漢威聯合 (HON) 2021 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Honeywell's second quarter earnings release. (Operator Instructions) As a reminder, this conference is being recorded.

女士們先生們，美好的一天，歡迎收看霍尼韋爾第二季度收益發布。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to introduce your host for today's conference, Reena Vaidya, Director of Investor Relations. Please go ahead, ma'am.

我現在想介紹今天會議的主持人，投資者關係總監 Reena Vaidya。請繼續，女士。

Thank you, Jake. Good morning, and welcome to Honeywell's Second Quarter 2021 Earnings Conference Call. On the call with me today are Chairman and CEO, Darius Adamczyk; and Senior Vice President and Chief Financial Officer, Greg Lewis. This call and webcast, including any non-GAAP reconciliations, are available on our webcast -- our website at www.honeywell.com/investor.

謝謝你，傑克。早上好，歡迎來到霍尼韋爾 2021 年第二季度收益電話會議。今天與我通話的是董事長兼首席執行官 Darius Adamczyk；高級副總裁兼首席財務官 Greg Lewis。此電話會議和網絡廣播，包括任何非 GAAP 對賬，可在我們的網絡廣播——我們的網站 www.honeywell.com/investor 上獲得。

Note that elements of this presentation contain forward-looking statements that are based on our best view of the world and of our businesses as we see them today. Those elements can change based on many factors, including changing economic and business conditions, and we ask that you interpret them in that light. We identify the principal risks and uncertainties that may affect our performance in our annual report on Form 10-K and other SEC filings.

請注意，本演示文稿的內容包含前瞻性陳述，這些陳述基於我們對當今世界和我們業務的最佳看法。這些要素可能會根據許多因素而發生變化，包括不斷變化的經濟和商業條件，我們要求您從這個角度來解讀它們。我們在 10-K 表格和其他美國證券交易委員會備案的年度報告中確定了可能影響我們業績的主要風險和不確定性。

This morning, we will review our financial results for the second quarter of 2021, share our guidance for the third quarter and provide an update to our full year 2021 outlook. As always, we'll leave time for your questions at the end.

今天上午，我們將回顧 2021 年第二季度的財務業績，分享我們對第三季度的指導意見，並更新我們的 2021 年全年展望。與往常一樣，我們會在最後留出時間回答您的問題。

With that, I'll turn the call over to Chairman and CEO, Darius Adamczyk.

有了這個，我將把電話轉給董事長兼首席執行官 Darius Adamczyk。

Thank you, Reena, and good morning, everyone. Let's begin on Slide 2. We delivered another outstanding quarter that exceeded the high end of our second quarter organic sales growth, segment margin and adjusted earnings per share guidance range with top line growth and margin expansion in all 4 segments.

謝謝你，Reena，大家早上好。讓我們從幻燈片 2 開始。我們交付了另一個出色的季度，超過了我們第二季度有機銷售增長、部門利潤率和調整後每股收益指導範圍的高端，所有 4 個部門的收入增長和利潤率均有所擴大。

We delivered organic sales growth of 15% led by double-digit growth in Safety and Productivity Solutions, Honeywell Building Technologies and Advanced Materials and Performance Materials and Technologies. We also returned to growth in the commercial aerospace aftermarket and UOP amid promising signs of recovery in the oil and gas and aerospace markets.

在安全和生產力解決方案、霍尼韋爾建築技術以及先進材料和性能材料與技術領域實現兩位數增長的帶動下，我們實現了 15% 的有機銷售額增長。在石油和天然氣以及航空航天市場出現復甦跡象的情況下，我們還恢復了商業航空航天售後市場和 UOP 的增長。

Segment margin expanded 190 basis points to 20.4% driven by the impact of higher sales volumes. Adjusted earnings per share was $2.02, up 60% year-over-year and $0.06 above the high end of our guidance range.

受銷量增加的影響，部門利潤率擴大 190 個基點至 20.4%。調整後每股收益為 2.02 美元，同比增長 60%，比我們指導範圍的上限高出 0.06 美元。

We delivered a strong second quarter in the first half of the year. I'm pleased with our performance and confident it will continue to execute and deliver through the ongoing recovery in our end markets. We are driving near-term growth in several areas of the portfolio, including Warehouse Automation, Productivity Solutions, Building Products and Advanced Materials, while the industries most affected by the pandemic will continue improving throughout the year and into 2022.

我們在今年上半年交付了強勁的第二季度。我對我們的表現感到滿意，並相信它將通過我們終端市場的持續復甦繼續執行和交付。我們正在推動產品組合的多個領域的近期增長，包括倉庫自動化、生產力解決方案、建築產品和先進材料，而受大流行影響最嚴重的行業將在全年和 2022 年繼續改善。

Orders were up over 20% year-over-year organically driven by strength in Aerospace, PMT, HBT and Productivity Solutions, creating a strong setup for growth. As always, we continue to execute on our rigorous and proven operating system that drives outstanding shareholder value.

受航空航天、PMT、HBT 和生產力解決方案實力的有機推動，訂單同比增長超過 20%，為增長創造了強大的基礎。一如既往，我們繼續執行我們嚴格且經過驗證的操作系統，以推動卓越的股東價值。

Now let's turn to Slide 3 to discuss our recent leadership announcements. Last week, we announced changes to our senior leadership team that will take place over the coming weeks and months. Honeywell's consistent success is driven by our highly talented and committed workforce, which is guided by our world-class leadership team.

現在讓我們轉到幻燈片 3 來討論我們最近的領導公告。上週，我們宣布了將在未來幾周和幾個月內對我們的高級領導團隊進行的調整。霍尼韋爾的持續成功歸功於我們才華橫溢、敬業奉獻的員工隊伍，而這支隊伍又受到我們世界一流領導團隊的指導。

We have a deep bench of high-quality capable leaders as demonstrated by the recent announcements. First, Vimal Kapur will succeed Rajeev Gautam as President and CEO of Performance Materials and Technologies. Rajeev will retire in August after 43 years of Honeywell and will serve as President Emeritus of Honeywell PMT until the end of January to ensure a smooth transition. Rajeev has led PMT for the past 5 years and guided the business through a deep industry downturn in 2020 with an unwavering focus on taking care of employees and customers. We greatly appreciate Rajeev's exemplary leadership over the past 4 decades.

最近的公告表明，我們擁有一批高素質、有能力的領導者。首先，Vimal Kapur 將接替 Rajeev Gautam 擔任性能材料和技術部門的總裁兼首席執行官。在為霍尼韋爾工作 43 年後，Rajeev 將於 8 月退休，並將擔任霍尼韋爾 PMT 名譽總裁直至 1 月底，以確保平穩過渡。在過去的 5 年裡，Rajeev 領導 PMT 並帶領公司度過了 2020 年的行業深度低迷期，並堅定不移地專注於照顧員工和客戶。我們非常感謝納吉夫在過去 4 年中的模範領導。

Vimal will transition to PMT from his prior role as President and CEO of Honeywell Building Technologies. He has been with Honeywell for 32 years and brings outstanding leadership capabilities and a deep knowledge of our end markets to the PMT CEO role. This will mark Vimal's return to PMT, where he was previously President of Process Solutions business.

Vimal 將從他之前擔任霍尼韋爾建築技術公司總裁兼首席執行官的職位過渡到 PMT。他在霍尼韋爾工作了 32 年，為 PMT CEO 帶來了卓越的領導能力和對終端市場的深入了解。這將標誌著 Vimal 重返 PMT，此前他曾擔任 PMT 過程解決方案業務總裁。

Doug Wright will succeed Vimal as President and CEO of HBT. Doug joined Honeywell in July 2020 as President of HBT's Fire and Security business. Bringing deep industry experience, he has quickly made a significant impact. Prior to joining Honeywell, Doug was President and CEO of Source Photonics, a global provider of optical communications products used in telecommunication systems and data communication networks. Prior to that, Doug spent 6 years at United Technologies, where he served as President of Asia for the company's Fire and Security business based in Shanghai and President of the company's $2.5 billion Automation and Control Solutions business.

Doug Wright 將接替 Vimal 成為 HBT 的總裁兼首席執行官。 Doug 於 2020 年 7 月加入霍尼韋爾，擔任 HBT 消防與安防業務總裁。憑藉深厚的行業經驗，他迅速產生了重大影響。在加入霍尼韋爾之前，Doug 是 Source Photonics 的總裁兼首席執行官，Source Photonics 是電信系統和數據通信網絡中使用的光通信產品的全球供應商。在此之前，道格在聯合技術公司工作了 6 年，擔任該公司位於上海的消防和安全業務的亞洲區總裁，以及該公司價值 25 億美元的自動化和控制解決方案業務的總裁。

Finally, Ben Driggs has been named Chief Operating Officer of Global High Growth Regions and will succeed Shane Tedjarati as President, Global High Growth Regions when Shane retires at the end of 2021 after 17 years with Honeywell. Shane has played an essential role in establishing and aggressively growing Honeywell's presence in high-growth regions, and we appreciate everything he has done to make Honeywell a truly global company. Shane will remain in an advisory capacity over the next 3 years.

最後，Ben Driggs 被任命為全球高增長地區首席運營官，並在 Shane 在霍尼韋爾工作 17 年後於 2021 年底退休時接替 Shane Tedjarati 擔任全球高增長地區總裁。 Shane 在建立和積極發展霍尼韋爾在高增長地區的業務方面發揮了重要作用，我們感謝他為使霍尼韋爾成為真正的全球公司所做的一切。 Shane 將在未來 3 年內繼續擔任顧問職務。

Ben has been with Honeywell for more than 16 years and brings a wealth of global experience to his new role as COO of Global High Growth Regions. Most recently, Ben was Vice President of Global Strategic Accounts, where he was responsible for all aspects of our relationships with key customers at a global level. Prior to this role, Ben served in a variety of positions with Honeywell, including President of Americas Aerospace, President of Honeywell Latin America and Vice President of Aerospace Asia Pacific.

Ben 已在霍尼韋爾工作超過 16 年，並為他擔任全球高增長地區首席運營官的新職位帶來了豐富的全球經驗。最近，Ben 擔任全球戰略客戶副總裁，負責我們與全球主要客戶關係的各個方面。在此之前，Ben 曾在霍尼韋爾擔任過多個職位，包括美洲航空航天總裁、霍尼韋爾拉丁美洲總裁和亞太航空航天副總裁。

I'd like to thank Rajeev and Shane for the numerous contributions they made to Honeywell over their highly productive careers. I'd also like to congratulate Vimal, Doug and Ben under new roles.

我要感謝 Rajeev 和 Shane 在他們高產的職業生涯中為霍尼韋爾做出的無數貢獻。我還要祝賀 Vimal、Doug 和 Ben 擔任新職務。

Let's turn to Slide 4 and talk about another exciting recent announcement. The combination of Honeywell Quantum Solutions and Cambridge Quantum Computing or CQC forms the largest, most advanced standalone quantum computing company in the world. Honeywell's H-series quantum computer offers the world's highest demonstrated quantum volume of 1,024, and CQC has the first and most advanced quantum operating system. Together, they create a unique, full-stack quantum player in a league of its own.

讓我們轉到幻燈片 4，談談最近另一個令人興奮的公告。 Honeywell Quantum Solutions 和 Cambridge Quantum Computing 或 CQC 的合併構成了世界上最大、最先進的獨立量子計算公司。霍尼韋爾的 H 系列量子計算機提供了世界上最高的 1,024 量子體積，CQC 擁有第一個也是最先進的量子操作系統。他們一起在自己的聯盟中創造了一個獨特的、全棧的量子玩家。

Quantum computing will absolutely remain a key breakthrough initiative for Honeywell. We will own a majority of the stake in the new company of commensurate governance rights and will have a long-term agreement to help manufacture the critical ion traps needed to power the company's quantum hardware.

量子計算絕對仍將是霍尼韋爾的一項關鍵突破性舉措。我們將擁有新公司的大部分股權，並擁有相應的治理權，並將簽訂長期協議，幫助製造為公司的量子硬件提供動力所需的關鍵離子阱。

Honeywell's business will also continue serving as a proving ground for the company's quantum offerings. The combination of Honeywell Quantum Solutions and CQC is essential to advancing the value that Quantum Solutions provide to customers. To advance this value, the new company will codevelop integrated quantum hardware and software solutions to enable a one-stop shop for quantum customers.

霍尼韋爾的業務也將繼續作為公司量子產品的試驗場。 Honeywell Quantum Solutions 和 CQC 的結合對於提升 Quantum Solutions 為客戶提供的價值至關重要。為了提升這一價值，新公司將共同開發集成的量子硬件和軟件解決方案，為量子客戶提供一站式服務。

Additionally, the focus will be on developing hardware-agnostic software solutions and a unique quantum operating system, which is optimized for the quantum hardware on which it is used. These technologies will support customer needs for improved computation in diverse areas, including cybersecurity, drug discovery and delivery, material science, finance and optimization across all major industrial markets.

此外，重點將放在開發與硬件無關的軟件解決方案和獨特的量子操作系統上，該操作系統針對使用它的量子硬件進行了優化。這些技術將支持客戶在不同領域改進計算的需求，包括所有主要工業市場的網絡安全、藥物發現和交付、材料科學、金融和優化。

We're already working with global customers to deliver solutions for markets with massive scalable commercialization opportunity, including JPMorgan, BMW, Samsung, Google, DHL and many others.

我們已經在與全球客戶合作，為具有大規模可擴展商業化機會的市場提供解決方案，包括摩根大通、寶馬、三星、谷歌、DHL 和許多其他公司。

The combined company holds over 150 technical patents and will have a staff of approximately 330 people, which is the largest pool of quantum talent in the world, more than 120 of whom hold doctorates and over 200 of whom are scientists, including some of the world's leading quantum computing experts.

合併後的公司擁有150多項技術專利，將擁有約330名員工，是全球最大的量子人才庫，其中120多人擁有博士學位，200多人是科學家，其中包括一些世界頂尖的科學家。領先的量子計算專家。

The long-term financial prospects of the new companies are substantial. The combination is expected to significantly accelerate the path to commercial scale, creating the potential for approximately $1 billion in sales within 2 to 5 years. We are excited about the new company's prospects, and we expect to continue to be a global quantum computing leader, shaping the future of what is projected to become a $1 trillion industry over the next 30 years.

新公司的長期財務前景可觀。預計此次合併將顯著加快商業規模化進程，在 2 至 5 年內創造約 10 億美元的銷售額潛力。我們對新公司的前景感到興奮，我們希望繼續成為全球量子計算的領導者，塑造未來 30 年預計將成為 1 萬億美元產業的未來。

Now let me turn it over to Greg on Slide 5 to discuss our second quarter results in more detail and to provide an update on our 2021 outlook.

現在讓我把它交給幻燈片 5 上的格雷格，更詳細地討論我們第二季度的業績，並提供我們 2021 年展望的最新情況。

Thank you, Darius, and good morning, everyone. As Darius highlighted, we had a very strong second quarter with sales up 15% organically to $8.8 billion, segment margin expansion of 190 basis points to 20.4% and free cash flow of $1.5 billion. We overdelivered on our commitments again, building on the strong start we had in Q1.

謝謝你，Darius，大家早上好。正如 Darius 強調的那樣，我們第二季度表現非常強勁，銷售額有機增長 15% 至 88 億美元，部門利潤率增長 190 個基點至 20.4%，自由現金流為 15 億美元。在第一季度的強勁開局基礎上，我們再次超額兌現了承諾。

Let's take a minute to discuss how each of the segments contributed to that. Starting with Aerospace, second quarter sales were up 7% organically as flight hours continued to improve, resulting in double-digit commercial aerospace aftermarket growth. That was partially offset by lower commercial original equipment and software defense volumes.

讓我們花點時間討論一下每個細分市場是如何為此做出貢獻的。從航空航天開始，第二季度銷售額有機增長 7%，因為飛行時間持續增加，導致商業航空航天售後市場實現兩位數增長。這部分被較低的商業原始設備和軟件防禦量所抵消。

Business aviation continues to be very robust, where flight hours have already returned to 2019 levels as a portion of customers that previously traveled commercially have transitioned to business jets for health and safety reasons. We continue to expect the recovery in business travel to lag the leisure travel recovery. However, we do expect to pick up as we enter the second half of the year.

公務航空仍然非常強勁，飛行時數已經恢復到 2019 年的水平，因為出於健康和安全原因，之前進行商業旅行的部分客戶已經過渡到公務機。我們繼續預計商務旅行的複蘇將落後於休閒旅行的複蘇。但是，我們確實希望在進入下半年時回升。

As expected, air transport flight hours are recovering led by narrow-body flight hours, while wide-bodies remain soft as domestic travel recovers faster than international travel. As a result, our business aviation aftermarket sales were up 90% organically year-over-year, while our air transport aftermarket sales were up 32% year-over-year organically.

正如預期的那樣，航空運輸飛行小時數在窄體飛行小時數的帶動下正在恢復，而寬體機飛行小時數仍然疲軟，因為國內旅行的恢復速度快於國際旅行。因此，我們的公務航空售後市場銷售額同比有機增長 90%，而我們的航空運輸售後市場銷售額同比有機增長 32%。

Sequentially, overall commercial aftermarket sales were up 12% from 1Q '21, a promising sign that the recovery is gaining traction. Aerospace segment margin expanded 490 basis points to 25.7%.

因此，總體商業售後市場銷售額比 21 年第一季度增長了 12%，這是複蘇正在獲得牽引力的一個有希望的跡象。航空航天部門利潤率擴大 490 個基點至 25.7%。

Turning to Building Technologies. Sales were up 13% organically driven by robust demand for building products and solutions. We are seeing broad-based strength across the Building Technologies portfolio and around the world as people return to schools, offices and transportation hubs.

轉向建築技術。由於對建築產品和解決方案的強勁需求，銷售額有機增長了 13%。隨著人們返回學校、辦公室和交通樞紐，我們看到建築技術產品組合和世界各地的廣泛實力。

Building product sales and orders were both up double digits year-over-year driven by demand for fire, security and electrical products as well as building management systems. Orders for Building Solutions projects and services were up over 25% year-over-year, and the services backlog is up more than 30%, positioning the business for future growth.

在對消防、安全和電氣產品以及建築管理系統的需求的推動下，建築產品的銷售和訂單同比增長兩位數。建築解決方案項目和服務的訂單同比增長超過 25%，服務積壓訂單增長超過 30%，為業務的未來增長奠定了基礎。

In addition, our portfolio of healthy building solutions maintained strong customer momentum with approximately $90 million of orders booked in the second quarter for a total of approximately $150 million in the first half. HBT segment margins expanded 120 basis points to 22.4%.

此外，我們的健康建築解決方案產品組合保持了強勁的客戶勢頭，第二季度預訂了約 9000 萬美元的訂單，上半年訂單總額約為 1.5 億美元。 HBT 部門利潤率擴大 120 個基點至 22.4%。

On to PMT, where sales were up 10% organically, driven by 30% organic growth in Advanced Materials and a return to growth in UOP. PMT had a strong quarter with total orders up 20% year-over-year organically and backlog up mid-single digits. These are encouraging signs for the future of this business.

關於 PMT，銷售額有機增長 10%，這得益於先進材料 30% 的有機增長和 UOP 恢復增長。 PMT 有一個強勁的季度，總訂單有機地同比增長 20%，積壓量達到中等個位數。這些都是該業務未來令人鼓舞的跡象。

The 30% year-over-year growth in Advanced Materials was broad-based, particularly in automotive refrigerants, foam products and specialty additives.

先進材料 30% 的同比增長具有廣泛的基礎，特別是在汽車製冷劑、泡沫產品和特種添加劑方面。

In UOP, sales were up 8% organically driven by higher petrochemical catalyst shipments, licensing and equipment volumes. UOP orders were up over 25%, which should drive growth in the second half and into 2022.

在 UOP，由於石化催化劑出貨量、許可和設備數量的增加，銷售額有機增長了 8%。 UOP 訂單增長超過 25%，這將推動下半年和 2022 年的增長。

Finally, Process Solutions, down 1% organically but up 6% sequentially from the first quarter as the recovery gains traction in the oil and gas industry. The year-over-year decline was driven by fewer global mega projects, partially offset by short-cycle strength in the Products and Thermal Solutions businesses as well as demand for our life cycle solutions and services. HPS orders were up high single digits, providing confidence in the oncoming recovery. PMT segment margins expanded 190 basis points to 20.8% in the quarter.

最後，Process Solutions 有機下降 1%，但隨著石油和天然氣行業的複蘇獲得牽引力，第一季度環比增長 6%。同比下降的原因是全球大型項目減少，部分被產品和熱解決方案業務的短週期實力以及對我們的生命週期解決方案和服務的需求所抵消。 HPS 訂單呈高個位數增長，為即將到來的複蘇提供了信心。 PMT 部門的利潤率在本季度擴大了 190 個基點，達到 20.8%。

Finally, in Safety and Productivity Solutions, despite battling some supply shortages, sales were up 35% organically driven by continued strength across the portfolio, including another quarter of high double-digit organic growth in the Warehouse and Workflow Solutions and Productivity Solutions and Services businesses, which grew 57% and 38%, respectively. Personal Protective Equipment was also up double digits organically as we delivered from our strong backlog.

最後，在安全和生產力解決方案方面，儘管存在一些供應短缺問題，但在整個產品組合持續強勁的推動下，銷售額有機增長了 35%，其中包括倉庫和工作流程解決方案以及生產力解決方案和服務業務的另外四分之一的高兩位數有機增長，分別增長了 57% 和 38%。隨著我們從大量積壓中交付，個人防護設備也有機地增長了兩位數。

In addition, demand accelerated in the short-cycle gas detection and advanced sensing businesses, driving high single-digit sequential sales growth from the first quarter. Orders in Productivity Solutions and Services were up triple digits year-over-year, exhibiting strong ongoing demand, which we expect to fuel second half growth in this business. SPS segment margins expanded 20 basis points in the quarter to 14%.

此外，短週期氣體檢測和先進傳感業務的需求加速增長，推動第一季度銷售額實現高單位數環比增長。生產力解決方案和服務的訂單同比增長三位數，顯示出強勁的持續需求，我們預計這將推動該業務下半年的增長。 SPS 部門的利潤率在本季度擴大了 20 個基點，達到 14%。

Growth across our portfolio was underpinned by progress in the Honeywell Connected Enterprise. Second quarter recurring revenue growth was up double digits, and orders for connected solutions were up over 20% year-over-year as we continue to drive SaaS growth. Our connected buildings and cyber solutions, which have been very strong in the past year, continued to grow double digits organically, and our connected industrial solutions business was up double digits year-over-year as the industrial markets begin to recover.

我們產品組合的增長得益於霍尼韋爾互聯企業的進步。隨著我們繼續推動 SaaS 增長，第二季度經常性收入增長達到兩位數，連接解決方案的訂單同比增長超過 20%。我們的互聯建築和網絡解決方案在過去一年表現強勁，繼續實現兩位數的有機增長，隨著工業市場開始復蘇，我們的互聯工業解決方案業務同比增長兩位數。

So in total for Honeywell, our robust sales growth, coupled with strong pricing and cost management, drove 190 basis points of improvement in segment margins, 10 basis points above the high end of our 2Q guidance despite the mix headwind from much stronger sales in SPS, our lowest margin segment.

因此，總體而言，對於霍尼韋爾而言，我們強勁的銷售增長，加上強大的定價和成本管理，推動部門利潤率提高了 190 個基點，比我們第二季度指導的高端高出 10 個基點，儘管 SPS 銷售強勁的混合逆風，我們最低的利潤率部分。

For the quarter, we delivered adjusted earnings per share of $2.02, up 76% -- or excuse me, up $0.76 or 60% year-over-year, $0.06 above the high end of our guidance, $0.04 of which was due to overdelivery on sales and segment profit. The majority of our year-over-year earnings growth, $0.43, was driven by our strong segment profit improvement.

本季度，我們調整後的每股收益為 2.02 美元，增長 76%——對不起，同比增長 0.76 美元或 60%，比我們的指導上限高出 0.06 美元，其中 0.04 美元是由於超額交付銷售額和分部利潤。我們 0.43 美元的同比收益增長的大部分是由我們強勁的分部利潤改善推動的。

Below the line items were a $0.25 tailwind driven by lower repositioning and higher pension income, a lower effective tax rate of 23% and lower weighted average share count of 703 million shares drove a $0.06 and $0.02 benefit, respectively. A bridge from 2Q '20 adjusted earnings per share to 2Q '21 adjusted earnings per share can be found in the appendix of this presentation.

低於這些項目的是 0.25 美元的順風，這是由較低的重新定位和較高的養老金收入推動的，較低的 23% 有效稅率和較低的 7.03 億股加權平均股數分別推動了 0.06 美元和 0.02 美元的收益。在本演示文稿的附錄中可以找到從 20 年第二季度調整後每股收益到 20 年第二季度調整後每股收益的橋樑。

On free cash flow, we generated $1.5 billion in the quarter or 17% of sales, resulting in 103% adjusted conversion. Free cash flow was up 17% year-over-year. Free cash flow this quarter includes the $375 million cash received from Garrett as we resolved our contractual claims under the plan of reorganization signed last quarter. As a reminder, we will continue to include cash receipts from Garrett going forward within free cash flow in order to be comparable to prior periods where the cash proceeds from the indemnification and reimbursement agreement were recognized.

在自由現金流方面，我們在本季度產生了 15 億美元，佔銷售額的 17%，調整後的轉化率為 103%。自由現金流同比增長 17%。本季度的自由現金流包括從 Garrett 收到的 3.75 億美元現金，因為我們根據上季度簽署的重組計劃解決了我們的合同索賠。提醒一下，我們將繼續在自由現金流中包括來自 Garrett 的現金收入，以便與之前確認賠償和償還協議的現金收益的時期相比較。

Finally, we strategically deployed $1.9 billion to share repurchases, dividends and CapEx in the second quarter, which significantly exceeded operating cash flow. We paid $664 million in dividends, deployed $185 million in capital expenditures and repurchased more than $1 billion of Honeywell shares, reducing our share count to 703 million.

最後，我們在第二季度戰略性地部署了 19 億美元用於股票回購、股息和資本支出，這大大超過了運營現金流。我們支付了 6.64 億美元的股息，部署了 1.85 億美元的資本支出，並回購了超過 10 億美元的霍尼韋爾股票，使我們的股票數量減少到 7.03 億股。

In all, this was a very strong quarter and caps a successful first half of 2021. We're prudently managing through the multispeed recovery across the portfolio, continuing to make disciplined investments for the future, while meeting or exceeding our financial commitments.

總而言之，這是一個非常強勁的季度，並為 2021 年上半年取得了成功。我們正在審慎地管理整個投資組合的多速復蘇，繼續為未來進行有紀律的投資，同時達到或超過我們的財務承諾。

With that, let's turn to Slide 6 to discuss our expectations for the third quarter and the remainder of the year. We entered the third quarter well positioned to manage the multispeed economic recovery, which will be influenced by unique end market and regional dynamics as vaccination rates expand and the global pandemic subsides.

有了這個，讓我們轉向幻燈片 6 來討論我們對第三季度和今年剩餘時間的預期。我們進入第三季度時處於有利地位，可以管理多速經濟復甦，隨著疫苗接種率的提高和全球大流行病的消退，這將受到獨特的終端市場和區域動態的影響。

At a high level, we expect ongoing strength across the portfolio in the second half. We should see acceleration in businesses that were most affected by the downturn, particularly the commercial aerospace aftermarket and the oil and gas-exposed HPS and UOP businesses. We do expect some deceleration in respiratory masks, Warehouse and Workflow Solutions to come down sequentially as large Intelligrated projects complete and lower year-over-year volumes in U.S. and international defense in the back half of the year, though it will grow sequentially from the second quarter.

在較高水平上，我們預計下半年整個投資組合將持續走強。我們應該看到受經濟低迷影響最大的業務加速發展，尤其是商業航空航天售後市場以及石油和天然氣暴露的 HPS 和 UOP 業務。我們確實預計，隨著大型 Intelligrated 項目的完成以及今年下半年美國和國際國防的同比銷量下降，呼吸面罩、倉庫和工作流解決方案的增速將有所放緩，儘管它將從第二季度。

With that as a backdrop, we expect third quarter sales to be in the range of $8.5 billion to $8.8 billion, up 7% to 11% on an organic basis. And we now expect full year sales of $34.6 billion to $35.2 billion, up $400 million from the high end of our previous guidance. This represents overall organic sales growth in the range of 4% to 6%, an increase of 1 point on both ends compared to our previous guidance.

以此為背景，我們預計第三季度銷售額將在 85 億美元至 88 億美元之間，有機增長 7% 至 11%。我們現在預計全年銷售額為 346 億美元至 352 億美元，比我們之前指導的上限高出 4 億美元。這表示總體有機銷售額增長在 4% 至 6% 之間，與我們之前的指導相比，兩端都增加了 1 個百分點。

We will talk more about our expectations by segment momentarily. An update on our 2021 end market outlook can be found in the appendix of this presentation.

我們稍後會按細分市場更多地討論我們的期望。有關我們 2021 年終端市場展望的更新，請參閱本演示文稿的附錄。

One area to keep in mind is that we have been facing supply chain constraints as the sourcing environment for direct materials and components such as semiconductors and resin has been very tight. As we mentioned last quarter, we proactively partnered with distributors and alternative suppliers to mitigate these impacts and have had success, but the situation remains very fluid as global supply chains ramp up. We continue to work through this issue, but it will continue to be a constraint on our growth potential, particularly in SPS and HBT and, to a lesser degree, in Aerospace.

要記住的一個方面是，我們一直面臨供應鏈限制，因為直接材料和組件（例如半導體和樹脂）的採購環境非常緊張。正如我們上個季度提到的，我們積極與分銷商和替代供應商合作以減輕這些影響並取得了成功，但隨著全球供應鏈的增加，情況仍然非常不穩定。我們將繼續解決這個問題，但它將繼續限制我們的增長潛力，特別是在 SPS 和 HBT 領域，以及在較小程度上，在航空航天領域。

Now let's take a moment to walk through the third quarter and full year expectations by segment. In Aerospace, our commercial aerospace business will continue to improve gradually throughout the year. We expect business aviation aftermarket to continue to lead in the recovery and track 2019 levels or better for the balance of the year.

現在讓我們花點時間按部門瀏覽第三季度和全年的預期。在航空航天方面，我們的商業航天業務全年將繼續逐步改善。我們預計公務航空售後市場將繼續引領復甦，並在今年餘下時間追踪 2019 年或更好的水平。

We expect air transport flight hours to continue improving in the third and the fourth quarter, driving sequential and year-over-year growth in commercial aftermarket sales. The pace of the air transport acceleration will vary regionally in the second half, with domestic travel recovering faster than international and was difficult to predict country-by-country dynamics tied to vaccinations. We expect narrow-body and wide-body flight hours to fully recover to 2019 levels by 2024.

我們預計航空運輸飛行小時數在第三和第四季度將繼續改善，推動商業售後市場銷售額環比增長和同比增長。下半年，航空運輸加速的步伐將因地區而異，國內旅行的恢復速度快於國際旅行，而且很難預測與疫苗接種相關的各國動態。我們預計到 2024 年窄體機和寬體機的飛行時數將完全恢復到 2019 年的水平。

Commercial original equipment build rates are progressing gradually as we expected. Second half defense and sales -- Defense & Space sales will be pressured by lower demand from U.S. DoD programs driven by moderating U.S. defense spend as well as by slower-than-expected international defense volumes. As a result of these Defense & Space dynamics, we now expect full year organic sales growth to be down low single digits for the year in Aerospace.

正如我們預期的那樣，商業原始設備建造率正在逐步提高。下半年的國防和銷售——國防和航天銷售將受到美國國防部計劃需求下降的壓力，原因是美國國防開支放緩以及國際國防數量低於預期。由於這些國防和航天動態，我們現在預計航空航天全年的有機銷售增長將下降到較低的個位數。

In Building Technologies, we expect ongoing demand in the second half for products, services and projects as business conditions continue to improve as the world reopens. We anticipate broad-based order strength in the third and the fourth quarters, particularly for Building Solutions projects, which we expect will ramp up as energy projects in the government and education verticals gain traction.

在建築技術領域，隨著世界重新開放，商業環境持續改善，我們預計下半年對產品、服務和項目的需求將持續增長。我們預計第三季度和第四季度的訂單量將普遍增加，尤其是建築解決方案項目，我們預計隨著政府和教育垂直領域的能源項目獲得牽引力，這些訂單將會增加。

We will continue to execute on our strong projects and services backlog, driving strength in the back half. In addition, we will benefit from continued customer demand for our portfolio of healthy building solutions. Overall, we now expect full year organic sales growth to be up mid-single digits for the full year, trending better than expected.

我們將繼續執行我們強大的項目和服務積壓，推動後半部分的實力。此外，我們將受益於客戶對我們健康建築解決方案組合的持續需求。總體而言，我們現在預計全年有機銷售額增長將達到中個位數，趨勢好於預期。

In PMT, we were encouraged by the signs of recovery in Process Solutions and UOP in the second quarter, and we expect to see this trend continue in the third quarter and beyond. While we expect the pace of recovery to be gradual, end market dynamics in energy are creating a strong setup for 2022 and beyond.

在 PMT，我們對第二季度過程解決方案和 UOP 的複蘇跡象感到鼓舞，我們預計這一趨勢將在第三季度及以後繼續。雖然我們預計復甦的步伐將是漸進的，但能源終端市場的動態正在為 2022 年及以後的發展奠定堅實的基礎。

We anticipate that HPS will return to growth in 3Q driven by the short-cycle products and service businesses, which should deliver on strong first half orders. We also expect sequential improvement in automation projects driven by backlog execution.

我們預計 HPS 將在第三季度恢復增長，受短週期產品和服務業務的推動，這些業務應該會交付強勁的上半年訂單。我們還期望由積壓執行驅動的自動化項目的連續改進。

Orders for global mega projects increased in the second quarter, which is an encouraging sign for the business, though these orders will have a larger impact on 2022. Overall, HPS should grow sequentially quarter-over-quarter for the remainder of the year.

第二季度全球大型項目的訂單有所增加，這對企業來說是一個令人鼓舞的跡象，儘管這些訂單將對 2022 年產生更大的影響。總體而言，HPS 在今年剩餘時間裡應該會環比增長。

For UOP, we're pleased with the 2Q outcome, which included strong catalysts and project orders that should drive growth in the second half. Last, we expect continued strength in Advanced Materials in the third quarter driven by demand for a wide range of the business' products.

對於 UOP，我們對第二季度的結果感到滿意，其中包括應該推動下半年增長的強大催化劑和項目訂單。最後，我們預計第三季度先進材料業務將在廣泛的業務產品需求的推動下繼續走強。

In April, we said that we were trending towards the low end of our plus or minus low single-digit full year growth expectations for PMT. Since then, our outlook has improved, and we now expect full year organic sales to be up low single digits for the year.

4 月份，我們表示我們正趨向於 PMT 正負低個位數全年增長預期的低端。從那以後，我們的前景有所改善，我們現在預計全年有機銷售額將以低個位數增長。

Finally, we anticipate continued strength in SPS driven by another quarter of robust double-digit organic growth in Warehouse and Workflow Solutions and Productivity Solutions and Services. Though we expect year-over-year growth rates to remain strong in Warehouse and Workflow Solutions, 2Q represented the high watermark for sales in that business this year as we had previously said. We will see sequential declines in 3Q and 4Q due to normal project timing as customers enter the busy holiday season.

最後，我們預計在倉庫和工作流解決方案以及生產力解決方案和服務的另一個季度強勁的兩位數有機增長的推動下，SPS 將繼續走強。儘管我們預計倉庫和工作流解決方案的同比增長率將保持強勁，但正如我們之前所說，第二季度代表了該業務今年銷售額的高水位線。隨著客戶進入繁忙的假期季節，由於正常的項目時間安排，我們將看到第三季度和第四季度的連續下降。

Our Productivity Solutions and Services backlog is up triple digits, which will drive growth in the third quarter for this business. Distributor demand continues to be strong, and we expect this to continue throughout the second half. So as I mentioned, we will be managing some supply constraints.

我們的生產力解決方案和服務積壓數量增長了三位數，這將推動該業務第三季度的增長。分銷商的需求繼續保持強勁，我們預計這種情況將持續到下半年。所以正如我提到的，我們將管理一些供應限制。

We will continue to execute our backlog of personal protective equipment in the third quarter. However, respiratory demand is decelerating as various regions of the world recover from the pandemic. This deceleration will be partially offset by stronger demand in other areas of our PPE portfolio, including gloves and head and hearing protection, which we expect to ramp up in the second half.

我們將在第三季度繼續處理積壓的個人防護裝備。然而，隨著世界各個地區從大流行中恢復過來，呼吸需求正在減速。這種減速將部分被我們 PPE 產品組合其他領域的強勁需求所抵消，包括手套、頭部和聽力保護，我們預計這些領域將在下半年增加。

Finally, we expect continued short-cycle acceleration in our gas analysis and advanced sensing business. Overall, we expect strong double-digit sales growth in SPS for the full year.

最後，我們預計我們的氣體分析和先進傳感業務將持續短週期加速發展。總體而言，我們預計 SPS 全年的銷售額將實現兩位數的強勁增長。

Now let me turn to our expectations for the other core guided metrics. For third quarter segment margins, we expect to be in the range of 20.3% to 20.6%, resulting in 40 to 70 basis points of year-over-year margin expansion. Margins will continue to show strong expansion despite the headwinds of the temporary cost actions from 2020 and our investments in growth of the businesses.

現在讓我談談我們對其他核心指導指標的期望。對於第三季度的分部利潤率，我們預計將在 20.3% 至 20.6% 的範圍內，導致利潤率同比增長 40 至 70 個基點。儘管受到 2020 年臨時成本行動和我們對業務增長的投資的不利影響，利潤率仍將繼續強勁增長。

Third quarter net below-the-line impact, which is the difference between segment profit and income before tax, is expected to be in the range of negative $5 million to positive $55 million with a range of repositioning between $50 million and $100 million as we continue to fund ongoing restructuring projects.

第三季度淨線下影響，即分部利潤與稅前收入之間的差額，預計將在負 500 萬美元至正 5500 萬美元之間，重新定位範圍在 5000 萬美元至 1 億美元之間，因為我們繼續資助正在進行的重組項目。

We expect the effective tax rate to be in the range of 22% to 23% and the average share count to be approximately 703 million shares. As a result, we expect adjusted third quarter earnings per share between $1.97 and $2.02, up 26% to 29% year-over-year.

我們預計實際稅率將在 22% 至 23% 之間，平均股數約為 7.03 億股。因此，我們預計調整後的第三季度每股收益在 1.97 美元至 2.02 美元之間，同比增長 26% 至 29%。

Given these third quarter expectations, our strong outperformance in the first half and our continued confidence in our businesses, in addition to raising our full year sales expectations, we are also raising our other full year guided metrics, including segment margins, adjusted earnings per share and free cash flow. We are raising the low end of our segment margin guidance by 10 basis points for a new range of 20.8% to 21.1%, representing an expansion of 40 to 70 basis points.

鑑於這些第三季度的預期、我們上半年的強勁表現以及我們對業務的持續信心，除了提高全年銷售預期外，我們還提高了其他全年指導指標，包括部門利潤率、調整後的每股收益和自由現金流。我們將分部利潤率指引的下限提高 10 個基點，新範圍為 20.8% 至 21.1%，擴大了 40 至 70 個基點。

We expect margin expansion in all our segments as we carefully invest back into the business while managing the multispeed recovery across the portfolio. Our fixed cost management remains a focus, and we are on track to a net increase of $500 million for the year, cementing the permanent reduction of $1 billion of fixed costs from our 2020 cost actions.

我們預計所有部門的利潤率都會擴大，因為我們謹慎地投資回業務，同時管理整個投資組合的多速復蘇。我們的固定成本管理仍然是一個重點，我們有望在今年實現 5 億美元的淨增長，鞏固 2020 年成本行動永久性削減 10 億美元的固定成本。

We expect our net below-the-line impact to be in the range of negative $110 million to positive $40 million, including capacity for $400 million to $525 million of repositioning. We continue to expect a full year effective tax rate of approximately 21% to 22%, and we now expect a weighted average share count of approximately 703 million for the year, achieving our minimum 1% reduction in shares.

我們預計我們的淨線下影響將在負 1.1 億美元到正 4000 萬美元之間，包括 4 億美元到 5.25 億美元的重新定位能力。我們繼續預計全年有效稅率約為 21% 至 22%，我們現在預計全年加權平均股數約為 7.03 億股，實現我們至少減少 1% 的股份。

As a result, we are raising our full year adjusted earnings per share guidance. We now expect a range of $7.95 to $8.10, up 12% to 14% year-over-year. This represents an increase of $0.10 on the high end and $0.15 at the midpoint, reflecting our confidence in the recovery across the portfolio.

因此，我們提高了全年調整後的每股收益指引。我們現在預計價格在 7.95 美元至 8.10 美元之間，同比增長 12% 至 14%。這表示高端增加 0.10 美元，中點增加 0.15 美元，反映出我們對整個投資組合的複蘇充滿信心。

Finally, we are raising our free cash flow guidance by $100 million on both ends for a range of $5.3 billion to $5.6 billion.

最後，我們將兩端的自由現金流指引提高了 1 億美元，範圍在 53 億美元至 56 億美元之間。

So in total, we delivered a great second quarter and anticipate a strong second half and have significantly upgraded our full year view for sales, segment margin, adjusted EPS and free cash flow as we manage through this recovery.

因此，總的來說，我們在第二季度表現出色，預計下半年表現強勁，並且在我們通過這次復蘇進行管理的過程中，顯著提升了我們對銷售額、部門利潤率、調整後每股收益和自由現金流的全年看法。

Let's turn to Page 7 for a quick look at our guidance progression through the year. At the beginning of '21, there was a lot of uncertainty about the virus case rates, the pace of vaccinations and the recovery around the world. We're committed to providing guidance that is commensurate with our level of visibility and the environment we are in at the time.

讓我們翻到第 7 頁，快速瀏覽一下我們全年的指導進展。 21 年初，病毒病例率、疫苗接種速度和全球復甦存在很多不確定性。我們致力於提供與我們的知名度水平和我們當時所處環境相稱的指導。

In January, with the unknown pace of recovery in mind, we took a pragmatic approach to our outlook. After the first quarter, with a little more visibility into the full year and confidence in our first quarter results, we raised several key guidance metrics. Now halfway through the year, we have raised them again.

1 月份，考慮到未知的複蘇步伐，我們對前景採取了務實的態度。第一季度過後，隨著對全年的可見度和對第一季度業績的信心增加，我們提出了幾個關鍵的指導指標。現在年已過半，我們又養了它們。

Our full year sales guidance is now $800 million higher than our original guidance on the high end. We've also raised the midpoint of our earnings per share guidance by approximately 23% -- $0.23, and our free cash flow guidance has been raised by $100 million in the high end. As always, you can count on us to provide an outlook that is consistent with our level of visibility.

我們的全年銷售指導現在比我們最初的高端指導高出 8 億美元。我們還將每股收益指導的中點提高了約 23%——0.23 美元，我們的自由現金流指導在高端提高了 1 億美元。一如既往，您可以指望我們提供與我們的知名度水平一致的前景。

With that, I will turn the call back to Darius to talk about the end market tailwinds that we are creating -- excuse me, that are creating a strong setup for 2022 and beyond.

有了這個，我將把電話轉回 Darius 來談談我們正在創造的終端市場順風——對不起，這正在為 2022 年及以後創造一個強大的設置。

Thank you, Greg. Current end market macro dynamics are creating the best set of circumstances that I have seen in the last 10-plus years that I've been with Honeywell. With the commercial aerospace recovery in view, upcoming capital reinvestment in the energy sector, nonresidential construction spending returning to 2019 levels and the exponential growth we continue to see in e-commerce, we are setting up for an incredibly strong runway for medium-term growth. This macro setup, coupled with the strategies we have in place that are focused on driving uniquely innovative and differentiated technologies to address the world's increasing demand for digital transformation, process technology and sustainable solutions, gives me great confidence in our outlook for 2022 and beyond.

謝謝你，格雷格。當前的終端市場宏觀動態正在創造我過去 10 多年在霍尼韋爾工作時所見過的最佳環境。鑑於商業航空業的複蘇、能源行業即將進行的資本再投資、非住宅建築支出恢復到 2019 年的水平以及我們在電子商務中繼續看到的指數級增長，我們正在為中期增長建立一條令人難以置信的強勁跑道.這種宏觀結構，加上我們制定的戰略，重點是推動獨特的創新和差異化技術，以滿足世界對數字化轉型、工藝技術和可持續解決方案日益增長的需求，這讓我對我們 2022 年及以後的前景充滿信心。

Let me start by talking about the medium-term dynamics of some of our key end markets. In commercial aerospace, pent-up demand for leisure and business travel is expected to drive approximately 20% growth in flight hours over the next 2 to 3 years. Business and general aviation flight hours have already recovered to 2019 levels, and we expect air transport narrow-body and wide-body flight hours to recover by 2024.

首先讓我談談我們一些主要終端市場的中期動態。在商業航空航天領域，休閒和商務旅行被壓抑的需求預計將在未來 2 至 3 年推動飛行小時數增長約 20%。公務航空和通用航空的飛行小時數已經恢復到 2019 年的水平，我們預計到 2024 年航空運輸窄體和寬體航空飛行小時數將恢復。

We're seeing a slower defense business. We are absorbing that in our strong 2021 outlook, and our growth trajectory for the next 2 years should remain robust.

我們看到國防業務放緩。我們在 2021 年的強勁展望中吸收了這一點，未來兩年的增長軌跡應保持強勁。

The energy markets are gaining traction, and stabilizing oil prices support an oncoming wave of capital reinvestment in this sector, with downstream customer CapEx expected to grow at a 6.5% compound annual growth rate over the next 3 years. As I said before, the investment cycle post downturn is a consistent theme, and we'll be well positioned to capture our unfair share of it.

能源市場正在獲得牽引力，穩定的油價支持該行業即將到來的資本再投資浪潮，預計未來 3 年下游客戶資本支出將以 6.5% 的複合年增長率增長。正如我之前所說，經濟衰退後的投資週期是一個始終如一的主題，我們將處於有利地位，以抓住我們不公平的份額。

Acceleration in refining and petrochemical volumes will drive demand for our high-margin catalysts in new greenfield, and brownfield projects over the medium term will drive demand for licensing, engineering and equipment as well as our software and automation solutions.

煉油和石化產量的加速增長將推動對我們新綠地高利潤催化劑的需求，而中期的棕地項目將推動對許可、工程和設備以及我們的軟件和自動化解決方案的需求。

Our Building Technologies portfolio will continue to benefit from the ongoing global macro trends of sustainability, digitization and public safety. Building owners are looking for healthy building solutions to create safe public spaces while optimizing energy consumption and productivity.

我們的建築技術產品組合將繼續受益於可持續發展、數字化和公共安全的持續全球宏觀趨勢。建築業主正在尋找健康的建築解決方案，以創造安全的公共空間，同時優化能源消耗和生產力。

Nonresidential construction is expected to grow by $230 billion to $2.5 trillion by 2024, with refurbishments for healthy building is growing at a high single-digit compound annual growth rate over the next 3 years. We also expect tailwinds from sizable U.S. stimulus programs targeting airports, education and health care as well as potential government infrastructure plans, which will provide a favorable setup for our Building Technologies business.

到 2024 年，非住宅建築預計將增長 2300 億美元至 2.5 萬億美元，健康建築的翻新工程在未來 3 年將以高個位數的複合年增長率增長。我們還預計美國針對機場、教育和醫療保健的大規模刺激計劃以及潛在的政府基礎設施計劃將帶來有利影響，這將為我們的建築技術業務提供有利的條件。

We remain very well positioned to address the rapid evolution that we see in the click-and-collect consumer buying behavior, which is creating complex fulfillment and delivery needs. In fact, e-commerce is expected to make up approximately 30% of total retail sales by 2024.

我們仍然處於有利地位，可以應對我們在點擊提貨消費者購買行為中看到的快速演變，這種行為正在創造複雜的履行和交付需求。事實上，到 2024 年，電子商務預計將佔零售總額的 30% 左右。

To meet this growing demand as well as to prepare for intensifying labor shortages, retail -- retailers are meaningfully stepping up investments in workflow technologies and automation, amplifying our already strong trajectory in this market with a growing installed base and ample runway for high-margin aftermarket opportunities. So you see our macro setup is as strong as it has been in a very long time.

為了滿足這種不斷增長的需求並為加劇的勞動力短缺做準備，零售業——零售商正在有意義地加大對工作流程技術和自動化的投資，通過不斷增長的安裝基礎和充足的高利潤跑道，擴大我們在這個市場上已經強勁的發展軌跡售後機會。因此，您會看到我們的宏觀設置與很長一段時間以來一樣強大。

Now let's turn to the next page. I want to highlight a few of our strategic vectors and how they'll play into our growth algorithm. Let's start with urban air mobility or UAM, one space where we see significant growth opportunity. The total available market will be around $120 billion annually in 2030, of which we are positioned to address $30 billion.

現在讓我們翻到下一頁。我想強調我們的一些戰略向量以及它們將如何影響我們的增長算法。讓我們從城市空中交通或 UAM 開始，這是一個我們看到重大增長機會的領域。到 2030 年，可用市場總額將達到每年 1200 億美元左右，我們預計將達到 300 億美元。

We have leading fly-by-wire systems for urban air mobility, avionics and vehicle management systems in addition to highly differentiated, high-assurance detect and avoid systems. We have already won $3.4 billion of content and another $1.8 billion of wins pending. And we have $7 billion in projected cumulative pipeline over the next 5 years growing to $55 billion in cumulative pipeline out to 2030. So this is a really exciting business, where we are already generating substantial wins with significant future potential.

除了高度差異化、高可靠性的檢測和規避系統外，我們還擁有領先的城市空中交通電傳飛行系統、航空電子設備和車輛管理系統。我們已經贏得了 34 億美元的內容和另外 18 億美元的未決勝利。到 2030 年，我們預計未來 5 年的累積管道將增加到 550 億美元。因此，這是一項非常令人興奮的業務，我們已經取得了巨大的成功，具有巨大的未來潛力。

We're also generating growth through the Honeywell Connected Enterprise, which is underpinned by Honeywell Forge, our suite of SaaS applications that drive operational excellence and are essential to day-to-day management of the company's complex operations. Honeywell Connected Enterprise delivered double-digit recurring revenue growth, and orders were up over 20% in the second quarter, which serves as an excellent proof point as we continue to focus on driving software growth.

我們還通過霍尼韋爾互聯企業實現增長，霍尼韋爾互聯企業以霍尼韋爾 Forge 為基礎，我們的 SaaS 應用套件推動卓越運營，對公司複雜運營的日常管理至關重要。 Honeywell Connected Enterprise 實現了兩位數的經常性收入增長，訂單在第二季度增長了 20% 以上，這是我們繼續專注於推動軟件增長的一個很好的證明。

We are -- also recently launched a cloud-based connected building solutions jointly developed through our SAP partnership. Our portfolio of connected solutions is demonstrating great momentum with 1 million instances of Tridium's Niagara deployed worldwide and over 5,000 Honeywell Forge OT cybersecurity projects delivered, to name a few examples.

我們——最近還推出了通過我們的 SAP 合作夥伴共同開發的基於雲的互聯建築解決方案。我們的互聯解決方案組合展現出巨大的發展勢頭，全球部署了 100 萬個 Tridium 的 Niagara 實例，並交付了 5,000 多個霍尼韋爾 Forge OT 網絡安全項目，僅舉幾個例子。

One of the newest additions to our portfolio, Sparta Systems, is also contributing to Honeywell's software growth with orders up over 30% in the first half of 2021. Sparta's SaaS customer base has grown double digits since year-end 2020, and Sparta ended the second quarter with a backlog of over $100 million.

我們產品組合的最新成員之一 Sparta Systems 也為霍尼韋爾的軟件增長做出了貢獻，2021 年上半年的訂單增長超過 30%。自 2020 年底以來，Sparta 的 SaaS 客戶群增長了兩位數，Sparta 結束了第二季度積壓超過 1 億美元。

Sparta Systems recently announced that a leading European specialty pharmaceutical company implemented TrackWise Digital's solution suite that includes car QMS processes in addition to complaints handling, supplier quality management, document management and training management to seamlessly integrate quality processes and data across its manufacturing operations and suppliers. So the Sparta integration is progressing smoothly, and I'm pleased with the results thus far.

Sparta Systems 最近宣布，一家領先的歐洲專業製藥公司實施了 TrackWise Digital 的解決方案套件，其中包括汽車 QMS 流程以及投訴處理、供應商質量管理、文檔管理和培訓管理，以無縫集成其製造業務和供應商的質量流程和數據。因此，Sparta 整合進展順利，我對目前的結果感到滿意。

Finally, we continue to see strong demand for our portfolio of healthy building solutions, which I mentioned earlier. We booked around $150 million of healthy building orders in the first half and have a global pipeline of over $2 billion.

最後，我們繼續看到對我之前提到的健康建築解決方案組合的強勁需求。我們在上半年預訂了約 1.5 億美元的健康建築訂單，並擁有超過 20 億美元的全球管道。

A few examples of our customer wins across major verticals include the Pittsburgh and San Diego International airports, Syracuse University and Wuhan Changfu Hospital. We anticipate the demand for healthy buildings will remain strong for the foreseeable future as building managers seek to support occupant safety and comfort for returning workers, students, travelers and visitors.

我們在主要垂直行業贏得客戶的幾個例子包括匹茲堡和聖地亞哥國際機場、錫拉丘茲大學和武漢長福醫院。我們預計，在可預見的未來，對健康建築的需求將保持強勁，因為建築管理者力求為返回的工人、學生、旅行者和訪客提供安全和舒適的支持。

All 4 of the technologies on this page are proof points for our strategy of focusing R&D and breakthrough initiatives around disruptive trends that will shape the global economy for years to come. We have many other equally exciting breakthroughs, including quantum, sustainable technology solutions and smart cities for -- as an example. These provide numerous growth vectors, which will be accretive to the recovery in our major end markets, which underpins my confidence in what is to come.

本頁上的所有 4 項技術都證明了我們的戰略，即圍繞將塑造未來幾年全球經濟的顛覆性趨勢集中研發和突破性舉措。我們還有許多其他同樣令人興奮的突破，包括量子、可持續技術解決方案和智慧城市——例如。這些提供了許多增長載體，這將促進我們主要終端市場的複蘇，這鞏固了我對未來的信心。

Now let's wrap up on Slide 10. So overall, we are encouraged by the performance of the first half of 2021. Our second quarter results exceeded our expectations. And given our confidence in our businesses, we have meaningfully raised our full year sales, segment margin, adjusted EPS and free cash flow guidance. The Honeywell value creation framework continues to set us apart and will continue to deliver for all of our shareholders.

現在讓我們結束幻燈片 10。總的來說，我們對 2021 年上半年的表現感到鼓舞。我們第二季度的業績超出了我們的預期。鑑於我們對業務的信心，我們有意義地提高了全年銷售額、部門利潤率、調整後的每股收益和自由現金流指導。霍尼韋爾價值創造框架繼續讓我們脫穎而出，並將繼續為我們所有的股東帶來回報。

With that Reena, let's move to Q&A.

有了 Reena，讓我們進入問答環節。

Thank you, Darius. Darius and Greg are now available to answer your questions. (Operator Instructions) Jake, please open the line for Q&A.

謝謝你，大流士。 Darius 和 Greg 現在可以回答您的問題。 （操作員說明）傑克，請打開問答熱線。

(Operator Instructions) We will begin with Jeff Sprague with Vertical Research.

（操作員說明）我們將從垂直研究的 Jeff Sprague 開始。

There's a lot to ask. Actually, I'm going to go to quantum. One thing that interested me in your comments there, Darius, obviously, the technology stuff is interesting. But the commercialization revenues of $1 billion as soon as 2 years, I wonder if you could kind of talk a little bit about the difference between the 2-year and the 5-year framework there. Is there something in terms of a technical breakthrough, further technical breakthrough that's required? Or it's more an issue of just developing the business model and kind of getting a customer set on board with what you're doing here?

有很多問題要問。實際上，我要去量子。有一件事讓我對你在那裡的評論感興趣，Darius，顯然，技術方面的東西很有趣。但是最快 2 年就有 10 億美元的商業化收入，我想知道你是否可以談談那裡 2 年和 5 年框架之間的區別。是否需要技術突破，進一步的技術突破？或者它更像是一個問題，只是開發商業模式，讓客戶接受你在這裡所做的事情？

Yes. Well, I think, Jeff, more importantly, it's a toggle between focus on progressing that technology versus focusing on commercialization. This business is generating revenue today for CQC, and it's generating revenue today for Honeywell Quantum Systems. And we could focus on energy -- our energy on continuing to drive commercialization.

是的。好吧，我認為，傑夫，更重要的是，這是在關注技術進步與關注商業化之間的切換。今天，這項業務正在為 CQC 創造收入，並且今天正在為 Honeywell Quantum Systems 創造收入。我們可以專注於能源——我們繼續推動商業化的能源。

But we're trying to be balanced between, yes, driving some commercialization, securing some blue-chip customers but also continue to advance the technology. I mean this isn't necessarily an instant gratification kind of a business because if we just over function to commercialization, although we have a year or 2 lead on just about everybody else in the industry, that could get shortchanged if we don't continue to advance it.

但我們正試圖在推動一些商業化、確保一些藍籌客戶以及繼續推進技術之間取得平衡。我的意思是，這不一定是一種即時滿足的業務，因為如果我們只是過度運作以實現商業化，儘管我們比業內幾乎所有其他公司領先一兩年，但如果我們不繼續下去，這可能會被縮短推進它。

But I think that's more than anything. So the 2- to 4-year kind of a number is based on both how we see the technology evolving -- or 2 to 5 and also how we see really us focusing on technology progress versus commercialization. And I think we want to maintain both and not necessarily just full toggle to commercialization because I think that, that could sacrifice progress on the technology.

但我認為這比什麼都重要。因此，2 到 4 年的數字是基於我們如何看待技術發展——或 2 到 5 年，以及我們如何真正關注技術進步與商業化。而且我認為我們希望同時保持兩者，而不一定只是完全切換到商業化，因為我認為這可能會犧牲技術進步。

We'll now move to Scott Davis with Melius Research.

我們現在將轉向 Melius Research 的 Scott Davis。

You didn't fixate as much on supply chain and logistics as some of the other folks out there so far this quarter, but you did allude to it potentially holding back growth going forward. Did it, in fact, hold back some growth this quarter? Is there anything that you can kind of report and measure on there?

本季度到目前為止，您並沒有像其他一些人那樣關注供應鍊和物流，但您確實提到它可能會阻礙未來的增長。事實上，它是否阻礙了本季度的一些增長？有什麼可以報告和衡量的嗎？

Well, Scott, to be honest, the answer is yes. I mean I think our results for Q3 would have easily been $100 million to $200 million harder -- higher than what we're saying because of supply chain constraints.

好吧，斯科特，老實說，答案是肯定的。我的意思是，我認為我們第三季度的結果很容易就會增加 1 億到 2 億美元——由於供應鏈的限制，比我們所說的要高。

So it is -- we're dealing with the 2. It's a daily battle. Some of the areas that were particularly challenged are semiconductors, resins. Those are probably our top 2, but we're kind of seeing some supply chain pressure across the board. And our orders are super strong, particularly in SPS. And we could easily do $100 million to $200 million more in revenue this quarter in Q3 if we didn't have those challenges.

所以它是 - 我們正在處理 2。這是一場日常戰鬥。一些受到特別挑戰的領域是半導體、樹脂。這些可能是我們的前 2 名，但我們看到了一些全面的供應鏈壓力。我們的訂單非常強勁，尤其是在 SPS 方面。如果我們沒有這些挑戰，我們可以輕鬆地在第三季度的本季度增加 1 億至 2 億美元的收入。

So what we projected is kind of a reasonable best estimate of the supply we're going to get based on what our suppliers are committing. But it's a daily battle, and we're -- we stood up a team on the supply side. We stood up a team on the pricing side to really kind of manage both those things because we're continuing to see inflation. And we're actively managing price, which actually has been a good story as we are able to pass most of that through.

因此，我們預測的是根據供應商的承諾對我們將要獲得的供應進行合理的最佳估計。但這是一場日常戰鬥，我們——我們在供應方面組建了一個團隊。我們在定價方面成立了一個團隊來真正管理這兩件事，因為我們繼續看到通貨膨脹。我們正在積極管理價格，這實際上是一個好故事，因為我們能夠通過大部分。

Now we'll hear from Steve Tusa with JPMorgan.

現在我們將聽到摩根大通的史蒂夫圖薩的消息。

Can you just maybe talk about -- you've mentioned before kind of a mid-20s margin potential, and you guys continue to do very well on the operating margin front. You sound, obviously, pretty bullish even though your markets aren't really firing on all cylinders yet.

你能不能談談 - 你之前提到過 20 多歲的利潤率潛力，你們在營業利潤率方面繼續做得很好。很明顯，你聽起來非常樂觀，儘管你的市場還沒有真正開足馬力。

Is there a point in time where you're going to kind of officially update and kind of put a number like that up on a -- as a midterm target? And similarly, on the growth side, your current organic growth guidance is okay longer term. But like if you're this bullish on these growth vectors, shouldn't it be a bit better than that? And again, is there a time where you would kind of update those medium-term targets?

有沒有一個時間點，你要正式更新並將這樣的數字放在 - 作為中期目標？同樣，在增長方面，您當前的有機增長指導在長期內是可以的。但是，如果你如此看好這些增長載體，難道不應該比這更好一點嗎？再一次，您是否有時間更新這些中期目標？

Yes. Well, Steve, I think that's a fair question. I think we are tentatively planning an Investor Day in November. That's probably a good time to really look at our targets.

是的。好吧，史蒂夫，我認為這是一個公平的問題。我認為我們暫時計劃在 11 月舉辦一個投資者日。這可能是真正審視我們目標的好時機。

But as you hear, we are very, very optimistic about our markets here in the short to mid-term. I mean we're going to have strong tailwinds. You're just now starting to see some of our higher-margin, long-cycle businesses. You saw very first evidence of that tick-up in PMT.

但正如您所聽到的，我們對短期至中期的市場非常非常樂觀。我的意思是我們將有強勁的順風。您剛剛開始看到我們的一些利潤率更高、週期更長的業務。您在 PMT 中看到了這種上升的第一個證據。

Aero is going to continue to improve. Wide-body and narrow-body traffic is going to continue to improve. We absorbed some of the Defense & Space challenges this year, so that's already embedded. And we expect it to normalize.

Aero 將繼續改進。寬體和窄體交通將繼續改善。我們今年吸收了一些國防與太空挑戰，因此已經嵌入其中。我們希望它正常化。

So as we look into next year and the year after and the year after, I mean, we are going to be relooking at our growth and margin expansion algorithm as well as -- don't forget, we still have plenty of firepower on the balance sheet, which we plan to deploy. And the pipeline is good, and we plan to be using it a bit more aggressively as we move forward.

因此，當我們展望明年、後年和後年時，我的意思是，我們將重新審視我們的增長和利潤率擴張算法——別忘了，我們仍然有足夠的火力我們計劃部署的資產負債表。管道很好，我們計劃在前進的過程中更積極地使用它。

So I think the setup for Honeywell, and I mean this, I haven't seen it be any better since I've been at Honeywell, and that's 13 years. So I think I couldn't be more excited about what the future holds.

所以我認為霍尼韋爾的設置，我的意思是，自從我在霍尼韋爾工作以來，我沒有看到它有任何改善，那是 13 年。所以我想我對未來會怎樣感到無比興奮。

Yes. I mean -- go ahead. Sorry, Greg.

是的。我的意思是 - 繼續。對不起，格雷格。

I was just going to say, Steve, I agree with all that. I mean, as you know, we're pretty close to our targets in HBT already. We've made really steady progress in Aerospace. SPS has a lot of room to run with rolling out all of the project business and Intelligrated and all of the services and software that we expect to come behind it still to come. So yes, I think we'll talk to you about that in the back half of this year as we get closer to the year-end and our guide for 2022.

我只想說，史蒂夫，我同意這一切。我的意思是，如你所知，我們已經非常接近 HBT 的目標了。我們在航空航天領域取得了真正穩步的進展。 SPS 有很大的運行空間，可以推出所有項目業務和 Intelligrated，以及我們期望在其背後提供的所有服務和軟件。所以是的，我想我們會在今年下半年與您討論這個問題，因為我們接近年底和我們的 2022 年指南。

Yes. I guess I'm just trying to reconcile like a 3% to 5% growth outlook longer term. It doesn't really jive with how bullish you sound on kind of the top line opportunities, including quantum and these other things that are out there. So that's kind of the genesis of the question.

是的。我想我只是想調和 3% 到 5% 的長期增長前景。這與你聽起來多麼樂觀地看待頂級機會，包括量子和其他這些東西並沒有真正相提並論。這就是問題的起源。

Yes. Look forward to sharing more with you at our Investor Day and so on.

是的。期待在我們的投資者日等活動中與您分享更多信息。

I think we...

我想我們...

One -- go ahead, sorry.

一——繼續，抱歉。

Based on what we've seen today...

根據我們今天看到的...

Got it. One last quick...

知道了。最後一個快...

Based on what we've seen today -- go ahead.

根據我們今天所見——繼續吧。

One last quick one just on the masks. Is there any difference in profitability on the PP&E side with those masks that are beginning to roll down here? Are they particularly profitable? Or what's kind of the earnings contribution? Because I think you set those up in a hurry a year ago. Just curious as to what the profit impact is.

最後一張只是在面具上。 PP&E 方面的盈利能力與這裡開始滾落的那些口罩有什麼不同嗎？他們特別有利可圖嗎？或者什麼樣的收益貢獻？因為我認為你一年前匆忙地設置了這些。只是好奇利潤的影響是什麼。

Yes. So as you may have heard within the quarter, I mean, some of our production we basically shut down because when we set it up in a hurry, literally within 30 days when the pandemic struck in April 2020, we didn't optimize for cost, we optimized for speed. And frankly, that wasn't a very high-margin gain for us. We did that because the country needed us to do it. We didn't do it to maximize profit.

是的。因此，正如您可能在本季度內聽到的那樣，我的意思是，我們基本上關閉了一些生產，因為當我們匆忙進行設置時，實際上是在 2020 年 4 月大流行病襲來的 30 天內，我們沒有針對成本進行優化，我們優化了速度。坦率地說，這對我們來說並不是一個非常高的利潤收益。我們這樣做是因為國家需要我們這樣做。我們這樣做不是為了利潤最大化。

So now when we reduce production, we reduce production in the highly inefficient, highly manual cells that we were -- that we could bring up quickly. But what we replaced that production with is with highly automated cells, which will drop our cost per mask on the range of 50%. So positioning the business for the future is still going to be very, very strong.

因此，現在當我們減少產量時，我們會減少我們過去效率極低、高度手工化的單元中的產量——我們可以快速提升。但是我們用高度自動化的單元取代了這種生產，這將使我們每個掩模的成本降低 50% 左右。因此，未來的業務定位仍然非常非常強大。

And our IRRs -- and that's assuming there's not a pickup in the future of masks. And as we read more and more about Delta variants that we don't know what's going to happen, but even that IRR is greater than 20%. So better than any other investment.

還有我們的內部收益率——這是假設未來口罩不會增加。隨著我們對 Delta 變體的了解越來越多，我們不知道會發生什麼，但即使 IRR 也超過 20%。比任何其他投資都好。

And like I said, this wasn't done to sort of optimize profitability so that we got some revenue. We didn't necessarily get a ton of margin with it. And now we're in a better position because we got production that's done through automation, which will drop our cost profile by about 50% per mask.

就像我說的，這樣做並不是為了優化盈利能力，以便我們獲得一些收入。我們不一定能從中獲得大量利潤。現在我們處於一個更好的位置，因為我們的生產是通過自動化完成的，這將使我們每個面具的成本降低約 50%。

Right. So actually accretive to incrementals as that kind of rolls down and your other stuff rolls on?

正確的。因此，隨著這種下降而您的其他東西繼續前進，實際上會增加增量嗎？

That's correct.

這是正確的。

We'll now take a question from Sheila Kahyaoglu with Jefferies.

現在，我們將與 Jefferies 一起接受 Sheila Kahyaoglu 的提問。

Since I'm the aero person, I guess I'll ask on defense. Stellar growth over the last 3 years. Maybe can you talk about the decline you saw in the quarter? What drove it with the U.S. budget and internationally? Kind of how do you expect that trajectory to improve from here and the impact on maybe profitability?

因為我是航空人，我想我會在防守時問。過去 3 年的顯著增長。也許你能談談你在本季度看到的下滑情況嗎？是什麼推動了美國預算和國際的發展？您如何看待這種軌跡從這裡改善以及對盈利能力的影響？

Sure. So maybe I'll start. One is, obviously, the Defense & Space segment is the one that's been a bit worse than we expected this year. That's the bad news. The bad news -- the good news is that we expect that to normalize 2022 and 2023. So we're kind of taking a little bit of, what I'd say, kind of the hits this year.

當然。所以也許我會開始。很明顯，國防與航天部門今年的表現比我們預期的要差一些。這是壞消息。壞消息 - 好消息是我們預計這將在 2022 年和 2023 年正常化。所以我們有點像我想說的那樣，今年的熱門歌曲。

The narrow-body, the wide-body flight hours, you see that in the deck, we expect it to continue to progress. The ATR OEF business is also going to continue to progress. We kind of see steady progress here in Q3, Q4 and so on. Business aviation has been strong, both on the aftermarket as well as the OE side. That's going to continue to progress.

窄體、寬體飛行小時，你在甲板上看到，我們希望它繼續進步。 ATR OEF 業務也將繼續取得進展。我們在第三季度、第四季度等方面看到了穩定的進展。公務航空在售後市場和 OE 方面都表現強勁。這將繼續取得進展。

So overall, there's -- we have a great deal of optimism for what we're going to see in Aerospace. And the margin performance will be very commensurate with that because some of the wide-body, narrow-body aftermarket revenue is still not kicking in, which, as you know, is going to be some of our highest margin profile.

所以總的來說，我們對我們將在航空航天領域看到的東西非常樂觀。利潤率表現將與此非常相稱，因為一些寬體、窄體售後市場收入仍未開始，正如你所知，這將是我們利潤率最高的部分。

So we're -- it feels like we're kind of taking a hit on Defense & Space this year. Next year, that is going to be much more normalized. And then next year, we're also expecting to see a high level of growth in commercial aerospace.

所以我們 - 感覺今年我們在國防與太空方面受到了打擊。明年，這將更加正常化。然後明年，我們也期待看到商業航空航天領域的高水平增長。

Next question will be from Andrew Obin with Bank of America.

下一個問題將來自美國銀行的 Andrew Obin。

Can you just talk sort of big picture on what are you seeing on PMT? Very good to see your outlook improve. What are sort of the big trends that made your customer base more positive? And what are the big sort of data points or trends we should be watching out for to gauge? And what are you trying to look at to gauge sort of the direction of the industry into '22 and '23?

你能談談你在 PMT 上看到的東西嗎？很高興看到你的前景有所改善。哪些大趨勢讓您的客戶群更加積極？我們應該注意衡量的主要數據點或趨勢是什麼？你想看看什麼來衡量這個行業進入 22 年和 23 年的方向？

Yes. Thank you, Andrew, for the question. I mean I think the first thing we always look at is UOP. UOP is a leading indicator of that business. HPS trails UOP orders by anywhere from 12 to 18 months. And UOP orders for the quarter were nearly 30% up, just to give you a perspective. So that's probably the single best data point. For overall total, every business was up just about double digits in terms of orders in PMT. Our backlog was up in PMT. So all good signs.

是的。安德魯，謝謝你提出這個問題。我的意思是我認為我們首先要看的是 UOP。 UOP 是該業務的領先指標。 HPS 落後於 UOP 訂單 12 到 18 個月。本季度的 UOP 訂單增長了近 30%，只是為了給你一個視角。所以這可能是最好的數據點。就總體而言，每家企業在 PMT 的訂單方面都增長了大約兩位數。我們的積壓在 PMT 中增加了。所以都是好兆頭。

The other part that we're starting to see strong level of presence, both for our Honeywell Process Solutions business as well as UOP, in some of the renewable projects. You probably saw the Wabash Valley announcement around carbon capture that UOP one. Process Solutions is winning in a lot of the wind farm projects, solar farm projects.

另一方面，我們開始看到我們的霍尼韋爾過程解決方案業務和 UOP 在一些可再生項目中的強大存在。您可能看到了 Wabash Valley 關於碳捕獲的 UOP 公告。 Process Solutions 贏得了很多風電場項目、太陽能電場項目。

So we're shifting focus to where the future is while maintaining our presence in some of our traditional markets. And as we know, and we saw this movie before in the '15 and '16 time frame, you can only depress that downstream investment for so long. And we saw that come back strong in '17 and '18. We anticipate the very same thing will happen in '22 and '23.

因此，我們正在將重點轉移到未來的方向，同時保持我們在一些傳統市場的存在。正如我們所知，我們之前在 15 年和 16 年的時間框架內看過這部電影，你只能長期抑制下游投資。我們看到它在 17 年和 18 年強勢回歸。我們預計 22 年和 23 年也會發生同樣的事情。

And oh, by the way, a lot of these petrochemical refining facilities are going to have to get reconfigured for the future of energy, which is going to be incremental growth, which is yet to see. So we're actually very, very bullish on that market, and it's being reflected today in some of our order rates.

哦，順便說一句，許多這些石化精煉設施將不得不為能源的未來進行重新配置，這將是增量增長，這還有待觀察。所以我們實際上非常非常看好那個市場，今天我們的一些訂單率反映了這一點。

Moving on to Joe Ritchie with Goldman Sachs.

轉到高盛的 Joe Ritchie。

Hey, as I think about your portfolio and then also your capital structure, it just seems like one of the biggest levers you have really to move the needle is putting your capital to work via M&A. I know we've talked a lot about the organic growth opportunities.

嘿，當我考慮你的投資組合以及你的資本結構時，看起來你真正擁有的最大槓桿之一就是通過併購讓你的資本發揮作用。我知道我們已經就有機增長機會談了很多。

But I'm just curious, like as you think about prioritizing capital in the areas that you're looking to invest from an inorganic standpoint, like how are you thinking about the priority? I know you mentioned the pipeline looks good. And just any additional color there, Darius, would be great.

但我很好奇，就像你考慮從無機角度考慮在你想要投資的領域優先考慮資本一樣，你是如何考慮優先權的？我知道你提到管道看起來不錯。大流士，任何額外的顏色都會很棒。

Yes. Let me take that one, Joe. We're -- obviously, our balance sheet, as we've talked about all through last year, is incredibly strong. It is a world-class balance sheet, whether you look at our pension funding, our cash position and so on.

是的。讓我拿那個，喬。我們 - 顯然，正如我們去年一直在談論的那樣，我們的資產負債表非常強勁。這是世界一流的資產負債表，無論你看我們的養老金、我們的現金狀況等等。

And M&A is a priority for us. We're -- as we've always talked about, we're not going to overpay and spend silly multiples on things. But we definitely are prioritizing M&A. You saw that in the first half of the year with some of what we've done with Sparta and Fiplex. And you can imagine, quantum is essentially an M&A deal, if you will, in terms of the $200 million, $300 million that we're going to be plowing into that here, and that will happen as we close out on that combination. So we're very excited about using our balance sheet to drive M&A and add accretive business to our portfolio.

併購是我們的首要任務。我們 - 正如我們一直在談論的那樣，我們不會多付錢並在事情上花費愚蠢的倍數。但我們肯定會優先考慮併購。你在今年上半年看到了我們對 Sparta 和 Fiplex 所做的一些事情。你可以想像，量子本質上是一項併購交易，如果你願意的話，就我們將在這裡投入的 2 億美元、3 億美元而言，這將在我們完成合併時發生。因此，我們對使用我們的資產負債表來推動併購並為我們的投資組合增加增值業務感到非常興奮。

Yes. And just to maybe add one other point to that is our balance sheet is more pristine than it's ever had -- ever been because if you look at our pension funding, it's now around 120% mark. If you look at our liabilities, which are either dropping or they're secured through other instruments, so we have a very, very different balance sheet that we did even 5 years ago. And we're going to be a bit more comfortable in terms of having a greater level of leverage given the safety of the balance sheet, which actually provides even more potential for capital deployment.

是的。也許再補充一點，我們的資產負債表比以往任何時候都更加原始——因為如果你看看我們的養老金資金，它現在大約是 120% 的大關。如果你看看我們的負債，這些負債要么正在下降，要么通過其他工具得到擔保，那麼我們的資產負債表與 5 年前的情況非常非常不同。考慮到資產負債表的安全性，我們會更願意使用更高水平的槓桿，這實際上為資本部署提供了更大的潛力。

And I agree with you. I think capital deployment is a big lever. So this kind of goes back to my prior point that I made in the presentation, which is our markets are at a tailwind, and we've got tremendous capacity on our balance sheet.

我同意你的看法。我認為資本配置是一個很大的槓桿。所以這可以追溯到我之前在演講中提出的觀點，即我們的市場處於順風，我們的資產負債表上有巨大的能力。

This is kind of a rare point in the Honeywell history, where you've got good tailwinds from the markets. I talked about our strategies are working, and we've got a lot of deployment capacity on the balance sheet. I don't think there's been a better time to really -- for our position then than now.

這是霍尼韋爾歷史上罕見的一點，你從市場那裡得到了很好的順風。我談到我們的戰略正在發揮作用，我們在資產負債表上有很多部署能力。我認為沒有比現在更好的時間來真正 - 對於我們的立場而言。

Okay. That's super helpful. Maybe just one quick follow-on there because this has been brought up a few times around the balance sheet. You guys were referenced recently in a settlement with 3M on PFOA, and that is a concern in terms of like their ability to deploy their capital and their balance sheet.

好的。這非常有幫助。也許只是一個快速的後續行動，因為這已經在資產負債表中被提出了幾次。你們最近在與 3M 就 PFOA 達成的和解中被提及，這在他們部署資本和資產負債表的能力方面令人擔憂。

I guess folks don't typically think of you guys as being tied into those liabilities. And so any comments just around that settlement or potential liabilities from PFAS or PFOA.

我想人們通常不會認為你們被這些債務所束縛。因此，關於 PFAS 或 PFOA 的和解或潛在責任的任何評論。

Yes. The only comment I would make, Joe, is our environmental reserves cover everything that is -- that we're working on. We've done a ton of work over the last, gosh, probably 15 years relative to all the environmental obligations that the company has had. We've done tremendous things to clean up the areas that we've had involvement in. I think those have been some of our greatest accomplishments from an ESG perspective. And so this announcement that you're referring to is no big news for Honeywell and is captured in our financial position as we have continued to report and stated.

是的。喬，我唯一要說的是，我們的環境儲備涵蓋了我們正在努力的一切。在過去，天哪，相對於公司承擔的所有環境義務，我們做了很多工作，大概 15 年。我們已經做了很多事情來清理我們參與的領域。我認為從 ESG 的角度來看，這些是我們取得的最大成就。因此，您所指的這一公告對霍尼韋爾來說並不是什麼大新聞，並且在我們繼續報告和聲明時反映在我們的財務狀況中。

Yes. I would certainly not read it as any new news or incremental or some new liability that's surfacing. I mean it's -- as a matter of fact, I think that was a subset of reporting and actually a broad that, that was a close thing to a close. So I wouldn't read anything more into that.

是的。我當然不會將其視為任何新消息或增量或正在浮出水面的新責任。我的意思是 - 事實上，我認為這是報告的一個子集，實際上是一個廣泛的子集，那是一個接近尾聲的事情。所以我不會再讀下去了。

And next, we'll hear from John Walsh with Credit Suisse.

接下來，我們將聽取瑞士信貸的約翰沃爾什的消息。

Wanted to ask kind of a question, combo question here about pricing and also kind of the margin you're booking in backlog here at a couple of your longer-cycle businesses, Intelligrated, HPT, PMT. Clearly, strong demand. You have stimulus dollars flowing into these markets. We're not hearing there's really much excess capacity. So how should we think about kind of the margin profile of the projects that are now coming into the backlog and the visibility that gives you going forward?

想在這裡問一個關於定價的問題，一個關於定價的組合問題，還有你在你的幾個較長周期的企業 Intelligrated、HPT、PMT 的積壓訂單中預訂的利潤率。顯然，需求強勁。你有刺激資金流入這些市場。我們沒有聽說產能過剩真的很多。那麼，我們應該如何考慮現在進入積壓項目的利潤率狀況以及讓您前進的可見性？

Yes.

是的。

Yes. So maybe first on the pricing side, as Darius mentioned in some of his comments, that's something that we have always and continue to have a very strong eye on. And so everywhere in our books of business that we can, we continue to pass-through the inflation that's being seen and the materials and also in the labor because in the projects businesses, labor is also important as well.

是的。所以也許首先在定價方面，正如大流士在他的一些評論中提到的那樣，這是我們一直並將繼續非常關注的事情。因此，在我們的業務簿中的任何地方，我們都可以繼續通過正在看到的通貨膨脹和材料以及勞動力，因為在項目業務中，勞動力也很重要。

So I would say as we're looking at our margin and backlog, we're not seeing any material challenges to them. It doesn't mean that because we are being able to price these things in, so I wouldn't call that as any like a big change in our profile. But it's something we keep a very strong eye on.

所以我想說，當我們查看我們的利潤和積壓訂單時，我們沒有看到他們面臨任何實質性挑戰。這並不意味著因為我們能夠為這些東西定價，所以我不會將其稱為我們個人資料的重大變化。但這是我們非常關注的事情。

We talked about in Intelligrated, the projects business. There is lower than the line average for the business overall, and that's part of the hypothesis for the business in general. Capture the volume and then follow that through with services and software just as we had done in Process Solutions.

我們在 Intelligrated 中談到了項目業務。整體業務低於平均線，這是一般業務假設的一部分。捕獲數量，然後像我們在過程解決方案中所做的那樣，通過服務和軟件來跟踪它。

So I think what we're doing is we're finding success in being able to price with the inflationary environment that we're seeing, and we're going to continue to manage through that, I think, quite well in all of our projects businesses. But it is something to keep an eye on.

因此，我認為我們正在做的是，我們在能夠為我們所看到的通貨膨脹環境定價方面取得了成功，並且我認為，我們將繼續通過這種方式進行管理，我認為，在我們所有的項目業務。但這是值得關注的事情。

Yes. I was actually even coming at it from could it actually be an unexpected tailwind just given how tight some of these markets are, right? I mean there's only a handful of players that can stand up in automated warehouse or do some of these really large performance contracting projects. That sounds like you're seeing a good pipeline of that develop. But appreciate the color.

是的。實際上，考慮到其中一些市場的緊張程度，我什至是從中得出的結論，這真的是一個意想不到的順風嗎？我的意思是只有少數玩家可以在自動化倉庫中站起來或做一些真正大型的績效承包項目。這聽起來像是你看到了一個很好的開發管道。但欣賞顏色。

Operator next question will come from Nigel Coe with Wolfe Research.

運營商的下一個問題將來自 Wolfe Research 的 Nigel Coe。

I just want to go back to Steve's question on the medium-term margins. Greg, did you endorse 25% medium-term margin? Just maybe clarify that.

我只想回到史蒂夫關於中期利潤率的問題。格雷格，你支持 25% 的中期保證金嗎？也許只是澄清一下。

My real question is in terms of the cadence from here on. Number one, can you just confirm, again, Greg, if the cost base is now fully loaded with the temporary costs? I think they're meant to be all back in 2Q. But are there any big investment spending on the horizon? Doesn't feel like Aerospace has a big investment cycle ahead of it, but some of these breakthrough initiatives maybe quantum might. So maybe just talk about that.

我真正的問題是從這裡開始的節奏。第一，格雷格，你能否再次確認成本基數是否已滿載臨時成本？我認為他們應該在第二季度全部回歸。但近期是否有任何大筆投資支出？感覺航空航天在它之前沒有一個大的投資週期，但其中一些突破性的舉措可能是量子的。所以也許只是談論那個。

Yes. Yes. So the temporary cost, we still have the third quarter to go because if you think about last year as an example, we furloughed in the second quarter and in the third quarter of 2020. And if you think about the return to things like travel and the cost that comes along with T&E, I mean, we're just now in the second quarter starting to get the organization back out on the street to see customers and to go visit our businesses.

是的。是的。所以臨時成本，我們還有第三季度要花，因為如果你以去年為例，我們在 2020 年第二季度和第三季度休假。如果你考慮回到旅行和T&E 帶來的成本，我的意思是，我們剛剛在第二季度開始讓組織回到街上去見客戶並參觀我們的業務。

So I would say you're still going to see another step-up here in the third quarter in terms of the return of those temporary costs. And then the majority of those will be gone. There'll still be a little bit to trickle in, in 4Q, but third quarter is still yet to come.

所以我想說，就這些臨時成本的回報而言，你仍然會在第三季度看到另一個提升。然後其中大部分將消失。在第 4 季度仍有一點點要流入，但第三季度仍未到來。

We are investing in the businesses, though. And that's, again, part of the reason when we talk about the $1 billion net cost reduction and that $0.5 billion of increase. That is also absorbing some increase in R&D, which is happening in places like quantum. It's happening in places like aerospace. It's happening in our Honeywell Connected Enterprise, just to name a few.

不過，我們正在投資這些業務。這也是我們談論 10 億美元淨成本削減和 5 億美元增加的部分原因。這也吸收了研發的一些增長，這發生在量子等領域。它發生在航空航天等地方。它正在我們的 Honeywell Connected Enterprise 中發生，僅舉幾例。

And we continue -- as the environment strengthens commercially, we're going to invest back in the business in terms of sales resources and feet on the street and so on. So we have a lot of confidence in being able to deliver the year with the net $0.5 billion increase that we talked about, and that is going to encompass both the temporary cost return and some additional investments.

我們繼續 - 隨著商業環境的加強，我們將在銷售資源和街道等方面投資於業務。因此，我們非常有信心能夠在今年實現我們談到的 5 億美元淨增長，這將包括臨時成本回報和一些額外投資。

And next, we will hear from Josh Pokrzywinski with Morgan Stanley.

接下來，我們將聽取摩根士丹利的 Josh Pokrzywinski 的意見。

Maybe just a follow-up on Nigel's questions there. On the aero side for margins, obviously, if we look back over the last, call it, 18 months, there's some pretty high watermarks and low watermarks. Where do you see that trending over the next kind of couple of quarters here? I understand maybe the mix implications of what's going on, on the Defense & Space side. But maybe sort of an unbound-by-calendar year-end time frame of what that progression maybe looks like as that business normalizes.

也許只是對 Nigel 那裡的問題的跟進。在航空方面的利潤率，顯然，如果我們回顧過去，稱之為 18 個月，有一些相當高的水印和低水印。您在哪裡看到接下來幾個季度的趨勢？我理解在國防與太空方面可能發生的事情的混合影響。但是，隨著業務正常化，這種進展可能看起來像一個不受日曆限制的年終時間框架。

Yes. I would say, Josh, what you're going to see -- I mean we talked about the fact that 1Q was abnormally high. We had a $30 million onetime benefit that flew through the P&L. We also were still getting the benefit of some of the big cost-outs that we had taken last year.

是的。我會說，喬希，你會看到什麼——我的意思是我們談到了 1Q 異常高的事實。我們有一筆 3000 萬美元的一次性收益通過了損益表。我們還從去年進行的一些大筆支出中受益。

We came in 2Q just about where we had expected in that, call it, high-25 type of range. I think we printed something like 25.7%. And I expect you're going to see that just kind of creep up through the third and the fourth quarter as we go forward prospectively and, again, more of the aftermarket business starts making its way through the P&L.

我們在第二季度進入了我們預期的範圍，稱之為高 25 類型的範圍。我想我們印刷了大約 25.7%。而且我希望你會看到隨著我們前瞻性地向前發展，第三和第四季度這種情況會有所增加，而且，更多的售後市場業務將再次開始通過損益表。

Yes. I mean the segment that we actually are looking forward to enjoying the benefits from a margin perspective more is just return of flight hours, particularly for wide-bodies and somewhat to narrow-bodies. And we project that will slowly improve. And it's going to be correlated to vaccination rates throughout the world.

是的。我的意思是，我們實際上更期待從利潤率的角度享受收益的部分只是飛行時間的恢復，特別是對於寬體機和窄體機而言。我們預計這會慢慢改善。它將與全世界的疫苗接種率相關聯。

We're seeing traffic pick up. The consumer traffic is strong actually. There's a lot of pent-up traffic demand for international travel. And that's what I said is that as we look at the next 2 to 3 years, it's going to get gradually better and better. And probably if there was a drawback, we absorbed it this year in terms of Defense & Space. And we expect that to normalize next year.

我們看到流量增加了。消費者流量實際上很強大。國際旅行有很多被壓抑的交通需求。這就是我所說的，當我們展望未來 2 到 3 年時，它會逐漸變得越來越好。如果有缺點的話，我們今年可能會在國防與航天方面吸收它。我們預計明年會正常化。

So that's probably the only segment that we had some concerns about, but that's already reflected in our 2021 guide. And as I said, 2022 and beyond looks better.

所以這可能是我們唯一擔心的部分，但這已經反映在我們的 2021 年指南中。正如我所說，2022 年及以後看起來會更好。

And our final question today will come from Nicole DeBlase with Deutsche Bank.

我們今天的最後一個問題將來自德意志銀行的 Nicole DeBlase。

Yes. So I guess maybe a follow-up to Josh's follow-up on Nigel's question. Thinking about margins for SPS and PMT in the second half, margins in both segments are usually pretty heavily influenced by mix, and there's a lot of moving pieces. So can you just talk a little bit about along the lines of what you discussed for Aerospace, what you're thinking for SPS and PMT in the second half?

是的。所以我想也許是喬什對奈傑爾問題的後續行動的後續行動。考慮下半年 SPS 和 PMT 的利潤率，這兩個細分市場的利潤率通常都受到混合的很大影響，並且有很多移動的部分。那麼，您能否按照您為航空航天所討論的內容，談談下半年對 SPS 和 PMT 的看法？

Yes. It's going to be a pretty similar theme. Again, as we think about the mix for SPS in particular, that's actually going to improve. I talked about the fact that we hit the peak for this year in terms of the project rollouts and Intelligrated. So that's going to come down a little bit, which will provide a little bit of a mix benefit on the overall profile.

是的。這將是一個非常相似的主題。同樣，當我們特別考慮 SPS 的組合時，這實際上會有所改善。我談到了一個事實，即我們在項目推出和 Intelligrated 方面達到了今年的頂峰。所以這會有所下降，這將為整體形象提供一些混合優勢。

So I expect to see, again, sequential improvement in margins in the back half of the year in SPS. And again, the same thing being true as we think about PMT ramping up and starting to see what we did here this quarter in terms of the catalyst shipments coming through.

因此，我預計今年下半年 SPS 的利潤率將再次出現連續改善。再一次，當我們考慮 PMT 上升並開始看到我們本季度在催化劑出貨量方面所做的事情時，同樣的事情也是如此。

As Darius highlighted, our UOP backlog is very strong. And so as that begins delivering, particularly around the catalyst side, that brings with it some nice margin accretion. We've always talked about the fact that you can't look at PMT margins in any 1 quarter as indicative. That moves around a bit with the mix around catalyst. But I do expect that to also improve in the back half of the year as we continue to see that strengthening growth rate.

正如 Darius 強調的那樣，我們的 UOP 待辦事項非常多。因此，隨著它開始交付，特別是在催化劑方面，它帶來了一些不錯的利潤增長。我們一直在談論這樣一個事實，即您不能將任何 1 個季度的 PMT 利潤率視為指示性的。隨著催化劑的混合，這種情況有所改變。但我確實預計，隨著我們繼續看到強勁的增長率，這種情況在下半年也會有所改善。

So again, that's why we feel very good about where we are right now as we exit the first half, and we look forward to a very good second half of the year and a nice finish. That's why we upgraded our margin range on the low end by the 10 basis points that we did. So I think things are trending nicely across all of the segments.

所以，這就是為什麼我們在上半年結束時對我們現在的位置感覺非常好，我們期待著今年下半年的一個非常好的結果。這就是為什麼我們將低端的保證金範圍提高了 10 個基點。所以我認為所有細分市場的趨勢都很好。

Yes. And I think maybe just something else to add, which maybe goes unnoticed. But I mean if you look at sort of as deep as we were hit in 2020 with some of our end markets, we're now projecting for EPS range, we're basically going to be right back where we were in 2019.

是的。而且我認為也許只是要添加其他內容，這可能會被忽視。但我的意思是，如果你看一下我們在 2020 年受到的一些終端市場的影響，我們現在預計 EPS 範圍，我們基本上會回到 2019 年的水平。

So think about that as a 1-year pause, with a business that's better positioned with more tailwinds than it's ever had and a strong balance sheet. So I think that -- I think from where we sit, things look quite strong.

因此，將其視為 1 年的停頓，其業務定位比以往任何時候都更有優勢，資產負債表也很強勁。所以我認為 - 我認為從我們坐的地方來看，情況看起來非常強勁。

This will conclude today's question-and-answer session. I will now turn the call back over to Darius Adamczyk for closing remarks.

今天的問答環節到此結束。我現在將把電話轉回給 Darius Adamczyk 作結束語。

I want to thank our shareholders for your ongoing support. We have delivered strong results in the first half of an uncertain year, and we are well positioned to capitalize on improving conditions in key end markets while driving near-term growth opportunities across our portfolio. I've never been more excited about Honeywell's future than I am today.

我要感謝我們的股東一直以來的支持。我們在不確定的一年的上半年取得了強勁的業績，我們有能力利用關鍵終端市場的改善條件，同時推動我們投資組合的近期增長機會。我從未像今天這樣對霍尼韋爾的未來感到如此興奮。

Thank you for listening. Please stay safe and healthy.

謝謝你的聆聽。請保持安全和健康。

Ladies and gentlemen, this will conclude your conference for today. We do thank you for your participation, and you may now disconnect.

女士們，先生們，今天的會議到此結束。我們非常感謝您的參與，您現在可以斷開連接。