Honeywell International Inc. (HON - Free Report) announced the extension of its support for the U.S. government in fighting the coronavirus pandemic.
As noted, the company has been working on enhancing its manufacturing capacities at the Phoenix site to produce N95 face masks. The manufacturing facility will primarily support the delivery of the face masks to the U.S. Department of Health and Human Services, which will add to the American stockpile. In addition, the facility will carry the manufacturing capability to cater to the requirements of face masks for the U.S. states and American healthcare, and emergency response organizations.
The expansion of the Phoenix mask production line will help in generating more than 500 jobs in Arizona. As noted by the company, the recruitment, hiring and training of the manufacturing workers have already commenced supporting the production line. Notably, the manufacturing expansion will also support other American businesses like industrial equipment providers and raw material suppliers.
Notably, the announcement came after a week the company highlighted its efforts toward the expansion of its manufacturing operations at the Smithfield, RI-based site for the production of N95 masks. The expansion of production capabilities at the Phoenix site together with the addition of the Smithfield mask production line will aid it to manufacture more than 20 million N95 disposable masks monthly to address the coronavirus-led crisis.
Existing Business Scenario
Strength in the process solutions business, and robust orders for UOP equipment and HPS projects is likely to keep boosting revenues of the company’s Performance Materials and Technology segment. In addition, solid demand for commercial fire and building management products are likely to boost revenues of the Building Technologies segment.
However, persistent weakness in its productivity product business and high long-term debt remain concerning for the company.
In the past three months, the Zacks Rank #3 (Hold) company's shares have lost 25.5% compared with the industry’s decline of 25.9%.
Some better-ranked stocks include Tennant Company (TNC - Free Report) , Griffon Corporation (GFF - Free Report) and Broadwind Energy, Inc. (BWEN - Free Report) . While Tennant currently sports a Zacks Rank #1 (Strong Buy), Griffon and Broadwind Energy carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Tennant delivered a positive earnings surprise of 26.60%, on average, in the trailing four quarters.
Griffon delivered a positive earnings surprise of 20.34%, on average, in the trailing four quarters.
Broadwind Energy delivered a positive earnings surprise of 10.42%, on average, in the trailing four quarters.
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