Honeywell reports Q2 adjusted EPS $2.23, consensus $2.21

Reports Q2 revenue $9.15B, consensus $9.17B. Backlog was up 4% to a record level of $30.5B. “Honeywell performed exceptionally well in the second quarter, meeting or exceeding guidance for all metrics,” said Vimal Kapur, president and chief executive officer of Honeywell. “Organic1 sales growth was underpinned by double-digit growth in our commercial aerospace, process solutions, and UOP businesses. This marked the ninth consecutive quarter of double-digit growth in commercial aerospace, and strength in our overall Aerospace portfolio continues to support Honeywell’s short-term and long-term growth outlook. Our backlog remains at a record level, ending the second quarter at $30.5 billion, up 4% year over year. Our continued focus on commercial excellence enabled us to remain ahead of the inflation curve and expand margins beyond the high end of our guidance range. These operational efforts enabled us to grow adjusted earnings per share1 6% year over year to $2.23 despite a 15-cent non-cash pension headwind. Our strong balance sheet allowed us to execute on our capital deployment strategy with meaningful portfolio updates, deploying $2.1 billion in the quarter to dividends, M&A, share repurchases, and high-return capex. We invested in multiple new technologies and adjacencies utilizing our robust M&A playbook, including completing our acquisition of Compressor Controls Corporation for approximately $700 million.”