Honeywell 4Q Profit Rises on Higher Sales

By Dean Seal

Honeywell recorded higher earnings and sales in the fourth quarter and laid out guidance for further growth in the new year.

The industrial conglomerate posted a profit of $1.26 billion, or $1.91 a share, compared with $1.02 billion, or $1.51 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $2.60 a share. Analysts polled by FactSet had been expecting $2.59 a share.

Revenue rose to $9.44 billion from $9.19 billion, missing analyst projections for $9.7 billion, according to FactSet.

Sales were up 2% on an organic basis, led by double-digit percentage growth in commercial aviation. The company's building technologies business saw a 1% drop in organic sales due to lower volumes of fire and security offerings, offsetting growth from strength in services and projects.

The top line of its performance materials and technologies segment were up 4%, but revenue in Honeywell's safety and productivity business was down 24% on an organic basis.

Honeywell said its backlog remains at a record level, ending the year up 8% at $31.8 billion.

The Charlotte-based company is expecting adjusted earnings of $9.80 to $10.10 a share in 2024, in line with current analyst forecasts for $9.96 a share.

Revenue in the next year is expected to hit $38.1 billion to $38.9 billion, below current analyst expectations for an even $39 billion, according to FactSet.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

February 01, 2024 06:32 ET (11:32 GMT)

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