漢威聯合 (HON) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Honeywell second quarter 2025 earnings conference call. (Operator Instructions) y

感謝您的支持，歡迎參加霍尼韋爾2025年第二季業績電話會議。 （操作員指示）y

Please be advised that today's call is being recorded. I would now like to hand the call over to Sean Meakim, Vice President of Investor Relations. Thank you. You may begin.

請注意，今天的通話正在錄音。現在我想把電話交給投資人關係副總裁 Sean Meakim。謝謝。你可以開始了。

Thank you. Good morning and welcome to Honeywell's second quarter 2025 earnings conference call.

謝謝。早安，歡迎參加霍尼韋爾 2025 年第二季財報電話會議。

On the call with me today, our Chairman and Chief Executive Officer, Vimal Kapur; and Senior Vice President and Chief Financial Officer, Mike Stepniak. This webcast and the presentation materials, including non-GAAP reconciliations, are available on our investor relations website.

今天與我一起通話的還有我們的董事長兼執行長 Vimal Kapur 和資深副總裁兼財務長 Mike Stepniak。此網路廣播和簡報資料（包括非公認會計準則對帳表）可在我們的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. 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。我們今天的討論包括前瞻性陳述，這些陳述基於我們對當今世界和我們業務的最佳看法，並受到風險和不確定性的影響，包括我們提交給美國證券交易委員會的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 2025. As always, we'll leave time for your questions at the end.

今天上午，我們將回顧第二季的財務業績，分享第三季的指引，並提供 2025 年全年的最新情況。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, everyone.

謝謝你，肖恩，大家早安。

Honeywell again delivered solid results in the second quarter, meeting or exceeding all our financial commitments in a time of significant global economic change. Our organic sales and orders growth both accelerated during this quarter as we are seeing the benefit of our consistent spending and execution on new product development across our businesses.

霍尼韋爾在第二季再次取得了穩健的業績，在全球經濟發生重大變化的時期，達到或超過了我們所有的財務承諾。本季度，我們的有機銷售額和訂單成長均加速，因為我們看到了在整個業務中對新產品開發的持續支出和執行的好處。

Given the strong 4-star performance, we are raising sales and earnings guidance for the full year while incorporating into our outlook all currently known tariffs and the uncertain business conditions going forward. Our proactive, multi-pronged mitigation efforts, coordinating closely with suppliers and customers on productivity and pricing initiatives have been working as planned, and because of our systemic approach, we are in a position to deliver strong sales, profit, and cash flow growth in 2025.

鑑於強勁的四星表現，我們提高了全年的銷售和盈利預期，同時將所有目前已知的關稅和未來不確定的商業條件納入我們的展望中。我們積極主動、多管齊下的緩解措施，與供應商和客戶在生產力和定價舉措方面密切協調，一直按計劃進行，並且由於我們的系統性方法，我們能夠在 2025 年實現強勁的銷售、利潤和現金流增長。

As our business leaders have been solely focused on meeting and exceeding our financial commitment, management and the board have been fulfilling our promise to transform our portfolio ahead of our upcoming separation to best position each of the future independent companies for success. Throughout the comprehensive portfolio review I initiated shortly after becoming CEO, we have diligently analyzed how to further simplify and optimize Honeywell.

由於我們的業務領導者一直專注於滿足並超越我們的財務承諾，管理層和董事會一直在履行我們的承諾，在即將分離之前轉變我們的投資組合，以便為未來每個獨立公司的成功做好最佳準備。在我擔任執行長後不久發起的全面投資組合審查中，我們認真分析如何進一步簡化和優化霍尼韋爾。

Earlier this month, we entered the final stage of this process, announcing our intention to pursue strategic alternatives for our productivity solution and services and warehouse and workflow solution businesses. The results of this pursuit, whatever they may be, will clarify the stand-alone automation company go forward strategy and value proposition.

本月初，我們進入了這一流程的最後階段，宣布我們打算為我們的生產力解決方案和服務以及倉庫和工作流程解決方案業務尋求策略替代方案。無論這項追求的結果如何，都將明確獨立自動化公司的未來策略和價值主張。

With many changes in flight, our dedicated separation management offices have kept us right on track to execute our spinoff transactions both on time and without commercial disruption. Let's now turn to slide 3 for further update on the formation of three industry leading public companies.

由於航班發生諸多變化，我們專門的分離管理辦公室使我們能夠按時、不間斷地執行分拆交易。現在我們翻到投影片 3，進一步了解三家業界領先上市公司的成立情況。

We continue to make great progress along with the path to separate into three independent companies, which we believe will maximize long-term value for all Honeywell stakeholders as independent entities with clear alignment and purpose, increase organization agility, and customize capital allocation priorities, each will be better positioned to accelerate future growth opportunities.

我們在分拆為三家獨立公司的道路上繼續取得巨大進展，我們相信，作為具有明確協調和目標的獨立實體，這將為所有霍尼韋爾利益相關者實現長期價值最大化，提高組織敏捷性，並定制資本配置優先級，每個公司都將更好地加速未來的增長機會。

Given the pace of our progress, we cannot narrow the timing for the spinoffs of this advanced materials to Honeywell shareholders to the fourth quarter of this year. So Solstice will trade under the ticker, SOLS, on the Nasdaq Stock Exchange.

鑑於我們進展的速度，我們無法將向霍尼韋爾股東分拆這種先進材料的時間縮短到今年第四季。因此，Solstice 將在納斯達克證券交易所以股票代碼 SOLS 進行交易。

A few weeks prior to the spin, the Solstice leadership team will host an investor day in New York. They will lay out in detail, the powerful investment case for this innovative market leader in the secularly growing advanced material market that will carry on Honeywell's legacy of operational excellence. We hope you will join CEO, David Sewell, and his team at this event.

在分拆前幾週，Solstice 領導團隊將在紐約舉辦投資者日活動。他們將詳細闡述這家在長期成長的先進材料市場中創新的市場領導者的強大投資案例，該公司將繼承霍尼韋爾卓越營運的傳統。我們希望您能與執行長 David Sewell 及其團隊一起參加此活動。

We're also making great progress on Aerospace spin, which is planned for the second half of next year. Last month, Aerospace President, Jim Currier, and I, presented an investor reception ahead of Paris Air Show. Jim highlighted Aero's industry leading position as a mission critical supplier of systems across aerospace verticals and platforms.

我們在航空航太旋轉方面也取得了很大進展，並計劃在明年下半年實現。上個月，航空航天總裁 Jim Currier 和我為巴黎航展前舉辦了一場投資者招待會。吉姆強調了 Aero 作為航空航天垂直領域和平台系統關鍵任務供應商的行業領先地位。

In addition, he provided insights into drivers for a strong growth profile underpinned by a broad aerospace and defense upcycle which we enhance with a powerful decoupled sales initiative, ongoing supply chain transformation effort, and robust research and development investments over time. We look forward to providing you with more details on stand-alone Honeywell aerospace in coming quarters.

此外，他還深入分析了推動強勁成長的因素，這些因素由廣泛的航空航天和國防上升週期所支撐，我們透過強有力的脫鉤銷售計劃、持續的供應鏈轉型努力以及長期強勁的研發投資來增強這一因素。我們期待在未來幾季為您提供有關獨立霍尼韋爾航空航天的更多詳細資訊。

And yet, we are not waiting for the separation to reshape our portfolio for future growth. We continue to selectively deploy capital towards acquisition, announcing two new deals in the past couple of months. We are also looking to recycle capital, as I discussed earlier, by pursuing alternative for businesses that do not fit our future.

然而，我們不會等待分離後再重塑我們的投資組合以實現未來成長。我們繼續選擇性地部署資本用於收購，並在過去幾個月宣布了兩項新交易。正如我之前所討論的，我們還希望透過為不適合我們未來的業務尋找替代方案來回收資本。

In combination of these actions will drive value creation as we await becoming separately publicly traded vehicles. If you turn to slide 4, I will discuss our recent portfolio announcement in more detail.

在我們等待成為獨立公開交易工具的過程中，這些行動的結合將推動價值創造。如果您翻到投影片 4，我將更詳細地討論我們最近的投資組合公告。

In June, we agreed to GBP1.8 billion bolt on purchase of Johnson's Matthey's Catalyst Technologies business. We have long identified our UOP process technology business as a natural owner of this highly complementary business because it gives us additional capabilities in sustainable methanol, sustainable aviation fuel, hydrogen, and ammonia to better serve our extensive customer base.

6 月份，我們同意以 18 億英鎊的價格收購莊信萬豐的催化劑技術業務。我們早就將我們的 UOP 製程技術業務視為這一高度互補業務的天然所有者，因為它為我們提供了可持續甲醇、可持續航空燃料、氫氣和氨方面的額外能力，從而更好地服務於我們廣泛的客戶群。

It also brings attractive sales from Catalysts which fit very well with our existing offerings. The transaction is expected to close in the first half of 2026 and will enhance our growth and margin profile over time while providing a strong financial return.

它還帶來了來自 Catalysts 的誘人銷售，這與我們現有的產品非常契合。該交易預計將於 2026 年上半年完成，並將隨著時間的推移增強我們的成長和利潤率，同時提供強勁的財務回報。

In early July, we also announced a technology tuck in acquisition of Li-ion Tamer that enhances our building automation capability in high-growth energy storage and data center end markets. While the smaller deals do not often get much invested attention, in aggregate, they can accelerate our strategic roadmap and boost growth with a lower risk profile.

7 月初，我們也宣布收購 Li-ion Tamer 技術公司，以增強我們在高成長能源儲存和資料中心終端市場的建築自動化能力。雖然規模較小的交易通常不會得到太多的投資關注，但總體而言，它們可以加速我們的策略路線圖，並以較低的風險促進成長。

We recently announced our intent to evaluate strategic alternatives for our PSS and warehouse automation businesses. Just as we want to acquire businesses such as Catalyst Technologies and Li-ion Tamer, where we believe we are natural owner, we must also acknowledge when the time comes then we better owner of parts of our portfolio.

我們最近宣布了評估 PSS 和倉庫自動化業務的策略替代方案的意圖。就像我們希望收購 Catalyst Technologies 和 Li-ion Tamer 等企業一樣，我們相信自己是這些企業的天然所有者，我們也必須承認，當時機成熟時，我們才是我們投資組合部分產品的更佳所有者。

We're looking to create a purely automation company with a consistent business model and focus of end markets in which we have durable competitive advantages. Both PSS and Integrated have strong customer bases, long history of innovation, and best-in-class operation, and we will evaluate options for them from a position of strength. To avoid interfering with the review process, we will hold further updates until it's completed.

我們希望創建一家純粹的自動化公司，擁有一致的商業模式和對終端市場的關注，並在其中擁有持久的競爭優勢。PSS 和 Integrated 都擁有強大的客戶群、悠久的創新歷史和一流的運營，我們將從優勢地位出發為他們評估選擇。為了避免干擾審核過程，我們將暫停進一步的更新，直到審核完成。

I will now turn it over to Mike to provide more details on our excellent second quarter results.

現在我將把時間交給麥克，讓他提供有關我們第二季度優異業績的更多詳細資訊。

Thank you, Vimal, and good morning, everyone. Let's begin on slide 5.

謝謝你，維馬爾，大家早安。我們從第 5 張投影片開始。

In the second quarter, we build upon a strong start to the year as we, again, exceeded our guidance for organic sales growth and adjusted earnings per share. Our results demonstrate the resilience of our accelerator operating system to adapt to changes in the environment quickly and deliver on our financial commitments. At the same time, we remain committed not to compromise on our investment and growth initiatives as we're beginning to see evidence of our progress.

在第二季度，我們延續了年初的強勁勢頭，再次超越了有機銷售成長和調整後每股盈餘的預期。我們的結果表明，我們的加速器操作系統具有快速適應環境變化和履行財務承諾的彈性。同時，我們仍然致力於不妥協我們的投資和成長計劃，因為我們開始看到進步的證據。

Second quarter sales grew 5% organically, with 3 out of 4 segments above this level. Defense and space and UOP led grow up with double-digit performances. Segment profit expanded 8% from the prior year in line with sales, and segment margin finished nearly flat and within our guidance range.

第二季銷售額有機成長 5%，其中 4 個部門中有 3 個部門的銷售額超過了這一水準。防禦和空間以及 UOP 領先以兩位數的表現成長。分部利潤較上年同期成長 8%，與銷售額持平，分部利潤率基本持平，處於我們的指導範圍內。

Margin expansion in building automation and industrial automation and lower corporate costs were slightly more than offset by margin pressure in aerospace technologies and energy and sustainability solutions. An increasing in research and development expense, up 60 basis points as percentage of sales from the previous year to 4.6%, pushed down current period margin at the segment level but will enhance future period growth.

建築自動化和工業自動化的利潤率擴大以及企業成本的降低略微被航空航天技術以及能源和永續性解決方案的利潤率壓力所抵消。研發費用的增加，佔銷售額的比例比上年上升了 60 個基點，達到 4.6%，拉低了本期分部利潤率，但將促進未來期間的成長。

Earnings per share in the second quarter was $2.45 per share, up 4% from the prior year; while adjusted earnings per share was $2.75 per share, up 10% year over year. Organic and inorganic segment profit growth, as well as the lower tax rate, more than offset headwinds from higher interest expense and lower pension income. You can find a bridge for adjusted earnings per share from 2Q '24 to 2Q '25 in the appendix of this presentation.

第二季每股收益為 2.45 美元，較上年增長 4%；調整後每股收益為 2.75 美元，年增 10%。有機和無機部門利潤成長以及較低的稅率足以抵消利息支出增加和退休金收入減少的不利影響。您可以在本簡報的附錄中找到 2024 年第二季至 2025 年第二季調整後每股盈餘的橋樑。

Orders were $10.5 billion in the quarter, up 6% year over year, excluding the effect of acquisitions and the budgets, led by strong double-digit increase in aerospace orders. Backlog grew 10% organically from the prior year to a new record of $36.6 billion.

本季訂單金額為 105 億美元，年增 6%，不包括收購和預算的影響，其中航空航太訂單強勁實現兩位數成長。積壓訂單較上年同期有機成長 10%，達到 366 億美元的新紀錄。

Second quarter free cash flow was $1 billion, down roughly $100 million from the previous year as tariff-related cost inflation pushed up inventory levels and capital project spending expanded as planned.

第二季自由現金流為 10 億美元，比上年減少約 1 億美元，因為與關稅相關的成本通膨推高了庫存水平，且資本項目支出按計劃擴大。

We continue to dynamically allocate our excess cash flow and balance sheet capacity based upon the best opportunities the market presents to us. During the second quarter, our capital deployment was well balanced with $2.2 billion used to complete the accretive acquisition of Sundyne and over $2.4 billion returned to shareholders, roughly $1.7 billion of share repurchases and $700 million of dividends. We also allocated $300 million for capital projects.

我們將繼續根據市場為我們提供的最佳機會動態分配我們的過剩現金流量和資產負債表容量。在第二季度，我們的資本配置非常均衡，其中 22 億美元用於完成對 Sundyne 的增值收購，超過 24 億美元的回報給股東，約 17 億美元的股票回購和 7 億美元的股息。我們也撥款3億美元用於資本項目。

Now let's turn to slide 6 to discuss our second quarter performance by segment. I will give a high-level view of results and with additional commentary provided on the right-hand side of the slide.

現在讓我們翻到第 6 張投影片來討論我們第二季各部門的業績。我將從總體上概述結果，並在幻燈片的右側提供附加評論。

In the second quarter, Aerospace Technologies grew 6% organically, highlighted by another strong quarter of our Defense & Space and commercial after-market businesses. Segment margin contracted 170 basis points to 25.5% as 11% output growth, commercial excellence and productivity actions were more than offset by higher cost inflation and the impact of case acquisition.

第二季度，航空技術業務有機成長 6%，其中國防與航太業務和商業售後市場業務再次表現強勁。由於產量成長 11%、商業卓越性和生產力行動被更高的成本通膨和案例收購的影響所抵消，部門利潤率收縮 170 個基點至 25.5%。

In Industrial Automation, sales were above our guidance range, coming in flat on an organic basis. Segment margin expanded 20 basis points to 19.2%, driven by productivity actions and commercial excellence, which more than compensated for cost pressures. In May, we completed the sale of the PPE business, which will be accretive to organic growth and margins in the second half of the year.

在工業自動化領域，銷售額高於我們的預期範圍，有機成長持平。受生產力措施和商業卓越的推動，分部利潤率擴大了 20 個基點，達到 19.2%，足以彌補成本壓力。五月份，我們完成了 PPE 業務的出售，這將有助於下半年的自然成長和利潤率。

Building Automation delivered another quarter that surpassed our expectations, with sales increasing 8% organically from the previous year. Second quarter margin expanded 90 basis points year-over-year, led by volume leverage and full quarter benefit from Access Solutions.

樓宇自動化又一個季度的表現超出了我們的預期，銷售額較上年同期有機增長了 8%。第二季利潤率年增 90 個基點，主要得益於銷售槓桿和 Access Solutions 的全季收益。

Energy & Sustainability Solutions sales grew 6% organically in the second quarter, exceeding our expectations driven by double-digit growth in UOP. Segment margin contracted 110 basis points to 24.1% as volume leverage and benefit from the margin accretive LNG acquisitions were more than offset by impact from a customer settlement as well as cost inflation. Now I move to slide 7 to discuss our third quarter and full year guidance.

能源與永續發展解決方案銷售額在第二季度有機成長 6%，在 UOP 兩位數成長的推動下超出了我們的預期。由於銷售槓桿和利潤成長型液化天然氣收購帶來的收益被客戶結算和成本通膨的影響所抵消，部門利潤率收縮 110 個基點至 24.1%。現在我轉到第 7 張投影片來討論我們的第三季和全年指導。

Our first half outperformance has given us confidence to increase our outlook for the year, even as we remain cautious regarding the lagging effect on business demand from tariff announced in recent months. Despite this, our framework for the year remains largely unchanged.

儘管我們對近幾個月公佈的關稅對商業需求的滯後影響保持謹慎，但我們上半年的優異表現讓我們有信心提高對今年的展望。儘管如此，我們今年的框架基本上保持不變。

We are factoring in non-tariffs as they are written, assuming any moratoria means a later revision to higher rates, net of all of our mitigation options. Keeping in close communication with our customers and suppliers, we remain committed to fully offsetting the effect of these tariffs with a combination of productivity, pricing and alternative sourcing as we balance protecting both margins and demand. We are raising the lower end of our full year organic sales growth guidance range by 200 basis points.

我們正在考慮非關稅措施，因為它們是書面的，假設任何暫停都意味著後來修改為更高的稅率，扣除我們所有的緩解措施。我們與客戶和供應商保持密切溝通，並始終致力於透過生產力、定價和替代採購相結合的方式充分抵消這些關稅的影響，同時平衡利潤和需求。我們將全年有機銷售額成長預期範圍的下限上調了 200 個基點。

Factoring in our first half performance and recent short-cycle order trends, we now project growth of 4% to 5% for the year or 3% to 4% when excluding the prior year impact from the Bombardier agreement. Our year-to-date results have exceeded previous expectations while maintaining a pragmatic approach to the back half.

考慮到我們上半年的業績和最近的短週期訂單趨勢，我們目前預計全年增長率為 4% 至 5%，如果排除龐巴迪協議對上一年的影響，則增長率為 3% 至 4%。我們今年迄今的業績已經超出了先前的預期，同時對下半年保持了務實的態度。

We have increasingly seen large energy projects in Catalyst spend, which can carry attractive incremental margins in our Europe and Process Solutions business pushed out into 2026 because of macroeconomic and legislative uncertainty.

我們越來越多地看到催化劑支出中的大型能源項目被推遲到 2026 年，這些項目可以為我們歐洲和過程解決方案業務帶來有吸引力的增量利潤，但由於宏觀經濟和立法的不確定性。

Full year sales are now projected to $40.8 billion to $41.3 billion driven primarily higher by better organic growth, tailwinds from foreign currency translation and the additional revenue from the Sundyne acquisition in June. We expect year-over-year organic sales improvement to be similar in both the third and fourth quarter when excluding the impact of the Bombardier agreement in the fourth quarter of last year.

目前預計全年銷售額將達到 408 億美元至 413 億美元，主要原因是有機成長改善、外幣折算帶來的順風以及 6 月收購 Sundyne 帶來的額外收入。我們預計，若不計去年第四季龐巴迪協議的影響，第三季和第四季的有機銷售額將比去年同期成長相似。

We anticipate third quarter organic sales growth of 2% to 4% which equates to $10 billion to $10.3 billion. For the full year, we now expect our overall segment margin to be up 40 to 60 basis points or be down 30 to 10 basis points ex-Bombardier, reduced margin expectations from the prior guidance stem from the high decrementals of delayed energy project work and the lagged effect of pricing relative to tariff-related cost pressures in our aerospace business.

我們預計第三季有機銷售額將成長 2% 至 4%，相當於 100 億美元至 103 億美元。就全年而言，我們現在預計整體分部利潤率將上升 40 至 60 個基點，或下降 30 至 10 個基點（不包括龐巴迪），利潤率預期較之前的指引有所降低，原因是能源項目工作延遲導致成本大幅下降，以及相對於我們航空業務中與關稅相關的成本航天壓力，定價的滯後效應。

In the third quarter, segment margin is anticipated to be in the range of 22.7% to 23.1%, down 90 basis points to down 50 basis points from the prior year with BA margins expanding margin roughly flat, higher margin contracting modestly and aero margins similar to its second quarter level.

第三季度，分部利潤率預計將在 22.7% 至 23.1% 之間，較上年下降 90 個基點至 50 個基點，其中英航利潤率擴大，利潤率基本持平，高級航空利潤率小幅收縮，航空利潤率與第二季度水準相似。

We now expect full year earnings per share of $10.45 to $10.65, up 6% to 8% or up 1% to 3%, excluding the 2024 impact of the Bombardier agreement. Earnings per share in the third quarter is anticipated to be $2.50 to $2.60, down to up 3% to 1% from the prior year. I will provide further details on changes to our full year EPS guidance later in the presentation.

我們現在預計全年每股收益為 10.45 美元至 10.65 美元，成長 6% 至 8%，或成長 1% 至 3%，不包括龐巴迪協議 2024 年的影響。預計第三季每股收益為 2.50 美元至 2.60 美元，較上年同期下降 3% 至成長 1%。我將在稍後的演示中提供有關我們全年每股收益指引變化的更多詳細資訊。

We continue to expect free cash flow for the year between $5.4 billion to $5.8 billion, down 2% to up 5% ex-Bombardier, which remains approximately in line with adjusted earnings per share growth. We give additional information on changes in free cash flow from the prior year in the appendix. Having deployed $7.8 billion in the first half of the year for share repurchases, acquisitions, dividends and couple of projects, we remain opportunistic in allocating additional capital beyond that already committed for the rest of the year.

我們繼續預計今年的自由現金流將在 54 億美元至 58 億美元之間，下降 2% 至增長 5%（不包括龐巴迪），這與調整後的每股收益增長大致一致。我們在附錄中提供了更多有關上一年自由現金流變化的資訊。今年上半年，我們已投入 78 億美元用於股票回購、收購、分紅和幾個項目，我們仍將抓住機會，在剩餘時間內投入比已承諾的更多資金。

To summarize, our strong execution in the first half has raised the bar for the year even as we prioritized setting further expectations in a highly dynamic environment. Focusing on what we can control, our company remains poised for strong performance ahead of our pending separations. I'll now turn to slide 8 to give a high-level overview of our outlook by segment with further details by business unit provided in the commentary portion of the slide.

總而言之，儘管我們優先在高度動態的環境中設定進一步的期望，但我們上半年的強勁執行力提高了全年的標準。透過專注於我們能夠控制的事情，我們的公司在即將進行的分離之前仍能保持強勁的表現。現在，我將轉到幻燈片 8，以按細分市場概述我們的前景，並在幻燈片的評論部分按業務部門提供更多詳細資訊。

In Aerospace Technologies, we continue to anticipate full year sales growth in the high-single digit range or mid-single digit to high-single digit when excluding the impact of the 2024 Bombardier agreement. Supported by supply chain analog and elevated global demand amid geopolitical complex, our Defense and Space business should lead segment growth for the year. Commercial aftermarket growth remains consistent with air transplant currently stronger than business aviation.

在航空航天技術方面，我們繼續預計全年銷售額成長率將在高個位數範圍內，或在排除 2024 年龐巴迪協議的影響後在中個位數至高個位數範圍內。在供應鏈模擬和地緣政治複雜背景下全球需求上升的支持下，我們的國防和航太業務應能引領今年的細分市場成長。商業售後市場的成長與航空移植一致，目前航空移植比商務航空更強。

We still expect commercial OE sales to recover and grow in the back half of the year as customers work down existing inventories, allowing our sales to better align OE build rates. For the third quarter, organic sales are expected to be up mid-single digits to high-single digits led by defense and space with continued solid growth in commercial aftermarket and commercial we no longer address.

我們仍然預計，隨著客戶減少現有庫存，商業 OE 銷售將在下半年復甦並成長，使我們的銷售能夠更好地調整 OE 建造率。第三季度，有機銷售額預計將成長中個位數至高個位數，主要由國防和航太領域帶動，商業售後市場和我們不再涉及的商業領域將繼續保持穩健成長。

Margins for the third quarter should be consistent with the prior quarter. For the full year, margins are expected to approach 26% as volume leverage is more than offset by the impact of acquisitions and the tariff-driven cost inflation temporarily outpaces pricing.

第三季的利潤率應該與上一季保持一致。就全年而言，由於銷售槓桿被收購的影響所抵消，且關稅驅動的成本通膨暫時超過定價，利潤率預計將接近 26%。

In Industrial Automation, we are increasing our 2025 sales outlook to down low-single digits to down mid-single digits given second quarter top line results and short-cycle orders holding up better to date than initially feared in April, though still down year-over-year. Order declines are not contained to [IEA] short-cycle businesses given long-cycle pressures from delayed energy customer CapEx decisions.

在工業自動化領域，鑑於第二季的營收業績和短週期訂單迄今的表現好於 4 月最初的擔憂，儘管同比仍有所下降，我們將 2025 年的銷售預期從低個位數下調至中個位數。由於能源客戶資本支出決策延遲帶來長週期壓力，訂單下降並不限於[IEA]短週期業務。

We expect full year [IEA] margin to be roughly flat versus 2024. And as incremental tariff-related cost inflation and volume deleverage are offset by commercial excellence, improved productivity and second half accretion from the PPE sell.

我們預計全年[IEA]利潤率將與2024年大致持平。而且，與關稅相關的增量成本膨脹和數量去槓桿被商業卓越性、生產力提高和下半年 PPE 銷售的成長所抵消。

For the third quarter, we also anticipate a similar sales performance as full year as growth in sensing, thermal solutions and warehouse and workflow solutions is offset by muted demand in and project timing delays in core process solutions. Margins are expected to contract modestly from the previous year but increased sequentially.

對於第三季度，我們也預期銷售業績與全年類似，因為感測、熱解決方案以及倉庫和工作流程解決方案的成長被核心流程解決方案的需求低迷和專案時間延遲所抵消。預計利潤率將較上年略有下降，但環比有所增加。

In building automation, we are raising our 2025 sales outlook for the second consecutive quarter as 2Q sales exceeded expectations and second half prospects have improved from our view in April given solid order trends. As a result, we now expect mid-single-digit to high single-digit organic sales growth.

在建築自動化領域，由於第二季度的銷售額超出預期，並且鑑於訂單趨勢穩健，下半年的前景較我們 4 月份的預測有所改善，我們連續第二個季度上調了 2025 年的銷售預期。因此，我們現在預計有機銷售額將實現中等個位數至高個位數的成長。

Products & Solutions should grow at similar rates through the second half driven by software-led new product introductions, momentum in the US and high-growth regions and customer wins in focused verticals. For the third quarter, we anticipate sales to be up mid-single digits as comps from the prior year become modestly more difficult in the back half. We expect building automation to expand margins meaningfully for the third quarter and for the year, supported by volume leverage and productivity actions.

在軟體主導的新產品推出、美國和高成長地區的發展勢頭以及重點垂直領域的客戶勝利的推動下，產品和解決方案在下半年應該會以類似的速度增長。對於第三季度，我們預期銷售額將成長中等個位數，因為下半年與去年同期相比銷售情況略有下降。我們預計，在銷售槓桿和生產力行動的支持下，樓宇自動化的利潤率將在第三季和全年大幅提高。

In Energy & Sustainability Solutions, we're slightly reducing our organic sales growth outlook to reflect a more cautious capital spending posture from (inaudible) energy customers. We now expect full year sales to be flat to up slightly.

在能源與永續發展解決方案方面，我們略微降低了有機銷售成長預期，以反映（聽不清楚）能源客戶更為謹慎的資本支出態度。我們現在預計全年銷售額將持平或略有上升。

Advanced materials should lead growth in the second half on improving demand tailwinds and the uplift from easing priority comps in fluorine products. We anticipate full year ESS margin to remain roughly flat as commercial excellence and uplift from the LNG acquisition are offset by less favorable mix from reduced high-margin project and (inaudible) and cost inflation.

隨著需求順風的改善和氟產品優先等級降低帶來的提振，先進材料應會在下半年引領成長。我們預計全年 ESS 利潤率將保持大致持平，因為商業卓越性和 LNG 收購帶來的提升被高利潤項目減少和（聽不清楚）以及成本通膨帶來的不太有利的組合所抵消。

In the third quarter, we expect ESS sales to decline low-single digits with growth in Advanced Materials, offset by lower ERP projects and a headwind from the timing of catalyst shipments shifting forward into the second quarter. Just as for the full year, margin is anticipated to be around flat to 2024. Now let's move to slide 9 to walk through our 2025 EPS bridge.

在第三季度，我們預計 ESS 銷售額將下降低個位數，而先進材料銷售額將成長，但 ERP 專案減少以及催化劑出貨時間提前到第二季度帶來的不利因素將抵消這一下降。與全年一樣，預計到 2024 年利潤率將保持穩定。現在讓我們轉到投影片 9，回顧一下 2025 年 EPS 大橋。

With the organic segment growth contributing an additional $0.13 per share for the full year, in line with our view in the prior quarter, while second quarter results finished above our guided range. The performance included a couple of cents of benefit above the line from the Sundyne acquisition and a few extra weeks of owning PPE.

由於有機部門成長為全年每股貢獻了 0.13 美元，這與我們對上一季的預期一致，而第二季的業績高於我們的預期範圍。這項業績包括收購 Sundyne 所帶來的幾美分以上的收益，以及額外幾週的 PPE 擁有權。

It also included some UP catalyst shipments that were expected to occur later in the year. As a result, we are largely maintaining our outlook for the second half of the year with some pluses and minuses under the surface.

其中還包括一些預計將於今年稍後發貨的 UP 催化劑。因此，我們基本上維持對今年下半年的展望，但表面上看，既有積極的一面，也有消極的一面。

Organic sales should be better, both in building automation and industrial automation, which we do not anticipate being down as much as contemplated in April. However, segment margin will be pressured some in IA because of negative mix from reduced demand for energy projects and in aerospace because of pricing increases lagging behind tariff-related cost inflation. Acquisitions are now expected to add roughly $0.40 per share to 2025 EPS with some time being added into the mix.

無論是樓宇自動化還是工業自動化，有機銷售額都應該會更好，我們預計 4 月的銷售額下降幅度不會像預期的那麼大。然而，由於能源專案需求減少帶來的負面組合，以及由於價格上漲落後於關稅相關成本上漲，IA 部門的利潤率將受到一定壓力。目前預計，隨著一些時間的推移，收購將為 2025 年每股收益增加約 0.40 美元。

The impact of FX, quarterly tax rates and below-the-line items are fairly straightforward in the bridge. As the company focuses its transformational efforts on completing 2 spin-off transactions, repositioning projects have slowed. However, we anticipate more spending in the second half of the year and a return to a normalized level post separation. Additional details on these items are available in the appendix of this presentation.

外匯、季度稅率和線下項目的影響在橋樑中相當直接。由於公司將轉型工作重點放在完成兩項分拆交易上，重新定位專案已經放緩。然而，我們預計下半年支出將會增加，並在分離後恢復到正常水平。有關這些項目的更多詳細信息，請參閱本簡報的附錄。

I'll now hand the call back over to Vimal to conclude our prepared remarks.

現在我將把電話交還給維馬爾，讓他結束我們準備好的演講。

Thank you, Mike.

謝謝你，麥克。

Honeywell performed admiringly in the first half of 2025 with back-to-back quarters that delivered earnings above the high end of our target ranges. Our investment in innovation is gaining traction, driving improved sales growth and yet another record quarter for our backlog.

霍尼韋爾在 2025 年上半年的表現令人欽佩，連續兩季的獲利均高於我們目標範圍的高端。我們對創新的投資正在獲得關注，推動了銷售額的成長，並再創了季度積壓訂單的新紀錄。

On the back of this operational momentum, we are raising our organic sales growth and adjusted earnings per share guide for the year while being mindful that we may not yet have felt the full impact of escalation of global tariff rates in recent months. Business demand has remained resilient in more sectors and geographic region thus far, but we are well prepared for potential changes ahead in the macro regulatory and geopolitical environment utilizing a playbook that has served us well over many cycles.

在這種營運勢頭的支持下，我們提高了今年的有機銷售成長和調整後每股收益預期，同時也注意到我們可能還沒有感受到近幾個月全球關稅稅率升級的全部影響。到目前為止，更多行業和地區的業務需求仍然保持彈性，但我們已經做好了充分的準備，利用在多個週期中為我們服務良好的策略，應對宏觀監管和地緣政治環境未來的潛在變化。

As our businesses focus on delivering our financial targets, we have also made substantial progress in transforming our portfolio to maximize their value. Through separation, acquisition and divestitures, we are simplifying Honeywell for investors, customers and our future shapers. All our transactions are proceeding according to plan.

當我們的業務專注於實現財務目標時，我們在轉變投資組合以最大化其價值方面也取得了實質進展。透過分離、收購和資產剝離，我們正在為投資者、客戶和未來塑造者簡化霍尼韋爾。我們所有的交易都在按計劃進行。

Even as the first chapter of my tenure as CEO comes closer to an end, with the conclusion of the comprehensive portfolio review, our dynamic approach to capital allocation and portfolio optimization remains evergreen. We are confident that the combination of our accelerating growth and high return capital deployment will compound the value of Honeywell going forward.

即使我擔任執行長的第一章即將結束，隨著全面投資組合審查的結束，我們對資本配置和投資組合優化的動態方法仍然保持不變。我們相信，加速成長和高回報資本部署的結合將會增加霍尼韋爾未來的價值。

With that, Sean, let's take questions.

肖恩，我們來回答問題吧。

Thank you, Vimal.

謝謝你，維馬爾。

Vimal and Mike are now available to answer your questions. We ask that you please be mindful of others in the queue by only asking one question and one related follow-up. Operator, please open the line for Q&A.

Vimal 和 Mike 現在可以回答您的問題。我們要求您注意隊列中的其他人，只詢問一個問題和一個相關的後續問題。接線員，請開通問答專線。

(Operator Instructions)

（操作員指示）

Julian Mitchell, Barclays Bank.

巴克萊銀行的朱利安·米切爾。

Hi, good morning.

嗨，早安。

Just maybe wanted to start off with aerospace to try and understand kind of the moving parts there. I suppose it sounded in Paris as if there was a bit more confidence around sort of supply chain issues and getting those resolved, and that might help the commercial top line, but it seems something sort of moved the other way. So just trying to understand is that BGA or large commercial? What's the pace at which commercial OE sales improve?

也許只是想從航空航天開始，試著了解那裡的活動部件。我想，在巴黎聽起來好像人們對供應鏈問題及其解決方案更有信心，這可能會對商業收入有所幫助，但似乎情況卻發生了相反的變化。所以只是想了解那是 BGA 還是大型商業？商業 OE 銷售成長的速度如何？

And on the margin front, should we think about this sort of 25% to 26% margin being the new sort of baseline for the next 12 or 18 months?

在利潤率方面，我們是否應該將 25% 到 26% 的利潤率視為未來 12 或 18 個月的新基準？

Good morning, Julian. How are you?

早安，朱利安。你好嗎？

So I would say, first, orders in aerospace, extremely strong, continue to be strong on all fronts, defense and space, commercial OE, et cetera. What we see in our commercial OE in the second quarter, it's really a transitory item.

所以我想說，首先，航空航太領域的訂單非常強勁，在國防和太空、商業原始設備製造商等各個方面都繼續保持強勁。我們在第二季的商業 OE 中看到的實際上是一個暫時的項目。

I would say we experienced some destocking with one of our OEMs, and we expect those -- our shipments to normalize to the OE build rates in the second half. So I feel very confident that you'll see better OE profile from us in the second half. But like I said, we feel quite bullish on aero performance for the year.

我想說的是，我們的原始設備製造商經歷了一些去庫存的情況，我們預計，我們的出貨量將在下半年恢復到原始設備製造商的生產率。因此，我非常有信心，您會在下半年看到我們更好的 OE 形象。但就像我說的，我們對今年的航空性能非常樂觀。

From a margin standpoint, as we talked earlier, we were integrating case and that's about 100 bps drag for us year-over-year. That's going to start to normalize in the next year. Case by the way, is growing revenue this year at high-double digits. So it's ahead of our pro forma, really encouraged by that. And we also year-over-year are putting about $200 million of incremental R&D into the aerospace business to help support our NPI growth and new revenue next year.

從利潤率的角度來看，正如我們之前所說的，我們正在整合案例，這對我們來說比去年同期的利潤率下降了約 100 個基點。這種情況將在明年開始正常化。順便說一句，凱斯今年的營收成長率高達兩位數。因此，它超出了我們的預期，這確實令人鼓舞。我們也每年向航空航太業務投入約 2 億美元的增量研發資金，以幫助支持我們明年的新產品導入 (NPI) 成長和新收入。

So I think in the second half, margin profile for Aero will be better than what you've seen this quarter. And like I said, I'm quite confident about the high single-digit growth on revenue for the rest of the year.

因此我認為下半年 Aero 的利潤率狀況將比本季更好。正如我所說的，我對今年剩餘時間的收入保持高個位數成長非常有信心。

The only thing, Julian, I'll add is everything what Mike said is all transitionary issue items. If you see the margin-related discussions we have, the OE mix as a transition because of the destocking. R&D is -- we evaluate it to a level we can perform for the future, so that's going to become new normal. And then case acquisition is only going to become a tailwind in the future.

朱利安，我唯一要補充的是，麥克所說的一切都是過渡問題。如果您看到我們進行的與保證金相關的討論，那麼由於去庫存，OE 組合將出現轉變。研發是－我們將其評估為我們未來能夠執行的水平，因此這將成為新常態。那麼，案例獲取在未來只會成為一種順風。

So these are not your other question, is that a new baseline? Answer is no, because these issues are transitionary, and we have very high confidence on the Aero margin projections we have laid out.

所以這些不是你的其他問題，這是一個新的基線嗎？答案是否定的，因為這些問題是過渡性的，我們對我們所製定的 Aero 利潤率預測非常有信心。

Got it. And just following up on that, Vimal. So the sort of R&D hike, you think by the end of this year, kind of R&D to sales in Aero shouldn't be a headwind next year and then case margins start to improve over the next year or so.

知道了。接下來是 Vimal。因此，您認為到今年年底，這種研發投入的成長，對於 Aero 的研發和銷售來說，明年不應該成為阻力，而利潤率將在未來一年左右開始提高。

Both statement are true and then the OE destocking issue also goes away because the rates will convert the normal baseline. That's why I mentioned these are all transitionary issues.

這兩種說法都是正確的，而 OE 去庫存問題也將消失，因為利率將轉換正常基準。這就是為什麼我提到這些都是過渡問題。

By the way, on the R&D spend, the R&D spend rise is not only in aerospace. It's across all 4 segments of Honeywell. We feel continued confidence on our ability to accelerate organic growth through new products. We see part of that happening in building automation, pockets of industrial automation, aerospace, we talked about wins.

順便說一下，在研發支出方面，研發支出的成長不僅在航空航太領域。它涉及霍尼韋爾的所有四個部門。我們對於透過新產品加速有機成長的能力充滿信心。我們看到，這部分進展正在發生在建築自動化、工業自動化領域、航空航太領域，我們談到了勝利。

But overall, we have a meaningful acceleration of R&D spend for the right projects. and this is going to set up a new baseline for Honeywell for the future. So this is, again, a transitionary for the overall company. We don't expect that to repeat in the year ahead at the same level.

但總體而言，我們對正確專案的研發支出進行了有意義的加速，這將為霍尼韋爾的未來樹立新的基準。所以，這對整個公司來說又是一個過渡期。我們預計，未來一年這種情況不會再發生。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓 (Andrew Obin)。

Hi, good morning.

嗨，早安。

Can we just talk a little bit about UOP. And my question is very strong growth this quarter, but you're seemingly talking it down for the second half of the year. Can we just understand what verticals drove the upside and what verticals are driving the downside if we could disaggregate it. Thank you.

我們能簡單談談 UOP 嗎？我的問題是本季的成長非常強勁，但您似乎對下半年的成長持悲觀態度。如果我們能夠將其分解，我們是否能夠了解哪些垂直行業推動了上漲，哪些垂直行業推動了下跌？謝謝。

So I'll say, Andrew, for the quarter 2, we had two favorable items. We had a big licensing agreement with a customer, which gave us strong growth. And also, catalyst sales were much stronger in Q2. So some of the catalysts got pulled through from second half to first half. So that's more of a cycle of this long-cycle business.

所以我要說的是，安德魯，對於第二季度，我們有兩件有利的事情。我們與一位客戶簽訂了重要的授權協議，這為我們帶來了強勁的成長。此外，第二季的催化劑銷售也更加強勁。因此，一些催化劑從下半年延續到了上半年。所以這更像是長週期業務的一個週期。

To the second part of your question, the impact we see is energy project spend is moving more to the right. Part of it is, I would say, economic uncertainty with have settled in and some of the regulatory items which got clarified with OB3 regulations so we do believe they will settle. But clearly, we saw pressure on that for rest of the year, which we have reflected in our guide for ESS business and to a certain degree, also in [IEA] process automation.

對於你問題的第二部分，我們看到的影響是能源專案支出正在向右移動。我想說，部分原因是經濟不確定性已經穩定下來，而且一些監管項目已通過 OB3 法規得到澄清，因此我們相信這些問題會得到解決。但顯然，我們看到了今年剩餘時間面臨的壓力，這在我們的 ESS 業務指南中有所體現，並且在一定程度上也體現在 [IEA] 流程自動化中。

And I would just add that just looking at the OB3 and the IRA, it's mostly preserved for us, so it's not really a headwind for us into next year. Yeah.

我還要補充一點，僅從 OB3 和 IRA 來看，它們大部分都為我們保留了下來，因此對於我們明年來說這並不是什麼阻力。是的。

I got you. And then on Industrial Automation, just to follow up. So HPS, similar dynamics. So is it fair to say that when you say weakened demand and price cost deleverage in the second half in the slide that it mostly relates to HPS, and that's what's driving sort of slightly lower margin outlook there? Is that the key driver?

我接到你了。然後是關於工業自動化，只是後續內容。所以 HPS 有類似的動態。那麼，當您在幻燈片中說下半年需求減弱和價格成本去槓桿時，是否可以公平地說，這主要與 HPS 有關，並且這是導致利潤率前景略低的原因？這是關鍵驅動因素嗎？

Yes. Primarily, I would say in case of HPS, the same energy projects, the projects part of the business will see the similar pressure. The services side remains strong. Mike, anything you want to add on the...

是的。首先，我想說，就 HPS 而言，同樣的能源項目，專案部分的業務將面臨類似的壓力。服務業依然強勁。麥克，你還有什麼要補充的嗎？

I would just say I continue to be prudent about the second half. I love moving parts. I feel confident we'll be able to deliver on the guide that we put up from and just continue to be prudent on the second half, especially around the short cycle orders.

我只想說，我對下半年仍會保持謹慎。我喜歡活動部件。我相信我們能夠實現我們制定的指導方針，並在下半年繼續保持謹慎，特別是在短週期訂單方面。

But you don't have one specific industry vertical region to call out other than this big tariff uncertainty.

但除了巨大的關稅不確定性之外，沒有一個特定的產業垂直區域可以指出。

That's correct.

沒錯。

No, absolutely right. I mean, in fact, we see much more balanced growth across the world now. Of course, the US remains the leading growth, no doubt about it. But the headwinds we saw a couple of quarters last year in particular on Europe and China have subsidized now, so the growth is more normalized across the globe with the US being the leading growth.

不，完全正確。我的意思是，事實上，我們現在看到世界各地的成長更加均衡。當然，美國仍然是成長的領先者，這一點毫無疑問。但我們去年幾季看到的阻力，尤其是在歐洲和中國，現在已經減弱，因此全球成長更加正常化，美國是成長的領頭羊。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Thanks. Good morning, everyone. Just want to pick up on maybe the first couple of questions.

謝謝。大家早安。我只是想回答前幾個問題。

Just on the energy project. timing, I guess. Is that mainly on the clean energy project? Or is it just large process projects in general?

只是關於能源項目。我猜是時間問題。主要是清潔能源項目嗎？或者它只是一般的大型流程專案？

And then maybe just final point on Aero margins. It seems like tariff inflation should be better news today than it was back in April. So I'm just curious what additional inflationary pressures you see in Aero.

然後也許只是關於 Aero 邊緣的最後一個點。看起來，今天的關稅通膨應該比四月更好。所以我只是好奇您在 Aero 中看到了哪些額外的通膨壓力。

So [9-level] energy project, just to kind of dig into a little detail you're asking for. I'll provide into a couple of buckets.

因此，[9 級] 能量項目只是為了深入了解您所要求的一點細節。我會將其分為幾個類別。

LNG remain very strong. The business we acquired is performing extremely well, and we remain very bullish on LNG. So that's going to benefit ESS, that's going to benefit process auto mission because our two-in-a-box strategy.

LNG 依然保持強勁。我們收購的業務表現非常出色，我們仍然非常看好液化天然氣。因此，這將有利於 ESS，這將有利於流程自動任務，因為我們的二合一策略。

Sustainable fuels projects are the ones which are most impacted moving to the right. I think they were primarily policy around IRA, how will they fold out at OB3. Now things have got cleared up in last 10 days. So we do believe that should bring up the positive momentum.

可持續燃料項目是受到向右移動影響最大的項目。我認為他們主要圍繞 IRA 制定政策，他們將如何在 OB3 中展開。現在事情在過去的十天裡已經明朗了。因此我們確實相信這會帶來正面的動力。

On the traditional refining petrochemical side, I would say that we saw higher catalyst spend in Q2. In fact, a few got accelerated, which led to strong performance for Q2. But we do see some weakening demand there. I think customers are more cautious on making large catalyst spend in certain segments.

在傳統煉油石化方面，我想說我們在第二季看到了更高的催化劑支出。事實上，一些項目得到了加速，從而推動了第二季度的強勁表現。但我們確實看到那裡的需求正在減弱。我認為客戶在某些領域進行大規模催化劑支出時會更加謹慎。

But overall, I think the performance, we had a chance to attend OPEC meeting a couple of days back, and the outlook for energy segment remains extremely bullish across the coal gas refining, biomass base products coming down in the future. So our outlook remains extremely bullish. I think we're just going through a typical cycle in the energy right now.

但總體而言，我認為，我們幾天前有機會參加歐佩克會議，未來能源領域的前景仍然非常樂觀，煤氣精煉、生物質基礎產品的價格將會下降。因此我們的前景仍然極為樂觀。我認為我們現在正經歷著能源的典型週期。

And then on the Aero question, what I would tell you is that if you look at tariffs, tariffs -- when we incur tariffs, we pay them in 10 days. It's easy to pass tariffs as far as timing on short-cycle businesses.

然後關於 Aero 的問題，我想告訴你的是，如果你看看關稅，關稅——當我們產生關稅時，我們會在 10 天內支付。就時間而言，對短週期業務徵收關稅很容易。

When it comes to aerospace and our OE contracts, these matters take a longer time because you have to open the contract, and these contracts usually are set for 10 years and prescribe Cerner frameworks. So the team is working through it, and it will take them a little bit longer to get that price aligned with the cost as we obviously keep in mind how we impact our customers.

當涉及到航空航天和我們的 OE 合約時，這些事宜需要更長的時間，因為您必須簽訂合同，而這些合約通常為期 10 年並規定了 Cerner 框架。因此，團隊正在努力解決這個問題，他們需要更長的時間才能使價格與成本保持一致，因為我們顯然會考慮到我們對客戶的影響。

And Mike, could you maybe just touch on the changes to the R&D tax expensing for tax purposes? You've got about a billion dollars of deferred tax assets to the balance sheet. So just how does that unwind over the next couple of years?

麥克，您能否簡單談談研發稅費在稅收方面的變化？您的資產負債表上有大約 10 億美元的遞延稅務資產。那麼未來幾年這種情況又將如何緩解呢？

Yes. So I would say it's obviously net positive for us. And we'll -- right now, we're just evaluating it with our tax team thinking through given we have all those things going on and the separation on how to unwind in the best way, -- it's -- I would say, it's a tailwind for us for '26 and '27. But we'll have more to say about it as we go into next year. But you are correct, this is a tailwind for us.

是的。所以我想說這對我們來說顯然是有利的。現在，我們正在與我們的稅務團隊一起對此進行評估，考慮到我們正在進行的所有這些事情，以及如何以最佳方式解除分離，我想說，這對我們 26 年和 27 年來說是一個順風。但隨著明年的到來，我們將會對此有更多討論。但您說得對，這對我們來說是順風。

Okay, thank you.

好的，謝謝。

Stephen Tusa, JPMorgan.

摩根大通的史蒂芬·圖薩。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Just trying to like get to the margin guide for the year. You guys given some good detail. I guess, for -- I think, to get into the range, is building automation like close to 28 this year, is that roughly the right ballpark?

只是想了解今年的保證金指南。你們給了一些很好的細節。我想，對於——我認為，進入這個範圍，今年的樓宇自動化是否接近 28，這大致是正確的範圍嗎？

I would say it really depends how you look at it and where you look at it. On the product side, we obviously see the incrementals are extremely high for us right now. Projects is a bit lower, but I would say incrementals are quite high.

我想說這真的取決於你如何看待它以及從哪裡看待它。在產品方面，我們顯然看到目前的增量非常高。項目數量稍微低一些，但我想說增量相當高。

Yes, Stephen, this is Sean. I obviously thinking about the full year, that's probably a little bit aggressive. But in terms of is that business capable of delivering a number like that, it has the capability of doing so.

是的，史蒂芬，這是肖恩。我顯然考慮的是全年，這可能有點激進。但就該企業是否有能力實現這樣的數字而言，它有能力做到這一點。

It's fair to say, Stephen, that will be the highest margin business in our portfolio in 2025, so that'll be a fair statement.

可以公平地說，史蒂芬，這將是我們 2025 年投資組合中利潤率最高的業務，所以這是一個公平的說法。

Okay. And then just one follow-up just on the hedge. I guess the contingency you guys had put into place last quarter. What's the -- what's kind of the status of the contingency, obviously, a better visibility now, but just curious as to where that went.

好的。然後只需對沖進行一次跟進。我猜你們上個季度已經採取了應急措施。應急狀況如何？顯然，現在情況更加明朗了，但我只是好奇情況如何。

Yes, so I would say we learned a lot over the last 90 days. When we're talking last time, we're evaluating tariffs live. I think if you look at the guide that we just gave, I feel high level of confidence we can deliver that. Third quarter, obviously, is a very important quarter for us.

是的，所以我想說我們在過去的 90 天裡學到了很多。當我們上次談話時，我們正在現場評估關稅。我想如果你看一下我們剛剛給出的指南，我會非常有信心我們能夠實現這一點。顯然，第三季對我們來說是一個非常重要的季度。

Like we said earlier, that some of the longer cycle project milestones have moved out on us. And then, we had some of the demand on capitalist software to be softer, but on the other hand, building automation and IA short cycle orders are better. So I think net-net, we're kind of in the very similar spot that we were last quarter.

正如我們之前所說的，一些週期較長的專案里程碑已經轉移到我們身上。然後，我們對資本主義軟體的一些需求變得更軟，但另一方面，樓宇自動化和 IA 短週期訂單更好。所以我認為總體而言，我們現在的處境與上一季非常相似。

Okay, great. Thanks a lot.

好的，太好了。多謝。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Hey. Good morning, Vimal and Mike and Sean.

嘿。早安，維馬爾、麥克和肖恩。

Guys, can we talk a little bit about Quantinuum? I mean, it looks like it's still bleeding a little bit of cash for you guys, but what are the hurdles specifically? What are you guys looking for to be able to get that to an IPO-ready situation?

夥計們，我們可以聊聊 Quantinuum 嗎？我的意思是，看起來你們仍然在虧損一些現金，但具體有哪些障礙呢？你們希望實現什麼目標才能讓其達到 IPO 的條件？

Scott, I would say the -- in principle, we are committed to deconsolidate so that plan is not changing. And then actually, as we speak, we are doing the fundraise so that we could capitalize the company between now and the IPO time.

史考特，我想說——原則上，我們致力於拆分，以便計劃不會改變。實際上，正如我們所說，我們正在籌集資金，以便從現在到 IPO 期間為公司注入資本。

To your specific question, I think we are looking at more commercial evidence which can prove the revenue stream for it. We had a big win in Qatar when President was visiting there. There was a big announcement that Qatar is going to invest for Quantinuum infrastructure.

對於您的特定問題，我認為我們正在尋找更多可以證明其收入來源的商業證據。當總統訪問卡達時，我們取得了巨大的勝利。有重大消息指出卡達將投資 Quantinuum 基礎設施。

So wins like that gives the investor confidence on the for revenue stream. And the way I see timeline today is end of 2017 is, I would say, the outline at the most. Can we pull it forward by a couple of months or quarter, yes, that possibility always remains. So we're working with that kind of timeline

這樣的勝利讓投資人對收入流充滿信心。而我今天看到的時間表是 2017 年底，我想說，最多只是一個大綱。我們能否將其提前幾個月或一個季度？是的，這種可能性始終存在。所以我們正在按照這樣的時間表進行工作

And we do have a good visibility on commercial progress between now and then to execute that. We also expect, Scott, to unveil the plans of Quantinuum in the Q4 time frame. So we'll keep all our shareowners informed on some of the progress we are making, and we'll share that on a more broader basis.

我們確實對從現在到那時的商業進展有很好的了解，以便實現這一目標。我們也希望斯科特能夠在第四季度公佈 Quantinuum 的計劃。因此，我們將向所有股東通報我們取得的一些進展，並在更廣泛的範圍內分享這些進展。

Okay. That's helpful, Vimal.

好的。這很有幫助，維馬爾。

And just to switch to the R&D, it's -- and we don't have to make a big deal out of this. But the timing, I don't think I've ever seen a company prior to a breakup increased R&D spend. So I'm just kind of curious, is that -- is that a message coming from the businesses that they felt like they were behind? Or is there just -- it just happened to be a little bit of just -- it is what it is. I'll just stop there. I don't want to make...

只需轉向研發，我們就不必對此大驚小怪。但從時機來看，我認為我從未見過一家公司在分拆之前增加研發支出。所以我只是有點好奇，這是不是來自那些覺得自己落後了的企業的訊息？或者只是——只是碰巧有一點點——它就是它。我就到此為止吧。我不想做...

This is part of the message I've been saying since last year that Honeywell organic growth with the strength of improving our fundamentals, so the two fundamentals we were focused on improving our processes, are we investing in the right spot? Do we have the right talent the basics?

這是我自去年以來一直在說的信息的一部分，即霍尼韋爾的有機增長伴隨著我們基本面改善的力量，所以我們專注於改進流程的兩個基本面，我們是否在正確的位置進行投資？我們是否具備合適的基本人才？

And then we made decision sometime in last year to accelerate R&D where we think we have opportunity to grow. And you can imagine hiring people in the domains we play like aerospace, energy is a very, very long cycle. So I can't make a decision in June and people show up in July. This is much, much longer than that.

然後我們在去年某個時候決定加速研發，我們認為我們有發展機會。你可以想像，在我們所從事的航空航太、能源等領域招募人才是一個非常非常長的周期。所以我不能在六月做出決定，而人們在七月才出現。這比那要長得多。

So principally, across the board, we're investing R&D escalation acceleration. It's higher than aero compared to others, but we are also growing R&D spend across the board. And my strong conviction is that it's really preparing Honeywell for the future for the better organic growth because we are putting bets in the right spots.

因此，原則上，我們正在全面投資研發升級加速。與其他公司相比，這數字高於航空業，但我們也全面增加研發支出。我堅信，這確實為霍尼韋爾未來更好的有機成長做好了準備，因為我們把賭注押在了正確的位置。

Some evidences are already seen in some segment with our acceleration of our organic growth, but more to come as we go along. So it's really not linked to Spain, I would say. I treat those two as two separate event, but we are just getting better prepared as an organic growth driver company compared to what it was historically.

隨著我們有機成長的加速，一些領域已經出現了一些跡象，但隨著我們的前進，還會有更多跡像出現。所以我想說，這實際上與西班牙沒有聯繫。我將這兩件事視為兩個獨立的事件，但與歷史上相比，我們作為一家有機成長驅動公司正在做更好的準備。

Because I see it as a good thing for us, given where we want to go from a top line growth standpoint, migration to higher growth verticals, this investment is good for us and has a high ROI for us in 2026.

因為我認為這對我們來說是一件好事，考慮到我們從收入成長的角度想要達到的目標，即向更高成長的垂直領域遷移，這項投資對我們來說是有利的，並且在 2026 年會給我們帶來很高的投資回報率。

And it's actually put -- I mean, in the -- should have mentioned to you, we are always at the median or R&D spend. So I think this is going to push us more towards upper quartile now as the year closes. And I'm sure as you observe the number will start transiting ourselves on the money we invest for growth.

事實上 - 我的意思是 - 應該向您提到，我們的研發支出始終處於中位數。因此，我認為隨著今年的結束，這將推動我們進一步邁向上四分位數。而且我相信，正如您所觀察到的，我們為成長而投資的資金將開始轉化為實際的數字。

Okay, thank you.

好的，謝謝。

Sheila Kahyaoglu, Jefferies Group.

傑富瑞集團 (Jefferies Group) 的 Sheila Kahyaoglu。

Good morning, guys, and thank you. If I could ask two aerospace questions, please.

大家早安，謝謝大家。請問兩個有關航空航天的問題。

The first one on aftermarket. The 7% growth decelerating from 15% in Q1 and lagging some of the early reports from peers. How do we think about what weighed on that growth? Was it air transport, business aviation? And how are you thinking about the full year there?

售後市場上的第一個。7% 的成長率較第一季的 15% 有所下降，並且落後於一些同業的早期報告。我們如何看待影響這成長的因素？是航空運輸還是商務航空？您對於全年的計劃有什麼想法？

I would say, Sheila, that the aftermarket is normalizing for us. And I think you should -- the range they receive in the second quarter, that's kind of the range we're expecting in the second half. We see -- as we're catching up with demand, et cetera, we see this as a kind of more normal go-forward rate for us. As you see, the hours are fairly stable, both on ATR and business. And I think that's kind of a new normal for us going forward.

希拉，我想說的是，售後市場對我們來說正在正常化。我認為你應該——他們在第二季度收到的範圍，就是我們預期的下半年的範圍。我們看到——隨著我們趕上需求等等，我們認為這對我們來說是一種更正常的前進速度。如您所見，無論是 ATR 還是商務，時間都相當穩定。我認為這對我們未來的發展來說是一種新常態。

Okay. And then if I could maybe hone in on the aerospace OE decline once again, if that's possible. Why the destocking now and it seems like deliveries are actually increasing. Was it related to one specific platform or is it inventory across multiple platforms?

好的。然後，如果可能的話，我是否可以再次關注航空航天 OE 的衰落。為什麼現在要去庫存，但看起來交貨量實際上卻在增加。它是否與某個特定平台相關，還是跨多個平台的庫存？

It's predominantly has the impact from North America platforms on reside. And if you think about last year, et cetera, we were shipping a lot into our OEs inventories. And now they're depleting these inventories, they have better visibility in terms of how much safety stock they need. So we're working ourselves for this blip -- and I think that's going -- at least based on everything I know today, it's going to normalize some in the third quarter, and then we should be back to normal in the fourth quarter.

它主要受到北美平台的現場影響。如果你回想去年等等，我們向我們的 OE 庫存運送了大量貨物。現在他們正在消耗這些庫存，他們可以更好地了解他們需要多少安全庫存。所以我們正在努力應對這一小波動——我認為至少根據我今天所了解的一切，情況將在第三季度逐漸正常化，然後在第四季度恢復正常。

And then, Sheila, I would just add the nuance is not everything is the same inside of OE. And so electromechanicals where we've had the supply chain challenges and continue to work towards making sequential improvement, whereas electronic solutions have been caught up for quite a while. And so, you can see a little bit of a difference in terms of what those needs look like for customers between those two businesses.

然後，希拉，我想補充一點，OE 內部並不是所有的東西都是一樣的。因此，在機電領域，我們面臨供應鏈挑戰，並將繼續努力實現連續改進，而電子解決方案則已經迎頭趕上很長一段時間了。因此，您可以看到這兩家企業在客戶需求方面存在一些差異。

Got it. Thank you.

知道了。謝謝。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Thank you.

謝謝。

I wanted to ask about portfolio actions. Vimal, you guys have remained quite busy here in the first of '25 after you announced the separation in Q4 of last year. So should we assume that everything of has been completed or announced at this point?

我想詢問有關投資組合行動的問題。Vimal，自從去年第四季宣布分開以來，你們在 2025 年初一直很忙。那麼我們是否應該假設此時一切都已完成或宣告？

And then just on some of the strategic reviews, I think I understand why PFS doesn't fit the aftermarket business. But warehouse is both automation and aftermarket driven, so it does fit the characteristics that Honeywell is looking for. Can you just talk about that one that doesn't fit in the future portfolio?

然後，僅根據一些策略評論，我想我明白了為什麼 PFS 不適合售後市場業務。但倉庫既是自動化的，也是售後市場驅動的，因此它確實符合霍尼韋爾所尋求的特徵。您能談談那個不適合未來投資組合的話嗎？

Yes. Thanks, Chris. I'm going to say the first part of your question, yes, we are complete on the portfolio review what I started two years back. So from this point onward, we do not expect any major portfolio exits, if I can use the word, normal way could we do things? I mean, we are a large company, so there could be something is always happening. But fundamental, we have completed the process.

是的。謝謝，克里斯。我要回答你問題的第一部分，是的，我們已經完成了我兩年前開始的投資組合審查。因此從現在開始，我們預計不會有任何重大的投資組合退出，如果我可以使用這個詞的話，我們可以以正常的方式做事嗎？我的意思是，我們是一家大公司，所以總是有可能發生一些事情。但從根本上來說，我們已經完成了這個過程。

The decision on Intelligrated and PSS was more of a sectorial decision, to look at the end markets we want to participate. And one of the automation is a very large market. It's a $500 billion TAM. So we have a very large opportunity in those swim lanes of the three verticals we have now built for ourselves, industrial process and buildings.

關於 Intelligrated 和 PSS 的決定更多的是一個行業決定，並著眼於我們想要參與的終端市場。其中自動化是一個非常大的市場。其潛在市場規模為 5000 億美元。因此，我們在目前為自己建造的三個垂直領域（工業流程和建築）的泳道中擁有非常大的機會。

So within that, now, we are making choices. And we obviously want to bias towards verticals which are higher growth so that we could deliver high growth to our shareowners. And our belief playing in this segment of logistics and warehouse and transport, these are very good segments. But they also have demonstrated certain rates of growth and lumpiness, which we believe are less or fit to our portfolio in the future.

因此，現在我們正在做出選擇。我們顯然希望偏向成長更快的垂直產業，以便為股東帶來高成長。我們相信，物流、倉儲和運輸領域是非常好的領域。但它們也表現出了一定的成長率和不穩定性，我們認為這些成長率和不穩定性將較少或不適合我們未來的投資組合。

So it's a choices to be made. We are making some additions, some subtraction. The warehouse automation does bring very strong aftermarket, but I think it's more of the end market participation choices we are making, and that was the driver of the decision.

所以這是一個需要做出的選擇。我們正在進行一些加法運算，一些減法運算。倉庫自動化確實帶來了非常強大的售後市場，但我認為這更多的是我們做出的最終市場參與選擇，這是做出決策的驅動因素。

Thank you. I appreciate that.

謝謝。我很感激。

And then I just want to follow up on building automation. Just been a really impressive turnaround here over the last year. So can you -- and it seems like the global non-res backdrop has not been too accommodative. So can you just maybe talk to company-specific actions that drive the turnaround in growth? And are we seeing revenue synergies from the big security acquisition you guys did last year? Thank you.

然後我只想跟進樓宇自動化。過去一年來，這裡發生了令人矚目的轉變。你也可以——而且看起來全球非房地產背景並不太寬鬆。那麼，您能否談談推動成長轉變的公司具體行動？我們是否看到了你們去年進行的大型安全收購所帶來的收入綜效？謝謝。

I think there are three strategies, which are, by the way, going to be the strategy for new Honeywell as we unveiled that in late 2026.

我認為有三種策略，順便說一下，這三種策略將成為新霍尼韋爾的策略，我們在 2026 年底公佈了這項策略。

First is how we make our mix towards higher growth verticals. So in case of buildings, we are focused on 3 or 4 markets, hospitals, hotels, data centers, airports and high-growth regions. So one is pivoting more towards that. That's action 1.

首先是我們如何將我們的產品組合朝向更高成長的垂直產業發展。因此，就建築而言，我們專注於 3 或 4 個市場，即醫院、飯店、資料中心、機場和高成長地區。因此人們正更關注這一點。這是動作 1。

Action 2 is mining installed base. We have a large installed base, how we mine it hire and deliver high single-digit growth in services. That's certainly working in building automation. And finally, the new product acceleration, the comment I mentioned to the Scott's question, we have elevated R&D even in building automation, and they are the most ahead in delivering higher growth with new products.

行動二是挖掘安裝基礎。我們擁有龐大的安裝基礎，我們如何挖掘它、僱用它並實現服務的高個位數成長。這在樓宇自動化領域確實有效。最後，新產品加速，我在回答斯科特的問題時提到的評論是，我們甚至在樓宇自動化領域也提升了研發水平，他們在透過新產品實現更高成長方面處於最領先地位。

So when you pull the three things together, we are participating in high-growth markets, we are mining our installed base better, we are turning more new products. That's becoming the driver for higher growth.

因此，當你將這三件事放在一起時，我們正在參與高成長市場，我們正在更好地挖掘我們的安裝基礎，我們正在推出更多新產品。這正成為更高成長的動力。

The final point there is -- we had some pressure in some geographies like there was a drag in China, there's a drag in Europe in some pockets, those have normalized now. So the building automation growth is double digit in North America, but like low-single to mid-single in other different parts of the world. So that also helps because we don't have any pullbacks from some other geographies, which normalizes our results here.

最後一點是──我們在某些地區面臨一些壓力，例如中國面臨阻力，歐洲一些地區面臨阻力，但現在這些壓力已經正常化。因此，北美的樓宇自動化成長率為兩位數，但世界其他地區的成長率僅為低個位數到中等個位數。這也有幫助，因為我們沒有受到其他地區的任何回調，這使我們在這裡的結果正常化。

Thank you, Vimal. Appreciate that.

謝謝你，維馬爾。非常感謝。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey. Good morning, everyone.

嘿。大家早安。

Can you give a little more color into what you're seeing in defense and space as it continues to accelerate here? I think the growth you've talked about in the past has been pretty balanced between the US and international, but I think international defense (inaudible) just starting to accelerate. So could you talk a little bit more about what you're seeing?

隨著國防和太空領域持續加速發展，您能否更詳細地介紹您所看到的情況？我認為您過去談到的美國和國際成長相當平衡，但我認為國際防禦（聽不清楚）才剛開始加速。那麼，您能否再多談談您所看到的情況？

Yes. I think the defense and space growth is driven by both on the supply chain healing because it was last to heal, we have much more mechanical content in defense and space compared to commercial. So that's certainly seen as part of our results.

是的。我認為國防和太空的成長是由供應鏈修復推動的，因為它是最後修復的，與商業相比，我們在國防和太空方面擁有更多的機械內容。所以這當然被視為我們成果的一部分。

And on the demand side, the orders remain very strong, both domestically and international defense, which is our strength, is growing double digit, and it will remain so for many years to come. We see strength in Europe, we see strength in parts of Asia like Korea, et cetera.

在需求方面，訂單仍然非常強勁，無論是國內還是國際防禦，這是我們的強項，都在以兩位數增長，並且在未來許多年仍將保持這種狀態。我們看到歐洲的實力，我們看到韓國等亞洲部分地區的實力。

So I think it's a combination of accelerated demand with the geopolitical circumstances in the world and the supply chain healing, which is giving us the performance in defense and space as we are demonstrating.

因此，我認為這是需求加速、世界地緣政治環境和供應鏈修復的結合，這讓我們在國防和太空領域取得了我們所展示的成績。

And then Vimal, I want to ask you about a couple of other initiatives you've been working on direct material productivity and harnessing AI. You seem to mention quite a bit today cost inflation you're facing across the portfolio, but I imagine a lot of that should have been expected. So update us on your ability to offset that with your initiative here around direct material savings and then maybe how sticky have your price increases been that you've made here this year.

然後，維馬爾，我想問您關於您在直接材料生產力和利用人工智慧方面所開展的其他一些舉措。您今天似乎多次提到整個投資組合面臨的成本通膨，但我想這在很大程度上是可以預料到的。因此，請向我們介紹一下你們透過直接材料節省措施來抵消這一影響的能力，以及今年你們的價格上漲的持久性如何。

I think the pricing initiatives have been quite sticky. I think we have been very thoughtful to build a strategy now, which protects our earnings but also protects our volume. That is in a playbook we have been doing for 2025.

我認為定價舉措相當具有黏性。我認為我們已經非常周到地制定了策略，既能保護我們的收益，又能保護我們的銷售量。這是我們為 2025 年制定的計劃。

And it's a tough balance because you don't want to raise the price to a point that you destroy demand. And we have been able to execute that with the minor exception of the Aerospace OE, which Mike mentioned earlier, because there's a lag on given the nature of the contract.

這是一個艱難的平衡，因為你不想將價格提高到破壞需求的程度。我們已經能夠執行這項任務，但麥克之前提到的航空航天 OE 除外，因為考慮到合約的性質，存在滯後。

But across Honeywell, we have been able to execute our pricing quite successfully. What's also helping is productivity is very meaningful, which is also giving us more optionality or to what extent we want to go pricing in a certain segment and versus the margins, we can drive margins through productivity.

但在霍尼韋爾，我們已經能夠相當成功地執行我們的定價。同樣有幫助的是生產力非常有意義，這也給了我們更多的選擇權，或者說我們想在多大程度上在某個細分市場進行定價，相對於利潤率，我們可以透過生產力來提高利潤率。

Value engineering, in particular, is performing extremely well, and that's where AI is playing a role. We have been deploying use of AI to self-determine design of the boards versus engineers taking months and months to figure out that they want to do this design or some other design, so that gains you time.

價值工程表現特別出色，而這正是人工智慧發揮作用的地方。我們一直在使用人工智慧來自行確定電路板的設計，而工程師則需要花費數月的時間來確定他們想要做這個設計還是其他設計，這樣可以為您節省時間。

So something which was used to take two or three months or take a week. So that accelerates the net savings we can drive in us in a given year. And what gives me and my confidence is that value engineering is becoming a meaningful lever for Honeywell now. We can count on it, we can financially plan it. and that can become a lever for us to think about price versus volume, not only for 2025, but in the years to come.

因此，以前需要花兩三個月或一週的時間才能完成的事情。這樣就加速了我們在某一年可以實現的淨儲蓄。讓我充滿信心的是，價值工程現在正成為霍尼韋爾的一個有意義的槓桿。我們可以依靠它，我們可以對其進行財務規劃。這可以成為我們思考價格與數量的槓桿，不僅適用於 2025 年，也適用於未來幾年。

And Andy, from a financial framework, and we talked a little bit about it before in terms of looking at our six quarters rolling forecast, et cetera. What I'm really focused with the team is on demonstrating growth over a longer period of time, consistent growth.

安迪，從財務框架的角度來看，我們之前就六個季度的滾動預測等問題進行過一些討論。我真正關注的是團隊在較長時期內實現持續的成長。

And like Vimal said, really focusing on the top line growth and then on the bottom line growth. And then within that, whether it's price volume mix, teams have a little bit more view in terms of managing based on the verticals they're in, customers set, et cetera. So -- but really, just setting the framework on delivering over a longer period of time on a consistent basis.

正如維馬爾所說，真正關注的是營收成長，然後是利潤成長。然後在此範圍內，無論是價格還是數量組合，團隊在基於他們所處的垂直行業、客戶設定等進行管理方面都會有更多的見解。所以 — — 但實際上，只是設定了在較長時間內持續交付的框架。

Appreciate the color, guys. Thank you.

欣賞這顏色，夥計們。謝謝。

Deane Dray, RBC Capital Markets.

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

Thank you. Good morning, everyone.

謝謝。大家早安。

Good morning.

早安.

I was hoping to get some color on free cash flow. So you boosted the EPS guide, but cap free cash flow guidance the same. Just are there any puts and takes related to free cash flow for the second half you'd like to highlight?

我希望了解一些有關自由現金流的資訊。因此，您提高了每股盈餘指引，但限制了自由現金流指引。您是否想強調一下下半年與自由現金流相關的利弊？

Sure. So we have a pretty broad range on cash flow, the $5.4 billion to $5.8 billion. If you look at the moving pieces, I would say our inventory got a little bit worse just because of what we are facing right now in Aero. That hopefully, will normalize in the second half.

當然。因此，我們的現金流範圍相當廣泛，介於 54 億美元到 58 億美元之間。如果你看一下移動的部分，我會說我們的庫存變得更糟了，這只是因為我們現在在 Aero 中面臨的問題。希望這種情況在下半年能夠恢復正常。

On the other hand, have a little bit of tailwind from stronger collections and higher sales and pricing. So net-net, we're the same. We're really focusing on moving towards that 90%-plus conversion in 2026.

另一方面，更強勁的收藏品、更高的銷售和定價也為公司帶來了一些順風。所以總的來說，我們是一樣的。我們真正致力於在 2026 年實現 90% 以上的轉換率。

Great. And then just a related question. Anything in the second half on price cost that you particularly want to highlight here?

偉大的。然後只是一個相關的問題。關於價格成本的下半部分，您有什麼特別想強調的嗎？

So I think, generally, if you think about our guide, our price probably vis-a-vis the last time we talked, we probably -- 100 bps better. So if thought about price of 1% to 2%, now it's 2% to 3%. Volume is probably going to be 1% to 2%.

因此，我認為，一般來說，如果你考慮我們的指導，我們的價格可能與我們上次談話時相比，可能高出 100 個基點。因此，如果考慮 1% 到 2% 的價格，現在是 2% 到 3%。交易量可能為 1% 至 2%。

And then from a cost price standpoint, short-cycle businesses will offset. And then Aero, like I said earlier, is still working through their OE contracts, and that should normalize going towards year-end and early half of next year.

然後從成本價格角度來看，短週期業務將會抵銷。然後，正如我之前所說，Aero 仍在履行其 OE 合同，這應該會在年底和明年上半年恢復正常。

Great, thank you.

太好了，謝謝。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Hey. Good morning, guys.

嘿。大家早安。

I just want to make sure I understand the relationship between the tariffs and the demand contingency. And so it seems like the moratorium is you kind of kept the kind of tariff rates at a higher rate. And if the moratorium were to become permanent, I'd assume that maybe the demand contingency gets released to some degree. Just trying to make sure that I understand that correctly. And are there any specific segments that you could see benefiting in the second half of the year if, in fact, tariffs come in at lower rates permanently?

我只是想確保我理解關稅和需求意外事件之間的關係。因此，看起來暫停令就是將關稅稅率維持在高水準。如果這項禁令成為永久性的，我認為需求應急可能會得到一定程度的釋放。只是想確保我理解正確。如果關稅確實永久降低，您是否認為下半年哪些特定領域會受益？

Sure. The way I look at the second half if you think about the short-cycle businesses, they're managing through it quite well. We haven't seen any prebuy or demand distraction there. So building automation is doing well. IA is doing better than what we thought it was going to do. It's really about our energy business.

當然。我認為，如果你考慮短週期業務，那麼下半年他們的管理會相當好。我們尚未看到任何預購或需求分散的情況。因此，樓宇自動化發展良好。IA 的表現比我們想像的還要好。這確實與我們的能源業務有關。

And these orders and how they convert into revenue because we're at the point now of the year where we get an order on an energy project, it takes a while to engineer it so revenue might fall out of the year. So we're just managing that piece, looking in the first half of next year and then also monitoring our catalyst orders, which have been a little bit softer from a forecast standpoint vis-a-vis what we expected.

這些訂單以及它們如何轉化為收入，因為我們現在正處於一年中接到能源項目訂單的階段，需要一段時間來設計它，所以收入可能會下降。因此，我們只是管理這一部分，展望明年上半年，然後監測我們的催化劑訂單，從預測的角度來看，與我們的預期相比，這些訂單略有疲軟。

And that's really just a behavior that our customers can exhibit. When they have sometimes a choice, they might delay those catalyst orders for a quarter or atwond still operate their refineries and their facilities with adjusted lower output.

這實際上只是我們的客戶可以表現出的一種行為。當他們有時有選擇時，他們可能會將這些催化劑訂單推遲一個季度，或者仍然以調整後的較低產量來運作他們的煉油廠和設施。

Got it, Mike. That's helpful.

明白了，麥克。這很有幫助。

And then maybe just my quick follow on the strategic alternative announcement on PSS and warehouse. It kind of looks like the demand environment there is getting a little bit worse again, so kind of bouncing along the bottom. I guess, Vimal, I know that we can't bank on any outcome here, but I guess, how are you thinking about the timeline for a decision to be made on that piece of the business?

然後也許我只是快速跟進一下有關 PSS 和倉庫的戰略替代公告。看起來那裡的需求環境又變得有點糟糕了，所以有點像在底部徘徊。我想，維馬爾，我知道我們不能指望這裡的任何結果，但我想，您如何考慮針對該業務部分做出決定的時間表？

So we'll kick -- we kicked out the process, Joe, just last week now after we made the announcement. I think we get a better clarity by end of the year on the strategic options, which are available. As you can imagine, there are multiple choices. So we do expect to have the first part of it, that what choice we're going to execute it. So time is hard to put a timeline here.

所以我們將啟動——喬，就在上週我們宣布這一消息後，我們就啟動了這項流程。我認為到今年年底我們會對可用的戰略選擇有更清晰的認識。正如您所想像的，有多種選擇。所以我們確實期望得到它的第一部分，即我們將要執行的選擇。因此很難在這裡設定一個時間表。

If it was, then we would have stated an more certainty. That's why we are putting strategic options. But I would say, before end of the year, we should be able to provide more clarity on the specific timeline.

如果是的話，我們就會更肯定地表述。這就是我們提出策略選擇的原因。但我想說，在今年年底之前，我們應該能夠更清楚地說明具體的時間表。

Now my desire list, if I want to talk, yes, we want to have as clean portfolio when the spin gets completed. That's one of the reason we initiated the strategic review now so that we could somehow converge the timing. But as you can imagine, these processes are -- you can't put a certainty of timeline around it at this point.

現在我的願望清單，如果我想談的話，是的，我們希望在旋轉完成時擁有乾淨的投資組合。這就是我們現在啟動戰略審查的原因之一，以便我們能夠以某種方式協調時間。但正如你所想像的，這些過程——你目前無法確定其時間表。

Okay. Thank you, guys.

好的。謝謝你們。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Yeah, thanks. Good morning, guys.

是的，謝謝。大家早安。

Maybe just starting with some of the order trends that you guys saw throughout the quarter. How would you say that orders progressed each month and then into July, it sounds like maybe energy was the only area where you saw a discernible difference. But if you talk a little bit about IABI more on the short cycle side through the quarter, that would be helpful.

也許只是從你們整個季度看到的一些訂單趨勢開始。您認為訂單每個月的進度如何？到 7 月份，聽起來也許能源是唯一一個您看到明顯差異的領域。但是如果您在本季度的短週期方面更多地談論 IABI，那將會很有幫助。

Sure. So I would tell you overall orders, 6% up. Really pleased with that, better orders than in the first quarter. Aero led the orders grow for us, once again, very strong orders on both on Defense & Space and commercial.

當然。所以我會告訴你整體訂單增加了 6%。真的很高興，訂單比第一季更好。航空業務引領了我們的訂單成長，國防和航太以及商業領域的訂單再次非常強勁。

Building automation was low-single digits, but it had tougher comps. So we didn't see anything there. And then for [IAA] and ESS, I would say we saw strong first two months and June was a little bit softer. Going into July, on the other hand, orders are continuing to be strong. So June might have been kind of a false positive.

樓宇自動化的成長率僅為個位數，但競爭更為激烈。所以我們在那裡什麼也沒看到。對於 [IAA] 和 ESS，我想說前兩個月表現強勁，而 6 月則略顯疲軟。另一方面，進入7月份，訂單持續強勁。因此六月可能只是一種假陽性。

In general, I feel like orders are sticking. And second quarter was better than the first quarter. And in terms of what the teams showed us for the third quarter and the forecast, we don't see a lot of concern in our order rate slowing down.

整體來說，我感覺訂單還在穩定。第二季的表現比第一季更好。從團隊向我們展示的第三季業績和預測來看，我們並不擔心訂單率的放緩。

Okay. Got it. That's really helpful.

好的。知道了。這真的很有幫助。

And then there's a lot of discussion around what you guys are doing from a portfolio perspective, but I don't think we talked much about future M&A plans, and you guys have clearly been a lot more active recently. How does the M&A pipeline look today? And what is your appetite for doing more deals before the spin happens?

然後，我們討論了很多你們從投資組合角度所做的事情，但我認為我們沒有談論太多未來的併購計劃，而且你們最近顯然更加活躍。今天的併購通路情況如何？在分拆發生之前，您是否有興趣做更多交易？

So Nicole, we absolutely are building our pipeline. We are going to be slightly slowing down given the activity we have on the spins in motion and some acquisition integration work we are doing. But we are not slowing down on building the pipeline. The pipeline remains strong and we'll execute opportunities as they become available.

所以妮可，我們絕對在建造我們的管道。考慮到我們正在進行的旋轉活動和一些收購整合工作，我們將會稍微放慢速度。但我們並沒有放慢管道建設的步伐。通路依然強勁，一旦有機會，我們就會抓住。

I think what gives me more confidence is that we're getting much more comfortable not only doing the normal deal but also acting like a sponsor to do carve-out deals. We have demonstrated that capability repetitively now over the last two years. And that additional skill increases our optionality now because we are willing to go to other partner, suggest an optionality for them to create value for both sides. And that gives me confidence that we can remain active in the portfolio side in the years ahead so more to come. We'll continue to build our portfolio as a higher priority item under my leadership.

我認為讓我更有信心的是，我們不僅在進行正常交易方面變得更加自在，而且還能像發起人一樣進行剝離交易。在過去的兩年裡，我們已經反覆證明了這種能力。而且這種額外的技能現在增加了我們的可選性，因為我們願意與其他合作夥伴合作，為他們提供可選性，從而為雙方創造價值。這讓我有信心，我們可以在未來幾年繼續在投資組合方面保持活躍。在我的領導下，我們將繼續把我們的投資組合作為一項更優先的項目。

Thanks, and then I'll pass it on.

謝謝，那我就轉寄給你了。

We have reached the end of the question-and-answer session. I would now like to turn the call back over to Vimal Kapur for closing remarks.

問答環節已結束。現在我想將電話轉回給維馬爾·卡普爾 (Vimal Kapur) 做最後發言。

Thank you. I want to again once thanks my deep appreciation to our shareowners, our Honeywell team and our customers for their continued support during the transition time for the company. And we are excited for the future and look forward to sharing more of our progress as we deliver on our commitment.

謝謝。我想再次向我們的股東、霍尼韋爾團隊和客戶表達深深的謝意，感謝他們在公司過渡期間的持續支持。我們對未來充滿期待，並期待在履行承諾的同時分享更多進展。

Before we close out today's call, I want to take a moment to remember our pivotal former leader of Honeywell that we lost this week, Larry Bossidy. Larry was the Chairman and CEO of AlliedSignal and led the company's acquisition of Honeywell in 1999. He was a forefather of operational excellence that Honeywell is known for today and served as combined company's Chairman and CEO until his planned retirement in 2000.

在我們結束今天的電話會議之前，我想花點時間來紀念我們本週失去的霍尼韋爾關鍵前領導人拉里·博西迪。拉里曾擔任聯合信號公司董事長兼首席執行官，並於 1999 年領導該公司收購霍尼韋爾。他是霍尼韋爾如今聞名的卓越營運的先驅，並擔任合併後公司的董事長兼首席執行官，直至 2000 年計劃退休。

He then came out of the retirement briefly to offer his leadership again as Chairman and CEO during a challenging period of our company; and under Larry's deep leadership, the Board hired Dave Cote, new CEO, and setting up the company for the next two decades of tremendous value creation. He was a remarkable leader, a committed family man and our thoughts are with his family and friends at this point of time.

隨後，在公司面臨挑戰的時期，他短暫地復出擔任董事長兼首席執行官，發揮領導作用；在拉里的深度領導下，董事會聘請了戴夫·科特 (Dave Cote) 擔任新任首席執行官，為公司未來二十年創造巨大價值奠定了基礎。他是一位傑出的領導者，一位忠誠的家庭男人，此時此刻，我們的心與他的家人和朋友同在。

So thank you again, everyone, for listening, and please stay safe and healthy.

再次感謝大家的聆聽，祝福大家平安健康。

This includes today's conference call. We thank you for your participation. You may now disconnect from the conference. Thank you.

其中包括今天的電話會議。我們感謝您的參與。您現在可以斷開與會議的連線。謝謝。