Press release
HONEYWELL DELIVERS STRONG THIRD QUARTER RESULTS AND BEATS EARNINGS GUIDANCE
Sales of $9.2 Billion, Reported Sales Up 3%, Organic1 Sales Up 2%Orders Up 10%, Backlog Up 8% Year Over Year to a Record Level of $31.4 BillionAerospace Sales
About this update from Honeywell International Inc.
[{"type":"text","content":"Sales of $9.2 Billion, Reported Sales Up 3%, Organic1 Sales Up 2%Orders Up 10%, Backlog Up 8% Year Over Year to a Record Level of $31.4 BillionAerospace Sales Up 18%, Double-Digit Growth in Both Commercial Aviation and Defense and SpaceOperating Margin Up 140 Basis Points to 20.9%; Segment Margin1 Up 80 Basis Points to 22.6%Earnings Per Share of $2.27, Exceeding High End of Guidance RangeDeployed $2.0 Billion of Capital, Including Repurchasing 5.3 Million Honeywell SharesCHARLOTTE, N.C., Oct. 26, 2023 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced results for the third quarter that met or exceeded the company's guidance. The company also updated its full-year sales, segment margin2, and adjusted earnings per share2,3 guidance ranges.\n\n \n \n \n \n \n \n\n \nThe company reported third-quarter year-over-year sales growth of 3% and organic1 sales growth of 2%, led by double-digit organic sales growth in commercial aviation, defense and space, and process solutions. Operating margin expanded 140 basis points to 20.9% and segment margin1 expanded by 80 basis points to 22.6%, led by expansion in Honeywell Building Technologies. Earnings per share for the third quarter was $2.27, roughly flat year over year on a reported basis and up 1% year over year adjusted1. Excluding a 14-cent non-cash pension headwind, adjusted earnings per share1 was up 7%. Operating cash flow was $1.8 billion with operating cash flow margin of 19.6%, and free cash flow1 was $1.6 billion with free cash flow margin1 of 16.9%, driven by strong net income and collections.\n\"Honeywell executed through a challenging environment in the third quarter, meeting or exceeding guidance for all metrics and demonstrating once again our culture of execution and accountability,\" said Vimal Kapur, chief executive officer of Honeywell. \"Organic1 sales growth was led by our Aerospace segment, where continued supply chain improvements enabled significant sales growth in both commercial aviation and defense and space. We also saw strong growth in other pockets of the portfolio, including double-digit organic sales growth in our process solutions business, and 20% organic sales growth in our Honeywell Connected Enterprise offerings. Orders growth of 10% in the quarter, led by strength in Aerospace and our other long-cycle businesses, drove our backlog to a new record le...