0001005229-26-000041
SEC filingQ1营收订单创纪录，Kito Crosby并表驱动125%增长，上调全年指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $531.5M | $235.9M | +125.3% |
| Orders | $568.1M | — | +120% |
| Gross Margin | 27.5% | 32.7% | -520 bps |
| Adjusted Gross Margin | 38.1% | 34.3% | +380 bps |
| Operating Income | -$17.7M | $5.5M | -422.2% |
| Net Income (Loss) attributable to the Company | -$88.7M | -$1.9M | NM |
| Diluted EPS (GAAP) | -$2.05 | -$0.07 | NM |
| Adjusted Net Income | $30.5M | $14.3M | +114.0% |
| Adjusted EPS | $0.61 | $0.50 | +22.0% |
| Adjusted EBITDA | $111.5M | $32.6M | +241.8% |
| Adjusted EBITDA Margin | 21.0% | 13.8% | +720 bps |
| Operating Cash Flow | $25.6M | -$18.2M | — |
| Free Cash Flow Excluding Deal Costs | $32.4M | -$17.3M | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2027 | Net Sales | $2.09B - $2.15B | N/A |
| FY2027 | Adjusted EBITDA | $405M - $420M | Non-GAAP |
| FY2027 | Adjusted EPS | $1.90 - $2.10 | Non-GAAP |
简评
Q1 FY27 业绩受 Kito Crosby 收购并表驱动，净销售同比大增 125.3% 至 $531.5M，订单增长 120% 至 $568.1M，Book-to-bill 达 1.1x，创纪录。GAAP 层面净亏损 $88.7M，主要因 $70.3M 并购整合相关费用（含 $55.2M 库存增值摊销）；调整后净利 $30.5M，同比 +114%，调整后 EPS $0.61，+22%。Legacy CMCO 净销售增长 12.7%，量价齐升且所有地区增长，显示内生动能稳健。
利润率方面，GAAP 毛利率 27.5% 同比下滑 520bps，但调整后毛利率 38.1% 提升 380bps，反映并购增值效应、协同实现及当季材料成本利好。调整后 EBITDA 利润率 21.0%，同比大增 720bps。管理层上调 FY27 指引：净销售 $2.09B-$2.15B、调整后 EBITDA $405M-$420M、调整后 EPS $1.90-$2.10，体现对订单动能和协同达成的信心。资本配置上，公司优先去杠杆（杠杆率 4.9x），并维持股息支付记录；优先股股息以实物累计，支持现金流。主要风险包括整合执行、利息费用（指引 $185M-$190M）及外汇波动。