- Honeywell International Inc HON reported a fourth-quarter sales decline of 3% year-over-year to $8.66 billion, -2% on an organic basis, due to supply-related constraints, missing the consensus of $8.73 billion.
- Adjusted EPS improved 1% Y/Y to $2.09, beating the consensus of $2.07.
- Aerospace sales decreased 3% Y/Y to $2.89 billion, and segment margin expanded by 140 bps to 29%.
- Honeywell Building Technologies sales decreased by 2% Y/Y to $1.4 billion, and segment margin contracted by 30 bps to 21.1%.
- Performance Materials and Technologies sales increased by 2% Y/Y to $2.61 billion, and segment margin expanded by 430 bps to 23%.
- Safety and Productivity Solutions sales decreased by 10% Y/Y to $1.75 billion, and segment margin contracted by 450 bps to 10.8%.
- Total segment margin expanded by 30 bps to 21.4%, and operating margin fell 130 bps to 17.5%.
- Honeywell generated $6.04 billion in operating cash flow for FY21, compared to $6.21 billion a year ago. Free cash flow was $5.73 billion.
- The company's orders were up high-single digits, and the closing backlog was $28 billion, up 7% Y/Y.
- FY22 Outlook: Honeywell expects sales of $35.4 billion - $36.4 billion vs. a consensus of $36.76 billion, representing 4% - 7% organic growth. It expects segment margin of 21.1% - 21.5%.
- Honeywell sees adjusted EPS of $8.40 - $8.70 vs. the consensus of $8.97. Operating Cash Flow of $5.7 billion - $6.1 billion, with Free cash flow of $4.7 billion – $5.1 billion.
- Price Action: HON shares are trading lower by 3.16% at $201.00 during the premarket session on Thursday.
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