“Price is now expected to contribute approximately 2.5 points of growth versus 3 points in the prior guide due to decreased tariff exposure, resulting in lower surcharges.”

In context

“ion. Overall, adjusted EPS grew 6% year-on-year to $1.52. Please turn to Slide 10 for additional details on our fourth quarter and full year 2025 guidance. We expect fourth quarter underlying sales growth of 5% to 6%, supported by a meaningful acceleration in Test & Measurement, sustained healthy pace of business in our process and hybrid businesses, a strong backlog position as we enter the quarter and expected incremental tariff-related revenue. Adjusted segment EBITDA is expected to be approximately 27%, up 80 basis points over the prior year with operating leverage of approximately 40%. With this, we expect to land adjusted earnings per share between $1.58 and $1.62, a strong year-over-year growth of 7% to 10%. For the full year, we expect underlying sales to be up approximately 3.5%. Price is now expected to contribute approximately 2.5 points of growth versus 3 points in the prior guide due to decreased tariff exposure, resulting in lower surcharges. We are increasing adjusted segment EBITDA margin guidance to approximately 27.5% with operating leverage of approximately 70%. Adjusted EPS is increased at the midpoint to approximately $6 per share. Free cash flow was also increased to approximately $3.2 billion resulting in a margin of approximately 18%, which includes $200 million of transaction-related headwinds. With that, we will now turn the call over to the operator for Q&A. Operator: [Operator Instructions] And the first question is from the line of Jeff Sprague with Vertical Research Partners. Jeffrey Todd Sprague: I thought you were going with [ Geoffrey ] for the AI adviser. Could we just maybe just sort of touch on the margins again and sort of intelligent devices in particular. So I kind of get the tariff math, but dollar sa”