Quarterly guidance

Quarterly guidance
No formal standalone quarterly numerical guidance was given, though management implied organic growth of 5% plus in Q4.

Annual guidance

Organic growth
3% to 4% for the full year.
Total revenue growth
4.5% to 5.5%, raised by 50 basis points.
Operating margin
26.5% to 27.5%.
GAAP EPS
$11.45 to $11.55, raised by $0.05 with a midpoint of $11.50.

Outlook

Demand momentum
Demand momentum continues to accelerate in CapEx-related segments such as Test & Measurement and Electronics, and Welding.
Welding recovery
Welding is expected to return to strong growth in the fourth quarter following the tornado event, carrying good momentum into next year.
Price/cost environment
The operating environment remains dynamic with raw material inflation around 4% to 5%, with full-year price/cost expected to be neutral to margins.
Enterprise initiatives
Enterprise initiatives are expected to contribute more than 100 basis points to margins for the full year.