Net sales estimation raised to around $12.25 billion.
Operating EBITDA is now expected to be approximately $2.975 billion.
Adjusted EPS forecast adjusted to $3.60, indicating an expected year-over-year growth.
For Q2 2024, net sales are anticipated to be about $3.025 billion, with operating EBITDA at roughly $710 million, and adjusted EPS projected to be $0.84.
Forecast implies a recovery in high-growth areas with volume improvement and reduction in destocking impacts as significant drivers.
Electronics Recovery: A notable pickup in semiconductor and electronics market, driven by increased chip demand and normalization of customer inventory levels.
Operational Excellence & Restructuring Benefits: Continued benefits from restructuring actions and a focus on productivity and operational excellence have minimized impacts from past volume declines.
Strong Growth Areas: Investments and growth in semiconductor manufacturing, consumer electronics, water filtration technologies, health care markets, and advanced technologies for hybrid and electric vehicles.
Sustainability Achievements: Exceeded 2030 greenhouse gas emissions reduction goals and focus on sustainability strategies across the product portfolio.
Asia-Pacific and China Market Sentiment: Positive signs of recovery particularly in China with sales volume up 3% year over year, heavily influenced by the recovery in E&I segments.
Future Growth Drivers: AI-driven growth in electronics, anticipated improvements in semi and ICS volumes, recovery in water and industrial end markets.
”Our results for the period exceeded our expectations, driven by better-than-expected volumes in all segments.” - Edward Breen, CEO
”We are raising our full year 2024 guidance for net sales, operating EBITDA, and adjusted EPS.” - Lori Koch, CFO
”We remain excited about the growth potential of our businesses, centered around 5 secular high-growth areas.” - Edward Breen, CEO
”More than 80% of our innovation portfolio is expected to advance our customer sustainability roadmap.” - Edward Breen, CEO on sustainability efforts.
Incrementals in H2 expected at around 56%, with a substantial derisking for the latter half of the year - Edward Breen & Lori Koch discussing financial outlook.
