Woodward Inc (WWD) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to the Woodward Inc, third 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 財年第三季財報電話會議。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.

今天與我們一起出席的公司成員有董事長兼執行長 Chip Blankenship、財務長 Bill Lacey 和投資者關係總監 Dan Provaznik。

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

現在我想把電話轉給 Dan Provaznik。

Thank you, operator. We'd like to welcome all of you to Woodward's third quarter fiscal year 2025 earnings call. In today's call, Chip will comment on our strategies and related markets. Bill will then discuss our financial results as outlined in our earnings release. 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 財年第三季財報電話會議。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。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've included some presentation materials to go along with today's call that are also accessible on our website, and a webcast of this call will be available on our website for one year. All references to years in this call are references to the company's fiscal year unless otherwise stated.

如果您還沒有看到今天的收益報告，您可以在我們的網站 woodward.com 上找到。我們準備了一些與今天的電話會議配套的簡報資料，您也可以在我們的網站上取得。本次電話會議的網路直播也將在我們的網站上播放一年。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. These elements can and do frequently change.

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。

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.

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。這些聲明是截至今天做出的，除非法律要求，否則我們不會更新它們。

In addition, we are providing certain non-US GAAP financial measures. We direct your attention to the reconciliations of non-US GAAP financial measures, which are included in today's slide presentation and our earnings release. We believe this additional financial information will help in understanding our results.

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。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.

現在我將把電話轉給 Chip。

Thank you, Dan. Good evening, everyone, and thank you for joining us. We're pleased to report strong third quarter results that exceeded our sales and earnings expectations. This strong performance was driven by ongoing robust demand across both our Aerospace and Industrial segments, along with disciplined execution by our global teams.

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三季業績強勁，超出了我們的銷售和獲利預期。這一強勁表現得益於我們航空航太和工業部門持續強勁的需求，以及我們全球團隊的嚴格執行。

Our members remain focused on safety, quality, delivery and cost improvements with safety always coming first. While our traditional safety metrics are currently world-class, we are focused on making Woodward the safest work environment through our human and organizational performance program, also known as HOP, which we rolled out to seven more sites this year.

我們的成員始終專注於安全、品質、交付和成本改進，安全始終放在第一位。雖然我們傳統的安全指標目前是世界一流的，但我們致力於透過人力和組織績效計劃（也稱為 HOP）使伍德沃德成為最安全的工作環境，今年我們將該計劃推廣到另外七個站點。

The new sites are embracing the program and growing their capability to identify risks, add layers of protection and use HOP learning teams to solve more complex problems related to workplace safety. We also play a role in the safety of our customers' products, and we are laser-focused on ensuring that we meet the product safety and quality requirements our customers are counting on from Woodward.

新站點正在採用該計劃並提高其識別風險、增加保護層的能力，並使用 HOP 學習團隊來解決與工作場所安全相關的更複雜問題。我們也在客戶產品的安全方面發揮作用，我們專注於確保滿足客戶對伍德沃德的產品安全和品質要求。

Looking at a few highlights from our third quarter financial results. Woodward posted record sales, up 8% year-over-year, and earnings per share came in at $1.76, up 8% year-over-year. Aerospace also had record sales, up 15% and Aero margins expanded 140 basis points to 21.1%.

回顧一下我們第三季財務業績的一些亮點。伍德沃德的銷售額創歷史新高，年增 8%，每股收益達 1.76 美元，年增 8%。航空航太業的銷售額也創歷史新高，成長了 15%，航空利潤率擴大了 140 個基點，達到 21.1%。

In Industrial, our reported sales declined 3%. When China OH and the divested combustion product lines are excluded, Industrial delivered double-digit growth. Our year-to-date performance reaffirms our midterm and long-term growth trajectory as we strengthen our capability to meet sustained demand across our markets. Based on our strong year-to-date performance, increased macro environment clarity and expected sustained growth, we are raising full year sales and earnings guidance.

在工業領域，我們報告的銷售額下降了 3%。如果排除中國 OH 和剝離的燃燒產品線，工業業務則實現了兩位數的成長。隨著我們增強滿足各個市場持續需求的能力，我們今年迄今為止的業績再次證實了我們的中期和長期成長軌跡。基於我們今年迄今為止的強勁業績、日益清晰的宏觀環境和預期的持續成長，我們提高了全年銷售額和獲利預期。

Bill will take you through more details on that and other changes to our guidance. I'm also excited to share with you updates on two important milestones for Woodward. At the Paris Air Show, we held an event with Airbus to announce that we've been selected to provide spoiler control actuators for the Airbus A350. This is a major achievement for Woodward and is our first actuation LRU win for a primary flight control surface on a commercial platform.

比爾將向您詳細介紹這項變更以及我們指南中的其他變更。我也很高興與大家分享伍德沃德兩個重要里程碑的最新進展。在巴黎航展上，我們與空中巴士公司共同舉辦活動，宣布我們已被選中為空中巴士 A350 提供擾流板控制執行器。這是伍德沃德的一項重大成就，也是我們首次在商業平台上贏得主飛行控制面驅動 LRU 的勝利。

The A350 spoiler award enables us to apply our deep expertise in military hydraulic flight controls to a very important and already successful key commercial aircraft program. In addition to OEM chipset delivery, the program includes a sizable installed base with long-term service opportunities, including for our own hardware and strategic upgrades to legacy configurations.

A350 擾流板獎使我們能夠將我們在軍用液壓飛行控制方面的深厚專業知識應用於一個非常重要且已經成功的關鍵商用飛機專案。除了 OEM 晶片組交付之外，該計劃還包括一個相當大的安裝基礎和長期服務機會，包括我們自己的硬體和對傳統配置的策略性升級。

It is also significant because successful execution on this opportunity will position us to be competitive on the next single-aisle aircraft. This win with Airbus is a key component of our long-term hydraulic flight control growth strategy. To support that growth, we're investing in a new manufacturing facility for the A350 spoiler actuation production in the US. We'll be able to share more details on the location as agreements are finalized.

這也很重要，因為成功抓住這個機會將使我們在下一代單通道飛機上具有競爭力。此次與空中巴士的合作是我們長期液壓飛行控製成長策略的關鍵組成部分。為了支持這一成長，我們正在美國投資一個新的製造工廠，用於生產 A350 擾流板作動器。協議最終敲定後，我們將分享更多有關地點的詳細資訊。

What I can tell you is that we're designing a showcase facility, vertically integrated, highly automated, special processes included, and built on the lessons learned at our Rock Cut facility during the LEAP and GTF programs. It's a significant yet manageable investment that will be spread over multiple years and is fully aligned with our organic growth strategy.

我可以告訴你的是，我們正在設計一個展示設施，垂直整合，高度自動化，包含特殊流程，並且建立在我們在 LEAP 和 GTF 項目期間在 Rock Cut 設施中吸取的經驗教訓的基礎上。這是一項重大但可控的投資，將分多年進行，並且完全符合我們的有機成長策略。

The A350 spoiler facility is a perfect example of how we're investing in ourselves for the highest return. In addition, last week, we completed the acquisition of Safran's North American electromechanical actuation business.

A350 擾流板設施是我們如何投資自身以獲得最高回報的完美例子。此外，上週我們完成了對賽峰北美機電作動業務的收購。

This is a key inorganic play that places us at the heart of industry-leading horizontal stabilizer trim actuation technology, serving platforms including the Airbus A350, Embraer E175 and E190-E2, Gulfstream 650, 700, and 800 and Dassault Falcon 7X and 8X Together, these two strategic moves, one organic, one inorganic, strengthen our core capabilities and commercial aircraft pedigree ahead of the next single aisle competition. These developments, along with our automation acceleration, will require increased capital allocation to CapEx in 2026 and 2027 as we invest in future growth and productivity.

這是一個關鍵的無機舉措，使我們處於業界領先的水平穩定器配平作動技術的核心，服務平台包括空中巴士 A350、巴西航空工業公司 E175 和 E190-E2、灣流 650、700 和 800 以及達梭獵鷹 7X 和 8X。這兩個戰略舉措，一個有機，一個無機，共同增強了我們的核心能力和商用飛機的血統，讓我們在下一次單通道競爭中處於領先地位。這些發展以及我們的自動化加速將要求我們在 2026 年和 2027 年增加對資本支出的資本配置，因為我們投資於未來的成長和生產力。

Turning to what's happening in our end markets, we remain extremely optimistic about developments that matter to Woodward. In Aerospace, supply chain challenges across the industry continue to impact aircraft deliveries. But air traffic is still growing globally. Airlines are optimizing load factors and fleet utilization to keep pace.

談到我們終端市場的情況，我們對伍德沃德關心的發展仍然非常樂觀。在航空航太領域，整個產業的供應鏈挑戰持續影響飛機交付。但全球空中交通量仍在成長。航空公司正在優化載客率和機隊利用率以跟上步伐。

Aero services exhibited sustained strong growth in the third quarter. The softening in services we had anticipated in our plans and guidance hasn't materialized as airline customers continue to invest in their legacy fleets to ensure they have enough capacity to meet travel demand in the face of slower deliveries of new aircraft.

航空服務在第三季持續強勁成長。由於航空公司客戶繼續投資其傳統機隊，以確保在新飛機交付速度放緩的情況下擁有足夠的運力來滿足旅行需求，因此我們在計劃和指導中預期的服務疲軟並未實現。

In fact, legacy engine LRU overhauls for both narrow-body and regional aircraft grew compared to last year and show few signs of declining as yet. Widebody engine control system service demand remains steady. In addition, as I have mentioned in previous earnings reports, LEAP and GTF service activity continues to grow steeply, but it is no longer doubling in size year-over-year as the base numbers grow.

事實上，窄體飛機和支線飛機的傳統引擎 LRU 大修量與去年相比有所增加，目前尚未出現下降的跡象。寬體引擎控制系統服務需求維持穩定。此外，正如我在先前的收益報告中提到的那樣，LEAP 和 GTF 服務活動繼續急劇增長，但隨著基數的增長，其規模不再同比翻番。

The great news is that LEAP and GTF revenue is now approaching that of legacy products and is delivering a meaningful impact to our Aero services growth profile. We expect service volumes to continue increasing through 2026 and 2027 as LEAP and GTF hours and cycles continue to drive service inputs.

好消息是，LEAP 和 GTF 的收入現已接近傳統產品的收入，並對我們的航空服務成長狀況產生了重大影響。我們預計，隨著 LEAP 和 GTF 引擎的運行時間和週期繼續推動服務投入，到 2026 年和 2027 年，服務量將繼續增加。

Commercial OEM was softer this quarter as airframers managed supply chain disruptions and all our customers managed elevated inventory buffers. Defense OEM was again a significant growth driver for Aero as expected, led by strong performance in smart defense. The defense services environment overall remains solid though inputs to Woodward have varied quarter-to-quarter.

由於飛機製造商應對了供應鏈中斷，並且我們所有的客戶都管理了增加的庫存緩衝，因此本季商業原始設備製造商表現較弱。正如預期的那樣，國防原始設備製造商再次成為 Aero 的重要成長動力，這主要得益於智慧防禦領域的強勁表現。儘管伍德沃德的投入每季都有所變化，但國防服務環境整體依然穩固。

In Industrial, our gas turbine portfolio was a standout performer, particularly in LNG and broader oil and gas applications. Growing global electric power demand remains a key growth driver for our Industrial segment. Based on conversations I've had with customers, along with what we see directly in orders, we're getting confirmation that the growth predictions are real and we're prepared to serve that growth.

在工業領域，我們的燃氣渦輪機產品組合表現出色，尤其是在液化天然氣和更廣泛的石油和天然氣應用領域。不斷增長的全球電力需求仍然是我們工業部門的主要成長動力。根據我與客戶的對話以及我們在訂單中直接看到的情況，我們確認成長預測是真實的，並且我們已準備好滿足這種成長需求。

We're focusing our lean transformation on capacity and lead time improvements on our model gas turbine control valve production line to better serve customers. In fact, we've increased output more than 30% year-to-date. We're more than halfway through the Glatten expansion project to increase capacity to meet data center backup power demand. With construction tracking ahead of schedule, we've ordered all remaining machines in July, and we will be ready to begin moving into the new hall in November. This value stream has been completely redesigned with 3P principles, that is production, preparation, and process. We are using this expansion opportunity to create better flow, introduce higher levels of automation and improve inventory turns.

我們的精實轉型重點在於改善模型燃氣渦輪控制閥生產線的產能和交付週期，以便更好地服務客戶。事實上，今年迄今我們的產量已增加 30% 以上。我們已經完成了 Glatten 擴建工程的一半以上，旨在增加容量以滿足資料中心備用電源的需求。隨著施工進度的提前，我們已於 7 月訂購了所有剩餘的機器，並將於 11 月準備開始搬進新廠房。此價值流已根據 3P 原則（即生產、準備和流程）進行了徹底的重新設計。我們正在利用這次擴張機會來創造更好的流程，引入更高水準的自動化並提高庫存週轉率。

In transportation, marine demand remains exceptionally strong. Shipyards are full and they continue to expand capacity. In the quarter, more than half of all new ship orders included alternative fuel specifications, which resulted in a strong pull for Woodward's solutions. As expected, demand for China on-highway heavy-duty trucks declined primarily due to local economic headwinds. Overall, we see continued momentum in the macro growth drivers across both our Aero and Industrial segments into 2026 and beyond. A few comments on the macro environment.

在交通運輸方面，海運需求依然異常強勁。船廠產能已滿，而且還在持續擴大中。本季度，超過一半的新船訂單都包含替代燃料規格，這對伍德沃德的解決方案產生了強大的吸引力。正如預期的那樣，中國公路重型卡車的需求下降主要是由於當地經濟逆風。總體而言，我們預計航空和工業領域的宏觀成長動力將在 2026 年及以後持續維持。關於宏觀環境的一些評論。

We remain vigilant and agile as we navigate tariffs, geopolitical matters, supply chain dynamics and other expected and unexpected external factors. Our focus is on developing even more resilience and continuing to serve our customers regardless of the external conditions we face. Based on our consistent performance, it's clear we're on the right path to deliver on the commitments we made to you. We will continue to create shareholder value through our value drivers of profitable growth, operational excellence and innovation.

在應對關稅、地緣政治問題、供應鏈動態以及其他預期和意外的外部因素時，我們保持警覺和靈活。我們的重點是提高適應力，無論面臨何種外部條件，都持續為客戶提供服務。根據我們一貫的表現，很明顯我們正走在履行對您的承諾的正確道路上。我們將繼續透過獲利成長、卓越營運和創新等價值驅動力創造股東價值。

Now I'll hand it over to Bill for more detail on our third quarter financial performance and the specifics of our updated guidance. Bill?

現在，我將把話題交給比爾，讓他詳細介紹我們的第三季財務表現以及更新後的指引的具體內容。帳單？

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. We delivered record net sales in the third quarter of 2025 of $915 million, an increase of 18%, reflecting the strong demand across our end markets.

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。2025 年第三季度，我們的淨銷售額創歷史新高，達到 9.15 億美元，成長 18%，反映了我們終端市場的強勁需求。

Earnings per share for the third quarter of 2025 were $1.76 compared to $1.63. At the segment level, Aerospace segment sales for the third quarter of 2025 were a record $596 million compared to $518 million, an increase of 15%. Defense OEM sales were strong in the quarter, up 56%, largely driven by increased demand for our smart defense programs. Commercial services sales rose 30%, exceeding our expectations, driven by both pricing and increased volume tied to continued high utilization of legacy aircraft, which is extending their current service cycles.

2025年第三季每股收益為1.76美元，去年同期為1.63美元。分部門來看，2025年第三季航太部門銷售額創紀錄達5.96億美元，去年同期為5.18億美元，成長了15%。本季國防原始設備製造商銷售表現強勁，成長 56%，主要得益於我們智慧國防專案需求的成長。商業服務銷售成長 30%，超出我們的預期，這得益於定價和與傳統飛機持續高利用率相關的銷售增加，這延長了它們目前的服務週期。

As Chip highlighted, LEAP and GTF service activity continues to increase. Commercial OEM sales were down 8% as airframers navigated supply chain disruptions and all our customers managed inventory levels. We expect these headwinds to moderate as airframes continue to increase production rates in the coming quarters.

正如 Chip 所強調的，LEAP 和 GTF 服務活動持續增加。由於飛機製造商應對供應鏈中斷以及我們所有客戶管理庫存水平，商業 OEM 銷售額下降了 8%。我們預計，隨著未來幾季機身生產力的持續提高，這些不利因素將會緩和。

Sales for defense services were down 16%. While the market demand environment is solid, the timing and flow-through of orders to Woodward can fluctuate considerably from quarter-to-quarter. Earnings in the third quarter for the Aerospace segment were $126 million. Margins expanded 140 basis points to 21.1% of segment sales. The increase in segment earnings was primarily driven by price realization and higher volumes, supported by our ongoing operational excellence and lean initiatives that enhanced output and efficiency.

國防服務銷售額下降了16%。儘管市場需求環境穩固，但伍德沃德的訂單時間和流量每季可能會有很大波動。航空航天部門第三季的收益為 1.26 億美元。利潤率擴大 140 個基點，達到部門銷售額的 21.1%。分部收益的成長主要得益於價格實現和銷售增加，這得益於我們持續的卓越營運和精益舉措，這些舉措提高了產量和效率。

These gains were partially offset by planned strategic investments in our Aerospace manufacturing capabilities to meet our current and future growth. Inflation also contributed to the cost pressure. The margin rate was tempered by unfavorable mix, driven by growth in our defense OEM products, which carry lower margins relative to other parts of the portfolio.

這些收益被我們為滿足當前和未來的成長而計劃的航空航太製造能力的戰略投資部分抵消。通貨膨脹也加劇了成本壓力。利潤率受到不利組合的影響，這主要是由於國防 OEM 產品的成長，而這些產品的利潤率相對於投資組合的其他部分而言較低。

Turning to Industrial. Segment sales for the third quarter of 2025 were $319 million compared to $330 million, a decrease of 3%. This was primarily due to the expected decline in China on-highway sales, which were down $36 million or 69%. Our core Industrial sales, which exclude China on-highway, grew by 9% in the quarter.

轉向工業。2025 年第三季分部銷售額為 3.19 億美元，去年同期為 3.3 億美元，下降 3%。這主要是由於中國公路車輛銷售額預計將下降 3,600 萬美元，即 69%。本季度，我們的核心工業銷售（不包括中國公路車輛銷售額）成長了 9%。

Oil and gas was up 16%, driven by price as well as volume related to increased activity in midstream and downstream gas investments. Marine transportation was up 16%, driven by both price and volume. Power generation was flat due to the impact of the divestiture of our combustion business in the second quarter of this year.

石油和天然氣價格上漲了 16%，這主要得益於中游和下游天然氣投資活動增加導致的價格和數量的上漲。受價格和運輸量的推動，海上運輸量上漲了 16%。受今年第二季剝離燃燒業務的影響，發電量持平。

Excluding that impact, power generation sales grew double digits. For context, the combustion business averaged approximately $15 million of sales per quarter. Going forward, the best way to think about our Industrial products and services portfolio is excluding China on-highway and combustion. As Chip highlighted earlier, using this view, Industrial grew double digits in the third quarter. Industrial segment earnings for the third quarter of 2025 were $48 million or 14.9% of segment sales compared to $60 million or 18.1% of segment sales. The decrease was primarily due to lower China on-highway volume.

除去這一影響，發電量銷售額實現了兩位數成長。具體來說，燃燒業務每季的平均銷售額約為 1500 萬美元。展望未來，考慮我們的工業產品和服務組合的最佳方法是排除中國公路用車和內燃機。正如 Chip 之前所強調的那樣，按照這種觀點，工業在第三季度實現了兩位數的成長。2025 年第三季工業部門收益為 4,800 萬美元，佔部門銷售額的 14.9%，而去年同期工業部門收益為 6,000 萬美元，佔部門銷售額的 18.1%。下降的主要原因是中國高速公路運輸量下降。

Looking at our core Industrial business, we expanded margins to 15.6% of sales, up approximately 90 basis points. This expansion was driven by our progress in operational excellence, including price realization across the portfolio and our ability to generate incremental margins from higher volumes. Given these strong results, we now expect Woodward's core industrial margin for the year to be approximately 15% of sales, the high end of our previous range.

縱觀我們的核心工業業務，我們的利潤率擴大至銷售額的 15.6%，成長了約 90 個基點。此次擴張得益於我們在卓越營運方面的進步，包括整個產品組合的價格實現以及我們從更高的銷售中產生增量利潤的能力。鑑於這些強勁的業績，我們現在預計伍德沃德今年的核心工業利潤率將達到銷售額的約 15%，這是我們之前預期範圍的高端。

Non-segment expenses were $36 million for the third quarter of 2025 compared to $30 million. We expect adjusted non-segment expenses to finish the year close to the same rate that we have been running year-to-date. At the consolidated Woodward level, net cash provided by activities for the first nine months of 2025 was $238 million compared to $297 million.

2025 年第三季非分部支出為 3,600 萬美元，去年同期為 3,000 萬美元。我們預計，調整後的非分部費用在今年底將接近年初至今的水準。按照伍德沃德合併後的水平，2025 年前九個月活動提供的淨現金為 2.38 億美元，而去年同期為 2.97 億美元。

Capital expenditures were $79 million for the first nine months compared to $72 million. Free cash flow was $159 million for the first nine months of 2025 compared to $225 million. The decrease in free cash flow was primarily due to an increase in working capital.

前九個月的資本支出為 7,900 萬美元，去年同期為 7,200 萬美元。2025 年前 9 個月的自由現金流為 1.59 億美元，去年同期為 2.25 億美元。自由現金流的減少主要是由於營運資本的增加。

As of June 30, 2025, debt leverage was 1.5 times EBITDA. During the third quarter, we returned over $62 million to stockholders, including $45 million in share repurchases and $17 million in dividends. Through the first nine months of 2025, we returned $172 million to stockholders, including $124 million in share repurchases and $48 million in dividends. We now expect to return approximately $235 million to stockholders in 2025, exceeding our initial goal of returning $250 million. This should consist of $170 million of share repurchases and $65 million in dividends.

截至 2025 年 6 月 30 日，債務槓桿為 EBITDA 的 1.5 倍。第三季度，我們向股東返還了超過 6,200 萬美元，其中包括 4,500 萬美元的股票回購和 1,700 萬美元的股息。截至 2025 年前九個月，我們向股東返還了 1.72 億美元，其中包括 1.24 億美元的股票回購和 4,800 萬美元的股息。我們現在預計 2025 年將向股東返還約 2.35 億美元，超過我們最初 2.5 億美元的返還目標。這包括 1.7 億美元的股票回購和 6,500 萬美元的股息。

We will continue to manage this with flexibilities as conditions evolve. We remain disciplined in deploying capital across three priorities: reinvesting for growth, returning cash to shareholders, and selective returns-focused M&A. As Chip highlighted, we will be making a multiyear investment in a new state-of-the-art facility to support the Airbus A350 spoiler actuation win and long-term organic growth.

隨著情況的發展，我們將繼續靈活地處理此事。我們在三個優先事項上嚴格部署資本：再投資以實現成長、向股東返還現金以及選擇性的以回報為重點的併購。正如 Chip 所強調的，我們將對一個新的最先進的設施進行多年投資，以支持空中巴士 A350 擾流板驅動的成功和長期有機增長。

In addition, the recent acquisition strengthens our position in electromechanical actuation systems and meet our strategy-driven deal criteria. These growth investments, along with our accelerated automation initiatives, will increase capital spend over the next couple of years as we invest in growth and productivity. We will provide more details on these capital allocation plans during our fourth quarter earnings call.

此外，最近的收購加強了我們在機電執行系統領域的地位，並滿足了我們的策略驅動的交易標準。這些成長投資以及我們加速的自動化計劃將在未來幾年內增加資本支出，因為我們將投資於成長和生產力。我們將在第四季度收益電話會議上提供有關這些資本配置計劃的更多詳細資訊。

Now turning to our 2025 guidance. We are raising our sales and earnings guidance, revising our adjusted effective tax rate down and lowering our free cash flow range. We are reaffirming the other elements of our full year guidance. This updated guidance reflects our year-to-date performance, a more stable macro environment and strong fourth quarter outlook.

現在轉向我們的 2025 年指導。我們正在提高銷售額和獲利預期，下調調整後有效稅率，並降低自由現金流範圍。我們正在重申全年指引的其他內容。這項更新後的指引反映了我們今年迄今的業績、更穩定的宏觀環境和強勁的第四季前景。

For 2025, we now expect consolidated sales of $3.45 billion to $3.525 billion, which includes Aerospace sales growth between 11% and 13% and a decrease in Industrial sales between [5% and 7%] (sic, see presentation slide 4, "Down 5% to 7%"). Now we expect adjusted EPS between $6.50 and $6.75 with Aerospace margins to be between 21% and 21.5%, and Industrial margins to be approximately 14.5%.

我們現在預計 2025 年的綜合銷售額將達到 34.5 億美元至 35.25 億美元，其中航空航太銷售額將成長 11% 至 13%，工業銷售額下降 [5% 至 7%]（原文如此，請參閱簡報投影片 4，「下降 5% 至 7%」）。現在我們預計調整後的每股盈餘在 6.50 美元至 6.75 美元之間，航空航太利潤率在 21% 至 21.5% 之間，工業利潤率約為 14.5%。

We now expect the fiscal year 2025 adjusted effective tax rate to be approximately 17%. We now expect our 2025 free cash flow to be between $315 million and $350 million. We are lowering the free cash flow range as a result of increased working capital to support higher sales during a dynamic supply chain and production environment. All other aspects of our guidance remain unchanged.

我們現在預計 2025 財年的調整後有效稅率約為 17%。我們現在預計 2025 年的自由現金流將在 3.15 億至 3.5 億美元之間。由於增加了營運資本以支持動態供應鏈和生產環境下更高的銷售額，我們正在降低自由現金流範圍。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 third quarter of 2025. Operator, we are now ready to open the call for questions.

這是我們對 2025 年第三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)

（操作員指示）

David Strass, Barclays.

巴克萊銀行的大衛·斯特拉斯。

Hey, Dave, before you jump in, I just want to make sure I clarify something. When I noted our third quarter sales of $915 million, I may have said 18%. I just want to be clear that, that is an 8% increase. Thank you, I'll turn it over to you, David.

嘿，戴夫，在你開始之前，我只是想確保澄清一些事情。當我提到我們第三季的銷售額為 9.15 億美元時，我可能說的是 18%。我只是想明確一點，這是一個 8% 的成長。謝謝，我會把它交給你，大衛。

Great. Thanks. Chip, I thought I heard you say that LEAP and GTF aftermarket volumes are now close to legacy volumes, though maybe I didn't hear that correctly. But I thought in the past, you talked about getting to those kind of levels a couple of years out from now.

偉大的。謝謝。奇普，我以為我聽到你說 LEAP 和 GTF 售後市場的銷售現在已經接近傳統市場的銷售量，儘管我可能沒有聽清楚。但我認為，過去您曾談論過幾年後才能達到那種水平。

Yeah. So -- hey, thanks for the question, David. In fact, they were getting close last quarter. This quarter, they've just got into the same neighborhood, ZIP code range, still short of the legacy total volume. And we forecast the crossover, which is what we said before in sort of the 2028 time period.

是的。所以——嘿，謝謝你的提問，大衛。事實上，上個季度他們已經接近目標了。本季度，他們剛進入同一個社區、郵遞區號範圍，仍然沒有達到傳統的總量。我們預測了交叉，也就是我們之前所說的 2028 年時期。

So we're still sticking with that as our outlook. The things that could make that happen faster is if the legacy fleet starts to see less hours and cycles. We'll see less investment as Boeing and Airbus continue to pump out the Neos and MAXs to take the places of those aircraft.

因此我們仍然堅持這一觀點。如果傳統車隊的營運時間和週期開始減少，那麼這個目標就能更快實現。隨著波音和空中巴士繼續推出 Neos 和 MAX 來取代這些飛機，我們將看到投資減少。

So right now, we're still calling 2028, but I do want the folks out there to know that LEAP and GTF volume is now having a meaningful impact on our commercial Aero services revenue and margin and we're very excited about that.

所以現在，我們仍然預測 2028 年，但我確實想讓大家知道，LEAP 和 GTF 的銷售現在對我們的商業航空服務收入和利潤產生了重大影響，我們對此感到非常興奮。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hi, good evening.

嗨，晚上好。

Hey Scott.

嘿，斯科特。

Hey Scott.

嘿，斯科特。

Bill, can you walk us through what drove the sequential margin decline in Aerospace in the third quarter and then the drivers behind the implied Aerospace margin improvement in the fourth quarter?

比爾，您能否向我們介紹一下導致航空航天部門第三季度利潤率連續下降的原因，以及第四季度航空航天部門利潤率隱含改善的驅動因素？

Yeah, Scott, thanks. As you look at it, I think the incrementals are around 30%. Again, we typically advise that we look for incrementals between 30% and 35%. I do realize that the first half incrementals for Aero were in the 40%. What caused those incrementals to drop was the -- while we did have strong growth in aftermarket, we had very strong growth in our defense OE. That comes with a lower profit margin and therefore caused -- the unfavorable mix of that product line caused the decline in our incrementals.

是的，斯科特，謝謝。從你的角度來看，我認為增量約為 30%。再次，我們通常建議尋找 30% 到 35% 之間的增量。我確實意識到 Aero 上半年的增量達到了 40%。導致這些增量下降的原因是——雖然我們的售後市場確實實現了強勁增長，但我們的國防原廠設備 (OE) 成長也非常強勁。這會導致利潤率較低，從而導致 - 該產品線的不利組合導致了我們的增量下降。

As you highlighted, our -- as you look at our guidance and what that implies for 4Q, we do expect our incrementals to get back to the ranges that we saw in the first half of the year. We will still see -- we expect to see strong defense OE still, but that should come along with our smart defense program, realizing the price increases as we have moved into the newer lines. So that's what will -- the sustained growth in defense OE with the move in pricing. And also we expect to have another good quarter in our commercial aftermarket business.

正如您所強調的，當您查看我們的指導以及這對第四季度意味著什麼時，我們確實預計我們的增量將回到我們在今年上半年看到的範圍。我們仍將看到——我們預計仍將看到強大的防禦 OE，但這應該伴隨著我們的智慧防禦計劃而來，隨著我們進入更新的產品線，價格也會上漲。因此，隨著價格的變動，國防 OE 將持續成長。我們也預期我們的商業售後市場業務將再創佳績。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Hey, good afternoon, guys. A lot of discussion of some new investments or maybe a few we hadn't fully calibrated here. So in the release you also cite Aerospace investments impacting the third quarter margin. Can you talk more about what that was and why it seems like only one quarter? And then, what are you actually spending $35 million to $50 million on in the free cash flow reduction? Can you be more specific there? And then how much and for how long are we talking about higher CapEx beyond this year and what's it for?

嘿，大家下午好。我們在這裡討論了很多關於一些新投資或一些尚未完全校準的投資。因此，在新聞稿中您也提到了航空航太投資對第三季利潤率的影響。您能否詳細談談那是什麼以及為什麼看起來只有四分之一？那麼，您實際上將 3500 萬至 5000 萬美元的自由現金流減少花在了什麼地方？能更具體一點嗎？那麼，我們談論的今年以後更高的資本支出是多少、持續多久，以及它的目的是什麼？

Yeah, thanks for those questions. First of all, on the investments that we highlighted in our manufacturing space, it was not necessarily a hit to margin rate, more of a hit to margin dollars. But what those investments are, are to drive productivity. We are investing in our team leaders. We're investing in our operations supervisors, again, to work with our direct employees in order to help us to increase our productivity.

是的，謝謝你提出這些問題。首先，就我們在製造領域強調的投資而言，它不一定會對利潤率造成影響，而更多的是對利潤金額造成影響。但這些投資的目的是為了提高生產力。我們正在對我們的團隊領導者進行投資。我們再次投資我們的營運主管，與我們的直接員工合作，以幫助我們提高生產力。

We are also adding manufacturing engineers that will better allow us to implement our automation and allow us to get to the productivity benefits that we're looking for. Finally, we're adding in supplier engineers to continue to work with our supply base to make sure we can improve on those areas.

我們還增加了製造工程師，以便我們更好地實施自動化並讓我們獲得我們所尋求的生產力效益。最後，我們正在增加供應商工程師，繼續與我們的供應基地合作，以確保我們能夠改善這些領域。

The second part of your question is around free cash flow and us lowering our range there. And the simple answer is, we are investing more in working capital, specifically inventory. As we look at the need to meet the demands of our customer in the mix that they're looking for and get it there on time and understanding the capabilities of our process, we made the decision to invest a bit more in inventory to allow us to do that.

問題的第二部分是關於自由現金流以及我們降低其範圍。簡單的答案是，我們在營運資金，特別是庫存方面投入了更多資金。當我們考慮到需要滿足客戶的需求並按時交付，同時了解我們流程的能力時，我們決定在庫存上投入更多一些，以便我們可以做到這一點。

We continue to work that area. We are investing in resources and in processes and in systems so that going forward, we don't need to invest into those levels, and we expect that you will see that benefit as we get to 2026.

我們將繼續在該地區開展工作。我們正在對資源、流程和系統進行投資，以便未來我們不需要在這些層面上進行投資，我們預計到 2026 年您將會看到這項好處。

Okay. And Bill, you have a few years in a row now where the full year Aerospace margin lands higher than the prior year's fourth quarter, so the fourth quarter proves to be an exit rate that you build off of. The guidance implies the last quarter of this year will be in mid-'22s. Do we use that as the jumping-off point of what you expand next year?

好的。比爾，你已經連續幾年看到全年航空航天利潤率高於前一年第四季度，所以第四季度被證明是一個你可以藉鑑的退出率。該指引暗示今年最後一個季度將在 2022 年中期。我們是否以此作為明年擴展業務的起點？

No, not necessarily. Again, I think we are expecting to have a very strong Q4 in Aero. There's a few reasons for that. And as we get into '26, we'll talk a little bit more about the rate that you can expect for Aero for the total year. But we're very pleased with where the implied 4Q exit of Aero.

不，不一定。我再次認為，我們預計 Aero 第四季的業績將非常強勁。有幾個原因。當我們進入 26 年時，我們將進一步討論 Aero 全年的預期利率。但我們對 Aero 預計在第四季退出的情況感到非常滿意。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Morning, Chip, Bill. I went there and you displaced an incumbent supplier on the A350's spoiler actuation system, and that makes you a Tier 1 supplier to Airbus now. So do you see other opportunities to displace incumbents on current platforms or is this more of a one-off opportunity? And then for future aircraft engine plans -- programs, do you plan to pursue more work packages as a Tier 1 supplier? Or is the intention to primarily stay a Tier 2 supplier except where you have a differentiated offering?

早上好，奇普，比爾。我去了那裡，發現你們取代了 A350 擾流板作動系統的現任供應商，現在你們成為了空中巴士的一級供應商。那麼，您是否看到了在現有平台上取代現有企業的其他機會，或者這更像是一次性的機會？那麼對於未來的飛機引擎計劃——項目，您是否計劃作為一級供應商追求更多的工作包？或者，除非您提供差異化產品，否則您的意圖是主要保持二級供應商的地位？

Yes, Scott, thanks for the question. As you probably know and most people in the industry know, displacements in the middle of really successful aircraft programs are somewhat rare, so we wouldn't view that as a wave of opportunities in front of us.

是的，斯科特，謝謝你的提問。您可能知道，大多數業內人士也知道，在真正成功的飛機專案中期發生替換的情況相當罕見，因此我們不會將其視為我們面前的機會浪潮。

But the combination of that opportunity and acquiring Safran's North American electromechanical actuation business allows us to get into the Airbus Tier 1 supplier structure, which we think is a great place to be as we look toward the next single-aisle aircraft opportunity. As far as Tier 1 and Tier 2 for us, we're kind of a little bit of a humble company. I mean, we're willing to do work at Tier 1 levels.

但這機會與收購賽峰集團北美機電作動業務相結合，使我們能夠進入空中巴士一級供應商結構，我們認為，在我們展望下一個單通道飛機機會時，這是一個很好的位置。就我們的一級和二級而言，我們是一家比較謙遜的公司。我的意思是，我們願意做一級的工作。

We're willing and able to do systems, subsystems or components and where we can add value to customers and to products, we're willing to serve if we can make it a profitable high-return business for our shareholders.

我們願意並且能夠製造系統、子系統或組件，只要我們能夠為客戶和產品增加價值，我們願意提供服務，只要我們能夠使其成為一項為股東帶來高利潤和高回報的業務。

Okay. And then one quick one for Bill. Do you happen to have the pricing in the quarter? And can you perhaps parse that out by Aero and Industrial?

好的。然後我要向比爾簡單說一句話。您有本季的定價嗎？您能否從航空和工業的角度來分析一下這個問題？

Yeah, so the total business, we saw about 7% price. And I would say that Aero contributed a little more than Industrial but both did a great job. We have said in the past that price for the year will be closer to 5%. Based on where we are, it will be closer to delivering 7% at the Woodward level for price for '25.

是的，所以就整個業務而言，我們看到價格上漲了約 7%。我想說的是，Aero 的貢獻比 Industrial 稍大一些，但兩者都做得很好。我們過去曾說過，今年的價格將接近 5%。根據我們目前的情況，25 年的價格將更接近伍德沃德水準的 7%。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Thanks. Good afternoon. Someone asked about the marine -- so the marine is doing better than you've talked about the long-term profile, given industry capacity kind of at that level. So just curious what's driving the upside this year. Maybe it's simply price, but also curious if you're taking share in some respect or building out the naval profile alongside commercial and merchant?

謝謝。午安.有人問到海軍陸戰隊的情況——考慮到目前的產業產能水平，海軍陸戰隊的表現比你所說的長期狀況要好。所以我只是好奇是什麼推動了今年的上漲。也許這只是價格問題，但也很好奇您是否在某些方面佔有份額或在商業和商船上建立海軍形象？

Chris, I think the easiest way to think about how marine is going for Woodward is that our customers are taking share as well as the capacity increases and orders from the shipyards and the services business. So it's like those three things. It's price, it's the platforms that we're on, their winning positions on the ships, and then the service opportunity from the utilization is quite strong.

克里斯，我認為，了解伍德沃德船舶業務發展的最簡單方式是，我們的客戶正在佔據市場份額，同時造船廠和服務業務的產能和訂單也在增加。就像那三件事一樣。它的價格，它所在的平台，它在船上的獲勝地位，以及利用的服務機會都相當強大。

Okay, great. And then the third quarter, did that see any of the new lots pricing in the smart weapons?

好的，太好了。那麼在第三季度，是否看到任何智慧武器的新批次定價？

Of course, we -- It will start in the fourth quarter.

當然，我們將從第四季開始。

Tax rates come down a good bit, a couple separate times during the year. Just wondering what's driving that and if we should be thinking of a new baseline beyond the current year other than the kind of 20% anchor.

稅率在一年中多次大幅下降。我只是想知道是什麼推動了這一趨勢，以及我們是否應該考慮今年之後的新基線，而不是 20% 的錨定值。

Yeah. With the level of stock options we have to support our members historically, with the record stock prices that we've had, we've seen a lot of those stock options that came in which provides us with the tax benefit. And that's what really drove that rate down. As we continue to increase our net earnings, that's going to put pressure on our tax rate. And so I would expect a bit more pressure.

是的。從歷史上看，我們為會員提供的股票期權水平以及創紀錄的股價讓我們看到很多股票期權的湧入，這為我們帶來了稅收優惠。這才是真正導致利率下降的原因。隨著我們淨收入的不斷增加，這將給我們的稅率帶來壓力。因此我預計壓力會更大一些。

But right now, with the stock price at the levels they are -- they've been at, that's causing us to get this benefit, which results in these lower tax rates. And hence, our upgrading or adjusting the guidance on that effective tax rate for '25.

但目前，由於股價處於目前的水平，我們獲得了這種好處，導致了較低的稅率。因此，我們上調或調整了 25 年有效稅率的指引。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Hey, thanks. Good afternoon.

嘿，謝謝。午安.

Hello, Gavin.

你好，加文。

Wanted to just parse out the working cap investment this year and the CapEx investment next two years. And how much of that is for, say, existing programs versus new wins like the A350 or maybe investing in the growth rate of the Safran business?

只想分析今年的營運資本投資和未來兩年的資本支出投資。其中有多少是用於現有項目，有多少是用於 A350 等新項目，或可能用於投資賽峰集團業務的成長率？

Yeah. Gavin, it's safe to say that all the inventory increase is with current programs. And it's really -- a lot of people talk about it in the industry. It's a factor of fluctuation in our own production system, fluctuation in demand from customers that have supply chain issues that maybe aren't ours and they're holding a number of our parts and inventory, and then how our suppliers perform and our desire not to make sudden movements with suppliers and lose that capacity that we've worked so hard to gain since COVID.

是的。加文，可以肯定地說，所有庫存的增加都是透過當前的計劃實現的。確實——業內很多人都在談論它。這是我們自身生產系統波動的一個因素，來自存在供應鏈問題（可能不是我們的問題）的客戶的需求波動，他們持有我們的大量零件和庫存，然後是我們的供應商的表現，以及我們不希望與供應商發生突然變動並失去自 COVID 以來我們努力獲得的產能。

So a lot of things going on, a lot of management decisions, a lot of strategic thinking around how do we make sure we can serve customers and meet this demand. But as we look into FY26, we feel like we do have expertise deployed to work that down and improve the overall process as things tend to stabilize a bit more in terms of what we see from our customers and what their desires are to have a more of a stable supply chain altogether. So that's work in process but we're just seeing the effects of that in the third and fourth quarter probably.

因此，有很多事情正在發生，有很多管理決策，有很多策略思考，圍繞著如何確保我們能夠服務客戶並滿足這一需求。但當我們展望 26 財年時，我們覺得我們確實擁有專業知識來解決這個問題並改善整個流程，因為從我們從客戶那裡看到的情況以及他們對更穩定的供應鏈的渴望來看，情況趨於穩定。所以這是正在進行的工作，但我們可能只會在第三季和第四季看到其效果。

As far as the investments go, we're looking at the facility for A350 spoiler production. These types of facilities tend to run a couple of hundred million dollars that can be spread across a couple three years, and that's what we're looking at. We've got a lot of experience with this from building Rock Cut for LEAP and GTF programs. You can build a building for a lot less than that, but to build the capacity and capability to have a highly automated, vertically integrated production system in a factory like that, that's kind of what the price tag looks like.

就投資而言，我們正在考慮 A350 擾流板生產設施。這些類型的設施通常需要花費數億美元，可以分三年完成，這就是我們正在考慮的。我們在為 LEAP 和 GTF 程式建立 Rock Cut 方面累積了豐富的經驗。你可以用比這少得多的錢建造一棟建築，但要在這樣的工廠中建立高度自動化、垂直整合的生產系統的能力和能力，這就是價格標籤所顯示的價格。

And then also with our acquisition of Safran's electromechanical business, we'll be moving product to existing facilities and really working through making that an optimum supply chain and production system to serve Airbus and the other airframers.

此外，透過收購賽峰集團的機電業務，我們將把產品轉移到現有設施，並真正努力使其成為最佳的供應鏈和生產系統，為空中巴士和其他飛機製造商提供服務。

Okay, that's great. I mean, just to put a finer point on the working capital, is that more to enable an acceleration in your growth or de-risk your own supply chain visibility?

好的，太好了。我的意思是，只是為了更詳細地說明營運資金，它是否更有助於加速您的成長或降低您自己的供應鏈可視性的風險？

It really does both, so thanks for that.

它確實做到了這兩點，所以謝謝你。

Louis Raffetto, Wolfe Research.

路易斯·拉菲托（Louis Raffetto），沃爾夫研究公司。

Yeah, thank you. Bill, you ballparked your quarterly sales rate for the Greenville divestiture. Could you speak to the impact to the Safran deal on results and then also what the cash usage was for this quarter?

是的，謝謝。比爾，你估算了格林維爾資產剝離的季度銷售率。您能否談談賽峰交易對業績的影響以及本季​​的現金使用情況？

Yeah. For Safran, I think when it got announced, they sized the business. And we're focused on taking it, growing it and improving it. But again, the key matter about this acquisition was a strategic one to allow us to continue to grow our capability in this space, and that's what we're focused on. Louis, I think -- the second part of your question?

是的。對於賽峰集團來說，我認為當它宣布的時候，他們就確定了業務規模。我們專注於利用它、發展它並改進它。但再次強調，此次收購的關鍵是策略問題，它使我們能夠繼續增強我們在這個領域的能力，這也是我們關注的重點。路易斯，我想──你的問題的第二部分是什麼？

Just how much you spent on that deal? It will be in the K, was it just after the --

您在這筆交易上花了多少錢？它會在 K 中，是在--

Yeah. And again, it's a great deal for us and we're happy with that we have it and it's not something that we're covering right now.

是的。再說一次，這對我們來說是一筆很好的交易，我們很高興我們擁有它，而且它不是我們現在正在報導的事情。

Yeah. I think the reason we sized the Greenville for you is to help you, going forward, on what the Industrial and Power Gen compares look like. There's really no macro impact on Aero for that deal. So we're really not going to disclose that level of information on that small of an impact.

是的。我認為我們為您確定格林維爾規模的原因是為了幫助您了解工業和發電行業的未來比較。這筆交易實際上對 Aero 沒有宏觀影響。所以我們確實不會透露有關這種小影響的詳細情況。

Okay. And then maybe just latest on the China on-highway expectations for the rest of the year? I think you've gone from $40 million to $50 million. Are we at $70 million, I guess?

好的。那麼，也許只是今年剩餘時間中國公路交通的最新預期？我認為你的收入已經從 4,000 萬美元增加到了 5,000 萬美元。我猜我們的金額是 7,000 萬美元吧？

We're not -- yeah, we're around $60 million, and in 4Q, it will be somewhere around $10 million, around $10 million.

我們不是 - 是的，我們的收入約為 6000 萬美元，而在第四季度，收入將在 1000 萬美元左右，1000 萬美元左右。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Hey, good evening, guys. Thanks for taking the question. Maybe Chip, can you give a little bit more color on this A350 spoiler win? I mean, in terms of what the expected chipset content will be, I guess, my understanding, you've got to develop your own IP. When maybe those first sales are going to occur? And any kind of expected margin profile you could talk to? It sounded like maybe the existing incumbent on this walked away, just given their return profile. And I guess a couple of hundred million of investment sounds significant for just that one platform. Is this a broader play to position yourself for future kind of actuation spoiler wins on that next-gen narrow-body?

嘿，大家晚上好。感謝您回答這個問題。也許 Chip，您能否為這款 A350 擾流板的勝利提供更多細節？我的意思是，就預期的晶片組內容而言，我想，我的理解是，你必須開發自己的 IP。首批銷售何時會發生？您能談談任何預期利潤率概況嗎？聽起來也許現任負責人已經離開了，只是考慮到他們的回報情況。我想，光是對一個平台來說，幾億美元的投資就顯得意義重大。這是否是一種更廣泛的舉措，讓您為未來在下一代窄體飛機上的驅動擾流板勝利做好準備？

Yeah, Mike, thanks for the question. The spoiler actuator business is quite substantial. The A350 program, if you look at Airbus's forecast for rate increases and where that aircraft is going and what the demand is for that is, it's a wonderful program to be a part of. When I look at the chipset content, so there are 14 actuators, 7 per wing and we have 12 of those. So we're -- it's a lot of hardware per chipset.

是的，麥克，謝謝你的提問。擾流板執行器業務相當可觀。對於 A350 項目，如果你看一下空中巴士對價格上漲的預測以及飛機的去向和需求情況，你會發現這是一個非常值得參與的項目。當我查看晶片組內容時，發現有 14 個執行器，每個機翼 7 個，而我們有 12 個。所以，每個晶片組都有很多硬體。

It's going to take a bit of factory space because we're going to be vertically integrated. It is a substantial investment but it's a manageable one. And we have a number of things we're looking at to add into that facility as we go forward. But as of now, we like the investment and our forecasted return on that for the A350 program. And we'll pile on that and we'll add things as we can and as we win them going forward.

這將佔用一些工廠空間，因為我們將進行垂直整合。這是一項重大投資，但還是可以承受的。我們正在考慮在未來將許多東西添加到該​​設施中。但截至目前，我們看好這項投資以及對 A350 項目的預測回報。我們會在此基礎上繼續努力，並盡我們所能地添加新東西，直到我們贏得勝利。

Will this be margin dilutive as it ramps up out of the gate?

隨著業務的快速發展，這是否會稀釋利潤率？

Quite often on programs, they can be margin dilutive, and a lot of that sometimes has to do with fits and starts and where is the program and where is the plane going to be when it enters production. We're not burdened with some of that in this case on a displacement. We know exactly what rate we have to catch when. And your question -- your earlier question was about when we would see revenue. We're -- we and Airbus are targeting 2028 entry into service for our hardware.

在許多專案中，它們會稀釋利潤率，而這很大程度上與專案的啟動和啟動時間有關，以及專案進行到哪裡以及飛機投入生產時的位置。在這種情況下，我們不會因為流離失所而承受一些負擔。我們確切地知道什麼時候必須捕捉到什麼速率。您的問題—您之前的問題是關於我們何時能看到收入。我們和空中巴士的目標是在 2028 年將我們的硬體投入使用。

Sheila Kahyaoglu, Jeffries.

希拉·卡亞奧格魯，杰弗里斯。

Thank you guys. Maybe just following up on the new facility. How do we think about the few hundred million? Is it '26 and '27 so $300 million over two years? And I know I'm making up numbers here. How do we think about the payback on that? And the commercial --

謝謝你們。也許只是跟進新設施。我們怎麼看待那幾億呢？是 26 年和 27 年嗎，所以兩年內 3 億美元？我知道我在這裡編造了一些數字。我們如何看待其回報？還有商業--

Yeah, so I'll -- yeah, we look at this to be about a couple of hundred million dollar investment, Sheila. And yes, it will be spread out over '26, '27. Some of it could leak into '28 but most of it will happen between those two years. Again, this will be -- we love this program. We think it's -- and it will have good returns for us, and it's a great portfolio of opportunity here with Airbus. And we think it's going to be a really good program.

是的，所以我——是的，我們認為這是一項價值幾億美元的投資，希拉。是的，它將分佈在 26、27 年。其中一部分可能會延續到 28 年，但大部分將在這兩年之間發生。再說一次，這將是——我們喜歡這個節目。我們認為這將為我們帶來豐厚的回報，與空中巴士合作也會帶來巨大的機會。我們認為這將是一個非常好的項目。

Okay. And then on the defense continued outperformance there, any comments you can make on how long it lasts? How do we think about the JDAM contract in particular and its impact on profitability?

好的。然後，關於防守持續優異的表現，您能評論一下這種表現能持續多久嗎？我們如何看待 JDAM 合約及其對獲利能力的影響？

So first, smart defense, I want to make sure to say that all the products in our smart defense portfolio are performing well. Obviously, JDAM gets a lot of coverage as it should. And we -- these programs are tough, but we think through at least the first half of '26, we feel good about seeing the demand and we like the demand. It gets a little dangerous to take that view too much further than that, Sheila. So I'll say we feel good about this demand through the first half of '26.

首先，關於智慧防禦，我想確保地說，我們智慧防禦產品組合中的所有產品都表現良好。顯然，JDAM 得到了應有的廣泛報導。而且我們 — — 這些項目很艱難，但我們認為至少在 26 年上半年，我們很高興看到需求，我們喜歡這種需求。希拉，如果把這種觀點看得太過分，那就有點危險了。所以我想說，我們對 26 年上半年的需求感到滿意。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Hey, good afternoon, guys.

嘿，大家下午好。

Afternoon, Gautam.

下午好，Gautam。

I had a couple of questions. And perhaps -- I dropped so I'm just curious. Did you address China natural gas and what demand signals you're seeing from those customers?

我有幾個問題。也許——我放棄了，所以我只是好奇。您是否談到了中國的天然氣問題？您從這些客戶看到了什麼需求訊號？

Yeah. We've reinstated that Q4 will be around $10 million. The overall economy continues to dampen the demand and the order rate in that business.

是的。我們重申第四季的營收將達到 1,000 萬美元左右。整體經濟持續抑制該業務的需求和訂單率。

Okay. Any preliminary view on 2026, given fiscal '25 has been an unnaturally low year? What is normal?

好的。鑑於 2025 財年是異常低迷的一年，您對 2026 年有何初步看法？什麼是正常的？

No. We're going to continue to focus on our core Industrial business, and that will be our focus. And as we said, it's a dynamic volatile business and we will highlight that -- what we -- our view when we get to the end of the fourth quarter.

不。我們將繼續專注於我們的核心工業業務，這將是我們的重點。正如我們所說，這是一個動態波動的行業，我們將在第四季末強調我們的觀點。

Okay. And big picture, have you seen any demand erosion from US trade policy and all the changes we've had with US trade policy since April anywhere in the portfolio?

好的。從整體來看，您是否看到美國貿易政策對需求造成侵蝕，以及自 4 月以來美國貿易政策發生的所有變化？

I wouldn't say we've seen demand drop off. I think we've seen some maybe unnatural volatility and some delays and then spikes. We had some delayed China service orders earlier in the year. And then we've had some piling on of orders maybe at 1.5x to 2x the normal amount in third quarter and fourth quarter. So I think we've seen some unnatural volatility, but maybe not -- I wouldn't characterize it as like a drop-off in the demand or a long-term demand increase either way.

我不會說我們看到需求下降。我認為我們已經看到了一些可能不自然的波動和一些延遲，然後是峰值。今年早些時候，我們的一些中國服務訂單被延遲了。然後，我們在第三季和第四季收到了一些訂單，可能是正常數量的 1.5 倍到 2 倍。所以我認為我們已經看到了一些不自然的波動，但也許不是——無論如何，我不會將其描述為需求的下降或長期需求的增加。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Thanks for taking the follow up. So previously, you had this free cash flow target out through 2026 of $1.2 billion cumulative. Is that now off the table, given the reduction in the free cash flow forecast for this year and what you're talking about, it sounds like for CapEx next year?

感謝您的跟進。之前，您設定的自由現金流目標是到 2026 年累計達到 12 億美元。考慮到今年自由現金流預測的減少以及您所談論的明年的資本支出，現在是否可以不再考慮這個問題？

Yeah. David, I think sort of our underlying business and our plan, we still are -- we still see being able to deliver the $1.2 billion. But you did highlight a point, and that is that we are still figuring out what exactly the CapEx spend will be in '26 and that may have an impact on it. And we'll just come back to you at the end of the year with more clarity on exactly how that's looking.

是的。大衛，我認為我們的基礎業務和計劃仍然能夠實現 12 億美元的目標。但你確實強調了一點，那就是我們仍在確定 26 年的資本支出到底是多少，這可能會對其產生影響。我們將在年底向您更清楚地報告具體情況。

Okay. And do you guys have any impact from or any benefit from Section 174 amortization going away as part of the big beautiful bill?

好的。作為這項美麗法案的一部分，第 174 條攤銷將取消，這對你們有什麼影響或好處嗎？

From the -- from some of these elements on that bill around what we can do around some of the R&D expenses, around what we can do as we're billing the facilities and can accelerate that depreciation, a lot of those things will help. There's still a lot of -- we got high-level views of what that is, but exactly how it rolls out, we're going to have to spend a little more time, and we can give you a better understanding of the impact as we get to giving '26 guidance.

從法案中的一些要素來看，圍繞著我們可以對一些研發費用採取的措施，圍繞我們在對設施進行計費時可以採取的措施以及可以加速折舊的做法，很多事情都會有所幫助。還有很多——我們對它是什麼有高層的看法，但究竟如何實施，我們將不得不花費更多的時間，並且我們可以在給出'26指導時讓您更好地了解其影響。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Chip, just to clarify an earlier comment you made, were you saying that LEAP and GTF aftermarket revenue is approaching legacy narrow-body aftermarket? Was the comment that total revenue from LEAP and GTF including OE is approaching legacy aftermarket? I just want to clarify that.

Chip，我只是想澄清一下你之前的評論，你是說 LEAP 和 GTF 售後市場的收入正在接近傳統窄體售後市場的收入嗎？是否有人評論說，包括 OE 在內的 LEAP 和 GTF 的總收入正在接近傳統售後市場？我只是想澄清這一點。

Well, good clarification question. The point I was making was that in the aftermarket, in the service business, which is comprised of spare end items, repair and overhaul as well as spare parts, in those categories, that LEAP and GTF are gaining and getting into the same ZIP code as the legacy, which is very exciting for us.

嗯，很好的澄清問題。我想說的是，在售後市場和服務業務中，包括備件、維修和大修以及備件，在這些類別中，LEAP 和 GTF 正在獲得增長，並與傳統車型進入相同的郵政編碼，這對我們來說非常令人興奮。

Okay. And then Chip, when we think about growth in power generation over the coming years, should we be looking at the growth at GE Vernova and Rolls-Royce when we think about your growth? Or are there any specific nuances with respect to Woodward's position that would drive a meaningful divergence between what those OEMs are looking at and then what you might look at? Thank you.

好的。然後 Chip，當我們考慮未來幾年發電量的成長時，我們是否應該關注 GE Vernova 和勞斯萊斯的成長？或者伍德沃德的立場是否存在任何具體的細微差別，會導致那些 OEM 所關注的內容與您關注的內容之間產生重大分歧？謝謝。

I think broadly speaking, we see the same kind of growth they do, but it can get a little bit nuanced in terms of which platform wins which application because if a certain gas turbine wins, it starts to win more or a certain recip engine, this liquid wins, then our hardware may or may not be on those OEMs.

我認為從廣義上講，我們看到了與他們相同的增長，但在哪個平台贏得哪個應用方面可能會有點微妙，因為如果某種燃氣渦輪機獲勝，它就會開始贏得更多，或者某種往復式發動機、這種液體獲勝，那麼我們的硬體可能會或可能不會出現在這些 OEM 上。

So broadly speaking, if you average the OEMs, I think you'd get something close to what we're seeing. So we're -- our sole gas product line is on gas engines. Our DFS business WLO in Germany is on MTUs, reciprocating backup engine power. And we have a lot of control valves on GE Vernova, Baker Hughes and Mitsubishi gas turbines. So when you look at those OEMs and how they're doing and how they're forecasting growth, you can see how we can play in that market.

因此，從廣義上講，如果對 OEM 進行平均，我認為你會得到接近我們所看到的結果。因此，我們唯一的天然氣產品線是天然氣引擎。我們在德國的 DFS 業務 WLO 採用 MTU，即往復式備用發動機動力。我們在 GE Vernova、Baker Hughes 和 Mitsubishi 燃氣渦輪機上安裝了許多控制閥。因此，當您查看這些 OEM 以及他們的經營狀況和成長預測時，您就會明白我們如何在該市場中發揮作用。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Chip, in the beginning of the year in the initial guidance, if I recall, you had contemplated Aerospace aftermarket revenue growing low to mid-single digits. And year-to-date, it's now, I have it up 24%, I think that's right. The excess 20 points of growth, how much of that is pent-up demand, extended duration of the legacy fleet versus how much of that is sounds like maybe the LEAP and the GTF are coming along a bit faster than you planned at the beginning of the year?

奇普，如果我沒記錯的話，在今年年初的初步指導中，您曾預計航空航太售後市場的收入將增長低至個位數。今年到目前為止，我已經上漲了 24%，我認為這是對的。超過 20 個點的成長，其中有多少是被壓抑的需求，有多少是傳統機隊的延長持續時間，又有多少聽起來像是 LEAP 和 GTF 的發展速度比您在年初計劃的要快一些？

It is a combination of both of those, Noah, as well as price. I just -- we see few signs of the legacy slowing down. And I think that's one of the bigger indications to us that we didn't see earlier in the year. I thought that would be flattish, except for price. And the shops and the airlines have found ways to send more units in for overhaul and repair and order more spare parts than we forecast that are modeled.

它是諾亞和價格的結合。我只是——我們幾乎沒有看到遺留問題減緩的跡象。我認為這是我們今年早些時候沒有看到的更大跡象之一。我認為除了價格以外，其他方面都比較平穩。商店和航空公司已經找到了方法，將更多的設備送去大修和維修，並訂購了比我們預測的更多的備件。

But then again, LEAP and GTF has -- that steep curve has continued to deliver more units into overhaul for us. So we like the results. And I think I said early in the year when I was questioned by a number of folks, are you just -- do you think that, that's going to happen? And what if there's more demand? And I said if there's more demand, we will be ready with the capacity to capitalize on that opportunity. And that's kind of how it turned out.

但話說回來，LEAP 和 GTF 的陡峭曲線繼續為我們帶來更多需要大修的機組。所以我們喜歡這個結果。我記得今年年初，當我被很多人問到這個問題時，我就說過，你只是──你認為那會發生嗎？如果需求增加怎麼辦？我說，如果有更多需求，我們將做好準備，有能力利用這個機會。事情就是這樣的。

Do you have a sense from those customers of how long that now goes into the forward? Or is it just kind of hard to have that visibility in that business?

您是否從這些客戶那裡了解到現在需要多長時間？或者說，在那個行業中，要獲得這樣的知名度真的有點困難嗎？

I think the challenge is it's all related to revenue passenger miles and how long airlines keep flying those legacy aircraft to make up for the delivery rates that are slower than they want them to be from the airframers. If there's -- if you listen to Southwest and United and American and Delta talk about US domestic travel, it's not such a rosy picture. If you listen to folks talk about what's going on in the rest of the world, there's some good demand in Europe and other places.

我認為挑戰在於這一切都與收入客運里程有關，以及航空公司繼續飛行這些傳統飛機多長時間以彌補飛機製造商交付速度低於他們的預期。如果您聽聽西南航空、聯合航空、美國航空和達美航空談論美國國內旅行情況，您會發現情況並不那麼樂觀。如果你聽人們談論世界其他地方發生的事情，你會發現歐洲和其他地方有一些好的需求。

So just keeping a close eye on that demand, I think, helps us understand how long the legacy fleet is going to be robustly invested in, if you will. Because once airplanes started -- will start to get part from the legacy fleet, more used serviceable material will be available, and while it could really, I think, eat into that business pretty quickly. But for us on the Woodward side, the great news about that is that there's such a multiplier effect on LEAP and GTF in terms of how that fleet is accumulating hours and cycles that we feel like our growth profile is relatively secure. But I just -- maybe we're a few quarters ahead of that legacy fleet tailing off.

因此，我認為，只要密切關注這項需求，就能幫助我們了解傳統機隊將在多長時間內得到大力投資。因為一旦飛機開始從傳統機隊中獲取零件，就會有更多可用的二手可維修材料，而我認為這確實會很快蠶食該業務。但對於我們伍德沃德方面來說，好消息是，LEAP 和 GTF 引擎在機隊累積運行小時數和週期方面具有乘數效應，因此我們覺得我們的成長前景相對安全。但我只是——也許我們比傳統機隊減少的速度快了幾個季度。

The one reminder you'll hear from a lot of folks in the OEM business is that, I don't know whether it's 40% or 50% of the CFM56-5s and -7s haven't seen their first shop visit yet. So those younger parts of the fleet still have a long way to go. The older parts of the fleet may get parked out when the demand curve turns a little bit or when the OEMs start producing at the rates they want to produce.

您會從許多 OEM 行業人士那裡聽到的一個提醒是，我不知道是否有 40% 或 50% 的 CFM56-5 和 -7 尚未進行首次進廠維修。因此，艦隊中較年輕的艦艇還有很長的路要走。當需求曲線稍微轉變或原始設備製造商開始以他們想要的生產速度生產時，車隊中較舊的部分可能會被停放出來。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Hey, thanks for the follow. On LEAP, GE a week or two ago, said they expect a 25% shop visit CAGR through the end of the decade. Anything to keep in mind about your growth rate relative to that? Thanks.

嘿，謝謝關注。通用電氣一兩週前在 LEAP 上表示，他們預計到本世紀末門市訪問量的複合年增長率將達到 25%。關於與此相關的成長率，有什麼需要注意的嗎？謝謝。

Sure thing. That's an exciting growth rate. I think the hours and cycles and utilization support that, obviously. For us, some of our LRUs are not necessarily correlated with a shop visit in terms of when we see them. We've been -- even though those -- our growth rates are substantial still and we have a steep growth rate, we don't necessarily correlate one-to-one with the shop visits in terms of removals of our different LRUs.

當然可以。這是一個令人興奮的成長率。我認為，工作時間、週期和利用率顯然可以支持這一點。對我們來說，就我們看到的某些 LRU 而言，它們並不一定與商店訪問相關。儘管我們的成長率仍然很高，而且成長率很快，但就不同 LRU 的移除量而言，我們的成長率並不一定與商店訪問量一一對應。

And we've kind of averaged that to talk about the service content of the LEAP and GTF being 5x what the prior legacy engine configurations were. And that kind of averages out the difference in shop visit rate from a fuel pump and a BSV actuator and things in an air valve. So right now, we're seeing pumps and fuel metering units and fuel nozzles come in. We haven't seen many of the other products yet. But over time, we will. I just don't know if 25% is a good number for us because we're not all that correlated to shop visits. We're more correlated directly to hours and cycles.

而我們將其平均化，認為 LEAP 和 GTF 的服務內容是先前傳統引擎配置的 5 倍。這樣就平均了燃油幫浦、BSV 執行器和空氣閥的上門維修率差異。所以現在，我們看到泵浦、燃料計量裝置和燃料噴嘴已經出現。我們還沒有看到很多其他產品。但隨著時間的推移，我們會的。我只是不知道 25% 對我們來說是否是一個好數字，因為我們與商店訪問量並沒有那麼大的關聯。我們與小時和週期有更直接的連結。

That's helpful. And on JDAM, I didn't see the step up in the budget. Do you guys have that contract locked in? Or just wondering your visibility on that going forward.

這很有幫助。至於 JDAM，我沒有看到預算增加。你們已經簽約了嗎？或者只是想知道你對此未來的看法。

So we have POs from our customer and we're responding to those and fulfilling. We -- don't know what the locked in you're referring to, but we have POs from our customer.

因此，我們收到了客戶的採購訂單，我們正在回應並履行這些訂單。我們—不知道您指的鎖定是什麼，但我們有來自客戶的採購訂單。

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

布蘭肯希普先生，現在沒有其他問題了。現在我將會議交還給你們。

I would just like to thank everyone for joining us for today's call. We'll see you next time.

我只想感謝大家參加今天的電話會議。我們下次再見。

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.

女士們、先生們，我們今天的電話會議到此結束。重播將在該公司網站 www.woodward.com 上播放一年。感謝您參加今天的電話會議。