Honeywell Revenue Rises 6% as Company Signals Slowing Growth
Honeywell International Inc.
HON -0.52%
reported fourth-quarter profit fell 29% on one-time charges and revenue rose 6% through a challenging operating environment.
The industrial company posted quarterly sales gains in three of its four business segments, led by demand in its aerospace unit.
Honeywell signaled organic revenue growth would slow in 2023 to a range of 2% to 5%, down from 6% in 2022. Organic revenue growth adjusts for foreign exchange and deals.
“Honeywell delivered a strong finish to another challenging year,” said Chief Executive
Darius Adamczyk,
in a statement.
Manufacturers have reported mixed results for the end of 2022 amid economic turbulence.
General Electric Co.
and General Motors Co. logged strong gains while
3M Co.
MMM 3.02%
said it would cut jobs in response to weak consumer markets.
Honeywell’s $2.13 billion in free cash flow for the fourth quarter brought its total for the year to $4.9 billion, meeting its own and Wall Street’s estimates.
For the current year, Honeywell projected free cash flow of $3.9 billion to $4.3 billion, marking a drop from the just-ended year. The company said cash flow excluding $1.2 billion in lawsuit settlements would be $5.1 billion to $5.5 billion. Analysts currently project 2023 free cash flow of $5.57 billion, according to FactSet.
Sales in Honeywell’s Aerospace division rose 11% to $3.2 billion for the fourth quarter driven by the commercial aviation segment. Revenue rose 10% at Performance Materials and Technologies and 8% at Building Technologies. Sales dropped 8% at Safety and Productivity Solutions.
Honeywell reported a quarterly profit of $1.02 billion, or $1.51 a share, down from $1.44 billion, or $2.05 a share, a year prior. Excluding items related to pension and deals, the company said adjusted earnings were $2.52 a share. Revenue rose to $9.19 billion from $8.66 billion.
Analysts polled by FactSet projected per-share profit of $2.51 on $9.25 billion in sales.
Write to Thomas Gryta at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Honeywell International Inc.
HON -0.52%
reported fourth-quarter profit fell 29% on one-time charges and revenue rose 6% through a challenging operating environment.
The industrial company posted quarterly sales gains in three of its four business segments, led by demand in its aerospace unit.
Honeywell signaled organic revenue growth would slow in 2023 to a range of 2% to 5%, down from 6% in 2022. Organic revenue growth adjusts for foreign exchange and deals.
“Honeywell delivered a strong finish to another challenging year,” said Chief Executive
Darius Adamczyk,
in a statement.
Manufacturers have reported mixed results for the end of 2022 amid economic turbulence.
General Electric Co.
and General Motors Co. logged strong gains while
3M Co.
MMM 3.02%
said it would cut jobs in response to weak consumer markets.
Honeywell’s $2.13 billion in free cash flow for the fourth quarter brought its total for the year to $4.9 billion, meeting its own and Wall Street’s estimates.
For the current year, Honeywell projected free cash flow of $3.9 billion to $4.3 billion, marking a drop from the just-ended year. The company said cash flow excluding $1.2 billion in lawsuit settlements would be $5.1 billion to $5.5 billion. Analysts currently project 2023 free cash flow of $5.57 billion, according to FactSet.
Sales in Honeywell’s Aerospace division rose 11% to $3.2 billion for the fourth quarter driven by the commercial aviation segment. Revenue rose 10% at Performance Materials and Technologies and 8% at Building Technologies. Sales dropped 8% at Safety and Productivity Solutions.
Honeywell reported a quarterly profit of $1.02 billion, or $1.51 a share, down from $1.44 billion, or $2.05 a share, a year prior. Excluding items related to pension and deals, the company said adjusted earnings were $2.52 a share. Revenue rose to $9.19 billion from $8.66 billion.
Analysts polled by FactSet projected per-share profit of $2.51 on $9.25 billion in sales.
Write to Thomas Gryta at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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