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MarketScreener Homepage  >  Equities  >  Nyse  >  Honeywell International Inc.    HON

HONEYWELL INTERNATIONAL INC.

(HON)
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Exchange Rates Deal $22.56 Billion Blow to Companies' Earnings

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10/17/2019 | 05:24pm EDT

By Nina Trentmann

Uncertainty around tariff tensions, Britain's exit from the European Union and the state of the global economy is expected to drive foreign currency-related losses at North American and European companies in the coming months, following a $22.56 billion blow to balance sheets in the second quarter, according to a company that tracks exchange-rate effects.

The British pound has fluctuated in recent days amid news around U.K. Prime Minister Boris Johnson's Brexit deal, while the U.S. dollar remains near a multiyear high and regional currencies, such as the Turkish lira, have traded lower.

"Companies will need to improve their currency risk management strategies," said Wolfgang Koester, a senior strategy officer at Kyriba Corp., a treasury software provider that tracks currency effects on companies' earnings. "Otherwise, they will keep having losses in this volatile environment."

Companies including Honeywell International Inc., Johnson & Johnson, Abbott Laboratories and Philip Morris International Inc. in recent days highlighted the negative impact of currency effects on their third-quarter earnings.

Abbott Laboratories, a manufacturer of health-care products, reported a 4% hit on sales from foreign exchange rates in key emerging markets such as India, Brazil, Russia and China. Johnson & Johnson, meanwhile, reported sales in markets outside the U.S. were 2.8% lower because of currency effects.

Philip Morris's net revenue was reduced by $115 million because of currency effects in the third quarter, resulting in a foreign-exchange impact of $931 million since the beginning of the year. "Currency is something that is very hard to predict," Chief Financial Officer Martin King said in an interview Thursday. The company hedges against movements in some currencies, including the Japanese yen, he said.

During the second quarter, North American companies listed on the New York Stock Exchange and Nasdaq recorded currency-related losses of $21.01 billion, down from $23.39 billion in the first quarter, according to Kyriba. Exchange rate-related losses at these companies have exceeded $20 billion for three consecutive quarters.

European companies listed on the FTSE 100 and Euronext reported a decline in foreign-exchange effects to $1.55 billion in the second quarter, down from $3.31 billion in the first quarter of 2019, Kyriba said.

Write to Nina Trentmann at Nina.Trentmann@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES 3.06% 94.92 Delayed Quote.9.28%
EURO / BRAZILIAN REAL (EUR/BRL) -1.02% 5.9268 Delayed Quote.32.86%
EURO / BRITISH POUND (EUR/GBP) 0.58% 0.89913 Delayed Quote.6.36%
EURO / US DOLLAR (EUR/USD) 0.04% 1.11069 Delayed Quote.-1.21%
HONEYWELL INTERNATIONAL INC. -1.16% 145.85 Delayed Quote.-17.60%
JOHNSON & JOHNSON 1.21% 148.75 Delayed Quote.1.97%
NASDAQ COMP. 1.29% 9489.872484 Delayed Quote.5.77%
PHILIP MORRIS INTERNATIONAL, INC. -0.20% 73.36 Delayed Quote.-13.79%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.51% 70.175 Delayed Quote.13.87%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.13% 6.818 Delayed Quote.14.55%
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Financials (USD)
Sales 2020 31 945 M - -
Net income 2020 4 966 M - -
Net Debt 2020 5 430 M - -
P/E ratio 2020 21,0x
Yield 2020 2,39%
Capitalization 102 B 102 B -
EV / Sales 2019
EV / Sales 2020 3,37x
Nbr of Employees 113 000
Free-Float 73,2%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 156,61 $
Last Close Price 145,85 $
Spread / Highest target 23,4%
Spread / Average Target 7,38%
Spread / Lowest Target -6,75%
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Managers
NameTitle
Darius Adamczyk Chairman & Chief Executive Officer
Gregory P. Lewis Chief Financial Officer & Senior Vice President
Krishna Mikkilineni SVP-Engineering Operation & Information Technology
Suresh Venkatarayal Chief Technology Officer
Clive Richard Hollick Independent Director
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