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北京时间·🕒 发布 04:12:02时区推断·⟳ 抓取 04:12:23·⚡ 决策 08-06 04:19:13 +6m50s·82.8 天前
Honeywell Aerospace 二季度业绩低于预期并下调全年增长、EBIT和EPS指引
二季度收入45亿美元低于46.1亿美元预期，调整后EPS为1.87美元低于2.11美元预期，业绩方向明确偏负面。
📄 原文Wall St Engine@wallstengine↗ 原文
HONEYWELL AEROSPACE $HONA Q2’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $4.5B (Est. $4.61B) 🔴; +5% YoY 🔹 Adj. EPS: $1.87 (Est. $…
不做 Honeywell Aerospace（HONA.US）
方向偏空但不追空：核心Q2销售/利润miss与供应链约束此前已有传播，HONA.US在本条盘后社媒前已收跌约5.5%，且backlog和FCF仍有支撑，剩余edge不足。
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研究档案
消息传播链
- 盘后社媒转述HONA二季度业绩miss、全年指引下修和供应链受限表述。市场反应:HONA.US在该社媒信号前的8月5日常规交易已收跌约5.5%。
关键理由
- 二季度收入45亿美元低于46.1亿美元预期，调整后EPS为1.87美元低于2.11美元预期，业绩方向明确偏负面。
- 全年有机增长指引由7%-9%下调至4%-5%，调整后EBIT中值由47.0亿美元降至44.0亿美元，调整后EPS指引7.60-7.90美元也低于8.86美元预期。
- 但HONA当日收盘前已跌约5.5%，且内部KB显示7月23日已有销售和分部利润miss导致股价下跌的解读，当前盘后社媒转述剩余可交易edge不足。
主要风险
- 若正式财报电话会进一步披露供应链约束持续到2027年或现金流指引下修，可能重新形成下一条可做空催化。
- 若盘后或次日开盘继续大幅跳空，当前不追空可能错过剩余下跌，但风险回报已不适合用社媒转述追单。
反向证据
- 做空前查反向 · 来源 kb_search · 日期 2026-07-23 · 影响 weakens
内部KB命中CNBC称虽有销售和利润miss，但仍看好供应链问题改善后的持仓逻辑，削弱追空把握。
检索:Honeywell Aerospace HONA recent bullish order backlog buyback guidance analyst upgrade supply constraints counter evidence 原文 ↗ - 做空前查反向 · 来源 kb_search · 日期 2026-08-05 · 影响 weakens
本次摘要同时披露 backlog 182亿美元同比增长9%、下半年自由现金流10亿-15亿美元维持，说明负面主要是供应链交付节奏而非需求崩塌。
检索:Honeywell Aerospace Q2 2026 earnings EPS guidance supply constraints backlog 原文 ↗
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原文全文
展开原文 · 855 字
HONEYWELL AEROSPACE $HONA Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $4.5B (Est. $4.61B) 🔴; +5% YoY
🔹 Adj. EPS: $1.87 (Est. $2.11) 🔴; -32% YoY
🔹 Adjusted EBIT: $1.0B; -7% YoY
🔹 Backlog: $18.2B; +9% YoY
FY26 Guide:
🔹 Organic Growth: 4%-5%; from 7%-9%
🔹 Adjusted EBIT: $4.35B-$4.45B; from $4.65B-$4.75B
🔹 YoY Growth: Flat to +3%; from 7%-10%
🔹 Adj. EPS: $7.60-$7.90 (Est. $8.86) 🔴
H2 Guide:
🔹 Free Cash Flow: $1.0B-$1.5B; maintained
Segment Net Revenue:
🔹 Electronic Solutions: $1.8B; +8% YoY
🔹 Engines & Power Systems: $1.4B; +1% YoY
🔹 Control Systems: $1.3B; +7% YoY
Other Q2 Metrics:
🔹 Net Income: $256M (Est. $671M) 🔴; -70% YoY
🔹 Organic Sales Growth: +5% YoY
Comments:
🔸 “supply constraints limited output growth in the quarter.”
🔸 “it is prudent to align our guidance to our supply chain’s demonstrated capabilities at the end of the second quarter.”
🔹 Revenue: $4.5B (Est. $4.61B) 🔴; +5% YoY
🔹 Adj. EPS: $1.87 (Est. $2.11) 🔴; -32% YoY
🔹 Adjusted EBIT: $1.0B; -7% YoY
🔹 Backlog: $18.2B; +9% YoY
FY26 Guide:
🔹 Organic Growth: 4%-5%; from 7%-9%
🔹 Adjusted EBIT: $4.35B-$4.45B; from $4.65B-$4.75B
🔹 YoY Growth: Flat to +3%; from 7%-10%
🔹 Adj. EPS: $7.60-$7.90 (Est. $8.86) 🔴
H2 Guide:
🔹 Free Cash Flow: $1.0B-$1.5B; maintained
Segment Net Revenue:
🔹 Electronic Solutions: $1.8B; +8% YoY
🔹 Engines & Power Systems: $1.4B; +1% YoY
🔹 Control Systems: $1.3B; +7% YoY
Other Q2 Metrics:
🔹 Net Income: $256M (Est. $671M) 🔴; -70% YoY
🔹 Organic Sales Growth: +5% YoY
Comments:
🔸 “supply constraints limited output growth in the quarter.”
🔸 “it is prudent to align our guidance to our supply chain’s demonstrated capabilities at the end of the second quarter.”
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