漢威聯合 (HON) 2022 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Honeywell Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's call is being recorded. I would now like to hand the call over to Sean Meakim, Vice President of Investor Relations. Please go ahead.

感謝您的支持，歡迎參加霍尼韋爾 2022 年第三季度收益電話會議。 （操作員說明）請注意，今天的通話正在錄音中。我現在想將電話轉給投資者關係副總裁 Sean Meakim。請繼續。

Thank you, Liz. Good morning, and welcome to Honeywell's Third Quarter 2022 Earnings Conference Call. On the call with me today are Chairman and CEO, Darius Adamczyk; Senior Vice President and Chief Financial Officer, Greg Lewis; and President and Chief Operating Officer, Vimal Kapur.

謝謝你，麗茲。早上好，歡迎參加霍尼韋爾 2022 年第三季度收益電話會議。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；總裁兼首席運營官 Vimal Kapur。

This call and webcast, including any non-GAAP reconciliations, are available on our website at www.honeywell.com/investor. Honeywell also uses 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 third quarter of 2022, share our guidance for the fourth quarter and full year 2022 and provide some preliminary thoughts on 2023. As always, we'll leave time for your questions at the end.

今天上午，我們將回顧我們 2022 年第三季度的財務業績，分享我們對 2022 年第四季度和全年的指導，並提供對 2023 年的一些初步想法。與往常一樣，我們將在最後留出時間回答您的問題。

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

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

Thank you, Sean, and good morning, everyone. Let's begin on Slide 2. Our outstanding discipline and rigorous execution enabled us to meet or exceed guidance for all third quarter metrics amid ongoing supply chain constraints and inflation headwinds. We exceeded the high end of our third quarter adjusted earnings per share guidance range by $0.05. While navigating a challenging backdrop, we delivered organic sales growth of 9% year-over-year or 10% excluding the impact of the wind down of operations in Russia led by strong double-digit growth in our advanced materials, commercial aerospace and building products businesses, a testament to our ongoing resiliency and our rigorous operating principles.

謝謝你，肖恩，大家早上好。讓我們從幻燈片 2 開始。我們出色的紀律和嚴格的執行使我們能夠在持續的供應鏈限制和通貨膨脹逆風的情況下達到或超過所有第三季度指標的指導。我們超出了第三季度調整後每股收益指導範圍的上限 0.05 美元。在充滿挑戰的背景下，我們實現了有機銷售額同比增長 9% 或 10% 的有機銷售額增長，這不包括我們先進材料、商業航空航天和建築產品強勁兩位數增長導致的俄羅斯業務逐漸減少的影響業務，證明了我們持續的彈性和我們嚴格的運營原則。

We expanded segment margin by 60 basis points year-over-year to 21.8%, exceeding the high end of our guidance range by 60 basis points, with margin expansion in all 4 segments as we remain ahead of the inflation curve through continued commercial excellence. Excluding the impact of our investment in Quantinuum, the margin expansion was 90 basis points year-over-year.

我們將分部利潤率同比擴大 60 個基點至 21.8%，超過我們指導範圍的高端 60 個基點，所有 4 個分部的利潤率都在擴大，因為我們通過持續的商業卓越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 90 個基點。

Our backlog continues to be strong, up 9% year-over-year in the third quarter, led by Aero, PMT and HBT as our demand profile remains robust. Orders were down 1% on a reported basis but up 2% organically year-over-year with Aerospace and PMT orders up double digits, signaling that these end markets continue to be resilient despite the risks of a broader economic recession.

由於我們的需求狀況依然強勁，我們的積壓訂單繼續強勁，第三季度同比增長 9%，主要由 Aero、PMT 和 HBT 領導。根據報告，訂單下降 1%，但有機增長 2%，航空航天和 PMT 訂單增長兩位數，這表明儘管面臨更廣泛的經濟衰退風險，這些終端市場仍具有彈性。

Excluding the impact of blower Intelligrated orders, which we have talked about extensively, orders in the remainder of the portfolio were up 8% reported or 11% organically year-over-year. Our record level 2022 orders in backlog will support our growth trajectory through the fluid operating environment.

排除我們已廣泛討論的鼓風機 Intelligrated 訂單的影響，其餘產品組合的訂單報告同比增長 8% 或有機增長 11%。我們創紀錄的 2022 年積壓訂單將通過流動的運營環境支持我們的增長軌跡。

Cash was another bright spot with $1.9 billion of free cash flow in the quarter, more than double a year ago, a strong result that leaves us well positioned to deliver our full year free cash flow commitment.

現金是另一個亮點，本季度的自由現金流為 19 億美元，是一年前的兩倍多，這一強勁的業績使我們能夠很好地履行全年自由現金流的承諾。

In terms of capital, we deployed $1.2 billion to share repurchases, dividends and capital expenditures. We leveraged the strength of our balance sheet to opportunistically purchase over 2 million shares throughout the quarter, reducing our average share count to 680 million shares and continuing to execute on our commitment to buy back at least $4 billion in share in 2022.

在資本方面，我們部署了 12 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，在本季度有機會購買超過 200 萬股股票，將我們的平均股票數量減少到 6.8 億股，並繼續履行我們在 2022 年回購至少 40 億美元股票的承諾。

Looking forward, I remain encouraged by the strength we're seeing in many areas of our portfolio as we continue executing our rigorous and proven value creation framework underpinned by our accelerator operating system to drive outstanding shareholder value. I am proud of Honeywell's ability to overdeliver in another quarter amidst a challenging macro backdrop.

展望未來，隨著我們繼續執行以我們的加速器操作系統為基礎的嚴格且經過驗證的價值創造框架，以推動卓越的股東價值，我們在投資組合的許多領域看到的實力仍然令我感到鼓舞。在充滿挑戰的宏觀背景下，我為霍尼韋爾在另一個季度超額交付的能力感到自豪。

Now let's turn to Slide 3 to discuss recent senior leadership additions. In September, we announced that Lucian Boldea will succeed Vimal Kapur as President and Chief Executive Officer of our Performance Materials and Technologies segment, enabling Vimal to transition full-time to his new role as Chief Operating Officer for Honeywell. Lucian joins Honeywell from Eastman Chemical Company, where he led global strategy, business operations and financial performance as Executive Vice President. Lucian began his career at Eastman as a chemist and held a variety of leadership roles at the company.

現在讓我們轉到幻燈片 3 來討論最近增加的高級領導層。 9 月，我們宣布 Lucian Boldea 將接替 Vimal Kapur 擔任我們高性能材料和技術部門的總裁兼首席執行官，使 Vimal 能夠全職過渡到霍尼韋爾首席運營官的新角色。 Lucian 從伊士曼化學公司加入霍尼韋爾，擔任執行副總裁，領導全球戰略、業務運營和財務績效。 Lucian 的職業生涯始於伊士曼作為一名化學家，並在公司擔任過各種領導職務。

His diverse global experience building business both organically and inorganically and deep knowledge of the chemical process industry is invaluable for leading PMT, which is in a unique position to enhance sustainable technologies portfolio to help drive the energy transition while also taking advantage of our strong position in traditional energy markets.

他在有機和無機方面建立業務的多元化全球經驗以及對化學加工行業的深入了解對於領先的 PMT 來說非常寶貴，PMT 在增強可持續技術組合以幫助推動能源轉型方面處於獨特的地位，同時也利用我們在傳統能源市場。

We also announced a new addition to our Board of Directors in September. Robin Watson was elected to join the Board as an Independent Director and will serve on our Audit Committee. Robin currently is an advisory consultant for Wood Group, where he was CEO from 2016 to 2022. During his time as CEO, Robin led the transformation of Wood from an oil field services company into an integrated engineering and consultancy company spanning a variety of growing end markets and geographies. He has extensive industry experience, including in sustainable technologies such as carbon capture and hydrogen. Robin's perspective will be instrumental as we further advance Honeywell's leadership in the energy transition and broader ESG transformation.

我們還在 9 月宣布了董事會的新成員。 Robin Watson 被選為獨立董事加入董事會，並將在我們的審計委員會任職。 Robin 目前是 Wood Group 的顧問顧問，並於 2016 年至 2022 年期間擔任首席執行官。在擔任首席執行官期間，Robin 領導了 Wood 從一家油田服務公司轉變為一家跨越各種增長端的綜合工程和諮詢公司市場和地域。他擁有豐富的行業經驗，包括碳捕獲和氫氣等可持續技術。 Robin 的觀點將有助於我們進一步提升霍尼韋爾在能源轉型和更廣泛的 ESG 轉型方面的領導地位。

We're shocked and saddened to learn that our Board member and friend, George Paz, passed away on Sunday, October 23. He has provided invaluable contributions to our company over the last 14 years. His perspective, tenacity and friendship will be greatly missed and of course, our heartfelt and deepest condolences are with this family.

得知我們的董事會成員和朋友 George Paz 於 10 月 23 日星期日去世，我們感到震驚和難過。在過去的 14 年中，他為我們公司做出了寶貴的貢獻。他的遠見、堅韌和友誼將被深深懷念，當然，我們對這個家庭表示衷心和最深切的哀悼。

As part of his Board service, George was Chair of our Audit Committee. Scott Davis, our Lead Director, will serve as the interim Chair of the Audit Committee of the Honeywell Board until his successor is named.

作為其董事會服務的一部分，喬治是我們審計委員會的主席。我們的首席董事 Scott Davis 將擔任霍尼韋爾董事會審計委員會的臨時主席，直至任命他的繼任者。

Next, let me turn to Slide 4 to discuss our other exciting recent announcements. Earlier this month, we announced a new innovative ethanol-to-jet fuel processing technology that allows producers to convert ethanol-based feedstock to sustainable aviation fuel. The aviation industry is challenged by limited supplies of traditional feedstocks and ethanol offers producers a widely available, economically viable new feedstock. Depending on the type of ethanol feedstock used, Honeywell's ETJ process can reduce greenhouse gas emissions by 80% on a total life cycle basis compared to petroleum-based fuel.

接下來，讓我轉到幻燈片 4 來討論我們最近發布的其他令人興奮的公告。本月早些時候，我們宣布了一項新的創新乙醇制航空燃料加工技術，使生產商能夠將基於乙醇的原料轉化為可持續的航空燃料。航空業面臨傳統原料供應有限的挑戰，而乙醇為生產商提供了一種廣泛可用、經濟上可行的新原料。根據所使用的乙醇原料類型，與石油基燃料相比，霍尼韋爾的 ETJ 工藝可以在整個生命週期基礎上減少 80% 的溫室氣體排放。

In addition, we opened 2 separate capacity expansions for our Solstice business this quarter. We recently opened the first large-scale manufacturing site for Solstice Air, a near-zero global warming potential medical propellant for use in respiratory inhalers. Solstice Air technology is up to 99.9% less GWP than propellants currently used in inhaled respiratory medicine. AstraZeneca is currently working to incorporate our Solstice Air technology into their full inhaler portfolio pending regulatory approval.

此外，本季度我們為 Solstice 業務開設了 2 次單獨的產能擴張。我們最近開設了 Solstice Air 的首個大型生產基地，這是一種用於呼吸吸入器的全球變暖潛力接近零的醫用推進劑。 Solstice Air 技術的 GWP 比目前用於吸入性呼吸系統藥物的推進劑低 99.9%。阿斯利康目前正在努力將我們的 Solstice Air 技術納入其完整的吸入器產品組合，等待監管部門的批准。

Elsewhere in our Solstice portfolio, we opened a plant in India, which has begun manufacturing our Solstice zd solution, which has uses in blowing agents for foam insulation and refrigeration liquid for chillers.

在我們 Solstice 產品組合的其他地方，我們在印度開設了一家工廠，該工廠已開始生產我們的 Solstice zd 解決方案，該解決方案用於泡沫絕緣的發泡劑和冷水機組的製冷液。

Finally, last week, we published our first quarterly Environmental Sustainability Index, a global report showing sustainability decision makers' sentiment on progress, year ahead plans and meeting 2030 goals. 2/3 of the S&P 500 have set emissions reductions targets of some kind, and the index sheds light on past progress and future expectations towards these goals. For a long history of achievements of sustainability, Honeywell's unique position to provide this free public service. The initial survey found that approximately 97% of organizations plan to increase current year budgets in at least one sustainability category, and Honeywell remains committed to helping our customers achieve their sustainability goals.

最後，上週，我們發布了首個季度環境可持續性指數，這是一份全球報告，顯示了可持續發展決策者對進展、未來計劃和實現 2030 年目標的看法。 2/3 的標準普爾 500 指數制定了某種減排目標，該指數揭示了過去的進展和對這些目標的未來預期。對於悠久的可持續發展成就，霍尼韋爾的獨特地位在於提供這種免費的公共服務。初步調查發現，大約 97% 的組織計劃在至少一個可持續發展類別中增加本年度預算，霍尼韋爾仍致力於幫助我們的客戶實現其可持續發展目標。

Now let me turn it over to Vimal on Slide 5 to discuss our third quarter operating performance in more detail.

現在讓我在幻燈片 5 上將其交給 Vimal，以更詳細地討論我們第三季度的運營業績。

Thank you, Darius, and good morning, everyone. As Darius highlighted, we delivered strong third quarter results despite a tough operating environment. Disciplined adherence to our best-in-class Honeywell value creation framework provided us with operational agility to meet or exceed our guided financial metrics. Third quarter sales grew by 9% organically or 10%, excluding the wind down of our operations in Russia. The performance was driven by double-digit organic growth in HBT, PMT and Aerospace.

謝謝你，大流士，大家早上好。正如大流士所強調的那樣，儘管經營環境艱難，我們仍實現了強勁的第三季度業績。嚴格遵守我們一流的霍尼韋爾價值創造框架為我們提供了運營敏捷性，以達到或超過我們的指導性財務指標。第三季度銷售額有機增長 9% 或 10%，不包括我們在俄羅斯的業務逐漸減少。業績受到 HBT、PMT 和航空航天領域兩位數有機增長的推動。

Demand trend remains strong with backlog near record levels. However, ongoing supply chain constraints continue to temper overall volume growth. We did see modest sequential improvement in volume causing our positive backlog to decrease in SPS, HBT and PMT as we benefit from our reengineering effort to qualify alternative parts and our proactive partnering with distributors and alternative suppliers to ensure priority sourcing. Our readiness efforts in Aero also enabled single-digit sequential improvement in output.

需求趨勢依然強勁，積壓接近創紀錄水平。然而，持續的供應鏈限制繼續抑制整體銷量增長。我們確實看到了數量的適度連續改善，導致我們在 SPS、HBT 和 PMT 方面的積極積壓減少，因為我們受益於我們對替代零件的重新設計努力以及我們與分銷商和替代供應商的積極合作以確保優先採購。我們在 Aero 的準備工作也使輸出實現了個位數的連續改進。

We continue to reap benefits of Honeywell digital transformation investments made over the past few years. We leverage these digital tools to drive commercial and operational actions, which enabled us to stay ahead of inflation curve and helped us expand segment margin by 60 basis points year-over-year to 21.8%. We are also starting to see some benefits in inventory from our digital and process improvements in planning and scheduling.

我們繼續從霍尼韋爾過去幾年進行的數字化轉型投資中獲益。我們利用這些數字工具推動商業和運營行動，這使我們能夠保持領先於通脹曲線，並幫助我們將分部利潤率同比增長 60 個基點至 21.8%。我們也開始從計劃和調度方面的數字和流程改進中看到庫存方面的一些好處。

Now let me share a few comments on third quarter performance by business. Aerospace sales for the third quarter were up 10% organically year-over-year as commercial aviation sales grew double digits for the sixth consecutive quarter despite ongoing supply chain challenges. In fact, if we had held past due backlog flat sequentially for the quarter, we could have delivered an additional 9% of organic sales growth.

現在讓我分享一些關於企業第三季度業績的評論。儘管供應鏈面臨持續挑戰，但由於商用航空銷售額連續第六個季度實現兩位數增長，第三季度航空航天銷售額同比增長 10%。事實上，如果我們在本季度連續保持逾期未結訂單，我們本可以實現額外 9% 的有機銷售增長。

Commercial aftermarket demand remains robust with continued flight or recovery, leading to increased payer shipment and repair and overhaul sales. Both air transport aftermarket and business and general aviation aftermarket sales grew over 20% organically in the quarter. Commercial original equipment sales increased 30% year-over-year, including approximately 50% growth in our air transport original equipment, driven by increased chipset deliveries to these customers.

隨著持續飛行或複蘇，商業售後市場需求仍然強勁，導致付款人出貨量以及維修和大修銷售增加。本季度航空運輸售後市場以及公務和通用航空售後市場的銷售額均增長了 20% 以上。商業原始設備銷售額同比增長 30%，其中包括我們的航空運輸原始設備增長約 50%，這是由於向這些客戶交付的芯片組增加。

Defense volumes were down in the quarter, but we believe 2022 will be trough for this business as our elevated backlog position and an expected increase in defense spending support recovery in coming years. Aero segment margin expanded 40 basis points to 27.5% as our commercial excellence effort more than offset our cost inflation.

本季度國防業務量有所下降，但我們認為 2022 年將是該業務的低谷，因為我們的積壓情況有所增加，而且預計國防開支的增加將支持未來幾年的複蘇。航空部門的利潤率擴大了 40 個基點，達到 27.5%，因為我們的商業卓越努力抵消了我們的成本膨脹。

Building Technologies was our fastest-growing business in the third quarter with 19% organic sales growth. Sales of our fire products and building management system remains strong, resulting in 23% organic growth in building products portfolio, the third consecutive quarter of double-digit growth. In building solutions, the sales grew 13% as project volume increased despite ongoing part shortages.

建築技術是我們第三季度增長最快的業務，有機銷售額增長了 19%。我們的消防產品和建築管理系統的銷售保持強勁，使建築產品組合實現 23% 的有機增長，連續第三個季度實現兩位數增長。在建築解決方案方面，儘管零件持續短缺，但隨著項目數量的增加，銷售額增長了 13%。

While supply chains have not fully unlocked and significant material constraints remain, we did see sequential improvement in volumes for the third consecutive quarter, a sign that supply chains are moving in the right direction. Backlog in our building projects and services business remains robust, roughly flat to the second quarter and 7% above third quarter 2022 levels. Orders were down 3% reported but growing 3% on an organic basis, with continued strength in U.S. and China, somewhat diluted by softening in parts of Europe and Asia. Our agile commercial actions were a net contributor to both top line and bottom line growth in the quarter, and segment margin expanded 60 basis points to 24.1%.

儘管供應鏈尚未完全解鎖，並且仍然存在重大的材料限制，但我們確實看到連續第三個季度的銷量連續改善，這表明供應鏈正朝著正確的方向發展。我們的建築項目和服務業務的積壓仍然強勁，與第二季度大致持平，比 2022 年第三季度的水平高出 7%。報告的訂單下降了 3%，但有機增長了 3%，美國和中國的訂單持續強勁，但由於歐洲和亞洲部分地區的疲軟而有所稀釋。我們靈活的商業行動是本季度收入和利潤增長的淨貢獻者，分部利潤率增長 60 個基點至 24.1%。

Performance Materials and Technologies grew 14% organically in the quarter despite an approximately 3% headwind from Russia. Advanced materials grew 33% organically, leading PMT for the third consecutive quarter as we continue to see favorable demand, specifically in our Fluorine Products business. UOP sales increased 6% in the quarter, returning to growth and overcoming a 7% year-over-year headwind from lost Russian sales. Growth in UOP were led by sales -- led by gas processing and refining catalyst demand, and Sustainable Technology Solutions also excel, growing triple digits year-over-year.

儘管來自俄羅斯的逆風約為 3%，但性能材料和技術在本季度有機增長了 14%。先進材料有機增長 33%，連續第三個季度領先 PMT，因為我們繼續看到良好的需求，特別是在我們的氟產品業務中。 UOP 本季度銷售額增長 6%，恢復增長並克服了俄羅斯銷售額下降帶來的同比增長 7% 的不利影響。 UOP 的增長由銷售引領——由氣體加工和精煉催化劑需求引領，可持續技術解決方案也表現出色，同比增長三位數。

Process Solutions grew 6% organically on continued demand for life cycle solutions and services and thermal solutions. Sparta Systems grew over 40% for second consecutive quarter and continues to be earnings accretive. Orders for PMT grew double digit in the third quarter, led by approximately 40% growth in orders in advanced materials and approximately 20% in UOP, underpinned by strength in gas processing orders. Segment margin expanded 40 basis points in the quarter to 22.6%, driven by commercial excellence, offsetting cost inflation.

由於對生命週期解決方案和服務以及熱解決方案的持續需求，過程解決方案有機增長了 6%。 Sparta Systems 連續第二個季度增長超過 40%，並繼續保持盈利增長。 PMT 訂單在第三季度實現兩位數增長，其中先進材料訂單增長約 40%，UOP 訂單增長約 20%，這得益於氣體加工訂單的強勁增長。在商業卓越的推動下，分部利潤率在本季度擴大了 40 個基點，達到 22.6%，抵消了成本通脹。

As expected, Safety and Productivity Solutions sales decreased 4% organically in the quarter. We saw double-digit growth in advanced sensing and gas detection portion of our sensing and safety technologies business, and productivity solutions and services also grew organically in the quarter. However, this growth was offset by expected softness in warehouse automation and lower volumes in personal protective equipment.

正如預期的那樣，安全和生產力解決方案銷售額在本季度有機下降了 4%。我們的傳感和安全技術業務的先進傳感和氣體檢測部分實現了兩位數的增長，生產力解決方案和服務在本季度也實現了有機增長。然而，這種增長被倉庫自動化的預期疲軟和個人防護設備的銷量減少所抵消。

Intelligrated will be a key area of focus for me as we continue to improve our operations and drive margin expansion in that business. Our strategic pricing and productivity actions, along with favorable business mix, brought segment margins for SPS in its highest level since the fourth quarter of 2018, expanding 250 basis points year-over-year to 15.7%.

隨著我們繼續改善我們的運營並推動該業務的利潤增長，Intelligrated 將成為我關注的一個關鍵領域。我們的戰略定價和生產力行動，以及有利的業務組合，使 SPS 的部門利潤率達到 2018 年第四季度以來的最高水平，同比增長 250 個基點至 15.7%。

Honeywell Connected Enterprises continues to underpin the growth we are seeing across our portfolio. Recurring revenue grew over 10% in the quarter, and SaaS growth was approximately 40%. Sparta System was once again standout within HCE, growing over 40% in the quarter, with cyber and connected building also seeing double-digit organic growth.

霍尼韋爾互聯企業繼續支持我們在我們的產品組合中看到的增長。本季度經常性收入增長超過 10%，SaaS 增長約為 40%。 Sparta System 再次在 HCE 中脫穎而出，本季度增長超過 40%，網絡和互聯建築也實現了兩位數的有機增長。

So overall, this was a great operational result for Honeywell and our HBT performance was a key driver for our third quarter adjusted earnings per share growth. Adjusted EPS for the quarter grew 11% to $2.25, which exceeded the high end of our guidance range by $0.05.

所以總的來說，這對霍尼韋爾來說是一個很好的運營結果，我們的 HBT 業績是我們第三季度調整後每股收益增長的關鍵驅動力。本季度調整後每股收益增長 11% 至 2.25 美元，超出我們指導範圍的上限 0.05 美元。

On cash dynamics, we generated $1.9 billion of free cash flow in the quarter, up 108% year-over-year. The increase was driven by a positive contribution from working capital due to strong collections and continued focus on matching our supply to our demand, which enabled us to reduce inventory for the first time in 7 quarters, an encouraging example of the results that Honeywell is capable of delivering despite the supply chain challenges and extended lead times we have been battling in recent quarters.

在現金動態方面，我們在本季度產生了 19 億美元的自由現金流，同比增長 108%。這一增長是由營運資金的積極貢獻推動的，原因是強大的收款和持續關注使我們的供應與需求相匹配，這使我們能夠在 7 個季度內首次減少庫存，這是霍尼韋爾有能力取得成果的一個令人鼓舞的例子儘管我們在最近幾個季度一直在與供應鏈挑戰和延長交貨時間作鬥爭，但仍無法交付。

The Honeywell playbook continues to deliver outstanding results, and these operating principles, combined with our attractive end market exposure and differentiated portfolio of solutions, will allow us to maintain resiliency for quarters to come.

霍尼韋爾的策略繼續提供出色的結果，這些運營原則，加上我們有吸引力的終端市場曝光率和差異化的解決方案組合，將使我們能夠在未來幾個季度保持彈性。

Let me turn it over to Greg to discuss third quarter earnings per share in more depth and provide an update on our 2022 outlook.

讓我把它交給格雷格，以更深入地討論第三季度每股收益，並提供我們 2022 年展望的最新信息。

Thank you, Vimal. Let's turn to Slide 6, and we'll unpack our EPS story a little bit further. In the third quarter, we delivered GAAP earnings per share of $2.28 and adjusted EPS of $2.25, which was up $0.23 year-over-year despite a $0.05 foreign exchange headwind as the dollar continued to strengthen throughout the quarter. Increased segment profit driven by our strong commercial execution provided an $0.18 uplift year-over-year. A lower effective tax rate, 22.1% this year versus 22.9% last year, provided a $0.03 benefit, including a $0.05 tailwind from a onetime discrete change in German tax law. Share count reduction driven by progress towards our share repurchase commitment from our March Investor Day drove a $0.06 year-over-year tailwind to EPS.

謝謝你，維馬爾。讓我們轉到幻燈片 6，我們將進一步解開我們的 EPS 故事。在第三季度，我們實現了 2.28 美元的 GAAP 每股收益和 2.25 美元的調整後每股收益，儘管美元在整個季度繼續走強，但外匯逆風為 0.05 美元，但同比增長 0.23 美元。在我們強大的商業執行力的推動下，分部利潤的增加提供了 0.18 美元的同比增長。較低的有效稅率（今年為 22.1%，去年為 22.9%）提供了 0.03 美元的收益，其中包括德國稅法的一次離散變化帶來的 0.05 美元的順風。由於我們在 3 月投資者日的股票回購承諾取得進展，股票數量減少推動每股收益同比增長 0.06 美元。

We saw a $0.04 headwind from below-the-line items primarily due to lower pension income. GAAP EPS was $0.03 higher than adjusted EPS due to a positive adjustment related to our wind down of our business in Russia. So overall, we delivered another strong quarter with results at or above our expectations, demonstrating our ability to operate seamlessly through challenging economic conditions.

我們看到線下項目帶來 0.04 美元的阻力，主要是由於養老金收入下降。 GAAP 每股收益比調整後的每股收益高 0.03 美元，原因是與我們關閉俄羅斯業務相關的積極調整。因此，總體而言，我們實現了又一個強勁的季度，業績達到或高於我們的預期，證明了我們在充滿挑戰的經濟條件下無縫運營的能力。

So now let's turn to Slide 7. We can talk about our fourth quarter and full year guidance. While a number of challenges persist in the current operating environment, we're entering the fourth quarter with a very strong demand profile.

所以現在讓我們轉到幻燈片 7。我們可以談談我們的第四季度和全年指導。儘管當前的運營環境中仍然存在許多挑戰，但我們正以非常強勁的需求進入第四季度。

Since we provided our initial 2022 guidance in February, we have battled supply chain constraints, encountered unprecedented inflation, contended with geopolitical disruption and experienced rapidly rising interest rates. At each turn, our rigorous operating principles have enabled us to continue to deliver.

自從我們在 2 月份提供了 2022 年的初始指導以來，我們一直在與供應鏈限製作鬥爭，遇到前所未有的通貨膨脹，與地緣政治中斷作鬥爭，並經歷了快速上升的利率。在每一個轉折點，我們嚴格的經營原則使我們能夠繼續交付。

As you saw from the 3Q bridge, the ongoing strengthening of the U.S. dollar has driven materially higher foreign currency impacts and has been a significant headwind to our guidance, which we have consistently offset at the EPS level.

正如您從第三季度的橋樑中看到的那樣，美元的持續走強已推動外匯影響大幅上升，並對我們的指引構成重大不利因素，我們一直在每股收益水平上抵消了這一不利因素。

For our 4Q sales guidance, we expect to be in the range of $9.1 billion to $9.4 billion, up 10% to 13% on an organic basis or up 11% to 14%, excluding the 1 point impact of lost Russian sales. We now expect full year sales of $35.4 billion to $35.7 billion, which represents a decrease of $100 million in the low end and $400 million on the high end from our prior guidance, incorporating greater foreign currency impact. However, we're raising the low end of our organic growth range now at 6% to 7%, increasing the midpoint versus our prior guidance and narrowing the overall range. Excluding a 1 point impact of lower COVID-related mass demand and 1 point impact of lost Russian sales, organic growth range would be 8% to 9%.

對於我們的第四季度銷售指導，我們預計將在 91 億美元至 94 億美元之間，有機增長 10% 至 13% 或增長 11% 至 14%，不包括俄羅斯銷售損失的 1 個百分點的影響。我們現在預計全年銷售額為 354 億美元至 357 億美元，與我們之前的指引相比，低端減少 1 億美元，高端減少 4 億美元，其中包括更大的外匯影響。然而，我們現在將有機增長范圍的低端提高到 6% 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。排除與 COVID 相關的大眾需求下降的 1 點影響和俄羅斯銷售損失的 1 點影響，有機增長范圍將為 8% 至 9%。

The difference between our reported and organic sales growth guidance is 3 points driven entirely by foreign currency translation. To dimensionalize this further for the full year, on a year-over-year basis, we expect $1.1 billion of sales headwinds from foreign currency, which compared to our original guidance from February is approximately $750 million of incremental headwind, a substantial challenge, which, as I mentioned, we've overcome on EPS.

我們報告的和有機銷售增長指導之間的差異是 3 個百分點，完全由外幣換算驅動。為了進一步確定全年的規模，與去年同期相比，我們預計來自外彙的銷售逆風為 11 億美元，與我們 2 月份的原始指導相比，這大約是 7.5 億美元的增量逆風，這是一個巨大的挑戰， ，正如我提到的，我們已經克服了 EPS。

Moving to our segment margin guidance. We expect the fourth quarter to be in the range of 22.8% to 23.2%, resulting in year-over-year margin expansion of 140 to 180 basis points due to timing of high-margin catalyst shipments in PMT, stable business mix and productivity in SPS and increased volume leverage in HBT. For full year 2022, we are upgrading our segment margin expansion expectations by 30 basis points on the low end and 10 basis points in the high end to a new range of 21.6% to 21.8% or 60 to 80 basis points of year-over-year expansion.

轉到我們的細分利潤率指導。我們預計第四季度將在 22.8% 至 23.2% 的範圍內，由於 PMT 的高利潤率催化劑出貨時機、穩定的業務組合和生產力，導致利潤率同比增長 140 至 180 個基點SPS 和 HBT 中增加的交易量槓桿。對於 2022 年全年，我們將分部利潤率擴張預期在低端上調 30 個基點，在高端上調 10 個基點，至 21.6% 至 21.8% 或 60 至 80 個基點的新範圍。年擴張。

Our rigorous fixed cost management and disciplined price cost actions remain key elements of our operating playbook, helping us to drive margin expansion. Excluding the 30 basis point 4Q and full year headwinds from Quantinuum, we expect margins to expand 170 to 210 basis points in 4Q and 90 to 110 basis points for the full year.

我們嚴格的固定成本管理和嚴格的價格成本行動仍然是我們運營手冊的關鍵要素，幫助我們推動利潤增長。排除第四季度 30 個基點和 Quantinuum 全年不利因素，我們預計第四季度利潤率將擴大 170 至 210 個基點，全年將擴大 90 至 110 個基點。

Now let's take a moment to walk through fourth quarter and full year expectations by segment. In Aero, we anticipate demand across our businesses to remain strong, leading to sequential sales growth in the fourth quarter. The growth trajectory will largely be determined by the rate of our supply chain recovery, which we anticipate will be modest. Both commercial aftermarket and commercial OE should see another quarter of double-digit sales growth year-over-year in 4Q as flight hours and build rates continue on their path to recovery.

現在讓我們花點時間按細分市場了解第四季度和全年的預期。在 Aero 方面，我們預計我們業務的需求將保持強勁，從而導致第四季度的銷售連續增長。增長軌跡將在很大程度上取決於我們的供應鏈恢復速度，我們預計恢復速度會適中。隨著飛行時間和建造率繼續走上復甦之路，第四季度商業售後市場和商業 OE 應該會看到另一個季度的兩位數銷售額同比增長。

In defense, we view the third quarter as an inflection point, leading to sequential improvement in 4Q to close the year as demand remains strong and modest improvements in the supply chain will allow us to deliver greater volumes. Orders in defense and space are up approximately 5% year-to-date, including high single-digit growth in the third quarter. So we've built a very healthy backlog to support sales growth as we lap similarly supply-impacted comparison period.

在國防方面，我們將第三季度視為一個轉折點，由於需求依然強勁，供應鏈的適度改善將使我們能夠交付更大的產量，從而導致第四季度到年底的連續改善。今年迄今為止，國防和太空領域的訂單增長了約 5%，其中包括第三季度的高個位數增長。因此，我們建立了一個非常健康的積壓來支持銷售增長，因為我們經歷了同樣受供應影響的比較期。

Our full year expectations for Aerospace are slightly improved on a stronger third quarter, and we now expect full year organic sales to be up mid-single to high single digits year-over-year, with modest declines in segment margins as a result of OE mix headwinds.

由於第三季度強勁，我們對航空航天的全年預期略有改善，我們現在預計全年有機銷售額將同比增長中個位數至高個位數，由於 OE 導致細分市場利潤率略有下降混合逆風。

In Building Technologies, we expect continued sequential improvement in volumes to lead to another quarter of double-digit organic sales growth year-over-year. Our backlog for building products remains well above normal prepandemic levels, supporting sales growth as the supply capacity improves. Modest improvement in supply chain enabled a sequential drop in past due backlog in the third quarter, and we expect the same in 4Q. We anticipate strong growth in building projects for the fourth quarter as our projects business has grown sequentially each quarter this year, an encouraging indicator of post-pandemic recovery.

在建築技術領域，我們預計銷量的持續改善將導致另一個季度實現兩位數的有機銷售額同比增長。我們的建築產品積壓仍遠高於疫情前的正常水平，隨著供應能力的提高，支持銷售增長。供應鏈的適度改善使第三季度的逾期積壓訂單連續下降，我們預計第四季度也會出現同樣的情況。我們預計第四季度建築項目將強勁增長，因為我們的項目業務今年每個季度都連續增長，這是大流行後復甦的令人鼓舞的指標。

For overall HBT, we still expect double-digit organic sales growth for the full year, and increased volume leverage should allow for continued sequential segment margin improvement in the fourth quarter and healthy expansion for 2022 overall.

就整體 HBT 而言，我們仍預計全年有機銷售額將實現兩位數增長，增加的銷量槓桿應允許第四季度繼續連續提高分部利潤率，並在 2022 年整體實現健康擴張。

In PMT, the favorable outlook in our end markets supports a strong fourth quarter with sales up sequentially from third quarter and year-over-year. In Process Solutions, we expect growth to be supported by continued demand for thermal solutions and process controls. In UOP, increased refining catalyst reload demand will support growth and provide margin benefit. However, the loss of Russia will continue to be a headwind in the fourth quarter. Advanced materials will continue to outperform in the fourth quarter due to strong demand across the portfolio.

在 PMT 方面，我們終端市場的良好前景支持了強勁的第四季度，銷售額比第三季度和去年同期都有增長。在過程解決方案方面，我們預計對熱解決方案和過程控制的持續需求將支持增長。在 UOP 中，煉油催化劑重裝需求的增加將支持增長並提供利潤收益。然而，俄羅斯的損失將在第四季度繼續成為逆風。由於整個投資組合的強勁需求，先進材料將在第四季度繼續跑贏大盤。

Thanks to a strong third quarter, we now expect sales for overall PMT to be up double digits for the year, an upgrade from our outlook last quarter of up high single digits, and we expect segment margin to expand both sequentially and year-over-year in the fourth quarter.

得益於強勁的第三季度，我們現在預計全年 PMT 的整體銷售額將增長兩位數，高於我們上個季度的高個位數展望，我們預計細分市場利潤率將環比和同比增長-年第四季度。

Looking ahead for SPS, we expect to see continued growth in the advanced sensing and gas detection portion of our sensing and safety technologies business, where demand indicators remain favorable and our backlog is robust. Warehouse automation demand will remain soft in the fourth quarter as customers push new warehouse capacity and investments to the right. So we continue to be encouraged by the bottom line benefits of our improvements in operational efficiency and our focus on higher-margin aftermarket services, which we expect to continue growing double digits.

展望 SPS，我們預計我們的傳感和安全技術業務的先進傳感和氣體檢測部分將繼續增長，其中需求指標保持良好，我們的積壓工作強勁。隨著客戶將新的倉庫容量和投資推向右側，倉庫自動化需求將在第四季度保持疲軟。因此，我們繼續對提高運營效率和專注於利潤率更高的售後服務所帶來的底線收益感到鼓舞，我們預計這些服務將繼續增長兩位數。

We still expect demand for warehouse automation to trough in 2023, and our long-term outlook for the business remains positive. Our short-cycle productivity solutions and service businesses continue to deal with the impact of supply chain shortages and has seen some demand moderation, which may result in sequentially lower sales in 4Q, but we expect our differentiated technology to allow us to continue to outperform against our peers.

我們仍然預計倉庫自動化的需求將在 2023 年觸底，我們對該業務的長期前景仍然樂觀。我們的短週期生產力解決方案和服務業務繼續應對供應鏈短缺的影響，並且出現了一些需求放緩，這可能導致第四季度的銷售額環比下降，但我們預計我們的差異化技術將使我們能夠繼續超越競爭對手我們的同行。

While we remain confident in the medium-term growth rate in SPS, short-term headwinds persist, and we still expect SPS sales to decline mid-single digits in 2022. However, we expect to see strong margin expansion both sequentially and year-over-year in the fourth quarter as a result of shifting business mix and our continued operational improvements.

儘管我們對 SPS 的中期增長率仍然充滿信心，但短期不利因素依然存在，我們仍預計 2022 年 SPS 銷售額將下降中個位數。但是，我們預計利潤率將連續和同比強勁增長- 由於業務組合的變化和我們持續的運營改進，第四季度的業績。

Turning to our other core guided metrics for overall Honeywell. 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 approximately $60 million to positive $40 million in the fourth quarter and negative $125 million to negative $50 million for the full year. This guidance includes a range of repositioning between $86 million and $136 million in 4Q at $375 million to $425 million for the year as we continue to fund attractive restructuring projects and properly position Honeywell for a good financial outcome in [2023.]

轉向我們對霍尼韋爾整體的其他核心指導指標。淨線下影響，即分部利潤與稅前收入之間的差額，預計第四季度將在負約 6,000 萬美元至正 4,000 萬美元之間，對第四季度負 1.25 億美元至負 5,000 萬美元。全年。該指引包括第四季度 8600 萬美元至 1.36 億美元的一系列重新定位，全年為 3.75 億美元至 4.25 億美元，因為我們將繼續為有吸引力的重組項目提供資金，並為霍尼韋爾在 [2023 年] 取得良好的財務成果進行適當定位。

We expect the adjusted effective tax rate to be approximately 19% in the fourth quarter and approximately 22% for the year and the average share count to be approximately 676 million shares in 4Q and approximately 683 million shares for the full year, reflecting our commitment to repurchase at least $4 billion of Honeywell shares in 2022.

我們預計第四季度調整後有效稅率約為 19%，全年約為 22%，第四季度平均股數約為 6.76 億股，全年約為 6.83 億股，反映了我們對2022 年至少回購 40 億美元的霍尼韋爾股票。

As a result of these inputs, our adjusted EPS guidance range is between $2.46 and $2.56 for the fourth quarter, up 18% to 22% year-over-year. For full year EPS, we are upgrading the low end of our guidance range by $0.15 to a new range of $8.70 to $8.80, up 8% to 9%, reflecting the confidence in our ability to more than offset foreign exchange headwinds of $0.19 year-over-year and $0.08 versus our initial guide from February as well as absorbing ongoing macroeconomic risk.

由於這些投入，我們調整後的第四季度每股收益指導範圍在 2.46 美元至 2.56 美元之間，同比增長 18% 至 22%。對於全年每股收益，我們將指導範圍的低端上調 0.15 美元至 8.70 美元至 8.80 美元的新範圍，增長 8% 至 9%，這反映了我們對抵消 0.19 美元外匯逆風的能力充滿信心-與我們 2 月份的初始指導相比，同比增長 0.08 美元，並吸收了持續的宏觀經濟風險。

We still expect to meet our original free cash flow guidance of $4.7 billion to $5.1 billion in 2022 or $4.9 billion to $5.3 billion, excluding the impact of Quantinuum.

我們仍然希望在 2022 年達到我們最初的 47 億美元至 51 億美元或 49 億美元至 53 億美元的自由現金流指導，不包括 Quantinuum 的影響。

So in total, we are raising the midpoint of our full year 2022 organic sales growth, segment margin and adjusted EPS guidance ranges while absorbing headwinds of $1.1 billion in sales and $0.15 in adjusted earnings per share versus our initial guidance from lost Russian sales and incremental FX, a strong indicator of our ability to successfully deliver results in a fluid operating environment. Details on our full year 2022 guidance progression and FX impacts can be found in the appendix of this presentation.

因此，總的來說，我們正在提高我們 2022 年全年有機銷售增長、細分市場利潤率和調整後每股收益指導範圍的中點，同時吸收 11 億美元的銷售額和 0.15 美元的調整後每股收益，而我們最初的指導來自俄羅斯銷售損失和增量FX，是我們在流動的運營環境中成功交付成果的有力指標。有關我們 2022 年全年指導進展和外匯影響的詳細信息，請參閱本演示文稿的附錄。

Before turning back to Darius, let's turn to the next page and discuss our preliminary thoughts for 2023. While the macro backdrop signals another year of volatility, we believe our historical execution through multiple downturns demonstrates our ability to move quickly and decisively to protect margins, drive growth, ensure liquidity and position ourselves well to deliver in any environment.

在回到大流士之前，讓我們翻到下一頁，討論我們對 2023 年的初步想法。雖然宏觀背景預示著又一年的波動，但我們相信，我們在多次低迷時期的歷史執行表明我們有能力迅速果斷地採取行動以保護利潤率，推動增長，確保流動性並為自己做好準備，以在任何環境中交付。

Our rigorous operating principles and favorable end market exposure will help us remain resilient with commercial aerospace recovery continuing, upcoming capital reinvestment in the energy sector and increased sustainability and infrastructure spending. We have a strong setup that will drive growth in sales, margin and earnings in 2023. We expect organic growth in Aero, PMT and HBT due to record-level demand in backlog in 2022 in our long-cycle businesses. In fact, both of our largest businesses are seeing double-digit orders and backlog growth, which will headline growth and profitability in 2023.

我們嚴格的運營原則和有利的終端市場敞口將幫助我們在商業航空航天持續復甦、能源部門即將進行的資本再投資以及可持續性和基礎設施支出增加的情況下保持彈性。我們擁有強大的設置，將推動 2023 年的銷售額、利潤率和收益增長。由於我們的長周期業務在 2022 年的積壓需求達到創紀錄水平，我們預計 Aero、PMT 和 HBT 將實現有機增長。事實上，我們兩個最大的業務都看到了兩位數的訂單和積壓增長，這將成為 2023 年增長和盈利能力的主要內容。

This will be offset by lower demand in warehouse automation volumes which we believe will trough next year. We expect supply chain dynamics to improve gradually but remain constrained versus prepandemic levels. With these dynamics in mind, let's look at each of our businesses.

這將被倉庫自動化量的需求下降所抵消，我們認為這將在明年達到低谷。我們預計供應鏈動態將逐漸改善，但與大流行前水平相比仍會受到限制。考慮到這些動態，讓我們來看看我們的每一項業務。

In Aero, we expect the demand picture to remain robust with increased flight hours, particularly a recovery in wide-body and increased build rates among aircraft manufacturers, which will support growth in our commercial aviation businesses, tempered only by the pace of supply chain healing. We also anticipate a return to growth in divestment space on increased defense budget and elevated backlog and an improving supply chain.

在航空方面，我們預計隨著飛行時間的增加，特別是寬體飛機的複蘇和飛機製造商的建造率提高，需求情況將保持強勁，這將支持我們的商業航空業務的增長，但僅受供應鏈恢復步伐的緩和.我們還預計，隨著國防預算的增加和積壓的增加以及供應鏈的改善，撤資空間將恢復增長。

In HBT, stimulus-fueled investment in institutional markets as well as elevated backlog levels from this year's supply constraints should provide resiliency into 2023, regardless of the macro environment. Many of our offerings are aligned to key secular themes such as energy efficiency and decarbonization, and we expect the verticals we serve to remain strong on balance throughout next year.

在 HBT 方面，無論宏觀環境如何，刺激措施推動的機構市場投資以及今年供應限制導致的積壓水平升高，都應該為 2023 年提供彈性。我們的許多產品都與能源效率和脫碳等關鍵的長期主題保持一致，我們預計我們服務的垂直行業將在明年保持強勁平衡。

In PMT, we expect to continue to capitalize on the growth we have seen in 2022. Backlog built this year will drive growth in Process Solutions. LNG capacity expansions and improved comps as Russia headwinds fall off will support growth in UOP and improvement in semiconductor supply among customers, and continued demand for Solstice products will enable advanced materials to have another strong year. Sustainable Technology Solutions should also provide growth as the Inflation Reduction Act supports new SaaS and carbon capture opportunities.

在 PMT 中，我們預計將繼續利用我們在 2022 年看到的增長。今年積壓的工作將推動流程解決方案的增長。隨著俄羅斯逆風減弱，液化天然氣產能擴張和組合改善將支持 UOP 的增長和客戶半導體供應的改善，對 Solstice 產品的持續需求將使先進材料再有一個強勁的一年。可持續技術解決方案還應提供增長，因為《通貨膨脹減少法案》支持新的 SaaS 和碳捕獲機會。

For Safety and Productivity Solutions, decreased investment in new warehouse capacity and potential recession impacts in our short-cycle businesses will provide headwinds in 2023. However, we have a strong portfolio with differentiated solutions that will allow us to compete regardless of the macro environment. Operational improvement actions that we've already begun implementing and shifting business mix will allow us to expand margins in '23, even if revenues decline year-over-year.

對於安全和生產力解決方案，減少對新倉庫容量的投資以及對我們的短週期業務的潛在衰退影響將在 2023 年產生不利影響。但是，我們擁有強大的產品組合和差異化的解決方案，這將使我們能夠在任何宏觀環境下競爭。我們已經開始實施的運營改進措施和轉變業務組合將使我們能夠在 23 年擴大利潤率，即使收入同比下降。

So overall, Honeywell 2023 margins will benefit from the continued volume recovery on a streamlined cost base, anticipated pricing tailwind, flight hour improvement in Aero and mix shift in SPS towards higher-margin businesses. We'll continue our investments in R&D and growth-oriented CapEx as we remain keenly focused on creating uniquely innovative, differentiated, recession-proof technologies to address the world's toughest process technology, digital transformation and sustainability challenges.

因此，總體而言，霍尼韋爾 2023 年的利潤率將受益於精簡的成本基礎、預期的定價順風、航空飛行小時數的改善以及 SPS 向利潤率更高的業務的混合轉變，從而使銷量持續回升。我們將繼續投資於研發和以增長為導向的資本支出，因為我們仍然專注於創造獨特的創新、差異化、防衰退技術，以應對世界上最嚴峻的工藝技術、數字化轉型和可持續性挑戰。

We expect our spend on repositioning to begin to normalize lower. However, that EPS benefit will be more than offset by significantly lower noncash pension income in a rising interest rate environment, which likely results in a higher discount rate and lower asset base next year. This accounting headwind is a noncash item as our overfunded pension status will ensure no incremental contributions are needed, which is a great position to be in for our employees, both former and current, and our shareholders.

我們預計我們在重新定位上的支出將開始趨於正常化。然而，在利率上升的環境下，非現金養老金收入的顯著下降將大大抵消每股收益的好處，這可能會導致明年的貼現率更高和資產基數更低。這種會計逆風是非現金項目，因為我們資金過剩的養老金狀況將確保不需要增加繳款，這對我們的前任和現任員工以及我們的股東來說都是一個很好的位置。

We have significant balance sheet capacity for meaningful M&A and expect a favorable deal environment going into '23, which supports our commitment to accelerate capital deployment.

我們擁有重大的資產負債表能力來進行有意義的併購，並預計到 23 年會有一個有利的交易環境，這支持我們加快資本部署的承諾。

Overall, the resiliency of our end markets and demonstrated ability to operate under dynamic circumstances gives us the confidence that we can deliver a strong financial performance in '23, including overall sales growth, margin expansion, adjusted EPS and free cash flow growth despite the environment. We'll provide more specific inputs in our annual outlook call once we close the year.

總體而言，我們終端市場的彈性和在動態環境下表現出的運營能力使我們有信心在 23 年實現強勁的財務業績，包括整體銷售增長、利潤率擴張、調整後每股收益和自由現金流增長，儘管環境如此.年底後，我們將在年度展望電話會議中提供更具體的意見。

With that, I'd like to turn the call back over to Darius to discuss our dedication to environmental excellence.

有了這個，我想把電話轉回給大流士，討論我們對環境卓越的奉獻。

Thank you, Greg. Let's turn to Slide 9 and talk more about the aspirational approach we are taking to our ESG commitments. ESG is more than just an initiative for Honeywell. It is a common thread that ties our businesses together and helps us shape the future of the company.

謝謝你，格雷格。讓我們轉向幻燈片 9，並更多地談談我們對 ESG 承諾採取的理想方法。 ESG 不僅僅是霍尼韋爾的一項舉措。這是一條將我們的業務聯繫在一起並幫助我們塑造公司未來的共同主線。

At a corporate level, we have set aggressive targets to reduce our impact and protect the environment. We've reduced our Scope 1 and Scope 2 emissions by over 90% since 2004. Committed to set a target for Scope 3 emissions with the Science Based Targets initiative, we have pledged to be carbon neutral in our facilities and operations by 2035. Our world-class manufacturing sites go above and beyond our own strict requirements with 17 sites achieving ISO 50001, the global energy management standard for establishing, implementing, maintaining and improving energy management. In this segment, a broad portfolio of ESG solutions help our customers lower their environmental impacts as well.

在公司層面，我們制定了積極的目標，以減少我們的影響並保護環境。自 2004 年以來，我們已將範圍 1 和範圍 2 排放量減少了 90% 以上。我們致力於通過“基於科學的目標”倡議設定範圍 3 排放目標，並承諾到 2035 年在我們的設施和運營中實現碳中和。我們的世界級的製造基地超越了我們自己的嚴格要求，17 個基地達到了 ISO 50001，這是建立、實施、維護和改進能源管理的全球能源管理標準。在這一領域，廣泛的 ESG 解決方案組合也幫助我們的客戶降低對環境的影響。

We're driving the next evolution of energy through sustainable aviation fuel, both through traditional renewable feedstocks using our Ecofining process technology and now with ethanol feedstocks using our new ETJ process technology, reducing emissions at manufacturing sites and improving worker safety with gas cloud imaging technology that can quickly identify leaks.

我們正在通過可持續航空燃料推動能源的下一次發展，無論是通過使用我們的 Ecofining 工藝技術的傳統可再生原料，還是現在使用我們新的 ETJ 工藝技術的乙醇原料，減少製造場所的排放，並通過氣體云成像技術提高工人的安全性可以快速識別洩漏。

We're supporting the circular economy through our Honeywell Aerospace trading business, which takes retired planes and recycles used parts, reducing landfill volumes and providing quality certified parts to customers. We're improving occupant well-being, and energy efficiency in office buildings for our innovative indoor air quality offerings.

我們通過霍尼韋爾航空航天貿易業務支持循環經濟，該業務回收退役飛機並回收舊零件，減少垃圾填埋量並為客戶提供經過質量認證的零件。我們正在通過創新的室內空氣質量產品改善辦公樓的居住者幸福感和能源效率。

You can find out more information about Honeywell's environmental impact reduction and innovations in ESG technologies through our recently published 2022 ESG report, which is available on our Honeywell Investor Relations website.

您可以通過我們最近發布的 2022 ESG 報告了解有關霍尼韋爾減少環境影響和 ESG 技術創新的更多信息，該報告可在我們的霍尼韋爾投資者關係網站上找到。

Now let's turn to Slide 10 for some closing thoughts before we move into Q&A. We're executing on our value creation framework with the rigor you can expect from Honeywell. We met or exceeded our third quarter guidance for all metrics despite ongoing external difficulties, and we raised the midpoint of our full year organic sales and adjusted earnings per share guidance as well as increased our segment margin range, fully absorbing a series of higher-than-previously anticipated negative impacts, including FX.

在進入問答環節之前，讓我們先看一下幻燈片 10 的一些總結性想法。我們正在按照您對霍尼韋爾所期望的嚴格執行我們的價值創造框架。儘管存在持續的外部困難，我們在所有指標上均達到或超過了第三季度的指導，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導，並增加了我們的分部利潤率範圍，充分吸收了一系列高於- 先前預期的負面影響，包括外匯。

I am encouraged by the strength we are seeing in many areas of our portfolio, and I remain steadfast regarding our ability to deliver differentiated results in 2023 and through this cycle. Thank you to my Honeywell colleagues for your unwavering drive to deliver in this challenging environment.

我對我們在投資組合的許多領域看到的實力感到鼓舞，我仍然堅信我們有能力在 2023 年和整個週期內提供差異化的結果。感謝我的霍尼韋爾同事在這個充滿挑戰的環境中堅定不移地交付。

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

有了這個，肖恩，讓我們進入問答環節。

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

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

Our first question comes from the line of Steve Tusa at JPMorgan.

我們的第一個問題來自摩根大通的 Steve Tusa。

The -- just on Aerospace. What is the outlook for margins in the second -- maybe in the fourth quarter and then into next year? Pretty strong result despite OE picking up and defense hasn't really turned yet. So maybe just a little more color on Aerospace margins as you head into next year from that perspective.

——就在航空航天領域。第二季度的利潤率前景如何——可能是第四季度，然後是明年？儘管 OE 有所回升並且防守還沒有真正轉變，但結果還是相當不錯的。因此，當您從這個角度進入明年時，航空航天利潤可能會增加一點色彩。

Yes. I think our view on margins is pretty consistent. I think we'll -- fourth quarter will look similar. Could be up 10 or 20 basis points. Could be down 10 or 20 basis points, something like that in the quarter as we continue to unlock the supply chain.

是的。我認為我們對利潤率的看法非常一致。我想我們會 - 第四季度看起來很相似。可能上漲 10 或 20 個基點。隨著我們繼續解鎖供應鏈，可能會下降 10 或 20 個基點，類似於本季度的情況。

It's a bit early to be providing guidance for next year, but I would expect we're going to continue to be managing through the growth that we're seeing in OE. We have an investment portfolio. As you know, we talk a lot about the R&D investments we're making in the business. Aero is not the biggest grower of our margin expansion, as we've talked about. And I think that's going to remain pretty consistent into next year, too.

現在為明年提供指導還為時過早，但我預計我們將繼續通過我們在 OE 中看到的增長進行管理。我們有一個投資組合。如您所知，我們經常談論我們在業務中進行的研發投資。正如我們所談到的，Aero 並不是我們利潤增長的最大增長者。而且我認為這在明年也將保持一致。

Yes. And maybe just to add a couple of things, Steve. I think Aero has done a great job expanding margins in a very difficult environment. And frankly, they have the toughest pricing environment out of any of our businesses. So they've done a great job.

是的。也許只是為了補充幾件事，史蒂夫。我認為 Aero 在非常困難的環境中擴大利潤做得很好。坦率地說，他們擁有我們所有業務中最艱難的定價環境。所以他們做得很好。

As we look forward to next year, there's a lot of puts and takes. I mean the mix will get tougher, some credits that we have to issue. So the OE growth is not obviously a favorable mix scenario. Now to offset that, the miles traveled in the aftermarket business, we don't expect as robust air miles next year as we do this year. However, it's offset by the fact that we do expect more wide-body miles next year. And as you know, the aftermarket opportunity of wide-bodies to narrow-bodies are roughly 3:1.

當我們期待明年時，有很多選擇。我的意思是混合會變得更加艱難，我們必鬚髮布一些信用。因此，OE 增長顯然不是一個有利的混合情景。現在為了抵消這一點，售後業務的里程數，我們預計明年的航空里程不會像今年那樣強勁。然而，它被我們確實預計明年會有更多寬體里程的事實所抵消。如您所知，寬體機與窄體機的售後市場機會大致為 3:1。

So all in all, we expect a solid year. The backlog at all-time records continues to grow. I think Aero is positioned for a great year in '23.

總而言之，我們預計今年將是穩健的一年。歷史記錄的積壓工作繼續增長。我認為 Aero 在 23 年將迎來偉大的一年。

Great. And then on SPS next year, you mentioned substantial margin expansion, but how do you kind of put that in the context of the long-term target?

偉大的。然後在明年的 SPS 上，您提到大幅擴大利潤率，但您如何將其放在長期目標的背景下？

Yes. I mean I think it's too early. We're certainly not changing our long-term target. If anything, next year will be helpful to get into our long-term target. I think we've signaled some of the softness in the warehouse automation, and I do think '22 will be the bottom, and the business will grow from that going forward and show good margin expansion in '23. Exactly what it's going to be is difficult to tell at this point, but we're certainly not changing (inaudible).

是的。我的意思是我認為現在還為時過早。我們當然不會改變我們的長期目標。如果有的話，明年將有助於實現我們的長期目標。我認為我們已經表明倉庫自動化的一些疲軟，我確實認為 22 年將是底部，並且業務將從未來發展並在 23 年顯示出良好的利潤率增長。在這一點上很難說到底會是什麼，但我們肯定不會改變（聽不清）。

Our next question comes from Jeffrey Sprague with Vertical Research.

我們的下一個問題來自 Vertical Research 的 Jeffrey Sprague。

Maybe two questions for me. I'll just wrap into one. First, just on the comment about deal environment improving. Is that sort of a general comment, given just maybe bid-ask spreads kind of normalizing in this sort of tape? Or do you see an actually more active pipeline?

也許對我有兩個問題。我將只包裝成一個。首先，關於交易環境改善的評論。鑑於這種磁帶中的買賣價差可能會正常化，這是一種一般性評論嗎？還是您看到實際上更活躍的管道？

And secondly, just on the whole pension dynamic. I get that it's noncash, but should we expect that maybe you dial back restructuring or something in 2023 to maybe offset some of that EPS headwind you're dealing with?

其次，就整個養老金動態而言。我知道這是非現金的，但我們是否應該期望你在 2023 年回撥重組或其他什麼東西，以抵消你正在處理的一些 EPS 逆風？

So let me maybe kind of start with the first one and I'll turn over to Greg for the second one. On the first one, I mean, the short answer is a little bit of both as we do think sort of the valuation is becoming much more appealing, which is driving an improved pipeline, which is driving more activity. Now I think reality does have to set in with sellers because obviously, everybody wants to value their business what it was 12 months ago, not what it is today. So sort of we're kind of fighting some tailwinds and headwinds.

所以讓我先從第一個開始，第二個交給 Greg。關於第一個，我的意思是，簡短的回答是兩者兼而有之，因為我們確實認為某種估值變得更具吸引力，這正在推動改進的管道，從而推動更多的活動。現在我認為現實確實必須與賣家建立聯繫，因為顯然，每個人都希望像 12 個月前那樣評估他們的業務，而不是今天。所以有點像我們在對抗一些順風和逆風。

I don't think the environment is going to dramatically change in the next 3 to 6 months in terms of valuation. So that's why we think '23 could be still a very appealing environment. We're trying to and we are improving our pipeline. And I can tell you that we're out there, but we also have to acquire properties at the right value point, particularly given today's environment and uncertainty.

就估值而言，我認為未來 3 到 6 個月的環境不會發生巨大變化。所以這就是為什麼我們認為'23 可能仍然是一個非常吸引人的環境。我們正在努力，我們正在改進我們的管道。我可以告訴你，我們已經做到了，但我們還必須以正確的價值點收購房產，特別是考慮到當今的環境和不確定性。

I'll just tee up the second one. And I'll turn it over to Greg. I mean, yes, the pension headwinds will be substantially higher than they are this year. Whether or not we do more restructuring is a TBD item, frankly. But I just want to emphasize something. We have an overfunded pension plan. We don't anticipate any cash contributions no matter what happens. And this is a bit of kind of a nothing item. So that's sort of -- I just want to put in the right context.

我只會開第二個。我會把它交給格雷格。我的意思是，是的，養老金逆風將大大高於今年。坦率地說，我們是否進行更多重組是一個待定事項。但我只想強調一點。我們有一個資金過剩的養老金計劃。無論發生什麼，我們預計不會有任何現金捐助。這有點像什麼都沒有。所以這有點——我只是想放在正確的上下文中。

Yes. Yes. No, that's right. And the pension headwind is large. I mean it could be approaching $0.70. That, as you probably know, doesn't get finalized until the end of the year, and we'll snap the line on interest rates at that point and discount rates, and we'll know what the overall pension asset has done during the course of the year. But it's going to be meaningful, but it's, again, noncash, and as Darius mentioned, we think we'll probably come down a little bit in repo, but not nearly enough to offset the order of magnitude that noncash pension income will (inaudible).

是的。是的。不，沒錯。養老金逆風很大。我的意思是它可能接近 0.70 美元。正如你可能知道的那樣，這要到年底才能最終確定，我們將在那時的利率和貼現率上劃清界限，我們將知道整個養老金資產在一年的課程。但這將是有意義的，但它又是非現金的，正如大流士所說，我們認為我們可能會在回購中下降一點，但不足以抵消非現金養老金收入的數量級（聽不清）。

And one last comment here, Jeff. As you noticed in sort of our outline for Q4 and the year, we're going to be at the upper end of our repo number that we provided for guidance, which means we're really preparing the business for sort of a little bit rougher environment in some of our businesses, not all of them because I think Aero and PMT, I think they're well positioned. HBT will do okay, and we've got some challenges that we talked about in SPS.

最後一條評論，傑夫。正如您在我們的第四季度和年度大綱中註意到的那樣，我們將處於我們為指導提供的回購數量的上限，這意味著我們真的在為業務做一些更艱難的準備我們一些業務的環境，而不是所有業務，因為我認為 Aero 和 PMT，我認為他們處於有利地位。 HBT 會做得很好，我們在 SPS 中談到了一些挑戰。

So we're basically doing a lot of that kind of work ahead of time, and we're pulling in a lot of our restructuring activity to 2022. Q4 will be a robust quarter, and that's all meant to position the business for a strong '23.

因此，我們基本上提前做了很多此類工作，並且我們將大量重組活動拉到 2022 年。第四季度將是一個強勁的季度，這一切都意味著將業務定位為強勁'23.

Our next question comes from Julian Mitchell with Barclays.

我們的下一個問題來自巴克萊銀行的 Julian Mitchell。

Sorry, and maybe just a two-part question as well. First part, just on orders. I think you said they were up low single digit in Q3. So a decent slowdown from Q2. Any regional business to call out driving that?

對不起，也許只是一個兩部分的問題。第一部分，只是按訂單。我想你說他們在第三季度上漲了個位數。因此，從第二季度開始出現了不錯的放緩。有什麼區域性的企業可以呼籲推動這一點嗎？

And then the second piece would just be your 2023 preliminary thoughts, margins are up 100 bps this year, ex Quantinuum for the year as a whole. Doesn't look on Slide 23, like -- sorry, on Slide 8, like there's a big Quantinuum headwind in 2023. So with easing supply chains and some top line growth, do you think a similar sort of margin performance could be repeated next year?

然後第二部分只是你對 2023 年的初步想法，今年的利潤率增加了 100 個基點，全年都是前 Quantinuum。在幻燈片 23 上看起來不像——對不起，在幻燈片 8 上，2023 年會有很大的 Quantinuum 逆風。因此，隨著供應鏈的放鬆和一些頂線增長，你認為接下來會重複類似的利潤率表現嗎年？

Yes. I think I'll answer your second one first, which is we -- it's really too early to tell, Julian. I think we're going to work through that. I think all I can tell you is we're going to expand [margins.] That, you can count on. How much? Unfortunately, you're probably going to have to wait until the end of January or early February, whenever we issue our Q4 results and guidance for '23.

是的。我想我會先回答你的第二個問題，也就是我們——現在說還為時過早，朱利安。我想我們會解決這個問題的。我想我能告訴你的就是我們將擴大[利潤]。你可以指望這一點。多少錢？不幸的是，每當我們發布 23 年第四季度業績和指導時，您可能不得不等到 1 月底或 2 月初。

On your former question, I just would like to point out a couple of things. If you exclude the impact of Intelligrated, and Intelligrated was a very big bookings quarter last year, it's high single-digit growth for bookings. So just keep that in mind. So I'm actually pretty happy with the outcome. That's a strong outcome. And it's still up low single digits, inclusive of Intelligrated. So I think that's a good outcome.

關於你之前的問題，我只想指出幾點。如果排除 Intelligrated 的影響，並且 Intelligrated 去年是一個非常大的預訂季度，那麼它的預訂量就實現了高個位數增長。所以請記住這一點。所以我實際上對結果很滿意。這是一個強大的結果。它仍然處於低個位數，包括 Intelligrated。所以我認為這是一個很好的結果。

As I look at sort of regions and so on, as you would have expected, China was a little bit softer in Q3. There were some spots in Europe on the bookings that were softer, particularly in HBT, not a big shock. Those were a couple of soft spots. On the flip side, North America was strong. Middle East was strong. There was kind of a balanced mix, some puts and takes. Really nothing dramatically different than our expectations [however.]

正如您所預料的那樣，當我查看某些地區等時，中國在第三季度略微疲軟。歐洲有一些地方的預訂量較為疲軟，尤其是在 HBT 方面，這並不令人震驚。那是幾個軟點。另一方面，北美很強大。中東很強大。有一種平衡的組合，有些放和放。確實與我們的預期沒有什麼太大的不同[然而。]

Warehouse automation, we expected to be down. It was. We expected North America to be strong. It was. We expected some soft spots in Europe. There were. So all in all, generally pleased with not just the revenue outcome, but really the orders outcome as well.

倉庫自動化，我們預計會下降。它是。我們預計北美會很強勁。它是。我們預計歐洲會出現一些軟弱點。曾經有。總而言之，不僅對收入結果感到滿意，而且對訂單結果也很滿意。

Our next question comes from Scott Davis from Melius Research.

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

I just saw your Q. It said price was up 11%. It's just literally twice the group average. Is there anything in your portfolio kind of thinking that could be skewing that a little bit on the higher side and maybe accounts for some of that? I'm trying to think like the project businesses, I would think, are hard to get that type of a price. So maybe just a little bit of color on where you have the most price or the least price and maybe some of the puts and pulls there.

我剛看到你的Q。它說價格上漲了11%。這只是組平均水平的兩倍。你的投資組合中有什麼想法可能會稍微偏高一點，並且可能是其中的一部分嗎？我試圖像項目業務一樣思考，我認為，很難得到這樣的價格。因此，也許只是在你的價格最高或最低的地方加上一點顏色，也許還有一些看跌期權。

Yes. As Darius highlighted, I think the most difficult spot for us has been in Aerospace for sure. And we actually -- we've done better than you probably would expect in the long-cycle businesses going and repricing the backlog because we have seen inflation there. So we have had some good success in our projects businesses going back and getting price.

是的。正如大流士強調的那樣，我認為對我們來說最困難的地方肯定是在航空航天領域。實際上，我們在長周期業務中的表現可能比您預期的要好，因為我們已經看到了那裡的通貨膨脹，因此我們對積壓的訂單進行了重新定價。因此，我們在項目業務中取得了一些成功，並獲得了價格。

The products businesses are definitely the bigger driver of all of that, as you would imagine. And so that's -- I would say PMT, HBT, SPS are all having very strong pricing power in the products businesses in particular.

正如您所想像的那樣，產品業務絕對是所有這一切的更大推動力。這就是——我想說 PMT、HBT、SPS 在產品業務中都具有非常強大的定價能力。

Yes. And I would just add, the algorithm going forward is probably going to be a bit different. I mean as we look into '23, we're probably not going to enjoy this much of a change from price and we'll probably keep -- probably [until] Q3. Q4 still we expect to be relatively strong. But the algorithm kind of changes in '23. I mean Q4 will probably gain some very, very modest volume leverage, that's what we're counting on, and much more volume leverage next year, and probably a little bit less from price. So kind of how we make the year and how we grow margin expansion for '23 is going to be different.

是的。我只想補充一點，未來的算法可能會有點不同。我的意思是，當我們回顧 23 年時，我們可能不會享受到價格的這麼大變化，我們可能會保持 - 可能 [直到] 第三季度。第四季度仍然我們預計會相對強勁。但是算法在 23 年發生了變化。我的意思是第四季度可能會獲得一些非常、非常適度的交易量槓桿，這就是我們所指望的，明年的交易量槓桿會更多，而價格可能會少一點。因此，我們如何度過這一年以及如何在 23 年實現利潤率擴張將會有所不同。

That's -- the supply chain has been frustrating, but it is slowly improving. I mean we dropped our past due backlog in HBT, SPS, PMT, granted in Aero, it's a bit of a tougher problem. But even if you look at Aero and if you look at our output in Q3, it was actually up slightly versus Q2. And normally, I'm kind of -- if you take a look at the averages over the last 5 years, Q3 output is about 4% to 5% lower than Q2. So there is some incremental benefit coming through in the supply chain. And we expect that to continue. So our algorithm for value creations will be different next year.

那就是——供應鏈一直令人沮喪，但它正在慢慢改善。我的意思是我們放棄了在 HBT、SPS、PMT 方面的逾期積壓，在 Aero 中授予，這是一個更棘手的問題。但即使你看看 Aero，如果你看看我們在第三季度的產出，它實際上比第二季度略有上升。通常情況下，如果你看一下過去 5 年的平均值，第三季度的產出比第二季度低 4% 到 5%。因此，供應鏈中會產生一些增量收益。我們預計這種情況會繼續下去。所以明年我們的價值創造算法會有所不同。

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

我們的下一個問題來自美國銀行的 Andrew Obin。

Just my question on defense and space. Just relative to peers, just seems to be weaker. And just how should we -- what's the best correlation for this business? Is it a specific platform, program? Just how to model it versus the budget because I think it has been lagging the peers.

只是我關於防守和空間的問題。只是相對於同齡人，只是顯得弱了一些。我們應該如何——這個業務的最佳關聯是什麼？它是一個特定的平台、程序嗎？只是如何根據預算對其進行建模，因為我認為它一直落後於同行。

And then part 2 for my question is, what's happening with R&D tax credits? I think there was talk that you could get some cash back. Where did that end up?

然後我的問題的第 2 部分是，研發稅收抵免發生了什麼？我想有人說你可以拿回一些現金。結果到哪裡去了？

Yes. So let me kind of unpack both of those. Unfortunately, there's no simple rubric that I can give you for defense and space because we have...

是的。所以讓我把這兩個解開。不幸的是，我沒有簡單的標準可以給你防守和空間，因為我們有......

We tried, yes.

我們試過了，是的。

Yes, because we have such a broad scenario. And I think if you look at programs like hypersonics, T55, those are some of the helicopter engine programs. Those are obviously all good for us. You've got to remember, there's -- this obviously wasn't our best quarter in terms of defense and space. But we do think this is the bottom. Our backlog went up, and it went up substantially. Our orders were up high single digits in defense and space. And we actually think that this is the trough, and we expect growth in defense and space for '23, if you want some early color on that.

是的，因為我們有如此廣泛的場景。而且我認為，如果您查看諸如高超音速、T55 之類的程序，這些是一些直升機發動機程序。這些顯然對我們都有好處。你必須記住，就防守和空間而言，這顯然不是我們最好的季度。但我們確實認為這是底部。我們的積壓工作增加了，而且大幅增加。我們的訂單在國防和太空領域都上升了個位數。我們實際上認為這是低谷，如果你想要一些早期的顏色，我們預計 23 年的防守和空間會有所增長。

So we've kind of seen -- we've seen a bit of a turn in the corner in terms of defense and space. Our long-cycle backlog was up double digits this quarter. So we're kind of optimistic in terms of what's going to happen in defense and space going forward. It's obviously been a disappointment this year or year-to-date, but we really believe this is the bottom.

所以我們已經看到了——我們在防守和空間方面看到了角落裡的一些轉變。本季度我們的長期積壓訂單增加了兩位數。因此，我們對未來國防和太空領域將發生的事情持樂觀態度。今年或年初至今顯然令人失望，但我們真的相信這是底部。

On the R&D tax credits, until we see them, we're not going to call it. As you know, we've been probably the only, or at least one of the very few companies that took that out of our cash outlook at the initial consensus back in January. I mean that hurt us to the tune of $400 million. We've stuck with that, and we've proven to be right so far.

關於研發稅收抵免，在我們看到它們之前，我們不會稱之為。如您所知，在 1 月份的初步共識中，我們可能是唯一一家，或者至少是少數幾家將其從我們的現金前景中剔除的公司之一。我的意思是，這對我們造成了 4 億美元的損失。我們一直堅持這一點，到目前為止我們已經證明是對的。

Now what's going to happen in the lame duck session in November and December? I think that's, frankly, anybody's guess. And anybody that thinks that now it's going to get through, I don't know. I think -- I personally think it's a coin flip. It could go either way. We certainly hope it does. But if it does, our cash outlook for '22 is going to look a lot better. So that's kind of where we are.

現在在 11 月和 12 月的跛鴨會議上會發生什麼？坦率地說，我認為這是任何人的猜測。任何認為現在它會通過的人，我不知道。我認為——我個人認為這是拋硬幣。它可以去任何一種方式。我們當然希望如此。但如果確實如此，我們對 22 年的現金前景將會好很多。這就是我們所處的位置。

Our next question comes from Nigel Coe with Wolfe Research.

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

Just -- so I'll keep it to one question. But maybe if you could just clarify, the 11% pricing, very, very strong. Would have advanced materials been a disproportionate driver of that? Just curious on that.

只是 - 所以我會保留一個問題。但也許如果你能澄清一下，11% 的定價，非常非常強。先進材料會不會成為其中不成比例的驅動力？只是對此感到好奇。

But on SPS next year, I think we all understand the word dynamics. You called out productivity solutions is a bit weaker into fourth quarter. How do we think about weak warehouse, probably weak spending environment in '23 versus supply chain sort of pent-up demand as we go into '23 for the PS portion of the portfolio?

但在明年的 SPS 上，我想我們都理解動態這個詞。您提到的生產力解決方案在第四季度有所減弱。當我們進入 23 年投資組合的 PS 部分時，我們如何看待 23 年弱倉庫、可能疲軟的支出環境與供應鏈那種被壓抑的需求？

So let me start with the pricing in advanced materials. Absolutely, we got strong pricing because we have a differentiated product line. And that proves our focus on new products and differentiated position. But across the board in PMT, our pricing has been strong also in other segments, too. So the PMT pricing growth is not only advanced materials story. It spreads across Process Solutions and UOP segment also.

因此，讓我從高級材料的定價開始。毫無疑問，我們獲得了強勁的定價，因為我們擁有差異化的產品線。這證明了我們對新產品和差異化定位的關注。但在 PMT 方面，我們的定價在其他領域也很強勁。因此，PMT 定價增長不僅僅是先進材料的故事。它也遍布流程解決方案和 UOP 領域。

SPS portion, Darius, I'll let you...

SPS 部分，Darius，我會讓你...

Yes. So for SPS, I mean, I think the PS' portion, it's been softer. That's -- we're lapping some very, very difficult comps. We [had been] sort of record volumes and orders in Q3 last year, nothing unexpected. It's probably a little bit better than the market. And it sort of dialed into our algorithm going forward.

是的。所以對於 SPS，我的意思是，我認為 PS 的部分更柔和。那是 - 我們正在做一些非常非常困難的比賽。去年第三季度，我們的銷量和訂單量都創下了紀錄，這並不出人意料。它可能比市場好一點。它在某種程度上融入了我們的算法。

What I will tell you is that our backlog is still relatively strong. I mean granted we've liberated some of that, but our backlog is still at an elevated position. The other thing I would tell, which was also a good sign, is that sort of the channel inventory days of supply in North America actually dropped in Q3, which is always a good sign. So all in all, it wasn't the most robust quarter there, but not different than our expectations.

我要告訴你的是，我們的積壓工作還是比較多的。我的意思是我們已經解放了其中的一些，但我們的積壓工作仍然處於較高的位置。我要說的另一件事也是一個好兆頭，那就是北美供應的那種渠道庫存天數實際上在第三季度有所下降，這始終是一個好兆頭。總而言之，這不是那裡最強勁的季度，但與我們的預期沒有什麼不同。

Our next question comes from Joe Ritchie with Goldman Sachs.

我們的下一個問題來自高盛的喬·里奇。

Darius, you guys have talked about $20 billion, $24 billion to $27 billion of potential capital deployment opportunities. I'd be curious to hear, as you're kind of thinking through the M&A environment, size of deals that you're looking at or could be looking at for the portfolio.

大流士，你們談到了 200 億美元、240 億美元到 270 億美元的潛在資本部署機會。我很想知道，因為您正在考慮併購環境，您正在尋找或可能正在尋找投資組合的交易規模。

And then secondly, you did talk about Quantinuum as a potential like strategy to off-load that piece of your business sometime over an 18-month period. I'm just curious whether the environment has kind of changed things at all just given the volatility that we've seen with stock action?

其次，你確實談到了 Quantinuum 作為一種潛在的類似策略，可以在 18 個月的某個時間卸載你的那部分業務。我只是好奇，考慮到我們在股票行動中看到的波動性，環境是否已經發生了某種變化？

Yes. Let me maybe start with the second question because that one -- yes, I mean, the short answer is that the market is not particularly receptive to plays like Quantinuum right now. So when we will do something there really depends on the condition of the stock market. I mean, look, the stock market is not having a great year. We all know that. But it's -- that's not going to stay that way forever. So I don't know that I would necessarily back off some kind of an 18-month time frame where we might do something with -- different with Quantinuum. So -- because I do think the market is going to get better.

是的。讓我從第二個問題開始，因為那個——是的，我的意思是，簡短的回答是，市場現在並不是特別容易接受像 Quantinuum 這樣的遊戲。所以我們什麼時候做某事真的取決於股市的狀況。我的意思是，看，股市今年並不好。我們都知道。但它 - 這不會永遠保持這種狀態。所以我不知道我是否一定會放棄某種 18 個月的時間框架，我們可能會做一些事情——與 Quantinuum 不同。所以 - 因為我確實認為市場會變得更好。

I mean we're in a tough environment. We believe the market is 6 months ahead of the economy. We do expect the market to get better going forward, and the plan for Quantinuum hasn't changed. So I guess that's the short story. And I think within an 18-month time frame from now, I'd still think that, that's very much doable in terms of doing something different with that business. So I hope that fully -- that answers that question. What was your other question?

我的意思是我們處於一個艱難的環境中。我們認為市場領先經濟 6 個月。我們確實預計市場會變得更好，Quantinuum 的計劃沒有改變。所以我想這就是短篇小說。而且我認為在從現在開始的 18 個月內，我仍然認為，就與該業務做不同的事情而言，這是非常可行的。所以我希望這完全 - 回答了這個問題。你的另一個問題是什麼？

Yes. Just the other question -- just on the size of deals that you're looking at, at this point?

是的。只是另一個問題 - 只是關於您正在查看的交易規模，此時？

I would just say that probably the sweet spot for us continues to be sort of in that $1 billion to $5 billion purchase price. We're not wedded to it. I mean one of the things that -- and I mentioned this on the prior earnings call, is that I probably would stay away from sort of the tiny deals unless something is very, very, very strategic because it takes up a lot of energy, and I'm not sure it moves the needle. So I think we're going to be probably inching up in terms of the size of the deal. I never say that megadeals are impossible, but they're probably not likely.

我只想說，對我們來說，最有利的地方可能仍然是 10 億到 50 億美元的購買價格。我們不喜歡它。我的意思是一件事——我在之前的財報電話會議上提到了這一點，我可能會遠離一些小交易，除非某些事情非常、非常、非常具有戰略意義，因為它會佔用大量精力，而且我不確定它會移動針頭。所以我認為我們可能會在交易規模方面有所增加。我從不說大型交易是不可能的，但它們可能不太可能。

Our next question comes from Nicole DeBlase with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

Just one follow-up on pricing, and then I'll ask my other question. Just kind of going back to Scott's point on how strong your pricing has been. I guess it's been an unprecedented environment, obviously. And is there a risk that pricing in some categories would have to decline if deflation continues or moderation in commodity prices continues?

只是一個關於定價的後續行動，然後我會問我的另一個問題。只是回到斯科特關於你的定價有多強的觀點。我想這是一個前所未有的環境，很明顯。如果通貨緊縮繼續或商品價格繼續放緩，是否存在某些類別的定價必須下降的風險？

And then secondly, what's the path back to free cash conversion of 100% plus? I suspect that this will probably take some time because it's taken some time for inventory to build.

其次，回到 100% 以上的自由現金轉換的路徑是什麼？我懷疑這可能需要一些時間，因為建立庫存需要一些時間。

Yes. So in terms of the risk that pricing declines, I mean, across a massive portfolio like we have, I'm sure there'll be spots where that may be true, and what we keep looking at is our elasticity demand to make sure that we're not destroying demand. So -- but broadly speaking, we do expect positive pricing next year. As I said, inflation is not going down, it's moderating. It's still at an elevated level. It's just kind of leveled off to some degree. So that's what I would say, not a risk that pricing declines broadly speaking, but I'm sure there'll be pockets where that may be true.

是的。因此，就定價下降的風險而言，我的意思是，在像我們這樣的龐大投資組合中，我相信會有一些地方可能是真的，我們一直關注的是我們的彈性需求，以確保我們沒有破壞需求。所以 - 但從廣義上講，我們確實預計明年會有積極的定價。正如我所說，通貨膨脹並沒有下降，而是在緩和。它仍然處於較高的水平。它只是在某種程度上趨於平穩。所以這就是我要說的，不是價格普遍下降的風險，但我相信會有一些口袋可能是真的。

In terms of free cash flow back to 100%, we've talked about that ratio, frankly, is not a very helpful one. We think more about it as free cash flow margin, and we talked about our mid-teen kind of a range, and we're confident that we're going to be able to deliver around that. So the 100% free cash flow, I mean, it's probably going to be some time before we get there, but that's not really our objective. We're really looking at a healthy mid-teens free cash flow margin as the right barometer for us as a company.

就回到 100% 的自由現金流而言，我們已經討論過這個比率，坦率地說，這不是一個很有幫助的比率。我們更多地將其視為自由現金流邊際，我們談到了我們的青少年範圍，我們相信我們將能夠實現這一目標。因此，100% 的自由現金流，我的意思是，我們可能需要一段時間才能到達那裡，但這並不是我們真正的目標。我們真的將健康的青少年自由現金流量利潤率視為我們公司的正確晴雨表。

Yes. And I think you see it in our outlook for next year. We expect to grow free cash flow next year, roughly -- sort of roughly in line with EPS, excluding the impact of pension, which is going to be a major headwind. So -- and I think if you look at our performance this year, we are still retaining our original free cash flow despite substantial headwinds.

是的。我想你會在我們明年的展望中看到這一點。我們預計明年的自由現金流將大致增長——大致與每股收益大致一致，不包括養老金的影響，這將是一個主要的逆風。所以 - 我認為如果你看看我們今年的表現，儘管有很大的逆風，我們仍然保持著原來的自由現金流。

But I think that this is a really important point that I would like to just emphasize because I think we're one of the few, if not the only company out there that hasn't actually taken the free cash flow number down for the year. And we faced some substantial headwinds this year.

但我認為這是非常重要的一點，我想強調一下，因為我認為我們是為數不多的公司之一，如果不是唯一一家實際上沒有降低今年自由現金流量的公司的話.今年我們面臨著一些巨大的阻力。

I mean if you think about just since our consensus, since our outlook call in January, we got about $0.15 in EPS between Russia and impact of FX on EPS and about -- on a year-over-year basis, about 1 point -- over $1 billion of revenue headwinds. So -- and on a year-over-year basis, EPS impact between Russia and FX is closer to $0.30. So I think what we really need to be talking about is how much we're actually raising our outlook for the year, not that we're maintaining. And I don't know that, that's widely understood. And I think it is differentiated.

我的意思是，如果您考慮一下自我們達成共識以來，自我們 1 月份的展望電話會議以來，俄羅斯之間的每股收益約為 0.15 美元，外匯對每股收益的影響約為 - 與去年同期相比，約為 1 個百分點 -超過 10 億美元的收入逆風。因此 - 與去年同期相比，俄羅斯和外匯之間的每股收益影響接近 0.30 美元。所以我認為我們真正需要談論的是我們實際上提高了對今年的展望，而不是我們正在維持多少。我不知道，這已被廣泛理解。而且我認為這是有區別的。

Our next question comes from Sheila Kahyaoglu with Jefferies.

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

Darius, I wanted to ask you about PMT and Vimal as well. We've seen some major reactions in oil prices with news around price caps in Russian oil and OPEC production cuts. Can you maybe talk about what the volatility in oil prices is doing to near-term order activity in PMT and, as you think about the longer-term potential for the business across LNG, battery technology and the sustainability portfolio?

Darius，我也想問你關於 PMT 和 Vimal 的問題。我們已經看到油價出現一些重大反應，有關俄羅斯石油價格上限和歐佩克減產的消息。您能否談談油價波動對 PMT 近期訂單活動的影響，以及當您考慮液化天然氣、電池技術和可持續發展投資組合業務的長期潛力時？

Yes. So our business, as we mentioned during Investor Day and other events that we are much less linked to upstream. We are much more linked to downstream segment in PMT. So the volatility in oil price does determine customer decision on how they want to spend capital based on the returns they will get.

是的。所以我們的業務，正如我們在投資者日和其他活動中提到的，我們與上游的聯繫要少得多。我們與 PMT 中的下游部分聯繫更緊密。因此，油價的波動確實決定了客戶根據他們將獲得的回報來決定如何使用資金。

What we have seen there is that investments are slowly getting better. We clearly see investments getting better in the sustainability side of the portfolio. We continue to roll more and more offerings in that segment. So that's how I will see linkage on to the oil price.

我們在那裡看到的是，投資正在慢慢好轉。我們清楚地看到投資在投資組合的可持續性方面變得更好。我們繼續在該領域推出越來越多的產品。所以這就是我將如何看待與油價的聯繫。

Speaking more broadly of the PMT portfolio, look ahead, we remain confident of a good growth year for PMT in 2023. That is supported by the capital growth to a certain degree, sustainability investment, but also we're going to carry stronger backlog for Process Solutions. And as it's a long-cycle business, that will convert in 2023. So overall, we remain quite optimistic on the PMT performance for the next year.

更廣泛地說 PMT 投資組合，展望未來，我們仍然對 PMT 在 2023 年的良好增長充滿信心。這在一定程度上得到了資本增長、可持續性投資的支持，但我們也將積壓更多過程解決方案。由於這是一項長周期業務，它將在 2023 年轉變。因此，總體而言，我們對明年的 PMT 表現仍然相當樂觀。

Our next question comes from Josh Pokrzywinski with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Pokrzywinski。

Just a question on backlog. And Darius, you touched on it a few times in terms of this working down of past due. But if I look on Slide 8, it does look like there was a tiny sequential downtick. I'm just wondering that as supply chains free up here, are you seeing any sort of air pocket where folks are realigning lead times to what they need versus needing to go out much further? And any comment on kind of maybe core backlog versus some of this past due stuff would be helpful.

只是關於積壓的問題。大流士，你在處理逾期款項方面曾多次提到它。但如果我看幻燈片 8，它看起來確實有一個微小的連續下跌。我只是想知道，隨著供應鏈在這裡釋放，您是否看到任何形式的氣袋，人們正在根據他們的需要重新調整交貨時間而不是需要走得更遠？任何關於可能是核心積壓與一些過期的東西的評論都會有所幫助。

Yes. I mean you're right. I mean there was a tiny tick downwards in our past due backlog. It went down in PMT, HBT and SPS but went up -- it was offset in Aero. And we are seeing some improvement in the supply chain in those 3 segments. But unfortunately, we -- when you combine robust order rates in Aero, there's some substantial issues in aero supply chain. Aero went up and went up substantially.

是的。我的意思是你是對的。我的意思是，在我們過去到期的積壓中，有一個小小的下降。它在 PMT、HBT 和 SPS 中下降但上升——它在 Aero 中被抵消。我們看到這三個部分的供應鏈有所改善。但不幸的是，我們 - 當您結合 Aero 的強勁訂單率時，航空供應鏈中存在一些重大問題。航空上升並大幅上升。

So I think lead times are still long. They're getting better, especially in SPS and HBT. And frankly, the big unlock for Aero as we look to '23 is actually labor. And not labor for Honeywell because we actually have labor, but from some of the Tier 3, Tier 4 suppliers. And if there is a recessionary environment in '23, that actually may be not helpful for the aerospace industry in terms of labor. So that's -- hopefully, that helps.

所以我認為交貨時間仍然很長。他們正在變得更好，尤其是在 SPS 和 HBT 方面。坦率地說，我們期待 23 年 Aero 的最大解鎖實際上是勞動力。而不是霍尼韋爾的勞動力，因為我們實際上有勞動力，而是來自一些 3 級、4 級供應商。如果 23 年出現衰退環境，這實際上可能對航空航天業的勞動力沒有幫助。所以這 - 希望這會有所幫助。

Our last question will come from Deane Dray with RBC Capital Markets.

我們的最後一個問題將來自 RBC 資本市場的 Deane Dray。

Just for Vimal, want to first congratulate you on the new role. And it sounds like your initial focus is going to be on Intelligrated. Just -- could you share with us what your approach is and other areas of the firm that you'll be focusing on?

只是為了 Vimal，首先要祝賀你擔任新角色。聽起來您最初的重點將放在 Intelligrated。只是——您能否與我們分享您的方法以及您將關注的公司的其他領域？

Yes. So I think specifically in Intelligrated, as we mentioned that we are seeing a reduction in volumes there. So we are really focused on how to make the business processes more robust in this cycle. So we're taking a lot of actions on our process maturity digitization in the business so that we come out stronger in our margin rate expansion in 2023 and in the times to come.

是的。所以我特別認為在 Intelligrated 中，正如我們提到的那樣，我們看到那裡的數量有所減少。因此，我們真正專注於如何使業務流程在這個週期中更加健壯。因此，我們在業務流程成熟度數字化方面採取了很多行動，以便我們在 2023 年和未來的利潤率擴張中表現得更加強大。

On your broader question, yes, I'm looking at opportunities across Honeywell, how we can drive our long-term commitments on organic growth and margin expansion and working with all my HBT colleagues and Honeywell Connector Enterprises, and we are committed to make -- run our operations better so that we can deliver our long-term commitments on earnings.

關於你更廣泛的問題，是的，我正在尋找霍尼韋爾的機會，我們如何推動我們對有機增長和利潤擴張的長期承諾，以及與我所有的 HBT 同事和霍尼韋爾連接器企業合作，我們致力於使 - - 更好地運營我們的業務，以便我們能夠兌現我們對收益的長期承諾。

I'd now like to turn the conference back over to Darius Adamczyk for closing remarks.

我現在想把會議轉回給 Darius Adamczyk 做閉幕詞。

Thank you. I want to thank our shareholders for your ongoing support. We delivered a strong third quarter results and continue to navigate effectively through multiple uncertainties with the typical level of operational rigor and agility you've come to expect from Honeywell, enabling us to drive superior shareholder returns. Thank you all for listening, and please stay safe and healthy.

謝謝你。我要感謝我們的股東一直以來的支持。我們提供了強勁的第三季度業績，並繼續以您對霍尼韋爾所期望的典型運營嚴謹性和敏捷性水平有效地應對多重不確定性，使我們能夠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。