派克漢尼汾 (PH) 2026 Q3 法說會逐字稿

Good morning, and welcome to Parker-Hannifin Corporation's fiscal 2026 third quarter earnings conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the call over to Todd Leombruno, Chief Financial Officer. Please go ahead.

早安，歡迎參加派克漢尼汾公司（Parker-Hannifin Corporation）2026 會計年度第三季財報電話會議與網路直播。(接線員指示) 請注意，今天的會議將被錄音。現在我想把電話交給財務長 Todd Leombruno。請開始。

Thank you, Chloe. I'd like to welcome everyone to Parker's Fiscal Year 2026 Third Quarter Earnings Release Webcast. As Chloe said, this is Todd Leombruno, Chief Financial Officer speaking. And with me today, as usual, is Jenny Parmentier, our Chairman and Chief Executive Officer. Thank you all for your time and your interest in Parker. We truly appreciate it.

謝謝你，Chloe。我想歡迎各位參加派克 2026 會計年度第三季財報發布網路直播。如 Chloe 所說，我是財務長 Todd Leombruno。今天與我一同出席的，照例是我們的董事長兼執行長 Jenny Parmentier。感謝各位撥冗以及對派克的關注。我們由衷感激。

Let's begin the call on slide 2 and address our disclosures on forward-looking projections and non-GAAP financial measures. Items listed here could cause our actual results to vary from our forecast. Our press release, this presentation and reconciliations for any and all non-GAAP measures were released this morning and are available under the Investors section on parker.com.

我們從第 2 頁投影片開始，並說明關於前瞻性預測與非 GAAP 財務衡量指標的揭露事項。此處列示的事項可能導致我們的實際結果與預測有所差異。我們的新聞稿、本簡報，以及任何與所有非 GAAP 指標的調節表，已於今早發布，並可在 parker.com 的「投資人」專區取得。

Today's agenda has Jenny reviewing our record third quarter performance. Then she will highlight two of our largest market verticals, that is aerospace and defense and transportation. I'm going to follow with some details on our third quarter financial results. And then Jenny and I will provide an update to our FY26 outlook, including an update to market verticals and financial performance. As usual, we will conclude with the Q&A session of the call, and we will try to address as many of the questions as we have as possible.

今天的議程將由 Jenny 回顧我們創紀錄的第三季表現。接著她將重點說明我們兩個最大的市場垂直領域，也就是航太與國防，以及運輸。我將接續提供第三季財務結果的部分細節。然後 Jenny 與我將更新 26 財年的展望，包括市場垂直領域與財務表現的最新情況。照例，我們將以問答環節作結，並會盡可能回答我們所收到的問題。

With that, now I ask you to draw your attention to slide 3. And Jenny, the floor is yours.

接下來，請各位把注意力轉到第 3 頁投影片。Jenny，交給你了。

Thank you, Todd, and thank you to everyone for attending the call today. Q3 was a quarter of record performance, enabled by the strength of our portfolio. We achieved top quartile safety performance with a 12% reduction in our recordable incident rate. This was our safest quarter ever and puts us in line with our goal of being the safest industrial company in the world.

謝謝你，Todd，也感謝各位今天參加本次電話會議。第三季在我們產品組合實力的帶動下，創下了破紀錄的表現。我們的安全表現達到同業前四分位，通報事故率降低 12%。這是我們史上最安全的一季，也讓我們更接近成為全球最安全工業公司的目標。

I did want to acknowledge the severe weather events that occurred in Texas earlier this week, where Parker team members live and work, some of whom may be listening to the call right now. We have a facility in Mineral Wells, Texas, where we employ over 300 team members. Their safety remains our top priority. And thankfully, those on site at the time of the severe weather are safe. However, there was damage to our facility, which we are still assessing. We are thankful to all our team members as well as the responders and service providers who are assisting at our site and in the broader community.

我也想提及本週稍早德州發生的嚴重天候事件，派克的團隊成員在當地生活與工作，其中一些人可能正在收聽本次電話會議。我們在德州 Mineral Wells 設有一座廠區，雇用超過 300 位團隊成員。他們的安全仍是我們的首要任務。所幸在嚴重天候發生當時於現場的人員都平安無事。然而，我們的廠區有受損，目前仍在評估中。我們也感謝所有團隊成員，以及在我們廠區與更廣泛社區提供協助的第一線應變人員與服務供應商。

With that, let's share our results for the quarter. Our team delivered record Q3 sales of $5.5 billion, organic growth of 6.5% and 40 basis points of margin expansion, resulting in 26.7% adjusted segment operating margin. Adjusted earnings per share grew 18% and year-to-date cash flow from operations was $2.6 billion. Orders came in at 9% with a record backlog of $12.5 billion. And we are continuing to make progress on the Filtration Group acquisition.

接著，讓我們分享本季的成果。我們的團隊交出創紀錄的第三季銷售額 55 億美元，有機成長 6.5%，並帶來 40 個基點的利潤率擴張，使調整後事業部營業利益率達 26.7%。調整後每股盈餘成長 18%，年初至今的營運活動現金流為 26 億美元。訂單成長 9%，未交訂單（backlog）創新高達 125 億美元。我們也持續推進對 Filtration Group 的收購。

Integration planning is underway using our proven playbook. Moving to slide 4, please. Many of you on the call today have seen this slide before, why we win. 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.

整合規劃正依循我們經過驗證的作戰手冊展開。請切到第 4 頁投影片。今天在電話會議上的許多人之前都看過這張投影片：我們為何能贏。首先，Win Strategy 是我們的營運系統。我們採分權式營運架構，由 85 個事業部組成，各由總經理負責並承擔完整損益責任，以主人翁精神運作，貼近客戶並每天落實 Win Strategy。

Next, we have innovative products to solve customer problems, 85% covered by intellectual property. 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.

其次，我們擁有能解決客戶問題的創新產品，其中 85% 受到智慧財產權保護。我們的應用工程師提供專業能力，使我們在相互連結的技術上具備競爭優勢，為客戶提供高效率的解決方案。

And finally, our distribution network is the best in the world. It is truly an extension of our engineering teams, providing solutions to all those small to midsized OEMs that are participating in capital spending and investments. These partners are experts at applying our interconnected technologies. Moving to slide 5. We have the number one position in the $145 billion motion and control industry, a growing space where we continue to gain share.

最後，我們的經銷通路網絡是全球最佳。它確實是我們工程團隊的延伸，為所有參與資本支出與投資的中小型 OEM 提供解決方案。這些合作夥伴擅長應用我們相互連結的技術。請切到第 5 頁投影片。我們在規模 1,450 億美元的運動與控制產業中位居第一；這是一個持續成長的領域，我們也不斷提升市占率。

As a reminder, 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. 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.

提醒各位，這六個市場垂直領域合計占公司營收 90% 以上。我們擁有聚焦的產品組合，為客戶創造明確價值。我們強大的互聯解決方案橫跨這些市場垂直領域，並賦予我們清晰的競爭優勢。我們 2/3 的營收來自購買四種或以上技術的客戶；我們的成長聚焦於成長更快、週期更長的市場與長期結構性趨勢。

As Todd mentioned, today, I would like to talk about the aerospace and defense and transportation market verticals. Now on slide 6. I'd like to highlight how we utilize our focused portfolio of core technologies to solve problems and create value for customers in aerospace and defense, our largest market vertical representing 35% of Parker sales. We have been a trusted partner since the inception of the aerospace industry and today have products and technologies on every major aircraft program globally.

如 Todd 所提到，今天我想談談航太與國防，以及運輸這兩個市場垂直領域。現在請看第 6 頁投影片。我想重點說明我們如何運用聚焦的核心技術產品組合，在航太與國防（我們最大的市場垂直領域，占派克銷售額 35%）中解決問題並為客戶創造價值。自航太產業誕生以來，我們一直是值得信賴的合作夥伴；如今，我們的產品與技術已應用於全球每一個主要飛機專案。

Our portfolio is well balanced with approximately 2/3 of our sales from commercial programs and 1/3 from defense programs. We have proprietary designs across commercial transport, defense fixed wing fighter, business jet and helicopter platforms. With the Meggitt acquisition, we increased our global footprint and are now very well equipped to serve current and future demand from OEM and aftermarket customers in the Americas, EMEA and Asia.

我們的產品組合配置均衡，約 2/3 的銷售來自商用專案，1/3 來自國防專案。我們在商用運輸機、國防固定翼戰機、公務機與直升機平台上皆擁有專有設計。透過收購 Meggitt，我們擴大了全球布局，現已具備更完善的能力，在美洲、EMEA 與亞洲為 OEM 與售後市場客戶服務，以滿足當前與未來的需求。

Demand remains robust. Orders continue to outpace shipments, and we are on track to finish our fourth consecutive year of double-digit organic growth. Parker is better equipped than ever before with complementary technologies to help shape the future of flight and deliver a compelling value proposition for our customers today and on next-gen commercial and defense programs in the years ahead.

需求仍然強勁。訂單持續超過出貨，我們正朝完成連續第四年有機成長達雙位數的目標邁進。派克如今比以往任何時候都更具備互補技術能力，能協助塑造飛行的未來，並在未來數年於現有及下一代商用與國防專案上，為客戶提供具吸引力的價值主張。

Moving to slide 7, featuring our transportation market vertical, which represents 15% of Parker sales. Our suite of differentiated and interconnected components and systems create value for customers across internal combustion, hybrid and electric vehicles. We are truly energy agnostic and well positioned to meet changing customer needs. Today, we win with a focused portfolio of innovative products and our application engineers who work closely with customers to specify Parker technologies that improve the safety, reliability and fuel efficiency of their equipment.

請切到第 7 頁投影片，介紹我們的運輸市場垂直領域，占派克銷售額 15%。我們一系列具差異化且相互連結的元件與系統，能在內燃機、混合動力與電動車領域為客戶創造價值。我們真正做到能源形式不設限（energy agnostic），並已做好準備以因應客戶需求的變化。目前，我們憑藉聚焦的創新產品組合，以及與客戶緊密合作的應用工程師而勝出，協助客戶指定派克技術，以提升其設備的安全性、可靠性與燃油效率。

Parker Filtration provides protection to the engine and fluid power systems. Our power takeoffs provide reliable power to work functions. Our valves, hose and fittings control the flow of safety critical systems, and our engineered materials provide critical sealing, shielding and thermal management. In addition, our robust network of channel partners serve the aftermarket needs of end users around the world. Lastly, we are seeing an increase in OEM orders for heavy-duty truck, our largest platform within transportation and as a result, are increasing fiscal year '26 sales guidance for this market.

Parker 過濾系統為引擎與流體動力系統提供保護。我們的取力器為作業功能提供可靠動力。我們的閥件、軟管與接頭控制安全關鍵系統的流量，而我們的工程材料則提供關鍵的密封、屏蔽與熱管理。此外，我們強健的通路合作夥伴網路可滿足全球終端用戶的售後市場需求。最後，我們看到重型卡車 OEM 訂單增加；重型卡車是我們運輸領域中最大的平臺，因此我們上調了該市場 2026 會計年度的銷售指引。

I'll turn it back to Todd to review third quarter highlights.

我把時間交還給 Todd，請他回顧第三季重點。

Thank you, Jenny. We are on slide 9, and I'm going to start with just the summary of financial results. As Jenny said, our team delivered another set of new records this quarter for sales, adjusted segment operating margin, EBITDA, net income and adjusted EPS. Total sales were up nearly 11%. Organic growth was 6.5%. Currency was favorable at 2.5% and acquisitions added 1.5% to the total.

謝謝你，Jenny。我們在第 9 頁投影片，我先從財務結果摘要開始。如 Jenny 所說，我們的團隊本季在銷售額、調整後分部營業利益率、EBITDA、淨利與調整後 EPS 再創新高。總銷售額成長近 11%。有機成長為 6.5%。匯率帶來 2.5% 的正面影響，併購為總額貢獻 1.5%。

Adjusted segment operating margins were 26.7%, that is up 40 basis points from prior year, and adjusted EBITDA was up 20 basis points to reach 27.2%. We have achieved two new first-time ever milestones this quarter. Adjusted net income surpassed $1 billion for the first time ever, and that is a 19.1% return on sales. And in addition, the adjusted earnings per share of $8.17, that's the first time we've been above $8 for a single quarter ever. As Jenny said, that is a growth of 18% versus prior year.

調整後分部營業利益率為 26.7%，較去年同期提升 40 個基點；調整後 EBITDA 利益率提升 20 個基點至 27.2%。本季我們達成兩項前所未有的新里程碑。調整後淨利首次突破 10 億美元，銷售報酬率為 19.1%。此外，調整後每股盈餘為 8.17 美元，這也是我們單季首次突破 8 美元。如 Jenny 所說，較去年同期成長 18%。

Our teams around the globe did an excellent job this quarter, resulting in another quarter of strong performance. That organic growth, those records across the board and that 18% EPS growth. We're really proud of everyone for their efforts. We're well positioned, and we remain confident in delivering another record year in 2026.

我們全球各地的團隊本季表現出色，帶來又一季的強勁績效。有機成長、各項紀錄全面刷新，以及 18% 的 EPS 成長。我們為大家的努力感到非常自豪。我們已具備良好定位，並且仍有信心在 2026 年再創紀錄的一年。

So if we can move to slide 10, we'll just display the walk, $1.23 of additional EPS, that's an 18% increase. Main driver continues to be increased segment operating income dollars. That added $0.96 or 14% of the growth versus prior year. If you go to the next bar, income tax was favorable, $0.18. There was a couple of discrete items that occurred within the quarter to drive the $0.18 favorable year-over-year comparison.

若我們移到第 10 頁投影片，將呈現 EPS 的橋接分析：增加 1.23 美元，成長 18%。主要驅動因素仍是分部營業利益金額增加。這項因素貢獻 0.96 美元，約占較去年同期成長的 14%。下一個柱狀項目是所得稅的正面影響，為 0.18 美元；本季有幾項一次性（離散）事項，帶動年對年比較呈現 0.18 美元的有利變動。

Share count was also favorable. That drove 14% of improvement from prior year. That was really based on all the discretionary purchases that we've done over the last year or so. Interest was just $0.02 unfavorable, and that was driven by just a slightly higher average debt balance that was slightly offset by lower rates. And corporate G&A and other were a little bit higher, just $0.03 due to some favorable market-based benefits that really occurred in the prior year. So not an FY26 issue, that was FY25.

股數也帶來正面影響。相較去年同期，這項因素帶來 14% 的改善。這主要來自我們在過去一年左右所進行的各項自主性回購。利息則小幅不利 0.02 美元，原因是平均負債餘額略高，但部分被較低利率所抵銷。公司一般與管理費用及其他項目略高，僅 0.03 美元，係因去年出現一些有利的市場型福利。因此這不是 2026 會計年度的問題，而是 2025 會計年度的因素。

The result is a record $8.17. It's just really driven by strong growth and our team continuing to work the Win Strategy. I really appreciate the team's effort on safety. Jenny mentioned, this was our safest quarter ever, really focusing on our customers, achieving that growth and just really strong operating results. Thank you to all.

結果是創紀錄的 8.17 美元，主要由強勁成長以及團隊持續推動 Win Strategy 所帶動。我非常感謝團隊在安全方面的努力。如 Jenny 提到，這是我們史上最安全的一季；我們專注於客戶、達成成長，並取得非常強勁的營運成果。謝謝大家。

If we go to slide 11, let's look at the segment performance. If you look at orders, we were 9% in total. with positive order rates across all of our businesses. Backlog increased to a record level of $12.5 billion. We generated record segment operating margins.

若我們到第 11 頁投影片，來看各事業部表現。若看訂單，整體成長 9%，且我們所有業務皆呈現正向的訂單成長率。在手訂單（backlog）增加至創紀錄的 125 億美元。我們創下分部營業利益率新高。

That was 40 basis points of margin expansion. And overall, just a great Q3. If we look at North America specifically, sales were $2.1 billion with organic growth of nearly 3%. That was slightly better than our expectations.

利益率擴張 40 個基點。整體而言，第三季表現非常出色。若特別看北美，銷售額為 21 億美元，有機成長接近 3%。這略優於我們的預期。

Strongest markets within North America were in-plant and industrial equipment, off-highway and followed by energy. Adjusted operating margins were up 10 basis points for a Q3 record of 25.3% and orders remained robust at 7% compared to prior year. Looking at the international businesses, sales were a record $1.5 billion. That was up 13% versus prior year, with organic growth attributing for 3% of that. Asia Pac had another strong quarter of organic growth of plus 10%. EMEA was flat and Latin America was down versus prior year.

北美最強勁的市場為廠內（in-plant）與工業設備、非公路（off-highway），其次為能源。調整後營業利益率提升 10 個基點，第三季創紀錄達 25.3%；訂單相較去年同期仍維持強勁，成長 7%。再看國際業務，銷售額創紀錄達 15 億美元。較去年同期成長 13%，其中有機成長貢獻 3%。亞太地區本季再度呈現強勁的有機成長，達 +10%。EMEA 持平，拉丁美洲較去年同期下滑。

Moving to margins. Margins were up 20 basis points on the international businesses, achieved a record of 25.3% for the quarter. And international orders continue to be plus 6% versus some really challenging comps of plus 11% in the prior year.

接著看利益率。國際業務利益率提升 20 個基點，本季創紀錄達 25.3%。在去年同期 +11% 的高基期下，國際訂單仍持續年增 +6%。

Aerospace, same story here, another fantastic quarter for the aerospace businesses. Sales of $1.8 billion. That's up 15.5% versus prior year. Organic growth was 14.2% in aerospace. That is really driven on continued commercial strength in both the OE portions and also the aftermarket.

航太業務也是同樣的情況，本季航太業務再度交出非常亮眼的一季。銷售額為 18 億美元。較去年同期成長 15.5%。航太的有機成長為 14.2%。主要由商用市場持續強勁所帶動，涵蓋 OE（原廠配套）以及售後市場。

Margins are up 80 basis points and reached 29.5% for the quarter. We had double-digit OEM and aftermarket order growth. That resulted in aerospace order rates of plus 14% and backlog increased 15% in this segment and reached a record of $8.4 billion.

利益率提升 80 個基點，本季達 29.5%。OEM 與售後市場訂單皆呈現雙位數成長。使航太訂單成長率達 +14%，且本分部在手訂單增加 15%，達到創紀錄的 84 億美元。

We continue to see strength in the aerospace businesses. Each of our aerospace market segments delivered positive sales growth for the quarter, just a great quarter for Aerospace.

我們持續看到航太業務的強勁動能。本季我們各航太市場分項皆實現正向銷售成長，航太業務表現非常出色。

If I could draw your attention to slide 12, you'll see our year-to-date cash flow performance. Year-to-date cash flow from operations was $2.6 billion or 16.7% of sales. That's up 14% versus prior year. Year-to-date free cash flow increased 17% and came in at $2.3 billion. That is almost 15% of sales, 14.9% of sales. Both the CFOA and the free cash flow dollars are all-time records at this point in the year.

請各位注意第 12 頁投影片，您會看到我們年初至今的現金流表現。年初至今營運活動現金流為 26 億美元，約占銷售額的 16.7%。較去年同期成長 14%。年初至今自由現金流增加 17%，達 23 億美元。約占銷售額的 15%，即 14.9%。截至今年此時點，營運活動現金流與自由現金流金額皆創歷史新高。

We just have great confidence in our ability to generate cash, and we are committed to actively deploying that cash to create value. You saw last week, our Board approved an 11% increase to our quarterly dividend a quarterly dividend, it's now $2 per share, and that increase will extend our record of increasing annual dividends paid per share to an impressive 70 years.

我們對自身創造現金的能力充滿信心，並承諾積極運用這些現金以創造價值。上週您也看到，我們董事會核准將季度股利提高 11%；季度股利現為每股 2 美元，而這次調升也將使我們每股年度股利連續增加的紀錄延伸至令人印象深刻的 70 年。

In addition, in the quarter, we repurchased another $275 million of shares, which brings our year-to-date share repurchases to $825 million. And that is a wrap on Q3 performance. So I'll ask you to draw your attention to slide 14. And Jenny, I'll hand it back to you to talk about the market verticals.

此外，在本季度，我們又回購了2.75億美元的股票，使我們年初至今的股票回購總額達到8.25億美元。以上就是第三季（Q3）的業績總結。接下來請各位把注意力轉到第14頁投影片。Jenny，我把時間交還給你，請你談談各個市場垂直領域。

Thank you, Todd. So slide 14 shows our updated fiscal year 2016 organic sales growth by a key market verticals. So in Aerospace, we are increasing our forecast from 11% to 12% organic growth as we continue to see, as Todd said, strength in commercial OEM and aftermarket. In-plant Industrial remains the same at a positive low single-digit organic growth.

謝謝你，Todd。第14頁投影片顯示我們更新後的2016財政年度，按主要市場垂直領域劃分的有機銷售成長。在航太方面，正如Todd所說，我們持續看到商用OEM與售後市場的強勁表現，因此我們把有機成長預測從11%上調至12%。廠內工業（In-plant Industrial）維持不變，仍為正的低個位數有機成長。

Quoting activity remains strong. Customers are prioritizing spending on automation and productivity. And I would say distributor inventories are stable and continuing to order to demand. As I just mentioned in an earlier slide, we are raising our outlook on transportation from mid-single-digit organic decline to low single-digit organic decline. This is driven by stronger heavy truck orders, while automotive demand challenges persist.

報價活動仍然強勁。客戶正優先將支出投入自動化與生產力提升。我也會說，經銷商庫存穩定，並持續依需求下單。如我在前一張投影片提到的，我們將運輸業務的展望從「中個位數有機下滑」上調至「低個位數有機下滑」。這主要由於重型卡車訂單較強，但汽車需求的挑戰仍然存在。

Off-Highway remains the same at positive low single-digit organic growth. We see construction growth from capital and infrastructure investment, while ag remains under pressure. We are maintaining energy at positive low single-digit growth with strong power gen activity. We do see growth in midstream oil and gas, but it is offset by upstream, which remains soft.

非公路（Off-Highway）維持不變，為正的低個位數有機成長。我們看到來自資本與基礎建設投資帶動的建築成長，但農業仍承受壓力。我們維持能源業務為正的低個位數成長，發電（power gen）活動強勁。我們確實看到中游油氣的成長，但被上游仍然疲弱所抵銷。

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 5% to 5.5% at the midpoint. I will go back to Todd for some more guidance details.

我們也維持HVAC與冷凍（refrigeration）為正的中個位數成長。我們看到商用HVAC、冷凍、過濾（filtration）以及售後市場的強勁表現。基於這些變動，我們把有機銷售成長指引的中點從5%上調至5.5%。我將把時間交回Todd，請他補充更多指引細節。

Well, thank you, Jenny. I'm on slide 15. This is just some more details. We have one quarter left here in our fiscal year. So I'm going to give you some midpoints.

好的，謝謝你，Jenny。我在第15頁投影片。這裡只是提供更多細節。我們這個財政年度只剩下一個季度。因此我會提供一些中點數字。

Don't read anything into that other than the fact that there's one quarter left and the ranges look a little silly when you're just talking one quarter. So for reported sales growth, the forecast has been increased to 7%.

不要從中解讀其他含意，只是因為只剩一個季度，若只談一個季度，區間看起來會有點不太合理。因此，就報告口徑（reported）的銷售成長而言，預測已上調至7%。

Currency based on March 31 spot rates is expected to be favorable 1.5%. Acquisitions are 1 and divestitures are also 1. For the full year, we're increasing organic growth to 5.5% at the midpoint. Aerospace organic growth has increased to 12% and industrial growth is now expected to be 2.5% for both North America and International.

以3月31日即期匯率為基礎，預期匯率影響將有利1.5%。併購貢獻為1，剝離（divestitures）影響也為1。就全年而言，我們把有機成長的中點上調至5.5%。航太有機成長已上調至12%，而工業成長目前預期北美與國際皆為2.5%。

Adjusted segment operating margins, we're expecting to be 27.2% for the year. That is a forecasted increase of 110 basis points versus prior year with margin expansion across all the businesses, and the forecast for incrementals for the full year is 40%. Assumptions for corporate G&A, interest and tax are all detailed out in the appendix, really no changes there. Full year adjusted EPS has been raised by $0.50 to $31.20 at the midpoint, that would be an increase of 14.2% versus prior.

調整後分部營業利益率方面，我們預期全年為27.2%。相較前一年，這代表預測增加110個基點，且所有業務皆有利潤率擴張；全年增量利潤率（incrementals）的預測為40%。公司層級的G&A、利息與稅負等假設都在附錄中詳細列示，基本上沒有變動。全年調整後EPS中點上調0.50美元至31.20美元，較先前增加14.2%。

In addition, we're also raising our forecast for full year free cash flow to $3.3 billion to $3.6 billion. That's $3.450 billion at the midpoint. That would be 16.2% of sales with conversion at approximately 100%. In respect to Q4, specifically, we are guiding reported sales to be nearly $5.5 billion. That is a 5.5% increase versus prior year.

此外，我們也把全年自由現金流的預測上調至33億至36億美元。中點為34.50億美元。這相當於銷售額的16.2%，現金轉換率約為100%。就第四季（Q4）而言，我們指引報告口徑銷售額接近55億美元。這較前一年增加5.5%。

Organic growth will be approximately 4%, adjusted segment operating margins will be 27.4%. The effective tax rate, we are expecting is 22%. And for the second time ever adjusted EPS would be above $8, to be at $8.16. As usual, we've got some more details in the appendix. And with that, I will turn it back to you, Jenny, and ask everyone to turn to slide 16.

有機成長約為4%，調整後分部營業利益率將為27.4%。我們預期有效稅率為22%。而且這將是史上第二次調整後EPS高於8美元，達到8.16美元。照例，附錄中還有更多細節。接下來我把時間交回給你，Jenny，也請大家翻到第16頁投影片。

On our final slide, a reminder of what drives Parker. Safety, engagement and ownership are the foundation of our culture. With our people and living up to our purpose that drives top quartile performance, that allows us to be great generators and deployers of cash.

在我們最後一張投影片，提醒各位是什麼驅動Parker。安全、投入（engagement）與主人翁精神（ownership）是我們文化的基石。憑藉我們的人才並實踐我們的使命，推動我們達到同業前四分位的表現，並使我們成為優秀的現金創造者與資金配置者。

Okay. Clearly, we are ready to start the Q&A portion of the call.

好的。很明顯，我們已準備好開始電話會議的問答（Q&A）部分。

Micrea Dobre, Baird.

Micrea Dobre，Baird。

Thank you. Thanks for the question here. Maybe I'll start with kind of the topical items of late. You haven't really called out what's been going on in the Middle East in any way that was material. So I'm curious as you look at your business, has there been any disruption or anything that's different that we need to be aware of? And also, there's an updated tariff framework I'm curious if there is any impact to be done about as far as you're concerned?

謝謝。謝謝讓我提問。我先從近期一些熱門議題開始。你們並沒有特別提到中東正在發生的事情，且看起來也沒有任何重大影響。所以我想了解，從你們的業務來看，是否出現任何中斷或任何不同之處，是我們需要注意的？另外，關於更新後的關稅架構，我也想知道就你們而言是否會有任何影響？

So first of all, I would say our first concern with the Middle East is the safety of our team members. And we're very, very happy they're all safe. Direct revenue in the Middle East is very small, and there's really no manufacturing. It's primarily a sales organization. So our teams are doing a fantastic job managing the supply chain, handling logistics and doing everything they can to minimize the disruption to our customers.

首先，我會說，我們對中東的首要關切是團隊成員的安全。我們非常、非常高興他們全都平安無事。我們在中東的直接營收非常小，而且基本上沒有製造活動。主要是一個銷售組織。因此，我們的團隊在管理供應鏈、處理物流，以及盡一切努力將對客戶的干擾降到最低方面，做得非常出色。

So at this point, we're not seeing any material impact to demand. And talking about tariffs and what's going on there. It continues to be very dynamic. And as always, our teams are doing a great job managing them to make sure that there's no impact to earnings.

所以截至目前，我們沒有看到對需求有任何重大影響。至於關稅以及相關情況，它仍然非常動態。而且一如既往，我們的團隊在管理這些事項方面做得很好，以確保不會對獲利造成影響。

And as you know, price cost management has been a core element of the Win Strategy for us. This is a strong muscle for us for over 25 years, and we don't expect this to have any impact. When you're looking at changes in tariffs, again, I would say we're very close to it. We analyze it on a regular basis, and it's nothing that we're concerned about taking care of.

而且如你所知，價格與成本管理一直是我們Win Strategy的核心要素。這是我們超過25年來的強項，我們不預期這會帶來任何影響。當你在看關稅變動時，我同樣會說我們非常貼近狀況。我們會定期分析，這不是我們擔心無法處理的事情。

Mig, I would just add -- this is Todd. Jenny mentioned, it's a complex process. We're obviously doing everything we can there. We will not recognize any income on those tariffs until we receive them. So we are treating those at (inaudible) so you won't those forecast or recognize any income that we actually received.

Mig，我補充一下——我是Todd。如Jenny提到的，這是一個複雜的流程。我們顯然正在盡一切努力處理。在我們收到那些關稅款項之前，我們不會認列任何相關收入。因此我們會將其視為（聽不清），所以你不會在預測中看到，或在我們實際收到之前認列任何收入。

Understood. And then my follow-up, just kind of sticking with your comments on price cost. I guess, optically, even though this was a very good quarter, you guys put up to the incrementals on the industrial side of the business were a little bit lower than what we have seen of late. And I'm kind of curious there is any lag whatsoever that you're experiencing in terms of either dealing with the teridynamics or any other inflationary aspects within your business. any delay look as to where you're able to implement pricing to offset that?

了解。接著我的追問，延續你對價格與成本的評論。我想從觀感上來看，儘管這是一個非常好的季度，你們工業端業務的增量表現似乎比我們近期看到的略低一些。我有點好奇，你們在業務中是否在應對 Teridynamics 或其他通膨因素方面出現任何滯後？在你們能夠實施定價以抵消這些因素方面，是否有任何延遲？

I'll take that, Mirc, no delays, no concerns there with price cost management whatsoever. We were below what we had forecasted in North America and international. And in North America, this was really driven by stronger OEM growth. And notably, this came from off-highway and transportation. Distribution did hold steady, but no real acceleration there yet.

Mirc，我來回答，沒有延遲，價格/成本管理方面完全沒有疑慮。我們在北美與國際市場都低於先前的預測。而在北美，這主要是由更強勁的 OEM 成長所帶動。特別是來自非公路（off-highway）與運輸領域。經銷通路維持穩定，但目前還沒有真正的加速。

And while we aren't in the excuse making business, as I tell the teams, the teams are always planning for various contingencies. This quarter, we had to recover from more weather-related disruptions than normal, and that was mainly in North America. So we're very proud of the teams, as Todd mentioned, for responding and delivering to the customers. We did have record margin for North America, and we're going to finish the year strong.

雖然我們不做找藉口的事，正如我跟團隊說的，團隊總是在為各種突發狀況做規劃。本季我們必須從比平常更多的天候相關干擾中恢復，而這主要發生在北美。因此我們為團隊感到非常自豪，正如 Todd 提到的，他們迅速回應並交付給客戶。北美本季的毛利率創下紀錄，我們也將以強勁表現完成今年。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Congrats on a nice quarter. I guess two questions, just following Mig's question on the incremental margin on a or the outearn you're still expecting a 40% incremental margin, which is above normalized range or what you laid out at the Analyst Day.

恭喜交出漂亮的一季。我想問兩個問題，延續 Mig 關於增量利潤率的問題：你們仍預期 40% 的增量利潤率，這高於常態區間或你們在分析師日所提出的水準。

So I guess as Todd, while you don't want to talk about 2027, as we think about the setup for next year over the longer term, is there any reason why we shouldn't believe incremental margins just couldn't be in the 40% range? Or does mix on like the mobile side or whatever impact that or can incrementals be structurally better. And then, I guess, Jenny, my question to you just because there's a lot of concerns, obviously, with the Middle East and macro.

所以我想問，Todd，雖然你不想談 2027，但當我們思考明年的布局以及更長期來看，有沒有任何理由讓我們不相信增量利潤率可以維持在 40% 左右？還是說像行動端（mobile）之類的產品組合會影響，或增量表現能否在結構上更好？另外，Jenny，我也想問你，因為大家顯然對中東局勢與總體環境有很多擔憂。

Your orders in Industrial still were very strong, in particular, on international. Like you said, with the tough comps anything notable on sort of the cadence of orders throughout the quarter into April or just confidence level sort of like last quarter, has it waned at all relative to it last quarter, wouldn't have felt like you've been pretty -- one of the first people to be more positive, I guess, on industrial short cycle.

你們工業端的訂單仍然非常強勁，尤其是國際市場。如你所說，在比較基期很高的情況下，本季訂單在季度內到 4 月的節奏上有沒有什麼值得注意的地方？或是信心程度是否像上季一樣？相較上季有沒有任何轉弱？感覺你們一直是較早對工業短週期轉為更正面看法的人之一。

Jamie, thanks for the congrats. I'll start. We've been trained here to finish strong, and we're focused on finishing FY26 strong. So our focus right now is on Q4. But I'd tell you what we like to set up for FY27.

Jamie，謝謝你的祝賀。我先開始回答。我們在這裡被訓練要以強勁表現收尾，我們目前專注於以強勁表現完成 FY26。所以我們現在的重點在 Q4。但我可以告訴你，我們喜歡為 FY27 做怎樣的布局。

You're going to see us to continue to do everything that we do here. You've seen our orders. You've seen our margin expansion over time. We are very much focused on creating great incrementals. We hold the team to a target of 30% to 35%. And obviously, that varies on where your business is.

你會看到我們持續做我們在這裡一直做的所有事情。你看到了我們的訂單。你也看到了我們隨時間推進的利潤率擴張。我們非常專注於創造優異的增量表現。我們對團隊設定的目標是 30% 到 35%。當然，這會隨你的業務所處位置而有所不同。

But really, what we're focused on is growing those segment operating income dollars and compounding EPS, right? That's been very successful for us. And that is a factor of that. I think if you do the math, you're going to get incremental somewhere where you're thinking. But we'll talk to you more about that in a couple of weeks.

但我們真正專注的是成長各事業部的營業利益金額，並複利式地提升 EPS，對吧？這對我們非常成功。而增量表現是其中一個因素。我想如果你做一下數學，你會得到一個增量水準，大致會落在你所想的範圍。不過我們會在幾週後再跟你多談。

And for your second question, Jamie, orders were strong throughout the quarter. And we saw -- I would say the industrial recovery continues. We saw more broad-based positivity on both short and long cycle than we did earlier this year. So we feel really good about the guidance. And as always, we stay close with the customers. So we we not only feel good about the guidance, but we're not seeing anything right now that concerns us.

至於你的第二個問題，Jamie，本季訂單從頭到尾都很強勁。我會說工業復甦仍在持續。我們在短週期與長週期領域都看到比今年稍早更廣泛的正向訊號。因此我們對指引感到非常有信心。而且一如既往，我們與客戶保持密切聯繫。所以我們不僅對指引有信心，目前也沒有看到任何讓我們擔憂的跡象。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Nominee. Jenny or Todd, could you just maybe spend a little more time on Aero? The organic growth in Q4, I guess, will be sort of the slowest of the year against the easiest comp of the year. Are you dialing in some aftermarket pressure? Or what -- maybe kind of what's underneath that outlook in the fourth quarter?

提名人。Jenny 或 Todd，你們能否再多花點時間談談航太？我想 Q4 的有機成長可能會是今年最慢的，但對比基期卻是今年最容易的。你們是否在反映一些售後市場的壓力？或者——能否談談第四季展望背後的因素？

Yes. I would say, Jeff, the aerospace Q4 forecast is approximately 9%, and that was raised from our previous Q4 guidance of 7.5%. We're not baking in any slowdown here. Orders and backlog continue to be very strong, record backlog here in this long-cycle business. But -- and again, as I mentioned earlier, this is going to be our fourth year in a row of double-digit organic growth for aerospace. But we're not building in any slowdown here.

是的。Jeff，我會說航太 Q4 的預測約為 9%，這是從我們先前 Q4 指引的 7.5% 上調而來。我們沒有把任何放緩納入假設。訂單與在手訂單（backlog）仍然非常強勁，在這個長週期業務中，在手訂單創下紀錄。不過——同樣如我先前提到，這將是我們航太連續第四年達成兩位數的有機成長。但我們沒有在這裡納入任何放緩。

And there's no indication in orders or anything that has a shift between OE or aftermarket?

那在訂單或其他方面，有沒有任何跡象顯示 OE 與售後市場之間出現轉變？

Say that again, I'm sorry?

抱歉，請再說一次？

The complexion of OE versus aftermarket in Aero. I wonder if you could give a little more color there.

航太業務中 OE 相對於售後市場的結構。我想知道你能否在這方面提供更多說明。

Well, if you look at how we performed in Q3 commercial OEM was up 22%, and aftermarket was up 14%. But again, strong orders in both areas. So we feel real good about the mix and the forecast. We were at 51% OEM in Q3 and 49% aftermarket. So the teams are doing a really great job with the higher OEM mix and still being able to expand margins.

如果你看我們在 Q3 的表現，商用 OEM 成長 22%，售後市場成長 14%。但同樣地，兩個領域的訂單都很強勁。所以我們對組合與預測感到非常有信心。Q3 我們的組合是 51% OEM、49% 售後市場。因此團隊在 OEM 組合提高的情況下，仍能擴大利潤率，做得非常出色。

Jeff, I just add, aerospace, specifically, the backlog increased 5% sequentially, $8.4 billion is the total backlog. That's all-time record.

Jeff，我補充一下，航太方面，在手訂單較前一季增加 5%，總在手訂單為 84 億美元。這是歷史新高。

Chris Snyder, Morgan Stanley.

Chris Snyder，Morgan Stanley。

I understand that as the industrial businesses turn to be more longer cycle exposure that there's a lag between when the orders convert to revenue. But if we see industrial orders sustained here in this mid-single digit, even maybe high single-digit range for several quarters in a row because then why sales will not ultimately get to that same level of growth?

我理解當工業業務轉向更多長週期曝險時，訂單轉為營收之間會有時間落差。但如果我們看到工業訂單在這裡連續好幾季維持在中個位數、甚至高個位數的成長，那為什麼銷售最終不會達到同樣的成長水準？

Thanks for the question, Chris. I wouldn't say that there's any structural reason. But if you look at North America, orders have been plus 7% for the past two quarters. And we noted in Q2 that these included long-cycle multiyear defense orders.

謝謝你的問題，Chris。我不會說有任何結構性的原因。但如果你看北美，過去兩季訂單都是成長 7%。而我們在 Q2 也提到，這其中包含長週期、跨多年的國防訂單。

And so again, in Q3, we saw orders that are due beyond this fiscal year, including defense, energy and even construction orders scheduled into FY27, which is usually shorter cycle. So we're guiding 3% organic growth for Q4, which would be the best performance so far for this year. And as Todd mentioned earlier, we like the way to set up looking for fiscal year.

因此再次強調，在第三季，我們看到一些交期落在本財年之後的訂單，包括國防、能源，甚至是排程到 FY27 的建築相關訂單——而建築通常是較短週期。因此我們對第四季給出 3% 的有機成長指引，這將是今年迄今為止最好的表現。而如 Todd 先前提到的，我們喜歡目前這樣的布局，展望接下來的財年。

And then when you look across all of the various industrial end markets that the company serves. Are you seeing the improvement in sales and in orders driven by end demand going higher? Like what's being put out into the channel is being consumed? Or are there where you think distributors could be maybe building a little inventory in anticipation of a cycle maybe some concerns on supply chains or commodity inflation with the events in the Middle East. And I just want to see if there's any like end market differences on that.

接著，當你放眼公司所服務的各個工業終端市場。你們是否看到銷售與訂單的改善，是由終端需求走高所帶動？也就是說，投放到通路的產品正在被消化？或者你認為經銷商可能在預期景氣循環、或因中東事件引發的供應鏈疑慮或大宗商品通膨，而在提前建立一些庫存？我想了解在這方面是否存在任何終端市場間的差異。

Well, I wouldn't say we're seeing any of that yet. I think they're still ordering to demand. for rather quick consumption. We're not seeing any real acceleration or any typical signs of restocking. Haven't heard of any supply chain fears within it on the industrial side of the business.

嗯，我不會說我們目前看到任何那樣的情況。我認為他們仍然是依需求下單，以便相對快速地被消耗。我們沒有看到任何真正的加速，或任何典型的補庫存跡象。在工業業務這一端，也沒有聽到任何供應鏈恐慌。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀（UBS）。

I wanted to just follow up on that point around, I guess, distributors versus OE mix. And Jenny, I think you made a comment about stable distributor inventories, ordering to demand, strong quoting. I'm just trying to triangulate those items to understand sort of the psychology around inventory stocking and kind of a more structural question are the distributors maybe getting a little bit more sophisticated around inventory management. And so maybe there's a mix more from growth towards OE, which has margin consequences. Maybe you could talk about that.

我想就剛才那點再追問一下，關於我猜是經銷商與 OE（原廠配套）組合的問題。Jenny，我想你提到經銷商庫存穩定、依需求下單、報價活動強勁。我只是想把這些訊息交叉比對，以理解庫存備貨的心理狀態；以及一個較結構性的問題：經銷商是否在庫存管理上變得更成熟。因此成長的組合可能更多轉向 OE，而這會帶來毛利率的影響。也許你可以談談這點。

Yes. What I would say is that over the last several years, I think our distributors have become very sophisticated when it comes to inventory management. Even coming out of COVID, managing cash and really putting all of the processes in place to order what they need and use it and sell it for consumption. So I think that is definitely something that has happened over the last several years.

是的。我會說，過去幾年來，我認為我們的經銷商在庫存管理方面變得非常成熟。即便在 COVID 之後，他們也在管理現金，並真正建立起所有流程，只訂購他們需要的量，並用於銷售、以滿足終端消費。所以我認為這確實是過去幾年發生的變化。

And when we talk about ordering to demand, it's -- we're not seeing the increase that would tell us that there is a restocking going on. So they've been telling us for quite some time. The quoting activity is strong. their sentiment has been positive for quite some time. But again, they will tell us that their customers are being selective with capital investments and really focused on those that provide automation and productivity.

而當我們談到依需求下單時——我們沒有看到那種會讓我們判斷正在補庫存的增幅。所以他們已經跟我們說了相當長一段時間。報價活動很強勁，他們的情緒也已經正向一段時間。但同樣地，他們也會告訴我們，他們的客戶在資本投資上更為挑選，並且真正聚焦在能帶來自動化與生產力的投資。

So we're not signaling anything changing. It's just not accelerating right now. And we are seeing an increase in OEM with the raise to transportation outlook, and off-highway with construction, we are seeing increased OE, which is classically 10 to 15 points below distribution.

所以我們並沒有釋放任何正在改變的訊號。只是目前沒有在加速。而隨著我們上調運輸市場展望，以及建築帶動的非公路（off-highway）需求，我們確實看到 OEM（原廠配套）占比提升；而 OE 的毛利率傳統上會比經銷通路低 10 到 15 個點。

Great. And then you also mentioned historically over the last few quarters, you talked about the order strength really being centered on longer-cycle specific verticals. I think you kind of broaden it out a little bit this quarter. Maybe just talk a little bit more about that true short-cycle piece and what your observations have been over the last few months?

很好。另外，你也提到過去幾季，你談到訂單強勁主要集中在較長週期、特定垂直領域。我想你這一季把範圍稍微擴大了一些。能否再多談一點真正的短週期部分，以及你們過去幾個月的觀察？

Yes. So when you look as long cycle, it continues to pull strong. We've been talking about that. That's why we raised our aerospace and defense guidance. Power gen cycle business, it's robust.

好的。所以從長週期來看，仍然持續強勁拉動。我們一直在談這點。這也是為什麼我們上調航太與國防的指引。發電週期型業務也很強勁。

Lots of activity in midstream oil and gas and electronics is also growing nicely. On the short side, as I mentioned before, the industrial recovery continues. And we've been talking about a slow gradual industrial recovery for some time now, and that's what we're seeing. The order that we saw more broad-based and positive on both short and long cycle on the industrial side of the business than we've seen really all of this fiscal year. So construction continues to improve.

中游油氣活動很多，電子業也成長得相當不錯。在短週期方面，如我先前提到的，工業復甦仍在延續。我們談到緩慢、逐步的工業復甦已經有一段時間，而我們看到的正是如此。在工業業務這一端，我們看到的訂單在短週期與長週期兩端都更為廣泛且正向，這是本財年迄今為止最明顯的一次。因此建築持續改善。

Heavy-duty truck improvement in plants and distribution, which we just talked about. So we're continuing to see this positive low single-digit growth. And again, we'll say we're set up for a good fiscal year '27.

重型卡車在工廠端（in-plant）與經銷通路也在改善，我們剛剛也談到了。所以我們持續看到正向的低個位數成長。同樣地，我們會說，我們已為 FY27 的良好財年做好布局。

Andy Kaplowitz, Citi Group.

Andy Kaplowitz，花旗集團（Citi Group）。

Jenny, could you talk about what you're seeing in the aerospace supply chain, as you know, one of your peers continues to have some issues there, but you've continued to execute well. You seem to be absorbing like a little bit more difficult margin mix, while still growing. So as we start to transition to FY27, is there any reason why you couldn't continue to grow margin even if mix is running a bit more against you?

Jenny，你能談談你在航太供應鏈看到的情況嗎？如你所知，你們的一位同業仍然在那裡遇到一些問題，但你們一直執行得很好。你們似乎在吸收較不利的毛利組合，同時仍在成長。因此當我們開始轉向 FY27 時，即使組合對你們稍微不利，有沒有任何理由讓你們無法持續提升利潤率？

I remain confident in our ability to expand margins and committed to that as well. So I don't have any change there. The aerospace supply chain, I would say, is obviously, a much better shape than it has been. And we've seen the big air framers be able to increase their rates, which we're obviously participating in. And I would tell you that we have, over the last several years, invested quite a bit in our supply chain, and that has proved to be very beneficial for us. So I don't really have any concerns here.

我仍然對我們擴大利潤率的能力有信心，也同樣致力於此。所以在這方面我沒有任何改變。至於航太供應鏈，我會說很明顯地，它的狀況比過去好得多。我們也看到大型機體製造商能夠提高產量/交付節奏，而我們顯然也參與其中。我也會告訴你，過去幾年我們在供應鏈上投入了相當多資源，而這對我們非常有利。所以我在這裡沒有什麼疑慮。

And then, Jenny, continued strong performance in Asia Pac that plus 10% is impressive. So maybe talk about the durability of that growth and be a flat kind of bouncing along there at kind of those rates. I think last quarter was up a little bit. So do you see sort of improvement there? Or is it just kind of so long flat.

另外，Jenny，亞太地區持續強勁的表現，成長超過 10% 很令人印象深刻。所以也許談談這種成長的持久性，以及是否會維持在那樣的增速、呈現大致持平的波動。我記得上季也有小幅成長。所以你是否看到那裡有所改善？還是只是大致持平？

Well, this is primarily, as we said earlier, the growth is coming from Asia Pacific. The total backlog coverage in industrial did increase to the high 20s and international orders were plus 6% for the third quarter in a row. But again, driven by electronics and some defense bookings. So EMEA, slightly negative on a tough comp when it comes to orders, but strength in aerospace and defense, some mining, some in-plant in industrial, but Asia orders are strong, coming from electronics. -- data center in there and in-plant and energy.

嗯，這主要是如我們先前所說，成長來自亞太地區。工業領域的總在手訂單覆蓋率確實提高到接近 20% 後段（high 20s），而國際訂單已連續第三季成長 6%。但同樣地，主要由電子業以及部分國防訂單所帶動。因此，EMEA 在訂單方面因為比較基期較高而略為負成長，但航太與國防表現強勁，也有一些礦業、一些工廠端（in-plant）的工業需求；而亞洲訂單強勁，來自電子業——其中包含資料中心，以及工廠端與能源。

Julian Mitchell, Barclays.

Julian Mitchell，巴克萊（Barclays）。

Maybe, Jenny, just wondered if you could flesh out the subsegment sort of assumptions on aerospace. Just kind of what you're expecting in the fourth quarter for the major pieces kind of year-on-year and how they did in Q3. I think you have the commercial bits for Q3, but not military.

Jenny，也許想請你更具體說明一下航太業務的次分項假設。也就是你對第四季主要構成項目在年對年表現上的預期，以及它們在第三季的表現如何。我想你有提供第三季商用的部分，但沒有軍用的部分。

Yes. Let me give you a Q3 rundown and then I'll go to what we have for Q4 guidance. So as Todd mentioned, aerospace organic growth was 14.2%. And commercial OEM was 22%. And obviously, this is driven by production rate increases in both narrow and widebody. Commercial aftermarket was 14% and, even though we were seeing to see -- we're starting to see global air traffic growth begin to normalize, we still saw nice growth in Q3 and strong spares and repair shipments.

是的。我先向各位簡要說明一下第三季（Q3）的情況，接著再談我們對第四季（Q4）的指引。如 Todd 提到的，航太業務的有機成長為 14.2%。商用 OEM 為 22%。很明顯，這主要是由窄體與寬體機的產量提升所帶動。商用售後市場為 14%；儘管我們開始看到全球航空運輸量成長趨於正常化，我們在第三季仍看到不錯的成長，以及強勁的備品與維修出貨。

Defense OEM, the positive 13%. We see demand for the legacy programs continuing. And then defense aftermarket was positive 8%. So fleet upgrades and service extensions are contributing to that. And I mentioned earlier, aftermarket mix at 49% and OE at 51%.

國防 OEM 為正成長 13%。我們看到傳統（既有）專案的需求仍在延續。而國防售後市場為正成長 8%。因此，機隊升級與延壽服務正在貢獻成長。我先前也提到，售後市場組合占 49%，而 OE 占 51%。

When we look at Q4 guidance, again, we're increasing full year to 12%, and we're raising commercial OEM to be the low 20s growth, we previously had that at 20% -- approximately 20%. We are raising commercial MRO of low teens growth, was previously low double digit. We expect defense OEM to be mid-single-digit growth. That's the same as before and defense or low single-digit growth, also the same as our last guidance.

當我們看第四季指引時，我們再次把全年成長上調至 12%，並將商用 OEM 上調至 20% 出頭的成長（先前我們約為 20%）。我們也把商用 MRO 上調至低十位數的成長（先前為低雙位數）。我們預期國防 OEM 為中個位數成長。這與先前相同；國防（售後）為低個位數成長，也與我們上次的指引相同。

That's very helpful. And then just to try and circle back again to that point on industrial kind of orders and sales and the fact you've had several quarters of orders in both industrial segments outstripping the revenue growth pace. Maybe just another way to look at, I wanted to confirm that, that industrial the diversified industrial overall backlog? It looks like was that just over $4 billion at the end of March. So you had a decent sort of year-on-year and sequential increase.

這非常有幫助。接著我想再回到工業業務的訂單與銷售那點：你們在工業兩個事業部的訂單已連續好幾季都跑贏營收成長速度。換個角度看，我想確認一下：工業（多元工業）整體的在手訂單（backlog）？看起來在 3 月底略高於 40 億美元。所以年增與季增都相當不錯。

So I guess I just want to say, it looks as if that orders outpacing of sales isn't just a sort of comp phenomenon or something like you -- there should be some recoupling of the sales to those orders, even though from the outside, we can't see the kind of dollars of orders you've been booking?

所以我想說的是，看起來訂單成長快於銷售並不只是比較基期因素或類似你們所說的那種情況——即便外界看不到你們實際接單的金額，銷售應該仍會與這些訂單重新連動（recoupling）？

Yes, Julian, you're absolutely right. Both the industrial and the aerospace backlogs improved and we obviously see that as a good sign.

是的，Julian，你完全正確。工業與航太的在手訂單都改善了，我們顯然把這視為一個好跡象。

Andrew Obin, Bank of America.

美國銀行（Bank of America）的 Andrew Obin。

Just to check my math on industrials. I guess organically, it does imply that Q4 will be a midpoint will be a tad lower than Q3 industrials Americas? Is that okay? Is that correct?

我想確認一下我對工業業務的計算。我猜以有機口徑來看，這意味著第四季的中位數會比第三季的美洲工業業務略低一點？這樣可以嗎？我理解得對嗎？

No. We've got it pretty much the same.

不會。我們的預期基本上是差不多。

Okay. Fine. And a question on pricing. In the quarter. We've been hearing about sort of industry talking about rebates, pushback.

好的。了解。再問一個關於定價的問題。在本季。我們聽到業界在談一些回扣、客戶反彈之類的情況。

Now all of this has been before S232, and I know maybe not a direct impact for you guys. National pricing change, given that the industry now does have to deal with S232, and maybe just -- can you just talk about pricing trends in Q1 and what pricing looks for the remainder. Well, I guess your fiscal year, but any commentary on pricing would be great.

而這些都發生在 S232 之前；我知道這對你們可能不是直接影響。但在產業現在必須面對 S232 的情況下，整體定價是否有變化？另外——你能否談談第一季的定價趨勢，以及接下來的定價展望。嗯，我是指你們的會計年度；但任何關於定價的評論都很有幫助。

I would say that conversations haven't changed. Obviously, when it comes to the tariffs, as I mentioned earlier, it's dynamic and it requires a lot of analysis and coordination and the teams are doing a great job of that. on the industrial side of the business, as we've mentioned in the past, we're back to -- especially with distribution, we're back to a normal pricing environment, so we'll do that as we have in the past. With aerospace, there's still some opportunity for pricing and the teams are executing on that. But we've been doing this for a long time.

我會說，對話內容並沒有改變。顯然，談到關稅時，如我先前提到的，情勢是動態的，需要大量分析與協調，而團隊在這方面做得非常好。在工業業務方面，如我們過去提過的，我們已回到——尤其在通路（distribution）端——回到正常的定價環境，因此我們會像以往一樣去執行。在航太方面，定價仍有一些機會，團隊也正在落實。但我們做這件事已經很久了。

And I think we've done a great job of covering inflation and making sure that the tariffs have impacted our earnings, and we'll continue to do that.

而且我認為我們在涵蓋通膨、並確保關稅對我們獲利的影響方面做得很好，我們也會持續這麼做。

And maybe just sneak one in on defense aftermarket. Why not raise the guide given what's happening in the Middle East, I would imagine a lot of wear and tear on key platforms year on, sorry.

另外我想再插問一個關於國防售後市場的問題。考量中東正在發生的事情，為什麼不提高指引？我想像關鍵平台會有很多磨耗與損耗，年對年，抱歉。

Yes. This is a long lead time product, right, even in defense. So you're looking anywhere from 9 to 15 months. So we have the guide out there based on the deliveries that our customers want, and that's what's really driving that number.

是的。這是交期很長的產品，對吧，即使在國防領域也是如此。所以你看的交期大約是 9 到 15 個月。因此我們提出的指引是基於客戶希望我們交付的數量，而真正驅動那個數字的就是這些交付。

Tim Thein, Raymond James.

Raymond James 的 Tim Thein。

The first question is just on the mix dynamics within the industrial businesses in '26. I'm just trying to -- you can see if you can help kind of summarize in terms of distributions growth and what you're expecting next year relative to the total, and more forward thinking. I'm just trying to think if that business begins presumably to pick up, does that potentially portend a mix tailwind in '27. Can you help on that?

第一個問題是關於 2026 年工業業務內部的組合動態。我想請你們協助概括一下：通路（distribution）的成長，以及你們對明年相對於整體的預期，更偏前瞻的看法。我在想，如果那塊業務如預期開始回升，是否可能在 2027 年帶來組合上的順風（mix tailwind）。你能協助說明嗎？

Yes. Tim, this is Todd. You look at our industrial business, it is exactly 50% OEM, 50% aftermarket. So as these things rise depending on what market they're in, there really is a nice diversified balance across there. When we see something pop it last quarter, I think we mentioned slightly there was a little bit of a mix issue.

可以。Tim，我是 Todd。你看我們的工業業務，剛好是 50% OEM、50% 售後市場。因此，這些項目隨著各自所處市場而上升時，整體會呈現相當多元且均衡的配置。當我們看到某些項目在上一季跳升時，我想我們有稍微提到，確實有一點組合問題。

But these are small in comparison to the total. What we look at is positive. We're looking at those orders. We've had positive orders in the industrial business now for six quarters in a row. And again, what that does is that helps us compound dollars, and that leads to EPS growth.

但相較於整體規模，這些都很小。我們看到的是正向的。我們關注的是那些訂單。我們的工業業務訂單已連續六季為正成長。而且，這樣做能幫助我們累積（compound）營收美元，並帶動 EPS 成長。

Yes. distribution sits in our -- primarily sits in our in-plant industrial market vertical. And our forecast remains the same for that for the rest of the fiscal year, positive low single-digit growth.

是的。通路（distribution）主要歸在我們的——主要歸在我們的駐廠（in-plant）工業市場垂直領域。而我們對本會計年度剩餘期間的預測維持不變，為正的低個位數成長。

And then again, this is a little bit out of left field, but there was -- one of your big European-based competitors. They really flagged certain to see more competition from some of the competitors in Asia starting to make some more inroads into their markets. I'm just curious, made some broad questions just in terms of the competitive dynamics as you think about that globally. Have you your results wouldn't suggest it, but I'm just curious if you -- what you would say to that in terms of any changes that you've seen globally on that.

另外，這可能有點跳題，但你們有一家以歐洲為基地的大型競爭對手。他們特別提到，看到來自亞洲一些競爭者的競爭加劇，開始在他們的市場取得更多進展。我想就全球競爭態勢提出一些較宏觀的問題。你們的結果看起來不像受到影響，但我想請問，就你們觀察，全球範圍內是否看到任何變化？

I have not seen any changes, but I would say that our teams are very focused on taking any and all competition very seriously. We have a lot of a lot of pride in the products that we have and the value that they bring to the customers, the quality, we manufacture and many regions of the world that allows us to be very competitive locally. So while competition is always something that something we have to keep an eye on, our performance is what ensures that not only that we keep what we have but that we gain share.

我沒有看到任何變化，但我會說我們的團隊非常專注，並且非常嚴肅地看待任何及所有競爭。我們對自身的產品以及它們為客戶帶來的價值、品質感到非常自豪；我們在全球許多地區進行製造，這讓我們能在當地具備很強的競爭力。因此，雖然競爭始終是我們必須留意的事情，但我們的表現能確保我們不僅守住既有成果，也能提升市占率。

Joe O'Dea, Wells Fargo.

Joe O'Dea，富國銀行。

Can you give a little bit more color on what you're seeing in Industrial International. We've seen very steady mid-single-digit order growth. You touched on the tough comp in Q3. So I think kind of pick any stack period you want, looked pretty good in the third quarter. And so Europe, Asia, kind of what you're seeing, any verticals you would call out there?

你能否再多補充一些你在工業國際（Industrial International）看到的情況？我們看到訂單成長一直很穩定，約為中個位數。你也提到第三季有較艱難的比較基期。所以我想，不管你選哪個堆疊期間來看，第三季看起來都相當不錯。那麼在歐洲、亞洲，你看到的是什麼？有沒有你會特別點名的垂直領域？

Sure. So we are increasing full year organic growth to 2.5% for international versus our prior guide of approximately 2%. So in EMEA, we're maintaining a slightly positive low single-digit we're seeing a gradual improvement in plant and in transportation, primarily heavy to truck. And we have seen continued strength in mining and energy, both oil and gas and power gen. In Asia Pacific, increasing full year to positive high single digit versus positive mid-single digit we had in our prior guide.

當然。因此，我們把國際業務的全年有機成長率上調至2.5%，高於先前約2%的指引。在EMEA，我們維持略為正向的低個位數成長；我們看到工廠端與運輸端逐步改善，主要是重型卡車。我們也持續看到礦業與能源的強勁表現，包括油氣與發電。在亞太地區，我們把全年成長上調至正向高個位數，高於先前指引的正向中個位數。

And this is continued strength in electronics and semicon demand. implant orders and shipments progress, but remain a little bit mixed. Mining is strong, and there have been improvements in energy. So it's really kind of a mix between EMEA and Asia Pacific, but we're going to end this year at 2.5%.

這主要來自電子與半導體需求的持續強勁。工廠端的訂單與出貨有所進展，但仍略顯分歧。礦業表現強勁，能源也有所改善。所以EMEA與亞太之間確實是混合的情況，但我們今年將以2.5%作結。

And then just on Filtration Group, I think you initially talking about a 6- to 12-month window. I think it seems like some deals have taken a little bit longer to work through regulatory processes, I'm not sure if the way you're thinking about it maybe favors the 12-month side of that versus 6 month. And then just any color, recognizing really good margin business, what you're working on in preparation for that is the highest priorities post close?

另外關於Filtration Group，我記得你一開始談到的是6到12個月的時間窗。我覺得有些交易在監管流程上花的時間稍微更久一些；我不確定你現在的思考是否更偏向12個月而不是6個月。再者，考量這是一個毛利率很好的業務，你們在交割後的最高優先事項方面，能否分享一些你們正在做的準備？

Sure. So we still anticipate that we're going to close within the 12 months of announcement date. And just as you said, the closing remains subject to the customary closing conditions receipt of our pending regulatory clearances. So that progress is happening there. It's ongoing.

好的。我們仍預期會在公告日起12個月內完成交割。正如你所說，交割仍取決於慣常的交割條件，包括取得尚待完成的監管核准。因此相關進展正在推進。目前仍在進行中。

I would tell you that the integration planning is under way, teams that both sides have been formed. So those teams are working together. And we'll put our integration playbook into place as soon as we do close and get the Win strategy into the organization as soon as possible.

我可以告訴你，整合規劃已在進行中，雙方的團隊都已成立。因此這些團隊正在共同合作。一旦完成交割，我們會立即啟動整合作戰手冊，並盡快把Win策略導入組織。

We did announce $220 million in synergies by the end of year three. That is 11%. The majority of those synergies are going to come from the tools in the Win Strategy that you hear us talk about, lean, supply chain, and simplification. We're not providing, at this time any information on the phasing of those synergies, but we're very, very confident in our ability to achieve those. So announcement was last November, and we still anticipate that it will be within the 12 months.

我們確實宣布在第三年年底前可實現2.2億美元的綜效。這相當於11%。這些綜效的大部分將來自你們常聽我們提到的Win策略工具：精實、供應鏈，以及簡化。目前我們不提供這些綜效分期實現的資訊，但我們對達成目標的能力非常、非常有信心。因此，公告是在去年11月，我們仍預期會在12個月內完成。

Joe, I would just add on the funding side of it. We have our funding plan in place. There is no prefunding that's required for this transaction. So you won't see any interest before we close the transaction. And you're going to see us do exactly what we've done on the past transaction.

Joe，我再補充一下資金面。我們的資金籌措計畫已就位。這筆交易不需要預先融資（prefunding）。因此在交易完成交割之前，你不會看到任何利息費用。而你也會看到我們完全比照過去交易的做法來執行。

A little over half of this will be serviceable debt. The rest will be short to medium-term notes, and we do not expect leverage to surpass 3 when we close. And our delevering plan will be in place that we get back to around 2x faster than we ever have before.

其中略多於一半會是可長期承作的債務。其餘將是短至中期票據；我們預期在交割時槓桿不會超過3倍。而我們的去槓桿計畫也已就位，目標是比以往任何時候都更快把槓桿降回約2倍。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行。

Just looking across broader coverage group and broader industrials looking at what life is like if energy prices persist above $100 going forward. I would think Parker would stand to benefit. I'm wondering, you haven't probably gotten this question in a while, but where do you -- obviously, you have that direct energy exposure or maybe there's a nice benefit, but I would think there would be a ripple effect some animal spirits brewing in some other areas, maybe off-highway plant. But what is the net impact for you guys if we still see energy prices sitting here six months for now?

從更廣泛的覆蓋範圍與整體工業類股來看，如果未來能源價格持續高於100美元，產業會是什麼樣子。我認為Parker應該會受益。我想問的是，你們可能有一段時間沒被問到這個問題了：你們的淨影響會是什麼？顯然你們有直接的能源曝險，或許會有不錯的受益；但我也認為在其他領域可能會出現一些連鎖效應、帶動投資情緒，例如非公路設備、工廠端等。但如果六個月後能源價格仍維持在這個水準，對你們的淨影響是什麼？

Well, I think it's probably too early to forecast right now, but where we're at today, and what we have in our guide. I think that's representative of the impact today and how it impacts overall Parker Hannifin. We'll have to see how this plays out. But I don't have any forecast to share with you today.

嗯，我認為現在要做預測可能還太早；但就我們今天所處的位置，以及我們在指引中所反映的內容，我認為那已代表目前的影響，以及它如何影響整體Parker Hannifin。我們必須看看後續如何發展。但我今天沒有任何可以與你分享的預測。

Yes, Andrew, I would just add, the diversification of portfolio is really one of the strengths of the company. And we often say we're agnostic when it comes to the power source. When you look at the market verticals that we call out, there will be some pluses and some minuses across those. But I think overall, the company will be able to capitalize on any opportunities that come from changes in energy prices.

是的，Andrew，我再補充一點：產品組合的多元化確實是公司的一大優勢。而我們也常說，對於動力來源我們是中立的（agnostic）。當你看我們點出的各個市場垂直領域時，其中會有一些正面、也會有一些負面影響。但我認為整體而言，公司將能把握能源價格變動所帶來的任何機會。

And then your free cash flow nudge that up a little bit. I'm just wondering in light of the Filtration Group deal closing, are you still evaluating M&A into year-end? Would you rather preserve some capital just to get through the deal and then see where you're at?

另外你們把自由現金流指引小幅上調。我想問的是，考量Filtration Group交易即將完成交割，你們年底前仍在評估併購（M&A）嗎？你們會不會更傾向先保留一些資本，先把這筆交易完成，再看後續狀況？

We've been very active. We've been very direct with our commitment to do that. You saw us increase the dividend. You saw us do $825 million of share repurchases. You look at our leverage, it's very, very manageable where it sits today.

我們一直非常積極。我們也非常明確地表達我們對此的承諾。你看到我們提高了股利。你也看到我們進行了8.25億美元的庫藏股回購。再看我們的槓桿水準，以目前的位置來說是非常、非常可控的。

I just mentioned the full funding of the Filtration Group. We will not -- we might get near 3, but we're not going to cross 3. So that pipeline is always active. It's always being worked on. It's always being measured.

我剛才也提到Filtration Group的資金已完整規劃。我們可能會接近3倍，但不會超過3倍。因此那個管線一直是活躍的。一直在推進。也一直在衡量評估。

And I would tell you the capacity that the company has, you mentioned it. We're raising our free cash flow. If you look at CFO, we're going close to $4 billion of cash generation this fiscal year. It gives us a lot of options, and we're going to be very diligent when it comes to deploying those that optionality.

我也想告訴你，公司具備的資金能力——你也提到了。我們正在上調自由現金流。如果你看營運現金流（CFO），本財年我們將接近40億美元的現金產生。這給了我們很多選項，而在部署這些彈性時，我們會非常審慎。

I don't think I can consider.

我想我無法考慮。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

Todd, maybe a longer-term question on margins within the industrial business. So absent volumes, obviously, you guys have done a great job expanding margins in both of those businesses. But as you kind of think about the opportunity here, where do you see is like the biggest levers absent volumes to continue to expand margins in the industrial segment?

Todd，或許問一個關於工業業務利潤率的較長期問題。在沒有量的帶動下，顯然你們在這兩項業務的利潤率擴張方面做得非常出色。但當你們思考這裡的機會時，在缺乏量的情況下，你們認為在工業部門持續擴大利潤率的最大槓桿會是什麼？

Yes. Really, it is our commitment to lean and continuous improvement. Kaizen across the organization, we were just at some of our aerospace facilities. And you look at the margin that those aerospace businesses are putting up. But you listen to our team members and you walk the shop floor and you see the kaizen activity that's happening and the efficiency that it's driving, it is so energizing to see that.

是的。主要是我們對精實與持續改善的承諾。全組織推動改善（Kaizen），我們剛去過一些航太設施。你看看那些航太業務所展現的利潤率。但當你聽我們的團隊成員分享、走在產線現場，看到正在進行的改善活動以及它所帶來的效率提升，看到這些真的非常振奮人心。

We've said this before. We are very confident Jenny said it multiple times today that we're very confident in our ability to continue to expand margin, and that's what you're going to see Parker Hannifin do over the long term.

我們以前也說過。我們非常有信心——Jenny 今天也多次提到——我們非常有信心能持續擴大利潤率，而這就是你長期會看到 Parker Hannifin 所做的事。

We're -- our team members have a mindset of we're never done. And some of those visits as Todd was just talking about you're seeing fantastic improvements that they've made and the next breath, they're telling you what comes next. So again, just to reiterate, our confidence in the team, our confidence in our tools and the win strategy. and our ability to really create shareholder value there.

我們——我們的團隊成員抱持著「永遠沒有完成的一天」的心態。而在 Todd 剛提到的一些參訪中，你會看到他們已經做出的卓越改善，但下一秒他們又在告訴你接下來要做什麼。所以再次重申，我們對團隊有信心、對我們的工具與 Win Strategy 有信心，也對我們在那裡真正創造股東價值的能力有信心。

That's good to hear. And look, I know we'll get a guide in early August when you report -- but I guess as you kind of see your end markets right now, Jenny, you sound pretty sanguine on what's happening in the industrial end markets. I mean is it fair to say, just given where we sit today, that the expectation for next year be lease a couple of points better than what you're seeing in '26?

很高興聽到。另外，我知道你們在 8 月初公布時會提供指引——但我想問的是，Jenny，就你目前看到的終端市場而言，你聽起來對工業終端市場的狀況相當淡定。我的意思是，基於我們今天所處的位置，是否可以說對明年的預期至少會比你們在『26 年看到的情況好上幾個百分點？

That's a question to try and get a guidance. Listen, it's a fair question. We purposely transformed Parker into a less cyclical, faster growing and more resilient company. And many of our industrial markets turn positive bring this fiscal year, and orders are strong. As we were just talking about, the Win Strategy is clearly working.

這個問題是想套出指引。聽著，這是個合理的問題。我們刻意把 Parker 轉型成一家景氣循環性更低、成長更快、韌性更強的公司。而我們許多工業市場在本財年轉為正向，訂單也很強勁。正如我們剛才談到的，Win Strategy 顯然正在奏效。

It's going to continue to drive growth, margins and earnings even higher. We're going to welcome the filtration group into this fiscal year. So I'm confident that we're going to be able to guide to you.

它將持續推動成長、利潤率與獲利再往上提升。我們也將在本財年迎接過濾（filtration）事業群加入。所以我有信心我們能夠給你們提供指引。

For one more question before the -- we hit the top of the hour.

在——我們到整點之前——再問最後一題。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Great. Thanks for being here, the pressure the last question. Lots of questions on orders. Todd, maybe just what was the industrial backlog? I'm getting $4.1 billion. Is that the right number?

很好。謝謝你們在這裡，也謝謝承受上一題的壓力。大家問了很多關於訂單的問題。Todd，工業部門的在手訂單（backlog）是多少？我算出來是 41 億美元。這個數字對嗎？

Your math is good, that's right.

你算得沒錯，就是這個數字。

Correct, correct.

對，對。

Yes, that's why I got to pay the big books gain.

是的，所以我才拿得到大本薪水。

Just a quick one on the Texas facility. Obviously, really bad news. But just wondering the scale of that facility and any disruption you factored in.

再快速問一個關於德州廠的問題。顯然是非常糟的消息。但想請問那座廠的規模，以及你們是否已把任何干擾納入考量。

Listen, we're still assessing what the impact is, but we don't expect this to have any material impact to overall Parker.

聽著，我們仍在評估影響，但我們不預期這會對 Parker 整體造成任何重大影響。

That's great news. And then just one quick one. The DC business, data center business, I know it's small, but it's growing like a weed. So I'm assuming it's moving the needle on growth rates. So just -- any update on the size and growth profile of data center?

這是很好的消息。然後再一個很快的問題。DC 業務、資料中心業務，我知道它規模不大，但成長非常快。所以我猜它正在推動整體成長率。所以——能否更新一下資料中心業務的規模與成長輪廓？

Yes. It's still approximately 1% of our sales, but a great exposure here. It's growing nicely. It's just not large enough to have its own vertical right now. But this is just a great example of how all of our technologies, our interconnected technologies come together to really provide great value to the customers.

是的。它目前仍約占我們銷售額的 1%，但在這裡是很好的曝險。它成長得不錯。只是規模還不夠大，暫時還不足以成為一個獨立的垂直領域。但這正是一個很好的例子，說明我們所有技術、彼此互聯的技術如何整合在一起，為客戶提供很大的價值。

So listen, we're working with all the industry leaders. You're right, very fast growing. We can provide liquid cooling systems, subsystem components. And with the increase in data centers, there's a secondary benefit there around power gen and automation in construction. So this is a great overall impact for our partner.

所以聽著，我們正與所有產業領導者合作。你說得對，成長非常快。我們可以提供液冷系統、子系統零組件。而隨著資料中心增加，還有一個次級效益，會帶動發電（power gen）以及建設中的自動化需求。所以這對我們的合作夥伴而言是整體上很好的影響。

Okay. This concludes our FY26 Q3 earnings release webcast. We appreciate your time and attention, and thank everyone for joining us today. As usual, our Investor Relations team of Jeff Miller and Jenna Stuckey will be available for any follow-ups or clarifications that anyone may have. Thank you all, and have a wonderful day.

好的。本次 FY26 第三季財報發布網路直播到此結束。感謝各位的時間與關注，也謝謝大家今天參與。如同往常，我們的投資人關係團隊 Jeff Miller 與 Jenna Stuckey 將可協助任何後續問題或需要釐清之處。謝謝各位，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。感謝各位的時間與參與。您現在可以掛線。