美國西屋制動公司 (WAB) 2025 Q3 法說會逐字稿

Good day, and welcome to the Webtech third quarter 2025 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

大家好，歡迎參加 Webtech 2025 年第三季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Ms. Kyra Yates, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Kyra Yates 女士。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Wabtec's third quarter 2025 earnings call. With us today are President and CEO, Rafael Santana; CFO, John Olin; and Senior Vice President of Finance, John Mastalerz.

謝謝您，接線生。大家早安，歡迎參加 Wabtec 2025 年第三季財報電話會議。今天與我們在一起的有總裁兼執行長 Rafael Santana、財務長 John Olin 和高級財務副總裁 John Mastalerz。

Today's slide presentation, along with our earnings release and financial disclosures were posted to our website earlier today and can be accessed on the investor relations tab. Some statements we are making are forward-looking and based on our best view of the world and our business today.

今天的幻燈片演示以及我們的收益報告和財務披露已於今天早些時候發佈到我們的網站上，可透過投資者關係選項卡存取。我們所做的一些聲明具有前瞻性，基於我們對當今世界和我們業務的最佳看法。

For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and presentation. We will also discuss non-GAAP financial metrics and encourage you to read our disclosures and reconciliation tables carefully as you consider these metrics.

有關我們前瞻性陳述的更詳細風險、不確定性和假設，請參閱我們的收益報告和簡報中的揭露內容。我們還將討論非 GAAP 財務指標，並鼓勵您在考慮這些指標時仔細閱讀我們的揭露和對帳表。

I will now turn the call over to Rafael.

現在我將把電話轉給拉斐爾。

Thanks, Kyra, and good morning, everyone. Let's move to slide 4. I'll start with an update on our business, my perspectives on the quarter and progress against our long-term value creation framework, and then John will cover the financials. We delivered a very strong quarter, absence by continued growth in our backlog, sales, margin and earnings.

謝謝，凱拉，大家早安。讓我們轉到投影片 4。我將首先介紹我們的業務最新情況、我對本季的看法以及我們長期價值創造框架的進展，然後約翰將介紹財務狀況。我們本季表現非常強勁，積壓訂單、銷售、利潤率和收益均持續成長。

Sales in the third quarter were $2.9 billion which was up 8% versus prior year. Revenue growth was driven by both the freight and transit segments, including the acquisition of Inspection Technologies, which we closed at the beginning of the third quarter. And adjusted EPS was up 16%, driven by increased sales and margin expansion.

第三季銷售額為 29 億美元，比上年成長 8%。營收成長主要由貨運和運輸部門推動，其中包括我們在第三季初完成的對 Inspection Technologies 的收購。受銷售額成長和利潤率擴大的推動，調整後每股收益成長了 16%。

The cash flow from operations for the quarter was $367 million. The 12-month backlog was $8.3 billion, representing an increase of 8.4%, while the multiyear backlog achieved an all-time high. These results demonstrate sustained revenue and earnings momentum and provide enhanced visibility for the fourth quarter and into the future.

本季經營活動現金流為 3.67 億美元。12 個月的積壓訂單為 83 億美元，成長 8.4%，而多年積壓訂單則創下歷史新高。這些結果表明收入和盈利勢頭持續，並為第四季度及未來提供了增強的可視性。

Shifting our focus to slide 5. Let's talk about our 2025 end market expectations in more detail. While key metrics across our freight business remain mixed, we are encouraged by the underlying momentum of our business and the continued strength of our pipeline of opportunities across the globe.

將焦點轉移到投影片 5。讓我們更詳細地談談我們對 2025 年終端市場的預期。儘管我們的貨運業務的關鍵指標仍然好壞參半，但我們對業務的潛在發展勢頭以及全球機會的持續強勁感到鼓舞。

Despite the strong momentum that we're experiencing we're continuing to exercise caution to navigate a volatile and uncertain economic landscape as we move into the final quarter of the year. North America traffic was up 1.4% in the quarter.

儘管我們正經歷著強勁的發展勢頭，但隨著我們進入今年最後一個季度，我們仍將繼續謹慎應對動盪和不確定的經濟狀況。本季北美客運量成長了 1.4%。

Despite this traffic growth, Wabtec active locomotive fleets were down slightly when compared to last year's third quarter. however, up sequentially. During the quarter, Wabtec outperformed the industry in terms of share of active locomotives running.

儘管運輸量有所增長，但與去年第三季相比，Wabtec 的活躍機車車隊數量略有下降，但環比有所上升。本季度，西屋煞車在活躍機車運行份額方面表現優於行業。

Looking at the North America railcar builds. Last quarter, we discussed the industry outlook for 2025, which was for approximately 29,000 cars to be delivered and which has again been reduced by the industry sources to approximately 28,000 cars.

看看北美的軌道車輛建造情況。上個季度，我們討論了 2025 年的行業前景，當時預計交付約 29,000 輛汽車，但業內人士再次將這一數字下調至約 28,000 輛。

This forecast represents a 34% reduction from last year's car build. Internationally, activity is strong across core markets such as Asia, India, Brazil and CIS. Significant investments to expand and upgrade infrastructure are supporting a robust international locomotive backlog and orders pipeline.

這項預測比去年的汽車產量減少了 34%。在國際上，亞洲、印度、巴西和獨聯體等核心市場的活動十分活躍。擴大和升級基礎設施的大量投資正在支持強勁的國際機車積壓和訂單管道。

In mining, an aging fleet continues to support activity to refresh and to upgrade the truck fleet. Finally, moving to the transit sector. We continue to see underlying indicators for growth. Ridership levels are increasing in key geographies, along with fleet expansion and renewals.

在採礦業，老化的車隊繼續支持更新和升級卡車車隊的活動。最後，轉向運輸領域。我們繼續看到成長的潛在指標。隨著車隊的擴張和更新，主要地區的乘客量正在增加。

Next, let's turn to slide 6 to discuss a few business highlights. International demand for our products and services remain strong, highlighted in the quarter by the $4.2 billion order secured with Kazakhstan's National Railway, the largest single rail water in history.

接下來，我們翻到第 6 張投影片來討論一些業務亮點。國際上對我們產品和服務的需求仍然強勁，本季最突出的是與哈薩克國家鐵路簽訂的 42 億美元訂單，這是史上最大的單軌水運訂單。

This historic agreement embodies KTC's visionary approach for the country's rail network as the primary link between Europe and Asia, which is supporting the growth momentum that we're continuing to see in the region.

這項歷史性協議體現了 KTC 將國家鐵路網絡作為歐洲和亞洲之間主要紐帶的遠見卓識，這將支持我們在該地區持續看到的成長勢頭。

By delivering advanced locomotives and long-term service solutions, Wabtec is a proud partner in Kazakhstan's progress, helping to unlock the region's enormous potential and developing the engineering competencies in the country's rail industry.

透過提供先進的機車和長期服務解決方案，Wabtec 成為哈薩克進步的驕傲合作夥伴，幫助釋放該地區的巨大潛力並發展該國鐵路行業的工程能力。

Moving to mining. We secured $125 million for ultra class strike systems. In transit, we secured $140 million break orders driven by increased activity in India. Also in the quarter, the first four Simandou locomotives arise in Guinea.

轉向採礦業。我們為超級打擊系統籌集了 1.25 億美元。在運輸過程中，由於印度業務活動的增加，我們獲得了價值 1.4 億美元的中斷訂單。本季度，首批四台西芒杜機車在幾內亞問世。

This event marked the first quarter of heavy haul locomotives assembled and exported at our best cost facility, the Marhowrah India locomotive plant. This milestone is attributed to a global team that design and build this locomotives specifically tailored to meet the customer demand of the largest untapped iron ore reserve in the world. All of this demonstrates the underlying strength across our businesses and the strong pipeline of opportunities, which we continue to execute on.

這項活動標誌著我們最具成本優勢的工廠——印度馬豪拉機車廠組裝和出口重載機車的第一季。這一里程碑歸功於一個全球團隊，他們專門設計和製造了這種機車，以滿足世界上最大的未開發鐵礦石儲量的客戶需求。所有這些都證明了我們業務的潛在實力和強大的機遇，我們將繼續努力。

Moving to slide 7. Before turning it over to John, I want to take a few minutes here to highlight the transit segment's attractive value creation framework. Transit sustained orders growth is supported by unprecedented backlogs at car builders, rising passenger growth in key markets like Europe and India, and ongoing public investment in rail infrastructure around the world.

移至幻燈片 7。在交給約翰之前，我想花幾分鐘時間強調交通運輸領域有吸引力的價值創造框架。公共交通訂單的持續增長得益於汽車製造商前所未有的積壓訂單、歐洲和印度等主要市場的客運量增長以及世界各地對鐵路基礎設施的持續公共投資。

Similar to the car builders, our transit backlog has been growing and along with the consistent growth we are experiencing increased quality and margin expansion with our backlog, reflecting our commitment to deliver value and innovation. The team also remains focused on enhancing competitiveness and driving innovation.

與汽車製造商類似，我們的運輸積壓訂單也一直在成長，隨著持續的成長，我們的積壓訂單品質和利潤率也在提高，這反映了我們致力於提供價值和創新的承諾。該團隊還將繼續致力於提高競爭力和推動創新。

Through our integration initiatives, we are streamlining operations and achieving significant cost efficiencies all while maintaining excellence in execution of our orders. We target leadership positions in segments where we offer clear differentiation, which positions us for long-term success.

透過我們的整合舉措，我們正在簡化營運並實現顯著的成本效率，同時保持訂單執行的卓越性。我們的目標是在具有明顯差異化的領域中佔據領導地位，這將為我們帶來長期的成功。

This is not only an organic story, our ongoing efforts in portfolio optimization, alongside accretive bolt-on acquisitions are further strengthening our business and expanding our capabilities. This disciplined strategy is delivering tangible financial results.

這不僅是一個有機的故事，我們在投資組合優化方面的持續努力以及增值附加收購正在進一步加強我們的業務並擴大我們的能力。這項嚴謹的策略正在帶來實際的財務成果。

We are executing on our commitments with our value creation framework, driving both top line growth and margin expansion. Year-to-date, our revenue is up 7.5% and our operating margins have grown to the mid-teens. Given this momentum, we are confident that we will continue to expand our margins into the high teens of our planning horizon.

我們正在透過價值創造框架來履行我們的承諾，推動收入成長和利潤率擴大。今年迄今為止，我們的收入成長了 7.5%，營業利潤率成長到了十五六個百分點。鑑於這一勢頭，我們有信心繼續將利潤率擴大到規劃期內的高水準。

And with that, I'll turn the call over to John to review the quarter segment results and our overall financial performance. John?

說完這些，我將把電話轉給約翰，讓他回顧本季的分部業績和我們的整體財務表現。約翰？

Thanks, Rafael, and hello, everyone. Turning to slide 8, I will review our third quarter results in more detail. Our third quarter played out largely as we plan with revenue with slightly better-than-expected operating margins.

謝謝，拉斐爾，大家好。翻到第 8 張投影片，我將更詳細地回顧我們第三季的業績。我們的第三季基本上按照計劃進行，收入略好於預期。

As we discussed in our last quarter call, we expect the second half new locomotive deliveries to provide robust growth while being partially offset by lower mod production in the second half. This is exactly how the third quarter played out and we expect the fourth quarter's revenue cadence to be similar to the third quarter but at a higher growth rate in the fourth quarter.

正如我們在上個季度電話會議中所討論的那樣，我們預計下半年新機車交付量將實現強勁增長，但下半年模組化產量的下降將部分抵消這一增長。這正是第三季的表現，我們預期第四季的營收節奏將與第三季相似，但第四季的成長率會更高。

Sales for the third quarter were $2.89 billion, which reflects an 8.4% increase versus the prior year. Sales growth in the quarter was driven by both the freight segment, including Inspection Technologies and transit segment.

第三季銷售額為 28.9 億美元，較上年成長 8.4%。本季的銷售成長主要由貨運部門（包括檢測技術部門）和運輸部門推動。

Our operating margin expansion came in slightly better than expected. For the quarter, GAAP operating income was $491 million. The increase versus prior year was driven by higher sales, improved gross margin and proactive cost management.

我們的營業利益率成長略優於預期。本季度，GAAP 營業收入為 4.91 億美元。與去年相比，銷售額的成長得益於銷售額的增加、毛利率的提高以及積極的成本管理。

Adjusted operating margin in Q3 was 21.0% up 1.3 percentage points versus the prior year. This increase was driven by improved gross margins of 2.3 percentage points, which were partially offset by operating expenses, which grew at a higher rate than revenue. GAAP earnings per diluted share was $1.81, which was up an 11.0% versus the year ago quarter.

第三季調整後的營業利益率為 21.0%，較上年上升 1.3 個百分點。這一增長得益於毛利率提高 2.3 個百分點，但被營業費用（其增長率高於收入）部分抵消。以美國通用會計準則計算，每股攤薄收益為 1.81 美元，較去年同期成長 11.0%。

During the quarter, we had net pretax charges of $6 million for restructuring, which were primarily related to our integration and portfolio optimization initiatives as well as $33 million of charges related to M&A activity. In the quarter, adjusted earnings per diluted share was $2.32, up 16.0% versus the prior year. Overall, Wabtec delivered a very strong quarter, demonstrating the underlying strength of the business.

本季度，我們的重組淨稅前費用為 600 萬美元，主要與我們的整合和投資組合優化計劃有關，以及與併購活動相關的 3,300 萬美元費用。本季度，調整後每股攤薄收益為 2.32 美元，較上年增長 16.0%。整體而言，西屋煞車本季表現非常強勁，展現了其業務的潛在實力。

Now turning to slide 9, let's review our product lines in more detail. Third quarter consolidated sales were up 8.4%. Our quarter results were driven by growth in our equipment, digital and transit businesses, partially offset by our service business. Services revenue was down 11.6% from last year's third quarter.

現在翻到第 9 張投影片，讓我們更詳細地回顧一下我們的產品線。第三季綜合銷售額成長8.4%。我們的季度業績受到設備、數位和運輸業務成長的推動，但部分被服務業務所抵銷。服務收入較去年第三季下降11.6%。

This decline was planned and driven by the timing of modernization deliveries, which we expected to be down in the second half. As mentioned earlier, we expect services revenue to be down again in Q4 as a result of lower mod deliveries on a year over year basis.

這種下降是計劃內的，是由現代化交付的時間所驅動的，我們預計下半年現代化交付的數量將會下降。如前所述，我們預計第四季度服務收入將再次下降，原因是模組化交付量年減。

Services lower mod deliveries is expected to be offset by significant growth in new locomotive deliveries. Equipment sales were up 32% from last year's third quarter. This robust sales growth was driven by higher year over year new locomotive deliveries as well as the partial catch-up of delivering the new locomotives that were delayed from last quarter.

預計服務較低的模型交付量將被新機車交付量的大幅成長所抵消。設備銷售額比去年第三季成長了32%。強勁的銷售成長得益於新機車交付量同比增長以及上一季推遲交付的新機車的部分補貨。

We also expect this double-digit growth rate to continue in the fourth quarter as well. Component sales were up 1.1% versus last year due to growth seen in industrial products offsetting the impact from significantly lower North American railcar build and lower revenue associated with our portfolio optimization initiative.

我們也預計第四季仍將保持兩位數的成長率。由於工業產品的成長抵消了北美鐵路車輛製造量大幅下降以及與我們的投資組合優化計劃相關的收入下降的影響，零件銷售額較去年同期增長了 1.1%。

Digital Intelligence sales were up 45.6% from last year. This was driven by the Inspection Technologies acquisition. When excluding Inspection Technologies, Digital continues to see growth internationally with continued softness in the North America market.

數位智慧銷售額比去年增長了 45.6%。這是由檢查技術收購所推動的。除去檢測技術，數位技術在國際上持續保持成長，而北美市場則持續疲軟。

In our Transit segment, sales were up 8.2% in the quarter, driven by our products and services businesses. Foreign currency exchange had a favorable impact on sales of 3.0 percentage points. As a key to our value creation strategy, we have been focused on optimizing our portfolio by divesting and exiting low-margin nonstrategic businesses.

在我們的運輸部門，受產品和服務業務的推動，本季銷售額成長了 8.2%。外匯兌換對銷售額產生了3.0個百分點的有利影響。作為我們價值創造策略的關鍵，我們一直致力於透過剝離和退出低利潤的非策略性業務來優化我們的投資組合。

We believe portfolio transformation will lead to improved growth resiliency. When we adjust the third quarter's revenue for these divestitures and exits that we have executed. Our revenues are up roughly an additional 0.5 percentage point of growth to 8.9%.

我們相信投資組合轉型將提高成長彈性。當我們根據已執行的資產剝離和退出調整第三季的收入。我們的收入成長了約 0.5 個百分點，達到 8.9%。

Moving to slide 10. GAAP gross margin was 34.7%, which was up 1.7 percentage points from third quarter last year. Adjusted gross margin was also up 2.3 percentage points during the quarter. In addition to higher sales, gross margin benefited from cost recovery through contract escalation and the addition of Inspection Technologies, while mix was a headwind in the freight segment as expected.

移至投影片 10。GAAP毛利率為34.7%，較去年第三季上升1.7個百分點。本季調整後的毛利率也上升了 2.3 個百分點。除了銷售增加之外，毛利率還受益於透過合約升級和增加檢測技術實現的成本回收，而產品組合在貨運領域則如預期般遭遇阻力。

Raw materials were unfavorable due to higher material costs, largely due to increased tariffs. Foreign currency exchange was a benefit to revenue in the quarter as well as gross profit and a marginal impact on operating margin. During the quarter, we also benefited from favorable manufacturing costs.

原物料價格上漲，主要是由於關稅增加，導致原物料價格處於不利地位。外匯兌換對本季的營收和毛利有利，但對營業利潤率有邊際影響。本季度，我們也受惠於有利的製造成本。

Turning to slide 11. For the third quarter, GAAP operating margin was 17.0%, which was up 0.7 percentage points versus last year. Adjusted operating margin improved 1.3 percentage points to 21.0%. The GAAP and adjusted SG&A expenses were higher versus prior year.

翻到第 11 張投影片。第三季度，GAAP營業利潤率為17.0%，較去年同期上升0.7個百分點。調整後的營業利益率提高1.3個百分點至21.0%。GAAP 及調整後的銷售、一般及行政費用均高於上年度。

Both GAAP and adjusted SG&A expenses were impacted by the addition of Inspection Technologies while GAAP SG&A also experienced increased transaction costs related to the acquisition. Engineering expense was $59 million, which was up $9 million versus last year as a result of the addition of Inspection Technologies.

GAAP 與調整後的銷售、一般及行政費用均受到檢驗科技公司加入的影響，同時 GAAP 銷售、一般及行政費用也經歷了與收購相關的交易成本的增加。工程費用為 5,900 萬美元，由於增加了檢測技術，比去年增加了 900 萬美元。

We are committed to allocating engineering resources toward existing business opportunities with high returns, and we prioritize strategic investments that position us as an industry leader in fuel efficiency and digital technologies. These advancements are designed to enhance our customers' productivity, capacity utilization and safety.

我們致力於將工程資源分配給具有高回報的現有商業機會，並優先考慮使我們成為燃油效率和數位技術領域行業領導者的策略投資。這些進步旨在提高客戶的生產力、產能利用率和安全性。

Now let's take a look at segment results on slide 12, starting with the freight segment. As I already discussed, freight segment sales were up 8.4% during the quarter. GAAP segment operating income was $414 million, driving an operating margin of 19.8%, down 0.4 percentage points versus last year. GAAP earnings were adversely impacted by purchase accounting charges resulting from our acquisition of Inspection Technologies.

現在讓我們來看看投影片 12 上的細分結果，從貨運細分開始。正如我已經討論過的，本季貨運部門的銷售額成長了 8.4%。GAAP部門營業收入為4.14億美元，營業利潤率為19.8%，較去年下降0.4個百分點。由於我們收購了 Inspection Technologies，因此產生的購買會計費用對 GAAP 收益產生了不利影響。

Adjusted operating income for the freight segment was $513 million, up 9.9% versus the prior year. Adjusted operating margin in the freight segment was 24.5%, up 0.4 percentage points from prior year. The increase was driven by improved gross margin behind contract escalation and the addition of Inspection Technologies, partially offset by unfavorable mix between services and equipment businesses.

貨運部門調整後的營業收入為 5.13 億美元，比上年增長 9.9%。貨運部門調整後的營業利益率為24.5%，較上年上升0.4個百分點。成長的動力來自於合約升級和檢測技術增加帶來的毛利率提高，但服務和設備業務之間的不利組合部分抵消了這一增長。

Finally, segment 12-month backlog was $6.09 billion. Our 12-month backlog was up 9.5% on a constant currency basis. While the multiyear backlog reached a record level of $20.91 billion, was up 18.4% on a constant currency basis.

最後，該部門 12 個月的積壓訂單為 60.9 億美元。以固定匯率計算，我們 12 個月的積壓訂單增加了 9.5%。而多年積壓訂單則達到了創紀錄的 209.1 億美元，以固定匯率計算成長了 18.4%。

Turning to slide 13. Transit segment sales were up 8.2% at $793 million. When adjusting for foreign currency, transit sales were up 5.2%. GAAP operating income was $115 million. Restructuring costs related to integration and portfolio optimization were $3 million in Q3.

翻到第 13 張投影片。運輸部門銷售額成長 8.2%，達到 7.93 億美元。經外匯調整後，過境銷售額成長了 5.2%。GAAP 營業收入為 1.15 億美元。第三季與整合和投資組合優化相關的重組成本為 300 萬美元。

Adjusted segment operating income was $123 million. Adjusted operating income as a percent of revenue was 15.5%, up 2.7 percentage points. The increase was driven by higher adjusted gross margin behind integration and portfolio optimization efforts as well as strong operational execution.

調整後的部門營業收入為 1.23 億美元。調整後的營業收入佔收入的百分比為15.5%，上升2.7個百分點。這一增長得益於整合和投資組合優化工作帶來的調整後毛利率上升以及強勁的營運執行力。

Over the past couple of quarters, the transit team has focused on more appropriately balancing production across the year. And as such, we do not expect the typical lift that we have seen in the fourth quarter. We expect fourth quarter adjusted margins to be relatively flat versus prior year.

在過去的幾個季度中，運輸團隊一直致力於更適當地平衡全年的生產。因此，我們預計第四季不會出現典型的成長。我們預計第四季度調整後的利潤率與去年同期相比將相對持平。

Additionally, we expect adjusted margins to expand to the mid-teens on a full year basis. Finally, transit segment 12-month backlog for the quarter was $2.18 billion, which was up 3.9% on a constant currency basis. The multiyear backlog was up 1.0% on a constant currency basis.

此外，我們預計全年調整後的利潤率將擴大至十五六個百分點。最後，本季運輸部門 12 個月積壓訂單為 21.8 億美元，以固定匯率計算成長 3.9%。以固定匯率計算，多年積壓訂單增加了 1.0%。

Now let's turn to our financial position on slide 14. Third quarter operating cash flow generation was $367 million, which was lower on a year over year basis, resulting from higher tariffs and increased working capital. We continue to expect greater than 90% cash conversion for the full year.

現在讓我們來看看投影片 14 上的財務狀況。第三季的營運現金流為 3.67 億美元，年比下降，原因是關稅提高和營運資本增加。我們繼續預計全年現金轉換率將超過 90%。

Our balance sheet and financial position continued to be strong as evidenced by first, our liquidity position, which ended the quarter at $2.75 billion, and our net debt leverage ratio, which ended the third quarter at 2.0 times after the funding of the purchase of Inspection Technologies for approximately $1.8 billion.

我們的資產負債表和財務狀況持續保持強勁，首先是我們的流動性狀況，本季末為 27.5 億美元，其次是我們的淨負債槓桿率，在以約 18 億美元收購檢查技術公司後，第三季末為 2.0 倍。

We expect our leverage ratio to remain in our stated range of 2 times to 2.5 times upon closing of both the Dellner and Frauscher Sensor Technology acquisitions, which we believe will close within the next couple of quarters. We continue to allocate capital in a disciplined and balanced way to maximize return for our shareholders.

我們預計，在 Dellner 和 Frauscher Sensor Technology 收購完成後，我們的槓桿率將保持在我們所述的 2 倍至 2.5 倍範圍內，我們相信收購將在未來幾個季度內完成。我們將繼續以嚴謹、均衡的方式分配資本，以達到股東回報最大化。

With that, I'd like to turn the call back over to Rafael to talk about our 2025 financial guidance.

說完這些，我想把電話轉回給拉斐爾，談談我們 2025 年的財務指導。

Thanks, John. Now let's turn to slide 15 to discuss our 2025 outlook guidance. As you heard today, our team delivered a very strong quarter, while continuing to navigate through a challenging environment. Our global pipeline remains strong, and our 12-month and multiyear backlogs provide visibility for profitable growth ahead. We remain encouraged by the pipeline of opportunities that remains ahead of us.

謝謝，約翰。現在讓我們翻到第 15 張投影片來討論我們的 2025 年展望指引。正如您今天所聽到的，我們的團隊在繼續應對充滿挑戰的環境的同時，也取得了非常強勁的季度業績。我們的全球通路依然強勁，我們 12 個月和多年的積壓訂單為未來的獲利成長提供了可預見性。我們仍然對未來仍存在的大量機會感到鼓舞。

Our team's commitment to product innovation, disciplined cost management and partnership with our customers has been instrumental in driving our ongoing success. As we move to the fourth quarter, in light of our strong third quarter results and our ongoing underlying momentum, we are raising our full year adjusted EPS guidance.

我們團隊致力於產品創新、嚴格的成本管理以及與客戶的合作，這對推動我們持續成功至關重要。隨著我們進入第四季度，鑑於我們強勁的第三季度業績和持續的潛在發展勢頭，我們提高了全年調整後每股收益預期。

We now expect adjusted EPS to be between $8.85 to $9.05, up 18% at the midpoint. Looking ahead, I'm confident that Wabtec is well positioned to drive profitable growth to close out 2025 and beyond.

我們現在預計調整後的每股盈餘將在 8.85 美元至 9.05 美元之間，中間值將上漲 18%。展望未來，我相信 Wabtec 已做好準備，在 2025 年及以後實現盈利成長。

Now let's wrap up on slide 16. As you heard today, our team continues to deliver on our value creation framework, thanks in large part to our resilient installed base, world-class team innovative technologies and our continued focus on our customers.

現在讓我們結束第 16 張投影片。正如您今天所聽到的，我們的團隊繼續履行我們的價值創造框架，這在很大程度上要歸功於我們具有彈性的安裝基礎、世界一流的團隊創新技術以及我們對客戶的持續關注。

As we move into the final quarter of the year, we remain focused on our commitment to creating value for our stakeholders and maintaining the momentum we have generated. Our team's dedication positions us to continue driving Wabtec's success even in a dynamic and uncertain economic environment.

隨著我們進入今年的最後一個季度，我們仍然致力於為利益相關者創造價值並保持我們已經產生的勢頭。即使在充滿活力和不確定的經濟環境中，我們團隊的奉獻精神也使我們能夠繼續推動 Wabtec 的成功。

With that, I want to thank you for your time this morning, and I'll now turn the call over to Kyra to begin the Q&A portion of our discussion. Kyra?

最後，我要感謝您今天早上抽出時間，現在我將把電話交給 Kyra，開始我們討論的問答部分。凱拉？

Thank you, Rafael. We will now move on to questions. (Event Instructions)

謝謝你，拉斐爾。我們現在開始提問。（活動須知）

Operator, we are now ready for our first question.

接線員，我們現在可以回答第一個問題了。

(Operator Instructions)

（操作員指示）

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾·卡斯蒂略。

Hi, good morning, and congrats on another strong quarter here. Just wanted to touch on one of the primary concerns that we sometimes hear from investors. I think -- so this year, your organic growth has been in the low single digits versus your algorithm of kind of mid-single digits here.

大家好，早安，恭喜本季業績再創佳績。我只是想談談我們有時會從投資者那裡聽到的一個主要擔憂。我認為—所以今年，您的自然成長率一直處於低個位數，而您的演算法成長率處於中等個位數。

So Rafael, can you just talk about maybe why you don't share this concern by unpacking kind of two key things that I think are important here. So just first, maybe can you give us more color on the strong pipeline of opportunities that you talked about? And just kind of what that tells you about the magnitude or the pace of kind of ultimately orders that you anticipate, particularly in North America freight?

那麼拉斐爾，你能否透過闡述我認為這裡重要的兩個關鍵問題來談談為什麼你不認同這種擔憂。首先，您能否向我們詳細介紹您剛才談到的眾多機會？這是否能說明您預期的最終訂單規模或速度，特別是北美貨運？

And then two, your backlog itself already seems to imply a reacceleration inorganic growth, I think, next year toward kind of high single-digits range. So is that correct? And any preliminary thoughts you can share on just kind of organic growth expectations for 2026 and just kind of the shape across your businesses?

其次，我認為，您的積壓訂單本身似乎已經暗示著無機成長將重新加速，明年將達到較高的個位數範圍。那麼這是正確的嗎？您能否分享一下對 2026 年有機成長預期以及您企業整體狀況的初步想法？

I only hear -- or else you speak here, I mean, you've got to look into the pipeline dynamics, and it continues to be strong. I think one of the elements is the 12-month backlog. The growth in the 12-month backlog has outpaced the growth we saw last year. And with that, we have a stronger coverage right now this year than we had a year ago.

我只聽到——或者你在這裡說話，我的意思是，你必須研究管道動態，而且它仍然很強大。我認為其中一個因素是 12 個月的積壓。12 個月積壓訂單的成長速度已經超過了去年的成長速度。因此，我們今年的報道比一年前更加廣泛。

So that's a positive right there and stronger coverage as we look into 2026. I think the other element is the total backlog, which even though it reached an all-time high in the third quarter, our pipeline of opportunities remain strong, and we actually expect further growth moving to the fourth quarter.

因此，當我們展望 2026 年時，這是一個積極因素，而且覆蓋範圍更廣。我認為另一個因素是總積壓訂單，儘管它在第三季度達到了歷史最高水平，但我們的機會管道仍然強勁，我們實際上預計第四季度將進一步增長。

And the reason for that is really tied to -- I'll start first. I mean, we're bullish across some key international markets. [Casten] continues to see strong demand, and that's driven not just by volume growth. I mean, you've got new rail lines, you've got fleet renewal.

而其原因其實與──我先開始有關。我的意思是，我們對一些主要的國際市場持樂觀態度。 Casten 的需求持續強勁，這不僅是由銷售成長所推動的。我的意思是，你有新的鐵路線，你有車隊更新。

And we're seeing similar momentum what if you look across CIS countries in East Asia. You take, for instance, Brazil, we're saying the same things on fleet renewal in iron ore we are seeing volume growth in agriculture, which remains strong.

如果你看看東亞獨聯體國家，我們也看到了類似的勢頭。以巴西為例，我們在鐵礦石船隊更新方面也表達了同樣的看法，我們看到農業產量成長仍然強勁。

In Africa, we continue to see opportunities to expand the revenues in the continent. In mining, demand for ultra class is another bright spot, and it's right where we play. On transit, you see we continue to grow profitably, and we're continuing to enhance the competitiveness of the business.

在非洲，我們繼續看到擴大非洲大陸收入的機會。在採礦業，對超級產品的需求是另一個亮點，而這正是我們發揮作用的地方。在運輸方面，您會看到我們的獲利持續成長，並且我們正在繼續增強業務競爭力。

So all in all, I think there's the elements of the pipeline, which continues to be strong. our total active fleet is running harder, and we're continuing to expand our fleet around the world. We now expect combined volumes for both new locomotives and mods to keep growing as we head into 2026 and backlog numbers supported. I think you continue to see international outpace North America. And I think with that, they're both positive.

總而言之，我認為管道的各個要素都持續保持強勁。我們的整個現役機隊運作更加賣力，而且我們正在繼續擴大全球機隊規模。我們目前預計，隨著我們進入 2026 年並支援積壓數量，新機車和改裝機車的總量將繼續增長。我認為你會看到國際發展速度持續超過北美。我認為，他們都是正面的。

That's very helpful. Thank you. And maybe just a quick follow-up on the services side. Can you just dump back what core services versus maybe the mods are in kind of second half '25? And as you look at -- I think you just mentioned for 2026, you expect margins and equipment to grow or locomotives to grow next year. Do you expect mods to grow within that as well next year?

這非常有幫助。謝謝。也許只是對服務方面進行快速跟進。您能否簡單回顧一下 2025 年下半年的核心服務與可能的模組？正如您所看到的——我想您剛才提到了 2026 年，您預計利潤和設備將會成長，或者機車明年將會成長。您預計明年模組的數量也會成長嗎？

So the variation you see there on the results in the quarter for searches exactly tied to mods. And we expect that to continue to vary, and it's going to be really a function here of where CapEx is allocated, it's more towards new or some elements of modernizations. You asked about the core services.

因此，您在本季看到的搜尋結果的變化與 mods 完全相關。我們預計這種情況會繼續變化，這實際上將取決於資本支出的分配，更多是用於新的或某些現代化元素。您詢問的是核心服務。

We continue to see that growth in the 5% to 7% range as we look forward. And I think we continue to have the fundamentals that drive that, which is ultimately connected to the age of the fleet, the innovation that allow customers to have a return on those investments and we're continuing to win share of wallet with customers.

展望未來，我們將繼續看到 5% 至 7% 的成長率。我認為我們繼續擁有推動這一進程的基本面，這最終與機隊的年齡、讓客戶獲得投資回報的創新有關，並且我們將繼續贏得客戶的青睞。

Even when fleets are down, we see us less down the overall market. So I think the dynamics in the -- fleet time dynamics don't change. International continues to expand in the North America market, the fleets continue to run hard.

即使船隊數量減少，我們也看不到整體市場的下滑。所以我認為艦隊時間動態不會改變。國際不斷拓展北美市場，船隊持續搏鬥。

Very helpful. Thank you.

非常有幫助。謝謝。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, Greg, good morning and great job on the quarter and the 8.5% growth in sales and backlog. So I guess, similar questions. I just want to focus on that backlog and thoughts what we have in this upcoming I guess, 12-month process. So how should we think about the two upcoming acquisitions and then organic growth after that is maybe talk about your near-term backlog a little bit or kind of your view on organic growth there?

嘿，格雷格，早安，本季你表現出色，銷售額和積壓訂單成長了 8.5%。所以我猜，問題是類似的。我只想集中討論一下積壓的工作，以及我們在接下來的 12 個月內會遇到什麼。那麼，我們應該如何看待即將進行的兩次收購以及之後的有機成長？或許可以談談您近期的積壓訂單，或是您對有機成長的看法？

I'll start, and I'll let John comment on the specifics here. But as I said, as we stand here today, we've got stronger coverage for '26 than we did a year ago coming to '25. So that's a positive. I think we're seeing stronger momentum. You asked about acquisitions in that regard, evidences really more of a flow business. So minimum really impact in terms of the total backlog. But with that, let me pass it on to John.

我先開始，然後讓約翰對這裡的具體細節進行評論。但正如我所說，今天我們站在這裡，對 26 年的報導比一年前對 25 年的報導更加有力。這是積極的。我認為我們看到了更強勁的勢頭。您詢問了這方面的收購情況，這實際上證明它更像是一種流動業務。因此，就總積壓而言，影響確實很小。但說完這些，讓我把它傳給約翰。

Ken, with regards to the acquisitions, when we look at evident, obviously, we built in. The first quarter has -- the first quarter of our ownership, the third quarter has progressed on track. Volumes are right where we expected them to be.

肯，關於收購，當我們看明顯的時候，顯然我們已經內建了。第一季－我們擁有所有權的第一季度，第三季度進展順利。交易量正好符合我們的預期。

And we're seeing in the first quarter of ownership both accretive margin to the overall company as well as slightly accretive EPS. So things are checking there really well through one quarter of ownership. We've got two more to go, as you know, Ken, with regards to Frauscher, we'd expect by the end of the year.

我們看到，在第一季度，公司整體的利潤率增加，每股盈餘也有所成長。因此，透過四分之一的所有權，事情進展得非常順利。我們還有兩個要去，正如你所知，肯，關於 Frauscher，我們預計在今年年底之前。

And Dellner, sometime prior to the -- or within the first half of 2026. Neither of those are in our guidance today. And we will include those when we close on them, and that will provide, obviously, inorganic growth as we move into 2026. And we also expect those two to be accretive from a margin standpoint as well as slightly accretive from EPS. But everything is tracking well on the three acquisitions.

而 Dellner 則預計在 2026 年上半年之前或之後。這兩者都不在我們今天的指導範圍內。當我們完成這些目標時，我們會將其納入其中，這顯然會在我們進入 2026 年時帶來無機成長。我們也預計，從利潤率的角度來看，這兩個指標都會有所成長，而且從每股盈餘的角度來看，這兩個指標也會略有成長。但這三次收購一切進展順利。

And then for my follow-up, you talked about the shift to build versus mods, you telegraphed that well. Obviously, we're not seeing maybe as much of the margin impact, John. You kind of mentioned that in your prepared remarks. Was that more a cost offset in the cost programs? Was it something else in terms of better margin on pricing that you can walk us through?

然後，在我的後續問題中，您談到了從構建到修改的轉變，您很好地表達了這一點。顯然，我們可能沒有看到利潤率受到太大的影響，約翰。您在準備好的發言中提到了這一點。這是否是成本計劃中的更多成本抵銷？在定價利潤率方面還有其他更好的方法嗎？可以向我們介紹一下嗎？

I think you noted more muted margin expectation for fourth quarter. I don't know if that was just for freight or overall. So I don't know if you want to dig into the margin though.

我認為您注意到了第四季度利潤率預期更加低迷。我不知道這是否僅適用於貨運還是總體而言。所以我不知道您是否想深入研究邊緣。

A couple of things, Ken. Number one is, as we certainly felt the impact of unfavorable mix in the third quarter. We had a lot of other things going well, which we had anticipated overall from our expectations, we came in slightly favorable in terms of margin in the third quarter, but largely on track.

有幾件事，肯。首先，我們確實感受到了第三季不利因素的影響。我們還有很多其他事情進展順利，這些都與我們的預期相符，第三季的利潤率略有提高，但總體而言仍在正常軌道上。

And again, that was running by -- driven by running the business very well. Operational excellence was very strong in the quarter. We had some favorable timing with regard to price escalation and then the integration programs are dropping a fair amount of favorability. So that was offset by that unfavorable mix.

再說一次，這是由業務運作良好所推動的。本季的卓越營運表現非常強勁。我們在價格上漲方面有一些有利的時機，然後整合計畫的支持度正在下降相當多。因此，這被不利的組合所抵消。

As we look to the fourth quarter, very similar as we talked about last quarter, Ken, is we expect margins to expand -- the margin growth to expand in the fourth quarter from what we've seen in the third quarter. Now on an absolute basis, as you know, margins will be down on absolute basis on our fourth quarter is seasonally lower, largely because of fewer production days and the absorption that goes along with that.

展望第四季度，正如我們上個季度討論的那樣，肯，我們預計利潤率將會擴大——第四季度的利潤率增長將比第三季度有所擴大。現在從絕對值來看，如您所知，我們第四季的利潤率絕對值將會下降，這是季節性的，主要是因為生產天數減少以及隨之而來的吸收量減少。

So again, we're tracking to where we expected for the fourth quarter. We've raised guidance a little bit this period, and that was part of the fact that we're coming in a little bit favorable on margins in the third quarter. We'd expect that to carry forward.

因此，我們再次追蹤了我們對第四季的預期。我們在此期間略微提高了預期，這是因為我們第三季的利潤率略有提高。我們希望這種情況能夠持續下去。

Great. Thanks, John. Thanks, Rafael.

偉大的。謝謝，約翰。謝謝，拉斐爾。

Thank you.

謝謝。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎哈納。

Thanks for taking my questions. Rafael and John, the release and the deck, talk a bit about tariff pressure on cash flow as it seems to be flowing into inventory. Can you talk about where we are on your net offset? And just as that flows into the P&L over the coming quarters. How should we think about the impact on both the top line gross profit and ultimately, the bottom line of the business? Thank you.

感謝您回答我的問題。發布會和演講嘉賓拉斐爾 (Rafael) 和約翰 (John) 談論了關稅對現金流的壓力，因為現金流似乎正在流入庫存。您能談談您的淨抵銷情況嗎？正如這將在未來幾季流入損益表一樣。我們該如何看待這對營業毛利以及最終業務利潤的影響？謝謝。

Sure, Bascome. So let's kind of talk about the cadence of the tariffs coming in. When our product comes across the border, the tariff is owed right. So that hits cash first, and we're certainly seeing pressure on overall cash as that increased expense comes through. Now what that does is that gets inventoried and flows through our regular inventory and have been a long cycle product as we are or a fair amount of our products are.

當然，巴斯科姆。那麼讓我們來談談關稅的節奏。當我們的產品跨境時，關稅是必須繳納的。因此，這首先會影響現金，隨著支出的增加，我們肯定會看到整體現金面臨壓力。現在它的作用是進行盤點並流經我們的常規庫存，就像我們或我們的相當一部分產品一樣，是一種長週期產品。

It typically is going to take two to four quarters for that to come through the P&L. So in the third quarter, we are seeing the financial impact of tariffs and certainly have seen the cash impact. Now that's the kind of the gross impact, right?

這通常需要兩到四個季度才能透過損益表體現出來。因此，在第三季度，我們看到了關稅的財務影響，當然也看到了現金影響。這就是嚴重影響，對吧？

And then the net impact is couched with what we're doing to offset those tariffs or to mitigate them. And we've talked Bascome in the past and worth repeating, I think, today is there's a four pronged approach that we're and spending a lot of time on and working very hard at all facets.

然後，淨影響就體現在我們為抵銷或減輕這些關稅所採取的措施。我們過去曾討論過巴斯科姆問題，今天值得重複的是，我認為，我們採取了四管齊下的方法，並在各個方面投入了大量的時間和精力。

The first one is to get all the exemptions that we're entitled to. And I think the best example of that Bascome is the USMCA. And this is for Canada and Mexico tariffs and qualifying our products. I think our team has done an extraordinary job of getting off and getting that done, and we got a very high percentage that qualify there.

第一個是獲得我們有權享有的所有豁免。我認為 Bascome 最好的例子就是 USMCA。這是針對加拿大和墨西哥的關稅以及我們產品的資格。我認為我們的團隊在完成這項任務方面做得非常出色，而且我們的合格率非常高。

The second area is on the supply chain, right? We can move products around, not always easy, not always cheap. But we're looking at those opportunities in given the shifting landscape of tariffs should we be sourcing in other jurisdictions. And that's going and that will continue to go on as we move through the next several quarters.

第二個領域是供應鏈，對嗎？我們可以運送產品，但這並不總是那麼容易，也不總是那麼便宜。但考慮到關稅情勢的變化，我們正在尋找在其他司法管轄區採購的機會。這種情況將會持續下去，並且在接下來的幾個季度裡，這種情況還會持續下去。

The third area is sharing costs with our customers. And so we've been doing a fair amount of that as well. And the fourth area, Bascome, I'd call it kind of a wraparound is we are taking the entire enterprise and making sure that we make our commitments and we're being incredibly prudent on the spending that we do and very cost focused on everything across the company to, again, assure that we can do our best to cover the tariffs that are coming at us.

第三個領域是與我們的客戶分擔成本。因此我們也做了相當多這樣的工作。第四個領域，巴斯科姆，我稱之為一種全方位的舉措，即我們正把整個企業納入考量，確保我們履行承諾，我們對支出非常謹慎，並且非常注重整個公司所有方面的成本，再次確保我們能夠盡最大努力支付即將來臨的關稅。

Thank you for that comprehensive answer, John. And just to clarify something from earlier. Rafael, you said new locos and mods, you expect units to be up again next year. Was that a North America comment or a global comment? And as you roll out the new mod product, I think later next year in North America, do you think that mix kind of shifts more balanced back into mods as that grows? Thank you.

謝謝你的全面回答，約翰。只是為了澄清一下之前的事。拉斐爾，您說的是新機車和改裝車，您預計明年這些車組還會再次增加。這是北美的評論還是全球的評論？隨著你們推出新的 mod 產品，我想明年晚些時候將在北美推出，隨著 mod 的增長，您是否認為這種組合會更加平衡地轉向 mod 呢？謝謝。

It was a comment with regards to total. So if you look at the combination of mods and new units. And with that, I mean, the stronger variation we see between those dynamics between new and mods is in North America in that regard. But the dynamics are positive as we look at the total and the backlog pertinent supports it from both a 12-month backlog and special as some of those products have longer lead times.

這是關於總數的評論。因此，如果你看一下模組和新單位的組合。就此而言，我的意思是，我們看到新手和改裝者之間的動態差異更大，這方面是在北美。但從總量和積壓情況來看，動態是正面的，積壓情況從 12 個月的積壓和特殊情況支持這一點，因為其中一些產品的交貨時間較長。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Hi, thanks. Good morning. So there's a lot that went well in the quarter. To me, I guess the gross margin was maybe the most impressive. And I know you touched on it. John just mentioned some of the contract issues in your prepared remarks. But seemed like you had some headwinds on mix and material.

你好，謝謝。早安.本季有很多事情進展順利。對我來說，我想毛利率可能是最令人印象深刻的。我知道你有提到這一點。約翰剛才在你準備好的發言中提到了一些合約問題。但似乎你在混合和材料方面遇到了一些阻力。

I wonder if you could just expand on what went right in gross margin. And then is that escalation contract escalation a steady thing that continues over the years? Was there a lumpiness to it? Maybe just comment on that. Thank you.

我想知道您是否可以詳細說明毛利率方面有哪些方面做得很好。那麼，合約升級是否會持續多年，成為穩定的事情？有塊狀的東西嗎？也許只是對此發表評論。謝謝。

Yeah. In terms of the escalation, it is exactly what it means is it's recovering our costs. So there's no net benefit. But the timing of it does have an impact, Rob, right? These are typically annual escalators. And so there's differences sometimes when the costs hit and when we recover that money, there's typically a lag. But we saw a little bit of positive there.

是的。就升級而言，它的意思就是收回我們的成本。因此沒有淨收益。但時機確實有影響，羅布，對吧？這些通常是年度自動扶梯。因此，當成本增加時和我們收回資金時有時會出現差異，通常會有一個滯後。但我們在那裡看到了一些積極的東西。

The other thing that you're seeing in gross margin is a favorable mix as we bring on Inspection Technologies in. Inspection Technologies comes at a significantly higher gross margin than the rest. So we're seeing a little bit of a mix favorability with Inspection Technologies.

隨著我們引入檢測技術，您在毛利率方面看到的另一件事是有利的組合。檢測技術的毛利率明顯高於其他公司。因此，我們看到人們對檢測技術有一點混合的偏好。

But again, the biggest piece of all of this, Rob, is just -- the company is running well. Everyone is in the company is focused on cost and the momentum that we've got is we continue to see, and it's coming out of the first and second quarter, seeing it in the third quarter, and we'd expect that to continue into the fourth quarter into 2026.

但是，羅布，這一切中最重要的一點就是──公司運作良好。公司裡的每個人都關注成本，我們繼續看到這種勢頭，這種勢頭已經從第一季和第二季開始顯現，在第三季也能看到，我們預計這種勢頭將持續到 2026 年第四季。

Okay. Thank you.

好的。謝謝。

Thanks.

謝謝。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks. Good morning. So John, I thought that last answer on tariff was really helpful. I just -- I had a follow-up. When you think about the gross impact of tariffs in the timing issues, what quarter would you say is like the peak gross impact of tariff? And then given all the mitigation efforts, is the quarter of like the biggest like net impact any different? Meaning is the net impact sooner or later, if you understand what I'm trying to figure out.

嘿，謝謝。早安.所以約翰，我認為關於關稅的最後一個答案真的很有幫助。我只是——我有一個後續行動。當您考慮時間問題中關稅的整體影響時，您認為哪個季度的關稅整體影響達到高峰？那麼，考慮到所有的緩解措施，淨影響最大的季度有什麼不同嗎？這意味著遲早都會產生淨影響，如果你明白我的意思的話。

Yeah, I do, Scott. I don't think we're that precise to start with. But I think the highest gross and the highest net would be the very similar. And certainly, the gross part of the tariffs is a driver of the movement, right? And it's hard to tell exactly what quarter that's going to be because it's how everything is flowing through inventories. But we're focused on doing everything we can to mitigate them. And the entire company is working hard at doing that.

是的，我知道，斯科特。我認為我們一開始就不是那麼精確。但我認為最高總收入和最高淨收入應該要非常相似。當然，關稅總額是推動這項運動的因素，對嗎？並且很難確切地說出哪個季度會出現這種情況，因為一切都是透過庫存流動的。但我們致力於盡一切努力來減輕這些影響。整個公司都在努力實現這一目標。

Maybe just to ask, like a little differently. Like do you think we've seen the biggest impact yet? Or I know like last quarter, you said like you think the net impact of tariff after mitigation is sort of immaterial. Do you still feel that way?

也許只是想問，有點不一樣。您認為我們已經看到了最大的影響嗎？或者我知道就像上個季度一樣，您說過您認為減稅後的關稅淨影響並不重要。你現在還有這種感覺嗎？

No, I don't think we've seen the largest gross or net impact on tariffs. I think that's still in front of us over the next couple of quarters.

不，我認為我們還沒有看到關稅的最大總影響或淨影響。我認為在接下來的幾個季度我們仍將面臨這個問題。

And that's why we're continuing to work a lot of our cost-out plans, a lot of the elements in terms of supplier mitigation, as John described. And make no mistake, pricing is a key element of that, too.

這就是為什麼我們繼續制定大量成本削減計劃，以及許多與供應商緩解相關的要素，正如約翰所描述的那樣。毫無疑問，定價也是其中一個關鍵因素。

Makes sense. If I could just ask one last one. You've done such a good job getting these transit margins better. Like where do you think those can go over the next couple of years? I know you've got long-term margin guidance for the consolidated business. Should we think about similar sort of upside in terms of a couple of hundred basis points more to go in transit. Is that the right way to think about it?

有道理。我可以問最後一個問題嗎？你們在提高這些過境利潤率方面做得非常出色。您認為未來幾年這些會走向何方？我知道您對合併業務有長期利潤指導。我們是否應該考慮類似的上漲空間，即在運輸過程中增加數百個基點。這是正確的思考方式嗎？

We see it as continuous improvement. You go back four, five years ago, we had given really a direction of having to meet teens. We're now heading to high teens, and I think it's really not just a function of running the business better, which we'll continue to do it. The other piece is also how you continue to rethink the portfolio.

我們將其視為持續改進。回顧四五年前，我們確實給了必須滿足青少年的方向。我們現在已經進入了十幾歲的階段，我認為這不僅僅是為了更好地經營業務，我們將繼續這樣做。另一部分也是你如何繼續重新思考投資組合。

And as John has highlighted, we've exited also some businesses. We turn in the process of acquiring better businesses into that portfolio. So we look at it as continuous improvement, we look at it as an evolution of the portfolio.

正如約翰所強調的，我們也退出了一些業務。我們將收購更好企業的過程納入該投資組合。因此，我們將其視為持續改進，將其視為投資組合的演變。

All right. Good stuff. Thank you, guys. Appreciate it.

好的。好東西。謝謝你們。非常感謝。

Thank you.

謝謝。

Saree Boroditsky, Jefferies.

薩裡·博羅迪茨基，傑弗里斯。

Good morning. This is James on for Saree. So you gave a great color on international pipeline, but you also kind of talked about a strong pipeline in North America. So can you kind of talk about what you're seeing in terms of like customer activity or the trends or any key drivers in the North America pipeline?

早安.這是詹姆斯為紗麗拍攝的。您對國際管道進行了很好的描述，但您也談到了北美強大的管道。那麼，您能否談談您所看到的客戶活動、趨勢或北美通路中的任何關鍵驅動因素？

Yeah. So I think -- well, I'm not going to make any comments with regards to specific customers. But what I'll tell you is the view that the fundamentals of the fleet, they remain the same. I mean customers are running aged fleets. If you look at the fleet running in North America right now, over 25% of that fleet is over 20 years old.

是的。所以我認為——好吧，我不會對特定客戶發表任何評論。但我要告訴你們的是，艦隊的基本面保持不變。我的意思是客戶正在運行老舊的車隊。如果你看看目前在北美運行的船隊，你會發現其中超過 25% 的船隊船齡超過 20 年。

And that's excluding the 2,000 modernizations we've done since 2015. So that's a significant element. The other one is if you think about the fleet ups running, also a similar amount of over 25% are still DC locomotives.

這還不包括我們自 2015 年以來完成的 2,000 次現代化改造。這是一個重要因素。另一個是，如果你考慮正在運行的機車車隊，同樣超過 25% 的機車仍然是直流機車。

And you know you can replace here for every three locomotives, you could have two AC running. So the assess of modernizing units to AC, upgrading control systems, that actually allows the Class 1s to cut fleet sizes. It not just addresses things like obsolescence, it improves asset productivity, it improves reliability. And if you think about services, it lowers maintenance costs.

你知道，每更換三輛機車，就可以有兩輛交流電運行。因此，對機組進行現代化改造，升級控制系統，實際上可以讓一級潛艦削減艦隊規模。它不僅解決了諸如過時之類的問題，還提高了資產生產力，提高了可靠性。如果你考慮服務，它會降低維修成本。

So the way we look at it, I mean, I don't see fleet renewal it's not discretionary. I think it's actually a key lever for how they improve their operating ratio, how they improve quality in terms of the service and the overall competitiveness. So I think we see this very much aligned and those dynamics have not changed.

因此，從我們的角度來看，我認為船隊更新不是可自由支配的。我認為這實際上是他們提高營運率、提高服務品質和整體競爭力的關鍵槓桿。所以我認為我們看到了非常一致的結果，而這些動態並沒有改變。

Great. That's a great color. And I guess kind of -- on the international side, it's great to see like $4.2 billion like Kazakhstan contract win. Like, can you kind of talk about what exactly is included in that contract? And when do you expect it to kind of begin to convert into revenue?

偉大的。顏色真棒。我想，從國際角度來看，很高興看到哈薩克贏得價值 42 億美元的合約。例如，您能談談合約具體包括哪些內容嗎？您預計它什麼時候會開始轉化為收入？

So I'll let John go into the specifics of each contract. But the way we look at it, very much -- this is providing us coverage for a region that continues to grow. And it's not just an element of volume that's grown. There's new projects and new lines that will accelerate that growth order.

因此，我將讓約翰詳細介紹每份合約的具體內容。但從我們的角度來看，這為我們提供了一個持續成長的地區的覆蓋範圍。而且成長的不僅是數量。新項目和新生產線將加速這一成長秩序。

There are elements of just fleet renewal, fleet continues to age in that context. So I think those are all positive. And then most importantly, we also have the service agreements where we ultimately support those fleets from an availability and reliability perspective.

存在著船隊更新的因素，在這種背景下船隊繼續老化。所以我認為這些都是正面的。最重要的是，我們還簽訂了服務協議，從可用性和可靠性的角度為這些車隊提供最終支援。

Yeah. And Jason, the Contra the deal with Kazakhstan is made up of several contracts. One is for locomotives for 300 locomotives over a 10 year period of time. The other contracts are for the service, as Rafael had just mentioned.

是的。而傑森，康特拉與哈薩克的交易是由幾份合約組成的。一項是針對機車的計劃，為期 10 年，涉及 300 輛機車。正如拉斐爾剛才所提到的，其他合約都是針對服務的。

So what we've done is re-up the service for all the existing extended it for all the existing locomotives that we're currently servicing there. We've also added a new service contract for all those 300 that will be coming in. And those will average over a 15 year period of time.

因此，我們所做的就是為所有現有的、目前在那裡提供服務的機車重新提供服務。我們還為即將到貨的 300 輛汽車增加了新的服務合約。這些將在 15 年的時間內保持平均水平。

Great. Thanks for taking questions.

偉大的。謝謝你們的提問。

Thank you.

謝謝。

Brady Lierz, Stephens.

布雷迪·利爾茲，史蒂芬斯。

Thanks. Morning, everyone. Rafael, recently, we've seen a change in FRA leadership. And I wondered if you could give us an update on the regulatory environment. Are you seeing any increased momentum or desire from your customers to implement kind of some of these advanced technologies, Wabtec has worked to develop? I think of zero to zero as a great example. Is that something we could see implemented here in '25 or '26? Or is there more kind of wood to chop on the regulatory front?

謝謝。大家早安。拉斐爾，最近，我們看到了 FRA 領導層的變動。我想知道您是否可以向我們介紹一下監管環境的最新情況。您是否看到客戶對實施 Wabtec 致力於開發的一些先進技術的動力或願望有所增強？我認為從零到零就是一個很好的例子。我們能在 25 年或 26 年看到這項措施得以實施嗎？或者在監管方面還有更多困難需要解決？

I think yes, we are. It's good to see that momentum, and you point it absolutely right. I think zero to zero is the first one, but we've got other digital tools that we've been working with customers, and it's great to see the new leadership with the new incoming administrator, and I think the support is there to focus on really advancing what I'll call both rail safety and supporting innovation there. So dynamics are positive, and that certainly will contribute to the digital business here as we gained momentum in North America.

我認為是的，我們是。很高興看到這種勢頭，你的指出完全正確。我認為從零到零是第一個，但我們還有其他數位工具可以與客戶合作，很高興看到新領導層和新上任的管理員，我認為支持重點是真正推進我所說的鐵路安全和支持創新。因此，動態是積極的，而且隨著我們在北美獲得發展勢頭，這肯定會對這裡的數位業務做出貢獻。

Thanks. Maybe just as a quick follow-up. You've had a full quarter with Inspection Technologies now. Can you just talk about how integration has gone so far and maybe any customer feedback? Are you seeing kind of signs of cross-selling momentum? Or is it a little too early for that?

謝謝。也許只是作為一個快速的後續行動。您現在已經與檢查技術公司合作了整整一個季​​度。您能否談談目前的整合進度如何以及客戶回饋？您是否看到交叉銷售動能的跡象？或者說現在做這個還太早？

I think it's been a positive. I mean it's early days, still, but it's a positive. I think we've described how well, we knew some of the leadership team and the leadership team knew some of us. So I think it's been a good process and fluid in a lot of ways. There's a lot what the teams are working on right now.

我認為這是積極的。我的意思是現在還為時過早，但這是一個積極的信號。我想我們已經描述得很清楚了，我們了解一些領導團隊，領導團隊也了解我們中的一些人。所以我認為這是一個很好的過程，而且在很多方面都很流暢。目前團隊正在做很多工作。

But it's good to see the first quarter the first results, which are really, I'll call, very much aligned a bit ahead, but aligned to what we thought. And I think it's a testament to the quality of really the acquisitions we've looked into it and the quality of the leadership teams that are involved in this.

但很高興看到第一季的第一批結果，我稱之為，這些結果確實非常一致，但與我們想像的一致。我認為這證明了我們所研究的收購的品質以及參與其中的領導團隊的品質。

Great. Thanks so much. Leave it there.

偉大的。非常感謝。把它留在那裡。

Thank you.

謝謝。

Ben Moore, Citigroup.

花旗集團的本摩爾。

Hi, yes, good morning. Thanks for taking our questions and congrats on a great quarter. Going back to the gross margin discussion, very strong beat there above consensus and year over year. Appreciate your color on the contract escalation and adding Inspection Technologies and mix was a along with the unfavorable materials on the higher tariffs.

嗨，是的，早安。感謝您回答我們的問題，並祝賀本季度取得了出色的成績。回到毛利率的討論，毛利率非常強勁，超出了市場預期，並且比去年比去年有所提高。感謝您對合約升級的關注，並增加了檢測技術和混合，以及對更高關稅的不利材料。

But can we maybe hone in on how pricing is trending as part of that gross margin growth you're working together with your customers on kind of sharing the tariffs would love to hear any color you could share on how pricing is trending?

但是，我們是否可以深入研究定價趨勢，作為毛利率成長的一部分，您正在與客戶合作分享關稅，很想聽聽您能否分享一下定價趨勢？

Yeah. Ben, we are working all of those four levers. Certainly, pricing is one of them. And with that, in the third quarter, we are seeing a marginal amount of pricing that's included in the revenue side. And again, it's still work to be done ahead of us. But I would not say that's a core driver of what we're seeing in the third quarter, but pricing is certainly included in the results.

是的。本，我們正在運用這四個槓桿。當然，定價就是其中之一。因此，在第三季度，我們看到收入包含了少量的定價。再次強調，我們還有很多工作要做。但我不會說這是我們在第三季看到的核心驅動因素，但定價肯定包含在結果中。

Really appreciate that. Maybe as a next one, you raised your EPS guide with a hold on your revenue guide implying more opportunity on the cost side. The guide slide in your presentation mentioned adjusted operating margin up, but the implied 4Q EPS would be at [$2.08 below consensus at $2.12]. Is that due to below the line items?

真的很感激。也許接下來，您會提高每股盈餘指南，同時維持收入指南不變，這意味著成本方面有更多機會。簡報中的指導幻燈片提到調整後的營業利潤率上升，但隱含的第四季每股收益將為[低於普遍預期的 2.08 美元，至 2.12 美元]。這是由於低於專案所致嗎？

Number one, Ben, and typically don't comment on consensus. What we've talked about is we -- what we've said and versus what we've said, we feel better about the fourth quarter and have raised our consensus by $0.10. And with that, we would expect -- when you look at kind of the implied fourth quarter, we expect a very strong fourth quarter.

第一，本，通常不要對共識發表評論。我們討論的是——我們之前說過的，以及與我們之前所說的相比，我們對第四季度的預期有所改善，並將我們的預期上調了0.10美元。因此，我們預期－當你看到隱含的第四季業績時，我們預期第四季業績將非常強勁。

As a matter of fact, when you look at what's implied is a midpoint of 15% in terms of revenue growth, and we'll see very strong organic growth during that period of time. And on the bottom line, we're looking at about a lease about 24% on EPS growth.

事實上，當你看到隱含的收入成長中點為 15% 時，我們會看到這段時間內非常強勁的有機成長。從底線來看，我們預計每股收益成長率約為 24%。

I really appreciate that. Maybe if I could squeeze in just one last one. With the [UPNS proposed merger progressing, can you comment on your experience with CPKC] as they merged in 2023 and increase their locomotives and active service in their first year combined winning volume from truck?

我真的很感激。也許如果我能擠進最後一個。隨著 [UPNS 擬議合併的進展，您能否評論一下您與 CPKC 的合作經驗]？他們在 2023 年合併，並在第一年增加了機車和現役服務，從而增加了卡車的綜合贏利量？

And how might your experience with the potential [UPNS or BN CSX] be similar as they potentially increase their locomotives and active service as they grow volume from truck in their first year combined?

您與潛在的 [UPNS 或 BN CSX] 的經驗可能有何相似之處？他們在第一年就有可能增加機車數量和活躍服務，同時增加卡車的運量。

Well, a couple of comments. First, I'm not going to comment on any specific mergers here, but we continue to see this as a significant opportunity for, what I'll call, increased carloads and rail volumes over time, which would be a positive for us.

好吧，有幾點評論。首先，我不會在這裡評論任何特定的合併，但我們仍然認為這是一個重要的機會，我稱之為隨著時間的推移增加車輛裝載量和鐵路運輸量，這對我們來說是有利的。

So I'll start there first. I think what's most important is, as you look into any consolidation, I think the sense that temporarily, you could see fleet reductions and pacing of near-term investments.

所以我先從那裡開始。我認為最重要的是，當你研究任何合併時，我認為暫時你可能會看到船隊減少和近期投資的步伐。

I think that misses that bigger picture view, which is the one I gave you on the fleet dynamics, which is both associated with the age of the fleet, it's associated with the fact that you still have a lot of DC locomotives and customers can actually gain from those investments.

我認為這忽略了更廣闊的視野，也就是我給你的關於車隊動態的視野，這既與車隊的年齡有關，也與你仍然擁有大量 DC 機車並且客戶實際上可以從這些投資中獲益的事實有關。

And as I said before, I don't see fleet renewal as discretionary. It's actually a core lower. Ultimately, I mean, you're bringing those units that are 25 years of age or older and they're running hard I mean it becomes highly costly to maintain those units. And that's what really triggers the elements of modernizing and sometimes really having to shift more towards the acquisition of new.

正如我之前所說，我並不認為船隊更新是可以自由決定的。它實際上是一個核心下部。最終，我的意思是，你帶來的是那些機齡 25 年或更久的部隊，它們運作非常辛苦，維護這些部隊的成本會非常高。這才是真正觸發現代化要素的因素，有時確實需要更多地轉向獲取新事物。

Really, appreciate your time and insights.

真的，感謝您的時間和見解。

Thank you.

謝謝。

Thanks, Ben.

謝謝，本。

Tami Zakaria, JP Morgan.

摩根大通的塔米·扎卡里亞。

Hi, good morning. Thank you so much. I wanted to touch on the components segment. It's great to see it inflected to growth in the third quarter. Should we expect this growth to accelerate in the fourth quarter and maybe build momentum in 2026? Or asked another way, how should we think about components growth on a normalized basis, if you could comment?

嗨，早安。太感謝了。我想談談組件部分。很高興看到它在第三季實現成長。我們是否應該預期這種成長將在第四季度加速，並可能在 2026 年形成勢頭？或者換一種方式問，如果您可以發表評論的話，我們應該如何在正常化的基礎上考慮組件增長？

I think, a couple of things. I mean as you look into the year, I'd say our businesses are largely really tracking to plan in terms of growth I think the notable exception has been the railcar build, which is really roughly what, $100 million impact for us versus last year, which was kind of expected, but it gotten worse since the beginning of the year. So I think that's one of the elements to keep in mind. In the overall business, we continue to be pleased with the progress. I think the team has continued to take action here.

我認為有幾件事。我的意思是，當你回顧這一年時，我想說我們的業務在增長方面基本上確實在按照計劃進行，我認為值得注意的例外是軌道車的建設，與去年相比，這對我們來說大約是 1 億美元的影響，這是可以預料到的，但自今年年初以來情況變得更糟。所以我認為這是需要牢記的因素之一。在整體業務方面，我們繼續對進展感到滿意。我認為球隊已經在這裡繼續採取行動。

to adjust operations to new volume realities. We're doing very well internationally on that business, and the team is finding opportunities here to continue to grow in that. And I think the other element of the components businesses, the dynamics you see on industrial.

根據新的實際產量調整營運。我們在該業務的國際上做得非常好，並且團隊正在尋找機會來繼續發展該業務。我認為零件業務的另一個要素是工業領域的動態。

They are positive, and that's really a function of demand that comes from -- especially the heat exchanger business. And that's both for mining. If you look at the L&M acquisition, we did, but it's also from power generation with more demand for heat exchangers in that context, and that's, to a large extent, AI driven.

它們是積極的，這實際上是來自需求的函數——尤其是熱交換器業務。這兩者都適用於採礦。如果你看一下 L&M 的收購，我們確實這麼做了，但它也來自發電，在這種背景下對熱交換器的需求更大，而這在很大程度上是由人工智慧驅動的。

Understood. Thank you. If I may ask one more. The Kazakhstan deal, very impressive, definitely boosted the backlog, total backlog. I'm just curious, the 300 locomotives under that contract, is that also over the next 15 years? Or could the delivery of those could be more front-end loaded?

明白了。謝謝。我可以再問一個嗎？哈薩克的交易令人印象深刻，無疑增加了積壓訂單總量。我只是好奇，合約中的 300 台機車也是在未來 15 年內交付的嗎？或者這些交付是否可以更多地以前端方式進行？

I think the way we look at the contracts and the way it has played out even with the previous agreement, it provides us more coverage to support. So the previous agreement, we ended up exhausting it a lot sooner, and it's really a function of the continued growth you see in Kazakhstan, which is threefold.

我認為，我們看待合約的方式以及它如何按照先前的協議發揮作用，它為我們提供了更多的支持範圍。因此，我們很快就用盡了先前的協議，這實際上是哈薩克持續成長的結果，成長幅度是三倍。

One is the volume growth from the existing lines. You've got new lines and new projects that are being built. And you've got some locomotives, they're quite old. I mean some of the first locomotives, we work in Kazakhstan they're like only 2,000, those were modernizations and they've really exhausted their life. So it's really threefold what we've seen the dynamics, and it's a market we continue to expect acceleration into it.

一是現有生產線的產量成長。你們有正在建造的新生產線和新項目。而且你們有一些機車，它們相當老舊。我的意思是，我們在哈薩克工作的一些最早的機車只有 2,000 輛，這些都是現代化的，它們的使用壽命已經耗盡。因此，我們看到的動態實際上是三倍，我們繼續預期這個市場將會加速發展。

Tami, the 300 are for 10 years. So now again, as Rafael had mentioned, the last contract ended prior to its natural end because they exhausted those. But right now, this is kind of think of it as a base load over the next 10 years.

塔米，這 300 是 10 年。所以現在，正如拉斐爾提到的那樣，上一份合約在其自然終止之前就結束了，因為他們用盡了這些。但現在，這可以看作是未來 10 年的基本負荷。

Appreciate the time. Thank you.

珍惜時間。謝謝。

Thank you.

謝謝。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Hey thanks, good morning.

嘿，謝謝，早安。

Good morning.

早安.

Just a follow-up on Kazakhstan. Did that deal for the new locomotives include the full suite of digital products upfront and with subscriptions in the service part? And then can you just give us an update on digital penetration for international more broadly?

這只是對哈薩克的後續關注。新機車的交易是否包括全套數位產品預付款和服務部分的訂閱？那麼，您能否向我們詳細介紹一下國際數位滲透的最新情況？

Yeah. So it does not include the digital products. So that's actually an opportunity we have, but to capitalize on it. It goes from, I'll call some very much proven products such as TO and well, zero to zero and so forth. But I mean, we also continue to have opportunities with PTC, and those are some of the things that are being discussed.

是的。所以它不包括數位產品。所以這實際上是我們的一個機會，但要充分利用它。我會將一些經過充分驗證的產品（例如 TO）從零到零等等。但我的意思是，我們也繼續與 PTC 有合作機會，這些都是正在討論的事情。

I think what's most exciting here is the fact that growth remains there besides Kazakhstan. We're seeing that in the CIS countries. We've got a lot of support from what I call governments here to make sure that we land those fleets in other countries around the region. So that's a positive. And on the digital electronics, as per your question, I think we continue to see opportunity here to expand penetration on that.

我認為最令人興奮的是，除了哈薩克之外，那裡的經濟仍在成長。我們在獨聯體國家看到了這種情況。我們得到了當地政府的大力支持，以確保我們的艦隊能夠登陸該地區的其他國家。這是積極的。關於數位電子產品，正如您的問題，我認為我們繼續看到擴大滲透率的機會。

And that touches both onboard electronics, which speaks for TL, Smart HPT, zero to zero, but PTC is also -- continues to be a bright spot in terms of how railroads look at improving safety of their operations around the world in a cost-effective way.

這涉及到車載電子設備，即 TL、智慧 HPT、零到零，但 PTC 也是——在鐵路如何以具有成本效益的方式提高全球營運安全性方面繼續成為亮點。

Yeah. That's good detail. Thanks. And just -- I know it's early to talk about Frauscher and Dellner there, but just high level, does the technology side of those deals integrate to your existing software and service stack easily do you think? Or just trying to get a sense of how fast you can kind of get that going for cross-selling?

是的。細節很好。謝謝。而且——我知道現在談論 Frauscher 和 Dellner 還為時過早，但從高層次來看，您認為這些交易的技術方面是否可以輕鬆地與您現有的軟體和服務堆疊整合？或者只是想了解一下您能多快實現交叉銷售？

It does. It integrates very well. And I think we've got really, I think, the element of scale to help those businesses get further momentum which would really spell growth into various markets that we're present. So we see the opportunity here not just to deliver on the cost synergies, which is really what we based the acquisition on. I think there is really momentum to be gaining here in terms of growth and share gain, share of wallet gain with customers in the overall market.

確實如此。它集成得非常好。我認為我們確實擁有規模因素，可以幫助這些企業獲得進一步的發展勢頭，這將真正促進我們所在各個市場的成長。因此，我們看到的機會不僅僅是實現成本協同效應，而這正是我們進行收購的真正基礎。我認為，就成長、份額成長以及整個市場客戶錢包份額成長而言，這裡確實有成長的勢頭。

Great. Thank you. Appreciate the detail.

偉大的。謝謝。欣賞細節。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Ms. Yates for any closing remarks.

我們的問答環節到此結束。我想將會議交還給耶茨女士，請她做最後發言。

Thank you, Alicia, and thank you, everyone, for your participation today. We look forward to speaking with you again next quarter.

謝謝你，艾莉西亞，也謝謝大家今天的參與。我們期待下個季度再次與您交談。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。