Honeywell International Inc. (NASDAQ: HON) on Thursday said its adjusted earnings increased 11% in the third quarter of 2022, aided by strong sales growth.
The Charlotte-based engineering conglomerate reported adjusted earnings of $2.25 per share for the September quarter, higher than last year’s profit of $2.02 per share. Net profit, including special items, was $1.55 billion or $2.28 per share, compared to $1.26 billion or $1.80 per share in the prior-year period.
Honeywell’s net sales grew 6% year-over-year to $8.95 billion during the three-month period, with both product and service sales increasing sharply.
Check this space to read management/analysts’ comments on Honeywell’s Q3 2022 earnings
“Despite ongoing challenges across supply chains, we grew sales by 6% on a reported basis and 9% organically, with strong double-digit growth in our advanced materials, commercial aerospace, and building products businesses. Our backlog remains near record levels, closing the third quarter at $29.1 billion, up 9% year over year, and providing us with confidence in our demand expectations against an increasingly uncertain macroeconomic backdrop,” said Honeywell’s CEO Darius Adamczyk.
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