Honeywell gets stungThis industrial conglomerate's earnings remind investors that when you go searching for honey, you must expect to be stung by bees.
- It came in pretty much in line with expectations with EPS of $2.09 on revenue of $8.7bn, showing negligible growth from the $2.07 in EPS and $8.9bn it reported the same time last year – the stock suffered an 8% loss on Thursday.
- It reported a decline in sales in three of its four segments thanks to supply constraints. Its aerospace segment (which makes parts for Boeing) was hit especially hard by a lack of parts and saw sales decline 3%, and the unit in charge of making masks slid 10% thanks to a drop in demand.
- Guidance did nothing to soothe the sting, missing estimates with a FY 2022 forecast for EPS of up to $8.70 on revenues of $35.9bn – it is upping prices to combat inflation though, so there’s hope on the horizon.
Rick Rothenberg / Unsplash
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