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Honeywell 2Q Sales, Profit Grow as End Markets Recover

By Matt Grossman

 

Honeywell International Inc. Friday reported sales and profit growth in the latest three-month earnings period, as the easing of the Covid-19 pandemic coincided with greater demand across the company's business lines.

The Charlotte, N.C.-based technology manufacturer posted second-quarter earnings of $2.04 a share, a rise from $1.53 a share in the same quarter a year earlier. Net income attributable to the company was $1.43 billion, up from $1.08 billion in 2020's second quarter.

Excluding one-time items, Honeywell's adjusted profit was $2.02 a share. Analysts polled by FactSet had forecast an adjusted profit of $1.94 a share.

Sales rose 18% to $8.81 billion, from $7.48 billion a year earlier. Analysts had anticipated sales of $8.64 billion.

Organic revenue rose in each of Honeywell's four business lines. Aerospace sales climbed 7% organically as aviation demand recovered amid more flight hours in end markets as the pandemic moderated. Safety and productivity sales climbed 35%, on higher revenue from warehouse solutions, personal protective equipment and other offerings.

The building technologies segment's sales rose 13%, and the performance materials and solutions business line notched 10% growth.

Margins expanded in each of the four segments, Chairman and Chief Executive Darius Adamczyk said.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

July 23, 2021 06:44 ET (10:44 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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