派克漢尼汾 (PH) 2026 Q1 法說會逐字稿

Good morning, and welcome to Parker-Hannifin Corporation's fiscal 2026 first quarter earnings conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

早安，歡迎參加派克漢尼汾公司2026財年第一季財報電話會議及網路直播。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

I would now like to turn the call over to Todd Leombruno, Chief Financial Officer. Please go ahead.

現在我將把電話交給財務長托德·萊昂布魯諾。請繼續。

Thank you, Chloe. Good morning, everyone, and welcome to Parker's fiscal year 2026 first quarter earnings release webcast. This is Todd Leombruno, Chief Financial Officer, speaking. And with me today is Jenny Parmentier, our Chairman and Chief Executive Officer. And always, we appreciate your interest in Parker, and thank you for joining us today.

謝謝你，克洛伊。各位早安，歡迎收看派克公司2026財年第一季財報發佈網路直播。這裡是財務長托德·萊昂布魯諾。今天陪我一起的還有我們的董事長兼執行長珍妮‧帕門蒂爾。我們始終感謝您對帕克的關注，也感謝您今天蒞臨本站。

We address our disclosures on forward-looking projections and non-GAAP financial measures on slide 2. Items listed here could cause actual results to vary from our forecast. Our press release was released this morning, along with this presentation and reconciliations for all non-GAAP financial measures. Those are available on our website under the Investors section on parker.com.

我們在第 2 頁投影片中闡述了有關前瞻性預測和非 GAAP 財務指標的揭露。此處列出的因素可能會導致實際結果與我們的預測不同。今天上午，我們發布了新聞稿，同時也發布了這份簡報以及所有非GAAP財務指標的調節表。這些資訊可在parker.com網站的「投資者」欄位下找到。

The agenda for today has Jenny starting with an overview of our record FY '26 first quarter performance. She will share some highlights from our day-one celebrations, welcoming the Curtis team members to Parker. Jenny will also then reiterate the strengths of our interconnected portfolio and share an example from our energy market vertical.

今天的議程由 Jenny 首先概述我們 2026 財年第一季創紀錄的業績。她將分享我們第一天慶祝活動的精彩瞬間，歡迎柯蒂斯團隊成員加入帕克團隊。隨後，Jenny也將重申我們相互關聯的投資組合的優勢，並分享我們能源市場垂直領域的一個例子。

I will follow Jenny with more details on our strong first quarter results, and then we'll both provide some color on our increase to our FY '26 guidance. After that, we will move to the Q&A portion of the call and address as many questions as possible within the hour. I now call your attention to slide 3.

接下來，我將詳細介紹我們強勁的第一季業績，然後我們兩人將共同闡述我們上調 2026 財年業績預期的原因。之後，我們將進入問答環節，並在一個小時內盡可能回答問題。現在請大家注意第3張投影片。

And Jenny, I will hand it over to you.

珍妮，我會把它交給你。

Thank you, Todd, and thank you to everyone for attending the call today. Q1 was a great start to the fiscal year. Operational excellence was on full display, powered by the Win Strategy. We achieved top quartile safety performance with a 20% reduction in our reportable incident rate. This performance is aligned with our goal to be the safest industrial company in the world.

謝謝托德，也謝謝今天所有參加電話會議的人。本財年第一季開局良好。在製勝策略的驅動下，卓越的營運能力得到了充分展現。我們的安全績效位居前四分之一，可報告事故率降低了 20%。這項成績與我們成為全球最安全的工業公司的目標相符。

Our team delivered record Q1 sales of $5.1 billion, organic growth of 5% and 170 basis points of margin expansion, resulting in 27.4% adjusted segment operating margin. Adjusted earnings per share grew 16% and cash flow from operations was $782 million. And we completed the acquisition of Curtis Instruments. Next slide, please. A long-standing practice within Parker is for a Parker leader to personally welcome the new team at every location.

我們的團隊實現了創紀錄的第一季銷售額 51 億美元，有機成長 5%，利潤率提升 170 個基點，調整後分部營業利潤率為 27.4%。調整後每股盈餘成長 16%，經營活動產生的現金流為 7.82 億美元。我們完成了對柯蒂斯儀器公司的收購。請看下一張投影片。帕克公司長期以來的慣例是，帕克公司的領導階層會在每個辦公地點親自歡迎新團隊。

This slide shows pictures from our day one events held around the world, welcoming the Curtis team to Parker. This was a great day for all of us, and we are thrilled to have Curtis in the Parker portfolio. Next slide, please. Obviously, we are very proud of the Q1 results delivered by our team and equally excited about our future. So just a reminder on why we win.

這張幻燈片展示了我們在世界各地舉行的第一天活動的圖片，歡迎柯蒂斯團隊來到帕克。對我們所有人來說，今天都是非常棒的一天，我們很高興 Curtis 加入 Parker 的投資組合。請看下一張投影片。顯然，我們對團隊第一季所取得的業績感到非常自豪，同時也對我們的未來充滿信心。所以，再次提醒大家我們獲勝的原因。

First, the Win Strategy is our business system. We have a decentralized operating structure, 85 divisions run by general managers with full P&L responsibility, acting like owners, close to their customers and executing the Win Strategy every day. Next, we have innovative products that solve customer problems, 85% covered by intellectual property.

首先，制勝策略是我們的商業體系。我們採用分散式營運結構，85 個部門由總經理管理，他們承擔全部損益責任，像老闆一樣行事，貼近客戶，每天執行致勝策略。其次，我們擁有能夠解決客戶問題的創新產品，其中 85% 受智慧財產權保護。

Our application engineers provide the expertise that allows us to have a competitive advantage with our interconnected technologies that provide efficient solutions for our customers. And finally, our distribution network is the envy of the competition and the best in the world. It took us over 60-years to build it, and it is truly an extension of our engineering teams, providing solutions to all of those small to midsized OEMs that are participating in capital spending and investments.

我們的應用工程師憑藉其專業知識，利用互聯技術為客戶提供高效的解決方案，從而在競爭中佔據優勢。最後，我們的分銷網絡令競爭對手羨慕不已，是全世界最好的。我們花了 60 多年才建成它，它真正是我們工程團隊的延伸，為所有參與資本支出和投資的中小型 OEM 提供解決方案。

These partners are experts at applying our interconnected technology. Next slide, please. We have the number one position in the $145 billion motion and control industry, a growing space where we continue to gain share. These six market verticals represent greater than 90% of the company's revenue. Our interconnected technologies cut across these market verticals and give us a clear competitive advantage.

這些合作夥伴都是應用我們互聯技術的專家。請看下一張投影片。我們在價值 1450 億美元的運動和控制行業中佔據第一的位置，這是一個不斷增長的領域，我們將繼續擴大市場份額。這六個垂直市場占公司收入的 90% 以上。我們的互聯技術跨越這些市場垂直領域，為我們帶來了明顯的競爭優勢。

2/3 of our revenue comes from customers who buy four or more technologies, and our growth is focused on faster-growing, longer-cycle markets and secular trends. Next slide, please. This slide focuses on our presence in the energy market vertical. Parker is a significant supplier of products into heavy-duty gas turbines used for electrical power generation.

我們三分之二的收入來自購買四項或更多技術的客戶，我們的成長重點是成長更快、週期更長的市場和長期趨勢。請看下一張投影片。本投影片重點介紹我們在能源市場垂直領域的業務。派克是重型燃氣渦輪機的重要產品供應商，這些燃氣渦輪機用於發電。

We bring both proprietary designs and world-class manufacturing capabilities to offer a comprehensive suite of interconnected technologies. Parker supports multiple global industry-leading customers, and we are seeing significant growth in this space. This business is long life cycle with multiyear backlog and durable aftermarket. This is a great example of products and technology that are shared across aerospace and industrial markets.

我們結合自主設計和世界級的製造能力，提供一套全面的互聯技術。Parker 為眾多全球行業領先的客戶提供支持，我們看到該領域正在取得顯著成長。這個產業屬於長生命週期產業，訂單積壓多年，售後市場持久。這是航空航太和工業市場共享產品和技術的絕佳例子。

I'll hand it back to Todd to go through our first quarter highlights.

我將把麥克風交還給托德，讓他回顧我們第一節的精彩時刻。

Thank you, Jenny. This was a great start to the fiscal year. I'm on slide 9, and I will start with a summary of our Q1 results. Once again, and I love saying this, every number in the gold column on this slide is a record. It was just a fantastic quarter where mid-single-digit sales growth, combined with strong margin expansion, resulting in mid-teens EPS growth.

謝謝你，珍妮。這是本財年的良好開局。我現在講到第 9 張投影片，先總結我們第一季的業績。我再次強調（而且我非常樂意這麼說），這張投影片上金色一欄的每一個數字都是一項紀錄。這是一個非常棒的季度，銷售額實現了個位數中段的成長，同時利潤率也大幅提升，最終實現了兩位數中段的每股收益成長。

Sales were up 4% versus prior. Organic growth was positive at plus 5%. Currency was favorable at 1%. And divestitures were 2% unfavorable. Those are the divestitures that we've previously completed. And I would just note, this is the last full quarter that we will have a full quarter of a divestiture impact. Moving to adjusted segment operating margins.

銷售額比上年同期成長了4%。有機成長率為正，為+5%。匯率有利，為1%。資產剝離的不利影響為 2%。這些是我們之前已經完成的資產剝離項目。我還要指出，這將是最後一個完整的季度，屆時我們將感受到資產剝離的影響。改為調整後的分部營業利益率。

As Jenny said, we did 27.4%, that's an increase of 170 basis points versus prior year. Adjusted EBITDA margin was 27.3%, that was up 240 basis points. And adjusted net income was $927 million or 18.2% return on sales. All of this drove adjusted earnings per share up 16% to reach a record $7.22 per share. It was a really nice start to the fiscal year with a strong quarter across the board, and it gives us confidence for the remainder of the fiscal year.

正如珍妮所說，我們實現了 27.4% 的成長，比前一年增長了 170 個基點。調整後 EBITDA 利潤率為 27.3%，上升了 240 個基點。經調整後的淨收入為 9.27 億美元，銷售回報率為 18.2%。所有這些因素共同推動調整後每股收益成長 16%，達到創紀錄的每股 7.22 美元。本財年開局非常順利，各季度業績均表現強勁，這讓我們對本財年剩餘時間充滿信心。

Our global team members really continue to drive results enabled by the power of the Win Strategy. If we could jump to slide 10, you'll see a bridge on the year-over-year improvement in adjusted EPS. The majority of our EPS growth came from continued strength across our operations as segment operating income dollars increased by $132 million or 10%.

我們的全球團隊成員憑藉著制勝策略的力量，持續取得卓越的成果。如果我們跳到第 10 張投影片，您將看到調整後每股盈餘較去年同期改善的對比圖。我們每股收益成長的大部分來自我們各項業務的持續強勁成長，各業務部門的營業收入增加了 1.32 億美元，增幅達 10%。

That contributed $0.80 to our EPS growth this quarter. Corporate G&A and other were favorable $0.18. That was primarily due to foreign currency exchange in the prior period quarter last year, that was unfavorable last year, that created a favorable for this year. Interest expense was also favorable by $0.07, and that's driven by lower average debt balances across the quarter and lower interest rates across the quarter.

這為我們本季的每股收益成長貢獻了 0.80 美元。本公司一般及行政費用及其他費用為0.18美元。這主要是由於去年同期外匯匯率不利，從而為今年創造了有利條件。利息支出也減少了 0.07 美元，這是由於本季平均債務餘額和利率均有所下降所致。

Share count was $0.13 favorable, and that was driven by the discretionary share repurchases that we completed over the last three quarters. Income tax was unfavorable by $0.16, and that was really simply due to a few favorable discrete items in the prior period that did not repeat. And that is basically it, a really clean bridge to the 16% increase in adjusted EPS.

每股收益為 0.13 美元，這主要得益於我們在過去三個季度完成的自主股票回購。所得稅虧損 0.16 美元，這實際上只是由於上一期間的一些有利的個別項目沒有再次發生。基本上就是這樣，這為調整後每股收益成長 16% 奠定了非常清晰的基礎。

This record was really achieved by strong sales growth across the board, margin expansion and great adherence to cost controls across the company. If we move to slide 11, we'll just talk about the segment performance. Orders were strong at plus 8% versus prior year, with order rates increasing across all reported segments.

這項紀錄的取得，得益於公司各部門強勁的銷售成長、利潤率的提升以及對成本控制的嚴格執行。如果我們翻到第 11 張投影片，我們就來談談細分市場的表現。訂單量強勁，比上年同期成長 8%，所有報告的細分市場訂單率均有所上升。

Organic growth came in at plus 5%. This was the first time in two years we've had positive organic growth across all of our businesses as diversified industrial organic growth turned positive. Every business delivered record adjusted segment operating margins, resulting in great incrementals and that 170 basis points of margin expansion.

有機成長率為 5%。這是兩年來我們所有業務首次實現正向內生成長，多元化工業內生成長轉正。每個業務部門都實現了創紀錄的調整後分部營業利潤率，從而帶來了巨大的增量，利潤率提高了 170 個基點。

Looking specifically at the Diversified Industrial North America businesses. Sales were over $2 billion with organic growth positive at 2%. That's the first time in seven quarters North America posted a positive organic growth number, that was better than our expectations going into the quarter. We continue to see gradual improvement across market verticals with positive growth driven by the aerospace and defense businesses in Industrial North America, in the implant and industrial equipment vertical and also improvement in off-highway that exceeded expectations.

具體來看北美多元化工業企業。銷售額超過 20 億美元，有機成長率為 2%。這是北美七個季度以來首次實現正的有機成長，好於我們本季初的預期。我們持續看到各個市場垂直領域逐步改善，其中北美工業領域的航空航太和國防業務、植入物和工業設備垂直領域以及非公路領域的改善都推動了積極的成長，並且超出了預期。

If you look at North America, they also had 170 basis points of margin expansion and reached a record 27.0% segment operating margin. That was really driven by higher productivity, some new business wins at great margins and margin mix with strong aftermarket across all those businesses in North America. And North American orders increased sequentially to plus 3% versus prior year.

如果看看北美市場，他們的利潤率也成長了 170 個基點，達到了創紀錄的 27.0% 的部門營業利潤率。這主要得益於更高的生產力、一些利潤豐厚的新業務以及北美所有業務強大的售後市場帶來的利潤組合優勢。北美訂單較上季成長3%，高於去年同期水準。

Looking at the Diversified Industrial International businesses. Sales were up. They were a record at $1.4 billion, up 3% versus prior. Organic growth remained positive at plus 1%. Looking at Asia Pacific, that was our strongest region with a plus 6%. EMEA remained down at minus 3% and Latin America was flat versus the prior year. So Asia Pac really drove the outperformance of growth in the international businesses.

考察多元化工業國際企業。銷售額上升了。達到創紀錄的14億美元，比之前成長3%。有機成長保持正值，為+1%。從亞太地區來看，這是我們表現最強勁的地區，成長了 6%。歐洲、中東和非洲地區經濟仍下降 3%，拉丁美洲經濟與前一年持平。因此，亞太地區確實推動了國際業務的超額成長。

Adjusted segment operating margins were also a record at 25.0%, that is a 90-basis point improvement from prior year. And I can't say this enough, our international teams continue to show great resilience, they're driving margin expansion and its really great cost controls, and they're really executing the Win Strategy to great success. International orders rebounded, they improved to plus 6% after a flat Q4.

經調整後的分部營業利益率也創下歷史新高，達到 25.0%，比前一年提高了 90 個基點。我必須反覆強調，我們的國際團隊繼續展現出強大的韌性，他們推動了利潤率的提升，成本控制也做得非常出色，他們正在切實有效地執行製勝戰略，並取得了巨大的成功。國際訂單出現反彈，在經歷了第四季度持平之後，增幅改善至 6%。

Both EMEA and Asia Pac had positive orders this quarter. And lastly, aerospace systems, just another exceptional quarter from this group. Sales were a record $1.6 billion. That's an increase of 13% versus prior. Organic growth of 13%. That's the 11th quarter in a row that we've had double-digit organic growth rate in Aerospace. Commercial OEM is the strongest market segment growing 24% versus prior year.

本季歐洲、中東和非洲地區以及亞太地區的訂單量均實現正成長。最後是航空航天系統，這又是該集團表現卓越的一個季度。銷售額創下16億美元的紀錄。與之前相比，成長了13%。有機增長率13%。這是航空航太業務連續第 11 季實現兩位數的內生成長率。商業OEM是成長最強勁的市場區隔領域，比上年成長了24%。

Adjusted segment operating margins increased by 210 basis points and, I'm proud to say, reached 30% for the first time ever. Record top line, productivity, continued aftermarket strength all drove the margin expansion. And Aerospace orders continue to be impressive, increasing plus 15%, and backlog also reached a new level -- record level for Aerospace.

經過調整後的分部營業利潤率提高了 210 個基點，我很自豪地說，有史以來第一次達到了 30%。創紀錄的營收、生產效率以及持續強勁的售後市場表現，共同推動了利潤率的擴張。航空航太領域的訂單持續表現強勁，成長了 15%，積壓訂單也達到了新的水平——航空航太領域的歷史最高水準。

There's just robust demand, and that continues across all of our aero and defense markets. It's great to be in the Aerospace business right now. If we move to slide 12, let's look at our cash flow performance. Cash flow from operations, a record $782 million, that's 15.4% of sales. That's up 5% versus prior year. Free cash flow is $693 million, that is 13.6% of sales. That is up 7% versus prior year.

市場需求強勁，而且這種強勁勢頭貫穿我們所有的航空和國防市場。現在從事航空航天行業真是太棒了。如果我們翻到第 12 張投影片，讓我們來看看我們的現金流表現。經營活動產生的現金流達到創紀錄的 7.82 億美元，佔銷售額的 15.4%。與上年相比成長了5%。自由現金流為 6.93 億美元，佔銷售額的 13.6%。與上年相比成長了7%。

Cash flow conversion for the quarter is at 86%. I just want to remind everybody, I think everyone knows this, but our cash flow is historically second-half weighted. We remain committed to free cash flow conversion of greater than 100% for the year. And lastly, on this slide, we did repurchase $475 million of shares on a discretionary basis within the quarter. That is a wrap on Q1.

本季現金流轉換率為 86%。我只想提醒大家，我想大家都知道這一點，但我們的現金流歷來都集中在下半年。我們仍致力於實現全年自由現金流轉換率超過100%。最後，在這張投影片中，我們在本季自主回購了價值 4.75 億美元的股票。第一季就到此結束了。

And Jenny, I'm going to turn it back to you on slide 14, and we'll move on to our updated fiscal year guidance.

珍妮，接下來我要把話題轉回給你，在第 14 張投影片上，我們將繼續討論更新後的財政年度指引。

Thank you, Todd. This slide shows our updated fiscal year '26 organic sales growth forecast by key market verticals. In aerospace, we are increasing our forecast from 8% to 9.5% organic growth. We continue to see strength in commercial OEM and aftermarket. Implant and Industrial remains the same as our initial guidance at positive low single-digit organic growth.

謝謝你，托德。此投影片顯示了我們更新後的 2026 財年按主要市場垂直領域劃分的有機銷售成長預測。在航空航太領域，我們將有機成長預期從 8% 上調至 9.5%。我們持續看到商業OEM和售後市場強勁的成長動能。植入物和工業領域仍保持我們最初的預期，即實現低個位數的有機成長。

The sentiment does remain positive with continued quoting activity, while customer CapEx spending remains selective. Transportation is our most challenged market this year. Forecast stays the same at mid-single-digit organic decline. We are increasing the off-highway forecast from negative low single digits to neutral. We see gradual recovery progress in construction, while the ag challenges do persist.

市場情緒依然樂觀，報價活動持續活躍，而客戶的資本支出仍保持謹慎。今年，交通運輸市場是我們面臨的最大挑戰。預測維持不變，仍為個位數中段的有機下滑。我們將非公路交通預測從負個位數低點上調至中立。我們看到建築業正在逐步復甦，而農業面臨的挑戰仍然存在。

We are maintaining energy at positive low single-digit growth, with robust power gen activity offset by oil and gas. And we are increasing HVAC/refrigeration from positive low single digits to positive mid-single digits. We see strength in commercial refrigeration and filtration with some nice new business wins with our filtration technology. As a result of these changes, we are increasing our organic sales growth guidance from 3% to 4% at the midpoint.

我們維持能源產業低個位數正成長，強勁的發電活動被石油和天然氣產業的成長所抵消。我們將暖通空調/冷凍設備的增幅從個位數低位提升至個位數中位數。我們在商用冷凍和過濾領域看到了強勁的勢頭，憑藉我們的過濾技術，我們贏得了一些不錯的新業務。由於這些變化，我們將有機銷售成長預期從 3% 上調至 4%（中位數）。

I'll give it back to Todd for some more guidance details.

我會把它還給托德，讓他提供更多指導細節。

Thanks, Jenny. I'm on 15, slide 15, with just some of those details. In respect to reported sales, we are increasing the range to 4% to 7% or 5.5% at the midpoint. Currency is expected to be a favorable 1.5 points, and that is based on September 30 spot rates. Now that we have the acquisition of Curtis closed, we are including sales and segment operating income from Curtis in our guide.

謝謝你，珍妮。我現在在第 15 頁，第 15 張投影片，只包含其中的一些細節。就已公佈的銷售額而言，我們將範圍擴大到 4% 至 7%，或中點為 5.5%。預計貨幣匯率將有利1.5個百分點，這是基於9月30日的即期匯率計算得出的。現在我們已經完成了對柯蒂斯的收購，我們將柯蒂斯的銷售額和部門營業收入納入我們的業績指引。

We have added $235 million to our guide for the remainder of the year, that is approximately 1% of sales. And divestitures that we've already previously completed are 1% unfavorable. If you move to organic growth, the forecast has now increased to a range of 2.5% to 5.5% or 4% at the midpoint. We have increased aerospace organic growth to 9.5% at the midpoint.

我們已將今年剩餘時間的預期銷售額增加了 2.35 億美元，約佔銷售額的 1%。而我們之前已經完成的資產剝離，不利影響為 1%。如果轉向有機成長，預測值已提高到 2.5% 至 5.5% 之間，或中位數為 4%。我們已將航空航太業的有機成長率中位數提高至 9.5%。

And for the Diversified Industrial segment, we have increased North America organic growth for the year to plus 2%. And for international, we still expect organic growth to be 1% at the midpoint. We are raising adjusted segment operating margins. We're raising that 50 basis points to 27.0% for the year. That is now a forecasted increase of 90 basis points versus prior year, and incrementals are now forecasted to be approximately 40% for the full year.

多元化工業板塊方面，北美地區的年度有機成長率已提高至 2%。至於國際市場，我們仍然預期有機成長率中位數為 1%。我們正在提高調整後的分部營業利潤率。我們將今年的利率提高 50 個基點至 27.0%。與去年相比，預計將成長 90 個基點，全年增幅預計約為 40%。

Just a few additional items. Corporate G&A is unchanged at $200 million. Interest expense has been increased by $30 million, we now expect $420 million for the full year. And that is driven solely by the funding of the Curtis acquisition. And other expenses just slightly up to $90 million from $80 million last quarter.

還有幾項補充說明。公司一般及行政費用不變，為 2 億美元。利息支出增加了 3,000 萬美元，我們現在預計全年利息支出將達到 4.2 億美元。而這完全是由收購柯蒂斯公司的資金所驅動的。其他支出略微增加，從上季的 8,000 萬美元增至 9,000 萬美元。

Our full year tax rate, we expect 22.5%. And we are raising adjusted earnings per share to an even $30 at the midpoint. That would be a 10% increase versus prior year. The range on that EPS is plus or minus $0.40 on either side, and the split is 48-52 first half, second half. In respect to full year free cash flow, we're also raising our guidance there to a range of $3.1 billion to $3.5 billion, with conversion, like I said, greater than 100%.

我們預計全年稅率為 22.5%。我們將調整後每股收益中位數上調至 30 美元。這將比上一年增長10%。該每股收益的波動範圍為正負 0.40 美元，拆分比例為上半年 48%，下半年 52%。關於全年自由現金流，我們也把預期範圍上調至 31 億美元至 35 億美元，正如我所說，轉換率將超過 100%。

And finally, looking specifically at Q2 for FY '26, we expect organic growth to be -- or excuse me, reported sales are expected to be 6.5%. Organic growth is expected to be 4%. Adjusted segment operating margins, 26.6%, and EPS for the second quarter on an adjusted basis is $7.10. As usual, we have the -- some additional details in the appendix. And really just in summary, FY '26 is off to a great start.

最後，具體來看 2026 財年第二季度，我們預計有機成長率將達到——或者更準確地說，報告銷售額預計將達到 6.5%。預計有機成長率為 4%。經調整後，第二季分部營業利益率為 26.6%，經調整後的每股盈餘為 7.10 美元。像往常一樣，我們在附錄中提供了一些其他細節。總而言之，2026 財年開局良好。

That gives us confidence to raise full year guidance for sales margin, EPS and free cash flow. With that, I ask you to move to slide 16, and Jenny, I'll turn it back to you.

這讓我們有信心提高全年銷售利潤率、每股盈餘和自由現金流的預期。那麼，請你翻到第 16 張投影片，珍妮，我把投影片還給你。

Thanks, Todd. And a reminder on what drives Parker. Safety, engagement and ownership are the foundation of our culture. It's our people and living up to our purpose that drives top-quartile performance, that allows us to be great generators and deployers of cash. Thank you.

謝謝你，托德。也提醒大家一下是什麼驅使著帕克。安全、參與和責任感是我們文化的基礎。正是我們的人員和對使命的實踐，才使我們取得了前四分之一的業績，也使我們能夠成為優秀的資金創造者和運用者。謝謝。

All right. Chloe, we are ready to begin the Q&A session. So we'll take the first question.

好的。克洛伊，我們準備開始問答環節了。那我們先來回答第一個問題。

(Operator Instructions) Julian Mitchell, Barclays.

（操作說明）朱利安·米切爾，巴克萊銀行。

Just wanted to start off perhaps with the organic sales picture in the DI North America business. Maybe help us understand a little bit better the cadence of demand. It did seem to surprise you positively, I think, in the quarter. How has demand moved there in recent months? And then when we're looking at the full year guide, I think your midpoint for DI North America doesn't embed any acceleration from the September quarter growth rate. Just wondered the thinking there.

首先想談談DI北美業務的有機銷售情況。或許能幫助我們更了解需求的節奏。我認為，這似乎確實給你帶來了驚喜。近幾個月來，當地的需求發生了什麼樣的變化？然後，當我們查看全年指導方針時，我認為您給出的北美DI中點並沒有反映出9月份季度增長率的任何加速。只是好奇他們是怎麼想的。

Okay. Julian, so yes, we're very pleased with the performance. We had guided to a negative 1.5% and came in at a positive 2%. So North America performed better than expected with the Aerospace and Defense business it sits inside of our industrial businesses, distribution, HVAC and electronics. Construction continued to outperform versus our expectations.

好的。朱利安，是的，我們對演出非常滿意。我們原本預計虧損 1.5%，結果獲利 2%。因此，北美地區的航空航太和國防業務表現優於預期，該業務隸屬於我們的工業業務、分銷、暖通空調和電子產品部門。建築業的表現持續超乎預期。

And margin expansion from a higher productivity on slightly stronger volume really helped us. We had some project wins at attractive margins, and we're getting a margin mix benefit with the lower industrial OE and a very resilient aftermarket. So you are right, we do expect Q2 to be much like Q1 coming in at 2%. So that was prior, as Todd stated, for the year, we were looking at a total of 1%.

產量略有成長，生產力提高，利潤率也隨之擴大，確實對我們幫助很大。我們以誘人的利潤率贏得了一些項目，並且由於工業原廠配套成本較低以及售後市場韌性很強，我們獲得了利潤率組合方面的優勢。所以你說得對，我們預計第二季將與第一季類似，成長率為2%。所以，正如托德所說，那是之前的情況，我們預計全年的總目標為 1%。

So as I was just talking about, what we saw in Q1, we do believe that industrial aerospace and defense world remains strong. We're still talking about a gradual Implant industrial recovery. Certainly positive sentiment from our distribution channel continues. Quoting activity is good. But as I commented earlier, still customers are being very selective on their projects and their CapEx spending.

正如我剛才所說，我們在第一季看到的情況表明，我們相信工業航空航太和國防領域仍然強勁。我們仍在討論植入物產業的逐步復甦。我們的分銷管道依然保持著正面的市場情緒。引用活動是好事。但正如我之前提到的，客戶在專案選擇和資本支出方面仍然非常謹慎。

We still see transportation challenges in automotive and trucks. So we don't expect a truck recovery this fiscal year, but we will see some benefit from the aftermarket. In off-highway, gradual recovery progress in construction, but ag challenges still persist. Energy, power gen, robust. But oil and gas upstream still weak. And we're -- HVAC and refrigeration, we're coming off a very strong fiscal year, and we have increased that for the rest of the year.

我們仍然看到汽車和卡車運輸方面存在挑戰。因此，我們預計本財年卡車市場不會復甦，但售後市場將帶來一些收益。非公路領域，建築業正逐步復甦，但農業挑戰依然存在。能源，發電，強勁。但上游油氣產業依然疲軟。我們——暖通空調和冷凍行業，剛剛經歷了一個非常強勁的財政年度，我們已經提高了今年剩餘時間的預算。

So while some markets are increasing, not all of them are, and that's why we see Q2 pretty much the same as Q1, but an increase for the total year.

因此，雖然有些市場在成長，但並非所有市場都在成長，這就是為什麼我們看到第二季與第一季基本相同，但全年總成長的原因。

Julian, I would just add, Jenny covered the organic growth piece perfectly, but I would just add, on a margin standpoint, we did increase Diversified Industrial North America margins 70 basis points for the full year versus our previous guide. So the teams are converting on that, and I have great confidence that we'll be able to do that.

朱利安，我只想補充一點，珍妮對有機成長部分的分析非常到位，但我只想補充一點，從利潤率的角度來看，我們全年將北美多元化工業業務的利潤率提高了 70 個基點，與我們之前的預期相比。所以各隊都在努力做到這一點，我對我們也能做到這一點充滿信心。

Yes. And Q2 margin is 150 basis points higher than the prior year.

是的。第二季利潤率比上年同期高出150個基點。

Correct.

正確的。

That's helpful. And just following up on that last point perhaps, so I understand that you've had a higher margin performance year-on-year for the total company than is guided for the full year. I assume that's just sort of natural conservatism given we're early in the year. I wonder if there was any other factors to think about. And allied to that, your Q2 EPS guide is a decline sequentially, which is quite unusual in Q2. Any color on that, please?

那很有幫助。或許我想就最後一點做個補充說明，我了解到貴公司整體的年比利潤率高於全年預期。我猜這只是年初以來人們出於自然而然的保守態度。我想知道是否有其他需要考慮的因素。此外，你們的第二季每股收益預期將環比下降，這在第二季相當不尋常。請問可以塗上顏色嗎？

So I think we left the second half pretty much alone. So based on what we see today, we feel really good about Q2. And I think we'll have a better line of sight here after the first of the year.

所以我覺得我們基本上沒怎麼改動後半部。所以根據我們目前所看到的，我們對第二季充滿信心。我認為新年過後，我們的情況會更加明朗。

Yes, Julian, Q2, sequentially, it usually is our softest top line. I think the EPS is just pulling off of that. Nothing out of the normal that we see.

是的，朱利安，第二季度，按順序來看，通常是我們營收最疲軟的季度。我認為每股盈餘 (EPS) 正是得益於此。一切正常。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

I would like to talk a little bit about Industrial International. The orders there were quite good and, frankly, better than what I would guess. A little bit of update in terms of what you're seeing in various geographies. And related to this, if I look at the past four quarters, I think your order intake averaged about 5%. So it's quite a bit better than what you have embedded in your forward outlook for organic growth.

我想簡單談談工業國際公司。那裡的菜色相當不錯，坦白說，比我預想的還要好。以下是關於不同地區情況的一些最新進展。與此相關的是，如果我看一下過去四個季度的數據，我認為你們的訂單量平均約為 5%。所以這比你對有機成長的未來展望要好得多。

So I'm kind of curious at what point in time do you start to see these higher orders really flow through organic growth in the segment.

所以我很好奇，在什麼時間點，你會看到這些更高的訂單真正透過該領域的自然成長而產生。

So with industrial international orders, they've been really choppy as we often say. If you go back to our Q3, we had a plus 11%, and then Q4, we went flat. And that was because we had some one-time long-cycle orders that didn't repeat in Q4. So it's really not an average of about 5%. So what we're seeing in the region is, if we look at EMEA, we're showing flat to slightly positive organic growth for the fiscal year.

所以，正如我們常說的，工業國際訂單一直很不穩定。回顧我們第三季度，我們實現了 11% 的成長，而第四季則持平。這是因為我們有一些一次性的長週期訂單，這些訂單在第四季沒有重複出現。所以其實不是平均 5% 左右。因此，我們看到該地區的情況是，如果我們看一下 EMEA 地區，就會發現本財年的有機成長持平或略有成長。

There's uncertainty that's remaining, and we're expecting a slow in-plant industrial recovery. We do expect to see some growth in energy. We are seeing some mining recovery underway. And we do think that there'll be some pickup from the stimulus in future defense spending, but that's not something that we think we're going to benefit from this year.

目前仍存在一些不確定因素，我們預期工廠內部的工業復甦將會比較緩慢。我們預計能源領域將會出現一些成長。我們看到採礦業正在逐步復甦。我們認為，刺激措施將在未來國防開支方面有所增加，但我們認為今年不會從中受益。

So what we see in EMEA is really to remain flat to slightly positive with what we see on the orders right now. In Asia Pacific, we have positive low single-digit organic growth for the fiscal year. We continue to see strong electronics and semicon demand. Implant is mixed as delays continue in China, but we do see some slight growth in India and Japan.

因此，我們看到歐洲、中東和非洲地區的訂單情況實際上將保持穩定或略有成長。在亞太地區，我們本財年實現了低個位數的有機成長。我們持續看到電子產品和半導體需求強勁。植牙市場情況喜憂參半，中國的植牙手術持續延誤，但我們在印度和日本確實看到了一些輕微的成長。

Seeing some mining and transportation improvements in China, but I think there's still some continued uncertainty from tariffs across this market. So this is what we're seeing today on Industrial International. I mean we look forward to the time when this will be a higher organic growth.

我看到中國的採礦和運輸業有所改善，但我認為關稅問題仍然為這個市場帶來一些不確定性。這就是我們今天在工業國際節目中看到的。我的意思是，我們期待著有機成長能夠更高水準的那一天到來。

Understood. My follow-up, and I don't know if you can answer this question, Jenny, it's kind of in the weeds. You talked about the ag market where challenges persist. But I do wonder, in terms of your exposure, if you sort of separate out the large ag equipment, so high-horsepower tractors combines versus midsize and in lower horsepower.

明白了。我的後續問題是，珍妮，我不知道你能不能回答這個問題，這個問題有點偏僻。您談到了農業市場，那裡仍然面臨許多挑戰。但我確實想知道，就您的曝光量而言，如果您將大型農業設備（例如大馬力拖拉機和聯合收割機）與中型和低馬力設備分開來看，結果會如何。

I'm just wondering kind of what your exposure looks like there because I am starting to see a bit of a divergence forming where, large ag, as you say, it's challenged, but some of these smaller tractors are starting to grow in terms of volumes, and the volumes are actually much higher in lower horsepower equipment than large ag. So I'm wondering if this end market might turn a little bit sooner than maybe we're thinking about when we're thinking about large ag.

我只是想知道你們在那裡的投資情況如何，因為我開始看到一些分歧正在形成，正如你所說，大型農業面臨挑戰，但一些小型拖拉機的銷量開始增長，而且低馬力設備的銷量實際上比大型農業設備要高得多。所以我想知道，當我們想到大型農業時，這個終端市場的轉變可能會比我們預想的要早一些。

When we talked about last quarter, I made the comment that we thought that, that market had kind of hit trough. And I would say it's broad-based when we look at ag between that equipment. But you can certainly follow up with Jeff on maybe for more details in one of the follow-up calls.

當我們討論上個季度時，我曾說過，我們認為當時的市場已經觸底反彈。我認為，當我們從農業角度來看這些設備時，它的影響範圍很廣。當然，您也可以在後續的電話中與傑夫聯繫，以了解更多詳情。

Yes. Mig, I would just add, when we look at ag, it's 4% of total company sales. So it's just become a smaller piece of the total pie. It is broad-based. There's aftermarket, there's the OEM side of it. So I don't know if I'd read too much into movements there.

是的。米格，我還要補充一點，當我們看農業方面時，它占公司總銷售額的 4%。所以它只佔總蛋糕的一小部分了。它的基礎很廣泛。有售後市場部分，也有原廠配套部分。所以我不知道是否應該對那裡的動向過度解讀。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

Of the organic guide raise, how much was volume versus a change in price? And of the 50-bps margin improvement, can you give us a sense of how much of that may be related to the answer to the first question, volume improvement versus maybe price/cost different than you originally expected for the year?

有機產品價格上漲中，銷售變化佔多大比例，價格變動佔多大比例？至於 50 個基點的利潤率提升，您能否告訴我們，其中有多少可能與第一個問題的答案有關，即銷量提升，又有多少可能與價格/成本與您最初對今年的預期不同有關？

David, well, as you know, we don't disclose pricing. Regardless of pricing or volume, I think that we've shown that we can expand margins pretty much in any climate. We have had two-years of negative industrial growth and we're seeing the gradual industrial recovery playing out with industrial organic growth now positive in Q1. So we're definitely seeing the impact of slightly stronger volume.

大衛，你知道，我們不公開價格。無論價格或銷量如何，我認為我們已經證明，我們幾乎可以在任何環境下擴大利潤率。我們已經經歷了兩年工業負成長，現在正看到工業逐步復甦，第一季工業有機成長已轉正。因此，我們確實看到了成交量略微走強帶來的影響。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

I've got to ask about M&A. I probably do a lot of quarters, but I'm going to lead with it anyways because it's been a few years since you closed Meggitt and, obviously, that's such a great deal for you guys. But Curtis seems like an interesting deal too, it's just not as big as maybe some of those others. So can you just update us on your pipeline and such?

我得問問併購方面的狀況。我可能做了很多季度報告，但我還是要先說這個，因為自從你們關閉 Meggitt 以來已經好幾年了，顯然，這對你們來說是一筆非常划算的交易。但柯蒂斯看起來也是一筆不錯的交易，只是規模可能不如其他一些交易那麼大。能否請您簡單介紹一下您的專案進度？

You bet. So obviously, we're committed to actively deploying our capital. And as you mentioned, we did close Curtis Instruments in September, and we're really excited about that. And moving forward, the strategy remains the same with plenty of optionality. So when it comes to capital deployment, obviously, we prefer acquisitions, but it has to be strategic and disciplined.

當然。顯然，我們致力於積極部署我們的資本。正如您所提到的，我們確實在九月關閉了柯蒂斯儀器公司，我們對此感到非常興奮。展望未來，策略保持不變，並留有很大的選擇空間。所以，在資本部署方面，我們顯然更傾向於收購，但這必須是策略性的、有紀律的。

You've heard me talk about this criteria before. And I would tell you that the pipeline, the relationships and the analysis continues to be very active. While sometimes timing is hard to predict, we are working it. And we want to continue to acquire companies where we're the clear best owner. And we feel like we have a strong competitive advantage with our interconnected technologies, and that's what we want to add to the portfolio.

你之前聽我說過這些標準。我可以告訴大家，專案管道、合作關係和分析工作仍在持續進行中。雖然時機有時難以預測，但我們正在努力。我們希望繼續收購那些我們顯然是最佳所有者的公司。我們感覺我們在互聯技術方面擁有強大的競爭優勢，而這正是我們想要添加到產品組合中的內容。

So still looking for those deals that are accretive to growth, resiliency, margins, cash flow and EPS. And as I've said many times before, the pipeline has deals of all sizes.

因此，我仍在尋找那些能夠提升成長、增強韌性、提高利潤率、增加現金流和提高每股盈餘的交易。正如我之前多次說過的那樣，這條交易管道包含了各種規模的交易。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

So obviously, it was, I guess, nice to see the order improvement. Jenny, a quick question about just the broad basis of that. I mean are we seeing a broader activity in pickup? You also won -- I think I saw that somewhere you guys won a large contract to supply components for aero-derivative gas turbines. I'm just trying to get a sense of are we seeing broad-based green shoots here? Or is it mostly explained by the longer cycle pockets that kind of have been working for a while?

所以很顯然，看到秩序有所改善，我感到很高興。珍妮，我有個關於這方面內容的簡單問題。我的意思是，我們是否看到皮卡交易活動更加頻繁了？你們也贏了——我想我在某個地方看到過，你們贏得了一份為航空衍生燃氣渦輪機供應零件的大合約。我只是想了解一下，我們這裡是否看到了大範圍的復甦跡象？或者，這主要是因為較長的循環週期口袋已經運作了一段時間了？

We have the longer-cycle pockets, but then we're also seeing some improvement in some of our other key verticals. So when you look at the change that we had in the guide this month, we took -- obviously, we took aerospace and defense up. We also moved off-highway from negative low single digits to neutral, and we increased HVAC and refrigeration from low single digit to positive mid-single digits. So we are seeing some pockets within those industrial businesses where we're seeing some growth.

我們有週期較長的業務領域，但我們也看到其他一些關鍵垂直領域有所改善。所以，當你查看我們本月指南的變化時，我們顯然增加了航空航天和國防的內容。我們也把非公路用電從負個位數增加到零，並將暖通空調和冷氣用電從個位數增加到正個位數。因此，我們看到這些工業企業中有一些領域出現了成長。

Okay. And the other question I have is on Aerospace margins, obviously just really good. One thing I noticed is obviously the incremental margins being so high despite OE revenue up 20%, which I would imagine would be a little bit mix-dilutive. As the OE build cycles continues to improve, can we talk about what the mix impact is on aero margins going forward? Because it seems to like defy gravity in the quarter.

好的。我還有一個關於航空航太業利潤率的問題，顯然利潤率非常高。我注意到的一點很明顯，儘管 OE 收入增長了 20%，但增量利潤率非常高，我認為這可能會對利潤率造成一定程度的稀釋。隨著 OE 生產週期不斷改進，我們能否討論一下這種組合對未來空氣動力學利潤率的影響？因為它在四分之一處似乎不受地心引力的影響。

Yes. Well, we did have 51% OEM and 49% after margin in the quarter, and we do anticipate that that's going to be the mix for the rest of the year. Aero margins are very strong in Q1, and we had a nice bit of spares in Q1, which is really nice margin for us. So that helped us reach that record 30%, hit 30% for the first time. Going forward, we're very confident in our ability to maintain the margins where we've been and go forward with strong margins.

是的。嗯，本季我們的OEM產品佔比為51%，扣除毛利率後為49%，我們預計今年剩餘時間裡，OEM產品佔比將維持在這個水準。第一季航空業務利潤非常強勁，而且我們第一季還有不少備件，這對我們來說是一個非常好的利潤空間。所以這幫助我們達到了創紀錄的 30%，首次突破了 30% 的紀錄。展望未來，我們非常有信心維持目前的利潤率，並在此基礎上繼續保持強勁的利潤率。

If you look at what we did with the guide, we have full year at 29.5% now. That's 100 basis points higher than prior year, and that was raised 60 basis points from the initial guide. Q2, we're forecasting 29.1%, and that's 90 basis points higher than previous year. So we're in a good spot with aerospace. Our teams are doing an excellent job executing the Win Strategy and really benefiting from this volume.

如果你看看我們對這份指南所做的工作，我們現在全年的收益率為 29.5%。這比去年同期高出 100 個基點，而去年同期又比最初的指導值高出 60 個基點。第二季度，我們預測成長率為 29.1%，比上年同期高出 90 個基點。所以我們在航空航太領域處於有利地位。我們的團隊在執行製勝策略方面做得非常出色，並且確實從這個訂單量中受益匪淺。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

Can we just cut a little further in the aerospace? And also, Jenny, maybe just a little bit of color on kind of how you see the defense side playing out in 2026 versus the commercial side? Any change of thinking there?

我們能否在航太領域進一步削減開支？還有，珍妮，能不能稍微談談你認為2026年防守方面和商業方面會如何發展？那邊的想法有改變嗎？

So Jeff, I'm sorry, what was -- so you wanted dig deeper into aero, especially defense, right?

傑夫，不好意思，你是想深入研究航空，特別是防禦方面，對吧？

Yes, I want to kind of get a sense of defense versus commercial mix and how that's playing and if that's changed versus your initial view.

是的，我想了解防守與商業相結合的情況，以及這種結合的效果如何，是否與您最初的看法相比有所改變。

Yes. We came out with mid-single-digit growth for both defense OEM and MRO, and that's the same. We haven't -- we're not forecasting any change there.

是的。國防OEM和MRO的成長率均為個位數中段，兩者的數據相同。我們沒有——我們預計這方面不會有任何變化。

Great. And then just on Curtis, I think it comes in a bit margin dilutive, it's not apparent given kind of all the other execution and everything that's going on. But can you just kind of give us a little color on at the margin rate it comes in at the work you're doing to integrate it? And any thoughts on kind of how it might be positioned into next year after you've got it kind of fully digested?

偉大的。至於 Curtis，我認為這會稍微稀釋利潤率，考慮到其他方面的執行情況以及正在發生的一切，這一點並不明顯。但是，您能否簡單介紹一下您在整合過程中遇到的利潤率問題？那麼，在完全消化吸收之後，你對明年如何定位它有什麼想法嗎？

Yes, Jeff, this is Todd. I can take that. I mentioned earlier, we added about $235 million of sales into the guide. You're right, it is slightly dilutive. But it's smaller, so it doesn't really have an impact. You can see we did raise both North America and International margins for the full year, even after including Curtis into the mix. If you're looking for a number, I would say, high teens, low 20s would be a good number to use.

是的，傑夫，我是托德。我可以接受。我之前提到過，我們在指南中增加了約 2.35 億美元的銷售額。你說得對，它確實會略微稀釋溶液。但它的體積較小，所以實際上不會產生什麼影響。您可以看到，即使將 Curtis 也納入考量，我們全年的北美和國際利潤率均有所提高。如果你要找一個具體的數字，我會說十幾到二十幾歲是比較適合的數字。

It does add -- it is EPS accretive in a stub year even. You saw that we added $30 million for interest there. And it's only been a little over a month. The team is super excited about it. Jenny mentioned the welcoming day, and I can tell you they're working really hard to integrate and make this part of Parker, just like we have on the last deals.

它確實有所貢獻——即使在財年短暫的情況下，它也能提高每股收益。您看到了，我們為此增加了 3000 萬美元的利息。而這僅僅過去了一個多月。團隊對此感到非常興奮。珍妮提到了歡迎日，我可以告訴你，他們正在努力融入帕克社區，使之成為帕克的一部分，就像我們之前的交易一樣。

I would just add to that, as Todd said, the integration is well underway. Very similar. We've assembled a dedicated integration leader and a team of high-talent team members, and this is how we ensure a very smooth integration.

我只想補充一點，正如托德所說，整合工作正在順利進行中。非常相似。我們組建了一支由高素質人才組成的團隊，並配備了專門的整合負責人，這樣才能確保整合過程非常順利。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Jenny and/or Todd, is there a way that you could maybe size the opportunity on slide 7 or give some color just around like what the growth rates have looked like? I'm just curious how to think about this business for you guys going forward.

Jenny 和/或 Todd，你們能否在第 7 張投影片上說明一下機會的規模，或簡單介紹一下成長率的情況？我只是好奇你們未來該如何看待這項業務。

Well, I don't think we're in a position to go over the growth rates. But what's great about this power gen business is that we do have this suite of interconnected technologies for power gen applications. And you can see on that slide all the different examples of the products that we have. And it's just a very robust order book, like I commented multiyear. We expect solid growth for years to come.

嗯，我認為我們現在還不方便討論成長率。但發電業最棒的地方在於，我們擁有一套用於發電應用的互聯技術。您可以在投影片上看到我們所有產品的不同範例。而且訂單量非常充足，就像我之前提到的，已經持續了好幾年。我們預計未來幾年將保持穩健成長。

And we're working with all of the leading industry customers. So while this market vertical makes up about 7% of our sales and power gen is about half of that, it's a small percent overall, but a very nice growth area for us. And we expect to, not only continue to win in this market, but really benefit from it.

我們正在與所有行業領先客戶開展合作。因此，雖然這個垂直市場占我們銷售額的約 7%，發電佔其中的約一半，但整體比例很小，不過對我們來說是一個非常不錯的成長領域。我們不僅期望繼續在這個市場中取得成功，而且還要從中真正受益。

Yes. No, that's great to see, and glad that you guys highlighted it. Other quick question, I know that we won't be talking specifically around pricing. But in an environment, let's say, where you do see some of these tariffs potentially getting rolled back. Like how does that impact the pricing that you've already put through? And then ultimately, is that another potential boost to margins if we do see some pullback on tariffs?

是的。不，那太好了，很高興看到這一點，也感謝你們把它指出來。還有一個小問題，我知道我們不會專門討論價格問題。但是，在某種環境下，比如說，你會看到其中一些關稅有可能被取消。那會對你已經訂定的價格產生什麼影響呢？那麼最終，如果關稅有所下調，這是否會成為利潤率的另一個潛在提升點？

Well, obviously, as we've talked about tariffs, we have the analytics and the processes to navigate and act quickly up or down. And we had to do a lot of that over the last several months. And the teams have just done a fantastic job. So we're -- we have a strong muscle when it comes to pricing and to price/cost, and we'll adjust as we need to.

很顯然，正如我們討論過的關稅問題，我們擁有相應的分析和流程，可以迅速應對關稅上漲或下跌。在過去的幾個月裡，我們做了很多這樣的事。各隊都做得非常出色。所以我們在定價和價格/成本方面很有優勢，我們會根據需要進行調整。

But as I've stated time and time again, we can't use tariff as a margin expansion device. This is something that we have to recover from a cost standpoint, and we'll adjust as we need to, going forward.

但我已經一再強調，我們不能把關稅當成擴大利潤空間的手段。這是我們需要從成本角度彌補的損失，我們將根據需要進行調整。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

Wanted to start on the North America implant side of things and what you're seeing from customer activity or what you're hearing from dealers with respect to greenfield and brownfield investment in the US. And then around that, whether you're getting any color on the nature of those investments and kind of local for local or you're seeing more kind of foreign participants looking to invest in the US.

我想先從北美植入式設備方面入手，了解一下您從客戶活動中看到的情況，或者從經銷商那裡聽到的關於美國新建和改建投資的信息。然後，圍繞這一點，你是否能了解這些投資的性質，以及是本地投資還是更多外國參與者尋求在美國投資。

Yes. I don't have the detail too much for local for local versus foreign investment. But I would tell you, my comment earlier about the CapEx being selective, I do believe it's still selective. But in the past, we were just talking about delays and delays. And obviously, we saw a stronger area there through distribution and implant in Q1. So we're seeing some things get across the line and projects get started. But I don't have a specific breakdown for you at this time.

是的。我對本地投資和外國投資的具體情況了解不多。但我要告訴你，我之前關於資本支出具有選擇性的評論，我仍然認為它具有選擇性。但過去，我們一直在談論延誤和延誤。顯然，我們在第一季透過分銷和植入看到了該領域的強勁成長。所以我們看到一些事情進展順利，有些專案也開始啟動。但我目前還沒有具體的分析數據可以提供給你。

And then on the HVAC side of things and seeing some strength in commercial refrigeration and filtration, I think you talked about some nice new wins in filtration. Can you just expand on that a little bit in terms of verticals you're serving there, where you're seeing some of that strength?

然後，在暖通空調方面，我們看到了商用冷凍和過濾方面的一些強勁表現，我想你談到了過濾領域取得的一些不錯的新進展。您能否再詳細談談您目前服務的垂直領域，以及您在哪些領域看到了這種優勢？

Yes. We've had some nice filtration wins when it comes to gas turbines. We have some proprietary technologies, really nice filtration products in the energy market. And then we've also had some night filtration wins on the -- actually on the mobile side of the business as well. So it's been a growth area for our filtration group this past year.

是的。我們在燃氣渦輪過濾方面取得了一些不錯的成果。我們擁有一些專有技術，在能源市場上提供非常優質的過濾產品。而且，我們在夜間過濾方面也取得了一些成功——實際上，在行動業務方面也是如此。因此，在過去一年裡，過濾領域一直是我們團隊的成長點。

Christopher Snyder, Morgan Stanley.

克里斯多福‧史奈德，摩根士丹利。

So obviously, North America industrial turned organic positive in the quarter. I'd imagine there's some benefit of incremental price, and it does sound like some of the longer-cycle verticals kind of helped that. But I guess my question is, when you look at North America industrial, the more cyclical pieces, do you feel like the cycle is starting to get better?

顯然，北美工業在本季實現了有機成長。我想價格上漲應該會有一些好處，而且聽起來一些週期較長的垂直行業也對此有所幫助。但我想問的是，當你觀察北美工業，尤其是那些週期性較強的產業時，你是否覺得這種週期性變化正在好轉？

Yes, I would definitely say that Q1 is evidence of that, right, and especially those key market variables where we've increased our outlook for the year. So yes, I would definitely say we're starting to see that.

是的，我肯定會說第一季的數據證明了這一點，尤其是那些關鍵的市場變量，我們已經提高了對今年的預期。所以，是的，我肯定會說我們已經開始看到這種情況了。

Yes, Chris, I would just add -- I was just going to add, Chris, that we've talked about inventory across the channel, and we feel that it's kind of at a trough level. I can't say that we've seen a restocking yet, but it feels like we're closer to that than going the other direction.

是的，克里斯，我還要補充一點——我正要補充一點，克里斯，我們已經討論過整個渠道的庫存情況，我們感覺它目前處於低谷水平。我不能說我們已經看到補貨了，但感覺我們離補貨更近了，而不是走向另一個方向。

Yes. No, happy to hear that. You've talked about implant as being one of the industrial verticals doing well showing momentum. Do you have any color to provide on how that business did in the US versus the international markets? Just to get a sense if some of the policy is driving activity into the US.

是的。不，很高興聽到這個消息。您曾提到植入物是發展勢頭良好的工業垂直領域之一。您能否提供一些關於該公司在美國市場與國際市場表現對比的具體資訊？只是想了解一下，某些政策是否正在推動活動轉移到美國。

In North America, as I commented before, it's a gradual Implant Industrial recovery. But as Todd was just saying, although we don't see restocking yet, we still have that very positive sentiment from our distribution channel and a lot of quoting activity. When we talk about EMEA, it's still some uncertainty that remains. So we're expecting a slow Implant Industrial recovery. When we look to Asia Pacific, it's kind of mixed. Delays continue in China, but there's been some growth in India and Japan.

正如我之前評論的那樣，北美地區的植入物產業正在逐步復甦。但正如托德剛才所說，雖然我們還沒有看到補貨，但我們的分銷管道仍然保持著非常積極的情緒，並且有很多報價活動。當我們談到歐洲、中東和非洲地區時，仍然存在一些不確定因素。因此，我們預期植入式醫療器材產業的復甦將較為緩慢。當我們把目光投向亞太地區時，情況比較複雜。中國的延誤情況仍在持續，但印度和日本的情況有所改善。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

Maybe just at the Analyst Day, you called out data center, and I know, clearly, power gen probably benefiting from that. But maybe just update us on what you're seeing on the liquid cooling side. Clearly, we're seeing some pretty mind-boggling order rates from certainly peers, et cetera.

也許就在分析師日上，你提到了資料中心，我知道，很明顯，發電產業可能會從中受益。不過，或許您可以向我們介紹一下您在液冷方面看到的情況。顯然，我們看到來自同業等各方的訂單率相當驚人。

Yes. So we do have a nice exposure, and we are seeing rapid growth. But this is not yet large enough for us to call it its own market vertical. It still makes up less than 1% of our sales. But again, this is something what I feel is unique about Parker, and it's these interconnected technologies and its competitive advantage. We can provide great value to our customers in this space.

是的。因此，我們獲得了不錯的曝光度，並且正在快速成長。但這還不足以讓我們稱之為一個獨立的市場垂直領域。它仍然只占我們銷售額的不到1%。但我覺得派克公司的獨特之處在於這些相互關聯的技術，這也是它的競爭優勢。在這個領域，我們可以為客戶創造巨大價值。

We have the products that they need for the data center cooling, and we have been working with all the industries there. So our ability to provide liquid cooling systems and subsystem components has really given us, I think, a nice position here.

我們擁有他們資料中心冷卻所需的各種產品，並且我們一直與那裡的所有行業合作。因此，我認為，我們能夠提供液冷系統和子系統組件，這確實讓我們在這裡佔據了一個不錯的地位。

Okay. And just a couple of housekeeping. One, on the Curtis revenue, can you give us a split between North America and International, kind of how that flows through the two segments? And then just you've been more active on buyback. I'm assuming the guide doesn't build in any more buyback, but correct me if I'm wrong.

好的。還有幾件家事要做。第一，關於柯蒂斯公司的收入，您能否提供一下北美和國際市場的收入分配情況，以及收入在這兩個部門之間的流動情況？而且你們在回購方面也更加積極了。我假設該指南沒有加入任何回購機制，但如果我錯了請糾正我。

Yes, Jeff, I'll take those. The sales is split almost 50-50 North America and International. I think we'll refine that as we get further on in the integration process. But right now, it's kind of how we're modeling it. And then you're right, over the last three quarters, we have done some share buyback. I think we finished the quarter with a net debt to adjusted EBITDA of 1.8. So we're well below our target of two.

是的，傑夫，我想要那些。銷售額大致上以北美和國際市場各佔50%的比例分配。我認為隨著整合過程的深入，我們會對此進行完善。但目前，這就是我們目前的建模方式。你說得對，在過去的三個季度裡，我們確實進行了一些股票回購。我認為我們本季末的淨債務與調整後 EBITDA 比率為 1.8，遠低於我們設定的 2 的目標。

That's even after funding the Curtis transaction. We haven't forecasted any additional. You heard Jenny talk about the pipeline. So we're -- that's always a balance of actionability and timing on that. But I would just restate what Jenny said, we're going to be active when it comes to deploying the balance sheet.

即便是在為柯蒂斯交易提供資金之後也是如此。我們沒有預測到任何額外的成長。你聽珍妮說過關於輸油管的事了。所以，這始終需要在可操作性和時機之間取得平衡。但我只想重申珍妮所說的話，我們將積極運用資產負債表。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Just a follow-up on all these exciting new verticals, power, AI, just any thoughts, how do you think about, a, available capacity at your technology portfolio to ramp and expand your presence in these markets over the next several years? How much room is there to sort of grow organically or for bolt-ons targeting these specific high-growth verticals that are seemingly new versus where we were for the past decade?

關於電力、人工智慧等這些令人興奮的新興垂直領域，我想跟進一下，您認為貴公司技術組合的可用產能，能否在未來幾年內提​​升並擴大您在這些市場的業務？與過去十年相比，這些看似全新的、高成長的垂直領域還有多少有機成長或附加成長的空間？

Yes. Good question, Andrew. So we -- obviously, as I was saying, we've been working with some of the names everybody would recognize when it comes to data centers. And we've been working very closely with them globally to understand the capacity that is needed for our products. And it's another good example of how having this global footprint really helps us because we can partner with these customers in the regions where they need us.

是的。問得好，安德魯。所以，正如我剛才所說，我們一直在與一些在資料中心領域人人耳熟能詳的公司合作。我們一直與全球各地的供應商密切合作，以了解我們產品所需的產能。這再次很好地說明了擁有全球佈局對我們有多大的幫助，因為我們可以與這些客戶在他們需要我們的地方建立合作關係。

In some cases, we can add shifts and add capacity. And in other cases, there's some other capacity increases that we'll have to do. But nothing significant expense or nothing that doesn't have a real nice return to it. So constantly evaluating it and making sure that we're staying a bit ahead of it as we always do. So we can really give them a good delivery and quality experience.

在某些情況下，我們可以增加班次並增加產能。在其他情況下，我們還需要進行一些其他的產能提升。但不會花太多，也不會帶來沒有豐厚回報的事情。所以我們會不斷評估情況，並確保我們像往常一樣始終保持領先地位。這樣我們才能真正為他們提供良好的配送和優質的體驗。

As we're sort of sitting at the bottom of the cycle, how do you think about the ramp over the next several years? And specifically labor availability, the need to train the labor and any sort of inefficiency as we go from multiple years of limited no growth to actually growing, how do we make sure that the ramp is smooth.

鑑於我們目前正處於週期的底部，您如何看待未來幾年的成長動能？具體來說，勞動力供應、勞動力培訓需求以及從多年成長乏力到真正成長過程中可能出現的任何效率低下問題，我們如何確保成長平穩過渡？

Yes. We rely heavily on our tools sitting inside of the Parker Lean System and on our culture of Kaizen. That's where we really do get a lot of our efficiency improvement. And the way that we work with Kaizen and the way that we work with our teams, we established how our production line, power assembly cells can operate at different volumes and what that takes from a labor standpoint or flexing at other areas of the factory. So in many cases, we've been able to do that without adding team members.

是的。我們非常依賴帕克精實系統內的工具和我們的持續改善文化。這正是我們提高效率的關鍵。我們運用改善方法以及與團隊合作的方式，確定了我們的生產線、動力組裝單元如何在不同的產量下運行，以及從勞動力角度或在工廠其他區域進行靈活調整需要什麼。因此，在很多情況下，我們無需增加團隊成員就能做到這一點。

And in other cases, we will add team members as needed. But we put a lot of energy into onboarding and training new team members, and I think we have some really robust programs when it comes to that. So I think we're in a good position.

在其他情況下，我們會根據需要增加團隊成員。但是我們投入了大量精力來指導和培訓新團隊成員，我認為我們在這方面有一些非常完善的計劃。所以我覺得我們處境不錯。

Andrew, this is Todd. I would just add, we did bump up our CapEx forecast for the year. It's higher than we've been historically. A lot of that is going towards automation, safety-related items, capacity in certain regions where needed. So we are -- I think we're being thoughtful about it, and I think we are, obviously, we're preparing for growth.

安德魯，我是托德。我還要補充一點，我們確實提高了今年的資本支出預測。這比我們以往的歷史最高水準還要高。其中許多資金都用於自動化、安全相關項目以及某些需要地區的產能提升。所以，我認為我們正在認真考慮這個問題，而且顯然，我們正在為發展做好準備。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Just maybe circling back to the really impressive Aerospace margin performance this quarter. If we kind of look at what you guys are forecasting for the rest of the year, there is a bit of a step-down versus the 30%, and I know that's a really robust result. But is that just because of the mix within the mix with what you said, Jenny, around spare shipments?

或許我們應該再回到本季航空航太業務令人印象深刻的利潤率表現上來。如果我們看看你們對今年剩餘時間的預測，會發現與 30% 相比有所下降，我知道 30% 是一個非常可靠的結果。但珍妮，這僅僅是因為你剛才說的關於備用貨物的混合嗎？

Yes. Spares are hard to forecast. So yes, that would be the biggest part of it, Nicole. For Q2, we have margins at 29.1% for Aerospace, which is a 90 basis point increase year-over-year, and obviously an increase from our initial guide.

是的。備件供應難以預測。是的，妮可，那應該是其中最重要的部分。第二季度，航空航太業務的利潤率為 29.1%，年增 90 個基點，顯然高於我們最初的預期。

Okay. Perfect. That makes sense. And the incremental stepping up to 40% also really good to see. I know kind of the previous long-term target or what's baked into the longer-term 2029 target is closer to 35%. Could this possibly be a new norm for Parker given how strong margin performance is? Or do you still think it's best for us to kind of anchor to the 35% or so in forward years?

好的。完美的。這很有道理。逐步提高到 40% 也非常好。我知道之前的長期目標，或者說包含在 2029 年長期目標中的目標，更接近 35%。鑑於派克公司利潤率表現如此強勁，這會不會成為派克公司的新常態？或者您仍然認為，在未來幾年裡，我們最好將目標鎖定在 35% 左右？

Yes, Nicole, this is Todd. I'm glad to see those incrementals, they are very much impressive. As you know, they're not easy to get. There's a lot of work around the globe that happens to turn out these great results. Sometimes it's a little easier when the sales are -- the math works a little funny when the sales growth is not enormous. But you've seen our margin expand. You've seen our EBITDA expand.

是的，妮可，這是托德。我很高興看到這些進步，它們非常令人印象深刻。如你所知，它們並不容易獲得。全球範圍內有很多工作都取得了這些顯著的成果。有時候，當銷售額成長不大時，計算會稍微容易一些——當銷售成長不大時，計算結果會有點奇怪。但你們已經看到我們的利潤率提高了。您已經看到我們的 EBITDA 成長了。

But as far as what we hold our team to, we modeled that 30% to 35%. Of course, it varies depending on where you're at in the cycle. But I don't think we're ready to change that guidance yet.

但就我們對團隊的要求而言，我們設定的目標是 30% 到 35%。當然，這取決於你處於月經週期的哪個階段。但我認為我們還沒準備好改變這項指導方針。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗銀行。

First question just on construction. So you noted the gradual recoveries. Is this predominantly the MRO piece of that business? Or are you beginning to see a little bit of load-in from OEMs as they're seeing some dealer increases?

第一個問題只關於建築方面。所以你注意到了逐步恢復的情況。這主要是指該業務的MRO（維修、維修和大修）部分嗎？或者，您是否開始看到一些原始設備製造商 (OEM) 也開始漲價，因為他們發現經銷商的價格有所上漲？

I think it's both.

我認為兩者都是。

A little bit of both? Okay. And then just to follow up on that last question regarding the fiscal '29 targets. So the adjusted op target was 27%. The top end of the guide this year is 27%. So basically got there three-years early. Should we think of this year as the new bouncing-off point and you're comfortably marching above that? Or is there something about mix or discretionary costs that might need to come back?

兩者兼有一點？好的。最後，我想就 2029 財年的目標問題做個後續說明。因此，調整後的手術目標為 27%。今年該指南的最高值為 27%。所以基本上提前三年就到了。我們是否應該將今年視為新的起點，而你則輕鬆地超越了這個起點？或者，是否存在一些關於產品組合或可自由支配成本的問題需要重新考慮？

Well, listen, we're really pleased to see what the team was able to accomplish in Q1 and very happy to be able to increase our organic growth forecast outlook from 3% to 4%. We do still have some markets that need to recover. And we think that what we have out there in the guide right now reflects what we see today.

嗯，聽著，我們非常高興看到團隊在第一季的成就，也非常高興能夠將我們的有機成長預測從 3% 提高到 4%。我們仍然有一些市場需要復甦。我們認為，目前指南中的內容反映了我們今天所看到的情況。

Obviously, we could not have achieved this 27% adjusted operating margin without the hard work and dedication of our team. But just a reminder, with the FY '29 target, adjusted operating margin is not the only target, and we're focused on achieving all five of those targets. There's still work to do there, but we're confident we're going to get there.

顯然，如果沒有我們團隊的辛勤工作和奉獻精神，我們不可能實現 27% 的調整後營業利潤率。但需要提醒的是，2029 財年的目標不僅是調整後的營業利潤率，我們的目標是實現所有五個目標。雖然還有一些工作要做，但我們有信心最終能夠實現目標。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

We've got a lot of grounds, but I did want to go back to the Aero margins. And I'm actually wondering, is there a way to think about legacy Parker Aero margins and Meggitt? And through other question is I'm trying to judge how much more runway there might be to operationalize the Meggitt margins.

我們有很多理由，但我確實想回到航空邊際。我其實想知道，有沒有辦法考慮一下帕克航空的利潤率和梅吉特？另一個問題是，我正在嘗試判斷 Meggitt 利潤率還有多少成長空間。

Nigel, this is Todd. That integration has gone unbelievably well. We have certainly made that part of the Parker operating strategy. It is really hard to tell the difference between the legacy margins now and the Meggitt margins now. A lot of the synergies really came from across the group. And quite honestly, that's not the way we're really running the company now.

奈傑爾，我是托德。整合工作進行得異常順利。我們已將此納入派克公司的營運策略。現在很難區分傳統利潤率和 Meggitt 利潤率。許多綜效其實都來自集團內部各部門。坦白說，我們現在不是那樣經營公司的。

It's not Parker Meggitt and Parker Aerospace, it's Parker Aerospace. I would tell you they're both stellar, hitting 30% for the first time. It was equal parts of both. And we've got a very great future there.

不是 Parker Meggitt 和 Parker Aerospace，而是 Parker Aerospace。我會告訴你，他們倆的表現都非常出色，首次達到了 30% 的水平。兩者各佔一半。我們在那裡擁有非常美好的未來。

Yes. I think that's the right answer, by the way. And then on -- going back to power gen. I think, Jenny, you mentioned, or maybe it's you, Todd, that roughly half of that 7% is power gen. So I'm actually curious, when would you think about breaking it out as a separate reportable subsegment. It seems to be getting to the same sort of size of HVAC. So just curious on that.

是的。我認為那才是正確的答案。然後繼續——回到發電領域。珍妮，我想你提到過，或者托德，是你提到過，那 7% 大約有一半是發電。所以我很好奇，您什麼時候會考慮將其拆分為單獨的可報告子部分？看起來它的規模正朝著同一級的暖通空調系統發展。我只是對此感到好奇。

And then any more color you can provide on the exposures in there? I'm curious the heavy-duty exposure versus the aeros and maybe some of the smaller gas turbines? Sorry for the detail, but it would be interesting to know that.

那麼，關於照片的曝光，您還能提供更多細節嗎？我很好奇重型設備與航空設備以及一些小型燃氣渦輪機相比，其暴露程度有何不同？抱歉說了這麼多細節，但我很想知道答案。

Yes. So -- what was the first part of your question?

是的。那麼──你問題的第一部分是什麼？

Breaking down the difference.

分析差異。

The difference. We don't look at the percentage on the market verticals as to where we can break out some subsegments. We haven't gotten that far yet. So I really don't have a number in mind where it would become its own market vertical. Obviously, we're very bullish about the future of power gen. So it's something we continue to evaluate. But energy is an area -- all types of energy we think belongs together.

區別。我們不會根據市場垂直領域的百​​分比來劃分某些細分市場。我們還沒走到那一步。所以我心中真的還沒有一個具體的數字，在這個數字上它才能發展成一個獨立的垂直市場。顯然，我們非常看好發電產業的未來。所以我們會繼續評估這個問題。但能源是一個範疇──我們認為所有類型的能源都屬於同一範疇。

So no real plans to break that out yet. And I would say maybe in a follow-up with Jeff, you could look at some of the other details that you were asking for. But I don't have that available for you right now.

所以目前還沒有真正推出這項服務的計畫。我建議，或許你可以和 Jeff 進一步溝通，看看你之前詢問的其他一些細節。但我現在無法提供給您。

Nathan Jones, Stifel.

內森瓊斯，斯蒂費爾。

I got a quick follow-up on the gas turbine business. If I remember correctly, many years ago, probably up to nearly a decade ago, the OEM margins on at least some of the components that went into the gas turbine business were pretty low and the aftermarket margins were pretty high. Just wondering if that's still the case and there might be a little bit of a drag as the OE side of that ramps up? Or if that dynamic has changed over the last decade?

我很快就收到了關於燃氣渦輪機業務的後續回饋。如果我沒記錯的話，很多年前，大概十年前，燃氣渦輪機行業至少部分零件的原始設備製造商利潤率很低，而售後市場利潤率很高。想知道現在情況是否仍然如此，隨著原廠配套業務的推進，是否會有一些阻礙？或者說，過去十年間這種動態是否發生了變化？

Yes, Nathan, this is Todd. When you go back and try to compare Parker to a decade ago, it's very difficult. It's a totally different company. The margin expansion is significant. You see that. Every one of these business has been part of that margin expansion. We still have the mix between aftermarket and OEM margins. I would say that that's probably always going to be like that. There's nothing here in power gen that dramatically sticks out that it's lower than the rest of the OEM aftermarket mix.

是的，內森，這是托德。當你回過頭來，試圖將帕克與十年前進行比較時，你會發現這非常困難。這是完全不同的公司。利潤率擴張幅度顯著。你看到了吧。這些企業都參與了利潤率的提升。我們仍需要兼顧售後市場和原廠配套市場的利潤。我認為這種情況可能一直都會如此。這裡動力發電方面沒有特別突出的地方，使其低於其他原廠售後市場產品。

Fair enough. And then I had one follow-up on Mig's question earlier on the longer-cycle Industrial International orders. Any color you can give us around what drove those? I know they were maybe 4Q last year that they came in. And Jenny was giving us some cadence on how that doesn't phase in, I guess, to revenue this year, but any color you can give us on when that starts to contribute to growth in International?

很公平。然後，我針對 Mig 之前提出的關於週期較長的 Industrial International 訂單的問題，又提出了一個後續問題。您能否透露一些關於這些事件發生原因的資訊？我知道他們去年第四季才加入。Jenny 向我們透露了一些信息，例如這不會在今年轉化為收入，但您能否透露一下這何時開始對國際業務的成長做出貢獻？

So the longer-cycle orders that we had in Q3, I believe that were in our Engineered Materials business. And that longer cycle could be anywhere from 6- to 12-months. I don't have the details committed to memory on exactly what those were. But they did not repeat in Q4. So longer cycle, longer demand sense, anywhere between 6 and 12 months, I would say.

因此，我認為我們在第三季獲得的周期較長的訂單都屬於我們的工程材料業務。而這個較長的週期可能在 6 到 12 個月之間。我記不清那些具體細節是什麼了。但他們在第四季沒有重現這一局面。所以周期更長，需求週期也更長，我認為大概在 6 到 12 個月之間。

Chloe, this is Todd. I think we've got time for maybe one quick, positive last question, if you could put whoever's next in the queue.

克洛伊，這是托德。我想我們或許還有時間問最後一個簡短而正面的問題，如果你能把下一個人排到隊伍裡的話。

[Andy Kaplowitz], Citi.

[Andy Kaplowitz]，花旗銀行。

This is actually [Jose] on for Andy. Maybe to wrap it up. You've talked in the past about mega projects and how they could potentially impact Parker. Curious if you could talk about how customers are moving forward with the mega projects? What are you guys listening from your distributors? And how are you approaching that trade-off between there's still a lot of larger projects out there versus a somewhat still uncertain macro environment?

實際上這是何塞替安迪上場。或許是為了結束。你之前談到過大型計畫以及它們可能對帕克產生的影響。能否請您談談客戶在推動大型專案方面的狀況？你們從分銷商那裡聽到了什麼？那麼，您是如何權衡目前仍有許多大型專案需要開展與宏觀環境仍存在一定不確定性之間的關係的呢？

Yes. And when I was talking about our distribution channel and how they serve all those small to midsize OEMs on capital investments and CapEx, those definitely are those megaprojects. So we still see a very large amount of them out there. We still do hear that there are delays. But there's obviously some of these that are starting to kick off and they're mainly focused on customers looking for productivity and efficiency.

是的。當我談到我們的分銷管道以及他們如何為所有中小型原始設備製造商提供資本投資和資本支出服務時，這些絕對就是那些大型項目。所以我們仍然可以看到大量的這類車輛存在。我們仍然聽說會有延誤。但顯然其中一些已經開始興起，它們主要面向尋求生產力和效率的客戶。

And that's what we're hearing from our channel that supports those customers, and that's where we believe most of that is happening today.

我們從支持這些客戶的管道中也聽到了類似的說法，而且我們認為目前這種情況主要就發生在這裡。

Chloe, I think we're running out of time. So this concludes our FY '26 Q1 earnings release webcast. Like I said earlier, we appreciate everyone's attention and their time. We thank you for joining us today. Our Investor Relations team of Jeff Miller and Jen Specky will be available for the rest of the day if anyone has any follow-ups or needs clarification. So thank you all, and have a great day.

克洛伊，我覺得我們時間不多了。至此，我們的2026財年第一季財報發佈網路直播就結束了。正如我之前所說，我們感謝大家的關注和時間。感謝您今天蒞臨。如有任何後續問題或需要澄清，我們的投資者關係團隊成員 Jeff Miller 和 Jen Specky 將在今天剩餘時間隨時為您服務。謝謝大家，祝大家今天過得愉快。

This concludes today's call. We appreciate your participation. You may disconnect at any time, and have a wonderful afternoon.

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連接，祝您下午愉快。