What caused HON's Q3 2024 earnings to miss forecasts?

Honeywell International Inc. (HON) experienced a slight miss in its Q3 2024 earnings, primarily due to lower-than-expected performance in its Industrial Automation segment. Here are the key reasons:

1. **Industrial Automation Segment Softness**: Honeywell's Industrial Automation segment faced volume softness in warehouse and workflow solutions. This was partly due to uncertain economic conditions, which affected demand for certain products. As a result, the segment's organic sales declined by 8% in the second quarter ended June 30, compared to the previous year.
2. **Lower Demand in Industrial Automation**: The downturn in the Industrial Automation segment was a significant factor in Honeywell's adjusted earnings per share (EPS) guidance cut. The company now anticipates an annual adjusted EPS of $10.05 to $10.25, down from its previous outlook of $10.15 to $10.45. This reduction reflects the impact of lower demand and the resulting contraction in segment margins.
3. **Impact of Economic Uncertainty**: The Industrial Automation segment's challenges were exacerbated by the uncertain economic outlook. This uncertainty influenced customer behavior, leading to softer demand for Honeywell's products, particularly in the Industrial Automation segment.

In summary, Honeywell's Q3 2024 earnings missed forecasts primarily due to lower demand in its Industrial Automation segment, which was influenced by economic uncertainty and volume softness in certain product areas.