Honeywell Aerospace Posts Solid Q2 Results, Revises Full-Year Outlook
Honeywell Aerospace, formerly part of Honeywell International Inc., has reported its second quarter results since spinning off as an independent company on June 29. The aerospace firm recorded sales of $4.5 billion in Q2, a 5% increase from the same period last year.
Net income came in at $256 million and adjusted EBIT was $995 million, down 7% from the prior year. However, this decline includes approximately $100 million in separation-related costs and inventory obsolescence charges.
The company also updated its full-year outlook for organic sales growth to 4-5%, down from a previous range of 7-9%. Pro forma standalone adjusted EBIT is expected to be between $4.35 billion and $4.45 billion, with year-over-year growth flat to 3%.
Honeywell Aerospace's CEO, Jim Currier, said the company has 'solid momentum' going into its next chapter as a standalone entity. He emphasized that the firm will leverage its increased financial flexibility and Honeywell Aerospace Operating System to drive innovation and growth.