Honeywell on Thursday raised its full-year guidance for the fourth time, citing the strength of its end markets as it prepares to spin off two businesses.

The company said it now expects 2018 adjusted earnings per share of between $8.10 to $8.20, up five cents from its previous forecast.

Honeywell said it remained confident in “the strength of its end markets and growth in long-cycle orders and backlog.” The new guidance also reflects an accounting change related to asbestos liabilities.

“Honeywell’s performance has been strong in the first half of 2018, with significant growth across our businesses, bolstered by growing orders and backlog, increasing free cash flow, and aggressive capital deployment,” CFO Greg Lewis said in a news release.

“Our financial outlook is as positive as it has ever been,” he added.

Honeywell also announced it would receive $3 billion in one-time dividends from the two units it plans to spin off as part of a major reorganization aimed at focusing on core assets. It intends to use the proceeds to pay down its debt and buy back shares.

Two new companies — Garrett Motion and Resideo Technologies — are being formed out of Honeywell’s transportation systems and homes and ADI global distribution businesses. Both of them filed registration papers Thursday with the U.S. Securities and Exchange Commission.

“Today’s announcement is a significant milestone in Honeywell’s portfolio transformation,” Lewis said. “After the spins are complete, the remaining Honeywell portfolio will be more focused, with high-growth businesses in six attractive industrial end markets, each aligned to global mega trends including energy efficiency, infrastructure investment, urbanization and safety.”

The homes and global distribution business produces equipment such as thermostats, water heaters, security-control devices and sensors while the transportation division makes turbochargers and compressors for cars and trucks.

They have annual revenues of about $4.5 billion a year and $3 billion a year, respectively.

Each of the spinoffs “has an impressive track record of innovation, differentiated technologies, a strong leadership team and significant opportunities for future growth,” Lewis said.

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