MORRISTOWN (dpa-AFX) - Honeywell Technologies (HON), a pure-play automation company raised its second-half and full-year profit outlook to reflect the impact of its 1-for-2 reverse stock split, which took effect on June 29.
Following the reverse stock split, the company's outstanding shares were reduced to 317 million from 634 million.
Honeywell now expects second-half adjusted earnings per share of $4.40 to $4.70, compared with its previous forecast of $2.20 to $2.35.
For the full year, the company raised its adjusted EPS outlook to $7.90 to $8.30 from $3.95 to $4.15.
Honeywell reaffirmed its sales outlook of $10.1 billion to $10.3 billion for the second half and $19.9 billion to $20.2 billion for the full year.
Honeywell shares closed 2.08% lower at $220.36 on Wednesday.
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