0001193125-26-197428
SEC filingQ1 营收增 16.5% 至 $205.9M，但 Thermon 并购费用致净亏损 $0.4M，订单激增 98% 显示需求强劲。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $205.9M | $176.7M | +16.5% |
| Gross Profit | $63.9M | $62.2M | +2.7% |
| Gross Margin | 31.0% | 35.2% | -420bps |
| Operating Income | $1.9M | $61.9M | -97.0% |
| Operating Margin | 0.9% | 35.0% | -3410bps |
| Net Income (attributable) | -$0.4M | $36.0M | -101.1% |
| Diluted EPS | -$0.01 | $0.98 | — |
| Non-GAAP Operating Income | $17.9M | $8.6M | +108.1% |
| Non-GAAP Operating Margin | 8.7% | 4.9% | +380bps |
| Operating Cash Flow | -$13.1M | -$11.7M | — |
| Free Cash Flow | -$15.7M | -$15.1M | — |
增长桥：Q1 营收 $205.9M，同比 +$29.2M (+16.5%)，主要由 Engineered Systems 分部贡献，该分部营收 +$30.1M (+25.0%)，得益于大型电力项目 backlog 的执行，特别是 exhaust 和 selective catalytic reduction 系统。Industrial Process Solutions 营收微降 $0.9M，因剥离 Global Pump Solutions 业务，但被工业 ducting 应用 backlog 执行部分抵消。
Margin 归因：Gross margin 31.0%，同比 -420bps，主要因剥离高毛利 Global Pump Solutions 业务、国际项目 backlog 转化及项目组合变化。Non-GAAP operating margin 8.7%，同比 +380bps，显示剔除一次性项目后盈利能力显著改善，主要因营收增长和 Selling and administrative expense 占销售比下降（22.3% vs 30.3%）。
盈利质量：GAAP 净亏损 $0.4M，主要因 Thermon 并购相关费用 $8.7M 计入 Acquisition and integration expense。剔除该费用及摊销后，Non-GAAP operating income $17.9M，同比翻倍。经营现金流 -$13.1M，因应收账款大幅增加 $103.1M，反映长期项目收款周期，但 Billings in excess 增加 $60.7M 部分抵消。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Engineered Systems | $150.5M | +25.0% | $29.8M | 19.8% | 大型电力项目 backlog 执行，订单 +135% |
| Industrial Process Solutions | $55.4M | -1.6% | $6.4M | 11.6% | 剥离 Global Pump Solutions 影响，被工业 ducting 部分抵消 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & cash equivalents | $45.4M | +$12.3M |
| Total Debt | $253.2M | +$40.8M |
| Inventory | $60.2M | +$6.2M |
| Contract assets (costs in excess) | $103.7M | -$11.9M |
| Contract liabilities (billings in excess) | $184.2M | +$60.5M |
| Operating Cash Flow | -$13.1M | -$1.4M |
| Capex | $2.6M | -$0.8M |
| Free Cash Flow | -$15.7M | -$0.6M |
Net Debt 可计算为 $253.2M - $45.4M = $207.8M，但 EBITDA 未披露，无法计算杠杆率。
资本配置：
前瞻指引：本报告未提供具体财务指引。
一次性异常项：
主要风险：