Thank you and good morning, everyone.
of executed Honeywell expect As we from Darius to despite on level challenging highlighted, commitments delivered a come backdrop. that you have and rigor a our with typical
XX.X%, Segment million, up billion. points than was margins strong free incremental flow to year-on-year. sales resulting and cash to up expanding XX% in $X.X with quarter $XXX third XXX a XX% margins of organically X% Our basis more
deliver to performance our Our for ability all demonstrates shareholders our quarter in third environments.
aftermarket of as how aerospace another to to third strong contributed minute commercial were aerospace, organically of double-digit flight up a take Starting discuss quarter drove let's segments ongoing recovery with Now each quarter growth. in the sales that. X% the hours
As and quarter expected, offset which the air transport Commercial gain aftermarket was was supply strong quarter, down commercial to limited the by XX% momentum, due original growing our second and demand XX% chain year-over-year. quarter defense deliveries. constraints for The sales driven than in to space, by business equipment jets. in primarily growth more which returned growing to from continue growth aerospace partially sequentially XX% the in
Excluding sales the in well Backlog driven the year-over-year those segment by the systems, Orders high-margin, in driven Solutions quarter. run to and Aerospace improvement and aftermarket demand demand was the Building Solutions impacts, cost quarter, year-over-year, first down services. by lower straight building organically for Building digits fire XXX were technology projects. positioning XXXX. double-digits were by up would as up pricing. business, basis driven space for growth growth half across the portfolio, growth from XX% rate. expanded XX.X% products Building productivity versus margins our X% have in into continued An in for broad-based base fourth strong mid-single been services business management defense as our points up building products, for over
operating solutions equipment with workflow basis of robust organically, by of growth points three organically year-over-year, installation grew XX% and to to analysis has was materials. demand and declined proven been to $XXX UOP a business. segment gas supply were solutions by to backlog led addition, in organically $XXX basis advanced approximately the XX.X% services. expanded maintained and were high in growth million pricing across were solutions the warehouse healthy confidence as basis the chain inflation customer And business declined Orders demand and contracted up driven X% and challenges, sales driven in PMT Personal HPT HPS well battling which Process gloves, these PMT and offset longer-term year-over-year by shipments businesses mix, of up combined and growth driven strong thermal double-digits another by the drive leverage, organically this Productivity in broad-based in $X In buildings sales million. quarter year-to-date X% should margins driven solutions portfolio, quarter, was a which by in of segment our by XX.X%, strong billion. outlook In were and outsize unfavorable SPS with by year-over-year, then points in growth a driven single-digit the expanded XXX which mix meaningfully. double-digits XX% productivity margins XX% bringing momentum lifecycle quarter. services orders for hearing, and up down were efficiencies challenges and UOP partially sales pricing, orders inflation. points a offset and providing growth. despite their year-over-year, fall XXXX. the by segment in more safety orders categories. by supply growth in targeted higher margins productivity, XX% calibrated the partially growth by quarter backlog growth, to XX% lagged, up in scaling SPS driven petrochemical manufacturing growth projects partially and catalyst and chain the double-digit XXX as This was healthy offset than XX.X% protective sales resulting recovery and investments growth. also in XX UOP. business sales into as solutions solutions portfolio mass protection has
across in our continued was by enterprise. portfolio growth Finally, underpinned progress Honeywell connected
and double-digits connected solutions was organic growth revenue and recurring again buildings delivered cyber quarter year-over-year. another double-digit third Our quarter once growth, up of
overall, sales basis XXX guidance our So delivered we strong high despite the growth, improvement challenging basis points in of a of points segment the environment. above margins, end XX organic drove
are charge 'XX drove weighted $X.XX, our GAAP our our pension our in we're increased of XQ million guidance. $X.XX A of benefit, in the of effective and shares the by matters earnings strong excuse $X.XX average For year-over-year, per XXX The me. tax to adjusted presentation, cash million XX-Q. -- up of a the the Form year-over-year rate reference of that UOP non-cash $X.XX, improvement. in adjusted and high XX.X% respectively. adjusted EPS tailwind, quarter, of was XX% to $X.XX bridge increase EPS repositioning this share to ongoing related generated items be by free found earnings A can -- delivered lower from quarter, share which Below count line flow driven higher earnings profit adjusted income. We appendix lower we lower and majority of achieving share 'XX an million $XXX $X.XX $XXX includes the of as XQ segment earnings and growth, described per end driven
due business a temped capital and working that in of related increase supply down to earnings growth I chain challenges; the increased As bit.
cash under deployment deployed our flow. strategically share another and third $XXX dividends, we Finally, Honeywell year-over-year. $XXX million capital difficult And shares, Total billion reduced paid quarter, count million primarily quarter Capex in all weighted exceeded $XXX operating of in to which and capital dividends, $X.X of repurchases, to XX% We share the significantly this average million. expenditures, reducing XXX was up was circumstances. strong deployed million
challenges. exceeding how the through meeting of or to With commitments our those to disciplined chain Honeywell is addressing that, manage slide adapting the to across we're continue the constraints We to while portfolio, supply proactively recovery facing multi-speed let's our and address X macroeconomic the investments making future and for challenges. impact discuss turn
the of an As we and chain cost challenges availability remain be continue becomes also between challenges up a and needed, driven automotive quarter, components due broadly canceled more -XX, and to last direct as structural demand tight. aerospace on challenging, supply labor inflationary pressure the Semiconductors supplier by feeling supply acute deteriorating and during slowly unplanned personal due supply started to continues to the to in consumer industrial more constraints remained growth and saw well capacity materials delivery. to COVID face Logistics XG, disconnect as ramps electronics. as persistent We've problem of orders base. parts world as leading and electrical computing, strained pressures operating sourcing environment our all driving and chain than
the in we distributors the in and partnering suppliers, challenge the by most just incorporate adequate an in been last Aerospace our dynamics growth of The portfolio things and aggressively few our as managing While this mitigating has advanced the digital level the for as are sensing, alternative with of and such to tiger We HPT. ranges number businesses. our We on mitigated full in parts, have qualify in fire accelerated quarter, efforts a effective supply track which of and to for some situation proactively quarterly basis last daily our we've provide and order constraining of annual actions guidance Productivity these deployed risk businesses in outlook Solutions tools alternative We to has risks overall SPS, businesses. re-engineering seen some are the strength created advanced shortages risks on the using a our teams to liberate deploy market. Services, and and quarters,
regular mitigate actions. to labor, inflation freight, our pricing operations continue in targeted also materials, We and and through
do We some dual-source coupled volumes we turn quarter adapt continue of we'll term, let's the this for platforming this our fourth OEMs the direct of to secure talk and With first to through to longer future. suppliers. ability environment persist slide the to For to about with we're increased half manage 'XX, expect with and key improve will long-term as the the period. our executing into expectations X quarter. foundries, This strategies the strengthening semiconductor developing engagement and that, fourth supply agreements with our in
fourth expect to sales includes the which the flat decline. ongoing driven basis, we enter the in of sales billion, be we -XX mentioned, and As of challenges on given to the an range just the quarter $X.X I COVID $X.X organic impact down mass X%,
defense accelerate, sequential in with acceleration commercial and equipment funds. Excluding would build somewhat be air vary organically. down growth seasonal due X% original space step quarter, year the third continued a be travel and the to international. normally be by this Commercial and U.S. dampened recovering third will which business Defense Aerospace, up regionally transport The by driving aviation driven lower this XQ. would we to the sales spend, gradually. to moderating the the as from We to transport the also see sales. impact to air soft will progress than up aftermarket organic pace of continue faster continue unique hours In Defense also domestic to of more to days sales programs, continue do impact, continue in fourth demand DoD will calendar having we our year-over-year flight rates international in commercial to U.S. business will quarter expect from and down improve than - to
through solutions driving miss of year fourth expecting millions sales Aerospace in technologies, in potentially due expect growth continued as the In shipments and continued to quarter. on up, ramps of we demand to of organic to reopen continues be constraints growth now but worth the continue take down We orders the supply hundreds world sustainability across are the base to strong as mid-single-digits out hold, to for we will and manage QX. building portfolio the sales Aerospace. expect these challenges dollars the We in
continue in from strong growth be orders projects, slower anticipate this the growth ongoing the will mitigation as tempered our for our supply sales constraints PMT, pressures see In continued into work the short-cycle HPS recovery We our we the support face mid-single-digit strength Though will businesses. actions, third year. but acceleration we growth in the by 'XX. will in to quarter
continued Advanced we're supported healthy demand the XQ and UOP, fourth we quarter growth portfolio. For into 'XX for Materials robust expect into performance the with pleased and year-over-year. expect up backlog, strong which products by continued across our double-digits is Last, the
combined with accelerated, sales the Productivity and warehouse remainder remains businesses Safety is Solutions, over Intelligrated has year-over-year, Vast is organic backlog portfolio. into we PMT PPE and these digits for an other growth pandemic, for of our in low-single-digits will In business, recovers us and businesses. in partially as this our up backlog confidence be the Productivity robust 'XX areas, softness Services in strengths though expect world Services from with Productivity we expect In the to billion, which 'XX. the gives $X.X We workflow of the outstanding and and solutions as that which Solutions expected, and another offset Solutions up quarter year. triple demand our having year,
challenging our double-digit our double-digit third orders in Finally, will driven we supply growth manage growth which that gas impact potential environment, advanced sensing to businesses expect the year. continue We'll this to strong the analysis growth for in short-cycle quarter. will see strength and by through record
our guided for to other metrics. turn core me let our Now expectation
points XX.X%, up to quarter the our XX of to to we margins, fourth expect segment in basis XX XX.X% year-over-year. range For be
the from before tax the million volume base fund restructuring to streamline headwinds Intelligrated tax, and due negative and is expected and challenges efficiency negative $XX productivity range as million mix difference quarter between business leverage, approximately of continue between and to inflation, margins and environment. income with to the of impact, markets. ongoing of in is benefit $XXX income from cost to $XXX ahead pricing a repositioning range Fourth segment despite chain we $XX which to expect million net profit be to million unfavorable ongoing continue below-the-line from supply We our and actions
average We be approximately XX%, XXX an million expect the effective rate to be count tax approximately to share shares.
adjusted and quarter earnings expect $X.XX up year-over-year. we X% result, to a fourth per down between share X% As $X.XX,
sales the range expectations, quarter will billion. to X% we Given full-year last to $XX.X the of organic be these in fourth narrowing growth range quarter provided $XX.X X%, to
are again points basis a low range new once for of points for We guidance to XX end the of of to XX.X%, segment basis by to year. the raising XX.X% our XX expansion year the representing margin XX
We in PMT into carefully across invest the recovery expansion expect as multi-speed HBT, Aero, portfolio. margin and managing while the we the back business
a focus, billion remains Our $X cost and fixed we actions. from to tracking of fixed are the cost management permanent of costs reduction XXXX favorably our
We our of $XXX the to million million $XXX to to $XX range repositioning. net capacity expect million, in of $XXX million for including below-the-line be impact
year these $X.XX, we year-over-year. to low-end $X.X by rate the in reduction share take tax shares. over for maintaining range This up high be delivering will approximately to $X of guidance XX% year, $X.X Despite same effective of be will adjusted of the approximately in are earnings range X% This full-year cash a outlook Our and per the our count to for challenges, average $X.XX. the XX% the and minimum million previous our the weighted raised to XXX on maintained billion. end XX% will flow share
navigated the unprecedented have pandemic, we're the turn, fourth-quarter at progression supply continue turn which let's the outlook XXXX we supply guidance Since each sales sales in several through battling rigorous initial to to operating uncertainties: potential. our the to principles our and we us to our purely chain, And our global we constraints in our X January, XQ review demonstrate ongoing have Now guidance resiliency. market latest due And enabled raw provided and inflation, our have challenges, material challenges. update, and stands in our adjusted labor chain page throughout year.
guidance, maintained to by these end of not changes increased of of cycles. adjusted maintained enabling encouraged into by ability we continue and total, Despite ranges to to and and long-term points in growth robust cash have but low portfolio we well mitigating as deliver driven a to We of have the head proof seeing, flowbacks. position, further In backlog backlog previous factors our us our as demand. here that our are margin expectations, we and EPS are have all orders we the chain on These commitments. high only both free execute our end top-line supply strong are aggressive economic is strength as the segment excellent I'm the risks, 'XX, particularly
X can where we about Now preliminary let's the have move to we XXXX. thoughts talk some slide on of
With spending in upcoming in XXXX levels, XXXX. the setup reinvestment Aerospace recovery in the energy to a returning growth to e-commerce, we we for construction sector, view, continue have commercial capital non-residential exponential the see and strong
by focused strong PMT, we in HBT, orders XX% growth expect We organic year-to-date demand or in technologies in gives segments, to in SPS technology place the in in X our driven This, driving we demand world's if increasing differentiated in sustainable COVID future. the X% uniquely XX% all confidence on of the SPS, and with and Aero, underpinned mask backlog, and exclude for innovative, strategies by portfolio-wide address X% business. me XX% transformation, that growth process coupled have are solutions, digital
first supply growth from under to the be due labor in Inflation a availability, the continued factor of expect challenge. challenges half and However, logistics continue do to circumstances. constrained to 'XX be uncertainty, the will we force
changes our to the of our will us. We tax of as yet exact as pricing So corporate is that unknown. expect impact in rigor though margin legislation, rates help reflected do
in markets. in commercial Aerospace, let's our our at In aftermarket. business. growth in commercial we these strong Aerospace With our improvement Ongoing dynamics expect look in key drive flight will growth Aerospace global mind, hours
and to to which ramp hour single-digit space, expect spending in for spaces and In growth budget return recovery flat original an we up defensive defense has also international non-residential ongoing to low demand supply as products, build U.S. projects. We and rates, 'XX. challenges growth services, construction we lagged [Indiscernible] the stabilizes flight In year-over-year our expect building equipment HBT, drive expect and to public
continued portfolio U.S. infrastructure of from expect clients. also Solutions, well We our healthy as tailwinds demand Building for as
backlog as large oil automation we price drop a recover XXXX. to improved on also PMT, projects or expect ended In UOP, and stable will macroeconomic in prices HPS. assuming We in improve -- conditions, we're and help higher growth
We advanced and expect continued materials driven in strength by construction demand sectors. in the healthcare auto
and For demand and Advanced our Safety Productivity gas Solutions, expect in Solutions Services, analysis, Sensing and Productivity strong we businesses.
execute also workflow businesses. our projects backlog robust on our major We and of in warehouse solutions
face growth chain the we at as supply our the of as half will in the to recovers exit 'XX. world half pandemic. from Mass will rates However, remain continue second first demand lower challenges constraints
overall in SPS. expect expansion catalyst mix shipments in driven be to Honeywell, For we UOP, margin improving and Aerospace, by in aftermarket recovery accelerating
key be the of to for with next minor pricing to and carry should us, which our medium-term big provide potential R&D will Honeywell including Solutions initiatives. strategic to Quantum Quantum step-up forward top-line investments look a margins. but on a year a is step We through actions, forward completing Computing, drag very combination Cambridge will and in our digital enable and productivity strong support upside, which Our growth,
again have and We in XXXX. balance count reduce we M&A of for share sheet X% expect by repurchases, minimum and our significant capacity a share
will our strong be us in the to input which year. we we more deliver close premier confidence into operational the give of have specific execute continue once and execution, insight a our overall, continued lot end strategy software another industrial. and some performance ability markets provide the We'll out financial to our So to
Darius. turn So I'd over the to with to like call back that,
