Honeywell stock gains after profit and sales fall but beat expectations; full-year outlook raised

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Shares of Honeywell International Inc. HON,
+1.92%
rose 1.3% in premarket trading Friday, after the aerospace and buildings products company reported first-quarter profit and revenue that beat expectations, and raised its full-year outlook, as strength in commercial aviation aftermarket, building products, productivity solutions and services and advanced materials businesses offset macroeconomic and ongoing supply chain challenges. Net income fell to $1.13 billion, or $1.64 a share, from $1.45 billion, or $2.03 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.91 topped the FactSet consensus of $1.86. Sales slipped 0.9% to $8.38 billion but was above the FactSet consensus of $8.28 billion, as orders increased 13%. For 2022, the company raised its guidance ranges for adjusted EPS to $8.50 to $8.80 from $8.40 to $8.70 and for sales to $35.5 billion to $36.4 billion from $35.4 billion to $36.4 billion. The stock has dropped 8.9% year to date through Thursday, while the S&P 500 SPX,
+2.47%
has lost 10.0%.

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Credit: www.marketwatch.com /

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