實耐寶 (SNA) 2025 Q3 法說會逐字稿

Good day, and welcome to the Snap-on Incorporated third quarter results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Snap-on Incorporated 第三季業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Sara Verbsky, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Sara Verbsky。請繼續。

Thank you, Bailey, and good morning, everyone. We appreciate you joining us today as we review Snap-on's third quarter results, which are detailed in our press release issued earlier this morning. We have on the call Nick Pinchuk, Snap-on's Chief Executive Officer; and Aldo Pagliari, Snap-on's Chief Financial Officer. Nick will kick off our call this morning with his perspective on our performance. Aldo will then provide a more detailed review of our financial results. After Nick provides some closing thoughts, we'll take your questions.

謝謝你，貝利，大家早安。感謝您今天加入我們，我們將回顧 Snap-on 的第三季業績，詳情請參閱我們今天早上發布的新聞稿。我們與 Snap-on 的執行長 Nick Pinchuk 和財務長 Aldo Pagliari 進行了電話交談。尼克將在今天早上的電話會議上首先介紹他對我們的表現的看法。然後，Aldo 將對我們的財務結果進行更詳細的審查。在尼克發表一些總結性言論後，我們將回答您的問題。

As usual, we provided slides to supplement our discussion. These slides can be accessed under the downloads tab in the webcast viewer as well as on our website, snapon.com, under the Investors section. These slides will be archived on our website along with a transcript of today's call.

像往常一樣，我們提供幻燈片來補充我們的討論。這些投影片可以在網路廣播檢視器的下載標籤下訪問，也可以在我們的網站 snapon.com 的投資者部分存取。這些幻燈片將與今天的電話會議記錄一起存檔在我們的網站上。

Any statements made during this call relative to management's expectations, estimates or beliefs or that otherwise discuss management's or the company's outlook, plans or projections are forward-looking statements, and actual results may differ materially from those made in such statements.

本次電話會議中所做的任何有關管理層的預期、估計或信念的陳述，或以其他方式討論管理層或公司的前景、計劃或預測的陳述均為前瞻性陳述，實際結果可能與此類陳述存在重大差異。

Additional information and the factors that could cause our results to differ materially from those in the forward-looking statements are contained in our SEC filings. Finally, this presentation includes non-GAAP measures of financial performance, which are not meant to be considered in isolation or as a substitute for their GAAP counterparts. Additional information regarding these measures is included in our earnings release issued today, which can be found on our website.

我們向美國證券交易委員會提交的文件中包含了其他資訊以及可能導致我們的結果與前瞻性陳述中的結果存在重大差異的因素。最後，本簡報包括非 GAAP 財務績效指標，這些指標不應單獨考慮或取代 GAAP 指標。有關這些措施的更多資訊包含在我們今天發布的收益報告中，可以在我們的網站上找到。

With that said, I'd now like to turn the call over to Nick Pinchuk. Nick?

話雖如此，我現在想把電話轉給 Nick Pinchuk。缺口？

Thanks, Sara. Good morning, everyone. Well, we believe our third quarter demonstrated encouraging momentum, continuing our progress, moving upward against one of the most challenging environments of our time: wars, inflation and tariffs. Moving upward against the tide of seasonality. And upward emits the variability that always accompanies the late summer.

謝謝，薩拉。大家早安。嗯，我們相信我們的第三季度表現出令人鼓舞的勢頭，繼續取得進展，在我們這個時代最具挑戰性的環境之一：戰爭、通貨膨脹和關稅中向上發展。逆季節潮流而上。向上散發出夏末總是伴隨的變化。

The quarter showed that the resilience of our markets, the momentum of our program, the advantage of our strategy, making in the markets where we sell and of our structure, the flexibility provided by our 15 factories in the US, have driven us forward, and we believe it will serve us well for some time. As we proceed today, I'll start with the highlights for our quarter. I'll provide my perspectives on the results, on our markets, and on the path ahead, and then Aldo will give you a detailed review of the financials.

本季度表明，我們市場的彈性、我們計劃的勢頭、我們戰略的優勢、我們銷售市場的製造和結構、以及我們在美國 15 家工廠提供的靈活性，推動了我們向前發展，我們相信這將在一段時間內為我們提供良好的服務。今天，我將首先介紹本季的亮點。我將提供我對結果、我們的市場和未來道路的看法，然後 Aldo 將為您提供財務狀況的詳細回顧。

My thoughts regarding the past three months that without question or qualification, our results are once again encouraging, fortified by the progress along our run rates for both growth and improvement. It was another quarter of bearing witness to our building traction against the uncertainty and headwinds of today. You can see it in earnings.

我對過去三個月的想法是，毫無疑問，我們的業績再次令人鼓舞，並且我們的成長和改進的運行率的進步也進一步鞏固了這一局面。這是另一個見證我們克服當今不確定性和逆風而不斷取得進展的季度。您可以從收益中看到這一點。

Third quarter sales, $1 billion. Third quarter sales of $1,190.8 million were up 3.8% from the $1.147 billion recorded last year. Excluding $9 million in favorable foreign currency translation, organic sales increased by 3%. And this third quarter was up sequentially over the second quarter results, again, against normal seasonality, and we believe it offers substantial evidence of ongoing momentum.

第三季銷售額10億美元。第三季銷售額為 11.908 億美元，較去年同期的 11.47 億美元成長 3.8%。不包括 900 萬美元的有利外幣折算影響，有機銷售額成長了 3%。第三季的業績比第二季有所成長，這與正常的季節性現象再次相反，我們認為這充分證明了公司業績的持續成長勢頭。

The operating income margin was 23.4%. Now that includes 190 basis points from a recent legal settlement. So excluding that local -- that legal item, OI margin was 21.5%, down 50 basis points, 20 basis points of which were due to unfavorable currency, but 21.5% is still at a strong level and represents our second highest third quarter ever despite the turbine.

營業利益率為23.4%。其中包括最近達成的法律和解所產生的 190 個基點。因此，不包括本地法律項目，OI 利潤率為 21.5%，下降了 50 個基點，其中 20 個基點是由於貨幣不利，但 21.5% 仍然處於強勁水平，儘管有渦輪機，但仍是我們有史以來第二高的第三季度。

For financial services, FINCO OI of $68.9 million was down from the $71.7 million last year. And a number that when combined with our APCO results resulted in a consolidated OI margin of 26.9%. EPS was $5.02 or $4.71, excluding the $0.31 from the one-time legal benefit, representing the highest ever for a third quarter and overcoming a $0.09 impact from higher pension amortization costs. So those are the overall results. We think they're pretty good.

對於金融服務而言，FINCO OI 為 6,890 萬美元，低於去年的 7,170 萬美元。該數字與我們的 APCO 結果相結合，得出合併 OI 利潤率為 26.9%。每股收益為 5.02 美元或 4.71 美元，不包括一次性法律福利中的 0.31 美元，創下第三季度最高水平，並克服了退休金攤銷成本增加帶來的 0.09 美元的影響。這些就是整體結果。我們認為它們非常好。

Now let's take a view of the markets. During the third quarter, the overall repair market remained favorable, displaying a continuing need and a rising complexity. Miles-driven keeps growing. People move even in difficult times. And they're holding on to their vehicles longer, requiring more upkeep. The car park keeps aging. It's now averaging nearly 12.8 years.

現在讓我們來看看市場。第三季度，整體維修市場依然保持良好，顯示出持續的需求和不斷上升的複雜性。Miles-driven 不斷成長。即使在困難時期，人們也會繼續前進。而且他們持有車輛的時間更長，需要更多的維護。停車場不斷老化。現在平均壽命接近12.8年。

In other words, people need repairs with solid regularity and the range of vehicle models needing work just keeps expanding, and the vehicles keep getting more complex every day. The ever-expanding array of drivetrains, sophisticated motors, neural networth of sensors, multiple systems, a melding of hardware and software to control a growing range of functions. It all marks the trajectory of modern vehicles. Its an environment of constantly rising repair challenges.

換句話說，人們需要定期進行維修，需要維修的車型範圍不斷擴大，車輛也變得越來越複雜。不斷擴大的動力傳動系統、複雜的馬達、感測器的神經網路、多種系統、硬體和軟體的融合，以控制越來越多的功能。這一切都標誌著現代車輛的發展軌跡。這是一個修復挑戰不斷上升的環境。

In short, vehicle repairs never had a more promising future. And you can see it in the industry metrics. Spending on repairs up double digits. Tech comps rising, wages continuing their upward march and keeping with the increasing skill required to keep the world mobile. So the techs are cash-rich. But they're also confidence poor.

簡而言之，汽車維修的前景從未如此光明。您可以在行業指標中看到這一點。維修支出增加了兩位數。科技公司不斷進步，薪資持續上漲，並滿足了世界行動化所需的不斷增長的技能。所以科技公司資金充裕。但他們的自信心也較差。

Certain of their value but uncertain about the environment. They still want new tools that make the work easier, but they remain reluctant to commit to paying for big-ticket items with long-term financing. But in a turbulence, our strategy of pivoting toward faster payback items is taking hold and it's making engaged.

確信它們的價值，但不確定環境。他們仍然想要新的工具來讓工作更輕鬆，但他們仍然不願意承諾透過長期融資來支付大件物品的費用。但在動盪中，我們轉向更快回報專案的策略正在發揮作用，並且正在發揮作用。

Automotive repair is a great business. Essential to our society and always advancing. Snap-on is well positioned for success with our short supply chains and the ability to redirect manufacturing, capitalizing opportunities and on challenges as they arrive, as they arise.

汽車修理是一項偉大的事業。對我們的社會至關重要且不斷進步。Snap-on 憑藉其短供應鏈和重新調整生產方式的能力，在機會和挑戰出現時抓住機遇，從而為成功做好了準備。

Now let's speak of the other side of vehicle repair where repair systems and information or the RS&I group operates. Repair shop owners and managers. No, they have to upgrade to keep pace with increasing complexity and to keep driving productivity. Technicians need to wade through more possibilities than ever to find the right fix. And RS&I can put them right on target.

現在讓我們來談談車輛維修的另一面，即維修系統和資訊或 RS&I 集團的運作。修理店老闆和經理。不，他們必須升級才能跟上日益增加的複雜性並繼續提高生產力。技術人員需要比以往更仔細地考慮各種可能性才能找到正確的解決方案。RS&I 可以將它們直接置於目標上。

With our innovative hardware and powerful software, proprietary database offerings, we will have offers faster, more accurate ways to navigate the thousands of repair procedures that confront tech and a modern shop. It's a changing market in which dealerships and independents need to have the equipment and the specialty tools for tackling the advanced vehicles rolling into their garages. As we go forward, the momentum just keeps building. and you can see it in the RS&I results.

憑藉我們創新的硬體和強大的軟體以及專有資料庫產品，我們將提供更快、更準確的方法來處理技術和現代商店面臨的數千個維修程序。這是一個不斷變化的市場，經銷商和獨立經銷商需要擁有設備和專用工具來應對駛入其車庫的先進車輛。隨著我們不斷前進，勢頭不斷增強。您可以在 RS&I 結果中看到這一點。

For the critical industries. Now this is the area where we have the largest global footprint operating across geographies and in multiple currencies. The rapid fire policies out of Washington and the headwinds politically and economically across the globe have clouded the prospects. Many of the players have adopted a wait-and-see approach, wanting the dust to settle for tariffs and for various other arenas before charting a course. Fearful that the wind will suddenly change again and leave them embarrassed or disadvantaged.

對於關鍵產業而言。現在，這是我們在全球業務範圍最廣的地區，業務涉及多個地域，使用多種貨幣。華盛頓的快速政策和全球政治、經濟的逆風給前景蒙上了陰影。許多參與者都採取了觀望態度，希望等到關稅和其他各領域的問題平息後再製定行動計劃。擔心風向會突然再次改變，令他們陷入尷尬或不利的境地。

But despite the continuing reticence, our order book keeps growing. In fact, despite everything, customers have started to commit, and we saw a nice and very profitable growth in the quarter. Critical industries offer a great opportunity for our customized products that will drive productivity and those still attenuated. Some of that potential is starting to shine through.

但儘管我們繼續保持沉默，我們的訂單仍在不斷增長。事實上，儘管如此，客戶已經開始做出承諾，我們在本季度看到了良好且非常有利可圖的成長。關鍵產業為我們的客製化產品提供了絕佳的機會，這些產品將提高生產力，並降低生產力。其中一些潛力已開始顯現。

So overall, our markets offer attractive opportunities. The ever-changing landscape does dampen some of the possibilities, but our operations again this quarter, enabled by our broad and innovative product line, our distinctive and meaningful brand, and our committed, capable and battle-tested team displayed unmistakable momentum, overcoming this certainty and taking advantage of abundant opportunity.

總體而言，我們的市場提供了極具吸引力的機會。不斷變化的情況確實抑制了一些可能性，但本季度我們的營運再次展現出明顯的勢頭，這得益於我們廣泛而創新的產品線、獨特而有意義的品牌以及我們敬業、有能力且久經考驗的團隊，克服了這種確定性並利用了大量的機會。

That's the market. Let's talk about the groups. In C&I, third quarter sales reached $367.7 million, which compared to the $365.7 million of last year. The quarter's volume included $4.8 million of favorable currency translation and an organic sales decrease of 0.8%. From an earnings perspective, C&I's operating margin was 15.6%, a decrease year-over-year of 110 basis points with 30 basis points of that coming from unfavorable currency.

這就是市場。讓我們來討論一下這些團體。在商業和工業領域，第三季銷售額達到 3.677 億美元，去年同期為 3.657 億美元。本季的銷售額包括 480 萬美元的有利貨幣折算和 0.8% 的有機銷售額下降。從獲利角度來看，C&I 的營業利潤率為 15.6%，年減 110 個基點，其中 30 個基點來自不利的貨幣。

Gross margins. Gross margins were a robust 40.9%, down 30 basis points. But that fairness is pretty much explained by the unfavorable currency. And it's a level that clearly demonstrates our resistance to the impact of the tariffs. Results were -- in the group were mixed across the business units with the organic sales decrease primarily due to reductions in the Asia-Pacific business, reflecting the quick relocation of the supply chains away from that region.

毛利率。毛利率達到強勁的40.9%，下降了30個基點。但這種公平很大程度上可以用不利的貨幣來解釋。這一水平清楚地表明了我們對關稅影響的抵制。集團各業務部門的業績表現好壞參半，有機銷售額下降主要是由於亞太地區業務的減少，反映了供應鏈迅速從該地區轉移。

Gains in critical industries and in specialty torque were the offset. Critical industries, in particular, showed strengthening in the aviation, heavy-duty, and natural resources sector, demonstrating that criticality can overcome the uncertainty of the changing trade policy, and we'll continue to do so. Precision torque also continues to be a spark. The appetite for accurate measurement continues to rise.

關鍵產業和特殊扭力領域的收益被抵消了。關鍵產業，特別是航空、重型和自然資源領域表現強勁，顯示關鍵性可以克服不斷變化的貿易政策帶來的不確定性，我們將繼續這樣做。精密扭矩也繼續成為火花。人們對精確​​測量的需求不斷上升。

When the cost of failure is high, even a slight deviation is a problem and operators want confirmed precision. A certain enrichment production facility in Carol Stream, Illinois knows this firsthand. And in the quarter, it launched the all-new TAC-2 Torque and Angle Click branch. It's built for the task, securing essential components like hydraulic fittings on heavy-duty equipment and natural resources or agricultural applications, places where downtime in remote area can be catastrophic.

當失敗成本很高時，即使是輕微的偏差也會成為問題，操作員需要確認精度。伊利諾州卡羅爾斯特里姆的某個濃縮生產設施對此有著切身體會。本季度，該公司推出了全新的 TAC-2 扭力和角度點擊分支。它專為這項任務而打造，用於保護重型設備和自然資源或農業應用上的液壓配件等重要部件，在這些地方，偏遠地區的停機可能會造成災難性的後果。

The TAC 2 offers a fast-charging cradle, making sure that the tool is always powered and at the ready without the weight and thickness of other tools that utilize for onboard batteries. The rent is also accompanied with electronic module that communicates the torque value actually applied, allowing confirmation that the proper spec has been achieved and providing documentation for later review.

TAC 2 提供快速充電底座，確保工具始終通電並隨時可用，而且沒有其他使用板載電池的工具的重量和厚度。該設備還配有電子模組，用於傳送實際施加的扭矩值，從而確認已達到正確的規格並提供文件以供日後審查。

And finally, heavy-duty equipment contains considerable variation in fastener geometries. Our new unit features a unique mechanism that accommodates over 200 different adapters, enabling the device to physically address a wide range of fasteners used across different pieces of equipment. It consolidates dozens of tools into one model.

最後，重型設備的緊固件幾何形狀存在相當大的差異。我們的新裝置具有獨特的機制，可容納 200 多種不同的適配器，使該設備能夠物理處理不同設備中使用的各種緊固件。它將數十種工具整合到一個模型中。

The TAC 2, a new level of flexibility, connectivity and ease-of-use and the customers love it. Also with C&I is our power tools operation, which in the back half of the quarter launched our new 14.4 volts 3/8 extra-long cordless ratchet. This baby hits the techs right between the eyes.

TAC 2 的靈活性、連接性和易用性達到了新的水平，深受客戶喜愛。我們的電動工具業務也與 C&I 部門合作，在本季後半段推出了新的 14.4 伏特 3/8 超長無線棘輪扳手。這個嬰兒正擊中了技術人員的雙眼之間。

Manufacturing in our Murphy, North Carolina plant, it's in a league of its own, a best-in-class 80-foot pounds a torque and a best-in-class 13-inch neck, 50% longer than any other offering. I mean this tool reaches farther into tight areas, applying greater power at the point of work. Everybody is talking about it. It speeds up repair and it's already a hit million-dollar product.

該系列產品在我們位於北卡羅來納州墨菲的工廠生產，獨樹一幟，擁有同類最佳的 80 英尺磅扭矩和 13 英寸頸部長度，比其他任何產品都長 50%。我的意思是，這種工具可以深入狹窄區域，在工作點施加更大的力量。大家都在談論這件事。它可以加快修復速度，並且已經成為價值百萬美元的熱門產品。

Well, that's C&I, critical industries. Critical industries is in torque leading the way forward, leveraging customer connections to solve the critical and navigating the turbulence in international markets.

嗯，那是 C&I，關鍵產業。關鍵產業正處於引領前進方向的扭力中，利用客戶關係來解決關鍵問題並應對國際市場的動盪。

Now let's move to the sales. Sales volume up organically 1%. Increased activity in the international network and slightly higher sales in the US. Notably, the volumes also up sequentially from the second, an unusual pattern, we believe demonstrating that the group has momentum and continuing momentum going forward. The group's operating margin was a strong 21.7% up 10 basis points from 2024. And that was overcoming a 10-basis point impact from unfavorable currency.

現在讓我們來談談銷售。銷售額有機成長 1%。國際網路活動增加，美國銷售額略為上升。值得注意的是，交易量也從第二次開始連續上升，這是一種不尋常的模式，我們認為這表明該集團具有發展勢頭，並且將繼續保持這種勢頭。該集團的營業利潤率高達 21.7%，較 2024 年上升 10 個基點。這克服了不利貨幣帶來的 10 個基點的影響。

Now the third quarter is where we hold our annual Snap-on Franchisee Conference, or SFC, as we call it. This year's event was in Orlando. Nearly 9,000 people attended franchisees, yes, and of course, the Snap-on team. It was a weekend filled with hands-on training transaction interactions with our expansive product offers and some great fun. With a cavalcade of 155 buses, transferring the Snap-on crew to Disney's Hollywood studios to celebrate our 105th anniversary. It's quite a weekend.

現在，第三季是我們舉辦年度 Snap-on 特許經營商會議（或稱為 SFC）的時間。今年的活動在奧蘭多舉行。是的，有近 9,000 名特許經營者參加了這項活動，當然還有 Snap-on 團隊。這是一個充滿實踐培訓交易互動的週末，我們提供豐富的產品，非常有趣。155 輛巴士組成的車隊將 Snap-on 團隊送往迪士尼好萊塢影城，慶祝我們的 105 週年紀念日。這真是一個愉快的周末。

The product expo floor was our largest effort ever, spanning 185,000 square feet, well over three football fields where our entire portfolio of products was on display and real work situations, a new feature this year that enable franchisees to witness firsthand the Snap-on difference in solving typical repairs.

產品博覽會是我們迄今為止規模最大的一次，佔地 185,000 平方英尺，遠遠超過三個足球場，其中展示了我們所有的產品組合和真實的工作場景，這是今年的一個新特色，使特許經營商能夠親眼目睹 Snap-on 在解決典型維修方面的不同之處。

It was another memorable SFC, one filled with inspiration, education, great new products and friendships, reinforcing the unique and special bond we have with our franchisees. The atmosphere and the outlook of the franchisees was extremely confident and positive. I've talked to many of them since then, and they left pumped, ready to hit the road and apply the lessons learned. And the icing on the cake, SFC orders were up nicely, increasing over last year by mid-single digits.

這是另一個令人難忘的 SFC，充滿了靈感、教育、優秀的新產品和友誼，加強了我們與特許經營商之間獨特而特殊的聯繫。特許經營商的氛圍和前景極其自信和積極。從那時起，我和他們中的許多人進行了交談，他們滿懷熱情地準備上路並運用所學到的經驗教訓。更令人欣喜的是，SFC 訂單量大幅成長，比去年同期成長了中等個位數。

Hundreds of new products were on display at the conference. New innovative offerings derived from our customer connections. Insight we gain directly in a workplace, faster payback products like our S67 150-millimeter socket forged in the Milwaukee plant. You see a traditional unit can't easily install cylinder head bolts on four 6.7-liter power stroke engines used on their range of trucks from F-250 and above.

此次大會上，數百款新產品亮相。源自我們與客戶的聯繫的全新創新產品。我們在工作場所直接獲得的洞察力，更快的回報產品，例如我們在密爾瓦基工廠鍛造的 S67 150 毫米插座。您會看到，傳統裝置無法輕鬆地將汽缸蓋螺栓安裝在 F-250 及以上系列卡車使用的四個 6.7 升動力衝程引擎上。

That sophisticated power plant requires a precise 7-step working procedure that reaches nearly 300-foot pounds, and here's the problem. A normal socket is quite challenging to handle such force, and many a socket has been damaged trying to apply the power needed.

這個複雜的發電廠需要經過 7 步精確的工序，重量接近 300 英尺磅，問題就在這裡。普通插座很難承受這樣的力，許多插座在嘗試施加所需的電力時被損壞。

On top of which, they're too big to avoid nearby obstacles. Completing the job with the standard tools often requires component disassembly to clear the way. So our engineers acting on a customer connection designed a purpose-built socket, increasing the wall fitness by 32% to withstand the extreme force, and reducing the height for a more compact device, creating more access and higher durability in the same package.

最重要的是，它們太大了，無法避開附近的障礙物。使用標準工具完成工作通常需要拆卸組件以清除障礙。因此，我們的工程師根據客戶需求設計了專用插座，將牆面貼合度提高了 32%，以承受極端力量，並降低了高度，使設備更加緊湊，從而在同一包裝內實現了更多的接入和更高的耐用性。

Snap-on customer connection and innovation, making a difficult task easier, faster, and safer. But Milwaukee did more. The plant just released the all-new [coal forged hog] ring plier. What a name; I know. But it's a real time saver when removed and reinstalled upholstery to access sensors, heating or cooling elements and wires located within the vehicle seats.

Snap-on 客戶連結和創新，使困難的任務變得更容易、更快、更安全。但密爾瓦基做得更多。該廠剛推出了全新的[煤鍛豬]環鉗。什麼名字；我知道。但當拆卸並重新安裝內部以接觸位於車輛座椅內的感測器、加熱或冷卻元件和電線時，它確實可以節省時間。

See, we don't always realize. But complexity is not just under the hood or in the drivetrain. It exists all over the chassis. The new pliers are built to remove and install high grain retention clips, keeping the seat cover tight, providing a factory appearance after repair and doing it with increased safety.

瞧，我們並不總是意識到這一點。但複雜性不僅存在於引擎蓋下或傳動系統中。它存在於整個底盤。新型鉗子用於拆卸和安裝高粒度固定夾，保持座椅套緊固，維修後可保持出廠外觀，並提高安全性。

The new tool makes it difficult, but everyday task quite simple. And I'll tell you, the reception has been baffled. And in our Elkmont, Alabama plant, the local engineers address the customer connection observed with techs using small pocket screw drivers to pry small component apart: separate terminal connectors or remove seals. Well, screw drivers are not meant for those jobs. It's quite unsafe and can lead to some pretty nasty cuts.

新工具使日常任務變得困難但相當簡單。而且我可以告訴你，接待處一直很困惑。在我們位於阿拉巴馬州埃爾克蒙特的工廠，當地工程師處理客戶觀察到的連接問題，技術人員使用小型袖珍螺絲起子撬開小部件：分離端子連接器或移除密封件。嗯，螺絲起子並不適合做這些工作。這非常不安全，並且可能會導致非常嚴重的割傷。

So the Elkmont team developed a three-piece pocket prybar set, just over 5-inches long, small enough for those post quarter, but post quarter, but tough jobs. This bundle made that common, but difficult work, much easier and safer. It was a while. The techs are oversubscribed. It was really a brilliant view by the Elkmont guys.

因此，Elkmont 團隊開發了一套三件套袖珍撬棍，長度剛好超過 5 英寸，足夠小，適合那些四分之一英里後但又很艱難的工作。這個捆綁包使得這項常見但困難的工作變得更加容易和安全。過了一會兒。技術人員的認購量過大。埃爾克蒙特人的觀點確實非常精彩。

Powering tools, the Tools Group pivot. Quick payback products from all over our American factories, made the group's quarter. Big hits, continuing momentum, driving sequential growth, and authoring the strong levels of third quarter profitability. We like the Tools Group performance in the quarter and innovative new products forged the path.

為工具提供動力，工具組支點。我們美國各地工廠的快速回報產品，為集團帶來了季度利潤。大獲成功、持續發展動能、推動連續成長並創造第三季強勁的獲利水準。我們喜歡工具集團在本季的表現，創新的新產品開闢了道路。

Now RS&I. Sales of $464.8 million in the third quarter were up as reported 10% with an organic improvement of 8.9%, 8.9%. Higher activity with OEM dealerships and increased sales of diagnostics and repair information products led the way. Operating earnings for RS&I of $141.2 million in the period included a benefit of $22 million from the legal settlement and compared to the $107.3 million in 2024. The operating margin for the quarter at RS&I was 30.4%, 25.6%, as adjusted to exclude the legal effect, still up 20 basis points from last year and overcoming 30 basis points of unfavorable currency.

現在是 RS&I。第三季銷售額為 4.648 億美元，年成長 10%，有機成長率為 8.9%。與 OEM 經銷商的合作日益活躍，診斷和維修資訊產品的銷售量也不斷增加。RS&I 本期間的營業利潤為 1.412 億美元，其中包括法律和解帶來的 2,200 萬美元收益，而 2024 年的營業利潤為 1.073 億美元。RS&I 本季的營業利潤率為 30.4%，經調整以排除法律影響後為 25.6%，仍比去年同期高出 20 個基點，並克服了 30 個基點的不利貨幣影響。

The Snap-on quarter was marked by some strong performances in hardware and software. Sales of diagnostic repair information to repair shop owners and managers rose high single digits. The new Triton handheld had a strong quarter. Its brighter screen, enhanced lab scope, and powerful intelligent diagnostics, powered by billions of repair record make it popular with franchisees and increasingly essential for advanced techs.

Snap-on 本季在硬體和軟體方面均有出色表現。銷售給修理店老闆和經理的診斷修理資訊數量增加了個位數。新款 Triton 手持裝置本季表現強勁。其更明亮的螢幕、增強的實驗室範圍和強大的智慧診斷功能，加上數十億的維修記錄，使其受到特許經營商的歡迎，並且對於高級技術人員來說越來越重要。

At the same time, our sales OEM dealerships grew by double digits. Snap-on is fast becoming the partner of choice for assisting automaker programs and at automaker programs aimed at supporting new models of recalls. And that operation turned in a -- what I would call a ganbuster's performance in the quarter. We have great confidence in our RS&I business.

同時，我們的OEM經銷商銷售也實現了兩位數的成長。Snap-on 正迅速成為協助汽車製造商計劃以及旨在支持新車型召回的汽車製造商計劃的首選合作夥伴。而那項業務在本季取得了我稱之為驚人業績的成績。我們對我們的 RS&I 業務充滿信心。

But our customers and industry partners share the same belief and it was demonstrated as P10 Magazine announced its Steam 2025 Innovation Awards and its People Choice Awards. Our sign was well represented with the Apollos Plus FastTrack Intelligent Diagnostic platform the Josam cam-aligner for every heavy duty trucks and Mitchell 1's Job View software, all recognized as winners in both designations.

但我們的客戶和產業夥伴有著同樣的信念，P10 雜誌宣布其 Steam 2025 創新獎和人民選擇獎就證明了這一點。我們的標誌很好地體現在 Apollos Plus FastTrack 智慧診斷平台、適用於每輛重型卡車的 Josam 凸輪對準器和 Mitchell 1 的 Job View 軟體上，它們均被公認為兩個稱號的贏家。

RS&I also captured single award for its diagnostic thermal imager, it's a BK5700 video scope and for its Pro-Cut X19 cordless rotor matching system. That's a mouthful. In fact, collectively, the corporation was honored with a total of 25 P10 awards across the 56 possible categories. We believe it's a true testament to our competitive advantage and product across the corporation.

RS&I 也憑藉其診斷熱像儀、BK5700 視訊示波器和 Pro-Cut X19 無線轉子匹配系統獲得了一項獎項。這真是一口氣。事實上，該公司在 56 個類別中共榮獲 25 個 P10 獎項。我們相信這是我們公司競爭優勢和產品的真實證明。

But back to our RS&I. We're quite positive about RS&I's possibilities with repair shop owners and managers as the vehicle industry evolves and the quarter supports that confidence. I mean 8.9% of organic growth with higher margins, boom shakalaka. Mars and I did good.

回到我們的 RS&I。隨著汽車產業的發展，我們對 RS&I 與修理店老闆和經理合作的可能性非常樂觀，本季的情況也證實了這種信心。我的意思是 8.9% 的有機成長和更高的利潤率，繁榮的沙卡拉卡。我和馬爾斯做得很好。

So those are the highlights of our quarter. Progress against big volatility and uncertainty, against seasonality, and against the variability of the third quarter. C&I, the power of our customized kits punching through cuts, through reticence in critical industries withstanding the Asia-Pacific supply chain disruption. Tools Group, great products, confident franchisees, strong sequential momentum. he pivot continue with traction. Profitability remaining strong.

這些就是我們本季的亮點。在應對巨大波動性和不確定性、季節性以及第三季變化性方面取得進展。C&I，我們客製化套件的力量可以突破削減，突破關鍵產業的沉默，抵禦亞太地區供應鏈中斷的影響。工具集團，優質的產品，自信的加盟商，強勁的連續發展勢頭。他的重心繼續保持吸引力。獲利能力依然強勁。

RS&I, organic sales up 8.9%. Strong gains with both OEM dealerships and with independent repair shops. Great new and decorated products, both hardware and software, powered by our proprietary pair and diagnostic data. All enabling technicians to make complex repairs easier, and it showed the numbers. And the overall corporation sales up 3.8% as reported 3% organically.

RS&I，有機銷售額成長8.9%。原始設備製造商 (OEM) 經銷商和獨立維修店均獲得了強勁成長。出色的全新和裝飾產品，包括硬體和軟體，由我們專有的配對和診斷數據提供支援。所有這些都使技術人員能夠更輕鬆地進行複雜的維修，並且數字也表明了這一點。公司整體銷售額成長 3.8%，有機成長率為 3%。

Gross margin, 15.9%, resilient and existent holding firm in the times of unprecedented sourcing turbulence. OI percentage 23.4%. 21.5%, excluding the legal benefit, still very strong and among the highest ever for the third quarter. It was an encouraging quarter.

毛利率為 15.9%，在前所未有的採購動盪時期保持堅韌和生存的控股地位。OI 百分比為 23.4%。不包括法定福利，為 21.5%，仍然非常強勁，是第三季以來的最高水準。這是一個令人鼓舞的季度。

Now I'll turn the call over to Aldo. Aldo?

現在我將把電話轉給阿爾多。阿爾多？

Thanks, Nick. Our consolidated operating results for the third quarter are summarized on slide 6. Net sales of $1.190.8 million in the quarter, represented an increase of 3.8% from 2024 levels, reflecting a 3% organic sales gain and $9 million of favorable foreign currency translation. Sales in our automotive repair markets were up, led by the strength in our Repair Systems & Information group, which included solid gains at OEM dealership and independent repair shop owners and managers as well as higher sales of diagnostic products for our franchise of [Amgen].

謝謝，尼克。我們的第三季綜合經營業績總結在第 6 張投影片。本季淨銷售額為 11.908 億美元，較 2024 年水準成長 3.8%，反映出 3% 的有機銷售額成長和 900 萬美元的有利外幣折算。我們的汽車維修市場銷售額有所增長，這主要得益於我們的維修系統和資訊集團的強勁表現，其中包括 OEM 經銷商和獨立維修店業主及經理的強勁增長，以及我們特許經營的診斷產品銷售額的增長[安進]。

Within the industrial sector, our C&I group, sales to critical industry customers increased in the quarter, but those gains were more than offset by continued weakness in the export activities of our Asia-Pacific operations. Consolidated gross margin of 50.9% improved sequentially from 50.5% in the second quarter and compared to 51.2% in third quarter last year.

在工業領域，我們的商業和工業集團本季對關鍵產業客戶的銷售額有所增加，但這些成長被我們亞太地區業務出口活動的持續疲軟所抵消。綜合毛利率為 50.9%，較第二季的 50.5% 和去年第三季的 51.2% 有所提高。

The year-over-year decline of 30 basis points primarily reflected 20 basis points of unfavorable foreign currency effects. While Snap-on is relatively advantaged in the current tariff environment, generally, manufacturing products in the markets where they are sold, our costs can be affected by trade policies. In the third quarter, the impact of tariffs was largely offset by the higher sales volumes and benefits from the company's RCI initiatives.

年比下降 30 個基點主要反映了 20 個基點的不利外匯影響。雖然 Snap-on 在當前的關稅環境下相對具有優勢，但一般來說，由於我們在產品銷售的市場生產產品，因此我們的成本會受到貿易政策的影響。第三季度，關稅的影響在很大程度上被更高的銷售量和公司 RCI 計劃帶來的收益所抵消。

With respect to the unfavorable foreign currency effects similar to last quarter, although to a lesser degree, Snap-on incurred negative transaction impacts associated with the year-over-year strengthening of the Swedish krona versus the euro and the US dollar. As a reminder, Snap-on has factories in Sweden, serving both the C&I and the RS&I groups that export throughout Europe and into the United States as well as into emerging markets.

就不利的外匯影響而言，與上一季類似，儘管程度較輕，但 Snap-on 遭受了與瑞典克朗兌歐元和美元同比走強相關的負面交易影響。提醒一下，Snap-on 在瑞典設有工廠，為 C&I 和 RS&I 集團提供服務，這些集團的產品出口到整個歐洲、美國以及新興市場。

Operating expenses as a percentage of net sales of 27.5% compared to 29.2% last year. In the quarter, as noted in our press release, operating expenses included a $22 million benefit from the settlement of a legal matter. The 170-basis point improvement in the operating expense ratio is primarily due to the 190-basis point benefit from the legal settlement, which was partially offset by higher brand building and promotional investments as we celebrated our 105th anniversary.

營業費用佔淨銷售額的百分比為 27.5%，去年為 29.2%。正如我們的新聞稿中所述，本季的營運費用包括因法律問題解決而獲得的 2,200 萬美元收益。營業費用率提高 170 個基點，主要由於法律和解帶來的 190 個基點收益，但因慶祝公司成立 105 週年而增加的品牌建設和促銷投資部分抵消了這一收益。

Operating earnings before financial services of $278.5 million in the quarter, including the benefit from the legal settlement compared to $252.4 million in 2024. As a percentage of net sales, operating margin before financial services of 23.4%, including 190-basis point benefit from the legal settlement, compared to 22% reported last year.

本季金融服務前的營業利潤為 2.785 億美元，其中包括法律和解帶來的收益，而 2024 年為 2.524 億美元。佔淨銷售額的百分比為，金融服務前的營業利潤率為 23.4%，其中包括來自法律和解的 190 個基點收益，而去年同期為 22%。

Financial services revenue of $101.1 million in the third quarter compared to $100.4 million last year, while operating earnings were $68.9 million compared to $71.7 million in 2024. Consolidated operating earnings of $347.4 million, which includes the legal benefit compared to $324.1 million last year. As a percentage of revenues, the operating earnings margin of 26.9%, including the legal settlement compared to 26% in 2024.

第三季金融服務收入為 1.011 億美元，而去年同期為 1.004 億美元；營業收入為 6,890 萬美元，而 2024 年為 7,170 萬美元。綜合營業利潤為 3.474 億美元，其中包括合法收益，而去年為 3.241 億美元。以收入百分比計算，營業利益率為 26.9%，其中包括法律和解，而 2024 年為 26%。

Our third quarter effective income tax rate was 22.6% in 2025 and 22.9% in 2024. Net earnings of $265.4 million or $5.02 per diluted share, including a $16.2 million or $0.31 per diluted share after-tax benefit from the legal settlement compared to $251.1 million or $4.70 per diluted share in 2024.

我們 2025 年第三季的有效所得稅率為 22.6%，2024 年為 22.9%。淨收益為 2.654 億美元，即每股攤薄收益 5.02 美元，其中包括因法律和解而產生的 1,620 萬美元，即每股攤薄收益 0.31 美元的稅後收益，而 2024 年的淨收益為 2.511 億美元，即每股攤薄收益 4.70 美元。

In addition to the benefit from the legal settlement, when comparing the quarter's EPS with the third quarter of the prior year, diluted earnings per share also included approximately $0.09 per share of increased year-over-year non-service net periodic pension expenses, primarily from higher amortization of actuarial losses.

除了法律和解的好處之外，當本季的每股盈餘與去年第三季進行比較時，稀釋每股盈餘還包括每股約 0.09 美元的年比非服務淨定期退休金費用增加，這主要來自精算損失攤銷的增加。

Now let's turn to our segment results for the quarter. Starting with the C&I group on slide 7. Sales of $367.7 million compared to $365.7 million last year, reflecting a 0.8% organic sales decline, which was more than offset by $4.8 million of favorable foreign currency translation. The organic decrease includes a mid-single-digit reduction in the segment's Asia-Pacific business, partially offset by low single-digit gains with customers in critical industries and in the specialty torque operations.

現在讓我們來看看本季的分部業績。從幻燈片 7 上的 C&I 組開始。銷售額為 3.677 億美元，而去年同期為 3.657 億美元，有機銷售額下降 0.8%，但有利的 480 萬美元外幣折算抵消了這一下降。有機下降包括該部門亞太業務的中等個位數下降，但關鍵行業和專業扭矩業務客戶的低個位數成長部分抵消了這一下降。

Overall, the organic sales decline largely reflects a reduction in certain cross-border sourcing activities in the current trade situation, which was offset by improving demand from our critical industry customers, including the United States and international aviation as well as technical education.

總體而言，有機銷售額的下降在很大程度上反映了當前貿易情況下某些跨境採購活動的減少，但這被我們關鍵行業客戶（包括美國和國際航空以及技術教育）的需求增加所抵消。

Sales to the US military were down year-over-year. However, order activity has been increasing despite the uncertain timing of funding for some government-related projects. Gross margin of 40.9% in the third quarter compared to 41.2% in 2024. This decline was due to 30 basis points of unfavorable foreign currency effects.

對美國軍方的銷售額較去年同期下降。然而，儘管一些政府相關項目的融資時間不確定，但訂單活動一直在增加。第三季毛利率為 40.9%，而 2024 年為 41.2%。這一下降是由於30個基點的不利外匯影響造成的。

In the quarter, higher material and other costs were offset by increased sales in the higher gross margin critical industry sectors and by savings from the segment's RCI initiatives. Operating expenses as a percentage of sales of 25.3% in the quarter compared to 24.5% last year, largely reflecting the impact of lower sales in the Asia-Pacific business as well as increased personnel and other costs.

本季度，材料和其他成本的增加被毛利率較高的關鍵行業部門的銷售增長以及該部門 RCI 計劃帶來的節省所抵消。本季營業費用佔銷售額的 25.3%，而去年同期為 24.5%，這主要反映了亞太地區業務銷售額下降以及人員和其他成本增加的影響。

Operating earnings for the C&I segment of $57.5 million compared to $61 million in 2024, the operating margin of 15.6%, improved sequentially from 13.5% in the second quarter and compared to 16.7% last year.

商業與工業部門的營業利潤為 5,750 萬美元，而 2024 年為 6,100 萬美元，營業利潤率為 15.6%，較第二季的 13.5% 和去年的 16.7% 有所提高。

Turning now to slide 8. Sales in the Snap-on Tools Group of $506 million compared to $500.5 million a year ago, reflecting a 1% organic gain and $600,000 of favorable foreign currency translation. The organic increase reflects a low single-digit rise in the segment's international operations and slightly higher sales in the US business.

現在翻到第 8 張投影片。Snap-on 工具集團的銷售額為 5.06 億美元，而去年同期為 5.005 億美元，反映了 1% 的有機收益和 60 萬美元的有利外幣折算。有機成長反映了該部門國際業務的低個位數成長以及美國業務銷售額的略高。

During the quarter, we believe the introduction of new products like the next-generation Triton Diagnostics platform combined with our ongoing pivot to shorter payback items was successful in overcoming the continuing uncertainty and the confidence of technician customers in the current environment.

在本季度，我們相信，下一代 Triton Diagnostics 平台等新產品的推出，加上我們持續轉向較短的投資回報期，成功克服了當前環境下持續存在的不確定性和技術人員客戶的信心。

Gross margin declined 50 basis points to 46.8% in the quarter from 47.3% last year, mostly due to a year-over-year shift in product. Operating expenses as a percentage of sales improved 60 basis points to 25.1% in the quarter from 25.7% in 2024, largely reflecting the higher sales volumes. Operating earnings for the Snap-on Tools Group of $109.9 million compared to $108.3 million in 2024. The operating margin of 21.7% improved 10 basis points from last year.

本季毛利率從去年的 47.3% 下降 50 個基點至 46.8%，主要原因是產品年比發生變化。本季營業費用佔銷售額的百分比從 2024 年的 25.7% 提高 60 個基點至 25.1%，這主要反映了銷售量的增加。Snap-on 工具集團的營業利潤為 1.099 億美元，而 2024 年為 1.083 億美元。營業利益率為21.7%，較去年同期提高了10個基點。

Turning to the RS&I Group. Shown on slide 9. Sales of $464.8 million rose $42.1 million compared to 2024 levels reflecting an 8.9% organic sales increase and $4 million of favorable foreign currency translation. The organic gain includes a strong double-digit increase in activity with OEM dealerships and a high single-digit gain in sales of diagnostic and repair information products to independent repair shop owners and managers.

轉向 RS&I 集團。如投影片 9 所示。銷售額為 4.648 億美元，與 2024 年的水平相比增長了 4,210 萬美元，反映了有機銷售額增長 8.9% 和 400 萬美元的有利外幣折算。有機收益包括與 OEM 經銷商的業務往來強勁的兩位數增長，以及向獨立維修店老闆和經理銷售的診斷和維修資訊產品的高個位數增長。

These gains more than offset a low single-digit decline in sales of undercar equipment including collision repair products. Gross margin declined 40 basis points to 47% from 47.4% last year, primarily reflecting increased sales of lower gross margin products, higher material and other costs, and 20 basis points of unfavorable foreign currency effects, partially offset by savings from RCI initiatives.

這些成長足以抵銷包括碰撞修復產品在內的車底設備銷售額的個位數低幅下滑。毛利率從去年的 47.4% 下降 40 個基點至 47%，主要反映了毛利率較低的產品銷售額增加、材料和其他成本上升以及 20 個基點的不利外匯影響，但 RCI 計劃帶來的節省部分抵消了這一影響。

Operating expenses for the RS&I Group in the quarter included a $22 million benefit from the previously mentioned legal settlement. Operating expenses as a percentage of net sales improved 540 basis points from last year, primarily due to a 480-basis point benefit from the settlement as well as from the higher sales volumes. Operating earnings of $141.2 million, including the $22 million legal benefit compared to $107.3 million last year. The operating margin of 30.4%, including the 480-basis point benefit compared to 25.4% reported in 2024.

RS&I 集團本季的營運費用包括來自前述法律和解的 2,200 萬美元收益。營業費用佔淨銷售額的百分比比去年提高了 540 個基點，主要由於和解帶來的 480 個基點收益以及銷售量的增加。營業利潤為 1.412 億美元，其中包括 2,200 萬美元的法律收益，而去年同期為 1.073 億美元。營業利益率為 30.4%，其中包括 480 個基點的收益，而 2024 年報告的營業利潤率為 25.4%。

Now turning to slide 10. Revenue from financial services of $101.1 million compared to $100.4 million last year. Financial Services operating earnings of $68.9 million compared to $71.7 million in 2024. Financial Services expenses of $32.2 million compared to $28.7 million last year. The increase is primarily due to $2.5 million of higher provisions for credit losses as well as the rise in personnel and other costs.

現在翻到第 10 張投影片。金融服務收入為 1.011 億美元，去年同期為 1.004 億美元。金融服務營業利潤為 6,890 萬美元，而 2024 年為 7,170 萬美元。金融服務支出為 3,220 萬美元，而去年同期為 2,870 萬美元。成長的主要原因是信貸損失準備金增加 250 萬美元，以及人員和其他成本增加。

As a percentage of the average financial services portfolio, expenses were 1.3% in the third quarter of 2025 and 1.1% in 2024. In the third quarters of both 2025 and 2024, the average yield on finance receivables was 17.7% and while the average yield on contract receivables was 9.1%.

作為平均金融服務組合的百分比，2025 年第三季的費用為 1.3%，2024 年的費用為 1.1%。2025年及2024年第三季度，融資應收款平均報酬率為17.7%，合約應收款平均報酬率為9.1%。

Total loan originations of $274.1 million in the third quarter represented a decrease of $13.9 million or 4.8% from 2024 levels, including a 4.9% decline in extended credit originations. The reduction in extended credit origination mostly reflects continued lower sales of discretionary big-ticket items such as tool storage units.

第三季貸款發放總額為 2.741 億美元，較 2024 年水準減少 1,390 萬美元，降幅 4.8%，其中延期信貸發放額下降 4.9%。延期信用發放的減少主要反映了工具儲存單位等非必需大件商品的銷售持續下降。

Moving to slide 11. Our quarter end balance sheet includes approximately $2.5 billion of gross financing receivables were $2.2 billion from our US operation. For extended credit or finance receivables, the US 60-day plus delinquency rate of 2% is up 10 basis points from the third quarter of 2024 and also reflects a typical seasonal increase from the rate reported last quarter.

移至投影片 11。我們的季末資產負債表包括約 25 億美元的總融資應收款，其中 22 億美元來自我們的美國業務。對於延期信貸或融資應收款，美國 60 天以上的拖欠率為 2%，較 2024 年第三季度上升了 10 個基點，也反映了上一季度報告的拖欠率的典型季節性增長。

Trailing 12-month net losses for the overall extended credit portfolio of $71.4 million represented a 3.59% of outstandings at quarter end. We believe these portfolio performance metrics remain relatively balanced considering the current environment.

過去 12 個月，整體延期信貸組合的淨虧損為 7,140 萬美元，佔季末未償還債務的 3.59%。我們認為，考慮到當前環境，這些投資組合績效指標仍然相對平衡。

Now turning to slide 12. Cash provided by operating activities of $277.9 million in the quarter compared to $274.2 million last year. Net cash used by investing activities of $21 million, mostly reflected capital expenditures of $19.9 million.

現在翻到第 12 張投影片。本季經營活動提供的現金為 2.779 億美元，去年同期為 2.742 億美元。投資活動所用淨現金為 2,100 萬美元，主要反映資本支出 1,990 萬美元。

Net cash used by financing activities of $180.9 million included cash dividends of $111.5 million and the repurchase of 250,000 shares of common stock for $82 million under our existing share repurchase programs. As of quarter end, we had remaining availability to repurchase up to an additional $306 million of common stock under our existing authorizations.

融資活動所使用的淨現金為 1.809 億美元，其中包括 1.115 億美元的現金股利以及根據我們現有的股票回購計劃以 8,200 萬美元回購 250,000 股普通股。截至季末，根據現有授權，我們仍可回購最多 3.06 億美元的普通股。

Turning to slide 13. Trade and another accounts receivable of $925.7 million included $25.1 million of foreign currency translation. $17.7 million from the legal settlement and a greater mix of sales with longer payment terms. This represented an increase of $110.1 million from 2024 year-end. Days sales outstanding of 71 days compared to 62 days at year-end 2024.

翻到第 13 張投影片。9.257 億美元的貿易和其他應收帳款包括 2,510 萬美元的外幣折算、1,770 萬美元的法律和解以及更多銷售組合和更長的付款期限。這比 2024 年底增加了 1.101 億美元。應收帳款週轉天數為 71 天，而 2024 年底為 62 天。

Inventories increased by $81.1 million from 2024 year-end primarily due to $38.9 million of currency translation, improving demand trends and some investment intended to mitigate supply chain uncertainties. On a trailing 12-month basis, inventory turns of 2.3 compared to 2.4 at year-end 2024.

庫存較 2024 年底增加了 8,110 萬美元，主要原因是 3,890 萬美元的貨幣換算、需求趨勢改善以及一些旨在緩解供應鏈不確定性的投資。過去 12 個月的庫存週轉率為 2.3，而 2024 年底為 2.4。

Our quarter end cash position of $1,534.1 million compared to $1,360.5 million at the end of 2024. In addition to our existing cash and expected cash flows from operations, we have more than $900 million available under our credit facilities. There were no amounts borrowed or outstanding under the credit facilities during the year nor was any commercial paper issued or outstanding in the year.

本季末現金狀況為 15.341 億美元，而 2024 年底為 13.605 億美元。除了我們現有的現金和預期的營運現金流外，我們還擁有超過 9 億美元的信貸額度。本年度，在信用安排下沒有借入或未償還的金額，也沒有發行或未償還的任何商業票據。

That concludes my remarks on our third quarter performance. I'll now review a few outlook items for the fourth quarter of 2025. With respect to corporate costs, we currently believe that expenses will approximate $27 million. Additionally, as recognized in the previous three quarters of 2025, we expect to incur approximately $6 million pretax in the fourth quarter of increased non-service pension costs largely due to higher amortization of actuarial losses.

這就是我對我們第三季業績的評論。現在我將回顧 2025 年第四季的一些展望。關於公司成本，我們目前認為費用約為 2700 萬美元。此外，正如 2025 年前三個季度所確認的那樣，我們預計第四季度非服務退休金成本將增加約 600 萬美元的稅前支出，這主要是由於精算損失攤銷額增加。

These non-cash costs are recorded below operating earnings as part of other income introduction expense net on our statement of earnings and we'll have about $0.09 per diluted share negative effect on EPS in the fourth quarter of 2025.

這些非現金成本在我們的損益表中記錄在營業收益以下，作為其他收入介紹費用淨額的一部分，並且我們將對 2025 年第四季每股收益產生約 0.09 美元的負面影響。

We expect that capital expenditures for the year will approximate $100 billion. And following our assessment of the One Big Beautiful Bill Act during the third quarter, we continue to anticipate that our full year 2025 effective income tax rate will be in a range of 22% to 23%.

我們預計今年的資本支出將約為1000億美元。根據我們在第三季對《一項偉大的美麗法案》的評估，我們繼續預計 2025 年全年有效所得稅率將在 22% 至 23% 之間。

Finally, in 2025, our fiscal year will contain 53 weeks of operating results with the additional week occurring at the end of the fourth quarter. This occurs every five- or six years, and historically, it has not had a significant effect on our full year or fourth quarter total revenues and net earnings.

最後，到 2025 年，我們的財政年度將包含 53 週的營運業績，其中額外的一週發生在第四季末。這種情況每五、六年發生一次，從歷史上看，它對我們的全年或第四季總收入和淨利潤沒有重大影響。

I'll now turn the call back to Nick for his closing thoughts. Nick?

現在我將把電話轉回給尼克，請他發表最後發言。缺口？

Thanks, Aldo. That's our third quarter. It was encouraging and marked with words like resilience, momentum and advantage. It represents meaningful progress. [Fragos] clearly won against some unprecedented turbulence, gains captured against the headwinds of seasonality and increases against the variability of the late summer period. As such, we believe we leave the quarter more confident and stronger than when we entered.

謝謝，阿爾多。這是我們的第三季。它令人鼓舞，並帶有“韌性”、“動力”和“優勢”等詞語。這代表著意義深遠的進步。 [Fragos]顯然克服了一些前所未有的動盪，在季節性逆風中取得了收益，並在夏末時期的變化中取得了增長。因此，我們相信，我們在本季結束時將比本季開始時更加自信、更強大。

The pivoted & Tools Group is building traction. The potential for critical industries and specialty torque is breaking through. Our expansion with repair shop owners and managers continues to rise, and our advantage in strategy and structure which fortifies our resistance to tariffs demonstrate its efficacy. And you can see it reflected in the group's and the numbers.

樞軸和工具組正在建立牽引力。關鍵產業和特殊扭力的潛力正在突破。我們與修理廠業主和管理人員的合作不斷擴大，我們在策略和結構上的優勢增強了我們抵抗關稅的能力，證明了其有效性。您可以從團隊和數字中看到這一點。

C&I year-over-year gains realized and sequential improvements demonstrated, fueled by progress in critical industries and precision chart. Gross margin holding firm in a time of trial. The Tools Group, another positive quarter. OI margin up, holding to strong levels. OI margin up and holding to strong levels. Momentum continued.

在關鍵行業和精密圖表取得進展的推動下，C&I 實現了同比增長並顯示出連續的改進。在考驗時期毛利率維持堅挺。工具集團又迎來了一個正面的季度。未平倉保證金上升，並維持在強勁水準。未平倉保證金上升並維持在強勁水準。勢頭持續。

Sequential growth displayed and the pivot to quicker payback items strengthened. RS&I continuing expansion with repair shop owners and managers. 8.9% organic growth gains in hardware and software and yet another strong performance in OI margins. And it all came together for an encouraging overall performance.

顯示出連續成長，並且對更快回報項目的關注得到加強。RS&I 繼續與修理店老闆和經理合作擴張。硬體和軟體有機成長 8.9%，OI 利潤率再次表現強勁。所有這些因素共同造就了令人鼓舞的整體表現。

Sales for the corporation was up organically 3% with sequential gains. Gross margins, a powerful 50.9%, down 30 basis points, but primarily due to currency. OI margins of 23.4% or 21.5% excluding the legal action, the second highest ever third -- second highest third quarter ever and an EPS of $5.02. $4.71, excluding legal, the highest ever third quarter in a very turbulent time.

該公司銷售額有機成長 3%，季增。毛利率高達 50.9%，下降 30 個基點，但主要由於貨幣原因。OI 利潤率為 23.4% 或 21.5%（不包括法律訴訟），為有史以來第二高的第三季度 - 有史以來第二高的第三季度，每股收益為 5.02 美元。每股收益為 4.71 美元（不包括法律訴訟），這是非常動盪時期有史以來最高的第三季。

As we go forward, we proceed with confidence because we believe our markets will remain robust, and Snap-on will benefit from our advantages and strategy. Making in the markets where we sell. Its structure enabled by the flexibility of our factory array and products. We make work easier and more reliable and everybody knows this.

在我們前進的過程中，我們充滿信心，因為我們相信我們的市場將保持強勁，並且 Snap-on 將從我們的優勢和策略中受益。在我們銷售的市場進行生產。其結構由我們工廠陣列和產品的靈活性實現。我們讓工作變得更輕鬆、更可靠，每個人都知道這一點。

In brand, Snap-on really is the outward sign of pride and dignity for working men and women and advantage in people. Our team is skilled, battle-tested, committed, and always aims high. And we believe this combination of advantages will propel our corporation's even stronger performance as we proceed through 2025 and well beyond.

在品牌方面，Snap-on 確實是勞動男女自豪感和尊嚴以及人們優勢的外在標誌。我們的團隊技術精湛、久經考驗、盡職盡責，並且始終志存高遠。我們相信，這些優勢的結合將推動我們公司在 2025 年及以後取得更強勁的業績。

Now before I turn the call over to the operator, I'll speak directly with our franchisees and associates. I know many of you are listening. We've spoken today of momentum, of performance, and of new highs. We know that all of that has been created by your extraordinary effort in the past three months. For the success you've achieved this quarter, you have my congratulations.

現在，在我將電話轉給接線員之前，我將直接與我們的特許經營商和合作夥伴通話。我知道你們很多人都在聽。今天我們談到了勢頭、表現和新高。我們知道，這一切都是你們過去三個月來非凡努力的成果。對於您本季的成功，我向您表示祝賀。

With the energy and skill I see you bring to the corporation every day, you have my admiration. And for your ongoing confidence and dedication to the future of our enterprise, you have my thanks.

我看到您每天為公司帶來的活力和技能，我非常欽佩您。我衷心感謝您對我們企業未來的持續信任與奉獻。

Now I'll turn the call over to the operator. Operator?

現在我將把電話轉給接線員。操作員？

Thank. You. At this time we will now begin the question-and-answer session. (Operator Instructions) Christopher Glynn, Oppenheimer.

感謝。你。現在我們將開始問答環節。（操作員指示）克里斯托弗·格林，奧本海默。

Thanks. Good morning, guys. Wanted to dive into some of the businesses at RS&I for the diagnostics and repair systems, I think, five quarters of growth now more consistency than I've seen in the past. Usually, it's been a little lumpier with new product splashes and then some wells. So I don't know anything to read into this kind of consistency.

謝謝。大家早安。我想深入了解 RS&I 的診斷和維修系統的一些業務，我認為，五個季度的成長比過去看到的更穩定。通常，隨著新產品的推出和一些井的出現，情況會變得更糟。所以我不知道該如何解讀這種一致性。

Well, I think -- we'd like to believe we've gotten the launches a little bit better. You said yourself, Triton was launched last quarter and had a good quarter last quarter and this quarter. The other thing about it is this quarter, I think versus the prior quarter, we had pretty good performance on a sequential basis across the line. And this has been something that you kind of need. You can't just always depend on new launches.

嗯，我想——我們願意相信我們的發布會已經變得更好了。您自己說過，Triton 是上個季度推出的，上個季度和本季表現都很好。另一件事是，我認為與上一季相比，本季我們的整體表現較上季來看相當不錯。這正是您需要的東西。你不能總是依賴新產品的推出。

Although as we go forward, you're going to see more new launches happened this year and things like a launch to happen this year. So you get that in the -- but the sort of the Holy Grail in diagnostics is to make hay with the launch and then -- but not lose volume with the other businesses, and that happened this quarter. So we feel kind of good about that. But we'll see how it goes going forward. We'd like to see that happen.

但隨著我們不斷前進，你會看到今年有更多新產品發布，以及類似今年將要推出的新事物。所以你明白了——但診斷領域的聖杯是透過發布來賺錢，然後——但不會失去其他業務的數量，而這在本季度發生了。所以我們對此感覺很好。但我們會看看未來情況如何。我們希望看到這種情況發生。

And I think we're starting to get some understanding of how to promote both the launch and the existing platforms side by side.

我認為我們開始了解如何同時推廣新平台和現有平台。

Great. And then just on the other two pieces, OEM. It sounds like that kind of share accrual is kind of building on itself and has some legs. And then on the under car. Does that feel like that's stabilizing or still kind of firmly in?

偉大的。然後就另外兩件而言，OEM。聽起來，這種股份累積方式正在逐漸成型，並且有一定的支撐作用。然後放在車底。感覺像是穩定下來還是仍然穩固？

Yes. It looks like undercar looked like it stabilized this quarter. I mean it was down okay, we don't like that. But it was down a lot less than in past quarters. So it didn't hurt RS&I as much maybe it wasn't as much of an offset.

是的。看起來，本季 Undercar 似乎已經穩定下來。我的意思是它確實下降了，我們不喜歡這樣。但降幅比前幾季小得多。因此，它對 RS&I 造成的傷害並不大，或許抵銷作用也不大。

It was part of the idea of the 8.9%. I mean that may not be the highest quarter, RS&I ever had. But in this kind of environment, I think it's super sonic. And so that worked out pretty well. And some of it had to do with narrowing in that gap, and you've rightly said it that the OEM, the OEM business is both programs happening and share gain.

這是 8.9% 人的想法的一部分。我的意思是，這可能不是 RS&I 有史以來最高的季度。但在這種環境下，我認為它是超音速的。所以結果非常順利。其中一些與縮小差距有關，您說得對，OEM、OEM 業務既有計劃，也有份額增長。

We used to talk about lumpiness, and it still could be -- it's still a lumpy business, but we have share gain component on top of this, which tends to offset some of it.

我們過去常常談論不穩定因素，現在仍然可能如此——這仍然是一個不穩定的業務，但我們在此基礎上還有份額收益成分，這往往會抵消其中的一些影響。

Okay. Great. And then C&I, I didn't hear about your European tools, assuming it's kind of flattish. Does that feel pretty steady?

好的。偉大的。然後是 C&I，我沒有聽說過你們的歐洲工具，假設它有點平坦。感覺很穩定嗎？

Yes. Do you know France? It gives me a headache.

是的。你了解法國嗎？這讓我很頭痛。

I think so, not personally.

我覺得是的，但不是我個人的看法。

No. Look, I think the thing we're noticing is the grass roots in Europe are starting to display that, in fact, they have made for a couple of quarters, display the same kind of uncertainty or resistance that you see in the United States. So you see a bifurcation in Europe, where the -- I would call it maybe the transactional business with individuals, the up and down the street business kind of flattish strong -- not so strong, but there's hay to be made in projects, which is part of the success of critical industries in this quarter.

不。看，我認為我們注意到的是，歐洲的基層開始表現出這種現象，事實上，他們已經連續幾個季度表現出與美國相同的不確定性或抵抗力。因此，您會看到歐洲出現分叉現象，我稱之為與個人的交易業務，街道上的業務有點平淡，但不是那麼強勁，但在項目中仍有可獲利的空間，這是本季度關鍵行業成功的部分原因。

Great. Thank you. I'll pass on.

偉大的。謝謝。我會傳承下去。

David MacGregor, Longbow Research.

大衛麥格雷戈，長弓研究公司。

I wanted to ask about the sequential sequentially strong volume and tie that back to maybe some of the investments you've made over the last couple of years in capacity. And I'm just wondering if that incremental capacity now gives you the ability to fulfill on the SFC orders a little faster? And if that's really what's driving this? And if so, how do we think about the margin improvement in 4Q?

我想問一下連續強勁的銷售情況，並將其與您過去幾年在產能方面所做的一些投資聯繫起來。我只是想知道，現在增加的容量是否能讓您更快完成 SFC 訂單？這真的是導致這現象的原因嗎？如果是這樣，我們如何看待第四季的利潤率改善？

I think you're right to point out that the capacity increases that we did over the last 2.5 years has been helped you match better the ups and downs of the volume. But I think the SFC this year was not necessarily a component in the sequential improvement. Actually, I don't think it was at all. The sequential improvement really primarily affects our more effective activity that had certain products, one of which was diagnostics, but there were others like so that tended to push things forward.

我認為您指出的很正確，我們在過去 2.5 年中所做的產能增加已經幫助您更好地應對產量的起伏。但我認為今年的 SFC 不一定是連續改善的一個組成部分。事實上，我根本不這麼認為。連續的改進實際上主要影響我們更有效的活動，這些活動涉及某些產品，其中之一就是診斷產品，但還有其他類似的產品，這些產品往往會推動事情向前發展。

And so that's why we feel pretty good about that. And the SFC effect is beyond that sequential improvement. We do -- we -- I made a lot of them in my remarks, and the sequential improvement really is although it's a pretty big deal for us because we don't see it very often, and we think it does indicate momentum. Going out after the SFC, you're going to see that play out. But the SFC had some great orders, but not many of them got in the third quarter I think.

這就是我們對此感到十分高興的原因。而 SFC 的效果超越了連續的改進。我們確實——我們——我在我的發言中提到了很多，連續的改善確實對我們來說是一件大事，因為我們並不經常看到這種情況，但我們認為這確實表明了一種勢頭。在 SFC 之後，您將會看到這一幕的發生。但證監會有一些大訂單，但我認為在第三季收到的訂單並不多。

Do you feel like you may be pulled forward a little from 4Q here? Or should we expect 4Q to be --

您是否感覺自己可能比 4Q 稍微領先一些？或者我們應該預期第四季度--

I don't think so. I don't think so. I don't think so. I think SFC has just -- yes, go ahead.

我不這麼認為。我不這麼認為。我不這麼認為。我認為 SFC 剛剛——是的，請繼續。

No, that's a good enough answer. I guess I'm just trying to, secondly, square or try to square the strength in unit volume with the 1% organic growth in Snap-on tools, which suggests maybe price was down. How much of this is mix, how much of this is promotions and will we see this again in 4Q?

不，這個答案已經夠好了。其次，我想我只是想將單位產量的強度與 Snap-on 工具的 1% 有機增長進行平衡，這表明價格可能下降了。其中有多少是混合，有多少是促銷，我們會在第四季度再次看到這種情況嗎？

Well, look, I think some of it might be promotions. But let's put it this way. The margins were up pretty good. The margin was 21.7%, up 10 basis points -- and the gross margin was down, I guess, 40 basis points, but that was against 10 basis points or 20 basis points of currency. So it wasn't a big fluctuation.

嗯，看，我認為其中一些可能是促銷。但讓我們這樣說吧。利潤率上升得相當不錯。利潤率為 21.7%，上升了 10 個基點——而毛利率則下降了，我猜是 40 個基點，但這與貨幣的 10 個基點或 20 個基點相比。所以波動並不大。

I don't think that's a factor. I mean, I think is the volume might be -- I don't know if I recognize so much that the volume was that high compared to the sales. But in fact, I don't recognize that at all. I kind of just think it was kind of a quarter that had always its variable mix. And it went through, had good profitability, and the US.

我不認為這是一個因素。我的意思是，我認為交易量可能是——我不知道我是否認識到與銷售額相比交易量如此之高。但事實上，我根本不承認這一點。我只是認為這是一個始終具有可變組合的季度。並且它成功了，盈利能力良好，並且在美國。

had increases, which is the second one in a row and we're pretty positive about that. So I don't think we're worried so much about that situation.

有所增長，這是連續第二次增長，我們對此非常樂觀。所以我認為我們並不太擔心這種情況。

Certainly, we don't think the pricing is eroding. If we thought the pricing -- I mean, if the pricing was eroding, you'd see at the gross margin, and we're not seeing anything like that -- and yes. Go ahead. Go ahead. Go ahead, I'm just going to say, David, you know this very well.

當然，我們並不認為價格正在下降。如果我們認為定價——我的意思是，如果定價下降，你會看到毛利率，而我們沒有看到任何類似的東西——是的。前進。前進。繼續吧，我只想說，大衛，你對此非常了解。

One of the big kahunas in this quarter for the Tools Group was diagnostics and at one of the biggest margin businesses for the Snap-on Tools Group because it shares the margin with another one of our divisions, the Diagnostics division and still the gross margin held.

工具集團本季最大的業務之一是診斷業務，也是 Snap-on 工具集團利潤最高的業務之一，因為它與我們的另一個部門（診斷部門）共享利潤，並且仍然保持毛利率。

Yes. Okay. Yes, that's an interesting point. And then finally, just off the truck sales, how you're feeling about -- I know you've got good data on that. How would that have compared with the selling?

是的。好的。是的，這是一個有趣的觀點。最後，就卡車銷售而言，您對此有何感受——我知道您已經掌握了這方面的良好數據。這與銷售相比如何？

The off the truck sales was a little bit higher than -- a little bit lower than the -- to the truck sales I think, though, as we see this all the time. It's within, I think, the range of variability that happens in those two businesses. They always seem to come out about the same in the year. Last year, for example, the on the truck, off the truck was -- while it had variability from quarter-to-quarter is dead nuts at the end of the quarter, equal. So I think we kind of -- so there's nothing narrowed.

我認為，卡車銷量略高於或略低於卡車銷量，正如我們經常看到的那樣。我認為，這屬於這兩家企業之間的可變範圍。它們似乎每年都會出現大致相同的情況。例如，去年，卡車上、下的數量——雖然每季之間都有變化，但到季度末，還是相等的。所以我認為我們有點——所以沒有什麼縮小。

It's a little bit lower, but it's nothing that has us concerned about that. It's just within the margin of the usual variability.

雖然稍微低了一點，但我們並不擔心。它正好處於通常變化的範圍內。

So there's a little bit of restock going on. Is it your general sense that the franchisees are still pretty liquid. They've still got very good liquidity. So the 2026 ends up being a better year, they're in a good position to restock up in advance of that.

因此正在進行少量補貨。您是否普遍認為特許經營商的流動性仍然相當強？他們的流動性仍然非常好。因此，2026 年最終會成為更好的一年，他們有能力提前補充庫存。

Yes, I think there's some of that. But I think -- look, I think the uncertainty thing has to be fixed. I think they're starting to catch some of the uncertainty. And so I think that has to be fixed. And then when they get back, they go back to their old levels.

是的，我認為有一部分是這樣的。但我認為——看，我認為不確定性問題必須解決。我認為他們開始意識到一些不確定性。所以我認為這個問題必須解決。然後當他們回來時，他們又回到了原來的水平。

I don't know. I don't know. But there is that possibility going out in the future at some time. But we're not looking for restocking to be a major push. We never really plan it that way. Sometimes it can affect the variability from quarter-to-quarter. But generally, like I said, it all kind of evens out.

我不知道。我不知道。但未來某個時候還是有可能出現這種情況的。但我們並不希望補貨成為一項重大舉措。我們從來沒有真正這樣計劃過。有時它會影響季度之間的差異。但總的來說，就像我說的，一切都會趨於平衡。

Got it. Thanks for your thoughts, Nick.

知道了。謝謝你的想法，尼克。

Sure.

當然。

Scott Stember, Roth Capital.

羅斯資本的斯科特·斯坦伯。

Good morning and thanks for taking my questions.

早上好，感謝您回答我的問題。

Morning, Scott.

早安，史考特。

Within tools, obviously, it sounds like diagnostics had the best performance. Can you maybe just flesh out how hand tools did, how power tools and tool storage just to give us a sense of how it broke up.

顯然，在工具中，診斷的效能似乎最好。您能否詳細說明一下手動工具、電動工具和工具儲存的情況，以便讓我們了解它們是如何分崩離析的。

Yes, we'll start had another occluded quarter. You can -- I guess you can see part of it you see hints of that in the originations, what was originations down 4.9% in total for EC. And that's about the same as last quarter. So they were -- they were down both. So those stores wasn't that strong.

是的，我們將開始另一個被遮擋的季度。你可以——我想你可以看到其中的一部分，你可以在發起量中看到這方面的跡象，EC 的發起量總計下降了 4.9%。這與上一季的情況大致相同。所以他們——他們都失敗了。所以那些商店並不是那麼強大​​。

And that's despite the fact that there was good sales of diagnostics. Hand tools did not have a great quarter which happens from time to time. So that wasn't very positive in the quarter.

儘管診斷產品的銷售量很好，但情況仍然如此。手動工具本季的銷量不佳，這種情況時有發生。因此本季的表現並不是很積極。

Diagnostics was up big. And then we had some good news in things like air conditioning and other smaller items from Shop and Tex. Power tools didn't have a great quarter except at the end of the quarter, when it introduced a new product, it had a gangbusters month, and so we felt pretty good about that. And so while Power tools didn't contribute so much for that, overall, it really helped at the end of the quarter with this new product because that was -- once the franchisee saw those babies, they love.

診斷學取得了巨大進步。然後，我們從 Shop and Tex 獲得了一些好消息，例如空調和其他小物品。電動工具本季表現並不出色，除了季度末推出新產品時，該月表現十分出色，因此我們對此感覺良好。因此，雖然電動工具對此的貢獻不大，但總體而言，這款新產品在本季末確實起到了幫助作用，因為——一旦加盟商看到這些寶貝，他們就會喜歡上它。

Got it. And then on C&I, it sounds like, particularly for things that are based on government funding, still some delays in orders, but you talked about the backlog of orders starting to build up again. Can you maybe just talk about that dynamic?

知道了。然後關於商業和工業，聽起來，特別是對於那些基於政府資助的項目，訂單仍然存在一些延遲，但您談到積壓的訂單又開始堆積起來。您能談談這種動態嗎？

Yes. Look, I think what's happening here is anybody's associated with resourcing a REIT or change in the supply chain in a big way. If that's their primary focus, like generally as you're rightly based on -- I think I might have said this, if I didn't, it was just by process of elimination, the military was down again, although not down as much as the prior quarter, a little bit better. But the other thing that is weaker was general industry, which is a big business for us.

是的。看，我認為這裡發生的事情是任何人都與房地產投資信託基金的資源或供應鏈的大規模變革有關。如果這是他們的主要關注點，就像您通常正確認為的那樣——我想我可能會這麼說，如果我不這麼說，那隻是通過排除法，軍事力量再次下降，儘管沒有像上一季那樣下降那麼多，但還是好一點。但另一個較弱的領域是一般工業，而這對我們來說是一門大生意。

And what you're seeing, Scott, is anybody who's got factories that I think is sitting there saying, What the hell do I do? Because if you look at it, it may -- it seems that most people like the tariffs have settled down since Liberation Day, slot, Canada, Mexico, China, Three of the top four sourcing partners for manufacturers in the United States for general industry in the United States, they're still unsettled.

史考特，你看到的是，任何擁有工廠的人都坐在那裡說，我到底該怎麼辦？因為如果你看一下，它可能——似乎大多數人都喜歡自解放日以來關稅已經穩定下來，加拿大、墨西哥、中國，美國製造商四大採購合作夥伴中的三個，對於美國一般工業來說，他們仍然沒有穩定下來。

There's no trade deals with those countries now, and they're pretty big numbers. They're double -- deep double-digit numbers. And as you saw, China just got threatened with another 100%.

目前與這些國家沒有貿易協議，而且數字相當大。它們是兩位數——深度兩位數。正如你所看到的，中國剛剛又受到了 100% 的威脅。

So those people in that sector are much tighter in whole keeping their powder dry. If you're looking at other places, that was the sort of message, I think, is a bit maturing to make. Places like aviation, if you're just talking about maintenancing airframes and education and other places, those things are pretty good. Natural reason is pretty good because they're not really worried about this reshoring. So that's what's happening in the big ticket items in the United States.

因此，該領域的人們在整體上要更加嚴格地保守秘密。如果你看看其他地方，我認為傳達這種訊息還需要一些時間。像航空業這樣的地方，如果你只是談論維護機身、教育和其他地方，這些事情都相當不錯。自然原因很好，因為他們並不真正擔心這種回流。這就是美國大件商品中發生的情況。

Then if you go to Europe, there's not so much worry about the tariffs as much and so projects are good business in Europe these days.

那如果你去歐洲，就不用太擔心關稅，所以現在在歐洲做專案是很好的生意。

Great. And then just last question on the legal settlement. Can maybe just talk about that a little bit.

偉大的。最後一個問題是關於法律解決的。也許可以稍微談論一下。

Well, I think I told you all I'm prepared to tell you. I think the legal settlement, and I think it's pretty clear, it was in the repair it pertains to the repair system information rule. It did not -- it's not a follow-on or related to the prior legal settlements of the prior year. And so other than that, I don't think I'm going to comment on it. I'll just lay out where it is.

好吧，我想我已經把我準備告訴你的一切告訴你了。我認為法律上的解決，而且我認為這很清楚，它是在修復中，它涉及修復系統資訊規則。它不是後續事件，也不是與前一年的法律和解相關的事件。除此之外，我想我不會對此發表評論。我只會說明它的位置。

And I think we have it pretty much all in this quarter.

我認為本季我們基本上已經完成了所有工作。

Got it. Fair enough. Thanks again.

知道了。很公平。再次感謝。

Yes, sure.

是的，當然。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey, good morning guys.

嘿，大家早安。

Good morning.

早安.

Could you talk about the cadence of the tool sales off the truck in the quarter? Is the mechanic feeling -- I guess you've always talked about the recently talked about their uncertainty, but is that reasonably stable or -- was there any notable trend in the quarter?

能談談本季卡車工具銷售的節奏嗎？機械師的感覺是——我想您最近一直在談論他們的不確定性，但這是否合理穩定或——本季度有什麼值得注意的趨勢嗎？

I don't think there's any notable trend in the quarter. I mean it's hard to -- look, Brett, for us, the third quarter is normally so squirly that we can't find any trend in there because we've got the SFC at the back. And so you don't know how people will order because a lot of new tools, hundreds of new tools are at the SFC. And then the other problem is, of course, we punch through the franchisees to the technicians and our franchisees sometimes take vacations around SFC. And that can creep up.

我認為本季沒有任何顯著的趨勢。我的意思是，這很難——布雷特，對我們來說，第三季度通常非常不穩定，我們無法在其中找到任何趨勢，因為我們後面有 SFC。因此，您不知道人們將如何訂購，因為 SFC 上有很多新工具，數百種新工具。當然，另一個問題是，我們透過特許經營者聯繫技術人員，而我們的特許經營者有時會在 SFC 附近度假。這種情況可能會逐漸加劇。

So we don't have a good feel. All we have a windshield information. And my view is that they're still pretty uncertain. This 100-plus tariffs on China couldn't have helped the certainty sure, I think it only makes it seem worse. Now they're not rightly -- they're not affected by that, but they're worried about the macros, I believe. We see the same kind of thing a little bit in Europe, emerging in Europe, but it's been pretty consistent when you talk to people.

所以我們感覺不太好。我們全部都有擋風玻璃資訊。我的觀點是他們仍然相當不確定。對中國徵收 100 多項關稅肯定無助於確定性，我認為它只會讓情況變得更糟。現在他們不正確——他們沒有受到那方面的影響，但我相信他們擔心宏。我們在歐洲也看到了類似的事情，但當你與人們交談時，你會發現這種現象相當一致。

And part of the reason is like this is I think you've got a group of people who uniquely are at the bottom end of the credit scores, the subprime customers, but they have pretty reliable income based on the vehicle repair. But -- so therefore, they're making their money, but they don't have a lot of cushion. So if the world goes awry, they're worried they're in trouble. And so anything that thinks that there might be macro problems, I think, tends to worry them. We saw that a couple of times, particularly like in the great financial recession.

部分原因是，我認為有一群人的信用評分處於最低端，他們是次級客戶，但他們透過車輛維修獲得了相當可靠的收入。但是——因此，他們賺了錢，但卻沒有太多的緩衝。因此，如果世界出現問題，他們就會擔心自己會陷入困境。因此，我認為，任何認為可能存在宏觀問題的事情都會讓他們擔心。我們已經見過幾次這樣的情況，特別是在金融危機期間。

This is the kind of thing they're worried about. So I don't see that getting better. Now the Middle East was a kind of positive. We'll see how that plays out. Maybe things will get better because of that.

這就是他們所擔心的事。所以我不認為情況會好轉。現在中東的情況是正面的。我們將拭目以待事情會如何發展。也許事情會因此變得更好。

And I think it's a question given the inflationary environment and tariffs are tough to predict, but where do you see same SKU inflation contributing to growth in '26, just from a pricing outlook standpoint.

我認為這是一個難題，因為通膨環境和關稅很難預測，但從定價前景的角度來看，您認為相同 SKU 通膨對 26 年的成長有何貢獻。

No. I don't know. It didn't contribute much to us this time. You might say pricing was like 1% or so. I don't know.

不。我不知道。這次對我們沒什麼貢獻。您可能會說定價約為 1% 左右。我不知道。

I actually don't have a view of that because I think the tariffs model a lot of things. I don't know whether you call inflation I don't know -- some guys are talking about -- I mean GM was talking about $6 billion of tariffs and you got other players in our sector are talking about big numbers in tariffs. So I don't know how they play out in pricing. We'll see. I think it's tough to predict.

我實際上對此沒有看法，因為我認為關稅影響了很多事情。我不知道您是否將通貨膨脹稱為我不知道——有些人正在談論——我的意思是通用汽車正在談論 60 億美元的關稅，而我們行業的其他參與者正在談論巨額關稅。所以我不知道他們的定價如何。我們拭目以待。我認為這很難預測。

I know that basic inflation like beef and milk and other things are up some. But I think people have kind of ingested that may place some small background thing. And I think the big factor though, I think, in the future will be what happens with the tariffs across any particular industry.

我知道牛肉、牛奶和其他商品等基本商品的通貨膨脹上升。但我認為人們已經吸收了某些可能存在小背景的東西。但我認為，未來最大的因素是特定產業的關稅將如何改變。

Right. And but as you stood today with $100 rent be $105 in '26 just as materials and wage and everything else is sort of upward biased? Or what do you build on the model for that?

正確的。但是，如果今天的租金為 100 美元，那麼 1926 年的租金就是 105 美元，就像材料、工資和其他一切都呈現向上趨勢一樣？或者您為此在模型上建立了什麼？

Well, probably the one you have now won't be $105, but we'll have a new one by then that will be $110. I think 5% would be a large pricing for us. Look, we're already priced ahead of everybody else. I guess the question is, if you're asking us what will we do if other people price. We'll do that on a product-by-product basis.

好吧，也許你現在擁有的那個不會是 105 美元，但到那時我們會有一個新的，價格是 110 美元。我認為 5% 對我們來說是一個很大的定價。瞧，我們的定價已經比其他人高了。我想問題是，如果你問我們，如果其他人定價，我們會怎麼做。我們將根據每個產品的具體情況進行此操作。

That's the way we would adjust it. I don't -- but I don't see us necessarily raising our prices usually unless things change. I mean, so far, there hasn't been any huge expansion in the marketplace.

這就是我們調整的方式。我不這麼認為——但我認為除非情況發生變化，否則我們通常不一定會提高價格。我的意思是，到目前為止，市場還沒有任何巨大的擴張。

Great, thank you, appreciate it.

太好了，謝謝，感激不盡。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Hey Nick, good morning.

嘿，尼克，早安。

Morning.

早晨。

Just wondering anything interesting to call out within the SFC orders? I think you said in the mid-single digits. I guess I'm thinking just tens of traction and big ticket in that number, maybe continued diagnostics -- or just anything else that you thought was interesting?

只是想知道證監會的命令中有什麼有趣的內容嗎？我認為您說的是中等個位數。我想我想到的只是這個數字中的數十個牽引力和大票，也許是持續的診斷 - 或者只是您認為有趣的任何其他東西？

No, I don't think we saw anything unusual in that regard. I think the thing would be -- I suppose just what I said that they were up nicely. But I want to remind you that these are orders, not sales, so it has to play out, and there can be cancellations and all that stuff. It's better than a poke in the eye with a sharp stick, of course, to have orders up. And the orders this year.

不，我認為我們在這方面沒有發現任何異常情況。我認為事情是這樣的——我想正如我所說，他們表現得很好。但我想提醒你，這些是訂單，而不是銷售，所以必須執行，並且可能會有取消等等。當然，下達命令總比用尖棍戳眼睛好。還有今年的訂單。

I think, go out through December, and I think there's -- it was a nice take-up throughout that period of time. So we feel pretty good about it, but it has to play out. There's nothing special about mix in this situation. I think people -- well, I could say, I think people thought hand tools sold pretty well. And so that was our -- we got orders pretty well, but it always does.

我認為，從 12 月開始，我認為那段時間的銷售表現都很好。所以我們對此感覺很好，但它必須發揮作用。在這種情況下，混合沒有什麼特別之處。我認為人們——好吧，我可以說，我認為人們認為手動工具賣得很好。這就是我們的——我們收到的訂單相當不錯，但總是如此。

Got it. What about diagnostics growth within the Tools Group specifically? Just wondering if it might have been at or maybe even above the high single-digit growth rate that we saw within RS&I, storage -- we can tools now to power tools either. It seems like that was really the story of Tools Group this quarter. Is that fair, Nick?

知道了。工具組內部的診斷成長具體如何？只是想知道它是否可能達到甚至超過我們在 RS&I、儲存領域看到的高個位數成長率——我們現在可以將工具轉換為電動工具。這似乎確實是工具集團本季的故事。這樣公平嗎，尼克？

Yes. Tools Group was a bigger growth than -- but the RS&I, remember, I said that the diagnostics and information diagnostics to independent repair shop owners and managers, it was up double digits in the quarter. That was in RS&I. So it was up double digits in RS&I, and the Tools Group was every bit as good as sec or more.

是的。工具集團的成長幅度比 RS&I 更大，記住，我說過，對於獨立維修店老闆和經理來說，診斷和資訊診斷在本季度實現了兩位數的成長。那是在 RS&I 中。因此，RS&I 的成長達到了兩位數，而工具組的表現與 sec 相當甚至更好。

Got it. And then last question for me. Just maybe if you could double click on the Asia Pacific business. Just kind of update us on what that business looks like today? I know there's a couple of components of that and kind of the specific exposure you've got to those supply chains being asked in --

知道了。這是我的最後一個問題。也許你可以雙擊亞太業務。能向我們介紹一下目前該業務的進展嗎？我知道這其中有幾個組成部分，以及你對這些被要求的供應鏈的具體接觸--

I will. I will. It's two pieces of business, of course. There's the -- before we start breaking down by country, there is the internal business, which is pretty much exports and is the internal business. So internal business, dog food.

我會。我會。當然，這是兩件事。在我們開始按國家細分之前，先來看看國內業務，基本上就是出口和國內業務。所以內部業務，狗糧。

Terrible because we shipped it, we try to adjust the supply chain. So the Asia Pacific business in C&I is not so good. That's why we called it out. But that was mostly internal, external seller in the markets actually wasn't too bad. I'm kind of proud of our Asian team because they pretty much China was up and India was up and in Southeast Asia was up.

非常糟糕，因為我們已經發貨了，所以我們嘗試調整供應鏈。因此，亞太地區的工商業業務不太好。這就是我們呼籲的原因。但這主要是內部因素，市場上的外部賣家實際上並沒有那麼糟糕。我對我們的亞洲團隊感到很自豪，因為中國、印度和東南亞基本上都處於領先地位。

So they did a great job in terms of catching up. And I don't know if you're following things in China, but the economy there is so good. And India is kind of always a basket -- even though they say they're growing, it usually is difficult to determine what they're talking about. And the Thailand Prime Minister just got decapitated but taken down for being on a phone call for one of the Cambodian prime ministers and criticized in general. And Korea just had some problem with the Prime Minister.

因此他們在追趕方面做得很好。我不知道您是否關注中國的情況，但那裡的經濟狀況非常好。印度總是像一個籃子——儘管他們說他們正在發展，但通常很難確定他們在說什麼。泰國總理剛剛被斬首，但因與柬埔寨總理通話而受到普遍批評。韓國總理剛剛遇到了一些問題。

So you see a lot of turbulence there, but our guys have done a good job overcoming.

所以你會看到那裡有很多動盪，但我們的人已經很好地克服了。

I will leave it there. Thank you, Sara and Nick.

我會把它留在那裡。謝謝你，薩拉和尼克。

Sure.

當然。

Gary Prestopino, Barrington Research.

巴林頓研究公司的加里‧普雷斯托皮諾 (Gary Prestopino)。

Hi, good morning, all.

大家早安。

Good morning, Gary.

早上好，加里。

What impact did FX have on EPS this quarter?

外匯對本季每股收益有何影響？

It was $0.01 of negative news, Gary.

這是價值 0.01 美元的負面新聞，加里。

Okay, thank you. And then regarding how well you did in the RS&I business with the dealerships, particularly OEM dealerships, are you seeing a movement here for these OEM dealerships to start increasing their capital equipment outlays after a couple of years and maybe not doing so? Or is this just -- does it just kind of go in kind of bunches up and down cycles on a quarterly basis?

好的，謝謝。然後關於您在與經銷商（特別是 OEM 經銷商）的 RS&I 業務中做得如何，您是否看到這些 OEM 經銷商在幾年後開始增加其資本設備支出，或者可能沒有這樣做？或者這只是——它只是按季度以某種方式上下波動？

No, no. I think, look, I think that's a pretty big question. I mean there's a lot of segments to RS&I, even within the dealership business, but I generally think you're seeing a constant drumbeat in the dealerships and in the independent shops realizing that all these new features and benefits and powertrains that they have to adjust to. So you're seeing some of that.

不，不。我認為，看，我認為這是一個相當大的問題。我的意思是，RS&I 有很多細分領域，即使在經銷商業務中也是如此，但我總體上認為，您會看到經銷商和獨立商店不斷意識到他們必須適應所有這些新功能、新優勢和新動力系統。所以你看到了其中的一些。

Now part of the reason why OEM is big this quarter is because -- you're also seeing a drumbeat of new models come out. And I think this idea of pivoting from electric vehicles to internal combustion are going to even keep that going. So and on top of that, we're gaining some share. So I think that particular business, yes, it's going to have some variation from quarter-to-quarter in terms of what it sells, but I think it's pretty solid. I think that's a place where the economy is pretty strong that people need to repair to maintain the mobility, people keep driving.

本季 OEM 業務表現強勁的部分原因是—您還會看到一系列新車型的推出。我認為從電動車轉向內燃機的想法將會繼續下去。因此，最重要的是，我們正在獲得一些份額。所以我認為，就銷售情況而言，該特定業務每季都會有一些變化，但我認為它相當穩健。我認為那是一個經濟相當強大的地方，人們需要修繕以保持機動性，人們繼續駕駛。

The car park keeps aging, all those things drives business in that area. They won't be explosion or anything like that. But I think it's going to be a good growth. We say that the RS&I business should grow and we say we should grow at 4% to 6% in ordinary times, we say RS&I should be in the middle.

停車場不斷老化，所有這些都推動了該地區的商業發展。它們不會發生爆炸或類似的事情。但我認為這將是一個好的成長。我們說RS&I業務應該會成長，我們說平常應該成長4%到6%，我們說RS&I應該處於中間水準。

Okay. Sounds good. And then just lastly, getting back to the order rates coming out of the conference and that doesn't -- the translation into sales. Is there any -- is there a correlation that you can look at? I mean is that all over the place? One conference you could have great orders, but then it doesn't translate into sales and vice versa?

好的。聽起來不錯。最後，回到會議得出的訂單率，但這並沒有轉化為銷售額。有沒有——有沒有什麼可以觀察的相關性？我的意思是，到處都是這樣的嗎？一次會議可能會帶來大量訂單，但這並不能轉化為銷售額，反之亦然？

That's right. That's what happens. I don't know. We don't -- I go down there and every time they tell me -- or the orders allow you to come back to pressed or a static. And many times, it doesn't play out that way in the fourth year.

這是正確的。事情就是這樣的。我不知道。我們不會——我去那裡，每次他們告訴我——或命令允許你回到壓製或靜態狀態。但很多時候，第四年的情況並不是這樣的。

This year, though, I think we've tried to guard against that. We tried to make the packages smaller, so the cancellations would not -- which is what the variability comes out of because people get down there in their eyes are too big to the stomach. And I think you have good -- you certainly have good orders spread out into the fourth quarter. So I think that's pretty positive.

不過，我認為今年我們已經盡力防止這種情況發生。我們嘗試將包裹做得更小，這樣就不會出現取消的情況——這就是差異性的來源，因為人們認為包裹太大，不適合他們的胃。我認為你們的訂單很好——你們的訂單肯定分佈在第四季。所以我認為這是非常積極的。

Well, did you come back to prester static this year?

那麼，今年你回來參加 prester static 了嗎？

I'm just ecstatic. But I'm kind of a sucker for good news.

我簡直欣喜若狂。但我有點容易被好消息迷惑。

Okay. Thank you.

好的。謝謝。

That concludes our question-and-answer session. I would like to turn the conference back over to Sara Verbsky for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Sara Verbsky 做結束語。

Thank you all for joining us today. A replay of this call will be available shortly on snapon.com. As always, we appreciate your interest in Snap-on. Good day.

感謝大家今天的參與。本次電話會議的重播將很快在 snapon.com 上提供。一如既往，感謝您對 Snap-on 的關注。再會。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。