Honeywell International Inc. Q2 FY2024 results: revenue $9.6 billion, up 4.7% on the year

Honeywell International Inc. (HON) reported revenue of $9.6 billion for Q2 FY2024, the quarter ended 30 June 2024, up 4.7% on the same quarter a year earlier. Net income was $1.5 billion, up 3.8% on the year, and diluted earnings per share $2.36. The figures are the company's own, from the 10-Q it filed with the SEC on 25 July 2024.

Revenue$9.6 billionup 4.7%

Net income$1.5 billionup 3.8%

Diluted EPS$2.36

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	9,577	9,105	n/a	n/a
Cost of revenue	5,856	5,583	n/a	n/a
Gross profit	3,351	3,222	n/a	n/a
Gross margin	35.0%	35.4%	n/a
Research and development	382	360	n/a	n/a
Selling, general and administrative	1,361	1,302	n/a	n/a
Operating income	2,199	2,021	n/a	n/a
Operating margin	23.0%	22.2%	n/a
Pre-tax income	1,974	1,871	n/a	n/a
Income tax	414	396	n/a	n/a
Effective tax rate	21.0%	21.2%	n/a
Net income	1,544	1,463	n/a	n/a
Net margin	16.1%	16.1%	n/a
Diluted EPS	$2.36	$2.23	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	1,371	448	n/a	n/a
Capital expenditure	259	233	n/a	n/a
Free cash flow	1,112	215	n/a	n/a
Free cash flow margin	11.6%	2.4%	n/a
Depreciation and amortisation	309	291	n/a	n/a
Share-based compensation	-55.0	53.0	n/a	n/a
Buybacks	529	671	n/a	n/a
Dividends paid	743	703	n/a	n/a
Dividend per share	$1.08	$1.08	n/a	n/a
Diluted shares, weighted	654m	657m	n/a	n/a
Shares outstanding at period end	650m	651m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	69,329	65,645	n/a	n/a
Cash and equivalents	9,576	11,756	n/a	n/a
Receivables	7,759	7,476	n/a	n/a
Inventory	6,324	6,318	n/a	n/a
Goodwill	20,824	17,985	n/a	n/a
Long-term debt	23,384	23,437	n/a	n/a
Long-term debt including finance leases	20,865	22,183	n/a	n/a
Operating lease liabilities	904	902	n/a	n/a
Finance lease liabilities	98.0	89.0	n/a	n/a
Shareholders' equity	16,947	16,454	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	9,212	9,440	9,105	9,577	9,728	9,169	9,822	10,352	10,408	9,758	9,143	9,719
Cost of revenue	5,670	6,201	5,583	5,856	5,979	6,418	6,037	6,329	6,861	n/a	5,604	6,066
Gross profit	3,542	3,239	3,222	3,351	3,419	3,365	3,462	3,664	3,233	3,470	3,539	3,653
Gross margin	38%	34%	35%	35%	35%	37%	35%	35%	31%	36%	39%	38%
R&D	364	360	360	382	368	426	439	481	497	n/a	492	524
SG&A	1,252	1,296	1,302	1,361	1,398	1,405	1,361	1,428	1,296	n/a	1,310	1,344
Operating income	2,082	2,517	2,021	2,199	2,296	2,183	2,258	2,366	2,407	n/a	2,129	2,240
Operating margin	23%	27%	22%	23%	24%	24%	23%	23%	23%	n/a	23%	23%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	285	329	n/a	n/a	356	363
Pre-tax income	1,967	1,506	1,871	1,974	1,824	1,544	1,884	1,871	2,222	n/a	886	7,264
Tax rate	23%	17%	21%	21%	22%	16%	22%	16%	16%	n/a	10%	22%
Net income	1,514	1,263	1,463	1,544	1,413	1,285	1,449	1,570	1,825	-115	821	5,682
Net margin	16%	13%	16%	16%	15%	14%	15%	15%	18%	-1%	9%	58%
Diluted EPS	$2.27	$1.91	$2.23	$2.36	$2.16	$1.96	$2.22	$2.45	$2.86	-$0.18	$1.29	$17.83
Operating cash flow	1,809	2,955	448	1,371	1,997	2,281	597	1,319	3,288	1,204	-650	1,276
Capital expenditure	249	364	233	259	279	393	251	303	374	n/a	223	315
Free cash flow	1,560	2,591	215	1,112	1,718	1,888	346	1,016	2,914	n/a	-873	961
Buybacks	1,011	1,528	671	529	0.0	455	1,902	1,702	100	100	1,000	0.0
Dividends paid	728	711	703	743	715	741	732	747	735	762	781	795
Shares outstanding	659m	652m	651m	650m	650m	650m	643m	635m	635m	635m	634m	317m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 25 July 2024, accession 0000773840-24-000082: the filing on EDGAR. All of Honeywell International Inc.'s filings: EDGAR company page.

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