HON Honeywell International Inc

By Colin Kellaher

Honeywell International Inc. (HON) on Tuesday said its second-quarter performance is on track and that it is confident in its full-year forecasts.

At its annual investor conference, the Morris Plains, N.J., conglomerate affirmed its earnings guidance of $2.05 to $2.10 a share for the second quarter and $7.90 to $8.15 a share for the year.

Analysts polled by Factset, on average, expect a profit of $2.08 a share for the quarter and $8.10 a share for 2019.

Honeywell said its recent portfolio actions, including last year's spinoffs of Garrett Motion Inc. (GTX) and Resideo Technologies Inc. (REZI), have left the company in a very strong financial position.

The company said it will have substantial cash available for stock buybacks and mergers and acquisitions over the next three years, adding that its top priority remains bolt-on deals.

Honeywell's board last month approved an open-ended program to buy back up to $10 billion in stock.

"Because of the actions we took in 2018 and our improved free cash flow performance, our balance sheet has never been stronger, which positions us well to weather any economic environment," said Darius Adamczyk, Honeywell's chairman and chief executive.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 14, 2019 07:36 ET (11:36 GMT)

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