Earlier today, indistrial conglomerate Honeywell (NASDAQ:HON) rolled out its earnings report, and the arrival was not welcomed by investors. In fact, investors walked away, taking just over 3.5% of Honeywell’s market cap with them. The results turned out to be something of a disappointment. The good news was that Honeywell posted earnings of $2.60 per share, which managed to edge out projections calling for $2.59 per share. A narrow win, but a win nonetheless. However, the same could not be said for revenue.
It posted $9.44 billion in revenue, a number that was actually up 2.7% against this time in 2023 but not sufficiently up to match analyst expectations of $9.69 billion. As for future projections, Honeywell looks for 2024 gross sales to come in between $38.1 billion and $38.9 billion, which represents between 4% and 6% growth. As for earnings per share, that should come in between $9.80 and $10.10 per share.
Big Plans Are Coming
So, while this round of earnings turned out less than a lot of investors expected, there are clear signs that Honeywell is ready to push forward and keep growth coming. Even if that growth isn’t perhaps as extensive as hoped. It’s working with Hai Robotics to bring out new distribution center technology that should speed up processes and improve efficiencies therein. Further, it’s also working with EVE Air Mobility on a line of electric aircraft, which is a growing market lately thanks to firms like Archer Aviation (NYSE:ACHR).
What Is the Target Price for Honeywell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on HON stock based on seven Buys and three Holds assigned in the past three months, as indicated by the graphic below. After a 4.1% loss in its share price over the past year, the average HON price target of $227 per share implies 16.41% upside potential.
