11:01 AM EDT, 07/25/2024 (MT Newswires) -- Honeywell International's ( HON ) second-quarter results came in ahead of Wall Street's estimates while the industrial conglomerate updated its full-year outlook amid recently announced acquisitions.

The company now anticipates adjusted earnings to be in the range of $10.05 and $10.25 per share for 2024, down from its previous projections of $10.15 to $10.45. Sales are expected between $39.1 billion to $39.7 billion versus the prior forecast of $38.5 billion to $39.3 billion. The consensus on Capital IQ is for normalized EPS of $10.26 and revenue of $38.88 billion.

The stock was down 5.8% in Thursday trading.

Earlier this month, the company agreed to buy Air Products and Chemicals' (APD) liquefied natural gas process technology and equipment business for $1.81 billion. In June, it struck a $1.9 billion deal to acquire aerospace and defense technology company CAES Systems from Advent International.

"While we are encouraged by our performance year-to-date and our robust backlog, the back half will remain influenced by the dynamic macroeconomic backdrop and varying levels of channel improvement across our portfolio," Chief Financial Officer Gregory Lewis said during an earnings call, according to a Capital IQ transcript. "Collectively, acquisitions are expected to add approximately $800 million to Honeywell ( HON ) sales in 2024."

For the three months through June, Honeywell's ( HON ) adjusted EPS advanced 8% year over year to $2.49, ahead of the Street's view for $2.42. Sales improved to $9.58 billion from $9.15 billion last year, topping analysts' $9.42 billion estimate.

Aerospace technologies revenue climbed 16% year over year to $3.89 billion amid gains in commercial aviation and defense and space. The industrial automation segment saw sales decrease 8% to $2.51 billion due to weak volumes in warehouse and workflow solutions. Building automation increased 4% to $1.57 billion while energy and sustainability solutions rose 2% to $1.6 billion.

"All four segments grew sequentially in the quarter as well, giving us further confidence in our expectation of a second half organic growth acceleration," Chief Executive Vimal Kapur said in a statement.

For the ongoing quarter, Honeywell ( HON ) expects adjusted EPS to be in the range of $2.45 to $2.55 and sales between $9.8 billion to $10 billion, according to an investor presentation. The Street is looking for normalized EPS of $2.56 and revenue of $9.86 billion.

Price: 202.19, Change: -11.47, Percent Change: -5.37