Honeywell — Apr 29, 2025 release

Full-year sales are now expected to be $39.6 billion to $40.5 billion with organic 1 sales growth in the range of 2% to 5%. Segment margin 2 is expected to be in the range of 23.2% to 23.5%, with segment margin 2 expansion of 60 to 90 basis points year over year. Adjusted earnings per share 2,3 is now expected to be in the range of $10.20 to $10.50, up 5 cents at the midpoint from the prior guidance range. Operating cash flow is still expected to be in the range of $6.7 billion to $7.1 billion. Free cash flow 1 is still expected to be in the range of $5.4 billion to $5.8 billion. Excluding the impact of the Bombardier agreement signed in the fourth quarter of 2024, the company expects organic sales growth of 1% to 4%, segment margin down 10 to up 20 basis points year over year, and adjusted earnings per share down 1% to up 2% year over year. Guidance incorporates the net expected impact of current tariffs, mitigation actions, and global demand uncertainty. Guidance also assumes an early May close of the sale of the company's Personal Protective Equipment business but does not yet include the impact of the pending Sundyne acquisition. A summary of the company's full-year guidance changes can be found in Table 1. Portfolio Transformation In February, Honeywell announced that its Board of Directors concluded its comprehensive portfolio review and decided to pursue a separation of its Automation and Aerospace businesses. The planned separatio