Nordson Corp (NDSN) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin and I will be your conference operator today. At this time, I would like to welcome everyone to the Nordson Corporation first quarter fiscal year 2025 conference call. (Operator Instructions)

女士們、先生們，早安，謝謝大家的支持。我叫凱爾文，今天我將擔任您的會議主持人。現在，我謹歡迎大家參加諾信公司2025財年第一季電話會議。（操作員指令）

I would now like to turn the call over to Lara Mahoney. Please go ahead.

現在我想將電話轉給 Lara Mahoney。請繼續。

Thank you. Good morning. This is Lara Mahoney, Vice President of Investor Relations and Corporate Communications. I'm here with Sundaram Nagarajan, our President and CEO; and Dan Hopgood, Executive Vice President and Chief Financial Officer. We welcome you to our conference call today, Thursday, February 20, to report Nordson's fiscal 2025 first quarter results.

謝謝。早安.我是投資者關係和企業傳播副總裁 Lara Mahoney。我和我們的總裁兼執行長 Sundaram Nagarajan 一起在場；以及執行副總裁兼財務長 Dan Hopgood。歡迎您參加我們今天（2 月 20 日星期四）的電話會議，報告 Nordson 2025 財年第一季的業績。

You can find both our press release as well as our webcast slide presentation that we will refer to during today's call on our website at www.nordson.com/investors. This conference call is being broadcast live on our investor website and will be available there for 30 days. There will be a telephone replay of the conference call available until Thursday, February 27, 2025.

您可以在我們的網站 www.nordson.com/investors 上找到我們的新聞稿以及我們將在今天的電話會議上參考的網路廣播幻燈片簡報。本次電話會議將在我們的投資者網站上進行現場直播，並將持續 30 天。電話會議的回放將持續到 2025 年 2 月 27 日星期四。

During this conference call, we will make references to non-GAAP financial metrics. We provided a reconciliation of these metrics to the most comparable GAAP metric in the press release issued yesterday.

在本次電話會議中，我們將參考非公認會計準則財務指標。我們在昨天發布的新聞稿中提供了這些指標與最具可比性的 GAAP 指標的對帳表。

Before we begin, please refer to slide 2 of our presentation, where we note that certain statements regarding our future performance that are made during this call may be forward-looking based upon Nordson's current expectations. These statements may involve a number of risks, uncertainties and other factors as discussed in the company's filings with the Securities and Exchange Commission that could cause actual results to materially differ.

在我們開始之前，請參閱我們簡報的第 2 張投影片，我們注意到，根據 Nordson 目前的預期，本次電話會議中關於我們未來表現的某些陳述可能是前瞻性的。這些聲明可能涉及公司提交給美國證券交易委員會的文件中所述的許多風險、不確定性和其他因素，這些因素可能會導致實際結果產生重大差異。

I also want to take a moment to highlight that effective November 1, 2024, which is the beginning of our fiscal year, the Measurement & Control Solutions division formally reported as part of the Industrial Precision Solutions segment has been realigned to the Advanced Technology Solutions segment based on a reassessment of our portfolio.

我還想花點時間強調一下，從 2024 年 11 月 1 日（即我們的財政年度開始）起，正式報告為工業精密解決方案部門一部分的測量和控制解決方案部門已根據對我們產品組合的重新評估重新調整為先進技術解決方案部門。

Our segment reporting reflects this change and prior year financial information has been revised to be comparable. Please refer to the appendix in our earnings press release for comparative segment data by quarter for fiscal 2024.

我們的分部報告反映了這一變化，並且已修改了前幾年的財務資訊以便進行比較。請參閱我們收益新聞稿中的附錄，以了解 2024 財年按季度劃分的分部比較資料。

Now moving to today's agenda on slide 3, Naga will discuss first quarter highlights. He will then turn the call over to Dan to review sales and earnings performance for the total company and the three business segments. Dan will also discuss the balance sheet and cash flow. Naga will then share a high-level commentary about our enterprise performance and provide an update on the fiscal 2025 second quarter guidance. We will then be happy to take your questions.

現在轉到幻燈片 3 上的今天的議程，Naga 將討論第一季的亮點。然後，他會將電話轉給丹，讓他回顧整個公司和三個業務部門的銷售和獲利表現。丹也將討論資產負債表和現金流。隨後，Naga 將分享有關我們企業績效的高層評論，並提供 2025 財年第二季指引的最新資訊。我們將很樂意回答您的問題。

With that, I'll turn the call over to Naga.

說完這些，我將把電話轉給 Naga。

Good morning, everyone. Thank you for joining Nordson's fiscal 2025 first quarter conference call. We're starting the year with the sales of $615 million, which is at the low end of our guidance range due to soft demand in key end markets particularly electronics and industrial and foreign exchange headwinds that were slightly worse than expectations. This more than offset the solid performance of our Atrion acquisition as well as organic growth within our consumer nondurable product lines.

大家早安。感謝您參加 Nordson 2025 財年第一季電話會議。我們今年的銷售額為 6.15 億美元，處於我們預期範圍的低端，原因是主要終端市場（尤其是電子和工業）需求疲軟，外匯逆風略遜於預期。這遠遠抵消了我們收購 Atrion 所帶來的穩健表現以及我們非耐用消費品系列的有機成長。

Positively, order entry rates accelerated throughout the quarter, growing double digits above the prior year order entry run rate. You can see this growth in our backlog, which increased sequentially from fiscal year-end by approximately $85 million, ending at approximately $670 million as we exit the first quarter. The improvement in order entry rates and backlog is particularly encouraging to see in our electronics businesses.

積極的一面是，整個季度的訂單輸入率都在加速，比去年同期的訂單輸入運行率增長了兩位數。您可以在我們的積壓訂單中看到這種增長，積壓訂單從財年末開始連續增加約 8500 萬美元，在第一季結束時達到約 6.7 億美元。在我們的電子業務中，訂單輸入率和積壓量的改善尤其令人鼓舞。

Our continued focus on top customers and products, coupled with leveraging NBS Next to drive factory efficiencies and manage cost led to another strong quarter of operational performance. The team delivered 56% gross margin, [56%] (technical difficulty) -- operating profit margin, 31% EBITDA margin and converted free cash flow at nearly 150% of net income. We achieved adjusted earnings per share of $2.06, slightly above the midpoint of our guidance despite weaker sales.

我們持續專注於頂級客戶和產品，並利用 NBS Next 來提高工廠效率和管理成本，讓我們的營運表現再創強勁季度。該團隊實現了 56% 的毛利率、[56%]（技術難度）- 營業利潤率、31% 的 EBITDA 利潤率以及接近淨收入 150% 的轉換自由現金流。儘管銷售疲軟，但我們實現了調整後每股收益 2.06 美元，略高於我們預期的中位數。

As the growth compounder, we remain steadfast with our balanced capital deployment strategy, repurchasing approximately $60 million in shares during the quarter. In addition, we paid $45 million in dividends and decreased our net leverage ratio to 2.4 times exceeding the first quarter comfortably within our targeted range.

作為成長複合型企業，我們堅定不移地執行平衡的資本配置策略，在本季回購了價值約 6,000 萬美元的股票。此外，我們支付了 4500 萬美元的股息，並將淨槓桿率降低至 2.4 倍，輕鬆超過第一季的目標範圍。

Our consistently strong operating performance quarter-over-quarter positions us well to capitalize profitably on growth as demand improves throughout fiscal 2025. I'll speak more about the enterprise performance in a few moments.

我們持續保持強勁的季度營運業績，這使我們能夠在 2025 財年需求改善的情況下實現獲利成長。稍後我將進一步談談企業績效。

But first, I'll turn the call over to Dan to provide detailed perspective on our financial results for the quarter.

但首先，我將把電話轉給丹，讓他詳細介紹我們本季的財務表現。

Thank you, Naga, and good morning to everyone. On slide number 5, you'll see a summary of our overall operating company results. First quarter 2025 sales were $615 million, down 3% from the prior year first quarter sales of $633 million. This was driven by an 8% increase from the Atrion acquisition, offset by an overall organic sales decrease of 9% and unfavorable currency translation of about 2%.

謝謝你，Naga，大家早安。在第五張投影片上，您將看到我們公司整體營運表現的摘要。2025 年第一季的銷售額為 6.15 億美元，較去年同期的 6.33 億美元下降 3%。這是由於收購 Atrion 帶來的 8% 的成長，但被整體有機銷售額 9% 的下降和約 2% 的不利貨幣換算所抵消。

Demand was choppy to start the year, and we experienced headwinds in several end markets as we exited the calendar year, particularly in selected systems and medical businesses. Coupled with a 2% FX headwind, this drove sales at the bottom end of our guidance range.

今年年初，需求波動較大，年底時我們在多個終端市場遇到了阻力，特別是在特定係統和醫療業務方面。再加上 2% 的外匯不利因素，這導致銷售量降至我們指導範圍的底端。

As Naga mentioned, we were encouraged to see order entry rates accelerate throughout the quarter, which is reflected in our backlog growth since the start of the quarter. In addition, organic growth in packaging, nonwovens, optical sensors and measurement and controls businesses helped soften the revenue decline.

正如 Naga 所提到的，我們很高興看到整個季度的訂單輸入率正在加速，這反映在自本季度開始以來的積壓訂單增長中。此外，包裝、不織布、光學感測器以及測量和控制業務的有機成長有助於緩解收入下滑。

Gross profit remained strong in the first quarter at 56% of sales and EBITDA adjusted for special items in both periods totaled $188 million or 31% of sales. While overall EBITDA was down 4% from the prior year, driven by lower sales volume, EBITDA margins were flat year-over-year, inclusive of the newly acquired Atrion business.

第一季毛利保持強勁，佔銷售額的 56%，兩個期間經特殊項目調整後的 EBITDA 總計 1.88 億美元，佔銷售額的 31%。雖然受銷售量下降影響，整體 EBITDA 較前一年下降 4%，但包括新收購的 Atrion 業務在內，EBITDA 利潤率與前一年持平。

Looking at non-operating expenses. Net interest expense was $26 million, an increase of $5 million versus the prior year driven by higher debt levels tied to the Atrion acquisition. This was partially offset by a $2 million improvement in other income and expense, primarily reflecting foreign exchange transactional variations compared to the prior year.

查看非營業支出。淨利息支出為 2,600 萬美元，比上年增加 500 萬美元，原因是收購 Atrion 導致債務水準上升。但其他收入和支出增加了 200 萬美元，這部分抵消了這一增長，主要反映了與前一年相比外匯交易的變化。

Tax expense for the quarter was $22 million or an effective tax rate of 19%. This is in line with our guidance range for fiscal year 2025 and 200 basis points lower than the prior year.

本季稅費為 2,200 萬美元，有效稅率為 19%。這符合我們對 2025 財年的指導範圍，比前一年低 200 個基點。

Net income in the quarter totaled $95 million or $1.65 per share. Excluding $10 million of nonrecurring costs related to the Atrion acquisition and selected restructuring actions as well as $19 million in amortization of acquisition-related intangibles, adjusted earnings per share totaled $2.06 per share, slightly above the midpoint of our quarterly guidance, but a 7% decrease from the prior year adjusted earnings per share of $2.21. The decrease in year-over-year earnings reflects the impact of lower organic sales volume and higher acquisition-related interest expense, I referenced just a moment ago.

本季淨收入總計 9,500 萬美元，即每股 1.65 美元。不包括與 Atrion 收購和選定重組行動相關的 1,000 萬美元非經常性成本以及 1,900 萬美元收購相關無形資產攤銷，調整後每股收益總計 2.06 美元，略高於我們季度指引的中點，但比去年同期調整後的每股收益 2.21 美元下降 7%。我剛才提到，年比收益的下降反映了有機銷售量下降和收購相關利息支出增加的影響。

Now let's turn to slide 6 through 8, to review the first quarter 2025 segment performance. Starting with Industrial Precision Solutions. They had sales of $300 million, a decrease of 11% compared to the prior year first quarter, down 8% organically and 3% due to unfavorable currency impacts. Weaker system sales in our industrial coatings and polymer processing product lines were partially offset by growth in packaging and nonwovens product lines. Both our industrial coatings and polymer product lines are coming off a strong system delivery years in 2024.

現在讓我們翻到第 6 至第 8 張投影片，回顧一下 2025 年第一季的分部表現。從工業精密解決方案開始。其銷售額為 3 億美元，與去年同期相比下降 11%，其中有機下降 8%，不利的貨幣影響導致下降 3%。我們的工業塗料和聚合物加工產品線的系統銷​​售疲軟，但被包裝和非織造布產品線的成長部分抵消。我們的工業塗料和聚合物產品線都將在 2024 年實現強勁的系統交付。

And you may also recall that we're in the midst of transitioning selected industrial coating manufacturing to our new South Carolina plant, which should be substantially completed in the second fiscal quarter.

您可能還記得，我們​​將部分工業塗料製造轉移到我們位於南卡羅來納州的新工廠，該工廠將在第二財政季度基本完工。

EBITDA for the segment was $113 million in the quarter or 38% of sales. This is a decrease of 10% compared to the prior year EBITDA of $126 million, driven by lower sales volumes in the quarter. EBITDA margin improved 1% despite lower sales year-over-year due to a higher mix of parts and consumables versus the prior year.

該部門本季的 EBITDA 為 1.13 億美元，佔銷售額的 38%。由於本季銷售量下降，這一數字與去年同期的 1.26 億美元 EBITDA 相比下降了 10%。由於零件和消耗品組合較上年增加，儘管銷售額較上年下降，但 EBITDA 利潤率仍提高了 1%。

Turning to slide 7. You'll see Medical and Fluid Solutions sales of $194 million, increased 21% compared to the prior year's first quarter. Growth was driven by the acquired Atrion business, which delivered $53 million in revenue during the quarter. This was offset by double-digit declines in our medical interventional product lines where destocking trends continue to impact demand and we completed some strategic program rationalization to reposition the business for profitable growth.

翻到幻燈片 7。您會發現醫療和流體解決方案的銷售額為 1.94 億美元，比去年同期第一季成長了 21%。成長主要得益於收購的 Atrion 業務，該業務本季實現了 5,300 萬美元的收入。這被我們醫療介入產品線的兩位數下滑所抵消，因為去庫存趨勢繼續影響需求，我們完成了一些戰略計劃合理化，重新定位業務以實現盈利增長。

It's important to note that these destocking trends began in our second quarter of fiscal 2024, impacting the year-over-year decline on a comparative basis. We expect our interventional product lines to return to sequential growth heading into the second quarter of this year. EBITDA for Medical and Fluid Solutions was $64 million or 33% of sales, which was an 8% increase from prior year EBITDA of $60 million.

值得注意的是，這些去庫存趨勢始於我們的 2024 財年第二季度，對年減產生了影響。我們預計，我們的介入產品線將在今年第二季恢復連續成長。醫療和流體解決方案的 EBITDA 為 6,400 萬美元，佔銷售額的 33%，比去年同期的 6,000 萬美元 EBITDA 成長了 8%。

The increase was driven by higher sales from the Atrion acquisition. EBITDA margins were down 400 basis points, reflecting the lower contribution from Atrion. But as a reminder, we expect our EBITDA margins to improve sequentially for the Atrion business as we continue to integrate and implement NBS Next to improve manufacturing efficiencies and overall profitability. Importantly, Atrion's first quarter performance was actually well ahead of our initial targets for this business.

此次成長主要得益於收購 Atrion 帶來的銷售額成長。EBITDA 利潤率下降 400 個基點，反映出 Atrion 的貢獻較低。但提醒一下，隨著我們繼續整合和實施 NBS Next 以提高製造效率和整體獲利能力，我們預計 Atrion 業務的 EBITDA 利潤率將連續提高。重要的是，Atrion 第一季的業績實際上遠遠超出了我們對該業務的初始目標。

Turning to slide 8. You'll see Advanced Technology Solutions sales were $121 million, an 11% decrease compared to the prior year first quarter. The decrease included a 10% organic volume decline as well as an unfavorable currency translation of 1%. The decrease in sales was driven by double-digit declines in electronics processing and x-ray product lines, partially offset by growth in our optical sensors and measurement and control businesses.

翻到幻燈片 8。您會發現先進技術解決方案的銷售額為 1.21 億美元，與去年同期第一季相比下降了 11%。降幅包括有機銷量下降 10% 以及貨幣折算帶來的 1% 的不利影響。銷售額的下降是由於電子處理和X射線產品線的兩位數下滑，但被光學感測器和測量與控制業務的成長部分抵消。

Despite weaker Q1 performance, we continue to see improvement in order intake as the semiconductor and electronic applications we serve continue to show signs of improvement. Orders were up double digits in the quarter versus the prior year, and backlog grew double digits sequentially from the end of the year for this segment.

儘管第一季的表現較弱，但由於我們所服務的半導體和電子應用繼續顯示出改善的跡象，我們繼續看到訂單量的改善。與去年同期相比，本季的訂單量增加了兩位數，而該部門的積壓訂單量自年底起也較上季成長了兩位數。

In short, we continue to see encouraging signs in ATS for the balance of 2025 despite a slow start to the year. First quarter EBITDA was $23 million for the segment or 19% of sales, in line with the prior year first quarter EBITDA of $23 million or 17% of sales.

簡而言之，儘管今年開局緩慢，但我們仍然看到 ATS 在 2025 年餘下時間裡將呈現令人鼓舞的跡象。該部門第一季的 EBITDA 為 2,300 萬美元，佔銷售額的 19%，與去年同期的 EBITDA 2,300 萬美元或占銷售額的 17% 持平。

The improvement in EBITDA margin was driven by continued emphasis on cost management and improved manufacturing efficiencies. The margin enhancements we've implemented position the ATS segment well as demand continues to improve.

EBITDA 利潤率的提高得益於持續重視成本管理和提高製造效率。隨著需求不斷改善，我們實施的利潤率提高措施為 ATS 部門帶來了良好的定位。

Finally, let's turn to the balance sheet and cash flows on slide 9. At the end of the first quarter, we had cash on hand of $130 million, and net debt was [$2.1 billion], resulting in a leverage ratio of 2.4 times based on trailing 12 months EBITDA. This is a slight improvement from year-end and within our long-term target leverage range of 2 times to 2.5 times.

最後，讓我們來看看第 9 頁的資產負債表和現金流量表。截至第一季末，我們手頭上的現金為 1.3 億美元，淨債務為 21 億美元，根據過去 12 個月的 EBITDA，槓桿率為 2.4 倍。這比年底略有改善，並且在我們的長期目標槓桿率範圍內，即 2 倍至 2.5 倍。

Our free cash flow generation continues to be a compounding strength at $138 million during the quarter, resulting in a 146% conversion rate on net income. And we continue to strategically deploy the strong cash flow.

本季度，我們的自由現金流持續保持複合成長勢頭，達到 1.38 億美元，淨收入轉換率達到 146%。我們將繼續策略性地部署強勁的現金流。

During the quarter, we repurchased approximately $60 million in shares in addition to our quarterly dividend of $45 million, which, as a reminder, we increased by 15% at the end of last year. We also reduced net debt by $20 million during the quarter, while continuing to invest in our base businesses, spending $21 million on capital investments during the quarter.

在本季度，除了 4500 萬美元的季度股息外，我們還回購了價值約 6000 萬美元的股票，提醒一下，去年年底我們的股息增加了 15%。我們還在本季減少了 2,000 萬美元的淨債務，同時繼續投資於我們的基礎業務，本季的資本投資額為 2,100 萬美元。

All in all, we had a solid operational quarter despite a slower sales start, and we're well positioned to capitalize on profitable growth as demand normalizes in selected key end markets.

總體而言，儘管銷售起步放緩，但我們本季的營運表現穩健，而且隨著選定的關鍵終端市場需求恢復正常，我們有能力實現獲利成長。

With that, let's turn to slide 10, and I'll turn the call back to Naga.

說完這些，我們翻到第 10 張投影片，我將把電話轉回給 Naga。

Thanks, Dan. I also want to thank the Nordson team for delivering strong operating performance in a challenging demand environment. While first quarter was a slow start to the year from a revenue perspective, I'm encouraged by our ability to deliver best-in-class profitability in varying market scenarios while remaining invested in our best growth opportunities.

謝謝，丹。我還要感謝諾信團隊在充滿挑戰的需求環境中提供強勁的營運績效。雖然從收入角度來看，今年第一季開局緩慢，但我對我們能夠在不同的市場情景中提供一流的盈利能力以及繼續投資於我們最好的增長機會的能力感到鼓舞。

Among our bright spots is the ongoing integration of the Atrion acquisition. During the quarter, I had the opportunity to visit our three new Atrion manufacturing sites. I'm excited about the strong product portfolio that we acquired as well as the energetic colleagues for quickly embracing to deploy the NBS Next growth framework.

我們的亮點之一是正在進行的 Atrion 收購整合。在本季度，我有機會參觀了我們三個新的 Atrion 製造工廠。我對我們獲得的強大產品組合以及充滿活力的同事迅速接受並部署 NBS Next 成長框架感到非常興奮。

We're also seeing growing acceptance of Atrion's newest-generation myocardial protection system, which is used during open heart procedures. Positive market acceptance is accelerating sales for this product, including an attractive opportunity to recapitalize its installed base.

我們也看到，人們越來越認可 Atrion 的最新一代心肌保護系統，該系統用於開胸心臟外科手術。積極的市場接受度正在加速該產品的銷售，其中包括一個重新資本化其安裝基礎的誘人機會。

Also during the quarter, several of our product lines were celebrated with notable industry achievements. Nordson SpinSAM Acoustic Inspection system won three awards for its industry-leading wafer inspection throughput and best-in-class image quality, defect capture and footprint.

此外，在本季度，我們的多條產品線也取得了顯著的產業成就。Nordson SpinSAM 聲學檢測系統憑藉其業界領先的晶圓檢測吞吐量以及一流的影像品質、缺陷捕獲和覆蓋範圍贏得了三項大獎。

Our QuadraPro manual X-ray system received the Productronica Innovation Award for its exceptional image clarity and defect detection capabilities within back-end semiconductor and SMT applications. And our precision agriculture division's new Orion Pro product was recognized for technical innovation at the EIMA 2024 International Agriculture Machinery Exhibition.

我們的 QuadraPro 手動 X 射線系統因其在後端半導體和 SMT 應用中出色的影像清晰度和缺陷檢測能力而榮獲 Productronica 創新獎。我們精準農業部門的新產品 Orion Pro 在 EIMA 2024 國際農業機械展覽會上因其技術創新而獲得認可。

The Orion Pro is an integrated system for regulating and measuring the actual amount of product spread by liquid fertilizer distribution systems. Two notable electronics customers also recognized our market leader collaboration.

Orion Pro 是一個整合系統，用於調節和測量液體肥料分配系統所分配產品的實際數量。兩位著名的電子客戶也認可了我們作為市場領導者的合作。

In December, we received supplier awards, both from TSMC and Jabil, recognizing our product performance and support of critical underfilled applications as well as our dedicated responsive and talented local Nordson teams.

12 月，我們獲得了台積電和捷普兩家公司的供應商獎，這是對我們產品性能和對關鍵底部填充應用的支持以及我們敬業、反應迅速、才華橫溢的本地諾信團隊的認可。

We remain committed to product innovation, tracking strong vitality metrics in our packaging assembly and nonwovens product lines. This is reflected in the strong performance of those product lines in the quarter. We also have new products currently being launched in our medical fluid components and polymer processing product lines. In all cases, these new products are designed to solve the unique needs of our customers.

我們始終致力於產品創新，追蹤包裝組裝和非織造布產品線的強大活力指標。這反映在本季這些產品線的強勁表現上。我們目前也在醫療流體組件和聚合物加工產品線中推出新產品。無論如何，這些新產品的設計都是為了解決我們客戶的獨特需求。

Regardless of dynamic environment, Nordson remains steadfast in our commitment to innovation through differentiated products, our customer intimate sales model and protecting the diversified niche end markets we operate. These competitive advantages secure our position as a high-quality growth compounder even in challenging macro environments.

無論環境如何變化，諾信始終堅定不移地致力於透過差異化產品、貼近客戶的銷售模式進行創新，並保護我們營運的多樣化利基終端市場。這些競爭優勢確保了我們即使在充滿挑戰的宏觀環境中作為高品質成長複合型企業的地位。

Our division-led organization provides our teams with a clear view of our end markets, and they know where we need to focus and where we're doing well. We will continue to manage costs in weaker sales environment while balancing investments that support the increasing order entry trends that we experienced throughout the quarter.

我們以部門為主導的組織為我們的團隊提供了對終端市場的清晰了解，他們知道我們需要關注的地方以及我們在哪些方面做得很好。我們將繼續在較弱的銷售環境中管理成本，同時平衡支援整個季度經歷的訂單量不斷增長的趨勢的投資。

Turning now to our outlook on slide 11. We are entering the second quarter of fiscal 2025 with approximately $670 million in backlog and order entry that continued to improve throughout the quarter across all three segments. Based on these factors, as well as current foreign exchange rates and end market expectations, we anticipate delivering second quarter sales in the range of $650 million to $690 million and adjusted earnings in the range of $2.30 to $2.50 per diluted share.

現在轉到第 11 頁的展望。我們即將進入 2025 財年第二季度，積壓訂單和訂單量約為 6.7 億美元，整個季度三個部門的訂單量都持續改善。基於這些因素以及目前的外匯匯率和終端市場預期，我們預計第二季銷售額將在 6.5 億美元至 6.9 億美元之間，調整後每股收益將在 2.30 美元至 2.50 美元之間。

At this point in time, we're not updating our full year guidance range, although we would now expect our sales for the year to be on the lower end of our full year expectations given the slower start to the year and brought geopolitical macro environment dynamics. As always, I want to thank our customers, shareholders and the Nordson team for your continued support.

目前，我們還沒有更新全年指引範圍，但考慮到今年開局放緩以及地緣政治宏觀環境的變化，我們預計今年的銷售額將處於全年預期的低端。像往常一樣，我要感謝我們的客戶、股東和諾信團隊的持續支持。

With that, we will pause and take your questions.

現在，我們將暫停一下，並回答您的問題。

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作員指示）Matt Summerville，D.A.戴維森。

A couple of questions. Help me understand a little bit more about what played out in your electronics-related business in the quarter? I guess I was under the impression that you had seen order inflection supporting a return and sustained sort of pathway to organic growth in that business. So help me understand kind of how the quarter played out and then how incoming orders inform the go-forward view on semi/electronics? And then I have a follow-up.

幾個問題。您能幫我進一步了解本季貴公司的電子相關業務的進展嗎？我想我的印像是您已經看到訂單變化支持了該業務的回報和持續的有機成長途徑。那麼，請幫助我了解本季的進展情況，以及新訂單如何影響半導體/電子產業的未來前景？然後我有一個後續問題。

Thanks, Matt. The mix of our ATS business really was largely timing of orders, particularly in our x-ray and electronic processing product lines. In short, we expect that more of our backlog to ship in the quarter -- at the beginning of the quarter is what happened. But that said, order entry throughout the quarter progressed very positively, and we expect that sales or shipments of ATS to continue to be strong through the year. And in this segment, order entry is up double digit, backlog is up double digit, probably the strongest we have seen in this part of cycle.

謝謝，馬特。我們的 ATS 業務組合實際上很大程度上取決於訂單的時間安排，特別是在我們的 X 光和電子處理產品線中。簡而言之，我們預計本季將有更多的積壓訂單出貨——本季初的情況就是這樣的。但話雖如此，整個季度的訂單進度非常積極，我們預計 ATS 的銷售或出貨量將在全年持續強勁。在這個部分，訂單量增長了兩位數，積壓訂單量增長了兩位數，可能是我們在這個週期部分看到的最強勁的。

And then as a follow-up, just getting over to the interventional side of your medical-related business, (multiple speakers) -- anniversary that destock you mentioned you expect to see quarter-on-quarter growth. When do we start to see year-on-year growth more aligned to the long-term trajectory you lay out for that business?

然後作為後續問題，請談談您的醫療相關業務的介入方面，（多位發言者）——在去庫存週年紀念日，您提到預計會出現季度環比增長。我們何時才能看到同比成長更加符合您為該業務制定的長期發展軌跡？

Yes. I think the inflection of that as we said, the destocking really started in earnest in the second quarter of last year. And so from a year-over-year comp, I think we'll continue to see tough comps through the first half of the year, and then we would see that inflection point starting in really Q3 and heading into Q4.

是的。我認為，正如我們所說，去庫存化在去年第二季才真正開始。因此，從同比來看，我認為我們將在今年上半年繼續看到艱難的同比表現，然後我們將看到拐點從第三季開始並持續到第四季。

Andrew Buscaglia, BNP Paribas.

法國巴黎銀行的安德魯‧布斯卡利亞 (Andrew Buscaglia)。

In the ATS segment, if you were to exclude that, the movement of that Measurement & Control Solutions, what would organic growth have been? And then what's the rationale behind moving that out of IPS and into ATS?

在 ATS 部門，如果排除測量和控制解決方案的業務，有機成長會是多少？那麼將其從 IPS 移至 ATS 的理由是什麼？

Yes. Let me take that question first. Look, there is a significant overlap in customers for MCS with the IPS customers. But if you look at it from a product perspective and the technology perspective, it is more a test and measurement kind of division. And so it belongs better with our further analysis, we have decided to have that in the ATS business.

是的。讓我先回答一下這個問題。你看，MCS 的客戶和 IPS 的客戶有很大的重疊。但如果從產品和技術角度來看，它更像是一種測試和測量部門。因此，這更符合我們的進一步分析，我們決定將其納入 ATS 業務。

And you have -- you can -- you answer the part of that without and with.

而您必須 — — 您可以 — — 回答其中有和沒有的部分。

Yes. And if you -- it's not -- to be honest, it's not a huge impact. Certainly, organically, they were a positive contributor to the segment. But when you look at the materiality of the MCS business versus the total segment, it's not a big needle mover on the overall growth or organic impact to your year-on-year. Certainly, MCS grew year-over-year and it mitigated a little bit of the decline that we saw in some of the electronics processing and x-ray that we mentioned, but it's not a big needle mover either so I would say.

是的。如果你 — — 說實話，它不會造成很大的影響。當然，從有機角度而言，他們為該領域做出了積極的貢獻。但是，當你將 MCS 業務的重要性與整個業務部門進行比較時，你會發現它對整體成長或同比有機影響並沒有太大的影響。當然，MCS 同比增長了，並且減輕了我們之前提到的一些電子處理和 X 射線領域的下滑趨勢，但我要說的是，這也不會帶來很大的推動作用。

Okay. Yes. And a slower start to the year than you expected and you're trending towards the low end of that guidance range for the top line for the full year. Are there things you're working on to still achieve at least the midpoint of EPS, whether it's further restructuring or some sort of margin enhancement?

好的。是的。今年的開局比您預期的要慢，而且全年營收有望接近指導範圍的低端。您是否正在努力實現每股盈餘至少中點的目標，無論是進一步重組還是某種形式的利潤率提高？

Yes, it's a great question. Let me take that one. And look, I would say, as we think about the full year and the reason we're not changing our guidance range is, it's frankly a little soon to call exactly how the year is going to play out. We're in a very dynamic environment depending on the headlines you read changing day-to-day.

是的，這是一個很好的問題。讓我來拿那個。我想說，當我們考慮全年情況時，我們不改變預期範圍的原因是，坦白說，現在預測今年的業績將如何還為時過早。我們處在一個非常動態的環境中，這取決於你每天讀到的新聞標題是否在改變。

What I would say is, just based on the soft start to the year, we see our sales toward the lower end of our range. But as we've demonstrated in Q1, we're still quite confident that we can deliver on our earnings commitments even with sales towards the lower end of that range. So for those reasons, we're not going to tighten things up. I think as we get into -- as we finish out the second quarter and we reassessed where our backlogs and order rates, which, as Naga mentioned, have been quite strong, we'll reassess what that looks like for the full year and tighten things up. What I would say is we're comfortable in our sales range and pretty comfortable with our earnings commitments despite the slow start to the sales year, and that's really demonstrated in our first quarter profit delivery.

我想說的是，僅基於今年的疲軟開局，我們預計我們的銷售額將接近預期範圍的低端。但正如我們在第一季所展示的那樣，即使銷售額處於該範圍的低端，我們仍然非常有信心兌現我們的盈利承諾。基於這些原因，我們不會收緊政策。我認為，隨著我們進入第二季度並重新評估我們的積壓訂單和訂單率（正如 Naga 所提到的那樣，這些訂單一直非常強勁），我們將重新評估全年的情況並收緊政策。我想說的是，儘管今年銷售開局緩慢，但我們對我們的銷售範圍感到滿意，對我們的盈利承諾也相當滿意，這在我們第一季的利潤交付中得到了充分體現。

Let me maybe add to that. if you think -- if you zoom up and say, look, let me look at it broadly and think about the market and where the company is at and what we're thinking about for the full year. I would tell you on the positive side, order entry is up in all three segments, backlog building in all three segments, ATS being a significant contributor to the backlog increases. Operational performance is strong in a weak environment like Dan mentioned, we had a very strong operating income performance, very well positioned to grow.

也許我可以補充一點。如果你思考——如果你放大並說，看，讓我廣泛地看一下，思考一下市場和公司目前所處的位置以及我們對全年的想法。我想告訴你積極的一面，三個部門的訂單量都有所增加，三個部門的積壓訂單都有所增加，而 ATS 是積壓訂單增加的重要貢獻者。正如丹所提到的那樣，在疲軟的環境下，我們的營運表現仍然強勁，我們的營運收入表現非常強勁，具備非常好的成長條件。

Third thing I would tell you is our innovations in many of our businesses are starting to deliver on growth. If you think about our adhesive business, our Harmony applicator that is in the market is contributing nicely to our growth. If you think about SpinSAM and new ambition, it is not contributing to growth yet, but it positions us really well to continue to grow.

我想告訴你們的第三件事是，我們許多業務領域的創新已經開始帶來成長。如果您考慮我們的黏合劑業務，我們市場上的 Harmony 塗抹器對我們的成長做出了巨大的貢獻。如果你考慮 SpinSAM 和新的抱負，它還沒有為成長做出貢獻，但它為我們繼續成長做好了充分準備。

If you look in the medical side in our fluid components business, a new product line called PharmaLok starting to launch. So innovation operational performance, order entry, all three positives for the outlook that we're thinking about. Clearly, one negative is this environment we live in. If you don't -- if you ignore the environment and we look at our order entry and backlog, you'd be very confident. And -- but one negative there is a broader choppiness in geopolitical as well as macroeconomic environment. So hopefully, that helps you.

如果您關注我們流體組件業務的醫療方面，您會發現一條名為 PharmaLok 的新產品線已開始推出。因此，創新營運績效、訂單輸入，這三項對於我們正在考慮的前景都是正面的。顯然，我們所處的環境有一個缺點。如果你不這樣做——如果你忽略環境，而我們只看訂單和積壓，你就會非常有信心。但有一個負面因素，即地緣政治和宏觀經濟環境都出現了更廣泛的波動。希望這對你有幫助。

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jeff Hammond。

So just real quick on the guide. It sounds like you think right now, lower end of the sales guide, but you're still kind of closer to the midpoint. One, is that correct? And two, what are kind of the drivers that are kind of offsetting the weaker sales?

因此，請快速瀏覽一下指南。聽起來您現在的想法是，處於銷售指南的低端，但您仍然更接近中點。一、這樣對嗎？第二，哪些因素可以抵銷銷售疲軟的影響？

Yes. So I appreciate the question, Mike. And I think that's the right way to think about it. And I would say the best indicator is look at our performance for the first quarter. We were at the very low end of our sales guidance and still delivered the midpoint or slightly above the midpoint of our earnings guidance. That's not a fluke. We think that's replicatable in the balance of the year.

是的。所以我很感謝你提出這個問題，麥克。我認為這是正確的思考方式。我想說最好的指標就是看我們第一季的表現。我們的銷售預期處於最低水平，但獲利預期仍然達到或略高於中點。這並非僥倖。我們認為，這一情況在今年餘下時間可以複製。

Again, the sales outlook, I think it's too soon to call. Typically, I'll remind you guys, we typically see a much stronger second half in general. If you look at our history across the company in a market where we see accelerating orders, that trend could be even exacerbated. And so it's a bit of a wait and see and continue to monitor how demand continues to play out for the year.

再次，我認為現在談論銷售前景還為時過早。通常，我會提醒你們，我們通常會看到整體而言更強勁的下半年。如果回顧我們公司在訂單加速成長的市場中的歷史，這種趨勢可能會更加嚴重。因此，還需要等待一段時間才能看到結果，並繼續監測今年的需求情況。

Indicators today are very good. If that continues, we'll see how the second half plays out. But what I would say in general is even if we don't see any continued acceleration, we're comfortable with our sales on the lower end that we can still deliver on our profit commitments by simply managing our operations and our cost structure to ensure that we can deliver on those commitments.

今天的指標非常好。如果這種情況持續下去，我們將看看下半場將如何展開。但總的來說，我想說的是，即使我們沒有看到任何持續的加速，我們對低端銷售額也感到滿意，我們仍然可以透過簡單管理我們的營運和成本結構來履行我們的利潤承諾，以確保我們能夠履行這些承諾。

Maybe add a little bit color to it, if you take segment by segment, right. So if you think about ATS, we've got this business positioned from a cost perspective through the last down cycle. And if you look at the decremental performance of this segment in the first quarter, it is very strong. I mean they had a tough organic revenue growth, but they're decremental -- they were pretty much flat in terms of dollar income they generated when compared to last year, right. So from an ATS perspective a nice performance.

如果逐段進行的話，也許可以添加一點顏色，對吧。因此，如果您考慮 ATS，我們已經從成本角度對上一個下行週期的業務進行了定位。如果你看看第一季該部門的下降表現，你會發現它非常強勁。我的意思是，他們的有機收入雖然成長強勁，但卻在減少——與去年相比，他們創造的美元收入基本上持平，對吧。因此從 ATS 角度來看，這是一個不錯的表現。

And if you think about decrementals for IPS, again, a very strong performance. This is a solid business. This is a business where we have implemented NBS Next and has delivered great. So if you think about those two, we're in very good shape. And if you look at MFS, if you look at MFS, with the Atrion together, that is a mix issue, and you could think that our operating performance, our operating margin performance was not that good.

如果您考慮 IPS 的遞減，那麼再次，其效能非常強勁。這是一筆穩賺不賠的生意。我們在這家企業實施了 NBS Next，並且取得了優異的成績。所以如果你考慮這兩個，你會發現我們的狀況非常好。如果你看一下 MFS，如果你將 MFS 與 Atrion 放在一起看，這是一個混合問題，你可能會認為我們的營運表現、我們的營運利潤率表現並不那麼好。

But I would remind you that you have Atrion, which is at a lower margin when compared to our core MFS businesses. And if you account for that, our core MFS business is, again, had strong decremental performance. So that is the confidence we have as we think about it.

但我要提醒您，與我們的核心 MFS 業務相比，Atrion 的利潤率較低。如果考慮到這一點，我們的核心 MFS 業務表現將再次大幅下滑。這就是我們在思考這個問題時所抱持的信心。

And in businesses where we have weaker sales, we are taking action to reduce cost. It is not broad-based. It's not across all of our businesses, but in places where our sales is weak, we are adjusting costs. So that's maybe adding a little bit more color to what Dan is telling you about what our expectations are.

對於銷售較弱的業務，我們正在採取措施降低成本。它並不是具有廣泛基礎的。這並不是針對我們所有的業務，但在銷售薄弱的領域，我們正在調整成本。所以這也許可以為丹告訴你的我們的期望增添更多的色彩。

No, that's very helpful. I wanted to follow up on the medical margin dynamic. Can you give us a sense of how much of the margin dilution was just Atrion coming in and what the decrementals were on the base? Because -- and then how it looks from a dilution perspective as we go forward?

不，這非常有幫助。我想追蹤醫療利潤的動態。您能否告訴我們，僅僅是 Atrion 的加入就對利潤率產生了多大的稀釋作用，以及基礎上的遞減是多少？因為——那麼從稀釋的角度來看，未來它會是什麼樣子呢？

And then just on the medical destocking, I mean, I understand that the comps get easier, but just any update on kind of where we're at in that process? Is it still the view that, that carries through the first half and then abates?

然後關於醫療去庫存，我的意思是，我知道同店銷售變得更容易了，但是我們在這個過程中處於什麼位置，能更新一下嗎？這是否仍然是前半部的觀點，然後逐漸減弱？

Yes. So a simple way to think of it is -- (technical difficulty) our core medical business were basically in line with what we would expect year-end. The mid three of the overall, even speaking to EBITDA margins, overall EBITDA is tied to look the growth in MFS came from Atrion, which is a lower EBITDA margin from our base business. (technical difficulty)

是的。所以一個簡單的思考方式是 - (技術難度) 我們的核心醫療業務基本上與我們年底的預期一致。整體而言，即使就 EBITDA 利潤率而言，中間三者的整體 EBITDA 也與 MFS 的成長有關，而 MFS 的成長來自 Atrion，其 EBITDA 利潤率低於我們的基礎業務。（技術難度）

I would say, to Naga's point, our decrementals in our base business are right in line with what we expect. And is on top of that, adding $53 million, let's say, mid-20% EBITDA the majority of the dilution that margin year-over-year.

我想說，正如 Naga 所說，我們基礎業務的減少量與我們的預期是一致的。除此之外，還增加了 5,300 萬美元，假設 EBITDA 為 20% 左右，這是利潤率同比下降的大部分。

Let me -- I'm not sure -- at least the line was cutting out a little bit. Let me make sure we -- I repeat what some of what Dan mentioned here. Let's start with our core MFS business. Clearly, our core MFS business EBITDA margins are better than Atrion. Atrion margins are sort of in the mid-20%s, and we certainly have a very good line of sight for that business to continue to improve and get to our valuation model expectations around high 20%s to low 30%s, right?

讓我 — — 我不確定 — — 至少這條線被切斷了一點。讓我確保我們——我重複一下丹在這裡提到的一些內容。讓我們從核心的 MFS 業務開始。顯然，我們的核心 MFS 業務 EBITDA 利潤率優於 Atrion。Atrion 的利潤率大約在 20% 左右，我們當然有很好的預期，該業務將繼續改善，並達到我們的估值模型預期，即 20% 高點到 30% 低位，對嗎？

So that is -- that pathway is there. So long term, Atrion continues to improve and to add to MFS, right? In terms of MFS core decremental, the core decrementals were in line with what we have for the company. So there is -- for us, the MFS performance was mainly due to mix issues with Atrion contributing while core business is organically being down.

所以——那條路就在那裡。那麼從長遠來看，Atrion 會繼續改進並增強 MFS 的功能，對嗎？就 MFS 核心減量而言，核心減量與我們公司的實際情況一致。因此，對我們來說，MFS 的表現主要是由於 Atrion 的混合問題造成的，而核心業務則自然下滑。

And then just the destocking?

然後就只是去庫存嗎？

Yes. From the destocking perspective, if you remember, destocking started some time last year, there are two things going on here, and this is probably something that we have not talked about. You have -- we were organically down 11% in MFS and half of that is from destocking, but half of it is also, for the first time, you're seeing a reset in our strategic repositioning of some programs that we have in our finished devices. And so that restocking is -- that repositioning of programs is substantially complete.

是的。從去庫存的角度來看，如果你還記得的話，去庫存去年某個時候就開始了，現在發生了兩件事，這可能是我們還沒有談論過的事情。我們的 MFS 自然下降了 11%，其中一半是由於去庫存，但其中一半也是我們首次看到我們對成品設備中某些項目的策略重新定位進行重置。這樣，補貨工作——程式的重新定位就基本上完成了。

And so you will start to see from second quarter a sequential growth in that and destocking should abate sometime in third to fourth quarter. And we are starting to see order rates. So I think what is important to know is that order rates in our medical interventional component business are picking up. Our order rates in our medical fluid components have been very strong. So this is the business that had undergone a lot of destocking from biopharma and surgical perspective, that is coming back very nicely. And we're beginning to see sequential improvement on MIS.

因此，從第二季開始你將看到庫存連續成長，而去庫存化將在第三季至第四季的某個時候減弱。我們開始看到訂單率。因此我認為重要的是要知道我們的醫療介入組件業務的訂單率正在上升。我們的醫療液體組件的訂單率一直都非常高。因此，從生物製藥和外科手術的角度來看，這項業務已經經歷了大量去庫存化，並且正在順利恢復。我們開始看到 MIS 的持續改善。

Yes, I think that's an important point, Naga. Our medical business is contributing to both the order growth and the backlog growth. As I said, all three of our segments are -- and so we're -- we see very good line of sight to sequential improvement. The year-over-year comp will be tough until the second half.

是的，我認為這是一個重要的觀點，Naga。我們的醫療業務正在促進訂單成長和積壓訂單成長。正如我所說，我們的三個部門——因此我們——都看到了非常好的連續改善前景。直到下半年，年比情勢才會好轉。

Mike Halloran, Baird.

麥克·哈洛倫，貝爾德。

Not to overly harp on the guide. I just want to make sure I understand what's embedded on the revenue side of things. Obviously, the first quarter, as you said, was a little lower expectations, FX a little worse. Is that a majority of the move for the revenue to be at the low end? And maybe I suppose, what is the assumption then for end market recovery curves, normal seasonality, backlog conversion that's embedded in that lower assumption? Is it pretty normal sequentials from here, pretty normal backlog outlay? Any kind of color around those things would be super helpful.

不要過度強調該指南。我只是想確保我理解事情的收入方麵包含哪些內容。顯然，正如您所說，第一季的預期略低，外匯情況略差。這是否是大多數情況下收入處於低端的原因？也許我想，那麼對於終端市場復甦曲線、正常季節性、積壓轉換的假設是什麼呢？從現在開始這是非常正常的順序，非常正常的積壓支出嗎？這些東西周圍的任何顏色都會非常有用。

Yes. No, I appreciate the question. So I'll start with a couple of things. As you look at our backlog, I can't say 100% because there's some one-offs in there, but the vast majority of our backlog will ship in 2025. These aren't -- we're not taking multiyear orders. We're not -- this isn't a replay of COVID where we're taking three orders three years out. This is -- these are current year deliveries.

是的。不，我很感謝你提出這個問題。因此我先談幾件事。當你查看我們的積壓訂單時，我不能說 100%，因為其中有一些一次性的，但我們的絕大多數積壓訂單將在 2025 年發貨。我們不接受多年期訂單。我們不是——這不是新冠疫情的重演，我們三年後才接到三份訂單。這是——這些是今年的交付量。

And so I think as you look at ongoing book-to-bill and/or backlog, I think that's the way to think about it is that these are normal recurring orders that we're taking in not any type of long-term preorders like we've had coming out of COVID in some of our businesses.

因此，我認為，當您查看正在進行的訂單出貨比和/或積壓訂單時，我認為應該這樣思考：這些都是我們正在接受的正常定期訂單，而不是任何類型的長期預訂單，就像我們在某些​​業務中因 COVID 而產生的訂單一樣。

As I think about the full year, again, if you just play out the first quarter miss or the first quarter shortfall of sales. I mean that's naturally if you flow that through for the year, going to put us towards the lower end of our sales guidance, who we are in some level of recovery in the second half. That is supported by, number one, I would say, our normal cyclical -- cyclicality of the business. We typically have a stronger second half to begin with, but it's also supported by the acceleration that we're seeing in order intake throughout the first quarter, and frankly, even into the early days of the second quarter.

當我再次思考全年時，如果你只是表現出第一季的虧損或第一季的銷售短缺。我的意思是，如果按照這樣的方式延續到今年，我們自然會達到銷售預期的低端，而下半年我們會達到一定程度的復甦。首先，我想說，這是由我們正常的業務週期性所支援的。通常情況下，我們的下半年業績會比較強勁，但這也得益於我們在整個第一季度，甚至第二季度初期看到的訂單量加速成長。

And so I think if you think about that outlook, I'll maybe talk about what underlies our revenue assumptions for the year. If you think of the low end of our guidance, that basically says we're going to see low single-digit growth for the year in ATS. We're going to see basically flattish to slightly down sales within our IPS and our medical business, and then we're going to see the contribution come through from the Atrion acquisition.

因此，我認為，如果你考慮這種前景，我可能會談談我們對今年收入的假設基礎。如果您考慮我們指導的低端，這基本上意味著我們將看到今年 ATS 的低個位數成長。我們將看到 IPS 和醫療業務的銷售額基本持平或略有下降，然後我們將看到收購 Atrion 帶來的貢獻。

If you think of the higher end of our guidance, that anticipates, I would say, a more accelerated -- more historical recovery in our ATS segment which we're not banking on. So let's call that a bigger ramp in ATS as well as recovery in some of the capital investment cycles in industrial and a bigger rebound from the destocking in medical.

如果你考慮到我們預期的高端，我想說，這預示著我們的 ATS 部門將出現更快、更具歷史性的復甦，但我們並沒有依賴這一點。因此，我們可以將其稱為 ATS 的更大上升、工業領域部分資本投資週期的復甦以及醫療領域去庫存化的更大反彈。

So we're not counting on these significant recoveries. That doesn't mean it couldn't happen. And so as we look at it today, we're simply following it based on what we see today. And that would say the first quarter miss is going to kind of flow through. But the rest of the year seems to be playing out in line.

所以我們並不指望這些顯著的復甦。但這並不意味著它不可能發生。因此，當我們今天看待它時，我們只是根據今天所看到的情況來遵循它。這就意味著第一季的失誤將會逐漸消失。但今年剩餘時間的情況似乎都還按部就班。

Right. Super helpful there. And then just kind of a question on once that recovery happens in these markets? I know earlier Naga was talking about the positive decremental margin performance, particularly in the ETF side? And I suppose as well on the MFS side.

正確的。那裡超級有幫助。那麼，問題是這些市場一旦復甦會發生什麼事？我知道之前 Naga 正在談論正向遞減保證金表現，特別是在 ETF 方面？我認為 MFS 方面也是如此。

What does the look like to the upside? Obviously, the IPS are already really healthy levels, I know aided by mix, but still really strong levels. What kind of work would you expect to see in those margins or incremental margins as the volume recovers and normalizes to a more historically normal pattern?

從上面看是什麼樣子的？顯然，IPS 已經處於非常健康的水平，我知道有混合輔助，但仍然處於非常強勁的水平。隨著交易量恢復並回歸更符合歷史正常的模式，您期望在這些利潤或增量利潤中看到什麼樣的工作？

So let me make sure I understand your question. You're asking from an incremental margin performance, what we would expect going forward. Is that the question? .

因此請讓我確認一下我理解了你的問題。您問的是，從增量利潤率的表現來看，我們對未來的預期是什麼。這是問題嗎？。

Correct.

正確的。

Yes. I think our -- my best guidance to that would be in line with what we've said historically, which is look, overall, we've said about a 35% incremental mix between acquisition and organic. And as you think about that, obviously, the organic growth comes with a higher incremental acquisition, as we talked about with Atrion's margin comes with a lower incremental. So I would think of that blended rate of 35% is still a good long-term planning target. Obviously, the organic above that, the inorganic below that, but the 35% mix is kind of a good funded range to use still.

是的。我認為我們對此的最佳指導將與我們過去所說的一致，也就是說，總體而言，我們說過收購和有機之間的增量組合約為 35%。正如您所想到的，顯然，有機成長伴隨著更高的增量收購，正如我們談到的 Atrion 的利潤率伴隨著較低的增量。因此我認為 35% 的混合稅率仍然是一個很好的長期規劃目標。顯然，有機物比例高於該比例，無機物比例低於該比例，但 35% 的比例仍然是值得使用的良好資助範圍。

Saree Boroditsky, Jefferies. .

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑富瑞 (Jefferies)。。

So maybe building on the last question, as we think specifically on ATS, that business has seen margins decrease substantially over the last few years. So how should we think about incrementals in this segment once demand and flex? And what would it take to get back to that 23%-plus margins you saw in 2022? Or is that sort of a onetime event?

因此，也許基於最後一個問題，當我們特別考慮 ATS 時，該業務的利潤率在過去幾年中大幅下降。那麼，一旦需求和彈性出現，我們該如何考慮這領域的增量？那麼，要如何才能恢復到 2022 年的 23% 以上的利潤率呢？或者這只是一次性事件？

Yes. In general, we expect that as the sales recovers, we get back to where the margins are we were in 2022. There may be some upside, but it is -- remember, this is a business where our R&D investments are critical to our growth. And so you're always going to see this business have higher R&D investments. But as the sales recover, I have every confidence that we get back to the margins we were at in 2022.

是的。總體而言，我們預計隨著銷售復甦，我們的利潤率將恢復到 2022 年的水平。或許存在一些好處，但請記住，在這個產業中，我們的研發投資對我們的成長至關重要。因此，你總會發現這家企業有更高的研發投入。但隨著銷售的復甦，我完全有信心我們將恢復到 2022 年的利潤率。

That's helpful. And maybe just on the weaker growth in IPS. How much of this is related to underlying demand versus the challenging comparables that you had from the strong incoming backlog from last year?

這很有幫助。或許只是因為 IPS 成長較弱。其中有多少與潛在需求有關，以及去年大量積壓訂單所帶來的挑戰性相比？

I think the IPS -- let me -- I'll give you a broader view and then Dan can help you with a little bit more detail. On the biggest comparable issues are in our system businesses. Our two large system businesses of PPS and ICS, but we had shipments from prior huge backlogs. But if you think about our consumer nondurable business and adhesive business, they are growing nicely in line with our expectations already.

我認為 IPS——讓我——我會給你一個更廣泛的視角，然後丹可以幫助你提供更詳細的資訊。最大的可比問題是在我們的系統業務中。我們的兩個大型系統業務是PPS和ICS，但我們之前有大量積壓訂單。但如果你想想我們的非耐用消費品業務和黏合劑業務，它們的成長已經符合我們的預期。

Yes. And I think maybe just to add some additional color on the industrial coatings and polymer businesses. To your point, if you go back to last year, large backlogs, large multiyear backlogs that we were working on, that has normalized. And so from a year-over-year comparability standpoint, that does create some tough comps this year. But importantly, when we talk about orders strengthening and backlog growth, we are seeing it in those businesses as well.

是的。我認為這可能只是為了給工業塗料和聚合物業務增添一些色彩。正如您所說，如果您回顧去年，我們處理的大量積壓訂單，大量的多年積壓訂單，已經正常化。因此，從同比可比性的角度來看，今年的同比確實存在一些困難。但重要的是，當我們談論訂單加強和積壓訂單成長時，我們也在這些業務中看到了這一點。

And so we see a clear path to that starting to rebuild and inflect. And I think you'll see that play out in the form of sequential growth in those businesses going forward, but we'll have this year-over-year comparability to work through because of the large system backlog that we had coming out of the last couple of years.

因此，我們看到了一條開始重建和轉變的清晰道路。我認為，您會看到這些業務在未來呈現連續成長的態勢，但由於過去幾年我們的系統積壓了大量訂單，因此我們需要進行同比對比。

One -- sorry, this is Harry. One additional point to make here is -- we're also beginning to see modest sequential improvement in our ARAG business. And I know the general agriculture market is still down, but we are beginning to see some modest improvement in order entry and backlog in that business.

第一 — — 抱歉，我是哈利。這裡要補充的一點是──我們也開始看到 ARAG 業務的連續小幅改善。我知道整個農業市場仍然低迷，但我們開始看到該業務的訂單和積壓量有所改善。

(Operator Instructions) Chris Dankert, Loop Capital Markets.

（操作員指示）Chris Dankert，Loop Capital Markets。

Maybe just a conceptual question. I guess if we go back to the Medical segment, Atrion has been doing really well on an organic basis. Is there anything to learn from Atrion's operations in terms of -- they didn't seem to get destocked the same way that legacy Interventional did. I mean -- is there a difference in customer set? Is there a difference in how they stock? Maybe just conceptually, what's -- how do we think about that?

也許只是一個概念問題。我想，如果我們回到醫療領域，Atrion 在有機基礎上一直表現良好。從 Atrion 的營運方面有什麼可以藉鑑的嗎——他們似乎並沒有像傳統的 Interventional 那樣去庫存。我的意思是──客戶群有差別嗎？他們的庫存方式有什麼不同嗎？也許只是從概念上講，我們該如何看待這一點？

Yes. I think it's a great question, Chris. In terms -- there are two things going on, which you need to recognize. Atrion serves the fluid components and -- Atrion has two parts to it. One is the consumable component part, another is the system part.

是的。我認為這是一個很好的問題，克里斯。具體來說——有兩件事正在發生，你需要認識到。Atrion 服務於流體組件－Atrion 有兩個部分。一個是耗材部分，一個是系統部分。

So in their system, this is the myocardia protection system that they're launching their new generation product, which is the third generation and that market acceptance, as I mentioned in my comments, is going really well.

因此，在他們的系統中，這是心肌保護系統，他們正在推出新一代產品，即第三代，正如我在評論中提到的那樣，市場接受度非常好。

So you have the benefit of a new product launch and a recap of existing business -- existing systems, which is different and has got no resemblance to our MIS business, right, our medical interventional business. That's one.

因此，您可以從新產品的發布和現有業務的回顧中受益 - 現有系統，這與我們的 MIS 業務，對，我們的醫療介入業務不同，沒有任何相似之處。那是一個。

On the component side of the business, which is their Halkey-Roberts business, in that business, they went through destocking long before we started seeing it in our medical interventional business. So there is a timing difference there.

在業務的組成部分方面，也就是他們的 Halkey-Roberts 業務，早在我們開始在醫療介入業務中看到去庫存之前，他們就經歷了去庫存的過程。因此，這裡存在一個時間差異。

And then the third thing I would tell you is our fluid component business resembles more the Atrion component business than our medical interventional business, right. So there are different products, different end markets. We are seeing the same patterns we are seeing in Halkey-Roberts -- in Atrion's component business as we are seeing in our medical fluid component business, right? Hopefully, that helps you.

我要告訴你的第三件事是，我們的流體組件業務與 Atrion 組件業務更相似，而不是我們的醫療介入業務，對吧。因此存在不同的產品、不同的終端市場。我們在 Halkey-Roberts 和 Atrion 的組件業務中看到的模式與我們在我們的醫療液體組件業務中看到的模式相同，對嗎？希望這對你有幫助。

That's extremely helpful. And then maybe just to circle back, I mean, back in October, and I could be interpreting this wrong, but you sounded fairly optimistic about just the deals that were out there from an acquisition perspective. what was kind of coming across your desk. I guess, would you echo that same level of optimism today?

這非常有幫助。然後也許只是回到十月份，我可能理解錯了，但從收購的角度來看，你對這些交易聽起來相當樂觀。你的辦公桌上出現了什麼狀況？我想，今天您會同樣樂觀嗎？

Yes. We continue to be active. We continue to look at deals. But we're going to be pretty strategically and financially disciplined. And so we continue to work the pipeline. Our pipeline continues to build. Number of inbound may be lesser, but we still have a pretty good pipeline. So what you read in the papers around inbound is lesser, but the activity level continues to be pretty good for us. But we're going to be -- we're going to be thoughtful in what we choose to do.

是的。我們將繼續保持活躍。我們繼續關注交易。但我們在策略和財務上都會非常嚴謹。因此我們繼續進行管道工作。我們的管道正在繼續建設中。入站數量可能較少，但我們仍然擁有相當不錯的管道。因此，您在報紙上看到的有關入境的消息較少，但活動水平對我們來說仍然相當不錯。但我們會——我們會深思熟慮地選擇做什麼。

Walter Liptak, Seaport Global.

沃爾特·利普塔克 (Walter Liptak)，Seaport Global。

I wanted to ask -- go back to the 2025 guidance and sales questions again. And just -- I think, Dan, when you were going through, you gave some good kind of delineation around the segments. And so just to repeat it back, so I heard him right, you're thinking that MFS could be mid- to high end of the revenue guide, ATS at the low end and IPS at the low end? Is it -- is that kind of what you guys are thinking on a segment basis?

我想問一下——再次回到 2025 年指導和銷售問題。而且 — — 我認為，丹，當你進行這些操作時，你對這些部分進行了很好的劃分。所以只是重複一遍，所以我聽到他說得對，您認為 MFS 可能是收入指南的中高端，ATS 處於低端，而 IPS 也處於低端？是的──這就是你們從細分角度所思考的嗎？

No. So what I was referring to is if you think of the upper and lower bounds of our guidance, what I would say is -- if you think of the lower end of our guide, that would say our IPS or the industrial businesses are down low single digits for the year, and MFS is down low single digits or near flat year-over-year, excluding Atrion, right, set aside Atrion.

不。所以我指的是，如果你考慮我們指導的上限和下限，我想說的是 - 如果你考慮我們指導的下限，那就說我們的 IPS 或工業業務今年下降了個位數，MFS 下降了個位數或與去年同期相比接近持平，不包括 Atrion，對吧，將 Atrion 放在一邊。

And then the low end of our guidance would contemplate what I would say, a very modest recovery in ATS. So think of those ATS being up low single digits. That's kind of our -- that's our low-end thinking, right? Converse that with the upper end of our guidance would be a more traditional ramp in ATS of higher growth, again, which we're not counting on, but happened. And it would also contemplate a faster recovery from some of the destocking that we're seeing in the medical business.

然後，我們的指導低端將考慮到我想說的 ATS 的非常溫和的復甦。因此，可以認為 ATS 的漲幅將達到個位數。這就是我們的低端思維，對吧？與我們的預期上限相反，ATS 的成長速度將更為傳統，儘管我們並沒有指望這一點，但卻發生了。它還將考慮從醫療業務去庫存化中更快地復甦。

So I think low single-digit growth in medical as well as the general recovery in the industrial markets. And so I would say the upper end is more stronger recovery in ATS, low single-digit growth in other -- in medical and industrial versus the low end of our guidance, I would say there's very little recovery in medical, very little recovery in industrial and just modest recovery in ATS, if that helps with some color.

因此，我認為醫療產業的成長率將低於個位數，工業市場的整體成長率也將回升。因此，我想說，ATS 的上限是更強勁的復甦，其他領域的低個位數增長——醫療和工業領域；而與我們預期的低端相比，我想說，醫療領域的複蘇很小，工業領域的複蘇很小，ATS 的複蘇只是溫和的，如果這有助於說明這一點的話。

Okay. Yes. I appreciate that. That's very helpful. And just kind of drilling into the industrial precision part of it a little bit. The -- happy to hear that ARAG that there's a potential plus there. I wonder if you could go into maybe a little bit more detail about it? Is it a new product? Is it Europe? Is it Rest of World where you're seeing some green shoots.

好的。是的。我很感激。這非常有幫助。就像是鑽研了一下工業精密部分。很高興聽到 ARAG 說那裡有潛在的優勢。我想知道您是否可以更詳細地介紹一下這一點？是新產品嗎？是歐洲嗎？您是否在世界其他地區看到了一些復甦的跡象？

And then maybe talk about some of those other sectors beyond polymers and coatings, like Naga, you know the auto sector very well. What's going on there? What's happening with others?

然後也許可以談談聚合物和塗料以外的一些其他領域，例如 Naga，您非常了解汽車領域。那兒發生什麼事了？其他人怎麼樣了？

So great question. Maybe I'll start and let Naga add some comments. I'll start with you responding maybe to the ARAG question. So as Naga mentioned -- so a, on the product side, we are continuing to evolve and bring new products to market. In fact, I think we mentioned one that we received some awards for recently, more generally as far as demand in that business.

這個問題問得真好。也許我會開始並讓 Naga 添加一些評論。我首先想回答一下 ARAG 的問題。正如 Naga 所提到的 - 在產品方面，我們正在不斷發展並將新產品推向市場。事實上，我想我們提到我們最近獲得了一些獎項，更普遍地說是就該業務的需求而言。

We've certainly seen that business stabilize. We're seeing good, what I'll say, ongoing recovery and order rates, we would expect that business to return to year-over-year growth in the second quarter as they're continuing to show strength in order rates. I will tell you, really Q1, I think we've mentioned this before, Q1 is really the last tough comparison for them.

我們確實看到業務趨於穩定。我們看到了良好的勢頭，我想說的是，復甦和訂單率正在持續上升，我們預計第二季度業務將恢復同比增長，因為訂單率繼續保持強勁。我會告訴你，真的是 Q1，我想我們之前提到過這一點，Q1 對他們來說真的是最後一個艱難的比較。

If you recall, last year at this time or in the first quarter, they were working off a large backlog. And so that first quarter last year was kind of the last tough comp for them. We've seen that business stabilize, I would say, even going back to Q4. We're now starting to move back into this growth mode as there -- or past the year-over-year comparisons, a tough comparison. So good stability, good ongoing demand improvement, and a good path to returning to growth in that business in the next quarter.

如果你還記得的話，去年這個時候，也就是第一季度，他們正在處理大量積壓訂單。因此，去年第一季對他們來說是最後一個艱難的季度。我想說，我們已經看到業務趨於穩定，甚至可以追溯到第四季。我們現在開始回到這種成長模式，因為—或者說與去年同期相比，這是一個艱難的比較。因此，穩定性好、需求持續改善良好，為下個季度該業務恢復成長提供了良好的途徑。

So let me follow up with that. One other additional data point on ARAG is that during last year, this business performed really well on the margin side as well. And partly, that was because they took care -- they used the short workweek program that is available in Italy for industrial businesses.

因此，請讓我繼續討論這個問題。ARAG 的另一個額外數據點是，去年這項業務的利潤率也表現得非常出色。部分原因是因為他們很謹慎——他們使用了義大利針對工業企業實施的短期工作週計畫。

Now what is interesting is that in the first quarter, given their order dynamics, they have brought back their workforce completely. So essentially getting ready and being able to make products so that they can start to -- start to make -- meet the commitments they've made with their customers. So that is kind of another data point that gives us confidence that our ARAG business will start to turn -- return to growth.

現在有趣的是，在第一季度，考慮到他們的訂單動態，他們已經完全恢復了勞動力。因此，從本質上來說，他們要做好準備並能夠生產產品，以便能夠開始履行對客戶的承諾。所以，這是另一個數據點，讓我們有信心我們的 ARAG 業務將開始轉向——恢復成長。

So now let's take the broader industrial businesses, and we've already talked about our plastic business, we've talked about our ICS business. Interestingly, even in both those businesses, we have two new product introductions. On the ICS side, we have a new manual powder coating product that has been launched, which is doing really well. And you also have a Prodigi EDI that is in the plastics business that is getting very good market acceptance.

現在讓我們來談談更廣泛的工業業務，我們已經討論了我們的塑膠業務，我們已經討論了我們的 ICS 業務。有趣的是，即使在這兩項業務中，我們也推出了兩款新產品。在ICS方面，我們推出了新的手動粉末塗料產品，該產品的銷售量非常好。而且您還擁有一款適用於塑膠業務的 Prodigi EDI，該產品已獲得非常好的市場認可。

So we have some new products, but it's very difficult to overcome the system declines that they have. But interesting comments to sort of share with you. In terms of our other adhesive businesses, our nonwovens business is doing extremely well. We have new products there. We have a Harmony applicator that I mentioned that is doing very well adding to the work that they're doing on parts growth.

因此，我們有一些新產品，但很難克服它們的系統衰退。但有一些有趣的評論想與你們分享。就我們的其他黏合劑業務而言，我們的不織布業務表現非常好。我們在那裡有新產品。我們有一個我提到的 Harmony 塗抹器，它運作得非常好，為他們在零件成長方面所做的工作做出了貢獻。

That is also doing well. Their system business through product tiering as has been very successful for them. So that business, after a couple of years of down years, it is coming back nicely.

這也做得很好。他們透過產品分層開展的系統業務取得了巨大的成功。因此，該業務在經歷了幾年的低迷之後，目前正在順利恢復。

Our packaging business, adhesive packaging business is holding its own, and they have some pretty exciting new products that they're working on that we expect towards the end of the year that we'll be in market with.

我們的包裝業務、黏合劑包裝業務保持自己的地位，他們正在研發一些非常令人興奮的新產品，我們預計這些產品將在今年年底上市。

So pretty good movement across our industrial businesses. One thing to note, and I'm not sure how it came across in our conversations, our parts mix in the adhesive businesses are pretty strong, and they've done well, and they have mitigated some of the system weaknesses. But having said all of that, the order entry is up in this segment. It is up in plastics. It is up in ICS and it's also up in our businesses that have grown in the quarter. So hopefully, that gives you a little bit more data points.

我們的工業業務運作情況相當良好。需要注意的一點是，我不確定在我們的談話中是如何表達的，我們在黏合劑業務中的零件組合非常強大，而且它們做得很好，並且它們已經減輕了一些系統弱點。但儘管如此，該部分的訂單量還是有所上升。它在塑膠中佔有重要地位。ICS 的銷售額有所上升，我們本季的業務也實現了成長。所以希望這能給你更多的數據點。

There are no further questions at this time. And with that, I will now turn the call back over to Naga for final closing remarks. Please go ahead.

目前沒有其他問題。現在，我將把電話轉回給 Naga，請他做最後的總結發言。請繼續。

Thank you for your time and attention on today's call. Have a great day.

感謝您在今天的電話會議上付出的時間和關注。祝你有美好的一天。

Ladies and gentlemen, that concludes your conference call. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，你們的電話會議到此結束。感謝您的參與，並請您斷開線路。