Honeywell (HON) Q1 2026 (USD): adj. EPS 2.45 (exp. 2.32), Revenue 9.14bln (exp. 9.3bln); reaffirms outlook
- Orders Up 7% Leading to ~USD 38bln backlog, led by buildings and industrial automation
- Operating Margin 16.1%, Segment Margin 23.3%
- Honeywell Aerospace Spin-off planned for Q3
GUIDANCE:
- Sees Q2 EPS between 2.35-2.45 (exp. 2.56)
- Sees Q2 revenue between USD 9.4-9.6bln (exp. 9.7bln)
COMMENTARY:
- Exec notes strong start to the year while navigating a challenging geopolitical environment.
- Profitable growth, coupled with an acceleration in stranded costs takeout, drove 11% adj. earnings growth, overcoming the impacts of rising inflation and the disruption in the Middle East.
- Took the final steps to conclude multi-year portfolio transformation, which are expected to close in H2 2026
- Honeywell Aerospace spin-off is now expected to be completed in the third quarter on June 29th.
Context
Honeywell reported adjusted EPS of 2.45, outperforming expectations, while revenue was slightly below consensus. The solid earnings performance is bolstered by a 7% increase in orders and a robust backlog, indicating resilience despite geopolitical challenges. Their reaffirmed guidance for Q2, though below expectations, reflects cautious optimism, particularly with planned spin-offs that signal a strategic shift in focus.
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