“For overall Aerospace, we expect organic growth in the low-double-digit range in 2024.”

In context

“let's spend a few minutes on our outlook by business. In Aerospace Technologies, we expect that robust demand will remain throughout 2024 as our record level backlog provides a catalyst for growth. In commercial original equipment build rates continue to trend upwards, driving increase in chipset deliveries, primarily in air transport. On the commercial aftermarket side, we expect to see volume strength as flight hours continue to improve, particularly in wide-body as international travel normalizes further. In defense and space, supplies -- supply-chain constraints not demand will be the limiting factor on volume growth. However, our output growth of 18% in 2023 across Aero gives us confidence in our ability to execute and we anticipate modest sequential improvement throughout the year. For overall Aerospace, we expect organic growth in the low-double-digit range in 2024. While we again expect Aero to be our fastest top-line grower, margins will likely remain at comparable levels to 2022 and 2023, as higher sales of lower-margin products are mostly offset by increased volume leverage. In the first quarter, we expect to see low-teens organic growth year-over-year as the progress we've made on supply-chain throughout 2023, coupled with our record backlog will drive continued meaningful year-over-year output growth. For Industrial Automation, the timing of short-cycle recovery will play a key factor in 2024 results and are -- and will likely lead to a back-half weighted year. In Process Solutions, we expect to further build on the success we experienced in 2003 with another strong year of growth, particularly in our projects and aftermarket services business.”