Honeywell Expects $470 Million Charge From Flexjet Settlement
Private aviation company Flexjet sued Honeywell in March 2023, alleging Honeywell breached an aircraft engine maintenance services agreement.
Flexjet sought liquidated damages tied to delayed engine repairs and said the damages continue to accrue monthly for engines awaiting repair.
Related: Boeing, Honeywell Sued by Air India Crash Victim Families
Honeywell also updated its full-year outlook as it plans to report its Advanced Materials unit as discontinued operations starting in the fourth quarter of 2025, following the successful spin off of Solstice Advanced Materials.
The industrial conglomerate now sees adjusted profit for the year between $9.70 and $9.80 per share, down from its previous forecast of $10.60 to $10.70 per share.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Tasim Zahid)
- Golden Gate Sued Over Insurer’s $2.2 Billion Capital Shortfall
- Public Adjuster Coalition Unveils Ethics Code, Plans Complaint Board
- Cyber Worker Allegedly Moonlighted as ShinyHunters Hacker
- Apollo’s Rowan Blasts Regulators for Handling of Walter Insurers
- Glassdoor: Adjusters Dislike, Fear AI More Than Others
- Londoners Find ‘Horrendous’ Cracks in Their Homes After Successive Heat Waves
- Credit Acceptance Reaches $710M Predatory Auto Lending Settlement With Most States
- The Great Hemp Reset: How the Federal Ban on Intoxicating Hemp Products Will Reshape Risk and Coverage