Honeywell Q1 Earnings: Beats Estimates, Backlog Hits $32 Billion

Honeywell Q1 Earnings: Beats Estimates, Backlog Hits $32 Billion

Honeywell International Inc (HON: NSD) kicked off 2024 with a bang, exceeding analyst expectations for both revenue and earnings per share (EPS) in the first quarter. 

 

Key Insights from Honeywell’s Q1 Report:

Honeywell reported first-quarter revenue of $9.1 billion, exceeding analyst expectations by $70 million. This represents a 3% year-over-year increase. The company also impressed on the profitability front, with EPS of $2.25 surpassing estimates by $0.08. This robust financial performance has fueled a more than 2% increase in Honeywell’s stock price during early trading today.

HON Ratings by Stock Target Advisor

The positive results were driven by strong performance across all of Honeywell’s key business segments. The company’s Aerospace Technologies, Energy and Sustainability Solutions, and Connected Enterprise offerings all experienced growth in Q1. This diversification positions Honeywell for continued success in a dynamic market.

 

Market Reaction and Future Outlook:

Honeywell’s impressive quarter wasn’t just about the current results. The company also reported a significant increase in new orders, resulting in a ballooning order backlog of $32 billion. This healthy backlog indicates sustained demand for Honeywell’s products and services throughout the year. Notably, the company reaffirmed its financial outlook for the full year, demonstrating confidence in its ability to maintain this momentum.

 

Conclusion:

The company expects full-year sales to grow by 4% to 6%, reaching a range of $38.1 billion to $38.9 billion. Similarly, earnings per share (EPS) are anticipated to be in the $9.80 to $10.10 range, reflecting a growth of 7% to 10%.

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