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HONEarnings Analysis财报电话会Source pending来源待核by InvestLog AIInvestLog AI 整理
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HON earnings call: We now expect full year organic growth of 4% to 5%, up from 3% to 4% previously, driven by our execution in the third quarter and stronger outlook in the fourth quarter.霍尼韦尔 (HON) 电话会：基于第三季度的执行情况以及第四季度更乐观的前景，我们将此前预期的全年有机增长率从3%至4%上调至4%至5%。

Management remarks

Call period: 2026 Q3 · 2026-10-22

  • Guidance: Michal Stepniak: We now expect full year organic growth of 4% to 5%, up from 3% to 4% previously, driven by our execution in the third quarter and stronger outlook in the fourth quarter.
  • Demand and orders: Vimal Kapur: We are instrumenting the business to outperform both in 2027 over the long term, with strong short cycle demand, a backlog of nearly $19 billion, and momentum across the portfolio.
  • Margins: Michal Stepniak: Industrial Automation should be at 22% margin in the fourth quarter, while Building Automation is expected to expand margins 70-90 basis points and Process Automation and Technology will end the fourth quarter around 21.5%.

    • Analyst Q&A

  • Analyst Julian Mitchell asked: Hi, good morning. Just wanted to start off with a question on the IA segment. it is had a sort of rocky or an uneven time for a few years for various reasons. Looks to be very well set today with a large sequential margin increase guided for the fourth quarter. I suppose maybe when we try and look a little bit further out, how confident are you in continued margin expansion at IA in the coming quarters? Management Vimal Kapur answered: Our-- of our own time delivery now is used to be just shy of 40%. it is now 60%. Our past dues are down 18%. Our new product launches are being highly accepted by our channel partners and our OE customers. Those foundations have turned the business from negative territory to now more low single-digit. And we do expect that it will continue to progress and find its pathway to more mid-single-digit growth as we lap from 26 to 27. So we remain very convicted The same is true on the margin rate. We expect the year to end at 22%.

    • 管理层陈述

    电话会期间：2026 Q3 · 2026-10-22

  • 指引：米哈尔·斯特普尼亚克表示：基于第三季度的执行情况以及第四季度更乐观的前景，我们将此前预期的全年有机增长率从3%至4%上调至4%至5%。
  • 需求与订单：维马尔·卡普尔表示：我们正在调整业务以在2027年及长期均实现跑赢表现，短期循环需求强劲，积压订单近190亿美元，整个业务组合均呈现增长势头。
  • 利润率：米哈尔·斯特普尼亚克表示：四季度工业自动化部门利润率应达22%，楼宇自动化部门利润率预计扩大70至90个基点，过程自动化与技术部门四季度利润率约为21.5%。

    • 分析师问答

  • 分析师朱利安·米切尔提问，询问IA部门四季度指引的环比利润率大幅提升，以及未来几个季度持续利润率扩张的信心。管理层维马尔·卡普尔回应，该部门准时交付率从不足40%升至60%，逾期订单下降18%，新产品获渠道合作伙伴与OE客户高度认可，业务已转亏为低个位数增长，预计2026至2027财年将实现中个位数增长，全年利润率将达22%。
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    For information only. Not investment advice.内容仅供参考，不构成投资建议。

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