RBC Bearings Inc (RBC) 2026 Q3 法說會逐字稿

Good morning, and thank you for joining us for RBC Bearings fiscal third-quarter 2026 earnings call. I'm Josh Carroll with the Investor Relations team. With me on today's call are Dr. Hartnett, Chairman, President, and Chief Executive Officer; Daniel Bergeron, Director, Vice President and Chief Operating Officer; and Rob Sullivan, Vice President, and Chief Financial Officer.

早安，感謝各位參加 RBC Bearings 2026 財年第三季財報電話會議。我是投資者關係團隊的喬許·卡羅爾。今天與我一起參加電話會議的有：董事長、總裁兼執行長哈特內特博士；董事、副總裁兼營運長丹尼爾·伯傑龍；以及副總裁兼財務長羅布·沙利文。

As a reminder, some of the statements made today may be forward-looking and are under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied due to a variety of factors. We refer you to RBC Bearings recent filings with the SEC for a more detailed discussion of the risks that could impact the company's future operating results and financial condition. These factors are also listed in the press release, along with the reconciliation between GAAP and non-GAAP financial information.

提醒各位，今天發表的一些聲明可能屬於前瞻性聲明，並受 1995 年《私人證券訴訟改革法案》的約束。由於多種因素的影響，實際結果可能與預測或暗示的結果有重大差異。有關可能影響公司未來經營業績和財務狀況的風險的更詳細討論，請參閱 RBC Bearing 最近向美國證券交易委員會提交的文件。這些因素也在新聞稿中列出，同時也列出了 GAAP 和非 GAAP 財務資訊之間的調整表。

With that, I'll now turn the call over to Dr. Hartnett.

接下來，我將把電話交給哈特內特博士。

Okay. Thank you, and good morning, everyone, and thank you for joining us. As usual, I'm going to start today's call with a short review of our financial results and the outlook for the industry with our sectors. Rob Sullivan will follow me with some details on the results.

好的。謝謝大家，大家早安，謝謝各位的參與。像往常一樣，我今天將首先簡要回顧我們的財務表現以及我們所在行業的展望。羅布·沙利文將隨後帶來一些關於結果的詳細報導。

Third-quarter net sales were $461 million or a 17% increase over last year. We experienced continued strong performance in our A&D segment and growth from our industrial businesses. Consolidated gross margin for the quarter was 44.3% and 45.1% on an adjusted basis.

第三季淨銷售額為 4.61 億美元，比去年同期成長 17%。我們在航空航太與國防領域持續保持強勁業績，工業業務也實現了成長。本季綜合毛利率為 44.3%，經調整後為 45.1%。

Adjusted diluted EPS was $3.04 versus $2.34 a year ago, a 30% improvement. EBITDA came in at $149.6 million versus last year $122.6 million, up 22%. Free cash flow for the period is a strong $99.1 million and we paid down an additional $81 million of debt in the third-quarter. 56% of our revenues were industrial, 44% from the A&D sector. Total A&D sales were up 41.5% year-on-year. Commercial aerospace expanded 21.5%, defense expansion was 86.2%. Rob Sullivan will talk more about these details later in the call.

經過調整後的稀釋每股收益為 3.04 美元，而去年同期為 2.34 美元，成長了 30%。EBITDA 為 1.496 億美元，而去年同期為 1.226 億美元，成長了 22%。本期自由現金流強勁，達9,910萬美元，第三季我們也償還了8,100萬美元的債務。在我們的收入中，56%來自工業領域，44%來自航太與國防領域。A&D 總銷售額年增 41.5%。商業航空航太產業成長了 21.5%，國防工業成長了 86.2%。羅布·沙利文將在稍後的電話會議中詳細討論這些細節。

Demand across the A&D sectors continues to be robust. As evidence, we have modestly exceeded our $2 billion backlog mark that we spoke about last call. Remember, most of our R&D business is contracted and managed through daily or weekly orders or poles, communicated to us electronically and as a result, represent only a modest footprint in today's backlog statement.

航空航太與國防領域的需求依然強勁。作為證據，我們已經略微超過了上次電話會議上提到的 20 億美元的積壓訂單目標。請記住，我們的大部分研發業務都是透過每日或每週的訂單或調查來簽訂和管理的，這些訂單或調查都是透過電子方式傳達給我們的，因此，它們在今天的積壓訂單報表中只佔很小一部分。

If these joint contract obligations were extended based upon the statement of work content awarded and projected build rates, they would likely exceed another $0.5 billion to $1 billion in backlog. Today, the strength and outlook on the A&D sector can only be described as extremely robust. Clearly, we are a national inflection point in the commercial Aircraft and Defense industries.

如果根據已授予的工作說明書內容和預計的建造速度延長這些聯合合約義務，則積壓訂單金額可能會增加 5 億至 10 億美元。如今，航空航太與國防產業的實力和前景只能用「極為強勁」來形容。顯然，我們正處於商用飛機和國防工業的國家轉折點。

Let me explain with an overview of some of our key markets. So we'll start with submarines. Submarines are facing an accelerated fleet build-out. The number one defense priority today is submarines. This drives an unprecedented demand for our proprietary quiet-running valves both for new construction and replacement to support the current fleet. 66 Virginia ships are planned, 25 have been commissioned to date and 12 Columbia class ships are planned.

讓我透過概述我們的一些主要市場來解釋一下。那我們就從潛水艇開始吧。潛艦正面臨艦隊加速擴建的局面。如今國防的首要任務是潛水艇。這導致對我們專有的靜音運行閥門的需求空前高漲，無論是用於新建工程還是用於替換現有設備。計畫建造 66 艘維吉尼亞級戰艦，目前已服役 25 艘，計畫建造 12 艘哥倫比亞級戰艦。

Number two, missiles and guided arms support for broad multiyear refurbishment initiatives for offensive and defensive missiles and vision targeting systems, both here and overseas create a strong environment for our precision assemblies and fuel management products.

第二，無論是在國內還是在國外，飛彈和導引武器的支持，以及對進攻性和防禦性飛彈和視覺瞄準系統的多年翻新計劃，都為我們的精密組件和燃料管理產品創造了強大的環境。

In Europe, NATO's 5% GDP initiative is growing demand for our products from the ground warfare system builders in Europe. This creates a strong new requirements for RBC products developed -- that would have been developed over the past decade.

在歐洲，北約的​​ 5% GDP 倡議正在增加歐洲地面作戰系統製造商對我們產品的需求。這對過去十年中開發的 RBC 產品提出了新的嚴格要求。

In the USA, the refurbishment of new and -- refurbishment and new construction of aircraft systems as well as the maintenance of untold number of helicopters and airframe platforms, including engines, creates strong and continuous needs for our proprietary components. We expect an expanded defense spending bill will likely accelerate the repair activities further.

在美國，飛機系統的翻新和新建，以及無數直升機和機身平台（包括發動機）的維護，都對我們的專有部件產生了強烈而持續的需求。我們預計，國防開支增加的法案可能會進一步加快維修活動。

We also support the expandinge need for both engineering support and staple components for the systems that the big three space explorers are building as well as others. The racing to the moon and/or creating low earth satellite systems requiring sophisticated precision assemblies for targeting, thrust vectoring, fuel management, structural members, et cetera. I think you can see the picture that we're faced with right now in the A&D sector.

我們也支援三大太空探索者以及其他太空探索者正在建造的系統對工程支援和主要組件日益增長的需求。登月競賽和/或建造近地衛星系統需要複雜的精密組件，用於目標定位、推力向量控制、燃料管理、結構部件等。我想你應該能看出我們目前在航空航太和國防領域所面臨的情況。

Of course, all of these macro extremes in space and defense are simultaneous with the unprecedented build rates for commercial aircraft, including engines. RBC is deeply embedded in all of these areas, which create a tremendous and continuous market for our products, both at the OEM and the pre-replacement levels. We are working diligently to add machinery and staff to several of our existing sites, guided by our five-year per site plan to support these growing A&D revenues.

當然，所有這些太空和國防領域的宏觀極端情況都與商用飛機（包括發動機）前所未有的生產速度同時發生。RBC 已深度融入所有這些領域，這為我們的產品創造了巨大且持續的市場，無論是在 OEM 層面還是在更換前層面。我們正在努力為幾個現有工廠增加機器設備和人員，並按照我們五年工廠計劃進行指導，以支援不斷增長的航空航太和國防收入。

Well, I hope this brief abstract gives you a 40,000-foot view of what our world is today in the R&D sector -- A&D sector. We can certainly go into specific programs, outlook, products, and proprietary positioning as well as the moats to any depth needed at another time. We've been working well over a generation to achieve industrialized catalog and fortify the portfolio that you see today. So let's turn to the industrial businesses now.

我希望這篇簡短的摘要能讓您對當今研發領域（航空航太與國防領域）的現狀有大致的了解。我們當然可以在其他時間深入探討具體的項目、前景、產品、專有定位以及護城河等問題。我們花了一代人的時間，才實現了產品目錄的工業化，並不斷完善您今天看到的這個產品組合。現在讓我們來看看工業企業。

Overall, our industrial business was up 3.1%. Industrial distribution was up 1.5%, while OEM sector was up 7%. We saw strength in aggregate and cement, food and beverage and the warehousing markets during the period. Recently, we've been seeing positive trends in some of these markets in terms of order demand, which will show as revenue if they work their way through lead time. The semiconductor industry is the biggest standout in this regard. Broad industrial demand strengthened measurably in late December and continued throughout January.

總體而言，我們的工業業務成長了 3.1%。工業分銷業成長1.5%，而OEM產業成長7%。在此期間，我們看到骨材和水泥、食品和飲料以及倉儲市場表現強勁。最近，我們看到其中一些市場的訂單需求出現了積極的趨勢，如果他們能夠克服交貨週期，這些趨勢將會轉化為收入。在這方面，半導體產業最為突出。12月下旬，整體工業需求明顯增強，並持續到1月份。

In addition, we are introducing several new products to the industrial lineup for FY27, many of which have been in testing and developments since the Dodge acquisition. Combined, a promise to bend our curve on industrial growth. Also, we are opening a service center in the Midwest to better attend the needs of our -- and tailor our product response to more customers in that region.

此外，我們將在 2027 財年向工業產品線推出幾款新產品，其中許多產品自收購道奇以來一直在進行測試和開發。兩者結合起來，承諾扭轉我們工業成長的趨勢。此外，我們將在中西部地區開設一個服務中心，以便更好地滿足該地區客戶的需求，並根據該地區更多客戶的需求調整我們的產品回應。

So I hope I gave you a feel for our environment and the momentum that exists at RBC today. And I'll turn the call over to Rob Sullivan for more discussion on the third-quarter and the fourth-quarter outlook.

所以，我希望我已經讓您感受到了我們公司的環境以及RBC目前的發展勢頭。接下來，我將把電話交給羅伯·沙利文，讓他進一步討論第三季和第四季的展望。

Thank you, Mike. As Dr. Hartnett mentioned, we had another strong quarter. Net sales grew 17%, which led to a 16.9% increase in our reported gross margin. Gross margins were 44.3% for the quarter or 45.1% on an adjusted basis compared to 44.3% in the same period last year.

謝謝你，麥克。正如哈特內特博士所提到的，我們又迎來了一個強勁的季度。淨銷售額增加了 17%，使我們報告的毛利率增加了 16.9%。本季毛利率為 44.3%，經調整後為 45.1%，去年同期為 44.3%。

During the quarter, we delivered strong performance across our business segments, specifically within Aerospace and Defense, which has demonstrated strong growth, as Dr. Hartnett stated. Third-quarter A&D sales increased 41.5% year-over-year. And importantly, the increase was 21.7%, excluding sales from VACCO, demonstrating significant expansion from both our legacy commercial and defense markets.

本季度，我們各個業務部門都取得了強勁的業績，特別是航空航天和國防領域，正如哈特內特博士所說，該領域實現了強勁增長。第三季航空航太與國防銷售額年增 41.5%。更重要的是，如果不包括 VACCO 的銷售額，增幅為 21.7%，這表明我們在傳統商業和國防市場都實現了顯著擴張。

A&D gross margins during the quarter were 40.1% or 42% -- 42.2% on an adjusted basis and industrial margins were 47.5% or 47.4% on an adjusted basis. Excluding VACCO, our Aerospace and Defense gross margins were 43.4% during the period. We are encouraged by the margin progress we've achieved within A&D driven by increased efficiencies achieved in our plants, coupled with improving pricing on customer contracts.

本季航空航太與國防業務的毛利率為 40.1% 或 42% - 經調整後為 42.2%，工業業務的毛利率為 47.5% 或經調整後為 47.4%。若不計入 VACCO，我們在此期間的航空航太和國防業務毛利率為 43.4%。我們工廠效率的提高以及客戶合約價格的改善，推動了航空航太與國防領域利潤率的提升，這令我們倍感鼓舞。

Looking ahead, we expect these benefits to continue to further support margin improvement while recognizing the impact will be gradual as these benefits flow through. On the SG&A line, we had total cost of $77.9 million or 16.9% of net sales for the quarter. This ultimately resulted in an adjusted EBITDA of $149.6 million or 32.4% of sales for the quarter. That represents an approximate 22% increase in adjusted EBITDA dollars during the quarter compared to the same period last year. Interest expense for the quarter was $13 million.

展望未來，我們預期這些益處將繼續進一步支持利潤率的提升，但我們也意​​識到，隨著這些好處逐步顯現，其影響將是漸進的。在銷售、一般及行政費用方面，本季總成本為 7,790 萬美元，佔淨銷售額的 16.9%。最終，經調整後的 EBITDA 為 1.496 億美元，佔該季度銷售額的 32.4%。與去年同期相比，本季調整後的 EBITDA 金額成長了約 22%。本季利息支出為1300萬美元。

This was down 8.5% year-over-year, reflecting the improved leverage position achieved over the last 12 months, coupled with lower interest rates compared to this time last year. We paid off $81 million of debt during the quarter and another $67 million since the end of the third-quarter. The tax rate in our adjusted EPS calculation was 22.1% compared to last year's 22.2%. This led to adjusted diluted earnings per share of $3.04, representing growth of 29.9% year-over-year.

與去年同期相比下降了 8.5%，這反映了過去 12 個月槓桿水準的改善，以及與去年同期相比利率的下降。本季我們償還了 8,100 萬美元的債務，自第三季末以來又償還了 6,700 萬美元。我們調整後的每股盈餘計算中的稅率為 22.1%，而去年為 22.2%。這使得調整後的稀釋每股收益為 3.04 美元，年增 29.9%。

Free cash flow in the quarter came in at $99.1 million, with conversion of 147% compared to $73.6 million and 127% last year. The higher conversion rate was due to the increased earnings and working capital management during the quarter.

本季自由現金流為 9,910 萬美元，轉換率為 147%，而去年同期分別為 7,360 萬美元和 127%。較高的轉換率是由於本季獲利增加和營運資金管理改善。

As we've noted previously, our capital allocation strategy going forward will remain focused on deleveraging by using the cash that we generate to pay off outstanding debt. Our expectation is to pay off the remainder of the term loan by November of 2026.

正如我們之前提到的，我們未來的資本配置策略將繼續專注於去槓桿化，並利用我們產生的現金來償還未償債務。我們預計在 2026 年 11 月之前還清剩餘的定期貸款。

Looking into the fourth-quarter, we are guiding revenues of $495 million to $505 million, representing year-over-year growth of 13.1% to 15.4%. On the gross margin side, we are projecting adjusted gross margins of 45% to 45.25% for the quarter and SG&A as a percentage of sales to be between 16% and 16.25% for the period. With that, operator, please open the call for Q&A.

展望第四季度，我們預計營收為 4.95 億美元至 5.05 億美元，年增 13.1% 至 15.4%。在毛利率方面，我們預期本季調整後的毛利率為 45% 至 45.25%，銷售、一般及行政費用佔銷售額的百分比為 16% 至 16.25%。操作員，請開啟問答環節。

(Operator Instructions)

（操作說明）

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

I just wanted to follow up regarding your commentary on the industrial business. So you mentioned that you're seeing strength in aggregate and cement, food and beverage and warehousing. You've got the new products that you're introducing for fiscal year '27 and it sounds like semiconductor has been doing really well. I was wondering for these verticals, can you provide what is embedded in your 4Q revenue outlook? And also when we go into 2027, how do you think about growth for these end markets.

我只是想就您對工業領域的評論做個後續補充。您提到骨材和水泥、食品飲料和倉儲業表現強勁。你們在 2027 財年推出了新產品，聽起來半導體產業發展得非常好。我想了解一下，對於這些垂直領域，您能否提供一下您第四季度營收預期中包含的具體內容？展望 2027 年，您認為這些終端市場的成長前景如何？

Yes, Kristine, the way we have our fourth-quarter built out right now, it looks a lot like the third-quarter in terms of what we're forecasting for year-over-year growth, maybe slightly conservative on the industrial side. So we're just expecting more of the same. Obviously, we saw the PMI this week was positive. So if that trend were to continue, that would be certainly a bullish sign for our business.

是的，克里斯汀，就我們目前對第四季度的規劃來看，就我們對同比增長的預測而言，它與第三季度非常相似，可能在工業方面稍微保守一些。所以我們預計情況還會繼續一樣。顯然，我們看到本週的採購經理人指數（PMI）為正值。因此，如果這種趨勢持續下去，無疑將是我們業務的一個利好訊號。

Okay. Great. And then if I could follow up with VACCO, the quiet running valve is a really differentiated technology. I was wondering outside submarines, are there other use cases for this product.

好的。偉大的。然後，如果我能跟進 VACCO 的情況，靜音運轉閥確實是一項與眾不同的技術。我想知道除了潛水艇之外，這款產品還有其他用途嗎？

Mike, you on? So Kristine, it's Dan Bergeron. Yes. For Sargent Aerospace, their products are specifically for submarine. And on the VACCO side, there are some applications for them in space on satellites.

麥克，你在線上嗎？克莉絲汀，我是丹伯傑龍。是的。薩金特航空航太公司的產品專門用於潛水艇。而VACCO方面，它們在太空衛星上也有一些應用。

Got you. Super helpful. And then does it -- I mean, just following up on the industrial question, with the improving outlook and also when we think about the order activity that you faced, is it fair to say that fiscal year '27 would be a higher growth year for industrial than fiscal year '26?

抓到你了。非常有用。那麼——我的意思是，繼續討論工業問題，鑑於前景改善，以及考慮到你們面臨的訂單活動，是否可以說 2027 財年的工業增長將高於 2026 財年？

We're expecting that, Kristine. Yes.

我們預料到了，克里斯汀。是的。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

This is Alexandra Mandery on for Michael Ciarmoli with Truist Securities. We've seen that backlog growth has been strong and at all-time highs, about 230% year-over-year growth. So could you add some more color in terms of order composition and submarket breakdown? And also, what is the relationship with backlog and revenue going forward?

這裡是 Truist Securities 的 Alexandra Mandery，為您帶來 Michael Ciarmoli 的報導。我們看到積壓訂單成長強勁，達到歷史最高水平，較去年同期成長約 230%。您能否在訂單組成和細分市場方面提供更多細節？此外，積壓訂單和未來收入之間又有怎樣的關係？

Okay. There was a number of questions there. The first question was the composition of the backlog. And I think I think Rob has that.

好的。那裡有很多問題。第一個問題是待辦事項的構成。我覺得羅布有這種能力。

Yes. What I can tell you is that over 90% of our backlog is really our A&D market. Most of our industrial business tends to move in and out and doesn't really get stuck in the backlog. And in terms of the duration, which I think was another part of your question, some of these contracts, specifically with Sargent or VACCO can be multiyear going well beyond the next 12 to 24 months?

是的。我可以告訴你的是，我們積壓訂單的90%以上其實都來自航空航太和國防市場。我們的大多數工業業務往往是進出頻繁，不會真正陷入積壓狀態。至於期限，我認為這也是你問題的一部分，其中一些合同，特別是與 Sargent 或 VACCO 簽訂的合同，可能是多年合同，遠遠超過接下來的 12 到 24 個月？

Great. And then I guess, like can you break down the backlog further between submarkets within A&D?

偉大的。然後我想問的是，您能否進一步細分航空航太與國防領域內各個子市場的積壓訂單？

I don't have all that detail right in front of me to share with you at this time. We just kind of look at it at the segment level. But obviously, with Sargent and VACCO, there is a significant portion of our backlog with the marine products.

我現在手邊沒有所有細節可以跟你分享。我們只是從細分市場層面來看這個問題。但很顯然，由於 Sargent 和 VACCO 的存在，我們在船舶產品方面存在相當大的積壓訂單。

That makes sense. And then I guess just one other one. On the fiscal 1Q '26 call, you mentioned using roughly a $30 million run rate for VACCO quarterly revenue. So given that, did you divest maybe from any contracts or make any other changes that would reflect that slight performance discrepancy?

這很有道理。然後我想應該就剩下最後一個了。在 2026 財年第一季電話會議上，您提到 VACCO 的季度營收以約 3,000 萬美元的運行率計算。有鑑於此，您是否解除了某些合約或做出了其他任何改變來反映這種輕微的業績差異？

I mean they were at $29 million this quarter. They're pretty close to that $30 million run rate. There's just timing. We're in the middle of integration and these contracts can be a little bit lumpy quarter-to-quarter. But I would say we feel pretty good with where that business is operating and are optimistic for the next year.

我的意思是，他們本季營收達到了2900萬美元。他們的年均收入已經非常接近 3000 萬美元了。時機很重要。我們正處於整合過程中，這些合約可能會出現一些季度間的波動。但我認為我們對該業務目前的營運狀況相當滿意，並對明年充滿信心。

Steve Barger, KeyBanc Capital Markets.

史蒂夫·巴格爾，KeyBanc Capital Markets。

This is Christian Zyla on for Steve Barger. Just following up on your industrial comments. It does seem like you guys started growing before we actually saw an industrial inflection or at least have been less impacted by recent weakness. But January PMI was strong a few days ago.

這裡是克里斯蒂安·齊拉，替史蒂夫·巴格爾為您報道。我只是想就您之前關於工業領域的評論做個補充。看起來你們似乎在我們真正看到工業轉折點之前就開始發展壯大了，或者至少受近期疲軟的影響較小。但幾天前1月的PMI數據表現強勁。

US industrial production is inflected positively. Sentiment in short-cycle manufacturing seems to be improving. So looking back, what do you think drove your outperformance? And then based on your business and your mix, do you think you can outgrow peers or continue your string of growth?

美國工業生產呈現正面變化。短週期製造業的情況似乎正在好轉。回顧過去，你認為是什麼因素促成了你出色的表現？那麼，根據你的業務和產品組合，你認為你能超越同行，還是能繼續保持成長動能？

Well, I think one of -- the outperformance -- number one, the Dodge brand is a very strong brand in the industrial marketplace, particularly the industrial MRO marketplace. And that marketplace is pretty short cycle. And as a result of having -- being such short cycle, your product availability needs to be high in order to capture the sale. And so Dodge does an outstanding job at managing their product availability and their hit rates and stocking of their core products. So I think we're probably industry best in that regard.

我認為其中一個優勢——表現優異——首先，道奇品牌在工業市場，特別是工業MRO市場，是一個非常強大的品牌。而且那個市場週期很短。由於週期很短，為了促成銷售，您的產品供應量必須很高。因此，道奇在管理其產品供應、命中率和核心產品的庫存方面做得非常出色。所以我覺得我們在這方面可能是業界最好的。

And so that helps performance when times are tough. There was a second part of your question, Steve, I forget what it was.

因此，這有助於在困難時期取得好成績。史蒂夫，你的問題還有第二部分，我忘了是什麼了。

Yes, it was just based on like your current business mix, do you think that can continue into calendar 2026?

是的，這只是基於您目前的業務組合，您認為這種情況能持續到 2026 年嗎？

Yes, it should. I absolutely think it should. We're expecting a stronger industrial economy in '26. Certainly, it started -- in January, it started off well. Semicon has come back in a significant way, which was dormant for a long period of time, and it's an important sector for us. So yes, I think we're going to do better on the industrial side in calendar '26.

是的，應該是如此。我絕對認為應該如此。我們預計2026年工業經濟將更加強勁。當然，它已經開始了——一月份的時候，開局不錯。半導體產業已經強勢復甦，此前該行業沉寂了很長時間，而半導體對我們來說是一個重要的行業。所以，是的，我認為我們在 2026 年的工業方面會做得更好。

That's great. And then just switching gears to Aero and Defense. A couple of quarters ago, you mentioned some synergies on the space side with VACCO and legacy RBC. Just any quick update there. And maybe more broadly, any updates on how you're thinking about the broader space industry and what specific markets or applications that you currently are not exposed to or not involved in that could be interesting. Does that require more engineering expertise or capacity? Just any kind of thoughts there.

那太棒了。然後話題就轉到航空和國防領域了。幾個季度前，您提到 VACCO 和 RBC 集團在太空領域存在一些協同效應。有什麼最新消息嗎？更廣泛地說，您對更廣泛的航太產業有何看法，以及您目前尚未接觸或參與的具體市場或應用領域有哪些可能很有趣，您能否提供一些最新資訊？這是否需要更多的工程技術專業知識或能力？隨便想想都行。

Yes. Well, VACCO is -- you know, it's a company we learn more about every month. And one of the things that we're learning about VACCO is they have a very good product program that services the space market with staples that the space market requires in order to build out satellites. And they have a tremendous brand and following in these staples. And so -- it's a little bit like the bearing business.

是的。嗯，VACCO 是一家——你知道的，我們每個月都會對它有更多了解的公司。我們從 VACCO 了解到的其中一點是，他們擁有非常優秀的產品計劃，為航太市場提供航太市場建造衛星所需的必需品。他們在這些主食領域擁有強大的品牌影響力和許多忠實擁躉。所以——這有點像軸承業。

If you have a stocking position on these staples, you're liable to get the order and you're liable to significantly improve your sales. And so we're looking at their product offering and deciding exactly which products we should be stocking.

如果你有這些必需品的庫存，你很可能會接到訂單，並且你的銷售額可能會大幅提高。因此，我們正在研究他們的產品，並決定我們應該進貨哪些產品。

And to some extent, we think if we had those products in stock, people would actually develop or design satellite systems around those products because when it's undefined, it's undefined. And people kind of grow their own spoke. So we could help guide the industry by making these products more available and at the same time, improve our sales to the satellite OEMs, and there's -- there's quite a few of these people.

在某種程度上，我們認為，如果我們有這些產品庫存，人們實際上會圍繞這些產品開發或設計衛星系統，因為當它沒有定義時，它就是沒有定義。人們會自己培育輻條。因此，我們可以透過增加這些產品的供應量來幫助引導產業發展，同時提高我們對衛星原始設備製造商的銷售額，而這類客戶相當多。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Dr. Hartnett, can you clarify whether the new Airbus contract included a meaningful ship-set content increase on any of your programs?

哈特內特博士，您能否澄清一下，新的空中巴士合約是否在您的任何專案中大幅增加了艦載設備的數量？

Yes, it did. I guess this is what do you define as meaningful? I mean, we -- and just running through some of the programs, the new programs that we captured in my own mind here on the Airbus contract. So yes, I would say it's probably increased Airbus content, 20%, that sort of thing.

是的，確實如此。我想這就是你對「有意義」的定義吧？我的意思是，我們——只是快速瀏覽一些項目，一些我腦海中浮現的關於空中巴士合約的新項目。所以，是的，我認為空中巴士部件的含量可能增加了 20%，諸如此類。

Okay. Can you say when that might layer into your revenue? Is there may be a one to two year lag as you tool up for that higher content? Or can you see it sooner?

好的。您能說說這大概什麼時候會對您的收入產生影響嗎？準備製作更高品質的內容可能需要一到兩年的時間？或是你能更早看到嗎？

We expect to see it in this particular quarter.

我們預計在本季就能看到這種情況。

Okay. That's great. And then can you also give us a sense for how large the missile business is today relative to defense overall and would you expect missile revenue growth to outpace commercial aerospace, given some of these big contracts, Lockheed and Raytheon have gotten?

好的。那太棒了。那麼，您能否也為我們介紹一下，導彈業務目前在整個國防領域中的規模有多大？考慮到洛克希德馬丁和雷神公司已經獲得了一些大合同，您是否預計導彈收入的增長速度會超過商業航空航天業？

Yes. I mean, missiles are -- they're a funny greed. I mean there's -- they're used for all sorts of things. There's the HIMARS and there's the JDAMs and those are bombs and there's the hypersonics and then there's the standard missiles that go into -- just are part of the F-16 package. And so we're pretty much across the board on all of these programs.

是的。我的意思是，導彈——它們是一種滑稽的貪婪。我的意思是，它們用途非常廣泛。有HIMARS飛彈，有JDAM飛彈，這些都是炸彈，還有高超音速飛彈，以及一些標準飛彈，它們都是F-16戰鬥機的組成部分。因此，我們在所有這些項目上基本上都保持一致。

I can't -- it's hard to see exactly how big this missile business can be, particularly when they start building out hypersonics. But all those -- a lot of those hypersonics are going to go on the Columbias and the Virginias. So we're definitely going to be part of that program in a meaningful way. But I don't have an answer for you with regard to how big the overall missile business can be at RBC versus commercial aircraft. I don't think it's going to be as large -- anywhere near as large as our commercial aircraft business.

我無法判斷——很難確切地看出飛彈產業的規模究竟有多大，尤其是在他們開始研發高超音速飛彈之後。但所有這些——許多高超音速飛彈都將安裝在哥倫比亞級和維吉尼亞級航空母艦上。所以我們一定會以有意義的方式參與這個計畫。但我無法回答 RBC 的飛彈業務整體規模與商用飛機業務相比究竟有多大這個問題。我不認為它會像我們的商用飛機業務那樣龐大——肯定達不到我們的規模。

Okay. And then, Rob, I was wondering if you could pull apart the gross margin guidance by segment for the fourth-quarter, and in particular, help us understand the rate of sequential gross margin improvement in A&D, given that pricing step-up you have coming through?

好的。羅布，我想請你詳細分析一下第四季度各業務部門的毛利率預期，特別是考慮到即將實施的價格上漲，能否幫助我們了解航空航天與國防業務的毛利率環比增長速度？

Yes. I mean I think one of the best ways to look at it is we're guiding you to a gross margin that's at the high-end incremental s where we were in Q3 and we would expect Aerospace and Defense to be growing at a rate faster than industrial, that should imply that there should be some increment to what we've seen in Aerospace and Defense. So as I said, it was about 42.2% this quarter. We should see some gradual improvement in this quarter that's getting us to that guidance. So that's how it breaks down.

是的。我的意思是，我認為最好的看待這個問題的方式之一是，我們正在引導你們實現比第三季度更高的毛利率，我們預計航空航天和國防領域的增長速度將超過工業領域，這意味著我們在航空航天和國防領域看到的增長應該會增加。正如我所說，本季約為 42.2%。本季我們應該會看到一些逐步改善，從而達到預期目標。這就是它的構成方式。

I think industrials should more or less look where they have been. I think we have some opportunities, but we have a little bit of headwind just from some absorption challenges that we always have in the third fiscal quarter with the holidays and just fewer earned hours. But generally speaking, industrial should look like what it did in the third-quarter, I would expect.

我認為工業企業應該或多或少回顧一下他們過去的做法。我認為我們有一些機會，但我們也面臨一些不利因素，例如第三財季由於假期和工時減少，總是會遇到一些吸收方面的挑戰。但總的來說，我預期工業板塊的表現應該會和第三季差不多。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Just a couple for me. Mike, can you update us or remind us kind of where you guys are at on the production rates right now for the core Boeing and Airbus programs?

就我一個人用。麥克，你能否向我們介紹一下波音和空中巴士核心專案目前的生產力情況？

Yes. Well, I think Boeing is -- I think they're pushing towards -- they're at 38 737s a month looking to go to 42, looking to go to 50 with an overall objective of getting to 60. The exact dates that those -- that occurs, I don't have them in front of me, but I do have in one of my files. But the 60 is not that far off.

是的。我認為波音公司正在努力工作——他們目前每月生產 38 架 737 飛機，目標是達到 42 架，然後是 50 架，最終目標是達到 60 架。這些事件發生的確切日期，我手邊沒有，但我的一個文件裡有記錄。但60這個數字其實並不遙遠。

And then the 787 is 6 -- as I remember, 6 going to 8 per month, and that's a significant step up for us. We have one plant that's very dependent upon the 787 shift. And so that's very helpful. And then the 777, 777X seems to be coming into its own, but I think that's only a few ships a month in the distant future. I don't have that number in front of me.

然後，787 的訂單量是 6 架——我記得是從每月 6 架增加到 8 架，這對我們來說是一個很大的進步。我們有一家工廠非常依賴 787 航班的班次。所以這很有幫助。然後，777、777X 似乎正在嶄露頭角，但我認為在遙遠的未來，每月只能生產幾架飛機。我手邊沒有那個號碼。

Okay. And just are you guys producing kind of in line with where Boeing is? Or are you -- I think typically, you're, I don't know, six to nine months ahead of their production rates. Is that where you're at right now? Or do you feel like you're -- they're maybe working off some inventory?

好的。你們的生產水準和波音公司差不多嗎？或者說——我認為通常情況下，你們的生產進度會比他們的進度快六到九個月。你現在就在那裡嗎？或者你覺得他們在清理庫存嗎？

I think in one of our smaller plants, Boeing is working off some inventory and that sort of turns around in July. And all of the other plants, we're pretty much lockstep with their production rates.

我認為在我們一家規模較小的工廠裡，波音公司正在清理一些庫存，這種情況在7月會有所改善。至於其他所有工廠，我們的生產速度基本上與它們的生產速度保持一致。

Okay. Okay. Got it. One last one for me, maybe for Rob. Rob, you guys were kind of hot this quarter on the CapEx spend. It inflected up a bit. Are you still on -- is that just timing or you saw on tapped to be about 3.5% spend for the full year and maybe continuing that level into fiscal '27?

好的。好的。知道了。最後再來一個，也許是給羅布的。羅伯，你們這季度在資本支出方面投入有點激烈。它略微向上彎曲了一點。你還在關注嗎？這只是時間安排，還是你看到預計全年支出將達到 3.5% 左右，並且可能會將這一水平延續到 2027 財年？

Yes. We made some strategic investments and some capacity build-outs, but I think we'll still end up 3.5%, less than 4% for the full year.

是的。我們進行了一些策略性投資和產能建設，但我認為全年最終收益率仍將達到 3.5%，低於 4%。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

I just had two on the industrial business. On the -- I think, Rob, you said earlier that the -- what's embedded in the fourth-quarter guide is a growth rate for that business comparable to what you did of, call it, 3% in the third, if I heard that correct. I'm just curious, is that -- in terms of your -- Obviously, this is a business that's a lot harder to predict than A&D in the short term. But I'm curious what you've seen kind of in recent month trends and just in terms of order activity.

我剛剛做了兩筆工業的交易。關於——羅布，我想你之前說過——第四季業績指引中隱含的成長率與第三季的成長率相當，比如說，3%，如果我沒聽錯的話。我只是好奇，就你而言——顯然，短期內，這個產業的預測難度比航空航太和國防產業要大得多。但我很好奇，在最近幾個月的趨勢以及訂單活動方面，您觀察到了什麼。

Does that get you to a similar kind of outcome? Or is that -- I don't know if you just maybe just help us in terms of what you've actually seen in terms of incoming order trends relative to that number?

這樣能達到類似的結果嗎？或者——我不知道您是否可以幫我們分析一下您實際觀察到的與該數字相關的訂單趨勢？

Yes. What's built in for the fourth-quarter is probably even a little bit below that 3%. But to be honest, the orders have been pretty good in the recent months. So we feel really comfortable with what we're forecasting.

是的。第四季的預期成長率可能甚至會略低於 3%。但說實話，最近幾個月的訂單狀況相當不錯。所以我們對我們的預測感到非常有信心。

Okay. And then just as part of -- as you integrate Dodge, there is a lot of investment that the company has made over the years in terms of making that more of a global business. Where are you in terms of realizing some of those growth initiatives. You highlighted the service center piece earlier. I don't know if that's -- it's obviously not international, but maybe just if there's a way to kind of help us in terms of the underlying growth prospects of Dodge. Yes, that's all.

好的。而且，作為整合道奇業務的一部分——多年來，該公司投入了大量資金，使其成為更俱全球性的企業。在落實這些成長計畫方面，你們進展如何？您之前重點提到了服務核心部分。我不知道這是否——這顯然不是國際性的，但也許可以以某種方式幫助我們提昇道奇的潛在成長前景。是的，就這些。

Yes, I think -- sorry, I think we're still in the middle innings on that process, and we realized a tremendous amount of synergy on the cost side with Dodge, as we've all talked about in the past. I think we're in the middle innings. And then some of those new initiatives are being put in place. We've got a lot of great meetings and discussions around that new service center, some new product initiatives that we're in the process of deploying. So I think there's some bright things ahead on that business.

是的，我認為——抱歉，我認為我們仍處於這個過程的中期階段，而且正如我們過去一直討論的那樣，我們意識到與道奇在成本方面存在巨大的協同效應。我認為我們現在正處於比賽的中段。然後，其中一些新措施正在逐步實施。我們圍繞著這個新的服務中心以及一些我們正在部署的新產品計劃，舉行了許多很棒的會議和討論。所以我認為這項業務未來前景光明。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

I wanted to touch on missiles again. If we -- the frameworks that Lockheed and Raytheon now have, when we start to see those turn into real contracts in production, how are you guys thinking about CapEx? Or do you need additional investments to hit these quadruple production rates.

我想再談談導彈問題。如果我們——洛克希德和雷神公司現在擁有的框架，當我們開始看到這些框架轉化為實際的生產合約時，你們是如何考慮資本支出的？或者，您是否需要額外的投資才能達到四倍的生產力？

Well, it's -- the question you asked is the same question the missile builders ask us is do you guys have the capacity to take on this much demand. And we do. And so we do have to add some equipment. The equipment that we add is certainly within that 3.5% that Rob has been talking about. So it's modest.

嗯，你問的問題和飛彈製造商問我們的問題是一樣的，那就是你們是否有能力滿足如此大的需求。我們確實如此。因此，我們確實需要添置一些設備。我們新增的設備肯定在羅布所說的3.5%的範圍內。所以它很樸素。

And it's usually -- it's just going to use our capital base that we have in place today for the most part to a more effective level. So yes, you shouldn't see any surprises on the capital side in order to tool up this business.

通常情況下，它只是將我們目前擁有的資本基礎更有效地利用起來。所以，是的，在資金方面，為了發展這項業務，你不應該看到任何意外。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Just starting with VACCO, I mean it looks like some really strong performance on the margin side in the quarter. Can you maybe just help us parse out the success there. This is onetime and if we should expect that to be the largest kind of margin contributor to Aerospace and Defense gross margins in the fourth-quarter.

先說說 VACCO，我的意思是，它本季的利潤率表現看起來非常強勁。您能否幫我們分析一下那裡的成功之處？這是一次性的，我們預計這將是第四季度航空航天和國防毛利率的最大貢獻因素。

Well, Aerospace gross margins in the fourth-quarter ought to be pretty good. And it's a little bit difficult for us to predict how good, but I suspect they're going to be better than they were in the third-quarter given volumes and pricing and sort of the other factors that go into the calculus to make it all work well. So yes, those margins will definitely expand.

嗯，第四季航空航太產業的毛利率應該相當不錯。我們很難預測業績會有多好，但我懷疑考慮到銷售、定價以及其他一些影響業績的因素，他們的業績會比第三季更好。所以，是的，這些利潤空間肯定會擴大。

When we put together the outlook for the fourth-quarter, it implies a 7.5% organic growth rate and a 14% total growth rate versus last year's fourth-quarter. The 7.5% sort of balances Aircraft and Defense out at 10%, whereas industrial is somewhere less than 5% in order to get to the 7.5%. So we're looking at an aircraft -- we use an aircraft a little bit north of 10% against the third-quarter, which was 21.3%.

當我們對第四季度的前景進行預測時，這意味著有機成長率為 7.5%，總成長率為 14%（與去年第四季相比）。7.5% 的比例使得航空和國防佔比達到 10%，而工業佔比則低於 5%，從而達到 7.5%。所以我們看到飛機——我們使用的飛機比第三季略高 10%，而第三季為 21.3%。

So I think the fourth-quarter outlook is very conservative, but we elected to make it conservative because really for no other reason to be conservative. So notwithstanding that, I think we expect to have a very strong fourth-quarter. We have great market positioning, strong teams, good order book, it's only a matter of execution. And just one thing about RBC, we always execute. So I think in the fourth-quarter, I think our investors are going to be very pleased with the results.

所以我認為第四季的展望非常保守，但我們選擇保守，真的沒有其他原因。儘管如此，我認為我們預計第四季度業績會非常強勁。我們擁有良好的市場定位、強大的團隊和充足的訂單，現在只剩下執行力的問題了。關於RBC，有一點毋庸置疑，那就是我們總是執行到位。所以我認為，在第四季度，我們的投資者會對業績非常滿意。

Yes, that's pretty clear with the gross margins for VACCO in the quarter. I just -- I don't get the impression that it's a lot of operating leverage there. I mean, was it more cost-out? And what is kind of maybe the revised outlook on where those margins can go? It feels like we should be converging with consolidated Aerospace and Defense gross margins sooner rather than later?

是的，VACCO本季的毛利率已經很清楚地說明了這一點。我只是──我感覺那裡並沒有很大的經營槓桿。我的意思是，這樣做成本更高嗎？那麼，對於這些利潤率的未來發展方向，人們的看法又會如何呢？感覺我們應該很快就能與航太和國防產業的綜合毛利率趨於一致了？

Yes. I would -- yes, I would think those margins are going to -- the A&D margins are going to chase up towards the industrial margins. I don't know if they'll reach them, but they're going to close the gap.

是的。是的，我認為航空航太和國防領域的利潤率將會——航空航太和國防領域的利潤率將會向工業領域的利潤率靠攏。我不知道他們能否趕上，但他們一定會縮小差距。

Okay. That's helpful. And then maybe just another one on the industrial business. It looks like your peers are kind of guiding for low single digits for 2026. Can you maybe just help us think through kind of the more cyclical, sorry?

好的。那很有幫助。然後或許還可以再寫一篇關於工業領域的文章。看來你的同儕普遍預測 2026 年的成長率將徘徊在個位數。您能否幫我們理清一下比較循環往復的思路，抱歉？

The peers are guiding to what for '26?

同儕們對 2026 年有何指導？

Looking like low single digits kind of consolidated. And I think a lot of that's kind of cyclicality and maybe the heavy machinery capital goods, and that is the more cyclical piece of your industrial business. Anything to call out in the channel there? I mean do you think inventory is balanced. And if we do start to see elevated build rates like the OEMs are expecting, how soon should we expect a catch-up there?

看起來是低個位數，比較穩定。我認為這很大程度上是週期性的，也可能是重型機械資本貨物造成的，而這正是工業業務中周期性更強的部分。頻道裡有什麼需要指出的地方嗎？我的意思是，你認為庫存平衡嗎？如果生產率真的像原始設備製造商（OEM）所預期的那樣提高，那麼我們應該多久才能看到產能趕上來呢？

I think our Industrial business will be sort of better than the single digits. It will be -- we're expecting sort of the high single digits is worst case. So -- but we're not coming out with full year guidance. We never do and -- but we're looking at it. We're pretty optimistic about what's involved in the year ahead.

我認為我們的工業業務業績會比個位數略好。預計最壞的情況是——我們預計會是接近兩位數的新增病例。所以——但我們不會發布全年業績指引。我們從來沒有這樣做過——但我們正在關注此事。我們對未來一年的發展前景相當樂觀。

Congrats on the quarter.

恭喜你本季取得佳績。

With no further questions, I would like to turn the conference back over to Dr. Hartnett for closing remarks.

沒有其他問題了，我將把會議交還給哈特內特博士，請他作閉幕致詞。

Okay. Well, this concludes our third-quarter conference call, and we thank you all for taking the time today to participate and look forward to talking again probably late May. Good day.

好的。好了，我們的第三季電話會議到此結束，感謝各位今天抽出時間參加，期待在五月下旬再次與您交流。再會。

Thank you. This will conclude today's conference. You may disconnect at this time.

謝謝。今天的會議到此結束。您現在可以斷開連線了。