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Honeywell beats on Q2 sales and earnings, guides higher for full-year

By Alexander Bueso

Date: Friday 23 Jul 2021

Honeywell beats on Q2 sales and earnings, guides higher for full-year

(Sharecast News) - Industrial conglomerate Honeywell beat analysts' estimates for second quarter profits and sales amid a recovering, but still challenging, global economy.
It also raised its full-year forecasts for revenues, margins, earnings per share and free cash flow.

Company boss, Darius Adamczyk, said: "Our strong performance in the second quarter took place in a recovering but challenging global environment.

"We are especially pleased to see a turnaround in several of our key end markets that were hardest hit by the pandemic, with commercial aerospace aftermarket and the [Universal Oil Products] business returning to growth in the quarter."

For the three months ending in June, the firm posted an 18% increase in sales of $8.81bn (FactSet: $8.64bn) for a 60% jump in earnings per share of $2.02 (FactSet: $1.94), which was at the upper end of company guidance.

Revenue gains were broad based by market segments, with those in Aerospace up by 7% on the year, in Building Technologies by 13%, in Performance Materials and Technologies by 10% and in Safety and Productivity Solutions by 35%.

Over all of 2021, the company now expected to clock in with sales of $34.6-35.2bn, up from $34.0-34.8bn.

That was expected to result in adjusted EPS of $7.95-8.10, up from $7.75-8.0.

As of 1315 BST, shares of Honeywell were dipping 0.43% to $231.75 but within a whisker of their 52-week high of $234.25.

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