Honeywell Stock Rises to Record After Profits and Sales, Boosting Full Year Outlook

Honeywell International Inc. HON Shares,
+ 0.38%
gained 0.1% to record territory in pre-market trading on Friday, after the aerospace and industrial company reported second-quarter earnings and sales that exceeded expectations and raised the outlook for the year, citing a recovery in several end markets hardest hit by the pandemic. Net income reached $ 1.45 billion, or $ 2.04 per share, from $ 1.10 billion, or $ 1.53 per share, a year ago. Excluding one-time items, adjusted earnings per share of $ 2.02 exceeded the FactSet consensus of $ 1.94. Sales rose 17.8% to $ 8.81 billion, above the FactSet consensus of $ 8.64 billion. All business segments recorded growth, as slight declines in sales of aerospace and safety and productivity solutions were offset by beats in building technologies and performance materials and technologies. For 2021, the company has raised its forecast ranges for adjusted EPS to $ 7.95 to $ 8.10 from $ 7.75 to $ 8.00 and for sales to $ 34.6 billion to 35, $ 2 billion, from $ 34.0 billion to $ 34.8 billion. “We are particularly pleased to see a turnaround in several of our key end markets that have been hit hardest by the pandemic, with the commercial aerospace aftermarket and UOP activity returning to growth during the quarter,” said Managing Director Darius Adamczyk. The stock, which was poised to open above the record June 1 close of $ 232.95, gained 9.4% year-to-date through Thursday as the Dow Jones Industrial Average DJIA,
+ 0.07%
increased by 13.8%.

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