The Motley Fool yakavambwa nehama Tom naDavid Gardner muna 1993. Kuburikidza newebhusaiti yedu, mapodcasts, mabhuku, makolamu emapepanhau, zvirongwa zveredhiyo uye mabasa ekudyara emhando yepamusoro, tinobatsira mamirioni avanhu kuwana rusununguko rwemari.
Ndatenda nerutsigiro rwenyu, uye tinokugamuchirai kuCurtiss-Wright Second Quarter 2021 Financial Results Conference Call. [Mirayiridzo Yevashandisi] Pashure pesumo yomukurukuri, pachava nechikamu chemibvunzo nemhinduro. ~Mirairo
Ndatenda, Andrew, uye mangwanani mose. Tikugashirei kuCurtiss-Wright mihoro yemusangano wekufona kwechikamu chechipiri cha2021. Vanobatana neni pamusangano wekufona nhasi ndiLynn Bamford, Mutungamiriri uye CEO; uye Chris Farkas, Mutevedzeri weMutungamiri uye CFO. Yedu yemazuva ano yekufona kwemusangano iri kuve webcast live, uye kuburitswa kwenhau uye kopi yemazuva ano mushumo wemari inogona kutorwa kubva kuchikamu chehukama hwema investor yewebhusaiti yedu yecompany www.curtisswright.com. Kudzokororwa kwewebhu kunowanikwa zvakare pawebhusaiti. Ndapota cherechedza kuti nhasi nhaurirano ichabatanidza mamwe mafungidziro anotarisa mberi uye zvinyorwa sezvinotsanangurwa muPrivate Securities Litigation Reform Act ye1995. Izvi zvinyorwa zvinobva pane zvinotarisirwa zvemanagementos uye hazvisi vimbiso yekushanda kweramangwana. Isu takatsanangudza njodzi uye kusava nechokwadi kwakabatana nekutaura kwedu kwemberi mumagwaro edu eruzhinji akaiswa kuSEC.
Sechiyeuchidzo, kuita kwecompany kunosanganisira yakagadziridzwa isiri-GAAP maonero ayo asingasanganisi mamwe mitengo kuitira kupa pachena kuCurtiss-Wrightos kuenderera mberi nekushanda uye kuita kwemari. Ndapota cherechedzawo kuti migumisiro yedu yakagadziridzwa uye hutungamiri hwegore rose haibatanidzi mutsara wedu wekudhinda-yakagadzirwa nemotokari inotsigira chirongwa che737 MAX, uye bhizinesi revharuvhu reGermany iro ratakarongedzerwa sekubata kutengeswa mukota yechina. GAAP uye isiri-GAAP kuyananisa kweazvino uye gore rapfuura nguva inogona kuwanikwa mukuzivisa kwemuhoro, pakupera kweiyi mharidzo, uye pawebhusaiti yedu. Kunze kwekunge zvataurwa neimwe nzira, chero chirevo chekukura kwe organic hachisanganisi mhedzisiro yekugadzirisa, kushandura mari yekunze, kutora uye divestitures.
Ndatenda, Jim, uye mangwanani akanaka mose. Ndichatanga nehwirudzuro yezvakanyanya kukosha pamhedzisiro yedu yekota yechipiri uye tarisiro yedu yegore rose ra2021. Ndichazotumira kufona kuna Chris kuti atipe ongororo yakadzama yemafambisirwo emari yedu nekuvandudzwa kwenhungamiro gore rese. Chekupedzisira, tisati tapinda muchikamu chemubvunzo nemhinduro, ini ndichapedzisa mhinduro dzedu dzakagadzirirwa.
Tanga nepamusoro pechikamu chechipiri. Pakazara, kutengesa kwedu kwakawedzera ne14%. Misika yedu yeaerospace uye yekudzivirira yakakura ne11%, nepo kutengesa mumisika yedu yekutengesa kwakawedzera ne21% gore negore. Kupinda mukati memusika wedu, yedu yekutengeserana aerospace, simba uye maitiro, uye zvakajairika misika yekutengesa maindasitiri zvakawana kaviri-manhamba inoenderera mberi kukura. Misika iyi yaive pakati peiyo yakanyanya kukanganiswa nedenda gore rapfuura, uye tinokurudzirwa nekuvandudzwa kwayo.
Tarirai kubatsira kwedu. Yakagadziridzwa mari yekushandisa yakawedzera ne24%, ukuwo yakagadziriswa purofiti yekushanda yakawedzera nezana nemakumi maviri emapoinzi kusvika pa15.6%. Kuita uku kunoratidza kuwedzera kukuru kwemubairo muchikamu chemuchadenga uye maindasitiri nemauto emugungwa uye emagetsi zvichienderana nekutengesa kwepamusoro uye mabhenefiti echirongwa chedu chekushanda kwakanaka. Zvakakosha kucherechedza kuti kuita kwakasimba uku kuri kukonzerwa nekuwedzera kweUS$5 miriyoni muR&D zvichienzaniswa negore rapfuura apo isu tichiramba tichiita hurongwa hwekudyara.
Zvichienderana nemhedzisiro yedu yekushandisa yakasimba, iyo yakagadziridzwa yakaderedzwa mihoro pachikamu chechipiri yaive US$1.56, yakakwira zvishoma pane zvataitarisira. Izvi zvinoratidza kukura kwakasimba kwegore negore kwe22%. Kunyange hazvo mari yemubereko uye mitero yemitero yakati kwiriri zvishoma, kazhinji inodzorwa nemabhenefiti emabasa edu ekuenderera mberi ekutenga patsva.
Tendeukira kukota yedu yechipiri maodha. Isu takawana kukura kwe11%, uye yedu yese yekuraira-kune-kutumira chiyero yakawedzera ne1.1 nguva, nekuti maodha mune chimwe nechimwe chezvikamu zvedu zvitatu zvemusika zvakapfuura kutengesa-kamwe chete. Zvakakosha kucherechedza kuti kuita kwedu kunoratidza mirairo yakasimba mumusika wekutengesa, nekuwedzera kwegore negore kwe50%, kusanganisira rekodhi rekodhi rekodhi rekodhi yezvigadzirwa zvemotokari yedu yemaindasitiri inovhara misika yepa- uye kunze kwemigwagwa mikuru. Mumisika yedu yeaerospace uye yekudzivirira, iyo yekurongeka-ku-bhiri reshiyo ndeye 1.15. Izvi zvinosanganisira US$130 miriyoni yeNavy Award yeAircraft Carriers and Submarine Platforms, iyo yatakazivisa mukuburitswa kwenhau yapfuura, uye isu tinotarisirawo mirairo yakasimba muhafu yechipiri yegore.
Inotevera nhungamiro yedu yakagadziridzwa yegore rose ra2021. Takavandudza kutengesa, mari yekushandisa, mibairo yepurofiti uye mihoro yakadzikiswa pachikamu chimwe nechimwe. Nhungamiro yedu yakagadziridzwa inoratidza kuvandudzwa kwemusika wedu wemaindasitiri tarisiro, kumwe kurongwa kweR&D kudyara kutsigira kukura kwemari yedu uye kuwedzera kwemitero gore rose. Chris achazvisuma mune zvakadzama mune inotevera siraidhi. Asi zvese mune zvese, isu tinokwanisa kuwana mhedzisiro yakasimba muna 2021.
Ikozvino, ini ndoda kuendesa kufona kuna Chris kuti anyatso ongorora maitiro edu ekota yechipiri uye tarisiro yekuvandudzwa muna 2021. Chris?
Ndatenda, Lynn, uye mangwanani mose. Ini ndichatanga nemadhiraivha akakosha ekuita kwedu kwekota yechipiri, uye takawana zvakare mhedzisiro yakasimba yemari.
Kutanga kubva kune aerospace uye maindasitiri minda. Kutengeswa kwakawedzera zvakanyanya gore-negore, izvo zvakakonzerwa nekuwedzera kwakasimba kwekudiwa kwezvigadzirwa zvemotokari dzemaindasitiri pamisika yemumugwagwa uye kunze kwemigwagwa mikuru neinosvika 40%. Kukura kwekutengesa kwechikamu ichi kunokonzerwawo nekudiwa kwakasimba kwemasevhisi ekurapwa kwepamusoro mumusika wedu wemaindasitiri, izvo zvinotungamirwa nekuvandudzwa kwakasimba mukuita kwehupfumi hwenyika.
Muchikamu chemusika wekutengesa aerospace, isu takawedzera kudiwa kwezvigadzirwa zvedu zve sensor pamapuratifomu akatetepa-muviri. Nekudaro, sezvataitarisira, zviwanikwa izvi zvakanyanya kudzikiswa nekuenderera mberi kuderera kwemapuratifomu akati wandei.
Tichitarisa kumberi kwehafu yechipiri ya2021, tichisundwa nekuwedzera kwekugadzirwa kwendege ine muviri wakamanikana (kusanganisira iyo 737 neA320), isu tinotarisira kuti mashandiro emusika avandudze. Nekufamba kwenguva, tinotarisira kuti ndege dzakatetepa-dzinodzokera kumazinga adzo ekutanga ekugadzira panosvika 2023, nepo ndege dzemuviri wakafara dzingatadza kupora kusvika 2024 kana 2025.
Shandura kune purofiti yechikamu. Yakagadziridzwa mari yekushandisa yakawedzera ne138%, ukuwo yakagadziriswa purofiti yekushanda yakawedzera ne800 mapoinzi kusvika ku15.7%, zvichiratidza kutorwa kwakanaka kwekuwedzera kwekutengesa uye kudzoreredza kwakakosha muchikamu chechipiri chegore rapfuura. Pamusoro pezvo, mhedzisiro yedu inoratidza mabhenefiti echirongwa chedu chekushanda kwakanaka mukuchengetedza kugadziridza gore negore. Kunyangwe isu tichiramba tichikanganiswa zvishoma nekutakura midziyo uye zvemagetsi chikamu chekugovera cheni zvipingamupinyi, kukanganisa uku hakuna kukosha kumhedzisiro yedu yese.
Muchikamu chekudzivirira zvemagetsi, mari yese mukota yechipiri yakawedzera ne17%. Izvi zvinokonzerwa nekumwe kuita kwakasimba kwekutora kwedu PacStar. Iyo kambani yakaita zvakanaka kwazvo, uye kubatanidzwa kwayo kuchiri kuenderera mberi. Pamusoro pePacStar, nekuda kwenguva yezvirongwa zvakasiyana-siyana zveC5 ISR mukudzivirira kweaerospace, kutengesa muchikamu chechipiri kwakaramba pane organic basis. Kana iwe uchirangarira, iyo organic kutengeswa kweyepamusoro-margin yekutengesa kunze-pasherufu zvigadzirwa zvakawedzera mukota yekutanga nekuti vamwe vatengi vakatora danho rekudzikamisa macheni avo ekupa nekuda kwekunetsekana nekuperevedza kungangove kwezvikamu zvemagetsi. Madhipatimendi aya anosanganisira kuwedzera mari yeR&D inosvika 4 miriyoni emadhora ekuAmerica, mahofisi asina kunaka, uye mari inosvika mamiriyoni maviri emadhora ekuAmerica mumari yekunze isingafadzi. Pasina izvi zvinokanganisa, muganhu wekushanda muchikamu chechipiri wakanga wakafanana nekushanda kwakasimba kwegore rapfuura.
Muchikamu chemauto emugungwa nemagetsi, midziyo yedu yekufambisa nyukireya inoramba ichiwedzera kukura kwemari, kunyanya kutsigira CVN-80 uye 81 zvirongwa zvekutakura ndege. Kumwe kunhu, mune zvekutengesa simba uye misika yemaitiro, yedu yenyukireya aftermarket mari muUnited States neCanada yakawedzera, uye kutengesa kwevharuvhu kumusika wekuita kwakawedzera. Mari yakagadziridzwa yekushandisa yechikamu yakawedzera ne13%, nepo yakagadziridzwa purofiti yekushandisa yakawedzera nemakumi matatu mapoinzi kusvika ku17.2%, nekuda kwekutorwa kwakanaka kwekuwedzera kwekutengesa uye kuchengetwa kubva kune edu ekare ekugadzirisa maitiro.
Kupfupikisa mhedzisiro yekota yechipiri, yakazara, yakagadziridzwa mari yekushandisa yakawedzera ne24%, ichifambisa purofiti yekuwedzera yegumi nemakumi maviri mapoinzi gore-negore.
Tendeukira kune yedu yegore rose 2021 kutungamira. Ini ndichatanga neyedu yekupedzisira-musika tarisiro yekutengesa, uye isu tinoramba tichitarisira Curtiss-Wrightos yakazara kutengesa kukura ne7% kusvika 9%, iyo 2% kusvika 4% ichave organic kukura. Sezvauri kuona, takasimbisa dzimwe shanduko mubhuruu pane siraidhi.
Kutanga nekudzivirira kwemauto, yedu yakagadziridzwa nhungamiro yakawedzera kubva pafurati kusvika pa2%. Izvi zvinokonzerwa netarisiro yemari yakakwira zvishoma kune CVN-81 inotakura ndege uye kushomeka kwekugadzirisa nguva yekuwana mari yeVirginia-class submarines. Maonero edu ezvese aerospace uye yekudzivirira musika kutengesa kukura kuchiri 7% kusvika 9%. Sechiyeuchidzo, izvi zvinoita kuti mari yekudzivirira yeCurtiss-Wright iwedzere zvakare kudarika bhajeti rekutanga reDhipatimendi reDziviriro.
Mumusika wedu wekutengesa, mwero wedu wekukura kwekutengesa unoramba uri pakati pe6% ne8%, asi isu takavandudza mwero wekukura kwemusika wega wega. Kutanga, maererano nesimba uye maitiro, tinoenderera mberi tichiona kusimba kwakasimba mubasa reMRO mubhizimisi redu revhavha yeindasitiri. Nekudaro, nekuda kwekumisikidzwa kwemapurojekiti makuru epasi rose emafuta uye gasi kusvika 2022, takadzikisa kutungamira kwedu kwemusika wekupedzisira kwe2021. Naizvozvo, isu zvino tinotarisira kuti musika ukure ne1% kusvika 3%. Chechipiri, mumusika weindasitiri wakajairwa, zvichibva pakuita kwegore-kusvika-zuva uye kukura kwakasimba mumaodha ezvigadzirwa zvemotokari dzemaindasitiri, takagadziridza maonero edu ekukura kune hutsva hwe15% kusvika 17%. Chandinoda kuburitsa ndechekuti pazuva redu richangoburwa revasima mari, takataura kuti tinotarisira kuti musika wedu wemotokari dzemaindasitiri udzoke kusvika kumazinga a2019 muna 2022, uye tine mirairo yakasimba yekutsigira mugwagwa uyu.
Rambai nemaonero edu egore rose. Ini ndichatanga neaerospace uye maindasitiri sectors. Kuwedzera kwekutengesa uye kuita purofiti kunoratidza kuenderera kwakasimba kudzoreredza kwemusika wedu wemaindasitiri. Isu tave kutarisira kuti kutengesa muchikamu ichi kuwedzera ne3% kusvika ku5%, uye isu takawedzera kutungamira kwemari yechikamu ichi nemadhora mazana matatu emadhora kuratidza kutengesa kwepamusoro. Nekuchinja uku, isu zvino tinotarisira kuti chikamu chemari yekushandisa chikure ne17% kusvika 21%, nepo purofiti inoshanda inotarisirwa kunge iri pakati pe15.1% ne15.3% ye180 kusvika 200 basis points, izvo zvinoita kuti tipfuure purofiti yedu ya2019. gore.
Tevere, mumunda wekudzivirira zvemagetsi. Kunyangwe tichiri kuita nhungamiro yapfuura sezvakarongwa, ini ndoda kuburitsa zvimwe zvezvinhu zvinofamba kubva pakuvandudzwa kwekupedzisira. Chekutanga, zvichibva pakutsvaga kwedu tekinoroji, isu tave kutarisira kuita imwe hurongwa hwekudyara kweUS $ 2 miriyoni muR&D, nemari inosvika US$8 miriyoni gore-pagore kusimudzira kukura kwehupenyu.
Chechipiri, maererano nemari yekunze, takaona kupera simba kwedhora reAmerica muchikamu chechipiri, izvo zvichakonzera mhepo shomanene kumarindi egore rekushanda kwemakambani anoshanda muCanada neUnited Kingdom. Pamusoro pezvo, mumwedzi mishoma yadarika, cheni yedu yekugovera yakagamuchira zvinyoro zvishoma, zvine chekuita nekupihwa kwezvigadzirwa zvidiki zvemagetsi, uye isu tinotarisira kuti izvi zvichaenderera mberi kusvika muchikamu chechitatu. Kunyangwe ichi chichiri chinhu chekutarisa, kunyanya kukanganisa kwekutora nguva kwemari, isu tichiri kubata gore rose chikamu chekutungamira.
Tevere, mumauto emugungwa nemasimba emagetsi, nhungamiro yedu inoramba isina kushanduka, uye isu tinoramba tichitarisira purofiti mibairo yekukura kwekutengesa kwakasimba kuwedzera nemakumi maviri kusvika makumi matatu mapoinzi.
Naizvozvo, tichipfupikisa maonero edu egore rose, tinotarisira kuti yakagadziridzwa mari yekushandisa ichakura ne9% kusvika 12% muna 2021 uye kutengesa kwakazara kuchakura ne7% kusvika 9%. Mari yekushandisa purofiti ikozvino inotarisirwa kuwedzera nemakumi mana kusvika makumi mashanu mapoinzi kusvika 16.7% kusvika 16.8%, zvichiratidza pundutso yakasimba uye mabhenefiti ekugadzirisa uye kuenderera mberi kwekambani-yakakura mashandiro ehurongwa hwegore rapfuura. Tichienderera mberi nemaonero edu emari muna 2021, takawedzera zvakare mari yedu yegore rose yakagadziridzwa yakadzikiswa pagorowa rimwe nerimwe kusvika kune hutsva hweUS$7.15 kusvika US$7.35, inoratidza kukura kwe9% kusvika 12% uye kunoenderana nekukura kwedu kwemari yekushandisa. Ndokumbira utarise kuti nhungamiro yedu inosanganisirawo kukanganisa kwekudyara kweR&D kwakakwira uye mutero wepamusoro. Zvinoenderana neshanduko dzichangobva kuitika mumutemo wemutero weUK uye kudzikiswa kwenhamba yezvikamu zvedu zvichifambiswa nekuenderera mberi kwekuita mabasa ekutengazve, mutero unofungidzirwa wave 24%. Mumwedzi mitanhatu yapfuura ya2021, isu tinotarisira kuti mihoro yakaderedzwa pachikamu chimwe nechimwe mukota yechitatu ichafanana nekota yechitatu yegore rapfuura, uye chikamu chechina chichava chikamu chedu chakasimba gore rino.
Tichitaura nezvemaonero edu egore rose emahara ekuyerera kwemari, takaburitsa madhora mamirioni makumi matatu nerimwe kusvika zvino gore rino. Sezvataona kubva munhoroondo, tinowanzo gadzira 90% kana kupfuura yemahara ekuyerera kwemari muhafu yechipiri yegore, uye isu tichiri kutarisirwa kuwana nhungamiro yegore rose yeUS $330 miriyoni kusvika US$360 miriyoni.
Ndatenda, Chris. Ini ndoda kukurukura dzimwe dzepfungwa necherechedzo kubva yedu yazvino May Investor Day mumaminetsi mashoma anotevera. Ini ndichatanga nePresidents FY22 yekudzivirira bhajeti application, iyo yakapihwa nguva pfupi yadarika mushure mechiitiko chedu cheInvestor Day. Iyi vhezheni inoratidza kuwedzera kunosvika 2% pamusoro pebhajeti rakapihwa mugore rezvemari 21, uye inopindirana netarisiro yedu nezvirongwa. Iyo bhajeti inoratidza kuti United Stateso yakanyanya kutsoropodza mapuratifomu emugungwa anoramba achiwana rutsigiro rwakasimba, kusanganisira CVN-80 uye 81 vatakuri vendege uye Columbia-kirasi uye Virginia-kirasi yepasi pemvura. Isu tinotenda kuti kutsigirwa kwemapato maviri eramangwana reNavy kunotipa hwaro hwakasimba kubva kwatinogona kuwedzera mari yedu kubva kune yenyukireya uye pamusoro pezvikepe. Kana vakawedzera yechitatu Virginia submarine kana imwe DDG muparadzi, tichine zvingangoitika kumusoro zvinogona.
Isu tinotarisirawo kuenderera mberi nerutsigiro rwemari yeDhipatimendi reDefenceos yepamusoro-soro, zvinosanganisira networking, encryption, driverless uye anozvityaira mota, ese akajekeswa mukuburitswa kwebhajeti. Izvi zvinogara zvakanaka nerutsigiro rwedu rwekudzivirira zvemagetsi munzvimbo dzese idzi.
Imwe nzvimbo yakajeka ndeyekuvandudzwa kwemauto. Zvisinei nekudzikiswa kwebhajeti rese reArmyos, muchikumbiro chebhajeti rebasa reFY22, mari yakashandiswa kusimudzira nhandare yehondo yakawedzera ne25% kusvika pamadhora 2.7 bhiriyoni, ndiko kuwedzera kukuru kwezvinonyanya kukosha zveArmyos. Pamusoro pezvo, zvinopa chivimbo chikuru muchisarudzo chedu chekutora PacStar, sezvo vari pachinzvimbo chepamusoro chekutora mukana wekuenderera mberi kwesimba repasi.
Kubva ipapo, takaona zviratidzo zvakawanda zvetarisiro sezvo bhajeti yakapfuura Congress kuti iwedzere mitengo. Seneti Armed Services Committee ichangobva kuvhota kuti ibvumidze imwe $25 bhiriyoni kubhajeti rePentagonos gore remakumi maviri nemaviri, inova kuwedzera kwe3% pamusoro pechikumbiro chekutanga chepresident uye kuwedzera kwe5% pamusoro pegore razvino remari. Kunyangwe isiri iyo yekupedzisira mhedzisiro, zvakare inotipa chivimbo mune yenguva refu organic kukura fungidziro yemusika wedu wese wekudzivirira.
Tevere, ini ndoda kuratidza mamwe mapoinzi akakosha ezuva redu rekudyara mari uye nekutenda munhu wese akatora chikamu. Kuchinja kwedu kune nzira yekukura kunotongwa nekutarisa patsva pakuwedzera mari. Isu tinotarisira kuti izvi zviwanikwe kuburikidza nekukura uye inorganic kutengesa kukura uye tarisiro yedu yemari yekushandisa kukura nekukurumidza kupfuura kutengesa, zvinoreva kuenderera mberi kwekuwedzera kwekushandisa purofiti. Pamusoro pezvo, chinangwa chedu ndechekuwana mari inosvika kaviri-madhijitari pakukura kwechikamu mukati memakore matatu ari kupera 2023 uye kuenderera mberi nekuburitsa kwakasimba kwemahara kuyerera kwemari. Zvichienderana nefungidziro yedu nyowani yenguva refu, isu padiki tinotarisira kutengesa kwedu organic mune yega yega misika yedu yekupedzisira kuti iwane yakaderera-imwechete-digit kukura. Isu tine tarisiro huru yekuwana 5% yekuwedzera pagore kukura kwekutanga kwekutengesa mukupera kwa2023, kusanganisira PacStar.
Pamusoro pekukura uku kunotarisirwa kukura, isu takatarisana nekuwedzera kugona kwedu kukura mumisika mikuru yekupedzisira zvichibva pane zvatinoita mukuenderera mberi kwekudyara kwekudyara mukutsvaga nekusimudzira uye mabhenefiti epuratifomu yedu nyowani yekukura. Isu tiri kudzoreredza mubhizinesi redu padanho repamusoro munhoroondo yaCurtiss-Wright yazvino. Sezvaunoziva, iyi inzvimbo yandinofarira zvikuru. Sezvauri kuona mugwaro redu rakagadziridzwa, takawedzera mari yedu yeR&D muna 2021 neimwe US$2 miriyoni, uye kushandiswa kwese kwakawedzera neUS$12 miriyoni pagore-pagore. Kudyara uku kwakanangana neakakosha matekinoroji uye vatakuri vari kukurumidza kukurumidza mumisika yedu yekupedzisira, seMOSA mubhizinesi redu rekudzivirira zvemagetsi.
Pamusoro pezvo, kutangwa kwepuratifomu yekukura kwekushanda kunopa hutungamiriri hwakakura, kutarisisa uye simba rekufambisa zvinhu zvese zvakakosha mukukura, kubva pakuvandudza hunyanzvi uye kubatana kusvika pakupa mikana mitsva yekubudirira kwebhizinesi nemitengo yakarongeka. Naizvozvo, isu tichava nemukana wekuramba tichidzikisira mitengo, iyo inogona kusunungura mari kuti igadzirise yenguva pfupi yekutora dilution, kugoverwa kuR&D investimendi kana kutungamira mukuwedzera purofiti. Izvi zvichave zvakanangwa uye nekuziva sarudzo dzekudyara.
Mukuwedzera, ndinofunga kuti zvakakosha kuratidza kuti ticharamba tichityaira maitiro edu akasimba uye kuzvipira kune unyanzvi hwekushanda pamwero wakafanana wekuzvipira uye kuzvipira kukuru kwakaratidzwa neboka kubva 2013. Pakupedzisira, ndinoda kudzokorora chinangwa chedu che chiyero cheEPS chepamusoro chekukura kwegore chegumi muzana mukati memakore matatu, izvo zvinogona kusanganisira zviitiko zvepagore zvekutengazve masheya izvo zviri pamusoro peyero yedu yazvino yemadhora makumi mashanu pagore. Isu tinoramba takazvipira mukugovewa kunoshanda kwemari kuunza huwandu hwekudzoka kwenguva refu kune vanogovana. Naizvozvo, kugovaniswa kwegore negore kwekutengwazve kwemasheya kuchave kwakasiyana, zvichienderana nehukuru uye nguva yekutora mune ramangwana yatinozivisa Curtiss-Wright.
Chekupedzisira, sezvo manejimendi achinyanya kutarisisa kubatanidzwa uye kutora uye mukana wakakwana wepombi, ndinonzwa ndine tariro yekuti tichava nemukana wekupfuura 5% uye tisvike 10% tarisiro yekutengesa nekuti tawana yakakosha yekutora nzira yekusuma Curtiss- Wright.
Zvese mune zvese, isu tinokwanisa kuwana kuita kwakasimba gore rino. Isu tinotarisira kuti kutengesa kunosvika yakakwira-digit yekukura mwero gore rino, uye mari yekushandisa uye yakaderedzwa mihoro pachikamu chimwe nechimwe ichawedzera ne9% kusvika 12%. Yedu 2021 inoshanda margin kutungamira ikozvino 16.7% kusvika 16.8%, kusanganisira yedu yakawedzera mari mukutsvaga nekusimudzira. Tichiri kutarisirwa kuenderera mberi nekuwedzera purofiti kusvika 17% muna 2022. Yedu yakagadziridzwa mari yemahara inoramba yakasimba, uye isu tinoenderera mberi nekuchengetedza hutano uye hwakaenzana hwekugovera capital hurongwa kuti titsigire mari yedu uye purofiti kukura, tichiona kuti tiri. kudyara mari yedu kuti tiwane kudzoka kwakanyanya kutyaira kwenguva yakareba shareholder value.
Ndatenda. [Operator Mirayiridzo] Mubvunzo wedu wekutanga unobva kumutsara wechigadzirwa waNathan Jones naStifel.
Ini ndinoda kutanga ndataura nezve chako chirevo pamutengo wevatengi vanogona kuverenga mukota yekutanga, izvo zvinogona kutungamira mukudzikira muchikamu chechipiri. Iwe unowanzoona kuwedzera kwemwaka muhafu yechipiri yegore. Uchiri kutarisira kuona kukura kwemwaka? Iwe unoona sei kutengwa kwevatengi uye chiteshi inventory? Iwe unofunga kuti vachiri mberi kwekwavanowanzo kuve, vakarongedzerwa, uye kumashure? Unogona here kutipa chero ruvara?
Zvakanaka, hongu. Ndichatora iyoyo. Ndinoreva, muchikamu chekutanga, tinofanira kunge takaona vamwe vatengi vekudzivirira vachikurumidza mirairo yavo, vachiedza kuenda mberi kwekushayikwa kwezvinhu zvemagetsi. Saka kana iwe ukaona iyi organic mhepo yatakakura neinosvika mamirioni masere emadhora gore-pagore muchikamu chechipiri, iri rinongori basa rakawedzera mukota yekutanga. Ndinoreva, isu tinoramba tichiona kunonoka kudiki muzvikamu zvemagetsi. Naizvozvo, tichifunga nezvemamiriro akaita makambani mazhinji gore rapfuura uye kukura kwakasimba uko makambani mazhinji ane rombo rakanaka rekutarisana gore rino, musika uri kushanda. Asi zvinonyanya kukanganisa nguva yemari yedhipatimendi redu rekudzivirira zvemagetsi, mari yekudzivirira ndege, uye C5 ISR zvigadzirwa zvine purofiti yepamusoro.
Iye zvino, paunotarisa chikamu chechipiri chegore, tinotarisira kumwe kudzvinyirirwa kunobva pakuti izvi zvikamu zvinogamuchirwa rini, uye zvizhinji zvekumanikidzika zvichashandiswa muchikamu chechitatu. Asi sezvamaona munhoroondo, tichibuda mubhizimusi remagetsi ekudzivirira, isu tinowanzo kuve nechikamu chakakura kwazvo chechina, uye isu tinotarisira kuti izvi zviitike zvakare gore rino. Naizvozvo, iye zvino tiri kushanda nesimba kuti tigadzirise izvi zvinetso uye tinonzwa kuti tiri kuita basa rakanaka mukukurira idzi dzvinyiriro.
Zvadaro, ini ndinoda kudzokera kuLynnos yaunofarira munda, tsvakiridzo nekusimudzira. Iwe wakawedzera mari yako yekutsvagisa uye yekusimudzira mukota yechipiri uye wakasimudza chinangwa chako chegore rose. Unogona kutaura nezvemikana yako ipapo? Iwe unofunga here kuti sezvatinoenda kumberi, pane mukana wekuenderera mberi nekuwedzera R&D investimendi, tinofanira kufunga kudzikamisa padanho iri zvakanyanya? Unogona here kutipa chero nhungamiro?
Ndinokutendai zvikuru nerubatsiro rwenyu. Sezvawataura, iyi inzvimbo yandinofarira kutaura nezvayo. Saka, saka, takaita imwe R&D yekuwedzera muboka redu rekudzivirira zvemagetsi, nekuti isu tinongoramba tichiona mikana yakanaka yekuwedzera mutsara wechigadzirwa, kungave kuri kutenderedza chirongwa cheMOSA chekuwedzera mutsara wechigadzirwa nekuti Ingoramba uchiwana vatengi vakasiyana-siyana muindasitiri yekudzivirira, uye mamwe matekinoroji akatenderedza encryption uye akarambwa GPS, network, uye chaizvo imwe yekuwedzera mari-timu yedu yePacStar inovandudza kutenderera kwenhandare yehondo.
Nokudaro, mikana icharamba ichikura. Isu tiri panguva yakanaka izvozvi, uye tinonyatsonzwa kuti ino ndiyo nguva yakanaka yekuisa mari. Imwe nzvimbo yatiri kuwedzera kudyara iA&I, inova yakatenderedza magetsi nemagetsi, Internet yezvinhu, mota dzemagetsi, mota dzakasanganiswa uye kukwidziridzwa kwedu mundima iyi. Isu tinozviisa isu pachedu semutungamiri-munda uyu Mutungamiriri wetekinoroji ndiyo yekutanga sarudzo yevazhinji maautomaker. Isu tinoita chokwadi chekuti isu tine kurongeka kwekunzwisisa kwekuti ndiani anogadzira mota mundima iyi, uye tinoshanda navo, kazhinji tichigadzirisa akasiyana ezvigadzirwa kuti zvikwane mota dzavo. Izvi zvinoda kuti tiite mari, uye tinofunga kuti iyi ndiyo nzira kwayo.
Zvakare, ini-tinowanzo bvunzwa kana tichifunga kuti R&D ichawedzera zvakare mumakore makumi maviri nemaviri. Hauna kupa nhungamiro chaiyo. Uye ini ndinofunga zvakakosha kuti vanhu vanzwisise kuti isu tiri kudzidza chaizvo magovera atinoita capital uye kuti R&D ndiyo yakanakisa investimendi, kumwe kudyara kana nguva yekudzokera kupurofiti. Tichaita zvisarudzo zvine mwero munyaya iyi zvichibva pamikana iri pamberi pedu. Asi isu hatityi kushandisa imwe R&D kuti tive nechokwadi chekukura kwenguva refu, uye tinoona mikana yatinogona kuona ichizobhadhara mubairo mumakore mashoma anotevera. Kutaura chokwadi, iyo R&D investimendi yatinoita inongounza kudzoka mugore rimwechete rekarenda, rinotevera rekarenda gore, uye dzimwe nguva kunyange makore matatu kusvika mana gare gare. Saka, zvakare, haufanirwe kungoenzanisa kudzoka chete, asi zvakare ita shuwa kuti uri kutyaira [nyaya dzetekinoroji] dziri pedyo-nenguva, yepedyo-nguva, uye yenguva refu yekukura. Naizvozvo, aya ndiwo maratidziro atinoita maonerwo atinoita mabhindauko aya musangano rese uye kuita yakanakisa mari yekudyara yekuvandudza maitiro edu.
Pamwe, Lynn, iwe wakataura nezve yazvino nzira dzekutora dzakazara, pamwe une tarisiro yekusvika padanho repamusoro rekutengesa kwako. Unogona here kukurukura zvakare nekutaura nezve hunhu, saizi, chiyero, mitengo, uye chero humwe hunhu hwaunoda kupfumisa, uye unofunga kuti uchavhara imwe isati yapera? Zvinyorwa zvegore iroro?
zvirokwazvo. Nokudaro, ndinofunga kuti, kuva akatendeseka, tarisiro yekuchinja kumutemo wemitero mumakore e22 yakawedzera vanhus kukurudzira kuti isu tiri kufunga kuudza PE uye makambani ega ega kuti aedze kupedza kutengeserana gore rino. Naizvozvo, kune dzakawanda dzinoshanda zvivakwa zviri kuvakwa, simba rekutyaira gore rino kusvika pachibvumirano. Ikozvino, kuti isu takanyatso kuita dhiri zvinozoenderana nezvivakwa zviri kushanda parizvino kana tichiita hunyanzvi hwedu. Uye-asi zvakare, hatisi kuzosvika pakubvumirana sezvatinogara tichitaura. Kana ndikasadzokorora, iwe uchaodzwa mwoyo, isu hatisi kuchinjanisa matransactions ekutengeserana. Inofanira kunge iri zano rakakodzera uye mutambo wemari. Asi pane zvinangwa mukati meiyo nzira. Ndinoda kutaura kuti pfuma yatinoona iye zvino ndiyo misika yedu yekudzivirira. Iyi ndiyo yakawanda yepipeline. Kwete izvozvo chete, asi inoratidzika seyo inonyanya kushanda nzvimbo panguva ino, iyo inonyanya kukosha nzvimbo kwatiri. Saka, izvi zvinoshanda zvakanaka. Ndinoreva, hatisi kuti isu tichangotenga real estate muindasitiri yekudzivirira. Asi iyi inzvimbo, kunyanya sezvo isu tichivaona vachipindirana kune yedu yazvino zvigadzirwa, uye isu tinogona kuunza chimwe chinhu chekuwedzera kune yedu yazvino vatengi base, angave ari mumwe wevanhu vanogonesa mapuratifomu kana kuvaka magetsi subsystems. Saka, izvi zvakanyanya.
Chandinoda kutaura ndechekuti mutengo unoenderana nezvatakaona munhoroondo. Hazvirevi-ndinoreva, ndinoziva kuti pane imwe nhaurirano, uye kune mimwe mienzaniso inodhura-iyo yakawanda yakanyanyisa. Ini ndinofunga isu tiri kutsvaga zvigadzirwa zvemhando yepamusoro zvine maverengeka anonzwisisika uye izvo zvinoita kuti ive yakanaka yehurongwa inokodzera Curtiss-Wright. Naizvozvo, ichi chinhu icho manejimendi edu ane hanya zvakanyanya nezvacho, maitiro mazhinji. Isu tave nemidziyo yakawanda inoshanda, uye tiri kudzidza kuti ndedzipi nzira dzatinofunga kuti dzakanyanya kukodzera Curtiss-Wright.
Naizvozvo, ndinofunga isu tine mukana wakanaka wekuwedzera chimwe chinhu kune yedu portfolio mugore rekarenda. Isu tinoona kuti zvivakwa mukati meiyo mari yemhando yePacStar ichanyorwa munguva pfupi. Naizvozvo, inzira ine hutano chaizvo ikozvino.
Nguva yekutumira: Nov-05-2021
