Honeywell reported a Q3 sales growth of 6% with an operating cash flow of $2.1 billion, up by 86% that Q3 of 2021. Honeywell also reported earnings of $2.28 per share, up by 27% from last year.
Darius Adamczyk, chairman, and chief executive officer of Honeywell, said: “Honeywell executed exceptionally well in the third quarter, meeting, or exceeding guidance for all metrics. Despite ongoing challenges across supply chains, we grew sales by 6% on a reported basis and 9% organically, with strong double-digit growth in our advanced materials, commercial aerospace, and building products businesses. Our backlog remains near record levels, closing the third quarter at $29.1 billion, up 9% year over year, and providing us with confidence in our demand expectations against an increasingly uncertain macroeconomic backdrop.
As a result of the company's third-quarter performance and management's outlook for the remainder of the year, full-year sales are now expected to be in the range of $35.4 billion to $35.7 billion, up 6% to 7% organically. Operating cash flow is expected to be in the range of $5.2 billion to $5.6 billion and free cash flow1 is expected to be $4.7 billion to $5.1 billion.
Honeywell Aerospace showed a 10% rise in Q3 sales than last year on an organic basis due to growth in commercial aviation. Honeywell also reported an increase in commercial original equipment sales by 30% year over year in Q3, primarily driven by higher chipset deliveries to air transport customers.
“The Honeywell playbook continues to deliver outstanding results as we successfully maneuver through a challenging operating environment. These operating principles, combined with our attractive end-market exposures and differentiated portfolio of solutions, will allow us to maintain resiliency and continue successfully navigating the current economic crosscurrents. The third quarter was a strong performance for Honeywell, and I remain confident that our best quarters lie ahead," concluded Darius.