Summary
Honeywell International Inc. reported solid financial results for the second quarter and first half of 2024, showcasing revenue growth driven by increased pricing, higher sales volumes, and contributions from recent acquisitions. Net sales for the second quarter increased by 5% year-over-year to $9.577 billion, and for the year-to-date period, net sales grew by 4% to $18.682 billion. Diluted earnings per share also saw an increase, reflecting improved segment profit, lower repositioning charges, and a reduced share count. The company demonstrated strong operational execution, with notable growth in its Aerospace Technologies and Energy and Sustainability Solutions segments. While the Industrial Automation segment experienced a sales decline, this was primarily attributed to lower demand in specific sub-segments. Honeywell also made significant strategic acquisitions during the period, including the purchase of Carrier Global Corporation's Global Access Solutions business for approximately $4.9 billion, and announced intentions to acquire two more businesses, highlighting its commitment to strategic growth and portfolio enhancement. Liquidity remains robust, with a significant increase in cash and cash equivalents and ample capacity under its credit facilities.
Financial Highlights
55 data points| Revenue | $9.58B |
| Cost of Revenue | $5.86B |
| Gross Profit | $3.72B |
| R&D Expenses | $382.00M |
| SG&A Expenses | $1.36B |
| Operating Income | $2.20B |
| Net Income | $1.54B |
| EPS (Basic) | $2.37 |
| EPS (Diluted) | $2.36 |
| Shares Outstanding (Basic) | 650.20M |
| Shares Outstanding (Diluted) | 654.20M |
Key Highlights
- 1Total net sales for Q2 2024 increased 5% to $9.577 billion, and YTD sales increased 4% to $18.682 billion.
- 2Diluted EPS increased to $2.36 for Q2 2024 and $4.59 for YTD 2024, up from $2.22 and $4.29, respectively, in the prior year periods.
- 3Aerospace Technologies segment showed strong performance with Q2 sales up 16% and YTD sales up 17%, driven by Commercial Aviation Aftermarket and Defense and Space.
- 4The company completed the acquisition of Carrier's Global Access Solutions business for $4.9 billion and announced plans to acquire two more businesses for approximately $1.8 billion and $1.9 billion respectively.
- 5Repositioning and other charges decreased significantly to $44 million in Q2 2024 and $137 million YTD 2024, compared to $102 million and $243 million in the prior year periods.
- 6Total borrowings increased to $27.9 billion from $20.4 billion, primarily due to debt issuance to fund acquisitions.
- 7Cash and cash equivalents increased to $9.576 billion as of June 30, 2024, from $7.925 billion as of December 31, 2023.