By: Scott Davis

The minutia around quarterly earnings is maddening.  So here’s a quick summary of what matters:

  1. The 2018 guide went up with the new tax tailwind but not otherwise, which is one of the reasons the stock is flat today on a strong print.  Looks to us that management is being extra conservative, which is consistent with past January guidance history.  HON is a “promise good and deliver great” story.  Has been for a dozen years.

HON Report Here