16.6 C
London
Tuesday, October 8, 2024
HomeBluechipsHoneywell International Inc. (NASDAQ: HON) Reports Strong First Quarter, Raises 2018 Sales,...

Honeywell International Inc. (NASDAQ: HON) Reports Strong First Quarter, Raises 2018 Sales, Profit Targets

Date:

Bluechip stocks, Honeywell International Inc. (NASDAQ: HON) surges in pre session on Friday as the firm reported that it upped its full-year profit and sales estimates after reporting strong quarterly results in its aviation segment.

Aviation suppliers like as Honeywell and General Electric Co have reported positive profits, aided by increased jet production at Boeing Co and Airbus SE, as well as robust demand for aftermarket parts and services.

Honeywell’s chairman and CEO, Darius Adamczyk stated that Honeywell delivered an outstanding start to 2023, exceeding expectations for all guided metrics in the first quarter. Double-digit growth in their commercial aviation, UOP, process solutions, building solutions, and advanced materials businesses fueled organic sales growth. Backlog2 reached a new high of $30.3 billion, an increase of 6% year on year, with particular strength in their aerospace industry providing confidence in their full-year projection.

He added, their continuous emphasis on commercial excellence and productivity allowed them to stay ahead of the inflation curve and exceed their segment margin3 and profits per share3 forecasts. They achieved $0.3 billion in free cash flow1 excluding the net impact of settlements signed in the fourth quarter of 2022. They also continued to use their strong financial sheet, allocating $1.6 billion to share repurchases, dividends, and capex in the quarter. Furthermore, their announced the acquisition of Compressor Controls Corporation, a leading provider of turbomachinery controls and automation solutions, which, when combined with their installed base of process solutions and Honeywell Forge capabilities, will help customers accelerate their energy transition.

Honeywell now expects adjusted earnings per share in 2023 to range between $9.00 and $9.25, up from $8.80 to $9.20 before.

It also raised its full-year sales projection to between $36.5 billion and $37.3 billion, up from $36 billion to $37 billion before.

According to Refinitiv statistics, Honeywell’s net sales increased 5.8% to $8.86 billion in the first quarter, compared to analysts’ expectations of $8.52 billion. The firm recorded a quarterly profit of $2.07 per share. Analysts predicted a $1.93 profit per share.

“As we look ahead to the rest of 2023, we are well positioned to continue outperforming despite an uncertain macroeconomic environment,” Adamczyk said. Our companies are prepared for long-term development, our backlog will support our forecasts, and our highly distinctive range of solutions enables us to handle the world’s most difficult automation, digitalization, and sustainability issues. Because of this setting, we are able to enhance our full-year 2023 projection, and I am optimistic that Honeywell will continue to thrive under Vimal Kapur’s leadership. I am thankful for the chance to lead Honeywell, and I am certain that our future is bright.”

Today's Top Stocks - Free List!

Latest stories