Shares of Honeywell International Inc. HON, +1.08% dropped 3.6% in premarket trading Thursday, after the aerospace company and provider of control technologies for buildings reported fourth-quarter profit that topped expectations but sales that fell shy, and provided a downbeat full-year outlook. Net income rose to $1.43 billion, or $2.05 a share, from $1.36 billion, or $1.91 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $2.09, above the FactSet consensus of $2.08. Sales fell 2.7% to $8.66 billion, missing the FactSet consensus of $8.73 billion. Operating margin fell to 17.5% from 18.8%. Aerospace sales topped expectations, while building technologies, safety and productivity solutions and performance materials and technologies sales all missed. For 2022, the company expects sales of $35.4 billion to $36.4 billion, below the FactSet consensus of $36.73 billion. The stock has declined 6.2% over the past three months, while the S&P 500 SPX, +0.94% has eased 0.9%.
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