“Margins should improve throughout the year from a 1Q bottom, driven by a combination of commercial excellence and productivity actions.”

In context

“al environment will remain a key focus as we move through the year. In the second quarter, we expect sales to remain roughly flat year-over-year and sequentially, as sustained demand in flooring products and catalysts will offset remaining volume headwinds from challenging comps in gas processing equipment. For the full year, strong performance in those businesses is expected to offset volume declines in our legacy stationary products due to well-telegraphed quota reductions within the U.S. In sustainable technology solutions, robust demand will lead to another strong year of growth. We continue to monitor the ongoing short-cycle recovery, particularly from semiconductor fabs, a key component to achieving our unchanged top line expectation of flat to up low single digits for the year. Margins should improve throughout the year from a 1Q bottom, driven by a combination of commercial excellence and productivity actions. Moving on to other key guidance metrics. Pension income in 2024 will be roughly flat to 2023 at approximately $550 million. We anticipate net below-the-line impact to be between negative $550 million and negative $700 million for the full year and between negative $120 million and negative $180 million in the second quarter. This guidance includes repositioning spend between $200 million and $300 million for the full year and between $25 million and $75 million in the second quarter, as we continue to invest in high-return projects to support our future growth and productivity. We expect the adjusted effective tax rate to be around 21% for both the full year and the second quarter. We anticipate average share count to be around 656 million shares for the full year, as we execute our com”