美國西屋制動公司 (WAB) 2026 Q2 法說會逐字稿

Good day, and welcome to the Wabtec second quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Kyra Yates, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Wabtec 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給投資人關係副總裁 Kyra Yates。請開始。

Thank you, operator. Good morning, everyone, and welcome to Wabtec's Second Quarter 2026 Earnings Call. With us today are Chairman and CEO, Rafael Santana; CFO, John Olin; and Senior Vice President of Finance, 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.

謝謝，接線員。各位早安，歡迎參加 Wabtec 2026 年第二季財報電話會議。今天與會者包括董事長兼執行長 Rafael Santana；財務長 John Olin；以及財務資深副總裁 John Mastalerz。今天的簡報投影片，以及我們的財報新聞稿與財務揭露文件，已於今日稍早發布於公司網站，並可在「投資人關係」分頁中取得。

Some statements we are making are forward-looking and based on our best view of the world and our business today. 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. I will now turn the call over to Rafael.

我們所做的部分陳述屬於前瞻性陳述，係基於我們對當前世界情勢與公司業務的最佳觀點。關於與前瞻性陳述相關的更詳細風險、不確定性與假設，請參閱我們財報新聞稿與簡報中的揭露內容。我們也將討論非 GAAP 財務衡量指標，並建議您在考量這些指標時，仔細閱讀我們的揭露與調節表。接下來我把電話交給 Rafael。

Thanks, Kyra, and good morning, everyone. We're proud of the progress we have made in the first half of the year, which is strengthening our position as a leading industrial technology company. It reflects the strength of the leadership position we continue to build across our portfolio and the continued focus of the Wabtec team to deliver for our stakeholders.

謝謝你，Kyra，各位早安。我們對今年上半年所取得的進展感到自豪，這些進展正在強化我們作為領先工業科技公司的地位。這反映出我們在整體產品組合中持續建立的領導地位之強勁，以及 Wabtec 團隊持續專注為利害關係人交付成果。

With that, 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 strong first half of the year, which exceeded our expectations despite tariff headwinds, unfavorable business mix and challenging prior year comparisons. Through disciplined execution across the organization, we achieved robust growth, expanded margins and delivered double-digit earnings per share growth.

接著，讓我們看第 4 頁投影片。我將先更新我們的業務狀況、分享我對本季的觀點以及我們在長期價值創造架構上的進展，之後 John 會說明財務表現。我們上半年表現強勁，儘管面臨關稅逆風、不利的業務組合以及去年同期高基期的挑戰，仍超出我們的預期。透過全組織的紀律性執行，我們實現了穩健成長、擴大利潤率，並帶來每股盈餘的雙位數成長。

Looking ahead to the second half, I remain encouraged by the healthy pipeline and continued demand for our core products and services, the profitable growth of our 12-month and multiyear backlogs and our focus on driving productivity and efficiency. This momentum is evident in our second quarter operational execution and our overall financial results.

展望下半年，我仍對健康的商機管線與核心產品及服務的持續需求、12 個月與多年期在手訂單的獲利性成長，以及我們推動生產力與效率提升的聚焦感到鼓舞。這股動能在我們第二季的營運執行與整體財務結果中已清楚展現。

Having said that, sales were $3.2 billion, which was up 17.5%, and adjusted EPS was up 22% from the year ago quarter. Total cash flow from operations for the quarter was $441 million. Backlog remains a key strength. 12-month backlog was up 11% from the prior year, while the multiyear backlog exceeded $30 billion, up 42%. Our financial position remains strong.

具體而言，營收為 32 億美元，年增 17.5%，調整後每股盈餘較去年同期成長 22%。本季營運活動產生的總現金流為 4.41 億美元。在手訂單仍是關鍵優勢。12 個月在手訂單較去年增加 11%，多年期在手訂單則超過 300 億美元，年增 42%。我們的財務狀況依然穩健。

We continue to execute against our capital allocation framework and expect to continue to compound long-term value for our shareholders.

我們持續依照資本配置架構執行，並預期將持續為股東累積長期價值。

Shifting our focus to Slide 5, let's talk about our 2026 end-market expectations in more detail. While key metrics across our Freight markets remain mixed, we continue to be encouraged by the overall strength and resilience of our business. We are seeing solid momentum in our international markets and the pipeline of opportunities across geographies remains strong.

把焦點轉到第 5 頁投影片，讓我們更詳細談談 2026 年終端市場的預期。雖然我們貨運市場的關鍵指標仍呈現分歧，但我們仍對整體業務的強勁與韌性感到鼓舞。我們看到國際市場動能穩健，且跨地區的商機管線依然強勁。

In North America, carload traffic was up 4% in the quarter. As a result of this growth, Wabtec and the industry's active locomotive fleet was up compared to last year's second quarter. Internationally, carloads growth during the quarter was mixed, but the long-term carloads growth trends continue to be robust. Significant investments to expand and upgrade infrastructure are driving our international orders pipeline.

在北美，本季車皮裝載量（carload）年增 4%。受此成長帶動，Wabtec 與全產業的在役機車車隊規模較去年第二季增加。在國際市場，本季車皮裝載量成長表現不一，但長期的車皮裝載量成長趨勢仍然強勁。用於擴建與升級基礎建設的重大投資，正推動我們國際訂單的商機管線。

Looking at the North American railcar build, the industry forecast for new railcars is slightly up compared to prior quarter, and is now projected to be approximately 25,000 cars for 2026, which is still down 21% from 2025. Finally, turning to the Transit sector. We continue to see positive underlying indicators for growth. Ridership continues to increase in key markets such as Europe and India, and we continue to see strong backlogs at car builders, supported by robust levels of public investment for fleet expansion and renewals.

就北美鐵路貨車新造量而言，產業對新造貨車的預測較上一季略為上調，目前預估 2026 年約為 25,000 輛，但仍較 2025 年下降 21%。最後，轉到大眾運輸（Transit）領域。我們持續看到有利於成長的正向基本面指標。歐洲與印度等主要市場的運量持續增加；同時，在強勁的公共投資支持車隊擴充與汰舊換新之下，車輛製造商的在手訂單仍維持高檔。

Now let's turn to Slide 6 and highlight several recent business wins. During the quarter, we secured $1 billion order from an Australian customer, spanning across locomotives, services, components and digital solutions. This award highlights the breadth of Wabtec's capabilities and demonstrates how our integrated offerings are creating value throughout the product life cycle. We also signed $184 million order for Positive Train Control with Vale, strengthening our long-standing partnership and marking an important step forward in advancing rail safety, efficiency and automation across Brazil's rail network.

現在請看第 6 頁投影片，重點介紹幾項近期的業務斬獲。本季我們取得來自澳洲客戶的 10 億美元訂單，涵蓋機車、服務、零組件與數位解決方案。此項得標突顯 Wabtec 能力的廣度，並展示我們的整合式產品如何在產品生命週期中創造價值。我們也與 Vale 簽署 1.84 億美元的正向列車控制（Positive Train Control）訂單，強化長期合作夥伴關係，並在推進巴西鐵路網的安全、效率與自動化方面邁出重要一步。

In Transit, we were awarded a $55 million platform door order for the Grand Paris Express project. Moving to mining. Our APAC team secured a $52 million order to supply drive systems for 240-ton mining trucks. Overall, these successes continue to demonstrate our leadership in the markets we serve, the strength of our pipeline and the commitment of the Wabtec team to deliver meaningful results for our customers and stakeholders. With that, I'll turn it over to John to review the quarter, segment results and our overall financial performance.

在大眾運輸方面，我們獲得「大巴黎快線」（Grand Paris Express）專案的 5,500 萬美元月台門訂單。接著看礦業。我們亞太（APAC）團隊取得 5,200 萬美元訂單，供應 240 噸礦用卡車的驅動系統。整體而言，這些成功持續展現我們在所服務市場中的領導地位、商機管線的強勁，以及 Wabtec 團隊為客戶與利害關係人交付具意義成果的承諾。接下來我把時間交給 John，請他回顧本季表現、各事業部門結果以及整體財務績效。

John?

John？

Thanks, Rafael, and hello, everyone. Turning to Slide 7. I'll review our results in more detail. Our second quarter results came in better than expected, driven by stronger revenue growth and increased operating margin expansion. As we discussed in our last call, we expected the quarter's revenue growth to be similar to first quarter's results.

謝謝你，Rafael，各位好。請看第 7 頁投影片。我將更詳細地回顧我們的業績。我們第二季結果優於預期，主要受更強勁的營收成長與更高的營業利潤率擴張所帶動。如同我們在上次電話會議中討論的，我們原先預期本季營收成長將與第一季的結果相近。

Second quarter revenue growth came in stronger than the first quarter, driven by a combination of a couple things.

第二季營收成長強於第一季，主要由幾項因素共同驅動。

First, we had favorable timing of shipments, and second, we experienced incremental flow business revenue. We also expected our margin expansion to be similar to the first quarter. In actuality, our operating margin expansion also came in favorable to Q1's results. This was driven by better-than-expected product mix and our continued focus on productivity and efficiency with programs such as Integration 3.0.

第一，出貨時點有利；第二，我們獲得額外的流量型（flow）業務營收。我們也原先預期利潤率擴張將與第一季相近。實際上，我們的營業利潤率擴張也優於第一季的結果。這主要受優於預期的產品組合，以及我們持續聚焦生產力與效率（例如 Integration 3.0 等計畫）所帶動。

Having said that, sales for the second quarter were $3.18 billion, which reflects a 17.5% increase versus the prior year, with strong contributions from both the Freight and Transit segments. Excluding the impact of currency, Q2 sales were up 16.6%. For the quarter, GAAP operating income was $600 million, which was up 27.1% versus the prior year. The increase was predominantly driven by higher sales, improved gross margin and lapping prior year's transaction costs resulting from our recent acquisitions. Adjusted operating margin for Q2 was 21.9%, up 0.8 percentage points versus the prior year.

具體而言，第二季營收為 31.8 億美元，較去年同期增加 17.5%，貨運與大眾運輸兩大事業部門皆有強勁貢獻。若排除匯率影響，第二季營收年增 16.6%。本季 GAAP 營業利益為 6 億美元，較去年同期增加 27.1%。此增幅主要由更高的營收、毛利率改善，以及去年因近期併購所產生的交易成本在本期不再發生（基期效應）所帶動。第二季調整後營業利潤率為 21.9%，較去年同期提升 0.8 個百分點。

This improvement was achieved despite tariff-related headwinds, unfavorable mix and tough year-over-year comps.

儘管面臨關稅相關逆風、不利的產品組合以及嚴峻的年對年比較基期，仍達成了這項改善。

GAAP earnings per diluted share was $2.33, which was up 18.9% versus the year-ago quarter. During the quarter, we had net pretax charges of $6 million for purchase accounting charges and transaction costs associated with our recent acquisitions. In the quarter, adjusted earnings per diluted share was $2.76, up 21.6% versus the prior year. Overall, the quarter reflects the strength of our execution, the resilience of our business and solid momentum as we move through the year. For the second half, we expect year-over-year revenue growth to temper as we lap the inclusion of Inspection Technologies in the prior year period.

依 GAAP 計算之稀釋後每股盈餘為 2.33 美元，較去年同期季度成長 18.9%。本季度我們認列與近期收購相關的購買會計調整費用及交易成本，稅前淨費用為 600 萬美元。本季度調整後稀釋後每股盈餘為 2.76 美元，較前一年成長 21.6%。整體而言，本季度反映了我們執行力的強勁、業務的韌性，以及我們在年度進程中持續推進的穩健動能。展望下半年，隨著我們在去年同期已納入 Inspection Technologies 的影響進入比較基期，我們預期年對年營收成長將趨於溫和。

We also expect the majority of our margin expansion for the year to occur in the back half of the year.

我們也預期今年大部分的利潤率擴張將發生在下半年。

Our second half margins are expected to benefit from, first, tempering year-over-year tariff impacts as we begin to lap 2025 tariff increases. Next, increasing productivity momentum from our Integration 3.0 and portfolio optimization initiatives. And finally, lapping more moderate prior year margin growth. When we look at the cadence of growth between the third and the fourth quarters, we expect revenue growth to be slightly higher in the third quarter versus the fourth. And on the margin side, we anticipate the opposite dynamic.

我們預期下半年利潤率將受惠於：第一，隨著我們開始跨越 2025 年關稅上調的比較基期，年對年關稅影響將趨緩。第二，來自 Integration 3.0 與投資組合優化計畫所帶動的生產力動能提升。第三，跨越前一年較為溫和的利潤率成長基期。就第三季與第四季的成長節奏而言，我們預期第三季的營收成長將略高於第四季。而在利潤率方面，我們預期呈現相反的走勢。

We expect a meaningful acceleration in margin growth in the fourth quarter, with third quarter's performance generally consistent with the margin growth rates delivered in the first half of the year.

我們預期第四季利潤率成長將明顯加速，而第三季的表現大致將與上半年所達成的利潤率成長水準一致。

Now turning to Slide 8. Let's review our product lines performance in more detail. Second quarter consolidated sales were up 17.5%. Equipment sales were up 35% from last year's second quarter. This was driven by higher locomotive deliveries and increased mining sales.

接著請看第 8 張投影片。我們更詳細檢視各產品線的表現。第二季合併銷售額成長 17.5%。設備銷售額較去年第二季成長 35%。主要受惠於機車交付量增加以及礦業銷售提升。

Our services group drove strong core services sales growth in the quarter, which was offset by lower modernization deliveries, as we expected. Looking ahead, we expect modernization deliveries to grow in the second half of the year, returning services to growth in the back half. That said, we continue to expect full year services revenue to be down due to the lower number of modernization deliveries that were shipped in the first half when we compare that to the prior year.

本季度我們的服務事業群帶動核心服務銷售強勁成長，但如我們預期，現代化（modernization）交付量下降抵銷了部分增幅。展望未來，我們預期現代化交付量將在下半年成長，使服務業務在下半年重回成長。儘管如此，與前一年相比，由於上半年出貨的現代化交付量較少，我們仍預期全年服務營收將下滑。

Consequently, as modernization deliveries ramp up in the second half, we would expect equipment revenue growth to remain positive, but at a very moderate pace versus the 43% growth achieved in the first half. Component sales were down 0.7% versus last year due to the industry's decline in the North American railcar build and due to lower revenue from our portfolio optimization efforts, partially offset by increased industrial product sales. Digital Intelligence sales were up 88.5% from last year. This was driven by contributions from the Inspection Technologies and Frauscher acquisitions. In our Transit segment, sales were up 18.9%, driven by the Dellner acquisition and growth across our products and services businesses.

因此，隨著下半年現代化交付量提升，我們預期設備營收成長仍將維持正成長，但相較於上半年達成的 43% 成長，增速將相當溫和。零組件銷售額較去年下滑 0.7%，主因北美鐵路貨車新造量下滑，以及我們投資組合優化措施帶來的營收降低；部分被工業產品銷售增加所抵銷。數位智慧（Digital Intelligence）銷售額較去年成長 88.5%。主要來自 Inspection Technologies 與 Frauscher 收購案的貢獻。在我們的軌道交通（Transit）事業部門，銷售額成長 18.9%，受 Dellner 收購案帶動，且我們的產品與服務業務均呈現成長。

Foreign currency exchange had a favorable impact on sales in the quarter of 1.3 percentage points.

外幣匯率變動對本季度銷售額帶來有利影響，貢獻 1.3 個百分點。

Moving to Slide 9. GAAP gross margin was 36.5%, which was up 1.8 percentage points from the second quarter last year. Adjusted gross margin was up 1.9 percentage points during the quarter. GAAP operating margin was 18.9%, which was up 1.5 percentage points versus last year. Adjusted operating margin improved 0.8 percentage points to 21.9%.

接著看第 9 張投影片。依 GAAP 計算之毛利率為 36.5%，較去年第二季提高 1.8 個百分點。本季度調整後毛利率提高 1.9 個百分點。依 GAAP 計算之營業利益率為 18.9%，較去年提高 1.5 個百分點。調整後營業利益率提升 0.8 個百分點至 21.9%。

Operating margin was positively impacted by cost recovery from contractual price escalation, increased productivity and integration savings, partially offset by rising manufacturing costs, higher year-over-year tariffs and unfavorable mix.

營業利益率受到合約價格調整（價格遞增條款）帶來的成本回收、生產力提升與整合節省的正面影響；但部分被製造成本上升、年對年關稅增加以及不利的產品組合所抵銷。

Adjusted and GAAP SG&A expenses were higher year-over-year due largely to the SG&A expense associated with our acquisitions. Engineering expense was $70 million, $20 million higher than Q2 last year, primarily due to acquisitions. We continue to invest in engineering resources and current business opportunities, but more importantly, we are investing in our future as a leading industrial technology company focused on improving our customers' fuel efficiency, labor productivity, capacity utilization and safety.

調整後與 GAAP 口徑的銷售、一般及行政（SG&A）費用年對年增加，主要是因收購案所帶來的 SG&A 費用。工程費用為 7,000 萬美元，較去年第二季增加 2,000 萬美元，主要同樣來自收購案。我們持續投入工程資源與當前的業務機會；更重要的是，我們正投資於未來，作為一家領先的工業科技公司，專注於提升客戶的燃油效率、勞動生產力、產能利用率與安全性。

Now let's take a look at segment results on Slide 10, starting with the Freight segment. As I already discussed, Freight segment sales were up a strong 16.9%. GAAP segment operating income was $504 million, driving an operating margin of 22.5%, up 0.9 percentage points versus last year. Adjusted operating income for the Freight segment was $579 million, up 20.6% versus the prior year. Adjusted operating margin in the Freight segment was 25.8%, up 0.8 percentage points from the prior year.

現在我們看第 10 張投影片的部門別結果，先從貨運（Freight）部門開始。如我先前所述，貨運部門銷售額強勁成長 16.9%。貨運部門依 GAAP 計算之部門營業利益為 5.04 億美元，帶動營業利益率達 22.5%，較去年提高 0.9 個百分點。貨運部門調整後營業利益為 5.79 億美元，較前一年成長 20.6%。貨運部門調整後營業利益率為 25.8%，較前一年提高 0.8 個百分點。

The increase was driven by higher gross margin of 1.7 percentage points partially offset by an increase of 0.9 percentage points in our operating expense expressed as a percentage of revenue. The key driver of this is due to the mix of higher gross margin businesses as a result of our acquisitions of Inspection Technologies and Frauscher and our continuous focus on productivity and efficiency. Finally, the Freight segment's 12-month backlog was $6.64 billion. Our 12-month backlog was up 10.2%, while the multiyear backlog of $25.33 billion was up 47.8%.

此增幅主要來自毛利率提高 1.7 個百分點，但部分被營業費用占營收比重增加 0.9 個百分點所抵銷。關鍵驅動因素在於：因收購 Inspection Technologies 與 Frauscher，使高毛利業務占比提升，以及我們持續聚焦於生產力與效率。最後，貨運部門 12 個月在手訂單（backlog）為 66.4 億美元。我們的 12 個月在手訂單成長 10.2%，而多年期在手訂單為 253.3 億美元，成長 47.8%。

Turning to Slide 11. Transit segment sales were up 18.9% at $936 million. When adjusting for foreign currency, Transit sales were up 17.7%. GAAP operating income was $146 million, which reflected the quarter's robust revenue growth and operating margin expansion. These strong results were partially offset by $20 million of purchase accounting charges and noncash amortization expenses, which were primarily associated with the acquisition of Dellner in the first quarter.

接著看第 11 張投影片。軌道交通（Transit）部門銷售額成長 18.9%，達 9.36 億美元。若調整外幣影響，Transit 銷售額成長 17.7%。依 GAAP 計算之營業利益為 1.46 億美元，反映本季度強勁的營收成長與營業利益率擴張。上述強勁表現部分被 2,000 萬美元的購買會計調整費用與非現金攤銷費用所抵銷，主要與第一季收購 Dellner 有關。

Adjusted segment operating income was $166 million. Adjusted operating income as a percent of revenue was 17.7%, up 2.5 percentage points from prior year, with the underlying momentum of the business and the Dellner acquisition serving as key contributors to this quarter's margin expansion. Finally, Transit segment 12-month backlog for the quarter was $2.5 billion, and our 12-month backlog was up 14.5%, while the multiyear backlog was up 19.4%.

調整後部門營業利益為 1.66 億美元。調整後營業利益占營收比重為 17.7%，較前一年提高 2.5 個百分點；業務的內生動能與 Dellner 收購案是本季度利潤率擴張的主要貢獻因素。最後，Transit 部門本季度 12 個月在手訂單為 25 億美元；我們的 12 個月在手訂單成長 14.5%，而多年期在手訂單成長 19.4%。

Now let's turn to our financial position on Slide 12. Our second quarter cash flow generation was $441 million, resulting in a cash conversion of 82%. Our balance sheet and financial position continue to be very strong as evidenced by, first, our liquidity position, which ended the quarter over $2 billion, and our net debt leverage ratio, which ended the quarter at 2.2 times. Our leverage ratio remained in our stated range of 2 to 2.5 times even after funding the purchase of Dellner during the first quarter for approximately $1 billion and repurchasing $457 million of our shares in the first half. We continue to allocate capital in a disciplined way to maximize returns with an expectation of compounding our earnings for our shareholders.

現在讓我們看第12頁的財務狀況。我們第二季的現金流量創造為4.41億美元，現金轉換率達82%。我們的資產負債表與財務狀況持續非常強勁，首先體現在我們的流動性部位，季末超過20億美元，以及我們的淨負債槓桿比率，季末為2.2倍。即使在第一季以約10億美元完成收購Dellner，並在上半年回購4.57億美元股份之後，我們的槓桿比率仍維持在我們所述的2至2.5倍區間內。我們持續以嚴謹自律的方式配置資本以最大化報酬，並期望為股東帶來獲利的複利成長。

During the quarter, we repurchased $215 million of our shares and paid $53 million in dividends. With that, I'd like to turn the call over to Rafael to talk about our 2026 financial guidance.

本季我們回購了2.15億美元的股份，並支付5,300萬美元股利。接下來，我想把電話交給Rafael，談談我們2026年的財務指引。

Thanks, John. Now let's turn to Slide 13 to discuss our 2026 outlook and guidance. Overall, the team delivered a strong second quarter with operational results ahead of our expectations. Importantly, we continue to see underlying demand for our products and solutions across the business. That demand is reflected in a strong pipeline, and both our 12-month and multiyear backlogs provide clear visibility into profitable growth ahead.

謝謝你，John。現在讓我們看第13頁，討論我們對2026年的展望與指引。整體而言，團隊在第二季交出強勁表現，營運結果優於我們的預期。重要的是，我們持續看到全公司對我們產品與解決方案的基本需求。這些需求反映在強勁的商機管線上，而我們的12個月與多年期在手訂單也為未來的獲利成長提供清晰能見度。

With that backdrop, we are increasing our full year guidance. We now expect 2026 revenue of approximately $12.5 billion at the midpoint, up 11.5% from last year, which is an increase of 1 percentage point versus our prior guidance. We also now expect adjusted EPS to be in the range of $10.60 to $10.90, up 20% at the midpoint.

在此背景下，我們上調全年指引。我們目前預期2026年營收在中位數約為125億美元，較去年成長11.5%，相較先前指引提高1個百分點。我們也預期調整後每股盈餘（EPS）將落在10.60至10.90美元區間，中位數成長20%。

Now let's wrap up on Slide 14. As you heard today, our team continues to execute against our value creation framework and our 5-year outlook. The strength of our performance is driven by our resilient installed base, world-class team, innovative technologies and our customer-focused approach. We are also encouraged by the integration and early performance of our recent acquisitions, which are strengthening our portfolios and expanding our total available markets for future growth. Overall, I believe Wabtec is uniquely positioned as a leading industrial technology company.

現在讓我們在第14頁做個總結。如各位今天所聽到的，我們的團隊持續依循我們的價值創造架構與5年展望執行。我們績效的強勁來自於具韌性的裝機基礎、世界級團隊、創新技術以及以客戶為中心的方法。我們也對近期收購案的整合與早期表現感到鼓舞，這些收購正在強化我們的產品組合，並擴大我們可服務的總市場（TAM），以支持未來成長。整體而言，我相信Wabtec作為領先的工業科技公司，具備獨特的有利定位。

With a strong foundation, a talented global team and significant opportunities ahead, we are well positioned to deliver profitable growth and continue to compound shareholder value over time. 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?

憑藉堅實的基礎、優秀的全球團隊以及前方可觀的機會，我們已做好準備實現獲利成長，並隨時間持續為股東價值帶來複利累積。在此，我感謝各位今天早上的時間，接下來我將把電話交給Kyra，開始我們的問答環節。Kyra？

Thank you, Rafael. We will now move on to questions, but before we do, and out of consideration for others on the call, I ask that you limit yourself to one question and one follow-up question. If you have additional questions, please rejoin the queue. Operator, we are now ready for our first question.

謝謝你，Rafael。我們現在進入提問環節，但在開始之前，為了顧及其他與會者，我請各位每人限制一個問題以及一個追問。若您還有其他問題，請重新加入排隊序列。接線員，我們已準備好進行第一個問題。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Hey, great. Good morning. Congrats on raising the outlook. Rafael or John, maybe you noted kind of the mixed carload outlook on a global basis, some wins on international, Australia, in particular. Maybe thoughts on sustaining the 12-month backlog at that nearly onetime book-to-bill. Is there -- are you seeing -- maybe, Rafael, just give an update on kind of what you're seeing out in the market in terms of keeping that progress going on the orders?

嗨，很好。早安。恭喜上調展望。Rafael或John，你們可能提到全球範圍內的裝車量（carload）展望有些好壞參半，國際市場有一些斬獲，尤其是澳洲。想請教對於在接近一次性的接單出貨比（book-to-bill）水準下，如何維持12個月在手訂單的看法。你們是否看到——也許Rafael，你能更新一下你在市場上看到的情況，關於如何讓訂單動能持續下去？

Okay. Ken, in terms of demand and backlog conversion, I mean, we're seeing improved demand in the year, and we're converting a strong pipeline into multiyear backlog and higher margins. You certainly see that globally. You saw that strong win we had in Australia in the second quarter. We continue to have opportunities of size, and you're going to see a couple of those coming to the second half of the year, so strong from that perspective.

好的。Ken，就需求與在手訂單轉換而言，我們看到今年需求有所改善，並且正把強勁的商機管線轉化為多年期在手訂單與更高的利潤率。你確實在全球都能看到這點。你也看到我們第二季在澳洲拿下的重大勝利。我們仍持續有具規模的機會，而你會在今年下半年看到其中幾個落地，因此從這個角度來看表現強勁。

On the execution front, I would say we're continuing to drive better execution, and that's really coming with improved margins, and that's driven by productivity gains and the progress on simplification, Integration 3.0, despite of the headwinds we still face with inflationary pressures, still managing through tariffs and chip shortages with the impact to electronics. I think the other item to highlight is the acquisitions, which continue to perform very well, early days. So overall, it's been a stronger year with our teams delivering ahead of plan in support of the long-term guidance. John, you might want to comment more on the specifics of the quarter.

在執行面，我會說我們持續推動更好的執行力，而這確實帶來了利潤率改善；其驅動因素包括生產力提升與簡化工作的進展、Integration 3.0，儘管我們仍面臨通膨壓力的逆風，並且仍在因應關稅與晶片短缺對電子產品造成的影響。我認為另一個值得強調的是收購案，雖然仍在早期階段，但持續表現非常好。因此整體而言，今年表現更強勁，我們的團隊交出超越計畫的成果，以支持長期指引。John，你或許可以就本季的細節再多補充一些。

Yes. When we look at the second quarter, Ken, revenue was ahead of expectations as well as earnings. When we look at revenue, revenue was driven by a couple things. Number one, on more of a sustainable basis, we saw our flow businesses accelerate, and that is on the Freight side. And as you pointed out, Ken, partially driven by the improvement in carloads, which has driven to higher year-over-year locomotives in operation during the quarter.

好的。Ken，當我們看第二季時，營收與獲利都優於預期。就營收而言，營收主要由幾個因素帶動。第一，在較具可持續性的層面上，我們看到流量型業務加速成長，這主要在貨運（Freight）端。而如你所指出的，Ken，部分原因是裝車量改善，帶動本季營運中的機車數量較去年同期增加。

And then we also saw some strength in the aftermarket in our Transit business. The other piece of our revenue in the second quarter was some timing on shipments. We did see some pull forward in the -- from the back half into the second quarter. And also, as we talked about in the first quarter, we had a lower organic growth. We saw some pushouts of that.

此外，我們也在運輸（Transit）業務的售後市場看到一些強勁表現。第二季營收的另一部分則與出貨時點有關。我們確實看到部分出貨從下半年提前到第二季。另外，如同我們在第一季所談到的，我們當時的有機成長較低。我們看到其中一些訂單/出貨時程被延後。

So they landed in the second quarter as well.

因此也在第二季落地。

But overall, very strong revenue growth at 17.5% with organic growth up 8.5%. When you kind of shift to the earnings side of it, and I'm sorry, going back to revenue for that, and the piece that is really more sustainable on the flow business, we've looked at that. We've forecasted it forward, and that growth to continue in the second and the third -- and third and the fourth quarters at largely the same rate, and that has resulted in us raising our overall revenue guidance by $110 million or a full percentage point on the year. So now we're sitting at a midpoint of 11.5%.

但整體而言，營收成長非常強勁，達17.5%，其中有機成長為8.5%。當你把焦點轉到獲利端——抱歉，我先回到營收這點——在流量型業務中真正更具可持續性的那一塊，我們已經做了評估。我們也將其向前預測，預期該成長將在第二季與第三季——以及第三季與第四季——大致以相同速度延續，這也使我們把全年營收指引上調1.10億美元，或全年提高整整1個百分點。因此目前我們的中位數成長率為11.5%。

On the other side is the earnings. We did see earnings come in a bit more than what we had expected, and a fair amount of that was driven by two things. Number one is on the revenue, on the flow revenue, it comes at typically a higher margin, and we saw that reflected in favorable mix in that aspect. Overall, mix was still unfavorable, but less unfavorable than what we had anticipated. And then the other area is on the integration and productivity came in stronger, making really good progress on Integration 3.0.

另一邊是獲利。我們確實看到獲利略高於我們原先的預期，而其中相當一部分是由兩個因素所帶動。第一是在營收端、在流體（Flow）營收上，通常具有較高的毛利率，我們也在該面向看到有利的組合反映。整體而言，組合仍然是不利的，但不利程度低於我們先前的預期。另一個面向則是整合與生產力表現更強，讓我們在 Integration 3.0 上取得非常好的進展。

And with that, we did the same thing and extended that goodness over the back half. And with that, raised our midpoint of our guidance by $0.30 up to the $10.75.

基於此，我們做了同樣的事，並把這些正面因素延伸到下半年。因此，我們將指引的中位數上調了 0.30 美元，至 10.75 美元。

John, if I can just get a follow-up there. You mentioned the 3.0. Can you talk about how much cost savings were realized? And it sounds like, I don't know, maybe the message you're trying to give for margins into the third quarter from second quarter based on the run-up you gave us.

John，如果我可以追問一下。你提到了 3.0。你能談談已實現了多少成本節省嗎？而且聽起來，我不確定，但也許你想傳達的是，基於你給我們的趨勢，第三季相較第二季的利潤率走勢。

Yes. So Ken, as you know, in the first quarter, we raised our guidance by $15 million on Integration 3.0. And we saw the momentum and the timing of these projects at that time, and we've seen that convert certainly in the second quarter, and we would expect from our original thoughts on the year that Integration 3.0 is going to drop more goodness on the year. And again, that is part of that increase in the EPS guidance of $0.30.

是的。所以 Ken，如你所知，在第一季我們把 Integration 3.0 的指引上調了 1,500 萬美元。當時我們看到了這些專案的動能與時程，而我們也確實看到在第二季轉化落地；並且相較我們年初對全年的原始想法，我們預期 Integration 3.0 在全年還會帶來更多正面貢獻。再說一次，這也是 EPS 指引上調 0.30 美元的一部分原因。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey, thanks. Good morning. So if I look, the 12-month backlog is up 11%, the total backlog is up 42% year-over-year. I think that's the biggest spread we've ever seen between the two. I guess -- I'm trying to understand like what's the timing for that multiyear backlog to start converting to revenue? And ultimately, I guess what I'm trying to figure out is, like, we had high single-digit organic growth in Q2. Is that sustainable?

嗨，謝謝。早安。所以如果我看，12 個月在手訂單（backlog）成長 11%，總在手訂單年增 42%。我想這是我們看過兩者之間最大的差距。我想——我試著理解的是，這些多年期在手訂單開始轉換為營收的時點會是什麼時候？而最終我想釐清的是，例如，我們在第二季有高個位數的有機成長。那是可持續的嗎？

Well, two things, I'll start with just the total backlog, and this is very strong coverage, Scott, to your point. And that's how we run the business, make sure that we have that coverage. It's probably the strongest coverage we've had. It's a multiyear backlog that covers really a multitude of years. So that's very good and really strengthens our position to deliver on the long-term guidance we provide.

嗯，有兩點。我先從總在手訂單談起；如你所說，Scott，這提供了非常強的覆蓋度（coverage）。而這就是我們經營業務的方式，確保我們有那樣的覆蓋度。這可能是我們有過最強的覆蓋度。這是一個多年期在手訂單，實際上涵蓋了多個年度。所以這非常好，也確實強化了我們交付所提供長期指引的能力與地位。

In terms of the 12-month backlog, I think that number really supports the mid-single-digit growth on 5% to 6% that we've described for the year. And I think you've got to extract from that some of the nuances associated with especially the acquisitions we've done. John, I don't know if you want to add to that.

就 12 個月在手訂單而言，我認為這個數字確實支撐我們對全年所描述的 5% 到 6% 的中個位數成長。而我認為你必須從中抽離一些細微差異，特別是與我們所做的併購相關的部分。John，我不知道你是否要補充。

Yes. Scott, you had mentioned organic growth in the second quarter. When you look at our overall growth of 17.5%, the easy way to look at this is half of it, about 8.5%, is driven by the year-over-year impact of acquisitions. And the other half of it, about 8.5%, is driven by organic growth. And that's certainly an acceleration from what we saw in the first quarter.

是的。Scott，你提到了第二季的有機成長。當你看我們整體 17.5% 的成長時，最簡單的看法是其中一半、約 8.5%，是由併購帶來的年對年影響所驅動。另一半、約 8.5%，則是由有機成長所驅動。而這確實是相較第一季所見的加速。

If you remember, our first quarter organic growth was up 2.3% based on timing of shipments as well as the write-down of a digital project.

如果你還記得，我們第一季的有機成長是 2.3%，主要受到出貨時點以及一個數位專案減記的影響。

So I think the best way to look at organic growth is to look at it on the first-half basis that takes care of some of the timing nuances there, for which we're up 5.5% and we feel good about that. When you look at the 12-month backlog as an indicator of that, if you take out the acquisitions and currencies and more normalize that, we are in that range of mid-single digits. And we see that continuing on in the back half of the year, given the strength that we're seeing in particular of our flow business.

所以我認為看有機成長的最佳方式，是以半年為基礎來看，這樣可以處理其中一些時點上的細微差異；在上半年我們成長了 5.5%，我們對此感到不錯。當你把 12 個月在手訂單作為指標來看時，如果扣除併購與匯率並做較正常化的調整，我們就落在中個位數的區間。而鑑於我們所看到的強勁態勢，特別是在我們的流體（Flow）業務上，我們預期這種趨勢會在下半年持續。

Okay. That's helpful, and then just one follow-up for you, John. I think your comment about like the pace of margin suggests Q4, we see some really strong year-over-year margin improvement. I know it's early, but like is that a good way to think about what '27 could look like, that exit rate?

好的。這很有幫助，然後再追問你一個問題，John。我覺得你對利潤率節奏的評論暗示第四季會看到非常強的年對年利潤率改善。我知道現在還早，但這是否是一種合理的方式來思考 2027 年可能的樣貌，也就是那個退出（exit）水準？

I would say looking at the half, Scott, is more indicative of that. So let's talk about why we're expecting what we're expecting, right? We're expecting the -- probably significant majority of our margin growth to be in the fourth quarter. We expect growth in the third quarter, but that's going to be in the range of around 0.5 point that we saw in the first half of the year. So why is the fourth quarter going to be up so much?

我會說，看上半年，Scott，會更能代表那個狀況。所以我們來談談為什麼我們會預期我們所預期的，對吧？我們預期——我們的利潤率成長中，可能絕大多數會發生在第四季。我們預期第三季也會成長，但大概會落在上半年所看到的約 0.5 個百分點的範圍。那為什麼第四季會上升這麼多？

And I think first, we start with what happened a year ago in the fourth quarter. If you remember, Scott, we had one heck of a cash flow in the quarter, and actually cash conversion was just shy of 300%. And as I think you also know, is our comp plans and our focus on cash is throughout the organization, but it is embedded in both our short-term and long-term comp plans, and that drove a higher expense than we had anticipated.

我想首先，我們從去年第四季發生的事情談起。如果你還記得，Scott，那一季我們的現金流非常驚人，實際上現金轉換率（cash conversion）接近 300%。而我想你也知道，我們的薪酬計畫以及對現金的重視貫穿整個組織，並且同時嵌入在短期與長期的薪酬計畫中，這導致費用高於我們原先的預期。

The second area in last year was the fact that our Transit business was level loading some production and moved forward some benefit through production and moving production forward in the second and the third quarter. And consequently, we had a pretty weak margin in Transit in the fourth quarter, and that was driven by the manufacturing inefficiencies as we rebalanced that. So we're lapping those two things that aren't going to repeat again this year.

第二個面向是去年我們的 Transit 業務在做產能的均衡排程（level loading），透過生產安排把一些效益提前到第二季與第三季。因此，我們在第四季的 Transit 利潤率相當疲弱，而這是因為我們在重新平衡時出現製造效率不彰所致。所以我們今年是在比較基期上跨過（lapping）這兩件不會在今年重演的因素。

The other piece of it, again, goes back to tariffs, right? Our tariff expense is going to be pretty even between quarters this year and certainly in the back half. However, the comparable is very different. In the third quarter last year, we had very little expense. We just started to see some, but it was nominal at best.

另外一個部分，同樣回到關稅，對吧？我們今年的關稅費用在各季之間會相當平均，尤其是在下半年。然而，可比基期非常不同。去年第三季我們幾乎沒有什麼費用。我們只是開始看到一些，但充其量也只是名目上的。

The fourth quarter, though, we saw a large rise in our expense for tariffs as things came off the balance sheet, right, from when we incurred the tariff. And so the headwind in the fourth quarter is going to drop quite significantly between what we saw in the first three quarters. And between the confluence of those three things, we expect our fourth quarter to be up more than we would typically expect in a quarter with regards to margin growth.

不過在第四季，我們看到關稅費用大幅上升，因為相關項目從資產負債表轉出，對吧，也就是從我們產生關稅成本時所做的遞延處理轉出。因此，第四季的逆風相較於前三季我們所看到的水準，將會顯著下降。而在這三項因素的匯聚之下，我們預期第四季在毛利成長方面會高於一般情況下單一季度的典型表現。

Super helpful. Thank you, guys.

非常有幫助。謝謝各位。

Angel Castillo, Morgan Stanley.

Angel Castillo，摩根士丹利。

Hi, good morning, and thanks for taking my questions. Just maybe I wanted to start on components. I was hoping we could kind of unpack that a little bit more. I guess, you still have railcars down, even though the outlook has improved a little bit, but just the 1% decline is quite notable, and you've talked about some of the pieces around flow. And you also mentioned, I guess, industrials business.

嗨，早安，謝謝讓我提問。我想先從零組件談起。我希望我們可以把這部分再多拆解一點。我想，你們的鐵路貨車仍在下滑，雖然展望稍微改善了一些，但1%的下滑相當顯著，而你們也談到了一些與流量（flow）相關的因素。另外你們也提到工業業務。

So can you just help quantify, I guess, how much has the flow business improved? How much is maybe the railcars OE side down? And then on the industrials part of the business, we would love to just hear a little bit more about how that's progressing? What changes you're seeing there? In particular, I guess, the data center part of your components business.

所以能否請你們協助量化一下：流量（flow）業務改善了多少？鐵路貨車原廠配套（OE）端下滑了多少？然後在工業業務這一塊，我們也很想多聽一些進展情況。你們在那裡看到哪些變化？特別是你們零組件業務中的資料中心部分。

Just curious, one, what you're seeing in terms of demand there? And then just more broadly from data centers, how is your strategy kind of changing or evolving based on the demand you're seeing? So I know there's a lot in there, but all kind of related to components.

我想了解，第一，你們看到那邊的需求狀況如何？第二，更廣泛地從資料中心來看，基於你們所看到的需求，你們的策略如何改變或演進？我知道問題很多，但都與零組件相關。

Angel, I'll start, and I'll let John dive into a little bit of the details. So as we described, I mean, we saw North America Freight volumes strengthening. With that, we saw really more of a demand for our full product [ rebid ] on parts, some fleets being unparked as part of that. And we've seen that continued strength on the Transit backlog.

Angel，我先開始，然後讓John再深入一些細節。如同我們所描述的，我們看到北美貨運量走強。隨之而來的是，市場對我們全系列產品在零件方面的需求增加（[ rebid ]），也有一些車隊因此重新投入營運（從停放狀態解除）。而我們也看到運輸（Transit）訂單積壓持續維持強勁。

When you talk specifically about the components business, I think despite of the lower Freight car build, I think our teams have continued to adjust, number one, the operations to align with that volume. I think they've driven significant cost discipline and margin improvement for the business. And we are continuing to see strong demand in the industrial applications and some of that is particularly visible in the heat exchangers, which go into some of the demand for power generation, which is a positive in that regard. John?

談到零組件業務本身，我認為儘管貨運車輛（Freight car）建造量較低，我們的團隊仍持續調整：第一，營運以配合該產量水準。我認為他們在成本紀律與毛利改善方面做得非常顯著。我們也持續看到工業應用的強勁需求，其中部分在熱交換器上特別明顯；熱交換器用於部分發電需求，這在這方面是正面的。John？

Yes. Specifically, Angel, the components was down 0.7 percentage point. And actually, if you go back over the last six quarters, we've really seen pretty much the same thing, is we're bouncing around that flat. Certainly, the team has been absorbing a significant downstroke with regards to railcar businesses -- business, which is about 60% of overall revenue. And the other piece of it that we're finding this year or seeing this year is the exit of some nonstrategic business and revenue in there.

是的。具體來說，Angel，零組件下滑了0.7個百分點。其實如果回看過去六個季度，我們看到的幾乎都是同樣的情況：大致在持平附近上下波動。當然，團隊一直在吸收鐵路貨車業務顯著下行的影響——該業務約占整體營收的60%。而今年我們發現或看到的另一個因素，是退出了一些非策略性業務與其中的營收。

So they're fighting, as Rafael had mentioned, from a cost standpoint, certainly from a market share, and they're offsetting a fair amount of what they can, but also getting a little bit of help on the industrial side.

所以如Rafael所提到的，他們在成本面努力應對，當然也在市占率方面努力，並盡可能抵銷相當一部分影響，同時在工業端也獲得了一些助力。

And we're not seeing a big shift in what we've seen in the industrial side for the last six or so quarters. It is up on a small basis. It's up pretty good. Again, benefiting from some of the data center stuff. But it's a small base, but it is enough to largely offset what we're seeing there and the work of the team to offset what we're seeing with railcars being down.

而我們在工業端看到的情況，與過去大約六個季度相比並沒有很大的轉變。它在小基期上是成長的。成長幅度相當不錯。同樣也受惠於部分資料中心相關需求。雖然基期小，但已足以在很大程度上抵銷我們在那邊看到的影響，以及團隊為抵銷鐵路貨車下滑所做的努力。

Now we're hoping that, that turns in 2027, and that's what the early forecasts are. But we still got a couple more quarters that we expect railcars to be down in the 20% range.

我們希望這在2027年會出現轉折，早期預測也是如此。但我們預期還有幾個季度，鐵路貨車仍會維持約20%幅度的下滑。

Got it. That's very helpful. And maybe just as a follow-up, I guess, could we maybe unpack the data center portion of power generation, maybe separate from what you might be seeing in heat exchangers and how that's progressing versus maybe any potential equipment demand and how your strategy, if it's changing at all, how you're viewing that market, the attractiveness to potentially look to target that a little bit more readily, I guess, just how are you thinking about that or what are you seeing?

了解。這非常有幫助。再追問一下，我想我們能否把資料中心的發電部分再拆開來談，可能與你們在熱交換器看到的情況分開，看看其進展相較於潛在設備需求如何？以及你們的策略是否有任何改變、你們如何看待那個市場的吸引力，是否會更積極地鎖定？也就是說，你們怎麼思考、或看到了什麼？

Angel, I mean, as you mentioned, I'll start with the positive. Heat exchangers is a positive for us. You're seeing that as, I'll call it, significant offset to some of the pressures we've got on the Freight car side of the house. In terms of the engine side, when you look at engines in specific, I mean, our engines are really built for some of the most demanding applications in the world. They're exceptional for reliability and fuel efficiency.

Angel，如你所提到的，我先從正面部分開始。熱交換器對我們是正面的。你看到它，我會稱之為，對我們在貨運車輛端所承受的一些壓力形成了顯著的抵銷。就引擎端而言，當你特別看引擎時，我們的引擎確實是為全球一些最嚴苛的應用而打造。它們在可靠性與燃油效率方面表現卓越。

With that being said, when we think about data centers, a large portion of that is connected to backup power-only applications, which our engines are generally not the most competitive solution for that application. We're continuing to look into selective opportunities for power generation application, especially where we have more restriction around emission standards. But this is very much a niche segment of the market. And at this stage, we have had really only very, very nominal sales in the space.

話雖如此，當我們思考資料中心時，其中很大一部分是與僅備援電力（backup power-only）的應用相關，而在該應用上，我們的引擎通常不是最具競爭力的解決方案。我們仍在尋找發電應用的選擇性機會，特別是在排放標準限制較多的地方。但這在市場中非常屬於利基區隔。而在現階段，我們在這個領域的銷售其實只有非常、非常少量。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

Good morning, and thanks for taking my questions. I wanted to revisit the EVO Advantage modification program. I know you guys reported quite a bit of orders earlier this year in that space. Can you just give us an update on how the product is resonating with the Class I rails in North America? Where you are on the ramp-up of actual delivery to where you think you'll be a run rate into next year? And how the pipeline compares to the backlog and just a big picture of how you expect that to evolve as this product continues to roll out in the marketplace?

早安，謝謝讓我提問。我想再回到EVO Advantage改裝計畫。我知道你們今年稍早在這方面公布了相當多的訂單。能否請你們更新一下，這個產品在北美一級鐵路（Class I rails）客戶中的反應如何？實際交付的爬坡進度到哪裡、以及你們認為明年會達到什麼樣的穩態出貨（run rate）？另外，案源（pipeline）相較於訂單積壓（backlog）如何？以及從更宏觀的角度，隨著產品持續在市場推廣，你們預期它會如何演進？

First, I think we've seen continued progress in terms of the EVO Advantage program. We've announced that in the first quarter. We've gotten our first order in North America in the second quarter, so that's consistent with what we expected. We see that as an opportunity to really continue momentum with regards to refreshing our installed base around the world, but especially in North America, providing what I'll call more value for our customers with fuel efficiency and really driving, I think, greater and better value outcomes for our customers. So we continue to expand on the value that we can bring to our customers on fuel efficiency and continue to stay ahead and widen really the competitive advantage versus our competition.

首先，我認為我們在EVO Advantage計畫方面持續看到進展。我們在第一季宣布了該計畫。我們在第二季拿到北美的第一筆訂單，這與我們的預期一致。我們將其視為一個機會，能夠持續推動動能，更新我們在全球的既有裝機基礎，尤其是在北美，透過燃油效率為客戶提供我所稱的更多價值，並真正推動、我認為，為客戶帶來更大且更好的價值成果。因此，我們持續擴大在燃油效率上能為客戶帶來的價值，並持續保持領先，進一步拉大相較於競爭對手的競爭優勢。

So positive from that perspective.

從那個角度來看是相當正面的。

And you said first order in 2Q? So just to be clear, the $1.3 billion in orders you received later last year, that was not for the EVO Advantage. The order conversion for this product is still mostly ahead?

而你說第二季有第一筆訂單？所以確認一下，你們去年較晚收到的13億美元訂單，那不是針對EVO Advantage。這個產品的訂單轉換目前仍然大多是提前的嗎？

Exactly, that's correct.

沒錯，正是如此。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Rafael, you just touched on some of the fuel savings, but just given the global uncertainty around diesel, could you remind us of the kind of the fuel economy savings on mods and new? And then just how do your customers react to that? Do we have to see elevated prices for a year, and then they think about doing more mods? Do they park older locos and run newer ones? Is there any impact from your business from diesel spiking now?

Rafael，你剛提到一些燃油節省，但考量到全球對柴油的不確定性，你能否提醒我們改裝與新機型大概能省多少油？然後客戶對此的反應如何？我們是否需要看到高油價維持一年，之後他們才會考慮做更多改裝？他們會停放較舊的機車、改跑較新的嗎？目前柴油飆升對你們業務有任何影響嗎？

So let me start at a high level. The short answer is we're much more efficient on moving goods through rail than by road. And I mean, that's favorable to the overall business as we see it, and I think that drives positive dynamics. When we look at it specifically in North America, I think some of the comments I'll make is, I mean, you're seeing some of that movement of Freight going into rail. I think that has translated into, I'll call, more visibly in our flow businesses, especially in Freight, but we've seen that with especially parts.

我先從較高層次說起。簡短的答案是：相較於公路運輸，我們透過鐵路運送貨物的效率高得多。我的意思是，從我們的觀點來看，這對整體業務是有利的，我認為這會帶來正向的動態。具體看北美，我想我會說的是，你確實看到部分貨運正在轉向鐵路。我認為這已轉化為——我稱之為——在我們的流量型業務中更為明顯，尤其是在貨運方面，但我們也在零件業務上看到這點。

With that, we have not seen, yet, any, I'll call it, shift on demand for mods or new units on that. It's remained consistent with the demand as we have described before. But fuel prices up, it's a positive for the overall business.

在此情況下，我們目前尚未看到——我稱之為——需求轉向改裝或新機組的情形。其需求仍與我們先前描述的一致。但燃油價格上升，對整體業務是正面的。

Perfect, and then just in your last question, you touched on EVO orders. Are people still doing work on mods on older FDLs as well? I mean -- or are they kind of waiting for EVO to be exciting? And I'll stop there.

很好，然後在你上一題中你提到EVO訂單。大家也仍在對較舊的FDL做改裝嗎？我的意思是——還是他們有點在等EVO更有吸引力？我就問到這裡。

Yes, they are. I think this is twofold. And keep in mind, it's not just a function of North America. It's a function of international as well. These programs drive, I'll call it, an average 5-plus percent advantage point on the fuel side, so very significant returns for our customers, but it's very customer dependent.

是的，他們有。我認為這有兩個面向。而且請記住，這不只是北美的因素。也包含國際市場的因素。這些方案在燃油面通常可帶來我稱之為平均5%以上的優勢點，對客戶而言回報非常可觀，但也非常取決於客戶情況。

You've got to look at the application. You've got to look at how they run their fleets. But this is a program that's going to advance our ability to continue to modernize the fleets, and that's how we think about it. It's to continue to drive replacement, continue to drive modernization in that context. Early days on EVO mods, but it's good to see the first order here in the second quarter.

你必須看其應用情境。你必須看他們如何運行其車隊。但這是一個能提升我們持續推動車隊現代化能力的方案，而這就是我們的思考方式。也就是在這個脈絡下持續推動汰換、持續推動現代化。EVO改裝仍在早期階段，但很高興在第二季看到第一筆訂單。

Ben Mohr, Citigroup.

Ben Mohr，花旗集團。

Hi. Good morning, Rafael, John, Kyra. Thanks for taking my questions. Congrats on the quarter and the raise. Just wanted to continue on Ken's and Scott's questions there on revenue-related backlog. Your -- midpoint of your revenue guide raise of up 1%, can you help us parse out how much of that is related to the rail volume strength in North America rails in 2Q that could help generate non-backlog revenue? You got your 2Q organic revenue up 8.5%. It sounds like you're guiding to second half organic revenue being roughly closer to mid-single digits.

嗨。早安，Rafael、John、Kyra。謝謝回答我的問題。恭喜本季表現以及上調指引。我想延續Ken和Scott剛才關於與營收相關的在手訂單（backlog）問題。你們把營收指引上調的中位數約為+1%，能否協助我們拆解其中有多少與北美鐵路第二季運量強勁、可帶來非在手訂單營收（non-backlog revenue）有關？你們第二季有機營收成長8.5%。聽起來你們指引下半年有機營收大致會更接近中個位數成長。

How much are you embedding continued rail volume strength to generate non-backlog revenue in the second half? Is it assuming the up 4% carloads is still there? Or is it more bringing that down to flattish and anything above could be upside?

你們在下半年嵌入了多少持續的鐵路運量強勁，以產生非在手訂單營收？是假設車載量（carloads）仍維持+4%嗎？還是把它下修到大致持平，而任何高於此的表現都可能成為上行空間？

Yes. So going back to -- when we look at the revenue raise of the $110 million is largely driven by the flow business. And Ben, as we've talked about, about 30% of our business is flow, 70% is backed up by long-term agreements. And so that's really just executing against the orders that we have. So where we've seen the growth is coming strictly from that.

是的。回到——當我們看營收上調1.10億美元時，主要是由流量型業務所帶動。Ben，如同我們討論過的，我們約30%的業務是流量型，70%由長期協議所支撐。因此這基本上就是執行我們已取得的訂單。所以我們看到的成長完全是來自那一塊。

And as I mentioned, it's coming from two places. One is on the Freight side, and that is driven by that increase that we saw in the first half. Overall, carloads were up about just shy of 3% on the half, 4% on the second quarter. So what we've done is we've looked at that and held what we're seeing in the second quarter throughout the back half. And looking at the revenue that's behind us, driven by the flow business in the second quarter and adding on what we believe is a similar run rate in the second half, and that's delivering the $110 million of additional benefit.

如我提到的，它來自兩個地方。其一是貨運端，而這是由我們在上半年看到的增幅所驅動。整體而言，上半年車載量成長約略低於3%，第二季成長4%。因此我們的作法是，將第二季所看到的水準維持到下半年。再把已經發生的營收——由第二季流量型業務所帶動——加上我們認為下半年會有類似的運行率（run rate），這就帶來額外1.10億美元的效益。

I appreciate that. That is very helpful. And then maybe looking further ahead, can I just ask -- and congrats on this $1 billion Australia order. It seems like it's across equipment and services and other segments as well. Has that entered into your 2Q backlog?

了解，謝謝。這非常有幫助。再往前看一點，我想請問——也恭喜拿下澳洲這筆10億美元訂單。看起來涵蓋設備、服務以及其他事業部門。這筆是否已納入你們第二季的在手訂單（backlog）？

And then related to that -- it has. Great. Related to that, are you still looking ahead in one- to two-year negotiations with some of those regions? I'll quickly list them out, Australia, East Asia, Uzbekistan, Mongolia, Pakistan, Brazil, parts of Africa. Are you still excited about potential orders from these in upcoming quarters where you're still in one- to two-year negotiations?

以及與此相關——是的，已納入。很好。與此相關，你們是否仍在與其中一些地區進行為期一到兩年的談判、展望未來？我快速列一下：澳洲、東亞、烏茲別克、蒙古、巴基斯坦、巴西、非洲部分地區。你們是否仍對未來幾季可能來自這些地區的潛在訂單感到興奮，且目前仍處於一到兩年的談判中？

Very much, and that's why I mentioned really continued strength in the pipeline of opportunities. I feel like we've been talking about Australia for more than a couple of quarters. It has materialized. We're continuing to progress. Those international deals can take a bit longer than you'd normally see.

非常是的，這也是我提到機會管線（pipeline）持續強勁的原因。我覺得我們談澳洲已經不只幾個季度了。它已經實現了。我們仍在持續推進。這些國際交易通常會比你一般看到的需要更長時間。

We feel very strong about more than a couple of significant deals happening here in the second half of the year, and they're exactly tied to what you described there. And they're meaningful in that context. So pipeline remains strong, and I think it's providing us stronger and stronger coverage as we look at the years ahead for Wabtec.

我們對於今年下半年會有不只幾筆重要交易落地感到非常有信心，而且正如你剛描述的那些地區所對應。在那個脈絡下，它們都很有份量。所以機會管線仍然強勁，我認為這也讓我們在展望Wabtec未來幾年時，獲得愈來愈強的覆蓋度（coverage）。

Fantastic. Thanks for the time and insights, as always.

太棒了。一如既往，感謝你撥冗並分享見解。

Steve Barger, KeyBanc Capital Markets.

Steve Barger，KeyBanc Capital Markets。

This is Christian Zyla on for Steve Barger. Can you just give us a sense of the current breakdown of the backlog for Freight? Is it primarily equipment and services in there? Or does it look more like the product mix for Freight? And then, I guess, just following up, which category are you seeing the most growth in the backlog?

我是代替 Steve Barger 出席的 Christian Zyla。能否請你們說明一下目前貨運（Freight）積壓訂單（backlog）的構成比例？主要是設備與服務嗎？還是更像貨運（Freight）的產品組合？另外追問一下，你們看到積壓訂單中哪一類別的成長最多？

Christian, the backlog would be made up of more of the equipment side. They've got long lead times and not so much on the flow stuff. That doesn't fall into our 12 -- it doesn't fall into the 12 or the multiyear backlog because it's more of a turn product. And again, about 70% of our revenue falls into that backlog category, either 12 or the multiyear, but it is predominantly on the longer lead time equipment.

Christian，積壓訂單主要會由設備端構成。因為它們交期較長，而不是那些流量型（flow）的項目。那類不會納入我們的 12——也不會納入 12 個月或多年期積壓訂單，因為那更偏向周轉型產品。再重申一次，我們約 70% 的營收落在積壓訂單類別中，不論是 12 個月或多年期，但主要仍是交期較長的設備。

Got it. That makes sense. And then just second question, kind of switching gears on the international opportunities in the regions you talked about. Are you guys starting to see a deeper penetration for the digital offering in international? Or is it still mainly core equipment, mods, service, et cetera?

了解。這很合理。第二個問題，換個角度談你們提到的各區域國際機會。你們是否開始看到數位產品在國際市場的滲透更深？還是仍以核心設備、改裝（mods）、服務等為主？

No, we are. And I think that's a very exciting part of what we're seeing is this -- if you think about the technology and the strong momentum in digital innovation and automation, you asked specifically internationally. I mean this is -- we're seeing meaningful advancements. You saw our win on PTC 2.0. That's becoming more of a vital element of how you run the railroad internationally.

有的，我們確實看到了。我認為這是我們目前所見非常令人振奮的一部分——如果你想想技術，以及數位創新與自動化的強勁動能；你特別問到國際市場。我們正在看到實質性的進展。你也看到我們在 PTC 2.0 的得標。這正逐漸成為國際上營運鐵路方式中更關鍵的要素。

You combine that with Zero to Zero, this really brings great advantages to our customers. So significant advantages there. We're continuing to also advance versus competition. I think we mentioned about EVO Advantage. We're continuing to advance on hybrid battery program.

再結合 Zero to Zero，這確實為我們的客戶帶來很大的優勢。因此在那方面有顯著的優勢。我們也持續相對於競爭對手推進。我想我們提過 EVO Advantage。我們也持續推進混合電池（hybrid battery）計畫。

So a lot of those things are really driving, I think, significant opportunities for us to continue to win internationally.

因此，這些事情正驅動我認為相當可觀的機會，讓我們能持續在國際市場贏得更多案子。

Great. Thank you.

很好。謝謝。

Harrison Bauer, SIG.

Harrison Bauer，SIG。

Great. Thank you for taking my questions. As you've implemented some of your tariff mitigation actions, have any of those changes proven structurally beneficial enough that they're likely to remain permanent regardless of how tariff policy evolves, specifically regarding sourcing, localization, supplier diversification, stickiness of pricing processes? Thank you.

很好。謝謝讓我提問。在你們落實一些關稅緩解措施後，其中是否有任何變更在結構上已證明足夠有利，以至於不論關稅政策如何演變，都可能會永久保留——特別是就採購、在地化、供應商多元化、定價流程的黏著度而言？謝謝。

Thanks, Harrison. I would say that some are -- and some are waiting to be implemented once we see some of the shifting of tariff rates, it'll become more concrete, right? So some of these moves on the supply side. So Harrison, we talk about a 4-point plan to minimize these. One of those is working with the supply chain.

謝謝，Harrison。我會說有些是——也有些還在等待，等我們看到關稅稅率的變動更明朗後，才會更具體地推動，對吧？也就是供應端的一些調整。所以 Harrison，我們談到一個 4 點計畫來把影響降到最低。其中一點就是與供應鏈合作。

So yes, where we can, we've moved products from higher tariff areas to lower tariff in the United States. And a lot of these require a fair amount of investment to move. So there's still opportunity ahead of us once we get some stability in the overall rates before we start to change things around. But yes, some have proved to be good moves, and that would stay that way if rates change again.

所以是的，在可行之處，我們已把產品從美國境內較高關稅的來源區轉移到較低關稅的來源區。而其中許多調整需要相當程度的投資才能搬移。因此，在我們開始大幅調整之前，仍需要整體稅率先有一些穩定性，後續我們還有機會可做。但沒錯，有些已證明是好的動作；即使稅率之後再變動，也會維持那樣的配置。

Okay. Great. And maybe just to follow-up on some of the discussion regarding your mix. Within your long-term margin framework, and I know you don't separately disclose the Freight component of margin growth, but can you help us understand what the relative contributions are from operational improvements, mix and synergies from some of your recently acquired businesses and maybe just the natural maturation of your installed base toward a higher-margin aftermarket and digital revenue? And how each of those contributes to steady Freight margin expansion over time?

好的。很好。另外想追問一下關於你們組合（mix）的討論。在你們的長期毛利率架構下——我知道你們不會單獨揭露貨運（Freight）部分的毛利率成長——但能否協助我們理解：營運改善、組合、近期併購業務的綜效，以及你們已裝機基礎自然成熟、轉向較高毛利的售後市場與數位營收，這些因素各自的相對貢獻？以及它們如何隨時間推動貨運（Freight）毛利率穩步擴張？

So Harrison, number one, in terms of strictly mix, over the long term, we would expect there to be a mix headwind as we grow our mods and locos at a faster rate than the average. And Harrison, what I would like to say is there's two kinds of mix in this world. There's good mix and bad mix. And what we have here is a case of really good mix, right? Because putting these out, even at a lower margin than the average, allows for us to garner service revenue off those for the next 20 to 30 years, and the components, and certainly the modernizations that come from that.

所以 Harrison，第一，就純粹的組合而言，長期來看，當我們以高於平均的速度成長改裝（mods）與機車（locos）時，我們預期會有組合上的逆風。而 Harrison，我想說的是，這個世界上有兩種組合。有好的組合，也有不好的組合。而我們這裡其實是非常好的組合案例，對吧？因為即便這些產品的毛利率低於平均，把它們投放出去仍能讓我們在未來 20 到 30 年取得相關的服務營收，以及零組件，當然也包括由此帶來的現代化升級（modernizations）。

When we look at overall, the margin growth that we expect in our long-term plans, we've talked about 350-plus basis points of margin growth. I think the way to think about that, Harrison, is about two-third of it is going to come from the hard work that we do on managing the company's productivity and driving the company's productivity, right? And those are things such as everyday productivity and lean. We got a lot of opportunity to continue to propagate lean throughout the organization. Then there's the integration programs, which are more structural changes that are driving significant margin expansion.

從整體來看，我們在長期計畫中預期的毛利率成長，我們談過 350 個基點以上的毛利率提升。我認為可以這樣理解，Harrison：其中約三分之二將來自我們在管理公司生產力、推動公司生產力方面所做的扎實工作，對吧？這些包含日常生產力與精實（lean）。我們仍有很大機會持續把精實方法在整個組織中推廣。接著是整合計畫，這些是更結構性的變革，正推動顯著的毛利率擴張。

And then we got portfolio optimization, as getting rid of some of the things that aren't going to take us to the future that we aspire to.

另外還有投資組合優化，也就是淘汰一些無法帶領我們走向所期望未來的項目。

So that's how we see a fair amount of that 350 basis points going forward. The rest of it is on adding more value, which is recovering the cost and the inflationary aspects that we have. Most of our contracts or 60% of our revenue have long-term contracts, and they have predominantly price escalators in. And so that, along with the innovation that we're investing in, and the selectivity that we're displaying, certainly on the Transit side, would drive the extra third of that margin expansion over our time horizon.

因此，我們看待未來這 350 個基點中相當一部分會來自上述因素。其餘部分則來自於創造更多價值，也就是回收我們面臨的成本與通膨因素。我們多數合約——或約 60% 的營收——來自長期合約，且大多包含價格調整條款（price escalators）。因此，這一點再加上我們正在投入的創新，以及我們所展現的選擇性——尤其在 Transit 端——將在我們的時間範圍內，推動額外三分之一的毛利率擴張。

Jerry Revich, Wells Fargo.

Jerry Revich，Wells Fargo。

Yes, hi, good morning, everybody. Nice quarter. Rafael, I wanted to ask on service. As we've seen these really good Freight volumes this year, has your service business picked up steam? Or are you looking for the pure service part to accelerate? And then back on the mods part of the conversation, we've got obviously a product line transition here or life cycle transition here.

是的，嗨，大家早安。本季表現不錯。Rafael，我想問服務（service）方面。今年我們看到貨運（Freight）運量非常強勁，你們的服務業務是否也因此加速成長？還是你們仍在等待純服務（pure service）部分加速？另外回到改裝（mods）的討論，我們顯然正處於產品線轉換或生命週期轉換的階段。

Are we thinking about mods being down again '27 versus '26 given that FDL to EVO transition? Can you just calibrate us on that life cycle?

我們是否在考慮，鑑於從 FDL 轉換到 EVO 的過渡，'27 相較於 '26 的改裝（mods）會再次下滑？你能就那個產品生命週期幫我們校準一下嗎？

Jerry, I mean, I think we've been quite clear in terms of the benefit we've seen from the flow business, which is tied to this volume growth in North America and the unparking of locomotives. So that's a positive. It's kind of early to comment on '27 at this point. But what I'll tell you is, as we look at the balance of the year, the things we're watching are, like, if you think about upside, where it could come from, it could come from customers continuing to unpark units and sustaining that unparked fleet. So I think that's something to watch.

Jerry，我的意思是，我想我們已經相當清楚地說明了我們從流量（flow）業務中看到的效益，這與北美運量成長以及機車解除停放（unparking）有關。所以這是正面的。就目前而言，現在評論 '27 還有點早。但我可以告訴你的是，當我們看今年剩餘時間時，我們在觀察的事情包括：如果你想像上行空間可能來自哪裡，它可能來自客戶持續解除停放車輛並維持那支已解除停放的車隊。所以我認為這是值得關注的。

It could also come from -- as we continue to advance Integration 3.0 and simplification, if the productivity that we get from these initiatives materialize faster. Now we got to take into consideration the risk side, which we continue to be mindful of, well, I guess, inflation pressures, especially on the container side. We mentioned chip shortages with electronics. And we're closely watching here the North America railcar build in this context and manage through tariff-related changes. But execution remains always a key variable to watch, but it's been a positive so far.

也可能來自——隨著我們持續推進 Integration 3.0 與簡化，如果這些計畫帶來的生產力提升更快實現。現在我們也必須考量風險面，我們仍持續留意，嗯，我想是通膨壓力，尤其是在貨櫃端。我們提到電子元件的晶片短缺。在此背景下，我們也密切關注北美鐵路貨車（railcar）的建造情況，並管理與關稅相關的變動。但執行力始終是需要觀察的關鍵變數，不過到目前為止是正面的。

Okay. Super. And then can I ask on Transit, really nice margin performance. Can you just talk about out of the legacy business, excluding acquisition, where are we in terms of the proportion of backlog that's at your target margin levels? And is it fair to think about the margins in backlog as higher than what's flowing through margins through sales this year?

好的。非常好。接著我想問一下 Transit，利潤率表現非常亮眼。你能談談在傳統（legacy）業務中、排除併購影響後，我們目前在積壓訂單（backlog）中，達到你們目標利潤率水準的占比大概是多少嗎？另外，是否可以認為積壓訂單中的利潤率高於今年透過銷售認列的利潤率？

I'll start. When we think about Transit, I mean, it's great progress. Our teams are continuing to drive a lot of the actions around productivity and simplifying the operating footprints. I think we see here a clear path towards the high teen margin performance that we've described before. Mix was a positive for the quarter, and I think the other positive point here is the acquisitions.

我先說。談到 Transit，我是說，這是很大的進展。我們的團隊持續推動許多與生產力以及簡化營運據點相關的行動。我認為我們在這裡看到一條清晰的路徑，朝向我們先前描述的高十幾％（high teen）的利潤率表現。本季產品組合（mix）是正面因素，而我認為另一個正面點是併購。

The Dellner acquisition, still early days, but it's going very well. In fact, when we think about the acquisitions overall, I mean, they're on track to deliver on the synergies. And when we think about the overall dynamics, it's positive. They're ahead of plan.

Dellner 這項併購仍在早期階段，但進展非常順利。事實上，當我們看整體併購時，我是說，它們正按計畫交付協同效益（synergies）。而當我們看整體動態時，是正面的。它們優於計畫。

Tammy Zachariah, J.P. Morgan.

J.P. Morgan 的 Tammy Zachariah。

Hey, good morning. Congrats on very impressive results. I wanted to double-click on a prior question on Freight traffic because North America Freight traffic accelerated quite notably in the quarter. What are some of the factors you believe drove that? Was it driven by any specific industry? Or was it broad-based?

嗨，早安。恭喜你們交出非常亮眼的成果。我想深入追問先前關於貨運（Freight）運量的問題，因為北美貨運運量在本季加速得相當明顯。你們認為有哪些因素驅動了這點？是由任何特定產業帶動的嗎？還是屬於廣泛性成長？

And do you believe this is sustainable going forward because it's probably great news for your flow business then. So any color would be helpful.

另外，你們認為未來這是否具有可持續性？因為這對你們的流量（flow）業務來說可能是很好的消息。所以任何補充說明都會很有幫助。

Tami, I think we're certainly seeing movement into rail. And I think there's a combination of factors there which tie to the dynamics on the truck market, fuel prices being up, some still driver shortages there. And I think some of those dynamics are connected with better service in rail and I think are kind of, well, driving some positive results so far. Now that's certainly very visible in the second quarter. As I mentioned, I think we'll continue to watch that.

Tami，我想我們確實看到貨量轉向鐵路。我認為這背後有多項因素，與卡車市場的動態相關，例如燃油價格上升、以及仍存在的一些司機短缺。我認為其中一些動態也與鐵路服務改善有關，並且在某種程度上，嗯，推動了目前一些正面的結果。這在第二季特別明顯。如我所提到的，我想我們會持續觀察。

And that's where, I'd say, upside could come from. It's customers continue to unpark units and continue to sustain that level of unparked units in that context. But that's something that you need more than a couple of quarters, and that has not yet translated into any shift in terms of demand for mods or new units in North America. The demand there continues, but -- to be very consistent with how we've described before.

而我會說，上行空間可能就來自這裡。也就是客戶持續解除停放車輛，並在此背景下持續維持那樣的解除停放水準。但這需要不只一、兩個季度的時間，而且目前尚未轉化為北美對改裝（mods）或新車的需求出現任何變化。那裡的需求仍然存在，但——就如同我們先前描述的那樣，保持一致。

Understood. Thank you. That's all I have for today.

了解。謝謝。我今天就這些問題。

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

我們的問答環節到此結束。我想把電話交回給 Kyra Yates，請她做任何結語。

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

謝謝你，Bailey，也謝謝各位今天的參與。我們期待在下個季度再次與各位交流。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議現在結束。感謝各位出席今天的簡報。您現在可以斷線。