漢威聯合 (HON) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Honeywell Second Quarter 2023 Earnings Conference Call.

感謝您的耐心等待，歡迎參加霍尼韋爾 2023 年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

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.

請注意，今天的通話正在錄音。我現在想將電話轉給投資者關係副總裁 Sean Meakim。請繼續。

Thank you, Liz. Good morning, and welcome to Honeywell's Second Quarter 2023 Earnings Conference Call. On the call with me today are Chief Executive Officer, Vimal Kapur; Senior Vice President and Chief Financial Officer, Greg Lewis; and Senior Vice President and General Counsel, Anne Madden.

謝謝你，莉茲。早上好，歡迎參加霍尼韋爾 2023 年第二季度收益電話會議。今天與我通話的是首席執行官 Vimal Kapur；高級副總裁兼首席財務官格雷格·劉易斯；以及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 will post new information that may be of interest or material to our investors on this website.

該網絡廣播和演示材料（包括非公認會計原則調節表）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 of our 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 second quarter, share our guidance for the third quarter and provide an 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世界和我們今天所看到的業務的最佳看法，並受到風險和不確定性的影響，包括我們在 SEC 文件中描述的風險和不確定性。今天早上，我們將回顧第二季度的財務業績，分享第三季度的指引，並提供 2023 年全年展望的最新信息。與往常一樣，我們最後會留出時間回答您的問題。

With that, I'll turn the call over to CEO, Vimal Kapur.

接下來，我會將電話轉給首席執行官維馬爾·卡普爾 (Vimal Kapur)。

Thank you, Sean, and good morning, everyone. Let's begin on Slide 2. The second quarter was another strong 1 for Honeywell. We met or exceeded our commitments as our rigorous operating principles enable us to navigate a challenging backdrop. We grew our adjusted earnings per share 6% year-over-year to $2.23 or up 13%, excluding a $0.15 noncash pension headwind. Second quarter organic sales were up 3% year-over-year, led by double-digit growth in commercial aerospace, process solutions and UOP.

謝謝肖恩，大家早上好。讓我們從幻燈片 2 開始。第二季度是霍尼韋爾的又一個強勁表現。我們達到或超越了我們的承諾，因為我們嚴格的運營原則使我們能夠應對充滿挑戰的背景。調整後每股收益同比增長 6% 至 2.23 美元，即增長 13%，不包括 0.15 美元的非現金養老金阻力。第二季度有機銷售額同比增長 3%，其中商業航空航天、工藝解決方案和 UOP 業務實現兩位數增長。

Our aerospace business continues to perform at a very high level. The second quarter backlog grew to a new record of $30.5 billion, up 4% year-over-year and 1% sequentially due to strength in Aero, PMT and HBT. Similar to last quarter's, orders continue to grow double-digit organically in Aero. For other segment, unfavorable comparison to last year's peak supply chain disruption led to a single-digit decline in orders for overall Honeywell. We remain confident in our 2023 outlook as recovering end markets and operational excellence continue to deliver resilient results despite macroeconomic uncertainty.

我們的航空航天業務繼續保持很高的水平。由於 Aero、PMT 和 HBT 業務的強勁表現，第二季度積壓訂單增長至 305 億美元的新紀錄，同比增長 4%，環比增長 1%。與上季度類似，航空領域的訂單繼續以兩位數的有機增長。對於其他細分市場，與去年供應鏈中斷高峰相比不利，導致霍尼韋爾整體訂單出現個位數下降。儘管宏觀經濟存在不確定性，但我們對 2023 年的前景仍然充滿信心，因為終端市場的複蘇和卓越的運營繼續帶來有彈性的業績。

Our segment margin expanded 150 basis points year-over-year, exceeding the high end of our guidance range by 20 basis points, led by expansion in SPS, HBT and Aero. Our continued focus on commercial excellence and greater gains from productivity enabled us to remain ahead of our inflation curve.

在 SPS、HBT 和 Aero 業務擴張的帶動下，我們的分部利潤率同比增長 150 個基點，超出指導範圍的上限 20 個基點。我們持續關注商業卓越和生產力的更大收益，使我們能夠保持在通脹曲線上的領先地位。

Free cash flow was $1.1 billion in second quarter, up 34% year-over-year, driven by strong net income and improved working capital in line with our expectations. Greg will walk you through the free cash flow drivers in more details in a few minutes.

第二季度自由現金流為 11 億美元，同比增長 34%，這得益於強勁的淨利潤和符合我們預期的營運資本改善。格雷格將在幾分鐘內向您詳細介紹自由現金流驅動因素。

We deployed $2.1 billion to dividends, M&A, share repurchases and growth CapEx, including opportunistically repurchasing 2.4 million shares throughout the quarter, reducing our weighted average share count to 670 million. I'm pleased with the progress we made this quarter on our portfolio-shaping priorities. We invested in multiple new technologies, utilizing our robust M&A playbook, including completing the acquisition of Compressor Controls Corporation for approximately $700 million.

我們部署了 21 億美元用於股息、併購、股票回購和增長資本支出，包括整個季度伺機回購 240 萬股股票，將我們的加權平均股票數量減少到 6.7 億股。我對本季度我們在投資組合塑造優先事項方面取得的進展感到高興。我們利用強大的併購策略投資了多項新技術，包括以約 7 億美元完成對 Compressor Controls Corporation 的收購。

As always, we continue to execute on our proven value-creation framework, which is underpinned by accelerated operating system. The operating system, along with ongoing growth in our key end markets and technologically differentiated portfolio of solutions is enabling us to navigate a challenging economic backdrop and deliver on our commitment again this quarter. Looking forward, I'm encouraged by the strength we are seeing in our long-cycle Aero and energy verticals and remain confident in our position to outperform.

一如既往，我們繼續執行經過驗證的價值創造框架，該框架以加速操作系統為基礎。該操作系統以及我們關鍵終端市場的持續增長和技術差異化的解決方案組合使我們能夠應對充滿挑戰的經濟背景，並在本季度再次兌現我們的承諾。展望未來，我對我們在長周期航空和能源垂直領域看到的實力感到鼓舞，並對我們的表現保持信心。

Next, let's turn to Slide 3 to discuss the important leadership announcement. Last month, we announced that Jim Currier will be succeeding Mike Madsen as Honeywell Aerospace CEO. I want to congratulate Mike Madsen on his retirement and extend my sincere gratitude for 37 years he has given to Honeywell. Mike has been an extremely effective leader and change agent in our company and the Aero industry. He has a rich history of exceeding expectations as Aerospace won an unprecedented $35 billion in new business in these last 2 years.

接下來，讓我們轉向幻燈片 3 來討論重要的領導層公告。上個月，我們宣布吉姆·柯里爾 (Jim Currier) 將接替邁克·馬德森 (Mike Madsen) 擔任霍尼韋爾航空航天公司首席執行官。我謹祝賀邁克·馬德森退休，並對他為霍尼韋爾奉獻的37年表示誠摯謝意。邁克一直是我們公司和航空行業極其高效的領導者和變革推動者。他有著超出預期的豐富經驗，航空航天公司在過去兩年中贏得了前所未有的 350 億美元新業務。

His leadership and commitment to customers, employees and the community is unparalleled. During his tenure as Aero CEO, Mike navigated the business through unprecedented pandemic disruptions, while growing the top line, expanding margins by about 200 basis points. Because of Mike's passion and dedication to the business, he helped set up Honeywell Aerospace to be even more successful in the years to come.

他的領導才能以及對客戶、員工和社區的承諾是無與倫比的。在擔任 Aero 首席執行官期間，Mike 帶領公司度過了前所未有的疫情衝擊，同時實現了營收增長，利潤率提高了約 200 個基點。由於邁克對業務的熱情和奉獻精神，他幫助霍尼韋爾航空航天公司在未來幾年取得了更大的成功。

We're excited about the next phase of growth in Honeywell's Aero business under Jim Currier's leadership. We are fortunate to have someone with his level of experience and tenure, ready to take the helm, a true testament to Honeywell's bench strength and focus on succession planning. Jim has been with Honeywell's Aero for 17 years. And prior to his current position, he had held multiple roles of increasing responsibility across function and geography, most recently as President of our Electronic Solutions business.

我們對吉姆·柯里爾 (Jim Currier) 領導下的霍尼韋爾航空業務下一階段的增長感到興奮。我們很幸運能擁有像他這樣擁有豐富經驗和任期的人，準備好掌舵，這真正證明了霍尼韋爾的後備力量和對繼任計劃的關注。 Jim 已在霍尼韋爾 Aero 工作了 17 年。在擔任現職之前，他曾擔任多個職務，跨職能和地域承擔越來越大的責任，最近擔任的職務是我們的電子解決方案業務總裁。

The medium-term setup for Aero is the strongest it has ever been. Flight hours continue to be strong, including widebody upside, which is now underway. We have diverse and optimized platform exposure, particularly in business aviation. In fact, over the last few months alone, we have won $3 billion in business to provide OEMs and airlines with our engines, wheels and brakes, APUs and flight management system, along with associated aftermarket services.

Aero 的中期設置是有史以來最強勁的。飛行時間繼續強勁，包括目前正在進行的寬體機優勢。我們擁有多樣化且優化的平台，尤其是在公務航空領域。事實上，僅在過去幾個月，我們就贏得了 30 億美元的業務，為 OEM 和航空公司提供我們的發動機、車輪和製動器、APU 和飛行管理系統，以及相關的售後服務。

In addition, supply chains are gradually improving, and we have returned to growth in defense and space. This momentum points to a robust multiyear trajectory for the largest businesses in Honeywell portfolio.

此外，供應鏈正在逐步改善，我們在國防和航天領域也恢復了增長。這一勢頭表明霍尼韋爾投資組合中最大的業務將在多年內保持強勁的發展軌跡。

Let's turn to Slide 4 to discuss our recent corporate development activity. I'm excited about our recent capital deployment announcement closing on our previously announced Compressor Controls Corporation acquisition and adding 2 strategic assets that will drive enhanced innovation and strength, our technology portfolio. This mix really exemplifies the type of deals that we look to generate on a consistent basis.

讓我們轉向幻燈片 4 來討論我們最近的企業發展活動。我對我們最近宣布的資本部署公告感到非常興奮，該公告結束了我們之前宣布的壓縮機控制公司收購，並增加了兩項戰略資產，這將推動我們技術組合的創新和實力的增強。這種組合確實體現了我們希望在一致的基礎上產生的交易類型。

Last month, we closed our acquisition of CCC, a leading provider of turbomachinery control and optimization solution, deploying approximately $700 million in all-cash transactions. CCC technologies, including control hardware, software and services, bolster Honeywell's high-growth sustainability and digitization portfolio with new carbon capture control solutions. CCC integrate seamlessly to our process control -- process solutions business and provides meaningful revenue synergy potential with Honeywell Forge. We are excited to extend Honeywell's leadership in automation and help customers accelerate the energy transition with this -- with the completion of this acquisition.

上個月，我們完成了對 CCC 的收購，CCC 是一家領先的渦輪機械控制和優化解決方案提供商，部署了約 7 億美元的全現金交易。 CCC 技術（包括控制硬件、軟件和服務）通過新型碳捕獲控制解決方案增強了霍尼韋爾高速增長的可持續發展和數字化產品組合。 CCC 與我們的過程控制——過程解決方案業務無縫集成，並與 Honeywell Forge 提供有意義的收入協同潛力。我們很高興通過此次收購擴大霍尼韋爾在自動化領域的領先地位，並幫助客戶加速能源轉型。

We also acquired SCADAfence, an Israel-based company, that delivers operational technology or OT and Internet of Things or IoT, cybersecurity solutions for monitoring large-scale network. SCADAfence brings proven technologies and asset discovery, threat detection and security governance, which are key to industrial and critical infrastructure cybersecurity program into our [SCE] portfolio. The OT cybersecurity industry is expected to grow to greater than $10 billion in the next several years, and the SCADAfence portfolio pairs seamlessly with Honeywell's cybersecurity business, providing an end-to-end enterprise solution that helps customers enhance enterprise resilience.

我們還收購了 SCADAfence，這是一家以色列公司，該公司提供運營技術或 OT 和物聯網或 IoT、用於監控大型網絡的網絡安全解決方案。 SCADAfence 將成熟的技術和資產發現、威脅檢測和安全治理引入我們的 [SCE] 產品組合中，這些是工業和關鍵基礎設施網絡安全計劃的關鍵。 OT 網絡安全行業預計在未來幾年增長至超過 100 億美元，SCADAfence 產品組合與霍尼韋爾的網絡安全業務無縫配對，提供端到端企業解決方案，幫助客戶增強企業彈性。

In addition, we signed an agreement with Saab to acquire heads-up display or HUD asset, bolstering Honeywell's comprehensive end-to-end avionics and safety offering. We'll partner with Saab to develop and strengthen the hard product line, which enables pilots increase situational awareness, specifically at night or in difficult weather condition. Importantly, the HUDs will be integrated into Honeywell Anthem, our revolutionary integrated flight deck with an intuitive user interface and highly scalable design, in addition to Honeywell's Primus Epic, flight deck and retrofit solutions.

此外，我們與薩博簽署了收購平視顯示器或HUD資產的協議，增強了霍尼韋爾全面的端到端航空電子和安全產品。我們將與薩博合作開發和加強硬產品線，使飛行員能夠提高態勢感知能力，特別是在夜間或惡劣天氣條件下。重要的是，除了霍尼韋爾 Primus Epic、駕駛艙和改裝解決方案之外，HUD 將集成到霍尼韋爾 Anthem 中，這是我們革命性的集成駕駛艙，具有直觀的用戶界面和高度可擴展的設計。

I'm excited about our new technology and an adjacency we have unlocked through our recent M&A activity. We said before and we have an active and robust pipeline, and this is further evidence that we are continuously enhancing our portfolio by investing in new opportunities. We look forward to continuing to deploy our capital in coming quarters to create more value for Honeywell shareholders.

我對我們的新技術以及我們通過最近的併購活動解鎖的鄰接感到興奮。我們之前說過，我們擁有活躍而強大的渠道，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投資組合。我們期待在未來幾個季度繼續部署我們的資本，為霍尼韋爾股東創造更多價值。

Now let me turn it over to Greg on Slide 5 to discuss our second quarter results in more detail as well as provide our views on guidance.

現在讓我將幻燈片 5 上的內容交給格雷格，更詳細地討論我們第二季度的業績，並提供我們對指導的看法。

Thank you, Vimal, and good morning, everyone. We delivered another strong quarter in a very challenging operating environment. Second quarter sales grew 3% organically, led by double-digit organic sales growth in commercial aerospace, process solutions and UOP, where demand strength continues to support Honeywell's short-term and long-term outlook.

謝謝你，Vimal，大家早上好。我們在充滿挑戰的運營環境中又實現了強勁的季度業績。第二季度銷售額有機增長 3%，其中商業航空航天、工藝解決方案和 UOP 領域的有機銷售額實現兩位數有機增長，這些領域的需求強勁繼續支持霍尼韋爾的短期和長期前景。

PMT grew at a robust 7% pace after 4 consecutive quarters of double-digit growth. Our long-cycle warehouse automation business is around trough levels as expected, which led to overall volume decline of 1% for the quarter. However, excluding SPS, volumes were up 5% across the remainder of the portfolio.

PMT 在連續 4 個季度實現兩位數增長後，以 7% 的強勁速度增長。我們的長周期倉庫自動化業務正處於預期的低谷水平附近，這導致本季度整體銷量下降 1%。然而，不包括 SPS，該投資組合其餘產品的銷量增長了 5%。

Our backlog remains at a record level, ending the second quarter at $30.5 billion, up 4% year-over-year, driven by strength in Aero and PMT. Supply chain constraints continue to moderate our overall growth rate. However, we continue to record sequential improvements in Aero output, as expected, and are reducing our past due backlog across our short-cycle businesses.

在 Aero 和 PMT 業務強勁的推動下，我們的積壓訂單仍保持在創紀錄的水平，第二季度末達到 305 億美元，同比增長 4%。供應鏈限制繼續減緩我們的整體增長率。然而，正如預期的那樣，我們繼續記錄航空產量的連續改善，並正在減少我們短週期業務的逾期積壓。

Our investments in Honeywell Digital have continued to yield commercial and operating benefits through surgical pricing actions, enabling us to expand segment margin by 150 basis points year-over-year to 22.4% and exceed the high end of our guidance by 20 basis points. 3 out of 4 segments expanded margins in the quarter, each by more than 100 basis points, with SPS leading the way as expected.

我們對 Honeywell Digital 的投資通過精準的定價行動繼續產生商業和運營效益，使我們的細分市場利潤率同比增長 150 個基點，達到 22.4%，比我們指導的上限高出 20 個基點。本季度，四分之三的細分市場利潤率擴大，每個細分市場的利潤率均提高了 100 個基點以上，其中 SPS 一如預期領先。

On cash, we generated $1.1 billion of free cash flow, up 34% year-over-year. This increase was driven by stronger net income as well as improved working capital performance with higher collections and good progress on inventory, where we have improved our demand planning and optimized our production and materials management using our improved end-to-end process and digitalization capabilities.

在現金方面，我們產生了 11 億美元的自由現金流，同比增長 34%。這一增長是由淨利潤增長以及營運資金績效改善、收款增加和庫存進展良好推動的，我們利用改進的端到端流程和數字化能力改進了需求計劃並優化了生產和材料管理。

Now let's spend a few minutes on the second quarter performance by business. Aerospace sales for the second quarter were up 16% organically, led by over 20% growth in Commercial Aviation. This marks the fourth consecutive quarter of double-digit Aerospace organic sales growth and over 2 years of double-digit growth for commercial aviation, supported by strong recovery in both flight hours and higher shipset deliveries. Growth remained strongest in commercial aviation aftermarket, up over 25%, led by over 30% growth in air transport, as increased flight hours resulted in higher spare shipments and repaired overall activity. Commercial original equipment sales also increased double digits, driven by increased build rates.

現在讓我們花幾分鐘時間了解一下第二季度的業務表現。第二季度航空航天銷售額有機增長 16%，其中商用航空領域增長超過 20%。這標誌著航空航天領域連續第四個季度實現兩位數有機銷售增長，商業航空業務連續兩年多實現兩位數增長，這得益於飛行時數的強勁復甦和更高的船舶交付量。商業航空售後市場的增長仍然最為強勁，增長超過 25%，其中航空運輸增長超過 30%，飛行時間增加導致備用貨運量增加並修復了整體活動。在建造率提高的推動下，商業原始設備銷售額也增長了兩位數。

Defense and space grew for the second consecutive quarter as we were able to execute on our strong backlog and increased our sales volumes. The Aero supply chain continued to make progressive improvements as better material availability enabled 20% year-over-year growth in original equipment and spare shipments again in Q2. Historically high past due backlog increased again in the quarter as orders growth outpaced our backlog burn down.

由於我們能夠執行大量積壓訂單並增加銷量，國防和航天領域連續第二個季度實現增長。隨著材料可用性的改善，第二季度原始設備和備件出貨量再次同比增長 20%，航空供應鏈繼續逐步改進。由於訂單增長超過了積壓訂單的消耗，本季度逾期積壓訂單再次增加，達到歷史最高水平。

Segment margin in Aerospace expanded 120 basis points year-over-year to 27.7%, due to commercial excellence and higher volume leverage, partially offset by cost inflation.

由於商業卓越和較高的銷量槓桿，航空航天領域的利潤率同比增長 120 個基點至 27.7%，部分被成本通脹所抵消。

Performance Materials and Technology sales grew 7% organically in the second quarter, with double-digit growth for the third consecutive quarter in both HPS and UOP. Process solutions sales grew 11% organically, driven by strength in our projects business and in lifecycle solutions and services.

第二季度高性能材料和技術銷售額有機增長 7%，HPS 和 UOP 連續第三個季度實現兩位數增長。在我們項目業務以及生命週期解決方案和服務實力的推動下，流程解決方案銷售額有機增長了 11%。

In UOP, sales also grew 11% organically, led by gas processing and refining catalyst shipments. Sustainable Technology Solutions within UOP had another standout quarter in Q2, with strong triple-digit orders growth and over 30% sales growth.

UOP 的銷售額也有機增長了 11%，其中天然氣加工和煉油催化劑出貨量居首。 UOP 的可持續技術解決方案在第二季度再次表現出色，訂單增長強勁，三位數增長，銷售額增長超過 30%。

In Advanced Materials, continued demand for fluorine products portfolio was offset by expected macro-driven softness in our electronics and chemicals business, leading to flat organic growth despite challenging year-over-year comps.

在先進材料領域，對氟產品組合的持續需求被我們電子和化學品業務預期宏觀驅動的疲軟所抵消，儘管同比比較充滿挑戰，但有機增長持平。

Segment margin contracted 60 basis points to 21.7% as favorable price cost was more than offset by challenges in advanced materials, including lower volumes and the previously communicated disruption in one of our plants. Safety and Productivity Solutions sales decreased 21% organically in the quarter. Sales declines are primarily driven by warehouse and workflow solutions and productivity solutions and services. While the projects portion of our Intelligrated business is around trough levels and the current low investment warehouse automation environment, the aftermarket services portion of the business continues to deliver solid double-digit growth.

由於先進材料的挑戰（包括銷量下降和之前報導的我們一家工廠的中斷）所抵消的有利價格成本，導致該部門利潤率收縮了 60 個基點至 21.7%。本季度安全和生產力解決方案銷售額有機下降 21%。銷售額下降主要是由倉庫和工作流程解決方案以及生產力解決方案和服務驅動的。雖然我們的 Intelligerated 業務的項目部分處於低谷水平並且當前處於低投資倉庫自動化環境，但該業務的售後服務部分繼續實現穩定的兩位數增長。

Sensing and Safety Technologies was flattish in the quarter, with ongoing strength in our industrial sensing product portfolio, offset by modestly lower volumes in safety. Segment margin performance for SPS once again led Honeywell, expanding 410 basis points to 16.7% as a result of productivity actions and commercial excellence, partially offset by lower volume leverage and cost inflation.

傳感和安全技術本季度表現平淡，我們的工業傳感產品組合持續強勁，但被安全銷量的小幅下降所抵消。由於生產力行動和商業卓越，SPS 的部門利潤率表現再次領先霍尼韋爾，增長 410 個基點至 16.7%，但部分被較低的銷量槓桿和成本通脹所抵消。

Honeywell Building Technologies sales were flat year-over-year on an organic basis in the second quarter. Building solutions sales grew 2% organically despite expected year-over-year order softness as we continue to execute on our robust backlog, with organic growth in our services business and no change year-over-year in projects.

霍尼韋爾建築技術公司第二季度有機銷售額同比持平。儘管預計訂單同比疲軟，但建築解決方案銷售額有機增長了 2%，因為我們繼續執行強勁的積壓訂單，服務業務有機增長，項目同比沒有變化。

Turning to our Products portfolio. We continue to see sequential improvements in the supply chain environment, and we're burning down our past due backlog as expected. Building products sales decreased 1% organically as continued growth in our world-class fire products business was offset by declines in security and building management systems. Our continued commercial excellence and productivity actions have allowed us to once again mitigate the effects of elevated inflation, expanding HBT's segment margin by 200 basis points to 25.5%.

轉向我們的產品組合。我們繼續看到供應鏈環境的連續改善，並且我們正在按預期銷毀過期的積壓訂單。由於我們世界一流的消防產品業務的持續增長被安全和建築管理系統的下降所抵消，建築產品銷售額有機下降了 1%。我們持續的商業卓越和生產力行動使我們能夠再次減輕通脹上升的影響，將 HBT 的部門利潤率擴大 200 個基點，達到 25.5%。

Honeywell Connected Enterprise's strong software franchise continues to be accretive to overall Honeywell and a powerful differentiator. Overall double-digit organic growth was supported by strength in cyber, industrial, aircraft and buildings. Double-digit orders growth in the quarter is supportive of continued strong performance for HCE.

Honeywell Connected Enterprise 強大的軟件專營權繼續為整個 Honeywell 帶來增值，並成為強大的差異化因素。整體兩位數的有機增長得益於網絡、工業、飛機和建築領域的實力。本季度兩位數的訂單增長支持了 HCE 持續強勁的業績。

Overall, this was a great result for Honeywell. Our operational efforts enabled us to grow second quarter GAAP earnings per share 21% year-over-year to $2.22 and adjusted earnings per share 6% year-over-year to $2.23, despite a $0.15 headwind from lower noncash income from our overfunded pension. From a year-over-year perspective, segment profit drove $0.21 of the improvement in earnings, the main driver of our EPS growth. A lower adjusted effective tax rate contributed $0.06 of improvement, and reduced share count added an additional $0.05.

總的來說，這對霍尼韋爾來說是一個很好的結果。我們的運營努力使我們第二季度的 GAAP 每股收益同比增長 21% 至 2.22 美元，調整後每股收益同比增長 6% 至 2.23 美元，儘管我們資金過剩的養老金非現金收入減少帶來了 0.15 美元的阻力。從同比角度來看，部門利潤推動了收益改善 0.21 美元，這是我們每股收益增長的主要推動力。較低的調整後有效稅率貢獻了 0.06 美元的改善，而股票數量的減少則額外增加了 0.05 美元。

Excluding the pension headwind, below-the-line and other created a $0.04 year-over-year headwind due to higher net interest expense for a total EPS, excluding the pension impact, of $2.38, up 13% year-over-year. A bridge for adjusted EPS from 2Q '22 to 2Q '23 can be found in the appendix of this presentation.

排除養老金阻力，線下和其他因素造成了 0.04 美元的同比阻力，因為總每股收益（不包括養老金影響）的淨利息支出較高，為 2.38 美元，同比增長 13%。可以在本演示文稿的附錄中找到從 2022 年第二季度到 23 年第二季度調整後 EPS 的橋樑。

Finally, as Vimal mentioned earlier, we continue to leverage our strong balance sheet, deploying $2.1 billion in the quarter, bringing the year-to-date total to $3.7 billion as we execute on our capital deployment strategy with meaningful portfolio updates. So overall, disciplined adherence to our best-in-class Honeywell value-creation framework provided us with the operational agility to meet or exceed our guided financial metrics.

最後，正如 Vimal 之前提到的，我們繼續利用我們強大的資產負債表，在本季度部署了 21 億美元，通過有意義的投資組合更新執行我們的資本部署策略，使年初至今的總額達到 37 億美元。因此，總體而言，嚴格遵守我們一流的霍尼韋爾價值創造框架，為我們提供了運營敏捷性，以達到或超過我們指導的財務指標。

Now let's turn to Slide 6 to discuss our third quarter and full year outlook. While a number of challenges persist in the current environment, our rigorous operating principles enable us to increase our guided metrics for the full year. Our demand profile remains robust with record backlog levels, particularly in aerospace and PMT, and stabilized sequential short-cycle order rates across much of the portfolio.

現在讓我們轉向幻燈片 6 來討論我們的第三季度和全年展望。儘管當前環境中仍然存在許多挑戰，但我們嚴格的運營原則使我們能夠增加全年的指導指標。我們的需求狀況依然強勁，積壓訂單水平創歷史新高，特別是在航空航天和 PMT 領域，並且大部分產品組合的連續短週期訂單率保持穩定。

For our Q3 sales guidance, we expect to be in the range of $9.1 billion to $9.3 billion, up 1% to 4% on an organic basis. We now expect full year sales of $36.7 billion to $37.3 billion, which represents an increase of $200 million on the low end, incorporating our strong second quarter results. We're raising the low end of our organic growth range, now 4% to 6%, and we continue to expect a greater balance of price and volume versus last year. We've upgraded our full year expectations in PMT, while softening our outlook for SPS to reflect our latest views on the end market's reach.

對於我們第三季度的銷售指引，我們預計將在 91 億美元至 93 億美元之間，有機增長 1% 至 4%。我們現在預計全年銷售額將達到 367 億美元至 373 億美元，這意味著低端增長了 2 億美元，考慮到我們強勁的第二季度業績。我們正在提高有機增長范圍的下限，目前為 4% 至 6%，並且我們繼續預計價格和銷量與去年相比將實現更大的平衡。我們上調了對 PMT 的全年預期，同時軟化了對 SPS 的展望，以反映我們對終端市場影響力的最新看法。

Moving to our segment margin guidance. We expect the third quarter to be in the range of 22.3% to 22.6%, resulting in year-over-year margin expansion of 50 to 80 basis points due to commercial excellence and productivity actions. For full year 2023, we are upgrading our segment margin expectations by 10 basis points on the low end to a new range of 22.4% to 22.6% or 70 to 90 basis points of year-over-year expansion, driven by improvement in HBT, SPS and PMT.

轉向我們的分部利潤率指導。我們預計第三季度的利潤率將在 22.3% 至 22.6% 之間，由於商業卓越和生產力行動，利潤率將同比增長 50 至 80 個基點。對於 2023 年全年，在 HBT 改善的推動下，我們將細分市場利潤率預期低端上調 10 個基點至 22.4% 至 22.6% 的新範圍，即同比擴張 70 至 90 個基點， SPS 和 PMT。

Now let's take a moment to walk through the third quarter and full year expectations by business. Looking ahead for aerospace. We continue to be excited about demand across our end markets and expect sequential sales growth throughout the second half, supported by ongoing sequential factory output increases and strong orders. Commercial aftermarket, particularly in air transport, should lead growth in the Aero portfolio as flight hours continue to recover and we see further recovery in the wide-body market from increased international travel.

現在讓我們花點時間按業務回顧一下第三季度和全年的預期。展望航空航天。我們繼續對終端市場的需求感到興奮，並預計在工廠產量連續增長和強勁訂單的支持下，下半年銷售將連續增長。隨著飛行時間持續恢復，商業售後市場（尤其是航空運輸領域）應會引領航空產品組合的增長，並且我們看到寬體機市場因國際旅行的增加而進一步復甦。

On the commercial original equipment side, we expect build rate strength to drive volume progression in the second half. In defense and space, we expect sequential and year-over-year growth in the second half and continue to work through our robust backlog. As a result, we expect defense and space to grow at a mid-single-digit rate for the full year 2023.

在商業原始設備方面，我們預計建造率的強勁將推動下半年銷量的增長。在國防和太空領域，我們預計下半年將實現環比和同比增長，並繼續處理我們強勁的積壓工作。因此，我們預計 2023 年全年國防和航天領域將以中等個位數的速度增長。

We continue to expect modest sequential improvement in the Aerospace supply chain as growing commitments from our suppliers year-to-date, coupled with a second consecutive quarter of 20% output increases give us continued confidence in our outlook. Given these factors, we still expect Aero organic sales growth in the low double-digit range. For segment margin, we still expect Aero to be flattish for the year as we see modest mix pressure within our OE business, offsetting overall volume leverage.

我們繼續預計航空航天供應鏈將出現適度的環比改善，因為我們的供應商今年迄今的承諾不斷增加，加上連續第二個季度產量增長 20%，使我們對前景繼續充滿信心。考慮到這些因素，我們仍然預計 Aero 的有機銷售額增長將在兩位數範圍內。就分部利潤率而言，我們仍然預計 Aero 今年將持平，因為我們看到我們的 OE 業務內部存在適度的混合壓力，抵消了整體銷量槓桿。

In Performance Materials and Technologies, encouraging fundamentals persist across our end markets, driving favorable growth. For the third quarter, we expect sales to increase year-over-year and sequentially, coupled with a seasonally strong fourth quarter. Growth will be led by smart energy, projects and lifecycle solutions and services within process solutions as the strength of these businesses saw in the first half continues into the second half.

在高性能材料和技術領域，我們的終端市場持續存在令人鼓舞的基本面，推動了良好的增長。對於第三季度，我們預計銷售額將同比和環比增長，加上第四季度的季節性強勁。智能能源、項目和生命週期解決方案以及流程解決方案中的服務將引領增長，因為這些業務在上半年的實力將持續到下半年。

In UOP, our growth outlook for the year is supported by robust demand for petrochemical and refining catalysts. The Sustainability Technology Solutions business within UOP will also provide growth as we capitalize on legislation that come in.

在 UOP，我們今年的增長前景受到石化和煉油催化劑強勁需求的支持。隨著我們利用新出台的立法，UOP 內的可持續發展技術解決方案業務也將實現增長。

For advanced materials, we see ongoing demand for fluorine products, combined with improvements in electronic materials, supportive of sequential growth in the first half. Despite more challenging comps in the second half, these favorable market conditions and our strong execution give us confidence to upgrade our full year sales growth expectations for PMT to high single digits compared to mid-single digits last quarter.

對於先進材料，我們認為對氟產品的持續需求，加上電子材料的改進，支持了上半年的環比增長。儘管下半年的競爭更加激烈，但這些有利的市場條件和我們強勁的執行力使我們有信心將 PMT 的全年銷售增長預期從上季度的中個位數提高到高個位數。

For segment margin, we expect sequential improvement throughout the year, including robust expansion in the fourth quarter, resulting in modest year-over-year improvement for overall 2023.

對於分部利潤率，我們預計全年將連續改善，包括第四季度的強勁擴張，從而導致 2023 年整體同比略有改善。

Looking ahead for Safety and Productivity Solutions. Our outlook continues to be impacted by the decline in CapEx for new warehouse capacity. However, our short-cycle businesses appear to be stabilizing as we awaited demand acceleration in the coming quarters. For the third quarter, we expect this to lead to organic sales decline similar to Q2. However, we anticipate another quarter of strong growth in the aftermarket services portion of our Intelligrated business, and Sensing and Safety Technologies should return to growth.

展望安全和生產力解決方案。我們的前景繼續受到新倉庫容量資本支出下降的影響。然而，我們的短週期業務似乎正在穩定，因為我們等待未來幾個季度的需求加速。對於第三季度，我們預計這將導致與第二季度類似的有機銷售額下降。然而，我們預計 Intelliglated 業務的售後服務部分將再出現一個季度的強勁增長，並且傳感和安全技術也將恢復增長。

With the SPS portfolio bouncing on the bottom of the cycle, we now expect full year sales to be down low double digits in 2023. However, segment margin continues to be a bright spot for SPS as we implement productivity actions and drive operational improvements, and we still expect strong margin expansion for the full year.

隨著 SPS 投資組合在周期底部反彈，我們現在預計 2023 年全年銷售額將下降兩位數。然而，隨著我們實施生產力行動並推動運營改進，部門利潤率仍然是 SPS 的一個亮點，我們仍然預計全年利潤率將強勁增長。

In Building Technologies, the macroeconomic environment remains challenging, our team continues to execute well and burn down our past due backlog. For the third quarter, we expect sales to be relatively flat year-over-year as we continue to see more challenging comps and the timing of short-cycle recovery remains uncertain. For the year, we still expect sales in our long-cycle Building Solutions business to outgrow the more short-cycle building products.

在建築技術領域，宏觀經濟環境仍然充滿挑戰，我們的團隊繼續表現良好，並燒毀了過去到期的積壓工作。對於第三季度，我們預計銷售額將同比相對持平，因為我們繼續看到更具挑戰性的競爭，並且短週期復甦的時間仍然不確定。今年，我們仍然預計長周期建築解決方案業務的銷售增長將超過短週期建築產品。

Our institutional verticals such as airports and education will remain strong as we continue to see stimulus spend come through. The business is well aligned to energy efficiency and sustainability megatrends. Given these dynamics, we still expect HBT sales for the year to grow low single digits organically, and we see potential for growth acceleration as we exit '23. For segment margins, we now expect HBT to lead Honeywell margin expansion as a result of strong inflation management and productivity actions.

隨著我們繼續看到刺激支出的實施，我們的垂直機構（例如機場和教育）將保持強勁。該業務非常符合能源效率和可持續發展的大趨勢。鑑於這些動態，我們仍然預計今年 HBT 銷售額將有機增長較低的個位數，並且我們看到隨著我們退出 23 年，增長加速的潛力。對於部門利潤率，我們現在預計，由於強有力的通脹管理和生產力行動，HBT 將引領霍尼韋爾利潤率擴張。

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 $120 million to negative $170 million in the third quarter and negative $500 million to negative $625 million for the full year. This guidance includes a range of repositioning between $40 million and $85 million in the quarter 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。線下淨影響（即分部利潤與稅前收入之間的差額）預計第三季度將在負 1.2 億美元至負 1.7 億美元之間，整個季度將在負 5 億美元至負 6.25 億美元之間。年。該指引包括本季度 4000 萬至 8500 萬美元的重新定位以及全年 2.25 億至 3.25 億美元的重新定位，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 the adjusted effective tax rate to be roughly 23% in the third quarter, 2 points higher than our full year guide of 21% and 2 points higher than 2Q, which is unchanged from our previous guidance. That implies a lower 4Q rate due to the timing of discrete items. Importantly, this higher tax rate in Q3 reflects an approximately $0.06 headwind to EPS, but will be offset by a commensurate tailwind in 4Q leaving the full year unchanged.

我們預計第三季度調整後的有效稅率約為 23%，比我們全年指導的 21% 高 2 個百分點，比第二季度高 2 個百分點，與我們之前的指導不變。這意味著由於離散項目的時間安排，第四季度利率較低。重要的是，第三季度較高的稅率反映出每股收益約 0.06 美元的不利因素，但將被第四季度相應的有利因素所抵消，從而使全年保持不變。

We expect average share count to be around 669 million shares in Q3 and 670 million shares for the full year. As a result of these inputs, our adjusted EPS guidance range is now between $2.15 to $2.25 for the third quarter, which would be down 4% to flat year-over-year. Excluding the pension headwinds, third quarter EPS growth would be up 2% to up 6%. For full year EPS, we are increasing the midpoint of our guide, upgrading the low end of the range by $0.05 for a new range of $9.05 to $9.25, up 3% to 6%, reflecting our continued confidence that 2023 will be a solid growth year for Honeywell despite the year-over-year pension headwinds. Excluding these headwinds, EPS growth would be 10% to 12% for the year.

我們預計第三季度平均股數約為 6.69 億股，全年平均股數約為 6.70 億股。由於這些投入，我們調整後的第三季度每股收益指導範圍目前在 2.15 美元至 2.25 美元之間，同比下降 4% 至持平。排除養老金不利因素，第三季度每股收益增長將增長 2% 至 6%。對於全年每股收益，我們提高了指南的中點，將範圍的低端上調了 0.05 美元，達到 9.05 至 9.25 美元的新範圍，上漲 3% 至 6%，反映出我們對 ​​2023 年將實現穩健增長的持續信心儘管年復一年養老金面臨逆風，但霍尼韋爾仍取得了輝煌的一年。排除這些不利因素，今年每股收益增長將為 10% 至 12%。

After a strong first half and continued progress on inventory and receivables management, we 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.

經過上半年的強勁表現以及庫存和應收賬款管理方面的持續進展，我們預計到 2023 年將達到最初的 39 億至 43 億美元自由現金流指導，即 51 億至 55 億美元，不包括和解的淨影響。

So to wrap up, our original thesis for '23 remains intact. Robust backlog of $30 billion underpins our strength -- our growth, though the timing of the short-cycle recovery remains uncertain. We're encouraged by the strength of our portfolio and continue to execute on our rigorous operating playbook through a challenging backdrop to deliver outstanding results.

總而言之，我們 23 年的原始論文保持不變。儘管短週期復甦的時機仍不確定，但 300 億美元的強勁積壓訂單支撐了我們的實力——我們的增長。我們對我們的投資組合的實力感到鼓舞，並在充滿挑戰的背景下繼續執行我們嚴格的運營手冊，以取得出色的業績。

Now let's turn to Slide 7, and I'll hand the call back to Vimal for some long-term comments.

現在讓我們轉向幻燈片 7，我會將電話轉回 Vimal 以徵求一些長期意見。

Thank you, Greg. I'd like to take a minute to zoom out from the quarterly result to emphasize the long-term journey Honeywell is on. As you can see from the chart on the slide, Honeywell has made tremendous progress, whether it's accelerating organic growth, expanding gross margins and segment margin or growing free cash flow, we have come a long way, but we are not close to done. And we have identified the critical levers that will enable us to reach even higher level of financial performance.

謝謝你，格雷格。我想花一點時間來回顧一下季度業績，以強調霍尼韋爾正在進行的長期發展。正如您從幻燈片上的圖表中看到的那樣，霍尼韋爾取得了巨大的進步，無論是加速有機增長、擴大毛利率和部門利潤，還是增加自由現金流，我們都已經取得了長足的進步，但我們還沒有接近完成。我們已經確定了使我們能夠達到更高水平的財務業績的關鍵槓桿。

We remain committed to our long-term growth algorithm that we discussed during our May Investor Day and during 2023 Guidance closely aligned with this framework. We carefully track our progression towards achieving our targets and remain confident in our ability to accelerate growth, achieve 25% segment margin and expand gross margin to above 40% and free cash flow margins to mid-teens and beyond.

我們仍然致力於我們在 5 月投資者日和 2023 年指導期間討論的長期增長算法，該算法與該框架緊密結合。我們仔細跟踪我們實現目標的進展，並對我們加速增長、實現 25% 的細分利潤率、將毛利率擴大到 40% 以上以及將自由現金流利潤率擴大到十幾歲及以上的能力充滿信心。

As I said in May, my priorities as CEO include accelerating organic growth and enhancing our innovation playbook, growing our sustainability and digitization capability and maintaining our leadership position in high-growth regions. I also plan to evolve the accelerating operating system to drive incremental value through business model optimization.

正如我在五月份所說，作為首席執行官，我的首要任務包括加速有機增長、增強我們的創新策略、提高我們的可持續發展和數字化能力以及保持我們在高增長地區的領導地位。我還計劃發展加速操作系統，通過業務模型優化來驅動增量價值。

Additionally, Honeywell has undergone substantial internal transformation, the result of which you can see in our top line and bottom line improvements over the last decade. I plan to further optimize the portfolio through strategic capital deployment and reduce exposure to noncore areas.

此外，霍尼韋爾還經歷了重大的內部轉型，其結果可以從我們過去十年的收入和利潤改進中看到。我計劃通過戰略資本部署進一步優化投資組合，減少對非核心領域的投資。

3 deals announced this quarter demonstrate the strength of our M&A pipeline and our commitment to deploy capital. I'm excited to lead the change for this next phase of transformation for Honeywell, and I am confident in our ability to deliver superior returns for our shareholders. As we deploy our global design model across our portfolio, we are uncovering substantial opportunities to capture value, whether it is expanding margins, driving incremental sales growth or generating more cash. And we will continue to update you as these efforts translate increasingly into enhanced financial performance.

本季度宣布的 3 筆交易證明了我們併購渠道的實力以及我們對資本部署的承諾。我很高興能夠領導霍尼韋爾下一階段的轉型，並且我對我們為股東帶來卓越回報的能力充滿信心。當我們在整個產品組合中部署全球設計模型時，我們正在發現大量捕捉價值的機會，無論是擴大利潤、推動增量銷售增長還是產生更多現金。隨著這些努力逐漸轉化為財務業績的提高，我們將繼續向您通報最新情況。

Now let's turn into Slide 8 into closing part before we move into Q&A. Honeywell executed very well in what remains a very dynamic operating environment. We'll continue to effectively manage through ongoing external factors, while delivering on our commitment by relying on our value creation framework. The macro economy remains challenging and the timing of a short cycle acceleration is uncertain. But with ongoing strength in our 2 biggest end markets, Aerospace and Energy, combined with operating rigor you have come to expect from Honeywell, we are confident in our ability to weather near-term challenges and meet our performance targets.

現在讓我們將幻燈片 8 作為結束部分，然後再進入問答環節。霍尼韋爾在充滿活力的運營環境中表現出色。我們將繼續有效地管理持續的外部因素，同時依靠我們的價值創造框架履行我們的承諾。宏觀經濟依然充滿挑戰，短週期加速的時機尚不確定。但憑藉我們在航空航天和能源這兩個最大終端市場的持續實力，再加上您對霍尼韋爾的嚴格運營期望，我們對應對近期挑戰並實現績效目標的能力充滿信心。

Thank you all to our Honeywell colleagues who continue to enable us to outperform in any environment.

感謝所有霍尼韋爾同事，是你們讓我們在任何環境下都能表現出色。

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

肖恩，接下來我們進入問答環節。

Thank you, Vimal. Vimal, Greg and Anne are now available to answer your questions.

謝謝你，維馬爾。 Vimal、Greg 和 Anne 現在可以回答您的問題。

(Operator Instructions)

（操作員說明）

Liz, please open the line for Q&A.

LZ，請打開問答線路。

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

我們的第一個問題來自美國銀行安德魯·奧賓 (Andrew Obin) 的電話。

Yes, can you hear me?

是的，你能聽到我說話嗎？

Yes.

是的。

Just a question on Advanced Materials. It's a good return business. When should we expect this business to return to growth? And also, do you guys need to add capacity to grow this business? How strong the structural demand is?

只是一個關於先進材料的問題。這是一筆很好的回報生意。我們應該期望這項業務何時恢復增長？另外，你們需要增加產能來發展這項業務嗎？結構性需求有多強？

Yes. Thanks, Andrew. So I think the key is the comps of Advanced Materials to 2022, we grew more than 20% last year. So combine that with some of the weaknesses we see in electronic materials side, we are having a moderate year for Advanced Material this year. We do expect markets to turn better during second half and more importantly, in 2024.

是的。謝謝，安德魯。所以我認為關鍵是先進材料到 2022 年的業績，去年我們增長了 20% 以上。因此，結合我們在電子材料方面看到的一些弱點，今年先進材料的表現將是溫和的。我們確實預計下半年市場會好轉，更重要的是 2024 年。

To your question on capacity expansion, we remain very excited. In fact, in the next track cycle, we expect more capital investment and increase our capacity for Advanced Materials for some of the existing offering and potentially some new offering. So overall, we remain very bullish on Advanced Materials portfolio.

對於你關於產能擴張的問題，我們仍然非常興奮。事實上，在下一個軌道周期中，我們預計會有更多的資本投資，並提高我們對某些現有產品和潛在的新產品的先進材料產能。因此總體而言，我們仍然非常看好先進材料投資組合。

Our next question comes from the line of Steve Tusa with JPMorgan.

我們的下一個問題來自史蒂夫·圖薩（Steve Tusa）與摩根大通的對話。

The underlying -- I guess, on the positive side, the very strong margin in Aerospace, tough to kind of like cut through the OE incentives. Was there anything unusual there? Like where the OE incentives -- we're just under the quarterly timing of those. I mean, I'm kind of getting to an underlying incremental of around like 40% for that business, if we adjust for some of these OE incentives. Can you just maybe talk about some of the moving parts there? And whether I'm roughly right on the math?

我想，從積極的一面來看，潛在的原因是航空航天業的利潤率非常高，很難削減原始設備激勵措施。那裡有什麼異常嗎？就像 OE 激勵措施一樣，我們正處於這些激勵措施的季度時間範圍內。我的意思是，如果我們對其中一些 OE 激勵措施進行調整，那麼該業務的潛在增量將達到 40% 左右。您能談談其中的一些活動部分嗎？我的數學計算是否大致正確？

Yes. So the OE incentives we haven't disclosed the exact amount of them, but the first half is going to be a little lighter than the second half in terms of those OE incentives. So that's why when we talk about the full year margins still being flattish, even though we had a pretty strong Q2, I think that's really what's going on in that regard.

是的。因此，我們還沒有透露 OE 激勵的具體金額，但就這些 OE 激勵而言，上半年將比下半年稍微輕一些。因此，這就是為什麼當我們談論全年利潤率仍然持平時，儘管我們的第二季度表現相當強勁，我認為這確實是這方面發生的事情。

Okay. And then just one last one on HBT. That business just perhaps should be growing better in this environment. Even Building Solutions was kind of like weak. So there's really not a function of these -- that really can't be a function of destocking. So maybe what are the moving parts there? And why are you guys not keeping up with the other nonres players out there?

好的。然後是關於 HBT 的最後一篇。在這種環境下，該業務或許應該發展得更好。甚至建築解決方案也有點弱。因此，這些實際上沒有任何作用——這實際上不可能是去庫存的作用。那麼也許那裡有哪些活動部件呢？你們為什麼跟不上其他非職業玩家的步伐？

Yes. So Steve, we are conscious of our margin rates in HBT and make careful selection of our projects, which have adequate margins and strong service days. So we -- I think given that choice we made, you can see impact of that in margin expansion of Building Technologies. And that comes to a certain degree at the organic growth rate. So it's a choice to be made. And we want to deliver both an ideal world, but we remain biased more towards growth in margin expansion versus the top line growth.

是的。所以史蒂夫，我們很清楚 HBT 的利潤率，並仔細選擇我們的項目，這些項目具有足夠的利潤和強大的服務天數。因此，我認為考慮到我們所做的選擇，您可以看到它對建築技術利潤擴張的影響。這在一定程度上體現在有機增長率上。所以這是一個需要做出的選擇。我們希望實現一個理想的世界，但我們仍然更偏向於利潤率擴張而不是營收增長。

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

我們的下一個問題來自 Sheila Kahyaoglu 和 Jefferies 的對話。

I wanted to ask on Aerospace specific one, if that's okay. Last quarter, you raised your Aerospace guide to up low double digits. And I think the bulk of the rates had come from the OE side, which you guys are doing well in. But there's been a bunch of moving pieces this quarter with the MAX officially going to 38 per month yesterday. And then, of course, engine issues could force like a build -- new build versus spares issue at Airbus on the A320. So kind of how are you thinking about the puts and takes for aerospace OE as we get into the second half, following 15% growth in the first half?

我想問一下航空航天方面的具體問題，可以嗎？上個季度，您將航空航天指南提高到了低兩位數。我認為大部分費率來自 OE 方面，你們在這方面做得很好。但是本季度有很多變化，昨天 MAX 正式升至每月 38 點。當然，空客 A320 上的發動機問題可能會像建造問題一樣引發新建造與備件問題。那麼，繼上半年增長 15% 後，進入下半年，您如何看待航空航天 OE 的投入和支出？

So Sheila, our deliveries for the year are pretty well aligned with all OEs, both on air transport as well as on the business jet side. We have our commits to all key OEMs on for Q3, Q4. And our projections are based upon those commit rates. So I can't comment on their commitments to their customers, but we are pretty well aligned our commits to them and our revenue growth and our volume growth is linked to that. And it's going to be pretty strong. I mean we expect the momentum in Aerospace not to change in 2023 or for that matter, even in 2024. Our backlog is extremely strong, and our supply chain continues to improve every quarter.

希拉，我們今年的交付量與所有原始設備製造商的交付量非常一致，無論是在航空運輸方面還是在公務機方面。我們對第三季度、第四季度的所有主要原始設備製造商做出了承諾。我們的預測是基於這些承諾率。因此，我無法評論他們對客戶的承諾，但我們對他們的承諾非常一致，我們的收入增長和銷量增長與之相關。而且它會非常強大。我的意思是，我們預計航空航天業的勢頭在 2023 年甚至 2024 年都不會改變。我們的積壓訂單非常強勁，我們的供應鏈每個季度都在持續改善。

And the recent events have not changed their expectations of us to this stage.

而最近發生的事件並沒有改變他們對我們現階段的期望。

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

我們的下一個問題來自巴克萊銀行的朱利安·米切爾。

Maybe just my question would be on SPS. Just wanted to try and understand how the sort of orders and backlog there is moving? I can imagine it's not moving well, and that's why the revenue guide has come down. But any finer points on the orders and backlogs? And I suppose in the conviction level around warehouse accelerating next year, if that's starting to get sort of tested now because of the ongoing backlog pressure. And if we think about the shorter cycle businesses, how severe do you think the inventory depletion needs are in that business? And what does that mean for exit rates in SPS from this year on the top line?

也許我的問題是關於 SPS 的。只是想嘗試了解訂單和積壓訂單的變化情況如何？我可以想像它進展不順利，這就是收入指南下降的原因。但關於訂單和積壓訂單還有什麼更好的點嗎？我想，如果由於持續的積壓壓力，這種情況現在開始受到考驗，那麼明年倉庫建設的信心將會加速。如果我們考慮週期較短的業務，您認為該業務的庫存消耗需求有多嚴重？這對於今年以來 SPS 的退出率意味著什麼？

Sure. So I would say, if we take IGS first, our order rates are down meaningfully as we've talked about as -- but when we look at the overall pipeline, we're starting to see the pipeline build back to a little bit better levels. That may not occur immediately. But we see there is a chance that we may be growing again in 2024. That will really be dictated by how the back half orders really come in. But we are starting to see a little bit more strength in the pipeline, which I think is a positive.

當然。所以我想說，如果我們首先採取 IGS，我們的訂單率會顯著下降，正如我們所討論的那樣，但當我們查看整體管道時，我們開始看到管道恢復到更好一點水平。這可能不會立即發生。但我們認為，我們有可能在 2024 年再次實現增長。這實際上取決於後半訂單的實際進來方式。但我們開始看到管道中的實力更強，我認為這是積極的。

As it relates to the short-cycle businesses, what we talked about is, it's down year-on-year because the first half of the year was particularly high, but we're seeing stabilization. The last 2 to 3 quarters have been either going up sequentially or staying roughly flat. So I think we've reached the stabilization point on a short cycle. And as and when some of those markets begin to recover, then we'll see some growth. So as we think about SPS overall, I would expect it's going to grow in 2024. It's probably not going to be at the high end of our growth rate for our SPGs, but that's how we see it with the data that's coming through right now.

因為涉及到短週期業務，我們談到的是，它同比下降，因為上半年特別高，但我們看到穩定。過去 2 到 3 個季度要么連續上升，要么基本持平。所以我認為我們已經達到了短週期的穩定點。當其中一些市場開始復蘇時，我們就會看到一些增長。因此，當我們整體考慮 SPS 時，我預計它會在 2024 年實現增長。它可能不會達到我們 SPG 增長率的高端，但這就是我們根據目前的數據得出的看法。 。

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。

Vimal, a couple of small things here. One, I mean, you guys are spending a couple of hundred million a year on Quantum. Vimal, do you have a kind of an evolved vision of where this business goes and how you can monetize it? When you can monetize it? Is it a -- can the cash flow bleed go down a little bit over time? Or is there some kind of positive end game that you see here?

Vimal，這裡有一些小事情。第一，我的意思是，你們每年在量子上花費幾億美元。 Vimal，對於這項業務的發展方向以及如何將其貨幣化，您是否有一種不斷發展的願景？什麼時候可以盈利？隨著時間的推移，現金流流失是否會略有下降？或者你在這裡看到了某種積極的結局嗎？

So Scott, I mean we have publicly stated that we will like to monetize value of the Quantum investment we have made in Quantinuum. And as the markets are more ready for IPO, which probably are here for a while, we are getting prepared for that. So we are doing everything towards that end game. And the strategy hasn't changed to create more value for our shareholders at appropriate time through an IPO for that business.

Scott，我的意思是，我們已經公開表示，我們希望將我們在 Quantinuum 上進行的 Quantum 投資的價值貨幣化。隨著市場為 IPO 做好更多準備（IPO 可能會持續一段時間），我們正在為此做好準備。因此，我們正在盡一切努力實現最終目標。我們的戰略沒有改變，即通過該業務的首次公開募股在適當的時候為我們的股東創造更多價值。

Okay. Fair enough. And just quickly, I -- just following up on Steve's question. I mean, I would have thought Forge for Buildings would have given you a little bit of a lift, given the timing of when you rolled that out. I understand project selectivity, but I would have thought that would have given you a little bit more of a tailwind into the quarter. Is there timing issues there and that those orders haven't really kicked in yet, and we'll see that later in the year? Or is there other competitive dynamics?

好的。很公平。很快，我就跟進史蒂夫的問題。我的意思是，考慮到您推出該功能的時間，我本以為 Forge for Buildings 會給您帶來一點提升。我理解項目選擇性，但我原以為這會給你帶來更多的進入本季度的順風車。是否存在時間問題，並且這些訂單尚未真正生效，我們將在今年晚些時候看到這一點？或者還有其他競爭動力嗎？

Look, I mean, we are definitely seeing better bookings for Forge for Buildings. But one fact I would like to state is that business runs on a SaaS model. So even a large booking the revenue recognition process is different from traditional perpetual license-based model. So the revenue accretion is going to spread over multiple years for that. And we are consciously make that decision because rather than showing a short-term win, we are more biasing ourselves towards more recurring revenue model there, as I stated before. So that's why you see lesser impact, but we are scoring wins in Forge for Buildings. And I continue to remain very bullish on that segment.

聽著，我的意思是，我們肯定會看到 Forge for Buildings 的預訂量有所增加。但我想指出的一個事實是，業務運行在 SaaS 模式上。因此，即使是大額預訂，收入確認流程也不同於傳統的基於永久許可的模型。因此，收入增長將持續多年。我們有意識地做出這個決定，因為正如我之前所說，我們更傾向於那裡的經常性收入模式，而不是表現出短期勝利。這就是為什麼您看到的影響較小，但我們在 Forge for Buildings 中取得了勝利。我仍然非常看好這一領域。

Our next question comes from Nigel Coe with Wolfe Research.

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

Just wanted to maybe just put a final point on Julian's point -- question on SPS. So obviously, encouraging signs of the bottoming process here, but it does feel like the guidance embeds flat to maybe flattish, plus or minus growth in fourth quarter. So just want to make sure that's the case, and you've got good line on that. And maybe on HBT, just break down geographically what you're seeing versus North America, Europe and China. And whether there's any channel dynamics here that we should think about as well?

只是想對 Julian 的觀點提出最後一點——關於 SPS 的問題。很明顯，這裡出現了觸底過程的令人鼓舞的跡象，但確實感覺該指引嵌入了持平甚至可能持平、正負增長的第四季度增長。所以只是想確保情況確實如此，並且您對此有很好的了解。或許在 HBT 上，只需按地理位置將您所看到的情況與北美、歐洲和中國進行比較即可。我們是否也應該考慮這裡的任何渠道動態？

So I'll start with HBT, turn to Greg for respond to SPS question. I think HBT from a geographic perspective, we -- Europe continues to be where we want to have better outcome. I think that's a bit of a drag at this point. The strength is in high-growth regions. We see strength in Middle East, India and China in buildings. And North America is more of, I would say, sequentially no change within the business. So that's kind of our overall dynamic.

所以我將從 HBT 開始，請 Greg 回答 SPS 問題。我認為 HBT 從地理角度來看，我們——歐洲仍然是我們希望取得更好成果的地方。我認為目前這有點拖累。優勢在於高增長地區。我們看到中東、印度和中國在建築方面的實力。我想說，北美地區的業務基本上沒有變化。這就是我們的整體動力。

On the channel side, I mean, the channel demand will be determined by the end-market demand. So we -- it's a very short-cycle business. So we don't see any dynamics of channels, having less or more inventory in the HBT business.

在渠道方面，我的意思是，渠道需求將由終端市場需求決定。所以我們——這是一個週期非常短的業務。因此，我們沒有看到任何渠道動態，即 HBT 業務的庫存減少或增加。

Maybe, Greg, do you want to respond to SPS business?

也許，格雷格，你想回應 SPS 業務嗎？

Yes. So SPS, it's likely to be down in the fourth quarter. So I would say it's not going to be flattish. It's going to be probably more like down. I think 3Q and 2Q are going to look pretty similar to one another, and then we'll get a little bit of a normal seasonal bump in the fourth quarter. So that's the way I would think about the progression for SPS top line overall.

是的。所以SPS，第四季度可能會下降。所以我想說它不會是平坦的。它可能會更像是下降。我認為第三季度和第二季度看起來非常相似，然後我們將在第四季度出現一些正常的季節性增長。這就是我對 SPS 整體營收進展的思考方式。

Our next question comes from the line of Jeffrey Sprague with Vertical Research Partners.

我們的下一個問題來自 Jeffrey Sprague 和 Vertical Research Partners 的電話。

I was going to ask a near-term question but, Vimal, given your response about margins in HBT, I wonder if you could maybe just zoom out and just kind of think philosophically about kind of the trade-off between growth and margins, right? We have seen situations in the past where companies with high margins get like, for lack of a better term, a little bit trapped and wanting to maintain and grow the margins, right? And growth ends up suffering as a result. So could you -- and you addressed this to some degree, obviously, when we're together in New York. But could you maybe elaborate a little bit more on your philosophy relative to managing those 2 metrics and how you make sure you don't hinder growth by overly focusing on margins?

我本來想問一個近期問題，但是，Vimal，鑑於您對 HBT 利潤率的回應，我想知道您是否可以縮小範圍，從哲學角度思考增長和利潤率之間的權衡，對吧？我們過去見過這樣的情況：由於缺乏更好的術語，高利潤率的公司有點陷入困境，並希望維持和提高利潤率，對吧？結果，增長最終會受到影響。你也可以嗎——顯然，當我們在紐約時，你在某種程度上解決了這個問題。但是，您能否詳細說明一下與管理這兩個指標相關的理念，以及如何確保不會因過度關注利潤而阻礙增長？

Yes, our business model in HBT is a combination of serving the market, both through direct and channel. So we have to make choice what business we want to serve direct and what business we want to serve through channels. And in direct, we want to pick projects which have a strong first-party content and aftermarket services.

是的，我們在 HBT 的商業模式是通過直接和渠道服務市場的結合。所以我們必須選擇我們想要直接服務什麼業務，以及我們想要通過渠道服務什麼業務。直接來說，我們希望選擇具有強大的第一方內容和售後服務的項目。

So given that algorithm, we make choices with that rule. And we are sensitive to drive top line growth, but we are not going to compromise to book projects which are lower margins and show shining top line growth without any margin expansion. That has been our principle.

因此，鑑於該算法，我們根據該規則做出選擇。我們對推動營收增長很敏感，但我們不會妥協於預訂利潤率較低、但在沒有任何利潤擴張的情況下顯示出閃亮的營收增長的項目。這是我們的原則。

And the reason we are quite determined on that principle is it takes one bad project to deteriorate the entire business and the portfolio. So we remain committed to that model. And I'm not suggesting that we will not see growth in Building Technologies. I do believe that as energy efficiency becomes more prominent across the board, our Energy business there will do well. And we will deliver more growth in the project side of the house, too. But that remains our overarching...

我們之所以堅定地堅持這一原則，是因為一個糟糕的項目就會使整個業務和投資組合惡化。因此，我們仍然致力於該模式。我並不是說我們不會看到建築技術的增長。我確實相信，隨著能源效率在各方面變得更加突出，我們在那裡的能源業務將會表現良好。我們也將在項目方面實現更多增長。但這仍然是我們的首要任務...

Yes. I sort of meant the question on a total Honeywell basis, also though.

是的。不過，我的問題也是基於霍尼韋爾的整體考慮。

Okay. On total Honeywell basis, I mean, organic growth on the top end of our range is my biggest priority. I stated that in Investor Day, it's something I want to make my contribution in my tenure is how we grow at a higher rate. Now we are having favorable macros in 2 of our biggest SPGs, both in Aero and PMT. So on the strength of that, and if we couple that with the right new products, I see no reason that we should be delivering our growth in upper end of our 4 to 7 algorithm. And that's what I work on every day and continue to drive our new product execution and then M&A accelerating our overall growth algorithm. That remains my top commitment.

好的。我的意思是，在整個霍尼韋爾的基礎上，我們產品系列高端的有機增長是我的首要任務。我在投資者日表示，我想在我的任期內做出的貢獻是我們如何以更高的速度增長。現在，我們在 2 個最大的 SPG 中擁有有利的宏，無論是 Aero 還是 PMT。因此，憑藉這一點，如果我們將其與正確的新產品結合起來，我認為我們沒有理由在 4 到 7 算法的高端實現增長。這就是我每天的工作，並繼續推動我們的新產品執行，然後通過併購加速我們的整體增長算法。這仍然是我的首要承諾。

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

我們的下一個問題來自摩根士丹利的 Josh Pokrzywinski。

So I just want to maybe flip around the HBT question from the other perspective on PMT. I mean, you're seeing some of the bulk chemical guys go through destocking. I think traditional oil spending has been okay, but maybe not as strong as what you guys are seeing in some of the other process guys are seeing. I guess just how much are we getting away from kind of traditional oil versus either some of these mega projects or energy transition? Like is this business really transcending its roots of even kind of 5, 6, 7 years ago?

所以我只是想從 PMT 的另一個角度來翻轉一下 HBT 問題。我的意思是，你會看到一些大宗化學品公司正在去庫存。我認為傳統的石油支出還不錯，但可能不如你們在其他一些流程中看到的那麼強勁。我想，與這些大型項目或能源轉型相比，我們在多大程度上遠離了傳統石油？就像這個行業真的超越了 5、6、7 年前的根源嗎？

Sure. So Josh, if I look at each of the 3 segments, our Automation business, Process Solutions has increasingly reduced its dependence on oil and gas. It has diversified very well in other end markets, energy storage, the giga factories, metals and mining, et cetera. So we can see that in the growth rate of revenue generation for Process Solutions, and we remain very bullish on that business for 2023 and 2024.

當然。所以喬希，如果我看看這三個部分中的每一個部分，我們的自動化業務、流程解決方案已經越來越減少對石油和天然氣的依賴。它在其他終端市場、能源存儲、巨型工廠、金屬和採礦等領域的多元化程度非常高。因此，我們可以看到流程解決方案的收入增長率，我們仍然非常看好該業務在 2023 年和 2024 年的發展。

The UOP segment, our strategy has been to grow our business into sustainable technologies, renewable fuels, clean hydrogen, carbon capture. And we see pretty strong bookings in our Sustainable Technologies business. Just as a data point, now we have licensed 40 renewable fuel projects till Q3 and on a path to be 50 by, I would say, Q1 of 2024, which we -- I mentioned in a couple of earlier investor meetings. So UOP business is becoming also less linked to traditional refining petrochemicals, but fast moving towards renewable technology.

UOP 部門的戰略是將我們的業務發展到可持續技術、可再生燃料、清潔氫、碳捕獲。我們看到可持續技術業務的預訂相當強勁。作為一個數據點，現在我們在第三季度之前已經獲得了 40 個可再生燃料項目的許可，並且到 2024 年第一季度我們將獲得 50 個可再生燃料項目的許可，我在之前的幾次投資者會議上提到過這一點。因此，UOP 業務與傳統煉油石化產品的聯繫也越來越少，而是快速轉向可再生技術。

And in Advanced Materials, our business is very specialty chemicals. Softest -- product line continues to grow. We see some pressure in electronic materials, which is reflected in our overall growth rates, but we do expect that to turn back into normalcy in 2024. So overall, extremely positive outcome and bullish view on PMT for second half of 2023 and 2024. The booking rates remain strong. Backlog is very strong. New innovation pipeline is very, very strong. So all good news there.

在先進材料領域，我們的業務是非常特種化學品。 Softest——產品線持續增長。我們看到電子材料方面存在一些壓力，這反映在我們的整體增長率中，但我們確實預計這種情況將在 2024 年恢復正常。因此，總體而言，2023 年下半年和 2024 年 PMT 的結果非常積極且看漲。預訂率依然強勁。積壓情況非常嚴重。新的創新渠道非常非常強大。所以這都是好消息。

Our next question comes from Joe Ritchie with Goldman Sachs.

我們的下一個問題來自高盛的喬·里奇。

And so just real 2 quick ones. I guess just on SPS, we've talked a little bit about the growth dynamics for the year. I'm just curious how the reduction in the short-cycle businesses is perhaps impacting margins for the second half of the year?

所以只有真正的兩個快速的。我想就在 SPS 上，我們已經討論了今年的增長動態。我只是好奇短週期業務的減少可能如何影響下半年的利潤率？

And then the other question was really around the defense business. It's nice to see the inflection there. I'm just curious, at what point do you really start to see an acceleration in defense growth, just given what you know about your production schedules?

另一個問題實際上是圍繞國防業務的。很高興看到那裡的變化。我只是好奇，根據您對生產計劃的了解，您什麼時候真正開始看到國防增長加速？

So the way we have guided it, we are -- short-cycle orders have stabilized, and we're expecting similar trends over the next few months and our guidance based upon that. We are expecting stronger performance in warehouse automation orders because our pipeline has become better, but that will really strengthen our 2024 position given the long-cycle nature of the business. And that's our forecast right now, and we'll continue to update you if things change.

因此，按照我們的指導方式，短週期訂單已經穩定下來，我們預計未來幾個月會出現類似的趨勢，我們的指導也將基於此。我們預計倉庫自動化訂單會有更強勁的表現，因為我們的管道已經變得更好，但考慮到業務的長周期性質，這將真正加強我們 2024 年的地位。這就是我們目前的預測，如果情況發生變化，我們將繼續向您通報最新情況。

Yes. And I would just say, Joe, we have -- the teams have resized their cost envelope to the current reality. And as and when the short-cycle businesses reaccelerate, you can imagine those are very high margin at the VCM level, and that will create a lot of acceleration from a margin rate standpoint. So the margin rates that we're going to be printing now are going to be within a tighter band until we see that acceleration come, but their business is poised for it. And we'll see. Is that going to be Q4? Is it going to be Q1, remains to be seen, but we've sized the business properly, and there's going to be a fairly substantial leverage opportunities when that acceleration happens.

是的。我只想說，喬，我們的團隊已經根據當前的現實調整了他們的成本範圍。當短週期業務重新加速時，你可以想像這些在 VCM 水平上的利潤率非常高，從利潤率的角度來看，這將帶來很大的加速。因此，我們現在要印刷的保證金率將在一個更嚴格的範圍內，直到我們看到加速到來，但他們的業務已為此做好了準備。我們拭目以待。那會是第四季度嗎？是否會是第一季度，還有待觀察，但我們已經正確調整了業務規模，當這種加速發生時，將會有相當大的槓桿機會。

And then he had a question on Defense. We can see an acceleration in demand there.

然後他問了一個關於防守的問題。我們可以看到那裡的需求正在加速。

Yes.

是的。

Yes. So in defense, we -- our bookings remain very, very strong. So we are working our supply chain constraints there. And we do expect our delivery performance to be better in second half versus first half. So we had low single digits in the first half of the year. We expect the year to finish more in the mid-single digits for the defense business.

是的。因此，在防守方面，我們的預訂量仍然非常非常強勁。因此，我們正在解決供應鏈的限制問題。我們確實預計下半年的交付表現會比上半年更好。所以我們上半年的個位數較低。我們預計今年國防業務的銷售額將達到中個位數。

And from here, though, we've passed probably the comps where small increments are going to create meaningful growth from a percentage basis. So it should be all accretive from this point on.

不過，從這裡開始，我們可能已經通過了一些比較，其中小的增量將在百分比的基礎上創造有意義的增長。所以從現在開始一切都應該是增值的。

And also, I should also mention we see, longer term for the defense business, pretty strong demand outside the United States. As you can all imagine, the recent war in Ukraine has created more higher budgets by different governments. And we clearly see those signals coming to us in terms of demand from NATO countries, other friendly countries. And that will play out even more stronger for the Defense business in the times to come.

而且，我還應該提到，我們看到，從長遠來看，美國以外的國防業務需求相當強勁。正如大家可以想像的那樣，最近的烏克蘭戰爭讓各國政府增加了更多的預算。我們清楚地看到這些信號來自北約國家和其他友好國家的需求。這對於未來的國防業務來說將會更加強大。

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

我們的下一個問題來自加拿大皇家銀行資本市場部的迪恩·德雷 (Deane Dray)。

Just want to circle back on SPS, if we could. On warehouse automation, what are you seeing in the pipeline that suggests a bottoming? And then a related question is, can you give us any sense of when you'll hit this targeted critical mass of installations that will drive that flywheel of attractive aftermarket? How close are you to that? And what kind of time frame?

如果可以的話，我們只想回到 SPS。在倉庫自動化方面，您在管道中看到什麼表明觸底？然後一個相關的問題是，你能否告訴我們什麼時候你會達到這個目標臨界安裝量，這將驅動有吸引力的售後市場的飛輪？你離那有多近？什麼樣的時間範圍？

So the pipeline is growing very nicely, and that gives us a little bit more optimism on better orders performance for the business in the second half of the year, and the part of where the pipeline growth is driven by much more diversified end markets we serve now. So we are not limited to e-commerce. We are diversified into retail, into fashion, into logistics. So that wider coverage is giving us a better pipeline, and we are anticipating good progress in the orders in the second half of the year.

因此，管道增長得非常好，這讓我們對下半年業務更好的訂單表現更加樂觀，而管道增長的部分原因是我們服務的更加多元化的終端市場現在。所以我們不僅僅局限於電子商務。我們多元化經營零售、時尚、物流。因此，更廣泛的覆蓋範圍為我們提供了更好的渠道，我們預計下半年的訂單將取得良好進展。

On the aftermarket flywheel, I would say, it's been working now. We are growing double digits in the aftermarket in 2023. And we'll cross our aftermarket business more than $0.5 billion in bookings and pretty much nearly the same revenue for the year. And we don't expect the momentum to stop. That's our strength. Honeywell has strong playbook on how to drive aftermarket services, and that's the value we'll continue to add into the business. And our strength in that business in 2024. Therefore, we anticipate low to moderate growth, but very strong margin expansion because we continue to build more business with more first-party content and very strong aftermarket. And we've coupled the 2 together, we do expect pretty healthy margin growth in warehouse automation business in 2024.

我想說，在售後飛輪上，它現在已經發揮作用了。到 2023 年，我們的售後市場業務將實現兩位數增長。我們的售後市場業務預訂量將超過 5 億美元，全年收入幾乎持平。我們預計這種勢頭不會停止。這就是我們的力量。霍尼韋爾在如何推動售後服務方面擁有強大的劇本，這就是我們將繼續為業務增添的價值。以及我們在 2024 年該業務的實力。因此，我們預計將出現低至中等增長，但利潤率將非常強勁，因為我們將繼續通過更多的第一方內容和非常強大的售後市場來建立更多業務。我們將兩者結合在一起，我們確實預計 2024 年倉庫自動化業務的利潤率將實現相當健康的增長。

Yes. So I mean that business was around $200 million of the total in '18. By 2022, it doubled to roughly $400 million. As Vimal said, this year is going to be over $500 million.

是的。所以我的意思是，18 年的業務總額約為 2 億美元。到 2022 年，這一數字翻了一番，達到約 4 億美元。正如 Vimal 所說，今年的銷售額將超過 5 億美元。

Yes, aftermarket businesses.

是的，售後業務。

So that aftermarket is happening.

所以售後市場正在發生。

Our next question comes from the line of Nicole DeBlase with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

Just maybe on PMT, if you guys could talk a little bit more about the order activity you saw within UOP and HPS in the quarter? And then on the margins, you talked about the challenges in Advanced Materials. I guess, how does that kind of phase through the second half of the year?

也許在 PMT 上，你們能否多談談本季度 UOP 和 HPS 中看到的訂單活動？然後在邊緣，您談到了先進材料的挑戰。我想，下半年的情況如何？

So orders remain pretty strong in first half for UOP and HPS, and we expect to finish year strong in both the businesses. I would say, high single-digit orders growth in both UOP and HPS. And I explained the rationale of it. In HPS, it's more diversified end markets and our strength of our aftermarket business there. And in UOP, it is diversifying to renewable technologies. And as they become more and more important part of our portfolio, it continues to grow the business. And in UOP, the catalyst business continues to have a lot of strength in both refining and petrochemical catalysts.

因此，UOP 和 HPS 上半年的訂單仍然相當強勁，我們預計這兩項業務今年都會表現強勁。我想說的是，UOP 和 HPS 的訂單均實現了高單位數增長。我解釋了它的基本原理。在 HPS 中，終端市場更加多元化，而且我們的售後市場業務也具有優勢。在 UOP，它正在向可再生技術多元化發展。隨著它們成為我們產品組合中越來越重要的一部分，我們的業務不斷增長。在 UOP，催化劑業務在煉油和石化催化劑方面繼續擁有強大的實力。

Advanced Materials, as I mentioned, 2022 was an outstanding year, 20%-plus growth. So our comps year-on-year are tough. The margin rates are driven by some of the plant shutdown, which we had announced earlier. So that certainly put pressure on our cost positions. And then some contraction in electronic materials business, which is depressing our margins. But overall, I'd say it's a still highest margin business in the PMT portfolio. And as mentioned before, with the potential capacity expansion coming in years to come, this business is poised to performed very well in our portfolio.

正如我提到的，先進材料領域 2022 年是出色的一年，增長超過 20%。所以我們的同比表現很艱難。利潤率是由我們早些時候宣布的一些工廠關閉推動的。因此，這肯定會給我們的成本狀況帶來壓力。然後電子材料業務出現一些收縮，這壓低了我們的利潤率。但總體而言，我認為這仍然是 PMT 投資組合中利潤率最高的業務。正如之前提到的，隨著未來幾年潛在的產能擴張，這項業務將在我們的投資組合中表現出色。

Yes, Nicole, if you think about this year, we're literally going to progress each and every quarter sequentially a little bit better. We picked up about 110 basis points sequentially from 1Q to 2Q. We expect some additional sequential improvements in Q3 and then again in Q4. So I think as we get to the end of the year, it will look like modest year-over-year for the full year, but it's going to be a nice sequential step up quarter-to-quarter-to-quarter.

是的，妮可，如果你想想今年，我們實際上每個季度都會取得更好的進步。從第一季度到第二季度，我們連續上漲了約 110 個基點。我們預計第三季度會出現一些額外的連續改進，然後第四季度也會出現一些額外的連續改進。因此，我認為，到了年底，全年的同比增長看起來會比較溫和，但季度與季度之間的連續增長將是一個不錯的進步。

I think we have time for one more question.

我想我們還有時間再問一個問題。

This question comes from the line of Andrew Kaplowitz with Citigroup.

這個問題來自花旗集團的安德魯·卡普洛維茨（Andrew Kaplowitz）。

Vimal, could you talk about the stepped-up level of acquisitions you did in the quarter? Would you expect that kind of activity to continue over the next few quarters? Have you changed any of your methods for assessing potential acquisitions? I think, given the Investor Day, you probably didn't, but could you talk about the pipeline of opportunities going forward?

Vimal，您能談談本季度收購力度的加大嗎？您預計這種活動會在接下來的幾個季度繼續下去嗎？您是否改變了評估潛在收購的方法？我想，考慮到投資者日，您可能沒有，但是您能談談未來的機會嗎？

Look, Andrew, the pipeline remains extremely strong. We are actively working more outbound activities in M&A and remain very optimistic if we can get the deals done at the right price. Because one thing we're not going to compromise is our deal metrics. We want to stay disciplined to create shareholder value. But at the same time, our number of opportunities in the play are at a much higher elevated level compared to this time in the past. So Anne, if you want to add any comments from your perspective.

安德魯，你看，管道仍然非常強大。我們正在積極開展更多的境外併購活動，如果我們能夠以合適的價格完成交易，我們將保持非常樂觀的態度。因為我們不會妥協的一件事是我們的交易指標。我們希望保持紀律，創造股東價值。但與此同時，我們在比賽中的機會數量比過去的這個時候要高得多。安妮，如果您想從您的角度添加任何評論。

Yes, I would just add, the pipeline is growing. It's rich. We feel good as a strategic acquirer. We maintain the view that it's a hospitable environment for strategic acquirers, while the private equity community still is having a harder time financing. So it's a good time for us to be a buyer, and we expect that environment to continue into 2024 and beyond.

是的，我想補充一點，管道正在增長。很豐富。作為戰略收購方，我們感覺良好。我們仍然認為，這對戰略收購者來說是一個有利的環境，而私募股權界的融資仍然困難。因此，現在是我們成為買家的好時機，我們預計這種環境將持續到 2024 年及以後。

Thank you. I'd now like to turn the call back over to Vimal Kapur for closing remarks.

謝謝。現在我想將電話轉回給維馬爾·卡普爾（Vimal Kapur）做總結髮言。

Thank you. Our value creation framework is working. We are deploying our rigorous operating playbook to navigate near-term uncertainty. Honeywell remains well positioned to outperform in any environment as we capitalize on recovering end markets combined with solid operational execution. Thank you all, our Honeywell colleagues, who continue to drive differentiated performance for all our customers and shareholders. Thank you for listening and please stay safe and healthy.

謝謝。我們的價值創造框架正在發揮作用。我們正在部署嚴格的運營手冊來應對近期的不確定性。霍尼韋爾憑藉復甦的終端市場和穩健的運營執行力，在任何環境下都能保持領先地位。感謝大家，我們的霍尼韋爾同事，他們繼續為我們所有的客戶和股東帶來差異化的業績。感謝您的聆聽，請保持安全和健康。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。