霍尼韦尔国际公司（纳斯达克代码：HON）股价走低，此前公司公布了第四季度财报，并披露了自动化和航空航天业务的拆分计划。
营收同比增长7%（有机增长2%），达到100.9亿美元，超出市场预期的98.3亿美元。
销售增长归因于国防和太空以及建筑解决方案业务的两位数有机销售增长。
分部门销售额：航空航天技术39.9亿美元（同比增长9%），工业自动化25.7亿美元（同比下降1%），建筑自动化18.0亿美元（同比增长20%），能源和可持续解决方案17.3亿美元（同比增长4%）。
经营利润率同比提高50个基点至17.3%，分部门利润率同比下降350个基点至20.9%。
调整后每股收益为2.47美元（同比下降8%），高于市场预期的2.32美元。
经营现金流为22.8亿美元，自由现金流为18.9亿美元。截至2024年12月31日，霍尼韦尔持有现金和等价物约109亿美元。
公司2024年部署了146亿美元资本，包括89亿美元的收购。
2025财年展望：公司预计销售额在396亿美元至406亿美元之间，高于市场预期的383亿美元，有机销售增长2%至5%。
霍尼韦尔目标调整后每股收益为10.10至10.50美元，高于市场预期的9.78美元。
除去庞巴迪协议的影响，公司预计有机销售增长1%至4%，分部门利润率同比下降10个基点至上升30个基点，调整后每股收益同比下降2%至上升2%。
公司预计经营现金流为67亿至71亿美元，自由现金流为54亿至58亿美元。
霍尼韦尔董事长兼首席执行官Vimal Kapur表示：“2024年，我们在优化霍尼韦尔投资组合方面取得了显著进展。我们完成了四项战略性并购，部署了90亿美元资本，并宣布了两项关键剥离，以简化投资组合策略，包括计划剥离先进材料业务。”
业务拆分：霍尼韦尔披露，其董事会计划拆分自动化和航空航天业务。
与之前计划的高级材料业务分拆一起，此举将创造三家上市公司——霍尼韦尔自动化、霍尼韦尔航空航天和高级材料。
预计拆分将在2026年下半年完成，并将对霍尼韦尔股东免税。
霍尼韦尔有望超越其承诺，到2025年部署至少250亿美元用于高回报资本支出、红利、股票回购和增值收购。
投资者可以通过Gabelli商业航空和国防ETF（纽约证券交易所代码：GCAD）和Amplify CWP增强红利收益ETF（纽约证券交易所代码：DIVO）获得该股票的投资机会。
股价动态：截至周四盘前最后一次检查，霍尼韦尔股价下跌2.41%至217.00美元。
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图片来源：Shutterstock。
以上内容来自Benzinga Earnings专栏，原文如下：
Honeywell International Inc. (NASDAQ:HON) shares are trading lower after the company reported fourth-quarter results and disclosed the separation of the Automation and Aerospace business.
Revenue grew 7% year-over-year (Y/Y, organic: +2% Y/Y) to $10.09 billion, beating the consensus of $9.83 billion.
The sales increase was attributed to double-digit organic sales growth in defense and space and building solutions businesses.
Sales by Segments: Aerospace Technologies $3.99 billion (+9% Y/Y), Industrial Automation $2.57 billion (-1% Y/Y), Building Automation $1.80 billion (+20% Y/Y) and Energy and Sustainability Solutions $1.73 billion (+4% Y/Y).
Operating margin expanded by 50 bps Y/Y to 17.3%, and Segment margin contracted by 350bps Y/Y at 20.9% in the quarter.
Adjusted EPS was $2.47 (-8% Y/Y), beating the consensus of $2.32.
Operating cash flow stood at $2.28 billion and, free cash flow was $1.89 billion. Honeywell held cash and equivalents of about $10.9 billion as of December 31, 2024.
The company deployed $14.6 billion of capital in 2024, including acquisitions worth $8.9 billion.
FY25 Outlook: The company expects sales guidance of $39.6 billion – $40.6 billion vs. consensus of $38.3 billion, with organic sales growth of 2% – 5%.
Honeywell targets adjusted EPS of $10.10 – $10.50 vs. consensus of $9.78.
Excluding the impact of the Bombardier agreement, the company projects organic sales growth of 1% – 4%, segment margin down 10 to up 30 basis points Y/Y, and adjusted EPS down 2% to up 2% Y/Y.
The company anticipates operating cash flow of $6.7 billion – $7.1 billion, with free cash flow of $5.4 billion – $5.8 billion.
Honeywell chairman and CEO Vimal Kapur said, “In 2024, we also made significant progress optimizing Honeywell’s portfolio. We completed four strategic bolt-on acquisitions representing $9 billion in capital deployed and announced two key divestitures in alignment with our portfolio simplification strategy, including the planned spin of our Advanced Materials business.”
Business Split: Honeywell disclosed that its Board of Directors planned the separation of Automation and Aerospace businesses.
Along with the previously planned spin-off of Advanced Materials, this move will create three publicly traded companies – Honeywell Automation, Honeywell Aerospace and Advanced Materials.
The separation is expected to be completed in the second half of 2026 and structured to be tax-free for Honeywell shareholders.
Honeywell is on track to surpass its commitment of deploying at least $25 billion toward high-return capital expenditures, dividends, share repurchases, and accretive acquisitions by 2025.
Investors can gain exposure to the stock via Gabelli Commercial Aerospace and Defense ETF (NYSE:GCAD) and Amplify CWP Enhanced Dividend Income ETF (NYSE:DIVO).
Price Action: HON shares are down 2.41% at $217.00 premarket at the last check Thursday.
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