“We are seeing continued softness in transportation and semiconductor demand driven by constrained CapEx environment while aerospace and defense is expected to be positive due to continued strength in government research and defense spending.”

In context

“Automation orders were down year-over-year on a tough comparison but were up sequentially low single digits. And we now expect their orders to turn positive in Q4, a quarter delayed from our original expectation. While not impacting underlying, Test & Measurement orders were softer than anticipated in Q2, down 15%. For the second half, we expect mid-single-digit underlying growth in orders and low single-digit to mid-single-digit growth for the full year, led by process and hybrid resilience with delayed discrete improvement. Test & Measurement continues to perform and delivered slightly better-than-expected Q2 results for both sales and earnings. The turn to positive orders in this business is now expected in the first half of 2025, 2 quarters delayed than our original expectation. We are seeing continued softness in transportation and semiconductor demand driven by constrained CapEx environment while aerospace and defense is expected to be positive due to continued strength in government research and defense spending. This extended downturn enables another acceleration of synergy actions. And we now expect to realize $100 million of synergies in 2024, up from our prior expectation of $80 million as we pull in additional actions that will begin this quarter that were in the plan for 2025. Our differentiated portfolio is driving value creation for our shareholders. While we remain cautious on the timing of a recovery in discrete end markets and were slightly impacted by AspenTech's latest guidance revision, Emerson's first half performance, stable process and hybrid demand and additional self-help actions provide confidence to increase our full year guidance. We are increasing our underlying sales guidance to 5.5% to 6.5% and raising our adjusted EPS expectations to $5.40 to $5.50. We will remain foc”