Company Participants. So the steepness of that backfill is probably going to be more weighted toward the fourth quarter than the third. … - Per. Where would we expect that kind of to end up based on -- and I don't mean on a furlough basis. Now let's turn to Slide 5, and we can discuss our segment results. I mean, I think we -- it was prudent for us to take a little bit of a pause in Q2 just to see how the world evolves, how things are going to change and so on. We also expect ongoing headwinds for our products businesses and process solutions, causing decline in field services -- in field devices and thermal solutions. The support provided by the fiscal stimulus programs deployed in the second quarter by governments globally will diminish in the third quarter, and additional stimulus is uncertain, particularly in the U.S., which complicates the visibility to true economic stability. We generated $1.3 billion of free cash flow driven by strong customer collections despite a difficult operating environment. From an end market perspective, dynamics in the air travel industry, including flight hours, retirements and used serviceable materials, as well as oil price volatility and capex and opex budgets, which affect our PMT business, are not stable yet at this point. A higher adjusted effective tax rate resulted in a $0.06 EPS headwind compared to last year, partially offset by $0.04 of EPS benefit due to lower share count. But as it relates to some of the pressure points, I mean obviously, we harvested the receivables with our -- in Q2, which was good. Right. ET. So I'm just trying to sort of triangulate that. What we don't know is the capacity additions because all the work -- some of the reductions are taking place in places like Aerospace, to a lesser extent, PMT and so on. But even before this crisis hit, I mean, the mix in UOP can vary substantially from quarter-to-quarter or even year to year. I think it's tough to call at this point, and I'll tell you why. I'm not going to quote you a specific number, Joe. Or think about what -- how do you get paid for it? The Phase 2 actions should deliver approximately $200 million of 2020 benefit, so the combination of Phase 1 and Phase 2 is expected to reduce cost by 1.4 to $1.6 billion in 2020. Financial Results for the quarter ended March 31, 2020 (refer ‘Other Matters’ section below), which were subject to limited review by us, both included in the accompanying “Statement of Financial Results for the Quarter and Year Ended March 31, 2020 of HONEYWELL AUTOMATION However, we have not seen a significant project cancellation to date. Or is it we probably should expect a balance of M&A and buyback for the next six or 12 months? I would think the balance of that is going to be a little bit more weighted toward the fourth quarter than the third. Thank you, good morning everyone. And again, a lot of that depends on behavior, travel, any stimulus that may come out in the back half of the year and so forth. CHARLOTTE, N.C., July 24, 2020 -- Honeywell (NYSE: HON) today announced results for the second quarter of 2020, which were significantly impacted by the COVID-19 pandemic and oil price volatility. Orders in SPS were up approximately 90% in the second quarter led by record high bookings of $1.2 billion in Intelligrated, up 300% year over year; and over $650 million of bookings in personal protective equipment, positioning SPS well for the second half of the year and into 2021. The aftermarket stop here is multiples of what it was in the '08, '09 recession, which really puts a lot of pressure on those type of numbers. They may be modified or even abandoned at any time. That gives you the kind of growth profile that we're seeing in that business. OK. What's the opportunity is? Q2 2020 Honeywell Earnings Conference Call Presentation. I am proud of the quick mobilization by employees throughout the company to rapidly innovate and provide solutions for both urgent and long-term customer needs. With that said, the impact on customer solvency and aging receivables remains a question mark as well and a potential future risk that we're monitoring. You made a comment about the just kind of fixed cost pressure in 3Q versus 2Q. And as always, we'll leave time for your questions at the end. 3/10/2020. We think it's going to be a modest, very modest impact. See all features. So that one for us is really tough to call. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. 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