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Honeywell International 8-K Report, Financial Results (Apr 29, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 29, 2025
Period End
April 29, 2025
Security
HON
In the record · 2016–202610-K1110-Q348-K196

HON filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 196 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Feb ’18Feb ’18
  2. Material agreement8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed April 29, 2025. Cited figures are marked; the original filing is the authoritative source.

Honeywell (HON) reported first-quarter 2025 results on April 29, 2025 that beat its own guidance on every metric.

Reported sales rose 8% to $9.82 billiona and organic sales rose 4%, led by double-digit organic growth in Building Automation (+8%, with building solutions up 11%) and Aerospace Technologies (+9%). GAAP EPS was flat at $2.22, while adjusted EPS grew 7% to $2.51, exceeding the high end of prior guidance by 26 cents. Segment margin was flat at 23.0%, and free cash flow rose 61% to $346 million.

Backlog grew 8% excluding acquisitions, and management noted it has not yet seen softer global demand in results but expects an uncertain environment for the rest of 2025. Full-year guidance was mixed: organic sales growth (2%-5%) and free cash flow ($5.4Bb-$5.8B) were maintained, and adjusted EPS guidance was narrowed upward to $10.20-$10.50, with the low end raised by 10 cents. Full-year sales guidance was trimmed at the top end to $39.6B-$40.5B, and segment margin guidance was narrowed to 23.2%-23.5%.

Management said the guidance incorporates the net expected impact of tariffs, mitigation actions, and demand uncertainty. Excluding the Bombardier agreement, organic growth is expected at 1%c-4%. Portfolio actions dominate the story.

Honeywell is pursuing a separation of its Automation and Aerospace businesses, targeted for the second half of 2026, alongside the planned spin-off of Advanced Materials (Solstice Advanced Materials). The company also announced the $2.2 billiond acquisition of Sundyne, which is not yet reflected in guidance, and repurchased $1.9 billion of shares in the quarter. Industrial Automation was the weak spot, with organic sales down 2% and segment margin down 130 basis points to 17.8%.

02—Key points

Key Highlights

  1. Sales of $9.8B rose 8% reported and 4% organically, exceeding the high end of prior guidance.
  2. Adjusted EPS of $2.51 (up 7% YoY) beat the high end of guidance by $0.26; GAAP diluted EPS was flat at $2.22.
  3. Building Automation was the standout segment: organic sales +8%, segment margin up 150 bps to 26.0%, and backlog and orders growing.
  4. Full-year adjusted EPS guidance raised to $10.20-$10.50 (low end up $0.10), while organic growth and free cash flow guidance were maintained.
  5. Portfolio transformation advancing: Automation and Aerospace separation planned for 2H 2026, alongside the Advanced Materials spin-off, with separation management offices formed.
  6. Announced $2.2B acquisition of Sundyne (not yet in guidance); repurchased $1.9B of shares in Q1, part of a commitment to deploy at least $25B through 2025.
  7. Industrial Automation lagged, with organic sales down 2% and segment margin down 130 bps to 17.8% on receivables write-downs and volume deleverage.

03—Questions

Frequently Asked Questions

  1. Did Honeywell's first-quarter results beat expectations?

    Yes. Management said results exceeded guidance on all metrics. Sales of $9.8B exceeded the high end of prior guidance, and adjusted EPS of $2.51 beat the high end by $0.26. Segment margin of 23.0% was flat year over year and ahead of prior guidance.

  2. Why did Honeywell raise adjusted EPS guidance but not organic growth guidance?

    The company kept its 2%-5% organic growth range unchanged but raised the adjusted EPS range to $10.20-$10.50 from $10.10-$10.50, reflecting the strong Q1 beat. Management said guidance incorporates the net expected impact of tariffs, mitigation actions, and global demand uncertainty, and that it has not yet seen the uncertain demand environment in its results.

  3. What is the status of Honeywell's planned separations?

    Honeywell's board decided to separate the Automation and Aerospace businesses, to be completed in the second half of 2026. The previously announced spin-off of Advanced Materials into Solstice Advanced Materials continues, with a planned spin in Q2 2025. Separation management offices have been formed to oversee the work.

  4. How is Honeywell deploying capital, and what are the key risks?

    In Q1 Honeywell deployed $2.9B across share repurchases ($1.9B), dividends, and capex, and announced the $2.2B Sundyne acquisition, which is not yet in guidance. Free cash flow was $346M, up 61%, with full-year guidance of $5.4B-$5.8B maintained. Key risks cited include tariffs, supply chain disruption, weaker global demand, and weakness in Industrial Automation, where margins contracted.

04—Continue

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