Honeywell on Earnings Restoration Path as It Reinstates Guidance

Honeywell (HON) – Get Report is on the earnings recovery route.

Honeywell on Friday posted 3rd-quarter altered earnings and sales that defeat analysts’ forecasts as double-digit expansion in its defense and room, warehouse automation and PPE merchandise and providers offset a drop in aerospace earnings.

The business also reinstated assistance for its fourth quarter and comprehensive calendar year amid expectations that the worst consequences of the pandemic are past.

Honeywell posted internet profits of $781 million, or $1.07 a share, vs. $1.65 billion, or $2.23 a share, in the equivalent 12 months-ago interval. On an modified basis, the company attained $1.56 a share, over the $1.49 a share predicted by analysts polled by FactSet.

Product sales arrived in at $7.8 billion, down 14% from $9.1 billion a 12 months back even though previously mentioned analysts’ forecasts of $7.7 billion. Aerospace product sales, which consists of parts for business airplanes, fell 25% yr-over-12 months, driven by lowered flight hours and reduced volumes amongst carriers due to the pandemic and drop-off in journey.