Honeywell's aerospace segment revenues rose by $558 million, an 18% increase from the same quarter last year, company executives announced today.
“Organic growth was led by double-digit growth in both our commercial aviation and defense and space businesses," Vimal Kapur, chief executive officer of the company, said in a company statement.
Kapur attributed the increase to the stabilization of the supply chain, calling it the “biggest variable” in the aerospace industry and citing increased orders in the U. S. and internationally.
“We expect high-single-digit growth in defense and aerospace in the revenue, but order booking will much stronger,” Kapur added. “And that’s not only due to the demand in the U.S. but international demand which is coming up in this business and those trends are exceedingly favorable.”
The company reported $9.1 billion in sales, up 3% from the same quarter in 2023.
Partnering with Sikorsky-Lockheed, Honeywell supplied their HTS7500 turboshaft engine as part of a bid for the Army’s Future Long-Range Assault Aircraft program, designed to replace the UH-60 helicopters.
In December 2022, the Sikorsky-Boeing FLRAA bid lost to Bell, a subsidiary of Textron, and Honeywell announced it would repurpose the HTS7500 for the Army’s CH-47 Chinook helicopters.
The same month, the company announced a contract to upgrade Army CH-47 helicopters based in South Korea.
At last year’s Association of the United States Army annual conference, Honeywell unveiled the 360 Display, an augmented and mixed-reality headset that uses multiple sensors and cameras to improve vision for combat vehicle operators.
In 2022, the company announced a realignment to further assert itself in satellite communications, networks and navigation technology, among other areas, coinciding with the Army’s shift away from counterinsurgency warfare to focus on near-peer competition.
Honeywell is also subcontracting with Vector Atomic in the Defense Innovation Unit’s quantum sensing initiative to develop an atomic gyroscope, which is designed to improve the position of satellites in space.