派克漢尼汾 (PH) 2027 Q1 法說會逐字稿

Good morning, everyone. Welcome to Parker-Hannifin Corporation's Fiscal 2027 first-quarter earnings conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位早安。歡迎參加派克漢尼汾公司（Parker-Hannifin Corporation）2027 會計年度第一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。（接線員指示）

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

現在我想把電話會議交給我們的主持人——財務長 Todd Leombruno 先生。先生，請開始。

Thank you so much, Bo. Good morning, everyone, and welcome to Parker's fiscal year 2027 first-quarter earnings release webcast. This is Todd Leombruno, Chief Financial Officer, speaking. And as usual, with me today is Jenny Parmentier, our Chairman and Chief Executive Officer. As always, we appreciate your interest in Parker, and we thank you all for joining us today.

非常感謝你，Bo。各位早安，歡迎收看派克 2027 會計年度第一季財報發布網路直播。我是財務長 Todd Leombruno。如同往常，今天與我一同出席的還有我們的董事長兼執行長 Jenny Parmentier。一如既往，我們感謝各位對派克的關注，也謝謝大家今天加入我們。

On slide 2, we're going to address our disclosures on forward-looking projections and non-GAAP financial measures. The items we have listed here could cause actual results to vary from what we have forecasted. Our press release, this presentation, and reconciliations for all the non-GAAP measures were released this morning and are available under the Investor section on our website at parker.com.

在第 2 張投影片，我們將說明有關前瞻性預測與非 GAAP 財務衡量指標的揭露事項。我們在此列示的項目可能導致實際結果與我們的預測有所差異。我們的新聞稿、本簡報，以及所有非 GAAP 指標的調節表已於今早發布，並可在 parker.com 網站的投資人專區取得。

But today, we have Jenny starting with an overview of our record FY27 first-quarter performance, and she's also going to provide some details on the recently completed acquisition of the Filtration Group Corporation. Following Jenny, I will go a little bit more in depth on the details for our first-quarter financial results, and then we're both going to give a little color on the increase to our FY27 full-year guide that we increased this morning. We will conclude the call with the normal question-and-answer session, and we will try to address as many calls as we possibly can.

今天將由 Jenny 先就我們創紀錄的 FY27 第一季表現做概述，並提供近期完成之 Filtration Group Corporation 收購案的部分細節。在 Jenny 之後，我將更深入說明第一季財務結果的細節，接著我們兩位也會就今早上調的 FY27 全年財測指引增加一些說明。最後我們將進入例行的問答環節，並會盡可能回應最多的提問。

So now, if I could move your attention to slide 3, Jenny, I'll turn this over here.

那麼，請各位把注意力移到第 3 張投影片，Jenny，我把時間交給你。

Thank you, Todd, and thank you to everyone for attending the call today. Our global teams delivered impressive first-quarter performance. We achieved top quartile safety performance with a 9% reduction in our recordable incident rate. Safety is our top priority every day, and we remain focused on being the safest industrial company in the world. Q1 sales increased 18% to a record $6 billion, organic growth accelerated to 11.5%, and adjusted segment operating margin expanded 120 basis points to a record 28.6%.

謝謝你，Todd，也感謝各位今天參與電話會議。我們的全球團隊在第一季交出亮眼的表現。我們達成同業前四分位的安全績效，可記錄事故率降低 9%。安全是我們每天的首要任務，我們仍專注於成為全球最安全的工業公司。第一季營收成長 18% 至創紀錄的 60 億美元，有機成長加速至 11.5%，調整後事業部營業利益率擴張 120 個基點至創紀錄的 28.6%。

Adjusted earnings per share increased 23% to a record $8.90. This marks the first quarter we've delivered double-digit organic sales growth in over three years. And in the quarter, we completed the acquisition of Filtration Group Corporation, continuing our track record of disciplined capital deployment to compound performance. I'd like to thank our team members around the world for a great start to fiscal year 2027.

調整後每股盈餘成長 23% 至創紀錄的 8.90 美元。這是三年多來我們首次在單季達成兩位數的有機銷售成長。此外，本季我們完成了 Filtration Group Corporation 的收購，延續我們一貫以紀律性資本配置來複利提升績效的紀錄。我要感謝全球各地的團隊成員，讓 2027 會計年度有一個非常好的開局。

Moving to slide 4. We are experiencing increased demand across our key market verticals. Demand is broad-based, and rolling 12-month order rates increased to 13% this quarter. This broad-based strength is evidenced by our backlog, which continues to climb higher, setting a new record of $13.7 billion in Q1. Aerospace, Industrial, and Filtration Group all contributed to this increase in backlog. Parker's portfolio is profoundly different today than it was 10 years ago when we began our portfolio transformation.

接著看第 4 張投影片。我們在主要市場垂直領域正經歷需求增加。需求呈現廣泛性成長，本季過去 12 個月的滾動訂單率提升至 13%。這種廣泛性的強勁動能也反映在我們的在手訂單（backlog）上，第一季持續攀升並創下 137 億美元的新高。航太、工業以及 Filtration Group 都對在手訂單的增加有所貢獻。派克今日的產品組合，與我們在 10 年前開始進行組合轉型時已大不相同。

Our portfolio has been shaped by our strategic positioning initiative in The Win Strategy and has been transformed by acquisitions. Acquisitions have more than doubled the size of our Aerospace and Engineered Materials businesses, and we have more than tripled the size of our Filtration business. This is clearly a different Parker, one with greater visibility and backlog, resulting in more consistent growth.

我們的產品組合在《致勝策略》（The Win Strategy）的策略定位倡議下逐步成形，並透過併購完成轉型。併購使我們的航太與工程材料（Engineered Materials）業務規模增加逾一倍，而我們的過濾（Filtration）業務規模更增加逾三倍。這顯然是一個不同的派克——具備更高的能見度與在手訂單，因此帶來更一致的成長。

Slide 5, please. We've been looking forward to welcoming the very talented Filtration Group team members to Parker ever since we announced the transaction nearly one year ago. We were thrilled to complete the transaction in Q1 and continue our longstanding practice for a Parker leader to personally welcome the new team at every location. This slide shows pictures from just a few of our day one events held around the world, welcoming the Filtration Group team to Parker. This is a great day for all of us, and we are excited to have Filtration Group in the Parker portfolio.

請看第 5 張投影片。自從我們在近一年前宣布這筆交易以來，我們一直期待迎接才華洋溢的 Filtration Group 團隊成員加入派克。我們很高興在第一季完成交易，並延續我們長期以來的做法：由派克的主管親自到各據點歡迎新團隊加入。本投影片展示了我們在全球各地舉辦的部分「第一天」活動照片，歡迎 Filtration Group 團隊加入派克。這對我們所有人而言都是重要的一天，我們也很興奮 Filtration Group 成為派克產品組合的一部分。

I'm on slide 6. Filtration Group brings a diverse portfolio with strong brands, material science capabilities, highly engineered products, embedded application engineers, and multiple R&D centers. Filtration Group has a global presence with sales split approximately 60% North America and 40% international, and they have a robust aftermarket business, increasing Parker's overall Filtration aftermarket sales by 500 basis points. This acquisition enhances and expands our exposure in markets we know well, including life sciences, HVAC and refrigeration, in-plant and industrial, and transportation. Within life sciences, we have solutions for medical diagnostic and test applications that include consumable separation technologies, pharmaceutical protections, special chemistry, and material science solutions. In HVAC and refrigeration, we're adding complementary products and advanced media capabilities that ensure indoor air quality in places like hospitals, schools, museums, and airports.

我現在在第 6 張投影片。Filtration Group 帶來多元的產品組合，擁有強勢品牌、材料科學能力、高度工程化產品、深植於客戶端的應用工程師，以及多個研發中心。Filtration Group 具備全球布局，營收約 60% 來自北美、40% 來自國際市場；同時其售後市場業務相當強勁，使派克整體過濾售後市場銷售占比提升 500 個基點。此項收購強化並擴大我們在熟悉市場的布局，包括生命科學、暖通空調（HVAC）與冷凍冷藏、廠內與工業，以及運輸。在生命科學領域，我們提供醫療診斷與檢測應用的解決方案，涵蓋可耗材分離技術、製藥防護、特殊化學，以及材料科學解決方案。在 HVAC 與冷凍冷藏方面，我們新增互補性產品與先進濾材能力，以確保如醫院、學校、博物館與機場等場所的室內空氣品質。

Moving to in-plant and industrial, we're adding proprietary media for liquid, air, and gas filtration, increasing safety and productivity. And within transportation, Filtration Group brings on-vehicle filters and desiccants engineered to an application-specific form factor, increasing cleanliness and efficiency. With this acquisition, we are creating one of the largest industrial filtration businesses in the world with approximately $5 billion in annual revenue. Much like our previous acquisitions, this is highly complementary, brings new capabilities in existing applications as well as near adjacencies, thus expanding our addressable market and opportunities to create value for customers globally.

再看廠內與工業領域，我們新增用於液體、空氣與氣體過濾的專有濾材，提升安全性與生產力。在運輸領域，Filtration Group 帶來車載濾芯與乾燥劑，並依特定應用設計成相應的外形規格，提升潔淨度與效率。透過這項收購，我們正在打造全球規模最大的工業過濾業務之一，年營收約 50 億美元。如同我們先前的收購案，這次高度互補，為既有應用以及相鄰領域帶來新能力，進而擴大我們的可服務市場與為全球客戶創造價值的機會。

Moving to slide 7. Our dedicated integration team is leveraging the Parker integration playbook with Filtration Group. We have a proven process and one that we continuously improve with each acquisition. We know from experience that cultural alignment is key to a successful integration, and we see this once again with the combination of Parker and Filtration Group. Our integration teams are currently focused on the first pillar of The Win Strategy, engaged people.

接著看第 7 張投影片。我們專責的整合團隊正運用派克的整合作戰手冊（integration playbook）來整合 Filtration Group。我們有一套經驗證的流程，並在每一次收購中持續精進。我們從經驗中知道，文化契合是整合成功的關鍵，而我們再次在派克與 Filtration Group 的結合中看到了這一點。目前我們的整合團隊聚焦於《致勝策略》的第一支柱：投入的員工（engaged people）。

In less than one quarter, our teams have already begun Kaizen events focused on safety improvements. This is the first step in building a culture of Kaizen that will later drive lead time reductions that drive customer experience and increase productivity. The chart on the right shows for the first time our expected cumulative cost synergies by year. Our fiscal year '27 guidance now includes Filtration Group and $40 million of synergies this fiscal year. Acquisition integration is a core competency here at Parker, and we are confident in delivering $220 million of cost synergies as we target taking Filtration Group's adjusted EBITDA margin to greater than 30%.

在不到一個季度的時間內，我們的團隊已開始舉辦以安全改善為主題的改善（Kaizen）活動。這是建立改善文化的第一步，後續將推動交期縮短，進而提升客戶體驗並提高生產力。右側圖表首次展示我們按年度預期的累計成本綜效。我們 2027 會計年度的指引現已納入 Filtration Group，並包含本會計年度 4,000 萬美元的綜效。併購整合是派克的核心能力之一，我們有信心實現 2.2 億美元的成本綜效，並以將 Filtration Group 的調整後 EBITDA 利潤率提升至 30% 以上為目標。

Now on slide 9, 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, divisions run by general managers with full P&L responsibility, acting like owners close to their customers and executing The Win Strategy every day.

現在看第 9 張投影片，今天參與電話會議的許多人之前都看過這張投影片。我們為何能贏。首先，《致勝策略》（The Win Strategy）是我們的營運管理系統。我們採取分權式營運架構，各事業部由總經理負責並承擔完整損益（P&L）責任，以貼近客戶、如同所有者般運作，並每天落實《致勝策略》。

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. Two-thirds of our revenue comes from customers who buy four or more technologies.

接下來，我們有創新產品來解決客戶問題，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，使我們能憑藉互聯技術取得競爭優勢，為客戶提供高效率的解決方案。我們三分之二的營收來自購買四項或以上技術的客戶。

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 mid-size OEMs that are participating in capital spending and investments. These partners are experts at interconnected technology.

最後，我們的配銷網路是全球最好的。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。這些合作夥伴都是互聯技術方面的專家。

Todd, I'll pass it over to you for some first-quarter highlights.

Todd，我把時間交給你，請你分享第一季的一些重點。

Thank you, Jenny. We always talk about finishing strong. Well, this is a quarter where we started the year strong. As Jenny said, I'm on slide 10, and I'm just going to go through a real quick review of the first-quarter results. It was a strong quarter, double-digit sales growth resulting in strong margin expansion and 23% EPS growth.

謝謝你，Jenny。我們總是在談要強勢收尾。而這一季，我們是以強勢開局展開新的一年。如 Jenny 所說，我在第 10 張投影片，我將很快回顧第一季的業績。這是一個強勁的季度，銷售額雙位數成長，帶動利潤率顯著擴張，EPS 成長 23%。

Sales were up 18% over prior year. We reached $6 billion for the first time in the history of the company. Organic growth, as Jenny mentioned, was 11.5%. Acquisitions all in added 7%. Most of that was from Filtration Group Corporation, but we do have one last partial quarter of Curtis sales in there that totaled the 7% for all acquisitions.

銷售額較去年同期成長 18%。我們公司史上首次達到 60 億美元。如 Jenny 提到的，有機成長為 11.5%。併購合計貢獻 7%。其中大部分來自 Filtration Group Corporation，但我們也包含 Curtis 銷售的最後一個不完整季度，使所有併購合計為 7%。

Segment operating margins are up 120 basis points from the prior year, finished at 28.6%. That obviously is a record. Adjusted EBITDA margin was also a record at 28.5%. That's also up 120 basis points from prior year. And adjusted net income was a little bit over $1 billion, $1.1 billion, which is 18.9% return on sales, and that's how we get to $8.90 in adjusted earnings per share.

各事業部營業利益率較去年同期提升 120 個基點，達到 28.6%。這顯然是創新高。調整後 EBITDA 利潤率同樣創新高，為 28.5%，也較去年同期提升 120 個基點。調整後淨利略高於 10 億美元，為 11 億美元，銷售報酬率為 18.9%，因此我們的調整後每股盈餘達到 8.90 美元。

That is up 23% versus prior year. Like I said, it was just a really strong start. It's great to start the year with double-digit organic growth and 23% EPS growth. Really glad to see that.

這較去年同期成長 23%。如我所說，這真的是一個非常強勁的開局。以雙位數有機成長與 23% 的 EPS 成長來展開新的一年，令人振奮。很高興看到這樣的表現。

On slide 11, this is the walk. You can see it was just a really -- excuse me, clean quarter. Essentially all of our EPS growth came from strength across our operations. Segment operating income dollars are up by $327 million. That happens to also be 23%. That added nearly $2.00 of EPS to our EPS growth for the quarter. Lower shares outstanding was favorable by $0.04.

在第 11 張投影片，這是橋接分析。你可以看到這是一個非常——抱歉——乾淨的季度。基本上，我們的 EPS 成長幾乎全部來自營運面的全面強勁表現。各事業部營業利益金額增加 3.27 億美元。這剛好也是 23%。這使本季 EPS 成長增加了將近 2.00 美元。流通在外股數減少帶來 0.04 美元的正面影響。

Income tax was also slightly favorable, just a penny. And interest expense, as expected, was higher. But that is really related to newly issued debt that we took out to acquire Filtration Group. Corporate G&A and other was negative $0.08, and that was really driven by higher market-based benefits, nothing really out of the ordinary there. And that's really how we get to $8.90 in adjusted earnings per share. So really just a great quarter. Thanks to our teams for converting 11.5% organic growth into 23% EPS growth. Just a great operating performance across the company.

所得稅也略為有利，約 0.01 美元。利息費用如預期上升。但這主要與我們為收購 Filtration Group 而新發行的債務有關。公司管理費用（Corporate G&A）及其他項目為負 0.08 美元，主要是由較高的市場型福利費用所致，並沒有什麼異常。這就是我們如何得到調整後每股盈餘 8.90 美元。所以這真的是一個很棒的季度。感謝我們的團隊，將 11.5% 的有機成長轉化為 23% 的 EPS 成長。全公司展現了非常出色的營運表現。

Now, if we move to slide 12 and look at segment performance, rolling orders on a 12-month basis accelerated for the company to plus 13% versus prior year. And as you can see, there's double-digit growth across all reported businesses on the 12/12 order report.

現在，如果我們到第 12 張投影片看各事業部表現，以 12 個月滾動基礎計算，公司訂單加速成長至較去年同期增加 13%。如你所見，在 12/12 訂單報告中，所有揭露的業務皆呈現雙位數成長。

Organic growth, like I said, was 11.5%. That did exceed our guide. We were guiding 8%. Margins are up 120 basis points, and that is a new record.

如我所說，有機成長為 11.5%，超出我們的指引。我們原先指引為 8%。利潤率提升 120 個基點，並創下新高。

If we look at the North American businesses, sales are up 20%. That is a record $2.4 billion. Organic growth in North America was 9.4%. We saw positive growth across all market verticals, and that includes distribution. Margins were up 60 basis points versus prior, finished at a record 27.6% for the North American businesses, and we continue to see margin expansion from executing The Win Strategy and really leveraging higher productivity on that sales volume.

若看北美業務，銷售額成長 20%。這是創紀錄的 24 億美元。北美有機成長為 9.4%。我們在所有市場垂直領域都看到正成長，其中也包括配銷。利潤率較去年同期提升 60 個基點，北美業務以 27.6% 創下新高；我們持續看到利潤率擴張，來自執行 The Win Strategy，並在該銷售量下有效提升生產力。

Orders in North America also increased 200 basis points to 11%. Compared to prior year, as Jenny said, strength across all market verticals in the North American business. It's just a great way to start a year for North America.

北美訂單也增加 200 個基點至 11%。與去年同期相比，如 Jenny 所說，北美業務在所有市場垂直領域都展現強勁動能。對北美而言，這是展開新的一年的絕佳方式。

If we slide into the Diversified Industrial International businesses, what a quarter here. Sales were a record $1.7 billion. That's up 22% versus prior year. Organic growth was 11.6%, and that was really led by outstanding growth in our Asia Pacific businesses. Organic growth in Asia Pacific was 23.4%. It was also great to see the EMEA region go positive at plus 4%. And as you can see, Latin America is just a slight drag at minus 1%.

接著看多元工業國際（Diversified Industrial International）業務，這一季表現非常亮眼。銷售額創紀錄達 17 億美元。較去年同期成長 22%。有機成長為 11.6%，主要由亞太業務的卓越成長所帶動。亞太有機成長為 23.4%。同時也很高興看到 EMEA 區域轉正至 +4%。如你所見，拉丁美洲僅小幅拖累，為 -1%。

Margins here are the standout, 270 basis points of margin expansion versus prior year. The 27.7% is a record for the International businesses. Really seeing results from a lot of restructuring activities over the past year or two, some growth from new business wins, and obviously executing The Win Strategy over and over and over again. On the order front, International orders increased 400 basis points to 14%, with sequential increases in both Asia Pacific and EMEA. It was a record quarter across multiple metrics from our International team, and they did a great job starting the year. So thanks to all of our International team.

這裡的亮點是利潤率，較去年同期擴張 270 個基點。27.7% 為國際業務的紀錄。我們確實看到過去一到兩年多項重整活動的成果、來自新案贏單的一些成長，當然也包括一再、一再地執行 The Win Strategy。在訂單方面，國際訂單增加 400 個基點至 14%，亞太與 EMEA 皆呈現連續性成長。本季在多項指標上都創下國際團隊的紀錄，他們以非常出色的表現展開新的一年。因此，感謝我們所有的國際團隊。

Moving over to Aerospace, just another exceptional quarter of double-digit organic growth. Sales were a record at $1.9 billion. That's up 14% versus prior year. All 14% of that is organic and really strength across both the OEM and aftermarket businesses.

接著看航太（Aerospace），又是一個表現卓越的季度，維持雙位數有機成長。銷售額創紀錄達 19 億美元。較去年同期成長 14%。這 14% 全部都是有機成長，主要來自 OEM 與售後市場業務的全面強勁表現。

You look at margins, they expanded margins 70 basis points versus prior year. They also achieved a new record of 30.7%, and that margin performance is really a result of great productivity, those higher volumes, and stronger-than-expected commercial aftermarket growth. Order rates continue to be elevated in Aerospace at plus 14%, and we continue to see strong mid-teens commercial aftermarket order growth. Another great performance from our Aerospace team. Thank you.

再看利潤率，較去年同期擴張 70 個基點。同時也創下 30.7% 的新高；這樣的利潤率表現主要來自優異的生產力、更高的出貨量，以及高於預期的商用售後市場成長。航太訂單率仍維持高檔，年增 14%，我們也持續看到商用售後市場訂單維持強勁的中十位數成長。航太團隊再次交出亮眼成績。謝謝。

On slide 13, we talk about cash flow. Cash flow from operations was $752 million. That's 12.6% of sales. Free cash flow came in at $643 million. That's 10.7% of sales. That is slightly lower than last year. All of it is related to just bringing in the Filtration Group acquisition.

在第 13 張投影片，我們談現金流。營運活動現金流為 7.52 億美元。相當於銷售額的 12.6%。自由現金流為 6.43 億美元。相當於銷售額的 10.7%。這比去年略低。全部都與導入 Filtration Group 這項併購案有關。

If you remember, last week, our Board approved our quarterly dividend of $2.00 per share. That is the company's 306th consecutive quarterly dividend. And on cash flow, we are committed to achieving 100% conversion for the year. If you remember, our cash flow is second-half weighted. We issued the new debt this quarter to acquire Filtration Group. Those interest rates on average are just slightly over 4.5%, and that pushed our net debt to adjusted EBITDA to just 2.7. So those are the details on Q1.

如果你還記得，上週我們的董事會核准了每股 2.00 美元的季度股利。這是公司連續第 306 次發放季度股利。在現金流方面，我們致力於全年達成 100% 轉換率。如果你還記得，我們的現金流偏向下半年。本季我們發行了新債以收購 Filtration Group。這些利率平均僅略高於 4.5%，並將我們的淨負債對調整後 EBITDA 推升至 2.7。因此，以上就是第一季的細節。

Jenny, I'll turn it over to you.

Jenny，接下來交給你。

Thank you, Todd. On slide 15, our fiscal year '27 organic growth forecast by key market vertical. As previously mentioned, with strong and broad-based demand, we are raising our midpoint organic growth guidance 200 basis points from 7% to 9%. For Aerospace and Defense, our largest vertical, we are raising guidance to approximately 10% organic growth. Commercial aftermarket orders accelerated and OEM continued strong.

謝謝你，Todd。在第 15 頁，我們按主要市場垂直領域列示 27 財年的有機成長預測。如先前所提，在強勁且廣泛的需求帶動下，我們將有機成長指引的中位數上調 200 個基點，從 7% 提高至 9%。就航太與國防（我們最大的垂直領域）而言，我們將指引上調至約 10% 的有機成長。商用售後市場訂單加速，OEM 也持續強勁。

We are also raising our growth outlook for in-plant and industrial to high single-digit growth. We continue to see demand broaden and strong orders from our distributors. For our transportation vertical, we now forecast high single-digit growth, led by continued strength in heavy-duty trucks, which has been driven by production rate increases.

我們也將廠內與工業的成長展望上調至高個位數成長。我們持續看到需求擴大，且來自經銷商的訂單強勁。就運輸垂直領域而言，我們目前預測高個位數成長，主要由重型卡車的持續強勢帶動，而這是由生產速率提升所驅動。

Moving to off-highway, we are guiding mid-single-digit growth. We see continued strong non-residential growth driving construction. Mining strength continues as well, which is supported by commodity prices. We also expect mid-single-digit growth for energy. We see sustained growth from our businesses supporting gas turbine power generation, while we are still expecting oil and gas to be flat this year.

接著看非公路領域，我們指引為中個位數成長。我們看到非住宅的持續強勁成長帶動營建。礦業也持續強勢，並受到商品價格支撐。我們也預期能源將有中個位數成長。我們看到支援燃氣渦輪發電的業務帶來持續成長，同時我們仍預期今年油氣業務將持平。

Lastly, we are guiding mid-single-digit growth in HVAC and refrigeration. This growth is led by commercial HVAC, followed by refrigeration. So in summary, we are raising the organic growth forecast for our three largest market verticals and still expect positive sales growth across all market verticals, resulting in an organic growth forecast of 9% at the midpoint.

最後，我們指引 HVAC 與冷凍為中個位數成長。此成長由商用 HVAC 領先，其次為冷凍。總結而言，我們上調了三個最大市場垂直領域的有機成長預測，並仍預期所有市場垂直領域的銷售皆為正成長，使得有機成長預測中位數為 9%。

I'll hand it back to Todd to share more details on guidance.

我把時間交回給 Todd，請他分享更多指引細節。

Thanks, Jenny. I'm on slide 16. And as Jenny said, we are raising our full-year guidance. That's obviously based off the strong performance we had in Q1, the robust order levels, and then of course including the Filtration Group in our numbers.

謝謝，Jenny。我在第 16 頁。如 Jenny 所說，我們正在上調全年指引。這顯然是基於第一季的強勁表現、穩健的訂單水準，當然也把 Filtration Group 納入我們的數字之中。

On reported sales, we're increasing the range of growth to 16% to 19% or roughly 17.5% at the midpoint. Specifically for Filtration Group, we are including $1.85 billion of sales to the guide for FY27. That's obviously a stub year. That's roughly 10.5 months of ownership. If you take that $1.85 billion plus the little bit that's left over from Curtis, acquisitions will account for roughly 9% of the sales change. Currency is really just a slight drag at 0.5%, and that is based on September 30 spot rates.

在報告銷售額方面，我們將成長區間上調至 16% 至 19%，或中位數約 17.5%。就 Filtration Group 而言，我們在 27 財年指引中納入 18.5 億美元的銷售額。這顯然是個短年度。這大約相當於 10.5 個月的持有期間。若將這 18.5 億美元加上 Curtis 剩餘的一點點，併購將約占銷售變動的 9%。匯率僅有約 0.5% 的小幅拖累，這是以 9 月 30 日即期匯率為基礎。

Jenny mentioned this, but we are increasing organic growth to a range of 7.5% to 10.5%. That's 9% at the midpoint. Aerospace organic growth, we are increasing that 150 basis points to 10% at the midpoint. The Industrial North American businesses organic growth is being raised by also 150 basis points to 8% at the midpoint. And the Industrial International businesses are being raised by 400 basis points to 9.5% organic growth at the midpoint.

Jenny 提到過，我們將有機成長上調至 7.5% 至 10.5% 的區間，中位數為 9%。航太的有機成長，我們上調 150 個基點至中位數 10%。北美工業業務的有機成長也上調 150 個基點至中位數 8%。國際工業業務則上調 400 個基點至中位數 9.5% 的有機成長。

For the full year, adjusted segment margins are expected to increase by 20 basis points versus the prior guide. That would go to 27.9% for the year, and that includes raises in all three reported businesses. That would be a 60 basis points increase versus prior year all in, and that would include incorporating Filtration Group into Parker-Hannifin numbers.

就全年而言，調整後部門利潤率預期較先前指引提高 20 個基點。全年將達到 27.9%，且包含三個報告業務的上調。整體而言，這將較前一年提高 60 個基點，並包含將 Filtration Group 納入 Parker-Hannifin 的數字。

Just a few items to note. Corporate G&A is just up slightly by $10 million. It was $200 million. We now expect it to be $210 million. Other expense is down by $10 million. It was $100 million, now we expect it to be $90 million.

有幾點需要注意。公司層級的一般與管理費用（G&A）僅小幅增加 1,000 萬美元。原本為 2 億美元。我們現在預期為 2.1 億美元。其他費用則減少 1,000 萬美元。原本為 1 億美元，現在我們預期為 9,000 萬美元。

And interest expense has been increased. This is all really related to the Filtration Group debt. We now expect $690 million of interest for the year. Previously, that was $340 million without the Filtration Group acquisition. And really no change in the tax rate, 22.5% tax rate.

利息費用已上調。這全部都與 Filtration Group 的債務相關。我們現在預期全年利息為 6.9 億美元。先前在未收購 Filtration Group 的情況下為 3.4 億美元。稅率方面基本沒有變化，稅率為 22.5%。

Adjusted EPS has been raised to $36.85, which I will break down a little bit further in the next slide. The range on that is plus or minus $0.40, and the split is, as usual, 48% first half, 52% second half. And as I mentioned before, we are also raising our free cash flow guidance to a range of $3.5 billion to $4 billion. That is $3.75 billion at the midpoint and approximately 100% for the year. If we look specifically at Q2, reported sales are forecasted to be nearly $6.2 billion, and it's a 19.5% increase versus prior.

調整後 EPS 已上調至 36.85 美元，我會在下一頁再進一步拆解。其區間為正負 0.40 美元，且如往常一樣，上半年占 48%、下半年占 52%。如我先前提到，我們也將自由現金流指引上調至 35 億至 40 億美元的區間。中位數為 37.5 億美元，全年約為 100%。若特別看第二季，預測報告銷售額接近 62 億美元，較去年增加 19.5%。

Organic growth we expect to be about 10% for Q2. For adjusted segment operating margins, we are forecasting 27.6%. That is all in. And adjusted EPS is now expected to be $8.82 for the quarter.

第二季我們預期有機成長約為 10%。調整後部門營業利潤率方面，我們預測為 27.6%，為整體數。而本季調整後 EPS 目前預期為 8.82 美元。

On slide 17, we provided this just to kind of show the increase, just with a couple moving pieces with Filtration Group coming in. You could see our previous guidance here was $34.75 for the year. We are increasing that to $36.85. I just want to point out that $1.70 of that increase is coming from increased segment operating income dollars based on higher organic growth and great incrementals in our legacy business. Just a great quarter to start the year, and we expect that to continue throughout the year.

在第 17 頁，我們提供這張主要是為了展示增幅，因為 Filtration Group 併入後有幾個變動項目。你可以看到我們先前的全年指引是 34.75 美元。我們將其上調至 36.85 美元。我想指出的是，這次上調中的 1.70 美元來自部門營業利益金額的增加，係基於更高的有機成長，以及我們既有業務很好的增量表現。今年開局就是非常出色的一季，我們預期這樣的動能將延續全年。

For Filtration Group in FY27, we expect this to be adjusted EPS accretive of $0.50. That is for the first 10.5 months of ownership. There was really no impact in Q1. The segment operating margin was offset by the interest expense, but for the next three quarters, we're expecting $0.50 of accretion. That includes the $40 million of synergies that Jenny mentioned earlier.

就 27 財年的 Filtration Group 而言，我們預期其對調整後 EPS 的貢獻為正向增益 0.50 美元。這是以持有的前 10.5 個月計算。第一季實際上沒有影響。部門營業利潤率被利息費用所抵銷，但在接下來三個季度，我們預期將有 0.50 美元的增益。其中包含 Jenny 先前提到的 4,000 萬美元協同效益。

And then lastly, just corporate interest and other, just a slight bit higher, $0.10 higher, and that brings the total raise for the year to $2.10, or 6%, from what we just initiated three months ago. As usual, we've got additional guidance details in the appendix. Just in summary, FY27 is off to a fantastic start. We're excited to welcome the Filtration Group team members to Parker-Hannifin.

最後，公司利息及其他項目略為提高，增加 0.10 美元，這使得全年上調總額達到 2.10 美元，或 6%，相較於我們三個月前剛發布的指引。如往常一樣，我們在附錄中提供了更多指引細節。總結來說，27 財年開局非常亮眼。我們很高興歡迎 Filtration Group 的團隊成員加入 Parker-Hannifin。

And with that, Jenny, I'll hand it back to you.

那麼，Jenny，我把時間交還給你。

Thanks, Todd. I'm on slide 19. Today, we are excited to announce our 2027 Investor Meeting on May 13, 2027. Similar to our last Investor Meeting three years ago, this meeting will be in person and webcast from New York City. Please save the date, and we look forward to sharing more details as we get closer to the event.

謝謝，Todd。我在第19頁投影片。今天，我們很高興宣布將於2027年5月13日舉辦我們的2027年投資人會議。與三年前上一次投資人會議類似，本次會議將在紐約市以實體方式舉行，並同步網路直播。請先預留日期，我們也期待在活動日期接近時分享更多細節。

And moving to our final slide, a reminder of what drives Parker: safety, engagement, and ownership are the foundation of our culture. It is our team members living up to our purpose every day that drives top quartile performance and allows us to be great generators and deployers of cash.

接著來到最後一張投影片，提醒各位是什麼驅動Parker：安全、投入與主人翁精神是我們文化的基石。正是我們的團隊成員每天實踐我們的使命，推動我們達到同業前四分位的表現，並讓我們能夠成為優秀的現金創造者與現金配置者。

Okay. So we are ready for the Q&A portion of the call.

好的。那麼我們準備進入本次電話會議的問答環節。

(Operator Instructions)

(接線員指示)

Andrew Obin, Bank of America.

美國銀行（Bank of America）的Andrew Obin。

Yes, good morning, guys. Just a question, Jenny, congratulations. We've been in meetings for I think what seems like eternity where the team was hoping for the industrial recovery that sort of never seems to come. It does seem -- finally seems to be here. What has changed that? We've now seen to have like two quarters of recovery, and how much visibility and comfort do you have going forward? And obviously you've raised the guide, but maybe expand a little bit.

是的，各位早安。Jenny，我有個問題，先恭喜你。我們參加了很多會議，感覺像是無止盡一樣，團隊一直期待工業復甦，但似乎總是遲遲未到。但現在看起來——終於似乎來了。是什麼改變促成了這點？我們現在似乎已經看到大約兩個季度的復甦，你們對未來的能見度與信心有多高？而且你們顯然上調了指引，但能否再多展開說明一下。

Good morning, Andrew, and thank you. Yeah, I feel like I've been saying positive sentiment and a gradual recovery for quite some time. And obviously in Q1, what we saw was a broadening recovery across all the markets. I would tell you that it's been robust electronics and semiconductors growth, double-digit growth.

早安，Andrew，謝謝你。是的，我覺得我講「正向情緒與逐步復甦」已經講了好一段時間。而在第一季，我們看到的是各市場全面擴散的復甦。我會告訴你，電子與半導體的成長非常強勁，呈現雙位數成長。

We've been able to raise in-plant and transportation market verticals, obviously. It's just really been great in all aspects of the markets that we raised. So I think that it's just been that the orders that we've seen, and the positive sentiment has turned into some momentum here in shipments and increased orders as demonstrated through the quarter.

我們也能夠在廠內（in-plant）與運輸等市場垂直領域上調表現，這點很明顯。基本上，在我們上調的各個市場面向都表現得非常好。所以我認為，主要就是我們看到的訂單，以及正向情緒，已經轉化為出貨動能與訂單增加，並在本季的表現中得到印證。

I want to tell you that there's nothing that we see right now that would cause us to be concerned about the outlook. Obviously, we've raised the guide here. We feel confident in this guide, and we're real pleased with the orders and how the team executed throughout the quarter. We've been talking about all the work we do no matter what's going on, and the volume really turned into some nice bottom-line performance.

我想告訴你的是，目前我們沒有看到任何會讓我們對展望感到擔憂的因素。當然，我們這次也上調了指引。我們對這份指引很有信心，也對訂單表現以及團隊在整個季度的執行成果感到非常滿意。我們一直在談，不論外部環境如何，我們都持續做該做的工作，而這次量的提升確實帶來了不錯的獲利端表現。

Yeah, great to hear. And maybe a follow-up, you highlighted that in Aerospace, commercial aftermarket was a positive surprise. I know a lot of concerns about that starting in the summer. Maybe clearly you talk to your customers, what's driving the upside there?

很好，聽到這樣很棒。再追問一下，你提到在航太方面，商用售後市場（commercial aftermarket）是個正向驚喜。我知道很多人擔心從夏天開始會有壓力。你們也會跟客戶交流，能否談談那邊上行的驅動因素是什麼？

Yeah. I mean, we saw double-digit growth. We saw plus 14% in both OEM and aftermarket. It was really the second highest quarter of order bookings for us ever. And we do expect this strong demand to continue. So we're not seeing a lot of retiring aircrafts, right? So aftermarket continues to be strong.

是的。我們看到雙位數成長。OEM與售後市場都成長14%。這其實是我們歷來第二高的單季接單量。而我們也預期這股強勁需求將會延續。所以我們沒有看到很多飛機退役，對吧？因此售後市場仍然維持強勁。

Mic Dobre, Baird.

Baird的Mic Dobre。

Good morning, everyone. Appreciate all the commentary on growth and orders. Things seem to be going well. But just sort of acknowledging what's going on in the capital markets here, especially post election, there's obviously concerns about the AI infrastructure buildout, and I'm not really asking you to forecast how that's going to go because who knows. But really, can you help us better understand what your exposure is as you kind of look into your business because you obviously have some direct exposure, but there's also probably some indirect exposure.

各位早安。感謝你們對成長與訂單的各項說明。看起來進展很順利。不過，考量目前資本市場的狀況，尤其是選後，市場顯然對AI基礎設施建置有所擔憂；我並不是要你們預測接下來會怎麼走，因為誰也說不準。但你們能否協助我們更清楚理解你們的曝險程度？因為你們顯然有一些直接曝險，但也可能存在一些間接曝險。

So if you sort of think about this vertical and the risk that that poses on a go-forward basis, it'd be great to hear your thoughts. And specifically in your A&G business, where we've seen really very, very strong growth, how much of that do you think is related to this particular world?

所以如果從這個垂直領域以及其對未來可能帶來的風險來看，很希望聽聽你們的看法。特別是在你們的A&G業務中，我們看到非常、非常強勁的成長，你們認為其中有多少與這個特定領域相關？

So just a couple of points to make. So data centers does continue to be a high-growth driver for us with double-digit growth in the quarter. We're continuing to get business in the space, and orders and backlog are strong. We have nice exposure and growth, but this is not yet large enough for its own vertical. We finished the fiscal year with data centers making up approximately 1.5% of Parker sales.

我先提幾點。資料中心確實仍是我們的高成長驅動因素之一，本季呈現雙位數成長。我們持續在這個領域取得業務，訂單與在手訂單（backlog）都很強勁。我們有不錯的曝險與成長，但目前規模還不足以成為我們單獨的一個市場垂直領域。我們在本財年結束時，資料中心約占Parker銷售額的1.5%。

So this is a great interconnected technology story from all the products that have been in the Parker portfolio for quite some time. And we are working with industry leaders. We have the ability to provide the liquid cooling systems and subsystem components. And the Asia Pacific orders are strong in electronics and semicon, and that was just a really strong area for the quarter. So as I previously mentioned, we feel good about the orders that are out there.

因此，這是一個很好的互聯技術（interconnected technology）故事，因為Parker產品組合中有許多產品已經存在相當長一段時間。我們也正與產業領導者合作。我們具備提供液冷系統以及子系統零組件的能力。此外，亞太地區在電子與半導體的訂單強勁，這也是本季非常突出的強項。所以如我先前提到的，我們對目前的訂單狀況感到樂觀。

And we think this is going to continue to be a growth area, but again, not quite a market vertical for us.

我們認為這將持續是一個成長領域，但再強調一次，對我們而言目前還不到一個獨立的市場垂直領域。

That's helpful. And then my follow-up, just to maybe double-click on your comments on commercial aftermarket. If you were to think about it by region and think about the Middle East specifically, I'm wondering two things, how that specific region has progressed or gone. And is there potential for some sort of a catch-up if maybe conditions in the Middle East change sometime in 2027?

這很有幫助。接著追問一下，想再深入你對商用售後市場的評論。如果按區域來看，特別是中東，我想問兩件事：該區域的進展或表現如何？以及如果中東情勢在2027年某個時點出現變化，是否可能出現某種「追趕式」回補（catch-up）的潛力？

I think commercial aftermarket has been strong, and it continues to be strong. So I wouldn't note any dip related to anything that we saw with that conflict. We're raising our guide to high single-digit growth for fiscal year '27. So strong orders in Q1. As I mentioned before, we're just not seeing a lot of the aircraft retiring, so that aging fleet is driving the growth.

我認為商用售後市場一直很強，而且仍將維持強勁。因此，我不會指出有任何與我們看到的那場衝突相關的下滑。我們把2027財年的指引上調至高個位數成長。第一季訂單強勁。如我先前提到的，我們就是沒有看到很多飛機退役，因此機隊老化正在推動成長。

But I wouldn't say that it went down enough to say there was a reaction to anything going on. And obviously orders in Q1 were strong.

但我不會說它下滑到足以顯示對任何事件有反應的程度。而且很明顯，第一季的訂單表現很強。

All right. I'll leave it there.

好的。我就先到這裡。

David Raso, Evercore ISI.

Evercore ISI的David Raso。

I was curious if we can dive into the International guide, the 400 bps increase. Which geographies drove that? And obviously, if you can help us a bit, how you think about the geography guide within the total International organic. And also the margins, they're obviously very high in the first quarter, and while you raised the margin guide, they're still lower than the first quarter. Just curious how you're thinking about that, why the first quarter would be that much higher than the full year guide.

我想深入了解一下國際業務指引上調400個基點的部分。是哪些地區帶動了這個上調？另外，如果可以的話，也請協助我們理解你們如何在整體國際有機成長之中看待各地理區域的指引。還有毛利率方面，第一季顯然非常高；雖然你們上調了全年毛利率指引，但仍低於第一季水準。想請教你們怎麼看這件事，為什麼第一季會比全年指引高出那麼多？

All right. Well, I'll dive into what's going on with the International guidance for you. So full-year organic growth is now 9.5%. As Todd said, that's a large increase to the initial guide, and Q2 guide is approximately 11%. So in EMEA, we have guidance at low-single-digit to mid-single-digit growth for the year, and that's really mixed market conditions. They have strong growth in energy, mining, and defense, and what we see as a gradual recovery in heavy-duty trucking, construction.

好。那我先為各位說明一下國際業務指引的最新狀況。目前全年有機成長率上修至9.5%。如Todd所說，這相較於最初的指引是大幅上調，而第二季指引約為11%。在EMEA，我們對全年成長的指引為低個位數到中個位數，主要反映市場狀況分歧。能源、礦業與國防表現強勁，而我們也看到重型卡車與建築領域正逐步復甦。

In Asia Pacific, this has been very strong. We're raising guidance to mid-teens organic growth, as was previously high single-digit, and we're really seeing continued strong electronics and semicon demand. In-plant orders and shipments progress. In Q1, we saw double-digit distribution growth. And we're seeing the orders and the shipments continue to progress. And then mining and energy strength continues in Asia Pacific.

在亞太地區，表現一直非常強勁。我們將指引上修至有機成長中十位數百分比（mid-teens），先前為高個位數，且我們確實看到電子與半導體需求持續強勁。駐廠（in-plant）訂單與出貨持續推進。第一季我們看到通路（distribution）成長達雙位數。而我們也看到訂單與出貨持續改善。此外，亞太地區的礦業與能源動能仍然強勁。

Latin America guidance is at low-single-digit organic growth, and we're still seeing a broad-based softness across that region.

拉丁美洲的指引為有機成長低個位數，而我們仍看到該區域整體呈現廣泛性的疲弱。

Hey, David, this is Todd. I would just add a little bit. Q1 was stellar, absolutely stellar. And if you look at what we're doing, we have increased the margins really for all businesses, North America, International, and Aerospace for the remainder of the year.

嗨，David，我是Todd。我補充一點。第一季表現非常亮眼，真的非常亮眼。如果你看我們正在做的事，我們已提高今年剩餘期間所有業務的利潤率，包括北美、國際以及航太。

We did have Filtration Group for basically a month and a half in Q1. We're obviously going to have them for three quarters in Q2. Those jumping-off margins are lower than our existing businesses. So there's a little bit of a drag there until those synergies really start rolling in there. But if you look at incrementals outside of all of that, we are high 30s, low 40s on incrementals in the guide here. So feel like we're being pretty aggressive here on the forward outlook.

第一季我們持有Filtration Group大約一個半月。我們在第二季顯然會持有他們整整三個季度的貢獻。這些起始利潤率（jumping-off margins）低於我們既有業務。因此在協同效益真正開始顯現之前，會有一些拖累。但若看排除上述因素之外的增量利潤率（incrementals），我們在本次指引中約落在高30%到低40%。所以我們覺得在前瞻展望上，我們的假設其實相當積極。

Just Q1 was just stellar.

第一季真的非常亮眼。

And a quick follow-up to the meeting. I know it's many months out, but can you give us a little framework of what prompted calling the meeting and how we should think about, obviously things are operating pretty well right now. Just curious the reason behind the meeting. We're always happy to meet with you, but just curious what we should expect broadly speaking and why we called the meeting?

另外針對那場會議再追問一下。我知道還有好幾個月，但你們能否提供一個大致框架：是什麼促使你們召開這場會議，以及我們應該如何看待？顯然目前營運狀況相當不錯。只是好奇召開會議背後的原因。我們當然很樂意與你們會面，但想了解整體而言我們可以期待什麼，以及為什麼要召開這場會議？

Well, we usually in the past have done a meeting every two years. This will be three years, and we expect that we're going to be able to share some information with you and some news with you. But it is a ways out yet. So we're really not in a position today to talk too much about the details of that meeting.

嗯，我們過去通常每兩年會辦一次會議。這次將是三年一次，我們預期屆時能與各位分享一些資訊以及一些消息。但距離現在還有一段時間。所以我們今天還不太適合談太多那場會議的細節。

All right.

好。

Jamie Cook, Truist Securities.

Truist Securities的Jamie Cook。

Good morning, and congratulations on another nice quarter. I guess just two questions. One, just given Filtration Group is closed, and we understand what the implied guide is for 2027, but can you just give us an update on how that business had been performing in terms of organic growth, margins? And then I guess any incremental insights you have on the potential upside to synergies? And then my second question, Jenny, just relates to, obviously industrial demand is very strong.

早安，恭喜又交出一個不錯的季度。我想問兩個問題。第一，鑑於Filtration Group已完成交割，我們也理解你們對2027年的隱含指引，但能否更新一下該業務在有機成長、利潤率方面的表現如何？另外，對於協同效益可能的上行空間，你們是否有任何新增的觀察？第二個問題，Jenny，主要是關於：顯然工業需求非常強勁。

Everyone's very, we're seeing that in your numbers. Customers, I think people are questioning sort of the durability of the cycle. So in an environment where potentially industrial demand tempers, how do you think about your ability to, in a less robust market, achieve the 4% to 6% organic growth that you target just given some of the changes in your portfolio with M&A, and the portfolio more positioned towards secular growth, just your confidence in the 4% to 6% assuming doomsday and industrial demand tempers.

大家都很……我們也從你們的數字中看得出來。我想客戶與市場在質疑景氣循環的持久性。因此在工業需求可能降溫的環境下，你們如何看待在較不強勁的市場中，仍能達成你們目標的4%到6%有機成長？考量你們透過併購（M&A）帶來的投資組合變化，以及投資組合更偏向結構性成長（secular growth），在假設最悲觀情境、工業需求降溫時，你們對4%到6%目標的信心如何？

Yeah. Okay, Jamie. So starting out with Filtration Group. So their Q1 performance was what we had expected. Historically, they've performed at a positive mid-single-digit growth CAGR. Life Sciences business is one of their fastest-growing markets right now. As Todd said, the guide includes $1.85 billion of sales, and Q1 actual was $285 million. We expect this to be accretive, as Todd said. The 10.5 months, an accretion of $0.50. So this is a good business.

好的。Jamie。先從Filtration Group開始。他們第一季的表現符合我們的預期。歷史上，他們的表現為正的中個位數成長CAGR（年複合成長率）。生命科學業務是他們目前成長最快的市場之一。如Todd所說，指引包含18.5億美元的銷售額，而第一季實際為2.85億美元。我們預期這將具增益（accretive），如Todd所說。以10.5個月計，EPS增益為0.50美元。這是一門好生意。

It's a business with complementary technologies to what we have, markets that we know, and we expect that this is going to be a good growth business and fit nicely, especially with the additional 500 basis points of aftermarket. We feel very confident in the $220 million in synergies. That's 11%, $40 million for this fiscal year. The integration team has been working very hard. They were planning ahead of the close, and they've worked very closely with Filtration Group. And as I mentioned, Kaizen events are in full swing, and we really have had success in the past by focusing on that first pillar of The Win Strategy, and we're off and running there.

這項業務的技術與我們現有能力互補，市場也是我們熟悉的，我們預期它會是一個良好的成長型業務，且能很好地融入，特別是售後市場（aftermarket）再增加500個基點的貢獻。我們對2.2億美元的協同效益非常有信心。這相當於11%，本會計年度為4,000萬美元。整合團隊一直非常努力。他們在交割前就已提前規劃，並與Filtration Group密切合作。如我提到的，改善活動（Kaizen events）正全面展開，而我們過去透過聚焦「致勝策略」（The Win Strategy）的第一支柱已取得成功，目前也已經順利啟動並加速推進。

Now, as far as industrial demand and our confidence about the targets that we put out there, 4% to 6% organic growth, we feel very confident about hitting those targets. We have transformed this portfolio very much on purpose to be able to do that. I think when you look at the durability of the short-cycle businesses right now, there's clear signs of positive short-cycle demand through orders and shipments. Both OEM and distribution short-cycle orders were positive double-digits. And this acceleration is just continuing on a broadening recovery.

至於工業需求以及我們對所提出目標（4%到6%有機成長）的信心，我們非常有信心能達成。我們是有意識地大幅轉型這個投資組合，以確保能做到。我認為就目前短週期（short-cycle）業務的韌性來看，從訂單與出貨可清楚看到短週期需求轉正的跡象。OEM與通路端的短週期訂單皆為正的雙位數成長。而這樣的加速仍在持續，反映復甦正在擴散並更為全面。

And as I already mentioned, we raised our forecast on in-plant and industrial as well as transportation to high single-digits, and the rest of the market verticals remain positive. It's very encouraging, as I mentioned at the very beginning, to see the distributor purchases really increase, and they're driven by strong end demand. And again, as I said, for a long time the sentiment is very positive, and now it is really supported not only by the orders but by the shipments.

此外，如我先前提到的，我們已將駐廠（in-plant）與工業，以及運輸領域的預測上修至高個位數，其餘市場垂直領域仍維持正成長。如我一開始所說，看到經銷商採購明顯增加非常令人鼓舞，而這是由強勁的終端需求所驅動。同樣地，如我所說，長期以來市場情緒一直很正向，而現在不僅有訂單支撐，也確實有出貨來佐證。

Scott Davis, Melius Research.

Melius Research的Scott Davis。

Hey, good morning, Jenny, Todd, Jeff. Congrats on the good, great start. Not a good start, a great start. There's not a lot to pick on or ask, frankly, things are so clean, but I'm kind of curious to what extent you're willing to share with us where Filtration Group kind of stands today.

嗨，早安，Jenny、Todd、Jeff。恭喜有個好的、很好的開局。不是好的開局，是非常好的開局。坦白說，幾乎沒什麼可以挑剔或追問的，因為一切都很乾淨俐落；但我有點好奇，你們願意在多大程度上跟我們分享Filtration Group目前的狀況。

And as it relates to on-time delivery, quality, kind of the key metrics that you guys obviously care about, even if you're not willing to share the exact numbers, some sense of kind of where the opportunity lies, I think would be helpful for us.

以及就準時交付（on-time delivery）、品質等你們顯然很在意的關鍵指標而言，即使你們不願意分享精確數字，若能讓我們大致了解機會點在哪裡，我想會對我們很有幫助。

Yeah. So obviously, part of the integration is integrating everything into a lot of the Parker metrics and indicators. But the thing that we've obviously been most focused on is safety, right? What's very important to us is that people come to work every day and feel safe in their environment and that we have a culture where we're taking care of each other and making sure everyone's safe. That is the foundation for everything when it comes to high-performance teams, successful Kaizen events, and then obviously, as we know, leads to taking care of the customer and growing profitably. So safety is a big focus.

是的。所以很明顯地，整合的一部分是把所有內容整合進許多 Parker 的衡量指標與指標體系中。但我們顯然最專注的事情是安全，對吧？對我們來說非常重要的是，人們每天來上班都能在環境中感到安全，而且我們有一種彼此照應、確保每個人都安全的文化。在打造高績效團隊、成功的 Kaizen 活動方面，這是所有事情的基礎；而且如我們所知，這也會帶來照顧客戶並實現獲利成長。所以安全是我們的重點。

We're not ready to disclose any specific numbers. I don't know that we really ever do talk about those metrics with the acquisitions, but we will be putting them into our metrics that are really about making sure that we're on time to the customer's request date and that we're continuously improving upon how we serve the customer.

我們還沒準備好披露任何具體數字。我不確定我們是否真的會在併購案上談這些指標，但我們會把它們納入我們的指標體系，重點在於確保我們能在客戶要求的日期準時交付，並且持續改善我們服務客戶的方式。

These are good businesses. They have a lot of evidence of having the basics of some of the visual management that Parker believes is key to running any operation. But again, we also see a lot of upside with the Parker Lean System and implementing all the tools in The Win Strategy.

這些都是不錯的業務。它們有很多證據顯示，已具備 Parker 認為經營任何營運所關鍵的一些目視化管理基本功。但同樣地，我們也看到透過 Parker 精實系統（Parker Lean System）以及落實「致勝策略」（The Win Strategy）中的所有工具，仍有很大的上行空間。

And thanks for that, Jenny. But my understanding of Filtration Group is kind of built -- I mean, built over time with a bunch of acquisitions and bolt-ons itself. And so how heavy of a lift is it to integrate? I imagine there's a number of different ERP systems, and obviously you're going to want to integrate it to some extent, I would think, but I'll ask that as part of the question as well. But how heavy of a lift is it overall? And then to what extent do you plan to integrate, I guess, is my question.

謝謝你，Jenny。但我對 Filtration Group 的理解是——我的意思是，它本身也是隨著時間透過一連串併購與加掛式收購（bolt-ons）建立起來的。所以整合起來的工作量有多大？我想應該有好幾套不同的 ERP 系統，而你們顯然也會希望在某種程度上把它整合起來，我想這也是我問題的一部分。但整體而言，這個整合的工作量到底有多大？然後你們計畫整合到什麼程度，我想這就是我的問題。

Yeah. I mean, obviously you're correct. That's the way it was built over time. These are very decentralized, which is a positive, though, because the leaders of these businesses are very used to being held accountable to their P&L statement. So that's a positive, and that feeds right into the Parker culture.

是的。我的意思是，你的判斷顯然是對的。它就是這樣隨著時間建立起來的。這些業務非常分散式管理，而這其實是正面的，因為這些業務的領導者非常習慣對其損益表（P&L）負責。所以這是正面的，也完全契合 Parker 的文化。

So we like that about it. But none of these integrations are quote-unquote easy, right? I would say that there's a heavy-lift component to each acquisition, and we obviously will want to bring those together and integrate them. And one thing to remember here too is that we've taken these Filtration businesses and put them into existing Parker divisions, right? And within that leadership team, you'll wind up with legacy Parker leaders and Filtration Group leaders.

所以我們喜歡它的這一點。但這些整合沒有任何一個是所謂「輕鬆」的，對吧？我會說每一項收購都包含相當吃重的整合工作，而我們顯然也會希望把它們整合在一起。另外也要記得，我們已經把這些 Filtration 業務納入既有的 Parker 事業部之中，對吧？而在那個領導團隊裡，最後會同時有 Parker 原有的領導者以及 Filtration Group 的領導者。

So that really does help with getting The Win Strategy ingrained into the division and bringing everybody on board with the work that needs to be done. So heavy lift, yes, but this is a core competency for us. And we feel very confident about being able to integrate all of these locations and really make this a successful acquisition.

因此，這確實有助於把「致勝策略」（The Win Strategy）深植於事業部之中，並讓所有人一起投入必須完成的工作。所以工作量很大，是的，但這是我們的核心能力。而且我們對於能夠整合所有這些據點、並讓這成為一項成功的收購非常有信心。

All right, I'll pass it on. Thank you, and best of luck.

好的，我就把時間交給下一位。謝謝，祝你們一切順利。

Thank you.

謝謝。

Julian Mitchell, JPMorgan.

Julian Mitchell，摩根大通（JPMorgan）。

Hi, good morning. Maybe just my first question around the Aerospace segment organic sales growth outlook for the balance of the year. Maybe just help us understand how you're thinking about commercial aero OE and aftermarket versus the same for defense, and just flesh out sort of how Q1 started for those pieces, please?

嗨，早安。我第一個問題可能是關於航太事業部在今年剩餘期間的有機銷售成長展望。能否協助我們理解你們如何看待商用航太的原廠（OE）與售後市場（aftermarket），以及國防業務的相同拆分；也請再具體說明一下第一季這些部分的開局情況？

Yeah. So if you want to just talk about the guidance for Aerospace, so just starting out, the OE aftermarket split for the fiscal year is guided to 53% OE and 47% aftermarket. We did have a mix of 52/48 in Q1. So as we said, stronger commercial aftermarket than we expected, and I would tell you too, one of the things that is really contributing to our Aerospace group's ability to deliver is the team has worked very hard on demand and capacity planning in Aerospace as well as partnering with the supply chain and really investing in the supply chain over the last several years. So this full-year guide of approximately 10%, we're very confident about that, with the initial guide being 8.5%.

好的。如果你想談航太的指引，我先從這裡開始：就整個會計年度而言，我們指引的 OE 與售後市場拆分為 53% OE、47% 售後。第一季我們的組合是 52/48。如同我們所說，商用售後市場比我們預期更強；我也想補充，真正支撐我們航太事業群交付能力的一個因素，是團隊在航太領域非常努力地做需求與產能規劃，同時與供應鏈合作，並在過去幾年持續投資供應鏈。因此，對於全年約 10% 的指引我們非常有信心，而最初的指引是 8.5%。

We are seeing commercial OEM guide remains at mid-teens growth for fiscal year '27. Commercial transport build rates are increasing, and as we all know, aircraft demand is still greater than supply. For commercial MRO, we are raising guide to positive high-single-digit growth for fiscal year '27. So as I mentioned already, there's an aging fleet driving aftermarket growth. We're not seeing a lot of retirements.

我們看到商用 OEM 的指引仍維持在 2027 會計年度中段十位數（mid-teens）的成長。商用運輸機的生產速率正在提高，而且如大家所知，飛機需求仍大於供給。就商用 MRO 而言，我們把 2027 會計年度的指引上調至正的高個位數（high-single-digit）成長。所以如我先前提到，機隊老化正在推動售後市場成長。我們沒有看到很多退役。

Engine repair, shop visits, and component demand continue. And we're clearly again seeing the benefits of our team really working closely with the customers, understanding what the demand is, seeing the increases come, knowing about them before they come, and making sure that we're able to help them achieve their production rates.

引擎維修、進廠檢修（shop visits）以及零組件需求仍在持續。而且我們也很清楚再次看到，我們的團隊與客戶密切合作、了解需求、看到增量、在增量發生前就掌握資訊，並確保我們能協助他們達成其生產速率，所帶來的效益。

On defense OEM, we're raising the guide to high-single-digit growth for fiscal year '27. We see strong demand for global fighter jets. The orders continued strong in the quarter, and we're raising this guide based on firm demand from our customers.

在國防 OEM 方面，我們把 2027 會計年度的指引上調至高個位數成長。我們看到全球戰鬥機需求強勁。本季訂單持續強勁，我們是基於客戶明確的需求而上調這項指引。

And defense MRO guide remains at mid-single-digit growth for fiscal year '27. We're still seeing fleet upgrades and service extensions, a focus on retrofits and upgrades as the fleet ages. And again, I would say with both of these, this is a long-cycle business, but we're raising guidance on the demand we see today, and we're focused on making sure that we serve these customers.

而國防 MRO 的指引仍維持在 2027 會計年度中段個位數（mid-single-digit）成長。我們仍看到機隊升級與延壽，隨著機隊老化，改裝（retrofits）與升級的重點持續存在。同樣地，我會說這兩者都是長週期業務，但我們是根據今天看到的需求上調指引，並專注於確保我們能服務好這些客戶。

That's very helpful. And then maybe just a quick follow-up on the second quarter EPS guide. I think it implies a slight decline sequentially on EPS. Normally that number's up sequentially. I understand maybe some margin effect from Filtration Group.

這非常有幫助。接著可能快速追問一下第二季 EPS 指引。我認為它暗示 EPS 會較前一季小幅下滑。通常這個數字會是季增。我理解可能有 Filtration Group 帶來的一些毛利率影響。

Is there anything else beyond that? And is there something with Filtration Group where the margins in International are particularly sort of dilutive to that segment?

除此之外還有其他因素嗎？另外，Filtration Group 是否有什麼情況，使得國際市場的利潤率對該事業部特別具有稀釋性（dilutive）？

No, it's not so much, Julian, the mix between North America and international. I would say the -- a full quarter of interest has got a little bit of a drag on EPS there. But we look at our incrementals, the incrementals that we're guiding to for the total company is above 30. If you look at the legacy business, it's much higher. The math gets a little wonky because we don't have Filtration Group in the prior year. But I would say there's nothing out of the ordinary other than maybe additional interest.

不，Julian，這不太是北美與國際之間組合的問題。我會說——完整一季的利息費用對 EPS 有一點拖累。但我們看我們的增量利潤率（incrementals），我們對全公司所給的增量指引是 30 以上。如果你看既有業務，會高得多。因為前一年沒有 Filtration Group，所以計算上會有點不太直觀。但我會說，除了可能多一些利息之外，沒有任何不尋常的地方。

Joe O'Dea, Vertical Research.

Joe O'Dea，Vertical Research。

Hi, good morning. You made a couple references to seeing some improving demand out of the distribution channel, and so was looking for a little bit more color there. I think you've talked for quite some time about the indications of interest being better, but actually now seems like you're seeing that materialize some more. And so just any perspective on the growth rate you saw in North America and International out of that channel? How that compares to some of the recent quarters, just to get a better understanding of acceleration there?

嗨，早安。你們提到幾次看到來自經銷通路的需求有所改善，所以我想請你們多補充一些細節。我想你們談了相當長一段時間，說興趣指標（indications of interest）變得更好，但現在看起來你們確實看到它更具體地反映出來。因此，想請教你們在北美與國際市場，從該通路看到的成長率大概是多少？以及這與最近幾季相比如何，讓我們更好理解那裡的加速情況？

I would say that we started to see this in Q4. We talked about it during the last call about seeing increased orders from distribution. And what we saw in Q2 was positive double-digits, right? So we saw stronger orders in Q2. Now, I wouldn't call this a restock.

我會說我們在第四季開始看到這個趨勢。我們在上次電話會議中談到，看到來自經銷通路的訂單增加。而我們在第二季看到的是正向的雙位數成長，對吧？所以我們在第二季看到更強勁的訂單。不過，我不會把這稱為補庫存。

That's not what we're hearing from the channel. But obviously the orders have increased, and they're increasing to real demand. They're participating in a lot of capital investments, a lot of infrastructure automation. So I would say that it truly is a broadening recovery, and distribution is playing very well in it.

這不是我們從通路端聽到的情況。但很明顯訂單確實增加了，而且增加是反映真實需求。他們參與了許多資本投資、許多基礎設施自動化專案。所以我會說這確實是一個更廣泛的復甦，而經銷通路在其中表現得非常好。

And then on the inflationary side of things, when we think about the 200-basis-point increase in organic growth guidance and contribution to that from pricing that you've had to do, and then as you think about the full year, is the anticipation that price cost is both dollar and margin positive?

接著在通膨面向，當我們思考你們將有機成長指引上調200個基點，以及其中來自你們必須採取的定價所帶來的貢獻時；再看全年，你們是否預期價格與成本（price-cost）在美元金額與毛利率上都會是正向的？

Yeah. So on inflation, we definitely are still seeing increases across a range of material cost inputs as well as logistics. But this is a strong muscle for us. We're experts at managing this. Our Win Strategy supply chain tools, they're the best.

是的。就通膨而言，我們確實仍看到一系列原物料成本投入以及物流成本的上升。但這對我們來說是一項很強的能力。我們是管理這些的專家。我們的 Win Strategy 供應鏈工具是最好的。

Everybody in the organization is working closely with our pricing team, and we've taken some action where we needed to. We'll do that in the future if needed, but we are really, for the most part, back to a very normal pricing environment on the Industrial side of the business.

組織內每個人都與我們的定價團隊密切合作，我們也在需要的地方採取了一些行動。未來如有需要我們也會這麼做，但就大部分而言，在工業事業這一端，我們已經回到非常正常的定價環境。

And, Joe, I would say the increase in the organic growth is really demand related. It's not price related. It's demand related.

另外，Joe，我會說有機成長的上調其實主要是需求帶動。不是價格帶動。是需求帶動。

Got it. Helpful.

了解。很有幫助。

Brett Linzey, Mizuho.

Mizuho 的 Brett Linzey。

Hey, good day, all. Wanted to come back to the Industrial margins. Obviously, moved structurally higher here as volume recovers and orders are picking up, you're generating these new project wins. Is there any additional required capacity investment or reallocations in some of those divisions that would influence the path to those long-term targets?

各位好。我想回到工業部門的利潤率。顯然，隨著出貨量回升、訂單回溫，你們拿下新的專案，利潤率在結構上提高了。在某些事業部是否還需要額外的產能投資或重新配置，進而影響達成長期目標的路徑？

We have done a really nice job over the last couple of years of increasing capacity where we needed to. We have been able to generate additional capacity through use of Kaizen and the Parker Lean System. That's a very strong muscle for us as well. So there is not what I would call any significant investment that will need to be made. We will continue to increase our productivity.

過去幾年我們在需要的地方把產能提升得很到位。我們透過 Kaizen（改善）以及 Parker Lean System 來創造額外產能。這對我們來說也是一項很強的能力。因此我不認為需要進行任何我所謂的重大投資。我們會持續提升生產力。

We'll continue to use all these tools, and on the higher volume in Q1, obviously the teams were able to deliver that, and we see that that will be the case for the rest of the fiscal year and the foreseeable future.

我們會持續運用所有這些工具；而在第一季較高的出貨量下，團隊顯然也能交付，我們預期在本財年剩餘期間以及可預見的未來都會是如此。

That's great. And then just one more on OE within Aerospace. So on Boeing and Airbus, just wanted to better understand how much of the production rate normalization is actually in the plan versus maybe upside to the guide. Like, what are the build rate cadence that you're thinking about or effectively assuming in the framework?

很好。另外再問一個關於航太業務中 OE（原廠設備）的問題。針對波音與空中巴士，我想更了解你們的計畫中到底納入了多少生產速率正常化，或是否可能成為指引的上行空間。例如，你們在架構中思考或實際假設的產量爬坡節奏（build rate cadence）是什麼？

Well, as I mentioned before, listen, our teams are working very closely with these big customers, and the production rates that they're sharing with us and the demand and capacity planning we're doing, that's what's in our guidance. So we don't specifically talk about customer build rates, but we don't expect any surprises there, and we know what their plans are.

如我先前提到的，我們的團隊與這些大型客戶非常密切合作；他們與我們分享的生產速率，以及我們所做的需求與產能規劃，都已反映在我們的指引中。因此我們不會特別談客戶的產量（build rates），但我們不預期那裡會有任何意外，我們也知道他們的計畫是什麼。

That's great. Congrats on the quarter.

很好。恭喜本季表現。

Andy Kaplowitz, Citigroup.

Citigroup 的 Andy Kaplowitz。

Good morning, everyone.

各位早安。

Hi, Andy.

嗨，Andy。

Can you, or Todd, maybe just focusing on the energy piece of your portfolio, it's one of the slower-growing portions of your portfolio, even with that power gen business in there. So maybe just are you seeing signs of life in oil and gas given the higher sustained energy prices and what seems like energy security type of work? And could you talk about the underlying strength of your power gen business at this point?

能否請你或 Todd，聚焦談一下你們投資組合中的能源板塊？即使包含發電（power gen）業務，它仍是你們投資組合中成長較慢的部分之一。所以想請教，在能源價格維持高檔、以及看起來有能源安全相關工作的背景下，你們是否在油氣領域看到一些復甦跡象？另外也能否談談目前你們發電業務的基本面強度？

Well, it is positive mid-single-digit growth, and as you know, energy, the vertical, is about 7% of our sales. So we see robust long-cycle power gen demand. That's been very strong. But with oil and gas, the forecast is flat. Upstream remains constrained.

嗯，它是正向的中個位數成長；如你所知，能源這個垂直領域約占我們銷售額的7%。我們看到強勁的長週期發電需求。那一直非常強。但在油氣方面，預測是持平。上游仍然受限。

There's some benefit in midstream from some infrastructure buildouts, but right now, the best view we have is that mid-single-digit growth.

中游因一些基礎建設擴建而有些受益，但目前我們最好的判斷仍是中個位數成長。

I think, Jenny, one of the main reasons why you bought Filtration Group was its aftermarket business. So it's obviously early days in terms of your ownership, but what do they do, if at all, differently than Parker that could help you? And then I think you mentioned Life Sciences, their biggest business. Are they seeing any improvements in that business, or can you see above mid-single-digit growth in that business going forward?

我想，Jenny，你們收購 Filtration Group 的主要原因之一是它的售後市場（aftermarket）業務。所以雖然你們持有時間還不長，但他們有哪些做法（如果有的話）與 Parker 不同，可能對你們有幫助？另外我記得你提到生命科學是他們最大的業務。他們在那項業務是否看到任何改善？或你是否認為未來那項業務能高於中個位數成長？

Yeah, well, there's many reasons why Filtration Group was very attractive to us and why we had watched this business for quite some time, and it's not just one thing. It's very nice to have higher aftermarket, right? That is something that plays right into Parker's success. But really, the complementary and proprietary technologies is really one of those things that we look for in an acquisition. And it does expand our presence in Life Sciences.

是的，Filtration Group 對我們非常有吸引力的原因有很多，我們也關注這個業務很長一段時間了，不只是單一因素。擁有更高的售後占比當然很好，對吧？那確實非常契合 Parker 的成功模式。但我們在併購時真正尋找的其中一項，是互補且具專有性的技術。而它也擴大了我們在生命科學領域的布局。

Life Sciences is an area that is growing higher than the rest for them right now, but it also brings a lot of proprietary media for markets that we already play in. So this is -- Andy, this is just a good performing business that we're going to just improve upon, and we think that there's plenty to learn here. I would say it's still early days about learning all of how they go to market and how they handle their channels, but we think that we can learn from that, and we also think that, you know, there's some things that we do that might fit well within Filtration Group.

生命科學目前是他們成長高於其他業務的領域，但它也帶來許多專有濾材（media），可用於我們原本就已參與的市場。所以——Andy——這是一個表現良好的業務，我們會在此基礎上再加以提升，我們認為有很多可以學習的地方。我會說，關於他們如何進入市場、如何管理通路，我們仍在早期學習階段；但我們認為可以從中學到東西，同時也認為我們的一些做法可能很適合導入 Filtration Group。

Appreciate that, Jenny.

謝謝你的說明，Jenny。

Steve Tusa, Wells Fargo.

Wells Fargo 的 Steve Tusa。

Hey, thanks for fitting me in. Appreciate it. Just on this, I guess any sort of color on -- I know you don't disclose price, but any directional color on how that may have impacted the incrementals? I mean, is it the control of the margin? Just any kind of high-level color on the price-cost situation.

嘿，謝謝把我排進來。感謝。就這點來說，我想問是否能提供一些補充說明——我知道你們不揭露價格——但能否方向性地談談這可能如何影響增量利潤（incrementals）？我的意思是，是否與毛利率控制有關？請就價格與成本（price-cost）的情況提供一些高層次的說明。

Yeah, Steve, I'll start. If Jenny, has got anything to add. There's really no impact on the incrementals on price. This is something Jenny mentioned earlier. This is something we do all the time. We try to remain margin neutral. So there's no, like, leverage that we're pulling to try to make it so that we're improving our incrementals on that.

好的，Steve，我先說。如果 Jenny 有要補充的話。價格對增量利潤其實沒有影響。這也是 Jenny 先前提到的。這是我們一直在做的事。我們會盡量維持毛利率中性（margin neutral）。所以我們並沒有透過某種槓桿操作，試圖藉此改善我們在那方面的增量利潤。

And then the result was based off great demand, great volumes, and unbelievable execution across every single one of our businesses.

然後，結果是建立在強勁需求、龐大出貨量，以及我們每一個業務都展現出令人難以置信的執行力之上。

And then just on the meeting, Jenny, I think you said, I mean, you said expect some news. I don't know. It was kind of cryptic.

另外就那場會議而言，Jenny，我想你說過——我是說，你說預期會有一些消息。我不知道。聽起來有點語帶保留。

I changed my words around. I said we'll have some news for you.

我把措辭調整了一下。我說我們會有一些消息要跟你分享。

Okay. But I mean, is that -- obviously you guys seem like the long-term targets can be reset. Is there any thought or consideration to, like, the more holistic portfolio evaluation from that perspective?

好。但我的意思是，那——顯然你們看起來長期目標是可以重新設定的。從那個角度來看，有沒有任何想法或考量，例如更全面的投資組合評估？

Steve, I wouldn't go that deep. I would say, hey, it's a few months out from now. We have to just close Filtration Group. We will have closed CIRCOR by the time that comes. The company will be over $25 billion in total revenue.

Steve，我不會談得那麼深入。我會說，嘿，距離現在還有幾個月。我們必須先完成 Filtration Group 的交割。到那個時間點之前，我們也會完成 CIRCOR 的交割。公司總營收將超過 250 億美元。

We're going to give you some color on what the company looks like today and what we're planning on doing over the next five years.

我們會讓你更清楚了解公司目前的樣貌，以及我們未來五年的規劃。

Yeah, well said.

是的，說得很好。

Okay, perfect. Had to ask. Thanks a lot.

好，完美。我得問一下。非常感謝。

Varun Govindaraj, Bernstein.

Bernstein 的 Varun Govindaraj。

Good morning, everyone. Thank you for the question. Linked a little bit to what we just talked about. I mean, as you continue to get larger, do you see a big enough pipeline of complementary M&A assets out there that can materially move the needle like Meggitt has and Filtration Group is expected to, or should we think about this as more bolt-on going into the future?

各位早安。謝謝讓我提問。延續我們剛才談到的內容。我的意思是，隨著你們規模持續變大，你們是否看到市場上有足夠大的互補型併購標的管線，能像 Meggitt 一樣、以及預期 Filtration Group 那樣，對業績帶來實質性的推動？還是我們應該把未來視為以補強型（bolt-on）併購為主？

So, Varun, there are deals, assets of all sizes in the acquisition pipeline, right? And one of the things that we often talk about is making sure that that pipeline stays active and healthy. And that's something that we've done for quite some time. So we think, a lot of times we're not, most of the time we're not in control of the timing of those. But we do believe that the pipeline is still robust and that there are assets out there that we are interested in, definitely.

Varun，併購管線裡有各種規模的交易與資產，對吧？而我們經常談到的一點，是要確保那條管線保持活躍且健康。這也是我們長期以來一直在做的事。所以我們認為，很多時候——大多數時候——我們無法掌控其時點。但我們確實相信管線仍然很強健，而且市場上確實有我們感興趣的資產。

Appreciate the color. And then just as a follow-up, could you remind us on backlog conversion in general, how much of that revenue tends to convert to revenue over the course of the next 12 months, and should we expect any changes there just given the shift in mix of the business?

感謝補充說明。接著追問一下，能否提醒我們一般而言在手訂單（backlog）的轉換情況：通常有多少營收會在接下來 12 個月內轉為實際銷售收入？以及考量到業務組合的變化，我們是否應預期這方面會有任何改變？

We don't expect any dramatic change to that conversion rate over the next year or so. It's roughly 35% of backlog converts to sales in a 12-month period. But there's always a lot of move in as it moves out of there. So it's, that's not something that we really look at when we're looking at forecasting, but it's roughly 35%.

我們不預期未來一年左右這個轉換率會有任何劇烈變化。大約有 35% 的在手訂單會在 12 個月期間內轉為銷售。但在此期間也會有不少新增與遞延的變動。所以在做預測時，我們其實不太會用這個指標來看，但大約就是 35%。

Appreciate the color. Thank you. I'll pass it on.

感謝補充說明。謝謝。我把時間交回去。

Thank you.

謝謝。

Hey, Bo, this is Todd. I think we maybe have time for one more today.

嗨，Bo，我是 Todd。我想我們今天可能還有時間再問最後一題。

Understood, Mr. Leombruno.

了解，Leombruno 先生。

We'll take that final question today from Jeff Hammond of KeyBanc.

我們今天最後一題由 KeyBanc 的 Jeff Hammond 提問。

Hey, good morning, everyone.

嗨，各位早安。

Good morning, Jeff.

早安，Jeff。

Maybe just last one on Filtration Group. A lot of good color there, Jenny, and I know you don't include revenue synergies, but as you look at the portfolio early on, just any clear opportunities, whether it be distribution complements, market complements, geographic, where there's some clear revenue synergies to think about?

最後一題可能還是關於 Filtration Group。Jenny，你剛才提供了很多很有幫助的資訊，我也知道你們不把營收協同效益納入模型，但當你們在早期檢視這個投資組合時，有沒有任何明確的機會——不論是通路互補、市場互補、地理區域等——讓人可以想到一些明確的營收協同效益？

Yeah, Jeff, you're right. We don't model any revenue synergies, but we are definitely seeing areas of opportunity, areas where we can leverage Parker technologies through Filtration Group's customers and then leverage Filtration Group technologies to Parker customers. So we are -- the integration team, although they're focused on obviously integrating the businesses and achieving the synergies, our sales and marketing teams are working closely together to identify those opportunities. And we definitely believe that there are some there.

是的，Jeff，你說得對。我們不會在模型中納入任何營收協同效益，但我們確實看到了機會領域，也就是我們可以透過 Filtration Group 的客戶來運用 Parker 的技術，並且把 Filtration Group 的技術帶給 Parker 的客戶。所以我們——整合團隊雖然顯然專注於整合業務並實現協同效益，但我們的銷售與行銷團隊也正密切合作，以辨識這些機會。我們也確實相信其中有一些機會存在。

Yeah, Jeff, we also have real early days here, but we've found some capacity opportunities where we've been able to utilize existing Filtration capacity within our legacy businesses to help some of those Filtration Group businesses.

是的，Jeff，我們現在也還在非常早期的階段，但我們已經找到一些產能方面的機會：我們能在既有業務中利用 Filtration 現有的產能，來支援 Filtration Group 的部分業務。

Yeah. That was discovered early on, like three weeks in, and so a lot there. Super happy to get it closed, team's working hard, and we're going to do it again just like we've done in the last couple deals.

是的。那是在很早期就發現的，大概三週左右就看到了，所以還有很多可做的。我們非常高興能把交割完成，團隊也在努力推進，我們會像過去幾筆交易一樣，再次把它做好。

Great. Thanks.

很好。謝謝。

Excellent. Okay, so that concludes our FY27 Q1 earnings release webcast. Thank you all for joining us today. As usual, our team of Investor Relations, Jeff Miller and Jenna Stuckey, will be available for any follow-ups or clarifications if anyone has any. Thank you again and have a wonderful day.

非常好。好的，以上就是我們 27 財年第一季（FY27 Q1）財報發布網路直播的全部內容。感謝各位今天的參與。如同往常，我們的投資人關係團隊 Jeff Miller 與 Jenna Stuckey 將隨時提供協助，若各位有任何後續問題或需要釐清之處。再次感謝，祝各位有美好的一天。

Thank you, Mr. Leombruno, and thank you, Ms. Parmentier. Again, ladies and gentlemen, that will conclude Parker-Hannifin Corporation's earnings conference call. We'd like to thank you all so much for joining us today and wish you all a great remainder of your day. Goodbye.

謝謝 Leombruno 先生，也謝謝 Parmentier 女士。再次提醒，各位女士先生，Parker-Hannifin Corporation 的財報電話會議到此結束。非常感謝各位今天的參與，並祝各位今天剩餘時間一切順利。再見。