APAC adjusted operating margin increased 380 points driven by fixed cost leverage and improved contribution margin in China as we continue to focus on costs given the market headwinds there. EMEA grew 10% organically, which was higher than anticipated, partially driven by strength with switchgear and busbar. EMEA adjusted operating margin expanded 510 basis points to 18.4% driven by fixed cost leverage and improved contribution margin both from price cost and productivity. Corporate costs of $40 million increased $7 million from last year’s first quarter primarily driven by a onetime benefit last year. For the full year, we expect corporate costs to be in the range of $150 million to $160 million.
Next, moving to Slide 8. This is a look at our second quarter guidance. We are expecting organic sales growth of approximately 12% with Americas up mid-teens, APAC high single digits and EMEA low double digits. We anticipate an $18 million year-over-year foreign exchange headwind in the second quarter as the U.S. dollar has strengthened against most foreign currencies over the last several months. We expect second quarter adjusted operating profit between $315 million and $335 million and adjusted operating margin of 16.9%, up 240 basis points at the midpoint with expected benefits from price/cost partially offset by continued growth investments.
Next, turning to Slide 9, our full year ’24 guidance. Based upon a favorable start to the year and visibility into a strong sales pipeline for the rest of the year, we are increasing estimates for organic sales growth from 10% at the midpoint to approximately 12% with higher expectations across all 3 regions. In addition, we are increasing the midpoint of adjusted operating profit guidance from $1.3 billion in our prior guidance to $1.35 billion primarily driven by contribution margin on incremental sales. And as a result, we are increasing midpoint guidance for adjusted operating margin to 17.7% with the primary driver there being fixed cost leverage.
The 17.7% full year adjusted operating margin guidance demonstrates our continued relentless focus on operational improvement across the business and is a stepping stone on our path to 20%-plus. But as always, pleased but never satisfied. Our projected 2024 adjusted diluted EPS of $2.32 at the midpoint represents an over 30% increase compared to last year, and that’s primarily driven by the higher adjusted operating profit.
Now there is some noise in our adjusted EPS and effective tax rate calculations for the first quarter and also for full year, to a lesser extent. And those are primarily driven by accounting requirements around the $177 million first quarter charge from change in fair value of warrant liabilities. And instead of investing valuable time on this call, we provided additional information on Slides 21 and 22 in the appendix, and we’ll be more than happy to answer questions and review this information with analysts and investors after this call.
And finally, moving to the far right on this slide. We are holding the midpoint of our adjusted free cash flow guidance at $825 million, which is approximately 92% free cash flow conversion for the year as we expect higher adjusted operating profit to be offset by higher taxes, higher net cash interest as we use cash for first quarter share repurchases. And as Gio mentioned, we are increasing our full year estimate for CapEx to $200 million to further support capacity for future growth.
And with that said, I turn it back over to Gio.
Giordano Albertazzi: Well, thank you, David. Let’s go to Slide 10. I was at the Data Center World Conference last week. I would say the excitement was absolutely palpable. So very clear signals from the data center market when it comes to demand. Our thought leadership was on display in power, thermal and specifically liquid cooling as we shared insights and collaborated with some of the industry’s technology leaders, collaborated to chart the road map for the future of digital infrastructure.
We value — the value of know-how strength in serving this market today is unprecedented in my long industry experience. We like that a lot as we become more central to the enablement of AI deployment. We are scaling our global capacity to match the ambitions of the industry. And you need broad shoulders to keep up with that pace. We are moving fast and mobilizing around the globe.
Our ability to continue to execute well is grounded in the high-performance culture we are creating and in the Vertiv Operating System we are continuing to deploy. The intensity of what we do is rapidly increasing, and the organization, let’s continue to do things right and fast. This is the expectation I am driving every single day with a relentless focus and holding the entire Vertiv team, and me in the first place, accountable to deliver results. So the winners will be determined by their portfolio and their strength of execution. I believe you may, we fully intend to keep winning.
With that said, over to you, Jordan, for the Q&A.
Operator: [Operator Instructions] Our first question comes from Jeff Sprague of Vertical Research Partners.
Jeffrey Sprague: I wonder, Gio, if you could just give us a little bit more color on how — just kind of the AI complexion is playing out as it relates to your suite of products. You’ve said in the past it’s early days, and it’s a bit early to know what really changes in your customers’ configurations and the like. Is there anything that you would point out or add incremental from your kind of general opening comments there?
Giordano Albertazzi: Jeff, thank you for the question. So as I said, we see an acceleration that is certainly quite convincing in the whole AI space. When I was referring to doubling pipeline side in the last 2 months, that in and of itself is a very strong signal. The type of demand that we see is certainly around liquid cooling. And when we think liquid cooling, we think something that is consistent with the capacity curve that we gave a couple of months back.
