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Honeywell Q2 Results Top Estimates - Quick Facts

(RTTNews) - Technology company Honeywell international Inc. (HON) reported Friday a profit for the second quarter that declined from last year, significantly impacted by the COVID-19 pandemic and oil price volatility.

For the second quarter, net income attributable to Honeywell declined to $1.08 billion or $1.53 per share from $1.54 billion or $2.10 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $1.26 per share, compared to last year's $2.10 per share.

On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $1.21 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased 19 percent to $7.48 billion from $9.24 billion in the same quarter last year. Organic sales also declined 18 percent. Analysts expected revenues of $7.29 billion.

The company said it delivered $500 million of cost savings in the quarter and funded over $250 million of repositioning to drive further savings in the second half and 2021.

Looking ahead, the company now expects ongoing top-line challenges due to the current market conditions, particularly in the aerospace and oil and gas sectors.

Honeywell previously announced that it has suspended providing full financial guidance until the economic impact of COVID-19 stabilizes, due to the evolving nature of the COVID-19 pandemic and related supply chain and market disruptions.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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