Backlog And DemandBacklog is down ~2% at $6.75bn, however the company adjusted $0.5bn of backlog on currency headwinds, transport normalization, and new down payment policy.
Geographical PerformanceAsia-Pacific orders decreased by 31%, with significant declines in China, reflecting a slowdown in non-residential markets.
Market SentimentSlowing bookings growth, and sharp China drop-off weighing on sentiment.