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，歡迎來到霍尼韋爾 2023 年第一季度收益電話會議。 （接線員說明）請注意，今天的通話正在錄音中。我現在想把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，麗茲。早上好，歡迎來到霍尼韋爾 2023 年第一季度收益電話會議。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； Vimal Kapur 總裁兼首席運營官；高級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.

此網絡廣播和演示材料，包括非 GAAP 調節，可在我們的投資者關係網站上獲取。我們會不時在本網站上發布我們的投資者可能感興趣或重要的新信息。

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 SEC 文件中描述的那些。今天上午，我們將回顧第一季度的財務業績，分享我們對第二季度的指導意見，並提供我們對 2023 年全年展望的更新。與往常一樣，我們會在最後留出時間回答您的問題。

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

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

Thank you, 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，大家早上好。讓我們從幻燈片 2 開始。在開始今天的討論之前，我想花點時間回顧一下我們公司在過去 7 年中取得的成就。我們的表現一直優於市場和同行，在此期間我們的股價翻了一番。我們進行了一項激進的轉型議程，大幅簡化了我們的運營和供應鏈並使之數字化，從而打造了一家更具現代感的公司，這是一個增長平台。我們推出了我們的軟件業務 Honeywell Connected Enterprise，它不僅繼續為我們的客戶創造價值，還為霍尼韋爾帶來增長和盈利能力。我們還重塑了投資組合，剝離了 3 家規模較大的企業，同時將其出售給其他企業，並增加了 16 項成功的收購，減少了周期性並提高了我們的利潤率。

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.

我們重新配置了我們的戰略業務組，以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，這種文化導致了重大的新突破性技術和最終有意義的更強勁的有機增長。

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，我不會在這裡發布任何新聞，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。隨著 Vimal 在一個多月內過渡到首席執行官一職，我成為了執行主席。這是霍尼韋爾重視領導力發展和繼任計劃的一個很好的例子。憑藉其在我們投資組合中數十年的經驗和成功領導業務，Vimal 絕對是擔任霍尼韋爾 CEO 的合適人選，進入我們轉型的下一階段。我期待在明年支持他，通過幫助他進行併購活動、花時間與客戶和戰略規劃來為他提供更多的帶寬。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。讓我們轉到幻燈片 3 來討論我們第一季度的業績。我們交付了非常強勁的第一季度，超過了我們第一季度有機銷售額、部門利潤率和調整後每股收益指導的高端。儘管宏觀經濟挑戰持續存在，但我很高興我們有紀律的執行和差異化的技術使我們能夠超額兌現我們的承諾。

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.

第一季度有機銷售額同比增長 8%，這得益於我們航空航天和 PMT 業務的兩位數增長，這得益於嚴格的運營執行。第一季度積壓訂單增長至 303 億美元的新紀錄，同比增長 6%，環比增長 2%，這歸功於航空航天和高性能材料與技術領域的持續增長。與上一季度類似，Aero 和 PMT 的訂單情況仍然非常樂觀，各自實現兩位數的有機增長，導致第一季度實現 1% 的有機增長和 8% 的整體環比增長，克服了HBT 和 SPS。我們對 2023 年的設置仍然充滿信心，因為我們利用了終端市場的複蘇和穩健的運營執行力。

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.

在安全與生產力解決方案和霍尼韋爾建築技術的強勁擴張的帶動下，我們的部門利潤率同比增長 90 個基點，因為我們的戰略定價行動使我們能夠保持領先於通脹曲線，並且我們從我們的生產力行動中受益。正如我們在指南中所討論的那樣，排除和解的淨影響，第一季度的自由現金流為 3 億美元，符合我們的預期，並且在運營方面比 2022 年更強勁。

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.

我們將 16 億美元用於股息、增長資本支出和股票回購，包括在整個季度機會主義地回購相同的 350 萬股股票，將我們的加權平均股票數量減少至 6.73 億股。本週我們還宣布了對 Compressor Controls Corporation 的收購，Vimal 將很快提供更多細節。

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，我對我們在投資組合的許多領域看到的實力感到鼓舞。我們繼續執行我們經過驗證的價值創造框架，該框架由我們的 Accelerator 操作系統提供支持。我為我們能夠在充滿挑戰的外部環境中超額交付另一個季度而感到自豪。

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

接下來，讓我們轉向 Vimal 討論一些令人興奮的近期公告。

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，大家早上好。讓我們轉到幻燈片 4。2 月，我們宣布埃克森美孚將部署霍尼韋爾的碳捕集技術作為其位於德克薩斯州貝敦的綜合設施。該工廠預計將成為計劃啟動的世界上最大的低碳氫項目，預計每天生產約 10 億立方英尺的低碳氫。霍尼韋爾技術將使該設施能夠捕獲超過 98% 的相關二氧化碳排放，這些二氧化碳將由埃克森美孚隔離並永久儲存。

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，霍尼韋爾最近啟動了一項歐洲清潔航空項目，旨在開發新一代符合航空航天標準的兆瓦級氫燃料電池。綠色氫是一種極其清潔的能源，可用於推動未來的飛機，這使得它對我們致力於減少碳排放的航空航天部門特別有吸引力。該項目的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項目合作夥伴站點進行。

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，我們宣布我們的互聯企業業務與中歐和東歐領先的房地產投資商 Globalworth 取得了超過 4000 萬美元的勝利。 Globalworth 正在使用霍尼韋爾的 Forge 樓宇技術來幫助監控其位於羅馬尼亞和波蘭的商業辦公樓中的設備或資產級別的能源消耗，同時保持住戶的舒適度和工作效率。我們的解決方案將有助於降低運營成本和能源消耗，這是歐洲超越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增長領域，同時強化了霍尼韋爾的可持續發展信息，展示了我們如何幫助世界解決我們所有終端市場面臨的最嚴峻挑戰。

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.

現在讓我們轉到幻燈片 5 來討論我們本周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 億美元的全部現金交易收購 Compressor Controls Corporation，簡稱 CCC，這是一家領先的機械控制和優化解決方案提供商，包括受控硬件、軟件和服務。 CCC 技術主要服務於 LNG 氣體加工、精煉和石化領域，並將通過新的碳捕集控制解決方案加強霍尼韋爾的高增長可持續性產品組合，其中使用相同的渦輪機械來有效去除加工廠排放的二氧化碳。此次收購將整合到霍尼韋爾的過程解決方案業務中，加強霍尼韋爾在工業控制、自動化和過程解決方案領域的領導地位，使客戶能夠加速能源轉型。

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 利潤率增加了霍尼韋爾，我們預計到 CCC 成為霍尼韋爾一部分的第五年，現金基礎投資回報率將超過 15%。該交易代表 15 倍 2023 年預期稅息折舊及攤銷前利潤和 13 倍 EBITDA，假設年化成本協同效應為 800 萬美元。我對我們通過這次最新交易解鎖的新技術和鄰接技術感到興奮。

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，我們有一個活躍的併購管道，這進一步證明我們正在通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.

現在讓我們轉到幻燈片 6 來更詳細地討論第一季度的結果。正如 Darius 所提到的，儘管經濟背景充滿活力，但我們第一季度的業績依然強勁。我們的運營靈活性使我們能夠超越我們的財務承諾。第一季度銷售額有機增長 8%，PMT 和 Aero 實現兩位數增長，我們在強勁的需求和不斷改進的供應鏈的推動下實現了銷量的持續增長。事實上，儘管我們的長周期倉庫自動化業務的[交通]活動水平受到影響，但第一季度整體霍尼韋爾的銷量增長了 2%。不包括 SPS，第一季度的銷量增長了 7%。我們的積壓訂單同比增長 6%，環比增長 2%，我們的訂單有機增長 1%，環比增長 8%，這得益於 Aero 和 PMT 的長周期實力。供應鏈仍然是我們整體增長的製約因素。然而，Aero 的產量進一步提高，我們看到所有短週期業務的積壓訂單都在減少。

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.

除了強勁的有機增長外，我們的部門利潤率同比增長 90 個基點至 22%。我們繼續從我們對 Honeywell Digital 的投資中獲益，這使我們能夠通過戰略定價行動保持領先於通脹曲線。儘管存在頂線逆風，但 SPS 憑藉規模合適的成本基礎，以最大的分部利潤率擴張領先於其他 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.

現在讓我們花幾分鐘時間了解一下各企業的第一季度業績。第一季度航空航天銷售額有機增長 14%，其中商用航空增長 20%，連續第五個季度實現至少 20% 的有機增長，連續第八個季度實現兩位數增長。商用航空售後市場的銷售增長最為強勁，飛行小時數的持續恢復導致備件出貨量以及維修和大修銷售量增加，尤其是在航空運輸領域。商業原始設備銷售額也增長了兩位數，這主要得益於公務航空和通用航空銷售額的增長。國防和航天在第一季度恢復增長，因為我們能夠將 2022 年強勁的訂單簿轉化為增加的銷量。

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.

本季度國防和航天領域的訂單出貨比仍然高於 1。正如預期的那樣，航空供應鏈繼續取得適度進展。較低的供應商退役率提高了材料可用性，使我們能夠在第一季度將原始設備和備件出貨量同比增加 20%。正如預期的那樣，我們的積極積壓仍處於歷史高位，還有大量數量尚未解鎖。航空航天部門的利潤率同比下降 80 個基點至 26.6%，這是由於利潤率較低的原始設備產品銷售額增加，部分被我們卓越的商業努力和銷量槓桿所抵消。

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.

在 UOP 超過 20% 的增長帶動下，所有 3 項業務的特性材料和技術訂單都實現了有機增長，超出了我們的預期。我們仍然對可持續技術解決方案業務的發展感到特別興奮，該業務的訂單同比翻了一番。在銷售額方面，PMT 本季度有機增長 15%，PMT 產品組合的所有 3 個部分均實現兩位數增長。這是 PMT 連續第四個季度實現兩位數的有機增長。

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.

UOP 在本季度有機增長 19%，受煉油催化劑出貨量和氣體加工的帶動，部分被煉油和石化設備銷量下降所抵消。在項目和智能能源實力的推動下，過程解決方案實現了 16% 的有機增長。

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，本季度銷售額增長了 12%，因為我們看到另一個季度對氟產品的強勁需求抵消了我們電子材料業務的一些疲軟。由於成本膨脹、低利潤產品的銷售增加以及我們的一個 PMT 工廠先前傳達的中斷導致一些計劃外停機，部分利潤率同比收縮 20 個基點至 20.6%，部分被卓越的商業抵消和交易量槓桿。

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.

本季度安全和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。我們 Intelligrated 業務的售後服務部分繼續如預期般表現良好，本季度銷售額增長超過 20%，利潤率不斷增加。我們的傳感和安全技術業務的傳感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表現突出，由於生產力行動和卓越的商業表現，擴大了 270 個基點至 17.2%，部分被較低的槓桿率和通貨膨脹所抵消。

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.

在建築技術方面，本季度銷售額有機增長 9%，建築產品和建築解決方案均有增長。隨著我們繼續轉換我們強勁的積壓訂單，項目銷售額連續第四個季度增長兩位數。本季度服務量也有所增加，導致建築解決方案的有機銷售額增長 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。供應鏈正在按預期改善。建築產品同比有機增長 7%，以繼續增強我們世界級消防特許經營權。 HBT 訂單在第一季度強於預期，但隨著我們從供應鏈挑戰的高峰期超越 2022 年的業績，有機地同比下降了中等個位數。儘管通貨膨脹率仍然居高不下，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.

Honeywell Connected Enterprises 的增長結果繼續支持我們產品組合的增長，這是強大軟件特許經營權的持續指標。強勁的整體增長是由網絡、工業、航空航天和互聯建築領域的兩位數增長推動的。由於訂單的兩位數增長，未來前景也很強勁。

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.

總的來說，這對霍尼韋爾來說是一個很好的結果。第四季度調整後每股收益增長 8% 至 2.07 美元，比我們第一季度指引的上限高出 0.11 美元，增長 16%，不包括養老金逆風。部門利潤推動每股收益同比增長 0.21 美元，這是我們每股收益增長的主要驅動力。排除養老金逆風，線下和其他同比增加 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 2.22 美元的養老金影響。這被較低的養老金收入帶來的 0.15 美元逆風所抵消。從 22 年第一季度到 23 年第一季度的調整後 EPS 的橋樑可以在本演示文稿的附錄中找到。

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.

我們在第一季度的現金方面取得了良好進展。由於支付了 22 年第四季度簽署的和解協議，本季度報告的現金流量為負 10 億美元，我們在指導電話中表示了這一點。排除這些和解的淨影響，我們產生了 3 億美元的自由現金流，高於去年第一季度的 5000 萬美元。這一增長是由營運資金改善推動的，包括更有利的應付賬款和庫存餘額。正如我們所討論的，我們的庫存計劃重點將成為我們 2023 年現金業績的主要貢獻者，我們有了一個充滿希望的開端。

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.

因此，總的來說，霍尼韋爾的運營手冊繼續取得了強勁的成果。而且，結合我們差異化的解決方案組合，將使我們能夠在未來幾個季度推動收入和現金的顯著增長。

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

現在讓我把它交給格雷格，因為我們轉到幻燈片 7 來討論我們的第二季度和全年指導。

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，Vimal，大家早上好。展望 2023 年剩餘時間，我們最初的指導框架將繼續穩固。在我們應對已知風險的過程中，我們實現了高於第一季度指南的業績，並提高了這一年的水平以反映這一點。我們的需求狀況依然強勁，航空航天和 PMT 領域的積壓訂單創歷史新高，訂單趨勢良好。我們繼續監控宏觀經濟背景及其對我們較短週期業務的影響，我們嚴格的經營原則使我們能夠保持敏捷，在又一個充滿挑戰的一年中表現出色。

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.

對於我們的第二季度銷售指引，我們預計在 90 億美元至 92 億美元之間，有機增長 1% 至 4%。我們現在預計全年銷售額將在 365 億美元至 373 億美元之間，與我們之前的指導相比，低端銷售額增加 5 億美元，高端銷售額增加 3 億美元，這體現了我們強勁的第一季度業績。

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.

我們現在將我們的有機增長范圍提高到 3% 到 6%，並且我們繼續期望價格和數量與去年相比更加平衡，並且已經上調了我們對 Aero 的全年預期，同時軟化了我們對 SPS 的前景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.

轉向我們的部門利潤率指導。我們預計第二季度將在 21.8% 至 22.2% 的範圍內，導致利潤率同比增長 90 至 130 個基點，這是由於我們在 SPS 中不斷改善的成本狀況和業務組合以及在異性戀BT。對於 2023 年全年，我們正在上調我們的細分市場預期——我們的細分市場利潤率預期在低端上調 10 個基點，達到 22.3% 至 22.6% 的新範圍，即同比擴張 60 至 90 個基點。我們嚴格的固定成本管理和有利的價格成本策略仍然是我們運營手冊的關鍵要素，幫助我們推動利潤率增長。

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按細分市場瀏覽一下第二季度和全年的預期。展望航空航天，我們終端市場的需求仍然非常令人鼓舞。我們預計第二季度銷售額將適度環比增長，因為飛行時間繼續增加，商業售後市場尤其強勁。隨著國際旅行的複蘇，寬體飛機的進一步復甦推動了飛行小時的增長，這將使商業售後市場成為我們 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 OE 方面，我們還預計隨著建造率的強勁增長，尤其是公務和通用航空 OE 繼續呈上升趨勢。在國防與航天領域，我們在第一季度通過了增長拐點，並且隨著我們將強勁的國防訂單轉化為銷售額，我們預計全年的有機增長率將保持相似。雖然需求環境支持收入的快速增長，但整個 23 年的銷售增長速度最終將取決於航空供應鏈的複蘇速度。我們對供應鏈的預期保持不變，每個季度都會適度、穩步改善。供應商退役的減少應該允許工廠產出的連續改進。

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.

鑑於來自供應鏈的積極跡象和我們訂單的持續增長，我們現在預計 Aero 有機銷售額將在低兩位數範圍內增長，將我們上季度的高個位數增長展望升級為低兩位數增長。然而，我們預計大部分增量銷售實力將來自我們的 OE 業務，從而對利潤率造成適度的組合壓力。我們現在預計航空部門全年的利潤率將持平。

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.

在特性材料和技術領域，我們終端市場的建設性前景將繼續推動有利增長。對於第二季度，我們預計銷售額將環比和同比增長，這得益於我們在過程解決方案以及生命週期解決方案和服務中的項目和智能能源業務的持續增長。這一優勢可能會持續全年，支持過程解決方案整體的強勁增長。

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.

在先進材料方面，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，但我們仍然預計在今年下半年之前電子材料會出現一些疲軟。

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，我們的增長前景得到了對天然氣加工設備的強勁需求的支持，而且隨著立法提高了項目經濟性，我們看到全球對我們的可持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.

對於全年，另一個季度強勁的訂單和積壓增長讓我們對我們的銷售預期充滿信心，儘管未來更具挑戰性的競爭意味著第一季度在有機增長方面可能是最大的。我們仍然預計今年 PMT 的整體銷售額將增長中等個位數。部門利潤率和 PMT 應在第二季度和整個下半年依次擴大，從而導致全年溫和擴張。

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，我們預計第二季度將出現較低的兩位數同比下降，因為我們看到新倉庫容量投資下降和我們產品業務的短週期需求疲軟的持續影響。然而，我們預計銷售額將從第一季度開始連續增長，這主要得益於傳感和安全技術的優勢。我們 Intelligrated 業務的售後服務部分繼續以兩位數的強勁速度增長，我們預計這一趨勢將在全年持續。

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 的需求前景比我們最初預期的更具挑戰性。因此，我們現在預計 SPS 將下降到高個位數，低於我們上個季度從中個位數下降到高個位數的初始指導。然而，從利潤率的角度來看，我們仍然預計 SPS 將迎來又一個穩健的一年，因為我們看到了運營改進的結果以及銷售組合的持續改善，正如我們第一季度的業績所證明的那樣。

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 Building Technologies，我們對今年的強勁開局和業務的整體執行感到鼓舞。對於第二季度，隨著供應鏈環境繼續緩慢改善，銷售額應該會連續改善並實現適度的同比增長，從而使我們能夠進一步處理去年建築產品業務積壓的積壓訂單。我們預計，這種強勁的積壓，以及機場、醫療保健和教育等垂直領域由刺激措施主導的機構需求，將在全年保持彈性。

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，我們認為我們的長周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.

對於整體 HBT，雖然我們在第一季度實現了高個位數的增長，但隨著我們全年的進步，補償變得更加困難，因為我們的供應限制的影響在 22 年上半年最為嚴重。我們維持低個位數有機增長的全年銷售前景。不過，正如我們之前所說，我們將繼續監控第二季度的訂單，並可能在第二季度結束後有升級機會。 HBT 仍然與新興的可持續性和能源效率的長期主題保持一致，我們看到在我們退出 '23 時增長加速的跑道。對於 HBT 部門的利潤率，我們仍然預計 23 年會出現同比增長，因為我們保持了第一季度的勢頭。

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.

轉向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異，預計第二季度將在負 1.3 億美元至負 1.85 億美元之間，負 500 美元億至全年負 6.25 億美元。隨著我們繼續為有吸引力的重組項目提供資金並為未來正確定位霍尼韋爾，該指導包括第二季度 5000 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。

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.

我們預計第二季度和全年調整後的有效稅率約為 21%，第二季度平均股數約為 6.71 億股，全年約為 6.70 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，董事會批准了一項 100 億美元的股票回購授權，為我們在部署資產負債表的最佳方式上提供了持續的靈活性。由於這些輸入，我們調整後的第二季度每股收益指導範圍在 2.15 美元至 2.25 美元之間，同比增長 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，我們將指導範圍的下限上調 0.20 美元，將指導範圍的上限上調 0.05 美元，上調至 9 美元至 9.25 美元的新範圍，增幅 3% 至 6%，反映出我們對 2023 年的持續信心儘管年度養老金逆風，但霍尼韋爾仍將是強勁增長的一年。排除這些不利因素，全年每股收益增長將達到 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.

我們仍然預計到 2023 年將達到我們最初的 39 億美元至 43 億美元的自由現金流指導或 51 億美元至 55 億美元，不包括和解的淨影響。因此，總的來說，我們在第一季度表現強勁，所有指導指標均表現出色，並提高了我們 2023 年全年的有機銷售增長、部門利潤率和調整後的每股收益指導範圍。

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.

現在讓我們轉到幻燈片 8，在我們進行問答之前，我會將電話轉回給 Darius 以進行一些總結。

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 年開局良好，全面實現了我們的指導目標，這使我們能夠有意義地提高我們對有機增長、部門利潤率和每股收益的全年指導目標。我們的價值創造框架正在發揮作用。宏觀經濟仍然不確定，但我們繼續增加我們創紀錄的積壓，並在短期內執行它提供了重要的跑道。霍尼韋爾在任何環境中都處於領先地位。感謝我們所有的霍尼韋爾同事，他們繼續為我們的客戶和股東帶來差異化的業績。

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

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

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。

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

Vimal，再次祝賀你的改變......

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，你的第一個電話將是，我想，第二季度。但在這方面，就今年剩餘時間、第二季度、第三季度和第四季度的收益而言，也許可以給我們一些連續趨勢的顏色，只是為了在這個相當強勁的第一季度之後讓每個人都處於某種水平。

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，正如格雷格給你的全年觀點一樣，我們確實預計增長勢頭將繼續下去，儘管速度略有不同。部分原因是我們在前一年的 PMT 和 HPT 有一個非常強勁的季度，所以我們正在處理艱難的競爭。

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?

所以肯定會有一些收入比較問題。航空將非常強大。正如我們所指導的那樣，SPS 將在今年剩餘時間裡表現平平。因此，但總的來說，我們對 3% 至 6% 的有機增長率的新指南仍然充滿信心，我們將努力實現這一目標。格雷格，如果你想補充什麼？

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，我想你中了它。我的意思是第二季度將是非常好的結果，我認為，在整個投資組合中，儘管我們剛剛結束了 4 個季度 PMT 連續 4 個季度顯著強勁的兩位數增長，HPT 為高個位數連續 3 到 4 個季度。所以 - 但未來的基本業務績效將非常健康。

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？我們是否應該將其視為符合正常的季節性？或（聽不清）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?

比如我們如何考慮今年剩餘時間的 EPS 分階段？

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。當您查看 EPS 銷售額時，我的意思是，我們將與這些季度的年度正常百分比大致一致。今年和去年，後半部分重了一點。今年，情況有所減少，但看起來不會超出常態。

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

什麼是常態？你能不能提醒我們，因為它已經有幾年不正常了。

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

嗯，你問的是許多不同的指標，史蒂夫。所以這取決於你說的是哪一個。

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它時，我們將在今年年底有一些更重的。第四節可能會比第二節和第三節大，但第二節和第三節將在彼此之間的距離之內。

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。

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?

也許我只是想嘗試理解，在第二季度撥入一秒鐘。所以你的銷售額增長可能比正常情況下要小。聽起來這與宏觀或需求無關。可能更多的是供應。那麼上面有沒有額外的顏色？而且，看起來你正在指導某種銷售額在第二季度全公司範圍內以持平的利潤率連續增長。那麼這可能只是 Aero OE 混合的東西嗎？請問有什麼想法嗎？

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，如果你真的看一下從第一季度到第二季度的歷史收入，它與我們過去所做的非常一致。去年有點反常，因為我們的一些供應鏈挑戰對它的影響更大。但如果你看看這個——從第一季度到第二季度的歷史畢業，如果你看看前一年的平均水平，它就非常一致並且與之一致。

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，我們的季度環比增長從 4% 到 7% 不等。本指南讓我們處於 3% 到 4% 的範圍內。去年，我們在 PMT 方面有了很大的進步。今年二季度略有下降。但同樣，非常符合歷史參數。從保證金的角度來看，去年我們的保證金率從第一季度下降到第二季度。因此，我們的指南完全符合我們第一季度的表現。我認為在最高端，我們上漲了 20 個基點。在底部，我們下降了 20。坦率地說，這符合常態。所以我不會讀太多。

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?

然後我的後續行動將圍繞 SPS 文章對下半年展望進行更新的想法，尤其是 PSS 部分。您如何看待下半年收入與倉庫的關係？如果您今年的倉庫增長或銷售假設有任何變化？

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，讓我們一點一點地看。就 PSS 而言，我的意思是，我們實際上看到了第四季度的連續改進。所以我們認為，該業務正在恢復增長，我們依次看到了這一點。所以我認為，這與我們的假設非常一致，也非常符合我們的預期。談到 IGS，那是——現在仍然是——市場繼續相對疲軟。但話雖如此，我們的報價活動和我們的機會活動在第二季度、第三季度和第四季度顯著增加。因為正如我們在管道中期待的那樣，它會繼續變得越來越好。因此，我們謹慎樂觀地認為，隨著我們進入今年最後 3 個季度，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，我認為大流士說得很好。看，這是——考慮到這裡業務的長期性，IGS 今年的收入有點已經鎖定，我們真的在努力確保 2023 年的良好訂單基礎，以便我們可以為未來的 2024 年做好準備。我們仍然 - 我可以保證的一件事是，我們不會失去份額。所以市場上比較多。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.

如此喜憂參半——也許只是更清楚一些令人驚訝的好處。聽起來它部分是供應鏈，但也聽起來需求量很大。所以也許只是談論那個。我們看到資產負債表上的應收賬款顯著增加，這可能表明 3 月份可能相當強勁。所以也許也只是談談這個。

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。讓我拿那個。因此，如果你想想我們 90 天前的指導意見，我們確實談到了我們正在關注的 3 個具體風險。一個是中國過春節，擔心是否每個人都會回家然後回來並結束在中國的封鎖。它沒有發生。結果很好。中國真的沒有任何中斷。

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.

第二個是真的，又是航空航天，我們將在輸出方面取得實質性的連續改進，我們做到了。我們在航空航天領域的產出同比增長 20%，高於我們指導的上限，並且相當強勁。

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.

然後第三個是 PMT。我們談到了這樣一個事實，即在 12 月，我們在路易斯安那地區遇到了一些挑戰，我們的一些工廠在那裡，我們在 1 月初遇到了停電，我們需要關閉一家工廠並重新啟動再次，它出現得很好，事實上，準時。在工廠恢復後，它的運行水平甚至比停電發生前還要高。因此，這就是為什麼你所看到的基本上是 PMT 和航空航天，特別是在我們自己的收入前景指南的最高端，它們各自的收入可能超過 1 億美元。所以這些是我們意識到的事情，我們正在盡可能地觀察和管理，結果很好。所以那真的很好。

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.

然後，正如你提到的，應收賬款再次上升。正如您所記得的那樣，我們在本季度最後一個月的任何季度都有 50% 的收入，我們的收入表現非常強勁。 ARR 上升，我們在 4 月份有很多應收賬款要收，我相信這將預示著第二季度會有大量現金。

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。伙計們，你宣布這次回購相當大，100 億美元是一個很大的數字。而且我們聽到其他公司的喋喋不休說併購剛剛開始進入一個甜蜜點，估值開始變得更有意義，當然，私募股權的競爭力降低了。什麼 - 你們如何看待現有的交易渠道以及指南的選擇性和種類？

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.

我認為股票下跌 1% 意味著你可能不會立即進入並出價那 100 億美元。但是你如何看待回購與併購的潮起潮落？也許最大的問題是您的積壓工作和管道是什麼樣的？我就到此為止。

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，真快。就像你看到的 100 億美元的授權一樣，這就像我們一直在做的那樣。我們將授權範圍縮小到大約 20 億美元。然後，坦率地說，我們當然幾乎將其重新增加到 80 億美元或 100 億美元。因此，您應該將其視為我們只是對我們的回購授權進行正常的重新配置，以賦予我們一貫的靈活性。因此，就我們運作方式的周期而言，這根本沒有任何異常。但我相信 Darius 會談論資本配置方面的問題。

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持這種算法。所以我認為我不會過多或過少地關注它。他們對此表示支持，我們將繼續回購股票，因為我們看到價格很激進，我們至少會回購 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，我想我一直在說，有時間成為買家，也有時間成為賣家。我沒有見過更好的時機，至少在我擔任 CEO 期間，成為買家。我知道你看到了我們上週完成的一筆交易。我認為這是一個讓我們更加活躍的機會。管道可能比以往任何時候都好。而且我認為我們正在研究一些有趣的補強措施，希望我們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，只是一個自然的跟進。會 - 這就像一個聲明，從來沒有見過更好的時間成為買家。我不認為我曾經聽過你在那種情況下說過任何話，或者在你的任期內那麼樂觀。然後你會考慮增加尺寸嗎？你剛才說的是螺栓連接，但也許管道裡的東西更大一點？

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值高達 50 億美元、60 億美元、70 億美元。所以我會說，這在規模上是不錯的。我更樂觀的原因是，看，資金成本已經大幅上升。我的意思是，你會看到利率。坦率地說，競爭是不同的。現在對資產的競爭主要是戰略性的。許多 PE 活動並不是——我不會說它不存在，但它並不像以前那麼強大。而且我認為在各種經濟狀況和利率週期中做買家或賣家是明智的。而且我認為現在，我認為在成為買家時更加積極一點是明智的。

Our next question comes from Sheila Kahyaoglu with Jefferies.

我們的下一個問題來自 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?

也許還有更大的圖景。 Darius，你能談談你們在整個定價組合中看到了什麼嗎？我想，格雷格，你提到定價為 8% 的有機增長貢獻了 6 個百分點，包括 SPS。在今年餘下的時間裡，定價和銷量如何平衡？您如何看待它在各個細分市場中的表現？

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，我認為你在我們前進的過程中看到了某種 [6%-2%] 的混合。坦率地說，我們仍然預計今年的價格影響約為 4%。很明顯，下半年定價將變得更加艱難，因為我們對其中一些產品進行了一些調整。但總的來說，鑑於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。所以這就是我們如何看待設置，顯然，如果我們預計下半年會有所下降，那麼今年的增長率將下降 6% 並預計為 4%。但這都是我們今年預期的算法中的所有變化，並且實際上獲得了對該算法的信心，因為我們在範圍的底部和頂部都提高了。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，我想你說過這與我們所說的並沒有什麼不同，而且我們今年每個季度都有正價。所以不用擔心。同樣，我們在過去的 6、9 個月裡一直在談論它。隨著通貨膨脹有所緩和，將會有一些地方不再像一年前那樣需要。這就是你現在看到的。

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?

只是 Aero OE 的兩個合作夥伴。我的意思是，正如您所說的那樣，您似乎取得了相當大的進展，並且您承認存在一些供應鏈問題。但我有點驚訝，你的一位客戶昨天叫出了你的名字。只是想知道從交付的角度來看是否有一些霍尼韋爾特有的東西掛了？或者，如果您可以在那裡添加任何顏色，您可以將手指進一步指向您的供應商，就像第 1 部分一樣。然後還有一種 OE 獎勵金等。我們現在站在 2023 年的哪個位置？今年仍然是逆風的高峰年嗎？或者其中一些可能會進入 2024 年，如果交付與您想像的不完全一樣？

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。那麼讓我從你問題的第一部分開始。我認為，當我們查看我們的輸出範圍時，取決於它是航空電子設備還是某些機械設備，增加了 20% 到 40% 以上。所以我認為我們實際上對輸出非常滿意。

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，這不是霍尼韋爾。這不是我們設施的吞吐量。因此，坦率地說，我們的供應基礎也存在很多問題，其中一些是大型上市公司。我不會坐在這裡在這樣的電話會議上大聲疾呼。坦率地說，這是我們的責任，交付是我們的工作。我不會用別人作為我們不交付的藉口。這是我們的工作來管理。坦率地說，財報電話會議並不是進行此類討論的合適場所。所以我們要努力。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...

我知道航空航天的供應鏈並不完美。它在變好，而且變好得相對較快，甚至可能比我們預期的還要好。但還有工作要做。供應鏈有 4 層或 5 層。我們所看到和感受到的流向了我們的供應商，我們仍然有一些非常不一致的供應基礎。我的意思是，我們的退役率從第四季度的 19%、20% 下降到 15%，但 15% 仍然不好。但在改進，我們正在做這些改進，我們已經派遣了數百人——我的意思是，實際上有數百人進入我們的供應鏈來協助我們的供應商，坦率地說，可能會投入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，在激勵方面，就此而言，我們沒有對我們的期望進行任何調整。現在還很早。據我們所知，OE 交付量仍將大致在我們年初預期的範圍內。就像你說的，我們預計今年可能會達到頂峰。然後它會在明年趨於平緩或略有下降，但仍然相對較高。如果這種情況從左向右移動一點點，我們拭目以待。但此時此刻，我們保持原樣。

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.

我想我想補充的一點是——我們在 Aero 中的產品組合的多樣性是非常獨特的。我們提供發動機、航空電子設備、導航設備、照明、制動器，等等。因此，由於多樣性，我們的銷量總體上在增長，但某些類別的增長可能略低於其他類別。我認為這使我們在客戶如何看待我們方面處於獨特的位置，因為他們顯然希望所有產品線都能持續增長。因此，我想表達的是，與這裡的同行相比，我們的多樣性是獨特的因素之一。

Our next question comes from Joe Ritchie with Goldman Sachs.

我們的下一個問題來自高盛的 Joe Ritchie。

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?

所以只想了解 Aero 來回答我的一個問題。我想，當你考慮今年的利潤率時，你們談到了持平的利潤率，但那是在今年開始時下降的。隨著時間的推移，預計會有什麼改善？是否存在與影響當今利潤率的供應鏈相關的摩擦？因為您的售後市場業務增長速度快於 OE。所以任何顏色都像——隨著時間的推移，從利潤率的角度來看，Aero 有什麼變得更好？

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一個是交易量槓桿，對吧？我們在很大程度上控制了我們的固定成本，收入將按順序每個季度增加，而且它會逐漸增加，並且可能是第四季度最高的季度。因此，僅憑這一點，我們就會獲得一些交易量槓桿。因此，從混合的角度來看，從第一個季度到下一個季度沒有任何大的變化。再一次，隨著時間的流逝，它總是會波動。但你應該期待的最大的事情實際上是圍繞交易量槓桿。這很簡單。

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

我們的下一個問題來自 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.

Darius，因為這是你最後一次打電話，我只想祝賀你擔任 CEO。看吧，所有的首席執行官都想表現得強硬，讓公司掌握在好人手中。我認為本季度說明了這一點。所以恭喜。

Thank you. Appreciate that.

謝謝。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?

對於我的一個問題，在 Intelligrated 售後市場上，安裝量始終保持高速增長，我們正在等待已安裝基礎達到臨界質量，然後開始進入售後市場。你達到那個點了嗎？ OE 和售後市場之間的組合是什麼？

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。總的來說，我們在售後市場的表現在過去幾年一直是兩位數，包括今年。事實上，我們的表現非常好，我想說，在十幾歲的時候。所以我們現在正處於一個點，你關於混音的問題，2/3，1/3。我認為我們現在正朝著這種混合方向發展，這是一個開始。我的意思是，這項業務已有 7、8 年曆史。因此，如果您在 15 年後擲骰子，組合可能會像我們一樣更傾向於售後市場——在霍尼韋爾其他部門的經驗。但坦率地說，它的趨勢要好於我們的論點，始終高於 15%。我們對此非常滿意，而且利潤率非常有吸引力。

Our next question comes from Gautam Khanna with Cowen.

我們的下一個問題來自 Gautam Khanna 和 Cowen。

Our next question will come from Chris Snyder with UBS.

我們的下一個問題將來自瑞銀集團的 Chris Snyder。

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，至少在中點的指引似乎表明，相對於第二季度，後半部分的有機增長略有好轉，儘管公司業績不佳，而且可能存在一些宏觀擔憂。那麼，您能否在您認為相對於第二季度可以看到更好的有機增長的子細分市場或業務線上提供更多顏色？而且，這種動態是否反映了一些 Q2 的保守主義？之前的評論有點說第二季度的季節性低於正常水平？

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。再一次，我要告訴你的是，航空航天，我們現在預計隨著時間的推移會有一些非常好的連續有機增長，這將對我們整體提供很大的支持。回到第二季度——這非常符合我們的歷史趨勢。因此，我們對我們所處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，就年底而言，我認為我們在那裡也將有一個非常強大的後半部分。隨著時間的推移，SPS 實際上會依次變得更容易一些。因此，我們可能會在上半年達到跌幅的最高點，下半年會變得更容易一些，這會減輕整體投資組合的壓力。因此，我認為我們將在 4 項業務中的 3 項業務中看到整個投資組合的真正良好增長，而 SPS comps 的放鬆將有所幫助。

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天的產出越來越有信心。我的意思是我們在繼續成長。這是我們在修補供應鏈方面所做的工作正在產生結果。我之前引用了一些同比數據。我們預計這一進展將繼續甚至加速，尤其是在我們進入今年下半年的時候。因此，我們對我們的增長前景非常有信心，並期待 HPT 的跡象，尤其是訂單率，看看它是什麼樣子。因為很明顯，我們第一季度的業績也好於預期，無論是在收入還是訂單方面。所以我們將看看第二季度的進展情況，這可能會提供一些進一步的上漲空間。

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

謝謝。我現在想把電話轉回給 Darius Adamczyk 作結束語。

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.

我要再次感謝我們的股東一直以來的支持。我很重視我們過去 7 年的對話。還要感謝整個霍尼韋爾家族，包括我們現在和過去的同事。在過去的 2 年裡，我們建立了一家偉大的公司，這要歸功於您的辛勤工作和堅持不懈。

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。我們交付了出色的第一季度業績。更重要的是，我非常有信心，在 Vimal 的領導下，我們將在未來繼續這樣做，並具有您對霍尼韋爾所期望的典型運營嚴謹性。這家公司最好的日子還在前面，我們期待在下個月即將到來的投資者日進一步討論這個問題。謝謝大家的聆聽，請保持安全和健康。

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。您現在可以斷開連接。