Emerson Electric Co.

Strong quarter + raised full-year guidance (good): - Q3 underlying sales +6%, driven by Software & Systems +11% (Test & Measurement +23%, Control Systems & Software +7%) and Intelligent Devices +5% (benefiting from Middle East timing/shipments). - Q3 Adjusted EPS $1.71 (+13% YoY), Adjusted segment EBITDA margin +140 bps to 28.5%, and free cash flow $1.3B (+36%) with 27.1% margin. - Raising full-year guidance: sales growth +5% GAAP / +3.5% underlying, adjusted EPS ~$6.55 (raised), and free cash flow ~$3.6B. EBITDA margin still expected ~28%.

Demand momentum and secular tailwinds (good/opportunity): - Underlying orders +7% YoY, broad-based; strongest demand in North America and Asia. - Growth verticals +27%, led by semiconductor +53% and power +37% in the quarter (with power fueled by utility fleet modernizations and behind-the-meter/data-center capacity). - Project funnel +8% YoY to $12.4B (power $3.0B, LNG $2.2B). Management highlighted ~$400M won in the quarter, ~80% from growth verticals.

Software/ACV dynamics improve into Q4 (surprising/good): - Software annual contract value (ACV) +9% YoY to $1.68B. - Management said the renewal headwind that weighed the year is expected to reverse in Q4, supporting continued software strength. - Full-year software guidance: Test & Measurement +14%, Control Systems & Software +3.5% (includes ~3 points of headwind from software renewals).