And given what I see right now in underlying margin improvement, strong cash flow generation, growth returning in the Commercial & Residential Solutions business, and I think that a business and automation solutions that will return in the second half year we are going to increase our capital allocation, back to the shareholders to get to $2 billion this year as Pete talked about. 2020 Underlying Sales Change. So a great job there. We need earnings, because what's going to happen as the year progresses, our balance sheets -- other than a little bit of extra inventory that we brought in to make sure we protected our customers from a channel standpoint and a supply chain standpoint, we're in pretty good shape on the balance sheet. Arkansas High School Basketball - Emerson nudges Hermitage January 7, 2020: Emerson, AR 71740. But we'll keep you informed as we go forward -- as we go -- that's our vehicle to let you guys know if we think things are better or worse. If you recall, we had talked about back in August at 40% level of manpower presence, that's moved now into the mid 70s through October, that's very encouraging as it will be a sign of moving from an environment of break fix into further KOB2 and KOB3 activity. And I think we'll have more clarity as we get into the first part of the calendar quarter -- first quarter of calendar year, it'll get a little more clear to us. North America again saw the steepest declines down by over 20%. And as I said, October is a double-digit quarter's number. 2021 -- we've set ourselves off of a very challenging 2021, because we know -- obviously, we've really performed well in the second half of the year in operating cash flow and free cash flow. By the time you catch up to the demand we're seeing right now and you get caught up, all of the sudden you hit peak season and it could keep running. Thanks, Josh. [Operator Instructions]. We continue to be acquisitive, and really think about our expanding our served markets, diversifying our industry and increasing our software portfolio. Yeah. Upper right hand corner, obviously Commercial & Residential came back strong, Lal's business is going sideways right now as we continue to wait for America. So maybe you can just talk about, put it in perspective for us, you did talk about reaching your margin targets still that I think you set for FY'23, despite $2 billion less of sales? And then lastly, working very, very diligently on the diversification and software elements of our business, including through acquisition and internal development. So, you're right [Speech Overlap]. And I think people overestimate the impact of that because most of that business right now in oil and gas is around KOB3 aftermarket. Does it change the mix dramatically? Likewise. Well, here it is, let me -- let's talk about it. So we are watching three key leading indicators in the business. Information on factors that could cause actual results to vary materially from those discussed today is available at Emerson's most recent Annual Report on Form 10-K as filled with the SEC. And my hats off to what you've got done. It's always fun to run Emerson. Between your name, Karsanbhai and Froedge, we should have a little spell that last name party. The recording will be available. And what should we watch for that order cadence to really need to pick up to support it? I'm doing pretty good, Dave. Emerson (NYSE: EMR) today reported results for the fourth fiscal quarter and fiscal year ended [Operator Instructions]. Our Automation Solutions business helps process, hybrid and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Is there a particular -- now that we've seen all the resi guys report, the numbers are obviously very strong. We'll always lagged them a little bit, but I don't see our underlying growth rate the same as their growth rates from the standpoint of components, we're not seeing any problems there. So, now, we want to keep a 3 or 3.1 in front of the operating earnings or cash flow next year. We would like to continue to acquire in this space to help us diversify and also drive a little bit faster growth. First, management has a conservative outlook for the macroeconomic environment in 2021 given the ongoing COVID uncertainty. Please go ahead. Starting with gross margin, we saw a reduction of 150 basis points to 41.3% as deleverage and unfavorable mix were partially offset by favorable price cost. And so, I think that -- I think Lal and Jamie are set up when they finish this to be a good run. And it's still growing. We see growth occurring in the Europe Heating & AC Technologies Group businesses throughout the year and overall growth for the broader European portfolio returning in the second quarter. It's too early to tell, because the cycle could run into the third quarter if you have a hot summer. But, ultimately, as you and I talked, Jeff, in the past, it's got to be demand driven. So in 2020, we completed three acquisitions and made a fourth equity investment. This left adjusted EPS for the year at $3.46. Residential markets globally typically represent between 40% to 50% of our mix in a given quarter and North America is by far the largest portion of that. That's fantastic. But you're right, I would say that we put forth, what I would call, a conservative forecast in a somewhat uncertain world. Yeah. Maybe I know how to fight COVID, maybe I know how to fight recessions, but I will -- my door is always open, my keys -- the house is always open for people to ask me questions. Our strong partnerships with customer's ability to execute have allowed us to capitalize on these growth opportunities. We feel good that we can return more cash to our shareholders as we go into 2021. And then just talking about free cash flow, it probably doesn't get talked about enough. So, it's a combination too, but absolutely acquisitive in that segment and we'll continue for the best. Before I go to the Q&A, I just want to make a couple of comments here. We have over 3,000 DeltaV systems installed in the industry, including 1,200 across the top 20 pharmaceutical companies. My question is more on how you look at the business with the oil and gas exposure? I'll answer that question right away. So a tremendous job across all the automation businesses, but I'll take my hat off particularly to the final control business that has participated in every single one of the eight jobs to date. Can it continue? I -- what were your -- why not more of a catch up on resi, North American resi HVAC? Despite all the uncertainty and demand challenges, sales and orders finished squarely in line with guidance given in August. So, the plus 1, plus 4 is what we're working at right now. Fundamentally, we believe that this role and responsibility aligns very well with the broader purpose and goals of the sustainability movement. And what's the expectation for China in fiscal '21 in your business, please? Slide 18 introduces our full year 2021 guidance framework. Clearly, we've got some challenges but clearly I feel the Company today is in much stronger position than it was back in April, when we talked, and I feel very good about what was going to happen as we go into the 2021 time period. The funnel today is valued at $6.4 billion, that's down from the $7 billion when we last reviewed the funnel in April 2020, and David, we did not look at this since that period. So we haven't seen a tremendous uplift yet in what will drive core device valve instrument uplift in new orders. I want to thank all of you very, very much. Our aggressive cost actions are self-help, we are on track to deliver the peak margin plan we laid out in February of 2020 despite sales being approximately $2 billion lower than we said back then before the pandemic, before the -- obviously the recession, we've had to go through. Or are you talking about somebody on the -- I thought you said on the automation side somebody exited or something like that, somebody is not there? But again, before I go to the charts, I want to make a very special call out to our Emerson employees around the world. Emerson Electric (EMR) reported Quarter September 2020 earnings of $1.10 per share on revenue of $4.6 billion. They obviously didn't occur. I'll take a shot and then Lal can take it. I think it'll be low-single-digit, it may turn better as we go through the year. Very few companies did that. Lastly, the platform converted approximately $400 million of backlog leaving an ending balance of $4.7 billion. You've got that mid-single-digit class sales growth, what kind of incremental margin should we expect? Announce Date Hope to see you soon from other bunker. So, yeah, I'll let Jamie answer that. But we're adding capacity in Jamie's business right now, as we think we'll be better as we get into the second half of this year. All the best, Julian. Turning to Slide 14, we will review the business platforms. That means they're getting ready and they'll start spending money. GAAP EPS and adjusted EPS are expected to be $0.52 and $0.67 respectively, plus or minus $0.02. So 2021 is going to be a fun one. You guys know that. Yeah. Lal, what are you hearing from your guys in the field right now? We also assume that there will be steady progress with regard to vaccine development and distribution during the fiscal year. Yes, COVID virus is still out there, but we have confidence we'll have a vaccine. That's for sure, Dave. We expect operating cash flow to come in at approximately $3.1 billion, capital spending of $600 million, resulting in free cash flow target of approximately $2.5 billion. I would say, the second half of '20 was disappointing for us. I mean, it's a -- I hate to give you a little bit of a vague answer, but it's a little hard to tell right now, because the levels were taken to down so low historic levels, big box retailers, the CEOs in those spaces have been very public about their comments about what happened there, they took them down almost nothing, our AC industry did the same thing. LOUIS--(BUSINESS WIRE)--Nov 3, 2020--Emerson (NYSE: EMR) today reported results for the fourth fiscal quarter and fiscal year ended September 30, 2020. A leader in software based HMI, SCADA and analytics Solutions initiative, how we 'll to... 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