Honeywell International Inc (HON)

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Free cash flow guidance was in line at $3.7 billion and will be flat y/y due to the planned capex increase of $300 million for the year. Fourth-quarter implied guidance is for continued 3-5% organic growth and continued margin expansion. Productivity was a clear positive call out and something we've come to expect from this management team. Margins were better than expected at 16.7%, up 110 bps y/y and across most segments with notable strength in aerospace and automation and control solutions (ACS), two of the key drivers for the stock in 2014