Total Revenue

–29% (from $2,105.7M to $1,490.21M)

Overall revenue declined sharply driven largely by significant underperformance in key segments and geographies – notably a dramatic drop in U.S. revenue—and the drastic turnaround in Engineered Products, which overwhelmed gains in areas like Clean Energy & Fueling. " "

Engineered Products

Reversed from +$529.1M to –$151.62M

Engineered Products experienced a dramatic reversal (effectively a loss over 100%) likely due to strategic dispositions or adverse operational factors that sharply changed its prior strong performance, marking a stark contrast with previous periods where the segment contributed positively. " "

Clean Energy & Fueling

+17.5% (from $449.4M to $528.02M)

Revenue increased due to strong pricing actions, robust demand, and acquisition‐related contributions that built on previous period momentum, demonstrating the segment’s capacity to drive growth despite broader headwinds. " "

Pumps & Process Solutions

+7.8% (from $444.8M to $479.1M)

A modest increase supported by improved product mix and positive integration of acquisitions provided a gradual uplift compared to a stable prior performance, indicating ongoing organic recovery combined with targeted acquisition effects. " "

Climate & Sustainability Tech.

–12.7% (from $398.4M to $347.55M)

The decline reflects continued market challenges—such as weaker demand and timing issues in key areas like heat exchangers and beverage can-making—continuing trends seen in previous periods where headwinds led to revenue softness. " "

Imaging & Identification

~+1% (from $285.5M to $288.76M)

Practically flat performance resulted from balanced effects; moderate gains from pricing and product demand were offset by pressures in specific sub-segments, maintaining a stable trend similar to earlier period dynamics. " "

United States Revenue

–51% (from $1,194.41M to $582.1M)

A 51% drop in the U.S. indicates a severe contraction, reflecting drastic reductions in shipments and order volumes in key segments—consistent with previous declines in areas such as Engineered Products and Clean Energy & Fueling—that heavily impacted overall revenue. " "

Europe Revenue

–~4% (from $444.83M to $425.35M)

A modest decline due to persistent soft market conditions and customer inventory adjustments, factors that had already been evident in prior periods, continuing to limit revenue growth in the region. " "

Asia Revenue

–8.5% (from $243.65M to $222.72M)

Weaker market conditions and reduced shipments, reflecting trends observed in earlier periods, resulted in an 8.5% decline in Asia, where macroeconomic challenges and lower demand have persisted. " "

Other Americas Revenue

+10% (from $157.02M to $172.7M)

Strong performance in Other Americas, driven by robust demand for clean fuels and fluid transfer solutions, continued to boost revenue, marking a turnaround compared to other regions and building on a positive trend from the previous quarter. " "

Other Regions Revenue

+33% (from $65.82M to $87.29M)

A substantial 33% growth signals emerging market opportunities or new business wins in these areas, contrasting markedly with more mixed performance in the U.S., Europe, and Asia and indicating a fresh dynamic compared to past periods. " "

Revenue growth

FY 2025

3-5% "

3-5% (“in line with prior quarter”) "

no change

EPS growth

FY 2025

no prior guidance

Double-digit "

no prior guidance

Incremental margin

FY 2025

25-35% "

strong incremental margin performance "

no change

Free Cash Flow

FY 2025

no prior guidance

14-16% of revenue "

no prior guidance

Price-Cost Spread

FY 2025

no prior guidance

1-1.5% "

no prior guidance

Book-to-Bill Ratio

FY 2025

no prior guidance

~1 "

no prior guidance

Data center liquid cooling and thermal connectors

Consistently highlighted as key growth drivers tied to AI/data centers; bookings and volumes rising steadily. " " " " " " " " "

Strong demand noted; short-cycle visibility (~45 days); capacity investments help maintain industry-best lead times. " "

Recurring topic with continued bullish sentiment

CO2 refrigeration systems

Cited each quarter as a high-growth platform with strong margin potential; ramp-up expected through 2025. " " " " " " " " "

Record quarterly volume in the U.S.; strong booking momentum (16% organic bookings growth); broad-based adoption among national retailers. " "

Recurring topic with ongoing expansion and positive outlook

Biopharma components

Consistent discussion of recovery and robust consumable demand; strong margins and year-over-year revenue increases. " " " " " " " " " "

Double-digit growth in single-use components; bookings grew over 100% YoY; broad-based demand following inventory clearing. " " "

Recurring topic with strong, positive momentum

European heat pump market

Faced destocking and weak demand in Q2/Q3; Q1 indicated lowered forecasts due to inventory overhang; recovery cited for late 2024 into 2025. " " " " " "

Inventory stabilization; sequential improvement in shipments; Q1 2025 still tough, but positive ramp anticipated over rest of the year. " "

Recurring topic; shifting from negative to improving sentiment

Book-to-bill ratio

Generally remained around or above 1; driven by strong orders in CO2 systems, biopharma, and thermal connectors. " " " " " "

Above 1 in Q4; strong foundation for 2025; expected to hover around 1, with dips possible. " "

Recurring topic with stable to positive outlook

Clean energy components margin improvement

Discussion of flat margins in Q2/Q3 due to integration costs; anticipation of significant positive swing after synergy capture. " " "

200 basis points improvement in segment margins; expected to be a margin leader in 2025, potentially exceeding 20%. " "

Recurring topic; momentum building for stronger margins

Segment margin improvements

Margins consistently highlighted with improvements tied to cost actions, productivity, and mix shifts. " " " " " " " "

Overall 22.2% segment margin, up 60 bps; mix improvements and restructuring efforts cited as contributors. "

Recurring topic with continuing positive trajectory

Restructuring efforts

Q3 noted a $25 million carryover and further synergy work; no explicit mention for Q2; Q1 referenced structural cost reductions in fueling. " "

$25 million benefit mentioned; additional restructuring in pipeline, not yet in forecast. "

Recurring topic with ongoing actions expected to boost future margins

Pricing power challenges

Generally described as modestly positive in Q3; not discussed in Q2; was slightly negative in Q1 but expected to turn positive by year-end. " " "

Price-cost remains modestly positive, around 1 to 1.5 depending on mix. "

Recurring topic with improving sentiment

Can-making business

Q3 indicated can-making had “bottomed out”; Q2 noted a slowdown; Q1 showed lagging orders versus broad growth in other areas. " " "

Mentioned among declines in Climate & Sustainability Tech; offset by gains in CO2 and heat exchangers. "

Recurring topic with ongoing softness, though possibly past the worst

Fueling business

Gradual recovery noted each quarter; above-ground fueling inflecting positively; slower first half in Q2 but improving into Q3 and beyond. " " " " " "

Solid volume growth in retail fueling; expected to see continued momentum in 2025. "

Recurring topic with improving performance

Environmental Solutions Group divestiture

Addressed in Q3 and Q2, where details on proceeds ($2B), valuation, and redeployment of capital were provided. " " " " " " " " " "

Mentioned for its impact on portfolio shift (Engineered Products now ~15% of total). "

Concluded transaction affecting portfolio composition

Short-cycle business demand visibility

Described as variable but supportive of growth in prior quarters; order volatility noted, with outperformance due to unique portfolio exposure. " " " " "

Cited as ~45 days in liquid cooling; demand highly reactive to near-term orders. " "

Recurring topic highlighting limited visibility but consistent short-cycle support