雷神技術公司 (RTX) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the RTX first-quarter 2025 earnings conference call. My name is Lateef, and I will be your operator for today. As a reminder, this conference is being recorded for replay purposes.

女士們、先生們，大家好，歡迎參加 RTX 2025 年第一季財報電話會議。我叫拉蒂夫 (Lateef)，今天我將擔任您的接線生。提醒一下，本次會議將會被錄音以供重播。

On the call today are Chris Calio, President and Chief Executive Officer; Neil Mitchill, Chief Financial Officer; and Nathan Ware, Vice President of Investor Relations. This call is being webcast live on the Internet, and there is a presentation available for download from RTX's website at www.rtx.com.

今天參加電話會議的有總裁兼執行長 Chris Calio；尼爾米切爾 (Neil Mitchill)，財務長；以及投資者關係副總裁 Nathan Ware。本次電話會議正在網路上進行現場直播，您可以從 RTX 網站 www.rtx.com 下載簡報。

Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding acquisition accounting adjustments and net nonrecurring and/or significant items often referred to by management as other significant items. The company also reminds listeners that the earnings and cash flow expectations and any other forward-looking statements provided in this call are subject to risks and uncertainties.

請注意，除非另有說明，公司將談論持續經營的結果，不包括收購會計調整和管理層通常稱為其他重要項目的淨非經常性和/或重要項目。該公司還提醒聽眾，本次電話會議中提供的收益和現金流預期以及任何其他前瞻性陳述都存在風險和不確定性。

RTX SEC filings, including its forms 8-K, 10-Q, and 10-K, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. (Operator Instructions) With that, I will turn the call over to Mr. Calio.

RTX SEC 文件（包括其 8-K、10-Q 和 10-K 表格）詳細說明了可能導致實際結果與前瞻性聲明中預期的結果有重大差異的重要因素。（操作員指示）說完這些，我將把電話轉給卡利奧先生。

Thank you, and good morning, everyone. We're clearly in the middle of a highly dynamic operating environment right now, and we'll of course talk about that today. But first, I want to highlight the strong financial and operational performance we delivered in the first quarter.

謝謝大家，早安。顯然，我們現在正處於高度動態的營運環境中，今天我們當然會談論這一點。但首先，我想強調一下我們在第一季取得的強勁財務和營運表現。

Starting with the top line, we generated 8% organic sales growth. We also drove 120 basis points of segment margin expansion, which included strong contributions from each business segment. And we generated strong free cash flow, an improvement of the $900 million versus the prior year.

從營收來看，我們實現了 8% 的有機銷售額成長。我們也推動了分部利潤率成長 120 個基點，這得益於各業務部門的強勁貢獻。我們產生了強勁的自由現金流，與前一年相比增加了 9 億美元。

On an organic basis, commercial aftermarket sales were up 21%, commercial OE sales were up 3% on a difficult prior year compare, and defense sales were up 4%. Underlying these results is our continued focus on execution and the deployment of our CORE operating system.

從有機成長來看，商業售後市場銷售額成長了 21%，商業 OE 銷售額與去年同期相比成長了 3%，國防銷售額成長了 4%。這些成果的基礎是我們對 CORE 作業系統的執行和部署的持續關注。

Starting with the GTF program, PW1100 MRO was up 35% year-over-year and 14% sequentially, and we remain on track for over a 30% improvement for the full year. This output is a key enabler for reducing AOGs, which we continue to expect to trend down in the back half of the year.

從 GTF 專案開始，PW1100 MRO 年成長 35%，季增 14%，我們預計全年 MRO 成長率將超過 30%。這一產出是減少 AOG 的關鍵因素，我們預計 AOG 在今年下半年仍將呈下降趨勢。

Isothermal forging output also continued to be strong in the quarter after record output last year, up over 10% versus prior year. And our outlook for the fleet management plan remains consistent with our prior comments.

繼去年創下產量紀錄後，本季等溫鍛造產量也持續保持強勁，比上年增加了 10% 以上。我們對車隊管理計劃的展望與我們先前的評論一致。

Our focus on supply chain also continues to yield results. At Collins, overdue line items across all suppliers were down over 20% versus the prior year. And at Raytheon, material receipts were up again, marking eight consecutive quarters of year-over-year growth.

我們對供應鏈的關注也持續取得成果。在柯林斯，所有供應商的逾期項目較上年同期下降了 20% 以上。雷神公司的材料收入再次上升，連續八個季度實現年增長。

Also in the quarter, we made significant progress on two future franchises in our innovation pipeline. Pratt received FAA certification for the GTF Advantage, an important milestone for the program. The Advantage incorporates all of the learnings from the first 10 years of the GTF engine in service. We expect it to provide up to 2 times the time on wing compared to the current engine, and it will enter service with full life LLPs. We remain on track for initial deliveries to Airbus later this year.

本季度，我們在創新管道中的兩個未來特許經營權方面也取得了重大進展。普惠的GTF Advantage引擎獲得了美國聯邦航空管理局的認證，這是該計畫的一個重要里程碑。Advantage 吸收了 GTF 引擎服役前 10 年的所有經驗教訓。我們預計，與現有引擎相比，它的在翼時間將延長 2 倍，並將以全壽命 LLP 投入使用。我們仍有望在今年稍後向空中巴士交付首批產品。

We're also certifying an upgrade package to incorporate roughly 90% to 95% of the GTF Advantage durability improvements into the existing fleet during MRO visits. We're targeting next year to have this package available for customers.

我們還將認證一個升級包，以便在 MRO 訪問期間將大約 90% 至 95% 的 GTF Advantage 耐久性改進融入現有機隊中。我們的目標是明年向客戶提供該軟體包。

And at Raytheon, we have completed the prototyping and development phase of the Lower Tier Air and Missile Defense Sensor, or LTAMDS program. LTAMDS brings advanced 360-degree performance to the market and more than twice the tracking range compared to the existing Patriot radar system, enhancing protection against complex threat scenarios, including large quantities of unmanned aircraft systems and hypersonic weapons.

在雷神公司，我們已經完成了低層防空反導感測器（LTAMDS）專案的原型設計和開發階段。LTAMDS 為市場帶來了先進的 360 度性能，其追蹤範圍是現有愛國者雷達系統的兩倍多，增強了對複雜威脅場景的防護，包括大量無人機系統和高超音速武器。

LTAMDS can be integrated with the battle-tested industry-leading capabilities of Patriot which is the backbone of air and missile defense for 19 partner countries around the world. LTAMDS will now transition into the production and deployment phase with continued deliveries to the US this year and next, followed by deliveries to European customers. So overall, we've made good progress in the quarter on multiple fronts, and we're pleased with our performance.

LTAMDS 可以與久經實戰檢驗的業界領先愛國者係統相融合，後者是全球 19 個合作國家防空和飛彈防禦的支柱。LTAMDS 現在將進入生產和部署階段，今年和明年將繼續向美國交付，隨後向歐洲客戶交付。總體而言，本季度我們在多個方面都取得了良好進展，我們對我們的表現感到滿意。

Okay. Let me turn to the operating environment and our current thinking on tariffs, which we have outlined in terms of potential direct impacts on slide 4. Generally speaking, the aerospace and defense sector has operated in a duty-free environment, and that has been instrumental to the industry maintaining one of the largest trade surpluses across American manufacturing industries for decades.

好的。讓我來談談經營環境和我們目前對關稅的看法，我們已經在第 4 張投影片中概述了潛在的直接影響。總體而言，航空航太和國防領域一直處於免稅環境中，這有助於該行業幾十年來保持美國製造業最大的貿易順差之一。

Our industrial base is largely located in the US, including about 70% of our employees and the majority of our total labor manufacturing hours. And on the supply chain side, about 65% of our product spend is with US suppliers.

我們的工業基地主要位於美國，包括我們約 70% 的員工和大部分的總勞動製造時間。在供應鏈方面，我們約有 65% 的產品支出來自美國供應商。

We also continue to invest in our US industrial base. Over the last five years, we've invested nearly $10 billion to enhance our domestic manufacturing footprint and capabilities. And this year, we're planning another $2 billion of investment to further increase our US capacity. For example, in the first quarter, Raytheon completed a $60 million expansion project in Tucson, Arizona, which will significantly increase capacity to support growing effector demand.

我們也將繼續投資於我們的美國工業基礎。過去五年來，我們投資了近 100 億美元來增強我們的國內製造足跡和能力。今年，我們計劃再投資 20 億美元，進一步提高在美國的產能。例如，第一季度，雷神公司在亞利桑那州圖森市完成了一項價值 6000 萬美元的擴建項目，這將大幅提高產能以支持不斷增長的效應器需求。

And this year, Pratt has kicked off a $285 million investment to expand our foundry in Asheville, North Carolina. This is part of our broader turbine airfoil production strategy to support growing demand and to maintain a competitive cost structure.

今年，普惠已啟動 2.85 億美元投資，擴建位於北卡羅來納州阿什維爾的鑄造廠。這是我們更廣泛的渦輪翼型生產策略的一部分，旨在支援不斷增長的需求並維持具有競爭力的成本結構。

Combined, this industrial base and significant investment supports our position as a net exporter of goods out of the US, with exports exceeding imports by over $12 billion last year. But like many companies in the industry, our supply chain and customer base are global, and we import raw materials, parts, and modules from around the world.

綜合起來，這項工業基礎和大量投資鞏固了我們作為美國商品淨出口國的地位，去年出口額超過進口額120多億美元。但與業內許多公司一樣，我們的供應鏈和客戶群是全球性的，我們從世界各地進口原材料、零件和模組。

In light of this, we would be impacted if the current environment were to stay in place because not all regulatory and operational mitigations would address our tariff exposure. But the situation remains fluid, and it's difficult to assess the impact of multiple variables, from a change in the duration and size of the current tariffs, to countermeasures taken by other countries, to the potential secondary effects of customer reactions and supply chain and operational disruptions. As a result, we have not included the potential tariff impacts in our outlook for the year at this time.

有鑑於此，如果當前環境持續下去，我們將受到影響，因為並非所有監管和營運緩解措施都能解決我們的關稅風險。但情況仍然不穩定，很難評估多種變數的影響，從當前關稅的持續時間和規模的變化，到其他國家採取的對策，再到客戶反應以及供應鏈和營運中斷的潛在副作用。因此，我們目前尚未將潛在的關稅影響納入今年的展望中。

That said, we believe it is prudent and helpful to at least share some estimates of the direct impact of the current tariffs on our outlook, assuming they were to stay in effect throughout the year. Now these estimates don't include secondary tariff-related impacts, such as changes to customer demand. So let me turn it over to Neil to take you through our assessment of the impacts. Neil?

儘管如此，我們認為，假設當前關稅在全年持續有效，至少分享一些對當前關稅對我們前景的直接影響的估計是謹慎和有益的。現在這些估計不包括與關稅相關的次要影響，例如客戶需求的變化。因此，請讓我將主題交給尼爾，讓他向您介紹我們對影響的評估。尼爾？

Okay. Thanks, Chris. Let me take you through the various categories of incremental direct tariff exposure and the level of pretax operating profit impacts, net of available mitigations, we have currently assessed for each category. Starting with Canada and Mexico. Assuming the USMCA agreement continues, we estimate there would be a cost impact of around $250 million, assuming current tariff rates remain in place for the rest of the year.

好的。謝謝，克里斯。讓我向您介紹各種類別的增量直接關稅風險，以及我們目前針對每個類別評估的扣除可用緩解措施後的稅前營業利潤影響水準。從加拿大和墨西哥開始。假設 USMCA 協議繼續有效，並假設現行關稅稅率在今年剩餘時間內保持不變，我們估計成本影響將達到約 2.5 億美元。

With respect to China, at current US and China tariff rates, we estimate there would also be a cost impact of around $250 million, again, assuming the tariffs remain in place through year-end. Keep in mind, our business in China primarily serves local customers and China accounts for only about 2% of our global imports.

就中國而言，以目前美國和中國的關稅稅率，我們估計成本影響也將達到約 2.5 億美元，同樣假設關稅將持續到年底。請記住，我們在中國的業務主要服務於本地客戶，中國僅占我們全球進口量的 2% 左右。

As it relates to the rest of the world, we estimate there would be a cost impact of around $300 million at the 10% tariff rate currently in place. And finally, on steel and aluminum, we estimate the cost would be around $50 million for the year.

就世界其他地區而言，我們估計，以目前實施的 10% 關稅稅率，成本影響將達到約 3 億美元。最後，我們估計鋼鐵和鋁的成本每年約為 5000 萬美元。

For all of these scenarios, we would expect to see most of the impact in the back half of the year as inventory is liquidated. And from a cash perspective, we assume there would be a bit larger drag due to the timing of inventory consumption and duty drawback recovery, and this impact would be evenly spread over the rest of the year. Going forward, we expect the landscape to continue to evolve, and we'll update our assessment accordingly. Now, let me turn it back over to Chris.

對於所有這些情況，我們預計大部分影響將在下半年隨著庫存清算而顯現。從現金角度來看，我們假設由於庫存消耗和退稅恢復的時間安排，拖累會更大一些，而且這種影響將在今年剩餘時間內均勻分佈。展望未來，我們預計情況將繼續變化，我們將相應地更新我們的評估。現在，讓我把話題交還給克里斯。

As Neil said, we're closely tracking the changes in the global trade environment. While some of the exemptions we have had in the past will continue to apply, such as the military duty-free exemption for US government and foreign military sale contracts, we are also working to implement and capture additional mitigations. These include regulatory mechanisms, such as temporary imports under bond, duty drawbacks, free trade zones, contractual and pricing actions, and implementing operational changes such as leveraging different suppliers and assembly sites.

正如尼爾所說，我們正在密切關注全球貿易環境的變化。雖然我們過去享有的一些豁免將繼續適用，例如美國政府和外國軍售合約的軍事免稅豁免，但我們也在努力實施和爭取額外的緩解措施。這些措施包括監管機制，例如保稅臨時進口、退稅、自由貿易區、合約和定價行動，以及實施營運變革，例如利用不同的供應商和組裝廠。

Despite these near-term uncertainties, I want to remind everyone that our company remains exceptionally well positioned in all of our key end markets given the strength of our product portfolio, which is reflected in our backlog. We exited the quarter with a backlog of $217 billion, which was up 8% year-over-year and includes $125 billion of commercial orders and $92 billion of defense awards.

儘管存在這些短期不確定性，但我想提醒大家，鑑於我們產品組合的實力，我們公司在所有主要終端市場仍然佔據著非常有利的地位，這反映在我們的積壓訂單中。本季結束時，我們的積壓訂單金額為 2,170 億美元，年增 8%，其中包括 1,250 億美元的商業訂單和 920 億美元的國防合約。

On the commercial side, we remain cautiously optimistic that aircraft utilization will remain strong, supporting continued aftermarket demand. But of course, we will closely monitor consumer sentiment as we approach the busy summer travel season.

在商業方面，我們仍然謹慎樂觀地認為飛機利用率將保持強勁，從而支持持續的售後市場需求。當然，隨著夏季旅遊旺季的臨近，我們將密切關註消費者情緒。

On the OE front, we expect production of new aircraft to remain strong given the backlog levels at our OEM customers. On the defense side, we're encouraged that the continuing resolution passed with funding for key priorities, including Next-Generation Adaptive Propulsion, Standard Missile effectors, LTAMDS radars, and our Coyote counter-UAS system.

在 OE 方面，考慮到我們的 OEM 客戶的積壓訂單水平，我們預計新飛機的產量將保持強勁。在國防方面，我們很高興看到持續決議獲得通過，為關鍵優先事項提供資金，包括下一代自適應推進系統、標準飛彈效應器、LTAMDS 雷達和我們的 Coyote 反無人機系統。

There's also a growing commitment to increase defense budgets globally. Of note, the European Union has pushed for an additional $850 billion in defense spending over the next four years, focused on munitions and integrated air and missile defense products, which are fully aligned to our core capabilities, such as Patriot, NASAMS, Coyote and F-35. These are all battle-proven and tested systems that our partners and allies rely on each and every day for national security.

全球範圍內增加國防預算的決心也日益堅定。值得注意的是，歐盟已推動在未來四年內增加 8,500 億美元的國防開支，並專注於彈藥和綜合防空反導產品，這些產品與我們的核心能力完全一致，例如愛國者、NASAMS、土狼和 F-35。這些都是經過實戰檢驗和測試的系統，我們的合作夥伴和盟友每天都依賴它們來保障國家安全。

Additionally, we have strong and long-standing international co-production and co-sustainment agreements with European companies, including MBDA and Kongsberg that position us well to help meet the increased demand across the region.

此外，我們與歐洲飛彈集團（MBDA）和康斯伯格（Kongsberg）等歐洲公司簽訂了長期、強有力的國際聯合生產和共同維持協議，這使我們能夠很好地滿足該地區日益增長的需求。

Before I hand it back over to Neil, let me reiterate that we are very pleased with the performance in the first quarter and the progress we are making on our three strategic priorities: executing on our commitments, innovating for future growth, and leveraging our breadth and scale. And while the industry's operating environment is dynamic, our team is experienced and will remain focused on execution and the things in our control. Okay, with that, I'll turn it back over to Neil to take you through the first quarter results. Neil?

在我將權力交還給尼爾之前，請允許我重申，我們對第一季度的業績以及我們在三大戰略重點上取得的進展感到非常滿意：履行我們的承諾、為未來增長而創新以及利用我們的廣度和規模。儘管行業的營運環境是動態的，但我們的團隊經驗豐富，並將繼續專注於執行和我們控制範圍內的事情。好的，接下來我將把時間交還給 Neil，讓他向您介紹第一季的表現。尼爾？

Thanks, Chris. I'm on slide 5. As Chris said, operationally, we're off to a strong start to the year. In the first quarter, adjusted sales of $20.3 billion were up 5%, and up 8% organically, led by strength in commercial aftermarket. Segment operating profit of $2.5 billion was up 18% as drop through on higher volume, the benefit of cost reduction activities, and improved defense mix drove 120 basis points of segment margin expansion, with strong performance in all three segments and highlighting the continued momentum on our cost transformation activities across the company.

謝謝，克里斯。我在第 5 張投影片。正如克里斯所說，從營運角度來看，我們今年的開局很強勁。第一季度，調整後銷售額為 203 億美元，成長 5%，有機成長 8%，這主要得益於商業售後市場的強勁成長。分部營業利潤為 25 億美元，成長 18%，原因是銷量增加、成本削減活動帶來的好處以及防禦組合改善推動分部利潤率擴大 120 個基點，三個分部均表現強勁，凸顯了整個公司成本轉型活動的持續勢頭。

We've now seen four consecutive quarters of year-over-year consolidated segment margin expansion. Adjusted earnings per share of $1.47 was up 10% from the prior year, driven by segment operating profit growth, which was partially offset by an expected higher effective tax rate and a higher share count.

我們現在已經看到連續四個季度的合併分部利潤率年增。調整後每股收益為 1.47 美元，較上年增長 10%，這得益於部門營業利潤的增長，但預期更高的有效稅率和更高的股票數量部分抵消了這一增長。

On a GAAP basis, EPS from continuing operations was $1.14, and included $0.27 of acquisition accounting adjustments and $0.06 of restructuring and other items. And free cash flow was $792 million in the quarter, which included approximately $200 million for powder metal related compensation.

按照 GAAP 計算，持續經營業務的每股收益為 1.14 美元，其中包括 0.27 美元的收購會計調整和 0.06 美元的重組及其他項目。本季自由現金流為 7.92 億美元，其中包括約 2 億美元的粉末金屬相關補償。

On the capital deployment front, we returned $890 million of capital to shareowners during the quarter, primarily through dividends. And on the sale of the Actuation business at Collins, we continue to make good progress on key milestones and are working through the remaining items required to close. With that, let me hand it over to Nathan to take you through the segment results for the first quarter. Nathan?

在資本配置方面，我們在本季向股東返還了 8.9 億美元的資本，主要透過股息。在出售柯林斯執行機構業務方面，我們繼續在關鍵里程碑上取得良好進展，並正在處理剩餘需要完成的專案。下面，請容許我把時間交給 Nathan，讓他來跟大家介紹第一季的分部表現。內森？

Thanks, Neil. Starting with Collins on slide 6. Sales were $7.2 billion in the quarter, up 8% on an adjusted basis and 9% organically, driven by strength in commercial aftermarket and defense. Adjusting for divestitures, by channel, commercial aftermarket sales were up 13%, driven by a 15% increase in parts and repair, an 18% increase in mods and upgrades, and a 1% increase in provisioning.

謝謝，尼爾。從幻燈片 6 上的 Collins 開始。本季銷售額為 72 億美元，調整後成長 8%，有機成長 9%，這得益於商業售後市場和國防業務的強勁成長。調整資產剝離後，按通路劃分，商業售後市場銷售額成長 13%，其中零件和維修成長 15%，改裝和升級成長 18%，撥備成長 1%。

Defense sales were up 10%, primarily due to higher volume across multiple programs and platforms, including multiple C4I programs, the Survival Airborne Operations Center program, and F-35. And commercial OE sales were up 2% versus the prior year as higher A220, regional, and 787 volume was partially offset by lower 737 MAX volume.

國防銷售額增加了 10%，主要原因是多個項目和平台的銷售增加，包括多個 C4I 項目、生存機載作戰中心項目和 F-35。由於 A220、區域和 787 銷量的增加被 737 MAX 銷量的下降部分抵消，商用 OE 銷量較上年增長 2%。

Adjusted operating profit of $1.2 billion was up $179 million versus the prior year, driven by drop through on higher commercial aftermarket and defense volume. The resulting margins at Collins expanded 130 basis points in the quarter versus prior year.

調整後的營業利潤為 12 億美元，較上年增加 1.79 億美元，主要由於商業售後市場和國防業務量增加導致利潤下降。與去年同期相比，柯林斯本季的利潤率擴大了 130 個基點。

Turning to Colin's full-year outlook, excluding the potential impact of the tariffs that Neil discussed, we continue to expect sales to grow low single digits on an adjusted basis and mid-single digits organically, with operating profit growth between $500 million and $600 million versus 2024.

談到科林的全年展望，排除尼爾討論的關稅的潛在影響，我們仍然預計銷售額在調整後將實現低個位數增長，有機增長率將達到中等個位數，營業利潤將比 2024 年增長 5 億至 6 億美元。

Shifting to Pratt & Whitney on slide 7. Sales of $7.4 billion were up 14% on both an adjusted and organic basis, with sales growth across all three channels. Commercial aftermarket sales were up 28% in the quarter, driven by higher volume and favorable mix across both Large Commercial Engines and Pratt Canada.

在第 7 張投影片轉向普惠公司。銷售額達 74 億美元，以調整後和有機基礎計算均成長 14%，三個通路的銷售額均成長。本季商業售後市場銷售額成長了 28%，這得益於大型商用引擎和普惠加拿大的銷售增加和良好的產品組合。

In military engines, sales were up 4%, driven by increased engine deliveries on the Tanker program and higher volume on the F135 Engine Core Upgrade program. Commercial OE sales were up 3% in the quarter, primarily driven by increased deliveries. As a reminder, commercial OE sales were up 64% in Q1 of 2024.

軍用發動機的銷售額增長了 4%，這得益於加油機計劃的發動機交付量增加以及 F135 發動機核心升級計劃的產量增加。本季商用 OE 銷售額成長 3%，主要得益於交付量的增加。提醒一下，2024 年第一季商業 OE 銷量成長了 64%。

Adjusted operating profit of $590 million, was up $160 million versus the prior year as increased deliveries in Large Commercial Engines was more than offset by drop through on higher commercial aftermarket volume and favorable commercial aftermarket mix. Lower R&D expense more than offset higher SG&A expense. All of this resulted in margin expansion of 130 basis points in the quarter versus prior year.

調整後的營業利潤為 5.9 億美元，比上年增長 1.6 億美元，因為大型商用發動機交付量的增加被商用售後市場銷量的增加和有利的商用售後市場組合的下降所抵消。較低的研發費用足以抵銷較高的銷售、一般及行政費用。所有這些因素使得本季的利潤率較上年同期擴大了 130 個基點。

Turning to Pratt's full year outlook, excluding the potential impact of tariffs, we continue to expect sales to grow high single digits on an adjusted and organic basis, with operating profit growth between $325 million and $400 million versus 2024.

談到普惠的全年展望，排除關稅的潛在影響，我們仍然預計銷售額將在調整後和有機基礎上實現高個位數增長，與 2024 年相比，營業利潤將增長 3.25 億美元至 4 億美元。

Now turning to Raytheon on slide 8. Sales of $6.3 billion in the quarter were down 5% on an adjusted basis as a result of the Cybersecurity divestiture completed at the end of the first quarter of last year. As expected, on an organic basis, sales were up 2%, driven by higher volume on land and air defense systems, including International Patriot and LTAMDS, which was partially offset by lower development program volume within air and space defense systems.

現在轉到幻燈片 8 上的雷神公司。由於去年第一季末完成的網路安全資產剝離，本季銷售額為 63 億美元，經調整後下降 5%。正如預期，以有機基礎計算，銷售額增長了 2%，這得益於包括國際愛國者和 LTAMDS 在內的陸地和防空系統銷量的增加，但防空和太空防禦系統開發項目銷量的下降部分抵消了這一增長。

Adjusted operating profit of $678 million was up $48 million versus the prior year, driven primarily by favorable mix and $15 million of improved net productivity. This was partially offset by the absence of the Cybersecurity business. The resulting margins at Raytheon expanded 120 basis points in the quarter versus the prior year.

調整後的營業利潤為 6.78 億美元，較上年增加 4,800 萬美元，主要得益於有利的產品組合和 1,500 萬美元的淨生產率提高。但由於網路安全業務的缺失，這項影響被部分抵消。雷神公司本季的利潤率較上年同期增加了 120 個基點。

Bookings in the quarter were $4.4 billion, resulting in a book-to-bill of 0.70. And on a rolling 12-month basis, Raytheon's book-to-bill is 1.35. Key awards in the quarter included over $750 million for Netherlands air and missile defense capabilities, about $650 million of classified awards, and about $250 million of Evolved SeaSparrow Missile orders for Japan.

本季的訂單金額為 44 億美元，訂單出貨比為 0.70。以連續 12 個月計算，雷神公司的訂單出貨比為 1.35。本季的主要獎項包括超過 7.5 億美元的荷蘭防空和飛彈防禦能力獎項、約 6.5 億美元的機密獎項以及約 2.5 億美元的日本改良海麻雀飛彈訂單。

Turning to Raytheon's full-year outlook, excluding the potential impact of tariffs, we continue to expect sales to grow low-single digits on an adjusted basis and mid-single digits organically, with operating profit growth between $150 million and $225 million versus 2024. With that, I'll hand it back over to Chris for some closing remarks.

談到雷神公司的全年展望，不考慮關稅的潛在影響，我們仍然預計銷售額在調整後將實現低個位數增長，有機增長率將達到中等個位數，與 2024 年相比，營業利潤將增長 1.5 億美元至 2.25 億美元。說完這些，我將把發言權交還給克里斯，請他做最後的總結發言。

Okay. Thanks, Nathan. I'm on slide 9. Before we open it up to questions, I want to emphasize that RTX is built to perform in any environment. The fundamentals of our business remain intact, and our continued focus on execution has delivered a strong start to the year.

好的。謝謝，內森。我在第 9 張投影片。在我們開始提問之前，我想強調一下，RTX 是為在任何環境下運行而構建的。我們的業務基礎保持不變，我們持續注重執行，為今年帶來了強勁的開局。

We have industry-leading products on the highest-growth platforms in commercial aerospace and defense, and our commitment to innovation over the long term continues to pay off with next-generation products such as the GTF Advantage and LTAMDS demonstrating our leadership and future growth opportunities.

我們在商用航空航太和國防領域成長最快的平台上擁有領先業界的產品，我們長期致力於創新的承諾繼續得到回報，GTF Advantage 和 LTAMDS 等下一代產品展示了我們的領導地位和未來的成長機會。

The long-term structural demand for our products and technologies, all remain in place today. Additionally, the need for our defense solutions that provide critical security to the US and our allies has never been stronger. And so I'm confident that these trends will drive significant growth for us over the coming years. With that, let's open it up for questions.

對我們的產品和技術的長期結構性需求仍然存在。此外，我們對於為美國及其盟友提供關鍵安全保障的國防解決方案的需求從未如此強烈。因此，我相信這些趨勢將在未來幾年推動我們實現顯著成長。好了，讓我們開始提問吧。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Yeah, thanks. Good morning, Chris and Neil and nice results. Chris, thanks for the details on tariffs, it's very helpful. Obviously, things are very dynamic. So I guess I'll ask a question related to the current defense environment, are you seeing the Rearm Europe effort as a big opportunity for Raytheon? Or does it change any of the timing of awards that you were looking at? And then I guess just overall, do you still expect the Raytheon business to have a book-to-bill above 1.0 this year?

是的，謝謝。早安，克里斯和尼爾，結果不錯。克里斯，感謝您提供有關關稅的詳細信息，這非常有幫助。顯然，事情非常動態。所以我想我會問一個與當前國防環境相關的問題，您是否認為「重新武裝歐洲」計畫對雷神公司來說是一個巨大的機會？或者它會改變您所關注的任何獎項的頒發時間？那麼我想，總體而言，您是否仍然預計雷神公司今年的訂單出貨比將超過 1.0？

Yeah. Thanks, Peter. I would say that the focus of the EU on ramping up presents an opportunity for Raytheon, clearly. I mean, if you just think of the countries, Poland is up close to 5%. The UK has talked about taking spending up and Germany, obviously. There was the EU announcement of support for the $850 billion of additional defense spending over the next four to five years.

是的。謝謝，彼得。我想說，歐盟對加強關注顯然為雷神公司提供了一個機會。我的意思是，如果你只考慮國家的話，波蘭的比例接近 5%。英國和德國顯然都已經討論過增加支出的問題。歐盟宣布支持未來四到五年增加8,500億美元的國防開支。

And I think, again, as I said upfront, a clear opportunity for Raytheon given its core competency in integrated air and missile defense systems. These are proven, battle-tested products, think Patriot, GEM-T, NASAMS, Coyote. And we've got a very strong European installed base.

而且我認為，正如我之前所說的，鑑於雷神公司在綜合防空和飛彈防禦系統方面的核心競爭力，這對雷神公司來說是一個明顯的機會。這些都是經過驗證、實戰檢驗的產品，例如 Patriot、GEM-T、NASAMS、Coyote。我們在歐洲擁有非常強大的安裝基礎。

We've got eight Patriot users and we've got strong co-production and co-sustainment relationships, as I said in my remarks. We've got nine suppliers in Poland alone on Patriot, and MBDA's partnership on the GEM-T ramp-up.

正如我在發言中所說，我們有八個愛國者用戶，我們之間有著牢固的聯合生產和共同維持關係。光是在波蘭我們就有 9 家 Patriot 供應商，並與 MBDA 合作生產 GEM-T 飛彈。

So we've got strong demand in the region and strong partnerships overall. I will tell you, overall on Raytheon's demand signal, that hasn't changed. I think there are some timing issues that will recover in the year, which we expected, but the global demand remains strong. We expect a book-to-bill of 1.0 or more.

因此，我們在該地區擁有強勁的需求，並且總體上擁有強大的合作夥伴關係。我會告訴你，雷神公司的整體需求訊號並沒有改變。我認為存在一些時間問題，正如我們預期的那樣，今年將會恢復，但全球需求仍然強勁。我們預計訂單出貨比將達到 1.0 或更高。

Robert Stallard, Vertical Research.

羅伯特·斯托拉德（Robert Stallard），垂直研究。

Thanks so much. Good morning. Chris and Neil, obviously, a very fluid situation with the whole trade war thing. But in terms of the $850 million you've laid out here, is that a gross or a net number after you've applied these mitigations?

非常感謝。早安.克里斯和尼爾，顯然，整個貿易戰的局勢非常不穩定。但是，就您在這裡支出的 8.5 億美元而言，這是總額還是採取這些緩解措施後的淨額？

And some of that, your peers earlier this morning said that they were essentially going to pass on cost as a surcharge to customers. What sort of ability do you have there, particularly on the commercial aerospace side of things?

其中一些，您的同事今天早上早些時候表示，他們基本上將把成本作為附加費轉嫁給客戶。您擁有什麼樣的能力，特別是在商業航空航太方面？

Yeah. Thanks, Rob. Yeah, the $850 million is inclusive of mitigations, Rob. Those mitigations are regulatory, like we talked about, things like duty drawback, contractual, again, that's pricing and other mechanisms, and I'll talk about that in a second. And then operational, where there are things where we can optimize the flow of material and work to get the best mitigation we can from the tariff regime.

是的。謝謝，羅布。是的，8.5 億美元包括了緩解措施，羅布。這些緩解措施是監管方面的，就像我們所討論的那樣，例如退稅、合同，還有定價和其他機制，我稍後會談到這些。然後是營運方面，我們可以優化材料和工作流程，以便從關稅制度中獲得最大程度的緩解。

On pricing, we've been operating in a highly inflationary environment over the last several years. And so, I think we've gotten pretty proficient at knowing where and how to pass along higher costs through pricing.

在定價方面，過去幾年我們一直在高通膨的環境中運作。因此，我認為我們已經非常清楚在哪裡以及如何透過定價來轉嫁更高的成本。

Again, the situation is fluid. There are a number of variables that are out there. And we came into the year with a number of sort of levers we would potentially pull if we saw things change in the marketplace. We're going to let things sort of play out. And then to the extent that we see some softening or other things, then we're going to go and execute on that playbook.

再次，情況不穩定。存在許多變數。進入新的一年，如果我們發現市場狀況發生變化，我們可能會採取一些措施。我們將讓事情自然發展。然後，如果我們看到一些軟化或其他事情發生，我們就會按照這個劇本執行。

But again, we know how to push pricing. I think you just got to be balanced about it given where we are with our customers.

但我們知道如何提高價格。我認為你必須考慮到我們與客戶的現狀，對此保持平衡。

Myles Walton, Wolf Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Chris, you mentioned that the tariff side didn't assume changes in customer buying behavior or operational disruption. Could you maybe talk about those as elements of watch items, in particular, the China strategy as it relates to aircraft and aircraft parts?

克里斯，你提到關稅方面沒有假設客戶購買行為或營運中斷的變化。您能否談談這些作為手錶項目的元素，特別是與飛機和飛機零件相關的中國戰略？

What your assumptions are there in terms of what they may or may not do? And then also relative to supply chain disruptions, where are you most focused to ensure that these tariff issues don't create supply chain disruptions?

對於他們可能做什麼或不做什麼，您有何假設？那麼，關於供應鏈中斷，您最關注哪些方面來確保這些關稅問題不會造成供應鏈中斷？

Yeah. Thanks, Myles. Look, I'll take the supply chain piece first. If you just think of the first quarter, we saw, again, some steady improvements continuing in our supply base. You heard me talk about structural castings at Pratt, up 16% year-over-year. You heard me talk about Raytheon's material growth, eight straight quarters. Collins bringing down overdue line items.

是的。謝謝，邁爾斯。你看，我首先要討論的是供應鏈部分。如果您只考慮第一季度，我們再次看到我們的供應基礎繼續穩定改善。您聽到我談論了普惠的結構鑄件，其產量年增了 16%。您聽到我談論了雷神公司連續八個季度的物質增長。柯林斯 (Collins) 減少了逾期計畫。

Rocket motors, again, one of our key suppliers saw output up substantially in Q1 year-over-year. So we saw some continuing stability and improvement in the supply chain as we exited Q1. And so obviously, we are going to stay super tight with our supply base, making sure that we're all working together on tariff mitigations and the movement of work, and making sure that we don't see those disruptions.

火箭發動機是我們的主要供應商之一，其第一季產量同比大幅增長。因此，當我們退出第一季時，我們看到供應鏈持續穩定並有所改善。因此，顯然，我們將與我們的供應基礎保持緊密聯繫，確保我們共同努力降低關稅和促進工作流動，並確保我們不會看到這些中斷。

Keep in mind, the industry has been used to a duty-free environment. And so all of us have had to come up with different sorts of processes and protocols to avail ourselves of these mitigations that we've talked about.

請記住，該行業已經習慣了免稅環境。因此，我們所有人都必須提出不同類型的流程和協議，以利用我們所討論的這些緩解措施。

And so again, we want to stay lock tight with our supply base to make sure we know how to do this and we keep parts flowing. We've seen in the past what happens when you are herky-jerky with your supply chain. We saw that in COVID; it takes a while to recover. We want to continue that moving forward.

因此，我們再次強調，我們希望與我們的供應基地保持緊密聯繫，以確保我們知道如何做到這一點，並保持零件的流通。我們過去曾看到過，當你的供應鏈出現問題時會發生什麼。我們在 COVID 中看到了這一點；需要一段時間才能恢復。我們希望繼續向前邁進。

On China, I mean, it's obviously an important market for commercial aerospace, both in terms of RPK growth and fleet growth. I would say that Western companies are pretty integral to the growth in China as well.

就中國而言，無論是從收入客公里增長還是機隊成長來看，它顯然都是商用航空航太的重要市場。我想說西方公司對於中國的成長也扮演著至關重要的角色。

So I don't want to get out ahead of ourselves to see how this plays out. I think we've just got to kind of sit back and see where it stands. I mean, I'll just point back to what I said before. The US A&D industry has a large trade surplus, is a great example of US competitiveness, advanced manufacturing, and technology leadership. And ultimately, we hope that's recognized.

所以我不想提前知道事情會如何發展。我認為我們必須坐下來看看情況如何。我的意思是，我只是想回顧一下我之前說過的話。美國航空航太與國防工業擁有龐大的貿易順差，是美國競爭力、先進製造業和技術領先地位的典範。最終，我們希望這一點能夠得到認可。

On the supply chain front out of China, again, we've been on a path to develop multiple sources globally for a while now. A lot of that was hastened frankly, out of COVID. And so we're going to continue to accelerate those efforts.

在中國以外的供應鏈方面，我們一直在努力在全球開發多個來源。坦白說，由於新冠疫情，很多事情都加速了。因此我們將繼續加快這些努力。

Thanks, Chris.

謝謝，克里斯。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

So yeah, just recently, as you all know, we had the decision on the NGAD manned aircraft. Do you have any idea on NGAP when that could be -- because I would imagine it's going to be one of the XA engines from you guys or your competitor. Do you have any color on that?

是的，就在最近，正如大家所知，我們就 NGAD 載人飛機做出了決定。您是否知道 NGAP 什麼時候會問世——因為我可以想像它會是您或您競爭對手的 XA 引擎之一。你對此有什麼看法嗎？

Well, I guess what I would say here, Ron, is we got an award in Q1 for about $550 million to continue to progress on NGAP, and we're actually very pleased with what we're seeing on the testing side. And we're getting some great feedback from that and from the customer.

好吧，羅恩，我想我在這裡要說的是，我們在第一季度獲得了約 5.5 億美元的獎勵，以繼續推進 NGAP 的發展，我們對測試方面看到的情況感到非常滿意。我們從中以及從客戶那裡得到了一些很好的回饋。

And again, I think Pratt has a demonstrated record of providing leading fighter propulsion technologies at scale. And it's making significant strides on technologies that are going to improve range and stealth. So again, we're excited that NGAD is moving forward and that, hopefully, what we're doing on NGAP will yield some benefit. We're pleased with how that program is moving and the funding that underpins it.

而且，我認為普惠在提供大規模領先戰鬥機推進技術方面有著良好的記錄。它在提高射程和隱身性的技術方面也取得了重大進展。因此，我們再次為 NGAD 的進展感到高興，並希望我們在 NGAP 上所做的工作能帶來一些好處。我們對該計劃的進展和支持該計劃的資金感到滿意。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Chris, have you seen any operational impacts of the SPS fire at either Collins or Pratt? And then for RTX, is most of that lost fastener capacity being made up by SPS itself on existing contracts? Or are you needing to get that demand filled by alternative suppliers? Thank you.

克里斯，您是否看到 SPS 火災對柯林斯或普拉特的任何營運影響？那麼對於 RTX 來說，大部分損失的緊固件產能是否由 SPS 自行根據現有合約彌補？或者您需要透過其他供應商來滿足這項需求？謝謝。

Yeah. Scott, our team, separate and apart from tariffs and all the analysis there, was working really hard on understanding the impacts from that fire. We're working closely with not only SPS but others where we could potentially pick up the slack there.

是的。史考特，我們的團隊除了關稅和所有分析之外，還在努力了解那場火災的影響。我們不僅與 SPS 密切合作，還與其他可能彌補不足的機構合作。

I'll tell you that as we continue to sort of move forward here, work through with some alternate suppliers, work through with SPS, we're feeling more optimistic in our ability to avoid any notable impacts given the fire.

我會告訴你，隨著我們繼續向前推進，與一些替代供應商合作，與 SPS 合作，我們對避免火災造成任何顯著影響的能力感到更加樂觀。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning Chris and Neil. I wanted to go back to tariffs, and I appreciate you guys have a pretty tough job in the trade surplus that aerospace has. So Neil, in your comments you mentioned the $850 million, I just want to clarify that's a net impact.

早安，克里斯和尼爾。我想回到關稅問題上，我很欣賞你們在航空航太貿易順差方面所做的相當艱鉅的工作。所以尼爾，在你的評論中你提到了 8.5 億美元，我只是想澄清這是一個淨影響。

And how do we think about that across the rest of Q2 to Q4 and across the segments? Is there any timing mismatch where it hits Collins first and Pratt in '26? Any detail you could provide?

我們如何看待第二季至第四季的剩餘時間以及各個細分市場的情況？它是否在時間上不匹配，即先襲擊柯林斯，然後在 26 年襲擊普拉特？您能提供任何詳細資訊嗎？

Sure. Thanks, Sheila. Yeah, obviously, a lot of estimates involved in kind of assessing the impact here. But just to be clear, the $850 million on the page is an approximation. It is net of mitigations.

當然。謝謝，希拉。是的，顯然，這裡涉及很多估計來評估其影響。但需要明確的是，頁面上的 8.5 億美元只是一個近似值。它是緩解措施的淨值。

As Chris talked about, there are a variety of mitigations available to us. And frankly, many of them are new in terms of our application of them because we lived in an environment where most of our goods were coming across the border without a duty. And so we'll continue to mature our mitigation strategies. And in part, the size of the number reflects the time that it takes to mature that.

正如克里斯所說，我們可以採取多種緩解措施。坦白說，其中許多規定在我們的應用方面都是新的，因為我們所處的環境中，大多數貨物都是免稅跨境運輸的。因此，我們將繼續完善我們的緩解策略。在某種程度上，數字的大小反映了實現這一目標所需的時間。

So if you just step back, let me break that down just a tad for you. Again, this assumes the rates that are out there today remain in effect for the rest of the year. Think about that as about a nine-month period.

因此，如果你退一步來看，讓我為你稍微分解。再次，這假設今天的利率在今年剩餘時間內仍然有效。想像一下大約九個月的時間。

I'd say the Raytheon impact is very minimal. Think about that as like a penny per share kind of a number. The rest of it, the residual impact is split pretty evenly between Collins and Pratt. So a little over $400 million each.

我想說雷神公司的影響力非常小。可以將其想像為每股一美分的數字。其餘部分，殘餘影響在柯林斯和普拉特之間平均分配。所以每人略高於4億美元。

As I think about the timing of that if this were to play out in effect as it is today - think about that as fairly back-half loaded on the earnings side because some of this will end up in inventory and then turn through the P&L as the inventory is sold.

當我思考這個時機，如果這件事像今天這樣有效發揮作用，那麼我認為這在收益方面是相當後半部分的，因為其中一部分最終會進入庫存，然後在庫存售出時轉入損益表。

And then I guess the other comment I would make - I made a comment that the cash flow impact would be a bit larger. And that's because of the timing lag on getting the duty drawback cash back to us. So, think about that as about 15% to 20% above the rough estimate that we provided today.

然後我想我會提出的另一個評論是——我認為現金流的影響會更大一些。這是因為我們收到退稅現金的時間有延遲。因此，可以認為這比我們今天提供的粗略估計高出約 15% 到 20%。

So as I really step back, I think there's a lot of variability yet to come here. And so what we wanted to do today was just provide a framework and break it down by bucket of applicable tariffs in countries so that as things evolve, it will be easier for you and for us to model those changes. And of course, when that firms up, we'll take that into account and bake it into our outlook.

因此，當我真正退一步思考時，我認為這裡還有很多變化。因此，我們今天想要做的只是提供一個框架，並根據各國適用的關稅進行細分，以便隨著事態的發展，您和我們能夠更輕鬆地模擬這些變化。當然，當這一點確定下來時，我們會將其考慮在內，並將其融入我們的展望中。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Good morning. Just wanted to ask about, -- apologies if you addressed this, but you mentioned not assuming changes in customer behavior, but just kind of the latest indications you're getting on order activity in the shorter cycle areas of Collins aftermarket? And what might be most exposed if we were to see a significant slowdown in air traffic for the rest of the year?

早安.只是想問一下——如果您提到了這一點，請原諒，但您提到並沒有假設客戶行為會發生變化，而只是您在柯林斯售後市場較短週期領域的訂單活動方面獲得的最新跡象？如果我們看到今年剩餘時間空中交通量大幅放緩，最受影響的是什麼？

Thanks, Seth. That's a good question. Let me start, and I'll hand it off to Chris if he has anything to add. I would anchor ourselves, first and foremost, back to the first quarter. It was a good solid first quarter. I know that things have changed as we exited the quarter, but our order activity was strong.

謝謝，塞思。這是個好問題。讓我先開始，如果克里斯還有什麼要補充的話，我會把他交給他。我首先要讓我們回到第一季。第一季表現良好。我知道，當我們退出本季時，情況已經發生了變化，但我們的訂單活動仍然很強勁。

Our aftermarket was really strong. And as we looked at the first few weeks here in April, we've seen no major changes in the behaviors of our customers. Now, that's a relatively short period of time, obviously, given the dynamics in the environment.

我們的售後市場非常強勁。從四月的前幾週來看，我們沒有發現客戶的行為有重大變化。現在，考慮到環境的動態，這顯然是一個相對較短的時間段。

But as we look ahead and go around the business, I'll start with the OE side, the demand there remains very strong. Obviously, it's a constrained environment. There's a lot of demand for new aircraft, and we expect that to largely continue.

但當我們展望未來並圍繞業務時，我將從 OE 方面開始，那裡的需求仍然非常強勁。顯然，這是一個受限的環境。新飛機的需求很大，我們預計這種需求將持續下去。

If you stick with Pratt & Whitney for a minute and you think about the aftermarket there, clearly, tremendous demand for GTF aftermarket. We saw strong output, as Chris alluded to in his opening remarks, in the first quarter and expect us to be on track to continue to deliver growth there throughout the rest of the year.

如果您關注普惠公司並思考一下那裡的售後市場，顯然，GTF 售後市場的需求巨大。正如克里斯在開場白中提到的那樣，我們在第一季看到了強勁的產出，並預計我們將繼續在今年剩餘時間內實現成長。

And on the V2500 side, I talked about an 800 shop visit outlook for the full year, and we were right in line with about a quarter of that in the first quarter. And I'd say the same on the PW2000s and PW4000s, our legacy engines.

在 V2500 方面，我談到了全年 800 次店內訪問的前景，而我們在第一季的訪問量正好達到了這個數字的四分之一。對於我們的傳統引擎 PW2000 和 PW4000，我也有同樣的看法。

So the indicators there are pretty consistent. I think we've got a good bottoms-up view of the customer demand profile, and we've factored in some of the things you're hearing about from our customers.

所以那裡的指標相當一致。我認為我們對客戶需求概況有了很好的自下而上的了解，並且我們已經考慮到了您從客戶那裡聽到的一些事情。

On the Collins side, I would say the same applies on the OE outlook. And as you think about the aftermarket, really strong first quarter. The compares get a little bit more difficult, but again, as we look at April so far, those orders remain intact.

從柯林斯的角度來看，我想說這也適用於 OE 前景。當您考慮售後市場時，第一季的表現確實非常強勁。比較起來有點困難，但再說一次，當我們回顧四月迄今為止的情況時，這些訂單仍然完好無損。

Now, there's a reason we have a range on our outlooks. And I think as we sit here today, I think our ranges operationally could absorb some of the impact if there is softening in the later part of the year. We're coming on a really important part of the travel season. And as those aircraft fly, they require parts. They require maintenance. And the slots coming into the shops are obviously constrained. And I think our customers are going to want to maintain their position in line.

現在，我們對我們的觀點有各種不同的看法是有原因的。我認為，當我們今天坐在這裡時，如果今年下半年出現疲軟，我們的操作範圍可以吸收一些影響。我們即將迎來旅遊季節的一個非常重要的階段。當這些飛機飛行時，它們需要零件。它們需要維護。而進入商店的貨位顯然受到限制。我認為我們的客戶會希望保持自己的地位。

Yes. I think the only thing that I would add, Seth, and it's building on something Neil said, is really kind of the process that we go through. We've got people embedded with our airline customers, service reps. Our customer-facing teams do bottoms-up analysis with our customers and have a really solid understanding of their assumptions on traffic, on capacity and of their plans and the levers they're thinking about sort of pulling.

是的。塞思，我想我唯一要補充的是，它建立在尼爾所說的內容之上，這實際上是我們所經歷的過程。我們派人深入航空公司客戶和服務代表之中。我們面對客戶的團隊與客戶一起進行自下而上的分析，並且非常深入地了解他們對流量、容量以及他們的計劃和他們正在考慮採取的措施的假設。

And so as we see how this sort of plays out, we'll take action as necessary as we're watching those buying patterns. We watch them on a daily basis, and we react quickly when we see shifts.

因此，當我們觀察這種情況如何發展時，我們會在觀察購買模式的同時採取必要的行動。我們每天都會觀察它們，一旦發現變化，我們就會迅速做出反應。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Good morning, everybody. Neil, I was wondering if you -- just a clarification one, if you'd be willing to talk about the gross impact of tariffs. You've talked about the net impact here. And then, Chris, I'm wondering just to get your initial thoughts and take on some of the executive orders that have been coming out of the White House. It looks like they want to get engaged in procurement reform and maybe go off and rewrite federal acquisition regulation.

大家早安。尼爾，我想知道您是否願意談談關稅的整體影響。您已經談到了這裡的淨影響。然後，克里斯，我想知道你的初步想法以及對白宮發布的一些行政命令的看法。看起來他們想要參與採購改革，甚至可能重寫聯邦採購法規。

Just kind of what should we be looking for from the outside? Is this necessarily a good thing to go see procurement reform and trying to cut down on red tape and speed up acquisition processes? Or are there some things that we should be on the watch for that might have unintended negative consequences for the industrial base? Thanks.

我們該從外部尋找什麼呢？推動採購改革、減少繁文縟節、加速採購流程一定是好事嗎？或者我們應該警惕某些可能對工業基礎產生意想不到的負面影響的事情？謝謝。

Thanks, Jason. Let me start by talking about the tariffs a little bit. I think it's mostly important to look at the net impact. If you were to apply the tariff rates to gross imports or gross movement across borders in the case of tariffs coming from other countries, I think that would skew that number considerably, particularly given some of the mitigations that are available to us.

謝謝，傑森。首先讓我簡單談談關稅問題。我認為最重要的是看淨影響。如果將關稅稅率應用於來自其他國家的進口總額或跨境流動總額，我認為這會大大扭曲這個數字，特別是考慮到我們可以採取的一些緩解措施。

You think about USMCA for goods moving Canada, Mexico, and the United States. That doesn't fully cover us, it's not the same as the commercial aircraft agreement that was in place and is no longer available. But that mitigates things in a significant way.

您可以考慮 USMCA，它適用於運輸加拿大、墨西哥和美國的貨物。這並不能完全涵蓋我們，它與曾經存在但現已不再有效的商用飛機協議不同。但這在很大程度上緩解了事態。

Similarly, on the defense side, the military duty-free option that we have available, that covers a significant amount of the gross impact. It gets a little bit more difficult because there's a lot more paperwork involved when it requires temporary import under bond or drawbacks.

同樣，在國防方面，我們提供的軍事免稅選擇可以彌補很大一部分整體影響。事情會變得更加困難，因為當需要保稅或退稅臨時進口時，需要做更多的文書工作。

So I think, again, that's why we've laid out a net number here. I think that's the most important thing. And as I said before, we're continuing to operationalize the mitigation efforts. There's a fair amount of work to do to ensure our products meet the qualifications of either USMCA or are able to qualify for temporary import under bond and of course, drawbacks because we need to track the parts on a serial number basis.

所以我再次認為這就是我們在這裡列出淨數字的原因。我認為這是最重要的事情。正如我之前所說，我們正在繼續實施緩解措施。我們要做大量的工作來確保我們的產品符合 USMCA 的資格或有資格在保稅下進行臨時進口，當然也存在一些缺點，因為我們需要根據序號來追蹤零件。

So a lot to do. I expect us to be able to mature that and improve things if this were to last multiple years. Chris?

有很多事要做。如果這種情況持續多年，我希望我們能夠使其更加成熟並改善現狀。克里斯？

Yeah. On your second question, Jason, I would just say, look, we applaud the administration's effort to streamline procurement. The faster we can move to awarding a contract, the better. It gets us to line up our labor more quickly, it gets us to get our supply chain on contract more quickly, and it takes risk, frankly, out of some of the bids. Time is never your friend as you're trying to execute those things. So again, we see that as net positive all around.

是的。關於你的第二個問題，傑森，我只想說，看，我們讚揚政府為簡化採購所做的努力。我們越快授予合約就越好。它使我們能夠更快地安排勞動力，使我們能夠更快地簽訂供應鏈合同，而且坦白說，它還能消除一些投標中的風險。當您嘗試執行這些事情時，時間永遠不是您的朋友。因此，我們再次認為這對整體而言是有利的。

I mean, the focus for us Jason, when we think about the executive orders, and frankly, the administration at large, is executing on our backlog. I mean the feedback that we're getting is we need more of your product and we need it faster. And so, it's partnering with both the administration and our supply chain, identifying where we see bottlenecks, trying to eliminate those bottlenecks, and keeping the ramp going.

我的意思是，傑森，當我們考慮行政命令時，坦白說，整個政府的重點是執行我們的積壓工作。我的意思是，我們收到的回饋是我們需要更多你們的產品，而且需要更快。因此，它與政府和我們的供應鏈合作，找出我們看到的瓶頸，試圖消除這些瓶頸，並保持產量成長。

We've seen progress on a number of key programs. Think GEM-T, think Coyote here in the first quarter, and we've still got a ramp ahead of us across a number of effectors because the demand is really strong.

我們已經看到許多關鍵項目取得了進展。想想 GEM-T，想想第一季的 Coyote，我們仍然在許多效應器上取得了進展，因為需求非常強勁。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yeah. Thank you. Good morning, guys. Wondering if we could switch to OE. I was curious, are you seeing any sort of production rate expectation declines on the A350 or other products? And then if you could just update us on supply chain constraints and how those have progressed?

是的。謝謝。大家早安。想知道我們是否可以切換到 O​​E。我很好奇，您是否看到 A350 或其他產品的生產力預期下降？然後，您能否向我們介紹一下供應鏈限制以及進展？

I know you made some comments in the opening, but if you could just elaborate on 787 and some of the other areas that were long poles in the tent before?

我知道您在開頭發表了一些評論，但您能否詳細說明一下 787 以及之前帳篷裡的一些其他長桿區域？

Sure. Look, on OE, I'll sort of echo what Neil said earlier, which is, the airframers have strong, firm backlogs and are focused on continuing to ramp. They need to keep material flow going through their shops from the supply chain. So we don't see any material changes there. And again, we see a ramp ahead, and we want to stay out of their way, make sure they have what they need from us as they're moving up that ramp.

當然。看看，關於 OE，我有點同意 Neil 之前所說，那就是，飛機製造商擁有強大、堅定的積壓訂單，並且專注於繼續提升產量。他們需要確保物料從供應鏈流經他們的商店。因此我們沒有看到任何實質的變化。再說一次，我們看到前面有一個坡道，我們不想擋他們的路，確保他們在爬坡道時能從我們這裡得到他們需要的東西。

On supply chain, I named some of the key part families sort of upfront here in terms of where we're seeing progress: rocket motors, structural castings. Again, we see steady improvement across. We've got ramps ahead of us in our plans. We've got to continue to see that improvement.

在供應鏈方面，我根據我們看到的進展列出了一些關鍵零件系列：火箭引擎、結構鑄件。我們再次看到各方面都在穩定改善。我們的計劃中已經有了坡道。我們必須繼續看到這種改善。

On 787, we've done, I think, a very good job in partnering with Boeing on heat exchangers. I feel like that is now up to where it needs to be on 787. And we're going to continue to keep a close eye on that as Boeing continues to ramp.

在 787 上，我認為我們與波音在熱交換器方面的合作非常出色。我覺得現在 787 已經達到應有的水準了。隨著波音公司繼續加大產能，我們將繼續密切關注這一情況。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Good morning, everyone. I mean Chris, Neil, the focus has been on the negative impact of tariffs. But I would imagine that in the discussion that the administration is having with other countries on how to close the US trade deficit, the aerospace and defense industry's role as a net exporter, I mean can't really be ignored.

大家早安。我的意思是克里斯、尼爾，重點一直放在關稅的負面影響。但我想，當政府與其他國家討論如何縮小美國貿易逆差時，航空航太和國防工業作為淨出口商的角色是不容忽視的。

So I guess, first, are you having any discussions about that? And are you seeing any incremental demand from international orders from this? And second, a $1 trillion US defense budget kind of came under the radar a few weeks ago. Taking this into consideration, how much flexibility do you have in ramping up capacity?

所以我想，首先，你們對此進行過討論嗎？您是否看到國際訂單的需求增加？其次，幾週前，1兆美元的美國國防預算引起了人們的關注。考慮到這一點，您在提高產能方面有多大的彈性？

Yeah. Thanks, Kristine. Look, we've been consistent in our advocacy through a number of channels, legislative with the administration, on exactly what you just said. Again, we really believe that the US aerospace and defense industry is really well positioned to meet what the administration's sort of North Star and trade objectives are. This industry has just been a shining example of US competitiveness and US manufacturing prowess. And if you just think about all the investments we make here in the US, both in terms of our people, our factories and our technologies, those are the things that we continue to emphasize.

是的。謝謝，克里斯汀。你看，我們一直透過多種管道、立法和政府進行持續的倡導，正如你剛才所說的。再次，我們確實相信美國航空航太和國防工業確實有能力實現政府的北極星和貿易目標。這個產業正是美國競爭力和美國製造業實力的光輝典範。如果您想想我們在美國所做的所有投資，包括我們的員工、工廠和技術，這些都是我們持續強調的事情。

On the 2026 sort of budget, I guess we'll see how that ultimately shakes out. Again, focus areas will continue to be integrated air missile defense, homeland missile defense, counter-UAS, I think all things that are in our core competency.

關於 2026 年的預算，我想我們會看到最終結果如何。再次強調，重點領域將繼續是綜合防空飛彈防禦、國土飛彈防禦、反無人機系統，我認為這一切都是我們的核心競爭力。

To your point on capacity and rate increases, again, you've heard us talk about our backlog today. We are in an urgent mode in terms of increasing capacity across the board. I gave you the example of Tucson. Previously, we've done it in Huntsville. We've done it in Camden, Arkansas. We're doing it across our footprint for the very reason that you mentioned, which is that the demand is strong today, and we see that continuing into the future. And we've got to be ready to continue to meet that demand.

關於您提到的容量和費率增加，您今天再次聽到我們談論我們的積壓工作。我們正緊急尋求全面提高產能。我給你舉了圖森的例子。此前，我們在亨茨維爾就做過這樣的事。我們已經在阿肯色州卡姆登做到了這一點。我們在整個業務範圍內這樣做的原因正是您提到的，那就是今天的需求很強勁，而且我們認為這種需求將持續到未來。我們必須做好準備繼續滿足這項需求。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Thanks. Good morning. Just a follow-up, I think, on some questions that have been asked. First of all, on V2500, the shop visit assumption there this year, is that held? And how do you think V2500 shop visits would hold up in a flattish kind of flight hour environment if we go into a recession? That's the first question.

謝謝。早安.我認為這只是對一些已提出的問題的後續回答。首先，關於 V2500，今年的店訪假設是否舉行？如果陷入經濟衰退，您認為在飛行小時數持平的環境下，V2500 的維修到訪率會如何？這是第一個問題。

And then second of all, on GTF and powder metal. Chris, you've talked about the ramp that you saw last year and are expecting this year on powder metal material and MRO capacity. How much do we ultimately -- or you ultimately need to see powder metal capacity and MRO capacity increase, beyond what you're thinking about for 2025 to be able to accomplish fixing all the 3,000 engines that need to have parts replaced? Thanks.

其次，關於 GTF 和粉末金屬。克里斯，您談到了去年看到的成長以及今年粉末金屬材料和 MRO 產能的預期。我們最終需要——或者您最終需要看到粉末金屬產能和 MRO 產能增加多少，超過您設想的 2025 年的水平，才能修復所有 3,000 台需要更換零件的發動機？謝謝。

Sure. I'll start with the last part, David, and then Neil, maybe you want to talk V2500. When we think about the GTF fleet management plan, David, again we're pleased with the MRO output. I'll note here that this MRO output was also on heavier work scopes compared to Q4, so really pleased about that. Continue to see continued improvement in in-shop turnaround time. A lot of that is taking time out of Gates 1 and Gates 3.

當然。我將從最後一部分開始，大衛，然後尼爾，也許你想談談 V2500。大衛，當我們考慮 GTF 機隊管理計劃時，我們再次對 MRO 產出感到滿意。我在這裡要指出的是，與第四季度相比，這次的 MRO 產出也涉及更繁重的工作範圍，因此對此感到非常高興。繼續看到店內週轉時間的持續改善。這在很大程度上佔用了 1 號門和 3 號門的時間。

In terms of capacity, I don't think it's an MRO shop issue. We've got the number of shops that we need in network. It's really just optimizing the flow within each one of those. And again, as I said before, that comes down to the Gate 2 material flow.

就容量而言，我認為這不是 MRO 商店的問題。我們的網路已擁有所需數量的商店。這實際上只是優化其中的每一個流程。正如我之前所說，這又歸結於 2 號門的物料流。

When we see material flowing, we see turn times come down substantially. As I said, we're taking as much as we can out of Gates 1 and 3 as we continue to drive better flow with our supply chain into Gate 2. As we continue to see that improve, we feel really good about the shops we have in our network and their ability to take that material and shrink turn times substantially.

當我們看到材料流動時，我們看到週轉時間大幅縮短。正如我所說的，我們正在盡可能地利用 1 號門和 3 號門，同時繼續推動我們的供應鏈更好地流入 2 號門。隨著我們不斷看到這種情況的改善，我們對我們網路中的商店以及它們獲取材料和大幅縮短週轉時間的能力感到非常滿意。

Thanks, Chris. David, on V2500 rather, 800 shop visits was our estimate coming into the year as you pointed out. We were up 7% in the first quarter of this year-over-year in terms of our inductions. Right on track for about one-fourth of the full year output. We're also seeing the mix of those shop visits trend towards heavier overhauls given the age of that fleet.

謝謝，克里斯。大衛，正如您所指出的，對於 V2500，我們估計今年的門市訪問量為 800 次。今年第一季度，我們的入職培訓人數年增了 7%。預計全年產量將達約四分之一。我們也發現，考慮到車隊的使用年限，這些車輛的進廠檢修趨勢傾向於大修。

If I were to project that out in a flatter environment, I think it holds pretty solidly. We saw 11 retirements of V2500 powered aircraft in the first quarter. As you know, over the last several years, those retirements have been relatively low. It's still a relatively young fleet. And frankly, there's a tremendous amount of demand still, as you all know, in the narrow-body area.

如果我將其投射到更平坦的環境中，我認為它會相當穩固。第一季度，我們看到 11 架搭載 V2500 發動機的飛機退役。如您所知，過去幾年中，退休人數相對較低。這仍然是一支相對年輕的艦隊。坦白說，眾所周知，窄體飛機領域仍然有著巨大的需求。

And so I think short period of time, even in a lower demand environment, those shop visits would likely stay relatively consistent. Our customers need that lift. And as we continue to get the GTF fleet back up in the air, then I think we would see that start to tail off a little bit, but that's a little bit of a ways out.

因此我認為，在短時間內，即使在需求較低的環境中，這些商店訪問量也可能保持相對穩定。我們的客戶需要這種助力。隨著我們繼續讓 GTF 機隊恢復飛行，我認為我們會看到這一數字開始逐漸減少，但這還有一段距離。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning. Thank you. Chris, over the last couple of years, you've had a really big increase in backlog at Raytheon. A lot of that's been helped by international, particularly Europe. When you look forward, looking at mid-single digit growth this year at Raytheon, it seems to be that you have an outlook that's well below what one might expect from that backlog growth.

早安.謝謝。克里斯，過去幾年裡，雷神公司的積壓訂單大幅增加。這在很大程度上得益於國際力量，特別是歐洲力量。當你展望未來，看看雷神公司今年的中等個位數成長時，你會發現你的前景似乎遠低於人們對積壓訂單成長的預期。

Can you comment on the timing in which we should see that backlog flow into revenues? And perhaps also how you're thinking about some of the Buy European movement inside Europe and how you're participating on the ground in Europe as well?

您能否評論一下積壓訂單何時能夠轉換為收入？或許您也想了解您對歐洲境內「購買歐洲產品」運動的看法以及您在歐洲的實地參與情況？

Yeah. Maybe I'll start with the second part first, Doug. As I say upfront, we view the increased defense spending in Europe as an opportunity. And we all saw the $850 billion support over the next four to five years to continue to build up European munitions and defense overall.

是的。也許我應該先從第二部分開始，道格。正如我之前所說的，我們將歐洲國防開支的增加視為一個機會。我們都看到了未來四到五年內8500億美元的支持，將繼續加強歐洲的軍火和防禦。

As I said, one of the biggest needs are integrated air and missile defense systems and effectors, which is, again, right in our core competency. Patriot, GEM-T, NASAMS, LTAMDS, which we just mentioned getting through Milestone C, and going into production, another opportunity there.

正如我所說，最大的需求之一是綜合防空和飛彈防禦系統及效應器，這也是我們的核心競爭力。愛國者、GEM-T、NASAMS、LTAMDS，我們剛才提到它們已經通過了里程碑 C，並投入生產，這是另一個機會。

So again, we feel like that's a real opportunity for us, especially on the back of the very strong partnerships that we have in terms of co-production and co-sustainment. We don't go it alone in Europe on some of our key programs, and we think that's a competitive advantage.

因此，我們再次感到這對我們來說是一個真正的機會，特別是在我們在聯合製作和共同維持方面建立的非常強大的合作夥伴關係的基礎上。在歐洲，我們並不是單獨開展一些關鍵項目，我們認為這是一種競爭優勢。

In terms of the timing of the sort of backlog, if you will, Doug, some of that is driven by contractual terms and length of those contracts, how those play out. But again, you've got some very long lead material items that sit in many of these programs that take time.

關於積壓訂單的時間安排，道格，如果你願意的話，其中一些是由合約條款和合約期限決定的，以及這些條款和期限如何執行。但同樣，許多此類程序中都包含一些需要很長時間才能完成的材料項目。

I'll go back to the point I made before. The more streamlining we can do, especially on FMS, you saw that with one of the EOs that the government had sort of put out there, streamlining that process, the faster that we can get our supply chain on contract, get long lead material flowing and shorten those delivery cycles.

我將回到我之前提出的觀點。我們能夠簡化的程度越高，特別是在財務管理系統 (FMS) 方面，正如您所見，政府已經出台了一項行政命令，簡化了該流程，我們就能越快地簽訂供應鏈合同，使長交貨週期材料流動起來，並縮短交貨週期。

And the only thing I would add - I'll just add another point or two here. If you looked within the businesses, land and air defense systems, that's up a strong double digit, right. Where you'd expect to see the growth, we're seeing it. It's offset by some expected headwinds and lower development programs. And that, frankly, is lumpy, it's timing.

我唯一想補充的是——我只想在這裡補充一兩點。如果你看一下企業、陸地和防空系統，你會發現這個數字強勁成長了兩位數，對吧。您所期望看到成長的地方，我們就看到了。但一些預期的不利因素和較低的開發計劃抵消了這種影響。坦白說，這很不順利，這是時機問題。

So I think as you step back and look at the broader Raytheon portfolio, we still feel good about the mid-single digit sales growth this year. We expected the headwind we saw in the first quarter. We have a couple of points of that headwind in the second quarter, frankly.

因此，我認為，當你回顧並審視雷神公司更廣泛的產品組合時，我們仍然對今年中等個位數的銷售成長感到滿意。我們預計第一季會出現逆風。坦白說，我們在第二季度遇到了一些不利因素。

But the underlying bread and butter of the Raytheon portfolio, it remains on track. And our execution is on track there. And we're seeing capacity increase, and that's translating to output. So I think those are a couple of the dynamics going on within the business.

但作為雷神公司業務組合的支柱，其業務仍保持正常運作。我們的執行一切順利。我們看到產能正在增加，這也轉化為產量。所以我認為這是業務內部正在發生的一些動態。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Chris, Neil, a quick question on Pratt. There's a labor negotiation with the vote on a contract in early May. I'm just wondering how you're approaching that and if there's any contingency plans put in place if there is a strike to still work down the GTF AOGs?

克里斯、尼爾，關於普拉特的一個快速問題。五月初將進行一場勞資談判並就合約進行投票。我只是想知道您如何處理這個問題，以及如果發生罷工，是否有任何應急計劃可以保證 GTF AOG 繼續工作？

Yeah. Well, look, I won't get into the specifics of that one, Scott. I'll just say that I think we've had a pretty good track record over the last few years in a highly inflationary market with getting large significant union negotiations to agreement without any interruption. And we're cautiously optimistic that we can do that here as well.

是的。好吧，聽著，史考特，我不會談論這個細節。我只想說，我認為我們在過去幾年裡在高通膨市場中有著相當良好的記錄，沒有受到任何干擾就順利達成了重大的工會談判協議。我們謹慎樂觀地認為我們在這裡也能做到這一點。

We have a long-standing relationship with this labor union. There's a lot of demand in the system. So obviously, we feel like we can get to the right place there and continue to meet the demands of our customer.

我們與該工會有著長期的合作關係。該系統有很多需求。因此顯然，我們覺得我們可以到達正確的位置並繼續滿足客戶的需求。

Matt Akers, Wells Fargo.

富國銀行的馬特‧艾克斯 (Matt Akers)。

Good morning, thanks for the question. Sorry to go back to tariffs, but I guess one question we're getting this morning is kind of why are you not able to pass through more of this $850 million, I guess, just either whether it's contract kind of escalation or just aftermarket pricing or kind of drawbacks because a lot of your product ultimately kind of gets exported?

早安，感謝您的提問。抱歉，又回到關稅問題上，但我想我們今天早上遇到的一個問題是，為什麼你們不能分攤更多這 8.5 億美元，我想，無論是合約升級還是售後定價或某種缺點，因為你們的很多產品最終都會出口？

So is that not the right way to think about it? Or is there like a timing mismatch that maybe you get this back in the future? Or could you possibly do better than this if you are able to recover some of that?

那麼這不是正確的思考方式嗎？或者是否存在時間上的不匹配，也許你將來會得到它？或者如果您能夠恢復其中的一些，您是否有可能做得更好？

Well, let me break this into two parts here, Matt. So in terms of can we do better? As we sort of said upfront, these are relatively new sort of processes and systems that we put in place to avail ourselves of the mitigations, the regulatory mitigations and some of the operational mitigation.

好吧，馬特，讓我把這個問題分成兩個部分。那我們能做得更好嗎？正如我們前面所說的，這些都是我們實施的相對較新的流程和系統，目的是利用緩解措施、監管緩解措施和一些營運緩解措施。

And so as we continue to get reps on those, I suspect that we will get those more learned out and there could be opportunities. On pricing, again, I would say that we've had experience over the last few years in how to pass along higher costs through pricing to our customers where reasonable.

因此，隨著我們繼續獲得這些問題的代表，我相信我們會學到更多，並且可能有機會。關於定價，我想再次說，過去幾年來，我們已經積累了豐富的經驗，知道如何在合理的範圍內透過定價將更高的成本轉嫁給客戶。

Again, I think you have to be balanced. You have to balance that against a number of factors, your contract, of course, but also what the market will bear, and what the market landscape is. We have not been shy about pushing through higher costs through pricing, and we'll continue to look for opportunities to do that. But I don't think -- it's not a panacea for all things tariff.

再次強調，我認為你必須保持平衡。你必須在諸多因素之間進行權衡，當然包括你的合同，還有市場承受能力以及市場格局。我們並不羞於透過定價來提高成本，並且我們會繼續尋找機會這樣做。但我不認為它不是解決所有關稅問題的靈丹妙藥。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Neil, your full-year guidance for segment EBIT at Pratt and Collins, I think, implies the margins are pretty flat sequentially through the year, maybe even down a little at Collins. Can you talk about that? How much of that is actual pre-tariff fundamental drivers in the business? And how much of that is leaving cushion where you could therefore absorb tariffs if they stick?

尼爾，我認為，您對普惠和柯林斯全年息稅前利潤的預測表明，利潤率全年環比持平，柯林斯的利潤率甚至可能略有下降。你能談談這個嗎？其中有多少是關稅前業務的實際基本驅動力？如果關稅持續存在，你們能承受多少緩衝？

Thanks, Noah. I appreciate the question. And I think if we were sitting in an environment with maybe a little less uncertainty, I feel like we were well positioned within our outlook. And that's how we started the year, as we talked about 90 days ago.

謝謝，諾亞。我很感謝你提出這個問題。我認為，如果我們處在一個不確定性較少的環境中，我們的前景就會更加光明。正如我們 90 天前談到的，這就是我們開始新一年的方式。

Strong first quarter and really pleased with the margins we saw both at Collins and at Pratt. And I would comment at Pratt, that was on lower spare engines and more install engines. So I think I'm really pleased to see the kind of margins we're seeing there with the mix of the install versus spare engine mix in the first quarter.

第一季表現強勁，我們對柯林斯和普拉特的利潤率感到非常滿意。我想對普惠公司發表評論，這是為了減少備用引擎並增加安裝引擎。因此，我很高興看到第一季安裝引擎與備用引擎組合所帶來的利潤率。

And as we look out to the rest of the year, we'll see higher installs at Pratt that will bring with it a little bit of headwind as it does all the time. But I remain cautiously optimistic. I think at this juncture in the year, given the uncertainty we're seeing around the customer base we're going to sit here and hold that for the rest of the year.

展望今年剩餘時間，我們將看到普拉特的安裝量增加，這將像往常一樣帶來一些阻力。但我依然保持謹慎樂觀的態度。我認為，在今年的這個關鍵時刻，考慮到我們看到的客戶群的不確定性，我們將坐在這裡，在今年剩餘的時間裡保持這種狀態。

We'll look at it again in another 90 days. And if the strength continues, then that will be great. If not, I think we've got a little room to absorb some softening that might take place as we exit the summer months. I'll just leave it at that for now. And of course, in 90 days, we'll be back to provide an update.

我們將在 90 天後再次審視它。如果這種強勢能夠持續下去，那就太好了。如果沒有的話，我認為我們還有一點空間來吸收夏季結束後可能出現的一些疲軟現象。我現在就先這樣吧。當然，90 天后，我們會回來提供更新。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Maybe just following through on Raytheon margins there. I think the guide for the full year implies about 10.5%, and I think that's with $100 million of productivity. So given you did 10.7% in the first quarter with $15 million of productivity. I guess, first, is there anything abnormal in that margin?

或許只是遵循雷神公司的利潤率。我認為全年指導價意味著約 10.5%，而且我認為這是基於 1 億美元的生產力。因此，假設您第一季的生產力為 1500 萬美元，成長率為 10.7%。我想，首先，那個邊緣有什麼不正常嗎？

And then second, longer term on Raytheon margins, anything that keeps you from achieving that 100 basis points of volume plus 100 basis points of productivity that you had been talking about a couple of years ago at the '23 Investor Day?

第二，從長期來看，雷神公司的利潤率有什麼因素會阻礙你們實現幾年前在 2023 年投資者日上談到的 100 個基點的銷量和 100 個基點的生產率的目標嗎？

Sure. Thanks for the question. Listen, I think we are pleased with the Raytheon margins in the first quarter, too. Obviously, it's not where we think the full potential of the business is. We think it can get back into the 12%-plus range and will.

當然。謝謝你的提問。聽著，我認為我們對雷神公司第一季的利潤率也感到滿意。顯然，我們認為這還未發揮出該業務的全部潛力。我們認為它可以回到12%以上的範圍，而且確實會如此。

We saw about $15 million year-over-year productivity improvement. We had said we'd see about $100 million on a full-year basis and still hold that expectation. So again, mix contributed in a significant way in the first quarter. That mix can vary throughout the course of the year. But we're definitely seeing a trend towards more international mix in the Raytheon sales and backlog, and we expect that trend to continue.

我們的生產效率較上年同期提高了約 1500 萬美元。我們曾說過，全年營收將達到約 1 億美元，我們仍保持這項預期。因此，在第一季度，混合再次發揮了重大貢獻。這種混合可能會在一年中發生變化。但我們確實看到雷神公司的銷售和積壓訂單呈現更多國際化趨勢，我們預計這種趨勢將會持續下去。

So again, at this point in the year, I just want to make sure we reserve a certain amount of contingency here. But I feel good about how we started the year, and I expect us to continue to see that play out.

因此，再說一次，在今年的這個時候，我只是想確保我們在這裡保留一定數量的緊急資金。但我對我們今年的開局感到很滿意，我希望我們能夠繼續看到這樣的發展。

We have big growth in absolute dollars in profit for Raytheon as we move through the rest of the year. That's reliant upon the continued supply chain health. Again, we've seen good movement there, eight consecutive quarters of material growth.

在今年剩餘時間內，雷神公司的絕對利潤將大幅成長。這取決於持續的供應鏈健康。我們再次看到了良好的發展勢頭，連續八個季度實現了實質成長。

So again, assuming all that holds, we expect that margin to hold as we go through the rest of the year as well. So thanks for the question.

因此，再次假設所有情況都成立，我們預計該利潤率在今年剩餘時間內也將維持下去。感謝您的提問。

Thanks.

謝謝。

With that, I would now like to turn the conference back to Nathan Ware.

現在，我想將會議交還給 Nathan Ware。

All right. Thank you, Lateef. That concludes today's call. As always, the Investor Relations team and I will be available for follow-up questions. So thank you all for joining us today and have a good day.

好的。謝謝你，拉蒂夫。今天的電話會議到此結束。像往常一樣，投資者關係團隊和我將隨時解答後續問題。感謝大家今天的參與，祝大家有個愉快的一天。

This now concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。