Honeywell (HON) Tops Q1 EPS by 4c, Beats on Revenues; Boosts FY18 Revenues Above Consensus; Updated FY18 EPS Mid-Point Guidance Below Consensus

April 20, 2018 6:34 AM

Honeywell (NYSE: HON) reported Q1 EPS of $1.95, $0.04 better than the analyst estimate of $1.91. Revenue for the quarter came in at $10.39 billion versus the consensus estimate of $10.03 billion.

"Honeywell had a very strong start to 2018, with first-quarter results that were driven by exceptional sales and operational performance. Organic sales grew 5 percent, driven by strong demand for original equipment for commercial aviation; U.S. defense; continued sales and orders growth in the warehouse automation business, Intelligrated; and short-cycle demand in process automation. Segment margin expanded by 40 basis points as a result of our Commercial Excellence efforts and from the Honeywell Operating System, including material productivity and volume leverage. Earnings per share (excluding separation costs) were $1.95, up 14 percent year-over-year, exceeding the high end of our guidance range," said Darius Adamczyk, President and Chief Executive Officer of Honeywell. "Our balance sheet remains strong, and we continue to aggressively deploy capital. In the first quarter, we repurchased nearly $950 million in Honeywell shares.

GUIDANCE:

Honeywell sees FY2018 EPS of $7.85-$8.05, versus the consensus of $7.98. Honeywell sees FY2018 revenue of $42.7-43.5 billion, versus the consensus of $42.38 billion.

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