HON
06:35 07/24/20
Honeywell reports Q2 Aerospace sales down 27%
Honeywell said in its Q2 release, "Honeywell sales for the second quarter were down 19% on a reported basis and down 18% on an organic basis. The difference between reported and organic sales primarily relates to the impact of foreign currency translation. Aerospace sales for the second quarter were down 27% on an organic basis driven by lower commercial aftermarket demand due to steep declines in flight hours, reduced volumes in commercial original equipment, and the 737 MAX impact in air transport original equipment, partially offset by continued strength in the Defense and Space business. Segment margin contracted 510 basis points to 20.8% driven by lower volumes and sales mix."
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