Julian Mitchell

should we expect that this year is a bit more back-end loaded than normal in terms of kind of first half, second half EPS contribution?

How are you thinking about that sort of play out over the balance of the year?

should we assume that, that sort of gross price of about 4 or 5 points is a good placeholder and PPII stays as a decent tailwind?

it looks like perhaps you're assuming they pick up again with some margin expansion of a few tens of basis points in the fourth quarter. Just wanted to check if that was the right assumption

Maybe if you could help us with kind of that EPS guide raise, $0.30 plus or so versus a few months ago, which are sort of the biggest pieces

You've got a slight acceleration, I suppose, in organic sales growth dialed in for the second half versus the first half performance

what are you seeing in the replacement market demand right now, leaving aside the pre buy and hangover

should we assume that you can kind of keep that line sort of around zero for the balance of the year

are we sort of assuming it's a few tens of basis points of margin expansion that's in the guide? And is there any kind of acceleration in there year-on-year in the back half versus the first half

Is it sort of embedding residential up kind of low-single-digits, non-residential organic sales up mid-single-digits

are you kind of baking in like a mid-single-digit exit rate on organic growth for EMG just because of the comps

is the sort of guide based off a steady improvement year-on-year in operating leverage as you go through 2026

were there things moving around on specific markets within the orders

what degree of of sort of deceleration just from tougher comps

I think it's still sluggish right now, but you sounded more optimistic on next year

if you could help us understand kind of the progress there in terms of organic trends

how to think about the CSA margin progression? Because I guess, as you said, you've got the most profitable parts of CSA are down decently

How should we think about the extra several hundred million of costs kind of phasing in through this year and then the mitigation efforts into '27

help us understand what you're seeing in the market on pricing and how you see industry discipline on the price front

what you're dialing in for that CSE RLC market for the year ahead

one could surmise you get to something like a 2.90s of EPS or something maybe high single-digit EPS growth

if we think about the nondata center demand in CSA, light and Applied, how is that looking?

flesh out a little bit more those assumptions on U.S. resi light commercial for sort of the back half

the EPS sequentially in Q4, it's a much smaller decline than sort of normal

flesh out perhaps what you're seeing in the resi piece there and like commercial and that's the two places where I suppose the full year guidance has changed

there isn't much difference between what you saw in Q1 and what's guided for the full year, even though perhaps one might think with the seasonality, it should be moving higher

walk us through kind of how we think about growth for the rest of the year after Q1

mid-single digits for this year ahead in Americas like commercial. So maybe just help us understand kind of how you see the market dynamics

you said that the pace of bookings was sort of steady in the last several months, but you had very good bookings growth, which you said is a function not of pre-buy, but customers sort of placing o...

maybe help us understand in DCEF and DCS what sort of operating leverage you're aiming for this year

should we expect, let's say, year-on-year EPS growth and sales growth each quarter to not be that different from the full-year framework

I wondered if any of the segment revenue assumptions for this year have changed since the figures you guided for in July

Is that the way to think about it. And I suppose the more back-end loaded type ramps are at DEP and DCST?

Was the broad sort of sense of demand in recent months, the book-to-bill, I suppose, in the second quarter may be a touch below plan

it's still an acceleration versus the first quarter. So maybe sort of help us understand which businesses you're most confident in will see that step up in growth

is the main assumption that the net, dollar tariff effect for the full year is around zero

you did see some very encouraging signs exiting the year in below ground and vehicle wash

remind us of kind of the main exposures there because it looks like the volumes there were down in the fourth quarter

You have taken a little bit down on the revenue line; the EPS dollar guide low end, though, has moved up

you have in Q3 and Q4 a mid-single-digit sequential revenue increase dialed in and kind of high-30s operating leverage

it a surprise to you what those orders did or it was sort of in the plan based on what you knew of the dollar value of orders

second half of the year, I think you're dialing in kind of 40s type operating leverage year on year

So just wanted to sort of check that and what's embedded for Test & Measurement and how we think about sort of any first half versus second half

overall firm-wide EPS, is the sort of guide based on a $4 type number in Q4

as you get more capacity, you can recognize the backlog more quickly in revenue. So the backlog shrinks

I just wanted to double check the 45% data center sales growth number on the left-hand side

Aerospace, flat margins for three years, guided to expand this year. Any color on the drivers, please?

anything we should bear in mind on operating leverage as we move through the year?

how are the orders progressing there?

is that something that's, I don't know, multiyear reinvestment need?

the last couple of years with new Fortive about 20% of the year's EPS

what's happening in terms of the equipment demand versus consumables

I just wondered, is that sort of a normal run rate in future

the government pressure at FAL. What are you assuming there in terms of how much faster that improves? And then in health care, just unpack a little bit

maybe third quarter EPS is in the maybe low mid-50s range in terms of cents, perhaps sort of flattish EBITDA sequentially and then there's the tax pressure

just to understand the guide a little bit it's sort of embedding I think what maybe a low-single-digit sequential revenue increase

is that reinvestment element something that lasts all year that will weigh on the Healthcare margins

just trying to understand that improvement in year-on-year organic sales from the first quarter to the balance of the year

any way in which you could size perhaps, you know, share of purchases or cogs or something like that from some of the countries that may be affected

why you think you are so well placed to continue to take more share in that Power Transmission sleeve of the segment

if we look at the Power equipment, dollar orders year-to-date or in the third quarter and that increase versus the gigawatt orders in gas, there is a very large positive delta on that dollar growth...

give a bit more color on the regional differences. It seems like Europe is maybe losing steam, Asia, picking up. And pricing

it looks like the first half in both power and electrification, you should be at the full-year margin numbers

you're guiding for low single digits growth starting out the year organically, you've got that mid single-digit guide for the year

Help us understand kind of how we should be thinking about that? It sounds like you're still thinking sort of flattish for the year as a whole on organic sales

what you're seeing kind of real time in the commercial aero aftermarket side of things and whether you have moderated your outlook at all for the second half

how second-half weighted that margin acceleration is? And are there any specific items on a segment level driving that

just a quick follow-up on the aerospace margins. Specifically, I think they're starting out the year maybe down a touch

just my quick follow-up on the Aerospace division. Maybe give us some update on where we stand on that destocking

Just wanted to start with the IA segment as it seems there's a lot of different moving parts inside it

the sort of R&D hike, you think by the end of this year, kind of R&D to sales in Aero shouldn't be a headwind next year

in Paris as if there was a bit more confidence around sort of supply chain issues and getting those resolved

you have that big drop-off in the PSS top line in the first quarter

on the capital deployment. Last year, you had under $2 billion of buyback and close to $9 billion committed to M&A

give us any help around the stranded and stand up costs that might be needed for aerospace and automation initially out of the gate

did you clarify the sort of share of earnings in the first half?

how we should think about operating margins through the balance of the year

I think the guide is embedding maybe 50 basis points of operating margin expansion for the year for the total company.

Should assume organic sales growth is sort of front-loaded a little bit because of comps.

if there was anything to highlight in terms of the effect from restructuring costs not repeating or higher savings

the commentary around, I think, nonresidential and also kind of heavy industry into next year is quite muted

I just wanted to understand better perhaps the moving parts around operating margin expansion in the second half.

is that low single-digit volume increase the right sort of placeholder? Or do you think that you can sort of sustain that second half exit rate for some time into 2026?

Is it now sort of down, call it, I know a few 10s of basis points for the year kind of similar to the Q1 margin progression?

any color around what we should expect in terms of operating margin performance at each of the two segments?

that piece slash grid automation is down maybe low double-digits still in the first quarter

organic sales company-wide may be flattish year-on-year in Q2 and then the EBITDA margin is down

the last 5 quarters, the majority of those have been impacted by the kind of the tariff dynamics

is it fair to assume the guidance is based on roughly that one point of organic revenue growth year on year fairly evenly through the year

I think the guidance embeds full-year EBITDA margins are flattish

quantify for us that split of price versus volume in the third quarter

the main headwinds within that, that there's maybe an M&A headwind, the price/cost aspect, maybe something in mix

your EBITDA is about 26% of the year in Q3. So based on your full year guide

the first half was down about 3.5% year-on-year. The full year guide is sort of minus 1%

help us understand how the quarterly organic sales are expected to progress. Anything abnormal seasonality wise

should expect sort of margins to just be up a bit in each of the remaining three quarters year-on-year

It seemed that maybe they fell a touch light in Q4 versus what you had thought. Was that all related to China

how you're sort of thinking about the EBITDA margin cadence through 2025 and sort of general satisfaction with the ILC Dover performance

were you referring to sort of total company there in terms of the confidence of getting to the higher end of the range

Anything in Welding that we should think about over the balance of the year, the margins there perhaps picking up steam

if you could flesh out any sense of kind of seasonality for this year, anything unusual

sort of flesh out a little bit the progress there in 2026, what we should expect, and any thoughts on the product life cycle management side

is the assumption that, that should be more and more of a net positive

is there a big kind of payback from the restructuring efforts that happened this year coming in?

third versus fourth quarter? I know there was a little bit of conversation of that already

Is the assumption that all segments should be sort of tariff dollar neutral for 2025 as a whole?

how are we thinking about margins in specialty for the year ahead?

Anything you'd call out on the sort of top line movement through the year

How are you thinking about the operating leverage for that segment in the back half? And I wondered really if there's been any change to your assumption around sort of gross cost headwinds

just flesh that out on what it meant and what it means for your EMEA business and anything that you've assumed for improvement or deterioration

Is the right way to think about it that you've got a sort of traditional segment EBITA operating leverage of sort of high 20s percent

is the sort of construct that, that -- or those related headwinds last sort of through the first half of next fiscal year

Second half looks like it's guided sort of flattish year-on-year. Just wondered how much of that is a tariff margin rate headwind

what are your initial impressions of the fire and security portfolio?

the sort of pace of stranded cost reduction and the exit rate into 2026 for that line

give any more detail on the tariff perspective in terms of share of costs or production from some of the affected areas

Is it fair to say that you've sort of got a flattish operating margin dialed in total company for the year

do you see any competitive implications from that cost base movement? And sort of tied to that, how is the price elasticity of volume playing out in HCS

is it fair to say the full-year guide is embedding operating margins down slightly maybe year on year

maybe last year, the market was I don't know, seven three seven four million units, and the sellout just under 8 million

how quickly you think you can get back to some kind of volume growth in the coming quarters, assuming inventory reduction takes maybe another six months

the guidance implies sort of flattish operating margins year on year in the fourth quarter. Wondered within that if you could unpack maybe any sense of magnitude

would you argue that the second quarter represents a more natural performance given where we are in the A2L cycle and plant productivity

Just wanted to confirm the sort of full year EPS guide, is that embedding kind of 50, 60 bps of operating margin expansion, that type of rate

are you just assuming sort of one-for-one offset or elasticity there of higher price equals the volume reduction

just want to gauge sort of how much sequentially or year-on-year EPS should grow in Q2

trying to understand what you're assuming for how much that sort of reverses

I just wanted to understand the degree to which, if any, there was a back-end loading, in the guide.

Is there an impression that that is really all self-help initiatives that you mentioned and the outgrowth

we've had some questions from investors around the movement in claims recently on personal injury in the last

Often your third quarter earnings are up a little bit sequentially, but I understand you had that $0.06 gain

I'm just trying to understand within General Industrial and Safety, the improvement there based on sort of self-help

around the tariffs impact. So I think it's sort of in the in-year framework, it's sort of $0.60 gross headwind

Maybe I just wanted to follow-up on the organic sales outlook first off. So I think you mentioned early on

you've talked about that sort of $250 million, $260 million COGS productivity number, so as a sort of annual placeholder

you had mentioned sort of 1.70-ish of EPS adjusted in Q1. The first half is just under $4

I wondered if there was any shift I mean our understanding is that maybe China service pricing very difficult U.S. service pricing, maybe a little bit more pressure

is the expectation now it's maybe kind of 2% or 3% maintenance portfolio growth, and then you're trying to kind of squeeze out more

Any help you could give us how to think about the phasing of that $0.23 increase in the remaining nine months, please?

I think you had 92% retention end of 2024. Where was that sort of ending 2025?

that margin step-up is happening, I suppose, despite a bigger tariff headwind later in the year. Maybe just help us understand sort of what's the puts and takes

organic sales in the quarter, you were sort of flattish. The year's guided up. Call it three. So is that acceleration year-on-year just kind of steady each quarter through the year?

is the right way to think about it, it's kind of, you know, $60 million dialed in. That does include some mitigation efforts

should we expect that New Equipment backlog or RPO to be up exiting 2025? Is that kind of the core assumption

I think, Cristina, you talked about flattish sort of EPS in the first half and then a stronger second half. So I just wanted to follow-up on that

could you flesh out the sub-segment assumptions on aerospace—what you are expecting in Q4 for the major pieces

it looks as if diversified industrial backlog was just over $4 billion at the end of March

When we look at Q4, sort of which of those growth rates as you see it are most different from the full year numbers?

within A&D, if you could just refresh us perhaps on the end market outlooks for the various pieces for fiscal '26

your Q2 EPS guide is a decline sequentially, which is quite unusual in Q2. Any color on that, please

It did seem to surprise you positively, I think, in the quarter. How has demand moved there in recent months?

help us understand within Industrial, what's dialed in for sort of the first quarter, and then the slope of that acceleration on organic sales

the jaws widening between industrial organic orders and sales trends that's been apparent for a couple of quarters

put a finer point on some of the aerospace growth trends sort of in the fourth quarter as you see it

trying to understand why there is a worse outlook in North America? Is it -- because you talked about the HVAC and A&D strength on Slide 8

You have a slightly lower sales guide because of the Pool uncertainty, but I think you pushed up your op profit guide slightly

is the core assumption that market sell-through is pretty flat year on year each quarter in terms of volumes

it implies that volumes conversely start the year down decently and then have a nice bounce in the back half. Maybe help us understand what's driving that volume assumption

Are you seeing any sign of that behavior sort of becoming more prevalent at distributors

just sort of trying to understand the sort of entry rate into the New Year. You talked about I think, the sort of long-term algorithm of mid-single-digit growth on Slide five.

it looks like sort of guide for the fourth quarter implies less than 100 bps of operating margin expansion year on year. You've clearly done well above that year to date

help us understand the confidence in that acceleration in the back half in Water

I just wanted to understand a little bit better the moving parts on the sort of op profit or EBITDA guide

help us understand the volume of some growth sales guide, do you assume a sort of offset, you know, one for one of higher price

the sort of $140 million gross, is that an annualized number or is that sort of in year in fiscal 2025?

Maybe help us kind of understand how you're thinking about the first half as a share of the year in terms of earnings?

Maybe help us understand kind of where inventories as you see it among your distributors right now?

was there any kind of surge in orders in recent weeks? There were some other kind of industrial companies or shorter cycle industrial companies who saw very, very high orders growth

How much of a decent recovery you think is left on the Logix front?

how you see the margin drivers playing out across the segments for that second-quarter commentary

was it sort of constructed with a view around sort of normal seasonality or just very tough comps in the second half?

Does that sort of assume to be de minimis tailwind exiting this new fiscal year?

does that sort of 35% plus operating leverage placeholder, is that intact largely the next 12 months?

how significant, let's say, were the pull forwards in Q3 versus the project delays effect?

does that mean even with the tax rate headwind year-on-year sort of EPS is up in Q3?

I just wanted to confirm if that's roughly the right ballpark of what you should see early in the sort of cyclical recovery phase

it looks like in intelligent devices, maybe the channel or your partners are a bit further behind in the destocking, whereas Logix and software and control you're firmly in the sort of early stage ...

is there any sort of historical context you could put around that book to bill kind of what is it typically in the first quarter

was that the low to mid-teens margin comment for Q1? Was that a segment margin comment?

what you're seeing in that business? And sort of what's dialed in for that transport linked business in the U.S. for the balance of the year

is it fair to say that the sort of core EBITDA guide is essentially unchanged and it's really a kind of share count-driven guide?

could that be a bigger headwind to core margin expansion in future? And whether there's been any view to sort of looking to acquire more AI-intensive businesses

you had this sort of 30 bps headwind, I guess, to the EBITDA margin year-on-year in first quarter. How are you sort of thinking about that play out

maybe home in a little bit what you're expecting for Neptune. I think there's some noise around various kind of meters businesses

should we think about sort of core margins maybe up slightly and then the headline margin flat and that sort of back-half loaded

Just wanted to home in a little bit more on the Tools & Outdoor volume environment. The outdoor pickup, I suppose, is encouraging

any more color you could kind of give us on how you're thinking about that price net of cost delta in that gross margin guidance that you laid out on Slide 8

I just wanted to dial in a little bit more into the cadence of the gross and operating margin performance for the year. I think you said gross margin is flat year on year in the first quarter, up 1...

you're assuming operating profit up a few tens of millions of dollars sequentially with flattish sales. And is that all really coming from this extra price increase?

what's the kind of Q4 or exit gross margin that you're embedding for this year? And as you think into next year, I realize that the cost productivity program, the $2 billion number is largely in th...

How does that differ maybe from the phasing of that $1 billion gross headwind in the P&L? And maybe, Pat, sort of allied to that, from the outside, it's a little bit confusing of sort of the flows ...

what exit gross margin rates we should assume from this year. And on the operating margin line, I think the guide implies maybe 150 bps or so of increase

walk us through how we should think about the operating leverage playing out through the balance of the year organically

Any big differences you're seeing on the one-step versus two-step sort of movement there?

with lead times and so forth, should we expect a decent acceleration in Americas Commercial HVAC revenue growth in the back half of the year ahead?

help us understand the confidence in that leaning out of inventory having largely already happened? And any update you could give on pricing in that market?

what's your comfort level that price discipline can hold up as this inventory destock plays out?

you've moved to sort of 30% plus there on the organic front, it's a bit higher than before

help us understand on the cylinder point, the sort of progress on getting that resolved

is the sort of Americas framework, it's kind of high single-digit organic growth both Q3 and Q4

flesh those out a little bit. And in the resi market, specifically, I think you're very clear that there was no pre-buy impact evident in Q1

if there's been any sort of shift in specific verticals that you've seen in recent months in terms of demand or orders?

is it sort of a similar 1- to 2-point price tailwind in the sales mix? And any sort of concerns about customers

a lot of investors would have expected maybe a slow start to the year and then an acceleration because of resi HVAC recovering from the pre-buy headwind

is it the type of orders you got in Q4 that generated some disproportionate amount of deferred revenue inflow