Summary
Honeywell International Inc. reported its financial results for the second quarter and first half of fiscal year 2022. For the second quarter, net sales were $8.95 billion, a slight increase of 2% year-over-year, driven by favorable pricing initiatives that offset rising material and labor costs, as well as supply chain disruptions. Net income attributable to Honeywell was $1.26 billion, or $1.84 per diluted share, a decrease from the prior year, impacted by higher repositioning and other charges, including costs related to the suspension and wind-down of operations in Russia. The first half of the year saw net sales of $17.33 billion, a marginal increase of 0.4% year-over-year. Net income attributable to Honeywell for the first six months was $2.40 billion, or $3.48 per diluted share, also lower than the previous year. The company highlighted the persistent challenges of inflation, supply chain constraints, and the ongoing conflict in Ukraine as key factors influencing its performance. Despite these headwinds, Honeywell continues to focus on pricing strategies to mitigate cost increases and maintain profitability.
Financial Highlights
55 data points| Revenue | $8.95B |
| Cost of Revenue | $5.66B |
| Gross Profit | $3.29B |
| R&D Expenses | $386.00M |
| SG&A Expenses | $1.31B |
| Operating Income | $1.87B |
| Net Income | $1.26B |
| EPS (Basic) | $1.86 |
| EPS (Diluted) | $1.84 |
| Shares Outstanding (Basic) | 679.00M |
| Shares Outstanding (Diluted) | 685.00M |
Key Highlights
- 1Net sales for Q2 2022 were $8.95 billion, up 2% year-over-year, driven by price increases offsetting volume declines and foreign currency headwinds.
- 2Net income attributable to Honeywell for Q2 2022 was $1.26 billion, resulting in diluted EPS of $1.84, down from $2.04 in Q2 2021.
- 3For the six months ended June 30, 2022, net sales were $17.33 billion, a slight increase of 0.4% year-over-year.
- 4Six-month net income attributable to Honeywell was $2.39 billion, resulting in diluted EPS of $3.48, down from $4.06 in the prior year.
- 5The company incurred significant repositioning and other charges totaling $614 million for the first half of 2022, including charges related to the suspension and wind-down of operations in Russia.
- 6The Aerospace segment showed resilience, with net sales up 5% in Q2 and 5% year-to-date, driven by aftermarket demand and favorable pricing.
- 7The Safety and Productivity Solutions segment experienced a 12% decrease in Q2 net sales due to lower volumes, particularly in Safety and Retail and Warehouse and Workflow Solutions.