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Sep 30, 2023
Honeywell Q3 2023 Earnings Report
Delivered strong results and beat earnings guidance.
Key Takeaways
Honeywell reported a 3% year-over-year sales increase and a 2% organic sales growth, driven by double-digit growth in commercial aviation, defense and space, and process solutions. The company's operating margin expanded by 140 basis points to 20.9%, with segment margin up 80 basis points to 22.6%. Earnings per share was $2.27, and orders increased by 10%, boosting backlog to a record $31.4 billion.
Sales of $9.2 billion, reported sales up 3%, organic sales up 2%.
Orders up 10%, backlog up 8% year-over-year to a record level of $31.4 billion.
Aerospace sales up 18%, with double-digit growth in both commercial aviation and defense and space.
Operating margin up 140 basis points to 20.9%; segment margin up 80 basis points to 22.6%.
Revenue by Segment
Forward Guidance
Honeywell updated its full-year sales, segment margin, and adjusted earnings per share guidance. Full-year sales are now expected to be $36.8 billion to $37.1 billion with organic sales growth in the range of 4% to 5%. Segment margin is now expected to be in the range of 22.5% to 22.6%, with segment margin expansion of 80 to 90 basis points. Adjusted earnings per share is now expected to be in the range of $9.10 to $9.20.
Positive Outlook
- Full-year sales are now expected to be $36.8B - $37.1B.
- Organic sales growth in the range of 4% - 5%.
- Segment margin is now expected to be in the range of 22.5% - 22.6%.
- Segment margin expansion of 80 - 90 bps.
- Adjusted earnings per share is now expected to be in the range of $9.10 - $9.20.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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