Thomas M. Scalera
improved demand in industrial and chemical markets. Our markets are generally performing in line with our expectations entering the year. And while we are seeing an uptick in our project funnel, we do not expect that activity to convert into revenue in 2018. We are raising the low end of our previous EPS guidance by $0.10 due to an improved confidence in our operational execution.
The midpoint of our adjusted EPS guidance range increases by $0.05 to $3.05, representing 18% growth. And it is important to note that our forecasted 2018 tax rate range of 23% to 24% provides only modest benefits compared to the full year 2017 rate of 24.3%. So our continued focus on operational execution in stabilizing markets will drive our 2018 growth. I'd also like to highlight that since we've executed the $50 million in share repurchases we planned for the year, we are now projecting a full year 2018 diluted share count of approximately 88.6 million shares.
Lastly, I would like to provide some insights into our Q2 expectations. We expect total revenue and segment margins to be in line with Q1 levels. We expect Q2 adjusted segment margins at IP and CCT to improve versus both Q1 and Q2 2017 levels. While at MT, margins are expected to decline versus Q1 and 2017 due to investments, commodity costs and unfavorable aftermarket mix. Q2 corporate costs are expected to be higher than Q1 due to environmental and other functional costs. Lastly, Q2 adjusted EPS is expected to be generally in line with Q1 2018, representing solid growth compared to Q2 2017. So in summary, we delivered a solid start to 2018 that reflected strong execution and the acceleration of our strategic growth priorities. And as a result, we are raising our EPS guidance to specifically reflect that performance.
So now let me turn it back to Lori to begin the Q&A session.