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Honeywell announces fourth quarter and full year 2023 results; issues 2024 guidance.

Fourth Quarter Earnings Per Share of $1.91 and Adjusted Earnings Per Share 1 of $2.60 , Above Midpoint of Previous Guidance

Fourth Quarter Sales of $9.4 Billion , Reported Sales Up 3%, Organic 1 Sales Up 2%

Full Year Operating Cash Flow of $5.3 Billion and Free Cash Flow 1 of $4.3B , at High End of Previous Guidance

Deployed $8.3 Billion of Capital to Share Repurchases, Dividends, Capital Expenditures, and M&A in 2023

Expect 2024 Adjusted Earnings Per Share 2,3 of $9.80 - $10.10 , Up 7% - 10%

Vimal Kapur to Become Chairman of the Board; New Independent Lead Director Announced

CHARLOTTE, N.C. , Feb. 1, 2024 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced results for the fourth quarter and 2023 that met or exceeded the company's original full-year guidance. The company also provided its outlook for 2024 and, separately, announced that CEO Vimal Kapur will succeed Darius Adamczyk as Chairman of the Board in June 2024 and William S. Ayer will become independent Lead Director in May 2024 .

The company reported fourth-quarter year-over-year sales growth of 3% and organic 1 sales growth of 2%, led by another quarter of double-digit organic sales growth in commercial aviation. Operating margin contracted 290 basis points to 16.8% and segment margin 1 expanded by 60 basis points to 23.5%, driven by expansion in Performance Materials and Technologies and Aerospace. Earnings per share for the fourth quarter was $1.91 , up 26% year over year, and adjusted earnings per share 1 was $2.60 , up 3% year over year. An adjustment to our estimated future Bendix liability at the end of the year drove the majority of the difference between earnings per share and adjusted earnings per share 1 . Excluding a 13-cent non-cash pension headwind, adjusted earnings per share 1 was up 8%. Operating cash flow was $3.0 billion with operating cash flow margin of 31.3%, and free cash flow 1 was $2.6 billion with free cash flow margin 1 of 27.4%, led by a reduction in working capital.

For the full year, sales increased 3%, or 4% on an organic 1 basis. Operating income grew 10% with operating margin expansion of 120 basis points, while segment profit 1 grew 8% with segment margin 1 expansion of 100 basis points. Honeywell reported full-year earnings per share of $8.47 and adjusted earnings per share 1 of $9.16 .

"Honeywell once again demonstrated its resilience by delivering on our commitments and finishing strong in another economically challenging year," said Vimal Kapur , chief executive officer of Honeywell. "Our organic 1 growth was led by the eleventh consecutive quarter of double-digit growth in our commercial aerospace business. Honeywell Connected Enterprise offerings across the portfolio also saw growth of over 20% in the quarter. Our continued focus on operational excellence enabled us to achieve this growth while expanding margins above the high end of our guidance range. In the fourth quarter, we also executed on our capital allocation priorities, not only by deploying $2.6 billion of cash flow to share repurchases, dividends, and high-return capex, but through the announcement of the $5 billion acquisition of Carrier's Global Access Solutions business, which will enhance our building automation capabilities to become a leading provider of security solutions. Full-year capital deployment totaled $8.3 billion in 2023, once again in excess of our cash flow, and we expect our capital deployment to accelerate next year as we close on the security acquisition."

Kapur continued, "As we look toward 2024, our portfolio is well positioned to accelerate both our top line and earnings growth, underpinned by three compelling megatrends — automation, the future of aviation, and energy transition. I am confident that 2024 will be another year of value creation for our shareowners, our customers, and our employees."

Honeywell's backlog remains at a record level, ending the year up 8% at $31 .8 billion, providing support for the company's outlook. Long-cycle markets remain robust while the short-cycle recovery will provide a further boost to Honeywell's results.

Honeywell also announced its outlook for 2024. The company expects sales of $38.1 billion to $38.9 billion , representing year-over-year organic 1 growth of 4% to 6%; segment margin expansion 2 of 30 to 60 basis points; adjusted earnings per share 2,3 of $9.80 to $10.10 , up 7% to 10%; operating cash flow of $6.7 billion to $7.1 billion , and free cash flow 1 of $5.6 billion to $6.0 billion . A summary of the company's 2024 guidance can be found in Table 1.

Fourth-Quarter Performance

Honeywell  sales for the fourth quarter were up 3% year over year on a reported basis and 2% on an organic 1 basis year over year. The fourth-quarter financial results can be found in Tables 2 and 3.

Aerospace  sales for the fourth quarter were up 15% on an organic 1 basis year over year , the sixth consecutive quarter of double-digit organic growth, as a result of ongoing strength in both commercial aviation and defense and space. Sales growth was led by commercial original equipment, increasing 25% year over year on increased shipset deliveries. Commercial aftermarket once again grew double digits in the fourth quarter as flight hours continue to improve, including 29% growth in air transport. Defense and space sales were up 5% as robust demand was partially offset by supply chain challenges. Segment margin expanded 20 basis points to 28.0%, driven by commercial excellence and volume leverage, partially offset by cost inflation and mix pressure in our original equipment business.

Honeywell Building Technologies  sales for the fourth quarter were down 1% on an organic 1 basis year over year. Building products sales declined due to lower volumes of fire and security offerings, offsetting 6% organic growth in building solutions driven by continued strength in both services and projects. Segment margin contracted by 90 basis points to 23.9% due to cost inflation and mix headwinds, partially offset by productivity actions and commercial excellence.

Performance Materials and Technologies  sales for the fourth quarter were up 4% on an organic 1 basis year over year. Advanced Materials led PMT with 6% organic sales growth, driven by double-digit growth in fluorine products and strength in life sciences. HPS grew 4% organically, led by another strong quarter in lifecycle solutions and services and smart energy. UOP sales were up 1% in the quarter as strength in petrochemical catalyst shipments and sustainable technology solutions was partially offset by lower volumes in gas processing. Segment margin expanded 200 basis points to 24.0% as a result of productivity actions, favorable business mix, and commercial excellence net of inflation.

Safety and Productivity Solutions  sales for the fourth quarter decreased by 24% on an organic 1 basis year over year. Sales declines were due to lower volumes in warehouse and workflow solutions. Softness in the short-cycle productivity solutions and services business also impacted sales, but orders growth of over 30% in the quarter provided signs of improvement. Segment margin contracted 290 basis points to 17.3% driven by lower volume leverage and cost inflation, partially offset by productivity actions and commercial excellence.

Conference Call Details

Honeywell will discuss its fourth-quarter results and full-year 2024 guidance during an investor conference call starting at 8:30 a.m. Eastern Standard Time today. A live webcast of the investor call as well as related presentation materials will be available through the Investor Relations section of the company's website ( www.honeywell.com/investor ). A replay of the webcast will be available for 30 days following the presentation.

TABLE 1: FULL-YEAR 2023 GUIDANCE 2

TABLE 2: SUMMARY OF HONEYWELL FINANCIAL RESULTS 

TABLE 3: SUMMARY OF SEGMENT FINANCIAL RESULTS

Honeywell ( www.honeywell.com ) delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help everything from aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom .

Honeywell uses our Investor Relations website, www.honeywell.com/investor , as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.

We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, capital markets volatility, inflation, and certain regional conflicts, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.

This release contains financial measures presented on a non-GAAP basis. Honeywell's non-GAAP financial measures used in this release are as follows:

Segment profit, on an overall Honeywell basis;

Segment profit margin, on an overall Honeywell basis;

Organic sales growth;

Free cash flow;

Free cash flow margin;

Adjusted earnings per share; and

Adjusted earnings per share excluding pension headwind.

Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.

Non-GAAP Financial Measures

The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP).

Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell's business.

We define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, excluding the impact on sales from foreign currency translation and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for forward-looking measures of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change.

We define segment profit, on an overall Honeywell basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, and repositioning and other charges. We define segment profit margin, on an overall Honeywell basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

A quantitative reconciliation of operating income to segment profit, on an overall Honeywell basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit, particularly pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings.

We define adjusted earnings per share as diluted earnings per share adjusted to exclude various charges as listed above. We define adjusted earnings per share excluding pension headwind as adjusted earnings per share adjusted for an actual decline of pension ongoing and other postretirement income between the comparative periods in 2022 and 2023. We believe adjusted earnings per share and adjusted earnings per share excluding pension headwind are measures that are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. We therefore do not include an estimate for the pension mark-to-market expense. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change.

We define free cash flow as cash provided by operating activities less cash for capital expenditures plus cash receipts from Garrett. We define free cash flow margin as free cash flow divided by net sales.

We believe that free cash flow and free cash flow margin are non-GAAP measures that are useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. These measures can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.

We define free cash flow as cash provided by operating activities less cash for capital expenditures plus anticipated cash receipts from Garrett.

We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.

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SOURCE Honeywell

Why Automation Is A Vital Enabler On The Journey To Carbon Neutrality

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The number of companies with net zero targets has risen by more than 40% in a 16 month period, but many are struggling to implement a plan of action to get there and effect meaningful change.

There is no magic bullet to reach carbon neutrality by 2050. Getting there will require more financial incentives, more pressure from regulators and investors, significant changes to energy production and management – and innovation!

Many industrial organizations are reducing their greenhouse gas emissions by increasing reliance on existing renewable power sources such as wind and solar. But renewable energy sources alone won’t get us to our collective goal. Next-generation intelligent automation technologies are also needed to digitize, simplify and measure decarbonization efforts. Analysis by Accenture, in collaboration with the World Economic Forum, found that digital technologies, if scaled across industries have the potential to cut emissions by up to 20% by 2050.

Baselining the problem

As the impact of climate change grows clearer, governments, activists, investors and citizens are pressuring companies to do all they can to cut their greenhouse gas emissions. But before a company can take steps to address its emissions, it must first understand the size of the problem and identify its source.

Historically, carbon dioxide emissions have been measured indirectly from utility bills, giving only a superficial understanding of how and where energy is used. Real-time measurement and automation of the data-collection process can help solve this problem. Not only can it be more accurate, but also can give insights into how operations may be wasting energy. Additionally, it is real-time, allowing for faster response times. On a larger scale, automation can make it easier for organizations to establish a baseline of energy use and emissions and, from there, identify the levers they can pull to significantly reduce greenhouse gas emissions.

Here are three ways that organizations can embrace automation to help deliver greater sustainability.

1: Use automation to make your equipment more efficient

A first step to helping to reduce greenhouse gas emissions is to become more efficient with energy utilization. After all, energy that isn’t generated doesn’t result in greenhouse gas emissions. Automation plays a substantial role in optimizing energy utilization. Through better process control and equipment health monitoring, industrial processes can achieve the same output by utilizing equipment more efficiently.

Think of this in the context of a familiar scenario in our everyday lives. If we’re driving to a particular destination and we choose to take a longer route that has more traffic, we end up using more fuel. This illustrates how we may choose suboptimal options due to habit or lack of awareness. In an industrial setting, improved automation and control can shine a light on these inefficiencies and lead to greater sustainability.

2: Leverage automation to efficiently tap renewable energy sources

Another lever to remediate greenhouse gas emissions is to unlock renewable energy. Wind and solar are now leading the surge in U.S. power generation , with solar power generation expected to grow 75% and wind power generation forecast to increase 11% over the next two years, according to the U.S. Energy Information Administration.

However, wind turbines don’t produce power in the absence of wind, and solar cells can’t produce zero-carbon electricity when sunlight is not available. At the same time, from the demand side, increasing electrification and aging infrastructure is causing significant stress on the grid to handle the variability of supply and demand. This is where a battery energy storage system (BESS) can play a vital role, acting as a buffer between this intermittent supply and demand needs.

Automation technology that controls the charge and discharge of battery storage systems enables energy generated from wind and solar to be efficiently stored at the time of availability and then released when the power is needed most. These systems can also help reduce electricity bills by charging during periods of cleaner and cheaper energy generation and discharging during peak demand when electricity is costlier and often has higher carbon intensity.

A compelling blueprint for this can be found in the Caribbean, where electricity production is highly dependent on costly imported fossil fuels. Many of the region’s island states have set ambitious climate action goals, including Barbados, which is aiming to be the first 100% renewable energy and carbon-neutral island state by 2030.

To help achieve this goal, the country has enacted policies to encourage the adoption of residential solar installations . Automation solutions from Honeywell can help manage fluctuations on the grid arising from the increased adoption along with other current and future intermittent renewable energy.

3: Scale up automation for biofuel production

Meaningful progress toward a more sustainable environment must include carbon reduction in the transportation industry, which generates the largest share of greenhouse gas emissions in the United States. Biofuels provide a pathway to decreasing greenhouse gas emissions across the transport sector, including on-road, off-road, rail, marine and aviation. For example, in the aviation sector, widespread adoption of Sustainable Aviation Fuel (SAF), a low-carbon alternative to conventional jet fuels, could contribute around 65% of the emissions reduction needed to reach the industry’s goal of reaching net zero CO2 emissions by 2050 .

Automation technologies can help existing refineries convert to SAF production, providing a faster and more cost-effective route to renewable fuels with lower capital investment. In addition, advanced monitoring, process control and cyber-secure hardware and software technologies can help these digital refineries operate at higher levels of efficiency and improve production and safety. SGP Bioenergy, for example, will leverage Honeywell’s automation technology to produce an estimated 180,000 barrels per day of advanced biofuels, including SAF, at its biorefinery in Colón, Panama.

Despite the advantages of SAF, it still represents under 1% of the jet fuel market. While SAF production volumes are growing , a substantial increase in production is needed to meet the demand created by programs like the SAF Grand Challenge and the EU’s Fit for 55 initiative. That means converting or modifying more existing refineries—or building grassroots renewable plants.

Now is the time to act

Next-generation digital technologies provide a path to cut emissions and achieve sustainability goals. Organizations that adopt these automation tools can operate more efficiently, more productively and more responsibly, helping to lead to reduced environmental impact, enhanced competitiveness, and a brighter, greener future for all.

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• HONEYWELL AUTOMATION INDIA LTD.
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Nvidia brings ai assistants to life with geforce rtx ai pcs.

TAIPEI, Taiwan, June 02, 2024 (GLOBE NEWSWIRE) -- COMPUTEX -- NVIDIA today announced new NVIDIA RTX ™ technology to power AI assistants and digital humans running on new GeForce RTX ™ AI laptops.

NVIDIA unveiled Project G-Assist — an RTX-powered AI assistant technology demo that provides context-aware help for PC games and apps. The Project G-Assist tech demo debuted with ARK: Survival Ascended from Studio Wildcard. NVIDIA also introduced the first PC-based NVIDIA NIM™ inference microservices for the NVIDIA ACE digital human platform.

These technologies are enabled by the NVIDIA RTX AI Toolkit , a new suite of tools and software development kits that aid developers in optimizing and deploying large generative AI models on Windows PCs. They join NVIDIA’s full-stack RTX AI innovations accelerating over 500 PC applications and games and 200 laptop designs from manufacturers.

In addition, newly announced RTX AI PC laptops from ASUS and MSI feature up to GeForce RTX 4070 GPUs and power-efficient systems-on-a-chip with Windows 11 AI PC capabilities. These Windows 11 AI PCs will receive a free update to Copilot+ PC experiences when available.

“NVIDIA launched the era of AI PCs in 2018 with the release of RTX Tensor Core GPUs and NVIDIA DLSS,” said Jason Paul, vice president of consumer AI at NVIDIA. “Now, with Project G-Assist and NVIDIA ACE, we’re unlocking the next generation of AI-powered experiences for over 100 million RTX AI PC users.”

Project G-Assist, a GeForce AI Assistant AI assistants are set to transform gaming and in-app experiences — from offering gaming strategies and analyzing multiplayer replays to assisting with complex creative workflows. Project G-Assist is a glimpse into this future.

PC games offer vast universes to explore and intricate mechanics to master, which are challenging and time-consuming feats even for the most dedicated gamers. Project G-Assist aims to put game knowledge at players’ fingertips using generative AI.

Project G-Assist takes voice or text inputs from the player, along with contextual information from the game screen, and runs the data through AI vision models. These models enhance the contextual awareness and app-specific understanding of a large language model (LLM) linked to a game knowledge database, and then generate a tailored response delivered as text or speech.

NVIDIA partnered with Studio Wildcard to demo the technology with ARK: Survival Ascended . Project G-Assist can help answer questions about creatures, items, lore, objectives, difficult bosses and more. Because Project G-Assist is context-aware, it personalizes its responses to the player’s game session.

In addition, Project G-Assist can configure the player’s gaming system for optimal performance and efficiency. It can provide insights into performance metrics, optimize graphics settings depending on the user’s hardware, apply a safe overclock and even intelligently reduce power consumption while maintaining a performance target.

First ACE PC NIM Debuts NVIDIA ACE technology for powering digital humans is now coming to RTX AI PCs and workstations with NVIDIA NIM — inference microservices that enable developers to reduce deployment times from weeks to minutes. ACE NIM microservices deliver high-quality inference running locally on devices for natural language understanding, speech synthesis, facial animation and more.

At COMPUTEX, the gaming debut of NVIDIA ACE NIM on the PC will be featured in the Covert Protocol tech demo , developed in collaboration with Inworld AI. It now showcases NVIDIA Audio2Face ™ and NVIDIA Riva automatic speech recognition running locally on devices.

Windows Copilot Runtime to Add GPU Acceleration for Local PC SLMs Microsoft and NVIDIA are collaborating to help developers bring new generative AI capabilities to their Windows native and web apps. This collaboration will provide application developers with easy application programming interface (API) access to GPU-accelerated small language models (SLMs) that enable retrieval-augmented generation (RAG) capabilities that run on-device as part of Windows Copilot Runtime.

SLMs provide tremendous possibilities for Windows developers, including content summarization, content generation and task automation. RAG capabilities augment SLMs by giving the AI models access to domain-specific information not well represented in ‌base models. RAG APIs enable developers to harness application-specific data sources and tune SLM behavior and capabilities to application needs.

These AI capabilities will be accelerated by NVIDIA RTX GPUs, as well as AI accelerators from other hardware vendors, providing end users with fast, responsive AI experiences across the breadth of the Windows ecosystem.

The API will be released in developer preview later this year.

4x Faster, 3x Smaller Models With the RTX AI Toolkit The AI ecosystem has built hundreds of thousands of open-source models for app developers to leverage, but most models are pretrained for general purposes and built to run in a data center.

To help developers build application-specific AI models that run on PCs, NVIDIA is introducing RTX AI Toolkit — a suite of tools and SDKs for model customization, optimization and deployment on RTX AI PCs. RTX AI Toolkit will be available later this month for broader developer access.

Developers can customize a pretrained model with open-source QLoRa tools. Then, they can use the NVIDIA TensorRT ™ model optimizer to quantize models to consume up to 3x less RAM. NVIDIA TensorRT Cloud then optimizes the model for peak performance across the RTX GPU lineups. The result is up to 4x faster performance compared with the pretrained model.

The new  NVIDIA AI Inference Manager  SDK, now available in early access, simplifies the deployment of ACE to PCs. It preconfigures the PC with the necessary AI models, engines and dependencies while orchestrating AI inference seamlessly across PCs and the cloud.

Software partners such as Adobe, Blackmagic Design and Topaz are integrating components of the RTX AI Toolkit within their popular creative apps to accelerate AI performance on RTX PCs.

“Adobe and NVIDIA continue to collaborate to deliver breakthrough customer experiences across all creative workflows, from video to imaging, design, 3D and beyond,” said Deepa Subramaniam, vice president of product marketing, Creative Cloud at Adobe. “TensorRT 10.0 on RTX PCs delivers unprecedented performance and AI-powered capabilities for creators, designers and developers, unlocking new creative possibilities for content creation in industry-leading creative tools like Photoshop.”

Components of the RTX AI Toolkit, such as TensorRT-LLM, are integrated in popular developer frameworks and applications for generative AI, including Automatic1111, ComfyUI, Jan.AI, LangChain, LlamaIndex, Oobabooga and Sanctum.AI.

AI for Content Creation NVIDIA is also integrating RTX AI acceleration into apps for creators, modders and video enthusiasts.

Last year, NVIDIA introduced RTX acceleration using TensorRT for one of the most popular Stable Diffusion user interfaces, Automatic1111. Starting this week, RTX will also accelerate the highly popular ComfyUI, delivering up to a 60% improvement in performance over the currently shipping version, and 7x faster performance compared with the MacBook Pro M3 Max.

NVIDIA RTX Remix is a modding platform for remastering classic DirectX 8 and DirectX 9 games with full ray tracing, NVIDIA DLSS 3.5 and physically accurate materials. RTX Remix includes a runtime renderer and the RTX Remix Toolkit app, which facilitates the modding of game assets and materials.

Last year, NVIDIA made RTX Remix Runtime open source, allowing modders to expand game compatibility and advance rendering capabilities.

Since RTX Remix Toolkit launched earlier this year, 20,000 modders have used it to mod classic games , resulting in over 100 RTX remasters in development on the RTX Remix Showcase Discord .

This month, NVIDIA will make the RTX Remix Toolkit open source, allowing modders to streamline how assets are replaced and scenes are relit, increase supported file formats for RTX Remix’s asset ingestor and bolster RTX Remix’s AI Texture Tools with new models.

In addition, NVIDIA is making the capabilities of RTX Remix Toolkit accessible via a REST API, allowing modders to livelink RTX Remix to digital content creation tools such as Blender, modding tools such as Hammer and generative AI apps such as ComfyUI. NVIDIA is also providing an SDK for RTX Remix Runtime to allow modders to deploy RTX Remix’s renderer into other applications and games beyond DirectX 8 and 9 classics.

With more of the RTX Remix platform being made open source, modders across the globe can build even more stunning RTX remasters.

NVIDIA RTX Video , the popular AI-powered super-resolution feature supported in the Google Chrome, Microsoft Edge and Mozilla Firefox browsers, is now available as an SDK to all developers, helping them natively integrate AI for upscaling, sharpening, compression artifact reduction and high-dynamic range (HDR) conversion.

Coming soon to video editing software Blackmagic Design’s DaVinci Resolve and Wondershare Filmora, RTX Video will enable video editors to upscale lower-quality video files to 4K resolution, as well as convert standard dynamic range source files into HDR. In addition, the free media player VLC media will soon add RTX Video HDR to its existing super-resolution capability.

Learn more about RTX AI PCs and technology by joining NVIDIA at COMPUTEX .

About NVIDIA NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

For further information, contact: Jordan Dodge NVIDIA Corporation +1-408-566-6792 [email protected]

Certain statements in this press release including, but not limited to, statements as to: the benefits, impact, performance, and availability of our products, services, and technologies, including NVIDIA RTX technology, GeForce RTX AI laptops, Project G-Assist, NVIDIA NIM inference microservices, NVIDIA ACE digital human platform, NVIDIA RTX AI Toolkit, GeForce RTX 4070 GPUs, RTX Tensor Core GPUs, DLSS, NVIDIA Audio2Face, NVIDIA Riva, NVIDIA TensorRT, NVIDIA AI Inference Manager, NVIDIA RTX Remix, NVIDIA DLSS 3.5, RTX Remix Runtime, and NVIDIA RTX Video; the benefits and impact of NVIDIA’s collaboration with third parties, and the features and availability of their services and offerings; third parties using or adopting NVIDIA’s products or technologies and the benefits thereof; RAG APIs enabling developers to harness application-specific data sources and tune SLM behavior and capabilities to application needs; and NVIDIA unlocking the next generation of AI-powered experiences for over 100 million RTX AI PC users, are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners' products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company's website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

Many of the products and features described herein remain in various stages and will be offered on a when-and-if-available basis. The statements above are not intended to be, and should not be interpreted as a commitment, promise, or legal obligation, and the development, release, and timing of any features or functionalities described for our products is subject to change and remains at the sole discretion of NVIDIA. NVIDIA will have no liability for failure to deliver or delay in the delivery of any of the products, features, or functions set forth herein.

© 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, Audio2Face, GeForce RTX, NVIDIA NIM, NVIDIA RTX and TensorRT are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/25d171ac-da6c-4ebb-880e-71d26b0f5f1e

NVIDIA RTX AI PC

NVIDIA's Project G-Assist is an RTX-powered AI assistant technology demo that provides context-aware help for PC games and apps.

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