分组1 - Honeywell is undergoing a split, with a strong chemicals business that performed better than expected, despite some services not reflecting this strength [1] - Aerospace is highlighted as a significant area of growth, with strong performances reported by GE and RTX, indicating a positive trend in travel and aerospace sectors [2][3] - The recent quarter for Honeywell was strong, contradicting previous downgrades, suggesting that the market may have misjudged the company's performance [3][4] 分组2 - There are quality stocks available in the market that are currently undervalued, presenting potential buying opportunities [4] - The quantum business is noted as a strong segment for Honeywell, similar to IBM, although it has not positively impacted stock performance [5]

霍尼韦尔(HON.US)涨5.3%，报217.55美元。 消息面上，霍尼韦尔第三季度整体销售额为104.1亿美元，同比增长7%，高于分析师平均预期的101.4亿 美元；调整后每股收益为2.82美元，亦超过预期的2.57美元。此外，霍尼韦尔宣布，正积极推进在2026 年下半年剥离其航空航天技术业务的计划，届时将成立一家独立上市的航空航天公司。(格隆汇) ...

Group 1 - Honeywell International reported a 9% increase in earnings to $2.82 per share adjusted, exceeding expectations [1] - Revenue for Honeywell climbed 7% to $10.4 billion, surpassing FactSet's forecast of $2.57 per share [1] - Honeywell's stock surged early Thursday, indicating a rebound above key moving averages [1] Group 2 - Quantum computing stocks, including Honeywell's Quantinuum, are experiencing a rally, with D-Wave hitting a record high amid a Tokyo conference [4] - Honeywell's investment in Quantinuum has contributed to the positive momentum in quantum computing stocks [4] - The warehouse automation trend is viewed positively for Honeywell and other related stocks [4]

Financial Performance - Honeywell's net sales for Q3 2025 reached $10,408 million, a 7% increase from $9,728 million in Q3 2024[12] - The company's net income for the nine months ended September 30, 2025, was $4,895 million, compared to $4,450 million for the same period in 2024, reflecting a 10% year-over-year growth[12] - Earnings per share (EPS) for Q3 2025 was $2.87, up from $2.17 in Q3 2024, representing a 32% increase[12] - Honeywell reported a comprehensive income of $1,629 million for Q3 2025, compared to $1,107 million in Q3 2024, indicating a 47% increase[15] - Net income attributable to Honeywell for the nine months ended September 30, 2025, was $4,844 million, compared to $4,420 million for the same period in 2024, reflecting an increase of 9.6%[21] - For the nine months ended September 30, 2025, net income attributable to Honeywell was $4,844 million, with basic earnings per share of $7.57, compared to $4,420 million and $6.79 for the same period in 2024, indicating a 10% increase in net income and an 11% increase in earnings per share[123] Expenses and Costs - Research and development expenses increased to $497 million in Q3 2025, compared to $368 million in Q3 2024, marking a 35% rise[12] - Honeywell's total costs and expenses for Q3 2025 were $8,186 million, up from $7,904 million in Q3 2024, reflecting a 4% increase[12] - The cost of products sold for the nine months ended September 30, 2025, was $13,533 million, compared to $12,448 million for the same period in 2024, indicating an increase of about 8.7%[112] - The cost of products and services sold for the three months ended September 30, 2025, was $8,128 million, compared to $7,384 million in 2024, indicating an increase of about 10.1%[171] Assets and Liabilities - Total assets increased to $80,917 million as of September 30, 2025, up from $75,196 million at December 31, 2024, representing a growth of 9.1%[18] - Total current liabilities increased to $22,639 million as of September 30, 2025, compared to $21,256 million at December 31, 2024, an increase of 6.5%[18] - Long-term debt rose to $30,092 million as of September 30, 2025, up from $25,479 million at December 31, 2024, indicating an increase of 18.5%[18] - Honeywell's total liabilities related to foreign currency exchange contracts as of September 30, 2025, amounted to $898 million, up from $210 million as of December 31, 2024[115] Cash Flow and Dividends - Cash and cash equivalents at the end of the period rose to $12,930 million, up from $10,644 million a year earlier, marking a 21.5% increase[21] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $5,204 million, compared to $3,816 million for the same period in 2024, a growth of 36.3%[21] - Cash dividends paid totaled $2,214 million for the nine months ended September 30, 2025, slightly up from $2,161 million in the same period of 2024[21] - The company reported a cash dividend of $1.13 per share for the three months ended September 30, 2025, compared to $1.08 per share in 2024[24] Strategic Initiatives - The company plans to spin off its Advanced Materials business into a standalone entity, Solstice Advanced Materials, which is expected to enhance strategic focus[5] - The company is evaluating strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses[5] - The company plans to separate its Automation and Aerospace Technologies businesses into independent publicly traded companies, expected to be completed in the second half of 2026[50] - Honeywell is focused on three megatrends: automation, future of aviation, and energy transition, leveraging its Honeywell Accelerator operating system[7] Acquisitions and Divestitures - On May 22, 2025, the company announced the acquisition of Johnson Matthey's Catalyst Technologies business for £1.8 billion, expected to close in the first half of 2026[38] - The acquisition of Sundyne on June 6, 2025, was completed for $2,158 million, with identifiable net assets acquired valued at $1,007 million and goodwill of $1,261 million[39] - The company finalized the acquisition of Carrier Global Corporation's Global Access Solutions business for $4,913 million, with net assets acquired valued at $2,074 million and goodwill of $2,924 million[47] - The company completed the sale of its personal protective equipment business for $1,157 million, recognizing a pre-tax loss of $30 million for the nine months ended September 30, 2025[49] Environmental and Legal Matters - As of September 30, 2025, total environmental liabilities amounted to $981 million, up from $678 million at the end of 2024, reflecting an increase of 45%[131] - The company agreed to pay a total of $203 million in penalties and disgorgement to resolve investigations by the DOJ, SEC, and Brazilian authorities[146] - The total number of unresolved asbestos-related claims decreased to 4,302 as of September 30, 2025, down from 4,950 at the end of 2024, indicating a resolution of 1,880 claims during the nine months[136] Shareholder Equity - The total shareowners' equity decreased to $17,747 million as of September 30, 2025, down from $19,154 million at December 31, 2024, a decline of 7.4%[18] - Honeywell's total shares outstanding as of September 30, 2025, were 634.9 million, down from 650.2 million as of September 30, 2024, representing a decrease of approximately 2%[124] - The company repurchased common stock worth $3,704 million during the nine months ended September 30, 2025, compared to $1,200 million in the same period of 2024[21]

Financial Data and Key Metrics Changes - Honeywell's organic sales grew 6% year-over-year in Q3 2025, with earnings per share reaching $2.86, up 32% from the prior year [17][18] - Adjusted earnings per share increased by 9% year-over-year to $2.82, driven by strong segment profit growth and a lower effective tax rate [18] - Free cash flow for Q3 was $1.5 billion, down 16% from the prior year due to capital expenditure timing and higher working capital [18] Business Line Data and Key Metrics Changes - Aerospace technologies saw a 12% organic growth, with a book-to-bill ratio of 1.2, although segment margin decreased to 26.1% due to cost inflation [19] - Industrial automation returned to growth with a 1% organic increase, but segment margin declined to 18.8% due to inflationary pressures [20] - Building automation achieved a 7% organic sales increase, with margin expanding by 80 basis points year-over-year [21] - Energy and sustainability solutions experienced a 2% organic decline, with segment margin flat at 24.5% [22] Market Data and Key Metrics Changes - Orders grew 22% organically to $11.9 billion, with strong performance across all segments [17] - North America and the Middle East led regional growth in building automation, while Europe saw its fourth consecutive quarter of organic growth [21] Company Strategy and Development Direction - Honeywell is planning to separate its Aerospace segment in 2026, aiming for a simpler organizational structure to enhance focus and agility [7][9] - The company is also realigning its automation business segments to better reflect operational strategies and drive long-term growth [11][12] - Honeywell is committed to leveraging data to address enterprise-level challenges and enhance value creation [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainties and achieve margin expansion in 2026 [35][36] - The company anticipates that pricing strategies will improve in 2026, contributing to margin growth [78] - Management highlighted strong order momentum and a positive outlook for the aerospace sector, expecting continued growth in defense and space [26][51] Other Important Information - Honeywell is set to spin off Solsys Advanced Materials, which is expected to reduce 2025 sales by $700 million and adjusted EPS by approximately $0.21 [22][23] - The company has completed significant transactions to simplify its balance sheet, including divesting liabilities and receiving $1.6 billion in cash [10] Q&A Session Summary Question: What is the expected margin decline for Energy and Sustainability Solutions (ESS) in Q4? - Management indicated that the decline is primarily due to mix issues and expects ESS margins to normalize in 2026 [40][44] Question: Can you provide insights on the Industrial Automation segment's performance? - Management noted that while Q3 saw growth, Q4 is expected to show a decline due to timing variability in large orders [48][50] Question: What is the status of the aerospace destocking? - Management believes that destocking is largely behind them, with expectations for improved growth rates in commercial OE [51] Question: How is the pricing strategy evolving across the organization? - Management emphasized a focus on preserving margins while maintaining volume, with expectations for improved pricing in 2026 [76][78] Question: What are the implications of the Solsys spin-off on the company's financials? - The spin-off is expected to impact sales and EPS, but management remains optimistic about overall growth and margin expansion [22][23]

Financial Data and Key Metrics Changes - Honeywell's organic sales grew 6% year-over-year in Q3 2025, exceeding expectations, with earnings per share (EPS) at $2.86, up 32% from the prior year [17][18] - Adjusted EPS was $2.82, reflecting a 9% year-over-year increase, driven by strong segment profit growth and a lower effective tax rate [18] - Free cash flow for Q3 was $1.5 billion, down 16% from the previous year due to capital expenditure timing and higher working capital [18] Business Line Data and Key Metrics Changes - Aerospace Technologies saw a 12% organic growth, with a book-to-bill ratio of 1.2, although segment margin decreased to 26.1% due to cost inflation [19] - Industrial Automation returned to growth with a 1% organic increase, but segment margin declined to 18.8% due to inflationary pressures [20] - Building Automation achieved a 7% organic sales increase, with margin expanding by 80 basis points year-over-year [21] - Energy and Sustainability Solutions (ESS) experienced a 2% organic decline, with segment margin flat at 24.5% [22] Market Data and Key Metrics Changes - Orders grew 22% organically to $11.9 billion, with strong performance across all segments, indicating a broad-based recovery [17] - North America and the Middle East led regional growth, while Europe saw its fourth consecutive quarter of organic growth [21] Company Strategy and Development Direction - Honeywell is planning to separate its Aerospace segment in 2026, aiming to simplify its structure and enhance operational agility [7][9] - The company is focusing on innovation and R&D investments to drive growth, with a commitment to developing new solutions for customer challenges [5][17] - A new segment structure will be implemented in 2026, reporting four business segments to align with operational strategies [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainties and maintain growth momentum into 2026 [35][36] - The anticipated spin-off of Solstice Advanced Materials is expected to impact 2025 sales by $700 million but is seen as a strategic move for long-term value creation [22][23] - Management highlighted the importance of leveraging data to address enterprise-level challenges and improve operational efficiencies [36] Other Important Information - Honeywell's recent divestitures, including the Bendix asbestos liability, are expected to simplify the balance sheet and enhance financial flexibility [10] - The company is actively reviewing strategic alternatives for parts of its portfolio that do not fit its business model [97] Q&A Session Summary Question: What is the outlook for ESS margins in Q4? - Management indicated that ESS margins may see a decline due to mix issues but expect normalization in 2026 as project activity improves [40][44] Question: What is the status of the Industrial Automation segment? - Management noted that while Q3 saw growth, Q4 may experience a decline due to timing variability in larger orders, but they are optimistic about margin expansion in 2026 [48][50] Question: How is the Aerospace division performing regarding destocking? - Management believes that destocking is largely behind them, with expectations for improved growth rates in the fourth quarter and beyond [51] Question: What are the expectations for Building Automation margins? - Management expressed confidence in continued margin expansion for Building Automation, attributing recent performance to a favorable mix of projects and products [57][59] Question: What is the company's pricing strategy moving forward? - Management emphasized a focus on preserving margins while maintaining volume, with expectations for improved pricing strategies in 2026 [75][78]

Financial Data and Key Metrics Changes - Honeywell's organic sales grew 6% year-over-year in Q3 2025, exceeding expectations, with earnings per share at $2.86, up 32% from the prior year [16][17] - Adjusted earnings per share increased by 9% year-over-year to $2.82, driven by strong segment profit growth and a lower effective tax rate [17] - Free cash flow for Q3 was $1.5 billion, down 16% from the prior year due to capital expenditure timing and higher working capital [17] Business Line Data and Key Metrics Changes - Aerospace Technologies segment grew 12% organically, with a book-to-bill ratio of 1.2, although segment margin decreased to 26.1% due to cost inflation [18] - Industrial Automation sales increased 1% organically, with a segment margin decline to 18.8% due to inflationary pressures [19] - Building Automation achieved 7% organic sales growth, with margin expansion of 80 basis points year-over-year [19] - Energy and Sustainability Solutions segment saw a 2% organic sales decline, with a flat segment margin at 24.5% [20] Market Data and Key Metrics Changes - Orders grew 22% organically to $11.9 billion, with strong performance across all segments [16] - North America and the Middle East led regional growth in Building Automation, while Europe experienced its fourth consecutive quarter of organic growth [19] Company Strategy and Development Direction - Honeywell is planning to separate its Aerospace segment in the second half of 2026, aiming to simplify its structure and enhance operational focus [7][10] - The company is proactively realigning its automation business segments to better position for future growth and margin expansion [10][12] - Honeywell is focusing on innovation and R&D investments to drive growth and improve its product offerings [16][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainties and highlighted the importance of agility in operations [34] - The company anticipates a return to margin expansion in 2026, driven by improved pricing strategies and operational efficiencies [36][64] - Management noted that the upcoming separation of Solsys Advanced Materials is expected to impact sales and adjusted EPS but remains optimistic about overall growth [20][31] Other Important Information - Honeywell is set to distribute shares of Solsys to its shareholders, marking a significant milestone in its portfolio transformation [6][9] - The company is actively reviewing strategic alternatives for parts of its portfolio that do not align with its core business model [81] Q&A Session Summary Question: What is the expected margin decline for Energy and Sustainability Solutions in Q4? - Management indicated that the margin decline is primarily due to mix issues and expects normalization in 2026 as project activity improves [39][40] Question: What are the dynamics affecting Industrial Automation's growth? - Management noted that while orders were strong in Q3, there is variability in larger orders, and they expect margin expansion in 2026 [45][46] Question: How is the Aerospace division managing destocking? - Management believes that destocking is largely behind them and expects sequential improvements in margins going into 2026 [47] Question: What is the outlook for Building Automation margins? - Management expressed confidence in continued margin expansion for Building Automation, attributing recent performance to a favorable mix of projects and products [49][50] Question: What is the pricing strategy moving forward? - Management emphasized a focus on preserving margins while maintaining volume, with expectations for improved pricing strategies in 2026 [63][64]

Financial Data and Key Metrics Changes - Honeywell raised its 2025 EPS guidance for the third time this year, with earnings per share in Q3 reported at $2.86, up 32% year over year, and adjusted EPS at $2.82, up 9% year over year [5][17] - Organic sales growth accelerated to 6% year over year, with orders growing 22% organically to $11.9 billion [16][17] - Free cash flow for Q3 was $1.5 billion, down 16% from the prior year due to capital expenditures timing and higher working capital [18] Business Line Data and Key Metrics Changes - Aerospace Technologies grew 12% organically, driven by strength in commercial aftermarket and defense [18] - Industrial Automation sales increased 1% organically, while segment margin declined to 18.8% due to inflationary pressures [19][20] - Building Automation achieved 7% organic sales growth, with margin expanding 80 basis points year over year [20] - Energy and Sustainability Solutions saw a 2% organic decline, with segment margin flat at 24.5% [21] Market Data and Key Metrics Changes - North America and the Middle East led regional growth, while Europe experienced organic growth for the fourth consecutive quarter [20] - Orders in Aerospace showed strong double-digit growth across all end markets, with a book-to-bill ratio of 1.2 [18] Company Strategy and Development Direction - Honeywell is planning to realign its automation business structure in 2026, focusing on four segments: Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation [10][12] - The company is simplifying its portfolio and reducing legacy liabilities, including divesting Bendix asbestos liability and terminating an indemnification agreement for $1.6 billion [9][10] - Honeywell aims to leverage its R&D investments to drive growth through innovative products and solutions [16][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties and highlighted strong order growth as a positive indicator for future performance [16][35] - The company anticipates a return to margin expansion in 2026, driven by improved pricing strategies and operational efficiencies [36][78] Other Important Information - The spin-off of Solstice Advanced Materials is expected to reduce 2025 sales by $700 million and adjusted EPS by approximately $0.21 [22][24] - Honeywell's recent capital raise for its quantum computing venture, Continuum, is expected to support its growth potential [14][36] Q&A Session Summary Question: What is the expected margin decline for Energy and Sustainability Solutions (ESS) in Q4? - Management indicated that the decline is primarily due to mix issues and expects ESS margins to normalize in 2026 [40][42] Question: What are the growth prospects for the Industrial Automation segment? - Management noted that while there are timing variabilities, they are optimistic about margin expansion and backlog improvements in Industrial Automation [48][49] Question: How is the Aerospace division managing destocking? - Management believes that destocking is largely behind them and expects sequential improvements in margins going into 2026 [50][51] Question: What is the pricing strategy across the organization? - Management emphasized a focus on preserving margins while maintaining volume, with expectations for improved pricing in 2026 [75][78] Question: What are the growth opportunities in the sensor business? - Management highlighted strong growth potential in the sensor business across aerospace, medical devices, and industrial sectors [102]

Honeywell raised its profit outlook above Wall Street expectations, even when accounting for the separation of its advanced-materials business, slated for the end of October. ...

Financial Performance - Honeywell's Q3 2025 adjusted earnings per share was $2.82, exceeding the guidance range of $2.50-$2.60[20] - Organic sales grew by 6% in Q3 2025, driven by double-digit growth in commercial aftermarket and defense and space[20] - Orders increased by 22% year-over-year, resulting in a book-to-bill ratio of 1.1x[20] - The company is raising its full-year organic growth and EPS guidance, including the effect of the Solstice spin-off in October[4] - Free cash flow for Q3 2025 was $1.5 billion[20] Portfolio Transformation - The spin-off of Solstice Advanced Materials was completed in October 2025, with Honeywell receiving a $1.5 billion dividend[10] - Honeywell expects to spin off Honeywell Aerospace in the second half of 2026[7] - Quantinuum raised over $600 million in a fundraising round in September, valuing the company at $10 billion pre-money, which is 2x prior 2024 valuation[15,19] Segment Results - Aerospace Technologies sales were up 12% organically in Q3 2025[23] - Building Automation sales were up 7% organically in Q3 2025, with segment margin up 80 bps[23] - Energy and Sustainability Solutions sales were down (2%) organically in Q3 2025[23]