Honeywell, the leading industrial conglomerate, has announced its fourth-quarter earnings, showcasing an increase in both earnings and sales. The company reported a profit of $1.26 billion, or $1.91 per share, compared to $1.02 billion, or $1.51 per share, in the same quarter of the previous year.
Adjusted earnings, excluding one-time items, stood at $2.60 per share, exceeding analyst expectations of $2.59 per share. However, revenue fell short of projections, reaching $9.44 billion compared to the expected $9.7 billion.
On an organic basis, sales experienced a 2% increase, with commercial aviation leading the way with double-digit growth. Honeywell’s building technologies business saw a 1% decline in organic sales due to reduced volumes in fire and security offerings. However, this was offset by an increase in services and projects.
While the performance materials and technologies segment witnessed a 4% increase in revenue, the safety and productivity business suffered a 24% decrease on an organic basis.
Despite these fluctuations, Honeywell’s backlog remained at a record high of $31.8 billion, marking an 8% increase compared to the previous year.
Looking ahead, Honeywell forecasts adjusted earnings of $9.80 to $10.10 per share for 2024. This aligns with current analyst estimates of $9.96 per share. Furthermore, revenue for the coming year is projected to range from $38.1 billion to $38.9 billion, slightly below analysts’ expectations of $39 billion.
Honeywell’s promising financial results paint a positive outlook for the company as it continues to prioritize sustainable growth and market leadership.
