Honeywell Climbs on Q3 Numbers

Honeywell International Inc. (NYSE:HON) saw its shares gain ground Thursday morning, on the release of third-quarter financial figures.
The company, based in Charlotte, North Carolina, revealed sales for the third quarter were down 16% on a reported basis and up 3% on an organic basis.

The difference between reported and organic sales primarily relates to the spinoffs of the Transportation Systems business (formerly in Aerospace) and the Homes and ADI Global Distribution business (formerly in Honeywell Building Technologies) as well as the impact of foreign currency translation.

Honeywell reported Earnings per Share of $2.23, while Adjusted Earnings per Share proved $2.08, up 9%.

Operating income margin was up 370 basis points to 19.3%, segment margin up 180 basis points to 21.2%. The company also deployed $1.0 Billion in capital to share repurchases, and also announced a 10% dividend increase

According to CEO Darius Adamczyk, "We remain on track to meet our cash flow commitments for the year, and we continued to execute on our capital deployment strategy in the third quarter. We repurchased $1.0 billion in Honeywell shares, bringing total repurchases in the first nine months of 2019 to $3.7 billion. We also acquired TruTrak Flight Systems, made three strategic investments within Honeywell Ventures, and announced a 10% dividend increase, the tenth consecutive double-digit dividend increase.

"Additionally, during the quarter, we issued $2.7 billion of senior notes to refinance October debt maturities at attractive rates, further strengthening our balance sheet."

Shares hiked $3.51, or 2.2%, to $167.14