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Oct. 22, 2021, 6:45 a.m. EDT

Honeywell's stock drops after profit tops expectations but revenue misses amid 'tough' supply chain environment

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By Tomi Kilgore

Shares of Honeywell International Inc. /zigman2/quotes/205583690/composite HON +0.44% slumped 3.4% in premarket trading Friday, after the aerospace and building materials company reported third-quarter profit that topped expectations but revenue that came up short, citing "tough challenges" in the supply chain. Net income rose to $1.27 billion, or $1.80 a share, from $758 million, or $1.07 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 29% to $2.02, above the FactSet consensus of $1.99. Sales grew 8.7% to $8.47 billion, below the FactSet consensus of $8.66 billion. Among the company's business segments, all saw sales rise from a year ago, but only performance materials and technologies topped expectations, while aerospace, building technologies and safety and productivity solutions were a bit shy. For 2021, the company raised its guidance range for adjusted EPS to $8.00 to $8.10 from $7.95 to $8.10, but cut its revenue guidance to $34.2 billion to $34.6 billion from $34.6 billion to $35.2 billion. The stock has declined 3.5% over the past three months through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.07% has gained 4.2%.

/zigman2/quotes/205583690/composite
US : U.S.: Nasdaq
$ 207.15
+0.90 +0.44%
Volume: 4.79M
Dec. 7, 2021 4:00p
P/E Ratio
26.65
Dividend Yield
1.89%
Market Cap
$141.99 billion
Rev. per Employee
$316,893
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/zigman2/quotes/210599714/realtime
US : S&P US
4,686.75
+95.08 +2.07%
Volume: 2.48B
Dec. 7, 2021 5:05p
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