實耐寶 (SNA) 2026 Q2 法說會逐字稿

Good day, and welcome to the Snap-on Incorporated 2026 second quarter results conference call. (Operator Instructions) Please note that this event is being recorded.

各位早安，歡迎參加 Snap-on Incorporated 2026 年第二季業績電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把電話交給投資人關係副總裁 Sara Verbsky。請開始。

Thank you, Cole, and good morning, everyone. We appreciate you joining us today as we review Snap-on's second 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 the financial results.

謝謝你，Cole，各位早安。感謝各位今天加入我們，一同回顧 Snap-on 的第二季業績；相關內容已詳載於我們今天稍早發布的新聞稿中。今天與會者包括 Snap-on 執行長 Nick Pinchuk，以及 Snap-on 財務長 Aldo Pagliari。Nick 將先就我們的表現分享他的觀點。接著 Aldo 將更詳細地回顧財務結果。

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. The 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。如同往常，我們提供投影片以補充今天的討論。這些投影片可在網路直播觀看器的 Downloads 分頁取得，也可至我們的網站 snapon.com，在 Investors（投資人）專區下載。投影片將與今天電話會議的逐字稿一併存檔於我們的網站。

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 and actual results may differ materially from those made in such statements. 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.

本次電話會議中，凡涉及管理階層之預期、估計或信念，或以其他方式討論管理階層或公司之展望、計畫或預測者，均屬前瞻性陳述；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有重大差異之因素，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，不應單獨使用或作為其 GAAP 對應指標之替代。關於這些衡量指標的更多資訊，已包含於我們今日發布的盈餘新聞稿中，可於我們網站查閱。

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

話不多說，現在我想把電話交給 Nick Pinchuk。Nick？

Thanks, Sara. Good morning, everyone. This was some quarter. Testimony that Snap-on executes even in a blizzard, and that our operations represent a clear and credible beacon to showing a continuing path for a positive trajectory as we go forward.

謝謝你，Sara。各位早安。這是一個不平凡的季度。這證明 Snap-on 即使在暴風雪中也能執行到位，而我們的營運清楚且可信，猶如燈塔一般，指引我們在未來持續走在正向成長的軌道上。

Quarter, I'd say, was marked with the ongoing momentum of more green shoots, progress against the whirlwind, I mean this is a turbulent time. I don't know, I'm not sure I've seen more elements of uncertainty packed into a single quarter, Ukraine, inflation, fluctuating tariffs, restructured supply chains, and now piling on the impasse with Iran. It's really something.

我會說，本季的特徵是更多「綠芽」持續萌發的動能，以及在這場旋風中取得進展——我的意思是，這是一段動盪的時期。我不確定我是否見過在單一季度裡塞進這麼多不確定因素：烏克蘭、通膨、關稅波動、供應鏈重組，現在又加上與伊朗的僵局。真的很不尋常。

But Snap-on shook it all off, punching right through the difficulties of the fogs with emphasis, fortified by the inherent -- and that was because we were fortified by the inherent and enduring positive our markets, the rising complexity of vehicles, the aging car park, the growing demand for precision and customization in critical industries, and the rise of technology software that makes the special and proprietary more powerful.

但 Snap-on 把這一切都甩在身後，強勢穿越迷霧般的困難；之所以能做到，是因為我們有市場內在且持久的正向因素作為後盾——車輛複雜度提升、車隊（保有車輛）老化、關鍵產業對精密度與客製化的需求增加，以及讓專業與專有能力更強大的科技軟體崛起。

And you put all of that together with our decisive advantages in product and brands and people, amplify it with our Snap-on value creating processes, driving improvements, it makes for a powerful combination that creates an encouraging quarter and a very promising future, so it was.

把這些因素再加上我們在產品、品牌與人才上的決定性優勢，並透過 Snap-on 的價值創造流程放大、推動改善，就形成一個強而有力的組合，帶來令人鼓舞的一季與非常可期的未來——確實如此。

Now I'll take you through and hit some of the highlights and giving you my perspectives on what it all means. And Aldo will give you a detailed review of the financials. So let's start with the results.

接下來我會帶各位快速走過幾個重點，並分享我對其意涵的看法。Aldo 會為各位提供更詳細的財務回顧。那我們先從業績結果開始。

I believe they testified to all that I just said, second quarter as reported sales were $1,235.1 billion, up $55.7 million or 4.7%, including $11.5 million from the recent additions of Hi-Force and Diesel Laptops. $8.7 million of favorable foreign currency translation and an organic gain of 3%.

我相信這些結果印證了我剛才所說的一切：第二季按報告口徑的銷售額為 1,235.1 十億美元，增加 5,570 萬美元或 4.7%，其中包含近期併入的 Hi-Force 與 Diesel Laptops 貢獻的 1,150 萬美元；外幣換算帶來 870 萬美元的有利影響，以及 3% 的有機成長。

The Opco operating margin or Opco operating income or OI, we'll call it from now on, was $268 million. And the Opco operating margin for the quarter was 21.8% compared to the 22% last year, down slightly but still strong, especially in this environment. The gross margin was an attention-getting 51.4%, 90 basis points higher than last year.

Opco 營業利潤率，或 Opco 營業利益（OI）——我們之後就稱 OI——為 2.68 億美元。本季 Opco 營業利潤率為 21.8%，相較去年 22% 略為下降，但在這樣的環境下仍然強勁。毛利率達到引人注目的 51.4%，比去年高 90 個基點。

So the overall story of the period was an encouraging performance overcoming the cost pressures and funding the investments for the future. For Finco, the OI was $67.5 million versus the $68.7 million in 2025. And when you combine that with our Opco OI, it resulted in a consolidated operating margin of 25.2%. And EPS was $4.96, up $0.24 or 5.1%, another positive. So those are the numbers. Now let's turn to the markets.

因此，本期整體故事是：在克服成本壓力的同時，仍能支應對未來的投資，表現令人鼓舞。就 Finco 而言，OI 為 6,750 萬美元，低於 2025 年的 6,870 萬美元。將其與 Opco 的 OI 合併後，合併營業利潤率為 25.2%。每股盈餘（EPS）為 4.96 美元，增加 0.24 美元或 5.1%，同樣是正向表現。以上是數字部分。接著我們來談市場。

Vehicle repair is still a great place to be. Cars and trucks are essential parts of our lives. But keeping them on the road is more and more of a challenge. The park is getting older every day. The models are getting more complex with each new launch. And so the -- I would say, this is -- I've said it before, I think this is the golden age of vehicle repair and the numbers tell the story, spending on repair, technician hours worked, and mechanic wages are all up.

車輛維修仍然是一個很好的產業位置。汽車與卡車是我們生活中不可或缺的一部分。但要讓它們持續上路，挑戰正變得愈來愈大。保有車輛（車隊）每天都在老化。每次新車款推出，車型都變得更複雜。因此——我會說，我以前也說過——我認為這是車輛維修的黃金時代，而數據也說明了一切：維修支出、技師工時，以及技師薪資都在上升。

So the garages are pumping and the techs remain cash rich. But in this environment, they still remain confidence poor. The uncertainty hasn't gone away. A single scan of the morning news will tell you that. For our customers, the technicians remain reluctant to take on longer-term obligations on good ticket purchases. Tool storage volume and the associated originations are still down.

所以修車廠的生意很旺，技師手上現金依然充裕。但在這樣的環境下，他們的信心仍然不足。不確定性並沒有消失。早上掃一眼新聞就知道了。對我們的客戶而言，技師仍不太願意在高單價採購上承擔較長期的義務。工具儲存設備（工具箱/工具櫃）銷量及相關的融資承作量仍在下滑。

But the mechanics need to meet the rising complexity, so our pivot to quicker payback items is working. Overall volumes are up. You see the technicians really are regulated segment, resilient and period by period. That's what's playing out in the Tools Group.

但技師必須因應日益提升的複雜度，因此我們轉向回收期更快的品項的策略正在奏效。整體銷量（出貨量）上升。你可以看到技師其實是受監管的族群，具韌性，且一季接一季地展現出來。這正是工具事業群（Tools Group）所呈現的情況。

Recently, just a sort of anecdotal piece. Recently, I had the opportunity to visit franchisees in the field, speak with some shop owners and technicians, and I'll tell you, I came away more convinced than ever that this is a great place to be. The franchisees were pumped and excited about their current prospects and very optimistic about their future.

最近分享一個算是軼事的小片段。最近我有機會到第一線拜訪加盟主，與一些修車廠老闆和技師交流；我可以告訴各位，我離開時比以往任何時候都更確信：這是一個很好的產業位置。加盟主士氣高昂，對當前機會感到興奮，並對未來非常樂觀。

The independent shop owners, they can only talk about how to get more technicians. They wanted as many as they could find. And the techs said they were slammed, telling me that repairs are getting way more difficult, especially troubleshooting and accessing and repairing newer systems.

獨立修車廠老闆們，他們只在談一件事：如何找到更多技師。他們希望能找到多少就多少。而技師們說他們忙到不可開交，並告訴我維修變得困難得多，尤其是在故障診斷，以及存取並修復較新的系統方面。

Getting better, that means complexity is only going to get worse from a repairability level, getting better access in tight orders to speed their work was high on their list. And we're putting them right on target. One tech said, I have my new -- we brought out this new power tool, the Nano Axcess, you can fit it in your pocket. He said, I have my new Nano Axcess power tool, and the other day it helped me save 90 minutes off a repair, we need more tools like that.

要做得更好，意味著從可維修性的角度看，複雜度只會更糟；能在狹小空間中取得更好的進入性以加快作業速度，是他們清單上的重點。而我們正把他們帶到正確的方向上。有位技師說：我有我們新推出的電動工具 Nano Axcess，你可以把它放進口袋。他說：我有我的新 Nano Axcess 電動工具，前幾天它幫我在一項維修上省了 90 分鐘，我們需要更多這樣的工具。

Snap-on speeds the work and shows everyone I'm a serious professional. This is music to my ears. Because this is who we are and what we do. We go to where the work is happening, we observe the techs, we identify the toughest and most complex tasks, and we develop customized solutions that make the work easier, faster, and more productive. And the techs line up to gain that advantage. One of the reasons why the pivots work.

Snap-on 讓工作更快，並讓每個人都看得出來我是認真的專業人士。這真是正中我下懷。因為這就是我們是誰、我們做什麼。我們到工作正在發生的地方，觀察技師，找出最艱難、最複雜的任務，並開發客製化解決方案，讓工作更輕鬆、更快速、更高產。而技師們會排隊來取得這項優勢。這就是這些轉型策略之所以奏效的原因之一。

The other side of auto repair is where the Repair Systems & Information Group, or RS&I operates. It's where we're expanding our presence with repair shop owners and managers, increasing and enabling our broader array of products, all to help the garages meet the broader challenges of today's vehicles.

汽車維修的另一面，是維修系統與資訊事業群（Repair Systems & Information Group，RS&I）運作的領域。我們正在這裡擴大在維修廠老闆與管理者中的影響力，擴充並賦能我們更廣泛的產品組合，目的都是為了協助車庫因應當今車輛更廣泛的挑戰。

The acquisition of Diesel Laptops, giving our team more to sell in the heavy-duty arena, is a great example of that effort. We like RS&I's potential to moving forward. The repair shop footprint is changing and upgrading, both at dealerships and independent shops. And RS&I is making the most of that trend with proprietary data-driven solutions that are the engines behind our intelligent diagnostic software and our Mitchell 1 software offerings. Right now, independent shops are continuing to invest in adopting products that expand their capabilities.

收購 Diesel Laptops，讓我們的團隊在重型車領域有更多可銷售的產品，就是這項努力的絕佳例子。我們看好 RS&I 未來的發展潛力。維修廠的版圖正在改變並升級，無論是經銷商體系或獨立維修廠皆然。RS&I 正透過專有、數據驅動的解決方案把握這股趨勢；這些解決方案是我們智慧診斷軟體與 Mitchell 1 軟體產品背後的引擎。目前，獨立維修廠仍持續投資採用能擴充其能力的產品。

For example, this quarter, our new AC recycling machine, aligned with the refrigerants used in modern vehicles, and at the same time, offer new autonomous features that boost shop productivity. New design helps garages drive more repair orders, and it was quite popular with the independents.

例如，本季我們推出新的冷氣冷媒回收機，與現代車輛使用的冷媒相匹配，同時提供新的自動化功能以提升維修廠生產力。新設計協助車庫帶動更多維修工單，在獨立維修廠之間相當受歡迎。

Now for our OEM dealers, there's some hesitancy for capital expenditures. Owners and managers know they need upgrades to match the new model, but a lot of them are keeping their power dry, waiting to take their lead from the manufacturers. The automakers have slowed their program launches. So the dealer side of the business is in a low spot. Having said that, RS&I understands the market, and it has an unrivaled product portfolio that is unique and positioned to take full advantage of the segment as it evolves.

至於我們的 OEM 經銷商，對資本支出仍有些猶豫。業主與管理者知道需要升級以符合新車型，但許多人選擇按兵不動，等待製造商釋出明確方向。車廠已放慢其專案上市節奏。因此，經銷商端的業務正處於低迷。儘管如此，RS&I 了解市場，並擁有無可匹敵且獨特的產品組合，定位良好，能在該細分市場演進時充分掌握機會。

Now let's speak of the world outside the garage in critical industries. This is where Commercial & Industrial operates. The Commercial & Industrial, C&I Group operates. This is our business with the largest international presence, serving the critical and the essential, where the penalty for failure is high, and that world is advancing, adopting new technologies and creating systems that are more and more sophisticated. It's an environment where the appetite for precision and customization is growing every day, and C&I is right on that trend. Sales were up big across a number of sectors and geographies at C&I.

現在我們談談車庫之外、關鍵產業的世界。這是商用與工業（Commercial & Industrial）業務運作的地方。也就是我們的商用與工業（C&I）事業群所運作的領域。這是我們國際布局最廣的業務，服務關鍵與必需領域，在那裡失敗的代價很高；而那個世界正在前進，採用新技術並打造愈來愈精密的系統。在這樣的環境中，對精準度與客製化的需求每天都在成長，而 C&I 正好順勢而為。C&I 在多個產業與地區的銷售均大幅成長。

The critical industries are booming, and our custom-built kits aimed at specific challenges are in strong demand. And it's also a time for our specialty torque division. Because the rising of automated systems requires tighter tolerances.

關鍵產業正蓬勃發展，而我們針對特定挑戰打造的客製化套件需求強勁。同時，這也是我們專業扭矩事業的好時機。因為自動化系統的興起需要更嚴格的公差控制。

Our expanding torque operation can fill that bill exactly. From large hydraulic and tensioning systems to lighter force applications where speed and control are challenging, like in our Mountz acquisition, which we acquired a couple of years ago, and essential. Challenging and essential. Snap-on increasingly has the product lines to cover the waterfront and meet the growing trend for precision.

我們持續擴張的扭矩業務正好能精準滿足這項需求。從大型液壓與拉伸系統，到較輕力道的應用（在速度與控制上更具挑戰），例如我們幾年前收購的 Mountz，這些能力都既具挑戰性也不可或缺。既具挑戰性，也不可或缺。Snap-on 正逐步擁有覆蓋各類需求的產品線，以滿足日益成長的精密化趨勢。

With the international landscape outside the garage, the Asia-Pacific and European operations rebounded nicely and stabilized against the backdrop of a still ever-changing supply chain. In that war, Snap-on is advantaged by making it in the markets where we sell and by our 36 factories around the world giving us considerable flexibility. Those strengths were clearly in play in this quarter, and the C&I results are a dramatic confirmation.

在車庫之外的國際環境中，亞太與歐洲業務表現良好地反彈，並在仍持續變動的供應鏈背景下趨於穩定。在那場戰役中，Snap-on 的優勢在於我們在銷售市場就地生產，以及遍布全球的 36 座工廠帶來相當大的彈性。這些優勢在本季明顯發揮作用，而 C&I 的成果就是有力的印證。

Overall, on both vehicle repair and the critical industries, the quarter demonstrates the strong resilience of our markets and our significant ability to take advantage. The period also shows the power of Snap-on value creation processes, safety, quality, customer connection, innovation, and rapid continuous improvement, RCI. And it all came together, creating popular new products and continuing improvements. I mean, gross margins are up 90 basis points. Well, that's the macro-overview. Now let's move to the segments.

整體而言，無論是車輛維修或關鍵產業，本季都展現了我們市場的強韌性，以及我們把握機會的顯著能力。本期也顯示 Snap-on 價值創造流程的力量：安全、品質、客戶連結、創新，以及快速持續改善（RCI）。這一切匯聚在一起，帶來受歡迎的新產品並持續改良。我的意思是，毛利率提高了 90 個基點。好，以上是宏觀概覽。現在我們進入各事業部門。

I think we'll start with C&I. Sales were $394.8 million (sic - see Q2 2026 presentation slide 7, "395.8 million"), an increase of $48 million, or 13.8%. That includes $6.8 million from our Hi-Force acquisition, $2.5 million of favorable foreign currency, and an organic gain of 11%. 11%. Now, hearing that, there's only one reasonable thing to say, boom shakalaka! I'm telling you, we love it. I'll tell you, there are gains and improvements all across the business.

我想我們先從 C&I 開始。銷售額為 3.948 億美元（原文如此——見 2026 年第二季簡報第 7 頁，為「3.958 億美元」），增加 4,800 萬美元，或 13.8%。其中包含我們收購 Hi-Force 帶來的 680 萬美元、外幣匯率有利影響 250 萬美元，以及 11% 的有機成長。11%。聽到這個數字，只有一句合理的話可說：boom shakalaka！我跟你說，我們太喜歡了。我告訴你，整個業務各處都有成長與改善。

Double-digit increases in Asia-Pacific, in the European hand tools business, in specialty torque and power tools. The demand for custom kits and precision torque and innovative power tools is strong. What we always said would happen.

亞太地區、歐洲手工具業務、專業扭矩與電動工具都出現雙位數成長。對客製化套件、精密扭矩以及創新電動工具的需求強勁。這正是我們一直說會發生的事。

Finally, the industrial business was up mid-single digits, but that includes continued weakness in the military sector, which somewhat attenuated as a demonstration of considerable strength, and I mean considerable strength, in heavy-duty natural resources and in both the US and international aviation.

最後，工業業務成長中個位數，但其中包含軍工領域持續疲弱，某種程度上削弱了在重型天然資源，以及美國與國際航空領域所展現的顯著實力——我的意思是，非常顯著的實力。

From an earnings perspective, C&I operating income was $66.5 million, improved $19.6 million or 41.8%. Yes, 41.8%. The operating margin, it was a new record, 16.8%, 330 basis points above last year. And the gross margin, in the midst of material cost inflation and inflation, it was 42.6%. That's up 260 basis points over last year.

從獲利角度來看，C&I 營業利益為 6,650 萬美元，增加 1,960 萬美元，或 41.8%。是的，41.8%。營業利益率創下新紀錄，達 16.8%，較去年高 330 個基點。而毛利率在原物料成本上漲與通膨之中仍達 42.6%。較去年提高 260 個基點。

We said Snap-on could extend out of the garage it's doing just that. It's doing it profitably. Innovative new products from our Murphy, North Carolina, were a major driver of that. One example was our all-new CTR829. That's a quarter-inch drive, 14.4 volt ratchet with an extra-long wrench, stretching out 11 inches to reach into those isolated spaces. It's the little brother of the previously launched three-eighths inch model, but that doesn't mean it's weak. I mean, this baby produces 40 foot-pounds of torque and operates at 400 RPMs, all out of a small, compact frame that houses a bright LED ring illuminating the workspace.

我們說過 Snap-on 可以走出車庫，而它正在做到這一點。而且是以獲利的方式做到。我們北卡羅來納州墨菲（Murphy, North Carolina）推出的創新新產品是主要推動力。其中一個例子是我們全新的 CTR829。這是一款 1/4 吋驅動、14.4 伏特的棘輪扳手，配備加長扳桿，長達 11 吋，可深入那些狹窄隔離的空間。它是先前推出的 3/8 吋機型的小老弟，但不代表它弱。我的意思是，這小傢伙可輸出 40 英尺磅的扭矩，轉速達 400 RPM，而且機身小巧緊湊，並配有明亮的 LED 環形燈照亮工作區域。

Now, techs can reach further under the dash and between fenders, engaging bolts with ease. When they hit the paddle trigger, boom. The 829 makes quick work of the task. Reach, power, and speed. It's a winning tool, and I'll tell you, the techs say it so. During the quarter, we also released the new three-eighths inch digital torque wrench. Remember I said precision is important.

現在，技師可以更深入儀表板下方與葉子板之間，輕鬆咬合螺栓。當他們按下撥片式扳機，砰。829 立刻把工作快速搞定。延伸距離、動力與速度。這是一款致勝工具，我跟你說，技師們也是這麼說的。本季我們也推出新的 3/8 吋數位扭矩扳手。還記得我說過精準度很重要。

The ATECH 135 is the latest entry in our already popular ATECH product line. It's loaded with popular features that make a difference. Easy navigation, a durable housing, compact head design, and incredible precision. It was designed in our City of Industry facility in California. It offers a new color display, a brilliant screen that provides better viewing from any angle, and makes a crystal-clear image, this is important, even in direct sunlight.

ATECH 135 是我們已廣受歡迎的 ATECH 產品線中的最新成員。它配備多項深受歡迎、真正有差異化的功能。操作導覽容易、外殼堅固耐用、頭部設計緊湊，且精準度驚人。它是在我們位於加州 City of Industry 的廠區設計完成。它提供全新的彩色顯示器，螢幕亮麗，從任何角度都能有更好的可視性，並呈現晶瑩清晰的影像；這點很重要，即使在陽光直射下也是如此。

The unit boasts 135 foot-pounds of torque. It's the biggest in the ratchet industry. The 135 is another tool that makes torque tasks much easier. Precision torque is on the rise, and Snap-on is leading the way. Well, that's C&I.

這台裝置具備 135 英尺磅的扭力。這是棘輪工具產業中最大的。135 是另一款讓扭力作業更輕鬆許多的工具。精密扭力需求正在上升，而 Snap-on 正引領潮流。嗯，這就是 C&I。

Significant growth across the global footprint. Sales up 13.8%, 11% organically. The second straight quarter of big increases in sales. Operating income of 16.8% of 330 basis points improvement, C&I all-time record. The Snap-on brand is extending out of the garage to serve the critical. C&I is the rocket ship that's making it so. Now let's turn to the Tools Group.

在全球版圖上呈現顯著成長。銷售成長 13.8%，其中有機成長 11%。連續第二季銷售大幅增加。營業利益率達 16.8%，提升 330 個基點，創 C&I 歷史新高。Snap-on 品牌正從車庫延伸出去，服務關鍵領域。C&I 就是促成這一切的火箭。現在我們來看工具事業群。

Group sales were $508.8 million, up organically 3%. The green shoots continue. Increases in both the US and international operations, pivoting to quicker payback items, the power tools and the torque wrenches in their lineup. Operating income was $115.1 million compared to $116.7 million last year. The operating margin was a respectable, but still down 22.6%.

事業群銷售額為 5.088 億美元，有機成長 3%。復甦的嫩芽持續出現。美國與國際營運皆有成長，並轉向回收期更短的品項，也就是其產品組合中的電動工具與扭力扳手。營業利益為 1.151 億美元，去年同期為 1.167 億美元。營業利益率尚稱可觀，但仍下滑至 22.6%。

Volumes were strong. They were driven from products made by the other Snap-on divisions, like the aforementioned power tools and torque where strong corporate margins for those tools as a whole are shared across the operations, making the Tools Group margins thinner.

出貨量表現強勁。主要由 Snap-on 其他事業部製造的產品所帶動，例如前述的電動工具與扭力產品；由於這些工具整體較高的公司毛利在各營運單位間分攤，使得工具事業群的利潤率較薄。

The group's stronger sales this quarter were part of the pivot to match the customer's changing preferences. I guess it's not changing now. They've been there for a little while. And launching products that simplify some of the nonstandard solutions that challenge repair on modern cars. Actually, when I was talking to the techs, they talked about this quite effusively. They said, well, we love your product that attacks some of the special and more difficult tasks we have.

本季該事業群較強的銷售表現，部分來自於轉向以符合客戶偏好變化。我想現在已不算在變了。這些偏好已存在一段時間。同時也推出產品，簡化一些非標準解決方案，因為這些方案會讓現代車輛的維修更具挑戰。其實我和技師們聊的時候，他們談得非常熱烈。他們說，我們很喜歡你們的產品，因為它能處理我們遇到的一些特殊且更困難的工作。

For instance, something as simple as removing lug nuts can evolve into a thorny procedure. Several OEMs put chrome covers on the wheel nuts for appearance. Well, these caps often swell and deform from exposure to moisture, or if you sit around here in Kenosha, harsh winters. When that happens, traditional sockets won't fit. And valuable garage time is wasted cutting that material away, all for a very routine procedure.

例如，像拆卸輪胎螺帽這麼簡單的事，也可能演變成棘手的流程。有些 OEM 為了外觀，會在輪圈螺帽上加裝鍍鉻外蓋。但這些外蓋常因受潮，或像在 Kenosha 這裡遇到嚴酷冬季而膨脹變形。一旦發生，傳統套筒就套不進去。而寶貴的車間時間就浪費在把那層材料切除上，明明只是非常例行的作業。

Seeing the problem, we developed a seven-piece drive socket set that has in-between metric sizes from 16.5 millimeters to 22.5 millimeters, providing just enough change in size to provide -- to fit the task, and providing solid engagement, enabling rapid improvement, and driving a quick repair. I know it seems trivial, but it's a manufacturing challenge to make these special sockets that was accommodated by the unique flexibility of our Milwaukee plant, and it was a tremendous hit with the techs. It's quickly become one of our million-dollar hit products.

看到這個問題後，我們開發了一套七件式驅動套筒組，提供介於公制尺寸之間的規格，從 16.5 毫米到 22.5 毫米；尺寸變化剛剛好，能夠——能符合工作需求，並提供穩固咬合，使效率快速提升、維修更迅速。我知道這看起來微不足道，但製造這些特殊套筒其實是個製造挑戰；我們密爾瓦基工廠獨特的彈性使其得以實現，而且在技師間大受歡迎。它很快就成為我們的百萬美元暢銷產品之一。

We also recently introduced this seven-piece swivel torque impact flex socket set. It's ideal for difficult jobs where techs have to access high-strength torque fasteners in tight and obstructed areas. That's a combination that's quite common in European high-performance vehicles, places like Volkswagen alloy steering columns, BMW caliper brackets, Mercedes front brake calipers, and Jaguar drive shafts. And the design's equipped with a laser welded swivel joint offering up to 30 degrees of flex, enabling a power tool to operate quite effectively in confined spaces by offsetting its position and still getting to the fastener. All this makes the repair possible without time-consuming disassembly.

我們最近也推出這套七件式萬向扭力衝擊可撓套筒組。它非常適合困難作業：技師必須在狹窄且受阻的區域，接觸高強度扭力緊固件。這種組合在歐洲高性能車上相當常見，例如 Volkswagen 的合金方向柱、BMW 的卡鉗支架、Mercedes 的前煞車卡鉗，以及 Jaguar 的傳動軸等位置。其設計配備雷射焊接的萬向接頭，可提供最高 30 度的可撓角度，讓電動工具能透過偏移位置在受限空間中有效作業，同時仍能接觸到緊固件。這些設計讓維修得以在不需耗時拆解的情況下完成。

The set was just introduced, and it's clear the techs are big fans once again. That's the tools group. Rowing against the winds of uncertainty, pivoting to faster payback items, observing work, and developing solutions that solve the complex.

這套組合才剛推出，就很明顯技師們再次成為忠實粉絲。以上是工具事業群。在不確定性的逆風中前行，轉向回收期更短的品項，觀察實際作業，並開發能解決複雜問題的方案。

Now let's turn to RS&I. Sales in the quarter were $480.3 million, up 2.5%, including $4.7 million from the Diesel Laptops acquisition and $3.8 million in favorable foreign currency translation. Organic sales were up slightly over last year. Momentum in our diagnostic and under care equipment for independent garages was attenuated by lower volumes in the OEM dealership segment.

現在我們來看 RS&I。本季銷售額為 4.803 億美元，成長 2.5%，其中包含收購 Diesel Laptops 帶來的 470 萬美元，以及外幣換算帶來的 380 萬美元有利影響。有機銷售較去年小幅成長。我們面向獨立車間的診斷與底盤/保養（under care）設備動能，因 OEM 經銷商通路的出貨量下降而有所減弱。

Operating earnings for the quarter were $115.1 million compared to $119.8 million last year. The group's operating income, OI margin, was 24% versus 25.6% last year, down but still strong. What that decrease represents the effect of higher sales in lower margin equipment products and ongoing investments in our proprietary database, advancing with our large language models. An effort that we know will all pay dividends going forward.

本季營業利益為 1.151 億美元，去年同期為 1.198 億美元。該事業群的營業利益率（OI margin）為 24%，去年為 25.6%，雖然下滑但仍然強勁。這一下降反映了低毛利設備產品銷售占比提高，以及我們持續投資自有資料庫、並以大型語言模型推進相關能力的影響。我們知道這些投入未來都將帶來回報。

The independent shops were the bright spot, and a big reason was the recent launch of our Apollo handheld diagnostic unit. It's a new entry point for the techs wanting the power of intelligent diagnostics at a moderate cost. The phrase entry level doesn't do it justice. The Apollo has features that -- has features -- a number of great features. The full power of our industry-leading proprietary information, expansive manufacturer and model coverage, Fast-Track intelligent diagnostics for guided workflow, and our SureTrack database, powered by 660 billion vehicle events and 3.4 billion repair records.

獨立維修廠是亮點，而一大原因是我們近期推出的 Apollo 手持式診斷裝置。對於想以適中成本取得智慧診斷能力的技師而言，這是一個新的入門選擇。「入門級」這個詞其實不足以形容它。Apollo 具備多項——具備多項——非常出色的功能。包含我們業界領先的自有資訊完整能力、廣泛的製造商與車型涵蓋、Fast-Track 智慧診斷以引導式流程進行作業，以及由 6,600 億筆車輛事件與 34 億筆維修紀錄驅動的 SureTrack 資料庫。

Apollo. It's whip smart, it's also easy, with improved display visibility and extended battery life and wireless connection to the vehicle, so techs can roam freely in the bay without being tethered in the driver's compartment. And the increased storage makes it clearly faster. The new Apollo is a winning combination, smarter, easier, and faster. Sales out of the van were strong and the momentum is the important thing. After the launch, the momentum remains robust.

Apollo。它非常聰明，也很容易使用，具備更佳的螢幕可視性、更長的電池續航，以及與車輛的無線連線，讓技師在工位可自由走動，不必被綁在駕駛座艙內。而更大的儲存空間也讓它明顯更快。全新的 Apollo 是一個致勝組合：更聰明、更容易、更快速。從行動服務車（van）端的銷售表現強勁，而動能才是關鍵。產品推出後，動能仍然強勁。

That's RS&I. Powerful hardware and software differentiated by proprietary data with more speed and more accuracy than ever before. Wielding new products to conquer the complex repairs of today's cars. That's Snap-on second quarter.

以上是 RS&I。強大的硬體與軟體，以自有資料作為差異化，速度與準確度都比以往更高。運用新產品來攻克當今車輛的複雜維修。以上是 Snap-on 第二季表現。

Overall sales, $1,235.1 billion, an all-time record for the second quarter. Organic sales up 3%. Gross margin 51.4%, up 90 basis points. Powerful. The C&I Group, organic sales up 11%, gross margin up 260 basis points, and the operating margin up 320 basis points. Up, up. Game busters. It's a great quarter at C&I.

整體銷售額為 1,235.1 十億美元，創第二季歷史新高。有機銷售成長 3%。毛利率 51.4%，提升 90 個基點。強勁。C&I 事業群有機銷售成長 11%，毛利率提升 260 個基點，營業利益率提升 320 個基點。上升、上升。破局者。C&I 交出非常出色的一季。

The Tools Group, organic sales up 3%. The pivot working against the uncertainty. Gross margin is strong. RS&I, organic sales up slightly, but the as-reported numbers setting a new record for overall sales in the second quarter, profits down but still quite strong. In the overall corporation, EPS of $4.96, up $0.24 versus last year.

工具事業群（Tools Group）有機銷售成長3%。該轉型策略正對抗不確定性所帶來的逆風。毛利率表現強勁。RS&I 有機銷售小幅成長，但按申報口徑（as-reported）的數字在第二季整體銷售創下新高；獲利下滑但仍相當強勁。就整體公司而言，每股盈餘（EPS）為4.96美元，較去年增加0.24美元。

Snap-on was rolling down our runways for growth, enhancing the van channel, the pivot's working, expanding repair shop owners and managers, strengthening our proprietary advantages, and extending to critical industries, taking Snap-on out of the garage with emphasis and profitability. It was another encouraging quarter.

Snap-on 正在我們的成長跑道上加速前進，強化行動車（van）通路；轉型策略正在發揮作用，擴大維修廠業主與管理者客群，鞏固我們的專有優勢，並延伸至關鍵產業，讓 Snap-on 走出車庫、走向更具重點與獲利性的領域。這又是一個令人鼓舞的季度。

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

我把電話會議交給 Aldo。Aldo？

Thanks, Nick. Our consolidated operating results for the second quarter are summarized on slide 6. Net sales of $1,235.1 billion in the quarter represented an increase of 4.7% from 2025 levels, reflecting a 3% organic gain, $11.5 million of sales from the acquisitions of Hi-Force hydraulic tools and Diesel Laptops that occurred during that period, and $8.7 million of favorable foreign currency translation.

謝謝你，Nick。我們第二季的合併營運結果彙總於第6頁投影片。本季淨銷售額為1,235.1十億美元，較2025年水準成長4.7%，反映3%的有機成長、該期間完成的 Hi-Force 液壓工具與 Diesel Laptops 併購帶來的1,150萬美元銷售，以及870萬美元的有利外幣換算影響。

Sales in our Commercial & Industrial sector or the C&I group, were up double digits versus last year with progress made across North America, Asia and in Europe. In our automotive repair market, sales gains were achieved through our franchise van channel in the United States as well as international.

我們商業與工業部門（Commercial & Industrial，或 C&I 事業群）的銷售額較去年呈雙位數成長，北美、亞洲與歐洲均有進展。在汽車維修市場方面，我們透過美國的加盟行動車（van）通路以及國際市場，實現了銷售成長。

Consolidated gross margin of 51.4% compared to 50.5% in the second quarter last year. The improvement of 90 basis points primarily reflected the benefit of increased volume and savings from the company's RCI initiatives. Operating expenses as a percentage of net sales of 29.6% rose from 28.5% in 2025, primarily due to increased personnel and other costs as we continue to invest in support of our brand and our business opportunities.

合併毛利率為51.4%，去年第二季為50.5%。毛利率提升90個基點，主要反映銷量增加的效益，以及公司 RCI 計畫所帶來的節省。營業費用占淨銷售額比率為29.6%，高於2025年的28.5%，主要因人員及其他成本增加；我們持續投資以支持品牌與業務機會。

Operating earnings before financial services of $268.9 million in the quarter compared to $259.1 million last year. As a percentage of net sales, operating margin before Financial Services of 21.8% compared to 22% reported in 2025. Financial services revenue of $99.7 million in the second quarter compared to $101.7 million last year, while operating earnings of $67.5 million compared to $68.2 million in 2025.

本季金融服務前的營業利益為2.689億美元，去年為2.591億美元。以淨銷售額百分比計，金融服務前營業利益率為21.8%，2025年為22%。第二季金融服務營收為9,970萬美元，去年為1.017億美元；營業利益為6,750萬美元，2025年為6,820萬美元。

Consolidated operating earnings of $336.4 million compared to $327.3 million last year. As a percentage of revenues, the operating earnings margin of 25.2% compared to 25.5% in 2025.

合併營業利益為3.364億美元，去年為3.273億美元。以營收百分比計，營業利益率為25.2%，2025年為25.5%。

Our second quarter effective income tax rate was 21.9% in 2026 and 22.5% last year. Net earnings of $260.6 million or $4.96 per diluted share compared to $250.3 million or $4.72 per diluted share in 2025, reflecting a 5.1% increase in earnings per share. Now let's turn to our segment results for the quarter.

我們第二季有效所得稅率在2026年為21.9%，去年為22.5%。淨利為2.606億美元，或稀釋後每股盈餘4.96美元；2025年為2.503億美元，或稀釋後每股盈餘4.72美元，反映每股盈餘成長5.1%。接下來我們看本季各事業部門的表現。

Starting with the C&I Group on slide 7. Sales of $395.8 million rose $48 million compared to 2025 levels, reflecting an 11% organic gain, $6.8 million of acquisition-related sales and $2.5 million of favorable foreign currency translation.

先從第7頁投影片的 C&I 事業群開始。銷售額為3.958億美元，較2025年增加4,800萬美元，反映11%的有機成長、680萬美元的併購相關銷售，以及250萬美元的有利外幣換算影響。

The organic volume improvement includes advancements in our Asia Pacific and European-based hand tools businesses, which have better tailored their cross-border supply chain activities in response to the current trade environment. The group also benefited from double-digit gains in our specialty torque and power tools operations.

有機銷量的改善包括我們亞太與歐洲手工具業務的進展；這些業務已更妥善地調整其跨境供應鏈活動，以因應目前的貿易環境。該事業群亦受惠於我們專業扭力工具與電動工具業務的雙位數成長。

Sales to customers in critical industries rose mid-single digits in the period, led by robust activity in international and US aviation and including gains in heavy-duty fleets and technical education. Shipments serving military applications remain attenuated both in the quarter and year to date.

期間內對關鍵產業客戶的銷售成長中個位數，主要由國際與美國航空業的強勁活動帶動，並包含重型車隊與技術教育的成長。軍用應用相關出貨在本季及年初至今仍維持偏弱。

Gross margin improved 260 basis points to 42.6% in the quarter from 40% last year, mostly due to the increased sales and savings from the segment's RCI initiatives.

毛利率較去年由40%提升260個基點至42.6%，主要因銷售增加以及該事業部門 RCI 計畫帶來的節省。

Operating expenses as a percentage of sales of 25.8% for the quarter improved 70 basis points from last year, primarily reflecting the higher sales volumes. Operating earnings for the C&I group of $66.5 million compared to $46.9 million in 2025, and the operating margin of 16.8% improved 330 basis points from last year.

本季營業費用占銷售額比率為25.8%，較去年改善70個基點，主要反映較高的銷售量。C&I 事業群營業利益為6,650萬美元，2025年為4,690萬美元；營業利益率為16.8%，較去年提升330個基點。

Turning now to slide 8. Sales of Snap-on Tools Group of $508.8 million compared to $491 million last year, reflecting a 3% organic sales gain and $2.9 million of favorable foreign currency translation. The organic increase was due to low single-digit gains both in the United States and in the segment's international operations.

接著看第8頁投影片。Snap-on 工具事業群（Tools Group）銷售額為5.088億美元，去年為4.910億美元，反映3%的有機銷售成長以及290萬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低個位數增長。

Activity in the quarter included higher sales of featured new items, including those in the power tools, air conditioning service, and diagnostics product lines. As a reminder, the Tools Group serves as a distributor for these products, which are made by our C&I and RS&I groups. Gross margin of 48% in the quarter compared to 48.3% last year. The 30 basis point decline primarily reflected a year-over-year shift in product mix, partially offset by savings from the segment's RCI initiatives.

本季活動包括主打新品銷售增加，其中包含電動工具、空調維修服務，以及診斷產品線。提醒一下，工具事業群在這些產品上扮演經銷商角色；產品由我們的 C&I 與 RS&I 事業群製造。本季毛利率為48%，去年為48.3%。毛利率下滑30個基點，主要反映產品組合較去年轉變，部分被該事業部門 RCI 計畫的節省所抵銷。

Operating expenses as a percentage of sales of 25.4% compared to 24.5% in 2025. The increase was due to higher personnel, freight, and other costs. Operating earnings for the Snap-on Tools Group of $115.1 million compared to $116.7 million in 2025. The operating margin of 22.6% compared to 23.8% last year.

營業費用占銷售額比率為25.4%，2025年為24.5%。增加原因為人員、運費及其他成本上升。Snap-on 工具事業群營業利益為1.151億美元，2025年為1.167億美元。營業利益率為22.6%，去年為23.8%。

Turning to the RS&I Group shown on slide 9. Sales of $480.3 million compared to $468.6 million a year ago, reflecting a $3.2 million organic gain, $4.7 million of acquisition-related sales, and $3.8 million of favorable foreign currency translation.

接著看第9頁投影片所示的 RS&I 事業群。銷售額為4.803億美元，去年同期為4.686億美元，反映320萬美元的有機成長、470萬美元的併購相關銷售，以及380萬美元的有利外幣換算影響。

On an organic basis, low single-digit increases in undercar equipment and in sales of diagnostics and repair information products to independent repair shop owners and managers were mostly offset by decreased activity with OEM dealerships. Gross margin for the RS&I group of 46.3% decreased 50 basis points from last year, primarily reflecting higher sales, lower gross margin products.

以有機基礎來看，底盤設備（undercar equipment）以及對獨立維修廠業主與管理者的診斷與維修資訊產品銷售呈低個位數成長，但多數被與 OEM 經銷商往來活動減少所抵銷。RS&I 事業群毛利率為46.3%，較去年下降50個基點，主要反映銷售增加但產品毛利率較低。

Operating expenses as a percentage of sales of 22.3% compared to 21.2% in 2025. The increase was due to higher personnel and other costs, expanded technology investments as well as 20 basis points from the recently completed acquisition of Diesel Laptops. Operating earnings of $115.1 million compared to $119.8 million last year. The operating margin of 24% compared to 25.6% reported in 2025.

營業費用占銷售額比率為22.3%，2025年為21.2%。增加原因為人員及其他成本上升、科技投資擴大，以及近期完成的 Diesel Laptops 併購帶來的20個基點影響。營業利益為1.151億美元，去年為1.198億美元。營業利益率為24%，2025年為25.6%。

Now turning to slide 10. Revenue from Financial Services of $99.7 million decreased $2 million from last year, primarily due to lower interest income resulting from a year-over-year decrease in the size of the average finance receivable portfolio in the period. Financial service expenses of $32.2 million decreased from $33.5 million in 2025, mostly due to $1 million of lower provisions for credit losses. As a result, Financial Services operating earnings were $67.5 million compared to $68.2 million last year.

現在看第10頁投影片。金融服務營收為9,970萬美元，較去年減少200萬美元，主要因本期平均融資應收款組合規模較去年縮小，導致利息收入下降。金融服務費用為3,220萬美元，較2025年的3,350萬美元下降，主要因信用損失準備金減少100萬美元。因此，金融服務營業利益為6,750萬美元，去年為6,820萬美元。

In the second quarter, the respective average yield on finance receivables were 17.6% and 17.5% in 2026 in 2025 and while the average yield on contract receivables were 9% in 2026 and 9.1% in 2025. Total loan originations of $281 million in the second quarter represented a decrease of $12 million or 4.1% from 2025 levels. Originations of extended credit loans were $237.6 million in the period reflecting a decrease of $5.9 million or 2.4% from last year.

第二季，融資應收款的平均收益率在2026年為17.6%，2025年為17.5%；而合約應收款的平均收益率在2026年為9%，2025年為9.1%。第二季總放款承作金額為2.81億美元，較2025年水準減少1,200萬美元或4.1%。本期延伸信用貸款承作金額為2.376億美元，較去年減少590萬美元或2.4%。

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 1.7% is down 10 basis points from the second quarter of 2025.

接著看第11頁投影片。我們季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業務。就延伸信用或融資應收款而言，美國逾期60天以上的逾期率為1.7%，較2025年第二季下降10個基點。

Additionally, the rate is down 20 basis points from last quarter. Trailing 12-month net losses for the overall extended credit portfolio of $71.9 million represented 3.7% of outstandings at quarter end, down sequentially from 3.75% in the first quarter of this year. We believe that these portfolio performance metrics are encouraging, considering the current environment.

此外，該比率較上季下降20個基點。整體延伸信用投資組合過去12個月的淨損失為7,190萬美元，占季末未償餘額的3.7%，較今年第一季的3.75%按季下降。考量目前環境，我們認為這些投資組合表現指標令人鼓舞。

Now turning to slide 12. Cash provided by operating activities of $271.5 million in the quarter compared to $237.2 million last year. Net cash used by investing activities of $195.1 million mostly reflected business acquisitions during the quarter of $154 million net of cash acquired, consisting of $99.1 million for Diesel Laptops and $54.9 million for Hi-Force. Additionally, the company incurred $23.1 million in capital expenditures.

現在轉到第12頁投影片。本季營運活動提供的現金為2.715億美元，去年同期為2.372億美元。投資活動使用的淨現金為1.951億美元，主要反映本季進行的企業併購（扣除取得現金後）淨額1.54億美元，其中包含收購Diesel Laptops的9,910萬美元及收購Hi-Force的5,490萬美元。此外，公司發生資本支出2,310萬美元。

Net cash used by financing activities of $185.8 million included cash dividends of $126.4 million and the repurchase of 241,000 shares of common stock for $91.4 million under our existing share repurchase programs. As of quarter end, we had remaining availability to repurchase up to an additional $185.5 million of common stock under existing authorizations.

籌資活動使用的淨現金為1.858億美元，其中包括現金股利1.264億美元，以及依據現行庫藏股回購計畫以9,140萬美元回購241,000股普通股。截至季末，依現有授權，我們仍可回購最多額外1.855億美元的普通股。

Turning to slide 13. Trade and other accounts receivable of $942.2 million represented an increase of $60.8 million from 2025 year-end levels, mostly due to higher sales and $12.2 million from acquisitions. Days sales outstanding were 70 days at the end of the second quarter and 67 days at 2025 year end.

轉到第13頁投影片。應收帳款及其他應收款為9.422億美元，較2025年年底增加6,080萬美元，主要由於銷售增加，以及併購帶來的1,220萬美元。第二季末的應收帳款週轉天數為70天，2025年年底為67天。

Inventories, including $17.6 million from acquisitions, increased by $20.1 million from 2025 year end. On a trailing 12-month basis, inventory turns of 2.4 were the same in both periods. Our quarter end cash position of $1,644.7 billion compared to $1,624.5 billion at the end of 2025.

存貨（包含併購帶來的1,760萬美元）較2025年年底增加2,010萬美元。以過去12個月計，存貨週轉率為2.4，兩個期間相同。我們季末現金部位為1,644.7十億美元，2025年年底為1,624.5十億美元。

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

以上為我對第二季表現的說明。接下來我將就2026年剩餘期間的幾項展望事項進行回顧。

With respect to corporate cost, we currently believe that expenses will approximate $28 million for each of the remaining two quarters of 2026. As a reminder, in the third quarter of 2025, our diluted earnings per share of $5.02 included a $0.31 nonrecurring onetime benefit from an RS&I group legal settlement. We expect that capital expenditures for the year will be approximately $100 million, and we currently anticipate that our full year 2026 effective income tax rate will approximate 22%.

就公司成本而言，我們目前認為2026年剩餘兩季每季費用將約為2,800萬美元。提醒一下，2025年第三季我們的稀釋每股盈餘為5.02美元，其中包含因RS&I事業群法律和解而產生的一次性、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約為22%。

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

我現在把電話交回給Nick，請他做結語。Nick？

Thanks, Aldo. Well, that's the second quarter. Continuing momentum in the midst of extreme turbulence. To use an ancient reference, now suddenly contemporary, it feels like we're moving between the Scylla of international conflicts and the Charybdis of supply chain revisions.

謝謝你，Aldo。好，這就是第二季。在極端動盪之中持續保持動能。借用一個古老、如今卻突然變得切題的典故，感覺我們正穿梭於國際衝突的斯庫拉（Scylla）與供應鏈修正的卡律布狄斯（Charybdis）之間。

Although it's challenging, we are making headway, and so it is. C&I coming into its own. Sales up organically 11%, gross margins 42.6%, up 260 basis points, OI 16.8%, an all-time high. C&I on a trend demonstrating that opportunities and rolling the Snap-on brand out of the garage are substantial, as we always said they were.

雖然充滿挑戰，但我們正在取得進展，事情就是如此。C&I正在逐步展現其實力。銷售有機成長11%，毛利率42.6%，上升260個基點，營業利益率（OI）16.8%，創歷史新高。C&I的趨勢顯示，機會很大，而將Snap-on品牌從車庫推向更廣泛市場的潛力也很可觀，正如我們一直所說。

Tools Group, sales up 3% organically. The momentum continues, and the green shoots grow. RS&I sales up 2.5% as reported, up 0.7% organically, robust with independents impacted by the OEM doldrums. OI margin's 24%, down but still strong, all while managing the turbulence and funding increased investments. And it all came together for the corporation. Sales up 4.7% as reported, 3% organically. Gross margins 51.4%, OI margin 21.8%. Both robust.

工具事業群（Tools Group）銷售有機成長3%。動能持續，綠芽不斷萌發。RS&I銷售按報告口徑成長2.5%，有機成長0.7%；在OEM景氣低迷影響下，獨立客戶仍展現韌性。OI利潤率為24%，雖然下降但仍然強勁，同時我們也在管理動盪並為增加投資提供資金。而這一切最終也在公司層面匯聚成果。銷售按報告口徑成長4.7%，有機成長3%。毛利率51.4%，OI利潤率21.8%。兩者都很強勁。

The results taken individually or collectively are marked by momentum, strength, and continuing green shoots. It was an encouraging quarter, and we believe it speaks volumes about the possibilities of our path forward.

無論單獨或整體來看，這些成果都展現出動能、實力與持續萌發的綠芽。這是一個令人鼓舞的季度，我們相信它充分說明了我們前行道路上的各種可能性。

These are exceedingly turbulent and interesting times, yet our markets remained quite resilient. Both vehicle repair and critical industries, anchored in the essential nature of the task, activities that are needed, come what may. The quarter showed we can participate fully in that resilience, wielding our decisive advantages in product, brand, and in people. Product, we really do make critical tasks easier. You heard that echoed in the great new offerings we just discussed.

這是極度動盪且饒富趣味的時期，但我們的市場仍相當具韌性。無論是車輛維修或關鍵產業，都因其工作本質的必要性而穩固——不管發生什麼，這些活動都必須進行。本季顯示我們能充分參與這種韌性，並運用我們在產品、品牌與人才方面的決定性優勢。就產品而言，我們確實讓關鍵任務變得更容易。你也在我們剛討論的優秀新產品中聽到了這點的呼應。

Brand, Snap-on really does define the professional like no other brand. You can hear it in the voices of the techs we visited. And people, the Snap-on team really is uniquely capable, deeply experienced, and relentlessly committed to achieve. You can see it in the engagement day after day. And with the opportunities of our resilient markets and the power of our advantage, we are confident. Confident in our belief that we will extend our progress, maintain it even in the turbulence, and drive a positive trajectory on through the year and well beyond.

就品牌而言，Snap-on確實以前所未有的方式定義了專業人士。你可以從我們拜訪的技師聲音中聽出來。就人才而言，Snap-on團隊確實具備獨特能力、深厚經驗，並以不懈的承諾追求達成目標。你可以在日復一日的投入中看見這點。憑藉我們具韌性的市場機會與優勢的力量，我們充滿信心。我們相信我們將延續並擴大進展，即使在動盪中也能維持，並在今年乃至更長遠的未來推動正向的發展軌跡。

Now, before I turn the call over to the operator, I'll speak directly to our franchisees and associates. You are those who really do make a difference. Snap-on's storied past, exciting now, and promising future is rooted in your commitment. For the enthusiasm you bring to our enterprise every day, you have my admiration. For the success you've achieved this encouraging quarter, you have my congratulations. For the unfailing dedication you hold to our team, and the firm conviction you have in our days and decades ahead for our enterprise, you have my thanks.

現在，在我把電話交給接線員之前，我想直接對我們的加盟商與同仁說幾句。你們才是真正帶來改變的人。Snap-on傳奇的過去、令人振奮的現在與充滿希望的未來，都根植於你們的承諾。對於你們每天為公司帶來的熱情，我深感敬佩。對於你們在這個令人鼓舞的季度所取得的成功，我向你們致賀。對於你們對團隊始終如一的奉獻，以及你們對公司未來數日、數十年堅定不移的信念，我向你們致謝。

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) David MacGregor, Longbow Research.

（接線員指示）David MacGregor，Longbow Research。

I want to start off by just asking about the gross profit upside in C&I, 220 basis points. How much of that do you think was mix driven versus maybe other factors?

我想先從C&I毛利率超預期的部分開始問起，上升了220個基點。你認為其中有多少是由產品組合帶動的，還是可能來自其他因素？

260 basis points, by the way. Anyways.

順帶一提，是260個基點。總之。

220.

220。

Why quibble over this?

為什麼要在這上面斤斤計較？

260.

260。

Isn't it 260?

不是260嗎？

It is 260. You're right, my mistake.

是260。你說得對，是我搞錯了。

I think I know my numbers. But anyway, the yes, 260. Not so much, not so much. I mean, the thing is the tools, the highest profitability business which is the critical industry's industrial business was the business that grew mid-single digits. So grew below the average.

我想我對數字很清楚。不過總之，是的，260。沒有那麼多，沒有那麼多。我的意思是，關鍵在於工具業務——也就是關鍵產業的工業業務、獲利能力最高的那塊——其成長是中個位數。所以成長低於平均。

And so that's far and away the most profitable. What happen then, you had movements upwards in a lot of those businesses because they brought -- a couple of them brought out great new product, particularly power tools and torque. Torque's day has come, so they're making hay while the sun shines here.

而且那塊的獲利遠遠是最高的。接著發生的是，你在許多業務上看到向上的動能，因為其中有幾個推出了很棒的新產品，特別是電動工具和扭力工具。扭力工具的時代到了，所以他們趁著好時機大幹一場。

And then you had recovery in Asia Pacific and SNA Europe, where you got good absorption in that situation. So I think that was the factors.

然後你也看到亞太以及SNA歐洲的復甦，在那種情況下吸收（產能/費用）表現不錯。所以我認為這些就是因素。

Okay. Seems like there was probably a pretty good pull-through to the Snap-on Tools segment on some of these bigger ticket items like diagnostics and maybe specialty torque, but the originations were down 4%. Do you think the franchisees are just restocking in these items? Which would be a little surprising ahead of the SFC, what's your perspective?

好的。看起來在一些高單價品項上，例如診斷設備、也許還有一些專業扭力產品，對Snap-on Tools事業部應該有不錯的帶動效應，但放款起始額（originations）卻下滑了4%。你覺得加盟商只是在補庫存這些品項嗎？如果在SFC之前這樣做會有點令人意外，你怎麼看？

No, I don't know. Look, I think if you step back and you look at what happened, there was pull through. I think you have to parse between torque and diagnostics, because torque isn't that big an origination product. You kind of have to take that. I would diminish that in the mix. You're talking about diagnostics versus tool storage.

不，我不確定。你看，我覺得如果你退一步看整體發生了什麼，確實有帶動效應。但我認為你得把扭力和診斷分開看，因為扭力並不是那麼大的放款起始產品。這點你得納入考量。我會把它在組合中的影響淡化一些。你談的其實是診斷對比工具收納。

Diagnostics was up nicely, but tool storage was down, and tool storage is a bigger piece of the pie. When it's down, there's more volume flowing through there. That's what happens in origination.

診斷表現不錯，但工具收納下滑，而工具收納在整體中占比更大。當它下滑時，流經那裡的量就更大。這就是放款起始額會出現的情況。

Now, originations, what were they down? A couple of 3 points, something like that. It's small. It's low single digits. It was slightly less originations year over year than last time, not so big a change. I don't think we're surprised by it too much. I'm not sure -- and to answer your question directly, I'm not sure you can read too much into that in terms of stocking.

那麼，放款起始額下滑多少？大概兩、三個點之類的。幅度很小。是低個位數。年對年來看，這次的放款起始額比上次略少，但變化不大。我覺得我們不會太意外。我也不確定——直接回答你的問題，我不確定能否從中解讀太多關於補庫存的訊號。

Okay. Then I think we've talked in the past about you increasing your insourcing since the whole tariff sort of situation developed. Can you talk about the extent to which that may have helped you on the margin side this quarter?

好的。我想我們過去談過，自從整個關稅情勢出現後，你們一直在提高內製比例。你能談談這在本季對毛利率端可能有多大幫助嗎？

Well, yes, I can't give you any direct numbers. But one of the things I -- well, you heard the 14.4-volt ratchet and that we launched that. Our whole 14.4-volt line had been made in Kunshan and was eating, for a period of time, a lot of margins -- a lot of tariffs. We don't have that many tariffs. We have some of them. And so we brought that whole line home, and we were able to start sourcing again with more volume in Murphy, which is the power tools plant, and that started to help us.

嗯，是的，我沒辦法給你任何直接的數字。但有一件事——嗯，你也聽到我們推出了14.4伏特棘輪扳手。我們整個14.4伏特產品線原本是在昆山製造，一段時間內吃掉了不少毛利——也就是承擔了很多關稅。我們的關稅沒有那麼多。但確實有一些。所以我們把整條產品線移回國內，並且能在Murphy（電動工具工廠）以更大的量重新採購/生產，這開始對我們有幫助。

Same kind of things happening in torque. We're doing that in torque. It's really up and down. Diagnostics was ahead of the curve on that. They were already bringing stuff home, so they had the thing established. They didn't get much out of this in terms of even though they did a great job of avoiding any kind of tariff entanglements.

扭力產品也有類似的事情在發生。我們正在扭力產品上做同樣的事。這其實是有起有落。診斷業務在這方面走得更前面。他們早就把一些東西移回來了，所以基礎已經建立。因此即便他們在避免任何關稅糾葛方面做得很出色，但就這件事本身而言，他們並沒有獲得太多額外好處。

So I think you saw good news in both power tools and torque. And the numbers show it. Their profitability is up considerable number of basis points.

所以我認為你在電動工具和扭力兩邊都看到了好消息。而數字也反映出來了。它們的獲利率上升了相當多的基點。

Okay, last question for me is just on gross margins in RS&I and in Snap-on Tools were down year over year. I realize there's some mixed discussion there as well. I'm just wondering, Aldo had characterized the gross margins as having benefited from RCI. I'm just wondering at what point you need to lean more aggressively into the market on pricing in order to protect these margins.

好的，我最後一個問題是關於RS&I以及Snap-on Tools的毛利率，年對年都下滑了。我知道其中也有產品組合的因素。我只是想問，Aldo曾形容毛利率受惠於RCI。我想知道你們在什麼時點需要在定價上更積極地貼近市場，以保護這些毛利率？

I don't know. Look, I could do that. I'm not so anxious to do that. The gross margin, look, Dave, the gross margin in Tools Group is down 30 basis points. So 90 of those basis points was an OE margin deterioration, about how much they were down in the quarter. The 22.6% was down 120 basis points.

我不知道。你看，我可以那樣做。但我不是那麼急著那樣做。毛利率——你看，Dave，Tools Group的毛利率下滑了30個基點。其中有90個基點是OE毛利惡化，差不多就是他們本季下滑的幅度。22.6%那塊下滑了120個基點。

We didn't think gross margins were that much out of whack in the Tools Group. Now, you always have more pricing you want to do, but I don't like that. I like to beat it with RCI and sourcing changes, especially in this environment. Plus, actually, I like to hammer it with good new tools.

我們不覺得Tools Group的毛利率偏離得很嚴重。當然，你總是會想做更多定價，但我不喜歡那樣。我更喜歡用RCI和採購來源調整來把它打下來，尤其是在這種環境下。另外，老實說，我也喜歡用好的新工具來狠狠推動。

The big thing about the margin deterioration of Tools Group was it was principally tieable to the fact that all the big hits this quarter were made by somebody else. They had to share the margins. That's really the cadence of the Tools Group.

Tools Group毛利惡化的主要原因，是因為本季所有的大賣點都是由別人做出來的。他們必須分享毛利。這就是Tools Group的節奏。

Actually, I'll tell you, we haven't seen a quarter quite this dominant for the other products. They all came out with hits that they sold. I didn't mention Polartek, the air conditioning, but that's made by the RS&I business, and that was shared through the Tools Group. That's really it. Tools Group margins aren't much of a concern for us.

其實我跟你說，我們還沒看過有哪一季其他產品這麼占主導。他們都推出了熱賣產品並且賣得很好。我沒有提到Polartek（空調相關），那是由RS&I業務製造的，並透過Tools Group來分銷，因此毛利也被分享。大概就是這樣。Tools Group的毛利率對我們來說不是太大的擔憂。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

Just wanted to take a look at it. Good morning. Just want to use kind of storage as kind of a barometer for discussing the market for SOT. Storage had a really nice quarter last quarter. Seemed to be some optimism it would hold. Maybe the first quarter was just a little bit of isolated success that sort of defied the characterization of the market as fast payback. Do I have that right, would you say?

我只是想再看一下這點。早安。我想用收納產品作為一個指標，來討論SOT的市場狀況。收納產品上季表現非常好。看起來市場對它能維持有些樂觀。也許第一季只是某種孤立的成功，某種程度上與市場被描述為「快速回本」的特性相違背。我這樣理解對嗎？你會這麼說嗎？

Yeah, sort of. I think it's in the first quarter we launched that special Semiquincentennial boxes that gave some oomph to tool storage. I really believe we only made like 1,776 of them. They were numbered. People were crawling all over each other to get them. I think that overcame the reticence. People saw it as a once in a lifetime opportunity to get them, they kind of overcame the reticence.

對，算是吧。我想第一季我們推出了那款特別的「半二百五十週年（Semiquincentennial）」工具箱，給工具收納帶來了一些推力。我真的相信我們只做了大概1,776個。而且都有編號。大家為了搶到它們幾乎擠破頭。我覺得這克服了原本的猶豫。大家把它視為一生一次的機會，所以就某種程度上克服了那份猶豫。

You saw some of that. Look, I think this quarter, this uncertainty is about the same. I don't know. If you want to play the uncertainty game, you could have said in the first quarter things were rolling along. Maybe you saw uncertainty was a little weaker, then you poured the oil of Iran on top of it.

你看到其中一些了。你看，我認為本季這種不確定性差不多一樣。我不知道。如果你想玩不確定性的遊戲，你也可以說第一季事情進展得很順。也許你看到不確定性稍微弱了一點，然後你又把伊朗的油澆在上面。

Maybe you saw some a little bit more reinforcement of the uncertainty. Although we didn't think we saw it in our numbers. We think it's about the same. The first quarter, we chalked up, Chris, to some incandescent new product that you can only get once in a lifetime.

也許你看到不確定性又稍微被強化了一些。雖然我們不覺得在我們的數字裡有看到。我們認為差不多一樣。第一季，我們把它歸因於某個白熾燈新產品——這種東西一輩子只能遇到一次。

Got it. Great. Semiquincentennial. I like that turn of phrase there. On the C&I, APAC and Europe, really pretty encouraging there. The volume leverage, definitely notable. Appreciate your comments that that business is on a trend. That's about as far as you go in terms of forecasting. Appreciate that. Anything interesting to say about market share in APAC and Europe?

了解。很好。二百五十週年。我喜歡你那個說法。在C&I、亞太與歐洲方面，確實相當令人鼓舞。量的槓桿效應很明顯。也感謝你提到那個業務正在形成趨勢。就預測而言，你大概也只能講到這裡。感謝。關於亞太與歐洲的市占率，有沒有什麼有趣的可以分享？

No. If you were in ordinary times, I think we had a number. We don't like to talk about market share. It's pretty squishy for us, actually. I think the rebound in Europe, though, for our hand tools business, our hand tool-based business, was large enough so you would start thinking you must have made some gains in ordinary times.

沒有。如果是在正常時期，我想我們會有一個數字。我們不喜歡談市占率。對我們來說其實很模糊、很難精確。不過我認為，歐洲那邊我們手工具業務、以手工具為基礎的業務反彈幅度夠大，正常時期你會開始覺得我們應該是有一些增長。

In these times, I don't know. You don't know. I think as Europe is up and down, the markets are positive one quarter, certain markets are positive one quarter, and then it shifts. I think it's very difficult to predict. What we do know is we seem to be getting more efficacious, so that's good. Same thing happened in Asia, actually.

在這種時候，我不知道。你也不知道。我想歐洲起起落落，有些市場某一季是正成長，然後又會轉移。我覺得很難預測。我們知道的是，我們似乎變得更有效率了，所以這是好事。亞洲其實也發生了同樣的情況。

Okay. What do you mean by more efficacious?

好的。你說「更有效」是什麼意思？

Well, I think our product lines are getting stronger. I think -- we like -- the product lines are getting stronger. And I think we are having more direct customization in Europe and other places, same in Asia. So that's working pretty well. In Asia, we're selling more of what we call premium tools, which are Snap-on tools, which are pretty good, and we have some of the intelligent boxes moving around there.

嗯，我認為我們的產品線正在變得更強。我想——我們喜歡——產品線正在變得更強。而且我認為我們在歐洲和其他地方做了更多直接的客製化，亞洲也是一樣。所以運作得相當不錯。在亞洲，我們賣出更多我們所謂的高階工具，也就是Snap-on工具，品質相當好；另外我們也有一些智慧箱（intelligent boxes）在那邊流通。

Okay, great. Appreciate that color. Last one, RS&I margin. First half run rate is a step down from what I'd call the normal 25%, 26% range. You've called out the investments in technology. Just curious if we should think of these maybe sub-normalized run rates as kind of the near-term picture continuing, or do you see some lift into the second half?

好的，很棒。感謝這些補充說明。最後一個，RS&I的利潤率。上半年運行水準比我所謂正常的25%、26%區間低了一階。你們提到在科技方面的投資。我只是想了解，我們是否應該把這種偏低於常態的運行水準視為短期內會延續的情況，還是你們看到下半年會有一些回升？

Look, I don't know. It's hard for me to say. I think we've had three quarters of about the same sales growth in RS&I, actually. For government work, you could say that. In that situation, the OE with the investments in people and our technology and so on, starts to remain pretty well.

你看，我不知道。這很難說。我想其實RS&I已經連續三個季度差不多是同樣的銷售成長。就政府業務而言，你可以這麼說。在那種情況下，隨著我們在人員與技術等方面的投資，營業費用（OE）大致上會維持得相當穩。

To put it in perspective, RS&I was down 150 basis points, but 50 of it was in gross margin, 110 was in OE. If you want to talk about going forward improvement, I think you concentrate on the 50 basis points in gross margin, not so much the OE.

把它放在脈絡裡看，RS&I下滑了150個基點，但其中50個基點在毛利率，110個基點在營業費用（OE）。如果你要談未來的改善，我認為應該把重點放在毛利率那50個基點，而不是那麼著重在OE。

Scott Stember, ROTH.

Scott Stember，ROTH。

So questions on some of the green shoots that you've talked about. Last quarter heading into this quarter, seems like there's some higher ticket items related to new products that are doing well in tools. Tool storage is still soft. Just trying to get a sense of how much of the growth that we're seeing right now in tools is pivot driven, and how much of it is a potential thawing in demand for some of these higher ticket items outside of tool storage?

我有一些問題，關於你們提到的那些「綠芽」。上季進入本季，看起來工具業務有一些與新產品相關的高單價品項表現不錯。工具收納仍然疲弱。我想了解的是，我們現在在工具看到的成長，有多少是由「轉向策略（pivot）」所帶動，又有多少可能是除了工具收納之外，這些高單價品項需求開始解凍？

I don't know. Look, I think that's hard to say. I do believe that the products are helping the pivot. So you've got power tools and you've got certainly torque. And so part of the pivot, Scott, is to enhance those product lines, and you are seeing the fruits of that enhancement play out in the market. And that's the biggest piece of the increase.

我不知道。你看，我覺得這很難說。我確實相信產品正在幫助這個轉向。所以你有電動工具，當然也有扭力相關產品。因此，轉向策略的一部分，Scott，就是強化那些產品線，而你正在市場上看到這種強化帶來的成果。而那是成長增加的最大部分。

The other piece of the increase is you had a good quarter for Apollo is very appealing. So it had -- Apollo traditionally, if you really have expertise, Apollo traditionally doesn't launch as well as the other diagnostics because of a lower price point and still it's expensive. It's at entry level for intelligent diagnostics. But this one did. So we're encouraged by the big launch, and that wouldn't have been the pivot.

成長增加的另一部分是，Apollo這季表現很好、非常有吸引力。所以它——Apollo傳統上，如果你真的很懂的話，Apollo傳統上因為價格點較低（但仍然不便宜），推出時的表現通常不如其他診斷產品。它是智慧診斷的入門級。但這次做到了。所以我們對這次大型上市表現感到鼓舞，而那並不是轉向策略帶來的。

That would have come out come hell or high water, whether we're pivoting or not. But the growth in tools -- in power tools and torque are clearly pivot items. And so you would have -- I would say, you could say two-thirds of the growth or more was the pivot.

不管我們有沒有在轉向，它都會在不計代價的情況下推出。但工具的成長——電動工具與扭力產品——顯然是轉向項目。所以你會——我會說，你可以說三分之二或更多的成長來自轉向策略。

Got it. And then moving over to C&I. Obviously, a lot of good stuff going on, but there's been some noise made about your guys' opportunity within the current AI data center buildout. Can you maybe talk about that a little, have you seen anything? And if not, just maybe talk about some of the green shoots that you see there?

了解。接著談C&I。顯然有很多好消息，但外界也有一些聲音在談你們在目前AI資料中心建置潮中的機會。你能不能稍微談一下，你們有看到什麼嗎？如果沒有，也請談談你們在那邊看到的一些「綠芽」。

No, Scott. I told myself I wasn't going to mention the word data center on this call because I thought it was shameless. But we did have a pretty good order serving some of the data centers, which we expect to drive going forward and expand. Because the data centers, I think we'll get more business there, but one business that seems to be heating up now is low precision torque. This is the Mountz product line, which we acquired it for.

沒有，Scott。我告訴自己這通電話不要提「資料中心」這個詞，因為我覺得那很不要臉。但我們確實拿到一筆相當不錯、用於服務一些資料中心的訂單，我們預期未來會帶動並擴大。因為資料中心那邊，我想我們會拿到更多生意；但現在看起來正在升溫的一個業務是低精度扭力。這是Mountz產品線，也是我們收購它的原因。

And that's selling the data centers in quite big proportion. So part of the increase in C&I was that particular business. It drove -- when I said appetite for precision, I meant big equipment in a lot of different places, aircraft and so on, but I also meant data center. I just want to mention it because it'd be too humiliating to say it again.

而且它以相當大的比重賣進資料中心。所以C&I成長的一部分來自那個特定業務。當我說對精密的需求（appetite for precision）時，我指的是很多不同地方的大型設備、飛機等等，但我也指資料中心。我只是想提一下，因為再說一次會太丟臉。

Got it. And then just last, you guys called out increased personnel expense across the board or at least in a couple of the segments. Is that more driven to growing the business? Or is there anything else there?

了解。最後一個，你們提到整體或至少在幾個事業部的人員費用增加。這主要是為了擴大業務所驅動的嗎？還是還有其他因素？

No. We're looking to grow the business. Sometimes when you look at these things, say, jeez, maybe if I could put a little more energy as a point of attack in certain places, it's going to break through some of the bonds, and we did some of that in the Tools Group and in the RS&I group. So that's why you see some of their OE up, the personnel costs there.

不。我們希望擴大業務。有時候你看這些事情會想，哎呀，也許如果我能在某些地方作為攻擊點多投入一點精力，就能打破一些束縛；我們在工具事業群（Tools Group）以及RS&I事業群就做了部分這樣的調整。所以你會看到他們的OE上升了，主要是那邊的人員成本。

Gary Prestopino. Barrington Research.

Gary Prestopino。Barrington Research。

Most of the questions have been answered. I want to ask about Diesel Laptops. Was this acquisition, does this give you your first foray into the Class A truck business with a database like that?

大部分問題都已經回答了。我想問一下Diesel Laptops。這次收購是否讓你們首次切入Class A卡車業務，並擁有那樣的資料庫？

It gives us our first database in that area, in terms of it provides database. But we have positions in some of the bigger products in places like Mexico and some of our other, but this one greatly enhances it. You talk about distribution and data that's in both of the situations.

就那個領域而言，這確實讓我們第一次擁有資料庫，因為它提供了資料庫。不過我們在一些更大型的產品上也有布局，例如在墨西哥以及我們其他一些市場，但這一項大幅強化了我們的能力。你提到通路與資料，這兩種情境裡都涵蓋了。

We like it from that perspective. Really what we're talking about here is we think that Diesel Laptops are a big, I don't know, a good opportunity for us, and we haven't mined it as comprehensively as other places. This was a way to bulk up our offerings where Diesel Laptops has a lot of good relationships with the diesel customers, with those big truck customers, and it does have a database which provides you the beginnings of trying to do just what we did for cars, only in trucks.

我們從這個角度很喜歡它。其實我們在談的是，我們認為Diesel Laptops對我們來說是一個很大、我不知道、是一個很好的機會，而我們過去沒有像其他領域那樣全面地去挖掘。這是一種擴充我們產品供給的方式；Diesel Laptops與柴油客戶、那些大型卡車客戶有很多良好關係，而且它確實有一個資料庫，讓你開始嘗試做我們在乘用車上做過的事，只是把場景換成卡車。

Okay. And you mentioned it added about $2.7 million of sales this quarter, I think, in your narrative?

好的。你提到它在本季大約增加了270萬美元的銷售額，我想是在你們的敘述裡？

I didn't say that. I don't know if anybody said that. I don't think we said how much it would add. But --

我沒有那樣說。我不知道是否有人那樣說。我不認為我們有說它會增加多少。但是--

it's 4.7.

是470萬。

4.7. I knew that number. I wasn't sure that I was authorized to say it, Gary, you know what I mean?

470萬。我知道那個數字。我只是不確定我是否被授權可以說出來，Gary，你懂我意思吧？

I'm sorry, there's a lot of people talking about -- somebody said --

抱歉，很多人在講——有人說--

$4.7 million.

470萬美元。

This is Aldo. Just remember a partial month. It was only in our results for a partial month in the month of June.

我是Aldo。請記得那只是部分月份。它只在6月的部分月份納入我們的業績。

Yes. That's what I'm kind of getting at what kind of contribution it would make to the top line. And I would assume it's somewhat margin accretive.

是的。我想問的就是它對營收（top line）會有多大貢獻。而且我猜它在毛利率上應該是增厚的。

Yes. Well, it's EPS accretive. It's not margin accretive.

是的。嗯，它對每股盈餘（EPS）是增厚的。但它不是毛利率增厚的。

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

Nick, on your shop tours, I think you talked about the golden age of vehicle repair. Do you have any color as to what the contribution of car count versus price is in sort of the underlying industry growth? Are these shop owners you talk to saying they're seeing more traffic, or is it a lot of pricing benefit?

Nick，在你們的門店參訪中，我記得你談到車輛維修的黃金時代。你能否說明一下，在整體產業的內生成長中，車輛進廠數（car count）與價格各自的貢獻大概如何？你訪談的這些店主是說他們看到更多客流，還是主要受惠於定價？

Well, I think, look, Bret, it seems like, of course, it's a windshield survey. The technicians I talked to said, the word they used was slammed. They acted like they were busy. I'm not sure the car count is the operative thing. I don't even know if you can tie it to pricing because there's one other factor. How complicated is each repair?

嗯，我想，Bret，你看，這當然只是走馬看花式的觀察。我聊到的技師用的詞是「忙爆了」。他們看起來確實很忙。我不確定車輛進廠數是不是關鍵。我甚至不知道能不能把它完全歸因於定價，因為還有另一個因素：每一次維修有多複雜？

See, repairs per vehicle are getting more complicated. I don't know if you can say that's price. I'm sure there's pricing, but I think what we're hearing is everything these days has alternate ideas. I think the whole idea, I saw something the other day, one of the car lines has a brake system where without a special tool that we provide, you have to dismantle the brakes to get to the bolts, to make the repair.

你看，每台車的維修項目正變得更複雜。我不知道你能不能說那就是價格。我確定有定價因素，但我覺得我們聽到的是，如今所有東西都有替代方案或不同做法。我前幾天看到一個例子，某個車系的煞車系統，如果沒有我們提供的特殊工具，你就得把煞車拆開才能碰到螺栓、才能進行維修。

That adds a lot of time. I think this kind of inconvenience is spread throughout the vehicles. The OEMs are not doing a good job of repairability. I think that's adding cost. I'm not sure which it is.

那會增加很多時間。我覺得這種不便遍布各種車輛。原廠（OEM）在可維修性方面做得並不好。我認為這正在增加成本。我不確定到底是哪一個因素主導。

Similar question on the OEM side, since you called out the dealers as a weaker section. Is that driven by individual dealer sentiment, or is there sort of direction from the OEMs as far as, is it driven by their creation of demand for more complex tools and diagnostics? Is it OE-driven softness, or is it dealer rooftop-driven softness?

在OEM端也有個類似問題，因為你提到經銷商是較弱的一塊。這是由個別經銷商的情緒所驅動，還是OEM在方向上有所影響？例如，是不是因為他們創造了對更複雜工具與診斷的需求？這是由OE端驅動的疲弱，還是由經銷商門店端（rooftop）驅動的疲弱？

I think it's hard to pinpoint, but I think it's like this. The OEMs have stopped launching programs. Have reduced, I don't want to say stopped, but it's substantially reduced. They were launching a lot of them. They were catapulting them into the market around electric vehicles. And then I think if you write off $53 billion, it kind of daunts you on this kind of thing.

我覺得很難精準指出，但大概是這樣。OEM已經不再推出那麼多專案。我不想說完全停止，但確實大幅減少。他們以前推出很多。他們把很多專案快速推向市場，尤其圍繞電動車。然後我想，如果你一次性沖銷530億美元，這類事情就會讓你卻步。

So I think they took a pause on this because my view is they're regrouping to have a future product line that adjusts for that difficulty or the hole that electric vehicles might've made. You see those. You're not getting as many programs, and that affects us because we enable the programs. So that drives some of our volume down.

所以我認為他們在這方面暫停了一下；我的看法是，他們正在重新整隊，打造未來的產品線，以因應那個困難或電動車可能造成的缺口。你會看到這些跡象。你拿不到那麼多專案，而這會影響我們，因為我們是讓這些專案得以落地的。因此我們的部分出貨量就下降了。

The other places, I do believe when we talk to the dealerships, this is a time for them that's a little uncertain. What are the cars? What are the new cars they're going to get? I'm not sure they know. I think that creates a little bit of uncertainty psychologically. I think they're kind of waiting a little bit.

另外，我確實相信，當我們和經銷商談時，對他們來說這是一段有點不確定的時期。車款會是什麼？他們接下來會拿到哪些新車？我不確定他們知道。我覺得這在心理上造成了一些不確定性。我想他們有點在觀望。

Now, what I've said I think is that our idea about weakness in OEMs doesn't mean that the dealers are so bad. It's that the dealers in combination with the OEMs backing down on programs have created a, I would call, a flat spot in our sales.

另外，我所說的OEM疲弱，並不代表經銷商就很糟。而是經銷商再加上OEM縮手、減少專案，兩者結合造成了——我會稱之為——我們銷售上的一段平坦期。

And this does conclude our question-and-answer session. I'd 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. Have a good day. Goodbye.

感謝各位今天加入我們。本次電話會議的重播將很快在sna pon.com上提供。和往常一樣，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 your lines at this time.

本次會議已結束。感謝各位參加今天的簡報。您現在可以掛斷電話線。