Nicole DeBlase

Dave, could you just talk a little bit about what you're seeing there?

you're basically saying that you don't think that this order results should be viewed as onetime

Dave, do you think we're seeing a turn in that market?

Is this like a stronger pipeline than normal?

can we just unpack what's going on there? Is this more of a comp issue as well?

Do you think we're starting to see this market rebound off the bottom?

do you have enough capacity to address that inflection in demand based on what's been done so far

Can you just talk through a little bit of what you saw in the non-data center verticals this quarter

there's a pretty big sequential step down embedded in the first quarter. Versus what you did in 4Q

can you guys talk a little bit about what you're seeing in the pipeline there?

Did you guys actually maybe take a little bit of a haircut to the volume expectations in the second half

the guidance now implies kind of like 47% EPS in the first half of the year. I think it was about 48% as of last quarter

Could you talk a little bit about the current pipeline and areas of greatest interest?

Could we get a little bit more color on what you are hearing through customer conversations and pipeline growth

A few weeks ago, we had this announcement from Trump kind of pushing for an emergency power auction. I'm really curious about your reaction to that, both with respect to the potential impact on gas...

I guess first on the cost synergy realization, any help on the cadence of realizing those savings? Like what can be done faster, what takes more time? And then you talked a lot about capacity expan...

the Pennsylvania plant announcement for Electrification, was that kind of already embedded in your thinking, like if we go look at the 2028 revenue ramp

Can we start with the tariffs impact? I guess, can you talk about, like, what's embedded in the $300 to $400 million

Can we talk a little bit about last week's SMR announcement, I thought that was really interesting. I guess, to what extent can deployment actually be accelerated

what you guys saw in the 7% organic growth if you were to kind of parse that out across your shorter cycle and longer cycle businesses?

which were impacted by the issue in the first quarter? And how should we think about the path to improvement within those 3 pieces into 2Q?

how short cycle order trends generally trended? And not just relative to 3Q, but also throughout the cadence of each month

this is where you guys expect the greatest year on year margin expansion in 2026. Can you maybe elaborate

I'm curious how short-cycle industrial trends kind of shaped up throughout the quarter

How does the M&A pipeline look today? And what is your appetite for doing more deals before the spin happens

How would you say that orders progressed each month and then into July

electrical still saw a little bit of margin expansion in the first quarter despite the tariff headwinds, curious if that can kind of continue

do you think that, that 4% growth that we saw in 1Q is sustainable throughout the rest of the year

did you guys actually see improvement in order activity on the short-cycle businesses throughout the quarter

are you looking for something similar magnitude in both PST and ITS

How did that kind of go in the fourth quarter and into the early part of 2026

Anything on sizing that, Vik, the impact as we kind of roll into 2026

any thoughts on appetite for continued buybacks during the fourth quarter

if you kind of do the math on normal seasonality, which is what you have said, you do kind of get to like an organic order decline in the third quarter

Were margins impacted at all by price cost headwinds just because the inflation kind of came in really quickly

I suspect that it's probably stability, not really much change relative to what we've seen in the past few quarters

Are you seeing that continued recovery play out on the biopharma and life sciences side

can you guys talk a little bit about the exposure that you have, whatever you're willing to provide, as a percent of COGS

has there been any shift in the total amount of restructuring, especially considering a weaker volume environment?

are you guys going after this with more of like a surcharge mentality where the pricing would then come off if tariffs were to go away

can you just talk about the expectation for Asia Pac margins as we progress into the back half of the year

you guys would expect to see a pretty big step-up in organic growth in the first half of '27 based on that backlog lead time that you provided

If you could maybe speak to what's driving that? And then the way you see organic growth kind of progressing throughout the year

Can you talk a little bit more about maybe what you saw from a vertical perspective within Applied in particular?

The guidance this year implies something a bit lower than that. So I just want to understand, Marc, if you could kind of help with any major puts and takes

Did you embed any sort of contingency with respect to volume just because of all the macro uncertainty

what are you expecting for 2Q

how you'd frame the performance of the overall market? And is it still down overall and Lennox is just outperforming that much

we've heard some noise around maybe some price competitiveness particularly in the new construction channel recently

When we think about that one half to two half split, is that kind of reflected in EPS as well? Or is it maybe a bit more pronounced because of the under absorption

Are we kind of coming to the end of that sales force investment? Or is that something that's going to continue throughout the rest of 2025

How are you guys thinking about new construction versus replacement demand within HCS for 2025

have you guys seen any changes to your full year productivity assumption or stranded costs or growth investments

I think you guys have embedded 4% IPI growth in '26 and that compares to like 6% in '25.

can you just confirm the tariff headwind that you guys are embedding in 2026 does not include any

from a geographic perspective, encouraging to see the acceleration in China and Europe. Any key standouts there

I think electronics came in ahead of expectations. Can you talk a little bit about the drivers of that?

Maybe just starting with the demand trends through the quarter. I guess there's still been some concern out there

on Europe, I feel like there's definitely been a little bit of excitement building about the potential course

just a follow-up on a couple of your market expectations because there's a lot of, you know, movement

Just a couple on the outlook within the margin puts and takes. Have you guys actually shifted the G and A

any update on insurance recovery as I think you promised us an update each quarter

Maybe just starting with China. I think you're expecting a little bit of a slowdown to mid-single digits in 2025

what's happening on the ground right now with the ceasefire, are there still project delays?

How should we think about the need for service investments beyond 2026?

I think typically, you see like about a mid-single-digit decline. If I look back into your history, post spin, you're embedding something more like 1% this quarter

You guys are very clear about the -- what you're adding. But I guess, what does that mean for carryover savings into 2026?

there is a bit of a step-down versus the 30%, and I know that's a really robust result. But is that just because of the mix within the mix

Could this possibly be a new norm for Parker given how strong margin performance is? Or do you still think it's best for us to kind of anchor to the 35%

Are you guys hearing or seeing any evidence at all of prebuy ahead of tariffs? Or was that not a factor in the strength

Do you guys think you can continue to target like 30% to 35% incrementals as we kind of flip the calendar to 2026

Did you guys actually see short cycle kind of stabilize? Did it get worse? Just curious about the short-cycle order trend during the quarter

you are modeling segment margins kind of flattish from 2Q to 3Q. And typically, we do see like a bit eventual step-up

Any help with respect to quarterly cadence, like how quickly you can start to take those actions? And I guess if demand weakened if we were to go into more of a recessionary environment

Are you starting to see the data center orders really come through in a big way yet?

Could you guys comment on was the price mix versus volume split in line with what you laid out at the Laguna Conference

could you just talk a little bit more about what you're seeing and hearing from customers there that's driving that higher confidence?

do you expect that we will see another year on year increase in backlog in 2026

what is the path back to mid-20s? Can we get there without volume growth driven by what you're doing on restructuring

can we kind of walk through some of the puts and takes that give you guys confidence in that step-up

Can we just talk a little bit about the ability to go back and reprice the backlog

when you guys talked about flat orders in 4Q, I presume that's organic