Standex International Corp (SXI) 2026 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Standex International fiscal third quarter 2026 financial results conference call. (Operator Instructions). Also note that this call is being recorded on Friday, May 1, 2026.

各位女士、先生，早安，歡迎參加 Standex International 2026 會計年度第三季財務業績電話會議。（接線員指示）。另請注意，本通話將於 2026 年 5 月 1 日（星期五）錄音。

And now I would like to turn the conference over to Christopher Howe, Director of Investor Relations. Please go ahead.

現在我想將會議交給投資人關係總監 Christopher Howe。請開始。

Thank you, operator, and good morning. Please note that the presentation accompanying management's remarks can be found on the Investor Relations portion of the company's website at www.standex.com.

謝謝接線員，大家早安。請注意，管理層發言所搭配的簡報可於公司網站 www.standex.com 的投資人關係專區取得。

Please refer to Standex's safe harbour statement on Slide 2. Matters that Standex management will discuss on today's conference call include predictions, estimates, expectations and other forward-looking statements.

請參閱投影片 2 的 Standex 安全港聲明。Standex 管理層在今日電話會議中將討論的事項包括預測、估計、預期及其他前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially. You should refer to Standex's most recent annual report on Form 10-K as well as other SEC filings and public announcements for a detailed list of risk factors.

這些陳述受風險與不確定性影響，可能導致實際結果出現重大差異。關於風險因素的詳細清單，請參閱 Standex 最新的 Form 10-K 年度報告，以及其他向 SEC 提交的文件與公開公告。

In addition, I'd like to remind you that today's discussion will include references to the non-GAAP measures of EBIT, which is earnings before interest and taxes; adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization; adjusted EBITDA, EBITDA margin and adjusted EBITDA margin.

此外，也提醒各位，今日討論將提及非 GAAP 指標 EBIT（息稅前盈餘）；調整後 EBITDA（息稅折舊攤銷前盈餘）；以及調整後 EBITDA、EBITDA 利潤率與調整後 EBITDA 利潤率。

We will also refer to other non-GAAP measures, including adjusted net income, adjusted operating income, adjusted net income from continuing operations, adjusted earnings per share, adjusted operating margin, free operating cash flow and pro forma net debt to EBITDA.

我們也將提及其他非 GAAP 指標，包括調整後淨利、調整後營業利益、持續營運之調整後淨利、調整後每股盈餘、調整後營業利潤率、自由營運現金流，以及備考（pro forma）淨負債對 EBITDA。

Adjusted measures exclude the impact of restructuring, purchase accounting, amortization from acquired intangible assets, acquisition-related expenses and onetime items.

調整後指標排除重組、購買會計、併購取得無形資產之攤銷、併購相關費用及一次性項目的影響。

These non-GAAP financial measures are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. Standex believes that such information provides an additional measurement and consistent historical comparison of the company's financial performance.

這些非 GAAP 財務衡量指標旨在作為依照美國一般公認會計原則（GAAP）所提供結果的補充。Standex 認為，此類資訊可提供公司財務表現的額外衡量方式，並利於一致的歷史比較。

On the call today is Standex's Chairman, President and Chief Executive Officer, David Dunbar; and Chief Financial Officer and Treasurer, Ademir Sarcevic.

今日與會者包括 Standex 董事長、總裁暨執行長 David Dunbar，以及財務長兼財務主管（Treasurer）Ademir Sarcevic。

Thank you, Chris. Good morning, and welcome to our fiscal third quarter 2026 conference call. This quarter provides another strong proof point that our strategy, shifting to our faster-growing end markets and increasing new product development is working.

謝謝你，Chris。各位早安，歡迎參加我們 2026 會計年度第三季電話會議。本季再次有力證明，我們的策略——轉向成長更快的終端市場並加大新產品開發——正在奏效。

We delivered top line sales growth of 8%, including organic growth of 6.5%. Our sales in the fast-growing end markets are now about 30% of our total, and new products are expected to add 300 basis points of growth to our 2026 sales results. It is also exciting to see how the mix of our businesses has evolved.

我們實現營收年增 8%，其中有機成長 6.5%。我們在快速成長終端市場的銷售目前約占總銷售的 30%，而新產品預期將為 2026 年銷售結果貢獻 300 個基點的成長。看到我們業務組合的演變也令人振奮。

Today, Electronics and our Engineering Technologies business generate about 70% of sales and nearly 80% of total segment profits, both built around custom engineered solutions for attractive secular markets. That mix shift is what we set out to achieve.

目前，電子（Electronics）與我們的工程技術（Engineering Technologies）業務合計約貢獻 70% 的銷售額與近 80% 的部門總利潤，兩者皆以面向具吸引力長期趨勢市場的客製化工程解決方案為核心。這樣的組合轉變正是我們原先設定要達成的目標。

Our Engineering Technologies segment has effectively repositioned itself as a vital partner for space, defense and aviation customers.

我們的工程技術事業部已有效重新定位，成為太空、國防與航空客戶的重要合作夥伴。

So we are renaming the segment Standex Aerospace & Defense. Looking ahead, demand remains healthy. Company-wide book-to-bill was 1.05 and Electronics delivered 1.14, setting us up well as we move into the fourth quarter.

因此，我們將該事業部更名為 Standex 航太與國防（Aerospace & Defense）。展望未來，需求仍然健康。全公司訂單出貨比（book-to-bill）為 1.05，而電子事業部為 1.14，讓我們在邁入第四季時具備良好基礎。

I would like to thank our employees, our executives and the Board of Directors for their efforts and continued dedication and support that drove our solid fiscal third quarter 2026 results.

我要感謝我們的員工、管理團隊與董事會的努力，以及持續的投入與支持，促成我們 2026 會計年度第三季穩健的業績表現。

Now let's look at the results beginning on Slide 3. In the third quarter, sales increased 8.1% year on year to $224.6 million, including 6.5% organic growth. Electronics grew 6.8% organically. New product sales grew approximately 40% to approximately $18.7 million. Sales in the fast growth markets were approximately $69 million, more than 30% of total sales.

現在讓我們從投影片 3 開始檢視結果。第三季銷售額年增 8.1% 至 2.246 億美元，其中有機成長 6.5%。電子事業部有機成長 6.8%。新產品銷售約成長 40% 至約 1,870 萬美元。快速成長市場的銷售約為 6,900 萬美元，占總銷售超過 30%。

We are pleased with the momentum in the business reflected in an overall book-to-bill ratio of 1.05 and within Electronics of 1.14. Adjusted operating margin of 19.7%, was up 30 basis points year-on-year.

我們對業務動能感到滿意，反映在整體訂單出貨比 1.05，以及電子事業部 1.14。調整後營業利潤率為 19.7%，年增 30 個基點。

On March 6, we completed the divestiture of Federal Industries at an enterprise value of approximately $70 million. This is in line with our Portfolio Simplification strategy, allowing us to focus our management and capital resources more on fast growth markets and new product launches.

3 月 6 日，我們以約 7,000 萬美元的企業價值完成 Federal Industries 的出售。這符合我們的投資組合簡化策略，使我們能將管理與資本資源更聚焦於快速成長市場與新產品上市。

We used the proceeds to pay down about $62 million of debt, reducing net leverage to 1.9times.Beginning this quarter, we will report under four operating segments: Electronics, Aerospace & Defense, Scientific and Engraving & Hydraulics.

我們將所得款項用於償還約 6,200 萬美元的債務，使淨槓桿降至 1.9 倍。自本季起，我們將以四個營運部門揭露：電子、航太與國防、科學（Scientific）以及雕刻與液壓（Engraving & Hydraulics）。

The Hydraulics business has been combined with the Engraving business under the Engraving & Hydraulics segment. This divestiture continues a decade of deliberate portfolio shaping toward higher growth, higher-margin businesses.

液壓業務已與雕刻業務合併，歸入雕刻與液壓事業部。此次出售延續我們十年來有計畫地調整投資組合，朝向更高成長、更高毛利的業務發展。

In 2014, we operated 16 businesses. Today, we're down to 5. And following the Amran/Narayan acquisition, Electronics represents more than half of Standex, helping drive the performance you see today. Our original fiscal year 2026 sales outlook included a full year contribution from Federal Industries.

2014 年，我們營運 16 個事業；如今已降至 5 個。且在 Amran/Narayan 併購後，電子事業部占 Standex 的比重已超過一半，協助推動各位今天看到的表現。我們原先對 2026 會計年度的銷售展望包含 Federal Industries 全年的貢獻。

Even after the Federal divestiture, we still expect fiscal 2026 revenue to increase by about $100 million versus 2025, supported by momentum in new products and fast growth markets, especially in Electronics and Aerospace & Defense.

即使在出售 Federal 之後，我們仍預期 2026 會計年度營收相較 2025 年將增加約 1 億美元，主要受新產品與快速成長市場動能支撐，尤其是在電子與航太與國防領域。

I'm pleased with the momentum that we are building and launching new products. We expect to launch more than 15 new products this fiscal year on top of 16 new products last fiscal year.

我對我們正在累積的動能與新產品推出感到滿意。我們預期本會計年度將推出超過 15 項新產品，此外上一會計年度已推出 16 項新產品。

We expect new product sales pro forma for the Federal divestiture to grow by $24 million to $64 million, adding nearly 300 basis points of organic growth in the year.

我們預期在排除 Federal 出售影響的備考基礎上，新產品銷售將增加 2,400 萬美元至 6,400 萬美元，全年可貢獻接近 300 個基點的有機成長。

Our sales into the fast-growing markets such as Space, Defense and Grid, are expected to increase to approximately $270 million, constituting about 30% of our total sales.

我們在太空、國防與電網（Grid）等快速成長市場的銷售，預期將增加至約 2.70 億美元，約占總銷售的 30%。

On a sequential basis, we expect slightly higher revenue driven by higher contributions from fast growth end markets and new product sales and slightly to moderately higher adjusted operating margin due to higher volume and pricing and productivity initiatives, partially offset by growth investments.

以季對季來看，我們預期營收將略為提高，主要由快速成長終端市場與新產品銷售貢獻增加所帶動；調整後營業利潤率亦預期略至中度提高，受惠於更高的出貨量、定價與生產力提升措施，但部分將被成長投資所抵銷。

On a year-on-year basis, in fiscal fourth quarter 2026, we expect slightly to moderately higher revenue, driven by mid- to high single-digit organic growth from growing backlog in fast-growth markets and increased new product sales, partially offset by the revenue impact from the Federal divestiture.

以年對年來看，在 2026 會計年度第四季，我們預期營收將略至中度提高，主要由快速成長市場累積訂單增加所帶動的中至高個位數有機成長，以及新產品銷售增加所驅動；但部分將被 Federal 出售帶來的營收影響所抵銷。

We expect slightly lower adjusted operating margin as organic growth and realization of productivity actions are more than offset by growth investments in capacity expansions, higher medical costs and increased variable compensation expenses.

我們預期調整後營業利潤率將略為下降，因為有機成長與生產力措施的實現，將被產能擴張的成長投資、更高的醫療成本，以及變動薪酬費用增加所抵銷且超過。

I will now turn the call over to Ademir to discuss our financial performance in greater detail.

接下來我將把電話交給 Ademir，請他更詳細說明我們的財務表現。

Thank you, David, and good morning, everyone. Let's turn to Slide 4, third quarter 2026 summary. On a consolidated basis, total revenue increased approximately 8.1% year-on-year to $224.6 million.

謝謝你，David，各位早安。讓我們看投影片 4，2026 年第三季摘要。以合併基礎來看，總營收年增約 8.1% 至 2.246 億美元。

This reflected organic growth of 6.5%, 0.2% benefit from acquisitions and 1.4% benefit from foreign currency. Third quarter 2026 adjusted operating margin increased 30 basis points year-on-year to 19.7%. Adjusted earnings per share increased 13.5% year-on-year to $2.21.

其中包括 6.5% 的有機成長、併購帶來 0.2% 的貢獻，以及外幣帶來 1.4% 的正面影響。2026 年第三季調整後營業利潤率年增 30 個基點至 19.7%。調整後每股盈餘年增 13.5% 至 2.21 美元。

Net cash provided by operating activities was $9 million in the third quarter of fiscal 2026 compared to $9.6 million a year ago. Capital expenditures were $2.7 million compared to $6.1 million a year ago. As a result, we generated fiscal third quarter free cash flow of $6.3 million compared to $3.5 million a year ago.

2026 會計年度第三季營運活動提供的淨現金為 900 萬美元，去年同期為 960 萬美元。資本支出為 270 萬美元，去年同期為 610 萬美元。因此，我們第三季產生的自由現金流為 630 萬美元，去年同期為 350 萬美元。

Now please turn to Slide 5, and I will begin to discuss our segment performance and outlook, beginning with Electronics and Aerospace & Defense. Electronics revenue increased 7.6% year on year to a record $119.7 million, driven by organic growth of 6.8% and 0.8% benefit from foreign currency. Organic growth was driven by sales into fast-growth markets and increased new product sales.

現在請翻到投影片 5，我將開始討論各事業部表現與展望，先從電子與航太與國防開始。電子事業部營收年增 7.6% 至創新高的 1.197 億美元，主要由 6.8% 的有機成長及外幣帶來 0.8% 的正面影響所驅動。有機成長主要來自快速成長市場的銷售，以及新產品銷售增加。

Adjusted operating margin of 29.3% in fiscal third quarter 2026 decreased 50 basis points year-on-year due to growth investments, partially offset by higher volume, pricing initiatives and product mix. Our book-to-bill in fiscal third quarter was 1.14 with orders of approximately $136 million.

2026 會計年度第三季調整後營業利益率為 29.3%，年減 50 個基點，主因為成長投資增加，部分被更高的出貨量、定價措施及產品組合所抵銷。我們在會計年度第三季的接單出貨比（book-to-bill）為 1.14，訂單約為 1.36 億美元。

This marks the seventh consecutive quarter with book-to-bill near or above one. This consistent streak of book-to-bill around one, targeted capacity expansion within grid an acceleration in new product sales adds durability to our growth.

這是連續第七個季度接單出貨比接近或高於 1。接單出貨比長期維持在 1 左右的穩定表現、電網領域的目標性產能擴張，以及新產品銷售加速，提升了我們成長的韌性。

In addition, our monthly order for over $50 million in both March and April, further indicating robust demand and a run rate to a strong fiscal 2027 performance as these orders convert into sales.

此外，我們在 3 月與 4 月的單月訂單均超過 5,000 萬美元，進一步顯示需求強勁；隨著這些訂單轉化為銷售，也為 2027 會計年度的強勁表現提供了運行基礎（run rate）。

Sequentially, in fiscal fourth quarter 2026, we expect slightly to moderately higher revenue, reflecting higher sales into fast growth end markets and increased new product sales.

以季對季來看，在 2026 會計年度第四季，我們預期營收將小幅至中度成長，反映對高速成長終端市場的銷售增加，以及新產品銷售提升。

We expect slightly higher adjusted operating margin, primarily due to higher revenue, partially offset by continued growth investments.

我們預期調整後營業利益率將小幅提高，主要受惠於營收增加，但部分將被持續的成長投資所抵銷。

On a year-on-year basis, we expect high single-digit organic growth. Aerospace & Defense revenue increased 33.7% to $36.6 million, driven by organic growth of 20.8%, 12.2% benefit from recent McStarlite acquisition and 0.7% benefit from foreign currency.

以年對年來看，我們預期有機成長為高個位數。航太與國防營收成長 33.7% 至 3,660 萬美元，主要由 20.8% 的有機成長、近期收購 McStarlite 帶來的 12.2% 貢獻，以及外幣帶來的 0.7% 貢獻所驅動。

Organic growth was driven by increased project activity in the commercialization of space end market. Adjusted operating margin of 18% decreased 60 basis points year-on-year, primarily due to project mix. Sequentially, we expect slightly to moderately higher revenue due to growth

有機成長主要來自太空終端市場商業化相關專案活動增加。調整後營業利益率為 18%，年減 60 個基點，主要因專案組合所致。以季對季來看，我們預期營收將小幅至中度提高，受成長帶動

in new product sales and more favourable project timing. We expect slightly to moderately higher adjusted operating margin due to higher volume and realization of productivity initiatives. On a year-on-year basis, we expect double-digit organic growth.

新產品銷售增加及更有利的專案時程。我們預期調整後營業利益率將小幅至中度提高，受惠於更高的出貨量以及生產力提升措施的落實。以年對年來看，我們預期有機成長將達雙位數。

Now please turn to Slide 6 for a discussion of the Scientific and Engraving & Hydraulics segment.

現在請翻到投影片 6，討論 Scientific 與 Engraving & Hydraulics 事業部門。

Scientific revenue decreased 1.7% to $18 million primarily due to organic decline from lower demand from academic and research institutions affected by NIH cuts.

Scientific 營收下滑 1.7% 至 1,800 萬美元，主要因 NIH 經費削減影響學術與研究機構，導致需求下降而出現有機衰退。

Adjusted operating margin of 21.9% decreased 70 basis points year-on-year due to lower sales. Sequentially, we expect slightly higher revenue and similar adjusted operating margin due to product mix.

調整後營業利益率為 21.9%，年減 70 個基點，主因為銷售下滑。以季對季來看，我們預期營收將小幅增加，調整後營業利益率因產品組合而大致持平。

Engraving & Hydraulics revenue increased 2.2% to $44.8 million, driven by 4% benefit from foreign currency, partially offset by organic decline of 1.8%.

Engraving & Hydraulics 營收成長 2.2% 至 4,480 萬美元，主要受外幣帶來 4% 的助益所推動，但部分被 1.8% 的有機衰退所抵銷。

The organic decline was driven by general market weakness for hydraulic cylinders. Adjusted operating margin of 14.3% in fiscal third quarter 2026 increased 210 basis points year-on-year due to higher sales and realization of previously executed restructuring actions.

有機衰退主要因液壓缸市場整體疲弱所致。2026 會計年度第三季調整後營業利益率為 14.3%，年增 210 個基點，受惠於銷售增加以及先前已執行的重整措施效益逐步實現。

In our next fiscal quarter, on a sequential basis, we expect slightly lower revenue and similar to slightly higher adjusted operating margin from realization of restructuring actions and productivity initiatives.

在下一個會計季度，以季對季來看，我們預期營收將小幅下降；調整後營業利益率預期持平至小幅提高，主要來自重整措施與生產力提升措施效益的實現。

Next, please turn to Slide 7 for a summary of Standex's liquidity statistics and capitalization structure.

接下來請翻到投影片 7，摘要 Standex 的流動性統計與資本結構。

Our current available liquidity is approximately $191 million. At the end of the third quarter, Standex had net debt of $369.1 million compared to net debt of $470.4 million at the end of fiscal third quarter 2025.

我們目前可用流動性約為 1.91 億美元。第三季末，Standex 的淨負債為 3.691 億美元，相較於 2025 會計年度第三季末的淨負債 4.704 億美元。

Our net leverage ratio currently stands at 1.9times. We paid down our debt by approximately $62million during the fiscal third quarter 2026. In fiscal fourth quarter 2026, we expect interest expense between $6.8 million and $7 million.

我們目前的淨槓桿比率為 1.9 倍。2026 會計年度第三季期間，我們償還債務約 6,200 萬美元。2026 會計年度第四季，我們預期利息費用介於 680 萬至 700 萬美元。

Standex's long-term debt at the end of fiscal third quarter 2026 was $472.8 million. Cash and cash equivalents totalled $103.7 million.

Standex 於 2026 會計年度第三季末的長期負債為 4.728 億美元。現金及約當現金合計為 1.037 億美元。

We declared our 247th quarterly consecutive cash dividend of $0.34 per share and approximately 6.3% increase year-on-year. In fiscal 2026, we expect capital expenditures between $27 million and $30 million.

我們宣告每股 0.34 美元的現金股利，為連續第 247 次季度配息，且年增約 6.3%。在 2026 會計年度，我們預期資本支出介於 2,700 萬至 3,000 萬美元。

I will now turn the call over to David for concluding remarks.

我現在把電話會議交給 David 做結語。

Thank you, Ademir. Please turn to Slide 8. To summarize, I'm very pleased to see the continued organic growth in the third quarter with a book-to-bill ratio of 1.05, when adjusted for the Federal divestiture.

謝謝你，Ademir。請翻到投影片 8。總結來說，我很高興看到第三季持續的有機成長；若就 Federal 事業處分進行調整後，接單出貨比為 1.05。

Organic growth was driven by our Electronics and Aerospace & Defense segments, which grew 6.8% and 20.8%, respectively. We will continue to align our organic and inorganic growth investments around secular end markets and new products that expand our presence and deepen our customer relationships.

有機成長主要由我們的電子（Electronics）以及航太與國防（Aerospace & Defense）部門帶動，分別成長 6.8% 與 20.8%。我們將持續把有機與非有機的成長投資，聚焦於長期結構性（secular）的終端市場與新產品，以擴大我們的市場布局並深化客戶關係。

Our acquisition strategy will continue to focus on businesses with accretive margins, exposure to fast-growth markets and delivery of customer solutions. With the divestiture of Federal Industries, we have realigned our company around four operating segments. We expect fiscal 2026 sales to increase approximately $100 million over fiscal 2025, with margin expansion.

我們的併購策略將持續聚焦於具備增益性（accretive）利潤率、曝險於高速成長市場，並能提供客戶解決方案的業務。隨著 Federal Industries 的處分，我們已將公司重新聚焦於四個營運部門。我們預期 2026 會計年度銷售額將較 2025 會計年度增加約 1 億美元，並伴隨利潤率擴張。

While we remain on course, we will provide an update to our long-term targets on the next earnings call, considering the changing portfolio composition with the Federal Industries' divestiture.

雖然我們仍按計畫推進，但鑑於 Federal Industries 處分後投資組合組成的變化，我們將在下一次財報電話會議中更新長期目標。

We will now open the line for questions.

我們現在開放提問。

(Operator Instructions) Chris Moore, CJS Securities.

（接線員指示）Chris Moore，CJS Securities。

Hey, good morning, guys. Thanks for taking a couple.

嗨，早安，各位。謝謝讓我問幾個問題。

Good morning.

早安。

Good morning and maybe we'll start on the defense opportunity. You've talked about, providing missile nose cone solutions, include nose cone interceptors, tactile missiles, as well as development hypersonic. Maybe can you just give us a sense for the scale of that opportunity? What kind of orders look like? Are there long lead times? Just, any thoughts there would be, really helpful.

早安。我想先從國防機會談起。你們提到提供飛彈鼻錐解決方案，包括鼻錐攔截器、戰術飛彈，以及高超音速的開發。可否請你們分享一下這個機會的大致規模？訂單大概會長什麼樣子？交期是否很長？任何想法都會很有幫助。

Yeah, so there we're talking about within engineering technologies. We serve defense in the magnetics business, in electronics, and in engineering technologies.

好的。這部分我們談的是工程技術（engineering technologies）範疇。我們在磁性元件業務、電子業務，以及工程技術業務中，都有服務國防客戶。

The engineering technologies business provides nose cones out of their Wisconsin facility and about 15% of the engineering technologies or aerospace and defense segments is defense. Most of that is missiles.

工程技術業務在威斯康辛廠生產鼻錐；工程技術或航太與國防部門中約有 15% 來自國防，其中大多數是飛彈相關。

There is an opportunity to significantly increase that in the coming years. We have had discussions with customers and actually with the undersecretary of the Department of Defense asking if we are able to ramp, and they give us different scenarios.

未來幾年這部分有機會大幅提升。我們已與客戶討論，甚至也與國防部副部長（undersecretary）討論，他們詢問我們是否能夠擴產爬坡，並提供不同情境供我們評估。

These upper scenarios really kind of depend on the government procurement process, passing orders from multi-year commitments to us.

這些較高的情境其實很大程度取決於政府採購流程，是否能把多年度承諾轉化為對我們的正式訂單。

We have received some orders, so we expect a nice increase in those sales in 2027, potentially greater if they can unlock the procurement process.

我們已收到一些訂單，因此預期 2027 年相關銷售將有不錯的增長；若採購流程能夠順利打通，增幅可能更大。

Got it. I appreciate that. Maybe just switch gears to Amran Narayan. Just in terms of the Croatian facility, trying to understand where you are in terms of construction and then just in terms of creating the infrastructure for full market penetration there.

了解，謝謝說明。接著我想換個話題談 Amran Narayan。就克羅埃西亞廠而言，我想了解你們目前在建置進度上到哪個階段，以及在建立基礎設施以達成全面市場滲透方面的進展。

What's a reasonable timeframe and are the competitive dynamics much different in Europe than you see in the US?

合理的時間表是什麼？另外，歐洲的競爭動態是否與美國有很大不同？

Yeah, there's a lot in that question. We had no presence in Croatia with that business before. There was no footprint in Europe. We now have the Croatia site. It is operating. We made our first products a few weeks ago.

好的，這個問題涵蓋很多面向。這項業務過去在克羅埃西亞沒有任何據點，在歐洲也沒有布局。現在我們有了克羅埃西亞廠址，而且已開始運作；我們在幾週前已做出第一批產品。

We have customers visiting this month and next to qualify the site. We have external auditors to achieve various certifications, including ISO certifications that we expect in June.

本月與下月會有客戶來訪以進行廠址認證（qualify）。我們也有外部稽核人員協助取得各項認證，包括 ISO 認證，預期在 6 月完成。

So shipments are beginning at a kind of a slow rate we'll begin to ramp much more quickly after those June audits are complete.

因此出貨已開始，但目前速度較慢；待 6 月稽核完成後，我們將更快速地提升產出與出貨。

So we're still confident that our longer-term expectation of at least $60 million in three to five years is reasonable.

所以我們仍有信心，長期目標在三到五年內至少達到 6,000 萬美元是合理的。

Based on the commitments we have from our current European customers. We are also now building a sales, a commercial organization.

這是基於我們目前歐洲客戶所做出的承諾。此外，我們也正在建立銷售與商務組織。

Organization in Europe, so we can understand your third question, which is, what about the competitive dynamics there? There is certainly more opportunity than we see. It's a larger market than North America.

在歐洲建立組織後，我們就能更好地回答你第三個問題，也就是當地的競爭動態。歐洲的機會確實比我們目前看到的更大；它的市場規模比北美更大。

It's a much larger market than India and so we believe that once we're on the ground with our sales team, with the site there, we will be able to answer that third question for you and figure out what we need to do to take that $60 million expectation higher.

它也比印度市場大得多。因此我們相信，一旦我們的銷售團隊在當地落地、加上工廠據點到位，我們就能更清楚競爭態勢，並找出需要做什麼，才能把 6,000 萬美元的目標再往上提高。

Just a quick thought, it's probably we're a couple of years before you're really accelerating in Europe.

簡單補充一下：可能還需要幾年時間，你們才會看到我們在歐洲真正加速。

We ship into Europe from India now. Some of those shipments will begin to come from Europe. We'll continue to ship from India.

我們目前是從印度出貨到歐洲；其中一部分出貨將開始改由歐洲供應，但我們也會持續從印度出貨。

In our FY27, we think upper single-digit million shipment number is kind of a reasonable expectation. There is upside to that.

在我們的 FY27，我們認為出貨量達到「高個位數百萬」的水準是一個相當合理的預期，而且還有上行空間。

How it ramps beyond that, I guess we'll have to report in the coming year or so, but there certainly is upside because the market is there and we have the footprint and are building the capacity to grow beyond that.

至於之後如何再往上爬升，我想我們得在接下來一年左右再對外報告，但確實有上行空間，因為市場就在那裡，我們也有既有佈局，並且正在建置產能以支撐進一步成長。

Fair enough. I'll leave it there. I appreciate it, guys.

了解。我就先到這裡。謝謝各位。

Thanks, Chris.

謝謝你，Chris。

Matt Koranda, Roth Capital Partners.

Matt Koranda，Roth Capital Partners。

Hey, guys. Good morning. I guess I just wanted to start with the electronic segment and the order flow. Looks like it's up north of 75% year-on-year. Wanted to hear a little bit about the drivers of the strength in order flow between grid and the core magnetics and sensing solutions business.

各位早安。我想先從電子事業部與訂單流量談起。看起來年對年成長超過 75%。想請你們多談談訂單流量強勁的驅動因素，尤其是在電網（grid）與核心磁性元件及感測解決方案業務之間的貢獻。

Yeah, so the growth, I have, Adam, about the 75%, I don't see the 75% math. We had a great book-to-bill, 1.14% on growing sales. We're seeing strong order flow in our core switches business, which for us is a good indication that general industry, certainly in Asia, is picking up.

是的，關於成長，我這邊看到的是，Adam，關於 75% 這個數字，我沒有算出 75% 的結果。我們的接單出貨比（book-to-bill）表現很好，在銷售成長的情況下達到 1.14%。我們在核心開關（switches）業務看到強勁的訂單流量，對我們而言，這是一般工業（general industry）——尤其在亞洲——正在回溫的良好指標。

That, in the quarter, sales were up over 20% in scripts. Relays are strong. Our sales in the grid were up about 20% with a book-to-bill of about 1.1% or something, so it's a very strong order flow there.

在本季，開關（switches）銷售成長超過 20%。繼電器（relays）也很強。我們在電網業務的銷售約成長 20%，接單出貨比大約 1.1 左右，所以那邊的訂單流量非常強勁。

And it's kind of a tale of two cities. In the industrial world, space, defense, grid, aviation, those businesses are all growing double-digits. General industry in North America and Europe is still fairly slow and as I said before, general industry in Asia looks like it has really picked up.

這有點像是「兩個世界」的分化。在工業領域中，太空、國防、電網、航空等業務都呈現雙位數成長。北美與歐洲的一般工業仍相對疲弱；如我先前所說，亞洲的一般工業看起來確實已明顯回升。

Yeah, and if I can just add to that, Matt, as we said in our prepared remarks, we've had two consecutive months of orders over $50 million for electronics, which has never happened before and some of that is clearly the strength we have seen and continue to see in the grid space and some of these fast growth end markets, but also it's to David's point indication that the general industrial markets.

是的，我再補充一下，Matt，正如我們在事先準備的發言中提到的，我們電子事業已連續兩個月接單超過 5,000 萬美元，這在過去從未發生過。其中一部分很明顯來自我們在電網領域以及一些高速成長終端市場持續看到的強勁需求；但同時也如 David 所說，這也顯示一般工業市場……

Stabilizing and we are kind of turning the corner. Now, it takes us a little time to convert those orders into sales, but it makes us pretty bullish about what we're going to see in FY27 in terms of top-line performance, again, assuming there is no significant macroeconomic or geopolitical challenges.

……正在趨於穩定，我們有點像是正在轉折點上。當然，將這些訂單轉換為營收需要一些時間，但這讓我們對 FY27 的營收表現相當樂觀——前提仍是沒有重大的總體經濟或地緣政治挑戰。

Yeah, that's helpful, guys. Thank you. And then I guess for my second question, I wanted to ask a portfolio question.

這很有幫助，謝謝各位。那我第二個問題想問一個關於投資組合（portfolio）的問題。

It seems like now that you're under two terms of leverage, you got plenty of capacity to deploy incremental dollars to M&A. Just wanted to hear the latest on the funnel and how you guys are thinking about add-ons to kind of the core segments. As you sort of have more capacity at this point in time?

看起來現在你們的槓桿已低於 2 倍，應該有相當充足的能力把增量資金用於併購（M&A）。想聽聽目前案源（funnel）的最新狀況，以及在目前資金能力更充裕的情況下，你們如何思考在核心事業上做加併（add-ons）。

Yeah, well, Matt, what we like the position we're in now, we are delighted with the integration of the Amarin Ryan or the grid business and how that continues to perform, and with the leverage under 2 now, we've built, we're building sizable powder.

是的，Matt，我們很喜歡目前所處的位置。我們對 Amarin Ryan（或電網業務）的整合非常滿意，而且它持續表現良好。現在槓桿已低於 2 倍，我們也累積、正在累積相當可觀的「火藥」（資金彈藥）。

And if you look at the makeup of our business now, 70% of our sales come from engineered components in engineering technologies and electronics, and those are the businesses that serve these fast-growing markets with customized products.

如果你看我們目前的業務組成，約 70% 的銷售來自工程化零組件（engineered components），分布在工程技術（engineering technologies）與電子（electronics）兩個事業；而這些業務服務的是高速成長市場，提供客製化產品。

So that's the universe where we will explore opportunities. And in our funnel, we always have a number of kind of family-owned businesses that are privately owned businesses, similar to acquisitions we've made over the decades at Standex.

因此，我們會在這個範圍內尋找機會。在我們的案源中，一直都有一些家族企業、私人持有的公司，類似 Standex 過去數十年來所做的併購類型。

With the grid acquisition, that has also opened up opportunities for us to look at related products to solve bigger problems and become an even more important partner to our customers.

而電網這筆併購也為我們打開了機會，讓我們可以去看一些相關產品，協助解決更大的問題，並成為客戶更重要的合作夥伴。

So in a switchgear, in addition to the instrument transformer, there are other products that support the metering and the electrical quality measures of the switchgear itself. On the electronic side, there are a lot of opportunities around components and modules.

例如在開關設備（switchgear）中，除了儀用變壓器（instrument transformer）之外，還有其他產品可支援計量（metering）以及開關設備本身的電能品質（electrical quality）量測。電子端則在零組件與模組方面有很多機會。

I think we've mentioned in the past, every time a customer works with us with, say, for a read switch-based sensor, a switch, or a relay, they are also working with other suppliers on other components for that same product that are customized to some extent, whether it's capacitors or filters or something like this.

我想我們過去也提過，每當客戶與我們合作，例如採用簧片開關（reed switch）式感測器、開關或繼電器時，他們同時也會與其他供應商合作，為同一個產品採購其他在某種程度上也需要客製化的元件，不論是電容、濾波器或類似的東西。

So, that really opens the aperture for us to explore wider opportunities. So, for that, we're in discussions with a number of third parties to help us identify targets.

因此，這確實讓我們的視野更開闊，可以探索更廣泛的機會。為此，我們正與多家第三方洽談，協助我們辨識標的。

So we have an existing funnel. We're working at expanding the funnel with these new opportunities as we, fully explore opportunities to expand these engineered components businesses.

所以我們既有案源仍在，同時也在利用這些新機會擴大案源，並全面探索擴張這些工程化零組件業務的可能性。

Ross Sparenblek, William Blair. Could you unmute your line please, Ross?

Ross Sparenblek，William Blair。Ross，請把你的線路解除靜音。

Yeah, I was on mute there. Good morning, gentlemen.

是的，我剛剛在靜音。各位早安，先生們。

Morning.

早安。

Hey, Ross.

早安，Ross。

Maybe just a level set on the top-line guide. Are we taking out the first three quarters of federal, kind of 25 million, or are we leaving that in there? Just taking the fourth quarter.

想先確認一下營收指引（top-line guide）的基準。我們是把前三季的 federal（約 2,500 萬）都拿掉，還是仍保留前三季、只拿掉第四季？

Oh, the federal is out in the fourth quarter guide.

喔，federal 在第四季的指引中已經剔除了。

Yeah. So just the fourth, okay and then you guys said grid was up 20% year over year, so that implies what, like a 160 run rate? Yeah, pretty healthy.

了解，所以只影響第四季。那你們說電網年增 20%，所以這代表什麼，大概是 1.6 億的年化水準？是的，滿健康的。

Yeah, yes.

是的，沒錯。

And so then you guys said, what, I booked a bill of 1.1, so that can use core organic growth, booked a bill's probably 1.15, up nearly 20%, but definitely seeing some momentum.

然後你們說接單出貨比 1.1，所以核心有機成長的接單出貨比大概 1.15、接近 20% 成長，確實看到一些動能。

You've got your maths right? Yes.

你的數學算對了，是的。

That's what I get paid for, and then can you do the any updates on India and the progress you've seen with rolling out lean there and driving that capacity?

這就是我領薪水的原因。那能否更新一下印度的狀況，以及你們在那邊推動精實（lean）與提升產能的進展？

Well, I tell you, we had just a few weeks ago, if Danit is here with us today, he was in India a few weeks ago with a very large team for a global grid capacity expansion Kaizen.

我跟你說，就在幾週前——如果 Danit 今天也在——他幾週前帶著一個很大的團隊到印度，進行一場全球電網產能擴張的改善活動（Kaizen）。

So we have an extensive plan to look at global demand, a roll-up from customers around the world by product family. We have a site in Texas, a site in India, a site in Croatia now. We're producing in Mexico, on our Mexico site, and we're looking at our global capacity expansion.

所以我們有一個很完整的計畫：按產品家族彙總全球需求，並彙整全球客戶需求。我們在德州有一個據點、在印度有一個據點、現在在克羅埃西亞也有一個據點。我們也在墨西哥的廠區生產，並且正在檢視全球產能擴張。

So we do have assumptions that within India, simply with lean, there was another, call it 15% plus capacity expansion from lean, which fuels us in addition to New Mexico and Croatia through this year.

因此我們的假設是，在印度僅透過精實改善，就能再帶來約 15% 以上的產能擴張，這讓我們在今年除了新墨西哥與克羅埃西亞之外也有更多支撐。

As we have the Texas site coming on next year, but your question was about India, so we have a good handle on the initial. Yeah, there's unexploited lien opportunities there, 15 plus percent capacity.

明年德州據點會加入，但你的問題是印度，所以我們對初期狀況掌握得不錯。是的，那邊還有尚未充分挖掘的精實機會，產能可提升 15% 以上。

Okay and maybe if I just squeeze one more, can you just remind us really quick of the growth investments within electronics, just the size and the cadence? A couple of million bucks in Florida.

好的。那我再擠一個問題：能否很快提醒我們電子事業的成長投資（growth investments），大概的規模與節奏？像佛羅里達那邊幾百萬美元。

Yes, so if you kind of break it down by parts, Ross, most of our gross investments are coming in the grid business. Obviously, there's some investments we've put into Croatia.

可以。如果按項目拆開來看，Ross，我們大部分的總投資都在電網業務。當然，我們也在克羅埃西亞投入了一些資本。

That's probably, it's about, call it 30, 40 basis points, if you think about from kind of a margin standpoint of impact right now, because obviously, you're not shipping as products yet out of Croatia.

從目前的利潤率影響來看，那大概是 30 到 40 個基點（basis points），因為很明顯你們還沒有從克羅埃西亞出貨產品。

And then, as David mentioned, and as we're expanding capacity in Houston and Mexico, so you have to hire some people. And get some of that rolling before we can, before those sites operational.

另外，如 David 提到的，當我們在休士頓與墨西哥擴產時，就必須先招募一些人員，並在那些據點正式營運前把一些工作先推動起來。

So, that's probably another, I would probably tell you, 50 basis points, 60 basis points of those investments as well, kind of the, from a run rate basis standpoint.

所以這部分我大概會跟你說，從年化（run rate）角度來看，這些投資也約影響 50 個基點到 60 個基點。

Okay, so there's no two, three, two issues though. There was some, one-off stipulation regarding grid. I didn't fully dig in the details. It just seems like, given the growth in and brand, those margins should have been maybe a little bit higher as standard electronics.

了解，所以並不是什麼 2、3、2 的問題。不過電網那邊似乎有一些一次性的規定/條款（stipulation），我沒有完全深入細節。只是看起來，考量到成長與組合（mix），那些利潤率本來可能應該比標準電子業務再高一些。

Yeah, look, we think we're going to continue to expand margins in electronics, especially, as you kind of think about where we are growing is our fast growth end markets where we are most profitable. So we do expect we're going to, clip that 30%, adjusted operating margin in the near future.

是的，你看，我們認為電子事業的利潤率會持續擴張，尤其當你考慮到我們成長的重點是在高速成長的終端市場，而那裡也是我們最有利潤的領域。因此我們確實預期在不久的將來，調整後營業利益率（adjusted operating margin）會突破 30%。

Perfect. All right. Well, thanks a lot, guys.

完美。好。那麼，非常感謝各位。

Thanks, Ross.

謝謝你，Ross。

Mike Shilsky, DA Davidson.

Mike Shilsky，DA Davidson。

Yes, hi, good morning. Thanks for taking my questions.

是的，嗨，早安。謝謝讓我提問。

Morning, Mike.

早安，Mike。

Speaking of operating margins, just looking at the results, pretty clear that engraving and hydraulics are now kind of the lowest of the four. I guess those are kind of like two different businesses.

談到營業利潤率，從結果來看很明顯，雕刻與液壓現在算是四個之中最低的。我想這兩個有點像是兩種不同的業務。

Can you comment on your plans for those businesses? If you're, always trying to H1 it a little bit better and a little bit higher, year after year, is there a potential that, those are kind of next to go, I'd say, after federal.

你能談談你們對這些業務的規劃嗎？如果你們一直試著一年比一年把H1做得更好、再高一些，是否有可能在聯邦業務之後，這兩個會是下一個要處理的？

Well, in there, as they're strong businesses in their sectors. They're not burning platforms in that sense. It's kind of a question of timing to find the best opportunities for these businesses. Within engraving, we have some pretty interesting growth initiatives going on. We talked about making these specialized parts, functional textures, those are ramping up.

嗯，這兩項在各自的領域都是很強的業務。就那個意義而言，它們並不是「燃燒的平台」。比較像是時點問題：要在最佳時機為這些業務找到最好的機會。在雕刻業務方面，我們正在推動一些相當有趣的成長計畫。我們談過製作這些特殊零件、功能性紋理，這些都在加速放量。

So the businesses themselves are fundamentally sound. We have some profit improvement projects in both of them and you look at our history, where we've invested in acquisitions, we love the engineered components businesses, you'll likely see more of that.

所以這些業務本身在基本面上是健全的。我們在兩者都有一些獲利改善專案；而且你看我們過去的歷史，我們在併購上的投資，我們很喜歡工程零組件類的業務，你很可能會看到我們在這方面做更多。

And we have some very good businesses that, hydraulics and engraving, they could be fit somewhere else. And well, we continue to monitor the situation and we'll make. Make the right decision at the right time.

而且我們也有一些非常好的業務——液壓與雕刻——它們也可能更適合放在別的地方。總之，我們會持續監控情勢，並在適當的時間做出正確的決定。

Okay, in aerospace, given the exactly what you're seeing now, and we've got quite a few opportunities ahead of you, do you see any to extend capacity there on a retail basis?

好的。在航太方面，考量你們現在看到的情況，以及你們前方有不少機會，你們是否看到任何需要以自建方式擴充產能的可能？

In the aerospace and defense segment, is that your question, Mike?

Mike，你的問題是指航太與國防事業部嗎？

Yes.

是的。

Yeah, not from a Greenfield standpoint, at least not in the near term. We have a bit of a capacity in our sights, but obviously, as the business continues to grow, at some point, we might have to look at an additional space, but no immediate plans as of right now. We feel we can service what's coming our way in the near term.

是的，至少短期內不會以綠地（Greenfield）方式擴建。我們確實看到產能可能會有些壓力，但顯然隨著業務持續成長，某個時間點我們可能得考慮增加額外空間；不過目前沒有立即的計畫。我們認為短期內可以滿足即將到來的需求。

Yeah, I guess the one caveat to that is we mentioned the missile programs. If these missile orders do appear for some of these higher scenarios, then we will expand footprint.

對，我想唯一的但書是我們提到的飛彈專案。如果在某些較高情境下，這些飛彈訂單真的出現，那我們就會擴大廠房/據點。

That's correct.

沒錯。

Okay, got it.

好的，了解。

But we would only do that with the long-term. I'm sorry, but we would only do that with a long-term commitment from the customer and we'd certainly communicate that in a future quarter.

但我們只會在客戶做出長期承諾的前提下才會那樣做；而且我們也一定會在未來的某一季對外溝通。

Right. I'd imagine you'd have an ROI to meet there, and it wouldn't be any different than you would for Iran or anything else.

對。我想你們那邊會有需要達成的投資報酬率（ROI），而且這跟你們對伊朗或其他任何事情的標準也不會不同。

Right. Right, exactly.

對。對，完全正確。

Great, and then it sounds like you're not looking to give us too much guidance on fiscal 2027, but can you just comment on the new product menu for 2027?

很好。然後聽起來你們不太想給我們太多2027財年的指引，但你們能否談談2027年的新產品組合？

Do you have as many rolling out next year as you had this year? Do you have what's in the pipeline? Can you at least expect a halfway decent year from that part of the growth plan?

明年推出的新產品數量會跟今年一樣多嗎？管線裡有哪些？至少能否期待這部分的成長計畫帶來一個還不錯的年度表現？

Yeah, if you just step back and take our general growth model, we think we've got these fast growth markets that continue to grow, upper 10%, 20% a year, that's like six points of growth from that.

是的，如果你退一步看我們整體的成長模型，我們認為我們有一些高速成長市場，仍會以每年10%多到20%的速度成長，這大概能帶來約6個百分點的成長。

Our new products, we still expect that to add 300 basis points of growth and then whatever happens with general industries, maybe a tailwind to that. So just as a high level, I would be thinking.

我們的新產品，我們仍預期能額外貢獻300個基點的成長；然後一般工業景氣的變化，可能還會帶來一些順風。所以就高層次來看，我會這樣思考。

In that zone for 2027. And in terms of the need here, so in terms of numbers of products in 2027, that's in line with --?

2027年大概就在那個區間。那就需求而言——所以就2027年的產品數量而言，這是與……一致嗎？

Yes, definitely, Mike. I think we think the momentum will continue. Actually, it might even increase because as we're adding -- our funnel is increasing internally of new product, I guess.

是的，絕對是，Mike。我們認為動能會延續。事實上，它甚至可能會增加，因為我們正在增加——我們內部新產品的漏斗/管線正在擴大。

Outstanding. I'll leave it there. Thank you.

太好了。我就先到這裡。謝謝。

Thanks, Mike.

謝謝你，Mike。

(Operator Instructions) Gary Prestopino, Barrington Research.

（接線員指示）Gary Prestopino，Barrington Research。

Thanks. Good morning, everyone. In your new segment breakdown, the other category, is that legacy federal before the divestiture? What exactly is in there? Yeah, that's right.

謝謝。各位早安。在你們新的分部拆分中，「其他」類別是指剝離前的傳統聯邦業務嗎？裡面到底包含什麼？是的，沒錯。

That's all it is.

就只有那些。

Okay, that's all it is. Yeah, okay. So with the sale of federal, was the corporate expense associated with federal, does that come out of the equation? I noticed like your corporate expense was about $8.6 million. This quarter, a step down from last quarter, which was abnormally high, but as we're modelling, what kind of number should we be looking at for that corporate expense number?

好的，就只有那些。好，了解。那麼隨著聯邦業務出售，與聯邦相關的公司費用是否會從計算中移除？我注意到你們本季公司費用約860萬美元，較上季下降；上季異常偏高。但我們在建模時，公司費用這個數字應該抓在什麼水準？

Yeah, Gary, it's, I mean, we don't really allocate a lot of corporate costs, so there's no corporate costs that would go away with federal. I mean, what's really driving the reduction in the corporate costs for this quarter is, we, some of it is, we got slightly lower medical costs versus some of the prior quarters.

是的，Gary，嗯，我們其實不太分攤很多公司成本，所以不會有任何公司成本會因為聯邦業務而消失。真正驅動本季公司成本下降的是：其中一部分是我們的醫療成本相較前幾季略低。

There was some, adjustment to the bonus payouts, and that's basically it. But we do assume that. Going forward, kind of, $9 million to $10 million run rate is probably the right number.

另外還有一些獎金發放的調整，大致就是這些。但我們假設，往後大概每季900萬到1,000萬美元的常態水準（run rate）應該是合理的數字。

Okay. And then just in terms of your tax rate, because I noticed it was down, I think, this quarter, and obviously a lot of moving parts with the numbers with the sale of federal, but for Q4, is it looking like it would be about 24%?

好的。再來關於你們的稅率，我注意到本季稅率下降了；而且聯邦業務出售讓數字有很多變動。但就第四季而言，看起來大概會是24%嗎？

Yeah, 24% to 25% is kind of what I would tell you is a good estimate.

是的，24%到25%大概是我會告訴你的一個不錯的估計。

Okay. And then just last question, in terms of what's your growth in electronics, I mean, can you, is it all across the board in grid, replacement of grid, data centres, or where are you starting to see the, where are you starting to see abnormal growth?

好的。最後一個問題，關於你們電子業務的成長，你能否說明是全面性的——例如電網、電網汰換、資料中心——還是你們開始看到哪裡出現異常的成長？

Did you say abnormal growth?

你是說異常成長嗎？

Right, yeah, growth in excess of what you were thinking in terms of expectations.

對，沒錯，就是超出你們原先預期的成長。

Yeah, so the growth drive is certainly a grid, defense, there is a defense component in electronics. And I mentioned it earlier, our sales of bare switches, REIT switches. Is up 20% year-on-year. So those go everywhere. It's a sign of kind of general industry strength, primarily in Asia.

是的，成長動能當然來自電網、國防；電子業務裡也有國防的組成。我先前也提到，我們的裸開關（bare switches）、REIT開關的銷售年增20%。這些產品用在各種地方。這也顯示一般工業的強勁，主要在亞洲。

And our relay sales are strong. They're driven by kind of test and measurement equipment, similar drivers to the grid, serving data centres and the equipment that go into data centres.

而且我們的繼電器銷售也很強，主要由測試與量測設備帶動；其驅動因素與電網相近，服務資料中心以及進入資料中心的設備。

Now, another way to look at it, we have three businesses in there, as you know. We've got what we used to call Magnetics, our edge business, which is really a North American business. That was down in the quarter year-on-year, largely due to some execution issues. Their book-to-bill was very strong.

另外換個角度看，如你所知，我們裡面有三個業務。我們有以前稱為Magnetics的業務、我們的edge業務，這其實主要是北美業務。本季年對年下滑，主要是一些執行面的問題；但它們的接單出貨比（book-to-bill）非常強。

The detect, the SST business, which is where the switches and sensors are, was upper single-digits that includes the switch business I talked about before. And then grid, of course, which we talked about. So kind of that triangulates into your growth question from a couple different angles.

Detect，也就是SST業務（開關與感測器所在），成長在高個位數，其中包含我剛才提到的開關業務。然後當然還有電網業務，我們也談過。所以從幾個不同角度，大致可以對應到你問的成長問題。

Okay, thank you.

好的，謝謝。

At this time, Mr. Dunbar, we have no other questions registered. Please proceed, sir.

此時，Dunbar先生，我們沒有其他已登記的提問。請您繼續。

All right. Thank you. I appreciate everybody connecting today on this call. We always enjoy reporting on our progress at Standex. Thank you also to our employees and shareholders for your continued support and contributions. I look forward to speaking with you again in our fiscal fourth quarter call.

好的。謝謝。感謝各位今天連線參與本次電話會議。我們一向很享受向各位報告Standex的進展。也感謝我們的員工與股東持續的支持與貢獻。我期待在我們2027財年第四季的電話會議上再次與各位交流。

Thank you. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we ask that you please disconnect your lines. Have a good weekend

謝謝。各位女士、先生，今天的電話會議到此確實結束。再次感謝各位出席。此時也請各位掛斷電話線路。祝各位週末愉快