Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $8.2 billion, a decrease of 3% compared to Q1 2024 [11] - EBITDA was $1.5 billion, or 17.9% of sales, compared to $2.6 billion, or 30.6% of sales a year ago [21] - Gross margin improved to $2.2 billion, or 26.4% of sales, up from $2.1 billion, or 24.5% last year [22] - Net earnings for the quarter were $824 million, or $5.96 per diluted share, compared to $2 billion, or $14.3 per diluted share a year ago [24] Business Line Data and Key Metrics Changes - Engine segment revenues decreased by 5% to $2.8 billion, but EBITDA increased to 16.5% from 14.1% [25] - Components segment revenue decreased by 20%, with EBITDA excluding costs related to the separation of Atmos decreasing to 14.3% from 14.8% [26] - Distribution segment revenues increased by 15% to $2.9 billion, with EBITDA also increasing to 12.9% of sales [26] - Power Systems segment revenues increased by 19% to $1.6 billion, with EBITDA rising from 17.1% to 23.6% of sales [26] - Accelera revenues increased by 11% to $103 million, with an EBITDA loss of $86 million compared to a loss of $101 million a year ago [26] Market Data and Key Metrics Changes - North America revenues decreased by 1% compared to 2024, with heavy-duty truck industry production down 18% [12] - International revenues decreased by 5%, with revenues in China increasing by 9% to $1.8 billion [13] - Industry demand for medium and heavy-duty trucks in China decreased by 4%, while excavator demand increased by 23% [14] Company Strategy and Development Direction - The company is focused on executing its Destination Zero strategy and has introduced new engine platforms to enhance performance and efficiency [7][9] - The acquisition of First Mode aims to advance decarbonization solutions in mining and rail operations [10] - The company is investing over $1 billion in U.S. manufacturing operations to strengthen its position amid tariff uncertainties [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed heightened uncertainty regarding the global economy due to trade tariffs, impacting demand for capital goods [15] - The company is well-positioned to navigate through uncertainty, with a strong financial position and experienced leadership [19] - Future guidance will be reinstated when there is more clarity regarding economic conditions and tariff impacts [28] Other Important Information - The company is actively working on mitigating tariff impacts through inventory strategies and dual sourcing [91] - There is ongoing uncertainty regarding North America emissions regulations for 2027, which could affect product launches and customer contracts [18][46] Q&A Session Summary Question: Can you quantify the gross or net tariff cost impacting your business? - Management stated that it is uncertain to quantify the tariff costs at this time due to the evolving nature of tariffs [35] Question: Which businesses have the most visibility regarding backlog? - Management indicated that the power generation business has a multi-year order board, allowing for reallocation of orders if needed [37] Question: What are the expectations for margins in the Power Systems business moving forward? - Management noted that the strong performance in Q1 was driven by high aftermarket sales, and margins are expected to remain strong if demand trends continue [44] Question: What is the impact of tariffs on financial results in Q1? - Management reported that the impact of tariffs in Q1 was immaterial, but they expect changes in the second half of the year [52] Question: What tariff mitigation actions have been taken? - Management mentioned inventory strategies and dual sourcing as part of their mitigation efforts [91]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $8.2 billion, a decrease of 3% compared to Q1 2024 [12][21] - EBITDA was $1.5 billion or 17.9% of sales, down from $2.6 billion or 30.6% a year ago, which included a one-time gain from the Atmos divestiture [12][22] - Excluding one-time gains and restructuring costs, adjusted EBITDA improved to $1.3 billion or 15.5% of sales from the previous year [22][23] - Gross margin for the quarter was $2.2 billion or 26.4% of sales, up from $2.1 billion or 24.5% last year [24] Business Line Data and Key Metrics Changes - Engine segment revenues decreased by 5% to $2.8 billion, but EBITDA increased to 16.5% from 14.1% due to pricing and aftermarket volume [26] - Components segment revenue fell by 20% to $2.7 billion, with EBITDA decreasing to 14.3% from 14.8% [27] - Distribution segment revenues increased by 15% to $2.9 billion, with EBITDA rising to 12.9% from 11.6% [27] - Power Systems segment revenues rose by 19% to $1.6 billion, with EBITDA reaching a record 23.6% [27] Market Data and Key Metrics Changes - North America revenues decreased by 1%, with heavy-duty truck production down 18% and medium-duty truck production down 21% [13][14] - International revenues decreased by 5%, with China revenues increasing by 9% to $1.8 billion due to strong domestic demand [14][15] - In India, revenues fell by 14% to $725 million, with power generation revenues down by 11% [15] Company Strategy and Development Direction - The company is focused on its Destination Zero strategy, emphasizing decarbonization and innovative solutions [9][11] - The introduction of new engine platforms, including the X10 and B7.2, is aimed at enhancing performance and efficiency [10] - The acquisition of First Mode for hybrid solutions in mining and rail operations aligns with the company's commitment to decarbonization [11] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding future performance due to trade tariffs and their impact on demand [6][7] - The company is strategically positioned to navigate through uncertainty, with a strong leadership team and ongoing investments in manufacturing [8][17] - Management indicated that guidance would be reinstated once there is more clarity in the economic outlook [20][29] Other Important Information - The company is investing over $1 billion in U.S. manufacturing operations over the next few years [17] - The impact of tariffs on financial results in Q1 was minimal, but future quarters may see more significant effects [54][56] Q&A Session Summary Question: Can you quantify the gross or net tariff cost impacting your business? - Management stated that due to the evolving nature of tariffs, they are not quantifying the impact at this time, focusing instead on broader economic implications [36] Question: What businesses have the most visibility regarding backlog? - Management noted that the power generation business has a multi-year order board, allowing for reallocation of orders if needed [38] Question: What are the expectations for margins in the Power Systems business moving forward? - Management indicated that the strong performance in Q1 was driven by high aftermarket sales, and they expect continued improvement in margins as demand trends stabilize [46] Question: How is the company handling tariff mitigation? - Management mentioned inventory strategies and dual sourcing as part of their mitigation efforts, with ongoing assessments as tariff clarity improves [96] Question: What is the impact of tariffs on Q2 financial results? - Management indicated that the impact of tariffs in Q1 was immaterial, but they expect a more significant effect in the second half of the year [54][56]

崔凡解释，服务贸易是无形的，因此一般认为服务贸易没有关税。 据新华网报道，美国总统特朗普4日称，将对所有在外国制作的电影征收100%关税。 特朗普称，好莱坞正因其他国家提供的各种优惠政策而遭受重创，许多电影制作人和制片厂因此离开美国，这是一种"有组织的"、对美国"构成国家安全威 胁"的行为。 他表示，已授权美国商务部和美国贸易代表"立即启动对所有从外国制作并进口到美国的电影征收100%关税的程序"。 当前，好莱坞有多部耗资巨大的大片在全球多地取景拍摄完成，并亟待上映，包括《碟中谍8：最终清算》、迪士尼和20世纪影业的《阿凡达：火与灰》以 及狮门影业《疾速追杀》的衍生片等。漫威影业的《复仇者联盟5：毁灭之日》也已经在伦敦开拍。 美国商务部前高级官员、战略与国际研究中心（CSIS）高级研究员莱因施（William Reinsch）表示，如果其他国家/地区对特朗普的电影关税进行报复，将 对美国电影行业造成毁灭性打击。"我们失去的远多于获得的。"他称，尽管特朗普提到了"国家安全"，但很难为电影行业解释这一理由的正当性。 ProdPro对制作和后期制作领域的高管的调查显示，当被问及2025-2026年首选拍摄地点时，美 ...

金十数据5月3日讯，美国特朗普政府3日凌晨（日本时间3日下午）开始向发动机和变速器等主要的汽车 零部件加征25%关税。这是日本对美出口的重要品类之一，也会给日企造成打击。不过，美政府考虑到 汽车制造商的大部分零部件依靠海外制造的产品，因而以在美生产的汽车为对象设置了两年的减税期。 对进口汽车加征25%关税的措施已于4月3日启动，此番发动零部件关税，对以美国为主要市场的汽车相 关企业而言将是经营上又一负担。日本的贸易统计数据显示，2024年汽车零部件对美出口额比上年增加 14.4%至约1.2万亿日元（约合人民币600亿元），汽车出口额增加3.1%至约6万亿日元。汽车及零部件合 计的出口额占对美出口总额的三分之一。 （日本共同社） 美国对汽车零部件加征25%关税 日企将受打击 ...

Financial Data and Key Metrics Changes - The company reported a record adjusted EPS of $2.72, up 13% from the prior year [8] - Organic growth accelerated to 9% from 6% in the prior quarter, with segment margins reaching 23.9% [8][13] - Total company orders increased by 3% compared to the prior quarter, resulting in a book-to-bill ratio of 1.1 [8] Business Line Data and Key Metrics Changes - **Electrical Americas**: Organic sales growth accelerated to 13%, with an operating margin of 30%, up 80 basis points year-over-year [14] - **Electrical Global**: Organic growth increased from 5.5% to 9%, with a 2% FX headwind impacting results [16] - **Aerospace**: Organic growth reached 13%, with a strong operating margin of 23.1% [19] - **Vehicle Segment**: Revenue declined by 15%, including an 11% organic decline, but maintained a margin of 15.5% [20] - **eMobility**: Revenue increased by 2%, with a 3% organic growth [20] Market Data and Key Metrics Changes - The U.S. data center construction backlog increased to nine years based on 2024 build rates, up from seven years [11] - Strong activity was noted in EMEA and APAC regions, with double-digit organic growth reported [16] Company Strategy and Development Direction - The company is focused on leveraging megatrends in its end markets to drive growth, particularly in data centers and utilities [10][25] - The acquisition of Fiberbond is seen as a strategic move to enhance capabilities in the data center market [10][11] - The company is committed to maintaining a localized sourcing and manufacturing strategy to mitigate tariff impacts [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects despite current economic uncertainties, raising the organic growth outlook for 2025 to a range of 7.5% to 9.5% [28][30] - The company reaffirmed its adjusted EPS guidance for 2025, projecting an 11% growth over the prior year [28] Other Important Information - The company has implemented measures to control costs and limit discretionary spending in response to dynamic market conditions [23] - Management highlighted the importance of strong relationships with customers and suppliers to minimize disruptions [23] Q&A Session Summary Question: Data center performance and expectations - Management noted strong double-digit growth in the data center market and expressed optimism for continued high levels of orders and negotiation activity [35][37] Question: Competitive positioning in the U.S. market - The company emphasized its strong local presence and ongoing investments to expand capacity, which positions it favorably against competitors [39][41] Question: Electrical Americas order outlook - Management expects strong order performance in Electrical Americas, supported by a robust backlog and negotiation pipeline [48][50] Question: Implications of data center backlog increase - The increase in backlog is expected to drive demand for modular solutions and enhance the company's competitive position [99][102] Question: Tariff impact on margins - Management discussed the dynamic nature of tariffs and the company's strategy to mitigate cost pressures through pricing and operational efficiencies [72][74] Question: Opportunities in data center orders - Management indicated that the transition to higher power density in data centers will benefit the company's offerings and drive growth [120][122]

金十数据5月2日讯，荷兰国际集团经济学家Bert Colijn写道，欧元区通胀未来不太可能大幅下降，因为 经济的潜在弹性抵消了贸易关税的抑制作用。周五公布的数据显示，欧元区4月份物价同比上涨2.2%， 较前一个月保持稳定。Colijn说，贸易动荡和随之而来的能源价格下跌使通货膨胀率接近欧洲央行2%的 目标。但投资者不应指望未来几个月通胀会大幅下降。他表示："即使贸易战最初抑制了通胀压力，但 在劳动力市场强劲、工资增长高的情况下，增长良好的欧元区经济可能会在未来几个月让通胀保持在一 定程度上的高位。" 弹性经济支撑欧元区通胀 ...

Group 1 - The core viewpoint is that Japan and the United States have not yet reached a consensus regarding trade negotiations, but Japan's negotiator Akizawa Ryozo has reported that the discussions are forward-looking [1] - Japan maintains its position on requesting the cancellation of tariffs imposed by the United States, emphasizing that rushing to reach an agreement may not be in the best interest of either party [1]

周四，白宫高级助理斯蒂芬·米勒称，美国人可能"愿意花更多的钱"购买美国制造的娃娃。此前，特朗 普表示在对贸易伙伴征收高关税的情况下，美国儿童可能会获得更少的玩具。 （国会山报） 白宫官员：美国人可能"愿意花更多的钱"购买美国制造的娃娃 ...

美国海关和边境保护局当地时间5月1日证实，加拿大和墨西哥制造的汽车零部件属于《美加墨协议 （USMCA）》的一部分，将免于25%的关税，该关税将于5月3日生效。 ...

Hamilton Beach Brands Company (HBB) Q1 2025 Earnings Call April 30, 2025 04:30 PM ET Company Participants Brendon Frey - PartnerR. Scott Tidey - President & CEOSally Cunningham - Senior VP, CFO & TreasurerAdam Bradley - Founder & CIO Operator Thank you for standing by. At this time, I would like to welcome everyone to today's Hamilton Beach Brands First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there ...