“Full year discrete automation underlying sales are now expected to be down in the low single-digit range.”

In context

“e to thank the test and measurement team for an excellent quarter. The integration work has been performed exceedingly well, and your embrace of the Emerson Management System is very much appreciated. Thank you again to the entire test and measurement team. Please turn to Slide 10, for details of our Q2 and full year 2024 guidance. After our strong Q1 performance, we are increasing our full year 2024 sales and adjusted EPS guidance. We now expect underlying sales growth of 4.5% to 6.5% driven by our process and hybrid businesses. We expect both intelligent devices and software and control, to be within this guidance range for underlying sales. We continue to watch the discrete automation recovery closely, and we now expect sales to turn positive in Q4 consistent with test and measurement. Full year discrete automation underlying sales are now expected to be down in the low single-digit range. FX is expected to be approximately flat versus 2023 compared to a 1-point headwind embedded in our November guidance. Operating leverage, excluding test and measurement, is now expected to be in the low to mid-40s in 2024 versus the mid-to high 40s guidance from November. A modest reduction in our full year target is solely attributed to the move in FX as the 1% increase in sales volume comes in at a lower margin. Our adjusted EPS range increases from $5.30 to $5.45 driven by our Q1 performance. AspenTech is still expected to contribute approximately $0.32 to $0.34. Lastly, we are maintaining our free cash flow guidance of $2.6 billion to $2.7 billion. Share repurchase is expected to be approximately $500 million, of which $175 million was completed in Q1. For the second quarter, we expec”