Honeywell International Inc. (NASDAQ:HON) shares fell in premarket trading Thursday after the company reported mixed first-quarter results, with revenue missing expectations despite an earnings beat.
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The company posted adjusted earnings of $2.45 per share, exceeding analysts’ estimates of $2.32. Revenue rose 2% year over year to $9.14 billion, falling short of the $9.30 billion consensus estimate. Organic sales also increased 2%, supported by pricing actions and new product introductions.
Orders climbed 7% year over year on an organic basis, driven by demand in building and industrial automation, lifting backlog to $38.3 billion. Adjusted segment profit rose 6% to $2.13 billion, while segment margin expanded 90 basis points to 23.3% on favorable pricing and earlier-than-expected removal of stranded costs tied to the planned aerospace spin-off.
Operating cash flow increased to $0.7 billion from $0.4 billion a year earlier, reflecting higher spin-off, separation-related, and litigation settlement payments …