Summary
Honeywell International Inc. (HON) announced on June 3, 2024, the successful completion of its acquisition of Carrier Global Corporation's Global Access Solutions business. This strategic move is expected to be a significant factor in the company's updated 2024 financial outlook. Investors should note that Honeywell has revised its non-GAAP reporting basis for periods commencing April 1, 2024, to exclude amortization expense related to acquisition intangibles and other acquisition costs. This change is intended to improve the comparability of its segment profit and adjusted earnings per share, with historical non-GAAP metrics provided under this new basis for context. The updated 2024 outlook reflects the integration of the newly acquired business, which is expected to contribute to future financial performance. While the filing primarily serves to disclose these corporate actions and outlook updates, it is important for investors to understand the change in non-GAAP reporting. This allows for a clearer assessment of the company's operational performance and strategic growth initiatives following the acquisition.
Key Highlights
- 1Completion of acquisition of Carrier Global Corporation's Global Access Solutions business.
- 2Updated 2024 financial outlook issued following the acquisition.
- 3Change in non-GAAP financial reporting: exclusion of amortization expense for acquisition-related intangible assets and other acquisition-related costs from segment profit and adjusted EPS, effective April 1, 2024.
- 4Presentation of historical non-GAAP financial metrics under the new reporting basis to enhance comparability.
- 5The press release providing these updates is furnished as an exhibit to the 8-K filing.