Reiterate our 2025 outlook.We reiterate our prior 2025 outlook. Our 2025 sales are anticipated to be in the range of $4.65 billion to $4.85 billion, associated anticipated adjusted EBITDA between $1.175 billion and $1.225 billion and associated adjusted diluted EPS of $12.00 to $13.00 on share count of approximately 45.5 million. We anticipate our tax rate will be approximately 22%. Additionally, we reiterate that we anticipate ending 2025 with approximately $3 billion of net debt, based on full year 2025 FCF generation between $550 and $600 million.

Our strong December 31, 2024 backlog, including the Woodside Louisiana LNG phase one order that was received in December 2024 as well as a large $35 million mining order and a strong year-to-date start for space exploration orders, supports our full year 2025 guidance range, offsetting the potential negative foreign exchange impact, that if it holds as it is currently for the full year, would have approximately a 2% negative impact on sales. We anticipate the second half 2025 to sequentially increase when compared to the first half 2025 given the timing of the aforementioned orders. Our first quarter is anticipated to be the lowest quarter of the year, as is typical.