漢威聯合 (HON) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Honeywell's Fourth Quarter Earnings Release and 2021 Outlook.

女士們先生們，美好的一天，歡迎收看霍尼韋爾第四季度收益發布和 2021 年展望。

(Operator Instructions) As a reminder, this conference is being recorded.

（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, Mark Bendza, Vice President of Investor Relations.

我現在想介紹今天會議的主持人，投資者關係副總裁 Mark Bendza。

Please go ahead, sir.

請繼續，先生。

Thank you, Stephen.

謝謝你，斯蒂芬。

Good morning, and welcome to Honeywell's Fourth Quarter 2020 Earnings and 2021 Outlook Conference Call.

早上好，歡迎來到霍尼韋爾 2020 年第四季度收益和 2021 年展望電話會議。

On the call with me today are Chairman and CEO, Darius Adamczyk; and Senior Vice President and Chief Financial Officer, Greg Lewis.

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。

This call and webcast, including any non-GAAP reconciliations, are available on our website at www.honeywell.com/investor.

我們的網站 www.honeywell.com/investor 提供此電話會議和網絡廣播，包括任何非 GAAP 對賬。

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.

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。

Those elements can change based on many factors, including changing economic and business conditions, and we ask that you interpret them in that light.

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。

We identify the principal risks and uncertainties that may affect our performance in our annual report on Form 10-K and other SEC filings.

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 fourth quarter and full year 2020, discuss our 2021 outlook and share our guidance for the first quarter of 2021 and full year 2021.

今天上午，我們將回顧我們 2020 年第四季度和全年的財務業績，討論我們的 2021 年展望，並分享我們對 2021 年第一季度和 2021 年全年的指導。

As always, we'll leave time for your questions at the end.

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, Mark, and good morning, everyone.

謝謝馬克，大家早上好。

Let's begin on Slide 2. We finished a challenging year of a very strong quarter, driving sequential improvements from the third quarter in sales, segment margin, adjusted earnings per share and robust free cash flow.

讓我們從幻燈片 2 開始。我們結束了充滿挑戰的一年，該季度非常強勁，推動了第三季度銷售額、部門利潤率、調整後每股收益和強勁自由現金流的連續改善。

In the fourth quarter, we delivered adjusted earnings per share of $2.07, flat year-over-year and $0.05 above the high end of our guidance range.

第四季度，我們實現調整後每股收益 2.07 美元，同比持平，比我們的指導範圍上限高出 0.05 美元。

This result was up 33% sequentially from adjusted EPS of $1.56 in the third quarter.

這一結果較第三季度調整後每股收益 1.56 美元環比增長 33%。

Organic sales were down 7% year-over-year, 4 percentage points better than the high end of our guidance range and 7 percentage point sequential improvement from the 14% organic sales decline in the third quarter.

有機銷售額同比下降 7%，比我們指導範圍的上限低 4 個百分點，比第三季度有機銷售額下降 14% 的環比提高 7 個百分點。

We drove double-digit year-over-year organic sales growth in Defense and Space, Fluorine Products and recurring Connected Software sales as well as 27% organic growth in Safety and Productivity Solutions and outstanding results.

我們在國防和航天、氟產品和經常性互聯軟件銷售額方面實現了兩位數的同比有機銷售增長，在安全和生產力解決方案方面實現了 27% 的有機增長，並取得了優異的成績。

Our cost plans delivered our full year commitment of $1.5 billion in savings and helped us protect margins, limiting our decremental margin in the quarter to only 26%, an improvement from Q3 29% decremental margin.

我們的成本計劃實現了我們全年節省 15 億美元的承諾，並幫助我們保護了利潤率，將本季度的遞減利潤率限制在僅 26%，較第三季度 29% 的遞減利潤率有所改善。

Segment margin contracted 30 basis points year-over-year, a significant improvement from the 130 basis point contraction in the third quarter, driven by margin expansion in Aerospace, Honeywell Building Technologies and Safety and Productivity Solutions.

受航空航天、霍尼韋爾建築技術和安全與生產力解決方案業務利潤率擴張的推動，部門利潤率同比收縮 30 個基點，較第三季度 130 個基點的收縮有顯著改善。

We generated $2.5 billion of free cash flow in the quarter, up from $758 million in the third quarter and 9% above Q4 2019, achieving 170% adjusted conversion.

我們在本季度產生了 25 億美元的自由現金流，高於第三季度的 7.58 億美元，比 2019 年第四季度高出 9%，實現了 170% 的調整後轉換。

In terms of capital, we deployed approximately $2.8 billion of cash to dividends, growth CapEx investments, share repurchases and M&A.

在資本方面，我們將大約 28 億美元的現金用於股息、增長資本支出投資、股票回購和併購。

We'll talk more about our recent M&A activity on the next page.

我們將在下一頁詳細討論我們最近的併購活動。

For the full year, we deployed $3.7 billion to reduce shares outstanding by approximately 3%.

全年，我們部署了 37 億美元，將已發行股票減少約 3%。

With these strong fourth quarter results, we finished 2020 with $7.10 of adjusted earnings per share and an 11% organic sales decline, both above the high end of our expectations from October.

憑藉這些強勁的第四季度業績，我們在 2020 年結束時調整後每股收益為 7.10 美元，有機銷售額下降 11%，均高於我們 10 月份預期的上限。

For the full year, we generated $5.3 billion of free cash flow, resulting in adjusted conversion of 105% or 16% of revenue, a very strong result.

全年，我們產生了 53 億美元的自由現金流，調整後的轉化率為收入的 105% 或 16%，這是一個非常強勁的結果。

There's no doubt that the COVID-19 crisis created significant challenges for the business and economies around the world.

毫無疑問，COVID-19 危機給全球企業和經濟帶來了重大挑戰。

I'm very proud of Honeywell's ability to rise to the challenge to deliver strong execution and sequentially improving results throughout the year.

我為霍尼韋爾能夠迎接挑戰以提供強大的執行力並在全年不斷改進結果而感到自豪。

Next, let's turn to Slide 3 to discuss our recent M&A activities.

接下來，讓我們轉到幻燈片 3 來討論我們最近的併購活動。

I'm pleased with the progress we made in actively shaping our portfolio, and our recent M&A announcements directly align with our ongoing transformation into a premier software industrial company.

我對我們在積極塑造我們的產品組合方面取得的進展感到高興，我們最近的併購公告直接與我們正在進行的向一流軟件工業公司的轉型保持一致。

In the fourth quarter, we completed 3 acquisitions and announced the fourth, all of which meet the rigorous criteria in our M&A framework, which ensures that transactions are aligned with our portfolio strategy and meet our return expectations.

第四季度，我們完成了 3 項收購併宣布了第四項，所有這些都符合我們併購框架中的嚴格標準，這確保了交易符合我們的投資組合戰略並滿足我們的回報預期。

We have previously discussed the acquisitions of Rocky Research and Ballard Unmanned Systems, which provide emerging technologies aligned to strategic initiatives in our Aerospace business as well as our strategic investment with path to full ownership in Trinity Mobility, which supports our smart cities breakthrough initiative in Honeywell Building Technologies.

我們之前討論過對 Rocky Research 和 Ballard Unmanned Systems 的收購，它們提供與我們航空航天業務戰略計劃相一致的新興技術，以及我們的戰略投資，以實現對 Trinity Mobility 的完全所有權，支持我們在霍尼韋爾的智慧城市突破計劃建築技術。

In mid-December, we acquired Sine Group, a technology and software-as-a-service or a SaaS company that provides digital management solutions that are readily accessible with mobile devices.

12 月中旬，我們收購了 Sine Group，這是一家技術和軟件即服務或 SaaS 公司，提供可通過移動設備輕鬆訪問的數字管理解決方案。

Sine's technology will enhance our connected building offerings and will also support a mobile platform for a broader portfolio of Honeywell Forge offerings.

Sine 的技術將增強我們的互聯建築產品，還將支持移動平台以提供更廣泛的霍尼韋爾 Forge 產品組合。

We will expand on Sine's features and solutions and make Sine's product available to customers globally.

我們將擴展 Sine 的功能和解決方案，並向全球客戶提供 Sine 的產品。

Most recently, we announced an agreement to acquire Sparta Systems, a leading provider of enterprise quality management software, or QMS, with the life sciences industry for $1.3 billion.

最近，我們宣布了一項協議，以 13 億美元收購生命科學行業領先的企業質量管理軟件 (QMS) 供應商 Sparta Systems。

We previously highlighted the importance of the life sciences market as a breakthrough growth initiative.

我們之前強調了生命科學市場作為突破性增長計劃的重要性。

The acquisition of Sparta further bolsters our software, controls and analytics capabilities in this space.

收購 Sparta 進一步增強了我們在該領域的軟件、控制和分析能力。

Sparta's AI-enabled SaaS offering will combine with Honeywell Forge to provide greater value to our life sciences and pharma customers.

Sparta 支持 AI 的 SaaS 產品將與 Honeywell Forge 結合，為我們的生命科學和製藥客戶提供更大的價值。

Additionally, Sparta complements our growth strategies for the automation and visualization business within Honeywell Process Solutions, enabling greater penetration in life sciences and the pharma market segments.

此外，Sparta 補充了我們在霍尼韋爾過程解決方案中的自動化和可視化業務的增長戰略，從而實現了在生命科學和製藥市場領域的更大滲透。

Sparta will further bolster Honeywell's portfolio of accretive, noncyclical, recurring connected software sales.

Sparta 將進一步加強霍尼韋爾的增值、非週期性、經常性互聯軟件銷售組合。

I'm excited about the new technologies and adjacencies we have unlocked through our recent acquisitions and investments.

我對我們通過最近的收購和投資解鎖的新技術和鄰接感到興奮。

We said before that we have an active M&A pipeline, and this series of acquisitions is further evidence that we are continuously developing our portfolio and investing in new opportunities.

我們之前說過，我們有一個活躍的併購管道，這一系列的收購進一步證明了我們正在不斷發展我們的投資組合併投資於新的機會。

We also evaluate our portfolio for areas that are no longer core to our long-term objectives.

我們還針對不再是我們長期目標核心的領域評估我們的投資組合。

Earlier this week, we signed an agreement to sell our performance and the lifestyle footwear business to a leading manufacturer of premium footwear and apparel, Rocky Brands.

本週早些時候，我們簽署了一項協議，將我們的性能和生活方式鞋類業務出售給領先的高檔鞋類和服裝製造商 Rocky Brands。

The transaction value is approximately $230 million and is scheduled to close by the end of the first quarter.

交易價值約為 2.3 億美元，計劃於第一季度末完成。

Our SPS business will continue to provide industrial safety footwear for workers.

我們的 SPS 業務將繼續為工人提供工業安全鞋。

M&A is just one important part of our broader capital deployment strategy, which also includes share repurchases, dividends and capital expenditures.

併購只是我們更廣泛的資本配置戰略的重要組成部分，其中還包括股票回購、股息和資本支出。

Let's turn to the next slide to view our total capital deployment.

讓我們轉到下一張幻燈片來查看我們的總資本部署。

In 2020, we continue to demonstrate our commitment to identifying and investing in high-return opportunities that help reshape the business for a software-oriented future.

2020 年，我們將繼續展示我們的承諾，即識別和投資高回報機會，以幫助重塑業務以實現面向軟件的未來。

Over the past 3 years, we have consistently deployed more than 100% of operating cash flow to fund share repurchases, dividends, M&A and capital expenditure.

在過去的 3 年裡，我們一直將 100% 以上的經營現金流用於為股票回購、股息、併購和資本支出提供資金。

2020 was no exception.

2020 年也不例外。

Even during a global pandemic, we deployed $7.5 billion of capital, essentially equal to the prior 2 years, demonstrating our commitment to investing in high-return opportunities in any environment.

即使在全球大流行期間，我們也部署了 75 億美元的資金，與前 2 年基本持平，表明我們致力於在任何環境下投資於高回報機會。

Now let's turn to Slide 5, where Greg will discuss our execution record in a downturn.

現在讓我們轉到幻燈片 5，格雷格將在其中討論我們在經濟低迷時期的執行記錄。

Thank you, Darius, and good morning, everyone.

謝謝你，Darius，大家早上好。

We showed a slide similar to this one during our December investor webcast.

我們在 12 月的投資者網絡廣播中展示了一張與這張幻燈片類似的幻燈片。

And I want to highlight it again here today because I think it nicely summarizes our ability to manage through tough times.

今天我想再次強調它，因為我認為它很好地總結了我們度過艱難時期的能力。

Our execution through this year's downturn clearly demonstrates our ability to move quickly and decisively to reduce fixed costs, to protect margins, to ensure liquidity, invest in growth and position ourselves for recovery, while at the same time, we maintained focus on our pretransformation initiatives, Honeywell Connected Enterprise, Honeywell Digital and the integrated supply chain.

我們在今年低迷時期的執行清楚地表明我們有能力迅速果斷地採取行動，以降低固定成本、保護利潤率、確保流動性、投資於增長並為複蘇做好準備，與此同時，我們繼續專注於轉型前的舉措、Honeywell Connected Enterprise、Honeywell Digital 和集成供應鏈。

At the beginning of the pandemic, we first acted quickly to address our liquidity and cost structure.

在大流行開始時，我們首先迅速採取行動解決我們的流動性和成本結構問題。

Our strong balance sheet provides us with stability as well as the opportunity for investment during challenging times, and as you saw from Darius, we took advantage of that.

我們強大的資產負債表為我們提供了穩定性以及在充滿挑戰的時期進行投資的機會，正如您從大流士那裡看到的那樣，我們利用了這一點。

Through a series of actions to further bolster our financial flexibility, we increased our cash and short-term investments from approximately $10 billion at the end of 2019 to over $15 billion by the end of the second quarter, which we maintained through the end of the year, demonstrating our ability to generate strong cash flow and efficiently access the capital markets during even the most disruptive times, all while protecting our debt rating.

通過一系列進一步增強財務靈活性的行動，我們將現金和短期投資從 2019 年底的約 100 億美元增加到第二季度末的超過 150 億美元，我們一直保持到 2019 年底這一年，證明了我們即使在最混亂的時期也有能力產生強勁的現金流和有效地進入資本市場，同時保護我們的債務評級。

On the cost side, we responded fast and early to the crisis by identifying and delivering on a 2-phase cost program, which achieved $1.5 billion in year-over-year fixed cost savings as we had committed.

在成本方面，我們通過確定並實施兩階段成本計劃來快速、及早地應對危機，正如我們承諾的那樣，該計劃實現了 15 億美元的同比固定成本節省。

Approximately 70% of these savings or about $1 billion represent a permanent reduction to our fixed cost base.

這些節省的大約 70% 或大約 10 億美元代表了我們固定成本基數的永久減少。

To achieve this, we curtailed discretionary expenses, took temporary actions to reduce costs, including reducing executive and Board pay, and remove significant structural costs through our repositioning programs.

為實現這一目標，我們削減了可自由支配的開支，採取了臨時措施來降低成本，包括降低高管和董事會的薪酬，並通過我們的重新定位計劃消除了重大的結構性成本。

Our streamlined cost base positions us well for 2021 recovery and will drive margin expansion across all 4 of our segments as well as capacity for investment as sales recover in 2021 and beyond.

我們精簡的成本基礎使我們在 2021 年的複蘇中處於有利地位，並將推動我們所有 4 個部門的利潤率擴張以及隨著 2021 年及以後銷售復甦的投資能力。

As Darius described on the previous page, we strategically deployed capital to drive returns and to position our business for future growth.

正如 Darius 在上一頁所述，我們戰略性地部署資本以推動回報並為未來增長定位我們的業務。

Importantly, we also directed resources to address our customers' COVID-19 challenges around the world.

重要的是，我們還分配了資源來應對全球客戶面臨的 COVID-19 挑戰。

We've deployed additional capital into high-return growth investments to address urgent customer needs, particularly in personal protective equipment and warehouse automation.

我們已將額外資金投入到高回報增長投資中，以滿足客戶的緊迫需求，特別是在個人防護設備和倉庫自動化方面。

We're also helping the world cope and recover from the effects of COVID-19 through our new portfolio of healthy solutions.

我們還通過我們新的健康解決方案組合幫助世界應對 COVID-19 的影響並從中恢復。

We generated approximately $655 million in sales for our healthy solutions in 2020.

2020 年，我們的健康解決方案產生了約 6.55 億美元的銷售額。

And we have a pipeline of approximately $2.1 billion, which will drive growth again in '21.

我們有大約 21 億美元的管道，這將在 21 年再次推動增長。

As a result of our swift actions during the downturn, 4Q decremental margins were limited to 26%, improving from 33% in 2Q and 29% in 3Q and demonstrating our ability to protect our margins in a very difficult environment.

由於我們在經濟低迷時期迅速採取行動，第 4 季度的利潤率下降幅度限制在 26%，高於第 2 季度的 33% 和第 3 季度的 29%，這表明我們有能力在非常困難的環境中保護我們的利潤率。

We are clearly well positioned for a variety of outcomes as the recovery progresses into 2021 and beyond.

隨著經濟復甦進入 2021 年及以後，我們顯然已經做好了取得各種成果的準備。

And our shareholders are benefiting from that with a total shareholder return of 23% in 2020, which was over 2x greater than the XLI.

我們的股東也從中受益，2020 年股東總回報率為 23%，比 XLI 高出 2 倍多。

Now let's turn to Slide 6 to discuss our fourth quarter results in a bit more detail and our 2021 outlook.

現在讓我們轉到幻燈片 6，更詳細地討論我們第四季度的業績和我們 2021 年的展望。

As Darius highlighted, we delivered a strong fourth quarter to end 2020 with sequential improvement from third quarter on all our key financial metrics.

正如 Darius 強調的那樣，到 2020 年底，我們在第四季度表現強勁，所有關鍵財務指標均比第三季度有所改善。

Sales declined by 7% organically due to the effects of the COVID-19 pandemic, which is 4 percentage points better than the high end of our guidance and represents a 7 percentage point sequential improvement from the 14% organic sales decline in the third quarter, driven by sequential sales growth from the third quarter in all 4 segments.

由於 COVID-19 大流行的影響，銷售額有機下降 7%，比我們指導的高端高 4 個百分點，比第三季度 14% 的有機銷售額下降連續改善 7 個百分點，受所有 4 個部門從第三季度開始的連續銷售增長的推動。

Starting with Aerospace.

從航天開始。

Fourth quarter sales were down 19% organically, a 6 percentage point sequential improvement from the down 25% we had in the third quarter.

第四季度銷售額有機下降 19%，比第三季度下降 25% 的環比提高了 6 個百分點。

Lower commercial aftermarket demand due to the ongoing impact of reduced flight hours and lower volumes in commercial OE equipment was partially offset by double-digit growth in Defense & Space.

由於飛行時間減少和商業 OE 設備銷量下降的持續影響，商業售後市場需求下降部分被國防與航天領域兩位數的增長所抵消。

Though still down significantly year-over-year, our commercial aftermarket business did improve sequentially from the third quarter.

儘管與去年同期相比仍顯著下降，但我們的商業售後市場業務確實比第三季度有所改善。

Our air transport aftermarket business was down 48% organically in the quarter compared to 55% in Q3.

與第三季度的 55% 相比，本季度我們的航空運輸售後市場業務有機下降了 48%。

And our business aviation aftermarket was down 6% organically compared to 28% in the third quarter.

與第三季度的 28% 相比，我們的公務航空售後市場有機下降了 6%。

Moving on to Building Technologies.

轉到建築技術。

Sales declined 4% organically, a 4 percentage point sequential improvement from the 8% down in 3Q.

銷售額有機下降 4%，比第 3 季度的 8% 環比下降 4 個百分點。

Global solutions projects were impacted by timing due to the customer order pushouts we saw earlier in the year, which is partially offset by growth in services.

由於我們在今年早些時候看到的客戶訂單推出，全球解決方案項目受到時間的影響，這部分被服務的增長所抵消。

Customers are now placing orders for projects that they had previously delayed.

客戶現在正在為他們之前延遲的項目下訂單。

As a result, orders in Building Solutions grew 32% year-over-year, and the services backlog was up double digits year-over-year to finish the fourth quarter, position the business well for '21.

因此，建築解決方案的訂單同比增長 32%，服務積壓同比增長兩位數，以完成第四季度，為 21 年的業務做好準備。

On the building products side of the portfolio, sales and orders improved sequentially from the third quarter and the commercial fire business returned to year-over-year growth.

在產品組合的建築產品方面，銷售額和訂單從第三季度開始環比增長，商業消防業務恢復同比增長。

In PMT, sales were down 12% organically, a 4 percentage point sequential improvement from the 16% organic decline in 3Q.

在 PMT，銷售額有機下降 12%，比第三季度 16% 的有機下降環比提高 4 個百分點。

Process Solutions was impacted by continued delays in projects and services as well as volume declines in thermal solutions and smart energy due to end market softness.

由於終端市場疲軟，過程解決方案受到項目和服務持續延遲以及熱解決方案和智能能源銷量下降的影響。

However, process solutions orders were up 30% sequentially from Q3.

然而，工藝解決方案訂單較第三季度環比增長 30%。

UOP continued to be impacted by weakness in the energy end markets, though sales improved sequentially from the third quarter across the UOP portfolio.

UOP 繼續受到能源終端市場疲軟的影響，儘管整個 UOP 產品組合的銷售額從第三季度開始連續改善。

And orders were up 21% versus the third quarter as well.

與第三季度相比，訂單也增長了 21%。

Finally, Advanced Materials sales increased 8% year-over-year organically, driven by growth across the Fluorine Products portfolio, including strong auto and on demand.

最後，在氟產品組合（包括強勁的汽車和按需產品）增長的推動下，先進材料銷售額同比有機增長 8%。

In SPS, organic sales were up 27% year-over-year, a very strong result to end the year in which the SPS team stepped up to meet unprecedented demand for critical safety products.

在 SPS 中，有機銷售額同比增長 27%，這是 SPS 團隊加緊努力滿足對關鍵安全產品前所未有的需求的一年結束時的一個非常強勁的結果。

Intelligrated and personal protective equipment led the way with another quarter of double-digit organic growth, followed by high single-digit growth in productivity solutions and services.

智能和個人防護設備以另外四分之一的兩位數有機增長引領潮流，其次是生產力解決方案和服務的高個位數增長。

We are encouraged by the turnaround that team has orchestrated in 2020.

我們對團隊在 2020 年精心策劃的轉變感到鼓舞。

SPS exited 2020 with a backlog of approximately $4 billion, which was nearly double our backlog at the end of 2019, placing the business in a very strong position to start 2021, where we expect to see a robust first half in particular.

SPS 在 2020 年結束時積壓了約 40 億美元，幾乎是我們 2019 年底積壓的兩倍，這使該業務在 2021 年開始時處於非常有利的地位，我們預計上半年將表現強勁。

Overall, we expanded margins year-over-year in 3 of the 4 segments: Aerospace, HBT and SPS, limiting Honeywell's overall segment margin contraction to 30 basis points and ending the quarter with a segment margin of 21.1%.

總體而言，我們在 4 個領域中的 3 個領域實現了同比增長：航空航天、HBT 和 SPS，將霍尼韋爾的整體領域利潤率收縮限制在 30 個基點，並以 21.1% 的領域利潤率結束本季度。

This was a sequential improvement of 120 basis points from 3Q segment margins of 19.9%, an improvement of 260 basis points from the 2Q trough, demonstrating the effectiveness of our response to the pandemic, in particular, our cost actions and operational rigor.

這比第三季度 19.9% 的分部利潤率連續提高 120 個基點，比第二季度的低谷提高 260 個基點，證明了我們應對大流行病的有效性，特別是我們的成本行動和運營嚴謹性。

We delivered cost actions in the fourth quarter that brought us to $1.5 billion of savings for the year, right at the stated range that we had highlighted earlier, limiting our full year margin contraction to 70 basis points despite the challenging operating environment.

我們在第四季度採取了成本行動，使我們全年節省了 15 億美元，正好在我們之前強調的規定範圍內，儘管經營環境充滿挑戰，但我們的全年利潤率收縮限制在 70 個基點。

We delivered adjusted earnings per share of $2.07, flat year-over-year and up 33% sequentially from adjusted EPS of $1.56 in the third quarter.

調整後每股收益為 2.07 美元，同比持平，較第三季度調整後每股收益 1.56 美元環比增長 33%。

This result was $0.05 above the high end of our guidance, driven by higher segment profit due to better-than-expected sales volumes in Aerospace, HBT and SPS.

這一結果比我們指導的高端高出 0.05 美元，這是由於航空航天、HBT 和 SPS 的銷量好於預期而導致的分部利潤增加所致。

Given the strength we saw in the fourth quarter, we were able to make discrete investments in the business and our employees, including in IT, marketing spend for Forge and brand expansion in the Middle East and China as well as a special $500 recognition award for our IST frontline production and production support employees, who performed so greatly and well through this crisis.

鑑於我們在第四季度看到的實力，我們能夠對業務和我們的員工進行離散投資，包括 IT、Forge 的營銷支出以及中東和中國的品牌擴張，以及 500 美元的特別表彰獎我們的 IST 一線生產和生產支持員工在這場危機中表現出色。

Repositioning was lower than in 4Q a year ago as expected, driving a $0.15 year-over-year tailwind below the line.

正如預期的那樣，重新定位低於一年前的第四季度，推動該線以下 0.15 美元的同比順風。

Interest income and foreign currency were lower than 4Q '19, driving a $0.07 headwind below the line, which was offset by higher pension income.

利息收入和外幣低於 19 年第四季度，推動該線以下 0.07 美元的逆風，這被較高的養老金收入所抵消。

Our effective tax rate and share count were also lower than in the fourth quarter of '19, driving $0.02 and $0.04 of EPS benefit, respectively.

我們的有效稅率和股票數量也低於 19 年第四季度，分別推動每股收益 0.02 美元和 0.04 美元。

A bridge from 4Q '19 adjusted earnings per share to 4Q '20 can be found in the appendix of this presentation.

從 19 年第四季度調整後的每股收益到 20 年第四季度的橋樑可以在本演示文稿的附錄中找到。

I am also proud to report that our fourth quarter cash flow generation is very strong.

我也很自豪地報告說，我們第四季度產生的現金流量非常強勁。

We generated $2.5 billion of free cash flow, up 9% year-over-year, resulting in adjusted free cash flow conversion of 170%.

我們產生了 25 億美元的自由現金流，同比增長 9%，調整後的自由現金流轉換率為 170%。

Free cash flow and conversion both improved year-over-year due to working capital improvements, including [introduction] and strong collections.

由於營運資本的改善，包括 [介紹] 和強勁的收款，自由現金流和轉化率都同比有所改善。

Our teams put an extra focus on cash in the fourth quarter and really delivered, and we expect to continue this progress in '21, particularly on inventory.

我們的團隊在第四季度特別關注現金並真正交付，我們預計將在 21 年繼續取得這一進展，特別是在庫存方面。

In terms of capital deployment, we paid approximately $670 million in dividends, repurchased $1.6 billion in Honeywell shares, over-delivering on our commitment of 1% share count reduction in 2020.

在資本配置方面，我們支付了約 6.7 億美元的股息，回購了 16 億美元的霍尼韋爾股票，超額兌現了我們在 2020 年減持 1% 股份的承諾。

We invested approximately $300 million in CapEx and deployed over $250 million to complete 3 acquisitions.

我們在資本支出上投資了大約 3 億美元，並部署了超過 2.5 億美元來完成 3 項收購。

So all in all, a very strong fourth quarter to close out 2020.

總而言之，第四季度將以非常強勁的表現結束 2020 年。

Now let's turn to Slide 7 to talk about our 2021 planning assumptions.

現在讓我們轉到幻燈片 7 來談談我們 2021 年的規劃假設。

We hope and expect that the worse is behind us as we move on from 2020.

我們希望並期待，隨著我們從 2020 年開始，更糟糕的情況已經過去。

We're seeing promising signs of the recovery unfolding, but there continue to be a few key uncertainties to be mindful of.

我們看到復蘇正在展開的有希望的跡象，但仍然需要注意一些關鍵的不確定性。

Over the past couple of months, we've seen governments around the world approve multiple effective COVID-19 vaccines and begin rolling them out.

在過去的幾個月裡，我們看到世界各國政府批准了多種有效的 COVID-19 疫苗並開始推廣使用。

Our current view of '21 assumes the vaccines are widely distributed, leading to lower manageable infection rates over time and allowing the global economy to largely be open and stabilize.

我們目前對 21 世紀的看法假設疫苗被廣泛分發，隨著時間的推移導致較低的可控感染率，並允許全球經濟在很大程度上開放和穩定。

However, many regions have recently been coping with a new wave of infections and lockdowns, new COVID strains and vaccine distribution challenges.

然而，許多地區最近一直在應對新一波感染和封鎖、新的 COVID 毒株和疫苗分發挑戰。

So it remains unclear when exactly infection rates will slow down materially and the economic recovery will really accelerate.

因此，尚不清楚確切的感染率何時會大幅下降以及經濟復甦會真正加速。

As a macro planning assumption, we're expecting the recovery to be weighted to the second half of the year and are expecting to experience a little bit of a slower start in 1Q.

作為宏觀規劃假設，我們預計復甦將集中在今年下半年，並預計 1 季度的開局會略有放緩。

We're assuming fiscal stimulus to remain supportive of the economy in '21.

我們假設財政刺激措施將在 21 世紀繼續支持經濟。

We do expect passengers will begin flying more freely again as the vaccine rollout begins, leading to a modest improvement in global flight hours in the first half and acceleration in the second half.

我們確實預計，隨著疫苗的推出，乘客將再次開始更自由地飛行，從而導致上半年全球飛行時數適度改善，下半年加速。

So this is one area where we are seeing some renewed softness, particularly in China and APAC, as the year begins.

因此，這是我們在年初看到一些新的疲軟的領域，特別是在中國和亞太地區。

We also expect stability in defense budget spending.

我們還預計國防預算支出將保持穩定。

And finally, we assume improved macro conditions broadly will drive moderate increase in oil consumption in the second half of the year.

最後，我們假設宏觀環境的普遍改善將推動下半年石油消費適度增長。

Given that, let's turn to Slide 8 and discuss our markets and segment outlook.

鑑於此，讓我們轉到幻燈片 8 並討論我們的市場和細分市場前景。

Starting in Aerospace.

從航天開始。

The previously mentioned increase in flight hours as the pandemic subsides will gradually lead to improvements in our commercial aerospace business as aftermarket demand accelerates, particularly in the second half.

隨著大流行消退，前面提到的飛行時間增加將逐漸導致我們的商業航空業務的改善，因為售後市場需求加速，特別是在下半年。

However, we expect recovery in the commercial OE business to lag the commercial aftermarket recovery due to a gradual ramp in commercial OEM build rates.

然而，由於商業 OEM 製造率逐漸上升，我們預計商業 OE 業務的複蘇將滯後於商業售後市場的複蘇。

Stable defense spending should support continued growth in our Defense & Space business at a rather reduced pace versus the double-digit growth we experienced in 2020.

與我們在 2020 年經歷的兩位數增長相比，穩定的國防支出應該會支持我們的國防與航天業務以相當慢的速度持續增長。

In total, we expect the Aerospace business to be flat to up low single digits in '21.

總的來說，我們預計航空航天業務在 21 年將持平至低個位數。

In HBT, we expect the nonresidential market to remain relatively stable in '21.

在 HBT 中，我們預計非住宅市場在 21 年將保持相對穩定。

We anticipate solid demand for building products and management systems in key verticals, including data centers, warehousing and health care.

我們預計關鍵垂直領域對構建產品和管理系統的需求強勁，包括數據中心、倉儲和醫療保健。

However, in other verticals, including hospitality and commercial offices, we expect them to remain challenged as the world recovers from the effects of the pandemic.

然而，在其他垂直領域，包括酒店和商業辦公室，我們預計隨著世界從大流行的影響中恢復過來，它們將繼續面臨挑戰。

These challenges will be partially offset by the traction we have been gaining over the past couple of quarters with our healthy building solutions with key wins in education, commercial offices, health care and some government verticals.

這些挑戰將部分被我們在過去幾個季度中獲得的牽引力所抵消，我們的健康建築解決方案在教育、商業辦公室、醫療保健和一些政府垂直領域取得了重大勝利。

Our solutions address key customer concerns, including air quality, social distancing and controlled and cautious access, and we expect continued demand through the year.

我們的解決方案解決了客戶關注的主要問題，包括空氣質量、社交距離以及受控和謹慎的訪問，我們預計全年需求將持續增長。

Building Solutions ended 2020 with a quarter of strong year-over-year orders growth, which positions the business well for '21.

Building Solutions 在 2020 年結束時四分之一的訂單同比增長強勁，這為 21 世紀的業務奠定了良好的基礎。

And we expect customers to continue placing orders that they deferred in '20 as the macro economy recovers.

隨著宏觀經濟的複蘇，我們預計客戶將繼續下達他們在 20 世紀推遲的訂單。

We also have a robust services backlog that is up strong double digits year-over-year and will support 2021 growth.

我們還有強勁的服務積壓，同比增長兩位數，將支持 2021 年的增長。

We don't expect building access to be a significant issue in '21, so we don't anticipate any material challenges getting on sites to complete projects.

我們預計在 21 世紀建築訪問不會成為重大問題，因此我們預計在現場完成項目不會遇到任何重大挑戰。

In total, we expect HBT to grow low single digits for the year.

總的來說，我們預計 HBT 今年將增長低個位數。

In PMT, we expect the oil and gas and petrochemical markets to remain relatively flat, with oil consumption picking up slightly in the second half.

在 PMT 方面，我們預計油氣和石化市場將保持相對平穩，下半年石油消費將略有回升。

We expect the HPS recovery to be led by our large backlog of global mega projects and the product businesses.

我們預計 HPS 復甦將由我們大量積壓的全球大型項目和產品業務引領。

In UOP, we expect the energy markets to remain challenged through the year, particularly in the first half.

在 UOP，我們預計能源市場全年仍將面臨挑戰，尤其是在上半年。

However, we expect business conditions will recover sooner for petrochemical than oil and gas.

然而，我們預計石化行業的業務狀況將比石油和天然氣行業更快恢復。

We anticipate increasing investments in renewable fuels, which will drive demand for our new sustainable Technology Solutions business and partially offset challenges in the oil and gas market.

我們預計將增加對可再生燃料的投資，這將推動對我們新的可持續技術解決方案業務的需求，並部分抵消石油和天然氣市場的挑戰。

In addition, the specialty chemicals market is expected to grow modestly in '21, with strength in global health care, automotive and residential construction end markets driving demand for advanced materials.

此外，隨著全球醫療保健、汽車和住宅建築終端市場的強勢推動對先進材料的需求，特種化學品市場預計將在 21 年溫和增長。

Overall, we expect TNT to be down slightly to up low single digits for the year.

總體而言，我們預計 TNT 今年的銷售額將小幅下降至低個位數。

Lastly, in SPS, we expect continued strength in warehouse automation and personal protective equipment as we execute the delivery of our robust backlog.

最後，在 SPS 方面，我們預計隨著我們執行大量積壓訂單的交付，倉庫自動化和個人防護設備將繼續保持強勁勢頭。

We also expect productivity solutions and services to grow as the strategic turnaround of the business drives market share gains, and we expect gas sensing to recover in line with the market.

我們還預計生產力解決方案和服務將隨著業務的戰略轉變推動市場份額的增長而增長，我們預計氣體傳感將與市場同步復甦。

In total, we expect SPS to grow double digits in '21 with comps getting tougher in the back half as we lap strong growth in the back half of 2020.

總的來說，我們預計 SPS 將在 21 年實現兩位數增長，隨著我們在 2020 年下半年實現強勁增長，後半部分的競爭變得更加艱難。

So overall, we see improvement across most of our key end markets in '21 and we have confidence in our continued operational execution.

因此，總的來說，我們看到 21 年大多數關鍵終端市場都有所改善，我們對我們持續的運營執行充滿信心。

The pace of the recovery may vary due to the items we discussed on the prior slide, so we are taking a cautious approach as we begin the year.

由於我們在上一張幻燈片中討論的項目不同，復甦的步伐可能會有所不同，因此我們在年初時會採取謹慎的態度。

Now let's move to Slide 9 to discuss how these dynamics come together for our 2021 financial guidance.

現在讓我們轉到幻燈片 9，討論這些動態如何為我們的 2021 年財務指南整合在一起。

For 2021, we expect sales of $33.4 billion to $34.4 billion, which represents overall organic growth -- sales growth in the range of 1% to 4%, reflecting double-digit recurring connected software growth and the impact of our announced M&A divestitures.

2021 年，我們預計銷售額將達到 334 億美元至 344 億美元，這代表了整體有機增長——銷售額增長在 1% 至 4% 之間，反映出兩位數的經常性連接軟件增長以及我們宣布的併購剝離的影響。

Segment margins are expected to expand 30 to 70 basis points, supported by higher sales volume and our streamlined fixed cost base following 2020 cost actions with investment for growth.

在 2020 年成本行動與增長投資之後，銷量增加和我們精簡的固定成本基數的支持下，部門利潤率預計將擴大 30 至 70 個基點。

While we expect margin expansion across all the businesses, SPS will lead the path as we scale up capacity and become more efficient, followed by Aero driven by high-margin aftermarket recovery.

雖然我們預計所有業務的利潤率都會擴大，但隨著我們擴大產能並提高效率，SPS 將引領潮流，其次是受高利潤售後市場復甦推動的 Aero。

These organic growth and segment margin expectations are consistent with our long-term commitments for low to mid-single-digit organic growth and 30 to 50 basis points of margin expansion and give us flexibility to deliver earnings growth and invest for the future.

這些有機增長和部門利潤率預期符合我們對中低個位數有機增長和 30 至 50 個基點利潤率擴張的長期承諾，並使我們能夠靈活地實現盈利增長和為未來投資。

2020 was a challenging year, but we'll be back on track to deliver our standard commitment to shareholders in 2021 and beyond.

2020 年是充滿挑戰的一年，但我們將重回正軌，在 2021 年及以後兌現我們對股東的標準承諾。

So 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 $130 million to positive $20 million, which includes capacity for $400 million to $525 million of repositioning.

因此，淨線下影響（即分部利潤與稅前收入之間的差額）預計在負 1.3 億美元至正 2000 萬美元之間，其中包括 4 億美元至 5.25 億美元的重新定位能力。

We expect an effective tax rate of approximately 21% to 22% and a weighted average share count of approximately 705 million for the year, representing our minimum 1% reduction in shares.

我們預計今年的有效稅率約為 21% 至 22%，加權平均股數約為 7.05 億股，這意味著我們的股份至少減少 1%。

As a result, we are guiding earnings per share of $7.60 to $8, up 7% to 13% adjusted.

因此，我們指導每股收益為 7.60 美元至 8 美元，調整後增長 7% 至 13%。

We see free cash flow in the range of $5.1 billion to $5.5 billion in 2021.

我們預計 2021 年的自由現金流將在 51 億美元至 55 億美元之間。

That represents cash margins of 15% to 16% of sales commensurate with the 2019 and 2020 rates that we have demonstrated and a cash conversion in the 95% range.

這表示現金利潤率為銷售額的 15% 至 16%，與我們展示的 2019 年和 2020 年的利率相稱，現金轉換率在 95% 範圍內。

Keeping in mind that our conversion, excluding noncash pension income, would actually be approaching 115%, so very healthy on numbers overall.

請記住，我們的轉換率（不包括非現金養老金收入）實際上將接近 115%，因此總體上非常健康。

This range does include $375 million that we expect to receive in an upfront payment from Garrett, resulting from their proposed plan of reorganization.

這個範圍確實包括我們預計從 Garrett 收到的預付款中的 3.75 億美元，這是他們提出的重組計劃的結果。

We'll 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.

我們將繼續在自由現金流中包括來自 Garrett 的現金收入，以便與之前的期間進行比較，在之前的期間確認了賠償和償還協議的現金收益。

And just to spend a minute on that topic, we are pleased that Garrett has agreed to the plan of reorganization, under which they will be recapitalized and well positioned to meet their obligations, including those to Honeywell and will avoid costly litigation.

花一點時間討論這個話題，我們很高興 Garrett 同意重組計劃，根據該計劃，他們將進行資本重組，並做好準備履行他們的義務，包括對霍尼韋爾的義務，並將避免代價高昂的訴訟。

We believe this is the right path forward that maximizes value for all stakeholders.

我們相信這是為所有利益相關者實現價值最大化的正確前進道路。

Now let's turn to Slide 10 and walk through our 2021 EPS bridge.

現在讓我們轉到幻燈片 10 並瀏覽我們的 2021 EPS 橋。

Segment profit is expected to be the key driver of our earnings growth.

分部利潤預計將成為我們盈利增長的主要驅動力。

Higher sales volumes, commercial excellence, continued productivity improvements and ongoing benefits from previously funded repositioning will contribute $0.54 per share at the midpoint of our guidance.

更高的銷量、卓越的商業表現、持續的生產力提高以及之前資助的重新定位帶來的持續收益將在我們的指導中點貢獻每股 0.54 美元。

The impact of our acquisitions of Sparta, Sine and Rocky Research and the divestiture of the retail footwear business will drive a $0.07 headwind at the midpoint.

我們收購 Sparta、Sine 和 Rocky Research 以及剝離零售鞋類業務的影響將在中點帶來 0.07 美元的逆風。

Below the line and other items are expected to be a $0.22 benefit per share at the midpoint of our guidance primarily driven by higher pension income in '21 compared to 2020.

線下和其他項目預計每股收益為 0.22 美元，主要是由於 21 年與 2020 年相比更高的養老金收入。

I'd like to take a moment to discuss those pension dynamics in a little bit more detail.

我想花點時間更詳細地討論一下這些養老金動態。

We expect approximately $1.1 billion of pension and OPEB income in '21, up approximately $260 million from 2020 with the majority of this increase related to our U.S. pension plan.

我們預計 21 年的養老金和 OPEB 收入約為 11 億美元，比 2020 年增加約 2.6 億美元，其中大部分增長與我們的美國養老金計劃有關。

We have derisked our U.S. pension plan to approximately 60% of planned assets being a more conservative fixed income-like assets and the remainder in return-seeking assets.

我們已將美國養老金計劃的風險降低到約 60% 的計劃資產是更保守的固定收益類資產，其餘部分是尋求回報的資產。

As a result of another strong portfolio performance in 2020, our funds returned approximately 14% increase in our pension asset base compared to the prior year.

由於 2020 年投資組合的另一個強勁表現，我們的基金的養老金資產基礎與上一年相比增長了約 14%。

This higher asset base, combined with lower discount rate, is driving higher income in 2021.

這種更高的資產基礎，加上更低的貼現率，正在推動 2021 年更高的收入。

Our diligent management and strong returns have been an important value driver for the company, putting us in a position where our pension-funded status continues to be robust, ending the year at 113%.

我們勤奮的管理和強勁的回報一直是公司的重要價值驅動力，使我們的養老金資助狀況繼續保持強勁，年底達到 113%。

For taxes, we expect an effective tax rate of 21% to 22%, which would result in a $0.06 headwind per share at the midpoint.

對於稅收，我們預計有效稅率為 21% 至 22%，這將導致中點每股收益為 0.06 美元。

And finally, our base case is that our share repurchase program will result in a benefit of $0.07 per share as we reduce our weighted average share count from 711 million to at least 705 million shares.

最後，我們的基本情況是，隨著我們將加權平均股數從 7.11 億股減少到至少 7.05 億股，我們的股票回購計劃將帶來每股 0.07 美元的收益。

So in total, we expect 2021 earnings per share to be in the range of $7.60 to $8, up 7% to 13% year-over-year adjusted, nearly back to 2019 levels.

因此，總體而言，我們預計 2021 年每股收益將在 7.60 美元至 8 美元之間，經調整後同比增長 7% 至 13%，幾乎回到 2019 年的水平。

Now let's turn to Slide 11 for a preview of the first quarter.

現在讓我們轉到幻燈片 11 預覽第一季度。

As I noted earlier, we're entering 1Q with a cautious stance as the environment continues to evolve real time, which is driving a wider-than-usual range for a quarter.

正如我之前指出的那樣，隨著環境繼續實時發展，我們以謹慎的態度進入第一季度，這推動了一個季度比往常更寬的範圍。

We expect organic growth in the first quarter in the range of down 10% to down 5% organically, which brackets our fourth quarter sales growth performance, recognizing market conditions could vary.

我們預計第一季度的有機增長將下降 10% 至 5%，這涵蓋了我們第四季度的銷售增長業績，並認識到市場狀況可能會有所不同。

The year-over-year sales decline will be driven by continued headwinds in commercial aerospace and UOP, partially offset by ongoing strength in warehouse automation, PPE and advanced materials as well as gradual recovery in other areas of the portfolio.

銷售額同比下降將受到商業航空航天和 UOP 的持續不利因素的推動，部分被倉庫自動化、PPE 和先進材料的持續強勁以及產品組合其他領域的逐步復甦所抵消。

Keep in mind, 1Q will be our toughest comp for the year across all 4 segments since the first quarter of last year was only partially disrupted by the COVID pandemic.

請記住，自去年第一季度 COVID 大流行僅部分中斷以來，第一季度將是我們今年所有 4 個細分市場中最艱難的競爭。

We expect segment margins in the range of 20.4% to 20.9% in the first quarter, slightly below the fourth quarter based on lower sales leverage given our usual sequential step down in sales from 4Q, partially offset by ongoing productivity.

我們預計第一季度的分部利潤率在 20.4% 至 20.9% 之間，略低於第四季度，這是由於我們通常從第四季度開始連續下降銷售額，這部分被持續的生產力所抵消，因此銷售槓桿率較低。

That represents year-over-year segment margin contraction of 140 to 90 basis points.

這意味著分部利潤率同比收縮 140 至 90 個基點。

We have positioned ourselves with a streamlined fixed cost base for '21 and expect sequential segment margin improvement from the second quarter on.

我們已經為 21 年確立了精簡的固定成本基礎，並預計從第二季度開始連續分部利潤率將有所提高。

The net below-the-line impact is expected to be between a $40 million expense and a $5 million benefit with a range of repositioning between $100 million and $140 million as we continue to fund ongoing restructuring programs.

隨著我們繼續為正在進行的重組計劃提供資金，淨線下影響預計在 4000 萬美元的支出和 500 萬美元的收益之間，重新定位的範圍在 1 億美元到 1.4 億美元之間。

We expect the effective tax rate to be in the range of 23% to 24%, and the average share count to be approximately 705 million shares.

我們預計實際稅率在 23% 至 24% 之間，平均股數約為 7.05 億股。

As a result, we expect first quarter earnings per share between $1.68 and $1.83, down 24% to 17% year-on-year.

因此，我們預計第一季度每股收益在 1.68 美元至 1.83 美元之間，同比下降 24% 至 17%。

Now let's take a moment to walk through our expectations by segment.

現在讓我們花點時間按細分來了解我們的期望。

In Aerospace, we expect first quarter global flight hours to remain relatively flat from the fourth quarter.

在航空航天領域，我們預計第一季度全球飛行時數與第四季度相比將保持相對平穩。

We could see a step back in 1Q in certain regions, given the flare-up in infection rates over the holidays.

考慮到假期期間感染率的急劇上升，我們可能會看到某些地區的第一季度出現倒退。

As a result, we expect current softness in flight hours to continue impacting our air transport and business aviation market sales in the first quarter.

因此，我們預計當前飛行小時數的疲軟將繼續影響我們第一季度的航空運輸和公務航空市場銷售。

In addition, lower air transport OEM build rates and lower business jet demand will continue to impact our commercial original equipment business.

此外，較低的航空運輸 OEM 建造率和較低的公務機需求將繼續影響我們的商業原始設備業務。

We expect the sensing space to partially offset the challenges in commercial aerospace, supported by stable U.S. defense setting.

我們預計，在穩定的美國國防環境的支持下，傳感空間將部分抵消商業航空航天領域的挑戰。

In Building Technologies, we expect business conditions to remain similar to conditions in the fourth quarter.

在 Building Technologies，我們預計業務狀況將與第四季度保持相似。

We don't expect significant issues accessing our customer sites, as I mentioned earlier, which will enable us to deliver projects as normal.

正如我之前提到的，我們預計訪問我們的客戶站點不會出現重大問題，這將使我們能夠正常交付項目。

Our strong Building Solutions services backlog should drive growth in the quarter, and we expect demand for building products to continue improving.

我們強大的建築解決方案服務積壓將推動本季度的增長，我們預計對建築產品的需求將繼續改善。

In addition, we expect continued customer momentum with our portfolio of healthy Building Solutions.

此外，我們希望通過我們的健康建築解決方案組合繼續保持客戶勢頭。

In PMT, we expect continued customer CapEx and OpEx budget reduction and project delays to impact the engineering and licensing business in UOP and projects and services in HPS.

在 PMT 中，我們預計客戶資本支出和運營支出預算的持續減少以及項目延遲將影響 UOP 的工程和許可業務以及 HPS 的項目和服務。

In UOP, we expect continued weakness in gas processing and lower catalyst shipments due to the lower production and refining volumes.

在 UOP，我們預計由於產量和精煉量下降，天然氣加工和催化劑出貨量將持續疲軟。

However, we do expect to see some demand return in Process Solutions product businesses.

但是，我們確實希望在過程解決方案產品業務中看到一些需求回報。

And we expect another strong quarter in Advanced Materials driven by continued demand in Fluorine Products.

我們預計在氟產品的持續需求的推動下，先進材料將迎來另一個強勁的季度。

Finally, we expect continued strength in STS with another quarter of double-digit growth in Intelligrated and personal protective equipment.

最後，我們預計 STS 將繼續走強，智能和個人防護設備將再有四分之一的兩位數增長。

Our personal protective equipment backlog remains up triple digits year-over-year, and our Intelligrated backlog is over $2.5 billion, giving us confidence for the first quarter and the full year.

我們的個人防護設備積壓訂單同比增長三位數，我們的 Intelligrated 積壓訂單超過 25 億美元，這讓我們對第一季度和全年充滿信心。

For productivity solutions and services, we expect continued growth driven by market share gains and low inventory levels in the channel due to favorable sales-out of distributors.

對於生產力解決方案和服務，我們預計由於分銷商的有利銷售，市場份額增加和渠道庫存水平低將推動持續增長。

While macro conditions continue to put pressure on the sensing and IoT and gas-sensing businesses, we expect strong overall SPS sales growth for the first quarter.

雖然宏觀環境繼續對傳感、物聯網和氣體傳感業務施加壓力，但我們預計第一季度整體 SPS 銷售額將強勁增長。

Now before I turn it back to Darius, let's look at Slide 12 and talk through the ultimate measure of our performance through this crisis: total shareholder return.

現在，在我將話題轉回 Darius 之前，讓我們看一下幻燈片 12 並談談我們在這場危機中的表現的最終衡量標準：股東總回報。

We're creating shareholder value and outperforming the industry in the broader market in all environments.

我們正在創造股東價值，並在所有環境下的更廣闊市場中超越行業。

If you look at this chart, you'll see that Honeywell has shown remarkable consistency, outperforming both versus the SLI and the Dow Jones Industrial Average, indicative of the outstanding resiliency of the company.

如果您查看此圖表，您會發現霍尼韋爾表現出非凡的一致性，表現優於 SLI 和道瓊斯工業平均指數，表明該公司具有出色的彈性。

Investors can depend on Honeywell to generate superior returns compared to the benchmarks regardless of market timing due to our rigorous and proven value-creation framework as well as the Honeywell Operating System.

由於我們嚴格且經過驗證的價值創造框架以及霍尼韋爾操作系統，無論市場時機如何，投資者都可以依靠霍尼韋爾獲得優於基準的回報。

This crisis reinforced the fact that our value-creation framework, which we discussed at length in our December investor webcast, is highly effective in delivering consistent outperformance in all marketing conditions.

這場危機強化了一個事實，即我們在 12 月的投資者網絡廣播中詳細討論的價值創造框架在所有營銷條件下都能非常有效地提供一致的優異表現。

In fact, this framework drove Honeywell's shareholder returns above both the XLI and Dow Jones Industrial Average again in 2020.

事實上，這一框架推動霍尼韋爾的股東回報在 2020 年再次高於 XLI 和道瓊斯工業平均指數。

So with that, I'd like to turn the call back over to Darius.

因此，我想將電話轉回給 Darius。

Thank you, Greg.

謝謝你，格雷格。

Before we wrap up, I'd like to take a minute on Slide 13 to discuss one of the key elements of our overall ESG story.

在我們結束之前，我想在幻燈片 13 上花點時間討論我們整個 ESG 故事的一個關鍵要素。

Last quarter, we discussed Honeywell's commitment to shape a safer and more sustainable future.

上個季度，我們討論了霍尼韋爾致力於塑造一個更安全、更可持續的未來的承諾。

This time, I'd like to focus on another important topic, corporate social responsibility.

這一次，我想談談另一個重要的話題，即企業社會責任。

Honeywell's committed to corporate social responsibility and community involvement, which we demonstrate through unique global programs to look to improve lives and inspire change in the communities around the world.

霍尼韋爾致力於企業社會責任和社區參與，我們通過獨特的全球計劃展示了這一點，旨在改善世界各地的生活並激發社區的變革。

Beyond these programs, we acted quickly throughout the course of the pandemic to address the needs of our employees, communities and customers.

除了這些計劃之外，我們還在整個大流行病期間迅速採取行動，以滿足我們的員工、社區和客戶的需求。

A few of our more recent actions are shown on the slide.

幻燈片顯示了我們最近採取的一些行動。

Most recently, we announced our participation in a unique public-private partnership, backed by North Carolina Governor Roy Cooper, to help support the goal of 1 million COVID-19 vaccinations by July 4, 2021.

最近，我們宣布參與由北卡羅來納州州長羅伊庫珀支持的獨特的公私合作夥伴關係，以幫助支持到 2021 年 7 月 4 日接種 100 萬例 COVID-19 疫苗的目標。

We are partnered with Atrium Health, Tepper Sports & Entertainment, the Charlotte Motor Speedway and the state of North Carolina to administer the vaccine, manage complex logistics and to provide operational support for mass vaccination events.

我們與 Atrium Health、Tepper Sports & Entertainment、Charlotte Motor Speedway 和北卡羅來納州合作管理疫苗、管理複雜的物流並為大規模疫苗接種活動提供運營支持。

We're very proud to be part of this effort to prevent further spread of the virus by helping frontline workers and other members of our communities get vaccinated.

我們非常自豪能夠通過幫助一線工作人員和我們社區的其他成員接種疫苗來參與防止病毒進一步傳播的努力。

Another recent example of Honeywell's contribution to our communities is the important mask delivery milestone we achieved in December, where we delivered more than 225 million face masks that will protect workers in their response to COVID-19.

霍尼韋爾最近對我們社區所做貢獻的另一個例子是我們在 12 月實現了重要的口罩交付里程碑，我們交付了超過 2.25 億個口罩，以保護工作人員應對 COVID-19。

We delivered N95 respirators and surgical face masks to multiple locations in the U.S. for health care systems, the Federal Emergency Management Agency and the U.S. Department of Health and Human Services.

我們向美國多個地點的醫療保健系統、聯邦緊急事務管理局和美國衛生與公眾服務部運送了 N95 呼吸器和外科口罩。

In addition, we shipped millions of masks to both state and local governments.

此外，我們還向州和地方政府運送了數百萬個口罩。

We're proud of these contributions and our role in providing much-needed PPE to workers around the country responding to the pandemic.

我們為這些貢獻以及我們在為全國應對大流行病的工作人員提供急需的個人防護裝備方面發揮的作用感到自豪。

Finally, we're also committed to recognizing and respond to the needs of our employees.

最後，我們還致力於認識並響應員工的需求。

We recently recognized the dedication and strength of our own frontline integrated supply chain production teams, who have been instrumental in keeping our manufacturing sites running safely, enabling us to meet critical customer needs during these unprecedented times.

我們最近認可了我們自己的一線集成供應鏈生產團隊的奉獻精神和實力，他們在保持我們的生產基地安全運行方面發揮了重要作用，使我們能夠在這個前所未有的時期滿足關鍵的客戶需求。

To show our appreciation, we announced a special $500 recognition award for each of our frontline production and production support employees.

為了表達我們的感激之情，我們宣佈為每位一線生產和生產支持員工頒發 500 美元的特別表彰獎。

We continue to be inspired by the members of our integrated supply chain team, who have truly gone above and beyond to support our customers throughout this dynamic.

我們繼續受到我們集成供應鏈團隊成員的鼓舞，他們在整個動態過程中真正超越自我，為我們的客戶提供支持。

Now let's wrap on Slide 14.

現在讓我們結束幻燈片 14。

There's no doubt that 2020 was a challenging year.

毫無疑問，2020 年是充滿挑戰的一年。

However, we effectively managed through the downturn, the repercussions of the global pandemic by focusing on liquidity, cost management, strong operational execution and investment for the future.

然而，我們通過專注於流動性、成本管理、強大的運營執行和對未來的投資，有效地度過了經濟低迷時期和全球大流行病的影響。

We drove sequential improvement from the third quarter in sales, segment margin, adjusted earnings per share and free cash flow, creating good momentum into 2021.

從第三季度開始，我們推動了銷售額、部門利潤率、調整後每股收益和自由現金流的連續改善，為 2021 年創造了良好勢頭。

The past year was another proof point that the Honeywell value-creation framework delivers outperformance even in the most challenging economic and market conditions.

過去一年再次證明，即使在最具挑戰性的經濟和市場條件下，霍尼韋爾價值創造框架也能提供出色的表現。

We continue to invest in organic and inorganic growth opportunities in the downturn to high-return CapEx and M&A, positioning ourselves for the future and the recovery to come.

我們繼續在低迷時期投資於有機和無機增長機會，以實現高回報資本支出和併購，為未來和即將到來的複蘇做好準備。

These growth investments will help us solve challenging problems for our customers, address critical global sustainability issues and drive superior shareholder returns.

這些增長投資將幫助我們為客戶解決具有挑戰性的問題，解決關鍵的全球可持續發展問題並推動卓越的股東回報。

I am proud of Honeywell's rapid and effective response to the challenges of 2020.

我為霍尼韋爾能夠快速有效地應對 2020 年的挑戰而感到自豪。

Our employees around the world worked hard to quickly adapt and deliver through the crisis, including ramping up production of critical PPE, developing a portfolio of healthy solutions and delivering growth in multiple areas of the portfolio.

我們在世界各地的員工努力工作以快速適應並渡過危機，包括提高關鍵 PPE 的產量、開發健康解決方案組合以及在組合的多個領域實現增長。

We are well positioned for a recovery in the second half of 2021 and beyond as demonstrated by our expectation to return to our key long-term growth commitments in 2021.

我們為 2021 年下半年及以後的複蘇做好了充分準備，我們預計將在 2021 年恢復關鍵的長期增長承諾就證明了這一點。

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

有了這個，馬克，讓我們進入問答環節。

Thank you, Darius.

謝謝你，大流士。

Stephen, give us a moment while we gather here for Q&A.

斯蒂芬，在我們聚集在這裡進行問答時，請給我們一點時間。

Absolutely, sir.

絕對是，先生。

Okay.

好的。

Darius and Greg are now available to answer your questions.

Darius 和 Greg 現在可以回答您的問題。

(Operator Instructions) Stephen, please open the line for Q&A.

（操作員說明）斯蒂芬，請打開問答熱線。

Thank you.

謝謝。

(Operator Instructions) And we will now take our first question from Nigel Coe with Wolfe Research.

（操作員說明）現在我們將與 Wolfe Research 一起回答 Nigel Coe 的第一個問題。

So your 1Q sales guide, I just wanted to just dig into that.

所以你的第一季度銷售指南，我只是想深入研究一下。

You've provided some good general detail on what you're expecting.

你已經提供了一些關於你期望的很好的一般細節。

But the midpoint, 0.75% down, very similar to what we saw in 4Q despite a much easier comp.

但中點下跌 0.75%，與我們在第四季度看到的情況非常相似，儘管比較容易得多。

So I'm just wondering, was there any -- anything unusual in 4Q, any budget flushes?

所以我只是想知道，第四季度是否有任何異常情況，是否有任何預算沖刷？

There's some speculations, there's some preorder activities from other companies, et cetera.

有一些猜測，還有其他公司的一些預購活動，等等。

So just wondering if you've seen supply chain causing some bring forward of demand that maybe causes the sales guide to be sort of essentially flat Q-over-Q with what you saw in 4Q.

所以只是想知道您是否看到供應鏈導致需求提前，這可能導致銷售指南與您在第四季度看到的情況基本持平。

Yes.

是的。

Yes, I don't know that there was anything unusual in Q4.

是的，我不知道第四季度有什麼異常。

I mean, I think, obviously, we kind of see our continued ramp-up of our SPS business.

我的意思是，我認為，很明顯，我們看到了我們 SPS 業務的持續增長。

That will continue, but it does start planning at some point.

這將繼續下去，但它確實會在某個時候開始計劃。

PMT basically came out about it as we expected.

PMT 基本上如我們所料地出來了。

As we know, the UOP business particularly is lumpy, and the mix of the catalyst ship can vary dramatically.

正如我們所知，UOP 業務尤其不穩定，催化劑船的組合可能會有很大差異。

I think if you look at overall, COVID is a big play in this.

我認為，如果您從整體上看，COVID 在這方面發揮了重要作用。

And I would say, especially as you compare the COVID situation early in Q4 versus where we are now, we're in a much worse place.

我會說，特別是當你將第四季度初的 COVID 情況與我們現在的情況進行比較時，我們的處境要糟糕得多。

I mean, that's -- so obviously, that has some weight on that.

我的意思是，那是 - 很明顯，這對此有一定的影響。

And frankly, we really thought about whether or not we should guide Q1 at all.

坦率地說，我們真的考慮過是否應該引導 Q1。

I mean, I think that we're in a place that the level of infection throughout the world is the highest it's ever been right now, and there's a lot of uncertainty.

我的意思是，我認為我們所處的位置是全世界的感染水平是目前最高的，並且存在很多不確定性。

But we thought we'd give sort of our best effort and provide a little wider range than normal to give our investors some of our best really educated view of where we think we're going to end up.

但我們認為我們會盡最大努力並提供比正常情況更廣泛的範圍，以便為我們的投資者提供一些我們認為我們最終會走向何方的最佳真正受過教育的觀點。

But there's a lot -- there's more uncertainty this quarter.

但是有很多——本季度有更多的不確定性。

Greg, I don't know if you want to add.

格雷格，我不知道你是否要補充。

Yes.

是的。

I mean, even for all of us, I mean, traveling is a question mark.

我的意思是，即使對我們所有人來說，旅行也是一個問號。

If you read The Journal this morning, and they talked about the airlines and concerns even in the U.S. about whether there's going to be testing requirements put in place for domestic travel.

如果你今天早上讀過《華爾街日報》，他們談到了航空公司，甚至在美國也擔心是否會對國內旅行實施檢測要求。

We know that that's been put in place already on international travel.

我們知道這已經在國際旅行中實施。

So yes, to Darius' point, I just think there are some things out there that are really kind of hard to predict.

所以是的，就 Darius 的觀點而言，我只是認為有些事情確實很難預測。

But as I said in my remarks, I mean, the down 10 to down 5 kind of brackets, the down 7 we had in the fourth quarter, the down 10 is in case something gets worse that we don't really can see at this moment.

但正如我在發言中所說，我的意思是，下降 10 到下降 5 的括號，我們在第四節下降 7，下降 10 是為了防止情況變得更糟，我們現在真的看不到片刻。

But it could be better than that if things progress.

但如果事情有所進展，情況可能會更好。

So no, nothing -- there's nothing strange.

所以不，沒什麼——沒有什麼奇怪的。

I mean, we always have a fourth quarter to 1Q decremental sequential sales.

我的意思是，我們總是有第四季度到第一季度遞減的連續銷售。

4Q is always our strongest quarter.

第四季度始終是我們最強勁的季度。

So nothing unusual in there.

所以那裡沒有什麼不尋常的。

Yes.

是的。

And just to add to that, I think actually predicting that sort of in line is probably not that unusual.

除此之外，我認為實際上預測這種排隊可能並不罕見。

And then Aerospace, which obviously is our biggest business, the thing to consider there is if you look at infection rates and the fact that at least in the Western world, you had holidays, the air miles flown could be actually down, and we see that.

然後是航空航天，這顯然是我們最大的業務，如果你看看感染率，需要考慮的事情是，至少在西方世界，你有假期，飛行里程實際上可能會下降，我們看到那。

We actually, given some of the outbreaks that we saw earlier this quarter in China and Asia Pac specifically is where we're seeing some pressure.

實際上，考慮到本季度早些時候我們在中國和亞太地區看到的一些疫情，我們特別看到了一些壓力。

So that's sort of the puts and takes of the quarter.

這就是本季度的投入和投入。

And we will take our next question from Steve Tusa with JPMorgan.

我們將接受來自摩根大通的史蒂夫圖薩的下一個問題。

Just on the margin side, pretty decent margin expansion guided for this year.

就利潤率而言，今年的利潤率增長相當可觀。

Assuming you guys do better on sales, would there be any reason as to why those margins would be weaker than you're guiding to?

假設你們在銷售方面做得更好，是否有任何理由說明為什麼這些利潤率會低於您的指導？

Or do you think that if you do a little better on sales, you can still kind of convert it at this high level?

或者你認為如果你在銷售方面做得更好一點，你仍然可以在這麼高的水平上轉換它嗎？

Yes.

是的。

So Steve, I think what we tried to do is position ourselves this year for anything.

所以史蒂夫，我認為我們今年試圖做的是為任何事情定位自己。

So I mean, if we guided something we feel like is very much deliverable in that 30 to 70 range.

所以我的意思是，如果我們指導了一些我們覺得在 30 到 70 範圍內非常可交付的東西。

And if sales actually turns out to be better, I think 2 things can happen.

如果銷售實際變得更好，我認為可能會發生兩件事。

One, we can convert a bit of a higher rate.

第一，我們可以轉換更高的匯率。

But two, we may invest more back in the business.

但是第二，我們可能會在業務上投入更多。

We have some important things to get done in Aerospace from an R&D perspective.

從研發的角度來看，我們在航空航天領域有一些重要的事情要做。

We are funding some of that already.

我們已經在資助其中的一部分。

If things get better than we think, then we could let the line out a little bit further.

如果事情變得比我們想像的要好，那麼我們可以把線放得更遠一點。

So if you look at our conversion in the last 3 quarters of this guide, it's really converting at like 37%.

因此，如果您查看本指南最後 3 個季度的轉化率，它的轉化率實際上約為 37%。

Just the math says, a 37% conversion rate in Q2 through 4 with this guide.

就數學而言，使用本指南在第 2 季度到第 4 季度的轉化率為 37%。

So we think it's a pretty strong rating conversion as it stands right now, and we're trying to give ourselves optionality to both deliver earnings as well as make sure we've got some room for investments.

因此，我們認為這是一個非常強大的評級轉換，就目前而言，我們正在努力為自己提供選擇權，既能實現收益，又能確保我們有一定的投資空間。

Is that high 30s sustainable?

30 多歲的高潮可持續嗎？

Is that high 30s kind of a sustainable rate going forward?

30 多歲的高利率是否會持續下去？

I think that remains to be seen.

我認為這還有待觀察。

We're very -- again, we're very confident that now that we're this 30 to 70 this year gets us right back in the 30 to 50 long-term framework that we've been consistently able to deliver.

我們非常 - 再一次，我們非常有信心，現在我們今年已經達到 30 到 70 歲，這讓我們回到了我們一直能夠提供的 30 到 50 歲的長期框架中。

So that's what, I guess, I would say about that.

我想這就是我要說的。

Yes.

是的。

I mean, I think a couple of points.

我的意思是，我認為有幾點。

First of all, Steve, if you take a look at our conversion rate for 2021 versus that deconversion or deleverage ratio, it's better, right?

首先，史蒂夫，如果你看一下我們 2021 年的轉化率與去轉化率或去槓桿率的對比，會更好，對吧？

It's -- and we project that in Q2 to Q4.

它是——我們預計在第二季度到第四季度。

The wildcard in a lot of this is aero aftermarket, right?

很多通配符是航空售後市場，對吧？

I mean, that is probably the single hardest number for us to call because it is directly correlated to vaccinations and the speed of those vaccinations and rollout.

我的意思是，這可能是我們最難撥打的電話號碼，因為它與疫苗接種以及疫苗接種和推出的速度直接相關。

If that comes in better than we're projecting, then obviously, there is upside to the margin rate.

如果這比我們預期的要好，那麼顯然，保證金率有上升空間。

If it doesn't, well, then probably going to be someplace in the mid- to lower end.

如果沒有，那麼可能會出現在中低端的某個位置。

But I think it's really important to note something else, Steve, which is if you look at the upper end of our margin rate for 2021, I mean, we get back to 2019 levels.

但我認為，史蒂夫，注意其他事情真的很重要，如果你看看我們 2021 年保證金率的上限，我的意思是，我們回到了 2019 年的水平。

I mean, so basically, we're kind of taking a 1-year break.

我的意思是，基本上，我們要休息一年。

And initially, there were discussions about whether it takes us 3 years or 2 years to get back to that.

最初，有人討論過我們需要 3 年還是 2 年才能回到那個狀態。

And we're kind of getting -- look on the EPS range and so on pretty much to 2019.

我們有點——看看 EPS 範圍等等，直到 2019 年。

And of course, so it's sort of a 1-year break.

當然，這有點像 1 年的休息時間。

But as usual, we're trying to be prudent in our planning this early on in the year with these many unknowns with the vaccine at levels the world has never seen.

但像往常一樣，我們在今年年初的計劃中盡量謹慎，因為有許多未知數以及世界上從未見過的疫苗水平。

So we're trying to net that into our guidance.

因此，我們正試圖將其納入我們的指導方針。

And obviously, we're going to provide you more clarity as the year progresses.

顯然，隨著時間的推移，我們將為您提供更清晰的信息。

One more quick one.

再來一張快的。

Will you guys pretty much track flight hours in commercial aerospace aftermarket?

你們會跟踪商業航空航天售後市場的飛行時間嗎？

Or will there be kind of a lag like some have talked about?

還是會像某些人所說的那樣出現滯後？

Yes, there's a little bit of a lag, but there will be a correlation eventually.

是的，有一點滯後，但最終會有相關性。

So as you know, those numbers are kind of correlated.

如您所知，這些數字是相關的。

So as we track the flight hours travel, yes, there might be a bit of a lead lag, but the correlation is there.

因此，當我們跟踪飛行時間旅行時，是的，可能會有一點領先滯後，但相關性是存在的。

We will take our next question from Scott Davis with Melius Research.

我們將接受 Melius Research 的 Scott Davis 的下一個問題。

Quick -- I'll keep to one question, but hopefully, you guys can answer it a little bit more broadly than perhaps what I'm asking directly.

快速——我會一直回答一個問題，但希望你們能比我直接問的問題更廣泛地回答這個問題。

But can we talk about Intelligrated and just kind of how scalable it is?

但是我們能否談談 Intelligrated 以及它的可擴展性？

I mean, are your margins rising as you grow?

我的意思是，隨著您的成長，您的利潤率會上升嗎？

I know the install isn't necessarily all that profitable, but are you actually seeing an improvement in margin structure perhaps because of the supply and demand imbalance, maybe better pricing that's leading to better margins?

我知道安裝並不一定那麼有利可圖，但您是否真的看到利潤率結構有所改善，也許是因為供需失衡，也許是更好的定價導致更高的利潤率？

I'll just leave it at that, and if you can give some color there, that'd be great.

我就把它留在那兒，如果你能給那裡一些顏色，那就太好了。

Yes, let me start on, Greg, once.

是的，讓我從頭開始，格雷格，一次。

As you know, I don't think we're expecting dramatic margin improvement in Intelligrated in 2021, and let me explain why.

如您所知，我認為我們預計 2021 年 Intelligrated 的利潤率不會大幅提高，讓我解釋一下原因。

The reason is that we're just booking an incredible amount of greenfield projects.

原因是我們剛剛預訂了數量驚人的綠地項目。

You saw that it was another incredibly robust year in terms of bookings.

你看到，就預訂而言，這是又一個非常強勁的一年。

We expect double-digit growth again.

我們預計再次實現兩位數增長。

And particularly, what's really important is to look at the ratio of our aftermarket business to our projects business.

特別是，真正重要的是查看我們的售後市場業務與我們的項目業務的比率。

And as you can imagine, it's not changing, or if anything, probably the projects are growing that much faster than aftermarket.

正如您可以想像的那樣，它沒有改變，或者如果有的話，可能項目的增長速度比售後市場快得多。

So obviously, that was going to keep pressure on the margin.

很明顯，這將對利潤率造成壓力。

But we should view that as a good news thing because as I explained this before, eventually, when the growth slows down, the growth rate will be slower, but the margin rate will be higher.

但我們應該將其視為一個好消息，因為正如我之前解釋的那樣，最終，當增長放緩時，增長率會變慢，但利潤率會更高。

But we're still going to be very much in this greenfield expansion mode for the next few years, which means higher growth rates, lower margins, which over time is going to moderate to lower high top line growth rates and higher margins.

但在接下來的幾年裡，我們仍將在很大程度上採用這種綠地擴張模式，這意味著更高的增長率、更低的利潤率，隨著時間的推移，這將放緩至較低的高收入增長率和更高的利潤率。

So that's sort of how that business is going to grow.

這就是該業務的增長方式。

What's really encouraging here is the amount of share that we're gaining in the marketplace.

真正令人鼓舞的是我們在市場上獲得的份額。

There's -- unquestionably, this business is winning and winning big in the market.

毫無疑問，這項業務正在市場上大獲全勝。

Yes.

是的。

And I would just add to your question about scale, that's -- we talked about some of our growth investments and some of them are here to scale this business.

我只想補充你關於規模的問題，那就是——我們談到了我們的一些增長投資，其中一些是為了擴大這項業務。

So we are making investments in capacity and scaling up as we go both here and in Europe to -- because, again, that was also part of the plan as well, broadening our reach beyond just the U.S. So that's a big focus for this team.

因此，我們正在對產能進行投資並擴大規模，因為我們在這里和歐洲都這樣做——因為這也是計劃的一部分，將我們的影響範圍擴大到美國以外。所以這是這個團隊的一個重點.

The scale question is one of the biggest things that they have on their plate, and we're making nice progress.

規模問題是他們面臨的最大問題之一，我們正在取得不錯的進展。

We will take our next question from Andrew Obin with Bank of America.

我們將接受來自美國銀行的安德魯·奧賓的下一個問題。

Sort of continuing with sort of Scott's angle, another business, you announced the deal with SAP on the Building Solutions, and you didn't provide a lot of details.

有點繼續斯科特的角度，另一項業務，你宣布與 SAP 就建築解決方案達成交易，但你沒有提供很多細節。

But since then, I think Latch has published an extensive deck talking about very, very aggressive market growth targets.

但從那以後，我認為 Latch 發表了一篇內容廣泛的文章，討論了非常非常激進的市場增長目標。

I was just wondering if -- given that there is a competitor there with aggressive targets for market growth, if you could just talk about maybe in a little bit more detail about opportunities that you are seeing in sort of software on the building side as this business is evolving.

我只是想知道是否 - 鑑於那裡有一個對市場增長有著雄心勃勃目標的競爭對手，你是否可以更詳細地談談你在建築方面看到的某種軟件的機會業務在不斷發展。

Yes.

是的。

I mean, a couple of things.

我的意思是，有幾件事。

Number one, so we're seeing very strong double-digit growth in our connected buildings offering.

第一，我們看到我們的互聯建築產品實現了非常強勁的兩位數增長。

The SAP partnership is working.

SAP 合作夥伴關係正在發揮作用。

We're actually still innovating together.

我們實際上仍在一起創新。

We're launching aggressive -- even more aggressively to the marketplace this quarter, next quarter as we complete some of that joint innovation.

隨著我們完成一些聯合創新，我們將在本季度、下個季度更積極地進入市場。

Just to give you a perspective across all of our business units, this will give you a hint as to how well this business did.

只是為了讓您了解我們所有業務部門的情況，這會給您一些提示，說明該業務的表現如何。

Our Honeywell connected buildings business won the business unit of the year across all of Honeywell.

我們的霍尼韋爾互聯建築業務贏得了整個霍尼韋爾的年度業務部門。

So that will tell you a lot about its financial performance.

所以這會告訴你很多關於它的財務表現。

So that business is growing as fast as any business we currently have, getting traction on the SAP partnership, but we're also getting traction in the marketplace because, frankly, it's a gap that's unfilled.

因此，該業務的增長速度與我們目前擁有的任何業務一樣快，在 SAP 合作夥伴關係中獲得牽引力，但我們也在市場上獲得牽引力，因為坦率地說，這是一個尚未填補的差距。

And we don't think that there is anything out there that is comprehensive in terms of our connected building solutions than what we have, which really covers the full scope of energy management, occupant comfort, safety, overall maintenance footprint.

而且我們認為，就我們的互聯建築解決方案而言，沒有比我們擁有的更全面的了，它真正涵蓋了能源管理、居住舒適度、安全性和整體維護足蹟的全部範圍。

So it's really comprehensive just about anything and everything related to a building, and that business is -- think about high double-digit growth kind of numbers.

所以它真的很全面，幾乎所有與建築物相關的事情，而且這個業務是 - 想想高兩位數的增長數字。

We will take our next question from John Inch with Gordon Haskett.

我們將與 Gordon Haskett 一起接受 John Inch 的下一個問題。

Under what scenario would PMT sales be negative in terms of your range to the low end of your guide?

在什麼情況下，PMT 銷售額在您的指南低端範圍內會出現負數？

And I'm just thinking out loud.

我只是在大聲思考。

You do have other build exposures in fluorines, which is going to be really good.

您確實在氟中有其他構建暴露，這將非常好。

I would think there's UOP catalyst reload likely next year based on pent-up demand.

我認為，根據被壓抑的需求，明年可能會重新加載 UOP 催化劑。

And then we've got commodity prices higher.

然後我們有更高的商品價格。

I'm just wondering how that actually plays into your thinking for the segment, both in terms of sales and margins.

我只是想知道這實際上如何影響您對該細分市場的想法，無論是在銷售額還是利潤率方面。

And I think PMT detrimentals were about 50% or over that in the fourth quarter.

我認為 PMT 不利因素在第四季度約為 50% 或以上。

So any color you can provide?

那麼你可以提供任何顏色嗎？

I'm priming a bunch of stuff into my one question.

我正在為我的一個問題準備一堆東西。

So there you go.

所以你去吧。

Yes.

是的。

No.

不。

Thank you.

謝謝。

Good adaptation.

適應性好。

So the answer is defined.

所以答案是確定的。

This is all about UOP.

這都是關於 UOP 的。

Let's start with that, right?

讓我們從這裡開始吧？

So Advanced Materials, we're pretty comfortable with our growth profile.

所以先進材料，我們對我們的增長情況非常滿意。

HPS, we kind of know roughly what we're going to do, which is growth.

HPS，我們大概知道我們要做什麼，那就是增長。

UOP is a little bit of an unknown, right?

UOP 有點未知，對吧？

Because what we've seen can happen is that a lot of the catalyst loads or reloads get pushed out or projects get pushed out.

因為我們已經看到可能發生的情況是許多催化劑加載或重新加載被推出或項目被推出。

To give me some comfort is that our bookings in the backlog are higher entering 2021 versus what they were in 2020.

令我感到欣慰的是，進入 2021 年，我們在積壓訂單中的預訂量高於 2020 年。

So I am cautiously optimistic.

所以我持謹慎樂觀的態度。

It's -- we're going to see the growth piece.

這是——我們將看到增長部分。

But we've also seen some pushouts of particularly catalyst roads and delay in projects.

但我們也看到了一些特別具有催化作用的道路的推出和項目的延遲。

If that happens, obviously, we're going to have to see pressure from the UOP side.

如果發生這種情況，顯然，我們將不得不看到來自 UOP 方面的壓力。

And frankly, the price of oil is at a reasonable number right now.

坦率地說，石油價格目前處於合理水平。

It's not in the 30s or 40s.

它不是在 30 年代或 40 年代。

Now it's in the 50s, which is quite receptive to investment.

現在是50年代，比較容易接受投資。

What worries me is that a lot of the big oil and gas majors who are our customers set their budgets just like we do in Q4 of 2020.

令我擔心的是，作為我們客戶的許多大型石油和天然氣巨頭制定的預算就像我們在 2020 年第四季度所做的那樣。

So -- and they've announced some pretty big cuts.

所以——他們已經宣布了一些相當大的削減。

So what we don't know fully is are those -- are there going to be adjustments made based on the economic conditions, based on adjustments to those budgets?

因此，我們不完全了解的是那些 - 是否會根據經濟狀況，根據對這些預算的調整進行調整？

There is a point, there is definitely a pent-up demand because you can't underfund this marketplace for too long.

有一點，肯定有被壓抑的需求，因為你不能為這個市場提供太長時間的資金不足。

So whether that happens in the second half of this year or 2022, that story's yet to be told.

因此，無論這發生在今年下半年還是 2022 年，這個故事還有待講述。

But what we don't know is we still have a lot of sort of bookings that we expect for the second half that we have visibility to, but they need to land.

但我們不知道的是，我們仍然有很多預訂，我們預計下半年我們可以看到這些預訂，但它們需要落地。

And that's why we provided the guide we did because we don't know whether or not they will land or they'll only get pushed out to '22.

這就是為什麼我們提供了我們所做的指南，因為我們不知道他們是否會登陸，或者他們只會被推到 22 年。

But I have zeroed out, and I mean zeroed out because I was in this business in '15 and '16, that there will be a big reinvestment cycle because you can't starve this market for so long.

但我已經歸零了，我的意思是歸零了，因為我在 15 年和 16 年從事這項業務，將會有一個大的再投資週期，因為你不能讓這個市場挨餓這麼久。

And that's why it's sort of -- we can debate when it will come, but there's no -- undoubtedly it'll happen.

這就是為什麼它有點——我們可以討論它何時會到來，但沒有——毫無疑問它會發生。

Yes.

是的。

And if I can just -- because you mentioned margins as well.

如果我可以的話——因為你也提到了利潤率。

I think the thing you have to keep in mind there is 2. Number one, as Darius described, the catalyst, obviously, pretty high margin.

我認為你必須記住的事情是 2。第一，正如 Darius 所描述的那樣，催化劑顯然是相當高的利潤率。

And so that impacts our mix.

這會影響我們的組合。

And then the other thing is we are executing on a lot of the gas processing business that we had won back in 2019 and 2020.

然後另一件事是我們正在執行我們在 2019 年和 2020 年贏回的許多天然氣加工業務。

And a lot of that's in high-growth regions.

其中很多都在高增長地區。

So you can imagine there's a lower-margin aspect of some of that business as well that we're actually executing here through 2020.

因此，您可以想像到 2020 年我們實際上在這裡執行的某些業務的利潤率較低。

So that's been an impact to the PMT margins when you take away the catalyst business.

因此，當您取消催化劑業務時，這對 PMT 利潤率產生了影響。

And that becomes a bigger share of the overall PMT -- or sorry, yes, PMT mix and UOP in particular.

這成為整個 PMT 的更大份額——或者抱歉，是的，PMT 組合，尤其是 UOP。

Okay.

好的。

Just to make sure I understand.

只是為了確保我理解。

If a reload does happen, that's possibly very significant upside to the guide, but for now, you're not assuming that.

如果確實發生了重新加載，那對指南來說可能是非常重要的好處，但是現在，您還沒有假設。

So I'm assuming PMT is probably kind of on the UOP side sort of flat for the year.

所以我假設 PMT 可能在 UOP 方面今年持平。

Is that a fair statement?

這是一個公平的說法嗎？

Yes, that's right.

恩，那就對了。

Because, right now, those jobs are not booked in the second half.

因為，現在下半年還沒有預定這些工作。

We have visibility during the pipeline, but until they book, it's a little bit of an uncertainty.

我們在管道中有可見性，但在他們預訂之前，這有點不確定。

We expect them to, but could they get pushed out to '22?

我們希望他們這樣做，但他們會被推到 22 年嗎？

Absolutely.

絕對地。

We will take our next question from Josh Pokrzywinski.

我們將接受 Josh Pokrzywinski 的下一個問題。

Just on the broader Honeywell software offering, connected and otherwise.

只是在更廣泛的霍尼韋爾軟件產品上，連接和其他方面。

I understand it probably varies by business.

我知道這可能因業務而異。

Obviously, a lot of different end markets there.

顯然，那裡有很多不同的終端市場。

But can you talk a little bit about how adoption has fared and customer conversations are going?

但是你能談談採用情況和客戶對話的進展情況嗎？

I would imagine with folks starting to pivot back to growth or investment as they expect COVID to get resolved, that those should be accelerating.

我可以想像，隨著人們開始轉向增長或投資，因為他們期望 COVID 得到解決，這些應該會加速。

But as you mentioned a few times, Darius, there's an awful lot of complexity, and cases are actually worse.

但正如你多次提到的，大流士，情況非常複雜，而且情況實際上更糟。

But how is that adoption going?

但收養情況如何？

And is that trend line moving higher as people are thinking about kind of post-COVID digital transformation?

隨著人們正在考慮某種後 COVID 數字化轉型，該趨勢線是否會走高？

Yes.

是的。

Well, I'll be honest.

好吧，我會說實話。

I wasn't -- I think we actually had a very reasonable year in 2020 despite some of the challenged markets we're in.

我不是——我認為我們實際上在 2020 年度過了非常合理的一年，儘管我們所處的市場存在一些挑戰。

But just to give you a couple of rough numbers, if you think about our overall software growth, it was mid-single digit even in the 2020 environment.

但只是給你幾個粗略的數字，如果你考慮一下我們的整體軟件增長，即使在 2020 年的環境中也是中個位數。

And then for recurring growth because, frankly, we're sacrificing some top line growth because we're really converting our entire Forge business, Forge software business that's only sold as a SaaS offering.

然後是經常性增長，因為坦率地說，我們正在犧牲一些收入增長，因為我們真的在轉變我們的整個 Forge 業務，Forge 軟件業務只作為 SaaS 產品出售。

That actually grew in the teens last year.

去年，這實際上是在十幾歲的時候增長的。

So that was a very good year, and we actually -- we expect an acceleration on both of those figures for 2021.

所以那是非常好的一年，我們實際上 - 我們預計 2021 年這兩個數字都會加速。

But 2020, for me, was a really good proof point.

但對我來說，2020 年是一個非常好的證明點。

This business is acyclical.

這項業務是非週期性的。

And as we continue particularly to build that recurring revenue base, which is growing more than 2x our sort of traditional software base, it's going to be a great tailwind for the future of Honeywell and the future of that software business.

隨著我們繼續特別是建立經常性收入基礎，它的增長超過我們傳統軟件基礎的兩倍，這將成為霍尼韋爾和該軟件業務未來的巨大推動力。

And with offerings like we just talked about in connected buildings and our cyber offerings, I'm quite confident that it's going to continue to grow at that kind of pace.

通過我們剛剛談到的互聯建築和我們的網絡產品，我非常有信心它會繼續以這種速度增長。

So the short story is we're seeing more traction, and we're winning more accounts.

所以簡而言之，我們看到了更多的吸引力，我們贏得了更多的客戶。

We will take our next question from Julian Mitchell with Barclays.

我們將從巴克萊銀行的 Julian Mitchell 那裡回答下一個問題。

Maybe my question would be around the free cash flow outlook.

也許我的問題是圍繞自由現金流前景。

So the operating cash flow is guided to drop, I think, around $400 million at the midpoint, even though net earnings should be up probably high single digits.

因此，我認為，營業現金流量將在中點下降約 4 億美元，儘管淨收益可能會上升到高個位數。

So just wanted to try and understand what's happening within that around sort of working capital.

所以只是想嘗試了解圍繞營運資金發生了什麼。

Is it the fact that you had that exceptional receivables tailwind in '20 that has to reverse?

是不是您在 20 世紀擁有特殊的應收賬款順風必須扭轉這一事實？

Just trying to gauge how conservative or what assumptions you've got on that working cap side?

只是想衡量您在工作上限方面的保守程度或假設是什麼？

Because I think that the CapEx is up, but only up maybe 10% or so.

因為我認為資本支出增加了，但只增加了 10% 左右。

Sure, sure.

一定一定。

So as we discussed the $5.1 billion to $5.5 billion, just to round out the numbers, that's 15% to 16% of sales, so pretty similar to what we just did at '16, it's 95% to 98% conversion.

因此，當我們討論 51 億美元至 55 億美元時，只是為了將數字四捨五入，即佔銷售額的 15% 至 16%，與我們在 16 年所做的非常相似，轉化率為 95% 至 98%。

So approaching 100%, it's 113% to 115% conversion ex pension.

所以接近 100%，這是 113% 到 115% 的養老金轉換率。

So just keep in mind relative to the basic metrics, they're pretty healthy numbers.

因此，請記住相對於基本指標，它們是非常健康的數字。

As it relates to working cap and what's happening there, yes, I mean, obviously, sales came down substantially this year and both with some transformation and effectiveness in our process as well as harvesting receivables.

由於它與工作上限和那裡發生的事情有關，是的，我的意思是，很明顯，今年的銷售額大幅下降，我們的流程和收穫應收賬款都發生了一些轉變和有效性。

We had a very big cash flow from AR this year.

今年我們從 AR 獲得了非常大的現金流。

We started to see some of the inventory come down in 4Q.

我們開始看到一些庫存在第四季度下降。

For the year, it was still a build.

這一年，它仍然是一個建築。

And so when we think about next year, that's the area that I expect us to make more progress, is on inventory, and start seeing some inventory reductions, again, even in the face of sales growth.

因此，當我們考慮明年時，我希望我們在庫存方面取得更多進展，並開始看到一些庫存減少，即使是在銷售增長的情況下。

And so I think you're going to see we're world-class on payables.

所以我認為你會看到我們在應付賬款方面處於世界一流水平。

We'll continue to make some steady progress as we do each year.

我們將像每年一樣繼續取得一些穩步進展。

We'll make some progress on our programs around transforming on our credit to collections aspects.

我們將在我們的計劃中取得一些進展，將我們的信貸轉變為收款方面。

And so I would expect we'll make some more progress on past dues and DSO, but the big effort is really going to be focused around inventory in 2021.

因此，我預計我們將在過去的會費和 DSO 方面取得更多進展，但真正的重大努力將集中在 2021 年的庫存上。

Yes.

是的。

And I would sort of -- I think I would classify our cash conversion in 2020 as exceptional.

我會有點——我想我會把我們在 2020 年的現金轉換歸類為例外。

I mean, 105% conversion and 120% if you would exclude something very positive, which is the fact that we're one of the few companies that has substantial pension income.

我的意思是，105% 的轉化率和 120% 如果你排除一些非常積極的因素，那就是我們是少數擁有大量養老金收入的公司之一。

So we might be going from exceptional to very good.

因此，我們可能會從卓越變為非常好。

Frankly, the receivables performance was outstanding.

坦率地說，應收賬款表現出色。

We're not sure if that can be replicated.

我們不確定這是否可以復制。

We're certainly going to try, but we're going to focus on some other elements.

我們當然會嘗試，但我們會專注於其他一些要素。

I'd also say we've done a nice job on advances on build, too, in terms of 2020.

我還要說，就 2020 年而言，我們在構建方面也做得很好。

So I thought that this performance on cash was exceptional.

所以我認為這種現金表現非常出色。

And if you really take a look at -- especially if you adjust for pension or take a look at our cash generation as a percent of our revenue, you'll find that we're in the top quartile performance.

如果你真的看一看——特別是如果你調整養老金或看一下我們的現金產生占我們收入的百分比，你會發現我們的表現處於前四分之一。

And that's certainly...

那肯定是...

Yes.

是的。

We used to live down in the 11%, 12% of sales, and now we've been posting 17%, 16%, 16%.

我們過去一直生活在銷售額的 11%、12%，現在我們已經發布了 17%、16%、16%。

So I feel pretty good about what we've done here.

所以我對我們在這裡所做的事情感覺很好。

Yes.

是的。

Hopefully, by now, it's sort of clear that this is not locked, and it's not a onetime phenomenon, that this is actually a repeatable event.

希望到現在為止，這並沒有被鎖定，也不是一次性現象，這實際上是一個可重複的事件，這一點已經很清楚了。

We will take our next question from Jeff Sprague with Vertical Research.

我們將從 Vertical Research 的 Jeff Sprague 那裡回答下一個問題。

Maybe a quick one on pension.

也許是一個快速的養老金。

I agree the conversion numbers look great, especially if you adjust for that.

我同意轉換數字看起來很棒，特別是如果您對此進行調整。

But the fact that you're now so overfunded, is there a way, exit through an insurance company or something to actually kind of extract monetary value from the pension?

但事實上你現在資金過多，有沒有辦法，通過保險公司或其他方式退出，實際上從養老金中提取貨幣價值？

Or when you speak of it as kind of a value driver, are you really kind of talking about, a, it's great that it's overfunded; and b, you can use pension income to basically offset restructuring or other kind of cost-related actions you might be taking?

或者當你把它說成是一種價值驅動因素時，你真的是在談論，a，資金過多真是太好了； b，您可以使用養老金收入基本上抵消您可能正在採取的重組或其他與成本相關的行動嗎？

Yes.

是的。

I mean, I guess I would say a few things.

我的意思是，我想我會說幾句話。

I mean, we're always looking at options around the future of the pension plan.

我的意思是，我們一直在尋找有關養老金計劃未來的選擇。

So that's something that we look at constantly.

所以這是我們不斷關注的事情。

As far as value creation, I view it in 2 ways.

就價值創造而言，我有兩種看法。

Number one, it's a risk mitigator.

第一，它是一種風險緩解劑。

I mean, other companies are having to pile cash into their pension plan because they're unfunded.

我的意思是，其他公司因為沒有資金而不得不將現金存入他們的養老金計劃。

We don't.

我們沒有。

I mean, I can't remember the last time we put anything substantive into our pension fund, which obviously would take away from our ability to deploy capital into things that are going to drive growth.

我的意思是，我不記得我們上一次向養老基金投入任何實質性資金是什麼時候，這顯然會削弱我們將資本部署到推動增長的事物上的能力。

So that's when I say it's a value driver, particularly vis-a-vis others, it's a huge value driver.

因此，當我說它是一個價值驅動因素時，尤其是相對於其他驅動因素而言，它是一個巨大的價值驅動因素。

And in that case, in particular, so that's -- and yes, it's 113% funded.

在那種情況下，特別是，那就是 - 是的，它有 113% 的資金。

I feel great about where that is.

我對那地方感覺很好。

Even if we were to have a bit of a market down draft, we would still be in a very good position in terms of that funding level.

即使我們有一點市場下跌，我們在資金水平方面仍然處於非常有利的地位。

So to me, the team has done a terrific job of managing the pension and the returns around it for a very long time.

所以對我來說，很長一段時間以來，該團隊在管理養老金和相關回報方面做得非常出色。

And it has absolutely been very good for us and to our balance sheet and our liquidity.

這對我們以及我們的資產負債表和我們的流動性來說絕對是非常好的。

Yes.

是的。

And Jeff, maybe a couple of other things to add.

傑夫，也許還有其他幾件事要補充。

There's really only 2 ways you can sort of monetize.

實際上只有兩種方式可以讓您獲利。

The one way is, obviously, if there is no more people in the pension plan anymore, which, frankly, with a couple of CEOs from now that -- the other way's you could sell it to potential insurance company and so on.

顯然，一種方法是，如果養老金計劃中不再有更多人，坦率地說，從現在開始有幾位首席執行官 - 另一種方法是你可以將其出售給潛在的保險公司等。

But there's a big premium on that.

但這有很大的好處。

So financially, that doesn't make a lot of sense to do that right now.

所以從經濟上講，現在這樣做沒有多大意義。

But I think what our investors should really remember is that when they think about pension, particularly given the derisking that we have and the amount of fixed instruments that we have there, this should be completely worry-free for them because even a huge adjustment in the stock market is not going to put us in peril.

但我認為我們的投資者真正應該記住的是，當他們考慮養老金時，特別是考慮到我們的去風險化和我們在那裡擁有的固定工具的數量，這對他們來說應該是完全不用擔心的，因為即使是一個巨大的調整股市不會把我們置於危險之中。

So I just think that this is sort of a safe haven in terms of an area that, frankly, is a big question mark for a lot of companies out there.

所以我只是認為，就這個領域而言，這是一個安全的避風港，坦率地說，對於那裡的許多公司來說，這是一個很大的問號。

For us, it's a big positive, and it's going to stay that way for the foreseeable future.

對我們來說，這是一個很大的積極因素，並且在可預見的未來將保持這種狀態。

We will take our final question from Joe Ritchie with Goldman Sachs.

我們將接受 Joe Ritchie 和 Goldman Sachs 的最後一個問題。

So I have a little bit of a longer-term question actually on the UOP business.

所以我有一個關於 UOP 業務的長期問題。

How do you think about that business just in -- with the backdrop that you've got, EVs are obviously going to become a much bigger portion of the market going forward.

你如何看待這項業務——在你所擁有的背景下，電動汽車顯然將在未來佔據更大的市場份額。

There's going to be some biofuel conversions.

將會有一些生物燃料的轉換。

Just how are you thinking about that business kind of structurally more longer term?

您如何從結構上更長期地考慮這種業務？

Yes.

是的。

Good question.

好問題。

Twofold.

雙重。

The first one is the world, obviously, the world of energy and how energy is generated is going to change over time.

第一個是世界，顯然，能量世界以及能量的產生方式將隨著時間而改變。

And the direction of that is clear.

而且方向很明確。

It's going to be renewables.

它將是可再生能源。

Energy is going to become much, much more prevalent part of the future.

能源將成為未來更加普遍的一部分。

But it's also not going to be immediate.

但這也不會立即生效。

It's not going to happen in 2022 or '23, and it's going to be a slow, gradual progress.

這不會在 2022 年或 23 年發生，這將是一個緩慢、漸進的過程。

So a lot of the things that UOP still does will become relevant, particularly where a big part of that business being around gas, natural gas, which we know is the cleanness of the hydrocarbon.

因此，UOP 仍在做的很多事情都將變得相關，特別是在該業務的很大一部分是圍繞天然氣、天然氣的情況下，我們知道這是碳氫化合物的清潔度。

So that's Phase 1.

這就是第 1 階段。

So I think that we've got to continue to serve our customer base.

所以我認為我們必須繼續為我們的客戶群服務。

And frankly, many of them will be transforming in terms of how they provide energy to the world.

坦率地說，他們中的許多人將在向世界提供能源的方式方面發生轉變。

The second part, as you know, we've launched a new business within UOP called the Sustainability Technology Solutions business, which is going to become a bigger and bigger and bigger part of the UOP portfolio.

第二部分，如您所知，我們在 UOP 內推出了一項名為可持續技術解決方案業務的新業務，它將成為 UOP 產品組合中越來越大的一部分。

And it really has 3 primary growth levers.

它確實有 3 個主要增長槓桿。

One is energy storage, which is economically feasible and viable, and we're building and deploying our first prototype of that this year.

一個是儲能，它在經濟上是可行的，我們今年正在建造和部署我們的第一個原型。

So it's not a dream.

所以這不是夢。

Two is 360-degree plastics recyclability, which also we're going to be deploying some technology this year.

二是 360 度塑料可回收性，我們今年也將部署一些技術。

And then the last one, where we're really the pioneers, which is Ecofining, which is going to become a bigger, bigger part of the refining footprint.

然後是最後一個，我們真正是先驅，這是 Ecofining，它將成為煉油足跡中越來越大的一部分。

So we've got 3 sort of -- this is under one business umbrella, and that's going to become our growth engine for the future.

所以我們有 3 種——這是在一個業務保護傘下，這將成為我們未來的增長引擎。

So what I envision happening is potentially, longer term, some of the more hydrocarbon-oriented offerings will slowly, and I emphasize the word very slowly decline while our Sustainability Technology Solutions business will grow very, very quickly.

因此，我預計會發生的情況是，從長遠來看，一些以碳氫化合物為導向的產品可能會慢慢下降，我強調這個詞會非常緩慢地下降，而我們的可持續發展技術解決方案業務將增長得非常非常快。

That's sort of how I see that business evolving.

這就是我對業務發展的看法。

That's why we -- this is another place we're investing, put our dollars to work.

這就是為什麼我們 - 這是我們投資的另一個地方，讓我們的錢發揮作用。

And we're excited about the future and the kinds of solutions that we have.

我們對未來和我們擁有的各種解決方案感到興奮。

And as you know, we don't have better scientists anywhere in our company than in UOP when it comes to material science.

如您所知，在材料科學方面，我們公司的任何地方都沒有比 UOP 更好的科學家。

So I'm quite confident that some of these technology breakthroughs will work and will really enable a path to the future energy footprint of the world.

所以我非常有信心，其中一些技術突破將會奏效，並真正為世界未來的能源足跡鋪平道路。

This concludes today's call and answer session.

今天的電話會議到此結束。

At this time, I'd like to turn the conference back to our speakers for any additional closing remarks.

此時，我想將會議轉回給我們的發言人，聽取任何額外的閉幕詞。

Thank you.

謝謝。

I want to thank our shareholders for their continued support of Honeywell throughout the macroeconomic challenges of 2020.

我要感謝我們的股東在 2020 年宏觀經濟挑戰期間對霍尼韋爾的持續支持。

I'm pleased with our execution throughout the year, proving that we can and will outperform in all economic conditions.

我對我們全年的執行情況感到滿意，證明我們能夠而且將會在所有經濟條件下表現出色。

We are well positioned for the recovery, and I'm excited for the opportunities to come in 2021 and beyond.

我們為複蘇做好了準備，我對 2021 年及以後的機會感到興奮。

Thank you all for listening, and please stay safe and healthy.

謝謝大家的聆聽，請保持安全和健康。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

Please disconnect your lines at this time, and have a wonderful day.

此時請斷開您的線路，祝您有美好的一天。