in challenging Thank you, environment. Vimal, and good strong morning, a everyone. another very We operating quarter delivered
grew long-term X% by and UOP, commercial led growth organically and quarter to double-digit strength Honeywell's in sales organic where short-term aerospace, support continues outlook. Second sales demand process solution
a four at X% growth. consecutive of double-digit PMT after grew quarters pace robust
the led which X% warehouse automation as is quarter. for around overall expected, business cycle long decline volume to levels trough Our of
up of across SPS, the volumes X% However, were portfolio. remainder the excluding
continue remains $XX.X rate. Aero in at driven moderate constraints year-over-year the billion, by and up backlog strength Supply X% Our our a at quarter chain overall record PMT. level to second ending growth
However, in as our and reducing due output our we short expected sequential businesses. to record backlog continue improvements are Aero across past cycle
year-over-year surgical XX.X% pricing to benefits exceed through Honeywell’s points. continued the yield commercial to guidance in actions XX by Digital have to operating us and investments high-end Our basis margin our expand by points of segment XXX enabling basis and
XXX improved by production performance, with improved with stronger more was capital leading well On materials progress good SPS of using XX% improved and out digitalization This cash, management, as capabilities. and have each as as segments and optimize generated our billion where up free the and planning, higher points four the cash way collections our quarter basis Three end-to-end year-over-year. margins on in increase we $X.X driven expanded flow, net inventory demand by of we our income than expected. process working
Now in XX% double-digit quarter quarter Commercial of remained sales the flight quarter repaired in Growth by in over the let's for over higher both strongest in as two recovery resulted growth growth marks up XX% on minutes in for performance by spare growth Aerospace organic flight spend transport over growth supported years and up increased aftermarket, This of by second air second double-digit shipset Aviation, higher by activity. strong shipments XX% consecutive fourth overall led a the hours Aviation. over few deliveries. Aviation XX% led were hours and Commercial organically and Commercial business. Aerospace sales
continued material shipments make able the in our build burn volumes. increased as second by in our increased as progressive quarter Historically, for Commercial execute to consecutive original and growth and XX% we as in driven sales Aero to year-over-year sales equipment outpaced our improvements Space spare growth also Defense backlog increased strong were again grew again enabled equipment past-due availability backlog high and quarter original backlog better chain increase the supply QX. orders double-digits on down. The rates.
in growth a Materials the partially with grew HPS and both excellence commercial organically third expanded higher in UOP. XXX and year-over-year by Performance consecutive and sales Aerospace in margin the cost Technology for points quarter leverage quarter Segment to inflation. XX.X% basis due double-digit volume offset X% to second
Process UOP sales shipments. over organically also orders QX, refining and driven gas strength catalyst lifecycle another grew by In Solution Solutions and sales growth had processing UOP, XX% standout in solutions services. in our within led by strong quarter sales and in business grew organically XX% growth. Technology with projects triple-digit Sustainable and XX%
softness challenging by our Materials, In leading growth and and comps. to cost previously was offset basis portfolio for than demand XX Electronics year-over-year in price fluorine macro in disruption flat Advanced of including was lower as our organic despite challenges expected products favorable to more points Materials driven volumes business, Segment contracted Chemicals offset Advanced plants. the margin communicated one in XX.X% continued by
sales workflow warehouse solutions the Sales organically and and driven Safety decreased and Solutions primarily in XX% are quarter. services. Productivity solutions by productivity declines and
business of double-digit our portion warehouse project Intelligrated growth. the trough solid of the current deliver the is low The investment and business to continues around levels environment. services aftermarket portion While automation
by modestly in as again led and margin Technologies cost XX.X% productivity commercial Honeywell and safety. volumes result our XXX volume Safety strength Sensing performance leverage excellence lower by inflation. SPS in points of portfolio offset and the Segment in product once offset basis a for quarter, partially industrial expanding was sensing to lower with actions flattish ongoing
change no Honeywell despite execute to continue expected on basis in in in business Building Solutions growth flat year-over-year were year-over-year with X% quarter. sales grew robust as year-over-year our Building sales our an organic services we second softness and the Technology on projects. organically organic order backlog,
products our world-class decreased as to management in see and continued continue Turning to product growth in organically the our our by burning building systems. improvements supply fire backlog as and environment, expected. past-due chain we're declines security and sequential sales portfolio, we offset was down business products Building X%
once and to elevated margin effects basis expanding excellence us actions productivity XX.X%. XXX to again allowed commercial mitigate by continued the segment Our have HBT of points inflation,
a supportive continues Honeywell software double-digit franchise of be to the for and performance in was strong in Overall powerful differentiator. growth HCE. Connected growth Double-digit organic quarter strong accretive orders aircraft is and to by strength cyber, industrial, buildings. Enterprises continued overall supported Honeywell
great this Honeywell. for a Overall was result
to earnings share per second adjusted overfunded enabled from $X.XX Our $X.XX headwind lower income despite to pension. share efforts $X.XX, our per to non-cash GAAP quarter from earnings operational XX% us year-over-year and grow X% year-over-year a
$X.XX perspective, lower year-over-year and driver improvement the reduced improvement growth. of in additional share of adjusted added effective main the EPS profit A $X.XX a an tax From of our contributed rate drove $X.XX. segment count earnings,
created impact of year-over-year pension pension appendix excluding year-over-year. interest found the XQ Excluding EPS up presentation. for of and to other the in headwind, higher expense a from ‘XX for XX% line $X.XX, XQ headwind ‘XX the due A a bridge below this total net to $X.XX EPS adjusted be the can
billion capital the year-to-date with we sheet our $X.X continue deployment in earlier, to the our leverage we $X.X quarter, strategy mentioned Vimal portfolio on execute as updates. total as bringing billion balance strong meaningful to Finally, deploying
So or overall, creation Honeywell disciplined provided guided value metrics. adherence our us best-in-class meet with framework financial to agility to the exceed our operational
full let's slide Now outlook. to and our to turn quarter third discuss six, year
persists in number environment, increase enable year. rigorous for metrics of full principles us to a current guided challenges the our the While operating our
in particularly order remains Our sequential and backlog robust much PMT, rates demand profile with stabilized across levels, record of portfolio. the Aerospace and short-cycle
we expect X% incorporating For on $XX.X billion an to $XX.X full our guidance, the now $XXX to QX our expect market a We low-end year year range We've last to raising increase versus and while full to billion reflect on expect be the of billion We're of to organic million second our softening year. range the our an growth latest which sales views strong of of and results. basis. X% the we sales on low-end balance in now continue to X%, speech. our X% volume expectations PMT outlook our organic to price up $X.X billion represents greater $X.X for of quarter end SPS in upgraded
to in to year-over-year basis XX XX.X%, our excellence the commercial quarter segment expansion points margin resulting third due guidance, Moving margin to expect be the in range and XX.X% we to of actions. of to productivity XX
or new to are to we expansion driven HBT, XX.X% of upgrading segment PMT. year XX margin basis by year-over-year to XX our improvement SPS and of points a full low-end points For expectations XX XX.X% by basis the on range in XXXX,
let's by full walk through to and year the quarter business. a moment third Now take expectations
ahead we half end Looking strong ongoing factory across orders. supported excited markets by be Aerospace, sequential about to for demand expect continue increases the throughout and second sales our growth output sequential and
the in air transport to continue international travel. in in hours growth portfolio the Aero wide-body increased Commercial aftermarket see further and recover lead flight as from we market particularly should recovery
equipment On we half. volume we expect strength half our to through in build progression and and original the growth work and in robust second year-over-year drive second side, the commercial to In backlog. sequential the continue rate Defense Space, expect
grow digit for mid-single rate at we result, XXXX. year Defense a to expect the full and Space a As
supply continued expect in our outlook. us up quarter our suppliers We in give continue as second growing the output chain year-to-date modest to Aerospace sequential commitments the improvement from confidence increases with coupled consecutive XX%
Given Aero the range. in these factors, still we organic expect low-double-digit sales growth
year business we margin, OE pressure volume as the see to expect still offsetting modest flattish Aero segment overall within for leverage. mix For we be our
Performance In favorable driving growth. encouraging Technologies, Materials end markets persist fundamentals and across our
energy, sales expect For and the coupled first be of strength sequentially smart Growth quarter, third and the solutions businesses in quarter. with lifecycle into within projects strong Solutions the the half will year-over-year we seasonally a to these services Process by second increase saw continues fourth and as led half.
will we outlook growth backed petrochemical robust provide also sustainability for within on is growth year legislation for In supported UOP, our the technology The refining and as by catalysts. demand capitalize solutions business demand. UOP
ongoing in sequential growth combined see improvements of electronic first we the materials demand Materials products Advanced supportive For for half. in fluorine with
our half Despite to growth comps compared mid-single give strong to more quarter. challenging execution favorable in the PMT our expectations upgrade digits last second to these markets year sales and conditions confidence for and full us high-single-digits
the improvement For improvement year-over-year expansion year we fourth margin, segment quarter XXXX. sequential throughout robust modest the in including in overall for expect resulting
by outlook Safety Looking our continues ahead decline the for Productivity capacity. CapEx to impacted in be and new for warehouse Solutions,
demand acceleration our However quarters. short-cycle as to we businesses stabilizing awaited coming in appear be the
QX. declines to to similar For this lead sales the to expect we third quarter, organic
quarter technologies another return portion Intelligrated business strong should and aftermarket safety our growth. of sensing anticipate services of the and we However, to growth in
With the XXXX. the the sales of cycle bouncing now expect year low-double-digits to portfolio bottom be full SPS we in down along
to However, for SPS, segment margin strong productivity year. drive improvements be a and the we spot we and as bright continues implement expansion operational still actions margin expect full for
past due execute remains challenging, backlog. our and down burn In macroeconomic environment Building our to team well Technologies, continues the
continue For be comps sales see remains the the of to third challenging and as quarter, uncertain. short-cycle relatively to year-over-year we we flat expect recovery timing more
more to the outgrow short-cycle still sales building expect in business building For we long-cycle solutions products. our year, the
as and business megatrends. aligned sustainability come as such through. The stimulus to and see is continue efficiency strong, airports well education verticals institutional energy we Our spend remain will to
sales we acceleration we year expect the these and to organically HBT Given grow we for see potential low-single-digit for dynamics ‘XX. growth still as exit
result margins HBT to and For as Honeywell expect productivity we segment strong management actions. lead now expansion margin inflation of
guidance expected before and to Turning million net tax, the negative quarter to $XXX negative impact, the and to difference income as $XXX a for to to of we between attractive future. Honeywell restructuring fund negative is properly third million year. full segment $XXX million includes $XXX the range the $XX $XXX for quarter $XXX metrics, position and million which core continue to in other guided range repositioning million projects our in of $XX million below-the-line in profit is for million and the year, million be negative This the the between
the two a of implies of the expect our adjusted XQ, full guidance. due XX%, higher timing rate discrete from roughly quarter, is That our We to which effective be than guide to previous tax lower two the points than and in points higher XQ XX% year items. rate unchanged third
tax rate to offset headwind leaving $X.XX EPS, commensurate a will higher this year reflects full the unchanged. Importantly, XQ, approximately an by in QX in be tailwind
and We expect million XXX count the year. average shares full around for in QX be million shares share XXX
of EPS now result $X.XX flat between adjusted to $X.XX the third X% guidance to a As year-over-year. be would for these down which inputs, quarter our range is
X% growth pension be Excluding to X%. up quarter headwinds, the EPS up third would
the of the low-end $X.XX For X% are year headwinds. year-over-year to solid reflecting despite confidence up by new range X% Honeywell of full growth year will EPS, pension midpoint a guide upgrading range for XXXX of be $X.XX we our a increasing to that the the for our continued $X.XX,
first billion management, we be for headwinds, billion cash original guidance free to billion our and impact net XXXX meet to $X.X the or EPS the year. to of a continued XX% in to inventory these growth half flow billion progress would $X.X expect $X.X on strong Excluding XX% excluding settlements. of $X.X and After receivables
execute short-cycle through a growth our our though to So strength results. billion our our intact. challenging We're the of encouraged the our thesis on backlog timing Robust operating playbook to ‘XX up, uncertain. outstanding deliver rigorous remains original remains for to backdrop and the portfolio of strength recovery by underpins wrap $XX continue of
comments. Now and let's to the Vimal, turn for slide to call hand long-term back some seven, I'll
