The following is a summary of the Honeywell International Inc. (HON) Q1 2024 Earnings Call Transcript:
Financial Performance:
Honeywell reported Q1 organic sales growth of 3% YoY, mainly driven by 18% organic growth in Aerospace Technologies.
Earnings per share and adjusted earnings per share were up 8% and 9% YoY respectively. Segment margins improved by 20 basis points to reach 22.2%.
Orders decreased 1% YoY, leading to a 6% increase in backlog growth to a record $32 billion. Free cash flow substantially increased to approximately $200 million.
Honeywell projects a steady financial year with pension income in 2024 roughly comparable to 2023, and expects an increase in full-year adjusted earnings per share, up 7% to 10% YoY.
Business Progress:
Honeywell is focusing on enhancing their innovation strategies, enhancing software offerings, and increasing penetration in the installed base.
Through acquisitions, Honeywell is adding to its technological capabilities and pursues more opportunities to add strategically vital offerings, targeting about $25 billion of capital deployment from 2023 through 2025.
Strong performance is projected for Aerospace Technologies with considerable investments being allocated into this area, also foreseeing growth in areas like Commercial OE and aftermarket.
Despite a decrease in Industrial Automation sales, the company is optimistic about upcoming opportunities during the next phase of its transformation, aimed at expansion and growth.
Progress in the Quantum business sector in collaboration with Microsoft promises potential revenues in the future.
More details: Honeywell IR
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