Honeywell Aerospace Stock Plunges 24% on Weak Sales and Supply Chain Issues

Honeywell Aerospace's stock took a hit on August 6 after its first standalone quarterly report revealed weaker sales and supply-chain issues.

The company's shares plunged 24% as it cut its revenue growth forecast for the year from 7-9% to 4-5%.

Honeywell Aerospace reported $4.52 billion in second-quarter sales, a 5% increase from last year, but cited shortages of mechanical parts as a major constraint.

Chief Financial Officer Josh Jepsen blamed suppliers for failing to ramp up production quickly enough, saying 'it's really resetting the forecast based on what we're seeing coming through the supply chain'.