Honeywell (NYSE:HON) earnings for first quarter of 2020 have HON stock falling on Friday. That’s despite its diluted earnings per share (EPS) of $2.21 blowing past Wall Street’s estimate of $1.95. However, the U.S. conglomerate company’s revenue of $8.46 billion is below analysts’ estimates of $8.57 billion.
Let’s take a more thorough look at the most recent Honeywell earnings report below.
- Diluted per-share earnings are up 15% from $1.92 during the first quarter of 2019.
- Revenue comes in 5% lower than the $8.88 billion reported in the same period of the year prior.
- The Honeywell earnings report also includes a net income of $1.61 billion.
- That’s a 12% increase year-over-year compared to its net income of $1.44 billion.
Darius Adamczyk, chairman and CEO of Honeywell, said this about the Q1 earnings:
“As the COVID-19 pandemic rapidly escalated and the global economy deteriorated, we faced headwinds across our businesses, including rapid changes in our supply chain, constraints at customer sites, and significant impacts on the commercial aerospace and oil and gas end markets. These challenges drove an organic sales decline in the quarter. However, we acted quickly to mitigate the impacts and we continued to serve our customers, including those involved in the COVID-19 response efforts, while ensuring the safety of our employees.”
Honeywell also announced that it is suspending its outlook for the full year of 2020. This is due to the novel coronavirus causing economic disruptions.
HON was down 3.2% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.