Terex Corp (TEX) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Terex Fourth Quarter 2024 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Derek Everett, Vice President, Investor Relations.

大家好，歡迎參加特雷克斯 2024 年第四季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人、投資者關係副總裁德里克·埃弗里特 (Derek Everett)。

Good morning, and welcome to the Terex Fourth Quarter 2024 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. We are joined today by Simon Meester, President and Chief Executive Officer; and Julie Beck, Senior Vice President and Chief Financial Officer; along with Jennifer Kong, who will succeed Julie as Senior Vice President and Chief Financial Officer; shortly after Terex files its 2024 annual report on Form 10-K. Their remarks will be followed by Q&A.

早上好，歡迎參加特雷克斯 2024 年第四季財報電話會議。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。今天與我們一起參加的是總裁兼執行長 Simon Meester；以及資深副總裁兼財務長朱莉·貝克（Julie Beck）；以及 Jennifer Kong，她將接替朱莉擔任高級副總裁兼財務長；特雷克斯以 10-K 表形式提交 2024 年度報告後不久。他們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. These risks are described in greater detail in the earnings materials and in our reports filed with the SEC.

請翻到簡報的第 2 張投影片，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，這些陳述存在風險，可能會導致實際結果與明示或暗示的結果有重大差異。這些風險在我們提交給美國證券交易委員會的收益資料和報告中有更詳細的描述。

On this call, we will be discussing the non-GAAP financial information, including adjusted figures that we believe are useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call materials. Please turn to slide 3, and I'll turn it over to Simon Meester.

在本次電話會議上，我們將討論非公認會計準則財務信息，包括我們認為有助於評估公司經營業績的調整後數據。這些非公認會計準則指標的對帳表可在電話會議資料中找到。請翻到投影片 3，我將把它交給 Simon Meester。

Thanks, Derek, and good morning. I would like to welcome everyone to our earnings call and appreciate your interest in Terex. As you know, this will be Julie Beck's last earnings call as she will be leaving Terex in April I want to thank Julie on behalf of our team, our Board of Directors and our shareholders for her commitment and contribution to Terex over these past three years. I also want to welcome our incoming CFO, Jennifer Kong, who started on Monday Gem's extensive finance experience, including leading significant integrations and transformations in large multinationals ear a great fit for Terex.

謝謝，德里克，早安。我歡迎大家參加我們的財報電話會議，並感謝大家對特雷克斯的關注。如你所知，這將是朱莉貝克 (Julie Beck) 的最後一次財報電話會議，因為她將於四月離開特雷克斯。我還要歡迎我們即將上任的財務長 Jennifer Kong，她於週一開始擔任 Gem 的首席財務官，擁有豐富的財務經驗，包括領導大型跨國公司的重大整合和轉型，非常適合特雷克斯。

Looking at the year's performance, I'm very pleased by our improved safety performance. And as we enter 2025, our commitment to safety and the tariff values remain steadfast. As we continue to transform and grow our company, our values will continue to include keeping each other safe, treating each other with respect and dignity and being stewards of our environment and our community.

回顧這一年的表現，我對我們的安全績效的提升感到非常高興。當我們進入 2025 年時，我們對安全和關稅價值的承諾仍然堅定不移。隨著我們公司不斷轉型和發展，我們的價值觀將繼續包括保護彼此安全、相互尊重和尊嚴地對待以及成為環境和社區的管理者。

Turning to slide 4. Our financial performance in the final quarter of 2024 was consistent with our Q3 outlook. For the full year, we delivered earnings per share of $6.11 on sales of $5.1 billion. This is the second highest full year EPS performance in the company's history and a reflection of the strength of the Terex portfolio.

翻到幻燈片 4。我們 2024 年最後一季的財務表現與第三季的展望一致。全年，我們的每股收益為 6.11 美元，銷售額為 51 億美元。這是該公司歷史上第二高的全年每股收益表現，反映了特雷克斯產品組合的實力。

As we discussed last quarter, AWP and MP scaled back production in the second half to align with industry-wide channel adjustments and will maintain a prudent operational posture for 2025. ESG executed very well in their first quarter with Terex. In the period following the October 8 close, EUC earned $51 million or 22% EBITDA and on revenue of $228 million, delivering on the commitment of being financially accretive from day one.

正如我們上個季度所討論的那樣，AWP 和 MP 在下半年縮減了產量以適應全行業的通路調整，並將在 2025 年保持審慎的營運態勢。ESG 與特雷克斯合作的第一季表現非常出色。10 月 8 日收盤後的一段時間內，EUC 的息稅折舊攤銷前利潤 (EBITDA) 為 5,100 萬美元，即 22%，營收為 2.28 億美元，履行了從第一天起就實現財務增值的承諾。

I'm excited to see this level of performance continue into 2025 and beyond. Turning to slide 5. ESG has a strong leadership team led by Pat Carroll that charted ESG's impressive growth over the past 15 years. In Q1 of 2025 at took on additional responsibilities becoming President of our new Environmental Solutions segment, which includes ESG and Terex Utilities.

我很高興看到這種表現水準能夠持續到 2025 年及以後。翻到幻燈片 5。ESG 擁有一支強大的領導團隊，由 Pat Carroll 領導，該團隊在過去 15 年中推動了 ESG 的令人矚目的成長。2025 年第一季度，他承擔了更多職責，成為我們新的環境解決方案部門的總裁，該部門包括 ESG 和 Terex Utilities。

I know Pat and the team will do a great job capitalizing on the many opportunities ahead. And thanks to detailed advanced planning, the integration team hit the ground running with eight work streams making progress. We fully expect to deliver at least $25 million in operational run rate synergies by the end of 2026 and realize additional commercial opportunities as we integrate ESG into Terex.

我知道帕特和他的團隊會很好地掌握未來的許多機會。由於提前進行了詳細的規劃，整合團隊立即開始行動，八個工作流程都取得了進展。我們完全預計到 2026 年底將實現至少 2,500 萬美元的營運營運率綜效，並在將 ESG 整合到 Terex 時實現更多商業機會。

Turning to slide 6. With the addition of ESG to our portfolio, approximately 25% of our revenue is from waste and recycling markets characterized by low cyclicality and steady growth. About 20% of our business is related to infrastructure, where significant investment is being put in place in the United States and around the world.

翻到幻燈片 6。隨著 ESG 加入我們的產品組合，我們約 25% 的收入來自低週期性和穩定成長的廢棄物和回收市場。我們的業務中約有 20% 與基礎設施有關，美國和世界各地都在對該領域進行大量投資。

Utilities is about 10% and growing as the well-documented need to expand and strengthen energy distribution is clear. General construction, which in the past had represented the majority of our end markets is now less than 1/3. An important macro headwind is the elevated level of interest rates and uncertainty around the Fed outlook.

公用事業約佔 10%，由於有據可查的擴大和加強能源分配的需求明顯，這一數字還在增長。過去，一般建築業佔據了我們終端市場的大部分，但現在這一份額已不到三分之一。一個重要的宏觀阻力是利率上升以及聯準會前景的不確定性。

We continue to see strong public sector spending on infrastructure and utilities but rate sensitive private projects continue to be impacted by the higher rates. Policies that stabilize inflation enabling rate reductions would unlock pent-up demand on the private investment side. We are encouraged by the improved sentiment that followed the US election in November, the new administration's focus on easing the regulatory environment for new projects and encouraging growth and investment in the United States are stimulants for many of our end markets.

我們繼續看到公共部門在基礎設施和公用事業方面的強勁支出，但對利率敏感的私人項目繼續受到較高利率的影響。穩定通膨並降低利率的政策將釋放私人投資方面被壓抑的需求。我們對11月美國大選後市場情緒的改善感到鼓舞，新政府致力於放寬新項目的監管環境並鼓勵美國的成長和投資，這對我們許多終端市場都起到了刺激作用。

With over 2/3 of our revenue coming from North America, a strong US economy is an important overall tailwind for us. We're closely following the administration's approach to international trade policy. It is important to understand that the majority of the products we're selling in the United States we make in the United States which limits our exposure.

由於我們的三分之二以上的收入來自北美，強勁的美國經濟對我們來說是一個重要的整體順風。我們密切關注政府的國際貿易政策方針。重要的是要了解，我們在美國銷售的大多數產品都是在美國生產的，這限制了我們的曝光率。

Moreover, we initiated mitigation actions last year in anticipation of additional tariffs, leveraging our global capabilities to manage the impact. As a global company with a significant footprint in the United States and around the world, we have optionality and are ready to take additional actions if needed.

此外，我們去年就針對額外的關稅採取了緩解行動，並利用我們的全球能力來管理影響力。作為一家在美國和世界各地都有廣泛影響力的全球性公司，我們擁有選擇權，並準備在必要時採取額外行動。

Turning to Europe. We continue to see a generally weak economic environment. We do remain encouraged by increasing induction of our products, emerging markets such as India, Southeast Asia, the Middle East and Latin America. Please turn to slide 7. While we see shorter-term adjustments in some of our legacy markets, we continue to be highly confident in our longer-term growth outlook.

轉向歐洲。我們繼續看到總體經濟環境疲軟。我們對我們的產品不斷增加的引入以及印度、東南亞、中東和拉丁美洲等新興市場的銷售感到鼓舞。請翻到第 7 張投影片。雖然我們看到一些傳統市場正在經歷短期調整，但我們對長期成長前景仍然充滿信心。

Our portfolio of strong businesses will continue to benefit from megatrends onshoring, technology advancements and federal investments. We continue to see record levels of mega projects in data centers, manufacturing, semiconductor plants and others with more projects expected to come online through 2027. We anticipate increased activity from infrastructure investments from roads and bridges to airports, railways and the power grid.

我們強大的業務組合將繼續受益於在岸外包、技術進步和聯邦投資等大趨勢。我們繼續看到資料中心、製造業、半導體工廠和其他領域的大型專案達到創紀錄的水平，預計到 2027 年將有更多項目上線。我們預計道路、橋樑、機場、鐵路和電網等基礎設施投資將會增加。

We are encouraged by the new administration support for AI power and other infrastructure investments. And while priorities may shift, we believe these high investment levels will continue. Turning to slide 8. We started implementing our revised execute, innovate and grow strategy and will continue to drive progress in 2025 and beyond.

新政府對人工智慧和其他基礎設施投資的支持令我們感到鼓舞。儘管優先事項可能會發生變化，但我們相信這些高投資水準將會持續下去。翻到幻燈片 8。我們開始實施修訂後的執行、創新和發展策略，並將在 2025 年及以後繼續推動進步。

As said, we are evaluating our global footprint, focusing on opportunities to reduce fixed costs while improving operational performance and efficiency. When it comes to innovation, we have a very exciting new product development pipeline focused on maximizing return on investment for our customers. We also continue to invest in robotics, automation, and digitizing work streams to make our operations more efficient and more flexible.

正如前文所說，我們正在評估我們的全球足跡，並專注於尋找降低固定成本同時提高營運績效和效率的機會。在創新方面，我們擁有非常令人興奮的新產品開發管道，致力於為客戶實現投資回報最大化。我們也繼續投資機器人技術、自動化和數位化工作流程，以使我們的營運更加高效和靈活。

Turning to growth. Completing the ESC acquisition was a significant step forward. We fully expect organic growth in that business to continue in line with its demonstrated performance over the past decade. On the utility front, we are unlocking growth potential by improving productivity and expanding capacity as the long-term demand outlook continues to expand.

轉向增長。完成 ESC 收購是向前邁出的重要一步。我們完全相信該業務的有機成長將繼續與其過去十年的表現保持一致。在公用事業方面，隨著長期需求前景的不斷擴大，我們正在透過提高生產力和擴大產能來釋放成長潛力。

Our MP and Aerial businesses will manage through the current portion of the cycle before we turn to grow as the need for more replacement equipment and mega trends are expected to remain significant tailwinds. Overall, we have a $40 billion addressable market with significant upside for our businesses.

我們的 MP 和 Aerial 業務將在當前週期部分順利完成，然後開始成長，因為對更多替換設備的需求和大趨勢預計仍將帶來巨大的推動力。總體而言，我們擁有 400 億美元的潛在市場，對我們的業務具有巨大的上升空間。

Turning to slide 9. Maintaining industrial market leadership requires a regular cadence of new innovative product introductions. Our businesses pride themselves on bringing groundbreaking products to market that improve ROI for our customers. A great example is the completely redesigned next-generation Genie Slab Scissor family picture is on the left. The new Genie Scissors provide our customers with industry-leading quality, performance and significantly lower total cost of ownership.

翻到第 9 張投影片。維持工業市場領先地位需要定期推出新的創新產品。我們的企業為能夠將突破性的產品推向市場、為客戶提高投資報酬率而感到自豪。一個很好的例子是完全重新設計的下一代 Genie Slab Scissor 系列照片如左圖所示。新款 Genie 剪刀為我們的客戶提供業界領先的品質、性能和顯著降低的整體擁有成本。

Included in the launch is the first ever gene scissor that does not use any hydraulic oil which is perfect for the rapidly growing data center and entertainment markets.

此次推出的產品包括首款不使用任何液壓油的基因剪刀，非常適合快速成長的資料中心和娛樂市場。

The middle picture features the industry's first all-electric refuse collection body recently introduced by Heil. While on route, the automated side loader is entirely electrically actuated with no hydraulics. It can plug directly into an electric chassis battery or run on its own battery to maximize the vehicles collection range. Customers love it because it has demonstrated fuel savings of up to 38% and support sustainability and contamination reduction objectives while delivering excellent productivity.

中間的圖片是Heil最近推出的業界首款全電動垃圾收集車身。在行駛過程中，自動側裝載機完全由電動驅動，無需液壓驅動。它可以直接插入電動底盤電池或依靠自己的電池運行，以最大限度地擴大車輛的收集範圍。客戶喜歡它，因為它已證明可節省高達 38% 的燃料，並支持永續性和減少污染的目標，同時提供出色的生產力。

And finally, the image on the right shows our new brush shipper, the latest addition to our new Green-Tec product line, we launched Green-Tec last year to focus on the growing tear and vegetation management markets. The team is doing a great job growing the new business line entering 2025 with a healthy backlog. Each of these new product offerings are examples of the strength and the leverage of the Terex portfolio to maximize ROI for our customers in a diverse and continually expanding market.

最後，右邊的圖片展示了我們的新刷子運輸機，這是我們新的 Green-Tec 產品線的最新成員，我們去年推出了 Green-Tec，專注於不斷增長的淚水和植被管理市場。進入 2025 年，團隊在拓展新業務線方面做得非常出色，積壓訂單量也非常可觀。每一款新產品都是特雷克斯產品組合實力和優勢的體現，能夠在多樣化且不斷擴展的市場中為我們的客戶實現投資回報率最大化。

And with that, I'll turn it over to Julie.

現在，我將把話題交給朱莉。

Thank you, Simon, and good morning, everyone. Looking at our fourth quarter financial results filed on slide 10. Total net sales of $1.2 billion were up slightly versus the prior year due to the addition of ESG. Sales in the legacy segments were down 17% and largely in line with our expectations due to industry-wide channel adjustments.

謝謝你，西蒙，大家早安。查看投影片 10 上的我們的第四季財務結果。由於加入了 ESG，總淨銷售額較上年略有成長，為 12 億美元。由於全行業的通路調整，傳統部門的銷售額下降了 17%，基本上符合我們的預期。

Gross margin of 19% reflects lower year-over-year margins in the legacy segment, partially offset by accretive margins from ESG. Volume, unfavorable manufacturing variances and mix in the legacy segments were partially offset by cost reduction actions. We reduced legacy SG&A expenses by $14 million or 10.4% year-over-year as we executed cost reduction actions and lowered incentive compensation. Operating profit was $97 million or 7.8%. Interest and other expense was $39 million, $24 million higher than last year due to interest on acquisition-related financing.

19% 的毛利率反映了傳統業務部門的利潤率同比下降，但被 ESG 帶來的增值利潤率部分抵消。產量、不利的製造差異和傳統部門的產品組合部分被成本削減措施所抵銷。由於我們採取了成本削減措施並降低了激勵性薪酬，我們將遺留的銷售、一般和行政費用 (SG&A) 支出與去年同期相比減少了 1,400 萬美元，即 10.4%。營業利潤為 9,700 萬美元，增幅 7.8%。利息和其他支出為 3,900 萬美元，比去年高出 2,400 萬美元，原因是收購相關融資的利息。

The fourth quarter effective tax rate was 10.9% compared to 18.7% in the fourth quarter of 2023 due to favorable jurisdictional mix and discrete onetime items. Earnings per share for the quarter was $0.77, and EBITDA was $114 million. Free cash flow for the quarter was $129 million compared to $135 million in the fourth quarter of 2023.

由於有利的司法管轄區組合和單獨的一次性項目，第四季度有效稅率為 10.9%，而 2023 年第四季為 18.7%。本季每股收益為 0.77 美元，EBITDA 為 1.14 億美元。本季自由現金流為 1.29 億美元，而 2023 年第四季為 1.35 億美元。

Turning to slide 11 for the full year results. Total net sales of $5.1 billion were generally aligned with 2023 as the fourth quarter addition of ESG offset a 4.9% decline in legacy revenue. Gross margin of 21.7% was 120 basis points lower year-over-year as volume and unfavorable mix in the legacy segment were only partially offset by cost reduction actions and the fourth quarter accretion from ESG.

請翻到第 11 張投影片查看全年業績。總淨銷售額 51 億美元，與 2023 年基本持平，因為第四季度 ESG 的增加抵消了傳統收入 4.9% 的下降。毛利率為 21.7%，較上年同期下降 120 個基點，原因是傳統部門的銷售和不利產品組合僅被成本削減措施和第四季 ESG 的成長部分抵銷。

We reduced legacy SG&A expenses by $18 million or 3.4% for the full year through cost reduction actions and lower incentive compensation. Operating profit was $582 million or 11.3%. Interest and other expense was $83 million, $20 million higher than last year due to interest on acquisition-related financing. The full year effective tax rate was 17.2%, 100 basis points better than the prior year due to favorable geographic mix.

我們透過降低成本措施和降低激勵性薪酬，將全年遺留的銷售、一般和行政費用減少了 1,800 萬美元，即 3.4%。營業利潤為 5.82 億美元，增幅 11.3%。利息和其他支出為 8,300 萬美元，比去年高出 2,000 萬美元，原因是收購相關融資的利息。全年有效稅率為 17.2%，由於有利的地理組合，比上年高出 100 個基點。

Earnings per share for the year was $6.1. As Simon mentioned, that is the second highest in Terex history and EBITDA was $642 million or 12.5%. Free cash flow of $190 million was down from last year due to lower net income, including higher interest expense, increased net working capital and a onetime benefit in the prior year associated with the sale of the Oklahoma City facility.

全年每股收益為 6.1 美元。正如西蒙所提到的，這是特雷克斯史上第二高的成績，EBITDA 為 6.42 億美元，增幅為 12.5%。1.9 億美元的自由現金流較去年同期下降，原因是淨收入下降，包括利息支出增加、淨營運資本增加以及上一年出售俄克拉荷馬城工廠的一次性收益。

Please turn to slide 12 to review our segment results, starting with AWP. AWP sales of $3 billion for the year represents 3% growth compared to 2023 with similar growth rates in Aerials and Terex Utilities. The year was characterized by a return to seasonal delivery pattern which we expect to be the norm going forward.

請翻到第 12 張投影片來查看我們的分部結果，從 AWP 開始。今年高空作業平台的銷售額為 30 億美元，與 2023 年相比成長 3%，而高空作業平台和特雷克斯多用途設備的成長率也與之類似。今年的特點是回歸季節性交付模式，我們預計這將成為未來的常態。

During this market transition, we were encouraged to see market share gains resulting from new products and other customer-focused improvements made by the team. Full year AWP operating margin was 11.6%, consistent with our third quarter outlook, fourth quarter margins were impacted by aggressive production cuts, product modes and unfavorable mix in aerials. The Genie team continues to optimize manufacturing footprint, drive operational efficiency and introduce a host of new products that maximize return on investment for customers.

在這次市場轉型期間，我們很高興地看到，由於新產品的推出以及團隊做出的其他以客戶為中心的改進，市場份額得到了成長。全年 AWP 營業利潤率為 11.6%，與我們的第三季預期一致，第四季的利潤率受到大幅減產、產品模式和天線組合不利的影響。Genie 團隊不斷優化製造足跡、提高營運效率並推出一系列新產品，以最大限度地提高客戶的投資回報。

Please turn to slide 13 to review MP performance. Full year sales of $1.9 billion were 14.6% lower than the prior year due to industry-wide channel adjustment. Combining with challenging macroeconomic factors in Europe, especially in the second half. On the aggregate side, we saw machines on rent longer than usual, impacting dealers' replenishment of new units.

請翻到投影片 13 來查看 MP 效能。由於全行業通路調整，全年銷售額為19億美元，較上年下降14.6%。再加上歐洲面臨的宏觀經濟因素充滿挑戰，尤其是下半年。從整體來看，我們發現機器的租賃時間比平常更長，影響了經銷商的新設備的補充。

The European market was weak all year, which was initially impacted material handling, cranes and eventually aggregates. Our US concrete and India aggregates businesses were bright spots, both growing in the fourth quarter. MP solid 13.6% full year operating margin was impacted by lower volume and unfavorable product and geographic mix, partially offset by cost reduction actions.

歐洲市場全年表現疲軟，最初影響的是物料搬運、起重機以及骨材。我們的美國混凝土和印度骨材業務是亮點，在第四季度均實現成長。MP 全年營業利潤率穩定達到 13.6%，受到銷售下降和不利的產品及地理結構的影響，但被成本削減措施部分抵銷。

Please turn to slide 14 to review ESG. We were very pleased with the ESG's performance following the October 8 close. The business achieved 21.9% operating margin on net sales of $228 million representing meaningful growth and profitability improvement over the prior year period. Operational initiatives on both collection vehicle and compactor production contributed to the margin expansion. EBITDA in the period was $51 million or 22% of sales.

請翻到幻燈片 14 查看 ESG。我們對 10 月 8 日收盤後 ESG 的表現非常滿意。該業務的淨銷售額為 2.28 億美元，營業利潤率為 21.9%，與去年同期相比實現了顯著的成長和獲利能力的提高。收集車輛和壓實機生產的營運措施促進了利潤率的擴大。該期間的 EBITDA 為 5,100 萬美元，佔銷售額的 22%。

We are very excited about ESG's 2025 and future contributions to tariff. Please turn to slide 15. In the fourth quarter, we funded the ESG acquisition at favorable rates and terms and maintained our corporate rating. We continue to maintain a solid balance sheet and flexible capital structure with the right mix of secured and unsecured debt and variable versus fixed rates.

我們對 ESG 2025 年及未來對關稅的貢獻感到非常興奮。請翻到第 15 張投影片。第四季度，我們以優惠的利率和條款為ESG收購提供資金，並維持了我們的公司評級。我們繼續保持穩健的資產負債表和靈活的資本結構，合理組合有擔保和無擔保債務以及浮動利率和固定利率。

We can prepay or reprice a significant portion of the debt, and we do not have any maturities until 2029. We continue to have ample liquidity with a year-end leverage ratio of 2.6 times based on the calculation in our credit agreement. We plan to deleverage in future periods as we generate increased cash flow from operations and take advantage of cash tax benefits associated with the acquisition.

我們可以提前償還或重新定價大部分債務，而且直到 2029 年我們都不會到期債務。我們繼續擁有充足的流動性，根據我們的信用協議計算，年底槓桿率為 2.6 倍。我們計劃在未來期間去槓桿，因為我們將從營運中產生更多的現金流，並利用與收購相關的現金稅收優惠。

We will also continue to invest in our businesses, fueling organic growth and profitability improvement. We reported a return on invested capital of 19.4%, well above our cost of capital. Returning capital to shareholders remains a priority. In 2024, tariffs returned $92 million to shareholders through share repurchases and dividends more than offsetting equity compensation dilution.

我們也將繼續投資於我們的業務，促進有機成長和獲利能力提高。我們的投資資本報酬率為 19.4%，遠高於我們的資本成本。向股東返還資本仍是我們的首要任務。2024 年，關稅透過股票回購和股息向股東返還了 9,200 萬美元，超過了抵銷股權薪資稀釋的部分。

We have $86 million remaining under our share repurchase authorization, and we will continue to buy back shares. Terex is in a strong financial position to continue investing in our business and executing our strategic initiatives while returning capital to shareholders. Turning to bookings and backlog on slide 16. Our current backlog of $2.3 billion includes a very healthy $520 million for ESG and $1.8 billion for our legacy businesses which is in line with historical pre-COVID norm.

我們的股票回購授權金額剩餘為 8,600 萬美元，我們將繼續回購股票。特雷克斯的財務狀況強勁，可以繼續投資於我們的業務並執行我們的策略計劃，同時向股東返還資本。轉向幻燈片 16 上的預訂和積壓。我們目前的 23 億美元積壓訂單包括用於 ESG 的 5.2 億美元和用於傳統業務的 18 億美元，這與 COVID 之前的歷史常態相符。

As expected, we saw booking trends return to our historical patterns with the fourth quarter traditionally being a seasonally strong bookings period. Book-to-bill for the legacy business was 116%, led by Aerial's component of AWP at 153% as rental customers ramped up orders for 2025. We Moreover, the Genie team has secured sizable additional 2025 commitments from large customers in January.

正如預期的那樣，我們看到預訂趨勢恢復到歷史模式，第四季度傳統上是季節性的強勁預訂期。由於租賃客戶增加了 2025 年的訂單，傳統業務的訂單出貨率為 116%，其中 Aerial 的 AWP 部分訂單出貨率最高，為 153%。此外，Genie 團隊已於 1 月從大客戶那裡獲得了大量額外 2025 年的承諾。

We expect book to bill of greater than 100% and again in the first quarter, providing further support for our aerial 2025 outlook. MP has returned to its traditional book-to-bill cadence supported by reliable lead times with backlog coverage of approximately three months. ESG backlog of $520 million heading into 2025 is up 16% from the prior year.

我們預計訂單出貨比將超過 100%，並在第一季再次實現這一目標，為我們對 2025 年的空中展望提供進一步的支持。MP 已恢復其傳統的訂單到出貨節奏，得益於可靠的交貨時間，積壓訂單覆蓋期約為三個月。到 2025 年，ESG 積壓訂單將達到 5.2 億美元，比前一年成長 16%。

Strong fourth quarter bookings of $255 million represents 112% book-to-bill supporting our growth outlook for ESG. Now turn to slide 17 for our 2025 outlook. We are operating in a complex environment with many macroeconomic variables and geopolitical uncertainties, and results could change negatively or positively.

第四季訂單量強勁，達到 2.55 億美元，訂單出貨比達到 112%，支持了我們對 ESG 的成長前景。現在翻到第 17 張投影片，了解我們對 2025 年的展望。我們處於一個複雜的環境中，存在著許多宏觀經濟變數和地緣政治不確定性，結果可能會發生正面或負面的變化。

With that said, this outlook represents our best estimate as of today and does not include the impact of any new tariffs or trade policy changes that are not currently in effect. We expect overall growth in 2025 with the full year contribution of ESG, anticipating net sales of approximately $5.4 billion, with a segment operating margin of about 12% and EBITDA of roughly $660 million.

話雖如此，這一前景代表了我們截至今天的最佳估計，並不包括任何目前尚未生效的新關稅或貿易政策變化的影響。我們預計，在 ESG 全年貢獻下，2025 年將實現整體成長，預計淨銷售額約為 54 億美元，分部營業利潤率約為 12%，EBITDA 約為 6.6 億美元。

Interest and other expenses will increase compared to 2024 due to acquisition-related financing to an expected full year total of about $175 million. We expect 2025 earnings per share of between $4.70 and $5.10 on lower legacy volume partially offset by accretive ESG growth. From a quarterly perspective, we anticipate a slower start to the year, delivering about 10% of our full year earnings per share in the first quarter as we continue to execute the corrective actions we deployed in the fourth quarter to set us up for the longer term.

由於收購相關融資，利息和其他費用將與 2024 年相比增加，預計全年總額約為 1.75 億美元。我們預計 2025 年每股收益將在 4.70 美元至 5.10 美元之間，其中遺留交易量較低，但 ESG 成長將部分抵消這一影響。從季度角度來看，我們預計今年開局會比較慢，第一季每股收益將佔全年收益的 10% 左右，因為我們將繼續執行第四季度部署的糾正措施，為長期發展做好準備。

We expect about 2/3 of the full year earnings per share over the middle two quarters. We expect a significant increase in free cash flow compared to 2024, anticipate between $300 million and $350 million in 2025 and driven by working capital reduction and a full year of ESG cash generation while continuing to invest in our businesses with expected CapEx of approximately $120 million.

我們預計中間兩季的每股盈餘將佔全年收益的約 2/3。我們預計自由現金流將與 2024 年相比大幅增加，預計 2025 年將達到 3 億至 3.5 億美元，這得益於營運資本減少和全年 ESG 現金創造，同時繼續投資於我們的業務，預計資本支出約為 1.2 億美元。

Looking at our segments. During the first quarter, ESG was combined with Terex Utilities to create environmental solutions or ES. MP is unchanged and Aerials, which is our Genie business, will be reported stand alone. We will provide historical comparative information when we release our first quarter 2025 results.

看看我們的細分市場。第一季度，ESG 與 Terex Utilities 合併，成立了環境解決方案公司或 ES。MP 保持不變，而 Aerials（我們的 Genie 業務）將單獨報告。我們將在發布 2025 年第一季業績時提供歷史比較資訊。

Let's start with Aerial. We expect sales to be down low double digits compared to $2.4 billion in 2024. Excluding first quarter one-timers, we expect full year 2025 margins to be consistent with our 25% decremental targets. As a result, and consistent with historical seasonal patterns, we expect the second and third quarters to be the highest margin quarters. We expect MP sales to be down high single digits compared to the prior year.

讓我們從空中開始。我們預計銷售額將與 2024 年的 24 億美元相比下降兩位數。除第一季的一次性費用外，我們預計 2025 年全年利潤率將與我們 25% 的減幅目標一致。因此，與歷史季節性模式一致，我們預計第二季和第三季將成為利潤率最高的季度。我們預計 MP 銷量將比上年下降個位數。

Europe to remain generally weak, with North America starting slowly, then picking up steam as the year unfolds.

歐洲整體仍將保持疲軟，北美起步緩慢，但隨著時間的推移將逐漸加速。

We anticipate MT to achieve decremental margins well within our 25% target. ESG had a strong fourth quarter, and we expect that momentum to carry into 2025, combining with utilities to generate mid-single-digit sales growth for the ES segment. IL RCV demand remained strong, and the Marathon team has implemented several commercial excellence programs that continue to drive growth in compactors.

我們預期 MT 的利潤率遞減幅度將遠低於我們的 25% 目標。ESG 在第四季表現強勁，我們預計這一勢頭將延續到 2025 年，與公用事業相結合，為 ES 部門帶來中等個位數的銷售成長。IL RCV 的需求依然強勁，馬拉松團隊已經實施了多個商業卓越計劃，繼續推動壓實機的成長。

Utility demand remained strong with backlog stretching into 2026. The 2024 comparable baseline for ES is revenue of $1.5 billion with an operating profit of 17%. We anticipate continued strong margin performance for ES in 2025 through new product introductions, operational improvements and synergy capture. With that, I will turn it back to Simon.

公用事業需求依然強勁，積壓訂單將延續到 2026 年。ES 的 2024 年可比較基準是營收 15 億美元，營業利潤 17%。我們預計，透過推出新產品、改進營運和發揮協同效應，ES 的利潤率將在 2025 年繼續保持強勁成長。說完這些，我就把話題轉回給西蒙。

P Thanks, Julie. I will now turn to slide 18. Terex is very well positioned to deliver long-term value to our shareholders. we have a strong portfolio of industry-leading businesses across a diverse landscape of industrial segments with attractive end markets. We will continue to demonstrate improved through-cycle financial performance as we integrate ESG and realize synergies across the company.

P 謝謝，朱莉。我現在翻到第 18 張投影片。特雷克斯完全有能力為我們的股東創造長期價值。我們擁有強大的產業領先業務組合，涵蓋多個工業領域，擁有頗具吸引力的終端市場。隨著我們整合 ESG 並實現整個公司的協同效應，我們將繼續展示整個週期財務表現的改善。

As always, I want to close by thanking our team members around the world. We have made great strides together, and we will continue to grow our company together. I am very excited about the road ahead for Terex. And with that, I would like to open it up for questions. Operator?

像往常一樣，最後我要感謝我們在世界各地的團隊成員。我們共同取得了長足的進步，並將繼續共同發展我們的公司。我對特雷克斯未來的道路感到非常興奮。現在，我想開始回答大家的提問。操作員？

(Operator Instructions) Jerry Revich, Goldman Sachs.

（操作員指示）傑瑞·雷維奇（Jerry Revich），高盛。

Congratulations on strong ESG performance out of the gate, what really stood out was the margin performance in the quarter and the year-over-year growth. Can you just talk about the sustainability of the margin performance we saw in the quarter, whether there's any payroll mix or any other pieces because that was -- look to be up significantly year-over-year as we come out the outlook heading into next year.

恭喜您在 ESG 方面取得的強勁表現，真正引人注目的是本季的利潤率表現和同比增長。您能否談談本季利潤率表現的可持續性，無論是否有工資組合或任何其他因素，因為當我們展望明年時，這些利潤率似乎將同比大幅上升。

And the other dynamic is Hao has picked up significant share over the past post-COVID cycle. It looks like based on the bookings, it looks like that momentum is continuing, but wondering if you could just double-click on that for us, if you don't mind?

另一個動態是，郝在過去的後疫情時期獲得了相當大的份額。從預訂情況來看，這種勢頭似乎還在持續，但如果您不介意的話，您是否可以為我們雙擊一下？

Yes. No, thanks for the question. No, other than just they're firing on all cylinders. It's been a record year for them in terms of bookings, sales, deliveries new product introductions, throughput, they basically -- they can turn a bear chassis into a full-blown refuse collection trucking less than 60 days, which gives a big net working capital advantage to their customers.

是的。不，謝謝你的提問。不，他們只是全力以赴而已。今年是他們在訂單、銷售、交付、新產品推出、吞吐量等方面創下紀錄的一年，基本上他們可以在不到 60 天的時間內將一輛熊形底盤變成一輛功能齊全的垃圾收集卡車，這為他們的客戶帶來了巨大的淨營運資本優勢。

So it's just an all-out success story, nothing really that helped them in terms of mix other than just great performance, and we see that carry over into 2025. They're literally firing on all cylinders. So we're very pleased with, obviously, ESG joining the Terex family, and we're very excited about 2025.

所以這只是一個全面的成功故事，除了出色的表現之外，沒有什麼能在組合方面為他們提供真正的幫助，而且我們預計這種成功將延續到 2025 年。他們確實正在全力以赴。因此，我們非常高興 ESG 加入特雷克斯家族，我們對 2025 年感到非常興奮。

And then really strong bookings in the quarter that points to a really strong 25% as well, Jerry. Very excited.

本季的預訂量非常強勁，預計成長率將達到 25%，傑瑞。非常興奮。

Super. And can I share let me just give you an opportunity to comment on the company's ability to move around the sourcing given every two days, we're looking at a different potential tariff picture. I think initially, when you were contemplating changes in the footprint you were targeting significantly more than 25% cost savings to make the investment move. So I'm wondering if you could just flesh that out for us, it's been a key topic over the past couple of weeks.

極好的。我可以給你一個機會來評論一下公司每兩天轉移採購的能力，我們正在研究不同的潛在關稅狀況。我認為最初當您考慮改變足跡時，您瞄準的成本節省遠超 25% 以實現投資目標。所以我想知道您是否可以為我們詳細說明一下，這是過去幾週的關鍵主題。

Yes. Are you asking particularly about North America? Or what kind of tariff.

是的。您特別問的是北美的情況嗎？或是什麼樣的關稅。

Yes, I apologize. Yes, the tariff picture in North America, given potential for tariffs to be implemented on Mexico and Canada. I just wanted to give you a platform to expand on what the company can do.

是的，我很抱歉。是的，考慮到對墨西哥和加拿大實施關稅的可能性，北美的關稅情況。我只是想給你一個平台來擴大公司的能力。

Yes. Hopefully, it's been a bit of a roller coaster in the last couple of weeks. But yes, overall, I said that this in my opening remarks, at the end of the day, we're still a US-based manufacturer at the tariff level, we have 11 factories in the United States, one in Mexico, one in Canada. So the lion's share of what we sell in the United States we make in the United States.

是的。希望過去幾週的情況能像過山車一樣起伏。但是的，總的來說，我在開場白中說過，歸根結底，從關稅層面來看，我們仍然是一家美國製造商，我們在美國有 11 家工廠，墨西哥有 1 家，加拿大有 1 家。因此，我們在美國銷售的產品大部分都是在美國生產的。

But having said that, we have a lot of optionality to be very honest with you, Jerry, is no matter kind of what the outcome will be, if anything, will change. We run single shifts in most of our US factories. We can reroute demand across our factories. We source from the Monterrey facility from other facilities as well. So we have a dual source setup that we can play with. So we have a lot of optionality, but we're still very pleased with our Monterrey facility.

但話雖如此，傑瑞，說實話，我們有很多選擇，無論結果如何，如果有的話，都會改變。我們在美國的大部分工廠都實行單班制。我們可以重新安排工廠內的需求。我們也從蒙特雷工廠的其他工廠採購。因此我們有一個可以使用的雙源設定。因此我們有很多選擇，但我們仍然對蒙特雷工廠非常滿意。

It's a world-class facility, state-of-the-art manufacturing, and we can use that facility no matter kind of what happens with the US landscape. But we like where we are from a -- from a competitive standpoint, the optionality that we have, we have multiple mitigation plans ready to go if the situation would change. And we think that if something like were to happen, that we would be able to mitigate most of it, and it wouldn't make a significant impact on our guidance either way. Thanks for the question.

這是一座世界一流的設施，擁有最先進的製造技術，無論美國的情況如何，我們都可以使用該設施。但我們喜歡我們現在的狀況——從競爭的角度來看，我們擁有可選性，如果情況發生變化，我們已經準備好多個緩解計劃。我們認為，如果發生類似的事情，我們將能夠減輕大部分影響，而且無論如何都不會對我們的指導產生重大影響。謝謝你的提問。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Best wishes, Julie. Congratulations Jen. I just want to start off by asking about the AWP order trends, how they came in relative to your expectations for the quarter? And kind of what you see your customers doing with their fleets this year? Is this sort of just a replacement year? Is it a bit of a shrinking? How do you kind of frame that?

祝一切順利，朱莉。恭喜你， Jen。我首先想問 AWP 訂單趨勢，相對於您對本季的預期，它們的情況如何？您認為今年您的客戶將如何處理他們的車隊？這是否只是替代年份？是不是有點縮水了？您如何構思這一點？

I know you said you've secured some additional commitments in January. So like how important is the first quarter relative to sort of the seasonal picture of bookings? Was there something of more clarity that the industry got in January that enable those commitments?

我知道您說過您在一月份已經獲得了一些額外的承諾。那麼，相對於季節性預訂情況而言，第一季有多重要？一月份產業是否獲得了更明確的訊息以支持這些承諾？

Great question. We're just going back to kind of normal pattern. So typically, we take most of our annual agreements in Q4 and in some and that's kind of where we're going back to. So in Q4, we secured a 153% book-to-bill. Very pleased with the order intake.

好問題。我們只是回歸正常模式而已。因此，通常情況下，我們會在第四季度達成大部分年度協議，而有些協議我們會回到這個狀態。因此在第四季度，我們的訂單出貨比達到了 153%。對訂單量非常滿意。

And then again, in Q1, we expect to be north of 10% so we feel really good about our sales outlook for aerials. And other than in terms of kind of the seasonality, we expect in 2025 to Q2 and Q3 to go back to being the -- traditionally the strongest quarters like it was pre-COVID.

而且，在第一季度，我們預計銷售額將超過 10%，因此我們對天線的銷售前景非常樂觀。除了季節性因素外，我們預計 2025 年第二季和第三季將恢復到傳統上最強勁的季度，就像新冠疫情之前一樣。

And in terms of what our customers are telling us, yes, it is mostly replacement demand, to your point. But fleet utilization, still healthy levels. Fleets are not -- that age anymore, so where they need to be, but they have a strong project pipeline. They've been very transparent with us on kind of what they need and at what time they're going to need their product. So we just see the year going back to normal, if you will, and we're very pleased with our backlog and our coverage for the year.

就我們的客戶告訴我們的情況而言，是的，正如您所說，這主要是替代需求。但車隊利用率仍處於健康水準。艦隊不再是那個年齡了，所以它們需要在那裡，但它們擁有強大的項目管道。他們對我們非常透明，知道他們需要什麼以及什麼時候需要他們的產品。因此，如果你願意的話，我們認為今年將恢復正常，並且我們對我們的積壓訂單和今年的覆蓋範圍感到非常滿意。

Okay. That's very helpful. And then, I guess, on Europe, can you just give us a sense of kind of momentum there? Is it -- is it still getting weaker? Is it stabilizing? And any sense of what it will take to get that going a little bit more positively?

好的。這非常有幫助。然後，我想，關於歐洲，您能否為我們介紹一下那裡的發展勢頭？它──它還在變弱嗎？穩定了嗎？您認為怎樣才能讓這項進程變得更積極呢？

Are you referring to Tier 2 general or aerials?

您指的是 2 級通用還是空中？

In general, across the business.

總體而言，整個業務都是如此。

Yes. Our expectation is that Europe is going to continue to stay soft in 2025. We do see some pickup. Some fleets are starting to age, for example, in handling some of our crushing and screening fleets start to age. So there's going to be some demand around replacement. But generally speaking, we are assuming a soft market for 2025. In terms of resi and commercial construction for sure, there's a little bit of pickup in civil in some of the European markets.

是的。我們預計歐洲在 2025 年將繼續保持疲軟。我們確實看到了一些回升。有些車隊開始老化，例如，在處理我們的一些破碎和篩選車隊時開始老化。因此會有一些替代需求。但總體而言，我們預計 2025 年市場將會疲軟。就住宅和商業建築而言，部分歐洲市場的民用建築產業略有回升。

But overall, we see that the market will continue to stay soft. Now having said that, there are a couple of businesses that are showing signs of bottoming for example, we see some pickup in our cranes business. We see some positive quoting activity. We see some positive bookings. And then there are some bright spots like Saudi is a bright spot for us. So there are some markets that are doing slightly better. But as a general statement, we expect Europe to remain soft in 2025.

但總體而言，我們認為市場將持續保持疲軟。話雖如此，但有幾項業務已經顯示出觸底的跡象，例如，我們的起重機業務有所回暖。我們看到一些積極的報價活動。我們看到一些積極的預訂。然後也有一些亮點，像是沙烏地阿拉伯對我們來說就是一個亮點。因此有些市場表現略好。但總體而言，我們預計歐洲在 2025 年仍將保持疲軟。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

My first question is on the ESG outlook, up mid-single-digit percent you're expecting this year, which seems a bit lower than the high single-digit CAGR that business has seen historically. So what's driving that outlook? Is it including the legacy tax utilities business or just the ESG portion. Any color there would be helpful.

我的第一個問題是關於 ESG 前景的，您預計今年 ESG 成長率將達到中等個位數，這似乎略低於歷史上企業所經歷的高個位數複合年增長率。那麼，是什麼推動了這種觀點呢？它是否包括遺留稅收公用事業業務還是僅包括 ESG 部分。任何顏色都有幫助。

It does include utilities. So those two businesses combined. And if you break it apart in ESG, as I said, firing on all cylinders to Julie's point, we have strong a record backlog coverage actually for ESG going into 2025. And then in utilities, we're still a little bit constrained on supply. So we're actually expanding capacity because we're now starting to quote into 2026 for our utilities business. So our focus on 2025 will be to just continue to ramp up production on the utility side, and that might just drive a little bit of caution in our revenue guide for ESG overall, but it's not because of ESG.

它確實包含實用程式。因此這兩家企業合併了。如果你將其從 ESG 角度進行分解，正如我所說的那樣，全力以赴，正如朱莉所說，到 2025 年，我們的 ESG 積壓覆蓋率實際上將創下歷史新高。在公用事業方面，我們的供應仍然受到一些限制。因此，我們實際上正在擴大產能，因為我們現在開始為 2026 年的公用事業業務做預測。因此，我們在 2025 年的重點將是繼續提高公用事業的產量，這可能會導致我們對 ESG 整體收入指南稍微謹慎一些，但這並不是因為 ESG。

Got it. That's very helpful. And then the other question is, I think I heard you say the first quarter EPS would be about 10% of the full guide. So could you just give us some pointers on how to model the first quarter in terms of the segments, especially AWP, I'm just trying to understand how to get to that 10% EPS for the three segments?

知道了。這非常有幫助。然後另一個問題是，我想我聽到您說第一季的每股收益將達到全部指南的 10％ 左右。那麼，您能否給我們一些關於如何根據各個細分市場（尤其是 AWP）對第一季進行建模的指點，我只是想了解如何讓三個細分市場實現 10% 的每股收益？

Yes. So what we would expect, first of all, for the first quarter, again, 10% of our earnings per share would be in that first quarter. And we would think -- say that the revenues in our aerials business would be seasonally lower in the first quarter and as well we took production down in the fourth quarter, which impacted margins.

是的。因此，首先，我們預計第一季每股收益的 10% 將來自該季度。我們認為－我們的航空業務收入在第一季會因季節性因素而下降，而且我們在第四季也會減少產量，進而影響利潤率。

And Simon refers to it as a speed bump like -- and we will continue to do that in Q1 to more -- to match production with our demand. So production will be lower in the first quarter for our Aerials business. MP it will have a lower first quarter as well. They will continue to improve throughout the year and they'll perform well within our 25% decremental targets.

西蒙將其稱為減速帶——我們將在第一季繼續這樣做——以使生產與需求相匹配。因此，我們天線業務第一季的產量將會下降。MP 第一季的業績也將較低。他們將在全年持續改進，並在我們 25% 的減量目標範圍內表現良好。

And the ESG business is just going to be strong and steady throughout the year, consistent performance throughout the year. So that's how we expect to see the year unfold and particularly but Q1 will primarily be impacted by some lower volumes, both in MP and the aerial segments and some lower production volumes.

ESG 業務全年都將保持強勁、穩定，表現穩定。這就是我們對今年情勢的預期，尤其是第一季度，其主要會受到飛機製造和航空領域產量下降以及生產量下降的影響。

Steve Volkmann, Jefferies.

傑富瑞的史蒂夫·福爾克曼。

All right. Just to follow on Tammi's question there. Julie, your comments about lower you talking about lower year-over-year in the 1Q? Or is it actually sequentially lower than the fourth?

好的。只是想繼續回答 Tammi 的問題。朱莉，你提到的第一季同比下降是指什麼？或實際上連續低於第四名？

Yes. So we are going to be lower year-over-year and fairly consistent from Q4 to Q1 in terms of production.

是的。因此，就產量而言，我們的產量年比會下降，但第四季和第一季的產量將保持相當穩定。

Okay. Great. And then maybe, Simon, a couple of kind of real bigger picture questions. I'm curious if you have any comments to what you think is happening with the AWP cycle? Are we in sort of a lull here and it starts to regrow going forward? Or do we have sort of a more protracted downturn, just any kind of views from your seat would be great.

好的。偉大的。然後也許，西蒙，有幾個真正更大的問題。我很好奇，您對 AWP 週期發生的事情有何看法？我們是否正處於某種停滯狀態，但之後又會開始重新發展？或者我們會遭遇更持久的經濟衰退，如果您能從您的角度發表任何看法就太好了。

Yes. So obviously, we're not ready to guide for anything beyond 2025. So I'm mostly going to talk about 2020 -- sorry, 2025, we can't -- we're not ready to talk about 2026, but overall, we're seeing US to remain resilient in Europe and the rest of the world to remain soft. That's the story for us, 2025 megaprojects, main tailwind in the US.

是的。顯然，我們還沒有準備好為 2025 年以後的任何情況提供指導。所以我主要想談論 2020 年——抱歉，2025 年，我們不能——我們還沒有準備好談論 2026 年，但總的來說，我們看到美國將保持彈性，歐洲將保持疲軟，世界其他地區將保持疲軟。這就是我們的故事，2025 年的大型項目，主要的順風在美國。

We do see spending on the large projects continue to grow, although at a lower pace, but infrastructure and now with manufacturing onshoring will continue to be a tailwind for us, and that will carry forward. We see positive customer sentiment, strong project pipeline but yes, there could be upside if interest rate will come our way in private, more local, smaller projects will start to pick up again. But for 2025, it's mostly replacement demand, and that's what drives our kind of compressed outlook for aerials. And then we'll have to see what happens going into 2026.

我們確實看到大型項目的支出持續成長，儘管速度較低，但基礎設施和現在的製造業在岸化將繼續成為我們的順風，而且這種趨勢將繼續下去。我們看到正面的客戶情緒和強大的專案儲備，但如果私人利率朝我們這邊傾斜，那麼可能還會有上行空間，更多的在地化、規模較小的專案將開始再次回溫。但對於 2025 年來說，主要是替換需求，這就是我們對天線進行壓縮展望的原因。然後我們將拭目以待 2026 年會發生什麼。

Jamie Cook, Truist.

傑米庫克 (Jamie Cook)，Truist。

I guess just two follow-up questions. One, just on ESG. Just trying to understand how you're thinking about the accretion of ESG in 2025 relative to when you announced the deal. And you talked about double-digit accretion. It doesn't sound like anything's changed given the performance in the quarter and what you've seen in bookings, but I just want to clarify that because it's hard to back into it the way you guided and then I guess just my second question on the Aerials business understanding.

我想只剩兩個後續問題了。第一，只談 ESG。只是想了解相對於您宣布這筆交易時而言，您對 2025 年 ESG 的成長有何看法。您談到了兩位數的增多。考慮到本季度的表現以及您在預訂中看到的情況，聽起來好像沒有任何變化，但我只想澄清這一點，因為很難按照您指導的方式重新回到原來的狀態，然後我想我的第二個問題是關於天線業務的理解。

You had strong orders, I think you said in January, and we expect normal seasonality and Simon, just trying to understand to what degree. How you're thinking about pricing and giving yourself flexibility, I guess, if we do get into a situation where tariffs become an issue. I mean, I think tariffs under Trump's last administration managed very well in terms of like price cost and managing that, but just wondering how you're thinking about managing the business and getting these orders with tariffs potentially on the come.

我記得您在一月就說過，您的訂單量很大，我們預計季節性會正常，西蒙，只是想了解情況到什麼程度。我想，如果我們確實陷入關稅成為問題的境地，您會如何考慮定價並給予自己靈活性？我的意思是，我認為川普上一屆政府在價格成本等方面的關稅管理得很好，但我只是想問一下，在可能徵收關稅的情況下，您是如何考慮管理業務和獲得這些訂單的。

I'll let Julie take the first part, and then I'll take the second part.

我會讓朱莉負責第一部分，然後我負責第二部分。

So the ESG again, great fourth quarter performance. We expect and there's no change from when we announced the ESG and brought them in, in October. We expect continued solid performance for ESG and then to be a accretion to our earnings, and we expect them to do really, really well, and nothing has changed. We even feel better because of the great performance in the fourth quarter and going into 2025.

因此，ESG 第四季表現再次出色。我們預計，與我們 10 月宣布並引入 ESG 時相比，情況沒有變化。我們預計 ESG 將繼續表現穩健，從而增加我們的收益，我們預計它們會表現得非常非常好，而事實並沒有發生任何變化。由於第四季和 2025 年的出色表現，我們感覺甚至更好。

Yes. And on the tariff pricing side, if tariffs were to come our way and -- that's obviously a big if, and we can only speculate. But our aim would be to mitigate this ourselves first and foremost. That would be that would be the angle. And we think we can mitigate a big piece of it depending on what kind of tariffs we will have to deal with.

是的。在關稅定價方面，如果關稅對我們徵收——這顯然是一個很大的如果，我們只能推測。但我們的目標首先是自己緩解這種情況。那將是那個角度。我們認為，我們可以減輕很大一部分影響，這取決於我們必須應對哪種關稅。

So our aim will be to obviously stay disciplined on pricing. We aim to be price cost neutral and there's still inflation other than tariffs in our industry, material, freight and labor -- so we want to stay disciplined on pricing. But when it comes to tariffs, our first approach will be to mitigate as much of it ourselves.

因此，我們的目標顯然是保持定價紀律。我們的目標是保持價格成本中性，除了關稅、材料、運費和勞動力之外，我們的行業還存在通貨膨脹，因此我們希望在定價上保持紀律。但談到關稅，我們的首要做法是盡可能減輕關稅。

And before you cut me off, Julie, I just wanted to say thank you for all your help, and congrats on a great performance and congrats to whatever is ahead. Thank you.

在你打斷我之前，朱莉，我只想對你所有的幫助表示感謝，祝賀你的出色表現，祝賀你未來的一切。謝謝。

David Raso, Evercore ISI.

大衛·拉索（David Raso），Evercore ISI。

Congratulations, Julie. I don't want to make this a math question, but given the moving parts, the lack of the restate, I apologize in advance for the math here. Can you -- I don't understand the decremental margin commentary on the segments, the down within our 25% target. To help me get a better sense how that's possible, what is the operating margin you're assuming ESG Dover has, the stand-alone business, don't blend it with the utility. So the business that just reported 21.9% for the quarter, I know it was a stub quarter, what are you thinking that business stand-alone EBIT margin would be for '25?

恭喜你，朱莉。我不想把這個問題變成一個數學問題，但考慮到活動部件和缺乏重述，我提前為這裡的數學問題道歉。你能－我不明白關於各部分的利潤率遞減評論，以及我們 25% 目標範圍內的下降嗎？為了幫助我更好地了解這是如何可能的，您假設 ESG Dover 的營業利潤率是多少，獨立業務，不要將其與公用事業混合。所以剛剛報告該季度業務增長 21.9% 的情況，我知道這是一個簡短的季度，您認為 25 年該業務的獨立息稅前利潤率會是多少？

David, we would expect ES margins to be -- the ESG merchants to be comparable in 2025 split of 2024 with the stub number,

David，我們預期 ESG 商家的 ES 利潤率將在 2025 年與 2024 年的拆分中與存根數字相當，

With that stub number?

用那個存根號碼嗎？

Yes.

是的。

Okay. So again, I apologize in advance, but we have a lot of moving numbers here. We don't have normal detail. If you strip out ESG Dover, you have 2024 revenues, $4.9 billion and take out the $50 million of EBIT, right? So the EBIT is 532, 10.9% margin. I want to look at legacy-legacy. Then we have a guide of $5.4 billion, but roughly $900 million is ESG Dover.

好的。因此，我再次提前表示歉意，但這裡我們有很多移動的數字。我們沒有正常的細節。如果去掉 ESG Dover，您的 2024 年收入為 49 億美元，並且扣除 5000 萬美元的息稅前利潤，對嗎？因此息稅前利潤為 532，利潤率為 10.9%。我想看看遺產。然後我們的指導價是 54 億美元，但大約 9 億美元是 ESG Dover。

So legacy-legacy, it's $4.9 billion of revs going to $4.5 billion. If I look at the EBIT implied for 25 all in, right, 12% margins on the 5.4, take out the $75 million of corporate expense. So we're at $573 million of EBIT all in. But if you pull out the $900 million of revenue from Dover and pull it out at a 21.9% margin it's implying the legacy company had decrementals of 39. So how does AP and MP, say, we're 25% decremental margins? So again, I apologize for all that math. But again, the decrementals legacy appear to be closer to 40% than the 25% you're implying. And again, I apologize, but that is the math. So I'm just trying to understand.

因此，遺留問題就是，49 億美元的營收將變成 45 億美元。如果我看一下 25 總額所隱含的息稅前利潤，那麼 5.4 的利潤率為 12%，減去 7,500 萬美元的公司費用。因此我們的息稅前利潤總額為 5.73 億美元。但是，如果從 Dover 中抽出 9 億美元的收入，並以 21.9% 的利潤率提取，這意味著這家傳統公司的減幅為 39。那麼 AP 和 MP 的情況如何呢？因此，我再次為所有這些數學運算表示歉意。但是，減稅政策的遺產似乎更接近 40%，而不是您所暗示的 25%。我再次表示歉意，但這就是數學。所以我只是想了解一下。

So David, thanks for the question. So what we're talking about and what we had in our remarks is that again, we have some spillover into Q1 in our aerials business where we're taking production down to meet demand. And what I indicated is that from Q2 to Q4, that business will be within our 25% decremental margin targets from Q2 to Q4. As far as our MP segment, they will be well within our 25% decremental for 2025.

大衛，謝謝你的提問。所以，我們正在談論的以及我們在評論中提到的是，我們的航空業務在第一季受到了一些溢出效應的影響，我們正在減少產量以滿足需求。我指出的是，從第二季度到第四季度，該業務的利潤率將符合我們 25% 的遞減目標。就我們的 MP 部分而言，它們將遠遠超出我們 2025 年 25% 的減幅。

Okay. So AWP decrementals for the full year, and again, I know it's just a bad start, but for the full year, they're down whatever, 50% decrementals for the year. It's just saying, hey, all that pain is in the first quarter, and then we kind of get within our normal trajectory of decrementals after that. That's the key wrinkle there.

好的。因此，全年的 AWP 都在減少，我知道這不是一個好的開始，但就全年而言，它們還是下降了，全年減少了 50%。只是說，嘿，所有的痛苦都發生在第一季度，然後我們就會進入正常的遞減軌跡。這就是關鍵問題所在。

We don't get those numbers -- but directionally, you're correct.

我們沒有得到這些數字——但從方向上看，你是對的。

Okay. Really appreciate. And lastly, on the orders for '25 on AWP any sense of price or even price cost? Just trying to get a sense of the comfort of improving those margins after the first quarter. just a better sense of why the decrementals would be so much better the rest of the year.

好的。真的很感激。最後，對於 AWP '25 的訂單，您有什麼價格甚至價格成本方面的資訊嗎？只是想了解第一季之後提高利潤率的舒適度。只是為了更好地理解為什麼在今年剩餘時間內減量會更好。

Yes. Just it's obviously a big volume tailwind Q2, Q3. That's where most of the margin improvement will come from. We expect to be in the double-digit range again in both in Q2 and Q3 and a lot of that will be volume. But when it comes to pricing, we obviously don't call out specifics, but the aim is always and will be -- and will continue to be price cost neutral and that's where we want to be for 2025 as well.

是的。顯然，第二季和第三季的銷量將大幅成長。利潤率的大部分改善就源自於此。我們預計第二季和第三季的營收將再次達到兩位數，其中很大一部分將是銷售量。但在定價方面，我們顯然不會透露具體細節，但我們的目標始終是、並將繼續是價格成本中性，這也是我們希望在 2025 年達到的目標。

Mig Dobre, Baird.

米格·多布雷、貝爾德。

Julie, all the best to you going forward. I want to ask an MP question here. When I was looking at your outlook, one of the things that stood out to me is that you expect MP to decline less than AWP, but arguably speaking, to orders and backlog pressure is maybe even greater here in MP.

朱莉，祝你一切順利。我想在這裡向議員詢問一個問題。當我查看您的展望時，讓我印象深刻的一件事是，您預計 MP 的降幅將低於 AWP，但可以說，MP 的訂單和積壓壓力可能更大。

So I guess what I'm wondering is, why is that the case? How do you think about demand, just outright customer demand as the year progresses? It seems like you might have some improvement baked in here? And then on Q1, how should we think about this segment relative to what you were -- you put up in Q4 from a margin standpoint?

所以我想知道的是，為什麼會這樣？您如何看待需求，隨著時間的推移，直接的客戶需求？看起來你可能在這裡取得了一些進展？然後在 Q1 上，從利潤率的角度來看，我們應該如何看待這一部分相對於您在第四季度所取得的成績？

All right. I'll take the first part of the top line and then I'll let Julie talk about the bottom line. So a good question, Mig. Yes, backlog coverage compared to the other two legs of the stool, seems a little less favorable. But don't forget, it's mostly a dealer model. So we have pretty, pretty strong forward in NPE. So we're pretty strong forward visibility. And historically, has been, if compared to the other two segments. More of a book-to-bill business with one quarter forward visibility.

好的。我將先講第一行內容，然後讓朱莉講第二行內容。所以，這是個好問題，米格。是的，與凳子的另外兩條腿相比，積壓覆蓋範圍似乎不太有利。但別忘了，這主要是經銷商模式。因此我們在 NPE 方面擁有相當強大的前途。因此我們的前瞻性非常強。從歷史上看，與其他兩個部分相比，情況確實如此。這更像是一項具有未來一個季度可見性的訂單出貨比業務。

But what we do see is I mentioned that Europe is soft in United States has more upside for us. We do see some more positive quoting activity we do see a pickup in orders actually going into the first quarter. We do see fleet utilization is still high in the EMP fleet and fleets are aging.

但我們確實看到，我提到過，歐洲在美國表現疲軟，這對我們來說有更大的上行空間。我們確實看到了一些更積極的報價活動，我們確實看到第一季的訂單實際上有所回升。我們確實看到 EMP 艦隊的利用率仍然很高，而且艦隊正在老化。

So if you just combine all those elements, underlying demand is strong, inventories where they need to be fleet utilization is still high, fleet starting to age, combined with what our dealers are telling us and what our quote activity and our bookings are saying go into Q1, we feel comfortable with the guidance we have on MP. But yes, in terms of backlog coverage, the lowest of the three segments that we have.

因此，如果將所有這些因素結合起來，潛在需求強勁，需要的庫存車隊利用率仍然很高，車隊開始老化，再加上我們的經銷商告訴我們的情況以及我們的報價活動和預訂情況，我們對 MP 的指導感到滿意。但是，就積壓訂單覆蓋率而言，這是我們三個部分中最低的。

And from a margin perspective, maybe the MP business in 2024, down 15% in sales and maintained 13.5% margins their margin performance continues to be strong. In terms of Q1, I would -- the margins will be fairly consistent with Q4. That's what I would use for modeling purposes going forward. And we expect them to do really well in this year again to be well within the 25% decremental.

從利潤率的角度來看，也許到 2024 年，MP 業務的銷售額將下降 15%，但利潤率仍將保持 13.5%，其利潤率表現將繼續保持強勁。就第一季而言，我認為利潤率將與第四季相當一致。這就是我今後建模時要用到的東西。我們預計他們今年的表現會非常好，並且能夠很好地控制在 25% 的減幅範圍內。

I would just add one more point there. Thanks, Julie. Is that the current guide kind of assumes MP bottoming in Q1 and then sequentially improved every quarter throughout 2025. That's the current model for MP.

我只想補充一點。謝謝，朱莉。目前的指南假設 MP 在第一季觸底，然後在 2025 年每季都逐漸改善。這是 MP 的當前模型。

Okay. That's very helpful. My follow-up goes back to the discussion around tariffs. And I guess the way I kind of interpreted your comments was that you would be looking at potentially changing your manufacturing footprint as a result. If that's the case, I do wonder what that does structurally for your margins because as I understood it, your investment in Mexico was really kind of the fundamental for improved margins in AWP longer term. Is that no longer the case?

好的。這非常有幫助。我的後續問題又回到有關關稅的討論。我想我對您的評論的理解是，您可能會因此考慮改變您的製造足跡。如果是這樣的話，我確實想知道這對您的利潤率有何結構性影響，因為據我了解，您在墨西哥的投資實際上對於長期提高 AWP 利潤率至關重要。現在情況不再如此了嗎？

I didn't mean to imply that we were going to change our footprint. We might -- we have multiple options one of them being to repurpose the facility. One could be to ramp up, just ramp up shifts in -- or double -- go to double shifts in the United States. Another could be to reroute demand. So I didn't mean to imply that we're changing anything on our footprint.

我並不是暗示我們要改變我們的足跡。我們可能有多個選擇，其中之一就是重新利用該設施。一種方法可能是加大工作量，增加班次，或加倍，在美國實行雙班制。另一個可能是重新安排需求。所以我並不是暗示我們要改變我們的足跡。

We just have the optionality to move production around to move demand around and to flex productivity in each of our facilities in terms of phone to double shifts or single shift. So it didn't mean to imply that we're going to change any brick-and-mortar or not.

我們只是可以選擇根據需求調整生產，並根據電話班次、雙班次或單班次靈活調整每個工廠的生產力。所以這並不意味著我們是否會改變任何實體店。

But what about the margin issue here?

但這裡的利潤問題怎麼辦？

I mean, so Mig, the Aerials team is working on all sorts of initiatives today. New products productivity improvements, footprint optimization, cost out actions that continue to improve margins long term as well. And that the Monterrey facility is certainly -- is a lower-cost facility and has performed really well for us and we would continue to use that facility and just use it for other regions if -- depending upon what happens, we're just scenario planning here but we would continue to be a part of our footprint.

我的意思是，Mig，Aerials 團隊今天正在進行各種各樣的計劃。新產品生產率的提高、足跡的優化以及成本削減措施也將長期持續提高利潤率。蒙特雷工廠無疑是一個成本較低的工廠，並且為我們提供了非常好的表現，我們將繼續使用該工廠，如果情況允許的話，還會將其用於其他地區，我們只是在這裡進行情景規劃，但我們將繼續成為我們足蹟的一部分。

It's a very competitive facility and we can serve other pockets of the world from Monterrey if need to.

這是一個非常有競爭力的設施，如果需要，我們可以從蒙特雷為世界其他地區提供服務。

Kyle Menges, Citigroup.

花旗集團的凱爾·孟格斯（Kyle Menges）。

Congrats, Julie. I just wanted to dive deeper into the ESG margin comments. So if I heard you guys correctly, it sounded like ESG margins guiding to kind of flat year-over-year. So I'm just confused, I guess, like why it wouldn't be a bit better if you're assuming growth for ESG and then some synergies as well. I guess what synergies are embedded in the guidance? And has the magnitude or timing of synergy capture changed at all since you announced the deal?

恭喜，朱莉。我只是想更深入地了解 ESG 利潤率評論。所以如果我沒聽錯的話，這聽起來像是 ESG 利潤率與去年同期相比持平。所以我只是感到困惑，為什麼如果你假設 ESG 成長並且還有一些協同效應，情況不會更好一些。我猜測指導中包含哪些協同效應？自從你們宣布這筆交易以來，協同效應的規模和時間是否改變了？

Yes. So thanks for the question, Kyle. So first of all, we remain very confident and pleased with the ESG acquisition, really, really pleased with our performance. And we talked about that we would have $25 million of run rate synergies as we exit 2026. And so that we are still well on target for that.

是的。謝謝你的提問，凱爾。首先，我們對 ESG 收購仍然非常有信心和滿意，對我們的表現非常非常滿意。我們談到，到 2026 年末，我們將實現 2,500 萬美元的運行率綜效。因此我們仍然可以順利實現這一目標。

We have visibility to that, and it's very early in our teams are working together. There are eight teams, as Simon mentioned, working on integration, we're really pleased, but it's early for us to come out and change synergies. I'll say that we're very pleased and things are on track. And so I can comment that on synergies. And then for the ESG segment going forward, we're talking about continued strong performance in 2025 and really strong operating margins for the full year.

我們對此已經有了了解，並且我們團隊的合作才剛開始。正如西蒙所提到的，有八個團隊正在致力於整合，我們對此感到非常高興，但現在就我們出來改變協同效應還為時過早。我想說我們非常高興並且一切都進展順利。因此我可以就協同作用發表評論。對於未來的 ESG 領域，我們談論的是 2025 年繼續保持強勁的表現以及全年真正強勁的營業利潤率。

Okay. And then just a quick math follow-up question, apologies in advance, but just looking at the guidance. So if I take the I guess, the midpoint of revenue and op margin guidance, I'm getting to, I think, adjusted operating margin around [$575 million] and then adding back the D&A, I'm getting to EBITDA around [$735 million] versus the EBITDA guide of $660 million. So is that $660 million number for EBITDA and unadjusted number? Or is that kind of the delta that I'm missing?

好的。然後只是一個快速的數學後續問題，提前道歉，但只是看一下指導。因此，如果我採用收入和營業利潤率指引的中點，我認為調整後的營業利潤率約為 [5.75 億美元]，然後再加上 D&A，我將獲得 EBITDA 約為 [7.35 億美元]，而 EBITDA 指引為 6.6 億美元。那麼 6.6 億美元的是 EBITDA 還是未調整的數字呢？或者這是我所缺少的增量？

The $660 million would be an adjusted number.

6.6 億美元是一個調整後的數字。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

Great. Maybe just -- we'll wrap it up in two combined questions on the ES business that was just acquired. So the high-end business. The first is just from a customer mix standpoint, and I forget if this came up when you announced the deal on the call. But post COVID, it seems that bulk of the deliveries in terms of -- on the refuse side have been tendered more into the big four major players.

偉大的。也許只是——我們將用兩個合併問題來總結剛收購的 ES 業務。所以是高端業務。第一個只是從客戶組合的角度來說，我忘記您在電話中宣布這筆交易時是否提到了這一點。但在疫情過後，似乎大部分垃圾處理交付都更多地交給了四大主要企業。

And I'm just wondering as chassis availability improves, is there more of a broadening out in terms of -- from a customer mix perspective, does that benefit the company in terms of potentially shifting more to local refuse operators in terms of who's getting those deliveries. So maybe that's question one on the customer mix.

我只是想知道，隨著底盤可用性的提高，從客戶組合的角度來看，這是否會進一步擴大，這是否會使公司受益，因為就誰來接收這些貨物而言，可能會將更多的貨物轉移給當地的垃圾處理商。這也許就是關於客戶組合的第一個問題。

And then on the technology, it seems, at least from what we've heard from the operators that this third eye technology is really well regarded and respected I'm wondering if there's opportunities for Terex to potentially leverage that across other parts of the organization. I don't know if that's feasible, but just curious if that's something that you've explored since taking over the business.

然後就技術而言，至少從我們從操作員那裡聽到的情況來看，這種第三隻眼技術確實受到了高度重視和尊重，我想知道特雷克斯是否有機會在組織的其他部門利用這項技術。我不知道這是否可行，但只是好奇這是您接手這項業務以來探索過的事情。

Yes, great question. So the first part, yes, we don't see a meaningful change in customer mix in 2025. Chassis do become more available and most of our customers buy their own chassis, and they don't -- they're not part of -- they are not on our balance sheet. So one of the things that the Ohio team is really great at is turning that around, as I mentioned in my -- I think earlier on in the Q&A into a workable product in this list less than 60 days, which is a real competitive advantage and particularly, that helps with the larger customers.

是的，很好的問題。所以第一部分，是的，我們不會看到 2025 年客戶結構發生重大變化。底盤確實變得更加普及，我們的大多數客戶都購買自己的底盤，但他們不屬於我們的資產負債表。因此，俄亥俄團隊真正擅長的事情之一就是在不到 60 天的時間內將這一情況轉變成此列表中可行的產品，正如我在之前的問答中提到的那樣，這是一個真正的競爭優勢，尤其是對較大的客戶有幫助。

But overall, I don't see a meaningful change in customer mix in 2025. Yes. And then on third -- I mean it's a great product. It's a differentiated product. We have great adoption of it, and there are a lot of opportunities to replicate that across the Terex portfolio. As a matter of fact, we are working on that right now. We make concrete mixers and we make utility trucks. And all of those have use cases and applications where we can where we can deploy the third eye solution. So yes, very much so a synergy opportunity for Terex across our entire portfolio. Thank you.

但總體而言，我認為 2025 年的客戶結構不會有重大變化。是的。第三，這是一款很棒的產品。這是一種差異化產品。我們已廣泛採用它，並且有很多機會在特雷克斯產品組合中複製它。事實上，我們現在正在致力於此事。我們生產混凝土攪拌機和多用途卡車。所有這些都有用例和應用程序，我們可以在其中部署第三隻眼解決方案。是的，這對特雷克斯整個產品組合而言是一個協同機會。謝謝。

Best wishes to you as well, Julie

祝你一切順利，朱莉

That concludes our Q&A session. I will now turn the conference back over to Simon Meester for closing remarks.

我們的問答環節到此結束。現在我將會議交還給西蒙·梅斯特，請他致閉幕詞。

All right. Thank you, operator. If you have any additional questions, please follow up with Julie or Derek. Thank you for your interest in Terex. With all the weather, especially here on the East Coast, I hope you stay safe and warm. And with that, operator, please disconnect the call.

好的。謝謝您，接線生。如果您還有其他問題，請聯絡 Julie 或 Derek。感謝您對特雷克斯的關注。無論天氣如何，特別是東海岸的天氣，我希望你們都能保持安全和溫暖。接線員，請掛斷電話。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。