派克漢尼汾 (PH) 2026 Q2 法說會逐字稿

Please stand by. Your meeting is about to begin. Good morning, and welcome to the Parker-Hannifin Corporation's fiscal 2026 second quarter earnings conference call and webcast.

請稍候。會議即將開始。早安，歡迎參加派克漢尼汾公司2026財年第二季財報電話會議及網路直播。

(Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to turn the call over to Todd Leombruno, Chief Financial Officer. Please go ahead.

（操作人員指示）請注意，今天的會議正在錄音。（操作員指示）現在我將把電話轉交給財務長托德·萊昂布魯諾。請繼續。

Thank you, Katie. Good morning, everyone, and thank you for joining Parker's fiscal year 2026 second quarter earnings release webcast. As Katie said, this is Todd Leombruno, Chief Financial Officer speaking. And with me today is Jenny Parmentier, our Chairman and Chief Executive Officer.

謝謝你，凱蒂。各位早安，感謝大家參加派克公司2026財年第二季收益發佈網路直播。正如凱蒂所說，我是財務長托德·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。

We both appreciate your interest in Parker as well as your time today. Before we begin the call, I'd like to call your attention to our disclosures on forward-looking projections and non-GAAP financial measures, that is on slide 2.

我們都非常感謝您對帕克的關注，也感謝您今天抽出時間。在電話會議開始之前，我想請大家注意我們關於前瞻性預測和非GAAP財務指標的揭露，具體內容請參考第2頁投影片。

Items listed here could cause actual results to vary from our forecast, our press release, this presentation and reconciliations for all non-GAAP measures were released this morning and are available under the Investors section on parker.com.

這裡列出的項目可能會導致實際結果與我們的預測有所不同。我們的新聞稿、本次示範以及所有非GAAP指標的調整表已於今天上午發布，可在parker.com網站的投資者關係部分查閱。

The agenda for the call today has Jenny starting with an overview of our record FY26 second quarter performance. She then will reiterate the strength of our interconnected technologies. In this quarter, she's going to highlight the distinct value we bring to one of our market verticals.

今天電話會議的議程是，珍妮首先概述我們創紀錄的 2026 財年第二季業績。然後她將重申我們互聯技術的優勢。本季度，她將重點放在我們為某個垂直市場帶來的獨特價值。

That is the off-highway market. Jenny will also make a few comments on the recently announced agreement to acquire Filtration Group Corporation, and then I'll follow with some details on our strong second quarter financial results.

這就是非公路用車市場。Jenny 也將就最近宣布的收購 Filtration Group Corporation 的協議發表一些評論，然後我將詳細介紹我們強勁的第二季財務表現。

We will both provide some details on increase to our guidance that we released this morning. And then we'll move on to Q&A, and we'll try to address as many questions as possible within an hour. We know it's a busy day to everyone, so we will stick to the one hour time slot.

我們將就今天早上發布的業績指引上調事宜提供一些細節。接下來我們將進入問答環節，我們將在一個小時內盡可能回答問題。我們知道今天大家都很忙，所以我們會堅持一個小時的時間。

Now I call your attention to slide number three. And Jenny, I'll hand it over to you.

現在請大家注意第三張投影片。珍妮，我把它交給你了。

Thank you, Todd, and thank you to everyone for attending the call today. Q2 was another great quarter where our team and our strategy demonstrated our ability to compound performance. We achieved top quartile safety performance with an 8% reduction in our recordable incident rate.

謝謝托德，也謝謝今天所有參加電話會議的人。第二季度又是一個出色的季度，我們的團隊和策略展現了我們持續提升業績的能力。我們的安全績效位居前四分之一，可記錄事故率降低了 8%。

This performance is aligned with our goal to be the safest industrial company in the world. Our team delivered record Q2 sales of $5.2 billion, organic growth of 6.6% and 150 basis points of margin expansion, resulting in 27.1% adjusted segment operating margin.

這項成績與我們成為全球最安全的工業公司的目標相符。我們的團隊實現了創紀錄的第二季銷售額 52 億美元，有機成長率 6.6%，利潤率提升 150 個基點，調整後分部營業利潤率為 27.1%。

Adjusted earnings per share grew 17%, and cash flow from operations was $1.6 billion. And in the quarter, we announced the acquisition of Filtration Group Corporation. Moving to slide 4. Many of you on the call today have seen this slide before. Why we win?

經調整後的每股盈餘成長了 17%，經營活動產生的現金流為 16 億美元。本季度，我們宣布收購了 Filtration Group Corporation。切換到第4張投影片。今天參加電話會議的各位，很多人之前都看過這張投影片。我們為什麼會贏？

The Win Strategy is our business system. We have innovative products that solve customer problems. Our application engineers provide the technical expertise that creates a competitive advantage and our distribution network serves global aftermarket and small to mid-sized OEMs.

制勝策略是我們的商業體系。我們擁有能夠解決客戶問題的創新產品。我們的應用工程師提供技術專長，從而創造競爭優勢；我們的經銷網路服務於全球售後市場以及中小型原始設備製造商。

Today, I would like to highlight the interconnected technologies that provide efficient solutions for our customers across all of our market verticals. I'm on slide 5 now. We have the number one position in the $145 billion motion and control industry, a growing space where we continue to gain share.

今天，我想重點介紹一下互聯互通的技術，這些技術為我們所有垂直市場的客戶提供了高效的解決方案。我現在看到第五張投影片了。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。

These six market verticals represent greater than 90% of the company's revenue. We have a focused portfolio, creating distinct value for our customers. Our powerhouse of interconnected solutions cuts across these market verticals and gives us a clear competitive advantage.

這六個垂直市場占公司收入的 90% 以上。我們擁有專注的產品組合，為客戶創造獨特的價值。我們強大的互聯解決方案涵蓋了這些市場垂直領域，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. Moving to slide 6. On this slide, I would like to highlight how our interconnect technologies come to life in the off-highway market vertical.

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。切換到第6張投影片。在這張投影片中，我想重點介紹我們的互連技術如何在非公路市場垂直領域中得到應用。

Parker is a market-leading provider of highly engineered solutions for equipment used in construction, agriculture and mining applications. Our comprehensive offering of interconnected technologies, deep application expertise and embedded engineering relationships with OEMs are key to our success.

派克是建築、農業和採礦應用領域中領先的高科技設備解決方案供應商。我們全面的互聯技術、深厚的應用專業知識以及與原始設備製造商 (OEM) 的嵌入式工程合作關係是我們成功的關鍵。

We win with innovative and differentiated product technology, subsystems and full system capabilities designed to increase the capability and productivity of our customers. Our global footprint allows for in-region delivery and expertise for OEMs, and our extensive distribution network provides aftermarket support for end users.

我們憑藉創新和差異化的產品技術、子系統和完整的系統功能贏得市場，這些功能旨在提高客戶的能力和生產力。我們的全球佈局能夠為原始設備製造商提供區域內交付和專業知識，而我們廣泛的分銷網絡則為最終用戶提供售後支援。

I'm now on slide 7. We are making continued progress on the Filtration Group acquisition. Integration planning is underway using our proven integration playbook. We expect to close in 6 to 12 months from our November announcement date.

我現在看到第7張投影片了。我們在收購過濾集團方面持續取得進展。我們正在運用行之有效的整合方案進行整合規劃。我們預計將在11月公告發布後的6至12個月內完成交易。

This is a great company with a great culture, and we really look forward to welcoming everyone to the Parker team. The acquisition of Filtration Group adds complementary and proprietary technologies for critical applications, while expanding our presence in life sciences, HVAC and refrigeration and implant industrial market verticals.

這是一家擁有優秀企業文化的偉大公司，我們非常期待大家加入帕克團隊。收購 Filtration Group 為關鍵應用增加了互補的專有技術，同時擴大了我們在生命科學、暖通空調和冷凍以及植入物工業市場垂直領域的業務。

The combination of Parker Filtration and Filtration group creates one of the largest global industrial filtration businesses and increases Parker Filtration aftermarket sales by 500 basis points.

Parker Filtration 與 Filtration 集團的合併，打造了全球最大的工業過濾業務之一，並使 Parker Filtration 的售後市場銷售額成長了 500 個基點。

We will leverage our business system, the Win Strategy to achieve approximately $220 million in cost synergies, and we expect this deal to meet our disciplined acquisition criteria of being accretive to organic growth, synergized EBITDA margin, adjusted EPS and cash flow.

我們將利用我們的業務系統——制勝策略，實現約 2.2 億美元的成本協同效應，我們預計這筆交易將符合我們嚴格的收購標準，即增加內生成長、協同 EBITDA 利潤率、調整後每股收益和現金流。

This strategic transaction continues our investment in high-quality businesses that continue to transform our portfolio, accelerate sales growth, improve profitability and drive shareholder value. Moving to slide 8. CLARCOR, LORD, Exotic, and Meggitt have been a big part of our transformation.

這項策略交易延續了我們對高品質企業的投資，這些企業不斷改變我們的投資組合，加速銷售成長，提高獲利能力，並提升股東價值。切換到第8張投影片。CLARCOR、LORD、Exotic 和 Meggitt 在我們轉型過程中發揮了重要作用。

Curtis is still early days, and as I just mentioned, we are very excited about Filtration Group. Over the time period you see on this slide, we have compounded EPS at 16%, and approximately 60% of this has come from the wind strategy and our legacy businesses, while approximately 40% has come from the acquisitions.

Curtis 目前仍處於早期階段，正如我剛才提到的，我們對 Filtration Group 感到非常興奮。在本投影片所示的時間內，我們的複合每股收益為 16%，其中約 60% 來自風能策略和我們的傳統業務，約 40% 來自收購。

The acquisition of Filtration Group will continue our track record of accretive acquisitions. I'll turn it back to Todd to review the second quarter highlights.

收購 Filtration Group 將延續我們以往加值收購的成功紀錄。接下來我將把鏡頭交還給托德，讓他回顧第二節的精彩時刻。

Thank you, Jenny. This was another strong quarter of record performance. I'm on slide 10, and we'll start with just a summary of the Q2 results. We are proud to have once again set new records for sales, adjusted segment operating margin, EBITDA, net income and EPS. Sales were up 9% versus prior.

謝謝你，珍妮。這是另一個業績強勁且屢創新高的季度。我現在講到第 10 張投影片了，我們先來總結第二季的業績。我們很自豪地再次創下了銷售額、調整後分部營業利潤率、EBITDA、淨收入和每股收益的新紀錄。銷售額比上年同期成長了9%。

Organic growth was positive at nearly 7%. Currency was favorable 2%. Acquisitions were favorable by 1.5%, and divestitures were a 1% headwind. Just to note, it's been now 12 months since we've completed those divestitures. This was the last quarter, then we will have a divestiture adjustment going forward.

有機成長率接近7%，為正值。匯率有利2%。收購帶來 1.5% 的利好，而剝離則帶來 1% 的不利影響。需要說明的是，距離我們完成這些資產剝離已經過了 12 個月。這是最後一個季度，接下來我們將進行資產剝離調整。

Moving on to margin. Segment operating margin was 27.1%, that is up 150 basis points from prior year. Adjusted EBITDA margin was 27.7%. That's an increase of 90 basis points from prior year. And net income was $980 million. That's 18.9% return on sales, just fantastic ROS performance.

接下來討論利潤率。分部營業利益率為 27.1%，較上年同期成長 150 個基點。調整後 EBITDA 利潤率為 27.7%。這比上年同期成長了90個基點。淨收入為9.8億美元。這相當於 18.9% 的銷售回報率，ROS 表現非常出色。

And lastly, adjusted earnings per share were $7.65. That's up 17% versus prior year. When you look at the quarter, this was just another quarter in which our team delivered high single-digit sales growth, solid margin expansion. And all of that resulted in mid-teens EPS growth.

最後，調整後每股收益為7.65美元，比上年成長17%。從季度來看，這又是一個我們的團隊實現高個位數銷售成長和穩健利潤率擴張的季度。所有這些最終促成了每股收益兩位數以上的成長。

We do remain confident that we're going to be able to deliver another record fiscal year in 2026. If we move to slide 11, this just displays the walk on adjusted EPS. You can see it was a clean quarter that delivered that 17% increase in adjusted EPS.

我們仍有信心在 2026 年再創財政年度的佳績。如果我們切換到第 11 張投影片，這裡只顯示了調整後的 EPS 的步行情況。你可以看到，這是一個表現均衡的季度，調整後每股盈餘成長了 17%。

Segment operating margin continues to be the main driver of our EPS growth. Dollars increased by $190 million or 16% that added $1.15 of our EPS growth. Share count was $0.16 favorable. That was really driven by the discretionary share repurchases that we completed over the last four quarters.

分部營業利益率仍是我們每股盈餘成長的主要驅動力。美元增加了 1.9 億美元，增幅達 16%，使我們的每股收益成長了 1.15 美元。每股收益為 0.16 美元。這主要是由於我們在過去四個季度完成的自主股票回購計畫所致。

And corporate G&A and income tax were favorable by just $0.1. Other was unfavorable by $0.18, that's really primarily due to foreign currency exchange that happened in the prior year period that did not happen this year. That was a prior period item.

公司一般及行政費用和所得稅僅優惠了 0.1 美元。其他費用不利了 0.18 美元，這主要是由於去年發生的外匯兌換而今年沒有發生。那是前期項目。

And interest is just slightly unfavorable by $0.03, and that is driven by just slightly higher average debt balance that was offset slightly by lower interest rates. The adjusted EPS of $7.65 is a record, and it's really driven by strong growth and great margin expansion.

利息略微不利，為 0.03 美元，這是由於平均債務餘額略高，但較低的利率略微抵消了這一影響。調整後的每股收益為 7.65 美元，創歷史新高，這主要得益於強勁的成長和利潤率的大幅提升。

I really commend our team members around the world for just stellar operating performance across the company, and it's a pleasure to be able to share these results. If we go to slide 12, let's take a look at the segments, starting with orders for the company and very strong. Orders were plus 9% versus prior year.

我真心讚揚我們全球團隊成員在公司營運上所取得的卓越成績，很高興能與大家分享這些成果。如果我們翻到第 12 張幻燈片，讓我們來看看各個部分，首先是公司的訂單，而且非常強勁。訂單量較上年增加9%。

And a positive note is order rates were positive in all of our reported businesses. Backlog increased to a record $11.7 billion. This was another quarter of strong incrementals for the company that created the record margins across the board and that 150 basis points of margin expansion, really nice to see.

值得一提的是，我們所有報告業務的訂單成長率均為正值。積壓訂單增加至創紀錄的117億美元。對這家公司而言，這又是一個業績強勁增長的季度，其所有業務的利潤率均創歷史新高，利潤率增長了 150 個基點，這真是令人欣喜。

If we look at North America, sales were approximately $2 billion. Organic growth was positive of 2.5%. That was slightly better than our expectations. The slightly better was driven by strength in off-highway and the aerospace verticals in the North American businesses.

如果只看北美地區，銷售額約 20 億美元。有機成長率為2.5%。這比我們預期的略好。略有改善主要得益於北美非公路車輛和航太垂直領域的強勁表現。

Adjusted operating margins reached a record 25.4%. That is up 80 basis points from prior year with incrementals of 52%. And orders in North America took a big jump and increase to plus 7% compared to the prior year.

經過調整後的營業利益率達到創紀錄的 25.4%。這比去年同期上升了 80 個基點，增幅為 52%。北美地區的訂單量大幅成長，比去年同期成長了7%。

And a notable driver there were a few multiyear aerospace and defense orders within those North American businesses. Nice quarter for the North American businesses. International sales were up to a record $1.5 billion. That's up 12% versus prior year.

而推動這項成長的一個重要因素是北美企業中一些為期多年的航空航太和國防訂單。北美企業本季表現不錯。國際銷售額達到創紀錄的15億美元。與上年相比成長了12%。

Organic growth for the quarter was 4.6% in the international businesses. In Asia Pac, organic growth was the strongest at plus 9%. And Europe turned positive in the quarter to plus 2%. We were really glad to see Europe turn positive.

國際業務本季有機成長率為 4.6%。在亞太地區，有機成長最為強勁，達到 9%。歐洲本季轉正，成長2%。我們很高興看到歐洲局勢好轉。

And Latin America is just down slightly 3% versus prior year. It was really a positive and see Europe turn to positive organic growth. We were glad for that team to see that finally make the turn.

拉丁美洲的降幅比前一年略微達3%。看到歐洲轉向積極的有機成長，這確實是一件好事。我們很高興看到那支球隊終於扭轉了局面。

When you look at margins, our record was achieved 26% margins in the international businesses. That's up 190 basis points from prior year. And that margin expansion came from great improvements in productivity and just solid operational execution across all of those businesses.

從利潤率來看，我們在國際業務中取得了 26% 的利潤率記錄。這比上年同期上升了190個基點。利潤率的提升得益於所有業務生產效率的大幅提高和穩健的營運執行。

Orders improved in the international businesses plus 6% with positive orders both in Europe and Asia Pac. Nice quarter for the international team. And lastly, Aerospace continues to perform exceptionally well. Sales for the quarter were a record $1.7 billion, that's up 14.5% versus prior year.

國際業務訂單成長 6%，歐洲和亞太地區的訂單均實現正成長。國際隊這四分之一決賽打得不錯。最後，航空航太領域持續表現出色。本季銷售額創下17億美元的紀錄，較上年同期成長14.5%。

Organic growth was $13.5 million. That was driven by great strength in the commercial markets, both OEM and aftermarket. Margins are up significantly. Adjusted segment operating margin increased by 200 basis points and reached 30.2% for the Aerospace Systems segment.

有機增長額為1350萬美元。這主要得益於商業市場的強勁表現，包括OEM市場和售後市場。利潤率大幅提升。經過調整後，航空航太系統部門的營業利潤率提高了 200 個基點，達到 30.2%。

Again, great productivity. The higher volumes actually helped productivity in that business. This was another strong quarter of commercial spares and repairs volume, and all of that translated to a fantastic performance on the margin line.

再次強調，生產力非常高。更高的銷量實際上提高了該企業的生產力。本季度商業備件和維修量再次強勁增長，所有這些都轉化為利潤率的出色表現。

Order rates remain impressive in Aerospace at plus 14%. Backlog also increased plus 14% and reached a record $8 billion for Aerospace for the first time in the history of the company. Aerospace and Defense remains robust, and that's really led by the commercial markets.

航空航太領域的訂單成長率依然十分可觀，達到 14%。積壓訂單也成長了 14%，首次達到創紀錄的 80 億美元，這是該公司航空航太業務史上的最高紀錄。航空航太和國防產業依然強勁，這主要得益於商業市場的推動。

Great performance across all of our businesses, glad to see these results. If we move to slide 13, you can see our year-to-date cash flow performance, cash flow from operations, $1.6 billion, that's 16% of sales. Free cash flow came in at $1.5 billion, that's 14.2% of sales.

我們所有業務都表現出色，很高興看到這些成果。如果我們翻到第 13 張投影片，您可以看到我們今年迄今的現金流表現，經營活動產生的現金流為 16 億美元，佔銷售額的 16%。自由現金流為 15 億美元，佔銷售額的 14.2%。

Just to note here, in the first half, there's a slight drag from working capital and the timing of some tax payments. We expect that to be a first half only issue. I think everyone knows this, but as a reminder, our free cash flow is second half weighted.

需要指出的是，上半年由於營運資金和部分稅款支付時間的原因，業績略有下滑。我們預計這只是上半年才會出現的問題。我想大家都知道這一點，但還是提醒一下，我們的自由現金流主要集中在下半年。

We remain committed to free cash flow conversion of greater than 100% for the year, and we'll talk a little bit more in guidance, we are increasing our guidance on cash flow for the year. Okay. That's the details on Q2.

我們仍致力於實現全年自由現金流轉換率超過 100%，關於業績指引，我們將在後續的業績展望中詳細說明，我們將提高全年現金流的預期。好的。以上就是第二季的詳細情況。

And Jenny, I will turn it back over to you on slide 15 to talk about our increase to guidance.

珍妮，我會在第 15 張投影片上把麥克風交給你，讓你談談我們提高指導價的問題。

Thanks, Todd. This slide shows our updated fiscal year '26 organic sales growth forecast by market vertical. So in Aerospace, we are increasing our forecast from 9.5% to 11% organic growth. We continue to see strength in commercial OEM and aftermarket.

謝謝你，托德。此投影片顯示了我們更新後的 2026 財年按市場垂直領域劃分的有機銷售成長預測。因此，在航空航太領域，我們將有機成長預期從 9.5% 上調至 11%。我們持續看到商業OEM和售後市場強勁的成長動能。

Implant Industrial remains the same at positive low single-digit organic growth. Recovery continues while customer CapEx spending does still remain selective. Distributor inventories are stable and our distributors are ordering to their demand.

Implant Industrial 保持著較低的個位數有機成長。復甦仍在繼續，但客戶的資本支出仍保持謹慎。經銷商庫存穩定，我們的經銷商正在根據需求訂貨。

In transportation, our forecast stays the same at mid-single-digit organic decline. Demand challenges persist in both truck and auto which is partially offset with some strength in aftermarket. We are raising our outlook in off-highway from neutral to positive low single digits.

在交通運輸領域，我們的預測保持不變，預計有機成長率將出現中等個位數的下降。卡車和汽車的需求挑戰依然存在，但售後市場的一些強勁表現部分抵消了這些挑戰。我們將非公路用車市場的預期從「中性」上調至「低個位數成長」。

This is based on construction and mining growth, while ag remains under pressure. We are maintaining energy at positive low single-digit growth with robust power gen activity offset by upstream oil and gas, which remains soft.

這主要得益於建築業和採礦業的成長，而農業仍面臨壓力。我們維持能源產業低個位數正成長，強勁的發電活動被上游油氣產業的疲軟所抵消。

And we are maintaining HVAC and refrigeration at positive mid-single-digit growth. We see strength in commercial HVAC, refrigeration, filtration and aftermarket. As a result of these changes, we are increasing our organic sales growth guidance from 4% to 5% at the midpoint.

我們維持了暖通空調和冷凍業務的中個位數正成長。我們看到商用暖通空調、冷凍、過濾和售後市場領域實力強勁。由於這些變化，我們將有機銷售成長預期中位數從 4% 上調至 5%。

Back to Todd for some more guidance.

還是得請托德提供更多指導。

Okay. Thanks, Jenny. If you turn to slide 16, you'll see some of the details that we're talking about based on what we've done in the first half, strong orders. We are raising our full year guidance really across the board here. Reported sales are going up to the range of 5.5% to 7.5%, more 6.5% at the midpoint.

好的。謝謝你，珍妮。如果你翻到第 16 頁，你會看到一些我們根據上半部的內容（強而有力的訂單）所討論的細節。我們全面上調了全年業績預期。據報道，銷售額將成長 5.5% 至 7.5%，中間值約為 6.5%。

We expect currency to be a favorable 1.5%. That is based on December 31's spot rates. Previously completed acquisitions and divestitures basically offset each other at 1%. Jenny just mentioned this, but we are increasing organic growth to the range of 4% to 6%. That is 5% at the midpoint.

我們預期匯率將帶來1.5%的利多。這是根據12月31日的即期匯率計算的。先前完成的收購和剝離基本上相互抵消，比例為 1%。珍妮剛才也提到了這一點，但我們正在將有機成長率提高到 4% 到 6% 的範圍內。中間值是 5%。

If you look at the businesses, aerospace is being increased to organic growth of 11%. In the Diversified Industrial segment in the North America businesses, we are increasing organic growth to 2.5%. And finally, we are increasing international organic growth to plus 2%.

從各行各業來看，航空航太業的有機成長率達到了 11%。在北美多元化工業領域，我們的有機成長率將提高到 2.5%。最後，我們將國際有機成長率提高到 2%。

Adjusted segment operating margins, we're raising guidance there by 20 basis points to 27.2% for the full year. That will now be a forecasted increase of 110 basis points versus prior year. And the forecast for incrementals for the full year is 40%, full year incremental.

經調整後的分部營業利潤率，我們將全年預期調高 20 個基點至 27.2%。預計這將比上年同期增長110個基點。預計全年增量為 40%，全年增量。

A few other items just to note, corporate G&A remains unchanged at $200 million. Interest expense slightly tweaked down by $5 million. We're now expecting that to be $415 million for the year and other expenses down slightly to $85 million.

還有幾點要注意，公司一般及行政費用不變，為 2 億美元。利息支出略微減少了500萬美元。我們現在預計今年的收入將達到 4.15 億美元，其他支出將略微下降至 8,500 萬美元。

On tax rate, the guide for the second half is forecasted to be 22.5%. The full year tax rate is expected to be 22.1%. That's with a second half of $22.5 million. And finally, when we look at EPS, we're raising EPS to $30.70 at the midpoint.

關於稅率，下半年的指導預期為 22.5%。預計全年稅率為22.1%。其中包括下半年的 2,250 萬美元。最後，當我們看每股收益時，我們將每股收益中點上調至 30.70 美元。

That's an increase of 12.3% versus prior, and the range on that adjusted EPS is plus or minus $0.30. I mentioned it earlier, but we are raising our full year free cash flow guide to a range of $3.2 billion to $3.6 billion.

這比之前增長了12.3%，調整後每股收益的上下浮動範圍為正負0.30美元。我之前提到過，我們將全年自由現金流預期上調至32億美元至36億美元。

That is about $3.5 billion at the midpoint, with conversion greater than 100%. Looking specifically at Q3, reported sales are expected to be nearly $5.4 billion. That is approximately 8.5% up. Organic sales growth, we are expecting 5%.

以中間值計算，約 35 億美元，轉換率超過 100%。具體來看第三季度，預計銷售額將接近 54 億美元。這大約上漲了8.5%。有機銷售成長預計為 5%。

Segment operating margins, we are expecting 27% and adjusted EPS for the quarter is expected to be 7.75%. Each one of those is an increase to our prior guide. As usual, additional details can be found in the appendix here, and that is a wrap on our guidance. Jenny, I'll hand it back to you for slide 17.

分部營業利益率預估為 27%，本季調整後每股盈餘預估為 7.75%。這些都比我們之前的指南有所增加。與往常一樣，更多詳情請參見此處的附錄，我們的指導就到此結束了。珍妮，我把投影片 17 交還給你。

Thanks, Todd. Just 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.

謝謝你，托德。再次提醒大家，帕克公司的驅動力在於：安全、敬業與責任感，這是我們企業文化的基礎。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，使我們能夠成為優秀的資金創造者和運用者。

Okay. Katie, we are ready for the Q&A portion of the call, and we'll take first one in queue.

好的。凱蒂，我們已經準備好進入問答環節，我們將從第一個排隊的人開始提問。

(Operator Instructions) Jamie Cook, Truist Securities.

（操作員說明）Jamie Cook，Truist Securities。

Congratulations on a nice quarter. I guess two questions, Jenny. First, when I look at your technology platforms, if we look at the technology platforms within diversified industrial motion systems, flow processing control and filtration and engineering materials.

恭喜你本季業績出色。珍妮，我想問你兩個問題。首先，當我查看你們的技術平台時，如果我們看一下多元化工業運動系統、流體處理控制和過濾以及工程材料中的技術平台。

I think it's the first quarter since June of 2023, where you saw positive organic growth across all three technology platforms. So just wondering, do you think that's something specific to Parker-Hannifin, do you think it's more a function of the cycle? Just very encouraging signs there.

我認為這是自 2023 年 6 月以來，所有三個技術平台首次實現正向自然成長。所以我想知道，你認為這是派克漢尼汾公司特有的現象，還是更與生產週期有關？這些都是非常令人鼓舞的跡象。

And then I guess my second follow-on question to that is it's the first quarter to that filtration has seen positive growth. Just wondering how you're thinking about that relative to the acquisition that's coming on filtration group signs that you bought that at a bottom?

那麼，我的第二個後續問題是，這是過濾業務首次實現正成長的季度。我只是想知道，你如何看待即將進行的收購，以及過濾集團的種種跡象表明你以低價買了該公司？

Or is there any reason why they wouldn't be seeing understanding the more aftermarket and a little different end market mix, why they wouldn't be seeing positive momentum there as well.

或者，他們是否有理由不去了解售後市場和略有不同的終端市場組合，以及為什麼他們不會在那裡看到積極的發展勢頭？

Yeah, well, thanks, Jamie. Thanks for the question. So yes, so first of all, we do think that, obviously, you're right, those businesses did see positive organic growth, and it's great to see the teams have worked very hard for that, and they're performing well.

是啊，謝謝你，傑米。謝謝你的提問。所以，是的，首先，我們認為，很顯然，您是對的，這些企業確實實現了積極的自然成長，很高興看到團隊為此付出了巨大的努力，並且他們表現出色。

I would say that it's a combination of what we're seeing in some of our short-cycle businesses that we've pointed out. While all of them are not returning to positive growth, we did see some nice improvement in off-highway.

我認為這是我們在一些短期業務中觀察到的現象的綜合結果，我們已經指出了這一點。雖然並非所有領域都恢復了正成長，但我們確實看到非公路領域出現了一些不錯的改善。

And then I would say the aerospace business that sits inside of these industrial businesses is performing very well. So to that point, what you said, some of this is specific to Parker and some of it is seeing some of the short-cycle business return.

然後我想說，這些工業企業中的航太業務表現非常出色。所以，就你剛才說的，有些是帕克特有的，有些則是短期業務復甦的體現。

Our distribution did have low single-digit organic growth in the quarter. So we're encouraged by what we see, encouraged by the orders. So I think that's part of it. Your filtration group question was a long one. So I'm going to ask you to repeat that for me.

本季我們的分銷業務實現了個位數低水準的自然成長。所以，我們看到的情況以及收到的訂單都讓我們感到鼓舞。所以我覺得這是原因之一。你關於過濾組的問題很長。所以我想請你再說一次。

No. Sorry, my comment was just that interesting timing may be a complement that it's the first quarter we've seen positive growth in your filtration group business.

不。抱歉，我只是想說，這個時機很有意思，或許是對貴公司過濾業務首次實現正成長的一種肯定。

Wondering what that implies for the acquisition of the Filtration Group, implying that potentially you bought that business at a cyclical bottom, understanding there's different in mix because they're aftermarket. I'm just wondering there's differences between the business, but wouldn't, could their sales also be improving organically just like we're seeing within your Filtration Group business?

想知道這對收購過濾集團意味著什麼，這意味著你可能在周期底部收購了這家公司，要知道他們的業務組合有所不同，因為他們是售後市場。我只是想知道，雖然兩家公司之間存在差異，但他們的銷售額是否也可能像你們過濾集團的業務一樣，實現自然成長？

Yes, we do believe that, that will be the case. Now historically, Filtration Group's organic growth from pre-COVID to now has been mid-single-digit CAGR. So this is higher than Parker's Filtration Group.

是的，我們相信情況會是這樣。從歷史數據來看，Filtration Group 從新冠疫情爆發前到現在的有機成長率一直保持在個位數中段的複合年增長率。所以這比派克過濾集團的水平要高。

But many of the areas where we have the complementary technologies in the same markets with some of the same customers that we play, we do see that their growth will be increasing just as it is with ours.

但是，在許多我們擁有互補技術、處於相同市場、服務相同客戶的領域，我們看到它們的成長速度將會和我們一樣加快。

So again, we think that this is just a great fit for Parker because of the complementary and proprietary technologies that it adds and because they play in the markets that we know, where we expect to see growth.

因此，我們認為這對派克來說非常合適，因為它增加了互補性和專有技術，而他們所處的市場正是我們所了解的，我們預計這些市場將會出現成長。

And again, they have this decentralized structure that's very, very similar to Parker. So we see upside here.

而且，他們的去中心化結構與 Parker 非常非常相似。所以我們看到了上漲的潛力。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Jenny, could you give us a little more color on what you're seeing by region? I think Todd's comments around Europe were very interesting. Do you see that sort of turn as durable? And then your partners continue to do very well in APAC. Do you see still a good outlook for that in '26 and beyond?

珍妮，你能再詳細說說你​​按地區觀察到的情況嗎？我認為托德關於歐洲的評論非常有趣。你認為這種轉變能持久嗎？然後，你們的合作夥伴在亞太地區也繼續表現出色。你認為2026年及以後前景依然樂觀嗎？

Yeah. So just let me give you just kind of an overview of some of the market verticals by region. As Todd mentioned, in North America, we're increasing our full year organic growth to 2.5% versus the prior guide of 2%.

是的。那麼，讓我簡單地按地區來為你們概述一下一些市場垂直領域。正如托德所提到的，在北美，我們將全年有機成長率從先前的 2% 提高到 2.5%。

So again, industrial, aerospace and defense growth is very strong. Gradual in-plant industrial recovery, positive sentiment from our distribution channel, continued quoting activity. As I mentioned, CapEx remained selective.

所以，工業、航空航太和國防領域的成長依然非常強勁。工廠內部工業逐步復甦，分銷通路情緒積極，報價活動持續進行。正如我之前提到的，資本支出仍然具有選擇性。

It seems like a lot of, their customers are prioritizing productivity and automation projects versus large capacity expansion. So we see that increased infrastructure spending will increase in-plant industrial equipment demand in the future.

似乎他們的許多客戶都優先考慮生產力提升和自動化項目，而不是大規模產能擴張。因此，我們看到，基礎設施支出的增加將在未來增加工廠內工業設備的需求。

I mentioned transportation is most challenged in auto and truck. Truck OEM recovery, not expected this fiscal year, but we'll benefit from some aftermarket. And again, strength in construction, off-highway construction, while [ag] still remains slow.

我提到過，汽車和卡車運輸面臨的挑戰最大。卡車原始設備製造商的復甦預計不會在本財年發生，但我們將從售後市場中受益。再次強調，建築業和非公路建設業表現強勁，農業仍低迷。

Energy, power gen, very robust. Oil and gas is weak with upstream, but midstream is benefiting from some capital spending. HVAC is coming off of a strong fiscal year '25. Residential is down, but is more than offset with commercial HVAC and refrigeration.

能源、發電，非常可靠。石油和天然氣上游業務疲軟，但中游業務受益於一些資本支出。HVAC產業在2025財年取得了強勁的業績。住宅用電需求下降，但商業暖通空調和冷凍需求的成長足以彌補這一損失。

So this is what we see for North America. So international, we are increasing full year organic growth to 2%, and that was previously 1%. So they did have a fantastic Q2. This was primarily from some large project shipments that went out, which really helped them.

這就是我們看到的北美地區的情況。因此，在國際市場，我們將全年有機成長率提高到 2%，而此前為 1%。所以他們第二季的業績非常出色。這主要得益於一些大型專案貨物的出貨，這確實對他們有所幫助。

But we are increasing full year FY26 organic growth for EMEA to low single digits it was flat in our prior guide. Again, we see gradual improvement in transportation there, primarily on the truck side. We see continued strength in mining and energy, both oil and gas and power gen.

但我們將 2026 財年 EMEA 地區的全年有機成長率上調至個位數低位，而我們先前的預期是持平。再次，我們看到那裡的運輸狀況正在逐步改善，主要是在卡車運輸方面。我們看到採礦和能源產業（包括石油、天然氣和發電）持續保持強勁勢頭。

And then we do see where the proposed stimulus and future defense spending is a long-term positive, but not seeing the impact of that this fiscal year. In Asia Pacific, we're increasing our full year organic growth to positive mid-single digit versus positive low single digit in the prior guide.

然後我們看到，擬議的刺激計劃和未來的國防開支從長遠來看是積極的，但在本財政年度還沒有看到其影響。在亞太地區，我們將全年有機成長率從先前的低個位數提高到中等個位數。

We're seeing continued strength with electronics and semicon demand. Implant orders and shipments. There's some progress there, but it still remains a little bit mixed. We're seeing some mining improvements in China.

我們看到電子產品和半導體需求持續強勁。植入物訂單和出貨。雖然取得了一些進展，但情況仍然喜憂參半。我們看到中國的採礦業出現了一些進步。

And I would say that there's still some continued uncertainty from tariffs across these markets. So that's really a kind of a recap of what we're seeing in the region.

我認為，這些市場的關稅問題仍存在一些不確定性。以上就是我們對該地區現況的大致總結。

Very helpful, Jenny. And then Todd, you've continued to generate over 40% incremental margin. I know you've said you're still sort of guiding at 30% to 35%. But as you look forward, how long before after this good performance, do you say to yourself like you can do over 40%.

珍妮，你真是幫了我大忙。托德，你持續創造了超過 40% 的增量利潤。我知道你說過你仍然會把指導價定在 30% 到 35% 之間。但展望未來，在這次出色表現之後，多久你才會對自己說，你能達到 40% 以上？

And when you talk about price versus cost, is it better pricing? Is it execution? What's sort of driving this performance?

如果從價格和成本的角度來看，它的定價是否更優惠？是執行嗎？這種表現背後的驅動力是什麼？

Andy, thanks for noticing that. I'll tell you, it's not easy. It's a lot of hard work from our team members every day, every week, every month, every quarter. We are really proud to see what they've been able to put up there. We are guiding the second half at 35%.

安迪，謝謝你注意到這一點。我告訴你，這並不容易。這是我們的團隊成員每天、每週、每月、每季付出的大量努力。我們非常自豪地看到他們在那裡展示的作品。我們預計下半年的漲幅為 35%。

Incrementals are really across the company, that puts the full company to 40% for the full year. We still think that, that's best-in-class when you look at what's going on across the environment. We're really happy to see the industrial businesses pivot to positive organic growth.

增量成長實際上遍及整個公司，這使得公司全年增量成長達到 40%。我們仍然認為，從整個環境的角度來看，這仍然是同類產品中最好的。我們非常高興地看到工業企業轉向積極的內生成長。

Those numbers are a little bit muted still. So I think our guide is unchanged when it comes to what we think is best-in-class on incrementals. If you look at these margins, these margins are all-time highs across every business. It is great to see that work, and that's generating these results.

這些數字目前仍略顯低迷。所以我認為，對於我們認為最好的增量式 ...如果你看一下這些利潤率，你會發現這些利潤率在各個產業都達到了歷史最高水準。很高興看到這項工作取得了成功，並且產生了這些成果。

Yeah. Strong operational execution.

是的。強大的營運執行力。

Yeah. It's a line things. I could even give you like a list of the top three because it varies by business, and it depends on what opportunities exist across each and every business.

是的。這是一條線。我什至可以列出前三名，因為這因行業而異，而且取決於每個行業存在的機會。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Just a question on international growth, I think you may have answered it, but I think if you sort of do the math, it just seems that sequentially the growth is going to slow down to 2% the midpoint in the third quarter. And then I think the guide sort of implies it stays there in the fourth quarter.

關於國際成長，我有個問題，我想您可能已經回答過了，但如果您稍微計算一下，您會發現成長速度似乎會逐季放緩，到第三季中點將降至 2%。然後我覺得指南似乎暗示它在第四季度會保持在那裡。

And I think you sort of alluded to large projects. just thinking that the comp is similar from second quarter to third quarter, even easier in a two year stack, we're being conservative, or is there sort of specific dynamics taking place in international in 3Q or 4Q.

我覺得你好像暗示了大型專案。我只是覺得第二季到第三季的業績比較接近，在兩年的周期內更容易實現，我們是不是太保守了？還是說第三季或第四季國際業務方面出現了一些特殊的動態？

Yeah, Andrew, it was really they did benefit in Q2 from the timing of some large project shipments. And that was primarily power gen and commercial HVAC filtration and that was in EMEA. And that it kind of aligns with some of the choppiness of the orders from the prior year.

是的，安德魯，他們確實在第二季度受益於一些大型項目發貨的時間表。而這主要涉及發電和商業暖通空調過濾，而且僅限於歐洲、中東和非洲地區。這與去年訂單的波動情況有些吻合。

So those aren't going to repeat in Q3. So we do forecast 2% and that's based on a continued gradual industrial recovery.

所以這些情況在第三季不會重演。所以我們預測成長率為 2%，這是基於工業持續逐步復甦的預期。

Andrew, we basically doubled the guide there. We were one, we're now basically two. You look at that from what we thought would happen at the beginning of the year, we're pretty happy with what's going on there. The orders are also very impressive.

安德魯，我們基本上把導遊人數翻了一倍。我們原本是一個整體，現在基本上分成了兩個。和我們年初的預期相比，我們對目前的情況相當滿意。訂單數量也相當可觀。

But like we've kept saying is there are a number of longer cycle businesses that just don't necessarily need to ship in the second half of our fiscal year. We'll see those in the out months.

但正如我們一直所說，有很多周期較長的企業並不一定需要在我們的財政年度下半年交付產品。接下來的幾個月我們就能看到成果了。

And also maybe sort of nitpicking here, but if you sort of back into growth by end market, you had a race for off-highway and aerospace and defense. But then the other segment sort of implies a big jump in the midpoint of the guys just to make the math work.

還有一點可能有點吹毛求疵，但如果你按終端市場反向分析成長情況，你會發現非公路用車、航空航太和國防領域競爭激烈。但另一部分似乎暗示著，為了讓計算成立，中間部分需要大幅跳躍。

Can you just comment with sort of thinking from plus 10 to sort of (inaudible) 140. Can you comment on that? What's in the other segment, if I'm doing the math right?

請您就從 +10 到（聽不清楚）140 之間進行一些思考並發表評論。您對此有何評論？如果我計算沒錯的話，另一部分是什麼？

Yeah. I don't know if I'm following your math there. Andrew, Jenny went through the logic behind the increases that we've seen by market vertical. Obviously, aerospace continues to be stellar.

是的。我不太明白你的計算過程。Andrew和Jenny分析了各個垂直市場領域成長背後的邏輯。顯然，航空航太業依然蓬勃發展。

We have a significant amount of aerospace in the industrial businesses. That was a driver, and we bumped up off-highway a bit.

我們在工業企業中擁有大量的航空航太業務。那是一個司機，我們稍微偏離了高速公路。

And one other thing to add, some of what sits in the other, obviously, is electronics, and what you see in there is some data center, which is still less than 1% of our sales, but it's been very strong. It's been some nice growth for us. So that may be part of what you're not seeing in our numbers.

還有一點要補充的是，其他部分顯然包含一些電子產品，你在那裡看到的是一些資料中心，雖然這部分銷售額仍然不到我們總銷售額的 1%，但表現非常強勁。我們取得了不錯的成長。所以，這或許可以解釋為什麼你們在我們的數據中看不到某些因素。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

So Jenny, great color is always on the end markets. I guess just a broader question. With reshoring and all the investment that's already occurred here in the US, like what's your, I know it's hard to have a crystal ball, but like what's your take on what's happening with implant equipment in the US?

所以珍妮，優質的色彩始終在終端市場。我想問的是一個更廣泛的問題。隨著製造業回流以及美國已經進行的所有投資，我知道很難預測未來，但您對美國植入式設備的發展趨勢有何看法？

And then we'll get the going, what are you guys looking at specifically as kind of leading indicators for the like short-cycle inflection?

接下來，我們來探討一下，你們具體關注哪些指標作為短期週期拐點的領先指標？

Yeah. So we get a lot of intel from distribution. And we continue to say that this is gradual. But the sentiment is still positive. And I've been saying that for quite some time because the distributors do talk a lot about all of the quoting activity.

是的。所以我們透過分發管道獲得了很多情報。我們一直強調，這是一個漸進的過程。但整體情緒依然正面。我一直以來都這麼說，因為經銷商確實經常談論所有的報價活動。

But I would say in the recent conversations, the CapEx remains selective. And the customers are prioritizing productivity and automation projects versus large-scale capacity expansion. And you see that in pockets, and that's why we consider it gradual because you'll see some in different markets.

但我想說，在最近的討論中，資本支出仍然是有選擇性的。客戶優先考慮生產力提升和自動化項目，而不是大規模產能擴張。你會發現這種情況零星出現，所以我們認為這是一個漸進的過程，因為你會在不同的市場看到這種情況。

And I think we're going to continue to see this gradual recovery, and we're going to continue to see better numbers in some of these markets that we've talked about. But I don't know that there's just one catalyst to get this short cycle going.

我認為我們將繼續看到這種逐步復甦的趨勢，在我們談到的一些市場中，我們將繼續看到更好的數據。但我認為啟動這個短期週期的催化劑並非只有一個。

It's really, I think, a matter of taking out some of the noise that really doesn't have anything to do with the business, some of the geopolitical noise, tariffs and maybe possibly interest rates as well.

我覺得，關鍵在於排除一些與業務無關的噪音，例如地緣政治噪音、關稅，甚至可能還有利率噪音。

Yeah, that makes sense. And then I guess maybe just for Todd, just a quick question. Like the Aero business has been doing great.

嗯，有道理。然後，我想問托德一個問題。比如航空業務就發展得很好。

Margins were above 30% in the first half the guidance implies as a step down in the second half? Just anything we need to be aware of from a mix standpoint, and why they would step down in 2H?

上半年利潤率超過30%，這代表下半年利潤率會下降嗎？從混音的角度來看，我們需要注意些什麼？以及他們為什麼下半年卸任？

No. We called out high spares and repairs in Q2. Those are great. The business is high. It's hard to predict that going forward. So we've not put that into our forward guide there. But I would tell you, the activity is robust.

不。第二季我們列出了大量的備件和維修項目。這些都很棒。生意興隆。未來發展很難預測。所以我們沒有把這一點寫進我們的行前指南。但我可以告訴你，這項活動非常活躍。

The team is doing a great job converting serving our customers and you look at those margins that we're forecasting. It's still showing 60 basis points improvement from prior year, and it's high 29%, mid 29.5% type range. So we feel pretty good about giving you a guide with those numbers.

團隊在服務客戶方面做得非常出色，看看我們預測的利潤率就知道了。與前一年相比，仍有 60 個基點的改善，處於 29% 至 29.5% 的高位區間。所以，我們有信心用這些數據為您提供一份指南。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Jenny and Todd, Jeff, congrats the great start to the fiscal calendar year here, a couple of quarters in a row. I know you guys don't love to talk about price, but given inflation, like recent commodity prices and some of your input costs, I'm sure even in things that may be derived from things like natural gas and obviously metals.

Jenny、Todd 和 Jeff，恭喜你們本財年開局良好，連續幾季都取得了不錯的成績。我知道你們不太喜歡談論價格，但考慮到通貨膨脹，例如最近的大宗商品價格和你們的一些投入成本，我相信即使是天然氣和金屬等衍生品的價格也會上漲。

But is it an increasing, are you able to drive price kind of in time? I know with, in some of your products, it runs through distribution, that's less of a challenge sometimes, but perhaps for a lot of the product goes through OE, it could be a little bit more of a challenge.

但是，價格會不斷上漲嗎？你能隨著時間的推移推動價格上漲嗎？我知道你們的一些產品是透過分銷管道銷售的，這有時會比較容易，但對於許多透過原廠配套銷售的產品來說，這可能更具挑戰性。

Is there some risk mitigation there that's going on at present? Are we being a little too paranoid, or are you guys, add any color there that would be helpful.

目前是否有針對該領域的風險緩解措施？我們是不是有點過於謹慎了？或是你們有什麼補充說明嗎？

Yeah. With some of these commodity prices, Scott, we're handling this like we have any other inflation or issues that come about. That pricing muscle is strong. And we've had a long history here of being able to handle these things.

是的。史考特，對於這些大宗商品價格，我們處理的方式和處理其他通貨膨脹或問題的方式一樣。他們的定價能力很強。我們一直以來都有處理這類事情的經驗。

But it's ongoing, and I would say that it's nonstop, right? We have to respond to these things and make sure that they don't impact our EPS, and they have it, and they won't.

但這仍在繼續，可以說從未間斷，對吧？我們必須對這些事情做出回應，確保它們不會影響我們的每股盈餘，它們確實影響了，但不會。

Yeah, Scott, I would just, you obviously are a following of our margins. You can see our margins. Every one of the businesses posted a record margin number for the quarter. And I would tell you, the eyes on cost and the ion price, that's a muscle that never goes out of style here at Parker. So we're all over it.

是的，史考特，我只是覺得，你顯然是我們的利潤率的追隨者。你可以看到我們的利潤率。所有企業本季的利潤率均創歷史新高。我會告訴你，在派克，關注成本和離子價格是永不過時的策略。所以我們都在全力以赴。

Fair enough. And then just a quick follow-up. The time line you give to close Filtration Group kind of 6 to 12 months so you could drive a bus for that. But what are the major rating factors just kind of standard antitrust issues that could get pushed or pulled one direction or another, or are there other hurdles?

很公平。然後還有一個簡短的後續問題。你給出的關閉過濾集團的時間表是 6 到 12 個月，那足夠你開公車了。但主要的評級因素是什麼？只是一些標準的、可能被推向或拉向某個方向的反壟斷問題嗎？還是還有其他障礙？

Yeah. No. just the standard regulatory filings and the process that we have to go through.

是的。不，只是標準的監管備案和我們必須經歷的流程。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

But I guess I just wanted to ask, I joined a little bit late, so forgive me if I, this is (inaudible) ask, I want to talk about the 2Q performance, which obviously was better and then how that corresponds to the full year guidance increase.

但我只是想問一下，我加入得有點晚了，所以如果我問的問題（聽不清楚）請見諒，我想談談第二季度的業績，顯然第二季度的業績更好，以及這與全年業績預期上調是如何對應的。

It doesn't seem like you assume much of the 2Q goodness into the second half. And then also, I'm sure you addressed this, so I apologize, again, but talk about the North American margin decline a little bit for the full year and what the reason for that is?

看來你並沒有把第二季的好動能延續到下半年。另外，我相信您已經談到了這一點，所以我再次道歉，但能否稍微談談北美全年利潤率下降的情況以及原因？

I'll answer that question for you, and then Todd will follow up. So there's nothing about the North American margin other than Q2 mix was not as favorable as Q1. That's all that's there. Listen, Q2 is a record for us, 80 basis points of margin expansion, 52% incrementals.

我會先回答你的問題，然後托德會跟進。所以，除了第二季產品組合不如第一季有利之外，北美利潤率方面沒有其他問題。就這些。聽著，第二季對我們來說是創紀錄的，利潤率提高了 80 個基點，成長 52%。

The team is performing very well. And for we increased the margin to 26%. So we took that up. And for the second half, we're not reducing the North America margin.

球隊表現非常出色。因此，我們將利潤率提高到了 26%。所以我們就採納了這個建議。下半年，我們不會縮小北美地區的利潤空間。

Yeah. If you look at the second half, as Jenny said, we're basically 26.5% in the second half for North America. That would be an all-time record for North America, and that will put the full year up by 80 basis points. So I just reiterate what Jenny said. Q1 was exceptional. Q2 was a record, right?

是的。正如珍妮所說，如果你看一下下半年的情況，我們在北美下半年的佔比基本上是 26.5%。這將是北美有史以來的最高紀錄，這將使全年經濟成長率提高 80 個基點。所以我只是重複了珍妮說過的話。第一季表現非常出色。第二季創下了紀錄，對吧？

Yeah, fair. Okay, totally get it. And then just maybe one other kind of bigger picture question, Jenny, related to that, the pricing commentary, I think, to Scott's question. If I just look at Parker's organic growth over the last decade, it's basically averaged a couple of percent per year for the entire company.

嗯，有道理。好的，完全明白了。然後，珍妮，或許還有一個更宏觀的問題，與此相關，那就是定價方面的評論，我認為這與斯科特的問題有關。如果只看派克公司過去十年的自然成長，整個公司的平均年增長率基本上只有幾個百分點。

In fact, North American Industrial has been 1.5 points. And when you incorporate price, it's just the implied volumes are actually down over the last decade. I guess my first question is, do you agree with that observation? Is that a fair observation?

事實上，北美工業指數已經下跌了1.5個百分點。如果把價格因素考慮進去，就會發現過去十年隱含的成交量其實是下降的。我想問的第一個問題是，您是否同意這種觀點？這種說法是否合理？

And then second, maybe what explains that lack of volume? And maybe we've been in an industrial recession for a decade. I don't know, but at some point, price and margin get incrementally harder and we just need to see some through cycle volume growth. I would love to get your perspective on that.

其次，或許是什麼原因導致銷售量不足？或許我們已經陷入工業衰退長達十年。我不知道，但到了某個階段，價格和利潤率會變得越來越難以控制，我們需要看到銷售週期性成長。我很想聽聽你的看法。

This is Todd. I'll jump in and Jenny, you could add any color, if you like. When we look at what we are doing in North America, first of all, it's hard to look at the company over the last decade because the portfolio has changed tremendously.

這是托德。我來加入，珍妮，如果你喜歡的話，可以添加任何顏色。當我們審視我們在北美的業務時，首先，很難回顧公司過去十年的發展情況，因為業務組合發生了巨大的變化。

When you look at the three acquisitions where you look at where our growth has been way more engineered materials, way more filtration and a heck of a lot more aerospace and defense within those industrial businesses, both in North America and international.

當你審視這三項收購時，你會發現我們的成長主要體現在工程材料、過濾以及航空航天和國防領域，無論是在北美還是在國際上。

The company has never been more focused on organic growth. We have a long-term target of 4% to 6%. We are guiding 4% to 6% this year. So we were right at our target. It has been two plus years of choppiness in the industrial markets. So I would tell you the company has never been more aligned on organic growth.

公司從未像現在這樣專注於內生成長。我們的長期目標是 4% 到 6%。我們預計今年的成長率為4%至6%。所以，我們正好達到目標了。工業市場已經動盪了兩年多。所以我可以告訴你，公司從未像現在這樣如此重視內生成長。

And I'm really proud that we're able to generate these record margins in a not-so-great organic growth environment. So I don't think there's too much to read in there. When you look at what we are doing from a margin and a conversion standpoint, the team is really much driving great performance here.

我非常自豪，在內生成長環境並不理想的情況下，我們仍然能夠取得如此創紀錄的利潤率。所以我覺得裡面沒什麼太多好讀的內容。從利潤率和轉換率的角度來看，團隊確實取得了非常出色的表現。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Can you hear me now?

現在能聽到我說話嗎？

We've got you, Steve.

史蒂夫，我們罩著你。

A lot of questions have been answered, and there's a lot of good detail in the materials. Just curious on the construction side, you guys are like a little more positive than others. Is that just like the data center stuff? Or is there, are there other things you guys are seeing out there?

很多問題都得到了解答，資料中包含了許多很好的細節。我只是好奇，在建築方面，你們似乎比其他人更樂觀。那是不是跟資料中心那一套差不多？或者說，你們還看到其他什麼情況了嗎？

I would say that's a small part of it, but we're actually seeing an increase in the construction equipment.

我認為這只是其中的一小部分，但我們實際上看到建築設備的數量增加。

Okay. And then just lastly, on the fourth quarter, being a bit below consensus. And anything to call out there mechanically as to why the fourth quarter is, I guess, just a little bit weaker than what we would have thought.

好的。最後，第四季略低於預期。至於為什麼第四節的表現比我們預想的要弱一些，我想，這其中一定有什麼機械性的原因吧。

No, I don't think there's anything, Steve, this is Todd. I don't think there's anything specific that we called out there. When I look at what we have laid out here for the fourth quarter, every single number is an all-time record.

不，我想沒事，史蒂夫，我是陶德。我認為我們並沒有特別指出什麼。當我查看我們為第四季度製定的計劃時，發現每個數字都創下了歷史新高。

The fourth quarter is normally our strongest quarter of the year. We are forecasting fourth quarter to be the strongest quarter of the year again and in Q3 in maker we deliver our commitments for Q3, but there's nothing that has us concerned about Q4.

第四季通常是我們一年中業績最好的季度。我們預測第四季將再次成為今年業績最好的一個季度，第三季度我們實現了第三季的承諾，但對於第四季度，我們沒有任何擔憂。

No concern.

不用擔心。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Maybe just to focus on some of the end market trends. So looking at slide 15, just wanted to understand, perhaps when we look at the far right-hand side column of the full year growth rates.

或許應該要聚焦在一些終端市場趨勢。所以，在查看第 15 張投影片時，我只是想了解一下，當我們查看全年成長率的最右側一列時，會是什麼情況。

When we look at Q4, sort of which of those growth rates as you see it are most different from the full year numbers? Just trying to understand kind of inflections or changes or if it's easier to explain any color on how the first half trended for those respective markets beyond A&D.

當我們觀察第四季時，您認為哪些成長率與全年數據差異最大？我只是想了解除了航空航太和國防領域之外，各個市場上半年的發展趨勢有哪些變化或轉折，或者用顏色來解釋一下會不會更容易。

Well, when you look at, let's just look at off-highway, for example, we started off with negative low single digit on our initial guidance back in August. And then we looked at to neutral in Q1. And then we just moved it now to positive low single digits.

嗯，就拿非公路用車來說，我們8月最初的預期是負個位數百分比。然後我們考慮在第一季保持中性。然後我們把它調整到了正的個位數。

So that's just keeps going up. So that's one that I would highlight. And when you look at, obviously, you pointed out aerospace, we're continuing to increase that. But when you look at the rest of the markets, the industrial markets, they remain the same.

所以這個數字還在持續上漲。所以這是我要重點強調的一點。顯然，正如你所提到的航空航太領域，我們正在不斷擴大這一領域。但當你觀察其他市場，例如工業市場時，你會發現它們依然如故。

We've seen too bright spots within them that we've pointed out. But implant and industrial still saying at positive low single digits. When you look at transportation, negative mixed single digits, like we said, we're not seeing anything right now that would change our mind about that through this fiscal year.

我們已經指出了其中的一些亮點。但植入物和工業領域的成長率仍保持在個位數低點。就交通運輸領域而言，正如我們所說，目前來看，負個位數成長，而且就本財年而言，我們還沒有看到任何會改變我們對此看法的因素。

And then the same for energy and HVAC and refrigeration, we're maintaining those from initial guidance.

能源、暖通空調和冷凍方面也是如此，我們將維持最初的指導方針。

Got it. Maybe within A&D, if you could just refresh us perhaps on the end market outlooks for the various pieces for fiscal '26, another company talks about sort of normalization of outsized commercial aero aftermarket growth, but I feel people have been guiding for that for sort of three years running now. So just any thoughts around the market pieces of A&D?

知道了。或許在航空航太與國防領域，您能否為我們簡要介紹一下 2026 財年各零件的終端市場前景？另一家公司談到了商業航空售後市場超高速成長的某種正常化，但我感覺人們已經連續三年都在預測這種情況了。那麼，大家對航空航太與國防市場的組成部分有什麼看法呢？

You bet. So we expect commercial OEM to be around 20% growth. We previously had that at mid-teens. We expect commercial aftermarket to be at low double-digit growth. So we previously had that at high single digit. And in Q1, that was 13%.

當然。因此，我們預期商業OEM業務將成長約20%。我們之前在十幾歲中期也經歷過這種情況。我們預計商業售後市場將維持兩位數的低成長率。所以之前我們把這個數字維持在個位數高點。第一季度，這一比例為 13%。

So we still see strong commercial aftermarket. We expect defense OEM to be around mid-single-digit growth, which is the same as last quarter. And defense aftermarket is at low single-digit growth. That was previously at mid-single-digit growth, but still in a good spot, just a small change there.

因此，我們仍然看到強勁的商業售後市場。我們預期國防OEM廠商的成長速度將維持在中等個位數水平，與上一季持平。國防售後市場成長率僅個位數。此前該行業增長率為個位數中段，但仍處於良好狀態，但略有變化。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

Hi Jenny. Just wanted to come back to just kind of orders and sales. Obviously, kind of in the industrial businesses, we've got more long cycle, and we've talked about that a lot, including on the call here today.

嗨，珍妮。只想回到訂單和銷售方面。顯然，在工業領域，我們的生產週期更長，我們已經多次討論過這個問題，包括今天在這裡的電話會議。

But I'm also just observing that orders have outpaced sales now for eight quarters, which I've never seen that long of a run. So maybe you could just speak to, is it reasonable to think that those do reconnect at some point in time where there's just that much more long-cycle stuff in the backlog, and obviously, at some point, things will cycle and they'll cross over.

但我同時也注意到，訂單量已經連續八個季度超過銷售額，這種情況我從未見過這麼長時間。所以，也許你可以談談，認為這些事情在某個時候會重新聯繫上是否合理，因為積壓的工作中會有更多長期週期的事情，而且顯然，在某個時候，事情會循環往復，它們會交叉。

But in terms of kind of them coming together during an up cycle, do you think we continue to see kind of a persistent gap there.

但就它們在上升週期中的融合而言，你認為我們是否會繼續看到某種持續存在的差距？

Yeah. Jeff, it's a good question. I mean, we're clearly a longer-cycle business today than we have been in the past. But it is hard to put a figure on conversion timing as it really is determined by the customer delivery schedule.

是的。傑夫，問得好。我的意思是，我們現在的業務週期顯然比過去要長得多。但轉換時間很難量化，因為它實際上取決於客戶的交貨計劃。

We, obviously, with higher aerospace and defense in the Aerospace segment as well as in our industrial businesses, we do have a lot of multiyear orders that fall into those buckets. So that definitely has an impact.

顯然，隨著航空航太和國防在航空航太領域以及工業業務中的成長，我們有許多多年期訂單屬於這些類別。所以這肯定會產生影響。

And what we see from a short cycle standpoint, as I've mentioned a couple of times, it's a gradual short cycle recovery, some markets sooner than others. Implant in our distribution business, we think they're going to benefit from both CapEx and OpEx.

從短期週期的角度來看，正如我之前多次提到的，這是一個漸進的短期週期復甦，有些市場復甦得比其他市場快。我們認為，將這項技術應用到我們的分銷業務中，將會在資本支出和營運支出方面都受益。

So again, I pointed out we saw low single-digit positive growth in the quarter. And those long cycle and secular trend businesses HVAC, energy, they're continuing to really be strong. So record backlog, orders are in a good position, but hard to connect the dots there.

所以我再次指出，本季我們實現了個位數的正成長。而那些週期長、發展趨勢穩定的產業，例如暖通空調和能源產業，它們仍然保持強勁勢頭。所以積壓訂單數量創歷史新高，訂單狀況良好，但很難從中看出具體原因。

Jeff, on the good side, it is giving us better visibility. It is allowing us to level load our operations. It is part of what's driving the consistency in our performance across all of the operating businesses. And again, I think not as much credit as given to the transformation of the portfolio.

傑夫，從好的方面來說，它提高了我們的視野。它使我們能夠均衡營運負荷。這也是我們所有營運業務績效保持一致的原因之一。而且，我認為投資組合的轉型並沒有得到應有的認可。

And like I said, we are a different company than we were 2, 3, 5, 10 years ago. So it's still an important metric. We watch it every day, as a matter of fact. And we're really happy that orders have turned positive across every business, and it's a positive outlook for the future.

正如我所說，我們現在是一家與 2 年前、3 年前、5 年前、10 年前截然不同的公司。所以它仍然是一個重要的指標。事實上，我們每天都會看。我們非常高興看到所有業務的訂單都轉正，這對未來來說是一個積極的信號。

Yeah. And we don't have the industrial backlog. I don't think you could share it, that would be interesting. But yes, Industrial backlog was down in Q1, right?

是的。而且我們也沒有工業積壓訂單。我覺得你不能分享，那會很有趣。是的，第一季工業積壓訂單有所下降，對吧？

But it looks to me if it was even flat sequentially here in Q2, then we're starting to get to backlog in Industrial also inflecting higher. Is that sort of what you see in the business?

但依我看，即使第二季環比持平，工業領域的積壓訂單也開始出現上升趨勢。這是你在商業領域看到的現象嗎？

Yeah. I believe that's exactly what we're seeing here in the.

是的。我相信這正是我們在這裡看到的。

Industrial backlog has gone up in Q2. Yes, Industrial backlog went up. It remains in the mid-20s, and it grew from Q1 to Q2.

第二季工業積壓訂單增加。是的，工業積壓訂單增加了。它保持在20%左右，並且從第一季到第二季度有所增長。

Okay. Yeah, which means that it's nicely up versus last year, which reflects the order versus sales gap. Great. Now I appreciate that color.

好的。是的，這意味著與去年相比有了顯著成長，這反映了訂單量與銷售額之間的差距。偉大的。現在我欣賞這種顏色了。

Joe O'Dea, Wells Fargo.

喬‧奧迪亞，富國銀行。

I wanted to circle back to the implant comments and just customer kind of prioritization of spend around productivity and automation over some of the capacity expansion. I think we've been in that kind of environment for some time at this point.

我想回到植入物的評論，以及客戶在生產力和自動化方面的支出優先於產能擴張。我認為我們已經在這種環境下待了一段時間了。

Maybe just spend a little bit of time on what that means for their spend, like the wallet that goes to Parker. And when we think about it on the productivity and automation side versus the capacity expansion side. And if we were to see a pivot toward capacity expansion, what that would mean for you?

或許應該花點時間想想這對他們的消費意味著什麼，例如花在派克錢包上的錢。當我們從生產力和自動化角度與產能擴張角度來考慮這個問題。如果企業轉向產能擴張，這對你來說又意味著什麼？

Well, the good news is, is we participate in both scenarios, right? I mean when there's any type of retooling done or upgrading done or retrofitting done, our distribution channel and sometimes many of our divisions participate in that directly.

好消息是，我們兩種情況都會參與，對吧？我的意思是，當進行任何類型的設備改造、升級或翻新時，我們的分銷管道，有時甚至是我們的許多部門都會直接參與其中。

And then some of the examples we've given in the past is when there is capacity expansion that is actually new factory, new building, we're participating from the time that they start clearing the land. And all the way through the putting the walls up, putting the infrastructure in.

然後，我們過去舉的一些例子是，當產能擴張實際上是新建工廠、新建廠房時，我們從他們開始清理土地的那一刻起就參與其中。以及從砌牆到安裝基礎設施的整個過程。

So Parker gets a nice share of the wallet in both situations. It is just still a grand recovery, though, in our distributors, again, positive sentiment, working with a lot of those small and midsized OEMs, they're participating in these things.

所以，在這兩種情況下，帕克都能分到不少錢。不過，目前仍處於全面復甦階段，我們的經銷商情緒積極，與許多中小規模的原始設備製造商合作，他們也參與其中。

They're ready. They're ready to participate at a higher level. But right now, what we have for them is we see for industrial growth is about 2% to 2.5%.

他們準備好了。他們已經準備好參與更高水平的比賽。但就目前而言，我們看到的工業成長率約為 2% 至 2.5%。

Got it. And then just on your own CapEx plans. You've raised the guide a little bit last quarter, maintained it this quarter. It's up about $100 million year-over-year. So some nice growth there.

知道了。然後就看自己的資本支出計畫了。上個季度你們稍微提高了指導價，這個季度維持了原有水準。與去年同期相比成長了約1億美元。所以這方面發展勢頭不錯。

Maybe just elaborate on that and whether there's anything on the capacity expansion side? Is any of that targeted around as you're starting to highlight off-highway a little bit and then some of the activity you're seeing there. Just to understand where that higher spend is going?

或許可以詳細說明一下，以及產能擴充方面是否有任何進展？你是否開始稍微關註一下非公路區域，以及你在那裡看到的一些活動？只是想了解這筆更高的支出都花在哪裡了？

Yeah. We are definitely investing in our businesses. We have investment around automation and productivity. And we do have capacity expansion on both sides of the business. So it's important to us to be able to keep up the level of service and world-class manufacturing.

是的。我們肯定會對我們的業務進行投資。我們在自動化和生產力方面進行了投資。我們業務的各個方面都有產能擴張。因此，對我們來說，保持服務水準和世界一流的製造能力至關重要。

And as our team use Kaizen tools to improve the processes that we have. We're always looking to make those processes better. So a lot of investment in our factories.

我們的團隊也運用精實改善工具來改善我們現有的流程。我們一直在努力改善這些流程。因此，我們對工廠進行了大量投資。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

So I want to follow up on some of the earlier conversation around cycle trends. You guys have as broad exposure as anybody, both on an end market, but also a geographic basis.

所以我想就之前關於週期趨勢的一些討論做個後續探討。你們的業務範圍非常廣泛，無論是在終端市場或地理範圍上。

So just kind of maybe simply, when you look across all this exposure, is there anything that you think will be worse a year from now where you're seeing signs that there is pointing to next 12 month deterioration?

所以，簡單來說，當你縱觀所有這些風險時，你認為一年後有哪些方面會變得更糟，或者你看到了哪些跡象表明未來 12 個月的情況會惡化？

I don't see anything now. I'm not hearing anything or I don't see any indicators that would cause us to think the forecast we have out there now for these market verticals is going to get worse. I don't see anything.

我現在什麼也看不到。我沒有聽到任何消息，也沒有看到任何跡象表明，目前我們對這些垂直市場的預測會變得更糟。我什麼也沒看到。

Yeah, Chris, we called out backlog in total. Backlog is a record. Orders have been positive for some time now. Historically, that has been a positive sign for future growth for Parker-Hannifin.

是的，克里斯，我們已經統計了全部積壓工作。積壓工作量創下紀錄。訂單狀況已經持續向好一段時間了。從歷史來看，這對派克漢尼汾的未來成長來說一直是一個正面的訊號。

I was just wondering if there was anything that wasn't like stable to improving. And then I guess maybe just following up on that. It seems like at least a good chunk of the North America order pickup with some of the long-cycle businesses.

我只是想知道有沒有什麼方面不太穩定，反而有所改進。然後，我想也許可以就此做些後續跟進。看起來至少北美地區一些長週期企業的訂單回升幅度相當大。

But did the shorter cycle businesses also see positive rate of change on orders? And any color on the specific end marks, I would imagine construction and some of them we're seeing momentum.

但周期較短的企業是否也出現了訂單量正成長的情況呢？而特定終點標記上的任何顏色，我猜想都與施工有關，而且我們看到其中一些正在形成勢頭。

Yeah, we definitely saw some positive orders in implants and off-highway and energy. So definitely, it wasn't all aerospace and defense, but there were some multiyear aerospace and defense orders that hit our industrial businesses that really caused that jump from 3% to 7%. But positive orders and implant off-highway and energy.

是的，我們確實在植入物、非公路車輛和能源領域看到了一些積極的訂單。所以，這當然不全是航空航太和國防的成長，但確實有一些多年期的航空航太和國防訂單衝擊了我們的工業企業，導致成長率從 3% 躍升至 7%。但積極的訂單和植入式非公路和能源。

Hi, Katie, this is Todd. I think we have time for maybe one more question before we wrap it up at 12:00.

你好，凱蒂，我是托德。我想在12點結束前，我們或許還有時間再問一個問題。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗銀行。

Wanted to follow up on Filtration Group. I imagine the teams are already getting a running start on some of the integration and preplanning. Any early observations on confidence around cost synergies? And then as you've been mapping the combination, any early view on the sales synergy side?

想跟進一下過濾集團的狀況。我想各團隊已經開始著手進行一些整合和前期規劃工作了。對於成本綜效的信心，目前有任何初步觀察嗎？那麼，在您規劃組合方案的過程中，對於銷售綜效方面是否有初步的看法？

Thanks for the question, Brett. We're as I said, we're just really excited about the filtration group. So we are very confident in our ability to deliver that $220 million in synergies by the end of year three. And part of our diligence process was several plant visits, and that's what gives us that confidence.

謝謝你的提問，布雷特。正如我所說，我們對過濾小組感到非常興奮。因此，我們非常有信心在第三年末實現 2.2 億美元的綜效。我們盡職調查過程的一部分是多次工廠實地考察，而正是這些考察讓我們充滿信心。

We are working with the team. We don't own them yet. So we're building relationships. We're getting that integration playbook going. We have the integration team assembled here on the Parker side and we'll shortly with the filtration group side, but really feel very confident about the synergies.

我們正在與團隊合作。我們還沒有擁有它們。所以我們正在建立關係。我們正著手實施整合方案。我們已經在派克這邊組建了整合團隊，很快也會與過濾集團那邊組建團隊，我們對協同效應真的非常有信心。

We didn't model any revenue synergies, but we feel that there's opportunities to utilize the customer relationships that we both have to deliver value to customers.

我們沒有模擬任何收入協同效應，但我們認為有機會利用我們雙方現有的客戶關係為客戶創造價值。

So we think that, that is going to give us some upside. And then we'll look at the distribution networks and see what makes sense and learn and be focused on our organic growth with this acquisition, just like we have in the last.

所以我們認為，這將為我們帶來一些好處。然後，我們將審視分銷網絡，看看哪些方案可行​​，並從中學習，專注於透過此次收購實現我們的有機成長，就像我們上次所做的那樣。

That's great. And then just a quick follow-up. So just close the loop on tariffs, so calendar '25 in the books. Can you update us on what the annualized tariff expense that you absorbed.

那太棒了。然後還有一個簡短的後續問題。所以，關稅問題就此解決，2025 年就此塵埃落定。能否告知我們您承擔的年度關稅支出是多少？

And as you progress through the mitigation measures, is it fair to think that as you get into the second half of calendar '26 that you do have the potential to drive better than normal incrementals as you're lapping some of that expense paying?

隨著緩解措施的推進，是否可以認為，到了 2026 年下半年，隨著一些支出的減少，你的業績成長潛力將比正常水平更高？

Brett, this is Todd. The tariffs obviously have been pretty volatile. I don't want to make any predictions on what's going to happen with tariffs, or what has happened with tariff. I would just tell you, rest assured that we haven't covered.

布雷特，我是托德。關稅顯然波動很大。我不想對關稅的未來走向或過去的發展趨勢做出任何預測。我只想告訴你，請放心，我們還沒有涵蓋這方面的內容。

You have not heard us call out any negative impact from tariffs. You look at these margins, these margins are all-time records. We're really positive now that the majority of the company has returned to positive organic growth.

我們並未公開指出關稅帶來的任何負面影響。你看這些分差，這些分差都是歷史新高。現在公司大部分業務已經恢復正向內生成長，我們對此感到非常樂觀。

And we're going to manage whatever happens as it happens and just be as clear as transparent with our customers as we possibly can be. So that's the way we're running it.

我們會隨機應變，盡可能對客戶保持清晰透明的態度。這就是我們目前的運作方式。

That's right.

這是正確的。

Congrats on the quarter.

恭喜你本季取得佳績。

Thanks.

謝謝。

Thank you.

謝謝。

All right, Katie, I think this wraps up our time here. This concludes our FY26 Q2 earnings release webcast. We do appreciate everyone's time and attention. We thank you for joining us today.

好了，凱蒂，我想我們今天的行程就到此結束了。我們的2026財年第二季財報發佈網路直播到此結束。我們非常感謝大家的時間和關注。感謝您今天蒞臨。

If there are any needs for follow ups, our team will be available as usual, Jeff Miller (inaudible) will be available for any kind of follow-up that's needed. Thank you, everyone, and have a wonderful day.

如有需要跟進，我們的團隊將照常提供服務，Jeff Miller（聽不清楚）將負責任何需要的跟進工作。謝謝大家，祝大家有美好的一天。

Thank you. This concludes today's call. We appreciate your time and participation. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您抽空參與。您現在可以斷開連線了。