logo
Plus   Neg
Share
Email

Honeywell Q2 Results Top Estimates - Quick Facts

Technology company Honeywell international Inc. (HON) reported Friday a profit for the second quarter that declined from last year, significantly impacted by the COVID-19 pandemic and oil price volatility.

For the second quarter, net income attributable to Honeywell declined to $1.08 billion or $1.53 per share from $1.54 billion or $2.10 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $1.26 per share, compared to last year's $2.10 per share.

On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $1.21 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased 19 percent to $7.48 billion from $9.24 billion in the same quarter last year. Organic sales also declined 18 percent. Analysts expected revenues of $7.29 billion.

The company said it delivered $500 million of cost savings in the quarter and funded over $250 million of repositioning to drive further savings in the second half and 2021.

Looking ahead, the company now expects ongoing top-line challenges due to the current market conditions, particularly in the aerospace and oil and gas sectors.

Honeywell previously announced that it has suspended providing full financial guidance until the economic impact of COVID-19 stabilizes, due to the evolving nature of the COVID-19 pandemic and related supply chain and market disruptions.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Hongkong Sun Rise Trading Ltd. has recalled about 151,400 units of Kobalt Cordless Electric chainsaws and about 106,520 units of Kobalt Cordless Electric pole saws for possible laceration hazard, according to two separate statements issued by the U.S. Consumer Product Safety Commission. These include 1,400 chainsaws and 120 pole saws sold in Canada. Branded food company Hormel Foods Corp. (HRL) announced Friday that its Hormel Black Label Breakfast Food Truck will hit the road with free sample event of the popular brand's new Hormel Black Label Oven-Baked Egg Bites. The samples come in three variants - with Bacon, with Chorizo and with Bacon and... United Airlines has rolled out an interactive online "Map Search" feature for its customers in collaboration with search giant Google. The new feature is powered by Google Flight Search Enterprise Technology. United is claimed to be the first airline in the U.S. to add this feature. The new feature, available on United.com, allows customers to easily search, compare and purchase flight tickets.
Follow RTT