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Earnings Review and Free Research Report: Honeywell Reported Better Than Expected Results
Jul 28, 2017 (ACCESSWIRE via COMTEX) -- Copyright 2017 ACCESSWIRE

Research Desk Line-up: Ingersoll-Rand Post Earnings Coverage

LONDON, UK / ACCESSWIRE / July 28, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Honeywell International Inc. (NYSE: HON) ("Honeywell"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=HON, following the Company's disclosure of its second quarter fiscal 2017 results on July 21, 2017. The industrial conglomerate reported 5.5% growth in earnings and also raised its sales and earnings forecast for FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at: http://protraderdaily.com/register/.

Get more of our free earnings reports coverage from other constituents of the Diversified Machinery industry. Pro-TD has currently selected Ingersoll-Rand PLC (NYSE: IR) for due-diligence and potential coverage as the Company reported on July 26, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Ingersoll-Rand when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HON; also brushing on IR. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=HON

http://protraderdaily.com/optin/?symbol=IR

Earnings Reviewed

For the quarter ended June 30, 2017, Honeywell's net sales had totaled $10.08 billion, compared with sales of $9.99 billion in Q2 2016. The Company's sales for the reported quarter gained 3% on an organic basis and up 1% on a reported basis. The difference between reported and organic sales was the impact of foreign currency translation, the 2016 spin-off of the former Resins and Chemicals business in Performance Materials and Technologies, and the 2016 divestiture of the Aerospace government services business, partially offset by the Intelligrated acquisition in Safety and Productivity Solutions. Honeywell's top-line numbers beat analysts' expectations for revenue of $9.84 billion.

During Q2 2017, Honeywell's cost of products and services sold totaled $6.85 billion, compared with $6.82 billion in Q2 2016. The Company's selling, general, and administrative expenses came in at $1.38 billion versus $1.33 billion in the prior year's corresponding quarter. Honeywell's income before taxes came in at $1.78 billion, compared to $1.76 billion in Q2 2016.

For Q2 2017, net income attributable to Honeywell grew 5.5% to $1.39 billion, or $1.80 per diluted share, compared to net income of $1.32 billion, or $1.70 per diluted share, in Q2 2016, and came in above Wall Street's expectations of $1.78 per share.

Segment Results

During Q2 2017, Honeywell's Aerospace segment sales came in at $3.80 billion, growing 2% on an organic basis, driven by strength in Commercial Aftermarket, growth in US defense, and a continuing recovery in commercial vehicles in Transportation Systems. This segment margin expanded 140 basis points (bps) to 22.3% in the reported quarter, primarily driven by higher volumes, productivity net of inflation, and the favorable impact of the 2016 divestiture of the government services business.

In the reported quarter, the Company's Home and Building Technologies division's sales totaled $2.68 billion, up 4% on an organic basis driven by Smart Energy program roll-outs, air and water product sales in China, and continued growth in the Distribution business. This segment margin remained unchanged at 15.4%, driven by restructuring benefits and productivity net of inflation.

Honeywell's Performance Materials and Technologies sales totaled $2.43 billion, up 6% on an organic basis, driven by continued strength in Solstice® sales in Advanced Materials and double-digit growth in modular gas processing in UOP. This segment's margin expanded 200 bps to 23.4%, primarily driven by productivity net of inflation, the favorable impact from the spin-off of the former Resins and Chemicals business, and commercial excellence.

During Q2 2017, Honeywell's Safety and Productivity Solutions unit's sales came in at $1.10 billion, up 1% on an organic basis as a result of higher volumes in industrial safety products, sensing controls, and voice-enabled workflow solutions. This segment's margin contracted 70 bps to 15.0% in the reported quarter, primarily driven by acquisition amortization and integration costs, and investments for growth.

Cash Matters

During Q2 2017, Honeywell invested more than $115 million in restructuring projects to drive growth and productivity. As of June 30, 2017, Honeywell's cash and cash equivalents totaled $7.88 billion; while the Company's long-term debt totaled $11.33 billion.

In Q2 2017, Honeywell generated net cash from operating activities of $1.45 billion, compared with $1.58 billion in Q2 2016. The Company's free cash flow totaled $1.21 billion in the reported quarter compared with $1.30 billion in the prior year's same quarter.

Outlook

Honeywell increased its full-year reported and organic sales guidance and raised the low-end of FY17 earnings guidance by $0.10 per share. The Company is forecasting FY17 earnings to be in the range of $7.00 and $7.10 per share, up 8%-10%, excluding divestitures, any pension mark-to-market adjustments, and 2016 debt refinancing charges. The Company is estimating FY17 sales to be between $39.3 billion and $40.0 billion, up 2%-4% on an organic basis.

Stock Performance

At the closing bell, on Thursday, July 27, 2017, Honeywell Intl.'s stock slipped 1.09%, ending the trading session at $136.98. A total volume of 3.63 million shares have exchanged hands, which was higher than the 3-month average volume of 2.55 million shares. The Company's stock price surged 5.47% in the last three months, 16.11% in the past six months, and 19.84% in the previous twelve months. Moreover, the stock rallied 18.24% since the start of the year. The stock is trading at a PE ratio of 21.53 and has a dividend yield of 1.94%. The stock currently has a market cap of $104.68 billion.

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