漢威聯合 (HON) 2018 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Honeywell's Fourth Quarter Earnings and 2019 Outlook Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們先生們，美好的一天，歡迎來到霍尼韋爾第四季度收益和 2019 年展望電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

I would now like to introduce you to your host for today's conference, Mark Macaluso, please go ahead, Vice President of Investor Relations.

我現在想向您介紹今天會議的主持人 Mark Macaluso，投資者關係副總裁，請繼續。

Thank you, Marguerite. Good morning, and welcome to Honeywell's Fourth Quarter 2018 Earnings and 2019 Outlook Call. With me here today are Chairman and CEO, Darius Adamczyk; and Senior Vice President and Chief Financial Officer, Greg Lewis.

謝謝你，瑪格麗特。早上好，歡迎來到霍尼韋爾 2018 年第四季度收益和 2019 年展望電話會議。今天和我在一起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/investors.

我們的網站 www.honeywell.com/investors 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. Those elements can change, and we ask that you interpret them in that light. We identify the principal risks and uncertainties that 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。這些元素可以改變，我們要求您從這個角度來解釋它們。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影響我們業績的主要風險和不確定性。

For this call, references to adjusted earnings per share, adjusted free cash flow and free cash flow conversion and effective tax rate exclude the impact from separation costs related to the 2 spin-offs of our Homes and Transportation Systems businesses as well as pension mark-to-market adjustments and U.S. tax legislation, except where otherwise noted in 2018. With regards to 2019, references to adjusted free cash flow guidance and associated conversion on this call exclude impacts from separation cost payments related to the spin-off.

對於此次電話會議，調整後每股收益、調整後自由現金流和自由現金流轉換以及有效稅率的參考不包括與我們的家庭和交通系統業務的 2 次分拆相關的分離成本的影響以及養老金標記-市值調整和美國稅法，除非 2018 年另有說明。關於 2019 年，本次電話會議對調整後的自由現金流量指導和相關轉換的參考不包括與分拆相關的離職成本支付的影響。

This morning, we will review our financial results for the fourth quarter and full year 2018, share our guidance for the first quarter of 2019 and discuss our full year outlook. As always, we will leave time for your questions on the end.

今天上午，我們將回顧 2018 年第四季度和全年的財務業績，分享我們對 2019 年第一季度的指引，並討論我們的全年展望。一如既往，我們將在最後留出時間回答您的問題。

With that, I will 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. Let's begin on Slide 2. We're extremely pleased with our results in 2018. We made progress both from a portfolio and financial perspective, continued smart investments in our businesses and our people and took steps to position the company for the next 20 years.

謝謝馬克，大家早上好。讓我們從幻燈片 2 開始。我們對 2018 年的業績感到非常滿意。我們在投資組合和財務方面都取得了進展，繼續對我們的業務和員工進行明智的投資，並採取措施為公司未來 20 年定位。

This quarter, we successfully completed our second spin-off of the year, Residio Technologies, launching our new stock exchange in October. We also continued to advance our software strategy while growing our quote businesses in attractive end markets. And most importantly, consistent with what we've done all year, Honeywell delivered on its commitments to our shareowners. We met or exceeded our financial commitments on all metrics, delivering adjusted earnings per share of $1.91 in the fourth quarter, driven by 6% organic sales growth and 80 basis points of segment margin expansion.

本季度，我們成功完成了今年的第二次分拆 Residio Technologies，並於 10 月推出了我們的新證券交易所。我們還繼續推進我們的軟件戰略，同時在有吸引力的終端市場發展我們的報價業務。最重要的是，與我們全年所做的一致，霍尼韋爾兌現了對股東的承諾。我們在所有指標上都達到或超過了我們的財務承諾，在 6% 的有機銷售增長和 80 個基點的部門利潤率擴張的推動下，第四季度調整後的每股收益為 1.91 美元。

We continue to see strength in our long-cycle businesses, most notably in Commercial Aerospace, Defense and Warehouse Automation, where our Intelligrated business is a global leader. Furthermore, we are aggressively planning and mitigating the impacts of the tariffs dispute in all of our businesses, as evidenced by the strong margin expansion we generated this quarter. Based on what we know of today, we do not expect any material impact to our results in 2019 related to tariffs.

我們繼續看到長周期業務的實力，尤其是在商業航空航天、國防和倉庫自動化領域，我們的 Intelligrated 業務在這些領域處於全球領先地位。此外，我們正在積極規劃和減輕關稅爭端對我們所有業務的影響，本季度我們產生的強勁利潤增長證明了這一點。根據我們今天所了解的情況，我們預計 2019 年與關稅相關的業績不會受到任何實質性影響。

For the full year, we achieved 100% free cash flow conversion and 105% conversion in the fourth quarter. We generated over $6 billion of free cash flow for the year, excluding spin cost payments, up 22% even after spinning nearly 20% of the company in the fourth quarter. This was principally driven by profitable growth, higher net income and continued efforts to free up working capital, all the while funding smart growth investments through $800 million of CapEx.

全年，我們實現了 100% 的自由現金流轉換，第四季度實現了 105% 的轉換。我們今年產生了超過 60 億美元的自由現金流，不包括分拆成本支付，即使在第四季度分拆了公司近 20% 的股份後，仍增長了 22%。這主要是由盈利增長、更高的淨收入和持續釋放營運資金的努力推動的，同時通過 8 億美元的資本支出為明智的增長投資提供資金。

Our free cash flow as a percent of sales was the highest it's been in at least 15 years, and we expect it will continue to grow from here. Importantly, our U.S. pension is funded at over 105%, and we do not expect any cash contributions in the near term. The financial health of this company heading into 2019 is as strong as it's ever been, and we still have ample resources to deploy.

我們的自由現金流佔銷售額的百分比是至少 15 年來的最高水平，我們預計它將繼續增長。重要的是，我們的美國養老金資金支持率超過 105%，我們預計短期內不會有任何現金捐助。進入 2019 年，這家公司的財務狀況一如既往地強勁，我們仍有充足的資源可以部署。

Lastly, we continued a steady cadence of capital deployment for an additional $1.7 billion of Honeywell share repurchases in the quarter, bringing the full year total to approximately $4 billion. As a result, and now expect the fully diluted share count to be down at least 3% in 2019 based on our plan to reduce share count by at least 1% from 2018.

最後，我們繼續保持穩定的資本部署節奏，本季度額外回購了 17 億美元的霍尼韋爾股票，使全年總額達到約 40 億美元。因此，根據我們從 2018 年起至少減少 1% 的股份數量計劃，現在預計 2019 年完全攤薄後的股份數量將至少減少 3%。

As we continue to return cash to our shareowners through $2.3 billion in dividend, following another double-digit dividend increase in 2018. This was a particularly good year for Honeywell. We have a simpler, more focused portfolio after the spins and continue to execute on our initiatives as we look to the future. We see strength across several end markets and have significant balance sheet capacity to deploy. And while we're not planning for a recession in 2019, we are taking steps now to ensure we deliver on our commitment in an uncertain economic environment.

在 2018 年再次實現兩位數的股息增長之後，我們繼續通過 23 億美元的股息向股東返還現金。這對霍尼韋爾來說是特別好的一年。分拆後，我們擁有更簡單、更專注的投資組合，並在展望未來時繼續執行我們的計劃。我們看到了多個終端市場的實力，並且擁有可觀的資產負債表部署能力。雖然我們沒有計劃在 2019 年出現經濟衰退，但我們現在正在採取措施，以確保在不確定的經濟環境中兌現我們的承諾。

Let's turn to Slide 3 to review some of the progress from last year. As I mentioned, we took significant steps through 2018 to transform the business. One of my key priorities from the outset was to accelerate organic growth. As you've seen by our results, we're making good progress on this front. We're encouraged by the fact that nearly 60% of the portfolio grew sales 5% or more organically for the full year of 2018 with several businesses growing above 10%.

讓我們轉到幻燈片 3 來回顧去年的一些進展。正如我所提到的，我們在 2018 年採取了重大步驟來轉變業務。從一開始我的首要任務之一就是加速有機增長。正如您從我們的結果中看到的那樣，我們在這方面取得了良好的進展。我們感到鼓舞的是，近 60% 的投資組合在 2018 年全年的銷售額有機增長了 5% 或更多，其中有幾家業務增長超過 10%。

With the spin-offs complete, we now operate a more focused portfolio in a smaller number of attractive end markets. Portfolio optimization is central to and will continue to be part of Honeywell's operating system. We plan to continue effectively deploying capital by funding high-return CapEx and returning capital to shareholders through dividends and share repurchases.

隨著分拆的完成，我們現在在少數有吸引力的終端市場運營更集中的產品組合。投資組合優化是霍尼韋爾操作系統的核心，並將繼續成為其操作系統的一部分。我們計劃通過為高回報資本支出提供資金並通過股息和股票回購向股東返還資本，繼續有效地配置資本。

We have had 9 consecutive double-digit dividend increases since 2010 and still have a strong and flexible balance sheet with the ability to deploy over $14 billion of cash through M&A, CapEx, dividends and share repurchases. A combination of strong sales growth, favorable end-market exposure and significant balance sheet capacity positions us well as we head into 2019.

自 2010 年以來，我們已連續 9 次實現兩位數的股息增長，並且仍然擁有強大而靈活的資產負債表，能夠通過併購、資本支出、股息和股票回購部署超過 140 億美元的現金。強勁的銷售增長、有利的終端市場敞口和顯著的資產負債表能力相結合，使我們在進入 2019 年時處於有利地位。

We are now on Slide 4. As I mentioned, continuous transformation is part of Honeywell's operating system. On this slide, we highlight 3 key transformation initiatives to establish Honeywell as a premier technology company for the future. Earlier this year, we established Honeywell Connected Enterprise, or HCE, which is a strengthened and centralized organization that will serve as a software innovation engine for all of Honeywell. HCE operates with the speed and agility of a start-up, working close with our businesses and our customers across the entire portfolio to build the world's best software solutions rapidly and efficiently on a single platform.

我們現在在幻燈片 4 上。正如我提到的，持續轉型是霍尼韋爾操作系統的一部分。在這張幻燈片上，我們重點介紹了 3 項關鍵的轉型舉措，旨在將霍尼韋爾打造成面向未來的一流技術公司。今年早些時候，我們成立了霍尼韋爾互聯企業 (Honeywell Connected Enterprise，簡稱 HCE)，這是一個強化和集中的組織，將作為整個霍尼韋爾的軟件創新引擎。 HCE 以初創企業的速度和敏捷性運營，與我們的業務和整個產品組合中的客戶密切合作，在單一平台上快速高效地構建世界上最好的軟件解決方案。

Our transformation to a premier technology company required us to look beyond just spin-offs. Our Chief Supply Chain Officer, Torsten Pilz, is leading Honeywell's efforts to improve our supply chain and optimize our global footprint. We see a lot of opportunity here to drive margin expansion and operational efficiency, and you'll hear much more about this from Torsten at our Annual Investor Conference in May.

我們向一流技術公司的轉型要求我們不僅僅局限於分拆業務。我們的首席供應鏈官 Torsten Pilz 領導霍尼韋爾改善我們的供應鏈並優化我們的全球足跡。我們在這裡看到了很多推動利潤擴張和運營效率的機會，你會在 5 月份的年度投資者大會上從 Torsten 那裡聽到更多關於這方面的信息。

We are making similar enhancements on our capabilities internally with Honeywell's digital initiative. This requires people, process, data and technology elements to come together, which will allow for more effective and efficient decision-making throughout Honeywell. This effort includes a continuation of our progress through centralized ERP systems.

我們正在通過霍尼韋爾的數字計劃在內部對我們的能力進行類似的增強。這需要將人員、流程、數據和技術元素結合在一起，從而使整個霍尼韋爾的決策制定更加有效和高效。這項工作包括通過集中式 ERP 系統繼續我們的進步。

Thus far, we have eliminated 35 unique systems in 2018, going from 106 to 71, and we are on path to just 10 ERP applications by the end of 2020. The result will be consistent processes and centralized data governance of a common IT foundation.

到目前為止，我們在 2018 年淘汰了 35 個獨特系統，從 106 個減少到 71 個，到 2020 年底我們將減少 10 個 ERP 應用程序。結果將是一致的流程和共同 IT 基礎的集中數據治理。

As you can see, we have achieved a lot this year and continue to redefine the limits on what Honeywell can achieve to be the best positioned, multi-industrial company for the future.

正如您所看到的，我們今年取得了很多成就，並繼續重新定義霍尼韋爾可以實現的目標，成為未來定位最佳的多行業公司。

Let's turn to Slide 5 to briefly review progress against our key priorities.

讓我們轉到幻燈片 5，簡要回顧一下我們關鍵優先事項的進展情況。

I laid out my key priorities for the company in 2017. Since then, we've continued to foster a culture within Honeywell of doing what we say or, as we call it, the say-do ratio. As you stack the results against our long-term commitments, you can see we're clearly making progress and, in some instances, achieving milestones sooner than we thought, such as with our organic sales growth and free cash flow conversion. We are accomplishing these objectives while making smart investments for the future through CapEx, restructuring and research and development.

我在 2017 年為公司製定了我的主要優先事項。從那時起，我們一直在霍尼韋爾內部培養一種說到做到的文化，或者我們稱之為說到做的比率。當您將結果與我們的長期承諾相比較時，您可以看到我們正在明顯取得進展，並且在某些情況下，比我們想像的更早實現里程碑，例如我們的有機銷售增長和自由現金流轉換。我們正在實現這些目標，同時通過資本支出、重組和研發為未來進行明智的投資。

Our software businesses grew in the mid-teens range last year on a path to the 20% long-term compound annual growth rate we anticipate. We've taken steps to unify and strengthen our software strategy through the Honeywell Connected Enterprise and continue to invest in software development, sales and marketing capabilities and buildout of the Sentience platform.

我們的軟件業務去年在十幾歲左右的範圍內增長，並朝著我們預期的 20% 的長期復合年增長率邁進。我們已採取措施通過 Honeywell Connected Enterprise 統一和加強我們的軟件戰略，並繼續投資於軟件開發、銷售和營銷能力以及 Sentience 平台的擴建。

In 2018, Honeywell Ventures made 5 investments, including in Soft Robotics, a developer of automation solutions in soft robotic gripping systems that can grasp and manipulate items with the same dexterity of the human hand; and in IoTium, a managed secure network infrastructure platform for the Industrial Internet of Things that primarily serves building technologies and industrial customers.

2018 年，Honeywell Ventures 進行了 5 項投資，其中包括 Soft Robotics，這是一家軟體機器人抓取系統自動化解決方案的開發商，可以像人手一樣靈活地抓取和操縱物品；在 IoTium 中，這是一個用於工業物聯網的託管安全網絡基礎設施平台，主要服務於建築技術和工業客戶。

We also completed 2 bolt-on acquisitions totaling roughly $500 million. Ortloff Engineers is a privately held licensor and industry-leading developer of specialized technologies that drive high returns in natural gas processing and sulfur recovery. This complements our existing UOP offering, which allows us to better meet customer needs for high recovery non-gas liquid extraction plants globally.

我們還完成了 2 項補強收購，總額約為 5 億美元。 Ortloff Engineers 是一家私營許可方和行業領先的專業技術開發商，這些技術可推動天然氣加工和硫回收的高回報。這補充了我們現有的 UOP 產品，使我們能夠更好地滿足全球客戶對高回收率非氣液萃取工廠的需求。

Transnorm, now part of Safety and Productivity Solutions, is a global leader in high-performance conveyor solutions that are used in diverse end markets such as parcel delivery, e-commerce fulfillment and airports. The acquisition strengthens Honeywell's warehouse automation portfolio and positions the company to support the growing European e-commerce market while broadening Honeywell's connected distribution center and aftermarket offerings.

Transnorm 現在是 Safety and Productivity Solutions 的一部分，是高性能輸送機解決方案的全球領導者，這些解決方案用於包裹遞送、電子商務履行和機場等不同的終端市場。此次收購加強了霍尼韋爾的倉庫自動化產品組合，使公司能夠支持不斷增長的歐洲電子商務市場，同時擴大霍尼韋爾的互聯配送中心和售後市場產品。

I'll stop there and turn the call over to Greg, who will discuss our fourth quarter results and 2019 outlook in more detail.

我會停在那裡並將電話轉給格雷格，他將更詳細地討論我們的第四季度業績和 2019 年展望。

Thanks, Darius, and good morning, everyone. Let me begin on Slide 6. As Darius mentioned, we finished 2018 very strong in every financial metric. Organic sales growth for the fourth quarter was 6%. We have been at or above 5% every quarter this year. This reflects our continued commitment to customer excellence, new product development as well as our realization of benefits from the investments we've made in our sales organization and new product development process.

謝謝，大流士，大家早上好。讓我從幻燈片 6 開始。正如 Darius 提到的，我們在 2018 年的每個財務指標都非常強勁。第四季度有機銷售額增長 6%。今年我們每個季度的增長率都在 5% 或以上。這反映了我們對客戶卓越、新產品開發的持續承諾，以及我們從我們在銷售組織和新產品開發過程中所做的投資中獲得的收益的實現。

We generated approximately $2 billion of segment profit in the fourth quarter, driven principally by higher sales volumes with segment margin expansion of 80 basis points. The impact from the spin-offs of lower-margin businesses, net of acquisitions, contributed 30 basis points, while the core business generated 50 basis points expansion. Pricing and productivity was strong, which enabled us to effectively mitigate the impact of material and labor inflation. We also saw continued benefits from previously funded restructuring.

我們在第四季度產生了約 20 億美元的分部利潤，這主要是由於銷量增加，分部利潤率擴大了 80 個基點。扣除收購後利潤率較低的業務分拆的影響貢獻了 30 個基點，而核心業務產生了 50 個基點的擴張。定價和生產力強勁，這使我們能夠有效地減輕材料和勞動力通脹的影響。我們還看到了先前資助的重組帶來的持續收益。

Adjusted EPS was $1.91, up 12% versus prior year, excluding the spins, which exceeded the high end of our guidance range by $0.01. The adjusted EPS figure excludes both the impact of an approximate $435 million favorable adjustment to the 4Q '17 tax charge and $104 million in spin-related separation costs.

調整後的每股收益為 1.91 美元，比上年增長 12%，不包括旋轉，超出我們指導範圍的高端 0.01 美元。調整後的每股收益數字不包括對 17 年第 4 季度稅費進行約 4.35 億美元的有利調整的影響和 1.04 億美元的分拆相關分離成本。

At the outlook call in 2018, we estimated that separation costs for the 2 transactions would be in the range of $800 million to $1.2 billion. I'm very pleased to report that the total separation costs for both spins came in lower than this estimate at $730 million, which demonstrates our ability to effectively execute complex transactions, both ahead of schedule and below budget.

在 2018 年的展望電話會議上，我們估計這兩項交易的分離成本將在 8 億至 12 億美元之間。我很高興地報告，兩次分拆的總分離成本低於這個估計值 7.3 億美元，這表明我們有能力提前並低於預算有效執行複雜的交易。

We also recorded $300 million in repositioning charges in the quarter to fund future productivity and stranded cost reductions. Share buybacks totaled $4 billion in 2018 and drove a $0.06 benefit from lower share count in the quarter. You can find a bridge to the fourth quarter adjusted earnings per share in the appendix of this presentation.

我們還在本季度記錄了 3 億美元的重新定位費用，以資助未來的生產力和減少滯留成本。 2018 年股票回購總額為 40 億美元，本季度股票數量減少帶來 0.06 美元的收益。您可以在本演示文稿的附錄中找到通往第四季度調整後每股收益的橋樑。

Finally, working capital improved 0.6 turns year-over-year. Our businesses are all focused on improving working capital, and we continue to see progress on our initiatives, with room to free up more cash for capital deployment.

最後，營運資金同比增長 0.6 倍。我們的業務都專注於改善營運資金，我們繼續看到我們的舉措取得進展，並有空間釋放更多現金用於資本部署。

Now I'll turn to Slide 7 and review our segment results. Our Aerospace business continued to perform extremely well in a robust demand environment, capping off a strong year of near double-digit organic sales growth. In the fourth quarter, we generated 17% organic growth in Defense & Space with double-digit growth in both the U.S. and international businesses, led by global demand for sensors and guidance systems, original equipment shipment volumes and higher spares volumes on U.S. Department of Defense programs. We also saw growth in our space business, driven by new satellite program wins and commercial helicopters, driven by repair and overhaul demand.

現在我將轉到幻燈片 7 並查看我們的細分結果。我們的航空航天業務在強勁的需求環境中繼續表現出色，為本年度接近兩位數的有機銷售額增長畫上了圓滿的句號。第四季度，我們在國防和航天領域實現了 17% 的有機增長，美國和國際業務均實現了兩位數增長，這主要得益於全球對傳感器和製導系統的需求、原始設備出貨量以及美國國防部更高的備件量。防禦計劃。在維修和大修需求的推動下，我們還看到了我們的太空業務的增長，這得益於新衛星計劃的勝利和商用直升機的推動。

In Commercial OE, sales were up 8% organically with increased HTS engine demand for Gulfstream and Textron Longitude platforms and higher aviation shipset volumes, driven primarily by the certification of the Gulfstream G600. Aftermarket growth was strong in all businesses, including Defense, driven by increased demand for avionics upgrades, both software and hardware, navigation products and safety mandates. Our Connected Aircraft offering has continued to gain traction, driven by GoDirect Cabin tail capture and robust JetWave demand.

在商用 OE 方面，銷售額有機增長 8%，主要受灣流 G600 認證的推動，對灣流和德事隆 Longitude 平台的 HTS 發動機需求增加，航空船舶數量增加。受對航空電子設備升級（包括軟件和硬件、導航產品和安全要求）的需求增加的推動，包括國防在內的所有業務的售後市場增長都很強勁。在 GoDirect Cabin 機尾捕獲和強勁的 JetWave 需求的推動下，我們的互聯飛機產品繼續獲得牽引力。

Turning to Honeywell Building Technologies. Organic sales growth was 1%, driven by continued demand for commercial fire products in North America, Europe and our High Growth Regions. Building Solutions projects growth was also strong, particularly for international airports. The HPS projects backlog is up 15%, setting up a strong 2019 as we continue to expand in critical infrastructure markets like airports, cities and stadiums.

轉向霍尼韋爾樓宇科技。受北美、歐洲和我們的高增長地區對商用消防產品的持續需求推動，有機銷售額增長 1%。建築解決方案項目增長也很強勁，尤其是國際機場。 HPS 項目積壓增加了 15%，隨著我們繼續在機場、城市和體育場館等關鍵基礎設施市場擴張，2019 年勢頭強勁。

These gains were offset by declines in our China air and water business and temporary supply chain challenges within our building management systems business. We expect the air and water business to recover in 2019, driven by new product introductions for the mid-segment and stronger demand as inventory net levels normalize after a challenging 2018. In December, the supply chain issues within building management systems began to stabilize, and we expect continued improvement in the first half of 2019.

這些收益被我們的中國空氣和水業務的下滑以及我們的建築管理系統業務中的臨時供應鏈挑戰所抵消。我們預計空氣和水業務將在 2019 年復蘇，受中端市場新產品推出和需求強勁的推動，因為庫存淨水平在充滿挑戰的 2018 年之後恢復正常。12 月，建築管理系統內的供應鏈問題開始趨於穩定，我們預計 2019 年上半年將繼續改善。

HBT also benefited from 1 month of single-digit organic sales growth from the former Homes business, driven by strength in both products and ADI Global Distribution. As a reminder, the results for HBT exclude Homes and Distribution after October.

在產品和 ADI 全球分銷實力的推動下，HBT 還受益於前家居業務 1 個月的個位數有機銷售額增長。提醒一下，HBT 的結果在 10 月之後不包括房屋和配電。

In Performance Materials and Technologies, sales were flat on an organic basis. Sales in UOP were up 2%, driven by ongoing strength in licensing and engineering sales, but were offset by an expected decline in gas processing, which was driven by an extremely strong fourth quarter in 2017.

在特性材料和技術領域，有機銷售額持平。在許可和工程銷售持續強勁的推動下，UOP 的銷售額增長了 2%，但被 2017 年第四季度極其強勁的天然氣加工預期下降所抵消。

Process solutions sales were up 1% organically, driven primarily by a strong demand in our software maintenance and migration services and steel devices. This was offset by declines in large project activity and in smart energy and thermal solutions, both shorter-cycle businesses, due to supply chain challenges. Notably, we continue to see solid trends within the automation businesses of Process Solutions, with total orders up double digits and short-cycle backlog up over 30%, suggesting that oil price volatility in the fourth quarter may have temporarily delayed customer investment decisions.

過程解決方案銷售額有機增長 1%，這主要是由於我們的軟件維護和遷移服務以及鋼鐵設備的強勁需求推動的。由於供應鏈挑戰，大型項目活動以及智能能源和熱力解決方案的下降抵消了這兩個業務週期較短的業務。值得注意的是，我們繼續看到過程解決方案自動化業務的穩健趨勢，總訂單增長兩位數，短週期積壓增長超過 30%，這表明第四季度的油價波動可能暫時推遲了客戶的投資決策。

Advanced Materials sales were down 3% on an organic basis as continued strong demand and adoption of our Solstice line of low global-warming refrigerants, which was up 5%, was offset by declines in specialty products, particularly in our electronic materials business, which is in the semiconductor space, as you know, and tough comps associated to the fourth quarter of 2017.

先進材料銷售額有機下降 3%，原因是持續強勁的需求和採用我們的 Solstice 系列低全球變暖製冷劑（增長 5%）被特種產品的下降所抵消，尤其是我們的電子材料業務，這如您所知，在半導體領域，以及與 2017 年第四季度相關的艱難競爭。

PMT segment margins expanded 200 basis points in the fourth quarter, as expected, driven by the timing of catalyst shipments within UOP, commercial excellence and the benefits from previously funded repositioning.

正如預期的那樣，第四季度 PMT 部門的利潤率擴大了 200 個基點，這得益於 UOP 內部催化劑發貨的時間安排、卓越的商業表現以及先前資助的重新定位帶來的好處。

Now turning to the Safety and Productivity Solutions business. That continued to perform at a high level with organic sales up 15%, driven by broad-based strength across all lines of business. Double-digit organic growth in Intelligrated continued as orders for major systems and robust backlog conversion fueled by e-commerce drove strong results.

現在轉向安全和生產力解決方案業務。在所有業務線的廣泛實力的推動下，這繼續保持高水平，有機銷售額增長了 15%。 Intelligrated 繼續保持兩位數的有機增長，因為主要係統的訂單和電子商務推動的強勁積壓訂單轉換推動了強勁的業績。

We also saw double-digit growth in our sensing business and continued strength in our productivity products business, driven by demand for Android-based mobility offerings and handheld printing devices. In total, organic growth in our productivity solutions segment was up 23%.

在對基於 Android 的移動產品和手持打印設備的需求的推動下，我們的傳感業務也實現了兩位數的增長，生產力產品業務也持續走強。總體而言，我們的生產力解決方案部門的有機增長增長了 23%。

Moving to safety. The safety business sales grew 5% organically, led by ongoing demand for gas products and strong growth in retail footwear associated with the holiday season.

移動到安全。安全業務銷售額有機增長 5%，這主要得益於對天然氣產品的持續需求以及與假日季節相關的零售鞋類的強勁增長。

Finally, we continue to see strength in our businesses across High Growth Regions. In China, SPS grew double digits with robust growth across industrial safety, productivity products and SIoT. Excluding the ongoing softness in air and water, HBT also grew double digits in China. For all of Honeywell, China was up 9% organically for the full year.

最後，我們繼續看到我們在高增長地區的業務實力。在中國，SPS 在工業安全、生產力產品和 SIoT 領域實現了兩位數的強勁增長。排除持續的空氣和水的柔軟性，HBT 在中國也增長了兩位數。對於整個霍尼韋爾，中國全年有機增長 9%。

In India, our capabilities and strength provided exceptional growth in the fourth quarter, greater than 25% over prior year. This was driven by our building and process solutions businesses. We continue to see positive macroeconomic trends in the Middle East with supported growth across all businesses, with 3 segments growing double digits organically compared to the prior quarter.

在印度，我們的能力和實力在第四季度實現了非凡的增長，比去年同期增長了 25% 以上。這是由我們的建築和流程解決方案業務推動的。我們繼續看到中東的積極宏觀經濟趨勢，支持所有業務的增長，與上一季度相比，3 個部門實現了兩位數的有機增長。

Now with 2018 in the rearview mirror, let's move to Slide 8 and discuss our 2019 outlook.

現在回顧 2018 年，讓我們轉到幻燈片 8 並討論我們的 2019 年展望。

We have a reliable playbook at Honeywell, and it's not changing for 2019. Our focus on smart growth investments, breakthrough initiatives and new product development, coupled with productivity rigor and the benefits of funded repositioning, has positioned us well for continued outperformance.

我們在霍尼韋爾有一個可靠的劇本，並且在 2019 年不會改變。我們專注於明智的增長投資、突破性舉措和新產品開發，再加上嚴格的生產力和資金重新定位的好處，使我們能夠繼續取得優異成績。

For 2019, we anticipate an organic sales growth range of 2% to 5%, the low end of which reflects the possibility of some economic slowing, but not a recession in 2019. Segment margin expansion is expected to be 110 to 140 basis points or 30 to 60 basis points, excluding the impact of the spin-offs. This will drive earnings per share growth of 6% to 10%, excluding dilution from the spins in 2018. We expect to generate adjusted free cash flow conversion near 100%, consistent with 2018, driven by high-quality income growth and continued working capital improvements across the portfolio.

對於 2019 年，我們預計有機銷售增長范圍為 2% 至 5%，其低端反映了 2019 年經濟放緩的可能性，但不會出現衰退。部門利潤率預計將增長 110 至 140 個基點或30 至 60 個基點，不包括分拆的影響。這將推動每股收益增長 6% 至 10%，不包括 2018 年分拆帶來的稀釋。我們預計將產生接近 100% 的調整後自由現金流轉換，與 2018 年一致，這得益於高質量的收入增長和持續的營運資金整個投資組合的改進。

We're confident in our businesses and the year ahead supported by positive long-cycle orders and backlog trends exiting 2018. We have put forth a strong plan with multiple cost levers to pull in the event the recent volatility in the macro environment persists. As Darius mentioned in his opening, we don't expect a significant impact in 2019 related to tariffs. We have worked very hard to mitigate that across the year for 2019, including addressing the potential impact of the still-unannounced List 4, which contemplates a 25% tariff on all remaining items imported from China. We will continue to monitor this throughout the year and react accordingly as we did in 2018.

我們對我們的業務和未來一年充滿信心，這得益於積極的長周期訂單和 2018 年結束的積壓趨勢。我們已經提出了一個強有力的計劃，利用多種成本槓桿來應對近期宏觀環境持續波動的情況。正如大流士在開場白中提到的那樣，我們預計 2019 年不會對關稅產生重大影響。我們在 2019 年全年都非常努力地減輕這種情況，包括解決尚未公佈的清單 4 的潛在影響，該清單考慮對從中國進口的所有剩餘商品徵收 25% 的關稅。我們將全年繼續監測這一情況，並像 2018 年那樣做出相應反應。

Some other items to take note of related to our 2019 plan. We are on track to slightly ahead of our plan to eliminate all stranded costs in 2019 related to the spin-offs, with a little over half the costs removed to date. We see the impact of these costs primarily in the net corporate cost line and in the segment margin in Honeywell building technologies. Also, based on the planned reduction in pension income driven by discount rates and assumed asset returns as well as lower repositioning and other charges driven by the spin indemnity, our total net below-the-line charges are expected to be approximately $80 million in 2019.

其他一些需要注意的事項與我們的 2019 年計劃有關。我們有望略微提前完成我們在 2019 年消除與分拆相關的所有擱淺成本的計劃，迄今為止已消除了略多於一半的成本。我們看到這些成本的影響主要體現在企業淨成本線和霍尼韋爾建築技術的細分市場利潤率上。此外，根據貼現率和假設資產回報率推動的養老金收入計劃減少，以及分拆賠償推動的較低的重新定位和其他費用，我們預計 2019 年總淨線下費用約為 8000 萬美元.

We will see continued benefits from planned and executed share repurchases. Our 2019 plan assumes a weighted average share count reduction of about 3% year-on-year or 730 million shares. This is based on the 2% share count reduction we executed from 2018 repurchases and at least 1% additional reduction in 2019. You'll find additional details on our 2019 planned inputs in the appendix.

我們將繼續從計劃和執行的股票回購中獲益。我們的 2019 年計劃假設加權平均股數同比減少約 3% 或 7.3 億股。這是基於我們從 2018 年回購中執行的 2% 的股份數量減少以及 2019 年至少 1% 的額外減少。您可以在附錄中找到有關我們 2019 年計劃投入的更多詳細信息。

Based on what we can see today, we expect to be at the upper end of our sales guidance range for organic growth. However, given the many uncertainties in the macro signals, we're planning cautiously in 2019 overall as it's difficult to predict short-cycle revenues, particularly in the second half of the year. And remember that is still approximately 60% of our business.

根據我們今天所看到的情況，我們預計將處於有機增長銷售指導範圍的上限。不過，鑑於宏觀信號存在諸多不確定性，我們對2019年總體規劃謹慎，短週期收入難以預測，尤其是下半年。請記住，這仍然是我們業務的大約 60%。

Let's turn to Page 9. We provided an initial assessment of our end markets and anticipated organic growth rates in each for 2019. The green arrows are an indication that we expect market conditions to improve while the gray flat arrows indicate that we expect market conditions to remain relatively similar to last year.

讓我們翻到第 9 頁。我們提供了對終端市場的初步評估以及 2019 年每個終端市場的預期有機增長率。綠色箭頭表示我們預計市場狀況會改善，而灰色扁平箭頭表示我們預計市場狀況會改善與去年保持相對相似。

Starting with aerospace, we expect organic sales to be up strong mid-single digits for the year. We continue to see a robust demand environment in both commercial aerospace and defense. In air transport, we expect continued growth in narrowbody production rates. We forecast new business jet deliveries to increase 8% to 10% in 2019, supported by several new aircraft models entering into service, a decline in young, used aircraft inventories and stable used jet prices.

從航空航天開始，我們預計今年的有機銷售額將實現強勁的中個位數增長。我們繼續看到商業航空航天和國防領域的強勁需求環境。在航空運輸方面，我們預計窄體機生產率將持續增長。我們預計 2019 年新公務機交付量將增長 8% 至 10%，這得益於幾款新機型投入使用、新舊飛機庫存下降以及二手噴氣機價格穩定。

Our long-term strategy of securing good positions on the right platforms, and building our installed base will serve us well in 2019, particularly with new business jet platforms, where we are well positioned from an OE standpoint.

我們的長期戰略是在正確的平台上確保良好的地位，並建立我們的安裝基礎，這將在 2019 年為我們提供良好的服務，特別是對於新的公務機平台，從 OE 的角度來看，我們處於有利地位。

Mid-single-digit flight hours growth will continue to drive aftermarket demand, and we expect further tailwind from the ADS-B compliance mandate deadline, along with increased demand for Connected Aircraft solutions across all products. The industry dynamics in defense will be positive in the U.S. and internationally, driven by budget growth, but we are planning conservatively for 2019 given the tough year-over-year comparisons, following 2018's banner year, where we grew 15% organically in the business.

中等個位數的飛行小時數增長將繼續推動售後市場需求，我們預計 ADS-B 合規性授權截止日期將進一步推動，同時對所有產品的互聯飛機解決方案的需求也會增加。在預算增長的推動下，國防行業在美國和國際上的動態將是積極的，但考慮到艱難的同比比較，我們對 2019 年的計劃持保守態度，繼 2018 年的標誌性年份之後，我們的業務有機增長了 15% .

With the favorable margin rate uplift from the former transportation systems spin, you should expect segment margins of approximately 24% for the aero business going forward.

隨著前運輸系統旋轉帶來的有利利潤率提升，您應該預計未來航空業務的分部利潤率約為 24%。

Now on to HBT. As a reminder, following the spin of our Homes portfolio, HBT's primary exposure is to nonresidential construction. Here, we anticipate low single-digit organic sales growth after a challenging 2018, driven by better execution of our operations, better selling strategies and sales coverage and new product introductions. We expect commercial fire will continue to be strong with the expansion of sales coverage and share gain and commercial security to improve with the expansion of our channel partner network.

現在進入 HBT。提醒一下，在我們的房屋投資組合發生變化之後，HBT 的主要風險敞口是非住宅建築。在這方面，我們預計在充滿挑戰的 2018 年之後，有機銷售額將實現較低的個位數增長，這得益於我們更好地執行運營、更好的銷售策略和銷售覆蓋面以及新產品的推出。我們預計，隨著銷售覆蓋面的擴大和份額收益的擴大，以及隨著我們渠道合作夥伴網絡的擴大，商業安全得到改善，商業火力將繼續強勁。

The declines we experienced in our China-based air and water business should subside through a combination of stronger market demand and new product introductions for the mid-segment and mass mid-segment. Globally, we see building management solutions growth in both hardware and software, driven by High Growth Regions expansion and our investments in software.

我們在中國的空氣和水業務經歷的下滑應該會通過更強勁的市場需求和針對中端和大眾中端的新產品推出而消退。在全球範圍內，我們看到建築管理解決方案在硬件和軟件方面都有增長，這是由高增長地區的擴張和我們對軟件的投資推動的。

Honeywell Building Solutions growth will be driven by government investments in smart cities, social infrastructure and airport modernization and capacity enhancements, particularly in High Growth Regions. We also expect continued adoption of Connected Building solutions on a global basis. You should expect to see margins in the range of about 20.5% in HBT after the spin-off of Homes.

Honeywell Building Solutions 的增長將受到政府對智慧城市、社會基礎設施和機場現代化以及容量增強的投資的推動，特別是在高增長地區。我們還期望在全球範圍內繼續採用互聯建築解決方案。在分拆 Homes 之後，HBT 的利潤率應該在 20.5% 左右。

For PMT, sales are expected to be up low single digits plus on an organic basis. In oil and gas, petrochemical market growth should remain steady at about 4%, driven by demand for packaging and plastics. However, given the volatility in oil prices in the second half of 2018, investments in global megaprojects slowed, and we see the oil price volatility potentially putting some pressure on upstream spending plans in 2019. Nevertheless, we anticipate similar market dynamics overall for 2018. And the basis for our plan is that oil prices remain in the low to mid-$60s per barrel.

對於 PMT，預計銷售額將在有機基礎上增長低個位數。在石油和天然氣方面，受包裝和塑料需求的推動，石化市場增長應穩定在 4% 左右。然而，鑑於 2018 年下半年油價的波動，全球大型項目的投資放緩，我們認為油價波動可能會給 2019 年的上游支出計劃帶來一些壓力。儘管如此，我們預計 2018 年整體市場動態類似。我們計劃的基礎是油價保持在每桶 60 美元的中低水平。

The refining market should continue to be strong as global demand for cleaner transportation fuels remains. The U.S. natural gas market, which is primarily served by our UOP Russell business, is expected to improve from 2018. UOP is expected to deliver a strong year driven by a strong backlog, licensing and services growth and improved market demand in gas processing after a tough 2018. Process Solutions will continue to grow across its short-cycle businesses, as we saw in 2018. This is supported by short-cycle backlog, which was up over 30% at the year-end.

由於全球對清潔運輸燃料的需求依然存在，煉油市場應該會繼續保持強勁。主要由我們的 UOP Russell 業務服務的美國天然氣市場預計將從 2018 年開始改善。預計 UOP 將在強勁的積壓、許可和服務增長以及天然氣加工市場需求改善的推動下實現強勁的一年艱難的 2018 年。正如我們在 2018 年所看到的那樣，Process Solutions 將在其短週期業務中繼續增長。這得到了短週期積壓的支持，該積壓在年底增長了 30% 以上。

Finally, within Advanced Materials, we expect continued growth from Solstice and our Fluorine Products business and better execution in specialty products.

最後，在先進材料方面，我們預計 Solstice 和我們的氟產品業務將繼續增長，並在特種產品方面有更好的執行。

Lastly, in SPS, sales are expected to be up in the mid-single-digit range. We expect the strong e-commerce and warehouse distribution macro trend to continue as our customers seek and implement differentiated warehouse solutions to deal with rising demand. Our orders in Intelligrated in 2018 were up over 30% for the year.

最後，在 SPS 中，銷售額預計將在中等個位數範圍內增長。隨著我們的客戶尋求並實施差異化的倉庫解決方案以應對不斷增長的需求，我們預計強勁的電子商務和倉庫分銷宏觀趨勢將繼續下去。 2018 年我們在 Intelligrated 的訂單同比增長超過 30%。

In the safety business, we anticipate growth will be driven by new product introductions within Gas Detection, growth in our core product lines and high-risk personal protective equipment and new product launches in general safety.

在安全業務方面，我們預計增長將受到氣體檢測領域新產品的推出、核心產品線和高風險個人防護設備的增長以及一般安全領域的新產品推出的推動。

In productivity, we expect strong growth driven by backlog conversion in Intelligrated and our sensing business, new mobility product introductions and expanded software offerings. We're also seeing growth in our life cycle service offerings in Intelligrated, which includes maintenance, technical support and optimization services. That is combined with the aftermarket capabilities we acquired with Transnorm.

在生產力方面，我們預計 Intelligrated 和我們的傳感業務的積壓轉換、新移動產品的推出和擴展的軟件產品將推動強勁增長。我們還看到了 Intelligrated 生命週期服務產品的增長，其中包括維護、技術支持和優化服務。這與我們通過 Transnorm 獲得的售後市場能力相結合。

Now let's move on to Slide 10. Here you can see the bridge of our 2018 adjusted earnings per share to 2019. The spin impact, which we define as the after-tax segment profit contribution from the spins in 2018, 9 months of transportation systems and 10 months of Homes, net of the estimated impact of the spin indemnity, assuming that it was in place all year for 2018, will be a $0.62 headwind to earnings in 2019.

現在讓我們轉到幻燈片 10。在這裡您可以看到我們 2018 年調整後每股收益與 2019 年的橋樑。旋轉影響，我們將其定義為 2018 年旋轉帶來的稅後利潤貢獻，9 個月的運輸系統和 10 個月的房屋，扣除旋轉賠償的估計影響，假設它在 2018 年全年都到位，將對 2019 年的收益產生 0.62 美元的不利影響。

As you can see, the majority of our earnings improvement, $0.30 to $0.60 per share, will again come from operational gains in our businesses, driven by profitable growth, continued productivity improvements and incremental benefits from previously funded restructuring. You can see the remaining impacts from the share count, below-the-line items and tax rate I have already touched on will contribute approximately $0.11 per share.

如您所見，我們的大部分收益增長（每股 0.30 美元至 0.60 美元）將再次來自我們業務的運營收益，這是由盈利增長、持續的生產率提高和先前資助的重組帶來的增量收益所推動的。你可以看到我已經提到的股票數量、線下項目和稅率的剩餘影響將貢獻大約每股 0.11 美元。

Now let's move to Slide 11 to discuss our first quarter guidance. For the first quarter, we expect to generate 3% to 5% organic sales growth, driven principally by healthy growth in our long-cycle businesses, with a more cautious tone towards short cycle, given the market volatility exiting 2018. With that said, we do anticipate that the commercial aftermarket, our sensing business and productivity products and commercial fire products will continue to be strong on the short-cycle side.

現在讓我們轉到幻燈片 11 來討論我們的第一季度指導。對於第一季度，我們預計將產生 3% 至 5% 的有機銷售增長，這主要是由我們的長周期業務的健康增長推動的，鑑於 2018 年市場的波動性，我們對短週期的基調更加謹慎。話雖如此，我們確實預計商業售後市場、我們的傳感業務和生產力產品以及商業消防產品將在短週期方面繼續保持強勁。

We expect segment margins will expand 30 to 60 basis points ex the spins, consistent with our long-term framework, and 110 to 140 basis points on a reported basis, aided by 80 basis points of margin accretion from the absence of the 2 spins. Our expected adjusted earnings per share range of $1.80 to $1.85 represents growth of 6% to 9% ex spins.

我們預計分部利潤率將在旋轉前擴大 30 至 60 個基點，這與我們的長期框架一致，並在報告的基礎上擴大 110 至 140 個基點，這得益於沒有 2 次旋轉的利潤增加 80 個基點。我們預期的調整後每股收益範圍為 1.80 美元至 1.85 美元，這意味著 6% 至 9% 的增長（不包括旋轉）。

We have $0.25 of earnings dilution from the spins in the first quarter of 2018. Our guide is based on an effective tax rate of 22% and a weighted average share count of 737 million shares for the quarter. We feel this will be a very strong start to another successful year for Honeywell in 2019.

我們在 2018 年第一季度的分拆中稀釋了 0.25 美元的收益。我們的指南基於 22% 的有效稅率和本季度 7.37 億股的加權平均股數。我們認為這將是霍尼韋爾在 2019 年又一個成功的一年的良好開端。

With that, I'd like to turn the call back to Darius, who will wrap up on Slide 12.

有了這個，我想把電話轉回 Darius，他將在幻燈片 12 上結束。

Thanks, Greg. We accomplished a lot in 2018 and expect great things in 2019 as well. We delivered on all our commitments, successfully completed spin-offs ahead of schedule and under budget, while still overdriving on the organic growth, margin expansion, earnings per share and free cash flow targets that we established at the end of 2017.

謝謝，格雷格。我們在 2018 年取得了很多成就，並期待在 2019 年取得偉大成就。我們兌現了所有承諾，提前並在預算內成功完成了分拆，同時仍在超額推動我們在 2017 年底制定的有機增長、利潤率擴張、每股收益和自由現金流目標。

There's significant room for continued margin expansion on the path to our long-term target of 23%. This is aided by over $450 million of repositioned fund in 2018, and in prior years, which will drive improvements to our cost structure, supply chain and gross margin in 2019 and beyond.

在實現我們 23% 的長期目標的過程中，利潤率仍有很大的持續擴張空間。這得益於 2018 年和前幾年超過 4.5 億美元的重新定位基金，這將推動我們在 2019 年及以後的成本結構、供應鍊和毛利率得到改善。

Our balance sheet capacity is strong, and this will provide another lever to drive outperformance in any macro environment. We're continuing the business transformation through several new initiatives, including Honeywell digital, a unified software business in Honeywell Connected Enterprise and the increased focus on our supply chain. We are excited about 2019 and expect another great year.

我們的資產負債表能力很強，這將提供另一個槓桿來推動任何宏觀環境中的表現。我們正在通過幾項新舉措繼續業務轉型，包括霍尼韋爾數字化、霍尼韋爾互聯企業中的統一軟件業務，以及更加關注我們的供應鏈。我們對 2019 年感到興奮，並期待又一個偉大的一年。

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

有了這個，馬克，讓我們繼續問答。

Thanks, Darius. Darius and Greg are now available to answer your questions. (Operator Instructions) Marguerite, if you could, please open up the line for Q&A.

謝謝，大流士。 Darius 和 Greg 現在可以回答您的問題。 （操作員說明）瑪格麗特，如果可以的話，請打開問答熱線。

(Operator Instructions) We can now take our first question from Peter Arment from Baird.

（操作員說明）我們現在可以從 Baird 的 Peter Arment 那裡回答我們的第一個問題。

Nice way to finish up 2018. Darius, I guess, on Aerospace, just really the momentum continues to be really impressive with organic growth of 10% in each of the past 2 quarters. Maybe you could talk about, I guess, the sustainability or the confidence around the biz jet volume for you. I know you mentioned 8% to 10% for this year.

結束 2018 年的好方法。大流士，我想，在航空航天領域，在過去兩個季度的每個季度中，有機增長都保持了 10% 的增長勢頭，這確實令人印象深刻。也許你可以談談，我想，你對公務機容量的可持續性或信心。我知道你提到了今年的 8% 到 10%。

And on the 2019 Aerospace guidance of mid-single-digit plus, is the defense tough comp really the only headwind you're seeing in 2019? Maybe just some color there.

在 2019 年中等個位數以上的航空航天指南中，防禦強硬組合真的是你在 2019 年看到的唯一逆風嗎？也許那裡只是一些顏色。

Yes. I mean, so first of all, we're very confident about our Aero outlook for 2019. Our bookings have been strong. January has been strong. Yes, the comps do get tougher, and there's some short cycle.

是的。我的意思是，首先，我們對 2019 年的 Aero 前景非常有信心。我們的預訂量一直很大。一月一直很強勁。是的，比賽確實變得更加艱難，而且週期很短。

And I think as people saw in our outlook for Q1 and what I anticipate will be Q2, we have every bit of confidence that mid-single-digit is hopefully the bottom. But the fact is we don't know the second half of the year, and that's why the numbers are what they are. And potential government shutdowns and budgetary challenges and trade licenses potentially becoming an issue. We hope that doesn't happen. That just reflects sort of external risks.

而且我認為，正如人們在我們對第一季度的展望以及我對第二季度的預期中所看到的那樣，我們完全有信心中個位數有望觸底。但事實是我們不知道下半年，這就是為什麼這些數字是現在的樣子。潛在的政府關閉和預算挑戰以及貿易許可證可能成為一個問題。我們希望這不會發生。這只是反映了某種外部風險。

But overall, there's absolutely nothing that I'm concerned about in terms of the bookings, the growth rates, the kind of growth we're seeing in that business. And it's pervasive across all 3 segments, whether air transport, BGA or Defense & Space. So I'm very pleased, and it's not a place where I'm going to be losing a lot of sleep in 2019.

但總的來說，就預訂量、增長率以及我們在該業務中看到的增長類型而言，我絕對不關心任何事情。它遍及所有 3 個領域，無論是航空運輸、BGA 還是國防與航天。所以我很高興，我不會在 2019 年失眠的地方。

We can now take our next question from Sheila Kahyaoglu from Jefferies.

我們現在可以接受來自 Jefferies 的 Sheila Kahyaoglu 的下一個問題。

Across your 4 business, you either have a deceleration in organic growth or a flattening of sales growth. Just how -- where are you factoring in some conservatism with the slowdown? And how are you capturing that low end of the sales growth guidance of 2%?

在您的 4 業務中，您要么有機增長減速，要么銷售增長趨於平緩。究竟如何 - 你在哪裡考慮經濟放緩的一些保守主義？您如何獲得 2% 的銷售增長指導的低端？

Yes. I think it's not so much that I'm -- we're capturing any conservatism in any of the businesses. I think what we have in our guidance going forward is the fact that more than 50% of our business is short cycle.

是的。我認為這並不是我 - 我們正在捕捉任何企業中的任何保守主義。我認為我們在未來的指導中所擁有的是我們 50% 以上的業務都是短週期的。

What's different about this year than I think many years in the past is we have many more unknowns, whether it's Brexit, whether it's trade negotiations, specific China-U. S., whether it's fed hikes in terms of what happens, whether it's the government shutdowns, there are just a lot of geopolitical unknowns, more than usual. And for us to express a level of confidence around all these unknowns, around a little bit wider range than we anticipated, I think would be -- would probably indicate a level of knowledge that we currently don't have.

今年與我認為過去許多年的不同之處在於，我們有更多的未知數，無論是英國退歐、貿易談判，還是具體的中美貿易談判。 S.，無論是美聯儲加息，還是政府關門，地緣政治方面的未知數都比平時多。對於我們來說，對所有這些未知數表達一定程度的信心，範圍比我們預期的要大一些，我認為可能會表明我們目前不具備的知識水平。

Now having said that, and as you can see in our Q1 outlook, we're actually front-end-loaded. And if anything, we're going to be at the upper half of our revenue growth range in the first half of the year. So actually, we're -- provided all things go as we think they will to the positive side, I think that, hopefully, we'll be raising the bottom of that range as we move further through the year. But there's -- I don't see really any growth issues with any of our businesses, and we expect all of them to grow in 2019.

話雖如此，正如您在我們的第一季度展望中所看到的那樣，我們實際上是前端加載的。如果有的話，我們將在今年上半年處於收入增長范圍的上半部分。所以實際上，我們 - 如果一切都像我們認為的那樣朝著積極的方向發展，我認為，隨著我們在今年的進一步發展，我們有望提高該範圍的底部。但是有 - 我沒有看到我們任何業務的任何增長問題，我們預計所有這些業務都將在 2019 年增長。

We can now take our next question from John Inch from Gordon Haskett.

我們現在可以從 Gordon Haskett 那裡接受 John Inch 的下一個問題。

So how did your European businesses do? And what's actually baked, I guess, on the growth rate? Any color there on what's baked into your guidance for 2019 for Europe?

那麼您的歐洲業務表現如何？我猜，實際上是什麼影響了增長率？您對 2019 年歐洲指南的看法有何不同？

Yes, yes. John, Europe continued to be strong. In the fourth quarter, our European businesses were up 6%, which capped off a 4% organic growth for the year. So I still think we're seeing good strong growth there. And it's pretty broad-based, to be honest, SPS probably the strongest of the bunch, but each of the businesses is growing in the mid-single digits or higher in Europe at this stage.

是的是的。約翰，歐洲繼續強大。第四季度，我們的歐洲業務增長了 6%，為全年 4% 的有機增長畫上了句號。所以我仍然認為我們在那裡看到了良好的強勁增長。老實說，它的基礎非常廣泛，SPS 可能是其中最強大的，但現階段歐洲的每家企業都在以中個位數或更高的速度增長。

And as we look forward, we expect that's probably going to be still low mid-single digits, low to mid-single digits. But as Darius mentioned, clearly, there are concerns out there. I mean, Brexit, in particular, we'll have some sort of an answer in the next 60 days as to what occurs with that. And we've got a meaningful-sized business in the U.K. So definitely back to the concern aspects of macro signals. Europe is an area where we're waiting to see what's going to happen with Brexit in particular and what impacts that may have on us.

當我們展望未來時，我們預計這可能仍然是中低個位數，低到中個位數。但正如 Darius 提到的，顯然存在一些擔憂。我的意思是，特別是英國脫歐，我們將在接下來的 60 天內就其發生的情況給出某種答案。而且我們在英國有一個有意義的規模的業務所以肯定回到宏觀信號的關注方面。歐洲是一個我們正在觀望的地區，尤其是英國退歐會發生什麼，以及它可能對我們產生什麼影響。

But Greg, that performance, the 6%, that's pretty good relative to what other companies have been putting up in Europe. And given sort of the slowing in Germany and stuff, is there a mix issue that's benefiting Honeywell or new products? Or what do you think's attributable to why you're doing -- so just general comment.

但是格雷格，那種表現，6%，相對於其他公司在歐洲的表現來說已經相當不錯了。考慮到德國等方面的放緩，是否存在有利於霍尼韋爾或新產品的混合問題？或者您認為您為什麼要這樣做的原因是什麼——所以只是一般性評論。

Well, again, I would tell you that each -- yes, each of the businesses is performing well. So it's not like one is -- I mean, SPS being the strongest of the bunch, but each of them is up mid-single digits for the year. So it's strength across our entire portfolio.

好吧，我再一次告訴你，每個 - 是的，每個業務都表現良好。所以它不像一個 - 我的意思是，SPS 是這群人中最強大的，但他們每個人在這一年中都增長了中個位數。因此，它是我們整個產品組合的優勢。

And as a follow-up, last year, you guys put up the 3% to 5% core growth target. And Darius, you flagged accelerating core growth as your #1 priority. Now I understand the economic sensitivities around the 2% to 5% this year. But I'm just trying to think big picture.

作為後續行動，去年，你們提出了 3% 到 5% 的核心增長目標。 Darius，你將加速核心增長列為第一要務。現在我明白了今年 2% 到 5% 左右的經濟敏感性。但我只是想從大局著想。

What are you and how are you actually going to tackle driving Honeywell toward more of a mid-single-digit type of accelerating core growth over time? Is that meaning to go after like in, Darius, that pie, the 40%, that's not growing at 5% plus? Or do you kickstart building technologies, which has been sort of a problem for a little while or more M&A? I mean, what -- maybe just walk us through a little bit of your own thoughts and maybe horizon, too.

你是什麼以及你實際上將如何解決推動霍尼韋爾隨著時間的推移朝著更多的中個位數加速核心增長的方向發展？這是否意味著要像 Darius 那樣追求那個餡餅，即 40%，而不是以 5% 以上的速度增長？或者你是否啟動構建技術，這在一段時間內或更多的併購中一直是個問題？我的意思是，也許只是讓我們了解一下您自己的想法，也許還有一些視野。

Yes. Well, John, it's not any one thing. It's probably all those. I mean, it starts with the portfolio. And we think that based upon what we've done here, we've got a more growth-oriented and less cyclical portfolio. That's certainly part of it.

是的。好吧，約翰，這不是一回事。大概就是這些吧。我的意思是，它從投資組合開始。我們認為，根據我們在這裡所做的工作，我們擁有一個更注重增長且週期性更小的投資組合。這當然是其中的一部分。

Secondly, which is our tremendous focus on Velocity Product Development, and we're launching a whole new process called Z21, which basically is going to reduce our innovation cycle times in half, deploying more capital to R&D because my strong belief is that part of any growth story there's got to be a strong innovation engine. And that's something that we're trying to create.

其次，這是我們對 Velocity 產品開發的極大關注，我們正在啟動一個名為 Z21 的全新流程，這基本上會將我們的創新周期縮短一半，將更多資金投入研發，因為我堅信這一部分任何增長故事都必須有一個強大的創新引擎。這就是我們正在努力創造的東西。

Continued focus on High Growth Regions, I mean, we're winning in places like China and India. And even though the back half of the year China was a little bit slower, we grew nearly double-digit in China this year. So that continues to be a success story. Our focus on Commercial Excellence with our sales force is working, where we're getting better productivity out of our sales force, better performance.

繼續關注高增長地區，我的意思是，我們在中國和印度等地取得了成功。儘管今年下半年中國的增長速度有所放緩，但今年我們在中國的增長接近兩位數。所以這仍然是一個成功的故事。我們對銷售人員的商業卓越的關注正在發揮作用，我們從銷售人員那裡獲得更高的生產力，更好的績效。

It's never only one thing. We're working all those levers. And as you can see in the growth rate that we've demonstrated, this is -- granted the markets are pretty good. But certainly, without the self-help that we've administered over the last couple years, there's no way we would be in that range, both in 2018 and what we're projecting for 2019.

從來都不是一件事。我們正在使用所有這些槓桿。正如您在我們展示的增長率中看到的那樣，這是 - 假設市場非常好。但可以肯定的是，如果沒有我們在過去幾年中進行的自助，我們不可能在 2018 年和我們為 2019 年預測的範圍內。

Just last. India has been a real success story. I think you flagged it again. Would you consider putting more resources or doing M&A in India? In particular, I realize it's much smaller than China, but it does seem to have gained a lot of traction for Honeywell. I'm just wondering what you're thinking about it.

就在最後。印度是一個真正的成功故事。我想你又標記了它。您會考慮在印度投入更多資源或進行併購嗎？特別是，我意識到它比中國小得多，但它似乎確實為霍尼韋爾贏得了很大的吸引力。我只是想知道你在想什麼。

Yes, we've. Yes. No, we have a lot of focus on India. I mean, to give you a perspective for India, our growth in India in Q4 was 27%. So that's tremendous. We have a big footprint there, not just from a business perspective. We have our engineering centers there of over 10,000 people.

是的，我們有。是的。不，我們非常關注印度。我的意思是，為了讓您了解印度，我們在第四季度在印度的增長率為 27%。所以這是巨大的。我們在那裡有很大的足跡，不僅僅是從商業角度來看。我們在那裡擁有超過 10,000 人的工程中心。

So we feel very comfortable of our presence there. The opportunity is now to go after the mass mid-market segment, and that's actually one of our core initiatives for 2019 and beyond is just not to play in the top tier, the mid-tier, but actually having a greater level of participation in mid-market segments. So India is definitely one of the economies which we think is going to be a great story for us in 2019 and beyond.

所以我們對我們在那裡的存在感到非常自在。現在的機會是追逐大眾中端市場，這實際上是我們 2019 年及以後的核心舉措之一，只是不參與頂級、中端市場，而是實際上有更高水平的參與中端細分市場。因此，印度絕對是我們認為在 2019 年及以後對我們來說將成為一個偉大故事的經濟體之一。

We now take our next question from Gautam Khanna from Cowen and Company.

我們現在接受來自 Cowen and Company 的 Gautam Khanna 的下一個問題。

Great results. Two questions. First, just big picture, M&A pipeline, what can you say about it? Is it as healthy as it's ever been? Or anything large that you guys are looking at? Just any commentary on the nature of the pipeline right now.

很棒的結果。兩個問題。首先，從大局來看，併購管道，你能說些什麼？它像以前一樣健康嗎？或者你們正在看的任何大的東西？現在只是對管道性質的任何評論。

Yes. I would say large, probably not because I think that we're still very much focused on bolt-ons and not the mega deals. So I would say that's the -- that is and will continue to be our focus. We got a deal done in Q4, which was good. Transnorm was a deal of size, the kind of size we like, that sort of a $0.5 billion capital one would do that.

是的。我會說大，可能不是因為我認為我們仍然非常關注補強，而不是大型交易。所以我想說這就是 - 那就是並將繼續成為我們的重點。我們在第四季度完成了一筆交易，這很好。 Transnorm 是一筆規模龐大的交易，是我們喜歡的那種規模，那種 5 億美元的資本，人們會這樣做。

But to be honest on my commentary the pipeline continues to be good. We were working on a deal that recently fell through just because -- although there's been a little bit of a correction in the market, as we saw particularly in December, that didn't really change the expectations of a lot of the sellers. So we continue to struggle with valuations and the expectations, where there's a very pronounced shift up. And it's got to work in our financial model.

但老實說，我的評論管道仍然很好。我們正在努力達成一項最近失敗的交易，只是因為——儘管市場出現了一些調整，尤其是在 12 月份，但這並沒有真正改變很多賣家的預期。因此，我們繼續與估值和預期作鬥爭，那裡有一個非常明顯的上升趨勢。它必須在我們的財務模型中發揮作用。

So we've continue to be very active. The pipeline is good, but I also want to tell you that we're realistic because we're cautious buyers, and we don't like to overpay. So we have to be certain about what we're buying and make sure that it generates the right level of returns for our shareowners.

所以我們一直非常活躍。管道很好，但我也想告訴你，我們很現實，因為我們是謹慎的買家，我們不喜歡多付錢。因此，我們必須確定我們購買的是什麼，並確保它能為我們的股東帶來適當水平的回報。

Appreciate it. And the second question was just if there are any supplier constraints you're seeing on the Aerospace side. I remember last year you had some aftermarket constraints. Are you seeing any pinch points emerge?

欣賞它。第二個問題是您是否在航空航天方面看到任何供應商限制。我記得去年你有一些售後限制。你看到任何夾點出現了嗎？

Yes. No, no. The answer to that is yes, and I would say the -- there are some pinch points on the supply chain emerging, not just in Aerospace. Those are there and prevalent, particularly in areas like casting, et cetera. But we see similar challenges in smart energy and even in some elements of electronic supply chain.

是的。不，不。答案是肯定的，我要說的是——供應鏈上出現了一些關鍵點，而不僅僅是在航空航天領域。那些在那裡並且很普遍，特別是在鑄造等領域。但我們在智能能源甚至電子供應鏈的某些要素中看到了類似的挑戰。

So the pinch points on the supply chain are real. They're there. We're working through those and hope to resolve those. Frankly speaking, our results could have been even better had some of those pinch points not been there.

所以供應鏈上的夾點是真實存在的。他們在那裡。我們正在努力解決這些問題，並希望解決這些問題。坦率地說，如果其中一些關鍵點不存在，我們的結果可能會更好。

We can now take our next question from Julian Mitchell from Barclays.

我們現在可以接受來自巴克萊銀行的 Julian Mitchell 的下一個問題。

Maybe just a first question around SPS. You grew around 10% plus organically in 2018. Your Slide 9 shows about mid-single-digit growth this year amidst the sort of accelerating market arrow. So is that guidance based on anything you're seeing in the short-cycle businesses within SPS or it's simply about tough comps and the usual macro aspects that you mentioned earlier?

也許只是關於 SPS 的第一個問題。你在 2018 年有機增長了 10% 以上。你的幻燈片 9 顯示今年在加速的市場箭頭中實現了大約中個位數的增長。那麼，該指導是基於您在 SPS 內的短週期業務中看到的任何內容，還是僅僅是關於艱難的競爭和您之前提到的通常的宏觀方面？

Yes. Thanks, Julian. I think it's a little bit of both. I mean, obviously, we continue to be very excited about Intelligrated and the double-digit growth rates that we achieved this year, and with a very strong backlog expect that to continue to be strong.

是的。謝謝，朱利安。我認為兩者都有一點。我的意思是，很明顯，我們繼續對 Intelligrated 和我們今年實現的兩位數增長率感到非常興奮，並且積壓量非常大，預計它會繼續保持強勁勢頭。

We did -- our retail business, though not large, grew over 20% in 2018. So that's probably going to dampen a bit with some of those comps. We still feel very positive about productivity products and sensing and IoT with the new product introductions that they have. But those and the industrial safety businesses, they are short cycle. So -- and when those things change, they can change quickly.

我們做到了——我們的零售業務雖然規模不大，但在 2018 年增長了 20% 以上。因此，其中一些公司可能會有所抑制。我們仍然對生產力產品、傳感和物聯網以及他們推出的新產品感到非常樂觀。但是那些和工業安全企業一樣，他們的周期很短。所以——當這些事情發生變化時，它們會迅速改變。

And so I think that's where we're trying to be a bit cautious because we've seen it happen before in terms of the speed at which the short cycle can turn on us. And so it's not a matter of having seen it so far and being concerned about anything with our business specifically, but I would just call it a bit more cautioned with the environment we're in.

所以我認為這就是我們試圖保持謹慎的地方，因為我們之前已經看到它發生在短週期可以打開我們的速度方面。因此，這不是到目前為止看到它並特別關注與我們業務相關的任何事情的問題，但我只是說它對我們所處的環境更加謹慎。

Yes. Just to add to it, Julian. It's like Greg said. I mean, a majority of that business is actually short cycle. Intelligrated's about the only business that isn't short cycle. So based on what we're seeing now and today and our guide for Q1, there's no warning signs for us here. Where we're positioned is just the uncertainty, particularly around the second half of the year.

是的。只是補充一下，朱利安。就像格雷格說的那樣。我的意思是，大部分業務實際上是短週期的。 Intelligrated 是唯一一家非短週期業務。因此，根據我們現在和今天所看到的以及我們對第一季度的指南，這裡沒有警告信號。我們所處的位置只是不確定性，尤其是在今年下半年左右。

And then my second question around PMT, any more color you'd like to provide on how you see the cadence of the large project activity within HPS in terms of the scale of any delays, and also UOP, how you're gauging the volatility there at the moment?

然後是關於 PMT 的第二個問題，你想提供更多關於你如何看待 HPS 內大型項目活動的節奏的任何延誤規模的顏色，還有 UOP，你如何衡量波動性此刻在嗎？

Yes. No, I like the greater stability. What we saw in Q4 a little bit was a bit of a pause on the order rates just around the volatility of oil. But kind of given the right direction movement, we're much more bullish.

是的。不，我喜歡更大的穩定性。我們在第四季度看到的是石油波動附近的訂單率略有停頓。但是，鑑於正確的方向運動，我們更加看漲。

But despite that, I just want to quote you a couple numbers from Q4 on why I'm bullish on PMT for this year. First of all, our HPS order rates were up double digit. Second of all, our UOP backlog is up 8%. So I'm very optimistic around PMT performance for 2019.

但儘管如此，我只想引用第四季度的幾個數字，說明我為什麼看好今年的 PMT。首先，我們的 HPS 訂單率上升了兩位數。其次，我們的 UOP 積壓訂單增加了 8%。所以我對 2019 年 PMT 的表現非常樂觀。

Probably the one segment that was pretty soft was in our Advanced Materials business, the electronics chemicals, which electronics has been a bit weaker, some of the other companies in that segment announcing. And we saw that in our electronics chemicals business. So that's probably the only sort of minus that we saw in Q4. But overall, both the backlog, the order rates were good.

可能一個相當疲軟的細分市場是我們的先進材料業務，即電子化學品，該細分市場的其他一些公司宣布，電子化學品業務表現較弱。我們在電子化學品業務中看到了這一點。所以這可能是我們在第四季度看到的唯一一種減號。但總體而言，無論是積壓，還是訂單率都不錯。

And to be honest, especially in HPS, our global megaprojects, front-log and quote, are really strong. We didn't even book a lot of those orders in Q4, and our orders growth was up double-digit in the quarter. So I feel pretty good about PMT for 2019.

老實說，尤其是在 HPS 中，我們的全球大型項目、前端日誌和報價非常強大。我們在第四季度甚至沒有預訂很多這樣的訂單，而且我們的訂單在本季度增長了兩位數。所以我對 2019 年的 PMT 感覺很好。

We can now take our next question from Steve Tusa from JPMorgan.

我們現在可以接受來自摩根大通的 Steve Tusa 的下一個問題。

Just wanted to ask about the -- we're not sensitive or anything like that, the -- you mentioned kind of the next phase of the transformation and some of the footprint stuff that you're looking into.

只是想問一下——我們不敏感或類似的問題——你提到了轉型的下一階段以及你正在研究的一些足跡問題。

Is that something that you'll be able to kind of quantify more and speak to at this year's Investor Day? Or is that going to remain -- I don't know what you put at the bottom of the slide, like you're consulting with people or something like that about what the number's going to be? When will we kind of hear more about that and how big could that opportunity be?

在今年的投資者日，您是否可以對此進行更多量化並與之交談？還是會保留——我不知道你在幻燈片底部放了什麼，就像你正在與人或類似的人協商數字是多少？我們什麼時候能聽到更多關於這個的信息，這個機會有多大？

Yes. We're not putting you in the middle anymore on the call. You wind up grumpy, Steve. No, the -- look, the -- yes, so the short answer's yes. On Investor Day, we're going to -- it's obviously going to be a segment of that presentation. We'll give you a lot more detail.

是的。我們不會再讓您在通話中處於中間位置。你脾氣暴躁，史蒂夫。不，看，是的，所以簡短的回答是肯定的。在投資者日，我們將 - 這顯然將成為該演示文稿的一部分。我們會給你更多的細節。

But I just want to be very clear that the next phase of the transformation's not just the ISC transformation. That's a very big part of it. But we kind of talked a little bit about this deck about kind of the 3 legs of the stool, which are ISC transformation, Honeywell digital and Honeywell Connected Enterprises. That's sort of the next phase of the evolution of Honeywell.

但我只想非常清楚，轉型的下一階段不僅僅是 ISC 轉型。這是其中很大一部分。但我們稍微談了一下這個平台，關於凳子的 3 條腿，即 ISC 轉型、霍尼韋爾數字化和霍尼韋爾互聯企業。這是霍尼韋爾發展的下一階段。

And 1 of those 3 is a business, and the next 2 are going to be ongoing for at least the next 3 to 5 years. So this is going to give us a lot more tailwinds in terms of margins, cash generation, more efficiency of working capital, simplifications, better planning, lower capital intensity, a lot of benefits. So we're going to provide a lot more color on that in -- at our Investor Day.

這 3 個中有 1 個是企業，接下來的 2 個將至少持續 3 到 5 年。因此，這將在利潤率、現金產生、更高的營運資本效率、簡化、更好的規劃、更低的資本密集度以及很多好處方面給我們帶來更多的順風。因此，我們將在我們的投資者日提供更多的顏色。

Are you going to give something tangible or will it be kind of like directional arrows? I mean, sometimes, this stuff can -- it sounds great, but ultimately, it doesn't like filter down to the bottom line for other companies. Just curious if you're going to like give something tangible, numbers-wise.

您是要提供有形的東西還是有點像方向箭頭？我的意思是，有時候，這些東西可以——聽起來不錯，但最終，它不喜歡過濾到其他公司的底線。只是好奇你是否願意提供一些有形的、數字方面的東西。

So Steve, I mean, oftentimes, we get asked about how long of a runway do we have for margin expansion. And to me, this is continuing to fill the portfolio of things that keeps that runway alive and well. And so that's kind of the way I'm thinking about all these things are going to continue to contribute to our ability to drive that margin expansion well beyond 2019.

所以史蒂夫，我的意思是，我們經常被問及我們有多長的跑道來擴大利潤率。對我來說，這將繼續填補讓跑道保持活力的事物組合。因此，這就是我考慮的所有這些事情將繼續有助於我們在 2019 年以後推動利潤率擴張的能力的方式。

Yes. As you get -- as we kind of get deeper and deeper into the 20s, which we're very comfortable that we're going to do, and you look at our framework that we presented in 2017, I talked about 30 to 50 basis point expansion. As you see from our performance as well as our guide and the top end of the range, it's even greater than that number.

是的。當你得到 - 隨著我們越來越深入到 20 年代，我們對我們要做的事情感到非常自在，你看看我們在 2017 年提出的框架，我談到了 30 到 50 個基礎點擴展。正如您從我們的表現以及我們的指南和範圍的頂端看到的那樣，它甚至比這個數字還要大。

These are the kinds of things that enable us to kind of keep growing that margin machine is self-help and these internal initiatives. And the good news is we have plenty of opportunity because we've got a lot of work to do on the supply chain and Honeywell digital. So I view all of that as not bad news, but really a tremendous opportunity to continue to drive margins.

這些是使我們能夠保持增長的東西，保證金機器是自助的，這些內部舉措。好消息是我們有很多機會，因為我們在供應鍊和霍尼韋爾數字方面有很多工作要做。所以我認為所有這些都不是壞消息，而是繼續推動利潤率的巨大機會。

And then one last one. I know you guys don't want to give specific segment guidance, but maybe can you just talk about who may be above or below the averages when it comes to margin expansion for 2019 just so people are kind of calibrated?

然後是最後一個。我知道你們不想給出具體的細分市場指導，但也許你們可以談談在 2019 年的利潤率擴張方面誰可能高於或低於平均水平，以便人們進行校準？

Sometimes, these segments can move around a little bit, and people tend to kind of pick what they want to look at as positives or negatives, think it's good to kind of baseline people. Don't need exact numbers, but just some directional color around what will be above or below that kind of margin expansion or whether they'll all be kind of in the middle there. That'd be helpful.

有時，這些細分市場可能會稍微移動，人們傾向於選擇他們想要看到的積極或消極的東西，認為這對基線人來說是件好事。不需要確切的數字，只需要一些方向性的顏色，圍繞著那種邊距擴展的上方或下方，或者它們是否都在中間。那會很有幫助。

Yes. I would expect Aero and HBT to probably lead the pack in terms of the rate of expansion in '19. But each of the segments will have a very respectable margin expansion profile. But clearly, with the rate of growth that we're seeing in Aero and leveraging the fixed costs that we have there, that's probably got a pretty sizable opportunity.

是的。我預計 Aero 和 HBT 可能在 19 年的擴張速度方面處於領先地位。但每個細分市場都將擁有非常可觀的利潤率擴張概況。但很明顯，根據我們在 Aero 中看到的增長率並利用我們在那裡的固定成本，這可能有一個相當大的機會。

And again, HBT, I don't know, with a return to growth and some new products, we see that as also having a fair amount of opportunity. But each of the businesses, I think, will expand margins in a meaningful way in '19.

再一次，HBT，我不知道，隨著恢復增長和一些新產品，我們認為它也有相當多的機會。但我認為，每家企業都將在 19 年以有意義的方式擴大利潤率。

We can now take our next question from Jeff Sprague from Vertical Research.

我們現在可以接受 Vertical Research 的 Jeff Sprague 提出的下一個問題。

Just a couple things on maybe some of the longer-cycle outlooks and the like. First, on Intelligrated, obviously, you have great visibility now on '19 on this backlog, but do you have visibility on things like front-log bidding, et cetera? Do you expect it to be a fairly active order year again in 2019 for Intelligrated?

只是一些關於較長周期前景等的事情。首先，顯然，在 Intelligrated 上，您現在在 19 年對這個積壓工作有很好的了解，但是您是否對前台投標等事情有了解？您是否預計 2019 年對於 Intelligrated 來說將是一個相當活躍的訂單年？

Yes. The short answer's absolutely. Because -- not only because of the continued strength of activity in North America, which just continues to be robust, but now with the Transnorm and our enhanced capability in Europe, both from the beachhead that we've established by acquiring Transnorm, but also because if you recall, we put a lot of investments back in the '17 and '18 time frame for R&D capability to have a metrics-based offering. That's complete now, so we're very capable bidding on warehouses, et cetera. So we continue to expect another very robust year in our Intelligrated business.

是的。簡短的回答是絕對的。因為 - 不僅是因為北美的活動持續強勁，而且一直很強勁，而且現在有了 Transnorm 和我們在歐洲的增強能力，這都來自我們通過收購 Transnorm 建立的灘頭陣地，而且因為如果你還記得的話，我們在 17 年和 18 年的時間框架內投入了大量投資，以獲得基於指標的產品的研發能力。現在已經完成，所以我們非常有能力對倉庫等進行投標。因此，我們繼續期待我們的 Intelligrated 業務又是一個非常強勁的一年。

And then I was also just wondering back to this megaprojects question in HPS, you noted your orders were strong even without some of those kind of hitting the order book. I think a lot of those projects kind of being underwritten at maybe $50 or $60 oil price, so is it just -- you think there's just kind of a human reflex here that the volatility in Q4 caused people to just tap the pause button? Or do you see some legitimate risks to these things kind of sliding out further?

然後我也想回到 HPS 中的這個大型項目問題，你注意到你的訂單很強勁，即使沒有達到訂單簿。我認為很多這些項目都以 50 美元或 60 美元的油價承保，所以它只是 - 你認為這裡只是一種人類反應，第四季度的波動導致人們只是點擊暫停按鈕？或者你是否看到這些事情的一些合法風險進一步下滑？

Yes, yes. I think it's just natural reaction when you see that kind of volatility, like we saw in Q4, that causes people to pause. But we're actually seeing very positive movement here in Q1, so I think that some of those decisions will get made. And we feel confident that when they do get made, we're going to have some positive outcomes for us. And even -- and I was encouraged by our bookings in Q4 because despite not having booked some of those [GMP] jobs, we still had a very robust orders growth.

是的是的。我認為當你看到那種波動時，就像我們在第四季度看到的那樣，這會導致人們停下來，這只是自然反應。但我們實際上在第一季度看到了非常積極的變化，所以我認為其中一些決定將會做出。我們有信心，當它們真的被製造出來時，我們將為我們帶來一些積極的成果。甚至——我對第四季度的預訂感到鼓舞，因為儘管沒有預訂其中一些 [GMP] 工作，但我們的訂單增長仍然非常強勁。

We can now take our next question from Scott Davis from Melius Research.

我們現在可以接受來自 Melius Research 的 Scott Davis 的下一個問題。

So much of the future story of Honeywell seems to relate to software in some way, shape or form, and I'm a little intrigued by HCE in general. And can you help us understand how centralized is the software development effort?

霍尼韋爾未來的大部分故事似乎都以某種方式、形狀或形式與軟件有關，而且我對 HCE 總體上有點好奇。您能否幫助我們了解軟件開發工作的集中程度？

And whenever I hear about centralized software development, I always think about Predix, makes me want to cry. But -- or worse. But how do you still stay close to the customer and the businesses themselves and still have this type of a centralized effort and share that you're actually getting a return on the investment?

每當我聽到集中式軟件開發時，我總是會想到 Predix，讓我想哭。但是——或者更糟。但是，您如何仍然與客戶和企業本身保持密切聯繫，並且仍然擁有這種集中的努力並分享您實際上獲得了投資回報？

Yes. So maybe -- let me just maybe explain that. When I -- when we say, centralized, that means sort of the platform, the IT stack that we call Sentience. That's what's centralized that all of our connected enterprises use.

是的。所以也許——讓我解釋一下。當我 - 當我們說集中時，這意味著某種平台，我們稱之為 Sentience 的 IT 堆棧。這就是我們所有互聯企業使用的集中方式。

But then the actual analytics, the solutions that are provided, those are very much vertically oriented. And the way we approach this is essentially each of those businesses and customer-focused business, so whether it's connected aircraft, connected plant, connected buildings, we developed MV0, MV1, which we call single pane of glass, which has a lot of value driver solutions for end customers.

但是實際的分析，所提供的解決方案，都是非常垂直的。我們處理這個問題的方式本質上是這些業務和以客戶為中心的業務，所以無論是互聯飛機、互聯工廠、互聯建築，我們開發了 MV0、MV1，我們稱之為單窗格玻璃，它具有很大的價值為最終客戶提供驅動程序解決方案。

And we typically partner with a few key anchor customers to help us iterate and drive and optimize these solutions. So we're very close to the end customers. Matter of fact, we develop a lot of these solutions with the end customers, but we also don't want to drive customization, but rather standardization.

我們通常與一些主要的錨定客戶合作，幫助我們迭代、推動和優化這些解決方案。所以我們非常接近最終客戶。事實上，我們與最終客戶一起開發了很多此類解決方案，但我們也不想推動定制化，而是希望推動標準化。

So don't think about this as something that sits in corporate at kind of a central level, is insular and doesn't work with end customers. That's not the case. What we want to do is have end customer intimacy while driving leverage to the IT stack called Sentience. That's really the core of the spread.

因此，不要將其視為企業中某種中央級別的東西，它是孤立的，不與最終客戶合作。事實並非如此。我們想要做的是與最終客戶建立親密關係，同時推動對名為 Sentience 的 IT 堆棧的影響。這確實是傳播的核心。

And maybe if I could just add to that. With the leadership from Que, she's applying that customer go-to-market approach across all of those connected enterprises, such that each one of them individually isn't having to develop those muscles and skill sets independent.

也許我可以補充一下。在 Que 的領導下，她正在將客戶進入市場的方法應用於所有這些關聯企業，這樣他們每個人都不必獨立發展這些肌肉和技能。

And while these businesses are still embedded inside of the 4 SBGs, those 4 SBG presidents wouldn't possibly be able to give it the amount of time and attention that Que will be able to do as the President of HCE. So centralized really means focused, much more so than corporate.

雖然這些業務仍然嵌入在 4 個 SBG 中，但這 4 個 SBG 總裁不可能像 Que 作為 HCE 總裁那樣給予它足夠的時間和關注。如此集中實際上意味著專注，比公司更重要。

Yes. That's a very good point because -- yes, because what the gist was -- yes, because, Scott, the way this was organized before, it still has sort of core reporting into the SBG presidents and Que, but we gave just a lot more authority and control to Que. Just because when you're running a $10 billion or $12 billion business, and you have something that's a fraction of that, it requires a lot of time, attention, strategy changes, agility. It's tough to manage that.

是的。這是一個非常好的觀點，因為 - 是的，因為要點是 - 是的，因為斯科特，這是以前的組織方式，它仍然有一些向 SBG 總裁和 Que 報告的核心，但我們提供了很多對 Que 有更多的權限和控制。僅僅因為當你經營一家價值 100 億美元或 120 億美元的企業時，你所擁有的只是其中的一小部分，它需要大量的時間、注意力、戰略變化和敏捷性。很難做到這一點。

Right. No, that makes sense, and that's helpful. And you guys have done a nice job, so it's not -- it just requires, I think, a little bit of explanation. But just a follow-on question really just on Intelligrated and some of the assets you bought around it.

正確的。不，這是有道理的，而且很有幫助。你們做得很好，所以這不是——我認為只需要一點解釋。但只是一個後續問題，實際上只是關於 Intelligrated 和您圍繞它購買的一些資產。

Are you close to being at the point where you can go to market together with some of these products globally? And how long will it take, I mean, just particularly given how regionalized some of the warehouse offerings are?

您是否接近可以在全球範圍內將其中一些產品推向市場的地步？我的意思是，這需要多長時間，特別是考慮到一些倉庫產品的區域化程度？

Yes, the short answer, Scott, is now. We are ready. As a matter of fact, we are quoting globally. And as excited as we are about the North American market, we anticipate being -- securing some jobs both in Asia this year as well as Europe. And we're ready. We've invested from an R&D perspective. The Transnorm acquisition is going to further help, but you should expect us to get some more momentum here on a global level in 2019 and a lot of those solutions are finished.

是的，斯科特，簡短的回答是現在。我們準備好了。事實上，我們在全球範圍內報價。儘管我們對北美市場感到興奮，但我們預計今年將在亞洲和歐洲獲得一些工作崗位。我們準備好了。我們從研發的角度進行了投資。對 Transnorm 的收購將進一步提供幫助，但你應該期待我們在 2019 年在全球範圍內獲得更多動力，其中許多解決方案已經完成。

We'll now take our next question from Andrew Obin from Bank of America Merrill Lynch.

我們現在將接受美銀美林的安德魯·奧賓的下一個問題。

Just a question on defense, just because it was so strong, can you give us more visibility into how sustainable some of the developments that you had in 4Q into the first half? I would imagine F-35 ramp is sustainable. You mentioned space and defense. I think you mentioned aftermarket. If you could just walk us through visibility for the next 6 months.

只是一個關於防守的問題，僅僅因為它是如此強大，你能否讓我們更多地了解你在第四季度到上半年的一些發展的可持續性？我想 F-35 坡道是可持續的。你提到了空間和防禦。我想你提到了售後市場。如果您能引導我們了解接下來 6 個月的可見性。

Well, I would tell you, so as you mentioned, our defense business has been growing mid-teens all 4 quarters of 2018. And as we look out for the next 6 months, the backlog growth there is also very strong. It's strong double digits, over 20% in Defense & Space. So for the next 6 months, as you mentioned, I think our visibility is very good to continued strength in that area.

好吧，我會告訴你，正如你提到的那樣，我們的國防業務在 2018 年的四個季度都保持了十幾歲左右的增長。在我們展望未來 6 個月的時候，積壓訂單的增長也非常強勁。這是強勁的兩位數，在國防與航天領域超過 20%。所以在接下來的 6 個月裡，正如你提到的，我認為我們的知名度非常好，可以繼續在該領域保持實力。

And just maybe on China. Could you just describe more color on specific markets and just your top-down view on Chinese economy and how do you think it will progress through the year? Just because you have such a big business there and you've been very knowledgeable.

也許只是關於中國。您能否描述一下特定市場的更多顏色以及您對中國經濟的自上而下的看法，以及您認為今年將如何發展？只是因為你在那裡有這麼大的生意，而且你知識淵博。

Yes. As I mentioned, it's -- our China business has been up nearly double digits, just shy of that for the year. So another solid growth year. A bit of a slowing in -- I would say in Q4, but there's some very clear reasons, and we understood that slowing. So we kind of take it segment by segment. If we think about SPS, it was terrific. It was up double-digit growth in China. No slowing. Actually, if anything, things are accelerating. In PMT, we had some tough comps. We understood that and expected that. And we have some big -- both orders and revenue growth, so we expected that. Nothing unusual.

是的。正如我所提到的，我們的中國業務增長了近兩位數，今年略低於這一數字。所以又是一個穩健增長的年份。有點放緩 - 我會在第四季度說，但有一些非常明確的原因，我們理解這種放緩。所以我們有點把它逐個細分。如果我們考慮 SPS，那就太棒了。它在中國實現了兩位數的增長。沒有減速。事實上，如果有的話，事情正在加速。在 PMT 中，我們有一些艱難的比賽。我們理解並期待這一點。我們有一些很大的 - 訂單和收入增長，所以我們預料到了。沒有什麼不尋常的。

We've doubled the business in UOP in the last 2 years. So the comps is not as small.

在過去的兩年裡，我們在 UOP 的業務翻了一番。所以補償不是那麼小。

Yes, exactly. So nothing out of the world of expectation. For HBT, as you know, we've had some challenges with the air and water segment. And frankly, some of our distributor partners got a little bit of ahead of themselves, given the robust growth that they saw in '17, and that's been a bit of a challenge for us all year. But we expect that to grow again in 2019, so we think that that's going to be behind us. And then with Aero, we had some, say, collections challenges, which actually limited our shipments because our backlog was actually better than the revenues would indicate. So all in all, we're not building in a tremendous year in China, not kind of the usual Honeywell strong double-digit growth in China, where we think it's going to be a little bit slow. But all of that is reflected in our guide, and we expect to grow in China in 2019 for certain. How much that's going to be, well, we'll see. All in all, I feel pretty good about how the businesses are positioned.

對，就是這樣。所以沒有什麼出乎意料的。如您所知，對於 HBT，我們在空氣和水部分遇到了一些挑戰。坦率地說，考慮到他們在 17 年看到的強勁增長，我們的一些分銷商合作夥伴有點超前了，這對我們全年來說都是一個挑戰。但我們預計它會在 2019 年再次增長，所以我們認為這將成為過去。然後對於 Aero，我們遇到了一些，比如說，收集挑戰，這實際上限制了我們的出貨量，因為我們的積壓實際上比收入所顯示的要好。所以總而言之，我們在中國並沒有建設一個巨大的一年，也不是霍尼韋爾在中國通常強勁的兩位數增長，我們認為它會有點慢。但所有這些都反映在我們的指南中，我們預計 2019 年在中國肯定會增長。那會是多少，好吧，我們拭目以待。總而言之，我對企業的定位感覺很好。

And do you guys have a view on the Chinese economy bottoms in '19?

你們對 19 年中國經濟觸底有何看法？

So I think that's a million dollar -- it's a bit of a million-dollar-question, Andrew. I think a lot of that depends, and we might know better answer in the next 30 days, right? I mean, I think we're all watching carefully what happens on the geopolitical sphere and with the broader economy. Because as I said, we're very prepared from a tariff perspective because that's something we can identify and should be able to do something about. What we don't know, and where we have some questions, which is what is going to be the overall economic impact both on the economies of China, the U.S., et cetera? That's -- I think at this juncture, it's rough being a month into the year. It's tough to call, and we'll see what happens.

所以我認為這是一百萬美元——這是一個價值百萬美元的問題，安德魯。我認為這在很大程度上取決於，我們可能會在接下來的 30 天內知道更好的答案，對嗎？我的意思是，我認為我們都在仔細觀察地緣政治領域和更廣泛的經濟領域會發生什麼。因為正如我所說，從關稅的角度來看，我們已經做好了充分的準備，因為這是我們可以確定並且應該能夠做些什麼的事情。我們不知道的是，我們有一些問題，即對中國、美國等國經濟的整體經濟影響是什麼？那是——我認為在這個時刻，一年中的一個月是艱難的。很難打電話，我們會看看會發生什麼。

Next question comes from Joe Ritchie from Goldman Sachs.

下一個問題來自高盛的 Joe Ritchie。

So obviously, look, you guys got a lot accomplished in 2018. Congratulations. I think one of the areas that we haven't really focused a lot on is that specialty products business. And so maybe just a broader strategic question there. I think that business is tied to semis, electronics. How do you think about that business longer term? I know you got -- you did a lot in 2018. This business seems to be a little bit more cyclical versus the rest of your portfolio. So maybe some thoughts around that to start would be great.

很明顯，看，你們在 2018 年取得了很多成就。恭喜。我認為我們沒有真正關注的領域之一是特種產品業務。因此，也許只是一個更廣泛的戰略問題。我認為業務與半成品、電子產品有關。從長遠來看，您如何看待該業務？我知道你 - 你在 2018 年做了很多。與你投資組合的其他部分相比，這項業務似乎更具週期性。因此，也許圍繞這個開始的一些想法會很棒。

Yes. I mean, yes, there's some cyclicality. There's also some stability. I mean, we have our Spectra business there, which is doing quite well; our Aclar business, which is acyclical; our electronic materials business, which is more cyclical. So it's a bit of a mixed bag. Probably, we're, given some of the challenges in the electronic segment, probably on the lower end of the curve than we are. But I think like anything, I mean, we're -- we like a lot of those businesses. They perform for us. But as always, we're -- and as we pointed out during our speaker notes today, we're always assessing everything. I think some of the big things that we wanted to do that we didn't think that fit our portfolio we did in 2018. But everything is always under assessment. We're never done, and we always want to kind of add and also subtract potentially. So I don't -- there's no specific update to the SP business. But like I said, we're always assessing, and we're going to do what's -- we're going to make those adjustments as they fit our portfolio.

是的。我的意思是，是的，有一些週期性。還有一定的穩定性。我的意思是，我們在那裡有我們的 Spectra 業務，做得很好；我們的非週期性 Aclar 業務；我們的電子材料業務，更具週期性。所以它有點複雜。考慮到電子領域的一些挑戰，我們可能處於曲線的低端。但我認為任何事情，我的意思是，我們 - 我們喜歡很多這樣的企業。他們為我們表演。但一如既往，我們 - 正如我們在今天的演講者筆記中指出的那樣，我們總是在評估一切。我認為我們想做的一些大事我們認為不適合我們在 2018 年所做的投資組合。但一切都在評估中。我們永遠不會完成，我們總是想增加和減去潛在的可能性。所以我沒有——SP 業務沒有具體的更新。但就像我說的，我們一直在評估，我們將做的是——我們將根據我們的投資組合進行調整。

That's fair, Darius. Is it fair to think of that business, though, as being mostly semi-CapEx-oriented?

這很公平，大流士。但是，將這項業務視為主要以半資本支出為導向是否公平？

It's a mixed bag. I mean, there's really a variety of different businesses, and that's why it's kind of tough to talk about sort of any given one trends because you have electronic materials, you have some defense spend. You have health care in there. You have consumer goods. So I mean, you have an entire variety of end markets that there's exposure in specialty products. So it's tough to say what that total blend ends up to, but, yes, there's sort of eclectic mix of various end markets.

這是一個混合包。我的意思是，確實有各種各樣不同的業務，這就是為什麼很難談論任何給定的趨勢，因為你有電子材料，你有一些國防開支。你那裡有醫療保健。你有消費品。所以我的意思是，你有各種各樣的終端市場，其中有專業產品。所以很難說最終混合的結果是什麼，但是，是的，各種終端市場都有某種不拘一格的組合。

Okay. Yes, fair enough. And just one quick one, Greg. You mentioned stranded costs earlier. I think the number I had was like roughly around like $340 million, $350 million. The -- so the timing of those costs, I mean, is it what's remaining into -- in 2019? First, can you quantify what's left in 2019? Secondly, will we get through those costs through the first half of the year? Or are they going to be kind of linear as the year progresses?

好的。是的，很公平。就一個快速的，格雷格。您之前提到擱淺成本。我想我得到的數字大約是 3.4 億美元，3.5 億美元。 - 所以這些成本的時間，我的意思是，它是在 2019 年剩下的嗎？首先，你能量化一下 2019 年還剩下什麼嗎？其次，我們會在今年上半年解決這些成本嗎？或者它們會隨著時間的推移呈線性變化嗎？

Yes. So we've taken actions that will have eliminated about half of those costs already as we exited 2018. And as you saw in the fourth quarter, with the corporate number being flat to slightly up, that reflects the first quarter of not having the ability to allocate about $45 million or $50 million to those 2 spin businesses that are now gone. So that's a little bit of why you saw maybe a heavier number than you might have expected. But we expect that to come down over the course of the year from the first to the fourth quarter. And we will exit the fourth quarter at a run rate by which all of those costs will be gone. So that's -- you should expect to see a bit of stair-step down. And again, keep in mind that 2/3 of it is in our net corporate costs. About 1/3 of it was sitting in HBT. So you're not going to see a $300 million number per se, but it's reflective of a step-down as we go through the year.

是的。因此，我們已經採取行動，在我們退出 2018 年時已經消除了大約一半的成本。正如你在第四季度看到的那樣，公司數量持平到略有上升，這反映了第一季度沒有能力為現在已經消失的 2 個旋轉業務分配大約 4500 萬美元或 5000 萬美元。所以這就是為什麼你看到的數字可能比你預期的要大。但我們預計這一年從第一季度到第四季度會有所下降。我們將以所有這些成本都將消失的運行速度退出第四季度。這就是 - 你應該期望看到一些階梯式下降。再一次，請記住，其中 2/3 是我們的淨公司成本。其中大約 1/3 位於 HBT 中。所以你不會看到 3 億美元的數字本身，但它反映了我們在這一年中的下降。

Next question comes from Christopher Glynn from Oppenheimer.

下一個問題來自 Oppenheimer 的 Christopher Glynn。

Anyways, a question on nonres. A lot of mixed messages, people talking about low single digits. But yesterday, a peer talked about very robust commercial projects. So just wondering what you're seeing in that space. Is that a very vibrant market? Or is it just kind of GDP limp?

無論如何，關於非資源的問題。很多混合信息，人們談論低個位數。但是昨天，一位同行談到了非常強大的商業項目。所以只是想知道你在那個空間裡看到了什麼。這是一個非常活躍的市場嗎？或者它只是一種 GDP 跛行？

No. I mean, if you look at our HPS business, which is probably the best indication of kind of the commercial activity, up double-digit bookings in Q4. So actually very, very strong. That's good. We also want to make sure we capture the service. That's the opportunity. That business is stabilizing. I think Vimal and that team have put the business on the right path. We're seeing good signs. And sort of the secret to the growth there is revitalization of the NPD pipeline. And I see a lot of good things in the various segments, whether it's building products, whether it's fire, whether it's our BMS systems. So we actually expect a pretty good year. And if you take HPS as a leading indicator, that's also been a pretty good sign in Q4. So we're a little bit cautious in the outlook, but given the stability that we have now, and it should be a nice story for us -- a recovery story for us in 2019.

不，我的意思是，如果你看看我們的 HPS 業務，這可能是商業活動類型的最佳指示，第四季度的預訂量增長了兩位數。所以實際上非常非常強大。那挺好的。我們還想確保我們捕獲了服務。這就是機會。該業務正在穩定。我認為 Vimal 和那個團隊已經讓公司走上了正確的道路。我們看到了好的跡象。增長的秘訣在於重振 NPD 管道。我在各個領域看到了很多好東西，無論是建築產品，還是火災，無論是我們的 BMS 系統。所以我們實際上期待一個相當不錯的一年。如果你將 HPS 作為領先指標，那在第四季度也是一個很好的跡象。所以我們對前景有點謹慎，但考慮到我們現在的穩定性，這對我們來說應該是一個很好的故事——對我們來說是一個 2019 年的複蘇故事。

And I would now like to turn the call back to Darius.

我現在想把電話轉回 Darius。

Thank you. Our end markets continue to be strong, and we've got simpler, more focused portfolio following completion of the spins. We continue to execute well, as evidenced by our sales, margin and cash performance. We have significant balance sheet capacity to deploy. We have a strong performance culture. Our say will continue to equal our do, and we're focused on continuing to outperform for our customers, our shareowners and our employees. I continue to be encouraged by what I see in each of our businesses and our people. I'm excited for what I know will be a strong 2019. Thank you for listening.

謝謝。我們的終端市場繼續保持強勁，並且在完成分拆後我們擁有更簡單、更集中的產品組合。正如我們的銷售額、利潤率和現金表現所證明的那樣，我們繼續表現良好。我們有大量的資產負債表能力可供部署。我們擁有強大的績效文化。我們言出必行，我們專注於繼續為我們的客戶、我們的股東和我們的員工提供出色的表現。我在我們每個企業和我們的員工身上看到的東西繼續鼓舞著我。我很興奮，因為我知道 2019 年會很強勁。感謝您的收聽。

That concludes today's conference. Thank you for your participation. Ladies and gentlemen, you may now disconnect.

今天的會議到此結束。感謝您的參與。女士們先生們，你們現在可以斷開連接了。