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FY2026 Q1
예상 부합
Honeywell International Inc. 실적 발표
Buzzberg 분석
Aerospace spinoff accelerated to June 29th
Honeywell Q1 2026 results slightly beat expectations on margin and EPS, but organic revenue growth was modest due to aerospace supply chain snags and Middle East conflict disruptions. Management maintained full-year guidance, citing strong order backlogs and a second-half ramp in Process Automation and Aerospace, while advancing the aerospace spin-off to June 29th. Adjusted EPS of $2.45 beat guidance, segment margin of 23.3% expanded 90bps; organic sales grew only 2%.
Buzzberg 분석 Aerospace spinoff accelerated to June 29th Honeywell Q1 2026 results slightly beat expectations on margin and EPS, but organic revenue growth was modest due to aerospace supply chain snags and Middle East conflict disruptions. Management maintained full-year guidance, citing strong order backlogs and a second-half ramp in Process Automation and Aerospace, while advancing the aerospace spin-off to June 29th. Adjusted EPS of $2.45 beat guidance, segment margin of 23.3% expanded 90bps; organic sales grew only 2%. 전체 분석 보기분석 접기
Honeywell Q1 2026 results slightly beat expectations on margin and EPS, but organic revenue growth was modest due to aerospace supply chain snags and Middle East conflict disruptions. Management maintained full-year guidance, citing strong order backlogs and a second-half ramp in Process Automation and Aerospace, while advancing the aerospace spin-off to June 29th. Adjusted EPS of $2.45 beat guidance, segment margin of 23.3% expanded 90bps; organic sales grew only 2%.
- Aerospace supply chain issue was acute and supplier-specific in Jan/Feb, but recovered in March; full-year high single-digit growth reaffirmed.
- Process Automation backlog up 22% with double-digit orders; second-half ramp to high single-digit growth expected.
- Middle East conflict caused ~0.5% revenue impact in Q1 and ~1% expected in Q2; management assumes conflict persists through Q2.
매출$9.143B+33% 전분기 대비
주당순이익(EPS)$2.58-50% 전분기 대비
매출총이익률38.71%보고값
영업이익률9.69%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Supply Chain
Supply chain constraints acute but recovery underway
Demand
Process technology backlog up 22% on strong orders
핵심 내용 3개 더 보기
Geopolitics
Middle East conflict trimmed Q1 revenue, but long-term opportunity
Demand
Aerospace demand robust despite supply constraints
Demand
LNG and petrochemical project wins fuel confidence
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $9.143B | +33% 전분기 대비 |
| 주당순이익(EPS) | $2.58 | -50% 전분기 대비 |
| 매출총이익률 | 38.71% | 보고값 |
| 영업이익률 | 9.69% | 보고값 |
| 잉여현금흐름 | $-0.873B | 보고값 |
| 자본지출 | $0.223B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 Q2 | $2.40 | $2.40 | 신규 제시 |
| 영업이익률 | FY2026 | 22.7%–23.1% | 22.9% | 유지 |
| 영업이익률 | FY2026 Q2 | 22.2%–22.5% | 22.35% | 신규 제시 |
| 매출 | FY2026 Q2 | 2%–4% | 3% | 신규 제시 |
| 매출 | FY2026 | 3%–6% | 4.5% | 유지 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management reaffirmed full-year guidance despite geopolitical and supply chain headwinds, citing strong backlog, order momentum, and progress on portfolio transformation.
투자 및 생산능력
Honeywell has invested more than $1 billion over the past three years into expanding the capacity and resiliency of its supply chain, and 2026 guidance incorporates continued elevated spending focused on onboarding new suppliers, developing internal capabilities, and assisting suppliers with engineering and operations.
아래에 언급된 기업 1개 모두 표시
기업발표 이후 수익률
공급망
공급망
Vimal Kapoor
Brady Corporation is acquiring Honeywell's productivity solutions and services business, a divestiture that simplifies Honeywell's portfolio ahead of its aerospace spin-off.
근거
“We announced we signed agreement to sell productivity solution and services to Brady Corporation and warehouse and workflow business to American industrial partners into all cash transactions.”
외부 신호
공급망 알파 · 2발표 이후 수익률
Aerospace supply chain issue in Q1 was acute and supplier-specific, not demand-driven, and recovery began by March, with output momentum carrying into April.
근거
“It was a very acute transitory issue, specifically with some key suppliers in the mechanical space that adversely affected both our engines business and our control systems business.”
Process Automation Technology backlog grew 22% year-over-year driven by three consecutive quarters of strong orders, supporting a high single-digit revenue ramp in the second half of 2026.
근거
“process technology orders increased double-digit, driving a 22% increase in P&T backlog. we remain on track on expected second half ramp as LNG and large modular equipment deeds convert to sales in the back half of the year”
방법론 및 범위
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