you Darius, morning everyone. Thank good and
Darius pleased As highlighted, the third with very we’re quarter.
expectations improvement July, and particularly improvements in revenue. from Our our significant operational in execution versus drove sequential QX an
XX% sales While to the third by effects pandemic, four in the this in all decline segments. sequential XX% with growth the improvement organically a quarter QX of sales four organic declined point from was due
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repositioning $X.XX of savings XXXX $X.X actions driving year now to track $X.XX on below than savings higher the cost of XXXX. line, funding third adjusted quarter, driving previous last benefit the a year, EPS of fund the from early year $XXX in down deliver the but fast billion. That over $X.X and and Adjusted quarter. $X.X cost interest a date. $XXX was million billion of year-on-year to in up headwind to approximately brought of are in XXXX, XX% into billion to of the We billion second initiatives from Our We than and $X.XX, in crisis year, million income reported $X.XX was was $X.X cost quarter line. quarter delivered savings earnings which quarter for share approximately and up of acted lower headwind below repositioning third of per $X.X last to estimate sequentially XX% us year in the the billion our to
count expected, by repurchase lower headwind in from $X.XX due $X.XX adjusted share offset rate resulted EPS higher EPS our share benefit As partially of effective program. tax a to our
our share XI quarter XXXX in in September Garrett’s and pre-tax resulting cash can QX detail filing, exclude charge the to Lower net investments flow the We this receivables some higher the cash, free quarter found to bankruptcy in of of with adjusted flows, ’XX capex earnings the as from after-tax of in A of XX%. year year filing higher generated to the the third value X-K. earnings relation in in adjusted Garrett discussed and the adjusted is previously over EPS XX, conversion of due in from $X.X XXXX we we growth per bridge income, carrying free associated presentation. value pressured billion the quarter, appendix which to $XXX third million impact quarter, per reduction of on repositioning announced of non-cash down Chapter of with earnings cash reimbursable present This our cash in share be adjusted call. Form
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we dividends Turning the XXth prior quarter, are the making in to produce the in deployment, support invested our to up consecutive to automation that for and as execute mentioned, dividend the commercially and, business. warehouse million operationally investing $XXX the from driving purchases and and up Overall, in segment We capital NXX to improvements increase masks ourselves $XX share Darius approximately to capacity come. relief resumed COVID-XX increase. we expenditures sequential This out capital and future, opportunistic $XXX announced in in paid margin for our while sales, and included to million continued year. efforts investments million quarters EPS, setting we
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business air XX% down in aftermarket quarter. organically the compared second Our to XX% transport was
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we businesses quarter new grew we expect the margin. double businesses, our improvements versus and digits in expanded to due As to PPE, a cost to XX% able sequential comes commercial third quarter all management to with including we several margins defense, of overall, from and Overall, capacity segments. second decremental excellence, our our SPS and to XQ, progress. making limit four margins were segment prudent [indiscernible], and finished in up point four Intelligrated, favorable improvement contributions two We the and
committed of to with Throughout the and year. believe visibility financial quarter; predicated through enough chain discuss providing We remained is material to having pandemic, stage the have a the of that’s we the this however, quarterly let’s Now our guidance end X this end supply with environment Page reinstate at XXXX our the QX. of outlook no market commensurate the to on we quarter we’re for outlook for turn disruptions or in. in and shareholders full have level fourth guidance
We financial January will format determine XXXX conditions independently to appropriate time. in reassess the the on based at macro our that environment outlook of
COVID-XX we proceed we infection to rates, weeks. situation the quarter, two unpredictable, including fourth which increases factors actively last the we’re as As globally, particularly the seeing remain monitoring are in many
continued in remaining expect range and aerospace in defense, of UOP, in commercial driven in in we As automation, recovery the offset by headwinds the by warehouse down now, of the portion partially fourth ongoing to strength XX% XX%, and PPE growth portfolio. a down organic and quarter of gradual
million and margin leverage the reduced the base to and $XX below commercial net line for off points, cost an would We the million XX expected segment in sequential fourth between productivity between capacity positive is million down which XX XXX-plus segment we additional drive The to $XXX before drive quarter, $XX range resulting of profit of of range the tax, is in difference to to basis which expect margins negative includes XXXX. into XX.X% in and gain productivity. which to impact, as in down quarter, the in be the another XX.X% improvement million our repositioning $XX fourth segment be BP income
to effective million be approximately fourth We be and to approximately count quarter the expect share the average XX% shares. tax XXX in rate
expect year we X% As and X% year $X.XX, $X.XX between a EPS to result, down adjusted. over
provide we Now continued aftermarket budgets defense sales line. on improvement expect flight growth ongoing little by in and In me the top sequential improve. aerospace, business let hours government as in aviation space, and a supported stable defense color
flight will impacting pre-COVID air expect levels flight our aftermarket don’t and below remain materially, hours we hours transport far sales. air However, to global transport improve
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cycle long building expect driving to solutions improvement the improve projects sites to customer in quarter, in orders. and access sequential We fourth
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However, in the advanced process growth strengthen. solutions and including end we expect markets, products businesses these as in sequential automotive, continue sales materials to
we growth of and in in expect equipment. digit Finally double another Intelligrated quarter protective personal SPS,
level see demand record PPE. to for continue We and masks respiratory other
Our personal business. a is us of and the for digits in XXXX year our new remainder up and the backlog protective high, all-time triple total year at equipment confidence and Intelligrated ’XX giving remain backlogs into SPS over
to and gas expect and While macro businesses, the pressure SPS fourth including conditions in continue put quarter. other to we sequential on sensing, improvement IOT sensing see
in dynamics, organic growth year XX% these Given in full of XX% XX of we quarter XX.X% range $XXX net adjusted margins range basis negative The $XXX year. and segment segment the million the is below margin in down for impact of to XX.X% the XX full the the the expect line for down to and down expected to between points, resulting to year. the fourth range for be million in
XX% approximately the to share expect tax million We be approximately rate shares. effective the average XXX and adjusted count to be
to year result, share As per between down a full XX% $X earnings year-on-year. and adjusted are $X.XX, be expected
and into thinking been of clearly as highlight all XXXX. Now to talk look we’re look challenging we a Many preliminary persist XXXX X has can ’XX, we some it so as into see them. Slide let’s we we move our how be about thoughts continues time. to let’s dynamic, about uncertainties real year very and
the global current in allowing vaccine as is reopen economies early largely a Our becomes receives that year progresses. [indiscernible] the and XXXX, available approval COVID-XX to sometime
fiscal stimulus assuming also supportive of economy. remains We’re the
including several infections we watch of how in currently a situation need Europe, that the second U.S. parts seeing of We’re and regions, develops. wave to so
geopolitical leading look the trade let’s to environment, to aerospace, economy shocks from In global our this modest half commercial a and U.S.-China we grows. in first assume assuming mind, flight markets. year. stable With improvement improvements pandemic recover, slightly particularly the key aftermarket and business hours flying and significant passengers at again, the begin as circumstances subsides continues accelerates the to no economy relates relations. directly We’re demand it as post-election aerospace will begins will the our in into half in global as lead of that to This to the in second
continued though we’re process improved and macroeconomic automation supporting automation continued versus in likely stability greater moderate rates. half expect to retrofits year non-res will budget improved our and refining, the the robust be at In reduced building our a demand in personal the healthy and assuming petrochemical stability expect defense HBT, in prices process services, we in protective XXXX for growth building in SPS drive defense driving for solutions. emphasis of progresses. from a as business also the should strength oil year, second a which spending as segment on our in space We backlog. In demand construction and our and solutions growth of support pace robust we delivery products business, PMT, leading with conditions conditions will equipment increases warehouse execute in in UOP growth
as margins segment our balance challenge Honeywell expect we segments, digit operations growth From a organic software PPE in gains as in in growth four well efficiency expect total growth Intelligrated We to double higher the with and of HCE. growth here perspective, all efficiently. driven connected mix as by the more year-over-year scale
streamlined connected following Honeywell our cost R&D our actions supply affording opportunity support of to and in continuation expect in the XXXX while Digital commercialization, base a expansion enterprise the year-over-year transformations. invest in We growth, and margin and chain particularly to cost fixed resumption
We for well. repurchases sheet and capacity expect to M&A significant take advantage balance as share of our
like to have share give call over to in will to our Darius. to insight year. be us with we a resume out We We’ll expect XXXX. financial more continued count to and so. minimum framework provide performance and I’d turn the ability into consistent once With of again resuming back specific inputs the the prior some we XXXX will that, our do close as end in which as execution in Overall, buybacks our markets reduce X% confidence XQ by early operational
