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Dec 31, 2021
Honeywell Q4 2021 Earnings Report
Delivered strong fourth quarter results with full year operating cash flow and free cash flow above the high end of initial guidance.
Key Takeaways
Honeywell announced Q4 2021 results, reporting sales of $8.7 billion and adjusted EPS of $2.09, exceeding expectations despite supply-related constraints and other challenges. The company's backlog increased to $28 billion, and it issued 2022 guidance, projecting sales growth and margin expansion.
Fourth Quarter Sales of $8.7 Billion at Midpoint of Previous Guidance
Fourth Quarter EPS of $2.05 and Adjusted EPS of $2.09, Above Midpoint of Previous Guidance
Full Year EPS of $7.91 and Adjusted EPS of $8.06, Above High End of Initial Guidance
Deployed $8.5 Billion in Capital to Share Repurchases, Dividends, Capital Expenditures, and Acquisitions in 2021
Revenue by Segment
Forward Guidance
Honeywell expects sales of $35.4 billion to $36.4 billion, representing year-over-year organic growth of 4% to 7%; segment margin expansion of 10 to 50 basis points; earnings per share of $8.40 to $8.70; operating cash flow of $5.7 billion to $6.1 billion, and free cash flow of $4.7 billion to $5.1 billion.
Positive Outlook
- Sales of $35.4B - $36.4B
- Organic Growth 4% - 7%
- Organic Growth Excluding Impact of COVID-Driven Mask Sales Declines 5% - 8%
- Segment Margin 21.1% - 21.5%
- Expansion Up 10 - 50 bps
Challenges Ahead
- Segment Margin Excluding the Impact of Quantinuum 21.4% - 21.8%
- Expansion Excluding Impact of Quantinuum Up 40 - 80 bps
- Earnings Per Share $8.40 - $8.70
- Adjusted Earnings Growth 4% - 8%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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