Press release
HONEYWELL DELIVERS STRONG FIRST QUARTER RESULTS AND BEATS GUIDANCE ON ALL METRICS, RAISES FULL-YEAR SALES, SEGMENT MARGIN, AND ADJUSTED EPS GUIDANCE
Sales of $8.9 Billion, Reported Sales Up 6%, Organic1 Sales Up 8%Operating Margin up 390 Basis Points to 19.1%; Segment Margin1 up 90 Basis Points to
About this update from Honeywell International Inc.
[{"type":"text","content":"Sales of $8.9 Billion, Reported Sales Up 6%, Organic1 Sales Up 8%Operating Margin up 390 Basis Points to 19.1%; Segment Margin1 up 90 Basis Points to 22.0%Earnings Per Share and Adjusted Earnings Per Share1 of $2.07, Exceeding High End of Guidance by 11 CentsBacklog2 Increased to a Record $30.3 Billion, Up 6% Year over YearAnnounced $670 Million Acquisition of Compressor Controls CorporationCompany Raises Midpoint of Full-Year Adjusted EPS3 Guidance by 13 Cents; Reaffirms Full-Year Cash Flow1 GuidanceCHARLOTTE, N.C., April 27, 2023 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced results for the first quarter that exceeded the company's guidance across all metrics. The company also raised the midpoint of its full-year organic1 growth, segment margin3, and adjusted EPS3 guidance ranges.\n\n \n \n \n \n \n \n\n \nThe company reported first-quarter year-over-year sales growth of 6% and organic1 sales growth of 8%, with another quarter of double-digit organic sales growth in Performance Materials and Technologies and Aerospace. Operating margin expanded 390 basis points to 19.1% and segment margin1 expanded by 90 basis points to 22.0%, led by continued robust expansion in Safety and Productivity Solutions and Honeywell Building Technologies. Honeywell first-quarter earnings per share was $2.07, up 26% year over year, or up 8% adjusted1 year over year. Operating cash flow was negative $0.8 billion and free cash flow1 was negative $1.0 billion. Excluding the net impact of settlements signed in the fourth quarter of 2022, the company generated $0.3 billion of free cash flow1 in the first quarter, $250 million better than the first quarter of 2022.\n\"Honeywell delivered an outstanding start to 2023, exceeding expectations for all guided metrics in the first quarter,\" said Darius Adamczyk, chairman and chief executive officer of Honeywell. \"Organic sales growth1 was underpinned by double-digit growth in our commercial aviation, UOP, process solutions, building solutions, and advanced materials businesses. Backlog2 increased to a record $30.3 billion, up 6% year over year, with particular strength in our aerospace business that gives us confidence in our full-year guidance. Our continued focus on commercial excellence and productivity enabled us to remain ahead of the inflation curve and overdeliver on our segment margin3 and ea...