

本季研發費用為 4,640 萬美元，以當地貨幣計算與上一季持平。 SG&A 達 2.344 億美元，以當地貨幣計算比前一年減少 1%，其中包括我們的成本節約計畫帶來的收益。

Adjusted operating profit amounted to $267.3 million in the quarter, approximately flat with the prior year amount. Unfavorable foreign currency was a headwind to adjusted operating profit of approximately 4%. Adjusted operating margin was 28.9% which represents an increase of 20 basis points from the prior year.

本季調整後營業利潤為 2.673 億美元，與去年同期大致持平。不利的外幣匯率導致調整後營業利潤下降約 4%。調整後營業利益率為 28.9%，較前一年增加 20 個基點。

A couple of final comments on the P&L. Amortization amounted to $18.2 million in the quarter. Interest expense was $19.2 million and other income amounted to $0.3 million. Our effective tax rate was 19% in the quarter. This rate is before discrete items and adjusted for the timing of stock option exercises.

關於損益表的一些最終評論。本季攤銷額為 1,820 萬美元。利息支出為 1,920 萬美元，其他收入為 30 萬美元。本季我們的有效稅率為 19%。此比率不包括離散項目，並根據股票選擇權行使的時間進行調整。

Fully diluted shares amounted to $21.5 million, which is approximately a 3% decline from the prior year. Adjusted EPS for the quarter was $8.89, a 2% increase over the prior year or plus 7%, excluding unfavorable foreign currency.

完全稀釋後的股票總額為 2,150 萬美元，較上年下降約 3%。該季度調整後每股收益為 8.89 美元，比上年同期增長 2%，即增加 7%（不包括不利的外幣因素）。

On a reported basis, EPS was $8.24 as compared to $8.47 in the prior year. Reported EPS in the quarter included $0.24 of purchased intangible amortization, $0.36 of restructuring costs and a $0.05 tax headwind from the timing of stock option exercises. That covers the P&L, and let me now comment on cash flow.

根據報告，每股收益為 8.24 美元，而前一年為 8.47 美元。本季度報告的每股收益包括 0.24 美元的無形資產攤銷、0.36 美元的重組成本和 0.05 美元的股票選擇權行使時間帶來的稅收阻力。這涵蓋了損益表，現在讓我評論一下現金流。

In the quarter, adjusted free cash flow amounted to $182.3 million, a 39% increase on a per share basis from the prior year levels due to favorable working capital, including lower cash incentive payments related to last year's performance.

本季度，由於良好的營運資本，包括與去年業績相關的現金獎勵支出減少，調整後的自由現金流達到 1.823 億美元，每股比去年同期成長 39%。

Let me now turn to our guidance for the second quarter and the full year. As you review our guidance, please keep in mind the following factors. First, while we do not see any negative change in business conditions today, we continue to take a cautious approach with our forecast and expect our customers will be conservative with their investments in the second quarter.

現在讓我談談我們對第二季和全年的指導。當您查看我們的指南時，請記住以下因素。首先，雖然我們目前沒有看到商業狀況出現任何負面變化，但我們對預測繼續採取謹慎態度，並預期我們的客戶對第二季的投資將持保守態度。

We also expect our sales in China to decline over 20% again in the second quarter before returning to growth in the second half, again, significantly easier year-ago comparisons. Additionally, there is uncertainty in the economy and geopolitical risks, which also has created volatility in foreign exchange rates.

我們也預計，第二季我們在中國的銷售額將再次下降 20% 以上，然後在下半年恢復成長，與去年同期相比，情況再次明顯輕鬆。此外，經濟和地緣政治風險的不確定性也造成外匯匯率的波動。

Lastly, as mentioned last year, we will face higher variable compensation this year relative to prior year levels. Now turning to our guidance. For the second quarter of 2024, we expect local currency sales to decline approximately 4%. We expect adjusted EPS to be in the range of $8.90 to $9.05. Currency for the quarter at recent spot rates would be an approximate 2% headwind to second quarter sales and adjusted EPS.

最後，正如去年所提到的，相對於去年的水平，我們今年將面臨更高的可變薪酬。現在轉向我們的指導。對於 2024 年第二季度，我們預計以當地貨幣計算的銷售額將下降約 4%。我們預計調整後每股收益將在 8.90 美元至 9.05 美元之間。以近期即期匯率計算，本季的貨幣對第二季銷售額和調整後每股盈餘將產生約 2% 的阻力。

For the full year 2024, we expect local currency sales to grow approximately 2%, which is up from our previous guidance of approximately 1% to 2% growth. We expect full year adjusted EPS to be in the range of $39.90 to $40.40 which compares to our prior guidance of $39.60 to $40.30. This includes an expected headwind to sales of 1% and adjusted EPS growth of approximately 2% from unfavorable foreign exchange.

對於 2024 年全年，我們預計本幣銷售額將成長約 2%，高於我們先前約 1% 至 2% 成長的指引。我們預計全年調整後每股收益將在 39.90 美元至 40.40 美元之間，而我們先前的指引為 39.60 美元至 40.30 美元。這包括預期的 1% 銷售阻力和不利外匯帶來的約 2% 的調整後每股收益成長。

Lastly, I would like to share a few other details on our 2024 guidance to help you as you update your models. We expect total amortization, including purchased intangible amortization to be approximately $73 million. Purchase intangible amortization is excluded from adjusted EPS and is estimated at $26 million on a pretax basis or $0.95 per share.

最後，我想分享有關 2024 年指南的一些其他詳細信息，以幫助您更新模型。我們預計攤銷總額（包括購買的無形攤銷）約為 7,300 萬美元。購買無形攤銷不包括在調整後每股收益中，稅前估計為 2,600 萬美元，即每股 0.95 美元。

Interest expense is forecast at $82 million for the year and other income is estimated at approximately $2 million. We expect our tax rate before discrete items will remain at 19% in 2024. We expect adjusted free cash flow of approximately $850 million, representing a conversion of approximately 100% of adjusted net income. We continue to expect share repurchases of approximately $850 million in 2024. That's it from my side, and I'll now turn it back to Patrick.

今年利息支出預計為 8,200 萬美元，其他收入預計約 200 萬美元。我們預計到 2024 年，不計離散項目的稅率將維持在 19%。 我們預計調整後的自由現金流約為 8.5 億美元，相當於調整後淨利潤的約 100% 的轉換。我們仍然預計 2024 年將回購約 8.5 億美元的股票。

Thanks, Shawn. Let me start with some comments on our operating businesses, starting with Lab. As Shawn mentioned earlier, excluding the Q4 shipping delay benefits this quarter, local currency sales in our Laboratory business declined approximately 6% compared to last year. This was better than we anticipated, but we saw cautious spending patterns from our pharma and biopharma customers, especially in China.

謝謝，肖恩。讓我先對我們的營運業務進行一些評論，首先是實驗室。正如 Shawn 先前提到的，排除本季第四季出貨延遲的好處，我們實驗室業務的本幣銷售額與去年相比下降了約 6%。這比我們預期的要好，但我們看到製藥和生物製藥客戶的支出模式謹慎，尤其是在中國。

We have a very strong product portfolio and pipeline of new innovations that directly address our customer needs for solutions that enhance their productivity and ensure regulatory compliance. Combined with the enhancements we have made in our Spinnaker sales and marketing program, our go-to-market approach is a significant competitive differentiator during this period of reduced end market demand.

我們擁有非常強大的產品組合和新創新管道，可直接滿足客戶對提高生產力並確保合規性的解決方案的需求。結合我們在 Spinnaker 銷售和行銷計劃中所做的改進，我們的市場進入方法在終端市場需求減少的時期成為一個重要的競爭優勢。

Our Industrial sales for the quarter were also better than we had expected and declined about 3%, excluding the benefit of shipping delays. Our sales of core Industrial products have performed better than we would have expected in a soft economic environment, benefiting from our upgraded portfolio of products that enable automation and digitalization in our customers' production and logistics facilities.

我們本季的工業銷售也優於我們的預期，下降了約 3%（不包括運輸延誤的好處）。在經濟疲軟的環境下，我們核心工業產品的銷售表現優於我們的預期，這得益於我們升級的產品組合，使客戶的生產和物流設施自動化和數位化。

We also continue to be optimistic about growth opportunities related to home shoring and near shoring as customers aim to increase resiliency in their supply chains. Our product inspection business also had better-than-expected performance in a soft market environment with benefits from recent product introductions and strong service growth.

我們也繼續對與本土外包和近岸外包相關的成長機會持樂觀態度，因為客戶旨在提高供應鏈的彈性。我們的產品檢驗業務在疲軟的市場環境下也取得了好於預期的業績，受益於最近的產品推出和強勁的服務成長。

Lastly, Food Retail sales declined in line with our expectations against significant project-driven sales growth in the first quarter of last year.

最後，食品零售額的下降符合我們對去年第一季專案驅動的銷售大幅成長的預期。

Now let me make some additional comments by geography. Starting in the Americas, our sales declined slightly in the quarter, excluding the benefit from recovering our shipping delays. We benefited from strong project-related growth in Industrial which was offset by a decline in Lab and Retail. As expected, our customers have been somewhat cautious starting the year, especially in pharma and biopharma which we expect to improve as we face easier comparisons in the second half of the year.

現在讓我按地理位置補充一些評論。從美洲開始，我們的銷售額在本季略有下降，不包括恢復運輸延誤的好處。我們受益於工業領域專案相關的強勁成長，但被實驗室和零售領域的下降所抵消。正如預期的那樣，我們的客戶從今年開始就有些謹慎，特別是在製藥和生物製藥領域，我們預計這方面會有所改善，因為我們在下半年面臨更容易的比較。

Retail also faced very difficult comparisons related to very strong growth in the prior year. Sales in Europe, excluding the estimated benefit from recovering our European logistics hub delays declined about 5% and were largely in line with our expectations across each of our businesses. We continue to see soft economic indicators across most of Europe and acknowledge the potential risk to the European economy and energy prices from the conflict in the Middle East. However, we have a very strong team and go-to-market approach that positions us very well to capture growth opportunities.

零售業也面臨著與上一年強勁成長相關的非常困難的比較。不包括恢復歐洲物流中心延誤帶來的預期收益，歐洲銷售額下降了約 5%，基本上符合我們對每項業務的預期。我們繼續看到歐洲大部分地區的經濟指標疲軟，並承認中東衝突對歐洲經濟和能源價格構成潛在風險。然而，我們擁有非常強大的團隊和進入市場的方法，使我們能夠很好地抓住成長機會。

Lastly, Asia, Rest of the World results were also slightly better than expected, although demand in China remains very weak relative to very strong growth over the past few years. We continue to target pockets of growth opportunities, including semiconductor and new energy industries and our approach to the market has remained a significant competitive advantage against the competition.

最後，亞洲和世界其他地區的業績也略好於預期，儘管與過去幾年強勁的成長相比，中國的需求仍然非常疲軟。我們繼續瞄準成長機會，包括半導體和新能源產業，我們的市場策略在競爭中仍然具有顯著的競爭優勢。

Those are all my comments on the businesses for the quarter, and I'd now like to share with you why we are so optimistic on the long-term growth opportunity for our company.

這就是我對本季業務的所有評論，現在我想與大家分享為什麼我們對公司的長期成長機會如此樂觀。

First, I have been in the life science and analytical tools industry for a long time and believe the exciting advancements our customers are bringing to the market will continue to support healthy market growth in our industry over the long term.

首先，我在生命科學和分析工具行業工作了很長時間，相信我們的客戶為市場帶來的令人興奮的進步將繼續支持我們行業的長期健康市場成長。

We also see many new opportunities in fast-growing segments such as sustainable materials, semiconductors and alternative energy. Our customers also continue to look to us to help them achieve their goals, including improving productivity and quality while supporting their efforts in automation and digitalization.

我們也在永續材料、半導體和替代能源等快速成長的領域中看到了許多新機會。我們的客戶也繼續指望我們幫助他們實現目標，包括提高生產力和質量，同時支持他們在自動化和數位化方面的努力。

Our very broad and diverse portfolio of solutions is an important differentiator, and we lead the industry with new innovations for our target markets. Innovation is at the heart of our culture and is essential to our continued success. We are constantly coming out to market with new products and have accelerated our rate of innovation over the past few years.

我們非常廣泛且多樣化的解決方案組合是一個重要的差異化因素，我們為目標市場提供新的創新，引領產業。創新是我們文化的核心，也是我們持續成功的關鍵。我們不斷向市場推出新產品，並在過去幾年中加快了創新速度。

New products help stimulate replacement cycles, support market share gains and enhance our value proposition that support our pricing. We are uniquely positioned to serve customers throughout the value chain from R&D through production and logistics. This also creates a tremendous opportunity for us to add automation and digitalization features to our products and drive productivity and provide insights throughout the value chain.

新產品有助於刺激更換週期，支持市場佔有率的成長，並增強我們支持定價的價值主張。我們擁有獨特的優勢，可以為從研發到生產和物流的整個價值鏈的客戶提供服務。這也為我們創造了巨大的機會，為我們的產品添加自動化和數位化功能，提高生產力，並在整個價值鏈中提供見解。

Over the past 3 years, we have invested over $0.5 billion in research and development into 3 key areas. First, technology advancements to support new products and features that increase the value of our products.

在過去 3 年裡，我們在 3 個關鍵領域的研發方面投入了超過 5 億美元。首先，技術進步支援新產品和功能，從而增加我們產品的價值。

Second, application and software development to complement our products. And third, design enhancements to simplify manufacturing and serviceability of our products. The significant investments we are making have been an important contributor to expanding our innovation leadership and market share gains.

其次，應用程式和軟體開發來補充我們的產品。第三，改進設計以簡化我們產品的製造和可維護性。我們正在進行的重大投資為擴大我們的創新領導力和市場份額成長做出了重要貢獻。

I'd like to share with you a few examples of innovations we have recently brought to market and why we are so excited about our future. I'll start with our biggest launch of the year, our entirely new and redesigned portfolio of standard and advanced level laboratory balances, which you may have seen featured in our annual report. We are the global market leader in laboratory weighing, but also have ample room to gain further market share that includes expanding our access to growth segments.

我想與您分享我們最近推向市場的一些創新範例，以及為什麼我們對未來如此興奮。我將從我們今年最大規模的發布開始，這是我們全新且重新設計的標準和高級實驗室天平產品組合，您可能已經在我們的年度報告中看到了這些產品。我們是實驗室稱重領域的全球市場領導者，但也有足夠的空間獲得進一步的市場份額，包括擴大我們進入成長領域的機會。

Our new range of balances address this opportunity with the best products for entry-level applications all the way up to advanced weighing requirements. [Featuring] increased robustness, seamless data management, a harmonized user interface and up to 30% better measurement in performance. Our design approach also improves sustainability and using improved packaging and reducing their power consumption. Weighing is a critical step in the sample preparation process and our LabX software connects our higher-end balances to our broad portfolio of analytical instruments to help automate workflows and ensure secure and compliant data capture.

我們的新天平系列抓住了這一機遇，提供了適合入門級應用直至高級稱重要求的最佳產品。 [特點] 增強的穩健性、無縫的資料管理、統一的使用者介面以及效能測量提高了 30%。我們的設計方法還提高了永續性，並使用改進的包裝並降低了功耗。稱重是樣品製備過程中的關鍵步驟，我們的 LabX 軟體將我們的高端天平與我們廣泛的分析儀器產品組合連接起來，以幫助自動化工作流程並確保安全且合規的數據收集。

This is a very important competitive advantage, considering we provide about 40% of the instruments that are found in a typical quality control app, and we recently introduced several new analytical instruments with new automation and digitalization features.

這是一個非常重要的競爭優勢，考慮到我們提供了典型品質控制應用程式中約 40% 的儀器，並且我們最近推出了幾種具有新自動化和數位化功能的新分析儀器。

For example, we are the global number two player in titration. And last month, we launched 2 completely new Karl Fischer titrators models. Our new EVA titrators are ideal for efficiently determining the water content of challenging samples and our new control algorithm speeds up reaction rates and allows for faster analysis and cycle times.

例如，我們是滴定領域的全球第二大企業。上個月，我們推出了 2 款全新卡爾費休滴定儀型號。我們的新型 EVA 滴定儀非常適合有效測定具有挑戰性的樣品的水含量，我們的新控制演算法可加快反應速度，並實現更快的分析和循環時間。

It also has an automated solvent exchange system that ensures safety by minimizing exposure to potentially hazardous chemicals. Importantly, our new titrators have full compatibility with our LabX software to enable automated seamless workflows with secure data management, all while complying with data integrity regulations.

它還具有自動溶劑交換系統，可透過最大限度地減少與潛在危險化學品的接觸來確保安全。重要的是，我們的新型滴定儀與 LabX 軟體完全相容，可實現自動化無縫工作流程和安全資料管理，同時遵守資料完整性法規。

Hot segments have been an important driver of growth for analytical instruments and water determination to titration is an important part of lithium battery production. Our voice of customer program [Jetstream] uncovered a specific customer need in the market to be able to analyze multiple samples with only 1 titration instrument.

熱門領域一直是分析儀器成長的重要動力，而水分測定到滴定則是鋰電池生產的重要組成部分。我們的客戶之聲計畫 [Jetstream] 發現了市場上客戶的特定需求，即只需一台滴定儀器即可分析多個樣品。

To address this, our team developed a new automated sample prep solution the InMotion Karl Fischer Six that is used with our titrator. With our InMotion 6, customers can process up to 6 samples fully automatically and unattended with only 1 titrator addressing our customers' need for a cost-effective solution on a very small footprint.

為了解決這個問題，我們的團隊開發了一種新的自動化樣品製備解決方案 InMotion Karl Fischer Six，與我們的滴定儀一起使用。透過我們的 InMotion 6，客戶只需一台滴定儀即可在無人值守的情況下全自動處理多達 6 個樣品，滿足客戶對佔地面積極小的經濟高效解決方案的需求。

Automation has also been an important differentiator for our thermal analysis customers in fast-growing markets such as development of new materials, and we recently introduced a new thermal analysis instrument called the DSC 5+ with a fully automated sample changer.

在新材料開發等快速成長的市場中，自動化對於我們的熱分析客戶來說也是一個重要的差異化因素，我們最近推出了一款名為DSC 5+ 的新型熱分析儀器，具有全自動進樣器。

This instrument also increases the efficiency of the entire workflow from sample handling to result assessment, generating reproducible results with less resources. Our artificial intelligence Wizard software automatically detects and evaluates many types of thermal effects saving valuable time in providing consistent and reliable measurement results regardless of the user's level of experience.

該儀器還提高了從樣品處理到結果評估的整個工作流程的效率，以更少的資源產生可重複的結果。我們的人工智慧嚮導軟體可自動偵測和評估多種類型的熱效應，無論使用者的經驗水平如何，都能節省寶貴的時間，提供一致且可靠的測量結果。

Our software also has different neural networks that are trained on dedicated data so customers can download the most appropriate package for their experiment. Our core Industrial business has been very successful in integrating advanced automation and connectivity features into its products and has focused its new product development on terminals and digital load cells that provide seamless integration into factory automation systems.

我們的軟體還具有不同的神經網絡，這些神經網路經過專用資料的訓練，因此客戶可以下載最適合其實驗的套件。我們的核心工業業務在將先進的自動化和連接功能整合到其產品中非常成功，並將新產品開發的重點放在終端和數位稱重感測器上，以無縫整合到工廠自動化系統中。

A great example of this is our Industry 360 Terminal, which is an ultrafast weight indicator for automated filling, dosing and tank weighting applications across a variety of industries from biopharma to food manufacturing. The terminal connects our scales and weighing sensors and seamlessly integrates our preprogrammed, ready-to-use weighing applications into a customer's Programmable Logic Controllers for process control automation.

我們的 Industry 360 終端就是一個很好的例子，它是一款超快速重量指示器，適用於從生物製藥到食品製造等各個行業的自動灌裝、配料和儲罐稱重應用。該終端連接我們的秤和稱重感測器，並將我們預先編程的即用型稱重應用程式無縫整合到客戶的可程式邏輯控制器中，以實現製程控制自動化。

It also seamlessly feeds data to customer IT system. And because of our unique ability to combine IT and operations technology communication on a single network, it saves customers' integration and programming cost and time and eliminates the need for an additional gateway to the server or cloud. This product line has been very successful and new derivatives like our Industry 700 and Industry 400 have been very recently launched to further expand our portfolio.

它還將數據無縫地饋送到客戶 IT 系統。由於我們具有將 IT 和營運技術通訊結合在單一網路上的獨特能力，因此可以節省客戶的整合和編程成本和時間，並且無需額外的伺服器或雲端網關。該產品線非常成功，最近推出了工業 700 和工業 400 等新衍生品，以進一步擴大我們的產品組合。

We have also expanded our capabilities in pharma manufacturing IT systems, helping customers by having a simplified and standardized integration of our weighing solutions.

我們還擴展了我們在製藥製造 IT 系統方面的能力，透過簡化和標準化的稱重解決方案整合來幫助客戶。

These advanced terminals also connect to our new pHT low-profile hygienic floor scale family that offers unmatched hygiene and safety features. Our new scales are very well suited for industries like pharma where cleanliness is paramount. These scales offer a unique, fully seal design that reduces contamination risks and simplified cleaning procedures and also has a state-of-the-art digital load cell.

這些先進的終端也連接到我們新的 pHT 薄型衛生平台秤系列，該系列提供無與倫比的衛生和安全功能。我們的新秤非常適合製藥等清潔度至關重要的行業。這些秤採用獨特的全密封設計，可降低污染風險並簡化清潔程序，並且還具有最先進的數位稱重感測器。

We have had great success with the 2023 launch of this product, and we believe this and other new core Industrial products have been very important contributors to the relative resilience of this business over the past year. We have also recently launched several new products across our product inspection business over the past year that are highly differentiated and bring considerable value to the customers. We expect these innovations, including our new series of X-ray inspection technology to help drive market share gains, especially in the mid-market segment.

我們在 2023 年推出該產品取得了巨大成功，我們相信該產品和其他新的核心工業產品在過去一年中對該業務的相對彈性做出了非常重要的貢獻。在過去的一年裡，我們的產品檢測業務最近也推出了幾款高度差異化的新產品，為客戶帶來了可觀的價值。我們預計這些創新，包括我們的新系列 X 光檢測技術，將有助於推動市場份額的成長，特別是在中端市場。

We have an excellent pipeline of innovations of product inspection that will further build on our market leadership.

我們擁有優秀的產品偵測創新管道，這將進一步鞏固我們的市場領導地位。

Lastly, we are also pleased with our success of Food Retail business that has seen with the new product introductions like our FreshBase scales, which was an important contributor to the market share gains and strong sales growth last year.

最後，我們也對食品零售業務的成功感到高興，我們推出了 FreshBase 秤等新產品，這是去年市場份額成長和強勁銷售成長的重要貢獻者。

Additionally, our new FreshBase plus AI scale with advanced image recognition technology is an exciting innovation we are looking forward to bringing to additional markets outside of China.

此外，我們全新的 FreshBase plus AI 體重計採用先進的影像辨識技術，是一項令人興奮的創新，我們期待將其引入中國以外的其他市場。

So that is a brief overview of a few new products we have launched over the past year, and we have many more to come this year as we have accelerated certain innovation investments to capture growth opportunities. These investments continue to provide a portfolio that is stronger than ever and continues to increase our value proposition and most importantly, help our customers gain new insights, increase their productivity and ensure regulatory compliance throughout their value chain.

這是我們在過去一年推出的一些新產品的簡要概述，今年我們還將推出更多新產品，因為我們加快了某些創新投資以抓住成長機會。這些投資繼續提供比以往更強大的產品組合，並繼續提高我們的價值主張，最重要的是，幫助我們的客戶獲得新的見解，提高他們的生產力並確保整個價值鏈的監管合規性。

That is the conclusion of our prepared remarks. Operator, I'd like to open the line now to questions.

這是我們準備好的發言的結論。接線員，我想現在開始提問。

(Operator Instructions) Your first question comes from the line of Dan Arias with Stifel.

（操作員說明）您的第一個問題來自 Dan Arias 和 Stifel 的線路。

Shawn, the 50 bps-or-so that you're raising on the organic guide and then $0.20, I believe, on the bottom line, is that just feeling better about the logistics issue given that last quarter you sort of held back a bit given that it was early in the year or is that reflective of better results that you saw in 1Q and maybe the way that the year might unfold on demand?

肖恩，你在有機指南上籌集了 50 個基點左右，然後是 0.20 美元，我相信，從底線來看，考慮到上個季度你有點克制，這只是對物流問題感覺更好鑑於現在是今年年初，或者這是否反映了您在第一季看到的更好的結果，以及今年可能會按需展開的方式？

Yes. Thanks, Dan. Thanks for the question. I think it's pretty much as you interpreted. It's largely related to doing a little bit better on the shipping delays that we had in Q4. Of course, we did a little bit better than that in terms of Q4 results in general. But even though we're not seeing any negative changes in the business. We also prefer to be a little bit cautious here until we get closer to the second half and have a little bit more visibility.

是的。謝謝，丹。謝謝你的提問。我想這跟你解釋的差不多。這很大程度上與我們在第四季度的運輸延誤問題上做得更好有關。當然，總體而言，我們在第四季度的業績方面做得比這要好一些。但即使我們沒有看到業務出現任何負面變化。我們也希望在這裡保持謹慎，直到我們接近下半場並獲得更多的知名度。

And then maybe on the outlook for China. You pointed to continued challenges there in Q2. That's not exactly a surprise just given the way that things have unfolded this quarter. But it does sound like you expect some deceleration on what is an easier comp. I think the China comp gets 6 points easier next quarter. Is there something to that? And are you seeing any of the green shoots that have been discussed a little bit across the earnings cycle this quarter?

然後也許是關於中國的前景。您指出第二季度仍存在挑戰。考慮到本季事情的發展方式，這並不令人意外。但聽起來你確實期望更簡單的比賽會減速。我認為中國隊下個季度領先 6 分。有什麼關係嗎？您是否看到本季度盈利週期中討論過的任何萌芽？

I can take this, Dan. Look, we have been definitely pleased that we have seen a somewhat better result in Q1 than we had expected. That said, we still expect it to be quite weak. I mean, as Shawn said, we'll have more than 20% decline in China second quarter based on the very tough compares we see against Q2 last year and the years before where there has been quite heavy investment in China. There was significant spending during COVID and also some, of course, inventory buildup, et cetera.

我可以接受這個，丹。看，我們非常高興看到第一季的結果比我們預期的要好一些。也就是說，我們仍然預期它會相當疲軟。我的意思是，正如肖恩所說，根據我們與去年第二季度和前幾年在中國的大量投資進行的非常艱難的比較，我們第二季度的中國市場將出現超過 20% 的下降。新冠疫情期間有大量支出，當然還有一些庫存累積等。

For the second half of the year, the comps will become much easier for us. So we expect positive growth. And regarding -- your questions regarding the stimulus that was announced. I think this is definitely a positive sign for the market. We have not yet seen any impact yet, and we have to see whether it will move the needle, but I think it helps to reestablish also the confidence in the market. So the stimulus will help.

今年下半年，比賽對我們來說會變得更容易。因此我們預計正增長。關於您對已宣布的刺激計劃的問題。我認為這對市場來說絕對是一個正面的訊號。我們還沒有看到任何影響，我們必須看看它是否會起到推動作用，但我認為這也有助於重建市場信心。因此，刺激措施將會有所幫助。

But I think most importantly, you need to understand that we think we are really well positioned with our product portfolio there with our local team that is executing really well with also developing local products for the Chinese market. I think we are in a great position to compete in this market and as the market recovers to gain even more momentum.

但我認為最重要的是，你需要明白，我們認為我們的產品組合確實處於有利位置，我們的本地團隊在為中國市場開發本地產品方面也執行得非常好。我認為我們在這個市場的競爭中處於有利地位，並且隨著市場的復甦將獲得更大的動力。

Yes. And just to maybe specifically address the comment about potential deceleration. I think it's important to also just look at maybe the multiyear comparisons here and if you just like look at the trends in terms of like dollar terms or renminbi terms, we're kind of hitting a high watermark a year ago in Q2 in terms of what we're lapping in terms of comps. So actually, the comp level that we have in Q2 is a more difficult comp than we had in the first quarter.

是的。也許只是為了具體解決有關潛在減速的評論。我認為重要的是也要看看這裡的多年比較，如果你只是想看看美元或人民幣等方面的趨勢，我們在一年前的第二季度就達到了高水位我們在比較方面的表現。所以實際上，我們在第二季的競爭水平比第一季的競爭水平更加困難。

Your next question comes from the line of Jack Meehan with Nephron Research.

您的下一個問題來自 Nephron Research 的 Jack Meehan。

I was wondering if you could just reflect on the first quarter a little bit. You posted flat local currency growth, you were guiding to down 4% to 6%, about a point came from better capture of logistics. Where did the rest of the upside come from? Can you just walk us through that?

我想知道你是否可以稍微回顧一下第一季。你們公佈的當地貨幣成長持平，預計下降 4% 至 6%，其中大約一個百分點來自於更好地掌握物流。其餘的上漲空間從何而來？能幫我們介紹一下嗎？

Yes. Thanks, Jack. Hey, the rest of it, we -- despite being down 6%, excluding the shipping benefit, we're pleased we did better than expected. We kind of expected customers to start a little more cautiously this year. I think they did start cautiously, but we're glad that they didn't -- they weren't as cautious as maybe we were thinking at the beginning of the quarter.

是的。謝謝，傑克。嘿，剩下的，我們 - 儘管下降了 6%（不包括運輸收益），但我們很高興我們的表現比預期更好。我們預計客戶今年會更加謹慎地開始。我認為他們一開始確實很謹慎，但我們很高興他們沒有——他們並不像我們在本季初所想的那樣謹慎。

If you look at kind of the where, like where did it come from, it was actually pretty broad-based, whether it be by region or by product area. And I think if we look internally, Patrick and I just came out of some executive meetings earlier this week, we just really walk away feeling very good about the things that we're controlling.

如果你看看它的來源，例如它來自哪裡，它實際上是相當廣泛的，無論是按地區還是按產品領域。我認為，如果我們從內部來看，帕特里克和我剛結束本週早些時候的一些高階主管會議，我們真的對我們正在控制的事情感覺非常好。

The execution in the organization, I would say, is very high. We talked about a lot of different corporate programs that we're rolling out on our last call, whether it be Spinnaker 6 or other programs. Today, we talk a lot about innovation and all the things we're doing in terms of launching new products and so I have to also believe that the teams are just executing well, and we're seeing some benefit from all that good work.

我想說，組織的執行力非常高。我們討論了我們在上次電話會議中推出的許多不同的企業計劃，無論是 Spinnaker 6 還是其他計劃。今天，我們談論了很多創新以及我們在推出新產品方面所做的所有事情，因此我也必須相信團隊執行得很好，並且我們從所有這些出色的工作中看到了一些好處。

Great. And then do you mind just walking us through in terms of the guide for 2Q and the full year just by segment, what the expectations are?

偉大的。那麼您介意向我們介紹一下第二季和全年的指南，按細分市場進行預測嗎？

Yes, sure. So let me start by business area. So our Q2 guide for Lab is to be down low single digit and for the full year to be up low- to mid-single digit. Product inspection, I don't know if I could also maybe add, if you exclude the shipping delay for the full year, that would be flattish.

是的，當然。讓我從業務領域開始。因此，我們對實驗室的第二季度指導是下降低個位數，而全年則增長低至中個位數。產品檢驗，我不知道我是否還可以補充，如果排除全年的運輸延遲，那將是平淡的。

If we look at core Industrial, it would be up low single digit in Q2 -- I'm sorry, that was product inspection. Product inspection would be up low single digit in Q2 and up low single digit for the full year and that would be the same if you exclude the shipping delays for the full year.

如果我們看一下核心工業，第二季將出現低個位數成長——抱歉，那是產品檢驗。第二季的產品檢驗將上升低個位數，全年的產品檢驗將上升低個位數，如果排除全年的運輸延誤，情況將是相同的。

Core Industrial would be down high single digit for Q2 and flattish for the full year and would be down slightly, excluding the benefits of the shipping delays for the full year. And then Food Retail would be down about 10% for Q2 and down mid- to high-single digit for the full year and similarly, down mid- to high-single digit for the full year, excluding the shipping delay benefit.

核心工業第二季將出現高個位數下降，全年將持平，並且會小幅下降，不包括全年運輸延誤的好處。然後，第二季度食品零售業將下降約 10%，全年將下降中個位數至高個位數，同樣，全年將下降中個位數至高個位數，不包括運輸延遲收益。

And then in terms of the Americas, we would be flat for Q2, we would be up low-single digit for the full year, and then we would be up slightly for -- excluding the shipping delay benefit. Europe would be up low-single digit for Q2, up mid-single digit for the full year, but flattish, excluding the shipping delay benefit.

然後就美洲而言，第二季度我們將持平，全年我們將實現低個位數增長，然後我們將略有增長 - 不包括運輸延遲福利。歐洲第二季將出現低個位數成長，全年將出現中個位數成長，但不包括運輸延遲收益，成長持平。

And then China would be down mid-20s in Q2, down high-single digit for the full year and similarly down high-single digit, excluding the shipping delay benefit.

然後，中國第二季的成長率將下降 20 多歲，全年下降高個位數，同樣下降高個位數，不包括運輸延誤收益。

Your next question comes from the line of Vijay Kumar with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Vijay Kumar。

Congrats on a good Q1 execution. Maybe Shawn, for you, you beat Q1 by 500 basis points, right, at the minimum relative to your expectations. So that's annualized 125 basis points which you've raised guidance by 50 basis points, so did anything changed around the back half assumptions that makes you perhaps want to be a little bit more cautious?

恭喜第一季的良好執行。也許肖恩，對你來說，你比第一季高了 500 個基點，對吧，至少相對於你的預期。因此，年化利率為 125 個基點，您已將指導意見上調了 50 個基點，那麼後半段假設是否發生了任何變化，使您可能需要更加謹慎？

No. Vijay, thanks for the question. No, I mean, we're not seeing -- I want to be clear, we're not seeing anything negative or new negative changes in the business. We just feel like it's still a little bit early in the year. We only have 1.5 months' worth of backlog, and we're just a little bit cautious here kind of going into the second quarter.

不，維傑，謝謝你的提問。不，我的意思是，我們沒有看到——我想澄清的是，我們沒有看到業務出現任何負面或新的負面變化。我們只是覺得今年還為時過早。我們只有 1.5 個月的積壓，而且我們對進入第二季度有點謹慎。

And we'd just like to have a little bit more visibility to the second half of the year. And I think after the end of the Q2, we'll be in a better position to reassess the second half. But I think we're still optimistic about growing in the second half and -- but we just like to have a little bit more visibility here before we kind of get out over our skis.

我們只是希望對今年下半年有更多的了解。我認為在第二季結束後，我們將能夠更好地重新評估下半年。但我認為我們仍然對下半年的成長持樂觀態度——但我們只是想在我們擺脫滑雪板之前在這裡有更多的能見度。

Understood. And maybe Patrick, for you as a follow-up. Shawn mentioned visibility for back half and backlog, right? What is typical backlog for Mettler? When you say visibility, is that sort of being driven by funnel activity, customer conversations or are you hoping -- or do you have any expectations for China stimulus to play out in the back half?

明白了。也許還有派崔克，作為你的後續行動。肖恩提到了後半部分和積壓的可見性，對嗎？梅特勒的典型積壓訂單是多少？當你說可見性時，這是由漏斗活動、客戶對話驅動的還是你希望——或者你對中國的刺激計劃在下半年發揮作用有什麼期望嗎？

Thanks for the question, Vijay. Look, as Shawn just said, we have about 1.5 months of backlog. So we have a pretty fast turnover in most of our businesses. When we look at the second half, again, the comps will get much easier for us based on what we have seen last year. So that, of course, implies a positive growth for the second half.

謝謝你的提問，維傑。看，正如肖恩剛才所說，我們大約有 1.5 個月的積壓。因此，我們大多數業務的周轉速度都相當快。當我們再次回顧下半年時，根據我們去年所看到的情況，比賽對我們來說會變得容易得多。因此，這當然意味著下半年的正成長。

We see very good customer engagement out there also during Q1 and what our teams are in great discussions with customers. I think there's great interest in our new products that we just launched and we are confident that we are really well positioned. What we're seeing, however, is that the sales cycle times are still somewhat longer at the moment.

我們在第一季也看到了非常好的客戶參與度，以及我們的團隊正在與客戶進行深入討論。我認為人們對我們剛推出的新產品很感興趣，我們相信我們的定位非常好。然而，我們看到的是，目前的銷售週期時間仍然較長。

But as Shawn also mentioned, given where we are with the portfolio, given what we see in terms of customer engagement, we don't see any negative trends or changes to what we have said in the first quarter. We think we are well positioned to achieve the goals we have for the second half, to be honest.

但正如肖恩也提到的那樣，考慮到我們的投資組合狀況，考慮到我們在客戶參與方面所看到的情況，我們沒有看到任何負面趨勢或我們在第一季所說的變化。老實說，我們認為我們有能力實現下半年的目標。

Your next question comes from the line of Michael Ryskin with Bank of America.

您的下一個問題來自美國銀行的 Michael Ryskin。

I'm going to ask another one about market conditions as you go through the year because I think that's where there's the most interest. Just following up on your comments just there. Is there anything in particular you're looking for as you go through the year? I mean is it really just a matter of time of you don't want to call for an improvement until you're only about 3 or 6 months out?

當你經歷這一年的時候，我會問另一個關於市場狀況的問題，因為我認為這是人們最感興趣的地方。只是跟進您的評論。在這一年中，您有什麼特別想要尋找的東西嗎？我的意思是，在你只剩下大約 3 或 6 個月的時間之前，你不想要求改進，這真的只是時間問題嗎？

Or are there any specific indicators whether it's PMI, whether it's funding levels, whether it's just some budgets being unlocked, whether it's a recovery in China? Just walk us through sort of like what are the indicators you're looking for as you go through the year to gain a little bit more confidence in that reopening of the markets in that acceleration.

或者是否有任何具體指標，是否是PMI，是否是資金水平，是否只是釋放了一些預算，是否是中國的復甦？請讓我們了解您在這一年中尋找的指標是什麼，以便對市場加速重新開放更有信心。

Yes. Mike, this is Shawn. Maybe not to entirely repeat what we just said, but probably we'll echo it to a large degree. I think it comes back to this sitting on pretty much 1.5 months' worth of backlog. We do see good activity in our pipeline. As Patrick, I think, mentioned before, we are seeing order cycles being elongated a little bit in the first quarter.

是的。麥克，這是肖恩。也許不會完全重複我們剛才所說的內容，但我們可能會在很大程度上重複它。我認為這又回到了大約 1.5 個月積壓的情況。我們確實看到我們的管道中有良好的活動。我認為，正如帕特里克之前提到的，我們看到第一季的訂單週期略有延長。

Certainly, it would be nice to see those -- the conversions actually starting to happen here in the second quarter. But the activity is good. But I think it comes back to we only sit on about 1.5 months' worth of backlog. We have still some difficult comparisons on a multiyear basis here in the second quarter.

當然，很高興看到這些——轉換實際上在第二季度開始發生。不過活動還是不錯的。但我認為這又回到了我們只持有大約 1.5 個月的積壓訂單的情況。在第二季度，我們仍然需要對多年的基礎進行一些困難的比較。

It would be nice just to see -- to gain a few more months here and just kind of get a little bit closer to that second half. And then I think we've generally been -- our second half growth story has also largely been about easier comparisons and so it would be nice to see how the market kind of develops here in the second quarter in addition to those easier comparisons.

如果能看到這樣的情況就太好了——能夠在這裡多待幾個月，並且距離下半年更近。然後我認為我們總體上 - 我們的下半年成長故事也很大程度上是關於更容易的比較，因此除了這些更容易的比較之外，很高興看到第二季度市場的發展情況。

And of course, there's plenty of uncertainty and risks in the world that are out there, nothing specific to our business, but whether it's economic risks or geopolitical risks, and we'll just kind of see how the world plays out here for a few more months.

當然，世界上存在著許多不確定性和風險，與我們的業務無關，但無論是經濟風險還是地緣政治風險，我們都會看看世界在這方面的表現如何。

Okay. And I want to ask one on the P&L. I mean, 1Q earnings beat pretty handily, obviously, shipping, recovery and the underlying business being better, probably played a decent role in that. But could you sort of parse that out? I mean you gave a lot of color on what revenues would have been if it wasn't for the shipping recovery. Any color you can give on the P&L in terms of how much benefit was the EPS?

好的。我想問一個關於損益表的問題。我的意思是，第一季的利潤相當輕鬆地超過了預期，顯然，運輸、復甦和基礎業務的改善可能在其中發揮了不錯的作用。但你能解析一下嗎？我的意思是，您對如果沒有運輸復甦的話收入會是多少進行了很多闡述。您可以在損益表上用顏色來表示每股盈餘有多少收益嗎？

And what I'm getting at is your 2Q EPS guide of roughly $9 is essentially flat versus 1Q. You normally see a pretty nice sequential step-up. So again, I appreciate that the shipping recovery had some noise to that. But just trying to get a better sense of like the margin cadence 1Q to 2Q?

我的意思是，第二季每股收益指引約為 9 美元，與第一季基本持平。你通常會看到一個非常漂亮的連續升級。所以，我再次感謝運送復甦帶來的一些噪音。但只是想更了解第 1 季到第 2 季的邊際節奏？

Yes. So in terms of the first quarter, as we kind of said, we benefited about 6% in terms of sales from the shipping delay benefit. Our expectation was that we were going to benefit about 5%. So we had a 1% benefit. So you can kind of maybe draw your own conclusions of what that would have meant or not. But maybe more importantly, if you just take that reported number of sales in Q1 and you look at our guidance for Q2, regardless of shipping delay benefit. With that benefit, the reported number is actually a very similar dollar number sequentially to what we see in the second quarter.

是的。因此，就第一季而言，正如我們所說，我們從運輸延遲收益中獲得了約 6% 的銷售額。我們的預期是我們將受益約 5%。所以我們獲得了 1% 的收益。所以你可以對這意味著什麼或不意味著什麼得出自己的結論。但也許更重要的是，如果您只查看第一季報告的銷售數量，然後查看我們對第二季的指導，無論運輸延遲收益如何。有了這個好處，報告的數字實際上與我們在第二季度看到的美元數字非常相似。

And if you look at the EPS for Q2, it's actually our guidance is higher than Q1, which I think points a little bit to some of the good execution we're doing on our side in terms of cost savings and productivity measures.

如果你看第二季度的每股收益，實際上我們的指導高於第一季度，我認為這在一定程度上表明了我們在成本節約和生產力衡量方面所做的一些良好執行。

Now if you look at the second quarter versus prior year, of course, there's different moving parts. You have a 2% headwind when it comes to foreign currency. If we look at our gross margins, we expect the gross margin to be down probably about 20 basis points versus the prior year and a lot of that has to do with volume being down in the second quarter versus the prior year.

現在，如果你看看第二季度與去年同期相比，當然，有不同的變化部分。當談到外幣時，你有 2% 的逆風。如果我們看看我們的毛利率，我們預計毛利率可能會比去年同期下降約 20 個基點，這在很大程度上與第二季的銷量比去年同期下降有關。

There's a little bit of noise as well with maybe a little bit of higher transportation costs with some of the Red Sea topics, some investments we're making in our service business. And then our pricing, of course, offsets that a little bit. Our pricing came in about 2%, which was in line with our expectation for the first quarter, and we kind of expect that to continue here into the second quarter and for the full year. And then maybe one other comment on the P&L kind of going below the gross margin in addition to the volume and the things that I just said in terms of headwinds, we also will have higher variable comp Q2 this year relative to last year.

一些紅海主題以及我們在服務業務中進行的一些投資可能會帶來一些噪音，運輸成本可能會更高一些。當然，我們的定價會稍微抵消這一點。我們的定價約為 2%，這符合我們對第一季的預期，我們預計這種情況將持續到第二季​​和全年。然後，除了數量和我剛才在逆風方面所說的事情之外，也許還有一種關於損益表低於毛利率的評論，相對於去年，我們今年第二季度的可變補償也將更高。

But if you kind of then step back from all that, and you maybe pivot to the full year, we're actually pleased that our full year operating margin is now probably going to be up about 50 basis points. And if you exclude currency, it's probably up about 70 basis points. So in a year where there's a pretty modest top line growth, we feel good about our ability to continue to drive operating margin improvement.

但如果你從這一切中退一步，你可能會轉向全年，我們實際上很高興我們的全年營業利潤率現在可能會上升約 50 個基點。如果排除貨幣因素，它可能會上漲約 70 個基點。因此，在營收成長相當溫和的一年裡，我們對繼續推動營業利潤率改善的能力感到滿意。

Your next question comes from the line of Rachel Vatnsdal with JPMorgan.

您的下一個問題來自摩根大通的 Rachel Vatnsdal。

So I want to dig into the Industrial performance in the quarter. You mentioned some strength in Americas and 1Q on some project level activity, but then you also said that you expect core industrial to be down high singles in 2Q. So can you just kind of walk us through the drivers of that core Industrial business in the first half of the year? Were there any one-timers that we need to be aware of in 1Q, for example?

所以我想深入研究一下本季的工業表現。您提到了美洲和第一季在某些專案級活動上的一些實力，但您也表示，您預計第二季核心產業將出現高位下滑。那麼您能否向我們介紹今年上半年核心工業業務的驅動因素？例如，在第一季是否有我們需要注意的一次性事件？

Thank you, Rachel, and I'll start and maybe let Shawn chime in as well. Looking at it, we are very proud of the performance of our Industrial business. I think it comes down to really the outstanding portfolio enhancements we have made over the last year. I mentioned the Industry 360 terminal and other things we launched driving productivity for our customers, and they really pick it up nicely.

謝謝你，雷切爾，我會開始，也許也讓肖恩插話。綜上所述，我們對工業業務的表現感到非常自豪。我認為這實際上歸結為我們在過去一年中所做的出色的投資組合增強。我提到了 Industry 360 終端機以及我們推出的其他為客戶提高生產力的產品，他們真的很喜歡。

When you look at Q2, I mean, the major driver for the decline that we outlined is a very tough compare against a very strong business we have seen in Q2 last year in Industrial.

當你看第二季度時，我的意思是，我們概述的下降的主要驅動因素是與我們去年第二季度在工業領域看到的非常強勁的業務進行的非常艱難的比較。

So we are not concerned about the, I would say, the attractiveness of our products or the engagement we see of our customers simply based a decline on a very tough compare versus last year. In the quarter, we definitely look forward to keeping the momentum or gaining even more momentum with the new products that I indicated like the Industry 400 and 700 and the new industry scales that we are launching. So overall, I would say, not a concern, the decline is purely because we had a very big quarter last year in the industry.

因此，我想說，我們並不擔心我們產品的吸引力或我們看到的客戶參與度只是因為與去年相比非常艱難而下降。在本季度，我們絕對期待透過我指出的新產品（例如工業 400 和 700 以及我們正在推出的新工業秤）來保持勢頭或獲得更多動力。所以總的來說，我想說，不用擔心，下降純粹是因為我們去年這個行業有一個非常大的季度。

Yes. Maybe just to get to the other part of your question, Rachel. The first quarter in the U.S., certainly, that project activity is lumpy. And so we certainly will not see that in the second quarter. So there's an element of that. And then maybe the other point I make here is that in core Industrial, it has a larger mix of business weighted towards China versus our other businesses.

是的。也許只是為了回答你問題的另一部分，雷切爾。當然，美國第一季的專案活動不穩定。因此，我們在第二季度肯定不會看到這種情況。所以有一個因素。也許我在這裡提出的另一點是，在核心工業領域，與我們的其他業務相比，它有更多面向中國的業務組合。

And then if you kind of look at maybe the multiyear comparisons of that China business, we do have a very difficult comparison, as Patrick mentioned. So it will be a little bit -- and it will be a little bit bigger of a headwind there that we saw versus Q1.

然後，如果你看看中國業務的多年比較，我們確實有一個非常困難的比較，正如帕特里克所提到的。因此，與第一季相比，我們看到的阻力會更大一些。

And then just for my follow-up, I want to dig into some of the biopharma commentary that you gave. So you mentioned some of slower spending to start of the year, we've been hearing that across the sector this earnings season. But can you just unpack for us what does guidance assume in terms of those biopharma customer budget starting to open up? And then have you seen any activity level from biopharma customers pick up in April and then early May here from that group as well?

然後，為了我的後續行動，我想深入研究您給出的一些生物製藥評論。因此，您提到了今年年初支出放緩的情況，我們在本財報季就聽到了整個行業的情況。但是，您能否為我們解釋一下，在那些開始開放的生物製藥客戶預算方面，指導意見是如何假設的？然後，您是否看到生物製藥客戶的活動量在 4 月和 5 月初也有所回升？

Well, look, when we talk about biopharma, I think the business we really focus on here is our Process Analytics business. Biopharma definitely still has been soft in the first quarter, and we also expected given the year, biopharma customers to be soft in the second quarter as well.

好吧，當我們談論生物製藥時，我認為我們真正關注的業務是我們的流程分析業務。生物製藥在第一季肯定仍然疲軟，考慮到今年，我們也預計生物製藥客戶在第二季也會疲軟。

I mean, when we talk about growth in the second half for biopharma, same thing is true for many other businesses we just expect also easier compares. When you look at the underlying engagement and the momentum we are seeing right now, especially in China, we are still facing some inventory issues with our Pro sensors. They're still sitting on some inventory there that they're working down.

我的意思是，當我們談論生物製藥下半年的成長時，對於許多其他企業來說也是如此，我們只是期望也更容易進行比較。當你看到我們現在看到的潛在參與度和勢頭時，尤其是在中國，我們仍然面臨著 Pro 感測器的一些庫存問題。他們仍然持有一些正在處理的庫存。

On the single-use sensors that you use in biopharma, we're actually also encouraged by, in fact, more recent interest again into single-use sensors that come from our PendoTECH business for biopharma customers.

關於生物製藥中使用的一次性感測器，我們實際上也受到了最近對來自我們面向生物製藥客戶的 PendoTECH 業務的一次性感測器的更多興趣的鼓舞。

And the other part of biopharma, of course, pipettes and we certainly have seen improvement in pipettes relative to some of the destocking issues that we were dealing with last year.

當然，生物製藥的另一部分是移液器，相對於我們去年處理的一些去庫存問題，我們確實看到了移液器的改進。

Your next question comes from the line of Matt Sykes with Goldman Sachs.

你的下一個問題來自高盛的馬特·賽克斯（Matt Sykes）。

Patrick, maybe -- and sorry if I've missed it, but maybe just some commentary around the services business. I think you mentioned it was strong in Q1, but just any expectations and progress that you've made on your services initiative over the course of this quarter and your expectations for the full year?

派翠克，也許——如果我錯過了，抱歉，但也許只是一些有關服務業務的評論。我想您提到第一季的表現很強勁，但您對本季的服務計劃以及全年的預期有何期望和進展？

Yes. Very good. Thanks. Matt, I mean, again, we are very proud about the performance of our service business. We had 6% growth in the first quarter against a very strong growth in the first quarter last year. We see strong demand for our services. We continue to build out the service portfolio that we can deliver to our customers. We compete extremely well. We still have a lot of opportunity with the installed base that we have out there, connecting more of our services to the installed base, and we have dedicated marketing programs in place to connect more of the business.

是的。非常好。謝謝。馬特，我的意思是，我們對服務業務的表現感到非常自豪。我們第一季的成長為 6%，而去年第一季的成長非常強勁。我們看到對我們服務的強勁需求。我們繼續建立可以為客戶提供的服務組合。我們的競爭非常好。我們仍然有很多機會利用現有的客戶群，將我們的更多服務連接到客戶群，並且我們制定了專門的行銷計劃來連接更多的業務。

I think that will drive a lot of profitable growth for us moving forward. I'd like to remind you also that our operating profit on services is actually higher than the average of the -- of our portfolio. So that's such a big benefit.

我認為這將為我們的未來帶來巨大的利潤成長。我還想提醒您，我們的服務營業利潤實際上高於我們投資組合的平均水平。所以這是一個很大的好處。

And broadening the portfolio and increasing the reach to our customers with dedicated campaigns and all the go-to-market strategies will help us to continue that momentum that we see behind services. Services is one of the areas that we continue to invest also through the down cycle last year. We have a very strong service team, and we see moving forward still more opportunity out there for services.

透過專門的活動和所有進入市場的策略來擴大產品組合併擴大對客戶的影響力將有助於我們繼續保持服務背後的勢頭。服務是我們在去年的下行週期中繼續投資的領域之一。我們擁有一支非常強大的服務團隊，我們看到未來還有更多的服務機會。

Our services are very well recognized in the market by our customers. We have very unique solutions that many of our competitors cannot offer, like, for example, the RapidCal solutions when it comes to tank calibration, et cetera. So it is, again, a big opportunity for us, and we are seeing strong demand, and we'll continue to invest in this business.

我們的服務在市場上得到了客戶的廣泛認可。我們擁有許多競爭對手無法提供的非常獨特的解決方案，例如罐校準方面的 RapidCal 解決方案等。因此，這對我們來說又是一個巨大的機會，我們看到了強勁的需求，我們將繼續投資於這項業務。

And then just maybe a little more color on Europe. I know you're guiding to low-single digits for Q2 and mid-single digits for the full year, but you've been cautious on Europe for some time. You kind of reiterated that caution again.

然後也許對歐洲多一點色彩。我知道您對第二季的預測為低個位數，全年為中個位數，但您對歐洲持謹慎態度已經有一段時間了。你再次重申了這種謹慎。

I'm sure comps are helping in the succeeding quarters. But just any additional color on what you're seeing from an end-market demand standpoint from Europe? And any reasons for continued caution over the course of the year?

我確信比較將在接下來的幾季中發揮作用。但從歐洲終端市場需求的角度來看，您所看到的還有什麼額外的色彩嗎？在這一年中，有什麼理由繼續保持謹慎態度？

Yes. Matt, this is Shawn, maybe I'll take that one. So we're very pleased with the execution from our team in Europe. We have our most direct sales organization there in terms of direct channel to the customer. And I tend to think we always feel the best benefit of our Spinnaker sales and marketing programs in Europe. So I think that's one of the things that we feel very good about.

是的。馬特，這是肖恩，也許我會選擇那個。因此，我們對歐洲團隊的執行力感到非常滿意。就與客戶的直接管道而言，我們在那裡擁有最直接的銷售組織。我傾向於認為，我們始終感受到 Spinnaker 在歐洲的銷售和行銷計劃的最大好處。所以我認為這是我們感覺非常好的事情之一。

Now the other side of that is the economies have been soft. You look at some of the PIs, especially some of the larger countries like Germany, you see elevated cost of energy in the region affecting some of our end markets. So there's certainly uncertainty there.

現在的另一面是經濟疲軟。你看一些PI，特別是德國等一些較大的國家，你會發現該地區能源成本的上漲影響了我們的一些終端市場。所以那裡肯定存在不確定性。

At the same time, as we look to the second quarter, I think there's going to be some benefit here from the timing of Easter. But otherwise, it's kind of like a yin and a yang. I think on one hand, we see a lot of market uncertainty, but on the other hand, I feel like we're fighting a great fight and the team is doing really well.

同時，當我們展望第二季度時，我認為復活節的時機將會帶來一些好處。但除此之外，它有點像陰和陽。我認為，一方面，我們看到了很多市場不確定性，但另一方面，我覺得我們正在打一場偉大的戰鬥，團隊做得非常好。

And as we always kind of say the economy tends to just need to be good enough there for people to stick to replacement cycles, but at the same time, there are opportunities with reshoring and some of these hot segments like semiconductor or lithium battery in Europe, and I think our teams do a really great job of identifying those opportunities when they're available and capturing them.

正如我們總是說的那樣，經濟往往只需要足夠好，人們就能堅持更換週期，但與此同時，也存在回流以及歐洲半導體或鋰電池等一些熱門領域的機會，我認為我們的團隊正在識別並抓住這些機會方面做得非常出色。

Your next question comes from the line of Catherine Schulte with Baird.

你的下一個問題來自凱瑟琳舒爾特和貝爾德的對話。

First, great to see the recapture of the shipping delays coming in above your expectations and recapturing pretty much all of that lost revenue. Just when it comes to the new logistics provider, would you say that situation is fully resolved? You got the protocols and processes in place to move smoothly going forward?

首先，很高興看到運輸延誤的恢復超出了您的預期，並恢復了幾乎所有損失的收入。那麼當涉及新的物流供應商時，您是否認為這種情況已經完全解決了？您是否已製定好協議和流程以順利進行？

Yes. Thanks, Catherine. I'm really happy how the team performed in Q1 and how we could resolve that issue that we had in Q4. Actually, I'm looking at all the major KPIs that we have bought I would say, today, we are in a very, very good situation. We can, of course, keep a very close eye on it because a couple of months of great performance is not enough for us to say, everything is locked down. But happy with the performance right now. Our team, our own team has been really deeply engaged with fixing the situation.

是的。謝謝，凱瑟琳。我真的很高興團隊在第一季的表現以及我們如何解決第四季度遇到的問題。實際上，我正在查看我們購買的所有主要關鍵績效指標，我想說，今天，我們的情況非常非常好。當然，我們可以密切關注它，因為幾個月的出色表現不足以讓我們說一切都已鎖定。但對現在的表現很滿意。我們的團隊，我們自己的團隊一直在深入致力於解決問題。

I have seen very strong collaboration between our own logistics teams and this external logistics provider to get these issues resolved. And again, we have all monitoring KPIs implies that if we see any deterioration, we will have these teams come back into action. By now, everything is running smooth, which I'm very happy with.

我看到我們自己的物流團隊與這家外部物流提供者之間進行了非常密切的合作，以解決這些問題。再說一次，我們對所有關鍵績效指標進行監控意味著，如果我們發現任何惡化，我們會讓這些團隊重新採取行動。目前，一切進展順利，我對此感到非常滿意。

But as everything we do at Mettler-Toledo, there is continued performance improvement plans in place. I mean even here, even though it's now today, we are not satisfied where we are today. We think we can still do better and make this -- really make sure that this is not an issue moving forward, but also continue to deliver outstanding customer experience when it comes to delivery times and quality of deliveries, et cetera, is definitely front and center, with this logistics partner.

但正如我們在梅特勒-托利多所做的一切一樣，我們制定了持續的績效改進計劃。我的意思是，即使在這裡，即使是現在，我們也不滿意今天的處境。我們認為我們仍然可以做得更好並做到這一點 - 真正確保這不是一個前進的問題，但在交付時間和交付質量等方面也繼續提供出色的客戶體驗，這絕對是最重要的中心，與該物流合作夥伴。

We made great progress, and I'm confident that we don't see any issues in the near term, but again, we keep it, we have monitoring KPIs in place to make sure that we don't miss any potential deviation.

我們取得了巨大進展，我相信短期內不會出現任何問題，但我們會再次保持這一點，我們監控關鍵績效指標 (KPI)，以確保我們不會錯過任何潛在的偏差。

And then maybe on the second quarter guide, it's implying a slower sequential increase than what you've typically seen historically. So can you just talk through any areas of conservatism that you feel are in the second quarter guide? It looks like maybe on the Industrial side is where that's a slower uptick sequentially than historically, but curious if you could just give some more color there.

然後，也許在第二季指南中，這意味著連續成長速度比您通常看到的歷史速度要慢。那麼您能談談您認為第二季度指南中存在的保守主義領域嗎？看起來工業方面的成長速度可能比歷史上要慢，但很好奇你是否可以在那裡提供更多的顏色。

Yes, sure, Catherine, maybe I take that one. So of course, there was the shipping delay benefit in Q1, but I -- but if you exclude that, I think like the multiyear CAGRs still look pretty similar between Q2 and Q1.

是的，當然，凱瑟琳，也許我會接受那個。當然，第一季有運輸延遲的好處，但如果排除這一點，我認為第二季和第一季的多年複合年增長率看起來仍然非常相似。

Sometimes we're looking at pre-COVID CAGRs when we say that, but if you do look at like the Industrial business, like one of the things that kind of stands out there is this kind of ties to the comments we're making about China earlier or Industrial before where I said China is a higher percentage of that business. And on a multiyear basis, we have just higher comps. So if you start looking at it on a multiyear basis instead of a 1-year basis, I think that's maybe affecting a little bit some of the sequentials on a more disaggregated basis.

有時，當我們這麼說時，我們會考慮新冠疫情之前的複合年增長率，但如果你確實關注工業業務，那麼其中一件突出的事情就是與我們所做的評論有這種聯繫之前的中國或工業之前，我說過中國在該業務中所佔的比例更高。從多年的角度來看，我們的薪水更高。因此，如果你開始以多年為基礎而不是一年為基礎來看待它，我認為這可能會在更分散的基礎上對一些序列產生一些影響。

Your next question comes from the line of Patrick Donnelly with Citi.

您的下一個問題來自花旗集團的 Patrick Donnelly。

I want to follow up on, I think, as Rachel asking about kind of the underlying improvement as we work our way through the year, I think that was biopharma, can you talk about China, just the assumptions there. Obviously, the comps get easier, it sounds like 2Q will be down 20%-plus.

我想，當雷切爾詢問我們這一年的工作中潛在的改進時，我想跟進一下，我認為那是生物製藥，你能談談中國嗎？顯然，比較變得更容易，聽起來第二季將下降 20% 以上。

But can you talk about the underlying improvement you're assuming as we work away in -- not like maybe core Industrial is still a little bit soft, but would love to just talk through the expectations there. I get the comps are easier, but just the underlying expectation...

但是，您能否談談我們在努力工作時所假設的潛在改進——不像核心工業仍然有點軟，但很樂意談談那裡的期望。我知道比較比較容易，但只是潛在的期望...

Yes. I mean I think if you like look at our -- like if you look at our full year guide for China, we're still expecting to be down high-single digit. I think if you try to break it out between the businesses, maybe on a full year basis, Industrial might be a little bit better than that, than Lab. But I think that's largely because of what we saw in Q1.

是的。我的意思是，我認為如果你喜歡看我們的中國全年指南，我們仍然預計會出現高個位數的下降。我認為，如果你嘗試在業務之間進行劃分，也許以全年為基礎，工業可能比實驗室好一點。但我認為這很大程度上是因為我們在第一季看到的情況。

I think as we kind of like look at Q2, they're probably down similarly, maybe a little bit more on the Industrial side because of some of these longer-term comp issues that we talked about.

我認為，當我們看看第二季時，由於我們討論的一些長期比較問題，它們可能會出現類似的下降，工業方面的下降可能會更多一些。

I think we have a good setup in terms of comparisons certainly going into the second half of the year. And if you look at -- if you think about last year, the Lab business was down disproportionately versus the Industrial business. So I think the Lab will benefit from that more than the Industrial in the second half of the year.

我認為我們在比較方面有一個很好的設置，肯定會進入今年下半年。如果你看看去年，實驗室業務與工業業務相比下降得不成比例。因此，我認為下半年實驗室將比工業界受益更多。

In terms of the market, we always say things in China can change very quickly either way. So I think this is a good example of just wanting to get another quarter under our belt before we talk too much about the second half of the year. And I think right now, we don't have any particular new insights. I mean, I think everyone is seeing the same headlines, hearing about potentials for stimulus and these types of things, but nothing like that's necessarily influencing how we're thinking about guiding for the second half of the year.

就市場而言，我們總是說中國的情況變化很快。因此，我認為這是一個很好的例子，在我們過度談論下半年之前，我們只想再爭取一個季度的勝利。我認為現在我們沒有任何特別的新見解。我的意思是，我認為每個人都看到了相同的頭條新聞，聽到了刺激措施的潛力和此類事情，但沒有任何類似的事情必然會影響我們對下半年指導的思考。

I think we're -- I think probably the bigger theme is the more that can happen from a governmental perspective to instill confidence in the economy in terms of people starting to reinvest, I think there's been a lot of outreach in the country to companies, including to multinationals to really reinstill that confidence level. And I think as that confidence builds, we'll start to see probably more investment happening in the country.

我認為我們——我認為更大的主題可能是從政府的角度來看，可以發生更多的事情來灌輸人們對經濟的信心，讓人們開始再投資，我認為該國已經對公司進行了很多外展活動，包括讓跨國公司真正恢復這種信心水準。我認為，隨著信心的增強，我們將開始看到該國可能會出現更多投資。

But mid- to long term, we're still really, really optimistic here. There's still a lot of growth opportunity in China for China. And I think we're just very well positioned for that growth. When you look at how well we align with the government's priorities and then even getting into some of the trends that we talk a lot about with automation and digitalization.

但從中長期來看，我們仍然非常非常樂觀。對中國來說，中國還有很多成長機會。我認為我們已經為這種增長做好了充分的準備。當你看到我們與政府優先事項的協調程度，甚至了解我們經常談論的自動化和數位化的一些趨勢。

Yes. And we see a very good engagement with customers in China as well. The sales team has really good engagement. We monitor very closely. So there's a lot of customer interest out there that I think will help us also to get back to that growth in the second half.

是的。我們也看到與中國客戶的良好互動。銷售團隊的參與度非常高。我們非常密切地監控。因此，我認為有很多客戶感興趣，這也將幫助我們在下半年恢復成長。

Yes. And then to kind of feed off that, our team there has just always been such an agile team to pivot to where the growth opportunities are. And certainly, that was a topic we were talking about throughout this week with our -- at the executive level as just some of the programs that they're doing locally to identify those pockets of growth and go after them. So we feel like we're well positioned as things improve.

是的。然後，為了以此為基礎，我們的團隊一直都是一個敏捷的團隊，可以轉向成長機會所在的地方。當然，這是我們本週與高階主管討論的一個話題，因為他們正在當地開展一些項目，以確定這些成長點並追隨它們。因此，隨著情況的改善，我們感覺自己處於有利位置。

Okay. That's helpful. And then, Shawn, maybe just on the margin build. Can you just talk about the pricing piece in the quarter and as you work your way through the year? And then similarly, just how you're thinking about the cost base given, again, if you are still a little bit of a softer macro, how nimble you're being on the cost side would be helpful?

好的。這很有幫助。然後，肖恩，也許只是在邊際上建立。您能否談談本季以及全年工作中的定價部分？同樣，你如何考慮成本基礎，如果你的宏觀政策仍然比較溫和，那麼你在成本方面的靈活性會有幫助嗎？

Yes. So I kind of mentioned earlier in one of the other questions. Pricing came in pretty much as expected in the quarter at 2%. We're still kind of holding our guide for the full year on pricing at 2%. Of course, we're going to try to do better than that. I think all the things we're doing on innovation certainly continues to enhance our value proposition. And so that always helps. I see good execution on this topic as well, too. So we'll see how it plays out for the rest of the year.

是的。所以我之前在其他問題之一中提到過。本季的定價為 2%，與預期基本一致。我們仍然維持全年 2% 的定價指引。當然，我們會努力做得更好。我認為我們在創新方面所做的所有事情肯定會繼續增強我們的價值主張。所以這總是有幫助的。我也看到了這個主題上的良好執行力。因此，我們將看看今年剩餘時間的情況如何。

In terms of margins on a quarterly basis, it can be kind of lumpy as we saw with the second quarter with volumes. But I think the team continues to do a good job in terms of material costs. I think there's some modest benefits we saw in Q1 there that we'll kind of continue to see through the rest of the year. And then in terms of like just our overall cost structure, we have -- it's like a balancing act, right? We've done a lot of, I think, very good things in terms of driving productivity in the organization and cost savings that were kind of necessary to adjust to our current volumes.

就季度利潤率而言，正如我們在第二季度的銷量中看到的那樣，它可能有點不穩定。但我認為團隊在材料成本方面繼續做得很好。我認為我們在第一季看到了一些適度的好處，我們將在今年剩餘時間內繼續看到這些好處。然後就我們的整體成本結構而言，我們有——這就像一種平衡行為，對吧？我認為，在提高組織生產力和節省成本方面，我們做了很多非常好的事情，這對於調整我們目前的產量是必要的。

But of course, that also creates the -- it creates the ability for us to continue to reinvest in the business to ensure long-term success, which is something that we've always been very focused on. And so I think we have a very good balance and mix in the business.

當然，這也讓我們有能力繼續對業務進行再投資，以確保長期成功，這是我們一直非常關注的事情。所以我認為我們在業務上有很好的平衡和組合。

Of course, Patrick and I are going to spend a lot of time with our teams here starting next month, we start to go into our normal planning cycles and that kind of continues until the fall where we really kind of look at the different growth opportunities, investment opportunities and then at the same time, driving productivity throughout the organization.

當然，從下個月開始，派崔克和我將在這裡與我們的團隊一起度過很多時間，我們開始進入正常的規劃週期，這種情況會持續到秋天，我們將真正關注不同的成長機會、投資機會，同時提高整個組織的生產力。

Your next question comes from the line of Joshua Waldman with Cleveland Research.

您的下一個問題來自克利夫蘭研究中心的約書亞沃爾德曼 (Joshua Waldman)。

First, Patrick or Shawn, just to follow up on a previous theme. Any more color you can provide on what types of accounts started to open up in the latter part of Q1 or any customers that you'd point to that were sitting on the sidelines in '23 and maybe January that then started to improve?

首先，帕特里克或肖恩，只是為了跟進之前的主題。您可以提供更多關於第一季度後半段開始開設哪些類型的帳戶的信息，或者您指出的任何在 23 年甚至 1 月份觀望然後開始改善的客戶嗎？

Yes. Look, I mean I think we saw very good interest in our products and performance, as we said, better than expected throughout the end markets and product portfolio. If I would point to maybe one segment, it could be Food, actually, the food market, we saw really good interest for our product inspection business that also drove a little bit of the better performance there.

是的。聽著，我的意思是，正如我們所說，我認為我們對我們的產品和性能非常感興趣，在整個終端市場和產品組合中都比預期好。如果我要指出一個細分市場，它可能是食品，實際上是食品市場，我們看到人們對我們的產品檢驗業務非常感興趣，這也推動了那裡的更好表現。

That market definitely -- while there is still same topic about elongated sales cycles, we see that as well. There's strong engagement and a lot of that is driven by our new product portfolio. I mentioned the new X-ray products, new metal detector products, so that drives a lot of customer interest, to be honest.

這個市場肯定是——雖然仍然存在關於延長銷售週期的相同話題，但我們也看到了這一點。有很強的參與度，其中很大一部分是由我們的新產品組合所推動的。說實話，我提到了新的 X 光產品、新的金屬探測器產品，這引起了許多客戶的興趣。

And also us getting more into what we call the midrange market. We have historically been more focused on the high end of that market. We have a broader portfolio now for mid-range customers, meaning more cost-conscious customers that don't need the highest amount of performance there. But -- and that probably is one of the market segments where I would say that opened up maybe a bit more than expected. But overall, we saw really good engagement across all end markets and geographies.

我們也更多地進入我們所說的中端市場。我們歷來更關注該市場的高端。我們現在為中端客戶提供了更廣泛的產品組合，這意味著更具成本意識的客戶不需要最高的效能。但是，這可能是我認為開放程度可能比預期要多一些的細分市場之一。但總體而言，我們在所有終端市場和地區都看到了良好的參與。

And then, Shawn, maybe a related question on price. I guess I forget if you commented whether or not price is tracking kind of in line or how it is tracking versus expectations. But just curious if you could comment on price-risk expectations? And then in the recent past, you talked about using tough times to support share gains, any recent success stories or examples you could point to that you think are driving share gain, maybe supporting upside versus the guide year-to-date?

然後，肖恩，也許是一個與價格相關的問題。我想我忘記了您是否評論過價格是否符合預期，或者價格是否與預期相符。但只是好奇您能否對價格風險預期發表評論？然後在最近的過去，您談到利用困難時期來支持股價上漲，您可以指出任何最近的成功故事或例子，您認為這些成功故事或例子正在推動股價上漲，也許支持與年初至今的指導相比的上漲？

Yes, I think Patrick mentioned benefits from go-to-market strategy, I guess, any changes on the go-to-market strategy, for example, anything like that kind of driving upside versus maybe what you expected here year-to-date?

是的，我認為帕特里克提到了進入市場策略的好處，我想，進入市場策略的任何變化，例如，與您今年迄今為止所期望的相比，任何類似的推動上行的事情？

Joshua, maybe I'll take that one. So we'll start with price. So as I mentioned, price came in as expected in the quarter, it came in at 2%. So we were happy with that. We expect price to be 2% again in Q2 and for the full year, which is kind of consistent with our previous guidance. And as I kind of mentioned, we do feel very good about our value proposition, all the stuff we talked about earlier about innovation really strengthens that value proposition, so that helps to always support our pricing in the market.

約書亞，也許我會選那個。所以我們將從價格開始。正如我所提到的，本季價格符合預期，為 2%。所以我們對此感到滿意。我們預計第二季和全年價格將再次上漲 2%，這與我們先前的指引一致。正如我所提到的，我們確實對我們的價值主張感到非常滿意，我們之前討論的所有有關創新的內容確實強化了這一價值主張，因此這有助於始終支持我們在市場上的定價。

And so -- but at the same time, we will, of course, look to see if we can do better than that as we kind of go through the year. In terms of market share gains, I do think we're executing really well. It's always hard to tell how much share we're taking. But if I look at some of our results by region, Europe, I think, was a good example.

因此，但同時，我們當然會在這一年中看看是否可以做得更好。就市場佔有率成長而言，我確實認為我們執行得非常好。總是很難判斷我們佔了多少份額。但如果我按地區查看我們的一些結果，我認為歐洲是一個很好的例子。

I mean even the comments on food, right? Some of that is we're executing well. We have new products that are being very well received in the market. It's not like there's no softness in some of these end markets, particularly in the U.S., but the teams are doing quite well there. So in terms of go-to-market approach, I mean, I think we continue to just do very well within the umbrella of Spinnaker.

我的意思是甚至對食物的評論，對嗎？其中一些是我們執行得很好。我們的新產品在市場上很受歡迎。其中一些終端市場並非沒有疲軟，尤其是在美國，但球隊在那裡表現得相當不錯。因此，就進入市場的方法而言，我認為我們在 Spinnaker 的保護下繼續做得很好。

That program really has allowed us to be -- use a lot of analytics to really identify growth opportunities and pursue those opportunities. We have a lot of great tools to help prepare the team, to help with conversion and value selling, cross-selling. And so I think a lot of the programs we have are very effective.

該計劃確實使我們能夠使用大量分析來真正識別成長機會並抓住這些機會。我們有很多很棒的工具來幫助團隊做好準備，幫助轉換和價值銷售、交叉銷售。所以我認為我們的許多計劃都非常有效。

If you go back to the beginning of the year, we talked about rolling out and introducing the next generation of Spinnaker to the organization, Spinnaker 6. I think it's still a little early to say that Spinnaker 6 is driving share gains, but certainly, it creates momentum in the organization and focus on the program in general because it's not like a different Spinnaker they all kind of build on all the other waves and generations.

如果你回到今年年初，我們討論過向組織推出並引入下一代 Spinnaker Spinnaker 6。 ，並且總體上關注該計劃，因為它不像一個不同的Spinnaker，它們都建立在所有其他波浪和世代之上。

This concludes the question-and-answer session. I'll turn the call to Adam Uhlman for closing remarks.

問答環節到此結束。我將把電話轉給亞當·烏爾曼（Adam Uhlman）做總結發言。

Great. Thank you, everybody, for joining us this morning. If you have any follow-up questions, please feel free to reach out to me. And I hope you all have a great weekend. We'll talk to you soon. Thank you.

偉大的。謝謝大家今天早上加入我們。如果您有任何後續問題，請隨時與我聯絡。我希望大家週末愉快。我們很快就會和你談談。謝謝。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。