Honeywell (HON, $204.93) beats Q3 earnings...

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Oct 29, 2022

Honeywell (HON, $204.93) beats Q3 earnings expectations

Honeywell International Inc. posted quarterly adjusted earnings of $2.25 per share, higher than the year-ago quarter’s $2.02 per share a year ago, and surpassing the Zacks Consensus Estimate of $2.16 per share (as reported in Zacks Equity Research).

Revenues of $8.95 billion, however, missed the Zacks Consensus Estimate by 1.37%. (as reported in Zacks Equity Research). It was $8.47 billion in the year-ago quarter. Organic sales rose +9%.

Honeywell’s Aerospace segment quarterly revenues grew +9% year over year. Building Technologies’ revenues rose +11% year-over-year, while Performance Materials and Technologies’ revenues total revenue increased +8%. Safety and Productivity Solutions revenues fell -7% owing to lower volumes in warehouse and workflow solutions and personal protective equipment.

For full-year 2022, Honeywell re-iterated its free cash flow expectation of $4.70-$5.10 billion. But it revised its forecast of operating cash flow to $5.20-$5.60 billion compared with prior estimate of $5.50-$5.90 billion. It now projects a segment margin of 21.6-21.8% (vs. prior forecast of 21.3-21.7%).

Honeywell now expects sales to be in the range of $35.40-$35.70 billion for 2022, compared with previous guidance of $35.50-$36.10 billion. Organic sales growth expectation is 6-7%, compared with previous projection of 5-7% .

The company now projects 2022 adjusted earnings per share in the range of $8.70-$8.80, boosting its outlook from prior forecast of $8.55-8.80.

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