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Honeywell Beats Wall Street’s Estimates

By John F. Heerdink, Jr.

Honeywell International Inc (HON) reported quarterly earnings recently, beating estimates as cost controls and strong demand for its warehouse automation equipment partially offset declining sales in its aerospace business due to air travel halt earlier in the year hurting aero parts makers.

Earning Highlights:

  • Sales in the aerospace business, involved in parts for Boeing and Airbus planes, dropped about 25% to $2.66 billion.
  • The company’s sale from the safety and productivity solutions unit that includes the automation equipment business, increased 8% to $1.58 billion.
  • Demand for its personal protection equipment for industrial workers witnessed a rise.
  • Honeywell earned $1.56 per share, beating estimates of $1.49 per share.
  • Net income plunged 53% to $758 million and sales dropped 14% to $7.80 billion.
  • The company expects fourth-quarter adjusted earnings per share between $1.97 and $2.02, ahead of analysts’ estimate of $1.88.
  • Honeywell raised its cost savings expectation for 2020 to a range of $1.5 billion to $1.6 billion, from $1.4 billion to $1.6 billion earlier.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives. 

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(Read Original Story: Honeywell profit beats as cost cuts soften aerospace sales hit in Reuters)


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