Financial Data and Key Metrics Changes - Revenue for the second quarter was $682 million, an increase of 3.3% compared to 2024, with a projected revenue for 2025 between $2.76 billion and $2.82 billion [14][22] - Adjusted EBITDA for the second quarter was $96.6 million, representing a 14.2% margin, compared to $91.1 million or 13.8% margin in 2024 [15][16] - Adjusted net income for the quarter was $20.5 million or $0.26 per share, compared to $19.3 million or $0.25 per share last year [18] Business Line Data and Key Metrics Changes - The Patient Direct business is projected to grow from approximately $450 million in annual revenue at acquisition in 2017 to between $2.76 billion and $2.82 billion in 2025 [9] - The sleep category, particularly sleep supplies, led overall growth, while diabetes supplies showed lower than planned performance [14][15] - Adjusted EBITDA for the year-to-date period was $192.7 million or 14.2% of revenue, compared to $160.3 million or 12.3% in the prior year [16] Market Data and Key Metrics Changes - Approximately 40% of American adults live with at least one chronic condition, driving demand for home-based health care [7] - The company expects to capitalize on strong sustainable tailwinds in the home-based care market due to demographic shifts and macroeconomic trends [6] Company Strategy and Development Direction - The company is in the final stages of divesting the Products and Healthcare Services segment, focusing exclusively on the higher-margin Patient Direct segment [5][6] - Future growth will be driven by disciplined growth through organic initiatives and strategic acquisitions, while also focusing on reducing stranded costs and improving profitability [10][11] - The company plans to evaluate selective acquisition opportunities that align with its strategic vision [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to lead in the evolving market, supported by favorable demographic trends [6] - The anticipated increase in stranded costs is expected as the company approaches the expected close of the divestiture [23] - Management expects limited impact from the loss of a contract with Kaiser in 2025, with the bulk of the transition occurring in 2026 [39] Other Important Information - The company reported $80 million in expenses related to the termination of the RoTEK acquisition, impacting financial results [12] - Net debt as of June 30 was $1.9 billion, an increase of $126 million since 2024, primarily due to the cash paid to terminate the RoTEK acquisition [19][20] Q&A Session Summary Question: Dynamics of the transaction and stranded costs - Management expects stranded costs to decrease by the second half of 2026 after the divestiture [25] Question: Medium-term trajectory of the diabetes business - Management noted a shift from DME to pharmacy and emphasized growth in their pharmacy capability [26][27] Question: Guidance on EBITDA and stranded costs - The expected increase in stranded costs is related to the anticipated divestiture of the PNHS business [70] Question: Impact of the one big beautiful bill on cash flow - The legislation is viewed as a net positive for the company financially, particularly regarding cash taxes [62] Question: Future acquisition considerations post-RoTEK - Future acquisitions will likely be smaller in scope, focusing on paying down debt and increasing free cash flow [66]

Core Insights - Ametek reported record Q2 2025 results with revenue of $1.78 billion and adjusted EPS of $1.78, both exceeding analyst expectations [1][5] - Revenue increased by 2.5% year-over-year, while adjusted EPS rose by 7%, reflecting strong performance despite global trade challenges [1][5] - The Electromechanical Group showed significant growth, while the Electronic Instruments Group experienced slower growth [1][6] Financial Performance - Q2 2025 adjusted EPS (non-GAAP) was $1.78, surpassing the estimate of $1.69 and up from $1.66 in Q2 2024, marking a 7.2% increase [2] - GAAP revenue reached $1.78 billion, exceeding the estimate of $1.73 billion and showing a 2.5% increase from the previous year [2] - Operating income grew to $461.6 million, a 3.2% increase from $447.5 million in Q2 2024, with an operating margin of 26.0%, up from 25.8% [2][5] Business Overview - Ametek operates through two main segments: the Electronic Instruments Group (EIG) and the Electromechanical Group (EMG), serving diverse industries including aerospace, medical devices, and energy [3] - EIG focuses on precision instruments for various markets, while EMG specializes in motion control and engineered solutions [3] Strategic Focus - The company is enhancing operational excellence through improved manufacturing efficiency and profit margins, supported by strategic acquisitions and investments in new product development [4][8] - Ametek's flexible manufacturing network and diverse geographic footprint contribute to its efficiency and supply chain resilience [4] Segment Performance - The Electromechanical Group's revenue increased by 6.4% to $618.5 million, with operating income rising by 17% and operating margin improving to 23.3% [2][6] - The Electronic Instruments Group's revenue grew by 0.9% to $1.16 billion, but operating income declined by 1.6% due to customer caution amid global trade conditions [2][6] Future Outlook - Ametek raised its full-year 2025 adjusted EPS guidance to a range of $7.06 to $7.20, projecting mid-single-digit sales growth for FY2025 [12] - For Q3 2025, the company anticipates sales growth in the mid-single digits and adjusted EPS between $1.72 and $1.76 [12] Dividend Policy - The quarterly dividend was increased by 11% to $0.31 per share, marking the sixth consecutive year of double-digit percentage increases [9][14]

Financial Data and Key Metrics Changes - Honeywell's second quarter sales grew 5% organically, with earnings per share at $2.45, up 4% year-over-year, and adjusted earnings per share at $2.75, up 10% year-over-year [19][24][35] - Orders reached $10.5 billion, a 6% increase year-over-year, with a backlog growing 10% organically to a record $36.6 billion [19][24] - Free cash flow for the second quarter was $1 billion, down approximately $100 million from the previous year due to tariff-related cost inflation [19][20] Business Line Data and Key Metrics Changes - Aerospace Technologies saw a 6% organic growth, with segment margin contracting 170 basis points to 25.5% due to cost inflation and the impact of an acquisition [21] - Industrial Automation's sales were flat on an organic basis, with segment margin expanding 20 basis points to 19.2% driven by productivity actions [21] - Building Automation delivered an 8% organic sales increase, with segment margin expanding 90 basis points year-over-year [22] - Energy and Sustainability Solutions sales grew 6% organically, but segment margin contracted 110 basis points to 24.1% due to cost inflation [22] Market Data and Key Metrics Changes - The U.S. remains the leading growth market, with normalized growth across Europe and China [61] - Aerospace orders are strong across defense and space, with commercial aftermarket growth expected to stabilize [41][61] Company Strategy and Development Direction - Honeywell is pursuing strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses to clarify future strategies [8][14] - The company is on track to separate into three independent companies, aiming to maximize long-term value for stakeholders [9][10] - Increased R&D spending across all segments is aimed at accelerating organic growth and improving fundamentals [95][96] Management's Comments on Operating Environment and Future Outlook - Management raised sales and earnings guidance for the full year, citing strong first-half performance despite potential tariff impacts [6][23] - The company remains cautious about macroeconomic uncertainties affecting business demand, particularly in energy projects [24][36] - Management expressed confidence in the resilience of business demand across most sectors and regions [35][36] Other Important Information - Honeywell completed the acquisition of Sanddine for $2.2 billion and returned over $2.4 billion to shareholders through share repurchases and dividends [20] - The company plans to host an Investor Day for Solstice Advanced Materials prior to its spin-off [10] Q&A Session Summary Question: Insights on Aerospace and Commercial OE Sales - Aerospace orders remain strong, with expectations for normalization in commercial OE sales in the second half due to destocking issues [41][42] Question: UOP Growth and Future Outlook - Strong growth in Q2 was driven by a licensing agreement and catalyst sales, but energy project spending is expected to slow [55][56] Question: Industrial Automation Margin Outlook - Margin pressures are primarily due to energy project delays, but services remain strong [58][61] Question: R&D Spending Increase - Increased R&D spending is aimed at preparing Honeywell for future organic growth, not linked to the upcoming spin-offs [95][96] Question: Building Automation Growth Drivers - Growth is driven by focusing on high-growth verticals, mining the installed base, and new product introductions [115][116]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 中國新消費集團有限公司 （於開曼群島註冊成立之有限公司） CHINA NEW CONSUMPTION GROUP LIMITED （股份代號：8275） 自願公告 收購茶大椰新門店 承董事會命 本 公 告 乃 由 中 國 新 消 費 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本 集 團」）自 願 作 出，旨 在 知 會 本 公 司 股 東（「股 東」）及 潛 在 投 資 者 有 關 本 集 團 的 最 新 業 務 進 展。 董 事 會 欣 然 宣 佈，本 集 團 已 訂 立 買 賣 協 議，涉 及 收 購 分 別 位 於 上 環、將 軍 澳、 尖沙咀及荃灣的四間茶大椰門店不少於51%的 股 本。在 日 新 月 異 的 飲 品 市 場， 我 們 的 使 命 ...

Core Insights - AeroVironment reported record fourth-quarter and annual performance driven by increased demand for unmanned systems and loitering munitions, with stock price surging over 29% to a historical high of $250 [1] - The company achieved fourth-quarter revenue of $275.1 million, a 40% year-over-year increase, and annual revenue growth of 14% to $820.6 million, with net profit reaching $43.6 million [1] - CEO Wahid Nawabi attributed the success to growing global demand for drones and loitering munitions, as well as the strategic acquisition of defense firm BlueHalo completed in May [1] Financial Performance - AeroVironment's annual order volume reached a record $1.2 billion, doubling from the previous year, establishing a solid foundation for continued growth [1] - As of April 30, the company had signed contracts with a backlog of $726.6 million, nearly doubling from the previous year [1] - Adjusted EBITDA for the quarter reached a new high of $61.6 million, nearly doubling year-over-year [1] Profitability and Future Outlook - Despite a slight decrease in gross margin to 36% due to one-time amortization expenses related to ground vehicle business, overall profitability significantly improved, with quarterly net profit of $16.7 million (earnings per share of $0.59), surpassing $6 million from the previous year [2] - Looking ahead, AeroVironment expects near doubling of revenue in fiscal year 2026, projecting revenue in the range of $1.9 to $2 billion, with adjusted EBITDA forecasted at $300 to $320 million and adjusted earnings per share of $2.80 to $3.00 [2] - The company did not provide GAAP earnings per share guidance due to uncertainties related to integration costs and intangible asset valuations from the BlueHalo acquisition [2]

Financial Data and Key Metrics Changes - Fiscal year 2025 consolidated revenue increased by 7% to $278.4 million, driven by consistent demand for services and products [5][12] - Service revenue grew by 7% to $181.4 million, while distribution revenue increased by 8% to $97 million [6][12] - Operating cash flow reached a record $38.6 million, an 18% year-over-year increase [6] - Q4 net income decreased to $4.5 million from $6.9 million in the prior year, with diluted earnings per share dropping to $0.48 from $0.77 [15] - Full year net income increased by 6% to $14.5 million [15] Business Line Data and Key Metrics Changes - Calibration Services achieved double-digit revenue growth of 11% in Q4, with organic growth in the high single-digit range [7][11] - Distribution revenue in Q4 grew by 4%, driven by growth in the rental channel [8][12] - Service gross margin expanded by 50 basis points to 36.2% in Q4, while distribution gross margin decreased by 30 basis points to 28.2% [13][14] Market Data and Key Metrics Changes - The rental platform continues to show growth, contributing to the overall performance of the distribution segment [8][12] - The company noted that barriers to entry in the service market have defended its unique value proposition and strong brand [10] Company Strategy and Development Direction - The acquisition of Martin Calibration is seen as highly synergistic, expanding geographic reach and capabilities [6][7] - The company aims to leverage its strengths in leadership and culture to execute its strategy and vision for future growth [20] - Management expressed confidence in the resilience of the calibration services channel, benefiting from recurring revenue streams in regulated markets [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term volatility but expressed confidence in the company's ability to return to high single-digit growth levels as macro trends normalize [19][29] - The leadership team is focused on improving sales and operational processes, with expectations for stabilization and growth in the Solutions business [20][50] - Management remains optimistic about the future, citing a strong pipeline for strategic acquisitions and ongoing improvements in service delivery [19][43] Other Important Information - The company plans to file its 10-K on May 27 [18] - Operating free cash flow improved by 31% to $25.4 million [16] Q&A Session Summary Question: Can you discuss the cadence of business performance in Q4? - Management characterized Q4 as solid, with pent-up demand contributing to high single-digit organic growth [25][26] Question: Were there any significant opportunities in the service business? - Management confirmed a healthy pipeline of new opportunities and new wins expected to contribute to momentum in the latter half of the year [28] Question: How is the distribution segment responding to tariff announcements? - Management noted that distribution has held up well, with current orders possibly influenced by customers trying to get ahead of tariffs [30][31] Question: What are the levers for expense control? - Management highlighted delayed hires and good cost management as key factors, with expectations for some nominal increases in expenses moving forward [37][38] Question: How is the Solutions business progressing? - Management reported steady progress in integrating the Solutions channel into the overall service platform, with expectations for improved results [50] Question: What is the current status of automation efforts? - Management indicated that automation efforts are ongoing, with significant progress made, but still more work to be done [54][56] Question: How does the company view the rental market in a challenging macro environment? - Management expects rental demand to grow in line with historical trends, particularly as uncertainty persists [66][68]

Financial Data and Key Metrics Changes - Revenue grew 41.1% to $148.1 million from $105 million year-over-year [17] - Operating income increased 45% [6] - EPS grew 35% to $2.21 [6] - Adjusted operating income rose 49.5% to $25.8 million [18] - Adjusted EBITDA increased 45.9% to $30.2 million [20] - Gross margin slightly decreased to 28.5% from 28.6% [17] Business Line Data and Key Metrics Changes - Medical business revenue increased 50.4% to $135.4 million [17] - Interventional and Surgical, Infection Prevention, Orthopedics, and Advanced Wound Care segments all grew by more than 25% [6] - Advanced Components saw a decline of 16.3% [8] - Robotic Surgery declined 6% in Q1, with modest growth anticipated for 2025 [8] Market Data and Key Metrics Changes - Sales to the medical market increased significantly while sales to all other markets decreased by 15% [17] - Organic growth was reported at 2.3% [7] Company Strategy and Development Direction - The company is focused on expanding in high-growth markets and pursuing strategic acquisitions [12] - New programs in robotic surgery are set to launch later this year, with expectations for meaningful revenue starting in 2026 [49] - Expansion plans in the Dominican Republic are underway, including a new facility to support growth in the safe patient handling business [10][11] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about future growth despite challenges in the robotic surgery segment [11] - The company does not anticipate a material impact from tariffs, with confidence in passing on most tariff costs [14][15] - Management is actively discussing multiple acquisition opportunities to enhance capabilities [12][58] Other Important Information - The company has made significant progress in integrating recent acquisitions, which have contributed positively to growth [7] - The effective tax rate for Q1 was 15.3%, with a normalized rate suggested at 21% to 23% for 2025 [19] Q&A Session Summary Question: Clarification on robotic surgery business growth - The modest growth forecast for 2025 applies to both the business as a whole and the largest customer, with expectations for low single-digit growth [22][23] Question: Commentary on market share with the largest customer - The company currently holds about two-thirds of the market share with the largest customer, which is beneficial for maintaining a strong supply chain [24][25][27] Question: Excess inventory at customers - There are no signs of excess inventory; destocking issues appear to be resolved, and demand is returning to normal [29] Question: Growth in segments outside robotics - Positive growth in segments like infection prevention and interventional surgical is attributed to new product development and overcoming previous destocking challenges [34][35] Question: Impact of price reductions on revenue growth - Price reductions during transfers are expected to be around 15% to 20%, but market growth may offset this impact [64][66] Question: Inefficiencies at AJR and their impact on P&L - Inefficiencies are expected to continue through Q2 as new staff are onboarded, affecting direct labor costs [69] Question: Long-term footprint and expansion plans - The company remains committed to expansion in the Dominican Republic and is considering opportunities in Asia Pacific to better serve customer needs [72][74]

Financial Data and Key Metrics Changes - Revenue grew 41.1% to $148.1 million from $105 million year-over-year [17] - Operating income increased 45% [5] - EPS grew 34.8% to $2.21 [18] - Adjusted EBITDA increased 45.9% to $30.2 million [19] - Gross margin slightly decreased to 28.5% from 28.6% [17] Business Line Data and Key Metrics Changes - Medical business revenue grew 50.4% to $135.4 million, becoming the second largest segment [17][5] - Interventional and Surgical, Infection Prevention, Orthopedics, and Advanced Wound Care segments all grew by more than 25% [6] - Advanced Components saw a decline of 16.3% as resources were focused on MedTech opportunities [7] - Robotic Surgery declined 6% in Q1, with modest growth anticipated for 2025 [7] Market Data and Key Metrics Changes - Sales to the medical market increased significantly while sales to all other markets decreased by 15% [17] - The SAFE patient handling business is strategically important, adding a high-growth market segment to the Medicare portfolio [6] Company Strategy and Development Direction - The company is executing a two-pronged growth strategy focused on expanding in high-growth markets and pursuing strategic acquisitions [12] - New programs in robotic surgery are set to launch later this year, with ongoing discussions with the largest robotic surgery partner [8] - Expansion plans in the Dominican Republic are underway, including a new facility to support growth in the SAFE patient handling business [9][11] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about future growth despite anticipated inefficiencies in newly acquired operations [11] - The company does not expect a material impact from tariffs, with confidence in passing on most tariff costs [14][15] - Management is focused on continuous improvement and efficiency across all business aspects [13] Other Important Information - The company has completed a small acquisition to enhance manufacturing capacity for the SAFE patient handling business [12] - The effective tax rate for Q1 was 15.3%, with a normalized rate suggested at 21% to 23% for 2025 [18] Q&A Session Summary Question: Clarification on robotic surgery business growth - Management indicated modest growth expectations for both the largest customer and the robotic surgery business as a whole, with a decline in Q1 attributed to large equipment sales in the previous year [22][23] Question: Commentary on market share with the largest customer - Current understanding is that the company holds about two-thirds of the market share with the largest customer, with a positive relationship and transparency in operations [24][26] Question: Excess inventory at customers - Management reported no significant excess inventory at customers, indicating a return to normal business operations [28] Question: Growth in segments outside robotics - Positive growth in infection prevention and interventional segments was noted, with destocking headwinds behind the company [34][36] Question: Impact of price reductions on revenue growth - Price reductions during transfers are expected to be around 15% to 20%, but market growth may offset revenue impacts over time [60][62] Question: Inefficiencies at AJR and their impact on P&L - Inefficiencies are expected to continue through Q2, affecting direct labor costs, but improvements are anticipated as staffing stabilizes [65] Question: Long-term footprint and expansion plans - The company remains committed to expansion in the Dominican Republic and is exploring opportunities in Asia Pacific to better serve customer needs [68][69]

Financial Data and Key Metrics Changes - In Q1 2025, total sales reached $273.2 million, reflecting a 6% increase year-over-year, driven by strong performance in Sealing Technologies and Advanced Surface Technologies (AST) [11] - Adjusted EBITDA for the first quarter was $67.8 million, up over 16% compared to the prior year, with an adjusted EBITDA margin of 24.8%, expanding by 210 basis points year-over-year [12][19] - Adjusted diluted earnings per share increased by 21% to $1.9, supported by the factors driving adjusted EBITDA growth [13] Business Line Data and Key Metrics Changes - Sealing Technologies segment sales increased by 4.7% to $179.6 million, with adjusted segment EBITDA rising nearly 11% and a margin of 32.7% [13][14] - Advanced Surface Technologies saw a 9.1% increase in sales to nearly $94 million, with adjusted segment EBITDA up 18.5% and a margin of 21.9% [15][16] Market Data and Key Metrics Changes - The aerospace, general industrial, and food and pharma markets contributed to the growth in Sealing Technologies, while commercial vehicle OEM demand remained weak [6][14] - In the AST segment, double-digit growth was noted in Precision Cleaning Solutions and Optical Coatings and Filters, despite ongoing volatility in semiconductor capital equipment spending [8][15] Company Strategy and Development Direction - The company is focused on organic growth opportunities and capability expansions through acquisitions that meet strategic and financial criteria [7] - EnPro is positioned to leverage technological innovation and applied engineering expertise to gain market share, particularly in aerospace markets [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainties and emphasized the importance of agility and leadership development [5][10] - The guidance for 2025 remains unchanged, with expectations for sales growth in the low to mid-single-digit range and adjusted EBITDA between $262 million to $277 million [19][20] Other Important Information - The company amended its credit agreement to provide a revolving credit facility of up to $800 million, enhancing financial flexibility for strategic growth initiatives [17] - Free cash flow for Q1 was $11.6 million, with capital expenditures expected to be around $50 million for the year [18] Q&A Session Summary Question: Can you provide numbers regarding the minimal and manageable impact of tariffs? - Management indicated that most products are produced regionally, with minimal exposure to tariffs, particularly from imports [28][30] Question: Are there any end markets that are performing better or worse compared to 90 days ago? - Management feels equally positive about all markets, with commercial vehicle demand as expected and strong performance in aerospace and food and pharma [32][33] Question: What is the outlook for margin expansion in Sealing Technologies? - Margin expansion was primarily driven by favorable mix and strategic pricing initiatives, with strong demand in aftermarket and aerospace markets [56][58] Question: Any updates on the Arizona facility? - The facility is on track, with early revenue from testing and qualification expected to ramp up throughout the year [44][45] Question: Is M&A activity slowing down due to the current environment? - While M&A activity has slowed, the company remains focused on high-quality assets and is patient in its approach to acquisitions [50][51]

Financial Data and Key Metrics Changes - Consolidated sales for Q1 2025 were $455.2 million, a year-over-year decrease of 1% [14] - Fully diluted earnings per share were $0.67 for Q1 2025, down from $0.70 in Q1 2024 [14] - Gross profit was $163.9 million, slightly up from $163.6 million in the prior year, with a gross margin of 36%, an improvement of 50 basis points [15] - Operating income was $44.1 million, down 8% from $47.9 million in the prior year, with an operating margin of 9.7% [15][16] Business Line Data and Key Metrics Changes - Water Systems segment sales in the U.S. and Canada were up 2%, with groundwater pumping equipment sales increasing by 6% and water treatment products by 7% [17] - Distribution segment sales decreased by 3% to $141.9 million, primarily due to lower volumes and commodity price declines [19] - Energy Systems segment sales increased by 8% to $66.8 million, with operating income rising to $21.9 million and an operating margin of 32.8% [20][21] Market Data and Key Metrics Changes - Water Systems sales outside the U.S. and Canada decreased by 2%, impacted by a 5% decline due to foreign currency translation [18] - The Energy Systems segment recorded growth across key product lines, supported by robust demand in the U.S. energy sector [11] Company Strategy and Development Direction - The company is focused on faster-growing markets, operational efficiency, and integrating recent acquisitions to enhance customer service [6][7] - Strategic acquisitions in Q1 2025 included PumpEng and Barnsley, aimed at expanding product offerings and market reach [28] - The company is committed to innovation and new product development, with a focus on high-growth verticals [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying business fundamentals despite challenges from tariffs and one-time costs [7][10] - The company is adjusting the lower end of its EPS guidance by $0.10, while maintaining full-year sales expectations [24] - Management noted that the business is largely in region for region, which historically tends to be resilient even during economic softness [29] Other Important Information - The effective tax rate for the quarter was 25%, up from 22% in the prior year, impacting EPS by approximately $0.03 [22] - The company ended Q1 2025 with a cash balance of $84 million and used $19.5 million in net cash flows from operating activities [23] Q&A Session Summary Question: Insights on the energy segment margins - Management indicated that while margins are strong, they do not expect the same growth as in previous quarters but anticipate maintaining strong margins due to smarter solutions and effective cost management [34] Question: Order trends in the water segment - Management believes the order growth is organic and not significantly influenced by tariff pull-forward, with selective inventory positioning to mitigate potential tariff impacts [35][36] Question: M&A priorities in the distribution segment - Management remains open to M&A opportunities in the distribution space but is currently focused on operational efficiencies and serving the market [39][40] Question: Tariff exposure and groundwater business performance - Management stated that the overall percentage of COGS from China is under 10%, and groundwater sales in North America showed strong growth, with residential sales up 11% and agricultural sales up 3% [48][51] Question: Organic book to bill ratio in water - The organic book to bill ratio was above one for the quarter, with backlog up mid to high single digits [57]