“we remain optimistic about a recovery in this business in 2025”

In context

“on our value creation framework. As you can see in this chart, 2024 was another excellent year that met or exceeded guidance. Underlying sales grew 6% and operating leverage was 47%, both in line with August guidance. Adjusted EPS was $5.49 at the high end of August guidance and free cash flow was $2.9 billion, which exceeded our guidance. Quarterly underlying orders growth exited the year at 2% and our full year growth is also 2%. This order's growth was led by our process and hybrid businesses, which were up mid-single digits for the year. Discrete Automation orders were down mid-single digits for the year, but turned positive in Q4 as we expected. Though not included in the underlying for 2024, Test & Measurement orders in the quarter were down 7% but improved 2-point sequentially, and we remain optimistic about a recovery in this business in 2025. Additionally, we executed approximately $435 million of share repurchase above the August guidance as we saw an opportunity to buy our 2025 dilution in advance at an attractive valuation. Our 2024 performance was another year of strong operating results and demonstrates the work of our transformed higher-growth, higher-margin portfolio. Please turn to Slide 17, where I will provide additional color on our 2024 performance. Underlying sales growth of 6% was led by our process and hybrid businesses, which were up high single digits for the year. Intelligent Devices grew 5%, while software and control grew 8% and price contributed two points of growth. Asia, Middle East and Africa led the growth of 8% with exceptional performance from the Middle East and Africa led by strong project activit”