Honeywell Building Technologies, which is a business division of Honeywell, recorded revenues of $1.37 billion in the third quarter of the year, up 5% compared to revenues of $1.30 billion in the year-ago period, Honeywell reported in its earnings release.
The unit recorded profits of $322 million for the period, up 14% year-on-year.
In a statement, Honeywell said that the segment margin expanded 190 basis points to 23.5% driven by commercial excellence and productivity, partially offset by inflation.
?Building technology sales were up 3% organically driven by broad-based demand across the building products portfolio, as well as continued growth in Building Solutions services. Orders were up double-digits year-over-year for the fourth straight quarter, driven by demand for fire products, building management systems, and projects,? Greg Lewis, Honeywell CFO, said during a conference call with investors.
?Backlog for Building Solutions services was up over 35% year-over-year, positioning the business for growth into 2022. In addition, our healthy buildings portfolio maintained strong customer momentum with approximately a $100 million of orders in the quarter, bringing year-to-date orders to $250 million,? the executive said.
?In HBT, we expect non-residential construction growth and an ongoing return to public spaces to drive demand for building products, services, and projects. We also expect continued demand for our portfolio of healthy Building Solutions, as well as tailwinds from U.S. infrastructure clients,? Lewis added.
Earlier this year, Honeywell announced the commercial launch of Honeywell Sine, a mobile solution to support organizations in their plans to return workers to buildings.
From managing varying occupancy levels to pre-screening visitors before arrival, Honeywell says the new solution can help facility managers and operators create a ?simplified site experience? that offers frictionless access by checking credentials with a mobile device through integrations with access control systems.
Last year, Honeywell acquired Adelaide, Australia-based Sine, a specialist in mobile workplace management technology. Sine provides a solution which tracks the flow of people throughout a building. Organizations such as Tennis Australia are using Sine to deliver better insights to improve confidence and comfort onsite to get fans, staff, and vendors back to competitive tennis.
Sine?s workplace management solution complements Honeywell Forge, Honeywell?s enterprise performance management software, to help deliver an optimized experience to employees, visitors and contractors in various environments, including hybrid-work models.