Andy Kaplowitz

how are you viewing the current M&A pipeline, particularly in terms of opportunities within your core business versus adjacency areas?

Can you maybe just unpack what you're seeing in underlying demand? I know you mentioned earlier on the call, you're seeing strength in commercial and residential. But specifically, how much of that...

if, for instance, the market doesn't come back as you expect in the second half, do you have more restructuring that you can do? How do you think about the ability to sort of maintain margin if the...

your boiler business is continued to be pretty solid, and I think you have a good forecast for '26. So maybe just one more color on the health of that market

how have you sized the potential opportunity for cost out overall at AOS and/or the potential to accelerate new product-related growth

anything you're seeing there? Obviously, resi HVAC is having much more difficult time than resi water heaters, given their own inventory problems over there. It doesn't seem to be the case with you...

is your improved guidance just continued traction on your high-efficiency boilers? Or is there any change in the market?

do you think the company could get a bit more aggressive in general using its balance sheet?

your sales start out only down 4%, which I think was slightly better than Q4. Did Stimulus help at all?

Do you see full impact in Q2 without much help from pricing yet, so we need to forecast that in Q2?

would you expect AOS to get more aggressive in terms of portfolio management in the future, whether you ramp up an M&A

you said you saw a modest slowdown including activity in boilers, but your guidance for this year is still for 3% to 5% growth

can you give us more color into what you're seeing in the CSA Light Commercial, I think, up 9%, I think you said in Q1

could you give us a little more color into what you're seeing in CSE? I know you mentioned the strength in heat pumps

the confidence level there for flat 26%

how the benefits are layering in in '26

What's the conviction level that we will mark a bottom this year?

You lowered China a bit in terms of your outlook for the year, but the balance of the segment is up

Are you seeing any share movements across the major OEMs?

can you give more color on to what's going on with your commercial HVAC business Americas, given the capacity increase

do you still see flat for Viessmann for the year? I think you talked about 150 basis point margin improvement

maybe just a little more color into your outlook for [indiscernible]. I know for a while, you were talking about a stronger potential revenue growth

it looks like you're forecasting something like low 30s incrementals for HVAC in '25 maybe puts and takes

maybe just on DII, you're still talking about low single digit organic growth and margin expansion for the year. But can you give us more color what happened in Q1

Which just in DPS, you mentioned you overcame tough comps and pump some process in Q1 and you didn't own biopharma and you didn't change your forecast for the year, but -- are you seeing business g...

do you have visibility at least to continue that near-term book to bill out or over one that you've been delivering?

did you see improving bookings cadence across Q3 for the company? And would you expect book-to-bill over 1x in Q4?

does Pumps and Process potentially continue to accelerate here?

I know you, you know, you're forecasting mid-single digit for the year. Last quarter, you started at 2%. That's obviously not bad. But is there anything holding that business down

Are you thinking 2025 is another year where all or most of your quarters could achieve book-to-bill out or over one?

can you give us a little more color into how you think about earnings cadence through the year?

Can you sustain that mid-single-digit order growth rate in this environment?

your expectations for margins, really margin incrementals, have been drifting up a bit given the lower sales forecast

ACV growth was 9% in the quarter. Are you still talking about expected 10% plus growth for the year

could you break down a bit more your 9% order growth in Q1 between process and hybrid?

Are you expecting any sort of larger project order recovery and or change, for instance, in process markets to get you there?

do you expect acceleration in '26 in that end market?

you expected mid-single-digit order growth. That's what you got. If you look at the business or the end markets, you expect stability

can you give us some more color into the strength of your incrementals in Q2 and how you're thinking about incrementals in the second half

opining on the ability of the funnel to continue to grow. I know you highlighted LNG and power

you actually had more new -- well, you had more new wins in Q4 than Q3. Did you see reacceleration, just stability?

can you talk about how you're thinking about Emerson's overall book-to-bill for '25? Do you think you could grow backlog?

what are you seeing in terms of other mega projects? Are you simply further unlock there

can you talk about what total Eaton sales per megawatt within your eventual new portfolio could be?

did those markets get worse again through Q4? Are they just not recovering yet?

Would you say that ServiceChannel, Gordian could all continue to be higher than that 2% to 3% core growth

How would you characterize fundamentals?

What kind of growth are you dialing in for '26 sort of in that kind of business?

what is inflecting in those areas within Fluke, for instance, and what do you assess as the durability of the turn

should we get increasing impact from that simplification as we go into '26?

what are you seeing across your year and markets by geography?

Are you guys seeing sort of stability? Is it a little bit weaker in those regions?

you mentioned Sensors and Systems. You said increased backlog, but can you talk about the shipping delays you saw on the defense side?

I just want to dig into the sales by region for Fortive. I know prior to this quarter you already expected China to be down

q three, you had double digit consumables growth. It was mid single digits in q four. I know you talked about the difference in days

maybe you can update us on how you're thinking about price for cost in twenty five?

maybe you can talk about your progress on entitlement and what you see going forward

can you give us more color on your assessment of how your teams are doing on that variable cost, productivity that you talked about and what that might mean for the next couple of years?

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 expanding capacity when JV ge...

you expect a similar annualized growth rate in your equipment back up in twenty-five as you saw in twenty-four and twenty-three. Is that still what you expect

could you give more color into your commentary regarding accelerating capacity expansion to sell premium slots that you have on Slide 6

do you sense a need for more energy security now or maybe more local-for-local investments. So maybe you have a more robust LNG cycle?

can you give a little more color into the improvement you saw particularly in IA margin in Q1. The margin improvement was impressive

Can you talk about the cadence of orders and revenue in Q3? Did you see any changes in your short-cycle businesses

improved orders, does it give you more confidence that these businesses are going to turn higher in '26?

how sticky have your price increases been that you've made here this year

what you're seeing in Defense and Space as it continues to accelerate here

you delivered double-digit growth in Q1. Are you seeing more strength in international defense

can you talk about the visibility customers, are you seeing any hints of CapEx delays or project deferrals

You mentioned prices normalizing in 2025. And it seems like you mentioned cost inflation a lot really at all of your segments

how you're thinking about revenue growth by geography in 2025. I know you mentioned some headwinds in Europe and China

do you think you need the Middle East conflict and to get all of the orders back

Has that continued to grow

can you maybe talk about the customer payback that you are seeing right now

historically, you got to 100% FCF conversion. This year, your guidance is under 100%

How much of a drag it is right now? And would you say comps begin to get a lot easier in '26

Was that just ILC Dover becoming organic and having easier comps? Or did you see more material improvement across the portfolio

can you give more color into your legacy Gardner Denver Medical business? Are you seeing any green shoots there

book-to-bill over onetime as you said, which was strong and still strong in April

can you give us an update on how your MQLs are looking? Last quarter, you mentioned they were still up 12% year-over-year

any lessons learned in terms of the greater acquisition strategy as this was a larger deal for you

your CapEx businesses such as Test & Measurement and Welding are trending ahead of your expectations

maybe a similar question on margin for you, Michael. You reiterated the incrementals for the year in the mid- to high 40s

You've had a couple of maybe, I'll call it, head fakes in semicon. So you're seeing more definitive turn now? And are you seeing a bit more of an unlock of your CapEx businesses in general in terms...

Normally, I would think we just model higher incrementals where you're modeling higher growth. But you, for instance, had really good margin performance in construction again in Q4. And there is, y...

can you actually push to the higher end of your low to mid-20s over the next couple of years?

China just such a standout versus your other regions, especially versus other industrial peers

you mentioned encouraging sequential growth of 6%. I think usually, you get a couple of percentage points of growth sequentially

sequential growth from Q3 to Q4 was 3.7%, you know, greater than 1.5% in store growth

could you give us more color into your ability to continue outperform in China?

Could we actually be in acceleration mode again?

maybe you can talk about the longevity of the water infrastructure cycle

improvement in Critical Infrastructure in Europe and I think cities and places in the Middle East, which I think have been kind of watch items

PA picked up, backlog there is actually pretty strong. So maybe just PA and then the overall U.K. business, is it still a little bit more, choppy?

In the advanced manufacturing area, kind of weak right now. I think you said you see some projects maybe ramping up in the second half

they have a big deregulation focus. I would surmise you don't think that is going to impact that business at all

orders in EMEA have been accelerating lately on data center strength. Does that start to reflect into stronger sales growth in that segment

do you have the capacity you need considering that you will be delivering more of those bigger projects next year and beyond

Can you get better margin on these individual projects? Moving forward?

Fire and Security markets, I think you said were up, like, low single digits in the quarter. As you know, a lot of those businesses are short cycle. So are you seeing an improvement

Can you improve the margin there as you go into '26? Is there anything in the competitive environment that may be holding you back?

where do you think attachment rates could go over time? And what does JCI have to do to sort of continue to improve attachment?

maybe you can opine on some of these verticals and the visibility that you have, you seeing improvement in office

can you call a definitive turn in that market with the understanding that it's still a fluid environment

can you give us an update on how you're thinking about overall 3M portfolio

can you give us some more color into what you're seeing in Consumer? I know you talked about share gain actions

you originally forecast N25 averaging high teens growth from that rolling five-year new products. You averaged closer to

could you give us more color on that? Was it mostly just the increased advertising promos that you talked about?

can you talk about how you're thinking about getting 3M as exposed as you can, just some of the mega trends

I think margin was the highest we've seen in quite a while in consumer, can you talk about the puts and takes

I get a nice jump in margin afterwards seen with a few quarters of pressure in TPG. So -- could you talk

I think it might be helpful to hear about your thoughts on the fiscal environment here in the U.S.

I just wanted to ask you about TEGG margin. In Q1, it still looked like it was under a bit of pressure

I think that we're all trying to figure out sort of what's going on in the MAC and you mentioned your industrial

you had mentioned in the Conference Circuit in December that you saw a bit of an uptick in industrial demand

can you give more color into '25 margin guidance by segment? And then also comment on T&E margin particularly in Q4 '24

is there any reason why you could not continue to grow margin even if mix runs a bit more against you?

continued strong performance in Asia Pac—plus 10% is impressive. Talk about the durability of that growth.

could you give us a little more color on how you're thinking about A&D for '26? Or is there obviously so strong in Q4

you're guiding to call it mid-single-digit plus EPS growth at the midpoint for '26, but free cash flow at the midpoint is slightly lower

Asia seems to be holding up well for Parker, and specifically China seems to be holding up. Maybe you can give us a little more color on what you're seeing there

give us a little more color about what is going on in Water Solutions with Manitowoc Ice and Everpure

I think Flow revenue was slightly ahead of forecast for Q1. Maybe give a little more color on what you are seeing out of your CapEx businesses there

maybe just a follow-up on sort of this combination of residential flow and residential water. I think you said it has 25% of your factories

can you give us a little more color on what you're seeing in your commercial water solutions business?

maybe you could give us an update on the 26% target in '26. It seems that you're still comfortable with that.

So you lowered your twenty-five year-over-year cold water solutions growth, I think, just a little bit down low single digits instead of flat. As commercial growth continues to lag a bit for you

could you talk about what you're seeing in pool in terms of unit volumes and sensitivity to higher prices

I'm just trying to understand how you're thinking about price versus cost for the year because I think you passed through, I think it was 75% of the pricing

you're assuming you could absorb the entire $140 million of incremental tariffs in your margin guidance

you didn't change your pool forecast growth for 2025, but maybe give us a little more color into what you're seeing as the selling season develops

Are you seeing or when should we see like sort of pent-up demand as everybody is just sitting there

When you're assuming CapEx delays might begin to subside there within the industrial businesses?

these always tend to be over $1 billion relatively consistently. And how much of that acceleration that you're seeing

how do you think about execution risk for these larger total solution jobs that include power generation

Would you say even with the bill and its impact that you're more confident in sequential backlog growth for Quanta

Maybe you could elaborate on that and how you think this cycle plays out. Do you see a bigger slug of transmission projects starting to actually move forward now

Is it fair to say that you're seeing some decent unlock in larger projects versus last quarter? Then maybe you can give more color to the drivers

are we starting to think the core incrementals at Rockwell could be higher than your previous longer-term algorithm?

semiconductors were still down in Q1, but it does seem like good cross-industrial semiconductors are getting better

if Logix does stay strong, as Blake kind of mentioned, it was pretty strong in Q1, could incrementals creep up for the year?

does that mean that, that's the kind of incremental margin we can count on from Rock moving forward?

would you expect that to continue to be the case moving forward?

Can you turn the corner in that segment as early as FY '26 towards significantly higher margin?

is the current environment still supportive of underlying bookings continue to slowly improve from here?

is that still the expectation for orders?

Do you see ultimate restructuring benefit including SKU rationalization is actually way more than 250?

you mentioned slightly more positive impact, any mild insourcing and manufacturing in Q1. So do you actually see a little more benefit than that $1.85?

How much of that improvement is actually getting better versus your improved product offering? And did the positive order trend you saw in fiscal Q1 continue in January?

do you think we're any closer to a bottom in discrete?

that puts you probably in the sevens in terms of run rate and sales. So maybe how much lift do you get in orders if destocking were to just end

you did have, I think, 50% growth ex China in bookings there. So you see maybe a little bit more broad-based growth

your continued outperformance in Americas transport pretty strong in Q1 versus the market

how is Trane adapting in thermal management as it adapts? To maybe a little more liquid cooling

how to think about segment incrementals in the context of your normal expected 25% plus as European margins start to turn

is there any reason why your growth there wouldn't follow the reacceleration in Americas Commercial HVAC bookings

do you think inventories could get in balance by the end of the year? How do you think about that?

Q2's America margin was the highest we've seen from Trane. So I'm just trying to figure out how enduring the Americas performance is

your light unitary business is still doing reasonably well, which is a bit of a contrast versus some of your peers

TK, being pretty weak, would hurt you more than it is. I know you sort of put in the guidance, you'll continue to outperform

Obviously you talked about a significant reinvestment and I'm sure margins will bounce back, but maybe you just talk about what you're doing there

are data center project bookings set to lead growth, for instance, in '25 versus '24? And it seems like education-related bookings are holding up well

APAC margin was obviously surprisingly strong in Q4. Maybe just comment on the durability of those margins in '25?

structurally, do you see PQI margin having the same opportunity that you have in sort of Water Quality and consistent with the long-term incremental margin framework you have?

you mentioned packaging and color within PQI, down high single digits as a nonrecurring impact in Q1. Maybe just give a little more color around that?

Your guidance of 50 basis points of margin expansion ex In-Situ, which is, I think, right in your incremental margin algorithm. But maybe you could give us some more color into the puts and takes y...

Could we see the data center wave be sort of meaningful for you guys in growth in '26? Or is it still too small?

you lowered the '25 margin guidance slightly. Was that all PQI tariff-related pass-through? Or was it the incremental investments you're making?

could you talk about the durability of that strength into '26, especially given your comments regarding data center-related growth? Can you size that particular business at this point and its impac...

Can you walk us through how much of the compression was due to sort of tariffs and pricing will catch up?

can you give us more color regarding the environment you're seeing in core Water Quality growth maybe by region?

how much of the business is still being driven by hyperscalers in colo versus enterprise. I assume it's still heavily weighted towards the forum

is it possible to generate higher incrementals given potential operating leverage

capacity investments that you talked about that you're making, particularly North America

are we thinking that growth could be even higher, modestly higher rates, especially given you're seeing a broadening of AI spend

a strong book to bill in Q1 of 1.4 times, but you mentioned that Europe in terms of better bookings is still lagging

the timing of orders in EMEA influenced your Q4 result. Can you give us more color on the European weaknesses

maybe the same kind of question on organic growth for the year. You obviously mean an uptick in growth in the second half.

Can you give us a little more color on what you're seeing in terms of price versus inflation across the company?

you're you're to 70 to 110 basis points of margin improvement in twenty six. As you know, it basically takes you past your 23% and change adjusted EBITDA margin goal

just maybe a little more color on going on in smart meters. You did have solid orders, but, Bill, you mentioned orders were still below what you expect

you're now expecting 140 to 170 basis points of EBITDA margin improvement for '25. I think your Investor Day algorithm has been 100 basis points per year.

you had difficult comparisons in Q3 in MCS, yet you still delivered 11% order growth. Is the strength broad-based in energy and water meters?

So I just wanted to focus on Applied Water for a second. You always had good orders and revenue growth. I think you mentioned driven by commercial buildings.

Maybe talk about the dichotomy between developed and developing markets. I mean you said the strength really is coming from developed.

can you give a little more color into the bookings environment that you're seeing and maybe some of the cyclical headwinds

it appears Xylem passed on some large water assets that were available for a while, but you do have a very strong balance sheet