Honeywell Aerospace Slashes Growth Forecast Amid Supply Chain Turmoil

Honeywell Aerospace Inc., a supplier of aerospace and defense components, has reduced its growth forecast due to supply chain issues. The company's overall sales will now increase by 4% to 5% on an organic basis this year, down from the previous forecast of 9%. This decrease is attributed to industry-wide constraints on certain components and slower-than-expected production increases from a small group of suppliers in the second quarter.

A Honeywell Aerospace spokesperson stated that the manufacturer is facing challenges due to these supply chain issues. The company's revised growth forecast takes into account the difficulties it has encountered during the most recent quarter.