Woodward Inc (WWD) 2024 Q4 法說會逐字稿

Thank you for standing by. Welcome to the Woodward Inc fourth quarter and fiscal year 2024 earnings call. At this time, I would like to inform you that this call is being recorded for rebroadcast (Operator Instructions) Joining us today from the company are Chip Blankenship, Chairman and Chief Executive Officer; Bill Lacey, Chief Financial Officer; and Dan Provasnik, Director of Investor Relations.

謝謝你的支持。歡迎參加伍德沃德公司第四季和 2024 財年財報電話會議。此時，我想通知您，本次通話正在錄音以便重播（操作員指令） 今天加入我們公司的是董事長兼首席執行官 Chip Blankenship；比爾‧萊西，財務長；和投資者關係總監 Dan Provasnik。

I would now like to turn the call over to Dan Provasnik.

我現在想把電話轉給 Dan Provasnik。

Thank you, operator. We'd like to welcome all of you to Woodward's Q4 fiscal year 2024 earnings call. In today's call, Chip will comment on our strategies and related markets. Bill will then discuss our financial results as outlined in our earnings release. And at the end of our presentation, we will take questions.

謝謝你，接線生。我們歡迎大家參加伍德沃德 2024 財年第四季的財報電話會議。在今天的電話會議中，奇普將評論我們的策略和相關市場。然後，比爾將討論我們在收益發布中概述的財務表現。在演示結束時，我們將回答問題。

For those who have not seen today's earnings release, you can find it on our website at woodward.com. We have included some presentation materials to go along with today's call that are also accessible on our website. A webcast of this call will be available on our website for one year. All references to years in this call are references to the company's fiscal year unless otherwise stated. I would like to highlight our cautionary statement as shown on slide 2 of the presentation materials.

對於那些沒有看到今天的收益發布的人，您可以在我們的網站 woodward.com 上找到它。我們在今天的電話會議中提供了一些演示材料，這些材料也可以在我們的網站上訪問。本次電話會議的網路廣播將在我們的網站上提供一年。除非另有說明，本次電話會議中所有提及的年份均指本公司的財政年度。我想強調我們的警告聲明，如簡報資料投影片 2 所示。

As always, elements of this presentation are forward-looking, including our guidance and are based on our current outlook and assumptions for the global economy and our businesses more specifically. Those elements can and do frequently change. Our forward-looking statements are subject to a number of risks and uncertainties surrounding those elements, including the risks we identify in our filings with the SEC.

與往常一樣，本簡報的內容具有前瞻性，包括我們的指導，並基於我們目前對全球經濟和更具體的業務的展望和假設。這些元素可以而且確實經常發生變化。我們的前瞻性陳述受到圍繞這些因素的許多風險和不確定性的影響，包括我們在向 SEC 提交的文件中確定的風險。

These statements are made as of today, and we do not intend to update them except as required by law. In addition, we are providing certain non-US GAAP financial measures. We direct your attention to the reconciliations of non-US GAAP financial measures, which are included in today's slide presentation and our earnings release.

這些聲明是截至今天的聲明，除非法律要求，否則我們不打算更新它們。此外，我們也提供某些非美國公認會計準則財務指標。我們請您注意非美國公認會計準則財務指標的調節表，這些指標包含在今天的投影片簡報和我們的收益發布中。

We believe this additional financial information will help in understanding our results. Now, I'll turn the call over to Chip.

我們相信這些額外的財務資訊將有助於理解我們的結果。現在，我將把電話轉給奇普。

Thanks, Dan, and thank you all for joining us today. 2024 was a remarkable year for Woodward. Our team continues to make significant progress, guided by our values and motivated by our purpose to design and deliver energy control systems that our partners count on to power a clean future. Our members' dedication to serving customers and meeting our commitments to all stakeholders drove record performance in a number of areas. Annual revenue exceeded $3 billion for the first time, which was the result of strong performance in both of our segments.

謝謝丹，也謝謝大家今天加入我們。 2024 年對伍德沃德來說是非凡的一年。我們的團隊以我們的價值觀為指導，以設計和提供能源控制系統為目標，不斷取得重大進展，我們的合作夥伴依靠這些系統來為清潔的未來提供動力。我們的成員致力於服務客戶並履行我們對所有利害關係人的承諾，推動了許多領域的創紀錄績效。年收入首次超過 30 億美元，這是我們兩個細分市場強勁表現的結果。

Aerospace sales increased approximately 15% to record levels and margins expanded approximately 260 basis points. In Industrial, we also achieved record sales, boosted by elevated sales in our China on highway product line and continued strong performance from the rest of our industrial business. As a result, we delivered an all-time high earnings per share and free cash flow increased by more than $100 million compared to the prior year.

航太銷售額成長約 15%，達到創紀錄水平，利潤率擴大約 260 個基點。在工業領域，我們也實現了創紀錄的銷售額，這得益於我們在中國公路產品線銷售額的成長以及我們其他工業業務的持續強勁表現。結果，我們實現了歷史最高的每股收益，自由現金流比前一年增加了 1 億多美元。

Now I'd like to highlight some noteworthy achievements from 2024 in each of our value driver pillars of growth, operational excellence, and innovation. Starting with growth, we delivered on strong demand across our end markets.

現在，我想重點介紹 2024 年以來我們在成長、卓越營運和創新等價值驅動支柱方面取得的一些值得注意的成就。從成長開始，我們滿足了終端市場的強勁需求。

In Aerospace, with an unusual combination of localized demand uncertainty and continued supply chain challenges, our team remained agile and adapted to changing conditions. The fact that we have significant content on commercial and defense growth programs, coupled with an extensive installed base, has allowed us to navigate the external forces and mitigate impacts to our business and members.

在航空航太領域，由於本地需求的不確定性和持續的供應鏈挑戰的不同尋常的結合，我們的團隊保持敏捷並適應不斷變化的條件。事實上，我們在商業和國防成長計劃方面擁有大量內容，加上廣泛的安裝基礎，使我們能夠駕馭外部力量並減輕對我們的業務和成員的影響。

As we move into 2025, we are ready for anticipated service growth from LEAP and GTF engines. In September, we celebrated the completion of our Loves Park transformation, which created a cutting-edge facility featuring advanced MRO services infrastructure, including new testing capabilities. We are also working with customers to support their growth. For example, earlier in the year, we announced new MRO agreements with Lufthansa Technik, Alliance Airlines and Turkish Technik.

進入 2025 年，我們已準備好迎接 LEAP 和 GTF 引擎的預期服務成長。9 月，我們慶祝了 Loves Park 改造的完成，該改造創建了一個尖端設施，擁有先進的 MRO 服務基礎設施，包括新的測試能力。我們也與客戶合作，支持他們的成長。例如，今年早些時候，我們宣布與 Lufthansa Technik、Alliance Airlines 和 Turkey Technik 簽訂新的 MRO 協議。

In our Industrial segment, our diversified portfolio delivered strong results. We are preparing for continued industrial growth in specific applications and prioritized product lines. We recently broke ground on an expansion to our Glatten facility, which will increase capacity and streamline flow in multiple value streams to deliver growth in power generation and marine transportation markets. We've also set a clear strategy to expand our industrial service offerings.

在我們的工業領域，我們的多元化投資組合取得了強勁的表現。我們正在為特定應用和優先產品線的持續工業成長做好準備。我們最近對 Glatten 工廠進行了擴建，這將增加產能並簡化多個價值流的流程，從而促進發電和海運市場的成長。我們也制定了明確的策略來擴大我們的工業服務產品。

We are deploying repair, overhaul, and upgrade capability regionally to better serve customers around the globe. The Woodward control systems installed base is extensive and we intend to make it easier for our customers to access OEM service with Woodward. In addition, we continue to make progress on our product portfolio rationalization.

我們正在區域內部署維修、大修和升級能力，以更好地服務全球客戶。伍德沃德控制系統安裝基礎廣泛，我們打算讓我們的客戶更輕鬆地獲得伍德沃德的 OEM 服務。此外，我們在產品組合合理化方面繼續取得進展。

As previously announced, we signed a definitive agreement to sell a combustion component fabrication product line and all related assets in our Greenville facility to GE Vernova. This targeted disposition is good for our customer and our members and is consistent with our strategy to focus our resources on product lines that provide the best return for shareholders.

正如先前宣布的那樣，我們簽署了一項最終協議，將格林維爾工廠的燃燒部件製造產品線和所有相關資產出售給 GE Vernova。這種有針對性的配置有利於我們的客戶和我們的會員，並且符合我們將資源集中在為股東提供最佳回報的產品線上的策略。

We are exiting the small product line that was dilutive to industrial earnings. In turn, we are focused on our industrial gas turbine offerings with greater Woodward intellectual property and profitability such as liquid and gas fuel metering systems as well as prime mover and power plant control systems for both heavy duty and aeroderivative gas turbines.

我們正在退出稀釋工業收益的小型產品線。反過來，我們專注於具有更大伍德沃德知識產權和盈利能力的工業燃氣渦輪機產品，例如液體和氣體燃料計量系統以及重型和航改燃氣渦輪機的原動機和發電廠控制系統。

Turning to operational excellence, the safety and well-being of our members is my number one priority and that of our management team each and every day. In 2024, we implemented human organizational performance or HOP across several of our sites. We've seen a notable increase in workforce engagement and proactive measures taken.

談到卓越運營，我們會員的安全和福祉是我和我們管理團隊每天的首要任務。2024 年，我們在多個站點實施了人力組織績效 (HOP)。我們看到員工敬業度顯著提高，並採取了積極主動的措施。

We plan to roll out HOP across the rest of our sites in 2025 and 2026. HOP also supports our focus on quality by encouraging anyone to raise their hand if they see an issue and feel welcome to contribute to the solution. Moreover, it is an error reduction methodology as well as a way to add layers of protection so that human error does not lead to an unacceptable impact on personnel safety or product quality.

我們計劃於 2025 年和 2026 年在我們的其他站點推出 HOP。HOP 還鼓勵任何人在發現問題並歡迎為解決方案做出貢獻時舉手，以支持我們對品質的關注。此外，它是一種減少錯誤的方法，也是一種增加保護層的方法，以便人為錯誤不會對人員安全或產品品質造成不可接受的影響。

Over the past year, we have accelerated our automation journey. Automation will enable future growth while improving safety and quality. From a workforce development standpoint, this approach allows us to mitigate the impacts of attrition and transition members to more value add, higher skilled work. We're seeing early positive results.

在過去的一年裡，我們加速了自動化之旅。自動化將促進未來的成長，同時提高安全性和品質。從勞動力發展的角度來看，這種方法使我們能夠減輕人員流失的影響，並將成員過渡到更具附加價值、更高技能的工作。我們看到了早期的正面成果。

We continue to make progress on our supplier simplification program. We're focused on working with our strategic suppliers to reduce complexity, improve alignment, and provide better demand signals. In addition, our rapid response machine centers continue to provide flexibility by alleviating supplier capacity issues and internal bottlenecks.

我們繼續在供應商簡化計劃方面取得進展。我們專注於與策略供應商合作，以降低複雜性、改善一致性並提供更好的需求訊號。此外，我們的快速反應機器中心繼續透過緩解供應商產能問題和內部瓶頸來提供靈活性。

In 2025, we are focused on continuing our lien transformation and our quest to achieve predictable and consistent operating results. Lastly, we've made great progress on our innovation value driver. We are focused on innovation to solve customer challenges and we're helping them achieve their future goals, whether it's related to technology stocking for the next single aisle aircraft or for the energy transition. In aerospace, we are prioritizing technical maturity to achieve share growth for the next single aisle aircraft.

2025 年，我們的重點是繼續留置權轉型，並尋求實現可預測且一致的經營成果。最後，我們在創新價值驅動方面取得了巨大進展。我們專注於創新來解決客戶的挑戰，我們正在幫助他們實現未來的目標，無論是與下一代單通道飛機的技術儲備還是能源轉型相關。在航空航太領域，我們優先考慮技術成熟度，以實現下一代單通道飛機的份額成長。

In July, we announced that Woodward was selected to provide rotary actuation solutions for the NASA and Boeing transonic truss braced wing X-66A demonstrator. In addition, we were selected to provide the trim control panel for JetZero's blended wing body demonstrator.

7 月，我們宣布伍德沃德被選中為 NASA 和波音跨音速桁架支撐翼 X-66A 演示機提供旋轉驅動解決方案。此外，我們也被選中為 JetZero 的混合翼身演示機提供配平控制面板。

Last year, we completed a significant construction project at our Stuttgart Engineering Center to conduct hydrogen fuel cell component testing as part of our investment to design and deliver components for the Airbus 0E demonstrator. This work has potential for applications in both aerospace and industrial end markets. All of these accomplishments position Woodward to be competitive for decades and to deliver long term shareholder value.

去年，我們在斯圖加特工程中心完成了一項重要的建設項目，以進行氫燃料電池組件測試，作為我們為空中巴士 0E 演示機設計和交付組件的投資的一部分。這項工作在航空航太和工業終端市場都有應用潛力。所有這些成就使伍德沃德在數十年中保持競爭力並提供長期股東價值。

Moving to our markets. In aerospace, strong commercial passenger traffic continues. While market demand remains strong, industry supply chain challenges persist impacting build rates and creating further operational uncertainty for 2025.

轉向我們的市場。在航空航太領域，商業客運量持續強勁。儘管市場需求仍然強勁，但產業供應鏈挑戰持續影響建造速度，並為 2025 年帶來進一步的營運不確定性。

Our direct sales to Boeing have been negatively impacted by the work stoppage. And we responded by temporarily shutting down related production lines and redeploying resources to other areas. We're working closely with Boeing and remain poised to meet their future demand signals.

我們對波音的直接銷售受到停工的負面影響。我們的應對措施是暫時關閉相關生產線，並將資源重新部署到其他地區。我們正在與波音公司密切合作，並隨時準備滿足他們未來的需求訊號。

Engine manufacturers are continuing to pull at a steady rate and conversations have indicated no changes in the near term. This is reflected in our 2025 guidance that Bill will speak to later.

引擎製造商繼續以穩定的速度拉動，並且談話表明短期內沒有變化。這反映在我們的 2025 年指導中，比爾稍後會談到。

Aerospace aftermarket activity remains healthy due to high utilization rates on legacy aircraft and engines resulting in higher shop visit rates for longer and due to delays in new aircraft deliveries, heavier work scopes have been implemented for each of the relevant legacy engines.

航空航太售後市場活動保持健康，因為傳統飛機和發動機的利用率很高，從而導致更長時間內更高的車間訪問率，並且由於新飛機交付的延遲，每個相關的傳統發動機都實施了更繁重的工作範圍。

In defense, geopolitical developments continue to drive demand for defense products. Suppliers are actively scaling operations, and we remain well positioned to capture these growth opportunities. We are expecting strong growth across our defense portfolio in 2025, including a significant increase in smart defense production and additional order activity which will more than satisfy the remaining open lots.

在國防方面，地緣政治的發展繼續推動對國防產品的需求。供應商正在積極擴大業務規模，而我們仍處於有利地位以抓住這些成長機會。我們預計 2025 年我們的國防產品組合將強勁成長，包括智慧國防生產的顯著增加和額外的訂單活動，這將遠遠滿足剩餘的空置地段。

The current lots are at legacy pricing levels and Woodward will continue to experience compressed margins due to supplier price increases for future lots. We have substantiated our increased costs and anticipate improved margins from new pricing in late 2025 or early 2026 depending on delivery rates.

目前的批次仍處於傳統定價水平，由於未來批次的供應商價格上漲，伍德沃德將繼續遭受利潤壓縮。我們已經證實了成本的增加，並預計 2025 年末或 2026 年初的新定價將提高利潤率，具體取決於交付率。

Turning to industrial. Global demand for power generation remains robust. Investment in gas fired power generation is increasing for both primary and backup power to enhance grid stability and support the expansion of renewable energy. Additionally, demand for data center power is forecast to grow sharply driven by increasing AI and other computing demands.

轉向工業。全球發電需求依然強勁。主要和備用電源的燃氣發電投資都在增加，以增強電網穩定性並支持再生能源的擴張。此外，由於人工智慧和其他運算需求的增加，預計對資料中心電力的需求將急劇增長。

Woodward is well positioned to capture this opportunity which includes control, actuation, and fuel metering systems for both baseload natural gas and backup diesel applications. In transportation, the global marine market remains healthy. Elevated ship build rates support strong OEM engine demand and future aftermarket opportunities. In the meantime, high utilization rates are driving current aftermarket activity.

伍德沃德完全有能力抓住這一機遇，其中包括用於基本負載天然氣和備用柴油應用的控制、驅動和燃料計量系統。在運輸方面，全球海運市場保持健康。造船率的提高支持了強勁的 OEM 引擎需求和未來的售後市場機會。同時，高利用率正在推動當前的售後市場活動。

Demand for alternative fuels across the marine industry continues to grow, which validates our R&D investments as multifuel engines feature higher Woodward content and we are currently enjoying a return on these investments with new engine and service kits currently in production. Demand for heavy duty trucks in China declined in the fourth quarter as production remains at low level due to local economic challenges.

整個船舶行業對替代燃料的需求持續增長，這驗證了我們的研發投資，因為多燃料發動機具有更高的伍德沃德含量，並且我們目前正在通過目前正在生產的新發動機和服務套件享受這些投資的回報。由於當地經濟挑戰，產量仍處於低水平，第四季度中國重型卡車的需求下降。

In 2024, Woodward saw a material decline in sales from the first half to the second half of the year due to elevated inventory levels at our customers. Since we last communicated, we now believe deteriorating local economic health and narrowing fuel price spread will negatively impact our China on highway sales more than previously thought. As we have communicated in the past, demand is particularly volatile for this product line and we have limited visibility into future orders. Bill will discuss more about Woodward's outlook for China on highway in his section.

2024 年，由於客戶庫存水準升高，伍德沃德上半年至下半年的銷售額大幅下降。自從我們上次溝通以來，我們現在認為當地經濟健康狀況惡化和燃油價差縮小將對中國公路銷售產生比之前想像的更大的負面影響。正如我們過去所傳達的那樣，該產品線的需求特別不穩定，我們對未來訂單的了解有限。比爾將在他的部分中更多地討論伍德沃德對中國高速公路的展望。

In oil and gas, efficiency improvements and low commodity prices are impacting upstream services in the US. Positive sentiment in the space is driven by continued investment in refining and petrochemical activities in China, the Middle East, and India.

在石油和天然氣領域，效率提高和大宗商品價格低廉正在影響美國的上游服務。中國、中東和印度對煉油和石化活動的持續投資推動了該領域的積極情緒。

In summary, we are pleased with our 2024 performance and the progress we've made on innovation, stabilizing supply chains, enhancing operations, and positioning ourselves for sustainable growth. Both our strategy and execution are driving meaningful results. We expect solid momentum well into 2025 and beyond.

總而言之，我們對 2024 年的業績以及在創新、穩定供應鏈、加強營運以及為永續成長做好準備方面取得的進展感到滿意。我們的策略和執行都在推動有意義的成果。我們預計 2025 年及以後仍將保持強勁勢頭。

I want to thank all Woodward members for their hard work, dedication, and commitment to delivering value to our customers. As we looked at 2025, we remain focused on profitable growth, operational excellence and innovation. This is how we will maximize shareholder value.

我要感謝所有伍德沃德成員的辛勤工作、奉獻精神以及為客戶提供價值的承諾。展望 2025 年，我們仍專注於獲利成長、卓越營運和創新。這就是我們最大化股東價值的方式。

And now I will turn it over to bill who will share more detail around our 2024 financial performance and 2025 guidance bill.

現在我將把它交給 Bill，他將分享有關我們 2024 年財務表現和 2025 年指導法案的更多細節。

Thank you, Chip, and Good afternoon, everyone. As a reminder, all references to years are references to the company's fiscal year unless otherwise stated and all comparisons are year over year unless otherwise stated. Net sales for the fourth quarter of 2024 were $855 million, an increase of 10%. Net sales for 2024 were $3.32 billion, an increase of 14%. Total Woodward sales for both the fourth quarter and full year 2024 were the highest on record.

謝謝奇普，大家下午好。提醒一下，除非另有說明，所有對年份的引用均指公司的財政年度，並且除非另有說明，所有比較都是逐年進行的。2024年第四季淨銷售額為8.55億美元，成長10%。2024 年淨銷售額為 33.2 億美元，成長 14%。伍德沃德 2024 年第四季和全年的總銷售額均創下歷史新高。

Earnings per share for the fourth quarter of 2024 were $1.36 compared to $1.33. Adjusted earnings per share for the fourth quarter of 2024 were $1.41. There were no adjustments to earnings in the prior year quarter. For 2024, earnings per share and adjusted earnings per share were $6.01 and $6.11 respectively. Compared to earnings per share in adjusted earnings per share of $3.78 and $4.21 respectively.

2024 年第四季每股收益為 1.36 美元，去年同期為 1.33 美元。 2024 年第四季調整後每股收益為 1.41 美元。去年同期的獲利並沒有調整。2024 年，每股盈餘和調整後每股盈餘分別為 6.01 美元和 6.11 美元。調整後每股收益分別為 3.78 美元和 4.21 美元。

Aerospace segment sales for the fourth quarter of 2024 were $553 million compared to $455 million, an increase of 22% commercial OEM and aftermarket sales were up 16% and 22% respectively. Defense OEM sales were up 40% in defense aftermarket sales were up 7%.

2024 年第四季航空航天部門銷售額為 5.53 億美元，較 4.55 億美元成長 22%，商業 OEM 和售後市場銷售額分別成長 16% 和 22%。國防 OEM 銷售額成長 40%，國防售後市場銷售成長 7%。

Aerospace segment earnings for the fourth quarter of 2024 were $106 million or 19.2% of segment sales compared to $78 million or 17.2% of segment sales. The increase in segment earnings was primarily a result of price realization in higher volume, partially offset by inflation. For 2024, aerospace segment sales were $2.03 billion compared to $1.77 billion for the prior year, an increase of 15%.

2024 年第四季航空航天部門的營收為 1.06 億美元，佔該部門銷售額的 19.2%，而該數字為 7,800 萬美元，佔該部門銷售額的 17.2%。部門獲利的成長主要是由於價格實現量增加，部分被通貨膨脹抵銷。2024 年，航空航太領域銷售額為 20.3 億美元，較前一年的 17.7 億美元成長 15%。

Aerospace segment earnings for 2024 were $385 million or 19% of segment sales compared to $290 million or 16.4% of segment sales for the prior year. Turning to industrial. Industrial segment sales for the fourth quarter of 2024 were $302 million compared to $322 million, a decrease of 6%. Transportation was down 19% primarily due to decline in China on highway sales which we had anticipated. Power generation was up 4% and oil and gas was up 12%.

2024 年航空航天部門營收為 3.85 億美元，佔部門銷售額的 19%，而前一年為 2.9 億美元，佔部門銷售額的 16.4%。轉向工業。2024 年第四季工業部門銷售額為 3.02 億美元，較 3.22 億美元下降 6%。交通運輸下降 19%，主要是因為我們預期中國公路銷售下降。發電量成長 4%，石油和天然氣成長 12%。

China highway sales were $22 million in the fourth quarter including revenue associated with the reversal of an unearned volume rebate. As chip mentioned, we expect continued pressure on China on highway sales due to the deteriorating local economy and the narrowing natural gas to diesel spread.

第四季中國高速公路銷售額為 2,200 萬美元，其中包括與取消不勞而獲的交通量回扣相關的收入。正如 Chip 所提到的，由於當地經濟惡化以及天然氣與柴油價差縮小，我們預計中國公路銷售將繼續面臨壓力。

We believe these conditions have prolonged the destocking efforts of our customers. While full year China and highway sales were approximately 70% higher than the prior year, the fourth quarter was lower than the same period in 2023. These fluctuations that we saw in 2024 clearly demonstrate both the volatility and limited visibility in this business.

我們相信這些情況延長了客戶去庫存的努力。雖然全年中國和高速公路銷售額比上年增長約 70%，但第四季低於 2023 年同期。我們在 2024 年看到的這些波動清楚地表明了該業務的波動性和可見性有限。

We now expect China on highway sales in 2025 to be approximately $40 million. We anticipate first quarter sales to be approximately $5 million. As a reminder, quarterly sales below approximately $15 million will result in negative margins for this business.

我們現在預計 2025 年中國公路銷售額約為 4,000 萬美元。我們預計第一季銷售額約為 500 萬美元。提醒一下，季度銷售額低於約 1500 萬美元將導致該業務的利潤率為負。

Industrial segment earnings for the fourth quarter of 2024 were $38 million or 12.6% of segment sales compared to $54 million or 16.9% of segment sales. Industrial earnings for the quarter decrease primarily due to lower China on highway volume and unfavorable mix which was partially offset by price realization. Margin for our core industrial business, which is our industrial business other than China on highway, we're approximately 12% in the fourth quarter which is lower than the approximate 14% run rate we achieved in recent quarters.

2024 年第四季工業部門收益為 3,800 萬美元，佔部門銷售額的 12.6%，而同期為 5,400 萬美元，佔部門銷售額的 16.9%。本季工業獲利下降主要是由於中國公路運輸量下降和不利的組合，但部分被價格實現所抵消。我們的核心工業業務（即中國以外的高速公路工業業務）的利潤率在第四季度約為 12%，低於我們最近幾季實現的約 14% 的運作率。

The sequential decrease was due mainly to unfavorable mix including a temporary shift of production capacity to satisfy OEM customer requirements. Due to the rebate reversal I previously mentioned, China on highway margins were accretive in the quarter. For 2024, industrial segment sales were a record $1.3 billion compared to $1.15 billion for the prior year, an increase of 13%.

環比下降主要是由於不利的組合，包括臨時轉移產能以滿足 OEM 客戶的需求。由於我之前提到的回扣逆轉，中國的高速公路利潤在本季有所增加。2024 年，工業部門銷售額達到創紀錄的 13 億美元，較前一年的 11.5 億美元成長 13%。

Industrial segment earnings for 2024 were $230 million or 17.7% of segment sales compared to $162 million or 14.1% of segment sales for the prior year, with core industrial margins showing approximately 200 basis points of improvement year over year. Non-segment expenses were $31 million for the fourth quarter of 2024 compared to $24 million. Adjusted non segment expenses were $27 million in the fourth quarter. There were no adjustments to non segment expenses in the prior year period.

2024 年工業部門獲利為 2.3 億美元，佔部門銷售額的 17.7%，而前一年為 1.62 億美元，佔部門銷售額的 14.1%，核心工業利潤率年增約 200 個基點。2024 年第四季的非部門支出為 3,100 萬美元，而去年同期為 2,400 萬美元。第四季調整後的非部門支出為 2,700 萬美元。上年期間非分部費用沒有調整。

Non-segment expenses were $120 million for 2024 compared to $131 million. Adjusted non-segment expenses were $112 million in 2024, compared to $96 million. At the Woodward level, R&D for the fourth quarter of 2024 was $35 million or 4.1% of sales, compared to $32 million or 4.1% of sales. For 2024, R&D costs were $141 million or 4.2% of sales compared to $132 million or 4.5% of sales.

2024 年非部門支出為 1.2 億美元，而 2024 年非部門支出為 1.31 億美元。2024 年調整後的非分部費用為 1.12 億美元，而 2024 年為 9,600 萬美元。在伍德沃德層面，2024 年第四季的研發費用為 3,500 萬美元，佔銷售額的 4.1%，而同期研發費用為 3,200 萬美元，佔銷售額的 4.1%。2024 年，研發成本為 1.41 億美元，佔銷售額的 4.2%，而這一比例為 1.32 億美元，佔銷售額的 4.5%。

SG&A for the fourth quarter of 2024 was $78 million or 9.1% of sales compared to $66 million or 8.5% of sales. In 2024, SG&A was $307 million or 9.3% of sales compared to $270 million or 9.3% of sales. The effective tax rate was 18% for the fourth quarter of 2024 compared to 15.7%.

2024 年第四季的銷售、行政管理費用為 7,800 萬美元，佔銷售額的 9.1%，而這一比例為 6,600 萬美元，佔銷售額的 8.5%。2024 年，SG&A 為 3.07 億美元，佔銷售額的 9.3%，而這一比例為 2.7 億美元，佔銷售額的 9.3%。2024 年第四季的有效稅率為 18%，而去年同期為 15.7%。

The adjusted effective tax rate for the fourth quarter was 18.4%. There were no adjustments to the effective tax rate in the prior year period. The full year effective tax rate was 17.8% for 2024 compared to 15.7%. For 2024, the adjusted effective tax rate was 18% compared to 16.8%.

第四季調整後有效稅率為18.4%。上年期間實際稅率沒有調整。2024 年全年有效稅率為 17.8%，而 2024 年為 15.7%。2024 年，調整後的有效稅率為 18%，而先前為 16.8%。

Looking at cash flows, net cash provided by operating activities for 2024 was $439 million compared to $309 million. Capital expenditures were $96 million for 2024 compared to $77 million. Free cash flow was $343 million for 2024 compared to $232 million. Adjusted free cash flow for 2024 was $348 million compared to $238 million. The increase in free cash flow and adjusted free cash flow was primarily due to increase earnings and improved working capital, partially offset by higher capital expenditures.

從現金流來看，2024 年經營活動提供的淨現金為 4.39 億美元，去年同期為 3.09 億美元。2024 年的資本支出為 9,600 萬美元，而 2024 年資本支出為 7,700 萬美元。2024 年自由現金流為 3.43 億美元，而 2024 年為 2.32 億美元。2024 年調整後自由現金流為 3.48 億美元，而 2024 年為 2.38 億美元。自由現金流和調整後自由現金流的增加主要是由於收益增加和營運資本改善，但部分被資本支出增加所抵消。

As of September 30, 2024, debt leverage was 1.4 times even EBITDA. During fiscal 2024 we returned $449 million to stockholders comprised of $58 million of dividends and $391 million of share repurchases. This includes $15 million of dividends and $86 million of share repurchases in the fourth quarter.

截至 2024 年 9 月 30 日，債務槓桿甚至是 EBITDA 的 1.4 倍。2024 財年，我們向股東返還 4.49 億美元，其中包括 5,800 萬美元的股利和 3.91 億美元的股票回購。其中包括第四季 1500 萬美元的股息和 8,600 萬美元的股票回購。

Turning to our 2025 guidance. Total net sales for 2025 are expected to be between $3.3 billion and $3.5 billion. Aerospace sales growth is expected to be 6% to 13% and segment earnings are expected to be 20% to 21% of sales. We expect total industrial sales to decline 7% to 11%. The segment earnings to be 13% to 14% of segment sales. Core industrial sales are expected to grow 3% to 7% with earnings at 14% to 15% at core sales.

轉向我們的 2025 年指導。2025 年淨銷售額總額預計將在 33 億美元至 35 億美元之間。航空航太銷售額預計將成長 6% 至 13%，部門獲利預計佔銷售額的 20% 至 21%。我們預計工業銷售總額將下降 7% 至 11%。該部門獲利佔該部門銷售額的13%至14%。核心工業銷售額預計將成長 3% 至 7%，核心銷售額收益將成長 14% 至 15%。

Due to the dynamics we expect in our industrial segment in fiscal 2025, I want to walk you through two bridges that take you from 2024 results to the midpoint of our 2025 sales and earnings per share guidance. These bridges are on slide 18 of our presentation materials. At the midpoint of our guide, aerospace sales are expected to grow $196 million or 9.7%. Core industrial sales are expected to grow $54 million or 5%.

由於我們預計 2025 財年工業部門的動態，我想引導您走過兩座橋樑，將您從 2024 年的業績帶到我們 2025 年銷售額和每股收益指導的中點。這些橋樑位於我們簡報資料的幻燈片 18 中。在我們的指南中點，航空航太銷售額預計將成長 1.96 億美元，即 9.7%。核心工業銷售額預計將成長 5,400 萬美元，即 5%。

We expect the sales growth to translate into an additional [$1.14] of earnings per share. However, we expect this growth to be offset by a significant decline in China on highway sales. Our 2025 guidance includes only $40 million of China on highway sales which would be a decline of $175 million and a $1.15 reduction in earnings per share. At the Woodward level, the effective tax rate is expected to be approximately 20%.

我們預計銷售成長將轉化為額外的每股收益 [1.14 美元]。然而，我們預計這一增長將被中國公路銷售的大幅下降所抵消。我們的 2025 年指引僅包括 4,000 萬美元的中國高速公路銷售額，這將減少 1.75 億美元，每股收益減少 1.15 美元。在伍德沃德層面，有效稅率預計約為 20%。

We expect free cash flow to be between $350 million and $400 million. Capital expenditures are expected to be approximately $150 million.

我們預計自由現金流將在 3.5 億至 4 億美元之間。資本支出預計約1.5億美元。

The investment in CapEx represents a capital allocation decision to invest in high return projects including automation and manufacturing assembly and test that has the added benefit of enabling future growth. Earnings per share is expected to be between $5.75 and $6.25 based on approximately 61.5 million fully diluted weighted average shares outstanding.

對資本支出的投資代表了一項資本分配決策，投資於高回報項目，包括自動化和製造組裝和測試，這具有促進未來成長的額外好處。根據約 6,150 萬股完全稀釋加權平均流通股計算，每股收益預計在 5.75 美元至 6.25 美元之間。

Some additional items to help you with your modeling. We expect year-over-year price realization at approximately 5%. Non-segment expenses should be about 3.3% of sales. This concludes our comments on the business and results for the fourth quarter and fiscal year 2024.

一些額外的項目可以幫助您進行建模。我們預計將年比價格實現率約為 5%。非分部費用應佔銷售額的3.3%左右。我們對第四季和 2024 財年業務和業績的評論到此結束。

Now I'd like to turn the call back to Chip for some closing comments.

現在我想把電話轉回給奇普，請他發表一些結束語。

Thanks, Bill. We enter 2025 with strong momentum. Overall, we are well positioned to capitalize on the robust demand. As Bill just mentioned, our aerospace segment is forecast to grow and expand margins and our core industrial is forecast to do the same. The only significant decline we see is China on highway and it may come back in the second half we shall see. We're on track to deliver the 2026 targets that we provided at our investor day last year.

謝謝，比爾。我們以強勁的勢頭進入 2025 年。整體而言，我們處於有利地位，可以利用強勁的需求。正如比爾剛才提到的，我們的航空航天部門預計將成長並擴大利潤率，我們的核心產業預計也會如此。我們看到的唯一顯著下降是中國的高速公路，我們將看到它可能會在下半年恢復。我們預計將實現去年投資者日提出的 2026 年目標。

Operator, we're now ready to open the call to questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Scott Mecus, Melius research.

（操作員說明）Scott Mecus，Melius 研究。

Good evening.

晚安.

Hello, Scott.

你好，斯科特。

Chip, I wanted to ask part of the investment thesis for Woodward is the chipset content gains on the LEAP and GTF relative to the predecessor programs. But Woodward doesn't have content on the CFM-five thousand six hundred and seventy seven that powers the 737 NG. Is there any reason why you couldn't provide a PMA offering for that engine even though you're typically not a PMA provider? That way you could boost your aftermarket growth?

晶片，我想問伍德沃德投資論文的一部分是 LEAP 和 GTF 相對於前代程式的晶片組內容增益。但伍德沃德沒有為 737 NG 提供動力的 CFM-5677 的內容。即使您通常不是 PMA 提供者，是否有任何原因無法為該引擎提供 PMA 產品？這樣您就可以促進售後市場的成長嗎？

So we agree with you that the investment thesis is the growth in content that we have on the LEAP and GTF and the 737 MAX and A320neo. And we're really focused on serving the content and customers that we have on the V2500 and the CFM565 and getting ready for that growth on the LEAP and GTF. We're not historically a PMA supplier. We don't want to be a PMA supplier. But even if we did, the investment in that at this juncture of the remaining life of those engines probably isn't the best use of capital. We wouldn't prioritize that amongst the other options that we have for pursuing new product introduction.

因此，我們同意您的觀點，即投資主題是我們在 LEAP 和 GTF 以及 737 MAX 和 A320neo 上的內容的成長。我們真正專注於為 V2500 和 CFM565 上的內容和客戶提供服務，並為 LEAP 和 GTF 上的成長做好準備。我們歷來不是 PMA 供應商。我們不想成為 PMA 供應商。但即使我們這樣做了，在這些引擎剩餘壽命的這個時刻進行投資可能也不是資本的最佳利用。在我們推出新產品的其他選擇中，我們不會優先考慮這一點。

Okay. That makes sense. And then I have a question for Bill. You had the defense OEM growth that was really strong in the quarter. How much of that was driven by JDAMs? Because Boeing received a $7.5 billion order for JDAM tail kits in May. So I'm wondering if that drove the growth in the quarter? And then how are you expecting the growth for guided munitions throughout fiscal 2025?

好的。這是有道理的。然後我有一個問題要問比爾。本季國防 OEM 的成長非常強勁。其中有多少是由 JDAM 驅動的？因為波音公司5月收到了價值75億美元的JDAM尾翼套件訂單。所以我想知道這是否推動了本季的成長？那麼您預計 2025 財年導引彈藥的成長情況如何？

Sure, Scott. JDM was part of the growth that we saw in Q4 for our defense OEM. But we also saw growth across the other products in the smart defense portfolio. They all contributed. We expect for that for those products to continue to provide growth throughout 2025 as well.

當然，斯科特。JDM 是我們在第四季度看到的國防 OEM 成長的一部分。但我們也看到了智慧防禦產品組合中其他產品的成長。他們都做出了貢獻。我們預計這些產品在 2025 年也將持續成長。

All right. Thanks for taking the questions and have a good Thanksgiving.

好的。感謝您提問，祝您感恩節快樂。

You're welcome, you too.

不客氣，你也是。

Matt Akers, Wells Fargo.

馬特·埃克斯，富國銀行。

Yeah. Hey guys, good afternoon. Thanks for the question. I wonder, I may have missed it but you said you paused production a little bit for Boeing during the quarter. Could you just, I guess confirm if you've restarted and kind of what rates you're at now? And sort of related to that, what are kind of the puts and takes in terms of the aerospace guidance range? What production rates would get you to the higher or the low end there?

是的。嘿夥計們，下午好。謝謝你的提問。我想知道，我可能錯過了，但你說你在本季暫停了波音公司的生產。我想你能確認一下你是否已經重新啟動以及你現在的費率是多少嗎？與此相關的是，就航空航太導引範圍而言，有哪些調整和調整？什麼樣的生產力會讓你達到較高或較低的水平？

So I'd separate the engine content that we have from the more airframe related content that goes direct to Boeing. So the direct to Boeing ship set content is the only thing that we pause. And we're really waiting to hear from confirmation from Boeing about what their anticipated restart rate targets are going to be. So we haven't restarted yet, but there's quite a bit of inventory in the system. So it's not an urgent matter to get that line restarted.

因此，我將我們擁有的引擎內容與直接發送給波音的更多與機身相關的內容分開。因此，直接發送到波音飛船的內容是我們唯一暫停的內容。我們真的很期待波音公司關於其預期重啟率目標的確認。所以我們還沒重啟，但係統裡還有相當多的庫存。因此，重啟該生產線並不是一件緊急的事情。

We'll be ready to go when Boeing tells us what initial rates they see and what rate break steps they see. We have some preliminary information and of course we're talking back and forth, but haven't received a firm indication. So again, it's not an urgent matter to restart.

當波音公司告訴我們他們看到的初始費率以及他們看到的費率突破步驟時，我們就準備好了。我們有一些初步訊息，當然我們正在反覆討論，但還沒有收到明確的指示。話又說回來，重啟並不是什麼緊急的事。

As far as the guidance goes, the midpoint of our guidance kind of assumes in the middle of calendar 2025 that Boeing gets to the rates that they were previously talking about achieving before the work stoppage. So we don't have a -- aren't ready to divulge an exact number to that. But as far as calendar '25 goes, we're thinking the previously announced rates that Boeing forecast somewhat something short of that, but we're very much prepared to achieve whatever rates they are able to pull at.

就指導意見而言，我們指導意見的中點假設波音公司在 2025 年中旬達到了他們之前討論的停工前的生產率。所以我們還沒準備好透露確切的數字。但就 25 日曆年而言，我們認為波音公司先前宣布的利率預測有些不足，但我們已做好充分準備，以實現他們能夠達到的任何利率。

Great thing that that's helpful. And then I guess one more just on kind of the balance sheet and capital deployment, just, just kind of what your priorities are there and, and if there's a target leverage ratio that you want to stay at.

太好了，這很有幫助。然後我想還有一個關於資產負債表和資本部署的問題，只是你的優先事項是什麼，以及是否有你想要維持的目標槓桿率。

Yes, Matt. We as we talked about our capital allocation strategy, it's to be disciplined and balanced and to support our strategy and to support high return projects. We are focused on making sure that we offset our any dilution in our share count. We will also focus on great operational excellence projects. We have had great success in investing in our operations.

是的，馬特。當我們談論我們的資本配置策略時，它是有紀律和平衡的，以支持我們的策略和高回報項目。我們致力於確保抵消股票數量的稀釋。我們還將專注於卓越營運項目。我們在營運投資方面取得了巨大成功。

We're excited about automation and that's one area that you'll see us invest in. And then from M&A activity, we stay very active and have a very active pipeline. We're very focused though on making sure we stay on strategy, and we will keep our options open. We like having that debt leverage around 1%, 1.5% sorry, around 1.5%. That gives us the flexibility to go after M&A activities if we see something that is right.

我們對自動化感到興奮，這是您會看到我們投資的領域之一。從併購活動來看，我們保持非常活躍，並且擁有非常活躍的管道。我們非常注重確保我們堅持策略，並且我們將保留我們的選擇空間。我們希望債務槓桿在 1% 左右，抱歉是 1.5%，是 1.5% 左右。如果我們看到正確的事情，這使我們能夠靈活地進行併購活動。

Yes, I'd also point out that we returned $449 million to shareholders last fiscal year and we still have an open buyback program that we are ready to execute on and as Bill said, stay disciplined with all of these options in front of us.

是的，我還要指出，上一財年我們向股東返還了4.49 億美元，我們仍然有一個公開的回購計劃，我們準備好執行該計劃，正如比爾所說，對我們面前的所有這些選擇保持紀律。

Great. Thank you both.

偉大的。謝謝你們倆。

Welcome.

歡迎。

Gavin Parsons, UBS.

加文·帕森斯，瑞銀集團。

Hey, thanks guys. Good.

嘿，謝謝大家。好的。

Evening, afternoon. Hey, Gavin.

晚上，下午。嘿，加文。

Just a follow-up on Matt's first question there. It sounds like a pretty prudent assumption on the kind of Boeing build rates, but I think 6% to 13% is still wider than you'd usually guide. So would you say there's a good element of conservatism in that range aside from the Boeing rates as well?

只是馬特第一個問題的後續。這聽起來像是對波音建造率的一個相當謹慎的假設，但我認為 6% 到 13% 仍然比你通常指導的要寬。那麼，您是否認為除了波音利率之外，該範圍內還存在著良好的保守主義因素？

A lot of things going on in the industry as I said about 24% with the supply chain challenges across the board. It's not just limited to Boeing. So, we have taken a wide range. The biggest wildcard is Boeing's rate that they achieve and pull at. But on the smart defense side and on the Airbus supply chain, kind of there could be some ability for upward mobility, but there could also be some ability to have some headwinds associated with the supply chain kind of across the board.

正如我所說，24% 的行業發生了很多事情，供應鏈面臨全面挑戰。這不僅限於波音公司。因此，我們採取了廣泛的措施。最大的變數是波音公司的實現率和牽引力。但在智慧防禦方面和空中巴士供應鏈上，可能有一定的向上流動能力，但也可能有一定的能力承受與供應鏈全面相關的一些阻力。

But as you pointed out, Boeing being the biggest wildcard. And it is a wider range than we usually give, but we're trying to make sure that we have taken into account those things that we see as possibilities.

但正如您所指出的，波音是最大的通配符。它的範圍比我們通常給出的範圍更廣，但我們正在努力確保我們已經考慮到了那些我們認為可能性的事情。

That's great. And I think that makes sense. And then on the core industrial margin, just what was that for full year fiscal 2024? And how much visibility do you have going into fiscal 2025 given the 14% to 15% implies a good size step up from where you just exited in 4Q? Thanks.

那太棒了。我認為這是有道理的。那麼，2024 財年全年的核心工業利潤率是多少？鑑於 14% 至 15% 意味著您的規模較第四季度剛退出的水平有很大提升，您對 2025 財年的能見度有多大？謝謝。

Yes. So again, we for 2024, we exited the year at 14.1%. And for full year 2025, we are seeing 14% to 15%. In Q4, again, we saw the mix that caused core industrial to be down. We don't expect that to repeat. And so we have good line of sight to delivering the 14% to 15% in 2025 for our core Industrial business.

是的。因此，我們對於 2024 年的預測是 14.1%。2025 年全年，我們預計這一比例將達到 14% 至 15%。在第四季度，我們再次看到導致核心工業下降的混合因素。我們預計這種情況不會重演。因此，我們有良好的願景，希望在 2025 年為我們的核心工業業務實現 14% 至 15% 的成長。

Appreciate it.

欣賞它。

Welcome.

歡迎。

Louis Raffetto, Wolf Research.

路易斯·拉菲托，沃爾夫研究中心。

Thank you. Maybe just build a follow-up on that. I want to make sure I understood. I think you said China Electric Asset $22 million in sales. So I think at that level, it would be accretive.

謝謝。也許只是在此基礎上建立一個後續行動。我想確保我理解了。我想你說的是中國電力資產2200萬美元的銷售額。所以我認為在這個水平上，這將是增值的。

And then you also had this rebate, which you said was accretive margins. And so I'm still trying to reconcile that with that [$6 million] was that all the negative mix?

然後你也有這個回扣，你說這是增值利潤。因此，我仍在嘗試將其與 [600 萬美元] 進行調和，這是否是所有負面組合？

Yeah. So, so first a couple, one thing to first train now at $15 million, China and highway business is break even. Back in August when we had our web call, we also mentioned that at $25 million, China is neither accretive or dilutive to the industrial -- core industrial margins. At $22 million that we delivered, there was this rebate reversal that we performed that was full price went straight to the bottom line. So that's what caused the China on highway to go from not dilutive or creative to actually being a creative.

是的。所以，首先有一點，首先要以 1500 萬美元的價格進行培訓，中國和高速公路業務是收支平衡的。早在 8 月我們進行網路電話會議時，我們也提到，中國的 2500 萬美元既不會增加也不會稀釋工業——核心工業利潤。在我們交付的 2,200 萬美元中，我們執行了回扣逆轉，即全價直接進入底線。這就是導致高速公路上的中國從不稀釋或不具有創造力轉變為真正具有創造力的原因。

And then Louis, I don't, I think I missed the second part of your question.

然後路易斯，我不知道，我想我錯過了你問題的第二部分。

And so basically, I guess that means the core business had lower margins and that was just -- you talked about.

基本上，我想這意味著核心業務的利潤率較低，這就是你所說的。

That's correct. The 200 basis point, we expect core industrial deliver around 14%. That's what we saw in the previous quarters. That's what the total year ended up. And that 200 basis points was truly related to a shift in production from aftermarket to OEM to burn down past dues and that's what caused the mix issue in the Q4.

這是正確的。以200個基點計算，我們預期核心工業成長率約14%。這就是我們在前幾個季度看到的情況。這就是全年的成果。這 200 個基點確實與生產從售後市場轉向 OEM 的轉變有關，以消耗過去的費用，這就是導致第四季度混合問題的原因。

Yes, it was a customer emergency that we wanted to respond to and serve that customer because our inability to serve them earlier due to a raw material gap led to that situation. So it's a very clear understanding we have and we pulled that lever to serve that customer. We had to do it at the expense of our higher margin aftermarket channels and we don't anticipate that same problem in 2025.

是的，這是一個客戶緊急情況，我們想要回應並為該客戶提供服務，因為由於原材料缺口，我們無法提前為他們提供服務，導致了這種情況。因此，我們對此有非常清晰的了解，並且我們拉動了槓桿來為該客戶提供服務。我們必須以犧牲更高利潤的售後管道為代價來做到這一點，並且我們預計 2025 年不會出現同樣的問題。

Appreciate that. Maybe Chip, just for you, you talked about the sort of the strength you're seeing in Power Gen, sort of AI and also within marine. But I guess as we look at those sort of businesses, PowerGen went from plus 20 in the Q1 to plus 4 in the Q4. How do we really think about that? I mean, is it going to reaccelerate? And then same thing for transportation, it went from excluding China Natural Gas went from, I think, again, plus 12 to, I think, maybe up just a little bit in the Q4?

很欣賞這一點。也許 Chip，只是為了你，你談到了你在 Power Gen、人工智慧以及海洋領域看到的那種力量。但我想，當我們審視這類業務時，PowerGen 從第一季的+20 上升到第四季的+4。我們到底該如何看待這個問題？我的意思是，它會重新加速嗎？對於交通運輸來說，同樣的事情，它從不包括中國天然氣，我想，再一次，加 12 到，我想，第四季可能只上漲一點點？

Yes. So the quarter to quarter, I wouldn't get too excited about that segment of time and measuring that. We serve customers in both oil and gas and power gen channels with similar equipment.

是的。因此，每個季度，我不會對那段時間和衡量它感到太興奮。我們使用類似的設備為石油、天然氣和發電管道的客戶提供服務。

And it's going to be a little bit of ebb and flow in a quarter. But if you think about Q4 snapshot, and then you look at the whole year of 2024, you'll see that PowerGen is up double digits. And when we look at our order book and our customer excitement level, if you will, and the projects that we know about, we see in 2025, some low double digit growth in Power Gen, and then maybe oil and gas is flattish and then marine up maybe mid single digits. So we feel like that's what we see in 2025 based on some fairly high comps from the year before also.

一個季度內將會出現一些潮起潮落。但如果你考慮一下第四季度的快照，然後看看 2024 年全年，你會發現 PowerGen 成長了兩位數。當我們查看我們的訂單和客戶興奮水平（如果你願意的話）以及我們了解的項目時，我們會看到 2025 年發電行業將出現兩位數的低增長，然後石油和天然氣可能會持平，然後海軍陸戰隊的漲幅可能達到中個位數。因此，基於前一年的一些相當高的比較，我們覺得這就是我們在 2025 年看到的情況。

I appreciate. Maybe Bill just one more follow up the divested business or is it -- how is that being accounted for in the guy is in there until you get rid of it and then you'll account for it or is it taken out already?

我很欣賞。也許比爾只是對剝離的業務進行再一次跟進，或者是——在你擺脫它之前，這個人是如何核算的，然後你會對其進行核算，或者它已經被取出了？

Yes. Louis, we have factored it. Again, it's a small part of our industrial business and that is factored into the guidance that we provided you.

是的。路易斯，我們已經考慮到它了。同樣，這只是我們工業業務的一小部分，並已納入我們為您提供的指導中。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Hi, good afternoon. Thanks for taking the question. This is Josh Korn on for David. So I wanted to ask, how much is LEAP aftermarket contributing today? And how do you expect that to grow? And, and when do you expect it to become a meaningful contributor? Thanks.

嗨，下午好。感謝您提出問題。這是大衛的喬許·科恩。所以我想問一下，今天LEAP售後市場貢獻了多少？您預計這一數字將如何成長？而且，您預計它什麼時候會成為有意義的貢獻者？謝謝。

Sure. So, earlier in the year, one of our earlier calls, I said that we were starting to have some pretty good year over year comps in LEAP and GTF aftermarket and again off of a small base, it almost doubled year over year from '24 from '23 to '24. But again, that's off of a small base and isn't really moving the needle all that much from a total aerospace commercial aftermarket standpoint for us.

當然。因此，今年早些時候，在我們之前的一次電話會議中，我說過我們在LEAP 和GTF 售後市場上開始有一些相當不錯的同比比較，並且再次以較小的基數為基礎，從24 年開始幾乎同比翻了一番從'23到'24。但同樣，從整個航空航太商業售後市場的角度來看，這並沒有真正改變我們的基礎。

But as we said in our Investor Day, sort of, you know, the latter 2027 early 2028, we think with our models that leap in GTF will be, you know, rivaling the legacy engine lines in terms of aftermarket. Now there are a few wild cards to that like Boeing's production rates growing the installed base like we like we want to and like we know there's demand for, and also the the GTF aircraft on ground, the fact that we're not accumulating as many cycles per year as was in the original model, some of these things can impact whether it's late 2027 or into 2028 when that happens. But we're kind of sticking by that timeline forecast for now.

但正如我們在投資者日所說，你知道，2027 年底 2028 年初，我們認為，我們的 GTF 車型的飛躍將在售後市場方面與傳統引擎系列相媲美。現在有一些不確定因素，例如波音公司的生產率，就像我們想要的那樣，增加了安裝基礎，就像我們知道有需求一樣，還有地面上的 GTF 飛機，事實上，我們沒有累積那麼多與原始模型一樣，每年的周期，其中一些因素可能會影響到2027 年末還是2028 年發生這種情況。但我們目前還是堅持這個時間表預測。

Okay, thanks. And then, the 2026 targets that you laid out for EPS free cash flow in the segments, and have any of the underlying assumptions there still changed or those all still valid?

好的，謝謝。然後，您為各細分市場的 EPS 自由現金流制定的 2026 年目標，以及其中的任何基本假設是否仍然發生變化或仍然有效？

Still intact. We like our progress so far and we, we see the ability to close in and deliver those. You know, one of the nice things about you said when when does LEAP and GTF really come into play, this higher shop visit rate for longer that we're seeing on the legacy CFM 56-5 and 2,500 is really helping with a strong foundation and the bridge when that takes over. So that's good from 2026 performance standpoint.

仍然完好無損。我們對迄今為止的進展感到滿意，我們看到了接近並實現這些目標的能力。您知道，您所說的一件好事是LEAP 和GTF 何時真正發揮作用，我們在傳統CFM 56-5 和2,500 上看到的這種更高的商店訪問率和更長的時間確實有助於奠定堅實的基礎以及當它接管時的橋樑。從 2026 年的表現來看，這很好。

Great. Thank you,

偉大的。謝謝你，

Welcome.

歡迎。

Gautam Khanna, TD Cowen.

高塔姆·卡納，TD·考恩。

Hey, good afternoon, guys.

嘿，下午好，夥計們。

Afternoon, Gautam.

下午，高塔姆。

I have a couple questions. I was wondering and perhaps you already mentioned this, but if you could lay out your expectations for aerospace growth by the four markets that you report, maybe just in terms of which is highest, which will be lowest defense OEM and defense (inaudible)

我有幾個問題。我想知道，也許您已經提到過這一點，但如果您能按您報告的四個市場列出您對航空航天增長的預期，也許只是哪個市場最高，哪個市場最低，國防 OEM 和國防市場（聽不清楚）

Yeah, I think the easiest way to summarize that is that we think that the military oe would probably be the strongest that we see in 2025 growth year over year. And then Boeing is a wild card. But if they do near what they have said, they're going to get back to in 2025 then commercial OE could be the next up in terms of from a growth standpoint.

是的，我認為最簡單的總結方法是，我們認為軍事原裝備可能是 2025 年同比增長最強勁的。波音公司是一張通配符。但如果他們的做法接近他們所說的，他們將在 2025 年回歸，那麼從成長的角度來看，商業 OE 可能是下一個目標。

You know, commercial aftermarket is off of a very strong comp. We still see some growth available there but very strong comp year over year. And defense aftermarket, that's something that you know, we're working on. We think our best opportunity there is to grow share and we're working on our operational excellence to provide that capacity and the turnaround times that our customers are expecting to earn more business there. So we don't forecast that being up a lot next year, but we're laying the groundwork to keep growing that in the out years.

你知道，商業售後市場的競爭非常激烈。我們仍然看到那裡有一些增長，但同比非常強勁。國防售後市場，這是你知道的，我們正在努力。我們認為，我們在那裡的最佳機會是增加份額，我們正在努力實現卓越運營，以提供客戶期望的產能和周轉時間，從而在那裡贏得更多業務。因此，我們預計明年這一數字不會大幅上升，但我們正在為未來幾年的持續成長奠定基礎。

That's helpful context. Last quarter, you mentioned prior to the strike at Boeing some inventory build of certain products and arrow. Was that just related to the Boeing side or is that also on the engine side? And if you could just characterize what you think the channel inventories of Woodward Engine products are relative to kind of underlying consumption right now?

這是有用的背景。上個季度，您在波音罷工之前提到了某些產品和箭頭的一些庫存建設。這只是與波音方面有關還是也與引擎方面有關？您是否可以描述一下您認為伍德沃德引擎產品的通路庫存與當前潛在消費類型的關係？

My comments last quarter were both towards the air frame content and the engine content. It's -- we're talking to our customers all the time. And right now what's being relayed to us is a willingness to invest in inventory to allow the rate restart and rate increase that Boeing believes that they're capable of. And Airbus is pushing like crazy on the supply chain to help them get to rate 75 eventually. So as long as the players are willing to keep investing in inventory, we've got the capacity to keep satisfying them.

我上季的評論既針對機身內容又針對引擎內容。我們一直在與客戶交談。現在向我們傳達的是投資庫存的意願，以允許波音公司相信他們有能力重啟和提高利率。空中巴士正在瘋狂地推動供應鏈，以幫助他們最終達到 75 分。因此，只要玩家願意繼續投資庫存，我們就有能力持續滿足他們。

That's great. And then just lastly, pricing, what are your broad expectations for pricing in fiscal '25? And if you could give it to us by segment, that'd be helpful, but any color. Thank you.

那太棒了。最後，關於定價，您對 25 財年定價的整體預期是什麼？如果您可以按部分將其提供給我們，那會很有幫助，但可以是任何顏色。謝謝。

I'm sorry, could you repeat that? I wasn't sure about some of the words.

抱歉，您能再說一次嗎？有些字我不太確定。

I apologize. Yeah, just pricing expectations in 2025 perhaps by segment if I can get that.

我道歉。是的，如果我能得到的話，只是按細分市場定價 2025 年的預期。

Yeah. So we were seeing in '25 around 5% price realization and you know, that's after delivering 6% and '23 and 7% in '24. In terms of aero and industrial, we expect both those segments to contribute to that approximately 5%. Aero might be slightly stronger than the pricing we see in industrial.

是的。因此，我們在 25 年看到了大約 5% 的價格實現，你知道，這是在 24 年實現了 6%、23 年和 7% 之後的價格實現。在航空和工業方面，我們預計這兩個領域將貢獻約 5% 的份額。航空航天的定價可能略高於我們在工業領域看到的定價。

Thanks guys. Appreciate it.

謝謝你們。欣賞它。

Michael Termoli, Truist securities.

邁克爾·特莫利（Michael Termoli），Truist 證券公司。

Hey, good evening, guys. Thanks for taking the questions. Maybe just to stay on Gautham's line of questioning there, if we think about pricing in aerospace, I, I think you called out some of the newer pricing lots but, but potentially hitting, maybe outside this fiscal year is there, can you call out any distinction between commercial aor pricing and, and kind of defense pricing?

嘿，晚上好，夥計們。感謝您提出問題。也許只是為了繼續高瑟姆的提問，如果我們考慮航空航天領域的定價，我，我認為你提到了一些較新的定價批次，但是，但可能會在本財年之外發生，你能指出嗎商業定價和國防定價有什麼區別？

You know, Michael, I think we're -- again, it's about 5%. We expect aerospace to be a little stronger. I would, would say that we, we had some LT SAS that were fixed price that are just now coming up for negotiation. So there will be some of that we deal with in aero. Also, the carry over related to those contracts that we negotiated within '24, we'll have some carry over. And so that will be the sort of what's driving the price realization in the aerospace business.

你知道，邁克爾，我想我們再次強調，大約是 5%。我們預計航空航天會更強大一些。我想說的是，我們有一些固定價格的 LT SAS，現在正在進行談判。所以我們會在航空領域處理一些問題。此外，與我們在 24 年談判的合約相關的結轉，我們會有一些結轉。因此，這將是推動航空航太業價格實現的因素。

Got it. And then just maybe back to the, the guidance assumptions for '25 given that you've got some of your Boeing production still shut down the, the kind of ongoing strike disruptions. How should we think about maybe the quarterly cadence, obviously the strike hit the bulk of this fourth quarter, should we think about aero being a little bit weaker this quarter? And maybe more of an impact on margins or any distinction you could provide there.

知道了。然後也許回到 25 年的指導假設，因為你的一些波音生產仍然關閉，這種持續的罷工中斷。我們應該如何考慮季度節奏，顯然罷工影響了第四季度的大部分時間，我們是否應該考慮本季的航空動力稍弱一些？也許對利潤率或你可以在那裡提供的任何區別的影響更大。

I think it's fair to say the first quarter is, it looks a little bit softer than the rest of the year for aero and industrial, fewer working days. And, you know, o ems managing their inventories at their year end compared to ours. So we usually see the first quarter a little bit seasonally softer Also on from a price perspective. The commercial aero contract that experience escalation in the start of the calendar year. All these things lead to a little bit softer 1Q for us. I don't know BILL if you want to put anything more on it.

我認為可以公平地說，第一季航空和工業領域看起來比今年剩餘時間要軟一些，工作日也更少。而且，您知道，與我們相比，製造商在年底管理庫存。因此，從價格角度來看，我們通常會看到第一季季節性疲軟。商業航空合約在年初經歷升級。所有這些因素都導致我們第一季的業績有些疲軟。我不知道比爾是否還想補充更多內容。

So chip, I think you covered it. And that's what we typically see if you look back is Q1 is usually down a bit and then we will see on the back of price and then some of the other areas of volume grow throughout the rest of --

所以晶片，我想你已經涵蓋了它。這就是我們通常會看到的情況，如果你回顧一下，第一季通常會下降一點，然後我們會看到價格的變化，然後其他一些領域的銷量在其餘時間段中都會增長。--

Got it. I'll leave it there. Thanks guys.

知道了。我會把它留在那裡。謝謝你們。

Thank you.

謝謝。

Sheila Kahyaoglu, Jeffries.

希拉·卡哈奧格魯，杰弗里斯。

Thank you, guys, so much. My first question was on aerospace. Any thoughts on the guidance for after market after up 17% in '24? How do you think about it in '25? And what keeps volume incrementals the same in fiscal '24 versus '25 when OE is outperforming.

非常感謝你們，夥伴們。我的第一個問題是關於航空航天的。在 24 年上漲 17% 後，對售後市場的指導有何想法？25年你怎麼看待這個問題？當 OE 表現出色時，是什麼讓 24 財年和 25 財年的銷售增量保持不變。

Taking the first part first here, Sheila. I think it's fair to say that after a couple of years of strong double-digit growth in commercial aftermarket, we're not really thinking that that will continue, again, this coming year. The aero body engine overhaul shops are just about full, a little bit more capacity at one or two players coming online. But for the most part, we see that sort of as a leveling off at a very nice plateau. Some opportunity for a little bit of price in that, in that realm. So, so a little bit more volume and a little bit more price is what we're looking at for 2025 in the commercial aftermarket. And then in defense aftermarket as we can as we can open up more capacity and get a little bit of share there. We're definitely going after that.

首先是第一部分，希拉。我認為可以公平地說，在商業售後市場經歷了幾年強勁的兩位數增長之後，我們並不真正認為這種情況會在來年再次持續下去。航空機身發動機大修店幾乎已滿，只有一兩個玩家在線，容量稍大。但在大多數情況下，我們認為這是在一個非常好的平台期趨於平穩。在那個領域，有一些付出一點代價的機會。因此，我們希望 2025 年商業售後市場的銷售和價格有所提高。然後在國防售後市場，我們可以開放更多產能並在那裡獲得一點份額。我們肯定會追求那個。

Sheila on the incremental, what will drive that in '25 is the is price. And you're correct to point out that OE is will be a lower mix than aftermarket. But the volume leverage that we're going to get, we are resourced for for fourth quarter higher volume. And so we won't need to add much cost in that. We'll provide us some leverage flowing through and that's what is driving aero's incremental up above that 30%.

Sheila 談到增量，25 年推動增量的因素是價格。您正確地指出，原廠配件的組合將低於售後市場。但我們將獲得的銷售槓桿，我們為第四季更高的銷售量做好了準備。因此我們不需要為此增加太多成本。我們將為我們提供一些流動的槓桿，這就是推動航空增量超過 30% 的原因。

Okay. And then maybe one more on arrow top line, then another question. So with the flattish in the first three quarters, but then up 40 what drove that uptick? And how do you think about that? It's obviously a growth driver in fiscal '25 but how strong of a growth driver is it? And what should we be looking at?

好的。然後也許在箭頭頂線上還有一個，然後是另一個問題。那麼，前三個季度表現平平，但隨後上漲了 40 %，是什麼推動了這一成長？您對此有何看法？這顯然是 25 財年的成長動力，但成長動力有多強？我們該關注什麼？

Yeah, in the, I'll speak briefly on the on the fourth quarter there. That was really related to some supply chain challenges, overcoming those as well as demand in a smart defense business across all of the products in our smart defense. So that what really drove the sequential growth in military and defense OE. And we expect that same behavior in 2025. We'll have to see how things are pulled and our supply chains have to ramp up. But we do expect to see good demand across our smart defense portfolio.

是的，我將在第四季簡要介紹。這確實與一些供應鏈挑戰有關，克服這些挑戰以及我們智慧防禦中所有產品的智慧防禦業務的需求。這才是真正推動軍事和國防 OE 連續成長的因素。我們預計 2025 年也會出現同樣的情況。我們必須看看事情如何發展，我們的供應鏈必須如何加強。但我們確實預期我們的智慧防禦產品組合會有良好的需求。

We see the demand Sheila -- just to build on that for a moment, we see that demand for smart defense, you know, well into 2025 and beyond. The challenge isn't always just our supply chain though. Our customers are sequencing their pull from us based on what they can achieve with the rest of their suppliers as well. So that's one variable that, that might create some ups and downs sequentially across quarters. But the demand for growth is there like we experienced in fourth quarter.

我們看到了希拉的需求——在此基礎上，我們看到了對智慧防禦的需求，你知道，直到 2025 年及以後。不過，挑戰並不總是只有我們的供應鏈。我們的客戶正在根據他們與其他供應商所能實現的目標對他們從我們這裡獲得的資源進行排序。因此，這是一個變量，可能會在各個季度連續產生一些起伏。但成長需求確實存在，就像我們在第四季經歷的那樣。

Okay. Got it. And just one last question, if you don't mind on strategy, You divested a gas turbine business last week actually. I guess I thought anything aligned to IGT you would keep. So why would it be margin dilutive? And can you walk us through the thought process behind that asset sale?

好的。知道了。最後一個問題，如果你不介意策略的話，你上週實際上剝離了燃氣渦輪機業務。我想我認為任何與 IGT 一致的東西你都會保留。那為什麼它會稀釋利潤呢？您能否向我們介紹資產出售背後的思考過程？

Sure, Sheila. That asset was an acquisition and primarily fabricating build to print combustion components for just about 100% of sales to GE Renova. And as you look at what makes a really strong business model, it usually involves intellectual property and access to the service stream in the aftermarket. And really, our customer wanted to control that aftermarket, which we don't blame them for. It's their design, their intellectual property.

當然，希拉。該資產是一項收購，主要是製造列印燃燒組件，佔 GE Renova 銷售額的 100%。當你審視真正強大的商業模式的要素時，你會發現它通常涉及智慧財產權和售後市場服務流的取得。事實上，我們的客戶想要控製售後市場，我們不會為此責怪他們。這是他們的設計，他們的智慧財產權。

We have some really great members there and some good manufacturing know how, but it really wasn't enough to carry the day from a customer value standpoint to earn a return on. And so as we talked with our customer GE Renova over quite a period of time about options, and what to do having it become part of their internal make supply chain was the best idea for both parties.

我們在那裡有一些非常優秀的成員和一些良好的製造技術，但從客戶價值的角度來看，這確實不足以贏得回報。因此，當我們與客戶 GE Renova 討論了相當長的選擇時，以及如何讓它成為他們內部製造供應鏈的一部分對雙方來說都是最好的主意。

Got it. Thank you.

知道了。謝謝。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Good afternoon. Hey, Chip, I wanted to see if you could help me better understand the aerospace aftermarket assumption you're making for next year. It sounds like the guidance assumes basically Aerospace aftermarket units are up 1% or 2% and prices up 1% or 2%. I guess I'd be kind of very surprised by both of those. I mean on the pricing side, all of your peers are saying that, yes, it's the rate of growth is decelerating as inflation decels, but that the market is so tight that pricing is still better than historical averages, which sounds like mid to high single digits. And then on the unit side, I understand that the compares are tough, but total global air travel is still growing high single digits.

午安.嘿，奇普，我想看看你是否能幫助我更好地了解你明年所做的航空航天售後市場假設。聽起來該指南基本上假設航空航太售後市場單位上漲 1% 或 2%，價格上漲 1% 或 2%。我想我會對這兩件事感到非常驚訝。我的意思是，在定價方面，所有同行都在說，是的，隨著通膨下降，增長率正在放緩，但市場如此緊張，定價仍然好於歷史平均水平，這聽起來像是中高水平個位數。然後在單位方面，我知道比較很困難，但全球航空旅行總量仍在以高個位數成長。

A lot of the wide body hasn't come back yet. You've acknowledged on this call here that a lot of the legacy stuff is flying longer and you've got the leap in the GTF. I know it's small, but it's getting larger and it's growing a lot. So all of that sounds like something much better than one to two on both units and price. What am I missing?

很多寬體還沒回來。您在本次電話會議上承認，許多遺留產品的飛行時間更長，並且您在 GTF 中實現了飛躍。我知道它很小，但它正在變得更大，而且成長得很多。因此，所有這些聽起來都比單位和價格上的一到兩個要好得多。我缺什麼？

Well, so those are kind of your assumptions on 1% to 2%. We're not ready to come out with such specific guidance on a segment of our segment. But I would say that you're absolutely right about all those positive indicators. The challenge on saying that the legacy narrow body fleet is going to experience a lot more shop visits year over year is that the MRO capacity just isn't there to deliver that with GTF taking up a whole bunch of capacity that could have been utilized for the legacy. Fact of the matter is there's just not a lot more stands and not a lot more slots to get engines in.

嗯，這些都是你對 1% 到 2% 的假設。我們還沒有準備好針對我們的某個細分市場提供此類具體指導。但我想說，你對所有這些積極指標的看法絕對正確。傳統窄體機隊將逐年經歷更多的車間訪問，這一說法面臨的挑戰是，MRO 能力無法滿足這一要求，而 GTF 佔用了一大堆本可用於維修的能力。事實是，沒有更多的展台和插槽來安裝引擎。

Now some of our customers are experiencing heavier work scopes, so they're going to see more dollars per shop visit, if you will. So that is an answer for some of the suppliers and for some of our customers. But for us, whether an LRU comes in for an overhaul or not, we don't there's not as much variation in scope. We do have an active V2500 upgrade that we've been selling quite well into the fleet. So if the uptake of that is a little bit more due to airlines intending to fly the units longer.

現在，我們的一些客戶正在經歷更繁重的工作範圍，因此如果您願意的話，他們每次訪問商店都會看到更多的美元。這就是一些供應商和我們的一些客戶的答案。但對我們來說，無論 LRU 是否進行大修，範圍上的變化都不會那麼大。我們確實有一個活躍的 V2500 升級版，我們在機隊中銷售得很好。因此，如果由於航空公司打算讓這些飛機飛行更長時間而導致其使用量增加一點。

We might enjoy some additional upside from that upgrade. So there are a few more positive notes. I just don't want to set your expectations so high that next year is going to be just like it was last year because there's some physics of capacity involved that will naturally meter that.

我們可能會從這次升級中享受一些額外的好處。所以還有一些更積極的方面。我只是不想把你的期望定得太高，以至於明年會和去年一樣，因為涉及一些容量物理因素，自然會對其進行計量。

Okay. I had interpreted your commentary or triangulated all the qualitative commentary to mean that you were guiding Aerospace aftermarket up low single digits for 2025. Is that not correct?

好的。我對您的評論進行了解讀或對所有定性評論進行了三角測量，表明您正在引導航空航天售後市場在 2025 年實現低個位數增長。這不正確嗎？

We're not guiding at low single digits. We're not guiding specifically on aerospace commercial. I was just trying to do on a relative basis. I think our military OE is probably up the most than commercial OE as long as Boeing can get traction. And then after that commercial and driven by a combination of price and a little bit of volume.

我們的指導價不會是低個位數。我們並不是專門針對航空航太商業提供指導。我只是想在相對的基礎上做。我認為，只要波音能夠獲得牽引力，我們的軍用原始設備可能會比商業原始設備成長得最多。然後是廣告之後，由價格和一點點銷售量的結合推動。

Okay, fair enough. I appreciate the extra detail there. I guess on the Aerospace margin, the incremental in the quarter was I think the lowest of the year. Does Defense OE being as strong as it was, is that a mix headwind? And then I guess how disruptive is turning off lines that you're selling into Boeing to your margin?

好吧，很公平。我很欣賞那裡的額外細節。我想在航空航天利潤率方面，本季的增量是我認為今年最低的。國防 OE 是否像以前一樣強大，這是一個混合逆風嗎？然後我猜想，關閉出售給波音的生產線對你的利潤有多大破壞性？

Yes. To the first question Noah, you're exactly right. Again, we look for incrementals around 30% for Aero and the incremental for the Q4 was 28%. So good from sort of the benchmark. It is lower than what we've seen in the previous quarters and it is driven by the fact that much of the growth in Q4 was related to defense OEM.

是的。對於第一個問題，諾亞，你說得完全正確。同樣，我們預計 Aero 的增量約為 30%，而第四季的增量為 28%。從基準來看非常好。它低於我們在前幾個季度看到的水平，這是由於第四季度的增長大部分與國防 OEM 相關。

Okay. And I guess is the Boeing turn off, does that have a lot of disruption to the margin or you're just able to overcome that?

好的。我猜是波音公司關閉了，這會對利潤率造成很大的干擾還是你能夠克服這個問題？

We're able to overcome that. It's not a big impact as long as we get back up and running here soon. We have redeployed those resources to both other aerospace lines as well as industrial lines here in Fort Collins. And then we also have taken the opportunity to pull forward some Kaizen and rearrangement work that we were planning to do over a shutdown. So we've kind of re sequenced some things and I think we're able to digest it pretty well.

我們能夠克服這個問題。只要我們盡快恢復正常運行，影響就不大。我們已將這些資源重新部署到其他航空航天生產線以及柯林斯堡的工業生產線。然後，我們也藉此機會推進了我們計劃在停工期間進行的一些改善和重新安排工作。所以我們對一些事情進行了重新排序，我認為我們能夠很好地消化它。

Okay, great. And then last one I had, even if without being specific, just generally speaking, are you still evaluating other possible asset sales from your portfolio or is the one we just saw, all you're likely to do in the medium term?

好的，太好了。然後，我的最後一個問題是，即使沒有具體說明，只是一般而言，您是否仍在評估您的投資組合中其他可能的資產出售，或者是我們剛剛看到的，您在中期可能會做的所有事情？

So we have before this, we've already done some dispositions and sales of some very, very small product lines. And we haven't involved facilities or things like that. So we're active in that. Noah, just trying to make sure we're the best stewards of the shareholders' investment and with an eye on their returns. And we'll continue to sort of use product management discipline to continuously evaluate the portfolio.

所以我們在此之前，我們已經對一些非常非常小的產品線進行了一些處置和銷售。我們還沒有涉及設施或類似的東西。所以我們積極參與其中。諾亞，只是想確保我們是股東投資的最佳管理者，並著眼於他們的回報。我們將繼續使用產品管理原則來持續評估產品組合。

Got it. Okay, thank you.

知道了。好的，謝謝。

Thank you. Welcome. Mr. Blankenship, there are no further questions at this time. I will now turn the conference back to you.

謝謝。歡迎。Blankenship 先生，目前沒有其他問題。現在我將把會議轉回給你。

All right. I'd like to thank everyone for joining the call, but we have a happy Thanksgiving.

好的。我要感謝大家加入電話會議，但我們感恩節快樂。

Ladies and gentlemen, that concludes our conference call today. A rebroadcast will be available at the company's website, www.woodward.com for one year. We thank you for your participation on today's conference call and ask that you please disconnect your lines.

女士們先生們，我們今天的電話會議到此結束。重播將在公司網站 www.woodward.com 上提供，為期一年。我們感謝您參加今天的電話會議，並請您掛斷電話。