Engineering company Honeywell International Inc. (NASDAQ: HON) Thursday reported an increase in earnings and sales for the first quarter of 2024.
At $9.1 billion, total sales were up 3% in the first three months of fiscal 2024. Sales at the core Aerospace Technologies segment grew 18%, driving the top-line growth.
On an adjusted basis, first-quarter earnings increased 9% annually to $2.25 per share. Unadjusted profit moved up to $1.46 billion or $2.23 per share from $1.39 billion or $2.07 per share in the same period of 2023.
Vimal Kapur, CEO of Honeywell, said, “As long-cycle customer demand remained strong, our robust backlog increased 6% year over year and was up sequentially, ending the quarter at a record level of $32.0 billion. We also experienced pockets of recovery in short cycle, and expect broader participation as the year unfolds and channels normalize further.”
