Thank everyone. and you, Vimal, good morning,
a quarter delivered we macro in environment. another outlined, Vimal As dynamic strong
Solutions. Commercial X% Aviation, growth in organically, and and by led Third quarter Process organic Space grew sales sales Defense double-digit
Commercial quarter, aerospace, bright which Honeywell. year-over-year growth was, for third XX% spot the once success a in drove again, in
challenging we of of businesses which most to comps year-over-year markets, Encouraging stabilizing X% sequentially. short-cycle across show the continue to persist another as despite quarter enter half. of Our fundamentals led PMC's second end signs growth, more
volume automation of quarter. overall trough As levels, to around business warehouse our X% remains decline led the for which long-cycle expected,
volumes excluding SPS, up across portfolio. were the X% However,
billion, year-over-year, record at remains our a backlog across Our long-cycle orders ending double-digit growth by the at $XX.X quarter level, driven third up X% businesses.
the of business. cost a underlying supply chain past short-cycle improving in led signal the continues in of our guidance. backlog output mix due enabled business in others, of bullish our that in demand and to businesses, high improvements end to due by growth outpace high-margin position reductions XX Sequential constraints significant while robustness to year-over-year among business, Aero, points And to aerospace our and achieved basis us segment margins expand XX.X% to favorable
On net cash, and year-over-year, balances. collections free payments billion we capital of balances XX% improved as strong due our timing working year-over-year higher cash flow, cash sales down past drove tax to due of receivables that $X.X generated we up the on our aerospace performance
amount opportunistically continue Honeywell we buy share attractive our transformation, of believe of great next accelerated program, doubling about Throughout in the our repurchased Honeywell the this at quarter. shares more We and valuations. quarter, second of leg shares than to compared future the buyback to and we'll feel
few in the a performance Space, third quarter decade. spend and let's Commercial over and strongest Defense organically, third XX% quarter Now double-digit growth the sales a by for minutes with growth for in Aviation both up on the quarter business. Aero Aerospace were
aftermarket, by to growth on strength the general to air transport where both business Commercial aviation also the demand. grew drive in increased Aviation and globally increased in was activity Commercial led air continues customers. deliveries and quarter flight original equipment transport
sales through. Space global second for organically. in the and year-over-year focus the as orders of over see quarter, grew security on XX% increased And Defense XX% come consecutive national growing impact we inflected XQ,
into enabled modest the sequential which supply see sales we While output aerospace our continuing remains chain and to growth. to increase us record improvements, constrained, convert are backlog our
XX% equipment spare consecutive example, third was quarter year-over-year a shipments. this increase in original and with For the
outputs these to This and Aerospace While demand is of in leading and gains to evidenced continues quarter. our are around outpace acceleration, encouraging third X.X sales by supply. book-to-bill the
Performance excellence for and year-over-year Aero were in third increased flat margins our consecutive commercial HPS, and Materials grew in pressure the mix leverage growth as sales by as quarter. fourth Segment expected. X% offset quarter, equipment, volume double-digit the led Technologies saw inflation and in cost which organically original
by sales petrochemical organically, our in shipments. gas and grew life driven strength X% In sales Solutions and organically, XX% Process grew processing services. and solutions business UOP, projects catalyst cycle continued solutions by led
to see at continue UOP robust and grew in third business consecutive within our We rates. as quarter, triple for double-digit sales sustainable strong technology grew solutions the digits orders demand
in decreased life expected sales Materials, comps. our Advanced science organically, the continued year-over-year and and chemicals businesses to electronics, due In primarily challenging macro-driven driven softness X%
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destocking, and working but growth. Services, end the business continues to through of aftermarket effects solid we of the cycle. distributor services Productivity of nearing the In are double-digit are that we Solutions the Additionally, portion believe sales deliver
resilient. was Technologies margin and but partially impacted excellence. by as also this operational a short-cycle remain business Sensing deleverage, XX.X% continued contracted by and continues offset relatively volume softness, Segment Safety to XXX points of commercial and improvements our basis result SPS to
Sales Building Honeywell to were in year-over-year Technologies. flat Turning quarter. the
in to Building by building execution, building high X% projects, energy in single-digit short-cycle Solutions our long-cycle driven growth Our particularly continues Solutions outpace Building grew strong organically, business by products. projects. led
quarter, X.X. Orders in resulting substantial projects XX% book-to-bill approximately for building up ratio in nearly the of were also and a year-over-year
continuing remained margin soft demand spot as grow to segment a basis as of a excellence. Segment of product actions to XX.X%. decreased business, relatively sales the XXX products. On productivity modestly side, and expanded a HBT's the in, result profit All security commercial points bright result for for
portfolio of in software the in our strong strength the by growth of connected evidence connected indicator Growth continues growth aircraft. providing third offerings. robust and quarter franchise supported businesses. the demand Honeywell's the continued Connected for Orders powerful cybersecurity to in results XX% accretive industrial, quarter by approximately supported connected organic Enterprise, Overall HCE of across above further remains buildings, be Honeywell across in XX% was a
featured a of In held the intelligence solutions conducted we launched demonstrations Connect, enhancements showcased AI and technology installment latest to advanced using product XX we group products, three where Honeywell AI technology. XXX of new customers. generative We several and October,
was Honeywell highlight early quarter. leading a Cybersecurity as Forge solutions, as in by new the Plus, Cyber sales supported to One fourth of from in August, SKADefense including introduction Watch, of the suite cybersecurity the Cyber of opportunities and event Insights the acquisition
Overall, this for great was a Honeywell. result
$X.XX, to basis. us main our adjusted share earnings of up per growth. share, of enabled grow profit X% quarter execution operational Our per drove Segment an earnings EPS improvement driver in on $X.XX year-over-year third the to
X% $X.XX Excluding up headwind, appendix with year-over-year. EPS to the 'XX in the details. can XQ of pension EPS presentation found A be $X.XX, the this for adjusted all bridge was XQ 'XX from
our continue execute Finally, sheet, healthy total bringing deployment the quarter, the as in to on balance earlier, billion as we Vimal our to capital $X mentioned strategy. we year-to-date billion leverage deploying $X.X
Honeywell best-in-class earnings enable our creation and for results, strong compelling drive deliver framework to to quarters growth continues will value and in playbook operating Honeywell's cash come. overall, So us to
year the and let's X the the interest and while in stage to this ranges are and full rate turn expectations. more geopolitics midpoint challenging to Slide sales our our for macro of guidance incrementally our discuss quarter backdrop and we narrowing guidance. Now At with segment dynamics, year, full year increasing given fourth EPS, margin
Our demand orders backlog with favorable healthy, and record remains performance. profile
we of we our confident recovery, While short-cycle deliver continue on to our timing in commitments. ability to monitor the are
fourth Aviation, billion sales For HPT anticipate Space, up fourth in and Aero, to sales Solutions We Process organic anticipate the driven Commercial strength we and and X% by growth be PMT organically, to continued in in and the X% $X.X $X.X between UOP. quarter. billion, quarter, Defense
the million range full and million, by low sales continued lowering by to businesses. solid raising of representing guidance growth our For end $XXX $XX.X X% billion, awaited high acceleration previous X% This $XXX for long-cycle new some end the we execution of billion we're $XX.X our demand year, reflects for our the short-cycle organic a in business, to in of the while year.
fourth Turning and XX.X% quarter to improving flat the our basis between to sequentially segment continue actions. business to as and we XX.X%, XX margin. to be productivity mix We and up up points year-over-year anticipate from benefit
all XX.X% XX for a of we our driven to margin expand also basis by year, range XX HBT, margin. low the XX.X%, to of basis PMT, and points are full are expansion. XX SPS by representing to This new the points guidance of end year-over-year raising improvement which expected For is segment
a let more you Now bit walk in for the me segment each detail. expectations through little
We're with aerospace. pleased that our aero us to the improvements on backlog. the chain supply for record ahead allowing capitalize are in continued Looking very
also strong deliver volumes, expect original hours. by of and equipment through quarter year-over-year will In XQ, aftermarket both Defense Aviation flight anticipate sequentially demand we to Space. and another Commercial air transport healthy improvement with sales commercial though and most the Commercial In increased driven sequential Aviation, growth, in year-over-year of growth in continued come we growth,
has are year. orders up tearing double-digit we we now Space, third end expect growth, already growth our and another mid-teens XX%-plus over sales growth into bolstered With see quarters aerospace back-to-back the the to year. from of momentum Defense sizable we of for which And our off backlog. coming quarter In the be quarter to XQ,
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will In execution growth. Performance to Materials and drive and outlook end Technologies, in favorable continue our markets strong encouraging the our
services. For by to growth. sequential typical year-over-year Process leading and our will projects on the in quarter, the year, fourth solid Solutions strength expect we led to be aftermarket finish sales and Growth
to The refining supported Technology as capitalize we Solutions continue by on demand outlook legislation-backed growth will petrochemical and catalysts. for our business demand. Sustainability UOP, grow In robust is
For expect Electronics in and rebound of for fluorine business, end Advanced continued growth. Chemicals our life improvement sequential demand in markets we a products, supportive sciences and Materials, an
For quarter, Due the catalyst PMC. and expansion to fourth modest full year-over-year the margin in to for the typical meaningful resulting year, in segment high expect we expect expansion we for margin single-digit still sequential seasonality, PMT. sales continue in year growth
In warehouse outlook the impacted capacity Safety continues and current new low to Productivity in destocking. of levels distributor Solutions, investment and be our by
potential and on the financials impact the in declining, However, to signs our quarters. creating growth is stabilization of coming return
lesser organically, build in than are earlier quarter, from quarter. fourth we to quarter to a the expect Orders that down the sequentially, fourth these grow as lead flat momentum year-over-year For degree the year. and but effects in will we to sales sequentially roughly this on
new lead business. our portion will the their While services double-digit challenged, warehouse investment infrastructure, quarter existing upgrade another which of growth of to to remains continue aftermarket customers for Intelligrated
portfolio we along year, down bottom now to the XX% bounces the as For approximately SPS cycle. full sales of the be expect the
made us However, will solidly the actions productivity for and this enable year we year. operational the margins have expand still improvements to
as we In central Technologies, the and we demand face Building start were environment. with at year the posture our prudent unprecedented tightening cycle of uncertain bank
double-digit progression backdrop month by sequential XQ, difficult, the While September. are the encouraged the growth saw including products month we throughout of remains each we operating orders order in
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the $XXX and key for million million between $XXX guidance moving between net Now $XXX other our to to metrics. be negative on million impact year. This year for negative projects negative fourth guidance repositioning to growth to quarter million anticipate continue and in and range of full million high-return between quarter, $XXX as $XX future the in and We $XXX below-the-line and million includes fourth $XXX the support negative productivity. the full to million and we in between million $XX our a invest
full from to count unchanged buybacks. the XXX the anticipate the million the full we expect our around in XX% through be million reduce and in share XX% rate continue be quarter for as to average around adjusted our year, fourth for the to XXX We We year quarter share guidance. fourth effective shares shares tax around opportunistic and count previous around
and of to be adjusted $X.XX share up inputs, to the flat result earnings for per quarter, these we As year-over-year. X% $X.XX fourth anticipate between a
growth headwinds, Excluding would pension to X% be quarter fourth XX%. up EPS
new full our to the For to year-over-year, guidance are guide. X% EPS of of of prior X% year, ranges we midpoint nearing holding a by ends both for $X.XX, $X.XX our $X.XX, up range the
XX% growth to EPS headwinds, for be year. up the would pension Excluding XX%
the cash, collections fourth stronger XXXX, to us of will cash quarter, settlements, impact flow expect net our in guidance. to $X.X confidence offset management. by billion, billion free in outlook meet $X.X cash original or in tax inventory favorable third we guidance year On cash billion giving of full the outlays be our $X.X the by more to $X.X Higher and excluding driven continue billion quarter to in
results confidence So to year a our EPS, guidance deliver and to sales successfully summarize, we're narrowing and while segment midpoint based on operating full ability raising ranges our environment. the for our expectations fluid margin in of the
and Before for thoughts turning the preliminary to back our turn to Vimal, XXXX. page next let's discuss
the just investors next an ability last macro is our few be of as on execute backdrop record as proven up our uncertain navigating While confidence to give volatile environment year's our shaping should to years, commitments. track in
to environment. liquidity of protect enable quickly us well We to growth, have and drive and any to decisively ourselves unique a principles that operating set ensure in deliver move margins, position
Our XXXX, market exposures favorable and end particularly energy. in aerospace remain into
defense commercial on expect and spending. intensifying the goals, uncertainty, increased automation growth and accelerating transition scarcity, demand investment amid enabling energy We energy focus increased and labor fleet increased aviation and international the to replenishment, decarbonization for geopolitical need continued heightened infrastructure domestic technologies, due
customer that growth of tailwinds, demand all All businesses our digitalization, these will as reconstituted us compelling confidence four vertical to help well of as give next ongoing enable year. deliver
in recovery The timing certain variable cycle to our will and outcome. of swing be is short an eventual less sales a
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due XXXX. and be by in to long-cycle demand led our growth organic to expect businesses backlog We record level
as driving well of is penetration ongoing on growth. high-growth VAST focus believe markets regions robust software in as the innovation help our of solutions new success the our strength our yielding enable base product will organic our franchise, leadership delivering benefits. greater our gives our and efforts We coupled in line. with commercial extending of in new set the installed confidence us to Additionally, That, existing current top new to technologies
supply next expect to chain year. continue also We aero gradually throughout to in improve
So focus implementing price production. on actions, reducing overall, mix, from Honeywell margins productivity raw and costs from cost XXXX will into and development as continued benefits precision improving business AI our including our as material benefit well
expenditures and innovative, keenly world's investments creating digitalization technologies focused sustainability R&D recession-proof differentiated, address the to We and capital automation, toughest our and continue on uniquely growth-oriented will in challenges. remain
year-over-year anticipate by stable acceleration driven both also will our be While yields seen on we to lower slightly higher 'XX, across spend next this lead the we pension and interest markets That expect income year, summer. the relatively to repositioning have in in we below-the-line expense bond expense. net modestly higher since
provide more more information at with the in pension, impact. historical be will we changes last normal year's not of the year-end outsized these anticipate about snapped year-over-year changes, we they'll line when on magnitude We but line
reminder, contributions a a status, item, is given pension be and needed. As will position incremental in our for and ensure are income overfunded a current, to shareholders. our This our both employees, and no pension noncash is great former
years cash next balance our settlement multiyear cash to the the unwind the outsized earnings line from above with embarking in buildup. earlier derisking X assisted grow onetime We sheet capital also year, performance. or had our effect an improvement a on expect on by of working absence of year, We're our of last which this
and continue will and management from Accelerator. digitalization and through enhanced We demand using end-to-end optimize process our improved production benefiting planning capabilities materials
fund years. coming growth CapEx opportunities to capital several through compelling expect the projects spending see in and high-return We disciplined
capital supports strength continue to XXXX, to us sheet which for M&A, expect accelerate into capacity an favorable Our we ongoing will going meaningful deployment. and environment intention give our deal balance
our over we to Now announcement words a priorities. month portfolio Vimal. I'm Vimal Over this the you, call going made few to earlier and strategic the to say about pass on to
