C. Stephen Tusa
JPMorgan Chase & Co, Research Division
So let’s just maybe start with some opening comments on — I know you guys have a bit of Middle East exposure, but what are you kind of seeing out there in this fluid environment in the near term with everything that’s going on in the world? We’ll start with that.
Mike Stepniak
Senior VP & CFO
So Middle East is obviously very fluid, but maybe I’ll just start with that and make a small clarification based on some comments and write-ups I saw earlier today. So our annual revenue, if you think about Honeywell’s annual revenue, high single digit of our annual revenue comes from Middle East on average.
With that said, given what’s happening in Iran, we do not see any impact to us right now for the quarter or for the year. So there are some shipment delays, et cetera, but they’re are minimal, about $20 million to $30 million of top line revenue pressure for the quarter, and the team is going to figure out, obviously, we offset it within our overall cost structure and framework as we have contingencies, et cetera. So right now, we don’t see any impact from Iran conflict and what’s going on in the Middle East.