After beating analyst expectations for Q2 adjusted earnings and revenues and raising the low end of its full-year outlook ranges for adjusted EPS and organic growth rate, Honeywell (NASDAQ:HON) gained 3.4% on Thursday.
While revenues slightly increased to $8.95B from $8.81B a year ago, up 2% overall and up 4% organically, Q2 net income declined to $1.26B, or $1.84/share, from $1.45B, or $2.04/share, in the year-earlier period.
Revenues for the second quarter by sector were as follows: Aerospace (+5% Y/Y to $2.9B), Performance Materials & Technologies (+6% to $2.69B), Safety & Productivity Solutions (-12% to $1.83B), and Building Technologies (+9% to $1.53B).
Honeywell (HON) raised its guidance for adjusted EPS for the entire year to $8.55-$8.80 from $8.50-$8.80 previously, in line with the $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. This represents 5% to 7% organic growth, up from its prior outlook of 4% to 7% growth.
Vimal Kapur, who oversees Performance Materials and Technology, was also chosen by the firm as its new president and chief operating officer, effective immediately.
Although macro crosscurrents are obscuring the prognosis for global economic development, Chairman and CEO Darius Adamczyk said, “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.”
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