Terex Corp (TEX) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Terex First Quarter 2023 Results Conference Call. (Operator Instructions)

您好，歡迎來到特雷克斯 2023 年第一季度業績電話會議。 （操作員說明）

As a reminder: This conference is being recorded.

提醒一下：正在錄製此會議。

It is now my pleasure to introduce your host, Paretosh Misra, Head of Investor Relations. Please go ahead.

現在我很高興向您介紹主持人，投資者關係主管 Paretosh Misra。請繼續。

Good morning and welcome to the Terex First Quarter 2023 Earnings Conference Call.

早上好，歡迎來到特雷克斯 2023 年第一季度收益電話會議。

A copy of the press release and presentation slides are posted on our investor relations website at investors.terex.com. In addition, the replay and slide presentation will be available on our website.

新聞稿和演示幻燈片的副本發佈在我們的投資者關係網站 investors.terex.com 上。此外，重播和幻燈片演示將在我們的網站上提供。

We are joined by John Garrison, Chairman and Chief Executive Officer; and Julie Beck, Senior Vice President and Chief Financial Officer. Their prepared remarks will be followed by Q&A.

董事長兼首席執行官 John Garrison 也加入了我們的行列；高級副總裁兼首席財務官 Julie Beck。他們準備好的發言之後將進行問答。

Please turn to Slide 2 of the presentation, which reflects our safe harbor statement. Today's conference call contains forward-looking statements, which are subject to risks that could cause actual results to be materially different from those expressed or implied. In addition, we will be discussing non-GAAP information we believe it's useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call materials.

請轉到演示文稿的幻燈片 2，它反映了我們的安全港聲明。今天的電話會議包含前瞻性陳述，這些陳述存在風險，可能導致實際結果與明示或暗示的結果存在重大差異。此外，我們將討論我們認為有助於評估公司經營業績的非 GAAP 信息。這些非 GAAP 措施的調節可以在電話會議材料中找到。

Please turn to Slide 3. And I'll turn it over to John Garrison.

請轉到幻燈片 3。我會把它交給 John Garrison。

Thank you, Paretosh. And good morning. I would like to welcome everyone to our earnings call. And appreciate your interest in Terex.

謝謝你，帕累托什。早上好。歡迎大家參加我們的財報電話會議。感謝您對特雷克斯的關注。

I would like to begin by thanking all Terex team members for their exceptional efforts in this challenging global macroeconomic environment and for their continued commitment to our Zero Harm Safety Culture and Terex Way values. Safety remains a top priority of the company, driven by Think Safe, Work Safe, Home Safe. Terex team members continue to work tirelessly to improve our performance for our customers, dealers and shareholders while maintaining a safe working environment. Please turn to Slide 4 to review our strong financial results.

首先，我要感謝所有 Terex 團隊成員在這個充滿挑戰的全球宏觀經濟環境中做出的傑出努力，以及他們對我們的零傷害安全文化和 Terex Way 價值觀的持續承諾。安全仍然是公司的重中之重，由“安全思考”、“安全工作”和“家庭安全”驅動。特雷克斯團隊成員繼續不懈努力，為我們的客戶、經銷商和股東改善我們的績效，同時維護安全的工作環境。請轉到幻燈片 4 查看我們強勁的財務業績。

The team delivered excellent financial performance for the quarter. Sales of $1.2 billion were up 23% from last year and up 27% on an FX neutral basis. Operating margins of 12% expanded 460 basis points from the prior year. And earnings per share of $1.60 more than doubled year-over-year.

該團隊在本季度取得了出色的財務業績。銷售額為 12 億美元，比去年增長 23%，在匯率中立的基礎上增長 27%。營業利潤率為 12%，比上一年擴大了 460 個基點。每股收益 1.60 美元，同比增長一倍多。

As a result of our team members' continued strong execution in the first quarter and our strong backlog, we are raising full year earnings per share outlook to a range of $5.60 to $6.

由於我們的團隊成員在第一季度繼續保持強勁的執行力以及我們大量的積壓工作，我們將全年每股收益預期上調至 5.60 美元至 6 美元的範圍。

Please turn to Slide 5. I'm excited about the future of Terex and the opportunities in front of us. Our MP and AWP segments participate in global diverse end markets; and are well positioned for profitable growth. Infrastructure investments are increasing throughout the world but in particular in the United States. In fact, the Infrastructure Investment and Jobs Act alone is expected to drive $1.2 trillion of spending over 10 years. In addition, the CHIPS Act and Inflation Reduction Act are going to be supportive of additional spending in construction and infrastructure that should drive growth for our businesses. Our Powerscreen and Finley brands have leading positions in global mobile crushing and screening markets that will benefit from growth in aggregates. Our Genie products are needed for general maintenance, infrastructure and construction projects; and will benefit from increased government-sponsored spending throughout the globe. Another important growth driver are initiatives that support circular economy goals. The global demand for waste recycling solutions is increasing, driven by regulatory and societal changes. Our MP brands, including, Ecotec, CBI, Terex washing systems and our recycling systems are at the forefront of meeting demand for sustainability initiatives. The increasing reliance on electrification to reduce greenhouse gas emissions requires grid capacity expansion. Terex Utilities has a wide portfolio of products, well positioned to capitalize on the investments needed to enhance the electrical grid. And our Genie business, in particular, will benefit from increasing digitization, including data warehouses and chip manufacturing onshoring projects in the United States. Despite the near-term macroeconomic issues. We continue to be optimistic and excited about the opportunities for Terex growth. Please turn to slide 6 to review our backlog. Our Q1 backlog remains strong at $4.1 billion, up 2% from year-end. In fact, our backlog has remained relatively consistent for the last 5 quarters, and we've had minimal customer and dealer pushouts and cancellations. Our current level of backlog is consistent with Q1 of 2022, the highest backlog for Q1 in our recent history. Our backlog demonstrates the strength of our end markets and supports our outlook for the remainder of the year and gives us visibility into early 2024. Elevated customer fleet ages and historic low dealer inventory levels continue to support robust demand. Consolidated Q1 bookings remained healthy at $1.3 billion, resulting in a book-to-bill ratio of 105%. Turning to Slide 7 for an update on our strategic operational priorities. We continue to make progress on our execute, innovate and grow strategic initiatives that continue to strengthen our company. Our operations team had excellent execution in the first quarter. demonstrating adaptability and flexibility to overcome the dynamic supply chain environment. Our permanent Mexico facility is on time and on budget. The new facility is an important element of our strategy to improve Genie's through-cycle performance. Starting in March, Genie began to transfer bus clients from our temporary facility in Monterrey to our new permanent facility. Moves from other factories in our network will take place over the next 12 to 18 months. While these moves will have significant long-term benefits, this process will result in short-term manufacturing inefficiencies, which the Genie team is working hard to overcome. The company continues to make capital investments in our facilities around the world. These investments are paying off, and we are proud of a return on invested capital of 24%, which remains significantly above our cost of capital. We showcased 20 new innovative products at CONEXPO, ARA, World of Concrete and Bauma India. Our investments in the development are environmentally friendly, new products with superior performance will help to deliver growth. Our Parts & Service teams are investing in digital offerings for dealers and customers, including My Terex and Lift Connect. We now have more than 70,000 machines fitted with our telematics technology. Execution of our EIG strategy enabled our strong organic sales growth for the quarter. In addition, we continue to supplement our organic growth with inorganic investments. We recently acquired Marko, a manufacturer of both material handling conveyors, further growing MP segment's offerings with products that complement the existing portfolio. In February, we completed an equity investment in Neptronic, a robotics company, reaffirming our commitment to invest in technologies that enhance our product and solution offerings. Turning to Slide 8. During the quarter, our team members were active in trade shows. We saw high attendance and interest in our products. In fact, attendance hit a new record at two of the biggest trade shows, CONEXPO and Bauma India. The attitude of our customers was upbeat. The MP team displayed a Powerscreen gladiator product at CONEXPO, a fully electric wheel crushing and screening machine. After significant success with this product in North America, we recently launched a Gladiator World Series this year for sales around the world. Virginia Genie introduced our highest capacity Telehandler at the ARA's show. The 12,000-pound Telehandler is engineered to offer superior productivity and low total cost of ownership. We also introduced our first all-electric Mini-Mixer at ConExpo, expanding MP's concrete offering. Similar to our all-electric Utilities truck, the Mini-Mixer leverages our investment in Biotech to develop Zero Emission products. If you had the opportunity to visit our booth at these trade shows, I hope you took away from your visit that Terex team members are engaged with our customers and our products and services offer the features and benefits that provide value. Turning to Slide 9. At Terex, we are intently focused on developing and delivering sustainable solutions for our customers. In this example, Terex Recycling Systems sold the first all-electric powered Waste Separation solution to a customer site in the U.K. The installation with mines or waste feeder, conveyors, screens, sorters and separators. The system efficiently recovers products at higher value, including metals, aggregates, plastics and cardboard from waste, that's diverting more material from the landfill. This is another example of Terex products, making the circular economy a reality. Please turn to Slide 10. Our environmental, social and governance programs deliver stakeholder value. We continue to progress on our ESG journey and recently completed our materiality assessment. We know from our stakeholders that product development, stewardship and innovation are core business differentiators. Stakeholders regarded product quality and safety is critical for meeting regulatory requirements and customer expectations. Team member health, safety and well-being are important. We know that Zero Harm is possible. It's not just an aspiration. We designated April as safety month for teams across the globe and schedule a variety of events to reinforce and rededicate ourselves to Zero Harm. I want to thank our stakeholders who participated in our materiality assessment which provided us valuable insights. Please turn to Slide 11. We continue to operate in a challenging macroeconomic environment with inflationary pressures and supply chain constraints. We did see slight supply chain improvements. However, our hospital inventories increased in the first quarter after declining in the fourth quarter of last year. This is a clear indication of the level of disruption our teams continue to face and overcome. Overall, our market demand remains strong, and I am confident in the team's ability to continue to adapt and overcome the macroeconomic challenges that we have been facing. And with that, let me turn it over to Julie.

請轉到幻燈片 5。我對特雷克斯的未來和我們面前的機遇感到興奮。我們的 MP 和 AWP 部門參與全球多元化的終端市場；並為盈利增長做好準備。全世界的基礎設施投資都在增加，尤其是在美國。事實上，僅基礎設施投資和就業法案一項就有望在 10 年內推動 1.2 萬億美元的支出。此外，CHIPS 法案和通貨膨脹減少法案將支持建築和基礎設施方面的額外支出，這將推動我們業務的增長。我們的 Powerscreen 和 Finley 品牌在全球移動破碎篩分市場處於領先地位，這些市場將受益於骨料的增長。一般維護、基礎設施和建設項目需要我們的 Genie 產品；並將受益於全球範圍內政府贊助支出的增加。另一個重要的增長動力是支持循環經濟目標的舉措。在監管和社會變革的推動下，全球對廢物回收解決方案的需求正在增加。我們的 MP 品牌，包括 Ecotec、CBI、Terex 洗滌系統和我們的回收系統，處於滿足可持續發展計劃需求的最前沿。越來越依賴電氣化來減少溫室氣體排放需要擴大電網容量。 Terex Utilities 擁有廣泛的產品組合，可以很好地利用增強電網所需的投資。尤其是我們的 Genie 業務將受益於數字化程度的提高，包括美國的數據倉庫和芯片製造離岸項目。儘管近期存在宏觀經濟問題。我們繼續對特雷克斯的增長機會感到樂觀和興奮。請轉到幻燈片 6 查看我們的積壓工作。我們第一季度的未完成訂單保持強勁，達到 41 億美元，比年底增長 2%。事實上，我們的積壓訂單在過去 5 個季度中一直保持相對穩定，並且我們的客戶和經銷商推出和取消訂單最少。我們目前的積壓水平與 2022 年第一季度一致，這是我們近期歷史上第一季度的最高積壓水平。我們的積壓訂單證明了我們終端市場的實力，支持了我們對今年剩餘時間的展望，並讓我們看到了 2024 年初的前景。客戶車隊年齡的增加和歷史上較低的經銷商庫存水平繼續支持強勁的需求。第一季度的合併預訂量保持在 13 億美元的健康水平，因此訂單出貨率為 105%。轉到幻燈片 7，了解我們戰略運營重點的最新情況。我們繼續在執行、創新和發展戰略計劃方面取得進展，這些計劃將繼續加強我們的公司。我們的運營團隊在第一季度的執行力非常出色。展示適應性和靈活性，以克服動態供應鏈環境。我們的永久性墨西哥工廠準時且符合預算。新設施是我們提高 Genie 全週期性能戰略的重要組成部分。從 3 月開始，Genie 開始將巴士客戶從我們在蒙特雷的臨時設施轉移到我們新的永久設施。我們網絡中其他工廠的搬遷將在未來 12 到 18 個月內進行。雖然這些舉措將帶來顯著的長期利益，但此過程將導致短期製造效率低下，Genie 團隊正在努力克服這一問題。公司繼續對我們在世界各地的設施進行資本投資。這些投資正在取得回報，我們為 24% 的投資資本回報率感到自豪，這仍然大大高於我們的資本成本。我們在 CONEXPO、ARA、World of Concrete 和 Bauma India 展示了 20 種新的創新產品。我們對開發的投資是環保的，性能卓越的新產品將有助於實現增長。我們的零件和服務團隊正在為經銷商和客戶投資數字產品，包括 My Terex 和 Lift Connect。我們現在有超過 70,000 台機器配備了我們的遠程信息處理技術。我們的 EIG 戰略的執行使我們在本季度實現了強勁的有機銷售增長。此外，我們繼續通過無機投資來補充我們的有機增長。我們最近收購了物料搬運輸送機製造商 Marko，通過補充現有產品組合的產品進一步擴展了 MP 部門的產品。 2 月，我們完成了對機器人公司 Neptronic 的股權投資，重申了我們投資技術以增強我們的產品和解決方案的承諾。轉到幻燈片 8。本季度，我們的團隊成員積極參加貿易展覽。我們看到了很高的出席率和對我們產品的興趣。事實上，CONEXPO 和 Bauma India 這兩個最大的貿易展的出席人數創下了新紀錄。我們客戶的態度很樂觀。 MP團隊在CONEXPO上展示了Powerscreen角斗士產品，一款全電動輪式破碎篩分機。在該產品在北美取得巨大成功後，我們最近推出了今年的角斗士世界系列賽，面向全球銷售。 Virginia Genie 在 ARA 展會上推出了我們容量最大的伸縮臂叉裝機。重達 12,000 磅的伸縮臂叉裝機旨在提供卓越的生產力和較低的總擁有成本。我們還在 ConExpo 上推出了我們的第一台全電動迷你攪拌機，擴展了 MP 的混凝土產品。與我們的全電動公用事業卡車類似，Mini-Mixer 利用我們在生物技術上的投資來開發零排放產品。如果您有機會在這些貿易展覽會上參觀我們的展位，我希望您從參觀中了解到特雷克斯團隊成員與我們的客戶進行了互動，我們的產品和服務提供了提供價值的功能和優勢。轉到幻燈片 9。在特雷克斯，我們專注於為我們的客戶開發和提供可持續的解決方案。在這個例子中，Terex Recycling Systems 向英國的一個客戶現場出售了第一個全電動垃圾分類解決方案。安裝有礦山或垃圾進料器、輸送機、篩網、分揀機和分離器。該系統可以有效地從垃圾中回收價值更高的產品，包括金屬、集料、塑料和紙板，從而減少垃圾填埋場的更多材料。這是特雷克斯產品的另一個例子，使循環經濟成為現實。請轉到幻燈片 10。我們的環境、社會和治理計劃為利益相關者帶來價值。我們繼續推進 ESG 之旅，最近完成了重要性評估。我們從利益相關者那裡了解到，產品開發、管理和創新是核心業務差異化因素。利益相關者認為產品質量和安全對於滿足監管要求和客戶期望至關重要。團隊成員的健康、安全和福祉非常重要。我們知道零傷害是可能的。這不僅僅是一個願望。我們將 4 月指定為全球團隊的安全月，並安排了各種活動來加強和重新致力於零傷害。我要感謝參與我們重要性評估的利益相關者，他們為我們提供了寶貴的見解。請轉到幻燈片 11。我們繼續在充滿通脹壓力和供應鏈限制的充滿挑戰的宏觀經濟環境中運營。我們確實看到供應鏈略有改善。然而，我們的醫院庫存繼去年第四季度下降後，第一季度有所增加。這清楚地表明了我們的團隊繼續面臨和克服的破壞程度。總體而言，我們的市場需求依然強勁，我對團隊繼續適應和克服我們一直面臨的宏觀經濟挑戰的能力充滿信心。然後，讓我把它交給朱莉。

Thanks, John. And good morning, everyone.

謝謝，約翰。大家早上好。

Let's take a look at our first quarter financial performance, found on Slide 12. Terex is in a strong financial position. We demonstrated excellent execution in a dynamic environment. Sales of $1.2 billion were up 23% year-over-year on higher volume and improved price realization necessary to mitigate rising costs. Sales in constant currency were up 27%, as foreign currency translation negatively impacted sales by $42 million or approximately 4% in the quarter as the Euro and British Pound weakened against the Dollar. Gross margins increased by 410 basis points in the quarter as volume, pricing, favorable product mix, improved manufacturing efficiencies and strict expense discipline helped to offset cost increases and the negative impact of foreign exchange rates. All segments recorded a year-over-year increase in gross margin.

讓我們看一下幻燈片 12 上的第一季度財務業績。Terex 的財務狀況良好。我們在動態環境中展示了出色的執行力。銷售額為 12 億美元，同比增長 23%，這得益於銷量的增加以及為緩解成本上升所必需的價格實現的改善。由於歐元和英鎊兌美元走弱，本季度外幣換算對銷售額產生了 4200 萬美元或約 4% 的負面影響，因此按固定匯率計算的銷售額增長了 27%。由於數量、定價、有利的產品組合、提高的製造效率和嚴格的費用控制有助於抵消成本增加和匯率的負面影響，本季度毛利率增長了 410 個基點。所有分部的毛利率均錄得同比增長。

SG&A was 10.6% of sales and decreased by 50 basis points from the prior year, as business investment and marketing costs were coupled with continued expense management. SG&A increased over the prior year due to inflation, unfavorable foreign exchange, incremental spend on new acquisitions and increased marketing expenses on trade shows.

SG&A 佔銷售額的 10.6%，比上一年下降 50 個基點，這是因為業務投資和營銷成本加上持續的費用管理。由於通貨膨脹、不利的外匯、新收購的增量支出以及貿易展覽會的營銷費用增加，SG&A 比上一年有所增加。

Income from operations of $148 million was up 98% year-over-year. Operating margin of 12% was up 460 basis points compared to the prior year. Our incremental margin was 31% compared to last year.

運營收入為 1.48 億美元，同比增長 98%。營業利潤率為 12%，比上年增長 460 個基點。與去年相比，我們的增量利潤率為 31%。

Interest and other expense of $15 million increased $4 million from the prior year due to increased interest rates. The first quarter global effective tax rate was 17.5%.

由於利率上升，利息和其他費用為 1500 萬美元，比上一年增加了 400 萬美元。第一季度全球有效稅率為17.5%。

First quarter earnings per share of $1.60 more than doubled, representing an $0.86 improvement over last year. This strong performance was driven by increased volume, disciplined pricing and continued cost management. This quarter includes an unfavorable earnings per share impact of $0.10 from foreign exchange translation.

第一季度每股收益為 1.60 美元，翻了一番多，比去年同期增加了 0.86 美元。這種強勁的業績是由銷量的增加、嚴格的定價和持續的成本管理推動的。本季度包括來自外匯換算的 0.10 美元的不利每股收益影響。

Free cash flow for the quarter was negative $11 million, representing a significant improvement over the prior year. I will discuss free cash flow later in more detail.

本季度的自由現金流為負 1100 萬美元，較上年有了顯著改善。稍後我將更詳細地討論自由現金流。

Let's look at our segment results, starting with our Materials Processing segment, found on Slide 13.

讓我們看看我們的部門結果，從幻燈片 13 上的材料加工部門開始。

MP had yet another excellent quarter with consistently strong operational execution. Sales of $554 million increased 22% compared to the first quarter of 2022 with healthy demand for our products across multiple businesses. On a foreign exchange neutral basis, sales were up 28%. Bookings were up 6% sequentially. MP ended the quarter with backlog of $1.2 billion. The backlog remains robust and is approximately 3x historical norms.

MP 又迎來了一個出色的季度，運營執行力始終如一。與 2022 年第一季度相比，5.54 億美元的銷售額增長了 22%，多個業務對我們產品的需求旺盛。在外匯中性的基礎上，銷售額增長了 28%。預訂量環比增長 6%。 MP 在本季度結束時積壓了 12 億美元。積壓情況依然強勁，大約是歷史標準的 3 倍。

MP delivered operating profit of 15.4%, up 120 basis points over the prior year, driven by higher sales volumes, favorable product mix and disciplined cost management, resulting in an incremental margin of 21%.

MP 實現了 15.4% 的營業利潤，比上年增長 120 個基點，這得益於更高的銷量、有利的產品組合和嚴格的成本管理，導致利潤率增加 21%。

On Slide 14, we see our Aerial Work Platforms segment financial results. AWP had an excellent quarter with sales of $686 million, up 24% compared to the prior year on higher demand. On a foreign exchange neutral basis, sales increased 27%. Backlog at quarter end was $3 billion, up 4% from the prior year. Bookings remained strong with a book-to-bill ratio of 112%.

在幻燈片 14 上，我們看到了高空作業平台部門的財務業績。由於需求增加，AWP 本季度表現出色，銷售額為 6.86 億美元，比去年同期增長 24%。在外匯中性的基礎上，銷售額增長了 27%。季度末積壓訂單為 30 億美元，比上年增長 4%。預訂量保持強勁，訂單出貨率為 112%。

AWP more than doubled their operating profit and delivered operating margins of 12.1% in the quarter, up 620 basis points from last year, with an incremental margin of 38%. The improvement was a result of higher sales volumes, favorable mix, cost reduction initiatives, manufacturing efficiencies and disciplined pricing actions to offset material supplier costs.

AWP 在本季度的營業利潤翻了一番多，營業利潤率為 12.1%，比去年增加了 620 個基點，增量利潤率為 38%。這種改善是由於更高的銷量、有利的組合、降低成本的舉措、製造效率以及為抵消材料供應商成本而採取的有紀律的定價行動。

Please see Slide 15 for an overview of our disciplined capital allocation strategy. The company's strong balance sheet provides us with financial flexibility for the future. As a reminder: Although Terex does provide customer financing solutions through our banking partners, in February of 2021, we sold our TFS assets; and no longer carry this exposure on our balance sheet. We remain diligent in monitoring counterparty exposure at risk; as well as regional, customer and supplier risk. To date, we have not seen a negative impact due to current market conditions.

請參閱幻燈片 15，了解我們嚴格的資本配置策略的概述。公司強大的資產負債表為我們提供了未來的財務靈活性。提醒一下：雖然特雷克斯確實通過我們的銀行合作夥伴提供客戶融資解決方案，但在 2021 年 2 月，我們出售了我們的 TFS 資產；並且不再將此風險暴露在我們的資產負債表上。我們繼續努力監控交易對手的風險敞口；以及區域、客戶和供應商風險。迄今為止，我們還沒有看到由於當前市場狀況而產生的負面影響。

Free cash flow for the quarter with negative $11 million compared to negative $72 million a year ago. The $61 million year-over-year improvement in free cash flow was due to increased operating profit. Hospital inventory at the end of the first quarter was $48 million, an increase of $12 million from the fourth quarter of last year and down slightly from a year ago, reflecting continued supply chain disruptions. We continued to invest in our business with capital expenditures and investments of $30 million.

本季度的自由現金流為負 1100 萬美元，而一年前為負 7200 萬美元。自由現金流同比增長 6100 萬美元是由於營業利潤增加。第一季度末醫院庫存為 4800 萬美元，比去年第四季度增加 1200 萬美元，同比略有下降，反映出供應鏈持續中斷。我們繼續以 3000 萬美元的資本支出和投資對我們的業務進行投資。

We increased our quarterly dividend per share to $0.15, a 15% increase over the prior year. We repurchased $3 million of shares in the first quarter. In April, we have continued our share repurchase program and purchased $14 million of shares, partially offsetting the dilution from our compensation programs in March. Through April, we have returned $28 million to shareholders and have $175 million remaining on our share repurchase program. We will offset dilution and take advantage of market dislocation in these volatile times.

我們將每股季度股息提高至 0.15 美元，比上年增長 15%。我們在第一季度回購了 300 萬美元的股票。 4 月，我們繼續執行股票回購計劃併購買了 1400 萬美元的股票，部分抵消了 3 月補償計劃帶來的攤薄影響。截至 4 月，我們已向股東返還 2800 萬美元，並有 1.75 億美元用於我們的股票回購計劃。在這些動盪時期，我們將抵消稀釋並利用市場混亂。

We have no debt maturities until 2026, and 77% of our debt is at a fixed rate of 5% until the end of the decade. Our net leverage remains low at 1x, which is well below our 2.5x target through the cycle. We have ample liquidity of $677 million. The company is in an excellent position to run and grow the business.

我們在 2026 年之前沒有到期的債務，並且我們 77% 的債務在本十年末之前的固定利率為 5%。我們的淨槓桿率保持在 1 倍的低位，遠低於我們整個週期 2.5 倍的目標。我們擁有 6.77 億美元的充足流動資金。該公司處於經營和發展業務的絕佳位置。

Now turning to Slide 16 and our updated full year outlook. It is important to realize we are operating in a challenging macro environment with many variables and geopolitical uncertainties, so results could change negatively or positively. With that said, this updated outlook represents our best estimate as of today.

現在轉向幻燈片 16 和我們更新的全年展望。重要的是要意識到我們在充滿挑戰的宏觀環境中運營，其中存在許多變數和地緣政治不確定性，因此結果可能會發生消極或積極的變化。話雖如此，這一更新後的展望代表了我們截至今天的最佳估計。

Thanks to the strong execution of our team members and our robust backlog, we are pleased to raise our 2023 outlook. We now expect earnings per share of $5.60 to $6. Our increased sales outlook of $4.8 billion to $5 billion incorporates the latest dialogue with our customers and our suppliers. We anticipate higher volumes, as customer demand remains strong. Our sales are expected to be relatively consistent in Q2 and Q3 and down slightly in Q4 due to lower production days. Our operating margin outlook has increased to a range of 11.4% to 11.8%. This reflects our excellent performance in the first quarter, continued strong customer demand, the latest information from our supply chain, cost-out benefits and continued strict expense management.

由於我們團隊成員的強大執行力和強勁的積壓，我們很高興提高 2023 年的展望。我們現在預計每股收益為 5.60 美元至 6 美元。我們將銷售前景從 48 億美元提高到 50 億美元，這體現了與我們的客戶和供應商的最新對話。我們預計銷量會更高，因為客戶需求依然強勁。由於生產天數減少，我們的銷售額預計在第二季度和第三季度相對穩定，而在第四季度略有下降。我們的營業利潤率前景已增至 11.4% 至 11.8% 的範圍。這反映了我們在第一季度的出色表現、持續強勁的客戶需求、我們供應鏈的最新信息、成本效益以及持續嚴格的費用管理。

We expect improved free cash flow in the next three quarters. And we are raising our outlook to $300 million to $350 million primarily due to higher earnings.

我們預計未來三個季度的自由現金流將有所改善。我們將預期上調至 3 億至 3.5 億美元，這主要是由於更高的收益。

Let's take a look at our updated segment outlook. Based upon MP's continued strong execution, which includes continued mitigation of cost pressures and supply chain challenges, we are increasing our sales outlook to a range of $2.1 billion to $2.2 billion, with an increased operating margin of approximately 15.8%. We expect MP's sales and margins to be relatively consistent for the remainder of the year. The AWP team has increased their factory output, and as a result, we are increasing our sales outlook to a range of $2.7 billion to $2.8 billion, incorporating the increased volumes, the team's cost reduction activities, pricing actions and improved manufacturing efficiencies, we are raising our full year operating margin outlook to approximately 11.5%. We anticipate AWP's sales to be relatively consistent in Q2 and Q3 and down slightly in Q4 due to normal seasonality and lower production days. AWP margins are expected to be negatively impacted by manufacturing inefficiencies due to scheduled production moves to our Monterrey facility, which will have a greater impact in the second half of the year.

讓我們來看看我們更新的細分市場展望。基於 MP 持續強勁的執行力，包括持續緩解成本壓力和供應鏈挑戰，我們將銷售前景提高到 21 億美元至 22 億美元，營業利潤率增加約 15.8%。我們預計 MP 的銷售額和利潤率在今年剩餘時間內將保持相對穩定。 AWP 團隊增加了他們的工廠產量，因此，我們將銷售前景提高到 27 億美元至 28 億美元，結合增加的產量、團隊的成本削減活動、定價行動和提高製造效率，我們是將我們的全年營業利潤率預期提高至約 11.5%。由於正常的季節性和較低的生產天數，我們預計 AWP 的銷售額在第二季度和第三季度相對穩定，而在第四季度略有下降。由於預定的生產轉移到我們的蒙特雷工廠，預計 AWP 利潤率將受到製造效率低下的負面影響，這將在今年下半年產生更大的影響。

And with that, I will turn it back to you, John.

有了這個，我會把它還給你，約翰。

Thanks, Julie. Turning to Slide 17 to conclude my prepared remarks. Terex is well positioned for growth to deliver value for our stakeholders in 2023 and beyond because we participate in strong end markets, including infrastructure, electrification and environmental. We'll continue to execute our disciplined capital allocation strategy while investing in new products and manufacturing capability, along with strategic inorganic growth. We have demonstrated resiliency and adaptability in a challenging environment. And most importantly, we have great team members, businesses; strong brands; and strong market positions.

謝謝，朱莉。轉到幻燈片 17 來結束我準備好的發言。特雷克斯處於有利地位，可以在 2023 年及以後實現增長，為我們的利益相關者創造價值，因為我們參與了強大的終端市場，包括基礎設施、電氣化和環境。我們將繼續執行嚴格的資本配置戰略，同時投資於新產品和製造能力，以及戰略性無機增長。我們在充滿挑戰的環境中展示了彈性和適應性。最重要的是，我們擁有優秀的團隊成員和業務；強勢品牌；和強大的市場地位。

And with that, let me turn it back to Paretosh.

然後，讓我把它轉回 Paretosh。

Thanks, John. (Operator Instructions) With that, I would like to open it up for questions. Operator?

謝謝，約翰。 （操作員說明）有了這個，我想打開它提問。操作員？

(Operator Instructions) We'll take our first question from Stanley Elliott at Stifel.

（操作員說明）我們將從 Stifel 的 Stanley Elliott 那裡回答我們的第一個問題。

Congratulations. Can you talk about the [250 basis points] increase for the AWP? How much of that is -- there you go. How much of that is price? How much of that is throughput? And kind of to what extent is the Mexico shift going to be a negative detractor there?

恭喜。你能談談 AWP 的 [250 個基點] 增加嗎？那有多少 - 你去吧。價格是多少？其中有多少是吞吐量？墨西哥的轉變在多大程度上會成為負面的貶低者？

Thanks so much for the questions, Stanley. The AWP team just did a great job in executing this quarter. They were able to get higher sales volumes, coupled with disciplined pricing actions that had favorable regional and product mix. And then they really worked hard on cost reduction initiatives between the supply chain and engineering teams and value-added engineering efforts, getting dual supply, and those types of things. And then with the increased volumes, they also had favorable manufacturing efficiencies, so they had just strong execution, successful cost-out actions. And so that led to an incremental margin of 38%. So the Genie team had very strong volume in the quarter, as we mentioned, and so we're able to raise. In terms of the Genie impact on the Monterrey move, we started that move from the permanent to the new facility in March. More moves are going to happen over the coming quarters. And we expect their second half of the year to be impacted by manufacturing inefficiencies due to all of those product moves. So just a really great job and execution by the AWP team this quarter.

非常感謝斯坦利的提問。 AWP 團隊本季度的執行工作非常出色。他們能夠獲得更高的銷量，再加上有利於區域和產品組合的有紀律的定價行為。然後他們真的在供應鍊和工程團隊之間的成本削減計劃和增值工程工作、獲得雙重供應等方面努力工作。然後隨著產量的增加，他們也有有利的製造效率，所以他們有強大的執行力，成功的成本控制行動。因此，這導致了 38% 的增量利潤率。因此，正如我們提到的，Genie 團隊在本季度的銷量非常強勁，因此我們能夠籌集資金。就 Genie 對蒙特雷搬遷的影響而言，我們在 3 月份開始從永久設施遷移到新設施。未來幾個季度將有更多舉措。我們預計，由於所有這些產品轉移，他們今年下半年將受到製造效率低下的影響。因此，本季度 AWP 團隊的工作和執行非常出色。

And switching gears. On the MP business, on one hand, you're talking about inventories at your channel partners being exceptionally low. And you're looking at your backlog as 3x kind of what normal would end up being. When do we think that we'll get rightsized? Within that channel, I'm assuming that most of those orders still are for retail use, as opposed to any sort of destocking, but it just sounds like there's a lot of visibility for that part of the business going forward.

和換檔。在 MP 業務方面，一方面，您在談論渠道合作夥伴的庫存非常低。而且您將積壓視為正常情況的 3 倍。我們什麼時候認為我們會得到合理化？在該渠道內，我假設這些訂單中的大部分仍用於零售用途，而不是任何形式的去庫存，但聽起來這部分業務的發展前景非常明朗。

Stan, you're right. There is a significant visibility with MP's backlog being at about $1.2 billion, which is similar to prior year. And it's also important to note, given the fact that we have about 3x the normal backlog, that is changing our order policies within the business. For example, in our aggregates business, in the quarter, our order book wasn't open for the whole quarter to fill Q3 and Q4 because we're still in the position of slotting orders that we had received. And the reality of it is in this business, and it's not dissimilar in AWP business, we really are in an allocation mode, so as the orders come in, we have to allocate to ensure that all dealers have the opportunity to take product and we don't cut off a dealer in a certain part of the world with no product. So demand remains strong. Dealer inventories are low.

斯坦，你是對的。 MP 的積壓訂單約為 12 億美元，這與上一年相似，這一點很明顯。同樣重要的是要注意，鑑於我們有大約 3 倍的正常積壓，這正在改變我們在業務中的訂單政策。例如，在我們的骨料業務中，在本季度，我們的訂單簿在整個季度都沒有開放以填補第三季度和第四季度，因為我們仍然處於收到的訂單位置。而在這個業務中的實際情況，和AWP業務沒有什麼不同，我們真的是在一個分配模式中，所以當訂單進來的時候，我們必須進行分配，以確保所有經銷商都有機會拿到產品，我們不要在沒有產品的情況下切斷世界某個地區的經銷商。因此需求依然強勁。經銷商庫存低。

Remember about 75% of the MP business goes through a dealer channel. Their inventories are not stocking dealers in the sense they're not putting equipment on the line. Most of the equipment here goes into their specialized rental fleets that turns into rental purchase-type contracts, RPO-type contracts. And again the challenge for them is that those contracts have been converting to sales and we haven't been able to get the product back to them that they need, so they're seeing that depletion in their network and their rental fleets. And so that's helping to sustain. And again it's a global strength. Literally, across the globe, we're seeing strength in the MP segment; did see strength in North America, which we would expect, given the strength in the overall North American market.

請記住，大約 75% 的 MP 業務通過經銷商渠道進行。從他們沒有將設備投入生產的意義上來說，他們的庫存並不是經銷商的庫存。這裡的大部分設備都進入了他們的專業租賃車隊，變成了租賃購買型合同，RPO 型合同。他們再次面臨的挑戰是，這些合同已經轉化為銷售，而我們無法將產品送回他們需要的產品，因此他們看到他們的網絡和租賃車隊正在枯竭。所以這有助於維持。這再次成為全球力量。從字面上看，在全球範圍內，我們看到了 MP 細分市場的實力；鑑於整個北美市場的實力，我們確實看到了北美的實力，這是我們所期望的。

So as we continue to see improvement in the supply chain, supply output continues to improve, we'll see that return to more normal, but right now, quite strong backlog, extended visibility and historic level of visibility going forward. And I think it's also important, Stan, that this really important in both businesses and the backlog is -- and we comment on this, is what happens within the backlog in terms of order pushouts and order cancellations. And we're just not seeing that at this time. So good, robust backlog. We know that book-to-bill of overall company was 105%. It was down a little bit in MP, but that's coming off an exceptionally high Q1 of last year really in both businesses. So overall demand remains robust. We're not seeing cancellations and pushouts. And frankly, we're still in an allocation mode and we'll be continuing to open up the order book as we progress through the remainder of the year.

因此，隨著我們繼續看到供應鏈的改善，供應輸出繼續改善，我們將看到恢復到更正常的狀態，但現在，積壓相當多，可見度提高，可見度達到歷史水平。而且我認為這也很重要，Stan，這在業務和積壓中都非常重要 - 我們對此發表評論，就是積壓中在訂單推出和訂單取消方面發生的事情。而我們目前還沒有看到這一點。非常好，強大的積壓。我們知道整個公司的訂單出貨率為 105%。 MP 略有下降，但實際上在這兩個業務中，去年第一季度都出現了異常高的情況。因此整體需求依然強勁。我們沒有看到取消和推出。坦率地說，我們仍處於分配模式，隨著今年剩餘時間的進展，我們將繼續開放訂單簿。

We'll move next to Stephen Volkmann at Jefferies.

我們將搬到 Jefferies 的 Stephen Volkmann 旁邊。

John, I just want to pull on that thread a little bit because I feel like, if we were going to see any signs of weakness or pushout, as you just noted, it would be in the AWP and probably specifically with the smaller customers, so I guess I just wanted to hear your comments around what you're seeing from sort of the small independents on AWP orders.

約翰，我只是想稍微拉一下那個線程，因為我覺得，如果我們要看到任何弱點或推出的跡象，就像你剛才提到的那樣，它會出現在 AWP 中，可能特別是針對較小的客戶，所以我想我只是想听聽您對 AWP 訂單的小型獨立人士的看法。

Thanks, Steve. Similar market dynamics. Both the nationals and the independent customers continue to see strong market fundamentals and growth across both segments and continue to see strong utilization; and again similar dynamic, industry constraints that led to the increase in fleet ages. And we've talked about the replacement cycle on numerous times and the fact that, that replacement cycle has been delayed. I think that shows up in relatively strong used equipment values. Right now customers are still requesting more than we can deliver due to the supply constraints, so we've talked about it to customers. If supply constraints alleviate, there may be an opportunity to get more supply.

謝謝，史蒂夫。類似的市場動態。國民和獨立客戶繼續看到強勁的市場基本面和兩個細分市場的增長，並繼續看到強勁的利用率；以及導致機隊年齡增加的類似動態、行業限制。我們已經多次討論過更換週期，而且更換週期已被推遲。我認為這體現在相對強勁的二手設備價值上。由於供應限制，目前客戶的要求仍然超出我們的交付能力，因此我們已經與客戶討論過這個問題。如果供應限制緩解，可能有機會獲得更多供應。

And that's both with the nationals and the independents. Again here, if you look at the AWP segment, again against a very tough comp in 2022, our book-to-bill ratio was 112% in this segment. So good backlog, good order coverage. And again the reality here is that we're still in an allocation mode. And so I know this is going to sound strange, but we're in a position where we're trying to keep customers equally unhappy with the distributions we're getting. And so we're trying to keep things relatively consistent against historical patterns for the nationals and the independents. And again I think that speaks to the relative tightness that we've had in the market. So still constrained and the team is working to reduce the constraints, but again, backlog, market environment continues to appear robust across the customer base, not just in the large national accounts.

國民和獨立人士都是如此。再次在這裡，如果你看一下 AWP 細分市場，再次針對 2022 年非常艱難的競爭，我們在該細分市場的訂單出貨率為 112%。如此好的積壓，良好的訂單覆蓋率。再一次，這裡的現實是我們仍處於分配模式。所以我知道這聽起來很奇怪，但我們處於這樣一種境地，我們正試圖讓客戶對我們得到的分發同樣不滿意。因此，我們正努力使事情相對於國民和獨立人士的歷史模式保持一致。我認為這再次說明了我們在市場上的相對緊俏。因此仍然受到限制，團隊正在努力減少限制，但再次積壓，市場環境在整個客戶群中繼續顯得強勁，而不僅僅是在大型國民賬戶中。

Understood. And then just to follow up there on AWP. I was a little surprised to see the hospital inventory actually up but also, of course, the margin much stronger than what we were looking for. I usually sort of assume hospital inventory means headwinds to margin, so maybe you can square that with us. And specifically, I'm trying to think about, as those hospital inventories normalize, is there margin upside that might be sort of in our back pocket here.

明白了。然後只是跟進 AWP。我有點驚訝地看到醫院庫存實際上增加了，當然，利潤率也比我們預期的要高得多。我通常假設醫院庫存意味著利潤率的逆風，所以也許你可以與我們達成一致。具體來說，我正在考慮，隨著這些醫院庫存正常化，我們的后腰包是否有利潤空間。

And as Julie started with her comments, the team really did execute well. And you're right, Steve. We did see a modest increase in our hospital inventory to about $48 million, up from $36 million at the end of Q4, so I think that speaks to the level of disruption the team is seeing, but they're continuing to work to improve the continuity of supply. And we are seeing improvement, modest improvement, in the supply base in terms of on-time delivery. We are seeing modest improvements in the quantity or the level of supply. Our teams are driving that. There was a tremendous amount of work going on in our supply chain teams around the world to really increase the number of suppliers that we're working with, dual sourcing, modifying design.

當朱莉開始發表她的評論時，團隊確實執行得很好。你是對的，史蒂夫。我們確實看到我們的醫院庫存從第四季度末的 3600 萬美元略微增加到約 4800 萬美元，所以我認為這說明了團隊所看到的中斷程度，但他們正在繼續努力改善供應的連續性。我們看到供應基礎在準時交貨方面有所改善，適度改善。我們看到數量或供應水平略有改善。我們的團隊正在推動這一點。我們在世界各地的供應鏈團隊正在進行大量工作，以真正增加與我們合作的供應商數量、雙重採購、修改設計。

And so all of that work is occurring despite that because we're in the business where you need 100% of the parts to ship a product. Despite that, we still saw a slight increase in the hospital inventory in the quarter. That does create disruption, but as Julie said in her comments, they had good efficiency on the higher output that we were able to get that we were able to take -- the team was able to take to the bottom line. So we're continuing to work hard around the globe in both segments to drive continuity, reduce the disruptions and increase the quantity of supply. A lot of hard work, but again, the disruptions we're seeing are evident in that hospital inventory. And again it just takes one part for us not to be able to ship to a customer.

因此，儘管如此，所有這些工作仍在進行，因為我們從事的業務需要 100% 的零件來運送產品。儘管如此，我們仍然看到本季度醫院庫存略有增加。這確實造成了乾擾，但正如朱莉在她的評論中所說，他們在我們能夠獲得的更高產出方面效率很高——團隊能夠達到底線。因此，我們將繼續在全球範圍內在這兩個領域努力工作，以推動連續性、減少中斷並增加供應量。很多艱苦的工作，但同樣，我們看到的中斷在醫院庫存中很明顯。同樣，我們只需要一個部分就無法運送給客戶。

We'll move to our next question from Steve Barger at KeyBanc.

我們將轉到 KeyBanc 的 Steve Barger 的下一個問題。

Sorry. I missed your prepared comments, but with you already guiding this year above FY '24 consensus, people are going to be wondering around longer-term thoughts on your ability to drive growth, so to the extent that you can: What are your general thoughts on cycle longevity and just how you're positioning Terex for the next few years?

對不起。我錯過了您準備好的評論，但由於您今年的指導已經超過 24 財年的共識，人們將會對您推動增長的能力的長期想法感到疑惑，因此在您可以的範圍內：您的總體想法是什麼關於週期壽命以及未來幾年您如何定位特雷克斯？

Yes. Thanks. And good question. And again it's early to talk about 2024, but again if you look at our strong backlog coverage that we've seen, it's pretty much consistent the last 5 quarters. Governments around the world are pointing to infrastructure as a stimulus -- and we're seeing this as a robust nature around the world. And then when you put that on top of what's transpiring in the U.S., and I mentioned this, Steve, in my opening comments, about the infrastructure act, the Inflation Reduction Act and the CHIP Act (sic) [CHIPS Act], those are massive sums of money that are tailwinds against the current headwind of the macroeconomic rising interest rate environment.

是的。謝謝。好問題。現在談論 2024 年還為時過早，但如果你再看看我們所看到的強大的積壓報導，它在過去 5 個季度中幾乎是一致的。世界各國政府都指出基礎設施是一種刺激——我們認為這是世界各地的一種強大的性質。然後當你把它放在美國正在發生的事情之上時，史蒂夫，我在開場評論中提到了這一點，關於基礎設施法案、通貨膨脹減少法案和 CHIP 法案（原文如此）[CHIPS 法案]，那些是大量資金對當前宏觀經濟利率上升環境的不利因素起到了順風作用。

And so if you look at the mega trends that we're dealing with in that area, if you look at the consistent performance of our MP business and then the increase in sustainability of what we're doing in some of our environmental, as we highlighted one of the solutions this time -- and so the mega trends provide some degree of tailwind for us to potentially offset the headwinds that we have on the rising interest rate environment. So if I look at MP, again consistent performance around the globe, multiple verticals that we compete in. And we believe in that environment we're going to be able to drive growth. AWP, that has been constrained. Replacement cycle both in North America and in Europe has been constrained by overall market supply.

因此，如果你看看我們在該領域處理的大趨勢，如果你看看我們 MP 業務的一貫表現，然後看看我們在某些環境中所做的事情的可持續性的提高，因為我們這次強調了其中一個解決方案——因此大趨勢為我們提供了一定程度的順風，以抵消我們在利率上升環境中遇到的不利因素。因此，如果我看看 MP，再次在全球範圍內保持一致的表現，我們在多個垂直領域競爭。我們相信在這種環境下，我們將能夠推動增長。 AWP，已經被限制了。北美和歐洲的更換週期都受到整體市場供應的限制。

Again, the backdrop of those major infrastructure bills provide a tailwind against the headwind of a rising interest rate environment. And so as we look out with the replacement cycle, rental companies continuing to win, the industry continuing to grow, yes, we do believe, as we laid out in December, that we can be a growth company over the coming period of time. Now we all know, and as I said in December, it's not always linear, but as we set the company up, we believe we're set up to take advantage of the mega trends that are ahead of us to drive growth into the future. Obviously too early to talk about 2024 from a financial standpoint, but we have $1.1 billion of backlog for 2024. That is unheard of for us, for our business.

同樣，這些重大基礎設施法案的背景為利率上升環境的逆風提供了順風。因此，當我們展望更換週期時，租賃公司繼續獲勝，行業繼續增長，是的，我們確實相信，正如我們在 12 月所規劃的那樣，我們可以在未來一段時間內成為一家成長型公司。現在我們都知道，正如我在 12 月所說，它並不總是線性的，但隨著我們成立公司，我們相信我們已經準備好利用我們面前的大趨勢來推動未來的增長.從財務的角度來看，談論 2024 年顯然還為時過早，但我們在 2024 年有 11 億美元的積壓訂單。這對我們和我們的業務來說都是聞所未聞的。

And so we know there's a lot of cross currents out there and not the least of which is this rising interest rate environment, tightening credit conditions, but there's also some pretty significant tailwinds. And we think we'll position the business and we'll do the right course of action irrespective of what that macroeconomic environment is, but right now we -- it looks pretty strong for 2023. And again, we're not going to give guidance for 2024, and outlook, but we also never have $1.1 billion booked for the subsequent year. And so I think that also indicates there's an opportunity to potentially grow despite -- and we're not naive, despite the macroeconomic headwinds and a rising interest rate environment.

所以我們知道那裡有很多交叉流，其中最重要的是利率上升環境、信貸條件收緊，但也有一些非常重要的順風。我們認為，無論宏觀經濟環境如何，我們都會對業務進行定位並採取正確的行動方案，但現在我們 - 2023 年看起來相當強勁。再一次，我們不會給予2024 年的指導和展望，但我們也從未為下一年預訂 11 億美元。因此，我認為這也表明儘管存在宏觀經濟逆風和利率上升環境，但我們仍有可能增長的機會——而且我們並不天真。

Yes. That's really great context. And to your point about the interest rate environment, I know this will be hard to answer, but there's a lot of concerns around commercial real estate and specifically office. Have you ever tried to quantify your end market exposure by project type? Or do you have a guess how much of your fleet has been allocated in the past to office construction? And I'm just wondering. Do challenges in that specific area create a fleet overhang for your customers, or is that relatively small?

是的。這真是一個很好的背景。至於你關於利率環境的觀點，我知道這很難回答，但圍繞商業房地產，尤其是寫字樓，存在很多擔憂。您是否嘗試過按項目類型量化您的終端市場風險？或者您是否猜到您的機隊中有多少在過去被分配用於辦公建築？我只是想知道。該特定領域的挑戰是否會為您的客戶造成機隊過剩，還是相對較小？

So Steve, I think it's relatively -- first of all, we've tried -- we don't have precise information, so I can't give you a percentage. I do know that our -- well, especially on the AWP side, our larger customers report out where they believe their products are going, i.e., our products. And if you look at that macro environment and non-resi construction, clearly, office and retail is going to have a headwind in a rising interest rate environment. And that part of the business will be impacted. However, if you look at non-resi in totality, 40-plus percent of that is public. That's not going to be impacted in a rising interest rate environment. If you look at the CHIPS Act and the onshoring of chip manufacturing, the onshoring of battery manufacturing, those are being done for geopolitical reasons to improve the surety of supply. A rising interest rate environment is not going to adversely impact those projects. They're going to go forward.

所以史蒂夫，我認為這是相對的——首先，我們已經嘗試過——我們沒有準確的信息，所以我不能給你一個百分比。我知道我們的 - 好吧，特別是在 AWP 方面，我們的大客戶報告了他們認為他們的產品的發展方向，即我們的產品。如果你看看宏觀環境和非住宅建設，很明顯，在利率上升的環境下，寫字樓和零售業將面臨逆風。這部分業務將受到影響。但是，如果您從整體上看非住宅，其中 40% 以上是公共的。這不會在利率上升的環境中受到影響。如果你看一下 CHIPS 法案和芯片製造的外包，電池製造的外包，這些都是出於地緣政治原因而進行的，以提高供應的保障。利率上升的環境不會對這些項目產生不利影響。他們要往前走。

And so that's why I say there's clearly a crosscurrent out there. There's the headwind of a rising interest rate environment. And it definitely will impact things like commercial real estate, office, no doubt, but the other parts of the business are larger. And that's the macro tailwind. And that's the headwind, tailwinds that we have. And we'll continue to position the business to be able to take advantage of that, but overall, non-resi construction, especially in North America, we think, is going to be strong for the next couple of years as a result of these mega investments. My predecessor is Ron. He said, "John, don't ever talk about the infrastructure bill because I talked about it for 20 years and it never happened." This is the first time we've actually had it. And so that's -- and I get it. It creates uncertainty. We understand that. We'll position the business.

所以這就是為什麼我說那裡顯然有一股逆流。存在利率上升環境的不利因素。毫無疑問，它肯定會影響商業地產、辦公室等事物，但業務的其他部分更大。這就是宏觀順風。這就是我們擁有的逆風和順風。我們將繼續定位業務，以便能夠利用這一點，但總體而言，我們認為，由於這些原因，未來幾年非住宅建築，尤其是在北美，將會很強勁大型投資。我的前任是羅恩。他說，“約翰，永遠不要談論基礎設施法案，因為我已經談論了 20 年，但從未發生過。”這是我們第一次真正擁有它。這就是 - 我明白了。它會產生不確定性。我們明白這一點。我們會定位業務。

We will take the appropriate actions irrespective of the environment, but we believe we'll position the business to take advantage of some positive headwinds. If they -- tailwinds, I should say. If they don't materialize, we'll take the appropriate action, but right now $1.1 billion going into 2024 is highly unusual for us. We think that speaks to the overall strength of the non-resi market.

無論環境如何，我們都將採取適當的行動，但我們相信我們將使企業能夠利用一些積極的逆風。如果他們 - 順風，我應該說。如果他們沒有實現，我們將採取適當的行動，但現在進入 2024 年的 11 億美元對我們來說是非常不尋常的。我們認為這說明了非電阻市場的整體實力。

We'll go next to Timothy Thein at Citigroup.

接下來我們將去花旗集團的 Timothy Thein。

So John, the first one just is on AWP. And I totally get it's very early to talk anything about '24, but I'm just curious how the team at Genie is planning, with respect to that, fourth quarter production levels as you look in into '24. And there's a lot of moving pieces with what's going on in Mexico. I'm just curious, your initial thoughts. You have to be informed to some degree by what you've seen in terms of order intake and backlog, so I'm just curious how the plan is currently kind of laid out in terms of expectations as to how you're exiting the year and thus now the inventory position going into '24.

約翰，第一個是關於 AWP 的。我完全明白現在談論'24 還為時過早，但我很好奇 Genie 的團隊是如何計劃的，當你看到'24 時，第四季度的生產水平。墨西哥正在發生的事情有很多感人之處。我只是好奇，你最初的想法。您必須在某種程度上了解您在訂單接收和積壓方面所看到的情況，所以我很好奇該計劃目前是如何根據對您如何退出這一年的期望來製定的因此現在庫存位置進入'24。

Thanks, Tim. So as Julie said in her opening comments, we are anticipating lower volume in the fourth quarter due to production days in the AWP segment, specifically the Genie business. As the supply chain begins to improve and we're able to improve our lead times -- because that's the other issue going on. We have excessive lead times right now across the industry. And as those begin to improve, I think you ought to receive return to some normalcy in customer order patterns because, customers, especially the larger customers, they were taking gear ahead of what they normally do because that's when we as -- in the industry can deliver that equipment to them.

謝謝，蒂姆。因此，正如 Julie 在開場評論中所說，由於 AWP 部門（特別是 Genie 業務）的生產日，我們預計第四季度的銷量會下降。隨著供應鏈開始改善，我們能夠縮短交貨時間——因為這是另一個問題。我們現在整個行業的交貨時間都過長。隨著這些開始改善，我認為您應該在客戶訂單模式中恢復到某種常態，因為客戶，尤其是大客戶，他們採取的措施比他們通常做的要早，因為那是我們在行業中的時候可以將設備交付給他們。

So they took things in the fourth quarter that they otherwise wouldn't. They took things in -- early in the first quarter that perhaps they otherwise wouldn't. So I think -- as the supply chain improves, demand stays strong, I think you'll see some more return to some degree of normalcy in production and rental companies in terms of -- in the northern hemisphere, where they take their products. So we're planning on in the fourth quarter for now. I mean that could change. Lower production volumes in Q4 is for no other reason than lower number of production days due to the holidays, but we're assuming a reduction in production in Q4, positioning us to improve or increase production in Q1 to meet the needs of the customers.

所以他們在第四節拿下了他們原本不會拿下的東西。他們在第一季度初接受了一些事情，否則他們可能不會接受。所以我認為——隨著供應鏈的改善，需求保持強勁，我認為你會看到生產和租賃公司在某種程度上恢復正常——在北半球，他們在那裡生產產品。所以我們現在計劃在第四季度進行。我的意思是這可能會改變。第 4 季度產量下降的原因無非是假期導致生產天數減少，但我們假設第 4 季度產量減少，以便我們在第 1 季度提高或增加產量以滿足客戶的需求。

Got it. Okay. And then just on MP, a lot of different product segments there and none of which have the same margin profile. I'm just curious, as you mentioned how you've reconfigured over there -- or changed the order policy. Is that resulting in any -- should we think about any -- from a mix standpoint, is there any major differences as we move to the balance of the year in terms of what your -- what you expect to deliver out of that backlog?

知道了。好的。然後就在 MP 上，那裡有很多不同的產品細分，但沒有一個具有相同的利潤率。我只是好奇，正如您提到的那樣，您是如何在那邊重新配置的——或者更改了訂單政策。這是否會導致任何 - 我們應該考慮任何 - 從混合的角度來看，當我們進入今年的餘額時，是否有任何重大差異 - 你希望從積壓中交付什麼？

No, not anything fundamentally different. As Julie said, we did have some favorable mix in the quarter in the aggregate segment. And we're anticipating that continues through the year but no substantive change, I will say, in the makeup. We did see some favorability in aggregate.

不，沒有任何根本的不同。正如 Julie 所說，本季度我們在聚合領域確實有一些有利的組合。我們預計這種情況會持續到今年，但我會說，在構成方面沒有實質性變化。總體而言，我們確實看到了一些好感。

Yes.

是的。

We'll go next to Steven Fisher at UBS.

我們將在瑞銀的 Steven Fisher 旁邊。

I'm wondering if you can comment on the price-versus-cost gap for the rest of the year. Are you expecting that to be wider, narrower or steady? And I guess, to maybe make it meaningful, how would that look excluding any of the Monterrey costs that you're going to be incurring?

我想知道您是否可以對今年剩餘時間的價格與成本差距發表評論。您希望它更寬、更窄還是更穩定？我想，為了讓它有意義，如果不包括您將要承擔的任何蒙特雷費用，那看起來會怎樣？

Thanks for the questions, Steve. So when you think about as far in 2022, we were -- as a total company, we were price cost negative in the first 6 months and then we became price cost neutral for the year of 2022. And so in particular -- so our objective is to continue to be price cost neutral for the year. We talk about offsetting material and freight and logistics costs. So we continue to see a dynamic inflationary environment and we've seen container freight decline and while we've seen RoRo increasing. So we've taken multiple pricing actions throughout 2022. We took further pricing actions in 2023 across the company. And so we're being transparent with our customers and distribution partners regarding that level of inflation we're seeing and why we need to take pricing actions.

謝謝你的問題，史蒂夫。因此，當您考慮到 2022 年時，我們是——作為一家整體公司，我們在前 6 個月的價格成本為負，然後我們在 2022 年實現了價格成本中性。特別是——我們的目標是今年繼續保持價格成本中性。我們談論抵消材料和運費和物流成本。因此，我們繼續看到一個動態的通貨膨脹環境，我們看到集裝箱運費下降，而我們看到 RoRo 增加。因此，我們在整個 2022 年採取了多項定價行動。我們在 2023 年在整個公司採取了進一步的定價行動。因此，我們對我們的客戶和分銷合作夥伴保持透明，了解我們所看到的通貨膨脹水平以及我們需要採取定價行動的原因。

For the -- if I look at it by business, the MP group is that they do dynamic pricing. And so they've been price cost neutral in 2022 and they continue to be price cost neutral for 2023. For AWP, they were price cost negative in the first 6 months of last year and were able to try to be neutral for the year. So we see higher pricing in the first 6 months of this year but with the objective of being price cost neutral for the whole year. So again, we're being transparent, and we expect to be price cost neutral for the year.

對於 - 如果我按業務來看，MP 組是他們進行動態定價。因此，他們在 2022 年保持價格成本中性，並在 2023 年繼續保持價格成本中性。對於 AWP，他們在去年前 6 個月的價格成本為負，並且能夠在今年嘗試保持中性。因此，我們看到今年前 6 個月的定價更高，但目標是全年保持價格成本中性。因此，我們再次保持透明，我們預計今年的價格成本將保持中立。

Okay. And then John, you mentioned a steady backlog. And when you look at the picture on Slide 20, it really shows that well, kind of a general leveling off. What's your expectation for how this is going to trend from here? I know you said there's going to be some more normalization of ordering, so does that mean just generally kind of a continued steady backlog? Or if it were to break out from here, what would be the most likely driver of that?

好的。然後約翰，你提到了穩定的積壓。當您查看幻燈片 20 上的圖片時，它確實顯示得很好，總體趨於平穩。您對從這裡開始的趨勢有何期望？我知道你說過會有更多的訂購正常化，那麼這是否意味著通常會持續穩定積壓？或者，如果它要從這裡爆發，最有可能的驅動因素是什麼？

Thanks. Great question, and let me answer it this way. Right now we're not as reliable a supplier as we'd like to be for our customer because a lot of what we're continuing to deliver is late to our original customer promise. And as the supply chain improves, we'll get back to our historic ability to -- when we say we're going to deliver it, we deliver it, versus being late. So I would not be surprised over time if backlog would come down and would get back to more historical levels of backlog. I don't think that implies anything necessarily about the market. I think it implies we're getting our lead times back to more normal levels, because right now really across the business our lead times are extended.

謝謝。好問題，讓我這樣回答。現在，對於我們的客戶而言，我們並不像我們希望的那樣可靠，因為我們繼續交付的許多產品都未能兌現我們最初對客戶的承諾。隨著供應鏈的改善，我們將恢復到我們的歷史能力——當我們說我們要交付它時，我們就會交付它，而不是遲到。因此，隨著時間的推移，如果積壓減少並回到更多的歷史積壓水平，我不會感到驚訝。我認為這並不一定意味著與市場有關的任何事情。我認為這意味著我們正在讓我們的交貨時間恢復到更正常的水平，因為現在我們整個行業的交貨時間都在延長。

So over time, I think, as the supply chain improves, we'll get to more normal ability to deliver on our delivery commitments. Our lead times will come into more normal levels. And as a result, I -- it's clearly possible backlog does decline to more historic levels, while the overall market remains buoyant. So that would not surprise me if that were to continue because it's showing that we're -- supply chain is finally coming back in balance. We're finally getting out of the disruption mode and getting back to what we normally do, which is to deliver on our commitments to our customers. And I think an improving supply chain is going to help us do that.

所以隨著時間的推移，我認為，隨著供應鏈的改善，我們將獲得更正常的能力來履行我們的交付承諾。我們的交貨時間將進入更正常的水平。結果，我 - 很明顯，積壓確實有可能下降到歷史新高，而整體市場仍然活躍。因此，如果這種情況繼續下去，我不會感到驚訝，因為這表明我們——供應鏈終於恢復平衡。我們終於擺脫了中斷模式，回到了我們通常做的事情，即兌現我們對客戶的承諾。我認為改善供應鏈將幫助我們做到這一點。

We'll go to our next question from David Raso at Evercore ISI.

我們將轉到 Evercore ISI 的 David Raso 提出的下一個問題。

Picking up on the order of thoughts, just curious. Are you starting to see enough normalization of what you can promise on lead times; or for whatever reason, customers a little skittish about '24, that -- are they having conversations now that said, "Hey. Look. If that's now the situation on lead time," or whatever it may be, "Let's push that conversation to September?" Just trying to get a read here on level of expectations about book-to-bill, particularly in AWP. Of course, the backlog is abnormally high and people like the visibility on '23, even starting '24, but just so we understand.

拾起思想的順序，只是好奇。您是否開始看到您可以承諾的交貨時間足夠正常化？或者出於某種原因，客戶對 24 年有點不安，他們現在的談話是不是說，“嘿。看。如果現在是交貨時間的情況，”或者不管它是什麼，“讓我們推動這個談話到九月？”只是想在這裡了解一下對訂單到賬單的期望水平，尤其是在 AWP 中。當然，積壓異常高，人們喜歡 23 年的知名度，甚至從 24 年開始，但正如我們所理解的那樣。

Are we starting to get what you're hearing around the sector broadly? With supply chains normalizing, you're going to see orders come down as people kind of rethink how early they need to order for '24. Or have you not seen any change in behavior from your customers? Because, the punchline, I think people are trying to figure out how much does book-to-bill go below 1? And are you seeing that already for 2Q? I'm just trying to level set those expectations.

我們是否開始廣泛了解您在整個行業中聽到的內容？隨著供應鏈正常化，你會看到訂單下降，因為人們有點重新考慮他們需要多早為 24 小時訂購。還是您沒有看到客戶的行為有任何變化？因為，妙語是，我認為人們正試圖弄清楚訂單出貨比低於 1 有多少？你是否已經在第二季度看到了？我只是想調整這些期望值。

All right, thanks, David. And you're right. In the AWP segment, in the quarter, our book-to-bill was 112%. And so we saw those. I mean a strong book-to-bill in the quarter. Over time, I think that probably does come down as supply chain continues to improve. Right now customers are thinking because there's still a percentage of what we're delivering which is late to our original delivery commitments. It's improving but not anywhere near the levels of our historical performance. So as supply chain improves -- lead times right now, David, still remain extended. And it's going to take time to get those lead times.

好的，謝謝，大衛。你是對的。在 AWP 部分，本季度我們的訂單出貨率為 112%。所以我們看到了那些。我的意思是本季度的訂單出貨量強勁。隨著時間的推移，我認為隨著供應鏈的不斷改善，這種情況可能會下降。現在，客戶正在考慮，因為我們交付的產品中仍有一部分延遲了我們最初的交付承諾。它正在改善，但遠未達到我們歷史表現的水平。因此，隨著供應鏈的改善——大衛，現在的交貨時間仍在延長。獲得這些交貨時間需要時間。

Again, we're being transparent with customers in terms of what our lead times are. And so as lead times improve, that will translate to customer, I think, buying behavior getting back to the more seasonal pattern that we've seen historically. And so I think, as things improve, I think we will see a more -- return to more seasonal normal discussions with customers. I will say we do have customers, especially the larger ones, that are looking out beyond the year.

同樣，我們在交貨時間方面對客戶保持透明。因此，隨著交貨時間的縮短，我認為這將轉化為客戶的購買行為回到我們歷史上看到的更具季節性的模式。因此，我認為，隨著情況的改善，我認為我們將看到更多——恢復與客戶的季節性正常討論。我要說的是，我們確實有客戶，尤其是大客戶，他們正在展望未來。

We're not signing contracts beyond a year, but we're engaged in what does your demand look like for a multiyear period of time and having those dialogues.

我們不會簽署超過一年的合同，但我們正在研究您在多年時間段內的需求，並進行這些對話。

And let me be clear: We're not signing contracts that hasn't made that step, but the dialogue about what their needs are across a multiyear environment, yes, those dialogues are absolutely taking place. And I do think the book-to-bill will probably come down as -- with the backlog as supply chain continues to improve, but I don't -- again I don't think, David, you need to read in -- that's a significant reduction in demand in the marketplace. I think that's returning to a more normal environment. I don't see that in the next quarter, all right, but I do see improvement in supply chain. We're anticipating that in our outlook. We are seeing improved -- supply chain improvement over the course of the year. That's our assumption today.

讓我明確一點：我們不是在簽署沒有邁出這一步的合同，而是在多年環境中就他們的需求進行對話，是的，這些對話絕對在進行。而且我確實認為，隨著供應鏈的不斷改善，訂單出貨比可能會下降，但我不認為，大衛，你需要讀一讀——這是市場需求的顯著減少。我認為這正在回歸到一個更正常的環境。我看不到下個季度，好吧，但我確實看到供應鏈有所改善。我們在我們的展望中期待這一點。我們看到了改進——供應鏈在這一年中得到了改善。這是我們今天的假設。

Yes. I mean that's all logical. And so I think we all are trying to dance with these. Backlogs are so big. The order comps are hard. It makes sense they're down, but how much is it really a reflection on '24 demand? Or is it just normalizing behavior because supply chains are normalizing a bit. So theoretically...

是的。我的意思是這一切都是合乎邏輯的。所以我認為我們都在嘗試與這些共舞。積壓如此之大。訂單補償很難。他們下跌是有道理的，但這在多大程度上真正反映了 24 小時的需求？或者它只是使行為正常化，因為供應鏈正在一點點正常化。所以理論上...

(inaudible), David, normalizing behavior. I mean we're not...

（聽不清），大衛，規範行為。我是說我們不是...

(inaudible) 2Q, you're not hearing that per se, like people pushing out conversations to think and we are thinking about (inaudible)...

（聽不清）2Q，你本身並沒有聽到，就像人們推動對話來思考而我們正在考慮（聽不清）......

We're -- in the AWP segment, we're pretty much booked out for 2023, with potential conversations with, if we're able to get a little bit better production, customers would actually take more than we've committed to. That's the current environment we're in right now within the AWP segment.

我們 - 在 AWP 部分，我們幾乎已經預訂了 2023 年，與潛在的對話，如果我們能夠獲得更好的生產，客戶實際上會比我們承諾的更多。這就是我們目前在 AWP 部分所處的環境。

We'll go next to Michael Feniger at Bank of America.

接下來我們將介紹美國銀行的 Michael Feniger。

Apologies if you already kind of hit on this, but with your excess revenue now approaching about $2.8 billion for the year, you're kind of almost back in that '18, '19 period. Obviously there's been a lot more price, it feels like, this year in that revenue number. I'm just curious if production units are still below that '18, '19 level. And going forward, with Monterrey, your strategy there, does that give you any ability to add incremental capacity above those '18, '19 levels?

抱歉，如果您已經有點意識到這一點，但隨著您今年的超額收入現在接近 28 億美元，您幾乎回到了 18 年、19 年的那個時期。顯然，今年的收入數字感覺價格要高得多。我只是好奇生產單位是否仍低於 18 年、19 年的水平。展望未來，在蒙特雷，你的戰略，這是否讓你有能力增加超過 18 歲、19 歲水平的增量能力？

Thank you, Michael. We are currently producing below the '18, '19 levels within the Genie business. And with the investment we made in our Watertown facility and with an improved supply chain, we should be able to get increased production out of the Watertown facility. So right now we're producing at lower levels than we produced in 2018 and 2019. On the Monterrey facility -- I think this is very important. The Monterrey facility for Terex and Genie specifically was to improve our global competitiveness and diversify our global footprint. Yes, it will provide some incremental capacity, but that's not why we made the investment. We made the investment to improve our global cost competitiveness and then to utilize a Mexico supply chain as well.

謝謝你，邁克爾。我們目前在 Genie 業務中生產低於 18 年、19 年的水平。通過我們對 Watertown 工廠的投資和改進的供應鏈，我們應該能夠提高 Watertown 工廠的產量。所以現在我們的生產水平低於 2018 年和 2019 年的水平。在蒙特雷工廠——我認為這非常重要。特雷克斯和吉尼在蒙特雷的工廠專門用於提高我們的全球競爭力並使我們的全球足跡多樣化。是的，它將提供一些增量容量，但這不是我們進行投資的原因。我們進行了投資以提高我們的全球成本競爭力，然後也利用了墨西哥的供應鏈。

And we think that will put us in a strong position both for supplying our Monterrey facility but also supplying our U.S.-based manufacturing. So Monterrey was to diversify our global footprint, to improve our global cost competitiveness to compete globally around the world from a cost competitiveness standpoint and modest incremental capacity. We have the capacity we need to support the growth that we have. We'll look to add in other regions of the world to be local for local in some instances, but again that's -- our strategic rationale for Monterrey was not to add capacity. Yes, we get some incremental. It was to significantly improve our global cost competitiveness, diversify our footprint in a challenging global economic environment.

我們認為這將使我們在供應蒙特雷工廠和美國製造方面處於有利地位。因此，蒙特雷要使我們的全球足跡多樣化，以提高我們的全球成本競爭力，以便從成本競爭力的角度和適度的增量能力的角度在全球範圍內展開競爭。我們擁有支持我們現有增長所需的能力。在某些情況下，我們會考慮將世界其他地區添加到本地，但這又是——我們對蒙特雷的戰略依據不是增加容量。是的，我們得到了一些增量。這是為了顯著提高我們的全球成本競爭力，使我們在充滿挑戰的全球經濟環境中的足跡多樣化。

And that's why we made the investment in Monterrey. And it's going to be a major source over the next 10 years and beyond for Genie from a source of production for not just North America but ultimately potentially global export as well. But that's, again, we invested to be globally cost competitive for the next decade, not for incremental capacity. We're not at 2018 and 2019 levels within the Genie footprint as we are today. We have opportunity to expand.

這就是我們在蒙特雷投資的原因。在未來 10 年及以後，它將成為 Genie 的主要來源，不僅是北美的生產來源，而且最終也可能成為全球出口的來源。但這再次表明，我們投資是為了在未來十年內具有全球成本競爭力，而不是為了增加產能。在 Genie 足跡中，我們不像今天那樣處於 2018 年和 2019 年的水平。我們有機會擴大。

Very helpful. And just on Materials Processing, you highlighted how inventories at the dealers is still low. Just curious how that should finish the year for 2023. Is '24 about replenishing those inventories? Any metrics, you could kind of help us with how low these inventories are for MP dealers compared to where they normally should be?

很有幫助。就材料加工而言，您強調了經銷商的庫存仍然很低。只是好奇 2023 年應該如何結束。'24 是關於補充這些庫存嗎？任何指標，你可以幫助我們了解 MP 經銷商的這些庫存與正常情況相比有多低？

They are lower than normal. I think it is as is. We'll make progress as we move through 2023. Are we necessarily assuming get all the way back to historical levels? No, not at this time, but we will improve the situation. And again, the order book for the MP business, in our aggregates business, was not open for the entire quarter because we were still slotting orders. And again they're happening to ensure that we don't cut off any dealers so that there's equal allocation, if you will, around the world. As production improves, we'd expect to -- for that to improve for us as we go forward and less allocation. We're still in an allocating mode today.

它們低於正常值。我認為它是原樣。到 2023 年，我們將取得進展。我們是否有必要假設一切都回到歷史水平？不，不是現在，但我們會改善這種情況。同樣，在我們的骨料業務中，MP 業務的訂單簿在整個季度都沒有開放，因為我們仍在安排訂單。他們再次發生，以確保我們不會切斷任何經銷商，以便在世界範圍內實現平等分配。隨著產量的提高，我們希望——隨著我們前進和減少分配，我們會有所改善。我們今天仍處於分配模式。

We'll go next to Tami Zakaria at JPMorgan.

我們接下來會去摩根大通的 Tami Zakaria。

So just to clarify. And I'm sorry if I -- if you've already mentioned this, but price cost in the first quarter, was it positive? So my understanding was that the first half would see price cost sort of positive, but then it tapers in the back half to get you to a neutral level for the year. Is that the right way to think about it?

所以只是為了澄清。很抱歉，如果我 - 如果你已經提到過這一點，但第一季度的價格成本是積極的嗎？所以我的理解是，上半年的價格成本會有點積極，但隨後會在後半年逐漸減少，讓你達到今年的中性水平。這是正確的思考方式嗎？

I think we think about that, as we go through the year, what you see is you see that we took pricing actions throughout 2022. And that pricing comes through into 2023, so there's a greater impact in the first half to the second half when you're thinking about incremental pricing for the AWP. For MP, it's they've been dynamically pricing all along, so they've been -- they've kept up with price costs drop throughout.

我想我們會考慮這一點，隨著我們度過這一年，您會看到我們在整個 2022 年都採取了定價行動。定價會持續到 2023 年，因此上半年到下半年的影響更大您正在考慮 AWP 的增量定價。對於 MP，他們一直在動態定價，所以他們一直 - 他們一直跟上價格成本的下降。

So price cost will be neutral for the rest of the year for AWP.

因此，對於 AWP，今年剩餘時間的價格成本將保持中性。

Yes, yes. So remember our objective is to offset material freight and logistics costs.

是的是的。所以請記住我們的目標是抵消材料運費和物流成本。

Got it. And so you raised the full year guidance by, call it, about $200 million. How much of that is a better volume outlook versus incremental pricing?

知道了。因此，您將全年指導提高了大約 2 億美元。與增量定價相比，其中有多少是更好的銷量前景？

So from our original outlook, almost all of that is -- increase is related to volume and not price.

因此，從我們最初的展望來看，幾乎所有這些都是——增長與數量而不是價格有關。

We'll move next to Seth Weber at Wells Fargo.

我們將搬到 Wells Fargo 的 Seth Weber 身邊。

This is [Larry Timothy] on for Seth this morning. Just wanted to ask about the utility business, what some of the dynamics there in terms of what you're seeing with demand and supply chain and order trends.

這是今天早上為賽斯準備的[拉里蒂莫西]。只是想問問公用事業業務，就您所看到的需求、供應鍊和訂單趨勢而言，那裡有哪些動態。

So the utilities business remains quite strong. And in terms of backlog, we're pretty much covered up for 2023. And booking into -- well into 2024 in the utilities business, especially in our highly customized units. We're really seeing strength across the segments that we serve. The transmission network continues to be strong. The independent utilities and public power utilities, their demand remains robust. The rental and contractor segment remains strong; and tree care, given everything that transpired in California, the tree care. So really across all 4 segments, we're continuing to see strong growth and tailwinds. Supply chain has started to improve there. We were significantly impacted in that business, especially around chassis and bodies and the sequencing of receiving chassis bodies and then the booms that we put on there.

因此，公用事業業務仍然相當強勁。就積壓而言，我們幾乎已經解決了 2023 年的問題。並預訂到 2024 年的公用事業業務，尤其是我們高度定制的部門。我們確實看到了我們所服務的各個細分市場的實力。傳輸網絡繼續強大。獨立公用事業和公共電力事業，他們的需求依然強勁。租賃和承包商部門依然強勁；考慮到加利福尼亞發生的一切，樹木護理。因此，實際上在所有 4 個細分市場中，我們將繼續看到強勁的增長和順風。那裡的供應鏈已經開始改善。我們在該業務中受到了重大影響，特別是圍繞底盤和車身以及接收底盤車身的順序，然後是我們在那里安裝的動臂。

We're beginning to see improvement in chassis availability. Body availability has improved as well. And we're beginning to see the hydraulics supply to -- improve. So we're beginning to see slowly but surely some increased output as supply chain improves in that business and just very strong market demand across the segments that we compete in. And that makes sense as we talk about the electrification and the needs in North America are quite expensive. The investments are significant.

我們開始看到機箱可用性的改善。身體可用性也有所提高。而且我們開始看到液壓系統供應 - 改善。因此，隨著該業務供應鏈的改善以及我們競爭的各個細分市場的非常強勁的市場需求，我們開始緩慢但肯定地看到一些產量增加。當我們談論北美的電氣化和需求時，這是有道理的相當昂貴。這些投資是巨大的。

And we anticipate that to be a strong market, a multiyear strong market, given the investments required in the electrical grid network just in the United States alone, but Canada and Mexico also has to do. And we also have some growth in China associated with that business, so all in all, we think that's going to be a multiyear tailwind given the needs of the electrical grid in that business. And we see that in our backlog.

我們預計這將是一個強大的市場，一個多年的強大市場，考慮到僅在美國就需要對電網進行投資，但加拿大和墨西哥也必須這樣做。我們在中國也有一些與該業務相關的增長，所以總而言之，考慮到電網在該業務中的需求，我們認為這將是一個多年的順風。我們在積壓工作中看到了這一點。

Okay, great. That's great color. Appreciate it. And just switching gears a little bit. Just in terms of your expectations for price cost neutrality for the year, what are your expectations for steel prices that are embedded in your guide? And if you could remind us how you would manage the movement in steel prices.

好的，太好了。那是很棒的顏色。欣賞它。只是稍微換一下檔位。就您對今年價格成本中性的預期而言，您對指南中包含的鋼材價格有何預期？如果您能提醒我們您將如何管理鋼鐵價格的變動。

Thanks for the questions. So we do have a hedging program. And so we hedge 60% of our North American HRC steel requirements for our Genie business. And so -- and it's a rolling program, so we're hedging out and so we're averaging the cost. And so for the remainder of the year, we're anticipating about a $950 per ton assumption, for the remainder of the year.

感謝您的提問。所以我們確實有一個對沖程序。因此，我們為 Genie 業務對沖了 60% 的北美 HRC 鋼材需求。所以 - 這是一個滾動計劃，所以我們正在對沖，所以我們正在平均成本。因此，對於今年餘下的時間，我們預計今年餘下時間的假設價格約為每噸 950 美元。

We'll go next to Jamie Cook at Credit Suisse.

我們將去瑞士信貸的 Jamie Cook 旁邊。

Congrats on a nice quarter. I mean most of the questions have been asked. I guess, one, Julie, just on the guidance, if you look at the -- your guidance, it implies the first quarter is probably the highest-EPS quarter, where generally it's the lowest in earnings, generally; improved sort of sequentially. So outside of Monterrey, I'm just trying to understand why the first quarter would be one of the highest quarters versus normal seasonality for your business.

祝賀一個不錯的季度。我的意思是大多數問題都被問到了。我想，一個，朱莉，就指導而言，如果你看一下——你的指導，這意味著第一季度可能是每股收益最高的季度，一般來說，它的收益通常是最低的；順序改進排序。因此，在蒙特雷之外，我只是想了解為什麼第一季度是最高季度之一，而不是您業務的正常季節性。

Thanks for the questions, Jamie. I mean we're -- we've got -- we increased our sales outlook to $4.8 billion to $5 billion, which includes all the latest dialogue with our customers and suppliers. We anticipate a higher because customer demand remains strong and we saw some slight improvement in supply chains. Our sales are expected, though, to be relatively consistent in Q2 and Q3 and down slightly in Q4 due to lower production days. So we expect our MP sales and margins to be relatively consistent for the remainder of the year. We anticipate AWP sales to be relatively consistent in Q2 and Q3 and down slightly in Q4 due to normal seasonality and lower production days. The AWP margins are expected to be negatively impacted primarily due to the manufacturing inefficiencies due to those scheduled production moves to our Monterrey facility. And that will have a greater impact in the second half of the year than it does in the second quarter. So relatively -- so that's what we're thinking and that's where we're at. So overall we're pleased that we were able to increase the outlook. And the team executed really well.

謝謝你的問題，傑米。我的意思是我們 - 我們已經 - 我們將銷售前景提高到 48 億美元至 50 億美元，其中包括與我們的客戶和供應商的所有最新對話。我們預計會更高，因為客戶需求依然強勁，而且我們看到供應鏈略有改善。不過，我們的銷售額預計在第二季度和第三季度相對穩定，而由於生產天數減少，第四季度略有下降。因此，我們預計我們的 MP 銷售額和利潤率在今年剩餘時間裡將保持相對穩定。由於正常的季節性和較低的生產天數，我們預計 AWP 銷售額在第二季度和第三季度相對穩定，而在第四季度略有下降。預計 AWP 利潤率將受到負面影響，這主要是由於那些預定的生產轉移到我們的蒙特雷工廠導致製造效率低下。這將在今年下半年產生比第二季度更大的影響。所以相對來說——這就是我們的想法，這就是我們所處的位置。所以總的來說，我們很高興我們能夠提高前景。團隊執行得非常好。

And that does conclude our question-and-answer session. At this time, I would like to turn the conference back over to John Garrison for closing remarks.

這確實結束了我們的問答環節。此時，我想將會議轉回給 John Garrison 作閉幕詞。

Thank you, operator. And please, if there are additional questions -- we know you have to drop and get on a couple more calls here this morning. If you have additional questions, please follow up with Julie and Jon or Paretosh. And stay safe. Stay healthy. And thank you for your interest in Terex.

謝謝你，運營商。如果還有其他問題，我們知道您今天早上必須掛斷電話並接聽更多電話。如果您有其他問題，請與 Julie 和 Jon 或 Paretosh 聯繫。並保持安全。保持健康。感謝您對特雷克斯的關注。

Operator, please disconnect the call.

接線員，請掛斷電話。

Thank you. And that does conclude today's conference. Again thank you for your participation. You may now disconnect.

謝謝。今天的會議到此結束。再次感謝您的參與。您現在可以斷開連接。