Honeywell's Investments in Bombardier Partnership Prompts Outlook Cut

Dow Jones2024-12-03

By Connor Hart

Honeywell International signed a strategic agreement with Bombardier, prompting the industrial conglomerate to once again cut its guidance and its stock price to fall.

The company on Monday said the required investments associated with the partnership will affect its top and bottom lines. It now expects revenue between $38.2 billion and $38.4 billion, down from between $36.8 billion and $38.8 billion. Honeywell additionally lowered its adjusted per-share earnings outlook to between $9.68 and $9.78 from between $10.15 and $10.25.

Shares fell 4.3%, to $219.11, in after-hours trading.

This trim comes after Honeywell in October slashed its full-year forecast for sales after reporting softer interest in smart-energy products. For the year, analysts surveyed by FactSet are expecting adjusted earnings of $10.18 a share on revenue of $38.68 billion.

Under the partnership, the company will provide advanced technology for current and future Bombardier aircraft in avionics, propulsion and satellite communications technologies. It estimates the agreement will provide revenue of up to $17 billion thanks to aftermarket offerings and new technologies, it said.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 02, 2024 16:50 ET (21:50 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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