Vimal, Thank good everyone. you, and morning,
begin on me Let Slide X.
As a in XXXX year which outlook legacy reminder, providing our using and quarter we're into went under the breakdown full results XXXX effect fourth and segment new January. reporting our segment structure,
disciplined the cash organic on commitments. flow delivering another Despite that, dynamic strong results. backdrop, commitments. solutions segment execution year deliver had Honeywell's and our our year, to and on turn a We us With a differentiated enabled XXXX full finish sales, free challenging macro to margin, let's to earnings
the basis be our growth up XX.X%, year low end Full guidance initial long-term above lower were above expansion X% end points and year-over-year, segment initial algorithm long-term Safety of the our X% points profit midpoint achieving of XXX annual basis our margin year-over-year, sales despite sales. grew of target to our drag financial basis with XX and and guidance. X% Productivity high in XX a XX of the to Solutions points expansion from organic of Segment
the per guidance or lower XX% $X.X excluding or high free of income impact the $X.X after-tax Adjusted settlements. flow of year-over-year. grew billion share We X%, end earnings our of impact billion, onetime excluding cash when range, pension the generated noncash of at
sales XX margin to the in business. $X.X double-digit $X.X expansion in led Technologies XXth organic M&A XX $XXX deployed XX.X%, payouts, CapEx, of million Fourth past to time dividend which by to and capital, we the driven $X.X billion quarter of repurchases, consecutive We aerospace $X growth quarter by to billion commercial Materials Segment XXth share and Aerospace. up for points increased to X%, Performance billion by and billion years. were basis in expanded the our including
at Earnings drove the share between adjusted per per the for year up was liability the $X.XX, of was end share. $X.XX, quarter earnings mark-to-market annual An difference adjustment earnings per per year-over-year. pension share earnings And share and the fourth our estimated adjustment and XX% Vendex future adjusted X% to our up year-over-year.
'XX XQ appendix X%. up adjusted the EPS flow cash Excluding XQ prior We 'XX versus CapEx per repurchases, margin adjusted presentation. can of a to XX.X% was to headwind, XX.X% was XQ Free M&A. dividends, of capital FY was found FY deployed pension $X.XX be earnings 'XX from noncash $X.X this the billion, income of with free for 'XX billion to both Bridges to in share and compared high-return share flow as $X.X greater cash year. a cash source flow of and working cash in
to and confidence growth X% HPT, year-over-year up in commercial XXXX strong our due This building X% outlook, another to few X% by win HPT. I discuss in growth which gives aero, backlog, and in were Aero, our including in products. will quarter billion, in fourth the Orders a in record The setup quarter, PMT us minutes. led of grew a for strengths was up and $XX.X orders which PMT sequentially new
underpinned ability year. Accelerator across our a operating tailwinds we execute on demonstrated we're our is year have confident As the continue long-cycle to markets end our proven strength framework, always, to the our value seeing system. by navigate backlog, operating and dynamic which which creation after we I'm our environment, of in
for Now commercial quarter Aerospace with the fourth business. year-over-year, minutes let's XX% in quarter growth spend up few organically performance the XX% a aviation. on by fourth was
increased Our business XX% equipment to over on original both business customers. air and commercial and deliveries aviation transport general grew
growth the to quarter, supply sales drive through in the we to focus challenges, aftermarket grew demand, flight which quarter security that air led the on Space work growth. market strength continues drive chain again Defense while as demand. ongoing continue as in national by transport robust Commercial fourth another & had to global increased hours govern continue double-digit
continues result market. XX equipment volume demand more advantageous inflation we're in unlocks, mix sign well that that leverage, a and in pressure XX% offset partially business. Segment to to our original the Aerospace's as points book-to-bill supply on outpace position commercial excellence to around were cost of is quarter chain capitalize expanded basis the encouraging by and the fourth situated in as an supply, evidence margin of our X which
by continued primarily fourth X% was sales double-digit as organically, sales and flooring and we in catalyst grew petrochemical and the driven grew up saw strength as cycle HPS, gas Technology Materials in demand increase X%, in in lower Performance returning organically, seasonal organically In result smart Materials energy. robust solutions growth a up X% were in the a products. quarter. in services volumes partially to of by X% quarter, Advanced offset processing. shipments, sales life UOP
Our net X XXX businesses. Segment XX% business quarter. of and Sustainable growth and actions, Solutions mix XX% of result fourth year finished to grew business Orders commercial with for margin the favorable expanded excellence sales points over all the in basis P&C as Technology inflation. a productivity orders across
services. organically warehouse Solutions and volumes The to automation warehouse in as our a of Intelligrated decreased and and subdued. portion XX% remains continue trough in Workflow of and lower primarily Productivity around result sales be the projects Solutions productivity investments levels and quarter, as solutions business Safety
of pipeline to win market, our a in new solutions this to innovative array However, we robust, positioning to recovery. an committed eventual and are widening projects of Honeywell is customers in delivering
commercial and end we volume In XX.X% that the some excellence. despite Safety lower leverage of partially contracted continue orders to growth but are the a cost Sensing provides to challenges actions in over Segment driven Service productivity our Solutions basis markets. remains destocking, offset Productivity and relatively by the resilient margin in of XXX points short-cycle Solutions end near business, through and inflation, work by SPS that we cycle. few quarter distributor and XX% effects and confidence
Building declines Technologies in as sales long-cycle building growth were short-cycle Building organically, modest Solutions our products. down offset by business in X% was
and quarter, grew strong grew across single-digit board driven the in Services, Orders execution X% as strong burndown. high Solutions fourth quarter backlog every the the by in by Building in were growth business year-over-year. past-due led
remains growth points basis Enterprise, to by partially productivity portfolio in inflation XX year-over-year cost sales margin mix accretive excellence. Connected to Segment Honeywell Growth XX.X%, quarter and due headwinds, actions by contracted another offset across double-digit to commercial was which and of Honeywell. our supported overall
offerings grew XX% buildings, all in in connected than the connected cyber, year-over-year by and more Our quarter. sciences aircraft, industrial, life connected
by which software and is HCE the both the of an double grew For year, indicator franchise. strong of profit sales full our power digits,
the With XXXX. growth about in setup accelerate XXXX in Honeywell's now excited rear view, favorable we're to
to turn about Slide Let's for talk outlook the our X to year.
We enables us power position remain the dynamic, protect our we'll drive to our to and on XXXX. in decisively well move liquidity operating again commitments, of deliver to quickly and expect but that to the do environment confident system ensure Accelerator and margins, growth, I'm ourselves
support will business. the organic growth, These end and demand increased focus and level goals due exposures intensifying decarbonization defense energy underpinned demands market infrastructure for for automation investment, by spending. growth ongoing and energy with our aviation record the Our which continued vertical tailwinds heightened scarcity, digitalization backlog, and higher robust on across are compelling fleet aerospace, favorable, to remain automation commercial labor
uncertain outlook the the to quarters. eventual by we prospects year, cycle which return swing an short by in in factor this outcome of of the recovery coming This sales as is to tempered we're the see excited the for reacceleration markets timing the but normalcy, our somewhat is
strong a setup margin, sales, growth for drive long-term within our have we in XXXX. and earnings will framework financial cash Overall, that
generation Our the continue we we our robust strong M&A will our with accretive will balance to as optimize accretive on we're cash pipeline sheet happy build deployment. announced recently capital And transaction, portfolio. while and support
let's XXXX turn to together X Slide for come these how to discuss our Now guidance. dynamics
billion, $XX.X an greater between the represents for and organic X% overall of year, price. balance in backdrop, total growth X% a sales $XX.X to range Given XXXX, of expect million which we sales the to with for volume
year, somewhat outlook. of Our rates short-cycle the at half for guide half-weighted to different recovery a likely back anticipates creating in some second begin various end albeit our the markets,
provide innovation, in installed Additionally, through on strengthening product vast regions, maintaining new monetizing software we to base resiliency position high-growth we and franchise, the remain which year. our leadership keenly our our focused expect
the to to in year expect continue sequentially gradually also throughout the XXXX. We aero improve did supply as it chain
the For of in organically. range to to X% $X.X the up first quarter, we billion sales billion, flat anticipate $X.X
cost year, to our We XX expect continued including margin our XX segment raw points productivity basis reducing price discipline by business focus mix, precision material to supported improving expand overall and costs. next on actions,
by and we solutions. Similar to from build and excellence, last the benefit building margins most, industrial expect energy automation productivity sustainability continued we year, on as to commercial expand actions followed automation and
rate investment For recent robust our our profit in platforms supply of leverage a innovation Aerospace, unlock in tight volume, volume enabling cover the continued growth. levels, to and will deliver us chain within keeping our while to band margin year-over-year
first XX.X%, XX.X% the the XX basis up XX segment margin range in overall expect quarter, to year-over-year. to we down of For points
accordingly by anticipate we'll that not at the for planned first deal Access for quarter and guidance the full the of Carrier's the end of acquisition our consider Importantly, quarter, both the does business. XXXX Global Solutions We our and year update third closing guidance the of the time.
we XXXX, catalyst few our that business. commercial, remain rates equipment, In backlog on shipset will record-level deliveries, in as to for drive outlook spend in Technologies, continue an robust a throughout In Now primarily provides increase demand Aerospace growth. expect air by trend build transport. a let's our minutes upwards, original
On continue the international travel improve, we side, to hours in to particularly volume normalizes aftermarket further. strength as see commercial widebody as expect flight
not constraints, chain demand, will limiting growth. and factor Defense supply Space, the In volume on be
of XXXX us our confidence XX% in improvement anticipate to execute, However, the and our year. ability output in throughout sequential growth modest aero, gives we across
low expect organic growth range double-digit we XXXX. the Aerospace, of Overall, in
of products at top likely we by to margins increased XXXX, expect remain fastest mostly and higher Aero to again lower-margin as comparable levels offset are leverage. While volume XXXX sales will grower, our line be
the quarter, chain will meaningful see growth supply first backlog, expect covered organic throughout the made to with XXXX, year-over-year In low-teens we as we drive record output growth. year-over-year progress on continued our
likely our particularly back 'XX, of Industrial the lead the to build services in key expect of timing we further and will on year For with aftermarket experienced a in In projects another XXXX will to Automation, business. success growth, recovery factor short-cycle Process strong Solutions, a year. and results play half-weighted we in
Our safety effects of automation of we technologies move trough solutions and year. will spending comps sensing In Solutions, year and the as fade expect year-over-year the as cycle, capitalizing through businesses to on the on. benefit throughout productivity service and and destocking Warehouse and the distributor the warehouse our pipeline robust Workflow easier goes
be As in second expect should a Segment leverage margins flattish result in particularly we benefits. expand, IA of these sales to to recovery as half, short the dynamics, leads cycle volume XXXX.
automation still IA remain growth, to year-over-year. warehouse challenging is In to double-digit that high in on the single-digit will low will sequentially leading near levels stable, demand year-over-year declines quarter, while comparisons first trough weigh sales
see the businesses and the portfolio, timing will our one short-cycle stronger short-cycle Both Automation. existing from expect key of Turning the tailwinds 'XX. drivers the to again and of to services. of Overall, in our likely long-cycle projects see be results on Building in the -- early half. We in particularly outpace strength second we to will of the performance grow services aftermarket backlog and lead year, recovery
will seeing are verticals, both in in for signs businesses U.S. short-cycle institutional growth as in products investment internationally, inventory BA. our our We We developing the an and levels encouraging normalize. anticipate will as be engine benefit in regions core
primarily will Despite commercial we sales Automation, inflation. to expansion, largest full forecast Building with segment of the net For this, low driven be excellence we single actions the year productivity by and growth anticipate BA digit be year-on-year. margin
puts be be both similar to comps challenging destocking and the in our In as Process business, will macro Technologies from late Solutions, LNG fourth provide Energy our In the by volume first quarter, we stages. and and quarter, services Sustainability equipment growth headwinds likely takes expect in while will catalysts by reaches to UOP its in sales strength environment be equipment. growth modular will businesses, offset XXXX. growth led the
lead year In will declines stationary growth. In expected volume offset telegraphed by Sustainable demand products Technology business, Advanced in another will be in our legacy particularly the reductions Materials, of Fluorine Solutions, our to Products strength portfolio, robust Solstice U.S. record in to the broader well quota in due
improving expect to of to year of from line. for the compared fab, demand XXXX, flat digits be we support top over single the Within Overall, to particularly rest low will course Advanced the ESS up XXXX. sales Materials, semiconductor the short-cycle
though not other in and should the down in activity our prepare progresses. to actions. quarter, commercial to XXXX, the work Margins year-over-year much both gas business be and levels expect processing mid- productivity In excellence first as thanks as improve to through as segments, our digits as high higher we particularly we challenging for in comps, single year sales
on earnings Pension is million, comments income the modestly favorable more slightly the XXXX $XXX other roughly at to than third towards became approximately rate environment guidance more flat call Moving positive metrics. the to key to quarter our interest which compared as be outlook will from year-end.
pension As in a contributions to This incremental status, income a ensure former no position pension great employees, be is noncash overfunded for both a are is our shareholders. our will item, our reminder, current, given needed. and and
to million high-return in million between projects first as for between invest and quarter. year between be to in guidance $XXX for and first repositioning and we and our in million net million a the This $XXX $XX negative the and million growth million year-over-year and full anticipate full will negative $XXX and We be impact support in year the future million million $XXX productivity. the below-the-line improvement between which includes $XXX $XXX continue negative slight to $XXX spend, negative quarter,
X% timing for to around for full We expect full be million XX% the to we We due on of count for around to year, anticipate quarter, by tax share commitment year effective the year rate average first through share discrete around count execute payments. be and the least adjusted XXX XX% at to opportunistic buybacks. as shares reduce the our per
share anticipate year-on-year. to be between $X.XX XX% a adjusted full to earnings year per these we up and As of $XX.XX, result inputs, X%
quarter first and year-over-year. X% per $X.XX, between share to $X.XX expect We be to X% earnings up
share bridge walks XXXX a Included elements that appendix in of from the XXXX. earnings per is the adjusted
are increased share are count You'll expense. net see interest volumes and below-the-line year-over-year higher with the which lower changes, from offsetting primary drivers productivity, primarily higher
expect excluding we impact line our balance grow free the settlement cash last in derisking earnings, sheet. On of onetime with flow, year's from to after-tax
Accelerator materials We working digitalization will of planning where optimizing multiyear unwind improving production are begin capital, demand the through and management. our capabilities
several and we to growth-oriented projects opportunities focused expect addition, innovative, In uniquely see fund investment creating technologies. compelling on capital high-return differentiated
flow to cash free the XX%, expect to range, settlements. we to prior excluding billion impact $X result, X% the year $X.X a up of in be As billion
is offset of by drivers the largest flow in the income CapEx improvements, A and being growth, XXXX cash summarizes modestly year-over-year followed appendix capital higher partially factor, free with bridge working net the growth growth spend. by
and focused our on half executing M&A accelerated true the capital we of continue buyback repurchase Regarding part of our saw be in share of in an attractive vote that deployment, we're important in again highly XXXX. which performance, at 'XX confidence robust Honeywell's pipeline, will our while second remains to you and valuations, opportunistic in XQ, in framework, as a XQ
while So our the complemented give transition backdrop, underpinned accelerated another and in leverage macro XXXX. cautious to the digitalization, in confidence we're strong summary, backlog system, of delivering aerospace, operating key record macroeconomic be by which energy and by in trends us will the year our automation, on
on let to that, me Slide Vimal turn with So X. back it
