漢威聯合 (HON) 2024 Q4 法說會逐字稿

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

感謝您的支持，歡迎參加霍尼韋爾 2024 年第四季財報電話會議。

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

（操作員指示）請注意，今天的通話正在錄音。

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

現在，我想將電話轉給投資者關係總裁 Sean Meakim。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, and welcome to Honeywell's fourth-quarter 2024 earnings and 2025 outlook conference call.

早安，歡迎參加霍尼韋爾 2024 年第四季財報和 2025 年展望電話會議。

On the call with me (inaudible) our Chairman and Chief Executive Officer of Vimal Kapur; Senior Vice President and Chief Financial Officer, Greg Lewis; and incoming CFO, Mike Stepniak.

與我（聽不清楚）通話的是我們的董事長兼執行長 Vimal Kapur；資深副總裁兼財務長 Greg Lewis；以及即將上任的財務長 Mike Stepniak。

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（包括非公認會計準則對帳表）可在我們投資者關係網站上找到。

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

我們會不時在此網站上發布投資者可能感興趣或重要的新資訊。

Our discussion today includes forward-looking statements that are based on our best view of the world and 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當今世界和我們業務的最佳看法，並受到風險和不確定性的影響，包括我們在美國證券交易委員會 (SEC) 文件中描述的風險和不確定性。

This morning, we will review our financial results for the fourth quarter and full year 2024, to discuss our outlook for the year, to share our guidance for the first quarter and full year 2025, and provide an update on the comprehensive portfolio evaluation.

今天上午，我們將回顧 2024 年第四季和全年的財務業績，討論我們對今年的展望，分享我們對 2025 年第一季度和全年的指導，並提供綜合投資組合評估的最新資訊。

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

像往常一樣，我們會在最後留出時間回答您的問題。

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

說完這些，我將把電話轉給董事長兼執行長 Vimal Kapur。

Thank you, Sean, and good morning to everyone joining us today.

謝謝你，肖恩，今天參加我們的每個人都早安。

We finished 2024 on a positive note, exceeding or meeting the high end of our guidance for organic sales growth and adjusted earnings growth in the fourth quarter while navigating an uneven operating environment.

我們以積極的態度結束了 2024 年，在應對不平衡的營運環境的同時，在第四季度超過或達到了我們對有機銷售成長和調整後獲利成長的高端預期。

During 2024, we deployed over $14 billion of capital, including 4 acquisitions for approximately $9 billion remaining on track to surpass our commitment to deploy at least $25 billion of capital through 2025.

2024 年，我們部署了超過 140 億美元的資本，其中包括 4 次收購，總價值約 90 億美元，預計將超越我們在 2025 年部署至少 250 億美元資本的承諾。

We also delivered on our promise to exit noncore lines of business with the planned spin of Advanced Materials and the sale of our Personal Protective Equipment business in the quarter.

我們也履行了退出非核心業務的承諾，本季計畫分拆先進材料業務並出售個人防護設備業務。

Turning to 2025, we're excited by our progress from our future shaping innovations to growing our global installed base.

展望 2025 年，我們對從塑造未來創新到擴大全球安裝基礎所取得的進展感到非常興奮。

That said, we are aware that the evolving geopolitical situation, challenging global macroeconomic conditions and tempered demand expectation in some end markets may pressure our near-term momentum.

儘管如此，我們也意識到不斷變化的地緣政治局勢、嚴峻的全球宏觀經濟形勢以及一些終端市場需求預期減弱可能會對我們近期的發展勢頭造成壓力。

As a result, we are offering a realistic baseline for 2025 performance based on current end market conditions and without assuming a recovery in short cycle demand.

因此，我們根據目前的終端市場狀況，且不假設短週期需求復甦，為 2025 年的業績提供了現實的基準。

While the current operating environment presents some near-term challenges, we continue to believe in the strong through-cycle growth potential of our best-in-class businesses.

儘管當前的營運環境帶來了一些短期挑戰，但我們仍然相信我們一流業務的強勁週期成長潛力。

Now (inaudible) from the near-term dynamics to discuss an important step in our journey to transform Honeywell.

現在（聽不清楚）從近期動態來討論一下霍尼韋爾轉型歷程中的重要一步。

Following our year-long comprehensive business portfolio evaluation, we have decided to pursue a full separation of Automation and Aerospace technologies.

經過長達一年的全面業務組合評估，我們決定將自動化與航空航天技術完全分離。

We believe the results of our strategic assessment provide clear direction for the future of Honeywell.

我們相信，我們的策略評估結果為霍尼韋爾的未來提供了明確的方向。

Let's turn to Slide 3 to discuss today's portfolio announcement in more detail.

讓我們翻到投影片 3 更詳細地討論今天的投資組合公告。

As many of you know, Honeywell has performed portfolio valuation systematically for many years, evaluating various ways to potentially unlock value as conditions evolve.

眾所周知，霍尼韋爾多年來一直有系統地進行投資組合評估，評估隨著條件發展可能釋放價值的各種方式。

About a year ago, I initiated a process to look even deeper at different structures, including full separation of our largest businesses.

大約一年前，我啟動了一項進程，更深入地研究不同的結構，包括完全分離我們最大的業務。

Following the completion of this in-depth internal portfolio review, I'm prepared to share with you today that the Honeywell Board of Directors has concluded that the separation of Automation and Aerospace is the best interest of Honeywell shareholders.

在完成這次深入的內部投資組合審查後，我今天準備與大家分享，霍尼韋爾董事會已經得出結論：自動化業務與航空航太業務的分離最符合霍尼韋爾股東的利益。

This step, coupled with the previously announced plan to spin Advanced Materials will result in 3 industry-leading public companies with tailored strategies and growth drivers.

此舉加上先前宣布的分拆先進材料業務的計劃將產生三家擁有量身定制的策略和成長動力的行業領先上市公司。

The formation of these 3 existing companies will enable greater strategic focus, operational independence and financial flexibility to pursue growth opportunities unlocking significant value for our stakeholders, including shareholders, customers and employees.

這三家現有公司的成立將使我們更加重視策略，提高營運獨立性和財務靈活性，以尋求成長機會，為我們的利害關係人（包括股東、客戶和員工）釋放巨大價值。

From a timeline perspective, we expect to complete the separation in the second half of 2026 and in a manner that is tax-free to Honeywell shareholders.

從時間表來看，我們預計將在 2026 年下半年完成分離，並且對霍尼韋爾股東免稅。

In between, we remain very focused on delivering on our commitment, and we'll continue to identify ways to further shape our portfolio and create shareholder value.

在此期間，我們仍然非常專注於履行我們的承諾，並將繼續尋找進一步塑造我們的投資組合和創造股東價值的方法。

Now let's turn to the next slide to discuss why we think this is the right time to separate into 3 publicly traded companies.

現在讓我們翻到下一張投影片來討論為什麼我們認為現在是分拆成三家上市公司的正確時機。

The decisions based on the operational and digital foundation we have created over the past 2 decades, and the series of strategic actions we have taken over the past year to dramatically

這些決策基於我們在過去 20 年中建立的營運和數位化基礎，以及我們在過去一年中採取的一系列策略行動，旨在顯著

(inaudible).

（聽不清楚）。

Our excellent operating system is mature and will be a source of strength for each company.

我們優秀的營運體系已經成熟，並將成為每家公司的力量來源。

Looking ahead, we see increasing divergent strategic pathway for Automation and Aerospace.

展望未來，我們看到自動化和航空航太領域的戰略路徑日益分化。

This is a logical except to bring the portfolio to the next phase transformation and lock incremental value.

這是合乎邏輯的，除了將投資組合帶入下一階段的轉型並鎖定增量價值之外。

With that, let's turn to Slide 5 to talk about (inaudible) rationale behind today's announcement.

接下來，讓我們轉到投影片 5，討論今天公告背後的（聽不清楚）理由。

We believe the planned separation of Automation, Aerospace, and Advanced Materials will benefit all stakeholders and position all 3 standalone companies for long-term profitable growth.

我們相信，自動化、航空航太和先進材料業務的計劃分離將使所有利益相關者受益，並使所有 3 家獨立公司實現長期獲利成長。

The part will enable 3 pure-play companies to pursue simplified go-forward strategies that are clearly aligned to the unique purpose of each business and to address the specific needs of their end markets.

這部分將使三家純業務公司能夠推行簡化的未來策略，這些策略與每家公司的獨特目標明確一致，並能滿足其終端市場的特定需求。

With this clarity of strategy and incentives and enhanced financial flexibility that comes with being an independent by company, Honeywell Automation, Honeywell Aerospace and (inaudible) will be able to meaningfully drive innovation throughout investment cycles.

憑藉清晰的策略和激勵措施以及獨立公司所具有的增強的財務靈活性，霍尼韋爾自動化、霍尼韋爾航空航太和（聽不清楚）將能夠在整個投資週期中有效推動創新。

The distinct investment profile of each company and an improved ability to customize capital allocation strategy when unleash the full potential of each company's strong balance sheet, creating the best path forward for an enhanced commercial success, faster based clinical innovation and increased customer intimacy.

每家公司獨特的投資概況和客製化資本配置策略的能力增強，充分發揮每家公司強勁資產負債表的潛力，為提高商業成功、加快臨床創新和增加客戶親密度創造最佳前進道路。

Each business will be able to build on their existing powerful foundation with a guidance of Focus Board of Directors and management team that have deep domain expertise and clear vision for their future.

在擁有深厚領域專業知識和清晰未來願景的 Focus 董事會和管理團隊的指導下，每個企業都將能夠在現有強大基礎上進一步發展。

We are committed to a strong investment-grade credit rating for both Automation and Aerospace and a strong non-investment-grade credit rating for Advanced Materials positioning all 3 to successfully compete for capital among their respective assets.

我們致力於為自動化和航空航太業提供強勁的投資級信用評級，為先進材料業提供強勁的非投資級信用評級，從而使這三家公司能夠在各自的資產中成功競爭資本。

Now let's turn to Page 6 to talk about what it means for each of these 3 standalone companies.

現在讓我們翻到第 6 頁來談談這對這 3 家獨立公司各自意味著什麼。

We are creating 3 scale pure-play public companies that have leading position in their specific categories with a distinct competitive advantage and compelling long-term end market growth drivers.

我們正在創建三家規模的純粹上市公司，它們在特定類別中佔據領先地位，具有獨特的競爭優勢和引人注目的長期終端市場成長動力。

Each has a strong set of competitive advantages built and sustained over decades, coupled with cohesive strategic direction and compelling technical drivers to support attractive top bottom line growth.

每家公司都擁有數十年來建立和維持的強大競爭優勢，加上一致的策略方向和令人信服的技術驅動力，以支持具有吸引力的營收成長。

Honeywell Automation will be a pure-play automation leader driving digital transformation, energy security and increased industrial autonomy globally.

霍尼韋爾自動化將成為全球純自動化領域的領導者，推動數位轉型、能源安全和提高工業自主性。

Honeywell Aerospace will be a diversified premier aerospace technology and system provider of all forms of aircraft with some of the most compelling (inaudible) in all of the aerospace.

霍尼韋爾航空航太集團將成為多元化的頂級航空航天技術和系統供應商，為所有類型的飛機提供一些整個航空航太領域最引人注目的（聽不清楚）產品。

Advanced Material will be sustainability focused specialty chemicals and materials pure play with a strong IP portfolio a set of unique growth investment opportunities.

Advanced Material 將專注於可持續發展的特殊化學品和材料業務，擁有強大的智慧財產權組合和一系列獨特的成長投資機會。

Let's turn to the next page to talk to the value proposition of Honeywell Automation.

讓我們翻到下一頁來談談霍尼韋爾自動化的價值主張。

Cutting-edge controls and automation technology have been the foundation for Honeywell for a century.

百年來，尖端控制和自動化技術一直是霍尼韋爾的基礎。

We have a leading market position across process, industrial, energy and building in markets that go back decades, creating a vast installed base globally. (inaudible) technologies used in over 10 million buildings, 17,000 process plants providing a powerful platform to enable growth through our services and software.

幾十年來，我們在流程、工業、能源和建築等市場中一直處於領先地位，在全球範圍內建立了龐大的安裝基礎。 （聽不清楚）這些技術應用於超過 1000 萬棟建築、17,000 個加工廠，透過我們的服務和軟體為實現成長提供了強大的平台。

Honeywell Automation brands are highly valued and well recognized across the globe, and we have numerous long-lasting customer relationship.

霍尼韋爾自動化品牌在全球享有很高的評價和認可度，我們與許多客戶建立了長期的合作關係。

As a standalone $18 billion business, Honeywell Automation global scale, deep domain expertise and long-lasting technology leadership positions can tackle the world's most complex problem and power digital transformation on a global level.

作為一家價值 180 億美元的獨立企業，霍尼韋爾自動化擁有全球規模、深厚的領域專業知識和長期的技術領導地位，可以解決世界上最複雜的問題並在全球範圍內推動數位轉型。

Honeywell Automation's current segment margin of 23% is supported by a track record of driving continuous improvement in operating efficiency through our accelerated operating system.

霍尼韋爾自動化目前23%的分部利潤率得益於我們透過加速作業系統不斷提高營運效率的良好記錄。

We anticipate that the secular growth such as chronic labor scarcity, increased funding for capital projects both public and private energy security and supply chain resiliency will all stimulate further growth.

我們預計，長期勞動力短缺、公共和私人能源安全以及供應鏈彈性等資本項目資金增加等長期成長都將刺激進一步成長。

The rapid advancement in automation technologies is enabling the manufacturing sector to unlock valuable new sources of efficiency through cloud, connectivity and advanced analytics.

自動化技術的快速發展使得製造業能夠透過雲端、連接和進階分析釋放寶貴的新效率來源。

These trends are compounding as we speak with the progression of industrial AI evolving from (inaudible) into reality, transforming automated facilities into autonomous facilities.

隨著工業人工智慧從（聽不清楚）發展到現實，將自動化設施轉變為自主設施，這些趨勢正在加劇。

In an automated facility, machine with preprogram instructions and deterministic outcomes govern the industrial process.

在自動化設施中，具有預編程指令和確定性結果的機器控制工業製程。

But in an autonomous facility, systems or machine can analyze years of historical data and make recommendations and decisions that adapt to new conditions, changing environments or unanticipated problems.

但在自主設施中，系統或機器可以分析多年的歷史數據，並做出適應新條件、不斷變化的環境或意外問題的建議和決策。

We believe this momentum will only accelerate in coming years and continue to drive increased demand for high-quality sensors, controls, process and software technology, all of which are right in Honeywell's (inaudible), in fact, our leading software-based Honeywell Forge IoT platform is already improving asset performance, enhancing labor productivity and increasing cyber security for our customers as well as driving valuable recurring revenue streams for Honeywell, increasing energy demand requirement to reduce emissions and heightened energy security concerns are driving the need for significant investment in emerging energy verticals, infrastructure as well as for fortifying traditional energy sources.

我們相信，這種勢頭在未來幾年只會加速，並繼續推動對高品質感測器、控制、流程和軟體技術的需求增加，所有這些都在霍尼韋爾（聽不清）中，事實上，我們領先的基於軟體的霍尼韋爾 Forge 物聯網平台已經改善了資產性能，提高了勞動生產率，為我們的客戶提高了網絡安全性，並為霍尼韋爾帶來了大量能源排放的基礎設施投資。

Honeywell Automation is uniquely positioned to help meet worst need on both fronts with leading innovation from renewable fuels technology to LNG, building our largest installed base of process technology for the energy sector.

霍尼韋爾自動化擁有獨特的優勢，能夠透過從再生燃料技術到液化天然氣的領先創新來幫助滿足這兩個方面的最迫切需求，為能源領域建立了我們最大的製程技術安裝基礎。

As an independent automation pure play, Honeywell Automation will be able to anchor the direction of the company to build on our powerful foundation and focus capital allocation strategies on teaming presence in high-growth verticals.

作為一家獨立的自動化專業公司，霍尼韋爾自動化將能夠確定公司的發展方向，鞏固我們強大的基礎，並將資本配置策略重點放在高成長垂直領域的合作上。

We believe this will drive differentiated performance for both customers and shareholders.

我們相信這將為客戶和股東帶來差異化績效。

On the next page, we'll talk about Honeywell Aerospace in more detail.

在下一頁中，我們將更詳細地討論霍尼韋爾航空航天。

Moving to Aerospace, Honeywell has a 100-plus year heritage as a crucial innovator in aerospace and defense with a diverse portfolio of technology and system that spans nearly every major commercial defense and space platform worldwide.

談到航空航天，霍尼韋爾擁有 100 多年的歷史，是航空航天和國防領域的重要創新者，其多樣化的技術和系統組合涵蓋了全球幾乎所有主要商業國防和太空平台。

As a standalone business, Honeywell Aerospace will be 1 of the largest publicly traded we would play aerospace supplier with a global scale and the highest value and most critical areas across the value chain.

作為獨立企業，霍尼韋爾航空航太集團將成為全球最大的上市航空航太供應商之一，具有全球規模，並佔據價值鏈中價值最高和最關鍵的領域。

For example, Aerospace has delivered over 100,000 of (inaudible) power units, a technology we invented and 72,000 engines since 1969 and a staggering 90% of global aircraft use Honeywell Avionics.

例如，自 1969 年以來，航空航太業已交付了超過 100,000 台（聽不清楚）動力裝置（我們發明的一項技術）和 72,000 台發動機，而且全球 90% 的飛機都使用霍尼韋爾航空電子設備。

On its own, (inaudible) will pursue tailored capital deployment priorities to position the business to continue driving growth, delivering reliability to customers and positioning the business for the future of aviation through increasing electrification and autonomy of flight.

就其本身而言，(聽不清楚) 將追求量身定制的資本部署優先事項，以使業務繼續推動成長，為客戶提供可靠性，並透過提高電氣化和飛行自主性為航空業的未來做好準備。

With an annual sale of $15 billion and a streamlined cost structure yielding best-in-class segment margin of 26%, Honeywell Aerospace has a solid financial profile, which can support continued growth in investment in new innovations while maintaining industry-leading profitability.

霍尼韋爾航空航太集團年銷售額達150億美元，精簡的成本結構帶來26%的行業最佳分部利潤率，財務狀況穩健，可支持對新創新的投資持續增長，同時保持行業領先的盈利能力。

Aerospace also has significant expanding high-margin revenue stream from retrofits, modifications and upgrades, or RMUs.

航空航太業也透過改造、修改和升級（或稱為 RMU）獲得了大幅擴張的高利潤收入來源。

These new value propositions are purpose driven to serve customer needs within our installed base and offer a source of growth that is decoupled from OEM build rates or flight hours and other key service of differentiated financial performance.

這些新的價值主張旨在滿足我們已安裝客戶群中客戶的需求，並提供與 OEM 建造率或飛行小時數和其他差異化財務業績關鍵服務脫鉤的增長源。

Aerospace Technology has deep end market penetration and global scale in aircraft propulsion cockpit and navigation system and auxillary power units with a robust Honeywell-funded R&D investment profile of approximately 4% of sales and a customer-funded R&D of approximately 7% of the sale, our business is well positioned to benefit from multiple years ahead of unprecedented demand within traditional aerospace and defense, aging fleets with a lengthy (inaudible) for replacement increasing defense budget given geopolitical uncertainty and higher flight activity in high-growth regions provide support for healthy commercial and defense OE investment up cycle alongside aftermarket strength.

航空航太技術在飛機推進駕駛艙和導航系統以及輔助動力裝置方面具有深入的終端市場滲透力和全球規模，霍尼韋爾資助的研發投資佔銷售額的約4%，客戶資助的研發佔銷售額的約7%，我們的業務處於有利地位，可受益於傳統航空航天和國防領域前所未有的需求，老化的機隊需要很長的業務（聽不清楚週期以及售後市場的強勁成長提供了支持。

At the same time, the industry is in a dire need for new electrification and sustainability offering to meet steep global carbon reduction initiatives, already now integrated electric propulsion system combined motor, controller, power and cooling system with Honeywell's unrivaled expertise in fly-by-wire avionics, including the next-generation Anthem flight deck, making the future of aviation safe, quiet and efficient.

同時，航空業迫切需要新的電氣化和永續發展產品，以滿足全球嚴格的碳減排舉措，目前已整合的電力推進系統結合了電機、控制器、電源和冷卻系統，以及霍尼韋爾在電傳操縱航空電子設備方面無與倫比的專業知識，包括下一代 Anthem 駕駛艙，使未來的航空業更加安全、安靜和高效。

Honeywell Aerospace electrification and autonomous driven technologies also leading innovation that will transform travel and delivery services as well as how country defend themselves.

霍尼韋爾航空航太的電氣化和自動駕駛技術也引領創新，將改變旅行和配送服務以及國家防禦方式。

This is creating a significant new source of revenue for Aero in the decades ahead as evidenced by over $10 billion in Advanced Air Mobility wins and independent aerospace company of this scale and global presence will benefit from a focused strategy, a well-capitalized public company structure a dedicated board with a deep domain expertise and targeted high-return investment, both organic and inorganic to deliver the future of aviation.

這將為 Aero 在未來幾十年創造重要的新收入來源，超過 100 億美元的先進空中機動性勝利就是明證，這種規模和全球影響力的獨立航空航天公司將受益於專注的戰略、資本充足的上市公司結構、具有深厚領域專業知識的專門董事會和有針對性的高回報投資，包括有機和無機投資，以實現航空業的未來。

Let's turn to Slide 9 to talk about Advanced Materials.

讓我們翻到第 9 張投影片來討論先進材料。

And finally, for Advanced Materials, as we discussed last October, we announced the spin.

最後，對於先進材料，正如我們去年 10 月所討論的那樣，我們宣布了分拆。

We are very excited about the opportunity to create a leading sustainability focused specialty chemicals and materials pure play.

我們非常高興有機會創建一家專注於永續發展的領先特種化學品和材料純業務公司。

We believe that as a standalone specialty chemicals and materials business, the company will benefit from greater financial flexibility to pursue its own growth agenda and associated investment choices.

我們相信，作為一家獨立的特種化學品和材料企業，該公司將受益於更大的財務靈活性，以追求自身的成長計畫和相關的投資選擇。

This include distinct opportunities in next-gen sustainable refrigerants, specialty electronic materials and highly engineered solution for health care applications.

這包括下一代可持續冷媒、特殊電子材料和醫療保健應用的高度工程化解決方案的獨特機會。

The business generated approximately $4 billion of sales in 2024, with sector-leading EBITDA margins of about [25%] on an estimated standalone cost basis.

該業務在 2024 年創造了約 40 億美元的銷售額，以估計的獨立成本計算，EBITDA 利潤率約為 [25%]，處於行業領先地位。

With over $1 billion invested over the past 8 years, AAM has built a robust economic mode with an efficient supply chain and a global customer base in a highly regulated vertical.

在過去 8 年中，AAM 已投資超過 10 億美元，在高度監管的垂直領域建立了強勁的經濟模式、高效的供應鏈和全球客戶群。

AAM's solid competitive positioning stems from a differentiated IP portfolio made up of over 5,000 active patents and applications created by a deep bench of more than 400 highly specialized technologies and engineers.

AAM 穩固的競爭地位源自於差異化的智慧財產權組合，該組合由 400 多名高度專業化的技術和工程師組成的強大團隊創造，擁有超過 5,000 項有效專利和應用。

Standalone AAM will be able to continue to focus on developing new, more sustainable solutions through next-gen chemistry and this pure play business with a compelling investment profile is uniquely positioned to benefit from strong macro trends.

獨立的 AAM 將能夠繼續專注於透過下一代化學開發新的、更永續的解決方案，而這家具有引人注目的投資組合的純粹業務具有獨特的優勢，可以從強勁的宏觀趨勢中受益。

Now let's turn to Slide 10 to talk about progress on transforming our portfolio.

現在讓我們翻到第 10 張投影片來談談我們投資組合轉型的進展。

In a little over a year, we have made tremendous progress on optimizing and simplifying the portfolio.

在短短一年多的時間裡，我們在優化和簡化投資組合方面取得了巨大進展。

In the fall of 2023, we announced plan to reorganize our business around 3 mega trends.

2023 年秋季，我們宣布了圍繞三大趨勢重組業務的計劃。

During 2024, we announced a total of 4 strategic bolt-on acquisition plus a handful of smaller but strategically important technology tuck-ins, committing $10 billion of capital and adding about $2 billion of run rate revenue growing at accretive rates.

2024 年，我們宣布了總共 4 項策略性附加收購，外加少數規模較小但具有戰略重要性的技術收購，投入 100 億美元資本，並增加了約 20 億美元的運行率收入，且增長率呈增長趨勢。

In addition to these apps, we also are executing on simplification of portfolio with the pending sale of PPE business.

除了這些應用程式之外，我們還在透過即將出售的 PPE 業務來簡化產品組合。

Today's announcement to separate Automation and Aerospace, coupled with the planned spin of AM marks the beginning of the next phase of our transformation.

今天宣布將自動化與航太業務分開，加上計畫中的 AM 分拆，標誌著我們轉型下一階段的開始。

We remain committed to and excited about the prospect of Quantinuum.

我們仍然致力於 Quantinuum 的前景並對此感到興奮。

Lastly, SoftBank announced a partnership with Quantinuum to explore ways to unlock innovative quantum computing solution that will overcome the limitation of classical KI and explore Quantum data center business model just the latest validation of our technical progress.

最後，軟銀宣布與 Quantinuum 建立合作夥伴關係，共同探索創新量子運算解決方案的方法，以克服傳統 KI 的局限性，並探索量子資料中心商業模式，這只是我們技術進步的最新驗證。

Quantinuum continues to make great strides in both technical and commercial progression, and we look forward to an eventual IPO for this business.

Quantinuum 在技術和商業發展方面繼續取得長足進步，我們期待該業務最終實現 IPO。

We will continue to make M&A a consistent part of our operational rhythm seeking to acquire accretive bolt-on that further shape the portfolio and enhance the value proposition of each business during the dependency of the separation process.

我們將繼續將併購作為我們營運節奏中一致的一部分，尋求獲得增值附加資產，以進一步塑造投資組合併在分離過程的依賴性期間提升每個業務的價值主張。

We are confident that our dynamic capital deployment strategy, including acquisitions, further share repurchases and optimizing our operations will lead to an enhanced financial profile for Honeywell that is more attractive to investors.

我們相信，我們的動態資本配置策略，包括收購、進一步回購股票和優化運營，將改善霍尼韋爾的財務狀況，從而對投資者更具吸引力。

And finally, we are committed to reducing our share count by at least 1% this year, net of dilution, which equates to more than $3 billion of capital deployed over the next 12 months.

最後，我們承諾今年將股份數量減少至少 1%（扣除稀釋），相當於未來 12 個月部署超過 30 億美元的資本。

This reflects our conviction in the future value creation of our strategic plan, near the momentum in the business performance and what we believe to be a stock at an attractive valuation.

這反映了我們對策略計劃未來價值創造的信心、接近業務表現的勢頭以及我們認為具有吸引力估值的股票。

Let's turn to Slide 11 to talk about the next steps.

讓我們翻到投影片 11 來討論接下來的步驟。

In terms of path forward, we remain on track to complete the spin of Advanced Materials by end of '25 and or in early 2026.

就前進的道路而言，我們仍有望在2025年底或2026年初完成先進材料的分拆。

The planned separation of Automation and Aerospace we announced today is expected to be achieved in a manner that is tax-free to Honeywell shareholders and targeted for completion in the second half of 2026.

我們今天宣布的自動化與航太業務分離計畫預計將以對霍尼韋爾股東免稅的方式實現，目標是在 2026 年下半年完成。

We will leverage the rigorous operating principles underpinning our accelerating operating system to prevent business disruption and manage the onetime cost of $1.5 billion to $2 billion associated with the separation of both Automation and Aerospace as well as Advanced Materials spins.

我們將利用加速營運系統所依賴的嚴格營運原則來防止業務中斷，並管理因自動化和航空航太以及先進材料業務分離而產生的15億至20億美元的一次性成本。

This operating playbook is a deeply ingrained part of Honeywell's culture and will carry on inside each of these powerful franchises.

這項營運策略是霍尼韋爾企業文化中根深蒂固的一部分，並將在每個強大的特許經營企業中繼續延續。

We will provide you with updates on process towards completing these separations.

我們將為您提供完成這些分離的進程的最新資訊。

Importantly, we'll maintain a steadfast approach to executing on our commitment to our customers, shareholders and employees as we enter this next phase of portfolio transformation.

重要的是，在進入投資組合轉型的下一階段時，我們將堅定不移地履行對客戶、股東和員工的承諾。

Now, before I turn it over to Greg on Slide 8 to discuss our fourth quarter and full year 2024 results in more detail, I want to thank him personally for his leadership and partnership in my first 2 years as CEO.

現在，在我將幻燈片 8 上的發言權交給 Greg 來詳細討論我們第四季度和 2024 年全年的業績之前，我想親自感謝他在我擔任首席執行官的頭兩年中所給予的領導和合作。

Greg (inaudible) effort as CFO over the past 7 years have an instrumental in transforming Honeywell.

格雷格（聽不清楚）過去 7 年來擔任財務長的努力對霍尼韋爾的轉型起到了重要作用。

Greg, I wish you all the best in your next chapter.

格雷格，我祝福你在接下來的篇章中一切順利。

Thanks for those kind words then.

謝謝您這些善意的話語。

It's been a privilege to lead this iconic company alongside you and (inaudible) and good morning, everyone.

我很榮幸能與您一起領導這家標誌性的公司（聽不清楚），大家早安。

Honeywell finished 2024 on a strong note, beating the high end of our organic growth and adjusted EPS guidance in the fourth quarter despite a still challenging macroeconomic event environment.

霍尼韋爾以強勁的業績結束了 2024 年，儘管宏觀經濟事件環境仍然充滿挑戰，但我們在第四季度的有機成長和調整後每股收益預期均超過了預期。

Cash flow is also a positive, coming at the high end of guidance in the fourth quarter.

現金流也呈現正面勢頭，達到第四季預期的高點。

Importantly, during the quarter, we announced the landmark agreement with Bombardier, one of the largest business jet OEMs globally to provide the next generation of technology for current and future aircraft in avionics, propulsion and satellite communications.

重要的是，在本季度，我們宣布與全球最大的公務機原始設備製造商之一龐巴迪達成具有里程碑意義的協議，為現有和未來的飛機提供航空電子、推進和衛星通訊方面的下一代技術。

This includes the first deployment of our next-gen Anthem avionics at scale and comes with a lifetime value of the partnership of $17 billion.

其中包括首次大規模部署我們的下一代 Anthem 航空電子設備，合作的終身價值為 170 億美元。

While the related investments lowered our reported performance in the fourth quarter, the long-term economics are compelling, and there is no impact on 2025 performance.

雖然相關投資降低了我們第四季的報告業績，但長期經濟效益引人注目，並且對 2025 年的業績沒有影響。

We're proud of the enhanced partnership we're building with barrier and excited for the opportunity to lead the industry into the future of aviation.

我們為與Barrier建立的加強合作關係感到自豪，並對有機會引領產業走向航空業的未來感到興奮。

Turning to the fourth quarter.

展望第四季。

We ended the year positively with sales and earnings per share exceeding our prior guidance range.

我們以超出我們先前的預期範圍的銷售額和每股盈餘結束了這一財年。

Overall sales increased 2% organically or 6% excluding Bombardier, with year-over-year organic growth improving 5 points sequentially in IA and BA from the third quarter.

整體銷售額有機成長 2%，若不包括龐巴迪則成長 6%，其中 IA 和 BA 的年比有機成長率較第三季季增 5 個百分點。

Segment margins declined 70 basis points from the previous year when excluding the Bombardier impact of 280 basis points.

若剔除龐巴迪的影響（280個基點），部門利潤率較上年下降70個基點。

Adjusted earnings per share improved 9% excluding Bombardier, with segment profit growth more than offsetting higher below the line costs.

不包括龐巴迪，調整後每股盈餘成長了 9%，分部獲利的成長足以抵銷線下成本的上升。

Fourth quarter free cash flow declined 27% and mostly due to the cash contributions related to the Bombardier agreement.

第四季自由現金流下降 27%，主要由於與龐巴迪協議相關的現金貢獻。

Honeywell's backlog reached a record level of $35.3 billion in the quarter, growing 11% year-over-year.

本季度，霍尼韋爾的訂單積壓達到了創紀錄的 353 億美元，年增 11%。

Excluding acquisitions, backlog was up 6% year-over-year and 1% sequentially, with particular strength in ESS.

不計收購，積壓訂單年增 6%，季增 1%，其中 ESS 表現尤為強勁。

Fourth quarter orders increased 11% organically from the prior year growing in all 4 segments.

第四季訂單量較上年同期有機成長 11%，四個部門均成長。

For more details on the drivers of our fourth quarter and 2024 results, including year-over-year bridges, please look in the appendix of today's presentation.

有關我們第四季度和 2024 年業績驅動因素（包括同比橋樑）的更多詳細信息，請參閱今天演示文稿的附錄。

To wrap 2024, Honeywell's full year organic sales increased 3% or 4% excluding the impact of the Bombardier agreement as double-digit organic growth in our longer-cycle Aerospace and Building Solutions businesses more than offset softness in the products businesses in Industrial and Building (inaudible). 2024 acquisitions contribute over $800 million to sales at accretive growth rates, while integration efforts are proceeding well.

截至 2024 年，霍尼韋爾全年有機銷售額增長 3% 或 4%（不包括龐巴迪協議的影響），因為我們週期較長的航空航天和建築解決方案業務的兩位數有機增長足以抵消工業和建築產品業務的疲軟（聽不清）。 2024 年的收購將以增值成長率為銷售額貢獻超過 8 億美元，同時整合工作進展順利。

Full year segment profit grew 1% with margin contraction of 90 basis points in 2024.

2024年全年分部獲利成長1%，利潤率收縮90個基點。

Excluding Bombardier, segment profit grew 6% with 20 basis points of margin contraction.

除龐巴迪外，分部獲利成長6%，利潤率收縮20個基點。

Margin pressure there was driven by contraction in industrial Automation with Aero roughly flat, excluding Bombardier, ESS roughly flat and BA.

利潤率壓力是由工業自動化領域的萎縮造成的，其中航空業務基本持平（不包括龐巴迪）、ESS 基本持平，而 BA 則基本持平。

We believe our Accelerator operating system will continue to enable us to expand margins over time, but the pace of expansion can be uneven, especially when coming off 150 basis points of combined improvement in 2022 and 2023. 2024 adjusted earnings per share grew 4% or 9% excluding Bombardier.

我們相信，我們的加速器操作系統將繼續使我們能夠隨著時間的推移擴大利潤率，但擴張的速度可能並不均衡，尤其是在 2022 年和 2023 年綜合改善 150 個基點的情況下。

We also generated $4.9 billion of free cash flow $5.5 billion, excluding Bombardier at the high end of our most recent guidance range.

我們還產生了 49 億美元的自由現金流（55 億美元，不包括龐巴迪），處於我們最新指導範圍的高點。

We deployed $8.9 billion towards M&A closing 4 acquisitions this year.

我們今年投入了 89 億美元用於併購，完成了 4 項收購。

In total, we allocated $14.6 billion of total capital, including $1.7 billion to repurchase 8 million shares; $1.2 billion to capital expenditures; and $2.9 billion to dividends, which we raised, again, for the 15th time in 14 years.

總計我們分配了146億美元的總資本，其中包括17億美元用於回購800萬股； 12 億美元用於資本支出；以及 29 億美元的股息，這是我們 14 年來第 15 次增加股息。

So before I hand it off to Mike to discuss our outlook for the year, I want to thank Vimal, all of my fellow Honeywell Future Shapers, and my family for supporting me during the past 7 years as CFO.

因此，在我將話題轉交給 Mike 來討論我們今年的展望之前，我想感謝 Vimal、所有霍尼韋爾未來塑造者同事以及我的家人，感謝他們在我擔任首席財務官的過去 7 年裡對我的支持。

I'm proud of the transformation Honeywell has undergone optimizing our portfolio and greatly increasing our digital capabilities.

我為霍尼韋爾經歷的轉型感到自豪，我們的產品組合得到了優化，數位化能力也得到了極大提升。

I also want to reaffirm my confidence in Mike as the next CFO of Honeywell.

我也想重申我對麥克擔任霍尼韋爾下一任財務長的信心。

Working with him on this transition over the past 5 months has only confirmed the decision we made was a great one.

過去 5 個月與他一起完成這一轉變僅僅證實了我們所做的決定是正確的。

He has all the skills and commitment needed to bring Honeywell into the next phase of growth, and I'm excited for the future.

他擁有帶領霍尼韋爾進入下一階段發展所需的所有技能和決心，我對未來充滿期待。

So Mike, over to you.

那麼 Mike，就交給你了。

Thank you for the support Greg and all your contributions to Honeywell.

感謝Greg的支持以及您對霍尼韋爾的所有貢獻。

Let's turn to the next slide.

讓我們翻到下一張投影片。

Looking at our major end market exposures entering 2025, we see underlying long-term (inaudible) being met with near-term challenges in the macroeconomic backdrop and heightened potentials.

縱觀我們進入 2025 年的主要終端市場風險，我們看到潛在的長期（聽不清楚）將面臨宏觀經濟背景和巨大潛力的近期挑戰。

In Aerospace, commercial fleet growth and replenishment continue and defense investments remained elevated with some natural moderation from the double-digit growth rate seen for the past 3 years.

在航空航太領域，商用飛機隊持續成長和補充，國防投資仍保持高位，但與過去三年的兩位數成長率相比自然放緩。

We benefit from public and private spending on infrastructure projects and ongoing push for more automation investment addressing chronic labor shortages and inflation but demand for short-cycle products remain muted in the near term.

我們受益於公共和私人對基礎設施項目的支出，以及持續推動更多的自動化投資，以解決長期的勞動力短缺和通貨膨脹問題，但短期內對短週期產品的需求仍然低迷。

Energy investments in a number of verticals will continue to support our sustained backlog while growing demand for digitalization of processes across many end markets enables the potential for increasingly AI-enabled offerings to boost our customers' productivity.

在多個垂直領域的能源投資將繼續支持我們持續的積壓訂單，同時許多終端市場對流程數位化的需求不斷增長，使得越來越多的人工智慧產品有潛力提高客戶的生產力。

Breaking down our 2025 market view geographically high-growth regions in the U.S. will be drivers for organic growth, partially offset by weaker demand for Automation products in Europe and China.

從地理上看，美國 2025 年的市場高成長地區將成為有機成長的驅動力，但歐洲和中國對自動化產品的需求減弱將部分抵消此影響。

The end market and regional views, combined with the headwind from the strengthening U.S. dollar, temper our outlook for 2025.

終端市場和區域觀點，加上美元走強帶來的不利因素，影響了我們對 2025 年的展望。

We are working to determine the magnitude of the pending impact on our business from new tariffs, which are not probably included in our guidance.

我們正在努力確定新關稅對我們業務可能產生的影響程度，這些影響可能未包含在我們的預期之內。

Overall, Honeywell is well positioned to navigate the near-term challenges and our accelerated operating system will help alleviate margin pressures from business mix and integration costs.

總體而言，霍尼韋爾已做好準備應對近期的挑戰，而我們加速的營運系統將有助於緩解業務組合和整合成本帶來的利潤壓力。

Now let's turn to the next slide to discuss Pacific of the first quarter and full year 2021 guidance.

現在讓我們翻到下一張投影片來討論第一季和 2021 年全年太平洋地區的業績指引。

For 2025, we anticipate sales of $39.6 million to $40.6 billion, which represents organic growth of 2% to 5% or 1% to 4% when excluding the prior year impact of the Bombardier agreement.

到 2025 年，我們預計銷售額將達到 3,960 萬美元至 406 億美元，這意味著有機增長率為 2% 至 5%，若不包括上一年龐巴迪協議的影響，則意味著有機增長率為 1% 至 4%。

Our sales guide assumes a midyear exit of our PPE business, but does not include the spin of Advanced Materials, which we remain on track to complete by the end of 2025 or in early 2026.

我們的銷售指南假設我們將在年中退出 PPE 業務，但不包括先進材料的分拆，我們仍有望在 2025 年底或 2026 年初完成分拆。

Our baseline outlook for 2025 assumes a continuation of current industrial demand environment throughout the year and does not assume a recovery in our end markets.

我們對 2025 年的基本展望是假設當前的工業需求環境將持續全年，並且不假設我們的終端市場出現復甦。

Aerospace will once again lead growth for the company, followed by BA and ESS.

航空航天將再次引領公司的成長，其次是 BA 和 ESS。

Our acquisitions from 2024 will contribute approximately $2 billion in sales this year, growing accretive rates and becoming part of the organic growth towards the end of the year.

我們從 2024 年開始的收購將為今年的銷售額貢獻約 20 億美元，增加成長率並成為年底有機成長的一部分。

For the first quarter, we expect sales of $9.5 billion to $9.7 billion, flat to up 2% organically.

我們預計第一季銷售額為 95 億美元至 97 億美元，持平或有機成長 2%。

In addition to the normal seasonal step down in revenue from 4Q to 1Q, we will see some headwind in product businesses from fewer comparable selling days.

除了第四季至第一季正常的季節性收入下降之外，我們還會看到由於可比銷售天數減少而對產品業務造成一些阻力。

Segment margin for the year is expected to be up 60 to 100 basis points or down 10 to up 30 basis points, excluding Bombardier and as productivity actions and commercial excellence are partially offset by cost inflation business mix.

本年度分部利潤率預計將上升 60 至 100 個基點，或下降 10 至上升 30 個基點（不包括龐巴迪），因為生產力行動和商業卓越被成本通膨業務組合部分抵消。

The Automation businesses will lead margin expansion for the year as BAC's volume leverage from recovery in building product sales and IA benefits from midyear

自動化業務將引領今年的利潤成長，因為 BAC 的銷售受益於建築產品銷售的復甦，而 IA 則受益於年中

(inaudible).

（聽不清楚）。

Aerospace margin declines primarily driven by the impact of the lower margin case acquisition and integration will mostly offset improvements in other three segments.

航空航太利潤率下降主要受利潤率較低情況的收購和整合的影響，將大部分抵消其他三個部門的改善。

Excluding Aero, the remaining portfolio will experience margin expansion in products, projects and aftermarket services and software, but materially faster growth in projects we create a mixed headwinds.

除 Aero 之外，剩餘的投資組合將在產品、項目、售後服務和軟體方面實現利潤率的擴大，但專案成長的大幅加快將帶來混合阻力。

We expect this dynamic to hold until we see a broader acceleration in higher-margin short-cycle product end markets.

我們預計這種動態將持續下去，直到我們看到利潤率較高的短週期產品終端市場出現更廣泛的加速。

For the first quarter, segment margin is anticipated to be in the range of 22.5% to 22.9%, down 10 to 50 basis points year-over-year.

第一季度，預計分部利潤率在 22.5% 至 22.9% 之間，年減 10 至 50 個基點。

We assume a modest acceleration in organic sales growth through the year as 2024 acquisitions reach their anniversary, aerospace supply improves to unlock additional sales and the selling days pressure reverses in products.

我們假設，隨著 2024 年收購達到週年紀念日、航空航太供應改善以釋放更多銷售額以及產品銷售天數壓力逆轉，全年有機銷售額成長將適度加速。

However, -- the quarterly progression will look similar to historical patterns and growth rates are not expected to deviate materially from the full year range.

然而，季度進展將與歷史模式相似，預計成長率不會與全年範圍有重大偏差。

Let's turn to the next slide to walk through our 2025 outlook by business. (inaudible) our expectations by segment at high level.

讓我們翻到下一張投影片來了解我們對 2025 年業務的展望。 （聽不清楚）我們對高層各部門的期望。

However, additional details by his view are covered in the commentary section of our slides.

但是，我們幻燈片的評論部分涵蓋了他的觀點的更多細節。

Aerospace Technologies remain the predominant top line driver for Honeywell in 2025 as supply chain outlook continues, and we work through our robust backlog.

隨著供應鏈前景的持續，以及我們努力處理大量積壓訂單，航空航天技術仍然是霍尼韋爾 2025 年的主要營收驅動力。

We expect organic sales growth in the mid-single-digit to high single-digit range from 2025 when excluding Bombardier.

我們預計，從 2025 年起，不包括龐巴迪，有機銷售額成長率將達到中個位數至高個位數之間。

Our acquisition of (inaudible) will drive accretive sales and segment profit out generate margin headwinds due to integration in the full year of ownership.

我們對 (聽不清楚) 的收購將推動銷售額和分部利潤的成長，而由於所有權的全年整合，將產生利潤率逆風。

We expect core aero margins to remain in their recent neighborhood around 27%, but a roughly 100 basis point decline in 2025 when excluding Bombardier due to the impact of the CAES acquisition.

我們預計核心航空利潤率將保持在近期 27% 左右的水平，但由於 CAES 收購的影響，到 2025 年，若不包括龐巴迪，利潤率將下降約 100 個基點。

In the first quarter, we expect to see mid-single-digit growth in sales year-over-year as we continue to improve our output with particular strength in commercial aftermarket.

由於我們持續提高產量，特別是在商業售後市場表現出色，我們預計第一季銷售額將比去年同期實現中等個位數成長。

In Industrial Automation, the 2025 sells ARPU remains largely dependent on the timing of recovery in products and customer CapEx decisions, but we are seeing returns in some end markets. we expect IA sales to be down low single digits compared to 2024. (inaudible) should expand as we benefit from functional excellence and federal mix impacts, including from our expected (inaudible) First quarter sales will be down low single digits year-over-year as growth in our core process and sensing business is offset by demand softness in safety, smart energy and thermal solutions.

在工業自動化領域，2025 年的銷售 ARPU 在很大程度上仍取決於產品復甦的時機和客戶的資本支出決策，但我們在某些​​終端市場看到了回報。我們預計，與 2024 年相比，IA 銷售額將下降個位數。

For building automation, we expect to see growth led by our solutions business as we capitalize on strong project order rates in 2025 with particular strength in data center, airport and hospitality.

對於樓宇自動化，我們預計解決方案業務將帶動成長，因為我們將利用 2025 年強勁的專案訂單率，特別是在資料中心、機場和飯店領域的優勢。

We expect overall BA sales grow in low mid-single digits on a year-over-year organic basis.

我們預計，BA 整體銷售額將以同比有機成長率實現中低個位數成長。

We anticipate BA margins that continue to grow in 2025 driven by productivity actions and the benefit from our Axis Solutions acquisition.

我們預計，在生產力行動和 Axis Solutions 收購收益的推動下，BA 利潤率將在 2025 年持續成長。

In the first quarter, we expect sales growth to be up low single digits for building solutions outpacing building products.

在第一季度，我們預期建築解決方案的銷售增幅將超過建築產品的銷售增幅，達到個位數。

In 2025, energy and sustainability solutions will be supported by a robust pipeline and strong global demand for energy projects.

2025 年，強大的能源項目儲備和全球需求將為能源和永續發展解決方案提供支援。

We expect DSS organic sales growth in the low single-digit range for the year.

我們預計今年 DSS 的有機銷售額成長率將維持在個位數的低點。

Margin will expand as improved volume leverage and meaningful accretion from the LNG acquisition offsets inflation.

隨著產量槓桿的提高和液化天然氣收購帶來的有意義增值抵銷通貨膨脹，利潤率將會擴大。

In the first quarter, we expect sales to be down low single digits as we work through challenging comps in (inaudible) products.

在第一季度，我們預期銷售額將下降個位數，因為我們要應對（聽不清楚）產品的挑戰。

However, we expect solid growth in supported by state equipment projects as well as conversion of our robust backlog in.

然而，我們預計，在國家裝備項目的支持下以及我們大量積壓訂單的轉換下，我們將實現穩健成長。

For the year, we expect earnings per share of $10.10 to $10.50, up 0% to 6% or down 2% to up 2%, excluding Bombardier.

對於全年業績，我們預計每股收益為 10.10 美元至 10.50 美元，增長 0% 至 6% 或下降 2% 至增長 2%（不包括龐巴迪）。

We walk through the puts and takes for EPS in radio detail in a few minutes.

我們將在幾分鐘內詳細介紹 EPS 在廣播中的用途。

Moving to free cash flow, we expect growth at least in line with earnings when excluding the impact of Bombardier.

轉向自由現金流，我們預計，在排除龐巴迪的影響時，成長至少與收益一致。

Capital expenditures are anticipated to increase by roughly $100 million as we seek to invest in high-return projects, notably in Advanced Materials as it prepares to operate as a standalone company.

由於我們尋求投資高回報項目，特別是準備作為獨立公司運營的先進材料項目，預計資本支出將增加約 1 億美元。

This increase in spending will be funded by improvements in working capital efficiency with a strong focus on aerospace inventory.

這項支出的增加將透過提高營運資本效率來提供資金，並專注於航空航天庫存。

Putting all this together, free cash flow is expected to be between $5.4 billion and $5.8 billion, down 2% to up 5% ex-Bombardier.

綜合考慮所有這些因素，預計自由現金流將在 54 億美元至 58 億美元之間，年減 2% 至 5%（龐巴迪數據）。

You can find a 2025 free cash flow bridge in the appendix of this presentation.

您可以在本簡報的附錄中找到 2025 年自由現金流橋。

In addition to CapEx and dividends, we'll continue to deploy additional capital in a manner that is both disciplined and dynamic in 2025.

除了資本支出和股息外，我們還將在 2025 年繼續以嚴謹而有活力的方式部署額外資本。

And balancing and promising acquisition pipeline with our desire to repurchase our shares at attractive levels with more than $3 billion planned to reduce our share count by at least 1%.

我們平衡並承諾收購管道與我們以有吸引力的價格回購股票的願望，計劃斥資超過 30 億美元將我們的股票數量減少至少 1%。

In summary, we're setting a realistic outlook taking under consideration macroeconomic and geopolitical factors.

總之，我們在考慮宏觀經濟和地緣政治因素的基礎上製定了現實的前景。

Now let's turn to the next slide to walk through our EPS bridge to 2025.

現在讓我們翻到下一張投影片，回顧一下我們通往 2025 年的 EPS 橋樑。

Starting from our adjusted EPS, excluding Bombardier, 2025 has a number of puts and takes leading to EPS down slightly year-over-year at the midpoint of our guidance.

從我們的調整後每股收益開始，不包括龐巴迪，2025 年將出現許多利弊，導致每股收益在我們預期的中點處同比略有下降。

Organic segment profit growth is expected to add $0.22 per share at the midpoint of guidance, driven by higher volumes and productivity net of inflation.

扣除通貨膨脹因素，受銷量和生產力提高的推動，有機部門利潤預計將按指導中位數每股增加 0.22 美元。

We expect the segment profit from 2024 acquisitions to contribute roughly $0.33 per share in '25.

我們預計 2024 年收購帶來的部門利潤將在 25 年貢獻每股約 0.33 美元。

This benefit includes some integration expenses as we tie our accelerator playbook to set a stage for future growth and margin expansion in these businesses, and we are pleased with their performance thus far.

這項收益包括一些整合費用，因為我們將加速器劇本與這些業務的未來成長和利潤擴大相結合，我們對它們迄今為止的表現感到滿意。

Our exit from PPE business will reduce 25% earnings by $0.05, assuming a June 30 closing date, while the divestiture will be accretive to growth in margins.

假設退出 PPE 業務的截止日期為 6 月 30 日，那麼退出將導致收益減少 25%，即 0.05 美元，而資產剝離將促進利潤率的成長。

The rise in the value of the U.S. dollar versus global currencies in recent months is forecasted to reduce reported sales and adjusted earnings per share by approximately $400 million and $0.12, respectively, utilizing year-end 2020 exchange rates.

根據 2020 年底的匯率計算，近幾個月美元兌全球貨幣的升值預計將導致報告銷售額和調整後每股收益分別減少約 4 億美元和 0.12 美元。

We anticipate below-the-line items, which are the differences between segment profit and income before tax, to create $0.50 of negative pressure on earnings versus the previous year at the midpoint of guidance.

我們預計，線下項目（即分部利潤與稅前收入之間的差額）將對收益造成 0.50 美元的負面壓力，與上年相比處於指導中位數。

First, we expect pension income to be approximately $550 million in 2025 and down approximately $50 million year-over-year because of the previously communicated onetime item in Europe.

首先，我們預計 2025 年的退休金收入約為 5.5 億美元，由於先前溝通的歐洲一次性項目，年減約 5,000 萬美元。

Next, we see repositioning expenses increasing to a range of $150 million to $250 million as we returned closer to our long-term target repositioning range after July 2024.

接下來，隨著我們在 2024 年 7 月之後更加接近我們的長期目標重新定位範圍，我們預計重新定位費用將增加至 1.5 億美元至 2.5 億美元之間。

Finally, over below-the-line expenses are expected to be between $1.25 billion to $1.375 billion, up $275 million to $325 million year-over-year, primarily because of higher net interest expense.

最後，預計線下支出將在 12.5 億美元至 13.75 億美元之間，較上年同期增加 2.75 億美元至 3.25 億美元，主要原因是淨利息支出增加。

We expect our 2025 effective facing to be 20%, in line with 2024 and our first quarter rate to be 22%.

我們預計 2025 年有效利率將達到 20%，與 2024 年持平，第一季利率將達到 22%。

Average shares outstanding anticipated to decline from $655 million to around $649 million, adding $0.10 to 2025 EPS.

預計平均流通股數將從 6.55 億美元下降至約 6.49 億美元，2025 年每股收益將增加 0.10 美元。

In the first quarter, we expect shares outstanding of approximately $654 million.

我們預計第一季流通股數約為 6.54 億美元。

Combining all the puts and takes, we anticipate the full year adjusted earnings per share to be between $1.10 and and $0.50, up 2% to 6% year-over-year or down 2% to up 2%, excluding Bombardier.

綜合考慮所有的看跌和看漲因素，我們預計全年調整後每股收益將在 1.10 美元至 0.50 美元之間，同比增長 2% 至 6%，或下降 2% 至增長 2%（不包括龐巴迪）。

Now, I will turn the call back over to Vimal for closing thoughts.

現在，我將把電話轉回給 Vimal，請他發表最後發言。

2024 was a productive year for Honeywell as our portfolio optimization efforts kicked into high gear, and we kept our focus on executing on our commitment and delivering for our customers.

2024 年對霍尼韋爾來說是豐收的一年，因為我們的投資組合優化工作已全面啟動，並且我們始終專注於履行承諾並為客戶提供服務。

While we may have come into last year with too much optimism for a recovery in our short-cycle businesses, we have adapted demonstrated resilience and ended the year by delivering organic growth and adjusted EPS results above our targets.

儘管我們可能在去年對短週期業務的復甦抱持過於樂觀的態度，但我們已經展現出了韌性，並在年底實現了有機增長，調整後的每股收益也高於我們的目標。

We'll continue to do so in 2025, recognizing the uncertain macroeconomic and geopolitical backdrop in front of us, we will spur growth with innovation and relentless dedication to productivity, and we are focused on delivering on our commitments.

2025年，我們將繼續這樣做，認識到我們面臨的不確定的宏觀經濟和地緣政治背景，我們將以創新和對生產力的不懈奉獻來刺激成長，並專注於兌現我們的承諾。

While we face an uncertain operating environment, we have incorporated that into our outlook for 2025.

雖然我們面臨不確定的營運環境，但我們已將其納入2025年的展望中。

Our guidance will serve as a prudent baseline for performance that we have a strong conviction we can achieve with potential upside if underlying demand improves.

我們的指引將作為績效的審慎基準，我們堅信，如果潛在需求改善，我們就能實現潛在的上升空間。

Further, with today's portfolio announcement, we believe the planned separation of Automation, Aerospace and Advanced Materials will position all 3 standalone pure-play companies for long-term profitable growth and generate significant value for all stakeholders, including shareholders, customers and employees.

此外，根據今天的投資組合公告，我們相信，自動化、航空航天和先進材料計劃的分離將使所有 3 家獨立的純業務公司實現長期盈利增長，並為包括股東、客戶和員工在內的所有利益相關者創造巨大價值。

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

肖恩，下面我們進入問答環節。

(Event Instructions)

(活動須知)

(Operator Instructions) Julian Mitchell, Barclays.

（操作員指示）巴克萊銀行的朱利安·米切爾。

Congrats on getting the strategic review completed, and thanks, Greg, for all the help and wish you well.

恭喜您完成策略審查，感謝 Greg 的所有幫助，祝您一切順利。

Maybe just a first question around the separation news.

也許這只是關於分居消息的第一個問題。

If you could give us any help around the stranded and stand up costs that might be needed for Aerospace and Automation initially out of the gate.

如果您能為我們提供航空航太和自動化最初可能需要的擱淺成本和啟動成本的協助。

And also if you could give us any help on the free cash flow conversion or margin profile of the pieces.

如果您能為我們提供任何有關自由現金流轉換或利潤狀況的協助，我們也會給予協助。

We can see the segment margin club, but wondered if there was anything on the free cash flow differences?

我們可以看到分部利潤率俱樂部，但想知道自由現金流差異是否有什麼？

Sure.

當然。

So maybe I'll start with the free cash flow.

因此我或許將從自由現金流開始。

So Aerospace should should be around 100% free cash flow conversion that the business should be operating at that level.

因此，航空航太業的自由現金流轉換率應該在 100% 左右，業務也應該在這個水準上運作。

And for our Automation businesses, that free cash flow is also expected to be at around 100% free cash flow conversion.

對於我們的自動化業務，預計自由現金流轉換率也將達到 100% 左右。

So that's what we're aiming for as far as going to this year and then next year.

這就是我們今年和明年的目標。

And on the -- on your question, (inaudible), on the stranded costs and onetime costs, you've indicated onetime cost, $1.5 billion to $2 billion.

關於您的問題（聽不清楚），關於擱淺成本和一次性成本，您指出一次性成本為 15 億美元至 20 億美元。

Obviously, that's depended upon the the structuring we do, so it's our initial estimate as we do work as it gets more refined, we'll update you.

顯然，這取決於我們所做的結構設計，所以這是我們的初步估計，隨著工作越來越完善，我們會及時向您更新。

The stranded costs, we now want to offer a precise number at this point of time.

對於擱淺成本，我們現在想提供一個準確的數字。

We have to do more work.

我們還要做更多的工作。

And that's why we have offered a second half 2026 because we won't have ample time to understand it and execute it.

這就是為什麼我們將時間定在 2026 年下半年，因為我們沒有足夠的時間去理解和執行它。

Yes.

是的。

The only thing I would just add to that, Julian, is we expect to grow into that between the growth of the company and taking those stranded costs over time inside of probably 2 years, that should certainly normalize itself.

朱利安，我唯一想補充的是，我們預計，隨著公司的發展，大概兩年內這些擱淺成本將會逐漸恢復正常。

That's right then just based on our prior experience and everything that we see with Advanced Materials that is quite doable, and we see those costs leaving us within 18 to 24 months post spin.

沒錯，僅根據我們先前的經驗以及我們對先進材料的一切了解，這是完全可行的，我們發現這些成本將在分拆後的 18 到 24 個月內消失。

And then just a second question would be around the operating segment margin guidance.

第二個問題是關於營業部門利潤率指引。

It's flattish this year.

今年的情況比較平穩。

I think it was down slightly, 20 bps underlying in 2024 I wondered if that had made you think about maybe doing a more aggressive repositioning cost out program in 2025?

我認為它略有下降，2024 年基本下降 20 個基點，我想知道這是否讓您考慮在 2025 年實施更積極的重新定位成本計劃？

And if not, kind of why?

如果不是，為什麼？

Right, Julian.

對的，朱利安。

So I would say a couple of things.

因此我想說幾件事。

First of all, I think what we saw in the fourth quarter and the second half, we're quite encouraged by the margin projections and what we expect to see over the next 24 months, if I look at repositioning costs, we're expecting to add about $100 million of repositioning costs this year, year-over-year, which will help fund margin expansion.

首先，我認為，從第四季和下半年的情況來看，我們對利潤率預測感到十分鼓舞，如果我們看一下重新定位成本，我們預計今年的重新定位成本將比去年同期增加約 1 億美元，這將有助於為利潤率擴張提供資金。

But the bigger point here is really, if you look at our segments, Three segments with exceptional Aerospace will expand segment margins this year, which is quite encouraging and acquisitions are helping with that, especially in the second half.

但這裡更重要的是，如果你看看我們的細分市場，三個擁有卓越航空航太業務的細分市場今年將擴大細分市場的利潤率，這是相當令人鼓舞的，收購也對此有所幫助，特別是在下半年。

With respect to Aerospace, we are getting a lot of leverage from volume and that's helping us to expand margins.

在航空航太方面，我們從數量上獲得了很大的優勢，這有助於我們擴大利潤率。

But in the short term, meaning 2025 the thing that puts Arrow on the back foot as far as margin expansion is really the case acquisition.

但在短期內，也就是 2025 年，Arrow 在利潤率擴張方面處於劣勢的實際上是收購。

In the case acquisition from a margin standpoint is dilutive.

在這種情況下，從利潤率的角度來看，收購是稀釋性的。

And this is the first year of acquisition, and we had a lot of integration costs that we have to absorb and move out.

這是收購的第一年，我們有許多必須吸收和轉移的整合成本。

So really, it's a story of aero not expanding margins, but really staying flat on core and then case pressuring and that all other 3 segments will expand margins.

因此，這實際上是航空業沒有擴大利潤率，而是真正保持核心平穩，然後是機殼加壓，所有其他 3 個部分都將擴大利潤率。

And Julian, this is Sean.

朱利安，這是肖恩。

Just to remind you, we've said many times that the case acquisition, while diluted the margin profile in '25 is going to grow very nicely at accretive rates to Aerospace and therefore, will be accretive to segment profit growth in '25 and beyond.

需要提醒您的是，我們已經多次說過，雖然此次收購會稀釋 25 年的利潤率，但對航空航天業來說，其增值率將非常好地增長，因此，將有助於 25 年及以後分部的利潤增長。

Scott Davis, Melius.

史考特戴維斯，梅利厄斯。

There's a lot of puts and takes here.

這裡有很多事情需要解決。

But the first question just to clean up.

但第一個問題只是為了清理。

What are you thinking timing to name the management teams of the pieces?

您考慮什麼時候命名這些作品的管理團隊？

And will there be an external search for Aerospace?

是否會對航空航天進行外部搜尋？

Or will you build that internally?

或者你會在內部建造它嗎？

So Scott, I would say that we will announce the management teams as the time progresses, but we expect the concern Honeywell leadership team to continue.

所以史考特，我想說，我們將隨著時間的推移宣布管理團隊，但我們預計將關注霍尼韋爾的領導團隊將繼續下去。

We'll let the Board side the leadership of (inaudible) Honeywell and Honeywell Aerospace.

我們將讓董事會支持（聽不清楚）霍尼韋爾和霍尼韋爾航空航太的領導。

So more to come as we do more work here over the next 12 to 18 months.

隨著我們在未來 12 到 18 個月內開展更多工作，將會有更多成果。

Okay.

好的。

All right.

好的。

I'm just looking at Slide 16.

我正在看投影片 16。

So you've got $0.52 of below-the-line items and you've got $0.33 of profit contribution from M&A that is -- and I think your comment was most of that $0.52 is actually higher interest expense.

因此，您獲得了 0.52 美元的線下項目，並且獲得了 0.33 美元的併購利潤貢獻 - 我認為您的評論是那 0.52 美元中的大部分實際上是更高的利息支出。

Am I -- a, did I hear that right?

我——啊，我聽得對嗎？

I can break it down for you.

我可以幫你分解一下。

So if you look at $0.33 of it is interest expense, which is predominantly driven by the M&A interest expense.

因此，如果您看一下其中的 0.33 美元，那就是利息支出，這主要是由併購利息支出推動的。

We have $0.10 of incremental repositioning and then we have a couple of other items.

我們有 0.10 美元的增量重新定位，然後我們還有其他一些項目。

One item which is really weighing on us in the first quarter is the reduced pension income, which relates to a curtailment of a pension plan in Europe that we communicated last year.

第一季真正給我們帶來壓力的一件事是退休金收入的減少，這與我們去年溝通過的歐洲退休金計畫的縮減有關。

And then we have a couple -- about $0.04 of corporate costs that we're working our way through.

然後我們還有幾個大約 0.04 美元的公司成本需要我們努力解決。

So that's the $0.52.

這就是 0.52 美元。

Okay.

好的。

So the M&A is a net neutral in 2025 then?

那麼，2025 年的併購將是淨中性的嗎？

Correct.

正確的。

We are you talking about 1% to 2% accretion for the business is in 25%, and that still holds in this guidance.

我們所說的業務成長 1% 到 2% 是 25%，這仍然符合本指導意見。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Congrats, echoing Julian's congrats to you all.

恭喜，我贊同朱利安對你們所有人的祝賀。

So I'm just doing the math on cash.

所以我只是在計算現金。

I mean, this year, I think you have like $8.50 a share in free cash as per your guidance, I believe.

我的意思是，今年，我相信按照您的指導，您每股將有 8.50 美元的自由現金。

And that's 83% conversion.

轉換率為 83%。

Can you just help me bridge to the 100% you just talked about for Automation and Aerospace?

您能幫助我實現您剛才談到的自動化和航空航太領域的 100% 嗎？

And then I'm just curious, which one of those is going to be the RemainCo?

我很好奇，哪一個會變成「留歐派」？

So I'll answer the RemainCo question.

因此我來回答有關「留歐」的問題。

Look, at this point, the specific legal structuring, we have utterly determined.

你看，目前為止，具體的法律結構我們已經完全確定了。

There are both options exist legally.

這兩種選擇都是合法存在的。

So we'll have to do more work to be more precise.

因此我們必須做更多的工作才能更精確。

Between the 2, we are going to spin Aerospace or Automation.

在這兩者之間，我們將轉向航空航天或自動化。

But they will be separate companies, that's a firm decision.

但它們將是獨立的公司，這是堅定的決定。

Mike, do you want to answer...

麥克，你想回答嗎…

Sure.

當然。

So on cash, Steve, we're guiding 5.4 to 5.8, which is not going to be 100%.

因此，史蒂夫，就現金而言，我們預計 5.4 到 5.8%，這不會是 100%。

We're going to work ourselves to the 100% over the next 24 months.

我們將在接下來的 24 個月裡盡 100% 的努力。

And the big unlock in our cash is really working capital, and that's predominantly driven by us being able to reduce and move our WIP and finished goods inventory in Aerospace.

我們現金中最大的釋放實際上是營運資金，這主要因為我們能夠減少和轉移航空航天領域的在製品和成品庫存。

That's the biggest one (inaudible) cash as far as getting to 100% over the next 24 months.

這是最大的一筆（聽不清楚）現金，將在未來 24 個月內達到 100%。

Got it.

知道了。

And then what happens to these like below-the-line items like pension income?

那麼這些低於標準的項目，例如退休金收入，會怎麼樣呢？

Does that kind of stay with whatever the RemainCo is and any of those other like environmental liability costs, et cetera, et cetera?

這是否與 RemainCo 以及其他任何類似環境責任成本等保持一致？

Like what happens particularly to pension income?

例如退休金收入具體會發生什麼情況？

So we were working our way through it.

所以我們正在努力解決這個問題。

It's really too early to comment through it, but we obviously have advisers and working for those particularities and we'll communicate that as we go through the process and ready to share this news with you.

現在對此發表評論還為時過早，但顯然我們有顧問，並且正在為這些特殊情況而努力，我們將在整個過程中進行溝通，並準備與您分享這個消息。

Sheila Kahyaoglu, Jefferies.

傑富瑞 (Jefferies) 的 Sheila Kahyaoglu。

Congrats, Greg.

恭喜，格雷格。

Vimal, Mike, whoever wants to take this, but 2 questions on Aero.

Vimal、Mike，無論誰想參加這個活動，我有兩個關於 Aero 的問題。

First, I guess, if you could provide some end market color, particularly on the aftermarket mid-teens aftermarket growth in 2024.

首先，我想，如果您可以提供一些終端市場的情況，特別是關於 2024 年售後市場中段的成長情況。

Some of your peers have called out a deceleration to high single digits to low double digits in '25.

您的一些同行已經呼籲在25年將成長率減速至高個位數至低兩位數。

How are you thinking about your OE versus aftermarket assumptions for commercial aero in'25?

您如何看待 25 年商用航空的原始設備與售後市場假設？

Sure.

當然。

So Sheila, I would say, as you know, the hours have stabilized.

所以希拉，我想說，如你所知，工作時間已經穩定了。

And from an aftermarket standpoint, just expect similar profile as last year.

從售後市場的角度來看，預計其表現與去年類似。

I believe that it's going to be decelerating just because the hours stabilizing the supply chain is catching up.

我相信它將會減速，因為穩定供應鏈的時間正在趕上。

As far as OE mix (inaudible) aftermarket mix, we have -- if we look at our backlog and especially if you look at our positive backlog, we have a much higher positive backlog in OE.

就 OE 組合（聽不清楚）售後市場組合而言，如果我們看看我們的積壓訂單，特別是如果你看看我們的正積壓訂單，我們在 OE 方面的正積壓訂單要高得多。

So we expect -- continue to to essentially expand on our OE and installed base growth.

因此，我們預計我們的 OE 和安裝基數將繼續大幅成長。

So I would expect on a year basis, the OE to grow aftermarket.

因此我預計，從年來看，OE 售後市場將會成長。

So I think not very different in our view.

所以我認為我們的觀點沒有太大不同。

And then maybe going back to the margin profile of Aerospace.

然後也許回到航空航太的利潤率概況。

You mentioned better investment decisions post spin or more refined once, I guess, Lots of questions around Bombardier and the payment there was $385 million in Q4.

我想，您提到在分拆後做出更好的投資決策，或者說曾經更加精煉，關於龐巴迪有很多疑問，第四季度的付款是 3.85 億美元。

So how do we think about that the return on that investment?

那我們又該如何看待這項投資的回報呢？

And any other margin moves we should be thinking about in terms of long-term investments within Aerospace?

從航空航太領域的長期投資角度來看，我們還應該考慮其他哪些利潤變動？

So look, the Bombardier agreement is a long-term agreement.

所以看，龐巴迪協議是一項長期協議。

It will show into our revenue streams 4, 5 years from now, like any other these long-term contracts.

就像任何其他長期合約一樣，它將在 4 至 5 年後體現在我們的收入來源中。

So we are super excited about this path-breaking win, both for avionics as well as for the engine.

因此，我們對這一突破性的勝利感到非常興奮，無論是對於航空電子設備還是引擎。

And investments on Aero are going to continue.

對 Aero 的投資將會持續下去。

We are ramping up our investments in R&D because we see more opportunities.

我們正在加大對研發的投資，因為我們看到了更多的機會。

And we'll remain active in the M&A market if opportunities are available.

如果有機會，我們將繼續活躍於併購市場。

So you will not see any lack of momentum what we have demonstrated in 2024 in Aerospace investments in the next 18 months ahead.

因此，您不會看到我們在 2024 年航空航太投資在未來 18 個月內缺乏動力。

Nigel Coe, Wolfe Research.

奈傑爾·科（Nigel Coe），沃爾夫研究公司。

Just wanted to have another crack at the margin question.

只是想再探討一下利潤問題。

So the 10 basis points at the midpoint expansion, so it looks like 100 basis points of M&A dilution at Aerospace and then maybe, I think, 80, 90 basis points of expansion elsewhere in Automation.

因此，中間點擴張為 10 個基點，因此看起來航空航太業的併購稀釋為 100 個基點，然後我認為，自動化其他領域的擴張可能是 80 到 90 個基點。

I just want to make sure that math is correct.

我只是想確保數學是正確的。

And maybe just provide some just overall kind of quality kind of discussion on which segments do you see above and below that bar?

也許只是提供一些整體品質方面的討論，關於您認為哪些部分高於和低於該標準？

So I would say this, your math is directionally correct.

所以我想說，你的數學在方向上是正確的。

And a lot of it will depend on just how our products -- short-cycle products grow this year.

這很大程度上取決於我們的產品——短週期產品今年的成長。

Right now, we have a lot of project mix, but we also have the acquisitions coming in and helping expand margins in the second half.

目前，我們有很多項目組合，但我們也有收購進來並有助於在下半年擴大利潤率。

So we can follow up on that with you and give you more particularly on that.

因此，我們可以跟進此事，並為您提供更多具體資訊。

But I would say your math is directionally correct.

但我想說你的數學在方向上是正確的。

Okay.

好的。

Okay.

好的。

And then I know you -- sorry, I know you addressed the question on R&D investment in Aerospace.

然後我知道你——抱歉，我知道你回答了關於航空航天研發投資的問題。

But I think (inaudible) you've been talking about rising investment spending in R&D across the whole portfolio.

但我認為（聽不清楚）您一直在談論整個投資組合中研發投資支出的增加。

So I'm just wondering, are we seeing that coming through in '25?

所以我只是想知道，我們是否會看到它在 25 年實現？

And just maybe just talk about the capital allocation during this process through second half of '26.

也許只是談論 26 年下半年這一過程中的資本配置。

You talked about the share buybacks in '25, but what's the appetite to really scale up capital allocation while we're going through this process?

您談到了 25 年的股票回購，但是在我們經歷這個過程時，真正擴大資本配置的意願有多大？

So R&D investment we mentioned in some of our conversations that we (inaudible) to go up (inaudible) dollars but directionally maintain the percentages.

因此，我們在某些​​對話中提到，研發投資將增加（聽不清楚）美元，但保持百分比的方向性。

But you will see that increase coming up as we publish the results of 2025.

但當我們公佈 2025 年的結果時，您會看到這種增長。

And it's a material increase.

而且這是一個實質的成長。

If it was a few million dollars, I wouldn't have mentioned it.

如果是幾百萬美元的話，我就不會提這件事了。

And our goal is to prepare each business for growth in the future, while maintaining our margins.

我們的目標是讓每個企業為未來的成長做好準備，同時維持我們的利潤率。

And we are maintaining that careful balance.

我們正在保持這種謹慎的平衡。

On capital allocation, as Mike mentioned in his comments, we do expect to do $3 billion of share buyback to maintain our share count down by 1%, and we'll remain active in an M&A market across all segments.

在資本配置方面，正如麥克在評論中提到的那樣，我們確實希望回購 30 億美元的股票，以使我們的股票數量保持 1% 的下降，並且我們將在所有領域的併購市場中保持活躍。

We have active deals in motion in Automation and Aerospace and in (inaudible) And like any other M&A deal, I can't commit to you when they will happen and if they will happen, but we are going to do hard work to do our best to get some deals done.

我們在自動化和航空航太領域正在進行交易（聽不清楚）。

So that our portfolio is well positioned for growth in the times ahead.

這樣我們的投資組合就能在未來能很好地成長。

And the progress we have shown that the deals we have done in 2024, all those, these are working extremely well.

我們已經展示的進展是，我們在 2024 年達成的所有這些交易都非常順利。

We are on or above our goals there.

我們已經達到或超越了我們的目標。

And that gives us more and more conviction that our strategy of portfolio transformation is working, and we should continue on that while we execute on separation of Aerospace and Automation.

這使我們越來越相信，我們的投資組合轉型策略正在發揮作用，我們應該在執行航空航太與自動化分離的同時繼續堅持這項策略。

I would just add that we still have a lot of capacity in our balance sheet on M&A, which we'll continue to be doing and an issuance.

我想補充一點，我們的資產負債表上在併購方面仍然有很大空間，我們會繼續進行併購和發行。

So we feel really good where we are at this point and obviously are not stopping everything that we've been doing thus far.

因此，我們對目前的狀況感到非常滿意，而且顯然不會停止我們迄今為止所做的一切。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Maybe Vimal, just kind of stepping back on the separation.

也許維馬爾 (Vimal) 只是想在分離上退後一步。

Clearly, this is something that you've spent a lot of time thinking about over the last year.

顯然，這是您在過去一年中花了很多時間思考的事情。

Is the primary driver of the decision to view that a separation will unlock some of the parks value?

做出這項決定的主要驅動因素是否認為分離將會釋放部分公園的價值？

Or do you believe the businesses will perform better as standalone entities rather than within the Honeywell conglomerate?

或者您認為這些業務作為獨立實體而不是加入霍尼韋爾集團後表現會更好？

Yes.

是的。

So I would -- Chris, I'm just going to go back a little bit to answer your question.

所以我想——克里斯，我稍微回顧一下來回答你的問題。

I started October of 2023 to say Honeywell should be operated into 3 mega trends, future of aviation, Automation and energy transition.

我從 2023 年 10 月開始就表示霍尼韋爾應該面向三大趨勢，即航空的未來、自動化和能源轉型。

And we started doing the work to build strategy of each of the 3 pillars.

我們開始著手製定三大支柱各自的策略。

Part of it was organic growth, but big part it was inorganic actions.

其中一部分是有機成長，但很大一部分是無機作用。

As you saw 4 acquisitions last year, spin-off PPE business.

正如你所看到的，去年有四次收購，剝離了 PPE 業務。

But it was also clear to me that as we did work that the strategy or Aerospace and rest of Honeywell in automation were diverging.

但我也清楚地發現，隨著我們的工作，航空航天部門和霍尼韋爾在自動化領域的其他部門的策略正在出現分歧。

Aerospace required far more attention on capacity expansion, supply chain transformation, electrification an automation business wants to focus really on AI, digital transformation, energy security.

航空航太需要更加關注產能擴張、供應鏈轉型和電氣化，而自動化業務則真正關注人工智慧、數位轉型和能源安全。

And that made us think and working with the Board that we are better off to be a separate company so that we can drive growth in each portfolio in a purposeful manner, invest the capital, have the focused strategies.

這讓我們思考，並與董事會一起商討，我們最好成為一家獨立的公司，這樣我們才能有目的地推動每個投資組合的成長，投資資本，制定有針對性的策略。

So it's primarily driven by our conviction that there's a more growth momentum and more value to create as a separate company.

因此，這主要受到我們這樣的信念的驅動：作為一家獨立的公司，我們將擁有更大的成長動力並創造更多的價值。

Now some of the part is a math, I'm not going to debate it, it's right or wrong.

現在有些部分是數學，我不會爭論它，它是對還是錯。

I mean we are aiming here for higher value by earnings growth and by delivering more compelling proposition.

我的意思是，我們的目標是透過獲利成長和提供更具吸引力的主張來實現更高的價值。

And then maybe just kind of following up on that better growth.

然後也許只是繼續保持更好的成長。

We saw a pretty nice positive rate of change on some of the short cycle end markets. that have weighed on the company the last couple of years, specifically industrial automation and building automation turning nicely positive in Q4.

我們看到一些短週期終端市場出現了相當不錯的正變化率。這些因素在過去幾年給公司帶來了壓力，尤其是工業自動化和建築自動化，在第四季度實現了良好的積極轉勢。

I guess is there anything specific to kind of call out on that pickup in growth that you guys are seeing?

我想，有什麼具體的事情可以顯示你們看到的這種成長回升嗎？

I don't know if there's any maybe tariff prebuy in those numbers because the guy does call for both of the (inaudible) both building automation and industrial automation to have worse growth in 25 than what we just saw in the Q4 exit rate.

我不知道這些數字中是否存在關稅預購，因為該人確實呼籲（聽不清楚）樓宇自動化和工業自動化在 25 年的增長速度比我們剛剛在第四季度的退出率中看到的要差。

That's right.

這是正確的。

So we are quite encouraged by the fourth quarter, both on the order side and on revenue.

因此，我們對第四季度的訂單和收入感到非常鼓舞。

The team delivered really outstanding results.

該團隊取得了非常出色的成績。

Now going into the guide for this year.

現在進入今年的指南。

As I come in, I really want to give the guide that that is, I would say, aligned with what we see and not really betting on end markets in the industrial products improving.

當我加入時，我真的想給出一些指導，我想說的是，這與我們所看到的是一致的，而不是真正押注於工業產品終端市場的改善。

And I think that's prudent to do given with everything that's going on just like you said yourself, we don't know exactly whether it's prebuy or is the trend, et cetera.

我認為，考慮到正在發生的一切，這樣做是明智之舉，就像您自己說的，我們不知道這是否是預購，還是趨勢，等等。

So that's the one point of the guide and deceleration in the first quarter specifically.

所以這是指南中的一個要點，具體來說是第一季的減速。

Also in the first quarter, we are dealing with fewer days versus the fourth quarter, which it has impact for us in our short cycle product sales.

此外，在第一季度，我們處理的天數比第四季度少，這對我們的短週期產品銷售產生了影響。

And then there's a little bit of lumpiness in Aerospace, especially in defense and space as we exit fourth quarter and go into the first quarter.

當我們結束第四季並進入第一季時，航空航太領域出現了一些波動，特別是國防和太空領域。

So I think the guide is prudent, and we obviously are encouraged by what we're seeing.

因此，我認為該指南是審慎的，我們顯然對所看到的結果感到鼓舞。

But I think for the first quarter, we need to be careful.

但我認為對於第一季度，我們需要小心。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Greg, thanks for all the help.

格雷格，謝謝你的幫忙。

I try not to miss us too much.

我盡量不讓自己太過想念我們。

The first question, and look, I know you guys have a lot going on.

第一個問題，我知道你們有很多事情要做。

So, when you thought about breaking up the company into these 3 entities, how much thought did you give to potentially maybe even breaking things down further because you can make an argument that the Automation business could be separate businesses as well?

那麼，當您考慮將公司拆分為這 3 個實體時，您是否考慮過進一步拆分，因為您可以說自動化業務也可以是獨立的業務？

I'm just curious like the thought process behind that.

我只是好奇背後的思考過程。

Thanks, Joe. I mean if you look at I've been quite focused on what doesn't fit into Honeywell portfolio.

謝謝，喬。我的意思是，如果你看一下，我一直非常關注哪些產品不適合霍尼韋爾的產品組合。

And the portfolio work which we have done now by splitting into 3 companies, Aerospace, Automation and specialty chemicals.

現在，我們已將投資組合工作拆分為 3 家公司，即航空航太、自動化和特種化學品。

On Automation, we believe there are multiple common threats.

在自動化方面，我們認為有許多常見的威脅。

I'm going to give you a 1-minute answer, and then we meet next time, I'll give you a 15-minute answer.

我將會用 1 分鐘的時間來回答你們，然後我們下次見面時，我會用 15 分鐘的時間來回答你們。

The 1-minute answer is business model, all automation follows the business model of creating installed base, and mining that installed base through services and software.

1 分鐘的答案是商業模式，所有自動化都遵循創建安裝基礎並透過服務和軟體挖掘安裝基礎的商業模式。

Number two, the strategic priorities are very similar.

第二，戰略重點非常相似。

We need to focus upon digitalization, leverage of and that made common thread between the businesses.

我們需要關注數位化、槓桿作用以及企業之間的共同點。

And technology and offerings are highly shared between these businesses.

這些企業之間技術和產品高度共享。

The amount of common products code we have, as an example, our core product in building automation, we call it as EBI platform and in process automation called it experience platform.

我們擁有大量常見產品程式碼，例如，我們在樓宇自動化領域的核心產品，我們稱之為 EBI 平台，而在流程自動化領域，我們稱之為體驗平台。

This year, the core of tens of millions of lines.

今年核心線達幾千萬條。

We don't publicly share that earlier, but that's a fact because of high interdependency of technology.

我們之前沒有公開分享過這一點，但由於技術高度相互依賴，這是事實。

And more recently, IoT platform, a Forge is a common across all businesses.

最近，物聯網平台 Forge 已成為所有企業的通用平台。

So where we sit today, these common elements bind us together.

所以，今天我們正處於這些共同因素將我們連結在一起的情況。

And I'm not going to that territory of (inaudible) and all that because that could be a bit debatable.

我不會去討論（聽不清楚）之類的話題，因為這可能會引起一些爭議。

but I have worked in all businesses another point just because it's natural given the similarity of these businesses, we do share a lot of talent across that.

但我在所有企業都工作過，另一點是因為考慮到這些企業的相似性，我們確實在這方面共享很多才能，這是很自然的。

So there's the conviction that RemainCo Honeywell has a strong binding force is extremely strong.

因此，我們確信 RemainCo Honeywell 具有極強的約束力。

And we are going to demonstrate of that value creation as we go ahead because of this conviction here.

正是因為這個信念，我們才會在前進的過程中展現出這種價值創造。

Got it.

知道了。

Well, that's helpful.

嗯，這很有幫助。

Yes, I look forward to the longer version as well.

是的，我也期待更長的版本。

But my quick question on the fundamentals Look, I know that you guys had a tough comp in ESS from a margin standpoint this past quarter.

但我關於基本面的快速問題是，我知道從利潤率的角度來看，上個季度你們在 ESS 方面遇到了困難。

But I'm trying to just maybe get a little bit more understanding on what drove the margins down this quarter?

但我只是想進一步了解一下導致本季利潤率下降的原因是什麼？

And fully recognize that there is the refrigerant transition.

並充分認識到存在冷媒的轉變。

And so I'm guessing it had something to do with that.

所以我猜想這與此有關。

But just any color on what happened this quarter on ESS margins.

但這只是本季 ESS 利潤率變化的一個面向。

You mean that sequentially year-over-year or...

您的意思是按年按季計算，還是......

Yes, just year-over-year was down and it was a little bit below the performance was a little bit below what we were expecting for the quarter.

是的，與去年同期相比有所下降，並且略低於我們對本季的預期。

So I'm just trying to understand like what the delta was?

所以我只是想了解增量是什麼？

Yes.

是的。

So the first one is really the (inaudible) in our ESS business.

因此，第一個實際上是我們的 ESS 業務中的（聽不清楚）。

That's a big driver.

這是一個巨大的推動力。

And that will actually reverse itself in the second half.

而這種情況在下半年實際上會逆轉。

Just this project, as you know, tend to be lumpy and when they happen, they're quite, I would say, material.

正如你所知，這個項目往往不太順利，而且當它們發生時，我想說它們相當重要。

So that's the biggest driver.

所以這是最大的驅動力。

And then other than that, like we talked about, there's a little bit of deceleration going on.

除此之外，正如我們所討論的，還有一點點減速的情況。

And we just still don't have the confidence in our Industrial Products recovery business, which is short cycle, and we'll continue to monitor it.

我們仍然對工業產品回收業務沒有信心，因為該業務的周期較短，我們會繼續對其進行監控。

And when it happens, it's going to be will be just massively accretive, I would say, to the performance.

當它發生時，我想說，它將會極大地提高性能。

And then from the below the line standpoint, there are a couple of things happening.

然後從線下角度來看，發生了幾件事。

Tax rate, even though for the year is 20% in the first quarter is is a pressure of us about $0.13. And then like I talked about, we have a little bit of pressure from pension and curtailment, that's about $0.09. And those are the big drivers for for the reason why you see the EPS the way you do in the first quarter?

儘管今年第一季的稅率為 20%，但對我們來說仍然是約 0.13 美元的壓力。然後就像我說的，我們面臨一點來自退休金和削減的壓力，大約是 0.09 美元。這些就是導致您看待第一季每股收益如此看法的主要因素嗎？

Yes, Joe, Mike is spot out of that.

是的，喬，麥克完全沒有意識到這一點。

And remember, we've talked about this over the years with -- even when it was PMT not to really get too excited in any one quarter about the margins, just given the magnitude that individual catalyst shipments can have in a given quarter.

請記住，多年來我們一直在談論這個問題——即使是在 PMT 時期，也不要對任何一個季度的利潤率感到太興奮，因為單一催化劑的出貨量在特定季度可能會很大。

And so I would say now ESF smaller than PMT, right?

所以我現在想說 ESF 小於 PMT，對嗎？

That was true for $10 billion PMT, now for $6 billion ESS.

這對於 100 億美元的 PMT 來說是正確的，現在對於 60 億美元的 ESS 來說也是如此。

That amplitude is even larger.

那幅度還更大。

So to Mike's point, I wouldn't get too anchored on any 1 quarter.

所以正如麥克所說，我不會對任何一個季度過於執著。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Greg, thanks for all your help.

格雷格，謝謝你的幫忙。

So just focusing on price versus cost.

因此只關注價格與成本。

You mentioned prices normalizing in '25.

您提到價格在 25 年恢復正常。

And it seems like you mentioned cost inflation a lot really at all of your segments when describing the margin impact in Q4, maybe except for building automation.

在描述第四季度的利潤影響時，您似乎在所有部門都多次提到成本通膨，也許除了樓宇自動化。

So could you give us a little more color to what exactly happened is I don't I don't think material costs spike in Q4.

那麼您能否向我們詳細介紹一下具體發生了什麼？

How are you thinking about price versus cost in '25, especially considering tariffs may impact the business?

您如何看待 25 年的價格與成本，尤其是考慮到關稅可能會影響業務？

Sure.

當然。

So I would say from a -- we had a good year on price last year.

因此我想說，去年我們的價格表現不錯。

Let's just start with that.

我們就從那開始吧。

And what I see for this year and what we're guiding on the enterprise level will be above 2% on price.

我認為今年我們在企業層面的預期價格漲幅將會超過 2%。

Now the price strategy for us will differ depending on what's going on in each of the businesses.

現在，我們的定價策略將根據每個業務的進展而有所不同。

What I see this year and what we've been working for the last 12 months is really on having more optionality and more levers on our cost side. and that's we'll be in bulking in additional price.

我今年所看到的以及我們過去 12 個月所致力於的實際上是在成本方面擁有更多的可選性和更多的槓桿。這就是我們將以額外價格批量購買的原因。

So I think price cost will be positive overall.

所以我認為價格成本總體來說將是正面的。

But unlike maybe last few years, this year, we just have much more opportunity to work on on material productivity, direct material productivity and the cost side as well.

但與過去幾年不同的是，今年我們有更多的機會在材料生產力、直接材料生產力和成本方面開展工作。

So we'll be balanced on price, but it will be will be above 2% for the year.

因此，我們將保持價格平衡，但今年的價格漲幅將保持在 2% 以上。

So Andy, the goal here is for us to do margin expansion, doing the balance between price cost and productivity.

所以安迪，我們這裡的目標是擴大利潤率，在價格成本和生產力之間取得平衡。

And unlike in -- when there was a high inflation in '21, '22, we had a single lever price.

與 21、22 年通膨高企時不同的是，我們只有一個槓桿價格。

Now we have equally big lever our productivity.

現在，我們擁有同樣大的生產力槓桿。

We have done extremely well on productivity in 2024.

我們在 2024 年的生產力方面表現非常出色。

And therefore, to Mike's point, we are very conscious on how to dial the 2 levers because we want to get price at the same time, I want to get volume.

因此，正如麥克所說，我們非常清楚如何撥動這兩個槓桿，因為我們想同時獲得價格，也想獲得數量。

And it will vary by business because some business, we have more opportunity, we could dive A versus B, et cetera.

而且它會因業務而異，因為對於某些業務來說，我們有更多的機會，我們可以深入研究 A 與 B，等等。

So overall, my summary will be 25% looks more like 24%, very similar pricing maybe productivity slightly higher, and that's the basis of our guide at this point.

所以總的來說，我的總結是 25% 看起來更像是 24%，定價非常相似，生產力可能略高一些，這就是我們目前的指導基礎。

Helpful guys.

很有幫助的傢伙。

And then Vimal, maybe just a little more color how you're thinking about revenue growth by geography in '25.

然後 Vimal，您能更詳細地講講您如何看待 25 年各地區收入的成長嗎？

I know you mentioned some headwinds in Europe and China.

我知道您提到了歐洲和中國的一些阻力。

Should China still be a growth market for you in '25?

到2025年，中國對你來說還會是成長市場嗎？

And you've talked in the past about during growth tailwinds in regions such as Middle East, India.

您過去曾談到中東、印度等地區的成長順風。

So what are you seeing overall?

那麼您總體上看到了什麼？

Overall, I would say the dynamics have been very stable over the last 18 months.

總體而言，我認為過去 18 個月的情況非常穩定。

If I look at Aerospace business, it's growing globally given how much of (inaudible) we have and the drivers of flight towers.

如果我看一下航空航天業務，考慮到我們擁有的（聽不清楚）數量以及飛行塔的驅動力，它在全球範圍內正在增長。

So as to be the energy business because the growth is less driven by region and more driven by the timing of the demand of catalyst and new projects. (inaudible) an Automation business, we see growth in U.S. growth in India, growth in Middle East, those are the regions which have tailwinds.

因此對於能源業務來說，其成長較少受地區驅動，而更多受催化劑和新專案需求時機的驅動。 (聽不清楚) 在自動化業務方面，我們看到美國的成長、印度的成長、中東的成長，這些都是順風地區。

And we continue to see more pressure both in Europe and China.

我們繼續看到歐洲和中國面臨的壓力越來越大。

That's one of the reasons in industrial emission business, we have guided low single-digit downward progression because that has most exposure to China and Europe in Honeywell portfolio.

這就是我們指導工業排放業務下降幅度低於個位數的原因之一，因為在霍尼韋爾的投資組合中，工業排放業務對中國和歐洲的曝險最大。

So it just -- I would say our current guide is assuming more of the same.

所以只是——我想說我們目前的指南假設了更多相同的情況。

We are not counting on any European recovery.

我們不指望歐洲會出現任何復甦。

We are not counting on any China recovery in context of automated businesses.

我們並不指望中國在自動化業務方面出現任何復甦。

So that's how I'll summarize.

這就是我的總結。

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

Mike, congratulations.

麥克，恭喜你。

I wanted to just revisit the credit ratings and leverage targets for Automation you're saying look for strong investment-grade rate and just kind of tack on a leverage range you'd expect?

我想重新審視一下自動化的信用評級和槓桿目標，您是說尋找強勁的投資等級利率並加上您期望的槓桿範圍嗎？

And then just clarify on the below investment grade for Advanced Materials.

然後澄清一下先進材料的以下投資等級。

That's not surprising, but just kind of frame for us what you're expecting there.

這並不奇怪，但這只是為我們提供了你所期望的東西的框架。

Sure.

當然。

So let me first answer investment area.

那麼讓我先回答投資領域。

It will be very high below the investment grade level.

該水準將遠低於投資等級。

So that's kind of towards where we're going towards.

這正是我們要去的地方。

And honest, I cannot comment more right now as far as the remaining 2 entities, we're going through it.

說實話，就剩下的 2 個實體而言，我現在無法發表更多評論，我們正在處理此事。

But given where the business is today, they will be investment grade and we'll have a competitive and compelling equity story.

但考慮到目前的業務狀況，它們將具有投資等級，並且我們將擁有具有競爭力和引人注​​目的股權故事。

So I can leave it at this, at this stage.

因此我可以將其停留在這個階段。

Yes.

是的。

And just no tariffs got mentioned earlier, but is there anything specific that you have baked in or specifically not baking in for the '25 guide?

之前並沒有提到關稅，但是您在 25 年指南中是否考慮了或沒有考慮哪些具體內容呢？

Yes.

是的。

So there are no tariffs impact in the guide.

因此指南中沒有關稅影響。

Now looking at tariffs, if we look at China and Canada, they're not material for us, give this local for local and how we are -- how our businesses are positioned.

現在看看關稅，如果我們看看中國和加拿大，它們對我們來說並不重要，而是根據當地的實際情況以及我們的業務定位。

And we're working from Mexico, trying to understand what the tariffs mean and like everybody else just thinking fillet, but it's something that's definitely manageable.

我們在墨西哥開展工作，試圖了解關稅意味著什麼，和其他人一樣，只想著魚片，但這絕對是可以控制的。

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 Vimal Kapur for any final comments.

我將把發言權交還給 Vimal Kapur，請他發表最後的評論。

I want to thank our shareholders for your ongoing support, and our Honeywell colleagues who continue to enable us to outperform in any environment and our many customers that work with us to help shape a better world.

我要感謝我們股東的持續支持，感謝我們的霍尼韋爾同事繼續使我們在任何環境下表現出色，感謝我們的眾多客戶與我們合作，幫助塑造一個更美好的世界。

Our future is bright, and we look forward to updating you on our progress as we execute through our commitment.

我們的未來是光明的，我們期待向您通報我們履行承諾的進展。

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 the conference call.

本次電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。