Honeywell Sees Growth In FY24, CEO Vimal Kapur Named Chairman; Stock Down In Pre-market

(RTTNews) - Conglomerate Honeywell International Inc.(HON), while reporting higher fourth-quarter pofit above market estimates, on Thursday said it projects higher earnings and sales in fiscal 2024. Revenues are expected to be below market estimates.

Separately, Honeywell announced that CEO Vimal Kapur will take on the additional role of chairman, succeeding Darius Adamczyk, effective in June 2024. William Ayer, former Chair and CEO of Alaska Airlines, will become independent Lead Director in May 2024.

In pre-market activity on the NYSE, Honeywell shares were losing around 3.1 percent to trade at $196.

For fiscal 2024, Honeywell projects adjusted earnings per share of $9.80 to $10.10, a growth of 7 percent to 10 percent from last year. The company expects sales of $38.1 billion to $38.9 billion, representing year-over-year organic growth of 4 percent to 6 percent.

Analysts on average expect the company to report earnings of $9.96 per share on sales of $39.01 billion , according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Segment margin expansion for the year would be 30 to 60 basis points.

In its fourth quarter, Honeywell's bottom line totaled $1.26 billion, or $1.91 per share, compared with $1.02 billion, or $1.51 per share, in last year's fourth quarter.

Adjusted earnings were $2.73 per share for the period. Analysts had expected the company to earn $2.59 per share.

The company's revenue for the quarter rose 2.7 percent to $9.44 billion from $9.19 billion last year.

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