Thu, Oct 24, 1:39 PM (257 days ago)
Honeywell International Inc. (HON) reported its Q3 2024 financial results, showing a net sales increase to $9,728 million from $9,212 million in Q3 2023, driven by pricing adjustments and acquisitions. Net income attributable to Honeywell was $1,413 million, with diluted earnings per share at $2.16, reflecting a decrease due to impairment charges and higher interest expenses. Gross margins improved slightly to 38.5%. The company faced increased costs, particularly in materials and labor, leading to a rise in cost of goods sold. Honeywell's cash flow from operations was robust at $3,816 million, bolstered by net income and depreciation, despite significant cash used for acquisitions totaling $8,202 million. The company ended the quarter with $10,644 million in cash and equivalents. A planned spin-off of its Advanced Materials business is targeted for late 2025 or early 2026, aimed at enhancing strategic focus. Ongoing macroeconomic uncertainties, including supply chain risks and inflation, could impact future performance. The company maintains a stable outlook, supported by strong cash flow and strategic acquisitions.