The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mark Strouse - JPMorgan Chase & Co - Analyst
: Yes, good morning. Thank you very much for taking our questions. Maybe starting with the acquisition, can you just talk about on
slide 8, the visibility that you have into those 2028 targets? I appreciate it seems like you're trying to be conservative not baking in
any revenue synergies. But just kind of given where the backlog is, can you talk about what gives you the confidence in putting that
number out there for that year?
Question: Nigel Coe - Wolfe Research LLC - Analyst
: Prolec acquisition seems like a home run. So congratulations on that. Can you maybe just -- Scott, it seems that you're really excited
about the potential in the low-voltage, medium voltage and perhaps some of the industrial verticals. Can you just maybe just lay
out where the mix is today and where you think that could be over time? And then just maybe talk about the -- where capacity is
today for Prolec any investments that are required, that would be really helpful.
Question: Julian Mitchell - Barclays Services Corp - Analyst
: I just wanted to maybe stick with the Power equipment point. So maybe flesh out a little bit some of what you just discussed because,
yes, if we look at the Power equipment, dollar orders year to date or in the third quarter and that increase versus the gigawatt orders
in gas, there is a very large positive delta on that dollar growth versus the gigawatt growth.
So maybe shed some light on that sort of price versus mix tailwind there for the dollars versus the gigawatts. And maybe it pertains
to it somewhat, but aero derivatives are getting a lot more attention now, strong demand growth, a lot of competition. Maybe help
Question: Nicole DeBlase - Deutsche Bank AG - Analyst
: Yeah, thanks. Good morning, guys. So congrats on the Prolect deal. I just wanted to come back and had a couple of tie-ups on that.
I guess first on the cost synergy realization, any help on the cadence of realizing those savings? Like what can be done faster, what
takes more time? And then you talked a lot about capacity expansion that you guys have done in Prolec and that, that remains a
focus. What have you seen from the industry as a whole? And what has that meant for pricing within the Prolec business?
Question: Joe Ritchie - Goldman Sachs Group Inc - Analyst
: Hey, good morning guys, and, kudos to congratulations on the on the deal. inJust a two-part question on Prolec. Scott, maybe you
can double-click a little bit on the commercial limitations that currently exists under your agreement. And then as you kind of think
about getting after that $80 billion addressable opportunity by 2030, I just want to know like you're like how you're going to get
after it, like the ability to really kind of accelerate the profitability of the business?
Question: Andrew Kaplowitz - Citi Infrastructure Investments LLC - Analyst
: Scott, so you said you're expecting 70 gigawatts at the end of the year between slot reservations and backlog in Gas Power. I know
you said in the past that you'd be comfortable capacity when JV gets to 100 gigawatts. And when you get to that 20 gigawatt annual
run rate in the second half of '26, but are there any situations where you'd actually begin to ramp capacity get to higher than 20
gigawatts annually before you have that much backlog, especially given you're already getting pretty close by the end of this year?
Question: Michael Blum - Wells Fargo Securities LLC - Analyst
: Thanks, sir. Good morning, everyone. I wanted to ask another question on the Gas Turbine business. Can you speak to why most of
the backlog increase or slot reservations as opposed to orders? Is that just a function of timing? Are there other dynamics going on
there? And then can you just level set us, is '26 to '28 basically sold out and you're more or less selling '29 and beyond at this point?
Question: David Arcaro - Morgan Stanley - Analyst
: I was wondering if you could maybe just elaborate a little bit more on how you think about modular power that's behind the meter
power that we're seeing, things like your aero derivatives but also smaller-scale gas turbines, engines, even fuel cells? How do you
see those, is that a longer-term competitive threat to the larger frame gas turbines? Do you see an opportunity to expand capacity
and actually go after more volume in that side of the market? I would be curious to your strategic thoughts on that element -- of the
market right now?
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