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FY2025 Q3
상향
Honeywell International Inc. 실적 발표
Buzzberg 분석
Orders grew 22% organically, broad-based across segments
Honeywell delivered a strong Q3 with 6% organic sales growth and orders up 22%, leading to a third guidance raise for the year. Management highlighted the upcoming spin-off of Solstice (Oct 30) and a new segment realignment for 2026. Margins in Aerospace and Building Automation are improving, while ESS faces transitory headwinds from catalyst delays. Cross-company signals include Gulfstream naming Honeywell for its new G300 jet and Nvidia investing in Honeywell's quantum venture Quantinuum. Organic sales grew 6% in Q3, above expectations; adjusted EPS $2.82 (+9% YoY).
Buzzberg 분석 Orders grew 22% organically, broad-based across segments Honeywell delivered a strong Q3 with 6% organic sales growth and orders up 22%, leading to a third guidance raise for the year. Management highlighted the upcoming spin-off of Solstice (Oct 30) and a new segment realignment for 2026. Margins in Aerospace and Building Automation are improving, while ESS faces transitory headwinds from catalyst delays. Cross-company signals include Gulfstream naming Honeywell for its new G300 jet and Nvidia investing in Honeywell's quantum venture Quantinuum. Organic sales grew 6% in Q3, above expectations; adjusted EPS $2.82 (+9% YoY). 전체 분석 보기분석 접기
Honeywell delivered a strong Q3 with 6% organic sales growth and orders up 22%, leading to a third guidance raise for the year. Management highlighted the upcoming spin-off of Solstice (Oct 30) and a new segment realignment for 2026. Margins in Aerospace and Building Automation are improving, while ESS faces transitory headwinds from catalyst delays. Cross-company signals include Gulfstream naming Honeywell for its new G300 jet and Nvidia investing in Honeywell's quantum venture Quantinuum. Organic sales grew 6% in Q3, above expectations; adjusted EPS $2.82 (+9% YoY).
- Orders surged 22% YoY to $11.9B, with book-to-bill above 1 across all segments.
- Full-year revenue guidance raised to $40.7-40.9B; EPS raised to $10.60-10.70.
- Solstice spin-off completed early (Oct 30); Aerospace separation on track for H2 2026.
매출$10.408B보고값
주당순이익(EPS)$2.82보고값
매출총이익률34.08%보고값
영업이익률16.85%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Guidance
Raising full-year EPS guidance for the third time
Margins
Aerospace margins bottomed in Q2, set to expand in 2026
핵심 내용 3개 더 보기
Margins
ESS margins to expand in 2026 despite Q4 contraction
Pricing
Pricing to become stronger tailwind in 2026
Capital Allocation
Continuum raises capital at double prior valuation
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $10.408B | 보고값 |
| 주당순이익(EPS) | $2.82 | 보고값 |
| 매출총이익률 | 34.08% | 보고값 |
| 영업이익률 | 16.85% | 보고값 |
| 잉여현금흐름 | $2.914B | 보고값 |
| 자본지출 | $0.374B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2025 | $10.60–$10.70 | $10.65 | 상향 |
| 주당순이익(EPS) | FY2025 Q4 | $2.52–$2.62 | $2.57 | 제시 |
| 잉여현금흐름 | FY2025 | $5.2B–$5.6B | $5.4B | 유지 |
| 매출 | FY2025 | $40.7B–$40.9B | $40.8B | 상향 |
| 매출 | FY2025 Q4 | $10.1B–$10.3B | $10.2B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management expressed confidence in raising guidance for the third time, highlighted strong order growth and portfolio transformation progress, and provided positive forward-looking statements about 2026 margin expansion.
투자 및 생산능력
Capital expenditures were mentioned as a factor in the quarter's free cash flow decline due to timing, and the company committed $400 million to high return capital projects in the quarter.
아래에 언급된 기업 5개 모두 표시
기업발표 이후 수익률
고객
고객
Vimal Kapoor
Gulfstream's selection of Honeywell for the new G300 platform indicates progress in the business jet market, potentially expanding Honeywell's aftermarket revenue and reinforcing Gulfstream's product pipeline.
근거
“Gulfstream recently announced that Honeywell's engines and avionics will power its new super midsize G300 business jet platform”
파트너
파트너
Vimal Kapoor
Nvidia's investment in Quantinuum signals a deepening partnership in quantum computing, potentially accelerating Nvidia's quantum software/hardware ecosystem and providing credibility for Quantinuum's roadmap.
근거
“collaboration with new shareholders such as Quanta and Nvidia, in addition to others like JP Morgan, Amgen, and Mitsui”
공급망
공급망
Vimal Kapoor
Honeywell's termination of the indemnification agreement with Resideo simplifies its balance sheet; the $1.6B cash inflow reduces Honeywell's liabilities but has no direct operational impact on Resideo.
근거
“We also terminated an indemnification and reimbursement agreement with Resideo in exchange for $1.6 billion in cash.”
공급망
Mike Stepniak
Honeywell's aerospace OE sales have recoupled with build rates of large customers after months of decoupling, supporting margin recovery in 2026. — The recoupling suggests that Boeing and Airbus production rates are stabilizing or improving, reducing supply-chain friction for aerospace component suppliers and enabling faster revenue conversion.
근거
“Commercial OEE returned to growth as expected as our sales recoupled to the delivery rates of our large customers”
외부 신호
공급망 알파 · 3발표 이후 수익률
Honeywell's quantum venture Quantinuum added Nvidia as a shareholder and partner in its latest capital raise, doubling valuation to $10B pre-money.
근거
“the company announced in September a second raise at double the prior valuation. As important as the capital contributions... the collaboration with new shareholders such as Quanta and Nvidia”
Honeywell's aerospace OE sales have recoupled with build rates of large customers after months of decoupling, supporting margin recovery in 2026.
Honeywell is gaining momentum in data-center building controls, albeit from a low base, and recently partnered with LS Electric.
근거
“data center is becoming a bigger part of our building automation business ... starting from a very low position, but we are certainly gaining more and more momentum”
방법론 및 범위
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