Nordson Corporation (NDSN) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to Nordson Corporation's second-quarter fiscal year 2026 conference call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加諾信公司（Nordson Corporation）2026 會計年度第二季財報電話會議。在今天的預備發言結束後，我們將進行問答環節。（接線員指示）

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

我現在把會議交給 Lara Mahoney。Lara，請開始。

Thank you. Good morning. This is Lara Mahoney, Vice President of Investor Relations and Corporate Communications. I'm here with Sundaram Nagarajan, our President and Chief Executive Officer; and Dan Hopgood, Executive Vice President and Chief Financial Officer. We welcome you to our conference call today, Thursday, May 21, to report Nordson's fiscal 2026 second-quarter results.

謝謝。各位早安。我是 Lara Mahoney，投資人關係與企業傳播副總裁。今天與我一同出席的有我們的總裁兼執行長 Sundaram Nagarajan，以及執行副總裁兼財務長 Dan Hopgood。我們歡迎各位參加今天（5 月 21 日，星期四）的電話會議，報告諾信 2026 會計年度第二季業績。

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

您可在我們的網站 www.nordson.com/investors 找到新聞稿以及我們在今天會議中將引用的網路直播簡報投影片。本次電話會議將在我們的投資人網站上進行即時直播，並將在該網站保留 30 天供回放。在本次電話會議中，我們將提及非 GAAP 財務衡量指標。我們已在昨日發布的新聞稿中，提供這些指標與最可比 GAAP 指標之間的調節表。

Before we begin, please refer to slide 2 of our presentation, where we note that certain statements regarding our future performance that are made during this call, may be forward-looking based upon Nordson's current expectations.

在開始之前，請參閱簡報第 2 頁投影片；我們在其中指出，本次會議中關於未來表現的某些陳述，可能屬於以前瞻性陳述，係基於諾信目前的預期。

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.

這些陳述可能涉及多項風險、不確定性及其他因素；相關內容已在公司向美國證券交易委員會（SEC）提交的文件中討論，且可能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.

接著看第 3 頁投影片的今日議程。Naga 將討論第二季重點。之後他會把電話交給 Dan，檢視全公司以及三個事業部門的銷售與獲利表現。Dan 也將說明資產負債表與現金流。

Naga will then share a high-level commentary about our enterprise performance and provide an update on the fiscal 2026 third quarter and full year guidance. We will then be happy to take your questions. With that, I'll turn to slide 4 and turn the call over to Naga.

接著 Naga 將就我們的企業整體表現分享高層次評論，並更新 2026 會計年度第三季與全年財測指引。之後我們很樂意回答各位的問題。接下來，我將翻到第 4 頁投影片，並把電話交給 Naga。

Good morning, everyone. Thank you for joining Nordson's fiscal 2026 second-quarter conference call. I'm very pleased to report a strong second quarter, where all three segments contributed to our organic growth performance, surpassing the midpoint expectations of last quarter's sales and earnings guidance. We built upon the momentum of the first quarter with record sales of $741 million. This is an 8% increase over the prior year, which is inclusive of 7% overall organic growth.

各位早安。感謝各位參加諾信 2026 會計年度第二季財報電話會議。我很高興向各位報告，我們第二季表現強勁，三個事業部門皆對有機成長作出貢獻，且銷售與獲利均超越上一季指引的中位數預期。我們延續第一季的動能，創下 7.41 億美元的創紀錄營收。較去年同期成長 8%，其中包含整體 7% 的有機成長。

Order entry momentum continued throughout the quarter with accelerated activity in the last couple of months, driving up backlog, 18% organically compared to the prior year. Solid execution and volume leverage drove record profit performance for the quarter, delivering EBITDA of $235 million, which was a second quarter record and 32% of sales. Adjusted earnings per share of $2.86 were also a second quarter record. This was an increase of 18% compared to prior year. I would also like to highlight our free cash flow of $170 million.

訂單動能在整個季度持續，且在最後兩個月活動加速，帶動積壓訂單較去年同期以有機基礎成長 18%。穩健的執行力與量能槓桿推動本季創紀錄的獲利表現，EBITDA 達 2.35 億美元，為第二季新高，並占營收 32%。調整後每股盈餘 2.86 美元同樣創下第二季新高。較去年同期增加 18%。我也要特別強調我們 1.70 億美元的自由現金流。

Our free cash flow conversion, over 100% of net income, continues to be a strength, enabling a healthy mix of shareholder returns and reinvestment in growth. We strategically deployed this cash to repurchase shares, return dividends to shareholders and maintain our debt leverage while continuing to invest in the company.

我們的自由現金流轉換率（超過淨利的 100%）持續是公司的強項，使我們能在股東回饋與成長再投資之間維持健康的配置。我們策略性地運用這些現金進行庫藏股回購、向股東發放股利、並維持負債槓桿水準，同時持續投資公司。

Also during the quarter, we acquired CapstanAG, a small but strategic precision agriculture company in North America. This bolt-on deal, which was valued at 9 times adjusted EBITDA, enables Nordson to grow our precision agricultural portfolio with mid-tier OEMs in the region. I'll talk more about the Capstan deal and enterprise performance in a few moments.

此外，本季我們收購了 CapstanAG，這是一家位於北美、規模不大但具策略性的精準農業公司。這筆補強型（bolt-on）交易的估值為調整後 EBITDA 的 9 倍，使諾信得以在該地區與中型 OEM 客戶一同擴展我們的精準農業產品組合。稍後我會進一步談 Capstan 交易以及企業整體表現。

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

不過首先，我把電話交給 Dan，請他就本季財務結果提供更詳細的觀點。

Thank you, Naga, and good morning, everyone. On slide number 5, you'll see second quarter fiscal 2026 sales were a second quarter record of $741 million, up 8% from the prior year second quarter sales of $683 million. The second quarter 2026 sales included an organic increase of 7%, driven by growth in all three of our segments as well as a favorable currency translation impact of 3%.

謝謝你，Naga，各位早安。在第 5 頁投影片，您會看到 2026 會計年度第二季營收為 7.41 億美元，創下第二季新高，較去年同期第二季的 6.83 億美元成長 8%。2026 年第二季營收包含 7% 的有機成長，係由我們三個事業部門全面成長所帶動，另有 3% 的有利匯率換算影響。

This result was slightly offset by the net impact of the medical contract manufacturing divestiture we completed in the fourth quarter of last year and the contribution of the small Capstan acquisition that was completed during the quarter. Adjusted operating profit increased 11% year over year to $199 million or 27% of sales, driven by increased SG&A leverage on the strong organic sales growth.

此結果部分被去年第四季完成的醫療合約製造業務出售（divestiture）之淨影響，以及本季完成的小型 Capstan 收購案之貢獻所略為抵銷。調整後營業利益年增 11% 至 1.99 億美元（占營收 27%），主要受惠於強勁的有機營收成長帶來的 SG&A 槓桿提升。

EBITDA was up 8% year over year to $235 million, also a second quarter record. EBITDA margin as a percent of sales was 32%, in line with the prior year. Incremental EBITDA contribution in the quarter was about 31%. While this is on the lower end of our typical sales conversion of mid to upper 30s, it's a 300 basis point improvement versus first quarter incrementals and in line with our expectations to return to normal incremental performance as the year plays out.

EBITDA 年增 8% 至 2.35 億美元，同樣創下第二季新高。EBITDA 利潤率占營收比重為 32%，與去年同期一致。本季增量 EBITDA 貢獻約為 31%。雖然這落在我們典型銷售轉換率（約中至高 30% 區間）的較低端，但相較第一季的增量表現改善了 300 個基點，並符合我們對於隨著年度推進、增量表現回歸常態的預期。

Looking at nonoperating income and expenses. Net interest expense during the quarter was $22 million, a decrease of $4 million versus the prior year, driven by lower year-over-year debt levels and a stable to declining rate environment. Other expenses on a GAAP basis increased $30 million year over year. There's a couple of drivers behind this that are important to understand and have been adjusted out of our non-GAAP earnings.

接著看營業外收入與費用。本季淨利息費用為 2,200 萬美元，較去年同期減少 400 萬美元，主要因年對年負債水位較低，以及利率環境持平至下行。以 GAAP 基礎計算，其他費用年增 3,000 萬美元。其背後有幾項重要因素需要理解，且已自我們的非 GAAP 盈餘中調整剔除。

The biggest driver was a onetime pension settlement transaction we completed during the quarter. We were able to annuitize approximately $113 million or just under one-third of our remaining US pension obligation at a very competitive discount of 7.5%.

最大因素是我們在本季完成的一次性退休金結算交易。我們以非常具競爭力的 7.5% 折現率，將約 1.13 億美元、亦即略低於我們剩餘美國退休金義務三分之一的金額進行年金化（annuitize）。

There was zero cash outlay required for this settlement. However, the transaction resulted in a onetime $24 million pretax charge as part of the settlement. In addition to retiring the obligation, the settlement further improves our funded status for the remaining pension obligation and favorably impacts our ongoing pension costs. In addition to the settlement charge, other expense includes $10 million of noncash mark-to-market charges for minority investments. You'll recall that in Q1, we actually marked these investments up by $22 million.

此項結算不需要任何現金支出。然而，該交易導致一次性 2,400 萬美元的稅前費用，列作結算的一部分。除解除該項義務外，此結算亦進一步改善我們剩餘退休金義務的提撥狀況（funded status），並對我們持續性的退休金成本帶來正面影響。除結算費用外，其他費用亦包含 1,000 萬美元的少數股權投資非現金按市價評價（mark-to-market）損失。各位會記得，在第一季我們其實將這些投資上調了 2,200 萬美元。

So the Q2 adjustment just reflects the noncash fluctuation in value during the quarter. Excluding these noncash charges, other expense was actually slightly favorable year-over-year. Our tax expense on a US GAAP basis was $24 million for an effective tax rate of 17%, inclusive of the impact of the noncash losses I just mentioned and acquisition-related amortization and costs.

因此，第二季的調整僅反映本季期間價值的非現金波動。排除這些非現金費用後，其他費用實際上較去年同期略為有利。按美國 GAAP 基礎計算，我們本季的所得稅費用為 2,400 萬美元，有效稅率為 17%，其中包含我剛提到的非現金損失，以及與收購相關的攤銷與成本的影響。

On an adjusted basis, our effective tax rate was 18%, in line with the prior quarter. We now expect our full year tax rate to be in the range of 18% to 19% on an adjusted basis, which is slightly better than our previous annual guidance range for fiscal 2026.

按調整後基礎計算，我們的有效稅率為 18%，與上一季一致。我們目前預期，按調整後基礎計算，全年稅率將落在 18% 至 19% 的區間，較我們先前對 2026 財年的年度指引區間略為更佳。

I should also mention that this improved outlook for tax rate is very much sustainable and reflective of our ongoing rate expectations. GAAP net income in the quarter totaled $117 million or $2.09 per share. Excluding acquisition-related amortization and costs and the non-cash losses, adjusted earnings per share totaled a second quarter record of $2.86 per share, $0.06 above the midpoint of our quarterly guidance and an 18% increase from prior year adjusted earnings per share of $2.42. This improvement in year-over-year earnings reflect solid operating leverage from the organic sales growth as well as improved capital leverage through strategic cash flow deployment.

我也要提到，這項稅率展望的改善非常具有可持續性，並反映我們對持續稅率的預期。本季 GAAP 淨利合計為 1.17 億美元，或每股 2.09 美元。排除與收購相關的攤銷與成本以及非現金損失後，調整後每股盈餘達到第二季歷史新高的每股 2.86 美元，較我們季度指引中點高出 0.06 美元，並較去年同期調整後每股盈餘 2.42 美元成長 18%。這項年增獲利改善反映了有機銷售成長帶來的穩健營運槓桿，以及透過策略性現金流部署所提升的資本槓桿。

Now, let's turn to slide 6 through 8 to review the second-quarter 2026 segment performance. Industrial Precision Solutions sales were a second quarter record of $350 million, an increase of 10% compared to the prior year second quarter. Organic sales increased 5% compared to the prior year, with a favorable currency impact of 4% and an acquisition impact of roughly 1%. Growth was driven by improving industrial coating and polymer processing systems demand, ongoing growth in our precision agricultural end markets and stable demand in broader consumer and industrial end markets. As a result, EBITDA was $124 million in the quarter or 35% of sales.

接下來，請看投影片 6 到 8，回顧 2026 財年第二季各事業部門的表現。工業精密解決方案（Industrial Precision Solutions）銷售額創第二季新高，達 3.50 億美元，較去年第二季成長 10%。有機銷售較去年同期成長 5%，匯率帶來 4% 的正面影響，收購影響約為 1%。成長動能來自工業塗佈與聚合物加工系統需求改善、我們精密農業終端市場的持續成長，以及更廣泛的消費與工業終端市場需求穩定。因此，本季 EBITDA 為 1.24 億美元，約占銷售額的 35%。

This is up 9% over prior year, largely due to the higher sales volumes. Turning to slide 7. You'll see Medical and Fluid Solutions sales of $213 million, also a second quarter record, increased 5% compared to the prior year's second quarter. Organic sales increased 8% in the quarter, driven by contributions from both our engineered fluid solutions and our medical product lines. We're pleased to see solid growth in our medical product lines following a slower start to the year.

較去年同期成長 9%，主要由較高的銷售量所帶動。接著看投影片 7。您會看到醫療與流體解決方案（Medical and Fluid Solutions）銷售額為 2.13 億美元，同樣創第二季新高，較去年第二季成長 5%。本季有機銷售成長 8%，由我們的工程化流體解決方案與醫療產品線共同貢獻。我們很高興看到醫療產品線在年初較慢的開局之後，呈現穩健成長。

Divested sales from the Medical Contract Manufacturing business had a negative impact of approximately 4% compared to the prior year. EBITDA for Medical and Fluid Solutions was $79 million or 37% of sales, which was an increase of 3% from the prior year EBITDA of $77 million. EBITDA margins during the quarter were slightly compressed versus the prior year due to the impact of a near-term product start-up headwind in selected interventional medical product lines. This should become an opportunity as the year progresses.

醫療委託製造（Medical Contract Manufacturing）業務的剝離銷售，較去年同期約帶來 4% 的負面影響。醫療與流體解決方案的 EBITDA 為 7,900 萬美元，約占銷售額的 37%，較去年同期 EBITDA 7,700 萬美元增加 3%。本季 EBITDA 利潤率較去年同期略有壓縮，原因是部分介入性醫療產品線在短期內受到產品啟動（start-up）不利因素影響。隨著年度推進，這應會轉化為一項機會。

Turning to slide 8. You'll see Advanced Technology Solutions sales were an all-time quarterly record of $178 million, a 10% increase compared to the prior year second quarter. The 8% organic sales increase in the quarter was most notable in our electronics dispense product lines and reflects ongoing strength in semiconductor end market demand, which we're also seeing in orders across all of our ATS product lines.

接著看投影片 8。您會看到先進技術解決方案（Advanced Technology Solutions）銷售額創單季歷史新高，達 1.78 億美元，較去年第二季成長 10%。本季 8% 的有機銷售成長在我們的電子點膠（electronics dispense）產品線最為顯著，並反映半導體終端市場需求持續強勁；我們也在 ATS 全部產品線的訂單中看到同樣趨勢。

Second-quarter EBITDA was a record $48 million and also a record EBITDA margin of 27% of sales, representing an increase of 22% compared to the prior year second quarter EBITDA of $40 million or 25% of sales. The improvement in EBITDA margin compared to prior year reflects SG&A leverage on the high single-digit organic growth. Overall record margins reflect the sustainable operational and footprint changes we've made within the segment in prior years, guided by the NBS next growth framework.

第二季 EBITDA 創新高，達 4,800 萬美元，EBITDA 利潤率亦創新高，為銷售額的 27%；相較去年第二季 EBITDA 4,000 萬美元（占銷售額 25%）增加 22%。相較去年同期，EBITDA 利潤率的改善反映在高個位數有機成長下，SG&A 的槓桿效益。整體創紀錄的利潤率反映我們在過去幾年於該事業部門所做的可持續營運與據點（footprint）調整，並以 NBS next 成長框架為指引。

Finally, turning to the balance sheet and cash flow on slide 9. At the end of the second quarter, we had cash on hand of $102 million, and net debt was approximately $1.8 billion. Our leverage ratio of 1.9 times continues to improve from last year and is now actually below the low end of our long-term target range. This, along with our strong cash flow generation, provides us with significant firepower to strategically deploy capital, including the acquisition of strategic assets.

最後，請看投影片 9 的資產負債表與現金流。截至第二季末，我們手上現金為 1.02 億美元，淨負債約為 18 億美元。我們的槓桿比率為 1.9 倍，持續較去年改善，且目前實際上已低於我們長期目標區間的下緣。這一點，加上我們強勁的現金流創造能力，讓我們具備可觀的火力以策略性部署資本，包括收購策略性資產。

Our free cash flow generation was $170 million during the quarter, resulting in a 119% conversion rate on net income, excluding the noncash losses I mentioned a moment ago. This represents the fourth consecutive quarter above 100% conversion despite the accelerated revenue growth we've delivered.

本季自由現金流為 1.70 億美元，使得淨利的現金轉換率達 119%，其中排除了我剛才提到的非現金損失。儘管我們實現了加速的營收成長，這仍代表連續第四季的轉換率高於 100%。

And it's also worth noting here again that the pension annuitization we completed during the quarter on quite favorable terms retired about 30% of our US obligation, further minimizing our long-term obligations and locking in the long-term funded status for the remaining plan obligation with no expected ongoing cash requirements. As noted on slide 10, our capital allocation continues to be both balanced and value seeking.

此外也值得再次指出，我們在本季以相當有利的條件完成的退休金年金化（pension annuitization），使我們約 30% 的美國義務得以解除，進一步降低長期義務，並在剩餘計畫義務上鎖定長期資金充足狀態，且預期不再需要持續的現金支出。如投影片 10 所示，我們的資本配置持續兼具均衡與追求價值。

During the quarter, we invested $10 million in capital projects to support current and future organic growth, paid $46 million in dividends to our shareholders, repurchased $43 million in shares on the open market and reduced net debt by $93 million. We also made a strategic investment in our growing precision agriculture business by acquiring CapstanAG. Naga will give more color on that in a moment.

本季我們投入 1,000 萬美元於資本專案，以支持目前與未來的有機成長；向股東支付 4,600 萬美元股利；在公開市場回購 4,300 萬美元股票；並將淨負債降低 9,300 萬美元。我們也透過收購 CapstanAG，對成長中的精密農業業務進行策略性投資。Naga 稍後會就此提供更多說明。

So to summarize the quarter and really the first half of the year, we've achieved strong organic sales growth with all of our segments contributing nicely while maintaining our strong EBITDA margin performance. All three of our segments achieved record second quarter sales, and our ATS segment achieved an all-time record quarterly performance.

總結本季以及實際上今年上半年，我們在維持強勁 EBITDA 利潤率表現的同時，達成了強勁的有機銷售成長，且三個事業部門皆有良好貢獻。我們三個事業部門第二季銷售額皆創新高，而 ATS 事業部門更創下單季歷史最佳表現。

Our cash conversion remains strong, allowing us to strategically deploy capital to sustainably grow the franchise and return value to shareholders. Our teams once again delivered on their commitments for the quarter and work to grow backlog to position us for success in the second half of the year. Our end market thesis and momentum supports our growth, and the Ascend strategy is positioning us well to deliver for our stakeholders.

我們的現金轉換維持強勁，使我們得以策略性部署資本，以可持續方式擴大事業版圖並回饋股東價值。我們的團隊再次達成本季承諾，並致力於增加在手訂單（backlog），以使我們在下半年取得成功。我們對終端市場的論點與動能支撐成長，而 Ascend 策略也讓我們處於有利位置，能為利害關係人交付成果。

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

接下來，請看投影片 11，我把電話會議交回給 Naga。

Thanks, Dan. It's been a very strong first half for Nordson. We are delivering above-market organic growth through accelerating demand in key end markets, our differentiated technology, close to the customer business model and the execution of the NBS next growth framework. Before I talk about our end markets, I would like to share more color on the small acquisition I mentioned earlier.

謝謝，Dan。對 Nordson 而言，今年上半年表現非常強勁。我們透過關鍵終端市場需求加速、差異化技術、貼近客戶的商業模式，以及 NBS next 成長框架的執行，實現了高於市場的有機成長。在我談到我們的終端市場之前，我想就我先前提到的小型收購補充更多細節。

Nordson acquired CapstanAG, a precision agriculture technology leader in North America, headquartered in Topeka, Kansas. Capstan has a strong reputation built upon its innovative pulse width modulation systems. These specialized nozzle by nozzle controls drastically increase efficiency and reduce waste for row crop, orchard planters and aerial sprayers.

Nordson 收購了 CapstanAG（北美精準農業技術領導者），總部位於堪薩斯州托皮卡。Capstan 以其創新的脈衝寬度調變（PWM）系統建立了強勁聲譽。這些逐噴嘴（nozzle-by-nozzle）的專用控制可大幅提升效率，並降低行作物、果園播種機及航空噴灑作業的浪費。

Paying 9 times adjusted EBITDA, this strategic acquisition gives Nordson precision agriculture, another leg for growth in North America, focused on mid-tier OEM customers. Capstan's entrepreneurial culture and customer-centric business model aligned closely with the growth objectives of our precision agricultural division.

以調整後 EBITDA 的 9 倍估值支付對價，這項策略性收購為 Nordson 在北美的精準農業帶來另一個成長支柱，聚焦於中階 OEM 客戶。Capstan 的創業文化與以客戶為中心的商業模式，與我們精準農業事業部的成長目標高度一致。

Our existing precision agriculture business, which began with the REG acquisition, had a small presence in North America. We are already consolidating our facilities into Capstan's existing footprint in Topeka, Kansas, to be closer to the North American mid-tier customers and grow our expanded product offering in this end market. Acquisitions remain a critical component of our growth strategy.

我們既有的精準農業業務始於收購 REG，在北美的布局原本規模較小。我們已在將設施整併至 Capstan 位於堪薩斯州托皮卡的既有據點，以更貼近北美中階客戶，並在此終端市場擴大我們的產品供給以推動成長。併購仍是我們成長策略的關鍵組成。

As Dan noted, we are active in the M&A market with a robust pipeline. We remain focused on opportunities that meet both our strategic and financial criteria. We have been very intentional in building a growth biased portfolio of precision technologies, as you will see in slide 12.

如 Dan 所提，我們在併購（M&A）市場上相當積極，且有強健的案源管線。我們仍聚焦於同時符合策略與財務標準的機會。我們一直有意識地打造偏向成長的精密技術投資組合，正如你們將在第 12 頁投影片看到的。

More than 50% of our portfolio is now in growth end markets, including semiconductor, electronics and medical with remaining exposures in more stable GDP-plus end markets. This diversification gives me confidence in our expectations for the remainder of the year and beyond.

我們的投資組合中，現已有超過 50% 佈局於成長型終端市場，包括半導體、電子與醫療，其餘則曝險於較穩定、優於 GDP 成長（GDP-plus）的終端市場。這種多元化讓我對今年剩餘期間及未來的展望更具信心。

Within electronics and semiconductor applications, our dispense and surface treatment product lines continue to drive growth, while our test and inspection systems that ensure the quality of semiconductor packaging are also inflecting. We also see this growth reflected in our engineered fluid solutions product lines, where growth is being driven by electronics applications.

在電子與半導體應用方面，我們的點膠與表面處理產品線持續帶動成長，而用於確保半導體封裝品質的測試與檢測系統也正出現加速成長的拐點。我們也在工程流體解決方案產品線中看到這項成長反映，其中成長主要由電子應用所驅動。

Growth in general and automotive electronics remained somewhat muted, but there are signs of growing capacity needs in these applications. After a modest first quarter, medical end markets are steadily returning to normalized growth. The long-term growth drivers remain unchanged, including aging population, chronic illnesses and technology investments in minimally invasive procedures, biopharma and the increasing use of diagnostics.

一般電子與車用電子的成長仍略顯溫和，但在這些應用上已出現產能需求增加的跡象。在第一季表現溫和之後，醫療終端市場正穩步回到常態化成長。長期成長驅動因素仍未改變，包括人口老化、慢性疾病，以及在微創手術、生物製藥與診斷使用增加方面的技術投資。

Within consumer nondurable, investments in packaging and product assembly are sustaining. And industrial end markets also remained stable, particularly automotive and polymer processing applications are improving as the year progresses.

在消費性非耐久品領域，包裝與產品組裝的投資仍在延續。工業終端市場也維持穩定，尤其汽車與聚合物加工應用隨著年度推進而持續改善。

We are well positioned to meet the demands of our customers in these end markets. Turning now to our outlook, starting on slide 13. We entered the third quarter with strong order entry and increased backlog, which is up 18% over the prior year. Order entry momentum was broad-based in the quarter with all segments contributing. At current exchange rates, foreign exchange, which has been a contributor to the growth in the first half will be essentially neutral in the second half year-over-year.

我們已做好充分準備，以滿足這些終端市場客戶的需求。接著談我們的展望，從第 13 頁投影片開始。我們以強勁的接單量與增加的在手訂單（backlog）進入第三季，在手訂單較去年同期成長 18%。本季接單動能廣泛，各事業部門皆有貢獻。以目前匯率計算，外匯在上半年對成長有所貢獻，但在下半年與去年同期相比將大致呈中性影響。

These trends position the company to deliver third quarter fiscal 2026 sales in the range of $760 million to $790 million. Third quarter adjusted earnings are forecasted to be in the range of $2.95 to $3.15 per diluted share.

這些趨勢使公司有望在 2026 會計年度第三季達成 7.60 億至 7.90 億美元的銷售額。第三季調整後盈餘預估為每股稀釋後 2.95 至 3.15 美元。

Turning to slide 14. Based on the momentum in our end markets, as evidenced by our backlog and order entry, we are increasing our full year guidance. Sales are now expected to be in the range of $2.930 billion to $3.010 billion and adjusted earnings to be in the range of $11.30 to $11.80 per diluted share. Our updated guidance, balances, the strong demand momentum with the appropriate prudence needed given the potential for a range of macroeconomic outcomes. We have a high level of confidence in the midpoint of our range, and it would take a meaningful slowdown in order activity driven by macro conditions to move us towards the low end.

接著看第 14 頁投影片。基於終端市場動能（由在手訂單與接單所反映），我們上調全年財測指引。目前預期銷售額為 29.30 億至 30.10 億美元，調整後盈餘為每股稀釋後 11.30 至 11.80 美元。我們更新後的指引在強勁需求動能與面對可能出現多種總體經濟結果所需的適度審慎之間取得平衡。我們對區間中點具高度信心；若要使結果落向區間低端，需出現由總體環境驅動、接單活動明顯放緩的情況。

At the same time, if we sustain the current demand trends, particularly in electronics end markets, we believe we are well positioned to deliver the upper end of our guidance. We delivered a very strong first half of fiscal 2026, highlighted by record performance and ongoing momentum across our end markets.

同時，若我們能維持目前的需求趨勢，特別是在電子終端市場，我們認為公司具備達成指引區間上緣的良好條件。我們在 2026 會計年度上半年交出非常強勁的表現，亮點包括創紀錄的績效，以及終端市場全面延續的動能。

Our NBS Next growth framework close to the customer business model and differentiated precision technologies positions us well to continue compounding profitable growth. As always, I want to thank our customers and shareholders for your continued support. In particular, I want to thank Nordson employees who are passionate about meeting the needs of our customers.

我們的 NBS Next 成長框架、貼近客戶的商業模式，以及具差異化的精密技術，使我們能持續累積（compounding）獲利性成長。一如既往，我要感謝客戶與股東持續的支持。我也特別要感謝 Nordson 的員工，他們熱忱投入以滿足客戶需求。

Our focus on innovation and operational excellence continue to position us well to serve our customers. With that, we will pause and take your questions.

我們對創新與營運卓越的專注，持續讓我們處於服務客戶的有利位置。接下來我們將暫停，並開始回答各位的提問。

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

（接線員指示）Matt Summerville，D.A. Davidson。

Just a couple of quick ones here. On the medical side of things, should we assume that growth going forward is now sustainably on track to consistently deliver the algorithm as you guys have historically advertised? And then, could you give a little bit more detail on the interventional product headwind that you referenced there, Dan?

我這邊只有幾個簡短問題。在醫療方面，我們是否可以假設未來的成長已可持續地回到正軌，並能一貫達成你們過去所宣示的成長演算法（algorithm）？另外，Dan，你能否就你提到的介入式產品逆風（headwind）再多提供一些細節？

Yes. Matt, thanks for the question. So yes, 8% growth in the quarter, we were quite happy with. I would say if you pull that apart, our medical product lines are continuing to track towards normalized growth. We saw strength in our fluid dispense products, our engineered fluid dispense products, which are also part of that segment as well during the quarter. So that's part of what's driving the growth. I would say that's the area that we saw a little bit of upside.

是的。Matt，謝謝你的問題。所以是的，本季 8% 的成長我們相當滿意。我會說，如果把它拆開來看，我們的醫療產品線正持續朝常態化成長回歸。本季我們在流體點膠產品、以及工程化流體點膠產品（也屬於該事業部）看到強勁表現。因此這也是推動成長的一部分。我會說那是我們看到稍微有些超預期（upside）的領域。

I would say Medical is on track and still returning to normal growth rates of what we would call 6% to 8% as a target. So everything is on track. The 8% overall, I would say, is a pretty good precursor, but the mix within is still a little bit different than, I'd say, long-term expectations.

我會說醫療業務進展符合預期，並仍在回到我們所稱的 6% 到 8% 目標常態成長率。所以一切都在軌道上。整體 8% 我會說是相當不錯的前兆，但內部組合（mix）仍與我所說的長期預期略有不同。

And then your second question on the conversion. This is really -- it's a near-term issue that we're working through with the material change in one of our medical product lines. It's actually a regulatorily required material change, which drove some operational inefficiencies in the quarter. It's a short-term changeover issue that we are -- see clear line of sight towards working through, which is why I said that really becomes an opportunity as the year plays out, but a onetime kind of changeover requirement based on some regulatory requirements with the customers.

至於你第二個關於轉換（conversion）問題。這其實是我們正在處理的短期議題，源於我們某一條醫療產品線的材料發生重大變更。這實際上是法規要求的材料變更，導致本季出現一些營運效率不彰。這是一個短期的切換（changeover）問題，我們對解決它已有清晰的可視性（clear line of sight），這也是我說隨著年度推進它會轉為機會的原因；但本質上是因應客戶端某些法規要求而產生的一次性切換需求。

Yes. Just to add to that, Matt, what I would tell you is the medical business order entry and backlog buildup allows us to have this confidence that we are returning to normalized growth in this segment.

是的。另外補充一下，Matt，我想告訴你的是，醫療業務的訂單輸入以及積壓訂單的累積，讓我們有信心認為這個部門正回到正常化的成長。

Understood. And then maybe over to the semiconductor facing business. Can you just kind of review how you're thinking about Nordson's positioning therein, views on cycle durability and maybe a little bit more granularity or quantification to the extent you can on how this cycle is reading through into orders and backlog?

了解。接著也許談談面向半導體的業務。你能否回顧一下你們如何看待 Nordson 在其中的定位、對景氣循環韌性的看法，以及在你能提供的範圍內，更細緻或量化地說明這一輪循環如何反映到訂單與積壓訂單？

Yes. The ATS segment, if you look at our 18% backlog growth, is one of the strongest is because of robust backlog growth in ATS. And if you remember and recall some of the conversation we had a number of years ago, during the downturn, one of the best things our teams did was to reposition the business in a couple of different areas. One, we diversified away from just our dispense businesses. Now, we have test and inspection businesses that are delivering growth.

是的。ATS 部門，如果你看我們 18% 的積壓訂單成長，之所以是最強勁的之一，是因為 ATS 的積壓訂單成長非常強。而且如果你記得、回想幾年前我們在景氣下行期間的一些對話，我們團隊做得最好的事情之一，就是在幾個不同領域重新定位這項業務。第一，我們不再只依賴點膠（dispense）業務。現在，我們有測試與檢測業務正在帶來成長。

In addition, we also had a real nice work that was done around diversification of customers going away from reliance on one or two large customers. And third, we were able to optimally position -- reposition our footprint so that we are in regions where our customers need us to be. So three things of work that we have done in this period of time that has allowed us to position the business.

此外，我們也在客戶多元化方面做了非常好的工作，降低對一兩家大型客戶的依賴。第三，我們也能夠最佳化地調整——重新配置我們的據點，使我們位於客戶需要我們所在的區域。因此，這段期間我們完成了三項工作，使我們得以把業務定位到現在的位置。

But on top of this, what you have is our close to the customer business model, allowing us to innovate on technologies that are needed for our customers as the new AI applications occur as AI infrastructure happens and semiconductors become more complex, more difficult to manufacture.

除此之外，我們「貼近客戶」的商業模式，讓我們能在新 AI 應用出現、AI 基礎設施建置、以及半導體變得更複雜、更難製造之際，針對客戶所需的技術進行創新。

So all these three things, diversifying customers, operationally being where our customers need us to be, innovating on technologies and applications that need us to be sort of has allowed us to be in this place that we are benefiting from this robust market growth.

所以，這三件事——客戶多元化、在營運上位於客戶需要我們的地方、以及在技術與應用上創新——讓我們能處於目前這個位置，並受惠於強勁的市場成長。

Where is -- where are we at in the cycle? I would tell you we're in the early stages. It is, as always, we know this is a difficult business to predict. But based on what you can see in the marketplace based on what you can see with our customers, I would definitely tell you we're in the early stages. In terms of number of applications, if you think about this business, over 50% of this business is in semiconductor now.

那麼——我們在這個循環的哪個階段？我會告訴你，我們還在早期階段。一如往常，我們知道這是一個很難預測的業務。但根據你在市場上看到的情況、以及你從我們客戶端看到的情況，我會很明確地說我們仍在早期階段。就應用數量而言，如果你看這項業務，現在超過 50% 都在半導體領域。

And so there are numerous applications that we are part of, lots of new technologies. I think we have talked about with you around where we are headed in this cycle. There is more technology and innovation that is happening in this business that will allow our customers to really get after the AI compute needs that they have. And so a couple of things that you would probably be reading about is panel-level packaging. It's very, very early stage.

因此我們參與了許多應用，也有很多新技術。我想我們已經和你談過我們在這一輪循環中要走向哪裡。這個業務正在發生更多技術與創新，將使我們的客戶能真正滿足其 AI 運算需求。所以你可能會讀到的幾個方向之一是面板級封裝（panel-level packaging）。這仍然非常、非常早期。

But we are participating in developing these technologies. If you think about optical fibers and increased content of optical fibers and AI infrastructure, that's another big area. So number of applications benefiting us because of our ability to codevelop technology with our customers, right? And lastly, what I will tell you is predominantly, we are seeing the growth today in our electronic dispense business, and our customer inspection businesses are beginning to inflect, and there is more to come there.

但我們正在參與這些技術的開發。如果你想到光纖，以及在 AI 基礎設施中光纖含量的提升，那是另一個重要領域。因此，許多應用正在讓我們受益，因為我們有能力與客戶共同開發技術，對吧？最後我想說的是，目前我們主要看到成長來自電子點膠業務，而我們的客戶檢測業務也開始出現拐點，後續還會有更多動能。

Jeff Hammond, KeyBanc Capital Markets Inc.

Jeff Hammond，KeyBanc Capital Markets Inc.

Thanks for the explanation on the medical kind of material issue kind of impacting margins. Can you just talk about industrial specifically, kind of decent growth, kind of flat to down margins, anything in there, price cost or mix that -- and then how you see that playing out into the second half? I think last year, your margins ticked up nicely for that business?

謝謝你解釋醫療業務那種類似材料問題對毛利率的影響。你能否具體談談工業業務：成長還不錯，但毛利率持平到略降，裡面是否有任何因素，例如價格與成本、或產品組合——以及你如何看待這在下半年會如何發展？我記得去年你們那項業務的毛利率提升得很不錯？

Yes. The IPS business, we are really glad to see that we have returned to normalized growth. We delivered 4% organic growth in this segment in the first half. That is a really strong performance for this business. Where we are focused on is to simply take this view that our margins are best-in-class for the company as well as for this segment.

是的。IPS 業務方面，我們很高興看到已回到正常化成長。上半年我們在這個部門實現了 4% 的有機成長。對這項業務而言，這是非常強勁的表現。我們的重點是，單純採取這樣的觀點：我們的毛利率在公司內以及在這個部門中都是同業最佳水準。

And what is really important is for us to continue to focus on the market and be able to deliver growth, and that's what we're doing in this business. If you look at the pieces and parts of this business, I would tell you the packaging product application adhesive dispensing is doing really well, sustaining growth where we expect delivering above market growth. If you think about our plastics and our industrial coatings businesses, they are certainly improving. And our precision ag business is also growing nicely. In terms of margins, Dan, do you want to comment about that?

而真正重要的是，我們要持續聚焦市場並能夠帶來成長，這正是我們在這項業務中所做的。如果你看這項業務的各個組成部分，我會告訴你，包裝產品應用的膠黏劑點膠表現非常好，維持成長，我們預期能交出高於市場的成長。如果你看我們的塑膠與工業塗料業務，它們確實正在改善。而我們的精準農業（precision ag）業務也成長得很不錯。至於毛利率，Dan，你要不要評論一下？

Yes. I think Naga mentioned it, I'll say this, Jeff. I mean, clearly -- and this doesn't just apply to IPS. I mean I would say clearly, we are operating in a bit of an inflationary environment right now. And when I say that, I would include tariffs in that.

好的。我想 Naga 提到了，我也這麼說，Jeff。我的意思是，很明顯——而且這不只適用於 IPS。我會說，很明顯我們目前正處於某種通膨環境。我所說的也包含關稅在內。

We don't talk -- tariffs in itself are not material, but I would say it's part of the broader inflationary impact we're seeing as we look at the price of components and resins and other inputs. And so -- all of our businesses are managing through that. We're managing through that with selective pricing where we need to with offsetting cost actions where we need to. But I think that's why you're seeing a little bit on the lower side of incrementals and IPS, but that's a short-term issue. It's something that we'll work through.

我們不太談——關稅本身並不重大，但我會說它是我們在觀察零組件、樹脂與其他投入品價格時所看到的更廣泛通膨影響的一部分。因此——我們所有業務都在因應這些狀況。我們透過在需要時採取選擇性調價、在需要時採取抵銷成本的行動來管理。但我想這就是你在 IPS 看到增量利潤率稍微偏低的原因，不過那是短期問題。這是我們會逐步消化解決的。

And I think to Naga's point, what we're really focused on in this environment is how do we maximize growth while maintaining our margin performance, which is essentially what we did in Q2.

而且我想呼應 Naga 的觀點，在這樣的環境下我們真正聚焦的是：如何在維持毛利率表現的同時，把成長最大化——這基本上就是我們在第二季所做到的。

Okay. Great. And then just can you talk through the moving pieces to the guidance, I guess, it sounds like lower tax, maybe you can give us a revenue assumption or how much is included from this acquisition? And then, it seems maybe the backlog is more shippable in 4Q relative to maybe previous expectations, but maybe flesh that out.

好的。很好。另外，你能否談談指引調整的各項變動因素？我猜聽起來像是稅率較低；也許你可以給我們一個營收假設，或這次收購案納入了多少？然後，看起來積壓訂單在第四季相較於先前預期可能更容易出貨，但也請你再具體說明一下。

Yes. So I'll give you maybe a couple of pieces of flavor on that. I mean, I'll start. On the sales front, FX has been a tailwind for us in the first half of the year. At current rates, that becomes a neutral item in the second half of the year because the rate changes that we've seen kind of started in the second half of last year.

好的。我可以就這點提供幾個面向的補充說明。我先開始。在銷售端，今年上半年匯率（FX）對我們是順風。以目前匯率水準來看，下半年這會變成中性因素，因為我們看到的匯率變動大致是從去年下半年開始的。

So year over year, I think of FX as neutral. The net impact of M&A that's both the divestiture and the new acquisition, which is a small acquisition, is a slight negative of roughly 1% in the back half of the year. And then the rest of the guidance is really around growth. And I think in the opening comments, I think Naga said it quite well. I mean, we have high confidence in our kind of midpoint outlook.

因此以年對年來看，我認為外匯（FX）影響屬於中性。併購（M&A）的淨影響——包含剝離與新的收購（且是小型收購）——在今年下半年約為1%的輕微負面影響。然後其餘的指引主要就是圍繞成長。我想在開場評論中，Naga 已經說得很到位。我的意思是，我們對我們所謂的中位數展望非常有信心。

We have seen, I would say, accelerated demand really accelerating the last couple of months of the quarter, and I would say even carrying into the first weeks of the new quarter. And so if that continues, I think that's where we see the upper end playing out, it would take a meaningful pullback in order activity to -- for us to be in the lower end of our guidance range.

我們看到，我會說，需求加速——在本季最後幾個月明顯加速，甚至延續到新一季的前幾週。因此如果這種情況持續，我認為這就是我們看到指引區間上緣得以實現的原因；要讓我們落在指引區間下緣，必須出現訂單活動有意義的回落。

So again, just trying to give you a little bit of the flavor and the thinking. In this fairly dynamic environment, we think it's the right way to think about the second half. But high confidence in kind of the midpoint of our sales outlook with opportunity if things continue to inflect.

所以再次強調，只是想讓你稍微了解一些氛圍與思考邏輯。在這個相當動態的環境中，我們認為用這種方式來看待下半年是正確的。不過我們對銷售展望的中位數仍然很有信心；若情勢持續轉強，也有上行機會。

I think additionally, what I would tell you, if you look at our backlog and where these components are coming from, all segments are contributing. And that is, for us, probably the most exciting part is that our -- all of our businesses are contributing. And so the momentum across the company is strong, and that's why you see us increasing guidance. .

另外我想告訴你的是，如果你看我們的在手訂單（backlog）以及這些組成來源，所有事業部門都有貢獻。而對我們來說，可能最令人振奮的是——我們所有業務都在貢獻。因此公司整體動能強勁，這也是你看到我們上調指引的原因。.

And I think on the conversion -- I was going to say, I think on the conversion side, Jeff, I mean, again, in the environment that we're in, if I think of it last year, I mean, we had incrementals in the 50% range. In an inflationary environment, that's not realistic, right? And so I think this is going to be a year where it's really about maintaining margins as we grow as opposed to expanding margins in an inflationary environment. And so I think that's the other flavor I would give you as you think about the second half.

我想在轉換率（conversion）——我本來要說，我想在轉換面，Jeff，我的意思是，再次強調，在我們所處的環境下，如果回想去年，我們的增量利潤率（incrementals）在50%區間。在通膨環境下，那不現實，對吧？因此我認為今年更重要的是在成長的同時維持利潤率，而不是在通膨環境下擴張利潤率。所以我想，當你思考下半年時，這是我會補充的另一個面向。

Mike Halloran, Baird.

Mike Halloran，Baird。

Some clarification then on what you just mentioned. One, is the assumption sequential normalcy from the trend you're seeing right now? In other words, are you just assuming trends stay normal? I mean, it feels like there's maybe a little flattening from 3Q to 4Q in the guide. Obviously, I get the confidence you guys are exhibiting here.

那我想釐清一下你剛才提到的內容。第一，你們的假設是否是依照目前看到的趨勢，按季回到常態？換句話說，你們只是假設趨勢維持正常？我的意思是，指引看起來從第三季到第四季可能有些趨於平坦。當然，我理解你們在這裡展現的信心。

I just want to make sure I understand that. . And then also related to the last answer, just the backlog conversion, is that a pretty normal conversion time line as we sit here? Any signs of backlog building further out for capacity purposes, particularly on the ATS side, any nuance on that?

我只是想確認我理解正確。.另外也跟上一題相關，關於在手訂單的轉換，依目前狀況看，這是相當正常的轉換時間表嗎？是否有任何跡象顯示在手訂單為了產能目的而往更遠期累積，特別是在 ATS 這一塊，有沒有什麼細節或差異？

Yes. On the backlog piece I appreciate the question, Mike. On the backlog piece, I would say no fundamental change. I mean, our backlog, in general, the majority, I would say, turned certainly within six months. In some cases, certainly within the quarter.

是的。關於在手訂單的部分，Mike，謝謝你的問題。在手訂單方面，我會說沒有根本性的改變。也就是說，我們的在手訂單一般而言，多數——我會說——確實會在六個月內轉換。有些情況下，當然會在當季內轉換。

We do have some portion of our backlog that's starting to bleed into 2027. But I would say that's the minority, but no real fundamental change in overall backlog timing. And so yes, I think that's a simple answer to your question.

我們確實有一部分在手訂單開始延伸到 2027 年。但我會說那是少數，整體在手訂單的時點並沒有真正的根本性變化。所以是的，我想這就是對你問題的簡單回答。

I think as far as the expectation, look, I think we have good visibility certainly to the third quarter. 60% of our business is consumables and single-use kind of turnover. And near term, I think we have high confidence in that. I think we're still being prudent, right? There's some dynamic things happening in the world right now.

至於預期方面，你看，我認為我們對第三季當然有很好的能見度。我們60%的業務是耗材與一次性（single-use）這類的周轉。而在短期內，我認為我們對此非常有信心。我想我們仍然保持審慎，對吧？因為現在世界上正發生一些動態變化。

And if you ask me, what do we worry about? Look, if some of the things going on in the macro environment start to create, let's say, raw material shortages or issues for our customers, that's what we worry about, right? If some of these things have more broader implications on the industries we're serving, and there's some limited pullback, I would say that's what we're just being prudent about if I think about the fourth quarter.

如果你問我，我們擔心什麼？你看，如果總體環境中的一些事情開始造成——比如說——原材料短缺或讓客戶端出現問題，那就是我們擔心的，對吧？如果其中一些事情對我們所服務的產業帶來更廣泛的影響，並出現一些有限的回落，我會說，當我思考第四季時，這就是我們保持審慎的地方。

And the reason you hear the confidence in what we're suggesting is that we're not seeing any of that correct in our demand patterns right now, so --

而你之所以聽到我們對所提出內容的信心，是因為我們目前在需求型態上並沒有看到任何那樣的情況，所以--

No, that makes a lot of sense. And then the coatings and plastics side, starting to see some better trends. Maybe you talk about what you think is driving that beyond just comparisons as well as the durability of that dynamic. Appreciate it.

不，這很合理。另外在塗料與塑膠那一端，開始看到一些較好的趨勢。也許你可以談談，除了比較基期之外，你認為是什麼在驅動這些改善，以及這種動態的持續性如何。謝謝。

Yes. I would say, actually, what we're seeing there really not a surprise. I mean, going back to last year, we said that certainly there was a big pullback in those markets. But we're confident that, that it hit the trough in the fourth quarter. And I would say we're seeing normal gradual recovery in both of those markets through the first half in line with what we expected. So certainly not what I would call a rebound, but nice normal recovery.

是的。我會說，其實我們在那裡看到的並不令人意外。我的意思是，回到去年，我們說過那些市場確實出現了很大的回落。但我們有信心它在第四季觸底。而我會說，我們正看到這兩個市場在上半年出現符合我們預期的、正常且逐步的復甦。所以當然不是我所謂的強勁反彈，但算是良好、正常的復甦。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，BNP Paribas。

Yes, I just wanted to check, industrial Precision is you guys sound confident and things are improving and market-wise and trend-wise. What about within that segment and maybe just talking broadly the mix of aftermarket sales versus systems, are your customers signaling like more confidence in moving forward with some bigger CapEx decision-making? Or is that already underway and that's being reflected in backlog?

是的，我只是想確認一下，工業精密（industrial Precision）這一塊，你們聽起來很有信心，市場面與趨勢面都在改善。那在該事業部內部呢？也許更廣泛地談談售後市場（aftermarket）銷售與系統（systems）之間的組合，你們的客戶是否釋出訊號，表示對推進一些較大型的資本支出（CapEx）決策更有信心？或者這其實已經在進行中，並反映在在手訂單上？

Yes. I would say improved order entry, both in systems and parts signaling what our customers feel in terms of a broader recovery. So if you look at all the different businesses, there is a momentum in the industrial businesses that has allowed us to post a 4% organic growth. I mean, this is at the high end of what these businesses have done. And if you look at our backlog building, we are seeing confidence in system orders.

是的。我會說，系統與零件兩方面的接單（order entry）都有改善，這反映了客戶對更廣泛復甦的感受。因此如果你看所有不同的業務，工業相關業務的動能讓我們得以達成4%的有機成長。我的意思是，這已經在這些業務的表現區間上緣。而如果你看我們在手訂單的累積，我們確實看到系統訂單的信心。

Yes. I think just to add a little bit just to add one other piece of flavor to that. There's really been no, I'd say, fundamental change in our mix of systems versus parts for IPS. It's been pretty close around that 60-40. And if I look at Q2, actually, parts are slightly higher as a percent, but again, not meaningful, a couple of percent. But -- so no big system inflection, I think, is maybe the message there.

是的。我想再補充一點，為此再加上一個小細節。就 IPS 而言，我們的系統與零組件組合，基本上沒有任何我會稱之為根本性的變化。大致一直維持在 60-40 左右。如果我看第二季，實際上零組件占比略高一些，但同樣不具實質意義，也就高了幾個百分點。不過——所以我想這裡的重點是，系統端沒有出現什麼大的拐點。

Yes. Okay. Yes, I wanted to check the cash flow has been solid. I'm wondering -- you did a small deal, but you say in the slides, you got about $900 million in capacity still left. I know you got some debt paydown, but I wonder what the M&A environment looks like into year-end for you and that other companies seem to be signaling valuations are maybe ever so slightly normalizing. But can you give us some insight into what you're seeing there, that would be great?

是的。好的。是的，我想確認一下現金流一直很穩健。我在想——你們做了一筆小交易，但你們在投影片上說，仍然大約還有 9 億美元的額度可用。我知道你們也有一些償還債務，但我想了解你們到年底的併購（M&A）環境看起來如何；而且其他公司似乎也在暗示估值可能正在非常輕微地回歸正常。你能否分享一些你們所看到的情況？那會很棒。

Yes. Our M&A activity continues to be robust. We have a pipeline that's pretty active. We continue to work it. But we're going to stay disciplined, right?

是的。我們的併購活動仍然相當活躍。我們有一個相當活躍的案源管線。我們會持續推進。但我們會保持紀律，對吧？

We're going to stay disciplined against our strategic criteria as well as our financial returns criteria. What we don't talk about are things that we've been part of and didn't bring to fruition for many different reasons. So the activities are pretty strong. Our focus is the same. We're continuing to be focused around our medical business growth, test and inspection and any technology adds -- bolt-on adds to our strong existing portfolio of businesses, right?

我們會依照我們的策略標準以及財務報酬標準保持紀律。我們不會談的是：我們曾參與但因各種不同原因而未能促成的案子。所以整體活動其實相當強勁。我們的重點不變。我們會持續聚焦在醫療業務成長、測試與檢測（T&I），以及任何技術補強——也就是對我們既有強大業務組合的加值型併購（bolt-on），對吧？

Our industrial businesses, our ATS businesses, wherever there is an opportunity to bolt-on technology, we will do that, but big strategic acquisitions are focused on medical.

至於我們的工業業務、我們的 ATS 業務，只要有機會以 bolt-on 方式補上技術，我們就會去做；但大型策略性收購則聚焦在醫療。

(Operator Instructions) Walter Liptak, Seaport Research.

（接線員指示）Seaport Research 的 Walter Liptak。

I want to ask one about the ATS order strength. I wonder if there's a way you could quantify for us a little bit more. Is it up single digits, double digits? And I wonder if you could talk a little bit more about the broadening, I think, of the technology from electronics dispense to more T&I. Why is there sort of a lag from dispense to T&I?

我想問一個關於 ATS 訂單強勁度的問題。我想知道你們是否能再多量化一點。是個位數成長、還是雙位數成長？另外我也想請你多談談技術面的擴展：我理解是從電子點膠（electronics dispense）擴展到更多的測試與檢測（T&I）。為什麼從點膠到 T&I 之間看起來會有某種落後（lag）？

So maybe I'll take the first part of that, and then I'll hand it off to Naga and I appreciate the question, Walt. So look, we don't give backlog and order level details at a segment level. But I think I'll maybe reiterate some of the earlier comments. So with backlog up 18%, that was broad based with all segments contributing to that. And I would actually say, and I think Naga mentioned this, yes, I would say, particular strength in our ATS segment contributing to that 18%.

那我先回答第一部分，接著我會交給 Naga，也謝謝你的問題，Walt。我們不會在分部層級提供積壓訂單（backlog）與接單量的細節。但我想我可以重申一些先前的評論。積壓訂單成長 18%，這是廣泛性的，各個分部都有貢獻。而且我會說——我想 Naga 也提到過——是的，我會說我們 ATS 分部特別強勁，對這個 18% 有所貢獻。

So I think you can easily draw a double-digit increase to ATS from those statements. And if anything, I would say, in line with or better than that 18% overall.

所以我認為你可以很容易從這些說法推導出 ATS 是雙位數成長。甚至可以說，與整體 18% 相當或更好。

So let's talk about some of the applications. There is not really a lag between these different businesses. Right now, the strength is in our dispensed businesses. You could correlate that there are more dispensed businesses versus test and inspection, right? If you look at a single line, you're going to have more dispense units versus T&I units, but in terms of lags, those are just business dynamics.

那我們來談一些應用面。這些不同業務之間其實並沒有真正的落後（lag）。目前強勁的是我們的點膠業務。你可以把它理解為：點膠業務的比重本來就比測試與檢測更高，對吧？如果你看一條產線，點膠設備的數量會比 T&I 設備更多；但就所謂落後而言，那只是業務動態而已。

There is -- I wouldn't read any much more than that. . We are seeing similar levels of growth in both -- in terms of demand from both these dispense as well as test and inspection. My comments were more around if you compare to before, ATS today is a much broader set of applications, broader set of technologies. That's probably what I was trying to say.

我不會再做更多解讀。。我們看到點膠以及測試與檢測兩者的需求成長水準其實相近。我剛才的評論更多是想說：相較於以前，今天的 ATS 涵蓋更廣的應用、更廣的技術組合。我大概是想表達這個。

Yes, I did mention around that being a lag, but that's not related to any dynamics in the marketplace rather than it just happens to be such that -- there are cases last year, we were we were growing our test and inspection faster than we were growing our dispense business. And this year, the last three quarters, our dispense business is far more robust than our test and inspection business. But when we look at our demand, look at our customer projects, look at all the things that we're working on, there is no difference, really.

是的，我確實提到過那種落後，但那並不是市場動態造成的，而只是剛好如此——去年有些情況下，我們的測試與檢測成長比點膠更快。而今年、過去三個季度，我們的點膠業務遠比測試與檢測業務更強勁。但當我們看需求、看客戶專案、看我們正在推進的所有事情，其實沒有什麼差異。

Okay. Great. And then as sort of a follow-up to an earlier question about the backlogs and the cycle times. I think some of those six months cycle times from backlog to shipment is probably longer in industrial, but shorter in medical and advanced tech. And so I wonder if you could talk specifically about those differences.

好的。很好。接著延伸追問先前關於積壓訂單與週期時間的問題。我想從積壓到出貨的六個月週期時間，在工業端可能更長，但在醫療與先進科技端更短。所以我想請你具體談談這些差異。

And then in the Advanced Tech segment, are those -- what are the -- are they significantly shorter in advanced tech?

另外在先進科技（Advanced Tech）分部，那些——它們的週期時間是否顯著更短？

Yes. And I hate to say this, but it really depends to some extent, and it really depends on the mix of the orders coming in. I mean, the longer cycle times tend to be tied to our larger, more complex systems. And again, if you look at the mix, even in medical, while it's all consumable products, there's a lot of times that we have customers that will place three-month POs, right? And so it's one PO that goes into the backlog that gets issued or released over three months.

是的。我不太想這麼說，但某種程度上真的要看情況，也取決於進來的訂單組合。較長的週期時間通常與我們更大型、更複雜的系統相關。而且再說一次，即使在醫療端，雖然都是耗材產品，但很多時候客戶會下三個月期的採購單（PO），對吧？因此是一張 PO 進入積壓訂單，然後在三個月內分批下達或放行。

And so it's really -- I hate to say it, but it depends. What I would say generally is consumables, smaller kind of, let's just call it, our high-volume smaller systems tend to get delivered much quicker even within the quarter. And it's really our larger systems that tend to be more the three to six or even beyond, somewhat dependent not just on the system, but also because it tends to be tied into a larger product or project that our customers are working on. And it's really about their timing.

所以真的——我不太想這麼說——但就是要看情況。一般而言，耗材、較小型的——我們就稱之為高產量的小型系統——通常交付得更快，甚至在當季內就能交付。而通常是我們較大型的系統，週期時間會落在三到六個月甚至更久；這不僅取決於系統本身，也因為它往往會綁在客戶正在進行的更大型產品或專案上。這其實取決於他們的時程。

Yes. So I mean, based on what Dan is telling you, right, it's exactly what you're talking about, well. Our largest system businesses are more in IPS, less in ATS, right? So you are right, our largest system backlog converting into shipments for -- in that six-month period, it's more around that large system businesses, which are predominantly in IPS. If you think about ATS, you still have systems that ship within the quarter, right?

是的。所以我的意思是，根據 Dan 跟你說的，正如你所提到的那樣。我們最大型的系統業務更多在 IPS、較少在 ATS，對吧？所以你說得沒錯：我們最大型系統的積壓訂單在那個六個月期間轉換成出貨，主要是來自那些大型系統業務，而這些主要集中在 IPS。如果你看 ATS，仍然有一些系統可以在當季內出貨，對吧？

But what is -- why Dan says it depends is our customers will give us the order in this quarter, but would tell us, hey, I want this in the fourth quarter, right? So that we don't control even though our lead times are pretty good, we have significantly improved our lead times from what used to be 16, 18 weeks to now less than 7, 8 weeks, and we can even push things into four weeks if somebody wants it. So it's not really an issue of the company as much as what the customer wants as well, right?

但問題是——Dan 之所以說要視情況而定，是因為我們的客戶可能會在本季下單，但會告訴我們，嘿，我希望在第四季交付，對吧？所以即使我們的交期表現相當不錯，我們也無法完全掌控；我們已將交期從過去的 16、18 週大幅改善到現在不到 7、8 週，如果有人需要，我們甚至可以把交期壓到 4 週。因此，這不完全是公司的問題，更多也取決於客戶想要什麼，對吧？

And MFS predominantly is consumables. And yes, the orders you get, you can ship them within the quarter, within the week, within the month, but it depends on what order you got. If you got these long-dated blanket orders, then they don't, right? So we're sorry to be -- give you an answer that is broad-based, but it is the circumstances. But in general, what you want to take away from this conversation, order momentum is strong across all segments.

而 MFS 主要是耗材。是的，你拿到的訂單，你可以在當季、當週、當月出貨，但這取決於你拿到的是什麼樣的訂單。如果你拿到的是這些交期很長的長期框架訂單（blanket orders），那就不一定能，對吧？所以很抱歉——我們給你的答案比較概括，但這就是實際情況。但整體而言，你應該從這段對話帶走的重點是：各個事業部門的接單動能都很強。

All segments contributing, backlog up 18% gives us a high level of confidence at the mid-end of -- middle of -- midpoint of our sales guidance.

所有事業部門都有貢獻，積壓訂單（backlog）成長 18%，讓我們對銷售指引的中位數——中段——中點水準有高度信心。

And no fundamental change in the delivery request. We're not taking one year out orders and things of that nature. It's pretty much in line with what we would typically see.

交付需求沒有根本性的改變。我們沒有在接那種一年以後才交付的訂單或類似情況。整體上與我們通常看到的情況相當一致。

Robert Jamieson, Vertical Research Partners.

Robert Jamieson，Vertical Research Partners。

So just a quick one on IPS, just kind of higher level. When I think about the precise nature of your dispensing offer and IPS and inflationary input environment, you're offering really positioned as a cost savings partner in a way. Do you think if we see persistently high like input costs -- could this act as like a medium-term driver for consumables refresh demand for IPS customers that could coincide with the improvements that you're seeing in systems level demand? Just kind of rightly to think about that, and how might this be or turn into like a medium-term kind of demand driver for you all?

我對 IPS 有個簡短問題，偏高層次一點。當我想到你們精準點膠的產品供應、IPS，以及通膨推升投入成本的環境，你們的方案在某種程度上是以成本節省夥伴的定位在提供服務。你認為如果投入成本持續維持在高檔——這是否可能成為 IPS 客戶在中期推動耗材汰換／更新需求的驅動因素，並且與你們在系統層級需求所看到的改善相呼應？想請教這樣的思考是否合理，以及這可能如何成為你們的中期需求驅動因素？

Absolutely, right. This is -- you are absolutely right in that -- what we offer is material savings across the entire product line, material savings, of course, accuracy, precision, speed, things that matter. But this drive for efficiency, not only because of waste of materials, but it is also because it's not available. And hence, you are looking at somebody that is -- and that goes along across the entire portfolio, right? It's not only the adhesives, it goes across the coatings businesses.

完全是，對。你說得非常對——我們提供的是涵蓋整個產品線的材料節省；當然也包括準確度、精密度、速度等重要因素。但這種對效率的追求，不僅是因為材料浪費，也因為材料可能供應不足。因此，你會尋找能提供協助的夥伴——而且這適用於我們整個產品組合，對吧？不只是黏著劑，也涵蓋塗料業務。

It goes across our precision ag business as well because we do believe this is a really strong value proposition that our teams are marketing out there with our customers because there is a real need for it. And when you certainly apply more or you're changing materials, that's another one, right? When you run out of certain materials, you're trying to change materials, again, technical help, application help, things that the company is really good at, I think, will help us.

也涵蓋我們的精準農業（precision ag）業務，因為我們確實相信這是一個非常強的價值主張；我們的團隊正在對外向客戶行銷，因為市場確實有這個需求。而當你需要提高用量或更換材料時，這又是另一個面向，對吧？當某些材料用完、你嘗試更換材料時，同樣需要技術支援、應用支援——我認為這些都是公司非常擅長的，也會幫助到我們。

That's really helpful. And then just two quick ones. Just on CapstanAG, should we think about the incremental revenue, like addition, like I saw there's like $2 million or so you and you owned it for maybe a month. Should we think about that as like a $5 million to $6 million incremental revenue, like as we put that into our models?

這很有幫助。再兩個簡短問題。關於 CapstanAG，我們應該如何看待新增營收的貢獻？我看到大概是 200 萬美元左右，而且你們可能只持有了大約一個月。我們在模型裡應該把它視為約 500 萬到 600 萬美元的增量營收嗎？

For the second half, yes, that would be a good estimations. I mean, it's roughly a $13 million business, is the approximate size annual.

就下半年而言，是的，那會是個不錯的估算。我的意思是，它的年化規模大約是 1,300 萬美元左右。

Annual. Okay. Perfect. And then just last on -- where do you think we are in the demand cycle for ATS? I mean, obviously, looking at capital spending environment in semiconductor and where you play, would you still categorize that we're like in the early innings or early stages of the demand cycle at this point?

年化。好的。完美。最後一個問題——你認為我們目前處於 ATS 需求循環的哪個階段？我的意思是，考量半導體的資本支出環境以及你們所參與的領域，你仍會把目前歸類為需求循環的前段、或早期階段嗎？

Yes.

是的。

There are no further questions at this time. I will now hand the call over to Naga for closing remarks.

目前沒有其他問題。我現在把電話交給 Naga 作結語。

Thank you for your time and attention on today's call. Nordson is well positioned as a diversified precision technology company are closer to the customer model, proprietary and niche technology, diversified geographic and end market exposures, high level of recurring revenue and strong balance sheet are among the many attributes that makes us a quality growth compounder. Have a great day.

感謝各位今天撥冗參與並專注聆聽。Nordson 作為一家多元化的精密技術公司，具備貼近客戶的營運模式、專有且利基的技術、多元的地理與終端市場曝險、高比例的經常性收入以及強健的資產負債表；以上只是眾多特質中的一部分，使我們成為一家具備品質的成長型複利公司。祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。