Honeywell 1Q17 Earnings Call Notes

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Darius Adamczyk

Slight downtick in animal spirits

Yes, and Joe, maybe just add a couple of comments. I think as you look at our long-cycle business and our backlog, we are fairly encouraged by what we saw, in Q1 backlog being up pretty much for every one of those businesses, and certainly there is a level of confidence in what we’re seeing on the long-cycle.

The short-cycles is a slightly different story and we are positive on that short-cycle too, but if you think about kind of the animal spirits that we saw overall in the markets particularly in the U.S. and let’s say in January versus what we see now, I would say that’s a slight down arrow versus what it was and I think some of that could be reflected in the short-cycle and frankly we’re being a little bit cautions and measured in terms of our outlook and we hope to deliver to the upside of what we stated.”