Business
HONEYWELL DELIVERS STRONG FIRST QUARTER RESULTS, ADJUSTED EPS EXCEEDS HIGH END OF GUIDANCE RANGE; RAISES FULL-YEAR ADJUSTED EPS RANGE BY 10 CENTS AND MIDPOINT OF SALES GUIDANCE
Sales of $8.4 Billion at High End of Previous Guidance, Down 1% Year Over Year, Up 1% on an Organic BasisEarnings Per Share of $1.64, Adjusted Earnings Per
About this update from Honeywell International Inc.
[{"type":"text","content":"Sales of $8.4 Billion at High End of Previous Guidance, Down 1% Year Over Year, Up 1% on an Organic BasisEarnings Per Share of $1.64, Adjusted Earnings Per Share1 of $1.91, Exceeding High End of Guidance RangeDeployed $2.0 Billion in Capital, including $1.0 Billion to Share Repurchases as Part of $4 Billion Commitment in 2022Company Raises 2022 Adjusted EPS Range and Midpoint of Sales GuidanceCHARLOTTE, N.C., April 29, 2022 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced results for the first quarter that met or exceeded the company's guidance in a challenging operating environment. The company also raised the midpoint of its full-year sales guidance and increased its full-year adjusted earnings per share guidance.\n\n \n \n \n \n \n \n\n \nThe company reported first quarter organic sales growth of 1%, or 3% excluding the impact of lower COVID-mask volumes. Operating margin contracted by 260 basis points to 15.2% due to a $183 million charge related to the substantial suspension of its operations in Russia, which translated to a loss of approximately $30M in sales in the first quarter. Segment margin expanded by 10 basis points to 21.1%, or 40 basis points excluding the year over year Quantinuum impact, exceeding the high end of the company's guidance range by 10 basis points as a result of the company's commercial excellence efforts. Adjusted earnings per share1 was $1.91, down 1% year over year but one cent above the high end of the company's guidance range.\n\"Honeywell delivered a strong start to 2022, meeting or exceeding expectations in the first quarter despite considerable new macroeconomic challenges and the ongoing impact of supply chain constraints,\" said Darius Adamczyk, chairman and chief executive officer of Honeywell. \"Organic sales growth was underpinned by double-digit growth in our commercial aviation aftermarket, building products, productivity solutions and services, and advanced materials businesses. Demand remained strong, with orders up 13% year over year and long-cycle orders growth of over 20%, which will help drive growth as we progress through 2022. Closing backlog was $28.5 billion2, up 9% year over year, led by strength in Aero, HBT, and PMT. Our strategic pricing actions allowed us to continue to stay ahead of the inflation curve, enabling us to expand segment margins and exceed the high e...