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just interested in any color on the time from spec to order, if you're seeing any elongation in that with respect to what you would normally see on spec to order
Are surcharges already in the market? How much of this is price? How much of this is more kind of cost mitigation on your side?
Just any color as we think about price and volume components of that? Is that a little bit more price than volume, the price carryover tailwind
just what you saw develop over the course of the quarter, the degree to which that extends into the early part of this year? Whether that was more kind of destocking events or sell-through demand
Really just trying to get a sense for what your perception is of activity that's sidelined and just waiting for a little bit better visibility and what some of those key ingredients are to bringing...
I think this was the first quarter of volume growth after 4 of declines, actually better volume growth in International than Americas even this quarter. So just kind of unpacking a little bit more ...
Can you talk about the timing of price cost with tariffs? Because I think the framework was that could be a little bit of a headwind in Q2
any signs of pull forward that you saw in the quarter to get ahead of some of the pricing? And then just bigger picture, you touched on specification activity
how much of the business would generally be stock and flow nature versus this is this is spec in
what the framework is as you think about Q2? And expectation setting?
what is embedded within that in terms of any headwind as it relates to the exit there and timing around being done with those actions
Should we think about both segments seeing year-over-year margin expansion, maybe Americas leading that and then a little bit of corporate leverage on top of that
somewhat constructive comments in terms of 232 and I think touching on optimistic that something could change there
why why do you win on CDUs?
talk about the building blocks to to get back to to nine
Could you talk about back half of the year margin expectations in Europe?
anything behind the economics that would be kind of the rationale for why we're not seeing some of that shift?
Can you unpack the tariffs a little bit just in terms of sizing the cost headwind this year and then the breakdown of what you're doing on the cost and price side?
non-data center business up high-single digit is actually a little bit more surprising, I'd say, than the data center growth
Can you just give a little bit more color on puts and takes there
Could you just talk about the sort of tariff considerations
Sound pretty constructive on the pipeline. Just I guess, confidence in getting something done this year. it doesn't look like multiples are moving any lower, and you've got a track record of discip...
trying to understand the triggers behind the demand being there because it's very broad-based when we look at the order strength. And so what what has shifted from sort of customer sentiment, what ...
if you could elaborate on what you're seeing there, some details across regions, how you think that plays out over the course of 2026
you've got the $40 million carryover from actions last year. I think in the past, you've touched on there could be more to do there
I'm curious about which ones you're most excited about the growth potential
you haven't taken out the point of conservatism that you put in a quarter ago. It's just FX?
what is it that folks are now looking at most closely that would drive some relief from the uncertainty overhang on demand?
how much is your managing the timing of demand for moves in the manufacturing base versus underlying CapEx demand trends where there's a little bit of a pause?
Where in the business you would have some of the bigger advantages, any positions where you would yourself as being a little bit disadvantaged?
I am curious if you are seeing an acceleration as well as a broadening out at all
just touching on the margin strength in Intelligent Devices in the quarter
We saw really good organic growth there last quarter, this quarter, more in that kind of low mid-single-digit range
Just talk about where you sit on the validation side and end market exposures and why the demand trends for you could be a little bit more insulated
price cost was the biggest driver of the margin strength in the quarter and so maybe just confirmation around that
Can you talk about this evolution toward more software-defined automation and the time line that you envision for that
can you just sort of comment on that and the degree to which you did see an inflection within orders?
how we should think about the content opportunity for you in that kind of architecture?
the degree to which that surprised internally, sources of that surprise?
the types of enhancements that you're currently working on or that are in the market
what exactly is encompassed in sort of resourcing the growth oxygen for your 10 operating brands
the best opportunity for volume to get a little bit better, maybe areas that you're watching most closely?
any color on what kind of growth you expect out of Qualitrol, trying to get a little bit of perspective on whether those capacity constraints
if you could talk a little bit about regional expectations specific to to Fluke, really, and and how you think about the
the degree to which you saw any of that in the quarter
Is it reasonable to see something like low double-digit organic through the first few quarters of the year?
how you're thinking about the spend opportunity there, with respect to the M&A pipeline, appetite on share repo
Can you talk a little bit about first half versus second half growth in grid infrastructure?
Can you just touch a little bit on behind-the-meter infrastructure investments and what that means from a content perspective for you on both the Utility and the Electrical side
whether there's broader value within the portfolio that maybe is underappreciated
just how you're thinking about the back half growth rates and things like transmission, substation, distribution to get to something that seems like it would be a low double-digit organic growth rate
in terms of the M&A pipeline side of things, any characterization of how that looks
any color on how we think about that between the segments and whether that would be low-double digits utility in the back half
what kind of verticals you would be sort of sourcing in terms of the end markets that you serve and where China would be a good source
the comps are going to be easier in the fourth quarter, so still down 20%, maybe just kind of missed that
if you could just frame, how much it was down in 2024. It would seem like you've got a relatively easy comp
if you have seen any impact associated with the conflict or if that order impact is largely contained to the Middle East region
any more detail around like the pricing that you put in place for tariffs, but the timing of when that starts to flow through
over $450,000,000. Just a little bit of color around what is kind of driving some of the traction there
400, 500 bps of annualized revenue expected to be acquired in 2026. Just in terms of the composition of the pipeline
the sort of coincident correlation of kind of orders and revenue has gone up, meaning a little bit more book and ship within the quarter
how you're approaching the bolt-on versus larger deal opportunity
on the clean energy vertical
the volume assumption moving to down low single from first half of the year, down mid-single, that seems like it's really comps
can you size how much of that is China? And within that, how much is import? How much is export
where do you think about that vulnerability really sitting between segments and then within segments by end markets
what do you think the main event is in terms of seeing kind of an unlock of better demand
it would seem like they need your equipment. Are you seeing this kind of build up
the math would have suggested something up to 2% kind of price requirement to offset. And it seems like we're in an environment now where the pricing required is probably less than 1%
when we look at sort of the walk from Q2 into the back half, about 100 bps improvement
trying to parse kind of DBI and share versus underlying end market
which parts of the business are you watching most closely for vulnerabilities?
not sure if 2% price is a reasonable kind of benchmark to be thinking about required to offset cost and be dollar neutral
is that kind of the contingency versus the unknown on the macro
how quickly you can implement pricing through the system
where you think you're gonna see things get better earliest and any perspective from a volume standpoint
could you talk about what that brings to you from a differentiation advantage what it means for your CDU offerings and when those advantages will be in the market
Can you just talk about the time line on kind of business system implementation. When you talk about 1,400 colleagues being engaged today
the capacity expansion and the tripling of physical capacity, and is that specific to chillers or includes air handlers?
Talk about the price, if that price is already in place? Any color on kind of volume by regions, HVAC versus Fire & Security?
can you just update us on what you achieved in 2025? What's baked into the '26 guide with respect to that $500 million?
Of the $500 million, what savings you anticipate achieving this year, just kind of broad strokes what the setup would be for what you can achieve next year?
just to understand your evaluation of the pricing today and the pricing opportunities
the cost impact in 2025, the savings impact, whether anything is trending kind of ahead or behind the plans there
the past couple of years, we've seen margins step up from 16%, 17% in Q1 up to kind of 23% to 25% in Q2
can you just give any color on that? We see the HCS guide go from [ 2 to 4 ] but presumably, where your pricing is on a narrower scope of products
Can we just maybe just talk a little bit about seasonality and cadence of EPS and how to think about the first quarter
maybe just talk through some of your key assumptions on the mid-single-digit number as you progress through '26
what you're doing, with your dealers, to help kind of position them for, you know, posturing toward more selling of replace over repair
I think we saw that step down a small amount from Q2 to Q3. Q4 was a few hundred bps below the Q2 level
when we look at resi volumes over the past number of years, it's been anywhere from kinda 8 million to 10 million units. This year is probably pacing below that eight
Are we in a place where that can repeat? Or, you know, just given the amount of price that's hit the market, is that something that could be difficult
just thinking about the 25.3% margin in Q2 in HCS, as we think about that as a jumping off point and the bridge into the back half
how many points of share do you think you gained last year? And within the guide, how much are you giving back this year in HCS
on the inflation guide and going from 3% to 9%, can you unpack that a little bit from a dollars perspective
can you unpack that a little bit? That's 3% inflation, presumably cost across all costs
can you just outline kind of roughly how you think about the split on the demand side versus the cost side of that
the transportation, electronics commercial excellence program, can you talk about where you are on that trajectory
And then just wanted to touch a little bit more on consumer. If you could elaborate on what you tracked
Wanted to start on footprint optimization and if you can give a little color between factories and distribution centers
I just wanted to circle back on commercial excellence and clearly some traction that you're seeing there.
I thought the consumer margin was the most impressive. I think organic was up 30 bps year-over-year and op profit
Just wanted to make sure I just want to make sure I'm thinking about the back half organic constructs
just one on the the guidance side. Of the corporate and unallocated and other items for operating profit
Can you just talk about kinda tactically how you approach imports from China and when you think about that
what are you watching most closely there, whether it's a region, whether it's an end-market
what you think the right amount of cash to carry is. So you ended the year with cash and marketable securities
just to be clear, is it 3% for the full year? Or you would be exiting the year at that pace?
is it something that goes from like 23% in the first quarter to maybe 24.5% in the second quarter and then the back half of the year, you're looking at year-over-year margin expansion
Can you add a little bit more color around the service margin in the fourth quarter and when you get 100 bps year-over-year growth?
could you just talk a little bit about the China stimulus program with a little bit of color on, you know, how that's grown
Can you talk a little bit about the efforts that are underway on the maintenance side in terms of what you're doing on retention and recapture?
Just in terms of any more color on kind of how the last few months have kind of unfolded when you talk about infrastructure and resi as some of the verticals
any color on how you're thinking about order activity in the back half of the year, if you could revisit
Can you just expand a little on where the furloughs are occurring, how long you expect those to be in place at this point?
Can you touch on the Americas new equipment outlook a down mid-single versus down low single and touching on some project delays
mod side, less so. Would think that there's still a discretionary element to the mod side. And so how you parse the difference there
just as it relates to the fourth quarter and the service margin there and sequentially down from the third quarter, looks like it may have come in a little shy of internal expectations
Can you expand on the China kind of cost initiatives? If we think about that as roughly a $2 billion revenue pool in China
Europe and Asia—what are you seeing, and any verticals to call out?
Are you favoring the twelve-month side of that? And any color on priorities post close?
You've raised the guide a little bit last quarter, maintained it this quarter. It's up about $100 million year-over-year. So some nice growth there. Maybe just elaborate on that
Maybe just spend a little bit of time on what that means for their spend, like the wallet that goes to Parker. And when we think about it on the productivity and automation side versus the capacity...
you talked about some nice new wins in filtration. Can you just expand on that a little bit in terms of verticals you're serving
what you're seeing from customer activity or what you're hearing from dealers with respect to greenfield and brownfield investment in the U.S.
what you think the gating factor is to seeing, quoting really accelerate into orders and the degree to which -- that's tariffs or it's other factors
how that shifts between commercial OE and aftermarket? And really getting at kind of the margin mix considerations within that
what it is that you're seeing that gives you confidence in seeing that growth next year in particular in light of an elevated uncertainty kind of macro backdrop
Anything you're seeing that's starting to sort of pulse -- now things are going to start hitting construction and demand tied to that
what is that typical lag time between some signs of end-market demand are getting better and then that starts to translate to channel inventory reaction
give a little bit of color on the breakdown of that exposure when we think about China and other parts of it?
is that kind of price up about 1.5% volume down an equivalent amount?
of that $130 million, you know, any sense of how much has been actioned?
just regionally, if you talk about kind of North America, say Europe in particular
much larger than what we've seen over the course of 2024 swings. Can you just kind of elaborate on what you're seeing there
any context on kind of end market versus destock contributions to that? Can we think about it as roughly a third of it could have been channel management versus end market trends?
Any perspective on USMCA compliance and the path that you're on there? And then along with that, just on the 4Q pricing that you talked about being kind of in process
if you could size what that LIFO headwind is to pretax earnings in Q2? And then bigger picture, just when you sized the $1.7 billion annualized gross impact