“Demand for products in industrial applications is expected to remain at a relatively low level, while transportation remains stable.”

In context

“y while increasing our large engine output capabilities through the previously announced multiyear capacity investment. For oil and gas reciprocating engines and services, we expect continuing softness in well servicing due to ongoing capital discipline by our customers, industry consolidation and efficiency improvements in our customers' operations. We do see positive momentum, however, in gas compression. As we previously mentioned, we can leverage our large engine platforms across a variety of applications. Based on current market conditions and well servicing applications, we are able to serve additional power generation and gas compression demand while meeting customer needs. Solar turbines oil and gas backlog remains strong, and we continue to see healthy order and inquiry activity. Demand for products in industrial applications is expected to remain at a relatively low level, while transportation remains stable. With that, I'll turn it over to Andrew for a detailed overview of results and key assumptions looking forward. Andrew Bonfield: Thank you, Joe, and good morning, everyone. I'll begin with a summary of the first quarter and then provide more detailed comments, including some on the performance of segments. Next I'll discuss the balance sheet and free cash flow, before concluding with comments on our current assumptions for the full year as well as our expectations for the second quarter. Beginning on slide 8. Sales and revenues, revenues were $14.2 billion, a 10% decrease versus the prior year. Adjusted operating profit was $2.6 billion, and our adjusted operating profit margin was 18.3%. Both were slightly better than we had anticipated. Profit per share was $4.20 in the first quarter, co”