Honeywell Beats On Q2 Earnings, Thanks To Aerospace Strength; Lowers FY24 EPS Outlook
Portfolio Pulse from Lekha Gupta
Honeywell International Inc. (NASDAQ: HON) reported strong Q2 earnings driven by aerospace growth but lowered its FY24 EPS outlook. Revenue grew 5% Y/Y to $9.58 billion, beating expectations. Adjusted EPS was $2.49, also beating estimates. Despite positive growth in three of its four segments, the company lowered its FY24 EPS guidance and segment margin outlook. Honeywell shares are down 4.52% premarket. Investors can gain exposure via Gabelli Commercial Aerospace And Defense ETF (NYSE: GCAD) and Invesco Aerospace & Defense ETF (NYSE: PPA).
July 25, 2024 | 1:07 pm
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NEGATIVE IMPACT
Gabelli Commercial Aerospace And Defense ETF (GCAD) may see short-term volatility due to Honeywell's lowered FY24 EPS guidance, despite strong Q2 earnings.
As Honeywell is a significant component of GCAD, the ETF may experience short-term volatility following Honeywell's lowered FY24 EPS guidance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
Honeywell reported strong Q2 earnings with revenue and EPS beating expectations, but lowered its FY24 EPS guidance and segment margin outlook. Shares are down 4.52% premarket.
Despite strong Q2 earnings, the lowered FY24 EPS guidance and segment margin outlook have negatively impacted investor sentiment, leading to a 4.52% drop in premarket trading.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Invesco Aerospace & Defense ETF (PPA) could face short-term pressure due to Honeywell's lowered FY24 EPS guidance, despite strong Q2 earnings.
Honeywell's lowered FY24 EPS guidance may negatively impact PPA, as Honeywell is a key holding in the ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50