漢威聯合 (HON) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Honeywell second quarter 2024 earnings conference call.

感謝您的耐心等待，歡迎參加霍尼韋爾 2024 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's call is being recorded.

（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.

我現在想將電話轉給投資者關係副總裁 Sean Meakim。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good morning, and welcome to Honeywell's second quarter 2024 earnings conference call.

早安，歡迎參加霍尼韋爾 2024 年第二季財報電話會議。

On the call with me today are Chairman and Chief Executive Officer, Vimal Kapur; and Senior Vice President and Chief Financial Officer, Greg Lewis.

今天與我通話的是董事長兼執行長 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.

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。

From time to time, we post new information that may be of interest or material to our investors on this website.

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。

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.

我們今天的討論包括前瞻性陳述，這些陳述是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。

This morning, we will review our financial results for the second quarter share our guidance for the third quarter and provide an update on full year 2024.

今天早上，我們將回顧第二季的財務業績，分享我們對第三季的指導，並提供 2024 年全年的最新情況。

As always, we'll leave time for your questions at the end.

像往常一樣，我們最後會留出時間回答您的問題。

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

接下來，我會將電話轉給董事長兼執行長 Vimal Kapur。

Thank you, Sean, and good morning, everyone.

謝謝肖恩，大家早安。

Second quarter was another strong one for Honeywell, we exceeded the high end of our adjusted earnings per share guidance and achieved the high end of our organic sales guidance ranges.

第二季度對霍尼韋爾來說是另一個強勁的季度，我們超越了調整後每股盈餘指引的上限，並實現了有機銷售指引範圍的上限。

While aerospace continued to lead our growth, we are seeing broader participation across our portfolio.

雖然航空航太繼續引領我們的成長，但我們看到我們的投資組合有更廣泛的參與。

Three of our four strategic business groups contributed positive growth for the quarter, and we saw sequential improvement in growth rate from all four.

我們的四個策略業務集團中的三個為本季度貢獻了正成長，並且我們看到所有四個業務集團的成長率均有所改善。

Order rates were healthy across Honeywell, supporting our expectation of further organic growth acceleration into back half of the year.

霍尼韋爾的訂單率保持健康，支持我們對下半年有機成長進一步加速的預期。

We are adding attractive new assets to our already compelling technology portfolio, which will enable us to create further value for our customers and shareholders alike.

我們正在為我們已經引人注目的技術組合添加有吸引力的新資產，這將使我們能夠為客戶和股東創造更多價值。

Let me take a few minutes to restate my priority as Chairman and CEO of Honeywell before we get into more detailed discussion of the second quarter 2024 results and update on our full 2024 year expectations.

在我們更詳細地討論 2024 年第二季度業績並更新我們的 2024 年全年預期之前，請允許我花幾分鐘時間重申我作為霍尼韋爾董事長兼首席執行官的首要任務。

First, our key priority remains accelerating organic sales growth to deliver the upper end of our long-term target range of 4% to 7%.

首先，我們的首要任務仍然是加速有機銷售成長，以實現 4% 至 7% 的長期目標範圍的上限。

In order to achieve this, we are enhancing how we think about our new product innovation, monetizing our vast installed base, accelerating software offerings and improving our leadership position in high-growth regions.

為了實現這一目標，我們正在加強對新產品創新的思考，將我們龐大的安裝基礎貨幣化，加速軟體產品並提高我們在高成長地區的領導地位。

As an early read on these efforts our self-help actions and aftermarket services are demonstrating favorable proof points.

作為對這些努力的早期解讀，我們的自助行動和售後服務正在展示有利的證據。

Double digit growth in the second quarter and accretive growth even when excluding aerospace.

第二季度實現兩位數成長，即使不包括航空航天，也能實現增值成長。

In fact, I'm pleased to highlight that our total Honeywell grew volume in the second quarter and we expect further volume acceleration in the second half.

事實上，我很高興地強調，霍尼韋爾第二季度的總銷量有所增長，我們預計下半年銷量將進一步加速。

Second, off the strength of our contemporary digital foundation, we are transforming how we run Honeywell to the latest version of our Honeywell accelerator operating system.

其次，憑藉我們當代數位基礎的優勢，我們正在將霍尼韋爾的運作方式轉變為最新版本的霍尼韋爾加速器作業系統。

We are standardizing by business model to drive incremental value, enhancing our growth capabilities.

我們正在透過業務模式進行標準化，以推動增量價值，增強我們的成長能力。

Our integrated operating system principles enable us to deploy world-class digital supply chain and technology development capability that scale along with multiple growth drivers that benefit the entire enterprise.

我們的整合作業系統原則使我們能夠部署世界一流的數位供應鏈和技術開發能力，這些能力可以與多種成長動力一起擴展，從而使整個企業受益。

For example, we are leveraging our digital capabilities and demand planning to more closely match production and material management enabling us to capture incremental inventory improvement and reduce working capital intensity.

例如，我們正在利用我們的數位能力和需求規劃來更緊密地匹配生產和物料管理，使我們能夠實現增量庫存改進並降低營運資本強度。

We are also leveraging generating AI to maximize the potential benefit of our operating system, both for our customers and ourselves.

我們也利用產生人工智慧來最大化我們作業系統的潛在利益，無論是對我們的客戶還是我們自己。

As anticipated, accelerator is proving to be a powerful source of profitable growth across all our businesses as an important tool to successfully integrate the recent addition to our portfolio.

正如預期的那樣，加速器被證明是我們所有業務利潤成長的強大來源，作為成功整合我們最近添加的產品組合的重要工具。

Third, we are excited about our progress on our portfolio optimization goals.

第三，我們對投資組合優化目標的進展感到興奮。

We are demonstrating a commitment to accelerate deal flow through multiple strategic bolt-on acquisition in the $1 billion to $7 billion range in order to upgrade the quality of our business and financial profile.

我們致力於透過 10 億至 70 億美元範圍內的多次策略性補強收購來加速交易流程，以提升我們的業務品質和財務狀況。

These acquisitions are aligned to three compelling megatrends around which we are focusing Honeywell automation, the future of aviation and energy transition.

這些收購符合我們重點關注的霍尼韋爾自動化、航空和能源轉型的未來三大趨勢。

The additions, combined with a modest obstruction of non-core lines of business that are not aligned to these trends, will enable us to accelerate value creation for our shareholders.

這些新增業務，加上對不符合這些趨勢的非核心業務的適度阻礙，將使我們能夠加速為股東創造價值。

Last, as we aim for ways to simplify and accelerate growth at Honeywell, we are taking our Honeywell connected enterprise strategy to the next stage by seamlessly integrating SC into our strategic business groups.

最後，由於我們的目標是尋找簡化和加速霍尼韋爾成長的方法，因此我們將透過將 SC 無縫整合到我們的策略業務集團中，將霍尼韋爾互聯企業策略推向下一階段。

In 2018, we formed at FCE to enable the creation of one unified industry leading IoT force platform to support the digital transformation for our customers.

2018 年，我們在 FCE 成立，旨在創建一個統一的行業領先的物聯網力量平台，以支援客戶的數位轉型。

Over the last few years, we have been increasingly focused on scaling our commercial offering to deliver outcome-based solutions and performance, sustainability and security.

在過去的幾年裡，我們越來越注重擴展我們的商業產品，以提供基於結果的解決方案和效能、永續性和安全性。

We are maintaining our robust software development expertise at the center.

我們以強大的軟體開發專業知識為中心。

And FCE version 3.0 will more deeply integrate those centralized capabilities within our segment level commercial teams.

FCE 3.0 版本將更深入地將這些集中功能整合到我們的細分級商業團隊中。

This will deliver even better outcomes to our customers and drive sustained accretive software growth across the portfolio.

這將為我們的客戶帶來更好的成果，並推動整個產品組合的持續增值軟體成長。

As we demonstrate further progress against this priority, we expect to deliver on our long-term financial algorithm and generate superior value for our shareholders.

隨著我們在這項優先事項上取得進一步進展，我們期望實現我們的長期財務演算法，並為我們的股東創造卓越的價值。

In the spirit of that progress.

本著這種進步的精神。

Let's turn to slide 3 to discuss our recent acquisition announcements.

讓我們轉向幻燈片 3 來討論我們最近的收購公告。

Our top M&A priority remains targeting bolt-on acquisitions, as evidenced by our recent announcements, we are creating a flywheel of themes that strategically add to our technological capabilities, enhance our alignment to our three compelling megatrends and provide accretive growth that supports Honeywell overall, long-term financial framework.

我們的首要併購重點仍然是補強收購，正如我們最近的公告所證明的那樣，我們正在創建一個主題飛輪，策略性地增強我們的技術能力，增強我們與三個引人注目的大趨勢的一致性，並提供支持霍尼韋爾整體的增值增長，長期財務框架。

Let's discuss our recent deals in a bit more detail.

讓我們更詳細地討論一下我們最近的交易。

Earlier this month, we announced our intention to acquire Air Products' liquefied natural gas processing technology and equipment business for approximately $1.8 billion in all-cash transaction.

本月早些時候，我們宣布打算以約 18 億美元的全現金交易收購空氣產品公司的液化天然氣加工技術和設備業務。

With this addition, Honeywell will be able to offer customers end-to-end solution that optimize the management of natural gas assets.

透過此次收購，霍尼韋爾將能夠為客戶提供端到端解決方案，以優化天然氣資產的管理。

Currently, Honeywell provides a pretreatment solutions serving LNG customers globally and automation technology unifying under the Honeywell Forge and Experion platform.

目前，霍尼韋爾為全球液化天然氣客戶提供預處理解決方案，並在 Honeywell Forge 和 Experion 平台下統一自動化技術。

Air Products complementary LNG business consist of comprehensive portfolio, including in-house design and manufacturing of coil bone heat exchangers and related equipment.

空氣產品公司的補充液化天然氣業務包括全面的產品組合，包括盤管式熱交換器及相關設備的內部設計和製造。

This acquisition will bolster our energy transition portfolio within energy and sustainability solution.

此次收購將增強我們在能源和永續發展解決方案中的能源轉型產品組合。

The LNG technology will immediately expand our installed base, creating new opportunities to compound growth in aftermarket services and digitalization through Honeywell Forge.

液化天然氣技術將立即擴大我們的安裝基礎，透過 Honeywell Forge 為售後服務和數位化的複合成長創造新的機會。

Notably, this is the fourth acquisition Honeywell has announced this year as part of our disciplined capital deployment strategy, adding a business with accretive economics at an attractive valuation.

值得注意的是，這是霍尼韋爾今年宣布的第四次收購，作為我們嚴格的資本部署策略的一部分，以有吸引力的估值增加了具有增值經濟效益的業務。

In June, we announced the acquisition of CAES systems, our case for short from private equity firm, advent international fund $1.9 billion, enhancing Honeywell's defense technology solution across land, sea, air and space.

6 月，我們宣布以 19 億美元從私募股權公司 Advent International Fund 收購 CAES Systems（簡稱 CAES Systems），從而增強霍尼韋爾在陸地、海洋、空中和太空領域的國防技術解決方案。

This business will enable us to provide new electromagnetic defense solutions for end to end radio frequency signal management for critical existing and emerging US DoD platforms, which are forecasted to grow significantly at accretive rates in years to come.

這項業務將使我們能夠為關鍵的現有和新興美國國防部平台提供端到端射頻訊號管理的新電磁防禦解決方案，預計這些平台將在未來幾年以成長率顯著成長。

We are excited that this is the second aerospace focused transaction we have announced this year underscoring our alignment to the future of aviation.

我們很高興這是我們今年宣布的第二筆專注於航空航天的交易，突顯了我們與航空業未來的契合。

The business ads state of the art advanced manufacturing capabilities, impressive engineering talent and potential for significant commercial opportunities in international defense.

這則商業廣告展示了最先進的先進製造能力、令人印象深刻的工程人才以及國際國防領域重大商業機會的潛力。

Also in June, we completed acquisition of Carrier's Global Access Solutions business, which positions Honeywell as a leading provider of security solution for the digital age with opportunities for accelerating innovation in fast-growing cloud-enabled services.

同樣在六月，我們完成了對開利全球接入解決方案業務的收購，這使霍尼韋爾成為數位時代安全解決方案的領先提供商，並為快速增長的雲端服務加速創新提供了機會。

Honeywell will also benefit from businesses, attractive growth and margin profile, valuable software content and accretive mix of recurring revenue with forecasted annual sales in excess of $1 billion when combined with our existing security portfolio.

霍尼韋爾還將受益於業務、有吸引力的成長和利潤狀況、有價值的軟體內容以及經常性收入的增值組合，與我們現有的安全產品組合相結合，預計年銷售額將超過10億美元。

We are happy to welcome the Access Solutions team to Honeywell's building automation business.

我們很高興歡迎接入解決方案團隊加入霍尼韋爾的建築自動化業務。

Together, the combination will build our long track record of delivering high value, critical building automation products, solution and services to our customers globally.

此次合併將共同打造我們為全球客戶提供高價值、關鍵樓宇自動化產品、解決方案和服務的長期記錄。

As we turn our attention to ensuring a seamless integration of the business into our portfolio will utilize our multi-phase the tools of our accelerator operating system to streamline processes digitalize operation and manifest the anticipated synergies that help make the deal compelling from a top and bottom line perspective.

當我們將注意力轉向確保業務無縫整合到我們的投資組合中時，我們將利用我們的加速器操作系統的多階段工具來簡化流程、數位化營運並體現預期的協同效應，從而幫助使交易從上到下都引人注目線透視。

Cumulatively, the bolt-on acquisition of the past year represents over $2 billion of incremental annualized revenue with growth profile well in excess of Honeywell's growth algorithm of 4% to 7%.

累計起來，去年的補強收購帶來了超過 20 億美元的年化收入增量，其成長前景遠遠超過了霍尼韋爾 4% 至 7% 的成長演算法。

Collectively, these deals represent an accretive margin profile to our current portfolio at valuation below of our own before factoring any expected sales synergies.

總的來說，在考慮任何預期的銷售綜效之前，這些交易代表了我們目前投資組合的增值利潤，其估值低於我們自己的估值。

Before I hand it off to Greg, I'll turn to slide 4 to review our progress on all our capital deployment commitments.

在將其交給 Greg 之前，我將轉到投影片 4 來回顧我們所有資本部署承諾的進展。

We are very excited to demonstrate significant progress on the commitment I made to you during the last May at Investor Day when we re-upped our intention to deploy at least $25 billion of capital in 2023 through 2025 with the accelerated M&A deal activity this year, we have already deployed and committed approximately $10 billion acquisitions and approximately $5 billion to share buybacks, exceeding our minimum pledge of $13 billion over a year early.

我們非常高興能夠展示我在去年5 月投資者日向您做出的承諾方面取得的重大進展，當時我們重申了在2023 年至2025 年部署至少250 億美元資本的意圖，並加速了今年的併購交易活動，我們已經部署並承諾了約 100 億美元的收購和約 50 億美元的股票回購，超出了我們提前一年承諾的 130 億美元的最低承諾。

However, that does not meet our work is done.

然而，這並不滿足我們的工作已經完成。

Our robust balance sheet capacity provide us with the flexibility to allocate capital to accretive M&A opportunistic share purchases and high return growth capital.

我們強大的資產負債表能力使我們能夠靈活地將資本分配給增值併購機會性股票購買和高回報成長資本。

As the deal environment remains favorable, we will continue to reshape the portfolio by building on our already strong pipeline of high-value M&A opportunities as well as strategically prune select non-core assets.

由於交易環境仍然有利，我們將繼續重塑投資組合，以我們已經強大的高價值併購機會管道為基礎，並策略性地削減精選的非核心資產。

In true Honeywell fashion, you can expect us to maintain disciplined approaches to generate highest return combination of capital deployment.

以真正的霍尼韋爾風格，您可以期望我們保持嚴格的方法，以產生最高回報的資本部署組合。

Now let me turn over to Greg on slide 5 to discuss the second quarter results in more detail as we provide our views on third quarter and full year 2024 guidance.

現在讓我轉向投影片 5 上的 Greg，更詳細地討論第二季的業績，同時我們提供對第三季和 2024 年全年指引的看法。

Thank you, Vimal, and good morning, everyone.

謝謝你，Vimal，大家早安。

Let me begin on slide 5.

讓我從投影片 5 開始。

As a reminder, starting in the second quarter, we began excluding the impact of amortization expense for acquisition related intangible assets and certain acquisition related costs, including the related tax effects from segment profit and adjusted earnings per share.

提醒一下，從第二季開始，我們開始排除收購相關無形資產攤銷費用和某些收購相關成本的影響，包括部門利潤和調整後每股盈餘的相關稅務影響。

We believe this change provides investors with a more meaningful measure of our performance period-to-period aligns the measure to how we evaluate performance internally and makes it easier to compare our performance to peers.

我們相信，這項變更為投資者提供了更有意義的衡量我們各個時期績效的指標，使該指標與我們內部評估業績的方式保持一致，並使我們更容易將我們的業績與同業進行比較。

In addition, our second quarter building automation results incorporate approximately one month of impact from the acquisition of Access Solutions.

此外，我們第二季的樓宇自動化業績還包含了收購 Access Solutions 約一個月的影響。

With that, let's discuss our results.

接下來，讓我們討論一下我們的結果。

We delivered another strong quarter in a dynamic macro environment, meeting the high end of our organic sales range, landing above the midpoint of our segment margin guidance and exceeding the high end of our adjusted earnings per share guidance.

在動態的宏觀環境中，我們又實現了強勁的季度業績，達到了有機銷售範圍的高端，達到了部門利潤率指導的中點以上，並超過了調整後每股收益指導的高端。

Second quarter organic sales were up 4% year over year, supported by 16% organic growth in aerospace technologies driven by another quarter of double-digit growth in both commercial aerospace and defense and space, in addition to double digit growth in our building solutions business.

第二季度有機銷售額年增4%，這得益於航空航天技術16% 的有機成長，商業航空航太、國防和航太領域又一個季度實現了兩位數成長，此外我們的建築解決方案業務也實現了兩位數成長。

Honeywell grew volume by 1% for the second time in the past 10 quarters, and we expect further volume acceleration in the second half.

霍尼韋爾銷量在過去 10 個季度中第二次成長 1%，我們預計下半年銷售將進一步加速。

Segment profit grew 4% year over year and segment margin contracted by 10 basis points to 23% as expansion in energy and sustainability solutions was offset by mix pressures and our other three businesses.

由於能源和永續發展解決方案的擴張被混合壓力和我們其他三項業務所抵消，部門利潤年增 4%，部門利潤率下降 10 個基點至 23%。

Earnings per share for the second quarter was $2.36, up 6% year over year, and adjusted earnings per share was $2.49, up 8% year over year, driven primarily by segment profit growth.

第二季每股收益為2.36美元，年增6%，調整後每股收益為2.49美元，較去年同期成長8%，主要受到部門獲利成長的推動。

A bridge for adjusted EPS from 2Q '23 to 2Q '24 can be found in the appendix of this presentation.

本簡報的附錄中提供了從 2023 年第 2 季到 2024 年第 2 季調整後 EPS 的橋樑。

Orders grew 4% year over year with a book-to-bill of one led by growth in BA, ESS and IA, including pockets of short-cycle strength with advanced materials and building products growing both year over year and quarter over quarter.

訂單年增 4%，訂單出貨比成長 1，這主要得益於 BA、ESS 和 IA 的成長，其中包括先進材料和建築產品的短週期優勢，與去年同期相比成長。

Orders growth supported a 5% year-over-year increase in backlog to maintain our record level of $32 billion.

訂單成長推動了積壓訂單年增 5%，從而維持了 320 億美元的創紀錄水準。

Free cash flow was approximately $1.1 billion, roughly flat year over year versus the second quarter of '23 as higher net income and improved working capital from reduced inventory levels were offset by the timing of higher cash taxes.

自由現金流約為 11 億美元，與 2023 年第二季相比，年比基本持平，因為較高的淨利潤和庫存水準減少帶來的營運資本改善被較高的現金稅時間所抵消。

We continue to expect working capital becoming a more meaningful tailwind in the coming quarters as we unwind the multiyear buildup of inventory.

我們繼續預計，隨著我們解除多年來累積的庫存，營運資金將在未來幾季成為更有意義的推動力。

This quarter, we were able to effectively reduce our days of supply each month in all our businesses by utilizing our accelerator digitalization capabilities, improving demand planning and optimizing production materials management which gives me confidence that we are starting to systematically bend the curve.

本季度，透過利用我們的加速器數位化能力、改進需求計劃和優化生產材料管理，我們能夠有效減少所有業務中每月的供應天數，這讓我相信我們正在開始系統地扭轉曲線。

As Vimal discussed earlier, we made significant progress on our capital deployment strategy this quarter, allocating $6.4 billion to M&A, dividends, share repurchases and capital expenditures, including closing our $5 billion acquisition of Access Solutions.

正如 Vimal 先前所討論的，我們本季的資本部署策略取得了重大進展，為併購、股息、股票回購和資本支出分配了 64 億美元，包括完成了對 Access Solutions 的 50 億美元收購。

When combined with the anticipated closing of CASE and Air Products, LNG businesses later this year, we are on track to deploy a record $14 billion of capital in 2024.

再加上預計今年稍後將關閉 CASE 和空氣產品公司的液化天然氣業務，我們預計將在 2024 年部署創紀錄的 140 億美元資本。

Now let's spend a few minutes on the second quarter performance by business.

現在讓我們花幾分鐘時間來了解第二季的業務表現。

In aerospace technologies, sales for the second quarter were up 16% organically with double-digit growth in both defense and space and commercial aerospace.

在航空航太技術領域，第二季銷售額有機成長 16%，國防和航太以及商業航空航太領域均達到兩位數成長。

This marks the 13th consecutive quarter of double-digit growth in commercial aviation enabled by sustained growth in global flight activity and increased shipset deliveries.

這標誌著商業航空業連續第 13 個季度實現兩位數增長，得益於全球航班活動的持續增長和船舶交付量的增加。

Defense and space growth accelerated in the second quarter as we continue to see robust global demand, coupled with supply chain improvements, enabling an incremental volume unlock.

由於我們繼續看到強勁的全球需求，再加上供應鏈的改善，國防和航太領域的成長在第二季度加速，從而實現了增量釋放。

Aerospace supply chain improvements remain on track as output increased by 14% in the second quarter.

航空航太供應鏈的改善仍在繼續，第二季產量增加了 14%。

The eighth consecutive quarter of double-digit output growth.

產量連續第八個季度實現兩位數成長。

Segment margin in aerospace technologies contracted 60 basis points year over year to 27.2%, driven by expected mix pressure within our original equipment business partially offset by commercial excellence net of inflation.

航空航天技術領域的利潤率年減 60 個基點至 27.2%，這是由於我們的原始設備業務預期的混合壓力，部分被扣除通貨膨脹因素的商業卓越所抵消。

For industrial automation, sales fell 8% organically in the quarter, primarily due to lower volumes in warehouse and workflow solutions.

對於工業自動化，本季銷售額有機下降 8%，主要是由於倉庫和工作流程解決方案銷售下降。

But overall sales improved 1% sequentially.

但整體銷售額環比成長了 1%。

Process Solutions revenue grew 1% in the quarter as another quarter of double-digit growth in our aftermarket services business was partially offset by headwinds in thermal solutions and smart energy.

本季流程解決方案營收成長 1%，因為我們的售後服務業務又一個季度實現兩位數成長，但部分被熱解決方案和智慧能源領域的不利因素所抵消。

Our sensing and safety technologies business declined modestly year over year, but saw sequential growth in both orders and sales, a positive indicator going forward.

我們的感測和安全技術業務年比小幅下降，但訂單和銷售額環比成長，這是未來的正面指標。

In productivity solutions and services sales improved year over year when excluding the impact of the $45 million quarterly license and settlement payments that ended in the first quarter.

在排除第一季結束的 4,500 萬美元季度授權和和解付款的影響後，生產力解決方案和服務銷售額較去年同期有所成長。

Orders in PSS grew double digits for the third consecutive quarter.

PSS 訂單連續第三個季度達到兩位數成長。

And overall, IA orders grew high single digits, led by growth of over 20% and warehouse and workflow solutions driving an overall book-to-bill of 1.1.

總體而言，IA 訂單實現了高個位數成長，其中成長超過 20%，而倉庫和工作流程解決方案推動整體訂單出貨比達到 1.1。

Industrial automation segment margin contracted 90 basis points to 19% due to lower volume leverage and the end of payments under the license and settlement agreement and productivity solutions and services.

由於銷售槓桿率下降以及許可和和解協議以及生產力解決方案和服務項下付款的結束，工業自動化部門的利潤率收縮了 90 個基點至 19%。

Excluding the impact of that agreement, margins expanded in the second quarter.

排除該協議的影響，第二季的利潤率有所擴大。

Moving to building automation, sales were up 1% organically as another quarter of excellent performance in our long-cycle building solutions business led the way.

轉向樓宇自動化，銷售額有機成長了 1%，因為我們的長週期樓宇解決方案業務又一個季度表現出色。

While we continue to work through lower volumes in our building products.

同時，我們繼續努力降低建築產品的產量。

Solutions grew 14% in the quarter with 20% growth in projects as a result of strength in data centers, healthcare and energy.

由於資料中心、醫療保健和能源領域的實力，本季解決方案成長了 14%，專案成長了 20%。

Sales grew double digits sequentially, including one month of benefit from the acquisition of our Access Solutions business, highlighted by strong execution and solutions and further progress in fire and building management systems within building products.

銷售額連續成長兩位數，其中包括收購我們的門禁解決方案業務帶來的一個月收益，突出表現在強大的執行力和解決方案以及建築產品中消防和建築管理系統的進一步進展。

Double-digit orders growth was a highlight for building automation in the quarter, growing both sequentially and year over year in both solutions and products, resulting in an overall book-to-bill ratio of 1.1. Segment margin contracted 60 basis points to 25.3% due to mix headwinds and cost inflation, partially offset by productivity actions and commercial excellence.

兩位數的訂單成長是本季樓宇自動化的一大亮點，解決方案和產品均達到環比和同比增長，整體訂單出貨比達到 1.1。由於混合阻力和成本通膨，該部門利潤率收縮了 60 個基點至 25.3%，但部分被生產力行動和商業卓越所抵消。

In energy and sustainability solutions, sales grew 3% organically in the second quarter.

在能源和永續發展解決方案領域，第二季銷售額有機成長 3%。

Advanced materials increased 8% year over year due to continued strength in fluorine products.

由於氟產品持續走強，先進材料較去年同期成長8%。

UOP sales declined 4% as previously noted, difficult year-over-year comps in gas processing equipment projects more than offset solid growth in refining catalysts and aftermarket services.

如前所述，UOP 銷售額下降了 4%，天然氣加工設備專案的年比困難抵消了煉油催化劑和售後服務的穩健成長。

Orders were a highlight in ESS as book-to-bill was 1.2 in the second quarter, the third consecutive quarter of a book-to-bill above 1.0 primarily on greater than 20% growth in advanced materials and more than 60% growth in sustainable technology solutions.

訂單是ESS 的一大亮點，第二季訂單出貨比為1.2，這是訂單出貨比連續第三個季度高於1.0，這主要得益於先進材料增長超過20%，可持續材料增長超過60%。

Segment margins expanded 200 basis points on a year-over-year basis to 25.2%, primarily driven by productivity actions.

部門利潤率年增 200 個基點，達到 25.2%，這主要是由於生產力措施的推動。

We continue to execute on our proven value-creation framework underpinned by our accelerator operating system.

我們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。

This combined with ongoing benefits from our long-cycle end markets and the strength of our backlog gives us confidence in our ability to navigate the current environment.

再加上我們長週期終端市場的持續效益以及積壓訂單的實力，讓我們對應對當前環境的能力充滿信心。

Now let's turn to slide 6 and talk about our third quarter and full year outlook.

現在讓我們轉向幻燈片 6，討論我們的第三季和全年展望。

Our commercial and operational discipline have enabled us to deliver on our organic growth commitments.

我們的商業和營運紀律使我們能夠兌現我們的有機成長承諾。

With continued long-cycle strength and modest sequential growth within certain of our short-cycle businesses, particularly in advanced materials, building products and sensing and safety technologies.

我們的某些短週期業務（特別是先進材料、建築產品以及感測和安全技術）持續保持長週期優勢和適度連續成長。

While we are encouraged by our performance year to date and our robust backlog, the back half will remain influenced by the dynamic macroeconomic backdrop and varying levels of channel improvement across our portfolio.

儘管我們對今年迄今的業績和強勁的積壓訂單感到鼓舞，但下半年仍將受到動態宏觀經濟背景和我們投資組合不同程度的管道改善的影響。

Given these dynamics and our recent acquisition announcements, we are increasing our 2024 top-line expectations.

鑑於這些動態以及我們最近的收購公告，我們正在提高 2024 年的營收預期。

We forecast sales to be in the range of $39.1 billion to $39.7 billion, which includes overall organic sales growth of 5% to 6% for the year up from 4% to 6% previously, increasing the midpoint from our prior guidance.

我們預計銷售額將在 391 億美元至 397 億美元之間，其中包括今年整體有機銷售額成長 5% 至 6%，高於先前的 4% 至 6%，高於我們先前指引的中位數。

The sales forecast also includes the acquisition of CASE and Air Products LNG businesses, which we expect to close in the third quarter.

銷售預測還包括收購凱斯和空氣產品公司液化天然氣業務，我們預計這兩項業務將在第三季完成。

Selectively acquisitions are expected to add approximately $800 million to Honeywell sales in 2024.

選擇性收購預計將為霍尼韋爾 2024 年銷售額增加約 8 億美元。

Sequential growth in the third and fourth quarters across most of the portfolio will be driven by continued progress in the aerospace supply chain, seasonal uplift from UOP, in addition to other long-cycle businesses and areas of modest short-cycle improvement, which will vary depending on the end market exposures.

大多數投資組合第三季和第四季的連續成長將受到航空航太供應鏈的持續進步、UOP 的季節性成長以及其他長週期業務和短週期適度改善的領域的推動，這些領域將有所不同取決於最終市場的曝險。

For the third quarter, we anticipate sales in the range of $9.8 billion to $10 billion, up 4% to 6% organically with the benefit of roughly $300 million in acquisition related revenue.

我們預計第三季銷售額將在 98 億美元至 100 億美元之間，有機成長 4% 至 6%，其中收購相關收入約為 3 億美元。

Moving to segment margin as growth in our long-cycle businesses outpaces the short-cycle recovery, supporting the raise to our top line range we expect to see a bit less favorable mix within some of our SPGs in the short term.

由於我們的長週期業務成長超過了短週期復甦，轉向細分利潤率，這支持了我們營收範圍的提高，我們預計短期內我們的一些 SPG 的組合會有點不太有利。

However, from a long-term perspective, executing on robust demand for projects and original equipment sets our businesses up for a long tail of high-margin aftermarket revenue streams by expanding our vast installed base.

然而，從長遠來看，滿足對專案和原始設備的強勁需求，可以透過擴大我們龐大的安裝基礎，為我們的業務帶來高利潤的售後市場收入流的長尾。

When incorporating the impact of recently announced acquisitions, we now anticipate our overall segment margin to be in the range of 23.3% to 23.5%, flat to down 20 basis points year over year.

考慮到最近宣布的收購的影響，我們現在預計整體部門利潤率將在 23.3% 至 23.5% 之間，與去年同期持平或下降 20 個基點。

Overall segment profit dollars will still grow significantly in 2024 between 6% and 9% as margins will continue to be supported by price cost discipline and productivity actions, including our focus on reducing raw material costs.

2024 年，整體部門利潤仍將大幅增加 6% 至 9%，因為價格成本紀律和生產力行動（包括我們專注於降低原材料成本）將繼續支撐利潤率。

From a segment perspective, energy and sustainability solutions and building automation will lead the group and margin expansion, followed by modest contraction for industrial automation as well as aerospace as a result of the CASE acquisition.

從細分市場的角度來看，能源和永續發展解決方案以及樓宇自動化將引領集團和利潤率擴張，隨後工業自動化以及航空航太領域因 CASE 收購而出現適度收縮。

For the third quarter, we anticipate overall segment margin in the range of 23.0% to 23.3% down 30 basis points to 60 basis points year over year and in line with the first two quarters of this year due to quarterly variability in aero mix, the anticipated close of case and normal seasonality within energy and sustainability solutions.

對於第三季度，我們預計整體細分市場利潤率將在 23.0% 至 23.3% 之間，年減 30 個基點至 60 個基點，與今年前兩個季度一致，原因是航空組合的季度變化、能源和永續發展解決方案中的預期結案和正常季節性。

Now let's spend a few minutes on our outlook by business.

現在讓我們花幾分鐘時間按業務展望一下我們的前景。

Looking ahead for aerospace technologies, we expect momentum from the first half to carry over into the second half as robust orders and increases in factory output will support growth.

展望航空航天技術，我們預計上半年的勢頭將延續到下半年，因為強勁的訂單和工廠產量的增加將支持成長。

In commercial original equipment we anticipate the second quarter to be our low point of the year for growth as some related supply chain challenges abate, we see strong sequential and year-over-year growth through the third and fourth quarters, particularly in air transport as build rate strength drives volume progression.

在商業原始設備方面，隨著一些相關供應鏈挑戰的緩解，我們預計第二季將成為今年成長的低點，我們預計第三季和第四季將出現強勁的環比和同比增長，特別是在航空運輸領域，建構速率強度驅動體積進展。

In commercial aftermarket, we anticipate continued sales momentum, though growth rates will come down slightly in the back half as comps get more difficult.

在商業售後市場，我們預期銷售動能將持續，但由於競爭變得更加困難，下半年成長率將略有下降。

For defense and space the global geopolitical backdrop, coupled with our robust order book and increased investments in our supply chain, will provide support for sequential growth in the third and fourth quarters.

對於國防和航太領域，全球地緣政治背景，加上我們強勁的訂單和對供應鏈的投資增加，將為第三季和第四季的連續成長提供支援。

As a result of these dynamics and a strong first half, we now forecast defense and space growth to be double digits for the year.

由於這些動態和上半年的強勁表現，我們現在預測今年的國防和航太成長將達到兩位數。

We still expect aerospace to lead Honeywell in 2024 with organic sales growth in the low double digit range.

我們仍然預計航空航太業將在 2024 年領先霍尼韋爾，其有機銷售額成長將保持在較低的兩位數範圍內。

For segment margin dynamics remain comparable to 2022 and 2023, as higher sales from lower-margin products are partially offset by volume leverage.

就細分市場而言，利潤率動態仍與 2022 年和 2023 年相當，因為低利潤率產品的較高銷售額被銷售槓桿部分抵消。

However, we now expect 2024 aero margins to decline modestly year over year due to the impact of the case acquisition, we anticipate the third quarter will be the low point of the year, reflecting the closing of CASE and less favorable quarterly mix.

然而，由於 CASE 收購的影響，我們現在預計 2024 年航空利潤率將同比小幅下降，我們預計第三季將是今年的低點，反映出 CASE 的關閉和不太有利的季度組合。

In industrial automation, we're benefiting from solid orders momentum in most of our long-cycle businesses.

在工業自動化領域，我們受益於大多數長週期業務的強勁訂單動能。

While our short-cycle businesses are showing varying signs of sequential progress.

雖然我們的短週期業務顯示出不同的連續進展跡象。

In the third quarter, we expect modest sequential improvement NIA, and a return to year-over-year growth in the back half.

在第三季度，我們預計 NIA 會出現適度的環比改善，並在下半年恢復年成長。

Second half sales growth will be led by process solutions, which we'll see further strength in our aftermarket services businesses, an improvement in the smart energy and thermal solution businesses that weighed on first half results.

下半年的銷售成長將由流程解決方案帶動，我們將看到售後服務業務的進一步增強，智慧能源和熱解決方案業務的改善，這些業務對上半年的業績造成了壓力。

And productivity solutions and services sales will grow sequentially from here.

生產力解決方案和服務銷售將從這裡開始連續成長。

Orders have grown double digits for three straight quarters in PSS, giving us confidence in our outlook for the second half and into 2025.

PSS 訂單連續三個季度實現兩位數成長，讓我們對下半年和 2025 年的前景充滿信心。

Sensing & Safety Technologies will improve sequentially as we benefit from the phasing effects of distributor destocking, Warehouse and workflow solutions will grow sequentially as we move through the trough in warehouse automation spending and should end the year around $1 billion in sales.

隨著我們受益於經銷商去庫存的階段性影響，感測和安全技術將持續改進，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持續成長，年底銷售額將達到10億美元左右。

As a result of these dynamics, we expect flattish organic sales growth in 2024.

由於這些動態，我們預計 2024 年有機銷售成長將持平。

Margins will expand in the second half as we implement productivity actions and benefit from volume leverage through long-cycle seasonality and further short-cycle progress.

隨著我們實施生產力行動，並透過長週期季節性和進一步的短週期進展從銷售槓桿中受益，下半年的利潤率將擴大。

Moving on to building automation.

轉向樓宇自動化。

In the third quarter, we expect building solutions to outpace building product sales.

在第三季度，我們預計建築解決方案的銷售量將超過建築產品的銷售量。

In products, we anticipate sales to improve modestly sequentially in the third and the fourth quarters supported by 2Q's favorable order trends.

在產品方面，我們預計在第二季有利的訂單趨勢的支持下，第三季和第四季的銷售額將略有改善。

However, the magnitude remains dependent on the ongoing normalization of channel inventories.

然而，其幅度仍取決於渠道庫存的持續正常化。

In solutions, both projects and services orders grew over 20% in the second quarter providing support for additional revenue growth in the back half and into 2025.

在解決方案方面，第二季專案和服務訂單成長超過 20%，為下半年和 2025 年的額外收入成長提供支援。

Projects has been a standout and we forecast double digit growth for the year.

項目表現出色，我們預計今年將實現兩位數的成長。

As a reminder, the Access Solutions acquisition has now been incorporated into our guidance within building products.

提醒一下，收購 Access Solutions 現已納入我們的建築產品指南。

For the year, we continue to expect organic sales growth of low single digits.

今年，我們繼續預期有機銷售額成長將為低個位數。

For segment margin, while we still anticipate expansion year over year.

對於分部利潤率，我們仍預期將逐年擴大。

Incremental shift in mix toward higher sales in our building solutions business will slow the pace of that expansion near term.

我們的建築解決方案業務的組合向更高銷售額的增量轉變將減緩近期的擴張步伐。

Finally, in energy and sustainability solutions.

最後是能源和永續發展解決方案。

Encouraging fundamentals in our end markets will drive a favorable growth outlook in the third quarter and the full year.

終端市場的基本面令人鼓舞，將推動第三季和全年的良好成長前景。

In the third quarter, we expect sales to be roughly flat year over year and down slightly sequentially with typical seasonality in fluorine products as we exit the summer months, offsetting improvement in electronic materials and UOP.

隨著夏季的結束，我們預計第三季的銷售額將與去年同期大致持平，並且隨著氟產品的典型季節性而較上季略有下降，抵消了電子材料和 UOP 的成長。

Notably, the second quarter marks the last of significant year over year unfavorable comps from large gas processing equipment projects in UOP.

值得注意的是，第二季是 UOP 大型天然氣加工設備專案較去年同期顯著不利的最後一季。

For the full year, sustained strength in catalysts in conjunction with an incremental back-half recovery in electronic materials will support growth for ESS.

全年來看，催化劑的持續強勁以及電子材料下半年的逐步復甦將支持 ESS 的成長。

Our confidence in our sustainable technology solutions business remains unchanged as a strong demand profile will drive robust growth for the year.

我們對永續技術解決方案業務的信心保持不變，因為強勁的需求狀況將推動今年的強勁成長。

Additionally, we expect the closing of our acquisition of Air Products LNG business to take place in the third quarter and have included this impact in our guidance.

此外，我們預計對空氣產品公司液化天然氣業務的收購將於第三季完成，並將這項影響納入我們的指導中。

For the year, our organic growth outlook for ESS is low single digit.

今年，我們對 ESS 的有機成長前景為低個位數。

Margin should improve half-over-half, particularly in the fourth quarter as a result of typical catalyst reloads seasonality leading to full year margin expansion for ESS.

利潤率應會提高一半以上，特別是在第四季度，因為典型的催化劑重新加載季節性導致 ESS 全年利潤率擴張。

Moving on to other key guidance metrics.

繼續討論其他關鍵指導指標。

Pension income will remain roughly flat to 2023 at approximately $550 million.

到 2023 年，退休金收入將大致保持不變，約 5.5 億美元。

As a result of the acquisitions and corresponding increase in interest expense, we now anticipate net below-the-line impact to be between negative $700 million and negative $800 million for the full year and between negative $185 million and negative $235 million in the third quarter.

由於收購和相應的利息支出增加，我們現在預計全年的淨線下影響將在負7 億美元至負8 億美元之間，第三季的淨線下影響將在負1.85 億美元至負2.35億美元之間。

This guidance includes repositioning spend between $150 million and $225 million for the full year and between $30 million and $70 million in the third quarter as we invest further in high-return projects to support future growth and productivity.

該指導方針包括將全年支出重新調整為 1.5 億至 2.25 億美元，第三季支出調整為 3,000 萬至 7,000 萬美元，因為我們將進一步投資於高回報項目，以支持未來的成長和生產力。

Adjusted effective tax rate will be around 21% for both the full year and the third quarter.

調整後的全年及第三季有效稅率均為21%左右。

We anticipate average share count to be approximately 655 million shares for both the full year and the third quarter as we have already achieved more than 1% share count reduction for the year.

我們預計全年和第三季的平均股數約為 6.55 億股，因為我們今年已經實現了超過 1% 的股數減少。

But we maintain balance sheet flexibility to deploy additional capital to achieve the highest shareholder returns.

但我們保持資產負債表的靈活性，以部署額外資本，以實現最高的股東回報。

As a result of these inputs, we now anticipate full year adjusted earnings per share to be between $10.05 and $10.25, up 6% to 8% year over year.

由於這些投入，我們現在預計全年調整後每股收益將在 10.05 美元至 10.25 美元之間，年增 6% 至 8%。

We expect third quarter earnings per share between $2.45 and $2.55, up 3% to 7% year over year.

我們預計第三季每股收益將在 2.45 美元至 2.55 美元之間，年增 3% 至 7%。

We expect free cash flow to benefit from progress on the multiyear unwind of working capital as we continue to extract more value from our digitization efforts through accelerator.

隨著我們繼續透過加速器從數位化工作中獲取更多價值，我們預計自由現金流將受益於多年營運資本縮減的進展。

In addition, we'll continue to fund high CapEx projects, high-return CapEx projects focused on creating uniquely innovative differentiated technologies.

此外，我們將持續資助高資本支出項目、高回報資本支出項目，專注於創造獨特的創新差異化技術。

As a result, our free cash flow expectations are now in the $5.5 billion to $5.9 billion range, up 4% to 11%, excluding the impact of prior year settlements and commensurate with the revision to net income growth.

因此，我們的自由現金流預期目前在 55 億至 59 億美元範圍內，成長 4% 至 11%，排除上一年和解的影響，並與淨利潤成長的修正相稱。

So in summary, we delivered a strong first half of the year and anticipate continued top line acceleration in the second half as we benefit from the strength in our long-cycle businesses.

總而言之，我們上半年業績強勁，預計下半年營收將繼續加速，因為我們受益於長週期業務的實力。

Our rigorous operating principles will enable us to execute through short term mix pressure, and we remain confident in our long-term algorithm with a strong second half 2024 exit rate on revenue intact, giving us nice momentum into 2025.

我們嚴格的營運原則將使我們能夠克服短期混合壓力，並且我們對我們的長期演算法仍然充滿信心，2024 年下半年的收入完好無損，為我們提供了良好的動力進入 2025 年。

So with that, let me turn it back to Vimal on slide 7.

那麼，讓我把它轉回幻燈片 7 上的 Vimal。

Thank you, Greg.

謝謝你，格雷格。

And before we end the call let's take a moment to focus on the progress.

在結束通話之前，讓我們花點時間關註一下進度。

Honeywell has demonstrated on a long-term growth algorithm.

霍尼韋爾展示了一種長期成長演算法。

While we significantly transformed the company over the past 10 years, we are not close to finish.

雖然我們在過去 10 年裡對公司進行了重大變革，但我們還沒有接近完成。

We remain committed to delivering long-term organic growth in 4% to 7% range, coupled with a gross margin above 40%, segment margin profit above 25%.

我們仍致力於實現 4% 至 7% 範圍內的長期有機成長，同時毛利率高於 40%，分部利潤率高於 25%。

Free cash flow margins in mid-teens plus and adjusted EPS growth of 8% to 12%.

自由現金流利潤率在十幾歲以上，調整後每股收益成長 8% 至 12%。

M&A deals like the three we highlighted today also play a key factor, enabling us to achieve 1% to 2% EPS accretion, a key factor that will allow us to generate double digit adjusted EPS growth on a through-cycle basis.

像我們今天重點介紹的三項併購交易也發揮著關鍵因素，使我們能夠實現1% 至2% 的每股收益增長，這一關鍵因素將使我們能夠在整個週期內實現兩位數的調整後每股收益成長。

I remain excited about the opportunity to lead Honeywell to the next phase of our transformation, executing on my key priorities of accelerating organic growth, optimizing our portfolio and evolving our accelerator operating system.

我仍然對有機會帶領霍尼韋爾進入下一階段的轉型感到興奮，執行我的關鍵優先事項，即加速有機成長、優化我們的產品組合和發展我們的加速器操作系統。

We'll continue to update you as these efforts to drive improvement in our financial performance.

我們將繼續向您通報這些旨在推動我們財務表現改善的努力。

And now let's turn to slide 8 for the closing part before I move into Q&A.

現在，在進入問答環節之前，讓我們先看幻燈片 8 作為結束部分。

In the first half of the year, we made material progress towards our capital deployment goals, closing that Access Solution deals and announcing three additional deals Civitanavi, CASE and Air Products LNG business.

上半年，我們在實現資本部署目標方面取得了實質進展，完成了 Access Solution 交易，並宣布了另外三項交易：Civitanaavi、CASE 和 Air Products LNG 業務。

This brings us to [$10 billion] in M&A since the beginning of the last year.

自去年初以來，這使我們的併購規模達到[100億美元]。

As we work towards achieving my key priorities of optimizing the portfolio.

當我們努力實現優化投資組合的關鍵優先事項時。

We will continue to effectively manage through the dynamic economic and geopolitical backdrop while delivering on our long-term financial framework.

我們將繼續有效地應對動態的經濟和地緣政治背景，同時實現我們的長期財務框架。

We executed well in the second quarter meeting or exceeding all guidance metrics and our portfolio set up for top line growth acceleration in the second half as we benefit from easy comp, strong orders growth in the second quarter and strength in our long-cycle businesses.

我們在第二季度會議上表現良好，或超過了所有指導指標，我們的投資組合為下半年的營收加速增長做好了準備，因為我們受益於輕鬆的競爭、第二季度強勁的訂單增長以及我們長週期業務的實力。

We are confident in our ability to weather near-term challenges and meet our financial targets.

我們對應對近期挑戰和實現財務目標的能力充滿信心。

With that, Sean, let's take questions.

肖恩，讓我們提問。

Thank you, Vimal.

謝謝你，維馬爾。

Vimal and Greg are now available to answer your questions.

Vimal 和 Greg 現在可以回答您的問題。

We ask that you please be mindful of others in the queue by only asking one question and one related follow-up.

我們要求您留意隊列中的其他人，僅提出一個問題和一項相關的後續行動。

Operator, please open the line for Q&A.

接線員，請開通問答線。

(Operator Instructions)

（操作員說明）

Stephen Tusa, JPMorgan.

史蒂芬‧圖薩，摩根大通。

Hi, good morning.

早安.

Hey, Steve.

嘿，史蒂夫。

Good morning.

早安.

Can you guys just help us parse out the moving parts here.

你們能幫我們解析這裡的活動部分嗎？

I mean, the below-the-line costs are higher, obviously, on interest quantinuum costs are higher and you raised organic, but you're also including the revenue from acquisitions and then you're, I think, cutting core profit.

我的意思是，線下成本顯然更高，因為利息量子成本更高，而且你籌集了有機資金，但你也包括了收購的收入，然後你，我認為，削減了核心利潤。

So I just really want to get down to like what the size of the segment core profit reduction is, if any?

所以我真的想認真了解該部門核心利潤減少的規模是多少（如果有的話）？

And then just help us with the acquisitions and how much they're influencing the segment profit numbers?

然後幫助我們進行收購以及它們對部門利潤數字的影響有多大？

Sure.

當然。

Thanks, Steve.

謝謝，史蒂夫。

So I think you've got the thematics quite right there.

所以我認為你已經掌握了主題。

Essentially, when you think about it, first of all, when we opened the year, we always said the first half was going to tell us a lot about, how the full year was coming, particularly as it relates to short-cycle.

從本質上講，當你想到這一點時，首先，當我們年初時，我們總是說上半年會告訴我們很多關於全年將如何到來的信息，特別是與短週期相關的信息。

And now here we are through six months and what we're seeing is the organic growth in its totality is still in the range of our guidance and actually doing quite well, which is why we took up the bottom.

現在已經過去了六個月，我們看到的是整體有機成長仍在我們的指導範圍內，而且實際上表現得很好，這就是我們排名墊底的原因。

But it's more heavily for short cycle or sorry -- towards long-cycle than short.

但更重要的是短週期，或抱歉——長週期比短週期更重要。

So there's good news in there, which is things like building solutions.

所以這裡面有好消息，像是建置解決方案。

Our PaaS projects business in HPS and others are accelerating time, but some of the short cycles are not accelerating as much as we had hoped.

我們在 HPS 和其他領域的 PaaS 專案業務正在加速時間，但一些短週期的加速速度並沒有我們希望的那麼快。

So that's really just changing the margin mix, particularly in IA and BA and I would say it's probably like two-thirds, one-third in terms of if you think about our guidance at the midpoint, I think we're coming down by about $0.15 and probably about two-thirds, one-third the organic core business versus the acquisitions because, as you rightly noted, we've added in the next set of acquisitions.

因此，這實際上只是改變了利潤率組合，特別是在IA 和BA 領域，我想說，如果你考慮我們在中點的指導，我認為這可能是三分之二、三分之一，我認為我們會下降約0.15 美元，可能大約是有機核心業務的三分之二、三分之一，因為正如您正確指出的那樣，我們在下一組收購中增加了內容。

But along with that, we're going to spend $4 billion in the back half of the year.

但同時，我們將在今年下半年花費 40 億美元。

And of course, that's going to cost us about 5% round about.

當然，這將花費我們大約 5% 的費用。

So that's really the thematic either changes that we're making here overall.

因此，這確實是我們總體上所做的主題更改。

But the encouraging thing is the back half exit rate still very strong.

但令人鼓舞的是後半場的退出率仍然非常強勁。

So we're -- we feel really good about the back half in its totality at this point, and it's going to be a really compelling exit rate.

所以我們——我們對後半部分的整體感覺非常好，這將是一個非常引人注目的退出率。

But again, layering on $2 billion of acquired revenue into next year, about 500 basis points of revenue.

但同樣，如果將 20 億美元的收購收入計入明年，營收將增加約 500 個基點。

So I think very much on strategy and from kind of where Vimal is trying to take us at this point.

因此，我對戰略以及 Vimal 目前試圖帶我們走向何方進行了很多思考。

Sorry, what's the profit contribution from these acquisitions that are now in the numbers relative to what you guys had thought in early June?

抱歉，這些收購現在的利潤貢獻與你們六月初的想法相比是多少？

And what is the cut to the core segment profit ex quantinium dollar wise

從量子美元角度來看，核心部門利潤的削減是多少

--

--

Steve, it's about two-thirds, one-third.

史蒂夫，大約是三分之二，三分之一。

The $0.15 reduction at the midpoint is about two-thirds relative to the core business and it's about one-third relative to our M&A net of interest.

中點減少的 0.15 美元大約是核心業務的三分之二，以及我們的併購淨利息的大約三分之一。

Okay.

好的。

Got it.

知道了。

Thank you.

謝謝。

Yeah.

是的。

Thank you, Steve.

謝謝你，史蒂夫。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Hi, good morning.

早安.

Maybe just wanted to follow up on a couple of points there.

也許只是想跟進其中的幾點。

So the segment profit dollar guide has come down, I think about $100 million to $150 million.

因此，該部門的利潤指引已經下降，我認為約為 1 億至 1.5 億美元。

So just wanted to check, Greg, what you're saying is that's a full year number.

所以我想確認一下，格雷格，你所說的是全年數字。

I think you're saying that around two-thirds of that is core dilution just from more long-cycle mix versus short cycle.

我認為你是說，其中大約三分之二是來自長週期組合與短週期組合的核心稀釋。

And then a third of it is just the new acquisitions closing in Q3, those are sort of negative EBIT a few like I just wanted to check that.

其中三分之一隻是第三季完成的新收購，這些都是負息稅前利潤，就像我只是想檢查一下一樣。

And when we're looking at

當我們看著

--

--

What I'm saying, Julian, is that at the EPS line, it's about a $0.15 reduction at the midpoint and about two-thirds of that is from the core business and about one-third of that is due to the M&A, which is inclusive of the interest cost of actually making those acquisitions.

朱利安，我想說的是，每股盈餘中點減少了約 0.15 美元，其中約三分之二來自核心業務，約三分之一來自併購，即包括實際進行這些收購的利息成本。

Julian, the point I will add there is the margin changes not that something has gone in on shifting the businesses.

朱利安，我要補充的一點是，利潤率發生了變化，而不是業務轉移發生了一些變化。

It's the mix within the businesses, which is causing this margin changes like in case of aerospace, we continue to have OE versus aftermarket mix in case of building automation, more solution less products, similar dynamics in case of industrial automation.

正是業務內部的混合導致了利潤率的變化，就像在航空航太領域一樣，在樓宇自動化領域，我們繼續採用原廠與售後市場的混合方式，更多的解決方案較少的產品，在工業自動化領域也有類似的動態。

So I want to make it clear that the underlying businesses remain strong.

因此，我想明確表示，基礎業務仍然強勁。

We are seeing margin expansion, we are seeing productivity.

我們看到了利潤率的擴張，我們看到了生產力的提升。

Our fixed cost remains very attractive so it's mixed within the businesses.

我們的固定成本仍然非常有吸引力，因此它在業務中是混合的。

We are getting more longer term long-cycle businesses, which anyway also solidifies our second half outlook.

我們正在獲得更多長期的長週期業務，這無論如何也鞏固了我們下半年的前景。

We are not factoring a significant uptake in the short cycle.

我們沒有考慮短週期內的顯著吸收。

We are factoring some but to which we have visibility.

我們正在考慮一些但我們有可見性的因素。

But majority of our outlook for second half is built upon our long-cycle businesses, continued growth in aerospace sequentially quarter on quarter ramp-up of UOP in the second half of the year, specifically catalyst businesses, strong backlog and other solution businesses.

但我們對下半年的大部分展望是建立在我們的長週期業務、航空航天領域連續季度持續增長以及 UOP 下半年的增長基礎上的，特別是催化劑業務、強勁的積壓訂單和其他解決方案業務。

So then all that comes together, it just makes the margin mix to what we have guided it to.

因此，所有這些加在一起，只會使利潤率達到我們所指導的水平。

I see.

我懂了。

Yeah, I think a lot of the question just because it looks like the absolute sort of segment profit dollar guide is lower, not just sort of the margin mix

是的，我認為很多問題只是因為看起來絕對的細分市場利潤指導值較低，而不僅僅是利潤率組合

--

--

(multiple speakers) That's right, because of the dynamics of longer-cycle businesses growing very greater than shorter cycle if the margin mix is unfavorable.

（多名發言者）沒錯，因為如果利潤率組合不利，較長週期業務的成長動力將遠大於較短週期業務。

But if you roll it up to 2025 that factor should play off because this is not a underlying business, a margin issue.

但如果你把它推到 2025 年，這個因素就會發揮作用，因為這不是基礎業務，而是利潤問題。

That's a point of highlighting.

這是需要強調的一點。

It's not that we are dropping margin somewhere, we're having price cost issue, we are not getting productivity.

這並不是說我們在某個地方降低了利潤率，而是我們遇到了價格成本問題，我們沒有獲得生產力。

Our fixed cost has gone up.

我們的固定成本增加了。

None of that is true, we are, in fact getting excellent productivity and margin expansion.

這些都不是真的，事實上，我們正​​在獲得出色的生產力和利潤率擴張。

It's purely driven by mix within the businesses.

它純粹是由企業內部的混合所驅動的。

That's helpful.

這很有幫助。

And can you just

你能不能

--

--

Just keep in mind short, in most cases, our short-cycle margins, think about them as being 30 points higher than our long-cycle project, solution oriented margins.

請記住，在大多數情況下，我們的短週期利潤比我們的長週期專案、解決方案導向的利潤高出 30 個百分點。

So that's really what you're seeing.

這就是你所看到的。

Revenue in its totality organically roughly the same, but carrying a lower margin rate along with it.

整體收入大致相同，但利潤率較低。

That's very helpful.

這非常有幫助。

And on your point on the M&A, the fourth quarter, I think you're assuming sequentially revenues are up maybe 9%.

關於您關於第四季度併購的觀點，我認為您假設連續收入可能會成長 9%。

That's a lot more than normal, but you've got the deals coming in Q3.

這比正常情況多得多，但第三季會有交易。

So just wondered sort of how much of those new deals add to that fourth quarter revenue, if you have that to hand?

因此，我想知道這些新交易會為第四季的收入增加多少，如果你手頭上的話？

Yeah, I mean you should think that we're expecting closure of those deals in the third quarter, but likely to be mid to late part of the third quarter.

是的，我的意思是你應該認為我們預計這些交易將在第三季完成，但很可能是在第三季中後期。

So there is some level of that step-up.

所以有一定程度的提升。

Remember, we always have a big step-up in aero and Q4, and we expect that to also be true.

請記住，我們在空氣動力學和 Q4 方面總是有很大的進步，我們希望這也是如此。

We also have a lot of visibility into the ESS rev streams in Q4 as well.

我們對第四季的 ESS 轉速流也有很多了解。

So catalyst reloads and so forth.

因此催化劑會重新裝載等等。

So it is on the higher side of the revenue step-up for sure.

因此，收入成長肯定處於較高水準。

But we feel good we've interrogated that quite deeply and we feel good about the credibility around that outlook.

但我們很高興我們已經對此進行了深入的質疑，並且我們對這一前景的可信度感到滿意。

Now the other thing I would just mention is keep in mind, if you just take a step back for minute on the M&A side.

現在我要提到的另一件事是請記住，如果您在併購方面退後一步。

In the early days of these acquisitions, that's -- there's going to be some meaningful integration costs on the front end.

在這些收購的早期，前端將會產生一些有意義的整合成本。

But again, beyond 2024 these deals are nicely accretive as we get through that integration costs period.

但同樣，在 2024 年之後，隨著我們度過整合成本期，這些交易會帶來很好的價值。

So again, good -- I think it's a very nice adder to the portfolio.

再說一次，很好——我認為這是投資組合中一個非常好的補充。

And if you think about the work that we're trying to do on improving the quality of the portfolio, this is all good news for '25 and beyond.

如果您考慮一下我們正在努力提高產品組合品質的工作，那麼這對於 25 年及以後來說都是好消息。

And then Julian, this is Sean.

然後朱利安，這是肖恩。

Just one to put a button on your question around the incremental revenue in '24.

只需一個按鈕即可回答您關於 24 年增量收入的問題。

On June 3, we announced the closing of the Access Solutions business.

6 月 3 日，我們宣布關閉 Access Solutions 業務。

We also increased our guidance by $400 million for the year.

我們還將今年的指導方針增加了 4 億美元。

Now this new guidance reflects another $400 million of related M&A revenue in '24.

現在，這項新的指引反映了 2024 年另外 4 億美元的相關併購收入。

So a full year '24, about $800 million of which we had a month of excess solutions during the month of June in the second quarter such that give you enough to kind of walk through the quarterly through the balance of the year.

因此，24 年全年，大約有 8 億美元，我們在第二季的 6 月有一個月的超額解決方案，讓您有足夠的資金來瀏覽季度和全年的剩餘時間。

And then we talked about a run rate of close to $2 billion collectively going into '25.

然後我們談到 25 年的運行率總計接近 20 億美元。

As Greg said, is going to be each of these deals are coming in at accretive growth rates to the respective businesses as well as Honeywell overall.

正如格雷格所說，這些交易中的每一項都將為各自業務以及霍尼韋爾整體帶來增值成長率。

Very helpful.

很有幫助。

Thank you.

謝謝。

Thank you, Julian.

謝謝你，朱利安。

Nigel Coe, Wolfe Research.

奈傑爾·科，沃爾夫研究中心。

Good morning, I hate to be a bore, but I do want to come back to this guidance revision math.

早安，我不想成為一個無聊的人，但我確實想回到這個指導修訂數學。

My understanding was the LNG acquisition was actually margin accretive, but I think maybe 30% or 40%.

我的理解是，收購液化天然氣實際上可以增加利潤，但我認為可能會增加 30% 或 40%。

So on that

那麼關於這一點

[$400 million of incremental M&A revenue. It feels like you've got over $100 million of segment income coming through here. So it feels like the core guide is getting cut by maybe $200 million].

[增量併購收入達 4 億美元。感覺就像你有超過 1 億美元的部門收入來自這裡。所以感覺核心指南可能被削減了 2 億美元]。

Is that correct?

那是對的嗎？

And how do we think about that?

我們對此有何看法？

Is that solely within the IA and BA segments?

這僅在 IA 和 BA 領域嗎？

And is it all margin?

都是保證金嗎？

Just want to clarify that.

只是想澄清這一點。

Sure.

當然。

So most of the cut is in IA, BA for sure that is where the short-cycle long-cycle mix changes is most pronounced for sure.

因此，大部分削減是在 IA、BA 領域，這肯定是短週期長週期組合變化最明顯的地方。

And yes, we're getting incremental segment profit on these new acquisitions.

是的，我們透過這些新收購獲得了增量部門利潤。

As I mentioned, there's going to be some integration costs on them early on and then net of the interest costs that we're going to bear.

正如我所提到的，早期會產生一些整合成本，然後扣除我們將承擔的利息成本。

That's where we talk about I don't know $0.04 to $0.05 roughly of degradation in the EPS guide associated with that.

這就是我們談論的地方，我不知道與此相關的 EPS 指南中大約有 0.04 到 0.05 美元的退化。

But the repo costs coming down, Greg, by about $50 million.

但格雷格，回購成本下降了約 5,000 萬美元。

So are you talking about integration costs over and above repo?

那麼您是在談論回購以外的整合成本嗎？

I mean, can you just help us out how much segment

我的意思是，你能幫我們算出有多少部分嗎？

--

--

Yeah.

是的。

Integration costs get incurred inside of segment profit unless there's a repositioning project associated, but there are ongoing integration costs that go into the segment, profit of the business that we're acquiring into that SPG.

除非有相關的重新定位項目，否則整合成本會在部門利潤中產生，但持續的整合成本會進入該部門，即我們正在收購該 SPG 的業務利潤。

Okay.

好的。

My last question, Greg, is what is the impact on segment income from the new acquisitions in the back half of the year?

我的最後一個問題，Greg，下半年新收購對部門收入有何影響？

I don't think we're giving you a precise answer on that.

我認為我們不會就此向您提供準確的答案。

There's a range around inside of what I was sharing.

我所分享的內容包含了一系列內容。

So I'm not going to give you like a pointed precise number.

所以我不會給你一個明確的數字。

Okay, no problem.

好的沒問題。

Thanks.

謝謝。

Scott Davis, Melius Research.

斯科特·戴維斯，Melius 研究公司。

Hey, good morning, Vimal and Greg and Sean.

嘿，早上好，維馬爾、格雷格和肖恩。

Hi, Scott.

嗨，斯科特。

I'm looking at these book-to-bills on slide 11, I don't think we don't have a lot of history with you guys talking about book-to-bill, but they look pretty encouraging.

我正在查看幻燈片 11 上的這些訂單到賬單，我認為我們與你們談論訂單到賬單的歷史並不多，但它們看起來非常令人鼓舞。

I just wanted to get kind of your view on historically, they've been relatively volatile.

我只是想了解您對歷史的看法，它們相對不穩定。

Are they something that we can kind of take to the bank, if you will, that this does indicate a pretty sharp acceleration in the back half?

如果你願意的話，我們是否可以將它們帶到銀行，這確實表明後半段出現了相當急劇的加速？

Yes, Scott, actually one of the highlight for this earnings story is our orders performance in second quarter.

是的，斯科特，實際上這個收益故事的亮點之一是我們第二季的訂單表現。

Our orders grew double digit in building automation, high-single in industrial automation and double digit in energy and sustainability solutions.

我們的樓宇自動化訂單成長了兩位數，工業自動化訂單成長了兩位數，能源和永續發展解決方案訂單增加了兩位數。

So that has put our backlog now to $32 billion, up 5%.

因此，我們現在的積壓訂單已達 320 億美元，成長了 5%。

And that's really what is now flowing into our revenue of second half with a strong book to bill, which we did in second quarter.

這確實是我們下半年收入的一部分，我們在第二季就做到了這一點。

By the way, the forecast we have for the order for the second half is also very strong.

順便說一句，我們對下半年訂單的預測也非常強勁。

So essentially, we have pivoted towards our guide towards long cycle on the strength of the backlog and the forecast we are getting on the long-cycle businesses because it gives us more assurance and more visibility.

因此，從本質上講，我們根據積壓訂單和對長週期業務的預測轉向了長週期指南，因為它給了我們更多的保證和更高的可見性。

And that's why we called our book to bill, which is nearly one.

這就是為什麼我們稱我們的書為帳單，這幾乎是一個。

And we feel that this is standing on a very strong footing at this point of time.

我們認為，目前這一點的基礎非常牢固。

Okay.

好的。

And Vimal, could you walk around the world are before us?

Vimal，你能走遍我們眼前的世界嗎？

I mean have you seen any meaningful changes in the key regions and notably China?

我的意思是，您是否看到關鍵地區（特別是中國）發生了任何有意義的變化？

Yeah.

是的。

No, I would say I will call out the two biggest region for us, China and Middle East.

不，我想說我會指出我們最大的兩個地區：中國和中東。

I would say China Honeywell continues to do well, thanks to aero and energy businesses we have here we scored high single in last year.

我想說，中國霍尼韋爾繼續表現良好，由於我們在這裡的航空和能源業務，我們去年取得了很高的單項成績。

We are trending towards similar rates this year.

今年我們的利率趨勢類似。

Our short-cycle businesses are challenged there too, like the economic cycle of China as we all read.

我們的短週期業務也面臨挑戰，就像我們都讀到的中國經濟週期一樣。

Middle East remains a counter point for us.

中東仍然是我們的對立點。

It is growing very strongly, specifically Saudi Arabia, also UAE, we see a strong momentum.

它的成長非常強勁，特別是沙烏地阿拉伯，還有阿聯酋，我們看到了強勁的勢頭。

And in a way, we are counting on that version in the times ahead to the slowdown of China progressively every passing year.

某種程度上，我們期待這個版本在未來中國經濟成長逐年放緩。

Europe, actually, we are seeing recovery.

事實上，歐洲正在復甦。

We have seen good revenue progression for Honeywell in the first half of the year.

我們看到霍尼韋爾上半年的收入取得了良好的進展。

So probably bottom is behind us and that's how we are looking at times ahead for Europe for us.

因此，底部可能已經過去，這就是我們對歐洲未來的看法。

So that's kind of some high-level comments on geography.

這就是一些關於地理的高層評論。

Okay.

好的。

Very helpful.

很有幫助。

Thank you.

謝謝。

Good luck.

祝你好運。

Thank you.

謝謝。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Yes, good morning.

是的，早安。

Morning.

早晨。

Hey, Andrew.

嘿，安德魯。

Hey, just a question on aerospace and as I said, maybe it's too long term.

嘿，只是一個關於航空航天的問題，正如我所說，也許這個問題太長期了。

But just sort of thinking about the mix for aero into the second half, which I believe you've sort of highlighted as a drag.

但只是想一下下半場的空氣動力混合，我相信你已經強調了這一點作為一種阻力。

Vimal, are you guys changing your approach to monetizing programs in aero.

Vimal，你們是否正在改變航空計畫的貨幣化方式？

There are sunsetting because my understanding that they have been sort of a steady source of upside over the past couple of years.

之所以出現日落，是因為我知道它們在過去幾年中一直是穩定的上行來源。

Are you as you sort of become the Chairman and your changing approach to how to think about your portfolio there?

當您成為董事長後，您對投資組合的思考方式是否正在改變？

I mean, I would say we absolutely are looking to make aero more of a longer cycle, a growth vector for Honeywell.

我的意思是，我想說，我們絕對希望讓航空航太產品有更長的週期，這是霍尼韋爾的成長向量。

Aero has always the cycle, up cycle, down cycle, and we are really positioning it to grow high single for until next five to seven years.

Aero 總是有週期、上升週期、下降週期，我們確實將其定位為在未來五到七年內保持高成長。

And there's an organic growth work, which is happening around it through new products, but equally importantly, the acquisitions, which we made of Civitanavi and CASE both are targeted to defense segment.

還有一個有機成長工作，這是透過新產品圍繞它進行的，但同樣重要的是，我們對 Civitaavi 和 CASE 的收購都針對國防領域。

And defense segment, we are bullish on the growth occurring in defense.

在國防領域，我們看好國防領域的成長。

Our backlogs are growing very nicely there.

我們的積壓訂單成長得非常好。

So we're really pivoting towards higher growth segments within aerospace to maintain our growth rates there in the times ahead.

因此，我們確實正在轉向航空航太領域更高的成長領域，以在未來保持我們的成長率。

And I remain very bullish and optimistic on how your business is going to perform in next several years ahead.

我對您的業務在未來幾年的表現仍然非常樂觀。

And I guess I'm going to go back to the question that everybody else asked.

我想我要回到其他人都問過的問題。

As we go through sort of the list of the performance of businesses this quarter, right?

當我們瀏覽本季企業業績清單時，對嗎？

I mean, with very few exceptions, it seems that short-cycle businesses have actually done as well as you were expecting.

我的意思是，除了極少數例外，短週期企業的表現似乎確實符合您的預期。

So another way of asking the question now that you're Chairman, are you just taking a more conservative approach to sort of how to think about the framework going forward given the level of macro uncertainty out there.

因此，現在您作為主席提出這個問題的另一種方式是，考慮到宏觀不確定性的程度，您是否只是採取更保守的方法來思考未來的框架。

I mean, I think the macros are reality, Andrew, at the end of the day, that's something which I don't control.

我的意思是，我認為宏是現實，安德魯，歸根結底，這是我無法控制的。

So long-cycle businesses are performing well because the segments we serve are attractive energy transition, aerospace, and that's certainly helping us.

長週期業務表現良好，因為我們服務的領域是有吸引力的能源轉型、航空航天，無疑對我們有幫助。

I think short-cycle businesses are reverting back.

我認為短週期業務正在回歸。

I'm not suggesting that they are contracting, but the reversion is more at the lower end of our initial estimate at start of the year versus at the mid or upper end of it that's only subtle difference.

我並不是說它們正在收縮，但回歸更多是在我們年初初步估計的下端，而不是在中端或上端，這只是細微的差別。

And the swing between the mix of short and long is the difference in the margin because we are raising the low end of our guide of our revenue.

空頭和多頭組合之間的波動就是利潤率的差異，因為我們正在提高收入指南的低端。

This shows our confidence in the overall business, organic growth, because my comment right from the day I started is organic growth is my highest priority, and we are delivering on that.

這顯示了我們對整體業務和有機成長的信心，因為從我開始工作的那天起，我的評論就是有機成長是我的首要任務，我們正在兌現這一目標。

Our guide is five to six, my goal will be, of course, to deliver on the upper end of it.

我們的指導是五到六，當然，我的目標是達到上限。

And I would argue in the very first year of my inception in the job that's not a bad outcome and we'll strive for that subsequent year.

我認為，在我入職的第一年，這並不是一個糟糕的結果，我們將在接下來的一年裡努力奮鬥。

I don't want to leave any impression that short cycle is less important, long cycle is more important.

我不想給人留下短週期不那麼重要、長週期更重要的印象。

I think it's a just a derivative of how markets are performing and how we are performing in the markets at this point of time.

我認為這只是市場表現以及我們目前在市場表現的衍生性商品。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Deane Dray, RBC Capital Markets.

迪恩德雷 (Deane Dray)，加拿大皇家銀行資本市場。

Thank you.

謝謝。

Good morning, everyone.

大家，早安。

Hi, Deane.

嗨，迪恩。

Good morning, Deane.

早上好，迪恩。

I was hoping to get some commentary if you're seeing any of the election worries delaying customer decisions and it's not really related, but any impact from the CrowdStrike fiasco early in the week, anything rippled through your businesses?

如果您看到任何因選舉而導致客戶決策延遲的擔憂，我希望得到一些評論，而且這並沒有真正的相關性，但是本周初 CrowdStrike 慘敗造成的任何影響，對您的業務有什麼影響嗎？

I mean, I've been nothing on the CrowdStrike, no impact on Honeywell.

我的意思是，我對 CrowdStrike 沒有任何影響，對霍尼韋爾也沒有影響。

We are not a user of that software.

我們不是該軟體的使用者。

We obviously pay a lot of attention to our cybersecurity strategy and remain very vigilant on that.

顯然，我們非常關注我們的網路安全戰略，並對此保持高度警惕。

So I'm never going to claim victory on that front.

所以我永遠不會在這方面宣稱勝利。

We need to stay vigilant.

我們需要保持警惕。

I think elections, look I mean, we always well prepared for both the scenario that's not new for a company like Honeywell, but this year, elections are more than a US factor spending around our rest of the world.

我認為選舉，我的意思是，我們總是為這兩種情況做好充分準備，這對像霍尼韋爾這樣的公司來說並不新鮮，但今年，選舉不僅僅是美國在世界其他地區的因素支出。

And clearly, that is certainly been a factor on how economies are shaping up that's my view.

顯然，這肯定是影響經濟如何形成的一個因素，這是我的觀點。

I think there was a lot of stories around half the world is going through elections, but that's not playing out because of the results are out.

我認為世界上一半的地方正在經歷選舉，但這些故事並沒有上演，因為結果已經出來了。

And I think the biggest one in US we are anxiously waiting on how the results will play out in a couple of months down the line, but we are prepared in either scenario.

我認為美國最大的一個，我們正在焦急地等待幾個月後結果如何，但我們已經為任何一種情況做好了準備。

This is something we do for a living and we anticipate each outcome and how will it impact us.

這是我們謀生的事情，我們預計每個結果以及它將如何影響我們。

That's great to hear.

聽到這個消息我很高興。

And then just a second question, I know we're still early in the deal integration, but where would you highlight some of the revenue synergy opportunities?

然後是第二個問題，我知道我們仍處於交易整合的早期階段，但您會在哪裡強調一些收入協同機會？

What would be the biggest and potential timing.

最大和潛在的時機是什麼？

Look, I would like to highlight that all the deals we have announced none of our deal ROIs are either based on sales synergies we don't count it.

看，我想強調的是，我們宣布的所有交易都沒有我們的交易投資回報率是基於我們不計算的銷售協同效應。

Having said that, each of the four deals we have done, they are highly synergetic to Honeywell, and that's has been our team.

話雖如此，我們完成的四筆交易中的每一筆都與霍尼韋爾高度協同，而這就是我們的團隊。

I'm equally -- I'm bullish on all the four deals and synergy to bring, aero has substantial synergies on both CASE acquisition and in Civitanavi acquisition.

我同樣看好這四筆交易及其帶來的協同效應，aero 在收購 CASE 和收購 Civitanavi 方面都具有巨大的協同效應。

Same is true for both UOP and HPS and LNG because we were always present and LNG segment.

UOP、HPS 和 LNG 也是如此，因為我們總是存在於 LNG 領域。

This was not a new arrival for us.

這對我們來說並不是新來的。

But with the deep technology expertise, this new Air Products business bring it just going to further enhance our LNG penetration and growth rate in that segment.

但憑藉深厚的技術專業知識，空氣產品公司的這項新業務將進一步提高我們在該領域的液化天然氣滲透率和成長率。

And Carrier acquisition we have talked in some of the earlier calls it's all about taking that business truly global because our business is very concentrated in North America, and that's going to provide us sales synergies.

我們在之前的一些電話會議中談到了收購運營商，這一切都是為了將該業務真正全球化，因為我們的業務非常集中在北美，這將為我們提供銷售協同效應。

So there are two factors in these acquisition I'll call out.

因此，我將指出這些收購中有兩個因素。

The first is all the acquisitions we made, they are accretive to the baseline growth rate of Honeywell, all of them.

首先是我們進行的所有收購，它們都增加了霍尼韋爾的基準成長率。

Second the sales synergies are icing on the cake on top of it, and we will deliver on that as we integrate them in 2025 and more.

其次，銷售協同效應是錦上添花，我們將在 2025 年及以後整合它們時實現這一點。

And that's going to be a strong part of our earnings story in the times ahead.

這將成為我們未來獲利故事的重要組成部分。

Thank you.

謝謝。

Thank you.

謝謝。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Good morning, Vimal, Greg, Sean, thank you.

早安，維馬爾、格雷格、肖恩，謝謝。

Good morning, Sheila.

早安，希拉。

Good morning.

早安.

Maybe just to start on the top line with aerospace.

也許只是從航空航太領域開始。

Can you talk about commercial OE, and how you're thinking about where your MAX and 787 rates are today and how they progressed through the year?

您能否談談商業 OE，以及您如何看待 MAX 和 787 目前的價格情況以及它們在這一年中的進展？

Is Boeing signaling any sort of change to your output as we think about the rest of the year and into '25?

當我們考慮今年剩下的時間和進入 25 世紀時，波音公司是否暗示你們的產量會發生任何變化？

Sheila, we are constantly calibrating our output with all the key OEMs on a 12 months rolling frequency.

Sheila，我們不斷地以 12 個月的滾動頻率與所有主要 OEM 校準我們的輸出。

That has been a process for a while now I would say that based on the recent adjustment path, both Airbus and Boeing.

這個過程已經有一段時間了，我想說的是，根據空中巴士和波音最近的調整路徑。

We have calibrated our volumes aligned with them.

我們已經根據它們校準了我們的交易量。

It's not a major change, but there's some small change specifically on the electronic side, where we don't have much past dues, but the change is not material to aerospace and not material to Honeywell, but our guide does factor changes, which have been signaled by both Airbus and Boeing recently.

這不是一個重大變化，但有一些小的變化，特別是在電子方面，我們沒有太多的逾期費用，但這種變化對航空航天和霍尼韋爾來說都不重要，但我們的指南確實發生了因素變化，這使得空中巴士公司和波音公司最近都發出了信號。

So how do we think about the OE growth?

那我們要如何看待 OE 的成長呢？

Is it up 20%, I think?

我想是漲了20%嗎？

This year, it's going to be up strong double digit (multiple speakers) so you're in the right neighborhood, yes.

今年，它將會強勁地增長兩位數（多個發言者），所以你就在正確的地方，是的。

The way we think about aerospace by end market would be something approaching 20% for OE is reasonable, something like mid 10s for aftermarket and then double digits for defense and space.

我們對航空航天終端市場的看法是，對於 OE 來說接近 20% 是合理的，對於售後市場來說大約是 10 左右，然後對於國防和航太來說是兩位數。

Okay.

好的。

And then just on the profitability, you have about 100 bps of contraction, I think in the second half despite more typical collection credit dynamics.

然後，就獲利能力而言，儘管有更典型的催收信貸動態，但我認為下半年會出現約 100 個基點的收縮。

So how do we think about profitability in the second half and how the Cobham acquisition changes that?

那麼，我們如何看待下半年的獲利能力以及科巴姆收購將如何改變這一狀況？

Yeah.

是的。

So as we talked about the mix inside of our deliveries has caused us quarter to quarter volatility, I'll call it for lack of a better word.

因此，當我們談到我們的交付內部的混合導致我們季度與季度之間的波動時，我將其稱為缺乏更好的詞。

And third quarter is likely going to be the lowest margins rate of the year for us, and we expect that will then recover back in fourth quarter.

第三季可能是我們今年利潤率最低的季度，我們預計第四季將恢復正常。

And that's based on again, what we can see in terms of what's in the backlog, the margin on those products, et cetera.

這再次基於我們可以從積壓訂單、這些產品的利潤等方面看到的情況。

And we talked about the fact that aero on an organic basis, we're going to be roughly flat in margins this year.

我們談到了這樣一個事實，在航空領域，我們今年的利潤率將大致持平。

And then layering on, in the CASE acquisitions, that will have a negative impact on that baseline, and then we'll bring it back up from there.

然後，在 CASE 收購中，這將對基線產生負面影響，然後我們會將其從那裡恢復。

So as you start seeing the third and the fourth quarter prints, that's what you should expect as you see inside the aero margin rate.

因此，當您開始看到第三季和第四季的印刷品時，這就是您在航空利潤率中看到的應該預期的結果。

But it's not a change in our overall outlook definitely amplitude from quarter to quarter to quarter as we've been discussing, given the mix of the products we're delivering even inside the OE itself.

但這並不是我們的整體前景發生變化，正如我們一直在討論的那樣，考慮到我們甚至在 OE 本身內部提供的產品組合，每個季度的變化幅度肯定是一樣的。

But no, real change in our outlook on how that is performing.

但事實並非如此，我們對其表現的看法有了真正的改變。

Thank you.

謝謝。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning, everyone.

大家，早安。

Good morning, Andy.

早安，安迪。

Vimal or Greg, maybe double-clicking on the short-cycle businesses that are resulting in the lower expected organic margin in the second half?

Vimal 或 Greg，也許雙擊導致下半年預期有機利潤率較低的短週期業務？

I think you said building products orders have been improving or they just improving more slowly than you thought, and you saw weaker than expected June.

我認為您說過建築產品訂單一直在改善，或者只是改善速度比您想像的要慢，而且您看到的 6 月份情況比預期要弱。

Is that one of the issues?

這是問題之一嗎？

And then maybe same question on productivity solutions or sensing, what are you assuming for these businesses in terms of rate of recovery now?

然後也許是關於生產力解決方案或感測的相同問題，您對這些企業現在的復甦率有何假設？

Yeah.

是的。

Thank you, Andy.

謝謝你，安迪。

So a couple of things to keep in mind, just to remind when we gave our guidance on June 3, that's obviously before the third month of the quarter.

因此，有幾件事需要記住，只是提醒一下，當我們在 6 月 3 日給出指導時，那顯然是在本季度的第三個月之前。

And remember, half of our results happened in the third month of any given quarter.

請記住，我們一半的結果發生在任何特定季度的第三個月。

So that just speaks to like what we were able to see at that moment in time versus what we can see today.

因此，這只是說明我們當時能夠看到的情況與我們今天所能看到的情況之間的對比。

But your supposition is exactly right.

但你的假設是完全正確的。

There are certain parts of the short-cycle businesses inside of building products and inside of IA short cycle that are slower than we had hoped.

建築產品和IA短週期內的短週期業務的某些部分比我們預期的要慢。

And so that's really what's driving the margin mix.

因此，這確實是推動利潤率組合的因素。

It's getting offset, as we mentioned by the building solutions sales, the HPS project sales, et cetera, but they're still improving sequentially.

正如我們提到的建築解決方案銷售、HPS 項目銷售等，它正在被抵消，但它們仍在連續改善。

So that's not -- that is also still true.

所以事實並非如此——這仍然是事實。

They're improving sequentially, but not as robustly as we would have liked.

它們正在逐步改善，但沒有我們希望的那麼強勁。

Helpful, Greg.

有幫助，格雷格。

And then obviously, stepped up M&A activity considerably.

顯然，併購活動大幅增加。

Do you see the recent rate of M&A continuing.

您是否認為最近的併購速度仍在持續？

Is the M&A market conducive to that?

併購市場是否有利於這一點？

And then you've talked about divestitures or ramping that up.

然後你談到了資產剝離或加強。

Can you offset dilution that you might eventually get from divestitures to still grow that 10% in terms of -- in line with your longer-term algorithm?

您能否抵消最終可能從資產剝離中獲得的稀釋作用，使其仍以 10% 的速度增長——與您的長期演算法一致？

That will only play out.

這只會發揮作用。

I mean, I can only say on divestiture, I would say we are working on it, and I would be disappointed if we do not show any progress during 2024.

我的意思是，我只能說關於剝離，我想說我們正在努力，如果我們在 2024 年沒有任何進展，我會感到失望。

And as those things play out, we'll update you on its implication on our earnings guide, if any, we have taken cost actions, but that's work in progress.

隨著這些事情的發生，我們將向您通報其對我們收益指南的影響（如果有的話），我們已經採取了成本行動，但這是正在進行的工作。

And you can expect to hear more from us as the year progresses.

隨著時間的推移，您可以期待從我們那裡聽到更多。

On M&A front, our pipeline is still active.

在併購方面，我們的管道仍然活躍。

We are obviously conscious of the fact we have done four deals, we have to integrate them.

我們顯然意識到我們已經完成了四筆交易，我們必須將它們整合起來。

We don't want to take that lightly but it doesn't mean that we are walking away from the market and be actively sourcing what's available out there.

我們不想掉以輕心，但這並不意味著我們要離開市場並積極購買現有的產品。

Appreciate it, guys.

非常感謝，夥計們。

Thank you.

謝謝。

Thanks.

謝謝。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Hey, guys.

大家好。

Good morning.

早安.

Hey, Joe.

嘿，喬。

Hey, Joe.

嘿，喬。

And so thanks for the color.

謝謝你的顏色。

So just maybe just focused on BA and IA for a second and the margins that are expected for the year there.

因此，也許只是暫時關注 BA 和 IA 以及今年的預期利潤。

How is the expectations just changed for those two particular segments for the year?

今年這兩個特定細分市場的預期有何變化？

Yeah.

是的。

They're coming down versus what we had anticipated.

它們的下降與我們的預期不同。

And again, mainly because of the back half margin performance expectations.

再次，主要是因為下半年利潤率的表現預期。

But we still expect that on an overall basis, we will make progress in BA in particular, we ought to see a little bit of improvement.

但我們還是預計，總體來說，我們會取得進展，特別是在BA方面，我們應該會看到一點點的進步。

It's just not going to be as robust as we had thought in the beginning of the year.

它只是不會像我們年初想的那麼強勁。

So think about that in a [tens of basis points] as opposed to 100 basis points.

因此，請考慮一下[數十個基點]而不是 100 個基點。

And on the IA side, similarly, we expect to make some progress in the year, but it's probably going to be in the [tens of basis points] over the all for the full year as opposed to 100 basis points type of range.

在 IA 方面，同樣，我們預計今年會取得一些進展，但全年總體進展可能會在 [數十個基點]，而不是 100 個基點類型的範圍。

But progress, nonetheless

但還是有進步

--

--

Keep in mind, inside of IA, we are overcoming, the very accretive license payments relative to the PSS business that we're in were a nice lift for us and now we're going to experience three quarters of that loss this year and one quarter of the next year.

請記住，在IA 內部，我們正在克服相對於我們所處的PSS 業務而言非常增值的許可證付款，這對我們來說是一個很好的提升，現在我們今年將經歷四分之三的損失，還有一個明年的一個季度。

Yes.

是的。

Okay, great.

好的，太好了。

And then I guess just I know a lot of the comments on the change in margins has been driven by the mix commentary, and we've highlighted that already.

然後我想我知道很多關於利潤率變化的評論都是由混合評論推動的，我們已經強調了這一點。

I'm just curious, has anything changed from a pricing standpoint or like raw material inputs or inflation?

我只是好奇，從定價角度或原物料投入或通貨膨脹等角度來看，有什麼改變嗎？

Just any comments around that would be helpful.

任何有關該問題的評論都會有所幫助。

The pricing, Joe is trending in the direction we have signaled we are at a rate about 3% and we expect second half to be a little slightly stronger.

Joe 的定價趨勢正朝著我們暗示的方向發展，我們的利率約為 3%，我們預計下半年會稍微強勁一些。

The punch line is our price cost is just about neutral and our productivity is very strong, which is giving us the margin expansion across our businesses.

有趣的是，我們的價格成本幾乎是中性的，而且我們的生產力非常強大，這使我們的業務利潤率得以擴大。

And what -- as explained before, the margin rates at EPS level, it just mix within the businesses itself.

如同先前所解釋的，每股收益水準的利潤率，它只是混合在業務本身中。

But pricing remains at the right level and we do expect this [3%] -- I've spoken before that the era of 1% price is over, so we always should expect something greater than that and we are demonstrating that in 2023.

但定價仍然保持在正確的水平，我們確實預計這個[3%]——我之前說過1% 價格的時代已經結束，所以我們總是應該期待比這個更高的價格，我們將在2023 年證明這一點。

Yeah.

是的。

And again, on the inflation side, no big changes.

再說一次，在通膨方面，沒有太大的變化。

There's always something that comes along

總有一些事情伴隨而來

--

--

Electronic I would say, remains hot, that's where we continue to see elevated level of pricing, but others are I would say -- and labor.

我想說的是，電子產品仍然很熱門，這就是我們繼續看到定價水平上升的地方，但我想說的是其他方面——還有勞動力。

Labor is and will remain a high elevated inflation category for us.

對我們來說，勞動力現在和將來仍將是一個高通膨類別。

Okay.

好的。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Ladies and gentlemen, that concludes our time allowed for questions.

女士們先生們，我們的提問時間到此結束。

I'll turn the floor back to Mr. Kapur for any final comments.

我將把最後的意見轉回給卡普爾先生。

I want to express my appreciation to our shareholders for your ongoing support and again, to our Honeywell future shapers, who are driving differentiated performance for our customers.

我要向我們的股東表示感謝，感謝你們的持續支持，並再次感謝我們的霍尼韋爾未來塑造者，他們正在為我們的客戶帶來差異化的業績。

Our future is bright, and we look forward to sharing our progress with you as we continue to executing on our commitments.

我們的未來是光明的，我們期待與您分享我們的進展，同時繼續履行我們的承諾。

Thank you for listening, and please stay safe and healthy.

感謝您的聆聽，請保持安全與健康。

Thank you.

謝謝。

This concludes today's conference call and you may disconnect your lines at this time.

今天的電話會議到此結束，此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。