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Honeywell International Inc. (HON+0.13%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $38.5 billion, a 5% increase from the previous year. This growth was driven by higher sales volumes, pricing adjustments to counter inflation, and contributions from recent acquisitions.
The Aerospace Technologies segment saw a 13% increase in sales, reaching $15.5 billion, primarily due to higher sales volumes in commercial aviation aftermarket and defense and space.
Industrial Automation sales decreased by 7% to $10.1 billion, impacted by lower demand in warehouse and workflow solutions and personal protective equipment.
Building Automation sales increased by 8% to $6.5 billion, driven by higher demand for building solutions and contributions from the acquisition of Access Solutions.
Energy and Sustainability Solutions sales rose by 3% to $6.4 billion, with growth in advanced materials and contributions from the acquisition of LNG.
Honeywell announced plans to spin off its Advanced Materials business and separate its Automation and Aerospace Technologies businesses into independent, publicly traded companies.
The company reported a gross margin increase of $1.0 billion, with a gross margin percentage of 38.1%, up from 37.3% in the previous year.
Research and development expenses were $1.5 billion, remaining flat as a percentage of net sales.
Selling, general, and administrative expenses increased by 4% due to higher labor costs and costs from acquisitions.
An impairment charge of $219 million was recorded on assets held for sale related to the personal protective equipment business.
Net income attributable to Honeywell was $5.7 billion, with earnings per share of $8.71, up from $8.47 in the previous year.
Honeywell's backlog was $35.3 billion as of December 31, 2024, providing a strong foundation for future growth.
The filing details various financial agreements, including new senior notes issuances and term loan agreements, to support acquisitions and other corporate purposes.
Honeywell continues to focus on sustainability, aiming for carbon neutrality by 2035, and has implemented various environmental initiatives across its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Honeywell International Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.