Shares of Honeywell International Inc. slipped 0.6% in premarket trading Thursday following the company’s second-quarter earnings report. While the aerospace and defense company’s profits exceeded expectations, its revenue fell slightly short due to weakness in safety and productivity despite continued strength in the aerospace sector.
Surpassing Expectations
Honeywell reported a net income of $1.50 billion, or $2.22 per share, compared to $1.26 billion, or $1.84 per share, in the same period last year. After excluding nonrecurring items, adjusted earnings per share stood at $2.23, surpassing the FactSet consensus of $2.21.
Revenue and Guidance
Sales for the second quarter grew 2.2% to $9.15 billion. Although this figure was just below the FactSet consensus of $9.18 billion, Honeywell remains optimistic about its future performance and has slightly raised its guidance ranges for adjusted EPS and sales for the year 2023. The adjusted EPS guidance now stands at $9.05 to $9.25, up from $9.00 to $9.25 previously, while the sales guidance range has been adjusted to $36.7 billion to $37.3 billion.
Market Performance
Over the past three months, Honeywell’s stock has gained 4.9%, outperforming the Dow Jones Industrial Average which has seen a 5.0% increase during the same period.
Honeywell International Inc. HON, -0.68% continues to be a leading player in the aerospace and defense industry, demonstrating strong profitability and a positive outlook for future growth.