Mettler-Toledo International Inc (MTD) 2025 Q2 法說會逐字稿

Good morning, and thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mettler-Toledo Second Quarter 2025 Conference Call. (Operator Instructions)

早安，感謝您的支持。我叫卡莉，今天我將擔任您的會議主持人。現在，我歡迎大家參加梅特勒-托利多 2025 年第二季電話會議。（操作員指示）

I would now like to turn the call over to Adam Uhlman, Head of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係主管亞當烏爾曼 (Adam Uhlman)。請繼續。

Thanks, Carla, and good morning, everyone. Appreciate you joining us this morning. 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.

謝謝，卡拉，大家早安。感謝您今天上午加入我們。今天與我一起通話的是我們的執行長 Patrick Kaltenbach 和我們的財務長 Shawn Vadala。讓我來談談一些行政事務。本次電話會議正在進行網路直播，您可以在我們的網站 mt.com 上重播。

A copy of the press release and the presentation that we will refer to on today's call is also available on our website. This call will include forward-looking statements within the meaning of the US Securities Act of 1933 and the US Securities Exchange Act of 1934.

我們將在今天的電話會議上參考的新聞稿和簡報的副本也可在我們的網站上找到。本次電話會議將包括美國 1933 年證券法及美國 1934 年證券交易法所定義的前瞻性陳述。

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. For a discussion of these risks and uncertainties, see our recent annual report on Form 10-K and 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. On today's call, we may use non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is provided in the 8-K and is available on our website.

這些聲明涉及風險、不確定性和其他因素，可能導致我們的實際結果、財務狀況、業績和成就與任何前瞻性聲明所表達或暗示的結果、財務狀況、業績和成就有重大差異。有關這些風險和不確定性的討論，請參閱我們最近提交給美國證券交易委員會的 10-K 表年度報告以及季度和當前報告。除法律要求外，本公司不承擔對任何前瞻性陳述提供更新或修訂的義務或承諾。在今天的電話會議上，我們可能會使用非公認會計準則財務指標。8-K 表中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對賬，可在我們的網站上查閱。

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 second quarter financial results, the details of which are outlined for you on page three of our presentation. We are pleased with our second quarter and experienced growth throughout most of our businesses, despite challenging market conditions. Our team performed extremely well, and we continue to benefit from our innovative product portfolio and strategic programs. I am proud of our team's agility as we continue to navigate uncertain market positions and our ability to implement mitigation actions to counter the impact of tariffs.

謝謝，亞當，大家早安。感謝您今天參加我們的電話會議。昨晚，我們報告了第二季度的財務業績，其詳細資訊已在簡報的第三頁中列出。儘管市場環境充滿挑戰，但我們對第二季的表現感到滿意，大部分業務都實現了成長。我們的團隊表現非常出色，我們繼續受益於創新的產品組合和策略計劃。我為我們團隊的敏捷性感到自豪，我們能夠繼續應對不確定的市場地位，並有能力實施緩解措施來抵消關稅的影響。

We delivered solid adjusted EPS growth in the order and continue to compete very effectively in this environment. However, global trade disputes and tariffs are still highly dynamic. And as you have made -- may have seen last night after our press release, the US administration announced a significant increase in US tariffs on imports from Switzerland. If the tariffs stay at 39% on Switzerland, this would negatively impact yesterday's EPS guidance for this year by approximately $0.40. We will continue to implement mitigating actions to fully offset tariffs next year.

我們實現了穩健的調整後每股收益成長，並繼續在這種環境下有效地競爭。然而，全球貿易爭端和關稅仍然高度活躍。正如你們在昨晚我們的新聞發布會後可能看到的，美國政府宣布大幅提高對瑞士進口產品的關稅。如果對瑞士的關稅維持在39%，這將對今年公佈昨日公佈的每股收益預期產生約0.40美元的負面影響。我們將繼續採取緩解措施，力爭明年完全抵銷關稅影響。

Looking further out, while we anticipated many customers will remain cautious with their investments in the near term due to the global trade disputes and various governmental policy uncertainties. We are also very well positioned to benefit from increased investments in the future. We are confident that our unique global go-to-market approach and innovative portfolio will enable us to seize these opportunities, growth opportunities.

展望未來，我們預計由於全球貿易爭端和各種政府政策的不確定性，許多客戶短期內仍將對投資保持謹慎。我們也已做好準備，從未來增加的投資中獲益。我們相信，我們獨特的全球行銷方式和創新的產品組合將使我們能夠抓住這些機會和成長機會。

Let me now turn the call over to Shawn to cover the financial results and our guidance, and then I will come back with some additional commentary on the business and our outlook. Shawn?

現在，讓我將電話轉給肖恩，讓他介紹財務表現和我們的指導，然後我會對業務和前景發表一些額外的評論。肖恩？

Thanks, Patrick, and good morning, everyone. Sales in the quarter were $983 million, which represented an increase in local currency of 2%. On a US dollar reported basis, sales increased 4%. On slide number four, we show sales growth by region. Local currency sales increased 3% in the Americas were flat in Europe and increased 3% in Asia Rest of the World. Local currency sales in China declined 2% during the quarter. Slide number five shows local currency sales growth by region on a year-to-date basis.

謝謝，派崔克，大家早安。本季銷售額為 9.83 億美元，以當地貨幣計算成長 2%。以美元計算，銷售額成長了 4%。在第四張投影片上，我們展示了各地區的銷售成長。以當地貨幣計算，美洲銷售額成長 3%，歐洲銷售額持平，亞洲及世界其他地區銷售額成長 3%。本季，中國本土貨幣銷售額下降了 2%。第五張投影片顯示了年初至今各地區當地貨幣的銷售額成長。

On slide number six, we summarized local currency sales growth by product area. For the quarter, Laboratory sales increased 1% and industrial increased 4% with core industrial up 2% and product inspection up 8%. Food retail was flat in the quarter. Slide number seven summarizes our local currency sales growth by product area on a year-to-date basis.

在第六張投影片上，我們總結了按產品領域劃分的當地貨幣銷售成長。本季度，實驗室銷售額成長 1%，工業銷售額成長 4%，其中核心工業銷售額成長 2%，產品檢驗銷售額成長 8%。本季食品零售持平。第七張投影片總結了我們年初至今按產品領域劃分的當地貨幣銷售成長。

Let me now move to the rest of the P&L, which is summarized on slide number eight. Gross margin was 59.0% in the quarter, a decrease of 70 basis points on positive price realization and benefits from our SternDrive program were offset by incremental travel costs and lower volumes. R&D amounted to $49.3 million in the quarter, which is a 3% increase in local currency over the prior year. SG&A amounted to $247.3 million, a 2% increase in local currency over the prior year. Adjusted operating profit amounted to $283.3 million in the quarter and was flat versus the prior year.

現在讓我轉到損益表的其餘部分，其摘要請見第八張投影片。本季毛利率為 59.0%，下降了 70 個基點，原因是價格實現正成長，而 SternDrive 計畫帶來的收益被增加的差旅成本和較低的銷售所抵銷。本季研發支出達 4,930 萬美元，以當地貨幣計算比上年增長 3%。銷售、一般及行政費用達 2.473 億美元，以當地貨幣計算比前一年增加 2%。本季調整後的營業利潤為 2.833 億美元，與前一年持平。

Adjusted operating margin was 28.8% and a decrease of 120 basis points versus the prior year. We estimate the gross impact of tariffs reduced our operating margin by approximately 130 basis points. A couple of final comments on the P&L. Amortization amounted to $17.6 million in the quarter. Interest expense was $16.8 million and other income amounted to $3.3 million. Our effective tax rate was 19% in the quarter. This rate is before discrete items and is adjusted for the timing of stock option exercises.

調整後的營業利益率為28.8%，較前一年下降120個基點。我們估計關稅的整體影響使我們的營業利潤率降低了約 130 個基點。關於損益表的最後幾點評論。本季攤銷總額為 1,760 萬美元。利息支出為 1,680 萬美元，其他收入為 330 萬美元。本季我們的有效稅率為 19%。該利率是在離散項目之前計算的，並根據股票選擇權行使的時間進行調整。

Fully diluted shares amounted to 20.7 million which is approximately a 3% decline from the prior year. Adjusted EPS for the quarter was $10.09, a 5% increase over the prior year. Incremental tariff costs were a gross headwind of 5% and a net headwind of about 1.5% in the quarter.

完全稀釋股份總數為 2,070 萬股，較前一年下降約 3%。本季調整後每股收益為 10.09 美元，較上年增長 5%。本季增量關稅成本的總逆風為 5%，淨逆風約為 1.5%。

On a reported basis in the quarter, EPS was $9.76 as compared to $10.37 in the prior year, which included a discrete tax benefit of $1.07. Reported EPS in the quarter included $0.24 of purchased intangible amortization, $0.14 of restructuring costs and a $0.05 tax benefit related to the timing of stock option exercises. Slide number nine summarizes our year-to-date P&L. Local currency sales were flat for the six-month period. Adjusted operating profit declined 6%, and our operating margin contracted 150 basis points.

本季報告每股收益為 9.76 美元，而去年同期為 10.37 美元，其中包含 1.07 美元的單獨稅收優惠。本季度報告每股收益包含 0.24 美元的購買無形資產攤銷、0.14 美元的重組成本以及與股票選擇權行使時間相關的 0.05 美元稅收優惠。第九張投影片總結了我們今年迄今的損益表。六個月期間，當地貨幣銷售持平。調整後的營業利潤下降了 6%，營業利潤率收縮了 150 個基點。

Adjusted EPS declined 1%. Excluding the impact of 2023, shipping delays that benefited 2024 results, we estimate local currency sales grew 3% on a year-to-date basis, operating margin declined 30 basis points and adjusted EPS grew 7%. That covers the P&L, and let me now comment on adjusted free cash flow, which amounted to $409 million for the first six months, a 3% decrease on a per share basis due to lower earnings and higher bonus payments related to last year's performance. DSO was 35 days, while ITO was 4.2 times.

調整後的每股盈餘下降1%。排除 2023 年對 2024 年業績有利的運輸延誤的影響，我們估計當地貨幣銷售額年初至今增長 3%，營業利潤率下降 30 個基點，調整後每股收益增長 7%。這涵蓋了損益表，現在讓我來評論一下調整後的自由現金流，前六個月的調整後自由現金流為 4.09 億美元，由於收益下降和與去年業績相關的獎金支付增加，每股下降 3%。DSO為35天，而ITO為4.2倍。

Let me now turn to our guidance for the third quarter and for the full year. As Patrick mentioned earlier, the tariff environment remains dynamic and may continue to change. As you review our guidance, please keep in mind the following factors. First, yesterday's guidance assumed US import tariffs as well as the impact of retaliatory tariffs from other countries will remain in effect at recently announced levels prior to last night's US Presidential Executive Order and assumed a 15% US tariff rate on Swiss imports.

現在讓我來談談我們對第三季和全年的預測。正如帕特里克之前提到的，關稅環境仍然是動態的，並且可能會繼續變化。在您查看我們的指南時，請記住以下因素。首先，昨天的指引假設美國進口關稅以及其他國家報復性關稅的影響將保持在昨晚美國總統行政命令之前最近宣布的水平，並假設美國對瑞士進口產品徵收 15% 的關稅。

As of today, including the increase in Switzerland tariffs to 39% first mentioned in last night's US presidential executive order, we estimate our incremental global tariff costs at approximately $95 million on an annualized basis, down from our May 2025 estimate of $150 million due to lower rates for China-US tariffs, offset in part by the increase in Swiss tariff rates. We continue to make excellent progress with our mitigation actions and expect to fully offset these costs next year.

截至今天，包括昨晚美國總統行政命令中首次提到的將瑞士關稅提高至 39% 在內的話，我們估計全球關稅成本增量按年率計算約為 9500 萬美元，低於 2025 年 5 月估計的 1.5 億美元，原因是中美關稅稅率降低，但瑞士關稅稅率的提高部分抵消了這一影響。我們的緩解措施持續取得良好進展，預計明年將完全抵銷這些成本。

Geopolitical tensions are elevated and include the potential for new tariffs or retaliatory tariffs that we have not factored into our guidance. Second, while our second quarter results were better than expected, market conditions remain challenging with uncertainty related to trade disputes and governmental policies. We are not assuming market conditions improved during the second half of the year, although we will benefit from higher pricing compared to the first half of the year.

地緣政治緊張局勢加劇，包括可能徵收新的關稅或報復性關稅，而這些我們尚未計入我們的指導中。其次，雖然我們的第二季業績優於預期，但由於貿易爭端和政府政策的不確定性，市場狀況依然充滿挑戰。我們並不認為下半年市場狀況會有所改善，儘管與上半年相比，我們將受益於更高的定價。

Third, we assume foreign currency at current rates which is a slight headwind to adjusted EPS in 2025 but is about a 1% benefit to reported sales growth in the third quarter and a 1% benefit for the year. Finally, please keep in mind that our third-party logistics provider delays negatively impacted our Q4 2023 results by $58 million nearly all of which was recovered in our Q1 2024 results. For the full year 2025, this will reduce our sales growth by 1.5% and is a headwind to operating margin expansion of approximately 60 basis points and a headwind to adjusted EPS growth of approximately 4%.

第三，我們假設外幣按當前匯率計算，這對 2025 年的調整後每股收益會產生輕微的阻力，但對第三季度報告的銷售額增長和全年銷售額增長將產生約 1% 的益處。最後，請記住，我們的第三方物流供應商的延誤對我們 2023 年第四季的業績產生了 5,800 萬美元的負面影響，其中幾乎所有損失都在我們 2024 年第一季的業績中得到彌補。對於 2025 年全年而言，這將導致我們的銷售額成長減少 1.5%，並對營業利潤率擴張造成約 60 個基點的阻力，並對調整後每股收益成長造成約 4% 的阻力。

Now, turning to our guidance. For the third quarter of 2025, we expect local currency sales to grow approximately 3% to 4%. Operating margin is expected to decrease approximately 130 basis points at the midpoint of our range. We expect adjusted EPS to be in the range of $10.55 to $10.75 a growth rate of 3% to 5%. Included within the EPS guidance is a gross headwind of approximately 5% from higher tariff costs that we expect to offset with our mitigation actions.

現在，轉向我們的指導。對於 2025 年第三季度，我們預計當地貨幣銷售額將成長約 3% 至 4%。預計營業利潤率將以我們預期範圍的中點下降約 130 個基點。我們預計調整後的每股盈餘將在 10.55 美元至 10.75 美元之間，成長率為 3% 至 5%。EPS 指引中包含了因關稅成本上漲而產生的約 5% 的總不利因素，我們預計這些不利因素將透過我們的緩解措施予以抵銷。

For the full year 2025, our local currency sales growth forecast is 1% to 2% or up 2.5% to 3.5%, excluding the shipping delays. Operating margin is expected to be down modestly, excluding the net impacts of tariffs and prior year shipping delays. As mentioned earlier, the tariffs on US imports from Switzerland at 39% and were announced shortly after we provided yesterday's 2025 adjusted EPS guidance of $42.10 to $42.60.

對於 2025 年全年，我們預測當地貨幣銷售額成長率為 1% 至 2%，或上漲 2.5% 至 3.5%（不包括運輸延誤的影響）。不計關稅和上年運輸延誤的淨影響，預計營業利潤率將小幅下降。如前所述，美國對從瑞士進口的商品徵收 39% 的關稅，這是在我們昨天提供 2025 年調整後每股收益預期 42.10 美元至 42.60 美元後不久宣布的。

If the Swiss rate remains at 39% this will negatively impact our full year 2025 adjusted EPS by approximately $0.40 per share and reduce our EPS range to $41.70 to $42.20 compared to our May 2025 guidance of $41.25 to $42 which reflects EPS growth of 1% to 3% or 5% to 7%, excluding the shipping delays. The EPS guidance after adjusting for the higher Swiss tariff rates includes 5% from incremental tariff costs versus the prior year that we expect to fully offset with mitigating actions for 2026. We will post an updated slide to our website after the call reflecting this information.

如果瑞士利率維持在 39%，這將對我們 2025 年全年調整後的每股收益產生負面影響，減少約 0.40 美元/股，並將我們的每股收益範圍降至 41.70 美元至 42.20 美元，而我們 2025 年 5 月的指導值為 41.25 美元至 42 美元，而 1% 至每股收益7%，不包括運輸延誤。調整瑞士較高關稅稅率後的每股盈餘指引包括與前一年相比增加 5% 的關稅成本，我們預計 2026 年的緩解措施將完全抵銷這一影響。會議結束後，我們將在我們的網站上發布更新的幻燈片來反映此資訊。

Lastly, I would like to share a few other details on our 2025 guidance to help you as you update your models. We expect total amortization, including purchased intangible amortization to be approximately $73 million. Purchased intangible amortization is excluded from adjusted EPS and is estimated at $25 million on a pretax basis or $0.95 per share. Interest expense is forecast at $68 million for the year. Other income is estimated at approximately $11 million. We expect our tax rate before discrete items will remain at 19% in 2025. Free cash flow is expected to be approximately $860 million in 2025 and share repurchases are expected to be approximately $875 million.

最後，我想分享一些有關我們 2025 年指導的其他細節，以幫助您更新模型。我們預計總攤銷（包括購買無形資產攤銷）約為 7,300 萬美元。購買的無形資產攤銷不計入調整後的每股收益，按稅前計算估計為 2500 萬美元或每股 0.95 美元。預計全年利息支出為 6,800 萬美元。其他收入估計約1100萬美元。我們預計，到 2025 年，離散項目前的稅率將保持在 19%。預計 2025 年自由現金流約 8.6 億美元，股票回購預計約 8.75 億美元。

That's it from my side, and I'll now turn it back to Patrick.

我的發言就到這裡，現在我將把發言權轉回給派崔克。

Thanks, Shawn. Let me start with some comments on of operating businesses, starting with flat, which grew slightly in the quarter. We saw good growth from pharma and biopharma customers, which was offset in part by softer demand from academia, biotech and chemical sectors. Our bioprocessing-related sales remained strong, and the outlook for the year is healthy for this piece of our business. We have unique solutions offering for bioproduction and we can help customers entire workflow with our laboratory, process analytics and industrial products.

謝謝，肖恩。首先，我想對經營業務發表一些評論，首先是持平，本季略有成長。我們看到製藥和生物製藥客戶實現了良好的成長，但學術界、生物技術和化學產業的需求疲軟在一定程度上抵消了這一成長。我們的生物加工相關銷售依然強勁，今年這項業務的前景良好。我們為生物生產提供獨特的解決方案，並可透過我們的實驗室、流程分析和工業產品來幫助客戶完成整個工作流程。

Our process analytics business has also introduced many new innovations like digital, analytical sensors that have strong and consistent digital signal that resists interference and can store critical data of audit proof record keeping. We've also expanded our portfolio of single-use sensors that covers a wide range of measurement parameters.

我們的流程分析業務還引入了許多新創新，例如數位分析感測器，它們具有強大且一致的數位訊號，可以抵抗幹擾並可以儲存審計證明記錄保存的關鍵數據。我們還擴展了一次性感測器的產品組合，涵蓋了廣泛的測量參數。

Turning to our industrial business. We had growth in our core industrial business in the quarter despite challenging market conditions. While most end markets have generally remained soft, we have been active in capitalizing on our customers' demand for automation and productivity solutions. Our portfolio is well positioned to benefit from onshoring investments over the coming years and our team is focused on identifying potential new project opportunities as they emerge.

轉向我們的工業業務。儘管市場環境充滿挑戰，我們的核心工業業務在本季仍實現了成長。儘管大多數終端市場普遍保持疲軟，但我們一直積極利用客戶對自動化和生產力解決方案的需求。我們的投資組合已做好充分準備，將在未來幾年從在岸投資中受益，我們的團隊也致力於發現新出現的潛在專案機會。

Turning to product inspection. We again had stronger-than-expected performance this quarter amid challenging market conditions in the food manufacturing industry. Our recent innovations are providing customers a strong incentive to upgrade aging equipment given the significant reduction in total cost of ownership or new solutions provide. We expect a level solid growth for the remainder of the year as our market share gains offset soft industry demand. Lastly, food retail sales were flat for the quarter.

轉向產品檢驗。在食品製造業充滿挑戰的市場環境下，本季我們的業績再次超出預期。由於整體擁有成本大幅降低或新解決方案的推出，我們最近的創新為客戶提供了升級老化設備的強大動力。由於我們的市佔率成長抵消了疲軟的行業需求，我們預計今年剩餘時間將保持穩健成長。最後，本季食品零售額持平。

Now, let me make some additional comments by geography. Starting in the Americas, where growth was stronger than expected due to strength in our core industrial and product inspection business. We remain pleased that our refresh portfolio of Industrial Solutions has supported solid market share gains during soft economic conditions. The market conditions for LAP remain mixed as academia and biotech sectors have been soft offset in part by strength in bioprocessing.

現在，讓我根據地域情況作一些補充評論。從美洲開始，由於我們核心工業和產品檢測業務的強勁成長，該地區的成長強於預期。我們仍然很高興看到，我們更新的工業解決方案組合在疲軟的經濟條件下支持了穩固的市場份額成長。由於學術界和生物技術領域的疲軟在一定程度上被生物加工領域的強勢所抵消，LAP 的市場狀況仍然喜憂參半。

Turning to Europe. Sales were flat for the quarter against solid growth in the year ago period, especially for LAP, and we also had modest growth in Industrial. Finally, our Asia Rest of the World results were better than expected in the second quarter. Our teams executed very well and delivered strong growth in Southeast Asia. In China, underlying market conditions remain soft, and we do not expect much improvement in the second half of the year.

轉向歐洲。與去年同期的穩健成長相比，本季的銷售額持平，尤其是 LAP，工業部門也實現了適度成長。最後，我們第二季的亞洲及世界其他地區的業績優於預期。我們的團隊表現非常出色，在東南亞實現了強勁成長。在中國，基本市場狀況依然疲軟，我們預期下半年不會有太大改善。

We are pursuing growth opportunities in hot segments like e-mobility and renewable energy and GLP-1s and also looking to help customers meet more stringent quality control requirements in the 2025 Chinese pharmaco peer starting in October.

我們正在電動車、再生能源和 GLP-1 等熱門領域尋求成長機會，同時也希望幫助客戶滿足 10 月開始的 2025 年中國製藥同行更嚴格的品質控制要求。

We are also monitoring any potential stimulus in China this year and have not assumed anything in our forecast. Finally, I'd like to provide an update on our service business, which grew 4% in the quarter and 5% on a year-to-date basis. Our second quarter results were impacted a bit by timing issues and we remain optimistic for good growth in the second half of the year. We are making good progress with our service growth initiative.

我們也關注中國今年可能出台的任何刺激措施，並且沒有在預測中做出任何假設。最後，我想介紹我們的服務業務的最新情況，本季服務業務成長了 4%，年初至今成長了 5%。我們第二季的業績受到時間問題的影響，但我們對下半年的良好成長仍然持樂觀態度。我們的服務成長計劃正在取得良好進展。

In summary, I'm extremely satisfied with our team's performance and the strong results we have achieved despite challenging and uncertain market conditions. Our proactive tariff mitigation efforts will allow us to meaningfully offset incremental cost this year while also increasing the resiliency in our global supply chain.

總而言之，儘管市場條件充滿挑戰和不確定性，但我對我們團隊的表現以及我們所取得的強勁業績感到非常滿意。我們積極主動的關稅減免措施將使我們能夠有效抵消今年的增量成本，同時提高我們全球供應鏈的彈性。

We will continue to leverage and evolve our global manufacturing footprint to increase our in-reach production capabilities that will ensure continued resilience and agility. I'm also very pleased with how Spinnaker is enabling us to proactively support our customers as they adapt their operations. The demand for more resilient supply chains has identified since the pandemic, representing significant growth opportunities for us across nearly all regions. Onshoring and the development of regional supply chains in the coming years will serve as crude growth drivers especially as many companies have announced significant investment plans in the United States.

我們將繼續利用和發展我們的全球製造足跡，以提高我們的可及生產能力，確保持續的彈性和靈活性。我也很高興看到 Spinnaker 讓我們能夠在客戶調整營運時為他們提供主動支援。自從疫情爆發以來，對更具彈性的供應鏈的需求已經顯現，這為我們在幾乎所有地區都帶來了巨大的成長機會。未來幾年，在岸外包和區域供應鏈的發展將成為粗略的成長動力，特別是許多公司已經宣佈在美國進行重大投資計畫。

Our strong and diverse portfolio enables us to support customers across the entire value chain and we are uniquely positioned to benefit from the many new instrument plans that have been announced by the biopharma and other industries in recent months. As companies establish new production facilities, we are uniquely positioned to benefit as Life Sciences overall sends about 40% of our revenue and the estimate around two thirds of that supports customers' production and QA/QC operations.

我們強大而多樣化的產品組合使我們能夠為整個價值鏈的客戶提供支持，並且我們擁有獨特的優勢，可以從近幾個月生物製藥和其他行業宣布的許多新儀器計劃中受益。隨著公司建立新的生產設施，我們將處於獨特的優勢，因為生命科學總體上為我們帶來了約 40% 的收入，其中約三分之二的收入用於支援客戶的生產和 QA/QC 營運。

In addition, approximately half of our global sales support our customers' production processes with solutions in process analytics, for industrial applications and product inspection which will also benefit from onshoring opportunities and investments in other industries.

此外，我們全球約有一半的銷售額用於支援客戶的生產流程，包括流程分析、工業應用和產品檢測解決方案，這些解決方案也將受益於其他行業的在岸機會和投資。

Our market organizations are well equipped to identify and capitalize on these opportunities empowered by an expanded toolkit of our recent wave of Spinnaker. I recently spent several days with global leaders from around the world to discuss these opportunities and how we will leverage these new initiatives to reallocate resources to ensure we fully capitalize on our customers' resiliency investments. Another key growth opportunity we are actively pursuing is the increasing need to replace aging equipment after many years of inferred investments.

透過我們最近推出的 Spinnaker 擴充工具包，我們的市場組織已做好充分準備來識別和利用這些機會。最近，我花了幾天時間與來自世界各地的全球領導人討論這些機遇，以及我們將如何利用這些新措施重新分配資源，以確保我們充分利用客戶的彈性投資。我們正在積極尋求的另一個關鍵成長機會是經過多年的推斷投資後，更換老化設備的需求日益增加。

During the latter half of 2024 and early into this year, we started to observe return to normal replacement cycles for lab equipment among many customers. However, trade and policy uncertainty appear to have again delayed many replacements. We believe there has pent-up replacement demand across our business following several years of soft market conditions. As the business environment stabilizes with reduced uncertainty we anticipate an increase in replacement spending over the coming years. Overall, we are confident in our ability to execute and deliver solid earnings in 2025.

2024 年下半年和今年初，我們開始觀察到許多客戶的實驗室設備更換週期恢復正常。然而，貿易和政策的不確定性似乎再次推遲了許多替換。我們相信，經過數年的疲軟市場環境，我們的整個業務中都存在著被壓抑的替代需求。隨著商業環境的穩定和不確定性的減少，我們預計未來幾年替代支出將會增加。整體而言，我們對 2025 年穩健獲利的能力充滿信心。

We are also well positioned to uniquely benefit from the emerging growth opportunities associated with onshoring hot segments and equipment replacement. We will also maintain a well-balanced approach that emphasizes growth innovation and operational excellence. The focused execution of these initiatives will drive above-market growth and sustained margin expansion well into the future.

我們也處於有利地位，可以從熱門領域的國內轉移和設備更換帶來的新興成長機會中獲得獨特的利益。我們還將保持平衡的方法，強調成長創新和卓越營運。這些措施的重點實施將推動未來高於市場的成長和持續的利潤率擴張。

Now this concludes our prepared remarks. Operator, I'd now like to open the line to questions.

我們的準備好的演講到此結束。接線員，我現在想開始回答問題。

(Operator Instructions) Dan Arias, Stifel.

（操作員說明）Dan Arias，Stifel。

Shawn. So maybe just on the EPS guide. That sounds like it's now functionally $0.40 lower. Does that include some offset activities? Or is that the gross impact, and that's just sort of the way that you think things will end up by the end of the year? I know you've got about 12 hours to think about it. So just what you think you do from here.

肖恩。因此也許只是 EPS 指南。這聽起來好像現在實際上低了 0.40 美元。這是否包括一些抵消活動？或者這就是整體影響，而您認為事情到年底就會變成這樣？我知道你大約有 12 個小時來考慮這個問題。所以你只需思考你從這裡開始做的事情。

Yes. No, thanks, Dan, and appreciate the comment. Right now, that's the gross headwind. Of course, there's not a lot of time left in the year to mitigate this year. You can imagine we were already going through our list of additional mitigation actions already last night.

是的。不，謝謝，丹，感謝您的評論。目前，這是一個嚴重的逆風。當然，今年剩下的時間來緩解這個問題已經不多了。你可以想像，昨晚我們已經在研究額外的緩解措施清單了。

So we actually already have a really good -- in terms of what we're going to do. We're actually very confident about our ability to mitigate it for next year. From like a Q3 perspective, there's -- we really don't see any impact at all or much at all, just given the nature of the inventory levels that we have, like for the next couple of months. But as we kind of look to Q4, there's just not a lot of time here to mitigate it. Now of course, we'll try to do some things. We've got a couple of ideas. But right now, we think it's probably more conservative just to assume the gross number.

因此，就我們要做的事情而言，我們實際上已經做好了很好的準備。事實上，我們對明年緩解這個問題的能力非常有信心。從第三季的角度來看，考慮到我們庫存水準的性質，例如未來幾個月，我們確實看不到任何影響，或者說幾乎沒有影響。但當我們展望第四季時，我們發現沒有太多的時間來緩解這種影響。現在當然，我們會嘗試做一些事情。我們有幾個想法。但目前，我們認為僅僅假設總數可能更為保守。

Okay. And then maybe just on China, if you put the tariff stuff aside, to the extent that's possible, does visibility into demand looks like it's changing at all or at least stabilizing in some way, such that a forecast one way or another, has more confidence behind that. I mean last quarter, we were talking about the environment getting more uncertain. I'm just curious whether things have changed since then.

好的。那麼也許就中國而言，如果你把關稅問題放在一邊，在可能的範圍內，需求的可見性是否看起來正在發生變化，或者至少在某種程度上趨於穩定，這樣一種預測就會更有信心。我的意思是上個季度，我們正在談論環境變得更加不確定。我只是好奇從那時起情況是否發生了變化。

Yes. I mean, I think kind of before last night, I mean, I think yesterday, things that creates maybe some more uncertainty in the markets in terms of how our customers maybe react with uncertainty. But kind of coming into this release, we actually were feeling increasingly more positive. We delivered -- we thought a very good quarter in spite of challenging market conditions. We saw really good execution throughout the organization.

是的。我的意思是，我認為在昨晚之前，我的意思是，我認為昨天發生的事情可能會為市場帶來更多的不確定性，就我們的客戶如何應對不確定性而言。但隨著這個版本的發布，我們實際上感覺越來越積極。儘管市場環境充滿挑戰，但我們仍認為這是一個非常好的季度。我們看到整個組織的執行情況非常好。

We saw modest to growth with a couple of highlights in the portfolio during the second quarter. As we started this year, we were probably a little bit more cautious on our industrial business. So for us, that was one of the highlights of the quarter, both on the core industrial side, but project inspection actually had a very good quarter.

我們看到，第二季投資組合呈現溫和成長，並有幾個亮點。今年伊始，我們可能對工業業務更加謹慎。因此，對我們來說，這是本季的亮點之一，不僅在核心工業方面，而且專案檢查實際上也表現得非常好。

And so as we kind of like look to the second half of the year, we certainly didn't anticipate that things were going to get worse. We were a little bit, I would say, cautious in terms of how we guided the second half of the year. If you kind of cut through our guidance, we kind of felt like the second half would be similar to the first half on a volume basis. But certainly, we were encouraged by some stabilizing trends, particularly on the industrial side. If you look at the laboratory side of the business, there's still a little bit of a mixed picture.

因此，當我們展望下半年時，我們當然沒有預料到情況會變得更糟。我想說，我們對下半年的規劃有點謹慎。如果您看一下我們的指導，我們感覺下半年的銷售量將與上半年相似。但確實，一些穩定的趨勢令我們感到鼓舞，特別是在工業方面。如果你看一下實驗室方面的業務，你會發現情況仍然有點複雜。

But maybe I might pause there, and I can ask for some follow-up there.

但也許我可以在那裡暫停一下，然後我可以要求一些後續行動。

Yes. Maybe, Dan, if I should let me chime in a little bit here as well. Specifically on the question regarding China. So in China, it became better in -- we had guided. And we -- but we also say for the second half of the year, there will be more will be again flattish, so not a significant change.

是的。也許，丹，我也可以在這裡插嘴一點。具體來說，關於中國的問題。因此在中國，情況變得更好了——我們已經進行了指導。而且我們也表示，對於今年下半年來說，將會更加平穩，因此不會有重大變化。

We don't see a dramatic change in the underlying market conditions there. We compete very effectively portfolio and our team there I mean as I said in my remarks as well, we have not factored it in any potential stimulus for the second half or beginning next year, we'll see how it plays out. Again, from now I would say, it's stable and although volume, but there's no significant change.

我們沒有看到那裡的基本市場狀況發生劇烈變化。我們的投資組合和我們的團隊競爭非常有效，我的意思是，正如我在演講中所說的那樣，我們還沒有將其考慮在下半年或明年年初的任何潛在刺激因素中，我們將看看它如何發揮作用。再說一次，從現在開始我想說，它是穩定的，雖然數量不多，但沒有顯著的變化。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Can you elaborate further on where the strength is coming from and product inspection and comment whether your full year forecast for that business has changed at all?

您能否進一步闡述優勢來自何處以及產品檢查情況，並評論您對該業務的全年預測是否有任何變化？

Yes. Look, I will start on on the product portfolio a little bit. So we spent over the last three years, a lot of emphasis on really expanding our strategy to attract more also the mid-range market, and we spend a lot of energy on launching a lot of new innovative products, both in the mid-range and at the high end. So right now, we are definitely winning market share in space as an outcome of all the new products that we rolled out. I'm really happy with how the strategy play out there.

是的。瞧，我將稍微開始介紹一下產品組合。因此，在過去三年中，我們投入了大量精力來真正擴大我們的策略，以吸引更多的中端市場，並且我們投入了大量的精力來推出許多新的創新產品，包括中端和高端產品。因此，目前，我們推出的所有新產品無疑都在太空領域贏得了市場份額。我對這個策略的實施感到非常滿意。

Extremely well positioned in -- around the world with this portfolio. We have new solutions for X-ray detection, metal detection and check wane. And it really extensive our customers to operate the existing solutions and for us and with the new -- portfolio, we now also can tap into customers that wouldn't happen looked at us before as a potential supplier bears we have been perceived as much as the only high-end supplier.

憑藉這一投資組合，我們在世界各地佔據著極為有利的地位。我們針對X射線檢測、金屬檢測和檢查槽有新的解決方案。它確實擴大了我們客戶操作現有解決方案的範圍，對於我們來說，透過新的產品組合，我們現在還可以吸引以前不會將我們視為潛在供應商的客戶，我們已經被視為唯一的高端供應商。

So we've had to expand the portfolio, again, we get into more new accounts, definitely winning market share. And for the second half of the year, we're also optimistic as continues to grow. I think short correct me if I'm wrong, but this thing still with single digit.

因此，我們必須擴大產品組合，再次，我們獲得更多的新客戶，肯定能贏得市場份額。對於下半年，我們也持樂觀態度，認為其將持續成長。如果我錯了我想簡短地糾正我，但這東西仍然是一位數。

Actually -- well, I think in the third quarter specifically, I think we could even do a little bit better than that. Our guidance contemplates mid- to high single digit in the third quarter. But maybe just kind of stepping back for the year, we're kind of looking at mid- to high single digit for that business, which is up a little bit from what we thought before. I think the last time we spoke, we were guiding to mid-single digits. So really happy for the team.

實際上——嗯，我認為具體到第三季度，我們甚至可以做得更好一點。我們的預期是第三季實現中高個位數成長。但也許只是回顧今年的情況，我們預計該業務的成長率將達到中高個位數，比我們之前預想的略有上升。我認為我們上次談話時，我們的指導數字是中等個位數。我真的為球隊感到高興。

They've been working hard executing really well. These new products are really well received by the market. It's not like food manufacturing, which is a big end market. It's a challenging end market, but we're just doing very well here and pleased with the momentum.

他們一直努力工作並取得優異成績。這些新產品確實受到了市場的歡迎。它不像食品製造，那是一個龐大的終端市場。這是一個充滿挑戰的終端市場，但我們在這裡做得很好，並且對這種發展勢頭感到滿意。

Appreciate that color. And then as a follow-up, what was the process analytics growth rate in the quarter? And can you comment on the full year outlook for that business given your positive commentary on by processing more broadly?

欣賞那種顏色。然後作為後續問題，本季流程分析的成長率是多少？鑑於您對更廣泛的處理業務給予了積極的評價，您能否對該業務的全年前景發表評論？

Yes, we usually don't break down that number -- that business so specifically, but maybe I can give you some color. On the bioprocessing side, we actually did quite well in process analytics. We still saw good momentum. If you kind of peel it back a little bit in the area of like single-use technologies, we actually did extremely well, I'd say, in the quarter. But process analytics also sells to other end markets like chemical.

是的，我們通常不會如此具體地細分這個數字——那個業務，但也許我可以給你一些細節。在生物加工方面，我們在過程分析方面實際上做得相當好。我們仍然看到了良好的動力。如果你稍微深入研究一次性技術領域，我想說，我們在本季的表現確實非常好。但過程分析也銷往化學品等其他終端市場。

And so that kind of like offset some of that growth when you look at it as a specific product line. But we feel good about the trends we're seeing in our business in bioprocessing, and we feel like those trends should continue into the second half of the year.

因此，當你將其視為特定的產品線時，這就會抵消部分成長。但我們對生物加工業務中看到的趨勢感到樂觀，我們認為這些趨勢應該會持續到今年下半年。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Maybe oe of the 3Q guide, encouraging to see you guys guide above the street. I recall the last time that happened speed a little while. Can you just talk about the confidence you have there to do that. And again, it would be helpful, Shawn, just to talk through what you're thinking about each segment for the quarter. And again, do things get better, where you felt again, a little more confident in putting that number above where the consensus was relative to that typical Mettler conservative, and that always seems to give you end up a little bit below.

也許是 3Q 指南中的一個，很高興看到你們在街上的指南。我記得上次發生這種情況時速度很快。您能否談談您對此有何信心？再說一次，肖恩，談談你對本季每個部分的想法會很有幫助。再說一次，情況是否會變得更好，你會再次感到更有信心將這個數字設定在共識之上，相對於典型的梅特勒保守派，而這似乎總是會讓你的結果略低於共識。

Yes, sure. So maybe I'll start by just like walking through the guidance by business area, and then I can make maybe a couple of comments after that. So if we look at our lab business, we're our guidance is low single digit for the third quarter. If we look at our core industrial and our product inspection business, we guide -- we're guiding both of those businesses mid- to high single digit in the quarter and third quarter. and then retail would be down low single digit.

是的，當然。因此，也許我會先按照業務領域介紹一下指導，然後再發表一些評論。因此，如果我們看一下我們的實驗室業務，我們對第三季的預期是低個位數。如果我們看一下我們的核心工業和產品檢驗業務，我們預計這兩項業務在本季和第三季都將實現中高個位數的成長，而零售業將下降低個位數。

And then if we look at geographically, we have the Americas up mid-single digit. We have Europe up low single digit. And then we have China flat. So when you step back from that, I think the thing that probably stands out is that we're probably a little bit more optimistic in terms of our industrial businesses sitting here today versus where we would have been and probably where you would have been 3 months ago. And I think it's like a combination of what we just talked about on product inspection.

然後，如果我們從地理位置來看，美洲的成長速度達到了個位數的中段。歐洲的成長率低於個位數。然後我們有中國平板。因此，當你退一步考慮這個問題時，我認為最突出的一點是，與三個月前相比，我們對今天的工業業務可能更加樂觀。我認為這就像我們剛才討論的產品檢查的結合。

It's coming off a little bit better quarter in Q2 on the core industrial business. And when you kind of peel that one back, we also feel like we're seeing really good trends in terms of automation and digitalization from our customers. If you kind of like really look at what's growing, that's an area that kind of stands out, which is kind of the strength of our portfolio. I feel like we're very well positioned for that. Those opportunities, we've talked a lot about that in the past. We also -- there's elements of this business that also have projects.

核心工業業務在第二季表現略有改善。當你回顧這一點時，我們也感覺到我們看到了客戶在自動化和數位化方面確實呈現的良好趨勢。如果你認真觀察哪些領域正在成長，你會發現這是一個非常突出的領域，也是我們投資組合的優勢。我覺得我們已經做好充分的準備了。關於這些機會，我們過去已經討論過很多次了。我們——這個業務的某些部分也有項目。

And so as we kind of look at some of that activity in the third quarter, what we can see in our pipeline also gives us some confidence here as well, too.

因此，當我們回顧第三季度的一些活動時，我們在管道中看到的情況也給了我們一些信心。

Okay. That sounds good. And then maybe just on the pricing side, always a nice number for you guys to pull. Obviously, with everything going on on the tariff side, it's probably even been more pertinent, can you just talk about the conversations there? Again, it sounds like the Switzerland piece is the gross impact, to your point, Shawn, probably a little late in the year to do too much on that. But can you just talk about pricing as a potential lever what the expectations are, what's built into guide here and just the moving pieces as we think about pricing margins, that area.

好的。聽起來很好。然後也許只是在定價方面，對你們來說，總是會有一個不錯的數字。顯然，隨著關稅方面發生的一切，它可能變得更加重要，您能談談那裡的對話嗎？再說一遍，聽起來瑞士問題的影響是巨大的，就你的觀點而言，肖恩，今年可能有點晚了，無法對此做太多。但是，您能否談談定價作為潛在槓桿的作用，預期是什麼，這裡的指南是什麼，以及我們考慮定價利潤率時的變動因素等。

Yes. I think so pricing always starts from my perspective, from our value proposition, right? And we work real hard at continuously investing in innovation to make sure we can preserve and enhance that value proposition. And when you go through times like this and you're raising prices a little bit more, you always test that value proposition. And what's really kind of great from my seat is that we see really good reactions in terms of the marketplace. People understand it. And our sales force does a really great job of frankly, articulating that value proposition.

是的。我認為定價總是從我的角度、從我們的價值主張開始，對嗎？我們努力不斷投資於創新，以確保我們能夠維持並增強這一價值主張。當你經歷這樣的時期並且稍微提高價格時，你總是會測試這個價值主張。從我的角度來看，真正令人高興的是，我們看到了市場方面非常好的反應。人們明白這一點。坦白說，我們的銷售人員在表達這項價值主張方面做得非常出色。

If we kind of like look at the second quarter, our pricing was around 3%, which was in line with what we were expecting for the second quarter. For the second half of the year, we'll probably be in the 3.5% or so kind of a range. It was a little bit dynamic because some of the pricing would have included some surcharges three months ago that we pulled back on with some of the rate changes over the last three months. But when we look at the full year, last time we spoke, we probably would have been saying that we were going to grow 3% or so for the full year in terms of price realization would be 3% or so for the full year.

如果我們看第二季度，我們的定價約為 3%，這與我們對第二季度的預期一致。下半年，我們的成長率可能會在 3.5% 左右。它有點動態，因為三個月前的一些定價會包含一些附加費，而我們在過去三個月中透過一些費率調整取消了這些附加費。但是當我們看全年時，上次我們說話時，我們可能會說，就價格實現而言，全年我們將增長 3％ 左右。

Sitting here today, we'll still be in that 3% range, but maybe not the or so part. So it will be a little bit lower. kind of going into next year. And as we think about like the Swiss tariff rate, we'll think about that. We'll consider that. Of course, we have very strong value propositions on those products as well. But we'll try to do this in a balanced way for our customers as well, too. And frankly, we'll also see how the situation plays out. I'm sure it's going to be dynamic. I'm sure we'll learn a lot more here over the next few months, too.

今天我們坐在這裡，我們仍然會處於 3% 的範圍內，但可能不是這個比例。所以它會稍微低一點。進入明年。當我們考慮瑞士關稅稅率時，我們會考慮這一點。我們會考慮的。當然，我們對這些產品也有非常強大的價值主張。但我們也會盡力以平衡的方式為我們的客戶做到這一點。坦白說，我們也將觀察局勢如何發展。我確信它會充滿活力。我相信在接下來的幾個月裡我們也會在這裡學到更多。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Congrats on the nice execution here. Maybe Shawn, my first question for you on the EPS assumptions as you look at back half heading into '26. The -- I guess, the Swiss update that annualizes to $1.60 rate. And I guess the assumption is you should be able to offset that rate for next year? I understand for Q4, it's too early, but for next year, should we think of Mettler's ability to fully offset that in related to that fiscal '26, I think some of your peers have made some comments on tax rates, given R&D capitalization, how you think about tax rate for next year?

恭喜你在這裡的出色表現。也許是肖恩，當您展望 26 年下半年時，我對您的第一個問題是關於 EPS 假設。我猜，瑞士的最新匯率是年化利率 1.60 美元。我猜想你應該能夠抵銷明年的這個比率？我知道對於第四季度來說還為時過早，但對於明年，我們是否應該考慮梅特勒是否有能力完全抵消與 26 財年相關的影響，我認為您的一些同行對稅率發表了一些評論，考慮到研發資本化，您如何看待明年的稅率？

Yes. Thanks, Vijay. So just -- I think you implied this with the question that the $1.60 would be approximately a full year number, but just to make sure everyone gets the right numbers that we we estimate the impact on our results this year, the gross impact of $0.40. And then as we kind of go into next year, you're right. We do feel confident about our ability to mitigate the incremental portion for 2026. Of course, it's still early to provide more guidance on 2026 at this point in time, but we'll update you guys on the next call.

是的。謝謝，維傑。所以——我想你剛才的問題暗示了1.60美元大約是全年的數字，但為了確保大家得到正確的數字，我們估算了今年業績的影響，總影響為0.40美元。然後，當我們進入明年時，你是對的。我們確實對減輕 2026 年增量部分的能力充滿信心。當然，現在就提供更多關於 2026 年的指導還為時過早，但我們會在下次電話會議上向大家通報最新情況。

But we do feel very good with our progress overall in our mitigation activities, and we -- like I said earlier, we already have some actually really good ideas of how we would approach this one if it continues. In terms of the -- in terms of taxes, I do -- we don't expect -- of course, we're still analyzing this. We don't expect much benefit at all to our tax rate for next year.

但我們對於緩解活動整體上取得的進展感到非常滿意，而且——就像我之前說的，如果這種情況繼續下去，我們已經有了一些非常好的想法來應對這個問題。就稅收而言，我確實——我們並不期望——當然，我們仍在分析這一點。我們預計明年的稅率不會有太大的優惠。

So I think sitting here today, I would continue to assume the 19%. Of course, we'll update you on the next call as we learn more and think about next year. But maybe the one benefit we do see is on the cash tax side. And so that's something that we're studying right now, and so we should get some cash flow benefits out of this.

所以我認為今天坐在這裡，我會繼續假設 19%。當然，當我們了解更多資訊並考慮明年的情況時，我們會在下次電話會議上向您通報最新情況。但也許我們確實看到的一個好處是在現金稅方面。這就是我們現在正在研究的事情，所以我們應該從中獲得一些現金流效益。

That's helpful, Shawn. And Patrick, maybe one for you. You bring up about services, some timing issues. Are those coming back in the back half -- maybe just talk about what would happen in 2Q and expectations on a go-forward basis?

這很有幫助，肖恩。派崔克，也許你也有一個。您提到了有關服務和一些時間問題。這些會在下半年回歸嗎 - 也許只是談論第二季度會發生什麼以及未來的預期？

Yes, Vijay, let me chime in here a little bit and explain about Q2 again also was really time issue and some of the larger projects that we sometimes have in services. We are very confident about our second half growth that we will get back to the growth that we have seen before. We have a strong growth program in place for service organization. We actually started already last year, putting more service engineers into the organization, strengthening the marketing organization as well getting deeper penetration in the installed base because we see a really good growth opportunity connecting stronger that the installed base instruments.

是的，維傑，讓我在這裡稍微插嘴一下，再次解釋一下 Q2，這也是時間問題，以及我們有時在服務中遇到的一些較大的項目。我們對下半年的成長非常有信心，我們將恢復到先前的成長水準。我們為服務組織制定了強而有力的成長計畫。實際上，我們從去年就開始在組織中安排更多的服務工程師，加強行銷組織，並在安裝基礎上獲得更深入的滲透，因為我們看到了一個比安裝基礎儀器更強大的連接的一個非常好的增長機會。

So for the second half, we are optimistic that we are getting back to growth. So we have no indications that that is a major thing that we have seen in Q2. And for the full year, we still Year-to-date, we had 5% growth in services. It's also a very respectable number. I think the strategies work. Sometimes you have some timing on projects, spare parts and stuff like that, but we don't see this as a trend right now, we see really the second half optimistic.

因此，對於下半年，我們樂觀地認為我們將恢復成長。因此，我們沒有跡象表明這是我們在第二季度看到的重大事件。就全年而言，年初至今，我們的服務業務仍實現了 5% 的成長。這也是一個非常可觀的數字。我認為這些策略是有效的。有時你會在專案、備件和諸如此類的東西上有一些時間安排，但我們現在並不認為這是一種趨勢，我們對下半年的情況非常樂觀。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Feel for you guys providing guidance as the tariff rates change in real time, I appreciate the incremental color you shared on that. One of the big topics we've been focused on with earnings is like pull-forward dynamics. I was curious as you looked at the results in the quarter, whether you saw that in any of your businesses, how you went about assessing that.

感謝你們在關稅稅率即時變更時提供的指導，我很欣賞你們在這方面分享的增量資訊。我們在收益方面關注的一大主題是前拉動態。我很好奇，當您查看本季度的業績時，您是否在任何業務中看到了這一點，您是如何評估這一點的。

Yes. Thanks, Jack, for the question. Look, I mean, when we talk or sales leaders there we have no indications at the moment that there was any pull forward happening in Q2. The market uncertainty there was out there the reason I think why we saw with growth in Q2 is entirely based on the fact that we have an outstanding product portfolio will be extremely well in the dynamic and tuning market conditions but nothing that I could point to, to say, I heard in any of the regions or any of the product categories that it would be a stocking of pull forward.

是的。謝謝傑克提出這個問題。聽著，我的意思是，當我們與銷售主管交談時，我們目前沒有跡象表明第二季度出現了任何拉動。市場存在不確定性，我認為我們之所以在第二季度實現成長，完全是因為我們擁有出色的產品組合，在動態和調整的市場條件下表現非常出色，但我無法指出，我聽說在任何地區或任何產品類別中，它都會成為一種向前拉動的儲備。

Okay. And in the service business, you talked about some timing dynamics in the quarter. Do you mind just elaborating on what that was? And are those coming back in the second half?

好的。在服務業務中，您談到了本季的一些時間動態。您介意詳細說明一下那是什麼嗎？這些人會在下半年回歸嗎？

Yes. As I said in my comment before to Vijay. Again, you sometimes you have this transition of the quarters. It's mainly project-related, some of the -- servicing they had. Some of it was spare parts maybe the stronger spare parts consumption in the quarter last year in the same quarter. But again, we have no indication that this is an underlying trend for the second half. optimistic in terms of the savers demand that you're seeing the adoption of new services that we have outlined. And actually, we're -- our second half outlook remains stable. Good growth.

是的。正如我之前在評論中對 Vijay 所說的那樣。再一次，有時你會經歷這種季度的轉變。這主要與項目有關，是他們提供的一些服務。其中一些是備件，可能是去年同期的備件消費量更強勁。但同樣，我們沒有跡象表明這是下半年的潛在趨勢。就儲戶需求而言，我們感到樂觀，因為您將看到我們所概述的新服務的採用。實際上，我們對下半年的展望仍然保持穩定。成長良好。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

This is Casey on for Rachel. Maybe the first one is just can you walk us through performance in Europe in the quarter relative to expectations? The flat growth there, I think, is a little bit below the low single-digit growth you pointed us to and the guide. So maybe just parse out drivers by segment and the outlook in that region for the back half of the year? I think you said you expect Europe to grow low singles in 3Q.

這是 Casey 代替 Rachel 上場的。也許第一個問題是，您能否向我們介紹本季歐洲的表現是否符合預期？我認為，那裡的平穩增長略低於您指出的和指南中的低個位數增長。那麼也許只是按細分市場分析出驅動因素以及該地區下半年的前景？我認為您說過您預計歐洲第三季的單打成長率較低。

Yes. I think, Casey, so I'll take that one. So Europe was flat in the quarter. I think it was down a little bit from what we were previously guiding. The one area was, I'd say, the lab business was more flattish there. I think with the industrial business up slightly. If you look at the lab business, one of the things we saw in the second quarter was a lot of certainty in the market even with some of the things that were being announced in the US from a tariff perspective at the beginning of the quarter, some of those dynamics certainly affect other parts of the world in terms of how people are thinking about the timing of projects and things like that.

是的。我認為，凱西，所以我會接受這個。因此本季歐洲表現穩定。我認為它比我們之前的指導值略有下降。我想說的是，那裡的實驗室業務比較平淡。我認為工業業務會略有成長。如果你看一下實驗室業務，我們在第二季度看到的一件事是，儘管本季度初美國從關稅角度宣布了一些事情，但市場仍然非常確定，其中一些動態肯定會影響世界其他地區，影響人們如何考慮項目的時間安排等。

So certainly, we were not immune to that, and we kind of did see that in our European results. As we think about Europe for the rest of the year, I think I might have mentioned this already. We're looking at like a low single-digit growth for the third quarter. And then just to kind of maybe cap it off at the full year, our guidance would be flattish, would be flattish in Europe. But keep in mind that there's this shipping delay topic. So if you exclude the shipping delay, I think the European numbers would actually be up low single digit on a full year basis. So.

所以，我們當然也無法倖免，而且我們在歐洲的業績中也確實看到了這一點。當我們思考今年剩餘時間的歐洲局勢時，我想我可能已經提到了這一點。我們預計第三季的成長率將達到低個位數。那麼，也許只是為了在全年達到頂峰，我們的預期將是持平的，在歐洲將是持平的。但請記住，存在運輸延遲的問題。因此，如果排除運輸延遲的影響，我認為歐洲全年的數字實際上會上升個位數。所以。

Okay. Got it. That's helpful. And then maybe just one on the onshoring piece, you talked a lot about it today and some of the recent pharma manufacturing build-out announcements -- you've talked previously about how Mettler is not necessarily involved in the initial build-out of those facilities given your portfolio. So just curious on timing of when you expect some of these CapEx announcements to eventually flow through into orders and revenue for you guys? Is it a 2026 upside driver or perhaps further out?

好的。知道了。這很有幫助。然後也許只談一個關於在岸部分的問題，您今天談了很多，以及一些最近的製藥製造擴建公告——您之前談到，考慮到您的投資組合，梅特勒不一定參與這些設施的初始擴建。所以我只是好奇，您預計這些資本支出公告最終何時會轉化為您們的訂單和收入？這是 2026 年的上行驅動力，還是更遠的未來？

I think it's -- this is still early innings. I mean I have a lot of big announcement have been made. I think our strong -- in the strong connection to customers worldwide customer base, we have worldwide talking with customers and being in discussions about their reshoring all showing plans and making sure they understand the strengthen perform we can solve for them with these plans. But it's still very early. I mean, 2026, we hope to see really starting, and then we'll expect some even more momentum in the following years. But it's very early.

我認為——這仍處於早期階段。我的意思是我已經發布了很多重大公告。我認為我們強大的——在與全球客戶群的緊密聯繫中，我們與全球客戶進行交談並討論他們的回流所有展示計劃，並確保他們了解我們可以透過這些計劃為他們解決的強化績效。但現在還為時過早。我的意思是，我們希望看到 2026 年真正開始，然後我們期待在接下來的幾年裡會有更大的發展勢頭。但現在還為時過早。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

Great. I just wanted to get some framework or some type of clarity on the replacement cycle that you guys talked about having pent-up demand. Can you give us a sense of like how overage the active installed base is given all the uncertainty led to some pushouts and where you are in that upgrade cycle? And kind of just trying to figure out how -- from what you've seen in the past, could this like result in some type of snapback? Or is it just that once customers get clarity, they'll just start engaging in that the upgrade cycle and not just essentially a pause in a pushout and you should see like a more normalized recovery like you would in the past.

偉大的。我只是想獲得一些框架或某種形式的清晰度，以了解你們談到的被壓抑的需求的更換週期。考慮到所有不確定性導致的一些推遲，您能否告訴我們活躍安裝基數的超齡程度如何，以及您處於升級週期的哪個階段？只是想弄清楚——從你過去所看到的情況來看，這是否會導致某種反彈？或者只是一旦客戶清楚了情況，他們就會開始參與升級週期，而不僅僅是暫停推出，你應該會看到像過去一樣更正常化的復甦。

Luke, this is Shawn. Maybe I'll start, and I'll let Patrick add some color if he wants. So when you step back, I'd like to remind people that if you think about pre-COVID, Pre-COVID, probably 80% to 90% of our business in the West, like the United States, North America and Europe was replacement. And so -- and so we -- when we look at that and we look at the last few years, clearly, we've seen customers not actively replacing their installed base. Now part of that certainly could have been some acceleration that happened in COVID. But every year that we get away from COVID from our perspective, we feel like that kind of plays into this thesis.

盧克，這是肖恩。也許我會開始，如果派崔克願意的話，我會讓他添加一些顏色。因此，當你退一步考慮時，我想提醒大家，如果你考慮新冠疫情之前的情況，那麼在新冠疫情之前，我們在西方（例如美國、北美和歐洲）的業務可能有 80% 到 90% 是替代的。所以，當我們回顧這一點並回顧過去幾年時，我們清楚地看到，客戶並沒有積極地更換他們已安裝的客戶群。其中部分原因肯定是新冠疫情加速發展所致。但從我們的角度來看，每年當我們遠離 COVID 時，我們都會覺得這在某種程度上證實了這個論點。

Another thing is, like if you look at last year, we felt like we were starting to see some initial signs of replacement cycle? Like if you think about some of the analytical instrument numbers we're putting up in the second half of the year, we felt like there was maybe the beginning, we can't call it a trend at that point, but we are certainly noting it in our comments. But then with the uncertainty this year, we felt like people were kind of pulling back and hesitating again.

另一件事是，如果你回顧去年，我們感覺我們開始看到一些更換週期的初步跡象？例如，如果你想想我們在下半年提出的一些分析儀器數字，我們覺得這可能只是一個開始，我們不能稱之為趨勢，但我們肯定會在評論中註意到這一點。但由於今年的不確定性，我們感覺人們又開始退縮和猶豫了。

Now kind of getting into the date, it's always hard to -- it's hard to aggregate for such a thing. Our teams typically work on a more disaggregated basis when they work with the installed base. But some of the kicking of the tires that we've been doing with the team certainly indicates an aging of the iBase, -- but the timing of that in terms of when we see the magnitude, those things are still difficult for us to tell.

現在談到日期，總是很難——很難匯總這樣的事情。當我們的團隊與已安裝的客戶群合作時，他們通常會以更分散的方式進行工作。但是，我們與團隊一起進行的一些測試確實表明了 iBase 的老化——但就我們看到的程度而言，這些事情仍然很難判斷。

A lot of the things that we do can be delayed for a little bit and which kind of plays into this topic, but people can't delay forever. And so we do feel like it's something that will come back. Our feeling is that as there is more certainty in the markets that's going to be the biggest driver, and we'll start to see things kind of come back to normal. But whether it comes back all at once or gradually over time, I think that's still frankly to be defined as well as the timing.

我們做的很多事情可以稍微推遲一下，這與這個主題有關，但人們不能永遠拖延。因此我們確實感覺到它會再次出現。我們的感覺是，隨著市場更加確定，這將成為最大的驅動力，我們將開始看到事情恢復正常。但無論它是一下子恢復還是隨著時間的推移逐漸恢復，我認為坦白說這還有待確定，時間也尚待確定。

Thing that's important, Shawn, iBase but you should look at this as not a total stop of replacement that we have been seeing. It was a slowdown of the replacement cycle over the last several years. And once the uncertainty comes back, there will be an acceleration and get after the price side, but it's not a snap back. It's not like it. All of a sudden, you will see more big spike per placement. It will be then again customers get more confidence and then we will see an acceleration of the pace.

重要的事情是，Shawn，iBase，但你應該將此視為我們所看到的替代的完全停止。這是過去幾年更換週期的放緩。一旦不確定性再次出現，就會出現加速並影響價格方面，但這並不是突然反彈。不像是。突然之間，你會看到每個展示位置出現更多大幅的峰值。然後客戶會再次獲得更多信心，然後我們就會看到步伐的加快。

Right. But of course, the other thing that gets us a little excited is that we have that dynamic, but we also have -- if you go back to my beginning common, like 80% to 90% of the West used to be replacement. But I think going forward, we're going to have a lot more greenfield activity than we've had in the past too with a lot of these onshoring topics as well as just a global trend towards more automated solutions, more digital solutions. These things are going to play well for our portfolio as well, too.

正確的。但當然，另一件讓我們有點興奮的事情是，我們有這種動態，但我們也有——如果你回到我開始的共同點，就像 80% 到 90% 的西方曾經是替代的。但我認為，展望未來，我們將擁有比過去更多的綠地活動，包括許多此類在岸外包主題，以及全球朝著更多自動化解決方案、更多數位化解決方案發展的趨勢。這些因素對我們的投資組合也會有好處。

Great. That's helpful. And then lastly, I guess, Shawn, talk a little bit about the 4Q margin step-up from 3Q. Just help understand the underlying drivers there especially in context with the tariffs and your mitigation aspects there, especially on the low to mid-single implied growth.

偉大的。這很有幫助。最後，我想，肖恩，請談談第四季利潤率相對於第三季的成長。只是幫助理解那裡的根本驅動因素，特別是在關稅和緩解方面的背景下，特別是低到中等單一隱含增長。

So just to make sure I understand your question, you're talking in Q4 what period?

因此，為了確保我理解您的問題，您說的是第四季度的哪個時期？

4Q margin.

第四季利潤率。

For this year?

今年呢？

Yes, for this year from 3Q.

是的，從今年第三季開始。

Yes. So I mean -- so we usually don't give too much detail on the Q4, but of course, you can kind of squeeze it out at this point of the year. But I mean, if you look at like the overall level of gross margin, it's probably going to optically look similar to the third quarter. But if you look at it, but you have two things going on. One is we have a lot more volume in the fourth quarter than we did in the third quarter.

是的。所以我的意思是——我們通常不會透露太多有關第四季度的細節，但當然，你可以在每年的這個時候透露一些細節。但我的意思是，如果你看一下整體毛利率水平，它可能看起來與第三季相似。但如果你看一下，你會發現有兩件事正在發生。一是第四季的銷量比第三季多得多。

But this year, we're also -- that would assume we have a lot more tariffs in the fourth quarter than we do the third quarter, assuming that the Swiss tariff rates remain at -- remain at 39%.

但今年，我們也假設第四季的關稅將比第三季高得多，假設瑞士的關稅稅率維持在 39%。

So -- but on a year-on-year basis, the fourth quarter margin would be down pretty significantly. I mean it could be down in the the 170, 180 basis point kind of range versus the prior year.

所以——但與去年同期相比，第四季的利潤率將大幅下降。我的意思是，與前一年相比，它可能會下降 170 到 180 個基點。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

I want to ask about biopharma. I know you said no pull forward to Jack's question and too early to kind of benefit from onshoring as you also noted. But you talked about kind of modest recovery last quarter. I'm just curious how you're thinking about R&D spending in the next couple of quarters. You've got tariffs, MFN noise, obviously, some negative headlines in challenging therapy. How do you feel about kind of baseline R&D spending for pharma in the near term?

我想問一下有關生物製藥的問題。我知道您說過不要提前回答傑克的問題，而且現在從在岸外包中獲益還為時過早，正如您所說。但您談到了上個季度的溫和復甦。我只是好奇您對未來幾季的研發支出有何看法。你面臨關稅、最惠國待遇的噪音，顯然，還有一些挑戰治療的負面新聞。您對近期製藥業的基準研發支出有何看法？

Yes. Tycho, this is Patrick. Look, I mean, as you know, most of our exposure to biopharma is more bio production, a lot of process any business, but also through QA/QC solutions that we have for --. We're not really strongly exposed to already in that space. So we see actually the potential for biopharma with all the indicated changes with the reshowing home growing, putting in the United States, it will be actually very attractive for us because customers will build out manufacturing sites in the United States, 4 existing products.

是的。泰科，這是派崔克。我的意思是，如你所知，我們對生物製藥的接觸主要是生物生產，很多流程都是任何業務，但也透過我們為--.我們在該領域的曝光度還不夠高。因此，我們實際上看到了生物製藥的潛力，隨著所有指示的變化，重新顯示出本土增長，投入美國，這對我們來說實際上非常有吸引力，因為客戶將在美國建立生產基地，生產 4 種現有產品。

They will continue in that environment also do have -- operations that we can equip with our lab solutions and industrial solutions. So that's the plus we are seeing right now despite a potential impact on research might slow down -- given the what we hear in the news, but the build-out of manufacturing sites in QA/QC and everything that comes along with it will actually be a plus and then bill -- will be a strong tailing for us moving forward.

他們將繼續在那種環境中開展我們可以配備實驗室解決方案和工業解決方案的業務。所以這是我們現在看到的優勢，儘管對研究的潛在影響可能會減緩 - 考慮到我們在新聞中聽到的內容，但在 QA / QC 中建造製造基地以及隨之而來的一切實際上將是一個優勢，然後是賬單 - 將成為我們前進的強勁後盾。

Yes, just to make sure to kind of help everyone understand what is our exposure here. I think we might have said it in the prepared remarks. But if you think about it, about 40% of our global business is sold into life sciences, broadly like traditional pharma, biopharma, et cetera. We estimate about two third of that is comprising manufacturing in QA/QC labs with the other one third being more R&D and scale up. But even within that one third, we're probably a little bit more weighted towards the late stage R&D.

是的，只是為了確保能夠幫助每個人了解我們在這裡的風險敞口。我想我們可能已經在準備好的發言中提到過這一點。但如果你仔細想想，我們全球約 40% 的業務都銷往生命科學領域，大致包括傳統製藥、生物製藥等等。我們估計其中約三分之二是在 QA/QC 實驗室中進行製造，另外三分之一是更多的研發和擴大規模。但即使在這三分之一中，我們可能也更專注於後期研發。

If you kind of like peel back the portfolio a little further on the early stage, that's clearly where we have seen some softness like in the Pipette business. But I think we're relatively less exposed there. And I think it's always one of our strengths, right? It's like we serve all the way through the value chain, and we've always been pretty good at being able to pivot where and towards the growth opportunities that they present themselves.

如果你在早期階段進一步剝離投資組合，我們顯然會看到一些疲軟表現，例如 Pipette 業務。但我認為我們在那裡的曝光率相對較低。我認為這始終是我們的優勢之一，對嗎？這就像我們在整個價值鏈中提供服務一樣，我們一直非常擅長根據他們所呈現的成長機會進行調整。

Okay. That's really helpful. And then I guess, similarly, I know US academic.

好的。這真的很有幫助。然後我想，同樣地，我了解美國學術。

You just cut out Tycho.

你剛剛把 Tycho 剪掉了。

Give me one moment. Let me get his line back live. Mr. Peterson, your line is open.

請稍等片刻。讓我重新接通他的電話。彼得森先生，您的線路已開通。

All right. a follow-up, I want to ask on US academic and government. I know it's a low single-digit percentage of revenues, but there are green shoots here and edge grants are starting to flow. As we think about the lab business in the back half of the year, could that be a source of upside, any kind of budget catch-up spend?

好的。接下來我想問一下有關美國學術界和政府的問題。我知道這只佔收入的較低個位數百分比，但這裡已經出現了復甦的跡象，邊緣補助也開始湧入。當我們考慮下半年的實驗室業務時，任何形式的預算追趕支出是否可能成為上漲的來源？

Yes. I mean like you said, it's not a significant exposure for us. If you look at our US academic and government business together. It's only about 2% of our global sales. So if it swings one way or the other, it's not going to have a meaningful effect on our overall numbers. But any positive numbers is something that we'll always take, but it's not going to move the needle very much for us. And from an NIH perspective, our business -- direct business to the NIH is closer to 0 as a percentage of our business, and it is one. So it's pretty insignificant.

是的。我的意思是，就像你說的，這對我們來說不是一個重大的曝光。如果你把我們的美國學術和政府業務放在一起來看。這僅占我們全球銷售額的2%左右。因此，無論出現哪種情況，都不會對我們的總體數字產生重大影響。但是我們總是會採取任何正數，但這不會為我們帶來太大的影響。從 NIH 的角度來看，我們的業務——直接面向 NIH 的業務占我們業務的比例接近 0，而是 1。所以這其實並不重要。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. Thanks for the question. Shawn, I want to make sure I'm in the right place on the tariff dynamics, just given how things are changing. You talked in the past about -- and you kind of reiterated earlier, mitigating the majority of things as you get into 2026. I just want to be clear, is that mitigation that you're taking mitigation actions you're taking proactively?

偉大的。謝謝你的提問。肖恩，考慮到情況的變化，我想確保我對關稅動態的了解是正確的。您過去曾談到過 — — 並且您之前也重申過，到 2026 年，大多數事情都會得到緩解。我只是想明確一點，您採取的緩解措施是您主動採取的緩解措施嗎？

Where I'm coming from is we're still getting tariff headlines every day as you're being fully aware. If there's is there sort of like a lag time you need to be able to fully mitigate if there's more tariff headlines in 2, 3 months? Could that spill over into 2026? Or is that sort of a no matter what next year don't assume any tariff.

我的觀點是，正如您所知，我們每天仍然會收到有關關稅的頭條新聞。如果存在某種延遲時間，您是否需要能夠完全緩解 2、3 個月內出現更多關稅問題的影響？這種趨勢會延續到 2026 年嗎？或者說無論明年如何，都不會承擔任何關稅。

I don't know if I can issue you an official guarantee here, but I think we feel very good about the the things that we're doing. I mean you can imagine we have a lot of different work streams going on. Some of them have been short term in nature, of course, I think when you think about things like pricing, that's a more shorter thing that we can implement quicker, but we have a lot of things on the supply chain. Some of the stuff was already in motion kind of coming into this year. Earlier this year, we accelerated a lot of projects as well.

我不知道我是否可以在這裡向您提供正式的保證，但我認為我們對所做的事情感到非常滿意。我的意思是，你可以想像我們有很多不同的工作流程正在進行中。當然，其中一些是短期的，我認為當你考慮定價之類的事情時，這是一個更短期的事情，我們可以更快地實施，但我們在供應鏈上有很多事情。有些事情在今年就已經開始實施了。今年早些時候，我們也加速了許多專案的推進。

Patrick and I actually were just our Tijuana facility earlier this week, just observing some of the activity there. I mean the team is just doing a wonderful job. It just shows the strength of like the global culture of like people working together. But that's just 1 example. There's just a lot of different things in terms of our global supply chain that we can optimize. And like I said earlier, we also had some additional ideas with this latest announcement. And -- but I think when you step back from all that, I think one of our -- the attributes of the company and the culture has always been agility, right?

事實上，本週早些時候，派崔克和我剛去過蒂華納工廠，觀察那裡的一些活動。我的意思是這個團隊做得非常好。這只是展現了全球人民共同努力的文化的力量。但這只是一個例子。就我們的全球供應鏈而言，有很多不同的事情可以優化。正如我之前所說，我們對這項最新公告還有一些額外的想法。而且——但我認為，當你回顧這一切時，我認為我們的公司和文化的屬性之一一直是敏捷性，對嗎？

Like we recognize things are going to change. We don't know which direction they're going to change, but we always focus on what we can control and we kind of lean into that agility gene when we need to. And I just feel really great about the organization and that culture, and I'm and that's what gives me probably the most confidence kind of going forward. But in terms of like what we know today, we feel very good about our ability to offset things for the next year.

就像我們認識到事情將會改變一樣。我們不知道它們會朝哪個方向改變，但我們始終專注於我們能夠控制的事情，並且在需要時我們就會依靠這種敏捷基因。我對這個組織和文化感到非常滿意，這可能是讓我對未來充滿信心的原因。但就我們今天所了解的情況而言，我們對明年抵銷損失的能力感到非常滿意。

Okay. And then for my follow-up, I kind of ask along the same lines. Given the high Switzerland exposure for you, can you just sort of remind us what steps specifically you're going to be taking to mitigate that? Like where the exposure hits -- and yes, how is that?

好的。然後，對於我的後續問題，我會問同樣的問題。鑑於您在瑞士的曝光率很高，您能否提醒我們您將採取哪些具體措施來減輕這種影響？就像曝光到達的地方一樣──是的，那是怎麼樣的？

Yes. I probably don't want to get into too many details here, Dan. So it's probably a little bit too early for us to talk specifically about it. I think we also need to talk to our organization a little bit first about like what we're going to do, but we -- but all these things are a combination. It's never going to be one thing, right? There's going to be a combination of many different types of things that we can kind of pull on -- and I think we'll kind of go through the process. And if this thing continues, we can provide maybe a little bit more color on our next call.

是的。丹，我可能不想在這裡談論太多細節。因此，現在我們具體談論這個問題可能還為時過早。我認為我們還需要先與我們的組織討論我們要做什麼，但是我們——但是所有這些事情都是組合在一起的。永遠不會是一件事，對嗎？我們將會採取多種不同類型的措施，我認為我們會完成整個過程。如果這種情況持續下去，我們可以在下次通話時提供更多資訊。

Josh Waldman, Cleveland Research.

克利夫蘭研究公司的喬許‧沃爾德曼。

One for Shawn and then one for Patrick. Shawn, first, a quick follow-up on Mike's tariffs questions. What were the variables that drove the gross impact stepping down to the $60 million or the, I guess, $95 million with the Switzerland change last night? And then on the offsets, where do you find your leaning in most to drive offsets to date? Has it been more price? Or has it been more supply chain and cost reduction focused?

一個給肖恩，另一個給派崔克。肖恩，首先，讓我們快速跟進一下麥克的關稅問題。昨晚瑞士發生的變化導致總影響下降到 6000 萬美元或我猜是 9500 萬美元，這其中有哪些因素？那麼，關於補償，您認為迄今為止您最傾向於在哪些方面推動補償？價格有漲嗎？還是更注重供應鏈和成本削減？

Yes. So in terms of the changes, I mean, certainly, we had a big benefit from the Chinese rate coming down. And so if you think about that, our Chinese exports to the US approximately about 50%. So you can kind of do some rough math on what it meant to go from 145% rate to a 30% rate. Of course, that was offset a little bit in the last 12 hours by the Swiss rates kind of going higher. I think the other rates there were some puts and takes, but frankly, just relative noise in the grand scheme of everything.

是的。所以就變化而言，我的意思是，我們確實從中國利率下降中受益匪淺。如果你考慮一下，我們中國對美國的出口大約佔50%。因此，您可以粗略地計算一下從 145% 的利率降至 30% 意味著什麼。當然，過去 12 小時內瑞士利率的上升稍微抵消了這一影響。我認為其他利率存在一些波動，但坦白說，這只是總體上的相對噪音。

In terms of the mitigation things, the short-term stuff for this year was kind of a combination of -- of course, we had some things going on in terms of the supply chain that we had already talked about. We hadn't waited until the announcement on April 2 or -- yes, I think it was April 2. We had already anticipated things. So we already had some good work streams going on in the supply chain side. We worked on some things from a cost side as well, too. But of course, we also leaned into some pricing actions that we talked about.

就緩解措施而言，今年的短期措施是多種因素的結合——當然，我們在供應鏈方面也有一些已經討論過的事情正在進行中。我們還沒有等到 4 月 2 日的公告——是的，我認為是 4 月 2 日。我們早已預料到了這些事情。因此，我們在供應鏈方面已經有一些良好的工作流程。我們也從成本方面做了一些工作。但當然，我們也傾向於我們討論過的一些定價行動。

And to put that in perspective, I mean, we started our year with guiding price realization in the 2% kind of a range. Now we're kind of saying we'll be in the 3% kind of a range, so you can get a sense for magnitude there. But this will continue to evolve. And the mix of what we do is going to change. You're going to see increasing more on -- on some of the topics like when we start thinking about like our supply chain optimization, we'll start to get some of those benefits more fully as we kind of go into next year.

從這個角度來看，我的意思是，我們今年年初的指導價格實現率是在 2% 左右。現在我們說的是我們將會處於 3% 的範圍內，所以你可以了解那裡的幅度。但這種情況將繼續發展。我們的工作內容也將改變。你會看到，當我們開始考慮供應鏈優化等一些主題時，隨著進入明年，我們將開始更充分地獲得其中的一些好處。

Got it. Okay. And then, Patrick, on the demand side, does this seem like visibility going into the second half is any better or worse than the visibility you felt you had either coming into the year or into the second quarter? Have order patterns become any more predictable as you progress into the year and it should, I guess, through the year and into July.

知道了。好的。然後，帕特里克，從需求方面來看，下半年的可見性是否比您認為今年或第二季的可見度更好或更差？隨著時間的流逝，訂單模式是否會變得更加可預測？我猜，這種情況應該會持續到今年 7 月。

Look, I mean the visibility we have is really good to the positions we have in place. I'd say, there has been a dramatic change in terms of the visibility in terms of anything that would indicate a slowdown or acceleration of the business momentum we are confident in our Q3 growth over based on what we see in our funnel of leads and opportunities out there that gives us confidence for Q3 also for the second half. But you also have to appreciate that we had a pretty fast turnover before products duly or deal cycles are very fast.

你看，我的意思是，我們對現有立場的了解確實很好。我想說的是，從可見性方面來看，已經發生了巨大的變化，任何跡像都表明業務勢頭放緩或加速，我們對第三季度的增長充滿信心，基於我們在潛在客戶和機會渠道中看到的情況，這讓我們對第三季度以及下半年充滿信心。但您也必須意識到，我們的產品上市前的周轉率非常快，交易週期也非常快。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

And thank you for taking my questions. So just two cleanups at this point. It sounds like Q2 European softness was largely comparisons. I didn't hear anything that suggested there was a fundamental change in demand patterns across all of your businesses. It also sounds like switching geographies that China is at least stable with current trends and maybe things are starting to get a little bit better.

感謝您回答我的問題。因此此時只需進行兩次清理。聽起來，第二季歐洲經濟的疲軟在很大程度上是比較而言的。我沒有聽到任何跡象顯示你們所有業務的需求模式發生了根本性變化。這聽起來也像是轉換地理位置，中國至少目前的趨勢是穩定的，也許情況開始變得更好。

building off of those observations, if Europe kind of returns at normal and starts to get a little bit better and by normal, I mean what you've seen in the last few quarters, if China starts to get a smidge better, would those be sources of upside to your implied fourth quarter revenue growth guidance. So that's the first question.

基於這些觀察，如果歐洲恢復正常並開始好轉，我所說的正常是指您在過去幾個季度看到的情況，如果中國開始好轉，那麼這些是否會成為您隱含的第四季度收入增長指引的上行來源。這是第一個問題。

Second is just on core industrial strength. You talked in your prepared remarks about strong demand for automation. I'm just wondering if you could tell us a little bit more about that. Is there anything specific worth calling out in terms of where you're seeing a pickup in demand either in applications or by geography?

第二就是核心產業實力。您在準備好的發言中談到了對自動化的強勁需求。我只是想知道您是否可以告訴我們更多有關此事的資訊。就您在應用程式或地理位置方面看到的需求回升而言，有什麼具體值得一提的嗎？

Thanks, Doug. Maybe I'll start, and I'll let Patrick maybe handle the second part of that. So in Europe, if you look at our guidance for Q3 and the second half of the year, we're kind of in low single digit. I -- hey, maybe there's some upside there, but we also have a more challenging fourth quarter comparison there, even excluding this shipping delay topic. So we'll see how it plays out, but I think there's still some uncertainty in the market there.

謝謝，道格。也許我會開始，然後我會讓派崔克來處理第二部分。因此，在歐洲，如果你看我們對第三季和下半年的預測，你會發現我們的成長率處於低個位數。我——嘿，也許那裡有一些好處，但我們也有一個更具挑戰性的第四季度比較，即使排除這個運輸延遲主題。所以我們會看看事情會如何發展，但我認為那裡的市場仍然存在一些不確定性。

China, of course, is always a wildcard, right? I think we've all been waiting for that moment when we start to see things kind of pick up, there certainly has been a bouncing along the bottom theme here.

當然，中國始終是個未知數，對嗎？我想我們都在等待那一刻，當我們開始看到事情開始好轉時，這裡肯定會出現底部主題的反彈。

I know that the team is remains optimistic as we kind of look to the future. The question is like at what time do we start to see things pick up think it will be like kind of like the rest of the world, like as more certainty is in the marketplace, we'll start to see things start to pick up there. But we feel -- we feel like we're well positioned there in terms of our business. We have a great China for China business, as you know. We also sell mostly to Chinese private companies as well there, too.

我知道，當我們展望未來時，團隊仍然保持樂觀。問題是，什麼時候我們開始看到事態好轉，就像世界其他地方一樣，隨著市場變得更加確定，我們就會開始看到事態好轉。但我們覺得——就我們的業務而言，我們處於有利地位。如您所知，我們在中國擁有出色的業務。我們的產品也主要銷售給中國私人企業。

So we -- and then we also, like, I think, support them very well in terms of their needs in terms of themes, in terms of like the market segments that the government is investing in. But we'll see. We're like you can tell from our guidance, we're still a bit cautious there for the rest of the year, and we'll kind of see things how things play out.

所以，我認為，我們也在主題方面、在政府投資的市場區隔方面，很好地滿足了他們的需求。但我們會看到。正如您從我們的指導中可以看出，我們對今年剩餘時間仍持謹慎態度，我們將觀察事情如何發展。

Doug, on the industrial core industrial, what we really see what I'm excited about is this this continued call for an improved goal for automation and digitalization solutions, especially the automation piece where we see automation solution providers now calling a lot of portfolio on our way relations. And it's actually across many end markets as we understand -- automation build-outs and a lot of automation opportunities with good momentum now in the United States, but also some interesting good recovery in, for example, in China, and then in Asia Pacific as well. So that's really for us with encouraging and promising moving forward.

道格，關於工業核心工業，我們真正看到讓我興奮的是，這種對自動化和數位化解決方案改進目標的持續呼籲，特別是自動化部分，我們看到自動化解決方案提供者現在在我們的方式關係中調用了很多投資組合。事實上，據我們了解，它涉及許多終端市場——自動化建設和大量自動化機會目前在美國呈現良好勢頭，但在中國和亞太地區也出現了一些有趣的良好復甦。所以這對我們來說確實是一個令人鼓舞和充滿希望的未來。

There are no further questions at this time. I'll now turn the call back over to Adam Uhlman for closing remarks.

目前沒有其他問題。現在我將把電話轉回給亞當烏爾曼 (Adam Uhlman) 作結束語。

Thanks, Carly, and thanks, everybody, for joining us today. If you have any follow-up questions, please feel free to reach out. And I hope everybody has a great weekend, and we'll talk to you soon.

謝謝卡莉，也謝謝大家今天加入我們。如果您有任何後續問題，請隨時與我們聯繫。我希望大家度過一個愉快的週末，我們很快就會再與你們交談。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。