CHARLOTTE, N.C. - Honeywell International Inc. (NASDAQ: NASDAQ:HON) surpassed Wall Street expectations for the second quarter, reporting an adjusted earnings per share (EPS) of $2.49, which is $0.07 higher than the analyst estimate of $2.42.
The company also reported a revenue of $9.58 billion for the quarter, exceeding the consensus estimate of $9.41 billion and marking a 5% increase from the same quarter last year.
The company's strong performance was attributed to robust sales growth in its Aerospace Technologies segment, which saw a 16% increase on an organic basis year over year, driven by sustained demand in commercial aviation and defense and space.
Building Automation and Energy and Sustainability Solutions also contributed to the positive results, with organic sales growth of 1% and 3%, respectively.
Honeywell's chairman and CEO, Vimal Kapur, stated, "Honeywell delivered a strong second quarter, once again meeting or exceeding guidance across all metrics while maneuvering through a dynamic operating environment."
He highlighted the company's strategic capital deployment, including significant acquisitions aimed at aligning Honeywell with megatrends in automation, aviation, and energy transition.
Looking ahead, Honeywell raised its full-year 2024 guidance, now expecting an adjusted EPS in the range of $10.15 to $10.45, compared to the prior consensus of $10.25. The midpoint of this guidance, $10.30, is slightly above the analyst consensus.
The company also increased its full-year revenue forecast to $39.1 billion to $39.7 billion, with the midpoint surpassing the consensus estimate of $38.76 billion.
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