8-KEarnings & ResultsRegulation FDExhibits & Filings

HONEYWELL INTERNATIONAL INC 8-K Report, Financial Results (Jun 3, 2024)

Filed June 3, 2024For Securities:HONHONIV

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.

Frequently Asked Questions

The main event reported is the completion of Honeywell's acquisition of Carrier Global Corporation's Global Access Solutions business and an update to the company's 2024 financial outlook.

Effective April 1, 2024, Honeywell now excludes amortization expense for acquisition-related intangible assets and other acquisition-related costs, including related tax effects, from its segment profit and adjusted earnings per share (EPS). This is a change in its non-GAAP financial reporting.

The company changed its non-GAAP reporting basis to improve the understanding and comparability of its segment profit and adjusted EPS, particularly in light of the recent acquisition and future strategic initiatives.

No, the supplemental historical non-GAAP financial metrics provided under the new basis do not represent a restatement or reissuance of previously issued financial statements. They are presented to facilitate understanding and comparability of the updated 2024 outlook.