Honeywell's Q2 profit ticks lower but beats estimates
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Honeywell (NASDAQ:HON) +3.4% in Thursday's trading after Q2 adjusted earnings and revenues topped analyst estimates, and it raised the low end of full-year guidance ranges for adjusted EPS and organic growth rate.
Q2 net income fell to $1.26B, or $1.84/share, from $1.45B, or $2.04/share, in the year-earlier quarter, while revenues edged higher to $8.95B from $8.81B a year ago, up 2% and up 4% organically.
Q2 revenues by segment: Aerospace +5% Y/Y to $2.9B, Performance Materials & Technologies +6% to $2.69B, Safety & Productivity Solutions -12% to $1.83B, Building Technologies +9% to $1.53B.
For the full year, Honeywell (HON) raised guidance for adjusted EPS to $8.55-$8.80 from $8.50-$8.80 previously, in line with $8.69 analyst consensus estimate, and lowered the range for full-year revenues to $35.5B-$36.1B from $35.5B-$36.4, in line with $35.9B consensus, representing 5%-7% organic growth, up from its prior outlook of 4%-7% growth.
The company also named Vimal Kapur, head of the Performance Materials and Technology unit, as its new President and COO effective immediately.
"While we recognize macro crosscurrents are clouding the global economic growth outlook, we remain confident in our demand outlook for the back half of the year with orders up 12% Y/Y and closing backlog of $29.5B, up 12% Y/Y," Chairman and CEO Darius Adamczyk said.
Honeywell's (HON) stock price return shows an 8% YTD loss and a 17% decline during the past year.