Despite lagging the broader index, industrial stocks performed well in 2024, gaining over 17% on a total return basis. Sector fundamentals, however, have been more challenged. After an impressive post-COVID recovery supported double-digit earnings growth in 2022, industrial earnings have been in the doldrums alongside U.S. manufacturing activity. In fact, on a year-over-year basis, the sector is on pace to see earnings contract for the last three quarters of 2024. That said, prospects ahead look brighter. On this episode, Gabriela Santos is joined by Rob Maloney, an equity research analyst covering industrials and a co-portfolio manager here at J.P. Morgan Asset Management.