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01.02.2024 06:00
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HONEYWELL ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS; ISSUES 2024 GUIDANCE
Ein Bürogebäude von Honeywell in Indien.
© VasukiRao / iStock Unreleased / Getty Images
PR Newswire
CHARLOTTE, N.C., Feb. 1, 2024
- Fourth Quarter Earnings Per Share of $1.91 and Adjusted Earnings Per Share1 of $2.60, Above Midpoint of Previous Guidance
- Fourth Quarter Sales of $9.4 Billion, Reported Sales Up 3%, Organic1 Sales Up 2%
- Full Year Operating Cash Flow of $5.3 Billion and Free Cash Flow1 of $4.3B, at High End of Previous Guidance
- Deployed $8.3 Billion of Capital to Share Repurchases, Dividends, Capital Expenditures, and M&A in 2023
- Expect 2024 Adjusted Earnings Per Share2,3 of $9.80 - $10.10, Up 7% - 10%
- Vimal Kapur to Become Chairman of the Board; New Independent Lead Director Announced
CHARLOTTE, N.C., Feb. 1, 2024 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced results for the fourth quarter and 2023 that met or exceeded the company's original full-year guidance. The company also provided its outlook for 2024 and, separately, announced that CEO Vimal Kapur will succeed Darius Adamczyk as Chairman of the Board in June 2024 and William S. Ayer will become independent Lead Director in May 2024.
The company reported fourth-quarter year-over-year sales growth of 3% and organic1 sales growth of 2%, led by another quarter of double-digit organic sales growth in commercial aviation. Operating margin contracted 290 basis points to 16.8% and segment margin1 expanded by 60 basis points to 23.5%, driven by expansion in Performance Materials and Technologies and Aerospace. Earnings per share for the fourth quarter was $1.91, up 26% year over year, and adjusted earnings per share1 was $2.60, up 3% year over year. An adjustment to our estimated future Bendix liability at the end of the year drove the majority of the difference between earnings per share and adjusted earnings per share1. Excluding a 13-cent non-cash pension headwind, adjusted earnings per share1 was up 8%. Operating cash flow was $3.0 billion with operating cash flow margin of 31.3%, and free cash flow1 was $2.6 billion with free cash flow margin1 of 27.4%, led by a reduction in working capital.
For the full year, sales increased 3%, or 4% on an organic1 basis. Operating income grew 10% with operating margin expansion of 120 basis points, while segment profit1 grew 8% with segment margin1 expansion of 100 basis points. Honeywell reported full-year earnings per share of $8.47 and adjusted earnings per share1 of $9.16.
"Honeywell once again demonstrated its resilience by delivering on our commitments and finishing strong in another economically challenging year," said Vimal Kapur, chief executive officer of Honeywell. "Our organic1 growth was led by the eleventh consecutive quarter of double-digit growth in our commercial aerospace business. Honeywell Connected Enterprise offerings across the portfolio also saw growth of over 20% in the quarter. Our continued focus on operational excellence enabled us to achieve this growth while expanding margins above the high end of our guidance range. In the fourth quarter, we also executed on our capital allocation priorities, not only by deploying $2.6 billion of cash flow to share repurchases, dividends, and high-return capex, but through the announcement of the $5 billion acquisition of Carrier's Global Access Solutions business, which will enhance our building automation capabilities to become a leading provider of security solutions. Full-year capital deployment totaled $8.3 billion in 2023, once again in excess of our cash flow, and we expect our capital deployment to accelerate next year as we close on the security acquisition."
Kapur continued, "As we look toward 2024, our portfolio is well positioned to accelerate both our top line and earnings growth, underpinned by three compelling megatrends — automation, the future of aviation, and energy transition. I am confident that 2024 will be another year of value creation for our shareowners, our customers, and our employees."
Honeywell's backlog remains at a record level, ending the year up 8% at $31.8 billion, providing support for the company's outlook. Long-cycle markets remain robust while the short-cycle recovery will provide a further boost to Honeywell's results.
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Honeywell also announced its outlook for 2024. The company expects sales of $38.1 billion to $38.9 billion, representing year-over-year organic1 growth of 4% to 6%; segment margin expansion2 of 30 to 60 basis points; adjusted earnings per share2,3 of $9.80 to $10.10, up 7% to 10%; operating cash flow of $6.7 billion to $7.1 billion, and free cash flow1 of $5.6 billion to $6.0 billion. A summary of the company's 2024 guidance can be found in Table 1.
Fourth-Quarter Performance
Honeywell sales for the fourth quarter were up 3% year over year on a reported basis and 2% on an organic1 basis year over year. The fourth-quarter financial results can be found in Tables 2 and 3.
Aerospace sales for the fourth quarter were up 15% on an organic1 basis year over year, the sixth consecutive quarter of double-digit organic growth, as a result of ongoing strength in both commercial aviation and defense and space. Sales growth was led by commercial original equipment, increasing 25% year over year on increased shipset deliveries. Commercial aftermarket once again grew double digits in the fourth quarter as flight hours continue to improve, including 29% growth in air transport. Defense and space sales were up 5% as robust demand was partially offset by supply chain challenges. Segment margin expanded 20 basis points to 28.0%, driven by commercial excellence and volume leverage, partially offset by cost inflation and mix pressure in our original equipment business.
Honeywell Building Technologies sales for the fourth quarter were down 1% on an organic1 basis year over year. Building products sales declined due to lower volumes of fire and security offerings, offsetting 6% organic growth in building solutions driven by continued strength in both services and projects. Segment margin contracted by 90 basis points to 23.9% due to cost inflation and mix headwinds, partially offset by productivity actions and commercial excellence.
Performance Materials and Technologies sales for the fourth quarter were up 4% on an organic1 basis year over year. Advanced Materials led PMT with 6% organic sales growth, driven by double-digit growth in fluorine products and strength in life sciences. HPS grew 4% organically, led by another strong quarter in lifecycle solutions and services and smart energy. UOP sales were up 1% in the quarter as strength in petrochemical catalyst shipments and sustainable technology solutions was partially offset by lower volumes in gas processing. Segment margin expanded 200 basis points to 24.0% as a result of productivity actions, favorable business mix, and commercial excellence net of inflation.
Safety and Productivity Solutions sales for the fourth quarter decreased by 24% on an organic1 basis year over year. Sales declines were due to lower volumes in warehouse and workflow solutions. Softness in the short-cycle productivity solutions and services business also impacted sales, but orders growth of over 30% in the quarter provided signs of improvement. Segment margin contracted 290 basis points to 17.3% driven by lower volume leverage and cost inflation, partially offset by productivity actions and commercial excellence.
Conference Call Details
Honeywell will discuss its fourth-quarter results and full-year 2024 guidance during an investor conference call starting at 8:30 a.m. Eastern Standard Time today. A live webcast of the investor call as well as related presentation materials will be available through the Investor Relations section of the company's website (www.honeywell.com/investor). A replay of the webcast will be available for 30 days following the presentation.
TABLE 1: FULL-YEAR 2023 GUIDANCE2
| Sales | | $38.1B - $38.9B |
| Organic1 Growth | | 4% - 6% |
| Segment Margin | | 23.0% - 23.3% |
| Expansion | | Up 30 - 60 bps |
| Adjusted Earnings Per Share3 | | $9.80 - $10.10 |
| Adjusted Earnings Growth3 | | 7% - 10% |
| Operating Cash Flow | | $6.7B - $7.1B |
| Free Cash Flow1 | | $5.6B - $6.0B |
TABLE 2: SUMMARY OF HONEYWELL FINANCIAL RESULTS
| | | FY 2023 | | FY 2022 | | Change |
| Sales | | 36,662 | | 35,466 | | 3 % |
| Organic1 Growth | | | | | | 4 % |
| Operating Income Margin | | 19.3 % | | 18.1 % | | 120 bps |
| Segment Margin1 | | 22.7 % | | 21.7 % | | 100 bps |
| Reported Earnings Per Share | | $8.47 | | $7.27 | | 17 % |
| Adjusted Earnings Per Share1 | | $9.16 | | $8.76 | | 5 % |
| Cash Flow from Operations | | 5,340 | | 5,274 | | 1 % |
| Operating Cash Flow Margin | | 14.6 % | | 14.9 % | | (30) bps |
| Free Cash Flow1 | | 4,301 | | 4,917 | | (13) % |
| Free Cash Flow Margin1 | | 11.7 % | | 13.9 % | | (220) bps |
| | | 4Q 2023 | | 4Q 2022 | | Change |
| Sales | | 9,440 | | 9,186 | | 3 % |
| Organic1 Growth | | | | | | 2 % |
| Operating Income Margin | | 16.8 % | | 19.7 % | | -290 bps |
| Segment Margin1 | | 23.5 % | | 22.9 % | | 60 bps |
| Reported Earnings Per Share | | $1.91 | | $1.51 | | 26 % |
| Adjusted Earnings Per Share1 | | $2.60 Werbung Mehr Nachrichten zur Honeywell International Aktie kostenlos abonnieren
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