Honeywell says reaffirmed guidance for Q4 and for FY23

According to a transcript of the Honeywell Fourth Quarter 2023 Leadership Webcast and Business Update Call, the company stated: “We’re just entering December, half our quarter happens in the third month. So we still have 50% of the way to go. But yes, as you mentioned, we reaffirmed guidance for the quarter and for the year. We feel good about how the finishes is going to go here and will set us up well as we enter into 2024.” Executives added, according to a transcript of the event: “As we said during our 3Q earnings call, long cycle backlog remains strong. Our long cycle backlog up 8% end of Q3. The orders rate for long cycle continues to look good. And I do expect that 8% number, if anything, will only get slightly better, which will position us well for 2024 carrying that backlog. The short cycle remains to be seen, to be determined and where the short cycle will pivot in 2024 will really determine we are upper end of our long range guidance of 4% to 7% or lower. That’s kind of the variable factor. The self-help we are driving to improve our performance in spite of these conditions is three things I mentioned about, executing on new products, how we monetize our installed base better, how we do grow in high growth regions. It’s in our control. So we are going to drive those actions to deliver better results in spite of whatever is out there end markets. And that’s how we are thinking about for 2024 ahead.” The company added that it plans to issue formal guidance for 2024 “in about 60 days.”