Honeywell expects $470 million charge from Flexjet settlement

Reuters12-22 19:52

Honeywell expects $470 million charge from Flexjet settlement

Dec 22 (Reuters) - Honeywell HON.O on Monday said it expects to record a one-time charge of about $470 million in the fourth quarter related to a potential settlement of Flexjet-linked litigation, sending its shares down 1.3% in premarket trading.

Private aviation company Flexjet sued Honeywell in March 2023, alleging Honeywell breached an aircraft engine maintenance services agreement.

Flexjet sought liquidated damages tied to delayed engine repairs and said the damages continue to accrue monthly for engines awaiting repair.

Honeywell also updated its full-year outlook as it plans to report its Advanced Materials unit as discontinued operations starting in the fourth quarter of 2025, following the successful spin off of Solstice Advanced Materials.

The industrial conglomerate now sees adjusted profit for the year between $9.70 and $9.80 per share, down from its previous forecast of $10.60 to $10.70 per share.

(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Tasim Zahid)

((Aatreyee.Dasgupta@thomsonreuters.com;))

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