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.
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%.
Muzzammil is a content writer at Stock Target Advisor. He has been writing stock news and analysis at Stock Target Advisor since 2023 and has worked in the financial domain in various roles since 2020. He has previously worked on an equity research firm that analyzed companies listed on the stock markets in the U.S. and Canada and performed fundamental and qualitative analyses of management strength, business strategy, and product/services forecast as indicated by major brokers covering the stock.
