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The Fund employs a passive management investment approach designed to track the performance, before fees and expenses, of the Solactive Transatlantic Aerospace and Defense Index. The Index is based on a proprietary methodology developed and maintained by Solactive AG, which is an organization that is independent of, and unaffiliated with, the Fund and Themes Management Company, LLC, the Fund's investment adviser.

Themes Transatlantic Defense ETF

Kaufbeuren,,Germany,-,April,26,,2021:,Honeywell,Company,Logo,On

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Honeywell reported Q3 results and updated FY24 guidance. Revenue grew 6% to $9.728B, missing consensus. EPS of $2.58 beat expectations. Aerospace and Building Solutions saw strong growth. FY24 sales outlook lowered, EPS tightened. 

Honeywell Q3 Earnings: Revenue And Profit Growth, Adjusts Annual Outlook Factoring Acquisitions

Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>) shares are trading lower after the company reported third-quarter results <a href="https://www.benzinga.com/pressreleases/24/10/n41511042/honeywell-reports-third-quarter-results-updates-2024-guidance" target="_blank" rel="noreferrer noopener">and updated FY24 guidance</a>.



Revenue&nbsp;grew&nbsp;6%&nbsp;year-over-year (organic:&nbsp;+3%) to&nbsp;$9.728 billion, missing the consensus of&nbsp;$9.901 billion.



The sales increase was attributed to strong growth in defense and space, commercial aviation, and building solutions.



Adjusted EPS was&nbsp;$2.58 (+8% Y/Y),&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$2.50</a>.



Sales by Segments: Aerospace Technologies&nbsp;$3.912 billion&nbsp;(+12% Y/Y), Industrial Automation&nbsp;$2.50 billion (-5% Y/Y), Building Automation&nbsp;$1.75 billion (+14% Y/Y) and Energy and&nbsp;Sustainability Solutions&nbsp;$1.56 billion (+1% Y/Y).



Operating margin contracted by 180&nbsp;bps Y/Y to&nbsp;19.1%, and Segment margin remained flat Y/Y at 23.6%&nbsp;in the quarter.



Operating cash flow stood at&nbsp;$2.00 billion and, free cash flow&nbsp;was&nbsp;$1.72 billion. Honeywell held cash and equivalents of about&nbsp;$10.6 billion as of September 30, 2024.



The company deployed&nbsp;$3.1 billion&nbsp;to M&amp;A, dividends, and capital expenditure.



FY24&nbsp;Outlook: The company lowered sales guidance to&nbsp;$38.6 billion &#8211; $38.8 billion&nbsp;(from $39.1 billion &#8211; $39.7 billion prior) <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus the consensus of&nbsp;$39.20 billion</a>.



Honeywell tightened adjusted EPS&nbsp;guidance&nbsp;to&nbsp;$10.15 &#8211; $10.25 (from&nbsp;$10.05 &#8211; $10.25) <a target="_blank" href="https://www.benzinga.com//node/39958034" rel="noreferrer noopener">versus the estimate of&nbsp;$10.13</a>.



Also, Honeywell revised the&nbsp;outlook for segment margin to&nbsp;23.4% &#8211; 23.5% (from&nbsp;23.3% &#8211; 23.5% prior), with segment margin contraction of 10 bps to flat.



The company now expects an operating cash flow of&nbsp;$6.2 billion &#8211;&nbsp;$6.5 billion&nbsp;and a&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">free&nbsp;cash flow of&nbsp;$5.1 billion&nbsp;–&nbsp;$5.4 billion</a>.



Honeywell chairman&nbsp;and CEO&nbsp;Vimal Kapur&nbsp;said,&nbsp;&#8220;Our Accelerator operating system and culture of execution enabled us to grow segment profit&nbsp;by 6% in spite of transitory sales headwinds. We continue to see healthy order rates and sequential growth in our backlog, even excluding the impact of acquisitions closed in the quarter, giving us confidence in our ability to achieve our long-term targets.&#8221;



&#8220;We have made significant progress this year on the simplification and optimization of the Honeywell portfolio with the announcement of our plans to spin off Advanced Materials and exit our PPE business, as well as <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/10/41224658/honeywell-seeks-to-simplify-structure-boost-flexibility-with-10b-spin-off-of-advanced-materials-un" rel="noreferrer noopener">the closing of four strategic acquisitions</a>.&#8221;



Investors can gain exposure to the stock via&nbsp;Themes Transatlantic Defense ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NATO#NASDAQ">NATO</a>) and&nbsp;Invesco Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPA#NYSE">PPA</a>).



Price Action: HON shares are down 1.98% at $215.99 premarket at the last check Thursday.



Photo via Shutterstock



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Latest Themes Transatlantic Defense ETF News | NASDAQ:NATO | Benzinga

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