Honeywell (NYSE:HON) earnings for the U.S. conglomerate’s second quarter of 2020 have HON stock falling on Friday. That comes after reporting adjusted earnings per share of $1.26, which is better than Wall Street’s estimate of $1.21. Its revenue of $7.48 billion is also above analysts’ estimates of $7.29 billion.
Here are some additional highlights from the most recent Honeywell earnings report.
- Adjusted per-share earnings are down 40% from $2.10 during the same time last year.
- Revenue for the quarter is sitting 19% lower than the 9.24 billion reported in Q2 2019.
- The Honeywell earnings report also has it bringing in a net income of $1.1 billion.
- That’s a 29.5% drop from the company’s net income of $1.56 billion in the same period of the year prior.
Darius Adamczyk, chairman and CEO of Honeywell, said the following about the current earnings.
“The second quarter was a challenging one, but we executed on the three things that will enable us to weather this downturn: aggressively managing cost, driving sales growth where demand is strong, and investing in exciting new technologies that, through careful attention to customer and end-user needs, will help keep people safe when they get back to the workplace, back to play, back to travel, and back to life.”
Honeywell isn’t providing guidance for the full year of 2020 at this time. That’s due to the novel coronavirus making markets unpredictable. Many other companies are withholding outlooks during the pandemic.
HON stock was down 2.5% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.