“Our discrete businesses are expected to be up double digits in the quarter, reinforced by the recovery in Test & Measurement, which is expected to be up sharply with growth in the high teens.”

In context

“the fourth quarter, supporting double-digit order rates in our discrete businesses as we exit the year. Emerson has now posted 2 consecutive quarters of mid-single-digit underlying orders growth. In July with a strong start to the fourth quarter, the trailing 3-month underlying orders growth of 6%. As we exit the year, we expect underlying orders growth between 5% and 7%. Please turn to Slide 6. Our view for full year 2025 underlying sales remains similar to what we communicated in the May earnings call. Demand trends are favorable and support our fourth quarter outlook for underlying sales growth to accelerate to 5% to 6%. We expect fourth quarter underlying sales for our process and hybrid businesses in the mid-single digits, driven by global investment in LNG, power and life sciences. Our discrete businesses are expected to be up double digits in the quarter, reinforced by the recovery in Test & Measurement, which is expected to be up sharply with growth in the high teens. In the Americas, we expect broad-based strength in North America MRO and greenfield projects. We plan to see growth accelerate in Europe led by energy security and modernization projects, coupled with recovery in discrete markets. Robust investment is expected to continue in the Middle East, India and Southeast Asia, and we expect China to be up slightly, supported by power and marine with improving business fundamentals in Test & Measurement markets. We continue to see strength in customer adoption of our subscription software and expect double-digit ACV growth for the full year. Notably, ACV in AspenTech's digital grid management grew 26% in the third quarter with strong momentum across North America and Europe. Please turn to Slide 7. The tariff environment continues to be dynamic. Eme”