Terex Corp (TEX) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Terex Third Quarter 2023 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Paretosh Misra, Head of Investor Relations.

您好，歡迎參加特雷克斯 2023 年第三季業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係主管 Paretosh Misra。

Good morning, and welcome to the Terex third quarter 2023 earnings conference call. 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.

早上好，歡迎參加特雷克斯 2023 年第三季財報電話會議。新聞稿和簡報投影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.

董事長兼執行長約翰·加里森 (John Garrison) 也加入了我們的行列；以及資深副總裁兼財務長 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.

請參閱簡報的投影片 2，其中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，這些陳述存在可能導致實際結果與明示或暗示的結果有重大差異的風險。

In addition, we will be discussing non-GAAP information we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call materials.

此外，我們將討論我們認為有助於評估公司經營績效的非公認會計準則資訊。這些非公認會計原則措施的調節可以在電話會議資料中找到。

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

請翻到幻燈片 3，我會將其交給約翰·加里森。

Thank you, Paretosh, and good morning. I'd like to welcome everyone to our earnings call and appreciate your interest in Terex. I would like to begin by thanking all Terex team members around the globe 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 the top priority of the company driven by Think Safe, Work Safe, Home Safe.

謝謝你，帕雷托什，早安。我歡迎大家參加我們的財報電話會議，並感謝您對特雷克斯的興趣。首先，我要感謝全球所有特雷克斯團隊成員在充滿挑戰的全球宏觀經濟環境中所做的傑出努力，以及他們對我們的零傷害安全文化和特雷克斯之道價值觀的持續承諾。在安全思考、安全工作、安全家居的推動下，安全仍是公司的首要任務。

I'm proud of the Terex team members resilience as they continue to work tirelessly to improve our performance for our customers, dealers and shareholders while maintaining a safe working environment.

我為特雷克斯團隊成員的韌性感到自豪，他們繼續不懈地努力，為我們的客戶、經銷商和股東提高績效，同時保持安全的工作環境。

Please turn to Slide 4 to review our strong third quarter financial results. This quarter, the team delivered sales of $1.3 billion, up 15% from last year. Operating margins of 12.7%, an expansion of 190 basis points from the prior year and earnings per share of $1.75, up 46% on a year-over-year basis. As a result of solid execution by our team members throughout the year and a robust backlog, we are increasing our full year earnings outlook to approximately $7.05 per share.

請參閱投影片 4 回顧我們強勁的第三季財務表現。本季度，該團隊實現銷售額 13 億美元，比去年增長 15%。營業利益率為 12.7%，較上年增長 190 個基點，每股收益為 1.75 美元，年增 46%。由於我們的團隊成員全年的紮實執行和大量的積壓工作，我們將全年盈利預期提高至每股 7.05 美元左右。

Please turn to Slide 5. Terex products have leading positions in diverse and attractive end markets. The global focus on sustainability is driving increasing investments in infrastructure, digitization, waste recycling and electrification. These megatrends provide additional growth opportunities for all of our businesses. Our MP aggregate business led by Powerscreen and Finlay have leading positions in global mobile crushing and screening markets that will benefit from growth in the demand for construction materials.

請參閱投影片 5。特雷克斯產品在多樣化且有吸引力的終端市場中處於領先地位。全球對永續發展的關注正在推動基礎設施、數位化、廢棄物回收和電氣化方面的投資不斷增加。這些大趨勢為我們所有業務提供了額外的成長機會。我們由 Powerscreen 和 Finlay 領導的 MP 骨材業務在全球行動破碎篩分市場中處於領先地位，將受益於建築材料需求的成長。

Mobile aggregate equipment has the benefits of reducing unnecessary material handling and the ability to recycle material at the point of use. MP brands, including Ecotec, CBI and Terex Washing Systems are at the forefront of developing innovative solutions to meet rising demand for recycling technologies.

移動骨材設備的優點是減少不必要的材料處理，並能夠在使用時回收材料。 Ecotec、CBI 和 Terex Washing Systems 等 MP 品牌處於開發創新解決方案的前沿，以滿足對回收技術不斷增長的需求。

Our utilities business offers a wide portfolio of products to support strengthening demand from electrification investments.

我們的公用事業業務提供廣泛的產品組合，以支持電氣化投資不斷增長的需求。

In our Genie Booms, scissors, verticals and telehandlers are essential components of any infrastructure or onshoring projects.

在我們的 Genie Booms 中，剪叉式起重機、立式起重機和伸縮臂叉裝機是任何基礎設施或岸上項目的重要組成部分。

Let's turn to Slide 6. We remain encouraged by the favorable trends in our key markets, especially in North America. The U.S. is investing in infrastructure with the 3 federal stemless programs that were passed in 2021 and 2022. These investments provide a source of resilient demand visibility over the next several years.

讓我們轉向幻燈片 6。我們仍然對主要市場（尤其是北美）的有利趨勢感到鼓舞。美國正在透過 2021 年和 2022 年通過的 3 項聯邦無幹計畫投資基礎設施。這些投資為未來幾年的彈性需求可視性提供了來源。

More than 35,000 projects representing an excess of $120 billion in funding have been announced or awarded. U.S. nonresidential construction spending is up 16% year-over-year. While manufacturing spending is up 63% in the last 12-month period, driven by multibillion dollar and multiyear investments related to semiconductor manufacturing, clean energy and EV battery projects.

超過 35,000 個項目已宣布或授予，資金總額超過 1,200 億美元。美國非住宅建築支出較去年同期成長 16%。在半導體製造、清潔能源和電動汽車電池項目相關的數十億美元和多年投資的推動下，製造業支出在過去 12 個月內增長了 63%。

In addition, the biggest growth areas in construction will be publicly financed or billed by manufacturers who are onshoring to reduce geopolitical risk and these investments are less sensitive to interest rates.

此外，建築業成長最快的領域將由公共融資或由在岸外包的製造商負責，以降低地緣政治風險，而且這些投資對利率的敏感度較低。

Our end market diversification is the strength, and we are excited about the opportunities to grow our business.

我們的終端市場多元化是我們的優勢，我們對業務成長的機會感到興奮。

Please turn to Slide 7 to review our backlog. Our Q3 backlog of $3.3 billion remains significantly above historical levels and is the second highest in recent history, providing healthy momentum going into 2024. Although backlog has declined sequentially from Q2 levels, this is a function of improved manufacturing production volumes and customer deliveries.

請前往投影片 7 查看我們的積壓工作。我們第三季的積壓訂單為33 億美元，仍顯著高於歷史水平，是近期歷史上第二高的，為進入2024 年提供了健康的勢頭。儘管積壓訂單較第二季度水平連續下降，但這是製造產量和客戶交付量提高的結果。

Consolidated Q3 bookings remained solid at approximately $900 million and reflects a return to more normal ordering patterns for our dealers and customers. Importantly, we are seeing minimal customer and dealer pushouts and cancellations.

第三季綜合預訂量維持在約 9 億美元的穩定水平，反映出我們的經銷商和客戶回歸了更正常的訂購模式。重要的是，我們看到客戶和經銷商的退出和取消數量極少。

The higher interest rates, inflation and geopolitical uncertainties have had an impact on Europe. And we are seeing softening in that market, but it's important to emphasize demand in North America is very strong.

較高的利率、通貨膨脹和地緣政治不確定性對歐洲產生了影響。我們看到該市場正在疲軟，但重要的是要強調北美的需求非常強勁。

For more than 2 years, our backlog levels have increased as we have been constrained in our production ability due to supply chain challenges. As we and the industry improved deliveries and lead times, our backlog will eventually return to normalized levels, which is a good thing for our customers.

兩年多來，由於供應鏈挑戰，我們的生產能力受到限制，因此我們的積壓水平有所增加。隨著我們和整個行業改善交付和交貨時間，我們的積壓訂單最終將恢復到正常水平，這對我們的客戶來說是一件好事。

In addition, elevated customer fleet ages and low dealer inventory levels continue to provide encouraging signs for the demand environment.

此外，客戶車隊年齡的延長和經銷商庫存水準的降低繼續為需求環境提供了令人鼓舞的跡象。

In our Genie business, the industry replacement cycle and significant global investments in infrastructure, onshoring and electrification creates a clear opportunity for future growth.

在我們的 Genie 業務中，行業更替週期以及對基礎設施、岸電和電氣化的重大全球投資為未來成長創造了明顯的機會。

In our MP segment, in addition to these favorable trends, dealer inventory levels remain low in several businesses.

在我們的 MP 領域，除了這些有利的趨勢外，一些業務的經銷商庫存水準仍然很低。

Overall, our customer feedback, bookings significant backlog and leading indicators give us confidence going into 2024.

整體而言，我們的客戶回饋、大量積壓的預訂和領先指標讓我們對 2024 年充滿信心。

Please turn to Slide 8. The global demand for waste recycling solutions is increasing driven by evolving regulations and consumer preferences. The MP segment is well positioned to capitalize on these opportunities. Our EvoQuip brand recently added a shredder capable of handling multiple applications, including construction and demolition waste. Our Ecotec metal separator can efficiently extract valuable metals from a variety of waste sources. And our CBI business continues to find new market applications for equipment, such as recycling of windmill blades. This eliminates the need for landfill disposal when blades are decommissioned and replaced.

請參閱投影片 8。在不斷變化的法規和消費者偏好的推動下，全球對廢棄物回收解決方案的需求不斷增加。 MP 細分市場已做好充分利用這些機會的準備。我們的 EvoQuip 品牌最近增加了一款碎紙機，能夠處理多種應用，包括建築和拆除廢棄物。我們的 Ecotec 金屬分離器可以有效地從各種廢物來源中提取有價值的金屬。我們的 CBI 業務不斷尋找設備的新市場應用，例如風車葉片的回收。這樣就無需在葉片退役和更換時進行垃圾掩埋處理。

I am confident the MP business will continue to provide innovative solutions to support the increasing demand for recycling technologies.

我相信 MP 業務將繼續提供創新解決方案，以滿足對回收技術日益增長的需求。

Please turn to Slide 9. Our sustainability practice deliver stakeholder value. During this quarterly investor call, we feature one of the pillars of our ESG strategy. This quarter, we are highlighting environmental stewardship.

請參閱投影片 9。我們的永續發展實踐為利害關係人帶來價值。在本次季度投資者電話會議中，我們重點介紹了 ESG 策略的支柱之一。本季度，我們強調環境管理。

Our 2023 sustainability report published earlier this week highlights products and solutions that enable our customers to operate in sustainable ways. Approximately 70% of our MP and Genie products are now offered with electric or hybrid options, while 10 of our sites are operating using 100% renewable energy.

我們本週稍早發布的 2023 年永續發展報告重點介紹了幫助我們的客戶以永續方式運作的產品和解決方案。我們大約 70% 的 MP 和 Genie 產品現在提供電動或混合動力選項，而我們的 10 個工廠正在使用 100% 再生能源運作。

We reached our 2024 greenhouse gas targets 2 years early and reduced our emissions intensity by 15% from our 2019 levels. We are proud of our team members' accomplishments in helping build a more sustainable economy.

我們提前兩年實現了 2024 年溫室氣體排放目標，並將排放強度較 2019 年水準降低了 15%。我們為我們的團隊成員在幫助建立更永續的經濟方面所取得的成就感到自豪。

Turning to Slide 10 for an update on our strategic operational priorities. We continue to make great progress on our execute, innovate and grow strategic initiatives. Our operations teams executed well during the third quarter, maintaining their focus on improving deliveries for our customers and continuing with cost reduction and productivity improvement initiatives.

請參閱投影片 10，以了解我們策略營運優先事項的最新情況。我們在執行、創新和發展策略性舉措方面繼續取得巨大進展。我們的營運團隊在第三季表現良好，繼續專注於改善客戶的交付，並持續實施降低成本和提高生產力的措施。

On a year-to-date basis, our sales are up 23% and operating margins are up 400 basis points, demonstrating the strength of our operating model and the improvements we've made over the last several years. Supply chain performance has improved throughout the year, but we continue to experience disruptions in the system.

今年迄今，我們的銷售額成長了 23%，營業利潤率成長了 400 個基點，證明了我們營運模式的優勢以及我們在過去幾年中取得的進步。供應鏈績效全年有所改善，但我們仍然遇到系統中斷的情況。

In the third quarter, our Monterrey, Mexico team members were focused on increasing production, start-up of our in-house paint systems and process improvements. I want to congratulate our Genie Monterrey team members for earning the prestigious LEED Gold certification, demonstrating our commitment to sustainable practices in design, construction and operations.

在第三季度，我們墨西哥蒙特雷的團隊成員專注於增加產量、啟動我們的內部油漆系統和製程改進。我要祝賀我們的 Genie Monterrey 團隊成員獲得了著名的 LEED 金級認證，這表明了我們對設計、施工和營運方面可持續實踐的承諾。

Our investments in new products and technologies will enable us to take advantage of the sustainability trends such as recycling, electrification and decarbonization. We remain confident in our ability to execute our strategy to deliver long-term shareholder value.

我們對新產品和技術的投資將使我們能夠利用回收、電氣化和脫碳等永續發展趨勢。我們對執行策略以實現長期股東價值的能力仍然充滿信心。

And with that, let me turn it over to Julie.

接下來，讓我把它交給朱莉。

Thanks, John, and good morning, everyone. Let's take a look at our third quarter financial performance found on Slide 11. Sales of $1.3 billion were up 15% year-over-year on higher volume and improved price realization necessary to mitigate rising costs. Sales in constant currency were up 13% as foreign currency translation positively impacted sales by $25 million or approximately 2%.

謝謝約翰，大家早安。讓我們來看看投影片 11 中的第三季財務業績。銷售額為 13 億美元，年成長 15%，這得益於銷量的增加和為緩解成本上升而必需的價格實現的提高。以固定匯率計算的銷售額成長了 13%，因為外幣換算對銷售額產生了 2,500 萬美元或約 2% 的正面影響。

Gross margins increased by 150 basis points in the quarter as volume, pricing, improved manufacturing efficiencies, cost-out initiatives and strict expense discipline helped to offset cost inflation.

由於產量、定價、製造效率的提高、成本削減計劃和嚴格的費用紀律有助於抵消成本上漲，本季毛利率增加了 150 個基點。

SG&A increased over the prior year due to inflation, incremental spend on new acquisitions and increased marketing, engineering and technology expenses. SG&A was 10% of sales, a decrease of 40 basis points from the prior year, with business investment offset by continued strict expense management throughout the company.

由於通貨膨脹、新收購的增量支出以及行銷、工程和技術費用的增加，SG&A 比前一年增加。 SG&A 佔銷售額的 10%，比上年下降 40 個基點，業務投資被整個公司持續嚴格的費用管理所抵銷。

Compared to last year, income from operations of $163 million increased 35%, operating margin of 12.7% was up 190 basis points, and our incremental margin was 25%. Interest and other expense of $14 million increased $1 million from the prior year as higher interest rates were partially offset by favorable mark-to-market adjustments.

與去年相比，營運收入為 1.63 億美元，成長了 35%，營運利潤率為 12.7%，成長了 190 個基點，增量利潤率為 25%。利息和其他費用為 1,400 萬美元，較上年增加 100 萬美元，因為較高的利率被有利的按市價調整部分抵消。

The third quarter global effective tax rate was 20%. Third quarter earnings per share of $1.75 increased 46%, representing a $0.55 improvement over last year. This strong performance was driven by increased volume, disciplined pricing and continued cost management.

第三季全球有效稅率為20%。第三季每股收益為 1.75 美元，成長 46%，比去年同期提高 0.55 美元。這種強勁的業績得益於銷售量的增加、嚴格的定價和持續的成本管理。

Free cash flow for the quarter was $106 million representing a $53 million improvement over the prior year, primarily driven by increased operating profit. Hospital inventory at the end of the third quarter was $20 million, a decrease of $3 million from the second quarter and a 68% improvement from the prior year. Free cash flow conversion was 89% in the quarter.

本季自由現金流為 1.06 億美元，比上年增加 5,300 萬美元，主要是由於營業利潤增加所致。第三季末醫院庫存為2,000萬美元，比第二季減少300萬美元，比去年同期增加68%。本季自由現金流轉換率為 89%。

On a year-to-date basis, our sales were up 23% over the prior year. Operating margins have expanded 400 basis points at an incremental margin of 30%. Earnings per share are up 90% and free cash flow has increased by over $200 million.

今年迄今，我們的銷售額比前一年成長了 23%。營業利益率擴大了 400 個基點，增量利潤率為 30%。每股盈餘成長 90%，自由現金流增加超過 2 億美元。

Let's take a look at our segment results, starting with our Materials Processing segment found on Slide 12. MP had another excellent quarter with consistently strong operational execution. Sales of $541 million increased 18% compared to the third quarter of 2022 and driven by strong demand for our aggregates, environmental and concrete products. On a foreign exchange neutral basis, sales were up 16%.

讓我們來看看我們的部門業績，從幻燈片 12 上的材料加工部門開始。MP 又一個出色的季度，始終保持強勁的營運執行力。在對我們的骨材、環保和混凝土產品的強勁需求的推動下，銷售額較 2022 年第三季成長 18%，達到 5.41 億美元。在外匯中性的基礎上，銷售額成長了 16%。

MP operating profit increased 37% over the prior year driven by higher sales volumes, favorable product and geographic mix, improved manufacturing efficiencies and disciplined cost management with strong operating margins of 16.9%, up 230 basis points. MP's incremental margin was 29%.

由於更高的銷量、有利的產品和地理組合、提高的製造效率以及嚴格的成本管理，MP 營業利潤比上年增長了 37%，營業利潤率高達 16.9%，增長了 230 個基點。 MP 的增量利潤率為 29%。

MP ended the quarter with backlog of approximately $900 million. The backlog remains robust and is approximately 2x historical norms. Bookings were slightly higher than historical averages for the third quarter.

截至本季末，MP 的積壓金額約為 9 億美元。積壓訂單依然強勁，大約是歷史正常水準的 2 倍。第三季的預訂量略高於歷史平均。

On Slide 13, see our Aerial Work Platforms segment financial results. AWP had a solid quarter with sales of $751 million, up 13% compared to the prior year on higher demand, improved supply chain and disciplined pricing actions to offset cost pressures.

在投影片 13 上，查看我們的高空作業平台部門的財務表現。由於需求增加、供應鏈改善以及為抵銷成本壓力而採取的嚴格定價行動，AWP 季度銷售額達到 7.51 億美元，較上年增長 13%。

On a foreign exchange neutral basis, sales were up 11%. AWP operating profit increased 47% over the prior year, and the team delivered operating margins of 12.5% in the quarter, up 290 basis points from last year with an incremental margin of 34%. The improvement was the result of higher sales volumes, favorable geographic mix and cost reduction initiatives offsetting increasing costs and moderate start-up inefficiencies.

在匯率中立的基礎上，銷售額成長了 11%。 AWP 營運利潤比上年增長 47%，該團隊本季營運利潤率為 12.5%，比去年增長 290 個基點，增量利潤率為 34%。這一改善是由於銷售增加、有利的地理組合和成本降低措施抵消了成本增加和適度的啟動效率低下所造成的。

Genie had a strong quarter but our utilities business was negatively impacted by manufacturing inefficiencies due to supply chain issues and related unfavorable product mix.

Genie 的季度表現強勁，但我們的公用事業業務因供應鏈問題和相關不利的產品組合而導致製造效率低下，受到負面影響。

Bookings of $536 million were up 4% sequentially and at levels typical of historical Q3 bookings with a solid backlog of $2.5 billion, which is 3x the historical norm. Negotiations with the national accounts continue, and we expect to return to seasonally higher bookings in Q4.

預訂量為 5.36 億美元，比上一季成長 4%，處於第三季歷史預訂的典型水平，積壓金額達 25 億美元，是歷史正常水平的 3 倍。與國民帳戶的談判仍在繼續，我們預計第四季度的預訂量將恢復到季節性較高的水平。

Please see Slide 14 for an overview of our disciplined capital allocation strategy our strong balance sheet provides us with financial flexibility to invest in our future growth. Year-to-date free cash flow has increased $205 million over the prior year. We continue to invest in our business with Q3 capital expenditures of $34 million primarily related to our Monterrey facility. We increased our dividend 31% since the beginning of the year, which reflects our continued confidence in the company's strong financial position and future prospects.

請參閱投影片 14，以了解我們嚴格的資本配置策略概述。我們強大的資產負債表為我們提供了投資於未來成長的財務靈活性。年初至今，自由現金流比前一年增加了 2.05 億美元。我們繼續投資我們的業務，第三季資本支出為 3,400 萬美元，主要與我們的蒙特雷工廠相關。自年初以來，我們將股息增加了 31%，這反映了我們對公司強勁的財務狀況和未來前景的持續信心。

Year-to-date, we have returned $66 million to our shareholders and are currently purchasing shares as we believe our shares are an attractive investment.

今年迄今為止，我們已向股東返還 6,600 萬美元，目前正在購買股票，因為我們相信我們的股票是一項有吸引力的投資。

We have no debt maturities until 2026 and 85% of our debt is at a fixed rate of 5% until the end of the decade. In addition, we have paid down $118 million of debt over the last 12 months. Our net leverage remains low at 0.5x, which is well below our 2.5x target through the cycle. We have ample liquidity of $846 million, and we reported a return on invested capital over 29%, well above our cost of capital. The company is in an excellent position to execute our plan and grow the business.

直到 2026 年，我們的債務才到期，並且到本十年末，我們 85% 的債務的固定利率為 5%。此外，我們在過去 12 個月還清了 1.18 億美元的債務。我們的淨槓桿率仍處於 0.5 倍的低水平，遠低於我們整個週期 2.5 倍的目標。我們擁有 8.46 億美元的充足流動性，投資資本回報率超過 29%，遠高於我們的資本成本。該公司處於執行我們的計劃和發展業務的絕佳位置。

Now turning to Slide 15 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 15 和我們更新的全年展望。重要的是要認識到我們正處於一個充滿挑戰的宏觀環境中，存在許多變數和地緣政治不確定性，因此結果可能會發生負面或正面的變化。話雖如此，這一更新的前景代表了我們迄今為止的最佳估計。

Thanks to the strong performance of our team members and robust backlog, we are raising our 2020 (sic) [2023] outlook to approximately $7.05 per share and over 60% improvement from 2022. Our increased sales outlook of approximately $5.15 billion represents a 17% increase from the prior year and incorporates the latest dialogue with our customers and our suppliers. Our sales in the fourth quarter of the year are expected to be sequentially lower due to normal production seasonality and supply chain challenges but consistent with prior year.

由於我們團隊成員的出色表現和強勁的積壓訂單，我們將2020 年（原文如此）[2023] 的前景提高至每股約7.05 美元，較2022 年提高了60% 以上。我們的銷售前景增加了約51.5 億美元，相當於成長了17%比前一年增加，並融入了與我們的客戶和供應商的最新對話。由於正常的生產季節性和供應鏈挑戰，我們今年第四季的銷售額預計將環比下降，但與去年持平。

We are maintaining our operating margin outlook of approximately 13%, a 350 basis point improvement from the last year. We reaffirm our free cash flow outlook of $375 million for the full year, approximately $225 million higher than the prior year. Let's take a look at our updated segment outlook.

我們維持約 13% 的營業利潤率預期，較去年提高 350 個基點。我們重申全年自由現金流前景為 3.75 億美元，比前一年增加約 2.25 億美元。讓我們來看看更新後的細分市場前景。

Based upon MP's continued strong execution, we are increasing our sales look to over $2.2 billion at an operating margin of approximately 16.1%. We expect MP's fourth quarter sales to be up slightly in Q3 and margins to be sequentially lower due to a less favorable geographic and product mix.

基於 MP 持續強勁的執行力，我們將銷售額預期提高到 22 億美元以上，營業利潤率約為 16.1%。我們預計 MP 第三季第四季銷售額將小幅成長，而由於地理和產品組合不太有利，利潤率將環比下降。

This outlook represents a 15% increase in sales and an 80 basis point improvement in operating margin from the prior year.

這項展望意味著銷售額比上年增長 15%，營業利潤率比上年提高 80 個基點。

The Genie team has executed well, and as a result, we are increasing our AWP sales outlook to over $2.9 billion. We expect the sequential decline in AWP's fourth quarter sales due to fewer production days. We are updating our full year operating margin outlook to approximately 13.3% due to material supply chain issues impacting our utilities business.

Genie 團隊表現良好，因此，我們將 AWP 銷售前景提高至超過 29 億美元。我們預計，由於生產天數減少，AWP 第四季銷售額將季減。由於材料供應鏈問題影響了我們的公用事業業務，我們將全年營業利潤率預期更新為約 13.3%。

AWP's outlook reflects a 540 basis point improvement from the prior year at an incremental margin over 40%.

AWP 的前景較前一年提高了 540 個基點，增量利潤率超過 40%。

On behalf of my fellow Terex team members, I want to thank John for his significant contribution, leadership and dedicated years of service to Terex, and we hand his family a happy retirement. John has been instrumental in transforming our company into the Terex of today, which comprises a very strong portfolio of market-leading businesses worldwide. Under his leadership Terex has experienced remarkable success and remains well positioned for continued growth.

我謹代表我的特雷克斯團隊成員，感謝約翰為特雷克斯做出的重大貢獻、領導能力和多年的奉獻服務，我們祝福他的家人過著幸福的退休生活。約翰在將我們公司轉變為今天的特雷克斯方面發揮了重要作用，特雷克斯在全球範圍內擁有非常強大的市場領先業務組合。在他的領導下，特雷克斯取得了巨大的成功，並保持了持續成長的良好動力。

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

話雖如此，我會把它轉回給你，約翰。

Thanks, Julie. Turning to Slide 16 to conclude my prepared remarks. Terex is well positioned for growth to deliver long-term value for our stakeholders because we have a strong portfolio of diverse market-leading businesses that operate in attractive growth markets and are well positioned for long-term profitable growth. This growth is going to be bolstered by attractive global megatrends. We deployed our operating systems across the businesses, improving our execution, allowing us to generate consistent profitability and superior return on our invested capital.

謝謝，朱莉。轉向投影片 16 來結束我準備好的發言。特雷克斯處於有利的成長位置，可以為我們的利益相關者創造長期價值，因為我們擁有強大的多元化市場領先業務組合，這些業務在有吸引力的成長市場中運營，並且處於長期盈利增長的有利位置。這種成長將受到有吸引力的全球大趨勢的推動。我們在各個業務部門部署了操作系統，提高了執行力，使我們能夠產生穩定的獲利能力和卓越的投資回報。

We have a strong balance sheet and cash flow to support our growth plan. And we have a global, experienced and resilient leadership team that has clearly demonstrated the ability to create value. It has been an honor to help the company positioned for sustainable, profitable growth and to make progress towards becoming a workplace where all team members feel included with a voice in the enterprise.

我們擁有強大的資產負債表和現金流來支持我們的成長計畫。我們擁有一支經驗豐富、富有韌性的全球領導團隊，他們清楚地展現了創造價值的能力。我們很榮幸能夠幫助公司實現可持續的盈利增長，並在成為所有團隊成員都感到自己在企業中擁有發言權的工作場所方面取得進展。

Leading Terex has been the highlight of my career. Without a doubt, our success and achievements have been driven by our dedicated, engaged team members who live our Terex Way values and Zero Harm safety culture each and every day. Terex is in a strong position and now is the time to begin the transition to the next leader.

領導特雷克斯是我職涯的亮點。毫無疑問，我們的成功和成就是由我們敬業、敬業的團隊成員推動的，他們每天都實踐我們的特雷克斯之道價值觀和零傷害安全文化。特雷克斯處於強勢地位，現在是開始向下一任領導者過渡的時候了。

I've had the privilege of working closely with Simon for a number of years. He has proven to be a global strategic thinker with a natural ability to team and drive results. I have great confidence that he is the right leader for Terex as the company focuses on delivering long-term value for our stakeholders.

我有幸與西蒙密切合作多年。事實證明，他是一位全球策略思想家，具有天生的團隊合作和推動成果的能力。我非常相信他是特雷克斯的正確領導者，因為該公司專注於為我們的利害關係人提供長期價值。

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

說到這裡，讓我把話題轉回帕累托什。

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）因此，我想打開它來提問。操作員？

(Operator Instructions) Our first question comes from Stanley Elliott from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Stanley Elliott。

John for starters. And congratulations on the transformation that's been impressive to watch. First question here on the backlog, still incredibly healthy. Can you all talk about the visibility that you have? I mean, I'm assuming you guys are close to fully booked for '24. Maybe what sort of visibility does that give you into 25? And then maybe any commentary on pricing or mix in those numbers.

首先是約翰。恭喜您發生的令人印象深刻的轉變。關於積壓的第一個問題，仍然非常健康。大家可以談談你們的知名度嗎？我的意思是，我假設你們 24 年的預訂已經接近滿了。也許 25 會為你帶來什麼樣的可見度？然後可能是對定價或這些數字的混合的任何評論。

Yes. Thanks, Stan. If we look at our overall backlog of $3.3 billion, it's 3x our historical norms and total bookings of about $900 million in the quarter were solid and actually slightly higher than our historical averages that we've experienced. Our book-to-bill, I think, has been consistent with improving supply chain and customer deliveries. And really, the thing will be beginning to return to a more normal seasonal pattern, both for our customers and for our deliveries.

是的。謝謝，斯坦。如果我們看看我們 33 億美元的總體積壓訂單，這是我們歷史標準的 3 倍，並且本季度約 9 億美元的總預訂量很穩定，實際上略高於我們經歷過的歷史平均水平。我認為，我們的訂單到帳單與改善供應鏈和客戶交付是一致的。事實上，對於我們的客戶和我們的交付來說，事情將開始恢復到更正常的季節性模式。

As we mentioned, we continue to see minimal order cancellations and pushouts, which I think expresses the strength that we have in that backlog. And the coverage is right. We've got more than approximately $2 billion booked for 2024, and we believe that does drive momentum into 2024 across the enterprise.

正如我們所提到的，我們繼續看到訂單取消和推遲的情況很少，我認為這體現了我們在積壓訂單方面的實力。而且覆蓋範圍是正確的。我們已經為 2024 年預訂了超過約 20 億美元的資金，我們相信這確實推動了整個企業進入 2024 年的勢頭。

And if I look at the respective segments, if you look at MP, they've got a backlog of about $900 million, and that remains high. It's twice our historical norms. Historically, our MP business is much more of a book-to-bill and usually only has about 1 quarter of visibility. We have substantially more than that as we go forward. And again, their bookings were slightly higher than our historical averages.

如果我看看各個細分市場，如果你看看 MP，他們的積壓訂單約為 9 億美元，而且仍然很高。這是我們歷史標準的兩倍。從歷史上看，我們的 MP 業務更多是訂單到賬單，通常只有約四分之一的可見度。隨著我們的前進，我們擁有的遠不止於此。同樣，他們的預訂量略高於我們的歷史平均值。

So looking into 2024, the order book varies by business. For example, our aggregate order book for Q2 2024 really didn't open in Q3. It opened here in Q4. And so that -- again, as things return to more normal seasonality, we'll see that flow going forward. We think dealer inventories, especially in certain brands are relatively low and need to be replenished as well as some of their rental fleet. So we think that provides some tailwind for us as we go forward as well.

因此，展望 2024 年，訂單簿因業務而異。例如，我們 2024 年第二季的總訂單簿在第三季確實沒有開啟。它於第四季度在這裡開業。因此，隨著事情恢復到更正常的季節性，我們將看到這種趨勢繼續發展。我們認為經銷商的庫存，特別是某些品牌的庫存相對較低，需要補充以及一些租賃車隊。因此，我們認為這也為我們的前進提供了一些推動力。

And then our opening comments and just the investments, especially in North America on infrastructure spending and onshoring is going to help that business not just in '24, but as we go forward.

然後我們的開場白和投資，尤其是在北美的基礎設施支出和本土投資，不僅會在 24 年幫助該業務，而且會幫助我們繼續前進。

And then if you look at our AWP segment, we've got about $2.5 billion book there, which is 3x our historical levels. And again, book-to-bill there is consistent with improving supply chains and the beginning of return to seasonality. Bookings again, are slightly above our historical averages. And we're right in the middle -- Q3 is usually a low period, if you will, for the Genie business. And as we get into Q4, we're right in the middle of our negotiations and conversations with the national accounts. So that's ongoing, and we'd expect that to conclude here in Q4. And again, demand remains quite strong.

如果你看看我們的 AWP 部門，我們的帳面價值約為 25 億美元，是我們歷史水準的 3 倍。同樣，訂單到帳單的成長與供應鏈的改善和季節性回歸的開始是一致的。預訂量再次略高於我們的歷史平均值。我們正處於中間——如果你願意的話，第三季通常是 Genie 業務的低谷期。當我們進入第四季度時，我們正處於與國民帳戶的談判和對話之中。因此，這一過程仍在繼續，我們預計將在第四季度結束。同樣，需求仍然相當強勁。

If you listen to the rental companies, they're seeing really good utilization. Their fleets of age, they need to be refreshed. The significant megatrends, infrastructure projects. So again, North America quite strong. And then there, the replacement cycle has been delayed, if you will. And so the replacement of the fleet has to continue given the age of the fleet. So we think that provides a significant tailwind for us as we go forward.

如果您聽取租賃公司的意見，他們會發現使用率非常高。他們的艦隊已經老化，需要更新。重大大趨勢、基礎建設項目。再說一次，北美相當強大。然後，如果您願意的話，更換週期已被推遲。因此，考慮到艦隊的年齡，必須繼續更換艦隊。因此，我們認為這為我們前進提供了重要的推動力。

So overall, if we look at our bookings and our backlog and customer feedback is strong. Our bookings are strong the backlog is significantly higher and leading indicators. So that gives us confidence and some momentum as we go into 2024.

總的來說，如果我們看看我們的預訂，我們的積壓訂單和客戶回饋都很強烈。我們的預訂量強勁，積壓訂單顯著增加，並且是領先指標。因此，這給了我們進入 2024 年的信心和動力。

Perfect. And kind of sticking on the MP business. When would you guess like dealer inventories might actually normalize given the infrastructure spending on the horizon? And then also, any commentary on some of the newer products and on the recycling products that you guys have been working on are tracking with customers?

完美的。並有點堅持議員業務。鑑於即將出現的基礎設施支出，您認為經銷商庫存何時可能真正恢復正常？另外，對你們一直在與客戶追蹤的一些新產品和回收產品有什麼評論嗎？

Yes. So in terms of normalizing inventory, it will vary by business. And I think our aggregates businesses would say kind of things continue on this pace middle of next year, probably our Fuchs business. We can talk about that. They do have higher levels of inventory that have been impacted by scrap metal prices. So it does vary by business. But over the course of time, we would expect those to normalize as we move through 2024, Stan.

是的。所以在庫存常態化方面，會因業務而異。我認為我們的聚合業務會說明年年中事情會繼續以這種速度發展，可能是我們的福克斯業務。我們可以談談這個。他們的庫存水準確實較高，但受到廢金屬價格的影響。所以它確實因業務而異。但隨著時間的推移，我們預計隨著 2024 年的到來，這些情況將會正常化，Stan。

Next question comes from Steve Volkmann from Jefferies.

下一個問題來自 Jefferies 的 Steve Volkmann。

Congrats, John. My question is about margins in AWP, and it sounds like there were a couple of -- kind of temporary headwinds in the quarter. I think we mentioned Monterrey start-up utility business kind of below normal. Is there any way to kind of ballpark the impact of that on the AWP margin in the third quarter?

恭喜，約翰。我的問題是關於 AWP 的利潤率，聽起來本季有一些暫時的阻力。我認為我們提到的蒙特雷新創公用事業業務有點低於正常水平。有什麼辦法可以估算出這對第三季 AWP 利潤率的影響嗎？

Sure. Thanks for the question, Steve. AWP had operating margins of 12.5% in the third quarter, and it was up 290 basis points from last year. The improvement was really strong execution by the Genie team. We had higher sales volumes. The supply chain is improving and disciplined pricing and that offset some of the cost increases.

當然。謝謝你的提問，史蒂夫。 AWP第三季營業利益率為12.5%，比去年同期成長290個基點。這項改進確實得益於 Genie 團隊的強大執行力。我們的銷量更高。供應鏈正在改善並嚴格定價，抵消了部分成本增加。

Strong execution and successful cost out management. We continue to see the hard work by the Genie team showing up in our financials and cost initiatives as well. But these positives were partially offset by the expected inefficiencies due to the Monterrey ramp-up. So that was included in our outlook, and we've talked about that on previous calls.

強大的執行力和成功的成本管理。我們繼續看到 Genie 團隊的辛勤工作也體現在我們的財務和成本計劃中。但這些正面因素被蒙特雷產能擴張導致的預期效率低下部分抵消。因此，這已包含在我們的展望中，我們在先前的電話會議中已經討論過這一點。

But additionally, this quarter, we were disappointed in supplier performance in the utilities business, which caused unfavorable manufacturing inefficiencies and related unfavorable product mix. We were able to get sales out but less favorable margin sales in the quarter in the utilities business, and that had an unfavorable impact and probably about $0.12 a share in the quarter.

但此外，本季我們對公用事業業務供應商的表現感到失望，這導致了不利的製造效率低下以及相關的不利產品組合。我們能夠實現銷售，但公用事業業務本季的銷售利潤率較差，這產生了不利影響，本季每股收益可能約為 0.12 美元。

And so overall, our Q3 incremental margin was 34% and AWP increased our profit by almost 50% and margins improved by 290 points because of Genie's strong execution in the quarter.

因此，總體而言，我們第三季的增量利潤率為 34%，AWP 使我們的利潤增加了近 50%，利潤率提高了 290 個百分點，因為 Genie 在本季的強勁執行力。

Great. So the $0.12 would just be the utility business?

偉大的。那麼 0.12 美元只是公用事業業務嗎？

Right. And that would be (inaudible) we had favorable performance in the quarter by the MP business, of course, was up by about $0.10 and the Genie business up about $0.07 as well from -- compared to the outlook.

正確的。那就是（聽不清楚）我們在本季 MP 業務的表現良好，當然，與預期相比，成長了約 0.10 美元，Genie 業務也成長了約 0.07 美元。

Okay. That's helpful. And then just a sort of follow-on there, I guess, is it feels like utility has been a bit of a focus, shall we say, for a few quarters now. What's the outlook for kind of getting that where it needs to be?

好的。這很有幫助。我想，接下來的一個問題是，我們可以說，最近幾季以來，實用性一直是人們關注的焦點。實現這目標的前景如何？

Yes. Thanks. So the team, we have to be straightforward. We're disappointed in our performance in the quarter. Supplier related. The team -- on the good news side, the supply chain is improvement on the specific issues that we had in the third quarter created significant inefficiencies for us, but that's continued to improve. .

是的。謝謝。所以團隊，我們必須直截了當。我們對本季的表現感到失望。供應商相關。對團隊來說，好消息是，供應鏈正在針對第三季導致我們效率顯著的具體問題進行改進，但這種情況仍在繼續改善。 。

So the operational execution improvement needs to occur, will occur. We're anticipating an improvement in Q4. The good thing, Steve, is that the backdrop for that business is incredibly strong. And they're booked out through 2025 for the most part in most product categories -- I'm sorry, through 2024.

因此，營運執行力的改進需要發生，也會發生。我們預計第四季會有改善。史蒂夫，好的事情是該業務的背景非常強大。大多數產品類別的大部分產品在 2025 年之前都已被預訂一空——抱歉，到 2024 年都會被預訂一空。

Let me rephrase that through 2024. And so the market demand for that business is quite strong. We just need to improve our operational execution in deliveries, which we will as we go forward.

讓我重新表達一下，直到 2024 年。因此，該業務的市場需求相當強勁。我們只需要改進我們在交付方面的營運執行力，我們將繼續前進。

That business has been really hampered by supply chain issues.

該業務確實受到供應鏈問題的阻礙。

Our next question comes from Seth Weber from Wells Fargo.

我們的下一個問題來自富國銀行的塞思·韋伯。

And John echo congrats and enjoyed working with you. So happy (inaudible). Yes. I wanted to get a better understanding for the implied fourth quarter MP margin, which is down year-over-year and it's down sequentially a bunch even though revenue looks like it's going to be up a little bit. I'm just wondering if you could give us some more details on what's going on there, whether it's a mix issue or a product region issue or what? Just any more color there on MP margin.

約翰也表示祝賀，並很高興與您合作。太高興了（聽不清楚）。是的。我想更好地了解第四季度隱含的 MP 利潤率，該利潤率同比下降，並且連續下降，儘管收入看起來會略有上升。我只是想知道您是否可以向我們提供有關正在發生的事情的更多詳細信息，無論是混合問題還是產品區域問題還是什麼？ MP 餘裕上還有更多顏色。

Thanks, Seth. MP had operating margins of 16.9% in the third quarter, up 230 basis points from last year. I mean they just continued to perform extremely well. They continue to invest in the business as well, and we made prudent investments to grow the business. But the margins benefited in the quarter from favorable regional and product mix and improved manufacturing efficiencies.

謝謝，塞思。 MP第三季營業利益率為16.9%，較去年同期成長230個基點。我的意思是他們繼續表現得非常出色。他們也繼續投資業務，我們也進行了謹慎的投資來發展業務。但本季的利潤率得益於有利的區域和產品組合以及製造效率的提高。

And also, they had in the quarter, we received about $3 million of R&D credits. We get this annually, it came in Q3. And so that was a favorable amount received in Q3.

而且，他們在本季為我們提供了約 300 萬美元的研發信貸。我們每年都會收到這個，它是在第三季發布的。因此，這是第三季收到的一筆有利的金額。

Going forward, we expect strong MP full year sales over $2.2 billion. We expect Q4 sales to be up slightly from the third quarter. We did increase our outlook to 16.1% as the team continues to have their excellent performance. And the margin of the 15% in the Q4 will be strong, but sequentially lower due to a less favorable geographic and product mix. As well as some higher sequential engineering expense because of the R&D credit that we received in Q3 will repeat itself. But overall, MP continues to deliver consistent and strong operating performance.

展望未來，我們預計 MP 全年銷售額將超過 22 億美元。我們預計第四季銷售額將較第三季小幅成長。由於團隊繼續保持出色的表現，我們確實將預期提高到了 16.1%。第四季 15% 的利潤率將會很高，但由於地理和產品組合不太有利，因此將連續下降。由於我們在第三季獲得的研發信貸而導致的一些較高的後續工程費用也會重演。但總體而言，MP 持續提供一致且強勁的營運表現。

That's helpful. And then just -- maybe just the commentary around Europe. Can you just expand on the softness that you're seeing there? Is that across both MP and AWP? And is that the source of the cancellations that you've been seeing?

這很有幫助。然後也許只是歐洲各地的評論。你能擴展一下你在那裡看到的柔軟度嗎？ MP 和 AWP 都是這樣嗎？這就是您所看到的航班取消的原因嗎？

Thanks, Seth. In terms of cancellations, again, we've had minimal cancellations and pushouts. But we have seen and we did call out some softness in the European market. We've actually been pleasantly surprised how well it's held up. But if we look at Europe in our MP business, on the aggregate side, our sales were up and backlogs are quite high there. But customer sentiment in Europe is not nearly as strong as the customer sentiment in North America.

謝謝，塞思。就取消而言，我們再次取消和推遲的情況很少。但我們已經看到並且確實指出了歐洲市場的一些疲軟。實際上，我們對它的保持效果感到驚訝。但如果我們看看歐洲的 MP 業務，從總體來看，我們的銷售額有所上升，而且那裡的積壓訂單相當高。但歐洲的客戶情緒遠不如北美的客戶情緒強烈。

Our Fuchs business was -- we saw some softness in the Fuchs business, again, associated with falling scrap metal prices. Now the good news for that business. The team has worked hard over the years to diversify. We're seeing some of the sales into our environmental business with the Fuchs machine branded Ecotec. So again, a mix there, but clearly, Fuchs saw some softness.

我們的福斯業務是——我們再次看到福斯業務的疲軟，這與廢金屬價格下跌有關。現在該業務的好消息是。該團隊多年來一直努力實現多元化。我們看到，我們的環保業務中的一些銷售來自 Fuchs 品牌的 Ecotec 機器。再次，這裡有一種混合，但顯然，福克斯看到了一些柔軟性。

And I would say, in general, softness in Germany where Fuchs is headquartered and has a long -- a strong market. And then we called out last quarter, our tower crane sales softness, and we saw continued softness in the tower crane business in Europe. And on the Genie side, sales and bookings were holding.

我想說的是，總體而言，福克斯總部位於德國，並且擁有長期強大的市場，德國市場表現疲軟。然後我們指出上季度我們的塔式起重機銷售疲軟，我們看到歐洲塔式起重機業務持續疲軟。 Genie 方面，銷售和預訂量保持穩定。

But again, it's that customer sentiment is not quite as strong. And so we're just -- we're highlighting that the European market especially in the U.K. and Germany, we're seeing some softness there. Again, we believe it's going to be offset by the strength we're seeing in North America, but Europe is in a different place due to the geopolitical risk, the inflation than North America right now. So those are the businesses that we're seeing softness. We're watching closely the bookings in those respective business segments. But again, it's really about the customer sentiment being very different in Europe right now, especially in the U.K. and Germany, especially as compared to North America, where customer sentiment is quite strong.

但同樣，客戶情緒也不那麼強烈。所以我們只是 - 我們強調歐洲市場，特別是英國和德國，我們看到那裡有些疲軟。同樣，我們相信這將被北美的強勁勢頭所抵消，但由於地緣政治風險和通膨，歐洲目前的情況與北美不同。這些是我們看到的疲軟的業務。我們正在密切關注這些各自業務部門的預訂情況。但同樣，目前歐洲的客戶情緒確實非常不同，尤其是在英國和德國，尤其是與客戶情緒相當強勁的北美相比。

Our next question comes from Steven Fisher from UBS.

我們的下一個問題來自瑞銀集團的史蒂文費雪。

John, best wishes. It's been a pleasure. Just to confirm the utilities impact, you reduced the AWP segment margin guidance by 50 basis points for the year. I think the $0.12 you called out would translate directly to that $0.50. I think so just to confirm, you haven't assumed any impact on negative utility supply chain for Q4.

約翰，最美好的祝愿。這是我的榮幸。為了確認公用事業的影響，您將本年度 AWP 部門利潤率指引降低了 50 個基點。我認為您所說的 0.12 美元將直接轉化為 0.50 美元。我認為這只是為了確認，您沒有假設第四季度的負公用事業供應鏈受到任何影響。

Well, we're expecting it to improve in Q4 from Q3, but we're not expecting it to return to pre-pandemic levels. We're expecting it to return to more of our normal patterns in the first and second quarter.

嗯，我們預計第四季度的情況會比第三季度有所改善，但我們預計它不會恢復到大流行前的水平。我們預計第一季和第二季將恢復到更多正常模式。

Okay. Great. That's helpful. And then at this point, I know it's early, but I'm curious about the signals that you look at -- I know you talked a lot about backlog and visibility for next year. But I guess, overall, did the signals suggest that you could have a year of growth in your 2 businesses? Are there any subsegments that you can say with sort of most confidence that demand should be growing in '24?

好的。偉大的。這很有幫助。在這一點上，我知道現在還為時過早，但我對你看到的信號很好奇——我知道你談論了很多關於明年的積壓和可見性的問題。但我想，總體而言，這些訊號是否表明您的兩項業務可能會迎來一年的成長？您是否可以最有信心地說，24 年的需求應該會成長？

Thanks, Steven. As you know, in Q3, we will provide -- the team will provide a detailed outlook on our Q4 earnings call. And as you know, our customers and us right now are in the middle of our planning cycle. But with the strong backlogs we have with the $2 billion booked, we do believe that, that drives momentum into 2024. We did just discuss some of the offset, if you will, with some softness in Europe.

謝謝，史蒂文。如您所知，在第三季度，我們的團隊將在第四季度的財報電話會議上提供詳細的展望。如您所知，我們的客戶和我們現在正處於規劃週期的中間。但由於我們已預訂了 20 億美元的大量積壓訂單，我們確實相信，這將推動 2024 年的勢頭。如果你願意的話，我們確實討論了一些抵消措施，以及歐洲的一些疲軟。

But in the U.S. market, it's quite strong. In my opening comments, you heard me talk about the tailwinds that's occurring because of these 3 legislative acts. The significant increase in nonresidential construction spending. If you listen to -- especially in the Genie business, if you listen to the rental customers, they're buoyant. They're seeing growth in their business because of these incredible amount of physical stimulus that's occurring, the mega projects, the size of the projects, the duration of the projects. So that provides a very nice tailwind. And we believe that provides a nice tailwind across our businesses in North America as we go into 2024.

但在美國市場，它的表現相當強勁。在我的開場白中，你們聽到我談論了這三項立法法案帶來的順風車。非住宅建築支出大幅增加。如果你傾聽——尤其是在吉尼業務中，如果你傾聽租賃客戶的聲音，他們會很高興。由於正在發生的這些令人難以置信的物理刺激、大型專案、專案的規模、專案的持續時間，他們看到了自己的業務成長。所以這提供了一個非常好的順風。我們相信，隨著 2024 年的到來，這將為我們在北美的業務帶來良好的推動力。

So I would say customer feedback, especially in North America, is strong. Our bookings are at or near our kind of historical levels. So that's a good signal. Backlog is significantly higher than historical levels. And then just leading indicators around construction and construction spending and the type of construction spending, i.e. public finance and then these onshoring projects are going to occur irrespective of what interest rates are.

所以我想說，客戶的回饋非常強烈，尤其是在北美。我們的預訂量達到或接近歷史水準。所以這是一個很好的訊號。積壓訂單明顯高於歷史水準。然後，無論利率如何，只要圍繞建築和建築支出以及建築支出類型（即公共財政）的領先指標，這些境內項目就會發生。

As I said in my opening comments, that's the reduced geopolitical risk to control the supply chain going forward. And so that's going to continue. So it does give us confidence and some momentum going into 2024. But again, at $2 billion of backlog, that's good for us historically. It provides that momentum into 2024. And for all -- the team will provide a 2024 outlook in our Q4 earnings call.

正如我在開場白中所說，這是控制未來供應鏈的地緣政治風險的降低。這樣的情況將會持續下去。因此，它確實為我們帶來了進入 2024 年的信心和動力。但同樣，由於積壓金額達 20 億美元，這對我們來說歷史上是有利的。它為 2024 年提供了這種動力。對於所有人來說，該團隊將在我們的第四季財報電話會議中提供 2024 年的展望。

Our next question comes from David Raso from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Raso。

John, best of luck. Enjoy (inaudible), and obviously, congratulations to Simon. The spirit of the question is just trying to frame the potential incremental margins in AWP for next year. Just thinking about trying to leverage that backlog.

約翰，祝你好運。享受（聽不清楚），顯然，祝賀西蒙。問題的實質只是試圖確定明年 AWP 的潛在增量利潤。只是考慮嘗試利用積壓的訂單。

The numbers I'm running for the impact on utilities on the segment for 3Q and 4Q. It feels like x the utility impact you wouldn't really have changed much to the AWP guidance much, right, a little up on the revenue, but the margins still feel like they would have been about the $13.8 million. And I know that was your guidance, but I think people are looking for a little more leverage, some upside in the profitability. Can you take us through just your thoughts around what's different in '24 versus '23?

我正在運行的數據顯示了第三季和第四季對該領域公用事業的影響。感覺就像公用事業的影響一樣，你實際上不會對 AWP 指導做出太大改變，對吧，收入會稍微增加一點，但利潤率仍然感覺約為 1380 萬美元。我知道這是你的指導，但我認為人們正在尋找更多的槓桿，以及盈利能力的一些上行空間。您能告訴我們您對「24」與「23」有何不同的看法嗎？

What could impact the margins? And I'm thinking about Monterrey, I'm thinking about the mix, the price cost. I think people are just trying to figure out, as you know, one of your competitors had decent leverage yesterday in that segment. Just trying to get a sense of how we should think about the puts and takes on incrementals '24 versus '23?

什麼會影響利潤率？我正在考慮蒙特雷，我正在考慮組合和價格成本。我認為人們只是想弄清楚，正如您所知，您的競爭對手之一昨天在該領域擁有不錯的影響力。只是想了解我們應該如何考慮「24 年」和「23 年」增量的看跌期權和承付期權？

Yes. So I'll jump in and then Julie can jump in. So at the highest level, from a price cost standpoint, again, our pricing strategy is not going to change. We price to offset material freight and labor cost increases. We are seeing continued inflationary pressures. Our team is working hard to offset that, David. But we do believe that there is pricing and there's pricing in our backlog for 2024.

是的。所以我會介入，然後朱莉也可以介入。因此，在最高層面上，從價格成本的角度來看，我們的定價策略不會改變。我們定價是為了抵銷材料運費和勞動成本的增加。我們看到持續的通膨壓力。大衛，我們的團隊正在努力抵消這一影響。但我們確實相信定價是有的，而且我們 2024 年的積壓訂單中也有定價。

So price cost, price cost neutral is what we've been driving for. Our job is to control cost, push costs, get the price that we need in the marketplace to offset that. So that's how I'd comment on price costs, no significant difference as we transition from '23 into '24.

因此，價格成本、價格成本中性是我們一直在努力的目標。我們的工作是控製成本，推動成本，在市場上獲得我們需要的價格來抵銷成本。這是我對價格成本的評論，當我們從 23 世紀過渡到 24 世紀時，沒有顯著差異。

We've spoken about Monterrey. Monterrey, as we ramp up over the course of the next 18 months and through 2024. That does create some inefficiencies with the product line moves. And again, our Q3 forecast, the Monterrey team delivered what we expected. They were right on. We expected that in our outlook. We would expect that continuing, David, through 2024 and as we enter into 2025, that's that 200 basis point overall kind of margin improvement for the Genie business as we go forward. Within that AWP segment, we do need to see, and that's on us.

我們已經談到了蒙特雷。蒙特雷，我們將在未來 18 個月直至 2024 年期間繼續擴大產能。這確實會導致產品線移動效率低下。再次，我們對第三季的預測，蒙特雷團隊實現了我們的預期。他們是對的。我們在展望中預計到了這一點。 David，我們預計這種情況會持續到 2024 年，並進入 2025 年，隨著我們的前進，Genie 業務的整體利潤率將提高 200 個基點。在 AWP 領域，我們確實需要觀察，而這就是我們的責任。

We do need to see improved performance on our utility segment because that -- we did not get leverage. Actually it was quite negative leverage in the quarter. And so we need to get that business to that 25% incremental margin target that we set. So we would expect our utilities business to improve performance from '23 to '24. So that should give us some leverage.

我們確實需要看到公用事業部門的表現有所改善，因為我們沒有獲得槓桿作用。事實上，本季的槓桿率相當低。因此，我們需要讓該業務達到我們設定的 25% 增量利潤目標。因此，我們預計我們的公用事業業務將在 23 年至 24 年期間改善業績。所以這應該給我們一些籌碼。

And then on our MP business, I mean, they are rock solid, consistent. And we're going to continue to invest on that. Sometimes our incremental margins above, David, our 25% target. Some quarters, it's below based on where we are from in investment profile, but they deliver consistent strong operating margin performance. And so that's how I'd answer the question.

然後在我們的 MP 業務上，我的意思是，他們堅如磐石、始終如一。我們將繼續對此進行投資。大衛，有時我們的增量利潤率高於我們 25% 的目標。在某些季度，根據我們的投資情況，其排名低於，但它們提供了持續強勁的營業利潤率表現。這就是我回答這個問題的方式。

As you know, David, we're in the middle of the planning process. We'll be pushing the team. Obviously, for our cost-out initiatives, we'll be pushing the team to drive manufacturing efficiency improvements as the supply chain. And again, I think it's a reasonable assumption to assume the supply chain continues to improve, we're not all the way back yet but we have seen improvement in '23. So I think it's a reasonable assumption to say we should see some manufacturing efficiency improvements as supply chain improves and disruptions decline into 2024. So just macro high level from a CEO standpoint, I think that's how I'd answer the question, David.

正如你所知，大衛，我們正處於規劃過程中。我們將推動球隊。顯然，對於我們的成本削減計劃，我們將推動團隊推動供應鏈製造效率的提升。再說一次，我認為假設供應鏈繼續改善是一個合理的假設，我們還沒有完全恢復，但我們已經看到了 23 年的改善。因此，我認為，隨著供應鏈的改善和中斷的減少，到2024 年，我們應該看到一些製造效率的提高，這是一個合理的假設。因此，從執行長的角度來看，我認為這就是我回答這個問題的宏觀高層。

I appreciate that, and I don't mean to push on your -- maybe your last call here. But maybe the CFO had truly...

我很欣賞這一點，而且我並不是想催促你——也許是你最後一次打電話。但也許財務長真的…

It's your nature, David.

這是你的本性，大衛。

You will be listening to the call the next time I ask the question.

下次我問問題時，您將收聽電話。

Yes, I will.

是的，我會。

But Julie, just so we can frame it. Obviously, utility is hurting right now. But when I think of the size of that business, call it, 550 million, 575 million of revs. Can we see a swing back in that business worth 400, 500 basis points in that segment year-over-year. Just -- I know it wasn't quite that big a hit for them right now, but for the -- I'm talking about full year.

但是朱莉，這樣我們就可以把它框起來。顯然，公用事業現在正在受到損害。但當我想到這項業務的規模時，可以稱之為 5.5 億、5.75 億轉。我們能否看到該業務價值較去年同期回升 400、500 個基點？只是 - 我知道現在對他們來說還沒有那麼大的打擊，但對於 - 我說的是全年。

I would say that we would expect improvement in the utilities business, which will impact the segment. So let's talk about -- and so they were -- when you think about the margins, we talked about the impact of $0.12 a share in the quarter. And you think about that, that they were significantly below the run rate in Q1 and Q2. So in Q4, we're expecting that to come back. And they still have opportunity. We still want to return this business to low double-digit margins. And we do think that that's within sight. And so we'll continue to strive for that.

我想說的是，我們預計公用事業業務會有所改善，這將影響該領域。因此，讓我們來談談——事實上，當你考慮利潤率時，我們討論了本季每股 0.12 美元的影響。你想想看，它們在第一季和第二季的運行率都明顯低於。所以在第四季度，我們預計這種情況會回來。而且他們還有機會。我們仍然希望這項業務的利潤率恢復到兩位數的低點。我們確實認為這是可以實現的。因此，我們將繼續為此努力。

And Monterrey then the impact, just to think about the path to the 200 bps. What would you expect '24 versus '23 that framework? What's the (inaudible) '24 versus '23?

然後蒙特雷的影響，只是想一下通往 200 bps 的路徑。您對「24」和「23」框架有何期望？ （聽不清楚）'24 與 '23 有何不同？

So I would expect that we'll see disruption. Remember, when you think about it, you think about it, there's a disruption for the receiving location in Monterrey as well as the sending. But I think that we'll see that, but the benefit of that is the 200 basis points when we come out of 2025. So the Monterrey team was right on target, and we'll continue to work hard to eliminate that -- to do better than what we've guided to, and we've talked about that it could be somewhere between $10 million and $15 million impact in 2023. And we would expect some of that to continue into 2024.

所以我預計我們會看到顛覆。請記住，當您想到這一點時，您會想到蒙特雷的接收地點和發送地點都會受到干擾。但我認為我們會看到這一點，但這樣做的好處是 2025 年結束時 200 個基點。所以蒙特雷團隊的目標是正確的，我們將繼續努力消除這一點——比我們指導的做得更好，我們已經討論過，到2023 年，影響可能在1000 萬美元到1500 萬美元之間。我們預計其中一些影響將持續到2024 年。

And lastly for me, any broad thoughts with Simon to think about where the balance sheet is. I mean I would argue, right, Terex's balance sheet is about as strong as we've ever seen it. So just trying to think about any capital allocation commentary that you or Simon or the transition might provide investors how to think about the use of the balance sheet.

最後對我來說，與西蒙一起思考資產負債表在哪裡的任何廣泛想法。我的意思是，我想說的是，特雷克斯的資產負債表是我們所見過的最強大的。因此，試著思考您或西蒙或過渡可能為投資者提供的任何資本配置評論，如何考慮資產負債表的使用。

Yes. I think from our -- so yes, we do have a strong balance sheet. We have ample liquidity. We have $846 million and net leverage is at 0.5x. And as we discussed, the first thing we like to do is organic growth, and we're investing in our facilities, in particular Monterrey right now. And those investments are paying off with a 29% return on invested capital.

是的。我認為從我們的角度來看，是的，我們確實擁有強大的資產負債表。我們有充足的流動性。我們有 8.46 億美元，淨槓桿率為 0.5 倍。正如我們所討論的，我們想做的第一件事是有機成長，我們正在投資我們的設施，特別是現在的蒙特雷。這些投資正在獲得回報，投資資本回報率為 29%。

Of course, we've talked about even in my prepared remarks, the increase of the dividend and we've increased it 31% since the start of the year. So we'll do that. And then we'll look at what we do. It will generate significant cash and we'll look at whether we do inorganic or share repurchases. So inorganic, we've made some smaller investments, and we've discussed them earlier.

當然，我們甚至在我準備好的講話中也談到了股息的增加，自年初以來我們已將其增加了 31%。所以我們會這麼做。然後我們會看看我們做了什麼。它將產生大量現金，我們將考慮是否進行無機回購或股票回購。因此，我們進行了一些較小的投資，並且我們之前已經討論過它們。

We have an active pipeline. We'll continue to look at those. We'll be disciplined in that process. And we'll also look at share repurchases. And so we have repurchased $34 million worth of shares year-to-date at the end of the quarter. We had $159 million remaining on that authorization. Our goal -- we always state that we want to offset dilution from incentive comp and also make opportunistic prices. And at these prices, we believe our shares are an attractive investment and we're out purchasing shares. So our strong balance sheet allows us flexibility and allows us to invest for future growth.

我們有一個活躍的管道。我們將繼續關注這些。我們將在這個過程中受到紀律處分。我們也將關注股票回購。因此，截至本季末，我們已回購了年初至今價值 3,400 萬美元的股票。我們的授權還剩 1.59 億美元。我們的目標——我們總是聲明我們希望抵消激勵補償的稀釋，並制定機會主義價格。以這些價格，我們相信我們的股票是一項有吸引力的投資，我們將購買股票。因此，我們強大的資產負債表使我們具有靈活性，並使我們能夠為未來的成長進行投資。

All right. I appreciate the answer. And again, congratulations.

好的。我很欣賞你的回答。再次恭喜。

Our next question comes from Tami Zakaria from JPMorgan.

我們的下一個問題來自摩根大通的 Tami Zakaria。

So on your slide, you noted about over 35,000 projects approved or awarded in infrastructure, probably more to come. And one of your competitors is increasing capacity in assets equipment. How are you thinking about growing market share if demand accelerates because of these tailwinds?

因此，在您的投影片上，您提到了超過 35,000 個基礎設施項目獲得批准或授予，可能會有更多項目。您的競爭對手之一正在增加資產設備的產能。如果需求因這些有利因素而加速，您如何考慮擴大市場佔有率？

Yes. Great question. So from a footprint standpoint, specifically in access with our Genie business, our Monterrey facility really helps us to be globally cost competitive. We are -- we'll have incremental capacity as we begin to ramp that facility as we go forward. And so we believe we're in a good position from a capacity standpoint.

是的。很好的問題。因此，從足跡的角度來看，特別是在接觸我們的 Genie 業務方面，我們的蒙特雷工廠確實有助於我們在全球範圍內保持成本競爭力。隨著我們的前進，我們將開始擴大該設施，從而增加產能。因此，我們相信從產能的角度來看，我們處於有利地位。

I mean we're still producing significantly less in unit volumes than we did in the 2018 type time frame. So from a capacity standpoint, we believe we'll have adequate capacity to take advantage of market growth. From a market share standpoint, our market share has held relatively consistent this year. The team is focused on new product development. And as we look at new product development, we do believe that new product development will help us as we go forward that we've launched -- the new products that we've launched, we've seen a respective increase in the market position of those products that we launch.

我的意思是，與 2018 年的時間範圍相比，我們的單位產量仍然顯著減少。因此，從產能的角度來看，我們相信我們將有足夠的能力來利用市場成長。從市場佔有率的角度來看，我們今年的市佔率相對穩定。該團隊專注於新產品開發。當我們考慮新產品開發時，我們確實相信新產品開發將幫助我們繼續推出我們推出的新產品，我們已經看到市場地位的相應提高我們推出的那些產品。

And I can assure you the team has a very active new product development program as we go forward. So we'll have leading-edge products that deliver the best total cost of ownership in the industry, and we believe that will position us well going forward in the Genie business.

我可以向您保證，隨著我們的前進，團隊有一個非常活躍的新產品開發計劃。因此，我們將擁有能夠提供業界最佳整體擁有成本的領先產品，我們相信這將使我們在 Genie 業務中取得良好的發展。

Got it. That's very helpful. A quick follow-up. Are you able to quantify the incremental capacity you expect from Monterrey? Is it like a 5% to 10%, 10%, 15%? Any numbers?

知道了。這非常有幫助。快速跟進。您能夠量化您期望從蒙特雷獲得的增量容量嗎？是5%到10%、10%、15%嗎？有數字嗎？

I would -- I'd quantify it this way and just say today, we're still at, call it, 15%, plus or minus, maybe even 20% less than we were in 2018, 2019 time frame, so on a unit volume basis.

我會——我會這樣量化，只是說今天，我們仍然處於，稱之為，15%，加減，甚至可能比 2018 年、2019 年時間框架少 20%，所以單位體積基礎。

Our next question comes from Nicole DeBlase from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

John, congratulations on a very well-deserved retirement.

約翰，祝賀您當之無愧的退休。

Thanks, Nicole.

謝謝，妮可。

Maybe just first on the backlog within AWP. Can you just talk a little bit about the mix of NRC versus IRC customers? And also, anything interesting that you've seen from a products perspective?

也許只是先處理 AWP 內的積壓工作。您能否簡單談談 NRC 與 IRC 客戶的組合？另外，從產品的角度來看，您看到了什麼有趣的事嗎？

Nicole, I would say the mix is relatively consistent with what we've had historically. So it ebbs and flows quarter-to-quarter with the larger customers in Q4 when you sign their annual agreements, you'll see that quarter bump up. But if you just look at the backlog, I'd say it's relatively consistent with historical norms, but it does ebb and flow quarter-to-quarter, especially when you book some of the larger national account orders.

妮可，我想說這種組合與我們歷史上的情況相對一致。因此，當您在第四季度簽署較大客戶的年度協議時，它會按季度波動，您會看到該季度的成長。但如果你只看積壓訂單，我會說它與歷史正常水平相對一致，但它確實會按季度波動，特別是當你預訂一些較大的國民賬戶訂單時。

Got it. And then just thinking about free cash flow into 4Q and then into 2024. I guess it seems like you guys still have quite a bit of opportunity from a working capital perspective. How do you think about that opportunity, particularly on the inventory side? Like can you get back to historical levels of inventory? Can you just walk through that?

知道了。然後考慮第四季和 2024 年的自由現金流。我想從營運資本的角度來看，你們似乎仍然有相當多的機會。您如何看待這個機會，特別是在庫存方面？例如你能恢復到庫存的歷史水準嗎？能簡單介紹一下嗎？

Sure. Thanks for the question, Nicole. Yes, the management team is focused on net working capital as a percentage of sales, and it's actually part of our incentive comp program. So we're very focused on it. And we talk about inventory, in particular, a lot in our management meeting. We continue to have a hospital inventory today, but we have reduced that by 68% from last year. And so it's at about $20 million.

當然。謝謝你的提問，妮可。是的，管理團隊專注於淨營運資本佔銷售額的百分比，這實際上是我們激勵補償計畫的一部分。所以我們非常關注它。我們在管理會議上特別多次討論庫存問題。今天我們仍然有醫院庫存，但比去年減少了 68%。所以大約是 2000 萬美元。

So certainly, that's an opportunity to inventory as well as we continue extra inventory, and we will continue to do that until the supply chain disruptions abate, but we're very focused on working capital, and we'll continue to be focused on it and generate cash.

因此，當然，這是一個庫存的機會，我們將繼續增加庫存，我們將繼續這樣做，直到供應鏈中斷減弱，但我們非常關注營運資金，我們將繼續關注它並產生現金。

Nicole, you probably heard me say in the past, just in time turned out to be just late. And so in the channels, we're asking our suppliers will carry a little bit more inventory, again, to eliminate the disruptions that we've been seeing. And so -- but as Julie said, it's part of our incentive comp system. Return on invested capital is important to the company.

妮可，你過去可能聽我說過，只是來得正是時候而已。因此，在通路中，我們再次要求供應商增加一點庫存，以消除我們所看到的干擾。所以——但正如朱莉所說，這是我們激勵薪酬制度的一部分。投資資本報酬率對公司很重要。

And improving return on capital of our working capital, we're incentivized to drive improvement in that metric as well. And the only caveat I'll say is a little bit is keeping a little bit more inventory until we see more steady-state supply from the supplier. So -- but we're focused on it.

為了提高我們營運資本的資本報酬率，我們也有動力推動該指標的改進。我要說的唯一警告是保持更多的庫存，直到我們看到供應商提供更多的穩態供應。所以——但我們專注於它。

Our next question comes from Jerry Revich from Goldman Sachs.

我們的下一個問題來自高盛的傑瑞·雷維奇。

John, let me add my congratulations as well. When you took over in 2015, Access Equipment was at a pretty high point in the cycle and the company was earning sub $2 per share and over $7 today. So congratulations on the strong transformation here.

約翰，讓我也表示祝賀。當您於 2015 年接任時，Access Equipment 正處於週期的最高點，該公司每股收益低於 2 美元，如今已超過 7 美元。祝賀這裡的強勁轉型。

Thank you, Jerry. It was a team effort.

謝謝你，傑瑞。這是團隊的努力。

Can I ask in terms of the outlook for normalizing production rates now that logistics for the industry are catching up as we think about what the production cadence looks like in 2024. It feels like we should be looking for a heavier 2Q and 3Q as a mix of total compared to what we've seen over the past couple of years as we've given deliveries to customers at first quarter, fourth quarter that have been heavier. Is that right? Can we talk about that? Obviously, for Aerials, you're guiding to sales that are flattish year-over-year in the fourth quarter based on CapEx cadence, it sounds like first quarter is going to be down year-over-year potentially to your customers and bigger shipments in 2Q and 3Q? I just want to run that by and see if that's consistent with how you're thinking about normalization.

我能問一下生產力正常化的前景，因為當我們考慮 2024 年的生產節奏時，該行業的物流正在迎頭趕上。感覺我們應該尋求更重的第二季度和第三季度的混合與我們過去幾年所看到的相比，我們在第一季和第四季向客戶交付的貨物量有所增加。是對的嗎？我們可以談談這個嗎？顯然，對於天線，根據資本支出節奏，您預計第四季度的銷售將同比持平，聽起來第一季可能會同比下降，因為您的客戶和更大的出貨量第二季和第三季？我只是想運行一下，看看這是否與您對標準化的想法一致。

Yes. Jerry, I think that's a reasonable assumption. As we indicated, I think the business is all as supply chain continues to improve, we're going to return to more seasonal patterns. The underlying customer demand seasonal patterns didn't change. What changed was the industry's ability to meet those patterns. So it's supply chains improved. I think as we transition into '24, we're going to see a return to more normal seasonal patterns on bookings, backlogs, deliveries customer order patterns, when customers would like to take equipment. So I think that's a reasonable assumption as we head into 2024, Jerry.

是的。傑瑞，我認為這是一個合理的假設。正如我們所指出的，我認為隨著供應鏈的不斷改善，我們將回歸更多的季節性模式。潛在的客戶需求季節性模式沒有改變。改變的是該行業滿足這些模式的能力。所以它的供應鏈得到了改善。我認為，當我們過渡到 24 世紀時，當客戶想要購買設備時，我們將看到預訂、積壓、交付客戶訂單模式恢復到更正常的季節性模式。所以我認為在我們進入 2024 年時這是一個合理的假設，傑瑞。

Super. And John, in Europe, AWP, there's been ebbs and flows based on product availability. So recently, you folks have been able to ramp up deliveries from Asia that have driven the strong growth. This year, you had mentioned demand might be a touch softer. Can you just talk about how you view as normalized levels of demand in Europe AWP considering before this year, there has been more supply constraints for that part of your footprint?

極好的。約翰，在歐洲，AWP，根據產品的可用性出現了潮起潮落。最近，你們已經能夠增加來自亞洲的交付量，從而推動了強勁的成長。今年，您曾提到需求可能會減弱。您能否談談您如何看待歐洲 AWP 的正常需求水準？考慮到今年之前，您的這部分足跡有更多供應限制？

Right. So this year, supply constraints really started to alleviate in Europe actually ahead of North America, Jerry. Our sales and bookings in Europe were holding pretty constant in Q3. But again, just going back to that customer sentiment, the customer sentiment is not nearly as buoyant. And so we're watching that. We'll see. We're obviously there's some -- not as many large national accounts in Europe, but we're engaged in those conversations as they are in North America. So more to come, but we thought it was worth calling out that sentiment in Europe is definitely not nearly as strong as it is in North America.

正確的。因此，今年，歐洲的供應限制實際上開始緩解，實際上早於北美，傑瑞。第三季我們在歐洲的銷售和預訂保持相當穩定。但同樣，回到客戶情緒，客戶情緒並沒有那麼活躍。所以我們正在關注這一點。我們拭目以待。顯然，我們有一些——不像歐洲那麼多大型國民帳戶，但我們像在北美一樣參與這些對話。未來還會有更多，但我們認為值得指出的是，歐洲的情緒絕對不如北美那麼強烈。

Yes. I appreciate the transparency and the discussion.

是的。我很欣賞透明度和討論。

And Jerry, let me just say on that. And really as we look and it goes to our telematics data as well, U.K. and Germany -- other markets are holding up, but U.K. and Germany, we're seeing that sentiment.

傑瑞，讓我簡單說一下。事實上，正如我們所看到的，我們的遠端資訊處理數據也是如此，英國和德國——其他市場都在堅挺，但在英國和德國，我們看到了這種情緒。

Our last question will come from Mig Dobre from Baird.

我們的最後一個問題將來自貝爾德 (Baird) 的米格·多布雷 (Mig Dobre)。

And John, all the best congrats. I guess I have a general question and a specific follow-up. The general one is as you sort of look back at your tenure here, you've obviously done great things for this company. Is there anything that you sort of feel -- not to say that you left undone, but you wish you could have gotten to, but you just couldn't that Simon and the team you think need to follow up on.

約翰，祝你一切順利。我想我有一個一般性問題和一個具體的後續行動。一般來說，當你回顧你在這裡的任期時，你顯然為這家公司做了偉大的事情。您有什麼感覺嗎？不是說您沒有完成，而是您希望自己能夠完成，但您就是做不到，西蒙和您認為需要跟進的團隊。

Thanks, Mig. We're talking about this as a team. And the reality is when you sit where we sit, and you've got a value of continuous improvement, you look at all the things, man, we made a lot of progress. And it's hard not to acknowledge the progress, the portfolio of the businesses, the improvements in the operating side. And -- but when one of your values this continuous improvement, you're never satisfied. And so continuing to drive that improvement in that area. I will say our safety performance, we were on a good curve that's flattened out. And so that's one thing I'll be encouraging the team to drive an improvement on.

謝謝，米格。我們作為一個團隊正在討論這個問題。現實是，當你坐在我們坐的地方，你就有了持續改進的價值，你看看所有的事情，夥計，我們取得了很多進步。我們很難不承認這些進步、業務組合以及營運方面的改進。而且──但當你重視這種持續改善時，你就永遠不會滿足。因此繼續推動該領域的改進。我想說的是我們的安全表現，我們處於平坦的良好曲線上。因此，這是我鼓勵團隊推動改進的一件事。

And clearly, with the balance sheet, the M&A activity has been slow here. This year, we've been on a couple of things that didn't work out. And so we'd like to return to inorganic growth on the M&A side and hope not being a plan that we'll see that as we go forward. But again, we'll be disciplined and that would be an area that I think there will be opportunity.

顯然，從資產負債表來看，這裡的併購活動一直很緩慢。今年，我們做了一些沒有成功的事。因此，我們希望在併購方面回歸無機成長，並希望這不是我們在前進過程中會看到的計劃。但同樣，我們會遵守紀律，我認為這將是一個有機會的領域。

I think there is opportunity for the future, and we've got the balance sheet and the cash flow to support that and/or share repurchase, if taking advantage, as Julie said it, these valuations at this share price, it's a pretty high IRR return to our shareholders to be buying shares.

我認為未來有機會，我們有資產負債表和現金流來支持這一點和/或股票回購，如果利用這一點，正如朱莉所說，以這個股價計算的這些估值，這是一個相當高的IRR 回報給我們的股東來買股票。

Understood. My follow-up is on MP. And I'm struggling a little bit to make sense of kind of what's going on from a demand standpoint because look, if we're looking at your orders in the quarter, probably the lowest level of order intake that we've seen in several years here. And when I listened to what your European competitors like Sandvik or Epiroc were kind of saying about, say, the processing side of their businesses. They're kind of seeing softer orders and demand and infrastructure as well. So I guess maybe an update for you as to sort of what's going on there? And do you expect demand to actually rebound in 2024? Or should we sort of prepare for this continued gradual order and backlog erosion?

明白了。我的後續行動是關於 MP。我正在努力從需求的角度來理解正在發生的事情，因為如果我們看一下你們本季度的訂單，可能是我們在幾個季度中看到的最低訂單量在這裡的歲月。當我聽到山特維克或安百拓等歐洲競爭對手對他們業務的加工方面的看法時。他們也看到了訂單、需求和基礎設施的疲軟。所以我想也許可以向您介紹那裡發生的事情？您預計 2024 年需求會真正反彈嗎？或者我們應該為這種持續的漸進訂單和積壓侵蝕做好準備嗎？

So again, backlog, I think, will trend to more normal levels as production levels increase. I think book-to-bill is going to return to more normal levels as our lead times -- that's the other thing, our lead times are still extended in certain product categories. Again, our aggregates business is strong. I mentioned the sentiment in Europe concrete has been strong in the U.S. I called out Fuchs. That's an area of potential softness. Environmental business though is strong, and it's offset that. And our lifting business. We mentioned lifting softness in tower cranes, but real strength in our Franna business down in Australia, they're booked out for the year.

因此，我認為，隨著生產水準的增加，積壓將趨於更正常的水準。我認為隨著我們的交貨時間，訂單到帳單將恢復到更正常的水平 - 這是另一件事，我們的交貨時間在某些產品類別中仍然延長。我們的骨材業務再次強勁。我提到歐洲混凝土的情緒在美國一直很強勁，我點名了福克斯。這是一個潛在的疲軟領域。儘管環境業務很強勁，但它抵消了這一點。還有我們的起重業務。我們提到了塔式起重機的起重能力較弱，但澳洲 Franna 業務的真正優勢在於，它們今年的預訂已滿。

So overall, we're obviously very cognizant of what's going on, global business, global diversification and diversification within MP. I think there's going to be some puts and takes as we head into 2024. And I would say probably in the North American market, remains strong, given the customer sentiment on this side of the bond, which is much stronger than Europe right now, especially in the U.K. and Germany.

總的來說，我們顯然非常了解正在發生的事情，全球業務、全球多元化和 MP 內部的多元化。我認為，當我們進入2024 年時，將會出現一些看跌期權和看跌期權。我想說，考慮到債券這一邊的客戶情緒（目前比歐洲強得多），我想說，北美市場可能仍然強勁，尤其是在英國和德國。

We have no further questions. I'd like to turn the call back over to John Garrison for closing remarks.

我們沒有其他問題了。我想將電話轉回約翰·加里森，讓他作結束語。

Thank you, operator. It has been a pleasure, and I appreciate all of the kind comments that the analysts had to interact with all of you in the investor community. I look forward to speaking with you over the coming months and introducing Simon as we transition responsibility over the coming months. If you have any additional questions, please don't hesitate to follow up with Julie, John or Paretosh. And again, as always, thank you for your interest in Terex. Operator, you can disconnect the call.

謝謝你，接線生。我很高興，也感謝分析師與投資人社群中的所有人互動所提出的善意評論。我期待在接下來的幾個月與您交談，並在我們未來幾個月的職責移交過程中介紹西蒙。如果您還有任何其他問題，請隨時聯絡 Julie、John 或 Paretosh。一如既往，再次感謝您對特雷克斯的興趣。接線員，您可以掛斷電話。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。