漢威聯合 (HON) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to Honeywell's Second Quarter Fiscal Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. (Operator Instructions). I would now like to hand the call over to Sean Meakim. Please go ahead.

感謝您的支持，歡迎參加霍尼韋爾 2022 財年第二季度收益電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員說明）。我現在想將電話交給 Sean Meakim。請繼續。

Thank you, Latif. Good morning, and welcome to Honeywell's Second Quarter 2022 Earnings Conference Call. On the call with me today are Chairman and CEO, Darius Adamczyk; and Senior Vice President and Chief Financial Officer, Greg Lewis. Also joining us are Senior Vice President and General Counsel, Anne Madden; and Senior Vice President and Chief Supply Chain Officer, Torsten Pilz.

謝謝你，拉蒂夫。早上好，歡迎參加霍尼韋爾 2022 年第二季度收益電話會議。今天與我通話的是董事長兼首席執行官 Darius Adamczyk；高級副總裁兼首席財務官 Greg Lewis。加入我們的還有高級副總裁兼總法律顧問 Anne Madden； Torsten Pilz 高級副總裁兼首席供應鏈官。

This call and webcast, including any non-GAAP reconciliations, are available on our website at www.honeywell.com/investor. Honeywell also use our website as a means of disclosing information, which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website in addition to following our press releases, SEC filings, public conference calls, webcasts and social media.

本次電話會議和網絡廣播，包括任何非公認會計原則的對賬，可在我們的網站 www.honeywell.com/investor 上獲得。霍尼韋爾還使用我們的網站作為披露信息的一種方式，這些信息可能對我們的投資者感興趣或很重要，並用於遵守 FD 規定的披露義務。因此，投資者除了關注我們的新聞稿、SEC 文件、公開電話會議、網絡廣播和社交媒體外，還應關注我們的投資者關係網站。

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

請注意，本演示文稿的元素包含前瞻性陳述，這些陳述基於我們對當今世界和我們業務的最佳看法。這些要素可能會根據許多因素而變化，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釋它們。我們在 10-K 表格年度報告和其他 SEC 文件中確定了可能影響我們業績的主要風險和不確定性。

This morning, we will review our financial results for the second quarter of 2022 and share our guidance for the third quarter and provide an update to our full year 2022 outlook. As always, we'll leave time for your questions at the end. With that, I'll turn the call over to Chairman and CEO, Darius Adamczyk.

今天上午，我們將回顧我們 2022 年第二季度的財務業績，分享我們對第三季度的指導，並更新我們的 2022 年全年展望。與往常一樣，我們將在最後留出時間回答您的問題。有了這個，我將把電話轉給董事長兼首席執行官 Darius Adamczyk。

Thank you, Sean, and good morning, everyone. Let's begin on Slide 2. The second quarter was another strong one for Honeywell. We over delivered on our commitments as our rigorous operating principles enable us to navigate a challenging backdrop and remain highly resilient amid ongoing supply chain constraints, inflation headwinds and geopolitical unrest. We met or exceeded our second quarter guidance despite these challenges of adjusted earnings per share of $2.10, up 4% year-over-year and $0.02 above the high end of the guidance range.

謝謝你，肖恩，大家早上好。讓我們從幻燈片 2 開始。第二季度是霍尼韋爾的又一個強勁表現。我們超額兌現了我們的承諾，因為我們嚴格的運營原則使我們能夠在充滿挑戰的背景下駕馭並在持續的供應鏈限制、通貨膨脹逆風和地緣政治動盪中保持高度彈性。儘管調整後每股收益為 2.10 美元，同比增長 4%，比指導範圍的高端高 0.02 美元，但我們還是達到或超過了我們的第二季度指引。

Organic sales grew 4% year-over-year, led by strong double-digit growth in our commercial aviation, building products, productivity solutions and services, advanced sensing technologies, advanced materials and recurring connected software businesses. This was partially offset by 3 percentage point impact from a combination of the wind down of our Russian operations and lower COVID-related mask sales as we lapped the height of demand in 2021.

在我們的商業航空、建築產品、生產力解決方案和服務、先進傳感技術、先進材料和經常性互聯軟件業務實現兩位數強勁增長的帶動下，有機銷售額同比增長 4%。由於我們在 2021 年達到了需求高峰，俄羅斯業務的減少以及與 COVID 相關的口罩銷售下降，這部分抵消了 3 個百分點的影響。

We expanded segment margin by 50 basis points year-over-year to 20.9%, meeting the high end of the guidance range as commercial excellence enable us to remain ahead of the inflation curve. Excluding the impact of our investment in Quantinuum, the margin expansion was 80 basis points year-over-year. Orders and backlog strength continued in the second quarter, led by Aero, HBT and PMT as our end markets continue to recover, giving us confidence in our demand outlook for the back half of the year.

我們將分部利潤率同比擴大 50 個基點至 20.9%，達到指導範圍的高端，因為卓越的商業使我們能夠保持領先於通脹曲線。排除我們對 Quantinuum 投資的影響，利潤率同比增長 80 個基點。隨著我們的終端市場繼續復甦，在 Aero、HBT 和 PMT 的帶動下，第二季度訂單和積壓訂單繼續保持強勁，使我們對下半年的需求前景充滿信心。

Orders were up 12% year-over-year, and closing backlog was $29.5 billion, while also up 12% year-over-year. In terms of capital, we deployed $2.3 billion to share repurchases, dividends and capital expenditures. We leveraged the strength of our balance sheet to opportunistically purchase 7.5 million shares throughout the quarter, reducing our average share count to 685 million shares and continuing to execute on our commitment to buy back $4 billion in shares in 2022. As always, we continue to execute our rigorous and proven value creation framework, which drives outstanding shareholder value. I am proud of Honeywell's ability to rise to the challenge to deliver strong results amid such a fluid operating environment.

訂單同比增長 12%，結案積壓為 295 億美元，同比增長 12%。在資本方面，我們部署了 23 億美元用於股份回購、股息和資本支出。我們利用資產負債表的優勢，在整個季度機會性地購買了 750 萬股股票，將我們的平均股票數量減少到 6.85 億股，並繼續履行我們在 2022 年回購 40 億美元股票的承諾。與往常一樣，我們將繼續執行我們嚴格且經過驗證的價值創造框架，推動卓越的股東價值。我為霍尼韋爾能夠在如此多變的運營環境中迎接挑戰並提供出色的業績而感到自豪。

Now let's turn to Slide 3 to discuss recent senior leadership changes. This morning, we announced that Vimal Kapur has been appointed role of President and Chief Operating Officer effective immediately. Vimal is currently the President and CEO of Honeywell Performance Materials and Technologies and will maintain his PMT role until his successor is named. Honeywell is fortunate to benefit from a very deep bench of experienced leaders like Vimal with 33 years across various Honeywell businesses. As COO, he will work closely with me to drive the continued profitable growth of Honeywell's operating businesses. This includes creating new solutions to help our customers drive their sustainability transformations and accelerate their digital transformation journeys. Vimal will also oversee the continued integration of Honeywell's operating system, which we call Honeywell Accelerator. Vimal is uniquely qualified for this role in improving its operational capabilities across many different industries, business models, regions and business cycles.

現在讓我們轉到幻燈片 3 來討論最近的高級領導層變動。今天早上，我們宣布 Vimal Kapur 已被任命為總裁兼首席運營官，立即生效。 Vimal 目前是霍尼韋爾高性能材料和技術公司的總裁兼首席執行官，並將繼續擔任 PMT 職務，直到任命繼任者為止。霍尼韋爾有幸受益於像 Vimal 這樣在霍尼韋爾各個業務領域擁有 33 年經驗的資深領導者。作為首席運營官，他將與我密切合作，推動霍尼韋爾運營業務的持續盈利增長。這包括創建新的解決方案來幫助我們的客戶推動他們的可持續發展轉型並加速他們的數字化轉型之旅。 Vimal 還將監督霍尼韋爾操作系統的持續集成，我們稱之為霍尼韋爾加速器。 Vimal 在提高其跨許多不同行業、商業模式、地區和商業周期的運營能力方面具有獨特的資格。

This appointment provides me additional bandwidth to focus on strategy, business development, customer engagement and people development. Now many of you will recall that I served as COO once upon a time as well. This announcement today is not a repeat of that playbook. While I won't be Chairman and CEO, indefinitely, I have no definitive plans to retire and will continue to lead Honeywell. Vimal's appointment is going to allow me additional flexibility to focus on our overarching objectives.

這次任命為我提供了額外的帶寬，可以專注於戰略、業務發展、客戶參與和人員發展。現在你們中的許多人會記得我曾經也擔任過首席運營官。今天的這個公告不是那個劇本的重複。雖然我不會無限期地擔任董事長兼首席執行官，但我沒有明確的退休計劃，並將繼續領導霍尼韋爾。 Vimal 的任命將使我能夠更加靈活地專注於我們的總體目標。

In addition, effective earlier this month, we expanded both Sheila Jordan's and Suresh Venkatarayalu's role and welcome them to the executive leadership team as Honeywell officers reporting to me to ensure we continue to advance our enterprise transformation. Sheila expanded her role to include all digital transformation efforts, becoming Senior Vice President, Chief Digital Technology Officer. Sheila joined Honeywell in January 2020 and has proven significant value, working to modernize our IT infrastructure, applications, digital capabilities and talent.

此外，從本月初開始，我們擴大了 Sheila Jordan 和 Suresh Venkatarayalu 的角色，並歡迎他們加入執行領導團隊，作為霍尼韋爾官員向我匯報，以確保我們繼續推進企業轉型。 Sheila 將她的角色擴大到包括所有數字化轉型工作，成為高級副總裁兼首席數字技術官。 Sheila 於 2020 年 1 月加入霍尼韋爾，並已證明具有重要價值，致力於實現我們的 IT 基礎設施、應用程序、數字能力和人才的現代化。

Suresh took an expanded role becoming Senior Vice President, Chief Technology and Innovation Officer. Suresh has been with Honeywell almost 30 years and has held a series of engineering and IT leadership positions, including CTO of Honeywell and SPS. Suresh is responsible for new product development and introduction processes, including development for breakthrough technologies. I'd like to congratulate Vimal, Sheila and Suresh on their new roles, and I look forward to working closely with them as they enter the next phase of Honeywell's transformation.

蘇雷什擴大了角色，成為高級副總裁、首席技術和創新官。 Suresh 在霍尼韋爾工作近 30 年，並擔任過一系列工程和 IT 領導職務，包括霍尼韋爾和 SPS 的首席技術官。 Suresh 負責新產品開發和引進流程，包括突破性技術的開發。我要祝賀 Vimal、Sheila 和 Suresh 擔任新職務，並期待在他們進入霍尼韋爾轉型的下一階段時與他們密切合作。

Next, let me turn the slides forward to discuss other exciting recent announcements. In the second quarter, we continued to build on our reputation as one of the premium providers of cutting-edge technologies that can deliver more sustainable solutions. We announced yesterday that Archer Aviation selected Honeywell to provide flight control actuation and thermal management technologies for the urban air mobility aircraft. Archer's production aircraft will operate in dense urban environments, making critical precision from the aircraft's flight controls and actuators a must for civilian safety.

接下來，讓我將幻燈片向前翻，討論其他令人興奮的近期公告。在第二季度，我們繼續鞏固我們作為能夠提供更可持續解決方案的尖端技術的優質供應商之一的聲譽。我們昨天宣布，Archer Aviation 選擇霍尼韋爾為城市空中機動飛機提供飛行控制驅動和熱管理技術。 Archer 的生產型飛機將在密集的城市環境中運行，這使得飛機的飛行控制和執行器的關鍵精度成為民用安全的必要條件。

Honeywell's actuators can accept hundreds of micro-adjustments and commands per second from fly-by-wire computers, enabling precise navigation, which will enhance safety and accommodate the unique elements of Archer's electric vertical takeoff and landing aircraft. Honeywell has a wide variety of ready-now solutions that will create a more sustainable future for the aviation sector. It's a great example of that.

霍尼韋爾的執行器每秒可以接受來自電傳計算機的數百次微調和命令，從而實現精確導航，這將提高安全性並適應 Archer 電動垂直起降飛機的獨特元素。霍尼韋爾擁有多種現成的解決方案，將為航空業創造更可持續的未來。這是一個很好的例子。

In addition, last month, we announced a partnership with EnLink Midstream to deliver carbon capture solutions to industrial scale CO2 emitters along their Louisiana Gulf Coast. Our carbon capture and hydrogen purification technologies, combined with EnLink's planned CO2 pipeline transportation network provides a cost-efficient solution for customers looking to reduce the environmental impact of their operations.

此外，上個月，我們宣布與 EnLink Midstream 建立合作夥伴關係，為路易斯安那州墨西哥灣沿岸的工業規模二氧化碳排放者提供碳捕獲解決方案。我們的碳捕獲和氫氣提純技術與 EnLink 計劃中的二氧化碳管道運輸網絡相結合，為希望減少其運營對環境影響的客戶提供了具有成本效益的解決方案。

Lastly, we discussed in our Q2 leadership webcast on sustainable building technologies, released a new carbon and energy management software focused on the energy optimization and carbon reduction of commercial buildings. Commercial buildings currently account for almost 1/3 of global energy consumption and 37% of global energy-related CO2 emissions. Building owners recognize that this issue needs to be addressed and thousands of companies have voluntarily pledged to meet sustainability targets.

最後，我們在第二季度關於可持續建築技術的領導網絡廣播中討論了，發布了一款新的碳和能源管理軟件，專注於商業建築的能源優化和碳減排。商業建築目前佔全球能源消耗的近 1/3，佔全球能源相關二氧化碳排放量的 37%。建築業主認識到這個問題需要解決，成千上萬的公司自願承諾實現可持續發展目標。

Honeywell's new software offering enables building owners to track and optimize energy performance down to a device or asset level. Our carbon and energy management software leverages Honeywell's Forge, artificial intelligence and machine learning algorithms to autonomously identify and implement energy conservation measures. This makes it possible for building owners to reduce the environmental impact of their building while at the same time, improving the well-being of their occupants. As you can see, we are leveraging our expertise and culture of innovation to enable a more sustainable future. Now let me turn it over to Greg on Slide 5 to discuss our second quarter results in more detail and to provide an update on our 2022 outlook.

霍尼韋爾的新軟件產品使建築業主能夠跟踪和優化能源性能，直至設備或資產級別。我們的碳和能源管理軟件利用霍尼韋爾的 Forge、人工智能和機器學習算法來自主識別和實施節能措施。這使得建築業主可以減少建築對環境的影響，同時改善居住者的福祉。如您所見，我們正在利用我們的專業知識和創新文化來實現更可持續的未來。現在讓我在幻燈片 5 上將其交給格雷格，以更詳細地討論我們的第二季度業績，並提供我們 2022 年展望的最新信息。

Thank you, Darius, and good morning, everyone. As Darius highlighted, we delivered second quarter results, which met or exceeded the high end of our guidance while navigating persistent macroeconomic uncertainties. Second quarter sales grew by 4% organically or 7%, excluding the impact of lower COVID-related mask volumes and the wind down of our operations in Russia.

謝謝你，大流士，大家早上好。正如大流士所強調的那樣，我們在應對持續存在的宏觀經濟不確定性的同時，實現了第二季度業績，達到或超過了我們指引的高端。第二季度銷售額有機增長 4% 或 7%，不包括與 COVID 相關的口罩數量減少和我們在俄羅斯的業務減少的影響。

While demand trends remain strong, supply chain constraints continues to weigh on volume growth, predominantly in Aero, HBT and SPS, causing our past due backlog to increase sequentially by more than $100 million in the quarter. However, we once again demonstrated our operational agility by staying ahead of the inflation curve through strategic pricing actions, enabling us to expand margins and beat the high end of our adjusted EPS guidance.

儘管需求趨勢依然強勁，但供應鏈限制繼續對銷量增長造成壓力，主要是在 Aero、HBT 和 SPS，導致我們逾期的積壓訂單在本季度環比增長超過 1 億美元。然而，我們通過戰略定價行動保持領先於通脹曲線，再次展示了我們的運營敏捷性，使我們能夠擴大利潤率並超過調整後每股收益指引的高端。

Aerospace sales for the second quarter were up 5% organically compared to the second quarter of '21 as we continue to face a challenged overall aerospace supply chain. The ongoing recovery in commercial flight hours led to approximately 20% year-over-year sales growth in both air transport aftermarket and business in general aviation aftermarket sales. Business in general aviation original equipment returned to growth in the quarter, growing double digits while air transport original equipment continued its strong 2022, growing over 25% year-over-year.

與 21 年第二季度相比，第二季度的航空航天銷售額有機增長了 5%，因為我們繼續面臨整個航空航天供應鏈的挑戰。商業飛行時數的持續回升導致航空運輸售後市場和通用航空售後市場業務的銷售額同比增長約 20%。通用航空原始設備業務在本季度恢復增長，增長兩位數，而航空運輸原始設備在 2022 年繼續保持強勁勢頭，同比增長超過 25%。

Growth from our commercial Aerospace business was partially offset by defense and space sales, which were down 11% year-over-year, though up sequentially from Q1 in both U.S. and international markets. Aerospace segment margins expanded 80 basis points in the second quarter to 26.5%.

我們商業航空航天業務的增長被國防和太空銷售部分抵消，儘管美國和國際市場的銷售額均較第一季度有所增長，但同比下降 11%。航空航天部門的利潤率在第二季度擴大了 80 個基點，達到 26.5%。

In Building Technologies, sales were up 14% organically, led by commercial actions and strength in both building products and building solutions. Demand remained strong with orders up double digits for the second consecutive quarter, led by building projects, building management systems and our security products. Backlog grew double digits year-over-year in the second quarter, giving us continued confidence in our 2022 outlook. Our healthy buildings portfolio remains robust with over $100 million of orders in the quarter. Segment margins expanded 110 basis points to 23.5%.

在建築技術領域，銷售額自然增長了 14%，這主要得益於商業行動以及建築產品和建築解決方案的實力。在建築項目、建築管理系統和我們的安全產品的帶動下，需求保持強勁，訂單連續第二個季度增長兩位數。第二季度積壓訂單同比增長兩位數，使我們對 2022 年的前景充滿信心。我們的健康建築產品組合依然強勁，本季度訂單超過 1 億美元。分部利潤率擴大 110 個基點至 23.5%。

In Performance Materials and Technologies, sales grew 10% organically in the quarter despite an approximately 3% headwind from Russia. Advanced Materials continues to stand out with 21% organic sales growth in the quarter as a result of commercial excellence and greater volumes in specialty additives and electronic materials. Process Solutions grew 7% organically on increased demand for thermal solutions and life cycle solutions and services.

在高性能材料和技術領域，儘管來自俄羅斯的逆風約為 3%，但該季度的銷售額有機增長了 10%。由於商業卓越以及特種添加劑和電子材料的銷量增加，先進材料在本季度繼續以 21% 的有機銷售額增長脫穎而出。由於對熱解決方案和生命週期解決方案和服務的需求增加，過程解決方案有機增長了 7%。

Sparta Systems grew over 40% and was earnings accretive for the second consecutive quarter. Process Solutions orders grew more than 15%, including double-digit growth in our Projects business showing continued momentum. UOP sales decreased 1% in the quarter, including a 7-point headwind to year-over-year growth from lost Russia sales. We continue to see strength in our higher-margin catalyst business, which grew more than 20% and helped to offset lower equipment volumes due to timing of larger projects.

Sparta Systems 增長超過 40%，並連續第二個季度實現盈利增長。流程解決方案訂單增長超過 15%，包括我們項目業務的兩位數增長，顯示出持續的勢頭。 UOP 本季度銷售額下降 1%，其中俄羅斯銷售額下降導致同比增長 7 個百分點。我們繼續看到利潤率較高的催化劑業務表現強勁，該業務增長超過 20%，有助於抵消由於大型項目的時間安排而導致的設備量下降。

PMT segment margin expanded 150 basis points to 22.3% in the quarter. Safety and Productivity Solutions sales decreased 10% organically in the quarter, in line with our expectations as strength in Advanced Sensing Technologies and Productivity Solutions and Services was offset by lower personal protective equipment and warehouse automation volume. Elevated COVID-driven mask demand in the second quarter of '21 led to a 5% year-over-year headwind for SPS in the quarter.

PMT 部門的利潤率在本季度擴大了 150 個基點至 22.3%。本季度安全和生產力解決方案銷售額有機下降 10%，符合我們的預期，因為先進傳感技術和生產力解決方案和服務的優勢被個人防護設備和倉庫自動化數量的下降所抵消。 21 年第二季度 COVID 驅動的口罩需求增加導致 SPS 在本季度同比逆風 5%。

Advanced Sensing Technologies grew 25%. Productivity Solutions and Services grew 19%, and Gas Detection also grew organically in the quarter, all demonstrating excellent execution in a difficult supply-constrained environment. We continue to be impressed by the performance of these businesses. This quarter marks 6 straight quarters of double-digit organic growth in Productivity Solutions and Services and 3 straight quarters for Advanced Sensing Technologies.

先進傳感技術增長了 25%。生產力解決方案和服務增長了 19%，氣體檢測在本季度也實現了有機增長，所有這些都表明在困難的供應受限環境中執行出色。我們繼續對這些業務的表現印象深刻。本季度標誌著生產力解決方案和服務連續 6 個季度實現兩位數有機增長，先進傳感技術連續 3 個季度實現兩位數有機增長。

SPS also benefited from a licensing and settlement agreement to resolve patent-related litigation with a competitor, which we entered into in the second quarter. Under this agreement, each party agreed to provide a license to its existing patent portfolio for use by the other party's existing products, and Honeywell is entitled to receive up to $360 million over 2 years. Honeywell received the first of these payments of $45 million in the second quarter and recognize the corresponding sales and profit in the SPS financial results. This incremental profit in the quarter was more than offset by legal costs associated with the agreement and a onetime write-down of excess COVID-related mask inventory, which should close the book on that mask story. Overall, SPS segment margins contracted 140 basis points to 12.6%, primarily due to the lower volumes and the PPE write-down.

SPS 還受益於一項許可和和解協議，以解決我們在第二季度與競爭對手簽訂的專利相關訴訟。根據該協議，各方同意為其現有專利組合提供許可，供對方現有產品使用，霍尼韋爾有權在 2 年內獲得高達 3.6 億美元的收益。霍尼韋爾在第二季度收到了第一筆 4500 萬美元的付款，並在 SPS 財務業績中確認了相應的銷售額和利潤。本季度的這一增量利潤被與該協議相關的法律成本和一次性減記與 COVID 相關的口罩庫存過多所抵消，這應該會結束關於該口罩故事的書。總體而言，SPS 部門的利潤率收縮 140 個基點至 12.6%，主要是由於銷量下降和 PPE 減記。

Growth across our portfolio continues to be supported by strong results in Honeywell Connected Enterprise. We had another quarter of double-digit revenue growth, including double-digit recurring and 40% SaaS business growth year-over-year. Sparta Systems, Connected, Safety and Cyber all saw growth of greater than 25% year-over-year in the quarter. So for overall Honeywell, we exceeded our sales outlook growing top line 4% organically, and we executed operationally to expand second quarter segment margins by 50 basis points to 20.9%, meeting the high end of our margin guidance range with expansion in PMT, HBT and Aerospace. This expansion is net of a 30 basis point year-over-year headwind associated with our investment in Quantinuum.

霍尼韋爾互聯企業的強勁業績繼續支持我們產品組合的增長。我們又實現了兩位數的收入增長，包括兩位數的經常性和 40% 的 SaaS 業務同比增長。 Sparta Systems、Connected、Safety 和 Cyber 在本季度均實現了超過 25% 的同比增長。因此，對於霍尼韋爾的整體而言，我們的銷售前景有機地增長了 4%，並且我們在運營上將第二季度的利潤率提高了 50 個基點，達到 20.9%，通過 PMT、HBT 的擴張達到了我們利潤率指導範圍的高端和航空航天。這種擴張扣除了與我們對 Quantinuum 的投資相關的同比 30 個基點的逆風。

On EPS, we delivered second quarter GAAP earnings per share of $1.84 and adjusted earnings per share of $2.10, which was up $0.08 year-over-year despite a $0.04 headwind from foreign exchange. A bridge for adjusted earnings per share from 2Q '21 to 2Q '22 can be found in the appendix of this presentation. Segment profit was an $0.08 tailwind, driven by strong commercial execution. Share count reduction drove a $0.05 year-over-year tailwind to earnings per share. We saw a $0.04 headwind from below the line items, primarily due to the lower pension income. A higher effective tax rate, 23.4% this year versus 23% last year drove a $1 headwind.

在每股收益方面，我們實現了第二季度 GAAP 每股收益 1.84 美元和調整後每股收益 2.10 美元，儘管外匯逆風為 0.04 美元，但同比增長 0.08 美元。在本演示文稿的附錄中可以找到從 21 年第二季度到 22 年第二季度調整後每股收益的橋樑。在強大的商業執行力的推動下，分部利潤為 0.08 美元。股票數量減少推動每股收益同比增長 0.05 美元。我們從項目下方看到了 0.04 美元的逆風，主要是由於較低的養老金收入。更高的有效稅率（今年為 23.4%，去年為 23%）帶來了 1 美元的阻力。

In response to winding down operations in Russia, we recorded an additional charge of $126 million or a $0.19 impact to GAAP EPS. The company also took a $50 million noncash charge in 2Q related to the potential comprehensive resolution of ongoing UOP matters. More information on this can be found in our Form 10-Q.

為應對俄羅斯業務的縮減，我們記錄了 1.26 億美元的額外費用，或對 GAAP 每股收益產生 0.19 美元的影響。該公司還在第二季度收取了 5000 萬美元的非現金費用，該費用與可能全面解決 UOP 正在進行的事項有關。有關這方面的更多信息，請參閱我們的 10-Q 表。

Moving to cash. We generated over $800 million of free cash flow in the quarter, down 43% year-on-year, which was closely aligned to our expectations. We continue to invest in inventory to deliver for our customers, which is driving elevated working capital in recent quarters, including Q2. During the quarter, we also received the final payment to close out our agreement with Garrett, but still saw a year-over-year decline in Garrett payments due to an elevated $375 million payment in the second quarter last year. We remain on track to deliver our cash guidance range of $4.7 billion to $5.1 billion for the full year.

轉向現金。我們在本季度產生了超過 8 億美元的自由現金流，同比下降 43%，這與我們的預期非常吻合。我們繼續投資庫存以向我們的客戶交付，這推動了最近幾個季度（包括第二季度）的營運資金增加。在本季度，我們還收到了結束與 Garrett 協議的最終付款，但由於去年第二季度支付的 3.75 億美元增加，Garrett 的付款仍同比下降。我們仍有望實現全年 47 億至 51 億美元的現金指導範圍。

Finally, as Darius mentioned earlier, we continue to leverage our strong balance sheet, deploying $2.3 billion in the quarter. Notably, we repurchased 7.5 million shares for $1.4 billion in the second quarter, bringing our first half total to $2.4 billion as we execute on our updated commitment to buy back $4 billion in shares in '22. We also paid approximately $690 million in dividends and invested approximately $160 million in CapEx. So overall, another strong quarter in which we delivered results at or above our expectations, executed well through challenging economic conditions and accelerated our capital deployment.

最後，正如 Darius 之前提到的，我們繼續利用我們強大的資產負債表，在本季度部署了 23 億美元。值得注意的是，我們在第二季度以 14 億美元的價格回購了 750 萬股股票，使我們的上半年總額達到 24 億美元，因為我們執行了我們在 22 年回購 40 億美元股票的最新承諾。我們還支付了約 6.9 億美元的股息，並在資本支出上投資了約 1.6 億美元。因此，總體而言，又一個強勁的季度，我們的業績達到或高於我們的預期，在充滿挑戰的經濟條件下表現良好，並加速了我們的資本部署。

Now let's turn to Slide 6 to talk about our third quarter and full year guidance. While the environment continues to be volatile, our demand profile remains resilient. Our 2Q orders and our closing backlog of $29.5 billion both grew 12% year-over-year, positioning us well for the quarters to come. Supply chain constraints, particularly related to semiconductors improved slightly in the second quarter, and we expect modest sequential benefits to continue throughout the back half of the year, enabling us to unlock greater volumes.

現在讓我們轉到幻燈片 6 來談談我們的第三季度和全年指導。儘管環境繼續動盪，但我們的需求狀況仍然具有彈性。我們的第二季度訂單和 295 億美元的積壓訂單均同比增長 12%，為未來幾個季度做好準備。供應鏈限制，尤其是與半導體相關的限制在第二季度略有改善，我們預計在整個下半年將繼續獲得適度的連續收益，使我們能夠釋放更大的產量。

The aerospace supply chain has continued to face difficulties, but we're confident in the eventual recovery as Tier 3 and Tier 4 suppliers work to combat labor shortages. Once again, this quarter and throughout the rest of the year, we are staying ahead of the inflation curve with our strategic pricing actions. As a result of rising interest rates and the strengthening of the U.S. dollar, we are experiencing higher foreign currency impact than we had in our prior guidance, impacting sales and EPS that we are overcoming that operationally.

航空航天供應鏈繼續面臨困難，但隨著 3 級和 4 級供應商努力解決勞動力短缺問題，我們對最終復甦充滿信心。在本季度和今年剩餘時間裡，我們再次通過我們的戰略定價行動保持在通脹曲線的前面。由於利率上升和美元走強，我們正在經歷比我們之前的指導更高的外匯影響，影響我們在運營上克服的銷售和每股收益。

With that as a backdrop, we expect third quarter sales to be in the range of $8.9 billion to $9.2 billion, up 7% to 11% on an organic basis or up 8% to 12%, excluding the 1-point impact of our lost Russian sales. We now expect full year sales of $35.5 billion to $36.1 billion, which represents a decrease of $300 million on the high end from our prior guidance, incorporating higher foreign currency impact. However, we are raising the low end of our organic growth range now at 5% to 7%, increasing the midpoint versus our prior guidance and narrowing the overall range. That represents organic growth of 7% to 9%, excluding a 1-point impact of lower COVID-related mask demand and a 1 point impact of lost Russian sales.

在此背景下，我們預計第三季度銷售額將在 89 億美元至 92 億美元之間，有機增長 7% 至 11% 或增長 8% 至 12%，不包括我們損失的 1 點影響俄羅斯銷售。我們現在預計全年銷售額為 355 億美元至 361 億美元，與我們之前的指引相比高端減少了 3 億美元，其中包括更高的外匯影響。但是，我們現在將有機增長范圍的低端提高到 5% 至 7%，與我們之前的指導相比增加了中點，並縮小了整體範圍。這代表了 7% 至 9% 的有機增長，不包括與 COVID 相關的口罩需求下降的 1 個百分點的影響和俄羅斯銷售損失的 1 個百分點的影響。

The difference between our reported and our organic sales growth guidance is 2 points, driven entirely by foreign currency translation. We expect our disciplined commercial actions will contribute approximately 8% to our sales growth in 2022, which is higher than we anticipated last quarter as we remain vigilant in addressing price cost dynamics given elevated inflation.

我們報告的和我們的有機銷售增長指導之間的差異是 2 個百分點，完全由外幣換算驅動。我們預計，我們有紀律的商業行動將為我們在 2022 年的銷售增長貢獻約 8%，這高於我們上個季度的預期，因為我們在通脹上升的情況下保持警惕應對價格成本動態。

Now let's take a moment to walk through the third quarter and full year expectations by segment, an update on our 2022 end market outlook can be found in the appendix of this presentation. In Aerospace, we see ongoing flight hour improvement leading to another quarter of robust growth in our aftermarket business, led by air transport aftermarket. In original equipment, build rates continue to ramp, driving growth in both Air Transport and Business & General Aviation.

現在讓我們花點時間按細分市場了解第三季度和全年的預期，我們的 2022 年末市場展望的更新可以在本演示文稿的附錄中找到。在航空航天領域，我們看到持續的飛行小時改善導致我們的售後業務又一個季度強勁增長，這在航空運輸售後市場的帶動下。在原始設備方面，建造率繼續上升，推動了航空運輸和商務和通用航空的增長。

Defense and space grew sequentially in the second quarter, and we expect this trend to continue into the second half. We anticipate the business will return to year-over-year growth in the second half as comps ease, but it will be down slightly for the full year. As I mentioned earlier, the overall aerospace supply chain remains challenged and is partially offsetting strong end market demand. While our supplier de-commit rate improved sequentially in the second quarter, the pace of improvement is slower than the higher end of our expectations. As a result, we now expect aerospace sales for the year to be up mid-single digits compared to 2021, lower than our previous outlook of high single digits.

第二季度國防和太空連續增長，我們預計這一趨勢將持續到下半年。我們預計，隨著業績的緩和，下半年業務將恢復同比增長，但全年將略有下降。正如我之前提到的，整個航空航天供應鏈仍然面臨挑戰，並部分抵消了終端市場的強勁需求。雖然我們的供應商解除承諾率在第二季度環比有所改善，但改善的速度慢於我們預期的高端。因此，我們現在預計，與 2021 年相比，今年的航空航天銷售額將增長中個位數，低於我們之前預測的高個位數。

Original equipment mix headwinds were well telegraphed, but lower volume leverage will weigh on full year margin, which we now expect to be down modestly year-over-year. In Building Technologies, where supply chain constraints, particularly around semiconductors have improved slightly each quarter so far in '22, we expect sequentially improved volumes and pricing actions will support continued growth into the second half of the year.

原始設備組合的不利因素得到了很好的傳達，但較低的銷量槓桿將影響全年利潤率，我們現在預計全年利潤率將小幅下降。在建築技術領域，供應鏈限制，尤其是半導體方面的限制，在 22 年到目前為止每個季度都略有改善，我們預計數量和定價措施的連續改善將支持今年下半年的持續增長。

Energy efficiency and healthy building solutions remain a priority for our customers, enabling growth in our Building Solutions and healthy buildings businesses. We now expect full year organic growth in the double digits, trending better than our outlook at the end of the first quarter of high single digits to double digits. Our operational excellence and additional volume leverage should allow us to build upon our margin expansion from the first half in the third quarter and throughout the rest of '22.

能源效率和健康建築解決方案仍然是我們客戶的首要任務，促進我們的建築解決方案和健康建築業務的增長。我們現在預計全年有機增長將達到兩位數，比我們在第一季度末高個位數至兩位數的預期要好。我們的卓越運營和額外的銷量槓桿應該使我們能夠在第三季度上半年和 22 年剩餘時間的利潤率擴張的基礎上再接再厲。

In Performance Materials and Technologies, the favorable outlook in our end markets and 2 consecutive quarters of double-digit orders growth provides solid footing for the future. In Process Solutions, we expect sequential improvement in the third quarter with continued strong demand for Thermal Solutions leading the year-over-year growth. We expect sequential growth in UOP throughout the remainder of the year, largely driven by increased refining catalyst shipments with a heavier margin benefit in the fourth quarter versus the third.

在功能材料和技術方面，我們終端市場的良好前景和連續兩個季度兩位數的訂單增長為未來奠定了堅實的基礎。在過程解決方案方面，我們預計第三季度將連續改善，對熱解決方案的持續強勁需求引領同比增長。我們預計 UOP 在今年剩餘時間內將連續增長，這主要是由於煉油催化劑出貨量增加，第四季度的利潤率收益高於第三季度。

As we discussed last quarter, Russia will be a headwind to year-over-year growth throughout '22, but we're optimistic about the potential capacity investments in the energy sector to offset Russian supply, especially in LNG, and these investments provide support for our long-term growth framework. We expect the typical seasonality in Advanced Materials as we exit the summer months, but pricing tailwind and solid demand support continued year-over-year growth in the back half.

正如我們上個季度所討論的那樣，俄羅斯將成為整個 22 年同比增長的逆風，但我們對能源領域的潛在產能投資持樂觀態度，以抵消俄羅斯的供應，尤其是液化天然氣供應，這些投資提供了支持為我們的長期增長框架。我們預計，隨著我們退出夏季月份，先進材料的典型季節性，但定價順風和強勁的需求支持下半年繼續同比增長。

For overall PMT, we now expect sales to be up high single digits for the year and upgrade from our outlook last quarter of up mid- to high single digits, and we expect segment margin expansion in the second half versus the first. Looking ahead for SPS, we expect continued growth in Advanced Sensing Technologies and Gas Detection as demand indicators have remained strong, and these businesses are supported by a robust backlog, and we expect modest sequential improvement throughout the back half of the year. As we enter into the second half, we expect our Personal Protective Equipment sales run rate to be relatively stable in the third and the fourth quarter.

對於整體 PMT，我們現在預計今年銷售額將增長高個位數，並從我們上一季度的中高個位數展望上調，我們預計下半年的細分市場利潤率將比上半年增長。展望 SPS，我們預計先進傳感技術和氣體檢測將繼續增長，因為需求指標保持強勁，這些業務得到強勁積壓的支持，我們預計整個下半年會有適度的環比改善。隨著我們進入下半年，我們預計我們的個人防護設備銷售運行率在第三和第四季度將相對穩定。

In Intelligrated, we are encouraged by the improvements we're making in our operational efficiency and strategic customer wins, which will enable greater profitability over the project life cycle. That said, we're seeing capital spending plans of our warehouse automation customers pushed to the right, some of which has been broadly publicized. While we remain very confident in the medium-term growth rate, we expect 2022 SPS revenue to decline mid-single digits versus 2021 as delivery slide to the right.

在 Intelligrated，我們對我們在運營效率和戰略客戶贏得方面所做的改進感到鼓舞，這將在項目生命週期內實現更高的盈利能力。也就是說，我們看到我們的倉庫自動化客戶的資本支出計劃向右推，其中一些已被廣泛宣傳。雖然我們對中期增長率仍然非常有信心，但我們預計 2022 年 SPS 收入將與 2021 年相比下降中個位數，因為交付量向右下滑。

As I mentioned earlier, segment margin in the second quarter was lowered by a onetime inventory write-down, so we expect a significant sequential margin improvement in the third quarter and continued expansion in the fourth quarter through a combination of higher volume leverage, some cost reduction and positive mix shift.

正如我之前提到的，第二季度的分部利潤率因一次性庫存減記而降低，因此我們預計第三季度利潤率將顯著提高，第四季度將通過更高的銷量槓桿、一些成本減少和積極的混合轉變。

For overall Honeywell, we expect third quarter segment margins to be in the range of 20.9% to 21.2%, resulting in year-over-year margin contraction of 30 basis points to flat due to timing of high-margin catalyst shipments in PMT and some mix headwinds in Aerospace. Excluding the 40 basis point headwind from Quantinuum, we expect margins to expand 10 to 40 basis points. From a sequential perspective, our third quarter margin expectations are flat to up 30 basis points.

對於霍尼韋爾的整體而言，我們預計第三季度分部利潤率將在 20.9% 至 21.2% 之間，由於 PMT 和一些高利潤率催化劑出貨的時機，導致利潤率同比收縮 30 個基點至持平混合航空航天的逆風。排除來自 Quantinuum 的 40 個基點的逆風，我們預計利潤率將擴大 10 至 40 個基點。從連續的角度來看，我們的第三季度利潤率預期持平至 30 個基點。

Turning to our other core guided metrics. Third quarter net below-the-line impact, which is the difference between segment profit and income before tax, is expected to be in the range of negative $20 million to positive $30 million with a range of repositioning between $50 million and $90 million in the quarter as we continue to fund attractive restructuring projects. We expect the third quarter effective tax rate to be approximately 24% and the average share count to be approximately 679 million shares. As a result, we expect adjusted third quarter EPS between $2.10 and $2.20, up 4% to 9% year-over-year.

轉向我們的其他核心指導指標。第三季度淨線下影響，即分部利潤和稅前收入之間的差額，預計在負 2000 萬美元到正 3000 萬美元之間，重新定位範圍在 5000 萬美元到 9000 萬美元之間。季度，因為我們繼續為有吸引力的重組項目提供資金。我們預計第三季度有效稅率約為 24%，平均股數約為 6.79 億股。因此，我們預計調整後的第三季度每股收益在 2.10 美元至 2.20 美元之間，同比增長 4% 至 9%。

Turning to the full year. We expect organic sales growth of 5% to 7%, up from 4% to 7% last quarter. We are upgrading our segment margin expectations by 20 basis points to 30 to 70 basis points of year-over-year expansion at a margin rate of 21.3% to 21.7%. This is supported by successful execution of our price cost strategies as well as our continued rigor on fixed cost management.

轉向全年。我們預計有機銷售額增長 5% 至 7%，高於上一季度的 4% 至 7%。我們將分部利潤率預期上調 20 個基點至 30 至 70 個基點，利潤率為 21.3% 至 21.7%。這得益於我們成功執行價格成本戰略以及我們持續嚴格的固定成本管理。

Excluding the 30 basis point headwind from Quantinuum, we expect margins to expand 60 to 100 basis points in the year. We expect full year net below-the-line impact to be in the range of negative $150 million to negative $50 million, including capacity for $350 million to $425 million of repositioning. We expect a full year effective tax rate of approximately 22%, and we expect a weighted average share count to be in the range of 684 million to 687 million shares for the year, reflecting our commitment to repurchase $4 billion of Honeywell shares in '22.

排除來自 Quantinuum 的 30 個基點的逆風，我們預計今年的利潤率將擴大 60 至 100 個基點。我們預計全年淨線下影響將在負 1.5 億美元至負 5000 萬美元之間，包括 3.5 億美元至 4.25 億美元的重新定位能力。我們預計全年有效稅率約為 22%，我們預計今年的加權平均股票數量將在 6.84 億至 6.87 億股之間，這反映了我們在 22 年回購 40 億美元霍尼韋爾股票的承諾.

As a result of all these inputs, we have raised the low end of our full year adjusted earnings per share expectation to $8.55 to $8.80, up 6% to 9% year-over-year, reflecting confidence in our ability to more than offset or offset a $0.05 foreign exchange headwind versus our initial guidance in February as well as navigate evolving external risks. We still expect to see free cash flow in the range of $4.7 billion to $5.1 billion in 2022 or $4.9 billion to $5.3 billion, excluding the impact of Quantinuum. The cash impact and timing of our Russia exit does remain uncertain, and we'll update you as that continues to develop as it is not contemplated in this guidance.

由於所有這些投入，我們將全年調整後每股收益預期的低端上調至 8.55 美元至 8.80 美元，同比增長 6% 至 9%，反映了我們對抵消或抵消的能力的信心。抵消 0.05 美元的外匯逆風與我們在 2 月份的初步指導以及應對不斷變化的外部風險。我們仍預計 2022 年的自由現金流在 47 億美元至 51 億美元之間，或 49 億美元至 53 億美元，不包括 Quantinuum 的影響。我們退出俄羅斯的現金影響和時間仍然不確定，我們會在繼續發展的情況下向您提供最新信息，因為本指南中沒有考慮到這一點。

So in total, we executed a strong Q2 despite supply chain, foreign currency, Russia and inflation headwinds and are raising the midpoint of our organic sales growth, adjusted EPS growth and segment margin ranges, while holding our cash range, demonstrating our strong operational capabilities.

因此，總體而言，儘管供應鏈、外匯、俄羅斯和通脹逆風，我們還是執行了強勁的第二季度，並提高了我們有機銷售增長、調整後每股收益增長和部門利潤率範圍的中點，同時保持了我們的現金範圍，展示了我們強大的運營能力.

Before turning it back to Darius, let's turn to the next page to discuss our ability to deliver in all economic cycles. During our Investor Day earlier this year, we talked about our track record of managing through the cycle. Our execution through multiple downturns highlights our ability to move quickly and decisively to protect margins, drive growth, ensure liquidity and position ourselves for recovery.

在回到大流士之前，讓我們翻到下一頁來討論我們在所有經濟周期中的交付能力。在今年早些時候的投資者日，我們談到了我們管理整個週期的記錄。我們在多次低迷時期的執行突出了我們迅速果斷地採取行動以保護利潤、推動增長、確保流動性和為複蘇做好準備的能力。

As we continue to maneuver through changing economic conditions, our favorable end market exposures, robust orders and backlog position and diligent cost management will enable us to deliver differentiated results for our shareholders as we have proven in the past. We believe our end market exposures will help us remain resilient during times of short-cycle demand softness. In fact, 65% of our sales address the commercial aviation, defense, energy and nonresidential end markets, which are all set up favorably to weather a potential recession.

隨著我們繼續在不斷變化的經濟環境中進行機動，我們有利的終端市場敞口、強勁的訂單和積壓狀況以及勤勉的成本管理將使我們能夠為我們的股東提供差異化的結果，正如我們過去所證明的那樣。我們相信我們的終端市場敞口將幫助我們在短期需求疲軟時期保持彈性。事實上，我們 65% 的銷售額針對商業航空、國防、能源和非住宅終端市場，這些市場都具備應對潛在衰退的有利條件。

In commercial aviation, pent-up demand for leisure and business travel will continue to drive aftermarket demand, particularly as international travel resumes. Defense will remain relatively stable as international budgets are poised to increase with restocking from NATO allies, adding upward momentum to this end market. The energy markets are also gaining traction with higher relatively stable oil prices supporting an expected wave of capital reinvestment and LNG capacity additions, which are required to replace Russian gas supply and power the energy transition. Infrastructure builds, both domestic and abroad, provide tailwinds for the nonresidential sector as it does increase customer focus on sustainability and healthy buildings. As I mentioned earlier, although we are seeing some near-term softness in e-commerce, we still believe the medium-term growth is robust.

在商業航空領域，被壓抑的休閒和商務旅行需求將繼續推動售後市場需求，尤其是隨著國際旅行的恢復。國防將保持相對穩定，因為隨著北約盟國的補貨，國際預算準備增加，從而為該終端市場增加上行動力。能源市場也在獲得牽引力，較高的相對穩定的油價支持預期的資本再投資浪潮和液化天然氣產能增加，這是取代俄羅斯天然氣供應和推動能源轉型所必需的。國內和國外的基礎設施建設為非住宅部門提供了順風，因為它確實增加了客戶對可持續性和健康建築的關注。正如我之前提到的，儘管我們看到電子商務在短期內出現疲軟，但我們仍然認為中期增長強勁。

As Darius mentioned earlier, we ended 2Q with a record high backlog of $29.5 billion, up 12% year-on-year. Approximately 60% of this backlog is long cycle, which grew 12% year-over-year, led by growth in commercial aviation, building projects and services and process solutions projects. This gives us ample runway to support growth for quarters to come.

正如 Darius 之前提到的，我們在第二季度結束時積壓了 295 億美元，同比增長 12%，創下歷史新高。大約 60% 的積壓是長周期，同比增長 12%，主要是商業航空、建築項目和服務以及流程解決方案項目的增長。這為我們提供了充足的跑道來支持未來幾個季度的增長。

Finally, our long track record of segment margin expansion through multiple downturns and recessionary periods indicates our superior ability to streamline our fixed cost base, simplify and automate operations with our integrated supply chain transformation efforts and create efficiencies using Honeywell digital capabilities to standardize business models and use data analytics to optimize productivity and growth.

最後，我們在多個經濟低迷和衰退時期保持細分市場利潤率擴張的長期記錄表明，我們在精簡固定成本基礎、通過集成供應鏈轉型工作簡化和自動化運營以及利用霍尼韋爾數字能力標準化業務模式和提高效率方面具有卓越的能力。使用數據分析來優化生產力和增長。

In fact, Honeywell Digital has proven very valuable over the last year. The tools we have built are helping us methodically and strategically implement pricing, enabling us to stay ahead of the inflation curve. This, coupled with our rigorous and proven Honeywell value creation framework should provide investors with comfort that we will remain highly resilient, perform in all economic cycles and consistently deliver superior shareholder returns.

事實上，霍尼韋爾數字在過去一年中已經證明非常有價值。我們建立的工具正在幫助我們有條不紊地、戰略性地實施定價，使我們能夠領先於通脹曲線。這一點，再加上我們嚴格且經過驗證的霍尼韋爾價值創造框架，應該讓投資者感到欣慰，我們將保持高度彈性，在所有經濟周期中表現出色，並始終如一地提供卓越的股東回報。

Now let me turn it back to Darius to talk about how we are leveraging our resources and expertise to positively impact our communities.

現在讓我回到 Darius 來談談我們如何利用我們的資源和專業知識對我們的社區產生積極影響。

Thank you, Greg. Let's turn to Slide 8 and talk of the more aspirational approach we are taking toward ESG commitments. At Honeywell, our commitment to improving the world beyond our product portfolio begins with our 4 pillars of corporate social responsibility, inclusion, diversity, employees in action, STEM education and sustainability.

謝謝你，格雷格。讓我們轉向幻燈片 8，談談我們為實現 ESG 承諾而採取的更有抱負的方法。在霍尼韋爾，我們致力於在產品組合之外改善世界的承諾始於我們的企業社會責任、包容性、多樣性、員工在行動、STEM 教育和可持續性這四個支柱。

We're embedding inclusion and diversity into all our systems and processes at Honeywell from our enterprise-wide hiring protocols to our supplier diversity program. Our 9,000 employees belong to 1 of the 8 diverse employee networks and the number is growing every day, allowing us to provide opportunities for the education and allyship to all employees. We believe this approach is not only the right thing to do, but also a fundamental enabler of improved business results. Honeywell has set the guide rails for our culture of inclusion and diversity and our employees consistently go beyond what is expected and improve that culture.

我們將包容性和多元化融入霍尼韋爾的所有系統和流程，從我們的企業範圍招聘協議到我們的供應商多元化計劃。我們的 9,000 名員工屬於 8 個不同的員工網絡中的一個，而且這個數字每天都在增長，這使我們能夠為所有員工提供教育和結盟的機會。我們相信這種方法不僅是正確的做法，而且是改善業務成果的根本推動力。霍尼韋爾為我們的包容性和多元化文化設定了指導方針，我們的員工不斷超越預期並改善這種文化。

When Honeywell set up the Ukraine Relief Fund to provide underground aid and employee support, the generosity of our employees helped us raise over $1 million. Our employees are active outside work in their local community as well, volunteering over 4,000 hours in 2021. Honeywell is also committed to improving our local communities through STEM education to shape the great minds of tomorrow. We're focusing on providing unserved students access to education that'll provide -- that will drive innovation.

當霍尼韋爾設立烏克蘭救濟基金以提供地下援助和員工支持時，我們員工的慷慨幫助我們籌集了超過 100 萬美元。我們的員工也在當地社區積極開展工作，到 2021 年志願服務時間超過 4,000 小時。霍尼韋爾還致力於通過 STEM 教育改善我們的當地社區，以塑造未來的偉大思想。我們專注於為未獲得服務的學生提供教育，這將提供——這將推動創新。

Some of our initiatives include education and skill development programs in high-growth regions, college scholarships for students and STEM pathways and refurbished laptop distribution programs. Another way Honeywell improves local communities is through sustainability organizations that protect our environment and create a greener world through our partnership with the Swades Foundation in America Cares India Foundation that have helped provide over 10,000 Indian homes with access to drinking water and solar electricity. These pillars allow Honeywell to use its resources to create a long-lasting positive impact in the lives of our employees and the communities they live in around the world.

我們的一些舉措包括高增長地區的教育和技能發展計劃、針對學生的大學獎學金和 STEM 途徑以及翻新筆記本電腦分發計劃。霍尼韋爾改善當地社區的另一種方式是通過可持續發展組織來保護我們的環境，並通過我們與美國關愛印度基金會的斯瓦德斯基金會合作創造一個更綠色的世界，該基金會幫助為 10,000 多個印度家庭提供飲用水和太陽能電力。這些支柱使霍尼韋爾能夠利用其資源對我們員工的生活和他們在世界各地所居住的社區產生持久的積極影響。

Now let's turn to Slide 9 for some closing thoughts before we move into Q&A. We continue to execute on our value creation framework, effectively managing through ongoing external difficulties and over delivering on our financial commitments. We remain optimistic about our future, including our ability to deliver differentiated results through the cycle. We raised the midpoint of our full year organic sales and adjusted earnings per share guidance as well as increased our segment margin rate, fully absorbing higher than previously anticipated foreign exchange impact.

現在讓我們在進入問答環節之前轉到幻燈片 9 以了解一些結束的想法。我們繼續執行我們的價值創造框架，有效地管理持續的外部困難並超額兌現我們的財務承諾。我們對我們的未來保持樂觀，包括我們在整個週期中提供差異化結果的能力。我們提高了全年有機銷售額的中點和調整後的每股收益指引，並提高了我們的分部利潤率，完全吸收了高於先前預期的外匯影響。

I'm proud of everyone at Honeywell is working hard to adapt and deliver in this challenging environment. While there is a heightened level of macro uncertainty at present, we continue to be confident in our ability to execute on the factors within our control. With that, Sean, let's move to Q&A.

我為霍尼韋爾的每個人都在努力適應並在這個充滿挑戰的環境中提供服務感到自豪。雖然目前宏觀不確定性水平較高，但我們仍然對我們在控制範圍內執行因素的能力充滿信心。有了這個，肖恩，讓我們進入問答環節。

Thank you, Darius. Darius, Greg, Anne and Torsten are now available to answer your questions. We ask that you please be mindful of others in the queue by only asking one question. Latif, please open the line for Q&A.

謝謝你，大流士。 Darius、Greg、Anne 和 Torsten 現在可以回答您的問題。我們要求您只問一個問題，請注意隊列中的其他人。 Latif，請打開問答線。

(Operator Instructions) Our first question comes from the line of Steve Tusa of JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Steve Tusa。

Just on the Defense business. What are you hearing there? And what are you expecting for the second half and into next year?

就國防業務而言。你在那裡聽到什麼？您對下半年和明年有何期待？

Yes. Well, yes, as you saw, the business was still down in Q2. But if you look at -- if you combine the long cycle and the long-cycle bookings for the first half, it's actually been up year-over-year, so things are looking better. Obviously, as we look at the Ukraine situation and the focus of a lot of our NATO allies, we do anticipate some positive tailwinds in the next 6 to 12 months. So similar to what some of the other peer companies, particularly in the defense reported, we do expect that to be a tailwind as we head into 2023 and beyond. Well, obviously, it's been a headwind so far for us this year.

是的。嗯，是的，正如你所見，第二季度的業務仍在下滑。但是如果你看一下——如果你把上半年的長周期和長周期預訂結合起來，它實際上是同比增長的，所以情況看起來更好。顯然，當我們審視烏克蘭局勢和我們許多北約盟國的關注點時，我們確實預計未來 6 到 12 個月會出現一些積極的順風。與其他一些同行公司，特別是在國防報告中的情況類似，我們確實預計這將成為我們進入 2023 年及以後的順風。好吧，顯然，今年到目前為止對我們來說是一個逆風。

And then what's -- just the follow-up, what's going on in UOP? I mean, I would have expected maybe a little bit more growth there.

然後是什麼——只是後續行動，UOP 中發生了什麼？我的意思是，我本來預計那裡可能會有更多的增長。

Yes. Well, UOP was -- if you think about one business that got hit disproportionately hard by Russia, it was UOP. I mean it was a substantial headwind. I think it was 6...

是的。嗯，UOP 是——如果你想一想受到俄羅斯不成比例地打擊的企業，那就是 UOP。我的意思是這是一個巨大的逆風。我以為是6...

We figured -- it's -- we were down 1 in UOP and it's -- 7 points of that is Russia. So it's plus 6...

我們認為 - 這是 - 我們在 UOP 中下降了 1 分，其中 - 7 分是俄羅斯。所以加6...

Yes. So that's --that absorbed most of the Russia hit, and actually, we had some very robust bookings for Russia, which were canceled for UOP.

是的。所以這就是——吸收了大部分俄羅斯的打擊，實際上，我們有一些非常強勁的俄羅斯預訂，這些預訂被 UOP 取消了。

Our next question comes from the line of Julian Mitchell of Barclays.

我們的下一個問題來自巴克萊的 Julian Mitchell。

Maybe just wanted to try and sort of understand the firm-wide sort of sales and margin construct. So I think sort of sequentially in Q3, you're looking at flattish sales and flattish segment margins. And then into Q4, you have EUR 300 million or EUR 400 million revenue uplift and a sort of 200-point segment margin uplift. So just trying to understand, is it really sort of SPS that has that very big margin hockey stick at the end of the year? And also within Aerospace, you did allude to some margin pressures. And maybe help us sort of frame the scale of those and the factors behind them.

也許只是想嘗試了解公司範圍內的銷售和利潤結構。所以我認為在第三季度，你會看到銷售持平和細分市場利潤率持平。然後到第四季度，您將獲得 3 億歐元或 4 億歐元的收入增長，以及 200 點的細分市場利潤率增長。所以只是想了解一下，真的是那種在年底擁有非常大利潤的曲棍球棒的 SPS 嗎？在航空航天領域，您確實提到了一些利潤壓力。也許可以幫助我們確定這些規模及其背後的因素。

Sure, sure. So I think what you're going to see as we go through the remainder of the year is, as you mentioned, 3Q is going to look a lot like 2Q, broadly speaking. And as we get into Q4, we're going to get our normal sort of seasonal uplift in revenue, which brings along with that some nice fixed cost leverage. On top of that, we're going to get some mix favorability. We expect UOP, in particular, to be very strong in Q4.

一定一定。所以我認為，正如你所提到的，在今年剩下的時間裡，你會看到，從廣義上講，第三季度看起來很像第二季度。隨著我們進入第四季度，我們將獲得正常的季節性收入增長，同時帶來一些不錯的固定成本槓桿。最重要的是，我們將獲得一些混合好感度。我們預計 UOP 特別是在第四季度會非常強勁。

You know that our PMT margins can be pretty lumpy with individual UOP catalyst shipments moving that needle, and we have a pretty strong Q4 plugged in there. And we are also taking some cost actions in SPS in particular, where we've talked to you about the relative challenges in top line. So that's how I would think about the setup as we go into the back half.

您知道，我們的 PMT 利潤可能非常不穩定，因為單個 UOP 催化劑出貨量移動了那個指針，而且我們有一個非常強勁的第四季度插入其中。我們還特別在 SPS 方面採取了一些成本行動，我們已經與您討論了頂線的相對挑戰。所以當我們進入後半區時，這就是我對設置的看法。

Yes. So Julian, just kind of in summary, it's probably 3 primary things. Number one is PMT mix, particularly in UOP, which is favorable, and we know it pretty well because it's a long-cycle business. Number two is some leverage and some cost actions, particularly in SPS, which will provide us margin favorability and a bit more volume leverage also in Q4. Because as you kind of look through the year, the equation will shift from more sort of price gains, the more volume leverages we get to Q4. So that's why Q4 looks a bit more -- a bit higher in terms of margin profile. It's -- this is very much in line with our original model. So there's nothing really dramatically different than what we expected.

是的。所以朱利安，總而言之，這可能是三件主要的事情。第一是 PMT 組合，特別是在 UOP 中，這是有利的，我們非常了解它，因為它是一個長周期業務。第二是一些槓桿和一些成本行動，特別是在 SPS 中，這將為我們提供利潤率優勢，並在第四季度也提供更多的交易量槓桿。因為當你回顧這一年時，這個等式將從更多的價格上漲轉變，我們在第四季度獲得更多的交易量槓桿。所以這就是為什麼第四季度看起來更多——就利潤率而言更高一些。這是 - 這非常符合我們的原始模型。所以沒有什麼與我們預期的完全不同。

And just as the follow-up, sort of any color on the Aero margin pressure you mentioned?

就像跟進一樣，您提到的 Aero 保證金壓力有什麼顏色嗎？

Yes. I would just say we printed something in the 26-ish range in Q2, and I would expect that to stay in that neighborhood through the remainder of the year kind of directionally. We'll probably get again a little bit of a lift in Q4 with some extra volume. But previously, we had thought that would be a little bit more robust with a higher revenue profile. But as I discussed earlier, that's where we're probably on the lower end of our range of expectations of supply chain healing and output. And so just a little bit of volume leverage loss relative to the high end of what we had hopefully.

是的。我只想說我們在第二季度打印了 26 種左右的東西，我希望在今年剩下的時間裡有方向地留在那個社區。我們可能會在第四季度再次獲得一些額外的交易量。但之前，我們認為這會隨著更高的收入狀況而更加穩健。但正如我之前所討論的，這可能是我們對供應鏈恢復和產出的預期範圍的低端。因此，相對於我們希望的高端而言，只是一點點的交易量槓桿損失。

And due to primarily very robust OE demand, which obviously is -- from a mix perspective, is negative. But really nothing there that's different than our expectations.

由於主要是非常強勁的 OE 需求，從混合的角度來看，這顯然是負面的。但實際上沒有什麼與我們的預期不同。

Our next question comes from the line of Scott Davis of Melius Research.

我們的下一個問題來自 Melius Research 的 Scott Davis。

You're one of the few companies, I think, we're going to see this quarter with gross margins up. In fact, they're up 60 bps. Is that -- would you characterize that because of -- you're ahead of the curve on price cost? Or is it some mix help and benefit? I know that you keep fixed costs down, and that's helpful, certainly when you have unit volumes. But I would imagine net of price or unit volume this quarter weren't very positive. So can you help kind of...

我認為，您是少數幾家公司之一，我們將看到本季度的毛利率上升。事實上，它們上漲了 60 個基點。是不是——你會因為——你在價格成本方面領先於曲線而描述這一點？或者它是一些混合的幫助和好處？我知道您可以降低固定成本，這很有幫助，尤其是當您有單位數量時。但我想本季度的淨價格或單位數量並不是很積極。那你能幫忙嗎...

Yes, sure. Absolutely. Let me help unpack that. Certainly, we're trying to stay ahead of inflation. That's been a playbook. We're trying to get price where we can. And we have pretty good metrics and visibility in exactly where inflation is, how it's broken down by business unit, how we're seeing it. And now we've embedded that into our operating system that -- such that we can identify it, act. And we do that in multiple ways.

是的，當然。絕對地。讓我幫忙打開包裝。當然，我們正在努力保持領先於通貨膨脹。那是一本劇本。我們正在努力爭取價格。我們對通貨膨脹的確切位置、它如何按業務部門細分以及我們如何看待它有很好的指標和可見性。現在我們已經將它嵌入到我們的操作系統中——這樣我們就可以識別它，採取行動。我們以多種方式做到這一點。

I mean, obviously, price is one lever, managing the mix to things that we can sell that are higher margin profile. We've done some redesigns which are also net helpful also generate some cost benefit. The thing I'm particularly pleased about is I can tell you, well, full transparency, 9 months ago, that was not part of our playbook. I think we stumbled a little bit 9 months ago, and I'm really thrilled because now it's part of our operating system. We know what to do. It's underpinned by the fact we have great data visibility, great analytics, 1 source of truth, which really enables us to take much more precise management actions to manage the headwinds we see in inflation.

我的意思是，很明顯，價格是一種槓桿，將組合管理到我們可以出售的利潤率更高的東西上。我們已經進行了一些重新設計，這些重新設計也很有幫助，也產生了一些成本效益。我特別高興的是，我可以告訴你，完全透明，9 個月前，這不是我們劇本的一部分。我想我們在 9 個月前有點跌跌撞撞，我真的很激動，因為現在它是我們操作系統的一部分。我們知道該怎麼做。它的基礎是我們擁有出色的數據可見性、出色的分析能力、1 個事實來源，這確實使我們能夠採取更精確的管理措施來管理我們在通脹中看到的不利因素。

Our next question comes from the line of Sheila Kahyaoglu of Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Maybe on -- the guys stole my aerospace question. So maybe on Intelligrated and Warehouse, that was down sharply in the quarter as you expected, but you called out greater profitability over this cycle. Can you talk about some of the puts and takes on how you're envisioning that business improve?

也許在——那些傢伙偷了我的航空航天問題。因此，也許在 Intelligrated 和 Warehouse 上，該季度如您預期的那樣急劇下降，但您呼籲在此週期內實現更高的盈利能力。您能否談談您對業務改進的設想？

Yes. I mean, I think some of the Warehouse kind of overcapacity in the market has been pretty well publicized, so I'm not going to dwell on that. I mean, obviously, we're seeing that too. And frankly, we forget that the PET business grew at 50% in 2021 and at a similar rate in 2020. So I think that, frankly, what it needs to happen is that some of this capacity needs to be absorbed.

是的。我的意思是，我認為市場上的一些 Warehouse 類型的產能過剩已經得到了很好的宣傳，所以我不打算詳述。我的意思是，顯然，我們也看到了這一點。坦率地說，我們忘記了 PET 業務在 2021 年以 50% 的速度增長，在 2020 年以類似的速度增長。所以我認為，坦率地說，需要吸收其中的一些產能。

We're very, very excited about the future of Warehouse Automation. So this is a bit of a blip for the next few quarters. And midterm, we think that this is going to be still a very good business. And you're right, from a mix perspective, although there is obviously -- to the top line, there is an impact; from a mix -- margin mix perspective, this would be net helpful because our LSS business is growing. Some of our projects that we are securing are at higher margin rates. So net-net, this is not something we're particularly that worried about. I mean, we wish the business was there from a top line perspective. But overall, I think this is a storm that we're definitely going to weather, and we still love the segment that we're in, in Warehouse Automation.

我們對倉庫自動化的未來感到非常非常興奮。所以這對於接下來的幾個季度來說是一個小插曲。從中期來看，我們認為這仍將是一項非常好的業務。你是對的，從混合的角度來看，雖然很明顯 - 對頂線，有影響；從混合 - 利潤混合的角度來看，這將是有益的，因為我們的 LSS 業務正在增長。我們獲得的一些項目的利潤率較高。所以net-net，這不是我們特別擔心的事情。我的意思是，我們希望從頂線的角度來看業務。但總的來說，我認為這是一場我們肯定會度過的風暴，我們仍然喜歡我們所處的領域，即倉庫自動化。

Our next question comes from the line of Andrew Obin of Bank of America.

我們的下一個問題來自美國銀行的 Andrew Obin。

Just a question on the new COO role. And could you just give us more of your thought process there? And specifically, historically, we've been getting questions on Honeywell and M&A. Does that mean that, Darius, you're just going to spend more time on strategic alternatives? And does the world look any different to you now post the market corrections and what's been happening there?

只是關於新首席運營官角色的問題。你能告訴我們更多你的思考過程嗎？具體來說，從歷史上看，我們一直在收到有關霍尼韋爾和併購的問題。這是否意味著，大流士，您將花更多時間在戰略選擇上？在市場調整之後，世界對你來說有什麼不同嗎？那裡發生了什麼？

Yes. Well, I mean, I think let me just kind of talk a little bit about the COO role and Vimal, specifically. I mean as you can imagine, we do -- a lot of the operational outputs that we get don't happen by accident. It takes a lot of hard work and attention to detail and [pursuing] data and so on. And I kind of found myself maybe more in the middle of that than maybe I wanted to be. Maybe that's good and bad.

是的。好吧，我的意思是，我想讓我稍微談談首席運營官的角色和 Vimal，特別是。我的意思是，正如你可以想像的那樣，我們確實做到了——我們獲得的許多運營產出並不是偶然發生的。這需要大量的努力和對細節和[追求]數據等的關注。而且我發現自己可能比我想成為的更多。也許這有好有壞。

And frankly, some of these other aspects and M&A and BD is certainly one of those is an area that I probably should be spending a little bit more time in. But I would add to that, customer outreach and people development strategy and some of the other brand building, things that, frankly, I should be doing. And I -- to be very transparent, I've talked about that openly to my own staff multiple times. And I think that the best way to kind of solve that is to really partner with Vimal to be the COO.

坦率地說，其中一些其他方面以及併購和 BD 肯定是其中之一，這是我可能應該花更多時間在的領域。但我想補充一點，客戶外展和人員發展戰略以及一些其他品牌建設，坦率地說，我應該做的事情。而且我 - 為了非常透明，我已經多次向我自己的員工公開談論過這個問題。我認為解決這個問題的最好方法是與 Vimal 真正合作擔任首席運營官。

I mean, he's got a great track record at Honeywell. He's been extraordinarily successful in running HBT. He's run HPS. He's run PMT. It's got 33 years' worth of experience. There aren't too many mysteries to Vimal that he doesn't know at Honeywell with that kind of multi-business experience and multicontinent experience, because he's lived in Asia, Europe and North America. So he's going to be a great partner for us to do things. And I think this is going to be a net positive for Honeywell, because it will allow me to do some other things that are going to be very beneficial. And yes, BD and M&A is going to be one of those things.

我的意思是，他在霍尼韋爾有著出色的業績記錄。他在經營 HBT 方面非常成功。他運行 HPS。他運行 PMT。它有33年的經驗。擁有多業務經驗和多大陸經驗的 Vimal 在霍尼韋爾並沒有太多不解之謎，因為他曾在亞洲、歐洲和北美生活過。所以他將成為我們做事的好夥伴。而且我認為這對霍尼韋爾來說將是一個淨積極因素，因為這將使我能夠做一些其他非常有益的事情。是的，BD 和併購將成為其中之一。

I got you. And then just a follow-up question on strength in Advanced Materials came in a little bit stronger than I would have thought. Can you just comment what's specifically going on there and how sustainable it is?

我接到你了。然後只是一個關於高級材料強度的後續問題，比我想像的要強一些。你能評論一下那裡具體發生了什麼以及它的可持續性嗎？

Yes. No, we love our Advanced Materials business. I mean, you're seeing a lot of things. You've seen the strength of our Solstice business really picking up. We kind of forget that we have an electronic materials business, probably the only electronic materials and chemicals business based in the U.S. So you can imagine what kind of future that has. And the business is very robust. We've invested in capacity expansion. Those capacity expansions are not even yet shown in our results and will really come to fruition in 2023. So not only are we excited about how the business is performing in '22. Things could get even better for '23. So we're very thrilled with the performance of Advanced Materials.

是的。不，我們熱愛我們的先進材料業務。我的意思是，你看到了很多東西。您已經看到我們 Solstice 業務的實力確實在增強。我們有點忘記了我們有一家電子材料業務，可能是唯一一家位於美國的電子材料和化學品業務。所以你可以想像會有什麼樣的未來。而且業務非常穩健。我們在產能擴張方面進行了投資。這些產能擴張甚至還沒有顯示在我們的結果中，並將在 2023 年真正實現。因此，我們不僅對 22 年的業務表現感到興奮。 23 年的情況可能會變得更好。因此，我們對 Advanced Materials 的性能感到非常興奮。

Great to hear on congrats to Vimal.

很高興聽到對 Vimal 的祝賀。

Thank you.

謝謝你。

Our next question comes from the line of Nigel Coe of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

And congratulations to Vimal. Actually, I was going to ask about the COO role, but that's been asked already. But just maybe just clarify, Darius, is Vimal going to continue to be the leader of PMT? Or is that going to transition over time?

並祝賀 Vimal。實際上，我本來想問首席運營官的角色，但已經有人問過了。但也許只是澄清一下，Darius，Vimal 會繼續擔任 PMT 的領導者嗎？還是會隨著時間的推移而轉變？

But my real question is around the consumer. And obviously, Resideo and Garrett took a lot of the consumer -- direct consumer exposure away from Honeywell. But in terms of your second half framework, just given the way that a lot of the consumer-facing stocks are just blowing up and we're starting to see -- June, July starting to see that impact. To what extent have you dialed in weaker trends within, I don't know, refrigerants, electronics, handhelds within SPS? Any kind of concerns you see in there?

但我真正的問題是圍繞消費者。很明顯，Resideo 和加勒特從霍尼韋爾搶走了很多消費者——直接的消費者曝光。但就你的下半年框架而言，考慮到許多面向消費者的股票剛剛暴漲，我們開始看到——6 月、7 月開始看到這種影響。 SPS 中的製冷劑、電子產品、手持設備等領域的趨勢較弱，我不知道，您在多大程度上註意到了這一趨勢？您在那裡看到任何擔憂嗎？

Yes. Yes. So let me kind of unpack, because there's really 2 questions. Let me very quickly open the PMT question. So no, we don't envision Vimal holding on to both roles. But what we wanted to do is to make sure that it became clear that the PMT role is open. Because as always, when we have big roles like that open, we want to consider internal and external candidates. And frankly, it's much tougher to recruit when a role isn't vacated, so he's going to serve in both roles. As you can imagine, early on, and he's got to pay a lot of attention to PMT. But as we fill that role, he's going to take over more of the COO role. So that's the first part.

是的。是的。所以讓我打開包裝，因為真的有兩個問題。讓我很快打開 PMT 問題。所以不，我們不認為 Vimal 會同時擔任這兩個角色。但我們想做的是確保 PMT 角色是開放的。因為與往常一樣，當我們有這樣的空缺職位時，我們希望考慮內部和外部候選人。坦率地說，當一個角色沒有空缺時，招聘起來要困難得多，所以他要同時擔任這兩個角色。正如你可以想像的那樣，在早期，他必須非常關注 PMT。但是當我們填補這個角色時，他將接管更多的首席運營官角色。這是第一部分。

Yes, we've seen some of the same outputs on the consumer. And you're right, we don't have a lot of consumer exposure. I mean most of that consumer exposure went away with the 2 spins. So that's spot on as well. We see it a little bit indirectly. I talked about it in the Intelligrated play, because sort of -- there was some level of assumption that sort of this consumer demand would keep on going. It's kind of slowed down and consumers have a little bit of a different behavior, so we see it there.

是的，我們已經在消費者身上看到了一些相同的輸出。你是對的，我們沒有太多的消費者曝光率。我的意思是，大部分消費者曝光都隨著 2 次旋轉而消失。所以這也是正確的。我們間接地看到了一點。我在 Intelligrated 劇本中談到了它，因為某種程度的假設是，這種消費者需求會繼續存在。它有點慢，消費者有一點不同的行為，所以我們在那裡看到了。

But I would just say this. If you go back to 2020 right after the pandemic hit us, we probably had one of the most unfavorable pandemic portfolio you could have out there, right? I mean our 2 biggest businesses were aerospace and energy. And frankly, other than maybe hospitality, those got hit about as hard as anything else. Well, I think we're kind of entering a little bit of a different cycle, and I actually think that no matter what you count in terms of the recession period, I don't see a substantial reduction in OE build rates for aerospace, air travel.

但我只想說這個。如果您在大流行襲擊我們後立即回到 2020 年，我們可能擁有您可能擁有的最不利的大流行組合之一，對吧？我的意思是我們的兩大業務是航空航天和能源。坦率地說，除了熱情好客之外，那些受到的打擊和其他任何事情一樣嚴重。好吧，我認為我們正在進入一個有點不同的周期，而且我實際上認為，無論你如何計算經濟衰退期，我都沒有看到航空航天的 OE 建造率大幅下降，航空旅行。

There's a lot of pent-up demand, and you see it. You see it more on the consumer side. And my bet is you're going to see it more and more on the business side. There's still a lot of pent-up demand to travel. And let's be honest, a widebody, at least in international travel, is nowhere near where it was in 2019. So I think we're entering a cycle here, which is actually going to have a very favorable market mix, market conditions. Obviously, that's underpinned by the kind of backlog position we have. So we're cautiously optimistic that even in a recessionary environment, which may happen, I think we're still going to do quite well.

有很多被壓抑的需求，你看到了。你在消費者方面看到的更多。我敢打賭，你會越來越多地在業務方面看到它。仍有很多被壓抑的旅行需求。老實說，寬體飛機，至少在國際旅行中，遠不及 2019 年的水平。所以我認為我們正在進入一個週期，這實際上將有一個非常有利的市場組合和市場條件。顯然，這是由我們擁有的積壓職位所支撐的。因此，我們謹慎樂觀地認為，即使在可能發生的衰退環境中，我認為我們仍然會做得很好。

Our next question comes from the line of Joe Ritchie of Goldman Sachs.

我們的下一個問題來自高盛的喬·里奇。

Congrats to everybody on their promotions. My question is really just around pricing. So I think last quarter, you guys talked about 5 points of price coming through for the year. I'm curious, what's the expectation now? And then also, clearly, like you guys are building up a pretty good war chest here. It's backlogs almost $30 billion. I just want to understand how you guys are thinking about the pricing that's in that backlog. And with commodities deflating right now, could you see a nice little boost in 2023 as you start to deliver some of that backlog?

恭喜大家升職。我的問題實際上只是關於定價。所以我認為上個季度，你們談到了今年的 5 個價格點。我很好奇，現在的期望是什麼？然後，很明顯，就像你們在這裡建立一個相當不錯的戰爭基金一樣。它的積壓訂單將近 300 億美元。我只是想了解你們是如何考慮積壓中的定價的。現在隨著大宗商品價格下跌，隨著您開始交付一些積壓的訂單，您能否在 2023 年看到一個不錯的小幅提振？

Sure. So you're right, we talked about 5% for the year a quarter ago. We now see that as being more like an 8% number for 2022. So nice progress for the first 2 quarters, and that kind of carrying through. Pricing our backlog has been something that's been very important to us. Obviously, that's got a lot more challenges to it than new orders coming in. But we have been successful in doing that in certain areas of the portfolio. So we expect to be able to retain a good bit of that pricing. I think we found that our pricing has been very sticky over time.

當然。所以你是對的，我們在一個季度前談到了一年的 5%。我們現在認為這更像是 2022 年 8% 的數字。前兩個季度的進展非常好，而且一直在進行。為我們的積壓工作定價對我們來說非常重要。顯然，這比新訂單面臨的挑戰要多得多。但我們已經在投資組合的某些領域成功地做到了這一點。因此，我們希望能夠保留相當一部分的定價。我認為我們發現隨著時間的推移，我們的定價非常具有粘性。

And maybe, Greg, just answering that question on like the -- on commodities deflating. Like, how does -- does that impact your business at all this year? Is that more of like a 2023 event? It's like if we continue to see base now prices stay at current levels, which has been on a downward trajectory for the last several weeks?

也許，格雷格，只是在商品通貨緊縮之類的問題上回答這個問題。比如，這對你今年的業務有什麼影響？這更像是 2023 年的活動嗎？就像我們繼續看到現在的基本價格保持在當前水平，而過去幾週一直處於下降軌道？

Yes. I would say when we look at it, there are some commodities that are seeing some of that deflation. But overall, for our total portfolio of direct materials, that's sort of cherry picking. And overall, we still see a net increase.

是的。我會說，當我們看到它時，有些商品正在經歷一些通貨緊縮。但總的來說，對於我們的直接材料的全部組合，這是一種櫻桃採摘。總體而言，我們仍然看到淨增長。

Overall, I mean, your theory is right that as some of these commodities come down, we may have an opportunity as we get into '23 for some margin expansion. It obviously varies by commodity. Some of them are indexed, some of them are not. So -- but directionally, I think your assertion is correct.

總的來說，我的意思是，你的理論是正確的，隨著其中一些商品的下跌，我們可能會在進入 23 年時有機會擴大利潤率。它顯然因商品而異。其中一些被索引，其中一些沒有。所以 - 但在方向上，我認為你的斷言是正確的。

Our next question comes from the line of Andy Kaplowitz of Citigroup. And Capital.

我們的下一個問題來自花旗集團的 Andy Kaplowitz。和資本。

So Darius, you raised HBT expected growth from high single digits to double digits to double digits. Are the primary markets in HBT growing that fast? Or are these share gains that HBT continues to achieve? Maybe just a big uptick you're seeing in high-growth markets and how are you thinking about HBT's European exposure.

所以大流士，你將 HBT 的預期增長從高個位數提高到兩位數再到兩位數。 HBT 的主要市場增長得那麼快嗎？或者這些份額收益是 HBT 繼續實現的？也許只是您在高增長市場中看到的大幅上升，您如何看待 HBT 在歐洲的業務。

I think it's a little bit of both. I mean, certainly, the business is growing. I think -- what I'm particularly excited about is that HPT has the kind of solutions that our customers are seeking, both in terms of energy conservation, in terms of healthy buildings, healthy environments, clean air, visibility to their energy usage, visibility to their carbon emissions, all of these are -- these are solutions that we currently have in our portfolio, and there isn't a customer out there that's not interested. And that's reflected in their booking rates. I mean their booking rates were pretty much double digits, almost across the board for every one of their businesses. So it's the right portfolio, right solutions and the business is doing very, very well.

我認為兩者兼而有之。我的意思是，當然，業務正在增長。我認為 - 我特別興奮的是，HPT 擁有我們的客戶正在尋求的那種解決方案，無論是在節能方面，還是在健康的建築、健康的環境、清潔的空氣、能源使用的可見性方面，了解他們的碳排放，所有這些都是 - 這些是我們目前在我們的產品組合中擁有的解決方案，並且沒有一個客戶不感興趣。這反映在他們的預訂率上。我的意思是他們的預訂率幾乎是兩位數，幾乎涵蓋了他們的每一項業務。所以這是正確的產品組合、正確的解決方案，而且業務做得非常非常好。

And just there's HBT's European exposure in general European exposure. Are you seeing anything there?

在一般歐洲風險敞口中，只有 HBT 的歐洲風險敞口。你在那裡看到什麼了嗎？

No, not yet. I mean, frankly, our business in Germany, which is obviously the biggest economy, was actually up significantly in Q2, so we're not kind of seeing any signs yet of any kind of a pickup. We're watching this as much as everybody else. We are as concerned as everybody else around sort of the energy profile as Europe heads into the winter. But so far, so good in terms of what we saw here in Q2.

還沒有。我的意思是，坦率地說，我們在顯然是最大經濟體的德國的業務實際上在第二季度顯著增長，所以我們還沒有看到任何回升的跡象。我們和其他人一樣關注這一點。隨著歐洲進入冬季，我們和其他人一樣關注能源狀況。但到目前為止，就我們在第二季度看到的情況而言，情況非常好。

Our next question comes from the line of Josh Pokrzywinski of Morgan Stanley, Josh Pokrzywinski.

我們的下一個問題來自摩根士丹利的 Josh Pokrzywinski，Josh Pokrzywinski。

Just want to follow up on PMT. I guess a couple unique drivers of this cycle maybe versus what we've seen in the past. I guess, on one hand, you've had refining margins blow out the upsides here pretty quickly and maybe some snap responses by those customers to drive spending this year, but it's still kind of a long-cycle business, hard to get too much going inside of a 6- or 12-month period. But as much as it's good this year, are you guys pulling things forward potentially from '23? Is it still building momentum here? Like, how do you see kind of the unique aspects of this environment kind of driving momentum or duration versus other cycles in that business?

只想跟進PMT。我想這個週期的幾個獨特驅動因素可能與我們過去看到的不同。我想，一方面，你的煉油利潤很快就突破了這裡的上漲空間，也許這些客戶會做出一些快速的反應來推動今年的支出，但這仍然是一個長周期的業務，很難得到太多進入 6 或 12 個月的期限內。但是，儘管今年很好，你們是否有可能從 23 年開始推動事情發展？它仍然在這裡建立勢頭嗎？就像，您如何看待這種環境的獨特方面，即推動動力或持續時間與該業務中的其他週期相比？

Yes. So we are certainly not pulling anything from '23. So let's just be very clear about that. There is no pull-ins. We don't need to do pull-ins because the business is robust. What we're excited about is the LNG cycle. I mean, you see that investment taking place. You see it in the Middle East. You see it in the U.S. We are participating in it. UOP is participating. We had some very robust bookings that you saw in Q2 here. We actually expect more robust bookings in the second half of the year, and we're very much part of that LNG cycle.

是的。因此，我們當然不會從 23 年撤出任何東西。所以讓我們非常清楚這一點。沒有拉入。我們不需要做拉入，因為業務很強大。我們感到興奮的是液化天然氣循環。我的意思是，你看到投資正在發生。你在中東看到它。你在美國看到它。我們正在參與它。 UOP 正在參與。我們在第二季度看到了一些非常強勁的預訂。實際上，我們預計下半年會有更多的預訂量，而且我們是液化天然氣週期的重要組成部分。

Another really important data point, which is -- I don't know if this is well publicized, but we are also the leading player in renewable fuels or green fuels. And the solutions there just this year, our expectation is that the bookings in that segment would be up 3x versus what they were in 2021. So we are very excited. It's -- we're kind of playing on the both ends of the barbell when it comes to the energy infrastructure. And I think this is exactly where you want to be.

另一個非常重要的數據點，那就是——我不知道這是否被廣泛宣傳，但我們也是可再生燃料或綠色燃料的領先者。而今年的解決方案，我們預計該細分市場的預訂量將比 2021 年增加 3 倍。所以我們非常興奮。這是 - 當談到能源基礎設施時，我們有點在槓鈴的兩端玩。我認為這正是你想要的。

The world needs energy right now, and it's most likely going to come from natural gas, and there's got to be a build-out. There's going to be infrastructure build-out. There's going to be E&P that takes place to supply the world with natural gas. You see that particularly pronounced in Europe. We're playing in that. We're also playing on sustainability and renewables and renewable fuels. And I just gave you the very specific data point on green, sustainable fuels, where we're really a leader in that space.

世界現在需要能源，而且很可能來自天然氣，而且必須進行擴建。將會有基礎設施建設。將進行勘探與生產，為世界提供天然氣。你看這在歐洲尤為明顯。我們正在玩那個。我們還在可持續發展、可再生能源和可再生燃料方面發揮作用。我剛剛給你提供了關於綠色可持續燃料的非常具體的數據點，我們確實是該領域的領導者。

We're having more and more wins in plastics recycling. We have a pilot going on in battery storage. So just about every relevant, I talked a little bit earlier in the earnings call about the partnership in carbon capture. So just about anything you want to do in sustainability and renewable economy of the future, we also do. So we're going to benefit from both sides of this energy transition, and you see it in the bookings right this quarter.

我們在塑料回收方面取得了越來越多的勝利。我們在電池存儲方面進行了試點。因此，幾乎所有相關的，我在財報電話會議上都談到了碳捕獲合作夥伴關係。因此，您想在未來的可持續發展和可再生經濟中做的任何事情，我們也都會做。因此，我們將受益於這種能源轉型的雙方，你可以在本季度的預訂中看到它。

Latif, we have time for one more, please.

拉蒂夫，我們有時間再來一次，拜託。

Yes, sir. And our final question comes from the line of Deane Dray of RBC Capital Markets.

是的先生。我們的最後一個問題來自加拿大皇家銀行資本市場的 Deane Dray。

Just a couple of cleanup questions for Darius. Good to hear that the semiconductor situation seems to be bottoming. Just some color on de-commits and your expectations for the second half. Is it going to be a linear improvement? Do you expect it to be choppy? And then for Greg, anything on Russia in terms of other write-downs that -- I know they're excluded, but just the wind down of Russia, is that complete yet?

只是給大流士的幾個清理問題。很高興聽到半導體形勢似乎正在觸底。只是一些關於解除承諾和你對下半年的期望的顏色。會不會是線性提升？你期望它波濤洶湧嗎？然後對於 Greg 來說，關於俄羅斯的任何其他減記 - 我知道他們被排除在外，但只是俄羅斯的結束，這還算完整嗎？

Yes. So maybe let me take the first one Yes, I mean I think in terms of recovery on our supply chain broadly, it's going to be very, very gradual. There is no sort of a magic unlock that's going to happen in one quarter and all of a sudden, everything will now sort of get flushed through our backlogs and so on. I think it's been very gradual. Sort of the de-commits you're probably referring to, because I gave some specific numbers on that in last quarter around aerospace. And just to give you a little bit of an update on that.

是的。所以也許讓我拿第一個是的，我的意思是我認為就我們供應鏈的廣泛恢復而言，這將是非常非常漸進的。沒有任何一種神奇的解鎖方式會在一個季度內發生，突然之間，所有的事情都會從我們的積壓中被沖掉等等。我認為這是非常循序漸進的。您可能指的是某種解除承諾，因為我在上個季度圍繞航空航天提供了一些具體數字。只是為了給你一點更新。

Q1 was at 22.5%, 23% in that range. Q2 was better, but it wasn't as good as we had hoped. It came in at just a shade over 21% on the de-commits, so better than Q1, but we were kind of hoping something around the 19% to 20% range. But we saw improvement. We expect that improvement to continue gradually. We also saw about a 3% improvement in output Q-over-Q. So overall, some level of progress, but it's going to be gradual. And that's kind of what we're penciling in for the next few quarters, which is gradual level of improvement, both in the semi space as well as some of the aerospace supply chain. That's kind of what our standard case is. We hope for the better.

第一季度為 22.5%，在該範圍內為 23%。 Q2 更好，但沒有我們希望的那麼好。它在解除承諾時僅略高於 21%，比第一季度好，但我們有點希望在 19% 到 20% 的範圍內。但我們看到了進步。我們預計這種改善將逐漸持續。我們還看到輸出 Q-over-Q 提高了約 3%。總體而言，取得了一定程度的進步，但將是漸進的。這就是我們在接下來的幾個季度中所計劃的，無論是在半空間還是在一些航空航天供應鏈中，都是逐步改進的。這就是我們的標準案例。我們希望變得更好。

We've deployed a small army into the supply chain, particularly in the Aerospace segment to help our suppliers get up to rate. But it's challenging because it's not sort of just the suppliers that are kind of, let's call them, Tier 3 suppliers that really feed us to the Tier 4 and even Tier 5 suppliers that are struggling. And this problem will be solved. I have no doubt it will solved, but there is no instant gratification.

我們已經在供應鏈中部署了一支小型軍隊，特別是在航空航天領域，以幫助我們的供應商跟上進度。但這具有挑戰性，因為不僅僅是供應商，讓我們稱之為第 3 級供應商，他們真正為我們提供了第 4 級甚至第 5 級供應商的困境。而這個問題將得到解決。我毫不懷疑它會解決，但沒有即時的滿足感。

Yes. And then on the Russia side, Deane, I mean, I'd say we have taken the bulk of the write-downs associated with our balance sheet as it relates to Russia in the first quarter. That was really around our unbilled receivables in the second quarter. We took down essentially all of our PP&E and any other related assets down to essentially 0 at this point.

是的。然後在俄羅斯方面，迪恩，我的意思是，我想說我們已經承擔了與第一季度與俄羅斯有關的資產負債表相關的大部分減記。這實際上與我們第二季度的未開票應收賬款有關。在這一點上，我們基本上將我們所有的 PP&E 和任何其他相關資產降到了基本為零。

What we're really working through now is just the cash implications of all of that, and it's going to be a legal matter that will probably take quarters and -- well into 2023 as all of the aspects of sanctions on export control compliance comes into play. So it's just not going to be a simple wind down. But from a write-down perspective, I would say the bulk of it has happened at this point.

我們現在真正正在努力解決的只是所有這些的現金影響，這將是一個可能需要幾個季度的法律問題，並且 - 直到 2023 年，因為出口管制合規制裁的所有方面都進入玩。所以這不會是一個簡單的風波。但從減記的角度來看，我想說大部分都發生在這一點上。

And, Deane, as you know, we've absorbed sort of the FX impact as well into our guidance range, which was $0.05 on the EPS range. And on a year-over-year basis, actually a $0.14 headwind, so.

而且，Deane，如你所知，我們已經將某種外匯影響納入我們的指導範圍，每股收益範圍為 0.05 美元。與去年同期相比，實際上是 0.14 美元的逆風，所以。

Okay. I just want to thank all of our shareholders for your ongoing support. We delivered strong second quarter results in typical Honeywell fashion. We have and we will continue to overcome the numerous external factors we face with operational rigor and agility in order to drive superior shareholder returns. Thank you all for listening, and please stay safe and healthy.

好的。我只想感謝我們所有的股東一直以來的支持。我們以典型的霍尼韋爾方式交付了強勁的第二季度業績。我們已經並且我們將繼續以嚴格的運營和敏捷性克服我們面臨的眾多外部因素，以推動卓越的股東回報。謝謝大家的收聽，請保持安全和健康。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。