霍尼韦尔2025年销售额超370亿美元 分拆计划仍在推进

Core Insights - Honeywell reported a sales revenue of $37.442 billion for 2025, marking an 8% year-over-year increase, despite a 6% decline in operating profit and a contraction of 250 basis points in operating margin [1][2] - The company anticipates sales for 2026 to be between $38 billion and $39.8 billion, representing a growth of 3% to 6%, with an expected segment profit margin of 22.7% to 23.1% [1][3] Financial Performance - In 2025, Honeywell's adjusted sales growth was 9%, while operating profit decreased by 6%, leading to a 250 basis point reduction in operating margin [2] - The fourth quarter of 2025 saw sales of $9.8 billion, a 6% increase year-over-year, driven by strong demand in aerospace and smart building sectors [2] - Operating profit for Q4 2025 fell significantly by 35%, with an operating margin decline of 640 basis points to 10.2% due to one-time impairment charges and litigation costs [2] 2026 Outlook - Honeywell projects a segment profit margin increase of 20 to 60 basis points for 2026, with adjusted earnings per share expected to be between $10.35 and $10.65, reflecting a growth of 6% to 9% [3] - Operating cash flow is forecasted to be between $4.7 billion and $5 billion, while free cash flow is expected to range from $5.3 billion to $5.6 billion, indicating a growth of 4% to 10% [3] Business Spin-off Plans - Honeywell's spin-off plan aims to allow the newly formed companies to tailor growth strategies, with the automation and aerospace business spin-off expected to be completed by Q3 2026 [4] - The company has already completed the spin-off of Solstice Advanced Materials, which is now independently listed on NASDAQ under the ticker "SOLS" [4] - Key personnel appointments have been made for the aerospace division post-spin-off, indicating a strategic focus on optimizing the business portfolio [4] Strategic Focus - Honeywell has classified its productivity solutions and services, along with warehouse and workflow solutions, as assets held for sale to concentrate on its core automation sectors [5][6] - The company aims to strengthen its leadership position in the global automation industry through this strategic focus [6]