漢威聯合 (HON) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Honeywell First Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Sean Meakim, Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加霍尼韋爾 2022 年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係副總裁 Sean Meakim。請繼續。

Thank you, Shannon. Good morning, and welcome to Honeywell's First Quarter 2022 Earnings. On the call with me today are Chairman and CEO, Darius Adamczyk; and Senior Vice President and Chief Financial Officer, Greg Lewis. Also joining us are Senior Vice President and General Counsel, Anne Madden; and Senior Vice President and Chief Supply Chain Officer, Torsten Pilz.

謝謝你，香農。早上好，歡迎來到霍尼韋爾 2022 年第一季度財報。今天與我通話的是董事長兼首席執行官 Darius Adamczyk；高級副總裁兼首席財務官 Greg Lewis。加入我們的還有高級副總裁兼總法律顧問 Anne Madden； Torsten Pilz 高級副總裁兼首席供應鏈官。

This call and webcast, including any non-GAAP reconciliations, are available on our website at www.honeywell.com/investor. Honeywell also uses our website as a means of disclosing information, which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website in addition to following our press releases, SEC filings, public conference calls, webcasts and social media.

本次電話會議和網絡廣播，包括任何非公認會計原則的對賬，可在我們的網站 www.honeywell.com/investor 上獲得。霍尼韋爾還使用我們的網站作為披露信息的一種方式，這些信息可能對我們的投資者感興趣或很重要，並用於遵守 FD 規定的披露義務。因此，投資者除了關注我們的新聞稿、SEC 文件、公開電話會議、網絡廣播和社交媒體外，還應關注我們的投資者關係網站。

Note that elements of this presentation contain forward-looking statements that are based on our best view of the world and of our businesses as we see them today. Those elements can change based on many factors, including changing economic and business conditions. And we ask that you interpret them in that light. We identify the principal risks and uncertainties that may affect our performance in our annual report on Form 10-K and other SEC filings.

請注意，本演示文稿的元素包含前瞻性陳述，這些陳述基於我們對當今世界和我們業務的最佳看法。這些要素可能會因許多因素而變化，包括不斷變化的經濟和商業條件。我們要求您從這個角度解釋它們。我們在 10-K 表格年度報告和其他 SEC 文件中確定了可能影響我們業績的主要風險和不確定性。

This morning, we will review our financial results for the first quarter of 2022, share our guidance for the second quarter and provide an update on our full year 2022 outlook. As always, we'll leave time for your questions at the end.

今天上午，我們將回顧我們 2022 年第一季度的財務業績，分享我們對第二季度的指導，並提供我們對 2022 年全年展望的更新。與往常一樣，我們將在最後留出時間回答您的問題。

With that, I'll turn the call over to our Chairman and CEO, Darius Adamczyk.

有了這個，我將把電話轉給我們的董事長兼首席執行官 Darius Adamczyk。

Thank you, Sean, and good morning, everyone. Let's begin on Slide 2. First off, our collective thoughts are to millions of Ukrainian refugees. And we hope to see a peaceful resolution quickly. Our #1 priority continues to be the safety and security of our employees and partners in the region and respond to their immediate needs.

謝謝你，肖恩，大家早上好。讓我們從幻燈片 2 開始。首先，我們的集體思想是對數百萬烏克蘭難民的。我們希望盡快看到和平解決方案。我們的第一要務仍然是確保我們在該地區的員工和合作夥伴的安全，並響應他們的迫切需求。

That said, we delivered a very strong first quarter despite a challenging backdrop that included ongoing supply chain constraints, inflation headwinds and global unrest. I'm pleased with our disciplined execution as we navigate these dynamics and capitalize on the ongoing recovery in our end markets.

也就是說，儘管面臨供應鏈限制、通脹逆風和全球動盪等充滿挑戰的背景，我們第一季度的表現非常強勁。當我們駕馭這些動態並利用我們終端市場的持續復甦時，我對我們紀律嚴明的執行感到滿意。

We met or exceeded our first quarter commitments despite these challenges with adjusted earnings per share of $1.91, down 1% year-over-year, about $0.01 above the high end of our guidance range. Organic sales grew by 1% year-over-year. And our Commercial Aviation Aftermarket, building products, Productivity Solutions and Services, Advanced Materials and recurring Connected Software businesses all delivered double-digit organic growth. This was partially offset by 2 percentage point impact from lower COVID-related mask sales as we lapped the height of the demand in 2021.

儘管面臨這些挑戰，我們仍實現或超過了第一季度的承諾，調整後的每股收益為 1.91 美元，同比下降 1%，比我們的指導範圍高端高出約 0.01 美元。有機銷售額同比增長 1%。我們的商用航空售後市場、建築產品、生產力解決方案和服務、先進材料和經常性互聯軟件業務均實現了兩位數的有機增長。隨著我們在 2021 年的需求高峰期，與 COVID 相關的口罩銷售下降 2 個百分點的影響部分抵消了這一影響。

Our strong price realization allowed us to stay ahead of the inflation curve. We expanded segment margin by 10 basis points year-over-year, 10 basis points above the high end of our guidance range. Excluding the impact of our investment in Quantinuum, the margin expansion rate would have been 40 basis points year-over-year. Orders and backlog growth accelerated in the first quarter, indicating strong demand momentum despite macro headwinds. Led by strength in Aero, HBT and PMT, our end markets continued to recover. We'll go into more details on orders and backlog trends on the next slide.

我們強勁的價格實現使我們能夠領先於通脹曲線。我們將分部利潤率同比擴大了 10 個基點，比我們指導範圍的高端高出 10 個基點。排除我們對 Quantinuum 投資的影響，利潤率同比增長 40 個基點。第一季度訂單和積壓訂單增長加速，表明儘管存在宏觀逆風，但需求勢頭強勁。在 Aero、HBT 和 PMT 實力的帶動下，我們的終端市場繼續復甦。我們將在下一張幻燈片中詳細介紹訂單和積壓趨勢。

The first quarter is seasonally our lowest from a cash perspective. And as we communicated, this year, it is being exacerbated by the supply chain impacts and strong collections in Q4. We generated $50 million of free cash flow in the quarter. These results do not change our full year free cash flow guidance range of $4.7 billion to $5.1 billion, which Greg will discuss later.

從現金的角度來看，第一季度是季節性最低的。正如我們所傳達的那樣，今年第四季度供應鏈的影響和強勁的收款使情況更加惡化。我們在本季度產生了 5000 萬美元的自由現金流。這些結果不會改變我們 47 億美元至 51 億美元的全年自由現金流指導範圍，格雷格稍後將對此進行討論。

We continue to leverage our strong balance sheet, deploying $2 billion of total capital in the first quarter, including $1 billion allocated to share repurchases as we began execution of our recently updated commitment to buy back $4 billion in shares in 2022.

我們繼續利用我們強勁的資產負債表，在第一季度部署了 20 億美元的總資本，其中 10 億美元用於股票回購，因為我們開始執行我們最近更新的承諾，即在 2022 年回購 40 億美元的股票。

From an M&A perspective, we closed the acquisition of US Digital Designs, a public safety communications hardware and software solutions provider. Looking forward, I continue to be encouraged by the strength we are seeing in many areas of our portfolio as we execute our rigorous and proven value-creation framework. Our Accelerator operating system is driving outstanding shareholder value.

從併購的角度來看，我們完成了對公共安全通信硬件和軟件解決方案提供商 US Digital Designs 的收購。展望未來，隨著我們執行嚴格且經過驗證的價值創造框架，我們在投資組合的許多領域所看到的實力繼續讓我感到鼓舞。我們的加速器操作系統正在推動卓越的股東價值。

Now let me turn to Slide 3 to discuss our orders and backlog trends. First quarter orders across Honeywell grew 13%, the strongest growth we have since the start of 2021 with the exception of second Q '21 growth, which benefited from 2020 COVID-related lows. Despite ongoing macro challenges over the last few years, our book-to-bill ratio has been greater than 1 for the last several quarters, indicating the strength of our demand and commercial success.

現在讓我轉到幻燈片 3 來討論我們的訂單和積壓趨勢。霍尼韋爾第一季度的訂單增長了 13%，這是自 2021 年初以來的最強勁增長，但 21 年第二季度的增長除外，該增長得益於 2020 年與 COVID 相關的低點。儘管過去幾年持續存在宏觀挑戰，但我們的訂單出貨比在過去幾個季度一直大於 1，這表明我們的需求和商業成功的實力。

Long cycle orders grew over 20% in the first quarter, led by strength in the overall Aerospace portfolio, PMT process solutions projects and SPS warehouse automation to help facilitate sustained growth through the coming years. First quarter backlog increased 9% year-over-year to $28.5 billion, or up 10%, excluding the impact of approximately $300 million of backlog we moved due to the Russia conflict. Backlog growth has also been accelerating consistently over the last 2 years as our end markets recover, giving us confidence in increased sales growth as the supply chain environment eases.

第一季度長周期訂單增長超過 20%，這得益於整體航空航天產品組合、PMT 流程解決方案項目和 SPS 倉庫自動化的實力，有助於促進未來幾年的持續增長。第一季度積壓訂單同比增長 9% 至 285 億美元，或增長 10%，不包括我們因俄羅斯衝突而轉移的約 3 億美元的積壓訂單的影響。隨著我們的終端市場復甦，積壓訂單的增長在過去 2 年也一直在持續加速，這讓我們對隨著供應鏈環境的緩和而增加銷售增長充滿信心。

Now let's turn to Slide 4 to discuss some exciting recent announcements. Last month, we announced a strategic collaboration with OTTO Motors, a division of ClearPath Robotics, that gives warehouse and distribution centers throughout North America an automated option to handle some of the most labor-intensive roles in an increasingly scarce job market. The collaboration enables Honeywell customers to increase efficiency, reduce errors and improve safety by deploying to OTTO's autonomous mobile robots in their facilities. These autonomous mobile robots handle repetitive and often time-consuming tasks and allows scarce labor resources to be shifted to higher-value jobs. This helps boost worker satisfaction while reducing injuries and turnover rates. The pandemic and its lasting effects on labor shortages is causing companies to reconsider the way they operate. And companies are more willing than ever to invest in automation.

現在讓我們轉到幻燈片 4 來討論一些令人興奮的近期公告。上個月，我們宣布與 ClearPath Robotics 的一個部門 OTTO Motors 進行戰略合作，為整個北美的倉庫和配送中心提供自動化選項，以在日益稀缺的就業市場中處理一些最勞動密集型的角色。此次合作使霍尼韋爾客戶能夠通過在其設施中部署 OTTO 的自主移動機器人來提高效率、減少錯誤並提高安全性。這些自主移動機器人處理重複且通常耗時的任務，並允許將稀缺的勞動力資源轉移到更高價值的工作中。這有助於提高工人滿意度，同時降低工傷和離職率。大流行及其對勞動力短缺的持久影響正在促使公司重新考慮其運營方式。公司比以往任何時候都更願意投資自動化。

We also recently announced that we will supply Hecate Energy with an Energy Storage System for a solar park located in northern New Mexico. When completed in mid-2022, the 50-megawatt solar farm will be capable of supplying enough electricity to power up to 16,000 average New Mexico homes, which will help meet the state's decarbonization goals. When combining with Honeywell's Experion Energy Control Systems, the Energy Storage Systems will enable customers to accurately forecast and optimize energy cost at the site and will support access to reliable and cost-effective clean energy. Honeywell remains on the forefront of innovation that is leading the energy transition. Energy storage will be a play -- will play a critical role in renewable power generation and will be vital to the decarbonization of global power systems.

我們最近還宣布，我們將為位於新墨西哥州北部的太陽能公園提供 Hecate Energy 的儲能係統。當 2022 年年中完工時，這個 50 兆瓦的太陽能發電場將能夠提供足夠的電力來為新墨西哥州的 16,000 戶普通家庭供電，這將有助於實現該州的脫碳目標。當與霍尼韋爾的 Experion 能源控制系統相結合時，儲能係統將使客戶能夠準確預測和優化現場能源成本，並將支持獲得可靠且具有成本效益的清潔能源。霍尼韋爾始終站在引領能源轉型的創新前沿。儲能將發揮作用——將在可再生能源發電中發揮關鍵作用，對全球電力系統的脫碳至關重要。

Lastly, we are teaming up with World Energy, a carbon net zero solution provider, and Air Products, the world's largest hydrogen producer, to build one of the most technologically advanced Sustainable Aviation Fuel production and distribution sites ever constructed. The facility will produce fuels that will displace over 76 million metric tons of carbon dioxide by 2050, the equivalent of 3.8 million carbon net zero flights from L.A. to New York. World Energy and Honeywell collaborated over the past 9 years. And this long-term engagement will continue to transform the industry, support the growth of zero carbon economy and help accelerate the decarbonization of the aviation industry.

最後，我們正與碳淨零解決方案提供商 World Energy 和世界上最大的氫氣生產商 Air Products 合作，建設有史以來技術最先進的可持續航空燃料生產和分銷基地之一。該設施將生產燃料，到 2050 年將替代超過 7600 萬噸二氧化碳，相當於從洛杉磯到紐約的 380 萬次碳淨零飛行。 World Energy 和霍尼韋爾在過去 9 年中一直合作。這種長期參與將繼續改變行業，支持零碳經濟的增長，並有助於加速航空業的脫碳。

These exciting announcements reinforce our message at Investor Day that our innovative culture, our commitment to providing efficient and sustainable solutions to meet the needs of our customers and our new technologies will be integral to the next leg of growth. Now let me turn it over to Greg on Slide 5 to discuss our first quarter results in more detail and to provide an update on our 2022 outlook.

這些激動人心的公告強化了我們在投資者日的信息，即我們的創新文化、我們對提供高效和可持續解決方案以滿足客戶需求的承諾以及我們的新技術將成為下一個增長階段不可或缺的一部分。現在讓我在幻燈片 5 上將其交給格雷格，以更詳細地討論我們的第一季度業績，並提供我們 2022 年展望的最新信息。

Thank you, Darius, and good morning, everyone. As Darius highlighted, we met or exceeded our financial commitments despite a very challenging backdrop. First quarter sales grew by 1% organically as supply chain constraints, predominantly in Aero, HBT and SPS, continue to hold back volume growth and cause our past-due backlogs to increase by approximately $500 million in the quarter. Our strong pricing was a highlight in the face of high inflation. Similar to the fourth quarter, 1Q also had difficult year-over-year comps with lower COVID-related mask demand, impacting growth by 2 percentage points, and the timing of sales in warehouse automation dampening our growth rate.

謝謝你，大流士，大家早上好。正如大流士所強調的那樣，儘管背景非常具有挑戰性，我們還是達到或超過了我們的財務承諾。第一季度銷售額有機增長 1%，因為供應鏈限制（主要是 Aero、HBT 和 SPS）繼續阻礙銷量增長，並導致我們的逾期積壓在本季度增加約 5 億美元。面對高通脹，我們強勁的定價是一大亮點。與第四季度類似，第一季度的同比增長也很困難，與 COVID 相關的口罩需求下降，影響了 2 個百分點的增長，而倉庫自動化的銷售時機抑制了我們的增長率。

Turning to the segments. Aerospace sales for the first quarter were up 5% organically compared to the first quarter of 2021, despite continued supply constraints as the ongoing flight-hour recovery led to more than 25% year-over-year sales growth in both Air Transport aftermarket and business and general aviation aftermarket. Commercial original equipment grew double digits in the first quarter as Air Transport original equipment returned to growth. That was partially offset by lower business and general aviation original equipment volumes.

轉向細分市場。儘管由於持續的飛行小時恢復導致航空運輸售後市場和業務的銷售額同比增長超過 25%，但供應仍然受到限制，但與 2021 年第一季度相比，第一季度的航空航天銷售額有機增長了 5%和通用航空售後市場。隨著航空運輸原始設備恢復增長，第一季度商業原始設備增長了兩位數。這部分被商業和通用航空原始設備數量的減少所抵消。

Growth from commercial aerospace was partially offset by defense and space sales that were down 14% in the quarter. Aerospace segment margins contracted as expected in the first quarter to 27.4% due to higher sales of lower-margin original equipment products, the impact of inflation and the absence of a one-time gain in 2021, partially offset by our pricing actions.

商業航空航天的增長被本季度國防和航天銷售額下降 14% 部分抵消。由於利潤率較低的原始設備產品的銷售增加、通貨膨脹的影響以及 2021 年沒有一次性收益，航空航天部門的利潤率在第一季度如預期收縮至 27.4%，部分被我們的定價行動所抵消。

Turning to Building Technologies, where sales were up 8% organically, led by favorable pricing across the building products portfolio, partially offset by lower volume in building projects. Orders were up double digits in the first quarter as a result of strong demand for fire products and building management systems. Backlog growth continued in building solutions projects and services, giving us confidence for the remainder of 2022. In addition, our healthy buildings portfolio maintained its momentum with orders over $100 million in the first quarter. Segment margins expanded 100 basis points to 23.5% due to our pricing actions and our favorable sales mix, partially offset by cost inflation.

轉向建築技術，其銷售額有機增長了 8%，這得益於建築產品組合的優惠定價，部分被建築項目數量的減少所抵消。由於對消防產品和樓宇管理系統的強勁需求，第一季度訂單增長了兩位數。建築解決方案項目和服務的積壓量繼續增長，讓我們對 2022 年剩餘時間充滿信心。此外，我們健康的建築產品組合保持勢頭，第一季度訂單超過 1 億美元。由於我們的定價行動和我們有利的銷售組合，分部利潤率擴大了 100 個基點至 23.5%，部分被成本通脹所抵消。

In Performance Materials and Technologies, sales grew 6% organically in the quarter despite an approximately 1% headwind from Russia sales. Growth was led by Advanced Materials, where the business experienced double-digit growth despite lower automotive refrigerant volumes due to supply constraints affecting automotive OE production. Process Solutions sales growth was led by Thermal Solutions and Lifecycle solutions and services. Sparta Systems grew approximately 20% and turned an operating profit in the quarter earlier than expected in our acquisition model.

在高性能材料和技術領域，儘管俄羅斯銷售逆風約 1%，但本季度銷售額有機增長 6%。增長由 Advanced Materials 引領，儘管由於供應限制影響汽車 OE 生產，汽車製冷劑銷量下降，但該業務實現了兩位數的增長。過程解決方案的銷售增長由熱解決方案和生命週期解決方案和服務引領。 Sparta Systems 增長了約 20%，並且在本季度實現了營業利潤，比我們的收購模式中的預期要早。

UOP sales were down in the quarter due to lower process technology equipment volumes, although Sustainable Technology Solutions continued to excel, growing over 75% organically year-over-year. Orders increased double digits year-over-year, headlined by over 20% growth in Process Solutions. Segment margins expanded 230 basis points in the quarter to 20.8%, driven by favorable pricing and sales mix, partially offset by cost inflation.

由於工藝技術設備銷量下降，本季度 UOP 銷售額下降，但可持續技術解決方案繼續表現出色，同比有機增長超過 75%。訂單同比增長兩位數，其中流程解決方案增長超過 20%。在有利的定價和銷售組合的推動下，分部利潤率在本季度擴大了 230 個基點至 20.8%，部分被成本通脹所抵消。

In Safety and Productivity Solutions, sales decreased 15% organically in the quarter. Remember that the first quarter of 2021 was near the height of our COVID-driven mask demand, creating a 9% year-over-year comparison headwind in the quarter. Productivity Solutions and Services, Advanced Sensing Technologies and our Gas Detection businesses all grew at double-digit rates in the quarter despite the supply-constrained environment, highlighting the strength in much of the underlying SPS portfolio. As we expected, the timing of Intelligrated sales is shaping up to be a mirror image of 2021 with sales down in the first quarter, and we expect growth in the back half of the year. Segment margins expanded 20 basis points to 14.5%, led by favorable pricing and sales mix, partially offset by lower volume leverage and cost inflation.

在安全和生產力解決方案中，本季度銷售額有機下降了 15%。請記住，2021 年第一季度接近我們由 COVID 驅動的口罩需求的高峰期，在該季度造成了 9% 的同比逆風。儘管供應受限的環境，生產力解決方案和服務、先進傳感技術和我們的氣體檢測業務在本季度均以兩位數的速度增長，突顯了大部分基礎 SPS 產品組合的實力。正如我們預期的那樣，Intelligrated 的銷售時機正在形成 2021 年第一季度銷售額下降的鏡像，我們預計今年下半年將出現增長。在有利的定價和銷售組合的帶動下，分部利潤率擴大了 20 個基點至 14.5%，部分被較低的銷量槓桿和成本通脹所抵消。

Honeywell Connected Enterprise continues to underpin the growth we are seeing across the portfolio. In the first quarter, recurring revenue grew over 15% with SaaS growth of over 50%, led by the Sparta business. We also saw double-digit growth in our Connected Buildings, cyber and Connected Industrial Solutions. So for overall Honeywell, our execution allowed us to deliver 10 basis points of segment margin improvement, 10 basis points above the high end of our guide with margin expansion in PMT, HBT and SPS, ending the quarter at 21.1%. And keep in mind, this expansion is net of a 30-basis-point year-over-year headwind associated with our investment in Quantinuum.

霍尼韋爾互聯企業繼續支持我們在整個產品組合中看到的增長。第一季度，在 Sparta 業務的帶動下，經常性收入增長超過 15%，SaaS 增長超過 50%。我們的互聯建築、網絡和互聯工業解決方案也實現了兩位數的增長。因此，對於霍尼韋爾的整體而言，我們的執行使我們實現了 10 個基點的分部利潤率改善，比我們指南的高端高 10 個基點，PMT、HBT 和 SPS 的利潤率擴大，本季度末達到 21.1%。請記住，這種擴張扣除了與我們對 Quantinuum 的投資相關的 30 個基點的同比逆風。

On EPS, we delivered first quarter GAAP earnings per share of $1.64 and adjusted earnings per share of $1.91, which was down $0.01 year-over-year. A bridge for adjusted earnings per share from 1Q '21 to 1Q '22 can be found in the appendix of this presentation. Segment profit was a $0.01 headwind, driven primarily by lower volume and supply chain constraints, partially offset by strong price realization. A lower effective tax rate, 22% this year versus 22.3% last year, drove a $0.01 tailwind.

在每股收益方面，我們實現了第一季度 GAAP 每股收益 1.64 美元和調整後每股收益 1.91 美元，同比下降 0.01 美元。從 21 年第 1 季度到 22 年第 1 季度調整後每股收益的橋樑可在本演示文稿的附錄中找到。分部利潤是 0.01 美元的逆風，主要是由於銷量下降和供應鏈限制，部分被強勁的價格實現所抵消。較低的有效稅率（今年為 22%，去年為 22.3%）帶來了 0.01 美元的順風。

Share count reduction drove a $0.04 year-over-year tailwind to earnings per share. We saw a $0.05 headwind from below-the-line items, primarily due to lower pension income and increased repositioning. In response to the Russian invasion of Ukraine, we suspended substantially all our sales, distribution and service activities in Russia. And as a result, we recorded a charge of $183 million or a $0.27 impact to our GAAP EPS.

股票數量減少推動每股收益同比增長 0.04 美元。我們看到來自線下項目的 0.05 美元逆風，主要是由於養老金收入下降和重新定位增加。為應對俄羅斯入侵烏克蘭，我們基本上暫停了在俄羅斯的所有銷售、分銷和服務活動。因此，我們記錄了 1.83 億美元的費用或對我們的 GAAP 每股收益產生 0.27 美元的影響。

Moving to cash. We generated $50 million of free cash flow in the quarter, which was closely aligned to our expectations. This decrease was driven by higher working capital, including lower payables and higher receivables from strong 4Q collections, in addition to higher inventory as we continue to work through the constrained supply chain environment. Higher cash taxes due to the impact of tax legislation and R&D capitalization were also a free cash flow headwind in the quarter, consistent with our full year guidance.

轉向現金。我們在本季度產生了 5000 萬美元的自由現金流，這與我們的預期非常吻合。這一下降是由較高的營運資金推動的，包括由於第四季度強勁的收款而導致的應付賬款和應收賬款增加，此外，由於我們繼續在受限的供應鏈環境中工作，庫存增加。由於稅收立法和研發資本化的影響，較高的現金稅也是本季度的自由現金流逆風，與我們的全年指導一致。

Finally, as Darius mentioned earlier, we continue to leverage our strong balance sheet, deploying $2 billion towards high-return opportunities for our shareholders. Notably, we repurchased 5.5 million shares for $1 billion in the first quarter as we executed on our updated commitment to buy back $4 billion in shares in 2022. We also paid approximately $670 million in dividends, spent approximately $180 million in capital expenditures and invested approximately $180 million in M&A as we closed the acquisition of US Digital Designs. So overall, we executed better than expected, managing through a very difficult first quarter and accelerated our capital deployment as promised.

最後，正如 Darius 之前提到的，我們將繼續利用我們強大的資產負債表，為我們的股東提供 20 億美元的高回報機會。值得注意的是，我們在第一季度以 10 億美元的價格回購了 550 萬股股票，以履行我們在 2022 年回購 40 億美元股票的最新承諾。我們還支付了約 6.7 億美元的股息，花費了約 1.8 億美元的資本支出，並投資了約在我們完成對 US Digital Designs 的收購時，進行了 1.8 億美元的併購。因此，總體而言，我們的表現好於預期，度過了非常艱難的第一季度，並按照承諾加快了資本部署。

Now let's turn to Slide 6 to talk about our second quarter and full year guidance. Signs of the recovery continue to unfold in our key markets, underpinned by strong orders growth across many of our businesses, as Darius highlighted in his opening. While uncertainties and persistent challenges remain in the macroeconomic backdrop, our rigorous operating principles have enabled us to demonstrate our agility and resiliency, positioning us well for the recovery ahead.

現在讓我們轉到幻燈片 6 來談談我們的第二季度和全年指導。正如大流士在開幕式上強調的那樣，在我們許多業務的強勁訂單增長的支撐下，我們的主要市場繼續出現復甦跡象。儘管宏觀經濟背景下仍存在不確定性和持續挑戰，但我們嚴格的運營原則使我們能夠展示我們的敏捷性和彈性，為未來的複蘇做好準備。

Our end market setup continues to be strong with ongoing improvement in global flight hours, return to public spaces and elevated oil prices. Global energy production continues to transition to a low-carbon future. And Honeywell will lead that evolution with our strategically differentiated and sustainable technologies.

隨著全球飛行時間的持續改善、重返公共場所和油價上漲，我們的終端市場設置繼續保持強勁。全球能源生產繼續向低碳未來過渡。霍尼韋爾將通過我們的戰略差異化和可持續技術引領這一演變。

We expect supply chain impacts to remain as challenging in the second quarter as they were in the first quarter but to start to abate as capacity for electronic components comes online in 3Q. We're confident in the eventual return to normalcy in the Aerospace supply chain. However, the timing remains difficult to call. Inflation will continue to be a significant headwind. However, our strategic pricing actions will continue to dampen impact to margins throughout the year.

我們預計第二季度供應鏈的影響將與第一季度一樣具有挑戰性，但隨著電子元件產能在第三季度上線，供應鏈影響將開始減弱。我們對航空航天供應鏈最終恢復正常充滿信心。然而，時機仍然難以確定。通貨膨脹將繼續是一個重大不利因素。然而，我們的戰略定價行動將繼續抑制全年對利潤率的影響。

In response to the Russian invasion of Ukraine, we suspended substantially all our sales, distribution and service activities in Russia, representing approximately 1% of total 2021 sales for Honeywell that we do not expect to return this year. In addition, we're actively monitoring and navigating the worsening COVID-19 lockdown situation in China that is creating sales and supply chain risk.

為應對俄羅斯入侵烏克蘭，我們暫停了在俄羅斯的所有銷售、分銷和服務活動，約佔霍尼韋爾 2021 年總銷售額的 1%，我們預計今年不會回歸。此外，我們正在積極監測和應對中國日益惡化的 COVID-19 封鎖情況，這種情況正在造成銷售和供應鏈風險。

With that as a backdrop, we expect second quarter sales to be in the range of $8.5 billion to $8.8 billion, down 2% to up 2% on an organic basis, or flat to up 4%, excluding the 1-point impact of the mask sales decline and the 1-point impact of lost Russian sales. This sales range assumes that COVID-19 lockdowns in China alleviate in May and that the Chinese operating environment remains relatively normal.

在此背景下，我們預計第二季度銷售額將在 85 億美元至 88 億美元之間，在有機基礎上下降 2% 至上升 2%，或持平至上升 4%，不包括 1 個點的影響。口罩銷量下滑和俄羅斯銷量下降1個點的影響。此銷售範圍假設中國的 COVID-19 封鎖在 5 月份有所緩解，並且中國的經營環境保持相對正常。

Despite the ongoing macro uncertainties, we now expect full year sales of $35.5 billion to $36.4 billion, which represents an increase of $100 million on the low end from our prior guidance, up 4% to 7% organically, with accelerated growth as the year progresses. That represents organic growth of 6% to 9%, excluding the 1-point impact of the lower mask demand and 1-point impact of lost Russian sales. We expect that our disciplined price actions will keep us ahead of the current inflationary environment, contributing approximately 5% to our sales growth, which is higher than we anticipated in our original guide and offsetting the majority of the approximately $400 million of lost Russia sales.

儘管存在持續的宏觀不確定性，但我們現在預計全年銷售額為 355 億美元至 364 億美元，比我們之前的指導低端增加 1 億美元，有機增長 4% 至 7%，隨著時間的推移加速增長.這代表了 6% 到 9% 的有機增長，不包括口罩需求下降的 1 個百分點的影響和俄羅斯銷售損失的 1 個百分點的影響。我們預計，我們嚴格的價格行動將使我們領先於當前的通脹環境，為我們的銷售增長貢獻約 5%，這高於我們在原始指南中的預期，並抵消了俄羅斯約 4 億美元銷售額損失的大部分。

Now let's take a moment to walk through the second quarter and full year expectations by segment. An update on our 2022 end market outlook can be found in the appendix of this presentation. Starting with Aerospace, the overall industry supply chain complex continues to be a challenge, but we do expect to see moderate improvement throughout the year. Sequential growth in flight hours will lead to another quarter of robust growth for our Air Transport and Business & General Aviation aftermarket businesses. This momentum will carry through to the end of '22 with growth led by the Air Transport aftermarket.

現在讓我們花點時間按細分市場了解第二季度和全年的預期。有關我們 2022 年終端市場展望的最新信息，請參閱本演示文稿的附錄。從航空航天開始，整個行業供應鏈綜合體仍然是一個挑戰，但我們確實預計全年會出現適度改善。飛行時數的連續增長將為我們的航空運輸和商務及通用航空售後市場業務帶來另一個季度的強勁增長。在航空運輸售後市場的帶動下，這種勢頭將持續到 22 年底。

With build rates improving as expected, Business & General Aviation original equipment will grow sequentially each quarter for the balance of 2022. As '22 progresses and our comps ease, defense and space will see sequential improvement from the first quarter and return to year-over-year growth in the second half. We still expect full year organic sales growth for Aerospace to be up high single digits. Growth in the original equipment will lead to mix-related margin headwinds throughout the year. But we expect Aero margins to grow sequentially from the first half to the second half.

隨著建造率按預期提高，商務和通用航空原始設備將在 2022 年剩餘時間內每個季度環比增長。隨著 '22 的進展和我們的組合緩解，國防和太空將看到從第一季度開始的環比改善並恢復到去年同期- 下半年增長。我們仍然預計航空航天的全年有機銷售增長將達到高個位數。原始設備的增長將導致全年與混合相關的利潤逆風。但我們預計 Aero 利潤率將從上半年到下半年連續增長。

In Building Technologies, we expect momentum to continue with sales growth both sequentially and year-over-year throughout 2022 as supply chain constraints, particularly around semiconductors, begin to ease and we deliver on strong demand for fire and security products and building management systems. Our targeted pricing actions will also provide growth on top of that unlocked volume. We expect Building Solutions to return to growth in the second quarter and rebound well into the second half, finishing the year off strong.

在建築技術方面，我們預計整個 2022 年，隨著供應鏈限制（尤其是半導體方面的限制）開始緩解，以及我們對消防和安全產品以及建築管理系統的強勁需求，我們預計銷售增長勢頭將在整個 2022 年繼續保持增長。我們的有針對性的定價行動還將在未鎖定數量的基礎上實現增長。我們預計建築解決方案將在第二季度恢復增長，並在下半年大幅反彈，以強勁的勢頭收尾。

Underpinning the growth throughout the portfolio are our healthy buildings offering, which will benefit from increased demand for air quality and touchless technologies. Higher government spending on infrastructure will provide additional growth opportunities for us as well. Overall, we now expect full year organic sales growth of high single digits to double digits, trending better than expected. We continue to work diligently to combat the current inflationary environment. And our cost controls and pricing actions will ensure that we maintain and build upon our margin expansion in both the second quarter and the back half of the year.

支撐整個產品組合增長的是我們的健康建築產品，這將受益於對空氣質量和非接觸式技術的需求增加。更高的政府基礎設施支出也將為我們提供額外的增長機會。總體而言，我們現在預計全年有機銷售額將實現高個位數至兩位數的增長，趨勢好於預期。我們將繼續努力應對當前的通脹環境。我們的成本控制和定價行動將確保我們在第二季度和下半年保持並鞏固我們的利潤率增長。

In Performance Materials and Technologies, the macro setup remains favorable for our portfolio as we are uniquely positioned to both participate in the oil and gas reinvestment cycle as well as enable the energy transition. However, PMT has the largest exposure to Russia among our segments. And our decision to substantially suspend operations in the country represents a near-term sales growth headwind, particularly in UOP. Process Solutions' project orders are expected to remain strong throughout the year. And volumes in the products businesses will increase as supply availability improves.

在高性能材料和技術領域，宏觀設置仍然有利於我們的投資組合，因為我們在參與石油和天然氣再投資週期以及實現能源轉型方面處於獨特的地位。然而，在我們的細分市場中，PMT 對俄羅斯的敞口最大。我們決定大幅暫停在該國的運營代表了近期銷售增長的逆風，尤其是在 UOP 中。 Process Solutions 的項目訂單預計全年將保持強勁勢頭。隨著供應可用性的提高，產品業務的數量將增加。

In UOP, we see sequential improvement in the second quarter and throughout the year as catalyst reloads increase in refining markets, and we are encouraged by the order pipeline for our sustainable technology. UOP is also a significant contributor to the liquefied natural gas capacity globally. And recent government announcements suggest incremental LNG capacity may ramp beyond what has already been committed, representing a promising opportunity for the business.

在 UOP 中，隨著煉油市場催化劑重新裝載量的增加，我們看到第二季度和全年的連續改善，我們對可持續技術的訂單管道感到鼓舞。 UOP 也是全球液化天然氣產能的重要貢獻者。最近的政府公告表明，增加的液化天然氣產能可能會超出已經承諾的規模，這對企業來說是一個充滿希望的機會。

Advanced Materials pricing will continue to be a tailwind throughout the year. And we are expanding capacity to position ourselves for further growth. In total, we still expect PMT sales to be up mid- to high single digits for the year. PMT margins will benefit from our pricing and productivity actions. And we expect sequential and year-over-year margin expansion in 2Q and continued sequential improvement in the second half.

先進材料的定價將繼續成為全年的順風車。我們正在擴大產能，為進一步增長做好準備。總的來說，我們仍然預計今年 PMT 銷售額將達到中高個位數。 PMT 利潤率將受益於我們的定價和生產力行動。我們預計第二季度利潤率將環比和同比增長，下半年將繼續環比改善。

Turning to Safety and Productivity Solutions. We expect Productivity Solutions and Services, Advanced Sensing Technologies and Gas Detection to build on their momentum from the first quarter and continue to grow throughout the year. These businesses saw a year-over-year backlog growth of over 25% in 1Q and have demonstrated their ability to execute in difficult macro conditions, giving us confidence in the growth trajectory there, especially as the supply chain environment improves.

轉向安全和生產力解決方案。我們預計生產力解決方案和服務、先進傳感技術和氣體檢測將從第一季度開始繼續發展，並在全年繼續增長。這些業務在第一季度的積壓訂單同比增長超過 25%，並證明了它們在困難的宏觀條件下的執行能力，使我們對那裡的增長軌跡充滿信心，尤其是在供應鏈環境改善的情況下。

Lower COVID-related mask demand will continue to be a year-over-year drag in 2Q. But as we enter the second half of the year, we'll lap the difficult pandemic comps and Personal Protective Equipment sales will return to growth, led by other product offerings in the portfolio.

與 COVID 相關的口罩需求下降將繼續拖累第二季度的同比增長。但隨著我們進入下半年，我們將度過艱難的大流行病，個人防護設備的銷售將在投資組合中其他產品的帶動下恢復增長。

In Intelligrated, we're encouraged by the progress we have made in improving our operational efficiency and profitability. And we're increasing our focus on project selectivity, finding the right balance between top and bottom-line growth as we discussed. We still expect SPS sales to be flattish year-over-year for the full year with sequential improvement each quarter. However, we anticipate margins to expand sequentially throughout the year as business mix, pricing and volume compound.

在 Intelligrated，我們在提高運營效率和盈利能力方面取得的進展讓我們感到鼓舞。正如我們所討論的，我們正在增加對項目選擇性的關注，在頂線和底線增長之間找到適當的平衡。我們仍然預計 SPS 全年的銷售額將與去年同期持平，每個季度都會連續改善。然而，我們預計隨著業務組合、定價和銷量的複合，全年利潤率將連續增長。

Now let me turn to our expectations for the other core guided metrics. For second quarter segment margins, we expect to be in the range of 20.5% to 20.9%, resulting in 10 to 50 basis points of year-over-year margin expansion. Excluding the 30 basis point headwind from Quantinuum, we expect margins to expand 40 to 80 basis points.

現在讓我談談我們對其他核心指導指標的期望。對於第二季度的分部利潤率，我們預計將在 20.5% 至 20.9% 的範圍內，導致利潤率同比增長 10 至 50 個基點。排除來自 Quantinuum 的 30 個基點的逆風，我們預計利潤率將擴大 40 至 80 個基點。

Second quarter net below-the-line impact, which is the difference between segment profit and income before tax, is expected to be in the range of $0 to $45 million with a range of repositioning between $40 million and $80 million as we continue to fund ongoing restructuring projects. We expect the second quarter effective tax rate to be approximately 24% and the average share count to be approximately 687 million shares. As a result, we expect adjusted second quarter earnings per share between $1.98 and $2.08, down 2% to up 3% year-over-year.

第二季度淨線下影響，即部門利潤與稅前收入之間的差額，預計將在 0 至 4500 萬美元之間，隨著我們繼續提供資金，重新定位的範圍在 4000 萬美元至 8000 萬美元之間正在進行的重組項目。我們預計第二季度有效稅率約為 24%，平均股數約為 6.87 億股。因此，我們預計調整後的第二季度每股收益在 1.98 美元至 2.08 美元之間，同比下降 2% 至 3%。

Turning to the full year. We continue to expect segment margins to expand 10 to 50 basis points, supported by higher sales volumes, price/cost management and our continued rigor on fixed costs. Excluding the 30 basis point headwind from Quantinuum, we expect margins to expand 40 to 80 basis points in the year. SPS will lead the margin expansion for the company as we continue to prioritize profitability in 2022 in that business, followed by HBT and PMT with Aero about flat year-over-year.

轉向全年。我們繼續預計分部利潤率將擴大 10 至 50 個基點，這得益於更高的銷量、價格/成本管理以及我們對固定成本的持續嚴格要求。排除來自 Quantinuum 的 30 個基點的逆風，我們預計今年的利潤率將擴大 40 至 80 個基點。 SPS 將引領公司的利潤率擴張，因為我們將繼續優先考慮 2022 年該業務的盈利能力，其次是 HBT 和 PMT 與 Aero，同比持平。

We continue to expect our full year net below-the-line impact to be in the range of negative $100 million to positive $50 million, including capacity for $300 million to $425 million of repositioning in the year. We expect the full year effective tax rate of approximately 22%. And we now expect a weighted average share count to be in the range of 684 million to 687 million shares for the year, reflecting our updated commitment to repurchase $4 billion of Honeywell shares in 2022.

我們繼續預計我們全年的淨線下影響將在負 1 億美元至正 5000 萬美元之間，包括年內重新定位 3 億美元至 4.25 億美元的能力。我們預計全年有效稅率約為 22%。我們現在預計今年的加權平均股數將在 6.84 億股至 6.87 億股之間，這反映了我們更新的承諾，即在 2022 年回購 40 億美元的霍尼韋爾股票。

We have raised our full year earnings per share expectations to $8.50 to $8.80, up 5% to 9% adjusted, an increase of $0.10 on both ends versus our prior guidance due to our accelerated share repurchase commitment. We still expect to see free cash flow in the range of $4.7 billion to $5.1 billion in 2022 or $4.9 billion to $5.3 billion, excluding the impact of Quantinuum. So in total, we're raising our full year earnings per share guidance and increasing the midpoint of our sales range, absorbing the impact of external macroeconomic factors.

由於我們加快股票回購承諾，我們已將全年每股收益預期上調至 8.50 美元至 8.80 美元，調整後上調 5% 至 9%，與我們之前的指導相比，兩端均增加 0.10 美元。我們仍預計 2022 年的自由現金流在 47 億美元至 51 億美元之間，或 49 億美元至 53 億美元，不包括 Quantinuum 的影響。因此，總的來說，我們正在提高我們的全年每股收益指引並增加我們銷售範圍的中點，以吸收外部宏觀經濟因素的影響。

Now let me turn it back to Darius to discuss our enhanced environmental commitment coming out of our recent Investor Day.

現在讓我回到大流士來討論我們在最近的投資者日中加強的環境承諾。

Thank you, Greg. Let's turn to Slide 7 and talk about the more aspirational approach we're taking to our ESG commitments. ESG has been part of Honeywell's DNA for decades. And we have an established track record of success in this area.

謝謝你，格雷格。讓我們轉到幻燈片 7，談談我們對 ESG 承諾採取的更有抱負的方法。幾十年來，ESG 一直是霍尼韋爾 DNA 的一部分。我們在這一領域有著既定的成功記錄。

Since we stood up our sustainability program in 2004, we've achieved every one of the ambitious targets we have set for ourselves, reduced our greenhouse gas emissions intensity by approximately 90% while spending over $4 billion on remediation projects to restore thousands of acres of land for our communities. While we're thrilled in the successes we have had in the past, we believe we still have much to accomplish in the future. We're currently on track to deliver on our 10-10-10 target set in 2019, further reducing our greenhouse gas emissions while deploying renewable energy projects and improving energy efficiencies at our sites.

自 2004 年啟動可持續發展計劃以來，我們已經實現了為自己設定的每一項雄心勃勃的目標，將溫室氣體排放強度降低了約 90%，同時花費超過 40 億美元用於修復項目以恢復數千英畝的土地為我們的社區提供土地。雖然我們對過去取得的成功感到興奮，但我們相信我們未來仍有許多工作要做。我們目前有望實現我們在 2019 年設定的 10-10-10 目標，進一步減少溫室氣體排放，同時部署可再生能源項目並提高我們工廠的能源效率。

In addition, last year, we committed to achieving carbon-neutral facilities in operations by 2035, a full 15 years earlier than the Paris Climate Accords. While these targets are successful in reducing our Scope 1 and Scope 2 emissions, we didn't stop there. Earlier this year, we submitted a commitment to the Science Based Targets initiative to address our Scope 3 emissions across our value chain. Lowering the environmental footprint of our products, we continue to innovate with products and services that help our customers reduce their own emissions.

此外，去年，我們承諾到 2035 年在運營中實現碳中和設施，這比《巴黎氣候協定》早了整整 15 年。雖然這些目標成功地減少了我們的範圍 1 和範圍 2 排放，但我們並沒有就此止步。今年早些時候，我們向基於科學的目標倡議提交了一份承諾，以解決我們整個價值鏈中的範圍 3 排放問題。為了降低我們產品的環境足跡，我們繼續通過產品和服務進行創新，幫助我們的客戶減少自己的排放。

In addition to our ambitious sustainability targets, we've also enhanced our ESG disclosures with additional metrics on our Investor Relations website. These include an ESG data sheet that has metrics for diversity, water, greenhouse gas and more, a defense and space factsheet that includes more detailed information on our sales makeup and a document that breaks down Honeywell's many ESG-oriented offerings, which compromise (sic) [comprise] more than 60% of our revenue today.

除了我們雄心勃勃的可持續發展目標外，我們還通過投資者關係網站上的其他指標加強了 ESG 披露。其中包括一份包含多樣性、水、溫室氣體等指標的 ESG 數據表，一份包含有關我們銷售構成的更詳細信息的國防和太空概況介紹，以及一份分解霍尼韋爾許多以 ESG 為導向的產品的文件，這些產品妥協（原文如此） ) [包括] 我們今天收入的 60% 以上。

Now let's turn to Slide 8 for some closing thoughts before we move into Q&A. As always, our value-creation framework helped us successfully navigate the quarter and over-deliver on our commitments. Most of our end markets will continue to recover, and we are optimistic about our future. Despite the ongoing geopolitical challenges, including approximately $400 million of lost Russian sales, we raised the midpoint of our full year sales range and increased our earnings per share expectations.

現在讓我們在進入問答環節之前轉到幻燈片 8 以了解一些結束的想法。與往常一樣，我們的價值創造框架幫助我們成功度過了本季度並超額兌現了我們的承諾。我們的大部分終端市場將繼續復甦，我們對未來持樂觀態度。儘管存在持續的地緣政治挑戰，包括俄羅斯銷售額損失約 4 億美元，但我們提高了全年銷售範圍的中點並提高了每股收益預期。

Our value-creation framework is working. With the ongoing recovery of our end market, we remain optimistic about the future of our business. While there is a heightened level of macro uncertainty at present, we remain confident in our ability to execute on the pieces within our control.

我們的價值創造框架正在發揮作用。隨著終端市場的持續復甦，我們對業務的未來保持樂觀。雖然目前宏觀不確定性水平較高，但我們仍然對我們在控制範圍內執行的能力充滿信心。

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

有了這個，肖恩，讓我們進入問答環節。

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

謝謝你，大流士。 Darius、Greg、Anne 和 Torsten 現在可以回答您的問題。 （操作員說明）Shannon，請打開問答線路。

(Operator Instructions) Our first question is from Julian Mitchell with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Julian Mitchell。

Just wanted to understand maybe on the margins first. So you're guiding for sort of the second quarter sequentially for revenues to be up maybe $300 million. Margin is down though sequentially. So just trying to understand sort of what are the main segment drivers of that. And then within Aerospace, was the Q1 margin performance in line with what you expected? And what's the conviction on that margin turning around through the year?

只是想先了解一下邊緣。因此，您正在指導第二季度的順序收入可能增加 3 億美元。保證金雖然按順序下降。所以只是想了解一下主要的細分驅動因素是什麼。然後在航空航天領域，第一季度的利潤率表現是否符合您的預期？在這一年裡扭轉這一局面的信念是什麼？

Yes. Well, let me start by saying the margins don't need to turn around. They're actually quite good at 27.4%. So we're pretty happy with where they are. And yes, they were in line with what we had expected. We do see them coming down a bit in Q2 though, because as we've talked about, the OE equipment margins are not favorable to us. And so we are facing some mix headwind, which those will continue to challenge us as the year goes on. And we also talked a lot about in our Investor Day, our investment increases in R&D, in particular, which again are very important for some of our longer-term programs.

是的。好吧，讓我首先說利潤不需要轉身。他們實際上相當不錯，只有 27.4%。所以我們對他們的位置非常滿意。是的，它們符合我們的預期。不過，我們確實看到它們在第二季度有所下降，因為正如我們所談到的，OE 設備利潤率對我們不利。因此，我們面臨著一些混合逆風，隨著時間的推移，這些逆風將繼續挑戰我們。我們還在投資者日上談了很多，特別是我們在研發方面的投資增加，這對於我們的一些長期計劃也非常重要。

So we feel good about where we are. But that is going to be -- we do expect a little bit of a sequential tick-down there in Aerospace, in particular, probably get a little bit of a tick-up in SPS. But those are really the -- those are probably the two main movers overall. We will also have -- our corporate expense generally starts out a little slower in the early part of the year and ramps up. Again, that's not big dollars. But as you know, every $10 million is about 10 basis points for the company. So those are really the 3 things I'd highlight.

因此，我們對自己所處的位置感覺良好。但這將是——我們確實預計航空航天領域會出現一些連續的下降，特別是 SPS 可能會出現一些上升。但這些確實是 - 這些可能是總體上的兩個主要推動者。我們還將有——我們的公司開支通常在年初開始時會稍微慢一些，然後會增加。再說一次，這不是大筆錢。但如你所知，每 1000 萬美元對公司來說大約是 10 個基點。所以這些真的是我要強調的三件事。

And then just one very quick follow-up would be on China sourcing. You said, I think, you're assuming in May, the issues recede in terms of supply chain issues in China from lockdowns. Did you give any kind of dollar number for Q2 of the expected impact?

然後只有一個非常快速的後續行動將是關於中國採購的。你說，我認為，你假設在 5 月份，中國的供應鏈問題從封鎖中消退。您是否給出了預期影響的第二季度的任何美元數字？

I think, Julian, that's really impossible to quantify. I mean, what we're assuming in our guidance range for Q2 is that essentially things come back to kind of normal state in May. That's the best data we currently have. If you think about our 20 manufacturing facilities that we have in China, about half of them are operating more or less normally and the other half are kind of impaired, to some extent, by either supply chain challenges inbound and/or the operation itself. But we do expect that to improve in May and get back to normal with normal production certainly in June with a steady improvement in May. And to quantify that right now would be impossible. But that underpins our guidance for Q2.

我認為，朱利安，這真的無法量化。我的意思是，我們在第二季度的指導範圍內假設的是，基本上事情會在 5 月份恢復到某種正常狀態。這是我們目前擁有的最好的數據。如果你想想我們在中國擁有的 20 家製造工廠，其中大約一半或多或少地正常運營，而另一半在某種程度上受到供應鏈挑戰和/或運營本身的影響。但我們確實預計 5 月份情況會有所改善，並在 6 月份恢復正常生產，肯定會在 5 月份穩步改善。現在量化這一點是不可能的。但這支撐了我們對第二季度的指導。

Yes. And if I just would add to that, I mean, how this all continues to happen in China, obviously no one can say for sure. If things like what goes on in Shanghai happened early in the quarter like they are right now, it's going to impact our April. We're already seeing that. But assuming everything comes back, as Darius mentioned, as things open back up after the first week of May, then we've got plenty of time to sort of make up that volume and recover the shipping. But how will that present itself throughout the quarter and the rest of the year really is kind of unpredictable.

是的。如果我要補充一點，我的意思是，這一切是如何在中國繼續發生的，顯然沒有人可以肯定地說。如果上海發生的事情像現在這樣在本季度初發生，那將影響我們的四月。我們已經看到了。但假設一切都回來了，正如大流士所說，隨著 5 月第一周後一切恢復正常，那麼我們就有足夠的時間來彌補這一數量並恢復運輸。但是，這將如何在整個季度和今年剩下的時間裡呈現出來，這確實是不可預測的。

And as Greg pointed out, timing does matter. I mean, we expected a slightly softer April due to the outages. And with these outages kind of happen in month 1, we have time to recover. We get outages in month 3, it's going to be a much bigger problem. And frankly, we're not anticipating that. We're anticipating a recovery.

正如格雷格指出的那樣，時機確實很重要。我的意思是，由於停電，我們預計 4 月會略微疲軟。由於這些中斷發生在第 1 個月，我們有時間恢復。我們會在第 3 個月停電，這將是一個更大的問題。坦率地說，我們沒有預料到這一點。我們期待復甦。

Our next question comes from Steve Tusa with JPMorgan.

我們的下一個問題來自摩根大通的史蒂夫·圖薩。

Two negatives and two positives. The first, could you just clarify maybe with a little more precision where you expect the Aero margin to come in, in the second quarter, just to kind of like -- kind of clear the decks on that? And then also on SPS, the warehouse business, how does that trend kind of sequentially as we go through the year? And then on the positive side, anything that you're seeing or embedding on a pickup in defense or oil and gas in the second half of the year or maybe that stuff is still out kind of in front of us?

兩個負面和兩個正面。首先，您能否更精確地澄清一下您預計第二季度 Aero 利潤將在哪裡出現，就像 - 有點像清理甲板上的東西？然後在倉庫業務 SPS 上，隨著我們這一年的發展，這種趨勢是如何按順序排列的？然後從積極的方面來說，你在下半年看到或嵌入國防或石油和天然氣領域的任何東西，或者那些東西仍然擺在我們面前？

Yes. I mean, let me maybe start on the second of your two questions. So in terms of defense and space, our orders in Q1 were actually quite good. They were double-digit orders growth in defense and space. But I wouldn't tell you that we're seeing a big uptick yet due to some of the geopolitical situation. But we do think it could happen. But we're not going to call it that it's going to happen until we see it.

是的。我的意思是，讓我從你的兩個問題中的第二個開始。所以在防守和空間方面，我們第一季度的訂單實際上是相當不錯的。他們在國防和太空領域實現了兩位數的訂單增長。但我不會告訴你，由於某些地緣政治局勢，我們正在看到大幅上漲。但我們確實認為它可能會發生。但在我們看到它之前，我們不會說它會發生。

So the orders growth in Q1, although good, is not really tied to any of the geopolitical situation. And particularly in HPS, we saw good orders growth in Q1. We actually anticipate some strong orders in UOP particularly tied to some of our gas portfolio. So that looks good. So that's sort of your second question. Greg...

因此，第一季度的訂單增長雖然不錯，但與任何地緣政治局勢無關。特別是在 HPS 方面，我們在第一季度看到了良好的訂單增長。實際上，我們預計 UOP 會有一些強勁的訂單，特別是與我們的一些天然氣產品組合相關。所以看起來不錯。所以這是你的第二個問題。格雷格...

Yes. I don't know. Steve, we don't guide individual segments any longer. As you know, we've not done that for a while. So we do expect to see margins tick down in Aerospace less than 100 basis points but more than 0. And there is a range around those things as well, which is why we don't guide it any longer. And as it relates to IGS, that is a low single-digit margin business. We expect that to go up each and every quarter by -- think about it as maybe 100-ish basis points per quarter as we work our way through the 2021 job that we took the charge on for last year, which the completion of those will be at 0 margin and we continue to get the benefit of the new projects and our execution improvements throughout the course of the year, which is why, again, we see both between that as well as volume leverage that we ought to get from our products businesses and the rest of the portfolio. That's why we see a pretty consistent margin expansion sequentially quarter after quarter after quarter in SPS, which is why our best -- it's going to be our best grower of the year.

是的。我不知道。史蒂夫，我們不再指導個別細分市場。如您所知，我們已經有一段時間沒有這樣做了。因此，我們確實希望看到航空航天的利潤率下降不到 100 個基點但超過 0。而且圍繞這些事情也有一個範圍，這就是我們不再指導它的原因。因為它與 IGS 相關，所以這是一個低個位數的利潤率業務。我們預計每個季度都會增加 - 考慮到每個季度可能會增加 100 個基點，因為我們正在努力完成我們去年負責的 2021 年工作，這些工作的完成將利潤率為 0，我們將繼續從新項目和全年執行改進中受益，這就是為什麼我們再次看到我們應該從我們的產品中獲得的數量槓桿和數量槓桿業務和其他投資組合。這就是為什麼我們看到 SPS 一個季度又一個季度的利潤率持續增長，這就是為什麼我們最好的——它將成為我們今年最好的增長者。

And just to add to that, I mean, if you take a look at our backlog, which you've just provided, commercial activity is not our issue. I think commercial activity is about as strong as we've ever seen it. You see the improving backlog positions, orders positions. And I think this is all about supply chain. And there's still unknowns around supply chain.

此外，我的意思是，如果您查看我們剛剛提供的積壓工作，商業活動不是我們的問題。我認為商業活動與我們所見過的一樣強大。您會看到改善的積壓職位、訂單職位。我認為這都是關於供應鏈的。供應鏈仍然存在未知數。

I think on the semiconductor side, we probably have seen the bottom. But I would tell you the aerospace supply chain is still challenged. And our de-commit rate from our suppliers is high. And that's why it's so hard to call this thing because when you get a pretty high de-commit rate, it's difficult to call exactly what that's going to look like in Q2, Q3 and Q4. So we remain optimistic that it's going to continue to improve. But we've got to kind of see it in the numbers.

我認為在半導體方面，我們可能已經看到了底部。但我會告訴你，航空航天供應鏈仍然面臨挑戰。而且我們的供應商取消承諾率很高。這就是為什麼很難調用這個東西，因為當你獲得相當高的取消承諾率時，很難準確地調用 Q2、Q3 和 Q4 的樣子。因此，我們仍然樂觀地認為它將繼續改善。但我們必須從數字中看到它。

Our next question comes from Jeff Sprague with Vertical Research.

我們的下一個問題來自 Vertical Research 的 Jeff Sprague。

I was wondering if you could share a little more color on the SAF project with APD, Air Products, right? I mean, kind of the -- maybe the first really big benchmark deal that I've seen, $1 billion project. Is there any way you can give us an idea of just the Honeywell scope in terms of kind of the front-end capital opportunity and then kind of what the -- kind of the ongoing recurring revenue on catalysts and other things might be on a project of that size and scope?

我想知道您是否可以與 APD、Air Products 分享更多關於 SAF 項目的色彩，對嗎？我的意思是，可能是我見過的第一個非常大的基準交易，10 億美元的項目。有什麼辦法可以讓我們了解霍尼韋爾的範圍，包括前端資本機會的種類，然後是催化劑和其他東西的持續經常性收入可能在一個項目上那種規模和範圍？

Yes. I mean, I think it's a couple of things. So I would characterize it the following. And we don't release specific numbers to that project. But think about it as two dimensions. The first one is licensing and the technology itself, which can be recognized in one or two different ways, either an upfront paid-up license or a license that's recognized as a royalty rate as SAF is produced. And then the second stream being the use of the catalyst itself to actually drive that SAF conversion. So this is not the only project that we're going to be involved with.

是的。我的意思是，我認為這是幾件事。因此，我將其描述如下。我們不會向該項目發布具體數字。但將其視為兩個維度。第一個是許可和技術本身，可以通過一種或兩種不同的方式來識別，要么是預付的許可，要么是在生產 SAF 時被視為特許權使用費的許可。然後第二個流是使用催化劑本身來實際推動 SAF 轉化。所以這不是我們要參與的唯一項目。

When we look at SAF and green fuels, we've won something like a double-digit number of projects in the last, call it, 6 to 9 months as we've been on an incredible run. It's just one example of what we do.

當我們查看 SAF 和綠色燃料時，我們在過去 6 到 9 個月的時間裡贏得了接近兩位數的項目，因為我們的表現令人難以置信。這只是我們所做工作的一個例子。

At some point, we're going to give you a bit of a framework. We're not ready to share that yet in terms of exactly what it looks like. But it's going to be definitely margin-accretive. And you should think about it, very much like you said, as a recurring revenue base based on the catalyst reloads, which are going to be required to drive either SAF or green fuels and green gasoline.

在某些時候，我們將為您提供一些框架。我們還沒有準備好分享它的確切外觀。但這肯定會增加利潤。你應該考慮它，就像你說的那樣，作為基於催化劑重載的經常性收入基礎，這將需要驅動 SAF 或綠色燃料和綠色汽油。

Great. And maybe just a housekeeping question for Greg. What was going on with minority interest in the quarter? Did something change with an ownership position? And what would you point us to going forward there?

偉大的。也許只是格雷格的一個家務問題。本季度少數股權發生了什麼？所有權位置是否發生了變化？你會指出我們在那裡前進的方向是什麼？

Minority interest, you're probably seeing the full quarter impact of Quantinuum. Because if you remember, we closed that in December. And so now we're getting a full quarter of that minority interest. We get the consolidation of that, which you see in the P&L, which is all the OpEx. But then we get the offset for our partners, 46% share, going the other way.

少數股東，您可能會看到 Quantinuum 的整個季度影響。因為如果你還記得的話，我們在 12 月關閉了它。因此，現在我們獲得了該少數股權的整整四分之一。我們得到了整合，您可以在損益表中看到，這就是所有的運營支出。但隨後我們為我們的合作夥伴獲得了抵消，46% 的份額，相反。

So any direction on the go-forward or the full year on that item?

那麼關於該項目的前進或全年的任何方向？

We can look at it separately in our call later. I'm not sure I have that right off the top of my head.

我們可以在稍後的調用中單獨查看它。我不確定我的想法是否正確。

Our next question comes from Scott Davis with Melius Research.

我們的下一個問題來自於 Melius Research 的 Scott Davis。

So in your full year guide of 4% to 7% on volumes, how much of that is price? And are you still raising price? Do you still need to raise price to offset this inflation that doesn't seem to be going away?

因此，在您的 4% 到 7% 的全年指南中，其中有多少是價格？你還在漲價嗎？你還需要提高價格來抵消這種似乎不會消失的通貨膨脹嗎？

Yes. No, see, now we are ongoing working our price. I mean, we basically are bumping up, sort of, the benefit of price by 1 percentage point. I think the one thing that, Scott, that I think you picked up, I mean, essentially in this guide, it is a substantial raise to our guide range. I mean, we didn't explicitly say that, but it's obvious. Because we're basically absorbing a $400 million hit due to Russia with commensurate margin rate of over $100 million. So this is a fairly significant raise to our outlook. The way we can overcome that hit is through price. And we think now we're basically projecting an incremental point of price to a range of 5% or so.

是的。不，你看，現在我們正在努力定價。我的意思是，我們基本上將價格的收益提高了 1 個百分點。我認為，斯科特，我認為你在本指南中學到的一件事，本質上是對我們的指南範圍的大幅提升。我的意思是，我們沒有明確表示，但很明顯。因為我們基本上吸收了俄羅斯造成的 4 億美元打擊，相應的保證金率超過 1 億美元。因此，這對我們的前景來說是一個相當大的提升。我們克服這種打擊的方法是通過價格。我們認為現在我們基本上將價格的增量點預測到 5% 左右的範圍內。

5%. Yes, we had talked about 4% in the original guide. We now see it as 5% as you saw from the release. I mean, we were up 7% in the first quarter.

5%。是的，我們在原始指南中談到了 4%。我們現在將其視為您從發布中看到的 5%。我的意思是，我們在第一季度上漲了 7%。

Yes. And because we started doing this price increase a bit more aggressively in Q4 and Q1, obviously, as we get later in the year, that starts to lap itself. Although I will tell you that we're going to stay on top of this thing, and we're continuing to chase inflation and trying to stay ahead. And obviously, we have to do more price increases here in Q2 to continue to stay ahead of it.

是的。而且因為我們在第四季度和第一季度開始更積極地提價，顯然，隨著我們在今年晚些時候，它開始自我重疊。儘管我會告訴你，我們將保持領先地位，我們將繼續追逐通脹並努力保持領先地位。顯然，我們必須在第二季度進行更多的價格上漲才能繼續保持領先地位。

Yes. So again, just simplistically, we lost 1 point from Russia. We picked up 1 point on price. We kept the overall organic number at the time.

是的。再一次，簡單地說，我們從俄羅斯輸了 1 分。我們在價格上上漲了 1 點。我們當時保留了總體有機數量。

Our next question comes from Nicole DeBlase with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Nicole DeBlase。

Just maybe digging into HPS and PMT a little bit more and what you're seeing from an order perspective and as the higher oil price is reflecting its way through more interesting or advanced customer conversations.

只是可能更深入地研究 HPS 和 PMT 以及您從訂單的角度所看到的情況，因為較高的油價正在通過更有趣或更高級的客戶對話反映出來。

Yes. No, I mean, I think as you saw in the quarter, we had very good order rates, I mean, double-digit, north of 20% order rates in HPS. UOP was a little lumpy. Frankly, our LST business was strong. Our UPT was a little bit less so. We expect a strong booking quarter in Q2 with UOP. Overall, particularly for UOP, we see strong orders growth, particularly as it relates to our natural gas-oriented portfolio.

是的。不，我的意思是，我認為正如你在本季度看到的那樣，我們的訂單率非常好，我的意思是，兩位數的 HPS 訂單率超過了 20%。 UOP 有點笨拙。坦率地說，我們的 LST 業務很強勁。我們的 UPT 稍微差一點。我們預計第二季度與 UOP 的預訂季度強勁。總體而言，特別是對於 UOP，我們看到了強勁的訂單增長，特別是因為它與我們以天然氣為導向的產品組合有關。

So think about absorbents, gas processing, midstream, LNG terminals and all that business, it's -- we're a big partner of Venture Global to some of the projects that they're completing and their expansion. So overall, we're very bullish in terms of what's going on, particularly as it relates to the gas infrastructure that's currently being built up both in North America, the Middle East and Europe.

所以想想吸收劑、天然氣加工、中游、液化天然氣接收站和所有這些業務，我們是 Venture Global 的重要合作夥伴，他們正在完成和擴張的一些項目。所以總的來說，我們非常看好正在發生的事情，特別是因為它與目前正在北美、中東和歐洲建設的天然氣基礎設施有關。

Our next question is from Andrew Obin with Bank of America.

我們的下一個問題來自美國銀行的 Andrew Obin。

I guess -- so I'll ask sort of a long question. So short part, can you just talk about UOP, a revenue decline sort of despite an easier comp and growing refinery output? Just what's the short-term explanation? I think I missed it.

我想——所以我會問一個很長的問題。這麼短的部分，你能談談 UOP，儘管比較容易和煉油廠產量增加，但收入還是有所下降？短期的解釋是什麼？我想我錯過了。

And a longer-term question, how do you think about longer-term impact of Russian oil having to find new markets? I'm just sort of thinking about the fact that globally, you'll need to recalibrate a lot of these refineries, right, so to take Russian oil and then to take oil that will replace Russian oil in places like Europe.

還有一個長期問題，您如何看待俄羅斯石油必須尋找新市場的長期影響？我只是在想這樣一個事實，即在全球範圍內，你需要重新校準很多這些煉油廠，對，所以要使用俄羅斯石油，然後在歐洲等地使用將取代俄羅斯石油的石油。

So first one, near-term UOP. And second one, how do we think about longer-term opportunity on refinery upgrades?

所以第一個，近期的 UOP。第二個問題，我們如何看待煉油廠升級的長期機會？

Sure, Andrew. I'll take the first one. From a short-term perspective, two simple things to think about. I mean, first off, the way we had our plan set up was we were going to be completing some projects in UPT that had already been in flight. So we're going to have -- as that winds down, we're going to have a year-over-year comp in the equipment business in the early part of the year that will be negative.

當然，安德魯。我會拿第一個。從短期的角度來看，有兩件簡單的事情要考慮。我的意思是，首先，我們制定計劃的方式是我們將在 UPT 完成一些已經在進行中的項目。因此，我們將擁有 - 隨著這種情況的結束，我們將在今年年初的設備業務中獲得同比下降，這將是負面的。

And we see the catalyst business growing throughout the remainder of the year, which is going to support the growth rate more beyond that. So it's -- and the other aspect of that is back to Russia, as an example, the biggest place we're going to see the impact of Russia is going to be in UOP. And so UOP being down, I think it was 9% in the quarter, roughly 7% of that is from the loss of the Russia volume in 1Q.

我們看到催化劑業務在今年餘下時間都在增長，這將進一步支持增長率。所以它的另一個方面是回到俄羅斯，作為一個例子，我們將看到俄羅斯影響的最大地方將是 UOP。所以 UOP 下降了，我認為這個季度下降了 9%，其中大約 7% 是由於第一季度俄羅斯銷量的損失。

Yes. UOP gets disproportionately -- I talked about the 1% hit for our revenues for the year. That's disproportionately UOP-related. And you saw that already in Q1. So that's just to help that frame it up. As it relates to your second question, I mean, essentially, in terms of Russia oil, I mean, simplistically said, instead of flowing west, we think it's going to start flowing south.

是的。 UOP 得到了不成比例的 - 我談到了我們今年收入的 1% 打擊。這與 UOP 不成比例。你已經在第一季度看到了這一點。所以這只是為了幫助構建它。因為它與你的第二個問題有關，我的意思是，基本上，就俄羅斯的石油而言，我的意思是，簡單地說，我們認為它將開始向南流動，而不是向西流動。

And I think the good news about us is that we have a global presence across the West and the South. And I think that benefits obviously a lot of our PMT businesses. And as I mentioned earlier, kind of the gas infrastructure build-out in Western Europe, which will take place both in Western Europe but also in the Middle East and in the U.S., will also have positive benefit to our business. So all in all, I mean, I think we're well positioned there.

我認為關於我們的好消息是我們在西方和南方都有全球影響力。我認為這顯然有利於我們的很多 PMT 業務。正如我之前提到的，在西歐以及中東和美國都將進行的西歐天然氣基礎設施建設也將對我們的業務產生積極的影響。總而言之，我的意思是，我認為我們在這方面處於有利地位。

How long do you think it would take to quantify it for the industry?

您認為對行業進行量化需要多長時間？

I mean, that's hard to answer right now. I think we're still kind of weeks into this conflict, so we'll see. I mean, we're obviously involved in a lot of the discussions of the new projects and so on, but -- and I'm very, very confident that any of the build-out that's going to take place, particularly of our modular design concepts, which really revolutionized LNG, I'm quite confident that we're going to be a player in that space.

我的意思是，現在很難回答。我認為這場衝突還有幾週的時間，所以我們拭目以待。我的意思是，我們顯然參與了很多關於新項目等的討論，但是 - 我非常非常有信心任何將要進行的擴建，尤其是我們的模塊化真正徹底改變了液化天然氣的設計概念，我非常有信心我們將成為該領域的參與者。

Our next question comes from Sheila Kahyaoglu with Jefferies.

我們的下一個問題來自 Jefferies 的 Sheila Kahyaoglu。

Can we talk about price a little bit more because it was really good in the quarter, up 7%? How are you seeing price and inflation across the business, given some are shorter cycle and some are longer cycle, like Aerospace? Can you maybe quantify what you saw across the business segments, the inflation burden or the price/mix benefit?

我們能否多談一下價格，因為它在本季度非常好，上漲了 7%？鑑於有些週期較短，有些週期較長，例如航空航天，您如何看待整個業務的價格和通貨膨脹？您能否量化您在各個業務領域看到的情況、通貨膨脹負擔或價格/組合收益？

Yes. I mean, let me start. I mean, if you think about price/cost, the price inflation, think about a 7% and 5% number, in that kind of neighborhood. I mean, we -- this is really the benefit of Honeywell Digital. We talked a lot about that at Investor Day. But I now can tell you exactly on the impact of price/cost for every of our 37 business units and exactly what it's going to look like going forward for the next 3 quarters. And I can tell you that in bps. It's really enabled us to establish an operating system, where we know what we need to do in terms of price. We know what we do in terms of coverage and where that business unit will be. And it's a weekly rhythm that we're on with all the businesses.

是的。我的意思是，讓我開始吧。我的意思是，如果您考慮價格/成本，價格通脹，請考慮在那種社區中 7% 和 5% 的數字。我的意思是，我們——這確實是霍尼韋爾數字的好處。我們在投資者日談了很多。但我現在可以準確地告訴你價格/成本對我們 37 個業務部門的影響，以及未來 3 個季度的具體情況。我可以告訴你，以 bps 為單位。它確實使我們能夠建立一個操作系統，在那裡我們知道我們需要在價格方面做什麼。我們知道我們在覆蓋範圍方面做什麼以及該業務部門將在哪裡。這是我們與所有業務保持一致的每週節奏。

As a matter of fact, we've got a meeting later on today to talk about that topic, and we continue to stay on top of it. But it's not as simple in some businesses than others. I mean, some businesses, we have contractual obligations, contractual limitations in terms of what we can pass on and when. And we're finding ways to be -- to do that. I mean, everybody knows that inflation is with us. It's probably going to continue to be with us. We're going to stay diligent, and we're very pleased with our results and able to stay ahead of the price/cost equation. Do you have anything you want to add?

事實上，我們今天晚些時候會開會討論這個話題，我們會繼續關注它。但在某些企業中，這並不像其他企業那麼簡單。我的意思是，對於某些企業，我們有合同義務，合同限制了我們可以傳遞的內容和時間。我們正在尋找方法來做到這一點。我的意思是，每個人都知道通貨膨脹與我們同在。它可能會繼續與我們同在。我們將保持勤奮，我們對我們的結果感到非常滿意，並且能夠在價格/成本等式上保持領先。你有什麼要補充的嗎？

Yes. The only -- to your point, just maybe expanding on your contractual obligations and also protections, so we have some protections as well. So as you could probably guess, the price equation is greater in SPS, HBT, PMT, and we're a little bit more constrained but also a little bit more protected in Aerospace, where we have more of the longer-term contracts.

是的。唯一的 - 就您而言，可能只是擴大您的合同義務和保護，所以我們也有一些保護。因此，您可能會猜到，SPS、HBT、PMT 的價格等式更大，我們在航空航天領域受到更多限制，但也受到更多保護，我們有更多的長期合同。

Our next question is from Josh Pokrzywinski with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Pokrzywinski。

So just a question on the supply chain side, I mean, I think we're still kind of hit or miss in terms of companies out there seeing improvement into 2Q and over the balance of the year. It seems like particularly in HBT and maybe some in SPS, a bit more kind of sequential improvement through the year than maybe others have seen.

所以只是供應鏈方面的一個問題，我的意思是，我認為就第二季度和今年餘下時間看到改善的公司而言，我們仍然受到影響。似乎特別是在 HBT 和 SPS 中，這一年的連續改進可能比其他人看到的要多一些。

Is this finding more suppliers? Is it kind of an overall commentary that you guys have seen out of all the base? Kind of surprised that the China lockdowns haven't impacted. Could you speak to sort of how you're getting that improvement?

這是在尋找更多的供應商嗎？這是你們從所有基地中看到的整體評論嗎？中國的封鎖沒有受到影響，這有點令人驚訝。你能談談你是如何得到這種改進的嗎？

Yes. I mean, there's -- yes, there's a lot of variables here. Let me try to unpack it a little bit. I mean, HBT and SPS, the supply chain is complex due to the variety installed base of our products. It is somewhat contained primarily to the semiconductors. And when you think about semiconductors, you're talking about the 5 to 10 core suppliers that we're monitoring.

是的。我的意思是，有——是的，這裡有很多變數。讓我試著把它拆開一點。我的意思是，HBT 和 SPS，由於我們產品的安裝基礎種類繁多，供應鏈很複雜。它在某種程度上主要包含在半導體中。當您想到半導體時，您指的是我們正在監控的 5 到 10 家核心供應商。

So it's actually a little bit easier for us to get our arms around the situation and know when things will come in, when they won't come in. And we're cautiously optimistic about an improving supply source coming through for Q2, Q3 and Q4. And frankly, looking into Q2 from the beginning vis-à-vis Q1 or Q4, we actually looked a little bit better than we did in the other quarter. So we have reason to be cautiously optimistic, provided we don't get de-commits on semiconductors.

因此，我們實際上更容易掌握情況，知道什麼時候會進來，什麼時候不會進來。我們對第二季度、第三季度和第三季度的供應源改善持謹慎樂觀態度。 Q4。坦率地說，從一開始就與 Q1 或 Q4 相比，我們實際上看起來比另一個季度要好一些。因此，我們有理由保持謹慎樂觀，前提是我們不會取消對半導體的承諾。

Now when you get into the Aero segment, it actually becomes a bit more challenged. And to give you some very specific numbers, our level of de-commits, which is sort of last-minute cancellations or pushouts, was at a level of 22%. I mean, that's what makes it so difficult. It was actually worse than in Q4, where it was about 19%. We're counting on some improvement in Q2 and Q3 and Q4. But now you're not talking about less than 10 suppliers, you're talking about tens, if not hundreds, of suppliers. And trying to really figure out exactly how well they're going to deliver and when becomes more challenging.

現在，當您進入航空領域時，它實際上變得更具挑戰性。為了給你一些非常具體的數字，我們的取消承諾水平，即最後一刻的取消或推出，處於 22% 的水平。我的意思是，這就是它如此困難的原因。它實際上比第四季度更糟糕，後者約為 19%。我們指望第二季度、第三季度和第四季度有所改善。但是現在您不是在談論少於 10 家供應商，而是在談論數十甚至數百家供應商。並試圖真正弄清楚他們將如何交付以及何時變得更具挑戰性。

Obviously, we've deployed our own people, our resources to that supply base to help them through some of their capacity challenges. We've got a program around that. But it is challenged. And I can't tell you that we have a full and perfect view as to exactly what's going to happen. We're working through it. And as you can see, we certainly have the backlog more than to support the business. And we're not just watching. We're actually doing and we've got a substantial force of people to just work there at aero supply chain.

顯然，我們已經將我們自己的人員和資源部署到該供應基地，以幫助他們應對一些能力挑戰。我們有一個圍繞它的計劃。但它受到挑戰。我不能告訴你，我們對將要發生的事情有一個完整而完美的看法。我們正在努力解決它。正如你所看到的，我們當然有更多的積壓工作來支持業務。我們不只是在看。我們實際上正在這樣做，並且我們有大量的人員在航空供應鏈中工作。

Our next question comes from Nigel Coe with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Nigel Coe。

Before I get into my question, we've got a few inbounds, just to clarify the comments on China. Did you say early May, the first week of May in terms of the Shanghai lockdowns moderating?

在我進入我的問題之前，我們有一些入站，只是為了澄清對中國的評論。您是說 5 月初，即 5 月的第一周，上海的封鎖正在緩和嗎？

Yes. I mean, that target keeps moving. But we think in the -- certainly in the first half of May, we expect some ease-off in terms of the Shanghai lockdowns. That's what we've built into our guidance, if you will.

是的。我的意思是，那個目標一直在移動。但我們認為——當然是在 5 月上半月，我們預計上海的封鎖措施會有所緩解。如果您願意，這就是我們在指導中所包含的內容。

Okay. Great. And then just a follow-on with the supply chain constraints, particularly in Aero, the commercial aftermarket, up 20% is not too shabby. But is that growth and that ramp-up, that recovery being constrained by supply chain, i.e., it's not just OE and defense, it's also aftermarket? And then within the aftermarket recovery, are we seeing yet the wide-body sort of ramp coming through yet? Or is that still on to come?

好的。偉大的。然後只是供應鏈限制的後續行動，特別是在商業售後市場 Aero，上漲 20% 並不算太寒酸。但是，這種增長和增長，這種複蘇是否受到供應鏈的限制，即不僅是 OE 和國防，還有售後市場？然後在售後市場復甦中，我們是否還看到了寬體式的坡道？或者這還在繼續嗎？

Yes. So it absolutely is going to be a constraint on the aftermarket part of the business. I mean, certainly, our MSP power by the hour is going to be rev rec just based on flight hours. But the bit of that, that's tied to spares and repairs is going to have a physical constraint for sure. And that's also, by the way, exactly what creates a little bit of our margin pressure as well because we've got firm commitments to our OEs.

是的。因此，這絕對會限制業務的售後市場部分。我的意思是，當然，我們的 MSP 每小時功率將僅基於飛行小時數。但是，與備件和維修相關的那一點肯定會受到物理限制。順便說一句，這也正是我們對利潤造成一點壓力的原因，因為我們對我們的 OE 做出了堅定的承諾。

And so that creates a bit of a squeeze between where the products will go in the chain and what the profitability around that is. So that is for sure an issue. Are we seeing some return to wide-body travel? We are. I wouldn't call it dramatic at this point in Q1. But we are seeing a little bit of a sequential move there. But we've said all along, that is really going to be tied very much to travel across the globe as opposed to domestically. And so when -- particularly with China locking down, and that curtails, of course, anything in and out of China even longer.

因此，這在產品將在鏈條中的位置與周圍的盈利能力之間產生了一點擠壓。所以這肯定是一個問題。我們是否看到一些回歸寬體旅行？我們是。在第一季度的這一點上，我不會稱之為戲劇性的。但我們在那裡看到了一些連續的變化。但是我們一直都在說，與國內旅行相比，這確實與全球旅行密切相關。所以當 - 特別是在中國封鎖的情況下，當然，進出中國的任何事情都會更長時間。

Yes. And to be -- just a couple of other things here. I mean, yes, I mean, as Greg pointed out, wide-body travel has been so constrained and limited. And that's still upside to go for us, given particularly our installed base on those aircraft. But the fact is if you look at our backlog position, we're in tremendous shape in Aerospace.

是的。並且成為 - 這裡只是其他幾件事。我的意思是，是的，我的意思是，正如格雷格指出的那樣，寬體旅行一直受到如此限制和限制。考慮到我們在這些飛機上的安裝基礎，這對我們來說仍然是有利的。但事實是，如果你看看我們的積壓職位，我們在航空航天領域的狀況非常好。

And probably, the biggest issues we see is in defense and space, where we have a growing past-due backlog at a faster rate than even some of the other segments. So really, we don't -- we're not that worried about the commercial inbound. And we saw just an incredible order rate, strong double-digit order rate in Q1. All our focus is really on output in the supply chain. We get that going, I think, very, very good, very, very quickly because...

而且，我們看到的最大問題可能是在國防和太空領域，我們的逾期積壓訂單增長速度甚至比其他一些領域還要快。所以真的，我們不 - 我們並不擔心商業入境。我們在第一季度看到了令人難以置信的訂單率，強勁的兩位數訂單率。我們所有的重點實際上都放在供應鏈中的輸出上。我們做到了，我認為，非常非常好，非常非常快，因為...

And just again to put some numbers behind it, we talked about our past-due backlog going up $0.5 billion in the quarter. About $200 million of that was in Aero. About half of that was in defense and space, but the other half was in commercial. So there's clearly an impact in both areas. But as Darius said, as that unlocks, then the volume and the leverage that will come along with that are really attractive.

再次說明一些數字，我們談到我們的逾期積壓在本季度增加了 5 億美元。其中約 2 億美元用於 Aero。其中大約一半用於國防和太空，但另一半用於商業。因此，這兩個領域顯然都有影響。但正如大流士所說，隨著它的解鎖，隨之而來的交易量和槓桿率真的很有吸引力。

Our next question comes from Deane Dray with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Deane Dray。

I'd like to stay in Aero. If I look at the segment outlook, the defense and space being flat surprises me a bit. And at the Analyst Meeting, Darius, you said you would not be surprised to see that be at high single digits this year, given the uptick in international defense budgets. Is it the fact that the U.S. defense budget is flat offsets that? But why is that arrow not pointing higher?

我想留在Aero。如果我看一下細分市場的前景，防守和空間平坦讓我有點驚訝。在分析師會議上，大流士，你說鑑於國際國防預算的增加，今年看到高個位數不會讓你感到驚訝。美國國防預算持平是否抵消了這一事實？但是為什麼那個箭頭沒有指向更高的地方？

Well, because we're really not seeing a lot of new orders yet to some of the geopolitical conflicts to replenish the inventories. I mean, I think -- and by the way, checking with some of the other OEs, that's not necessarily unusual so that could be an uptick. When we talked about at Investor Day, there was some built-in optimism around that coming in. And I still think it will happen. I'm just not going to call it yet until we actually see the orders coming through.

好吧，因為我們真的沒有看到很多新訂單，因為一些地緣政治衝突來補充庫存。我的意思是，我認為 - 順便說一下，與其他一些 OE 核對一下，這不一定不尋常，因此可能會有所上升。當我們在投資者日談到這一點時，人們對它產生了一些內在的樂觀情緒。我仍然認為它會發生。在我們真正看到訂單通過之前，我不會打電話給它。

Having said that, we did see double-digit orders growth in defense and space in Q1 just naturally without the addition of plus-ups in the defense budget. So I think it could still be at that level. I'm just not going to call that until we actually see it more pronounced in our orders rate. And I'm still optimistic that it will happen.

話雖如此，我們確實在沒有增加國防預算的情況下，自然而然地看到了第一季度國防和太空訂單的兩位數增長。所以我認為它仍然可能處於那個水平。在我們真正看到它在我們的訂單率中更加明顯之前，我不會這麼稱呼它。我仍然樂觀地認為它會發生。

Our last question is from Andy Kaplowitz with Citigroup.

我們的最後一個問題來自花旗集團的 Andy Kaplowitz。

Darius, 9% is the highest backlog growth Honeywell has recorded this cycle despite macro uncertainty. Do you think the higher backlog is just a reflection of the handoff in your businesses from short- and long-cycle demand? Or is this maybe a function of the fact that if we go back to what you said during the heart of the pandemic that Honeywell's portfolio wasn't really set up well in the pandemic, maybe the opposite is happening now? And would you expect your orders and backlog trajectory to stay at these elevated levels for a while?

Darius，9% 是霍尼韋爾在這個週期中記錄的最高積壓增長，儘管宏觀不確定。您是否認為較高的積壓只是您的業務從短週期和長周期需求切換的反映？或者這可能是因為如果我們回到你在大流行的核心時期所說的霍尼韋爾的投資組合在大流行中沒有真正建立良好的事實，也許現在正在發生相反的情況？您是否希望您的訂單和積壓軌跡在一段時間內保持在這些高水平？

You just nailed it, Andy. Yes, that's exactly -- you've got it exactly right, which is as we look in -- because we look at short cycle and longer cycle. And you see now a little bit of a transition from it's slow because short cycle is still very good for us, but now we're starting to slowly see that long cycle coming through. You see it in our backlog. You see it in our order rates. And now it's the time of the cycle where the long-cycle businesses will start to have a bit more traction. And a lot of people are saying there may or there may not be a recession in the next 6 to 12 to 18 months. But I certainly hope it doesn't happen.

你剛剛成功了，安迪。是的，就是這樣——你完全正確，正如我們所看到的那樣——因為我們關注的是短週期和更長的周期。你現在看到了從緩慢的過渡，因為短週期對我們來說仍然非常好，但現在我們開始慢慢看到長周期的到來。您可以在我們的積壓工作中看到它。您可以在我們的訂單價格中看到它。現在是長周期業務開始有更多吸引力的周期時間。很多人都說在未來 6 到 12 到 18 個月內可能會或可能不會出現衰退。但我當然希望它不會發生。

But if it does, I actually think that Honeywell can weather the storm quite well, given the kind of backlog position in the markets we're in, which is energy and aerospace, which, frankly, have been hurt disproportionally hard during the pandemic and now are starting to come back strong. So I'm very, very optimistic about kind of the position, the backlog we're in. And I think you said it exactly right, we're seeing kind of a transition occurring slowly but surely. And it's not because our short cycle is weak, but the long cycle is now starting to slowly pick up.

但是，如果確實如此，我實際上認為霍尼韋爾可以很好地度過難關，因為我們所處的市場積壓了一種，即能源和航空航天，坦率地說，在大流行期間受到了不成比例的嚴重傷害，現在開始強勢回歸。所以我非常非常樂觀地看待這個職位，我們的積壓工作。我認為你說的完全正確，我們正在看到一種緩慢但肯定的過渡。這並不是因為我們的短週期疲軟，而是長周期現在開始慢慢回升。

I would now like to turn the conference back over to Darius Adamczyk for closing remarks.

我現在想把會議轉回給 Darius Adamczyk 做閉幕詞。

I want to thank our shareholders for your ongoing support. We delivered strong first quarter results in a typical Honeywell fashion and have and will continue to navigate the numerous uncertainties with operational rigor and agility in order to drive superior shareholder returns. Thank you all for listening, and please stay safe and healthy.

我要感謝我們的股東一直以來的支持。我們以典型的霍尼韋爾方式交付了強勁的第一季度業績，並且已經並將繼續以嚴格的運營和敏捷性應對眾多不確定性，以推動卓越的股東回報。謝謝大家的收聽，請保持安全和健康。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。