Honeywell Boosts FY23 Outlook As Q2 Profit Tops Estimates

While reporting financial results for the second quarter on Thursday, technology company Honeywell international, Inc. (HON) raised its adjusted earnings and sales guidance for the full-year 2023, based on the second-quarter performance and management’s outlook for the remainder of the year.

For fiscal 2023, the company now projects adjusted earnings in a range of $9.05 to $9.25 per share on sales between $36.7 billion and $37.3 billion, representing a year-over-year organic sales growth of 4 to 6 percent.

Previously, the company expected adjusted earnings in the range of $9.00 to $9.25 per share on sales between $36.5 billion to $37.3 billion, representing a year-over-year organic sales growth of 3 to 6 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $9.17 per share on sales of $37.01 billion for the year. Analysts’ estimates typically exclude special items.

For the second quarter, the company reported net income attributable to Honeywell of $1.49 billion or $2.22 per share, up from $1.26 billion or $1.84 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $2.23 per share, compared to $2.10 per share in the year-ago quarter.

Sales for the quarter grew 2 percent to $9.15 billion from $8.95 billion in the same quarter last year.

The Street was looking for earnings of $2.21 per share on revenues of $9.17 billion for the quarter.

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