“The softness we experienced in Q1 in consumer electronics and consumer retail is expected to continue into Q2.”

In context

“upport ongoing product cost improvements in our manufacturing and supply chain operations, along with working capital performance, particularly inventory reductions. As a reminder, our full year adjusted organic sales growth is expected to be in the range of minus 3% to flat. This range includes an estimated 2 percentage point headwind from the ongoing decline in disposable respirator demand, along with the impact of our exit from Russia. Adjusted earnings are expected to be in the range of $8.50 to $9 per share. Full year adjusted free cash flow conversion remains forecasted in the range of 90% to 100%. Turning to our outlook for the second quarter. First, looking at external macroeconomic forecasts, both global GDP and IPI are currently expected to improve year-on-year and sequentially. The softness we experienced in Q1 in consumer electronics and consumer retail is expected to continue into Q2. We expect both sequential and year-on-year increase in auto bills, while healthcare procedure volumes are anticipated to be similar to Q1 levels and industrial end markets are expected to remain mixed. As discussed, we implemented very aggressive cost controls in the first quarter given the challenging start to the year, including on travel, advertising, external services and head count management. While we will remain disciplined, we expect to increase investments as we progress through the year to support end-market demand improvement in the second half and into the future. Including these factors, our expectations for Q2 are for total adjusted sales to be in the range of $7.7 billion to $7.9 billion versus $8.4 billion last year or down 6% to 8% year-on-year. Organic sales is expected”