“In the fourth quarter, we expect sales growth of mid to high-single-digits, with particular strength in commercial aftermarket.”

In context

“ides us an expanded installed base to leverage for high margin aftermarket projects. We now expect overall segment profit dollars to grow between 5% and 6% for the year. At a segment level, Building Automation and Energy and Sustainability Solutions will lead the group in margin expansion. For the fourth quarter, we anticipate overall segment margin in the range of 23.8% to 24.2%, up sequentially, but down 20 basis points to 60 basis points year-over-year as a result of mix within original equipment in aerospace and volume de-leverage in industrial automation. Now let's spend a moment on our outlook by business. Looking ahead for Aerospace Technologies, we still expect low-double-digit growth in 2024 organic sales with double-digit growth in both commercial aviation and defense and space. In the fourth quarter, we expect sales growth of mid to high-single-digits, with particular strength in commercial aftermarket. As previously noted, segment margin in the third quarter outperformed our expectations on better-than-anticipated mix, but we still see modest year-over-year segment margin contraction as discrete supply chain disruptions from the third quarter are resolved and we see a corresponding recovery and commercial original equipment volumes. Moving to Industrial Automation, we're lowering our 2024 outlook for year-over-year organic sales to a decline in the high-single-digit range, as slower-than-expected short-cycle demand recovery alongside project pushouts and process solutions dampen our outlook for full-year organic growth. For the fourth quarter, we expect sales down low-single-digits with modest growth in projects and aftermarket services offset primarily by softness and sensing and safet”