HON - Honeywell International Inc.

NYSE - NYSE Delayed price. Currency in USD
-2.90 (-1.61%)
At close: 4:03PM EST

177.22 0.00 (0.00%)
After hours: 5:02PM EST

Stock chart is not supported by your current browser
Previous close180.12
Bid176.99 x 800
Ask177.10 x 800
Day's range176.54 - 181.70
52-week range123.48 - 183.12
Avg. volume2,783,112
Market cap126.63B
Beta (3Y monthly)1.14
PE ratio (TTM)20.69
EPS (TTM)8.56
Earnings date30 Jan 2020 - 3 Feb 2020
Forward dividend & yield3.60 (2.00%)
Ex-dividend date2019-11-14
1y target est184.10
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    AMLO’s ‘Hugs Not Bullets’ Is Failing Mexico

    (Bloomberg Opinion) -- Last week, the streets of Culiacan, the capital of Mexico’s Sinaloa state, became a battlefield, with the Sinaloa cartel directly confronting the government and winning. The week before, 13 police officers were killed in an ambush in Michoacan, likely by the Jalisco Nueva Generacion cartel. Overall, murders and kidnappings are at record levels and spreading through Mexico’s once-safer industrial heartland and capital city.Talk of Mexico becoming a failed state is again on the rise. Two decades ago, the last time experts were so worried, the U.S. and Mexico formed a historic security partnership. That’s unlikely to happen again. Both nations will suffer as a result.Rising violence helped propel President Andres Manuel Lopez Obrador, popularly known as AMLO, into office, with Mexicans’ desperation for basic safety a key driver of the vote for change. He promised a seismic shift, ending the war on drugs with “hugs not bullets.” A new 60,000-strong National Guard would replace a tainted federal police. And the militarized enforcement would give way to new scholarships, stipends, and drug treatment.Yet nearly a year on, security has deteriorated. Drug-funded cartels aren’t the only threat. Dozens of criminal groups profit from human trafficking, extortion, kidnapping, and protection rackets (avocados a lucrative favorite).Things won’t improve anytime soon. AMLO’s social approach to preventing violence will take years to translate into real change on the ground, if it ever works. His new National Guard will also take time to hire, train and cohere in the best of circumstances. Today’s circumstances are far from that: The first round of recruits, mostly recycled from the military and federal police, have been sent to round up Central American migrants rather than fight criminals. Even the most promising of security policies can’t get far without money, and AMLO hasn’t raised security spending from less than 1% of gross domestic product.The last time Mexico faced such peril, it turned to the United States. The U.S. government responded, recognizing its role in the drug trade and stake in a secure Mexico. In 2007 presidents Felipe Calderon and George W. Bush hashed out a historic security agreement that came to be known as the Merida Initiative. Over the course of the next decade the U.S. would spend more than $1.6 billion, and Mexico billions more, to dismantle criminal organizations, strengthen Mexico’s rule of law, modernize the border, and help violence-ridden communities. As important as money, Merida overcame a historically fraught bilateral security relationship, building trust and cooperation.The prolonged gunfight that set Culiacan ablaze came from a botched attempt to fulfill a long-standing U.S. request to extradite one of the sons of Chapo Guzman, former head of the Sinaloa cartel. In the aftermath, AMLO and President Donald Trump talked and reaffirmed the “solidarity” between the two nations. But that doesn’t mean a revival of close cooperation. AMLO’s nationalistic political base remains deeply suspicious of all U.S. motives; he isn’t likely to ask for help, even if he needs it. AMLO has bashed the Merida initiative for its military ways — though in truth the partnership turned away long ago from providing helicopters and hardware to training police officers and supporting justice reforms.Even if the Mexican president did turn to the U.S. for help, few on the U.S. side are there to heed the call. Trump’s last confirmed Assistant Secretary of State for the Western Hemisphere exited the building in August after only 10 months in office. The Department of Homeland Security is losing its third secretary in just six months (many deputy posts also remain empty or filled by acting officials). Moreover, the department’s resources have moved away from drugs and border security to migrants.The U.S. isn’t immune to stepped-up violence in Mexico. Its economic costs hit U.S. factories, offices, and workers whose jobs depend on exports south (Mexico remains the second biggest U.S. customer in the world). Violence and crime can also slow or disrupt the flow of parts that help make the U.S. auto, aerospace, medical equipment, and other regional industries globally competitive. Dozens of U.S. companies, including General Motors Co., Honeywell International Inc., Nordam Group Inc., and Medtronic Plc, depend on the speedy delivery of Mexican-made components to keep their operations running in Michigan, Minnesota, North Carolina and Oklahoma.The violence will also exacerbate and accelerate migration north. Mexican refugees don’t need to travel thousands of miles to reach the U.S., nor can they be stopped by the National Guard. U.S. border personnel are already seeing a sharp uptick in Mexican asylum seekers.So what are the two nations to do? Stop worrying so much about sovereignty and focus on what will save lives. And that is taking on organized crime together. To do so means revisiting and doubling down on the four principles of the Merida Initiative: Strategically going after the bad guys, focusing border resources less on stopping fleeing families than on curbing the flows of drugs, guns, and illicit money, and especially strengthening the rule of law and helping stricken communities.Mexico of course needs to step up and deal with its own problems (starting with a huge bump in security spending). But cross-border causes of violence demand cross-border solutions. The two governments need once again to expand the cooperative (versus coercive) parts of the bilateral agenda beyond just passing the USMCA trade agreement. Both presidents must recognize that security at home depends on making all of North America safer.To contact the author of this story: Shannon O'Neil at soneil@cfr.orgTo contact the editor responsible for this story: James Gibney at jgibney5@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shannon O'Neil is a senior fellow for Latin America Studies at the Council on Foreign Relations in New York.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

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  • Factory Slump Is Flyover Country at Honeywell

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    (Bloomberg Opinion) -- Honeywell International Inc.’s aerospace halo is worth its weight in jet fuel.The $120 billion conglomerate reported its third-quarter results on Thursday, and while there was evidence of the slowdown gripping the rest of the manufacturing industry, there was also proof that everything that’s made Honeywell an industrial  darling of Wall Street this past year still holds true. On the one hand, Honeywell cut its 2019 sales outlook. Revenue at its safety and productivity unit slumped 8% in the third quarter, excluding the impact of currency swings and M&A, as inventory piled up and projects got pushed out. Offsetting that bleak result was Honeywell’s aerospace division, which delivered robust 10% organic revenue growth. And Honeywell raised its 2019 earnings forecast.So in the end, what could have been an ugly earnings day for Honeywell ended up eliciting a polite clap. As trading began in New York, the stock was up about 1%.For Honeywell and other industrial companies, aerospace has been a rare bright spot at a time when many other sectors, particularly automotive, electronics and increasingly construction-related businesses, are slowing down. The decline appears to be accelerating: railroad Union Pacific Corp. on Thursday reported an 8% slump in carload volumes in the third quarter while construction-rental equipment company United Rentals Inc. trimmed its revenue guidance late Wednesday. Meanwhile, a report from the Federal Reserve on Thursday showed that U.S. factory output declined in September by the most in five months as a strike at General Motors Co., the trade war and generally sluggish demand weighed on production.The sustainability of the years-long aerospace boom has come into question as a wobbling Chinese economy and the prolonged trade war risk damping demand for travel. Global passenger traffic grew 3.8% in August, well off the pace of the past few years, according to the International Air Transport Association. But that’s still growth, at least for now. Parts makers like Honeywell are also seeing more demand for services on older aircraft while the Boeing Co. 737 Max remains grounded.In its earnings presentation, Honeywell said it expects further growth in commercial flight hours and the rollout of new jet programs to continue to boost sales at the aerospace division in 2020. Margins may get squeezed, because the business will tilt more heavily toward the less profitable work of installing new equipment versus maintaining older versions.The generally upbeat aerospace narrative contrasts with downbeat performances elsewhere at the company. The sales decline at the safety and productivity unit was the worst for the business since 2016, when the manufacturing sector was emerging from a mini-recession sparked by the plunge in oil prices. Margins in the safety and productivity business fell 320 basis points to 13.4%. Honeywell still recorded healthy growth in its chemicals and materials unit and building-technologies division, but the pace slackened from the second quarter. Honeywell now expects total company organic sales to grow at best 5% this year, down from an earlier projection of as much as 6%.Amid what it deemed an “uncertain macro environment,” Honeywell reiterated its ability to protect its earnings through a downturn by continuing to cut costs and using its ample balance sheet for M&A and share buybacks. CEO Darius Adamczyk has largely sat comfortably on the M&A sidelines the past few years, holding out for lower valuations that may now be coming. There had been some concern when he took over from former leader Dave Cote and talked passionately about accelerating Honeywell’s revenue growth that such an effort would come at the expense of the company’s almost religious commitment to margin improvements. That concern was ill-founded. Honeywell boosted its margin guidance for the full year in part because of the benefits of previously funded restructuring, operating improvements and the spinoffs of the less profitable Garrett Motion Inc. turbocharger and Resideo Technologies Inc. consumer-facing home products businesses last year.Honeywell is making a good case for why it’s a decent place to hide in the event of a manufacturing slowdown, or perhaps broader recession. But the fact that it’s making this argument increasingly loudly should be a warning for the rest of the industrial sector.To contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Bloomberg

    Builders Ditch Nest After Google Ties Devices to Digital Assistant

    (Bloomberg) -- Several residential builders have stopped buying and installing Google’s Nest devices after the internet giant overhauled how Nest technology works with other gadgets.The Alphabet Inc. unit bought Nest in 2014 for $3.2 billion to enter the so-called smart-home market. Nest has become one of the largest makers of internet-connected thermostats, smoke alarms and locks.The devices were popular with builders who saw a Nest gadget as a way to increase the value of properties. But earlier this year, that began to change as Google exerted more control over Nest and started changing the underlying technology.As a more independent business, Nest developed software that helped its gadgets communicate with a wide range of products from other manufacturers, through accounts set up directly by users.As of the end of August this year, however, consumers need a Google account -- and access to the company’s voice-based Google Assistant service -- to integrate new Nest products with other devices in their homes.The move may help the internet giant weave its Google Assistant deeper into people’s lives. But for builders it’s just a pain because Nest devices no longer work so well with the other gadgets they install in homes, such as audio and entertainment systems, and alarms and other security gear. It’s also a less enticing user proposition with all the privacy permissions that Google Assistant requires.That’s spurred some builders -- who collectively purchase tens of thousands of Nest devices each year -- to avoid Nest products.“We’ve stopped,” said Mark Zikra, vice president of technology at CA Ventures, which builds and operates apartments, senior homes and other property. “In an apartment complex we’re talking about 200, 300 devices that would be installed in one swoop and then all of a sudden everyone moves in. We don’t have the luxury of being able to say ‘hey are you a Google person or are you a Honeywell person?’”Similar sentiments were shared by others in the construction industry, including two large systems-integration firms that work with hundreds of builders across the U.S.For Sean Weiner, chief technology officer of Bravas Group, the main sticking point is Google’s decision to tie its digital assistant to Nest products going forward. Bravas installs smart-home devices and audio systems in about 3,500 high-end homes a year, and the ability to connect to as many different gadgets as possible is the most important feature. Digital assistants can’t handle these larger, more complex systems, according to Weiner.“If we put that control in the hands of Google, we’ve lost that control,” he said.This could dent Nest sales at a time when Google is trying to generate more revenue from consumer hardware. Commercial installers and builders are an important source of smart-home sales and Nest had developed a program to train professionals how to hook up its gadgets.Google has said it is being more selective with outside partners to increase security and privacy. At an event this week in New York City, the company highlighted how its home devices and smartphones work together to provide functionality that consumers can’t get unless they go all-in with Google technology. Still, the company is working to increase the number of other devices Nest products work with.That’s little comfort for builders in the midst of existing projects, such as David Berman who has been installing electronics in homes since the 1960s. Now, his company sets up networks of smart-home devices in thousands of homes a year. When Google said Nest’s integration technology was changing earlier this year, he stopped using the devices.“We were more or less forced into the switch,” he said. “When people buy a connected device, they expect it to connect. That’s not something that happens with Nest anymore.”Google isn’t alone in trying to tie its devices to a digital assistant. Amazon.com Inc. and Apple Inc. have pursued similar goals, and the smart-home market increasingly revolves around the tech giants, with manufacturers of light bulbs, thermostats, smoke alarms and more struggling to make their wares compatible with all three.Even though Nest has been owned by Google for five years, it hadn’t been fully pulled into the internet giant’s orbit until now.When Google announced the acquisition in 2014, Nest said it would only share user data with its own products and services, not Google’s. In a blog post, Nest co-founder Matt Rogers said “Nest data will stay with Nest” and that the company wasn’t changing its Terms of Service.It didn’t take long for that to change. And Rogers’s blog post is no longer available on Nest’s website. Less than six months after the deal, Nest said Google would connect some of its apps, letting Google know whether Nest users were at home or not. The integration allowed those people to set the temperature of their homes with voice commands and helped Google’s digital assistant set the temperature automatically when it detected the people were returning home.Initially, smart-home products connected to “home hubs” that acted as a gateway linking many devices -- even if they used different communication standards and protocols. “That idea has mostly died” as tech giants take over that central role with their voice assistants and smart speakers, said Frank Gillett, an analyst at Forrester Research.“This is a symptom of a larger challenge in the smart-home arena,” he added.Interoperability doesn’t need to be compromised for security and privacy, said Aaron Emigh, chief executive officer of Brilliant Home Technology Inc., which makes a centralized hub that hosts Amazon’s Alexa voice assistant.Amazon put Brilliant through many tests, ranging from audio quality to the ability to stop hacks. The same hasn’t happened with Google, he said. Google devices, such as its Home smart speakers, can be used to control Brilliant’s hub with your voice, but the integration is incomplete compared with Alexa, Emigh added.“What they’re doing is creating a lot of mistrust around Google and that’s then causing people to de-select Google and Nest as technology platforms,” Emigh said. “That’s happening in droves.”\--With assistance from Mark Bergen.To contact the reporter on this story: Gerrit De Vynck in New York at gdevynck@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair Barr, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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