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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?
does it make sense for Allegion to have an international presence? The domestic business is doing so well
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?
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
was was there could you guys determine whether there was any kind of, like, pull ahead in one queue as well
of that $2 billion that you are now expecting for this year, how much came through in the first
what is the potential kind of revenue run rate of the new capacity and if there is any other color
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?
the inventory levels were up year over year about 8%
the interplay between your own inventories, organic growth and margins in the early part of the year
any thoughts on an accelerated share repurchase program?
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
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
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
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
give us an update on where those projects stand and like whether you've seen any type of alleviation
Is there any reason to believe that the conversion will not translate into much faster earnings growth or organic growth
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...
where across the portfolio do you think you have the biggest swing factors this year?
how are you thinking about the portfolio as it stands today? And potentially, you know, addition by subtraction?
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?
how do you think about then the margin trajectory in 2025? It would seem like you should get some pretty good margin expansion
talk a little bit about like what you're seeing in that European heat pump market now expecting, growth in 2025
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
If you backed out your data center orders this specific quarter, we're calculating that like the rest of EA
roughly $150 million impact for the given space on the original guidance versus this guidance
how easy is it going to be for you to get the pricing that you need to cover the tariff impact?
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?
I'd be curious to hear what level of concern you have based on the plans that are out there today
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
I'm just curious like what you're seeing is some of the disruption over there actually helping?
how much of what you're seeing from an order perspective today is maybe even like longer cycle and is already starting to help support a pretty good outlook for 2027 as well?
How do you -- how are you guys underwriting the potential risk to that second half implied guide?
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?
the relationship between the tariffs and the demand contingency
how are you thinking about the time line for a decision to be made on that piece of the business
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
how much thought did you give to potentially maybe even breaking things down further because you can make an argument
I'm trying to just maybe get a little bit more understanding on what drove the margins down this quarter
would your margins have expanded this quarter absent like the China headwind that you guys described?
how much of that is centered on the PST business versus ITS going forward
Can you maybe just give us some quantification on the tariff impact this quarter
first-year margin profile look like for the things that you are looking at
the margin profile of the recurring revenue business, the $450,000,000
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
whether structurally, there's any concerns around maybe the longer-term growth algorithm for compressors going forward
it really isn't much baked in for the rest of the business
would your expectation then be that like, okay, you're going to get a little bit better growth than as the year progresses
Are we hitting kind of like a natural ceiling on that business from a margin standpoint?
you can give a little bit more color on what you're doing to make sure that you're matching the demand environment
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 ...
you've got probably some room on your balance sheet if you wanted to lever up a little further
as we're kind of thinking about 2026 and a potential initial framework with the moving pieces
how much has that been contributing to the margin expansion? Like, much they contribute in 2024
If you wanted to lever up another turn, would be pretty easy for you to do a more aggressive buyback
Embedded in your revenue guidance for the year, how much is embedded for data center revenues this year?
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...
Just how has your thinking evolved just in terms of addition by subtraction across the portfolio?
can you maybe just like double-click on like how complementary the investment is, like whether you'll be going to market together?
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
quantifying the fact that your inventories are up roughly $300 million year over year. And the sales growth for the company is gonna be, let's just call it, roughly flattish
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
Is it fair to say that the expectation for next year would be at least a couple of points better
From here, what are the biggest levers—absent volumes—to continue to expand margins in the industrial segment?
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
as we've started 2025, have you seen like any discernible differences or changes in trends based on how you exited calendar year 2024
If the current like trends hold through the remainder of your fiscal year, I mean, do you still expect to see some margin expansion
you're essentially forecasting 4Q S&C margins to be below 30%, so call it somewhere in the high 20s.
How far above do you still think you are from an inventory perspective? And what's your expectation for reduction in 2026?
you mentioned putting through high single-digit pricing increases at this point with your retail partners. The math implies that you need roughly, call it, $850 million or so in pricing for the year
Is there any way to bifurcate how the replacement market did versus resi new construction?
Can you just level set for us at this point how the CDU business is doing?
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?
are you starting to see like more modular type data centers getting built by the hyperscalers
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
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?
just like price elasticity right now in the market? Because you're going through this refrigerant transition, there's additional pricing
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
Any comments on, like how you see this playing out and any thoughts and your potential exposure there?
your stock at times tends to trade with the sentiments surrounding AI, CapEx and data centers