Honeywell — Feb 6, 2025 release

As we look toward 2025, I am confident that our revitalized portfolio optimization strategy, established history of operational excellence, and robust installed base will unlock further value creation for our shareholders, customers, and employees." Honeywell also announced its outlook for 2025. The company expects sales of $39.6 billion to $40.6 billion with organic 1 sales growth in the range of 2% to 5%. Segment margin 2 is expected to be in the range of 23.2% to 23.6%, with segment margin 2 expansion of 60 to 100 basis points. Adjusted earnings per share 2,3 is expected to be in the range of $10.10 to $10.50, up 2% to 6%. The company expects operating cash flow of $6.7 billion to $7.1 billion, and free cash flow 1 of $5.4 billion to $5.8 billion. Excluding the impact of the Bombardier agreement 4 , the company expects organic 1 sales growth of 1% to 4%, segment margin 2 down 10 to up 30 basis points year over year, and adjusted earnings per share 2,3 down 2% to up 2% year over year. Guidance assumes a mid-year close of the previously announced sale of the company's Personal Protective Equipment business. A summary of the company's 2025 guidance can be found in Table 1. Separately, Honeywell announced that its Board of Directors concluded its comprehensive portfolio review and has decided to pursue a separation of its Automation and Aerospace businesses. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders with distinct strategies and growth drivers. The separation is intended to be completed in the second half of 2026 and in a manner that is tax-free to Honeywell shareholders. Kapur commented, "The formation