Customer SpendingThe organic revenue decline in Q1/24 from the TestEquity segment was largely due to delayed capital spending by customers on test & measurement equipment in a high interest rate environment.
Financial PerformanceOrganic revenue decline in the TestEquity segment due to high interest rates and excess inventory leading to price competition.
Market DemandRevenue declined organically due to the demand softness in certain end-markets including renewable energy, electronics test & measurement equipment, and semiconductor manufacturing.