Precision Tech Revenue Outlook
Q: How is the Precision Tech revenue outlook for the year and Q2?
A: Management expects Precision Tech (PT) revenue to be lower, with Q2 likely being the low point. They anticipate book-to-bill around 1 in Q2 and see orders starting to come back, supporting growth in the second half. They are managing margins well despite the lower PT revenue and don't foresee a significant step-up from the first half to the second half.

EA Acquisition Performance
Q: How did the EA acquisition perform this quarter?
A: EA revenue was around $35 million, slightly lower than planned due to seasonal factors and some project pushouts. FX impacted revenue by about $2 million, and divestitures reduced it by $5 million. Despite this, management expects strong margins and accretion, with book-to-bill over 1 in Q1, and they feel good about the business's contributions for the year.

M&A Pipeline and Valuations
Q: What is the outlook for the M&A pipeline and valuations?
A: Management sees a wide variation in valuations in the market and remains disciplined in their M&A approach. They are active but selective, focusing on opportunities similar to the EA acquisition, including software, data, and hardware businesses. The funnel looks promising, but they will stay disciplined on valuations to ensure accretive deals.

Guidance Appears Conservative
Q: Is your guidance for the rest of the year conservative?
A: Management believes they had a strong start and the full-year guide reflects that. They acknowledge uncertainties but see opportunities, especially if China's outlook improves. They are focused on executing well and believe there is potential upside if positive trends continue.

Exposure to AI Build-Out
Q: How are you positioned to leverage the AI build-out?
A: The company is benefiting from investments in high-performance computing and data center expansion related to AI. They received an 8-digit order tied to next-generation chips, are participating in utility infrastructure growth, and are launching AI solutions within their products, such as at Sensing, Provation, and Gordian.

Tektronix Performance and Outlook
Q: Can you update us on Tektronix's performance and outlook?
A: Tektronix's book-to-bill was 0.95 in the quarter, with revenue down mid-single digits, as expected. Management anticipates Tektronix revenue to be down mid-single digits for the year and expects improvements in the second half as orders convert to revenue. They are building their sales funnel and feel confident about the trajectory.

Fluke Growth Through Slowdown
Q: How is Fluke managing to grow despite PMI slowing?
A: Fluke is outperforming the market through intentional innovation investments and a strong global presence. Their solar and EV product lines grew over 30%, and Fluke reliability growth was up 17%. By focusing R&D on secular drivers, they're showing resilience and stable trends despite headwinds.

ASP Performance and Consumables Demand
Q: How is ASP's consumables demand progressing post go-to-market transition?
A: ASP's revenue was up 11% in Q1, aligning with expectations. Management sees continued growth and margin expansion, with SaaS growing double digits. They feel positive about the business's trajectory and the benefits from the distributor transition.

Margin Expansion and Incrementals
Q: What's driving margin expansion, and what's a normalized incremental?
A: Volume growth in the second half is expected to drive margin expansion, with typical incrementals around 40%. They achieved 100 basis points of margin expansion in Q1 and anticipate more through productivity initiatives. The Health segment saw 200 basis points of expansion, contributing to overall performance.

Potential Election Impact on Fluke
Q: Could policy changes impact Fluke's growth in solar and electrification?
A: Management believes there's minimal risk, as Fluke's business is more tied to maintenance rather than construction. Global opportunities are strong, and even if policies shift, maintenance needs persist, supporting ongoing demand.

Confidence in 2025 EPS Goal
Q: How confident are you in achieving the $4.50 EPS goal for next year?
A: Management is confident based on strong first-quarter performance and full-year projections. They expect double-digit earnings and free cash flow growth, supported by margin expansion. Despite uncertainties, they believe their track record and current execution position them well for 2025.