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Jun 30, 2023
Honeywell Q2 2023 Earnings Report
Honeywell delivered strong results and raised full-year sales, segment margin, and adjusted EPS guidance.
Key Takeaways
Honeywell announced strong second-quarter results, meeting or exceeding guidance. The company reported a 2% increase in sales and a 3% increase in organic sales, driven by double-digit growth in commercial aerospace, process solutions, and UOP. The company raised its full-year organic growth, segment margin, and adjusted EPS guidance ranges.
Sales of $9.1 billion, reported sales up 2%, organic sales up 3%, operating cash flow up 72%, free cash flow up 34%.
Earnings per share of $2.22 and adjusted earnings per share of $2.23.
Aerospace reported sales up 15%, organic sales up 16%, led by over 20% growth in commercial aviation.
Backlog up 4% to a record level of $30.5 billion.
Revenue by Segment
Forward Guidance
Honeywell raised its full-year sales, segment margin, and adjusted earnings per share guidance. Full-year sales are now expected to be $36.7 billion to $37.3 billion with organic sales growth in the range of 4% to 6%. Segment margin is now expected to be in the range of 22.4% to 22.6%, with segment margin expansion of 70 to 90 basis points. Adjusted earnings per share is now expected to be in the range of $9.05 to $9.25.
Positive Outlook
- Full-year sales are now expected to be $36.7B - $37.3B
- Organic sales growth in the range of 4% - 6%
- Segment Margin to be in the range of 22.4% - 22.6%
- Segment Margin expansion of 70 - 90 bps
- Adjusted Earnings Per Share to be in the range of $9.05 - $9.25
Historical Earnings Impact
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Avg. Return Before/After Earnings
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