Terex Corp (TEX) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Terex first quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加特雷克斯 2025 年第一季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

And it is now my pleasure to introduce your host, Derek Everitt, Vice President, Investor Relations. Please go ahead.

現在我很高興介紹主持人、投資者關係副總裁 Derek Everitt。請繼續。

Good morning, and welcome to the Terex first quarter 2025 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.

早安，歡迎參加特雷克斯 2025 年第一季財報電話會議。新聞稿和簡報的副本已發佈在我們的投資者關係網站 investors.terex.com 上。此外，重播和簡報也將在我們的網站上提供。

We are joined today by Simon Meester, President and Chief Executive Officer; and Jennifer Kong, Senior Vice President and Chief Financial Officer. Their prepared remarks will be followed by a Q&A.

今天與我們一起出席的還有總裁兼執行長 Simon Meester 和資深副總裁兼財務長 Jennifer Kong。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. These risks are described in greater detail in the earnings materials and in our reports filed with the SEC.

請翻到簡報的第二張投影片，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。這些風險在我們向美國證券交易委員會提交的收益資料和報告中有更詳細的描述。

On this call, we will be discussing 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.

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可以在電話會議資料中找到。

Please turn to Slide 3, and I'll turn it over to Simon Meester.

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. A fundamental part of our journey to becoming a world-class operating company is achieving world-class safety performance.

謝謝，德里克，早安。我歡迎大家參加我們的收益電話會議，並感謝您對特雷克斯的關注。我們成為世界一流營運公司的基本要素是實現世界一流安全績效。

I want to thank our global team members for their ongoing commitment to safety and our Terex values. As we grow and transform 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.

我要感謝我們全球團隊成員對安全和特雷克斯價值觀的持續承諾。隨著公司的發展和轉型，我們的價值觀將繼續包括：保護彼此的安全、相互尊重和尊嚴、成為我們環境和社區的管家。

Turning to Slide 4. Our overall Q1 financial performance exceeded our initial outlook. We delivered earnings per share of $0.83 on sales of $1.2 billion and return on invested capital of 15%. Aerials and MP operating margins were impacted by production cuts in the past two quarters that exceeded the decline in sales for that period. Those actions were necessary to manage inventory and rebalance supply with demand. The impact is largely behind us, and we expect to see margins improve in Q2.

翻到幻燈片 4。我們第一季的整體財務表現超出了我們最初的預期。我們的銷售額為 12 億美元，每股盈餘為 0.83 美元，投資資本報酬率為 15%。過去兩個季度，天線和 MP 的營業利潤率受到減產的影響，減產幅度超過了同期銷售額的下降。這些措施對於管理庫存和重新平衡供需是必要的。影響已基本消失，我們預計第二季利潤率將會提高。

Environmental Solutions, which includes ESG and Terex Utilities, accounted for 1/3 of our global sales in the quarter and earned 19.4% operating margin, strong execution by our ES team.

環境解決方案（包括 ESG 和 Terex Utilities）佔本季我們全球銷售額的 1/3，並獲得 19.4% 的營業利潤率，這得益於我們 ES 團隊的出色執行。

Looking ahead in the current environment, it's difficult to predict where we're going to land in terms of tariffs. The good news is that we have been proactive in terms of forward placing inventory in our like everyone else, working around the clock to mitigate what is currently right in front of us.

展望當前環境，很難預測關稅將會走向何方。好消息是，我們像其他人一樣積極主動地提前放置庫存，日以繼夜地工作以緩解當前面臨的困境。

We are maintaining our full year EPS outlook of $4.70 to $5.10, including the assumed impact of the recently announced tariffs fully realizing that things can change fast. For our full year sales outlook, we continue to expect low year-over-year sales in Aerials and MP in line with our previous 2025 outlook, a slightly better growth in Environmental Solutions.

我們維持全年每股收益 4.70 美元至 5.10 美元的預期，其中包括最近宣布的關稅的假設影響，同時充分意識到情況可能迅速變化。對於全年銷售前景，我們繼續預期航空和 MP 的同比銷售額將較低，與我們先前 2025 年的預測一致，環境解決方案的成長將略有改善。

Moving to Slide 5. And in ESG makes Terex a more US, centric company, which is obviously helping in the current environment. Approximately 75% of our 2025 US machine sales are expected to be generated by products that we produce in at least one of our 11 US manufacturing facilities. Environmental Solutions full line of refuse collection vehicles, utility vehicles, contactors and digital solutions are all designed and made in America.

移至投影片 5。ESG 讓特雷克斯成為一家更以美國為中心的公司，這顯然有助於當前環境。預計 2025 年我們在美國機械銷售額的約 75% 將來自我們在美國 11 家製造工廠中的至少一家生產的產品。環境解決方案全系列的垃圾收集車、多功能車、接觸器和數位解決方案均在美國設計和製造。

Genie manufacturers the vast majority of the booms and scissors sold in the US in Washington State, representing about 70% of its US sales. Telehandlers and other products manufactured in Monterrey, Mexico, totaling approximately 20% of its US sales qualify on USMCA trade agreement and are currently exempted from the recently announced tariffs.

吉尼公司在華盛頓州生產美國市場上銷售的絕大多數動臂式高空作業平台和剪刀式高空作業平台，約佔其美國銷售額的 70%。在墨西哥蒙特雷生產的伸縮臂堆高機和其他產品約佔其美國銷售額的 20%，符合 USMCA 貿易協定的要求，目前可免徵最近宣布的關稅。

Materials Processing is our most globally diverse footprint, approximately 40% of the segment's 2025 US sales, including cement mixers and certain environmental and aggregate products are made in the United States.

材料加工是我們全球最多元化的業務，該部門 2025 年在美國的銷售額約有 40%，其中包括水泥攪拌機和某些環境和骨材產品，都是在美國生產的。

It is important to note that our primary aggregates product lines are produced in Northern Ireland, which is part of the United Kingdom and not expected to be the target of long-term trade action. In total, about 85% of MP's 2025 US, sales are generated by products made in the US or the UK.

值得注意的是，我們的初級骨材產品線是在北愛爾蘭生產的，北愛爾蘭是英國的一部分，預計不會成為長期貿易行動的目標。整體而言，MP 2025 年美國銷售額的約 85% 來自美國或英國製造的產品。

Cranes and material handlers manufactured in the European Union represent less than 10% of MP's US sales. Like other industrial companies, we have a global supply base and expose the tariffs on imported material. A key element of our tariff mitigation plan was working closely with our global suppliers to absorb the added cost and forward place inventory to buffer the impact.

歐盟生產的起重機和物料搬運機佔 MP 美國銷售額的不到 10%。與其他工業公司一樣，我們擁有全球供應基地，並公開進口材料的關稅。我們的關稅減免計劃的關鍵要素是與我們的全球供應商密切合作，以吸收增加的成本並提前儲備庫存以緩衝影響。

We are leveraging our global sourcing capabilities to rebalance supply to more favorable sources among other actions. We will work to mitigate as much cost inflation as we can to limit the burden on our customers. That said, the corner stone of our pricing strategy will continue to be maintaining price/cost neutrality.

我們正在利用我們的全球採購能力來重新平衡供應，以提供更有利的來源等。我們將盡力緩解成本上漲，以減輕客戶的負擔。也就是說，我們定價策略的基石將繼續是保持價格/成本中立。

Continuing to Page 6. Our portfolio of businesses compete across an attractive and diverse set of end markets. Waste and recycling, which represents approximately 25% of our global revenue, is characterized by low cyclicality and steady growth.

繼續第 6 頁。我們的業務組合在一系列具有吸引力且多樣化的終端市場中競爭。廢棄物和回收約占我們全球收入的 25%，其特徵是週期性較低且成長穩定。

About 20% of our business is related to infrastructure, where significant investment continues to be put in place in the United States and around the world. Utilities is about 10% and growing due to the need to expand and strengthen the power grid.

我們的業務約有 20% 與基礎設施有關，美國和世界各地都在持續對基礎設施進行大量投資。公用事業約佔 10%，並且由於需要擴大和加強電網而不斷成長。

These three markets, representing more than half of our revenue, are highly resilient and less exposed to macroeconomic or geopolitical dynamics in any other area. General construction, which in the past has represented the majority of our end markets, is now less than 1/3. Mega projects and publicly funded demand remains healthy, while private sector demand is cautious.

這三個市場占我們收入的一半以上，具有很強的彈性，並且受其他地區宏觀經濟或地緣政治動態的影響較小。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。大型計畫和公共資助的需求依然健康，而私部門的需求則謹慎。

Turning to Europe. We continue to see a generally weak economic environment in the near term, with a more encouraging outlook for infrastructure and related spending growth in the medium to longer term. We also remain encouraged by increasing adoption of our products in emerging markets such as India, Southeast Asia, the Middle East and Latin America.

轉向歐洲。我們仍認為短期內經濟環境整體疲軟，但中長期基礎設施和相關支出成長前景更為令人鼓舞。我們也對我們的產品在印度、東南亞、中東和拉丁美洲等新興市場的日益普及感到鼓舞。

Please turn to Slide 7. We continue to implement our updated execute, innovate and grow strategy. Integrating ESG into Terex is on track and we fully expect to deliver more than $25 million in operational run rate synergies by the end of 2026. We are leveraging ESG's expertise to improve throughput and increase capacity for certain utilities product lines that have backlog stretching into 2027, a clear demonstration of synergy within our ES segment.

請翻到幻燈片 7。我們將繼續實施更新的執行、創新和發展策略。ESG 與 Terex 的整合正在按計劃進行，我們預計到 2026 年底將帶來超過 2500 萬美元的營運運行率協同效應。我們正在利用 ESG 的專業知識來提高吞吐量並增加某些公用事業產品線的產能，這些產品的積壓訂單將延續到 2027 年，這清楚地證明了我們 ES 部門內部的協同效應。

We continue to evaluate our global footprint, focusing on opportunities to reduce fixed costs, while improving operational performance, efficiency and flexibility. When it comes to innovation, we have an exciting new product development pipeline focused on maximizing return on investment for our customers, and we are expanding our suite of digital solutions. We are investing in robotics, automation and digitizing work streams for the benefit of our customers and to make our operations more flexible and efficient at the same time.

我們將繼續評估我們的全球影響力，並專注於尋找降低固定成本的機會，同時提高營運績效、效率和靈活性。在創新方面，我們擁有令人興奮的新產品開發管道，專注於最大限度地提高客戶的投資回報，並且我們正在擴展我們的數位解決方案套件。我們正在投資機器人技術、自動化和數位化工作流程，以造福我們的客戶，同時使我們的營運更加靈活和有效率。

Turning to growth. Completing the ESG acquisition was a significant step forward. We fully expect organic growth in that business to continue, driven by demographics, product technology adoption, share gains and further penetration of our digital solutions.

轉向增長。完成 ESG 收購是向前邁出的重要一步。我們完全相信，在人口結構、產品技術採用、市場份額成長和數位解決方案進一步滲透的推動下，該業務將繼續實現有機成長。

Our Aerials and MP businesses continue to execute their growth strategy by accelerating adoption and exploring new channels and markets. Overall, we have a $40 billion addressable market with significant upside for our businesses.

我們的航空和 MP 業務繼續透過加速採用和探索新的通路和市場來執行其成長策略。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 8. At the core of our product development process is working with our customers to develop solutions that address their challenges and capitalize on their opportunities. A great example is ESG's third Eye digital suite of onboard applications for waste collection vehicles. In addition to revenue generation and operating efficiency applications, third Eye helps our customers improve safety performance.

翻到幻燈片 8。我們的產品開發流程的核心是與客戶合作開發解決方案，以應對他們的挑戰並利用他們的機會。一個很好的例子是 ESG 的第三款用於垃圾收集車輛的車載應用程式數位套件。除了創造收入和營運效率應用之外，第三隻眼還幫助我們的客戶提高安全性能。

The middle picture is a great shot from a top a Genie super boom at a recent PGA event, we see growth in sports and entertainment applications as unique products provide safe, stable and flexible solutions. The image on the right is our new CBI woodchipper.

中間的圖片是最近一次 PGA 賽事中從 Genie 超級吊桿頂部拍攝的精彩照片，我們看到體育和娛樂應用的增長，因為獨特的產品提供了安全、穩定和靈活的解決方案。右圖是我們新的 CBI 木材削片機。

The CBI team worked with their customers to design a machine with exceptional performance and industry-leading ease of maintenance. CBI is part of our MP environmental vertical providing solutions to the growing biomass, food processing and vegetation management sectors. Each of these examples demonstrate the strength and leverage of the Terex portfolio to maximize ROI for our customers.

CBI 團隊與客戶合作設計了一款性能卓越且易於維護的業界領先機器。CBI 是我們 MP 環境垂直產業的一部分，為不斷增長的生物質、食品加工和植被管理產業提供解決方案。每個例子都證明了特雷克斯產品組合的優勢和優勢，可以為我們的客戶實現投資報酬率的最大化。

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

接下來，我將把發言權交給 Jen。

Thank you, Simon, and good morning, everyone. Let's look at our Q1 financial results on Slide 9.Total net sales of $1.2 billion were 4.9% lower than prior year or negative 3.6% at constant exchange rates. Excluding ESG, our organic sales declined by 25% year-over-year in line with our expectations, driven by continued channel adjustments, coupled with timing of our backlog conversion. Our book-to-bill was 124%, demonstrating a second consecutive quarter of book-to-bill above 100%, and our backlog remains strong at $2.6 billion, up 13% sequentially.

謝謝你，西蒙，大家早安。讓我們來看看投影片 9 上的 Q1 財務表現。總淨銷售額為 12 億美元，較上年下降 4.9%，以固定匯率計算下降 3.6%。不包括 ESG，我們的有機銷售額年減 25%，符合我們的預期，這受到持續的通路調整以及積壓訂單轉換時機的影響。我們的訂單出貨比為 124%，顯示訂單出貨比連續第二季超過 100%，我們的積壓訂單仍然強勁，達到 26 億美元，較上季成長 13%。

ES delivered a strong quarter, representing 1/3 of Terex sales, confirming Simon's point that we are becoming a more resilient and less cyclical company. Our operating margin was 9.1%, 350 basis points lower than prior year. This was slightly better than anticipated due to strong performance in ES.

ES 本季表現強勁，佔特雷克斯銷售額的三分之一，證實了西蒙的觀點，即我們正在成為一家更具彈性、更不受週期性影響的公司。我們的營業利益率為 9.1%，比前一年低 350 個基點。由於 ES 表現強勁，這一結果略優於預期。

I do want to mention that while our segment operating margin was lower than prior year, it was 130 basis points sequential improvement versus Q4 '24 on similar volume. Excluding ESG, our organic operating margin declined by 760 basis points. Approximately 75% of the organic margin decline has driven by volume with the remaining 25% margin decline driven by unfavorable absorption, partially offset by $20 million of SG&A reduction and cost productivity.

我想提一下，雖然我們分部的營業利潤率低於上年，但與 2024 年第四季相比，在類似銷量的情況下，環比提高了 130 個基點。不包括 ESG，我們的有機營業利潤率下降了 760 個基點。約 75% 的有機利潤率下降是由於銷售所致，其餘 25% 的利潤率下降是由於吸收不利所致，但 2000 萬美元的銷售、一般及行政費用減少和成本生產率提高了部分抵消了這一影響。

Interest and other expenses were $41 million, $26 million higher than last year due to interest on ESG acquisition financing. The first quarter effective tax rate was 21%, slightly higher than prior year. EPS for the quarter was $0.83 and EBITDA was $128 million.

利息和其他支出為 4,100 萬美元，比去年高出 2,600 萬美元，原因是 ESG 收購融資的利息。第一季有效稅率為21%，略高於去年同期。本季每股收益為 0.83 美元，息稅折舊攤提前利潤為 1.28 億美元。

It is important to note that in type of factory under absorption associated with the production rate takedown in Aerials and MP was approximately $0.31 per share in Q1. Free cash flow improved compared to Q1 last year, due to better working capital performance, despite lower earnings.

值得注意的是，與天線和 MP 的生產率下降相關的吸收工廠類型在第一季約為每股 0.31 美元。儘管獲利較低，但由於營運資本表現較好，自由現金流與去年第一季相比有所改善。

Please turn to Slide 10 to review our segment results, starting with Aerials. Sales of $450 million were consistent with our expectations. Approximately half of these sales were generated in March, as our rental customers began to ramp up their delivery heading into the seasonally higher construction period. That pattern is continuing into Q2.

請翻到投影片 10 查看我們的分部業績，從天線開始。4.5億美元的銷售額符合我們的預期。其中約一半的銷售額是在三月產生的，因為我們的租賃客戶在進入季節性施工高峰期時開始加強交付力度。這種模式一直持續到第二季​​。

Operating margin was up 3%, was down from last year, but slightly higher sequentially. Half of the margin deterioration was driven by lower sales, while the remaining was due to under absorption from the production cuts that are largely behind us. We expect Aerials to return to double-digit operating margins. in the second quarter as we ramp up production in line with seasonal demand.

營業利潤率成長 3%，較去年同期下降，但較上一季略有上升。利潤率下降的一半是由於銷售額下降，而剩餘部分則是由於我們已經基本擺脫減產的影響而吸收不足。我們預計，隨著我們根據季節性需求提高產量，天線業務將在第二季度恢復兩位數的營業利潤率。

Turning to Slide 11. MP sales of $382 million were in line with our 2025 planning. We continue to see a high fleet utilization rate in the United States. Quotation activity across our dealer network was positive with (inaudible) stock levels declining of it slowly. However, macro uncertainty and higher interest rates remains a headwind for rent to own conversion and the European market remains weak.

翻到幻燈片 11。MP 的銷售額為 3.82 億美元，符合我們的 2025 年計畫。我們繼續看到美國的車隊利用率很高。我們的經銷商網路的報價活動是積極的，庫存水準正在緩慢下降。然而，宏觀不確定性和較高的利率仍然是租賃轉購的阻力，歐洲市場仍然疲軟。

Our concrete business delivered a solid Q1 with increased margins driven by new customers. Despite lower volume and unfavorable absorption in the quarter, MP was able to maintain double-digit margins due to cost reduction actions, including reducing SG&A by 12% of $6 million as compared to last year. We expect Q1 to be the lowest margin quarter for MP as we anticipate sequential improvement over the course of the year.

我們的混凝土業務在第一季表現穩健，在新客戶的推動下利潤率有所提高。儘管本季銷售較低且吸收率不利，但由於採取了成本削減措施，包括與去年相比將銷售、一般及行政費用 (SG&A) 削減 12%（即 600 萬美元），MP 仍能保持兩位數的利潤率。我們預計第一季將是 MP 利潤率最低的季度，因為我們預計全年利潤率將持續改善。

Please turn to Slide 12 to review Environmental Solutions. Our ES segment had an excellent quarter, generating approximately $400 million in sales, which represents 1/3 of our total tariff sales in Q1. As Simon mentioned, ESG achieved record throughput resulting in record sales.

請翻到投影片 12 查看環境解決方案。我們的 ES 部門本季表現出色，創造了約 4 億美元的銷售額，占我們第一季關稅總銷售額的 1/3。正如西蒙所提到的，ESG 實現了創紀錄的吞吐量，從而創造了創紀錄的銷售額。

Q1 shipments and COGS were higher than prior year. Operating margins for ES was 19.4%, which included consistent year-over-year margin performance in Terex utilities and meaningful improvement at ESG.On a pro forma basis, this translates to a year-over-year 420 basis point margin improvement when we include ESG in our Q1 2024 baseline. We expect margins to remain strong going forward, but slightly moderating from their Q1 level. I look forward to consistent strong performance from this segment.

第一季的出貨量和銷貨成本高於去年同期。ES 的營業利潤率為 19.4%，其中包括特雷克斯公用事業部門利潤率的年穩定表現以及 ESG 的顯著改善。以備考基礎計算，當我們將 ESG 納入我們的 2024 年第一季基線時，這意味著利潤率同比提高 420 個基點。我們預計未來利潤率將保持強勁，但較第一季的水準略有下降。我期待這一領域能夠持續表現強勁。

Please turn to Slide 13. We continue to maintain strong liquidity and a flexible capital structure with the right mix of secured and unsecured debt and variable versus fixed rate. As stated previously, we can prepay or reprice a certain portion of the debt as we do not have any maturities until 2029.

請翻到投影片 13。我們繼續保持強大的流動性和靈活的資本結構，合理組合有擔保和無擔保債務以及浮動利率和固定利率。如前所述，我們可以提前償還或重新定價一定比例的債務，因為我們的債務直到 2029 年才到期。

We ended Q1 2025 with $1.1 billion of liquidity, consistent with our outlook. We plan to deleverage in the second half of the year as we generate increased cash flow from operations. We will also continue to invest in our businesses, fueling organic growth and profitability improvements. In Q1, we reported return on invested capital of 15%, well above our cost of capital.

截至 2025 年第一季度，我們的流動資金為 11 億美元，與我們的預期一致。隨著營運現金流的增加，我們計劃在下半年去槓桿。我們也將繼續投資於我們的業務，推動有機成長和獲利能力的提高。在第一季度，我們報告的投資資本回報率為 15%，遠高於我們的資本成本。

Returning capital to shareholders remain a priority. In the first quarter, we repurchased $32 million of Terex stock and paid $11 million in dividends. We will continue to take advantage of market conditions to repurchase shares at favorable price levels. Terex is in a strong financial position to continue investing in our business and executing our strategic initiatives, while returning capital to shareholders.

向股東返還資本仍是我們的首要任務。第一季度，我們回購了價值 3,200 萬美元的特雷克斯股票，並支付了 1,100 萬美元的股息。我們將繼續利用市場條件以優惠的價格回購股票。特雷克斯擁有強大的財務狀況，可以繼續投資我們的業務並執行我們的策略舉措，同時向股東返還資本。

Turning to bookings and backlog on Slide 14. Our bookings and backlog trends have returned to seasonal patterns supported by strong bookings in Aerials in the first quarter. Our current backlog of $2.6 billion is up $300 million or 13% higher than prior quarter as you can see in the backlog chart in the appendix. It is consistent with seasonal historical levels and supportive of our outlook.

前往投影片 14 上的預訂和積壓。受第一季空中訂單強勁推動，我們的預訂量和積壓訂單趨勢已恢復季節性模式。我們目前的積壓訂單為 26 億美元，比上一季增加了 3 億美元，即 13%，如附錄中的積壓訂單圖表所示。這與季節性歷史水平一致並支持我們的展望。

We continue to see strong Aerials book-to-bill of 144% in the quarter, predominantly driven by replacement demand. MP's backlog increased 33% sequentially and is in line with pre-COVID norms. MP has returned to its traditional book-to-bill with approximately three months backlog. Environmental Solutions backlog of $1.1 billion, continue to demonstrate strong demand in both ESG and Terex utility.

我們繼續看到本季天線訂單出貨比強勁，達到 144%，這主要受到替換需求的推動。MP 的積壓訂單較上月增加了 33%，與疫情前的標準一致。MP 已恢復其傳統的訂單出貨比，積壓訂單量約為三個月。環境解決方案積壓訂單達 11 億美元，持續顯示對 ESG 和 Terex 公用事業的強勁需求。

Now turning to Slide 15 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. Our outlook assumes approximately $0.40 of net tariff impact, which includes easing of the current rate.

現在翻到第 15 張投影片來了解我們對 2025 年的展望。我們處在一個複雜的環境中，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。我們的展望假設淨關稅影響約為 0.40 美元，其中包括降低當前關稅。

We continue to expect full year 2025 sales of between $5.3 billion and $5.5 billion, representing between $200 million to $400 million higher sales than the prior year as the ESG acquisition more than offset 8% to 12% lower organic sales, consistent with our previous outlook.

我們繼續預計 2025 年全年銷售額將在 53 億美元至 55 億美元之間，比前一年高出 2 億至 4 億美元，因為 ESG 收購抵消了 8% 至 12% 的有機銷售額下降，這與我們先前的預測一致。

We continue to expect segment operating margin of approximately 12%, resulting from the planned improvements in Aerials and MP, continued strong performance in ES and ongoing actions to largely mitigate the impact of tariffs. We also continue to expect entries and other expenses of about $175 million, an effective tax rate of 20%.

我們繼續預期該部門的營業利潤率約為 12%，這得益於天線和 MP 的計劃改進、ES 的持續強勁表現以及正在採取的措施，以大幅減輕關稅的影響。我們也繼續預計入帳及其他費用約為 1.75 億美元，有效稅率為 20%。

As a result, we are maintaining our full year EPS outlook of $4.70 to $5.10. From a quarterly EPS perspective, we still expect Q2 and Q3 to be up stronger than Q1 and Q4. We continue to expect a significant increase in free cash flow compared to 2024, anticipating between $300 million and $350 million in 2025 driven by working capital reductions and a full year of ESG cash generation, while continuing to invest in our business with expected CapEx of approximately $120 million.

因此，我們維持全年每股收益 4.70 美元至 5.10 美元的預期。從季度每股收益來看，我們仍然預期第二季和第三季的業績成長將強於第一季和第四季。我們繼續預期自由現金流將較 2024 年大幅增加，預計 2025 年將在 3 億至 3.5 億美元之間，這主要得益於營運資本減少和全年 ESG 現金產生的推動，同時我們將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. We're maintaining our Aerials and MP sales expectations and increasing our sales outlook for ES. In Aerials, we have planned conservatively with the assumption that our rental customers are primarily deploying replacement CapEx this year.

看看我們的細分市場。我們維持對 Aerials 和 MP 的銷售預期，並提高對 ES 的銷售前景。在空中業務方面，我們制定了保守的計劃，假設我們的租賃客戶今年主要部署替代資本支出。

Our bookings, actual deliveries and ongoing discussions continue to give us confidence in the Aerials outlook of down low double digits. We expect Aerials to return to double-digit margins in Q2, including the impact of tariffs.

我們的預訂、實際交付和正在進行的討論繼續讓我們對空中業務前景充滿信心，相信其將實現兩位數的低點增長。我們預計，包括關稅的影響在內，天線業務的利潤率將在第二季恢復到兩位數。

In MP, our backlog coverage as well as the underlying machine utilization rates, power consumption and productivity continue to give us confidence in our down high single-digit outlook for the year. We expect MP to achieve full year decremental margins well within our 25% target. ES had a great first quarter, and we're increasing our full year outlook of sales up high single digits.

在 MP 中，我們的積壓訂單覆蓋率以及底層機器利用率、電力消耗和生產率繼續讓我們對今年的高個位數前景充滿信心。我們預計 MP 全年利潤率的下降幅度將遠低於我們 25% 的目標。ES 第一季表現優異，我們將全年銷售額預期上調至高個位數。

And with that, I'll turn it back to Simon.

說完這些，我就把話題轉回給西蒙。

Thanks, Jen. I will now turn to Slide 16. Terex is well positioned to navigate the current dynamic environment and deliver long-term value to our shareholders. We have a strong, more synergistic portfolio of industry-leading businesses across the diverse landscape of industrial segments with attractive end markets.

謝謝，Jen。我現在翻到第 16 張投影片。特雷克斯已做好準備，應對當前的動態環境，並為我們的股東創造長期價值。我們擁有強大、更具綜效的業界領先業務組合，涵蓋多元化的工業領域和極具吸引力的終端市場。

We will improve our through-cycle financial performance as we integrate ESG and realize synergies across the company. As always, I want to close by thanking our team members around the world. We have embarked on an exciting path forward, building and growing a new tariffs.

隨著我們整合 ESG 並實現整個公司的協同效應，我們將提高整個週期的財務表現。像往常一樣，最後我要感謝我們在世界各地的團隊成員。我們已經踏上了一條令人興奮的前進之路，建立和發展新的關稅。

And with that, I would like to open it up for questions. Operator?

現在，我想開始回答大家的提問。操作員？

(Operator Instructions)

（操作員指示）

Jerry Revich with Goldman Sachs

高盛的傑瑞·雷維奇

I was really impressed by the ES margin improvement in the quarter. I'm wondering if you could just expand on the comments you made, Jennifer, on the margin outlook. In coming quarters, it looks like you were right at about 17% margins for most of last year.

本季 ES 利潤率的提高給我留下了深刻的印象。詹妮弗，我想知道您是否可以詳細說明您對利潤前景的評論。在接下來的幾個季度中，看起來你們去年大部分時間的利潤率都在 17% 左右。

If that's the cadence for this year, it looks like operating profit for the business would be up over 30%. So I just want to make sure, I understand the moving pieces within that, and the drivers of the really strong margin performance in the first quarter.

如果這是今年的節奏，那麼該業務的營業利潤看起來將成長 30% 以上。所以我只是想確保我了解其中的變動因素，以及第一季利潤率表現強勁的驅動因素。

Sure, I can (inaudible) Jerry, so a strong Q1 ES performance was driven by three factors. That's, of course, the 6% of sequential increase in sales from Q4 to Q1 on a pro forma basis. And second, we did, like what Simon mentioned, we had a record Q1 in terms of throughput. So that actually drove very favorable factory absorption in ESG.

當然，我可以（聽不清楚）傑瑞，因此第一季 ES 的強勁表​​現是由三個因素推動的。當然，這是按備考基礎計算的第四季度與第一季之間銷售額的 6% 的連續增長。其次，正如西蒙所提到的，我們在第一季的吞吐量方面創下了紀錄。因此，這實際上推動了 ESG 中非常有利的工廠吸收。

And also, we also had some integration synergies realizing in Q1. As we go into the remaining of the three quarters, we see that moderating back to the normalized rate, mainly because we are we don't see that the there were some expenses that we will be incurring to ramp up the production and to support some of our one-off expansion as well.

此外，我們在第一季也實現了一些整合綜效。隨著我們進入剩下的三個季度，我們看到成長率回落至正常水平，主要是因為我們沒有看到我們將產生一些費用來提高產量並支持我們的一些一次性擴張。

Yes. We had a couple of one-off items in the first quarter that we don't think will repeat in the next three quarters.

是的。我們在第一季遇到了一些一次性問題，但我們認為在接下來的三個季度中不會再發生這樣的問題。

So we did have a really good quarter.

因此我們確實度過了一個非常好的季度。

Well done. And then just to shift gears, Simon, appreciate the comments you made about maintaining price cost neutrality. Can you just talk about how you're handling orders that you folks are booking today? Is there a surcharge mechanism in place?

做得好。然後換個話題，西蒙，我很感謝你關於保持價格成本中立的評論。您能談談您如何處理今天預訂的訂單嗎？是否有附加費機制？

And I saw the guidance comments spoke about assumption around where tariffs move going forward. Can you just expand on those assumptions and if tariffs are worse? How is what's priced in backlog going to play out to maintain price cost neutrality?

我看到指導意見談到了有關未來關稅走向的假設。您能否詳細闡述這些假設以及關稅是否會變得更糟？積壓訂單的定價將如何發揮作用以保持價格成本中立？

Yes. Thanks for the question. Obviously, we're in a very dynamic environment and things change all the time, and it's difficult with what will happen in the next couple of months. And we laid out some assumptions that we are operating by, but obviously, we are in full mitigation mode.

是的。謝謝你的提問。顯然，我們處在一個非常動態的環境中，事情一直在變化，未來幾個月會發生什麼很難預測。我們列出了一些我們正在採取的假設，但顯然，我們處於完全緩解模式。

Actually, we have been in full mitigation mode for quite some time because as early as late last year, beginning of this year, we started pulling forward material. So we have a little bit of we bought ourselves a little bit of time there in material and finished goods.

實際上，我們已經處於全面緩解模式很長一段時間了，因為早在去年年底、今年年初，我們就開始提前處理材料。因此，我們在材料和成品方面花了一點時間。

We also started to pull back on discretionary spend and now the priority is fully on mitigating the net the tariff impact through our supply chain and exploring alternatives. We're kind of pausing on the longer-term actions just to see things stabilize first.

我們也開始削減可自由支配的開支，現在的首要任務是透過我們的供應鏈減輕關稅的淨影響並探索替代方案。我們暫時暫停長期行動只是為了先看看情況是否穩定下來。

But then obviously, to your point, pricing is one of the leaders as well. And we have taken some surcharges in certain areas already, but the price or cost dynamics are very different by business, by segment, even by vertical because you need to put it in the context, obviously, of how much we can mitigate by business, by segment, what our competitive position is or market conditions and so on and so forth.

但顯然，正如您所說，定價也是主要因素之一。我們已經在某些領域收取了一些附加費，但不同業務、不同領域甚至不同垂直行業的價格或成本動態差異很大，因為顯然你需要把它放在我們可以按業務、按領域減輕多少負擔、我們的競爭地位或市場條件等背景下考慮。

But overall, our strategy is to maintain that price cost neutrality and where price is one of our levers levers to pull. But the priority for now is to mitigate through supply chain.

但總體而言，我們的策略是保持價格成本中立，價格是我們可以利用的槓桿之一。但目前的首要任務是透過供應鏈來緩解這個問題。

Jamie Cook with Truist Securities.

Truist Securities 的 Jamie Cook。

Hi, good morning, and Congratulations on a nice start to the year. Just want to understand, I guess, Jennifer, the puts and takes of the guidance. Obviously, we beat the first quarter. But I think you said you're going to have a $0.40 headwind related to tariffs. So if you can just walk us through? And I guess maybe ES is a little better, but just the puts and takes of how we're maintaining the guide given the different dynamics there?

大家早安，恭喜您新的一年有個美好的開始。我想，詹妮弗，只是想了解指導的意義和要求。顯然，我們贏了第一節。但我認為您說過您將面臨與關稅相關的 0.40 美元的逆風。那你能帶我們了解一下嗎？我想也許 ES 會更好一些，但是考慮到那裡的不同動態，我們如何維護指南？

And then I guess my second question (inaudible) what we know about tariffs today and where you're manufacturing your products because it's not looks like a lot of your products are manufactured in the US which is (inaudible) just wondering, if there's a there's a market share or competitive advantage for tariffs in certain product lines or segments? And if so, could you just highlight where that could be? Just wondering if there's a market share or outperformance story here?

然後我想我的第二個問題（聽不清楚）我們今天對關稅了解多少以及你們的產品在哪裡生產，因為看起來你們的很多產品都不在美國製造，這（聽不清楚）只是想知道，在某些產品線或細分市場中，關稅是否有市場份額或競爭優勢？如果是的話，您能否指出它在哪裡？只是想知道這裡是否有市場佔有率或優異表現的故事？

Jamie, you broke up at the beginning of your second question. Can you repeat just over to what you (inaudible).

傑米，你在第二個問題一開始就提到了分手。你能重複一遍剛才說的話嗎？（聽不清楚）。

Yeah, sorry. The second question just based on what's going on with tariffs and you're saying you manufacture 75% of your products in America or Made in America. I'm just wondering if there are certain product lines where you have a competitive advantage because of your manufacturing footprint? And if so, where that would be so that you could potentially gain market share?

是的，抱歉。第二個問題只是基於關稅的情況，您說您 75% 的產品是在美國生產的或「美國製造」。我只是想知道，由於你們的製造足跡，你們在某些產品線上是否具有競爭優勢？如果是的話，那麼在哪裡可以獲得潛在的市場份額？

Hey Jamie, so I'll take the first question. I'll let Simon answer the second question. So our Q1, we bid our original outlook by about $0.30, and that's largely like you see, driven by ES, and we expect that to flow through the year. And that will offset partially the $0.40 tariffs that we've baked into our outlook.

嘿，傑米，我來回答第一個問題。我請西蒙回答第二個問題。因此，我們在第一季的預測中上調了約 0.30 美元，這在很大程度上是由 ES 推動的，我們預計這種情況將持續全年。這將部分抵消我們預期中考慮的 0.40 美元關稅。

And then we also offset that by our share count that will actually drive our EPS are higher and also some of our operational efficiencies. I think you can see we continue to reduce our SG&A itself. So that actually walks back out how we actually maintain our guide at this point in time.

然後，我們也透過股票數量來抵消這一點，這實際上會推動我們的每股收益更高，並且還會提高我們的一些營運效率。我想你可以看到我們正在繼續降低銷售、一般及行政費用本身。所以這實際上回到了我們目前如何維護我們的指南。

Yeah, and with regards to your question on market share and product lines. Yes, we like our overall position, Jamie. If I break it down by segment, starting with Environmental Solutions, I mean, it's all made in the United States and sold in the United States. So obviously, we like our position there.

是的，關於市場佔有率和產品線的問題。是的，我們喜歡我們的整體地位，傑米。如果我按細分市場來劃分，從環境解決方案開始，我的意思是，所有產品都是在美國製造並在美國銷售的。顯然，我們喜歡我們在那裡的地位。

In Aerials, 95%, if you include USMCA, build in North America for North America. So we like our position there. And in Materials Processing, I don't see any major difference between us or our competitors in terms of where we're sourcing from maybe in the margin a little bit.

在空中領域，如果包括 USMCA，95% 的建造都是在北美為北美建造的。所以我們喜歡我們在那裡的地位。在材料加工方面，我認為我們和我們的競爭對手在採購來源方面沒有什麼重大差異，可能在利潤方面有一點差異。

But overall, I don't see the global footprint to be I actually think we're at an advantage more so than at a disadvantage overall, but it would be hard for me to call out a specific product line. We would certainly be at an advantage versus obviously some of our Asian competitors.

但總體而言，我並不認為我們的全球足跡會有什麼變化，實際上我認為我們總體上處於優勢而非劣勢，但我很難說出具體的產品線。與一些亞洲競爭對手相比，我們肯定會佔優勢。

David Raso with Evercore ISI.

Evercore ISI 的 David Raso。

Hi, thank you. two questions. One on the Aerial margin progression 1Q to 2Q, and then the full year thoughts around Material Processing. For Aerials, can you give us some help on how you're viewing your revenue growth sequentially? I'm just trying to get a sense of what the sequential incremental margin is implied to go from the 3% operating margin in the first quarter to 10%.

嗨，謝謝。有兩個問題。一個是關於第一季到第二季的空中利潤率成長，然後是關於材料加工的全年思考。對於航空業，您能否幫助我們了解您如何看待其收入的連續成長？我只是想了解一下，從第一季的 3% 營業利潤率成長到 10% 需要多少連續增量利潤率。

Yeah. So obviously, we were very pleased with our book-to-bill in the first quarter. So we're set up to make a nice jump going to Q2. It would be our normal seasonal jump up, David. And so overall, our full year sales outlook is still to be down low double digits, but with a nice ramp-up in Q2.

是的。顯然，我們對第一季的訂單出貨比非常滿意。因此，我們已做好準備，順利進入第二季。這將是我們正常的季節性增長，大衛。因此，總體而言，我們預計全年銷售額仍將下降兩位數，但第二季將出現良好的成長。

I don't think we have actually articulated specifically what the number is, but it's the normal seasonal jump up. And that volume will obviously help us to get back to that double-digit operating margin in Aerials that we spoke about on the in the prepared remarks.

我認為我們實際上並沒有明確說明這個數字是多少，但這是正常的季節性成長。而這項銷售顯然將幫助我們恢復到我們在準備好的發言中提到的天線業務的兩位數營業利潤率。

And then on MP, yes, MP has a three months backlog coverage, we were pleased with our Q1 bookings in MP. But obviously, that's a slightly lower backlog coverage than in Aerials. In Aerials, we have more than seven months forward visibility.

然後在 MP 上，是的，MP 有三個月的積壓訂單覆蓋，我們對 MP 第一季的訂單感到滿意。但顯然，這比 Aerials 的積壓覆蓋率略低。在空中業務方面，我們有超過七個月的前瞻性。

So with MP, the current sales outlook assumes kind of a sequential ramp up as we progress through the year. It's not going to be kind of the reshaped versus 2024, but more like a U shape, if you will. But technically, what our outlook is implying is that Q1 would be a bottom for MP.

因此，就 MP 而言，當前的銷售前景預計會隨著全年的進展而持續成長。它不會像 2024 年那樣被重新塑造，而更像一個 U 形，如果你願意的話。但從技術角度來看，我們的展望意味著第一季將是 MP 的底部。

Now that's all within the context of what's going to play out with tariffs in the remainder of the year and what's that going to do to confidence, but inventories are roughly where they need to be. Our fleets being used in MP, in Aerials.

現在，這一切都與今年剩餘時間關稅的走勢以及對信心的影響有關，但庫存大致處於應有的水平。我們的艦隊正在 MP 和空中使用。

So and some of that fleet starts to age now in MP. So we're looking at a potential compounded replacement effect there as well. But the current assumption is a very gradual ramp-up on the by quarter in the MP sales outlook.

因此，現在 MP 中的部分艦隊已經開始老化。因此，我們也在研究那裡潛在的複合替代效應。但目前的假設是，MP 銷售前景將逐季緩慢成長。

Thank you. I wanted to ask an MP question. I'm so sorry. I wanted to follow-up on the 1Q to 2Q margin comment for Aerials. When you say the normal ramp, obviously, utilities pulled out, right? So I can go back and restate obviously, some of the years.

謝謝。我想問議員一個問題。我很抱歉。我想跟進關於 Aerials 第一季至第二季利潤率的評論。當您說正常坡道時，顯然公用設施已經撤出，對嗎？因此，我可以回顧並重述某些年份。

But are we saying about a 20% to 25% sequential on revenue roughly. When you say normal, how do you define normal in the new Aerial segment with utility guide, just so I am clear?

但我們說的收入大約會較上季成長 20% 到 25% 嗎？當您說正常時，您如何在實用指南的新空中部分中定義正常，以便我清楚？

Yeah, I'll let chime Jen chime in on the margins. But if you think about what we said in the opening remarks is that half of our Q1 revenue was booked in March, and you just draw that forward. So that's kind of the ramp-up for Q2.

是的，我會讓 Jen 在邊緣上加入。但是如果你想想我們在開場白中說過的話，那就是我們第一季收入的一半是在三月實現的，你只需將其提前即可。這就是第二季的成長。

Right. David, so in terms of like walking from Q1 to Q2 on the double-digit margins. We mentioned earlier that in Q1, we had about 550 basis points of impact on margin due to the deliberate production cuts that we took. So if you add that, that will not repeat again in Q2. And then on top of that, the step-up in volume that will get us to the double-digit.

正確的。大衛，就從 Q1 到 Q2 的兩位數利潤率而言。我們先前提到，在第一季度，由於我們採取了刻意減產的措施，利潤率受到了約 550 個基點的影響。因此，如果你添加這一點，那麼第二季度就不會再重複這種情況。除此之外，銷量的不斷增加將使我們達到兩位數。

Okay. And the idea of maybe some landed product. I'm trying to get a sense of the tariff impact on 2Q. Is it fairly light on Aerials, particularly given I know the manufacturing base is really helpful, but the idea you sort of seem to get ahead of the curve a bit on steel and a variety of things.

好的。或許還有一些落地產品的想法。我想了解關稅對第二季的影響。它在天線方面是否相當輕鬆，特別是考慮到我知道製造基礎確實很有幫助，但你的想法似乎在鋼鐵和各種各樣的東西方面領先了一點。

I'm just trying to get a sense of the things that can make that easier. And as you said, under absorption is reduced. You have some volume sequential. And then on price cost, it seems like, if I remember correctly, you got a bit ahead on some of the cost issues, too. Just to gain more comfort because obviously that's a big driver of the sequential EPS 1Q to 2Q.

我只是想了解有哪些事情可以讓事情變得更容易。正如您所說，吸收不足的情況減少了。您有一些卷序列。然後關於價格成本，如果我沒記錯的話，似乎你們在一些成本問題上也領先了一點。只是為了獲得更多的安慰，因為顯然這是第一季至第二季連續每股盈餘成長的一個重要驅動力。

Right. Yes. I mean it's a great question. When it comes to the net tariff impact, we spoke about $0.40 in the prepared remarks. That is mostly going to be on raw material imported from China, and it's mostly impacting Aerials, and it's mostly in Q3, although some of it will hit Q2 and some of it will hit Q4.

正確的。是的。我的意思是，這是一個很好的問題。當談到淨關稅影響時，我們在準備好的評論中談到了 0.40 美元。這主要涉及從中國進口的原材料，主要影響天線，而且主要發生在第三季度，不過一部分將影響第二季度，一部分將影響第四季度。

It's important to know what our assumptions are on the $0.40. And as said, we are we're not assuming a dramatic change in any of the other tariffs other than the de-escalation of the China tariffs.

重要的是要知道我們對0.40美元的假設是什麼。如前文所述，除了中國關稅降級之外，我們不會假設其他任何關稅會有顯著變化。

So we baked in some sort of conservative continuation on the tariffs of the Rest of the World, but we do expect a deescalation of the China tariffs to kick in, in the next month or two. That's what that $0.40 is based on. And then obviously, that USMCA qualified goods continue to remain tariff-free. That's baked into that $0.40.

因此，我們對世界其他地區的關稅採取了某種保守的延續，但我們預計中國關稅將在未來一兩個月內降級。這就是 0.40 美元的依據。顯然，符合 USMCA 條件的商品將繼續保持免關稅。這已經包含在 0.40 美元中了。

But to answer your question directly, we do think we have line of sight to get back to double digits in Aerials in Q2. We might just get there in Q3, maybe high single digits in Aerials for Q3 and then back to normal decrementals in Q4. That's kind of the walk for Aerial margins for now.

但直接回答你的問題，我們確實認為我們有可能在第二季將空中動作的得分恢復到兩位數。我們可能在第三季就達到這個目標，也許在第三季空中業務會達到較高的個位數，然後在第四季恢復正常的遞減。這就是目前空中利潤的走向。

I appreciate it. That I was thinking the (technical difficulty) you have enough costs landed for 2Q, you get some volume ramp, the tariff issue is what more of a back half story for Aerials, but maybe that gives you a little bit of time to try to push price where you can and mitigate in other ways. Okay, I got it. I really appreciate it.

我很感激。我認為（技術難題）是，第二季度的成本已經足夠了，銷量有所提升，而關稅問題對於天線來說更像是一個後半部分的故事，但也許這會給你一點時間去嘗試在可能的情況下壓低價格，並通過其他方式緩解價格壓力。好的，我明白了。我真的很感激。

Mig Dobre with Baird.

米格·多布雷和貝爾德。

Thank you. I appreciate all the good color on what's baked into this $0.40. But one thing that I guess I did not hear you talk about is any tariff on the UK. Now I don't know if I have my extra here, but that reciprocal tariffs at 10%. I guess it's there. And I'm wondering how that impacts MP and what's baked in at this point?

謝謝。我很欣賞你對這0.40美元的內涵所做的精彩描述。但有一件事我好像沒聽你提到，那就是對英國的關稅。現在我不知道我這裡是否有多餘的，但互惠關稅為 10%。我猜它就在那裡。我想知道這會對 MP 產生什麼影響，以及目前發生了什麼？

Yeah, I mean, it's a fair question. As I mentioned earlier, our focus is to, first and foremost, offset this through our supply chain and explore alternatives. When so that's the lion's share of the $0.40 is just basically raw material on China.

是的，我的意思是，這是一個公平的問題。正如我之前提到的，我們的重點首先是透過我們的供應鏈來抵消這種影響並探索替代方案。那麼，這 0.40 美元中的大部分基本上都是來自中國的原材料。

So then there are obviously also some finished goods tariffs that we're dealing with. And we're trying to absorb as much as we can to it's basically not burden our customers or our competitive position. But yes, surcharges and pricing is one of the levers that we'll pull if we have to, if we can't find the mitigation.

因此，我們顯然還要處理一些成品關稅。我們正在盡力吸收盡可能多的資源，以免對我們的客戶或我們的競爭地位造成負擔。但是，如果我們找不到緩解措施，附加費和定價就是我們在必要時會採取的手段之一。

So just to be clear, are you raising the price on MP and this is basically the offset? Or is this impact just not factored into the $0.40 at this time?

所以只是為了清楚起見，您是否會提高 MP 的價格，這基本上就是抵消嗎？或者這個影響目前還沒有計入 0.40 美元？

I wasn't giving a specific comment on what we're actually doing because we just want to highlight the difference in price cost dynamics by business. So I'm not comfortable in actually going into specific detail of what we do for each business make.

我沒有對我們實際做的事情發表具體評論，因為我們只是想強調不同企業在價格成本動態方面的差異。因此，我不太願意具體地闡述我們為每項業務所做的工作。

Very well. And then my last question is on ES. Really good margin performance here. I guess going back to the way this business, I recall performing under previous ownership some years back, the margin profile here is quite a bit better than what used to be here historically.

很好。我的最後一個問題是關於 ES 的。這裡的利潤表現確實很好。我想回顧一下這項業務，我記得幾年前在前任所有者的領導下，這裡的利潤狀況比歷史上要好得多。

Now that you're the owner of this asset and your kind of looking into what has happened from a cost perspective and a margin perspective, how sustainable do you think current margins are beyond maybe 2025? Is there something unique in the price cost dynamic or anything else that investors need to be aware of as they think maybe two to three years out?

現在您是這項資產的所有者，並且您從成本和利潤的角度研究了發生的事情，您認為當前的利潤率在 2025 年之後還能持續多久？在考慮未來兩到三年時，價格成本動態是否存在一些獨特之處，或者投資者需要注意的其他事項？

Hi, good morning. So yes, like what you saw what we disclosed in the pro forma, so you did see a big improvement in ES margins throughout the years. What and we also mentioned that the synergies, just now Simon mentioned $25 million, largely, that's analyzed for 2026, so that you would see that to end to our profitability increasing.

嗨，早安。是的，就像您在我們表格中看到的披露內容一樣，您確實看到 ES 利潤率這些年來有了很大的提高。我們還提到了協同效應，剛才西蒙提到的 2500 萬美元，主要是針對 2026 年進行的分析，因此您會看到這將最終導致我們的盈利能力提高。

However, right now, the Q1 is our record throughput. We would definitely need to make some investment to keep on continuing up and catching up with the demand. Our backlog is really strong in ES with about eight months and we're good set up for a good start for the year. But we'll expect that the synergies to come through in 2026 that will further improve the margin profile as well.

然而，目前，第一季是我們的最高紀錄。我們肯定需要進行一些投資來繼續維持並滿足需求。我們在 ES 方面的積壓訂單非常充足，大約有八個月的時間，我們已經為今年的良好開端做好了準備。但我們預期綜效將在 2026 年實現，進一步改善利潤率。

Tami Zakaria with JPMorgan.

摩根大通的塔米·扎卡里亞 (Tami Zakaria)。

Hey, good morning. Thank you so much, and very good results. So I wanted to follow-up on that $0.40 comment. Is that assuming China tariffs stay at the 145% or what rate is assumed for China to get to that $0.40? Because I think in the presentation, you mentioned you expect some easing of tariffs. So I just wanted to clarify.

嘿，早安。非常感謝，結果非常好。所以我想跟進一下那條 0.40 美元的評論。這是假設中國關稅維持在 145% 嗎，還是假設中國關稅達到 0.40 美元的水準？因為我認為在演講中您提到您預計關稅會有所放寬。所以我只是想澄清一下。

Yeah. Thanks for the question, Tami. Yes, what is included in the $0.40 assumption is that there will be some level of easing on particularly the China tariffs to the tune of roughly 50% of where it is today. So we don't expect it to go all the way to 0, but there would be a significant deescalation happening in the next month or two.

是的。謝謝你的提問，塔米。是的，0.40 美元的假設包括一定程度的關稅放鬆，特別是對中國的關稅，降幅約為目前的 50%。因此，我們預計它不會完全降到 0，但未來一兩個月內將出現顯著的降級。

Understood. That's very helpful. And then my second question is on MP or broadly for Europe. I think there was a stimulus plan package that was passed for Germany. How big is Germany for you?

明白了。這非常有幫助。我的第二個問題是關於 MP 或整個歐洲的問題。我認為德國已經通過了一項經濟刺激計劃。對你來說德國有多大？

And any thoughts on which end markets could benefit from a package like that? And how that relates to your portfolio, especially MP that might benefit in the coming quarters or even years?

您認為哪些終端市場可以從這樣的方案中受益？這與您的投資組合有何關係，尤其是可能在未來幾季甚至幾年受益的 MP？

Yeah, great question. We were at the bauma trade show a couple of weeks ago, and I was talking to customers and talking to dealers and partners, it was the first time that we really started to hear some positive news coming out of Germany, to be very honest.

是的，很好的問題。幾週前我們參加了寶馬貿易展，我與客戶、經銷商和合作夥伴進行了交談，說實話，這是我們第一次真正聽到來自德國的一些積極消息。

And yes, that will definitely a favorable impact, which, by the way, is not baked into our sales outlook for now because we think it will mostly start to kick in for us in 2026. But it would directly benefit our Material Handling business, which is very Germany dependent. It would impact favorably impact aerials and would favorably impact MP's aggregate business.

是的，這肯定會產生積極的影響，順便說一句，這目前還沒有納入我們的銷售前景，因為我們認為它將在 2026 年開始對我們產生積極的影響。但這將直接有利於我們的物料搬運業務，因為我們的物料搬運業務非常依賴德國。這將對天線產生有利影響，並將對 MP 的整體業務產生有利影響。

So and the German economy, as you know, very well, obviously, being very important as part of the greater EU economy. So that was an encouraging a bit of news that came out. So we're excited about that.

因此，如您所知，德國經濟顯然是歐盟經濟的重要組成部分。因此這是一個令人鼓舞的消息。所以我們對此感到很興奮。

Okay great thank you.

好的，非常感謝。

Tim Thein with Raymond James.

提姆泰因 (Tim Thein) 和雷蒙德詹姆斯 (Raymond James)。

Great. I'll just pack two questions together. The first is on the ES performance in the quarter, I'm curious if there were any purchase price adjustments that were included in the quarter?

偉大的。我只是將兩個問題放在一起。首先是關於本季的 ES 表現，我想知道本季是否包含任何購買價格調整？

And then the second question just is on operating costs and the separate from the tariff discussion. Just curious how you are, I believe, hedged from a steel perspective, for the year.

第二個問題是關於營運成本以及與關稅討論無關的問題。我只是好奇，從鋼鐵角度來看，您今年的對沖情況如何？

Obviously, that's just in North America. But maybe just a discussion regarding general operating costs, just in light of some of the fluctuations in commodity markets, how you're thinking about the balance of the year?

顯然，這只是在北美。但也許只是關於一般營運成本的討論，考慮到商品市場的一些波動，您如何考慮今年的平衡？

Yeah, There was no I'll take the first, and then I'll ask Jen to take the steel hedge question.Yes, there was no specific pricing action for the first quarter other than what was part of the normal annual negotiations that drove that overperformance in Q1 for ES.

是的，沒有，我先回答第一個問題，然後我會請 Jen 回答鋼鐵對沖問題。是的，除了正常的年度談判的一部分推動 ES 在第一季表現優異之外，第一季沒有採取任何具體的定價行動。

It was predominantly just execution. Execution drove the overdrive and there were a couple of one-off orders that we were able to fill in the first quarter that gave us the upside. It wasn't driven by any surcharge or anything.

這主要只是執行。執行力推動了超速運轉，我們在第一季完成了幾個一次性訂單，這為我們帶來了好處。這不是由任何附加費或任何其他因素引起的。

Jen, do you want to take the steel hedgood evening question?

Jen，你想回答鋼鐵人晚上好的問題嗎？

I'm sorry, I wasn't clear on that. I meant if there was an accounting adjustment like a purchase price adjustment related to the merge accounting.

抱歉，我不太清楚這一點。我的意思是，如果存在與合併會計相關的會計調整，例如購買價格調整。

Yes. I pass that on to Jen as well.

是的。我也把這個傳給了 Jen。

Yes, we have about $10 million of purchase price adjustments in ES, just a typical based on the acquisition accounting. And so with regard to your second question on the steel, we do not have any material impact from steel inflation because, first of all, we do not import any more steel and then about 70% of what we use as HRC. And we also have 50% of that hedge at a very favorable rate. So the imported steel in prefabricated parts are already part of our $0.40 and the others are not material.

是的，我們在 ES 中有大約 1000 萬美元的購買價格調整，這只是基於收購會計的典型情況。關於您關於鋼鐵的第二個問題，我們並未受到鋼鐵價格上漲的任何實質影響，因為首先，我們不再進口任何鋼鐵，而且我們使用的熱軋捲約有 70% 都是進口的。我們也以非常優惠的利率持有其中 50% 的對沖資產。因此，預製件中的進口鋼材已經是我們0.40美元的一部分，其他的都不是材料。

Kyle Menges with Citigroup.

花旗集團的 Kyle Menges。

It sounds like you guys are now expecting the ESG synergies to come in a little bit more than that $25 million target. So would just love to hear what's giving you confidence in that and just where so far synergies are looking to be a little bit better than expected?

聽起來你們現在預計 ESG 綜效將略高於 2,500 萬美元的目標。所以我很想聽聽是什麼讓您對此充滿信心，以及到目前為止，協同效應看起來比預期要好一些嗎？

Yeah, Thank you for picking up on that. That is correct. We and we just go by our pipeline of projects, which is it's going really well. So we're just very, very pleased with what ESG is already doing in terms of within its own segment within Environmental Solutions and the synergies that it brings with the Terex Utility business, but also what it brings with other parts of tariffs, it's really unlocking the full tariffs portfolio, and we see synergies as everywhere we look.

是的，謝謝你注意到這一點。沒錯。我們只是按照我們的專案流程進行，一切進展順利。因此，我們對 ESG 在環境解決方案領域的成就感到非常滿意，它與特雷克斯公用事業業務產生的協同效應也讓我們非常滿意，它還為關稅的其他部分帶來了好處，它真正解鎖了整個關稅組合，我們看到隨處可見的協同效應。

And we have adjusted our pipeline for probability, for execution, for risk. So it's not that we are counting ourselves rich here. And so we're confident with our line of sight to exceed that $25 million run rate by the end of 2026. So yes, it's going really well.

我們已經根據機率、執行情況和風險調整了我們的管道。所以，我們不認為自己很富有。因此，我們有信心在 2026 年底實現超過 2,500 萬美元的運行率。是的，一切進展順利。

And then just a second question on the Monterrey facility. Just how are you thinking about production shifts from the US to Monterrey, assuming that you've kind of paused that for now? And then just how are you thinking about looking at alternative sources into that Monterrey facility just in the supply chain?

然後是關於蒙特雷工廠的第二個問題。假設你們目前暫停了生產從美國轉移到蒙特雷，你們如何考慮？那麼，您如何考慮在供應鏈中尋找蒙特雷工廠的替代來源？

And sorry if I misheard, but I thought you guys had said that only 20% of the products from the Monterrey facility or USMCA compliant? I'm sorry, if I misheard that, but just if you could comment on that as well.

如果我聽錯了，請原諒，但我以為你們說過只有 20% 來自蒙特雷工廠的產品符合 USMCA 標準？很抱歉，如果我聽錯了，但如果你也能對此發表評論的話。

No, we said that 20% if you include the USMCA source that would fall under the USMCA would get us to 90% of what we sell in North America comes out of North America.

不，我們說如果算上 USMCA 管轄範圍內的 USMCA 來源，那麼 20% 意味著我們在北美銷售的產品 90% 都來自北美。

The so yes, the Monterrey facility. So obviously, in the current environment. We're not going to take any drastic long-term action until we see things stabilize first. So we have been kind of pacing ourselves a little bit on our product moves, we're very happy with our Monterrey facility because it's a world-class state-of-the-art facility, and it's a very competitive facility.

是的，蒙特雷工廠。顯然，在當前環境下。在情況穩定下來之前，我們不會採取任何激烈的長期行動。因此，我們在產品運輸方面一直在穩步前進，我們對蒙特雷工廠非常滿意，因為它是世界一流的先進工廠，而且競爭力很強。

So that's another tool that we have in the toolbox to leverage and gives us optionality that once we see things stabilize that we can leverage that will be more than what we do today. But yes, at the moment, we're taking a breather to see where things are going to pan out over the next couple of months.

因此，這是我們工具箱中可以利用的另一個工具，它為我們提供了選擇權，一旦我們看到事情穩定下來，我們就可以利用它，這將比我們今天所做的更多。但是的，目前，我們正在稍事休息，看看未來幾個月事情會如何發展。

Makes sense.

有道理。

Angel Castillo with Morgan Stanley.

摩根士丹利的 Angel Castillo。

Morning and thanks for taking my question. I was hoping we could you could put a little bit of finer point on the ES segment and just the margin moderation that you expect in 2Q. And as we think about the progression of maybe tariffs as we get maybe towards the back half of the year, if you could just fold that in, along with maybe greater success on the synergies as well as maybe sizing the one-offs that you mentioned would be helpful?

早上好，感謝您回答我的問題。我希望我們能夠對 ES 部分進行更詳細的說明，並且只介紹您預計第二季的利潤率調整。當我們考慮下半年關稅的進展時，如果您能將其考慮進去，再加上協同效應的更大成功以及您提到的一次性措施的規模，可能會有所幫助？

Hi, good morning. so yes, when I say that it's moderating in Q2 and throughout the rest of the year, like what I mentioned, there are some one-off good guys that we took in Q1. We had a record output in Q1 that actually drove up the factory adoption really favorably. And we do not think that, that would sustain itself until the end of the year.

嗨，早安。是的，當我說它在第二季度和今年剩餘時間內會緩和下來時，就像我提到的那樣，我們在第一季引進了一些一次性的好球員。我們第一季的產量創下了紀錄，這實際上極大地推動了工廠的採用。我們認為，這種情況不會持續到今年年底。

Second, in terms of when I say one-off, there are also one-off expenses that we'll be incurring for the next nine months that will actually to drive up the and support the volume growth that we will to support the backlog conversion as well.

其次，就我所說的一次性而言，我們還將在未來九個月內產生一次性費用，這些費用實際上將推動並支持銷售成長，同時也將支援積壓轉換。

And then when I mentioned the synergies, we did see a piece of the synergies coming through in Q1, but not mature enough. Like what Simon mentioned, we expect the annualized $25 million of synergies to come through in 2026.

然後，當我提到協同效應時，我們確實看到第一季出現了一些協同效應，但還不夠成熟。正如西蒙所提到的，我們預計 2026 年將實現每年 2500 萬美元的協同效應。

Got it. That's helpful. And then maybe just on I wanted to go back to MP. I think this was the first quarter where you saw backlog growth since maybe kind of 2022. And I know that, that's been normalizing. But just curious if there's anything specific maybe even related to what you were talking about with Germany or more broadly, any step change in that business that gives you maybe confidence that we found the bottom and maybe you can even grow from here? Or just how should we read that improvement in the backlog and what you're hearing from customers?

知道了。這很有幫助。然後也許我只是想回到 MP。我認為這可能是自 2022 年以來第一個積壓訂單成長的季度。我知道，這已經正常化了。但我只是好奇，是否有任何具體的事情甚至可能與您在德國談論的事情有關，或者更廣泛地說，該業務中的任何一步變化讓您有信心我們找到了底部，也許您甚至可以從這裡開始發展？或者我們應該如何解讀積壓訂單的改善以及您從客戶那裡聽到的消息？

Yeah, I wouldn't say that it's coming from Germany. It's so we are at a three months backlog, which is our kind of normal season from a historic standpoint, our normal backlog coverage and say, our dealer inventories have been largely adjusted. This has been historically a book-to-bill business. So in that regard, it's a pretty normal pattern. And Q1 bookings did come in favorably year-over-year.

是的，我不會說它來自德國。因此，我們的積壓訂單量為三個月，從歷史角度來看，這是我們的正常季節，我們的正常積壓訂單覆蓋率以及我們的經銷商庫存已經進行了大幅調整。從歷史上看，這一直是一項訂單到出貨的業務。因此從這個角度來看，這是一個非常正常的模式。第一季的預訂量確實年增。

So we were pleased with that because, quite frankly, the fleet in North America, and that's what driving probably most of the upside is the fleet utilization is still healthy, fleet is starting to age. And there is work, there is pull-through from mega projects, from infrastructure projects. The smaller projects are still kind of sluggish, so to say. But what we are seeing is mostly that North America is ready for that replacement demand.

所以我們對此感到高興，因為坦白說，北美的車隊，這可能是推動大部分上漲的因素，車隊利用率仍然健康，車隊開始老化。並且還有工作，有來自大型專案和基礎設施專案的拉動動作。可以這麼說，較小的項目仍然有些遲緩。但我們主要看到的是北美已經為替代需求做好了準備。

Now having said that, we also obviously are cautious that the tariff talk doesn't become some sort of self-fulfilling prophecy and will start to eat into confidence. So we'll have to see how that's going to pan out in the next couple of months. But the current outlook assumes that there will be a gradual slow recovery in MP and mostly driven by North America and driven by replacement demand.

話雖如此，我們顯然也保持謹慎，擔心關稅談判不會成為某種自我實現的預言，並開始削弱信心。因此，我們必須看看未來幾個月的情況會如何。但目前的前景假設MP將逐漸緩慢復甦，並且主要由北美和替代需求推動。

So just to be clear, that assumption is embedded in the 2025 cadence?

所以要先明確的是，這個假設是否包含在 2025 年的節奏中？

Correct.

正確的。

Got it. Okay, thank you.

知道了。好的，謝謝。

Thank you.

謝謝。

And that concludes our question-and-answer session. And I will now turn the conference back over to Simon Meester for closing comments.

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，請他發表最後評論。

Thank you, operator. If you have any additional questions, please follow up with Jen and Derek. Thank you for your interest in Terex. And with that, operator, please disconnect the call.

謝謝您，接線生。如果您有任何其他問題，請聯絡 Jen 和 Derek。感謝您對特雷克斯的關注。接線員，請掛斷電話。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。