Nigel Coe

Is that in the realm of 2 points of sales accretion versus the prior plan

how you view the risk reward of larger deals versus small bolt-ons

with Paragon, where do you think that sort of margin objective or target might be for EMG going forward?

could you maybe just parse out what you're seeing? I mean, I think a lot of that's in Europe, inventory adjustments versus end market demand?

the Aerospace and Defense businesses within EIG, will they be still above 1 within that overall?

a lot of concern around academic and government funding. So just curious what you're seeing in your Gatan and some of the other businesses

EMG came in a bit lighter. And I know that there's typically some production disabsorption in the fourth quarter

What is the organic I think low single digit for the full year, but what is the how does that break out between EMG and EIG?

can you maybe unpack the 2Q guide? It looks like you point towards low single-digit core sales decline in 2Q and the 17% margin

Any color on margins, Patrick? And in particular, just double-clicking on the mid-single-digit decline in the Americas

can you just maybe talk about you know, the CFA margins?

I just want to make sure that the $0.9 billion of backlog you're expecting at the end of this year is kind of where you expect to be for 2026

with end demand this week, is that enough channel burn?

I think $3 million is the number that will be offset by price. Any more color in terms of what the gross impact is and how much has been offset by productivity and other actions?

you're sort of pointing towards $0.87 or so EPS base case and about 5% core growth

I think, Patrick, you said 10% of the units this year will be 410A versus 454B

just want to kind of clear up the kind of the obvious question. I mean obviously, the orders -- this is a record order quarter. So just anything unusual supply chain of your concern people are gett...

You mentioned tariffs, which a lot of inflation coming through on some of the base metals and steel. Maybe just talk about some of the countermeasures to that? And just maybe just clarify how the d...

Just maybe just talk about, you know, what you're seeing in those two buckets in 2026

Is there a structuring payback to sustain 35% saving of raw margins, given the mix pressures you've highlighted?

it just seems that a lot of the business that are dragging today could well be meaningful tailwinds in '26

I'm just wondering if there's scope for pricing at CST to improve through the year

are you seeing any project pushes, et cetera, because we are hearing a bit of noise in those markets?

if we decompose that between price and volume, is it, is there, like, a two-point cut to volumes and maybe a point higher price to offset the tariffs?

would you expect 1Q to be the low point for PPS? And then did we detect a glimmer of hope in European heat pumps?

if the 20% plus handle would be reasonable there, just based on what we saw this quarter

I'm just curious if you think that tariffs or the potential for tariffs is causing any sort of unusual behavior around the supply chain that you touch?

of the orders we've seen, especially in power, are pushing beyond this year and into sort of multiyear phases

The Sensors margins were down, I think, 200 basis points year over year

are you confident that we're going to be sort of narrowing the declines in the first half of fiscal '25 from the exit rate from '24

How are you thinking about how the framework sort of recasts for the portfolio change you're making

what you're dialing for the electrical Americas organic versus a tougher comp

how we should think about incremental margins in 2026 and how that all plays out

Perhaps you could just unpack the drivers of the Aero performance and, in particular, the margins

Is that peak pressure? Or does that sort of live with us now for the next 12 months?

a quick one on the ERP investments. I think that's the major driver of the corporate expense increasing

Electrical Global has been lagging, but had a nice acceleration this quarter, 9% organic growth and pretty strong orders

the mega project slide has always gotten a lot of attention. So I'm just curious what you're seeing on mega projects in the U.S.

it's normalizing down to like a high single-digit range for 2025. It's been running double digits for a long time

what you're baking in for OE versus aftermarket and perhaps Commercial versus Military?

Are we now at a point where the headwind from the inventory conversion is behind us?

How do we think about all the changes to AIPA, Section 122, and the changes to Section 232 tariffs?

can we just put some boundaries around 4Q gross margins?

can you maybe just expand on the price fatigue comments?

Q2, Q3 EPS roughly similar to Q1

maybe just talk about that a little bit and perhaps a little bit more color on how the FAL portfolio performed in the quarter?

what are seeing in the software businesses in a bit more detail? Are there any areas of pressure?

should be within the range in pretty much every quarter, 2% to 3%, including the first quarter with 2Q probably your best quarter given easy comp

it looks like you're not assuming much of a sequential pickup in EBITDA margins

how that's impacting performance in October?

If we're seeing this temporary dislocation in June from the sterilization equipment, why wouldn't AHS improve in the second half of the year?

Is organic sales in 3Q consistent with the modest decline we saw in 2Q?

the the days headwind in one Q, we've we've heard this from some other companies. Is this just the you know, leap year

wondering if there's any more visibility on public company costs and and stranded costs from spin

Maybe just can you talk about the 17 points of improvement since year-end '22? The starting point would have been about a breakeven. I just want to confirm that. And then based on where you're pric...

Can you maybe just -- Scott, it seems that you're really excited about the potential in the low-voltage, medium voltage and perhaps some of the industrial verticals. Can you just maybe just lay out...

any updated view on the potential for upgrades in the fleet. But I know it's 1 question but I'd really like you to address the aero opportunity

I think, Scott, you mentioned that the minority of your reservations are data center. Which is a bit surprising

we calculated about $52 million impact this quarter, just the change in the LIFO reserve

I'm just curious how the customers are sort of responding to these price increases. And how do you think about elasticity

I just wanted to just maybe just try and get a bit more information on the supply chain challenges, especially in such a low volume quarter

just wanted to dig into the extraordinary strength in the process orders. Last time we checked in with you guys

Are you fully committed to an IPO at this point? So is there an option to bring in a strategic investor?

did we see these pressures in 3Q and this government service -- the government settlements maybe offset that

kick off with the 4Q margin for ESS. And I'm just doing the quick math here, it implies 3 to 4 points of decline

energy project timing, I guess, is that mainly on the clean energy project? So is it just large process projects in general

the changes to the R&D tax expensing for tax purposes? You've got about $1 billion of deferred tax assets

is that more of a top-down, you know, reading all the stuff in the press that we are all reading

a bit more details on the tariff impact, the way that flows through. Obviously, $500 million

the 10 basis points at the midpoint expansion, so it looks like 100 basis points of M&A dilution at aerospace

rising investment spending in R&D across the whole portfolio. So I'm just wondering, are we seeing that coming through

do you see scope for that to -- for your business to get up to those kind of levels?

How are the Section 232 tariffs sort of changing the landscape

If you just break that down, between, you know, sort of your the metals and raw materials, which I think is about 25% of your COGS

just wondering you know, what gives you sort of informs the mid-teens view?

we understand the margins there are really rich and north of 40% EBITDA margins. Is that -- is that the case?

I'm actually wondering if there's a sales channel opportunity into the data center for that business.

how do you think about price elasticity? And maybe just talking about that into kind of the feedback from the customers on the price increases

Electrical margins in the fourth quarter, 20%, I think that's the first time you've ever had a two handle on that

what percentage of the current portfolio, Vicente, do you think is levered to energy

do you think that the double-digit Life Sciences revenue growth can continue

1Q being flat to maybe slightly down relative to the, call it, 3% organic posted in 4Q

any initial thoughts on 2026 based on what you've seen in the backlog, customer conversations, MQL momentum

how does that look for 2026 when we just annualize and all the inventory turn stuff

price, I think you said, Vik, 3.5%, 4% in the back half of the year

what sort of unlocks this next investment cycle

are we still on that sort of 46% phasing for the first half, Vik

can you maybe be a bit more specific in terms of that path for PST margins back above 30%

What are you seeing in 2025? Maybe just dissect between A&D and Life Sciences for '25

Do you think there's any unusual behavior with distributors around price increases or tariffs

Consumables remains sort of step down in that low single-digit decline territory. Is that primarily a price differential

in general sense on where you see. Know you don't provide margin guidance by segment

any help in terms of where you see the heaviest impacts across portfolio?

we've seen extraordinary strength in other places in data centers, but this is, like, another level higher. So just curious. Are we seeing more kind of longer duration orders, multiyear orders?

the backlog increased, I think 20% was the number, if I'm not mistaken. Versus the unchanged mid-single digits for this year. Just wondering how to think about that inflection in backlog versus non...

it suggests there's about $250 million of benefits over and above that 30%. Number one, is my math okay on that?

is there a pathway to maybe being above 100% free cash conversion based on the current reporting structure?

where do you stand on capital allocation going forward? Do you think the scope for JCI to be more acquisitive

what is the right level going forward? Are we now at a point where free cash conversion can be at a 100% level in '26 and beyond?

maybe you could talk about what sort of mandates you're delivering to Joakim as he comes in with a free hand

how much does that include cash restructuring payments with the ongoing program?

where are we today in terms of U.S. production of residential like commercial units? And are you planning to redomesticate production

you did mention that you were rationalizing your residential new construction exposure last quarter. I'm just wondering if that was an impact during the quarter

unpack the $75 million in a bit more detail. And maybe just if you could just clarify my I think this is Michael. Material productivity is in the 2.5% inflation number

Looks like 4Q was trending down I don't know, 40%, 45%. Is that what you saw in your two-step

Maybe just your perspective on why now? Is it consumer confidence? Is it more around the A2L dynamics? Is it the price? Is it all three

I was just curious if you were to like try and ring-fence the 2Q EPS versus the full year

can you just maybe just dig into the BCS volume guidance for the year, up in mid-single digits

I think you mentioned 16% growth year-to-date from new products, Bill, and 19% in the quarter.

on 2026. Can you maybe just give us a bit more definition on some of the margin puts and takes as it relates

Just want to make sure, Bill, I heard the price contribution in the second half. I think you said 40 basis points

a few more tariff questions. Are there any purpose impacts as a result of these excessive China tariffs

the 50-50 comment on EPS is based on the $7.75 midpoint, and then the second half would be whatever lands

The $150 million of net productivity, that appears to be mainly the payback on the restructuring actions in 2024

Maybe if you just give us a little bit more help on that bridge and 23% in 1Q. I think you're pointing to a 26% plus in 4Q

Cristina, maybe clarify with you the 1Q guidance, is that flat with 1Q last year?

should we think about it as, I don't know, a bit of inflation on corporate? Service margins up 20 basis points?

So really nice momentum in repair activity. I think you said, Judy, 10% growth in repair in the fourth quarter. Just maybe just talk about sort of the visibility on that

3Q came in a bit better, obviously, not great margins, but it came in a bit better than we expected. I'm just wondering if the furlough maybe wasn't quite as impactful

it sounds to me like you're pointing to New Equipment orders inflecting in the Americas. Just given the continued drag in multifamily, it's surprising to see this

it seems like your 3Q -- and at this point it's like $1 per share of earnings. I think the midpoint implies a step-up in earnings from 3Q to 4Q

Just wanna make sure that we're doing the math correctly. So it looks like new equipment margins may be down to about 4% or so, 4.9%. Service segment margin expansion about 40 to 50 basis points

The $90 million from China, I think you said $100 million of imports from China into the US. With the reset, I get $145 million of annualized impact

where do we expect Mod margins to be in '25 versus '24? And I know that they were running low-single-digits, I think they're on a track towards mid-single plus

what is your views around the Modernization market in China and whether this market become increasingly competitive

wondering about the scale of that facility and any disruption you are factoring in for Q4?

the data center business—I know it is small but growing quickly. Is it moving the needle on growth rates?

I'm actually wondering, is there a way to think about legacy Parker Aero margins and Meggitt

do you think that's sort of medium-term shift in CapEx? And the reason I am asking is because we have heard this from some others

how much of that SG&A reduction is structural versus some temporary cost management and that can in on the recovery

How is price looking over the balance of the year from here?

We have seen some changes in the regime during the quarter. I think you said $30 million of impact this year. How might that be changing?

FX. It's got $9 million for Pentair total $5 million for water solutions. Yeah. You had positive sales contribution, but negative EBIT

the two points or so of price. Is that enough to cover the inflation and, obviously, pool this stronger

last quarter, mentioned price fatigue and a bit more repair activity. Amongst the contractors. Are you seeing any change in that?

there's $48 million from price volume, net M&A, and we know there's $37 million from price, which $11 million from other things for x price.

I just want to double-click on 3Q. I mean you're pointing to some pretty important inflections

Do you think there's any threat to the pricing here? I mean we tend not to see pricing rollbacks

these are regular price actions, not surcharges. And just the question really is, you know, if there's a de-escalation in these China tariffs, that the prices would remain in effect

do you price it through a regular price increase and therefore you have to give customers the customary notice or would it be a surcharge

Are there any, just to be clear, are there any investments against that $80 million or is that a clean number that flows through to the bottom line?

you are looking for, I think, low single-digit growth in process markets for the full year. The 10% in the quarter

is it ticking higher here, you know, relative to the last time we spoke?

I just want to have another crack at the incremental margin of 40%

Is the warehouse really being driven by -- you called out, I think, Clearpath up 25%

that's not incremental investment. That's total investments. I just want to clarify that

roughly 4% of sales and a teens portion of that 4% is imported into China. Is that right?

down a 6% to 7% type organic year-over-year for 1Q. And it's just based on the, I don't know, based on the margin it seems like maybe a bit more pressure perhaps on EPS, so maybe down to like $1.80...

can you maybe just unpack for us the improvement in gross margin from first half and second half, about 4 points

the IEEPA benefit seems like it could be quite material. So I'm just wondering if it does create some temporary benefits in the P&L during the year

I just wanted to pick up maybe on the tariff mitigation measures, Chris. It doesn't sound like price is part of that

can you just maybe mark-to-market somewhere you expect price to maybe come into the fourth quarter? And maybe just give us a quick mark-to-market on -- I know it changes a lot, but on the tariff in...

are those actions being -- at this point being actioned and announced through the channel? Or is that still to come through the quarter?

how do you pivot away from China given the importance of those components to your power tool franchise?

what sort of SG and A investments are you planning for the year? And I'm just wondering, you know, you know, the step up we saw this quarter, is that in the run rate into 2025?

do you want to be a DC power sort of equipment provider? Or are you talking about sort of realigning your equipment to be DC power native

is that because the demand environment is too fluid? Raw material inflation impact is too fluid

how the service tail on applied systems typically looks versus the upfront cost? And is that materially different for data centers?

what kind of confidence do you have that you can maintain, if not 10%, but high single growth going forward?

what we should done for 4Q corporate. And then I think the M&A impact went up by $0.05

education, we've had a lot of angst around the ESSER funding blown off, muni bond issuance, et cetera

we're seeing just broad-based another step down, it seems in China, which might not be a big surprise

I'm guessing most of that would be imports from China. Again, correct me if I'm wrong

Your competitors seem to be struggling more with this transition. So I'm wondering if there's any share gains that you're seeing out there?

what is the mix between predictive connected type services versus, I guess, transactional services where there's a phone call from a customer

It seems like it's quite a chunky deal. It looks like $300 million, or so EV. So just wondering if you could just give any details on the size

is this a way to think about backlog growth in the quarter? And I guess my question is, do we typically book the cash from the deposits in the same

where you are seeing that success and the sort of the word share you are gaining with the data centers

Do we think '26 can be above the bar in terms of that incremental margin

your win rate, especially on the AI infrastructure side of things, how is your win rate comparing to the last 2 or 3 years

the bulk of the impact is landing in 2Q, I'm guessing, because the mitigating factors aren't really kicking in

you did take down your outlook from high teens in mid-November to high single digits in EMEA