Management remarks
Call period: 2026 Q3 · 2026-08-04
Guidance: Michael Baughman: We are increasing our full year expectations for Software & Systems to up 6%, based on the strength of our growth verticals in this business and strength in the U.S. We are raising full year growth guidance for Test & Measurement, now 14%, and Control Systems & Software, now 3.5%, including approximately 3 points of headwind from software renewals.Demand and orders: Surendralal Karsanbhai: Test & Measurement orders growth of 19% exceeded expectations, with semiconductor up 70% and double-digit growth in aerospace and defense and the portfolio business.Margins: Michael Baughman: Intelligent Devices margins of 27.9% increased 240 basis points year-over-year from volume leverage, price cost and cost reductions.Analyst Q&A
Analyst Jeffrey Sprague asked: And then unrelated, maybe pivoting to Mike. Just a little bit of update on where we're at on price cost at this point, 3% price look pretty healthy in the quarter. Are you sort of "green on price cost"? Management Michael Baughman answered: So that -- yes, so price has been strong and we're green on price cost. Relative to tariffs, we got $82 million in the quarter. We continue to file some claims. Just a reminder that we are accounting for those on a cash basis as we get them and we report them in cost of sales. So the margin certainly on a GAAP basis improved in the quarter due to that $82 million that we saw. So yes, and that was certainly part of the cash flow performance in the quarter as well, the receipt of the $82 million of refunds.管理层陈述
电话会期间：2026 Q3 · 2026-08-04
指引：迈克尔·鲍曼表示：我们将软件与系统业务的全年增长预期上调至6%，依托该业务增长型板块及美国市场的强劲表现。我们将测试与测量业务的全年增长指引上调至14%，控制系统与软件业务上调至3.5%，其中包含约3个百分点的软件续约逆风因素。需求与订单：苏伦德拉拉尔·卡尔桑巴伊表示：测试与测量业务订单增长19%，超出预期，其中半导体板块增长70%，航空航天与国防及组合业务实现双位数增长。利润率：迈克尔·鲍曼表示：智能设备业务利润率达27.9%，同比提升240个基点，得益于规模杠杆、价格成本与成本削减。分析师问答
分析师杰弗里·斯普拉格问道：还有一个无关的问题，转向迈克。目前我们的价格成本情况如何？本季度3%的价格涨幅看起来相当健康，你们在价格成本方面是否实现了正向收益？管理层迈克尔·鲍曼回答：没错，价格表现强劲，我们在价格成本方面实现了正向收益。关于关税，本季度我们获得了8200万美元的相关款项。我们仍在提交部分索赔，我们在收到款项时以现金基础入账，并将其计入销售成本。因此，本季度公认会计准则下的利润率因这8200万美元有所提升，这也是本季度现金流表现的一部分，即收到了8200万美元的退款。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
