Honeywell profit tops expectations on aerospace, energy rebound

Honeywell International Inc.’s profit topped analysts’ expectations as the rebound in air travel and the energy industry drove demand. The company raised the lower end of its annual earnings and sales forecast. 

Adjusted earnings were $2.23 a share, the Charlotte, North Carolina maker of goods ranging from jet engines to air-conditioner refrigerant said Thursday in a statement. Analysts had estimated $2.20. Sales were $9.15 billion. Analysts had predicted $9.16 billion. 

“Strength in our overall Aerospace portfolio continues to support Honeywell’s short-term and long-term growth outlook,” Vimal Kapur, who took over as Honeywell’s chief executive officer in June, said in the statement. 

The company’s two largest businesses — aerospace and energy services — have been on a tear after suffering steep sales drops during the pandemic lockdowns when people drastically reduced flying and driving. The unit that sells warehouse automation equipment has faced the opposite effect: demand is now falling from pandemic highs when e-commerce was booming.  

Honeywell increased the lower end of its 2023 profit guidance by five cents to $9.05 a share. It also raised the low end of its sales target by $200 million to $36.7 billion.