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Deane Drey

Managing Director and Senior Equity Analyst at RBC Capital Markets, LLC

Deane Dray is a Managing Director and Senior Equity Analyst at RBC Capital Markets, specializing in the Multi-Industry, Electrical Equipment, and Industrial Goods sectors with a distinct focus on the global water sector. He covers companies including Vertiv Holdings, nVent Electric, Atkore International, Wesco International, WW Grainger, Mueller Water Products, and Pentair, with a strong performance record highlighted by a 64% success rate and an average return of 15.1% per rating, ranking #244 out of over 10,000 Wall Street analysts. Dray began his Wall Street career at Lehman Brothers, held senior roles at Goldman Sachs (11 years) and Citi Global Research (4 years as global sector head of Industrials) before joining RBC Capital Markets in September 2014, and he is consistently recognized among top industrials analysts by Institutional Investor polls. He holds a CFA designation, an M.B.A. from New York University, graduated with honors from Brown University, and maintains active involvement with the American Water Works Association and advisory capacities to global finance initiatives.

Deane Drey's questions to HONEYWELL INTERNATIONAL (HON) leadership

Question · Q3 2025

Deane Drey with RBC Capital Markets congratulated the team on the Solstice spin-off. He then asked for an update on the strategic review process for Productivity Solutions and Services (PSS) and Warehouse Automation, including potential timing. He also inquired about the growth opportunity in the sensor business, particularly healthcare sensors, within the context of Industrial Automation's new product focus.

Answer

Chairman and CEO Vimal Kapur stated that the strategic review process for PSS and Warehouse Automation has begun, and a more definitive path forward is expected in the Q1 2026 earnings call. Regarding Industrial Automation, he explained that post-strategic review, the remaining IA would be product-oriented, focusing on critical, certified products and leveraging U.S. onshoring growth. He highlighted sensors as a key business, positioned in aerospace, medical devices, and industrial verticals, with strong momentum expected to continue into 2026.

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