Heath Mitts

“Our fourth quarter sales were $5.3 billion, which included IEPA tariff refunds that resulted in a reduction in sales of $87 million. Going forward, we expect an additional $50 million tariff refunds in the first quarter, and that reduction in sales is included in our guidance.”

“For the quarter we achieved adjusted operating income of over 1.1 billion dollars and adjusted operating margins of 21.9 percent. GAP operating income was $981 million and included $9 million of acquisition-related charges, $83 million of restructuring and other charges, and $56 million of amortization expense.”

“GAP operating income was $954 million and included $8 million of acquisition-related charges, $10 million of restructuring, and other charges and $57 million of amortization expense.”

“And Luke, on your incremental margins, as we talked about, you know, in our business model, in terms of our flow-through, I mean, certainly both segments, I'm confident, will be at their 30%-plus flow-through on their growth for FY26.”

“Margins for the year you know we this is a bit of a journey that we've been on I think we were very specific with our comments around transportation going back several years, getting them closer to their margin target of about 20%.”