Woodward Inc (WWD) 2025 Q1 法說會逐字稿

Welcome to the Woodward Incorporated first-quarter fiscal year 2025 earnings call.

歡迎參加伍德沃德公司 2025 財年第一季財報電話會議。

At this time, I would like to inform you that this call is being recorded for rebroadcast. (Operator Instructions)

此時，我想通知您，本次通話正在錄音以便重播。（操作員指令）

Joining us today from the company are Chip Blankenship, Chairman and Chief Executive Officer; Bill Lacey, Chief Financial Officer; and Dan Provaznik, Director of Investor Relations.

今天與我們一起參加會議的公司有董事長兼執行長 Chip Blankenship；比爾·萊西（Bill Lacey），財務長；以及投資者關係總監 Dan Provaznik。

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

現在我想將電話轉給 Dan Provaznik。

Thank you, operator.

謝謝您，接線生。

We'd like to welcome all of you to Woodward's first-quarter fiscal year 2025 earnings call.

我們歡迎大家參加伍德沃德 2025 財年第一季財報電話會議。

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. At the end of our presentation, we will take questions. For those who have not seen today's earnings release, you can find it on our website at woodward.com.

在今天的電話會議中，Chip 將對我們的策略和相關市場發表評論。然後，比爾將討論我們的收益報告中概述的財務表現。演示結束時，我們將回答問題。對於那些還沒有看到今天的收益報告的人，你可以在我們的網站 woodward.com 上找到它。

We've included some presentation materials to go along with today's calls that are also accessible on our website. A webcast of this call will be available on our website for one year. And all references in this call -- all references to years in this call are references to the company's fiscal year unless otherwise stated.

我們在今天的電話會議中提供了一些簡報資料，您也可以在我們的網站上存取這些資料。本次電話會議的網路直播將在我們的網站上播放一年。本次電話會議所有年份均指本公司的財政年度，除非另有說明。

I would like to highlight our cautionary statement as shown on slide 2 of the presentation materials. 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. These statements are made as of today, and we do not intend to update them except as required by law. In addition, we're providing certain non-US GAAP financial measures. We direct your attention to the reconciliation of non-US GAAP financial measures, which are included in today's slide presentation and our earnings release.

我想強調一下演示材料第二張幻燈片中所示的我們的警告聲明。像往常一樣，本次演示中的內容（包括我們的指引）都是前瞻性的，並且基於我們對全球經濟以及我們業務的當前展望和假設。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多種風險和不確定性的影響，包括我們在向美國證券交易委員會提交的文件中確定的風險。這些聲明都是截至今天做出的，除非法律要求，否則我們無意更新它們。此外，我們也提供某些非美國公認會計準則財務指標。我們請您關注非美國公認會計準則財務指標的對賬，這些指標包含在今天的幻燈片簡報和我們的收益報告中。

We believe this additional financial information will help in understanding our results.

我們相信這些額外的財務資訊將有助於理解我們的業績。

Now, I'll turn the call over to Chip.

現在，我將電話轉給 Chip。

Thank you, Dan, and thanks to everyone for joining us today.

謝謝你，丹，也謝謝大家今天的參加。

I'm pleased to report that the first quarter of 2025 was a strong start to our year with robust market demand from most corners and results that highlight the strength of our strategy, continued improvement and execution and our members' commitment to serving our customers. While our first quarter reported results are down slightly compared to last year, we delivered strong growth in both our aerospace segment and core industrial business.

我很高興地報告，2025 年第一季是我們一年的一個良好開端，大多數領域的市場需求強勁，業績凸顯了我們策略的實力、持續的改進和執行以及我們的成員為服務客戶的承諾。雖然我們第一季的報告業績與去年同期相比略有下降，但我們的航太部門和核心工業業務都實現了強勁成長。

While our aerospace team managed through a pause in deliveries of some product lines to Boeing, we were able to balance the labor across other product lines in both aerospace and industrial. We made the most out of the situation with additional Kaizen events and workstation rearrangement for improved flow in the facility prior to Boeing's restart of 737 MAX production. Woodward now has clear demand signals from airframe and engine OEMs that represent growth, and we will be ready to meet that demand.

雖然我們的航空航太團隊設法暫停向波音公司交付某些產品線，但我們能夠平衡航空航太和工業領域其他產品線的勞動力。在波音公司重啟 737 MAX 生產之前，我們充分利用了這一情況，開展了額外的改善活動並重新安排了工作站，以改善工廠的流程。伍德沃德現在已收到來自機身和發動機原始設備製造商的明確需求信號，這些信號代表著增長，我們將準備好滿足這種需求。

We have some direct labor hiring to do ourselves, and we have a lot of work to do with suppliers to support the increased demand signal. As other companies have acknowledged, there are still some suppliers struggling with output and quality. We remain forward deployed, working with our suppliers on problem solving to ensure we are able to serve customers.

我們自己負責一些直接勞動力招聘，並且需要與供應商進行大量工作以支援不斷增長的需求訊號。正如其他公司所承認的，仍有一些供應商在產量和品質方面苦苦掙扎。我們持續保持前沿部署，與供應商合作解決問題，確保能夠為客戶提供服務。

Core industrial performance was strong in the quarter with sustained robust demand across power generation, oil and gas, and marine transportation markets. The $65 million year over year decline in China on highway sales overshadowed the 7% core industrial growth. Across industrial and aerospace, I'm pleased to see tangible results of our operational improvements and the acceleration of our lean transformation.

本季核心工業表現強勁，發電、石油和天然氣以及海上運輸市場的需求持續強勁。中國高速公路銷售額年減 6,500 萬美元，掩蓋了 7% 的核心工業成長。在工業和航空航太領域，我很高興看到我們的營運改善和精益轉型加速取得了實際的成果。

This progress is enabling us to achieve stable operations and disciplined rate increase planning to keep pace with customer demand. As I visit our sites, I see a shift in mindset as our members build lean muscle and apply their problem-solving skills to improve in areas such as safety, quality, delivery, and cost.

這項進展使我們能夠實現穩定的營運和嚴格的漲價計劃，以滿足客戶的需求。當我造訪我們的網站時，我看到了思維方式的轉變，因為我們的成員鍛鍊出了精瘦的肌肉，並運用他們的解決問題的技能來改善安全、品質、交付和成本等領域。

I'm also pleased with the progress we're making on our automation journey. The team at Rock Cut Campus commissioned an industry-leading bank of automated deburring stations last quarter with multiple cobots and a myriad of end effect tools to accomplish tasks that we earlier dismissed as likely impossible.

我對我們在自動化道路上的進展感到非常高興。上個季度，Rock Cut Campus 的團隊委託了業界領先的自動去毛邊站，該站配備了多個協作機器人和大量末端工具來完成我們之前認為不可能的任務。

I'm extremely proud of our Rockford team and all our members contributing to automation across our Woodward production sites.

我為我們的羅克福德團隊和所有成員為伍德沃德生產基地的自動化做出的貢獻感到非常自豪。

I'd like to take a moment to highlight some strategic decisions that we made in the first quarter. These will contribute to shareholder value creation, strengthen our competitive position, and expand our technology offerings for the next single aisle aircraft. In December, we signed a definitive agreement to acquire Safran's Electronics & Defense electromechanical actuation business. This includes technology, operational assets, and long-term customer agreements for the Horizontal Stabilizer Trim Actuation or HSTA system.

我想花點時間強調我們在第一季做出的一些策略決策。這些將有助於創造股東價值，增強我們的競爭地位，並擴大我們為下一代單通道飛機提供的技術。12月，我們簽署了收購賽峰電子與國防機電作動業務的最終協議。這包括水平穩定器配平作動或 HSTA 系統的技術、營運資產和長期客戶協議。

The acquisition also includes electromechanical components for braking, steering, de-icing, and auxiliary power, and importantly, increases our shipset content on the Airbus A350. While this acquisition significantly bolsters our existing electromechanical flight controls capabilities, we're also investing organically in hydraulic flight control actuation. These investments enhance our ability to participate in single-aisle aircraft trade studies and development programs with airframe OEMs and provide valuable insight with design experience and product pedigree on both sides of the trade study.

此次收購還包括用於煞車、轉向、除冰和輔助動力的機電部件，更重要的是，增加了我們在空中巴士 A350 上的船舶組件內容。此次收購不僅大大增強了我們現有的機電飛行控制能力，同時也對液壓飛行控制執行機構進行了有機投資。這些投資增強了我們與機身原始設備製造商一起參與單通道飛機貿易研究和開發項目的能力，並為貿易研究雙方的設計經驗和產品譜系提供了寶貴的見解。

Woodward can remain technology agnostic regarding the winning architecture as we offer electromechanical, hydraulic, or a hybrid system approach, whichever is best for the aircraft. In the quarter, we also announced that we were selling our build to print industrial fuel nozzle product business in Greenville to GE Vernova. The Greenville plant serves one customer which owns all service revenues.

伍德沃德可以對獲勝架構保持技術不可知論，因為我們提供機電、液壓或混合系統方法，以最適合飛機的方式。本季度，我們也宣布將位於格林維爾的按圖列印工業燃油噴嘴產品業務出售給 GE Vernova。格林維爾工廠只為一個客戶提供服務，所有服務收入均為該客戶所有。

The divestiture allows us to concentrate on industrial products that create the most shareholder value while supporting our customers' goals. We remain focused on our gas and liquid fuel control systems for aeroderivative and heavy frame gas turbine genset applications. These are industry leading product lines, critical to our customers' ability to deliver gas turbine power generation growth.

此次剝離使我們能夠專注於創造最大股東價值並支持客戶目標的工業產品。我們將繼續專注於用於航空衍生型和重型機架燃氣渦輪發電機組應用的氣體和液體燃料控制系統。這些是業界領先的產品線，對於我們的客戶實現燃氣渦輪發電成長的能力至關重要。

We've made additional progress on industrial product rationalization by selling certain small product lines, primarily legacy small engine diesel products. We're also strengthening our product management discipline by inserting it directly into our Woodward operating system.

透過銷售某些小型產品線（主要是傳統小型引擎柴油產品），我們在工業產品合理化方面取得了進一步進展。我們也透過將產品管理規則直接插入伍德沃德作業系統來加強我們的產品管理規則。

This will enable us to allocate resources more directly to the highest return opportunities throughout the life cycle of our products and actively manage our product offerings in a timely fashion.

這將使我們能夠在整個產品生命週期中將資源更直接分配給最高回報機會，並及時積極管理我們的產品供應。

These actions support our strategy of building a stronger, more focused Woodward, that's both well equipped to compete in the near term and well-positioned to drive future growth.

這些舉措支持了我們打造更強大、更專注的伍德沃德的策略，使其既具備短期競爭力，又能推動未來成長。

Moving to our markets. In aerospace, commercial passenger traffic continues to grow. While market demand remains robust, industry supply challenges continue to affect OEM build rates. As I stated earlier, we see a stronger OEM demand signal starting in our second quarter, and we will respond accordingly. Our plan is designed to be flexible and responsive to actual product dynamics.

轉向我們的市場。在航空航太領域，商業客運量持續成長。儘管市場需求依然強勁，但行業供應挑戰仍持續影響 OEM 的製造率。正如我之前所說，我們看到從第二季開始 OEM 需求訊號更加強勁，我們將做出相應反應。我們的計劃旨在靈活並響應實際的產品動態。

Commercial aftermarket activity remains healthy, driven by high utilization rates of legacy aircraft and engines. This has resulted in high shop visit rates for extended periods. Low delivery rates of newer aircraft and early engine durability issues contributed to extending the legacy fleet, high shop visit rate and in some cases, increased the level of investment that airlines have been willing to make in engine and LRU work scopes.

受傳統飛機和發動機高利用率的推動，商業售後市場活動仍然保持健康。這使得商店客流量在較長時間內保持在高水準。新飛機的交付率低和發動機早期的耐久性問題導致了傳統機隊的延長和較高的返廠率，並且在某些情況下增加了航空公司願意在發動機和LRU 工作範圍內進行的投資水平。

In defense, geopolitical developments continue to drive demand for defense products. For 2025, we continue to anticipate robust growth and smart defense driven by substantial increase in order activity and production which will fulfil the remaining open lots. We expect margin expansion from improved pricing in late 2025 or early 2026 depending on delivery rates.

在國防方面，地緣政治發展繼續推動對國防產品的需求。展望 2025 年，我們將繼續預期實現強勁成長和智慧防禦，這得益於訂單活動和產量的大幅增加，這將滿足剩餘的未平倉合約。我們預計，2025 年底或 2026 年初，隨著定價的提高（取決於交付率），利潤率將有所提高。

Turning to industrial. Global demand for power generation capacity remains robust. Investment in gas-fired power generation equipment 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 generation is expected to increase significantly.

轉向工業。全球對發電能力的需求依然強勁。為了增強電網穩定性並支持再生能源的擴張，對燃氣發電設備的投資正在增加，無論是主要電源還是備用電源。此外，資料中心發電需求預計將大幅增加。

In transportation, the global marine market remains healthy. Elevated ship build rates support strong OEM engine demand and future aftermarket opportunity. And high utilization rates continue to drive current aftermarket revenue. Demand for alternative fuels across marine transportation continues to increase as an industrywide strategy to support emissions reduction goals.

在運輸方面，全球海運市場保持健康。船舶建造率的提高支撐了強勁的 OEM 引擎需求和未來的售後市場機會。高利用率繼續推動當前售後市場的收入。作為支持減排目標的全產業策略，海運對替代燃料的需求持續增加。

As expected, demand for heavy duty trucks in China remains subdued due to local economic challenges. In oil and gas, while production remains at record levels in the US, this is not translating into upstream service growth due to efficiency improvements and low commodity prices. Optimism is being fueled by sustained investment in refining and petrochemical activities in China, the Middle East, and India.

正如預期的那樣，由於當地經濟挑戰，中國對重型卡車的需求仍然低迷。在石油和天然氣領域，雖然美國的產量仍保持在創紀錄水平，但由於效率提高和大宗商品價格低迷，這並沒有轉化為上游服務的成長。中國、中東和印度對煉油和石化活動的持續投資增強了人們的樂觀情緒。

In summary, we continue to see robust demand across most of our end markets, providing significant opportunities that we are effectively leveraging and will continue to capitalize on. As we seize these opportunities, we remain diligently focused on pursuing profitable growth, operational excellence, and innovating for the future to deliver on our purpose.

總而言之，我們繼續看到大多數終端市場需求強勁，這為我們提供了重要機會，我們正在有效利用這些機遇，並將繼續利用這些機會。在抓住這些機會的同時，我們將繼續堅定地致力於追求獲利性成長、卓越營運和未來創新，以實現我們的目標。

We're on track to deliver our 2025 guidance and create long-term shareholder value.

我們正在按計劃實現 2025 年目標並創造長期股東價值。

And now, I'll turn it over to Bill who will share our financial results.

現在，我將把時間交給比爾，他將分享我們的財務結果。

Thank you, Chip, and good afternoon, everyone.

謝謝你，Chip，大家下午好。

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.

提醒一下，除非另有說明，所有年份均指公司的財政年度，除非另有說明，所有比較均為同比比較。

Net sales for the first quarter of 2025 were $773 million, a decrease of 2%. Earnings per share for the first quarter of 2025 were $1.42 compared to $1.46. Adjusted earnings per share for the first quarter of 2025 were $1.35 compared to $1.45. Aero segment sales for the first quarter of 2025 were $494 million compared to $461 million, an increase of 7%.

2025年第一季淨銷售額為7.73億美元，下降2%。2025 年第一季每股收益為 1.42 美元，而去年同期為 1.46 美元。 2025 年第一季調整後每股收益為 1.35 美元，去年同期為 1.45 美元。 2025 年第一季航空部門銷售額為 4.94 億美元，去年同期為 4.61 億美元，成長 7%。

Commercial OEM sales were down 10% largely due to the impact from the Boeing work stoppage. This impact was more than offset by higher sales with commercial aftermarket up 19%, defense OEM up 21% and defense aftermarket up 8%. Aerospace segment earnings for the first quarter of 2025 were $95 million or 19.2% of segment sales compared to $79 million or 17.2% of segment sales.

商業OEM銷售額下降10％，主要原因是波音公司停工的影響。但這一影響被更高的銷售額所抵消，其中商用售後市場成長 19%，國防原始設備製造商成長 21%，國防售後市場成長 8%。2025 年第一季航空航天部門的收益為 9,500 萬美元，佔部門銷售額的 19.2%，而去年同期為 7,900 萬美元，佔部門銷售額的 17.2%。

The increase in segment earnings was primarily a result of price realization partially offset by inflation, unfavorable mix and lower volumes.

分部收益的成長主要由於價格實現，但被通貨膨脹、不利的產品組合和銷售下降部分抵消。

Turning to industrial. Industrial segment sales for the first quarter of 2025 were $279 million compared to $326 million, a decrease of 15%. Transportation was down 33% due to a decline in China on highway sales, which we had anticipated because of local economic challenges. China on highway sales were $10 million in the first quarter. Our core industrial sales, which excludes China on highway, were up 7%, driven by broad-based strength across the business, with marine transportation, power generation, and oil and gas, each up 7%.

轉向工業。2025 年第一季工業部門銷售額為 2.79 億美元，而去年同期為 3.26 億美元，下降了 15%。由於中國高速公路銷售下滑，運輸業務下降了 33%，而我們先前已預見這一情況，因為當地面臨經濟挑戰。第一季中國高速公路銷售額為 1,000 萬美元。我們的核心工業銷售額（不包括中國公路業務）成長了 7%，這得益於整個業務的廣泛成長，其中海運、發電以及石油和天然氣均成長了 7%。

Industrial segment earnings for the first quarter of 2025 were $40 million or 14.4% of segment sales compared to $67 million or 20.5% of segment sales. Industrial segment earnings decreased primarily due to lower China on highway volume and unfavorable mix, partially offset by price realization and favorable foreign exchange rates.

2025 年第一季工業部門收益為 4,000 萬美元，佔部門銷售額的 14.4%，而同期工業部門收益為 6,700 萬美元，佔部門銷售額的 20.5%。工業部門獲利下降主要由於中國公路運輸量下降及產品結構不利，但價格實現和有利的外匯匯率部分抵消了這一下降。

Margins for our core industrial business were approximately 15% in the first quarter. We continue to expect core industrial margins of 14% to 15% of sales for the year. Non-segment expenses were $22 million for the first quarter of 2025 compared to $26 million. Adjusted non-segment expenses were $28 million for the first quarter of 2025 compared to $27 million.

第一季度，我們核心工業業務的利潤率約為 15%。我們繼續預計今年核心工業利潤率將達到銷售額的 14% 至 15%。2025 年第一季的非分部支出為 2,200 萬美元，而去年同期為 2,600 萬美元。2025 年第一季調整後非分部支出為 2,800 萬美元，去年同期為 2,700 萬美元。

At the Woodward level, R&D for the first quarter of 2025 was $30 million or 3.9% of sales compared to $31 million or 3.9% of sales. SG&A for the first quarter of 2025 was $70 million or 9% of sales compared to $75 million or 9.5% of sales. The effective tax rate was 14.5% for the first quarter of 2025 compared to 17.9%. The adjusted effective tax rate for the first quarter of 2025 was 14% compared to 17.7%.

從伍德沃德層級來看，2025 年第一季的研發費用為 3,000 萬美元，佔銷售額的 3.9%，而去年同期為 3,100 萬美元，佔銷售額的 3.9%。2025 年第一季的銷售、一般及行政費用為 7,000 萬美元，佔銷售額的 9%，而前季度的銷售、一般及行政費用為 7,500 萬美元，佔銷售額的 9.5%。2025 年第一季的有效稅率為 14.5%，而去年同期為 17.9%。2025 年第一季的調整後有效稅率為 14%，而去年同期為 17.7%。

Looking at cash flows. Net cash provided by operating activities for fiscal 2025 was $35 million compared to $47 million. Capital expenditures were $34 million for fiscal 2025 compared to $42 million. Free cash flow was $1 million for the first quarter compared to $5 million which is in line with our typical first quarter levels. The decrease in free cash flow was primarily due to lower earnings, partially offset by lower capital expenditures.

查看現金流。2025財年經營活動提供的淨現金為3,500萬美元，而之前為4,700萬美元。2025財年的資本支出為3,400萬美元，而之前為4,200萬美元。第一季的自由現金流為 100 萬美元，而去年同期為 500 萬美元，與我們通常的第一季水準一致。自由現金流的減少主要是由於收益下降，但資本支出的減少部分抵消了減少。

As of December 31, 2024, debt leverage was 1.5 times EBITDA. Our capital allocation strategy remains unchanged. We continue to prioritize investing in organic growth, returning cash to stockholders, and pursuing strategic M&A.

截至 2024 年 12 月 31 日，債務槓桿為 EBITDA 的 1.5 倍。我們的資本配置策略維持不變。我們持續優先投資有機成長、向股東返還現金以及進行策略併購。

During the first quarter, we returned $50 million to stockholders comprised of $35 million of share repurchases and $15 million of dividends. In aggregate, we are currently planning to return approximately $215 million in 2025, including approximately $150 million of share repurchases and $65 million in dividends.

第一季度，我們向股東返還了 5,000 萬美元，其中包括 3,500 萬美元的股票回購和 1,500 萬美元的股息。總體而言，我們目前計劃在 2025 年返還約 2.15 億美元，其中包括約 1.5 億美元的股票回購和 6,500 萬美元的股息。

Turning to our 2025 guidance. We are reaffirming our guidance for 2025 with the exception of adjusted effective tax rate and adjusted earnings per share. Based on the favorable tax rate in the first quarter, we now expect the adjusted effective tax rate for 2025 to be approximately 19%.

轉向我們的2025年指導。我們重申對 2025 年的預期，但調整後有效稅率和調整後每股盈餘除外。基於第一季的優惠稅率，我們現在預計 2025 年的調整後有效稅率約為 19%。

As a result, we are narrowing our adjusted earnings per share range and now expect it to be between $5.85 and $6.25.

因此，我們縮小了調整後的每股盈餘範圍，目前預計在 5.85 美元至 6.25 美元之間。

This concludes our comments on the business and results for the first quarter of fiscal year 2025.

這是我們對 2025 財年第一季業務和業績的評論。

Operator, we are now ready to open the call to questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions)

（操作員指令）

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Chip, Bill, quick question just on the guidance for the aerospace segment. The sales growth is kind of wide. And last quarter, I think you mentioned that you expected defense OEM to be the fastest end market within aerospace, followed by commercial OEM aftermarket, and then defense aftermarket. I'm just wondering, has there been any change in that pecking order given the strong start you've had in the commercial aftermarket and defense aftermarket?

奇普、比爾，我想問關於航空航太領域的指導問題。銷售額成長相當迅速。上個季度，我記得您提到過，您預計國防 OEM 將成為航空航太領域成長最快的終端市場，其次是商業 OEM 售後市場，然後是國防售後市場。我只是想知道，鑑於您在商用售後市場和國防售後​​市場的強勁開局，這種等級制度是否發生了變化？

Yes. Scott, so we're still keeping that wide range because it's still early yet from a Boeing performance standpoint and some of the other supply chain issues to sort of to narrow the upper range yet. Your point is a good one on the strong commercial aftermarket in 1Q. I will remind you that it was a relatively easy compare 1Q to last year 1Q '24.

是的。史考特，我們仍然保持這個較大範圍，因為從波音的性能角度和其他一些供應鏈問題來看，現在還為時過早，還需要縮小上限範圍。您關於第一季商業售後市場強勁的觀點非常正確。我要提醒你，將今年第一季與去年第一季 24 進行比較相對容易。

So as we look forward going on for the rest of FY25, we have more difficult compares. We think that high double digits we showed this quarter will moderate significantly. Sequentially, the performance should be similar. I think it'll be neck and neck between commercial OE and commercial aftermarket for what's second in line. We still expect defense OE to be the largest driver of growth for this fiscal year.

因此，當我們展望25財年剩餘時間的表現時，我們面臨著更困難的比較。我們認為，本季呈現的高兩位數成長將會顯著放緩。順序地，性能應該是相似的。我認為，商業 OE 和商業售後市場將在第二排中不相上下。我們仍預期國防OE將成為本財年最大的成長動力。

And then over the past several years, you've invested quite a bit to alleviate some of the supply chain bottlenecks in your production system. So I just wondering if you could characterize the performance of your supply chain relative to pre-COVID. Is it almost back to normal, and then is there any material difference in the performance of your aerospace supply chain versus the industrial segment supply chain?

然後在過去幾年中，您已經投入了相當多的資金來緩解生產系統中的一些供應鏈瓶頸。所以我只是想知道您是否可以描述一下您的供應鏈相對於疫情之前的表現。它是否幾乎恢復正常？

So I echo the comments of many of my colleagues on earnings calls recently saying that we really haven't solved the post-COVID supply chain issues yet. I don't know that we do get back to a pre-COVID normal that we wish for. There's still plenty of labor challenges out there and the less experienced labor. We're having challenges across the supply chain with some supplier quality issues that are due to the things people that knew how to do before they retired or left.

因此，我同意最近許多同事在財報電話會議上的評論，他們說，我們確實還沒有解決疫情時代的供應鏈問題。我不知道我們是否能如願恢復疫情前的正常狀態。仍然存在大量的勞動力挑戰和缺乏經驗的勞動力。我們在整個供應鏈中面臨著挑戰​​，有些供應商存在品質問題，而這些問題是由於人們在退休或離開之前知道如何做的事情造成的。

As people come up the learning curves, we're solving those problems and we're we're getting more involved. As you noted, we have invested over $10 million in flexible manufacturing equipment to temporarily or permanently insource where our suppliers are having trouble. That is still ongoing. Those machines are pretty much loaded 5 days a week 2 shifts, and we're continuing to add soft capacity to those as the supply chain challenges would dictate.

隨著人們的學習曲線不斷上升，我們正在解決這些問題，我們也參與得越來越深入。正如您所說的，我們已投資超過 1000 萬美元用於靈活的製造設備，以便在我們的供應商遇到困難時進行臨時或永久的內包。這項工作仍在進行中。這些機器基本上每週 5 天、2 班裝載，我們正在根據供應鏈挑戰的要求繼續增加這些機器的軟容量。

I'd say we have similar challenges in industrial to aerospace supply chain. We're looking at 15 to 20 suppliers overall on the highly escalated challenged list on performance, and it's about half and half.

我想說我們在工業到航空航天供應鏈中面臨類似的挑戰。在這份績效受到高度挑戰的供應商名單上，我們總共考慮了 15 到 20 家供應商，比例大約是一半一半。

Scott Deuschle, Deutsche Bank.

德意志銀行的 Scott Deuschle。

Chip, is Boeing restarting purchase orders at a very low rate, or are they coming out of the gates relatively strong in terms of the rates they're asking you to ship to?

奇普，波音公司是否以非常低的價格重啟採購訂單，或者從他們要求你們發貨的價格來看，他們是否一開始就表現相對較強？

The Boeing demand signal is pretty strong. So it's pretty strong out of the gate. And as you know, there's some inventory in the system, so we're responding in a disciplined way to bring our line rates up to meet that demand.

波音的需求訊號相當強烈。因此，它一開始就非常強勁。如您所知，系統中有一些庫存，因此我們正在以規範的方式做出反應，提高我們的線路費率以滿足需求。

So should we expect commercial OE revenue to return to growth in the second quarter, or could it still be down given the tougher comp you see that in the second quarter?

那麼，我們是否應該預期商業 OE 營收將在第二季恢復成長，或考慮到第二季更嚴峻的競爭情勢，其營收是否仍會下降？

While we don't give quarterly guidance, I do -- I have more confidence in the second half of this year that we will be in a growth mode from an OE standpoint.

雖然我們沒有提供季度指引，但我對今年下半年我們更有信心，從 OE 的角度來看，我們將處於成長模式。

And then have the retrofits for the LEAP engine's new reverse bleed valve system contributed very materially to the company's aftermarket growth over the last few quarters? And then does that normalize at some point if that has been a driver of the aftermarket growth?

那麼，LEAP 引擎的新型反向排氣閥系統的改造是否對該公司過去幾季的售後市場成長做出了重大貢獻？那麼，如果這是售後市場成長的驅動力，那麼在某個時候是否會恢復正常化？

The reverse bleed valve fleet program has not contributed significantly to our aftermarket growth.

反向排氣閥車隊計畫並未對我們的售後市場成長做出重大貢獻。

Sheila Kahyaoglu, Jefferies.

傑富瑞 (Jefferies) 的 Sheila Kahyaoglu。

But maybe just on the last question, I think last quarter, you guys indicated aftermarket would level off but obviously, first quarter off to a great start, 20%. Can you maybe talk about what drove that just given you said you would level off given shop visits? When we think about the 9,000 engine LEAP fleet, how do we think about those shop visits coming in, your percentage of those shop visits? Any sort of guide you could provide?

但也許只是關於最後一個問題，我認為上個季度，你們表示售後市場將趨於平穩，但顯然第一季開局良好，成長了 20%。你能不能談談是什麼導致了這一結果，因為你說過你會穩定店舖訪問量？當我們考慮 9,000 台引擎的 LEAP 車隊時，我們如何看待這些進廠維修，以及您佔這些進廠維修的百分比？能提供什麼指引嗎？

So I think the guidance that we sent was about the full year from a commercial aftermarket standpoint. So just pointing back to that it was a relatively easier compare in the first quarter than it is two, three, and four for the year. So just want to draw your attention to that. And it was sort of across the board where our LEAN transformation is allowing us to show better turn times and get more product out back to the customers in the aftermarket, supply chain alleviating some of the issues as well.

因此，我認為我們發出的指導是從商業售後市場的角度來了解全年的情況。所以回顧一下，第一季的比較比今年第二、三、第四季的比較相對容易。所以只是想提請大家注意這一點。我們的精實轉型是全面性的，它使我們能夠縮短週轉時間，並在售後市場向客戶提供更多的產品，供應鏈也緩解了一些問題。

So those contributed to our ability to serve the market a little bit better in first quarter '25 than we did in first quarter '24. Of course, there's some price in there as well, which shows up on the top line. And what was the rest of your question, Sheila?

因此，這些因素促使我們在 2025 年第一季比 2024 年第一季更好地服務市場。當然，其中也包含一些價格，顯示在頂線上。希拉，你剩下的問題是什麼？

Just what's the shop visit revenue we could think about? What word is it? Like 10% of your overall content? And like how do we think about when that cadence really picks up just given the current LEAP fleet?

我們能考慮的店鋪訪問收入到底是多少？這是什麼詞？大約佔您整體內容的 10% 吧？考慮到目前的 LEAP 艦隊，我們如何看待這種節奏何時真正加快？

So I'd like to remind you also that much of our aftermarket content is line replaceable units. So while shop visit rate is interesting and some customers do route the LRUs for component repair during a shop visit, we also see about, I'd say just largely a 50-50 split from LRUs, whether it's shop visit or line removal.

因此，我還想提醒您，我們的大部分售後內容都是線路可更換單元。因此，雖然車間訪問率很有趣，並且一些客戶確實在車間訪問期間將LRU 路由以進行組件維修，但我們也看到，我認為從LRU 中分離出來的比例基本上是50-50，無論是車間訪問還是線路拆除。

And it's really we're better correlated with overall engine hours than we are event-driven shop visits. So I want to make sure everyone still understands that that's the case for Woodward content.

而且我們與引擎總運轉小時數的相關性實際上比與事件驅動的維修店訪問次數的相關性更高。因此，我想確保每個人仍然理解伍德沃德內容的情況。

We are seeing LEAP and GTF inputs grow year over year. We're on track for that growth like we've modeled it. So we're very pleased at how that's developing.

我們看到 LEAP 和 GTF 投入逐年成長。我們正按照我們所模擬的成長軌道前進。我們對事情的發展感到非常高興。

And then maybe if I could ask one on industrial, switching gears a little bit, profitability has come in better. Core margins of 15% plus. Can you walk us through how that improved, what drives the deceleration? And I think in your prepared remarks, you mentioned certain like licensing sales, but I didn't catch if it was industrial and/or aero, if you could clarify that.

然後，如果我可以問一個工業方面的問題，稍微轉換話題，獲利能力已經變得更好了。核心利潤率超過15%。您能向我們介紹一下這一情況是如何改善的以及導致減速的因素是什麼嗎？我認為在您準備好的演講中，您提到了某些類似許可銷售的內容，但我不明白它是否涉及工業和/或航空，您能否澄清一下。

I'll clarify that point and then I'll turn it over to Bill. So we did divest of some small product lines in industrial, and that's adjusted out of our earnings. You'll see that in the GAAP results, but it's relatively small amount and not a big driver, not included in that margin number.

我將澄清這一點，然後將它交給比爾。因此，我們確實剝離了工業領域的一些小型產品線，這對我們的收益有所調整。您會在 GAAP 結果中看到這一點，但這是一個相對較小的數額，並不是一個重要的驅動因素，因此不包括在利潤數字中。

Over the Bill on the makeup of the 15%.

帳單上就補了15%。

So yeah, we are real pleased with the core industrial coming out of the gate at 15%. As you know, Sheila, our guide on core industrial margins is between 14% and 15%. This quarter, we did -- in Q1, we did see some favorability related to foreign exchange rates. And so backing that out, core industrial margins were closer to 14%. And we expect through the quarter, that will -- through the year, we'll see their margin rates go between 14% and 15% with those finishing strong in Q4, depending on sort of the volume and the mix that comes through any given quarter.

是的，我們對核心工業實現 15% 的成長感到非常高興。正如希拉 (Sheila) 您所知，我們對核心工業利潤率的指導是在 14% 到 15% 之間。本季度，我們確實——在第一季度，我們確實看到了與外匯匯率相關的一些有利因素。因此，除去此因素，核心工業利潤率接近 14%。And we expect through the quarter, that will -- through the year, we'll see their margin rates go between 14% and 15% with those finishing strong in Q4, depending on sort of the volume and the mix that comes through any given四分之一.

So we feel really good about all the work that we've done. I remember when I started here, core industrial margins were in the single -- high single digits, 9%. And so all the work that we've done, in operational excellence, working on price, driving LEAN, we are seeing that improvement, and we really feel good about our guide on core Industrial 14%, 15% for the year.

因此，我們對所做的一切工作感到非常滿意。我記得我剛開始在這裡工作的時候，核心工業利潤率是個位數，9%。因此，我們在卓越營運、價格工作、推動精實方面所做的所有工作都看到了進步，我們對今年核心產業 14%、15% 的預期感到非常滿意。

Matthew Akers, Wells Fargo.

富國銀行的馬修·埃克斯。

I wanted to ask about the Safran acquisition. Any more color you can give there and maybe what the new A350 content is. I think you said that we boosted that. I think it was like 40,000 to 50,000, previously. And just curious, should we think of this as sort of a one-off opportunity that came up, or do you still see M&A as kind of a decent part of the capital allocation strategy here?

我想詢問有關賽峰集團收購案的問題。您能提供更多詳細資訊嗎？我認為你說過我們促進了這一點。我認為以前是 40,000 到 50,000 左右。我很好奇，我們是否應該將其視為一種一次性的機會，或者您仍然將併購視為資本配置策略的重要組成部分？

So taking the last part first, I mean I think we still see M&A strategy as a good opportunity to bolt on when we're looking for technology adds, market or customer adds to the Woodward portfolio. So we're very excited about this one. It brings us some unique additions to our electromechanical actuation business from a technology standpoint, and we do look forward to having the horizontal stabilizer trim actuation system for the A350, and that's the content add for the A350 that I was referring to.

因此，首先討論最後一部分，我的意思是，當我們為伍德沃德投資組合尋找技術附加價值、市場或客戶附加價值時，我們仍然認為併購策略是一個很好的機會。所以我們對此感到非常興奮。從技術角度來看，它為我們的機電作動業務帶來了一些獨特的補充，我們確實期待為 A350 配備水平穩定器配平作動系統，這就是我所指的為 A350 添加的內容。

We didn't quantify what that means from a shipset standpoint though.

然而，我們並沒有從船舶的角度量化這意味著什麼。

And then I guess as a follow up, I think you called that $215 million of cash you plan to return this year. I was just curious that your free cash flow is above that or are you -- is the remainder kind of earmarked for something, or should we think of that as maybe potential upside to deployment kind of depending on market opportunities?

然後我想作為後續問題，我認為您提到了您計劃今年返還的 2.15 億美元現金。我只是好奇，您的自由現金流是否高於這個數字，或者剩餘部分是否被指定用於某事，或者我們應該將其視為可能根據市場機會而部署的潛在上升空間？

Yeah, Matt, again, we do think that we have capacity. There's a possibility for us to do more, and we don't have it earmarked right now. We're going to see how things progress. We feel good about our where we are from -- on our shares, and if there's opportunity to buy some more, we will take a look at it. If there aren't, the other areas of organic growth investment, we will look at potentially doing some more.

是的，馬特，我們確實認為我們有能力。我們有可能做更多的事情，但目前我們還沒有指定專門的人員。我們將觀察事態如何發展。我們對我們的股票的來源感到很滿意，如果有機會購買更多，我們會考慮。如果沒有的話，我們會考慮在其他有機成長投資領域進行更多投資。

So $215 million right now represents about $150 million of share repurchases that deal with offsetting or dilution, and then we'll see how things develop over the rest of the year.

因此，目前的 2.15 億美元代表約 1.5 億美元的股票回購，用於抵銷或稀釋，然後我們將看看今年剩餘時間的情況如何發展。

Pete Skibitski, Alembic Global Partners -- Advisors.

Pete Skibitski，Alembic Global Partners－顧問。

Yeah. Hey, Chip, just wondering, the ongoing CR in defense, has that impacted your bookings at all, or are the OEMs being pretty forward leaning in order flow?

是的。嘿，Chip，只是想知道，國防領域正在進行的 CR 是否對您的預訂產生了影響，或者 OEM 在訂單流方面是否相當具有前瞻性？

We haven't seen any impact on that, Pete.

皮特，我們還沒有看到任何影響。

And just to follow up, I get the sense that maybe your multi-year visibility in guided weapons and maybe that's improving. And I mean the current outlook for defense funding is sort of low double -- or low single digits. Should we expect guided weapons on a multi-year basis to kind of meaningfully exceed that? Is that kind of a -- the target that you put out there or is the visibility just not there yet?

只是為了跟進，我感覺你們在導引武器方面的多年可見性可能正在改善。我的意思是，目前國防資金的前景是低兩位數或低個位數。我們是否應該預期導引武器在多年基礎上會顯著超過這個水準？這就是您所設定的目標嗎？

I don't think we have much visibility past early 2026, and that's kind of what we've limited our public comments on.

我認為我們對 2026 年初之後的情況沒有太多的預見性，這就是我們限制公開評論的原因。

Christopher Glynn, Oppenheimer.

奧本海默的克里斯托弗·格林。

So powergen markets have had a pretty steady consistent drumbeat. Curious if you could just go into some of the long term demand signals a little bit. I think Caterpillar announced the substantial capacity plans for recip and gas turbines. Is that pretty telling of how you're looking at the market over the next handful years?

因此，發電市場一直保持著相當穩定一致的節奏。好奇您是否可以稍微介紹一些長期需求訊號。我認為卡特彼勒宣布了往復式和燃氣渦輪機的大規模產能計劃。這是否能說明您對未來幾年市場的看法？

Yeah, it is. I mean our customers are all pushing us to demonstrate what our capacity actions would be to meet the investments that they're making, and we're aligned pretty darn well with both our reciprocating engine and gas turbine customers. We're very bullish on that market.

是的。我的意思是，我們的客戶都在敦促我們展示我們的產能行動能夠滿足他們的投資要求，而且我們與往復式發動機和燃氣渦輪機客戶的配合非常好。我們非常看好這個市場。

Just the math alone tells us that there should be a gas renaissance in terms of the power demands both for grid stability due to renewables, but also just for base gigawatts per year growth required to support industry, but also the data center and AI demand.

僅從數學角度來看，天然氣發電將迎來復興，這不僅是為了滿足再生能源帶來的電網穩定，也是為了滿足支持工業發展所需的每年千兆瓦基本發電量增長，同時也是為了滿足資料中心和人工智慧的需求。

I mean all of the Deepseek turmoil aside, we still see big demand and growth for gas power generation and we're poised to take part in that.

我的意思是，除了 Deepseek 的所有動盪之外，我們仍然看到對天然氣發電的巨大需求和成長，我們已準備好參與其中。

Also wanted to ask about the guided weapons JDAM area. Is that expected a pretty steady cadence through the year? Looks like maybe you had some load in the fourth quarter and I don't know what -- how the seasonality comes to bear on a program that's ramping up, but is that a consistent ramp through the year or kind of level loaded?

還想詢問有關導引武器 JDAM 領域。預計全年節奏會比較穩定嗎？看起來你可能在第四季度有一些負荷，我不知道季節性會對正在增加的項目產生什麼影響，但這是全年持續的增長還是某種水平的負荷？

Yeah. I'll start and then turn it to Bill. We plan it pretty level, but there's a lot of supply chain issues in that part of the world too. It's not limited just to commercial aircraft or industrial. So there can be some puts and takes from a production rate standpoint based on supplier performance and also other suppliers of our customers can cause them to not pull as high of a demand as they initially transmit for that month or that quarter.

是的。我先開始，然後轉給比爾。我們計劃得相當周全，但那個地區也存在著許多供應鏈問題。它不僅限於商用飛機或工業飛機。因此，從基於供應商績效的生產力角度來看，可能會有一些利弊，而且我們客戶的其他供應商也可能會導致他們在當月或該季度無法像最初傳輸的那樣滿足需求。

David Strauss, Barclays.

巴克萊銀行的戴維·施特勞斯（David Strauss）。

Chip, has there been any change in your thinking around China on highway and how that develops this year?

奇普，您對中國高速公路的看法有什麼改變嗎？

Unfortunately, I report no change to my thinking. It's a -- it's just a volatile product line that we're in. Our team is working hard to control fixed costs when volumes are down and ready to respond should there be an uptick. I think we'll also be mindful in terms of how we respond to demand signals from customers. We don't want to get in a position where we load up a lot of inventory like we did last year.

不幸的是，我的想法沒有任何改變。這只是—我們所處的一條不穩定的產品線。當業務量下降時，我們的團隊會努力控制固定成本，並隨時準備在業務量上升時做出反應。我認為我們也會注意如何回應來自客戶的需求訊號。我們不想陷入像去年那樣積壓大量庫存的情況。

So we're going to be very mindful of that. I think the other thing is we'll try to level load, so we can better amortize our fixed costs when volume comes back. So I guess those are refinements to the thinking but not changes.

所以我們會非常注意這一點。我認為另一件事是我們將嘗試平衡負載，這樣當產量恢復時我們就可以更好地攤提固定成本。所以我猜這些只是思考的改進，而不是改變。

So you're still thinking minimal sales in the second quarter and then $10 million to $15 million a quarter in Q3, Q4?

所以您仍然認為第二季的銷售額最低，而第三季和第四季每季的銷售額將達到 1000 萬到 1500 萬美元嗎？

Right. We still feel best about the $40 million estimate that we've put out there for China on highway.

正確的。我們仍然對我們為中國高速公路建設提出的 4,000 萬美元的估計感到滿意。

And Chip, tariffs, I don't think you have any manufacturing in Canada and Mexico other than maybe it looks like the Safran business has some. Any exposure if these preferences that you have?

還有 Chip、關稅，我認為你們在加拿大和墨西哥沒有任何製造業務，除非看起來賽峰集團有一些。您有這些偏好嗎？

Well, as it turns out, we're largely in regions for regions. We've got some things that go back and forth globally, but mostly we're -- our manufacturing footprint and supply chain is in the region that it serves. So we don't see any substantial tariff risk at this moment on this day at this time, but as you know, it's a fairly fluid environment.

事實證明，我們基本上是分區域進行。我們有一些在全球範圍內來回的業務，但大多數情況下，我們的製造足跡和供應鏈都位於其服務的地區。因此，我們目前認為不存在任何實質的關稅風險，但如你所知，這是一個相當不穩定的環境。

Gavin Parsons with UBS.

瑞銀的加文·帕森斯（Gavin Parsons）。

Hey.Good afternoon.

嘿。

Hey Gavin.

嘿，加文。

Appreciate the color on the Aero guide, but just wanted to kind of ask what pieces might take you to the high versus low end, and it sounds like you have some destocking considered in there. And is that just airframe or is that also on the engine side?

很欣賞 Aero 指南上的顏色，但我只是想問一下哪些部件可能會讓您走向高端而不是低端，聽起來您已經考慮過去庫存了。那隻是機身嗎，還是也包括引擎側？

So I think the things that take us towards the high side is the supply chain performance, quite frankly, on the commercial and the defense OE side of the business that, that could take us to the high side. The things that would take us to the low side are nonperformance or additional headwinds from a supply chain standpoint.

因此，我認為讓我們走向高端的因素是供應鏈績效，坦白說，在商業和國防 OE 業務方面，這可能會讓我們走向高端。從供應鏈的角度來看，導致我們陷入困境的因素包括績效不佳或額外的阻力。

Great. And then on Aero revenue, I guess you guys called out price with volume down, you still have good visibility into price for the rest of the year. Does that start to lap?

偉大的。然後關於 Aero 收入，我想你們已經宣布價格會隨著銷量下降而下降，但對於今年剩餘時間的價格仍然可以有很好的可預測性。那是不是開始重疊了？

Yes. Gavin, as we talked about last quarter, we're expecting price at the total Woodward level to be around 5%. And we expect Aero to be -- to deliver stronger price than industrial. So we've got pretty good visibility. As you remember, we were dealing with a number of 6 contracts that came due last year that got renegotiated.

是的。加文，正如我們上個季度所談到的，我們預計伍德沃德整體價格將在 5% 左右。我們預計 Aero 的價格將比工業價格更高。因此我們的可見性相當好。您還記得，我們​​正在處理去年到期並經過重新談判的 6 份合約。

So we'll see some of that continue to come through the year. And we're mostly through those contracts, but we still have a few to deal with this year.

因此，我們將看到其中一些現象將在今年繼續出現。我們大部分合約都已經完成了，但是今年還有一些合約需要處理。

Thanks.

謝謝。

Noah Popleak with Goldman Sachs.

高盛的 Noah Popleak。

Hello everyone. What was the LEAP and GTF aftermarket revenue contribution in the quarter?

大家好。本季 LEAP 和 GTF 售後市場收入貢獻是多少？

Yes. No, it continues to grow real nice -- very nicely, and we're seeing very strong growth there. Again, no, it is still off of a lower base. But obviously, as we continue to see these very strong growth rates as we get into '26, '27, we won't be talking about a low base. And as we see in these early quarters, continuing to grow.

是的。不，它繼續良好地增長——非常好，我們看到了非常強勁的成長勢頭。再次強調，不是，它仍然處於較低的基礎之上。但顯然，隨著我們進入26年和27年，我們繼續看到這些非常強勁的成長率，我們不會談論低基數。正如我們在前幾個季度所看到的，它仍在繼續增長。

So it's performing as we have expected it to perform, and we're really pleased with what we're seeing.

因此它的表現正如我們預期的那樣，我們對所看到的結果感到非常滿意。

Is it correct to assume that the full year guidance doesn't actually assume a ton of growth contribution from that because even though you have very specific 2027 guidance or a framework, that's because you know you'll have reached critical mass by then, whereas right now, you're kind of waiting to see when you flip to critical mass. So you're just not sure what it contributes to '25? Or do you have a very specific assumption in the '25 guidance?

全年指引其實並沒有假設大量的成長貢獻，這種假設是否正確？正在等待看何時達到臨界質量。所以你只是不確定它對‘25’有何貢獻？還是您在 25 指引中有一個非常具體的假設？

Yes. I'll jump -- I'll speak on that, Noah and then turn it over to Chip. The team has a good feel for -- from a range standpoint, of what we expect LEAP and GTF to contribute to the aftermarket. So far, the team who have -- are very experienced with this. Have been pretty accurate with their estimates so far.

是的。我會跳到 - 我會談論這個，諾亞，然後把它交給奇普。從範圍的角度來看，團隊對我們預期 LEAP 和 GTF 將為售後市場做出的貢獻有著良好的感覺。到目前為止，該團隊對此已經非常有經驗。到目前為止他們的估計相當準確。

So again, I feel comfortable that we have a good range of what we expect that piece of the business to deliver in '25. Chip?

因此，我再次確信，我們對該業務在25年實現的預期有一個良好的範圍。晶片?

Yes, I think it's fair to say that we're pretty good at modeling it and that we're tracking, as Bill said. And what we shared at Investor Day was it's really more like the 2028 time frame where we would see LEAP and GTF be equal to legacy fleet in terms of their contributions to our market. Now we think legacy will come down some by that time also. But that's where we would see maybe a changeover in the '28 plus time frame. LEAP and GTF is starting to contribute and be less of a footnote and more of a baseload into our shop.

是的，我認為可以公平地說，我們非常擅長建模，而且我們正在跟踪，正如比爾所說的那樣。我們在投資者日分享的是，到 2028 年，LEAP 和 GTF 對我們市場的貢獻將與傳統機隊持平。現在我們認為到那時遺產也會減少一些。但我們可能會在 28 年以後的時間範圍內看到轉變。LEAP 和 GTF 開始發揮作用，它們不再只是我們商店的腳註，而更像是我們的商店的基本負荷。

So I don't want you to think it's not meaningful yet. But as Bill said, the numbers really aren't moving the needle in a big way from a growth standpoint yet.

所以我不想讓你認為這還沒有意義。但正如比爾所說，從成長的角度來看，這些數字實際上還沒有產生很大的變化。

Okay. And then I just wanted to also ask on the aerospace original equipment side. You had provided the guidance with its assumed growth rate, while Boeing had you turned off. So I guess the down 10 isn't a huge surprise. Just curious how the downturn compared to what you were thinking a few months ago.

好的。然後我還想問一下航空航太原始設備的問題。你提供了預期的成長率作為指導，而波音讓你失望了。所以我猜下降 10 名並不是什麼令人意外的事情。只是好奇與幾個月前你想的相比，這次的經濟衰退如何。

And then just how much -- I guess, Boeing sort of is speaking to maybe a faster recovery in the back half than a lot of us thought. So yes, I guess, on the one hand, [indiscernible] it needs a lot of growth to get to where your guidance was. But on the other hand, maybe -- is Boeing actually talking about a faster ramp than you anticipated?

那麼，我想，波音似乎預示著下半年的復甦速度可能比我們許多人想像的還要快。所以是的，我想，一方面，[音頻不清晰] 它需要很大的發展才能達到你的指導水平。但另一方面，也許——波音公司實際上是否在談論比你預期的更快的成長速度？

There's a lot there, Noah, but I'll do my best. I think -- just to start off our guidance is sort of a wide range at the top end on purpose because Boeing was lined down when we were developing our guidance. So that's why it's sort of a wider range from a revenue standpoint, first and foremost, not really surprised by first quarter being where it is based on them just being turned on and taking a pause in a period of time to get workers back certified for the jobs that they're on and all these kinds of things before they really started back to work and moving move in airplanes on the line.

諾亞，還有很多事情要做，但我會盡力的。我認為——一開始我們的指引是故意將高端範圍設得很寬，因為當我們制定指引時，波音的指引已經降低了。因此，從收入的角度來看，這是一個更廣泛的範圍，首先，第一季的情況並不令人意外，因為他們剛開始工作，並在一段時間內暫停工作，讓工人回來獲得認證他們所從事的工作以及在他們真正開始重返工作崗位並在生產線上運送飛機之前所做的所有這些事情。

I'm really impressed with the goals they've set for how they want to come back up and running. And what I understand, based on my experience really well is their 6-month stabilization and rate breaks that they talk about in the out years, how they're going to get from where they are right now to to 38 per month is the thing that we're all watching. We're all rooting for them as an industry, as a customer, as U.S. citizens. We're behind them all the way and hope that they can achieve those aggressive goals they've laid out for the second half of 2025.

他們為恢復營運所設定的目標給我留下了深刻的印象。根據我的經驗，我非常清楚他們在未來幾年談論的 6 個月穩定和利率下調，他們如何從現在的水平上升到每月 38 美元，這是關鍵我們都在看。作為一個產業、作為一個客戶、身為一個美國公民，我們都支持他們。我們全力支持他們，並希望他們能夠實現 2025 年下半年所訂定的積極目標。

Okay, thank you.

好的，謝謝。

Yeah, thanks.

是的，謝謝。

Michael Ciarmoli with Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Chip, just on aerospace, the margins in the quarter. I mean, you had a 21% sequential decline there in OE. You held the margins flat. Obviously, you got the strong aftermarket mix. You mentioned just flow and Kaizen events.

晶片，僅在航空航天方面，本季的利潤率。我的意思是，OE 連續下降了 21%。您保持邊緣平坦。顯然，您獲得了強大的售後市場組合。您只提到了流程和 Kaizen 事件。

But anything else that helped to drive that margin? And then just thinking about when Boeing and OE really starts to ramp up? Do you kind of have to battle that negative mix shift?

但有其他因素有助於提高這項利潤嗎？那麼，波音和 OE 何時真正開始加速發展呢？您是否必須對抗這種負面組合轉變？

So I guess the -- I'll start, and I'll hand it over to Bill for some of the mechanics on the mix because we actually had some mixed headwinds in there. The commercial aftermarket wasn't as useful as you might think. But from a overall standpoint, our lean transformation, our ability to get product flowing and deliver to a customer, we're making progress on our model lines. We have people coming up to speed. They've been on the job now a couple of years instead of the 6 months or 12 months we talked about before.

所以我想 - 我會開始，然後我會把它交給比爾，讓他討論混合機制，因為我們實際上在那裡遇到了一些混合逆風。商業售後市場並不像你想像的那麼有用。但從整體角度來看，我們的精實轉型、我們讓產品流動起來並交付給客戶的能力，我們正在模型線上取得進展。我們有人在不斷跟進。他們已經工作了幾年，而不是我們之前談論的 6 個月或 12 個月。

So our members are more productive. All these things are flowing through to the bottom line. In addition, some healthy price on the aerospace, especially the aftermarket side. I'll hand it over to Bill, if he you want to share --

因此我們的成員的生產力更高。所有這些事情都流向了底線。此外，航空航太業，特別是售後市場的價格也相當健康。我會把它交給比爾，如果你想分享的話--

Yes. I think just, Mike, you talked about the [ 19.2% ] that Aero delivered, and we are also excited about it, 200 basis points improvement over last year, about flat sequentially. And so in kind of year-over-year, good price realization there. We do with the defense OE, it does provide us with a little bit of a mix headwind for now as that volume continues to increase, though, that will provide us with some good volume leverage, which will drive margin expansion. So really, year-over-year, what drove it was price and continue work on the -- our operational excellence initiatives to deliver that margin, which our full year guide of 20% to 21%, we feel good about how this quarter started and allowing us to get to that guide.

是的。我想，麥克，你剛才談到了 Aero 實現的 [ 19.2% ]，我們對此也感到非常興奮，比去年同期提高了 200 個基點，與上一季度持平。因此與去年同期相比，價格實現情況良好。我們確實對國防 OE 採取了行動，它確實為我們帶來了一些混合阻力，因為目前其數量還在不斷增加，但這將為我們提供一些良好的數量槓桿，從而推動利潤率的擴大。因此，與去年同期相比，推動這一增長的實際上是價格，以及我們持續致力於卓越營運計劃，以實現這一利潤率，我們的全年預期是20% 至21%，我們對本季度的開局感到很滿意並允許我們獲得該指南。

Okay. Chip, you mentioned there was actually some negative mix, though, with aftermarket. Can you maybe just elaborate on that a bit? What kind of --?

好的。奇普，您提到售後市場實際上存在一些負面因素。能否稍微詳細說明一下呢？什麼樣的--？

No. I was just saying that the defense OE was a mix down. It wasn't all aftermarket up and no other pressure. So that was what I was mentioning.

不。我只是說防守 OE 有點混亂。這並不是全部售後市場的問題，也沒有其他壓力。這就是我剛才提到的內容。

Got it. And then last one for me. You called out, I think, Chip, in your comments, direct labor and hiring. What are you guys looking at? What do you need to add in terms of headcount to kind of meet the objectives or not really get squeezed here?

知道了。這對我來說是最後一個。我認為，奇普，在你的評論中你提到了直接勞動力和僱用。你們在看啥？您需要在員工人數方面增加多少才能達到目標或不會真正受到擠壓？

And just any color on the hiring efforts?

招募工作有什麼特別之處嗎？

Yes, nothing really out of the usual challenges that we have in this environment. So we let attrition kind of walk our number -- our staffing numbers down a little bit during the Boeing strike and some of the other softness in demand. And so -- we saw it coming -- we saw the demand signal coming back and plenty of time to return to the staffing levels we need to serve that. But I just want to call it out because it is part of the challenge we all face right now. And we probably have a couple of months' worth of hiring to make up as we look at this demand signal.

是的，我們在這種環境下遇到的挑戰實際上並不常見。因此，我們讓人員流失影響我們的數字——在波音罷工和其他一些需求疲軟期間，我們的員工數量略有下降。所以，我們看到了它的到來，我們看到需求訊號的回歸，並且有足夠的時間來恢復到滿足這一需求所需的人員配備水準。但我只是想說出來，因為這是我們現在面臨的挑戰的一部分。當我們看到這個需求訊號時，我們可能需要補充幾個月的招募量。

Okay, perfect. Thanks, guys.

好的，完美。謝謝大家。

You're welcome.

不客氣。

Louis Refetto with Wolf Research.

沃爾夫研究公司的 Louis Refetto 說。

Hey, good evening.

嘿，晚上好。

Thank you.

謝謝。

Evening Louis, hello Louis

晚上好，路易斯，你好，路易斯

Hey Bill, maybe just a follow-up to the last question or 2 questions ago, just pricing, do you have the pricing amount for the quarter?

嘿，比爾，也許只是對上一個問題或兩個問題之前的後續問題，只是定價，你有本季度的定價金額嗎？

Yes. For the quarter, at the total order level, it came in around 6%. Again, total guide for the year is around 5%. And as we talked about for the total year, aero contributed heavily to that 6%, but industrial also provided us with a good contribution.

是的。本季度，總訂單量成長約 6%。再次，今年的總指導價約為 5%。正如我們所談到的，就全年而言，航空業對這 6% 的貢獻很大，但工業業也為我們做出了良好的貢獻。

All right. Great. Appreciate that, Bill. And then maybe just -- this is, I think, the maybe fifth quarter now that we're excluding some sort of business development expenses. I'm just trying to understand exactly what that is, why it's being excluded.

好的。偉大的。非常感謝，比爾。然後可能只是——我想，這可能是第五季度，因為我們排除了某種業務發展費用。我只是想知道那到底是什麼，為什麼它被排除在外。

Yes. This quarter, Louis, the business development expenses was related to the activity around the different deals that we talked about. And as always, we're trying to make sure that we provide you with clear operational performance. And so that is what drove that adjustment.

是的。路易斯，本季的業務發展費用與我們討論的不同交易的活動有關。和往常一樣，我們盡力確保為您提供清晰的營運績效。這就是推動這項調整的原因。

Great. And then maybe -- I may have missed this before, but is the acquisition and the divestiture like cash-wise, are they -- do they offset? Or is one sort of larger than the other? Any way to think about that?

偉大的。然後也許——我之前可能錯過了這一點，但是收購和資產剝離是否像現金方面那樣——它們可以抵消嗎？或者說一種比另一種大？有什麼方法可以考慮這個問題嗎？

Yes. Obviously, I don't want to get too far. And as these things close, we'll provide you with a little more insight into the financials.

是的。顯然，我不想走得太遠。隨著這些事情的結束，我們將為您提供更多有關財務狀況的見解。

All right. Thank you very much.

好的。非常感謝。

You're welcome.

不客氣。

Gautam Khanna with TD Cowen.

TD Cowen 公司的 Gautam Khanna。

I was wondering if you could comment on what commercial OE level of profitability was prior to the strike at Woodward

我想知道您是否可以評論一下伍德沃德罷工之前的商業 OE 盈利水平

We don't really go down at that level of detail, Gautam.

我們其實並沒有深入到那個細節層面，高塔姆。

I know. But can you ballpark it like relative to -- is it a profitable; B --

我知道。但是你能否估算一下──它是否有利潤？乙--

Our commercial OE business is profitable, and it's a good business for sure. And so yes, so hopefully, that is ballpark enough.

我們的商業 OE 業務是盈利的，而且肯定是一項好業務。是的，所以希望這就夠了。

Fair enough. And then with respect to the tariffs you mentioned kind of in country, but is there any kind of demand destruction that could come from this in the industrial business that's factored into your guide?

很公平。然後關於您在國家層級提到的關稅，但這是否會對工業業務造成任何形式的需求破壞，這已計入您的指南中？

When you say demand destruction, you mean like customers no longer ordering equipment or canceling orders?

您說的需求破壞是指顧客不再訂購設備或取消訂單嗎？

Yes. On the margin, because it weakens the demand environment. And is that factored in -- ?

是的。從邊際上來說，因為它削弱了需求環境。這是否考慮到了-- ？

That maybe a better question for one of our customers, but it doesn't jump out at me as a big risk.

對於我們的一位客戶來說，這可能是一個更好的問題，但在我看來，這並不是一個很大的風險。

Tony Bancroft with Gabelli Funds.

加貝利基金 (Gabelli Funds) 的托尼班克羅夫特 (Tony Bancroft)。

Great job on the quarter and great job overall. Just with the recent -- you saw the -- obviously, the acquisition today with Triumph and your recent acquisition of Safran's their business. And you mentioned a little bit more about customer adds and where you're focused. Maybe you could just sort of like just give us a lecture on what's the most desirable businesses of customer adds and what that size market, the potential of that market is obviously very broad strokes. But just want to get your view, like 5 years from now, do you see yourselves as sort of on the side of pure play fuel control business with actuation and some of the defense weapon system actuation.

本季的表現非常出色，整體而言也非常出色。就像最近——你看到了——顯然，今天對 Triumph 的收購以及你最近對 Safran 業務的收購。您還提到了更多關於客戶添加以及您關注的重點。也許您可以告訴我們什麼是客戶添加最受歡迎的業務以及該市場的規模，該市場的潛力顯然非常廣泛。但只是想聽聽您的看法，例如從現在起 5 年後，您是否認為自己會專注於純粹的燃料控制業務，並涉足驅動系統和一些國防武器系統驅動系統。

Just maybe you could just give us a picture of that.

也許您可以給我們一張那個圖片。

I think the simplest way -- and it's broader than this, but I think the simplest way to explain it that I think will shed the most light on our strategy there is, we have a stated strategy to increase our shipset content on the next single-aisle aircraft. So a lot of the activities that you'll see us talk about from an organic investment standpoint, or from a potential bolt-on acquisition standpoint is around making sure we've got a clear path to be very competitive when that competition starts for content on the next single aisle. We love high technology, challenging precision manufacturing kinds of systems and components. And we like components that have a healthy aftermarket opportunity associated with them. So that's kind of how we think about that.

我認為最簡單的方式——它比這更廣泛，但我認為最簡單的解釋方式，我認為最能闡明我們的戰略，我們有一個明確的戰略，即在下一款單機遊戲中增加我們的艦載內容通道飛機。因此，從有機投資的角度或潛在的附加收購的角度，你會看到我們談論的許多活動都是為了確保當內容競爭開始時，我們有一條清晰的道路來保持競爭力在下一個單過道上。我們熱愛高科技、具挑戰性的精密製造各種系統和組件。我們喜歡那些擁有良好售後市場機會的零件。這就是我們對此的看法。

That's great. Thanks so much, great job.

那太棒了。非常感謝，幹得好。

Well, Thank you.

好吧，謝謝你。

And ladies and gentlemen, that concludes today's question-and-answer session. Mr. Blankenship, I will now turn the conference back over to you.

女士們、先生們，今天的問答環節到此結束。布蘭肯希普先生，現在我將會議交還給您。

I'd just like to thank everyone for joining today's call. I hope you have a great day.

我只想感謝大家參加今天的電話會議。祝您有個愉快的一天。

Ladies and gentlemen, that concludes our conference call today. A rebroadcast will be available at the company's website www.woodward.com for 1 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，今天的電話會議到此結束。重播將在該公司網站 www.woodward.com 上播出一年。感謝您參加今天的電話會議，並請您斷開線路。