Demand
← 실적 발표
01
02
03
04 05 06
톤
AI
A1 A2 A3 A4
HON
FY2026 Q2
상향
Honeywell International Inc. 실적 발표
Buzzberg 분석
Orders up 16% with broad-based demand
Honeywell Technologies (post-aerospace spin) reported strong Q2 with organic sales +4%, EPS $1.95, and raised full-year guidance across all metrics. Order momentum was broad-based (+16%), especially in process technology (+24%) and building automation. The company highlighted successful closure of the Johnson Matthey Catalyst acquisition, accelerated divestitures, and stranded cost savings running ahead of plan. Management expressed confidence in a second-half inflection in process automation and sustained growth in industrial automation. Raised FY2026 organic sales growth guidance to 3-4% (from 2-3%), segment margin expansion to 250-290 bps, and EPS to ~$8.20.
Buzzberg 분석 Orders up 16% with broad-based demand Honeywell Technologies (post-aerospace spin) reported strong Q2 with organic sales +4%, EPS $1.95, and raised full-year guidance across all metrics. Order momentum was broad-based (+16%), especially in process technology (+24%) and building automation. The company highlighted successful closure of the Johnson Matthey Catalyst acquisition, accelerated divestitures, and stranded cost savings running ahead of plan. Management expressed confidence in a second-half inflection in process automation and sustained growth in industrial automation. Raised FY2026 organic sales growth guidance to 3-4% (from 2-3%), segment margin expansion to 250-290 bps, and EPS to ~$8.20. 전체 분석 보기분석 접기
Honeywell Technologies (post-aerospace spin) reported strong Q2 with organic sales +4%, EPS $1.95, and raised full-year guidance across all metrics. Order momentum was broad-based (+16%), especially in process technology (+24%) and building automation. The company highlighted successful closure of the Johnson Matthey Catalyst acquisition, accelerated divestitures, and stranded cost savings running ahead of plan. Management expressed confidence in a second-half inflection in process automation and sustained growth in industrial automation. Raised FY2026 organic sales growth guidance to 3-4% (from 2-3%), segment margin expansion to 250-290 bps, and EPS to ~$8.20.
- Orders grew 16% organically, with process technology orders up ~50% and building automation orders up 13%.
- Closed Johnson Matthey Catalyst acquisition at ~13x EBITDA; renegotiated price reflects cost synergies only.
- Stranded cost removal is $20M ahead of plan, accelerating margin expansion without revenue growth.
매출$9.719B+6% 전분기 대비
주당순이익(EPS)$1.95-24% 전분기 대비
매출총이익률37.59%보고값
영업이익률17.87%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Guidance
Raised full-year guidance across all metrics
Demand
Process tech orders surge 50%
핵심 내용 3개 더 보기
Guidance
Sharp growth inflection expected in P&T from Q3
Margins
Segment margin expanded 100 bps
Other
Divestitures closing two months early
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $9.719B | +6% 전분기 대비 |
| 주당순이익(EPS) | $1.95 | -24% 전분기 대비 |
| 매출총이익률 | 37.59% | 보고값 |
| 영업이익률 | 17.87% | 보고값 |
| 잉여현금흐름 | $0.961B | 보고값 |
| 자본지출 | $0.315B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $8.10–$8.30 | $8.20 | 상향 |
| 잉여현금흐름 | FY2026 | $2B | $2B | 유지 |
| 영업이익률 | FY2026 | 250%–290% | 270% | 상향 |
| 매출 | FY2026 | 3%–4% | 3.5% | 상향 |
AI, 자본지출 및 수요 분석
경영진 분석
confident
Management's tone was confident, driven by strong Q2 results, broad-based order growth, and raising full-year guidance; a notable shift from prior cautiousness to greater conviction in the second half and long-term targets.
경영진의 AI 분석
Management mentioned that AI is a macro tailwind and that their Forge software platform includes AI-based offerings, contributing to 15% ARR growth, but AI was not a major standalone topic.
아래에 언급된 기업 4개 모두 표시
기업발표 이후 수익률
고객
고객
Vimal Kapur
Exxon is cited as a key customer/partner, validating Honeywell's positioning in energy verticals; no specific demand signal for Exxon itself.
근거
“Guests also heard directly from our leading customers and partners, including Exxon, Tengote, Google, Equinix, Duke Energy, and others”
외부 신호
공급망 알파 · 4발표 이후 수익률
LNG heat exchangers sold out for the next three years, indicating capacity constraints and sustained backlog for process technology equipment.
근거
“We're sold out LNG for the next three years.”
Middle East collection issues have normalized after a spike in March/April, with orders up over 50% in Q2, suggesting operational resilience despite geopolitical uncertainty.
근거
“Majority of our collection issues happened in March and April in Middle East. That started to normalize.”
Honeywell renegotiated the Johnson Matthey Catalyst acquisition price to ~13x EBITDA (cost synergies only), implying a discounted entry point and confidence in commercial synergy upside.
근거
“We got the deal done at about 13 times EBITDA with cost synergies, no sales synergies.”
Stranded cost removal is running $20 million ahead of plan, accelerating margin expansion without requiring revenue growth.
근거
“At the investor day, I think we said something around $85 million of stranded calls... it's about $20 million better right now.”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 4개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.