Industrial DemandThe broader industrial demand backdrop remains sluggish, as the ISM Manufacturing Index has been in contraction territory throughout 2023 and YTD in 2024.
Organic Revenue PerformanceRevenue declined -2.1% YOY organically, although this represented an improvement compared to mid- to high-single-digit organic declines in the first half of 2024.
Revenue DeclineTestEquity segment revenue of $195.2 million declined -6.0% YOY, with electronic production supplies currently experiencing lower sales due to softer demand.