At a high level, sees a more normalized level of growth for aerospace, likely mid- to high-single digits. Says aerospace “will not sustain” double-digit growth, but at the same time, “it’s not going to shift” to low-single digit either. Says the building automation business is slowly cycling up, trending in the right direction in Q4. Sees spin completed during the course of 2025. Says UOP business has “strong” bookings, sees “good” year in 2025. Says industrial automation “is our challenge,” sees things “more settled” by Q4, but doesn’t expect that business to “magically start growing” in 2025. Says core HPS business to follow the trend of the market. Comments taken from Goldman Sachs Industrials and Materials Conference.
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