Jeff Sprague

Europe is probably most prone to seeing collateral economic damage first from what's going on. Is there any visible change in tone there

is there a way to just step back and sort of collectively say, you gave us the dollars deployed, right, on a year-to-date basis, kind of what the average multiple has been?

Just thinking about kind of the margin entitlement of what you've acquired, where you might be on integrating these assets? Are they all truly being integrated or any of them sort of stand-alone?

the comment about specifications, How good of a leading indicator have you seen that over time

would it be reasonable to assume that 're really looking at sort of an upside revenue case, but maybe some pressure on margins

the price-cost productivity investment equation. I think it's the first time that's flipped negative maybe since you've reported it

the sourcing of steel or other metals, steel, and aluminum. Anything you could add there on where you're sourcing for your US plants

I wonder if you could just talk about that a little bit more in terms of the integration plan. I believe you see a lot more synergies there than typical AMETEK playbook

it sounds, as you said, order is firming up. Is that translated to the top line at Paragon yet?

we've gotten some inbound questions just about your research exposure and those risk and anything that along those lines

China specifically, what is it that you're looking to overcome there on that 145%?

can you share - sorry if I missed it, what price was in the quarter?

could you give us a little bit more of an update on Paragon? You mentioned orders were firming up here as we exited the year

can you give us an idea of kind of maybe order of magnitude of margin improvement you're looking for there?

back to resi, kind of good to see this sort of initial evidence of things kind of normalizing and the like. Could you just elaborate a little bit more

with 2% more price, the organic growth is unchanged. So maybe just kind of talk a little bit about maybe the price volume kind of trade-off

Where do you guys stand on what's going on in the repair versus replace dynamic

Can you just share with us kind of what the total price capture was beyond just what you did on tariffs

what do you attribute the rush for subsidy applications?

give us some examples of maybe the incremental things you did to offset whatever that residual was

What do you think the kind of realized prices on the 454 units on an all-in basis?

Can we just drill a little bit more into resi and what you saw in the quarter

what's going on on the inflation side of the equation? What sort of kind of price is embedded in the outlook

maybe just a little bit more color on what you're seeing really in the core industrial parts of the portfolio. How orders are trending? And what do you think is going on with channel inventories

maybe give us some initial thoughts on sort of these exit rates that we're looking at here in Q4

this timing benefit, is this something you did or kind of pushed on behalf of your customers, so they wouldn't somehow be disrupted

how we should read that across. One could maybe guess that New Jersey was so big and complicated and there was so much going on that AFFF considerations were really way down the pecking order

I would assume we're kind of through the inventory liquidations that have been weighing on those end markets. But can you give some color on that?

does that imply that you're sourcing from Europe now, or trying to source from Europe now, or somewhere else into China to get around the need for exemptions?

could I start there? Jon, I was just wondering if you could just walk us through sort of the exemption process, how many kind of different exemptions do you need or do you have?

would that also encompass sort of the stranded cost? That $40 million, is that sort of the public company cost for new ElectronicsCo separate and apart from sort of stranded

I feel that's a pretty hard lock on November 1. And maybe any update on just kind of the cost to separate and the kind of stand up stand-alone costs associated with Electronics?

the strength in orders there and on the top line, is that pretty level loaded between the CO2 and the heat exchange or heat pump-related pieces of the portfolio. Could you just elaborate on that a ...

the supply constraints that you're talking about are Dover internal, not kind of supply chain inputs. And I guess I sort of get that right? You've been waiting for growth. You probably kept your bo...

Is this the totality of sort of what you foreshadowed for us on the Q2 call? Or are there sort of other actions in place that could then even be additive to this?

you're saying the wraparound actions from last year's work is a $30 million benefit this year. And at this point on the stuff that you're working on this year, you see at least $30 million next yea...

your prior revenue forecast of 2% to 4% assumed no FX, I believe, right? And the 4% to 6% now has one point of FX in it, is that correct?

I'm trying to get a sense of, you know, what you're doing new incremental, to offset tariffs versus what you already had in flight?

how you exited the quarter and did you see any sort of behavior change anywhere from your customer base you know, kind of post the April 2 announcements?

that guide that you're talking about is really only accounting for cash on hand. It doesn't look like you're giving yourself any credit for just a very solid free cash flow

if we did not have this war going on, there would probably be a lot more Test and Measurement questions

the economic impacts are not contained. We have Europe becoming less competitive from an energy cost standpoint

the drop in sequential margins Q1 to Q2 on what should be

the weak verticals and do you see stabilization? I'm thinking chem probably most notably

how would you kind of characterize vertical markets that might be driving that? Is it broad based? Is it concentrated in a few areas

Could you just be a little more specific on Mexico? Maybe the size of your COGS down there and what parts of your business are most highly exposed?

Your commentary on discrete is collectively legacy, Emerson discrete plus test and measurement. Is there any distinction to be drawn

does that apply equally in your view in terms of both legacy Emerson discrete and T&M? Or do you see them on a little bit different schedules?

I just want to clarify, obviously, you're not going to own it for the full fiscal year. A month that's already passed

this 25% margin that you're pointing to, is that their organic margin?

how much Fibrebond backlog came into the backlog number that you shared with us today

how quickly can you sort of action kind of organic initiatives there or start to tuck in with some of the bolt-ons

Could you share with us what the gross tariff impact is that you're wrestling with here

what could you share with us about your view of what can be done to kind of improve the margins in Electrical Global

Just wonder if you could give us a sense of how much data center is now in the mega project number that you're sharing with us today

It looks like you're sort of guiding segment-level margins, I don't know, kind of flat-ish in Q4 on a year-over-year basis

can you just elaborate a little bit more? You said there were some one-timers in the quarter

maybe you could just tell us what you're expecting for the annual tax rate, so we don't get too far out of whack

what are you implying for IOS then? Dollar sales roughly equivalent in Q3 and then a seasonal pickup in Q4?

Is the number you're sharing with us today the annualized rate or the in-year rate?

the US exports to China are those Fortive finished goods to Chinese customers where actually maybe that $90 million to $95 million isn't really a cost item

just on China, think you said down mid single digit. I think that was a twenty twenty five estimate. Can you just kind of level set us

we just have the number? Like, how many days are we talking about here? Sounds like it's two ish

Something wonky in your calendar you're calling June 29, Q3. I'm wondering on the PSS sale, if you could give us a little bit of color on whether or not there's tax leakage

There's obviously been a little bit of concern that all the generation spending may eat into T&D spending

Is that $1.5 billion TAM all incremental relative to your prior view on the market?

Are you suggesting Q1 would be sort of outside the recent normal of sort of 19% to 20% of the year?

Can you just give us a little bit more color on what you're seeing in orders, kind of the complexion across the business?

one could certainly make a case on simple arithmetic that this exit rate for utility would actually point to maybe double-digit utility growth in 2026.

Could you elaborate a little bit more on the September, October order strength?

Is this tax rate sustainable into '26?

I'm just wondering if that is your view of what the underlying market is growing, and we should view that as sort of a steady-state growth rate from here?

can you share with us what the tariff impact embedded in your results are, how much pricing you're getting against that?

do you expect just then a shift within their budgets between price and volume?

you're suggesting a negative outcome here relative to your plan is a year that looks like $16.85, $17.35. $0.50 on the top and bottom

I just wonder, if you could really speak to your level of visibility

what percent of your COGS might be exposed to Mexican, Canadian, Chinese tariffs if things do happen

are you expecting some cash flow benefits from the change in R&D deductibility

Can you just aggregate that for us what was your price capture in Q2

can you just level set us on what you've accomplished year-to-date, what remains to be done in the back half of the year

is the visibility actually improving

Does that mean you haven't sorted it all yet, and you're still kind of working through it

Can you just clarify what, if anything, is in the guide from a capital deployment standpoint

there some other kind of short-cycle versus long-cycle backlog conversion dynamic that we should be thinking about

Can you just tell us what the gross headwind is and what the incremental impact of the 232s in August were

how do you think about like managing kind of potentially larger, more complex M&A down the road

anything in just the nature of these longer-cycle projects that stand out regionally, vertical market, different flavors

Can you -- if you haven't already, can you just provide a little bit more color on how much you think of it as kind of price versus kind of cost

the tone of demand that you're seeing there and sort of any evidence of backlash against US companies or anything of that nature

would you actually commit additional capital to these air and defense-related businesses? Is there stuff in your pipeline

that's sort of excluding any wraparound effect from what you did in 2024, and would just be the annualized impact

this is the 11th quarter in a row of organic revenue declines and the margins are still going up in the business

it sounds like you've got a fair amount of visibility on Test & Measurement improving in the fourth quarter

should we just kinda be thinking about it I don't know. Secular 1% headwind on PLS indefinitely

are you seeing any, like, unusual change in order patterns? People trying to, you know, get in front of maybe just the expiration of this thirty-day cooling-off period

the portfolio review, Joakim, that I would assume that's still ongoing, but it also looks like the retail business did not close yet

a little bit of more detail on you know, where you sit sort of the technology path, the forward planning, understanding what's coming down the pike

are there some clearly targeted actions that support that? Or are you counting on sort of a stronger revenue recovery

what the target-rich environment might be on free cash flow and how that might unfold over the next year or 2

where the most significant opportunities are on the free cash flow side? Should we view this 100% plus sort of a catch-up on low-hanging fruit?

How would you parse kind of the inflation headwind between the tariff changes and just kind of the general inflation going on

Do you sense in the channel that there was sort of pre-buy in front of inflation or there's been some early heat in some places

Is there an active pipeline? Should we anticipate more in 2026? What are your thoughts there

how big is that tier for you now, in 2025? Like, how much of your business would you characterize as operating in kind of the lowest possible price point

Just on the inflation number you're giving us, the 6%, that's on total COGS and total SG&A. And then investments in productivity numbers you gave us are separate and apart from that

your inventories relative to sales, right, were a lot lower than normal here in the fourth quarter

maybe you could give us a little more perspective on the pre-buy, the size of it, if you could

did we start soft here in January and, you know, do you see things sort of kind of picking up off a low base

how much of that pivot is sort of addition by subtraction versus sort of investment focus growing

I just wonder if you could give us a sense of is this the beginning of a 2 or 3-year very large project

the upside to the top line view here, I know you can't probably perfectly parse it apart, but really isn't a

Just maybe your philosophy on sort of metering the best investments. I get it the macro is not great

Maybe just pivot from the growth side to the cost side and what you're working on there.

Interesting commentary about the March exit rate but obviously kind of post liberation day

back to the tariffs, appreciate that kind of build-up to what the gross impact was. That's some great color

within that $0.70 to $1 -- $0.70 to $1 bridge item, Anurag, you could give us a little bit of granularity

to what degree sort of the operational execution -- product development has actually impacted the top-line

You had that 60 bps gain in the Q4 service margin. You're -- on an as-reported basis, you're comfortable with Q4 2026 exceeding Q4 2025 even with that gain?

maybe a pivot to we maintain that sort of winds a little bit with kind of the nagging concern many of us have about ISPs

could you also just address kinda where OE versus service margins are

I was wondering if you could just dial us in a little bit more precise on China just to sort of level set the base

You noted price continues to be up on the Service side. I would suspect there's still a meaningful geographic difference China versus rest of the world

on the new equipment side, can you kind of do a similar kind of geographic rundown for us on price?

are you just assuming you can't or contractually, you can't reprice backlog, or are there some counteractions that you are taking there

Is that a gross or it sounds like you're giving us a net number, net of your kind of counteractions. Can you give us a sense of what the gross headwind is

What are you thinking for New Equipment price in 2025? I think you gave us just the volume outlook

Could you just address China conversion? I see you shared the 51% with us in the slides. We got global at 66%. So I think that kind of means ex-China you run a 90%-ish sort of conversion

Is there any indication in orders of a shift between OE and aftermarket?

it looks to me if it was even flat sequentially here in Q2, then we're starting to get to backlog in Industrial also inflecting higher. Is that sort of what you see

orders have outpaced sales now for 8 quarters, which I've never seen that long of a run. So maybe you could just speak to, is it reasonable to think that those do reconnect

get a sense of defense versus commercial mix and how that's playing and if that's changed versus your initial view

can you just kind of give us a little color on at the margin rate it comes in at the work you're doing to integrate it

maybe you could just speak a little bit more to Curtis, kind of where the margin profile is on a Parker comparable basis, what kind of improvement you can get

your comment alluded to the fact that maybe the softness here in Q4 was because you got some chunky orders in Q3

it sounds like you're not really looking at making any significant footprint changes that just sort of surprises me right, like I wouldn't think you want to eat $375 million

when you kind of addressed to the strength in industrial long cycle, is this the aero stuff that sits inside industrial

could give a little bit more color on just the pattern -- organic pattern of industrial revenues Q3 and Q4 to close out the year

is that 100-ish a pretty good run rate going forward?

is that a reported number, an organic number? Maybe you could be a little bit more precise

I think you said you expect Asia Pacific to be the weakest region for the year even though EMEA is starting off weaker

what you absorbed on tariffs in 2025 what the wraparound might be, and then also just this, you know, pretty dramatic, you know, metal spike

the improvement in corporate, the pickup in other, do those continue into 2026?

are we starting to bump up against just the ability for the supply chain, the construction community, whatever to put this stuff in the ground

do your expectations for the balance of the year imply that you remain margin accretive on inflation?

I would have thought mix itself was maybe 10-ish. Can you just give us a little bit more color on kind of the mix effect

do you see any fundamental sourcing advantage from Mexico vis-à-vis your competitors?

that also looks like kind of a macroeconomic recession signal. It's been a long time since we had a normal recession

I think you include everything in backlog regardless of how far out it reaches. Maybe you could just give a little color on kind of the backlog staging

how did the two-step channel perform in the quarter versus your internal channels as we kind of think about all the pre-buy

you didn't mention any benefits in 2026. We should expect this gearing up in '26 for things to flow in '27 and '28?

I was wondering if you could just elaborate a little bit more on kind of the cost program, sort of the catalyst behind it

is there like a real list of sort of no-regrets footprint changes that you make here?

Do you see, for example, kind of electronic sources of supply where you can divert out of China to other places

could you maybe just address kind of the field organization, the ability for service to grow at this pace. How the margin complexion

labor-related services. We don't think about operating leverage, right? It's man hours or people hours, but there's kind of other more sophisticated services

have things really changed on the ground in terms of the permitting bottlenecks and the like

could you just maybe address, a little scare through the market a couple of weeks ago on AWS delivering some kind of

do you have kind of the commercial leverage to fully recover tariffs

perhaps you or David could just tell us what is the total gross tariff related pressure

your total available market, right, the three to three and a half million per megawatt

can you give us a sense of kind of the exposures, maybe size those for us