實耐寶 (SNA) 2026 Q1 法說會逐字稿

Good day, and welcome to the Snap-on Inc. 2026 first-quarter results conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Sara Verbsky, Vice President, Investor Relations. Please go ahead.

各位早安，歡迎參加 Snap-on Inc. 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。現在我想把會議交給投資人關係副總裁 Sara Verbsky。請開始。

Thank you, Betsy, and good morning, everyone. We appreciate you joining us today as we review Snap-on's first 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 Al 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.

謝謝你，Betsy，各位早安。感謝各位今天加入我們，一同回顧 Snap-on 第一季的業績表現，相關內容已詳載於我們今天稍早發布的新聞稿。本次電話會議由 Snap-on 執行長 Nick Pinchuk 以及財務長 Al Pagliari 與會。Nick 將先就我們的表現分享他的觀點，接著 Aldo 將更詳細地說明財務結果。

After Nick provides some closing thoughts, we'll take your questions. 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 the transcript of today's call.

在 Nick 做完一些結語後，我們將開放提問。照例，我們提供投影片以補充討論內容。各位可在網路直播觀看器的「Downloads」分頁下載，也可至我們網站 snapon.com 的「Investors」專區取得。投影片將與今日電話會議逐字稿一併存檔於我們網站。

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. (inaudible) differ materially from those made in such statements. Additional information and the factors that could cause our results to differ materially from those in our forward-looking statements are contained in our SEC filings.

本次電話會議中，任何關於管理階層之預期、估計或信念，或以其他方式討論管理階層或公司之展望、計畫或預測的陳述，均屬前瞻性陳述。（聽不清）實際結果可能與該等陳述所述內容有重大差異。更多資訊以及可能導致我們的結果與前瞻性陳述出現重大差異的因素，均載於我們向 SEC 提交的文件中。

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.

最後，本簡報包含非 GAAP 的財務績效衡量指標，不應單獨使用或視為其 GAAP 對應指標的替代。關於這些衡量指標的更多資訊，已包含於我們今日發布的財報新聞稿中，可於我們網站查閱。

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

接下來，我想把電話交給 Nick Pinchuk。Nick？

Thanks, Sara. Good morning, everybody. This was some quarter. There are a number of different storylines threaded through our last three months. But I believe if you step back and you look at the whole, you can see several important facts.

謝謝你，Sara。各位早安。這是一個不平凡的季度。過去三個月有許多不同的故事線交織其中。但我相信，如果各位退一步從整體來看，可以看見幾個重要事實。

First is that this has been a period of considerable uncertainty, but the resilience of our markets and the strength of our operations have restarted a momentum registering strong sales. It's also quite clear that our team continued to invest in expanding and preserving our strengths and our line of products and our continuing brand position and new technologies for more powerfully wielding our proprietary databases.

第一，這段期間充滿相當大的不確定性，但我們市場的韌性與營運的強勁，重新啟動了動能並帶來強勁的銷售表現。同時也很清楚，我們的團隊持續投資於擴大並維持我們的優勢、產品線、持續的品牌地位，以及新技術，以更有力地運用我們的專有資料庫。

We believe and many people believe that the combination of technology and proprietary databases are among the great powers in business today. And through the blizzard, with uncertainty in tariffs, opposing currencies, rising material costs, all the elements of storm, our gross margins have resisted the impacts and overall profits have remained at a strong level. So today, I'll review with you the highlights of our quarter.

我們相信，且許多人也相信，科技與專有資料庫的結合是當今商業世界最強大的力量之一。而在這場暴風雪中，面對關稅不確定性、匯率逆風、原物料成本上升等各種風暴因素，我們的毛利率仍能抵禦衝擊，整體獲利也維持在強勁水準。因此今天我將與各位回顧本季重點。

I'll give you my perspective on our results, on the markets and on our progress. And after that, as usual, Aldo will give you a more detailed review of the financials. For us, when you look at the quarter and what it means, we proceed with confidence, confidence in our markets, in our products, in our brands, and of course, confidence in the knowledge and energy of our experience and capable team. And as such, we're encouraged by our first quarter results. We believe they reconfirm that this confidence is well placed even in the most difficult times, and you can see it in the numbers.

我會分享我對我們業績、對市場以及對我們進展的看法。之後照例，Aldo 會更詳細地說明財務數字。就我們而言，當你看這一季以及其意義時，我們帶著信心前行——對我們的市場、產品、品牌充滿信心，當然也對我們這支經驗豐富且能力出眾的團隊之知識與能量充滿信心。因此，我們對第一季的結果感到鼓舞。我們相信，即使在最艱難的時刻，這份信心依然是有根據的，而你可以從數字中看見。

Overall sales in the quarter were $1.272 billion, up 5.8% from last year as reported, including a 3.4% organic increase, a new first quarter record and the second highest quarterly -- our second highest quarterly sales ever. APO operating income or OI for the quarter of $250.8 million was up compared to the $243.1 million recorded in 2025. And the OpCo operating margin was 20.8%, 50 basis points below last year, but still strong despite the 40 basis points of unfavorable foreign currency and the impacts of higher investments.

本季整體銷售額為 12.72 億美元，按報告口徑較去年成長 5.8%，其中包含 3.4% 的有機成長，創下第一季新高，也是我們史上第二高的單季銷售額。OpCo 的營業利益（operating income，或 OI）本季為 2.508 億美元，高於 2025 年的 2.431 億美元。OpCo 營業利益率為 20.8%，較去年低 50 個基點，但即便面臨 40 個基點的不利外匯影響以及更高投資的衝擊，仍屬強勁。

For financial services, evidence, earnings of $68 million in the quarter were lower by $2.3 million or 3.3% and that will lead to a consolidated margin, including both OpCo and financial services at 24.4%. That compared to 25.3% last year. Our overall EPS was $4.69. This was up $0.18 from 2025, and the results show broad gains, overcoming the uncertainty and demonstrating our resilience.

至於金融服務，本季收益為 6,800 萬美元，較去年減少 230 萬美元或 3.3%，因此合併營業利益率（包含 OpCo 與金融服務）為 24.4%，相較去年為 25.3%。我們整體每股盈餘（EPS）為 4.69 美元，較 2025 年增加 0.18 美元。這些結果顯示廣泛的成長，克服不確定性並展現我們的韌性。

Now let's turn to markets. We believe that the vehicle repair environment remains robust, extremely favorable, requiring a continued stream of new tools and information systems for confronting the rising complexities of the modern vehicle. It's clearly an unmistakable trend.

接下來談市場。我們認為車輛維修環境仍然強勁、極為有利，因應現代車輛日益提升的複雜度，需要持續導入新的工具與資訊系統。這顯然是一個明確無誤的趨勢。

The repair shops, dealerships and independents, they see it every day. They'll tell you repairs are tougher and more complicated, and we love this. And the ongoing strength of the market is confirmed by its key metrics. Car park continues to age. The average age is now at 12.8 years, and naturally, that requires more extensive maintenance and overhauls.

維修廠、經銷商與獨立業者每天都能感受到，他們會告訴你維修變得更困難、更複雜，而我們樂見其成。市場持續強勁也可由關鍵指標得到印證。車輛保有量（car park）持續老化，平均車齡目前已達 12.8 年，這自然需要更廣泛的保養與大修。

And that's seen clearly, if you look at the household spending on vehicle repairs, it's up high single digits in the quarter. But it's more than vehicle so it's also seen in the world of the shops and the tech, the hours worked are up and the tech wages are (inaudible) and the need for more skills continues to increase. And we believe all these data points say that vehicle repair is stronger than ever and the prospects that is just getting it better. That said, the uncertainty is still high across the American grassroots.

這點從家庭在車輛維修上的支出也看得很清楚，本季成長達高個位數百分比。但不僅是車輛本身，在維修廠與技師的世界也同樣明顯：工時增加、技師薪資（聽不清），而對更多技能的需求持續上升。我們相信，所有這些數據都顯示車輛維修比以往更強勁，且前景只會越來越好。話雖如此，美國基層層面的不確定性仍然很高。

Tech confidence remains tepid. (inaudible) toward long-term purchases, but they are bullish on shorter payback solutions that make work easier, faster, safer and helps them beat the clock and move on to the next vehicle. Now Snap-on speaks with its franchisees and techs all the time. In my recent conversations with individuals and our van network coast to coast say that green shoots are popping up. Even with our tool storage units, they were up this quarter.

技師信心仍偏疲弱。（聽不清）對於長期性的大額採購仍較為保守，但對於回收期較短、能讓工作更容易、更快速、更安全，並幫助他們趕上時間、接著處理下一台車的解決方案則相當看多。Snap-on 一直與加盟主與技師保持密切溝通。在我最近與個人以及我們橫跨全美的行動車（van）網絡交流時，他們都表示復甦的跡象正在出現。甚至我們的工具收納設備，本季也呈現成長。

I'll say that again, tool storage was up. And as we spoke, the franchisees expressed their excitement about -- and as we spoke to them them, I had the extended conversations, the franchisees were excited about where they're positioned and the enthusiastic about their future, as I said, they see green shots. But it still seems that with each day -- having said that, it still seems that with each day, there's more bad news for (inaudible). I mean, the hits just keep on coming, risking another rise and uncertainty.

我再說一次，工具收納是成長的。而且當我們與加盟主交談——在我與他們進行更深入的對話時——加盟主對他們目前的定位感到興奮，對未來也充滿熱情；如我所說，他們看見了復甦的嫩芽。但似乎每天——話雖如此，似乎每天都有更多（聽不清）的壞消息。我的意思是，衝擊接連不斷，可能再度推升不確定性。

Having said that, though, we like where we're standing, rooted in the resilient vehicle repair market, continuously connected with the techs, observing the work, launching great new products and having the capacity to manufacture them right here in America. And in this environment, we're seeing what we think might be an early (inaudible).

不過，我們喜歡我們所處的位置：扎根於具韌性的車輛維修市場，持續與技師保持連結、觀察實際作業，推出優秀的新產品，並具備在美國本土製造這些產品的能力。在這樣的環境下，我們看到一些我們認為可能是早期（聽不清）的跡象。

Now let's shift to the other half of the automotive segment. This is where Repairs Information or RS&I besides servicing shop owners and managers. The activity in the RS&I remains consistent, although it does, at times, reflect variations based on new product timing of OEM campaigns. Shop owners and manufacturers see the trends. They know vehicle complexity is rising and then it drives the need for more sophisticated systems, equipment and tech assist to manage those changes.

現在讓我們把焦點轉到汽車事業的另一半，也就是維修資訊（Repairs Information，或 RS&I），其服務對象除了技師之外，也包括維修廠主與管理者。RS&I 的活動量維持一致，儘管有時會因 OEM 活動的新產品時程而出現波動。維修廠主與製造商都看得到趨勢：車輛複雜度正在上升，進而帶動對更精密系統、設備與技術支援的需求，以管理這些變化。

As I just said, the drumbeat can be influenced by the lumpy nature of the OEM project sector, but the owners and managers keep saying they need more techs, the garages are busy, the repair difficulty is increasing and they need more help in keeping pace. I can tell you, Snap-on is up to that too. That's why RS&I continues investing in modern equipment and diagnostic platforms that navigate procedures on vehicles new and old with precision and with speed.

如我剛才所說，節奏可能會受到 OEM 專案部門不均勻特性的影響，但廠主與管理者持續表示他們需要更多技師、車間很忙、維修難度提高，且需要更多協助以跟上步伐。我可以告訴各位，Snap-on 也正全力以赴。這就是為什麼 RS&I 持續投資於現代化設備與診斷平台，能以精準與速度引導新舊車款的維修程序。

Now we do have a strong lineup in undercar and collision equipment in RS&I, but particularly powerful our diagnostics and information systems and proprietary database. We continue and we continue investing in that advantage to fortifying our positions by applying new technologies like large language models and natural language translators, those capabilities that enable to expand our data sets more quickly and wheel the resulting systems more powerfully. The progress (inaudible) systems that search billions of data points, matching the unique vehicle profile and current systems to just the right fix. And it all happens in seconds.

目前在 RS&I 方面，我們在底盤（undercar）與鈑噴（collision）設備上有強大的產品陣容，但尤其強大的是我們的診斷與資訊系統以及專有資料庫。我們持續、並且持續投資這項優勢，透過應用大型語言模型與自然語言翻譯器等新技術來鞏固我們的地位；這些能力讓我們能更快速擴充資料集，並更有力地運用由此產生的系統。相關進展（聽不清）使系統能搜尋數十億個資料點，匹配獨特的車輛檔案與當前系統，找到最正確的修復方案，而這一切都在數秒內完成。

A great example is our newly launched feature that streamlines the process for confronting job estimates, kind of a Mitchel one. It's a Mitchel One brand. And it's estimates are particularly for and time-consuming challenge for any shop, but our new system for Michel One makes it much easier. We're going to hear a lot about that later as we go forward.

一個很好的例子是我們新推出的功能，可簡化處理維修工時估價的流程，有點像 Mitchel One 的做法。這是 Mitchel One 品牌。而其估價對任何維修廠而言都是一項特別棘手且耗時的挑戰，但我們針對 Mitchel One 的新系統讓這件事容易得多。隨著我們往下進行，稍後你們會聽到更多相關內容。

So that's vehicle repair, robust for both individual techs and for grade owners and managers. And we believe we have a decisive advantage in both arenas. We expedite repairs, we improve productivity, we keep people moving, we help techs and the shop make much more money. We believe it's a great place to be.

以上就是車輛維修，對個別技師以及店主與管理者都很強大。我們相信我們在這兩個領域都有決定性的優勢。我們加速維修、提升生產力、讓人們持續上路，幫助技師與維修廠賺更多錢。我們認為這是一個很好的位置。

Now let's go to the critical industries. This is where our Commercial & Industrial group or C&I operate, rolling the Snap-on brand out of the garage in harsh environments where the penalty for ferry is high, the work is demanding and the need for precision and repeatability and reliability are high, all conditions that warrant a Snap-on level product.

現在讓我們轉到關鍵產業。這是我們商用與工業（Commercial & Industrial，C&I）事業群運作的地方，把 Snap-on 品牌從車庫延伸到嚴苛環境中；在那裡，失誤的代價很高、工作要求嚴苛，且對精度、可重複性與可靠性的需求都很高——這些條件都需要 Snap-on 等級的產品。

C&I covers a wide range of applications from the latest space missions to expanding the power grid, to extracting natural resource, helping build the data centers. This is where we excel with customer connection and -- we excel with customer connection and innovation, observing the work and turning those insights into individual products or custom kits, matching the tools to the specific task. It's a business rooted in the essential, both domestic and internationally.

C&I 涵蓋廣泛的應用，從最新的太空任務、擴建電網、開採天然資源，到協助建置資料中心。這是我們在客戶連結與創新方面表現出色的地方——我們擅長建立客戶連結與創新，觀察工作現場並將洞察轉化為單一產品或客製化套件，讓工具與特定任務相匹配。這是一門立基於「必需」的業務，無論在國內或國際皆然。

And with that, critical industries offer an ongoing and robust opportunity. And as such, we continue to invest in those possibilities, expanding capacity and building our understanding the work and it's paying off. The industrial business, our critical industries operations, showed considerable strength in the quarter, growing high single digits with particularly great and broad strides in aviation, heavy-duty and natural resources. So that's our markets vehicle repair business (inaudible) not just in this interim, but driven by continuing secular trends of aging and complexity and despite the the uncertain environment of secular trends keep it moving.

因此，關鍵產業提供持續且強勁的機會。也因此，我們持續投資這些可能性，擴充產能並加深我們對工作內容的理解，而這些投入正在帶來回報。本季工業業務、也就是我們的關鍵產業營運，展現相當的強勢，以高個位數成長，且在航太、重型車與天然資源方面的進展特別亮眼且廣泛。以上就是我們的市場——車輛維修業務（聽不清），不僅在這段期間如此；在老化與複雜化等長期結構性趨勢的推動下，即使環境不確定，這些趨勢仍持續推動前進。

The metrics say being a tech is a great place to be, and Snap-on's keeping up, pivoting to match the current tech preferences with great products. The shop owners and managers recognize that upgrading is table stakes, the cash -- to cash in on the robust vehicle repair demand that they're seeing. And Snap-on has the equipment, the data and the systems to put them right on target, and we're reaching beyond the garage, taking full advantage. The industrials quarter says it so. The critical industries are bellwether.

各項指標顯示，當技師是一個很好的選擇，而 Snap-on 也跟上腳步，轉向以優秀產品來符合當前技師的偏好。維修廠主與管理者也認知到升級是基本門檻，才能把他們所看到的強勁車輛維修需求變現。Snap-on 擁有設備、數據與系統，能讓他們精準到位；而我們也正走出車庫、充分把握機會。工業事業群本季的表現已說明一切。關鍵產業是景氣的領先指標。

The essential is expanding, bringing with it more demand for precision and customization. It's all music to our ears. And one fast perspective is that our results demonstrated once again the power of the Snap-on value creation processes, safety, quality, customer protection, innovation, rapid continuous improvement, developing innovative solutions borne out of insight and observations from standing right in the workplace. And those insights in this quarter, combined with our dedication to RCI enables us to resist the turbulence of the day. You can see it in the numbers. It's an important and ongoing strength. So that's a macro overview.

「必需」正在擴張，並帶來對精度與客製化的更多需求。這些都正合我們心意。從快速的角度來看，我們的成果再次展現 Snap-on 價值創造流程的力量：安全、品質、客戶保護、創新、快速持續改善（RCI），以及基於站在工作現場的洞察與觀察所孕育的創新解決方案。本季這些洞察，加上我們對 RCI 的投入，使我們能抵禦當下的動盪。你可以從數字中看見。這是一項重要且持續的優勢。以上是宏觀概覽。

Now let's turn to the segments. In the C&I group, sales were $381.6 million, representing an increase of $37.1 million or 10.8%, and that includes $11.9 million in favorable foreign currency and an organic gain of 7.1%, gains across all the business divisions, but led by the Industrial division with custom toolkits for critical industries and the constant demand for precision port products. As I said, Industrial had a great quarter. High single-digit growth that was without a significant rise in the military. Gains in almost every other sector with aviation up strong double digits, (inaudible).

現在讓我們轉到各事業部。在 C&I 事業群，銷售額為 3.816 億美元，增加 3,710 萬美元或 10.8%；其中包含 1,190 萬美元的有利外匯影響，以及 7.1% 的有機成長。各業務部門皆有成長，但由工業部門領軍，受惠於面向關鍵產業的客製化工具套件，以及對精密（聽不清）產品的持續需求。如我所說，工業部門本季表現非常出色：在軍事業務未顯著上升的情況下，仍達高個位數成長。幾乎所有其他領域也都有所斬獲，其中航太強勁成長達雙位數，（聽不清）。

It was a great quarter.

這是一個很棒的季度。

From an earnings perspective, C&I operating income of $54.9 million was up 3.2%, and the operating margin was 14.4%, down 110 basis points, but the quarter included 50 basis points of headwinds from currency and the impacts from tariffs and rising material costs, which are particularly focused in C&I. Again, the quarter for the power tools division improved year-over-year, driven by new products and first-to-market innovation.

從獲利角度來看，C&I 營業利益為 5,490 萬美元，成長 3.2%；營業利益率為 14.4%，下滑 110 個基點。不過，本季包含外匯帶來的 50 個基點逆風，以及關稅與原材料成本上升的影響，而這些影響在 C&I 特別集中。同樣地，電動工具部門本季較去年同期改善，主要由新產品與首創上市的創新所帶動。

Our Murphy North, North Carolina plant released two 14.4-volt agents cordless races that extend what I think everybody says that our already powerful ratchet lineup. The addition is focused on making tasks faster, break it loose, press the trigger and zip the fastener off, spinning at 550 RPM, which doubles the output of our standard unit. I know ratchets to make quick work of applications with with numerous bolts, great for dealing with timing, covers oil pans, engine rebuilds and many more applications.

我們位於北卡羅來納州 Murphy 的工廠推出兩款 14.4 伏（14.4-volt）（聽不清）無線棘輪扳手，進一步延伸——我想大家都會說——我們本已強大的棘輪產品線。這項新增產品著重於讓作業更快：鬆開、扣下扳機，就能把緊固件快速卸下，以 550 RPM 旋轉，輸出是我們標準機型的兩倍。我知道這些棘輪能快速處理需要大量螺栓的應用，非常適合處理正時（timing）、上蓋、油底殼、引擎重建以及更多應用。

The garages use them all the time now. We launched two. First, the CTR-887 long neck for reaching deep into the engine compartment. And then the compact CTR-881 designed specifically for navigating tight space, enabling access to the workpiece without removing adjacent components, expediting and repair and save a lot of time. Remember, the techs feel the need, but need for speed and our two new ratchets bring just that. We also expanded on (inaudible) launch last quarter of our all Nano Access portfolio.

現在車庫維修廠一直在使用它們。我們推出了兩款：第一款是 CTR-887 長頸款，用於深入引擎室；第二款是小巧的 CTR-881，專為在狹小空間中操作而設計，無需拆除相鄰零件即可接觸工件，加速維修並節省大量時間。記住，技師感受到需求——對速度的需求——而我們兩款新棘輪正好帶來這一點。我們也在上季推出的（聽不清）基礎上，擴充了我們的 Nano Access 全系列產品組合。

Again, we build customer connection, observing that trouble the trouble that was troubled navigating crowded engine base and penetrating the fast webs of sensors and wires hidden behind the dash on modern cars, so we designed quarter-end stride CTN 2040 straight power driver with a narrow 90-degree head. I mean this baby is small and it goes everywhere and makes them difficult easy, and it's loaded, but features unique to the nano a variable speed trigger (inaudible), selectors and 600 fasteners on a single charge, all while operating at a lightning for-for small power tools of 300 RPMs. The techs love the fast payback solution and it was another representing piece.

同樣地，我們建立客戶連結，觀察到在擁擠的引擎室中穿梭的困難，以及在現代車款儀表板後方、感測器與線束交織的「快速網」中穿透作業的麻煩，因此我們在季末推出 CTN 2040 直式動力起子，配備窄型 90 度頭。我是說，這小傢伙體積很小、到處都能進去，讓困難變得容易，而且功能滿載；同時具備 Nano 系列獨有的可變速扳機（聽不清）、切換選擇器，以及單次充電可處理 600 個緊固件，並以對小型電動工具而言驚人的 300 RPM 運轉。技師很喜歡這種能快速回本的解決方案，這也是另一項具代表性的產品。

C&I had a quarter with strong momentum in domestic markets. Sales up 10.8%, 7.1% organically, led by critical industry expanding the Snap-on brand out of the drag propelled with strength in power tools and precision tools.

C&I 本季在國內市場動能強勁。銷售額成長 10.8%，有機成長 7.1%；由關鍵產業帶動，將 Snap-on 品牌從（聽不清）延伸出去，同時在電動工具與精密工具方面的強勢也推動了成長。

Let's go on to the Tools Group. First quarter sales were $486 million, up organically 3.4%, higher sales in both the US and international networks. The operating income of $105 million was up 13.6%, and the operating margin in the quarter was 21.6%, up 160 basis points. Notably, the gross margin in the period also rose 140 basis points, reaching 47.7%, overcoming the impact of tariffs and rising material costs, prospering in a day in which cost is a question.

接著看工具事業群（Tools Group）。第一季銷售額為 4.86 億美元，有機成長 3.4%，美國與國際通路的銷售皆增加。營業利益為 1.05 億美元，成長 13.6%；本季營業利益率為 21.6%，上升 160 個基點。值得注意的是，本期毛利率也上升 140 個基點，達到 47.7%，克服關稅與原材料成本上升的影響，在成本成為疑問的時代依然表現出色。

And during the quarter, we maintained our pivot wheeling our customer connection, observing the work and using insights to develop new products that align with the customers' preference for short payback items (inaudible). You want to bring out short payback items that also make the tedious and the complexes. We think we've done that. That was demonstrated by two new products forged in our Milwaukee plant. First, the glow plug socket.

本季期間，我們持續轉型，運用客戶連結，觀察工作並以洞察開發新產品，使其符合客戶對短回收期產品的偏好（聽不清）。你要推出短回收期的產品，同時也能讓繁瑣與複雜的工作變得更容易。我們認為我們做到了。這點由兩項在我們密爾瓦基工廠鍛造的新產品所證明。第一項是預熱塞套筒（glow plug socket）。

Diesel glow plugs are central for preheating cylinders to the optimal temperature that supports ignition, but replacing these common comments is not so simple. For example, on the 2006 to 2016 models of the popular GM Duramax engines, accessing these components is really cumbersome. And quite frequently, the plugs are seized from exposure to harsh environments. It takes considerable power to break them loose, especially in tight quarters. Standard tools won't reach without removing blocking parts.

柴油引擎的預熱塞是將汽缸預熱到有利於點火的最佳溫度的關鍵，但更換這些常見零件並不容易。舉例來說，在 2006 到 2016 年款、廣受歡迎的 GM Duramax 引擎上，要接觸這些零件非常麻煩。而且相當常見的是，預熱塞因暴露在嚴苛環境中而卡死。要把它們鬆開需要相當大的力量，尤其是在狹小空間裡。標準工具若不先拆除阻擋零件，根本無法伸入。

And both of those (inaudible), the seizing and the tightness of the compartments, make a routine job complicated. So our team went to work developing the new IPST-ML12, a quarter-inch millimeter swivel side. It's 52% longer than our regular offering and it all joints 30 degrees features that combine to reach the workpiece with general ease. And a new unit is also a design with our flank drive geometry.

而這兩點（聽不清）——卡死與空間狹窄——會讓例行工作變得複雜。因此我們的團隊著手開發新的 IPST-ML12，一款 1/4 吋公制萬向套筒。它比我們一般產品長 52%，並可在 30 度範圍內擺動；這些特性結合起來，能更輕鬆地接觸工件。而這個新單元也採用了我們的 Flank Drive 幾何設計。

That feature directs the force to the flats of the fastener and away from the corners, maximizing the torque, bringing the needed power while preventing rounding, efficiently complete the repair without damaging the components because of the power you had to apply.

該特性會將施力導向緊固件的平面、避開角落，最大化扭矩，在防止滑牙（圓角磨損）的同時提供所需的力量；因此即使必須施加較大力道，也能高效率完成維修而不致損傷零件。

Another example of customer connection released in the back half of the year is a new socket configuration that matches up with our great Nano Access Cordless products. Developing a power tool small enough to fit your pocket was a great idea, but we took it a little further. We designed an entirely new set of sockets to make the overall combination even smaller. It's called the 1119NTMLE. It's a 19-piece quarter-inch tool set, and it consists of 10 metric and 7 imperial size sockets that are 22% shorter and 8% narrower than the standard offering.

今年下半年推出的另一個客戶連結範例，是一種新的套筒配置，可與我們出色的 Nano Access 無線產品相匹配。將電動工具做得小到可以放入口袋是個好主意，但我們更進一步。我們設計了一整套全新的套筒，讓整體組合更為小巧。它名為 1119NTMLE。這是一套 19 件、1/4 吋工具組，包含 10 個公制與 7 個英制尺寸套筒，較標準產品短 22%、窄 8%。

And each item is secure in the foam pallet for good storage in these products. The techs value, the accessibility and a lot of the new sets, really amplified the success of our Nano product.

而且每一件工具都牢固地固定在泡棉托盤中，便於在這些產品中妥善收納。技師重視其價值與易取性，許多新套組也確實放大了我們 Nano 產品的成功。

Now tool storage in the quarter generated some momentum backed by the ongoing development of fast payback storage alternatives, new items like our KRSC46. That's a roll cart that was unveiled last summer, built in our Algona, Iowa plant. It's one-piece fully welded body setup which includes six stores, each with 120-pound load (inaudible) pretty high, and with an 11-inch deep flip-top compartment, ideal for store and power tools. And I think that's important for a car because the technicians want to match them up with the boxes they've already purchased. It's available in multiple paid term colors, and it's capable of managing any full-size box.

此外，本季工具收納也在持續開發「快速回本」的收納替代方案帶動下累積了動能，推出了像 KRSC46 這樣的新產品。這是一款去年夏天發表、在我們愛荷華州 Algona 工廠製造的滾輪推車。它採一體成形全焊接箱體設計，包含六個抽屜，每個抽屜可承重 120 磅（聽不清），相當高，並配有 11 吋深的上掀式置物艙，適合收納工具與電動工具。我認為這對車用維修很重要，因為技師希望它能與他們已購買的工具箱相搭配。它提供多種付費（聽不清）顏色，並可搭配管理任何全尺寸工具箱。

So the unit provides -- and that is always the case with (inaudible) card. The unit provides ample space for the techs looking to expand, but it's been designed to enable functionality without taking the leap into long-term payments. And that combination worked.

因此該單位提供——而這在（聽不清）卡上總是如此。該單位為希望擴充的技師提供充足空間，但其設計可在不必跳入長期付款的情況下仍具備功能性。而這樣的組合奏效了。

And in the quarter, also hot were accessories such as lockers and side cabinets and work centers, options that increase storage space for existing boxes, all at a lower entry point than a new roll cabs. Speaking of roll cabs, full-size roll cabs, we did release in the quarter in the quarter, a commemorative box celebrating our nation's 250th anniversary title attributed to America. The 84-inch Epic is a beauty. It's close that case with white tours and (inaudible) and a 12-inch power draw. And the top left corner have had a blue panel overlay with 50 laser-cut stars.

本季同樣熱銷的還有配件，例如置物櫃、側邊櫃與工作中心等選配，能以低於購買新滾輪箱的入門成本，為既有工具箱增加收納空間。談到滾輪箱、全尺寸滾輪箱，我們也在本季推出了一款紀念箱，以「America」為題，慶祝我國 250 週年。84 吋 Epic 非常漂亮。它採用白色飾條與（聽不清），並配有 12 吋電源抽屜。而左上角覆有藍色面板，上面雷射切割了 50 顆星。

The Red, white and blue set up kind of coders the view of the American flag when you step back from it. And the work center drawer displays on its own, symbolic images of synonymous with the US history, the statue of liberty, Mount Rushmore, the economies, raising a flag with Jim and the first moon landing. And each model has a serialized modality numbered 1 to 1776. And overcame the big ticket of reticence in the quarter, becoming a highly coveted box, epitomizing both the Snap-on's US presence and the birth of our great nation.

紅、白、藍的配置，從遠處看有點像美國國旗的視覺效果。工作中心抽屜本身展示了象徵美國歷史的圖像：自由女神像、拉什莫爾山、（聽不清）、在硫磺島升旗以及首次登月。每一款型號都有序號，編號從 1 到 1776。本季它克服了高單價帶來的猶豫，成為備受追捧的工具箱，體現了 Snap-on 在美國的存在以及我們偉大國家的誕生。

Some products are too exciting to pass up even in the (inaudible). (inaudible) pivoting to match the technician's current needs and preferences. We think manufacturing solutions right here in the US that improve its efficiency by making the tasks easier.

有些產品即使在（聽不清）也令人興奮到不容錯過。（聽不清）我們轉向以符合技師當前的需求與偏好。我們認為在美國本土製造解決方案，透過讓工作更容易來提升效率。

Now on to RS&I. Sales in the quarter were $45.3 million, up 2%, including $9.1 million of favorable currency effects. Organic sales were up only slightly to last year, but it was still enough to be the highest ever quarter, the highest ever sales quarter for the group. The volume reflects increases in our Diagnostic and Repair Information products to independent repair shop owners and managers, offset by lower sales to OEM dealerships. In short, the (inaudible) product business hit a flat spot.

接著談 RS&I。本季銷售額為 4,530 萬美元，年增 2%，其中包含 910 萬美元的有利匯率影響。有機銷售僅較去年小幅成長，但仍足以創下該事業群史上最高的單季、最高的單季銷售額。銷量反映我們向獨立維修廠店主與管理者銷售的診斷與維修資訊產品增加，但被對 OEM 經銷商較低的銷售所抵銷。簡言之，（聽不清）產品業務出現持平。

Operating earnings for the quarter were $119.5 million, representing a decrease of $2.6 million or 2.1% versus 2025 levels. The operating income margin of 24.6% included 60 basis points of unfavorable currency and compare to the 25.7% recorded last year. The gross margins were 46%, up 30 basis points despite the unfavorable currency effects and the impact of tariffs and the impact of tariffs and higher material costs.

本季營業利益為 1.195 億美元，較 2025 年水準減少 260 萬美元或 2.1%。24.6% 的營業利益率包含 60 個基點的不利匯率影響，對比去年記錄的 25.7%。毛利率為 46%，在不利匯率影響以及關稅影響、以及關稅影響與材料成本上升的情況下，仍提升 30 個基點。

So the lower ROI margin reflected primarily the unfavorable currency and our investments fortifying our proprietary database by enhancing them with large language activities, investments that we strongly believe will strengthen our advantages going forward. We know the complexity of today will only grow, and we'll continue investing in software and equipment, empowering shop owners and management with the resources required to confront that trend and to make more money.

因此，較低的 ROI 利潤率主要反映不利匯率，以及我們為強化自有資料庫所做的投資——透過以大型語言（模型）活動加以強化的投資；我們堅信這將在未來鞏固我們的優勢。我們知道當今的複雜性只會增加，我們將持續投資軟體與設備，賦能店主與管理者，提供面對此趨勢所需的資源，並賺取更多利潤。

Case in point, air conditioning systems have evolved. Now they're not just for climate control, but they are for supporting overall vehicle performance in EV battery maintenance. As a an example is our Protec AC recycles rolling out of our facilities in Conway, Arkansas. During the quarter, RS&I released the new Pro Series Protec. That was, as I said, produced in our facility in Conway, Arkansas.

舉例來說，空調系統已經演進。如今它們不僅用於氣候控制，也用於支援電動車電池維護中的整體車輛性能。以我們在阿肯色州 Conway 工廠推出的 Protec AC 回收設備為例。本季，RS&I 發布了新的 Pro Series Protec。正如我所說，該產品在我們阿肯色州 Conway 的工廠生產。

One machine, new Pro Series Protech. one machine for both popular refrigerant types, R-134a and R1234YF. The pro models are also loaded with features for managing a wide variety of vehicles. A large filter allowing for extended run time, nitrogen leak testing, compressor diagnostics, a two-stage vacuum necessary for supporting systems on small CITIC to large suburbans and a 12-inch touching for easy navigation, even with the (inaudible). And this is one of the best features, I think, the units have automatic functionality.

一台機器，全新的 Pro Series Protech。一台機器同時支援兩種常見冷媒類型：R-134a 與 R1234YF。Pro 機型也配備多項功能，可管理各式各樣的車輛：大型濾芯以延長運行時間、氮氣漏氣測試、壓縮機診斷、兩段式真空（對於支援從小型（聽不清）到大型 Suburban 的系統是必要的），以及 12 吋觸控螢幕，便於操作導覽，即使戴著（聽不清）。而我認為最棒的功能之一是，該設備具備自動化功能。

Techs can tackle another job while the recycling goes on and a bright status light or an (inaudible) notifies the user when their intervention is required. It makes recycling particularly more efficient.

在回收作業進行時，技師可以處理另一項工作；明亮的狀態燈或（聽不清）會在需要介入時通知使用者。這讓回收作業特別更有效率。

The onboard database is terrific. It identifies the VIN and presets the unit with OEM vehicle specification, preventing the time often wasted manually looking up the stats. Our new Pro series is a great example for helping shop owners and managers navigate the complexity of new cars, hook it up, enter the VIN and the machine takes over, improving both productivity and error proofing the process.

內建資料庫非常出色。它可辨識 VIN，並依 OEM 車輛規格預先設定設備，避免經常浪費在手動查找數據上的時間。我們新的 Pro 系列是協助店主與管理者應對新車複雜性的絕佳例子：接上設備、輸入 VIN，機器就會接手，提升生產力並讓流程更具防錯性。

We're confident in the strength of RS&I. We keep investing to expand its position by making work easier with great products and with proprietary information. That's a stamp on first quarter.

我們對 RS&I 的實力充滿信心。我們持續投資，透過優秀產品與自有資訊讓工作更容易，以擴大其地位。以上是 Snap-on 第一季的情況。

Corporation overall sales $2 billion -- $1.272 billion, the highest first quarter ever. Organic sales up 3.4%. OpCp operating income up and gross margins holding firm. The C&I Group's organic sales up 7.1%. The critical industry is recording a bagful quarter.

公司整體銷售額 20 億美元——12.72 億美元，創史上最高第一季。有機銷售成長 3.4%。OpCp 營業利益上升，毛利率維持穩健。C&I 事業群有機銷售成長 7.1%。關鍵產業創下豐收的一季。

Tools Group organic sales up 3.4%. Gross margins up 140 basis points, and operating margin up 160 basis points. RSC organic sales up slightly, but still the highest ever. Gross margins up 30 basis points. Investments across the group to fortify our advantages in product and brand and in people and the corporate's EPS $4.69 up again over 2025.

工具事業群有機銷售成長 3.4%。毛利率提升 140 個基點，營業利益率提升 160 個基點。RSC 有機銷售小幅成長，但仍創新高。毛利率提升 30 個基點。我們在各事業群的投資，強化我們在產品、品牌、人才方面的優勢；公司 EPS 為 4.69 美元，再次高於 2025 年。

We had strong results that overcame the (inaudible). C&I extending the brand out of garage. Tools were successfully pivoting to customer preferences and RS&I leveraging our proprietary offering to solve the complex was an encouraging (inaudible).

我們取得了強勁成果，克服了（聽不清）。C&I 將品牌延伸到車庫之外。工具事業成功轉向符合客戶偏好，而 RS&I 運用我們的自有產品來解決複雜問題，這是一個令人鼓舞的（聽不清）。

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

接下來我把電話交給 Aldo。Aldo？

Thanks, Nick. Our consolidated operating results for the first quarter are summarized on slide 6. Net sales of $1.272 billion in the quarter represented an increase of 5.8% from 2025 levels, reflecting a 3.4% organic sales gain and $26.9 million of favorable foreign currency translation.

謝謝你，Nick。我們第一季的合併營運結果彙總於投影片 6。本季淨銷售額為 12.72 億美元，較 2025 年水準增加 5.8%，反映 3.4% 的有機銷售成長，以及 2,690 萬美元的有利外幣換算影響。

Sales in our Commercial & Industrial sector or C&I Group increased year-over-year, led by strong performances with critical industry customers and robust sales by our specialty torque operation. In our automotive repair markets, sales gains were achieved through our franchise van channel, while activity with repair shop owners and managers was essentially flat.

我們商業與工業部門（Commercial & Industrial，或 C&I 事業群）的銷售額年增，主要由關鍵產業客戶的強勁表現以及我們專業扭力業務的穩健銷售所帶動。在汽車維修市場方面，我們透過加盟厢型車（franchise van）通路實現銷售成長，而與維修廠店主與管理者的業務活動則基本持平。

From a geographic perspective, consolidated sales were up across all regions. Consolidated gross margin of 50.4% compared to 50.7% in the first quarter last year. The decline of 30 basis points primarily reflected 40 basis points of unfavorable foreign currency effects.

從地理區域來看，合併銷售在所有地區均成長。合併毛利率為 50.4%，對比去年第一季的 50.7%。下降 30 個基點主要反映 40 個基點的不利外幣影響。

In addition, the benefit of increased volume and savings from the company's RCI initiatives were largely offset by higher tariffs and other material costs. As you may recall, many of the incremental tariffs did not go into effect until the second quarter of 2025. And as such, the first quarter last year did not include those additional costs. That being said, Snap-on is relatively advantaged in the current tariff environment by principally manufacturing in the markets where it sells. However, our cost can be somewhat impacted by trade policies.

此外，銷量增加帶來的效益以及公司 RCI 計畫的節省，基本上被更高的關稅與其他材料成本所抵銷。如各位所記得，許多新增關稅直到 2025 年第二季才生效。因此，去年第一季並未包含這些額外成本。即便如此，Snap-on 在目前的關稅環境下相對具優勢，因為我們主要在銷售所在市場進行製造。然而，我們的成本仍可能在一定程度上受到貿易政策影響。

Operating expenses as a percentage of net sales of 29.6% compared to 29.4% in 2025, primarily due to increased personnel costs and expanded technology investments, partially offset by the favorable effects of sales volume. Our technology investments include further strengthening of our core infrastructure as well as broadening the use of large language models across key business functions to improve productivity.

營業費用占淨銷售額的比率為29.6%，相較於2025年的29.4%，主要係因人員成本增加及擴大科技投資，部分被銷售量帶來的有利影響所抵銷。我們的科技投資包括進一步強化核心基礎設施，以及在關鍵業務職能中擴大大型語言模型的運用，以提升生產力。

Operating earnings for financial services of $250.8 million in the quarter compared to $243.1 million last year. As a percentage of net sales, operating margin before financial services of 2.8%, including 40 basis points of unfavorable foreign currency effects compared to 21.3% reported in 2025.

本季金融服務之營業利益為2.508億美元，較去年同期的2.431億美元增加。以淨銷售額百分比計，扣除金融服務前之營業利益率為2.8%，其中包含40個基點的不利外匯影響，相較於2025年所報告的21.3%。

Financial services revenue of $101.1 million in the first quarter compared to $102.1 million last year, while operating earnings of $68 million compared to $70.3 million in 2025.

第一季金融服務營收為1.011億美元，較去年同期的1.021億美元略降；營業利益為6,800萬美元，較2025年的7,030萬美元下降。

Consolidated operating earnings of $318.8 million compared to $313.4 million last year. As a percentage of revenues, the operating earnings margin of 24.4% included 40 basis points of unfavorable foreign currency effects compared to 25.2% in 2025. Our first quarter effective income tax rate was 22% in 2026 and 22.2% last year. Net earnings of $247 million or $4.69 per diluted share compared to $240.5 million or $4.51 per diluted share in 2025.

合併營業利益為3.188億美元，較去年同期的3.134億美元增加。以營收百分比計，營業利益率為24.4%，其中包含40個基點的不利外匯影響，相較於2025年的25.2%。我們2026年第一季有效所得稅率為22%，去年同期為22.2%。淨利為2.47億美元（稀釋後每股4.69美元），相較於2025年的2.405億美元（稀釋後每股4.51美元）。

Now let's turn to our segment results for the quarter. Starting with the C&I group on slide 7. Sales of $381 million rose $37.1 million compared to 2025 levels, reflecting a 7.1% organic sales gain and $11.9 million of favorable foreign currency translation. The organic increase includes gains in each of the segment's operations, including a high single-digit improvement with customers in critical industries and a rise in the specialty torque business. The strong demand in critical industries includes higher sales in the quarter to customers in the United States and international aviation, heavy-duty and natural resources.

接下來說明本季各事業部門的表現。先看投影片7的C&I事業群。銷售額為3.81億美元，較2025年增加3,710萬美元，反映7.1%的有機銷售成長及1,190萬美元的有利外幣換算影響。有機成長包含該事業群各項營運的增長，包括在關鍵產業客戶方面達到高個位數的改善，以及專業扭力業務的成長。關鍵產業的強勁需求包含本季對美國及國際航空、重型設備與天然資源等客戶的銷售增加。

Shipments serving military applications, however, were essentially flat year-over-year, but reflected an improving trend from activity in 2025. Additionally, our European-based hand tools business also contributed to sales growth in the period. Gross margin of 40.3% compared to 42.6% in 2025. This decline is primarily due to higher tariffs and material costs and 50 basis points of unfavorable foreign currency effects, partially offset by benefits from the increased sales volume.

然而，服務軍事應用的出貨量年增率基本持平，但相較於2025年的活動呈現改善趨勢。此外，我們以歐洲為基地的手工具業務亦對本期銷售成長有所貢獻。毛利率為40.3%，較2025年的42.6%下降。此下滑主要係因關稅與材料成本上升，以及50個基點的不利外匯影響，部分被銷售量增加所帶來的效益所抵銷。

Operating expenses as a percentage of sales of 25.9% in the quarter improved 120 basis points from last year, primarily reflecting the higher sales volume. Operating earnings for the C&I group of $54.9 million compared to $53.2 million in 2025, and the operating margin of 14.4%, including 50 basis points of unfavorable currency compared to 15.5% last year.

本季營業費用占銷售額比率為25.9%，較去年改善120個基點，主要反映銷售量增加。C&I事業群營業利益為5,490萬美元，較2025年的5,320萬美元增加；營業利益率為14.4%，其中包含50個基點的不利匯率影響，相較於去年同期的15.5%。

Turning now to slide 8. Sales in the Snap-on Tools Group of $486 million compared to $462.9 million last year, reflecting a 3.4% organic sales gain and $7.2 million of favorable foreign currency translation. The organic rise was due to low single-digit gains both in the US and in the segment's international operations. During the quarter, while we had some success with featured tool storage products, we believe our ongoing pivot to shorter payback items continue to temper the consistent uncertainty of technician customers in the current environment.

接著看投影片8。Snap-on工具事業群銷售額為4.86億美元，較去年同期的4.629億美元增加，反映3.4%的有機銷售成長及720萬美元的有利外幣換算影響。有機成長來自美國與該事業群國際營運皆呈現低個位數增長。本季雖然我們在主打的工具收納產品方面取得一些成果，但我們認為，持續轉向回收期較短的品項，仍在目前環境下抑制技師客戶一貫存在的不確定性。

Having said that, we were pleased to see the positive uptake of tool storage products during the period. Gross margin improved 140 basis points to 47.7% in the quarter, 46.3% last year, mostly due to increased sales and savings from the segment's RCI initiatives, partially offset by higher material and other costs. Operating expenses as a percentage of sales were 26.1% compared to 26.3% in 2025. Operating earnings for the Snap-on Tools Group of $105 million compared to $92.4 million in 2025. The operating margin of 21.6% improved 160 basis points from last year.

儘管如此，我們很高興看到本期工具收納產品的採用情況呈現正向。毛利率本季提升140個基點至47.7%，去年同期為46.3%，主要因銷售增加及該事業群RCI計畫帶來的節省，部分被材料及其他成本上升所抵銷。營業費用占銷售額比率為26.1%，相較於2025年的26.3%。Snap-on工具事業群營業利益為1.05億美元，較2025年的9,240萬美元增加。營業利益率為21.6%，較去年提升160個基點。

Turning to the RS&I group shown on slide 9. Sales of $485.3 million compared to $475.9 million a year ago, primarily reflecting a $9.1 million of favorable foreign currency translation. On an organic basis, a low single-digit increase in sales of Diagnostic and Repair Information products to independent repair shop owners was offset by decreased activity with OEM dealerships and managers. This decline primarily reflected lower sales associated with OEM programs in North America, which more than offset higher revenues with OEMs in Europe. In addition, sales of undercar equipment in the quarter were essentially the same as last year.

接著看投影片9所示的RS&I事業群。銷售額為4.853億美元，較一年前的4.759億美元增加，主要反映910萬美元的有利外幣換算影響。以有機基礎計，對獨立維修廠主的診斷與維修資訊產品銷售呈低個位數成長，但被與OEM經銷商及管理者合作活動減少所抵銷。此下滑主要反映北美OEM專案相關銷售降低，且其影響超過與歐洲OEM較高的營收。此外，本季底盤設備（undercar equipment）銷售與去年基本相同。

Gross margin for the RS&I group of 46% compared to 45.7% last year, primarily due to the favorable business mix and savings from RCI, partially offset by higher tariffs and material costs. Operating expenses as a percentage of sales of 21.4% compared to 20% in 2025. This increase is largely due to 20 basis points of unfavorable foreign currency effects, higher personnel cost and expanded technology investments, including those in support of the segment's growing software-based businesses. Operating earnings of $119.5 million compared to $122.1 million last year. The operating margin of 24.6%, including 60 basis points of unfavorable currency effects compared to 25.7% reported in 2025.

RS&I事業群毛利率為46%，較去年同期的45.7%上升，主要因有利的業務組合及RCI節省，部分被關稅與材料成本上升所抵銷。營業費用占銷售額比率為21.4%，相較於2025年的20%。此增加主要係因20個基點的不利外匯影響、人員成本上升及擴大科技投資（包括支援該事業群成長中的軟體型業務）。營業利益為1.195億美元，較去年同期的1.221億美元下降。營業利益率為24.6%，其中包含60個基點的不利匯率影響，相較於2025年所報告的25.7%。

Now turning to slide 10. Revenue from financial services of $101.1 million decreased $1 million from last year, primarily due to lower interest income resulting from a year-over-year decrease in the size of the average portfolio in the period. Financial service expenses of $33.1 million increased from $31.8 million in 2025. However, provisions for bad debts improved by $300,000 from those recorded in the first quarter of last year. As a result, financial services operating earnings of $68 million decreased $2.3 million from last year's levels.

接著看投影片10。金融服務營收為1.011億美元，較去年減少100萬美元，主要係因本期平均投資組合規模較去年同期縮小，導致利息收入下降。金融服務費用為3,310萬美元，較2025年的3,180萬美元增加。然而，呆帳提列較去年第一季所記錄的金額改善30萬美元。因此，金融服務營業利益為6,800萬美元，較去年水準減少230萬美元。

In the first quarter, the average yield on finance receivables was 17.6% in both 2026 and in 2025, while the average yield on contract receivables was 9.1% in each year. Loan originations of $264.6 million in the first quarter represented a decrease of $4.1 million or 1.5% 2025 levels.

第一季，融資應收款的平均收益率在2026年與2025年均為17.6%，而合約應收款的平均收益率兩年均為9.1%。第一季放款承作金額為2.646億美元，較2025年水準減少410萬美元或1.5%。

Moving to slide 11. Our quarter end balance sheet includes approximately $2.5 billion of gross financing receivables with $2.1 billion from our US operation. For extended credit or finance receivables, the US 60-day plus delinquency rate of 1.9% is down 10 basis points from the first quarter of 2025.

接著看投影片11。本季期末資產負債表包含約25億美元的融資應收款總額，其中21億美元來自我們的美國營運。就延長信用或融資應收款而言，美國逾期60天以上比率為1.9%，較2025年第一季下降10個基點。

Additionally, the rate is down 20 basis points from last quarter, reflecting the typical seasonal decrease between the fourth and first quarters. Trailing 12-month net losses for the overall extended credit portfolio of $72.9 million represented 3.75% of outstandings at quarter end. We believe that these portfolio performance metrics remain relatively balanced considering the current environment.

此外，該比率亦較上季下降20個基點，反映第四季與第一季之間典型的季節性下降。整體延長信用投資組合過去12個月的淨損失為7,290萬美元，占期末未償餘額的3.75%。我們認為，在目前環境下，這些投資組合績效指標仍維持相對均衡。

Now turning to slide 12. Cash provided by operating activities of $368.7 million in the quarter represented 145% of net earnings and compared to $298.5 million last year. The improvement of $70.2 million or 23.5% from comparable 2025 levels largely reflects decreases in working investment versus increases last year and higher year-over-year net earnings. Net cash used by investing activities of $28.6 million, mostly reflected capital expenditures of $21.2 million and $5.1 million for acquisition of a former independent car line or collision distributor in Australia.

接著看投影片12。本季營業活動提供之現金為3.687億美元，相當於淨利的145%，並較去年同期的2.985億美元增加。較2025年可比水準增加7,020萬美元或23.5%，主要反映營運資金投資較去年由增轉減，以及年增的淨利提高。投資活動使用之淨現金為2,860萬美元，主要反映資本支出2,120萬美元，以及在澳洲收購一家前獨立汽車產品線或碰撞（collision）經銷商所支付的510萬美元。

Net cash used by financing activities of $211.1 million, including cash dividends of $126.8 million and the repurchase of 267,000 shares of common stock for $99.9 million under our existing share repurchase programs. As of quarter end, we had remaining availability to repurchase up to an additional $234.1 million of common stock under our existing authorizations.

籌資活動使用之淨現金為2.111億美元，其中包括現金股利1.268億美元，以及依現行庫藏股回購計畫以9,990萬美元回購26.7萬股普通股。截至季末，依現有授權，我們仍可額外回購最高2.341億美元的普通股。

Turning to slide 13. Trade and other accounts receivable of $890.7 million represented an increase of $9.3 million from 2025 year-end levels due to the higher sales volumes. Days sales outstanding were 67 days in both periods. Inventories decreased by $4.7 million from 2025 year-end, primarily due to $5.6 million of foreign currency translation. On a trailing 12-month basis, inventory turns of 2.4 were the same in both periods.

接著看投影片13。應收帳款及其他應收款為8.907億美元，較2025年年末增加930萬美元，係因銷售量較高所致。兩期間的應收帳款週轉天數（DSO）均為67天。存貨較2025年年末減少470萬美元，主要係因560萬美元的外幣換算影響。以過去12個月計，存貨週轉率為2.4，兩期間相同。

Our quarter end cash position of [$1.753,3] billion compared to [$1.624.5] billion at the end of 2025. In addition to our existing cash and expected cash flow 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 quarter nor was any commercial paper issued or outstanding in the period. With respect to our outstanding debt, notes payable and current maturities of long-term debt increased by $300 million, reflecting the reclassification of our March 2027 unsecured 3.25% notes to current status.

我們季末現金部位為[$1.753,3]十億美元，相較於2025年底的[$1.624.5]十億美元。除現有現金及預期來自營運的現金流外，我們在信用額度項下尚有超過9億美元可用。本季信用額度下並無任何借款或未償餘額，期間亦未發行或未償任何商業本票。就我們的未償債務而言，應付票據及長期債務之當期到期部分增加3億美元，反映我們將2027年3月到期之無擔保3.25%票據重新分類為流動項目。

That concludes my remarks on our first quarter performance. I'll now review a few outlook items for the remainder of 2026.

以上為我對第一季表現的說明。接下來我將回顧2026年剩餘期間的幾項展望事項。

With respect to corporate costs, we currently believe that expenses will approximate $28 million each quarter. As a reminder, in the third quarter of 2025, earnings per share included a $0.31 nonrecurring onetime benefit from the RS&I group legal settlement. We expect that capital expenditures for the year will approximate $100 million, and we currently anticipate that our full-year 2026 effective income tax rate will be in a range of 22% to 23%.

就公司費用而言，我們目前認為每季費用將約為2,800萬美元。提醒一下，2025年第三季每股盈餘包含來自RS&I事業群法律和解的一次性、非經常性利益0.31美元。我們預期全年資本支出約為1億美元，且目前預估2026年全年有效所得稅率將落在22%至23%的區間。

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

我現在把電話交回給Nick作結語。Nick？

Well, thanks, Aldo. (inaudible) quarter. Our markets are resilient and strong. And it's the strength, not dependent on the ups and downs of the economic cycle, they are rather driven by the solid secular trends of aging, rising complexity and expanding criticality. These are, of course, turbulent times.

好的，謝謝你，Aldo。（聽不清）的一季。我們的市場具韌性且強勁。而這種強勁並不取決於經濟循環的起伏，而是由老齡化、複雜度上升以及關鍵性擴大等穩健的長期結構性趨勢所驅動。當然，這是動盪的時期。

The hits do just keep on coming, continuing tech uncertainty, unfavorable currency diluting our margins, the impact of inflation and the fluctuation in government policies. They all serve the cloud at horizon way on consumers. But we see we see some green sheets in our general volume and our overall sales gains and then are nascent increases in tool storage.

衝擊接連不斷：科技不確定性持續、不利匯率稀釋我們的利潤率、通膨影響以及政府政策的波動。這些都讓地平線上的陰雲籠罩著消費者。但我們確實看到一些「綠芽」，體現在我們的整體出貨量與整體銷售成長，以及工具收納（tool storage）出現初步回升。

We do see encouraging signs, and we believe our future is quite positive. And as such, we continue to expand our investments in what we believe are, for Snap-on, corridors of decisive advantage. You can see the numbers trend across the face of the quarter is progress along our runways for growth and for improvement.

我們確實看到令人鼓舞的跡象，並相信我們的未來相當正面。因此，我們持續擴大投資於我們認為對Snap-on而言具決定性優勢的領域。你可以看到，本季各項數據的走勢顯示，我們在成長與改善的跑道上持續取得進展。

We are enhancing our franchise network, and we are extending further into critical industries, growing substantially even while the military is flat. And we are wielding our Snap-on value creation processes with effect, launching great new products and with customer connection and innovation. And we are effectively bringing RCI to bear on the major challenges of the day, keeping gross margin strong against the wind. I mean I'll say it all, C&I sales up 10.8% as reported and 7.1% organically with the critical industries leading the way with high single digits. The Tools Group back to positivity with increases of 5% as reported, 3.4% organic.

我們正在強化加盟（franchise）網絡，並進一步延伸至關鍵產業；即使軍方市場持平，我們仍大幅成長。我們也有效運用Snap-on價值創造流程，推出優秀的新產品，並透過客戶連結與創新推動成長。同時，我們也有效導入RCI以因應當前重大挑戰，在逆風中維持毛利率強勁。我把數字都說清楚：C&I銷售額按報告口徑成長10.8%，按有機口徑成長7.1%，其中關鍵產業以高個位數成長領先。工具事業群（Tools Group）重回正成長，按報告口徑增加5%，按有機口徑增加3.4%。

Gross margins strong at 47.7%, up 140 basis points. OI margin is 21.6%, up 160 basis points. And RS&I volume up slightly in the quarter, but still enough to record the highest sales ever in a quarter. And RS&I gross margin of 46% are up 30 basis points against 40 basis points of unfavorable currency effects. OI margins are still robust at 24.6%, but 110 down from last year.

毛利率維持強勁，為47.7%，上升140個基點。營業利益（OI）率為21.6%，上升160個基點。RS&I本季出貨量小幅上升，但仍足以創下單季史上最高銷售額。RS&I毛利率為46%，上升30個基點，儘管有40個基點的不利匯率影響。OI利潤率仍然穩健，為24.6%，但較去年下降110個基點。

And that reflects the currency and the continuing but what we believe are powerful investments in the overall corporation. Sales up 5.8% as reported, 3.4% organically, making it the highest first quarter ever and the second highest of all our quarters. Gross margins 50.4%, strong against the wind. OI margins, 20.8%, also strong, but down 50 basis points due to 40 basis points of unfavorable currency effects and reflecting the decisive investments. And the EPS, $4.6, up again in this period, up again.

這反映了匯率因素，以及我們持續、且我們認為具強大效益的全公司投資。整體銷售額按報告口徑成長5.8%，按有機口徑成長3.4%，創下史上最高第一季，亦為我們所有季度中的第二高。毛利率50.4%，在逆風中仍然強勁。OI利潤率20.8%同樣強勁，但因40個基點的不利匯率影響並反映決定性投資而下降50個基點。每股盈餘（EPS）為4.6美元，本期再次上升，再次上升。

This period was a demonstration of the resilience of our markets. The power of our model and the skills of our team, making progress in the (inaudible) and still investing in our future.

本期展現了我們市場的韌性、我們模式的力量以及團隊的能力：在（聽不清）方面持續取得進展，同時仍投資於我們的未來。

Looking forward, I just started this. We proceed with confidence, and we are confident and convinced regarding the positive future. And we are confident because we know the special nature of our markets, driven by powerful secular trends. We know the strength of our advantages and product. Snap-on really does make a critical work easier.

展望未來，我剛才已開始談到：我們將以信心前行，並且對正向的未來深具信心且堅信不疑。我們之所以有信心，是因為我們了解市場的特殊性，這些市場由強勁的長期結構性趨勢所驅動。我們了解自身優勢與產品的實力。Snap-on確實讓關鍵工作變得更容易。

And we know our advantages in brand. Snap-on stands alone. Snap-on name really is the singular sign of the pride and dignity working men and women taking their professions. And we are confident because we know the advantages in our people. Our team is committed, capable, battle tested.

我們也了解品牌上的優勢。Snap-on獨樹一幟。Snap-on這個名字，確實是勞動者對其專業所抱持的自豪與尊嚴的獨特象徵。我們也有信心，因為我們了解人才上的優勢：我們的團隊投入、能幹、久經沙場。

Our team just doesn't aim to succeed, Snap-on expects to succeed. As such, we believe that propelled by these advantages, Snap-on will continue to move forward positively throughout 2026 and well beyond.

我們的團隊不只是以成功為目標，Snap-on期待成功。因此，我們相信在這些優勢的推動下，Snap-on將在2026年以及更長遠的未來持續正向前進。

Now before I turn the call over to the operator, I'll speak directly to our franchisees and associates. I know many of you are listening or will be hearing this later. Our progress in the period, strong sales and holding firm against the challenges, they has been a result of your efforts, for your performance in the quarter. You have my congratulations. For the energy and capability you bring to the enterprise every day, you have my admiration, and for enlisting your future, your dedication and your confidence in our team, you have my thanks.

在我把電話交給接線員之前，我想直接對我們的加盟主與同仁說幾句。我知道你們當中許多人正在收聽，或稍後會聽到這段內容。我們本期的進展、強勁的銷售，以及在挑戰面前的堅持，都是你們努力的成果，感謝你們本季的表現，並向你們致賀。對於你們每天為企業帶來的活力與能力，我深感敬佩；也感謝你們對未來的投入、對團隊的奉獻與信心。

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

現在我把電話交給接線員。接線員？

(Operator Instructions)

（接線員指示）

Bret Jordan, Jefferies.

Jefferies的Bret Jordan。

In the prepared remarks on C&I, you talked about heavy-duty sort of specifically within that sort of the stronger categories. Do you think you're seeing a cyclical trend there that after a long softness in the heavy-duty market, there's some improvement? Or is this sort of a product or short term --

在你們針對C&I的事先準備講稿中，你提到重型（heavy-duty）領域，特別是在較強勁的類別之中。你認為你們是否看到那裡出現循環性趨勢：在重型市場長期疲弱之後，現在有些改善？還是這比較像是產品因素或短期——

No, I think it has to do with -- we didn't see so much softness in heavy duty, but -- so I don't think it's so -- I can't say that it isn't part of that some sort of macro trend, but we believe it's because we are understanding the work around heavy-duty more every day, and this leads to more effective complex and customized solutions, which people are signing up for. So we think when we do this, yes, we're following the markets, but we're also capturing some share in our business.

不，我認為這與——我們在重型領域並沒有看到那麼多疲弱，但——所以我不認為它是那種——我不能說它完全不是某種總體趨勢的一部分，但我們相信原因在於我們每天都更了解重型相關的工作，這帶來更有效、更複雜且更客製化的解決方案，而客戶正在採用。因此我們認為，當我們這麼做時，沒錯，我們是在跟隨市場，但同時也在我們的業務中取得一些市占。

And I guess also in the prepared remarks, you talked about restarted momentum you talked about green shoots a couple of times. Could you talk about maybe the cadence of the quarter? I mean, obviously, the last month had some pretty significant geopolitical events going on. But the underlying trend are you seeing that the volumes in the garages are picking up that's driving this green shoot or --

另外我想，在事先準備講稿中，你談到動能重新啟動，也提到幾次「綠芽」。你能談談本季的節奏嗎？我的意思是，顯然最後一個月發生了一些相當重大的地緣政治事件。但就基本趨勢而言，你們是否看到車庫端的作業量正在回升，進而帶動這些「綠芽」，還是——

Well, volumes -- I think a couple of things. I think a couple of things. I mean it's hard for us a month isn't a really significant progress. And so when we look at it, I think when we look at the quarter, we can make no conclusions about the effect of the war on where the world is going. But I'll tell you this, is that the green shoots were associated with the principally like we saw that tool storage and the sales of the growth -- sales of the item.

嗯，作業量——我想有幾件事。我想有幾件事。我的意思是，對我們來說，一個月並不是非常顯著的進展。因此當我們看待它時，我認為當我們看整個季度，我們無法就戰爭對世界走向的影響下任何結論。但我可以告訴你的是，這些「綠芽」主要與——例如我們看到工具收納，以及成長的銷售——該項目的銷售成長有關。

And I just talked to these conversations with the franchisees aren't -- they aren't long ago, they are recent. And I talk to people trying to find out how they felt. And they sounded pretty optimistic to me. So you could see -- and all of them -- I talked about that big box that wasn't cheap, the Epic box with the Red, White, Blue flag on the front, they were all talking proudly about the I well, I saw -- I was able to get two of them or one of them.

而且我剛和加盟主進行了這些對話——不是很久以前，是最近。我和大家聊，想了解他們的感受。他們聽起來相當樂觀。所以你可以看到——而且他們所有人——我提到那個不便宜的大箱子，前面有紅白藍旗幟的Epic箱體，他們都很自豪地談到：嗯，我看到——我能拿到兩個或一個。

So they seem pretty positive. And I can tell you, franchisees do not hold back when they talk to me. I get a lot of complaints. And these conversations were pretty positive. So I think I put that together with the sort of nascent tool storage increase and say, that's a kind of green shoot plus our total sales.

所以他們看起來相當正面。我可以告訴你，加盟主跟我談話時不會有所保留。我會聽到很多抱怨。但這些對話相當正面。因此我把這些與工具收納的初步回升結合起來看，並說，這就是一種「綠芽」，再加上我們的總銷售表現。

But Bret, it's one quarter. You never know, really. We don't give guidance, but you never really know, but I -- it's better than a poke in the eye (inaudible) stick what we got.

但Bret，這只是一個季度。你永遠無法真正確定。我們不提供財測指引，但你也永遠無法真正知道；不過我——這總比（聽不清）拿棍子戳眼睛要好，至少我們目前看到的是這樣。

Scott Stember, ROTH.

Scott Stember，ROTH。

Nick, can you talk about how some of the other subcategories and tools did, whether it's hand tools, power tools, diagnostics?

Nick，你能談談其他一些子類別和工具的表現嗎？不論是手工具、電動工具、診斷設備？

Sure. Look, I think tools, hand tools was up, power tools was up, diagnostics was tepid. In fact, it was challenged in this period, but had some difficult comparisons last year. So that's the way it went. Pretty much most things were up, except for diagnostics was a little weak in this period.

當然。你看，我認為工具方面，手工具是成長的，電動工具也是成長的，診斷設備則偏溫和。事實上，這段期間它面臨一些壓力，但去年同期的比較基期也比較困難。所以大致就是這樣。幾乎大多數品項都有成長，只有診斷設備在這段期間稍微偏弱。

Okay. And as far as sell into the van channel versus sell off of the channel, any meaningful differences?

好的。那就「賣進」貨車通路（van channel）與「從」通路賣出（sell off of the channel）而言，有沒有任何顯著差異？

Look, I don't think -- I tell you the truth, I don't think one quarter is meaningful in this kind of thing, but it's in the same ZIP code as the growth, up to the 3.4%. For example, the 3.4% totally was also what happened in the United States. And so the sales off the van were in that same ballpark. It's never exactly the same, but over -- as you know, because you study it so well, you know us so well, it kind of rolls off over the year. So we felt pretty good about the sell off the van this quarter.

你看，我不認為——老實說，我不覺得用單一季度來看這類事情有什麼代表性，但它大致與成長幅度在同一個區間，大約是3.4%。例如，3.4%也完全就是美國市場的表現。因此，從貨車端賣出的銷售也在差不多的範圍。它從來不會完全一樣，但——如你所知，因為你研究得很透徹、也很了解我們——它在一年之中會逐步反映出來。所以我們對本季從貨車端賣出的表現感覺相當不錯。

All right. Just last question on tariffs. I know that you guys have done a great job of being relatively insulated. But some of the recent changes that we saw, is there going to be any changes to that narrative? And to the extent that you've had some payments that you've made, are you guys looking for to pursue some rebates with the (inaudible) business going away?

好。最後一個關於關稅的問題。我知道你們在相對隔離（受影響較小）方面做得很好。但我們看到最近一些變動，這個說法會不會需要調整？另外，就你們已經支付的一些款項而言，隨著（聽不清）業務消失，你們是否打算去爭取一些退稅/退費（rebates）？

Okay. Look, I tell you what, tariffs these days are blizzards. They got really (inaudible), they changed the 232 rules and they added 122, it's like numerical salad. We don't think tariffs are going to change very much actually going forward. We're not planning or expecting some changes.

好的。你看，我跟你說，現在的關稅就像暴風雪一樣。他們變得非常（聽不清），他們改了232條款的規則，又加了122，簡直像數字沙拉。我們其實不認為未來關稅會有太大變化。我們沒有在規劃或預期會有一些變動。

Now in terms of refund, I got to tell you, Aldo has been rehearsing his answer for like three weeks here. So I'm going to ask him to answer this question. Aldo, go ahead.

至於退款，我得說，Aldo在這裡已經排練他的答案大概三週了。所以我就請他來回答這個問題。Aldo，請。

Well, actually, I won't even reversing since April 20, Scott, they opened the portal for people to apply for refunds. Our view is, first, I want to emphasize tariffs are not as significant to Snap-on as they might be to many other companies out there in the universe where we play. That's one thing to keep in mind. But our strategy is to protect the fact that we don't want anything to expire. And if you don't file for a rebate through the portal, you run the risk that things go past what they call the liquidation date, and then you can never challenge it even if one wanted to.

嗯，事實上，自4月20日以來我甚至不會再反轉（說法），Scott，他們已經開放入口網站讓大家申請退款。我們的看法是，首先，我想強調，關稅對Snap-on的重要性，並不像在我們所處的這個產業宇宙裡的許多其他公司那麼大——這是第一點。但我們的策略是要保護我們的權利，確保不會讓任何東西過期。如果你不透過入口網站申請退稅/退費，你就有風險讓事情超過他們所謂的清算日期（liquidation date），之後即使有人想挑戰，也永遠無法再提出。

So that's our strategy right now. So why not significant, we're protecting our rights so they don't expire or unchallenged.

所以這就是我們目前的策略。也就是說，雖然影響不大，但我們是在保護我們的權利，避免它們過期或在未被挑戰的情況下失效。

I think -- I'd just add a little. We're not depending on anything as I'm not sure what's going to happen. So I think it's unsure what will happen with tariff refunds and when they will be paid, how it will all work. So for us, we're just trying to make sure we keep ourselves in the game and not depend on any thing.

我想——我再補充一點。我們不依賴任何事情，因為我也不確定會發生什麼。所以我認為關稅退款會怎麼走、何時會支付、整體會如何運作，都還不明朗。對我們而言，我們只是想確保自己還在局內，不去依賴任何東西。

Luke Junk, Baird.

Luke Junk，Baird。

Nick, maybe to kick it off here, curious, there's been a lot of chatter about an increased level of tax rebates this year in the US. Just curious if you saw any impact from that in the Tools Group or maybe the finance company if so, any looks to that?

Nick，先從這裡開始問一下，我很好奇，今年美國稅務退稅（tax rebates）水準提高的討論很多。想請問你們在工具事業群（Tools Group）或金融公司那邊是否看到任何影響？如果有的話，有沒有什麼觀察？

Well, it's hard to say. I have a lot of things to say about that. First of all, there is a finance company, you did point out the finance company, yes, originations were kind of flattish. The losses did creep up a little bit, but the 60-day delinquencies are better both sequentially and year-over-year. So that's a pretty good thing.

嗯，這很難說。我對這件事有很多想法。首先，確實有金融公司，你也提到了金融公司，是的，放款承作（originations）大致持平。損失確實小幅上升，但60天逾期率（60-day delinquencies）無論是季比或年比都更好。所以這是一件相當好的事。

What the result of that is, is not clear, but I will tell you that our guys were talking about improvement in that area before we thought about the tax returns were at play.

這背後的原因是什麼並不清楚，但我可以告訴你，我們的人在我們認為報稅退稅可能發揮作用之前，就已經在談那個領域的改善了。

Now -- so I never know. But I'll tell you, when I go through the garages, unlike the standard story about people who have the grassroots, most of these people don't let this money burn a hole in their pocket. They tend to say it happened during the pandemic with their, what I would call, stimulus numbers. They were saying I'm putting it in a bank or I'm going to pay off some debt. So maybe that could have worked be paying off the debt, I'm not so sure.

所以——我也說不準。但我告訴你，當我走訪修車廠時，和一般所說的「基層民眾」故事不太一樣，多數人不會讓這筆錢在口袋裡燒出洞來。他們往往會說——疫情期間他們拿到我所謂的刺激金（stimulus）時也是如此——他們會說我要把錢存進銀行，或拿去還一些債。所以也許這可能透過還債發揮作用，但我也不太確定。

I will say that none of the franchisees I talked to mention that. Now I didn't prompt them or ask the questions a little directly. And maybe if I had, they would have said, yes, that's great for us, but I don't think so. Normally, they're bring in this kind of thing up. So I don't think we're seeing it as a big factor, but that's hard to say. It's kind of an uncertain thing.

我會說，我談到的加盟主（franchisees）沒有任何人提到這件事。我也沒有引導他們或更直接地問這個問題。也許如果我問了，他們會說，是的，這對我們很有幫助，但我不這麼認為。通常他們會主動提起這類事情。所以我不覺得我們把它視為一個很大的因素，但這也很難說，算是一件不確定的事。

Got it. Switching gears to C&I. Could you just remind us on the military exposure within critical industry specifically? I know you mentioned that seeing a lot of growth right there right now, but just in terms of past experience, what you've seen in terms of an impact that tends to be, I think, a little lagged when military activity picks up?

了解。換個話題到C&I。你能否提醒我們在關鍵產業（critical industry）裡，軍方相關曝險（military exposure）大概是多少？我知道你提到那一塊目前成長很多，但就過去經驗而言，當軍事活動升溫時，你們通常看到的影響似乎會有一點滯後？

Yes. Well, military -- the C&I business is a pretty good business. I mean it's well over $100 million in a quarter. But the thing is that the military is one of -- it's broken into maybe six different segments and military is towards the top of that list. So you can figure that out in terms of the amounts.

是的。嗯，軍方——C&I業務是一門相當不錯的生意。單季遠超過1億美元。但重點是，軍方是——它大概被拆成六個不同的區塊，而軍方在那個清單裡接近前段。所以你可以據此推算金額規模。

Lately, the military has been down. Last year, military was down double digits. And it sort of -- we kind of got a little bit back in the fourth quarter. And this year, it stayed flat. So it has improved some.

最近，軍方業務是下滑的。去年軍方業務是兩位數下滑。我們在第四季稍微拿回來一點。而今年則維持持平。所以確實有一些改善。

We expect the military to improve going forward. We truly do. I think that's one of the things that you would expect. When you look at the situation, I mean, could there be any more situation where you need the military, if nothing else, history says that when conflicts like this are over, refurbishment becomes important, they restock and refurbish. So we usually get good business out of that.

我們預期軍方業務未來會改善。我們確實這麼認為。我想這是你會預期的事情之一。當你看目前的情勢，我是說，還能有什麼情況比這更需要軍方？即便不談別的，歷史告訴我們，當這類衝突結束後，整修翻新（refurbishment）會變得重要，他們會補庫存並進行翻修。所以我們通常能從中獲得不錯的業務。

On top of which, we kind of -- I don't know your view, but I think the nation is kind of saying, well, given this environment, we got to stock up a little bit more on military.

此外，我們有點——我不知道你的看法，但我覺得國家某種程度上在說，嗯，在這樣的環境下，我們得多備一些軍備。

So we kind of expect them to expand. What I loved about the quarter of us, though, the melter didn't help us. And boy, some of those other areas like aviation, gangbusters. And so -- and it's pretty profitable. So I meant it when I said that Industrial had a terrific quarter.

所以我們某種程度上預期他們會擴張。不過我很喜歡我們這一季的地方在於，軍方並沒有幫到我們。但天啊，其他一些領域像航空，表現非常火熱。而且——而且獲利性很高。所以我說工業（Industrial）本季表現非常出色，這句話是認真的。

We always -- the industrial business seems pretty good to us. We think it keeps expanding. And it's mostly because we keep understanding the work better in each one of those places. That's our principal value creating mechanism, to understand the work, create products that are irresistible to customers in that way, whether they're customized or not, and as you get -- as you understand it work better, you get a bigger product line, that's what we're doing, and it seems to be working.

我們一直——工業業務對我們來說看起來相當不錯。我們認為它會持續擴張。主要原因是我們持續更深入理解各個場域的工作內容。這是我們最主要的價值創造機制：理解工作、打造讓客戶難以抗拒的產品——不論是否客製化——而當你——當你更了解工作時，你就能擴大產品線；這正是我們在做的，而且看起來確實有效。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

Just wanted to keep going on the C&I things you just talked about, Nick, because the comments you just made kind of reinforced some of the stuff in your prepared remarks. C&I growth historically has been pretty intermittent rather than hitting a growth cycle and a consolidation cycle. So I'm wondering if you're suggesting something just culturally and in the bones has gotten better about identifying the work kind of like SOT really hit stride with social media and bandwidth enhancing tools out of the pandemic. You --

我想延續你剛談到的C&I議題，Nick，因為你剛才的評論某種程度上也呼應了你在事先準備的講稿裡的一些內容。歷史上C&I的成長相當間歇性，而不是進入一個成長循環再進入一個整合循環。所以我想知道，你是否在暗示某些更偏文化層面、或更根本的東西，已經在「辨識工作內容」這件事上變得更好了——有點像SOT在疫情之後，透過社群媒體與提升頻寬的工具真正進入佳境。你——

I think that's -- yes, I think you're right about that. I think it happened. We've seen it a couple of times. Back -- by the way, how do you know my marks were prepared, maybe not prepared at all. Anyway, the -- we saw this happen before.

我想那是——是的，我覺得你說得對。我認為確實發生了。我們已經看過幾次了。回到——順帶一提，你怎麼知道我的註記是事先準備的，也許根本沒準備。總之——我們以前就看過這種情況。

We're going along, (inaudible) along in critical industries, and then we expanded capacity here in Snap-on. We added a whole building that allowed us to build more customized kits and expand on that, and it shot up and then it hit a little bit of a pause when the military started spitting up blood. And then it's coming back. And I think behind all this is the idea that I really do believe we're gaining share because our products are getting better. It's hard to talk about any one product because most of them are kits.

我們一路推進，（聽不清）在關鍵產業一路推進，然後我們在 Snap-on 這裡擴充了產能。我們新增了一整棟建築，讓我們能打造更多客製化套件並在此基礎上擴展，業績隨之衝高；之後當軍方開始出現狀況時又稍微停頓了一下。現在又回來了。我認為這一切背後的想法是：我確實相信我們正在提升市占，因為我們的產品正在變得更好。很難只談某一項產品，因為大多數都是套件。

But in those kits we're configuring them such that they meet the problems for if you have a particular jet aircraft you want to deal with in terms of maintenance or manufacturing, we'll put you right on target. And we have some of those. So I think that's what's happening now. I'm not saying we're immune to cycles, because it's certainly a --

但在這些套件中，我們會進行配置，使其能解決問題：如果你有某一款噴射機要在維修或製造方面處理，我們會讓你精準到位。我們已經有一些這樣的案例。所以我認為現在正在發生的就是這些。我不是說我們對景氣循環免疫，因為這當然是——

What has elevated the game? Have you instituted new organizational layers or structures or talent realignments?

是什麼讓整體水準提升了？你們是否導入了新的組織層級或架構，或是進行人才重新配置？

No, capacity. You know what I mean, in other words, we're learning how to wheel the capacity better. Like I said, we have added people in the fields. We have learned more about the work, like you say. But also, we've created a capacity situation where we can deliver quicker and more effectively.

沒有，是產能。你懂我的意思，也就是說，我們正在學會如何更好地運用產能。就像我說的，我們在前線增加了人手。我們也更了解這份工作，如你所說。但同時，我們也建立了一種產能狀態，讓我們能更快、更有效地交付。

And so those kinds of things have combined to give us some acceleration. And as you -- what happens in these kinds of things, you add something and you learn how to do better and better with it. When you start up something, it kind of helps you. And then you realize what you got, you kind of work on it, sort of the essence of RCI. So what you're seeing there is in the bones of Snap-on value creation, figuring out how to have more improvement.

因此，這些因素結合起來帶來了一些加速。而且在這類事情上會發生的是：你新增了某些東西，然後你學會如何把它做得越來越好。當你啟動一個新項目時，它會在某種程度上幫助你。接著你意識到你擁有什麼，就會去打磨它——這有點像 RCI 的精髓。所以你在那裡看到的是 Snap-on 價值創造的骨幹：找出如何帶來更多改善。

And secondly, around just having a better product, I believe that's the situation.

第二點，關於產品本身更好，我相信情況就是如此。

Appreciate that. And then my other one, just on SOC originations. It sounds like storage might be turning a corner and pretty good comparison backdrop for a while there. And Diagnostics was off in the quarter a little bit, but not at the RS&I level. And even SOT had a couple of really nice diagnostic quarters in the middle of last year.

了解，謝謝。那我另一個問題是關於 SOC 的放款（originations）。聽起來工具收納（storage）可能正在觸底回升，而且在一段時間內比較基期也不錯。診斷（Diagnostics）這一季略有下滑，但在 RS&I 層級並沒有。而且 SOT 在去年年中也有幾個非常不錯的診斷季度。

So it seems like maybe the ingredients are in place for originations to start to grow and the commemorative unit, in particular, sounds really cool and hitting some stride at a high price point. So do you feel like (inaudible)?

所以看起來也許放款成長的要素已經到位了，尤其是那個紀念款機種，聽起來很酷，而且在高價位帶開始站穩腳步。所以你是否覺得（聽不清）？

Well, the originations were flat in the quarter, I think, roughly, for government work. But I used the word green shoots, particularly -- I chose that particularly because I'm not sure what the increase in tool storage means. I do think, though, it shows some (inaudible). We couldn't get arrested before with big box and stuff like that. And now you saw the tribute to America.

嗯，本季放款大致持平，我想，主要是政府業務。但我用了「綠芽」這個詞，特別——我特別選這個詞是因為我不確定工具收納的成長代表什麼。不過我確實認為這顯示了一些（聽不清）。之前我們在大賣場之類的通路根本賣不動。現在你看到了「向美國致敬」那款。

And I just had the feeling that it's sold well, not only because it's a compelling offering, but also because maybe the hurdles were a little bit lower. So we'll see how that plays out.

而我只是覺得它賣得好，不僅因為它本身很有吸引力，也可能因為門檻稍微低了一點。所以我們再看看後續會怎麼發展。

I think -- look, I think (inaudible) is a favorable thing. It shows that tool storage isn't completely dead. In fact, it's pretty strong. It's a nice strong quarter for tool storage.

我想——你看，我認為（聽不清）是件好事。這顯示工具收納並沒有完全死掉。事實上，它相當強勁。這是一個工具收納表現很強的季度。

Gary Prestopino, Barrington Research.

Gary Prestopino，Barrington Research。

So maybe I missed this, but nobody asked this. Could you maybe just talk about how much tool storage was up year-over-year?

所以也許我漏聽了，但好像沒有人問這個。你能不能談一下工具收納的年增幅大概是多少？

Wow, I don't like to get involved and get big -- I think that's across. I don't want to nail myself to me, all right? But tool storage was up more than the average. You know what I mean, it was one of the leading items. That's all.

哇，我不太想牽涉進去、把它講得很——我覺得那是整體的。我不想把自己釘死在某個數字上，好嗎？但工具收納的成長高於平均。你懂我的意思，它是領先的項目之一。就這樣。

But I don't -- Gary, a quarter, who knows what a quarter means. I mean it's not definitive, but I still feel pretty good about it. I'm not here to declare victory, and we're on the big wide highway to victory now, but I feel good about it.

但我不——Gary，一個季度，誰知道一個季度代表什麼。我是說，這不是定論，但我仍然覺得相當不錯。我不是來宣告勝利、說我們現在已經走上通往勝利的寬廣大道，但我對此感覺良好。

So I guess, if I ask this another way, I mean, was a lot of that due to this new lower price point product that you put or the techs?

那我換個方式問，我是說，其中很大一部分是否來自你們推出的這個較低價位的新產品，或是技師端？

Yes, sure. Some of it was due to that. It's hard to say, but I talked about the new roll cart that came out, and we made it -- one of the things we did was smartened, we made it available in all these colors. You might think that's trivial, but it isn't because people want to buy something like a rural card. They want it to match their box if they got a candy apple red box with the carbon trim, they want the roll cap to look like that.

是的，當然。其中一部分確實是因為那個。很難說清楚，但我提到過新推出的工具推車（roll cart），我們做的——其中一件事是把它做得更聰明：我們讓它提供所有這些顏色。你可能覺得這很瑣碎，但其實不是，因為人們買像推車這種東西時，會希望它跟他們的工具箱搭配；如果他們有一個糖果蘋果紅、帶碳纖維飾條的箱子，他們就希望推車看起來也像那樣。

And if you make that available, then it tends to sell more. So that was one of the big breakthroughs here. It sounds so simple. But in fact, it worked for us and the (inaudible) is pretty steady. So that was another contributor. Yes, the attribute to America was a good contributor to, but it's an account for everything.

而如果你提供這種選擇，它通常就會賣得更多。所以這是我們這裡的一個重大突破。聽起來很簡單，但事實上它對我們有效，而且（聽不清）相當穩定。所以這也是另一個貢獻因素。是的，「向美國致敬」也有不錯的貢獻，但它並不能解釋全部。

Okay. And then just a couple of more questions. You said the franchisees are a little more optimistic than they had been. Do you attribute that to some of what you've done strategically with shorter payback products? Or are they really starting to see a turn in the appetite for technician purchases of tools? I mean, you had cited all sorts of issues with uncertainty for the last couple of quarters. Has that changed a little bit you think?

好的。再問幾個問題。你說加盟主比之前更樂觀一些。你把這歸因於你們在策略上做的一些事，例如推出回收期更短的產品？還是他們真的開始看到技師購買工具的意願正在回升？我是說，過去幾季你提到各種不確定性的問題。你覺得這有稍微改變嗎？

Well, look, I think it's this way. I think it's probably some of both. But franchisees usually talk to me about two things: products they don't like or something like that or something in the system or how easy it is to sell or hard to sell. It's not exclusively. And so when I say they were positive, they weren't saying it was hard to sell and they have said that before.

嗯，你看，我覺得大概是這樣。我想可能兩者都有。但加盟主通常跟我談兩件事：他們不喜歡的產品或類似的事，或是系統裡的某些事、好不好賣、難不難賣。當然不只這些。所以當我說他們是正面的時候，他們並沒有說很難賣——而他們以前確實說過很難賣。

Now I didn't talk to every franchisee. It was a windshield survey. But the guys I talked to seem pretty positive. And -- but I do think it makes it easier to sell if we have tools that if we have offerings that are matching the preference, so hard to make a difference. I guess the answer is, I think both things are in play.

當然我沒有跟每一位加盟主都聊過，那只是走馬看花式的調查。但我聊到的那些人看起來都相當正面。而且——但我確實認為，如果我們有工具、如果我們的產品組合能符合偏好，就會更容易賣，這很難造成差異。我想答案是：我認為兩個因素都在發揮作用。

Okay. And then two more quick questions here. In the C&I segment, are you seeing increased demand from the data center market for specific tool kits?

好的。再兩個快問。在 C&I 事業部，你們是否看到資料中心市場對特定工具套件的需求增加？

Yes, we're seeing increased demand for specific products for the data center market in terms of the construction of the data center. So yes, we're seeing that. I don't know where that's going, but we are being asked to quote and we find business in those areas.

是的，我們看到資料中心市場在資料中心建置方面，對特定產品的需求增加。所以是的，我們看到了。我不知道這會走向哪裡，但我們確實被要求報價，也在那些領域找到業務。

Okay. And then last question. What was the FX impact to EPS, Aldo?

好的。最後一個問題。外匯對 EPS 的影響是多少，Aldo？

$0.02 of good news when it came to operating income. When you look at the unfavorable currency remarks throughout the deck, that has to do with transaction negative variances, and that largely is associated with our factories emanating out of Sweden and actually the United Kingdom to some extent.

在營業利益方面有 0.02 美元的好消息。當你看到簡報中到處提到不利的匯率評論時，那是指交易層面的負向差異，而那主要與我們位於瑞典的工廠，以及在某種程度上英國的工廠有關。

So we said some good news like (inaudible).

所以我們確實有一些好消息，例如（聽不清）。

That's positive. The reason why we talked about the negative is (inaudible). He says that's one of the conundrums of this period. It was positive on the EPS, but negative on the margins because it added sales and it did not add profits in any kind of proportion to that. And it added a lot of sales and almost no profit.

那是正面的。我們之所以談到負面，是因為（聽不清）。他說這是這段期間的一個兩難。它對 EPS 是正面的，但對毛利率是負面的，因為它增加了銷售額，但增加的利潤並沒有與之成比例。它增加了很多銷售，幾乎沒有增加利潤。

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

問答環節到此結束。我想把電話會議交回給 Sara Verbsky，請她做結語。

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. Good-bye.

感謝各位今天加入我們。本次電話會議的重播將很快在 snapon.com 上提供。一如既往，我們感謝各位對 Snap-on 的關注。祝各位有美好的一天。再見。

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

本次會議已結束。感謝您參加今天的簡報。您現在可以掛線。