Joe Ritchie

just given kind of like the start to the year from a share perspective, I'm just wondering like how you're thinking about buyback versus M&A at this point?

Just talk about the pipeline as you see it today. And as you're kind of thinking about like the potential accretion from an earnings standpoint into next year based on what you already know, just a...

Can you maybe just give us an update on the key verticals and whether there's -- there were any kind of like discernible differences between how you feel today versus how you felt a quarter ago?

was was there could you guys determine whether there was any kind of, like, pull ahead in one queue as well

is there any kind of mismatch we should be thinking about where you know, either putting through pricing ahead of some of the tariff impact or vice versa

If in fact something changes and I think are changing by the day, how do we then think about the pricing actions that you're taking

talk about your conversations with your customers, your dealers, distributors on your ability to continue to get pricing

just any color just around like how your CDU offering is going? Is that part of some of the order growth that you've seen

do you really think that for the year, you're gonna need to flush out this much demand in order to get back to equilibrium?

any thoughts on an accelerated share repurchase program?

the interplay between your own inventories, organic growth and margins in the early part of the year

Can you just double-click there, give us a little bit more color what you're seeing across that -- the non-data center side of the business?

can you just describe how the canister issue played out in 2Q, where we stand today

it looks like you're getting closer to a liquid cooling product by year-end. So any color you can give us on how that business is

do you have any kind of line of sight to how much of the strength we saw in 1Q might have been just like this transition and your distributors stocking in the 454B product

Can you guys give us just an update on your capacity additions on Americas Commercial

give us a little bit more on just the margins and the work that you've done from a cost structure standpoint

it seems like you're expecting incremental margins to really to inflect, I guess, maybe in the second half of the year, I guess, in DCST. I guess I don't know how do we think about that? Like how m...

how are you thinking about the TAM for both CO2 systems and liquid cooling? Obviously, CO2 systems still way underpenetrated relative to Europe and just got back from data center world and liquid c...

how are you thinking about the portfolio as it stands today? And potentially, you know, addition by subtraction?

where across the portfolio do you think you have the biggest swing factors this year?

can you just give a little bit more color on that SIKORA acquisition? I think you said that it was significantly outperforming

Just talk us through some of these structural cost actions that are occurring in the business and maybe what the ballpark expectations are for margins?

is it fair to say that the growth rate you're expecting at this point in 2Q would be above the 2% to 4% range for the year?

talk a little bit about like what you're seeing in that European heat pump market now expecting, growth in 2025

how do you think about then the margin trajectory in 2025? It would seem like you should get some pretty good margin expansion

how are you managing like potential disruption from the integration of this asset with legacy Eaton

how are you thinking about 2026 just given the strong growth that you're seeing

how long they've been providing liquid cooling or CDU solutions to data centers

what is your expectation for Electrical Americas and Global orders? And then similarly, clearly, your backlog continues to grow

how easy is it going to be for you to get the pricing that you need to cover the tariff impact?

roughly $150 million impact for the given space on the original guidance versus this guidance

you were expecting margins to be about 300 basis points lower than where we ended up in 2024

is there any color you can kind of give us on what - how the margins look like today in the backlog versus a year ago?

What is your approach? Are you planning on limiting any type of order intake?

I think your original expectation was for backlog and for SRAs to be roughly around 60 gigawatts and you ended at 83 gigawatts. Now you have an expectation of 100 gigawatts by the end of 2026. Scot...

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 oppo...

I want to try to square something actually on your new equipment orders in Power, saw that you guys booked roughly about a little over 5 gigawatts

we often get the question on cancellation risk. Just given, you know, the gyrations that we're seeing particularly from the data center market

As you're looking out for 2025, Scott, any thoughts around how much that backlog can build

how you're thinking about the potential opportunity for your business specifically as it sells into data centers?

could you potentially see additional announcements on the portfolio?

how are you thinking about the time line for a decision to be made on that piece of the business

the relationship between the tariffs and the demand contingency

has there been any update on either the one-time costs or the stranded costs that you can give us any more information

relating it to the demand contingency that you've baked into the guide

I'm trying to just maybe get a little bit more understanding on what drove the margins down this quarter

how much thought did you give to potentially maybe even breaking things down further because you can make an argument

Can you maybe just give us some quantification on the tariff impact this quarter

how much of that is centered on the PST business versus ITS going forward

the margin profile of the recurring revenue business, the $450,000,000

first-year margin profile look like for the things that you are looking at

is it because like in the first half, as you're building your backlog, you're not contemplating the type of cost environment

what happens in an environment where tariffs go away

the customer that you referred to, I know you don't want to call it out by name, but is it consistent with the reduction in guidance, the revenue guide that you saw a year ago

would your expectation then be that like, okay, you're going to get a little bit better growth than as the year progresses

price-cost is expected to be positive in 2026. Can you elaborate on that a little bit? And then also, seeing that resin prices have continued to come down, at this point, you know, what percentage ...

as we're kind of thinking about 2026 and a potential initial framework with the moving pieces

you've got probably some room on your balance sheet if you wanted to lever up a little further

If you wanted to lever up another turn, would be pretty easy for you to do a more aggressive buyback

how much has that been contributing to the margin expansion? Like, much they contribute in 2024

characterize what the pipeline of orders looks like today versus maybe three to six months ago, and then also, as you kinda think about your data center customers, has there been any real discernib...

can you maybe just like double-click on like how complementary the investment is, like whether you'll be going to market together?

Just how has your thinking evolved just in terms of addition by subtraction across the portfolio?

I'm curious whether there's a way for you to maybe just give us an initial framework for 2026

should we be expecting some similar level of margin expansion beyond this year?

can you just maybe just provide an update how that business is trending, what the expectations are for just investments in new product rollout

what really surprised to the upside this quarter on Global Products margins?

was there a way to maybe quantify that kind of tariff floating comment for the first quarter

You should improve on mix in the second -- in 2026 as well because you'll have -- you'll be selling all 454B

when you take a look at the residential volumes down 9% this quarter, what did your independent distribution channel do versus what you sold through the dealer network

I'm trying to think about how these margins will progress sequentially as the year goes on

what you're baking in for incremental margins, if I just take into account price mix and inflation is very low

From here, what are the biggest levers—absent volumes—to continue to expand margins in the industrial segment?

Is it fair to say that the expectation for next year would be at least a couple of points better

Margins were above 30% in the first half the guidance implies as a step down in the second half? Just anything we need to be aware of from a mix standpoint

what's your take on what's happening with implant equipment in the U.S.? And then we'll get the going, what are you guys looking at specifically as kind of leading indicators for the like short-cyc...

is there a way that you could maybe size the opportunity on Slide 7 or give some color just around like what the growth rates have looked like

in an environment, let's say, where you do see some of these tariffs potentially getting rolled back. Like how does that impact the pricing

Maybe just kind of talk through, especially the Industrial short cycle business is what you're seeing there? And then also, can you just touch on like the self-help opportunity

Take a look at that relative to the last few years, it's a pretty meaningful sequential step down in EPS relative to what you've seen even just like the last 3 years

can you just double-click a little bit on the implant project delays and what you're seeing there

If the current like trends hold through the remainder of your fiscal year, I mean, do you still expect to see some margin expansion

as we've started 2025, have you seen like any discernible differences or changes in trends based on how you exited calendar year 2024

How far above do you still think you are from an inventory perspective? And what's your expectation for reduction in 2026?

whether you're starting to see any of that already, and then how are you positioned geographically if things were to really accelerate?

Where are you seeing kind of like the real growth in the EMEA side of the business?

it just seems like the opportunity for you, like you've just got a lot of -- like already based on what we're seeing in the value chain

are you starting to see like more modular type data centers getting built by the hyperscalers

you're only increasing your organic growth by 50 basis points. So is this just going to be better margins, better performance in the first half?

is that a year where we start getting back potentially to GDP plus from a volume standpoint on resi HVAC?

is there a way to parse out like how much of the - either the organic growth or the bookings growth that you saw this quarter was already 454B

just like price elasticity right now in the market? Because you're going through this refrigerant transition, there's additional pricing

your stock at times tends to trade with the sentiments surrounding AI, CapEx and data centers

Any comments on, like how you see this playing out and any thoughts and your potential exposure there?