Honeywell rises on EPS beat, higher guidance for full-year results

Honeywell International (NASDAQ:HON) rose as much as 4.5% Thursday after the industrial conglomerate reported adjusted earnings for Q3 of $2.25 a share, beating the average Wall Street estimate by $0.10.

The company raised the low end of guidance for full-year adjusted EPS to a range of $8.70 to $8.80 from $8.55 to $8.80 previously, compared with the consensus estimate of $8.64.

During Q3, revenue grew 5.7% from a year earlier to $8.95 billion, missing estimates by $50 million. The increase puts the company on course to end the year with a 6% to 7% organic gain in revenue to a range of $35.4 billion to $35.7 billion, compared with a prior forecast of $35.5 billion to $36.1 billion.

Sales growth excluding a one-point effect from lower COVID-driven mask sales and a one-point effect of lost Russian sales would have been 8% to 9%.

"The Honeywell playbook continues to deliver outstanding results as we successfully maneuver through a challenged operating environment,” Darius Adamczyk, chairman and CEO of Honeywell, said in a statement. “The third quarter was a strong performance for Honeywell, and I remain confident that our best quarters lie ahead."

Honeywell bought back $390 million in common stock during the quarter, and paid dividends of $669 million.

The company's stock this year had declined 8% through Oct. 26, compared with a 20% drop for the S&P 500 index (SP500).