雷神技術公司 (RTX) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the RTX second 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 年第二季財報電話會議。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, Chairman 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.

參加今天電話會議的有董事長兼執行長 Chris Calio、財務長 Neil Mitchill 和投資者關係副總裁 Nathan Ware。本次電話會議正在網路上進行現場直播，您可以從 RTX 的網站 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 non-recurring and or significant items often referred to by management as other significant items.

請注意，除非另有說明，公司將討論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/或重要項目的持續經營業績。

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 risk and uncertainties. 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.

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 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。

Once the call becomes open for questions, we ask that you limit your first round to one question per caller to give everyone the opportunity to participate. To ask a question, you will need to press one on your telephone. You may ask further questions by reinserting yourself into the queue as time permits.

一旦電話會議開始接受提問，我們要求您將第一輪提問限制為每位來電者一個問題，以便每個人都有機會參與。要提問，您需要在電話上按 1。如果時間允許，您可以重新加入佇列來提出其他問題。

With that, I will turn the call over to Mr. Calio.

說完這些，我會把電話轉給卡利奧先生。

Thank you and good morning, everyone. We delivered very solid results in the second quarter as we continue to execute in a dynamic operating environment.

謝謝大家，早安。由於我們繼續在動態的營運環境中執行，我們在第二季度取得了非常穩健的業績。

On the top line, sales were up 9% organically year over year, including 16% commercial aftermarket growth, continuing the momentum from Q1; segment operating profit was up 12% year over year, supported by growth across all three of our segments; and free cash flow for the quarter was approximately breakeven as we previously discussed, primarily related to the four-week work stoppage at Pratt in May, which we expect to recover in the second half of this year.

就營業收入而言，銷售額同比增長 9%，其中商業售後市場增長 16%，延續了第一季度的勢頭；分部營業利潤同比增長 12%，這得益於我們所有三個分部的增長；並且，正如我們之前所討論的，本季度的自由現金流大致達到盈虧平衡，這主要與普惠公司 5 月份停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年有關，我們預計今年停工下半年。

We also continue to see exceptionally strong demand for our products, with a Q2 book-to-bill of 1.86, and our backlog now stands at $236 billion, up 15% year over year and 9% sequentially driven by several notable wins in the quarter. Pratt booked over 1,000 GTF engine orders, including up to 177 aircraft for Wizz Air and 91 aircraft for Frontier Airlines, as they further expand their GTF-powered fleets.

我們也繼續看到市場對我們產品的異常強勁的需求，第二季度的訂單出貨比為 1.86，我們的積壓訂單目前為 2,360 億美元，同比增長 15%，環比增長 9%，這得益於本季度取得的幾項顯著勝利。普惠已獲得超過 1,000 台 GTF 發動機訂單，其中包括為 Wizz Air 訂購的 177 架飛機和為 Frontier Airlines 訂購的 91 架飛機，這兩家公司正在進一步擴大其採用 GTF 發動機的機隊。

And Raytheon booked over $5 billion of integrated air and missile defense awards, including $1.1 billion for AIM-9X effectors. This is the largest order in the history of the program, will benefit the US and international customers. I'll now turn to the current operating environment.

雷神公司獲得了超過 50 億美元的綜合防空和飛彈防禦合同，其中包括 11 億美元的 AIM-9X 效應子合約。這是該項目歷史上最大的訂單，將使美國和國際客戶受益。現在我將轉向目前的操作環境。

In commercial aerospace, OE production was strong and in line with our expectations for the first half of the year. And we remained positive on the ramp continuing in the back half, supporting growing demand for our products.

在商業航空航太領域，OE 生產表現強勁，符合我們對上半年的預期。我們仍然對下半年繼續成長保持樂觀，支持我們產品不斷增長的需求。

Global RPKs are also expected to continue to grow over 5% for the year, which supports low retirement levels and strong commercial aftermarket demand. For example, our V2500-powered aircraft fleet has seen a 1% retirement rate so far this year.

預計今年全球 RPK 將繼續成長 5% 以上，這將支援較低的退役水準和強勁的商業售後市場需求。例如，今年到目前為止，我們搭載 V2500 引擎的飛機隊的退休率為 1%。

On the defense side, the growing need for air dominance is creating unprecedented demand for our core defense products across RTX. The US budget reconciliation legislation that passed earlier this month contains over $150 billion for additional defense spending, with about $50 billion of funding for Golden Dome ammunitions. Again, both core areas for RTX. In the longer term, NATO allies have agreed to increase core defense spending to 3.5% of GDP over the next decade, with an increased focus on integrated air and missile defense.

在國防方面，對空中優勢的日益增長的需求正在為 RTX 的核心國防產品帶來前所未有的需求。本月初通過的美國預算調節法案包含超過1500億美元的額外國防開支，其中約500億美元用於「金頂」彈藥項目。再次強調，這兩個領域都是 RTX 的核心領域。從長遠來看，北約盟國已同意在未來十年內將核心國防開支提高至GDP的3.5％，並更加重視綜合防空和飛彈防禦。

To support the growing demand across Europe, we continue to expand our regional partnerships. For example, in the quarter, Raytheon entered into an industrial cooperation agreement with the Spanish Ministry of Defense that will support the production ramp for Patriot in the local region. So overall, demand remains strong across our end markets and supports continued top line growth across the business.

為了滿足歐洲日益增長的需求，我們繼續擴大區域合作夥伴關係。例如，本季度，雷神公司與西班牙國防部達成了一項工業合作協議，該協議將支持當地愛國者飛彈的產量提升。因此總體而言，我們終端市場的需求仍然強勁，並支持整個業務的持續收入成長。

On the trade front, it continues to be fluid, but our outlook on the impact of tariffs has improved for the year, as there have been some positive announcements to date, such as the UK agreement which provides exemptions for aerospace components. We also continue to improve our ability to mitigate tariff headwinds, including optimizing material flow where possible and through pricing actions.

在貿易方面，情況依然動盪，但我們對今年關稅影響的展望有所改善，因為迄今為止已經有一些積極的消息，例如英國達成的為航空航天零件提供豁免的協議。我們也將持續提高緩解關稅不利因素的能力，包括盡可能優化物料流動以及採取定價行動。

As a result of these developments and our strong first half performance, we're increasing our adjusted sales outlook for the full year. We're also revising our adjusted EPS outlook to incorporate drop-through on the higher sales, continued cost discipline across the business, and our current assessment of tariff impacts. And for free cash flow, we are maintaining our full year outlook.

由於這些發展以及我們上半年的強勁表現，我們提高了全年的調整後銷售預期。我們也正在修改調整後的每股盈餘預期，以將銷售額的下降、整個業務持續的成本控制以及我們目前對關稅影響的評估納入其中。對於自由現金流，我們維持全年展望。

Neil will take you through these details in a few minutes. But before he does, let me provide an update on the progress we're making on our strategic priorities on slide 4.

尼爾將在幾分鐘內向您介紹這些細節。但在此之前，請容許我在第 4 張投影片上介紹我們在策略重點上的進展。

First is executing on our commitments. On the GTF fleet management plan, our financial and technical outlook remains consistent with our prior comments.

一是履行承諾。對於GTF機隊管理計劃，我們的財務和技術展望與我們先前的評論保持一致。

Isothermal forging output was up 12% versus the prior year and 10% sequentially, which supported a 22% year-over-year improvement in PW1100 MRO output this quarter despite the Pratt work stoppage. And we remain on track for over 30% MRO output improvement for the full year, which is a key enabler to reducing AOGs in the second half.

等溫鍛造產量比上年增長 12%，比上一季增長 10%，這支撐了本季 PW1100 MRO 產量在普惠停工的情況下同比增長 22%。我們仍有望實現全年 MRO 產量增加 30% 以上，這是減少下半年 AOG 的關鍵因素。

And at Raytheon, the team is leveraging our CORE operating system to significantly increase production this year for multiple sectors, including GEM-T, Coyote and AMRAAM. In the quarter, both GEM-T and Coyote saw output more than double year-over-year.

在雷神公司，團隊正在利用我們的 CORE 作業系統大幅提高今年多個領域的產量，包括 GEM-T、Coyote 和 AMRAAM。本季度，GEM-T 和 Coyote 的產量年比均成長了一倍以上。

Next is innovating for future growth. Autonomy and AI are significant parts of our RTX cross-company technology road map.

接下來是為了未來的成長而創新。自主性和人工智慧是我們 RTX 跨公司技術路線圖的重要組成部分。

Earlier this month, we announced a new partnership with Shield AI to integrate AI-based sensor and target recognition capabilities into select Raytheon products. This includes loitering munitions and our multispectral targeting system which is a battle-tested sensor package that provides long-range surveillance and target tracking for a variety of munitions.

本月初，我們宣布與 Shield AI 建立新的合作關係，將基於 AI 的傳感器和目標識別功能整合到部分雷神產品中。這包括巡飛彈藥和我們的多光譜瞄準系統，這是一個經過實戰檢驗的感測器包，可為各種彈藥提供遠端監視和目標追蹤。

Also in the quarter, Raytheon announced the collaboration with Kongsberg to co-develop subassemblies of the GhostEye Radar. The GhostEye system adapts the fundamental technology of LTAMDS into a smaller 360-degree solution for advanced, medium-range tracking that will detect drones, cruise missiles and other airborne threats. This system builds on the battle-tested NASAM solution, which has 13 partner countries and over 1,000 intercepts over just the last few years, and it's another example of how we're expanding our regional partnerships in Europe.

本季度，雷神公司也宣布與康斯伯格公司合作共同開發「幽靈眼」雷達的子組件。GhostEye 系統將 LTAMDS 的基礎技術融入更小的 360 度解決方案中，以實現先進的中程跟踪，從而探測無人機、巡航導彈和其他空中威脅。該系統以久經考驗的 NASAM 解決方案為基礎，該解決方案在過去幾年中擁有 13 個合作夥伴國家，攔截次數超過 1,000 次，這是我們擴大歐洲區域夥伴關係的另一個例子。

And lastly, we continue to leverage the breadth and scale of RTX. Across the company, we're implementing our proprietary data analytics and AI platform to accelerate our backlog and increase productivity across our operations. This platform is our digital backbone that connects our enterprise systems, thousands of shop for machines and millions of hours of product data to enable more efficient operations and smarter and faster decision-making.

最後，我們將繼續利用 RTX 的廣度和規模。在整個公司範圍內，我們正在實施專有的數據分析和人工智慧平台，以加速我們的積壓工作並提高整個營運的生產力。該平台是我們的數位主幹網，連接我們的企業系統、數千台機器車間和數百萬小時的產品數據，以實現更有效率的營運和更智慧、更快速的決策。

For example, in Collins Avionics business, our engineers are using this platform to reduce software development times by around 30%, allowing us to deliver faster and more frequent software upgrades to our customers. Shifting to the portfolio.

例如，在柯林斯航空電子業務中，我們的工程師使用該平台將軟體開發時間縮短了約 30%，使我們能夠為客戶提供更快、更頻繁的軟體升級。轉向投資組合。

In the quarter, we entered into an agreement to sell Collins’ Simmonds Precision Products business for $765 million. And yesterday, we completed the $1.8 billion sale of our Actuation business. Both transactions highlight our efforts to focus and invest in our core capabilities with proceeds to be used to further strengthen our balance sheet.

本季度，我們達成協議，以 7.65 億美元的價格出售柯林斯的西蒙茲精密產品業務。昨天，我們完成了以 18 億美元出售 Actuation 業務的交易。這兩筆交易都凸顯了我們致力於集中和投資核心能力的努力，所得收益將用於進一步加強我們的資產負債表。

Lastly, we raised our dividend by 8% in the quarter, reflecting our confidence in executing our backlog and the long-term cash generation capability of our company. With this dividend increase, we now expect to deliver $37 billion of capital to shareowners from the date of the merger through the end of this year, and we remain committed to a long-term capital return policy that includes growing our dividend and returning excess capital to shareowners.

最後，我們在本季度將股息提高了 8%，這反映了我們對完成積壓訂單的信心以及公司長期的現金創造能力。隨著股息的增加，我們預計從合併之日起到今年年底將向股東提供 370 億美元的資本，我們仍然致力於長期資本回報政策，包括增加股息和向股東返還多餘的資本。

Overall, we continue to make steady progress on our key priorities, and I'm pleased with the performance and momentum through the first half of the year.

總體而言，我們在關鍵優先事項上繼續取得穩步進展，我對今年上半年的表現和勢頭感到滿意。

With that, let me turn it over to Neil to take you through the results and our updated outlook for the full year.

接下來，請容許我把時間交給尼爾，讓他向您介紹業績以及我們對全年的最新展望。

All right, Chris. Thanks. I'm on Slide 5.

好的，克里斯。謝謝。我在第 5 張投影片。

In the second quarter, adjusted sales of $21.6 billion were up 9% on both an adjusted and organic basis. Growth was led by strength across all three channels with commercial aftermarket up 16%, commercial OE up 7% and defense up 6%. Segment operating profit of $2.7 billion was up 12%, driven by drop-through on higher volume and improved defense mix, and we saw 30 basis points of consolidated segment margin expansion.

第二季度，調整後銷售額為 216 億美元，以調整後和有機基礎計算均成長 9%。成長主要得益於三個通路的強勁表現，其中商用售後市場成長 16%，商用 OE 成長 7%，國防成長 6%。由於銷售增加和國防組合改善，分部營業利潤成長 12% 至 27 億美元，合併分部利潤率擴大了 30 個基點。

Adjusted earnings per share of $1.56 was up 11% from the prior year, driven by segment operating profit growth and a lower effective tax rate. Earnings per share included approximately $0.06 of higher tariff costs.

調整後每股收益為 1.56 美元，較上年增長 11%，這得益於部門營業利潤增長和有效稅率降低。每股收益包括約 0.06 美元的較高關稅成本。

On a GAAP basis, EPS from continuing operations was $1.22 and included $0.28 of acquisition accounting adjustments and $0.06 of restructuring and other items. As expected, free cash flow was an outflow of $72 million. This included approximately $250 million for powder metal related compensation and $175 million related to tariff impacts.

按照 GAAP 計算，持續經營業務的每股收益為 1.22 美元，其中包括 0.28 美元的收購會計調整和 0.06 美元的重組及其他項目。正如預期的那樣，自由現金流流出 7200 萬美元。其中包括約 2.5 億美元的粉末金屬相關補償和 1.75 億美元的關稅影響相關補償。

So overall, our first half results were strong, driven by end market demand and execution across all three segments. Now let's turn to slide 6, and I'll take you through our outlook.

整體而言，我們的上半年業績強勁，這得益於終端市場需求和三個部門的執行情況。現在讓我們翻到第 6 張投影片，我將向大家介紹我們的展望。

Starting with the top line. Given our strong first half performance, we are increasing our full year adjusted sales outlook to a range of $84.75 billion to $85.5 billion up from our prior range of $83 billion to $84 billion. This translates to between 6% and 7% organic sales growth for the year, up from our prior range of 4% to 6%. Looking at it by channel at the RTX level and adjusting for divestitures, we now expect commercial aftermarket sales to grow low teens, up from our prior outlook of around 10% growth.

從第一行開始。鑑於我們上半年的強勁表現，我們將全年調整後的銷售額預期從先前的 830 億美元至 840 億美元上調至 847.5 億美元至 855 億美元。這意味著全年有機銷售額將成長 6% 至 7%，高於我們先前預測的 4% 至 6% 的範圍。從 RTX 層面的通路來看，並根據資產剝離進行調整，我們現在預計商用售後市場銷售額將成長百分之十幾，高於我們先前預測的 10% 左右的成長。

On the commercial OE side, sales are expected to grow high single digits year-over-year, up from our prior outlook of mid-single digits. And we continue to expect defense sales to grow mid-single digits across the company.

在商業 OE 方面，預計銷售額將年增高個位數，高於我們先前預測的中等個位數。我們繼續預計整個公司的國防銷售額將實現中等個位數成長。

On the bottom line, we continue to improve our ability to mitigate tariff headwinds, including expanding USMCA coverage, qualifying additional parts for military duty-free exemptions and maximizing the use of free trade zones in addition to the items that Chris mentioned. As a result, our current assessment of 2025 tariff costs, net of mitigation is around $500 million, with approximately $125 million already incurred in the first half of the year.

歸根結底，我們將繼續提高緩解關稅逆風的能力，包括擴大 USMCA 覆蓋範圍、使更多零件符合軍事免稅豁免資格以及最大限度地利用自由貿易區，以及克里斯提到的項目。因此，我們目前對 2025 年關稅成本的評估（扣除緩解措施）約為 5 億美元，其中上半年已發生約 1.25 億美元。

In addition, we see the associated cash impact to be around $600 million for the full year, again, a notable improvement. We have incorporated these impacts into our updated full year outlook. With respect to taxes, we are pleased with several elements of the recently enacted legislation that restores the full expensing of research and development costs and maintain stability in the corporate tax rate, and we continue to expect an effective tax rate of 19.5% for the full year.

此外，我們預計全年相關現金影響約為 6 億美元，這又是一個顯著的改善。我們已將這些影響納入我們更新的全年展望中。關於稅收，我們對最近頒布的立法的幾個要素感到滿意，這些立法恢復了研發成本的全額費用化並保持了企業稅率的穩定，我們繼續預計全年有效稅率為 19.5%。

In addition, improved operating performance, including additional profit growth at Raytheon and volume drop-through at Pratt & Collins is providing $0.10 of EPS improvement, which partially offsets the $0.30 tariff headwind. All in, we now see adjusted EPS at a new range of $5.80 to $5.95 for the full year versus our prior range of $6 to $6.15.

此外，包括雷神公司利潤額外增長和普柯林斯公司銷量下降在內的營運業績改善，帶來了每股收益 0.10 美元的增長，部分抵消了 0.30 美元的關稅逆風。總體而言，我們現在預計全年調整後的每股收益將達到 5.80 美元至 5.95 美元的新範圍，而之前的範圍為 6 美元至 6.15 美元。

On free cash flow, we continue to expect between $7 billion and $7.5 billion for the full year as the headwind from tariffs will be offset by the benefit from improved cash taxes. The primary drivers of our second half cash flow growth will come from segment profit and working capital improvements, including the recovery from the work stoppage at Pratt.

在自由現金流方面，我們繼續預計全年自由現金流將在 70 億美元至 75 億美元之間，因為關稅帶來的不利影響將被現金稅提高帶來的好處所抵消。我們下半年現金流成長的主要動力將來自分部利潤和營運資本的改善，包括普惠公司停工後的復甦。

With that, let me hand it over to Nathan to take you through the segment results for the second quarter.

下面，讓我將主題交給 Nathan，請他向大家介紹第二季的分部表現。

Okay. Thanks, Neil. Starting with Collins on slide 7.

好的。謝謝，尼爾。從幻燈片 7 上的柯林斯開始。

Sales were $7.6 billion in the quarter, up 9% on both an adjusted and organic basis, driven by strength in commercial aftermarket and defense. Adjusting for divestitures, by channel, commercial aftermarket sales were up 13%, driven by a 20% increase in mods and upgrades, a 12% increase in parts and repair and a 9% increase in provisioning.

本季銷售額為 76 億美元，調整後和有機成長均 9%，這得益於商業售後市場和國防市場的強勁成長。調整資產剝離後，按通路劃分，商業售後市場銷售額增長了 13%，其中改裝和升級增長了 20%，零件和維修增長了 12%，撥備增長了 9%。

Defense sales were up 11%, driven by higher volume across multiple programs and platforms, including the F-35 and the Survivable Airborne Operations Center programs. Commercial OE sales were up 1% versus the prior year as expected lower volume on the 737 MAX was more than offset by higher volume on other platforms, including the 787.

國防銷售額成長了 11%，這得益於 F-35 和可生存機載作戰中心等多個項目和平台的銷售增加。商業 OE 銷售額較上年增長 1%，因為 737 MAX 的預期銷量下降被包括 787 在內的其他平台的銷售成長所抵消。

Adjusted operating profit of $1.2 billion was up $104 million versus the prior year as drop-through on higher commercial aftermarket and defense volume, favorable defense mix and lower R&D expense more than offset unfavorable commercial OE mix and the impact of higher tariffs across the business. Turning to Collins’ full year outlook.

調整後的營業利潤為 12 億美元，較上年增長 1.04 億美元，原因是商業售後市場和國防銷量增加、國防產品組合有利以及研發費用降低，抵消了不利的商業 OE 產品組合和整個業務關稅上調的影響。談談柯林斯的全年展望。

We now expect sales to grow mid-single digits on an adjusted basis and high-single digits organically, up from our prior range of up low-single digits on an adjusted basis and up mid-single digits organically, driven by strength in commercial aftermarket and defense.

我們現在預計，銷售額在調整後基礎上將實現中等個位數增長，在有機增長方面也將實現高個位數增長，高於我們之前預測的調整後低個位數增長和有機增長中等個位數增長，這得益於商業售後市場和國防領域的強勁增長。

With respect to operating profit, we now expect growth between $275 million and $350 million versus 2024 compared to our prior expectation of up between $500 million and $600 million, driven by the expected impact of tariffs which was partially offset by increased volume drop-through. Shifting to Pratt & Whitney on slide 8.

就營業利潤而言，我們目前預計 2024 年營業利潤將成長 2.75 億美元至 3.5 億美元，而我們先前預期的成長額為 5 億美元至 6 億美元，這主要受關稅預期影響，但部分抵銷了銷量下降的影響。在第 8 張投影片轉向普惠公司。

Despite the impact of the four-week work stoppage that occurred in the quarter, sales of $7.6 billion were up 12% on both an adjusted and organic basis, driven by strength in commercial aftermarket and commercial OE. Commercial aftermarket sales were up 19% and driven by higher volume in large commercial engines and favorable mix in Pratt Canada. Commercial OE sales were up 15%, driven by favorable mix in large commercial engines and higher Pratt Canada volume. In military engines, sales were flat, driven by F135 volume, including the impact of contract award timing.

儘管本季受到四週停工的影響，但由於商業售後市場和商業 OE 的強勁成長，76 億美元的銷售額在調整後和有機基礎上均成長了 12%。商業售後市場銷售額增長了 19%，這得益於大型商用發動機銷量的增加以及普惠加拿大的良好產品組合。受大型商用引擎良好組合和普惠加拿大銷量增加的推動，商用 OE 銷售額成長了 15%。在軍用發動機方面，受 F135 銷量推動，加上合約授予時間的影響，銷量持平。

Adjusted operating profit of $608 million was up $71 million versus the prior year as favorable commercial OE mix, drop-through on higher commercial aftermarket volume and lower R&D expense more than offset unfavorable commercial aftermarket mix, the impact of higher tariffs across the business and the four-week work stoppage. Turning to Pratt's full year outlook.

調整後的營業利潤為 6.08 億美元，較上年增長 7,100 萬美元，原因是商業 OE 組合有利、商業售後市場銷量增加以及研發費用降低，抵消了不利的商業售後市場組合、整個業務關稅上調的影響以及四周的停工。談談普拉特的全年展望。

We now expect sales to grow low-double digits on an adjusted and organic basis, an increase from our prior range of up high-single digit driven by strength in commercial aftermarket and commercial OE mix. With respect to operating profit, we now expect growth between $200 million and $275 million versus 2024 compared to our prior expectation of up between $325 million and $400 million, driven by the expected impact of tariffs, partially offset by increased volume drop-through. Now turning to Raytheon on slide 9.

我們現在預計銷售額將在調整後和有機基礎上實現低兩位數成長，高於我們先前預期的高個位數成長範圍，這得益於商業售後市場和商業 OE 組合的強勁成長。就營業利潤而言，我們目前預計 2024 年營業利潤將成長 2 億至 2.75 億美元，而先前預期的成長為 3.25 億至 4 億美元，這主要受關稅預期影響，但銷量下降增加會部分抵消這一影響。現在轉到幻燈片 9 上的雷神公司。

Sales of $7 billion in the quarter were up 6% on both an adjusted and organic basis driven by higher volume on land and air defense systems, including international Patriot and NASAMS and higher volume on naval programs, including SPY-6 and Evolved SeaSparrow Missile. This was partially offset by expected lower development program volume within air and space defense systems.

本季銷售額為 70 億美元，按調整後和有機基礎計算均增長 6%，這得益於陸地和防空系統（包括國際愛國者飛彈和 NASAMS）的銷量增加，以及海軍項目（包括 SPY-6 和改進型海麻雀飛彈）的銷量增加。預計防空和太空防禦系統開發項目數量將減少，從而部分抵消了這種影響。

Adjusted operating profit of $809 million was up $100 million versus the prior year, driven by favorable program mix including international Patriot and higher volume. Bookings in the quarter were $9.4 billion, resulting in a book-to-bill of 1.35 and a backlog of $63.5 billion.

調整後的營業利潤為 8.09 億美元，比上年增長 1 億美元，這得益於包括國際愛國者飛彈在內的有利的項目組合以及銷量的增加。本季訂單金額為 94 億美元，訂單出貨比為 1.35，積壓訂單金額為 635 億美元。

On a rolling 12-month basis, Raytheon's book-to-bill is 1.49. Other key awards in the quarter included over $1.2 billion for SM-3 production and approximately $650 million for SPY-6 production. Turning to Raytheon's full year outlook.

過去12個月，雷神公司的訂單出貨比為1.49。本季其他重要合約包括超過12億美元的SM-3飛彈生產合約和約6.5億美元的SPY-6飛彈生產合約。談談雷神公司的全年展望。

We continue to expect sales to grow low-single digits on an adjusted basis and mid-single digits organically with operating profit growth between $225 million and $300 million versus 2024, up from our prior expectation of between $150 million and $225 million, driven by favorable international program mix.

我們繼續預計，銷售額在調整後將實現低個位數成長，有機成長率將達到中等個位數，與 2024 年相比，營業利潤將成長 2.25 億美元至 3 億美元，高於我們先前預期的 1.5 億美元至 2.25 億美元，這得益於有利的國際項目組合。

With that, I'll hand it back over to Chris for some closing remarks.

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 10.

好的。謝謝，內森。我在第 10 張投影片。

We have great momentum across RTX through the first half of the year. We delivered strong top and bottom-line growth and our end markets remain robust as seen by our recent customer wins and 1.86 book-to-bill in the quarter, and our backlog now stands at $236 billion.

今年上半年，RTX 發展勢頭強勁。我們實現了強勁的營收和利潤成長，我們的終端市場仍然保持強勁，這從我們最近贏得的客戶和本季 1.86 的訂單出貨比可以看出，我們的積壓訂單目前已達到 2,360 億美元。

Looking toward the second half of the year, we are focused on what we can control, executing our backlog, driving cost discipline and investing in innovation. With that, let's open it up for questions.

展望下半年，我們將專注於我們能夠控制的事情，執行我們的積壓工作，推動成本控制並投資創新。好了，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Hey. Good morning, everybody.

嘿。大家早安。

Good morning.

早安.

Chris, wondering if you wouldn't spend a few minutes on Raytheon and maybe talk about the multiyear outlook here. You had a really solid book-to-bill here over the trailing 12-months, as you just highlighted. And you guys highlighted the upward pressure on budgets, both domestically and internationally, the partnerships that you're setting up in Europe for Patriot production, for example.

克里斯，想知道您是否願意花幾分鐘時間談論雷神公司並討論其多年期前景。正如您剛才強調的那樣，過去 12 個月，您的訂單出貨比非常穩健。你們強調了國內和國際預算的上升壓力，例如你們在歐洲為愛國者飛彈生產建立的合作關係。

So just kind of curious when you think, based on the feedback that you're getting from customers, we might begin to see some awards flowing on some of this outlook and how quickly you think you can convert that into revenue once you begin seeing awards, for example, on Golden Dome. And just kind of the opportunities and challenges that you have ahead of you to convert all of this pipeline and backlog into revenue. Just kind of what the multiyear outlook looks like here from a growth perspective. Thanks for the thoughts.

所以我只是有點好奇，根據您從客戶那裡得到的反饋，我們可能會開始看到一些獎項湧現，以及一旦您開始看到獎項，例如在金穹頂上，您認為可以多快將其轉化為收入。您面臨的機會和挑戰是如何將所有這些管道和積壓訂單轉化為收入。從成長角度來看，多年的前景是這樣的。謝謝你的想法。

Yes. Well, thanks, Jason. And I think you sort of led off with how I would start the story, which is really on the demand profile.

是的。好吧，謝謝，傑森。我想你已經跟我一樣開始講述這個故事了，這個故事其實是根據需求概況而展開的。

I mean, Raytheon did have another very strong quarter of demand, a 1.35 book-to-bill. If you look at their backlog since the end of 2023, it's up about 25%. And it's in those areas, Jason, that we've said before, are really core, right, integrated air and missile defense, effectors, sensing. You mentioned the international demand, which again, Europe, the 3.5%, that's going to play out over the next decade or so.

我的意思是，雷神公司確實又經歷了一個非常強勁的季度，訂單出貨比為 1.35。如果你看看他們自 2023 年底以來的積壓訂單，你會發現它增加了約 25%。傑森，我們之前說過，這些領域才是真正的核心，綜合防空和飛彈防禦、效應器和感測。您提到了國際需求，也就是歐洲的 3.5% 的需求，這將在未來十年左右發揮作用。

We continue to see strong demand in MENA region, in Asia Pacific, given the INDOPACOM threat. Maybe just think also just about the Reconciliation. You mentioned it, $25 billion for Golden Dome, another $25 billion for effectors.

鑑於印太司令部的威脅，我們繼續看到中東和北非地區以及亞太地區的強勁需求。或許也只是思考和解。您提到了，250 億美元用於金色穹頂，另外 250 億美元用於效應器。

We think Golden Dome in particular, is really well aligned with our core capabilities and product portfolio. Again, battle-tested and proven systems at each layer. Think Patriot, NASAMS, Coyote, additional levels of potential protection on the coast with our TPY-2 radar and the long-range SM-3s. And so really, demand across the board.

我們認為 Golden Dome 與我們的核心能力和產品組合非常契合。再次，每一層都經過實戰檢驗和驗證的系統。想想愛國者飛彈、NASAMS 飛彈、土狼飛彈，以及我們的 TPY-2 雷達和遠程 SM-3 飛彈在海岸上提供額外的潛在保護。所以實際上，需求是全方位的。

And our focus this year has really been on ramping. We're going to see significant increases this year on a number of key programs, GEM-T and Coyote going to double in particular, and AMRAAM. And so, when we talk about ramping, it's about capacity, it's about the supply chain. We're investing about $250 million this year in capacity, Tucson, McKinney, Camden, and we're injecting people into the supply chain, which is, again, why you're seeing material growth for the ninth straight quarter at Raytheon.

我們今年的重點確實放在了提升上。今年我們將看到一些關鍵項目的數量大幅成長，尤其是 GEM-T 和 Coyote 項目的數量將翻一番，此外還有 AMRAAM 項目。因此，當我們談論擴大產量時，我們談論的是產能，是供應鏈。我們今年將在圖森、麥金尼、卡姆登等地投資約 2.5 億美元用於產能建設，並向供應鏈注入人才，這也是為什麼雷神公司連續第九個季度實現材料成長。

So the demand signal is, again, super strong. We continue to form key partnerships in Europe, set up second sources, dual production, all the things that help drive this backlog and execute on this demand. I won't speculate on when some of this stuff like Golden Dome turns into sales and awards, but there's a significant opportunity there for us, and we are well positioned and highly engaged in that process.

因此，需求訊號再次變得非常強烈。我們繼續在歐洲建立重要的合作關係，設立第二個來源，進行雙重生產，所有這些都有助於推動這一積壓並滿足這一需求。我不會猜測金頂之類的東西何時會轉化為銷售和獎項，但這對我們來說是一個重大的機會，我們已做好準備並積極參與這個過程。

Great, thanks.

太好了，謝謝。

Robert Stallard, Vertical Research.

羅伯特·斯托拉德（Robert Stallard），垂直研究。

Thanks so much. Good morning.

非常感謝。早安.

Chris and Neil, thanks for the update on the tariff situation, which is obviously tough to predict. But I was wondering if you could give us a bit more detail on some of the moving parts you've seen in Q2 versus Q1? And whether you've factored in or seen any negative developments on the demand side, particularly from US airlines? Thank you.

克里斯和尼爾，感謝你們通報關稅情況，這顯然很難預測。但我想知道您是否可以向我們詳細介紹第二季與第一季相比所看到的一些變化？您是否考慮過或看到過需求方面的任何負面發展，尤其是來自美國航空公司的需求？謝謝。

Well, I'll start on the tariff front, Rob, give a little more color there.

好吧，我將從關稅方面開始，羅布，再多講一點。

As we said upfront in the prepared remarks, our initial outlook was $850 million. We've now reduced that to $500 million. About half of that reduction comes from the reduced rates and the pausing, the other half comes from the improved mitigation actions that we've talked about. I think USMCA, think some certain pricing actions, optimizing the flow of material around our network, so that's the tariff piece.

正如我們在準備好的發言中預先提到的，我們最初的預期是 8.5 億美元。現在我們已將其減少至 5 億美元。其中約一半的減幅來自於降低稅率和暫停徵收，另一半則來自於我們討論過的改進的緩解措施。我認為 USMCA 會採取某些定價行動，優化我們網路周圍的物料流動，這就是關稅部分。

And again, as an overall sort of macro look at tariffs, I think countries want to get deals done. I think there's going to continue to be some escalation in flare ups. That's sort of the nature of how these things work.

再次，從整體宏觀角度看待關稅，我認為各國都希望達成協議。我認為事態還會繼續升級。這就是這些事物運作的本質。

But I think even with some of the more difficult negotiations that are out there, generally speaking, people want stability. They want predictability and we're confident that those deals will get done. We haven't seen it at this stage bleed through into demand.

但我認為，即使面臨一些較艱難的談判，整體而言，人們還是希望保持穩定。他們想要可預測性，我們相信這些交易將會完成。目前我們還沒有看到它滲透到需求中。

If you just look at the commercial aftermarket here in the first half, again, really strong 18% organic growth. We've seen increased shop visits in the platforms, both the V2500 and Pratt Canada. If you look at Collins, all their channels at book-to-bills over 1.0, some very strong demand on mods and upgrades.

如果你看一下上半年的商業售後市場，你會發現其有機成長率再次達到了強勁的 18%。我們看到 V2500 和 Pratt Canada 這兩個平台的店內訪問量都有所增加。如果你看一下柯林斯，你會發現他們所有通路的訂單出貨比都超過 1.0，對改裝和升級的需求非常強烈。

And again, on a more macro level, I would say the consumer sentiment index continues to rise, unemployment remains low. I think the airline commentary has been around a more stable environment, which provides a good platform for continued strength in the aftermarket. So again, I think we've got our arms around tariffs as we see them today and continue to see strength in the market.

再次，從更宏觀的層面來看，我認為消費者信心指數持續上升，失業率維持在低點。我認為航空公司的評論一直圍繞著更穩定的環境，這為售後市場的持續走強提供了良好的平台。因此，我認為我們已經控制住了今天看到的關稅，並且市場繼續保持強勁。

And Rob, let me give you a little bit of color on the segments.

羅布，讓我給你稍微介紹一下這些片段。

So if you think about the $500 million, about $275 million pertains to Collins, and that's reflected in their revised outlook and about $225 million relates to Pratt & Whitney. And if you think about the second quarter, so what's behind us, we got about $100 million or so behind us, $60 million of it is sitting inside of the Collins numbers in the second quarter, and $40 million is sitting inside of the Pratt numbers.

因此，如果您考慮這 5 億美元，其中約 2.75 億美元屬於柯林斯，這反映在其修訂後的展望中，而約 2.25 億美元與普惠公司有關。如果你考慮一下第二季度，那麼我們過去的情況是這樣的，我們過去大約有 1 億美元，其中 6000 萬美元在第二季度的柯林斯數字中，4000 萬美元在普拉特數字中。

And I already mentioned how much cash we've incurred to date in terms of an outflow is about $175 million. So we got about $425 million to go for the rest of the year. Just a little extra color from a segment perspective.

我已經提到過，到目前為止，我們的現金流出量約為 1.75 億美元。因此，我們今年剩餘的時間還有大約 4.25 億美元可用。從片段角度來看，這只是一點額外的顏色。

That's great. Thank you so much.

那太棒了。太感謝了。

Myles Walton, Wolf Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks, good morning. Maybe just one clarification first and then a question.

謝謝，早安。也許先澄清一點，然後再提出問題。

So the clarification, in terms of the tariff assumptions, are you assuming that revert on August 1, back to the liberation day levels or the new levels or just that they continue at pace where they are?

因此，就關稅假設而言，需要澄清的是，您是否假設在 8 月 1 日恢復到解放日的水平或新的水平，或者只是繼續保持目前的水平？

And then the real question is on the reconciliation bill. If you can just put a finer point on the specific benefit you got from the R&D capitalization reversal and how that proceeds over the coming few years? Thanks.

那麼真正的問題就在於和解法案。您能否更詳細地說明一下您從研發資本化逆轉中獲得的具體好處以及未來幾年的進展？謝謝。

Sure. Thanks, Myles, for the question.

當然。謝謝 Myles 提出的問題。

Just to clarify on the tariff piece. So our $500 million contemplates the rates that are currently in effect today. So we haven't contemplated something going up on August 1 or anything that might transpire after that. However, I'll make a couple of comments on that.

只是為了澄清關稅部分。因此，我們的 5 億美元考慮的是目前有效的利率。因此，我們還沒有考慮 8 月 1 日會發生什麼事情，或之後可能發生的任何事情。不過，我還是想就此發表幾點評論。

The first is should rates change go up, we'll probably see about a couple of months of that hit the income statement. The rest would sit in inventory at the end of the year. We think that between the way we're looking at the year in terms of our risk and opportunities as well as the range we provided in the earnings per share, we'd be able to absorb that.

首先，如果利率上升，我們可能會看到大約幾個月的利率對損益表產生影響。其餘的將在年底存入庫存。我們認為，從我們對今年風險和機會的看法以及我們所提供的每股盈餘範圍來看，我們能夠吸收這些影響。

I would say the same thing on the free cash flow side. So that's why we've got a range around those particular metrics. And as we sit here today, there's still a lot to learn over the next couple of months, and we'll be monitoring that. And of course, as Chris just said, we're working our mitigations to continue to offset any additional headwind that might come.

對於自由現金流方面我也會說同樣的話。這就是為什麼我們對這些特定指標有一個範圍。今天我們坐在這裡，接下來的幾個月還有很多東西要學習，我們會持續關注。當然，正如克里斯剛才所說，我們正在採取緩解措施，繼續抵消可能出現的任何額外阻力。

On the tax side, again, pleased to see the permanent restoration of R&D [expensing] (added by company after the call) in particular. As you all know, the tax rules are very complicated. So we're dealing with a number of provisions that are embedded in that legislation. We do see a little bit of income statement headwind this year. We're offsetting that with some other operational tax items for the year so no net impact there, keeping our effective tax rate at 19.5%.

在稅收方面，我們再次高興地看到研發[費用]的永久恢復（公司在電話會議後補充道）。眾所周知，稅收規則非常複雜。因此，我們正在處理該立法中包含的許多條款。我們確實看到今年的損益表出現了一些阻力。我們用今年的一些其他營運稅項目來抵消這一影響，因此沒有淨影響，將我們的有效稅率保持在 19.5%。

On the cash side, as you probably all know, this bill was effective as of the beginning of 2025. And so, again, a lot of complexities there. We do expect a cash benefit to come this year. It's fairly moderate.

在現金方面，正如大家可能知道的，該法案將於 2025 年初生效。所以，這裡面又存在著很多複雜情況。我們確實預計今年將會有現金收益。相當適中。

It probably accounts for 25%, 30% of the offset to the tariff headwind that we're seeing this year. But we'll expect that to continue to be a benefit going forward in '26, '27 and '28 as we continue to work through the varying provisions of that bill, including the capitalization versus expensing of research and development and how we handle that and the interplay with some corporate alternative minimum taxes.

這可能占我們今年看到的關稅逆風的 25% 到 30%。但我們預計，隨著我們繼續研究該法案的各項規定，包括研發的資本化與費用化，以及我們如何處理這些問題以及與一些企業替代性最低稅的相互作用，這將繼續在 2026 年、2027 年和 2028 年帶來好處。

So very complex, but big picture, it's favorable. Great to see the corporate tax rate maintained at 21%. I think that's really important for American companies to maintain our competitive global edge, and we're continuing to invest research and development here in the United States, as well as capital, and we get a bonus deduction for that as well from the provision. So all good, and you'll see that in the numbers as we get into next year.

非常複雜，但從總體來看，這是有利的。很高興看到企業稅率維持在 21%。我認為這對美國公司保持全球競爭優勢非常重要，我們將繼續在美國投資研發和資本，我們也從該條款中獲得了獎金扣除額。一切都很好，進入明年，你就會在數字中看到這一點。

Alright, thank you.

好的，謝謝。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning.

嘿，早安。

Good morning, Scott.

早安，史考特。

Hey, Scott.

嘿，斯科特。

Sorry to ask another question on tariffs but, Neil, should we expect the net impact of tariffs to decline in 2026 relative to 2025, assuming these current rates hold? And then does that net impact decline more for cash than it does for EBIT as you go into next year?

很抱歉再次詢問有關關稅的問題，但是，尼爾，假設目前的關稅稅率保持不變，我們是否應該預期關稅的淨影響在 2026 年相對於 2025 年會下降？那麼，進入明年，現金的淨影響下降幅度是否會大於息稅前利潤的淨影響下降幅度？

Scott, thanks for the question.

斯科特，謝謝你的提問。

I don't want to get too far ahead of us for '26, but what I will tell you is that we're continuing to aggressively work the mitigation strategies here. We've been very successful in identifying opportunities to qualify more of our imports under the USMCA provisions, military duty-free exemptions, putting bonds in place for goods that get re-exported. So I think we have a number of things, Chris alluded to, some of the pricing actions as well.

我不想對 26 年做出太過超前的預測，但我要告訴你們的是，我們將繼續積極地實施緩解策略。我們非常成功地找到了機會，使更多的進口商品符合 USMCA 的規定、軍事免稅豁免以及為再出口的商品提供保稅。所以我認為我們有很多事情要做，克里斯提到，還有一些定價行動。

Right now, I would say we've made good progress there, and I'm seeing good traction. Don't want to put a number on it today, but our intent here is to continue to aggressively mitigate these headwinds so that we don't see a larger year-over-year headwind coming into '26.

現在，我想說我們在那裡取得了良好的進展，並且我看到了良好的動力。今天我們不想給出具體數字，但我們的目的是繼續積極緩解這些不利因素，以便我們不會看到 26 年出現比去年同期更大的不利因素。

Thank you.

謝謝。

You're welcome.

不客氣。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning, guys, and thank you so much.

大家早安，非常感謝你們。

Maybe we could talk about the core business because it performed very well at Pratt. So the guidance is now double-digit aftermarket growth for Pratt which, after 24% in H1, implies a steep deceleration. How are we thinking about aftermarket, whether it's spares, work scopes, the 22% MRO output on GTF despite the strike?

也許我們可以談談核心業務，因為它在普惠公司表現得非常好。因此，普惠售後市場目前的預期是兩位數的成長，而上半年的成長速度為 24%，這意味著成長速度將急劇減速。我們如何看待待售後市場，無論是備件、工作範圍，還是儘管發生罷工，GTF 引擎的 MRO 產量仍達到 22%？

And I think you mentioned the V2500 retirements at 1% year-to-date. So maybe just based on GE’s commentary last week, they're extending their shop visit peak as well. How are you thinking about volume, profit drop-through on the two large commercial engine programs?

我認為您提到了今年迄今為止 V2500 的退役率為 1%。因此，也許僅根據通用電氣上週的評論，他們也會延長他們的店鋪訪問高峰期。您如何看待兩個大型商用引擎專案的產量和利潤下降？

Hey. Good morning, Sheila. So I'll sort of pick up to kind of where you were going here.

嘿。早安，希拉。所以我會大致了解你要去的地方。

On the MRO output at Pratt, on the GTF1100, again, we were pretty pleased, up 22% in Q2. You mentioned that's despite sort of the part supply impact from the four-week work stoppage, also on heavier work scopes, so feel good about that output. And that's key, obviously, to continuing to move the AOGs down here in the second half of the year.

對於普惠 GTF1100 的 MRO 產量，我們再次感到非常滿意，第二季成長了 22%。您提到，儘管四周的停工對零件供應產生了一定影響，而且工作範圍也更繁重，但對產量還是感到滿意。顯然，這對於在下半年繼續將 AOG 轉移到這裡至關重要。

On the V2500, we continue to see sort of strength in that program. We're obviously halfway through the year and feel really good about the 800 or so shop visits that we forecasted for the year.

在 V2500 上，我們繼續看到該程式的優勢。顯然，今年已經過去一半了，我們對今年預計的 800 家左右的門市訪問量感到非常滿意。

And I'll tell you, when you look a little bit longer term there, I think that program is going to continue to have strength, frankly, beyond where we thought it would three, four years ago. That platform continues to perform exceptionally well, demand is there.

而且我告訴你，如果你把眼光放得更長遠一些，我認為這個計劃將繼續保持強勁勢頭，坦白說，會超出我們三四年前的預期。該平台持續表現優異，需求存在。

And even at shop visit potentially start to come down at some point, I think you'll start to see the content go up. So feel really good about GTF and the V2500.

即使商店訪問量在某個時候可能會開始下降，但我認為你會開始看到內容的上升。所以對 GTF 和 V2500 感覺非常好。

And then, of course, there's also Pratt Canada, continued strength there in their shop visits and on their portfolio. So feel good about the Pratt commercial aftermarket story.

當然，還有普拉特加拿大公司，其在店內訪問量和產品組合方面繼續保持強勁勢頭。因此，對普惠商用售後市場的故事感到樂觀。

And maybe just to put a finer point on some of the changes in our outlook, Sheila.

希拉，也許只是為了更詳細說明我們觀點的一些變化。

We talked about Pratt sales now being up low-double digits for the year. Think about that as about $800 million of the $1.6 billion top line increase at the RTX level at the midpoint. About half of that is going to be aftermarket, so we now see the aftermarket up mid-teens.

我們談到普拉特今年的銷售額成長了兩位數。想像一下，在 RTX 水準的中間點，16 億美元的營收成長中約有 8 億美元。其中約一半將是售後市場，因此我們現在看到售後市場的成長速度達到十幾歲。

We've been working, as you know, to balance our deliveries between installs, spares and so again, we see good growth in the back half as well. The compares get more difficult, not just at Pratt but also at Collins. About $300 million of the $800 million increase is on the OE side. We continue to see good mix there, and the rest is sitting in the defense business. So just a little extra color on the Pratt business.

如您所知，我們一直在努力平衡安裝、備件等的交付，因此，我們也看到下半年的良好成長。比較變得更加困難，不僅在普拉特，而且在柯林斯。8 億美元的增幅中約有 3 億美元用於 OE 方面。我們繼續看到那裡的良好組合，其餘的則集中在國防業務上。這只是對普拉特業務的一點補充。

Thank you.

謝謝。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

Hey. Good morning, guys.

嘿。大家早安。

A little bit about what you're seeing in OE production rates, it does seem we're starting to see some stability and lift in the Boeing narrow-body rates and wide-body rates, and what are you seeing on your end? And then on the Airbus side, it seems like A350 is still kind of challenged, and what's that mean for Collins and what's going on with A320?

關於您在 OE 生產率方面看到的情況，我們似乎開始看到波音窄體機生產率和寬體機生產率有所穩定和提升，您看到了什麼？那麼從空中巴士方面來看，A350 似乎仍然面臨挑戰，這對柯林斯意味著什麼？ A320 的情況又如何？

Ron, let me start maybe a little bit and then Chris can pile on.

榮恩，讓我先講一點，然後克里斯再說。

At Collins, 1% OE growth here in the second quarter, we expected the first half of the year to be a little bit lighter. The compares get a lot easier as we get into the second half of the year, particularly because we're overcoming the Boeing strike from last year. So at Collins, we're encouraged by the ramp that we're seeing there.

在柯林斯，第二季的 OE 成長率為 1%，我們預計上半年的成長速度會稍微慢一些。進入下半年，比較變得容易得多，特別是因為我們正在克服去年波音公司的罷工影響。因此，在柯林斯，我們對在那裡看到的坡道感到鼓舞。

We're expecting a little bit of mix headwind as the wide-bodies, 787, in particular, as you all know the story there, ramps up in the second half. But I would say, just to put a little color on the Collins segment, I just did Pratt, see about $800 million of sales uplift in our outlook.

我們預計會出現一些混合逆風，因為寬體飛機，特別是 787，正如你們所知，在下半年將會加速發展。但我想說的是，只是為了給柯林斯部分添加一點色彩，我剛剛做了普拉特，看到我們預期的銷售額增長約 8 億美元。

About $200 million of that is on the OE side because of that strength that we're seeing on the ramp side. Another $250 million is in the aftermarket just to keep going here and the rest is in defense. We had a really strong year start to the year for the Collins Defense business.

由於我們在坡道方面看到了這種實力，其中約 2 億美元用於 OE 方面。另外 2.5 億美元用於售後市場以維持運營，其餘資金用於國防。今年，柯林斯防務業務取得了非常強勁的開局。

Chris, anything you want to add?

克里斯，您還有什麼要補充的嗎？

I would just agree with the overall sentiment on, which is I think we are seeing stability in the rates at Boeing, they continue to grow with the focus there on the production system so that's great. And for Collins, it's just making sure that we stay out of their way and continue to deliver at the rates that they need, making sure that we've got the supply chain in place on some of the constrained material.

我只是同意整體觀點，我認為我們看到波音的利率保持穩定，並且隨著對生產系統的關注而繼續增長，所以這很好。對於柯林斯來說，我們只是要確保我們不會妨礙他們，並繼續以他們需要的速度交貨，確保我們在一些受限材料上擁有供應鏈。

Again, as we've said before in the past, we've got capacity for a much higher rate. So this will just come down to making sure we've got the material where we need it, when we need it, but feel good about that.

再說一次，正如我們以前說過的，我們有能力實現更高的利率。所以這只是為了確保我們在需要的時候、在需要的地方取得材料，但對此感到滿意。

And then on the A320, again, continue to ramp there as well, Ron. We had the work stoppage, of course, which impacted a little bit here in the quarter. But again, I think we're going to make that up in the balance of the year.

然後在 A320 上，再次繼續在那裡坡道，羅恩。當然，我們遇到了停工，這對本季產生了一點影響。但我再次認為，我們將在今年餘下的時間裡彌補這一損失。

And on the engine side, it really is still about allocating material between MRO and production. And we work closely with Airbus in doing that because we've got to make sure that we balance the continued ramp there, especially as it relates to structural castings and isothermal forgings with what we need on the MRO side because, again, we got to continue to support that fleet and move the AOGs down here in the second half of the year, which is our plan.

在引擎方面，它實際上仍然涉及在 MRO 和生產之間分配材料。我們與空中巴士公司密切合作，因為我們必須確保平衡那裡的持續成長，特別是與結構鑄件和等溫鍛件相關的成長與我們在 MRO 方面的需求，因為我們必須繼續支持該機隊並在下半年將 AOG 轉移到這裡，這是我們的計劃。

Got you, thank you.

明白了，謝謝。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Hey. Thanks very much and good morning.

嘿。非常感謝，早安。

Chris, I was wondering there's been some reports in the press about upgrades at the FAA and the role that RTX might play in that. I was wondering if you could help us out in terms of how to think about that opportunity.

克里斯，我想知道媒體上是否有關於 FAA 升級以及 RTX 可能在其中發揮的作用的報導。我想知道您是否可以幫助我們思考如何利用這個機會。

Yes. Absolutely, Seth. Good morning.

是的。絕對如此，塞斯。早安.

FAA modernization, I think, is something that's pretty critical. I think that's a bipartisan sort of agreement. We were pleased to see the funding that was in the reconciliation bill of $12.5 billion, which I think is a pretty good down payment on what you're going to need to overhaul the air traffic system.

我認為，FAA 的現代化是非常關鍵的。我認為這是兩黨達成的協議。我們很高興看到和解法案中提供了 125 億美元的資金，我認為對於改革空中交通系統而言，這是一筆相當不錯的首付款。

Again, we play in some very specific areas in there. We've got very strong market share on the radars that are installed and so there's an opportunity there. There's also opportunity on just the automation that goes into the towers, where we have a very strong position.

再次強調，我們在那裡的一些非常具體的區域進行遊戲。我們在已安裝的雷達上佔有很大的市場份額，因此這是一個機會。在塔樓自動化領域也存在著機遇，我們在這方面佔據非常強的地位。

So again, working with the FAA on modernizing and upgrading those systems and then again, there's an opportunity, I think, on the aircraft equipage side. As you know, Collins has a number of packages there that help with ground control and other things that happen on the runway. So these are all opportunities, I think, that I put into the FAA modernization bucket. Again, a big opportunity for Collins.

因此，再次與美國聯邦航空局合作對這些系統進行現代化改造和升級，我認為在飛機裝備方面也有機會。如你所知，柯林斯有許多套件可以幫助地面控制和跑道上發生的其他事情。所以我認為這些都是我納入 FAA 現代化桶的機會。這對柯林斯來說又是一個重大機會。

Great. Thanks very much.

偉大的。非常感謝。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Good morning, Chris. Neil, Nathan.

早上好，克里斯。尼爾，內森。

Chris, maybe circling back the big picture questions on sort of where we're going, on kind of related Golden Dome and missile defense activities. There's, obviously, in the most recent budget request, we saw a big step up for Patriot missiles. I was just thinking about the knock-on effects for LTAMDS. How do we think about the longer-term production output there as we see a big ramp or are there any impacts?

克里斯，也許我們可以回到一些宏觀問題上來，例如我們要去哪裡，以及與金頂和飛彈防禦活動相關的問題。顯然，在最近的預算申請中，我們看到愛國者飛彈的大幅提升。我只是在考慮 LTAMDS 的連鎖反應。當我們看到產量大幅成長時，我們如何看待那裡的長期產量，或者是否會有任何影響？

Peter, it was a little bit choppy. I think you were asking me about effector production on Patriot, is that where you were going?

彼得，有點不順暢。我想您問我的是有關愛國者效應器生產的問題，您要去那裡嗎？

Yeah and LTAMDS and if there's any changes to LTAMDS related to that?

是的，LTAMDS 是否有與此相關的變化？

Sure. Well, look, as it relates to just Golden Dome, I think Patriot, we believe is going to be a very important part of that. especially if you want to make a significant impact over the next two to three years.

當然。嗯，就其與金色穹頂的關係而言，我認為愛國者，我們相信這將是其中非常重要的一部分。特別是如果你想在未來兩到三年內產生重大影響的話。

I think there are opportunities to take Patriots that are potentially in inventory today, deploy those as part of the Golden Dome architecture, of course we'd have to go and then backfill those. And you're seeing Patriot demand all across Europe as well. There's been some recent reporting there. And again, I think that presents an opportunity for Raytheon.

我認為有機會利用目前庫存中的愛國者飛彈，將其部署為金頂建築的一部分，當然我們必須先去填補這些空缺。而且你也會看到整個歐洲對愛國者的需求。最近那裡有一些報導。我認為這再次為雷神公司帶來了機會。

And then on LTAMDS, again, we're really pleased to achieve milestone C earlier this year, initiating the production phase there. We delivered about 6 to the US government and the Army has plans to procure any more over the next decade or so.

然後，在 LTAMDS 上，我們非常高興在今年稍早實現了里程碑 C，並在那裡啟動了生產階段。我們向美國政府交付了大約 6 輛，陸軍計劃在未來十年左右採購更多。

And I think the critical thing there about LTAMDS is the integration potential it has with Patriot. You've got 19 Patriot countries out there today, leveraging their investment, leveraging the upgrade that they've made by integrating LTAMDS with Patriot. I think it could be pretty powerful.

我認為 LTAMDS 的關鍵在於它與 Patriot 的整合潛力。如今，已有 19 個愛國者國家利用他們的投資，利用將 LTAMDS 與愛國者係統整合而實現的升級。我認為它可能非常強大。

Appreciate it.

非常感謝。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey. Morning, Chris, Neil and Nathan.

嘿。早安，克里斯、尼爾和內森。

Maybe on long-term free cash flow, it sounds like the company's end markets have significant multiyear tailwinds, you've talked about commercial aerospace OE improving, aftermarket is still strong, defense bookings up and your supply chain investment should accelerate earnings in the next few years. So if we think about 90% to 100% free cash flow conversion to net income, reversal of some of the working capital you've invested and the end of the GTF cash outflows from the powdered metal issue, should $10 billion be the minimum free cash flow in 2027 and beyond?

也許就長期自由現金流而言，聽起來該公司的終端市場在多年內都有顯著的順風，您談到了商用航空 OE 的改善、售後市場依然強勁、國防訂單增加以及您的供應鏈投資應該會在未來幾年加速盈利。因此，如果我們考慮將 90% 到 100% 的自由現金流轉換為淨收入，逆轉您已投資的部分營運資本，並結束粉末金屬發行導致的 GTF 現金流轉換為淨收入，逆轉您已投資的部分營運資本，並結束粉末金屬發行導致的 GTF 現金流出，那麼 100 億美元是否應該是 2027 年及以後的最低自由現金流？

Kristine, let me start. Thanks for the question.

克里斯汀，讓我先開始。謝謝你的提問。

I know there's a lot of interest in our free cash flow. First of all, I want to emphasize the fact that we're confident in our $7 billion to $7.5 billion for this year. Obviously, there's work to do in the second half, there's a few things that are going to drive that.

我知道很多人對我們的自由現金流感興趣。首先，我想強調的是，我們對今年的 70 億至 75 億美元目標充滿信心。顯然，下半年還有很多工作要做，有幾件事會推動這些工作。

Just to remind everyone, we'll see a recovery from the Pratt strike, which is what impacted us here in the second quarter, and that's about $1 billion. So we expect most of that to recover in the third quarter.

只是提醒大家，我們將從普拉特罷工中恢復過來，這場罷工對我們第二季造成了約 10 億美元的影響。因此，我們預計大部分收入將在第三季恢復。

We've got a number of delivery milestones that are attached to cash receipts as well, particularly in the Raytheon business. There's some international advances, those can be lumpy but certainly feel confident those are within the year. And then you'll notice when you get to look at our balance sheet, the receivables are a little higher. So we expect to collect that naturally here in the third quarter.

我們有許多與現金收入相關的交付里程碑，特別是在雷神業務中。國際上取得了一些進展，這些進展可能不甚明朗，但我們相信這些進展將在一年內實現。然後，當您查看我們的資產負債表時，您會注意到應收帳款略高一些。因此，我們預計第三季將會自然地收回這筆金額。

And then we haven't talked about it, but the contract award timing for Pratt with respect to lots '18 and '19 on the F135 is expected to come into play here in the third quarter. And that will drive some upside in both sales and cash.

然後我們還沒有談論它，但普惠公司關於 F135 '18 和 '19 批次的合約授予時間預計將在第三季度生效。這將推動銷售額和現金的成長。

So starting with this year, of course, longer term, if you just look at the guidance we provided this year, there's about, call it, $1.2 billion of powdered metal related compensation in the full year. And if you add that back, you get to about $8.5 billion of what I'd call operational free cash flow that's well over 100% of adjusted net income.

因此，從今年開始，當然，從長遠來看，如果你看看我們今年提供的指導，全年與金屬粉末相關的薪酬約為 12 億美元。如果你把這個數字加回去，你就會得到大約 85 億美元的營運自由現金流，這遠遠超過調整後淨收入的 100%。

And for all the reasons you articulated, continued growth on the OE side, strength in the aftermarket with RPKs continuing to grow in the 3% to 5% range, for example, strong, strong defense backlog, a lot of it sitting in our backlog today. Certainly, I'm not going to put an exact number on it today, but we expect to see tailwind in the free cash flow over the next several years.

由於您闡述的所有原因，OE 方面持續成長，售後市場強勁，RPK 繼續在 3% 至 5% 的範圍內增長，例如，強勁的國防積壓訂單，其中許多都在我們的積壓訂單中。當然，我今天不會給出一個確切的數字，但我們預計未來幾年自由現金流將會出現順風。

And I would add to that, the benefits that I just talked about a little earlier with respect to the tax legislation. So feeling really confident in the free cash flow generation of the company, and we're starting to see that be more regular occurrence through the quarterly cadence.

我還想補充一下，我剛剛談到了稅收立法的好處。因此，我們對公司的自由現金流產生非常有信心，我們開始看到這種情況在季度節奏中更頻繁地發生。

Great, thank you.

太好了，謝謝。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning. Thank you.

早安.謝謝。

This quarter was a very good quarter for Raytheon margins. And some time back, you had a goal of getting those margins up to 12%-plus, and this was close. Can you talk about how you see this trajectory going forward, given that one of the issues had been on performance on some fixed price development programs, which we were hoping to see get wrapped up.

本季對於雷神公司的利潤率來說是一個非常好的季度。不久前，您的目標是將利潤率提高到 12% 以上，而現在您已經很接近這個目標了。鑑於其中一個問題是一些固定價格開發計劃的績效，我們希望看到這些問題得到解決，您能否談談您如何看待這一發展軌跡。

And then the other side of this, you've got a lot more international demand, mature fixed price programs ahead of you. How should we think about getting to that 12%-plus number now?

另一方面，你們面臨著更多的國際需求和成熟的固定價格計劃。我們現在應該如何考慮達到 12% 以上的數字？

Doug, let me start here.

道格，讓我從這裡開始。

You've pointed out a number of the positives here, and we agree. We're really happy with the performance in the second quarter. I would attribute that a lot to what I call the base margin on the mix.

您指出了這裡的許多積極方面，我們同意。我們對第二季的表現非常滿意。我認為這很大程度上歸功於我所說的混合基本利潤。

Once you have a chance to kind of look at the composition of our sales, you'll see that on a year-over-year basis, our FMS and DCS sales are up almost $500 million. So we're seeing the mix that we've been talking about come out of our backlog and come through the income statement with the margins that we would expect.

一旦您有機會了解我們的銷售組成，您就會發現，與去年同期相比，我們的 FMS 和 DCS 銷售額增長了近 5 億美元。因此，我們看到我們一直在談論的組合從積壓訂單中出來，並透過損益表實現了我們預期的利潤率。

We also saw -- we'll continue to see balance, if you will, on the productivity. So about $15 million year-over-year productivity year-to-date, starting to turn the corner there. But I think what's most important is seeing in the base margins of the programs that we're adding to the backlog.

我們也看到——如果你願意的話，我們將繼續看到生產力的平衡。因此，今年迄今的年生產力年增了約 1500 萬美元，開始出現轉機。但我認為最重要的是看到我們正在添加到積壓中的程序的基本利潤。

The other important point is in our backlog; you'll note that the foreign composition is up 2 points year over year. So again, with the new orders that we're adding, we're seeing it come in with higher margins. So I'd say those bids are being put out there, contemplating the current cost structure for products that are right in our wheelhouse, and we know how to execute on and the supply chain continues to improve.

另一個重要點是我們的積壓訂單；您會注意到，外國組成比去年同期增加了 2 個百分點。因此，隨著我們增加新訂單，我們看到利潤率提高。所以我想說，這些投標是考慮到我們能力範圍內產品的當前成本結構而提出的，我們知道如何執行，並且供應鏈也會不斷改善。

So all of those create tailwind and will get us on that journey well on that journey to the 12%-plus margins that we see Raytheon at.

因此，所有這些都會形成順風，使我們在這過程中順利實現雷神公司 12% 以上的利潤率。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

I wanted to ask on the GTFA, if you could just give us an update on how that gets spiraled in both for OE and aftermarket. And if you could also just update us broadly on supply chain.

我想在 GTFA 上詢問一下，您是否可以向我們介紹一下 OE 和售後市場中這種情況的最新情況。而您是否可以向我們大致介紹一下供應鏈的情況？

Sure. Good morning, Gautam.

當然。早安，Gautam。

So on the GTF Advantage, production has already begun. We've got deliveries planned for the -- later in this year towards the end of this end of this year. The cut over, the spiraling as you called it, it's going to happen over a couple of years, and that's to appropriately manage the risk, ensure the production maturity and supply chain stability.

GTF Advantage 的生產已經開始。我們計劃在今年稍後至年底進行交付。這種切換，也就是你所說的螺旋式上升，將會在幾年內發生，這是為了適當地管理風險，確保生產的成熟度和供應鏈的穩定性。

And then as you noted, there is the hot section sort of plus package that we're putting together, which is the 35 or so parts of the GTF Advantage that we're going to that we're going to kit. These comprise the majority -- overwhelming majority, almost 90% of the durability improvements from the GTF Advantage, and those are going to start to enter into MRO next year.

然後，正如您所說，我們正在組裝一種熱門部分的附加包，也就是我們要組裝的 GTF Advantage 的大約 35 個部件。這些改進佔了 GTF Advantage 耐久性改進的絕大部分（幾乎 90%），這些改進將於明年開始進入 MRO 階段。

Supply chain overall, I would say, continue to see improvements. I mentioned the structural castings are up over 20% at Pratt. I also mentioned the 9 consecutive quarters in material growth at Raytheon. And then at Collins, Again, it's got a huge supply chain network, and we've seen reduced overdue line items about the tune of about 25% so far this year.

我想說，整個供應鏈正在持續改善。我提到普惠的結構鑄件價格上漲了 20% 以上。我還提到了雷神公司材料業務連續 9 個季度成長。而柯林斯擁有龐大的供應鏈網絡，今年到目前為止，我們已經看到逾期計畫減少了約 25%。

All really good signs for us.

對我們來說這都是非常好的跡象。

And I would tell you that this is one of the main areas of our CORE operating system, sitting side by side with our suppliers, making sure they understand our demand, making sure that if there are producibility changes that we can make, is our specification changes that we can make, whatever we can do to sort of help drive throughput in our supply chain are things that CORE has been really instrumental in helping us get to this level of stability.

我想告訴你們，這是我們 CORE 作業系統的主要領域之一，與我們的供應商並肩坐在一起，確保他們了解我們的需求，確保我們可以做出生產能力的改變，我們可以做出規格的改變，無論我們可以做什麼來幫助提高我們供應鏈的吞吐量，CORE 在幫助我們達到這種穩定水平方面都發揮了真正的作用。

Again, more to do. We continue to have ramp up, as I said before, on GTF MRO in the back half of the year. You heard Neil talk about some of the OE growth that we're seeing. So again, not taking our foot by any measure off the pedal. There's a lot to do there. We feel good about the progress so far in the first half of the year.

再次強調，還有很多事情要做。正如我之前所說，我們將在今年下半年繼續加大 GTF MRO 的投資。您聽到尼爾談論了我們所看到的一些 OE 成長。所以，再說一次，我們絕對不會把腳從踏板上移開。那裡有很多事要做。我們對上半年迄今的進展感到滿意。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Thanks. Good morning.

謝謝。早安.

Morning.

早晨。

Morning.

早晨。

Chris, you've highlighted a number of times the -- your forecast for GTF AOGs to come down in the second half of the year. Any sort of quantification of what that might look like in terms of how much we should expect AOGs to come down in the second half of the year?

克里斯，您多次強調——您預測 GTF AOG 數量將在下半年下降。就我們預計下半年 AOG 數量會下降多少而言，有什麼量化數據可以說明嗎？

And then just a quick one, if you could touch on some of the nonrecurring items in the quarter, the customer bankruptcy at Pratt and then the extent of the restructuring you're doing at Collins? Thanks.

然後簡單問一下，您能否談談本季度的一些非經常性項目，普拉特的客戶破產以及您在柯林斯進行的重組的程度？謝謝。

On the AOGs, David, I'll just say they stabilized, and we're expecting them to come down meaningfully here in the second half. And that's going to again be on the back of continued growth in MRO output.

關於 AOG，David，我只想說它們已經穩定下來了，我們預計它們在下半年會大幅下降。而這將再次得益於 MRO 產量的持續成長。

As I said, to Sheila's question, we were pleased with the 22% increase in Q2, especially given the strike, especially given the work scopes. We've seen improvement in our in-shop turnaround time. So that's continued to trend positively.

正如我在回答 Sheila 的問題時所說，我們對第二季 22% 的成長感到滿意，尤其是考慮到罷工和工作範圍。我們發現店內週轉時間有所改善。因此，這一趨勢將繼續保持積極態勢。

But again, we need to continue to see that ramp happen in that 30% increase range as we move through the year. That's going to be the instrumental piece of this. That's what's going to move this down meaningfully here in the second half of the year.

但同樣，我們需要繼續看到這一增長在全年保持在 30% 的範圍內。這將是其中的關鍵部分。這將在今年下半年大幅降低這個數字。

Yes. Let me pick up on the nonrecurring items.

是的。讓我來談談非經常性項目。

First of all, you saw we had a charge at Pratt & Whitney. We did have an airline customer that filed for bankruptcy, unfortunately. However, we are continuing to work with that customer, as you'd expect.

首先，您看到我們在普惠公司有收費。不幸的是，我們確實有一家航空公司客戶申請破產。不過，正如您所期望的，我們將繼續與該客戶合作。

And over time, I believe that they will continue to utilize our assets and that in the long term, we will likely realize some recovery there. But as a matter of practice we reserve for that when that occurs so that's that.

隨著時間的推移，我相信他們將繼續利用我們的資產，從長遠來看，我們可能會在那裡實現一些復甦。但按照慣例，當這種情況發生時，我們會保留它，所以就是這樣。

With respect to Collins, you probably saw in the first quarter, we had a fairly sizable restructuring charge. We're continuing our actions there. There's a broader effort at Collins to undergo some significant transformation.

關於柯林斯，您可能在第一季就看到了，我們進行了相當大的重組。我們將繼續在那裡採取行動。柯林斯正在做出更廣泛的努力以實現一些重大轉型。

As you know, we brought a lot of companies together to create Collins, and we've done a lot of work, but there's still more to do. and that work gets harder and harder and more invasive as it relates to footprint and the like. But rightsizing the business, rightsizing the back office reducing our footprint, increasing our automation, those are all projects that Collins is aggressively undertaking right now.

如你所知，我們聯合了很多公司來創建 Collins，我們也做了很多工作，但還有很多工作要做。而且這項工作在涉及足跡等方面時會變得越來越困難，越來越具有侵入性。但是，調整業務規模、調整後台辦公室規模、減少我們的足跡、提高我們的自動化程度，這些都是柯林斯目前正在積極開展的項目。

And so you saw the first part of the restructuring, which was largely headcount related. And as we continue to work through that, I suspect there'll be some others, too, but I'm not going to get ahead of the team there but pleased to see what they're focused on right now.

所以你看到了重組的第一部分，主要與員工人數有關。隨著我們繼續努力解決這個問題，我懷疑還會有其他人也遇到同樣的問題，但我不會超越那裡的團隊，但很高興看到他們現在關注的重點。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Neil, Chris, very nice results. I wanted to ask about Pratt and the GTF hot section plus offering.

尼爾、克里斯，結果非常好。我想詢問有關普拉特和 GTF 熱門部分及優惠的情況。

Given that 80% of the GTF fleet is on power by the hour maintenance agreements, if the customer wants to retrofit to the GTF hot section plus, is that cost being covered by the customer or by RTX? And then as you do those retrofits, should we expect favorable EAC adjustments at Pratt from time on wing benefits? Or are those benefits already baked in your margin booking rates there?

鑑於 80% 的 GTF 機隊都採用按小時計費的維護協議，如果客戶想要改裝 GTF 熱段，那麼該費用是由客戶承擔還是由 RTX 承擔？那麼，當您進行這些改造時，我們是否應該期待普惠公司從機翼效益的角度進行有利的 EAC 調整？或者這些好處已經包含在您的保證金預訂率中了？

Yeah. Thanks, Scott.

是的。謝謝，斯科特。

On the hot section plus, again, that will be a customer-by-customer determination. I mean, to be very frank, we've invested heavily in the GTF Advantage and, of course, heavily in the hot section plus and so our intention is to get value for those investments as we offer them into MRO. But again, we will look customer by customer, contract by contract and sort of take the right position based on those contracts and on the customer situation. But again, our overall posture is we should be getting value for that investment.

對於熱門部分，同樣，這將由每個客戶自行決定。我的意思是，坦白說，我們在 GTF Advantage 上投入了大量資金，當然，在熱門部分也投入了大量資金，因此我們的目的是在將這些投資提供給 MRO 時獲得價值。但同樣，我們會逐一客戶、逐一合約審查，並根據這些合約和客戶情況採取正確的立場。但我們的整體態度是，我們應該讓這項投資獲得價值。

And yes, it is going to have a significant time on wing benefit. As we said, the Advantage itself was going to be kind of a 2x time on wing improvement and the hot section plus is going to get 90% to 95% of that time on wing benefit. So do expect it to be a significant shot in the arm for the program and for the fleet.

是的，它將在機翼上產生顯著的效益。正如我們所說的，Advantage 本身將是一種 2 倍機翼改進，而熱部分將獲得 90% 到 95% 的機翼效益。因此，我們確實期望它能為該計劃和艦隊帶來重大的推動作用。

And with respect to the margins, I've talked about the fact that the GTF margins are positive. When you average the last couple of years, they're double digit. We continue to be measured in our approach there. These are long-term contracts. We don't want to get ahead of ourselves.

關於利潤率，我已經談到 GTF 利潤率是正數這一事實。如果以過去幾年的平均值來算，就會發現這個數字是兩位數。我們將繼續採取慎重的態度。這些是長期合約。我們不想超越自己。

We've contemplated a certain aspect of time on wing in the base contract assumptions. But we're really excited about this additional option and where it makes sense. We'll be putting that into these engines with the customers.

我們在基本合約假設中考慮了機翼上飛行時間的某些方面。但我們對於這個附加選項以及它的合理性感到非常興奮。我們將與客戶一起將其放入這些引擎中。

And to the extent it drives a benefit, we'll see that later in the contract term. But right now, taking a very prudent approach to maintaining the margins where they are in the GTF program.

至於它能帶來多大利益，我們將在合約期限的後期看到。但目前，我們正在採取非常謹慎的方法來維持 GTF 計劃中的利潤率。

Alright, thanks for taking the question.

好的，感謝您回答這個問題。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Thanks, guys. Good morning.

謝謝大家。早安.

Good morning.

早安.

Maybe carrying through on Pratt margins, what's the right medium-term margin rate for Pratt? And how should we think about kind of the directional GTF services margin expansion, the OE engine loss and spare mix and then other contributors like V2500 and Pratt & Whitney Canada? Thanks.

也許延續普惠的利潤率，普惠的中期利潤率是多少？我們應該如何看待定向 GTF 服務利潤率擴張、OE 引擎損失和備用組合以及其他貢獻者，如 V2500 和普惠加拿大？謝謝。

A lot there, Gavin. Let me provide a little bit of context.

那裡有很多，加文。讓我提供一些背景資訊。

So first of all, I'm pleased to see the margin expanding at Pratt and then overcoming some of the tariff headwind that's important. You think about the growth drivers there, we're going to continue to ramp on the OE side. That's going to drive a little bit of a headwind over the next couple of years as we put more and more of those engines on wing, on new aircraft, on the aftermarket, but that's going to continue to grow as well.

首先，我很高興看到普惠的利潤率不斷擴大，並克服了一些重要的關稅阻力。想想那裡的成長動力，我們將繼續在 OE 方面加大力度。未來幾年，隨著我們在機翼、新飛機和售後市場安裝越來越多的此類發動機，這將帶來一些阻力，但這一趨勢也將繼續增長。

That's going to grow profitably, and it's going to grow above the composite Pratt margin that you see today. So I expect tailwind to the overall Pratt margins over the next couple of years.

這將帶來利潤成長，並且將高於今天看到的普惠綜合利潤率。因此，我預計未來幾年普惠公司的整體利潤率將會出現順風。

Again, I'm not going to put a number on it. But certainly, the ingredients are there. Chris talked about the V2500. Today, if you asked us a year ago about the outlook on shop visits, it would have been lower. We're seeing improvement in the number of shop visits and the mix. Those are much heavier on the V.

再說一次，我不會給出具體數字。但可以肯定的是，這些要素都是存在的。克里斯談到了 V2500。今天，如果您在一年前詢問我們對商店客流量前景的看法，答案會更低。我們看到商店訪問量和商品組合都有改善。這些對 V 來說要重得多。

So I see sustained revenue and profit from those aftermarket visits over the next several years as well. All of that, I think, puts us in a position where Pratt's margins continue to expand sequentially as we go through '25, '26, '27.

因此，我認為未來幾年售後市場訪問將帶來持續的收入和利潤。我認為，所有這些都將使我們處於這樣的境地：隨著 25、26、27 年的到來，普惠的利潤率將繼續連續擴大。

As we've talked about longer term, Pratt is a mid-teens, low to mid-teens business. We've seen those kinds of margins in the past. We've gotten a lot of our engineering and development behind us with respect to the GTF Advantage that will start to shift to other priorities.

正如我們談到的長期來看，普拉特是一家處於十幾歲到十幾歲中低齡的企業。我們過去曾見過這樣的利潤。我們在 GTF Advantage 方面已取得大量工程和開發成果，接下來將轉向其他優先事項。

However, the ingredients are there for growing aftermarket and don't forget about Pratt Canada and the military engines business, both very profitable, above -- well above where the Pratt composite margin is today, and those will continue to grow in volume as well, contributing to improved margins in the Pratt business. So all the right ingredients and feeling really confident about the GTF Advantage, which will continue to grow and start to overtake that V2500 as those volumes come down late in the decade.

然而，售後市場的成長因素已經存在，而且不要忘記普惠加拿大公司和軍用發動機業務，這兩個業務的利潤率都非常高，遠高於普惠今天的綜合利潤率，而且這兩個業務的產量還將繼續增長，從而有助於提高普惠業務的利潤率。因此，所有因素都正確，並且對 GTF Advantage 充滿信心，隨著 20 世紀末銷量的下降，GTF Advantage 將繼續增長並開始超越 V2500。

Great, thank you.

太好了，謝謝。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Hey. Good morning, everyone.

嘿。大家早安。

Chris, you've made a few comments on the call here, suggesting overall aftermarket MRO I guess, engine and outside of the engine are different, but that aftermarket capacity has improved. I guess, has there been a step function improvement in ability to get work through, or is it more of a stabilization? I'm just curious if you can put a finer point on that.

克里斯，你在這次電話會議上發表了一些評論，我認為你認為整體售後市場的 MRO、引擎和引擎外部是不同的，但售後市場的容量已經提高了。我想，完成工作的能力是否有了階躍式的提高，還是更穩定了？我只是好奇您是否可以對此做出更詳細的說明。

And then, Neil, on the R&D cash and free cash flow, is there any refund or retroactive catch-up? Or is it pure -- you had an expense versus amortization mismatch this year and now that's gone.

然後，尼爾，關於研發現金和自由現金流，是否有退款或追溯追補？或者純粹是——今年你的費用與攤銷不匹配，而現在這種情況已經消失了。

Noah, let me start on the R&D.

諾亞，讓我開始研發。

I mean, it's pretty complicated. And over the last couple of years, we've been getting some refunds on the tax side as it relates to R&D as definitions have been crystallized through the regulation. That said, as it relates to this year's outlook and the improvements, I'd say -- like I said, about 25% or so of the free cash flow tailwind comes from the implementation of this new regulation.

我的意思是，這相當複雜。在過去的幾年裡，隨著法規對研發的定義逐漸明確，我們在稅收方面獲得了一些退稅。話雖如此，就今年的前景和改進而言，我想說——就像我說的，大約 25% 左右的自由現金流順風來自於這項新法規的實施。

It's pretty complex in how we're going about doing that because it does drive our taxable income lower with the expensing and the continued amortization of the prior years. So I won't get into any of the other technical things there.

我們要做的這件事相當複雜，因為費用化和前幾年的持續攤銷確實會降低我們的應稅收入。所以我不會討論其他任何技術方面的事情。

But over time, all of the research and development that we have capitalized and we will continue to incur will be deductible for tax purposes as it relates to the US expenditures. And so that will drive a continued sustained cash tax benefit over the next several years.

但隨著時間的推移，我們已資本化的所有研發費用以及我們將繼續進行的所有研發費用都將在稅收方面扣除，因為它與美國支出有關。因此，這將在未來幾年持續推動現金稅收優惠。

And on your question, I think you were going is on GTF MRO output. And yes, pleased with the 22% here. And that's -- yes, we've added capacity, an additional shops to the GTF network. We've talked about that a few times.

關於您的問題，我認為您要問的是 GTF MRO 輸出。是的，我對這裡的 22% 感到滿意。是的，我們增加了容量，為 GTF 網路增加了額外的商店。我們已經討論過這個問題幾次了。

But really, when you think about the growth in output, it's improving the velocity and efficiency in our workhorse existing shops today. Think MTU, think Pratt, think Delta, those are the shops that continue to drive output, to drive material into the shop, into shrink the in-shop turn time that I referenced earlier.

但實際上，當你考慮產量的成長時，它正在提高我們現有的主力車間的速度和效率。想想 MTU、想想 Pratt、想想 Delta，這些商店都在不斷推動產量，將材料推入商店，縮短我之前提到的店內週轉時間。

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

謝謝。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. Thank you all for joining 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。感謝大家的加入並祝福大家有愉快的一天。

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。