Honeywell Technologies (NASDAQ:HON) used to be one giant company that made everything from thermostats to jet engines.
Over the past year, it split into three separate public companies: Solstice Advanced Materials, spun off last October; Honeywell Aerospace, spun off just last month; and Honeywell Technologies, the automation business that’s left, which is what CEO Vimal Kapur now runs. This week’s earnings report was the first one for Honeywell Technologies as its own standalone firm, and the stock jumped more than 5% on the news. What Happened and Why the Numbers Are a Bit Messy?
Since the aerospace spinoff only finished right at the end of the quarter, this report still includes some of Honeywell Aerospace’s results mixed in, which makes straight comparisons tricky. Total revenue, including that leftover aerospace piece, came in at $9.72 billion, up 4% from a year ago and beating the roughly $9.5 billion analysts expected. Strip aerospace back out, and revenue for just the automation business was $5.19 billion, up 3%, beating the $5.02 billion Wall Street had modeled specifically for the smaller, standalone company.