Looking back on general industrial machinery stocks’ Q2 earnings, we examine this quarter’s best and worst performers, including Honeywell (NASDAQ: HON) and its peers.

Automation that increases efficiency and connected equipment that collects analyzable data have been trending, creating new demand for general industrial machinery companies. Those who innovate and create digitized solutions can spur sales and speed up replacement cycles, but all general industrial machinery companies are still at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings.

The 15 general industrial machinery stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 2.3% while next quarter’s revenue guidance was in line.

While some general industrial machinery stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.7% since the latest earnings results.

Honeywell (NASDAQ: HON)

Originally founded in 1906 as a thermostat company, Honeywell (NASDAQ: HON) is a multinational conglomerate known for its aerospace systems, building technologies, performance materials, and safety and productivity solutions.

Honeywell reported revenues of $10.35 billion, up 8.1% year on year. This print exceeded analysts’ expectations by 2.8%. Overall, it was a very strong quarter for the company with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ organic revenue estimates.

Honeywell scored the highest full-year guidance raise of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 9% since reporting and currently trades at $218.

Is now the time to buy Honeywell? Access our full analysis of the earnings results here, it’s free.

Best Q2: Luxfer (NYSE: LXFR)

With its magnesium alloys used in the construction of the famous Spirit of St. Louis aircraft, Luxfer (NYSE: LXFR) offers specialized materials, components, and gas containment devices to various industries.

Luxfer reported revenues of $104 million, up 4.3% year on year, outperforming analysts’ expectations by 5.9%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The market seems content with the results as the stock is up 1.5% since reporting. It currently trades at $12.53.

Is now the time to buy Luxfer? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: Icahn Enterprises (NASDAQ: IEP)

Founded in 1987, Icahn Enterprises (NASDAQ: IEP) is a diversified holding company primarily engaged in investment and asset management across various sectors.

Icahn Enterprises reported revenues of $2.32 billion, up 5.3% year on year, falling short of analysts’ expectations by 3%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates.

Icahn Enterprises delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 7.3% since the results and currently trades at $8.32.

Read our full analysis of Icahn Enterprises’s results here.

Dover (NYSE: DOV)

A company that manufactured critical equipment for the United States military during World War II, Dover (NYSE: DOV) manufactures engineered components and specialized equipment for numerous industries.

Dover reported revenues of $2.05 billion, up 5.2% year on year. This result topped analysts’ expectations by 0.6%. However, it was a slower quarter as it logged a significant miss of analysts’ adjusted operating income estimates and a slight miss of analysts’ organic revenue estimates.

The stock is down 7.1% since reporting and currently trades at $177.41.

Read our full, actionable report on Dover here, it’s free.

Crane (NYSE: CR)

Based in Connecticut, Crane (NYSE: CR) is a diversified manufacturer of engineered industrial products, including fluid handling, and aerospace technologies.

Crane reported revenues of $577.2 million, up 9.2% year on year. This print surpassed analysts’ expectations by 1.2%. It was a strong quarter as it also put up full-year EPS guidance beating analysts’ expectations and a solid beat of analysts’ EBITDA estimates.

The stock is flat since reporting and currently trades at $188.70.

Read our full, actionable report on Crane here, it’s free.

Market Update

In response to the Fed’s rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed’s 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025.

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