漢威聯合 (HON) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Honeywell third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded.

感謝您的支持，歡迎參加霍尼韋爾 2025 年第三季財報電話會議。（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, Vice President of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係副總裁 Sean Meakim。請繼續。

Thank you. Good morning, and welcome to Honeywell's third-quarter 2025 earnings conference call. On the call with me today are 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.

謝謝。早安，歡迎參加霍尼韋爾 2025 年第三季財報電話會議。今天與我一起參加電話會議的有董事長兼執行長 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. This morning, we will review our financial results for the third quarter, share our guidance for the fourth quarter, and provide an update on full-year 2025.

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。今天上午，我們將回顧第三季的財務業績，分享第四季度的指導，並提供 2025 年全年的最新情況。

As always, we'll leave time for your questions at the end. I'll turn the call over to Chairman and CEO, Vimal Kapur.

像往常一樣，我們會在最後留出時間回答您的問題。我將把電話轉給董事長兼執行長 Vimal Kapur。

Thank you, Sean, and good morning, everyone. Honeywell continued its strong 2025 performance in third quarter. Growth in organic sales took another step up and finished ahead of expectations driven by our commitment to developing new solutions that solve our customers' most challenging problems. Better top-line results translated into earnings well above our guided range, while strong orders across the portfolio demonstrate early results of our focus on innovation.

謝謝你，肖恩，大家早安。霍尼韋爾第三季延續了 2025 年的強勁表現。由於我們致力於開發解決客戶最具挑戰​​性問題的新解決方案，有機銷售額的成長又邁上了一個新的台階，並且超出了預期。更好的營收績效轉化為遠高於我們指引範圍的收益，而整個投資組合的強勁訂單證明了我們專注於創新的早期成果。

Our excellent third-quarter performance is powering another increase in our full-year guidance. We are raising our 2025 EPS guide for the third time this year even as we incorporate the impact of embedding spin-off of Solstice Advanced Materials. Barely a year since we announced our intent to separate Advanced Materials today, we are a week out from Solstice's first day of trading as an independent company.

我們第三季的出色表現推動了我們全年業績預期的再次提升。儘管我們考慮到了 Solstice Advanced Materials 分拆的影響，但我們今年第三次上調了 2025 年每股收益指引。距離我們今天宣布分離先進材料公司的意圖不到一年，距離 Solstice 作為獨立公司進行交易的第一天還有一周時間。

Our swift progress to this point demonstrate our ability to diligently execute carefully crafted work plans with speed and efficacy. We have the right resources in place to deliver on both our portfolio transformation and our businesses, financial and operational targets. We will carry the learnings and momentum from Solstice to next year's separation of Aerospace.

我們目前的快速進展表明，我們有能力快速、有效地執行精心設計的工作計劃。我們擁有適當的資源來實現我們的投資組合轉型以及我們的業務、財務和營運目標。我們將把 Solstice 的經驗和動力帶到明年的航空航太分離。

As we look to our future as three independent companies in 2026, we are proactively planning to realign the structure of our Automation business at the beginning of next year to reflect how we will operate going forward. This move is another significant step in our simplification of Honeywell, which will provide the strategic focus, organizational agility, and tailored capital allocation to grow faster and drive value for all our stakeholders.

展望 2026 年我們作為三家獨立公司的未來，我們正積極規劃在明年年初重新調整自動化業務的結構，以反映我們未來的營運方式。此舉是我們簡化霍尼韋爾的另一個重要舉措，將提供策略重點、組織靈活性和量身定制的資本配置，以實現更快成長並為所有利害關係人創造價值。

Please turn to slide 3 for the latest update of our separation. A couple of weeks ago, Solstice held a well-attended Investor Day in New York, where David Swell and his new management team presented a compelling vision for the new Specialty Materials company and how its history and new independent strategy will unleash its growth potential and unlock long-term stakeholder value.

請翻到投影片 3 來了解我們分居的最新情況。幾週前，Solstice 在紐約舉辦了一場參與人數眾多的投資者日活動，會上，David Swell 和他的新管理團隊為這家新的特種材料公司提出了令人信服的願景，以及該公司的歷史和新的獨立戰略將如何釋放其增長潛力並釋放長期利益相關者的價值。

A week from today on October 30, Honeywell shareholders will receive new shares of Solstice, which will begin trading as a separate public company. I want to thank the team [that] achieved this important milestone well ahead of the original schedule to complete by early 2026. I'm extremely excited for the opportunities in front of Solstice, and I will be cheering on the success in the years ahead.

從今天起一週後的 10 月 30 日，霍尼韋爾股東將獲得 Solstice 的新股，Solstice 將作為一家獨立的上市公司開始交易。我要感謝團隊提前實現了這一重要里程碑，比原定於 2026 年初完成的計劃提前了很多。我對 Solstice 面臨的機會感到非常興奮，我將為未來幾年的成功歡呼。

As our planned separation of Aerospace in the second half of 2026 approaches, our Board has been intently focused on assembling a Honeywell Aerospace leadership team with a right mix of industry, company, and capital market experiences to maximize value for our customers partners, employees, and our shareowners. We expect to make an aerospace leadership and headquarter announcement later this year.

隨著我們計劃於 2026 年下半年分離航空航天業務的計劃臨近，我們的董事會一直專注於組建一支霍尼韋爾航空航天領導團隊，該團隊應具備行業、公司和資本市場經驗的正確組合，以最大限度地為我們的客戶、合作夥伴、員工和股東創造價值。我們預計將在今年稍後發布航空航天領導層和總部公告。

The separation of Aerospace brings the opportunity to further simplify Honeywell Automation. As a result, we have proactively designed a new, simpler structure aligned to the future of the business, which I will discuss in more detail in the next slide. As we seek to better position the future independent Aerospace and Automation companies for success, we have opportunistically completed transaction to simplify the legacy liabilities left on our balance sheet.

航空航太業務的分離為進一步簡化霍尼韋爾自動化帶來了機會。因此，我們主動設計了一個與業務未來一致的新的、更簡單的結構，我將在下一張投影片中更詳細地討論這一點。當我們尋求更好地定位未來獨立的航空航天和自動化公司以獲得成功時，我們抓住機會完成了交易，以簡化資產負債表上遺留的負債。

During the third quarter, we entered into an agreement to divest all our Bendix (inaudible) liability on attractive terms for all parties. We also terminated an indemnification and reimbursement agreement with Resideo in exchange for $1.6 billion in cash. In combination, these transactions resulted in net cash inflow and to simplify and derisk balance sheet, providing the company with fewer administrative burdens and greater financial flexibility to focus on creating value for our core business.

在第三季度，我們達成了一項協議，以對各方都具有吸引力的方式剝離所有 Bendix（聽不清楚）債務。我們也終止了與 Resideo 的賠償和補償協議，以換取 16 億美元現金。綜合起來，這些交易帶來了淨現金流入，並簡化了資產負債表並降低了風險，為公司減少了行政負擔，提高了財務靈活性，使公司能夠專注於為我們的核心業務創造價值。

On slide 4, I will go over segment realignment in more details. We announced yesterday that we are planning to reorganize the Honeywell Automation segment into a simplified structure focused on cohesive synergetic business models. I'm pleased to take this next step in evolving Honeywell's streamline portfolio with the aim of unlocking incremental value and driving long-term growth and margin expansion.

在投影片 4 中，我將更詳細地介紹片段重新調整。我們昨天宣布，我們計劃將霍尼韋爾自動化部門重組為一個簡化的結構，專注於有凝聚力的協同業務模式。我很高興邁出霍尼韋爾精簡產品組合的下一步，旨在釋放增量價值並推動長期成長和利潤擴張。

As such, effective beginning of first quarter of 2026, we plan to report four business segments. Aerospace Technologies, Building Automation, Process Automation & Technology, and Industrial Automation. Ahead of upcoming Aerospace separation, this new structure serve as an elegant way to continue simplifying the RemainCo portfolio and align our external segment to the way we are increasingly driving our operations through consistent business models.

因此，從 2026 年第一季開始，我們計劃報告四個業務部門。航空航天技術、建築自動化、製程自動化和技術以及工業自動化。在即將到來的航空航天分離之前，這種新結構可以作為一種優雅的方式繼續簡化 RemainCo 投資組合，並使我們的外部部門與我們透過一致的商業模式日益推動運營的方式保持一致。

Our differentiated approach underscores our ability to grow our installed base in two ways. By selling mission-critical products through channels and by delivering strategic projects for our customers. We then mine this installed base by providing customers with high-value outcome-based solution with a combination of software and services.

我們的差異化方法凸顯了我們透過兩種方式擴大安裝基礎的能力。透過通路銷售關鍵任務產品並為我們的客戶提供策略項目。然後，我們透過為客戶提供結合軟體和服務的高價值的基於結果的解決方案來挖掘這個安裝基礎。

The three RemainCo reporting segment will be organized into six strategic business units with each of our businesses aligned to our unified automation strategy, enabling us to solve enterprise level challenges and help our customers achieve a new level of optimization with the Honeywell Forge platform.

RemainCo 的三個報告部門將組織成六個策略業務部門，每個業務部門都與我們的統一自動化策略保持一致，使我們能夠解決企業級挑戰，並幫助我們的客戶透過 Honeywell Forge 平台實現新的最佳化水準。

Aerospace reporting is unchanged ahead of separation in the second half of the next year. The new structure will allow us to better prioritize R&D efforts, capital expenditure, and go-to-market strategy with a growth mindset. Building Automation will continue to be a leading provider of Unified Building Automation Solution, delivering safer, more sustainable, integrated buildings and infrastructure assets and (inaudible) in its Products and Solutions business unit structure.

在明年下半年分離之前，航空航太業務的報告保持不變。新的結構將使我們能夠以成長思維更好地優先考慮研發工作、資本支出和市場進入策略。樓宇自動化將繼續成為統一樓宇自動化解決方案的領先供應商，在其產品和解決方案業務部門結構中提供更安全、更永續、整合的建築和基礎設施資產和（聽不清楚）。

Process Automation & Technology is a combination of core Honeywell Process Solutions and UOP, the global leader in process technology. These businesses have developed powerful commercial synergies, enjoy a leading position in process market globally with vast installed base and share very similar business model characteristics. PA&T will report projects and aftermarket business units.

製程自動化與技術是霍尼韋爾製程控制部和全球製程技術領導者 UOP 的結合。這些企業已經形成了強大的商業協同效應，在全球流程市場中佔據領先地位，擁有龐大的安裝基礎，並且具有非常相似的商業模式特徵。PA&T 將報告項目和售後市場業務部門。

Industrial Automations portfolio of products and solutions businesses include mission-critical offering with proven reliability and tenured channel relationship positioning us to benefit from ongoing global re-shoring thematics.

工業自動化產品和解決方案業務組合包括具有可靠性和長期通路關係的關鍵任務產品，使我們能夠從正在進行的全球回流主題中受益。

With this realignment following the separation of Aerospace next year, Honeywell will be a premier pure-play automation company, leading the future of automation through high ROI outcome-based solution for customers, across a large addressable set of markets. And as we continue our journey of transforming the portfolio, I would like to highlight another lever of value creation with the recently announced Quantinuum capital raise on slide 5.

繼明年航空航太業務分離之後，霍尼韋爾將進行此次重組，成為一家領先的純自動化公司，透過為客戶提供高投資回報率、基於結果的解決方案，在廣闊的潛在市場中引領自動化的未來。隨著我們繼續轉變投資組合，我想在第 5 張投影片上強調最近宣布的 Quantinuum 資本籌集的另一個價值創造槓桿。

Four years ago, we formed the world's most advanced full stack quantum computing company. It has rapidly progressed quantum technology along the path to universal for tolerant computing, a more than two-decade pursuits than it is soon to be realized. Technological progress has driven fundraising momentum. Less than two years after completing an equity capital raise at a $5 billion pre-money valuation, the company announced in September a second raise at double the prior valuation.

四年前，我們成立了世界上最先進的全端量子計算公司。它沿著通用容忍計算的道路迅速推進量子技術的發展，這是一項超過二十年的追求，很快就會實現。技術進步推動了籌款勢頭。在完成股權融資（融資前估值 50 億美元）不到兩年後，該公司於 9 月宣布進行第二次融資，融資額是先前估值的兩倍。

As important as the capital contributions will be to advancing the development of quantum computing at scale, the collaboration with new shareholders such as Quanta and NVIDIA in addition to others like JPMorgan, Amgen, and Mitsui may prove even more critical. Quantinuum's fundraising efforts have led to new partnership that will support the development of critical applications for improving drug discovery, garment and military cyber security, and encryption for large financial institutions.

資本投入對於大規模推進量子運算的發展至關重要，與廣達和 NVIDIA 等新股東以及摩根大通、安進和三井等其他股東的合作可能更為重要。Quantinuum 的籌款努力促成了新的合作夥伴關係，這將支持開發用於改善藥物發現、服裝和軍事網路安全以及大型金融機構加密的關鍵應用。

While we are tremendously excited about the future of the business, we recognize we are not the best long-term owner, and it will eventually need its own capital structure to fully exploit its growth potential. As a result, Honeywell will seek to begin monetizing its stake in the company at the appropriate time in a manner that will create meaningful value for Honeywell shareowners. The most recent capital raise will sustain Quantinuum through that point in time.

雖然我們對該業務的未來感到非常興奮，但我們認識到我們並不是最好的長期所有者，它最終將需要自己的資本結構來充分發揮其成長潛力。因此，霍尼韋爾將尋求在適當的時候開始將其在該公司的股份貨幣化，從而為霍尼韋爾股東創造有意義的價值。最近的融資將支持 Quantinuum 度過這一階段。

I will now turn the call over to Mike to go through our third quarter results beginning on slide 6.

現在我將把電話交給麥克，讓他從第 6 張投影片開始介紹我們的第三季業績。

Thank you, Vimal, and good morning to everyone joining us. Honeywell delivered exceptional third-quarter results, again, meeting the high end of organic growth and adjusted earnings per share guidance as we have done each quarter this year. Organic sales accelerated to 6% year over year, led by return to double-digit growth in Aerospace and fourth straight quarter of high-single-digit growth in Building Automation.

謝謝你，維馬爾，大家早安。霍尼韋爾第三季業績表現優異，再次達到了有機成長和調整後每股收益預期的高端，正如我們今年每季所做的那樣。有機銷售額年增 6%，其中航空航太業務重回兩位數成長，樓宇自動化業務連續第四個季度實現高個位數成長。

Orders grew 22% organically from the previous year to $11.9 billion. While wins for long-cycle Aerospace and Energy projects led the way, the increase was broad-based with order growth accelerating each of our four segments and an overall book-to-bill above 1. The results are encouraging and an early demonstration of our focus on growth through innovative new products and the impact of our increased R&D investments.

訂單金額較上年同期有機成長 22%，達到 119 億美元。雖然長週期航空航太和能源項目的勝利引領了這一趨勢，但成長是廣泛的，訂單成長加速了我們四個部門的每一個部門，整體訂單出貨比超過了 1。結果令人鼓舞，並初步證明了我們專注於透過創新新產品實現成長以及增加研發投資的影響。

This impressive commercial performance pushed our backlog up to yet another record which positions us well for future growth. Segment profit increased 5% from the prior year, with segment margin meeting the high end of our guidance range, led by ongoing margin expansion in Building Automation. Earnings per share in the third quarter was $2.86, up 32% from the prior year. Adjusted earnings per share was $2.82, up 9% year over year, as strong segment profit growth and lower effective tax rate more than offset higher interest expense.

這一令人印象深刻的商業表現使我們的積壓訂單再創紀錄，為我們未來的成長奠定了良好的基礎。分部利潤較上年增長 5%，分部利潤率達到我們預期範圍的高端，這主要得益於樓宇自動化利潤率的持續擴大。第三季每股收益為 2.86 美元，比上年增長 32%。調整後每股收益為 2.82 美元，年增 9%，因為強勁的部門利潤成長和較低的有效稅率抵消了較高的利息支出。

You can find additional information on the year-over-year changes in the third quarter adjusted earnings per share in the appendix of our presentation. Third-quarter free cash flow was $1.5 billion, down 16% from the prior year because of a capital expenditures timing and modestly higher working capital to support our sales growth. We maintain our disciplined capital allocation approach in the quarter, returning $800 million to shareholders while committing $400 million to high-return capital projects and completing two technology tuck-in acquisitions.

您可以在我們簡報的附錄中找到有關第三季調整後每股收益同比變化的更多資訊。第三季自由現金流為 15 億美元，較前一年下降 16%，原因是資本支出時機和適度增加的營運資本支持我們的銷售成長。我們在本季保持了嚴謹的資本配置方式，向股東返還 8 億美元，同時向高回報資本項目投入 4 億美元，並完成了兩項技術收購。

Now let's move to slide 7 for a discussion of our third-quarter segment performance. I will provide a brief overview of results with additional commentary included on the right-hand side of the slide. Aerospace Technologies grew 12% organically led by strength in both commercial aftermarket and defense space. Commercial OE returned to growth as expected as our sales recoupled to the delivery rates of our large customers.

現在讓我們轉到投影片 7，討論我們第三季的分部表現。我將在投影片的右側提供結果的簡要概述和附加評論。航太技術業務有機成長 12%，主要得益於商業售後市場和國防領域的強勁成長。隨著我們的銷售額與大客戶的交付率重新掛鉤，商業 OE 恢復了預期的成長。

Orders momentum continued with strong double-digit orders growth across all three end markets, and book-to-bill of 1.2. On a year-over-year basis, segment margin decreased 160 basis points to 26.1% as commercial excellence and volume leverage were more than offset by cost inflation and acquisition-related headwinds. However, sequentially, margin improved 60 basis points on strong quarter-over-quarter volumes supported by improved supply chain performance.

訂單動能持續強勁，三大終端市場訂單均達到兩位數成長，訂單出貨比達到1.2。由於商業卓越表現和銷售槓桿被成本上漲和收購相關不利因素所抵消，部門利潤率較去年同期下降160個基點至26.1%。然而，由於供應鏈績效改善，季度環比銷量強勁，利潤率環比提高了 60 個基點。

Industrial Automation sales returned to growth in the third quarter, increasing 1% organically and exceeding our guidance range led by continued strength in our Sensing business. Segment margin in (inaudible) Automation declined 150 basis points from the prior year, to 18.8% as commercial excellence and productivity benefits were more than offset by inflationary pressures.

工業自動化銷售額在第三季恢復成長，有機成長 1%，超出了我們的預期範圍，這得益於我們感測業務的持續強勁成長。由於商業卓越性和生產力效益被通膨壓力所抵消，（聽不清楚）自動化部門的利潤率較前一年下降了 150 個基點，至 18.8%。

Building Automation again delivered high-single-digit growth for the quarter. Organic sales increased 7% from the previous year, driven by strength in both building solutions and building products. Regionally, North America and the Middle East led while Europe grew organically for a fourth consecutive quarter. Margin expanded 80 basis points year over year as we leverage our strong volume performance.

樓宇自動化本季再次實現高個位數成長。受建築解決方案和建築產品強勁成長的推動，有機銷售額較上年增長 7%。從地區來看，北美和中東處於領先地位，而歐洲則連續第四個季度實現有機成長。由於我們利用了強勁的銷售表現，利潤率同比增長了 80 個基點。

Energy and Sustainability solutions performed in line with expectations in the third quarter, down 2% organically. Strong refrigerants performance advanced materials was offset by licensing and catalyst delivery delays in UOP. Segment margin was flat versus the prior year at 24.5% as one-time government reimbursement for past legal cost and the lift from margin-accretive acquisition (inaudible) cost and volume headwinds.

能源和永續發展解決方案在第三季的表現符合預期，有機下降 2%。先進材料冷媒的強勁性能被 UOP 的許可和催化劑交付延遲所抵消。由於政府一次性補償了過去的法律成本，以及利潤成長收購（聽不清楚）成本和銷售逆風的影響，該部門利潤率與去年持平，為 24.5%。

Let's turn now to slide 8 to discuss our updated outlook for the year. Our guidance for the year now incorporates the impact of Solstice separation from Honeywell at the end of October. The spin is expected to reduce 2025 sales by $700 million. Adjusted earnings per share by approximately $0.21 and free cash flow by $200 million.

現在讓我們翻到第 8 張幻燈片來討論我們對今年的最新展望。我們對今年的指導現在已考慮到 10 月底 Solstice 與霍尼韋爾分離的影響。預計此次分拆將導致 2025 年銷售額減少 7 億美元。調整後每股收益約 0.21 美元，自由現金流增加 2 億美元。

Even with this impact, we're again raising our 2025 organic sales and adjusted earnings per share guidance as we fully pass through our strong third-quarter segment profit and net income growth into our improved outlook. On a like-for-like basis, our free cash flow expectations for the year remain unchanged.

即使受到這種影響，我們仍將再次提高 2025 年有機銷售額和調整後每股收益預期，因為我們將把強勁的第三季分部利潤和淨收入成長完全轉化為我們改善的前景。與去年同期相比，我們對今年的自由現金流預期保持不變。

Now I'll turn to slide 9 to provide more deals on fourth-quarter and full-year guidance. We're taking up full-year organic sales growth guidance by 150 basis points from the midpoint of our previous range. We now expect growth of approximately 6% for the year or 5% when excluding the prior year impact from the Bombardier agreement.

現在我將翻到第 9 張投影片，提供有關第四季度和全年指導的更多內容。我們將全年有機銷售額成長預期從先前預測範圍的中點上調了 150 個基點。我們現在預計今年的成長率約為 6%，如果排除龐巴迪協議對上一年的影響，則為 5%。

This new outlook built upon our strong sales momentum in recent quarters, while maintaining a pragmatic approach in the face of elevated geopolitical tensions and macro uncertainty. Full-year sales are now projected to be $40.7 billion to $40.9 billion. We anticipate a fourth-quarter organic sales growth of 8% to 10% or 4% to 6%, excluding Bombardier, which translates to sales of $10.1 billion to $10.3 billion.

這一新前景建立在我們最近幾季強勁的銷售勢頭之上，同時在地緣政治緊張局勢和宏觀不確定性加劇的情況下保持務實的態度。目前預計全年銷售額為 407 億美元至 409 億美元。我們預計第四季有機銷售額將成長 8% 至 10%，不包括龐巴迪，則成長 4% 至 6%，相當於銷售額為 101 億美元至 103 億美元。

For the full year, we now expect our company segment margin to be up 30 to 40 basis points or to be down 40 to 30 points, excluding Bombardier. We're anticipating modestly lower margins versus prior guidance, a result of reduced expectations for project licensing, catalyst shipments and (inaudible) short-cycle Industrial Automation products, which carry high incremental margins.

就全年而言，我們目前預計公司分部利潤率將上升 30 至 40 個基點，或下降 40 至 30 個基點（不包括龐巴迪）。我們預期利潤率將略低於先前的指引，這是由於對專案許可、催化劑出貨量和（聽不清楚）短週期工業自動化產品的預期降低，這些產品具有較高的增量利潤率。

We are offsetting most of these headwinds by leveraging our strong volume growth and utilizing our accelerator operating model to implement productivity actions. In the fourth quarter, we expect segment margin to be in the range of 22.5% to 22.8%, up 160 to 190 basis points or down 120 to 90 basis points, excluding Bombardier. We now anticipate full-year earnings per share of $10.60 to $10.70, up 7% to 8% or up 5% to 6%, excluding the impact of both the 2024 Bombardier agreement and the impending Solstice spin-off.

我們利用強勁的銷售成長和加速器營運模式來實施生產力行動，以抵消大部分不利因素。第四季度，我們預計分部利潤率將在 22.5% 至 22.8% 之間，上漲 160 至 190 個基點，或下降 120 至 90 個基點（不包括龐巴迪）。我們現在預計全年每股收益為 10.60 美元至 10.70 美元，增長 7% 至 8%，或增長 5% 至 6%，不包括 2024 年龐巴迪協議和即將到來的 Solstice 分拆的影響。

Earnings per share in the fourth quarter is expected to be $2.52 to $2.62, up 2% to 6% from the prior year or down 6% to 3%, excluding the effects of Bombardier and Solstice. I will give additional details on changes to the full-year EPS guidance later in my prepared remarks. We expect cash flow between $5.2 billion and $5.6 billion, down 2% to up 5% excluding the effects of Bombardier and Solstice. We provide additional information on the changes in the year-over-year free cash flow in the appendix of the presentation.

預計第四季度每股收益為 2.52 美元至 2.62 美元，比上年增長 2% 至 6%，或下降 6% 至 3%，不包括龐巴迪和 Solstice 的影響。我將在稍後的準備好的發言中提供有關全年每股收益指引變化的更多細節。我們預計現金流在 52 億美元至 56 億美元之間，不包括龐巴迪和 Solstice 的影響，將下降 2% 至成長 5%。我們在簡報的附錄中提供了有關同比自由現金流變化的更多資訊。

For the first three quarters of the year, we have deployed $9 billion for share repurchases, acquisitions, dividends, and capital projects. Going forward, we will continue to be opportunistic in allocating additional capital beyond that already committed to the highest return opportunities. Please turn to slide 10 for details on our segment level outlook for the year.

今年前三個季度，我們已投入90億美元用於股票回購、收購、股利和資本項目。展望未來，我們將繼續抓住機會，在已承諾的最高回報機會之外分配額外資本。請翻到第 10 張投影片，了解我們今年各細分市場展望的詳細資訊。

In Aerospace Technologies, we are raising our expectation for full-year sales growth to be low-double-digit range, or high single digits when excluding the impact of the 2024 Bombardier agreement. We expect robust defense and space growth to continue as our supply chain is improving and our global demand is benefiting from ramping national defense budgets.

在航空航天技術方面，我們上調了全年銷售額成長預期，預計為低兩位數，若不計入 2024 年龐巴迪協議的影響，則為高個位數。隨著我們的供應鏈不斷改善，以及我們的全球需求受益於國防預算的增加，我們預計國防和航太領域的強勁成長將持續下去。

Commercial aftermarket sale should expand at a healthy rate with (inaudible) growth outpacing business aviation. We anticipate commercial OE sales growth to accelerate for the remainder of the year as our shipments progressively realign to build schedules. For the fourth quarter, we expect Aero organic sales to be up double digits or high single digits, excluding Bombardier, led by Defense and Space.

商業售後市場銷售應以健康的速度擴張，且（聽不清楚）成長速度超過商務航空。隨著我們的出貨量逐步調整以符合計劃，我們預計今年剩餘時間內商業 OE 銷售成長將會加速。對於第四季度，我們預計航空有機銷售額將成長兩位數或高個位數（不包括龐巴迪），國防和航太部門將領先成長。

Commercial aftermarket growth should moderate from third quarter levels towards the longer-term trend. Excluding the year-over-year impact of Bombardier, commercial OE should grow faster than the prior quarter. We anticipate the second quarter marked the low point of Aerospace margins and fourth-quarter margins will be comparable to deferred.

商業售後市場的成長應該會從第三季的水平向長期趨勢放緩。排除龐巴迪的同比影響，商業原始設備製造商的增速應比上一季更快。我們預計第二季將是航空航太利潤率的最低點，而第四季的利潤率將與遞延利潤率相當。

For the full year, margins are expected to be approximately 26% as volume leverage is more than offset by transitory integration headwinds from the case acquisition and cost inflation from tariff pressures temporarily outpacing pricing. In 2026, as pricing aligns with tariff costs. OE shipments of Electronic Solutions recoupled with build rates and integration costs from the CAES acquisition subside, Aerospace margins are well positioned to increase from 2025 levels.

全年利潤率預計約為 26%，因為銷售槓桿被案件收購帶來的暫時整合阻力以及關稅壓力暫時超過定價帶來的成本通膨所抵消。2026 年，定價將與關稅成本保持一致。電子解決方案的 OE 出貨量與 CAES 收購帶來的建造率和整合成本下降相結合，航空航太利潤率預計將從 2025 年的水準開始成長。

For Industrial Automation, third-quarter outperformance is compelling us to raise our full-year top-line expectations for a second consecutive quarter from down low- to mid-single digits to down only low-single digits. Positive order growth in the third quarter was encouraging. So it was uneven within both long- and short-cycle businesses, such that it would not yet be prudent to confirm a sustainable upward trend.

對於工業自動化而言，第三季的優異表現迫使我們連續第二季上修全年營收預期，從低至中個位數下降至僅低個位數下降。第三季訂單的正面成長令人鼓舞。因此，長週期和短週期業務的發展並不均衡，因此現在確認可持續的上升趨勢並不明智。

As a result of these mix dynamics and a more challenging prior year comparison, we expect fourth-quarter sales to be down low-single digits. Continued momentum in smart energy and steady performance in Sensing and Warehouse automation should offset modest demand headwinds in Productivity Solutions and Services and short-term project pushouts in core process solutions. We now expect to see margin contraction in Industrial Automation for the full year on increasingly unfavorable mix with similar margin performance in the fourth quarter.

由於這些混合動態以及與去年同期相比更具挑戰性，我們預計第四季度銷售額將下降個位數。智慧能源的持續發展動能以及感測和倉庫自動化的穩定表現應該可以抵消生產力解決方案和服務方面的適度需求阻力以及核心流程解決方案中的短期專案推進。我們現在預計，由於產品組合越來越不利，工業自動化全年的利潤率將出現收縮，第四季的利潤率表現也將類似。

In Building Automation, we continue to anticipate full-year organic sales growth in the mid-single-digit to high-single-digit range, supported by strength in the US, Middle East, and India, and highlighted by robust demand in data centers, healthcare, and hospitality. For the fourth quarter, we expect sales to be up mid-single digits with momentum from strong order across both products and solutions.

在建築自動化領域，我們繼續預期全年有機銷售額成長率將在中等個位數至高個位數之間，這得益於美國、中東和印度的強勁成長，以及資料中心、醫療保健和飯店業的強勁需求。對於第四季度，我們預計銷售額將成長中等個位數，這得益於產品和解決方案的強勁訂單。

We anticipate a fifth consecutive quarter of organic growth for products to be broad-based across fire, BMS, and security. Solutions should continue to drive solid year-over-year growth in both projects and services. We expect margins for the full year and the fourth quarter to expand meaningfully as tailwinds from volume leverage and probability actions continue.

我們預計，消防、BMS 和安全等領域的產品將連續第五個季度實現有機成長。解決方案應繼續推動專案和服務的穩步同比增長。我們預計，隨著銷售槓桿和機率行動的持續推動，全年和第四季的利潤率將大幅擴大。

In Energy and Sustainability Solutions, we will limit our guidance commentary on Advanced Materials, given its pending separation as an independent company. We are maintaining our full-year ESS sales growth guidance of flat to up slightly and anticipate fourth-quarter sales to be down low-single digits year over year.

在能源和永續發展解決方案方面，鑑於先進材料即將分離為獨立公司，我們將限制對其的指導性評論。我們維持全年 ESS 銷售成長平穩或略有上升的預期，並預計第四季度銷售額將同比下降低個位數。

A difficult macro backdrop for Energy has weighed on our near-term guidance, but the long-term outlook remains strong. Our third-quarter increase in UOP orders of 9% is a signal of growing underlying demand from our customers, and we have good visibility into projects order strength continuing. On segment margin, we anticipate a meaningful fourth-quarter contraction, resulting in a roughly 1 point reduction for the full year.

能源產業艱難的宏觀背景對我們的短期指引造成了壓力，但長期前景依然強勁。我們第三季的 UOP 訂單成長了 9%，這表明我們客戶的潛在需求不斷增長，並且我們對專案訂單強度的持續成長有著良好的預見性。就分部利潤率而言，我們預計第四季將大幅收縮，導致全年利潤率下降約 1 個百分點。

Lower high-margin (inaudible) licensing sales are offsetting commercial excellence and uplift from the LNG and Sundyne acquisitions. While cost inflation market headwinds have presented a margin challenge in 2025, we're taking meaningful steps to address ESS cost structure and expect to return to margin expansion in 2026.

較低的高利潤（聽不清楚）許可銷售額抵消了商業優勢以及 LNG 和 Sundyne 收購帶來的提升。儘管成本通膨市場逆風對 2025 年的利潤率構成了挑戰，但我們正在採取有意義的措施來解決 ESS 成本結構，並預計在 2026 年恢復利潤率擴張。

Let's move to slide 11 to go through updates on our 2025 EPS (inaudible). Our earnings growth attribution comment separate out the year-over-year impact of Solstice spin-off at the end of the month, which is anticipated to reduce adjusted earnings per share by $0.21. We now expect segment profit growth, both organic and contribution from acquisitions to add $0.63 to adjusted EPS for the full year, $ 0.10 better than our previous view as we fully flow through better-than-anticipated third quarter operating results.

讓我們轉到第 11 張投影片來查看我們 2025 年每股收益的更新（聽不清楚）。我們的獲利成長歸因評論已將本月底Solstice業務分拆的同比影響單獨列出，預計將使調整後每股收益減少0.21美元。我們目前預計，分部利潤成長（包括有機成長和收購貢獻）將為全年調整後每股收益貢獻0.63美元，較我們之前的預期高出0.10美元，因為我們已充分考慮了好於預期的第三季度營運業績。

Third-quarter out-performance versus the point of our guidance range benefited from a lower effective tax rate and reduced below-the-line expenses, which were also benefiting the full year. Fourth-quarter segment profit contributions to earnings are in line with our prior expectations as better Aerospace growth offsets margin headwinds in Energy and Sustainability Solutions and Industrial Automation, as discussed earlier.

第三季的業績超出我們的預期範圍，得益於較低的有效稅率和減少的離線支出，這也使全年業績受益。如同先前所討論的，第四季分部利潤對收益的貢獻符合我們先前的預期，因為更好的航空航太成長抵消了能源和永續發展解決方案以及工業自動化的利潤率阻力。

We anticipate reduced year over year below-the-line headwinds of $0.39 per share as repositioning will be at the low end of our prior range. Additional below-the-line details are available in the appendix of the presentation. We now expect our full-year effective tax rate to be 19% compared to 20% previously, adding $0.30 to adjusted earnings per share.

我們預計，由於重新定位將處於我們先前範圍的低端，因此每股低於線下的阻力將比去年同期減少 0.39 美元。簡報的附錄中提供了更多詳細資訊。我們現在預計全年有效稅率為 19%，而之前為 20%，調整後每股收益將增加 0.30 美元。

To summarize, we anticipate 2025 adjusted EPS to grow at a mid-single-digit rate when excluding the impact of the Solstice spin and Bombardier agreement. Now I'll hand the call over to Vimal to finish our prepared comments on slide 12.

總而言之，我們預計，在排除 Solstice 旋轉和龐巴迪協議的影響後，2025 年調整後的每股收益將以中等個位數的速度增長。現在我將把電話交給 Vimal，讓他完成第 12 張投影片上我們準備好的評論。

Thanks, Mike. Honeywell again exceeded its financial commitment in the third quarter as Aerospace execution returned that business to double-digit year-over-year growth. With orders increasing in each of our four segments, we are getting good returns from dedicating the right level of resources to creating new solutions to sell into our large global customer base.

謝謝，麥克。由於航空航太業務的執行使該業務實現了兩位數的同比增長，霍尼韋爾在第三季度再次超額完成了其財務承諾。隨著我們四個部門的訂單不斷增加，我們透過投入適當的資源來創造新的解決方案並銷售給我們龐大的全球客戶群，從而獲得了良好的回報。

As just one example of our recent commercial success, Gulfstream recently announced that Honeywell's engines and avionics will power its new super midsized G300 business jet platform, which will offer superior range, efficiency, and safety to current comparable aircraft. This win is a testament of our ability to stay at the forefront of leading-edge technologies that matter most to our customers.

作為我們近期商業成功的一個例子，灣流公司最近宣布，霍尼韋爾的發動機和航空電子設備將為其新型超中型 G300 公務機平台提供動力，該平台將比目前的同類飛機提供更出色的航程、效率和安全性。這場勝利證明了我們有能力始終處於對客戶最重要的尖端技術的前沿。

We are going into the final quarter of 2025 from a position of strength with operating momentum leading us to raise our guidance for the third time this year, even as a shifting macro environment requires a high level of agility to deliver these results. We are pleased by the performance of our acquisitions since 2023, which continue to help us shape our portfolio and deliver higher growth and margins. Our commercial and operational momentum are building into 2026, which will be a historic one for Honeywell.

我們將以強勁的勢頭進入 2025 年最後一個季度，營運動能將引領我們今年第三次提高業績指引，儘管不斷變化的宏觀環境需要高度的靈活性才能實現這些結果。我們對 2023 年以來收購的表現感到滿意，這些收購繼續幫助我們塑造投資組合併實現更高的成長和利潤率。我們的商業和營運勢頭正在向 2026 年邁進，這對霍尼韋爾來說將是歷史性的一年。

At the same time, we are operating with the same commitment to operational excellence that has defined Honeywell for decades. While 2025 was affected by a number of headwinds, including heightened economic uncertainty, incremental tariffs, and significant cost inflation, we have already begun taking action to position our Aerospace and Automation businesses to return to underlying margin expansion in 2026.

同時，我們秉承著霍尼韋爾數十年來堅持的卓越營運承諾。儘管 2025 年受到一系列不利因素的影響，包括經濟不確定性加劇、關稅遞增以及成本大幅上漲，但我們已經開始採取行動，使我們的航空航太和自動化業務在 2026 年恢復到基本利潤率擴張。

As we prepare Aerospace to begin a journey as a leading independent company next year, we expect to begin 2026 operating under a new structure that aligns to how we will deliver the future of automation, giving us a running start post separation. Increasingly, customers across end markets faced similar structural challenges such as skilled labor shortages, aging infrastructure, operational inefficiencies, and elevated energy and maintenance.

隨著我們為航空航太公司明年作為一家領先的獨立公司開始新的旅程做好準備，我們預計從 2026 年開始，我們將在一個與我們實現未來自動化的方式相一致的新結構下運營，為我們在分離後提供一個良好的開端。終端市場的客戶越來越多地面臨類似的結構性挑戰，例如熟練勞動力短缺、基礎設施老化、營運效率低下以及能源和維護成本增加。

As value creation shifts showers harnessing the part of data to solve enterprise scale challenges and achieve new level of automation, we are streamlining our business unit centered around cohesive business model for addressing these issues.

隨著價值創造轉向利用數據來解決企業規模挑戰並實現新的自動化水平，我們正在圍繞解決這些問題的凝聚力業務模式精簡我們的業務部門。

This segment realignment exemplifies our ability to simplify our whole organization to focus on actions that creates the highest value for our stakeholders, reducing distraction from legacy liabilities, reviewing strategic alternative for parts of our portfolio that do not fit our business model, and acquiring complementary technology through bolt-on and tuck-in acquisitions, all demonstrate our commitment to optimizing our business for future growth and value creation.

此部門重組體現了我們簡化整個組織的能力，使我們專注於為利益相關者創造最高價值的行動，減少遺留債務的干擾，審查不適合我們業務模式的部分產品組合的戰略替代方案，並通過補強型收購和補充性收購獲得互補技術，所有這些都表明了我們致力於優化業務以實現未來增長和價值創造的承諾。

And finally, Quantinuum's recent capital raise and technological leap forward delivering the promise of quantum computing, which the company will demonstrate in coming weeks, move Honeywell closer to realizing the value of its pioneering investment in the space. With that, Sean, let's take questions.

最後，Quantinuum 最近的資本籌集和技術飛躍實現了量子計算的承諾，該公司將在未來幾週內進行演示，這使霍尼韋爾更接近實現其在該領域的開創性投資的價值。肖恩，讓我們來回答問題吧。

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

謝謝你，維馬爾。Vimal 和 Mike 現在可以回答您的問題。（活動指示）接線員，請開通問答線路。

(Operator Instructions) Nigel Coe, Wolfe Research.

（操作員指示）Nigel Coe，Wolfe Research。

I just wanted to maybe kick off with the 4Q margin for ESS. And I'm just doing a quick math here, it implies 3 to 4 points of decline year over year. So I just want to make sure number one, that math is correct. And secondly, is the Advanced Materials Solstice spin losing two months of that. Does that have a material impact on that year over year?

我只是想從 ESS 的第四季利潤率開始。我在這裡只是做了一個簡單的計算，這意味著同比下降 3 到 4 個百分點。所以我只想確保第一點，數學是正確的。其次，先進材料 Solstice 的旋轉損失了兩個月的時間。這對逐年產生重大影響嗎？

So I would first highlight that within the ESS, we see LNG doing extremely well in that business. So that we see really good project activity, and that's progressing well. Orders are up. What we see in the fourth quarter, we see a little bit of transitory, I would say, softness in margins, and that's predominantly driven by mix. So we see Catalyst pushouts to continue. It's affecting us in the fourth quarter.

因此，我首先要強調的是，在 ESS 中，我們看到 LNG 在該業務中表現得非常出色。因此，我們看到了非常好的專案活動，並且進展順利。訂單增加了。我們在第四季看到的情況是，利潤率出現了一些暫時性的疲軟，這主要是由混合因素造成的。因此，我們預期 Catalyst 的推廣將會持續下去。這對我們第四季產生了影響。

But generally, I would say that ESS will normalize as we progress through 2026, back to its historical margins. And then on Advanced Materials. Advanced Materials was a little bit, I would say, accretive to the overall portfolio, but we're working for that as we are setting up for 2026.

但總的來說，我認為到 2026 年，ESS 將恢復正常，回到其歷史邊際。然後是先進材料。我想說，先進材料對整體投資組合有一點增值，但我們正在為 2026 年做準備，為此而努力。

And Nigel, this is Sean. I'll just remind you that the ESS business in Europe, in particular, typically has a seasonal build in both volume and mix favorability from 1Q to 4Q. If you recall, we had an unusually strong second quarter, which we called out at the time.

奈傑爾，這是肖恩。我只是想提醒你，特別是歐洲的 ESS 業務，通常從第一季到第四季度，銷售和產品組合都會呈現季節性成長。如果您還記得的話，我們當時就宣布了，我們第二季表現異常強勁。

And so really that full-year fourth-quarter impact is not that severe. It's really just a timing factor of where things came in at second quarter versus traditionally being higher in 3 and 4Q. And so I emphasize just the timing is more of a factor than anything else.

因此，第四季對全年的影響實際上並沒有那麼嚴重。這實際上只是一個時間因素，即第二季度的情況與傳統上第三季度和第四季度的情況相比有所提高。因此，我強調時機比其他因素更重要。

Okay. That's actually my follow-up question. Number one, did we see these pressures in 3Q and this government service -- the government settlements maybe offset that? Just wonder if you can maybe quantify that. And then do you think that this -- we see that mix shift in the back in the first half of next year or do you have that visibility at this point?

好的。這其實是我的後續問題。第一，我們是否看到了第三季的這些壓力以及政府服務──政府結算可能抵銷了這些壓力？我只是想知道您是否可以量化這一點。那麼您是否認為——我們會看到明年上半年這種組合發生變化，或者您現在是否已經預見了這一點？

So like I said, I think from the order activity standpoint, the order activity on big new projects is quite strong, and we'll continue to see that in the fourth quarter. From a revenue conversion standpoint, given these are big capital projects, they'll start converting to revenue probably in the second and second quarter and the second half. From a Catalyst standpoint, based on how customers order and ordering pattern, we see that improving next year as well, but don't see that volume in the fourth quarter.

所以就像我說的，我認為從訂單活動的角度來看，大型新項目的訂單活動相當強勁，我們將在第四季度繼續看到這種情況。從收入轉換的角度來看，考慮到這些都是大型資本項目，它們可能會在第二季和下半年開始轉換為收入。從 Catalyst 的角度來看，根據客戶的訂購方式和訂購模式，我們認為明年的情況也會有所改善，但第四季的訂購量不會達到這個水準。

And like Sean said, we usually see a fourth-quarter seasonal seasonality in the business, and we didn't see it this year because a lot of that volume came to us in the second quarter. So there will be a little bit of a gap in the fourth quarter as far as ESS margins.

正如肖恩所說，我們通常會看到第四季度的業務季節性變化，但今年我們沒有看到這種情況，因為許多業務量是在第二季度出現的。因此，就 ESS 利潤率而言，第四季將會出現一點差距。

But all things said, Nigel, we expect ESS margin to expand in 2026. It's a transitionary thing at the end of the day. We are positioning the business for growth. The LNG segment is doing extremely well. Sundyne is doing extremely well.

但總而言之，奈傑爾，我們預計 ESS 利潤率將在 2026 年擴大。歸根結底，這只是一個過渡過程。我們正在為業務成長進行定位。液化天然氣領域表現極為出色。Sundyne 的表現非常出色。

The overall projects, as Mike mentioned, is performing at order rate of 8% growth in Q3. We expect solid Q4. So it's just really the transitionary effect on the catalyst volume. And we think that will adjust in 2026, and we should have a more -- year more on expected lines with expanding our margins in 2026.

正如 Mike 所提到的，整體項目在第三季的訂單率成長了 8%。我們預計第四季業績穩健。所以這其實只是對催化劑體積的過渡效應。我們認為這種情況將在 2026 年得到調整，我們的利潤率將在 2026 年進一步提高，符合預期。

Okay. Thanks very much.

好的。非常感謝。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Just wanted to start with the IA segment. As it seems there's a lot of different moving parts inside it. You flipped to organic growth in Q3, I think for the first time in a couple of years, but it sounds like that will reverse in the fourth quarter. So just trying to understand, is that a function of something moving the wrong way, again in short cycle lower or is it more a function of the large project delays in the longer cycle business.

只是想從 IA 部分開始。因為它內部似乎有很多不同的活動部件。你們在第三季度實現了有機成長，我認為這是幾年來的第一次，但聽起來這種情況在第四季度會逆轉。所以只是想了解一下，這是由於某些事情朝著錯誤的方向發展，在短週期內再次降低，還是由於較長週期業務中的大型專案延遲。

And trying to understand on margins, I think there was the comment on similar margin in Q4. So does that mean it's a 19%-ish margin? And are there any one-time kind of headwinds on that as we're thinking about next year?

並試圖了解利潤率，我認為第四季度有關於類似利潤率的評論。那麼這是否意味著利潤率是 19% 左右？當我們考慮明年時，是否會出現任何一次性的阻力？

Yeah. So I would say, from my standpoint, the orders are looking, I would say, they were looking strong in 3Q. But as you know, we have a lot of timing variability as far as the larger orders, especially in our Warehouse Automation business. So we're monitoring that. But generally, I would say vis-a-vis where we started the year, we feel much better about the business and the progression.

是的。因此，從我的角度來看，訂單在第三季表現強勁。但正如您所知，就較大的訂單而言，我們的時間變化很大，特別是在我們的倉庫自動化業務中。所以我們正在監控這一點。但總的來說，我想說，相對於今年年初的情況，我們對業務和進展感覺好多了。

So from a margin standpoint, margins should grow sequentially in the fourth quarter for IA. There aren't really any one-timers, and the team is positioned to expand margins in 2026 as well. So we have good visibility to margin expansion in IA, going to 2026. Backlog is improving, that's giving us, I would say, good leverage from a fixed cost standpoint, and we have good visibility to pricing.

因此，從利潤率的角度來看，IA 的利潤率在第四季應該會較上季成長。實際上並沒有任何一次性的事情，而且該團隊也準備在 2026 年擴大利潤率。因此，我們對 2026 年 IA 利潤率的擴張有很好的預見性。積壓訂單正在改善，我想說，從固定成本的角度來看，這給了我們良好的槓桿作用，我們對定價有很好的了解。

That's helpful. Thank you. And then just my quick follow up on the Aerospace division. Maybe give us some update on we stand on that de-stocking? Do you think it's largely behind you now on the Commercial Aero side? And should we assume that, that 26% margin rate, again, that's a good placeholder into next year, barring [violent] swings in mix?

這很有幫助。謝謝。然後我簡單跟進一下航空航天部門的情況。您能否向我們介紹一下我們對去庫存的立場？您認為在商用航空領域，您現在基本上已經落後了嗎？我們是否應該假設，26% 的利潤率對於明年來說是一個很好的佔位符，除非組合出現劇烈波動？

Sure. So super happy with how the Aero team performed in the third quarter. And I think you will see more good news from Aero team as we go to fourth quarter and next year. I would say, from a margin standpoint, [2Q] '25 was probably the bottom. And you should continue to see sequential improvements on margins going to 2026.

當然。我對 Aero 團隊在第三季的表現非常滿意。我認為，隨著我們進入第四季度和明年，您會看到更多來自 Aero 團隊的好消息。我想說，從利潤率的角度來看，25 年第二季可能是最低點。到 2026 年，您應該會繼續看到利潤率的連續改善。

And on recoupling, I think that's largely behind us. I think Commercial, we will sequentially improve growth rates in the fourth quarter as well, and we should have a good print on Aero in 4Q and going to 2026, the set up looks really good. Orders again, were extremely high, high double-digits, and our past backlog, even with us outputting at these rates continues to hang over $2 billion. So we still have a lot of work with going to 2026.

至於重新掛鉤，我認為這基本上已經過去了。我認為商業方面，我們也將在第四季度連續提高成長率，並且我們應該在第四季度對航空業務有一個良好的印象，到 2026 年，這個設定看起來非常好。訂單量再次非常高，達到兩位數，即使我們以這樣的速度產出，我們過去的積壓訂單仍然超過 20 億美元。因此，為了迎接 2026 年，我們還有很多工作要做。

That's great. Thank you.

那太棒了。謝謝。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Can you guys just talk about the trend in the BA margin. Been really strong in the last couple of quarters, maybe a tad bit weaker this quarter than we were expecting. What's the -- what are the moving parts there? And how do you feel about that going into '26?

可以談談 BA 利潤的趨勢嗎？過去幾季表現非常強勁，但本季可能比我們預期的要弱一些。那裡的活動部件是什麼？您對 26 年有何感想？

Steve, so super happy with the BA performance. And I think as we talked about it before, BA team still has a lot of runway. As far as the 3Q, it's really just a matter of mix between projects and products. Nothing, I would say, concerning there. And like I said, sequentially, BA will continue to expand margins. And in 2026, they have a really good, I would say, really good setup and plan to continue to expand those margins. So no concerns on that business.

史蒂夫，我對 BA 的表現非常滿意。我認為，正如我們之前所討論的，BA 團隊仍然有很大的發展空間。就第三季而言，這實際上只是項目和產品混合的問題。我想說，沒有什麼與此有關。正如我所說的，BA 的利潤率將繼續擴大。到 2026 年，我想說，他們已經擁有了非常好的設置，並計劃繼續擴大利潤率。因此，無需擔心該業務。

I was going to reinforce that the BA just reinforces the overarching Honeywell strategy on how we are pivoting our business through higher growth and margin expansion. So they are ahead of the curve on executing that, and I'm very confident in other businesses are going to demonstrate the same. So we do expect 2026 to follow the trend line observed in BA in 2025.

我要強調的是，BA 只是強化了霍尼韋爾的整體策略，也就是我們如何透過更高的成長和利潤率擴大來調整業務。因此，他們在執行這一點上處於領先地位，而且我非常有信心其他企業也會這樣做。因此，我們確實預期 2026 年將遵循 2025 年 BA 觀察到的趨勢線。

And then just lastly on the profile of the income statement. You guys made -- obviously, Solstice is coming out. You guys made these changes around the liabilities. Any thoughts around changing the pension accounting and how you're reflecting that in your income statement and is that something could happen before Aerospace goes or that kind of reevaluation of the earnings format?

最後，我們來看看損益表的概況。你們製作了——顯然，Solstice 即將問世。你們針對負債做出了這些改變。對於改變退休金會計有什麼想法，以及如何在損益表中反映這一點，以及在航空航天公司開始之前是否會發生什麼事情，或者對收益格式進行重新評估？

So it's definitely one of our agenda items as we go over into 2026. We're actively discussing it. We understand your concern and your thoughts on pension treatment. I would say just based on what you see, we'll continue to simplify our balance sheet and how we report earnings to make sure you have a better visibility to cash flow conversion and EPS. So it's definitely on our agenda, but we're not ready to speak about it today.

因此，這絕對是我們邁向 2026 年的議程之一。我們正在積極討論此事。我們了解您對退休金待遇的關心和想法。我想說的是，僅根據您所看到的情況，我們將繼續簡化我們的資產負債表和收益報告方式，以確保您更好地了解現金流轉換和每股收益。所以這肯定在我們的議程上，但我們今天還沒有準備好談論它。

Yeah. Totally fair. Thanks a lot.

是的。完全公平。多謝。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

I can't -- I know this is going to be a little bit lumpy, but I can't remember a quarter with 22% order growth. I know you gave some per-segment granularity, but was there any kind of discreet projects or anything big that generally move the needle there or was it across the board as kind of indicated in your slides?

我不能——我知道這會有點不穩定，但我不記得有哪個季度的訂單成長率達到 22%。我知道您給出了一些每個部分的粒度，但是是否有任何類型的獨立項目或任何大項目可以推動這一進程，還是像您的幻燈片中所示的那樣，是全面的？

It's more across the board, Scott. I mean, I think Aero continues to do extremely well, and they're maintaining their momentum of increase their win rates and backlog. We had a strong orders growth in building automation, which flows a lot of that in the revenue stream, which you have seen. ESS orders growth were very good and also in IA. So I would say that the order growth is across all segments, long cycle even stronger than short cycle, but short cycle is also growing.

這更為全面，斯科特。我的意思是，我認為 Aero 繼續表現非常出色，並且他們保持著增加勝率和積壓訂單的勢頭。我們在樓宇自動化領域的訂單成長強勁，這在很大程度上影響了我們的收入流，正如您所看到的。ESS 訂單成長非常好，IA 也是如此。所以我想說訂單成長涵蓋所有領域，長週期甚至比短週期更強勁，但短週期也在成長。

And I do expect the trend to continue in Q4. We don't expect any substantial change in the trajectory, and that's foundation of the growth-oriented Honeywell, we have been focusing on over the last two years, and the effort we have put in terms of our portfolio revitalization and focusing on R&D spend on the right set of projects. You can see the early effect of that, and I'm confident that things will get better as we go along into 2026.

我確實預計這一趨勢將在第四季度繼續下去。我們預期發展軌跡不會發生任何實質變化，這就是霍尼韋爾以成長為導向的基礎，過去兩年我們一直專注於此，以及我們在產品組合振興和專注於在正確的項目上投入研發資金方面所付出的努力。您可以看到它的早期效果，我相信隨著我們進入 2026 年，情況會變得更好。

Okay. That's helpful. And then switching gears slightly. You guys have done pretty meaningful deals in the last two years. And I think you previously said that was kind of 1% to 2% tailwind accretion in '25, I believe, somewhere in that ballpark. How does that flow through on '26 given what you're seeing in the deal models -- and it sounds like you're a little ahead of the deal models on that group of transactions overall.

好的。這很有幫助。然後稍微轉換一下話題。在過去兩年裡，你們達成了非常有意義的交易。我認為您之前說過，25 年順風增幅大約為 1% 到 2%，我相信大概在那個範圍內。考慮到您在交易模型中看到的情況，這對 26 年有何影響？聽起來您在該組交易的整體交易模型上略有領先。

Yes. Overall, Scott, I would say the [amenities] are performing very well on an average over these are all the deals we did since I started at 12 times multiple. And we are either on TBA or ahead of TBA in majority of them. And the foundational strategy we had that they will help us to grow our organic growth rates and margin expansion. They're really working very well for us. So I'm really encouraged. Maybe Mike, you want to add some specific feedback further on this?

是的。總體而言，斯科特，我想說，自從我開始 12 倍倍數投資以來，這些 [便利設施] 的平均表現都非常好。在大多數情況下，我們要么處於 TBA 水平，要么領先於 TBA。我們的基本策略是，他們將幫助我們提高有機成長率和利潤率。他們確實為我們做出了巨大的貢獻。所以我真的很受鼓舞。也許麥克，你想對此進一步添加一些具體的回饋？

Sure. So like Vimal said, I think majority of those deals starting actually fourth quarter and going to next year is becoming organic for us from a growth standpoint. And like Vimal said, there continue to be accretive and TBAs are ahead of plan, both on revenue synergies and on cost synergies. So we feel really good about these acquisitions and how they fit the portfolio, not only financially, but also from a technology complementary standpoint.

當然。因此，就像維馬爾所說的那樣，我認為從成長的角度來看，大多數從第四季開始並持續到明年的交易對我們來說都是有機的。正如維馬爾所說，無論是收入協同效應還是成本協同效應，TBA 都在持續增值，並且超出了計劃。因此，我們對這些收購以及它們如何適應投資組合感到非常滿意，不僅在財務上，而且從技術互補的角度來看也是如此。

Okay. Thank you. Best of luck.

好的。謝謝。祝你好運。

Amit Mehrotra, UBS.

瑞銀的 Amit Mehrotra。

Vimal, I wanted to ask if you can just talk about pricing strategy across the organization. You made a comment recently around pricing vis-a-vis wanting to preserve or protect volume. I forgot the exact wording, but it was something to that effect. And the question is really in the context if I look this year, revenue expectations are increasing margin expectations are coming down a little bit, fully understand there's mix, there's acquisition, there's timing.

Vimal，我想問您是否可以談談整個組織的定價策略。您最近就定價與想要保持或保護銷售的問題發表了評論。我忘記了確切的措辭，但大意是這樣的。問題實際上是，如果我看今年的情況，收入預期在增加，利潤預期在下降一點，充分理解有組合，有收購，有時機。

But just wanted to understand if there's maybe a pricing opportunity in the future that is not being exploited today, either because of the R&D investments you're making or maybe just a more surgical focus on that post the spinoff of the businesses.

但只是想了解未來是否存在目前尚未利用的定價機會，這要么是因為您正在進行研發投資，要么只是在業務分拆後更加重視這一點。

So thanks, Amit. I would say that fundamentally, our strategy has been that we want to preserve our margins while we keep our volumes to our expectations. So that has been the north star we have been focusing on, and we have demonstrated that for the most part. I would say that if I look ahead in 2026, pricing will become a good enabler for 2026 margin expansion.

所以謝謝你，阿米特。我想說，從根本上來說，我們的策略是，我們希望在保持銷售量符合預期的同時保持利潤率。這就是我們一直在關注的北極星，而且我們在很大程度上已經證明了這一點。我想說，如果展望 2026 年，定價將成為 2026 年利潤率擴張的良好推動因素。

The only headwind we faced in pricing, I'll call out, in 2025 was just a lag effect. It's just the timing, we're learning something, and we can lack 30 days, 45 days. We are not going to face that event in 2026. So overall, I do remain confident that our model of getting our margin expansion through pricing, while we're protecting our volume is really working.

我想說的是，2025 年我們在定價方面面臨的唯一阻力只是滯後效應。只是時機問題，我們正在學習一些東西，我們可能缺少 30 天、45 天。2026 年我們不會再遇到這樣的事件。所以總的來說，我仍然相信，我們透過定價來擴大利潤率，同時保護銷售的模式確實有效。

And some of the margin expansion we have seen in this year, the margins have been more flattish is primarily our focus has been growth. And there are some transitional issue items which have happened at this point, whether it is tariff-related cost hitting us in some pockets and M&A impact, et cetera. I'm very confident those are transitionary and you're going to see a strong impact in our margin expansion into 2026.

我們今年看到的利潤率有所擴大，但利潤率一直比較平穩，主要是因為我們關注的是成長。目前已經出現了一些過渡性問題，包括關稅相關成本對我們造成的影響、併購影響等等。我非常有信心這些都是過渡性的，到 2026 年，你會看到我們的利潤率擴張將產生強大的影響。

Mike, anything to add?

麥克，還有什麼要補充的嗎？

That's exactly right. I mean, we've been -- now with the team's focusing on 2026 pricing I think, for about 1.5 months. We have a really good plan and strategy laid out across our segments and regionally. And based on everything I see pricing will become stronger next year. And a lot of that is really driven just by tariffs stabilizing and that picture on inflation being much more clear the teams know what they need to deploy, et cetera.

完全正確。我的意思是，我們現在團隊已經專注於 2026 年的定價大約一個半月了。我們針對各部門和地區制定了非常好的計劃和策略。從目前的情況來看，我認為明年的定價將會更加強勁。其中很大一部分實際上是由關稅穩定和通膨情況更加清晰所驅動的，團隊知道他們需要部署什麼，等等。

And then I would say, if you just look at segments. Aero was high on price this year. It's going to be a tailwind for them next year. And other than that, I think teams are generally caught up at this stage on pricing going to next year. So I'm really positive on price being better incrementally next year versus this year.

然後我想說，如果你只看片段。今年 Aero 的價格很高。明年這對他們來說將是順風。除此之外，我認為各隊目前普遍都已經確定了明年的定價方案。因此，我非常有信心明年的價格會比今年有所改善。

Okay. That's very encouraging. Thank you. And just one follow up related to that, just on margins. You're very clear about the trajectory for margin Aero next year. If I look at all the different pieces, they're all kind of converging, Industrial Automation kind of sticks out a little bit in terms of structurally lower margins in Building Automation and Aero.

好的。這非常令人鼓舞。謝謝。還有一個與此相關的後續問題，僅涉及利潤。您非常清楚明年 Aero 的利潤軌跡。如果我看一下所有不同的部分，它們都是趨同的，工業自動化在樓宇自動化和航空的結構性較低利潤率方面有點突出。

I think time, you've talked about maybe some self-help opportunity there, but maybe kind of talk about a little bit of the Industrial Automation margin opportunity from kind of the high teens where you see that maybe structurally the opportunity for that?

我認為，您已經談到了那裡可能存在的一些自助機會，但也許可以談談十幾歲左右的工業自動化利潤機會，您認為這在結構上可能存在這樣的機會？

I mean, I look at Industrial Automation margin expansion more than normal way. The areas we have seen our segment announcement last evening, we are going to focus in Industrial Automation on primarily the product businesses, by taking Process Automation out and reforming a segment of Process Automation & Technology. I think this really positions us extremely well.

我的意思是，我以比正常方式更關注工業自動化利潤率的擴張。我們昨晚發布了分部公告，我們將主要專注於工業自動化產品業務，將流程自動化剔除出去，並改革流程自動化和技術部分。我認為這確實使我們處於非常有利的地位。

And on Industry Automation, that simplification now allows us to focus on how we have executed well on a classical product business model in Building Automation, really playing the playbook in Industrial Automation. So I do expect the pricing is going to play. We talked about it a few minutes back.

在工業自動化方面，這種簡化現在使我們能夠專注於如何在樓宇自動化領域中很好地執行經典產品業務模型，真正在工業自動化領域發揮作用。所以我確實預計定價將發揮作用。幾分鐘前我們討論過這個問題。

On the productivity side, we will see positive effect of both fixed cost and variable cost productivity. On the variable side, we feel confident on direct materials. And on the fixed side, base-lining the cost structure of the business aligned to the volumes we are seeing, we feel good about that where do we sit today.

在生產力方面，我們將看到固定成本和變動成本生產力的正面影響。在變數方面，我們對直接材料充滿信心。在固定方面，根據我們看到的業務量來確定業務成本結構，我們對目前的狀況感到滿意。

So overall the setup is good for IA. I think the -- what I'm really focusing upon is getting the business more to the higher growth momentum compared to what we are exhibiting right now. And at the right time, we also start looking at the M&A optionality, which we can bring to the business to further strengthen our portfolio.

因此總體而言，該設定對 IA 來說是有利的。我認為——我真正關注的是讓業務比我們現在所展示的更具成長勢頭。在適當的時候，我們也會開始考慮併購選擇權，我們可以將其帶入業務中以進一步加強我們的投資組合。

Okay. Very good. Thank you very much.

好的。非常好。非常感謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Maybe first question on Aerospace. And -- I realize some of it will follow on the next leadership team, which you'll announce later this year. How are you thinking about the biggest opportunities and the implications for margins as we think about '25 being a transitory year with some headwinds and just the evolution of OE mix next year.

也許第一個問題是關於航空航天的。並且——我意識到其中一些決定將在今年稍後由下一屆領導團隊宣布。當我們認為 25 年是一個過渡年，會面臨一些阻力，而明年 OE 組合將發生變化時，您如何看待最大的機會以及對利潤率的影響。

Sheila, I would say the transition, which is occurring, we spoke about that in the last quarter two. We definitely see the OE mix becoming less intense compared to how we started the year. So that certainly is a benefit to us. The tariff-related pressure which came into the cost under the margin rates of Aero would be let off a factor in 2026. And then the CAES acquisition, which was adding as a headwind for our margins in 2025, would not be a factor.

希拉，我想說的是，轉變正在發生，我們在第二季度談到了這一點。我們確實看到，與年初相比，OE 組合的強度有所降低。所以這對我們來說當然是有好處的。在 Aero 的利潤率下，與關稅相關的成本壓力將在 2026 年得到緩解。然後，CAES 收購將不再是一個因素，儘管這在 2025 年對我們的利潤率造成了阻礙。

In fact, it will be a tailwind. So as I look ahead, all these factors, the confidence that we bottomed out in 25% margins in quarter two, and then we are lapping towards 26% and higher that direction is very clear, and we are working hard to demonstrate towards that and better in '26 and beyond.

事實上，這將是一股順風。因此，當我展望未來時，考慮到所有這些因素，我們有信心在第二季度觸底 25% 的利潤率，然後向 26% 甚至更高的目標邁進，這個方向非常明確，我們正在努力實現這一目標，並在 26 年及以後取得更好的成績。

Great. And then maybe if I could follow up on the aftermarket, just nice acceleration there, and you called out, I think, some moderation in Q4. What kind of surprised to the upside in the quarter on the commercial aftermarket, whether Commercial Aviation, Business Aviation, was it recurring revenue if you could just talk about that?

偉大的。然後，如果我可以跟進售後市場，那裡的加速表現會很好，我認為你會在第四季度看到一些緩和。您能談談本季商業售後市場（無論是商用航空還是公務航空）的意外成長是經常性收入嗎？

So I would say it was on the aftermarket, the growth is really broad-based. And a lot of that growth is -- demand has been very stable. A lot of the growth is also driven by us being able to unlock our supply chain, and I hope that continues. But from a demand standpoint going into fourth quarter, this business should grow high single digits on a normalized basis. So demand is still strong across the industry. And no really any particular drivers with the exception of supply chain performing much better than it did in the second quarter.

所以我想說，在售後市場上，成長確實是廣泛的。其中很大一部分成長是──需求一直非常穩定。我們實現的成長很大程度上也得益於我們能夠解鎖我們的供應鏈，我希望這種情況能夠持續下去。但從第四季的需求角度來看，該業務在正常情況下應該會實現高個位數成長。因此整個產業的需求仍然強勁。除了供應鍊錶現比第二季好得多之外，並沒有特別的驅動因素。

Great. Thank you.

偉大的。謝謝。

Deane Dray, RBC Capital Markets.

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

First, I'd just like to say congrats to the team on getting Solstice to the finish line, or the starting line, depending on your perspective. We've seen multiple spins by companies, and we know all the work that goes into it. So congrats.

首先，我要祝賀團隊將 Solstice 帶到了終點線，或者說，到達了起跑線，這取決於你的觀點。我們見過很多公司進行過多次轉型，我們也知道其中需要做的所有工作。恭喜你。

I appreciate the good words there, Dean, and the teams have worked really, really hard to get it done ahead of time. Our earlier estimate was Q1 '26, and we pulled it forward by at least one quarter.

我很感謝你的讚美，Dean，團隊也確實非常努力地提前完成了任務。我們之前的估計是 26 年第一季度，我們將其提前了至少一個季度。

Great. And then I missed the very beginning. Did you have any update on the process of looking at strategic alternatives for Productivity Solutions and Services and Warehouse Automation, any uptick on potential timing?

偉大的。然後我就錯過了最開始的部分。您是否對尋找生產力解決方案和服務以及倉庫自動化策略替代方案的過程有任何更新，對潛在時間表有任何改進？

We kicked off the process of strategic review. I would say that in the Q1 in 2026 first-quarter earnings call, we should be able to provide you much more definitive path forward. I think the work is in progress, but I do not have any additional details I can share with you right now. So we expect to -- when we are back in about 90 days, we should have more information for you.

我們啟動了戰略審查程序。我想說，在 2026 年第一季財報電話會議上，我們應該能夠為您提供更明確的前進道路。我認為這項工作正在進行中，但我現在沒有其他可以與您分享的細節。因此，我們預計——當我們在大約 90 天後回來時，我們應該會為您提供更多資訊。

Got it. And then on Industrial Automation and your comment that's more of a product focus, it was interesting to see the call out about sensors, being in their fourth quarter of growth, and you called out healthcare sensors in particular. So we're now getting some additional insight into these businesses. Can you comment on the growth opportunity in the Sensor business?

知道了。然後關於工業自動化和您的評論，這更專注於產品，有趣的是看到關於感測器的呼籲，它們正處於第四季度的增長，您特別提到了醫療保健感測器。因此，我們現在對這些業務有了更多的了解。您能評論一下感測器業務的成長機會嗎？

Yeah. If you look at our Industrial Automation look ahead, depending on what decision we make on our Scanning Mobility Business and Warehouse Automation business, the balance IA would be a product-oriented business where products are critical. These are related to compliance. These products are certified. And that's a fundamental model we're really working towards.

是的。如果您展望我們的工業自動化前景，根據我們在掃描行動業務和倉庫自動化業務上做出的決策，平衡的 IA 將是產品導向的業務，其中產品至關重要。這些都與合規性有關。這些產品均已通過認證。這正是我們真正努力實現的基本模式。

And we also are conscious that IA would also become a pivot towards our US on-shoring growth. So all those items are in play as we are thinking ahead about the IA portfolio moving forward. Now Sensors is one of the biggest business there. We have positioned in three verticals in Sensors. Aerospace, Medical Devices, and Industrial. And we have good run-up to this business in 2025.

我們也意識到，IA 也將成為我們美國本土成長的支點。因此，當我們考慮 IA 投資組合的未來發展時，所有這些項目都在發揮作用。現在，感測器是那裡最大的企業之一。我們在感測器領域定位於三個垂直領域。航空航太、醫療設備和工業。我們已經為 2025 年的業務做好了充分的準備。

We expect to maintain that momentum in 2026, and we expect to provide now more segment-specific details in IA as we have simplified the segment. And as we have more conversations and discussions in the future, I look forward to providing you more details. But fundamentally, sensors is one of the key part of the business, and we remain very optimistic on how this will perform in the times ahead.

我們預計在 2026 年將保持這一勢頭，並且由於我們已經簡化了細分市場，因此我們希望在 IA 中提供更多特定於細分市場的詳細資訊。隨著我們將來有更多的對話和討論，我期待為您提供更多細節。但從根本上來說，感測器是業務的關鍵部分之一，我們對其未來的表現仍然非常樂觀。

Thank you.

謝謝。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to follow up on the Industrial Automation portfolio. And specifically, I guess, the realignment slide from 15. I mean, I guess it seems like the only -- or I guess the only full business line being put into the new Industrial Automation segment, is that Sensing business, assuming Warehouse and PSS get divested.

我想跟進工業自動化產品組合。具體來說，我猜，重新調整後的幻燈片從 15 開始。我的意思是，我猜這似乎是唯一的——或者我猜唯一一條被納入新工業自動化領域的完整業務線，那就是感測業務，假設倉庫和 PSS 被剝離。

So I guess -- maybe any color on how much revenue is kind of being maybe pushed out of the process solutions bucket into that new Industrial Automation portfolio? And then more broadly, how do you feel about the scale of this Industrial Automation business? And is it an area where you could be looking to add assets?

所以我想——也許可以確定有多少收入可能從流程解決方案領域轉移到新的工業自動化產品組合？那麼更廣泛地說，您對這個工業自動化業務的規模有何看法？這是您希望增加資產的領域嗎？

Yeah. So Chris, what we provided yesterday is more accumulation of our two years of work of simplification. We have been working on our portfolio, the spins work we have done, some of the strategic reviews, et cetera. I see the definition into three end markets, three verticals is an outcome of all of that. We are pleased, first of all, where we have landed ourselves: Buildings, Process, and Industrial. Clearly, Buildings and Process have higher scale today compared to Industrial to your question.

是的。所以克里斯，我們昨天提供的是我們兩年簡化工作的更多累積。我們一直在研究我們的投資組合、我們所做的旋轉工作、一些策略評估等等。我認為三個終端市場、三個垂直市場的定義是所有這些的結果。首先，我們很高興自己所處的領域是：建築、工藝和工業。顯然，對於您的問題而言，與工業相比，如今的建築和流程具有更高的規模。

And -- but we are starting from a position from which we want to build upon in Industrial from a only product-oriented business, and we'll continue to see more opportunities on how we strengthen that. So more to come there. This is -- I first want to finish the unfinished task of the strategic review of Scanning and Mobility, Warehouse Automation, we have yet to complete that work.

而且—但我們是從工業領域以產品為導向的業務開始的，我們將繼續看到更多加強這項業務的機會。因此，還會有更多內容。這是——我首先想完成掃描和移動、倉庫自動化策略審查的未完成任務，我們尚未完成這項工作。

We also want to focus on organic growth return of Industrial Automation to its baseline. And I'm confident that all that is going to take shape well in 2026. And then we'll turn our focus into what else we need to add to this portfolio so that it becomes a meaningful part of Honeywell.

我們也希望關注工業自動化的有機成長回歸基準。我相信，到 2026 年，這一切都會順利實現。然後，我們將把重點轉向需要在該產品組合中添加哪些內容，以使其成為霍尼韋爾有意義的一部分。

Thank you. I really appreciate that. I guess maybe to follow up on Building Automation. And specifically, could you provide any color or comments on the data center exposure or opportunity there. I mean, our (inaudible) are hearing more and more about controls needing to be more complex as the facilities get bigger and more complex.

謝謝。我真的很感激。我想也許可以跟進樓宇自動化。具體來說，您能否對那裡的資料中心曝光度或機會提供任何細節或評論。我的意思是，隨著設施變得越來越大、越來越複雜，我們（聽不清楚）越來越常聽到控制需要變得更加複雜。

I think historically, that has not been a big vertical for you guys, but it seems like you've done a better job breaking in there over the last years. So maybe talk about how you broke in and what is the opportunity?

我認為從歷史上看，這對你們來說並不是一個很大的垂直領域，但在過去的幾年裡，你們似乎在那裡做得更好了。那麼也許可以談談你是如何闖入的以及機會是什麼？

Yeah. So increasingly, Chris, data center is becoming a bigger part of our Building Automation business, certainly not contributing to the growth rate to a certain degree. We are -- I would say that our position in safety and security in data center is -- we are well positioned in that.

是的。因此，克里斯，資料中心正日益成為我們樓宇自動化業務中越來越重要的一部分，但在一定程度上肯定不會對成長率做出貢獻。我想說的是，我們在資料中心安全方面的地位是──我們在這方面處於有利地位。

You're talking about more like 2% spend of data center is in the space. So spend-wise percentages are small, but we have a good position in our Fire Safety Systems. We have a good position in our Security System.

您說的更像是資料中心 2% 的支出是在太空中。因此，從支出角度來看，我們的百分比很小，但我們的消防安全系統處於良好地位。我們的安全系統處於良好地位。

We are increasingly improving our position in the building management and we continue to work our way through to gain more share in that market. So certainly, a lot of hyperscalers, a lot of REITs are becoming our customer. You may have seen a recent announcement also in our partnership with LS Electric on which we want to work more joint solution between Electrical System and Control System because we see a need for that by our customer.

我們正在不斷提高我們在建築管理中的地位，並將繼續努力在該市場獲得更多份額。因此，可以肯定的是，許多超大規模企業和房地產投資信託基金正在成為我們的客戶。您可能已經看到了我們與 LS Electric 合作的最新公告，我們希望在電氣系統和控制系統之間提供更多的聯合解決方案，因為我們看到客戶有此需求。

So we continue to improve our strategy, continue to improve our portfolio, and I remain confident that data center end market growth, which is occurring, will certainly help building automation business as additional -- as a vector to maintain their growth momentum. It's -- we were starting from a very low position, but we are certainly gaining more and more momentum there.

因此，我們將繼續改進我們的策略，繼續改善我們的產品組合，我仍然相信，正在發生的資料中心終端市場成長必將幫助樓宇自動化業務成為保持其成長勢頭的額外載體。我們的起點很低，但我們正在獲得越來越大的動力。

Thank you, Vimal.

謝謝你，維馬爾。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

So look, Vimal, you've done a lot from a portfolio perspective, a lot has been announced. I like this new structure. I think it very a least separates the different businesses. I guess the question is, as we head into the Aero spin in the second half of '26. Could you potentially see additional announcements on the portfolio?

所以，維馬爾，從投資組合的角度來看，你已經做了很多，也宣布了很多。我喜歡這個新結構。我認為它至少將不同的業務區分開來。我想問題是，當我們在 26 年下半年進入 Aero 旋轉時。您是否有可能看到有關投資組合的其他公告？

I would say that -- as we mentioned a few months back that based on the current portfolio assessment actions we have done, they are completed. But in the company of our size, you never say you're done. I think the portfolio revitalization is a continued activity. So I do expect us to do more additions which are bought down to our portfolio, which fits into the core of Building Process and Industrial. And I know if your question is, is there any more exit plan?

我想說的是——正如我們幾個月前提到的，根據我們目前所做的投資組合評估行動，它們已經完成了。但在我們這種規模的公司裡，你永遠無法說你已經完成了。我認為投資組合振興是一項持續的活動。因此，我確實希望我們能夠在我們的產品組合中增加更多產品，這些產品符合建築流程和工業的核心。我知道如果你的問題是，還有其他退出計畫嗎？

We feel good about the portfolio, what we have at the position we are today. These are all mission-critical parts of Automation. They drive very similar common outcomes like safety, operational excellence, reliability, and they really help us to gain a lot of mining installed base through our Forge platform.

我們對目前的投資組合以及現狀感到滿意。這些都是自動化的關鍵任務部分。它們推動著非常相似的共同成果，例如安全性、卓越營運、可靠性，而且它們確實幫助我們透過 Forge 平台獲得了大量的採礦安裝基礎。

So that commonality we have achieved with a lot of effort. And I don't see that there will be any material change we want to make on what we own, but certainly like to consider adding more on a bolt-on basis or maybe tuck-in sometimes as we finish our spins, and we'll continue to report to you if you make any progress on that.

因此，我們經過許多努力才實現了這個共同點。我不認為我們會對我們擁有的東西做出任何實質性的改變，但肯定會考慮在完成旋轉時以附加的方式添加更多東西，或者有時將其塞進去，如果您在這方面取得任何進展，我們將繼續向您報告。

Got it. That's super helpful. I know we're bumping up on time, so I'll just keep it to one. Thank you.

知道了。這非常有幫助。我知道我們的時間很緊，所以我只說一個。謝謝。

Andy Kaplowitz, Citigroup.

花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Maybe just back to the macro. Can you talk about the cadence of orders and revenue in Q3? Did you see any changes in your short-cycle businesses as the quarter shook out here into Q4. Are there any particular trends you're seeing by region? I think you mentioned some recovery is continuing in at least BA in Europe and China, but what are you seeing overall for Honeywell?

也許只是回到宏觀。能談談第三季的訂單和收入節奏嗎？隨著本季進入第四季度，您是否發現短週期業務發生了任何變化？您是否發現各地區有某些特定趨勢？我認為您提到至少英國航空公司在歐洲和中國的市場正在持續復甦，但您認為霍尼韋爾的整體情況如何？

I mean, I would say the biggest change, Andy, I saw was that we have growth across all parts of the world. That's not happened for a while. We have a solid growth in US. Europe is performing more like low-single digit to mid-single depending on the business. So Europe is returning to a reasonable growth.

安迪，我想說我看到的最大變化是我們在世界各地都實現了成長。這種情況已經有一段時間沒有發生了。我們在美國實現了穩健的成長。根據業務狀況，歐洲的表現更像是低個位數到中等個位數。因此，歐洲正在恢復合理的成長。

Middle East, India does always very well for Honeywell. And China is more flattish for Honeywell less Aero, but if you add Aero, we're in high singles. So it's -- I think that is a distinctive part of what we are observing. I think it's the diversity of our portfolio and the end markets we serve are certainly helping us. And our focus on growth and creating new products, mining installed base, all those things are coming together.

霍尼韋爾在中東和印度市場的表現一直非常出色。對霍尼韋爾來說，中國市場表現平平（不包括航空業務），但如果加上航空業務，我們的表現就很好了。所以——我認為這是我們所觀察到的獨特部分。我認為我們產品組合的多樣性以及我們所服務的終端市場無疑對我們有所幫助。我們專注於成長和創造新產品、挖掘已安裝基礎，所有這些事情都結合在一起。

And I do expect, I mentioned earlier, a good Q4 also for the orders ahead. So it's not a one-time. We do expect to maintain this momentum for the rest of the year.

正如我之前提到的，我確實預計第四季度的訂單情況會很好。所以這不是一次性的。我們確實希望在今年剩餘時間內保持這種勢頭。

That's helpful. And I know you mentioned lower energy prices have continued to lead to some delays in HPS and UOP. But as you just said, improved orders. Does it give you more confidence that these businesses are going to turn higher in '26? And maybe what are your customers telling you about their CapEx expectations for '26?

這很有幫助。我知道您提到較低的能源價格持續導致 HPS 和 UOP 出現一些延誤。但正如您剛才所說，訂單有所改善。這是否讓您更有信心這些企業在 26 年將實現更高的成長？也許您的客戶會告訴您他們對 26 年資本支出的期望是什麼？

I mean, if you look at our ESS business, Andy, the positives are strong demand in LNG and gas. We certainly have a lot of demand and order strength in those. We also see investments made by our customers for more localization of refining and petrochemical capacity. So we see investments made across in India and parts of Africa, parts of Middle East. So those continue there.

我的意思是，安迪，如果你看看我們的 ESS 業務，積極的一面就是對液化天然氣和天然氣的強勁需求。我們在這方面確實有很大的需求和訂單實力。我們也看到客戶為進一步實現煉油和石化產能的在地化而進行的投資。因此，我們看到在印度、非洲部分地區和中東部分地區都有投資。所以這些就一直持續下去。

The only lack of momentum we have seen, which we discussed before, was catalyst demand. I think it's partly impacted by the oil price, partly impacted by some overcapacity. And we do expect things to settle as the year pluses in 2026. So long cycle demand is strong. That is evident in our orders rate of ESS.

我們看到的唯一缺乏動力的情況（我們之前討論過）是催化劑需求。我認為這部分受到油價的影響，部分受到產能過剩的影響。我們確實希望隨著 2026 年的到來，情況會逐漸穩定下來。因此長週期需求強勁。這從我們的 ESS 訂單率可以看出。

I think short-cycle demand is more flattish, but we do expect it to recover during the course of 2026.

我認為短週期需求更加平穩，但我們確實預計它將在 2026 年期間復甦。

Thank you.

謝謝。

Melissa, we'll take one last question.

梅麗莎，我們再回答最後一個問題。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

I guess I'll just ask one since we're running over time. I'm curious how short cycle industrial trends kind of shape up throughout the quarter? Did things kind of remain stable versus how you exited 2Q? Or any notable trends that you would highlight?

我想我只會問一個，因為我們已經超時了。我很好奇整個季度短週期工業趨勢如何形成？與第二季相比，情況是否保持穩定？或者您想強調哪些值得注意的趨勢？

I would say short-cycle trends are actually better in 3Q versus 4Q. And we do expect similar trends as you have seen in our guide. We are not expecting any substantial change quarter on quarter. But we always remain prudent in our guide. We don't know what we don't know. So -- but I think an overarching theme is very similar dynamics in the end markets, which Honeywell serves in between quarter three and quarter four.

我想說，第三季的短週期趨勢實際上比第四季更好。我們確實預計會出現與您在我們的指南中看到的類似的趨勢。我們預計季度環比不會出現任何實質變化。但我們始終保持謹慎的指導。我們不知道我們不知道什麼。所以 — — 但我認為一個總體主題是終端市場的非常相似的動態，霍尼韋爾在第三季和第四季之間提供服務。

Got it. Thanks, Vimal.

知道了。謝謝，維馬爾。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Kapur for any final comments.

女士們、先生們，我們的問答環節到此結束。我將把發言權交還給卡普爾先生，請他發表最後的評論。

Thank you, operator. As always, I would like to express my gratitude to our shareholders, our customers, and all the Honeywell future shapers across the world, driving our stellar results in the quarter, and our path ahead is promising, and we look forward to sharing more with everyone in the quarters to come. Thank you all for listening, and please stay safe and healthy.

謝謝您，接線生。像往常一樣，我要向我們的股東、客戶以及全球所有霍尼韋爾未來塑造者表示感謝，推動我們在本季度取得出色的業績，我們未來的道路充滿希望，我們期待在未來幾個季度與大家分享更多。感謝大家的聆聽，祝大家平安健康。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。