Honeywell Aerospace missed Q2 revenue and EPS estimates and slashed full-year guidance due to supply chain disruptions.
Honeywell Aerospace shares fell 11% in extended trading after reporting weaker-than-expected Q2 results and cutting its full-year outlook. Revenue rose 5.4% year over year to $4.52 billion, missing the $4.6 billion estimate, while adjusted EPS dropped 32% to $1.87, below the $2.11 forecast.
The company cited supply chain issues for hindering output despite strong demand, including 8% order growth and $15 billion in new wins year to date. Honeywell Aerospace also lowered its organic growth and operating profit guidance for 2024 and provided a subdued 2026 earnings forecast.
Shares, already down 6% during the regular session, fell to $182, marking a new low for the standalone company post-spinoff from Honeywell Technologies in late June.