Honeywell International Inc (NYSE: HON) announced quarterly earnings before the opening bell.
According to CEO Darius Adamczyk ,"Honeywell continued to build on its strong first-half performance, delivering exceptional results across the board. Organic sales were up 7% driven by continued double-digit growth in our warehouse automation business; strong growth across the Aerospace business; demand for Solstice®low global-warming materials and short-cycle Process Solutions software and services; and continued momentum in Homes and ADI global distribution.
“The increased volumes, coupled with our operational excellence initiatives, drove 70 basis points of segment margin expansion, which is 20 basis points above the high end of our guidance. This resulted in adjusted earnings per share of $2.03, up 17% year-over-year," said Darius Adamczyk, Chairman.
What’s more, "in the third quarter, we generated more than $1.8 billion of adjusted free cash flow, up 51% year-over-year, with conversion of 119%. We also repurchased approximately $600 million in Honeywell shares in the third quarter and increased our dividend by 10%– the ninth double-digit increase since 2010. Through the third quarter of 2018, we have committed more than $4.5 billion in capital deployment through share repurchases, dividends and acquisitions.”
The company revised its full-year guidance to reflect the strong operational performance in the first three quarters of 2018, the completion of the spinoff of Garrett Motion Inc. (NYSE: GTX), which separated from Honeywell on October 1, and the expected completion of the spinoff of Resideo Technologies, Inc. on October 29. Sales are now expected to be $41.7 billion to $41.8 billion; organic sales growth is now expected to be approximately 6%.
Shares receded 74 cents to $154.37
