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Widely followed analyst Tusa says GE report shows ‘material and negative’ disclosures

Key Points

“There were a few disclosures that we would consider material and negative to anyone building a model and doing fundamental analysis,” J.P. Morgan’s Stephen Tusa writes.

The embattled industrial company released its annual report late Tuesday and went into greater detail on the state of its insurance liabilities.

The analyst gained a following on Wall Street for his work on GE after his negative call in May 2016.

General Electric’s latest annual update to shareholders justifies a below-consensus view on earnings and free cash flow, according to widely followed J.P. Morgan analyst Stephen Tusa.

“There were a few disclosures that we would consider material and negative to anyone building a model and doing fundamental analysis,” Tusa wrote to clients. On industrial free cash flow, it’s the “same result and now working capital benefits officially peak out.”

The embattled industrial company released its annual report late Tuesday and went into greater detail on the state of its insurance liabilities and how its financial and industrial arms work together. But that wasn’t enough to pacify some analysts, including Tusa.

The analyst gained a following on Wall Street for his work on GE after his negative call in May 2016. Tusa was the first to warn investors that shares of the one-time Dow Jones Industrial Average member were going to fall. That was back when the stock was above $30. It closed Wednesday at $10.88.

Tusa said the latest annual report has a lot of incremental disclosures that are a challenge for average investors to understand. “There are still a myriad of moving parts between and into and out of GE and GECS, a significant amount of restatement versus the 2017 10-K, and even another reclassification of cash flow from operating to investing which was $5 billion,” he said.

“Lastly, the word ‘adjusted’ was used 113 times, two times the amount it was used in the 2017 10-K,” he wrote. “So far little change and little of value around important items we had previously highlighted as key to better understanding the story.”

GE’s stock jumped on the day in December that J.P. Morgan upgraded the company’s rating to neutral from underperform. Tusa has been critical of the idea that GE’s stock should rise because of CEO Larry Culp providing more insight to the company’s business.

“You don’t just get an entitlement for saying ‘we’re going to call it what it is and we’re going to operate above board,’” Tusa said Wednesday.

— CNBC’s Michael Sheetz contributed reporting.
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Plantguard Fault Tolerant Technology

With an increasing awareness of personnel safety, environmental protection, and process profitability, the Plantguard fault tolerant control system offers a safe solution with near zero downtime.

It’s powerful, flexible and extremely configurable.

• No compromise design – TUV certified fault tolerant without repair time restrictions. Always fault tolerant, always safe.

• Maximise plant up time – TMR architecture identifies and outvotes CPU mismatches and keeps running

• Certified safe – certified by TUV to AK6 and meets IEC61508 SIL1-3 requirements.

• Certified to NFPA72C for Fire and Gas detection applications.

• Simple user programming – familiar IE61131-3 based programming allows users to configure both safety and continuous process programs.

• Plantguard features full online (Bumpless) module replacement with no process interruption.

• HIFT keeps it simple, keeps it safe – Hardware implemented fault tolerance design reduces operating system size, minimises systems software and increases processing speed, offering the end user the safest and simplest design.

Buy only what you need – wide range of configurable, fault tolerant, multi function I/O modules to suit most applications.

Fault Containment

Distributed hardware voting prevents hardware fault propagation.

Fault containment allows the system to operate safely with multiple faults.

Largest I/O Capacity

Plantguard can support systems of over 7000 I/O points. Using the same architecture for applications from 16 to 7000 I/O means less training and fewer spares.

Plantguard Software

TMR tolerates faults

The Plantguard TMR architecture will outvote errors to continue running safely. This fault tolerant feature ensures maximum run time of the plant – a major life time cost improvement factor. To repair an unhealthy CPU or I/O module, you simply swap the module online without upsetting the process or taking the system offline.

Plantguard controller

This 19” x 6µ chassis contains CPU, CPU spare slot and 8 slots for any mix of interface module.

Open but safe

Using Ethernet, Plantguard can integrate with other process management products. OPC allows seamless integration with a host system. The Plantguard OPC implementation includes the data acquisition and alarms and events protocols. This ensures that all locally time stamped (1MSEC) data is transferred to the host system.

Remote Diagnostics

Using the Internet, a Plantguard system can be configured and monitored from anywhere in the world provided local password protected permission is given.

Remote Expander

Expander chassis (10 per system) can be distributed over 10km or 6 miles apart using the fibre-optic expander bus which saves cable costs and improves immunity from external interference.

Signature Analysis Diagnostics

Predictive maintenance diagnostics provide signature analysis of end device as well as environmental conditions of the hardware, alerting the operator to problems before they happen

1ms time event stamps

True 1ms sequences of events (SOE) resolution (regardless of system size), for each alarm threshold, analogue or digital, input or output point, configured at the module to give the operator the most accurate resolution for process and system level alarms

Sitewide synchronised time

All Plantguard systems can be synchronised to any IRIG-B time source for sitewide synchronisation of all events to a few milliseconds.

IEC61131-3 Configuration Tools

The IEC1131 Toolset allows you to define up to 250 individual programs using any of the 5 specified languages, LD, FBD, ST, SFC, and IL in each project. Offline simulation, online de-bug, graphical interface provides simple and appropriate tools for configuration, verification and maintenance of the application logic.

Firewall Protection

The toolset makes use of the Firewall protection designed into the operating system to guarantee that safety related application tasks are isolated from noncritical tasks

Saves space and cost

Plantguard has the smallest footprint of any fault tolerant system.

Self protected outputs

By replacing troublesome, short-lived fuses in output circuits with current limited, selfprotected outputs Plantguard I/O reduces maintenance costs.

The widest range of fault tolerant I/O modules

Ranging from low density modules of 16 points to high density modules with 40 and 60 points, Plantguard I/O makes it possible to tailor the most cost effective solutions for each segregated process under control.

Distributed fault tolerant intelligence

Because Plantguard has distributed fault tolerant intelligence at the I/O module, you can configure multiple alarm thresholds per point and active line monitoring continuously checks sensor and wiring
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Field Power Consumption-T9110

To estimate overall controller power dissipation it is necessary to include the field power component dissipated within the controller. Referto the table “Field Loop Power Heat Dissipation”. The field power requirements should be calculated separately and is dependent on the number and type of field elements. Refer to the specifications for the Digital and Analogue output modules for details of the channel output electrical specifications.

System Design Considerations for Heat Dissipation and Cooling

The controlleris designed to operate in its specified environment without forced air cooling. However, forced air cooling may be needed in individual circumstances when the controller shares its enclosure with other heat producing equipment and the internal temperature could exceed the recommended operating temperature range.

Module Orientation

Rockwell only recommend that modules are oriented vertically, if modules are mounted in any other orientation, then specific temperature tests must be done to achieve reliable and predictable operation.

Maximum Air Temperature

The maximum air temperature rating in an enclosure where AADvance modules are installed to support predictable operation is 70 °C (158 ° F).

Estimate Heat Dissipation

The heat in the enclosure is generated from several sources such as the power supplies, the AADvance modules and some of the field loop power. Use the following calculation and the data given in the tables to estimate the overall heat dissipation:

• Power supply consumption (Watts x (100-efficiency) (%) + the sum of the system power consumed by the modules + part of the field power that is in the enclosure.

The following module power dissipation values are worst case values over the range of operating voltages and currents.

Estimating Center of Gravity Information

If it is necessary to calculate the location of the center of gravity of an AADvance controller destined for a maritime or other shock-mounted application, it is reasonable to assume the center of gravity of each assembly of modules and their base unit is at the geometric center of the assembly

Design Considerations for Electrical Grounding

All applications of the controller will require at least two separate ground (earth) systems:

• An AC safety ground (sometimes called the ‘dirty ground’) to protect people in the event of a fault. The ground stud on the T9100 processor base unit, and all exposed metalwork such as DIN rails, will be bonded to the AC safety ground.

• An instrument ground (sometimes called the ‘clean ground’ or the ‘0 Vdc ground’) to provide a good stable 0 V reference for the system. Every signal return will be referenced to the instrument ground. The instrument ground will be isolated from the AC safety ground.

The AC safety ground and the instrument ground will usually be made available through bus-bars. Bus-bars must be of copper; they may be nickel plated. For a small application, you may use ground studs instead of bus-bars.

Some field wiring, such as communications cables, will need shielded (screened) cable. There may be a shield ground, in addition to the AC safety and instrument grounds, to provide a common point to terminate shields of such cables. The shield ground will usually be connected to the AC safety ground; or, more rarely, to the instrument ground. In practice, the continuity of the shield connections will be more important than the goodness of the ground connection provided.

The controller input and output modules incorporate galvanic isolation. Nevertheless, it is possible that a particular application will require the provision of barrier strips with galvanic isolation, for example to provide consistency with an existing installation. In these cases, there may be a separate intrinsic safety ground as well.

Specify software requirements

For information about supported operating systems and other software product version support, refer to product release notes from the Product Compatibility and Download Center (PCDC): rok.auto/pcdc.

Design Considerations for Maintenance Activities

Maintenance Activities

The design of the installation must allow preventive and corrective maintenance activities to take place. Corrective maintenance tasks will embrace the identification and renewal of defective modules and other assemblies and, when exhausted, renewal of the back-up battery within the T9110 processor module.

Fuses on the termination assemblies can be replaced so access to the fuses is required. There are no user-serviceable parts inside modules therefore repair is by replacement; defective modules should be returned to Rockwell Automation forinvestigation and repair.

Design Provisions

The design of the controller installation should make the following provisions:

• Clear access to remove and install modules, termination assemblies, base units and security dongle (Program Enable key). Repair of controller modules will be by module replacement.

In addition, it may be appropriate to make the following provisions:

• A lock on the door of the enclosure, to deter unauthorized access and possible unofficial modifications.

• Lighting.

• Utility sockets.

Connecting the AADvance Controller to the Network

The T9100 processor base unit has six auto-sensing 10/100BASE-TX Ethernet ports which allow it to connect to a local area network through standard Rj45 Ethernet cable. These are two ports for each processor module.

If a direct connection is required from the controller to the computer (for example, during setting up) use a crossover cable. This will depend on the characteristics of the network interface in the PC.

The fixed connectors on the controller are RJ45 sockets. Use Cat5e (enhanced) cables with RJ45 modular plugs forthe network cabling.

Connect the network cables to the sockets on the T9100 processor base unit.

• For each network connection, insert the RJ45 modular plug on the cable into the appropriate socket.

• Make sure the length of the cable does not exceed 100m (328 ft).

Referto the illustration for an example.


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Removal EMERSON FLOBOSS S600

To remove a module:

1. Power down the S600+ before you attempt to extract a module.

Unscrew the retention screws before you attempt to remove a module. This avoids damage to the ejectors (refer to Figure 2-8).

Unlatch the ejectors for the appropriate module and pull the module clear of the case. You may need to rock the module slightly to release it from its connectors (refer to Figures 2-9 and 2-10).

To install a module:

Carefully align the module with the guides (located at the top and bottom of the case). Gently slide the module into the case until it seats fully with the appropriate connector on the backplane.

Press each of the two ejectors securely into place once the module is fully inserted.

Secure the module with the retention screws (two per board).

Installing EMC Protection

Your site may require you to install electromagnetic compatibility (EMC) shielding on the S600+ to minimize electromagnetic interference. The S600+ EMC protection kit (which came with your S600+) typically has the following components:

1 security backplate (place over the installed modules)

1 25-way EMISTOP Inline T Filter Adaptor (attach to the 25-pin socket A on the I/O module)

1 37-way EMISTOP Inline T Filter Adaptor (attach to the 37-pin socket B on the I/O module)

3 large (for 13mm cable) ferrite clamps

3 medium (for 10mm cables) ferrite clamps

1 small (for 6.5mm cables) ferrite clamp

2 M3 x 6mm screws (which secure the EMC backplate to the sides of the S600+ housing)

5 TY523 Ty-Rap self-locking cable fasteners (use as necessary to secure cables)

Note: These are standard components for a standard configuration. If your S600+ has a different configuration (for example, additional modules), you may have more components.

Install the EMC kit after you install the S600+ but before you wire the modules.

To install the EMC components:

Unscrew and remove the small Phillips-head screws on the I/O module (see Figure 2-11).

Place the security backplate over the modules already installed in the S600+ and secure the backplate to the I/O module using the two screws you removed in step 1 (see Figure 2-12).

Note: In actual operation, the two right-most slots on the S600+ shown in Figure 2-12 would either contain modules or would be covered by blanking plates.

Secure the backplate to the sides of the S600+ housing using the 2 M3 x 6mm screws.

Place and secure the 25-way and 37-way EMISTOP adaptors (see Figure 2-13) onto, respectively, sockets A and B on the I/O module (see Figure 2-14).

Wire the modules according to your site’s requirements.

Attach a small ferrite clamp onto the wiring to socket A on the I/O module. Attach large ferrite clamps onto the cables to sockets B and C (see Figure 2-14).

Attach a large ferrite clamp onto the wiring to the CPU’s power connections and one medium clamp to the COM3 and COM 4 connections (see Figure 2-15).

Attach a medium ferrite clamp onto the wiring for COMs 5, 6, and 7 and a small ferrite clamp onto the Ethernet cable (see Figure 2- 16).

This completes the installation process and provides the S600+ with EMC protection.

CPU Module (P152)

The CPU module contains the host processor and associated peripherals, which form the heart of the S600+ system. Various plug-in connections are provided on the rear backplate of the CPU module. Refer to Figure 3-1 for an illustration of the CPU module backplate and to Figure 3-2 for a schematic of the CPU power terminations. Figure 3-3 shows the wiring terminations. Additionally, the module uses connectors and jumpers, which are set at the factory prior to shipping. See Section 3.5, Jumpers for further information.

It is recommended that all wiring be made with stranded wire that is no larger than 1.5 mm2 (0.0023 in2 ) For the communication ports, wiring of 1.75 mm2 to 1.65 mm2 (0.0027 in2 to 0.0025 in2 ) is recommended. Power wiring is recommended to be 1.5 mm2 (0.0023 in2 ). Observe all local wiring practices and regulations.

Power Supply

The power connection is a plug-in, standard 5 mm pitch screw terminal block on the CPU module. The power supply connector is labeled TB1. Refer to Table 3-1 for the TB-1 pin connections.

Power the S600+ using a nominal 30 Volts dc power source capable of supplying 2 Amps. The S600+ operates between 20 and 32 Volt dc.

The startup in-rush current may draw 6 amps for approximately 100 milliseconds. This in-rush becomes significant when multiple flow computers are connected to the same power supply.

An on-board anti-surge fuse (2.5 Amp slow blow rating) protects the supply line should a fault occur within the unit.

Fully regulated 15 and 24 Volts dc supplies are also available for applications such as powering loops or pre-amplifiers. Resettable thermal fuses protect these outputs.

Watchdog Relay

A single pole, double-throw relay with Normally Open or Normally Closed terminals provides the watchdog status from pins 6, 7, and 8 of TB-1. Table 3-2 shows the TB-1 pin connections. Connection is through plug-in, standard 5 mm pitch screw terminals.

The relay is energized during normal operation. A CPU failure causes the relay to de-energize.

Note: Contact is rated at 1 Amp, 30 Volts dc and 30 Volts ac, and is a Form “C” contact.

On-Board Battery Backup

The backup battery (see Figure 3-2) retains the contents of the SRAM on the CPU module, the PC-compatible BIOS CMOS memory area, and the calendar clock. The battery, a Lithium 3.0 volt 1500 mAmp/hour unit, is user-replaceable. For further battery specifications, see the technical specification (S600+). To ensure that the battery is fully functional, the S600+ software routinely performs a regular load test on the unit.
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New product launched! Advantech’s 4″ EPIC single-board computer MIO-4370 takes into account both performance and power consumption, and helps mobile service robot applications

In the classic TV series The Jetsons, the protagonists hired a robot butler named “Rosie” who also served as a temporary security system and companion for the family. Although the story of The Jetsons takes place 40 years in the future, forward-looking robotic technology like Rosie is already a reality.

RoomieBot is a good example. It is a mobile service robot that uses edge AI, machine vision, and natural language processing (NLP) to autonomously navigate and interact with humans in medical, retail, and hospitality environments. It is not difficult to imagine that in the future, these AI robots will gradually become home assistants.

Future ubiquitous mobile service robots need to be built with modular hardware that combines performance, efficiency, and advanced software support.

Analysis of modern mobile service robots

To determine the best way to provide these functions, it is necessary to first understand the current state-of-the-art technology, including its advantages and limitations. RoomieBot is designed around Intel RealSense cameras, Intel Movidius VPUs, and Intel NUC platforms. The hardware kit provides a good foundation for early mobile service robots, with the following required vision and compute capabilities:

Simultaneous localization and mapping (SLAM) for autonomous navigation

Visual detection algorithms for identifying people and objects

NLP for voice user interfaces

Capabilities to control embedded motors and actuators

However, as companies look to scale up production of these systems for mass-market deployment, there is a potential need for upgrades that improve performance per watt and simplify integration. Notably, these can be achieved with the 12th Generation “Alder Lake” Intel Core processors.

Small size, high performance, low power consumption

The latest Intel Core processors offer significant performance gains over the 8th Generation Intel NUC. The performance gains are due to the addition of 8 cores (for a total of 12) on the new processors, but this is not an effect that can be achieved with just any core. The 12th Generation Intel Core processors are the first to introduce a hybrid core architecture consisting of traditional performance CPUs and new high-efficiency cores. The high-efficiency cores are optimized for compute-intensive workloads such as system management and mission control.

All of this added performance is achieved with minimal power tradeoff, as the Intel Core i7-12700TE processor has a TDP of just 35W, compared to 28W for the previous 8th Gen mobile processor. For mobile service robots, this helps perform complex edge AI work without immediately draining the onboard battery.

Smart integration, out-of-the-box

The ability to seamlessly integrate 12th Gen Intel Core processors into a variety of different mobile service robot architectures is another key consideration for mass production and deployment.

Advantech’s 4” EPIC small form factor single board computer MIO-4370 (165 x 115mm) supports 35W 12th generation Intel Core desktop processors with up to 16 hybrid cores and 24 execution threads. MIO-4370 provides OEMs and system integrators with a robust edge intelligence module with all the I/O required for modern mobile service robots, such as:

Various high-bandwidth I/O and serial ports for easy integration of visual input, perception sensor kit, control signals, programming and debugging

Support for three independent displays with resolution up to 5K

Rich networking and expansion, including two 2.5 GbE interfaces, support for time-sensitive networking (TSN) and Intel vPro

3 M.2 expansion slots (2 x M.2 2280 PCIe 4.0, 1 x PCIe 5.0), supporting high-speed NVMe storage as well as video transcoding, acquisition or xPU accelerator cards

Other components, such as smart fans, TPM 2.0 and audio systems for voice communications

IoT edge applications like mobile service robots are made up of many different applications and functions, and Advantech embedded single-board computers have been compatibility tested and certified for use with Canonical’s Ubuntu Linux distribution, enabling containerized application development. Each container has its own system image, so mobile service robot programs can be coded without relying on or worrying about other system requirements. This reduces development time and complexity and speeds up compliance work because changes to each container can typically be certified separately once the entire system is approved.

Integration is further simplified by tools such as Advantech iManager 3.0, which provides APIs for controlling the user’s operating system I/O. Advantech’s Edge AI Suite and DeviceOn go a step further and provide a user-friendly SDK based on the Intel OpenVINO toolkit, enabling engineers to optimize deep learning models and deploy them to 12th generation Intel Core processor.

Mobile service robots: out of the factory and into the home

In short, platforms like the MIO-4370 are more than just controllers for smart robots, they are the cornerstone of smart mobile service robots, with higher performance, lower power, faster development, and more cost-effectiveness than ever before. In short, these integrated solutions are a prerequisite for scaling smart mobile service robots for mass production. The future of having your own “Rosey” will not just be for a few people, and thanks to a highly integrated development environment, the future is closer than you think.
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