Honeywell Revenue Hits $8.9B in Q1 2023, Beating Estimates

The News: Honeywell’s revenue reached $8.9 billion in the first quarter of fiscal year 2023, up six percent from $8.4 billion one year ago, as the diversified building technologies, performance materials, aerospace, defense, and safety/productivity products vendor released its latest earnings results on April 27 for the period ending March 31, 2023. Honeywell’s net income rose 24 percent in the quarter to $1.4 billion, up from $1.1 billion one year ago. See the full Q1 2023 earnings Press Release on the Honeywell Investor web page.

Honeywell Revenue Hits $8.9B in Q1 2023, Beating Estimates

Analyst Take: Honeywell’s revenue of $8.9 billion for Q1 2023 is good news for the company and comes as challenging macroeconomic conditions for tech- and consumer- focused companies continue around the globe.

Here are Honeywell’s revenue and other earnings results for Q1 2023 by the numbers:

  • Q1 2023 revenue of $8.9 billion, up six percent from $8.4 billion one year ago. The Q1 revenue figure beat analyst consensus estimates of $8.5 billion for the quarter from analysts at
  • Q1 2023 diluted earnings per share (EPS) of $2.07, up from $1.64 per share one year ago. The EPS beat analyst consensus estimates of $1.93 per share from
  • Q1 2023 net income of $1.4 billion, up 24 percent from $1.1 billion one year ago.
  • Q1 2023 operating income of $1.7 billion, up 33 percent from $1.3 billion one year ago.
  • Q1 2023 operating income margin of 19.1 percent, compared to 15.2 percent one year ago.

These are solid results for Honeywell, providing positive momentum during the continuing tough macroeconomic conditions being seen by many companies.

Honeywell Revenue by Business Segments

By business units, Honeywell’s revenue for Q1 was steady.

Q1 revenue for the aerospace division rose to $3.1 billion, up 13 percent from $2.8 billion one year ago, while the Honeywell Building Technologies unit brought in $1.5 billion in revenue, up four percent from $1.4 billion a year ago. The Performance Materials and Technologies unit saw revenue increase by 12 percent to $2.8 billion, up from $2.5 billion one year ago. The Honeywell Safety and Productivity Solutions unit saw revenue fall by 13 percent to $1.5 billion, down from $1.7 billion one year ago due to reduced sales of productivity, warehouse, and workflow products.

Honeywell also announced that its order backlog increased again to a record $30.3 billion, up six percent from one year ago.

One of Honeywell’s ongoing strengths is that the company continues to remain focused on increasing its environmental sustainability efforts, including renewable fuels, carbon capture, and sustainable buildings, even while global market conditions remain uncertain. At the end of January, Honeywell, in partnership with our team at Futurum Group, published the second edition of its Environmental Sustainability Index, a quarterly report designed to track global corporate sustainability priorities, sentiment, and progress toward reaching its sustainability goals. We applaud the company’s sustainability efforts and see great value and results from the work it is doing to better protect the Earth.

Honeywell Guidance for Full Year 2023 Earnings

Honeywell also announced its earnings guidance for the full fiscal year of 2023, including expected total FY2023 revenue of between $36.5 billion to $37.3 billion, up from earlier guidance of $36 billion to $37 billion. Also expected are adjusted earnings per share of $9 to $9.25 per share, which is up from previous guidance of $8.80 to $9.20 per share. The company also said it expects operating cash flow of $4.9 billion to $5.3 billion, unchanged from previous guidance, and free cash flow of $3.9 billion to $4.3 billion, also unchanged from previous guidance.

Honeywell Revenue Overview

It was a good Q1 for Honeywell, showing positive results for this growth-focused company which follows a detailed, well-executed market playbook aimed at successfully serving customers in the tech and consumer markets. Led by Chairman and CEO Darius Adamczyk, Honeywell is run by a talented, creative, and forward-looking executive team that has built a smart business plan that has been performing well for the company, regardless of the still challenging conditions in the marketplace.

We will continue to track Honeywell’s innovations and market leadership with interest through FY2023 and beyond as the company makes its way through the sustained macroeconomic issues that continue to affect the global marketplace.

Disclosure: The Futurum Group is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.

Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of The Futurum Group as a whole.

Other insights from The Futurum Group:

Honeywell Environmental Sustainability Index, Q2 2023

Honeywell Revenue Hits $9.2B in Q4, up 6% from Q4 2021

The Six Five | The Honeywell Connect Event

Author Information

Daniel is the CEO of The Futurum Group. Living his life at the intersection of people and technology, Daniel works with the world’s largest technology brands exploring Digital Transformation and how it is influencing the enterprise.

From the leading edge of AI to global technology policy, Daniel makes the connections between business, people and tech that are required for companies to benefit most from their technology investments. Daniel is a top 5 globally ranked industry analyst and his ideas are regularly cited or shared in television appearances by CNBC, Bloomberg, Wall Street Journal and hundreds of other sites around the world.

A 7x Best-Selling Author including his most recent book “Human/Machine.” Daniel is also a Forbes and MarketWatch (Dow Jones) contributor.

An MBA and Former Graduate Adjunct Faculty, Daniel is an Austin Texas transplant after 40 years in Chicago. His speaking takes him around the world each year as he shares his vision of the role technology will play in our future.


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