Honeywell International Inc. reported significant financial results for the third quarter and the first nine months of 2024, reflecting a robust performance amid ongoing market challenges. For the three months ended September 30, 2024, the company achieved net sales of $9,728 million, a 6% increase from $9,212 million in the same period of 2023. Year-to-date, net sales rose to $28,410 million, up 4% from $27,222 million in the prior year. This growth was attributed to price adjustments and incremental sales from recent acquisitions, which contributed 3% to both quarterly and year-to-date sales increases.
Net income for the third quarter was $1,415 million, slightly down from $1,572 million in Q3 2023, while year-to-date net income increased marginally to $4,450 million from $4,424 million. Earnings per share (EPS) for the third quarter were $2.17, down from $2.29 in the previous year, but year-to-date EPS improved to $6.79 from $6.61.
Honeywell's comprehensive income for Q3 2024 was $1,107 million, a decrease from $1,572 million in Q3 2023. The company reported a significant increase in cash and cash equivalents, totaling $10,644 million as of September 30, 2024, compared to $7,925 million at the end of 2023. Total assets also rose to $73,492 million from $61,525 million, while long-term debt increased to $25,934 million from $16,562 million.
Strategically, Honeywell has been active in acquisitions, spending $7,047 million on various businesses in 2024, including the acquisition of Air Products' liquefied natural gas process technology for $1,837 million and CAES Systems Holdings LLC for $1,930 million. The company also announced plans to spin off its Advanced Materials business into an independent publicly traded company, targeted for completion by the end of 2025 or early 2026.
In terms of operational adjustments, Honeywell recognized gross repositioning charges of $56 million in Q3 2024, primarily related to workforce reductions affecting 727 positions. This is a decrease from the $87 million in repositioning charges recorded in Q3 2023. The company continues to navigate macroeconomic challenges, including inflation and supply chain disruptions, while implementing strategies to mitigate risks and enhance operational efficiency.
About HONEYWELL INTERNATIONAL INCORPORATED
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