Nordson Corp (NDSN) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Nordson Corporation second-quarter fiscal year 2025 conference call. (Operator Instructions)

感謝您的支持，歡迎參加諾信公司 2025 財年第二季電話會議。（操作員指示）

I'd now like to turn the call over to Lara Mahoney. You may begin.

現在我想把電話轉給 Lara Mahoney。你可以開始了。

Good morning. This is Lara Mahoney, Vice President of Investor Relations and Corporate Communications. I'm here with Sundaram Nagarajan, our President and CEO; Dan Hopgood, Executive Vice President and Chief Financial Officer.

早安.我是投資者關係和企業傳播副總裁 Lara Mahoney。與我一起在場的還有我們的總裁兼執行長 Sundaram Nagarajan 和執行副總裁兼財務長 Dan Hopgood。

We welcome you to our conference call today, Thursday, May 29 to report Nordson's fiscal 2025 second quarter results. You'll 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.

歡迎您參加我們今天（5 月 29 日星期四）的電話會議，報告 Nordson 2025 財年第二季的業績。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。

This conference call is being broadcast live on our website and will be available there for 30 days. There will be a telephone replay of the conference call available until Thursday, June 5, 2025. During this conference call, we will make references to non-GAAP financial metrics.

本次電話會議將在我們的網站上現場直播，並將持續 30 天。這次電話會議的回放將持續到 2025 年 6 月 5 日星期四。在本次電話會議中，我們將參考非公認會計準則財務指標。

We've provided a reconciliation of these metrics to the most comparable GAAP metric in the press release issued yesterday. 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.

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。在我們開始之前，請參閱我們簡報的第 2 張投影片，其中我們指出，根據 Nordson 目前的預期，本次電話會議中關於我們未來業績的某些陳述可能是前瞻性的。

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.

這些聲明可能涉及公司向美國證券交易委員會提交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出現重大差異。

Moving to today's agenda on slide 3, Naga will discuss second 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.

轉到幻燈片 3 上的今天的議程，Naga 將討論第二季度的亮點。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。

Naga will then share a high-level commentary about our enterprise performance and provide an update on the fiscal 2025 third quarter guidance. We will then be happy to take your questions.

隨後，Naga 將分享有關我們企業業績的高層評論，並提供 2025 財年第三季指引的最新資訊。我們將很樂意回答您的問題。

With that, I'll move to slide 4 and turn the call over to Naga.

接下來，我將轉到投影片 4，並將電話轉給 Naga。

Good morning, everyone. Thank you for joining Nordson's fiscal 2025 second quarter conference call. We started the second quarter with increasing momentum in order entry and backlog enabling us to outperform the midpoint of our sales and earnings guidance.

大家早安。感謝您參加 Nordson 2025 財年第二季電話會議。第二季開始，我們的訂單量和積壓訂單量勢頭強勁，超過了銷售額和獲利預期的中點。

This was driven largely by strength in our advanced technology system and part sales, where order entry continues to be solid due to ongoing customer demand within semiconductor and selected electronic applications.

這主要是由於我們先進的技術系統和零件銷售的強勁成長，由於半導體和特定電子應用領域客戶需求的持續成長，訂單量持續穩定成長。

We also experienced solid growth in nonwoven systems and medical fluid components and our precision agricultural business previously referred to as ARAG posted solid double-digit year over year growth. Our Atrion integration is going well, and results continue to perform above our valuation model expectations.

我們的無紡布系統和醫用液體組件業務也實現了穩健成長，我們的精準農業業務（以前稱為 ARAG）也實現了穩健的兩位數同比增長。我們的 Atrion 整合進展順利，績效持續超越我們的估值模型預期。

I'm very pleased with the customer adoption of Atrion's differentiated products as well as our new employees who have adopted the NBS Next Framework, driving operational efficiencies and delivering solid growth results. The sales growth in the second quarter was partially offset by year-over-year weakness in select industrial system sales, reflecting lower overall market demand.

我很高興看到客戶採用 Atrion 的差異化產品，我們的新員工也採用了 NBS Next Framework，從而提高了營運效率並實現了穩健的成長績效。第二季的銷售成長被部分工業系統銷售年減所部分抵消，反映出整體市場需求下降。

That said, industrial systems improved sequentially compared to the first quarter as expected. Operational excellence during the quarter drove strong profit performance, resulting in 32% overall EBITDA margins. This was driven by operational execution in our core businesses and strong contribution from the Atrion acquisition that exceeded our expectations.

儘管如此，工業系統與第一季相比有所改善，符合預期。本季的卓越營運推動了強勁的利潤表現，使整體 EBITDA 利潤率達到 32%。這是由我們核心業務的營運執行以及超越我們預期的 Atrion 收購帶來的強勁貢獻所推動的。

As a growth compounder, we are executing a balanced capital deployment strategy buying back $85 million in shares during the quarter. In addition, we paid $44 million in dividends and maintained our debt leverage ratio at 2.4 times comfortably within our targeted range.

作為一家成長複合型企業，我們正在執行一項平衡的資本配置策略，在本季回購價值 8,500 萬美元的股票。此外，我們還支付了 4,400 萬美元的股息，並將債務槓桿率維持在 2.4 倍，處於我們的目標範圍內。

Let's turn to slide 5. As investors know from our Investor Day presentation, using NBS Next, we hold our product portfolio to a high standard. We regularly assess the strategic fit of our businesses and product lines from a market attractiveness and product differentiation perspective as well as their relative financial performance in the company's portfolio.

讓我們翻到幻燈片 5。正如投資者從我們的投資者日演示中了解到的那樣，使用 NBS Next，我們可以將我們的產品組合保持在高標準。我們定期從市場吸引力和產品差異化的角度評估我們的業務和產品線的策略契合度以及它們在公司產品組合中的相對財務表現。

On May 28, we signed an agreement to divest select product lines within our medical contract manufacturing business. Exiting these product lines will increase focus on higher value growth opportunities within the $800 million medical and fluid solutions segment.

5 月 28 日，我們簽署了一項協議，剝離醫療合約製造業務中的部分產品線。退出這些產品線將更加關注價值 8 億美元的醫療和流體解決方案領域內更高價值的成長機會。

Namely, within our growing portfolio of proprietary medical components, including devices from the recent Atrion acquisition. The transaction is expected to improve our growth profile going forward and will be accretive to our margins post sale. We expect this deal to close in the fourth quarter of fiscal 2025.

即我們不斷成長的專有醫療組件產品組合，包括最近收購 Atrion 的設備。預計此次交易將改善我們未來的成長狀況，並將增加我們出售後的利潤率。我們預計交易將於 2025 財年第四季完成。

I'll speak more about the enterprise performance in a few moments, but first, I'll turn the call over to Dan to provide a detailed perspective on our financial results for the quarter.

稍後我將詳細介紹企業業績，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 6, you'll see second quarter fiscal 2025 sales were $683 million, up 5% from the prior year second quarter sales of $651 million. This growth was driven by an 8% increase from the Atrion acquisition offset by an overall organic sales decrease of 2% and unfavorable currency translation of a little less than 1%.

謝謝你，Naga，大家早安。在第 6 張投影片上，您會看到 2025 財年第二季的銷售額為 6.83 億美元，比去年同期的 6.51 億美元成長 5%。這一成長主要得益於收購 Atrion 帶來的 8% 的成長，但被整體有機銷售額 2% 的下降和略低於 1% 的不利貨幣折算所抵消。

Gross profit in the second quarter was $374 million, a healthy and consistent 55% of sales. SG&A leverage improved year-over-year leading to EBITDA adjusted for restructuring and integration costs in both periods of $217 million or 32% of sales. This is an increase of 7% compared to the prior year.

第二季毛利為 3.74 億美元，佔銷售額的 55%，維持健康穩定的成長。銷售、一般及行政費用槓桿率較去年同期有所改善，導致兩個期間的重組和整合成本調整後的 EBITDA 達到 2.17 億美元，佔銷售額的 32%。與上一年相比，成長了 7%。

EBITDA growth was driven by improving incrementals in our ATS segment as well as strong contribution from the Atrion acquisition, which continued to perform above expectations from both a sales and margin perspective. Importantly, the impact of tariffs was not material to the company's operating financial performance in the quarter.

EBITDA 成長得益於 ATS 部門的增量改善以及 Atrion 收購的強勁貢獻，從銷售額和利潤率的角度來看，Atrion 的表現繼續超出預期。重要的是，關稅的影響對公司本季的經營財務表現並不重要。

Looking at non-operating expenses, net interest expense was $26 million, an increase of $7 million versus the prior year, driven by higher debt levels tied to the Atrion acquisition. Other expenses increased the nominal $3 million, primarily reflecting higher foreign exchange transactional losses compared to the prior year.

從非營業支出來看，淨利息支出為 2,600 萬美元，比前一年增加 700 萬美元，因為收購 Atrion 導致債務水準上升。其他費用名義上增加了 300 萬美元，主要反映了與前一年相比外匯交易損失的增加。

Tax expense for the quarter was $26 million or an effective tax rate of 19%, in line with our guidance range for fiscal 2025 and 180 basis points lower than the prior year. Net income in group totaled $112 million or $1.97 per share on a GAAP basis.

本季稅費為 2,600 萬美元，有效稅率為 19%，符合我們對 2025 財年的指導範圍，比前一年低 180 個基點。根據 GAAP 計算，集團淨收入總計 1.12 億美元，即每股 1.97 美元。

Excluding nonrecurring costs related to restructuring actions and integration as well as amortization of acquisition-related intangibles, adjusted earnings per share totaled $2.42 per share, slightly above the midpoint of our quarterly guidance and a 3% increase from the prior year adjusted earnings per share of $2.34.

不包括與重組行動和整合以及收購相關無形資產攤銷相關的非經常性成本，調整後每股收益總計 2.42 美元，略高於我們季度指引的中點，比去年調整後每股收益 2.34 美元增長 3%。

This improvement in year-over-year earnings reflects the strong overall conversion on higher sales and favorability in our tax rate, modestly offset by higher acquisition-related interest expense.

獲利同比上漲反映了銷售額上升和稅率優惠帶來的強勁整體轉化，但被收購相關利息支出的上升略微抵消。

Now let's turn to slide 7 through 9 to review the second quarter 2025 segment performance. Industrial Precision Solutions sales of $319 million decreased 8% compared to the prior year second quarter, down 7% organically and 1% due to unfavorable currency impacts.

現在讓我們翻到投影片 7 到 9，回顧一下 2025 年第二季的分部表現。工業精密解決方案銷售額為 3.19 億美元，與去年同期第二季相比下降 8%，其中有機下降 7%，不利的貨幣影響導致下降 1%。

Growth in nonwoven systems, precision agriculture and packaging product lines were offset by weaker system sales our industrial coatings and polymer processing product lines where we're seeing lower end market demand versus 2024.

非織造系統、精準農業和包裝產品線的成長被工業塗料和聚合物加工產品線的系統銷​​售疲軟所抵消，我們看到這些產品線的高端市場需求低於2024年。

Also, you may recall that we initiated the transition of our primary industrial coatings manufacturing site to a new South Carolina plant at the start of the fiscal year. That transition is now substantially completed as we move into the third quarter.

此外，您可能還記得，我們​​在本財政年度開始時就啟動了將主要工業塗料生產基地遷移到南卡羅來納州新工廠的計劃。隨著我們進入第三季度，這一轉變現已基本完成。

We expect to see continued sequential sales improvement in our IPS segment as the year progresses. EBITDA was $114 million in the quarter or 36% of sales. This is a decrease of 12% compared to the prior year EBITDA of $128 million, driven by lower sales volume in the quarter.

我們預計，隨著時間的推移，IPS 部門的銷售額將繼續連續成長。本季 EBITDA 為 1.14 億美元，佔銷售額的 36%。由於本季銷售量下降，與去年同期的 EBITDA 1.28 億美元相比，下降了 12%。

Turning to slide 8. You'll see Medical and Fluid Solutions sales of $203 million increased 20% compared to the prior year's second quarter. Growth was driven by the acquired Atrion business which delivered $51 million in revenue during the quarter.

翻到幻燈片 8。您會發現醫療和流體解決方案的銷售額為 2.03 億美元，與去年同期第二季相比成長了 20%。成長主要得益於收購的 Atrion 業務，該業務在本季度實現了 5,100 萬美元的收入。

This was offset by double-digit declines in our medical interventional product lines. The year-over-year decline in interventional volumes includes the contract manufacturing business that we have intentionally rationalized to prepare for the pending sale.

但這一增長被我們醫療介入產品線兩位數的下滑所抵消。介入量年減包括我們為準備出售而有意合理化的合約製造業務。

Excluding these medical contract manufacturing product lines, organic sales for the remainder of the segment were down about 4% compared to the prior year, reflecting continued destocking trends in our interventional products. We expect the impact of destocking trends to continue to lessen as the year progresses, and we continue to see sequential improvements to validate this.

除這些醫療合約製造產品線外，該部門其餘產品的有機銷售額與前一年相比下降了約 4%，反映了我們介入產品持續的去庫存趨勢。我們預計，隨著時間的推移，去庫存趨勢的影響將繼續減弱，我們將繼續看到連續的改善來驗證這一點。

EBITDA for Medical and Fluid Solutions was $77 million or 38% of sales, which was an increase of 22% from prior year EBITDA of $63 million. The increase was driven by strong conversion on Atrion sales during the quarter and solid execution to minimize decrementals on lower organic volumes.

醫療和流體解決方案的 EBITDA 為 7,700 萬美元，佔銷售額的 38%，比去年同期的 EBITDA 6,300 萬美元成長了 22%。推動這一成長的因素包括本季度 Atrion 銷售的強勁轉換率以及為最大限度減少有機銷售下降而採取的穩健執行措施。

Turning to slide 9. You'll see Advanced Technology Solutions sales were $161 million or an 18% increase compared to the prior year second quarter. The growth in sales was driven by broad-based demand, notably in electronics dispense, optical and X-ray inspection systems, all growing double digits over the prior year.

翻到第 9 張投影片。您會發現先進技術解決方案的銷售額為 1.61 億美元，與去年同期第二季相比成長了 18%。銷售額的成長是由廣泛的需求推動的，特別是電子分配、光學和 X 射線檢測系統，這些領域的銷售額都比上一年實現了兩位數的成長。

We started the quarter with a strong backlog, and we continue to see steady order entry as the semiconductor and electronic applications we serve continue to show solid ongoing demand. Second quarter EBITDA was $40 million or 25% of sales, an increase of 43% compared to the prior year second quarter EBITDA of $28 million or 20% of sales.

本季開始，我們擁有大量積壓訂單，而且由於我們所服務的半導體和電子應用繼續顯示出強勁的持續需求，我們繼續看到穩定的訂單輸入。第二季的 EBITDA 為 4,000 萬美元，佔銷售額的 25%，與去年同期的 EBITDA 2,800 萬美元（佔銷售額的 20%）相比成長了 43%。

The improvement in EBITDA margin was driven by the organic sales growth and continued emphasis on cost management and improved manufacturing efficiency. These margin enhancements should continue to compound as the segment demand outlook continues to improve.

EBITDA 利潤率的提高得益於有機銷售成長以及對成本管理和製造效率的持續重視。隨著細分市場需求前景的持續改善，利潤率的提升應會持續複合。

Finally, turning to the balance sheet and cash flow on slide 10. At the end of the second quarter, we had cash on hand of approximately $130 million and net debt was approximately $2.1 billion, resulting in a leverage ratio of 2.4 times based on trailing 12 months EBITDA. This is a slight reduction from year-end and within our long-term targeted leverage ratio of 2 to 2.5 times.

最後，翻到第 10 張投影片上的資產負債表和現金流量表。截至第二季末，我們手頭現金約為 1.3 億美元，淨債務約為 21 億美元，根據過去 12 個月的 EBITDA，槓桿率為 2.4 倍。這比年底略有下降，並且在我們的長期目標槓桿率 2 至 2.5 倍範圍內。

Our free cash flow generation was in line with the prior year at $103 million during the quarter, resulting in a 92% conversion rate on net income for the quarter and a year-to-date cash flow conversion rate of 116%. During the quarter, given market dynamics, we prioritize share repurchases over debt reduction with share repurchases totaling approximately $85 million.

本季，我們的自由現金流產生量與去年持平，為 1.03 億美元，導致本季淨收入轉換率為 92%，年初至今的現金流轉換率為 116%。在本季度，考慮到市場動態，我們優先考慮股票回購而不是債務削減，股票回購總額約為 8,500 萬美元。

In addition, we returned $44 million to shareholders through dividends, and we also continue to invest in our base businesses, spending roughly $16 million on capital investments, including the final investments in our new ITS manufacturing facility.

此外，我們透過股息向股東返還了 4,400 萬美元，我們也繼續投資於我們的基礎業務，在資本投資上花費了約 1,600 萬美元，包括對我們新的 ITS 製造工廠的最終投資。

All in all, we had a solid operational quarter, and our teams delivered on their commitments despite ongoing uncertainty and geopolitical and trade policies. While market conditions remain mixed for some of our businesses, we are well positioned to capitalize on profitable growth as the year plays out.

總而言之，我們本季的營運表現穩健，儘管存在持續的不確定性以及地緣政治和貿易政策，我們的團隊仍然履行了承諾。儘管我們的部分業務的市場狀況仍然好壞參半，但隨著今年的到來，我們已做好準備，實現盈利增長。

With that, let's turn to slide 11, and I'll turn the call back to Naga.

接下來，讓我們翻到第 11 張投影片，我將把電話轉回給 Naga。

Thanks, Dan. Let's start with the implications of dynamic global tariff policies on the company's performance. Similar to the second quarter, we believe we can manage the current tariff levels and don't expect them to have a material impact on our third quarter results. We continue to monitor potential impact on end market demand as a result of these trade uncertainties.

謝謝，丹。我們先來看看動態全球關稅政策對公司績效的影響。與第二季類似，我們相信我們可以管理當前的關稅水平，並且預計它們不會對我們的第三季業績產生重大影響。我們將繼續監測這些貿易不確定性對終端市場需求的潛在影響。

However, we remain agile in our action plans knowing there is still plenty of market uncertainty due to tariffs. Given our in region, for region manufacturing strategy, decentralized organizational structure and close to the customer model, we are well positioned to offset the impact of changes in trade policies as they evolve.

然而，我們在行動計劃上仍然保持靈活，因為我們知道由於關稅，市場仍然存在許多不確定性。鑑於我們的區域內、針對區域的製造策略、分散的組織結構和貼近客戶的模式，我們完全有能力抵銷貿易政策變化所帶來的影響。

In the near term, we have implemented targeted price increases and adjusted supply chains to overcome the to-date modest tariff-related cost increases. In the medium-term, the capital-light nature of our businesses allows us to further enhance our in region, for region manufacturing strategy.

短期內，我們實施了有針對性的價格上調，並調整了供應鏈，以克服迄今為止與關稅相關的適度成本上漲。從中期來看，我們業務的輕資本性質使我們能夠進一步加強我們在區域內的製造策略。

I am proud of the Nordson team's solid execution in the quarter on multiple fronts in this uncertain environment. Our close to customer model with innovative, differentiated products is accelerating our commercial execution and leading to positive order entry momentum in electronics, precision agriculture and select medical product lines.

我為諾信團隊在本季在這個不確定的環境中在多個方面所表現出的穩健表現感到自豪。我們採用貼近客戶的模式，透過創新和差異化的產品，正在加速我們的商業執行，並在電子、精準農業和精選醫療產品線中帶來積極的訂單輸入動能。

This has resulted in sustained order entry and a healthy backlog increase of 5% since last quarter. In businesses where we are experiencing weaker customer demand, we have implemented targeted restructuring to adjust cost structure. These actions will be substantially completed by the end of our fiscal third quarter and are expected to provide ongoing annual benefits of over [$15 million] by 2026.

這使得訂單持續增加，並且自上個季度以來積壓訂單量健康成長了 5%。對於客戶需求較弱的業務，我們實施了有針對性的重組，以調整成本結構。這些行動將在我們第三財季末基本完成，預計到 2026 年將帶來超過 [1,500 萬美元] 的持續年度收益。

We also continue to invest in our organic business. To support the medium-term growth needs of our US and global customers, the Industrial Coatings business moved into a new greenfield facility in South Carolina at the beginning of this fiscal year. Similarly, we have expanded manufacturing capacity for the electronics process solutions business into India to support growing needs of our customers in the region.

我們也將繼續投資我們的有機業務。為了滿足美國和全球客戶的中期成長需求，工業塗料業務於本財年初遷入南卡羅來納州的一座新的綠地工廠。同樣，我們將電子製程解決方案業務的製造能力擴展到印度，以滿足該地區客戶日益增長的需求。

Finally, as Dan mentioned earlier, our strong balance sheet allowed us to take advantage of the dynamic market conditions in the second quarter and accelerate share repurchases. Year-to-date, we have bought back approximately $141 million in shares at 2.4 times EBITDA we remain within our long-term targeted leverage ratio of 2 to 2.5.

最後，正如丹之前提到的，我們強勁的資產負債表使我們能夠利用第二季的動態市場條件並加速股票回購。年初至今，我們已以 EBITDA 的 2.4 倍回購了價值約 1.41 億美元的股票，並且仍保持在 2 至 2.5 的長期目標槓桿率範圍內。

Turning now to our outlook on slide 12. Based on current visibility and order entry trends, we expect third quarter fiscal 2025 sales to be in the range of $710 million to $750 million. Third quarter adjusted earnings are forecasted to be in the range of $2.55 to $2.75 per diluted share. The third quarter guidance is in line with the full year expectations we set at the beginning of our fiscal year and confirmed in our Q1 earnings call.

現在轉到第 12 張投影片上的展望。根據目前的可見度和訂單輸入趨勢，我們預計 2025 財年第三季的銷售額將在 7.1 億美元至 7.5 億美元之間。預計第三季調整後每股收益在 2.55 美元至 2.75 美元之間。第三季的業績指引與我們在財年初設定的全年預期一致，並在第一季財報電話會議上確認了這一預期。

In the near term, we are comfortable managing current tariff levels and do not expect current policies to have a material impact on our results. Despite these short-term uncertainties, the strategic competitive advantages of Nordson that we note on slide 13 remain unchanged.

短期內，我們可以放心地管理當前的關稅水平，並且預計當前的政策不會對我們的業績產生重大影響。儘管存在這些短期不確定性，但我們在第 13 張投影片上提到的諾信的策略競爭優勢仍然沒有改變。

Our strong growth portfolio, high recurring revenues, diversified niche end markets, close to the customer model proprietary differentiated products and the NBS Next Growth Framework positions us well for long-term growth, including potential opportunities when customers shift or modify their manufacturing footprints.

我們強勁的成長組合、高經常性收入、多樣化的利基終端市場、貼近客戶模式的專有差異化產品以及 NBS 下一個成長框架使我們在長期成長方面處於有利地位，包括客戶轉移或修改其製造足跡時的潛在機會。

This is why Nordson has continuously demonstrated resilience and the ability to deliver best-in-class profitability in varying market scenarios from the great recession to the pandemic and beyond.

這就是為什麼諾信在從經濟大衰退到疫情及其他各種市場情況下不斷表現出韌性和提供一流盈利能力的原因。

As always, I want to thank our customers and our shareholders for your continued support. In particular, I want to thank our notes and employees who are passionate about meeting the needs of our customers. Your efforts show.

一如既往，我要感謝我們的客戶和股東的持續支持。我特別要感謝我們的筆記和員工，他們熱衷於滿足客戶的需求。你的努力是有目共睹的。

With that, we'll pause and take your questions.

現在，我們將暫停一下並回答您的問題。

(Operator Instructions) Mike Halloran, Baird.

（操作員指示）麥克·哈洛倫，貝爾德。

Can we just at a high level just talk about how you see trends playing out through the rest of the year? What's embedded in guidance and specifically talk to some of the major verticals, sustainability of what you're seeing in the ATS, when interventional destock is behind you? And any other kind of key variables as we think about the back half of the year here?

我們能否從高層次談談您如何看待今年剩餘時間的趨勢發展？指導包含哪些內容？具體談談一些主要垂直領域，當介入性去庫存已經過時，您在 ATS 中看到的可持續性如何？當我們考慮今年下半年時，還有其他什麼關鍵變數嗎？

Sure, Mike. Let's start with ATS. We experienced solid order entry in the ATS business across all of our businesses in that segment. Stop and think about where this is coming from? What you really see is this incredible investment that is going on for computing pilot, be it for AI, be it for cloud computing or e-commerce, any of that.

當然，麥克。讓我們從 ATS 開始。我們在這個領域的所有業務中，ATS 業務的訂單量都十分穩定。停下來想一想，這一切是從哪裡來的？你真正看到的是，這項令人難以置信的投資正在進行中，用於計算試點，無論是用於人工智慧、雲端運算還是電子商務，任何一項。

What you're seeing really is this incredible investment happening and at the heart of all of that investment is really complex new generation computer chips and semiconductor. And it's in place really well to Nordson. And I think that is playing into our growth. Sustainability, based on what we see in the business, we feel really good about the trends we see, the conversations we have with our customers.

您所看到的確實是一項令人難以置信的投資，而所有這些投資的核心是真正複雜的新一代電腦晶片和半導體。對於 Nordson 來說，這確實很合適。我認為這對我們的成長有幫助。永續性，根據我們在業務中看到的情況，我們對所看到的趨勢以及與客戶的對話感到非常滿意。

We've been talking about this impending order entry for a couple of quarters here. And I would tell you, we are now seeing it in our businesses, and we're seeing it in our results, right? So ATS, in general, pretty good, feel pretty good about it going playing out through the rest of the year.

我們已經在這裡討論了幾個季度即將發生的訂單輸入。我想告訴你，我們現在在我們的業務中看到了這一點，並且在我們的結果中看到了這一點，對嗎？因此，ATS 整體而言表現相當不錯，我對今年剩餘時間的表現感到十分樂觀。

On MFS which we have experience really is Atrion contributing to growth, very solid performance above our model expectations. Our fluid components business which was down for several quarters, that is now delivering nice growth. So we're seeing some positive order entry momentum there.

就我們體驗過的 MFS 而言，Atrion 確實為成長做出了貢獻，其表現非常穩健，超越了我們的模型預期。我們的流體組件業務連續幾個季度處於低迷狀態，但現在正在實現良好的成長。因此，我們看到了一些積極的訂單輸入動能。

Destocking continued to reduce in severity as we go through the year. And also, you would see that a significant part or more than half of our organic declining coming from our contract manufacturing businesses as we have rationalized program. So that reduces.

隨著時間的推移，去庫存的力道持續減弱。而且，您會發現，由於我們已對計劃進行了合理化，因此我們的有機收入下降的很大一部分或一半以上來自合約製造業務。這樣就減少了。

Now coming to IPS. Look, we're doing really well, double-digit organic growth, order entry pretty strong there. Our traditional consumable non-dealable adhesive businesses doing well. Good order entries, steady growth there.

現在來到 IPS。看，我們做得非常好，兩位數的有機成長，訂單量相當強勁。我們傳統的消耗性非經營性黏合劑業務表現良好。訂單量良好，成長穩定。

Our Industrial Systems business is where we are behind, both Industrial Coating, where Automotive is the big impact there and our plastic processing business. I would tell you automotive will remain a headwind for the company for another couple of quarters, given what is happening in that end market.

我們的工業系統業務處於落後狀態，包括工業塗料（其中汽車行業影響巨大）和塑膠加工業務。我想說的是，考慮到終端市場的情況，汽車產業在未來幾季仍將對公司造成不利影響。

But we do see pretty good momentum in our powder coating business. We see very good momentum in a couple of product lines that are very niche applications. So the Industrial Coatings business continues to improve and believe that through the year, they'll do better.

但我們確實看到粉末塗料業務發展勢頭良好。我們看到一些非常小眾應用的產品線發展勢頭良好。因此，工業塗料業務持續改善，並相信今年他們的業績會更好。

So the trends that we are seeing in IPS is largely in line with our expectations. It was largely in line with our expectations in the second quarter, largely in line with what we thought at the beginning of the year.

因此，我們在 IPS 中看到的趨勢基本上符合我們的預期。與我們第二季的預期基本一致，與我們年初的想法基本一致。

No. That's super helpful. And then as far as the contract and fracturing divestiture goes, any way to size the revenue as well as maybe talk to if there are other areas you're thinking about internally? I know this is the second major one. You had the screws, the plastics one earlier, which was super successful of this one. Are we at the end of that journey? Or do you think that there's a little more to go there as well?

不。這非常有幫助。那麼就合約和壓裂剝離而言，有什麼方法可以確定收入規模，以及您是否正在內部考慮其他領域？我知道這是第二個重大問題。你之前有螺絲，有塑膠的，這個非常成功。我們是否已經到達旅程的終點了？或者您認為那裡還有更多值得去的地方嗎？

Let me give you just the top-level color first and then Dan can walk you through some of the details. Look, as we said in our Investor Day, building and sustaining a strong growth portfolio is an important part of our strategy. So to that extent, that portfolio analysis happens every year and we stay true to that process.

讓我先給你介紹頂層顏色，然後丹可以向你介紹一些細節。正如我們在投資者日所說的那樣，建立和維持強勁的成長投資組合是我們策略的重要組成部分。因此從這個程度上來說，投資組合分析每年都會進行，而且我們始終堅持這項流程。

It is really based on product differentiation, relative to financial performance of the business within the portfolio. So that's really the criteria and nothing changed there. So it's just an ongoing process, and I'll leave it at that. And so, Dan.

它實際上是基於產品差異化，相對於投資組合內業務的財務表現。所以這確實是標準，沒有任何改變。所以這只是一個持續的過程，我就不多說了。所以，丹。

Yeah. And maybe just to add a little more color, Mike. So answer to your maybe direct answer to your question, no, there are no other ongoing actions. But I think to Naga's point, this is a great example of small business for us to size it for you. This is roughly 4% of our year-to-date sales in the medical segment.

是的。也許只是為了增加一點色彩，麥克。因此，也許可以直接回答您的問題，不，沒有其他正在進行的行動。但我認為，正如 Naga 所指出的，這是一個很好的小型企業範例，我們可以為您進行評估。這大約占我們今年迄今醫療領域銷售額的 4%。

And this is an example of a business that we've been looking at and assessing for a while and ultimately made the decision, it's better off in somebody else's hands. I'm all part of the overall portfolio. But as you think about margin implications, Naga mentioned on the call that it would be accretive to ongoing margins post sale.

這是一個我們已經關注和評估了一段時間的企業的例子，我們最終決定將它交給別人經營會更好。我是整個投資組合的一部分。但是當你考慮利潤率的影響時，Naga 在電話會議上提到，它將增加銷售後的持續利潤率。

And I think the simple way to think about that this is on a full year basis, roughly 100 basis points accretive to our medical segment margins going forward post sale. But a small business, but one that, ultimately, we determine is better off in somebody's hands. There are no further -- we have other active portfolio actions, but this is something that we continue to look at every year.

我認為，簡單來說，以全年計算，出售後我們的醫療部門利潤率將增加約 100 個基點。雖然這只是一個小企業，但最終我們決定把它交給別人管理會更好。沒有進一步的行動——我們還有其他積極的投資組合行動，但這是我們每年都會持續關注的事情。

Yeah. Dan, one thing I would add to that is, look, the main reason to continue to build the portfolio and keep the portfolio strong is the opportunity cost, right? This action allows our teams in the medical component business to focus on things we are really good at, while this contract manufacturing belongs within (inaudible) who is the buyer of this business.

是的。丹，我想補充一點，繼續建立投資組合併保持投資組合強勁的主要原因是機會成本，對嗎？這項舉措使我們的醫療組件業務團隊能夠專注於我們真正擅長的領域，而這種合約製造屬於（聽不清楚）該業務的買家。

And they are building this is a great home for our teams in that business, and they will do fine, but it allows our teams to focus on what strategically we are positioned to do, which is to grow our medical component business, including the ones we acquired through Atrion.

他們正在建立的這個大本營，將為我們在該業務領域的團隊提供良好的發展環境，他們將會做得很好，同時，這也使我們的團隊能夠專注於我們的策略定位，即發展我們的醫療組件業務，包括我們透過 Atrion 收購的業務。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Good morning, everyone. I wanted to touch on a couple of the segments. ATS has been really volatile the last couple of quarters. Should we see more consistent growth in that segment going forward? And what's informing, I guess, can you be more specific around like where in the orders you're seeing improvement either on a sequential basis or how do you want to look at it?

大家早安。我想談一下其中的幾個部分。過去幾個季度，ATS 一直非常不穩定。我們是否應該看到該領域未來出現更持續的成長？我想，您能否更具體地說明一下，在訂單的哪些部分您看到了改進，是按順序進行的，還是您想如何看待它？

Yeah. Let me address your first question, which is the lumpiness of this business. This is a business inherently lumpy and inherently lumpy because of the industry that we operate in, right? When we have customers who tend to expand and expand fast and want to expand right now or want to stop buying and want to change their investment profile right now.

是的。讓我來回答你的第一個問題，也就是這個業務的不穩定性。這是一個本質上不穩定的業務，而且由於我們所處的行業，它本質上就是不穩定的，對嗎？當我們的客戶傾向於快速擴張並希望立即擴張或希望停止購買並希望立即改變其投資狀況時。

So that is something the company is difficult to control. But overall, if you think about how we think about the business within the company and that may be helpful is to really say, this is a part of the cycle where it is starting to grow. Now it is difficult for us to sort of control customer expectations of shipments and timing of shipments. So things could slip from one quarter to next.

所以這是公司難以控制的事情。但總的來說，如果你想想我們如何看待公司內部的業務，這可能會有所幫助，也就是說，這是它開始成長的週期的一部分。現在我們很難控制客戶對出貨的期望和出貨時間。因此，從一個季度到下一個季度，情況可能會出現下滑。

But first half, second half is a good way to think about this business in terms of growth. We feel and what we see in our order entry is some pretty strong order entry patterns that gives us pretty good confidence that this is a part of the cycle where this business is going to contribute nicely to the company's organic growth.

但從成長的角度來看，上半年和下半年是思考這項業務的好方法。我們感覺到，我們在訂單輸入中看到的是一些非常強勁的訂單輸入模式，這讓我們非常有信心，這是週期的一部分，這項業務將為公司的有機成長做出很好的貢獻。

If you put it in perspective, through the cycle, this is a 5%-plus organic growth business and order entry and backlog are building and are supportive of that for the year.

如果你從整個週期的角度來看，這是一個 5% 以上的有機成長業務，訂單量和積壓量正在增加，並為今年的成長提供支援。

Maybe one other thing I just as you think about this, just to add one additional flavor. And most of the growth we're seeing right now is really with our Asian customers. And so, as you think about some of the announcements being made around investments in the US, frankly, we're not even seeing that yet.

也許我和你一樣想到了另一件事，只是為了增加額外的味道。我們目前看到的大部分成長實際上都來自亞洲客戶。因此，當您想到有關美國投資的一些公告時，坦白說，我們甚至還沒有看到這一點。

And so, the cycle does have some legs to it. Most of the growth that we're seeing is with existing capacity or expanding capacity in some of the Asian markets. But there are additional legs that I think are still at the early stages.

所以，這個循環確實有一定的可行性。我們看到的大部分成長都來自於一些亞洲市場的現有產能或擴張產能。但我認為其他一些支柱仍處於早期階段。

And the other thing to also think about is these tariff regimes that are being talked about figured out. I think our customers are going to adjust manufacturing footprint. And as they adjust manufacturing footprint, that represents a nice opportunity for Nordson. And if you really think about our expansion in India, that really stems from the fact that some of our customers are diversifying their manufacturing footprint, and we will benefit from it.

另一件需要考慮的事情是正在討論的這些關稅制度。我認為我們的客戶將會調整製造足跡。隨著他們調整製造足跡，這對諾信來說是一個很好的機會。如果你認真考慮我們在印度的擴張，那實際上源自於我們的一些客戶正在實現其製造足跡的多樣化，而我們將從中受益。

Look, this is who Nordson is. We have a very close customer direct model. We work with our customers that are capital-light manufacturing business. And so, we are able to pivot to the needs of our customers, help them expand, serve their needs in whatever geographies they want to. So as they move, as they expand as they invest, Nordson benefits. So hopefully, that gives you some color. I know you had a couple of follow-ups. So let's just --

瞧，這就是諾德森。我們有一個非常緊密的客戶直接模式。我們與輕資本製造企業的客戶合作。因此，我們能夠根據客戶的需求進行調整，幫助他們擴展業務，並在他們希望的任何地區滿足他們的需求。因此，隨著他們的發展、擴張和投資，諾信受益匪淺。希望這能給你一些啟發。我知道你有一些後續行動。所以讓我們--

Yeah. Maybe switching on MFS. The question would be the line of sight on that kind of interventional medicine has been surprising due to destocking. But what's your line of sight on that destock at this point? It seems like it's slowly coming to end.

是的。也許可以切換到 MFS。問題在於，由於去庫存化，對這種介入醫學的關注令人驚訝。但是您現在對去庫存有什麼看法？看起來它正在慢慢結束。

And then on the other side of that, is there an acceleration? Or is this not the type of market where you could see a pickup, maybe more of a gradual pickup. I'm not sure the nature of how that cycle would work in that business.

那麼在另一邊，有加速度嗎？或者這不是一個你可以看到回暖的市場類型，也許更多的是一個逐步回升的過程。我不確定這個週期在該行業中如何運作。

Sure. If it asked me prior to COVID, this is a business that's not cyclical, right? It was a secular 5%, 6%, 7% growth every year. If you think about where we are at in terms of destock, what we are finding is that the stock in this business is definitely reducing, definitely reducing because we can see our order entry improve, right?

當然。如果在 COVID 之前問我，這是一個非週期性的業務，對嗎？每年的成長率都在 5%、6%、7% 左右。如果你考慮我們在去庫存方面的現狀，我們會發現這個行業的庫存肯定在減少，肯定在減少，因為我們可以看到我們的訂單量有所改善，對嗎？

So we feel good about where we are at in terms of the destocking being getting played out. But fluid components, which is another part of this business, it is a smaller business, but a smaller part of the business that was down significantly for six to eight quarters almost. It is now delivering growth, and we feel really good about where they're at.

因此，我們對目前去庫存化進程感到滿意。但流體組件，即該業務的另一部分，是一項較小的業務，但業務的一小部分幾乎在六到八個季度內大幅下滑。現在它正在實現成長，我們對他們的現狀感到非常滿意。

Longer term, the pipeline projects that we're working on for these businesses, they remain strong. In terms of how they would recover, the customer behaviors are not similar to what you see in electronics. Here, this is going to be far more steady growth. People went through COVID, overstocked, destocked and now it is going to gradually recover to normal demand growth rates rather than a significant uptick or a significant downtick.

從長遠來看，我們為這些企業開展的管道項目依然強勁。就他們如何恢復而言，客戶行為與電子產品領域的情況並不相似。在這裡，這將是更穩定的成長。人們經歷了新冠疫情、庫存過剩、去庫存，現在需求成長率將逐步恢復正常，而不是大幅上升或大幅下降。

So our expectations for this business is that we continue to recover on the destocking fluid components contributing nicely. But don't forget, Atrion is a big contributor to our growth. And that business, as we have shared is doing very well, above our expectations.

因此，我們對這項業務的期望是，我們將繼續在去庫存流體成分的良好貢獻下恢復。但請不要忘記，Atrion 對我們的成長貢獻很大。正如我們所分享的，這項業務表現非常好，超出了我們的預期。

Saree Boroditsky, Jefferies.

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑弗里斯 (Jefferies)。

Good morning. Thanks for taking the question. Maybe going on some of the stuff you talked about with ATS. How do you think about margin performance going forward? And how do you maintain a more steady margin performance if you're going to continue to see some of that volatility with the customer behavior you spoke about?

早安.感謝您回答這個問題。也許會繼續討論您與 ATS 討論過的一些事情。您如何看待未來的利潤表現？如果您繼續看到您所說的客戶行為的波動，那麼您如何保持更穩定的利潤表現？

Yeah. I think during the last downturn, the teams really did a nice job of restructuring the business. Our expectation is that this industry margin performance is different from our other businesses because our investments in innovation are significantly higher in this business.

是的。我認為在上次經濟衰退期間，團隊在業務重組方面確實做得很好。我們預期該行業的利潤率表現與我們的其他業務不同，因為我們在該業務上的創新投資明顯更高。

You have to invest in innovation, which is 4, 5 times higher than what we have in our other businesses because unless you invest, you're not able to participate in the growth cycle. So the margins will be different. But we feel like we have adjusted the cost structure such that in a downturn, the margins would be lower than where it is today, which is right now, it is at 25%.

你必須在創新上進行投資，這比我們在其他業務上的投資高出 4 到 5 倍，因為除非你投資，否則你就無法參與成長週期。因此利潤率會有所不同。但我們感覺我們已經調整了成本結構，這樣在經濟低迷時期，利潤率就會低於目前的水平，目前的利潤率為 25%。

And in a down cycle, could it be lower? It could be. But it's not going to be a place where we have significantly lower margin performance like seven years, five years ago or six years ago.

在經濟下行週期中，這數字還會更低嗎？有可能。但我們利潤率的表現不會像七年前、五年前或六年前那樣明顯下降。

Hey, Saree, maybe one way to think about it is with the foundational changes or changes improvements that we've made in the business model, we've essentially raised the water line in this business. So if you look peak to peak or trough to trough, you're going to see sustained improvement in the margin profile going forward, and that's because of the structural changes that have been made to reposition the business.

嘿，Saree，也許我們可以這樣想：透過我們在商業模式上做出的根本性改變或改進，我們基本上提高了這個行業的水線。因此，如果您從峰頂到峰頂或從谷底到谷底觀察，您將會看到未來利潤率狀況的持續改善，這是因為已經進行了結構性變革以重新定位業務。

That's helpful. And then maybe turning the precision ag business returned to growth in the quarter, as I believe you expected. Could you talk through what you're seeing in that market? And what are you seeing from the margin performance and how it should perform in an up cycle?

這很有幫助。然後也許精準農業業務會在本季度恢復成長，我相信這是您所期望的。您能談談您在該市場看到的情況嗎？您從利潤率表現中看到了什麼？它在上升週期中該如何表現？

Yeah. Let me just take the margin question first on ARAG, our precision agriculture business. Look, even in a downturn, the EBITDA margins in that business was as good as the company or slightly better. So in the up cycle, there may be some benefits, but our goal is to continue to grow this business. That's where the opportunity is.

是的。我首先來回答一下有關我們的精準農業業務 ARAG 的利潤問題。你看，即使在經濟低迷時期，該業務的 EBITDA 利潤率也與公司一樣好或略好。因此，在上升週期中，可能會有一些好處，但我們的目標是繼續發展這項業務。機會就在這裡。

Where we're seeing the growth is coming mostly in Europe and in South America. And so, if you remember, just refresh all our memories around this is that remember, this is a European-based business. That is where their strength is. They're a market leader in Europe. Clearly, we've gone through an inventory adjustment in the channel in Europe, and we're growing back again.

我們看到的成長主要來自歐洲和南美洲。所以，如果你還記得的話，請刷新我們所有的記憶，記住，這是一家歐洲的企業。這就是他們的力量所在。他們是歐洲市場的領導者。顯然，我們在歐洲通路經歷了庫存調整，並且正在恢復成長。

We're super excited about a couple of new products that they've launched. Clearly, we are at the very early stages of implementing NBS Next. So we are super excited about this business. It is growing. Our expectation it continues to grow.

我們對他們推出的幾款新產品感到非常興奮。顯然，我們正處於實施 NBS Next 的早期階段。所以我們對這項業務感到非常興奮。它正在成長。我們期望它能夠繼續成長。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Thanks. Good morning, guys. Nice to hear the increasingly assertive pivot on ARAG and then on your subsequent acquisition to that Atrion. Just kind of curious about the upside, whether that was a conservative initial posture or true surprise. Curious, your current thoughts on the compound growth over time.

謝謝。大家早安。很高興聽到你們對 ARAG 以及隨後對 Atrion 的收購日益堅定的立場。只是有點好奇其好處，不知道這究竟是保守的初始姿態還是真正的驚喜。好奇，您目前對複合成長隨時間變化的看法。

Is what we're seeing here the profile? Or does the current upside maybe create some growth challenges in fiscal '26 as you -- I don't know if you have to digest the scaling that you're seeing here in fiscal '25. So just surrounding some of the Atrion dynamics a bit there.

我們在這裡看到的是個人資料嗎？或者，當前的上行趨勢是否會為 26 財年帶來一些成長挑戰——我不知道您是否必須消化 25 財年所看到的擴張。這裡只是稍微圍繞著一些 Atrion 動態進行介紹。

Yeah. A, I wouldn't say that's a conservative model. Remember, we have been in this kind of products that we sell, the majority of the business, we have very good familiarity. And so, I understand what the performance expectations can be from both a market perspective as well as internal.

是的。答：我不會說這是一個保守的模型。請記住，我們對所銷售的這類產品，即大部分業務，都非常熟悉。因此，我了解從市場角度和內部角度對績效的期望是什麼。

Where we are at in that business is we're integrating nicely. We're certainly performing well commercially. They've got one new product out there that we're doing really well. We've got a couple of more coming right behind it. So I think we have a good benefit of new products that are going to help our growth. Look, we're ahead, but we still have opportunity in this business. And I think that's how I would think about it.

我們在該業務中的現狀是，我們正在很好地整合。我們的商業表現確實很好。他們推出了一款新產品，我們做得非常好。我們後面還會有更多的事情發生。所以我認為新產品對我們有很大的好處，有助於我們的成長。看，我們已經領先了，但我們在這個行業仍然有機會。我想這就是我的想法。

Okay. Great. Is this a symptom where they can really generate a couple of material new products every couple of years?

好的。偉大的。這是否顯示他們每隔幾年就能推出幾款重要的新產品？

It's going to be difficult to say. But look, this is a business that has a significant amount of IP. I don't know whether I could put a number next to it other than I would say that the innovation opportunities are pretty strong. And we really like where they're at.

這很難說。但看看吧，這是一家擁有大量智慧財產權的企業。我不知道是否可以給出一個數字，但我想說的是，創新機會相當強勁。我們真的很喜歡他們現在的處境。

I think that is an important growth contributor for them and the rest of Nordson, right? Innovation has always been an important part of our playbook, and that's the alignment with their strategy and ours. Operationally, there may be more opportunities too. I think that is very early days there.

我認為這對他們以及諾信的其他部分來說都是重要的成長因素，對嗎？創新一直是我們策略的重要組成部分，這與他們的策略和我們的策略是一致的。從營運角度來說，可能還有更多機會。我認為那隻是個開始。

Okay. Great. And then pivoting over to ATS, just curious how the center of gravity is moving? Are you seeing the industrial RF chips around customer innovation starting to land? Is it more midstream processing. Just trying to get a sense of where the piglet is in the python.

好的。偉大的。然後轉向 ATS，只是好奇重心是如何移動的？您是否看到圍繞客戶創新的工業射頻晶片開始落地？它是否是更多的中游處理？只是想了解小豬在蟒蛇的什麼位置。

All right. Chris. So let me try to -- if you're asking me where we are at and how the cycle is playing out. A couple of things we see is, A, the investments that are happening by our customers are pretty significant, and they're pretty rapid which essentially tells us that the opportunity for us to continue to benefit from it remains.

好的。克里斯。所以讓我嘗試一下——如果你問我我們處於什麼位置以及這個週期是如何進行的。我們看到的幾件事是，A，我們的客戶正在進行的投資相當大，而且發展相當迅速，這實際上告訴我們，我們仍然有機會繼續從中受益。

I think, as Dan mentioned, investments in North America is still an upside that's not played out. It will take many more years to have that show up. But the opportunities in Asia are strong and they're happening. There is a ton of innovation that is happening, and I don't think that is going to end here because I think we are at very early stages of the GPUs that are getting built.

我認為，正如丹所提到的，在北美的投資仍具有尚未發揮的優勢。要實現這一點還需要很多年的時間。但亞洲的機會很大，而且正在發生。大量的創新正在發生，我不認為這將會就此結束，因為我認為我們正處於 GPU 建置的早期階段。

The technology around the GPU is significant. And I think -- so the more difficult it is, the better it is for Nordson, and this is one of those cases where we're going to benefit from it. So we're going to continue to adapt our existing technologies. There's going to be some fast innovation to customize for people's investments.

圍繞 GPU 的技術意義重大。我認為——越困難，對諾信就越好，這是我們將從中受益的案例之一。因此我們將繼續調整現有技術。將會有一些快速的創新來客製化人們的投資。

But also, as we solve these bigger problems, I think we have an opportunity. And we have new categories of products through our CyberOptics acquisition, we have a new generation of in-process sensors called WaferSense and that is a product category that is growing very nicely for us. We just released two new products in that category. We have new opportunities there.

但同時，當我們解決這些更大的問題時，我認為我們就有機會。透過收購 Cyber​​Optics，我們擁有了新的產品類別，我們擁有新一代的製程內感測器 WaferSense，這個產品類別對我們來說發展非常順利。我們剛剛發布了該類別的兩款新產品。我們在那裡有新的機會。

We're working on more. So innovation is going -- in ATS, for us to win, we have to innovate and we have to play at the right price points with the right manufacturing footprint. So it's got nice upside, but it is lumpy and it is cyclical.

我們正在做更多工作。因此，創新正在進行中——在 ATS 中，為了贏得勝利，我們必須創新，我們必須以正確的價格點和正確的製造足跡進行競爭。因此，它有很好的上升空間，但它是不穩定的並且具有週期性。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾、地方檢察官戴維森。

So just a couple of quick ones. If you look at your tariff exposure on an annualized basis, what does it look like? If it's completely unmitigated, which I realize isn't based on the current tariff scenario. I'm trying to get a feel for how much of an impact you're working to offset? And then I have a follow-up.

簡單說幾個。如果您以年度為基礎來查看您的關稅風險，它是什麼樣的？如果它完全沒有得到緩解，我意識到這不是基於當前的關稅情景。我想了解您正在努力抵消多大的影響？然後我有一個後續問題。

Dan, do you want to --

丹，你想--

Yeah. Maybe I'll take that and certainly appreciate the question. It's something that's top of mind for everybody. But what I would say is certainly at the current levels, I mean tariffs are very manageable. And as we stated, really had no material impact on our second quarter results.

是的。也許我會接受這個問題並且非常感謝你的提問。這是每個人最關心的事。但我想說的是，在目前的水平上，關稅是非常可控的。正如我們所說，這確實對我們的第二季業績沒有實質影響。

We continue to monitor it and obviously, this is a developing situation and frankly, announcements seem to be coming but the general way I would think about it is our in region, for region mitigate the large amount of the tariff exposure.

我們將繼續監測它，顯然，這是一個正在發展的情況，坦率地說，公告似乎即將發布，但我總體上會考慮這個問題，即在區域內，為區域減輕大量的關稅風險。

And so, maybe I'll just give you a little bit of a framework. If you think about it as a percent of our overall sales, roughly 85%, 90% of our sales are fully in region, for region, meaning very little import-export exposure. If you think of the 10% to 15% that is not -- that is a broad-based or very diversified set of exposures. So we do not have any concentrations of exposure.

所以，也許我只會給你一點框架。如果你把它看作我們整體銷售額的百分比，那麼大約 85% 到 90% 的銷售額完全是在該地區，就地區而言，這意味著進出口風險很小。如果您考慮一下那 10% 到 15% 的比率，那麼這就是一組廣泛或非常多樣化的風險敞口。所以我們沒有任何暴露濃度。

So if you think of that 10% to 15%, it's split amongst many different arrangements in our global footprint and no single intercountry exposure is more than low single-digits. And so, for those reasons and others, including Naga's points that we tend to be more nimble than most and can pivot as our customer's pivot. We don't see a significant impact. It's certainly not at the current levels.

因此，如果您考慮這 10% 到 15%，它會分佈在我們全球業務範圍內的許多不同安排中，並且沒有單一國家的跨國風險敞口超過低個位數。因此，基於這些原因以及其他原因，包括 Naga 的觀點，我們往往比大多數人更靈活，並且可以隨著客戶的轉變而轉變。我們沒有看到重大影響。肯定沒有達到目前的水準。

Now things can change, and that's where we're continuing to monitor the situation. If the situation changes, we'll make pivots where we need to. But I would come back to no material exposure in the second quarter. At the current levels, we think this is very manageable.

現在情況可能會發生變化，我們將繼續監測局勢。如果情況發生變化，我們將根據需要做出調整。但第二季我將不再進行任何重大投資。在目前的水平下，我們認為這是非常容易管理的。

And really, for us, the bigger risk and the bigger consideration in all of this is what it does to end market demand with our customers, right? If our customers start deferring investments or deferring capital, that's probably the bigger risk, what the general economic impact is to this. And frankly, that's I would say, what we're watching closer than anything.

實際上，對我們來說，所有這一切中更大的風險和更大的考慮是它會對我們的客戶產生什麼影響，對嗎？如果我們的客戶開始推遲投資或推遲資本，這可能是更大的風險，這將對總體經濟產生更大的影響。坦白說，我想說，這就是我們最密切關注的事情。

Yeah. That was super helpful thank you. Just to maybe try to put a little bit finer point on what you're seeing in ATS. Is there a way to quantify how much of that business today is being driven by various categories of high-performance computing relative to what that number would have looked like 12 to 18 months ago? Thank you.

是的。這非常有幫助，謝謝。只是想嘗試更詳細地說明您在 ATS 中看到的內容。有沒有辦法量化目前有多少業務是由各種類型的高效能運算推動的，相對於 12 到 18 個月前這個數字是多少？謝謝。

I would say, I think 50% of our business would be semiconductor high-power computing as you describe it. And a couple of years ago, I don't know, if you go back, I want to say four, five years ago, maybe that number was 30% or so. Look, I'm guessing here, 20% to 30% at best.

我想說，我認為我們 50% 的業務將是半導體高功率計算，正如您所描述的。幾年前，我不知道，如果你回顧一下，我想說四五年前，這個數字可能是 30% 左右。瞧，我猜最多是 20% 到 30%。

Certainly, this is an area our teams have focused on, but also the type of customers have changed. That's without getting into specific names, I would tell you, if we were very North American-centric five years ago, we're more Asia-centric. Although Asia was a big presence for us even five years ago.

當然，這是我們的團隊關注的領域，但客戶類型也改變了。我們不談具體名稱，我想告訴你，如果說五年前我們非常以北美為中心，那麼現在我們更加以亞洲為中心。儘管五年前亞洲對我們來說就已經是一個重要的存在。

I would say, the kind of customer projects we're working on, the innovations we are leading, the demands we are creating tend to be in Asia than North America. But I think that would also change because as North American semiconductor investments become real, meaning when the buildings are done, when things people are making, as you have packaging lines come on, Nordson is going to benefit.

我想說的是，我們正在進行的客戶專案、我們所引領的創新、我們所創造的需求往往都在亞洲而不是北美。但我認為這也會改變，因為隨著北美半導體投資成為現實，這意味著當建築物建成時，當人們開始製造產品時，隨著包裝線的投入使用，諾信將從中受益。

(Operator Instructions) Walt Liptak, Seaport Research.

（操作員指示） Walt Liptak，海港研究。

Hi. Thanks. Good morning. So I've got a couple of follow-ons. On the ATS segment, Naga, I think you alluded to like a 5% growth, and I just wanted to clarify was that 5% growth in the second half on an organic basis? Or were you just talking about kind of growth in the future.

你好。謝謝。早安.所以我有幾個後續問題。關於 ATS 部門，Naga，我認為您提到了 5% 的增長，我只是想澄清一下，下半年的 5% 增長是否是有機增長？或者您只是在談論未來的成長。

I'm talking about through the cycle growth, right? I mean, there is going to be -- since it's cyclical, you got to take it through the cycle. Our expectation is this business grows 5%. We have very good clarity to Q3 and that is definitely higher than 5%. But we don't guide by segments.

我說的是透過週期成長，對嗎？我的意思是，這將是——因為它是週期性的，你必須經歷這個週期。我們預計這項業務將成長 5%。我們對第三季的情況非常清楚，而且肯定高於 5%。但我們並不是按細分來指導。

I realize that. Yeah. So I think adding that in. And then I think in your prepared remarks, you guys commented on some selling price increases. And so, I wonder if you could just help us understand was this like a price increase or like a tariff surcharge and was this uncommon? Do you usually do like annual price increases? Or is this a normal course of business?

我意識到了這一點。是的。所以我認為應該添加這一點。然後我想在你們準備好的評論中，你們對一些銷售價格上漲發表了評論。所以，我想知道您是否可以幫助我們理解這是否像是價格上漲或關稅附加費，而這種情況是否不常見？您通常喜歡每年漲價嗎？還是這是正常的業務流程？

Yeah. No. It's a good question. Look, our pricing focus -- so the answer to your question is we regularly assess pricing. It's a normal part of our process. Our focus and this is largely driven by our current margin profile. Our focus is really on maintaining competitiveness and maintaining our margins. But it is something that we look at regularly.

是的。不。這是個好問題。看，我們的定價重點——所以你問題的答案是我們定期評估定價。這是我們流程的正常部分。我們的重點很大程度取決於我們目前的利潤率狀況。我們的重點是保持競爭力並保持利潤率。但這是我們經常關注的事情。

In the current environment, certainly, some of what you're seeing is tariff impacts being passed on where necessary. And that would include both -- think about it as both the direct impact and any indirect impact through the general supply base.

在當前環境下，您肯定會看到關稅影響在必要時被轉嫁。這包括兩者——將其視為直接影響和透過一般供應基礎的任何間接影響。

And so, that is certainly -- but again, if I were to look at our overall pricing, I would say there's no significant escalation at this point, right? It's really, look, where we have to pass things through and manage, we are doing that. But it's not a significant impact.

所以，這當然是——但是，如果我再看一下我們的整體定價，我會說目前還沒有出現明顯的上漲，對嗎？你看，事實上，我們必須傳遞訊息並進行管理，我們正在這樣做。但影響並不大。

And the other way to also remember is that we run the company as 14, now 15 divisions. So what this allows us is you have a decentralized organization with business owners who understand their market dynamics, understand their cost structure, are able to simply read the situation and be able to adjust pricing, adjust supply chain so that we are able to keep growing and growing profitably.

另外要記住的是，我們公司有 14 個部門，現在有 15 個部門。因此，這使我們能夠擁有一個分散的組織，其中的企業主了解他們的市場動態，了解他們的成本結構，能夠簡單地了解情況並能夠調整價格，調整供應鏈，以便我們能夠保持成長並獲得盈利。

So our structure, our entrepreneurial spirit in the businesses as well as our close to the customer model allows us to be able to learn the market and adjust accordingly.

因此，我們的結構、企業中的企業家精神以及貼近客戶的模式使我們能夠了解市場並進行相應調整。

Okay. That's awesome. And just maybe a follow-on to that. So the price increases went through do you get benefits from it already? Or are you just about to announce them?

好的。太棒了。或許這只是對此的後續。那麼價格上漲已經過去了，你們從中獲益了嗎？或者您正準備宣布這些消息？

They're phased in over time. There's no one size fits all. I think as Naga just mentioned, each of our divisions are making those decisions and managing as appropriate. And so, think of it as pricing is generally an ongoing activity that takes place throughout the year.

它們會隨著時間的推移而逐步實施。沒有一種方案適合所有情況。我認為正如 Naga 剛才所提到的，我們的每個部門都在做出這些決定並進行適當的管理。因此，可以將其視為定價通常是一項全年持續進行的活動。

Okay. Got it. Fair enough. And then just one last one for me, if it's okay. Last quarter, I think you guys talked about how you were feeling that things would be at the low end of your sales range. But I didn't hear -- maybe you did make a comment about that. Do you still think you're going to be at the low end of the sales range for 2025?

好的。知道了。很公平。如果可以的話，我再說最後一個。上個季度，我想你們談論過你們對產品銷售範圍低端的感受。但我沒有聽到——也許你確實對此發表了評論。您是否仍然認為您的 2025 年銷售額將處於低端​​？

Yeah. No. It's a very good question. And look, I'm going to come back to what we've said explicitly. What we can tell you is that Q3 guidance providing for Q3 is certainly line with our full year expectations. There's a lot of things that are still pending on the policy and trade front, namely some deadlines coming up in July and August.

是的。不。這是一個非常好的問題。瞧，我要回到我們明確說過的話題。我們可以告訴您的是，第三季的指導肯定符合我們的全年預期。政策和貿易方面仍有許多事情懸而未決，例如七月和八月的一些最後期限。

It's a bit early to call Q4 and the outlook for the full year. That doesn't mean that we're backing away from our guidance. Frankly, we just don't know what's going to happen as some of these decisions get made and play out. So Q3 is certainly in line with our full year expectations that we reiterated in the first quarter.

現在對第四季和全年前景做出預測還為時過早。這並不意味著我們放棄我們的指導。坦白說，我們只是不知道這些決定做出並實施後會發生什麼。因此，第三季肯定符合我們在第一季重申的全年預期。

Q4 remains to be seen and largely dependent around what happens on the front over the next couple of months. And what that impact is, again, I'm going to go back to my earlier statements. You asked me what are we concerned about? It's really what is the impact on end market demand across their portfolio. If customers start pulling back because of these uncertainties, we haven't seen that yet, but it's too soon to say.

第四季的情況還有待觀察，很大程度上取決於未來幾個月前線情勢的發展。至於其影響是什麼，我將再次回顧我先前的陳述。你問我我們關心什麼？這其實就是他們的產品組合對終端市場需求的影響。如果客戶因為這些不確定性而開始減少購買，我們還沒有看到這種情況，但現在說還為時過早。

I think that is probably what you have to remember is it is uncertain, but we are not seeing in our businesses yet. But these deadlines come up in summer. Look, these are dynamic times to say the least. Yet our teams are doing a fantastic job of continuing to serve our customers, continuing to innovate, continue to do all the things Nordson does really well.

我認為您可能需要記住的是，這是不確定的，但我們尚未在我們的業務中看到。但這些截止日期是在夏季。瞧，至少可以說這是一個充滿活力的時代。然而，我們的團隊做得非常出色，繼續為客戶服務，繼續創新，並繼續做諾信做得非常好的所有事情。

And I think that is a testament to the team's ability very entrepreneurial way to adjust to some very uncertain times. And we tell you that there is no impact on tariffs, but there is a lot of work that goes behind achieving that outcome, right? And so, I think that's what you want to take away is that the impact is minimal, teams are agile working, and we'll take a quarter at a time here.

我認為這證明了團隊以極具創業精神的方式適應一些非常不確定的時期的能力。我們告訴過您，這對關稅沒有影響，但要實現這一結果還需要做很多工作，對嗎？所以，我認為你想要得到的是，影響很小，團隊工作敏捷，我們每次只花四分之一的時間。

Chris Dankert, Loop Cattle Markets.

Chris Dankert，Loop Cattle Markets。

Hey, good morning, guys. Thanks for squeezing me in here. Just as it relates to the outlook, we've been hearing some more constructive commentary from the European machine builders. I guess, maybe any color on customer conversations within that business? And then does that support a chance for organic growth in that adhesive dispense business in the back half year?

嘿，大家早安。謝謝你把我擠到這裡。正如與前景相關的那樣，我們聽到了來自歐洲機器製造商的一些更具建設性的評論。我猜，也許該業務中與客戶的對話有些色彩？那麼這是否為下半年黏合劑分配業務的有機成長提供了機會？

Yeah. I think you're right about the European machine builders. We feel pretty good about our position there and we continue to do well. What we are seeing really is our big cyclical, big system businesses, which is not the -- we don't include the adhesive businesses in it because we have our plastic processing business and industrial coating businesses, which are much bigger systems.

是的。我認為你對歐洲機器製造商的看法是正確的。我們對自己在那裡的地位感到非常滿意，我們會繼續做得很好。我們真正看到的是我們的大型週期性、大型系統業務，這不是——我們沒有將黏合劑業務納入，因為我們有塑膠加工業務和工業塗料業務，它們是更大的系統。

Now that is different, and that's what is weighing on ITS. But the adhesive business in general our nonwovens business year-to-date has done extremely well, and we expect that they will finish the year really nicely. Our packaging business is doing well.

現在情況不同了，這就是 ITS 面臨的壓力。但總體而言，我們的非織造布業務今年迄今表現非常好，我們預計今年的業績將非常出色。我們的包裝業務做得很好。

We also expect to do well there, and our product assembly seems to be okay. So I think what we are experiencing is slightly different. We are seeing what you're talking about, which is the machine builders, and our adhesive businesses are definitely benefiting from that.

我們也期望在那裡做得很好，我們的產品組裝似乎還不錯。所以我認為我們所經歷的略有不同。我們看到了您所談論的內容，即機器製造商，我們的黏合劑業務肯定從中受益。

I guess just on relative basis. I mean, does it seem like current demand is similar to what we saw in the first half? Or is there actually some improvement in that nonwovens activity?

我猜只是相對而言。我的意思是，目前的需求是否與我們上半年看到的需求相似？或者說非織造布活動實際上是否有改善？

I would say similar, nothing significantly better, but they have a pretty nice first half.

我想說的是類似，沒有什麼明顯更好的，但他們的上半場表現相當不錯。

And we have reached the end of our question-and-answer session. I will now turn the call back over to Naga for some closing remarks.

我們的問答環節已經結束。現在我將把電話轉回給 Naga，請他發表一些結束語。

Thank you for your time and attention on today's call. Nordson is well positioned in this dynamic environment. Our close to the customer model, proprietary and niche technology, diversified geographic and end market exposures, high level of recurring revenue and a strong balance sheet are among the many attributes that makes us a reliable compounder. Thank you.

感謝您在今天的電話會議上所付出的時間和關注。諾信在這種充滿活力的環境中佔有有利地位。我們貼近客戶的模式、專有和利基技術、多樣化的地理和終端市場敞口、高水平的經常性收入和強勁的資產負債表是我們成為可靠的複合材料生產商的眾多特質之一。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。