Cyclical Component PressureContinued pressure in certain cyclical components in PH’s portfolio, muted international economic outlook, potential exogenous factors impacting Aero growth, and integration risks as M&A deal size increases pose risks.
Industrial Short Cycle RecoveryIndustrial growth came in light of its own expectations, and industrial short cycle recovery has been pushed out from 3Q to 4Q.
Organic GrowthDespite the positive order inflection, PH lowered its FY25 organic growth guide by (250)bps at the midpoint in Industrial NA and by (150)bps at the midpoint in Industrial International.