Honeywell Closes Acquisition Of Carrier's Global Access Solutions Unit; Boosts FY24 Profit Outlook
(RTTNews) - Honeywell International Inc. (HON) announced Monday the completion of its acquisition of Carrier Global Corp.'s (CARR) Global Access Solutions business for $4.95 billion.
The acquisition positions Honeywell as a leading provider of security solutions for the digital age with opportunities for accelerated innovation in the fast-growing, cloud-based services and solutions space.
Global Access Solutions enhances Honeywell's Building Automation business model of leading with high-value products that are critical for buildings.
This transaction also strengthens Honeywell's alignment of its portfolio around three compelling megatrends, including automation, and complements Honeywell's Building Automation segment.
The transaction is expected to be adjusted earnings per share accretive in the first full year of ownership.
As a result of the acquisition closing, Honeywell has updated its full-year sales and adjusted earnings per share guidance.
For fiscal 2024, the company now projects adjusted earnings in a range of $10.15 to $10.45 per share on sales between $38.5 billion and $39.3 billion, with organic sales growth of 4 to 6 percent.
Previously, the company expected adjusted earnings in a range of $9.80 to $10.10 per share on sales between $38.1 billion and $39.9 billion, with organic sales growth of 4 to 6 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $9.93 per share on revenues of $38.45 billion for the year. Analysts' estimates typically exclude special items.
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