“Test & Measurement is still expected to contribute $0.40 to $0.45 as we accelerate synergy activities.”

In context

“Our process and hybrid businesses are performing well and support the outlook for the rest of the year. We still expect underlying sales of our Discrete Automation segment to turn positive in Q4. And we are watching the orders progression, which we believe is now delayed by 1 quarter. Reported net sales growth is expected to be 15% to 16% with Test & Measurement contributing approximately 10 points of growth or approximately $1.5 billion in sales, the low end of the February guide, offset by a 0.5 point drag from FX. Incremental margins are held at low to mid-40s, which suggests mid-30s incrementals for the second half. The second half will see a change in mix with higher project-related shipments and changes in segment and geographic mix. Adjusted EPS has increased to $5.40 to $5.50. Test & Measurement is still expected to contribute $0.40 to $0.45 as we accelerate synergy activities. We now expect to have $100 million of synergies realized this year. AspenTech lowered their guidance yesterday afternoon. And we have incorporated the latest revisions into our guide. We now expect AspenTech to deliver $0.30 to $0.32 for the year versus the $0.32 to $0.34 in our February guidance. Free cash flow performance in the first half of the year and our updated earnings projections support free cash flow for the year of approximately $2.7 billion. Share repurchase, dividend and tax rate expectations are unchanged from February. For the third quarter, we expect underlying sales growth between 3% and 4.5% and leverage in the mid-30s due to the project and geographic mix I described earlier. Adjusted earnings per share is expected at $1.38 to $1.42. And finally, Test & Measuremen”