Growth ConcernsDelays in short-cycle improvement is also impacting mix as the OE-related businesses are becoming a larger percentage of revenues which creates some margin headwinds.
Operational ChallengesUnexpected issues in the company’s longer cycle businesses, such as customer and shipment delays in Commercial Aero, HPS, and UOP, have lowered operational expectations for the fourth quarter.
Valuation And Market PerformanceThere is a significant valuation and trading gap, as Honeywell shares are underperforming against its industry group.