Honeywell’s aerospace technologies business segment has recorded its seventh consecutive quarter of double-digit organic growth in Q1 2024, with its sales up 18% from the same period last year. Expansion with the aerospace technologies sector also increased the company’s overall operating margin by 130 basis points to 20.4%.
Elevated aerospace technology sales for the first quarter was driven by commercial original equipment, explains Honeywell, which was up 20% year over year for the second straight quarter ‘as shipset deliveries continued to increase sequentially’ across commercial aviation, defence and space. The commercial aftermarket sector also grew 17% on increased flight activity, led by air transport.
Aerospace technologies outperformed all other business sectors during the quarter, with industrial automation and building automation seeing a 12% and 4% decline in sales respectively. Energy and sustainability solutions also posted a modest 4%, although all three other areas posted a reduction in segment margin. However, overall, Honeywell still saw an organic year-on-year quarterly sales growth of 3%, with adjusted earnings per share up 9% at $2.25.
Honeywell aerospace technologies sales up 18% year-on-year for Q1 2024
