The company said gross margin rose by about $0.5 billion in 2023, and its gross margin percentage increased 30 basis points to 37.3%, compared with 37.0% for 2022.

10-KAnnual reportFiled Feb 16, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said gross margin rose by about $0.5 billion in 2023, and its gross margin percentage increased 30 basis points to 37.3%, compared with 37.0% for 2022.
Honeywell said Aerospace net sales rose $1,797 million, of which organic sales in Commercial Aviation Aftermarket increased $1,148 million. Segment profit increased $513 million, and segment margin percentage was 27.5%, compared with 27.3% in 2022.
The company cited the following as factors behind the increase in other income: a reduction of about $0.6 billion in net expenses from the NARCO Amended Buyout Agreement in 2022, which included a charge of $1.325 billion for the Buyout Amount and was partially offset by the derecognition of the NARCO asbestos-related liability of $0.7 billion. Proceeds from the HWI Sale of $0.3 billion and lower pension and postretirement income of $0.2 billion partially offset the increase.
The company cited the following as factors behind the increase in diluted earnings per share, all after tax: higher segment profit of $0.70, lower repositioning and other charges of $0.56, higher interest income of $0.21, and a lower share count of $0.18. Higher interest expense of $0.40 partially offset these gains.

Key figures

Fiscal year ended December 31, 2023

Revenue: $36.7B
Net income: $5.7B
EPS: $8.47
Operating cash flow: $5.3B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Gross margin percentage 37.3%

The company said gross margin rose by about $0.5 billion in 2023, and its gross margin percentage increased 30 basis points to 37.3%, compared with 37.0% for 2022.

Source · Based on the MD&A text of the filing

Aerospace net sales and segment profit

Honeywell said Aerospace net sales rose $1,797 million, of which organic sales in Commercial Aviation Aftermarket increased $1,148 million. Segment profit increased $513 million, and segment margin percentage was 27.5%, compared with 27.3% in 2022.

Source · Based on the MD&A text of the filing

Factors Behind Higher Other Income

The company cited the following as factors behind the increase in other income: a reduction of about $0.6 billion in net expenses from the NARCO Amended Buyout Agreement in 2022, which included a charge of $1.325 billion for the Buyout Amount and was partially offset by the derecognition of the NARCO asbestos-related liability of $0.7 billion. Proceeds from the HWI Sale of $0.3 billion and lower pension and postretirement income of $0.2 billion partially offset the increase.

Source · Based on the MD&A text of the filing

Diluted EPS Change Drivers

The company cited the following as factors behind the increase in diluted earnings per share, all after tax: higher segment profit of $0.70, lower repositioning and other charges of $0.56, higher interest income of $0.21, and a lower share count of $0.18. Higher interest expense of $0.40 partially offset these gains.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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