Nordson Corp (NDSN) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Nordson Corporation Third Quarter Fiscal Year 2025 conference call. (Operator Instructions)

女士們，先生們，感謝你們的到來，歡迎參加諾信公司 2025 財年第三季電話會議。（操作員指示）

I will now hand the conference over to Lara Mahoney. Lara, please go ahead.

現在我將會議交給 Lara Mahoney。拉拉，請繼續。

Good morning. This is Lara Mahoney, Vice President of Investor Relations and Corporate Communications. I'm here with Sundaram Nagarajan, our President and Chief Executive Officer; and Dan Hopgood, Executive Vice President and Chief Financial Officer. We welcome you to our conference call today, Thursday, August 21, to report Nordson's fiscal 2025 third quarter results.

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。歡迎您參加我們今天（8 月 21 日星期四）的電話會議，報告 Nordson 2025 財年第三季的業績。

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. During this conference call, we will make references to non-GAAP financial metrics.

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引用的網路直播幻燈片。本次電話會議將在我們的投資者網站上進行直播，並將持續 30 天。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. Moving to today's agenda on slide 3, Naga will discuss third 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.

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。轉到幻燈片 3 上的今天的議程，Naga 將討論第三季度的亮點。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。

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 full year guidance. We will then be happy to take your questions.

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 財年全年指引的最新資訊。我們將很樂意回答您的問題。

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

說完這些，我將翻到幻燈片 4，並將電話轉給 Naga。

Good morning, everyone. Thank you for joining Nordson's fiscal 2025 third quarter conference call. In the quarter, the Nordson team responded effectively to dynamic demand conditions in the key end markets. This generated sales of $742 million, which is above the midpoint of our guidance with solid contribution from both organic and inorganic growth.

大家早安。感謝您參加 Nordson 2025 財年第三季電話會議。本季度，諾信團隊對主要終端市場的動態需求狀況做出了有效反應。此項業務的銷售額達到 7.42 億美元，高於我們預期的中點，有機成長和無機成長都做出了堅實的貢獻。

The advanced technology solutions segment was a big contributor to this performance, delivering a second consecutive quarter of double-digit organic sales growth. Operational excellence drove strong profit performance, increasing adjusted earnings per share by 13%, and EBITDA by 15% compared to prior year. The third quarter was the final full quarter of Atrion's first year post acquisition.

先進技術解決方案部門對此業績貢獻巨大，連續第二季實現兩位數的有機銷售成長。卓越的營運推動了強勁的利潤表現，與上年相比，調整後每股收益成長了 13%，EBITDA 成長了 15%。第三季是 Atrion 收購後第一年的最後一個完整季度。

As you will recall, we closed the Atrion acquisition on August 21, 2024, expanding Nordson's medical portfolio into proprietary medical infusion fluid delivery and niche cardiovascular solutions. In the quarter, our employees again exceeded expectations and contributed to both sales and earnings results. This is the result of commercial scale that Nordson has brought to the business as well as the positive market acceptance of the product portfolio.

您可能還記得，我們​​於 2024 年 8 月 21 日完成了對 Atrion 的收購，將 Nordson 的醫療產品組合擴展到專有醫療輸液輸送和利基心血管解決方案。本季度，我們的員工再次超越預期，為銷售和獲利結果做出了貢獻。這是諾信為業務帶來的商業規模以及產品組合獲得市場積極認可的結果。

Their operational performance reflects solid execution of the integration plan as well as the ongoing deployment of NBS Next. I would also like to highlight our free cash flow of $226 million and cash flow conversion of 180% of net income during the quarter. This represents record quarterly free cash flow and was driven by a focus on sustainable working capital improvements.

他們的營運績效反映了整合計畫的穩健執行以及 NBS Next 的持續部署。我還想強調我們本季的自由現金流為 2.26 億美元，現金流轉換率為淨收入的 180%。這代表了創紀錄的季度自由現金流，並且是由對永續營運資本改善的關注所推動的。

We used this cash to reduce debt, repurchase shares and return dividends to the shareholders, all the while continuing to invest in the company. I will speak more about the enterprise performance in a few moments.

我們利用這筆現金減少債務、回購股票並向股東返還股息，同時繼續對公司進行投資。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, everyone. On slide 5, you'll see third quarter fiscal 2025 sales of $742 million were up 12% from the prior year third quarter sales of $662 million. As Naga mentioned, the Atrion acquisition continues to perform above expectations and contributed 8% to our growth in the quarter. Total organic sales increased 2% and we're up 3% if you exclude the medical contract manufacturing business that is now treated as held for sale.

謝謝你，Naga，大家早安。在第 5 張投影片上，您會看到 2025 財年第三季的銷售額為 7.42 億美元，比去年同期的 6.62 億美元成長了 12%。正如 Naga 所提到的，Atrion 的收購繼續表現超出預期，並為我們本季的成長貢獻了 8%。總有機銷售額成長了 2%，如果不包括現在視為持有待售的醫療合約製造業務，我們的銷售額則成長了 3%。

Our organic performance includes contributions from both our advanced technology and medical and fluid solutions segments during the quarter. We also had a positive year-over-year currency impact of 2% in the quarter, adding to that performance. Gross profit in the third quarter was $407 million, a healthy and consistent 55% of sales.

我們的有機業績包括本季先進技術以及醫療和流體解決方案部門的貢獻。本季，我們的貨幣影響也較去年同期上漲了 2%，進一步提升了業績。第三季毛利為 4.07 億美元，佔銷售額的 55%，維持健康穩定的成長。

Our SG&A leverage improved year-over-year, leading to a 15% improvement in operating profit, adjusted for acquisition-related costs and amortization and charges associated with the exit of our medical contract manufacturing business. EBITDA was $239 million or 32% of sales. This represents a 15% increase in EBITDA dollars and a 70-basis point improvement over the prior year third quarter.

我們的銷售、一般及行政費用槓桿率較去年同期有所改善，調整收購相關成本以及與退出醫療合約製造業務相關的攤銷和費用後，營業利潤提高了 15%。EBITDA 為 2.39 億美元，佔銷售額的 32%。這意味著 EBITDA 金額比去年同期增加了 15%，提高了 70 個基點。

EBITDA growth continues to benefit from strong incrementals in our ATS segment as well as contributions from the Atrion acquisition. It's worth noting that in a very dynamic trade environment, our margin performance remains consistent and is a continued strength of the company. Looking at non-operating expenses. Net interest expense was $26 million, an increase of $8 million versus the prior year, driven by higher year-over-year debt levels tied to the Atrion acquisition.

EBITDA 成長持續受惠於我們 ATS 部門的強勁成長以及 Atrion 收購的貢獻。值得注意的是，在非常動態的貿易環境中，我們的利潤率表現保持一致，並且是公司的持續優勢。查看非營業支出。淨利息支出為 2,600 萬美元，比上年增加 800 萬美元，原因是與 Atrion 收購相關的債務水準年增。

Other expenses increased $3 million, primarily reflecting higher foreign exchange transactional losses compared to the prior year. And our tax expense on a US GAAP basis was $33 million. This represents an elevated effective tax rate of 21% in the quarter and reflects discrete non-deductible charges, namely the write-down of allocated goodwill associated with the pending exit of the medical contract manufacturing business.

其他費用增加了 300 萬美元，主要反映了與前一年相比外匯交易損失的增加。根據美國公認會計準則，我們的稅費為 3,300 萬美元。這意味著本季有效稅率上升至 21%，並反映了單獨的不可扣除費用，即與即將退出醫療合約製造業務相關的分配商譽的減記。

Excluding this discrete item, our effective tax rate on an adjusted basis was 19% and remains in line with the low end of our guidance range for fiscal 2025. Net income in the quarter totaled $126 million or $2.22 per share. Excluding acquisition-related costs and amortization and charges associated with the exit of the medical contract manufacturing business, adjusted earnings per share totaled $2.73 per share, $0.08 above the mid-point of our quarterly guidance and a 13% increase from the prior year adjusted earnings per share of $2.41.

不包括這個單獨項目，我們調整後的有效稅率為 19%，並且與我們 2025 財年的指導範圍的低端保持一致。本季淨收入總計 1.26 億美元，即每股 2.22 美元。不包括收購相關成本和攤銷以及退出醫療合約製造業務的相關費用，調整後每股收益總計 2.73 美元，比我們季度指引的中點高出 0.08 美元，比去年調整後每股收益 2.41 美元增長 13%。

This improvement in year-over-year earnings reflects the strong operational execution on higher sales as well as accretive contribution from the Atrion acquisition. Now let's turn to slides 6 through 8 to review the third quarter 2025 segment performance. Industrial precision solutions sales of $351 million increased 1% compared to the prior year third quarter.

獲利同比上漲反映了銷售額成長帶來的強勁營運執行力，以及收購 Atrion 帶來的增值貢獻。現在讓我們翻到第 6 至第 8 張投影片來回顧一下 2025 年第三季的分部表現。工業精密解決方案銷售額為 3.51 億美元，與去年同期第三季相比成長 1%。

While improving sequentially from the second quarter, organic sales decreased 2% compared to the prior year, offset by a 3% favorable currency impact. Broad-based growth across the segment, in particular, double-digit growth in precision agriculture and nonwoven systems was offset by continued weakness in our polymer processing product lines, where we continue to see lower end market systems demand versus 2024.

儘管有機銷售額較第二季度有所改善，但與去年同期相比下降了 2%，但被 3% 的有利貨幣影響所抵消。該領域普遍實現成長，尤其是精準農業和非織造系統的兩位數成長，但被聚合物加工產品線的持續疲軟所抵消，我們預計該領域高端市場系統需求將持續低於 2024 年。

EBITDA for the segment was $130 million in the quarter or 37% of sales, essentially flat to the prior year. If you turn to slide 7, you'll see medical and fluid solutions sales of $219 million increased 32% compared to the prior year's third quarter. Growth was driven by the acquired Atrion business, which delivered $52 million in revenue in the quarter.

該部門本季的 EBITDA 為 1.3 億美元，佔銷售額的 37%，與去年基本持平。如果您翻到第 7 張投影片，您會看到醫療和流體解決方案的銷售額為 2.19 億美元，與去年同期第三季相比成長了 32%。成長主要得益於收購的 Atrion 業務，該業務在本季度實現了 5,200 萬美元的收入。

Excluding the pending divestiture, organic sales increased 4% in the quarter, led by improvements in our medical fluid components and fluid solutions product lines. Importantly, sales in our interventional solutions business continued to improve sequentially from the second quarter as expected and were flat compared to the prior year as we continue to move past the recent destocking trends.

不計待完成的資產剝離，本季有機銷售額成長 4%，主要得益於我們的醫療流體組件和流體解決方案產品線的改進。重要的是，隨著我們繼續擺脫近期的去庫存趨勢，我們的介入解決方案業務的銷售額從第二季度開始繼續按預期改善，並且與去年持平。

EBITDA for medical and fluid solutions was $83 million or 38% of sales, which was an increase of 34% from prior year EBITDA of $62 million. The increase was driven by strong conversion on Atrion sales and SG&A leverage in the core businesses. Turning to slide 8, you'll see advanced technology solutions sales were $171 million, a 17% increase compared to the prior year third quarter.

醫療和流體解決方案的 EBITDA 為 8,300 萬美元，佔銷售額的 38%，比去年同期的 EBITDA 6,200 萬美元成長了 34%。成長的動力來自於 Atrion 銷售額的強勁轉換以及核心業務的銷售、一般及行政費用槓桿。翻到第 8 張投影片，您會看到先進技術解決方案的銷售額為 1.71 億美元，與去年同期第三季相比成長了 17%。

The 15% organic sales increase was driven by double-digit growth in electronics dispense product lines, driven by demand across Asia Pacific as well as growth in our optical sensors and our measurement and controls businesses. This was partially offset by weakness in X-ray Inspection system sales during the quarter.

15% 的有機銷售額成長得益於電子分配產品線的兩位數成長、亞太地區的需求以及光學感測器和測量與控制業務的成長。這一增長被本季 X 射線檢測系統銷售疲軟所部分抵消。

Third quarter EBITDA was $42 million or 24% of sales, which represents an increase of 35% compared to the prior year third quarter EBITDA of $31 million or 21% of sales. The improvement in EBITDA margin was driven by strong operational execution on sales growth, representing a 42% conversion rate on incremental sales volume. Finally, turning to the balance sheet and cash flow on page 9.

第三季的 EBITDA 為 4,200 萬美元，佔銷售額的 24%，與去年同期的 EBITDA 3,100 萬美元（佔銷售額的 21%）相比成長了 35%。EBITDA 利潤率的提高得益於強勁的銷售成長營運執行力，增量銷售量的轉換率達到 42%。最後，翻到第 9 頁的資產負債表和現金流量表。

At the end of the third quarter, we had cash on hand of $148 million and net debt was about $2 billion. Importantly, we continue to sequentially improve leverage quarter after quarter, driven by both EBITDA growth and a reduction in net debt, improving our leverage ratio from 2.5 times at the start of the year to 2.2 times at the end of the third quarter.

第三季末，我們手頭現金為 1.48 億美元，淨債務約 20 億美元。重要的是，在 EBITDA 成長和淨債務減少的推動下，我們繼續逐季提高槓桿率，將槓桿率從年初的 2.5 倍提高到第三季末的 2.2 倍。

Our free cash flow generation reached a record $226 million during the quarter, resulting in a 180% conversion rate on net income for the quarter and a year-to-date cash flow conversion rate of 140%. The strong cash conversion was driven by operational improvements in working capital, an area of emphasis in this dynamic environment.

本季度，我們的自由現金流產生量達到創紀錄的 2.26 億美元，導致本季淨收入轉換率為 180%，年初至今的現金流轉換率為 140%。強勁的現金轉換是由營運資本的營運改善所推動的，這是當前動態環境中的重點領域。

In the quarter, and in line with our balanced capital deployment strategy, we reduced net debt by over $100 million, repurchased over $70 million in shares, paid $44 million in dividends to our shareholders and spent $12 million on capital investments to continue driving organic growth. In summary, we had a strong operational quarter, and our team delivered on their commitments despite ongoing uncertainty in geopolitical and trade policies.

本季度，根據我們平衡的資本配置策略，我們減少了超過 1 億美元的淨債務，回購了超過 7,000 萬美元的股票，向股東支付了 4,400 萬美元的股息，並花費了 1,200 萬美元用於資本投資，以繼續推動有機成長。總而言之，我們本季的營運表現強勁，儘管地緣政治和貿易政策持續存在不確定性，但我們的團隊仍然履行了承諾。

While market conditions remain mixed for some of our businesses, we're well positioned to capitalize on profitable growth opportunities, and our operational execution continues to be a strength for the company.

儘管我們的部分業務的市場狀況仍然好壞參半，但我們已做好準備，利用有利可圖的成長機會，而且我們的營運執行力仍然是公司的優勢。

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

接下來，讓我們翻到第 10 張投影片，我將把電話轉回給 Naga。

Thanks, Dan. I'm very proud of the Nordson team and how they have been able to deliver for our customers in this dynamic environment. As highlighted on slide 10, our strong growth portfolio, high recurring revenues, diversified niche end markets, close to the customer model, proprietary differentiated products and NBS Next framework positions us well for long-term growth.

謝謝，丹。我為諾信團隊以及他們如何在這個充滿活力的環境中為我們的客戶提供服務感到非常自豪。正如幻燈片 10 所強調的，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、貼近客戶的模式、專有的差異化產品和 NBS Next 框架為我們實現長期成長奠定了良好的基礎。

Turning to slide 11. I'd like to take a few moments to talk about what we're seeing in the end markets as we enter our fiscal 2025 fourth quarter. Starting with our industrial precision solutions segment. We continue to see sustaining investments in packaging and nonwoven end markets. Precision agriculture demand is improving in Europe and South America, given the strengthening demand for increasing yields and quality in these regional markets.

翻到第 11 張投影片。我想花點時間談談我們在進入 2025 財年第四季時看到終端市場的情況。從我們的工業精密解決方案部門開始。我們繼續看到對包裝和非織造布終端市場的持續投資。鑑於歐洲和南美地區市場對提高產量和品質的需求不斷增強，精準農業的需求正在改善。

Throughout the year, there has been weakness in our polymer processing systems, and we believe this business has hit its trough. Industrial coating solutions systems are sequentially improving, but cold material product lines for automotive systems continue to be weak. Through it all, aftermarket parts remains a stable part of the IPS revenue portfolio, mitigating sales weakness and supporting margins.

全年來看，我們的聚合物加工系統一直存在弱點，我們認為這項業務已經觸底。工業塗料解決方案體係不斷完善，但汽車系統冷料產品線持續薄弱。總體而言，售後零件仍然是 IPS 收入組合中穩定的一部分，可以緩解銷售疲軟並支撐利潤率。

Overall, we expect the IPS segment to improve sequentially and return to normal growth rates as selected markets stabilize. In medical, our core business is returning to growth. Throughout the year, our medical fluid component product lines have returned to high single-digit growth. The interventional solutions portfolio is normalizing after several quarters of de-stocking, and we expect this business to return to normal organic growth in fiscal 2026.

總體而言，我們預計隨著特定市場的穩定，IPS 部門將持續改善並恢復正常成長率。在醫療領域，我們的核心業務正在恢復成長。全年我們的醫療流體組件產品線已恢復高個位數成長。介入解決方案組合經過幾個季度的去庫存後正在恢復正常，我們預計該業務將在 2026 財年恢復正常有機成長。

The demand drivers fueling this end market, such as the aging population and shift toward non-invasive surgeries have not changed, and our medical team has a healthy pipeline of customer projects. In ATS, this is our second consecutive quarter of double-digit organic growth. The work that our ATS team did to reposition our product portfolio and regional manufacturing has allowed us to be where our customers need us to be as supply chain shift for electronics assembly.

推動此終端市場發展的需求驅動因素（例如人口老化和向非侵入性手術的轉變）並未改變，我們的醫療團隊擁有健康的客戶專案管道。在 ATS 方面，這是我們連續第二季實現兩位數的有機成長。我們的 ATS 團隊為重新定位我們的產品組合和區域製造所做的工作使我們能夠隨著電子組裝供應鏈的轉變而到達客戶需要的地方。

We're also winning share based on our ability to deliver products in incredibly short lead times. This would not have been possible before we holistically applied NBS Next. In addition to being located close to the customer, our products deliver leading productivity and quality in complex advanced packaging applications of semiconductors used for AI, cloud computing and more.

我們也憑藉在極短的交貨時間內交付產品的能力贏得了市場份額。在我們全面應用 NBS Next 之前，這是不可能的。除了靠近客戶之外，我們的產品還在用於人工智慧、雲端運算等的半導體複雜先進封裝應用中提供領先的生產力和品質。

Our applications are largely at the back end of the semiconductor packaging process, and we are experiencing that demand now. Demand in this business inherently is lumpy based on the needs and timing of our customers. Through the cycle, we expect long-term growth drivers will remain attractive, while also appreciating that we will start to come up against tougher comparisons starting in the fourth quarter, and that the automotive exposure within our electronics portfolio continues to be weak.

我們的應用主要在半導體封裝過程的後端，我們現在正在經歷這種需求。該業務的需求本質上是根據客戶的需求和時間而變化的。在整個週期中，我們預計長期成長動力仍將具有吸引力，同時也意識到從第四季度開始我們將面臨更嚴峻的比較，而且我們電子產品組合中的汽車業務敞口仍然較弱。

Regardless of the end market dynamics, we have continuously demonstrated resilience and the ability to deliver solid growth and best-in-class profitability. Our NBS Next growth framework ensures new products are growing source of organic growth and competitive advantage. I would like to highlight a few of them. The Nordson Spectrum S2 is the industry standard for electronics underfill applications, continues to win share in the market, particularly as customers move into new regions.

無論終端市場動態如何，我們都持續展現韌性以及實現穩健成長和一流獲利的能力。我們的 NBS Next 成長框架確保新產品成為有機成長和競爭優勢的來源。我想強調其中的幾點。Nordson Spectrum S2 是電子底部填充應用的行業標準，繼續贏得市場份額，特別是當客戶進入新地區時。

Its quality, accuracy and ease of use make it a trusted resource, and our teams continue to build upon its strong foundation for today's standards. Our industrial coatings business has launched the first of a multi-year platform rollout of new global controls for its powder coating systems. This new control system has a plug-and-play feature that would simplify operations and improve ease of use for our customers.

它的品質、準確性和易用性使其成為值得信賴的資源，我們的團隊將繼續在其堅實的基礎上建立當今的標準。我們的工業塗料業務已啟動其粉末塗料系統多年期全球新控制平台的首次推廣。這種新的控制系統具有即插即用功能，可簡化操作並提高客戶的易用性。

Finally, I would like to highlight the new Nordson MEDICAL PharmaLok Zero clamp, which is a great example of the continued innovation in fluid components. This proprietary clamp ensures consistent sealing, eliminating leaks with any fittings on the market and improving assembly time for biopharma customers. We also remain focused on operational execution.

最後，我想重點介紹一下新款 Nordson MEDICAL PharmaLok Zero 夾具，它是流體組件持續創新的一個很好的例子。這種專有夾具可確保一致的密封，消除市場上任何配件的洩漏，並縮短生物製藥客戶的組裝時間。我們也將繼續關注營運執行。

As I mentioned earlier, we are very pleased with the integration of Atrion acquisition, which contributed to the adjusted earnings per share during the quarter. That is a year earlier than originally expected. We knew there were opportunities for operational efficiency when we acquired this business. And the team's holistic implementation of NBS Next has accelerated those benefits. In businesses where we are experiencing weaker customer demand, we have implemented targeted restructuring to adjust cost structure.

正如我之前提到的，我們對 Atrion 收購的整合感到非常高興，這對本季的調整後每股收益做出了貢獻。這比最初預期的提前了一年。當我們收購這家企業時，我們就知道有提高營運效率的機會。而團隊對 NBS Next 的全面實施加速了這些優勢的實現。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。

These actions have been substantially completed and are expected to provide ongoing annual benefits of over $15 million by 2026. Our growth framework ensures we remain intentional about where we focus within our product portfolio. As we noted last quarter, we plan to divest the contract manufacturing portion of our medical device product line.

這些行動已基本完成，預計到 2026 年每年將持續帶來超過 1500 萬美元的效益。我們的成長框架確保我們始終專注於產品組合的重點。正如我們上個季度所指出的，我們計劃剝離醫療器材產品線的合約製造部分。

That transaction is expected to close in the fiscal fourth quarter. Exiting these product lines will increase our focus on higher value proprietary medical components, including devices from the recent Atrion acquisition. Finally, as Dan mentioned earlier, a strong balance sheet allowed us to take advantage of the dynamic market conditions in the third quarter and accelerate share repurchases.

該交易預計將於第四財季完成。退出這些產品線將使我們更專注於更高價值的專有醫療組件，包括最近收購的 Atrion 的設備。最後，正如丹之前提到的，強勁的資產負債表使我們能夠利用第三季的動態市場條件並加速股票回購。

Year-to-date, we have bought back $212 million in shares. I'm also pleased to share that our Board of Directors has approved a new authorization to repurchase $500 million in shares, bringing our total remaining authorization to approximately $800 million. In the quarter, we also reduced our leverage to 2.2 times EBITDA, well within our long-term target.

今年迄今為止，我們已回購了價值 2.12 億美元的股票。我還很高興地告訴大家，我們的董事會已經批准了一項新的授權，回購價值 5 億美元的股票，使我們剩餘的授權總額達到約 8 億美元。本季度，我們也將槓桿率降低至 EBITDA 的 2.2 倍，遠低於我們的長期目標。

This demonstrates our ongoing commitment to a balanced capital deployment strategy. Turning now to outlook on slide 13. Benefiting from the strong third quarter, we now expect to be slightly below the midpoint of our full year sales guidance, inclusive of the pending divestiture of our medical contract manufacturing business.

這顯示我們持續致力於平衡的資本配置策略。現在轉到第 13 張投影片上的展望。受益於第三季的強勁表現，我們現在預計銷售額將略低於全年預期的中點，其中包括即將剝離的醫療合約製造業務。

On earnings, we expect to be slightly better than the midpoint of our full year guidance based upon our strong operational execution and ability to maintain margins in this dynamic environment. As always, I want to thank our customers and shareholders for your continued support. In particular, I want to thank our Nordson employees who are passionate about meeting the needs of our customers. Your efforts show.

在獲利方面，基於我們強大的營運執行力和在動態環境中維持利潤率的能力，我們預計獲利將略好於全年預期的中點。一如既往，我要感謝我們的客戶和股東的持續支持。我特別要感謝我們諾信的員工，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 will pause and take your questions.

現在，我們將暫停一下並回答您的問題。

(Operator Instructions) Jeffrey D. Hammond, KeyBanc Capital Markets.

（操作員指示）Jeffrey D. Hammond，KeyBanc 資本市場。

So I just wanted to get a better feel for what you're seeing from an order momentum standpoint across the businesses, particularly, I guess, ATS, where you've built some momentum and now you're talking about a little bit tougher comps. And then Medical, as we kind of get through the destocking and maybe just some color around the backlog down sequentially. Is that a function of timing or some air pockets in the order book?

因此，我只是想更好地了解您從各個業務的訂單勢頭角度所看到的情況，特別是 ATS，您已經建立了一些勢頭，現在您正在談論一些更艱難的競爭。然後是醫療，隨著我們逐漸完成去庫存，積壓訂單可能會逐漸減少。這是時間函數還是訂單簿中的一些氣泡？

Yes. We'll split it two ways here, Jeff. Let Dan first take the question around backlog initially, and then I'll give you sort of color of the end markets in a broader way. Dan, do you want to get started?

是的。我們將在這裡把它分成兩部分，傑夫。首先讓丹回答有關積壓的問題，然後我會以更廣泛的方式向您介紹終端市場的情況。丹，你想開始嗎？

Yes. So I wouldn't overreact to the slight reduction in our backlog quarter-to-quarter. I think some of that is really a factor of strong shipments during the third quarter. What I would say in general, Jeff, is we're seeing good stability in order intake across our businesses. You asked particularly about medical. I would say, we're seeing good ongoing activity in our medical businesses.

是的。因此，我不會對我們季度間積壓訂單的輕微減少反應過度。我認為這確實是第三季出貨量強勁的一個因素。傑夫，總的來說，我想說的是，我們各個業務的訂單都保持著良好的穩定性。您特別詢問了醫療問題。我想說的是，我們的醫療業務正在持續保持良好的發展勢頭。

ATS, again, as I think Naga mentioned in some of the opening comments, tends to be a little more lumpy, but we are seeing overall, what I would call, good stable demand in all three of our businesses. I wouldn't overreact to the backlog decline. I think that's really a function of timing of shipments. And what I would say in general is we're seeing good stability underlying our order patterns.

再次，正如 Naga 在一些開場評論中提到的那樣，ATS 往往更加不穩定，但總體而言，我們看到我們三個業務領域的需求都保持良好穩定。我不會對積壓訂單的下降反應過度。我認為這實際上與發貨時間有關。總的來說，我們的訂單模式具有良好的穩定性。

Yes. Okay. Let me give you a broad color of where we are seeing things and how it is showing up in our order entry, Jeff. Overall, as we look in to finish the end of the year based on our current order entry trends and backlogs, we are well positioned to deliver on the guidance, which is slightly below our midpoint for the revenue. That's sort of an overarching comment that I wanted to share with you.

是的。好的。傑夫，讓我給你大致介紹一下我們看到的事物以及它在我們的訂單條目中是如何顯示的。總體而言，根據我們目前的訂單輸入趨勢和積壓情況，我們預計年底的業績將有所改善，我們完全有能力實現預期目標，該目標略低於我們的收入中點。這是我想與你們分享的一個整體評論。

The second, if you go segment by segment, if you look at IPS, we see pretty strong and pretty steady order entry in packaging, nonwoven end markets. Our precision ag demand is very strong. And remember, this is a European-based business. We are market leaders in Europe and in South America. Both markets recovering nicely. For this business, order entry is looking pretty good there.

第二，如果你逐一細分市場地看，如果你看看IPS，我們會看到包裝、不織布終端市場的訂單量相當強勁且穩定。我們對精準農業的需求非常強烈。請記住，這是一家歐洲企業。我們是歐洲和南美市場的領導者。兩個市場都復甦良好。對於這項業務來說，訂單輸入看起來相當不錯。

PPS, which is our plastics business, still remains weak, but it has hit its trough. It is bottoming out. In our Industrial Coatings business, which is sort of the two system businesses that have been weak for the segment throughout the year. The powder systems side is pretty strong. But our automotive exposure here through coal materials remains weak. So IPS overall, other than the two system businesses in very good shape.

我們的塑膠業務 PPS 仍然疲軟，但已觸底。它正在觸底。在我們的工業塗料業務中，這兩個系統業務在整個年度中一直表現疲軟。粉末系統方面相當強大。但我們透過煤炭材料對汽車產業的投入仍然很弱。因此，除了兩個系統業務之外，IPS 整體狀況非常好。

If you think about MFS, the medical segment, it is returning to growth. We have now had a couple of quarters of our medical fluid component business, high single-digit growth. In our interventional component business, what you find is the de-stocking has normalized, and we expect to return to growth here. This quarter, it was flat.

如果你考慮 MFS，也就是醫療領域，它正在恢復成長。我們的醫療液體組件業務已經連續幾個季度實現了高個位數成長。在我們的介入組件業務中，您會發現去庫存已經正常化，我們預計這裡將恢復成長。本季度，情況持平。

And without -- if you exclude our pending divestiture, this business would have had a 4% organic growth. And our fluid solutions division is doing fairly well. It is steady. This is a little bit related to electronic momentum in this business. In terms of ATS, continued strong order entry backlog, well positioned as we go into the fourth quarter. Look, this business, we have always shared with you, it is a lumpy business.

如果不考慮我們即將進行的資產剝離，這項業務將實現 4% 的有機成長。我們的流體解決方案部門表現相當不錯。它很穩定。這與該行業的電子動量有點相關。就 ATS 而言，訂單積壓持續強勁，為我們進入第四季度做好了準備。你看，這個生意，我們一直跟你分享，這是一個坎坷的生意。

But the momentum for this business in terms of both semiconductor packaging investments, high reliability electronics, PCBA, electronic equipment, pretty strong and solid. And if you think about another new secular trend that is benefiting the company, particularly in ATS, is the redesign of supply chain by some of our customers. So semiconductor on track, electronic PCBA, high reliability ones are doing well.

但就半導體封裝投資、高可靠性電子產品、PCBA、電子設備而言，該業務的發展勢頭相當強勁且穩固。如果您想想另一個對公司有利的新的長期趨勢，特別是在 ATS，那就是我們的一些客戶對供應鏈的重新設計。因此，半導體、電子PCBA、高可靠性產品都表現良好。

And then third, you have -- we have benefits coming from redesign of supply chain as people designed to derisk to account for tariffs. So overall, I'll close with what I told you at the beginning, which is backlog order entry in a good place for us to deliver on the revenue guidance that we shared with you today.

第三，我們從供應鏈的重新設計中獲益，因為人們設計供應鏈是為了降低關稅風險。總的來說，我將以一開始告訴你們的內容作為結束，即積壓訂單的輸入對於我們實現今天與你們分享的收入指導來說是一個好兆頭。

Okay. And then just a follow-up on ATS. I mean I understand maybe some lumpiness timing in 3Q from 4Q. And then maybe a tougher comp or maybe still an easy comp into 4Q. But it still seems like we're coming out of a multiyear down cycle. And I just want to make sure I'm reading that right.

好的。然後只是對 ATS 的後續關注。我的意思是，我理解第三季和第四季之間的時間可能會有些不平衡。然後，進入第四季度，可能會有一場更艱難的比賽，也可能仍然是一場輕鬆的比賽。但我們似乎仍剛走出多年的下行週期。我只是想確保我讀得正確。

Yes, you are reading that right. We are coming out of a multiyear, and we're -- but the cycle has begun, right? We've now had three or four quarters of growth. Okay, one back and down. The best way to think about it is, look -- look at the nine-months of ATS, it has grown 8%, okay? First quarter was down, second quarter pretty nicely up, third quarter really nicely up. So if you start to think about that, yes, you're reading it right. We are at the beginning of a multiyear growth here.

是的，你讀得對。我們剛走出多年的低谷，但周期已經開始了，對吧？我們現在已經實現了三到四個季度的成長。好的，往後退一步，再下去。最好的思考方式是，看看過去九個月的 ATS，它成長了 8%，好嗎？第一季下降，第二季大幅上升，第三季大幅上升。所以如果你開始思考這個問題，是的，你讀得對。我們正處於多年成長的開始階段。

The growth prospects for ATS are intact, and we don't see that changing in the near term.

ATS 的成長前景完好無損，我們認為短期內不會改變。

[Michael Pesendorfer], Baird Equity Research.

[Michael Pesendorfer]，貝爾德股票研究公司。

Pez on for Mike. So I just want to follow up on Jeff's question on ATS here. We've heard some rumblings on pull forward in the semiconductor complex. And I just want to make sure that I'm reading your comments correctly. You're talking about an improvement in the cycle and things starting to take off. So help me understand your assumptions sequentially into the fourth quarter as it relates to ATS. And maybe help us with a little bit of color across dispense and T&I across Acoustic, X-ray and 3D Optical?

為麥克戴上 Pez。所以我只是想在這裡跟進 Jeff 關於 ATS 的問題。我們聽到了一些有關半導體綜合體向前發展的傳言。我只是想確保我正確地閱讀了您的評論。您正在談論週期的改善和事情開始起飛。因此，請幫助我理解您對第四季度與 ATS 相關的假設。也許可以幫助我們在聲學、X 射線和 3D 光學領域的分配和 T&I 方面提供一些顏色？

So yes, maybe just go back to some of the nice comments. Well, I'll start with the pull-ahead comment. We're not seeing direct evidence. And when I say direct evidence, we're not getting requests from customers to accelerate orders or to accelerate activity. So there's no direct evidence, at least from our activity of customers pulling things forward that I think the harder thing to put your arms around is, is there any inherent pull ahead in any of the capital cycles.

所以是的，也許只是回顧一些好的評論。好吧，我先從前面的評論開始。我們沒有看到直接證據。當我說直接證據時，我們並沒有收到客戶要求加速訂單或加速活動的請求。因此，沒有直接的證據，至少從我們的客戶推動事物發展的活動來看，我認為更難理解的是，在任何資本週期中是否存在任何內在的推動力。

But certainly, we're not seeing direct evidence or requests from customers to pull anything forward. Yes, I think if I look across the businesses, we're seeing pretty broad-based demand in our electronics dispense products. We're seeing -- we've been seeing good solid demand from our acoustic and optical products throughout the year.

但可以肯定的是，我們沒有看到直接證據或客戶要求推動任何進展。是的，我認為如果我縱觀整個業務，我們會看到電子分配產品有相當廣泛的需求。我們看到—全年我們的聲學和光學產品都有良好的穩定需求。

And if I look at our pipeline and our activity, we really don't see that changing. Again, Naga's -- I will go back to Naga's point, there tends to be some lumpiness and could be some lumpiness quarter-to-quarter with some of these capital cycles. But from an underlying demand standpoint, we see good stable demand in these markets.

如果我看一下我們的管道和活動，我們確實沒有看到這種變化。再一次，Naga —— 我將回到 Naga 的觀點，在某些資本週期中，往往會出現一些波動，並且每個季度之間可能會出現一些波動。但從潛在需求的角度來看，我們看到這些市場的需求良好且穩定。

A couple of things -- Dan, sorry to interrupt, but if could add. One of the things to remember is in this business also what matters is new products. What matters is customers' demands, customers' new applications and Nordson being really strong in delivering on solving customers' new problems. So we have a number of new products that are getting launched in this business that are meeting the needs of ever more complex chips that our customers are making.

有幾件事——丹，很抱歉打斷一下，但可以補充一下。要記住的一件事是，在這個行業中，新產品同樣重要。重要的是客戶的需求、客戶的新應用以及諾信在解決客戶新問題方面的強大實力。因此，我們在這個業務領域推出了許多新產品，以滿足客戶製造的越來越複雜的晶片的需求。

And so we feel really good about this business and feel really good about where we are headed in the cycle. But continue to remind you, quarter-to-quarter, there is going to be back and forth of orders and -- what we want to do is make sure we take care of the customer when they want us, where they want us. And that is super important in this business.

因此，我們對這項業務感到非常滿意，並且對我們在周期中的發展方向感到非常滿意。但要繼續提醒您，每個季度都會有訂單來回，而我們想要做的是確保在客戶需要我們的時候、在他們需要我們的地方為他們提供服務。這對於這個行業來說極為重要。

If you look back and think about how Nordson wins, Nordson wins with technology. New product is essential, but at the same time, we have added operational excellence as a core capability for the company and that is allowing us to win share when it is available. And third is agility.

如果你回顧並思考諾信是如何取勝的，你會發現諾信是憑藉技術取勝的。新產品至關重要，但同時，我們將卓越營運作為公司的核心能力，這使我們能夠在新產品上市時贏得市場份額。第三是敏捷性。

Our teams are incredibly agile. And so what you see in the third quarter is a great evidence of agility of the entire Nordson team, but particularly the ATS team, where we have moved things around to deliver on what the customer wanted, when they want it, where they want it, right? And I think in that way, I would tell you, I feel really good about where we are, and I feel really good about where we are headed.

我們的團隊極為敏捷。因此，您在第三季看到的情況充分證明了整個 Nordson 團隊（尤其是 ATS 團隊）的敏捷性，我們及時調整了流程，以便在客戶需要的時間和地點提供他們想要的東西，對嗎？我想，透過這種方式，我會告訴你，我對我們目前的狀況感到非常滿意，並且對我們未來的發展方向感到非常滿意。

That's super helpful color. I appreciate that, Dan and Naga. Maybe switching gears a little bit. Obviously, the balance sheet in great shape, the increase in the share repurchase authorization. Can you maybe comment a little bit on how you see the M&A funnel today?

這是非常有用的顏色。我很感激，丹和娜迦。也許稍微改變一下話題。顯然，資產負債表狀況良好，股票回購授權增加。您能否稍微評論一下您如何看待當今的併購管道？

Where you're spending your time and the level of opportunity? Should we be reading the share repurchase authorization as the M&A funnel maybe being a little bit tougher? Or is that more of just a broad-based comment on how you're approaching capital allocation?

您在哪裡度過時間以及機會水平如何？由於併購管道可能有點困難，我們是否應該解讀股票回購授權？或者這只是對您如何處理資本配置的廣泛評論？

Yes. The way to think about, Pez, is that we have -- in our Investor Day, we committed to a balanced capital allocation strategy. So what you see play out throughout this year is a very balanced approach. We did see an opportunity in the quarter with where the market is at and where our valuation at. It made sense for us to continue to buy back share, and that's what we've done.

是的。Pez，我們應該這樣想——在我們的投資者日，我們致力於制定平衡的資本配置策略。因此，您會看到今年全年採取的是一種非常平衡的方法。我們確實在本季度看到了市場現狀和估值的機會。對我們來說，繼續回購股票是有意義的，我們也確實這麼做了。

Year-to-date, we have repurchased about $212 million in shares. And the new authorization gives us more flexibility as we go into the rest of the year. Commenting on the M&A, our pipeline is healthy. Our pipeline is healthy. We continue to work opportunities. But look, we're going to be really disciplined around what strategic assets we would acquire as well as what we would pay for them and financially being disciplined about them.

今年迄今為止，我們已回購了約 2.12 億美元的股票。新的授權為我們在今年剩餘時間內提供了更大的靈活性。談到併購，我們的通路是健康的。我們的管道很健康。我們將繼續努力創造機會。但是，你看，我們將嚴格遵守我們將要收購的戰略資產以及我們將為這些資產支付的費用，並在財務上嚴格遵守紀律。

So no change in our approach or posture to acquisitions, but acquisitions is something we don't control, right? Things come to market when they come to market. And if it makes sense for us, we certainly do. I would take a moment to just think about Atrion, right? It is about a year since we have acquired Atrion. This is a commercial and operational success story for the company, right?

因此，我們的收購方式或態度沒有改變，但收購是我們無法控制的，對嗎？東西到了市場上就有了。如果這對我們有意義，我們當然會這麼做。我會花一點時間來思考 Atrion，對嗎？我們收購 Atrion 已有大約一年的時間。對於該公司來說，這是一個商業和營運上的成功案例，對嗎？

And if you stop and think about where we are at on Atrion, we are now EPS accretive a year ahead of schedule, right? And so our posture on acquisition remains the same. It is a balanced approach. Over a period of three or four years, what you're going to find the company is have balanced organic and balanced acquisition. So the new authorization shouldn't be read into any difference in our approach to acquisitions.

如果你停下來想一想我們在 Atrion 的現狀，你會發現我們的 EPS 已經提前一年增長了，對嗎？因此，我們的收購態度保持不變。這是一種平衡的方法。在三到四年的時間裡，你會發現公司實現了有機成長和收購的平衡。因此，新的授權不應被解讀為我們收購方式的任何差異。

(Operator Instructions) Edward Magi, BNP Paribas.

（操作員指示）法國巴黎銀行的 Edward Magi。

This is Ed on for Andrew. The latest sales guidance for slightly below the mid-point seems to be slightly better than your prior guidance of saying low end, but that commentary from Q1, Q2 came from when tariffs have been maybe weighing a little bit more on sentiment. And after the solid Q3, wondering if you guys could have perhaps improved the outlook a little bit more with today's tariff situation looking a little bit better than it did during those prior guidance.

我是 Ed，代表 Andrew 發言。最新的銷售預期略低於中點，這似乎比您之前所說的低端預期要好一些，但第一季和第二季的評論是在關稅可能對市場情緒產生更大影響的時候做出的。在經歷了穩健的第三季之後，我想知道你們是否可以稍微改善前景，今天的關稅情況看起來比之前的指引要好一些。

Yes. So I appreciate the question. Maybe I'll just start with a bit of a recap, right? So look, we had a slow start to the year, as you'll recall, with our first quarter sales being softer than expected. And at that point, we've guided that we would be on the lower end of our sales revenue guidance. And so two quarters later, in particular, after finishing out a strong third quarter, I think you're correct to take away that we're improving our outlook slightly, not saying that we'll just be slightly below the mid-point.

是的。我很感謝你提出這個問題。也許我應該先簡單回顧一下，對嗎？所以，正如你們所記得的，我們今年的開局比較緩慢，第一季的銷售額低於預期。到那時，我們的預期將處於銷售收入預期的低端。因此，兩個季度之後，特別是在強勁的第三季度結束後，我認為您正確地認識到我們的前景正在略微改善，而不是說我們只是略低於中點。

And that also incorporates closing on the sale of our CDMO business during the fourth quarter. So that -- taking that into account, you're correct in assuming that there's a slight improvement in our sales outlook, largely driven by the performance that we saw in Q3. And at this point, I would say we're very comfortable holding our outlook for the fourth quarter.

這也包括第四季度完成 CDMO 業務的出售。因此，考慮到這一點，您正確地假設我們的銷售前景略有改善，這主要是受我們在第三季度看到的表現所推動。目前，我想說我們對第四季的前景非常滿意。

And I think just as a reminder, think about the economic environment that we are living in, it is still a very dynamic environment with a number of uncertainties still out there. Sure, the tariff situation, we continue to gain clarity every day. But it's still uncertain. That's sort of what we see in our customers' behavior. So the way we are thinking about it is, look, dynamic environment, Nordson fully participating in market momentum where it exists and delivering one quarter at a time. And that has served us well and will continue to serve us well in this environment. So --

我想提醒一下，想想我們所處的經濟環境，它仍然是一個非常動態的環境，仍然存在許多不確定因素。當然，關稅情況我們每天都在不斷明朗化。但目前還不確定。這就是我們在客戶行為中看到的。因此，我們對此的看法是，在動態環境中，諾信充分參與現有的市場勢頭，並逐季交付產品。這對我們有好處，在未來這種環境下還會繼續對我們有益。所以--

Yes. Very helpful. And then an unrelated follow-up. With regard to the divestiture charges, are you able to unpack what went into that $12 million? And then is there anything else we can expect to see in the fourth quarter, assuming that closes on track?

是的。非常有幫助。然後是無關的後續行動。關於資產剝離費用，您能解釋一下這 1,200 萬美元的組成嗎？那麼，假設一切順利的話，我們還能期待在第四季看到什麼其他事情嗎？

Yes. The charge, roughly $12.2 million is essentially writing the business to estimated fair value less cost to sell, pending the actual close of the deal in the fourth quarter. There's also some small restructuring charges included in that to kind of wrap up and exit a couple of small pieces of the business. And so I would think of that as a one-time charge.

是的。這筆費用約為 1,220 萬美元，主要是將該業務的公允價值減去銷售成本，等待第四季度交易的實際完成。其中還包括一些小額重組費用，以結束和退出一些小型業務。所以我認為這是一次性收費。

Certainly, the actual closing will be -- and the value will be dependent on final working capital and truing up a few items. But I wouldn't expect any material change that $12.2 million as we actually close the deal in the fourth quarter.

當然，實際成交金額將取決於最終營運資金和一些項目的結算。但由於我們實際上是在第四季度完成這筆交易，所以我預計 1220 萬美元不會有任何實質性的變化。

Walter S. Liptak, Seaport Research Partners.

沃爾特·S·利普塔克（Walter S. Liptak），海港研究合作夥伴。

So in the ATS segment, there was some good discussion and Naga you brought up new product development. And I wonder if we can try and tie something together. AI is a fairly powerful new technology. And you have a lot of exposure on the consumer side, not just automotive, but a whole bunch of consumer products that have electronics. Are you seeing your consumer products companies start to do redesign where they can make smart products that leverage the AI tech?

因此在 ATS 部分，有一些很好的討論，Naga 您提出了新產品開發。我想知道我們是否可以嘗試將一些東西聯繫在一起。人工智慧是一項相當強大的新技術。您在消費方面有很多曝光機會，不僅僅是汽車，還包括一大堆帶有電子元件的消費產品。您是否看到您的消費品公司開始重新設計，以製造利用人工智慧技術的智慧產品？

Yes. Look, AI is still evolving for many of our customers. And in terms of our own view of AI is certainly very bullish in terms of what it brings in terms of value to the customers as well as ourselves. Yes, we do see people wanting to figure out how to use AI and how to create value. The way we think about value is really for AI is three things.

是的。你看，對於我們的許多客戶來說，人工智慧仍在不斷發展。就我們對人工智慧的看法而言，我們當然非常看好它能為客戶和我們自己帶來的價值。是的，我們確實看到人們想要弄清楚如何使用人工智慧以及如何創造價值。我們對人工智慧的價值的思考其實有三點。

One, it starts with customer value creation. We have a couple of ideas, I would say, at this stage. It is more ideas that we are working on that will allow our customers to use our own products in a much more effective, much more productive ways. And particularly we have new software subscription services in our X-ray business. Very early stages, very early stages.

一是從創造顧客價值開始。我想說，目前我們有幾個想法。我們正在研究更多的想法，讓我們的客戶以更有效、更有效率的方式使用我們自己的產品。特別是我們的X射線業務有新的軟體訂閱服務。非常早期的階段，非常早期的階段。

But super exciting as to how our teams are beginning to use AI to create value. In terms of AI for our own customers using them and how they will use our products, very early stages. Hope that answers your question, Walter.

但令人興奮不已的是，我們的團隊開始使用人工智慧來創造價值。就我們自己的客戶使用人工智慧以及他們將如何使用我們的產品而言，我們還處於非常早期的階段。希望這回答了你的問題，沃特。

Okay. Yes, it does. And just switching gears to IPS. I was wondering if you could talk a little bit about the quote-to-order cycle. There's been like this pause going on because of all of the headwinds that we all know about. Are you seeing any improvement in kind of maybe the lifting of the pause?

好的。是的。只需切換到 IPS。我想知道您是否可以談談報價到訂單的周期。由於我們都知道的各種不​​利因素，這種暫停一直持續著。您是否看到暫停解除後有任何改善？

Are you talking -- Walter, just a clarification. I assume you're talking about people's sentiments around ordering or placing orders for systems. Is that what you're talking about?

你在說什麼——沃爾特，只是澄清一下。我認為您談論的是人們對訂購或下訂單系統的感受。這就是你所說的嗎？

Yes. For larger systems, it just seems like generally, there's a reluctance to put capital to work just because of the tariffs specifically and not knowing what the rules are going to be.

是的。對於較大的系統，似乎一般來說，人們不願意投入資本，只是因為關稅，而且不知道規則會是什麼樣的。

Yes. I would -- if you look at our IPS business, if you think about the magnitude of the spend, vast majority of our IPS businesses, right, around 60%, 70% of the business, we seem to be in a fairly good place in terms of orders coming in, where if you think about packaging, nonwovens, product assembly, many of our businesses, which have still system sales, 50% system sales, there, we don't see major pauses.

是的。如果你看一下我們的 IPS 業務，如果你考慮一下支出的規模，我們絕大多數的 IPS 業務，大約佔業務的 60% 到 70%，就訂單量而言，我們似乎處於相當不錯的位置，如果你考慮包裝、無紡布、產品組裝，我們的許多業務，仍然有系統銷售，50% 的系統銷售，在那裡，我們沒有看到重大的停頓。

We seem to be doing okay. And that -- but if you look at our plastic processing business and our industrial coatings business, both we do see pauses by our customers. Order entry is muted for systems, but if you look at our customer pipeline, they're very robust. Nobody in our customer pipeline saying, look, I don't want that anymore. It is that people are not placing orders.

看來我們做得還不錯。但如果你看看我們的塑膠加工業務和工業塗料業務，我們確實看到客戶暫停了業務。訂單輸入對於系統來說是靜音的，但如果你看看我們的客戶管道，它們非常強大。我們的客戶中沒有人會說，看，我不再想要那個了。就是人們不下訂單。

So larger system orders, you're right. We are seeing people delaying their own order placement. So still some caution, I guess is --

所以更大的系統訂單，你是對的。我們看到人們推遲了自己的訂單。所以還是要謹慎，我想--

Yes. And just to add maybe one more piece of color, I would say, in plastics, in particular, we have seen some rebuilding of that pipeline, certainly from earlier in the year. So we are seeing activity back up or rebound. I think Naga made the comment. We feel that business has hit the trough. We are seeing that in our backlog, certainly not at levels that we've seen in prior years yet, but we are seeing recovery in order activity, although we are also seeing some of our pipeline activity get pushed out.

是的。也許再補充一點，我想說，特別是在塑膠領域，我們已經看到了一些管道的重建，當然是從今年早些時候開始的。因此，我們看到活動正在回升或反彈。我認為 Naga 發表了這樣的評論。我們感覺生意已經跌入低谷。我們看到，我們的積壓訂單肯定還沒有達到前幾年的水平，但我們看到訂單活動正在復蘇，儘管我們也看到我們的一些管道活動被推遲了。

Yes. And the other thing to remember about IPS, look, this is a business with some significant recurring revenue, right, more like 50-50. So if you think about system parts, a significant part of the IPS segment in fairly good shape. It is the large system businesses that are -- have this order issue, but you also have these businesses now starting to get to the bottom of the trough, not getting any worse other than the automotive -- small automotive exposure in ICS, that is still weak.

是的。關於 IPS 要記住的另一件事是，看，這是一家擁有大量經常性收入的企業，對吧，更像是 50-50。因此，如果您考慮系統零件，IPS 部分的很大一部分狀況相當良好。大型系統業務存在訂單問題，但這些業務現在也開始跌至谷底，除了汽車業務之外，情況沒有變得更糟——ICS 中的小型汽車業務仍然很弱。

But all in all, you take all of that together, we still feel pretty good about where we are sitting here today in terms of order entry and in terms of backlog to be able to meet what we were sharing as in our revenue guidance.

但總而言之，把所有這些放在一起，我們仍然對今天的訂單輸入和積壓情況感到非常滿意，能夠滿足我們在收入指導中分享的目標。

Brad Hewitt, Wolfe Research. (Operator Instructions)

布拉德休伊特（Brad Hewitt），沃爾夫研究公司。（操作員指示）

So it seems like your outlook is for organic sales to be flat to slightly down year-over-year in Q4. I think that would imply a little bit of a deceleration on a three-year stack basis. I know ATS has a tough comp in Q4, but maybe any additional color on what's driving that expected deceleration in Q4 would be helpful.

因此，您預計第四季度有機銷售額將與去年同期持平或略有下降。我認為這意味著三年堆疊基礎上的減速會略有增加。我知道 ATS 在第四季度的業績很艱難，但任何關於導致第四季度預期減速的額外資訊都會有所幫助。

Yes. So to your point, I think if you look at a couple of our businesses, in particular, even our systems businesses, we have some tough year-end comps, plastics being one of them, as an example. And so sequentially, if you kind of peel back our guidance, we are seeing a modest uptick Q3 to Q4, so continuing to build sales momentum.

是的。所以就你的觀點而言，我認為如果你看一下我們的一些業務，特別是我們的系統業務，我們會發現我們在年終有一些艱難的業績，塑膠就是其中之一。因此，如果你回顧我們的指導，我們會看到第三季到第四季出現小幅上漲，因此銷售動能將繼續增強。

From a year-over-year standpoint, I think Q4 is a tougher comp for some of our systems businesses. And so I think that's what you're seeing in kind of the year-over-year growth rate. But not really -- certainly not a deceleration from where we've been running, where -- if you peel back our guidance, it would indicate a modest uptick in the fourth quarter from what we've seen in Q3.

從同比角度來看，我認為第四季對我們的一些系統業務來說是一個更艱難的時期。所以我認為這就是你所看到的同比增長率。但事實並非如此——肯定不是我們一直以來的減速——如果你回顧一下我們的指導，你會發現第四季的業績比第三季略有回升。

From a year-over-year standpoint, it's a little bit more muted, but that's largely driven by some of the systems demand and deliveries that we had in the fourth quarter last year.

從年比角度來看，成長略顯平淡，但這主要是受到去年第四季部分系統需求和交付的影響。

Okay. That's helpful. And then as we think about ATS margins, is that segment sort of at a normalized run rate in the 24% to 25% zone sort of in the absence of more material step-up in systems demand? As we think about FY '26, would you expect ATS incremental margins to be in line with the total company level or maybe even a little better?

好的。這很有幫助。然後，當我們考慮 ATS 利潤率時，在系統需求沒有進一步實質提升的情況下，該部分的正常運作率是否在 24% 到 25% 之間？當我們考慮 26 財年時，您是否預期 ATS 增量利潤率將與公司整體水準保持一致，甚至可能略高一些？

Well, look, this is a business, we have repositioned the business during the downturn at the last downturn. And so what you're experiencing right now is a pretty strong incremental performance, which is a little bit better than the rest of the company. At the current revenue run rates, the 24% seems reasonable, but I wouldn't go any further than that because remember, this is a business that depends on new products and continuous investment in new products.

好吧，你看，這是一項業務，我們在上次經濟衰退期間重新定位了業務。所以，您現在所經歷的是一種相當強勁的增量表現，比公司的其他部分要好一點。按照目前的收入運行率，24% 似乎是合理的，但我不會再進一步提高，因為請記住，這是一項依賴新產品和對新產品持續投資的業務。

So here, the SG&A load is far greater than everywhere else. Our investments in new products are more like 14%, 15% of revenue, which is very different from our other businesses. So I wouldn't want you to get too far ahead of ourselves here, but the 24% EBITDA, 24%, 25% seems reasonable.

因此，這裡的銷售、一般及行政費用負擔比其他地方高得多。我們對新產品的投資大約佔收入的14%到15%，這與我們的其他業務有很大不同。所以我不希望你在這裡走得太遠，但 24% 的 EBITDA、24%、25% 似乎是合理的。

(Operator Instructions) There are no further questions at this time. I will now turn the call back to Naga for closing remarks.

（操作員指示）目前沒有其他問題。現在我將把電話轉回給 Naga 並請他作結束語。

Thank you for your time and attention on today's call. We have several upcoming investor events where our team would be happy to meet with you, including the Jefferies Industrial Conference in New York on September 4, the Morgan Stanley Annual Laguna Conference on September 10 and an upcoming virtual road show with Loop Capital on October 13. Nordson is well positioned in this dynamic environment.

感謝您在今天的電話會議上所付出的時間和關注。我們即將舉辦幾場投資者活動，我們的團隊很高興與您見面，包括 9 月 4 日在紐約舉行的 Jefferies 工業會議、9 月 10 日舉行的摩根士丹利年度拉古納會議以及 10 月 13 日即將與 Loop Capital 舉行的虛擬路演。諾信在這種充滿活力的環境中佔有有利地位。

Our close to the customer model, proprietary and niche technology, diversified geographic and end market exposure, high level of recurring revenue and a strong balance sheet are among many attributes that make us a quality compounder. Have a great day.

我們貼近客戶的模式、專有和利基技術、多元化的地理和終端市場曝光、高水平的經常性收入和強勁的資產負債表等諸多因素使我們成為優質的複合材料生產商。祝你有美好的一天。

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

今天的電話會議到此結束。謝謝您的出席。您現在可以斷開連線。