漢威聯合 (HON) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Honeywell First Quarter 2023 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 2023 年第一季財報電話會議。 （操作員指示）請注意，今天的通話正在錄音。現在，我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 First Quarter 2023 Earnings Conference Call. On the call with me today are Chairman and CEO, Darius Adamczyk; Senior Vice President and Chief Financial Officer, Greg Lewis; President and Chief Operating Officer, Vimal Kapur; and Senior Vice President and General Counsel, Anne Madden.

謝謝你，莉茲。早安，歡迎參加霍尼韋爾 2023 年第一季財報電話會議。今天與我一起通話的有董事長兼執行長 Darius Adamczyk；資深副總裁兼財務長 Greg Lewis；總裁兼營運長 Vimal Kapur；以及資深副總裁兼總法律顧問 Anne Madden。

This webcast and the presentation materials, including non-GAAP reconciliations, are available on our Investor Relations website. From time to time, we post new information that may be of interest or material to our investors on this website.

此網路廣播和簡報資料（包括非公認會計準則對帳表）可在我們投資者關係網站上找到。我們會不時在此網站上發布投資者可能感興趣或重要的新資訊。

Our discussion today includes forward-looking statements that are based on our best view of the world and other businesses as we see them today and are subject to risks and uncertainties, including the ones described in our SEC filings. This morning, we will review our financial results for the first quarter, share our guidance for the second quarter and provide our update to our full year 2023 outlook. As always, we'll leave time for your questions at the end.

我們今天的討論包括前瞻性陳述，這些陳述是基於我們對當今世界和其他業務的最佳看法，並受到風險和不確定性的影響，包括我們在美國證券交易委員會 (SEC) 文件中描述的風險和不確定性。今天上午，我們將回顧第一季的財務業績，分享第二季的指引，並提供 2023 年全年展望的更新。像往常一樣，我們會在最後留出時間回答您的問題。

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

說完這些，我將把電話轉給董事長兼執行長 Darius Adamczyk。

Thank you, Sean, and good morning, everyone. Let's begin on Slide 2. To open today's discussion, I'd like to take a moment to reflect on what our company has accomplished over the past 7 years. We've consistently outperformed against the market and our peers, doubling our share price over that time frame. We undertook a radical transformation agenda, dramatically simplifying and digitizing our operations and supply chain, resulting in a much more contemporary company, which is a platform for growth. We launched our software business, Honeywell Connected Enterprise, that continues to generate not only value for our customers, but accretive growth and profitability for Honeywell. We also reshaped the portfolio, spinning off 3 sizable businesses while selling to others and adding 16 successful acquisitions, reducing cyclicality and enhancing our margins.

謝謝你，肖恩，大家早安。讓我們從第二張投影片開始。我們的表現一直優於市場和同行，在這段時間內我們的股價翻了一番。我們實施了徹底的轉型計劃，大幅簡化和數位化我們的營運和供應鏈，從而打造出一個更現代化的公司，成為一個成長平台。我們推出了軟體業務—霍尼韋爾互聯企業，它不僅繼續為我們的客戶創造價值，也為霍尼韋爾帶來成長和獲利。我們也重塑了投資組合，剝離了3個規模較大的企業並出售給其他企業，並增加了16項成功收購，從而降低了週期性並提高了利潤率。

We reconfigured our strategic business groups to better align with end-market opportunities and customer needs. We built that culture of innovation that's led to significant new breakthrough technologies and an ultimately meaningfully stronger organic growth.

我們重新配置了策略性業務組，以便更好地適應終端市場機會和客戶需求。我們建立了創新文化，從而帶來了重大的新突破技術，並最終實現了更強勁的有機成長。

Last, and I'm not breaking any news here, this will be my last earnings call as the CEO of Honeywell. As Vimal transitions into the CEO role in just over a month, and I become Executive Chairman. It's a great example of the emphasis Honeywell places on leadership development and succession plan. With his decades of experience and success leading businesses across our portfolio, Vimal is absolutely the right person to take on the CEO mantle for Honeywell into the next phase of our transformation. I look forward to supporting him over the next year, providing him with additional bandwidth by helping with mergers and acquisitions activity, spending time with customers and strategic planning. Our future is bright.

最後，我不會在這裡透露任何新​​聞，這將是我作為霍尼韋爾首席執行官的最後一次財報電話會議。僅僅一個多月的時間，維馬爾就轉任執行長一職，而我則成為執行主席。這是霍尼韋爾重視領導力發展和繼任計畫的一個很好的例子。維馬爾擁有數十年的豐富經驗以及領導我們投資組合中各個業務的成功經驗，因此他絕對是霍尼韋爾在下一階段轉型中擔任首席執行官的最佳人選。我期待在明年為他提供支持，透過幫助他進行併購活動、與客戶相處以及進行策略規劃，為他提供額外的頻寬。我們的未來是光明的。

With that said, the present is pretty good, too. Let's turn to Slide 3 to discuss our first quarter performance. We delivered a very strong first quarter, exceeding the high end of our first quarter organic sales, segment margin and adjusted earnings per share guidance. Despite ongoing macroeconomic challenges, I'm pleased with our disciplined execution and differentiated technologies to enable us to over deliver on our commitments.

話雖如此，禮物也很不錯。讓我們翻到投影片 3 來討論一下我們第一季的業績。我們第一季的業績非常強勁，超過了第一季有機銷售額、分部利潤率和調整後每股收益預期的最高值。儘管宏觀經濟挑戰持續存在，但我對我們的嚴謹執行和差異化技術感到滿意，這使我們能夠超額履行承諾。

First quarter organic sales were up 8% year-over-year, led by double-digit growth in our Aerospace and PMT businesses, underpinned by a rigorous operational execution. The first quarter backlog grew to a new record of $30.3 billion, up 6% year-over-year and 2% sequentially, due to continued strength in Aerospace and Performance Materials and Technologies. Similar to last quarter, orders remained a very positive story in Aero and PMT, up double digits organically in each, leading to 1% organic growth and 8% sequential growth overall in the first quarter, overcoming the difficult year-over-year comps in HBT and SPS. We remain confident in our 2023 setup as we capitalize on recovering end markets combined with solid operational execution.

第一季有機銷售額年增 8%，其中航空航太和 PMT 業務實現兩位數成長，而嚴格的營運執行為其提供了有力支撐。由於航空航太、性能材料與技術的持續強勁成長，第一季積壓訂單增至 303 億美元的新高，年增 6%，季增 2%。與上一季類似，Aero 和 PMT 的訂單情況依然十分樂觀，均實現了兩位數的有機增長，帶動第一季整體實現 1% 的有機增長和 8% 的環比增長，克服了 HBT 和 SPS 同比艱難增長的局面。由於我們利用終端市場的復甦和穩健的營運執行，我們對 2023 年的設置仍然充滿信心。

Our segment margin expanded 90 basis points year-over-year, led by robust expansion in Safety and Productivity Solutions and Honeywell Building Technologies, as our strategic pricing actions enable us to remain ahead of the inflation curve and we benefit from our productivity actions. Excluding the net impact of the settlements, as we discussed in our guide, free cash flow was $300 million in the first quarter, in line with our expectations and operationally stronger than 2022.

我們的部門利潤率較上年同期擴大了 90 個基點，這主要得益於安全與生產力解決方案和霍尼韋爾樓宇科技的強勁增長，因為我們的戰略定價行動使我們能夠保持領先於通膨曲線，並且我們從生產力行動中受益。正如我們在指南中所討論的，不包括和解的淨影響，第一季的自由現金流為 3 億美元，符合我們的預期，營運表現強於 2022 年。

We deployed $1.6 billion to dividends, growth CapEx and share repurchases, including opportunistically repurchasing the same 3.5 million shares throughout the quarter, reducing our weighted average share count to 673 million. We also announced the acquisition of Compressor Controls Corporation this week, which Vimal will provide more detail on shortly.

我們部署了 16 億美元用於股息、成長資本支出和股票回購，包括在整個季度機會性地回購相同的 350 萬股，從而將我們的加權平均股數減少到 6.73 億股。本週我們也宣布了對 Compressor Controls Corporation 的收購，Vimal 很快就會提供更多詳細資訊。

Looking forward, I am encouraged by the strength we are seeing in many areas of our portfolio. We continue to execute on our proven value-creation framework, which is underpinned by our Accelerator operating system. I am proud of our ability to over-deliver another quarter amidst a challenging external environment.

展望未來，我們的投資組合中許多領域所展現出的強勁實力令我備受鼓舞。我們將繼續執行經過驗證的價值創造框架，以我們的加速器作業系統為基礎。在充滿挑戰的外在環境下，我們仍能超額完成一個季度的業績，對此我深感自豪。

Next, let's turn to Vimal to discuss some exciting recent announcements.

接下來，讓我們請 Vimal 討論一些令人興奮的最新公告。

Thank you, Darius, and good morning, everyone. Let's turn to Slide 4. In February, we announced that ExxonMobil will deploy Honeywell's carbon capture technology as its integrated complex in Baytown, Texas. The plant is expected to be the largest low-carbon hydrogen project in the world at planned startup and projected to produce around 1 billion cubic feet of low carbon hydrogen per day. Honeywell technology will enable the facility to capture more than 98% of the associated CO2 emission, which will be sequestered and permanently stored by ExxonMobil.

謝謝你，Darius，大家早安。讓我們翻到幻燈片 4。該工廠預計在計劃啟動時成為世界上最大的低碳氫化合物項目，預計每天生產約 10 億立方英尺的低碳氫化合物。霍尼韋爾的技術將使該設施能夠捕獲98%以上的相關二氧化碳排放，這些排放將由埃克森美孚公司封存並永久儲存。

In addition, Honeywell recently launched a European Clean Aviation project to develop a new generation of Aerospace-qualified megawatt-class fuel cells powered by hydrogen. Green hydrogen is an extremely clean power source that can be used to propel future aircraft, which makes it particularly appealing to the aerospace sector as we work to reduce carbon emissions. Work on this project will be performed at Honeywell Technology Solutions Research and Development Center in Brno, Czech Republic and at all other Honeywell and Project partner sites across Europe.

此外，霍尼韋爾近期啟動了歐洲清潔航空項目，致力於開發新一代符合航空航太標準的氫動力兆瓦級燃料電池。綠氫是一種極其清潔的動力源，可用於推動未來的飛機，這在我們致力於減少碳排放的航空航太領域尤其具有吸引力。該專案工作將在位於捷克共和國布爾諾的霍尼韋爾技術解決方案研發中心以及歐洲所有其他霍尼韋爾和專案合作夥伴的站點進行。

Finally, this week, we announced a $40 million-plus win in our Connected Enterprise business with Globalworth, a leading real estate investor in Central and Eastern Europe. Globalworth is using Honeywell's Forge for building technology to help monitor energy consumption down to a device or asset level across their commercial office buildings in Romania and Poland, while maintaining occupant comfort and productivity. Our solution will help reduce operating costs and lower energy consumption, key outcome for Europe's overreaching climate objectives.

最後，本週，我們宣布與中歐和東歐領先的房地產投資者 Globalworth 在互聯企業業務中贏得 4,000 多萬美元的投資。 Globalworth 正在使用霍尼韋爾的 Forge 建築技術來幫助監控羅馬尼亞和波蘭商業辦公大樓內設備或資產層級的能源消耗，同時保持居住者的舒適度和工作效率。我們的解決方案將有助於降低營運成本和能源消耗，這是歐洲實現宏偉氣候目標的關鍵成果。

These existing technology provide us with a new growth sectors, while reinforcing Honeywell's sustainability message demonstrating how we are helping the world solve its toughest challenge across all our end markets.

這些現有技術為我們提供了新的成長領域，同時強化了霍尼韋爾的可持續發展訊息，展示了我們如何幫助世界解決所有終端市場中最嚴峻的挑戰。

Now let's turn to Slide 5 to discuss an exciting new acquisition we just announced this week. On Wednesday, we announced an agreement to acquire Compressor Controls Corporation, in short, CCC, a leading provider of the machinery control and optimization solutions, including controlled hardware, software and services, for $670 million in all cash transactions. CCC technologies primarily serve the LNG gas processing, refining and petrochemical segment and will bolster Honeywell's high-growth sustainability portfolio with new carbon-capture control solutions, where the same turbo machinery is used to achieve effective removal of CO2 from the process plant emission. This acquisition will be integrated into Honeywell's Process Solutions business and strengthen Honeywell's leadership in industrial control, automation and process solutions, enabling customers to accelerate their energy transition.

現在讓我們翻到幻燈片 5 來討論我們本週剛剛宣布的一項令人興奮的新收購。週三，我們宣布了一項協議，以 6.7 億美元全現金交易的方式收購 Compressor Controls Corporation，簡稱 CCC，該公司是一家領先的機械控制和優化解決方案提供商，包括受控硬體、軟體和服務。 CCC 技術主要服務於液化天然氣加工、煉油和石化領域，並將透過新的碳捕獲控制解決方案增強霍尼韋爾高成長的可持續發展產品組合，其中使用相同的渦輪機械來有效去除製程廠排放中的二氧化碳。此次收購將融入霍尼韋爾製程控制部業務，增強霍尼韋爾在工業控制、自動化和製程解決方案領域的領導地位，協助客戶加速能源轉型。

CCC's EBITDA margins are accretive to Honeywell, and we expect to achieve a cash basis return on investment of more than 15% by fifth year that CCC is part of Honeywell. The transaction represents 15x 2023 expected EBITDA on a tax-adjusted basis and 13x EBITDA, assuming $8 million of annualized cost synergies. I'm excited about the new technologies and adjacencies we have unlocked through this latest transaction.

CCC 的 EBITDA 利潤率可幫助Honey韋爾實現增值，我們預計，在 CCC 成為霍尼韋爾旗下子公司的第五年，其現金基礎投資回報率將達到 15% 以上。該交易相當於稅務調整後 2023 年預期 EBITDA 的 15 倍，假設年化成本綜效為 800 萬美元，則相當於 EBITDA 的 13 倍。我對我們透過這次最新交易解鎖的新技術和新領域感到非常興奮。

We've said before that we have an active M&A pipeline, and this is further evidenced that we are continuously enhancing our automation portfolio by investing in new opportunities.

我們之前說過，我們擁有活躍的併購管道，這進一步證明我們正在透過投資新機會來不斷增強我們的自動化產品組合。

Now let's turn to Slide 6 to discuss the first quarter results in more detail. As Darius mentioned, we delivered a strong first quarter results despite a dynamic economic backdrop. Our operational agility enabled us to exceed our financial commitments. First quarter sales grew 8% organically with double-digit growth in PMT and Aero, where we generated continued volume improvement on a strong demand and an improving supply chain. In fact, volume grew 2% for overall Honeywell in the first quarter, despite an impact of [traffic] activity levels in our long-cycle warehouse automation business. Excluding SPS, volumes were up 7% for first quarter. Our backlog grew 6% year-over-year and 2% sequentially, and our orders grew 1% organically and 8% sequentially, driven by long-cycle strength in Aero and PMT. Supply chain remains a constraint on our overall growth. However, Aero saw further output improvement, and we saw positive backlog reduction across all of our short-cycle businesses.

現在讓我們轉到投影片 6，更詳細地討論第一季的業績。正如 Darius 所提到的，儘管經濟背景不穩定，我們仍然取得了強勁的第一季業績。我們的營運彈性使得我們能夠超額履行財務承諾。第一季銷售額有機成長 8%，其中 PMT 和 Aero 均達到兩位數成長，在強勁需求和供應鏈改善的推動下，我們的銷售持續成長。事實上，儘管受到長週期倉庫自動化業務的[交通]活動水準的影響，但霍尼韋爾第一季整體銷售量仍成長了 2%。不包括 SPS，第一季銷量成長了 7%。受 Aero 和 PMT 長週期優勢的推動，我們的積壓訂單年增 6%，環比增長 2%，訂單有機增長 1%，環比增長 8%。供應鏈仍然是我們整體成長的限制因素。然而，Aero 的產量進一步提高，並且我們所有短週期業務的積壓訂單均有所減少。

In addition to strong organic growth, we expanded segment margins by 90 basis points year-over-year to 22%. We continue to reap benefits from our investment in Honeywell Digital that have enabled us to stay ahead of the inflation curve through the strategic pricing action. Despite the top line headwinds, SPS led the other SBGs with the largest segment margin expansion as the benefit from the right-sized cost base.

除了強勁的有機成長之外，我們還將分部利潤率年增 90 個基點，達到 22%。我們繼續從對霍尼韋爾數字的投資中獲得收益，這使我們能夠透過策略定價行動保持領先於通膨曲線。儘管面臨營收阻力，SPS 仍受益於適當規模的成本基礎，以最大的分部利潤率擴張領先其他 SBG。

Now let's spend a few minutes on the first quarter performance by business. Aerospace sales for the first quarter were up 14% organically, led by 20% growth in Commercial Aviation, the fifth straight quarter of at least 20% organic growth and eighth straight quarter of double-digit growth. Sales growth was strongest in commercial aviation aftermarket, where continued flight hour recovery resulted in increased spare shipments and repair and overhaul sales, particularly in air transport. Commercial original equipment sales were also increased double digit, driven by higher business and general aviation sales. Defense and Space returned to growth in the first quarter as we were able to convert our strong 2022 orders book increased sales volume.

現在我們花幾分鐘來回顧第一季各企業的表現。第一季航空航太銷售額有機成長 14%，其中商用航空成長 20%，這是連續第五個季度至少 20% 的有機成長，連續第八個季度實現兩位數成長。商用航空售後市場的銷售成長最為強勁，其中飛行小時數的持續恢復帶動備件出貨量以及維修和大修銷售的增加，尤其是在航空運輸領域。受商務和通用航空銷售額成長的推動，商用原始設備銷售額也實現了兩位數成長。由於我們能夠將強勁的 2022 年訂單轉化為增加的銷售量，國防和航太業務在第一季恢復了成長。

Book-to-bill in defense and space remained greater than 1 in the quarter. As expected, the Aero supply chain continued to make modest progress sequentially. Improvements in material availability from the lower supplier decommitment rates enabled us to increase our original equipment and spare shipment by 20% year-over-year in first quarter. Our positive backlog remains historically high level, as expected, with plenty of volume yet to be unlocked. Segment margin in Aerospace contracted 80 basis points year-over-year to 26.6%, driven by higher sales of lower-margin original equipment products, partially offset by our commercial excellence effort and volume leverage.

本季，國防與航太領域的訂單出貨比仍大於1。正如預期的那樣，航空供應鏈繼續連續取得適度進展。由於供應商退訂率降低，材料供應量改善，使我們第一季的原始設備和備件出貨量年增了 20%。正如預期的那樣，我們的正積壓訂單仍然處於歷史高位，還有大量訂單尚未解鎖。航空航太業務的利潤率年減 80 個基點至 26.6%，這主要受低利潤率原始設備產品銷售額增加的推動，但我們的商業卓越努力和數量槓桿作用部分抵消了這一影響。

Performance Materials and Technologies orders grew organically across all 3 businesses, ahead of our expectations, led by over 20% growth in UOP. We remain particularly excited about traction in our Sustainable Technology Solutions business, where orders doubled year-over-year. For sales, PMT grew 15% organically in the quarter with double-digit growth in all 3 segments of the PMT portfolio. This was the fourth consecutive quarter of double-digit organic growth in PMT.

性能材料和技術訂單在三大業務領域均實現有機成長，超出了我們的預期，其中 UOP 的訂單成長超過 20%。我們對永續技術解決方案業務的成長尤其感到興奮，該業務的訂單年增了一倍。就銷售而言，PMT 本季有機成長 15%，PMT 產品組合的所有 3 個部門均達到兩位數成長。這是PMT連續第四個季度實現兩位數的有機成長。

UOP grew 19% organically in the quarter, led by refining catalyst shipments and gas processing, partially offset by lower refining and pet-chem equipment volumes. Process Solutions grew 16% organically, driven by strength in projects and Smart Energy.

本季度，UOP 有機成長 19%，主要得益於煉油催化劑出貨量和天然氣加工量的成長，但煉油和石油化工設備產量的下降部分抵消了這一增長。在專案和智慧能源強勁發展的推動下，製程解決方案業務有機成長了 16%。

In advanced materials, sales grew 12% in the quarter as we saw another quarter of robust demand in fluorine products that more than offset some softness in our Electronic Materials business. Segment margin contracted 20 basis points year-over-year to 20.6% as a result of cost inflation, higher sales of lower-margin products and a previously communicated disruption in one of our PMT plants that caused some unplanned downtime, partially offset by commercial excellence and volume leverage.

在先進材料方面，本季銷售額成長了 12%，因為我們看到氟產品需求在另一個季度保持強勁，足以抵消電子材料業務的一些疲軟。由於成本上漲、低利潤產品銷售增加以及先前溝通過的 PMT 工廠發生故障導致一些計劃外停機，分部利潤率同比下降 20 個基點至 20.6%，但商業卓越性和產量槓桿部分抵消了這一影響。

Safety and Productivity Solutions sales decreased 11% organically in the quarter. Sales decline were led by warehouse and Workflow Solutions and productivity solutions and services. The aftermarket services portion of our Intelligrated business continues to perform well as expected, with sales growing greater than 20% in the quarter at accretive margins. And the sensing portion of our Sensing and Safety Technologies business remains a bright spot in the portfolio. Continuing on the trend from last year, segment margin for SPS was once again a standout in the quarter, expanding 270 basis points to 17.2% as a result of productivity actions and commercial excellence, partially offset by lower volume leverage and inflation.

本季安全與生產力解決方案銷售額有機下降 11%。銷售額下降的主要原因是倉庫和工作流程解決方案以及生產力解決方案和服務。 Intelligrated 業務的售後服務部分持續表現良好，符合預期，本季銷售額成長超過 20%，利潤率也有所增加。我們感測和安全技術業務的感測部分仍然是產品組合中的亮點。延續去年的趨勢，SPS 的分部利潤率在本季度再次脫穎而出，擴大了 270 個基點，達到 17.2%，這得益於生產率的提高和商業卓越的表現，但銷量槓桿率和通貨膨脹率的下降部分抵消了這一影響。

In Building Technologies, sales increased 9% organically in the quarter, with growth in both Building Products and Building Solutions. Project sales were up double digits for the fourth consecutive quarter as we continue to convert our strong backlog. Services volumes also increased in the quarter, resulting in 13% organic sales growth in Building Solutions.

在建築科技領域，本季銷售額有機成長 9%，建築產品和建築解決方案均成長。由於我們持續轉換大量積壓訂單，因此專案銷售連續第四個季度達到兩位數成長。本季的服務量也有所增加，推動建築解決方案的有機銷售額成長 13%。

Turning to our product portfolio. The supply chain is improving as expected. Building Products grew 7% organically year-over-year to continued strength in our world-class fire franchise. HBT orders were stronger than expected in first quarter, although down mid-single digits year-over-year organically as we lap outsized 2022 comps from the height of supply chain challenges. While inflation remains elevated and our strong building solution sales presented as mix headwind, our commercial excellence and productivity effort allow us to mitigate these challenges and expand HBT segment margins by 170 basis points to 25.2%.

轉向我們的產品組合。供應鏈正在如預期般改善。建築產品業務有機成長 7%，持續維持我們世界一流的消防特許經營優勢。第一季 HBT 訂單強於預期，但由於我們在供應鏈挑戰的最高點上超越了 2022 年的可比較訂單，因此有機成長率比去年同期下降了中個位數。儘管通貨膨脹率仍然居高不下，且我們強勁的建築解決方案銷售呈現混合逆風，但我們的商業卓越和生產力努力使我們能夠緩解這些挑戰，並將 HBT 部門利潤率擴大 170 個基點至 25.2%。

Growth across our portfolio continues to be supported by accretive results in Honeywell Connected Enterprises, an ongoing indicator of the power of strong software franchise. Robust overall growth was driven by double-digit growth in cyber, industrial, aerospace and connected building. The future outlook is also strong due to double-digit growth in orders.

霍尼韋爾互聯企業業務的增值業績繼續支撐著我們整個投資組合的成長，這是強大軟體特許經營實力的持續指標。強勁的整體成長是由網路、工業、航空航太和互聯建築領域的兩位數成長所推動的。由於訂單量呈現兩位數成長，未來前景也十分強勁。

Overall, this was a great result for Honeywell. Adjusted earnings per share in the fourth quarter grew 8% to $2.07, $0.11 above the high end of our first quarter guidance and up 16%, excluding pension headwinds. Segment profits drove $0.21 of year-over-year improvement in earnings per share, the main driver of our EPS growth. Excluding the pension headwinds, below the line and other added $0.03 year-over-year, a lower adjusted effective tax rate contributed $0.02 of improvement and reduced share count added an additional $0.05 for total EPS, excluding the pension impact of $2.22. This was offset by a $0.15 headwind from a lower pension income. A bridge from adjusted EPS from 1Q '22 to 1Q '23 can be found in the appendix of this presentation.

總體而言，這對霍尼韋爾來說是一個很好的成績。第四季調整後每股盈餘成長 8% 至 2.07 美元，比我們第一季預期的高點高出 0.11 美元，若不計入退休金不利因素，則成長 16%。分部利潤推動每股收益年增 0.21 美元，成為每股收益成長的主要動力。排除退休金不利因素，低於標準線和其他因素同比增加 0.03 美元，較低的調整後有效稅率貢獻了 0.02 美元的改善，減少的股票數量為總每股收益增加了 0.05 美元，不包括退休金的影響 2.22 美元。但退休金收入減少帶來了 0.15 美元的不利影響，抵消了這一影響。在本簡報的附錄中可以找到從 22 年第一季到 23 年第一季的調整後每股收益的橋樑。

We made good progress on cash for Q1. Reported cash flow for the quarter was negative $1 billion due to payment of settlements signed in fourth quarter of '22, which we signaled in our guidance call. Excluding the net impact of these settlements, we generated $300 million of free cash flow, up from $50 million in the first quarter of last year. This increase was driven by improved working capital, including more favorable payables and inventory balances. As we discussed, our inventory planning focus will be a major contributor to our cash performance in 2023, and we are off to a promising start.

我們第一季的現金方面取得了良好的進展。由於支付了 22 年第四季簽署的和解協議，本季報告的現金流為負 10 億美元，我們在指引電話會議上提到了這一點。除去這些和解的淨影響，我們產生了 3 億美元的自由現金流，高於去年第一季的 5,000 萬美元。這一增長主要得益於營運資本的改善，包括更有利的應付款項和庫存餘額。正如我們所討論的，我們的庫存規劃重點將成為我們 2023 年現金表現的主要貢獻者，而且我們已經有了良好的開端。

So overall, Honeywell operating playbook continues to deliver strong results. And that, combined with our differentiated portfolio of solutions, will enable us to drive compelling growth in earnings and cash for the quarters to come.

總體而言，霍尼韋爾的營運策略持續帶來強勁業績。並且，結合我們差異化的解決方案組合，將使我們能夠在未來幾季推動獲利和現金的顯著成長。

Now let me turn it over to Greg as we move to Slide 7 to discuss our second quarter and full year guidance.

現在，讓我將投影片 7 交給 Greg，討論我們的第二季和全年指引。

Thanks, Vimal, and good morning, everyone. As we look to the rest of 2023, our original guidance framework continues to be solid. We delivered above our Q1 guide as we navigated known risks and have raised the year to reflect that. Our demand profile remains robust with record backlog and favorable order trends in Aerospace and PMT. We continue to monitor the macroeconomic backdrop and its impacts on our shorter-cycle businesses, and our rigorous operating principles enable us to stay agile to outperform through another challenging year.

謝謝，維馬爾，大家早安。展望 2023 年剩餘時間，我們最初的指導框架依然穩固。由於我們克服了已知風險，我們的第一季業績超出預期，因此我們提高了全年業績預期。我們的需求狀況依然強勁，航空航太和 PMT 領域的積壓訂單量創下了歷史新高，訂單趨勢也十分有利。我們持續監測宏觀經濟背景及其對我們短週期業務的影響，而嚴謹的營運原則使我們能夠保持敏捷，度過又一個充滿挑戰的一年。

For our 2Q sales guidance, we expect to be in the range of $9.0 billion to $9.2 billion, up 1% to 4% on an organic basis. We now expect full year sales of $36.5 billion to $37.3 billion, which represents an increase of $500 million in the low end and $300 million on the high end from our prior guidance, incorporating our strong first quarter results.

對於我們的第二季銷售預期，我們預計在 90 億美元至 92 億美元之間，有機成長 1% 至 4%。我們現在預計全年銷售額將達到 365 億美元至 373 億美元，考慮到我們強勁的第一季業績，這比我們之前的預期低端增加了 5 億美元，高端增加了 3 億美元。

We're raising our organic growth range now at 3% to 6%, and we continue to expect a greater balance of price and volume versus last year and have upgraded our full year expectations in Aero, while softening our outlook for SPS to reflect the demand we're seeing.

我們目前將有機成長範圍提高至 3% 至 6%，並且我們繼續預計價格和銷量將比去年更加平衡，並且已經上調了 Aero 的全年預期，同時下調了 SPS 的預期以反映我們看到的需求。

Moving to our segment margin guidance. We expect the second quarter to be in the range of 21.8% to 22.2%, resulting in year-over-year margin expansion of 90 to 130 basis points due to continued benefits from our improving cost position and business mix in SPS and commercial excellence in HBT. For full year 2023, we're upgrading our segment expectations -- our segment margin expectations by 10 basis points on the low end to a new range of 22.3% to 22.6% or 60 to 90 basis points of year-over-year expansion. Our rigorous fixed cost management and favorable price cost strategies remain key elements of our operating playbook, helping us to drive margin expansion.

轉向我們的分部利潤率指引。我們預計第二季的利潤率將在 21.8% 至 22.2% 之間，由於我們繼續受益於 SPS 成本狀況和業務組合的改善以及 HBT 商業卓越的表現，利潤率將比去年同期擴大 90 至 130 個基點。對於 2023 年全年，我們上調了我們的分部預期——我們的分部利潤率預期低端上調 10 個基點至新的範圍 22.3% 至 22.6%，或同比增長 60 至 90 個基點。我們嚴格的固定成本管理和優惠的價格成本策略仍然是我們營運策略的關鍵要素，幫助我們推動利潤率擴大。

Now let's take a moment to walk through the second quarter and full year expectations by segment. Looking ahead for Aerospace, demand across our end markets remain very encouraging. We expect modest sequential sales growth in the second quarter as flight hours continue to improve with particular strength in commercial aftermarket. This flight hour growth, enhanced by further recovery in wide-body aircraft as international travel recovers, will lead commercial aftermarket to be our strongest end market for sales in 2023.

現在讓我們花點時間來按部門劃分第二季度和全年預期。展望航空航太業的未來，我們終端市場的需求仍然非常令人鼓舞。由於飛行小時數持續改善以及商用售後市場的強勁表現，我們預計第二季銷售額將出現溫和的環比成長。隨著國際旅行的復甦，寬體飛機的進一步復甦推動了飛行小時數的成長，這將使商用售後市場成為我們 2023 年最強勁的銷售終端市場。

On the commercial OE side, we also expect strong volume growth as build rates, particularly for business and general aviation OEs continue to trend upwards. In Defense & Space, we passed the growth inflection point in 1Q, and we expect similar organic growth rates throughout the year as we convert our strong defense order book into sales. While the demand environment supports rapid top line acceleration, the pace of sales growth throughout '23 will ultimately be determined by the rate of recovery in the Aero supply chain. Our expectation for the supply chain remains unchanged, modest, steady improvement each quarter. Reduced decommits from suppliers should allow for sequential improvements in factory output.

在商業原始設備製造商方面，我們也預期產量將出現強勁成長，因為製造率（特別是商務和通用航空原始設備製造商的製造率）持續呈上升趨勢。在國防和航太領域，我們在第一季度過了成長拐點，隨著我們強勁的國防訂單轉化為銷售額，我們預計全年的有機成長率也將相似。雖然需求環境支援營收快速成長，但整個23年的銷售成長速度最終將取決於航空供應鏈的恢復速度。我們對供應鏈的預期保持不變，每季都會適度、穩定地改善。供應商承諾的減少應能帶來工廠產量的持續提高。

Given the positive signs from the supply chain and continued strength in our order book, we now expect Aero organic sales growth in the low double-digit range, an upgrade from our outlook last quarter of high single digits to low double-digit growth. However, we anticipate most of the incremental sales strength to come from our OE business, resulting in modest mix pressure on margins. We now expect Aero segment margins to be flattish for the full year.

鑑於供應鏈的正面訊號和訂單的持續強勁，我們現在預計 Aero 的有機銷售額將成長在低兩位數的範圍內，比我們上個季度的高個位數成長預期有所上調至低兩位數成長。然而，我們預期大部分增量銷售力量將來自我們的 OE 業務，導致利潤率出現適度的組合壓力。我們現在預計航空業務部門的利潤率將在全年保持穩定。

In Performance Materials and Technologies, the constructive outlook across our end markets will continue to drive favorable growth. For the second quarter, we expect sales to increase sequentially and year-over-year, led by continued strength in our projects and smart energy businesses within Process Solutions as well as life-cycle solutions and services. This strength will likely continue throughout the year, supporting a strong growth for Process Solutions overall.

在性能材料和技術方面，我們終端市場的建設性前景將繼續推動有利的成長。對於第二季度，我們預計銷售額將比上個季度和去年同期有所成長，這得益於製程解決方案以及生命週期解決方案和服務領域的專案和智慧能源業務的持續強勁成長。這種強勁勢頭有望持續全年，從而支持過程解決方案整體的強勁成長。

In Advanced Materials, continued demand for flooring products will enable us to capitalize on our capacity expansion investments we made in '22, but we still expect to see some softness in electronic materials until the second half of the year.

在先進材料領域，對地板產品的持續需求將使我們能夠利用我們在22年進行的產能擴張投資，但我們仍預計到今年下半年電子材料市場將出現一些疲軟。

In UOP, our growth outlook is supported by robust demand for gas processing equipment, and we see increasing global demand for our sustainable technology solutions as legislation has improved project economics.

在 UOP，我們的成長前景受到對天然氣處理設備的強勁需求的支持，隨著立法改善了專案經濟性，我們看到全球對我們的永續技術解決方案的需求不斷增加。

For the full year, another quarter of strong orders and backlog growth gives us confidence in our sales expectations, although more challenging comps moving forward mean that the first quarter will likely be the largest in terms of organic growth. We still expect sales for overall PMT to be up mid-single digits for the year. Segment margin and PMT should expand sequentially in the second quarter and throughout the second half, leading to modest expansion for the year.

就全年而言，又一個季度的強勁訂單和積壓增長讓我們對銷售預期充滿信心，儘管未來更具挑戰性的同比增長意味著第一季可能是有機增長最大的季度。我們仍預期今年 PMT 整體銷售額將實現中等個位數成長。分部利潤率和 PMT 應會在第二季和整個下半年連續擴大，從而實現全年的適度擴張。

Looking ahead for SPS, we are expecting low double-digit year-over-year declines in the second quarter as we see continued impact from the decline in investment for new warehouse capacity and short-cycle demand softness in our products businesses. However, we expect sales to grow sequentially from the first quarter, led by strength in sensing and safety technologies. The aftermarket services portion of our Intelligrated business continues to grow at strong double-digit rates, and we anticipate this trend continuing throughout the year.

展望 SPS，我們預計第二季 SPS 的同比降幅將達到兩位數以下，因為我們看到新倉庫容量投資下降和產品業務短週期需求疲軟的持續影響。不過，我們預期銷售額將從第一季開始連續成長，這主要得益於感測和安全技術的強勁成長。 Intelligrated 業務的售後服務部分繼續以強勁的兩位數速度成長，我們預計這一趨勢將持續全年。

In our short-cycle businesses, the demand outlook for '23 is a bit more challenged than we initially anticipated. And as a result, we now expect SPS to be down high single digits, lower than our initial guidance last quarter of down mid-single digits to high single digits. However, from a margin standpoint, we still anticipate another solid year for SPS as we see the results of our operational improvements and as sales mix continues to improve, as evidenced in our first quarter results.

在我們的短週期業務中，23年的需求前景比我們最初預期的要困難一些。因此，我們現在預計 SPS 將下降高個位數，低於我們上個季度的初步預期，即中個位數到高個位數的降幅。然而，從利潤率的角度來看，我們仍然預計 SPS 將會再創輝煌一年，因為我們看到了營運改進的成果，並且銷售組合不斷改善，這從我們第一季的業績中可以看出。

In Building Technologies, we are encouraged by our strong start to the year and the overall execution of the business. For the second quarter, sales should improve sequentially and lead to modest year-over-year growth as the supply chain environment continues to slowly improve, allowing us to further work down the past-due backlog we built last year in our Building Products business. We expect this robust backlog, along with stimulus-led institutional demand in verticals such as airports, health care and education, to remain resilient throughout the year.

在樓宇科技方面，我們對今年的強勁開局和整體業務執行感到鼓舞。對於第二季度，隨著供應鏈環境繼續緩慢改善，銷售額應該會環比改善並實現同比小幅增長，這使我們能夠進一步減少去年在建築產品業務中積累的逾期積壓訂單。我們預計，強勁的積壓訂單以及刺激措施帶動的機場、醫療保健和教育等垂直領域的機構需求將在全年保持強勁。

On the Building Solutions side, we are encouraged by the strong demand for our building services, and we see our long-cycle Building Solutions sales likely outpacing product sales in 2023.

在建築解決方案方面，我們對建築服務的強勁需求感到鼓舞，我們預計我們的長週期建築解決方案銷售額可能會在 2023 年超過產品銷售額。

For overall HBT, while we delivered high single-digit growth for the first quarter, comps get harder as we progress throughout the year, given that the impacts from our supply constraints were most acute in the first half of '22. And we maintain our full year sales outlook of low single digit organic growth. Although, as we've said previously, we'll continue to monitor orders for Q2 and may have an upgrade opportunity after we complete the second quarter. HBT remains well aligned to emerging secular themes of sustainability and energy efficiency, and we see runway for growth acceleration as we exit '23. For HBT segment margins, we still expect year-over-year expansion in '23 as we maintain our momentum for the first quarter.

就整體 HBT 而言，雖然我們在第一季實現了高個位數成長，但隨著我們全年的發展，同店銷售額的同比增速會變得越來越難，因為供應限制的影響在 22 年上半年最為嚴重。我們維持全年銷售低個位數有機成長的預期。不過，正如我們之前所說，我們將繼續監控第二季的訂單，並且在第二季結束後可能會有升級機會。 HBT 與永續性和能源效率等新興的長期主題保持一致，我們看到在退出'23年時成長加速的跑道。對於 HBT 部門利潤率，我們仍然預計 23 年將同比增長，因為我們保持了第一季的發展勢頭。

Turning to our other core guided metrics, net below-the-line impact, which is the difference between segment profit and income before tax, is expected to be in the range of negative $130 million to negative $185 million in the second quarter and negative $500 million to negative $625 million for the full year. This guidance includes a range of repositioning between $50 million and $100 million for 2Q and $225 million to $325 million for the year as we continue to fund attractive restructuring projects and properly position Honeywell for the future.

談到我們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）預計第二季度將在負 1.3 億美元至負 1.85 億美元之間，全年在負 5 億美元至負 6.25 億美元之間。該指引包括第二季 5,000 萬至 1 億美元和全年 2.25 億至 3.25 億美元的一系列重新定位，因為我們將繼續為有吸引力的重組項目提供資金，並為霍尼韋爾的未來做好適當的定位。

We expect our adjusted effective tax rate to be roughly 21% in the second quarter and for the year and the average share count to be around 671 million shares in 2Q and approximately 670 million shares for the full year.

我們預計第二季和全年調整後的有效稅率約為 21%，第二季平均股數約為 6.71 億股，全年平均股數約為 6.7 億股。

Earlier this week, the Board approved a $10 billion share repurchase authorization, providing us with continued flexibility on the best way to deploy our balance sheet. As a result of these inputs, our adjusted earnings per share guidance range is between $2.15 and $2.25 for the second quarter, up 2% to 7% year-over-year.

本週早些時候，董事會批准了 100 億美元的股票回購授權，為我們在最佳部署資產負債表的方式上提供了持續的靈活性。根據這些因素，我們調整後的第二季每股收益預期範圍為 2.15 美元至 2.25 美元，年增 2% 至 7%。

For full year EPS, we are upgrading the low end of our guidance range by $0.20 and the high end of our guidance range by $0.05, to a new range of $9 to $9.25, up 3% to 6%, reflecting our continued confidence that 2023 will be a strong growth year for Honeywell despite the year-over-year pension headwinds. Excluding these headwinds, EPS growth will be 9% to 12% up for the year.

對於全年每股收益，我們將指導範圍的低端上調 0.20 美元，將指導範圍的高端上調 0.05 美元，至新的 9 至 9.25 美元範圍，上漲 3% 至 6%，這反映出我們仍然相信，儘管面臨養老金同比逆風，但 2023 年仍將是霍尼韋爾強勁增長的一年。除去這些不利因素，今年的每股盈餘成長率將達到 9% 至 12%。

We still expect to meet our original free cash flow guidance of $3.9 billion to $4.3 billion in 2023 or $5.1 billion to $5.5 billion, excluding the net impact of settlements. So in total, we executed a strong first quarter with outperformance across all guided metrics and are raising our full year 2023 organic sales growth, segment margin and adjusted EPS guidance ranges.

我們仍預計，到 2023 年，自由現金流將達到原先的 39 億美元至 43 億美元，或 51 億美元至 55 億美元（不包括和解的淨影響）。因此，總體而言，我們第一季表現強勁，所有指導指標均表現出色，並且正在提高 2023 年全年有機銷售成長、分部利潤率和調整後每股收益的指導範圍。

Now let's turn to Slide 8, and I'll hand the call back to Darius for some closing thoughts before we move to Q&A.

現在讓我們翻到投影片 8，在我們進入問答環節之前，我會將發言權交還給 Darius，請他發表一些結束語。

Thank you, Greg. In summary, we're off to a strong start to 2023, over delivering across the board versus our guidance, allowing us to meaningfully raise our full year guidance for organic growth, segment margin and earnings per share. Our value-creation framework is working. The macro economy remains uncertain, but we continue to grow our record backlog, and executing at it provides significant runway in the near term. Honeywell remains well positioned to outperform in any environment. Thank you to all of our Honeywell colleagues who continue to drive differentiated performance for our customers and shareholders.

謝謝你，格雷格。總而言之，我們在 2023 年取得了強勁開局，全面超出我們的預期，這使我們能夠大幅提高全年有機成長、分部利潤率和每股盈餘的預期。我們的價值創造框架正在發揮作用。宏觀經濟仍然不確定，但我們的創紀錄積壓訂單繼續增加，並且執行該訂單將在短期內提供重要的跑道。霍尼韋爾在任何環境下都能夠保持領先優勢。感謝所有霍尼韋爾的同事，他們不斷為我們的客戶和股東帶來差異化的表現。

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

肖恩，下面我們進入問答環節。

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

謝謝你，達賴斯。 Darius、Greg、Vimal 和 Anne 現在可以回答您的問題。 (操作員指示)Liz，請開通問答專線。

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史蒂夫·圖薩。

Congrats again, Vimal, on the change in your...

再次恭喜 Vimal 的改變......

Thanks.

謝謝。

I guess, your first call is going to be, I guess, the second quarter. But on that front, maybe give us some color on the sequential trends as far as earnings are concerned for the rest of the year, 2Q, 3Q and 4Q, just to kind of level set everybody after this pretty strong first quarter.

我想，您第一通電話應該是關於第二季的。但在這方面，也許可以為我們提供一些有關今年剩餘時間（第二季度、第三季度和第四季度）盈利的連續趨勢的信息，以便在這個相當強勁的第一季度之後讓每個人都保持平衡。

Yes. So sequentially, as Greg gave you the full year view, we do expect the growth momentum to continue even though at a slightly different rate. Part of it is we had a pretty strong quarter in PMT and HPT prior year, so we are dealing with the tough comps.

是的。因此，正如格雷格給您的全年展望一樣，我們確實預計成長勢頭將繼續下去，儘管速度略有不同。部分原因是我們去年在 PMT 和 HPT 方面表現相當強勁，因此我們正在應對嚴峻的競爭情況。

So there is certainly going to be some revenue comparison issues there. Aero will be very strong. And SPS, as we guided, will be moderated performance over the rest of the year. So but overall, we remain confident on our new guide of 3% to 6% organic growth rate, and we'll work hard to perform on that. Greg, if you want to add anything?

因此肯定會存在一些收入比較問題。 Aero 將會非常強大。正如我們所指導的，SPS 的表現將在今年剩餘時間內有所緩和。因此，總體而言，我們仍然對 3% 至 6% 的有機成長率的新指引充滿信心，並且我們將努力實現這一目標。格雷格，你還有什麼要補充嗎？

No, I think you hit it. I mean the second quarter is going to be really nice results, I think, across the portfolio, albeit we're just coming off of 4 quarters of significantly strong double-digit growth in PMT for 4 straight quarters, HPT at high single digits for 3 to 4 straight quarters. So -- but the underlying business performance going forward is going to be really healthy.

不，我認為你擊中了。我的意思是，我認為第二季度的業績將會非常好，儘管我們剛剛經歷了連續 4 個季度 PMT 呈現強勁的兩位數增長，連續 3 到 4 個季度 HPT 保持高個位數增長。所以 — — 但未來的基礎業務表現將會非常健康。

Sorry. So what's the sequential performance for EPS? Should we think about that as kind of in line with normal seasonality? Or (inaudible) quarter...

對不起。那麼 EPS 的連續表現如何呢？我們是否應該認為這符合正常的季節性？或（聽不清楚）四分之一…

Yes, when you look at...

是的，當你看...

Like how do we think about the phasing of EPS for the rest of the year?

例如，我們如何考慮今年剩餘時間內 EPS 的分階段變化？

Yes. When you look at EPS sales, I mean, we're going to be roughly in line with normal kind of percentage of the year in those quarters. This year and last year, a little bit heavier in the back half. This year, a little less so, but it's not going to look out of the norm.

是的。當你查看每股收益銷售額時，我的意思是，我們將大致與這些季度的正常百分比保持一致。今年和去年一樣，後半段稍微重了一點。今年的情況稍微好一些，但也不會顯得異常。

What is the norm? Can you just remind us because it's been a couple of years of abnormal.

什麼是常態？你能提醒我們一下嗎，因為已經有幾年情況不正常了。

Well, you're asking about many different metrics Steve. So it depends on which one you're talking about.

嗯，史蒂夫，你問的是許多不同的指標。所以這取決於你談論的是哪一個。

EPS. EPS. EPS.

每股收益。每股收益。每股收益。

We're -- I mean when you look at it right now, we're going to have a little bit of a heavier back end of the year. Fourth quarter will probably be bigger than second and third, but the second and third will be within spitting distance of one another round about.

我們——我的意思是，當你現在看的時候，我們今年年底的業務會稍微繁忙一些。第四節可能比第二節和第三節更重要，但第二節和第三節的差距將非常小。

Our next question comes from Julian Mitchell with Barclays.

下一個問題來自巴克萊銀行的朱利安·米切爾。

Maybe I just wanted to try and understand, dialing in on the second quarter for a second. So you've got a smaller than maybe normal sequential sales increase. It doesn't sound like that's anything sort of macro or demand-related. It's maybe more on supply. So any extra color on that? And also, it looks like you're guiding for sort of sales to be up sequentially in Q2 firm-wide somewhat at flat margins. So is that just something around maybe Aero OE mix? Just any thoughts on that, please?

也許我只是想嘗試去了解第二季的情況。因此，您的連續銷售增幅可能比正常的要小。這聽起來不像是任何與宏觀或需求相關的事情。這可能更多地與供應有關。那麼還有其他額外的顏色嗎？而且，看起來您預計第二季全公司的銷售額將環比成長，利潤率將持平。那麼這是否只是 Aero OE 混合體呢？您對此有什麼看法嗎？

Yes, Julian, if you actually look at the historical revenue sort of step from Q1 to Q2, it's very much in line with what we've done historically. Last year was a bit of an anomaly given that it was more heavily impacted by some of our supply chain challenges. But if you look at this -- the historical graduation from Q1 to Q2, it's very much consistent and in line with that, if you look at the prior year averages.

是的，朱利安，如果你實際上看一下從第一季到第二季的歷史收入變化，你會發現它與我們過去的表現非常一致。去年的情況有些異常，因為我們受到的一些供應鏈挑戰的影響更為嚴重。但如果你看一下從第一季到第二季的歷史畢業情況，你會發現，如果你看看前幾年的平均水平，你會發現它與第一季到第二季的歷史畢業情況非常一致，而且相符。

Yes. No, I mean, we've grown anywhere from 4% to 7% quarter-to-quarter sequentially. This guide has us right in like the 3% to 4% range. Last year, we had a really big step-up in PMT. It's a little bit less in Q2 this year. But again, very much within historical parameters. And from a margin perspective, again, last year, we went down in margin rates from Q1 to Q2. So our guide is solidly within our Q1 performance. I think at the top end, we're up 20 basis points. At the bottom end, we're down 20. So it's frankly right in the norm. So I wouldn't read too much into it.

是的。不，我的意思是，我們每季的環比成長率都在 4% 到 7% 之間。本指南將我們置於 3% 到 4% 的範圍內。去年，我們在 PMT 方面取得了巨大進展。今年第二季稍微少一些。但同樣，這在很大程度上符合歷史參數。從利潤率的角度來看，去年我們的利潤率從第一季到第二季再次下降。因此，我們的指導方針穩固地符合第一季的業績。我認為，最高水準上我們上漲了 20 個基點。在底端，我們下降了 20。所以坦白說，這是正常的。所以我不會對此進行過多的解讀。

And then just my follow-up would be around the SPS piece sort of updated thoughts on that second half outlook, particularly the PSS portion. Kind of how are you looking at that in the second half on revenue versus warehouse? And if there's been any change in your warehouse growth or sales assumptions for the year?

然後我的後續問題將圍繞 SPS 部分，對下半年前景的最新看法，特別是 PSS 部分。您如何看待下半年的收入與倉庫狀況？今年您的倉庫成長或銷售假設是否有任何變化？

Yes. So I mean, let's kind of take this piece by piece. And in terms of PSS, I mean, we've kind of actually seeing sequential improvement off of Q4. So we think that, that business is back on the rise, and we saw that sequentially. So I think that, that's very much consistent with our assumptions and is very much in line of our expectations. When it comes to IGS, that was -- that's still -- that market continues to be relatively soft. But having said that, our quote activity and our opportunity activity is significantly increasing for Q2, Q3 and Q4. Because as we look forward in the pipeline, that continues to get better and better. So we're cautiously optimistic that we're going to see much better order trends as we head into the last 3 quarters of the year.

是的。所以我的意思是，讓我們一點一點地來分析一下。就 PSS 而言，我們實際上看到了第四季度的連續改善。因此，我們認為，該業務正在重新復甦，而且我們已經看到了這一趨勢的連續性。所以我認為這與我們的假設非常一致，並且符合我們的期望。就 IGS 而言，該市場仍然相對疲軟。但話雖如此，我們在第二季、第三季和第四季的報價活動和機會活動正在顯著增加。因為當我們展望未來時，情況會變得越來越好。因此，我們謹慎樂觀地認為，在進入今年最後三個季度時，我們將看到更好的訂單趨勢。

Yes. No, I think Darius put it quite well. Look, this is -- IGS revenue for this year is kind of already locked given the long-natured of the business here, really working hard to secure good base of orders for 2023 so that we can print a good year for 2024 ahead. And we remain -- one thing I can assure, we're not going to lose share. So it's more on the market. And as market recovers, we will get our fair share of demand.

是的。不，我認為 Darius 說得很好。看，這是——考慮到這裡業務的長期性，IGS 今年的收入已經確定，我們確實在努力確保 2023 年的良好訂單基礎，以便我們能夠為 2024 年迎來一個好年頭。而且有一件事我可以保證，那就是我們不會失去份額。因此它在市場上更受歡迎。隨著市場復甦，我們將獲得公平的需求份額。

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。

So mixed -- maybe just be a little bit clearer on kind of what surprised to the upside. And it sounds like it's partly supply chain, but it also sounds like it's highly demand. So maybe just talk about that. We saw a pretty significant uptick in accounts receivable on the balance sheet, which might indicate that March was perhaps pretty strong. So maybe just talk about that as well.

情況很複雜 — — 也許只是更清楚地了解什麼是令人意外的進步。這聽起來像是部分供應鏈，但也聽起來像是需求量很大。所以也許只是談論這個。我們看到資產負債表上的應收帳款出現了相當顯著的上升，這可能表明3月份的表現可能相當強勁。所以也許也只是談論這個。

Sure. Let me take that. So if you think about our guidance 90 days ago, we talked about really 3 specific risks that we were watching. One was China with Chinese New Year and concerns about whether everyone was going to go home and then come back and wind up with lockdowns in China. It didn't happen. Things turned out quite well. There was really no disruption in China at all.

當然。讓我來接手。因此，如果您考慮我們 90 天前的指導，我們實際上談論的是我們正在關注的 3 個特定風險。一是中國的農曆新年，人們擔心大家是否會回家，然後再回來，最終導致中國實施封鎖。這並沒有發生。事情進展得相當順利。中國確實沒有受到任何干擾。

Second one was really, again, Aerospace and where we're going to get a substantial sequential improvement in output, and we did. We were up 20% in our output in Aerospace year-over-year, which was above the high end of our guidance and was quite strong.

第二個實際上是航空航天，我們將在該領域實現產量的連續大幅提升，我們做到了。我們的航空航太產量年增了 20％，高於我們預期的最高水平，而且表現相當強勁。

And then the third one is PMT. And we talked about the fact that, in December, we had some challenges with the freeze in the Louisiana area with some of our factories there, and we had an outage early January, which we needed to shut down a plant and bring it back up again, and it came up quite well and in fact, on time. And after the plant was restored, it was operating at levels that were greater than before the outage even occurred. And so that's why what you're seeing is essentially PMT and Aerospace, in particular, drove probably over $100 million each on the top end of our own guide in terms of the revenue outlook. So those are things that we were conscious of and we're watching and managing where we could, and things turned out quite well. So that was really good.

第三個是PMT。我們談到了這樣一個事實：12 月份，我們在那裡的一些工廠遇到了路易斯安那州的霜凍問題；1 月初，我們又發生了一次停產，我們需要關閉一家工廠，然後再重新啟動，結果一切順利，事實上，按時完成了。工廠恢復運作後，其運作水準甚至比停電前更高。因此，這就是為什麼您所看到的基本上是 PMT 和航空航天，特別是就收入前景而言，在我們自己的指南的最高端可能分別帶來了超過 1 億美元的收入。所以這些都是我們意識到的事情，我們正在盡可能地觀察和管理，結果也相當不錯。這真的非常好。

And then again, as you mentioned, accounts receivable goes up. As you recall, 50% of our revenues in any quarter in the last month of the quarter, we had a really strong revenue performance. ARR goes up, and we've got a lot of receivables here to collect in April, and I'm sure that will bode well for strong cash here in Q2.

正如您所說，應收帳款再次增加。大家還記得，每季的最後一個月，我們的營收佔總營收的 50%，我們的營收表現非常強勁。 ARR 上升，而且我們在四月有很多應收帳款需要收取，我相信這將預示著我們第二季度的現金流將非常強勁。

Our next question comes from Scott Davis with Melius Research.

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

And welcome, Vimal. Guys, you announced this buyback is pretty darn large, $10 billion is a big number. And we're hearing chatter from kind of other companies here and there that M&A is just starting to get into a little bit of a sweet spot where valuations are starting to make a little bit more sense, and PE is less competitive, of course. What -- how do you guys think about your pipeline of deals that's out there and the optionality and versus kind of the guide?

歡迎 Vimal。夥計們，你們宣布的這筆回購規模相當大， 100 億美元是一個很大的數字。我們也聽到其他公司在談論，併購剛開始進入一個最佳點，估值開始變得更合理，而 PE 的競爭力當然就沒那麼強了。你們如何看待現有的交易管道、可選性和指南類型？

I think of share count down kind of 1% ballpark means you may not be going in and hitting the bid on that $10 billion right away. But how do you think about the ebb and flow of the buyback versus that M&A? And perhaps the big question there is what's your backlog and pipeline look like? And I'll stop there.

我認為股票數量下降 1% 左右意味著您可能無法立即競標那 100 億美元。但是您如何看待回購與併購之間的起伏呢？也許最大的問題是，你的積壓訂單和管道是什麼樣的？我就講到這裡。

Scott, real quick. Just what you saw with the $10 billion authorization, that is like what we always do. We work our authorization down to about a $2 billion range. And then we, frankly, almost as a matter, of course, re-up it to $8 billion or $10 billion. And so you should view that as us just doing our normal restaffing of our buyback authorization to give us the flexibility that we always have. So there was nothing abnormal in that at all in terms of the cycle of the way we operate. But I'm sure Darius will talk about the capital allocation aspect.

斯科特，快點。正如您所看到的 100 億美元的授權，這就像我們一直在做的事情。我們將授權金額縮減到約 20 億美元。然後，坦白說，幾乎理所當然地，我們將其重新提高到 80 億美元或 100 億美元。所以你應該認為這只是我們對回購授權進行的正常調整，以給予我們一貫的靈活性。因此，從我們的營運週期來看，這並沒有什麼不正常的。但我確信 Darius 會談論資本配置方面。

Yes. I mean in terms of our framework, you've got to remember, we are holding to the framework of 1% [minimum] buyback per year on average. And we've done that. We've stuck to that. And I think that, that's very -- the $10 billion authorization continues to underpin that kind of an algorithm. So I think I wouldn't look too much or too little into it. They're just supportive of that, and we're going to continue to buy back shares as we see the price aggressively, and we'll do at least 1%.

是的。我的意思是，就我們的框架而言，你必須記住，我們堅持平均每年 1% [最低] 回購的框架。我們已經做到了。我們一直堅持這一點。我認為，這非常——100 億美元的授權繼續支撐這種演算法。所以我認為我不會對此進行過多或過少的關注。他們只是支持這一點，當我們看到價格上漲時，我們將繼續積極回購股票，我們將回購至少 1%。

On the M&A, which I think is the more important question, is I think I've always said, there's time to be a buyer and there's a time to be a seller. I have not seen a better time, at least as I've been CEO, to be a buyer. I know you saw 1 deal we did this past week. I think that it's an opportunity for us to be much more active. The pipeline is probably better than it's ever been. And I think we've got some interesting bolt-ons that we're looking at that hopefully we're going to be able to close here in the next few months.

關於併購，我認為這是更重要的問題，我一直認為，有時是買家，有時是賣家。至少在我擔任執行長期間，我還沒有看到比現在更好的買家時機。我知道您看到了我們上週達成的一筆交易。我認為這是我們變得更加積極主動的機會。該管道可能比以前任何時候都好。我認為我們正在研究一些有趣的附加功能，希望能夠在接下來的幾個月內完成。

All right. Darius, just a natural follow-up. Would -- It's like quite a statement, never seen a better time to be a buyer. I don't think I've ever heard you say anything in that context or that bullish in your tenure. And then would you consider going up in size? You just said bolt-ons, but perhaps something a little bit more larger in the pipe?

好的。大流士，這只是一個自然的後續行動。會——這聽起來很有道理，對買家來說，現在是最好的時機。我認為在您任職期間我從未聽過您在這種背景下說過如此樂觀的話。那你會考慮增大尺寸嗎？您剛才說的是螺栓固定，但也許管道中還有更大一點的東西？

No. I mean, I think we said the bolt-on for us is up to $5 billion, $6 billion, $7 billion range. So I would say that, that's decent in size. The reason I'm more bullish is, look, the cost of money has gone up significant. I mean, you see the interest rates. And frankly, the competition is different. The competition for assets now is primarily strategic. A lot of the PE activity is not -- I wouldn't say it's non-existent, but it's not as nearly as strong as it used to be. And I think it's smart to be a buyer or a seller in various cycles of economic conditions and interest rates. And I think right now, I think it's smart to be a little bit more aggressive on being a buyer.

不，我的意思是，我認為我們說過，我們的附加價值最高可達 50 億美元、60 億美元、70 億美元。所以我想說，這個尺寸還不錯。我比較樂觀的原因是，你看，資金成本已經大幅增加。我的意思是，你看到了利率。坦白說，競爭是不同的。現在資產的競爭主要是策略性的競爭。很多 PE 活動並不——我不會說它不存在，但它並不像以前那麼強勁。我認為，在不同的經濟狀況和利率週期中，作為買家或賣家都是明智的。我認為現在，作為買家採取更積極的態度是明智之舉。

Our next question comes from Sheila Kahyaoglu with Jefferies.

下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Maybe bigger picture as well. Can you talk about what you guys are seeing, Darius, across the pricing portfolio? I think, Greg, you mentioned pricing contributed 6 points to organic growth of 8%, including SPS. How does pricing balance out and volume throughout the remainder of the year? And how do you see it playing across the segments?

或許還有更大的圖景。達賴斯，你能談談你們對整個定價組合的看法嗎？格雷格，我認為您提到定價對 8% 的自然成長貢獻了 6 個百分點，其中包括 SPS。今年剩餘時間內價格與銷售量如何平衡？您如何看待它在各個領域的表現？

Yes. I mean, I think you saw kind of a [6%-2%] mix as we move forward. I think frankly, we're still projecting to be about a 4% price impact for the year. So obviously, pricing is going to become a bit tougher in the second half of the year as we kind of lap some of those comps. But overall, pricing is going to continue to be a significant value driver for our results given the differentiation and the technologies that we have within our portfolio. So that's kind of how we see the setup, obviously, coming off of 6% and projecting 4% for the year if we expect something a bit lower in the second half. But that's all very much move in the algorithm that we expected for the year and actually gain confidence in that algorithm given our -- we raised both in the bottom and top end of our ranges. I don't know. And Greg, if you want to...

是的。我的意思是，我認為隨著我們不斷前進，你會看到一種 [6%-2%] 的混合。坦白說，我們仍然預計今年的價格影響將達到 4% 左右。因此顯然，隨著我們對其中一些產品的比較，下半年的定價將變得更加困難。但總體而言，考慮到我們產品組合中的差異化和技術，定價將繼續成為我們業績的重要價值驅動因素。所以這就是我們所看到的設置，顯然，如果我們預計下半年的成長速度會略低一些，那麼我們將從 6% 下降到 4% 的水平。但這一切都非常符合我們對今年預期的演算法，考慮到我們的範圍的底端和頂端都得到了提高，我們實際上對該演算法獲得了信心。我不知道。格雷格，如果你想…

Yes. No, I think you said that this is not really that different from what we talked about, and we have positive price every quarter of this year. So no concerns in that. Again, we've talked about it for the last 6, 9 months. As inflation settles down a little bit, there are going to be pockets where it won't be as necessary as it was a year ago. And so that's what you're seeing now.

是的。不，我認為您說的其實與我們談論的並沒有什麼不同，而且今年每季我們的價格都是正的。因此無需擔心。再說一遍，我們在過去的 6 到 9 個月裡一直在討論這個問題。隨著通貨膨脹逐漸穩定下來，有些地方的升息不再像一年前那麼必要。這就是你現在所看到的。

Our next question comes from Jeff Sprague with Vertical Research Partners.

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

Just a two-parter on kind of Aero OE. I mean it looks like you're making pretty good progress, as you stated and you acknowledged some supply chain issues. But I was a little surprised, one of your customers called you out by name yesterday. Just wondering if there's something Honeywell-specific that's hung up from a delivery standpoint? Or you would just kind of point your finger further down the line to your suppliers as just kind of part 1, if you could add any color there. And then just also one OE kind of incentive payments and the like. Where do we stand for 2023 now? Is this still kind of a peak year for headwinds? Or does some of that maybe move into 2024, if deliveries aren't quite what you thought they might be?

關於 Aero OE，只分為兩個部分。我的意思是看起來你正在取得相當不錯的進展，正如你所說，你承認存在一些供應鏈問題。不過我有點驚訝，昨天你的一位顧客點了你的名字。只是想知道從交付的角度來看，霍尼韋爾是否有特定的問題？或者，您可以直接將手指指向您的供應商，將其作為第 1 部分，如果您可以添加任何顏色的話。然後也是一種 OE 類型的激勵支付之類的。我們現在對 2023 年的期望是什麼？今年仍然是逆風最嚴重的一年嗎？或者，如果交付量不如您想像的那樣，其中一部分是否可能推遲到 2024 年？

Yes. So let me kind of start with the first part of your question. I think as we look at our output ranges, depending upon whether it's avionics or some of the mechanical things were up anywhere from 20- to 40-plus percent. So I think we're actually very pleased in terms of the output.

是的。那麼讓我從你的問題的第一部分開始。我認為，當我們查看我們的產量範圍時，取決於它是航空電子設備還是一些機械設備，產量增加了 20% 到 40% 以上。因此我認為，就產出而言，我們實際上非常滿意。

Like I can assure you that in terms of the bottlenecks, it's not Honeywell. It's not sort of throughput to our facility. So we have a lot of issues with our supply base as well and frankly, some of those being large public companies. I'm not going to sit here and call them out on a call like this. Frankly, it's our responsibility, and it's our job to deliver. And I'm not going to use somebody else as an excuse for us not delivering. That's our job to manage. And frankly, the earnings call is not the right place to actually have those kinds of discussions. So we're going to work at it. We own it.

我可以向你保證，就瓶頸而言，它不是霍尼韋爾。這對我們的工廠來說不算是一種吞吐量。因此，我們的供應基地也存在著許多問題，坦白說，其中一些是大型上市公司。我不會坐在這裡，在這樣的電話裡責備他們。坦白說，這是我們的責任，也是我們的工作。我不會用別人作為我們未能實現目標的藉口。這是我們要管理的工作。坦白說，財報電話會議並不是進行此類討論的合適場所。所以我們會努力的。我們擁有它。

I know the supply chain in Aerospace is not perfect. It's getting better and it's getting better relatively quickly, probably even better than we anticipated. But there's work to do. And there's 4 or 5 layers of the supply chain. And what we're seeing and feeling flows down to our suppliers, we're still getting some very inconsistent supply base. I mean, our decommit rate went from being 19%, 20% Q4 down to 15%, but 15% is still not good. but improving, and we're making those improvements, and we've launched hundred -- and I mean, literally hundreds of people into our supply chain to assist our suppliers and, frankly, probably put more time and effort to be responsive to the needs of our OE base. And I don't know, Greg...

我知道航空航太領域的供應鏈並不完美。情況正在好轉，而且好轉得相對較快，甚至可能比我們預期的還要好。但還有很多工作要做。供應鏈有 4 到 5 層。而我們所看到和感受到的，傳到我們的供應商那裡，我們仍然得到一些非常不一致的供應基礎。我的意思是，我們的退出率從第四季的 19%、20% 下降到了 15%，但 15% 仍然不算好。而是在不斷改進，我們正在進行這些改進，我們已經派遣了數百人——我的意思是，實際上是數百人進入我們的供應鏈，以協助我們的供應商，坦率地說，他們可能投入了更多的時間和精力來響應我們 OE 基地的需求。我不知道，格雷格…

Yes, on the incentive side, we're not making any adjustment to our expectations as far as that is concerned. It's still very early in the year. As far as we know, OE deliveries are still going to be roughly in the range of what we had anticipated as we opened the year. And like you said, we expect this year is probably the peak. And then it's going to flatten out or come down slightly next year but still be relatively high. Should that shift left to right a little bit, we'll see. But at this moment, we're keeping our expectations as they were.

是的，從激勵方面來說，我們不會對我們的預期做出任何調整。今年還處於早期階段。據我們所知，OE 交付量仍將大致在我們年初預期的範圍內。正如您所說，我們預計今年可能是高峰。明年這一數字將趨於平穩或略有下降，但仍相對較高。這是否應該從左向右稍微移動，我們會看到。但目前，我們仍保持原來的期望。

I think one point I wanted to add was the -- that the diversity of our portfolio in Aero is quite unique. We supply engines, avionics, navigation equipment, lighting, brakes, the list goes on. So due to diversity, our volume is growing overall, but there could be some category where the growth is slightly less versus others. And I think that puts us in a unique position on how we get viewed by our customers because they obviously want growth to occur consistently across all product lines. So I want to have that appreciation that our diversity is one of the unique factors compared to our peer group here.

我想補充的一點是——我們在 Aero 領域的投資組合的多樣性非常獨特。我們提供引擎、航空電子設備、導航設備、照明、煞車等等。因此，由於多樣性，我們的業務量總體上正在成長，但某些類別的成長可能比其他類別略低。我認為這使我們在客戶眼中佔據了獨特的地位，因為他們顯然希望所有產品線都能持續成長。因此，我希望大家能認識到，與這裡的同儕相比，我們的多樣性是獨一無二的因素之一。

Our next question comes from Joe Ritchie with Goldman Sachs.

下一個問題來自高盛的喬·里奇。

So just want to understand Aero for my one question. I guess, as you think about the margins for the year, you guys talked about flat margins, but that started the year off down. And what's expected to improve as the year progresses? Is there a friction associated with the supply chain that's impacting the margin today? Because your aftermarket business is growing faster than OE. So just any color on like the -- what gets better in Aero from a margin standpoint as the year progresses?

所以我只想了解 Aero 的一個問題。我想，當你考慮今年的利潤率時，你們談到了持平的利潤率，但今年年初利潤率就開始下降了。隨著時間的推移，預計哪些方面會有所改善？供應鏈中是否存在摩擦，影響當前的利潤？因為您的售後市場業務比原始設備製造商業務成長更快。那麼，任何顏色都一樣——從利潤率的角度來看，隨著時間的推移，Aero 會變得更好嗎？

Yes, sure. I mean think about it this way. The first and most basic one is volume leverage, right? We are very much in control of our fixed cost, and revenue is going to go up each and every quarter sequentially, and it will have a crescendo and probably the highest quarter in Q4. So just by that alone, we're going to get some volume leverage. So there's not like any big changes from 1 quarter to the next that I would call out from a mix perspective. Now again, that can always fluctuate as time goes by. But the single biggest thing that you should expect is really around volume leverage. It's fairly simple.

是的，當然。我的意思是這樣想。第一個也是最基本的就是成交量槓桿，對吧？我們非常控制固定成本，並且收入每季都會連續增加，並且在第四季度會達到高潮，可能是最高的季度。所以僅憑這一點，我們就能獲得一些數量槓桿。因此，從組合角度來看，我認為從一個季度到下一個季度不會發生任何重大變化。現在，隨著時間的推移，這種情況總是會改變。但您真正應該期待的最大事情是圍繞成交量槓桿。這相當簡單。

Our next question comes from Deane Dray with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Deane Dray。

Darius, since this is your last call, I just want to say congratulations on your run as CEO. And look, all CEOs want to go out on a strong note, leaving the company in good hands. And I think this quarter speaks to that. So congrats.

達裡烏斯，因為這是你的最後一次通話，所以我只想對你擔任執行長表示祝賀。而且，所有 CEO 都希望能以良好的狀態離開，將公司交給可靠的人。我認為本季就證明了這一點。恭喜你。

Thank you. Appreciate that.

謝謝。非常感謝。

For my one question, on Intelligrated aftermarket, there was always this high growth in installations, and we are waiting to get that critical mass in the installed base to start to get to the aftermarket. Have you reached that point? And what's that mix going forward between OE and aftermarket?

我的一個問題是，在 Intelligrated 售後市場，安裝量一直保持著高成長，我們正在等待安裝基數達到臨界點，然後開始進入售後市場。你已經達到那個程度了嗎？那麼，原始設備製造商 (OE) 和售後市場之間的未來組合將會是怎樣的呢？

Yes. So overall, our performance on aftermarket has been double digits for last couple of years, including this year. In fact, we are performing extremely well, I would say, in high teens. So we are at a point, to your question on the mix now, 2/3, 1/3. I think we are going towards that mix now, which is a start. I mean, this business is 7, 8 years old. So if you roll the dice 15 years from now, the mix will be probably more in favor of aftermarket as we are -- experience in other parts of Honeywell. But it's trending, very frankly, better than our thesis, consistently north of 15%. And we are pretty pleased with that, and margins are pretty attractive.

是的。因此總體而言，包括今年在內，過去幾年我們在售後市場的表現一直保持兩位數。事實上，我想說，我們的表現非常出色，達到了十幾歲的水平。因此，對於您關於混合的問題，我們現在處於這樣一個階段：2/3，1/3。我認為我們現在正朝著這個方向前進，這是一個開始。我的意思是，這個行業已經有 7、8 年的歷史了。因此，如果從現在起 15 年後再進行預測，結果可能更傾向於售後市場，就像我們在霍尼韋爾其他部門累積的經驗一樣。但坦白說，它的趨勢比我們的論文要好，始終保持在 15% 以上。我們對此非常滿意，利潤也相當可觀。

Our next question comes from Gautam Khanna with Cowen.

我們的下一個問題來自 Cowen 的 Gautam Khanna。

Our next question will come from Chris Snyder with UBS.

我們的下一個問題來自瑞銀的克里斯·史奈德。

So the guidance, at least at the midpoint, seems to suggest slightly better organic growth in the back half relative to Q2 and comes despite tough comps and maybe some macro concerns out there. So could you just maybe provide some more color on the subsegments or business lines where you think you could see better organic growth relative to Q2? And also, does this dynamic maybe reflect some Q2 conservatism? The prior commentary kind of said that Q2 seasonality is coming in below normalized levels?

因此，該指引至少在中期似乎表明，下半年的自然成長將比第二季度略有好轉，儘管同店銷售額同比下降幅度較大且可能存在一些宏觀擔憂。那麼您能否提供一些關於哪些子部門或業務線的詳細信息，您認為相對於第二季度哪些子部門或業務線可以看到更好的有機增長？而且，這種動態是否可能反映出第二季的某種保守主義？之前的評論好像說過第二季的季節性低於正常？

Sure. Again, what I would tell you is, Aerospace, we expect now to have some really nice sequential organic growth as the year progresses, which is it's going to be a big level of support for us overall. Back to 2Q of -- it's very much in line with kind of our historical trends. And so we feel good about the guided range that we're at.

當然。再次，我想告訴你的是，航空航天，我們預計隨著時間的推移，該業務將實現非常好的連續有機增長，這對我們整體來說將是一個很大的支持。回到第二季——這與我們的歷史趨勢非常一致。因此，我們對目前的指導範圍感到滿意。

In terms of the back end of the year as far as PMT is concerned, I think we'll have a really strong back half there as well. SPS will get actually sequentially a little bit easier as the year goes by. So we'll probably hit the heights of our declines here in the first half, and the second half will get a little bit easier, and that will take a little bit of pressure off the overall portfolio. So I think we're going to see really nice growth throughout the portfolio in 3 out of the 4 businesses, and the easing of the SPS comps will help.

就 PMT 而言，就今年後期而言，我認為我們今年下半年的表現也會非常強勁。隨著時間的推移，SPS 實際上會變得越來越容易。因此，我們可能會在上半年達到下滑的頂峰，下半年會稍微輕鬆一些，這將減輕整體投資組合的壓力。因此，我認為我們將看到整個投資組合中 4 家企業中的 3 家實現真正良好的成長，而 SPS 同店銷售額的放寬也將有所幫助。

Yes. And the other factor is that we're gaining more and more confidence in output out of Aerospace. I mean we're continuing to grow. It's the work that we've done in terms of mending the supply chain is producing results. I quoted some of the year-over-year numbers earlier. And we expect that progress to continue and even accelerate, particularly as we get into the back half of the year. So we're very confident in our outlook for the growth that we have and looking forward for signs and especially order rates for HPT to see what that looks like. Because obviously, our Q1 results there were also better than expectations, both in terms of revenue as well as orders. So we'll see how Q2 goes, and that may offer some further upside.

是的。另一個因素是我們對航空航太產出越來越有信心。我的意思是我們還在繼續成長。我們在修復供應鏈方面所做的工作正在取得成效。我之前引用過一些同比數據。我們預計這項進展將會持續下去，甚至加速，特別是進入今年下半年。因此，我們對我們的成長前景非常有信心，並期待看到 HPT 的跡象，尤其是訂單率，看看情況會如何。因為顯然，我們的第一季業績也好於預期，無論是營收還是訂單方面。因此，我們將觀察第二季的進展情況，這可能會帶來進一步的上漲空間。

Thank you. I would now like to turn the call back over to Darius Adamczyk for closing remarks.

謝謝。現在我想將發言權交還給 Darius Adamczyk，請他作最後發言。

Once more, I want to thank our shareholders for your ongoing support. I valued our dialogue over the past 7 years. Also want to thank the entire Honeywell family, including our colleagues, both present and past. We've built a tremendous company over the past 2 decades, and it's thanks to all your hard work and perseverance.

我再次感謝我們的股東一直以來的支持。我珍惜我們過去七年來的對話。也要感謝整個霍尼韋爾大家庭，包括我們現在和過去的同事。在過去 20 年裡，我們建立了一家偉大的公司，這要歸功於大家的辛勤工作和毅力。

It has been an honor to be able to lead this company. We delivered outstanding first quarter results. More importantly, I have the utmost confidence that we'll continue to do so in the future under Vimal's leadership with the typical level of operational rigor you've come to expect from Honeywell. This company's best days remain ahead of us, and we look forward to discussing this further at our upcoming Investor Day next month. Thank you all for listening, and please stay safe and healthy.

能夠領導這家公司是我的榮幸。我們第一季的業績非常出色。更重要的是，我完全有信心，在維馬爾的領導下，我們將來會繼續這樣做，並保持霍尼韋爾一貫的嚴謹營運水準。這家公司的最好日子仍在前方，我們期待在下個月即將舉行的投資者日上進一步討論這個問題。感謝大家的聆聽，請保持安全與健康。

Thank you.

謝謝。

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。您現在可以斷開連線。