Honeywell Inc. (HON) - Get Report posted a stronger-than-expected second quarter but still took a hit from the year-earlier quarter amid a slump in aerospace sales related to the pandemic and Boeing's (BA) - Get Boeing Company Report 737 MAX delays.
Honeywell said adjusted earnings for the three months ending in June were pegged at $1.26 per share, down 40% from the same period last year but 5 cents ahead of the Street consensus forecast. Group revenues, Honeywell said, fell 19.1% to $7.477 billion, just ahead of analysts' estimates.
Aerospace sales slumped 27.5% to $2.54 billion, Honeywell said, due to lower commercial aircraft demand amid the peak of travel restrictions during the coronavirus pandemic and the broader impact of the delayed return to service of Boeing's 737 MAX.
The group added that third quarter aerospace sales are likely to fall by 25% when compared to last year.
Honeywell CEO Darius Adamczyk noted the second quarter "was a challenging one" though also indicated the company continues to focus on aggressively managing costs and also investing in new technologies that will benefit the bottom line in the future.
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