Operator: Our next question comes from the line of Andrew Obin.
Andrew Obin : Can you hear me?
Luca Savi: Yes.
Andrew Obin : So I’m going to ask like a bit of a convoluted two-part question, apologies. So the first, you sort of highlight that IT projects were up 70%, citing reshoring, would love specific examples. But then a couple of slides later, you sort of talk about the fact that in the connectors business, you’re seeing some weakness in short-cycle which I thought was sort of this lead indicator for potential weakness. So a, maybe specific examples of reassuring, but b, how do you square the circle with IP projects bookings so strong, which indicates very solid underlying activity. At the same time, right, your short cycle can air in the mine, and maybe I’m wrong about that is sort of flashing yellow.
Emmanuel Caprais: Yes. I think that when we talk about connectors slowing down, we’re talking about orders ourselves is still very much growing very fast. I think that our connected business, industrial connected business is mostly — is majorly U.S. And so what we’re seeing is a decline in — I think, a slowdown in U.S. activity. I think on the other hand, in terms of IP projects, we’re seeing I would say, specific growth in U.S. We talked about the semiconductor opportunity or award. We talked about the battery recycling, but also a lot of international growth. we’re seeing, as we mentioned, we gained some really good orders in energy. We talked about Nigeria, but we also won in Angola. We won also in Malaysia and obviously, in Saudi Arabia. So I think that’s the project growth, there is some in the U.S., but also a lot international.
Andrew Obin : Great. I appreciate it. And then another question, sort of more of a big picture question. So effectively, if I look at your top line growth, the midpoint is 7%, EPS is midpoint of 7% by the way, one of the best numbers in coverage. So I’m not saying it, but we look at Eaton sort of not dissimilar dynamic. We’ll look at Honeywell where in a normal environment, you would sort of expect more operating leverage from this sector. And the question I have, is this sort of the new reality just less operating leverage as we sort of shift into this high growth, high inflation mode? Or does this normalize eventually?
Emmanuel Caprais: Well, we certainly haven’t given up on driving incremental margin. I would say 2023 is a little bit peculiar because we continue, as Luca mentioned, to have significant cost inflation. And also at the same time, we want to solidify the growth and the performance that we have executed on so far. And so this comes with investments both in resources, we’re going to — we’re investing in supply chain but also in products. And so I think that kind of limits a little bit our margin and EPS growth. But I think that we are very almost — we’re also very focused on productivity. So I think that in the future, especially when we think about our long-term targets, we are really driving for better than average in terms of incremental margins.
Andrew Obin : Yes, sure, I don’t want to take anything away from the strong performance in the quarter.
Operator: Our next question comes from Mike Halloran of Baird.
Mike Halloran : So a couple of questions just to make sure I understand the guide. First, on the Motion guidance, Luca, I think you said flattish to slightly positive overall kind of global Stars type number. You guys typically have a level of outperformance that kind of puts you above what that mid-single-digit guide would look like. It seems like the rail commentary is at least directionally favorable. So is there — what kind of sinks at all to get to the mid-single-digit guidance? Is it some negative price downs, kind of normal contract stuff? It doesn’t seem like that’s the case, but maybe just help us think everything together for me.
