Honeywell Technologies: Our Pre-Call Thoughts

研报英文原文证据摘录

Honeywell Technologies: Our Pre-Call Thoughts

Deutsche Bank

Research

Rating Company Date

Buy Honeywell Technologies 23 July 2026

North America Reuters Bloomberg Rating Buy

United States HON.OQ HON US Price target (USD) 263.00 Price at 22 Jul 26 232.99

52-week range 248.04 – 188.14

Industrials

Multi - Industry & Electrical Valuation & Risks

Equipment

Our Pre-Call Thoughts

Nicole DeBlase

Nice core beat, short-cycle orders accelerate materially Research Analyst

+1-212-250-5916 The results are still a bit messy post-HONA spin, but we calculate a MSD core

operating beat vs. consensus and were impressed by the acceleration in organic Andrew Krill, CFA

order growth. FY guidance was also raised and 3Q core segment income Research Analyst

guidance was positioned ahead of the Street. Amidst negative investor sentiment, +1-212-250-2997

we think the stock will be up slightly on this today.

Naim Kaplan

MSD core operating beat driven largely by revenue Research Associate

+1-212-250-5332 HON reported 2Q26 adj. EPS of $1.95, beating consensus by 7% and DBe by 6%.

Core segment income (pre-corporate) contributed 5% to the beat, with upside Jackson Glenn

across all segments (total organic revenue was +4% vs. flat DBe). Both IA and Research Associate

PA&T segment income came in 6% ahead of consensus, while BA delivered a 4% +1-212-250-2500

beat. Organic order growth accelerated sequentially to +11% in 2Q (vs. +6% in

1Q), with short-cycle organic orders improving materially to +17% in 2Q (vs. +3%

in 3Q). This drove B/B of >1x and 9% Y/Y backlog growth to ~$20bn and provides

confidence in the expected 2H organic growth acceleration (as per guidance).

FY guidance raised 1% at midpoint to $8.05-8.35, embeds a $0.20 increase in

core segment income vs. prior forecast