達信公司 (TXT) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the Textron third quarter 2025 earnings release. (Operator instructions) I would now like to turn the conference over to Scott Hegstrom. Please go ahead, sir.

各位女士、先生，早安，歡迎參加德事隆2025年第三季財報發布會。（操作員指示）現在我將把會議交給斯科特·赫格斯特羅姆。請繼續，先生。

Thanks, Rob and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.

謝謝羅伯，大家早安。在開始之前，我想提一下，我們今天的電話會議將討論未來的估算和預期。這些前瞻性聲明受到各種風險因素的影響，這些風險因素已在我們的美國證券交易委員會文件中詳細說明，並在今天的新聞稿中也有說明。

On the call today, we have Scott Donnelly, Textron's Chairman and CEO; and David Rosenberg, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.

今天參加電話會議的有德事隆董事長兼執行長史考特唐納利，以及我們的財務長大衛羅森伯格。您可以在我們網站的投資者關係版塊找到我們的財報電話會議簡報。

Revenues in the quarter were $3.6 billion, up 5% or $175 million from last year's third quarter. Segment profit in the quarter was $357 million, up 26% or $73 million from the third quarter of 2024. Adjusted income from continuing operations was $1.55 per share compared to $1.40 per share in last year's third quarter.

本季營收為 36 億美元，比去年第三季成長 5%，即 1.75 億美元。該季度部門利潤為 3.57 億美元，比 2024 年第三季增長 26%，即 7,300 萬美元。經調整後的持續經營業務每股收益為 1.55 美元，而去年第三季為每股 1.40 美元。

Manufacturing cash flow before pension contributions totaled $281 million in the quarter compared to $147 million in last year's third quarter.

本季製造業在不計入退休金繳款的現金流總額為 2.81 億美元，而去年第三季為 1.47 億美元。

With that, I'll turn the call over to Scott.

接下來，我將把電話交給史考特。

Thanks, Scott. Good morning, everybody. Let me just start with yesterday's announcement. I'm sure you've all read by now that yesterday, we elected Lisa Appleton to become our new President and CEO, effective at the beginning of January. At that point in time, I'll transition to be the Executive Chair.

謝謝你，斯科特。大家早安。讓我先從昨天的公告說起。我相信大家現在都已經看到，昨天我們選舉 Lisa Appleton 擔任我們的新任總裁兼首席執行官，將於 1 月初生效。屆時，我將轉任執行主席。

This is the result of a long, thorough process that we worked with on the Board. I think Lisa, who's been with our company for about 18 years, is an outstanding leader. She's had a number of really important roles in the company over the years.

這是我們董事會經過漫長而徹底的過程後所得出的結果。我認為在我們公司工作了大約 18 年的 Lisa 是一位傑出的領導者。多年來，她在公司擔任過許多非常重要的職位。

She was the President and CEO of our Textron Systems business for about five years. Most recently, obviously, she's the President and CEO of Bell, where she's been very involved in both the capture, the win and now the execution of the ramp on MV-75.

她曾擔任我們德事隆系統業務的總裁兼執行長約五年。很顯然，她最近的職位是貝爾公司的總裁兼首席執行官，她深度參與了MV-75航空母艦的捕獲、贏得和現在的坡道執行工作。

She's a fabulous leader. She knows the team. She's surrounded by a great team at the business level across the company. So we're proud of the fact that we had a great internal promotion, and I think she'll just do a fabulous job leading the company into the future.

她是一位傑出的領導者。她認識這個團隊。她身邊有一支非常優秀的團隊，遍佈公司各個業務層面。所以，我們為公司內部成功提拔了一位優秀員工而感到自豪，我相信她一定能帶領公司走向輝煌的未來。

So with that, let me go ahead and talk about the quarter. Overall, revenue was higher, driven by strong growth across our aerospace and defense businesses. Aviation had higher segment revenues and profit compared to the third quarter of last year.

那麼，接下來我就來談談本季的情況。總體而言，收入有所增長，這主要得益於航空航天和國防業務的強勁增長。與去年第三季相比，航空業務的營收和利潤均有所成長。

We delivered 42 jets and 39 commercial turboprops compared to 41 jets and 25 commercial turboprops in last year's third quarter. Textron Aviation's fleet utilization remained strong in the quarter, contributing to an aftermarket revenue growth of 5% as compared to last year's third quarter.

我們交付了 42 架噴射機和 39 架商用渦輪螺旋槳飛機，而去年第三季交付的噴射機和商用渦輪螺旋槳飛機分別為 41 架和 25 架。德事隆航空本季機隊利用率保持強勁，推動售後市場營收較去年第三季成長 5%。

Aviation backlog ended the third quarter at $7.7 billion as demand remains strong. Earlier this month, Textron Aviation completed the certification of the CJ3 Gen 2 and autothrottles on the M2 Gen 2.

航空業積壓訂單第三季末為77億美元，需求依然強勁。本月初，德事隆航空完成了 CJ3 Gen 2 和 M2 Gen 2 自動油門的認證。

Also this month, the Citation Ascend made its debut as it landed in Las Vegas for the NBAA exhibition. We are nearing completion of the certification process and continue to expect deliveries this quarter.

本月，Citation Ascend 也首次亮相，在拉斯維加斯舉行的 NBAA 展覽會上亮相。我們即將完成認證流程，並繼續預計本季將完成交付。

During the quarter, the Latitude received FAA certification for new features of the Garmin 5000 avionics suite. These features include synthetic vision guidance systems and for improved approach capabilities down to 150 feet and a new taxiway routing feature.

本季度，Latitude 獲得了美國聯邦航空管理局 (FAA) 的認證，採用了 Garmin 5000 航空電子設備套件的新功能。這些功能包括合成視覺引導系統，可將進場能力提高到 150 英尺，以及新的滑行道路線規劃功能。

We continue to implement Starlink high-speed Internet connectivity onto our aircraft. With the recent announcement of the Latitude and Longitude supplemental type certifications, Starlink is now available on 14 platforms across Aviation's product portfolio.

我們將繼續在飛機上部署星鏈高速網路連線。隨著 Latitude 和 Longitude 補充型號認證的發布，Starlink 現在可在航空產品組合中的 14 個平台上使用。

On the defense side, Aviation announced a partnership with Leonardo to launch the Beachcraft M-346N as a solution for the United States Navy Undergraduate Jet Training System competition. Throughout the quarter, aviation participated in a nationwide demo tour to highlight the capabilities of this aircraft.

在國防方面，航空部門宣布與萊昂納多公司合作，推出 Beachcraft M-346N，作為美國海軍本科生噴射機訓練系統競賽的解決方案。本季度，航空部門參與了全國巡迴演示活動，以突出展示該飛機的性能。

At Bell, increased revenues were driven by higher military volume, reflecting the continued ramp and acceleration of the MV-75 program. In the quarter, Bell exceeded their 90% engineering release milestone, enabling continued fabrication and procurement activity for the prototype aircraft.

貝爾公司的收入成長得益於軍用訂單量的增加，這反映了MV-75項目的持續推進和加速發展。本季度，貝爾公司超額完成了 90% 的工程發布里程碑，使得原型機的製造和採購活動得以繼續進行。

Fabrication and assembly work on the programs continue across numerous sites including wing assembly at our Amarillo, Texas site, fuselage assembly at our Wichita, Kansas site, in addition to ongoing fabrication of critical rotor and drive system components in our Fort Worth operations.

該項目的製造和組裝工作在多個地點繼續進行，包括在我們位於德克薩斯州阿馬裡洛的工廠進行機翼組裝，在我們位於堪薩斯州威奇託的工廠進行機身組裝，以及在我們位於沃斯堡的工廠持續製造關鍵的旋翼和驅動系統部件。

On the commercial side of Bell, we delivered 30 helicopters, down from 44 in last year's third quarter, Bell continues to see strong demand across its commercial product portfolio. We announced the purchase agreement with Global Medical Response for seven 429s and an option for eight additional helicopters with deliveries expected to begin in 2026.

在貝爾的商業方面，我們交付了 30 架直升機，低於去年第三季的 44 架，貝爾的商業產品組合仍然保持強勁的需求。我們宣布與 Global Medical Response 達成購買協議，購買 7 架 429 型直升機，並擁有額外 8 架直升機的選擇權，預計將於 2026 年開始交付。

Moving to systems. Revenues were up as compared to last year. During the quarter, systems received new contract awards for several programs, leading to an increase in backlog of about $1 billion in the quarter. These awards included ATAC awards for both the United States Navy, United States Marine Corps. A new contract award for the US Army to provide 65 mobile strike force vehicles in support of the Ukraine security systems initiative and increased quantities for the Ship-to-Shore Connector program. In the Weapons business, systems completed delivery of the first production lot of XM204, anti-vehicle terrain shipping systems to the US Army in support of operations in Europe.

轉向系統。與去年相比，收入有所成長。本季度，該系統獲得了多個項目的新合同，導致本季度積壓訂單增加了約 10 億美元。這些獎項包括美國海軍和美國海軍陸戰隊獲得的ATAC獎。美國陸軍獲得一份新合同，將提供 65 輛移動打擊部隊車輛，以支援烏克蘭安全系統計劃，並增加對岸連接器計劃的採購數量。在武器業務方面，系統公司完成了向美國陸軍交付首批 XM204 反車輛地形運輸系統，以支援其在歐洲的作戰行動。

Moving to Industrial. We saw lower revenues reflecting the divestiture of the Powersports business. At Aviation, we continue to make progress on several of our core development efforts. The team completed the Hover flight test envelope for the Nuuva V300 and set the stage for Air Vehicle 2 to enter the flight test program.

轉向工業領域。由於剝離了動力運動業務，我們看到收入下降。在航空領域，我們在幾項核心研發工作中持續取得進展。團隊完成了 Nuuva V300 的懸停飛行測試包線，為 2 號飛行器進入飛行測試計畫奠定了基礎。

As disclosed in our 8-K filing, Textron will be eliminating the Textron Aviation segment as a separate reporting segment, realigning the aviation business activities across Textron Aviation and Textron Systems to leverage our existing sales and business development capabilities.

正如我們在 8-K 文件中所揭露的那樣，德事隆將取消德事隆航空作為單獨的報告部門，重新調整德事隆航空和德事隆系統兩大航空業務活動，以充分利用我們現有的銷售和業務發展能力。

This change will be effective at the beginning of fiscal year 2026. With that, I'll turn the call over to Dave.

這項變更將於 2026 財年開始生效。接下來，我會把電話交給戴夫。

Thank you, Scott, and good morning, everyone. Let's review how each of the segments contributed, starting with Textron Aviation.

謝謝你，斯科特，大家早安。讓我們回顧一下各部門的貢獻，首先從德事隆航空開始。

Revenues at Textron Aviation of $1.5 billion were up 10% or $138 million from the third quarter of 2024, reflecting higher aircraft revenues of $116 million and higher aftermarket parts and service revenues of $22 million.

德事隆航空的營收為 15 億美元，比 2024 年第三季成長了 10%，即 1.38 億美元，這主要得益於飛機收入增加 1.16 億美元以及售後零件和服務收入增加 2,200 萬美元。

The increase in aircraft revenues were largely due to higher volume mix, which included higher Citation jet and commercial turboprop volume, partially offset lower defense volume. Segment profit was $179 million in the third quarter, up 40% or $51 million from a year ago, largely due to higher volume and mix.

飛機收入的成長主要是由於銷售結構的變化，其中獎狀噴射機和商用渦輪螺旋槳飛機的銷售增加，部分抵消了國防銷售的下降。第三季分部利潤為 1.79 億美元，比去年同期成長 40% 或 5,100 萬美元，主要原因是銷售量和產品組合的提高。

Backlog in the segment ended the quarter at $7.7 billion. Moving to Bell, revenues were $1 billion, up 10% or $97 million from the third quarter of 2024. The revenue increase was driven by higher military revenues of $128 million, primarily due to higher volume from the US Army's MV-75 program, partially offset by lower commercial volume of $31 million. Segment profit of $92 million was down $6 million from last year's third quarter. Backlog in the segment ended the quarter at $8.2 billion, an increase of $1.3 billion from the prior quarter, primarily reflecting the award for the prototype testing and evaluation phase of the MV-75 program.

該業務板塊的積壓訂單在本季末達到 77 億美元。轉至貝爾公司，營收為 10 億美元，比 2024 年第三季成長 10%，即 9,700 萬美元。營收成長主要得益於軍方收入增加 1.28 億美元，這主要是由於美國陸軍 MV-75 項目的銷售增加，但部分被商業收入減少 3,100 萬美元所抵消。該部門利潤為 9,200 萬美元，比去年第三季減少了 600 萬美元。該業務部門的積壓訂單在本季末達到 82 億美元，比上一季增加了 13 億美元，主要反映了 MV-75 項目原型測試和評估階段的訂單授予情況。

At Textron Systems, revenues were $307 million, up 2% or $6 million from last year's third quarter, which included higher volume on the Ship to Shore Connector program. Segment profit of $52 million was up $13 million compared with the third quarter of 2024, largely due to a gain resulting from the early termination of a vendor contract.

Textron Systems 的營收為 3.07 億美元，比去年第三季成長 2% 或 600 萬美元，其中包括 Ship to Shore Connector 專案的銷量增加。該部門利潤為 5,200 萬美元，比 2024 年第三季增加了 1,300 萬美元，這主要是由於提前終止供應商合約帶來的收益。

Backlog in the segment ended the quarter at $3.2 billion, an increase of $980 million from the prior quarter, reflecting new contract awards for the Ship-to-Shore Connector, land vehicles in the adversary air business.

該業務板塊的積壓訂單在本季末達到 32 億美元，比上一季度增加了 9.8 億美元，這反映了艦岸連接器和敵方空中業務陸地車輛的新合約授予情況。

Industrial revenues were $761 million, down $79 million from last year's third quarter, driven by Textron Specialized Vehicles. This reflects $88 million in lower revenues related to the divestiture of the Power Sports business.

工業收入為 7.61 億美元，比去年第三季減少了 7,900 萬美元，主要得益於 Textron 特種車輛業務的成長。這反映出由於剝離動力運動業務而導致的收入減少了 8,800 萬美元。

Segment profit of $31 million was down $1 million from the third quarter of 2024. Textron eAviation segment revenues were $5 million in the third quarter of 2025 as compared to $6 million in last year's third quarter.

該部門利潤為 3,100 萬美元，比 2024 年第三季減少了 100 萬美元。Textron eAviation 部門 2025 年第三季的營收為 500 萬美元，而去年同期為 600 萬美元。

And segment loss was $15 million as compared with a segment loss of $18 million in the third quarter of 2024. Finance segment revenues were $26 million and profit was $18 million in the third quarter of 2025 as compared to segment revenues of $12 million and profit of $5 million in the third quarter of 2024. The increase in revenues in segment profit was largely due to gains on the disposition of noncaptive assets. Moving below segment profit. Corporate expense were $26 million.

該部門虧損為 1,500 萬美元，而 2024 年第三季該部門虧損為 1,800 萬美元。2025 年第三季度，財務部門的收入為 2,600 萬美元，利潤為 1,800 萬美元，而 2024 年第三季度，該部門的收入為 1,200 萬美元，利潤為 500 萬美元。分部利潤收入的成長主要歸功於處分非自有資產所獲得的收益。低於分部利潤。公司支出為2600萬美元。

Net interest expense for the manufacturing group was $26 million. LIFO inventory provision was $48 million, intangible asset amortization was $8 million and the components of pension and postretirement income were $67 million. As expected, our adjusted effective tax rate for the third quarter of 2025 was 25.5%, largely reflecting the impact of the One Big Beautiful Bill Act. We now expect our full year adjusted effective tax rate to be approximately 21%.

製造集團的淨利息支出為2600萬美元。採用後進先出法（LIFO）。存貨準備金為 4,800 萬美元，無形資產攤銷為 800 萬美元，退休金和退休後收入組成部分為 6,700 萬美元。正如預期的那樣，我們 2025 年第三季的調整後有效稅率為 25.5%，這主要反映了《一項偉大的美麗法案》的影響。我們現在預計全年調整後實際稅率約為 21%。

During the quarter, we repurchased approximately 2.6 million shares, returning $206 million in cash to shareholders. Year-to-date, we have repurchased approximately 8.4 million shares, returning $635 million to shareholders.

本季度，我們回購了約 260 萬股股票，向股東返還了 2.06 億美元現金。今年迄今為止，我們已回購約 840 萬股股票，向股東返還了 6.35 億美元。

To wrap up with guidance, we are reiterating our expected full year adjusted earnings per share to be in the range of $6 to $6.20 and maintaining our expected full year manufacturing cash flow before pension contributions to be in the range of $900 million to $1 billion.

最後，我們重申全年調整後每股收益預期為 6 美元至 6.20 美元，並維持全年不計退休金繳款的製造業現金流預期為 9 億美元至 10 億美元。

That concludes our prepared remarks. So operator, we can open the line for questions.

我們的發言稿到此結束。操作員，我們可以開通提問專線了。

(Operator Instructions) Peter Arment, Baird.

（操作員說明）Peter Arment，Baird。

Congratulations, Scott. Appreciate all the help over the years. On the MV-75, could you give us, there was an announcement by the Army here recently regarding accelerating the fielding of the version 2? Just how that would impact any cost profile? Or does it change anything?

恭喜你，斯科特。感謝大家多年來的幫助。關於MV-75，您能否為我們介紹一下？最近陸軍曾宣布將加速第二代MV-75的部署？這會對成本構成產生怎樣的影響？或者說，這會改變什麼？

It won't change anything in the near term, Peter. I mean, obviously, part of the strategy on the program, which has been there all along was to start with a very basic aircraft and focus on the critical parameters around speed and range and basic aerostructure.

彼得，短期內不會有任何改變。我的意思是，很顯然，該計劃的部分策略（一直以來都是如此）是從一架非常基礎的飛機開始，專注於速度、航程和基本航空結構等關鍵參數。

But as you know, part of the incorporation of MOSA in terms of the architecture of this aircraft allows you to do that. And then build out variants and derivatives and capabilities in different variants going forward.

但如您所知，MOSA 在該飛機架構中的應用，讓您可以做到這一點。然後逐步建立不同變體、衍生產品和不同變體的功能。

So our focus, obviously, right now is very much around the acceleration, getting the first prototype aircraft going. Those will be the first variant.

所以很顯然，我們現在的重點是加快進度，讓第一架原型飛機順利投入使用。這些將是第一批版本。

But there's already a lot of work clearly going on in the Army around what future capabilities they want to put on the aircraft, but that's enabled by the MOSA architecture. So it doesn't affect or impact the work that's going on around the basic aircraft today.

但陸軍顯然已經在進行大量工作，研究他們希望在飛機上配備哪些未來能力，而這一切都歸功於 MOSA 架構。所以它不會影響或乾擾目前圍繞基礎飛機的工作。

That's helpful. And then just a quick one just on Aviation. You talked about the demand remains strong. Just maybe any highlights you would call out just regarding whether it's regionally or just in general on the biz jet market?

那很有幫助。然後簡單聊聊航空方面。您提到需求依然強勁。您能否重點介紹公務機市場（無論是區域性還是整體而言）的亮點？

It's really across the whole portfolio, Peter. I mean, we continue to see strong retail demand, people are flying. The end market industry remains robust, I would say, everywhere that that we see it.

彼得，這確實影響到整個投資組合。我的意思是，我們持續看到強勁的零售需求，人們仍然在乘飛機出行。我認為，我們所能看到的任何地方，終端市場產業仍保持強勁勢頭。

The performance of the business is improving, obviously, as we talked about every quarter, improving margins. We had a lot of certification activity obviously in the quarter.

顯然，正如我們每個季度都在討論的那樣，公司業績正在改善，利潤率也在提高。本季我們進行了大量的認證活動。

We would have originally planned probably to get the M2, the CJ3 and the Ascend in Q3. It's turned out, of course, we now have the M2 and the CJ3, but those happened right at the beginning of Q4 and Ascend, we should have wrapped up here by the end of the month.

我們原本計劃在第三季引進M2、CJ3和Ascend。當然，現在我們已經有了M2和CJ3，但那是在第四季初，而Ascend計畫本應在本月底完成。

The FAA despite the shutdown is supporting us in that effort, which is great. So I think the market is strong. Our product portfolio is in a good place. So we feel pretty good about where things are.

儘管政府停擺，美國聯邦航空管理局仍在支持我們的這項工作，這非常好。所以我認為市場走勢強勁。我們的產品組合狀況良好。所以我們對目前的情況感覺相當不錯。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Congratulations, Scott, on a great run and promoting both Dave and Lisa and [internally], I think that says a lot. Maybe if I could follow up on the MV-75 question, if that's okay, Peter.

恭喜 Scott，你表現出色，提拔了 Dave 和 Lisa，而且（在公司內部），我認為這說明了很多問題。如果可以的話，彼得，我想就 MV-75 的問題再問幾句。

Can you provide additional color on like what's the update on the program? You've completed 215 flight hours. I think you're scheduled to deliver test articles over the next 1.5 years. What happens from there with the Army? And how do we think about a contract being signed on?

能否提供更多關於該專案最新進展的資訊？您已完成 215 小時的飛行。我認為你們的測試文章交付計劃將在未來 1.5 年內完成。接下來軍隊那邊會發生什麼事？那麼，我們如何看待合約的簽訂呢？

Sure. So I mean the current program, it's actually, Sheila, it's a good question. I think there are some misunderstandings about this program and sort of where it is and what's going on. You've heard a lot of people say, hey, is this going to be one of these programs, as we've seen with a lot of defense contractors around these big fixed-price programs. We're familiar with those.

當然。所以我的意思是，目前的節目，實際上，Sheila，這是一個很好的問題。我認為大家對這個專案以及它的定位和進展存在一些誤解。很多人都在問，嘿，這會不會是那種大型固定價格項目，就像我們之前看到的很多國防承包商那樣。我們對這些都很熟悉。

We had that. As you know Ship-to-Shore Connector. It's a healthy program today, but went through a very difficult phase, given the nature of the fixed price development and production at the beginning.

我們有過那種經驗。如您所知，船岸連接器。如今這是一個發展良好的項目，但考慮到初期固定價格開發和生產的性質，它經歷了一段非常艱難的時期。

As you know, we don't have that. This is a very large program, obviously. It's mostly cost-plus development. There are some fixed price elements. We've already put the fixed-price LDT aircraft into our program estimates to complete.

如你所知，我們沒有那種東西。這顯然是一個非常龐大的項目。它主要採用成本加成開發模式。其中包含一些固定價格項目。我們已經將固定價格的LDT飛機納入了我們的專案估算中，以完成該專案。

We will at some point, add the LRIP 8, Once that is exercised by the government. But I think that the program as it's laid out today covers all of that development, which is largely cost-plus. It does have a lot as a fixed price.

我們會在某個時候加入 LRIP 8，一旦政府行使了這項權利。但我認為，目前該計劃涵蓋了所有這些發展，而且主要採用成本加成模式。它的很多東西都是固定價格。

It does have LRIP as a fixed price. And that's kind of where that, where the current program stops. So the discussions around acceleration are really bringing forward that LRIP we, collectively with the Army, believe this is something that we can do with low risk.

它的低利率發行價是固定價格。而目前的節目也就到此為止了。因此，關於加速推進低速初始生產（LRIP）的討論，實際上是在推動我們與陸軍共同認為的低風險低投入生產（LRIP）專案。

That's in part by as you referenced the fact that we flew 20-some 300 hours on the V280. The team is already building a lot of the key components and applications getting ready to build the prototype test aircraft.

部分原因正如你所提到的，是我們駕駛 V280 飛行了大約 300 小時。該團隊已經在製造許多關鍵部件和應用程序，為製造原型測試飛機做準備。

There will be six of those in the 2 LUT. So the risk of bringing that LRIP in rather than having a big gap is pretty minimal that we keep to -- keep in mind that, that first LRIP aircraft is really sort of serial number10.

2 LUT 中將有 6 個這樣的結果。因此，引入低速初始生產 (LRIP) 而不是出現較大間隔的風險非常小，我們一直保持——請記住，第一架低速初始生產 (LRIP) 飛機實際上是序號 10。

If you count the initial V280, plus the 6 EMDs, which are cost plus and then those first 2 LUTs that are fixed price. So I think the team is doing a great job on executing.

如果把最初的 V280 加上 6 個 EMD（成本加成）以及前 2 個 LUT（固定價格）都算進去。所以我認為團隊在執行上做得非常好。

Obviously, we worked very, very closely with the Army on the acceleration process. It's going very well. We're building wings. We're building fuselages. We're building gearboxes. It's all it's all going quite well.

顯然，我們在加速進程中與陸軍進行了非常密切的合作。一切進展順利。我們正在建造機翼。我們正在建造機身。我們正在製造變速箱。一切都很順利。

And again, I think there is a little bit of a misconception around how this works. It is a big performance obligation. We will, as you guys saw last year, when we did the LUTs and added those to the mix.

而且，我認為大家對它的運作方式還存在一些誤解。這是一項重大的履約義務。我們會像你們去年看到的那樣，把 LUT 加入組合中。

We took our booking rate down, and that will result in a catch. It did result in a catch that was a bad guy. On the other hand, this quarter, they exercised one of the large cleanse for the cost-plus side, we actually increased our booking rate and took a modest (inaudible) [catch good guy].

我們降低了預訂率，但這會帶來一些問題。結果確實抓到了一名壞人。另一方面，本季度，他們對成本加成方面進行了一次大規模的調整，我們實際上提高了預訂率並採取了適度的措施。（聽不清楚）[抓住好人]。

So this is something to expect through the course of the program. But unlike these big, fixed price development, fixed priced production programs, we certainly don't see this thing entering into loss territory. It will continue to book at a low margin, which we've said from the beginning.

所以這是在整個課程學習過程中需要預料到的情況。但與這些大型的、固定價格的開發、固定價格的生產項目不同，我們絕對不認為這個項目會陷入虧損。它將繼續以較低的利潤率預訂，這一點我們從一開始就說過。

But I think we're, again, in a pretty good place and it's a program I think that's executing well and obviously is hugely important to the future of the company.

但我認為我們目前的情況相當不錯，而且我認為這個專案執行得很好，顯然對公司的未來至關重要。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

This is Joao Santos on behalf of Gavin Parsons. You have talked before about improving aviation profitability. What is the long-term margin target that you are aiming for? And what are the main levers together volume, pricing or more of a mix?

我是 Joao Santos，代表 Gavin Parsons。您之前曾談到過提高航空業獲利能力的問題。您的長期利潤率目標是多少？那麼，影響銷售量、價格還是兩者兼具的主要因素是什麼？

Well, I mean, obviously, the dynamics are different in each one of the businesses. But generally speaking, across all of our product lines, we have good gross margins.

嗯，我的意思是，很顯然，每個行業的運作方式都不一樣。但總的來說，我們所有產品線的毛利率都很高。

So the biggest lever is around volume and what that does in terms of conversion to the bottom line in terms of performance.

因此，最大的槓桿在於銷量，以及銷售對最終利潤和業績的影響。

So most of the investments that we make around product are around making sure that we have products that have high demand and can command good volume and obviously, solid pricing, which, again, we've seen that in the last number of years where we've had very positive price feedback as well.

因此，我們在產品方面的大部分投資都是為了確保我們的產品有很高的需求量，能夠獲得良好的銷量，而且顯然，價格也要合理。這一點，我們在過去幾年中也得到了非常積極的價格回饋。

Great. And aviation bookings have been fairly steady each quarter this year even through the 2Q tariff uncertainty. Do you think long lead times are holding back new orders and if production ramps, could that actually drive the bookings higher?

偉大的。儘管第二季關稅存在不確定性，但今年每季的航空預訂量都相當穩定。你認為較長的交貨週期是否會阻礙新訂單？如果產能提升，是否反而會推高預訂量？

Well, look, there is some connection between us. There's no doubt if you get too far out in timeline, and it's difficult for people to make that commitment. But as you said, look, I think that the market demand remains strong. It has been pretty steady. We've guided a one to one book-to-bill through the course of the year.

你看，我們之間確實存在著某種連結。毫無疑問，如果時間線定得太遠，人們就很難做出這樣的承諾。但正如你所說，我認為市場需求依然強勁。一直都很穩定。在過去一年中，我們一直堅持一對一的圖書帳單對接。

I still feel good about that. And certainly, we do have plans where you'll see incremental volume in 2026 as opposed to 2025. So we're not obviously, quite ready to guide 2026 year, but we certainly expect, as manufacturing continues to ramp, we will see additional output in terms of the number of aircraft.

我對此仍然感到很欣慰。當然，我們確實有計劃，預計 2026 年的產量將比 2025 年有所增長。因此，我們顯然還沒有準備好對 2026 年做出預測，但我們當然預計，隨著製造業的持續擴張，飛機產量將會增加。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Thanks Congratulations, Scott, on the move up. The first question is actually in relation to that and how you and Lisa expect to divide the role going forward because you will be Executive Chairman.

謝謝！恭喜斯科特升職！第一個問題實際上與此有關，即你和麗莎打算如何分配未來的職責，因為你將擔任執行主席。

Sure, Robert. Look, I mean, this is, I think, a fairly standard transition in our business. I've been working with Lisa for a very long time in her capacity and key program jobs. She worked for me directly for the last eight years running the Systems business and then the Bell business.

當然可以，羅伯特。你看，我的意思是，我認為這在我們公司是一個相當標準的轉型。我與 Lisa 共事很長時間了，她一直擔任著重要的專案職務。過去八年，她直接為我工作，先是負責系統業務，後來負責貝爾業務。

So I want to be really clear. She becomes a President and CEO. She is running the company. She's ready to do that, by the way. So I'll be there to help with some of the processes just having gone through around regulatory stuff and closing out the year and things like that.

所以我想把話說清楚。她成為了總裁兼執行長。她負責公司的營運。順便說一句，她已經準備好這麼做了。所以我會到場協助處理一些流程，因為我之前已經處理過監管方面的事情以及年終總結之類的事務。

But I fully expect she's ready to run the company, and she'll start doing that on January 4. And I'll be there to help and do whatever is that she needs me to do and obviously run the Board. But I think it will be a normal transition. I expect it will be very, very smooth. Again, we've been working together for a very long time. So I'll be around, but no one should have any questions. She's going to be running the company.

但我完全相信她已經準備好管理公司，她將在1月4日開始履行這項職責。我會到場幫忙，做她需要我做的任何事，當然，我也會負責董事會的運作。但我認為這將是一個正常的過渡過程。我預計過程會非常非常順利。再說一遍，我們已經合作很久了。所以我會一直在附近，但大家不應該有任何問題。她將負責公司的營運。

Okay. And then as a follow-up on aviation. We've seen some recent signs of biz jet activity actually picking up in terms of year-on-year growth. Are you starting to see this flow through in terms of your aftermarket activity.

好的。然後是關於航空的後續報道。我們看到，最近公務機業務活動出現了一些成長跡象，年增率有所加快。您是否開始在售後市場活動中看到這種趨勢？

Yeah, we had a good quarter on the aftermarket side. There's no doubt utilization is strong. People are flying, which is a great indicator. Obviously, it's really important in terms of helping to continue to drive growth in the aftermarket side of the business.

是的，我們在售後市場度過了一個不錯的季度。毫無疑問，利用率很高。人們還在搭飛機，這是一個很好的跡象。顯然，這對於幫助推動售後市場業務的持續成長至關重要。

But I think it all bodes well just for demand for aircraft, which again, we're seeing, the retail, the level of interest, inquiries, orders, bookings remain strong. So I think the industry right now probably is as healthy as we've ever seen it.

但我認為這對飛機需求來說都是個好兆頭，我們再次看到，零售市場、興趣水平、諮詢量、訂單量和預訂量仍然強勁。所以我認為，目前這個行業可能是我們所見過的最健康的時期。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Congrats, Scott, on the retirement or move to Executive Chairman. You're not retired yet. You got work to do. On the aviation side, can you comment on the supply chain and how that's coming along and whether or not that's an impediment to hitting the $6.1 billion rev placeholder within the forecast?

恭喜斯科特退休或升任執行主席。你還沒退休呢。你還有工作要做。在航空方面，您能否就供應鏈的進展發表一下看法，以及這是否會阻礙實現預測中 61 億美元的營收目標？

Well, look, I mean there are still supply chain issues as we've kind of talked about. It's not as many part numbers, for instance, as it used to be, but there are still some critical suppliers that are struggling. And yes, it does impact us on different models at different times.

嗯，你看，我的意思是，正如我們之前討論過的，供應鏈問題仍然存在。例如，零件編號的數量雖然不如以前那麼多了，但仍有一些關鍵供應商處境艱難。是的，它確實會在不同的時間對不同的車型產生影響。

It continues to create a little more problem in just some production efficiencies and flow, doing out of station work. Again, it's not as it was. And so we are seeing improvements in that area.

它在生產效率和流程方面，以及在非工作地點進行作業時，仍然會造成一些問題。情況已經和以前不一樣了。因此，我們看到這方面正在取得進展。

But there's some critical things that are sort of a little bit of hand to mouth and that we keep a close eye on it with a relatively small number of suppliers, but they're critical suppliers. So again, overall, it's improved, but it's one that we, I mean the team works this stuff every day.

但有些關鍵事項的供應比較緊張，我們密切注意著少數供應商的情況，但他們都是至關重要的供應商。所以總的來說，情況有所改善，但這是我們團隊每天都在努力解決的問題。

There are still some problem children out there, and that's been the sort of the nature of where we are. But hopefully, just to be clear, I think everything we look at today, getting to that$6.1 billion, we really feel good about our path to get there.

世界上仍然有一些問題兒童，這就是我們所處環境的現狀。但希望大家明白，我們今天看到的每一個細節，以及實現 61 億美元目標的進展，都讓我們對實現目標的道路充滿信心。

Okay. Great. And then just a follow-up on systems, great bookings. Is this the point of inflection for growth after a long time of relatively flat revenue?

好的。偉大的。然後是一些關於系統方面的後續問題，預訂情況非常好。在經歷了長期相對平穩的收入之後，這是否是成長的轉捩點？

Yeah. Look, I think so. The bookings were very strong. You guys know we started the year with a bit of a challenge with things like RCV and FTUAS getting restructured and changed. I do still think there's opportunities there in our participation in those kinds of programs. There's a lot of interest in a lot of the technology we developed around FTUAS and so that stuff will play out.

是的。你看，我也這麼認為。預訂情況非常熱門。你們都知道，今年年初我們遇到了一些挑戰，例如 RCV 和 FTUAS 等項目進行了重組和變更。我仍然認為，我們參與這類計畫蘊藏著機會。大家對我們圍繞FTUAS開發的許多技術都非常感興趣，所以這些技術將會被應用。

But for sure, what you're seeing, despite not getting those bookings, the growth in the rest of the business has kind of overcome that our ATAC business is just doing great. Those guys are performing really, really well. They've won a ton of new programs, Ship-to-Shore continues to grow.

但可以肯定的是，儘管沒有獲得那些預訂，但其他業務的成長已經彌補了這一點，我們的ATAC業務發展得非常好。他們表現得非常非常出色。他們贏得了大量新項目，「船岸運輸」項目持續發展壯大。

And as I said earlier, with Sheila, the program is healthy. The volumes are there. The team is executing really well. We continue to see growth on the Sentinel program.

正如我之前所說，有了Sheila，這個專案進展順利。書卷都在那裡。團隊執行得非常出色。Sentinel 計畫持續成長。

So I think when you look across that business, despite some of the challenges around a couple of those programs, it's good growth. And absolutely, we feel good about sort of that inflection point you referred to this business has been executing performing really, really well for a number of years.

所以我覺得，縱觀整個業務，儘管其中一些項目面臨一些挑戰，但總體而言成長良好。當然，我們對您提到的轉折點感到非常滿意，這家公司多年來一直表現出色。

The only thing that's lacked, as you guys know, is growth. And I do think we're hitting that inflection point where we'll start to see it growing here as we go forward.

正如你們所知，唯一欠缺的就是成長。而且我認為我們正處於一個轉折點，隨著時間的推移，我們將看到它在這裡發展壯大。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Yeah. Congratulations, Scott. Just wanted to ask, starting off about aviation. And you just spoke to kind of the revenue. When we think about the margin, it's a pretty significant uptick in profitability in the fourth quarter and kind of what enables that?

是的。恭喜你，斯科特。我想問一些問題，先從航空方面說起。你剛才談到了收入方面的問題。當我們考慮利潤率時，會發現第四季的獲利能力出現了相當大的成長，那麼是什麼促成了這種成長呢？

Yeah. I mean, look, I think as we've talked about, Seth, we expected to see a progression as we go through the course of the year. The fourth quarter will be strong on the volume side, which it normally is. I think, I mean, there are still challenges, but the team is performing better and better every quarter around getting flow. And largely, we'll see a nice significant bump in volume in the quarter, and that will have good margin with it.

是的。我的意思是，你看，正如我們之前討論過的，塞思，我們預期在這一年中會看到進步。第四季銷售將保持強勁，這通常是正常情況。我認為，我的意思是，雖然仍然存在挑戰，但團隊在保持流暢性方面每季都表現得越來越好。總的來說，我們將在本季看到銷量出現顯著成長，這將帶來良好的利潤率。

Okay. Okay. Excellent. And then maybe one more on MV-75. When we think about the LRIP units and bringing those forward. Are there kind of additional contractual provisions that you can get to protect the company from currency risk?

好的。好的。出色的。然後或許還會再來一篇關於 MV-75 的文章。當我們考慮低速初始生產單元（LRIP）並推進這些單元的研發。是否有其他合約條款可以保護公司免受貨幣風險的影響？

Well, so the LRIP have always been laid in there. So I don't think there's anything would change contractually on that. To be honest with, we're not that worried about the risk of that. Again, the base configuration of the aircraft is really solid. Obviously, it's derivative off of what we do if we do.

嗯，所以低速初始投放量（LRIP）一直都放在那裡。所以我覺得合約方面不會有任何變化。說實話，我們並不太擔心這種風險。再次強調，這架飛機的基本配置非常紮實。顯然，它是我們採取行動的衍生性商品。

There are changes, but we know what those are. We are fabricating right now. The first of the prototype aircraft. So again, by the time we are building that first LRIP aircraft, we will have built, obviously, the original V280, but we will have built 8 aircraft, the 6 EMD aircraft and the 2 LGT aircraft.

雖然有所變化，但我們知道具體是什麼變化。我們正在進行生產。第一架原型飛機。所以，等到我們建造第一架低速初始生產型飛機時，我們顯然已經建造了最初的 V280，但我們已經建造了 8 架飛機，6 架 EMD 飛機和 2 架 LGT 飛機。

And certainly, there's an enormous amount of ground component level testing, stuff that we already are fabricating and building parts.

當然，還有大量的地面組件級測試，這些都是我們已經在製造和組裝的零件。

So I think we feel very good about the things we need to learn, any issues we run into, we're going to run into here on these initial EMD aircraft long before we get to where we're building that first LRIP aircraft.

所以我覺得我們對需要學習的東西以及遇到的任何問題都感覺很好，我們會在這些最初的EMD飛機上遇到這些問題，遠在我們建造第一架LRIP飛機之前。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Yes, maybe just circle back to systems. How is the unmanned portfolio doing when you look across, you've got unmanned land system stuff and shadow and Aerosan and some other stuff.

是的，或許還是回到系統問題。從整體來看，無人系統產品組合表現如何？有無人陸地系統、Shadow、Aerosan 以及其他一些產品。

We've seen such kind of surge in demand for unmanned stuff. Just curious how that's going for you guys? And do you have anything in the pipeline that you're working on developing to kind of expand in that market?

我們已經看到對無人設備的需求出現了這種激增。只是好奇你們那邊進展如何？那麼，你們目前是否有正在研發的、旨在拓展該市場的方案呢？

So I would say that Ron, the Aerosonde program is going well, right? We went through a bit of a challenge as Afghanistan came out, We had a lot of aircraft that were deployed over there. Those have largely been redeployed to other theaters, other applications, a lot of marine applications.

所以我想說，羅恩，Aerosonde 專案進展順利，對吧？阿富汗戰爭爆發後，我們遇到了一些挑戰，我們有很多飛機部署到了那裡。這些設備大多已被重新部署到其他戰區、其他應用領域，尤其是許多海上應用領域。

So that business is doing very well. That is where the next significant tranche really was going to be around FTUAS, with that program not happening, at least in the way it was envisioned that was a hit.

所以這家公司經營得非常好。原本下一筆重要的資金將用於 FTUAS 項目，但該項目並沒有按照預期的方式進行，而 FTUAS 的成功也未能實現。

But look, the reality is these brigades need ISR. And so what really changed on FTUAS is achieved understandably frustrated over how long it was taking to get stuff out there has basically said, look, you got to take these systems directly to the brigades and they'll drive that demand.

但現實情況是，這些旅需要情報、監視和偵察能力。因此，FTUAS 真正發生的變化是，由於對產品上市所需時間過長而感到沮喪，他們基本上表示，必須將這些系統直接送到部隊，由他們來推動需求。

So that's what we're doing right now. And that's why I say, well, FTUAS didn't happen as a program. I do think that we will see a number of opportunities as we go out and sell that technology directly out to the war fire. So there's also when some international opportunities, there's things out there with custom border patrol.

所以，這就是我們現在正在做的事情。所以我說，FTUAS 並不是一個正式的計畫。我認為，當我們把這項技術直接推向戰場時，我們將會看到很多機會。所以也存在一些國際機會，像是海關邊境巡邏的機會。

So in terms of our core platform today from Aerosan and then transitioning into what was basically the FTUAS configuration, I believe we're going to start to see some nice growth in there. in terms of new platforms under development.

所以就我們目前從 Aerosan 獲得的核心平台，以及向基本上是 FTUAS 配置的過渡而言，我相信我們將開始看到一些不錯的成長，尤其是在正在開發的新平台方面。

But part of what we did with the eAviation segment is that team in Pipistrel has been developing this unmanned cargo aircraft, what we call the Nuuva V300. That's now into flight test. We've already done the flight testing on Article 1.

但我們在電子航空領域所做的部分工作是，Pipistrel 團隊一直在開發這款無人貨運飛機，我們稱之為 Nuuva V300。現在正處於飛行測試階段。我們已經完成了第一條的飛行測試。

We're about to do the final build-out on Article 2, which has our own flight control fly-by-wire systems and such. And so part of the change here in the segment is that our Textron Systems business, which has always been the developer and sort of leading in business development on Aerosan and Shadow and those other unmanned platforms.

我們即將完成第二架飛機的最終建造，它配備了我們自己的飛行控制電傳系統等等。因此，該領域變化的一部分在於，我們的德事隆系統業務一直是 Aerosan、Shadow 和其他無人平台的開發商和業務發展領導者。

We'll basically have a responsibility to take that kind of product to market. And so it's the Nuuva unmanned cargo. We also have a nice niche that we've -- Pipistrel has for a long time in high-altitude unmanned sort of long duration surveillance products.

我們基本上有責任將這類產品推向市場。所以，這就是 Nuuva 無人貨運飛船。我們還有一個不錯的細分市場，那就是 Pipistrel 在高空無人長時間監視產品領域長期以來所擁有的市場地位。

That's a product we already have today. We have some new developments in process there for very long duration aircraft. And again, those will now start to largely go to market through our Textron Systems business augmenting our strength in unmanned aircraft.

那是我們目前已經有的產品。我們正在進行一些針對超長航時飛機的新研發項目。此外，這些產品現在將主要透過我們的德事隆系統業務推向市場，從而增強我們在無人機領域的實力。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Scott, congrats on your next chapter. I guess over the years, there's always been discussions in conversations with you about the broader Textron portfolio? And if you should all build together or if there are other ways to unlock shareholder value. At this point, all reporting segments are fairly stable. The balance sheet is very strong and the company generates solid free cash flow. I wanted to check with you to see if this management change also signals a re-evaluation of the portfolio once again and how you think about it now?

斯科特，祝賀你開啟人生新篇章。我想這些年來，我們一直在討論德事隆集團的整體業務組合吧？如果大家應該共同努力，或者還有其他方法可以釋放股東價值。目前，所有報告板塊都相當穩定。該公司資產負債表非常穩健，自由現金流充裕。我想向您確認一下，這次管理層變動是否也意味著對投資組合的再次重新評估，以及您現在對此有何看法？

Well, I don't know that we would say that the change is drive that. I do think we are always looking at the portfolio. I think to your point, we don't have a burning platform, but would we look at either disposing or acquiring of course, we would. So that's a process that has been ongoing for some time. Obviously, we just did the dispositions around the powersports business earlier this year.

嗯，我不太確定我們是否會說這種變化是驅動因素。我認為我們始終都在關注投資組合。我認為你說得對，我們目前沒有迫在眉睫的危機，但我們會考慮出售或收購嗎？當然會。所以這個過程已經持續了一段時間。顯然，我們今年早些時候已經完成了動力運動業務的資產處置。

That was something we thought we really needed to do and wanted to do to help position the company going forward. But we continue to look at other opportunities, and I expect we'll continue to do that. regardless of the leadership change.

我們認為，為了公司未來的發展，我們真的需要這麼做，也想這麼做。但我們會繼續尋找其他機會，而且我預計無論領導層如何變動，我們都會繼續這樣做。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

If you look at the mix of deliveries across business jets, it's been pretty stable over the last two years. I mean I would have expected more of a shift toward the Latitude and Longitude, although that might have been an incorrect assumption. Are you seeing demand shifts on to your portfolio? And is the mix in there constrained more by where demand is or where your capacity is?

如果觀察公務機的交付組合，會發現過去兩年來一直相當穩定。我的意思是，我原本預期緯度和經度方向會發生更大的變化，儘管這可能是個錯誤的假設。您是否觀察到對投資組合的需求轉移？而且，其中的產品組合更多受到需求地點的限制，還是受到產能地點的限制？

Look, it is right now probably more of a capacity issue. I would say in terms of the end market demand, it has been steady, right? The demand or whether it's Longitude or Latitude, whatever has been pretty stable. These things are often influenced by new products. So I would say, for instance, when we launched the new CJ4 Gen2. We saw a very strong spike in order activity, which kind of puts that lead time well out there because people are pretty excited in that piece of the market about that product. And we've seen the same thing with things like the CJ3 Gen 2s, certainly the Ascend.

你看，現在這可能更多的是產能問題。就終端市場需求而言，我認為一直都很穩定，對吧？需求，無論是經度或緯度，都相當穩定。這些事情往往會受到新產品的影響。例如，當我們推出新款 CJ4 Gen2 時，我就會這麼說。我們看到訂單活動出現了非常強勁的激增，這在一定程度上延長了交貨週期，因為該細分市場的人們對該產品感到非常興奮。我們也看過類似的情況，像是 CJ3 Gen 2s，當然還有 Ascend。

So I would say the end market is stable. Demand is pretty strong across all the pieces of the product portfolio. Usually, you see some of these spikes of order activity demand that can be affected by the launch of new products, of which we've had quite a bit.

所以我認為終端市場是穩定的。整個產品組合的需求都非常強勁。通常情況下，你會看到一些訂單活動需求的激增，這些激增可能會受到新產品發布的影響，而我們已經經歷了相當多的新產品發布。

Yes. And then when you look, you've talked a little bit today about the strength of the demand environment. But if you look back to the beginning of the year and then where you are today, how would you characterize demand mix in terms of corporate versus high net worth individuals?

是的。然後，正如你今天所談到的，需求環境的強度。但回顧年初，再看看現在的狀況，您會如何描述企業客戶與高淨值個人客戶的需求組成？

Have you seen any shifts there? Because obviously, there's been a lot of -- it's been a very dynamic sort of economic outlook over the last nine months.

你那邊有出現什麼變化嗎？因為很顯然，過去九個月的經濟前景一直非常不穩定。

Yeah. It's actually pretty remarkable despite all of the noise of which there's plenty for sure, we're not seeing it impact that market. We haven't seen any piece or segment or interest that has changed because of what's going on.

是的。儘管外界有很多雜音（確實很多），但實際上這相當令人驚訝，因為我們並沒有看到它對市場產生影響。我們沒有看到任何內容、板塊或興趣因為當前情況而改變。

And I think part of that is the fact that you're out there whether it's 18 months or 2 years, people are kind of looking beyond what current noise is in the marketplace because they're not going to take delivery of that new aircraft for 18 months or so. So I think it's had a little bit of a muting effect on that. But yes, remarkably despite all of the noise that's going around, it's the demand is stable.

我認為部分原因是，無論是 18 個月還是 2 年，人們都在關注當前市場上的各種傳言，因為他們大約 18 個月後才會收到新飛機。所以我認為這在某種程度上起到了抑製作用。但是，儘管各種傳言滿天飛，但令人驚訝的是，需求仍然穩定。

Ladies and gentlemen, this concludes the Textron third quarter 2025 earnings call. Thank you for joining us today. You may now disconnect.

女士們、先生們，德事隆2025年第三季財報電話會議到此結束。感謝您今天蒞臨。您現在可以斷開連線了。