Honeywell International (HON) - Get Free Report posted softer-than-expected third quarter sales Friday, and lowered its full yea revenue outlook, citing "the persistent effects of the macro-challenged environment."
Honeywell said adjusted earnings for the three months ending in September were pegged at $2.02 up 29.5% from the same period last year and 2 cents ahead of the Street consensus forecast. Group revenues, Honeywell said, rose 8.7% to $8.473 billion, just shy of analysts' estimates of an $8.65 billion tally.
Looking into the current financial year, Honeywell said it sees revenues of between $34.2 billion and $34.6 billion, down from its prior forecast of $34.6 billion to $35.2 billion, organic sales growth of between 4% and 6% and adjusted earnings in the region of $8 to $8.10 per share, a 5 cent per share increase from the lower end of its prior guidance.
"The third quarter was another strong one for Honeywell, with sales growth in all four segments, significant margin expansion, and exceptional execution even as we faced tough challenges in the supply chain environment," said CEO Darius Adamczyk. "Our disciplined approach to productivity and pricing helped deliver a strong third quarter despite an uncertain global environment marked by supply chain constraints, increasing raw material inflation, and labor market challenges."
"We continue to focus on mitigating these challenges in the fourth quarter, while capitalizing on near-term growth opportunities across our portfolio," he added.
Honeywell shares were marked 0.6% lower in early trading following the earnings release to change hands at $222.83 each.