Woodward Inc (WWD) 2025 Q2 法說會逐字稿

Thank you for standing by. Welcome to the Woodward, Inc. second-quarter fiscal year 2025 earnings call. At this time, I would like to inform you that this call is being recorded for rebroadcast. (Operator Instructions)

感謝您的支持。歡迎參加伍德沃德公司 2025 財年第二季財報電話會議。此時，我想通知您，本次通話正在錄音以便重播。（操作員指示）

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

今天與我們一起出席的公司嘉賓有董事長兼首席執行官 Chip Blankenship；比爾·萊西 (Bill Lacey)，首席財務官；以及投資者關係總監 Dan Provaznik。現在我想把電話轉給 Dan Provaznik。

Thank you, operator. We'd like to welcome all of you to Woodward's second-quarter fiscal year 2025 earnings call. On 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.

謝謝您，接線生。我們歡迎大家參加伍德沃德 2025 財年第二季財報電話會議。在今天的電話會議上，Chip 將對我們的策略和相關市場發表評論。比爾隨後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。

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 and the 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.

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。我們在今天的電話會議上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，並且本次電話會議的網絡直播將在我們的網站上提供一年。除非另有說明，本次電話會議中提及的所有年份均指本公司的財政年度。

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 risks related to potential changes in the macroeconomic environment and risks related to tariffs counter trade actions in addition to the risks we identified in our filings with the SEC.

我想強調一下演示材料第二張幻燈片中所示的警告聲明。與往常一樣，本次演示的內容具有前瞻性，包括我們的指導，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，除了我們向美國證券交易委員會提交的文件中確定的風險之外，還包括與宏觀經濟環境潛在變化相關的風險以及與關稅反貿易行動相關的風險。

These statements are made as of today, and we do not intend to update them, except as required by law. In addition, we're providing certain non-US GAAP financial measures. We direct your attention to 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做出的，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的財務指標。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 that additional financial information will help in understanding our results. Now I'll turn the call over to Chip.

我們相信，額外的財務資訊將有助於理解我們的業績。現在我將把電話轉給 Chip。

Thank you, Dan. Good evening, everyone, and thank you for joining us. We are pleased to report strong performance in the second quarter, with results in line with our expectations. Woodward's net sales were up 6% year-over-year. Adjusted earnings per share were up 4%, reflecting steady growth despite headwinds from China on-highway volume and mix.

謝謝你，丹。大家晚上好，感謝大家的收看。我們很高興地報告第二季業績表現強勁，結果符合我們的預期。伍德沃德的淨銷售額較去年同期成長6%。調整後每股收益成長 4%，反映出儘管面臨來自中國高速公路車輛數量和結構的阻力，但仍保持穩定成長。

Excluding China on-highway, our company posted revenue up 12% and operating earnings up 22%. These results are a testament to the outstanding efforts of our Onward team members worldwide even as we operate in a challenging and uncertain environment. As we enter the second half of the year, we remain on a steady growth trajectory with our lean transformation continuing to pay dividends.

不包括中國公路車輛業務，我們公司的收入成長了 12%，營業利潤成長了 22%。這些結果證明了我們 Onward 團隊成員在世界各地充滿挑戰和不確定性的環境中所做的傑出努力。進入下半年，我們繼續保持穩定的成長軌跡，精實轉型持續帶來回報。

Our aerospace plants continue to gain ground. During the quarter, we achieved new highs with significant month-over-month sales growth at some of our facilities. For example, the combination of our two plants in Rockford, Bus Park and Rock Cut, achieved record sales to OE and services customers combined, facilitated by accelerated onboarding of new frontline members and model line transformations reaching new levels of performance.

我們的航空航太工廠繼續取得進展。本季度，我們部分工廠的銷售額較上季大幅成長，創下新高。例如，我們位於羅克福德的兩家工廠 Bus Park 和 Rock Cut 合併後，透過加速新一線成員的加入和車型生產線轉型達到新的性能水平，實現了對 OE 和服務客戶總銷售額的創紀錄水平。

Additionally, our Zeeland plant also reached new levels of output in the quarter on total fuel shipments. Thanks to continued growth in GTF, OE and service volumes. The LEAP and GTF maintenance cycle continues to develop, and LRU inputs and return shipments to customers doubled again year-over-year in the second quarter.

此外，我們的澤蘭工廠本季的燃料總出貨量也達到了新的產量水準。這得益於 GTF、OE 和服務量的持續成長。LEAP 和 GTF 維護週期持續發展，第二季 LRU 輸入量和客戶退貨量也比去年同期再次翻倍。

In Smart Defense, we made significant progress on our challenges with supplier quality, which enabled us to align production rates to customer demand. Our lean transformation has created the capacity and the forward momentum to deliver on aerospace volume commitments in the second half of the year. Our outlook for aerospace market remains bullish even in the face of uncertainty. Despite concerns around soft forward bookings in the US and some international routes, passenger traffic continues to grow and OEM build rates continue to increase.

在智慧防禦方面，我們在應對供應商品質挑戰方面取得了重大進展，這使我們能夠根據客戶需求調整生產力。我們的精實轉型已經創造了能力和前進的動力，以在下半年兌現航空航太產量承諾。即使面臨不確定性，我們對航太市場的前景依然樂觀。儘管人們對美國和一些國際航線的預訂疲軟感到擔憂，但客運量仍在持續成長，原始設備製造商的製造率也持續提高。

We are keeping an eye on inputs to MRO shops and fleet capacity reductions. Like others, we see a slower commercial services growth rate in the second half. We expect to see substantial growth continue in defense OE driven mainly by Smart Defense.

我們正在密切關注 MRO 車間的投入和車隊運力的減少。與其他人一樣，我們預計下半年商業服務成長率將會放緩。我們預計國防 OE 將繼續大幅成長，主要受智慧防禦的推動。

In Industrial, we also achieved operations improvements that translated into financial performance. We increased output by 20% to 50% in various gas turbine systems value streams to support our customers' power generation growth plans through leading transformation efforts on our model lines and with select equipment additions for capacity and efficiency improvements. Moving from operational excellence to innovation, we are proud to announce a key milestone reached in the quarter, with our MicroNet platform, an advanced turbine control system for critical industrial and marine applications.

在工業領域，我們也實現了營運改進，並將其轉化為財務表現。我們透過引領模型生產線的轉型工作以及增加精選設備來提高產能和效率，將各種燃氣渦輪機系統價值流的產量提高了 20% 至 50%，以支持客戶的發電成長計畫。從卓越營運到創新，我們很自豪地宣布本季實現了一個重要的里程碑，我們的 MicroNet 平台是一種用於關鍵工業和海洋應用的先進渦輪機控制系統。

Woodward delivered the first production Micronet XP advanced gas turbine control system for US Navy DDG 51 class destroyer shipboard gas turbine generators. These warships provide a wide range of defense capabilities and the Navy production contract covers 30 system deliveries through 2027, scaling to 135 systems over 10 to 15 years.

伍德沃德為美國海軍 DDG 51 級驅逐艦艦載燃氣渦輪發電機交付了第一套量產的 Micronet XP 先進燃氣渦輪機控制系統。這些軍艦提供了廣泛的防禦能力，海軍生產合約涵蓋到 2027 年交付 30 個系統，並在 10 到 15 年內擴大到 135 個系統。

This collaboration with the Naval Service Warfare Center resulted in a significant upgrade in controller technology and capabilities. The next phase of the DDG 51 gas turbine control upgrade consists of the same Micronet XT platform using additional features and capability, such as a fully redundant architecture to service the propulsion system control for GE LM2500 gas turbines. Lower rate production is preliminarily scheduled for 2026 through 2029 with 70 systems planned. Board has also been selected as the preferred propulsion control system supplier on the Korean Navy KDDX program. While the industrial end market outlook is mixed, the Woodward opportunity remains strong.

這次與海軍作戰中心的合作使得控制器技術和能力得到了顯著提升。DDG 51 燃氣渦輪機控制升級的下一階段包括使用相同的 Micronet XT 平台，該平台使用附加特性和能力，例如完全冗餘架構，用於服務 GE LM2500 燃氣渦輪機的推進系統控制。低速率生產初步計劃於 2026 年至 2029 年間進行，計劃生產 70 個系統。Board 也被選為韓國海軍 KDDX 專案的首選推進控制系統供應商。儘管工業終端市場前景不一，但伍德沃德的機會仍然強勁。

Increasing demand for global power generation capacity continues, including data center power requirements, which represents opportunity for Woodward content in both baseload and standby applications.

全球發電能力的需求持續成長，包括資料中心的電力需求，這為伍德沃德在基載和備用應用中的內容提供了機會。

The Global Marine market remains healthy with strong shipbuild rates creating OEM engine demand and laying the groundwork for future aftermarket activity. While the fleet utilization remains strong, there is risk that utilization could decrease if trade tensions persist. Demand for heavy-duty trucks in China remains subdued. The recent government stimulus could have a positive impact on demand although we have not received customer signals to support this connection yet. Looking ahead, a word about tariffs and how they may affect our second half operations and results.

全球船舶市場保持健康，強勁的造船率創造了 OEM 引擎需求並為未來的售後市場活動奠定了基礎。儘管船隊利用率依然保持強勁，但如果貿易緊張局勢持續，利用率可能會下降。中國對重型卡車的需求仍然低迷。儘管我們尚未收到支持這種聯繫的客戶訊號，但最近的政府刺激措施可能會對需求產生積極影響。展望未來，我們來談談關稅以及它們可能如何影響我們下半年的營運和績效。

Woodward's production footprint is largely in region for region. Moreover, our supply base that serves each production site is largely in region as well. This production footprint and supply base strategy results in less exposure to tariffs for Woodward compared to some other aerospace and industrial companies. However, increased cost pressure on any portion of our operations is worthy of attention. We are proactively working to mitigate the pressure on cost and any supply chain disruptions.

伍德沃德的生產足跡主要分佈在各個地區。此外，我們為每個生產基地提供服務的供應基地也主要位於該地區。與其他一些航空航太和工業公司相比，這種生產足跡和供應基地策略使伍德沃德受到的關稅影響較小。然而，我們營運的任何部分的成本壓力增加都值得關注。我們正在積極努力減輕成本壓力和任何供應鏈中斷。

Woodward is closely tracking early indicators from our end markets and customer forecasts. We are putting actions in place to mitigate tariff impacts as well as manage impacts from a slight economic downturn. We are also monitoring whether trade tensions could increase sales risks. We have already experienced sales or quantity reductions for spare parts from Chinese airlines this month, and we are watching China on Highway, marine transportation and oil and gas market dynamics closely.

伍德沃德正在密切關注我們終端市場和客戶預測的早期指標。我們正在採取行動減輕關稅影響並管理輕微經濟衰退的影響。我們也在監控貿易緊張局勢是否會增加銷售風險。本月我們已經經歷了中國航空公司備件銷售或數量的減少，我們正在密切關注中國公路、海運和石油天然氣市場的動態。

Based on our strong first half performance and a better understanding of downside risk for the remainder of the year, we are reaffirming the top end of our guidance and pulling up the bottom end of the revenue and adjusted EPS ranges. The low end of the aerospace sales range assumes current level headwinds and supplier performance, Boeing rate break delays or moderate Woodward inventory destocking in the supply chain and slightly lower commercial aerospace services revenue, most likely from lower sales of spare end items. The low end of the Industrial segment sales ranges assumes a sequentially flat core industrial performance. Our guidance ranges for segment margins remain unchanged in due to conservative estimates of potential tariff impacts and potential lower commercial aerospace services mix.

基於我們上半年的強勁表現以及對今年剩餘時間下行風險的更好理解，我們重申了預期的最高值，並上調了收入和調整後每股收益範圍的最低值。航空航太銷售額的低端假設當前水準的逆風和供應商表現、波音公司利率中斷延遲或伍德沃德在供應鏈中的庫存適度減少以及商業航空航天服務收入略低，很可能是由於備件最終產品的銷售額下降。工業部門銷售額的低階假設核心工業績效連續持平。由於對潛在關稅影響和潛在較低的商業航空服務組合的保守估計，我們對分部利潤率的指導範圍保持不變。

Our outlook does not assume a further escalation of announced tariff levels for a global recession both of which could significantly impact demand. If extreme scenarios like these develop, we will reexamine our guidance and communicate any revisions. We remain confident in our long-term prospects as well as our ability to meet the medium-term commitments we shared with you at Investor Day in December of 2025.

我們的展望並不認為全球經濟衰退會導致已宣布的關稅水準進一步上升，因為這兩者都可能對需求產生重大影響。如果出現此類極端情況，我們將重新審視我們的指導並告知任何修改。我們對我們的長期前景以及履行我們在 2025 年 12 月投資者日與您分享的中期承諾的能力仍然充滿信心。

And now I'll turn it over to Bill for more detail on our second quarter financial performance and the specifics of our refined guidance. Positive news cutting through the noise and uncertainty. Over to you, Bill.

現在，我將把話題交給比爾，讓他詳細介紹我們的第二季財務表現以及我們改進後的指引的具體內容。積極的消息打破了噪音和不確定性。交給你了，比爾。

Thank you, Chip, and good evening, 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. As Chip highlighted earlier, we had a strong second quarter in line with our expectations. Net sales for the second quarter of 2025 were $884 million, an increase of 6%. Earnings per share for the second quarter of 2021 were $1.78 compared to $1.56.

謝謝你，Chip，大家晚上好。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，否則所有比較均指同比。正如 Chip 之前所強調的那樣，我們第二季的表現強勁，符合我們的預期。2025年第二季淨銷售額為8.84億美元，成長6%。2021 年第二季每股收益為 1.78 美元，去年同期為 1.56 美元。

Adjusted earnings per share were $1.69 compared to $1.62. Net cash provided by operating activities for the first half of 2025 was $112 million compared to $144 million. Capital expenditures were $52 million for the first half compared to $56 million. Free cash flow was $60 million for the first half of 2025, in line with our expectations compared to $88 million. The decrease in free cash flow was primarily due to an increase in working capital caused by a slow start to the quarter.

調整後每股收益為 1.69 美元，之前為 1.62 美元。 2025 年上半年經營活動提供的淨現金為 1.12 億美元，去年同期為 1.44 億美元。上半年資本支出為 5,200 萬美元，去年同期為 5,600 萬美元。2025 年上半年的自由現金流為 6,000 萬美元，與 8,800 萬美元相比符合我們的預期。自由現金流的減少主要是由於本季開局緩慢導致營運資本增加。

As Chip mentioned, we exited the second quarter with strong sales, which will be collected in the third quarter. As of March 31, 2025, debt leverage was 1.5x EBITDA. Regarding capital allocation, our strategy is unchanged. We continue to prioritize investing in organic growth, returning cash to stockholders and pursuing strategic M&A. During the second quarter, we returned over $61 million to stockholders, including $44 million in share repurchases and and $17 million in dividends.

正如 Chip 所提到的，我們在第二季度取得了強勁的銷售業績，並將在第三季實現盈利。截至 2025 年 3 月 31 日，債務槓桿為 EBITDA 的 1.5 倍。關於資本配置，我們的策略沒有改變。我們持續優先投資有機成長、向股東返還現金並進行策略併購。第二季度，我們向股東返還了超過 6,100 萬美元，其中包括 4,400 萬美元的股票回購和 1,700 萬美元的股息。

Through the first half of 2025, we returned $111 million to stockholders, including $79 million in share repurchases and $31 million in dividends. We are on track to achieve our goal of returning approximately $215 million to stockholders in 2025, $150 million of share repurchases and $65 million in dividends.

截至 2025 年上半年，我們向股東返還了 1.11 億美元，其中包括 7,900 萬美元的股票回購和 3,100 萬美元的股息。我們預計將實現 2025 年向股東返還約 2.15 億美元的目標，其中包括 1.5 億美元的股票回購和 6,500 萬美元的股息。

We will continue to manage this with flexibility as conditions evolve. We have $130 million remaining on our $600 million stock repurchase authorization. Returning capital to stockholders is a key component of our capital allocation strategy, reflecting our confidence in the business and our ability to generate strong cash flow.

隨著情況的發展，我們將繼續靈活地處理此事。我們的 6 億美元股票回購授權還剩餘 1.3 億美元。向股東返還資本是我們資本配置策略的關鍵組成部分，反映了我們對業務的信心以及我們產生強勁現金流的能力。

Turning to Aerospace. Aerospace segment sales for the second quarter of 2025 were $562 million compared to $498 million, an increase of 13%. Defense OEM sales were strong in the quarter, up 52%, primarily due to increased demand for our smart defense programs. Commercial aftermarket sales were up 23% in the quarter due to both price and higher volume. As Chip mentioned, we anticipate that commercial aftermarket sales growth will moderate in the second half of the year.

轉向航空航天。2025 年第二季航空航天部門的銷售額為 5.62 億美元，而去年同期為 4.98 億美元，成長 13%。本季國防原始設備製造商銷售表現強勁，成長 52%，這主要得益於對我們的智慧國防計畫的需求增加。由於價格和銷量的增加，本季商業售後市場銷售額增長了 23%。正如 Chip 所提到的，我們預計商業售後市場銷售成長將在下半年放緩。

Commercial OEM sales were down 9%, primarily due to a measured production ramp to customers' demand following the Boeing work stoppage. We anticipate that commercial OEM sales will return to growth in the second half. Defense aftermarket sales were down 8%.

商業 OEM 銷售額下降了 9%，主要原因是波音公司停工後根據客戶需求適度增加產量。我們預計商用 OEM 銷售將在下半年恢復成長。國防售後市場銷售額下降了8%。

Earnings in the second quarter for the Aerospace segment were the highest on record at $125 million. Margins expanded 240 basis points over the previous year to 22.2% of segment sales. The increase in segment earnings was primarily a result of price realization and higher volume, partially offset by inflation and unfavorable mix.

航空航天部門第二季的收益達到 1.25 億美元，創歷史新高。利潤率較前一年增加 240 個基點，達到部門銷售額的 22.2%。分部收益的成長主要得益於價格實現和銷售增加，但被通貨膨脹和不利的產品組合部分抵銷。

Turning to Industrial. Industrial segment sales for the second quarter of 2025 were $322 million compared to $338 million, a decrease of 5%. Transportation was down 18% due to the expected declining of China on-highway sales. China on-highway sales were $20 million in the second quarter a $45 million decrease from the prior year. Our core industrial sales, which exclude China On-Highway were up a healthy 11%, with oil and gas up 21% and are transportation of 13% in power gen up 40%.

轉向工業。2025 年第二季工業部門銷售額為 3.22 億美元，而去年同期為 3.38 億美元，下降了 5%。由於預計中國公路銷量將下降，運輸業下降了 18%。中國第二季公路銷售額為 2,000 萬美元，較上年同期減少 4,500 萬美元。我們的核心工業銷售額（不包括中國公路車輛）健康成長了 11%，其中石油和天然氣銷售額成長了 21%，運輸銷售額成長了 13%，發電銷售額成長了 40%。

Industrial segment earnings for the second quarter of 2025 were $46 million or 14.3% of segment sales compared to $65 million or 19.3% of segment sales. Industrial segment earnings decreased primarily due to lower China on-highway volume and unfavorable mix, partially offset by price realization.

2025 年第二季工業部門收益為 4,600 萬美元，佔部門銷售額的 14.3%，而上季工業部門收益為 6,500 萬美元，佔部門銷售額的 19.3%。工業部門收益下降主要是由於中國公路運輸量下降和產品組合不利，但價格實現部分抵消了這一影響。

Margins for our core industrial business were 14.8% in the second quarter, in line with our expectations. We continue to expect core industrial margins of 14% to 15% of sales for the year. Nonsegment expenses were $27 million for the second quarter of 2025 and compared to $33 million. Adjusted nonsegment expenses were $34 million for the second quarter of 2025 compared to $29 million.

我們核心工業業務的利潤率在第二季為 14.8%，符合我們的預期。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 年第二季非分部支出為 2,700 萬美元，去年同期為 3,300 萬美元。2025 年第二季調整後非部門支出為 3,400 萬美元，去年同期為 2,900 萬美元。

Turning to our 2025 guidance. We are raising the low end of our sales and adjusted EPS guidance while reaffirming the other elements of our full year outlook. This updated guidance reflects our strong year-to-date performance and the expected impact of announced tariffs. Our revised guidance does not incorporate potential effects from further escalation of announced tariffs levels, significant changes in customer demand or a recession in the US or globally.

轉向我們的 2025 年指導。我們正在提高銷售額和調整後每股盈餘預期的低端，同時重申全年展望的其他要素。這項更新後的指引反映了我們今年迄今為止的強勁業績以及已宣布的關稅的預期影響。我們修訂後的指引並未考慮已宣布的關稅水準進一步上調、客戶需求發生重大變化或美國或全球經濟衰退的潛在影響。

For fiscal year 2025, we now expect consolidated sales of $3.375 billion to $3.5 billion, which includes aerospace sales growth between 8% and 13% and a decrease in industrial sales from 7% to 9%. We now expect adjusted EPS between $5.95 and $6.25. All other aspects of our guidance remain unchanged.

對於 2025 財年，我們目前預計綜合銷售額為 33.75 億美元至 35 億美元，其中航空航太銷售額將成長 8% 至 13%，工業銷售額將下降 7% 至 9%。我們現在預計調整後的每股盈餘將在 5.95 美元至 6.25 美元之間。我們指導的所有其他方面保持不變。

This concludes our comments on the business and results for the second quarter of fiscal year 2025. Operator, we are now ready to open the call to questions.

這是我們對 2025 財年第二季業務和業績的評論。接線員，我們現在可以開始回答問題了。

(Operator Instructions) Scott Deuschle, Deutsche Bank.

（操作員指示）Scott Deuschle，德意志銀行。

Nice results. Chip, can you further decompose the commercial aftermarket growth in the quarter a bit further in terms of the platforms or customer geographies that drove that strength?

效果不錯。Chip，您能否從推動這一成長的平台或客戶地域角度進一步分解本季商業售後市場的成長？

It was -- Scott, really, it was across the board growth there. If the jump that we saw late in the quarter were some drop-ins, spare parts orders from MRO facilities. So we had some quick ship opportunities for spare parts to search or the MRO network. The rest of the ways we serve customers, whether spare end items or our own repair and overhaul was fairly strong, but I think the -- some that contributed to that 23% was the spare parts at the end.

確實如此——斯科特，那裡確實實現了全面增長。如果我們在本季末看到的成長是一些下降，那麼來自 MRO 設施的備件訂單就是如此。因此，我們有一些快速運送備件的機會來搜尋或 MRO 網路。我們為客戶提供服務的其他方式，無論是備件還是我們自己的維修和大修，都相當強勁，但我認為，對這 23% 做出貢獻的部分原因是最終的備件。

Okay. Was that mostly shipments to China?

好的。貨物大部分是運往中國的嗎？

No. In fact, China is looking a little bit slower. They're, I think, moderating what their -- the quantities that they're purchasing, at least that's what we see in their activity with us.

不。事實上，中國看起來有點慢。我認為，他們正在控制採購數量，至少我們在他們與我們的合作中看到是這樣。

Okay. And Chip, how far does the backlog run in marine transportation at this point? Just trying to get a sense for what your visibility looks like in that market if we see a reduction in global shipping and trade activity.

好的。那麼 Chip，目前海上運輸的積壓情況如何？如果我們看到全球航運和貿易活動減少，我們只是想了解您在該市場中的知名度如何。

The OE is quite extended, as you might imagine. It's out into the 2029 type ship build slot from an order standpoint right now. But as far as utilization of the fleet, it still has looked strong up to this point. But I would point out that extended trade tensions between the US and China would see some of that drop off, and that's probably the biggest risk in marine aftermarket that we face right now. There have been some calls as you see in the news about the West Coast port activity maybe getting to be softer. So these are the types of signals we're looking at.

正如您可能想像的那樣，OE 相當擴展。從目前的訂單角度來看，它已經進入了 2029 型船舶建造階段。但就船隊的利用率而言，到目前為止，它仍然表現強勁。但我想指出的是，美國和中國之間持續的貿易緊張局勢將導致這一數字下降，這可能是我們目前面臨的船舶售後市場的最大風險。正如您在新聞中看到的那樣，有人呼籲西海岸港口活動可能會變得更加疲軟。這些就是我們正在觀察的訊號類型。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Chip, Bill, the past couple of years, a larger portion of the earnings call and the Woodward story is kind of focused on the outlook for China on-highway natural gas truck market. It's also created a lot of volatility in the financial results just given that Woodward is an aerospace company and the broader trade tensions between the US and China, does it make sense to maybe find a different owner for that product line?

奇普、比爾，過去幾年，收益電話會議和伍德沃德故事的很大一部分都集中在中國公路天然氣卡車市場的前景。考慮到伍德沃德是一家航空航天公司，並且美國和中國之間存在更廣泛的貿易緊張局勢，這也給財務業績帶來了很大的波動，為該產品線尋找不同的所有者是否有意義？

We're always examining our portfolio, Scott, and trying to decide exactly what makes sense for us and our shareholders and our customers going forward. So I don't have any comments at this time about any actions that we might consider. It will be -- I can assure you, we continue to look at the portfolio as we go forward.

史考特，我們一直在審查我們的投資組合，並試圖確定什麼對我們、我們的股東和我們的客戶未來發展最有意義。因此，目前我對我們可能考慮採取的任何行動都沒有任何評論。我可以向你們保證，我們會繼續關注投資組合的未來。

Like I said in prior earnings calls, what we're focused on operationally is trying to make sure that we're in the best position to serve our customers there with the best technology. When that market is good, we generate a lot of cash and a lot of earnings, and we want to be in a position to do that on an uptick. And right now, we're focused on managing through this downturn as efficiently as we can have been.

正如我在先前的財報電話會議上所說的那樣，我們在營運方面的重點是努力確保我們處於最佳位置，以最佳技術為我們的客戶提供服務。當市場表現良好時，我們會產生大量現金和收益，我們希望能夠在市場回升時做到這一點。現在，我們正致力於盡可能有效率地度過這次經濟衰退。

And then on the commercial OE side, when Hexcel reported, they noted some changes in planned chipset deliveries on the 787. In contrast, RTX had heat exchangers on that program are now where they need to be. So can you just give us color on what rate you were shipping on the 787 in this most recent quarter? Are you receiving orders from Boeing to support the production rate hike to 7 per month later this year?

然後在商業 OE 方面，當 Hexcel 報告時，他們注意到 787 的計劃晶片組交付發生了一些變化。相較之下，RTX 在該專案上配備的熱交換器現已達到其應有的位置。那麼，您能否告訴我們最近這個季度 787 的出貨率是多少？您是否收到波音公司的訂單，以支持今年稍後將生產力提高到每月 7 輛？

So we're in close contact with Boeing because we provide a number of chipset materials directly to them on certain programs. On the 787, largely, we're supplying through GE on the GENX powered 787. So we had a lot less direct visibility to how our order book correlates to their build rate. But I can tell you that we are satisfying the GE order rate on the GENX and it looks -- the outlook looks good. I'm bullish on that program, given to those kind of 7 rates that you're talking about, where we have the capacity and the ability to deliver that.

因此，我們與波音公司保持密切聯繫，因為我們在某些​​項目中直接向他們提供大量晶片組材料。對 787 來說，我們主要透過 GE 為採用 GENX 動力的 787 提供動力。因此，我們對訂單簿與建造率之間的關係的直接了解就少了很多。但我可以告訴你，我們對 GENX 的 GE 訂單率感到滿意，而且看起來前景很好。我對該計劃持樂觀態度，考慮到您談到的 7 個利率，我們有能力實現這一目標。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Chip, can you maybe touch on the aftermarket in terms of what's come through? I mean, I think going back to your initial guidance call for this year, you kind of downplayed the aftermarket growth you might see this year, and it's obviously come through really strongly, particularly in Q2 when you had a really tough comps. And can you maybe just talk at a high level what's come through better than what you were anticipating?

奇普，您能否談談售後市場的情況？我的意思是，我認為回到您今年的初步指導意見，您有點低估了今年可能會看到的售後市場增長，但它顯然表現得非常強勁，特別是在第二季度，當時您的業績非常艱難。您能否從高層次談談目前所取得的成果是否比您預期的更好？

Yes. David, I think you're right in that our call was we thought it would get to a little bit softer in 2Q with that tough compare -- what came through a little bit ahead of our -- in addition to our forecast where these spare parts orders to satisfy MRO facilities that look like potentially they're getting a better throughput and higher volumes through their shops and thus had sort of a little bit of a short-cycle demand on spare parts from us. And so that helped us have quite a good second quarter. Those kind of things don't often repeat. So I think I'm going to like just move one quarter to the right on our prediction that it's going to be a little bit softer going forward with tough compares as well as probably some spare end items softness as you look at two factors for that.

是的。大衛，我認為你是對的，我們的預測是，我們認為第二季度的情況會稍微疲軟一些，相比之下，情況比我們之前預測的要好一些，此外，我們預測這些備件訂單是為了滿足 MRO 設施的需求，這些設施看起來可能會通過他們的商店獲得更好的吞吐量和更高的數量，因此對我們的備件有一點短週期的需求。這幫助我們取得了相當不錯的第二季業績。這類事情並不常發生。因此，我認為我將把我們的預測向右移動四分之一，即未來的走勢會稍微疲軟一些，並且可能會有一些備用最終項目的疲軟，因為你會看到兩個因素。

One, the China part of the equation, we're now thinking that there's going to be less LRU orders to support provisioning of those fleets as well as we'll probably see the US customers pull back a little bit on their order of the LRU spare and items because that's the easiest thing to defer and push to the right, really, when you think about it? If there's an engine in the shop and the LRs a route for repair, we're probably going to finish that activity. So it's the spare in items and the China east, I think -- we can see some softness in the second half plus the tough compare.

首先，就中國而言，我們現在認為，用於支援這些艦隊供應的 LRU 訂單將會減少，而且我們可能會看到美國客戶稍微減少 LRU 備件和物品的訂單，因為這是最容易推遲和向右推進的事情，真的嗎，當你想到這一點時？如果車間裡有發動機，並且 LR 有維修路線，我們可能會完成該活動。因此，我認為，這是項目和中國東部的備用情況——我們可以看到下半年會出現一些疲軟，再加上艱難的比較。

Got it. And Bill, on currency, the weakening in the dollar that we've seen here, how could that impact you guys going forward given, I think, a decent footprint in Europe?

知道了。比爾，關於貨幣，我們看到美元正在走弱，考慮到你們在歐洲的影響力，我認為這會對你們未來的發展產生什麼影響？

Yes. We have seen slightly higher fluctuation. As we think about the translation piece, we obviously will get hit on the top line, but that is offset down in the cost area. So we typically see that get balanced out and not hit us too much at the operating earnings level given there are some cash over in -- outside the US that we have to watch the translation -- sorry, the transactional aspect of it. But again, it will not be a major factor on our results.

是的。我們看到波動略有加劇。當我們考慮翻譯部分時，我們顯然會在收入方面受到打擊，但這會在成本方面得到抵消。因此，我們通常會看到這種情況得到平衡，並且不會對我們的營業利潤水平造成太大影響，因為在美國以外有一些現金，我們必須關注它的轉換——抱歉，是交易方面。但同樣，這不會成為影響我們結果的主要因素。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Bill, I'm surprised you left the Aerospace segment margin guidance unchanged. It looks like that would require closer to a 25% incremental in the back half versus the over 40 you did in each of the first and second quarter. Can you talk about what drives the Aerospace segment margin in the second half?

比爾，我很驚訝你沒有改變航空航天部門的利潤率指導。看起來這需要在後半年增加接近 25% 的增量，而第一季和第二季分別增加了 40% 以上。您能談談下半年推動航空航天部門利潤率的因素嗎？

Sure. We were really great and happy that we've gotten over 40% in renewals in the second quarter, Noah. As we look to the back half, we do expect defense OE to be a much greater share of the volume. So that will moderate the incrementals that we saw in the second quarter. We've always stated that we like to see our incrementals around 30% to 35%.

當然。諾亞，我們真的很棒，很高興我們在第二季的續約率超過了 40%。當我們展望後半部分時，我們確實預期國防 OE 將佔據更大的份額。因此，這將緩和我們在第二季度看到的增量。我們一直表示，我們希望看到增量在 30% 到 35% 左右。

And so we would expect that to moderate in the second half. Additionally, we talked about tariffs and it's not a major issue. But we are cautious in that it may impact us some. So we felt it was prudent and to keep that margin guide of where it is currently.

因此我們預計下半年這一趨勢將會緩和。此外，我們也討論了關稅問題，這不是什麼大問題。但我們很謹慎，因為它可能會對我們造成一些影響。因此，我們認為保持目前的保證金指導水準是謹慎的。

Okay. What have you seen for LEAP aftermarket through the first half? And what are you expecting in the back half and into '26?

好的。您對上半年 LEAP 售後市場有何看法？您對下半年和 26 年有什麼期待？

So as I said in the remarks, we've been a few quarters in a row of seeing that volume double year-over-year. So as we look at what our model was for performance of Elite fleet. We're very pleased with the progress on that. So new so far, and we feel like that trend will continue for a bit this year, the rest of this fiscal year for us. Of course, that curve may turn over a little bit as the compares get bigger because it's doubling off a fairly small base, but we feel like we're on track for the outlook that we gave at the Investor Day, where in the '27 or '28 time frame, we so seeing the similar volumes of aftermarket activity from the LEAP GCF compared to the legacy narrowbody fleets.

正如我在評論中所說，我們已經連續幾個季度看到這一數量同比翻了一番。因此，讓我們來看看我們的精英艦隊的表現模型。我們對此方面的進展感到非常高興。到目前為止一切都很新，我們覺得這種趨勢將在今年以及本財年剩餘時間內持續一段時間。當然，隨著比較的擴大，這條曲線可能會稍微翻轉，因為它是在一個相當小的基數上翻倍，但我們覺得我們正朝著投資者日給出的展望邁進，在 27 年或 28 年的時間範圍內，我們看到 LEAP GCF 的售後市場活動量與傳統窄體機隊相似。

Okay. And what was the unit just unit growth in the Aerospace segment in the quarter?

好的。本季航空航太領域的單位成長率是多少？

Yes. No. We saw good growth from both the price. Overall, price was about 7% at the -- sorry, yes, 7% down the Woodward level, Arrow's price was a little bit stronger than industrial price, but both contributed. And so we didn't see good volume as Aero delivered at 13%.

是的。不。我們看到價格都有良好的成長。總體而言，價格約為 7% - 抱歉，是的，比伍德沃德水平低 7%，Arrow 的價格比工業價格略高，但兩者都有貢獻。因此，我們沒有看到很好的銷售量，因為 Aero 的銷售量只有 13%。

Matthew Akers, Wells Fargo.

富國銀行的馬修·埃克斯。

I think you had talked last quarter within Aerospace, I think commercial OE versus aftermarket kind of similar growth for the year? Can you kind of update on where those stack up? Or has one of those changed relative to the other for the year?

我想您上個季度在航空航太領域談過，我認為今年商業 OE 與售後市場的成長情況類似嗎？您能否更新一下這些內容的進展？或者其中一個相對於另一個在今年發生了變化？

Yes. Thanks for that question because second quarter was a little bit out of the ordinary in terms of us seeing higher commercial aftermarket growth than we forecast and then OE being a bit down due to the way we responded to the Boeing return to work challenge. So those two things made the second quarter look a little bit unusual, but I think for the fiscal year '25, we're still going to be in about the same zone for OE and aftermarket growth in the commercial space. However, defense is we think that's going to continue to be a very strong growth for the second half.

是的。感謝您提出這個問題，因為第二季的情況有些不同尋常，我們看到商業售後市場的成長高於我們的預期，而由於我們應對波音復工挑戰的方式，原始設備製造商的銷售額略有下降。因此，這兩件事使得第二季度看起來有點不尋常，但我認為，對於 25 財年，我們在商業領域的 OE 和售後市場成長仍將處於大致相同的水平。然而，我們認為國防在下半年將持續保持強勁成長。

Yes. Okay. And I may have missed this, but what's the latest full year China on-highway expectation? Has that changed at all?

是的。好的。我可能錯過了這個，但最新的全年中國高速公路預期是多少？情況有改變嗎？

Yes. I mean China was around 40%. And with the Q2 performance be roughly $2 million more than we expected, we're moving it up to around $50 million.

是的。我的意思是中國大約是40%。由於第二季的業績比我們預期高出約 200 萬美元，我們將其上調至約 5,000 萬美元。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

I had a question on industrial. Oil and gas was very strong. Wondering if there are any onetime volume benefits or otherwise pull forward given across the industrial segment, given even at the high end of the full year guide, you're running about $20 million quarter lower than the second quarter. I realize China is about a $10 million diminution of the run rate.

我有一個關於工業的問題。石油和天然氣表現非常強勁。想知道工業領域是否有任何一次性的銷售收益或其他方面的推動，因為即使在全年指南的高端，你的季度收入也比第二季度低了約 2000 萬美元。我意識到中國的運作率減少了約 1000 萬美元。

I'll kick it off and maybe hand it over to Bill on the last part of your question. But as far as oil and gas goes, I think we've said this before, it's a bit lumpy for us because quite a bit of what we do in oil and gas is project related. And so it was a strong quarter. A lot of the delivery material that we provide to oil and gas is also power gen related, whether it's powering -- pumping stations or it's part of power generation for a platform or for LNG site. So the 21% is a big increase, but I think it moderates through the year, and it fact is, like I said, quite lumpy.

我將開始討論你問題的最後一部分，也許將其交給比爾。但就石油和天然氣而言，我想我們之前已經說過了，這對我們來說有點困難，因為我們在石油和天然氣領域所做的許多工作都與專案有關。所以這是一個強勁的季度。我們為石油和天然氣行業提供的許多輸送材料也與發電有關，無論是供電——泵站還是平台或液化天然氣站點發電的一部分。因此，21% 是一個很大的增幅，但我認為全年增幅會逐漸減緩，事實上，就像我說的，增幅相當不穩定。

Sorry, second part of your question?

抱歉，您問題的第二部分？

I think that covers it, Bill. I think China would be the other piece for the Industrial segment, bridge in the second quarter absolute revenue versus the implied back half. If I could switch to the commercial aftermarket. I think that was really a nice spike in the quarter. So I think in the guidance, if I'm hearing everything correctly, you're probably looking at second half run rates a little lower sequentially for the commercial aftermarket, but still up moderately year-over-year. Do I have that correct?

我想這就涵蓋了，比爾。我認為中國將成為工業領域的另一個組成部分，彌補第二季絕對收入與隱含下半年收入之間的差距。如果我可以轉向商業售後市場。我認為這確實是一個本季的良好成長。因此，我認為，如果我沒有聽錯的話，在指導中，您可能會看到商業售後市場的下半年運行率環比略低，但同比仍會適度增長。我這樣理解對嗎？

Yes, that's correct. We still think it's going to grow, but it's in the single-digit regime, high single-digit regime versus the 20% that you saw in the second quarter?

是的，正確。我們仍然認為它會成長，但它處於個位數成長，高個位數成長，而第二季的成長率是 20%？

Okay. And just a little bookkeeping. The corporate expense a little higher. We're still talking 3.3%, I think you cited last year -- last quarter for the full year.

好的。只是做一點簿記工作。企業費用稍微高一點。我們仍在談論 3.3%，我想您提到的是去年——全年最後一個季度的成長率。

Yes, Chris, we are still calling that level. We will have slightly higher sales in the back half -- and so we do expect for us to hit that in the full year that we guided on earlier this -- earlier in the year.

是的，克里斯，我們仍然在呼籲那個水平。我們的銷售額在下半年會略有成長，因此我們預計全年銷售額將達到我們今年稍早預測的水平。

And if I could sneak one more, and I think pricing outperformed in the second quarter, probably what you implied previously for the year. Is that just a learning curve on value pricing toolkit across the organization?

如果我可以再多說一點的話，我認為第二季的定價表現優於預期，這可能是您對今年的預測。這只是整個組織的價值定價工具包的學​​習曲線嗎？

Yes. We've had two solid quarters of pricing this year. And I think it is us continuing to get a better understanding of our value pricing, and we had some volumes come through in the right place and also help to push up the price that we achieved.

是的。今年我們已經有兩個季度的定價表現穩健。我認為，我們將繼續更好地理解我們的價值定價，並且我們在正確的地方獲得了一些交易量，這也有助於推高我們所實現的價格。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Chip, could we just dig into that? I just want to make sure I understand the aero, the commercial OE and aftermarket. So aftermarket tracking to maybe high single digits for that second half, that implies something like 14% to 15% growth. Did I hear you earlier say that OE and aftermarket should grow at the same rate? I mean, those would be pretty heroic growth rates to get commercial OE up on par with the same growth as aftermarket.

奇普，我們可以深入探討嗎？我只是想確保我了解航空、商業 OE 和售後市場。因此，下半年售後市場追蹤可能會達到高個位數，這意味著 14% 到 15% 的成長率。我之前是否聽您說過，OE 和售後市場應該以相同的速度成長？我的意思是，這些成長率相當驚人，足以讓商用 OE 達到與售後市場相同的成長水準。

No, I don't think they -- what I meant was that Bill over the year, and I'll come back to what we said at the beginning of the year that we kind of gave an order of battle, if you will, in terms of how things would stack up with defense OE being the biggest followed by commercial aftermarket, followed by commercial OE. But we don't. We expect commercial OE to be down, which it was this quarter. So sorry about the confusion, but that's just sort of the order.

不，我不這麼認為——我的意思是比爾，我會回到我們在年初所說的，我們給出了一個戰鬥順序，如果你願意的話，就國防 OE 的最大優勢而言，其次是商業售後市場，然後是商業 OE。但我們卻不這麼做。我們預計商業 OE 將會下降，本季的情況就是如此。很抱歉造成混淆，但這只是一種命令。

That's helpful. And then maybe just back to the incrementals. I mean you did that 40% plus like Noel was talking about. I mean you did that in the face of really strong you're going to get the commercial OE ramping, which has never really been truly dilutive to your margins? Is it really just a function of aftermarket kind of normalizing in the second half that's giving you some pause on those high incrementals.

這很有幫助。然後也許就回到增量。我的意思是，正如 Noel 所說的，你做到了 40% 以上。我的意思是，面對真正強大的商業 OE 成長，您這樣做了，但這從未真正稀釋過您的利潤率？這是否真的只是下半年售後市場正常化的一個功能，讓您對這些高增量有所猶豫？

Again, commercial -- on our commercial OE, we do make money. But to the 40% incremental is -- as we talk about, we look to have 30% to 35% in euro. And so what happens in the second half is, again, in Q2, we didn't have as much commercial lead commercial OE, which help incrementals. We have more commercial in the second half and an we'll have greater defense OE, and that will translate into still really good incrementals in our 30% to 35%, but it will not sustain at the 40% level.

再說一次，商業——在我們的商業 OE 上，我們確實賺錢。但對於 40% 的增量——正如我們所說的，我們希望歐元佔 30% 到 35%。因此，下半年的情況是，在第二季度，我們沒有那麼多商業領先的商業 OE，這對增量有幫助。我們在下半年會有更多的商業活動，而且我們的國防 OE 也會更大，這將轉化為我們 30% 到 35% 之間的良好增量，但不會維持在 40% 的水平。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Maybe just first half versus second half, $3 at essentially both midpoints when you look at the first half -- the second half, how are you thinking that the tariff impact? I know you've mentioned in the prepared remarks localized production largely. How is that embedded into your guidance?

也許只是上半年與下半年的對比，當你看上半年和下半年時，基本上兩個中點都是 3 美元，你認為關稅的影響如何？我知道您在準備好的發言中提到了大規模本地化生產。這是如何融入您的指導中的？

Yes. I'll start it off, Sheila, and kick it over to Chip. But as we look at our entire situation, as Chip mentioned, our manufacturing strategy really does help to mitigate the overall tariff impact on Woodward. Having said that, we have taken an extensive view of the business and have a good angle of the flow that will cause us some challenges. And as we look at those flows for '25, fiscal year '25, we feel like we have $10 million to $15 million of pressure.

是的。我先開始，希拉，然後把它交給奇普。但正如 Chip 所提到的，當我們審視整個情況時，我們的製造策略確實有助於減輕關稅對伍德沃德的整體影響。話雖如此，我們對業務進行了廣泛的審視，並對流程有了很好的認識，這將為我們帶來一些挑戰。當我們看到 25 財年的資金流時，我們感覺自己面臨著 1000 萬到 1500 萬美元的壓力。

Now that's before we put into action our strategies to mitigate those items. So based on that, we have baked it into our guidance that we updated here and feel as long as there's no escalation of those announced tariffs that we will deliver on the guide.

現在，我們開始實施緩解這些問題的策略。因此，基於此，我們將其納入了我們在此更新的指導中，並認為只要那些宣布的關稅沒有升級，我們就會按照指導執行。

Got it. Okay. And if I could ask one on aerospace specifically, outside of aftermarket, defense OE growth was pretty phenomenal. What sort of that 52% increase? And why is aftermarket in defense down?

知道了。好的。如果我可以特別問一個關於航空航太的問題，那麼除了售後市場之外，國防原始設備製造商的成長也相當驚人。那 52% 的成長是什麼樣的呢？為什麼國防售後市場會下滑？

So the increase is largely smart defense, but also good health and good growth in the rest of the programs, too. So not taking anything away from them, but the large number shows up really due to smart defense. And it's across the entire Smart defense portfolio as well. So that's the depends OE story. On defense aftermarket, largely -- it can be a little bit lumpy in defense aftermarket, working with our customers.

因此，成長主要是由於智慧防禦，而且其他項目的健康狀況和成長也很好。所以，這並不是從他們身上拿走任何東西，而是由於巧妙的防守，才出現瞭如此大的數字。它也涵蓋了整個智慧防禦產品組合。這就是 Depends OE 的故事。在國防售後市場，很大程度上 - 在與客戶合作時，國防售後市場可能會有點不穩定。

They tend to batch some of their inputs for overall based on how they run the fleet. So we don't see any difference in tempo or anything fundamental that would drive defense aftermarket down. This quarter, it just looks like we're experiencing some delayed inputs. We don't really think that it will be that different the rest of this year with some of the logistics and friction in the system, if you will. So we're thinking that defense aftermarket might stay in that type of volume ratio for the rest of fiscal '25.

他們傾向於根據船隊的運作方式對部分投入進行批量處理。因此，我們看不到節奏上有任何變化，也看不到任何會導致國防售後市場下滑的基本因素。本季度，我們似乎遇到了一些輸入延遲的情況。我們確實不認為今年剩餘時間的情況會有什麼不同，因為系統中仍有一些物流和摩擦。因此我們認為國防售後市場在 25 財年剩餘時間內可能會維持這種銷售比率。

Spencer (inaudible), TD Cowen.

史賓塞（聽不清楚），TD Cowen。

I was wondering if you could provide an update on JDAM and where we are with the higher pricing from the new contract rolling through as well as volumes?

我想知道您是否可以提供關於 JDAM 的最新消息，以及新合約推出後價格上漲的情況以及交易量如何？

Yes. We -- as we talked about, the JDAM demand has been strong. Secondly, the supply chain has been pretty healthy. So we've been shipping at a pretty good clip here. And those things continue we would expect to get through the older lots of JDAM and get to the higher price lots sometimes in Q4.

是的。正如我們所說，JDAM 的需求一直很強勁。其次，供應鏈一直相當健康。因此我們的出貨速度相當快。如果這些情況持續下去，我們預計將在第四季度通過較舊的 JDAM 批次並獲得更高價格的批次。

Operator, to the next question.

接線員，請回答下一個問題。

Louis Raffetto, Wolfe Research.

路易斯·拉菲托（Louis Raffetto），沃爾夫研究公司。

Maybe just to go back to the corporate for a quick second. It was high. Was there anything in there. I know we're adding back the -- I think what is like the industrial benefits. And so I'm just curious, are the industrial -- is there a benefit running through the industrial segment and you're backing it out in corporate? And is there any sales impact from those sort of sales that you're doing?

也許只是想快速回公司一會兒。它很高。裡面有什麼東西嗎？我知道我們正在增加——我認為這就像是工業效益。所以我很好奇，工業——工業領域是否有好處，而您在企業中支持它嗎？您所做的這類銷售對銷售有影響嗎？

No. No, we're not. It's a simple answer.

不。不，我們不是。這是一個簡單的答案。

Last word you said you were backing out the product line sales benefits in the -- I don't know if that's exactly what it was again this quarter.

最後您說您要放棄產品線銷售收益—我不知道本季的情況是否也是如此。

Yes. So we did back out the benefits in adjusted out last quarter, and that doesn't repeat.

是的。因此，我們確實在上個季度的調整中取消了福利，而且這種情況不會重複。

It's a onetime gain.

這是一次性的收益。

Is there a sales benefit running through somewhere as well?

是否也存在某種銷售利益？

No.

不。

So okay. No sales benefit and then you're just backing up the income for the non-segment?

好吧。沒有銷售收益，那麼您只是在支持非細分市場的收入？

Yes. So again, on the Greenville, we adjusted that gain out -- sorry, we adjusted facility Greenville out this quarter out nine segment.

是的。因此，再次，在格林維爾，我們調整了收益 - 抱歉，我們調整了格林維爾設施本季的九個部分。

Okay. But I guess is there a benefit in industrial from the game and you're just adjusting it out in unallocated.

好的。但我猜想遊戲對工業有好處，而你只是在未分配的情況下進行調整。

No. No. we moved it out to non-segment and then we adjusted out of that segment. So Aero is clean, industrial, is clean.

不。不，我們將其移至非細分市場，然後我們對其進行了調整。所以，航空是清潔的，工業化的，是清潔的。

And so what caused the step-up in non-semi? It's just a big number that we haven't really seen before?

那麼，是什麼導致了非半導體產業的崛起呢？這只是一個我們從未見過的大數字嗎？

The non-segment, some of it is the timing of us doing our equity, our long-term incentive program that gets done in the second quarter. Historically, this which happened last year. and from first quarter to second quarter. But other than that, that's it.

非細分領域，其中一些是我們實施股權的時間，以及在第二季完成的長期激勵計劃。從歷史上看，這是去年發生的。從第一季到第二季。但除此之外，就僅此而已了。

All right. No, that's helpful. And then I guess one more, I just want to make sure I heard you right. Was China Industrial $20 million in the second quarter or $29 million in the second quarter.

好的。不，這很有幫助。然後我想再問一個，我只是想確保我聽對了。中國工業第二季是2000萬美元還是2900萬美元。

Yes, $21 million be exactly to be in.

是的，2100萬美元正好在裡面。

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

布蘭肯希普先生，現在沒有其他問題了。我會將會議交還給你。

We'd like to thank everyone for joining today's call.

我們感謝大家參加今天的電話會議。

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 in today's conference call and ask that you please disconnect your line.

女士們、先生們，我們今天的電話會議到此結束。重播將在該公司的網站上提供。 www.woodward.com 一年。感謝您參加今天的電話會議，並請您斷開線路。