What Happened
Aerospace Supplier Slashes Growth Forecast Amid Supply Chain Constraints
Honeywell Aerospace reported second-quarter earnings that missed Wall Street expectations, citing supply chain constraints as a major factor. The company posted sales of $4.5 billion, up 5% year over year, but adjusted earnings before interest and taxes fell 7% to $995 million. As a result, Honeywell Aerospace has cut its full-year organic sales growth forecast to 4%-5% from 7%-9%. The company is taking steps to address supply chain bottlenecks, including qualifying new suppliers and increasing investment in supplier tooling. This news was first reported by Unknown Source.