Why Honeywell Stock Is Sliding Today

Why Honeywell Stock Is Sliding Today

Honeywell International Inc HON shares are trading lower Thursday after the company reported mixed financial results.

What Happened: Honeywell said fourth-quarter revenue increased 6% year-over-year to $9.19 billion, which missed average analyst estimates of $9.25 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of $2.52 per share, which beat estimates of $2.51 per share.

Honeywell said demand remained strong, which can be seen in the company's closing backlog of $29.6 billion, up 7% year-over-year. Fourth-quarter operating margins came in at 19.7%.

"Honeywell delivered a strong finish to another challenging year, meeting our original guidance for the year despite significant headwinds from FX and the wind down of our operations in Russia," said Darius Adamczyk, chairman and CEO of Honeywell. 

Honeywell expects full-year 2023 revenue to be between $36 billion and $37 billion versus estimates of $36.94 billion. The company sees full-year earnings in a range of $8.80 to $9.20 per share versus estimates of $9.14 per share.

See Also: Nasdaq Futures Fly As Meta Keeps Tech Earnings' Buoyancy Intact: Will Apple, Amazon, Alphabet Toe In Line?

HON Price Action: Honeywell has a 52-week high of $220.96 and a 52-week low of $166.63.

The stock was down 4.1% at $198.25 at time of publication, according to Benzinga Pro.

Photo: Becky Wetherington from Flickr.

Posted In: EarningsNewsMoversDarius Adamczykwhy it's moving