Management remarks
Call period: 2026 Q3 · 2026-08-04
Guidance: Sarah Wynne: For the full fiscal year now, we expect our free cash flow guidance to be closer to $2.6 billion, an increase from the prior guide of $2.5 billion.Demand and orders: Patrick Murphy: Q3 bookings in commercial aftermarket delivered ahead of our expectations for the third quarter in a row.Margins: Michael Lisman: Our EBITDA As Defined margin was 52.8% in the quarter, which includes more than full 2 percentage points of dilution from recent acquisitions.Analyst Q&A
Analyst David Strauss asked: Could you just talk on the margin performance year-to-date and what you're expecting in Q4? Management Sarah Wynne answered: David, this is Sarah. I'll answer maybe the latter part of your question and let Mike kind of fill in on some more of the color and detail there. Obviously, we're glad to increase our guidance. EBITDA margins up to 25.5% (sic) [ 52.5% ], an extra 20 basis points on that. And obviously, Q3 came in strong at 52.8%. So it does imply a drop for Q4. Hopefully, for the Q4, we hope to be conservative. We've got a full quarter now of Jet and Victor, but we just got them, and we have some strong OEM and other growth there.管理层陈述
电话会期间：2026 Q3 · 2026-08-04
指引：萨拉·怀恩：就本完整财年而言，我们预计自由现金流指引将更接近26亿美元，较此前25亿美元的指引有所上调。需求与订单：帕特里克·墨菲：第三季度商用售后市场订单量连续三个季度超出我们的预期。利润率：迈克尔·利斯曼：本季度我们的调整后EBITDA利润率为52.8%，其中包含近期收购带来的逾2个百分点的利润率稀释。分析师问答
分析师戴维·施特劳斯提问：能否谈谈今年迄今的利润率表现以及您对第四季度的预期？管理层萨拉·韦恩回答：戴维，我是萨拉，我先回答你问题的后半部分，余下细节由迈克补充。我们很高兴上调业绩指引，息税折旧摊销前利润率达52.5%（原文标注25.5%为笔误），较此前增加20个基点。第三季度利润率实际达52.8%，表现强劲，这意味着第四季度利润率会有所下滑。我们持保守态度，刚收购了Jet和Victor，目前已完整持有它们一整个季度，且在原始设备制造商业务及其他领域实现了强劲增长。This earnings 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.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
