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Dec 31, 2020
Honeywell Q4 2020 Earnings Report
Honeywell overdelivered on sales and announced four acquisitions in the fourth quarter.
Key Takeaways
Honeywell announced results for the fourth quarter and full year 2020 that exceeded investor expectations, as well as its outlook for 2021. The company reported a fourth-quarter year-over-year sales decline of 6%, down 7% on an organic basis.
Reported Fourth Quarter Earnings Per Share of $1.91 and Adjusted EPS1 of $2.07, Above High End of Guidance
Delivered Fourth Quarter Operating Cash Flow of $2.8 Billion, Conversion of 205%, and Free Cash Flow of $2.5 Billion, Adjusted Conversion2 of 170%
Completed Three M&A Deals Aligned to Key Growth Vectors and Announced Agreement to Acquire Sparta Systems for $1.3 Billion
Expect 2021 Earnings Per Share of $7.60 - $8.00, Up 13% - 19%, 7% - 13% Adjusted3
Revenue by Segment
Forward Guidance
Honeywell expects sales of $33.4 billion to $34.4 billion, representing year-over-year organic growth of 1% to 4%; segment margin expansion of 30 to 70 basis points; earnings per share of $7.60 to $8.00, up 7% to 13% adjusted3; operating cash flow of $5.7 billion to $6.1 billion, and free cash flow6 of $5.1 billion to $5.5 billion.
Positive Outlook
- Sales of $33.4B - $34.4B
- Organic Growth 1% - 4%
- Segment Margin 20.7% - 21.1%
- Expansion Up 30 - 70 bps
- Earnings Per Share $7.60 - $8.00
Historical Earnings Impact
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Avg. Return Before/After Earnings
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