Woodward Inc (WWD) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Woodward Incorporated first-quarter fiscal year 2026 earnings call. At this time, I would like to inform you that this call is being recorded for rebroadcast and that all participants are in a listen-only mode.

女士們、先生們，感謝你們的耐心等待。歡迎參加伍德沃德公司2026財年第一季財報電話會議。在此，我想告知各位，本次通話正在錄音，以便重新播出，所有參與者均處於唯讀模式。

Following the presentation, you are invited to participate in a question-and-answer session. 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.

演講結束後，歡迎您參加問答環節。今天到場的有公司董事長兼執行長 Chip Blankenship；財務長 Bill Lacey；以及投資者關係總監 Dan Provaznik。

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

現在我想把電話交給丹·普羅瓦茲尼克。

Thank you, operator. If I could welcome all of you to Woodward's first-quarter fiscal year 2026 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.

謝謝接線生。歡迎各位參加伍德沃德公司 2026 財年第一季財報電話會議。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在獲利報告中概述的財務表現。

At the end of our presentation, we will take questions. For those who have not seen today's earnings release, you can find it on our website at woodward. com. We have included some presentation materials to go along with today's call. There are also accessible on our website. A webcast of this call will be available on our website for one year. All references to years in this call are references to the company's fiscal year, unless otherwise stated.

演講結束後，我們將回答問題。如果您還沒有看到今天的財報，可以在我們的網站 woodward.com 上找到。我們附上了一些簡報資料，供今天的電話會議使用。您也可以在我們的網站上找到它們。本次電話會議的網路直播將在我們的網站上保留一年。除非另有說明，本電話會議中所有提及的年份均指公司財政年度。

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 be and do frequently change. Our forward-looking statements are subject to a number of risks and uncertainties surrounding those elements, including the risks we identify in our filings with the SEC. These statements are made as of today, and we do not intend to update them, except as required by law.

我想重點強調我們在簡報資料第 2 頁投影片中所展示的警示聲明。與以往一樣，本次演講的部分內容具有前瞻性，包括我們的指導意見，這些內容基於我們目前對全球經濟以及更具體地說是我們自身業務的展望和假設。這些因素會而且確實經常改變。我們的前瞻性聲明受到圍繞這些要素的許多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列明的風險。這些聲明截至今日有效，除法律要求外，我們不打算更新這些聲明。

In addition, we are providing certain US GAAP -- 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 releases. We believe this additional financial information will help in understanding our results.

此外，我們也提供某些美國通用會計準則（US GAAP）財務指標－以及某些非美國通用會計準則（non-US GAAP）財務指標。請您注意今天投影片簡報和我們的獲利報告中所包含的非美國通用會計準則財務指標的調整表。我們相信這些額外的財務資訊將有助於我們更好地了解業績。

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

現在，我把電話交給奇普。

Thank you, Dan. Good afternoon to all who are joining our first-quarter 2026 earnings call. I'm pleased to report that 2026 is off to an exceptional start for Woodward. Robust demand across both our Aerospace and Industrial segments, combined with disciplined execution by our teams, drove outperformance in the first quarter.

謝謝你，丹。各位下午好，歡迎參加我們2026年第一季財報電話會議。我很高興地報告，伍德沃德在2026年開局非常出色。第一季度，航空航太和工業領域的強勁需求，加上我們團隊嚴謹的執行，推動了業績的超額完成。

I want to start by thanking Woodward members around the world for accepting the challenge of increasing output in response to rising demand across all our end markets and continuing to improve operations. These collective efforts resulted in a standout first quarter for 2026. In this first quarter, Woodward sales grew 29% year over year. And earnings per share increased 54%. We also achieved strong cash generation compared to historical first quarters.

首先，我要感謝世界各地的伍德沃德成員，感謝他們接受挑戰，提高產量以應對所有終端市場不斷增長的需求，並不斷改進營運。這些共同努力使得 2026 年第一季取得了優異的成績。今年第一季度，伍德沃德的銷售額年增了 29%。每股收益成長了54%。與以往第一季相比，我們的現金流也表現強勁。

I'm also grateful for our customers' continued trust and collaboration to stabilize and optimize demand signal so we can take a disciplined approach to capacity increases in our factories and with our suppliers. This is an industry-wide opportunity to move from the supply chain crisis we've been embroiled in, to precision alignment that results in stable inventory levels and predictable component availability. While we are not where we want to be on every product line, we have a good vision for the path forward. As we continue to work through the supply chain alignment with our customers and suppliers, we anticipate that inventory turns will not improve as much as we would like in 2026.

我還要感謝客戶們一直以來的信任與合作，這有助於穩定和優化需求訊號，使我們能夠以嚴謹的態度提升工廠和供應商的產能。這是一個全行業擺脫我們一直深陷的供應鏈危機，走向精準對接，從而實現穩定的庫存水準和可預測的零件供應的機會。雖然我們尚未在所有產品線上都達到理想狀態，但我們對未來的發展方向有著清晰的願景。由於我們仍在與客戶和供應商共同努力調整供應鏈，我們預計 2026 年庫存週轉率不會像我們希望的那樣改善。

Inventory efficiency is a priority. And we're investing substantial resources and process improvement and control. But the impact of these efforts are likely to be felt in late calendar 2026, or even early 2027. In Aerospace, demand growth in commercial and defense OEM aligned to our expectations, while commercial services exceeded our forecast.

庫存效率是重中之重。我們正在投入大量資源，改善流程並加強控制。但這些努力的影響可能要到 2026 年末，甚至在 2027 年初才會顯現。在航空航太領域，商業和國防OEM的需求成長符合我們的預期，而商業服務則超出了我們的預測。

Commercial services activity was robust across narrowbody, wide body, and regional platforms. LEAP, GTF, and legacy narrowbody repair volume was up year over year, and relatively flat compared to the fourth quarter of 2025. Also, like the previous quarter, we experienced elevated spare LRU provisioning orders, and we were able to execute and deliver these orders to customers. A very strong execution by our aerospace team enabled us to capture growth profitably, with 420-basis point segment margin increase.

窄體客機、寬體客機和區域客機的商業服務活動十分活躍。LEAP、GTF 和傳統窄體飛機的維修量較去年同期成長，與 2025 年第四季相比基本持平。此外，與上一季一樣，我們的備用 LRU 供應訂單有所增加，我們也能夠執行這些訂單並將其交付給客戶。我們航空航太團隊的出色執行力使我們能夠實現獲利成長，部門利潤率提高了 420 個基點。

Industrial also continued on its positive trajectory, with robust growth across power generation, transportation, and oil and gas. Price, as well as operational improvement and volume leverage translated into a 410-basis point margin expansion for industrial. These combined results build on the momentum of a strong 2025 performance and reflect outstanding work across the company.

工業領域也持續保持積極勢頭，發電、交通運輸以及石油和天然氣等行業均實現了強勁成長。價格、營運改善和銷售槓桿作用轉化為工業利潤率提升 410 個基點。這些綜合結果延續了 2025 年強勁的業績勢頭，並反映了公司各部門的出色工作。

So what's ahead for the rest of 2026? We continue to expand our services capacity to address increasing demand and improved turnaround times for our customers. This includes our Prestwick Scotland facility where we are in the planning phase to add square footage and optimize the layout to reduce turn times, while supporting growth at this well positioned Woodward MRO Center.

那麼，2026 年剩下的時間又會發生什麼事呢？我們不斷擴大服務能力，以滿足客戶日益增長的需求並縮短週轉時間。這包括我們位於蘇格蘭普雷斯蒂克的工廠，我們目前正處於規劃階段，計劃增加廠房面積並優化佈局，以縮短週轉時間，同時支持這家地理位置優越的伍德沃德MRO中心的增長。

In Rockford, we are commissioning additional test stands and optimizing the layout for improved flow-based on [Kaizen Events] and benchmarking exercises our team conducted. We are working with industry leading MRO providers to deliver Woodward licensed support offerings, which will give our customers more choice and additional capacity to address the growth.

在羅克福德，我們正在調試額外的測試台，並根據我們團隊進行的[改善活動]和基準測試練習，優化佈局以改善流程。我們正與業內領先的MRO供應商合作，提供伍德沃德授權的支援服務，這將為我們的客戶提供更多選擇和額外的能力來應對成長。

Our industrial segment, we recently announced an important strategic decision, to wind down our China on-highway product linees. As we discussed in the past, the China on-highway market has provided us limited order visibility and overall performance has been inconsistent from a revenue and profitability standpoint. We have been evaluating strategic options for this business for quite some time. The decision to wind down by the end of this fiscal year supports our long-term growth strategy for Woodward's industrial segment.

我們工業部門最近宣布了一項重要的戰略決定，逐步停止在中國的公路產品線。正如我們過去所討論的，中國公路市場為我們帶來的訂單可見度有限，從收入和獲利能力的角度來看，整體表現也不穩定。我們已經對這項業務的策略選擇進行了相當長時間的評估。決定在本財年結束前逐步退出，符合伍德沃德工業部門的長期成長策略。

Throughout the year, we expect to see continued benefits from our focus on operational excellence. This includes further stabilizing our end-to-end supply chain to improve on-time delivery, increased inventory turns eventually, and increased resilience to better serve our customers. Our near-term strategic priorities are clear.

我們預計，全年我們將繼續從對卓越營運的關注中獲益。這包括進一步穩定我們的端到端供應鏈，以提高準時交付率，最終提高庫存週轉率，並增強韌性，從而更好地服務我們的客戶。我們近期戰略重點很明確。

First, we will meet OEM demand growth, whether that is rate breaks for airplane and engine OEMs in aerospace or data center-related power generation demand increases for industrial controls and components. Second, we will provide world-class service to deliver on the promise of repair and overhaul of our Woodward product install base, whether that is aerospace legacy, LEAP, GTF, or industrial gas turbine systems. Last but not least, we are shifting our R&D focus from baseline technology development, the customer value demonstration on selected technologies, the position Woodward for increased content on next single-aisle platforms.

首先，我們將滿足 OEM 需求成長，無論是航空航天領域飛機和發動機 OEM 的費率優惠，還是資料中心相關發電需求對工業控制和組件的成長。其次，我們將提供世界一流的服務，以履行對伍德沃德產品安裝基礎的維修和大修的承諾，無論是航空航天傳統系統、LEAP、GTF 或工業燃氣渦輪系統。最後但同樣重要的是，我們將研發重點從基礎技術開發、選定技術的客戶價值演示、伍德沃德在下一代單通道平台上的定位以及增加內容轉移轉移。

From a capital allocation standpoint, our ongoing organic growth and strong balance sheet provide us with flexibility to evaluate potential inorganic opportunities that are a strategic fit with the right risk-adjusted returns, while investing in ourselves and returning cash to shareholders. Given the strength of our first quarter performance and our outlook across our markets, we are confident in raising our full year sales and earnings guidance, which Bill will outline in his section after sharing more detailed financial information regarding our first quarter performance.

從資本配置的角度來看，我們持續的內生成長和強勁的資產負債表使我們能夠靈活地評估潛在的非內生機會，這些機會在策略上與我們相契合，並能帶來適當的風險調整後回報，同時投資於我們自身，並將現金返還給股東。鑑於我們第一季的強勁業績以及我們對各個市場的展望，我們有信心提高全年銷售額和盈利預期，比爾將在分享有關我們第一季度業績的更詳細的財務信息後，在他的部分中概述這些預期。

Over to you, Bill.

接下來就交給你了，比爾。

Thank you, Chip, and good evening, everyone. As a reminder, all references to years or references to the company's fiscal year, unless otherwise stated; and all comparisons are year over year, unless otherwise stated. As Chip mentioned, we had a very strong start to 2026.

謝謝你，Chip，大家晚上好。提醒各位，除非另有說明，所有提及的年份或公司財政年度均指年份；除非另有說明，所有比較均指同比。正如 Chip 所說，我們 2026 年開局非常強勁。

Net sales in the first quarter of 2026 we're $996 million an increase of 29%, reflecting strong demand and consistent execution. We achieved earnings per share in the first quarter of 2026 of $2.17, compared to $1.42; and adjusted earnings per share of $1.35. There were no adjustments in the first quarter of 2026.

2026 年第一季淨銷售額為 9.96 億美元，成長 29%，反映出強勁的需求和持續的執行力。我們2026年第一季的每股盈餘為2.17美元，高於去年同期的1.42美元；調整後每股盈餘為1.35美元。 2026年第一季並未進行任何調整。

We generated $70 million of free cash flow in the first quarter. First quarter performance exceeded our expectations, primarily driven by strong aerospace commercial services and higher China on-highway revenue in our industrial segment. Importantly, we did not experience the physical seasonal drop off in demand, and we maintain steady production levels despite fewer working days in a quarter.

第一季我們產生了7000萬美元的自由現金流。第一季業績超出預期，主要得益於強勁的航空航太商業服務以及工業部門中中國公路業務收入的成長。重要的是，我們沒有經歷季節性需求下降，儘管一個季度的工作日減少，但我們仍保持了穩定的生產水準。

At the segment level, Aerospace segment sales for the first quarter of 2026 were $635 million compared to $494 million, an increase of 29%. The substantial year-over-year growth was primarily driven by commercial services sales, which increased 50%. This reflects higher volumes to support sustained high utilization of legacy aircraft, as well as increased LEAP and GTF activity.

從業務部門來看，2026 年第一季航空航太業務部門的銷售額為 6.35 億美元，而去年同期為 4.94 億美元，成長了 29%。年比大幅成長主要得益於商業服務銷售額的成長，該項成長了 50%。這反映出為了支援傳統飛機的持續高利用率，需要增加飛機數量，同時也需要增加 LEAP 和 GTF 活動。

In addition, we experienced significantly higher spare LRU volume during the quarter, primarily for China. This appears to have been driven by customer under provisioning rather than a pull forward of demand. And these are short cycle orders often placed in the field within the same quarter. We don't expect the same level of commercial services growth going forward as comps get more difficult, and we are not forecasting spare LRU sales at the level that we experience in the last couple of quarters.

此外，本季我們的備用 LRU 數量顯著增加，主要來自中國。這似乎是由於客戶供應不足造成的，而不是需求提前釋放。而且這些都是短期訂單，通常在同一季度內就會在現場下訂。我們預計未來商業服務成長不會達到相同的水平，因為可比性越來越難，而且我們預測備用 LRU 的銷售額不會達到過去幾季的水平。

In line with our expectations, Aerospace production rates increase in commercial OEM sales were up 22%, as destocking began to taper off. Defense OEM sales increased 23%, primarily driven by new [JDM] pricing, which took effect last quarter.

正如我們預期的那樣，隨著去庫存開始放緩，航空航太產品在商業OEM銷售的生產力成長了22%。國防 OEM 銷售額成長了 23%，主要得益於上季生效的新 [JDM] 定價。

Overall, we continue to see strong demand for our defense program. First quarter Aerospace segment earnings were $148 million, or 23.4% of segment sales, compared to $95 million, or 19.2% of saying that sales. The 420-basis point improvement reflects solid price realization, primarily driven by the [new JDM] pricing, higher volumes and favorable mix, primarily due to strong commercial services growth in the quarter, partially offset by strategic investments in manufacturing capabilities and inflation.

總體而言，我們繼續看到市場對我們的國防項目有著強勁的需求。第一季航空航天部門的收益為 1.48 億美元，佔該部門銷售額的 23.4%，而去年同期為 9,500 萬美元，佔該部門銷售額的 19.2%。420 個基點的改善反映了穩健的價格實現，主要得益於 [新的 JDM] 定價、更高的銷售和有利的產品組合，這主要歸功於本季度強勁的商業服務增長，但部分被製造能力方面的戰略投資和通貨膨脹所抵消。

Industrial segment sales for the first quarter were $362 million, up 30% from $279 million. Core industrial sales, which excluded the impact of China on-highway, increased 22% in the quarter due to broad based growth across our in-market price in FX. Marine transportation sales increased 38% driven primarily by increases in services and shipyard output. Oil and gas sales increased 28%, as volume growth was driven by greater midstream gas investment.

第一季工業部門銷售額為 3.62 億美元，比上一季的 2.79 億美元成長了 30%。在剔除中國公路運輸的影響後，核心工業銷售在本季成長了 22%，這得益於外匯市場價格的全面成長。海運銷售額成長了 38%，主要受服務和造船廠產量成長的推動。石油和天然氣銷售額成長了 28%，銷售成長主要得益於中游天然氣投資的增加。

Power generation sales increased 7%, which included the impact of the combustion business divestiture in the prior year. Excluding the impact of the divestiture, which averaged approximately $15 million of quarterly sales, power generation sales grew in the mid-20s on a percentage basis. in line with the broader power generation market. China on-highway sales were $32 million in the quarter, higher than we planned further demonstrating the visibility challenge and significant quarter-to-quarter volatility of this business.

發電銷售額成長了 7%，其中包括上一年剝離燃燒業務的影響。剔除平均每季約 1,500 萬美元的資產剝離影響，發電銷售額以百分比計算成長了 20% 以上，與整體發電市場的情況一致。本季中國公路銷售額為 3,200 萬美元，高於我們的預期，這進一步表明了該業務的可見度挑戰和顯著的季度間波動性。

Industrial segment earnings for the first quarter of 2026 were $67 million or 18.5% of segment sales compared to $40 million or 14.4% of segment sales. Within our core Industrial business, margins expanded 200 basis points to 17.3% of core industrial sales, driven by higher sales volumes, strong price realization and favorable mix, partially offset by inflation. Significant progress on our operational excellence pillar enabled us to increase output to meet strong customer demand and achieve improved operating leverage.

2026 年第一季工業部門的收益為 6,700 萬美元，佔部門銷售額的 18.5%，而去年同期為 4,000 萬美元，佔部門銷售額的 14.4%。在我們的核心工業業務中，利潤率成長了 200 個基點，達到核心工業銷售額的 17.3%，這得益於更高的銷售、強勁的價格實現和有利的產品組合，但部分被通貨膨脹所抵消。我們在卓越營運方面取得的顯著進展使我們能夠提高產量以滿足強勁的客戶需求，並實現更高的營運槓桿。

The China on-highway business added an additional 210 basis points of margin growth. As Chip mentioned in his comments, we announced that after a multiyear evaluation of strategic alternatives, including potential divestiture, we made the decision to wind down the China on-highway business by the end of the fiscal year. This business often drove quarterly volatility within our Industrial segment. It has been an inconsistent contributor to our overall financial results and operates in a highly unpredictable environment.

中國公路業務額外貢獻了 210 個基點的利潤率成長。正如 Chip 在評論中提到的那樣，我們宣布，經過多年對包括潛在剝離在內的戰略選擇進行評估後，我們決定在本財年結束前逐步停止在中國的公路業務。這項業務經常導致我們工業板塊的季度波動。它對我們的整體財務表現貢獻並不穩定，而且其營運環境高度不可預測。

This decision further aligns the industrial portfolio with our long-term growth strategy and priority in market, marine transportation, power generation, and oil and gas. We do not expect a significant long-term impact on our financial performance. However, we will incur certain costs associated with the wind down, which will be adjusted out of our future results. The remaining operational activity for this business year will continue to be reported in our industrial results during the wind down period.

這項決定進一步使我們的工業組合與我們在市場、海運、發電以及石油和天然氣領域的長期成長策略和優先事項保持一致。我們預計不會對我們的財務業績產生重大的長期影響。但是，我們將承擔一些與逐步結束相關的費用，這些費用將從我們未來的業績中扣除。本財年剩餘的營運活動將在停擺期間繼續在我們的工業績效報告中揭露。

Nonsegment expenses were $37 million for the first quarter of 2026 compared to $22 million. Adjusted nonsegment expenses in the first quarter of 2025 were $28 million. There were no adjustments to nonsegment expenses in the first quarter of 2026. At the consolidated Woodward level, net cash provided by operating activities for fiscal 2026 was $114 million compared to $35 million, largely driven by higher net earnings.

2026 年第一季非分部支出為 3,700 萬美元，而去年同期為 2,200 萬美元。2025 年第一季調整後的非分部支出為 2,800 萬美元。2026 年第一季非分部支出沒有進行任何調整。伍德沃德集團2026財年經營活動產生的淨現金為1.14億美元，去年同期為3,500萬美元，主要是由於淨收益增加所致。

Capital expenditures were $44 million for fiscal 2026. We expect capital spending to meaningfully increase over the remaining three quarters, due primarily to the Spartanburg facility build-out as well as other ongoing automation projects. We generated strong free cash flow of $70 million in the first quarter compared to $1 million, driven primarily by higher earnings related to the outperformance in the quarter.

2026財年的資本支出為4,400萬美元。我們預計，在接下來的三個季度裡，資本支出將大幅增加，這主要是由於斯帕坦堡工廠的建設以及其他正在進行的自動化項目。第一季我們產生了強勁的自由現金流，達到 7,000 萬美元，而去年同期僅為 100 萬美元，這主要得益於本季業績優異帶來的更高收益。

As of December 31, 2025, debt leverage was 1.2x EBITDA. We are allocating capital according to our priorities, supporting organic growth, selectively pursuing strategic M&A opportunities, and returning capital to shareholders through dividends and share repurchase. We continue to prioritize organic growth through ongoing automation investment and the construction of our new Spartanburg, South Carolina facility. We are always evaluating selective returns-driven M&A opportunities, and our strong balance sheet provides the flexibility to move decisively, as compelling opportunities emerge. Our fiscal 2026 guidance still assumes returning between $650 million and $700 million through dividends and share repurchases.

截至 2025 年 12 月 31 日，負債槓桿率為 EBITDA 的 1.2 倍。我們將根據優先事項分配資本，支持內生成長，選擇性地尋求策略併購機會，並透過分紅和股票回購將資本返還給股東。我們將繼續優先考慮有機成長，透過持續的自動化投資和在南卡羅來納州斯帕坦堡建造新工廠來實現這一目標。我們始終在評估以選擇性回報為導向的併購機會，而我們強大的資產負債表使我們有靈活性在出現令人信服的機會時果斷行動。我們對 2026 財年的業績預期仍假設透過股利和股票回購返還 6.5 億至 7 億美元。

Turning to our 2026 guidance. Based on our strong start to the year, we are raising our 2026 guidance for sales and earnings and reaffirming the other elements of our full year guidance. We are layering in the first quarter outperformance, while keeping changes to the remaining quarters modest.

接下來，我們來看看2026年的指導。鑑於今年開局強勁，我們提高了 2026 年的銷售額和收益預期，並重申了全年預期中的其他要素。我們將第一季超額報酬計入其中，同時保持其餘季度的調整幅度不大。

For fiscal 2026, we now expect the following: Aerospace sales growth to be between 15% and 20%, with margins holding between 22% and 23%. Industrial sales growth to be between 11% and 14% and with margins increasing to be between 16% and 17%.

我們現在預計 2026 財年航空航太銷售成長將達到 15% 至 20%，利潤率將維持在 22% 至 23% 之間。工業銷售額成長預計在 11% 至 14% 之間，利潤率預計在 16% 至 17% 之間。

We are raising both Woodward level sales and EPS guidance. We now expect consolidated sales growth to be between 14% and 18% and EPS to be between $8.20 and $8.60. Free cash flow is still expected to be between $300 million and $350 million. As Chip mentioned earlier, we expect to continue to maintain higher levels of inventory than we anticipated, as we prioritize the customer demand while we strive to better alignment for the end-to-end supply chain. All other aspects of our guidance remain unchanged.

我們將同時上調伍德沃德層面的銷售額和每股收益預期。我們現在預計合併銷售額成長率將在14%至18%之間，每股盈餘將在8.20美元至8.60美元之間。自由現金流預計仍將在3億美元至3.5億美元之間。正如 Chip 之前提到的，我們預計庫存水準將繼續高於預期，因為我們將優先考慮客戶需求，同時努力更好地協調端到端供應鏈。我們指導方針的其他方面保持不變。

This concludes our comments on the business and results for the first quarter of 2026. Operator, we are now ready to open the call to questions.

以上就是我們對2026年第一季業務和業績的評論。接線員，我們現在可以開始接受提問了。

(Operator Instructions) Scott Mikus, Melius Research.

（操作說明）Scott Mikus，Melius Research。

Good evening, Chip and Bill. Very nice result. Quick question on the commercial aftermarket sales. Normally, we would see a sequential decline due to the fewer working days, another very strong quarter for LRU sales. But given that price increases are usually more pronounced in your second quarter, the $245 million of commercial aftermarket sales in the first quarter to be the low point for the year?

晚上好，Chip 和 Bill。結果非常好。關於商業售後市場銷售，我有個問題想請教一下。通常情況下，由於工作日減少，我們會看到環比下降，但 LRU 銷售額將迎來一個非常強勁的季度。但考慮到價格上漲通常在第二季更為明顯，那麼第一季 2.45 億美元的商業售後市場銷售額會是全年的最低點嗎？

I don't think it's going to be the low point, Scott. It's hard to see exact numbers from here. We don't anticipate the same amount of spare LRU shipping. So certainly, that will knock the peak of that revenue off. But we have modeled increasing repair and spare part sales. We think that the market demand is strong.

斯科特，我不認為這會是低谷。從這裡很難看出確切的數字。我們預計備用 LRU 的出貨量不會像之前那麼多。所以，這肯定會降低收入高峰。但我們已經建立了增加維修和備件銷售的模型。我們認為市場需求強勁。

In some ways, our turn times may be somewhat limiting in our ability to fulfill all that demand. So we are investing in capacity to drive those turn times down, provide even better customer service. So I think it's hard to say whether that's really going to be the peak. There's plenty of opportunity to grow.

在某些方面，我們的周轉時間可能在一定程度上限制了我們滿足所有需求的能力。因此，我們正在投資提高產能，以縮短週轉時間，提供更好的客戶服務。所以我覺得很難說那是否真的是巔峰。這裡有很多發展機會。

Okay, and then presumably in the Aero guide, there's some conservatism regarding Boeing and Airbus' production rates. If Boeing and Airbus do hit their production rates, could that drive more upside through higher initial provisioning sales for your aftermarket?

好的，那麼想必在航空指南中，對於波音和空中巴士的生產力也持較保守的態度。如果波音和空中巴士真的達到了他們的生產力，這是否會透過提高售後市場的初始供應量銷售額來帶來更大的收益？

That's one of the reasons why I hesitated a little bit on the answer on the revenue for the services side. We don't see new tail logos in the horizon, which can drive some of that increased provisioning volume. So we think that, over the long period, hitting those higher output rates will drive more spare LRUs, but not necessarily in the near term.

這也是為什麼我在回答服務方面收入的問題時有些猶豫的原因之一。我們預計近期不會出現新的尾部標誌，這可能會推動部分供應量的增加。因此我們認為，從長遠來看，達到更高的產量將推動更多的備用 LRU，但不一定會在短期內實現。

Over time, that does correlate pretty well. But as we don't see any new logos in the near future, we don't see that as a 2026 opportunity. As far as the volume goes, I would say that the challenge to our volume on the low side would be softer demand from the OEMs, not quite hitting the rates and the opportunities on the earnings side is from having more spare LRUs that we have in the forecast or more repair volume than we have in the forecast. That's kind of how I characterize the Aero looking forward.

從長遠來看，這確實具有相當好的相關性。但由於近期內我們沒有看到任何新的標誌，因此我們認為 2026 年沒有這樣的機會。就銷售量而言，我認為我們銷售面臨的挑戰是來自 OEM 的需求疲軟，未能達到預期水平；而盈利方面的機會則來自於比預測中更多的備用 LRU 或比預測中更多的維修量。這就是我對未來Aero的大致描述。

All right, thanks for taking it.

好的，謝謝你接受我的提問。

Yeah, as far as the volume goes, I would say that the challenge to our volume on the low side would be softer demand from the OEMs not quite hitting the rates. And the opportunities on the earning side is from a more spell spare LUs that we have in the forecast or more repair volume that we have in the forecast. That's kind of how I characterize the arrow looking forward.

是的，就銷售量而言，我認為我們銷售低迷面臨的挑戰是原始設備製造商的需求疲軟，未能完全達到預期水準。而獲利方面的機會則來自於我們預測中更多的備用LU（可能是指某種車型的車輛或設備）或更多的維修量。我就是這樣形容向前看的箭頭的。

All right, thank you.

好的，謝謝。

Welcome.

歡迎。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good evening, Bill. Just to be clear, was the 5% increase in the aerospace sales outlook, primarily an increase in the aftermarket? Or was it more broad?

嘿，晚上好，比爾。為了明確起見，航空航太銷售預期成長 5% 是否主要是售後市場成長所致？還是範圍更廣？

Yeah. It was the first quarter driven, Scott. So given that, that was mainly driven by commercial services, that is a fair conclusion.

是的。這是第一季的驅動力，史考特。有鑑於此，這主要是由商業服務所驅動的，因此這是一個合理的結論。

Okay. And then why does the margin guidance for Aerospace not benefit from the higher aftermarket mix and operating leverage that's implied in what you just said?

好的。那麼，為什麼航空航太業務的利潤率預期沒有受益於您剛才所說的更高的售後市場組合和營運槓桿？

Yeah. So it does -- as you see, it did flow through in Q1. In the remaining year, we are remaining portion of the year. we are seeing increased OEM sales. And with that increased OEM sales, that mix will temper the margin rate going forward.

是的。確實如此——正如你所看到的，它在第一季確實有所體現。在今年剩餘的時間裡，我們看到OEM銷售額有所成長。隨著OEM銷售額的成長，這種產品組合將在未來抑制利潤率。

Okay. That's clear. And then, Chip, can you walk through the drivers behind the growth acceleration in oil and gas and marine transportation this quarter, it looks like around 30% growth in both of them. So curious if you can unpack that and talk to the outlook from here.

好的。這一點很清楚。然後，Chip，你能詳細說說本季石油天然氣和海運業成長加速背後的驅動因素嗎？這兩個行業的成長率似乎都在 30% 左右。我很想知道您能否詳細分析一下，並談談未來的發展前景。

On the oil and gas, I think we've said a few times, it can be a little bit lumpy in terms of the order profile for that end market. It's both OEM and service-driven, quite a bit of the oil and gas, midstream and application for us is gas turbine related. Sometimes, it's the overhaul of the valves and components that we supply. And other times, we can participate with an OEM partner or independently for a control systems upgrade for a unit or a series of units at an end customer.

關於石油和天然氣，我想我們已經說過好幾次了，就終端市場的訂單情況而言，可能會有些波動。它既是 OEM 驅動型企業，也是服務驅動型企業，我們涉及的石油和天然氣、中游和應用領域很大一部分都與燃氣渦輪機有關。有時候，需要對我們提供的所有閥門和零件進行大修。有時，我們也可以與 OEM 合作夥伴或獨立參與終端客戶的一台或多台設備的控制系統升級。

And it's that activity that drove most of the growth this quarter. As far as marine transportation, it's kind of the same thing where the shipyards are full and expanding and having year-over-year growth in their outputs. So there is some new unit impact to the growth. but as well the high utilization of the fleet that has Woodward fuel injection and control systems and pumps in it is seeing quite a bit of overhaul activity and service activity that uses our spare parts.

正是這項活動推動了本季的大部分成長。就海上運輸而言，情況也差不多，造船廠產能充足，而且還在擴張，產量逐年增加。因此，新增的單元對成長產生了一定的影響。此外，由於車隊中配備了伍德沃德燃油噴射和控制系統以及燃油泵，其高利用率也帶來了大量的檢修和服務活動，這些活動都用到了我們的備件。

Thank you.

謝謝。

You're welcome.

不客氣。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Hey, good afternoon, good evening, guys. Should we interpret the total company full year guidance revision as you left the remaining nine months of the year, the same as the prior plan roughly and that the upside to the full year is basically the upside to the just 1Q?

嘿，下午好，晚上好，各位。我們是否應該這樣理解公司全年業績指引的調整：您認為今年剩餘的九個月與之前的計劃大致相同，而全年業績的提升空間基本上只相當於第一季的提升空間？

No, that is -- yes, that's correct.

不，也就是說——是的，沒錯。

Okay. And so I guess the follow-up to that is, does that make sense? Was all of the upside in things that you see as they were nice to see in the quarter, but they don't sustain as upside drivers to your prior plan?

好的。所以我想接下來的問題是，這樣說得通嗎？你看到的那些利好因素，在本季度確實令人欣喜，但它們並不能持續地成為你先前計劃中的成長動力嗎？

Yeah, I -- let me -- I'll take a start I do think it makes sense in the rest of the year, we did put in the additional growth related to the build rates that we think are -- that are there. The services growth -- and so that is all in the total year guide. The part, which Chip mentioned, is the spare LRU's potential upside there, which may or may not come, that is not something that we put in, and that was one of the larger drivers of our Q1 outperformance, along with the China on-highway increase.

是的，我——讓我——我先說一下，我認為這在今年剩下的時間裡是有道理的，我們確實投入了與我們認為存在的建設速度相關的額外增長。服務業成長－以上就是全年總體規劃的全部。Chip提到的部分是備用LRU的潛在優勢，這種優勢可能會出現也可能不會出現，這不是我們投入的，而這正是我們第一季業績超預期的主要驅動因素之一，另一個因素是中國公路運輸量的增長。

We do not see that happening going forward. So with that, Noah, we do think that the remaining of the year guidance makes. Chip, I don't know if you have --?

我們認為這種情況不會再發生了。所以，諾亞，我們認為今年剩餘時間的指導意見是成立的。Chip，我不知道你有沒有——？

I guess I'd also characterize it in terms of risks and opportunities, maybe, Bill, that we recognized almost zero risks in the first quarter and all opportunities came through. And as we look at the rest of the year, we feel like we have a balanced view of things that could take us a little bit higher within the guide, which is the airframe and OEM demand remains strong.

我想，比爾，我也可以把它描述為風險和機遇，我們在第一季幾乎沒有意識到任何風險，而所有的機會都實現了。展望今年剩餘時間，我們認為我們對可能使我們在指導方針中排名略微上升的因素有較為平衡的看法，那就是機身和 OEM 需求依然強勁。

All the power gen demand comes through. The somewhat lumpy oil and gas maybe stays high. I mean these are things that would drive us to the top side of the guide. And then there's some things that could get in the way of that. We still have some supplier challenges in terms of meeting all of the demand. And so of our hard capacity constraints in our factories have been limiting our ability to respond to all this demand and the timing that it comes through.

所有發電需求都通過了。油氣品質略有波動，但價格可能居高不下。我的意思是，這些因素會促使我們達到指南的頂端。此外，還有一些因素可能會阻礙這一目標的實現。在滿足所有需求方面，我們仍面臨一些供應商的挑戰。因此，我們工廠產能的嚴重限制，限制了我們滿足所有這些需求以及滿足需求的時間。

So I think that a few suppliers could get in the way and knock down our ability to hit the very highest part of the guide. And then some of our customers could have problems with other suppliers and they could reduce their demand to us. So a lot of things can still happen in the nine months coming along. The supply chain is not as smooth as we'd like it to be at our customers or with our suppliers. So I think there's plenty of room in the guide to manage those risks and opportunities.

所以我認為，一些供應商可能會成為阻礙，降低我們達到指南最高水準的能力。然後，我們的一些客戶可能會與其他供應商出現問題，從而減少對我們的需求。所以，在接下來的九個月裡，很多事情都可能發生。無論是在客戶方面或是供應商方面，供應鏈都不夠順暢。所以我認為該指南中有足夠的空間來管理這些風險和機會。

Okay. That makes sense. I appreciate that detail. And then could you quantify, is it possible to quantify it for us either in absolute dollars or points of growth or anyway, what the LEAP and GTF contribution to the aftermarket was? And what the spare -- the initial spares LRU contribution to the aftermarket was?

好的。這很有道理。我很欣賞這個細節。那麼，您能否量化一下，無論是用絕對金額還是成長點數，或者其他任何方式，LEAP 和 GTF 對售後市場的貢獻是多少？那麼，備用零件——最初備件 LRU 對售後市場的貢獻是什麼？

I don't think we're going to be quantifying that for you. But just to -- I mean when you think about spare LRU, it's a high-dollar revenue item and a good profitability item, whereas, repairs are a good percentage profitability but nowhere near the kind of top-level dollars.

我想我們不會為你量化這一點。但我的意思是，當你想到備用 LRU 時，它是一項高額收入項目，也是一項盈利能力很強的項目，而維修的盈利百分比雖然不錯，但遠不及頂級金額。

So we like the repair business. It just -- this doesn't have as much of a weight per unit turn or anywhere near as a spare LRU. So we like the year-over-year growth that we saw from LEAP GTF, it's still tracking to the plans that we forecast. The legacy narrowbody units are still coming in strong, stronger than we would have predicted a couple of years ago. I really like the growth that we saw year over year in both widebody and regional, which says that our portfolio is really playing well across all of those different platforms in commercial aerospace.

所以我們喜歡維修業。只是——它的單位轉動重量遠不及備用 LRU。因此，我們對 LEAP GTF 的同比增長感到滿意，它仍然按照我們預測的計劃穩步前進。傳統窄體客機依然強勁，比我們幾年前的預測還要強勁。我非常滿意我們在寬體和支線飛機領域每年所看到的成長，這表明我們的產品組合在商業航空航太的各個不同平台上都表現出色。

So Chip, it sounds like the LRUs can be chunky is a big number. We're not going to model 50 for the rest of the year. But it also sounds like it wasn't the case that all the upside in the quarter was the LRU. It sounds like you saw it in maybe in the LEAP GTF plan and also in the legacy aircraft in entry?

所以 Chip，聽起來 LRU 可能很大，這是一個很大的數字。今年剩餘時間裡，我們不會再以 50 為模型了。但聽起來，本季所有的上漲行情並非都來自 LRU。聽起來你好像在LEAP GTF計畫以及傳統飛機​​的入門方案中都看到了？

Yeah. The widebody in the regional was probably a little bit more than we would have forecast. So that was robust. The LEAP GTF and narrow-body, we're starting to get -- we have a pretty good beat on that, and that was kind of in line with what we expected from a growth standpoint.

是的。區域航線上的寬體客機數量可能比我們預想的要多一些。所以這個方法很可靠。LEAP GTF 和窄體飛機，我們開始看到——我們在這方面取得了相當不錯的成績，這與我們預期的成長情況基本一致。

Okay. All right, thanks a lot.

好的。好的，非常感謝。

You're welcome.

不客氣。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Hi guys, congrats on the great quarter. This is Kyle on for Sheila.

大家好，恭喜你們本季取得佳績。這裡是凱爾替希拉報道。

Thanks, Kyle.

謝謝你，凱爾。

On the LEAP GTF mix, I know you also said legacy narrowbody was up year on year, and also flat relative to the fourth quarter, obviously counterseasonal from what we would expect. Can you sort of just pick apart whether that was you catching up on pass-through? Was it just really volume unlock of the factories and ultimately, how we should think about that cadence as we go through the quarter?

關於 LEAP GTF 組合，我知道您也說過傳統窄體客車同比上漲，但與第四季度相比也持平，這顯然與我們的預期相反。可以仔細分析一下，那是不是你在追趕進度嗎？是否真的只是工廠產能釋放的問題？最終，我們該如何看待本季的生產節奏？

Yeah, I'll agree that it was counter seasonal to the past. But I think what we've been working on really hard over the past couple of years is consistent output. And as we've been getting consistent inputs to the system and bringing our turn times down some, we've achieved that benefit. And so we didn't have a big jump across the goal line at the end of Q4 to sort of make the year.

是的，我同意這和往年不一樣。但我認為，過去幾年我們一直在努力實現的是持續穩定的產出。隨著我們不斷向系統輸入數據，並縮短了周轉時間，我們已經獲得了這種好處。因此，我們在第四季末並沒有取得突破性的進展，因此無法贏得本賽季。

We just had steady output the last week of the year. We had steady upon the first week of the year. And we've been working really hard to streamline the input process, the induction process when a customer sends us a unit for repair overhaul. And all these operational factors helped us maintain a steady performance operationally, and that shows through in the financials.

今年最後一周，我們的產量一直保持穩定。年初第一週我們一切順利。我們一直在努力簡化客戶將設備寄給我們進行維脩大修時的輸入流程和入職流程。所有這些營運因素都幫助我們維持了穩定的營運業績，這一點也體現在財務數據中。

Okay. That's helpful. And then just one follow-on on the LRUs. And I think it was Bill's commentary, you mentioned you guys have more confidence that this was prior underprovisioning rather than pull forward related to tariffs in the prior year. Can you just kind of give us an update on why the kind of shift in signaling there and what you're seeing out of that customer base? Thanks, guys.

好的。那很有幫助。然後，只需對 LRU 進行一次後續操作。我認為比爾的評論是，你們提到你們更有信心這是之前的供應不足，而不是與前一年關稅相關的提前供應。您能否簡要介紹一下訊號傳遞方式發生這種轉變的原因，以及您從客戶群中觀察到的情況？謝謝各位。

Sure. And I think the way I characterize it is there was an open window for trade really with what I think and the concern that that window might close is my hypothesis for why that activity was so strong in recent quarters. Our team took a look at calculating all the units in the field and doing the percentages and the statistical analysis for the recommendations we put out for the spares provisioning levels.

當然。我認為，我所描述的情況是，當時存在一個開放的交易窗口，而人們擔心這個窗口可能會關閉，這就是為什麼近幾個季度交易活動如此強勁的原因。我們的團隊查看了現場所有設備的計算情況，並計算了百分比和統計分析，以便提出備件供應水準的建議。

And our team determined that those customers were a little bit behind the curve in provisioning. And so that's kind of how we come up with that conclusion.

我們的團隊發現，這些客戶在資源配置上有點落後於預期。所以，我們就是這樣得出這個結論的。

Gavin Parsons, UBS Financial.

瑞銀金融集團的加文‧帕森斯。

Hey, thanks, guys. Good afternoon. Do you mind breaking down for us the growth rates by the aerospace subsegments assumed for the year?

嘿，謝謝大家。午安.您能否為我們詳細列出本年度航空航天各細分領域預計的成長率？

Yeah, I think we talked about that last quarter that I didn't do a very good job at that the year before. My hypotheses did not come to fruition so I retired that process with last year. Look, we see strong demand in OEM, both defense and commercial, we see reasonably good demand on top of very hard comps coming up on the commercial services. And then defense services is kind of flattish.

是的，我想我們上個季度也討論過，我去年那一年在那方面做得不好。我的假設沒有得到證實，所以我去年就終止了這項研究。你看，我們看到OEM（包括國防和商業領域）的需求強勁，而且在商業服務領域，儘管競爭非常激烈，但需求仍然相當不錯。而國防部門的市場則比較平坦。

We're on the right programs in defense. It's just the MRO for us isn't growing very fast in defense. And that's as much color as I put on at this time, if that's okay, Gavin?

我們在國防領域採取了正確的策略。只是對我們來說，MRO（維修、維修和大修）在國防領域的成長速度並不快。如果可以的話，加文，這就是我目前為止添加的所有色彩了？

Understood. Appreciate that. And you mentioned, to some extent, term times limiting growth, but you've been investing hiring working on productivity. At some point, are you capacity constrained here? Or are the productivity initiatives starting to show through?

明白了。謝謝。您也提到，學期時長在一定程度上限制了成長，但您一直在投資招聘，努力提高生產力。你們這裡是否有產能瓶頸？或者說，提高生產力的措施是否已經開始顯現成效了？

So we're reaching our part of our capacity plan where we're adding on to our Prestwick facility in Scotland. I kind of characterize it as a well-positioned facility, not just from a technical standpoint, but it's in an aerospace part that has great workforce reputation and pipeline. It's right across the fence line from GE's Cal facility. So we're in a really good neighborhood there. We're going to be almost 50% to doubling that facility when we add on to it.

因此，我們正在推進產能計劃，擴大我們在蘇格蘭普雷斯蒂克的工廠。我把它描述為一個地理位置優越的工廠，不僅從技術角度來看如此，而且它位於一個航空航天領域，該領域擁有良好的勞動力聲譽和人才儲備。它就在通用電氣加州工廠的圍欄對面。所以我們住的地方是個非常好的街區。擴建完成後，我們的設施規模將達到原來的一半左右。

We're still in the planning phase, but it's a pretty mature part of the planning phase. So we're pushing forward to do that.

我們仍處於規劃階段，但這已經是規劃階段中相當成熟的部分了。所以我們正在努力推進這項工作。

We've put a couple of test cells in there on LEAP so far and we're putting more test cells into our Rockford facility. So we have enough space in Rockford, but we need more space in Prestwick. And as far as the Woodward facility build out. That's what we have in our plans for our own in-house service footprint. And we're partnering with some external MRO providers to give some more choice and some more capacity to customers.

到目前為止，我們已經在 LEAP 工廠安裝了幾個測試單元，並且我們正在羅克福德工廠安裝更多的測試單元。我們在羅克福德有足夠的空間，但我們需要在普雷斯蒂克擁有更多空間。至於伍德沃德工廠的建設。這就是我們公司內部服務佈局計劃的一部分。我們正在與一些外部MRO供應商合作，以便為客戶提供更多選擇和更多產能。

So that's up and coming.

所以這是個新興領域。

How's the -- how does that agreement work in terms of revenue and margin contribution?

就收入和利潤貢獻而言，該協議是如何運作的？

So it's just like you might imagine for an independent provider that is going -- that we're going to provide technical support and materials and repair support to that MRO provider. So they'll contract with a customer where they may have a fleet they're already managing. And then we'll provide them spare parts and kits and documentation and technical support.

所以，就像你可能想像的那樣，對於一家獨立供應商來說，我們將為該MRO供應商提供技術支援、材料和維修支援。因此，他們會與客戶簽訂合同，而他們可能已經擁有並管理該客戶的車隊。然後我們將為他們提供備件、套件、文件和技術支援。

Okay. Thank you.

好的。謝謝。

You're welcome.

不客氣。

Pete Scaviski, Alembic Global.

Pete Scaviski，Alembic Global。

Hey, good evening, guys. I think you guys usually disclosed this in the Q, but how was pricing this quarter in terms of -- relative to your 5% expectation for the full year? I imagine maybe with LRUs, it was above the expectation.

嘿，晚上好，各位。我認為你們通常會在季度報告中披露這一點，但是本季的定價與你們全年 5% 的預期相比如何？我想，如果使用 LRU，效果可能會超出預期。

Yeah, Pete. This quarter, we saw at the Woodward level, price come in about 8%, so slightly higher than our which we would expect it to be slightly higher as the price compare gets harder as you go through the year. Having said that, it was still a little bit higher than we thought. So we're actually revising that 5% total ERP to be closer to 7%. And we would expect aero will contribute a little bit more to that than industrial, but industrial is still contributing nicely.

是的，皮特。本季度，我們看到伍德沃德的價格上漲了約 8%，略高於我們的預期，因為隨著時間的推移，價格比較會變得越來越困難，所以我們預計價格會略高一些。話雖如此，它還是比我們預想的要高一些。因此，我們實際上將 5% 的總 ERP 調整為接近 7%。我們預期航空航太業對這方面的貢獻會比工業業略大一些，但工業業的貢獻仍相當可觀。

Okay. I appreciate that. And then maybe one for Chip here. Chip, when you guys say you're investing in commercial aftermarket capacity, do you have a sense or how much of your installed base maybe on a percentage basis you're serving right now in the aftermarket? And then if you have a goal on that front?

好的。我很感激。然後也許該給Chip來一個。Chip，你們說要投資商業售後市場產能，你們有沒有概念，或者說，你們目前在售後市場服務的客戶群佔你們現有客戶群的百分比是多少？如果你在這方面有目標呢？

I don't know, it sounds like maybe you feel like you're missing out on some sales that you could get because of the quick turn nature of the aftermarket and maybe there's some I don't know, PMA or somebody else is taking sales that you think are rightful to yours. So I was just wondering if you can illuminate that.

我不知道，聽起來你可能覺得因為售後市場的快速週轉，你錯失了一些本來可以獲得的銷售機會，也許還有一些我不知道的，比如PMA或其他什麼人搶走了你認為本該屬於你的訂單。所以我想請您解釋一下。

Yeah. So on LEAP GTF, we don't feel like we're missing out. We're just -- we're delaying both our revenue recognition and our customers ready for install spare status. That's what's behind the turn time approach. We're not concerned about losing market share on that activity at the moment. We've been expanding the capacity with the intent to be right on line with what the demand is externally. So we understand where that demand is.

是的。所以，在 LEAP GTF 上，我們並不覺得自己錯過了什麼。我們現在只是－我們延後了收入確認，也延後了客戶安裝備件的準備時間。這就是周轉時間方法背後的原理。我們目前並不擔心在該領域失去市場份額。我們一直在擴大產能，目的是使產能與外部需求完全匹配。所以我們知道需求在哪裡。

We've got a pretty good prediction for removal rates, and we're trying to stay ahead of that. We may have gotten a little bit behind on test sand capacity, which is one of our constraints. And so we're eager to have one or two of those commissioning here in the next couple of months in our Rockford facility, which should alleviate some of that work in process that we have and improve turn times. So it's not necessarily a market share-driven decision. We're just trying to stay ahead of the growth that we're predicting.

我們對清除率的預測相當準確，並且我們正在努力保持領先地位。我們在試驗砂產能方面可能有點落後，這是我們的限制之一。因此，我們渴望在接下來的幾個月裡，在我們位於羅克福德的工廠裡，有一兩台這樣的設備投入使用，這將減輕我們目前正在進行的一些工作，並縮短週轉時間。所以這不一定是一個受市佔率驅動的決定。我們只是想努力跟上我們預測的成長速度。

Great. Thank you.

偉大的。謝謝。

You're welcome.

不客氣。

Louis Raffetto, Wolfe Research.

Louis Raffetto，Wolfe Research。

Hey, good evening, guys.

嘿，晚上好，各位。

Hey, Louis.

嘿，路易斯。

Maybe just talk about free cash flow. So obviously, you didn't raise it. I think you were kind of implying that a few things were making a little bit worse than you expected. So just can you help me walk through that again?

或許可以談談自由現金流。顯然，你沒有提起這件事。我覺得你好像在暗示，有些事情比你預想的還要糟糕。所以，您能再幫我梳理一次嗎？

Yeah. So Louis, that's right. You would imply that from the earnings gain that we had that we would have roughly maybe $40 million of free cash flow that would fall through as a result of that. As we've gotten into the year and looked at sort of the supply chain and meeting our customer demand we felt that it was best to probably keep our working capital level a little higher, mainly through inventory.

是的。路易斯，沒錯。你的意思是，我們原本可以獲得的收益中，大約會有 4000 萬美元的自由現金流因此而損失掉。隨著今年的到來，我們審視了供應鏈以及滿足客戶需求的情況，我們認為最好還是將營運資金水準保持稍高一些，主要透過庫存來實現。

And as a result of that, where we are today, we thought it best to hold our free cash flow guide to where it is. I think we understand why we're doing it, we're working through things. But we want to make sure we see that efficiency before we pull the inventory down to make sure that we can meet that customer output.

因此，鑑於我們目前的狀況，我們認為最好將自由現金流指標維持在目前的水平。我想我們明白我們為什麼要這樣做，我們正在努力解決問題。但我們希望在減少庫存之前確保效率得到提升，以確保我們能夠滿足客戶的產量需求。

Okay. Great. And then maybe just back to the question on the licensing. How are you thinking about balancing expanding your capacity with extending these licenses?

好的。偉大的。然後或許可以回到許可問題。您打算如何平衡擴大產能和延長許可證期限之間的關係？

Yeah. So when we even started the LEAP GTF program, in our mind, we're looking at the size of the fleet that was going to be in service and say, does Woodward really want to invest in brick-and-mortar and all the equipment to service that entire fleet, or do we want to let some others bear those investments? And then the other thing is, in some cases, it's sort of a win-win because some of our customers would prefer to do that work on site to support either their array of customers or their own airline, let's say.

是的。因此，當我們啟動 LEAP GTF 計畫時，我們考慮的是即將投入使用的車隊規模，然後問自己，伍德沃德是否真的想投資建造實體設施和所有設備來服務整個車隊，還是我們想讓其他人承擔這些投資？還有一點是，在某些情況下，這是一種雙贏，因為我們的一些客戶更喜歡在現場進行這項工作，以支持他們的眾多客戶或他們自己的航空公司。

And so for us, that's a win-win proposition where our materials are work scopes and our technical approach gets utilized and somebody else does the rent turning and the customer support. I think it's a pretty efficient way to think about it, where we're angling to do a significant amount of the work ourselves, but yet share in a percentage of it.

因此，對我們來說，這是一個雙贏的方案，我們的材料是工作範圍，我們的技術方法得到了利用，而租金結算和客戶支援則由其他人負責。我認為這是一個相當有效的思考方式，我們努力自己完成大量工作，但同時又能分享其中的一部分成果。

Great, I appreciate it.

太好了，謝謝。

Welcome.

歡迎。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Yeah, thanks. Good morning or afternoon, I should say. I was curious just in terms of bookings, if you will, in the quarter and since the quarter's end. Have you seen any -- we're trying to all assess whether the guidance is conservative for the next nine months. Is there anything that slows down in the March quarter? And maybe if you could just talk to broader visibility at both segments over the next six months, call it?

嗯，謝謝。早安或下午好。我只是好奇本季以及季末以來的預訂情況。你有沒有看到任何相關資訊？ ——我們都在努力評估未來九個月的指導意見是否保守。三月季度有哪些方面會放緩？或許，如果您能在接下來的六個月與這兩個細分市場進行更廣泛的溝通，提高它們的知名度，那就太好了？

The easiest way to characterize it, Gautam, in terms of orders are that we have plenty of orders to achieve the high end of the guide. It's really a question of can we and our supply chain deliver that much output continuing to work on our constraints and improve our efficiency and thereby gain some capacity, but also our suppliers delivering on time to support that. It's a delicate dance right now. We maintain a forward deployment at a number of suppliers.

高塔姆，從訂單量來看，最簡單的描述方式就是我們有足夠的訂單來實現指南中的高端目標。這實際上是一個問題，即我們和我們的供應鏈能否在繼續努力克服自身限制、提高效率並由此獲得一些產能的情況下，實現如此多的產量，同時也要考慮我們的供應商能否按時交貨以支持這一目標。現在的情況非常微妙。我們在多家供應商處保持前沿部署。

We still have 30-ish suppliers on risk watch and behind on deliveries and holding up. That's another reason why we have more inventory than we want is because in some cases, we're missing one or two parts to accomplish some key deliveries to customers. And so really, it's a question of our ability and our supply chain to deliver. And in some cases, we're actually counting -- we're actually at the mercy of other supply chains to our customers.

我們仍有大約 30 家供應商處於風險觀察狀態，這些供應商的交貨進度落後，並且還在拖延中。這也是我們庫存過多的另一個原因，因為在某些情況下，我們缺少一兩個零件來完成對客戶的關鍵交付。所以說，這其實取決於我們自己的能力以及我們的供應鏈能否交付產品。在某些情況下，我們實際上是在計算——我們實際上受制於其他供應鏈，無法滿足客戶的需求。

We're a customer that we have a min/max kind of delivery arrangement with, they may hold us off for a while, while they let their supply chain catch up. So in terms of being conservative, I guess the way I would say is we're managing the risks and opportunities and calling it, as well as we can see it from today. But the orders are strong and orders support the high end of our guidance.

我們與這家客戶簽訂了最低/最高交貨量協議，他們可能會暫時拖延交貨，以便他們的供應鏈能夠跟上進度。所以，就保守程度而言，我想我會說，我們正在管理風險和機遇，並盡我們所能做出預測。但訂單強勁，訂單支撐了我們指引的高端。

Okay. That's very helpful. I'm also wondering if you could comment on how the profitability of the commercial aerospace OE business has trended over the last, call it, year or so now, that you're getting efficiencies and ramping rates? How does that compare to the segment average margin at Aero?

好的。那很有幫助。我還想請教一下，在過去一年左右的時間裡，隨著效率的提高和產能爬坡速度的加快，商用航空航太OE業務的獲利趨勢如何？與 Aero 的同行業平均利潤率相比如何？

Well, it's considerably below the blended margin, obviously. But the opportunity for us to improve there is really at least twofold. One is our customers can consistently remain at the higher rates and achieve the rate breaks that are in this year's plan. Obviously, we'll get volume leverage, which is good.

顯然，這遠低於混合利潤率。但我們在這方面至少有兩方面可以改進。一是我們的客戶可以持續享受較高的費率，並享受今年計劃中的費率優惠。顯然，我們會獲得成交量槓桿效應，這是好事。

And then if we can get our supply chain aligned in such a way that we can build more efficiently, that we're clear to build the entire week, all week, and we can run the schedule that we wanted to run at the start of the week. All of that will flow through in terms of waste reduction and impact our financials favorably. So it's really those two things that we're -- we need to come to fruition to keep improving our OE margins on the commercial side.

然後，如果我們能夠調整供應鏈，使其能夠更有效率地進行生產，確保我們能夠順利地完成一周的生產，並按照我們本周初制定的計劃進行生產，那麼我們就可以實現這一目標了。所有這些都將體現在減少浪費方面，並對我們的財務狀況產生有利影響。所以，我們真正需要實現的就是這兩件事，才能繼續提高我們在商業方面的 OE 利潤率。

Is any way you can give us a dimension for how profitable it is? Is it business? Is it a 5% margin business today?

您能否提供一些關於其獲利能力的具體指標？這是生意嗎？如今的利潤率是 5% 嗎？

We have a variety of margins depending on which application it is and what type of product it is. And we like to think about overall business life cycle margin. And that's what it's about is getting this installed base out in the field we can service it. That's probably all we'll say about that.

根據應用場景和產品類型，我們提供多種利潤率。我們喜歡考慮整個業務生命週期利潤率。關鍵在於要把這些已安裝的設備部署到現場，以便我們能夠提供服務。關於這件事，我們大概就說這麼多吧。

Thank you.

謝謝。

You're welcome.

不客氣。

Alexandra Mandery, Truist Securities.

Alexandra Mandery，Truist Securities。

Hi, this is Alexandra Mandery from Michael Ciarmoli with Truist Securities. I was wondering if you could size the China on highway cost for the divestiture. Will there be any revenue spillover into FY27 and our expectations still around $60 million for FY26 kind of similar to the 2025 results?

您好，我是 Truist Securities 的 Michael Ciarmoli 的 Alexandra Mandery。我想知道您能否估算一下剝離中國資產在高速公路上的成本。2027 財年是否會有任何收入溢出？我們預計 2026 財年的營收仍將達到 6,000 萬美元左右，與 2025 年的業績類似？

Yeah, so as it relates to the wind down costs, we're expecting and $25 million of costs related to the restructuring. To lay that will be related to people cost and that would be cash. There might be some expense related to dealing with some canceling contracts and some lingering inventory. So that's kind of on the cost side.

是的，至於清算成本，我們預計與重組相關的成本將達到 2,500 萬美元。這樣做會涉及人力成本，而且會以現金支付。處理一些取消的合約和一些積壓的庫存可能會產生一些費用。所以這主要指的是成本方面。

The sales for -- see the 2027. I do not believe that we will have revenue that leaks over into 2027. And we currently believe that our $60 million is still correct, even with the win daily.

銷售情況－參見 2027 年。我不認為我們會有收入延續到 2027 年。即使每天都有贏家，我們目前仍然認為我們估計的 6000 萬美元是正確的。

Okay. Great. And then you mentioned you're on the right dense programs. The defense aftermarket appears to be lagging by defense OEM, can you provide any additional color there? Or are there other opportunities on the horizon that you guys are looking at?

好的。偉大的。然後你提到你正在學習一些難度較高的課程。國防售後市場似乎落後國防OEM市場，您能否提供更多相關資訊？或者，你們還在關注其他方面的機會嗎？

I guess the way I'd characterize our defense services is it's in some product lines, it's relatively steady. But in a number of product lines, we get a batch of work in from the customer prepared depots and we have batches of spare parts orders for the work that's being done in the repair depots. And so some product lines are steady and then some are kind of lumpy. So you can see some quarters we have single to double-digit growth and other quarters were flat to down.

我認為，就我們的國防服務而言，在某些產品線上，它相對穩定。但在許多產品線中，我們會收到客戶準備好的維修站寄來的一批工作，同時也會收到維修站正在進行的維修工作所需的一批批備件訂單。因此，有些產品線發展穩定，有些產品線則波動較大。所以你可以看到，有些季度我們實現了個位數到兩位數的成長，而其他季度則持平或下降。

And it's hard to give you much more characterization than that because our visibility into that customer order pattern is somewhat limited. We are working hard to try to get some more stable demand, some private public partnership kind of opportunities. So we're out working the pipeline, but it's a little early to say that we'll have a better handle on that order stream anytime soon.

很難提供比這更詳細的描述，因為我們對客戶訂單模式的了解還比較有限。我們正在努力爭取更穩定的需求，以及一些公私合作的機會。所以我們正在努力完善流程，但現在就說我們很快就能更好地掌控訂單流還為時過早。

Great. And I just had one last one. Recently, the Commander of the Air Combat Command commented that the hypothetical $1.5 trillion [2027 SENSE package] would be spent on spare parts to give aircraft ability a boost. How would you see this playing out? And what impact could you see for Woodward?

偉大的。我剛剛又喝了最後一杯。最近，空戰司令部司令表示，假設的 1.5 兆美元（2027 年 SENSE 計畫）將用於購買備件，以提高飛機的性能。你覺得這件事會如何發展？你認為這對伍德沃德會有什麼影響？

Well, it's hard to say how that would work for Woodward, because we don't have a visibility into the current inventory, that's already out there to know whether they're would be a GAAP for our hardware or not that would need to be fulfilled. But that's something that they're serious about that priority, I assume they'll. Start interrogating suppliers for capacity to to deliver that might be our first indication that that could be an opportunity for Woodward.

嗯，很難說這對伍德沃德公司來說會如何運作，因為我們無法了解當前的庫存情況，也無法知道是否有符合我們硬體通用會計準則（GAAP）的硬體需要履行義務。但我認為，他們確實把這件事當成了優先事項。開始詢問供應商的供貨能力，這可能是伍德沃德獲得機會的第一個跡象。

Great, thank you.

太好了，謝謝。

You're welcome.

不客氣。

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

布蘭肯希普先生，目前沒有其他問題了。現在我將會議交還給你們。

All right. I'd just like to thank everyone for joining us on the first quarter call. We look forward to talking with you next time.

好的。我謹代表公司感謝各位參加第一季財報電話會議。我們期待下次與您交流。

And ladies and gentlemen, that concludes our conference call today. A rebroadcast will be available on company's website, www.woodward.com for one year. We thank you for your participation in today's conference call, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。節目將在公司網站 www.woodward.com 上重播一年。感謝您參加今天的電話會議，您現在可以斷開連接了。