The spin-offs of Honeywell's transportation and home and global distribution businesses (which, in aggregate were cyclical, lower-growth, and margin-dilutive) had the effect of enhancing Honeywell's profit margins. The company's quarterly adjusted EBITDA margins averaged 19.3% from December 2017 through September 2018, then increased to 20.7% during the past two quarters ended March 31, 2019. For the full year 2019, the company is guiding roughly 80 basis points of segment margin expansion from the spins, and another 30 to 60 basis points from operational improvements. Through ongoing productivity initiatives such as supply chain digitization, an enterprise resource planning system reduction, and continued efforts to become a more software-oriented industrial company, Honeywell may be able to retain and further expand margins toward
