漢威聯合 (HON) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Honeywell First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's call is being recorded.

感謝您的耐心等待，歡迎參加霍尼韋爾 2024 年第一季財報電話會議。 （操作員說明）請注意，今天的通話正在錄音。

I would now like to hand the call over to Sean Meakim, Vice President of Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係副總裁 Sean Meakim。請繼續。

Thank you. Good morning, and welcome to Honeywell's First Quarter 2024 Earnings Conference Call. On the call with me today are Chief Executive Officer, Vimal Kapur; and Senior Vice President and Chief Financial Officer, Greg Lewis. .

謝謝。早安，歡迎參加霍尼韋爾 2024 年第一季財報電話會議。今天與我通話的是執行長 Vimal Kapur；資深副總裁兼財務長 Greg Lewis。 。

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. Our discussion today includes forward-looking statements that are based on our best view of the world and of our business as we see them today and are subject to risks and uncertainties, including the ones described in our SEC filings.

此網路廣播和簡報資料（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取得。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資訊。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。

This morning, we will review our financial results for the first quarter, share our guidance for the second quarter and provide an update on full year 2024. As always, we'll leave time for your questions at the end.

今天早上，我們將回顧第一季的財務業績，分享第二季的指引，並提供 2024 年全年的最新情況。

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

接下來，我會將電話轉給執行長 Vimal Kapur。

Thank you, Sean, and good morning, everyone. We delivered a very strong first quarter, exceeding the high end of our first quarter adjusted earnings per share guidance and meeting the high end of our organic sales and segment margin guidance ranges.

謝謝肖恩，大家早安。我們的第一季業績非常強勁，超過了第一季調整後每股盈餘指引的上限，並達到了有機銷售額和部門利潤率指引範圍的上限。

The disciplined execution of our world-class Accelerator operating system and differentiated portfolio of technologies enabled this strong performance amidst a dynamic macroeconomic backdrop.

我們世界一流的加速器操作系統的嚴格執行和差異化的技術組合使我們能夠在動態的宏觀經濟背景下取得如此強勁的業績。

As expected, our long-cycle Aerospace and energy-oriented businesses led the way with healthy organic volume growth. We are starting to see recovery in some areas of our short-cycle portfolio, including consecutive quarters of order growth in productivity solutions and services, while the other short-cycle businesses continue to normalize as the effects of destocking fade consistent with our second half acceleration framework.

正如預期的那樣，我們的長週期航空航太和能源業務引領了健康的有機銷售成長。我們開始看到我們的短週期投資組合的某些領域出現復甦，包括生產力解決方案和服務的訂單連續幾個季度增長，而其他短週期業務則繼續正常化，因為去庫存的影響與我們下半年的加速一致而減弱框架。

Before we get into a more detailed discussion on the first quarter 2024 results and updates to our full year 2024 expectation, let me take a minute to revisit my priorities for Honeywell.

在我們更詳細地討論 2024 年第一季業績和更新 2024 年全年預期之前，讓我花一點時間回顧一下我對霍尼韋爾的優先事項。

First, we are keenly focused on accelerating organic sales growth towards the upper end of our long-term target range of 4% to 7%. We are doing this by enhancing our innovation playbook, accelerating sustainability and software offerings, increasing penetration of our installed base and leveraging our leadership position in high-growth regions.

首先，我們專注於加速有機銷售成長，實現 4% 至 7% 的長期目標範圍上限。我們正在透過增強我們的創新策略、加速永續發展和軟體產品、提高我們的安裝基礎的滲透率以及利用我們在高成長地區的領導地位來實現這一目標。

Second, we are evolving Honeywell Accelerator to drive incremental value through deploying global design model across the portfolio to enhance our growth capabilities. Following the great integration inside of Honeywell over the past several years, we are now an integrated operating company that deploys world-class digital supply chain and technology development capabilities at scale, along with multiple growth drivers that benefit the entire enterprise. This includes leveraging generative AI to maximize the potential benefit of our operating system, both for our customers and internally. Of the strong digitally enabled foundation, Accelerator is providing to be a powerful source of profitable growth across all of our businesses and potential addition to our portfolio.

其次，我們正在發展霍尼韋爾加速器，透過在整個產品組合中部署全球設計模型來推動增量價值，從而增強我們的成長能力。經過過去幾年霍尼韋爾內部的大整合，我們現在已經成為一家綜合營運公司，大規模部署世界一流的數位供應鏈和技術開發能力，以及惠及整個企業的多種成長動力。這包括利用生成式人工智慧來最大限度地發揮我們作業系統的潛在利益，無論是對我們的客戶還是對內部而言。在強大的數位化基礎上，加速器正在成為我們所有業務獲利成長的強大來源，並成為我們投資組合的潛在補充。

Third, we are executing on our portfolio, optimizing goals, upgrading the quality of our business and financial profile by executing on strategic bolt-on acquisitions while divesting noncore lines of business to accelerate value creation. We expect to deliver profitable growth and strong cash generation as we demonstrate progress against these priorities, creating a compelling long-term value proposition for our share owners.

第三，我們正在執行我們的投資組合，優化目標，透過執行策略性補強收購來提升我們的業務品質和財務狀況，同時剝離非核心業務線以加速價值創造。隨著我們在這些優先事項上取得進展，我們預計將實現獲利成長和強勁的現金生成，為我們的股東創造令人信服的長期價值主張。

In the spirit of that progress, let's turn to Slide 3 to discuss the latest action in our portfolio-shaping goals. Our M&A playbook is yielding positive results. Over the last few years, we have accumulated several quality bolt-ons and tuck-in assets that strategically add to our technological capabilities, enhancing our alignment to compelling megatrends and provide accretive growth that supports Honeywell's overall long-term financial framework.

本著這進步的精神，讓我們轉向投影片 3 來討論我們在投資組合塑造目標方面的最新行動。我們的併購策略正在取得正面成果。在過去幾年中，我們累積了多項優質的附加資產和固定資產，這些資產策略性地增強了我們的技術能力，增強了我們與引人注目的大趨勢的契合度，並提供了支持霍尼韋爾整體長期財務架構的增值成長。

We remain focused on creating a flywheel of bolt-on M&A transaction roughly in the $1 billion to $7 billion purchase price range. We have successfully executed on meaningful deals that add technological adjacencies to our portfolio and are accretive to our growth and margin rate profile with attractive business mix characteristics.

我們仍然專注於創建一個大致在 10 億至 70 億美元購買價格範圍內的補充併購交易飛輪。我們成功地執行了有意義的交易，這些交易為我們的投資組合增加了技術鄰接性，並透過有吸引力的業務組合特徵增加了我們的成長和利潤率狀況。

The most recent example of this came in the fourth quarter when we announced our intention to acquire Carrier's Global Access Solutions business for nearly $5 billion, enabling Honeywell to become a leader in security solution for the digital age. The transaction further enhances our equipment-agnostic, high-margin product business mix within Building Automation.

最近的一個例子是在第四季度，當時我們宣布打算以近 50 億美元收購開利的全球接入解決方案業務，使霍尼韋爾成為數位時代安全解決方案的領導者。這項交易進一步增強了我們在樓宇自動化領域與設備無關的高利潤產品業務組合。

Last year's acquisition of Compressor Controls Corporation, or CCC, a leading provider of turbomachinery control and optimization solutions that will play a critical role in early transition, aligns with this playbook as well. CCC technologies, including controlled hardware, software and services bolster Honeywell's high-growth sustainability and digitalization portfolio with new carbon capture control solution. CCC has seamlessly integrated into our Process Solutions business, and we are already seeing meaningful revenue synergies benefit with Honeywell Forge.

去年收購的壓縮機控制公司（CCC）是一家領先的渦輪機械控制和優化解決方案提供商，將在早期轉型中發揮關鍵作用，也符合這項策略。 CCC 技術（包括受控硬體、軟體和服務）透過新型碳捕獲控制解決方案支援霍尼韋爾高成長的永續發展和數位化產品組合。 CCC 已無縫整合到我們的製程解決方案業務中，我們已經看到與 Honeywell Forge 帶來的有意義的收入協同效益。

Second, acquisition is also an important growth lever for us as we continuously evaluate a build, buy or partner approach to add strategically important offering that solve our customers' toughest challenges. Last month, Honeywell announced our intention to acquire Civitanavi Systems for approximately EUR 200 million.

其次，收購對我們來說也是一個重要的成長槓桿，因為我們不斷評估建置、購買或合作夥伴的方法，以添加具有策略意義的產品來解決客戶最棘手的挑戰。上個月，霍尼韋爾宣布打算以約 2 億歐元的價格收購 Civitanavi Systems。

Civitanavi's technology will reinforce our leading navigation solutions across aerospace, defense and industrial platform. This acquisition, which is [direct concert] with Honeywell's alignment to the megatrend of automation and future of aviation, furthers our ability to create value for our customers from nose to tail, whether they are traditional operators seeking to increase the autonomous capability of their existing fleets or new entries in the advanced air mobility space.

Civitanavi 的技術將加強我們在航空航太、國防和工業平台上領先的導航解決方案。此次收購與霍尼韋爾順應自動化大趨勢和航空未來的方向[直接契合]，進一步增強了我們為客戶從頭到尾創造價值的能力，無論他們是尋求提高現有飛機自主能力的傳統運營商機隊或先進空中機動領域的新進入者。

Last year, we acquired SCADAfence, a business that delivers Internet of Things and operational technology cybersecurity solution for monitoring large-scale network. SCADAfence brought proven technologies in asset recovery, threat detection and security governance into our [SC] portfolio, all key components for critical infrastructure and industrial cybersecurity. The acquisition has bolstered our strategic foundation in an attractive market for us to continue to build on both organically and inorganically. With the recent portfolio announcement, including Carrier's Global Access Solutions business and Civitanavi, we are on track to accelerate capital deployment in 2024 and exceed our commitment to deploy at least $25 billion of capital in 2023 through 2025.

去年，我們收購了 SCADAfence，這是一家提供物聯網和營運技術網路安全解決方案以監控大型網路的公司。 SCADAfence 將資產恢復、威脅偵測和安全治理的成熟技術引入我們的 [SC] 產品組合，這是關鍵基礎設施和工業網路安全的所有關鍵組件。此次收購鞏固了我們在有吸引力的市場中的策略基礎，使我們能夠繼續有機和無機地發展。隨著最近發布的投資組合（包括 Carrier 的全球存取解決方案業務和 Civitanavi），我們預計在 2024 年加速資本部署，並超越我們在 2023 年至 2025 年部署至少 250 億美元資本的承諾。

Our robust balance sheet capacity enable us to allocate capital to opportunistic share repurchases, high-return growth CapEx and accretive M&A. As the deal environment remains relatively favorable in 2024, we will build on our already strong pipeline of high-value M&A opportunities, supporting the execution of our portfolio-shaping strategy.

我們強大的資產負債表能力使我們能夠將資本分配給機會性股票回購、高回報成長資本支出和增值併購。由於 2024 年的交易環境仍然相對有利，我們將在本已強大的高價值併購機會管道的基礎上再接再厲，支持我們的投資組合塑造策略的執行。

Before I hand it over to Greg, let's turn to Slide 4 to review some of our exciting recent wins. Let me take this opportunity to highlight our recent commercial wins and strategic actions we are taking that demonstrate innovation across our portfolio and support alignment of 3 compelling megatrends: automation, future of aviation and energy transition, all underpinned by robust digitalization capability and solutions.

在我將其交給 Greg 之前，讓我們轉到幻燈片 4 來回顧我們最近取得的一些激動人心的勝利。讓我藉此機會強調我們最近的商業勝利和我們正在採取的戰略行動，這些行動展示了我們整個產品組合的創新，並支持三個引人注目的大趨勢的結合：自動化、航空的未來和能源轉型，所有這些都以強大的數位化能力和解決方案為基礎。

In the automation space, Honeywell was chosen to provide automation, cybersecurity and safety solution to a multibillion-dollar plant expansion project for a major energy company in Middle East. We will deploy our flagship distributed control system and safety manager technologies amongst other solutions. We remain excited about the various automation opportunities across our portfolio.

在自動化領域，霍尼韋爾被選中為中東一家大型能源公司價值數十億美元的工廠擴建項目提供自動化、網路安全和安全解決方案。我們將部署我們的旗艦分散式控制系統和安全管理器技術以及其他解決方案。我們對我們產品組合中的各種自動化機會仍然感到興奮。

In Aerospace, we will invest more than $80 million to expand our Olathe plant in Kansas. This project will enable the production of next-generation avionics technology and directly create hundreds of jobs at site and in the local economy. This facility upgrade is another example of the resources we are committing to unlock the supply chain and our ongoing investment in the Aerospace Technologies business to drive growth.

在航空航太領域，我們將投資超過 8,000 萬美元來擴大堪薩斯州奧拉西工廠。該項目將實現下一代航空電子技術的生產，並直接在現場和當地經濟中創造數百個就業機會。這次設施升級是我們致力於釋放供應鏈資源以及我們對航空航天技術業務持續投資以推動成長的另一個例子。

Finally, Honeywell will be incorporating our hydrocracking technology in the new DG Fuels SAF refinery to convert hydrocarbon liquids into SAF. This technology is a low-capital solution, which facilitates 90% reduction in CO2 intensity versus traditional fossil fuel-based jet fuels by using biomass as a feedstock. When completed, the refinery is expected to produce 600,000 tons of SAF every year. As demonstrated here, Honeywell remains committed to actively solving both our customers and worst, toughest challenges.

最後，Honeywell將在新的 DG Fuels SAF 煉油廠中採用我們的加氫裂解技術，將碳氫化合物液體轉化為 SAF。該技術是一種低資本解決方案，透過使用生物質作為原料，與傳統的基於化石燃料的噴射燃料相比，可將二氧化碳強度降低 90%。建成後，該煉油廠預計年產SAF 60萬噸。正如這裡所展示的，霍尼韋爾仍然致力於積極解決我們的客戶和最嚴峻的挑戰。

Now let me turn it over to Greg on Slide 5 to discuss our first quarter results in more detail as well as provide our views on second quarter and full year 2024 guidance.

現在讓我將投影片 5 上的內容交給 Greg，更詳細地討論我們第一季的業績，並提供我們對第二季和 2024 年全年指導的看法。

Thank you, Vimal, and good morning, everyone. Let me begin on Slide 5. As a reminder, we're now reporting our results using the new segment structure, which went into effect in the first quarter. With that, let's discuss the results.

謝謝你，Vimal，大家早安。讓我從投影片 5 開始。說到這裡，我們來討論一下結果。

We delivered a very strong first quarter, exceeding the high end of our adjusted earnings per share guidance and meeting the high end of our organic sales and segment margin guidance ranges. Despite a dynamic macro backdrop, Honeywell's disciplined execution and differentiated solutions enabled us to deliver on our commitments.

我們的第一季業績非常強勁，超出了調整後每股收益指引的上限，並達到了有機銷售額和部門利潤率指導範圍的上限。儘管宏觀背景不斷變化，霍尼韋爾嚴格的執行力和差異化的解決方案使我們能夠兌現我們的承諾。

First quarter organic sales growth were up 3% year-over-year, led by 18% organic growth in Aerospace Technologies. This was the 12th consecutive quarter of double-digit growth in our commercial aerospace business in addition to double-digit growth in Defense & Space.

第一季有機銷售額年增 3%，其中航空航天技術部門有機成長 18%。除了國防和航太業務實現兩位數成長之外，這是我們的商業航空航太業務連續第 12 季實現兩位數成長。

Segment profit grew 4% year-over-year, and segment margins expanded by 20 basis points to 22.2%, driven by expansion in Aerospace. Improved business mix, our focus on commercial excellence and benefits from productivity, allowed us to expand margins in line with the high end of our guidance range.

在航空航太業務擴張的推動下，分部利潤年增 4%，分部利潤率擴大 20 個基點至 22.2%。改進的業務組合、我們對商業卓越的關注以及生產力的好處，使我們能夠根據指導範圍的高端擴大利潤率。

Earnings per share for the first quarter was $2.23, up 8% year-over-year. And adjusted earnings per share was $2.25, up 9% year-over-year. While tax was a bit lighter relative to our first quarter guide, our full year tax expectations have not changed. A bridge for adjusted EPS from 1Q '23 to 1Q '24 can be found in the appendix of this presentation.

第一季每股收益為2.23美元，較去年同期成長8%。調整後每股收益為 2.25 美元，年增 9%。雖然稅收相對於我們第一季的指導要輕一些，但我們的全年稅收預期並沒有改變。可以在本簡報的附錄中找到從 23 年 1 季到 24 年 1 季調整後 EPS 的橋樑。

Orders were $10.2 billion in the quarter, down 1% year-on-year, which supported our backlog growth of 6% to a new record of $32 billion. This was led by quarter-over-quarter growth in aero, Building Automation and Industrial Automation, including in key short-cycle product businesses, namely productivity solutions and services in IA and fire in BA. This setup gives us confidence in our back half 2024 outlook, which I'll discuss in a few minutes.

本季訂單為 102 億美元，年減 1%，這支持我們的積壓訂單增加 6%，達到 320 億美元的新紀錄。這是由航空、樓宇自動化和工業自動化領域的季度環比增長帶動的，其中包括關鍵的短週期產品業務，即IA中的生產力解決方案和服務以及BA中的消防。這個設定讓我們對 2024 年下半年的前景充滿信心，我將在幾分鐘內討論這一點。

Free cash flow was approximately $200 million, up $1.2 billion versus the first quarter of 2023, due to the absence of last year's onetime settlement of legacy legal matters that derisked our balance sheet. Excluding the impact of these settlements, net of tax, free cash flow is up approximately $200 million as higher net income was partially offset by a higher working capital due to lower payables. However, we see working capital becoming a tailwind in the coming quarters as we unwind the multiyear buildup of excess inventory.

自由現金流約 2 億美元，比 2023 年第一季增加 12 億美元，因為去年沒有一次性解決遺留法律問題，從而消除了我們的資產負債表風險。排除這些和解的影響，扣除稅款後，自由現金流增加約 2 億美元，因為較高的淨利潤被應付帳款減少導致的營運資本增加部分抵銷。然而，隨著我們消除多年來累積的過剩庫存，我們預計營運資金將成為未來幾季的推動力。

We also continue to execute on our capital deployment strategy, putting our robust balance sheet to work through $1.6 billion, including $700 million in dividends, $700 million in share repurchases and $200 million in high-return capital expenditures. As you saw in February, we successfully issued $5.8 billion in bonds during the first quarter, including our first-ever 4-year maturity, taking advantage of strong demand in both the euro and dollar markets and locking in attractive long-term spreads, while extending our weighted average bond maturity from 7 to 10 years.

我們也繼續執行我們的資本部署策略，使我們穩健的資產負債表運轉至 16 億美元，其中包括 7 億美元的股息、7 億美元的股票回購和 2 億美元的高回報資本支出。正如您在2 月所看到的，我們在第一季成功發行了58 億美元的債券，其中包括我們的首個4 年期債券，利用歐元和美元市場的強勁需求並鎖定有吸引力的長期利差，同時將我們的加權平均債券期限從 7 年延長至 10 年。

Proceeds will be used primarily to fund our acquisition of the Carrier Global Access Solutions business and to address current debt maturities. This really demonstrates the attractiveness and strength of Honeywell in the capital markets that we have built over time. Now let's spend a few minutes on the first quarter performance by business.

所得款項將主要用於資助我們收購營運商全球接取解決方案業務並解決當前的債務到期問題。這確實體現了霍尼韋爾在資本市場上長期累積的吸引力和實力。現在讓我們花幾分鐘時間來了解第一季的業務表現。

In Aerospace Technologies, sales were up 18% organically year-on-year, matching the third quarter of last year as among our strongest performances in over a decade. Increases in commercial aviation were led by original equipment, which saw over 20% growth in both air transport and Business & General Aviation as supply unlocks and deliveries continue to increase.

在航空航天技術領域，銷售額較去年同期有機成長 18%，與去年第三季持平，成為十多年來最強勁的業績之一。商用航空的成長主要由原始設備帶動，隨著供應的釋放和交付量的持續增加，航空運輸以及商務和通用航空的成長超過 20%。

We also saw significant growth in air transport aftermarket as global flight activity remains strong. In Defense & Space, robust demand and improvements in our supply chain enabled us to grow sales 16% in the quarter. AT had book-to-bill of approximately 1.1 in the quarter as commercial demand and benefits from the impact of an increased global focus on national security support a strong growth trajectory.

由於全球航班活動依然強勁，我們也看到航空運輸售後市場顯著成長。在國防與航太領域，強勁的需求和供應鏈的改進使我們本季的銷售額成長了 16%。 AT 本季的訂單出貨比約為 1.1，因為商業需求和全球對國家安全日益關注的影響所帶來的好處支持了強勁的成長軌跡。

Supply chain continues to show sustained modest sequential improvement, leading to a 15% increase in output year-on-year, marking the 7th consecutive quarter of double-digit output growth. Segment margin in Aerospace expanded 150 basis points year-over-year, driven by commercial excellence and volume leverage, partially offset by cost inflation and mix pressures within our original equipment business.

供應鏈繼續呈現持續適度環比改善，導致產量年增 15%，標誌著連續 7 個季度實現兩位數的產量增長。在商業卓越和銷售槓桿的推動下，航太部門的利潤率比去年同期擴大了 150 個基點，但部分被我們原始設備業務中的成本通膨和混合壓力所抵消。

For Industrial Automation, sales decreased 13% organically in the quarter, primarily as a result of lower volumes in warehouse and workflow solutions as investments in warehouse automation remains subdued. Our short-cycle sensing and safety technologies and productivity solutions and services sales were stable, but lower year-over-year with orders in our productivity solutions and services business growing sequentially and year-over-year for the second consecutive quarter, a positive sign that we're nearing a return to growth in that business.

對於工業自動化，本季銷售額有機下降 13%，主要是由於倉庫自動化投資仍然低迷，導致倉庫和工作流程解決方案銷售下降。我們的短週期感測和安全技術以及生產力解決方案和服務銷售穩定，但同比有所下降，生產力解決方案和服務業務的訂單連續第二個季度環比增長，同比增長，這是一個積極的信號我們的業務即將恢復成長。

Process Solutions revenue was flat in the first quarter as growth in our aftermarket services business was offset by mega project timing. Segment margin in Industrial Automation contracted 200 basis points to 16.8%, driven by lower volume leverage and cost inflation, partially offset by productivity actions and commercial excellence.

第一季流程解決方案收入持平，因為我們的售後服務業務的成長被大型專案時間所抵消。由於銷售槓桿率下降和成本上漲，工業自動化領域的利潤率收縮了 200 個基點至 16.8%，但部分被生產力提升和商業卓越所抵消。

Building Automation sales were down 3% organically. We had another strong quarter of growth in our long-cycle building solutions business, while we worked through the volume challenges and the short-cycle building products area. Solutions grew 7% in the quarter, led by double-digit growth in building projects, driven by strong execution of our backlog. On a year-over-year basis, orders and building projects were up double digits with strength in our core business and robust performance in energy and airports. Sequentially, orders for Building Automation improved in the first quarter, highlighted by a seasonal lift in building services and modest improvement in fire, resulting in an overall Building Automation book-to-bill of 1.1.

樓宇自動化銷售額有機下降 3%。我們的長週期建築解決方案業務在應對銷售挑戰和短週期建築產品領域的同時，又實現了強勁的季度成長。解決方案在本季度增長了 7%，其中建築項目的兩位數增長帶動了我們積壓訂單的強勁執行。憑藉我們核心業務的實力以及能源和機場的強勁表現，訂單和建築項目同比增長兩位數。隨後，樓宇自動化訂單在第一季有所改善，突顯在樓宇服務的季節性增長和火災情況的適度改善，導致樓宇自動化整體訂單出貨比為 1.1。

Segment margins contracted 120 basis points to 24%, due to mix headwinds from softer product volumes and cost inflation, partially offset by productivity actions and commercial excellence. Energy and Sustainability Solutions sales grew 5% organically in the first quarter. Advanced materials gained 6%, primarily driven by double-digit growth in flooring products.

由於產品銷售疲軟和成本通膨帶來的混合阻力，部門利潤率收縮了 120 個基點至 24%，但生產力措施和商業卓越性部分抵消了這一影響。第一季能源和永續發展解決方案銷售額有機成長 5%。先進材料上漲 6%，主要受到地板產品兩位數成長的推動。

In UOP, sales were up 3% year-over-year as robust demand led to a double-digit increase in both petrochemical catalyst shipments and refining equipment more than offset expected challenging year-over-year comps in gas processing equipment projects.

UOP 的銷售額同比增長 3%，因為強勁的需求導致石化催化劑出貨量和煉油設備均實現兩位數增長，超過了天然氣加工設備項目中預期的挑戰性同比增長。

ESS book-to-bill was 1.2 in the first quarter, the second consecutive quarter of a book-to-bill above 1. Segment margin contracted 70 basis points on a year-over-year basis to 19.8% as onetime factory restart costs were partially offset by favorable business mix and productivity actions. Growth across our portfolio was supported by another quarter of double-digit sales growth in Honeywell Connected Enterprise, a powerful indicator of our strong software franchise powered by our differentiated Forge AI IoT platform.

第一季 ESS 訂單出貨比為 1.2，這是訂單出貨比連續第二季高於 1。組合和生產力行動部分抵消了這一影響。我們產品組合的成長得益於 Honeywell Connected Enterprise 又一個季度兩位數的銷售成長，這是我們強大的軟體特許經營權的有力指標，由我們差異化的 Forge AI IoT 平台提供支援。

Our offerings in cyber, life sciences and connected industrials all grew by more than 20% year-over-year in the quarter. HCE continues to generate not only value for our customers, but accretive growth and profitability for Honeywell. The ongoing tailwinds in our long-cycle end markets and the strength of our backlog give us confidence in our ability to navigate the current operating environment. We continue to execute on our proven value creation framework underpinned by our Accelerator operating system, which will enable us to drive compelling growth in earnings and cash for quarters to come.

本季我們在網路、生命科學和互聯工業領域的產品年增均超過 20%。 HCE 不僅繼續為我們的客戶創造價值，而且為霍尼韋爾帶來成長和利潤。我們長週期終端市場的持續順風和我們積壓的實力使我們對自己應對當前營運環境的能力充滿信心。我們將繼續執行以加速器操作系統為基礎的、經過驗證的價值創造框架，這將使我們能夠在未來幾季推動收入和現金的引人注目的成長。

Now let's turn to Slide 6 and talk about our second quarter and full year guidance. We delivered on our 1Q commitments while maneuvering through known risks. And as we look to the rest of 2024, our original guidance framework continues to be solid. We expect the environment to remain dynamic as we were reminded again by recent geopolitical events.

現在讓我們轉向幻燈片 6，討論我們的第二季和全年指導。我們兌現了第一季的承諾，同時應對已知風險。展望 2024 年剩餘時間，我們最初的指導架構仍然穩固。最近的地緣政治事件再次提醒我們，我們預期環境將保持動態。

However, our Accelerator operating system that enables us to move quickly and decisively, our exposure to attractive megatrends and our record backlog will continue to support organic growth for the business. This outlook includes continued progress among our long-cycle portfolio as well as a modest back half recovery in short cycle as markets continue to normalize. Overall, we have a strong setup that will drive growth within our long-term financial framework for sales, margin, earnings and cash in 2024.

然而，我們的加速器操作系統使我們能夠快速而果斷地採取行動，我們對有吸引力的大趨勢的了解以及我們創紀錄的積壓將繼續支持業務的有機增長。這一前景包括我們的長週期投資組合的持續進展，以及隨著市場繼續正常化，短週期後半段的溫和復甦。整體而言，我們擁有強大的基礎設施，將推動 2024 年銷售、利潤、收益和現金的長期財務框架內的成長。

Now let's discuss how these dynamics come together for our 2024 guidance. Given the backdrop I just laid out, in total for 2024, we continue to expect sales to be in the range of $38.1 billion to $38.9 billion, which represents overall organic sales growth of 4% to 6% for the year with a greater balance between volume and price. We expect sequential improvement in the second half of 2024 over the first as Aerospace continues to grow its supply capabilities, coupled with a modest short-cycle recovery that should build momentum in the second half of the year, albeit with different rates of improvement for our various end markets.

現在讓我們討論如何將這些動態整合到我們的 2024 年指引中。鑑於我剛才闡述的背景，我們繼續預計 2024 年銷售額將在 381 億美元至 389 億美元之間，這意味著今年整體有機銷售額增長 4% 至 6%，數量和價格。我們預計 2024 年下半年將比上半年連續改善，因為航空航太繼續增強其供應能力，再加上適度的短週期復甦，這應該會在今年下半年形成勢頭，儘管我們的改善率有所不同各種終端市場。

For the second quarter, we anticipate sales in the range of $9.2 billion to $9.5 billion, up 1% to 4% organically. We anticipate our overall segment margin to expand 30 to 60 basis points this year, supported by improving business mix, price/cost discipline and productivity actions, including our precision focus on reducing raw material costs. Similar to last year, Building Automation margins will lead the group in margin expansion, followed by Industrial Automation and Energy and Sustainability Solutions.

我們預計第二季銷售額將在 92 億美元至 95 億美元之間，有機成長 1% 至 4%。我們預計，在改善業務組合、價格/成本紀律和生產力行動（包括我們對降低原材料成本的精確關注）的支持下，今年我們的整體部門利潤率將擴大 30 至 60 個基點。與去年類似，樓宇自動化利潤率將引領該集團的利潤擴張，其次是工業自動化以及能源和永續發展解決方案。

For Aerospace, margins should remain relatively comparable to the last few years as volume leverage covers higher sales from the build-out of our original equipment installed base, which is driving robust year-over-year profit growth. For the second quarter, we expect overall segment margin in the range of 22.0% to 22.4%, roughly flat sequentially, but down 40 basis points to flat year-over-year, primarily due to volume deleverage in IA and the expiration of the Zebra licensing payments.

對於航空航太領域，利潤率應與過去幾年保持相對可比，因為銷售槓桿涵蓋了我們原始設備安裝基地擴建帶來的更高銷售額，這推動了利潤的強勁同比增長。對於第二季度，我們預計整體細分市場利潤率在22.0% 至22.4% 之間，與上一季度大致持平，但同比下降40 個基點至持平，這主要是由於IA 的銷量去槓桿化和Zebra到期許可付款。

Importantly, our guidance for both the second quarter and full year 2024 does not consider the planned acquisition of Carrier's Global Access Solutions business. We anticipate the closing of the deal by the end of the third quarter, and we'll update our guidance accordingly at that time.

重要的是，我們對 2024 年第二季和全年的指導並未考慮計劃收購開利全球接入解決方案業務。我們預計交易將在第三季末完成，屆時我們將相應更新我們的指導意見。

Now let's spend a few minutes on the outlook by business. Looking ahead for Aerospace Technologies, demand remains very encouraging across our end markets. Sales should grow sequentially in the second quarter, particularly in commercial original equipment as shipset deliveries continue to increase. However, we expect these sales to come at a lower margin, driving a sequential and year-over-year decrease in margin rate following the first quarter's strong result.

現在讓我們花幾分鐘討論一下各業務的前景。展望航空航太技術的未來，我們終端市場的需求仍然非常令人鼓舞。隨著船舶交付量持續增加，第二季的銷售額應較上季成長，尤其是商用原始設備。然而，我們預計這些銷售的利潤率將較低，繼第一季的強勁業績之後，將推動利潤率連續和同比下降。

Increased build rates and shipset deliveries will carry on throughout the year, leading commercial OE to be our strongest growth business in 2024. In commercial aftermarket, volume strength and further improvement in wide-body flight hours will support additional growth. We'll continue to work through our healthy order book in defense and space, generating sequential sales improvement throughout the year. Ongoing supply chain improvements will continue to support double-digit output growth in AT throughout 2024.

建造率和船舶交付量的增加將持續全年，使商業原裝備成為我們 2024 年最強勁的成長業務。我們將繼續努力完善國防和太空領域的健康訂單，全年實現銷售連續成長。持續的供應鏈改進將繼續支持 2024 年 AT 產量實現兩位數成長。

For the year, we still expect Aerospace Technologies to lead organic growth for total Honeywell with sales in the low double-digit range. 2024 segment margin should be relatively comparable to 2022 and 2023, as volume leverage is mostly offset by higher sales of lower-margin products, a dynamic that likely leaves the first quarter at the high point for aero margins this year.

今年，我們仍然預期航空航天技術公司將引領霍尼韋爾整體有機成長，其銷售額將保持在較低的兩位數範圍內。 2024 年的細分市場利潤率應與 2022 年和 2023 年相當，因為銷售槓桿大部分被低利潤產品銷售的增加所抵消，這一動態可能使今年第一季的航空利潤率達到高點。

In Industrial Automation, the timing of short-cycle recovery will remain an important factor in our 2024 results, leading a back half-weighted year. In the second quarter, IA should be roughly flat sequentially. We expect growth in Process Solutions to be offset by warehouse automation demand that remains near trough levels and the end of the $45 million quarterly license and settlement payments we have received for the past 2 years in our productivity solutions and services business.

在工業自動化領域，短週期復甦的時機仍將是影響我們 2024 年業績的一個重要因素，引領半加權年份的發展。第二季度，IA 應該大致持平。我們預計流程解決方案的成長將被仍接近低谷水平的倉庫自動化需求以及過去兩年我們在生產力解決方案和服務業務中收到的 4500 萬美元季度許可和結算付款的結束所抵消。

For the full year, Process Solutions will grow sequentially each quarter to build on last year's strong performance, driven by the aftermarket services business. Warehouse and workflow solutions will improve as we move through the trough of warehouse automation spending, while also benefiting from easing comps throughout the year. Our sensing and safety technologies business will benefit as the effects of distributor destocking fade throughout the year.

全年來看，在售後服務業務的推動下，流程解決方案將在去年強勁業績的基礎上每季持續成長。隨著我們度過倉庫自動化支出的低谷，倉庫和工作流程解決方案將會得到改善，同時也受益於全年的寬鬆競爭。隨著經銷商去庫存的影響全年逐漸減弱，我們的感測和安全技術業務將受益。

Lifecycle solutions and services orders grew sequentially and year-over-year in the first quarter, and we expect that strength to continue throughout the rest of the year. Two consecutive quarters of orders growth in our Productivity solutions and services business provide confidence in a back half ramp, excluding the impact from the absence of additional Zebra payments. As a result of these dynamics, we continue to see flattish sales growth in 2024 for IA. We still expect segment margin to expand, particularly in the second half as short-cycle recovery leads to positive volume leverage.

第一季生命週期解決方案和服務訂單環比和同比增長，我們預計這一勢頭將在今年剩餘時間內持續增長。我們的生產力解決方案和服務業務的訂單連續兩個季度增長，為下半年的增長提供了信心，排除沒有額外 Zebra 付款的影響。由於這些動態，我們預計 2024 年 IA 的銷售成長將繼續持平。我們仍然預期細分市場利潤率將擴大，特別是在下半年，因為短週期復甦會帶來正的銷售槓桿。

Moving to Building Automation. We remain confident in the overall outlook and execution of the business. For the second quarter, sales should improve sequentially as the channel further normalizes and our long-cycle businesses continue to benefit from strong backlog and aftermarket services tailwind. The timing of the short-cycle recovery remains one of the key drivers of business performance throughout the year, and our expectation for a more back half-weighted recovery in BA has not changed. As such, we will anticipate our long-cycle businesses to outpace our short-cycle portfolio, as both projects and services benefit from strong demand in backlog.

轉向樓宇自動化。我們對業務的整體前景和執行仍然充滿信心。對於第二季度，隨著通路進一步正常化，以及我們的長週期業務繼續受益於強勁的積壓和售後服務順風，銷售額應會較上季改善。短週期復甦的時機仍然是全年業績的關鍵驅動因素之一，我們對英航半加權復甦的預期沒有改變。因此，我們預計我們的長週期業務將超過短週期業務組合，因為專案和服務都受益於積壓的強勁需求。

Additionally, high-growth regions remain a core part of the growth strategy for this business, and encouraging signals from regions like India and the Middle East support our full year sales forecast, which remains low single-digit growth for the year. We anticipate BA will be the segment with the largest margin expansion, primarily driven by productivity actions and commercial excellence net of inflation.

此外，高成長地區仍然是該業務成長策略的核心部分，來自印度和中東等地區的令人鼓舞的訊號支持了我們的全年銷售預測，全年銷售預測仍保持較低的個位數成長。我們預計 BA 將成為利潤率成長幅度最大的細分市場，這主要是由生產力行動和扣除通貨膨脹因素後的商業卓越所推動的。

Finally, in Energy and Sustainability Solutions, the geopolitical environment will remain a key focus as we move through the year. In the second quarter, we expect sales to remain roughly flat year-over-year and sequentially, as sustained demand in flooring products and catalysts will offset remaining volume headwinds from challenging comps in gas processing equipment. For the full year, strong performance in those businesses is expected to offset volume declines in our legacy stationary products due to well-telegraphed quota reductions within the U.S.

最後，在能源和永續發展解決方案中，地緣政治環境仍將是今年的重點。在第二季度，我們預計銷售額將同比和環比保持大致持平，因為地板產品和催化劑的持續需求將抵消天然氣加工設備中具有挑戰性的競爭所帶來的剩餘銷售阻力。全年來看，這些業務的強勁表現預計將抵消我們傳統文具產品由於美國國內配額減少而導致的銷售下降。

In sustainable technology solutions, robust demand will lead to another strong year of growth. We continue to monitor the ongoing short-cycle recovery, particularly from semiconductor fabs, a key component to achieving our unchanged top line expectation of flat to up low single digits for the year. Margins should improve throughout the year from a 1Q bottom, driven by a combination of commercial excellence and productivity actions.

在永續技術解決方案中，強勁的需求將帶來另一個強勁的成長年。我們將繼續監控持續的短週期復甦，特別是半導體工廠的復甦，這是實現我們今年不變的營收預期（持平或成長低個位數）的關鍵組成部分。在商業卓越和生產力行動的共同推動下，全年利潤率應該會從第一季的底部開始有所改善。

Moving on to other key guidance metrics. Pension income in 2024 will be roughly flat to 2023 at approximately $550 million. We anticipate net below-the-line impact to be between negative $550 million and negative $700 million for the full year and between negative $120 million and negative $180 million in the second quarter. This guidance includes repositioning spend between $200 million and $300 million for the full year and between $25 million and $75 million in the second quarter, as we continue to invest in high-return projects to support our future growth and productivity. We expect the adjusted effective tax rate to be around 21% for both the full year and the second quarter. We anticipate average share count to be around 656 million shares for the full year, as we execute our commitment to reduce share count by at least 1% per year through opportunistic buybacks.

繼續討論其他關鍵指導指標。 2024 年退休金收入將與 2023 年基本持平，約 5.5 億美元。我們預計全年的淨線下影響將在負 5.5 億美元至負 7 億美元之間，第二季的淨線下影響將在負 1.2 億美元至負 1.8 億美元之間。該指導方針包括將全年支出重新定位在2 億至3 億美元之間，將第二季支出重新定位在2,500 萬至7,500 萬美元之間，因為我們將繼續投資於高回報項目，以支持我們未來的成長和生產力。我們預計全年和第二季調整後的有效稅率均在21%左右。我們預計全年平均股票數量約為 6.56 億股，因為我們履行了透過機會性回購每年至少減少 1% 股票數量的承諾。

As a result of all these inputs, we are maintaining our previously provided full year adjusted earnings per share range of $9.80 to $10.10, up 7% to 10% year-over-year. We anticipate second quarter earnings per share between $2.25 and $2.35, up 1% to 5% year-over-year. We also expect free cash flow to grow in line with earnings, excluding the after-tax impact of last year's onetime settlement from derisking our balance sheet. We are progressing on the multiyear unwind of working capital, where our efforts to improve demand planning and optimize production and materials management are yielding some early operational benefits, another indicator of the power of our digitalization capability through Accelerator.

由於所有這些投入，我們維持先前提供的全年調整後每股收益 9.80 美元至 10.10 美元的範圍，年增 7% 至 10%。我們預計第二季每股收益將在 2.25 美元至 2.35 美元之間，年增 1% 至 5%。我們也預期自由現金流將與收益同步成長，排除去年一次性結算對我們資產負債表風險的稅後影響。我們正在多年釋放營運資金方面取得進展，我們改進需求計劃、優化生產和材料管理的努力正在產生一些早期營運效益，這是我們透過加速器實現數位化能力的另一個指標。

In addition, we will continue to fund high-return projects focused on creating uniquely innovative, differentiated technologies. As a result, our free cash flow expectations remain $5.6 billion to $6 billion for the year, up 6% to 13%, excluding the impact of prior year settlements. Our robust balance sheet and strong cash generation will support accretive capital deployment. And while we're happy with our recently announced transactions, we will further build on our active M&A pipeline as we continue to optimize the portfolio.

此外，我們將繼續資助專注於創造獨特創新、差異化技術的高回報項目。因此，我們今年的自由現金流預期仍為 56 億至 60 億美元，成長 6% 至 13%，不包括上一年和解的影響。我們穩健的資產負債表和強勁的現金產生能力將支援增值資本部署。雖然我們對最近宣布的交易感到滿意，但隨著我們繼續優化投資組合，我們將進一步鞏固我們活躍的併購管道。

So in summary, we executed a strong first quarter and anticipate delivering a strong second quarter and 2024, benefiting from our alignment to the compelling aerospace, automation and energy transition megatrends. Our record backlog and rigorous operating principles give us confidence in our track record of execution.

總而言之，我們在第一季表現強勁，並預計在第二季和 2024 年也將表現強勁，這得益於我們與引人注目的航空航太、自動化和能源轉型大趨勢的契合。我們創紀錄的積壓和嚴格的營運原則使我們對我們的執行記錄充滿信心。

So let me turn it now back to Vimal on Slide 7.

現在讓我把它轉回幻燈片 7 上的 Vimal。

Thank you, Greg. Let's take a minute to zoom out from the near-term dynamics and talk about the tremendous progress Honeywell has demonstrated across our key metrics since 2016. We remain keenly focused on delivering our long-term growth algorithm and remain confident in our ability to accelerate growth, achieve 25%-plus segment margins, expand gross margins to above 40% and generate free cash flow margins to mid-teens plus. This framework will enable us to deliver what matters: consistent, compelling EPS growth. Our annual 4% to 7% organic sales growth rate and 40 to 60 basis points of margin expansion, coupled with 1% to 2% of EPS accretion from both share buyback and consistent M&A execution, is a powerful combination that will allow us to generate double-digit adjusted EPS growth on through a cycle basis. '24 is no different as we continue to make steady, consistent improvement to the quality of Honeywell's financial profile. The organization is aligned to my key priorities of accelerating organic growth, deploying the operational power of Accelerator 3.0 and executing on a robust portfolio optimization strategy, all of which will enable us to achieve our long-term targets.

謝謝你，格雷格。讓我們花一點時間關注短期動態，談談自 2016 年以來霍尼韋爾在關鍵指標上所取得的巨大進步。 % 以上的細分利潤率，將毛利率擴大到40% 以上，並將自由現金流利潤率提高到十幾歲以上。這個框架將使我們能夠實現重要的目標：持續、引人注目的每股盈餘成長。我們每年4% 至7% 的有機銷售成長率和40 至60 個基點的利潤率擴張，再加上股票回購和持續併購執行帶來的1% 至2% 的每股盈餘成長，這是一個強大的組合，將使我們能夠創造調整後每股收益在整個週期中實現兩位數成長。 '24 也不例外，我們將繼續穩定且持續地改善霍尼韋爾的財務狀況品質。該組織符合我的關鍵優先事項，即加速有機成長、部署 Accelerator 3.0 的營運能力並執行穩健的投資組合優化策略，所有這些都將使我們能夠實現長期目標。

I'm incredibly optimistic about the high-value opportunities we are already surfacing during the next phase of our transformation. We'll continue to track our progression closely as our efforts to drive incremental sales growth, expand margins and generate more cash faster into our enhanced financial profile.

我對我們在下一階段轉型中已經出現的高價值機會感到非常樂觀。我們將繼續密切追蹤我們的進展，努力推動增量銷售成長、擴大利潤率並更快地產生更多現金，以增強我們的財務狀況。

Let's turn to Slide 8 for closing thoughts before we move into question and answers. Our value creation framework is working. While the economic backdrop remains fluid, we are deploying our rigorous operating playbook to effectively manage near-term challenges to meet our performance targets. Record backlog levels, ongoing strength in our biggest end market, aerospace and energy as well as an impeding recovery in our short-cycle businesses will allow us to achieve our strong results as we progress through 2024. This includes our margin expansion guidance, which will benefit from improving business mix, in addition to our continued focus on commercial excellence and productivity.

在我們進入問題和答案之前，讓我們先看一下投影片 8 來總結一下想法。我們的價值創造框架正在發揮作用。儘管經濟背景仍然不穩定，但我們正在部署嚴格的營運手冊，以有效應對近期挑戰，以實現我們的績效目標。創紀錄的積壓水平、我們最大的終端市場、航空航天和能源的持續強勁以及我們短週期業務的復甦受阻，將使我們能夠在2024 年取得強勁業績。將除了我們持續專注於商業卓越和生產力之外，還受益於業務組合的改善。

It's no secret, I am excited about the future of Honeywell and believe our company is on track to drive the innovation needed to solve some of the world's most challenging problems and enhance the life of people around the world. As we move to Q&A, I want to take a moment to thank our 95,000 future shapers whose dedication and capabilities enable us to deliver the best of our customers, partners and communities every day.

這不是什麼秘密，我對霍尼韋爾的未來感到興奮，並相信我們公司正在推動解決世界上一些最具挑戰性的問題和改善世界各地人們的生活所需的創新。當我們進入問答環節時，我想花點時間感謝我們的 95,000 名未來塑造者，他們的奉獻和能力使我們能夠每天為客戶、合作夥伴和社區提供最好的服務。

With that, Sean, let's take questions.

肖恩，讓我們提問。

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

謝謝你，維馬爾。 Vimal 和 Greg 現在可以回答您的問題。 （接線生說明）接線員，請開通問答線。

(Operator Instructions) Our first question comes from the line of Scott Davis of Melius Research.

（操作員說明）我們的第一個問題來自 Melius Research 的 Scott Davis。

Guys, in the spirit of kind of looking at the outliers here, warehouse automation is still really a tough spot. What's on the other side of this? Is this just a deeply cyclical business, so we're going to see a big bounce back? Have you structurally changed your cost structure? What's kind of on the other side of this tough period?

夥計們，本著觀察異常值的精神，倉庫自動化仍然是一個難題。這的另一面是什麼？這是否只是一個週期性很強的業務，所以我們會看到大幅反彈？您是否從結構上改變了成本結構？這個艱難時期的另一面是什麼樣的呢？

Yes. So Scott, if I get your question, just that I've missed the front word. Is it -- did you mention industrial automation or warehouse automation?

是的。史考特，如果我聽到你的問題，只是我錯過了前面的字。您是否提到過工業自動化或倉庫自動化？

Warehouse automation.

倉庫自動化。

Warehouse automation. Okay. Thank you.

倉庫自動化。好的。謝謝。

Warehouse. Sorry, Vimal, warehouse.

倉庫。對不起，Vimal，倉庫。

No, I got it. I got it. Look, the need for warehouse automation is strong. There is no doubt that it drives labor productivity. So there is no debate on the basics of it. The interesting part is our pipeline remains strong, but order conversion is weak, specifically in the project side.

不，我明白了。我得到了它。看來，倉庫自動化的需求很強。毫無疑問，它推動了勞動生產力。因此，關於它的基礎知識沒有爭論。有趣的是，我們的管道仍然強勁，但訂單轉換很弱，特別是在項目方面。

Another fact which encourages me about the business is the aftermarket continues to grow, which means once the systems are deployed, people use it well and our aftermarket business is in excess of $0.5 billion. We also have rationalized our cost base. All in, I would say the business is in trough right now, and we are waiting for its recovery. But net-net, we remain very optimistic and confident about the business prospects.

另一個讓我對業務感到鼓舞的事實是售後市場持續成長，這意味著一旦部署系統，人們就會很好地使用它，我們的售後市場業務超過 5 億美元。我們也合理化了我們的成本基礎。總而言之，我想說目前業務正處於低谷，我們正在等待其復甦。但net-net，我們對業務前景仍然非常樂觀和充滿信心。

Okay. I appreciate that, Vimal. And you've been in the seat kind of long enough to have a good sense to, well, at least review the portfolio. Do you anticipate further portfolio actions, Vimal? It's still a relatively complex portfolio. We certainly get that feedback frequently. I'm sure you do as well. But has your view on the portfolio evolved at all since you've taken the role?

好的。我很感激，維馬爾。而且你已經坐了足夠長的時間，有足夠的判斷力，至少可以回顧一下投資組合。 Vimal，您預計會採取進一步的投資組合行動嗎？它仍然是一個相對複雜的投資組合。我們當然常常收到這樣的回饋。我相信你也是一樣。但自從您擔任這個職位以來，您對投資組合的看法是否改變了？

Scott, I would say it in two parts. I have committed that we will take action on about 10% of our portfolio, which doesn't fit with the 3 megatrends, and we are absolutely taking action on that. We will make progress one step at a time because that constitutes a few businesses and no one big thing.

史考特，我會分兩部分來說。我已經承諾，我們將對大約 10% 的投資組合採取行動，這不符合三大趨勢，我們絕對會對此採取行動。我們會一步一步取得進展，因為這只是幾項業務，而不是一件大事。

On a broader basis, I will review with both, as I did last year on a broader Honeywell portfolio, and we will continue to be our own activist. And wherever there's a case to look at things differently, we absolutely will do that.

在更廣泛的基礎上，我將對兩者進行審查，就像我去年對更廣泛的霍尼韋爾投資組合所做的那樣，我們將繼續成為我們自己的積極分子。只要有需要以不同方式看待事物的情況，我們絕對會這樣做。

Yes. And if I just build on that, I would say our pipeline on inbound as well is very healthy. You saw the Civitanavi announcement. You know that the Carrier deal is on its way. So we're on pace to deploy $10 billion this year with just what we know about, and we're not done.

是的。如果我以此為基礎，我會說我們的入站管道也非常健康。您看到了奇維塔納維的公告。你知道與運營商的交易正在進行中。因此，據我們所知，我們今年將部署 100 億美元，但我們的工作還沒有完成。

Our next question comes from the line of Stephen Tusa at JPMorgan.

我們的下一個問題來自摩根大通的史蒂芬‧圖薩（Stephen Tusa）。

Can you just talk about maybe just sequentially how you see the earnings trajectory in 3 and 4Q?

您能否按順序談談您如何看待第三季和第四季的獲利軌跡？

Yes. So I would say the earnings, as we guided here, we gave the guide for Q2 and rest of the year. So I think the headline is that H2 will be stronger than H1, and that's built upon our order spacing. If you see our orders performance in Q1 was on expected lines, our book-to-bill is 1.1, our backlog is up 6%. Long cycle remains strong across the board in Aerospace and building solutions, and we expect the same trend in European Process Solutions. And short cycle is recovering on expected lines.

是的。所以我想說的是，正如我們在這裡所指導的那樣，我們給出了第二季度和今年剩餘時間的指導。所以我認為標題是 H2 將強於 H1，這是建立在我們的訂單間隔之上的。如果您看到我們第一季的訂單表現符合預期，那麼我們的訂單出貨比為 1.1，我們的積壓訂單增加了 6%。在航空航太和建築解決方案領域，長週期仍然保持強勁勢頭，我們預計歐洲製程解決方案也將出現相同的趨勢。短週期正在按預期恢復。

You saw the results of ESS. The chemical business did perform well on the strength of short cycle. We saw a recovery in scanning and mobility business. We saw some early green shoots in fire business. So things are progressing as we expected, and that's the basis of our guide for rest of the year. So the punchline is we're going to have stronger second half versus first half, and that's reflected on our earnings guide for the year.

您看到了 ESS 的結果。化工業務確實憑藉短週期表現良好。我們看到掃描和移動業務的復甦。我們看到了消防行業的一些早期萌芽。所以事情的進展正如我們預期的那樣，這是我們今年剩餘時間指南的基礎。因此，重點是我們下半年的業績將比上半年更強勁，這也反映在我們今年的獲利指南中。

Yes. And we know that, that's outside of the normal historical comps that you've seen, but that's not really different than the way we've modeled the year so far. And to Vimal's point, we are starting to see some of those short-cycle order patterns. And we said that those were going to be different by end market as the year progresses. So no real change, Steve, to what we outlined in the original guidance.

是的。我們知道，這超出了您所看到的正常歷史比較範圍，但這與我們迄今為止對今年進行建模的方式並沒有太大不同。在維馬爾看來，我們開始看到一些短週期訂單模式。我們說過，隨著時間的推移，終端市場的情況將會有所不同。因此，史蒂夫，我們在原始指南中概述的內容並沒有真正的改變。

So I guess just normally, you guys are up, I think, a little bit 2Q to 3Q. You're up like, I think, I don't know, low to mid-singles from 1Q to 2Q. Should we think about like just to kind of frame this, the ramp because it is from a timing perspective, is it 2Q to 3Q? What do you think?

所以我想通常情況下，你們在第二季到第三季會有所上升。我想，我不知道，從第一季到第二季度，你的表現就像是中低單打。我們是否應該考慮一下這種框架，因為它是從時序角度來看的，是從第二季到第三季嗎？你怎麼認為？

Yes. So we're going to have a ramp from 2Q to 3Q as opposed to flat, and then the ramp from 3Q to 4Q will be greater than 2Q to 3Q.

是的。因此，我們將從 2Q 到 3Q 出現斜坡，而不是平坦，然後從 3Q 到 4Q 的斜坡將大於 2Q 到 3Q。

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。

I think a lot of that second half pickup rests on the IA segment. So maybe just wanted to home in on that for a second. I think you'd guided full year sales there flattish, so about $10.8 billion. And it sounds like you're doing $2.5 billion a quarter in the first half. So you've got a sort of high teens half-on-half step-up in the second half in IA revenue from sort of $5 billion to $5.8 billion. Maybe help us understand which of the pieces inside IA will lead or lag that delta, and if it's similar to the firm-wide where there's some pickup in Q3 and then a steeper one in Q4 sequentially.

我認為下半年的成長很大程度取決於 IA 細分市場。所以也許只是想暫時關註一下這一點。我認為您預計全年銷售額持平，約為 108 億美元。聽起來你們上半年每季的營收為 25 億美元。因此，下半年 IA 營收從 50 億美元成長到 58 億美元。也許可以幫助我們了解 IA 內部的哪些部分將領先或落後於該增量，以及它是否類似於公司範圍內的情況，即第三季度出現一些回升，然後第四季度出現更陡峭的情況。

Yes. So thanks, Julian. I mean the ramp for the company actually is in IA and in BA, and then we'll get sort of a nice ramp in the fourth quarter in ESS as well. So it really does come back to all the products businesses inside of each of those portfolios.

是的。謝謝，朱利安。我的意思是，該公司的成長實際上是在 IA 和 BA，然後我們將在第四季度在 ESS 獲得不錯的成長。因此，它確實回到了每個投資組合中的所有產品業務。

So think about in IA, PSS, the sensing business. In BA, think about fire and the BMS business. And then as Vimal mentioned earlier in ESS, you're going to get a continued step-up in electronics and chemicals as well as our normal sort of fourth quarter move in our catalyst business. So it's really not all predicated on any one segment overall. And it's going to be -- you've got your numbers approximately right in terms of the IA first half, second half overall. But you're going to see it across the portfolio. It's not going to be concentrated in any one specific business around the portfolio.

所以想想 IA、PSS、感測業務。在 BA，請考慮火災和 BMS 業務。然後，正如 Vimal 之前在 ESS 中提到的那樣，電子和化學品業務將持續成長，而催化劑業務在第四季度也將出現正常的成長。因此，這實際上並不完全基於任何一個細分市場。就 IA 上半場和下半場整體而言，你的數據大致正確。但你會在整個產品組合中看到它。它不會集中於投資組合周圍的任何一項特定業務。

Only thing I'll add, Julian there, is that in IA, the HPS continues to perform very well. It's going to mirror the performance it had in 2023. So similar growth rates. The bookings remain very strong. Aftermarket is performing extremely strong. And that's the biggest constituents of the newly framed IA business.

Julian，我唯一要補充的是，在 IA 中，HPS 的表現仍然非常出色。它將反映 2023 年的表現。預訂量仍然非常強勁。售後市場表現極為強勁。這是新組成的 IA 業務的最大組成部分。

And the short cycle is recovering. I remain very confident on short-cycle recovery. We have seen that in PSS business, it has 2 successive quarters of orders growth. We see that in early cycle in other businesses. So net-net, we are going to see strong exit rates in IA business at end of the year.

並且短週期正在恢復。我對短週期復甦仍然充滿信心。我們看到PSS業務已經連續2季訂單成長。我們在其他業務的早期週期中看到了這一點。因此，我們將在年底看到 IA 業務的強勁退出率。

That's helpful. And then just my quick follow-up on the buildings division margins. So I think they're guided to be up maybe 100 bps or so for the year, above the firm-wide margin expansion. First quarter clearly starting down -- tricky down over 100 bps. So the slope of that, maybe help us understand kind of how do we think about the buildings margins in the second quarter? How quickly we start to see that flip to margin expansion in the rest of the year, please?

這很有幫助。然後是我對建築部門利潤的快速跟進。因此，我認為今年他們的利潤率可能會上漲 100 個基點左右，高於公司範圍內的利潤率擴張。第一季明顯開始下降——下降超過 100 個基點。因此，斜率也許可以幫助我們了解我們如何看待第二季度的建築利潤率？請問，我們多快就能看到今年剩餘時間利潤率擴張的轉變？

Sure. So again, you're going to see that tie a lot to the product volumes because of the volume leverage that comes with that and the margin rates associated with it are going to be very helpful in that margin ramp as well as the work that we've done on productivity, particularly around direct materials this year.

當然。所以，你會再次看到，這與產品數量有很大關係，因為隨之而來的數量槓桿以及與之相關的保證金率對於保證金增長以及我們的工作非常有幫助。 ，特別是今年在直接材料方面。

So that's -- our last 2 quarters were in the same neighborhood, right around 24 points with the lower product mix. And as the year progresses, you're going to see that move up sequentially throughout the remaining 3 quarters of the year.

所以，我們過去 2 個季度處於同一區域，大約 24 個點，但產品組合較低。隨著時間的推移，您將看到這一數字在今年剩餘的三個季度中依次上升。

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

我們的下一個問題來自美國銀行的安德魯‧奧賓 (Andrew Obin)。

Good to hear that short cycle is finally starting to move.

很高興聽到短週期終於開始移動。

Absolutely, Andrew.

當然，安德魯。

Just a question on defense and space. That picked up very nicely, nice lever. Can you just talk specifically, and I know there are a lot of programs there. But what is driving that? And what's the outlook specifically for defense and space into the second half because this is a very, very impressive performance there.

只是關於防禦和空間的問題。這個動作非常好，很好的槓桿。能不能具體說一下，我知道那裡有很多程式。但是是什麼推動了這一點呢？下半場的防守和空間前景如何，因為這是一場非常非常令人印象深刻的表現。

Yes. Thanks, Andrew. Look, the Q1 performance of defense and space was more linked to the supply chain unlock. That remains the biggest variable in Aerospace even in 2024.

是的。謝謝，安德魯。看起來，國防和太空領域的第一季表現更與供應鏈解鎖相關。即使到了 2024 年，這仍然是航空航太領域最大的變數。

We are very pleased with the strong growth in Q1. We expect high single-digit growth in defense and space in the revenue, but order booking will be much stronger. And that's driven by the fact of not only the demand in U.S. but the international demand, which is coming up in this business. And those trends are extremely favorable. So net-net, we do expect to finish the year strong, not only in the revenue side but equally strong on the order side on the defense.

我們對第一季的強勁成長感到非常高興。我們預計國防和航太領域的收入將出現高個位數成長，但訂單預訂將強勁得多。這不僅是由美國的需求所推動的，也是由這項業務中出現的國際需求所推動的。這些趨勢是非常有利的。因此，我們確實預計今年會表現強勁，不僅在收入方面，而且在國防訂單方面也同樣強勁。

Got you. And maybe to -- shifting to ESS. Can you just talk about visibility of UOP? I know you guys were optimistic about some of the green projects coming in. And I think due to regulatory issues, it's just taking time. What does the pipeline look like? And what does the ramp look in this business into the year-end? And how do you balance this visibility on these projects and just the time it takes to get them approved?

明白你了。也許會轉向 ESS。能談談UOP 的知名度嗎？我知道你們對一些即將到來的綠色項目持樂觀態度。管道是什麼樣子的？該業務到年底的成長如何？您如何平衡這些項目的可見度和獲得批准所需的時間？

So very bullish on UOP. I would say this business is headed for a great time ahead. The traditional projects continues to remain active while the new energy project on sustainability, a strong pipeline, and we see decisions now maturing. You saw in one of our exciting wins, we mentioned here new way to make SAF with the biomass now, which is a new technology we have launched.

所以非常看好UOP。我想說，這項業務未來將會迎來一段美好的時光。傳統項目繼續保持活躍，而新能源項目則注重永續性，有強大的管道，我們看到決策正在成熟。您在我們令人興奮的勝利之一中看到，我們在這裡提到了現在用生物質製造 SAF 的新方法，這是我們推出的一項新技術。

So net-net, with the strength in traditional energy, strength in renewable technologies and catalysts, we are going to have a strong year for UOP, both in orders and revenue. And that's not only 2024. Look ahead for the business remains extremely, extremely positive in the times ahead.

因此，憑藉傳統能源、再生技術和催化劑方面的實力，UOP 的訂單和收入將迎來強勁的一年。這不僅僅是 2024 年。

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 about Aerospace. Commercial OE was really strong, up 24% in the quarter. How are you thinking about that for the full year just given slower MAX production we're seeing and the new news of the 787 also slowing down production there? Any top line margin or cash impact that you foresee? And then I just want to clarify the comment about margins for Aerospace. You said it would dampen just given OE mix, but I would think aftermarket would accelerate as we progress through the year.

我想問一下航空航天方面的問題。商業 OE 確實很強勁，本季成長了 24%。鑑於我們看到 MAX 生產速度放緩，而且 787 的新消息也導致生產速度放緩，您如何看待全年的情況？您預計對利潤率或現金有何影響？然後我只想澄清有關航空航天利潤率的評論。您說，鑑於原配設備組合，這會減弱，但我認為，隨著我們今年的進展，售後市場將會加速。

Okay. So I think there are 3 questions there, Sheila, I'll try to pick up.

好的。所以我認為有 3 個問題，希拉，我會盡力回答。

Sorry about that.

對於那個很抱歉。

No, no problem. So the overall, we do expect commercial OE to grow double digits, both on the -- the commercial OE to grow double digits and aftermarket. So we'll maintain the strong growth trend as is indicated in our guide for the rest of the year.

不，沒問題。因此，總體而言，我們確實預期商業原配設備將達到兩位數成長，無論是商業原配設備還是售後市場。因此，我們將在今年剩餘時間內保持指南中所示的強勁成長趨勢。

To your comment specifically on 787 MAX, I won't give you a specific input on one particular platform. But I would say that our demand for Boeing hasn't changed. We know that we all heard their earnings call yesterday, and there are different drivers for that. But for Honeywell, we are present in multiple platforms, and the demand for them remains unwavered.

對於您對 787 MAX 的具體評論，我不會為您提供針對某一特定平台的具體意見。但我想說的是，我們對波音的需求沒有改變。我們知道昨天我們都聽到了他們的財報電話會議，這有不同的驅動因素。但對霍尼韋爾來說，我們存在於多個平台中，對它們的需求仍然沒有動搖。

I personally talk to Boeing leadership, and I'm very confident that's going to trend that way. On margins, it's a -- Q1 was strong. It's a mixed driver. As the year progresses, we have different product mix and mix between OE and aftermarket. So net-net, we are still guiding flattish margins for the year, and that's what we have given in our guidance.

我個人與波音領導層進行了交談，我非常有信心這將成為趨勢。就利潤率而言，第一季表現強勁。這是一個混合驅動程式。隨著時間的推移，我們在原廠和售後市場之間擁有不同的產品組合和組合。因此，我們仍然指導今年的利潤率持平，這就是我們在指導中給出的內容。

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

我們的下一個問題來自高盛的喬·里奇。

I just want to really focus my questions on margins. So just making sure that I understood some of the comments already. As you think about the rest of the year, I guess, how much of the margin expansion that you're expecting in both BA and IA is really dependent on short cycle accelerating?

我只想真正將問題集中在利潤上。所以只是確保我已經理解了一些評論。當您考慮今年剩餘時間時，我猜您預計 BA 和 IA 的利潤率擴張有多少真正依賴於短週期加速？

And then, Vimal, just a quick clarification on the answer you just gave on the aero side of the business. The OE business was up, I think it was over 24% or something like that in aero. I'm just curious, like what were some of the kind of mix tailwinds you saw this quarter in aero? And again, why doesn't that continue going forward?

然後，Vimal，請快速澄清一下您剛才就業務的航空方面給出的答案。 OE 業務成長了，我認為在航空領域成長了 24% 以上。我只是很好奇，例如本季您在航空領域看到了哪些混合順風？再說一次，為什麼這種情況不再持續下去？

Yes. Joe, I mean, as it relates to the mix, I'm not going to bore you with the details, but it's actually quite deep between the different OEs, the shipsets within each of them and so forth. So that is going to migrate up and down during the course of the year as it goes. So there's not one particular thing happening there.

是的。喬，我的意思是，因為它涉及到混合，我不會讓你厭煩細節，但實際上不同的 OE、每個 OE 中的船舶組等等之間的關係很深。因此，隨著時間的推移，這一數字將在一年中上下遷移。所以那裡沒有發生一件特別的事。

As Vimal mentioned though, we're going to continue to see very strong OE margins -- or excuse me, OE volumes during the year. In fact, I wouldn't be surprised if the growth in OE actually accelerates in the next couple of quarters, not dramatically so, but in terms of its relative mix inside of the overall portfolio. So that's what I would say about aero.

不過，正如 Vimal 所提到的，我們將繼續看到非常強勁的原廠利潤率——或者對不起，今年的原廠銷售。事實上，如果 OE 的成長在接下來的幾個季度實際上加速，我不會感到驚訝，雖然不是顯著加速，但就其在整體投資組合內部的相對組合而言。這就是我要說的關於空氣動力學的內容。

And then in terms of the margin rates in IA and BA, both of those businesses are seeing mix down with products softer. And so absolutely mix up with products growth is going to be a driver of those margins. But that also comes with a lot of the work we've been doing on the productivity side, both in direct materials as well as in our continued repositioning of the cost base that we have been doing. So our margin story is going to be a combination of the volume leverage, the product mix and our productivity actions that we continue to take, as you know, is always a strength for Honeywell.

然後就 IA 和 BA 的利潤率而言，這兩家企業的產品組合都在下降。因此，與產品成長的絕對結合將成為這些利潤的驅動力。但這也伴隨著我們在生產力方面所做的大量工作，無論是在直接材料方面還是在我們不斷重新定位我們一直在做的成本基礎方面。因此，我們的利潤率故事將是銷售槓桿、產品組合和我們繼續採取的生產力行動的結合，正如您所知，這始終是霍尼韋爾的優勢。

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

我們的下一個問題來自沃爾夫研究中心的奈傑爾·科 (Nigel Coe)。

Sorry to bore you in another -- obviously, aero margins were great. What's the timing of Boeing shipments to customers affected there? Just curious if there's a timing issue there. But mainly my question is around 2Q margin dynamics. And thinking about that drop-off in the Zebra royalty income in the second quarter, are we looking at maybe margins, I don't know, down like 300 basis points year-over-year in the second quarter for IA? And therefore, the balance of the segment margin performance is actually probably more like on trend? So just any more color on the 2Q margins by segment would be helpful.

很抱歉又讓您厭煩了——顯然，空氣動力裕度非常好。波音公司向受影響客戶出貨的時間是什麼時候？只是好奇是否有時間問題。但我的問題主要是關於第二季的利潤率動態。考慮到第二季 Zebra 特許權使用費收入的下降，我不知道，我們是否會考慮 IA 第二季的利潤率年減 300 個基點？因此，分部利潤率表現的平衡實際上可能更像是趨勢？因此，只要在第二季度利潤率上按細分市場提供更多顏色就會有所幫助。

Yes. No, we don't expect IA margins to be down 300 basis points in 2Q on a year-over-year basis. We talked about the Zebra impact. Again, it's $45 million a quarter on the revenue side. There is some costs associated with that as we talked about over the last 2 years, as we've had that impact into our P&L. So you guys can do the math on the direct impact of just that item all by itself. But we have other actions in place to continue to offset that. I don't expect margins to necessarily be up year-on-year in IA, but nothing to the degree that we described in terms of 300 basis point drop.

是的。不，我們預計第二季 IA 利潤率不會比去年同期下降 300 個基點。我們討論了斑馬的影響。同樣，每季的收入為 4500 萬美元。正如我們在過去兩年中所討論的那樣，存在一些與此相關的成本，因為我們已經對損益表產生了影響。所以你們可以單獨計算一下該項目的直接影響。但我們也採取了其他行動來繼續抵消這一影響。我預期 IA 的利潤率不一定會比去年同期上升，但不會達到我們所描述的下降 300 個基點的程度。

Okay. And then any color on aero margins in second quarter?

好的。那麼第二季的航空利潤率有變化嗎？

Yes. Just that I would expect them to be down sequentially from Q1, that Q1 is going to be the high point. And as we go through the year, again, our overall expectation is flattish on a year-on-year basis, but Q1 will be the high point.

是的。只是我預計它們會從第一季開始依次下降，第一季將成為最高點。當我們回顧這一年時，我們的整體預期與去年同期相比持平，但第一季將是最高點。

Our next question comes from the line of Andy Kaplowitz with Citi.

我們的下一個問題來自花旗銀行的安迪‧卡普洛維茨 (Andy Kaplowitz)。

Vimal, maybe can you talk a little bit more about what you're seeing by region? I think you mentioned strength in India. How important is that region becoming? And what are you seeing in China and Europe?

Vimal，也許您能多談談您所看到的各地區情況嗎？我想你提到了印度的實力。該地區變得有多重要？您在中國和歐洲看到了什麼？

Yes. So I would say, if I go around the corner, we continue to see strength in our high-growth regions, specifically in India and Middle East. Those remain strong. China also did well for us. We grew high single digits on the strength of our aero and energy business. So net-net, we do see strong -- continued strong trend in emerging markets.

是的。所以我想說，如果我走到轉角處，我們將繼續看到高成長地區的實力，特別是在印度和中東。這些仍然很強大。中國也為我們做得很好。憑藉航空和能源業務的實力，我們實現了高個位數成長。因此，我們確實看到新興市場的強勁趨勢持續強勁。

Europe has stabilized. I would say the worst is definitely behind us. We see more recovery and positive trends, specifically in short cycle, we talked about it earlier in Europe. And U.S., of course, is the balance here. So net-net, high-growth region remains a tailwind in overall revenue mix for Honeywell.

歐洲已經穩定下來。我想說最糟糕的情況肯定已經過去了。我們看到更多的復甦和積極趨勢，特別是在短週期內，我們早些時候在歐洲談到這一點。當然，美國是這裡的平衡點。因此，淨淨高成長地區仍然是霍尼韋爾整體收入組合的推動力。

Great. And I just want to follow up on the process business. I think you mentioned delays. Is it you're seeing more geopolitical uncertainty or election fears, higher rates? I think you still have a good outlook for that business. Maybe talk about it a little bit more.

偉大的。而我只想跟進流程業務。我想你提到了延誤。您是否看到了更多的地緣政治不確定性或選舉擔憂以及更高的利率？我認為您對該業務的前景仍然看好。也許再多談一點。

So Process Solutions business, absolutely. Our booking -- we carried a strong backlog, and our booking trends remains strong there. Aftermarket is double-digit growth for several quarters in a row. So that business will, as I mentioned before, will repeat 2023 pattern of high growth.

因此，流程解決方案業務絕對是如此。我們的預訂—我們的積壓量很大，而且我們的預訂趨勢仍然強勁。售後市場連續幾季實現兩位數成長。因此，正如我之前提到的，業務將重複 2023 年的高成長模式。

And we expect to do -- continue to do well in that segment, monetizing installed base, aftermarket software, all our strategies are really working. And also diversification into new verticals as the new energy segment are emerging like battery storage, gigafactories, all are becoming attractive growth optionality for us in that business.

我們希望繼續在該領域取得良好的成績，透過安裝基礎、售後軟體貨幣化，我們所有的策略都確實有效。隨著電池儲存、超級工廠等新能源領域的興起，多元化進入新的垂直領域，所有這些都成為我們在該業務中有吸引力的成長選擇。

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

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

Vimal, just back to kind of the ongoing portfolio review, and you said it could be many things, not one big thing. Can we take that? Or should we take that to mean as we look at kind of your revenue disaggregation, right, there's kind of 11 buckets we track and model to, that none of those entire sleeves would be gone at some point in time in your thought process?

Vimal，回到正在進行的作品集審查，你說這可能是很多事情，而不是一件大事。我們可以接受嗎？或者我們是否應該認為這意味著當我們查看您的收入分類時，對吧，我們追蹤並建模了11 個桶，在您的思維過程中的某個時間點，所有這些整個袖子都不會消失？

Look, whenever we complete any action of addition and substraction, we'll give you an early guide for that. As I mentioned, this is no one step change. So it's not that we're going to take action of a $4 billion type of thing in a single move. But whenever we are ready to communicate, we'll give you a heads up on what's likely coming in.

看，每當我們完成任何加法和減法操作時，我們都會為您提供早期指導。正如我所提到的，這不是一步改變。因此，我們不會一次性對價值 40 億美元的事情採取行動。但每當我們準備好溝通時，我們都會提醒您可能會發生什麼。

For example, Carrier business will likely come in, Civitanavi will likely come in, and what are the implications on the guide? And then what goes out, if and when this happens, we'll provide you the guide. But what I can share with you is there is not going to be one mega event on divestiture. It's going to be a combination of multiple small events.

例如，營運商業務可能會加入，奇維塔納維業務可能會加入，這對指南有何影響？然後會發生什麼，如果發生這種情況，我們將為您提供指南。但我可以與大家分享的是，不會發生一場關於資產剝離的大型活動。這將是多個小型活動的組合。

And one thing you have been clear on is ultimately, there's a monetization play on Quantinuum. Where are we there? Where's the spending tracking? And can you kind of give us an idea of maybe the time line of a monetization event?

您已經明確的一件事是，Quantinuum 最終將實現貨幣化。我們在哪裡？支出追蹤在哪裡？您能為我們介紹一下貨幣化活動的時間表嗎？

So Quantinuum is in, I would say, exciting times. We completed a major event of pre-money. We got valuation in excess of $5 billion, got more people invested there. We talked about that in the last earnings call.

所以我想說，Quantinuum 正處於一個令人興奮的時代。我們完成了一項重大的預付款活動。我們的估值超過 50 億美元，吸引了更多人在那裡投資。我們在上次財報電話會議中討論了這一點。

We also met another major milestone. I don't know if you read that Honeywell and Microsoft announced a major milestone of testing different scenarios to deliver reliable results. So Microsoft gave, ran 14,000 experiments on H2 quantum computer, and they were able to prove that every time all 14,000 times, we're able to deliver results with accuracy.

我們也實現了另一個重要的里程碑。我不知道您是否聽說過霍尼韋爾和微軟宣布了測試不同場景以提供可靠結果的一個重要里程碑。因此，微軟在 H2 量子電腦上進行了 14,000 次實驗，他們能夠證明，每次 14,000 次，我們都能夠準確地提供結果。

Why it matters is in quantum, the repeatability or accuracy matters more than the speed at this point. Once we are able to solve the problem solving with accuracy, we can work on the speed part. So that's a major milestone, and that's what matters in quantum business. We continue to hit these milestones one after another, and we score some wins on the commercial side, and that has set us for the next event of the monetization somewhere in 2025. It's contingent upon hitting this, but I remain confident that we are on the right track on that.

為什麼重要的是在量子領域，此時可重複性或準確性比速度更重要。一旦我們能夠準確地解決問題，我們就可以處理速度部分。所以這是一個重要的里程碑，也是量子業務中最重要的。我們繼續一個又一個地實現這些里程碑，並且在商業方面取得了一些勝利，這為我們在2025 年某個時候的下一個貨幣化事件做好了準備。仍然相信我們正在前進正確的軌道。

And by the way, the last comment I'll make there is AI is definitely giving us a lot more momentum. There's a deeper understanding and appreciation why quantum is necessary. And that's going to certainly help us when we are ready for an IPO or something similar in 2025.

順便說一句，我要發表的最後一個評論是人工智慧無疑為我們帶來了更多動力。人們對為什麼量子是必要的有了更深入的理解和認識。當我們準備好在 2025 年進行 IPO 或類似的事情時，這肯定會對我們有所幫助。

Our next question comes from the line of Brett Linzey with Mizuho.

我們的下一個問題來自 Brett Linzey 和 Mizuho 的對話。

Again, I wanted to come back to ESS. You noted the margin contraction on some of this onetime factory restart cost. Maybe could you quantify that? And then any detail on the nature of just the timing of some of these pressures?

我再次想回到 ESS。您注意到一些一次性工廠重啟成本的利潤率下降。也許你能量化一下嗎？那麼，關於其中一些壓力的時間性質的任何細節？

Sure. So in our clean energy business, we had been operating as in a trading manner, and we had shut down the major facility some number of years ago in that business, and we restarted it. And so as you can imagine, that restart has some fits in it as we go through the course of the year to get to stabilization. And that's really the -- if you look at ESS margins, I'm not going to give you precise numbers. But if you back out the impact of that, we would have been roughly flat, maybe slightly up on a margin rate basis year-on-year in the first quarter.

當然。因此，在我們的清潔能源業務中，我們一直以貿易方式運營，幾年前我們關閉了該業務的主要設施，然後又重新啟動了它。正如你可以想像的那樣，隨著我們在這一年的過程中達到穩定，這種重啟有一些契合之處。這確實是——如果你看看 ESS 利潤率，我不會給你精確的數字。但如果你排除這一影響，我們第一季的利潤率將大致持平，甚至可能略有上升。

And so that's going to take some time to get to stability. But the good news is this is a great business. The long-term dynamics for it from a pricing standpoint, a supply standpoint are very favorable. As we exit the year, we're going to have more stable operations internally. And so we're going to have a very nice exit rate going into 2025 with a very strong business. And again, that business is, think about it being around about $400 million on an annual basis.

因此，這需要一些時間才能達到穩定。但好消息是這是一門偉大的生意。從定價和供應的角度來看，它的長期動態非常有利。隨著今年的結束，我們的內部營運將會更加穩定。因此，到 2025 年，我們的退出率將非常高，業務也非常強勁。再說一遍，該業務每年約為 4 億美元。

All right. Got it. And then just one more on M&A. Just thinking about the velocity there. I know last May, you talked about the pipeline prioritization. I think you had 90 deals looking at within your markets, and that's still at the top 10. I guess how is that 90 compared today? I mean it sounds like the enthusiasm, it sounds a little bit more optimistic about some actionability. But maybe just talk about some of the pipeline and the movement there.

好的。知道了。然後再談一談併購。只是想一下那裡的速度。我知道去年五月，您談到了管道優先順序。我認為您在自己的市場中考慮了 90 筆交易，而且仍然位於前 10 名。我的意思是，這聽起來像是熱情，聽起來對某些可操作性更加樂觀。但也許只是談論一些管道和那裡的運動。

Absolutely. I would say the pipeline is very strong as we sit today. Of course, we compete for every target, and we remain very sensitive to both strategic fit and valuation fit. So net-net, we do expect to continue to take some actions on adding new business to our portfolio. And overall, my tone is very positive on that.

絕對地。我想說，就我們今天而言，管道非常強大。當然，我們會爭奪每一個目標，我們對策略契合度和估值契合度仍然非常敏感。因此，我們確實希望繼續採取一些行動，為我們的投資組合添加新業務。總的來說，我的語氣對此非常正面。

Okay. Just to wrap up here, I want to continue to express my appreciation to our shareholders for your ongoing support and, again, to our Honeywell future shapers, who continue to drive differentiated performance. Our future is bright, and look forward to sharing our progress with you as we continue to execute on our commitments. Thank you for listening, and please stay safe and healthy.

好的。最後，我想繼續向我們的股東表示感謝，感謝你們一直以來的支持，並再次感謝我們的霍尼韋爾未來塑造者，他們繼續推動差異化的業績。我們的未來是光明的，並期待與您分享我們的進展，同時我們繼續履行我們的承諾。感謝您的聆聽，請保持安全與健康。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。