Press release
HONEYWELL DELIVERS STRONG SECOND QUARTER RESULTS AND RAISES FULL-YEAR SALES, SEGMENT MARGIN, AND ADJUSTED EPS GUIDANCE
Sales of $9.1 Billion, Reported Sales Up 2%, Organic1 Sales Up 3%, Operating Cash Flow Up 72%, Free Cash Flow1 Up 34%Earnings Per Share of $2.22 and Adjusted
About this update from Honeywell International Inc.
[{"type":"text","content":"Sales of $9.1 Billion, Reported Sales Up 2%, Organic1 Sales Up 3%, Operating Cash Flow Up 72%, Free Cash Flow1 Up 34%Earnings Per Share of $2.22 and Adjusted Earnings Per Share1 of $2.23Aerospace Reported Sales Up 15%, Organic1 Sales Up 16%, Led by Over 20% Growth in Commercial AviationBacklog Up 4% to a Record Level of $30.5 BillionOperating Margin Up 270 Basis Points to 20.6%; Segment Margin1 Up 150 Basis Points to 22.4%Announced Three Acquisitions Aligned with Strategic Portfolio Shaping PrioritiesCHARLOTTE, N.C., July 27, 2023 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced results for the second quarter that met or exceeded the company's guidance. The company also raised its full-year organic1 growth, segment margin2, and adjusted EPS2 guidance ranges.\nThe company reported second-quarter year-over-year sales growth of 2% and organic1 sales growth of 3%, led by double-digit organic sales growth in commercial aerospace, process solutions, and UOP. Operating margin expanded 270 basis points to 20.6% and segment margin1 expanded by 150 basis points to 22.4%, with expansion in Safety and Productivity Solutions, Honeywell Building Technologies, and Aerospace. Earnings per share for the second quarter was $2.22, up 21% year over year, and adjusted earnings per share1 was $2.23, up 6% year over year. Operating cash flow was $1.4 billion and free cash flow1 was $1.1 billion, driven by strong net income and improved working capital.\n\"Honeywell performed exceptionally well in the second quarter, meeting or exceeding guidance for all metrics,\" said Vimal Kapur, president and chief executive officer of Honeywell. \"Organic1 sales growth was underpinned by double-digit growth in our commercial aerospace, process solutions, and UOP businesses. This marked the ninth consecutive quarter of double-digit growth in commercial aerospace, and strength in our overall Aerospace portfolio continues to support Honeywell's short-term and long-term growth outlook. Our backlog remains at a record level, ending the second quarter at $30.5 billion, up 4% year over year. Our continued focus on commercial excellence enabled us to remain ahead of the inflation curve and expand margins beyond the high end of our guidance range. These operational efforts enabled us to grow adjusted earnings per share1 6% year over year to $2.23 despite a 15-cent n...