Honeywell’s profit and revenue decline, but beat expectations

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Honeywell International Inc. reported Friday third-quarter profit and revenue that beat expectations, and provided an upbeat profit outlook for the current quarter. The aerospace and building products maker’s net income fell to $758 million, or $1.07 a share, from $1.62 billion, or $2.23 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.56, above the FactSet consensus of $1.49. Sales fell 14.2% to $7.80 billion, as the pandemic impacted the business, but beat the FactSet consensus of $7.66 billion. Among Honeywell’s business segments, aerospace sales fell 25% to $2.66 billion but topped expectations of $2.55 billion; building technologies sales declined 8% to $1.31 billion, but beat expectations of $1.24 billion; performance materials and technologies sales fell 16% to $2.25 billion, just shy of expectations of $2.33 billion; and safety and productivity sales grew 8% to $1.58 billion, just above expectations of $1.56 billion. For the fourth quarter, the company expects adjusted EPS of $1.97 to $2.02, above the FactSet consensus of $1.88, and sales of $8.2 billion to $8.5 billion, surrounding expectations of $8.43 billion. The stock, which was still inactive in premarket trading, has lost 7.0% year to date, while the S&P 500 has gained 2.5%.
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