洛克威爾自動化 (ROK) 2026 Q3 法說會逐字稿

Thank you for holding, and welcome to Rockwell Automation's quarterly conference call. I need to remind everyone that today's conference call is being recorded. (Operator Instructions)

感謝您耐心等候，歡迎參加羅克韋爾自動化（Rockwell Automation）季度電話會議。我需要提醒各位，今天的電話會議將被錄音。（接線員指示）

At this time, I would like to turn the call over to Aijana Zellner, Head of Investor Relations and Market Strategy. Ms. Zellner, please go ahead.

此刻，我想將電話交給投資人關係與市場策略主管 Aijana Zellner。Zellner 女士，請開始。

Thank you, Julianne. Good morning, and thank you for joining us for Rockwell Automation's third quarter fiscal 2026 earnings release conference call. With me today is Blake Moret, our Chairman and CEO; and Christian Rothe, our CFO. Our results were released earlier this morning, and the press release and charts are available on our website. These materials as well as our remarks today will reference non-GAAP measures.

謝謝你，Julianne。各位早安，感謝各位參加羅克韋爾自動化 2026 會計年度第三季財報發布電話會議。今天與我一同出席的有董事長兼執行長 Blake Moret，以及財務長 Christian Rothe。我們的業績已於今天稍早發布，新聞稿與圖表可在我們的網站上取得。這些資料以及我們今天的發言將引用非 GAAP 指標。

Reconciliations of these non-GAAP measures are included in both the press release and charts. A replay of today's webcast and a transcript of our prepared remarks will be available on our website at the conclusion of today's call. Before we begin, please note that our comments today include forward-looking statements regarding the expected future results of our company. Our actual results may differ materially due to a wide range of risks and uncertainties described in our earnings release and SEC filings.

這些非 GAAP 指標的調節表已包含於新聞稿與圖表中。今日網路直播的重播以及我們事先準備講稿的逐字稿，將於本次電話會議結束後在我們的網站上提供。在開始之前，請注意我們今天的評論包含有關本公司預期未來業績的前瞻性陳述。由於我們的財報新聞稿與向 SEC 提交文件中所述的各種風險與不確定性，我們的實際結果可能會有重大差異。

So with that, I'll hand it over to Blake.

那麼，我把時間交給 Blake。

Thanks, Aijana, and good morning, everyone. Before we turn to our third quarter results on slide 3, I'll make a couple of initial comments. We delivered a strong quarter with double-digit year over year growth in sales and earnings exceeding our expectations. This sustained momentum underscores Rockwell's strong position in North America and growing penetration in new end markets, an accelerated pace of new product introduction, our unmatched partner ecosystem and the team's disciplined execution. We continue to see strong demand across Semiconductor, Data Center, E-commerce & Warehouse Automation.

謝謝，Aijana，各位早安。在我們轉到第 3 張投影片的第三季業績之前，我先做幾點開場說明。我們交出強勁的一季，銷售與獲利年增皆達雙位數，且表現超出我們的預期。這股持續動能凸顯羅克韋爾在北美的強勢地位、在新終端市場的滲透率提升、新產品導入加速、無可匹敵的合作夥伴生態系，以及團隊嚴謹的執行力。我們持續看到半導體、資料中心、電商與倉儲自動化等領域需求強勁。

While we are not yet seeing a pickup in CapEx across Food & Beverage and parts of process, we are seeing early signs of renewed project activity in Automotive and Life Sciences. Customers are increasingly turning to Rockwell's differentiated portfolio of hardware, software and services to adapt to changing market dynamics from GLP-1 related investments and evolving food and beverage demand to AI-driven data center growth and new opportunities across energy storage, defense and advanced manufacturing.

雖然我們尚未看到食品與飲料以及部分流程產業的資本支出（CapEx）回升，但我們在汽車與生命科學領域已看到專案活動回溫的早期跡象。客戶愈來愈多地轉向羅克韋爾具差異化的硬體、軟體與服務產品組合，以因應市場動態變化——從與 GLP-1 相關的投資與食品飲料需求演變，到 AI 驅動的資料中心成長，以及在儲能、國防與先進製造等領域的新機會。

I'm proud of how our team continues to execute amid geopolitical volatility, trade uncertainty and persistent inflation. The Rockwell Operating Model helps us drive operational excellence, serve customers and invest for the future. Those principles are on full display at our Singapore manufacturing facility, which was recently named the World Economic Forum Lighthouse for its leadership in digital and AI-enabled manufacturing.

我為我們的團隊在地緣政治波動、貿易不確定性與持續通膨之下仍能持續落實執行而感到自豪。羅克韋爾營運模式（Rockwell Operating Model）協助我們推動卓越營運、服務客戶並投資未來。這些原則在我們的新加坡製造基地展現得淋漓盡致；該基地近期因在數位化與 AI 賦能製造方面的領導地位，被世界經濟論壇評選為「燈塔工廠」。

Turning to our third quarter results on slide 3. Q3 sales came in above our expectations. Reported sales were up 8% and organic sales were up 10% with the impact of the Sensia dissolution decreasing sales by 3% and currency contributing about 1% of growth. Products continue to outperform our longer-cycle solutions business as smaller modernization projects across most industries drove the majority of our growth in the quarter. The verticals seeing the strongest capital investment, including Semiconductor, Data Center and E-commerce & Warehouse tend to be more heavily weighted toward our product and software offerings.

接著看第 3 張投影片的第三季業績。第三季（Q3）銷售高於我們的預期。以報表口徑計算，銷售年增 8%；以有機口徑計算，銷售年增 10%。其中 Sensia 解散對銷售造成 3% 的減少影響，匯率則貢獻約 1% 的成長。由於多數產業的小型現代化改造專案帶動了本季大部分成長，產品業務持續優於我們週期較長的解決方案業務。資本投資最強勁的垂直領域（包括半導體、資料中心以及電商與倉儲）通常更偏重於我們的產品與軟體供應。

Our Intelligent Devices organic sales grew 10% year over year with broad-based growth across all product lines. New offerings such as PointMax I/O, additional PowerFlex drives and FLEXLINE motor control centers are seeing strong adoption, particularly in E-commerce & Warehouse Automation and process industries. We also delivered double-digit growth in our Production Logistics business with strategic wins across Food & Beverage, Semiconductor and Life Sciences. Software & Control organic sales were up 18% versus prior year, driven by another quarter of strong double-digit growth in Logix. Lifecycle Services organic sales were down 2% versus prior year, generally in line with expectations.

我們的智慧裝置（Intelligent Devices）有機銷售年增 10%，各產品線皆呈現廣泛成長。PointMax I/O、更多 PowerFlex 變頻器以及 FLEXLINE 馬達控制中心等新產品導入後採用情況強勁，特別是在電商與倉儲自動化以及流程產業。我們的生產物流（Production Logistics）業務也實現雙位數成長，並在食品與飲料、半導體與生命科學領域取得策略性勝利。軟體與控制（Software & Control）有機銷售較去年同期成長 18%，主要受 Logix 連續又一季的強勁雙位數成長帶動。生命週期服務（Lifecycle Services）有機銷售較去年同期下降 2%，整體符合預期。

Book-to-bill in this segment was 0.97. While customer engagement remains healthy, growth in this segment continues to be constrained by the lack of capital spending recovery in Food & Beverage and certain process industries where many of our Lifecycle Services offerings are deployed. Organic annual recurring revenue grew 6% in the quarter, below our expectations. High single-digit software growth was partially offset by the slower growth in recurring Lifecycle Services. While services growth was softer than expected, we continue to add important ARR wins across our customer base.

該事業群的接單出貨比（book-to-bill）為 0.97。雖然客戶互動仍然健康，但由於食品與飲料以及某些流程產業的資本支出復甦不足（我們許多生命週期服務方案部署於此），該事業群的成長仍受到限制。本季有機年度經常性收入（ARR）成長 6%，低於我們的預期。軟體的高個位數成長，部分被經常性生命週期服務較慢的成長所抵銷。儘管服務成長低於預期，我們仍持續在客戶群中新增重要的 ARR 勝利。

A great example is Unilever, which expanded its cybersecurity program to additional sites. The engagement combines our threat detection and secure remote access software with managed cybersecurity services to provide continuous monitoring, secure connectivity and protection of critical manufacturing operations. Enterprise operating margin of 22.3% and adjusted EPS of $3.49 were up double digits versus prior year, led by strong volume and favorable mix.

一個很好的例子是聯合利華（Unilever），其將資安計畫擴展至更多據點。該合作結合我們的威脅偵測與安全遠端存取軟體，以及託管式資安服務，以提供持續監控、安全連線與關鍵製造營運的防護。企業營業利益率為 22.3%，調整後每股盈餘（adjusted EPS）為 3.49 美元，較去年同期皆呈雙位數成長，主要由強勁出貨量與有利的產品組合帶動。

Moving to slide 4 for Q3 industry highlights. Our discrete sales grew high teens year over year, led by strong double-digit growth in Semiconductor, Data Center and E-com & Warehouse. Within discrete, Automotive sales were up low double digits versus prior year, marking another quarter of better-than-expected performance. Customers continue to prioritize investments in productivity, quality and asset utilization. While tariffs and geopolitical uncertainty continue to delay large greenfield projects, modernization spending remains strong.

接著看第 4 張投影片的第三季產業重點。我們的離散型（discrete）銷售年增高個位數至十幾％（high teens），主要由半導體、資料中心以及電商與倉儲的強勁雙位數成長帶動。在離散型領域中，汽車銷售較去年同期成長低雙位數，延續又一季優於預期的表現。客戶仍優先投資於生產力、品質與資產利用率。雖然關稅與地緣政治不確定性持續延後大型綠地（greenfield）專案，但現代化改造支出仍然強勁。

A great example is Convergix, a global system integrator who chose Rockwell's Emulate3D digital twin software to model a complex conveyance system. The solution is helping reduce project risk, accelerate commissioning and bring production online faster. Another notable win in Q3 was with a large automotive brand owner, where Rockwell's end-to-end automation portfolio was selected to improve operational efficiency and accelerate the launch of future vehicle programs across multiple global plants.

一個很好的例子是 Convergix（全球系統整合商），其選擇羅克韋爾的 Emulate3D 數位孿生軟體來建模一套複雜的輸送系統。該解決方案有助於降低專案風險、加速試車與驗收（commissioning），並更快讓產線上線。第三季另一項值得一提的勝利來自一家大型汽車品牌業主，其選擇羅克韋爾端到端自動化產品組合，以提升營運效率，並加速在多個全球工廠推出未來車款計畫。

E-commerce & Warehouse Automation sales were up 30% year over year with continued strong performance across regions and customer segments. Semiconductor delivered another strong quarter, driven by increased activity from several leading equipment manufacturers and chip makers, including continued investment tied to AI infrastructure.

電商與倉儲自動化銷售年增 30%，各地區與客戶區隔皆持續表現強勁。半導體再度交出強勁的一季，主要受多家領先設備製造商與晶片廠商活動增加所帶動，其中包括與 AI 基礎設施相關的持續投資。

Data center remained a strong growth market in the quarter. Customers continue to invest in the power, cooling, automation and control systems required to support increasingly complex and energy-intensive facilities. This creates further opportunities across our hardware, software and services portfolio. Turning to our hybrid industries. Sales in this segment grew mid-single digits with good growth across all major verticals.

資料中心在本季仍是強勁的成長市場。客戶持續投資於支援日益複雜且高耗能設施所需的供電、冷卻、自動化與控制系統。這也為我們的硬體、軟體與服務產品組合帶來更多機會。接著談我們的混合型產業（hybrid industries）。該事業群銷售成長中個位數，各主要垂直領域皆有不錯的成長。

Food & Beverage sales were up mid-single digits, led by growth in North America. While we have yet to see an inflection in large capital projects here, customers continue to invest in modernization and digital transformation initiatives across protein, dairy, fiber and nonalcoholic beverage applications. Sales in our Life Sciences vertical were up 10% in Q3 with broad-based growth across all regions and continued improvement at both machine builders and end users.

食品與飲料銷售成長中個位數，主要由北美成長帶動。雖然我們尚未看到此領域大型資本專案出現拐點，但客戶仍持續在蛋白、乳製品、纖維與非酒精飲料等應用上投資於現代化改造與數位轉型計畫。我們生命科學垂直領域第三季銷售成長 10%，各地區皆呈現廣泛成長，且機械設備製造商與終端用戶端的改善持續。

In addition to favorable end market demand, we continue to expand our position through competitive wins. An important win in the quarter was with a leading pharmaceutical and biotech contract development and manufacturing organization who chose Rockwell's integrated process control and MES platform to standardize drug substance manufacturing across its operations.

除了終端市場需求有利之外，我們也持續透過競爭性勝利擴大我們的地位。本季一項重要勝利來自一家領先的製藥與生物科技 CDMO（委託開發與製造機構），其選擇羅克韋爾的整合式製程控制與 MES 平台，以在其營運中將藥物原料（drug substance）製造流程標準化。

Moving to process. Our sales here were up high single digits, led by growth in Energy, Metals and Chemicals. Energy sales were up high single digits in the quarter with customer spending focused on brownfield expansions, asset modernization and production optimization. We also continue to see healthy activity across LNG, midstream, power infrastructure and offshore markets, supported by rising energy demand and the ongoing build-out of power capacity for data center and electrification.

接著談流程產業。我們在此的銷售額年增高個位數，主要由能源、金屬與化學品的成長帶動。本季能源銷售額年增高個位數，客戶支出聚焦於既有廠區（brownfield）擴建、資產現代化與生產最佳化。我們也持續看到 LNG、中游、電力基礎設施與離岸市場的活動維持健康，受惠於能源需求上升，以及為資料中心與電氣化持續擴建電力容量。

Mining sales were down mid-single digits, reflecting measured capital deployment across the industry and some project timing delays, specifically in Latin America. With that said, customers continue to invest in productivity, autonomy and digital transformation as demand for critical minerals continues to grow. Moving to slide 5 for our Q3 organic regional sales. Similar to last quarter, we saw good year over year growth across most of our regions. North America was our strongest region in the quarter with 12% year over year growth, and we continue to expect it to be our fastest-growing region for the full year fiscal 2026.

採礦銷售額年減中個位數，反映產業整體資本投放較為審慎，以及部分專案時程延後，尤其是在拉丁美洲。即便如此，隨著關鍵礦物需求持續成長，客戶仍持續投資於生產力、自主化與數位轉型。接著看第 5 張投影片，說明我們第三季的有機區域銷售。與上季類似，我們在多數地區都看到良好的年對年成長。北美是本季表現最強的地區，年對年成長 12%，我們也持續預期在 2026 會計年度全年，北美將是成長最快的地區。

Let's now turn to slide 6 to review our fiscal 2026 outlook. With three quarters behind us, customer investment is broadening across more of our end markets. While we have yet to see a broad-based recovery in large capital projects, we are confident Rockwell is best positioned to capitalize as spending accelerates. In the meantime, we'll continue to operate with discipline and prudence in what remains a very dynamic environment. We now expect both our reported and organic sales growth to be in the 7.5% to 9.5% range for the year.

現在請看第 6 張投影片，回顧我們對 2026 會計年度的展望。在三個季度已過之後，客戶投資正擴大到更多終端市場。雖然我們尚未看到大型資本專案的全面復甦，但我們有信心，隨著支出加速，Rockwell 將處於最佳位置以把握機會。同時，在仍然非常動態的環境中，我們將持續以紀律與審慎的方式營運。我們目前預期，今年報告口徑與有機銷售成長皆將落在 7.5% 至 9.5% 的區間。

At the midpoint, reported sales growth includes approximately 150 basis points of favorable currency translation, offset by the impact of the Sensia dissolution. Our full year sales midpoint of 8.5% assumes modest sequential growth in Q4 driven by the typical seasonal uptick in our longer-cycle businesses within Lifecycle Services and Intelligent Devices. We expect organic annual recurring revenue to grow mid-single digits. We continue to expect our enterprise operating margin to be 21.5%, up 260 basis points from last year. And we now expect our adjusted EPS to be $13.15 at the midpoint, representing about 25% growth versus fiscal 2025. Finally, we continue to expect free cash flow conversion of 100% in fiscal year '26.

以中位數來看，報告口徑的銷售成長包含約 150 個基點的有利匯率換算影響，但被 Sensia 解散的影響所抵銷。我們全年銷售成長中位數 8.5% 的假設，是第四季在 Lifecycle Services 與 Intelligent Devices 中較長週期業務的典型季節性回升帶動下，呈現溫和的季增。我們預期有機年度經常性收入將成長中個位數。我們仍預期企業營業利益率為 21.5%，較去年提升 260 個基點。我們目前預期調整後 EPS 中位數為 13.15 美元，較 2025 會計年度約成長 25%。最後，我們仍預期 2026 會計年度自由現金流轉換率為 100%。

I'll now turn it over to Christian for more detail on our Q3 and financial outlook for fiscal '26. Christian?

接下來我把時間交給 Christian，請他更詳細說明我們第三季表現與 2026 會計年度的財務展望。Christian？

Thank you, Blake, and good morning, everyone. Let's go to slide 7, third quarter key financial information. As Blake mentioned, our third quarter organic sales were up 10% versus prior year. Price contributed approximately 1% to growth. Our enterprise operating margin expanded 280 basis points year over year, driven by higher sales volume and favorable mix, partially offset by negative price/cost.

謝謝你，Blake，各位早安。我們看第 7 張投影片，第三季關鍵財務資訊。如 Blake 所提，我們第三季有機銷售較去年成長 10%。價格對成長的貢獻約為 1%。我們的企業營業利益率年對年擴張 280 個基點，主要由較高的銷售量與有利的產品組合帶動，但部分被不利的價格/成本所抵銷。

As expected, the dissolution of Sensia had a positive impact of about 40 basis points on enterprise operating margin. Gross margins expanded 70 basis points year over year to 49.5%, driven by higher volume, favorable mix and a margin benefit from the Sensia dissolution. The Sensia dissolution was effective on April 1 of this year and as expected, was completed smoothly and on schedule. Excluding the year-over-year impact of the divested businesses in Q3, gross margins expanded slightly year-over-year. SG&A was up less than 1%, giving us solid P&L leverage on our baseline spending and engineering and development increased 5% as sales growth was faster than our engineering and development spend.

如預期，Sensia 的解散對企業營業利益率帶來約 40 個基點的正面影響。毛利率年對年擴張 70 個基點至 49.5%，主要受較高的銷售量、有利的產品組合，以及 Sensia 解散帶來的毛利率效益所帶動。Sensia 解散於今年 4 月 1 日生效，且如預期，順利並按計畫完成。若排除第三季已處分業務的年對年影響，毛利率年對年小幅擴張。SG&A 增幅低於 1%，使我們在基準支出上展現良好的損益槓桿；工程與研發支出增加 5%，因銷售成長快於工程與研發支出增幅。

However, E&D still represented about 8% of sales in the third quarter. We continue to expect E&D to be about 8% of sales for the full year. Our adjusted effective tax rate in the quarter was 19.2%, slightly lower than our expectations. We continue to expect an adjusted ETR of 19.5% for the full year. The broadening strength in our business that Blake highlighted drove another quarter of outperformance with Q3 adjusted EPS of $3.49, up more than 20% year over year.

不過，第三季工程與研發（E&D）仍約占銷售額的 8%。我們仍預期全年 E&D 約占銷售額的 8%。本季調整後有效稅率為 19.2%，略低於我們的預期。我們仍預期全年調整後有效稅率為 19.5%。Blake 所強調的業務動能擴大，帶動我們再度繳出優於預期的季度表現；第三季調整後 EPS 為 3.49 美元，年對年成長超過 20%。

Free cash flow in Q3 of $654 million was above our expectations. It was $165 million higher than the prior year, primarily due to higher pretax income driven by our strong Q3 results and good working capital management. Now on to slide 8 for the sales and margin performance of our three operating segments. Intelligent Devices margin of 20% increased by 120 basis points year over year, lower than we expected. The higher year over year sales, favorable currency and mix were partially offset by inflation.

第三季自由現金流為 6.54 億美元，高於我們的預期。較去年增加 1.65 億美元，主要因第三季強勁表現帶動稅前所得提高，以及良好的營運資金管理。接著看第 8 張投影片，說明三個營運部門的銷售與利潤率表現。Intelligent Devices 部門利潤率為 20%，年對年提升 120 個基點，低於我們的預期。年對年較高的銷售、有利的匯率與產品組合，部分被通膨所抵銷。

Year over year segment incrementals landed at 30%. Software & Control margin of 34.8% was up 320 basis points versus prior year and was higher than our expectations, driven by strong sales volume, partially offset by inflation. This segment saw year over year incrementals of about 50%. Lifecycle Services margin of 15.1% was up 180 basis points year over year, in line with expectations. Lifecycle Services had another quarter of good project execution and productivity and segment margin benefited from the dissolution of Sensia.

該部門年對年增量利潤率落在 30%。Software & Control 部門利潤率為 34.8%，較去年提升 320 個基點，且高於我們的預期，主要由強勁的銷售量帶動，但部分被通膨所抵銷。該部門年對年增量利潤率約為 50%。Lifecycle Services 部門利潤率為 15.1%，年對年提升 180 個基點，符合預期。Lifecycle Services 再度展現良好的專案執行與生產力，且部門利潤率受惠於 Sensia 的解散。

These were partially offset by lower sales volume. Total Rockwell incremental margin was in the high 50s year over year in Q3 on an as-reported basis and over 40% on an organic basis. This is our fourth consecutive quarter of incrementals above 40%. Let's move to the next slide, 9, for the adjusted EPS walk from Q3 fiscal 2025 to Q3 fiscal 2026. Year over year, core performance had an impact of $0.65 in Q3.

上述效益部分被較低的銷售量所抵銷。Rockwell 整體年對年增量利潤率在第三季以報告口徑計為高 50% 區間，以有機口徑計則超過 40%。這是我們連續第四個季度增量利潤率高於 40%。接著看下一張投影片第 9 張，說明從 2025 會計年度第三季到 2026 會計年度第三季的調整後 EPS 橋接。年對年來看，核心營運表現於第三季帶來 0.65 美元的影響。

Our core performance was driven by volume, mix and productivity, partially offset by price/cost. Core price/cost was unfavorable in the quarter, reflecting rising costs and the timing of price increases. We implemented a price increase late in Q3 that will be realized in Q4. The team still delivered strong margins and healthy incremental conversion in the quarter, demonstrating the strength of our operating model. We continue to expect positive price/cost both for the full year and in Q4.

我們的核心營運表現由銷售量、產品組合與生產力所驅動，但部分被價格/成本所抵銷。本季核心價格/成本為不利，反映成本上升以及漲價時點的影響。我們在第三季末實施漲價，將於第四季反映。團隊本季仍交出強勁的利潤率與健康的增量轉換，展現我們營運模式的韌性。我們仍預期全年以及第四季的價格/成本皆為正向。

Tax was a $0.20 headwind, largely due to BEPS Pillar Two. All other items had a $0.09 positive impact on our adjusted EPS. Moving on to the next slide, 10, to discuss our guidance for the full year. We are increasing both our reported and organic revenue guidance to a range of 7.5% to 9.5% or 8.5% at the midpoint. This is up 150 basis points from our prior guidance.

稅負帶來 0.20 美元的不利影響，主要由 BEPS 第二支柱所致。其他所有項目合計對調整後 EPS 帶來 0.09 美元的正面影響。接著看下一張投影片第 10 張，討論我們對全年的指引。我們將報告口徑與有機營收指引同時上調至 7.5% 至 9.5% 的區間，中位數為 8.5%。較先前指引上調 150 個基點。

This increase reflects the outperformance we saw in the quarter and higher growth expectations for Q4. Our third quarter results and full year guide do not include any impact from expected IEEPA refunds or claims resulting from the Supreme Court decision. Turning to slide 11. We are increasing our adjusted EPS guidance range to $13 to $13.30. The new midpoint of $13.15 per share is up $0.35 from the midpoint of our prior guide.

此次上調反映本季的優於預期表現，以及對第四季更高的成長預期。我們第三季結果與全年指引未納入任何因最高法院裁決而預期的 IEEPA 退稅或索賠影響。接著看第 11 張投影片。我們將調整後 EPS 指引區間上調至每股 13.00 至 13.30 美元；新的中位數每股 13.15 美元，較先前指引中位數上調 0.35 美元。

For the full year, we still expect about 250 basis points of price realization with about 100 basis points from tariff-related pricing and about 150 basis points from underlying price. We remain on track for tariffs to be EPS neutral in fiscal 2026 with pricing offsetting the associated costs.

就全年而言，我們仍預期約 250 個基點的價格實現，其中約 100 個基點來自關稅相關定價，約 150 個基點來自基礎價格。我們仍按計畫在 2026 會計年度讓關稅對 EPS 影響為中性，由定價抵銷相關成本。

This updated guide continues to reflect our expectations for full year incrementals of greater than 50% on an as-reported basis and high 40s on an organic basis. These strong incrementals are driving 260 basis points of expansion in enterprise operating margin year over year. Specific to the fourth quarter, we expect total company reported sales to be up low single digits sequentially with approximately flat enterprise operating margin compared to Q3. This is due to higher inflation and an unfavorable mix with configure-to-order and solutions sales hitting their normal seasonal peak. Intelligent Devices segment margin should be up slightly from the third quarter on modestly higher sequential volume.

這份更新後的指引仍反映我們對全年增量利潤率的預期：按報告基礎超過 50%，按有機基礎為高 40% 區間。這些強勁的增量表現推動企業營業利益率年增擴張 260 個基點。就第四季而言，我們預期公司整體報告銷售額較第三季按季成長低個位數，企業營業利益率與第三季相比約持平。這主要是因為通膨較高以及產品組合不利，配置到訂單（configure-to-order）與解決方案銷售進入其正常的季節性高峰。智慧裝置（Intelligent Devices）事業部門利潤率在按季出貨量小幅增加下，應較第三季略有上升。

We expect segment margin in Software & Control to be lower sequentially on flat sales as inflation on items like memory hit here the hardest. For Lifecycle Services, we expect segment margin to be flat from the third quarter on higher seasonal sequential revenue. For the full year, we expect Intelligent Devices reported revenue to grow in the low double digits with segment operating margin of around 20%.

我們預期軟體與控制（Software & Control）事業部門在銷售持平的情況下，利潤率將按季下降，因為記憶體等項目的通膨對此影響最大。對於生命週期服務（Lifecycle Services），我們預期在季節性按季營收增加下，事業部門利潤率將與第三季持平。就全年而言，我們預期智慧裝置的報告營收將以低雙位數成長，事業部門營業利益率約 20%。

For Software & Control, reported revenue should grow in the high teens with segment margin in the low 30s, up several hundred basis points year over year. For Lifecycle Services, we expect reported revenue to decline about $150 million year over year, driven by the Sensia dissolution and some of the ongoing longer-cycle headwinds Blake discussed.

對於軟體與控制，報告營收應以高十位數成長，事業部門利潤率在低 30% 區間，年增提升數百個基點。對於生命週期服務，我們預期報告營收年減約 1.5 億美元，主要由 Sensia 解散以及 Blake 提到的一些持續的長週期逆風所致。

We still expect Lifecycle segment operating margin to be flat to slightly up year-over-year. For your models, CapEx for fiscal 2026 will come in at about 3% of sales. A few additional comments on fiscal 2026 guidance for your models. We expect Corporate and other expense to be around $115 million. Net interest expense for fiscal 2026 is targeted at about $120 million.

我們仍預期生命週期事業部門營業利益率將年比持平至小幅上升。供各位建模參考，2026 會計年度的資本支出（CapEx）約為銷售額的 3%。再補充幾點 2026 會計年度指引，供各位建模使用。我們預期公司本部及其他費用約為 1.15 億美元。2026 會計年度的淨利息費用目標約為 1.2 億美元。

During the quarter, we repurchased about 300,000 shares at a cost of about $150 million. We expect approximately $850 million in repurchases for the year. And we're now assuming average diluted shares outstanding of about 112.2 million shares.

本季我們回購約 30 萬股，成本約 1.5 億美元。我們預期全年回購約 8.5 億美元。目前我們假設平均稀釋流通股數約為 1.122 億股。

To summarize, while inflation remains a headwind, the Rockwell team has done a good job of managing through it by driving top line growth, securing component availability and mitigating cost pressure through pricing, productivity and disciplined spending. Combined with the core principles of the Rockwell operating model, these actions are driving double-digit year over year earnings growth and enterprise operating margin expansion of several hundred basis points year over year. Really proud of this team.

總結來說，雖然通膨仍是逆風，Rockwell 團隊透過推動營收成長、確保零組件供應可得性，以及藉由定價、生產力提升與嚴謹支出來緩解成本壓力，已相當有效地加以因應。結合 Rockwell 營運模式的核心原則，這些行動正推動獲利年增達雙位數，並帶動企業營業利益率年增擴張數百個基點。我為這個團隊感到非常自豪。

With that, I'll turn it back to Blake for some closing remarks before we start Q&A. Blake?

接下來，在我們開始問答之前，我把時間交還給 Blake 做一些結語。Blake？

Thanks, Christian. I'm pleased with our progress through the year with the fiscal year '26 top line guide at the higher end of our midterm growth framework and enterprise operating margin developing well. Customers are excited about the accelerated pace of new product launches, which is having a meaningful impact on our results. An Automation Fair is coming to Boston in November, where Rockwell and our partners will showcase even more offerings and innovation. Registration opens tomorrow. I continue to be proud of how our team is driving execution and customer service and how they're maximizing the impact of our investments on longer-term profitability and growth.

謝謝，Christian。我對我們今年以來的進展感到滿意；2026 會計年度的營收指引位於我們中期成長框架的較高端，企業營業利益率的走勢也發展良好。客戶對新產品加速推出的節奏感到振奮，這對我們的業績帶來了實質影響。自動化博覽會（Automation Fair）將於 11 月在波士頓舉行，屆時 Rockwell 與合作夥伴將展示更多產品與創新。明天開始報名。我仍為團隊在執行力與客戶服務上的表現感到自豪，也為他們如何最大化我們投資對長期獲利能力與成長的影響而感到驕傲。

Aijana will now begin the Q&A session.

接下來將由 Aijana 開始問答環節。

(Event Instructions) With that as a quick follow. Julianne, let's take our first question.

（活動說明）接著快速追問一下。Julianne，我們來進行第一個問題。

(Operator Instructions)

（接線員指示）

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Numbers look pretty solid overall. I got a little confused on the price comments. Maybe, Christian, you could help out a little bit. It seems like you guys have been running at about 1% of price positive. Now you're talking about getting, I think, another 1% and then another 1.5% on top of that for tariffs. Maybe I didn't hear that right. Just walk us through that, just a, to check my math, and b, is this an 80/20 initiative that you're able to drive some incremental price? Are the tariff price increases actually separate and they come off as soon as tariffs come up? Kind of how to mechanically do you guys manage this?

整體數字看起來相當穩健。我對你們關於價格的說法有點困惑。也許 Christian 你可以稍微幫忙釐清一下。看起來你們一直大約維持在 1% 的正向價格貢獻。現在你們又談到要再拿到，我想，是另外 1%，再加上關稅再多 1.5%。也許我聽錯了。請帶我們走一遍：a，確認一下我的算術；b，這是否是一個 80/20 的專案，讓你們能推動一些額外的價格增量？關稅的漲價是否真的是分開的，而且一旦關稅上來就會立即反映？你們在機制上是如何管理這件事的？

Yeah, sure, Scott. I appreciate the question. So we typically give a view on price for the full year at the outset of our guide for the beginning of the year, and then we kind of give updates as we go through. So we've always been calling out about 250 bps -- 200 to 250 bps of price for the full year 2026. 100 bps of that is coming from tariff-based price, 150 bps is coming from underlying price.

好的，當然可以，Scott。謝謝你的問題。我們通常會在年初發布年度指引時，提供全年價格的觀點，之後在過程中再持續更新。因此我們一直提到 2026 全年約 250 個基點——200 到 250 個基點——的價格貢獻。其中 100 個基點來自關稅型定價，150 個基點來自基礎價格。

In the third quarter, we started to lap some of the comps on tariff-based price. So the tariff-based price side was 1% and underlying price was close to 0. Now a lot of that has more to do with the timing of when our price increases have gone through. So we did an inflationary-based price change that happened in Q3. We're going to see that come through in the fourth quarter. That all is consistent with what we're expecting for the full year, that 250 basis points of total price.

在第三季，我們開始進入關稅型定價的比較基期（lap some of the comps）。因此關稅型定價這一塊是 1%，而基礎價格接近 0。其中很大一部分與我們漲價生效的時間點有關。我們在第三季進行了一次以通膨為基礎的價格調整。我們會在第四季看到它反映出來。這些都與我們對全年總計 250 個基點價格貢獻的預期一致。

That tariff-based price, just to make sure we're on the same page around that. I know we talked about this message before, but tariff-based pricing is really there to create EPS neutrality around tariff-based cost. And so that's the -- it's not really all that incremental as far as the conversion goes. So I just wanted to note that for you.

關於關稅型定價，為了確保我們理解一致。我知道我們之前談過這個訊息：關稅型定價的目的主要是讓關稅相關成本在 EPS 上達到中性。因此就轉換（conversion）而言，它並不算是真正那麼多的增量。我只是想特別提醒你這一點。

Yeah. No, that clears it up. And just quickly on Plex. I haven't heard you mention Plex in a while. Where are we on the deal model on that asset? And how are you guys feeling about it?

了解。這樣就清楚了。另外快速問一下 Plex。我有一段時間沒聽你們提到 Plex 了。那個資產的交易模型目前進展如何？你們對它的感受如何？

Yeah, feeling good about Plex. Plex was part of the software ARR that was at the higher end, high single digits. Plex continues to add new logos, automotive tier suppliers, consumer, which -- at the very beginning, that was one of the fundamental hypothesis is that we could use our existing market access to help Plex expand into consumer-packaged goods, and that's exactly what we've done.

是的，我們對 Plex 感覺很好。Plex 是軟體 ARR 的一部分，而軟體 ARR 在本季位於較高端、成長為高個位數。Plex 持續新增新客戶標誌（new logos），包括汽車一級供應商、消費品等——而在一開始，其中一個基本假設就是我們可以利用既有的市場觸及來協助 Plex 擴展到消費包裝商品（CPG）領域，而我們確實做到了。

Very profitable, new functionality, the embedding of agentic AI throughout in various of the modules work, and this is especially exciting to me personally, work to integrate Plex and the traditional MES with fleet management from our mobility, from mobile robots. And so you hear a lot going on about orchestration, and we've got a great head start by having a really fantastic cloud-native MES system with fleet management. So again, Plex is part of the software ARR that was up high single digits in the quarter.

獲利能力很強，也有新功能，並且在多個模組中全面嵌入代理式 AI（agentic AI）的相關工作；另外，這點我個人特別興奮：我們正在把 Plex 與傳統 MES，與我們移動端（mobility）的車隊管理（fleet management）——也就是移動機器人——進行整合。因此你會聽到很多關於協同編排（orchestration）的討論，而我們因為擁有一套非常出色的雲原生 MES 系統並結合車隊管理，已經取得很好的領先起跑。所以再次強調，Plex 是本季成長高個位數的軟體 ARR 的一部分。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Just maybe a broader, bigger picture question on inflation and pricing. As you look over the next 6 to 12 months, what's going to get better, right? Because labor costs probably not going down. I think the semiconductor supply chain is not going to get better. I think raw materials remain in flux. And how do you adapt to this environment? So maybe your thoughts on inflation and what sort of structural countermeasures can you do because it seems like you guys are going to be in this inflationary growth environment for a while.

或許是一個更宏觀、更大格局的問題，關於通膨與定價。當你展望未來 6 到 12 個月，哪些會變得更好，對吧？因為勞動成本大概不會下降。我認為半導體供應鏈不會變好。我認為原物料仍然在波動。你們要如何適應這樣的環境？所以也想聽聽你對通膨的看法，以及你們能採取哪些結構性的因應措施，因為看起來你們會在這種通膨式成長的環境中待上一段時間。

Yeah. Andrew, it's a good question. And for sure, inflation is a dynamic environment right now, started with memory earlier this fiscal year for us. And it's continuing to expand. Data centers definitely and data center demand is impacting a number of things, memory being the biggest one, but there's a number of other aspects that are coming with it.

是的。Andrew，這是個好問題。而且可以確定的是，通膨現在是一個動態的環境，對我們而言在本會計年度稍早是從記憶體開始的。而且它還在持續擴散。資料中心當然——以及資料中心需求——正在影響許多事情，其中記憶體是最大的一項，但還有其他許多面向也隨之而來。

So first of all, from a -- number one issue is let's make sure we can ship product. So that means let's make sure we have the components and we have good availability. The supply chain team has been on this all year long. So they have done a really good job of putting us in a good spot to be able to continue to produce our product. And so that is not impacted.

所以首先，從——第一個問題是，先確保我們能出貨產品。這代表要確保我們有零組件，而且供應充足。供應鏈團隊整年都在處理這件事。所以他們做得非常好，讓我們處在一個很好的位置，能夠持續生產我們的產品。因此這部分沒有受到影響。

Now that being said, the cost side is -- again, the inflation continues to be an item that is a growing headwind for us. At the first quarter call, I talked about it being a single-digit millions kind of headwind. Second quarter call, it was a double-digit million headwind. This call, I'll tell you that it's still double-digit million headwind for the second half here that we're experiencing, and it's a higher number than what we had last quarter. So it is, in fact, increasing.

話雖如此，成本端——同樣地，通膨持續成為我們日益加大的逆風。在第一季電話會議時，我提到它大概是數百萬美元、個位數百萬等級的逆風。第二季電話會議時，是數千萬美元、兩位數百萬等級的逆風。這次電話會議，我可以告訴你，我們在下半年仍然正經歷數千萬美元、兩位數百萬等級的逆風，而且金額比上季更高。所以它確實正在上升。

Now all that being said, we are in a position that we can go and get price to offset that. We have a lot of productivity actions that continue to occur inside the organization. And there's a lot of other aspects that are -- that can continue to work in our favor. Probably the biggest one is that we are in a growing volume environment, which does provide us the opportunity to go back and recapture some of the areas that we think we have savings on direct material, negotiation with suppliers, not necessarily on the ones that are impacted by inflation so much, but we do have an opportunity to continue to work really hard on the direct material cost. So the team is doing a good job with that.

不過在這些情況下，我們也有能力透過調價來抵銷。我們在組織內部持續推動許多生產力提升行動。還有很多其他面向——也能持續對我們有利。可能最大的一點是，我們處在出貨量成長的環境中，這確實讓我們有機會回頭去重新取得一些我們認為在直接材料上有節省空間的領域，例如與供應商談判；不一定是那些受通膨影響很大的項目，但我們確實有機會持續在直接材料成本上非常努力。所以團隊在這方面做得很好。

As we turn the page and we start thinking about next year, it's tough to know exactly what we're going to expect with regard to inflation because, again, it's not one of those that we're expecting to stabilize anytime soon. But we will continue to react to it, try to get ahead of it with regard to the supply chain and making sure we have the product in place, and we'll take pricing actions as appropriate.

當我們翻到下一頁、開始思考明年時，很難確切知道我們對通膨應該期待什麼，因為同樣地，這不是那種我們預期短期內會穩定下來的情況。但我們會持續因應，並在供應鏈方面努力超前部署，確保產品到位；同時也會在適當時採取定價行動。

So Christian, maybe just a few additional comments to that. Andrew, you asked structurally about what are we doing. Fortunately, we're actually able to take advantage of some of the structural changes that we incorporated during the supply chain shortages a few years back. A lot of that has to do with really good coordination with our channel partners because pricing for products largely goes through distribution. So moving to a fixed discount methodology for faster realization of price, more frequent price changes, we're in an environment like this, internally making progress on alternate sources of some material so that we can introduce some competition into the mix, those things are helping us well in the current environment.

所以 Christian，或許再補充幾點。Andrew，你問到結構性地我們在做什麼。幸運的是，我們其實能夠利用幾年前供應鏈短缺期間所導入的一些結構性變革。其中很大一部分與我們和通路夥伴之間非常良好的協調有關，因為產品定價在很大程度上是透過經銷通路進行。因此，改採固定折扣的方法以更快實現價格、提高調價頻率；在像現在這樣的環境下，內部也在替代來源方面取得進展，針對部分材料引入替代供應以在組合中導入競爭，這些作法在目前環境中都對我們很有幫助。

And just maybe a question on Lifecycle Services. I would have thought that as you're starting to see a pickup in organic growth, the installation business would pick up. Is it really driven mostly by these large CapEx projects that are still on the come? What's missing on the services ARR?

另外也想問一下關於 Lifecycle Services（生命週期服務）。我原本以為當你們開始看到有機成長回升時，安裝業務也會跟著回升。它真的主要是由這些仍在醞釀中的大型資本支出（CapEx）專案所驅動嗎？服務 ARR 少了什麼？

Sure. Yeah. I think what we're seeing as we look at delays in the projects, we went deeper on that to look at the specific reasons given by customers. Overall, it's a cautious approach to deploying capital. It's a desire to delay things that are important, but perhaps not urgent in their eyes.

當然。是的。我認為我們看到的是，當我們檢視專案延遲時，我們更深入去看客戶所給的具體原因。整體而言，是對資本部署採取更審慎的態度。他們希望延後一些在他們看來重要、但可能不那麼緊急的事情。

We're seeing high levels of decision authority for greenlighting some of these projects. In certain cases, funding constraints, that was a specific issue with capital projects in LatAm that we saw. So there's nothing earth-shattering. Terms and conditions. I've mentioned that before, as people in such a volatile environment with respect to tariffs and inflation, they want to make sure that the cost side of their business case is solid.

我們看到這些專案要獲得核准，需要非常高層級的決策授權。在某些情況下，資金限制——這是我們在拉丁美洲（LatAm）資本專案上看到的一個具體問題。所以沒有什麼驚天動地的因素。條款與條件。我之前提過，在關稅與通膨都非常波動的環境下，大家希望確保其商業案例中的成本端是穩固的。

And in some cases, they're looking to take a card, so to speak, to be able to try to find a little more certainty in these situations. So it's a number of things and some of the factors are similar for the CapEx projects as they are for the lower ARR in services. Some of the root cause goes back to which industries are deploying capital and which are staying put. Food & Beverage is one that we've given as an example, which is a traditionally strong contributor to both Lifecycle Services CapEx projects as well as ARR with programs like cybersecurity.

而在某些情況下，他們想要「留一張牌」——可以這麼說——以便在這些情境中嘗試找到更多確定性。所以原因有很多，其中一些因素對資本支出（CapEx）專案與服務 ARR 偏低的情況同樣適用。部分根本原因回到：哪些產業正在部署資本、哪些產業選擇按兵不動。食品與飲料（Food & Beverage）就是我們舉過的例子，傳統上它對 Lifecycle Services 的 CapEx 專案以及像資安這類方案所帶來的 ARR，都是很強的貢獻者。

Andy Kaplowitz, Citigroup.

Andy Kaplowitz，花旗集團。

Christian, last quarter, you mentioned that book-to-bill was a bit over your normal range. Was that still the case in Q3? And would you say that you have more backlog coverage than usual at this point going into Q4? And then it seems like you're seeing some more unlock of larger CapEx projects now in larger markets such as Auto and Life Sciences. Why those markets? Maybe you could elaborate on the improvement you're seeing in those markets.

Christian，上季你提到接單出貨比（book-to-bill）略高於你們的正常區間。第三季（Q3）仍然是這樣嗎？而且你會說你們在進入第四季（Q4）時，手上訂單積壓（backlog）的覆蓋度比平常更高嗎？另外，看起來你們現在在汽車與生命科學等較大的市場，看到更多大型資本支出（CapEx）專案開始解鎖。為什麼是這些市場？也許你可以更詳細說明你在這些市場看到的改善。

Yeah. So on the book-to-bill question, we called it out last quarter because it was just slightly above our normal corridor. And so that number we called out was, for the first half, we were expecting it to be back inside -- in fact, for the first half, it was inside the corridor, and that we were expecting for the remainder of the year was going to be inside the corridor. Q3 was inside of that corridor. So generally, we feel just fine about the development of our orders. It's consistent with what we're seeing on the sales side as well. So all in all, the book-to-bill is in good shape.

是的。關於接單出貨比（book-to-bill）這個問題，我們上季特別提出，是因為它只是略高於我們的正常區間。因此我們當時提到的數字是：就上半年而言，我們預期它會回到——事實上，上半年它就在區間內；而我們也預期今年剩餘期間會在區間內。第三季（Q3）是在該區間內。所以整體而言，我們對訂單的發展感到很放心。這也與我們在銷售端看到的情況一致。總之，接單出貨比的狀況良好。

Yeah. And Andy, regarding Automotive and Life Sciences, I am proud and happy to report that we saw a strengthening -- a renewed strengthening in those. Obviously, those are not related to data center spend, which is encouraging to see the broad-based nature of it. Automotive, we are seeing some green shoots of new projects. We've talked before about automobile manufacturers previously taking a pause as they shifted back from the surge in electric vehicle spending to recognizing that customers are still buying hybrid as well as internal combustion engine propelled vehicles.

是的。Andy，至於汽車與生命科學，我很自豪也很高興可以回報，我們看到它們走強——重新走強。顯然，這些並非與資料中心支出相關，能看到這種廣泛性的成長令人鼓舞。在汽車方面，我們看到一些新專案的萌芽。我們之前談過，汽車製造商先前曾暫停，因為他們從電動車支出激增的狀態轉回來，並認知到客戶仍在購買油電混合車以及內燃機驅動車款。

And we've seen some good projects. I mentioned one from a large OEM. And we've seen some really important competitive wins in terms of standardizations on Rockwell's architecture that's pretty exciting, and these are around the world as well. In Life Sciences, we've talked about that as a multiyear trend. Obviously, there are some specific marquee programs such as rollout of GLP-1 drugs, oral solid dose variants of GLP-1 is an important innovation that's driving a lot of need for additional automation. Our MES had some important competitive wins in drug substance.

而且我們已經看到一些不錯的專案。我提到過一個來自大型 OEM 的案例。我們也在 Rockwell 架構的標準化方面看到一些非常重要、令人振奮的競爭性勝出，而且這些案例也遍及全球。在生命科學領域，我們一直把這視為一個多年期趨勢。顯然，有一些具代表性的重點計畫，例如 GLP-1 藥物的推廣上市；GLP-1 的口服固體劑型變體是一項重要創新，正帶動對額外自動化的龐大需求。我們的 MES 在藥物原料（drug substance）方面也取得了一些重要的競爭性勝出。

So we've been used -- for a long time in other parts of Life Sciences manufacturing, we're seeing increasing competitive wins in drug substance, which is pretty exciting. So we like those wins, and we think those are sustainable growth vectors. I'll mention as well, we talked about 10% organic growth in the quarter. If you took everything out that was related to data center, our organic growth would still have been 8% in the quarter, and that's a good number.

因此，我們長期以來在生命科學製造的其他領域已經很常被採用；而現在我們在藥物原料（drug substance）方面看到愈來愈多的競爭性勝出，這相當令人振奮。我們喜歡這些勝出，也認為這些是可持續的成長動能。我也補充一下，我們提到本季有 10% 的有機成長。如果把所有與資料中心相關的因素都剔除，我們本季的有機成長仍會有 8%，這是一個不錯的數字。

Very helpful, Blake. And then maybe just on sort of the overall Data Center ecosystem business. Maybe update us on the sort of trend to trade the sort of commercial controllers for industrial PLCs, like how much that's helping Logix? And overall, like you've been very focused on the penetration into e-commerce. So maybe talk to us about -- obviously, you raised the estimates for the end markets, but how much of this is Rockwell penetrating versus the end markets continue to be strong?

非常有幫助，Blake。接著也許談談整體資料中心生態系的業務。能否更新一下把商用控制器改用工業 PLC 的趨勢，例如這對 Logix 的助益有多大？以及整體而言，你們一直非常專注於提升在電商領域的滲透率。所以也請談談——顯然你們上調了終端市場的預估，但其中有多少是 Rockwell 的滲透提升，還是終端市場本身持續強勁？

Yeah. I think you can look at additional share growth in the data center applications on top of a continually strong growing fundamental in terms of overall data center opportunities. To recap, three main areas of data center participation for Rockwell. There's the power distribution through our modular CUBIC design. This was the acquisition of the Danish company we made a few years ago.

是的。我認為你可以把它看成是在資料中心應用中，除了整體資料中心機會持續強勁成長的基本面之外，我們還有額外的市占成長。回顧一下，Rockwell 參與資料中心主要有三大領域。第一是透過我們模組化的 CUBIC 設計進行配電。這是我們幾年前收購的一家丹麥公司所帶來的。

There is our participation in -- with the chiller manufacturers in terms of power control. So think motor control centers, big drives, medium-voltage drives with the chiller OEMs. And then there's the work that Logix is being increasingly used for primarily in the central utility plant. And so this is control of energy monitoring, it's emergency power, backup generator controls. Logix has inherent redundancy and safety characteristics that you can't get in the traditional distributed digital controller DDC units.

第二是我們與冷卻機（chiller）製造商在電力控制方面的參與。也就是與冷卻機 OEM 相關的馬達控制中心、大型變頻器、中壓變頻器等。第三則是 Logix 的應用正日益增加，主要是在中央公用設施廠（central utility plant）。因此這涵蓋能源監測控制、緊急供電、備援發電機控制。Logix 具備內建的冗餘與安全特性，這是傳統分散式數位控制器（DDC）單元所無法提供的。

And so we're seeing increasing standardization on those units by the hyperscalers as well as the contractors as they're trying to put together modular, very repeatable designs that increase the speed to capacity.

因此，我們看到超大規模業者（hyperscalers）以及承包商都愈來愈把這些單元標準化，因為他們正嘗試打造模組化、可高度重複的設計，以提升擴充產能的速度。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利。

So I was following up on some of the commentary earlier that larger scale capital projects remain sluggish. So even despite that, the company has been able to generate very strong growth this year, almost 10% and healthy orders with the strength obviously being driven by the short-cycle side, whether it's investments in efficiency or brownfield. So I guess the question is, when you look at how the orders have developed or customer conversations into '27, how do you see these two respective sides of the business tracking? Do you think the short cycle can sustain the momentum we're seeing? Do you think there's reasons to believe that the large project business can show positive rate of change? Any color on that would be helpful.

我想追問一下先前提到的大型資本專案仍然偏疲弱的評論。即便如此，公司今年仍能創造非常強勁的成長，接近 10%，訂單也很健康；顯然強勁主要是由短週期端帶動，不論是效率投資或既有廠區（brownfield）的投資。所以我的問題是，當你們觀察訂單的發展，或與客戶對 2027 年的對話時，你們如何看待這兩個業務面向各自的走勢？你認為短週期能否維持我們目前看到的動能？你認為大型專案業務是否有理由相信會出現正向的變化率？任何補充說明都會很有幫助。

Sure. Let me give some just general comments about trends as we look at fiscal year '27. Look, tailwinds, broadening of the growing verticals that we've been talking about, we don't see a reason that those are going to slow, which includes many that you're talking about. But it's not just short cycle. Energy was up high single digits.

當然。我先就我們展望 2027 財年的趨勢做一些概括性的評論。你看，順風因素是我們一直在談的成長型垂直領域正在擴大；我們看不出有什麼理由它們會放緩，其中也包括你提到的許多領域。但不只是短週期。能源業務成長在高個位數。

So there is contribution from process, which is to say that I don't think you can label that we're at a specific point in the traditional cycle that traditionally, you'd see short-cycle packaging, discrete followed a couple of quarters by longer-cycle process. I think the continued reverberations from COVID and supply chain shortages still have some impact. Data center makes its own weather, so to speak, which has an impact with the requirements for power to support data center. So I think it's hard to pin a specific point in the cycle on where we are, but we're very happy to see the contribution across different verticals in discrete, hybrid and process. We expect data center to keep on keeping on.

因此，製程端也有貢獻；也就是說，我不認為你可以把我們貼上「正處於傳統週期的某個特定點」的標籤——傳統上你會看到短週期的包裝、離散製造，接著過幾季才輪到較長週期的製程。我認為 COVID 以及供應鏈短缺所造成的持續餘波仍有一些影響。資料中心某種程度上會「自成氣候」，它對支援資料中心所需電力的要求也會帶來影響。所以我認為很難精準界定我們目前處於週期的哪個位置，但我們非常樂見在離散、混合與製程等不同垂直領域都有貢獻。我們預期資料中心會持續穩健推進。

We are happy with the renewed investments in Automotive and Life Sciences. Home & Personal care within consumer packaged goods was actually good in the quarter. Labor costs and shortages are going to continue to drive customer investment in automation as America continues to be interested in bringing more manufacturing on board. That only happens in a durable way with the thoughtful combination of trained and engaged workforce with the kind of technology that we offer. New product introductions to continue to take share.

我們也很高興看到汽車與生命科學的投資再度回升。在消費性包裝商品中，家居與個人護理本季其實表現不錯。隨著美國持續希望把更多製造業帶回本土，勞動成本與人力短缺將持續驅動客戶投資自動化。而這只有在受過訓練且投入的勞動力，與我們所提供的這類技術進行深思熟慮的結合下，才能以可持續的方式實現。新產品導入將持續帶動市占提升。

We talked about that before. Productivity is going to be as important as ever. And you can bet that as we're going into the year, it's going to be a continued aggressive productivity that's driven a lot of our recent success, and we're going to keep doing that. Pricing actions, Christian talked a little bit about that, and we continue to look at ways to further tune our ability to maximize price. And these are going to be needed because as Christian talked about, inflation is not going to go away.

我們之前談過這點。生產力將一如既往地重要。你可以確信，當我們進入新的一年，我們會持續推動積極的生產力提升，這也是我們近期成功的重要驅動因素之一，而我們會繼續這麼做。定價行動方面，Christian 也稍微談到；我們也持續尋找方法，進一步調校我們最大化價格的能力。而這些都會是必要的，因為如 Christian 所說，通膨不會消失。

We are going to continue to expect tariff volatility, hope for the best, but plan for continued volatility there. And then geopolitical uncertainty is not likely to clear up soon. So that's kind of the headwinds and tailwinds that we see, but we like our position in the market.

我們也將持續預期關稅的波動性；抱持最好的期待，但也要為持續的波動做好規劃。此外，地緣政治不確定性短期內也不太可能消除。所以這就是我們看到的逆風與順風，但我們喜歡自己在市場上的位置。

I really appreciate that. And then maybe following up with a shorter-term question on Q4. I think you said margins flat sequentially. And I was just wondering, are there headwinds coming through that we should be aware of? Because typically, you see the margin step up on the higher volumes sequentially into Q4. And then this year, it feels like, in particular, we're going from price/cost negative in Q3 to positive in Q4, which I would think is just an incremental tailwind to that margin ramp. So just anything to call out as we kind of think about that Q3, Q4 margin progression?

非常感謝。接著也許追問一個較短期、關於第四季（Q4） 的問題。我想你說毛利率（或利潤率）季比持平。我只是想了解，是否有什麼我們需要注意的逆風正在出現？因為通常你會看到隨著第四季季比出貨量提高，利潤率也會跟著上升。而今年感覺特別是，我們從第三季（Q3）的價/成本為負轉為第四季為正，我原本以為這會對利潤率爬升帶來額外順風。所以，當我們思考 Q3 到 Q4 的利潤率走勢時，有沒有什麼需要特別點出的？

Yeah, Chris, thanks for that. So yes, the sequential side, it really, we're talking about in that sequential low single-digit up. It's all coming for the most part from the solutions project configure-to-order side of the business. That will have a negative impact from a mix perspective. And then on top of that, the inflation is still coming. And so we're expecting that inflation is going to continue to be even sequentially a drag against us. And so yeah, the volume is going to be there, but it's going to be offset somewhat by the mix and the inflation side. So that's why we're talking about the sequential enterprise operating margin being flattish.

是的，Chris，謝謝你的提問。所以是的，就季比而言，我們談的是季比小幅上升、約低個位數。這幾乎大多來自我們解決方案專案的「按單配置（configure-to-order）」業務。從組合（mix）的角度看，這會帶來負面影響。此外，通膨仍在到來。因此我們預期通膨將持續存在，即便在季比層面也會對我們形成拖累。所以沒錯，量會上來，但會被組合與通膨因素部分抵銷。這就是為什麼我們說季比的企業營業利益率大致持平。

Jeff Sprague, Vertical Research Partners.

Jeff Sprague，Vertical Research Partners。

My question kind of rhymed a little bit with one you just answered, but I was wondering if we could maybe just put a finer point on what the price cost headwind was in Q3 and specifically what you were expecting in Q4? And just trying to get a sense then, Christian, if you're taking this question, I assume you are, like how do we think about how you're jumping off into 2027 from a price/cost basis based on that Q4 answer?

我的問題某種程度上和你剛剛回答的那個有點相呼應，但我想更精準地釐清一下，第三季的價格/成本逆風到底是什麼，特別是你們在第四季預期會是什麼情況？另外想了解一下，Christian，如果你來回答這題——我想應該是你——那麼基於你對第四季的回答，我們該如何從價格/成本的角度去思考你們在 2027 年的起跳點？

Sure. Jeff, I do -- the price cost side, obviously, we had -- we're calling it out that it was a headwind for us in Q3. We do expect that's going to be an area that should be positive for us in Q4, but it is against a rising inflation. So probably not going to dimensionalize exactly what the numbers were in the quarter, just to let you know, though, that in Q3, just to give that as an example, when we break out that core growth that we had year over year, volume was the biggest driver, mix was the second biggest driver, and there was just a small partial offset that happened from the price/cost negativity.

當然。Jeff，關於價格/成本這一塊，很明顯我們在第三季——我們也特別點出——對我們而言是個逆風。我們確實預期第四季這會成為對我們有利的項目、應該會轉為正面，但它是在通膨上升的背景下發生的。所以我們大概不會把該季的具體數字拆得很細；不過讓你知道的是，以第三季為例，當我們拆解年對年的核心成長時，量是最大的驅動因素，組合是第二大驅動因素，而價格/成本的負面影響只造成了一小部分的抵銷。

So when we turn to the next quarter, again, we expect it's going to -- price/cost is going to be positive for us in the year-over-year. That's the important aspect. The sequential side, yes, we're expecting we're going to make some good progress with the price coming in, but the inflation is going to be higher still yet.

因此看向下一季，我們同樣預期——價格/成本在年對年的比較上會對我們是正面的。這是重點。至於季對季的部分，是的，我們預期價格落地會帶來一些不錯的進展，但通膨仍會更高。

And I guess that implies then volume in Q4 is not as robust as what we saw in Q3, if I'm interpreting that correctly?

那我想這是否意味著第四季的量不會像第三季那麼強勁？如果我這樣解讀是對的話？

I think it's -- you got to think about it from the mix side that's happening there, too. So when you have sequentials that with Software & Control, we're calling out flat sequentially, there will be some pricing in there sequentially. So the volume is going to be a tick less. But at the same time, we're still talking Software & Control being up teens year-over-year and expansion of margins by nearly 200 basis points on the segment margin for Software & Control. And obviously, those are tough comps that we're talking about in the fourth quarter. That is our toughest comp of the year in Q4.

我認為——你也得把其中發生的組合因素一起納入考量。所以當你看季對季，在 Software & Control 我們提到季對季持平，其中會包含一些季對季的定價因素。因此量會略低一點。但同時，我們仍在談 Software & Control 年對年成長達十幾個百分點，且該事業部門利潤率（segment margin）幾乎擴張 200 個基點。而且很明顯，我們在第四季面對的是很艱難的比較基期。第四季是我們全年最艱難的比較基期。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

I wanted to touch on -- along those lines -- that line of questioning, Software & Control margins. You've done a lot of good work this year and you get those margins up even higher and organic growth has really picked up, but you're running into some pretty tough comps in 2027 and a really high bar for margins. I know you don't want to give 2027 guidance, but can you set us up for how you're thinking about Software & Control as we move into next year, just given the high bar we're looking at?

我想延續——沿著這個方向——這條提問脈絡，談談 Software & Control 的利潤率。你們今年做了很多很好的工作，把利潤率拉得更高，有機成長也明顯加速，但你們在 2027 年會遇到相當艱難的比較基期，以及一個很高的利潤率門檻。我知道你們不想提供 2027 年的指引，但能否先幫我們建立一下你們對 Software & Control 在進入明年時的思考框架，考量到我們面對的這個高門檻？

Sure. I'll make a few general comments about its position in the market, and then Christian can add some additional detail to that. But we're only just now getting to and through the units of controllers shipped that we were at pre-COVID. So there was a lot of volatility over the last six or seven years. And so we're going to exceed the unit volume in Logix controllers, which drives a lot of the Software & Control performance this year.

好的。我先就它在市場上的定位做幾點概括性的評論，接著 Christian 可以再補充一些細節。但我們現在才剛回到、並逐步走過控制器出貨量回到疫情前的水準。所以過去六、七年波動很大。因此今年我們的 Logix 控制器出貨量將超過單位數量（unit volume），而這也驅動了 Software & Control 很大一部分的表現。

And so we're happy about that. But think about the underlying market growth, natural market growth that would have existed had it not been for these exogenous events that we get to plus gaining market share in these areas. And we do think that we're gaining market share in controllers. So while we're very happy with the growth and the performance, which doesn't just happen passively, it happens by innovative new designs and managing costs and deploying investment to the areas that we, with our knowledge of the market, believe are going to yield the greatest growth, there's a lot of opportunity. We're not hitting anything close to an asymptote of where we're not going to be able to continue to grow and to perform from a profitability standpoint.

所以我們對此很高興。但也要想想，如果沒有這些外生事件，底層市場成長、也就是自然的市場成長本來會是什麼樣子，再加上我們在這些領域取得市占。我們確實認為我們在控制器上正在提升市占。因此，雖然我們對成長與表現非常滿意——這並不是被動發生的，而是透過創新設計、成本管理，以及把投資部署到我們基於市場理解、認為能帶來最大成長的領域——但機會仍然很多。我們離所謂的漸近線（asymptote）還很遠，並沒有接近那種無法再持續成長、或在獲利能力上無法再提升的狀態。

And then specific around Software & Control margins, yes, it's been a great story, right? The last 2 years has generated a lot of expansion in the Software & Control margins. And that's been predominantly driven by the volume side. Price has certainly been a big help. As we start thinking about 2027 and the setup on it, yes, the memory cost and inflation is going to hit that business hardest.

再更具體談 Software & Control 的利潤率，是的，這一直是個很好的故事，對吧？過去兩年 Software & Control 的利潤率大幅擴張。這主要是由量所驅動。價格當然也幫了很大的忙。當我們開始思考 2027 年以及其前置條件時，是的，記憶體成本與通膨會對這個業務造成最大的衝擊。

There are pricing actions that we have taken. We'll continue to evaluate that. And as Blake had mentioned, we'll be dynamic around our response around that. The key, though, is that when we're talking about mid-30s almost segment operating margins and you're thinking about the pricing changes, to be able to get margin expansion off of the price alone, that's really hard to do when you're talking about that kind of inflation. At the same time, volume should be a help for us.

我們已經採取了一些定價行動。我們也會持續評估。而如 Blake 所提到的，我們會在回應上保持動態調整。但關鍵在於，當我們談的是接近 30% 中段的事業部門營業利潤率（segment operating margins），再去思考定價變動時，要僅靠價格就實現利潤率擴張，在那樣的通膨環境下其實非常困難。同時，量應該會對我們有所幫助。

We're -- it's early to give a view on where we exactly think we're going to be for '27. Obviously, that will be a quarter from now, we'll give that initial outlook. But we're talking about low 30s for total segment operating margin for Software & Control for the full year 2026. I think we have the opportunity to continue to build off of that.

我們——現在要對我們認為 2027 年會落在哪裡給出看法還太早。很明顯，一季之後我們會給出初步展望。但我們談的是 2026 全年 Software & Control 的總事業部門營業利潤率在 30% 出頭（low 30s）。我認為我們有機會在此基礎上持續再往上建立。

Okay. Yes. And the other question I had was around kind of your two problem areas or weaker areas, Automotive and Food & Beverage are a big chunk of your sales, but both are indicating higher growth this quarter. I'm wondering how much of that is easy comps or true demand picking up in either one of those markets?

好的。是。我另一個問題是關於你們兩個相對問題較多或較弱的領域：汽車與食品飲料，這兩個占你們銷售很大一部分，但本季兩者都顯示較高的成長。我想知道其中有多少是因為比較基期較容易，或是這兩個市場的真實需求正在回升？

Yeah. I think you should look at that as a positive read on demand as well as our offering. So Automotive in the teens is a good result. It's a good result last quarter as well, and we cited renewed -- some renewed project activity there. I'm not ready to call that the flood gates are open, but we've seen some nice wins beyond modernizations in new projects.

是的。我認為你應該把這視為需求以及我們產品/方案的正面訊號。汽車業成長達十幾個百分點是個不錯的結果。上季也是不錯的結果，我們也提到那裡有一些重新啟動的專案活動。我還不準備說閘門已經完全打開，但我們在新專案上、除了現代化改造之外，也看到一些不錯的勝出案例。

The thing that drives the most spend in Automotive through the cycle is model changes. And as people are re-centering on hybrid and internal combustion vehicles that we're seeing some great wins as some of the big brand owners have standardized on our designs outside of our traditional end customers. Food & Beverage is our single biggest vertical. And even without CapEx, we're seeing mid-single-digit growth. So that's not bad where there is another gear to be had, so to speak, if CapEx does pick up there.

在汽車產業的景氣循環中，最能驅動支出的因素是車型改款。而當大家重新聚焦在油電混合與內燃機車款時，我們看到一些很好的勝出，因為一些大型品牌車廠在我們傳統終端客戶之外，也已將我們的設計標準化。食品飲料是我們最大的單一垂直產業。即使在資本支出（CapEx）不強的情況下，我們仍看到中個位數成長。所以這並不差；可以這麼說，如果那裡的 CapEx 回升，還有再上一個檔位的空間。

And we're doing that through our domain expertise, our offering. And so people are going to continue to want to eat. And so we think it's a good long-term market to have such a strong position in.

而我們是透過我們的產業領域專業與產品/方案來做到的。人們會持續需要吃東西。因此我們認為這是一個長期來看很好的市場，而我們在其中擁有如此強勢的地位。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

Maybe we could sort of level set on where we're at in the production logistics growth strategy. We're some time now into the OTTO integration. You've continued to launch more offerings for orchestration production logistics. It feels like some increased wallet share capture is driving some of the outgrowth that we're seeing. But would just sort of love an update on how you see the integration and what the growth prospects look like?

或許我們可以先就目前在生產物流成長策略的進展做個對齊。我們已經進行 OTTO 整合一段時間了。你們也持續推出更多用於編排式生產物流的產品/方案。感覺我們看到的部分成長，是由於提高錢包份額的取得所帶動。但我想請你更新一下：你如何看待整合進度，以及成長前景如何？

Sure. I really like our position in so-called production logistics. In addition to the people who make their living moving parcels or packages around, production logistics as a part, especially of consumer packaged goods, is being seen by the customers as a really important and maybe previously overlooked area of additional productivity for them as they've added a lot of fixed automation in the make line, if you're making shampoo or packaging bread or what have you, but bringing the material, the packaging material, the components to the line and taking it away to the loading dock or into the warehouse, that's really where production logistics is focused in those areas. Independent cart technology plays a role in that. We're having a good year with iTRAK and MagneMotion.

當然。我非常喜歡我們在所謂「生產物流」領域的定位。除了以搬運包裹或貨件維生的人之外，生產物流作為其中一環，特別是在民生消費品（CPG）領域，正被客戶視為一個非常重要、也許過去被忽略、但能帶來額外生產力提升的領域；因為他們在製造產線上已經導入了大量固定式自動化——不論是製造洗髮精、包裝麵包或其他產品——但把原料、包材、零組件送到產線，以及把它們運走到裝卸碼頭或倉庫，這正是生產物流在這些場景的重點。獨立小車（Independent cart）技術在其中扮演角色。我們今年 iTRAK 和 MagneMotion 的表現不錯。

The autonomous mobile robots will see another year of strong double-digit growth. We continue to work on the profitability there, and we expect that we'll be profitable in Clearpath in the fourth quarter. But in addition to the consumer areas, you also see opportunities for this in semiconductor, for instance, with wafer transport in operations that previously used forklifts to take material over long distances. You see it in Life Sciences opportunities there. So we really think that we have the portfolio to be able to address this across multiple industries.

自主移動機器人（AMR）將再迎來一年強勁的雙位數成長。我們持續改善那部分的獲利能力，並預期 Clearpath 在第四季將達到獲利。但除了消費品領域之外，你也會在半導體看到機會，例如晶圓運輸——過去有些作業會用堆高機把物料在長距離間搬運。你也會在生命科學領域看到機會。因此我們確實認為，我們具備能跨多個產業因應這些需求的產品組合。

And one of the things that's important is to make sure commercially, we have the right coverage in these areas. And so we've spent some time looking at making sure that the customers who are most interested in this have good commercial coverage by us and our partners. So it's a good area. I think to your question, we're early in the growth opportunity in production logistics, and we continue to build it out.

而其中一個重要點，是要確保在商業面我們在這些領域有正確的覆蓋。因此我們花了一些時間檢視，確保對這些最感興趣的客戶，我們以及合作夥伴能提供良好的商業覆蓋與服務。所以這是一個很好的領域。我想回到你的問題：我們在生產物流的成長機會上仍處於早期階段，並會持續擴展布局。

And then just a follow-up question on CapEx trajectory. We're coming in around 3% of sales for the year here, as you said in your remarks. I think talking in the past about this potentially stepping up to 4% in coming years, you talked about the $2 billion of investments that you're making. Can you maybe just give us a refresh on the trajectory there? Should we be gearing up for that sort of 4%, that step-up next year?

接著追問一下資本支出（CapEx）的走勢。如你在談話中提到的，今年大約會落在營收的 3% 左右。我記得過去曾談到未來幾年可能提高到 4%，你也提到正在進行 20 億美元的投資。你能否更新一下這個走勢？我們是否應該為明年提高到約 4% 的那種上調做準備？

Yeah. So we are expecting that next year we're going to be spending more CapEx than this year. But I do think we're still going to stay in that 4% or so. We do have greenfield project, obviously, that's happening in New Berlin, Wisconsin, will start making investments at pace as we turn and look at '27 that will take us into '28 as well. Now important, ROIC for us has actually recovered nicely.

是的。我們預期明年的資本支出會高於今年。但我確實認為我們仍會維持在約 4% 左右。我們確實有一個綠地（greenfield）專案，顯然正在威斯康辛州 New Berlin 進行；當我們轉而著眼於 2027 年時，將開始加速投入，並延續到 2028 年。另外很重要的是，我們的投入資本報酬率（ROIC）其實已經漂亮地回升。

So even with that higher investment level, we still feel like that the trajectory is going to be good with ROIC. EBITDA is continuing to grow. So we're really liking the returns that we're getting right now on the legacy part of the organization, but also the investments that we're looking at for the future, we're feeling like they're going to have really strong ROI that's going to continue to be accretive to the organization.

因此即便投資水準提高，我們仍覺得 ROIC 的走勢會是良好的。EBITDA 也持續成長。所以我們非常滿意目前在既有業務上的報酬，同時對於我們為未來所規劃的投資，也認為將帶來非常強勁的投資報酬率（ROI），並會持續對公司帶來增益（accretive）。

Julianne, we well take one more question.

Julianne，我們再接最後一個問題。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

So just a lot covered today. I just have one question just around the S&C margins in the fourth quarter. So I think if I'm doing the math right, you're essentially forecasting 4Q S&C margins to be below 30%, so call it somewhere in the high 20s. I'm just wondering, is it possible to help bridge that, right? I know that there's -- you talked a little bit about price/cost. You talked a little bit about mix, but I'm just having a hard time bridging the sequential decline from 3Q to 4Q.

今天涵蓋了很多內容。我只有一個問題，關於第四季 S&C 的利潤率。如果我算得沒錯，你們基本上是在預測第四季 S&C 利潤率會低於 30%，大概落在 20% 後段。我想問的是，能否協助我們把這之間的差異串起來？我知道你們有談到一些價格/成本（price/cost）。也談到一些產品組合（mix），但我很難把第三季到第四季的環比下滑連起來理解。

No, we actually are -- we're not looking at it to be in the 20s in Q4. We're looking at it to be in the low 30s, that number actually is going to be probably closer to, let's say, 33-ish, which is about what the average is going to be for the full year, I think, if I'm looking at the numbers correctly. So yes, and again, that sequential side is really more of the inflation coming in with the volume or the top line being flat. So that's really how the math comes together.

不，我們其實——我們並不認為第四季會落在 20% 後段。我們預期會在 30% 初段；那個數字實際上可能更接近，比如說 33% 左右，這也大致會是全年平均水準——如果我沒看錯數字的話。所以是的；而且再次強調，那個環比的部分，主要是通膨在營收量或營收（top line）持平的情況下進來所造成的。所以數學上就是這樣加總起來的。

That concludes today's conference call. Thank you for joining us today.

今天的電話會議到此結束。感謝各位今天的參與。

At this time, you may disconnect.

此時您可以掛線。