CSL
#Good evening, <UNK>.
New products have been really well received.
We have talked about it now since we have owned the business.
We talked about the fact that during the hold separate there was still good investment in the pumps and still good investment in our electrostatic business and other things.
So we have seen ---+ I think we've seen some good product rollouts on the pumps, specifically in the Asia-Pacific region and now coming into North America, certainly Europe has been there as well.
It has just been some difficult times across-the-board for organic growth in North America.
So I think from new product perspective, we've been good there.
And it's met our expectations, I should say.
Yes, we like what we are seeing out of our Medical Technology business and CIT.
That started with an organic business within CIT and we added the LHI to it, that acquisition has proven to be good.
We continue to have solid sales growth there, despite the fact that we hold the same type of sales and price discipline in that market as we do in CCM.
So there have been some products that we have decided to exit because of their margin profile, and we have still been able to drive some nice growth there.
So that's a segment we like.
We are getting good traction with the investments we made in engineering resources and at the customer there to begin work on new products, and this is a long sales cycle.
We know we have to go in and work on the new product development, get the certification with these OEs, but there is a lot of activity in that pipeline and we are pleased and, obviously, we continue to look for non-organic growth as well in the form of acquisition for this space.
We are happy with it.
Some of it relates to projects that were approved in 2016 that are carrying over to 2017.
There is additional capital that relates to the SatCom launch.
There is an R&D facility that we are ---+ I'm sorry, an R&D facility at CCM, and the restructuring in China that we took the charge for, there is capital associated with that.
So those are some of the larger projects.
If raws stay where they are and we get a good chunk of the price, that would reduce the numbers that <UNK> gave earlier.
And I think right now we are planning for a combined pricing raw material quarterly negative impact throughout next year, similar to what we experienced in Q4.
But certainly, if we are more successful on price, and/or if raw materials moderate, then there could be upside to that.
For the full-year, we gave that revenue guide of mid single-digits.
That assumes relatively flat pricing.
There may be a little bit of year-over-year decline in Q1, we are forecasting pricing to remain sequentially flat.
Again, that may be a little bit of a decline in Q1, that's our seasonally weakest quarter.
But for the full-year, there is very little price that is reflected in the earnings guide that we provided.
So to the extent we are able to get price in connection with the recent announcement, again that is not in the number that we have provided.
I think it would be a little bit higher.
I would take it to 35% to 40%.
And we feel pretty good about the 40%.
About ---+ I don't know, $0.20 or so, <UNK>.
You know, you are right.
First quarter of last year was the high mark on the growth and we saw things level out over that.
But going into this year, and certainly what we've seen so far, I think we feel positive about Q1.
It's very weather dependent.
It's also early days.
Not a lot of volume, so don't read anything into an early start but you know what we have been saying is, I think you can hear it on the pricing and you can hear it on the raws and that is more of the same.
We think it's pretty stable and I would anticipate a good start to the year.
Thanks, Latavia.
This concludes our fourth-quarter 2016 earnings call.
Thanks, everyone, for your participation, and we look forward to speaking with you all at our next earnings call.
