I think some of our gas projects are still on the table. Things are now moving in the right direction, but we have several weeks to go before we really get back to a solid place. In P7 [Phonetic], we'll book somewhere around $680 million. And you can see now, as the COVID effect has carried through into Europe and US and other places, the second half changes significantly. Anything, Bob, you want to add? Both businesses are using this opportunity to really evaluate, 'Okay, how do we set the cost structure even stronger for us going forward, looking at layers, looking at organizations and what do we really need to do relative to the organization to make sure we win, but also have the right cost structure?' So be it. But what we're looking at here in the US is a completely different cycle and Europe a completely different cycle. But safety is paramount to what we're doing, and we've got our top, top people on this thing. For us, Southern Europe is Italy, France, Spain and Portugal. Josh just got the [Indecipherable] award this morning. However, in 2015 and 2016, it took us essentially four quarters to unwind. This is on chart 24. We're structuring a completely different cycle for each of the world areas based on historical norms and based on what we're seeing from our customer base right now. India is a bigger risk. Yeah, go ahead. The next question comes from Robert McCarthy from Stephens. Has that been trending at that number already or below that number? It's been a while... Oh, you had to go to the bathroom. Today, I'm joined by David Farr, Chairman and Chief Executive Officer; Frank Dellaquila, Senior Executive Vice President and Chief Financial Officer; Mike Train, Emerson President; Lal Karsanbhai, Executive President of Automation Solutions; Bob Sharp, Executive President of Commercial & Residential Solutions; and we're also joined by a special guest, President of Professional Tools business in Europe, Mr Tim Reeves, who is unfortunately still stuck in the United States. It's happened pretty quickly. We won a major biopharm job, which we will book in May, and we have 100% team assigned, operating at about 2,000 hours a week to deliver an FDA-approved validated system in September. We're going to deleverage at around 30% order of magnitude. Emerson Electric Co.’s EMR second-quarter fiscal 2020 (ended Mar 31, 2020) adjusted earnings of 89 cents per share beat the Zacks Consensus Estimate of 77 cents. And there was quite a challenge on inter-province and international logistics. Frank and his team, I have to give tremendous kudos to accomplishing what they've done. In Europe, we went through some rough times in Italy, but things are much improved now. But I look forward to seeing everybody and I look forward to seeing what unfolds here in the coming months. That's driven by predominantly two factors. And then, again, coming out to China and certainly, again, for us, the summer cycle in the US with air conditioning is going to be quite important. That makes sense. Or good morning, Andrew. He's got a lot more play time with that. So, from my perspective, also I want to make one other comment. The question will be, how fast the governments open up certain parts of world, how fast the government stimulus comes into play, how fast do some of our customers come into play. Did we have to help them? You too. The speed and breadth of the impact of the COVID-19 outbreak has been truly unprecedented. I'll show some more specifics on that. I think we'll see an acceleration over time from liquids to gas. So, I think this is going to be quite dramatic. The Algorithm predicts "% Predicted Move After Earnings Announcement" (PMAEA) for EMR three weeks prior to earnings … Whether it's a small customer or a large customer, everybody is freezing very fast. It goes back to the distribution channel, which are liquidating because of the financial wherewithal of that channel. Thank God. Yeah. Honeywell has been involved with making masks. Hence we generate strong cash flow in the first half of the year. However, across Asia, customers are resilient and anxious to do business, but the restrictions are prohibitive at times on the sales side. So, therefore, we've got a benefit this quarter. So, I would say, structurally, costs will be lower as we come out of this, and that will be a good thing. Let's turn to chart 33. Yeah. Pete Lilly -- Director, Investor Relations. For 2020, right now, I see orders projected to be slightly up, around 1%, and sales to be flat versus 2019. Good morning, Andrew. We worked very closely with Honeywell. This one, we were ready for it. The $120 billion installed base of our technology around the world has created tremendous trust and credibility with the customer base. So, there's two avenues here. So, we're going to be in this game here, I think, for the rest of this year. Additionally, upstream projects are still moving forward with limited new awards in international markets, and projects in execution are progressing, leveraging digital tools for remote collaboration for engineering and acceptance tests. Approximately $900 million of jobs have shifted to 2021. One of the other things is clearly North America. One of the things we're doing, Mike, because you're exactly right, there's going to be some structural changes here. China recovery is going to be more of a V shape. I know you gave us a lot of color. And now, please turn to slide 17. Yeah, Pokrzywinski. Much of this is visible in the Q4 plan. Obviously, on the facility rationalization, it is dependent on us building the best cost sites, so that we can execute some of those plants. And depending on the sell-through picture, that can come back quickly as well. There won't be any business left if we wait for a vaccine. You look at over 30 million unemployed people in the United States, let alone the people [Indecipherable], and let alone the people that are pretty holed up in their homes right now that don't want to come out. Or is it just you're being more aggressive on footprint? Yeah. It's helpful, guys. And I better be careful because my monthly guy who writes my checks and the gentleman who owns my firm is on that committee as well. Frank Dellaquila -- Senior Executive Vice President and Chief Financial Officer. And while the work that Frank's doing and the work everyone is doing right now gives us that flexibility to pick up unique opportunities, like we did D&C many years ago. North America is very challenged. We always expect our dip to occur in February, as you saw there it occurred in 2019. Two things, David. Just a quick one. So, you can see going in, the last quarters have been kind of flattish, if you will, down a bit. Yes. So, the key is, Steve, I think we'll still have savings coming into the first half of next year, but ones we will have to offset in the first half of the year will be things like the salary cuts because we will institute that. I want to make sure people understand that. I will hand the call over to Mr. Frank Dellaquila and Mr. Mike Train to discuss liquidity and operations. And the key issue is for the next CEO is to make sure that he or she does not allow those structural costs to come back in. Andrew Obin -- Bank of America -- Analyst. I think the other thing you might want to add that, Bob, you're still trying to target some EBITDA margin improvement for the whole year even with the down sales you're looking at, is that still the case? If you look at the aggressive cost actions that we started last year, and that's what's really helped us. And we have very few cancellations to date. And Europe doesn't look as bad. You were talking to various people, dealing with political leaders at all levels to make sure they understand the importance of this and then working very close with hands and hands with operations. So, what we're mapped out here, Andrew, is a different -- a slower recovery within the markets outside of China. This chart depicts orders and sales for 2020 by month. I want things to stabilize, but we're going to look at things, like how did our supply network do from a financial crisis standpoint? So, I think the China structure is completely different. Zacks . Let's turn to chart 29. The other 20%, that is done by thousands of players. We've got a number of other examples, pop up medical facilities with air conditioning and other things. You did talk about your strong local-for-local strategy. You can see around $1 billion in total or close to that. And so, we go through this tough time period. But just to give you perspective globally. Total segment adjusted EBIT margin increased 50 basis points to 17.6%, reflecting the aggressive cost-control measures and strong operational execution as sales declined. But from our perspective, we tweak that matrix on a constant basis. Adjusted EBITDA in total for the whole year, we're looking to hold versus last year. We've had this strategy where we look at the world on Americas, Europe and Asia-Pacific. Automation Solutions underlying sales were down 8% and trailing three-month orders were down 1%, also well below initial expectations due to the pandemic demand environment taking shape in March. Yeah. I asked Frank to talk to the shareholders this morning about this issue. Just a simple question. The third quarter is clearly our most challenging quarter with deleverage rates in the 44% range for us. We're not walking away from it. And if you could just give us more detail as to specifically what, if you could share that publicly? We had everyone involved. Returns as of 01/14/2021. Through March of 2020, KOB3 makes up 60% of our global business, up 3 points from the 2019 historical high. I guess it is morning. Down below, on the left, there is a number of project investments going on right now across the provinces. We're very tight right now and the organizations are managing to that. You've got some colors in North America. Obviously, you don't stop supporting the KOB3 piece and you still have a lot of breadth and depth there. I also see that -- I look at Latin America. Approximately 50 players generate 80% of the oil production in the United States. Obviously, we've heard a lot about kind of a red/blue state divide here. April continues to improve. Thanks, Lal. They have a plant running up in Rhode Island. But, again, we are sitting here, we're probably spread out. And then, of course, we had a whole another set of actions in '21 for '21 and beyond that will lay into that as well. 3 min read. The general industrial, the construction environment, as I mentioned, the cold chain environment, frankly, we just see all of that being challenged for a while, again, until we have the comfort -- until the job losses ebb and we get the comfort of people getting back to work, which is going to take a little time, probably. ... Asia is on track right now to return to growth late Q1 or early Q2. We've got to have the testing ability to find out who's had it, who's got it right now. Well, I'll give you an example of Southern Europe, which is interesting. Three large projects remain in the funnel. Certainly, key leading in was obviously China. So, what I'm showing here is our sales outlook for this year into next year. Got it. This is where having those relationships that all of us have, everybody at this level and also retired executives at Emerson have that really come home and help us in times like this. One of the things we've done over the years, as you well know, is we've continued to diversify the company. What did you tell the board spend on '21? So, we're factoring a little bit of recovery. Today, 80% of our -- we have non-oil and gas end markets. But if you look at Bob's 5%, he basically is in line. What we learned in China from our facilities, obviously, we're using from a safety standpoint, other facilities around the world. Not great timing from the end-of-a-quarter perspective, but our plants on balance stayed up and running and we did our best to deliver to customers. However, this contract is north of $20 million and will be booked and shipped this fiscal year. The big issue, and I'll let Lal answer too, Nicole, the big issue right now is the plant -- some plants will operate for a day, two days and then get shut down as we have to clean. I think Latin America is going to struggle on political leadership and also the financial wherewithal is not that good. So, it's a rolling process that people like me would normally get my salary increase in November time period. The issue is we're living in a period right now that we have to figure out how to drive our cost down, and that's where we are at this point. We need the testing and the medical support to happen. So, he'll probably have another $80 million for the whole year next year. And they came in structurally. Appreciate it. As you can imagine, we are fighting a global pandemic war. And that's how we're factoring into. EMR - Free Report) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.76 per share. Now turning to slide 6. Cumulative Growth of a $10,000 Investment in Stock Advisor, Emerson Electric Co (EMR) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $EMR, Forget Fuel Cell Stocks: Here Are 3 Better Clean Energy Plays to Buy, Emerson Electric Co (EMR) Q4 2020 Earnings Call Transcript, 3 Underappreciated Value Stocks to Buy in October, This Industrial Stock Is a Great Buy for Dividend Investors, Emerson Electric Co (EMR) Q3 2020 Earnings Call Transcript, Copyright, Trademark and Patent Information. So, we're just making some tough choices right now on positions that we hope to at least be able to work -- have without for at least a year or so to get the payback on it. And certainly, as Mike mentioned, there's a lot of supplier, internal customer and other disruptions to our operations as we work to keep running -- work to keep our customers going, and that's certainly going to be a factor on the second half profitability in the GP as well. Thank you very much, Nicole. How are you doing, my friend? So, these guys are moving much faster. We've cut them back significantly. And also, the people around the world as Bob and Lal and Mike and Frank have communicated. This quarterly report represents an earnings surprise of … Please go ahead. And to help you bridge between the February meeting and what we see today as a business, we had approximately $135 million that we booked out of the funnel since February. I'm the type of guy that would lead in World War II, if you got that expression. RFQ is down in that 25% rate in our -- across our businesses. 2.47. And just as Lal mentioned, certainly, as we came out of the Chinese New Year, we had some challenges in the initial days, I'll say, but really by large we're back to running very normally in China and as are our customers and suppliers, and so we're hopeful that this is going to play out. He likes home quarantine. I think, clearly, the negative side of that will be companies like Emerson or the multinationals that we serve, the global industries. I appreciate the color. The next question comes from Andrew Obin from Bank of America. Lastly, our share repurchase program for the year is now complete at approximately $950 million. It's not going to be like the China. And at that point in time, we're structuring our costs accordingly. China had a little bit different agenda from the standpoint of how they control the economy. In the last weeks of March and early April, we saw a multitude of states in the US and multiple countries around the world implement these orders. And then, can you give us your take on the shape of China's recovery? But it's really that America impact... And Europe, we're getting a lot of medical bookings because that's... A lot of medical, a lot of life science, David, and oil and gas. And frankly, we've done a lot of work to give away a lot of these things initially, particularly N95 and KN95 masks, which are basically the Chinese standard of the N95 masks. But again, directionally, things are going the right way. But for the people out there, before I go into it, I want to make another comment. Nothing right now -- I'm more interested in stabilizing and then recovering. Emerson Electric Co. EMR is set to release second-quarter fiscal 2020 (ended March 2020) results on Apr 21, before market open. I think Western Europe will be the same way, Andrew. So, we're trying to communicate to our board to get their inputs. So, you're going to see that we continue to invest at higher levels around the areas that are in the hybrid space, the discrete space, the other space both from an acquisition standpoint and also this internal development. Our cargo solutions business, that device that you see keeps the temperature tracking and it also transmits cellular, so it can transmit the conditions in a shipment. Lynne Maxeiner - Director of IR David Farr - Chairman of the Board, … Obviously, more extreme this year. Emerson has been open throughout this whole process. Good morning, everybody. Now, keep in mind, I know people are wondering how did Emerson only had negative 3% in the quarter. No, I'm just saying this is a pretty comprehensive conference call you're having here. Europe has had a very good close to Q2. In the medical, it's predominantly in our discrete and industrial segment of business. Next question comes from Andy Kaplowitz from Citigroup. The key thing is going to be the execution of them. So, they really had to jump on this thing very early on in February and March. Hiding in Jersey. The first time they did this, they were all destroyed during a layover due to freezing, and so they contacted us on a Sunday for a Monday shipment. Emerson Electric (EMR) Q2 Earnings Beat Estimates. Adjusted EBIT and adjusted EBITDA margins were up 50 basis points and 130 basis points respectively, reflecting aggressive cost actions taking effect. The industry is dependent on our technologies. We expect adjusted EPS of $0.60, plus or minus $0.04, which excludes roughly $100 million of planned restructuring actions in the quarter. And so, what we're going to have to do here is evaluate this from an economic standpoint and an enterprise risk standpoint is looking at this model now and say, 'Okay, do we have to have four?' The deleverage is only 15%. Anything else you want to add to that, Lal? Lastly, the company continued and built upon its aggressive cost reset plan, initiating $40 million of restructuring actions in the quarter. 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