Business
HONEYWELL DELIVERS STRONG THIRD QUARTER RESULTS AND BEATS GUIDANCE ON SEGMENT MARGIN AND EARNINGS; RAISES FULL YEAR OUTLOOK
Operating Margin up 90 Basis Points to 19.5%; Segment Margin1 up 60 Basis Points to 21.8%, Exceeding High End of Guidance Range by 60 bpsEarnings Per Share of
About this update from Honeywell International Inc.
[{"type":"text","content":"Operating Margin up 90 Basis Points to 19.5%; Segment Margin1 up 60 Basis Points to 21.8%, Exceeding High End of Guidance Range by 60 bpsEarnings Per Share of $2.28, Adjusted EPS1 of $2.25, Exceeding High End of Guidance Range by 5 CentsOperating Cash Flow up 86% to $2.1 Billion; Free Cash Flow1 up 108% to $1.9 Billion$1.2 Billion of Capital Deployed to Share Repurchases, Dividends, and Capital ExpendituresCompany Raises Midpoint of Organic Sales Growth, Segment Margin,2 and Adjusted EPS Guidance2,3; Reaffirms Full-Year Free Cash Flow GuidanceCHARLOTTE, N.C., Oct. 27, 2022 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced results for the third quarter, which met or exceeded the company's guidance. The company also raised the low end of its full-year organic growth and adjusted EPS guidance2,3 ranges and raised its full-year segment margin guidance range.2\n\n \n \n \n \n \n \n\n \nThe company reported third quarter sales growth of 6% and organic sales growth1 of 9%, or 10% excluding the impact of the wind down of operations in Russia,4 with double-digit organic sales growth in Honeywell Building Technologies, Performance Materials and Technologies, and Aerospace. Operating margin expanded by 90 basis points to 19.5%, or 110 basis points excluding the year-over-year impact of Quantinuum. Segment margin1 expanded by 60 basis points to 21.8%, or 90 basis points excluding the year-over-year impact of Quantinuum,1 led by 250 basis points of segment margin expansion in Safety and Productivity Solutions. Earnings per share was $2.28, up 27% year over year. Adjusted earnings per share1 was $2.25, up 11% year over year and 5 cents above the high end of the company's guidance range. Operating cash flow was $2.1 billion, up 86% year over year, with an operating cash flow margin of 23.3%. Free cash flow1 was $1.9 billion, up 108% year over year, with a free cash flow margin1 of 21.2%, driven by working capital as a result of improved receivables and inventory. \n\"Honeywell executed exceptionally well in the third quarter, meeting or exceeding guidance for all metrics,\" said Darius Adamczyk, chairman and chief executive officer of Honeywell. \"Despite ongoing challenges across supply chains, we grew sales by 6% on a reported basis and 9% organically,1 with strong double-digit growth in our advanced materials, commercial aerospace, an...