Honeywell International Inc. (NYSE:HON) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.94%.
Honeywell International Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 12.28% to $1.28 in the quarter versus EPS of $1.14 in the year-earlier quarter.
Revenue: Rose 2.73% to $9.69 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Honeywell International Inc. reported adjusted EPS income of $1.28 per share. By that measure, the company beat the mean analyst estimate of $1.21. It missed the average revenue estimate of $9.7 billion.
Quoting Management: “Honeywell had another good quarter and a strong first half of 2013,” said Honeywell Chairman and CEO Dave Cote. “Despite operating in a slow growth macro environment, we saw good organic growth in ACS’s Energy, Safety and Security business and in Turbo Technologies, both of which continue to outgrow the key end markets in which they compete. Our long-cycle businesses, including Commercial Aerospace, Process Solutions, and UOP, also continue to perform well, benefitting from favorable macro-trends, winning new contracts, and maintaining a strong backlog, which currently stands at $15.5B. We remain focused on seed planting, funding cost savings initiatives across the portfolio, and remaining flexible given the continued uncertain global economic outlook. And, as a result of our first half performance, we are raising the low-end of our 2013 guidance by $0.05 with the expectation of modestly improved organic growth and continued margin expansion in the second half outlook.”
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