Honeywell beats by $0.07, misses on revs; Raises low end of FY24 EPS guidance range, lowers revenue guidance range below consensus (220.34)
- Reports Q3 (Sep) earnings of $2.58 per share, excluding non-recurring items, $0.07 better than the FactSet Consensus of $2.51; revenues rose 5.6% year/year to $9.73 bln vs the $9.91 bln FactSet Consensus.
- Aerospace Technologies sales for the third quarter increased 10% on an organic1 basis year over year, the ninth consecutive quarter of double-digit organic growth, led by continued strength in defense and space.
- Industrial Automation sales for the third quarter decreased 5% on an organic1 basis year over year and were flat sequentially. Sales declines were led by volume softness in warehouse and workflow solutions and safety and sensing technologies.
- Building Automation sales for the third quarter were up 3% on an organic1 basis year over year and up sequentially for the second consecutive quarter even excluding the first full quarter of access solutions ownership.
- Energy and Sustainability Solutions grew 1% on an organic1 basis year over year in the third quarter. Advanced Materials increased 3% year over year due to further improvement in specialty chemicals and materials and continued growth in fluorine products.
- Co issues mixed guidance for FY24, sees EPS of $10.15-$10.25, excluding non-recurring items, compared to prior guidance of $10.05-$10.25, and vs. $10.09 FactSet Consensus; sees FY24 revs of $38.6-$38.8 bln vs. prior guidance of $39.1-$39.7 bln, and below the $39.15 bln FactSet Consensus.