Honeywell Worldwide Inc HON reported first-quarter fiscal 2024 gross sales of $9.105 billion.
That’s up 3% year-over-year on a reported foundation and and enhance of three% on an natural foundation, beating the consensus of $9.03 billion.
The gross sales enhance was attributed to stable development in Aerospace Applied sciences and Power and Sustainability Options.
Adjusted EPS was $2.25 (+9% Y/Y), beating the consensus of $2.17.
Gross sales by Segments:
- Aerospace Applied sciences$3.67 billion (+18% Y/Y)
- Industrial Automation $2.48 billion (-12% Y/Y)
- Constructing Automation $1.43 billion (-4% Y/Y)
- And Power and Sustainability Options $1.53 billion (+4% Y/Y).
Working margin expanded by 130 bps to twenty.4%. Section margin expanded by 20 bps to 22.2%, pushed by growth in Aerospace Applied sciences.
Internet money supplied by working actions for the quarter was $448 million in comparison with money used of $million a 12 months in the past. Free money movement was $215 million versus money outflow of $977 million YoY. (+22% Y/Y).
As long-cycle buyer demand remained sturdy, Honeywell’s strong backlog elevated 6% 12 months over 12 months. It was up sequentially, ending the quarter at a document degree of $32 billion, Honeywell CEO Vimal Kapur stated.
“We additionally skilled pockets of restoration briefly cycle, and anticipate broader participation because the 12 months unfolds and channels normalize additional,” Kapur stated.
Honeywell held money and equivalents of about $11.756 billion as of March 31, 2023. The corporate deployed $1.6 billion of capital to share repurchases, dividends, and capital expenditures.
Through the quarter, Honeywell introduced its intention to accumulate Civitanavi Methods. The deal would additional strengthen its navigation choices in Aerospace and increase its footprint in Europe.
Q2 Outlook: Honeywell expects gross sales of $9.2 billion-$9.5 billion versus the consensus of $9.38 billion, Adjusted EPS of $2.25 – $2.35 versus the consensus of $2.35, and phase margin of twenty-two% – 22.4%.
2024 Outlook: Honeywell expects gross sales of $38.1 billion-$38.9 billion versus the consensus of $38.84 billion, with natural gross sales development from 4% to six%.
Honeywell expects Section margin within the vary of 23% to 23.3%, with phase margin growth of 30 to 60 foundation factors.
Honeywell sees an adjusted EPS of $9.80-$10.10 versus a consensus of $9.95; anticipates working money movement of $6.7 billion-$7.1 billion and free money movement of $5.6 billion-$6 billion.
Value Motion: Honeywell shares are buying and selling greater by 1.13% at $197 premarket on the final examine Thursday.
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