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Honeywell Boosts FY23 Outlook As Q2 Profit Tops Estimates
(RTTNews) - While reporting financial results for the second quarter on Thursday, technology company Honeywell international, Inc. (HON) raised its adjusted earnings and sales guidance for the full-year 2023, based on the second-quarter performance and management's outlook for the remainder of the year.
For fiscal 2023, the company now projects adjusted earnings in a range of $9.05 to $9.25 per share on sales between $36.7 billion and $37.3 billion, representing a year-over-year organic sales growth of 4 to 6 percent.
Previously, the company expected adjusted earnings in the range of $9.00 to $9.25 per share on sales between $36.5 billion to $37.3 billion, representing a year-over-year organic sales growth of 3 to 6 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $9.17 per share on sales of $37.01 billion for the year. Analysts' estimates typically exclude special items.
For the second quarter, the company reported net income attributable to Honeywell of $1.49 billion or $2.22 per share, up from $1.26 billion or $1.84 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $2.23 per share, compared to $2.10 per share in the year-ago quarter.
Sales for the quarter grew 2 percent to $9.15 billion from $8.95 billion in the same quarter last year.
The Street was looking for earnings of $2.21 per share on revenues of $9.17 billion for the quarter.
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