The company is struggling and struggling big time compared to years past. Revenue remains strong because the people at Honeywell are doing a fantastic job selling future revenue streams for short term gain. It's a lot like selling your car to pay your bills. Sure the revenue looks great now but it's being propped up by bad, I mean very bad decisions internally to meet monthly and quarterly commitments.
The company is buying back stock because there is no choice at this point if they intend to maintain the dividend at its current level. That is just my perspective from working in Aerospace. It is a widely diverse global company but the aerospace division suffering. Perhaps all those locations outside of the U.S. are doing much better? Although I highly doubt it.