Honeywell International Inc.

- No specific guidance or plans for new fundraising through debt or equity were mentioned in the provided pages. - The company is focused on a balanced capital deployment strategy aimed at maximizing shareholder return. - Capital deployment includes both M&A and share repurchases for 2024 and beyond. - The M&A pipeline is described as adequate with ongoing deal activity, emphasizing bolt-on acquisitions that align with their core portfolio. - The company plans to take action on parts of the portfolio that do not fit well, starting in 2024, but no rush is expected. - Free cash flow is expected to be strong ($5.6 billion to $6 billion), supporting capital deployment without specifically mentioning new fundraising. - There was no indication of planned new equity or debt issuance for fundraising in the near term.

- Honeywell expects to fund compelling growth-oriented capital investment opportunities focused on creating unique technologies. - Investments will support high-return projects aimed at future growth and productivity enhancements. - Self-help actions in short-cycle businesses include price increases and focus on high-growth regions and aftermarket services. - Capital deployment strategy remains balanced to maximize shareholder return, combining both M&A and share repurchases. - M&A pipeline is adequate with ongoing deal activity focused on bolt-on acquisitions that propel organic growth. - Portfolio optimization will begin in 2024, addressing non-core assets thoughtfully over time. - Free cash flow is expected between $5.6 billion to $6 billion, supporting investment and capital deployment plans. - Continued digitalization capabilities will enhance working capital management and production/materials optimization.

- Aerospace expected to grow low double digits in 2024, driven by strong original equipment (OE) growth and aftermarket expansion. - Defense segment projected to grow low single to mid-single digits, with supply chain improvements as a key unlock. - Sustainable Technology Solutions (STS) expected to be flat to low single-digit growth. - Building Technologies anticipates low single-digit growth with strong margin expansion, driven by solutions and short-cycle recovery. - Warehouse automation facing challenges but aftermarket growing double digits, partially offsetting top-line pressure. - High-growth regions (Middle East, India) expected to grow double digits; China to see a slight improvement over 2023. - Overall organic sales growth guidance between 4% to 7% annually. - Short cycle recovery pace is the biggest variable impacting revenue growth across segments. - Pricing actions and productivity projects contribute positively to growth and margin expansion.

- Expect adjusted EPS growth of 7% to 10% year-over-year in 2024, with adjusted EPS between $9.80 and $10.10 (Page 3). - Full-year segment margin expansion anticipated between 30 to 60 basis points, supported by pricing, productivity, and short-cycle recovery (Pages 2, 4). - Aerospace segment expected to grow low double digits organically in 2024, with margins stable due to volume leverage offsetting lower-margin OE mix (Pages 2, 7). - Building Automation forecasted to deliver low-single-digit sales growth with largest margin expansion driven by productivity and commercial excellence (Pages 2, 4). - Productivity Solutions and Services anticipate top-line pressure but margin expansion due to aftermarket growth and cost actions (Page 4). - Overall organic sales growth guidance is 4% to 6% annually, with double-digit adjusted EPS growth targeted when including share buybacks and M&A (Pages 2, 3). - Free cash flow expected to grow 6% to 13% excluding prior year settlements, supporting capital deployment (Page 3).

- Long-cycle orders performed extremely well on an annualized basis in 2023, with strong bookings in commercial aerospace, UOP, and process solutions. - There were some lessened but lumpy orders in warehouse automation. - Short-cycle business is showing early signs of recovery, particularly in scanning and mobility businesses, and certain chemical segments. - Q4 orders increased by 1%, bolstering backlog to a record high level. - Specific order highlights include building products, scanning and mobility, and parts of the chemicals business. - UOP maintains a strong booking and backlog status, supporting expectations for a good year in 2024. - Pipeline for warehouse automation in January 2024 is improved compared to January 2023, maintaining conviction in the business despite tight market capital spending. - Overall, the long-cycle backlog remains robust, supporting confidence in growth through 2024.