Honeywell Aerospace Beats Q3 Estimates, Lifts Operating Profit Outlook
HON is trading near its 52-week low of $195.769 (14% above the low).
Summary
Honeywell Aerospace posted Q3 EPS of $2.21 on $4.6 billion in sales, well ahead of the $1.87 and $4.6 billion Wall Street expected. It also nudged full-year operating profit guidance up to $4.5 billion from $4.4 billion, holding sales growth at 4% to 5%. That is a modest raise, but it reverses the August reset when the newly spun-off company cut guidance weeks after issuing it and shares fell 23.2% the next day. The stock still slipped 3.4% after hours to $171.40 despite the beat, giving back part of a 5.4% regular-session gain ahead of the release. On the conference call, the CEO said the company expects to double the percentage of multi source spend from 2023 to north of 30% by end of 2026.
At the time of this announcement, HON was trading at $222.91 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $69.6B. The 52-week trading range was $195.77 to $260.15. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.