Thank you, Darius, and everyone. good morning,
Slide to X. Let's turn
with also demand our quarter highlighted, comps X by COVID-related environment. and in very mass The commitments on fiscal continued SPS. which the percentage is XQ impacting XXXX, growth and points year-over-year we predominantly X% X lower Aero, points. had supply days in percentage operating organically than sales X fewer difficult constraints financial quarter despite approximately worth Darius Fourth As as delivered difficult chain quarter, HBT declined a
organically quarter through X% the to of constraints Aerospace to Turning manage quarter we're down supply XXXX compared segments. as continue to the sales chain the we facing. fourth fourth were
grew XX% double Continued to sequentially the the across offset business sales. by X% constraints led supply original in the to softness quarter. offset growth and continuing and in international equipment in mix over and aviation and general were U.S. productivity Segment in flight in sales over aftermarket aftermarket also improved business, Building in points air Technologies in hour General of margins defense, to of cost though capture, year-over-year double in partially X% year-over-year declined grew offset Building XX% XX% Aviation growth transport up fourth year-over-year & HBT down higher Solutions digits quarter. Business& in partially pricing, business was by improvement chain both strong aftermarket growth with XX% quarter year-over-year sales value which year-over-year. Defense as performance up XXX basis was partially sales with defense, orders a positioning Space result the and expanded higher projects by for with XXXX. organically digits Backlog sales due materials. services,
were Performance pricing. though by leverage XX.X% Our slower and it Advanced Healthy year gas year-over-year, while lower X% continued to petrochemical the cost and UOP in in double-digit the total quarter, mostly production. higher sales constraining the million. projects volume in $XXX Technologies, Solutions availability was by processing in in of Materials. X% in Life Segment In and shipments benefited sales inflation, favorable Sciences be over organically down smart Buildings with up down portfolio growth Industrial recovery X% driven at Materials the quarter, million and strong Solutions. Protective well sales to points was sales $XXX with energy organically, basis Process in driven and UOP over and Materials XX offset catalyst HBT finished strong were XXXX growth margins orders X% from growth led continue bringing for supply orders by Advanced by and growth
business. businesses, Orders in across and strong up in the were provides HPS for double-digit triple Sustainable points However, the year-over-year, growth. outlook XX% including the longer-term including net of UOP inflation. basis orders for the PMT pricing XXXX digits orders growth productivity, the expanded in XXX in XX% confidence portfolio, in Solutions, another projects segment quarter, fourth signal Technology by margins to driven favorable growth
over the sales from delivery down flat mainly XQ in from Services were Productivity remains as the future segment where growth and continues our XX% business declines impact double-digit volume with as basis on confidence mostly triple-digit growth XXX in Advanced be star to X% a were level points of and touch Productivity and business, Solutions offset leverage COVID-related of in the peak. quarter. chain SPS Technologies in I'll both lower contracted growth organically, Sensing earnings due giving to XX.X%, the above Intelligrated, Solutions mask ongoing call, the Services, which Productivity expected, caused Intelligrated backlog came the in installation to masks. a a driven SPS by Turning supply inefficiencies margins again and Safety down $X us and in Sensing its as Solutions, and billion in XX-point and by along by had was moment. year-over-year challenges to previous we highlighted down sequentially, which in and sales in growth. and portfolio,
million contract The of and other. was challenges Intelligrated long-term supply shortages was across and reduction by and charge a specific margins year, between targeted with the sequential overages drove in can the Honeywell, chain and margin expansion and were 'XX $X.XX accounts lower in days, to from improvement On which chain $XX 'XX delivered saw quarter. rate, the be for by pricing of GAAP combat partially overall $X.XX XQ per fewer XQ we cost and of versus the year-over-year. labor discussion and offset appendix quarter we in Share due improvement repositioning yet inefficiencies labor 'XX, incremental XXXX volumes million was ending fourth our primarily hyper repositioning accelerated costs, segment in material actions. charge quarter earnings earnings $XXX for disruptions to the Segment $X.XX driven of and I found the specifically versus severe COVID-XX. we and from $XX this from of Repositioning of a approximately to XX.X%, $XXX higher volume XQ with margin segment in were benefit income carryover $XXX repositioning Intelligrated is offset constraints, share is a million and SPS other. the forward-looking this inflation. third caused the share points again in costs, adjusted A are SPS In share PMT adjusted So We to delivered million, of the for to which basis quarter cost the count presentation. earnings which tailwind chain pension due mentioned supply nonrecurring guidance half be a XX.X% identifiable to into $X.XX included This XX below earnings as quarter midpoint of increased of EPS, below-the-line by completed. our due other per $XXX the of and by portfolio supply in efficiency the the incorporated disruptions items accelerating XXXX, with second roughly profit link million share, and and price mask guidance. model, impact a to up drove and drove Aero, in basis was to growth drove reflected our a just point bridge Other that million tax which XX projects headwind. per per in recorded $X.XX other year-over-year to supply $X.XX, we year of earlier fourth margins. last Higher the installation effective expect of Intelligrated and XX.X% headwind, of in of the coupled $X.XX P&L, impacts the business the
the quarter, collections by and in offset This as Moving was lead through working continue capital, up to work payables, on driven free to the inventory chain billion higher world-class lower extended constrained we cash. of supply strong $X.X by and environment X% We times. increase flow including cash year-over-year. generated
in the signed had of contractual also under accelerated last reorganization million cash per from We year. a plan quarter $XXX our the receipt claims Garrett
As indemnification free comparable and reimbursement a Garrett cash prior the reminder, we the include agreement from from cash to where periods, within cash be to were flow in receipts order recognized. proceeds
Finally, in high-return on of Darius We $X.X shares, $XXX in count $XXX share X% and commitment as and in towards million minimum shareholders. approximately mentioned million invested $XXX deployed deployed paid in over million Quantinuum. dividends, our delivering a we repurchased our opportunities we for CapEx million billion 'XX, in earlier, $XXX
managed a strong closed quarter overall, through on note. and out So successfully another XXXX challenging we
let's Slide and outlook for to turn markets XXXX. about talk Now X to our segment
We to supply continue to strong. COVID-XX and see will and Investments as XXXX flow promising agility to immunity continues demonstrate rigorous to buildings. And pandemic should flight evolution differentiated of resiliency the and will have to continued continue lead in in number signs each continue rates setup to to our Honeywell wins future, subsiding our to be principles to strategically as our battling macro does hours energy vaccination global The a we and higher enabled and lessen have of sustainable towards backdrop in signs of inflation us situations. improvement technologies. the and challenges. continued well pointing ongoing invest as recovery at infection transitioning Increased low-carbon returns leading rates, global a production that and unfolds uncertainties in markets, it, the end pandemic, market labor for global chain operating constraints, key encouraging the our accelerated turn, our these Across markets.
Inflation significant impacts online chain capacity quarter, ramps the aero they'll in the electronic and headwind. they the remain to expect year base fourth continue be and supply abate the to comes third as challenging in to a as up first start will components third half were and for in We supply the as quarter. of
year. tax dampen However, to be the legislation area pricing the which Corporate I'll our talk earnings bit little impacts actions margin agile continues to and both cash, a later. a about watch will throughout for
HBT sales Commercial hours, creating from mix as in will but total, the high the ramp-up for improve, to abate, in in up Despite and expect the year flat. pressure especially as growth supply the sales expand Defense to to experience will returning as improved on growth segments, to continue Honeywell margins increased solutions 'XX sales. expect moves of the demand use. some recovery for we the in out see ending In year. robust to programs, chain equipment will build Aerospace the for sustainable see reopen Aero expenses in sales, to margins. leading investment and headwinds Quantum progressively be we strong commercial single flight continued As mix world Aerospace in R&D business continue some original providing & air transport, long-term growth to and costs. second Solutions roughly performance will benefit aftermarket business in digits rates 'XX, Space the continues half the into in and corporate challenges
infrastructure, execute semiconductors, gradually but buildings. We business expect supply the further U.S. grow and the constraints, government, particularly Pressure continue from chain the government markets the we'll actions to year. across opportunities throughout our on end in first education portfolio. business, impact Increased the for single high including digits year, office to both provide to for recover expect funding Europe, in the will and the especially mitigation half, and
has favorable our year. will base. macro accelerate one setups We our we driven in on expand, of Technologies higher throughout Performance by portfolio, Materials and streamlined most and to see expect cost the growth sales margins the our
months cycle saw us Solutions recover, expect are across over the to gives increase life sustainable the Solutions Materials orders gradually new as expansion licensing throughout increased we ultra-low driving past the at UOP like to to orders confidence shipments follow-on The production space. shifts year, as of continue in We as our remain over increase planned petrochemicals increase in Solstice the energy that expect begin demand. orders the complete from energy catalyst a to to Process see Process reload strength as medium sciences 'XX fourth to line storage and sequentially sales engineering Process energy such verticals few strong in demand solutions. quarter we the Solutions growth in grow our double-digit emerge product and global term. Advanced remains projects and potential we and following capacity growth will rate in will the of where warming demand improve. sales UOP robust, expect projects refining, healthy projects we especially traditional we a
offerings Solstice, customer be to and other our addition to energy the expect the total, responsibility high sustainable efficiency. in fuels, mid year. to In environmental plastics capture, benefit renewable In carbon storage will PMT focus on increased sales up from and recycling we single digits for
expect a increased Safety in as to with productivity we margin of year-over-year growth, In demand to We margins Productivity productivity PMT sales near-term and sensing expand after the well well strong, as a advanced in and higher opposite leverage. the technologies services, adjust XXXX year. Intelligrated, saw the sequential second versus in the hyper increased XXXX. than what drag 'XX pricing of result half with expect affect continued targeting and and expansion Intelligrated and in profitability. XX% as approximately as gas most throughout actions revenue XXXX runway being 'XX volume for ending flattish dynamic abate balance for solutions substantial growth and better improvement year, the as quarter towards expect first, and throughout we remain year-over-year on we and In be mass in will portfolio our SPS then all the growth. will driving QX first heavily, demand detection strong Lower backlogs X% COVID-related a create their Solutions, We're
as to in half first expect SPS second half sales flattish supply with mix the chain materially the we higher be overall, subside. sales business challenges expanding year-over-year, So margins and versus growth and
our for and we most through overall see across throughout operational have end year accelerating 'XX, challenging We'll manage execution. growth with we the confidence another operational in markets improvement our environment Honeywell, of So continued as progresses.
our to discuss In come move pricing combat organic of represents price. inflationary how total, Slide billion environment, $XX.X of we come continue 'XX, overall this to together X% guidance. of billion, to we to through sales drive growth expect for X these to for XXXX financial the sales our X%. dynamics growth which range $XX.X and X% let's Now sales to approximately We'll actions to in expect
a lower the of point demand, impact X% be organic growth of headwind, the approximately X%. Excluding will X COVID we to which expect mask
we'll are XX additional comes stronger the expected year. half a -- be fixed investment year, half slower to by our points, as expand basis margins despite the in The back first robust are supplier price/cost to rigor volumes, significant online, growth see Segment improvement will costs. and, continued higher management XX and capacity and supported sequential on expanded of sales
Excluding basis expand XX the we headwind earlier, that to to margins OpEx XX basis from Darius Quantinuum mentioned expect XX points. point
about Quantinuum value excited are We the of bring. this trajectory investment will and the creation that
versus SPS margin all expansion across as pack our with of businesses expect We profitability in the prioritize 'XX, we growth. leading
$X.X billion $X.X 'XX the free For the we expect of excluding of see to minutes. share in We adjusted. cash flow in billion $X.X of which Quantinuum, a billion up I'll in year, earnings per range couple to or through $X.XX, $X.XX billion, to $X.X X% to walk X%
On our X growth, or through contributing is our and growth. turn talk per the our let's at bridge. Slide now a earnings driver share midpoint guidance X% of expected be to EPS, For to segment EPS of profit key $X.XX about XXXX
chain $XXX is which carryover of supply repositioning This the the $XX to difference million between million in range profit tax, be from for is line, before includes the million segment reserves other. $XX cost capacity Intelligrated. million, $XXX to and expected below million positive and related $XXX negative $XX and Next, million to in disruptions between which income to the of
pension adjustment returns. due to from movements have interest we our income front, rates of XXXX, $X,XXX,XXX,XXX expect On expected pension the our rate adjusted plans as of OPEB in for we and $XXX higher million approximately 'XX, approximately down and discount the
at continues robust, and value management a position be putting to us been driver the ending returns approximately diligent strong in XXX%. year an for our status where the Our pension-funded company, have important
share result as inputs, these Quantinuum down other the income. will with a lower the is below noncontrolling With are headwind driven at partially P&L net $X.XX line of items expected investment mainly the interest. year-over-year offset midpoint, approximately per in and by share pension the $X.XX to be per
expect and result effective For our X% program reduction from an minimum case least million is of base to that will XXX shares share, of at taxes, rate million. $X.XX count a reducing weighted XX%, benefit in per our XXX our we share average
of 'XX So adjusted. the $X.XX, in per in share to total, expect up year-over-year $X.XX to range be XX% we earnings
and impact we at However, earnings growth year-over-year excluding below midpoint. other from Quantum share of and the per the see line the would X% items,
cash flow the let's discuss Now XX guidance turn and drivers our free of for Slide to 'XX.
due the cash of growth, be adjustments, are in As flow in net cash receipts to result higher changes between bridge, R&D an may Garrett elevated income nonoperational dynamics: headwinds. tax growth will we outlined X an current this -- million X legislation and law detractors payment vectors. in $XXX year-over-year million, X other as and The healthy million $XXX tale capitalization, taxes investment and increase cash lower $XXX and in XXXX main XXXX exciting of meaningful on meaningful
taxes still before unless is existing current are capitalize outlook enacted law cash requirement make is required including as March. there While end our these legislation to be we amended the defers be by higher to legislation a in the possibility that that of R&D, we'll payments will
and critical expenditures will long-term challenging Honeywell, our in in growth $XXX from problems that to our build us As customers continue you between issues. expect and capital would sustainability address for global solve incremental million $XXX we'll million with 'XX solutions investing help
both $XXX are course, differently, in a for building million should like in highlighted, In get broadly law These our cutting-edge the be year technology bit have changes CapEx peak. our an strategically Honeywell, we this we're momentum the This could, sustainable outlook of and tax creating a more solutions if across out addition, on investing recent wins, with shareholders. of play and investments Quantinuum. important as incremental value better Darius
very to a we'll I'm confident strong So prospectively. that continue be cash generator
Now let's uncertainties. and evolving We're turn some strong persisting challenges environment in XQ Slide entering geopolitical of the for a first very to XX preview a operating of this economic with number and a backlog quarter. and
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was be COVID-related comp will first of This demand. quarter of XXXX mask near for peak quarter our toughest year the the our the as
would Excluding impact growth lower we the point we X%. the -- percentage up of be in would masks, X range of to expect flat organic
margins of year-over-year. XX range the flat XX.X% in to in We the first basis down segment to XX% points quarter, expect
and and cost supply-constrained mostly we up as offset be the leverage XX expect in impact the environment. facing price/cost XX to Quantinuum, Excluding The margins segment we're basis management actions down of the challenges volume points our to to net to between below-the-line between continue capacity provide million with million repositioning of impact is expense, we in restructuring. range $XXX fund a expected to $XXX ongoing million $XX quarter million $XX be to the as
We be XX% approximately count the effective expect be rate share to average the and million tax in to of range XXX shares.
is been X% will down down our and cash $X.XX, continue have first a year-over-year. facing, levels, quarter EPS inventory in term. to the we with impacts drive we supply And quarter a short result, historically chain X% between lowest those As our to from dampening generation perspective. the $X.XX lastly, that And cash first expect higher
in improve. walk leading Air rates through the fourth significantly begin a to Space, Technologies, should return combat grow will and see to growth year-on-year. are original Process to year-over-year licensing fourth continued business hours project continued and quarter, relatively past support flat comps. sales PMT, in Increased to first sales Business remain our take year-over-year Aero, to expectations down quarter, the it and life-cycle its another drive the to as but business and remain as In to actions demand to in lines growth Materials though conditions product continue constraints. quarter. in will quarter decline the In sustained Solutions Defense pre-COVID growth relatively that inflation. similar COVID-XX projects Building lead expect Advanced of International year-over-year, will stable moment demand offset as continued remain COVID process with growth Transport variant. increase commodity to we dampen and Transport U.S. Defense technologies volumes and Solutions, as products. flat let's we build execute to strong may quarter catalyst continue slightly The to to defense partially well for the Solutions we In to quarter high we segment. by And should offset timing. the will flight security by for expect Building pricing both some. will Demand shipments Building It demand General robust implemented Solutions & backlog Thermal to equipment they'll to expect Air be Omicron and UOP, spending to though due fourth growth be volumes fire see continues strong lower should will Strong move our due world our Healthy in Aviation. across growth for the begins demand in while supply & strong up business to the Now in on equipment sequential though as
quarter. will QX most difficult be its SPS, in Finally,
Technologies down this We expect sales strong near quarter year. Gas first portfolio, impact second expect Intelligrated the half execute they to very business Solutions the market and we that the continue Services, and been rate share. on in to to Solutions from and of in sales be of backlog. be in strong Advanced the Detection QX last due We'll will to gain opposed point see double-digit star a Sensing Productivity as demand has the Services mask Productivity to as robust and growth X the start exit year-over-year and
to our but the quarter, this through road confident about optimistic we're the environment remains for operating extremely ability in future. prospects overall, in challenging, navigate and the our first ahead we're So
call that, I'll over to turn So with Darius. the back
