Honeywell: Down, But Not Out
- Honeywell reported impressive Q3 2018 financial results that beat on the bottom line but was only in line with top-line estimates.
- Honeywell reported broad-based growth, with Aerospace being a big contributor, but I believe that the company's strong organic revenue growth was the highlight of the quarter.
- I am long Honeywell and I may add to my position in the months ahead.
Honeywell ($HON) reported impressive Q3 2018 financial results last week but shares of the industrial conglomerate finished the trading day down by almost 2%. Honeywell's stock has not performed well over the first 10 months of 2018, as HON shares are basically flat while the broader market is up almost 3% over the same period of time.
However, as I have described several times over the past two years, I believe that any significant pullbacks for HON shares should be viewed as long-term buying opportunities and it is important to note that my thoughts have not changed after reviewing the company's Q3 2018 results. Actually, I am more bullish now than I have been in quite some time.
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