Revenue Growth

Q4 2024

no prior guidance

3% "

no prior guidance

Core Revenue Growth

Q4 2024

no prior guidance

1% "

no prior guidance

Adjusted Operating Profit

Q4 2024

no prior guidance

+6%, ~75 bps margin expansion "

no prior guidance

Adjusted Diluted EPS

Q4 2024

no prior guidance

$1.11 to $1.14 "

no prior guidance

Free Cash Flow

Q4 2024

no prior guidance

$425M "

no prior guidance

Revenue Growth

FY 2024

3% to 4% "

3% "

lowered

Core Revenue Growth

FY 2024

2% to 3% "

1% "

lowered

Adjusted Operating Profit Margin

FY 2024

27% to 27.5% "

~100 bps year-over-year increase "

lowered

Adjusted Diluted EPS

FY 2024

$3.80 to $3.86 "

$3.84 to $3.87 "

raised

Free Cash Flow

FY 2024

no prior guidance

$1.4B "

no prior guidance

Recurring references to organic growth and mid-single-digit outlook

Consistently cited in Q2, Q1, and Q4 2023 as a core focus. " " " " " " " " "

Emphasized mid-single-digit growth in all segments and ~75 bps of margin expansion in 2025. " " " "

Consistent; remains central to the company’s outlook.

Margin expansion targets across multiple segments

Prior quarters highlighted 100+ bps expansions in most segments. " " " " " " " " "

Q3 2024 guidance includes ~75 bps expansion, with AHS, IOS, and PT all contributing. " "

Consistent focus on cost management and profitability.

Precision Technologies (Tektronix) performance and uncertainty in recovery timelines

Previously cited delayed mil/gov demand and slower China recovery. " " " " "

Core down ~4%, but new orders up high single digits; gradual rebound expected in 2025. " "

Ongoing caution; incremental optimism as orders improve.

Advanced Healthcare Solutions segment growth and margin expansion

Historically mid-to-high single-digit growth with steady margin gains. " " " "

9% core growth, 300 bps margin expansion in Q3 2024. " "

Consistently strong performance; significant profitability driver.

Intelligent Operating Solutions segment momentum

Has shown mid-single-digit growth and margin gains in previous calls. " " " "

~2% core growth; 50 bps margin expansion; strong SaaS ARR in Q3. " "

Ongoing resilience with recurring revenue emphasis.

EA (Electric and Autonomous) business challenges and delayed recovery

Prior calls noted revenue pushouts and delays in EV/battery projects. " " " " "

No near-term rebound cited; EV/mobility end markets remain weak. "

Persistent headwinds; high long-term potential once EV recovers.

Pricing strategies exceeding peers and supporting gross margins

Mentioned in Q4 2023 as a key margin driver; not consistently addressed otherwise. "

Referenced strong premium pricing power from innovation. "

Sporadic but important for margin support.

Reduced revenue forecasts impacting long-term EPS targets

Cited in Q2 2024 as feasible yet challenging. " "

$4.50 EPS goal deemed aspirational; ~$200M revenue gap noted. "

Continued caution on hits to EPS trajectory.

Slower recovery in China and Asia restraining overall growth

Slower China rebound repeatedly highlighted, impacting Tektronix. " " "

China down high single digits; Asia ex-China up nearly double digits. " "

Ongoing regional drag; improvement timeline uncertain.

Project delays in military, government, and industrial markets

Q2/Q1 noted pushouts in mil/gov and weak industrial demand. " " " " "

Some defense orders recovered in Q3; industrial deliveries still delayed. " " " " "

Gradual recovery; remains a watch area.

Acquisitions (EA, ServiceChannel, ProVation) and evolving returns on invested capital

Previous calls stressed synergy realization and recurring revenue lift. " " " " " " " "

EA diversifying beyond EV, ProVation driving 20% SaaS growth. " " "

Integral deals with ongoing synergy and ROIC focus.

Strong free cash flow enabling share repurchases and dividend growth

Q2 and Q4 2023 highlighted ≥$8B FCF over 5 yrs for buybacks/dividends. " "

Repurchased ~6M shares YTD; no explicit dividend update in Q3. " " "

Ongoing capital return, supporting EPS.

Fluke brand’s resilience amid electrification and AI opportunities

Cited in Q2/Q1 as benefiting from EV and emerging tech trends. " " " " " "

Low single-digit industrial growth, strong orders, new product launches. " " "

Sustained resilience with electrification tailwinds.

ASP consumables growth trajectory

Previously reported double-digit gains; benefits from channel transition. " " " " "

Mid-single-digit capital growth, strong consumables in North America. "

Steady expansion, key revenue driver.

Proactive cost management, productivity actions, and restructuring

Q2 saw offsetting cost actions and high incremental margins. " " "

Q3 invests $20–30M for productivity; ~60% incremental margins. " " "

Consistently used to preserve margins and fund growth.