霍尼韦尔(US) 2024年度报告

A Letter From OurChairman & CEO Dear Fellow Shareowner: experienced a better and safer life, I learned thatdriving dramatic improvements often requiresembracing change. Everything my upbringinginstilled in me about the value of transformationwas ultimately put into practice when I joinedHoneywell, at the young age of 24 years, as partof a joint venture in India that had to find its futurein a highly competitive environment requiringgrowth,innovation and results.All of theseexperiences informed the four beliefs, which Ipractice in every business I have run: simplify,innovate to grow, transform continuously andhave an operating system. Over the past century, a spirit of transformationhasdriven Honeywell’s ability to deliver forcustomers and produce value for all stakeholders.Looking ahead, this gives me great confidencein our plans for separating into three industry-leading, publicly traded companies with a sharpfocus and strong potential for sustained valuecreation.I am incredibly excited to continueleading us forward to write the next chapter inHoneywell’s storied history. I am more confident than everthat our revitalized portfoliooptimization strategy, establishedhistory of operational excellenceand robust installed base willunlock further value creation aswe continue to solve the world’smost complex challenges andenhance the lives of people andcommunities across the globe.” In my first major role as President of Honeywell’sProcess Solutions business in 2014, everythingcamefull circle,and I made a focus ontransformation a key operating principle. Ourresults in the subsequent years were impressive.When I was then tasked with leading Honeywell’sBuilding Automation business in 2018, I instilledasimilar set of principles that once againgeneratedstrong performance.As Chairmanand CEO, I have come to believe that our abilityto transform as an organization -- beyond whatwe ever could have imagined even a decade ago-- is pivotal to realizing Honeywell’s full valuefor shareowners, customers, employees and thecommunities in which we operate. As I look back on my formative years in India, theneed for adaptability and flexibility was constant.I grew up in a small town, where my family didnot have a climate-controlled house, a car or arefrigerator – many of the basic amenities thatpeople now consider essential. As I grew up and TRANSFORMING HONEYWELL’S PORTFOLIO optimizationefforts,including the sale ofour personal protective equipment businessandthe critical decision to spin off ourAdvancedMaterials business into SolsticeAdvanced Materials. Sincealigning Honeywell to the threecompellingmegatrends of automation,thefuture of aviation and energy transition lastJanuary, we have been moving swiftly anddecisively to optimize and simplify our portfolioto deliver superior growth and drive incrementalshareowner value. As part of our disciplinedcapitaldeployment strategy,we completednearly $9 billion of accretive acquisitions toaccelerate growth and support our pivot tohigher-growth verticals. Buildingon this,in February 2025,ourBoardcompleted a comprehensive,year-longbusiness portfolio evaluation,and weannouncedourintenttopursueafullseparationof Automation and Aerospace Technologies.Theplanned separation,coupled with thespinof our Advanced Materials businessinto Solstice Advanced Materials will enablethe creation of three independent, industry-leading companies, each of which will havea clear path to accelerate growth and deliverenhancedcustomer and shareowner valuewhile offering a bright future for our employees. Theseincluded the acquisitions of CarrierAccessSolutions,Civitanavi,CAES and AirProducts’ liquified natural gas business. Intandem,we announced several portfolio THREE INDUSTRY-LEADINGPUBLIC COMPANIES ADVANTAGESGlobal scale, withacomprehensiveportfoliooftechnologies, solutionsand softwaredrivingproductivity Largeinstalled base,recurring aftermarketsales and best-in-classmargins with leadingR&D investment Unique financial profilewithmarket-leadingbrandsacross specialtychemicals and materials Enhanced financialflexibility topursueinnovation anddevelop new solutionswith next-gen chemistry Multi-year commercialoriginal equipmentand defenseinvestment upcycle IP-protectedportfolioservinggrowingregulatory-drivenmarkets Address the future ofaviationthroughelectrification andautonomy of flight GROWTH DRIVERSPositioned toaddressthe future ofautomation, energyand digitalization Sustainability-focusedspecialty chemicals andmaterials pure play Premier technologyand systems provider A FOCUS ON ORGANIC GROWTH Throughout 2024, we took intentional actions to make growtha top priority in all aspects of our business, increasing full-yearadjusted earnings per share1by 4%, to $9.89, and growing full-yearsales by 5%, and 3% organically,1while segment profit1grew 1%.Beyond the changes executed across our portfolio, we upgradedtalent, incorporated process improvements in our execution anddeployed new high-impact innov