Eduardo Munoz Alvarez News/Getty Images
Millions of people across the United States and Canada have been under Air quality alerts and warningsas smoke from Canadian wildfires has choked cities in the northeastern United States such as New York and Washington, D.C., in recent weeks, even reaching Chicago and parts of the Midwest.
As residents struggle to deal with the foggy conditions, The increasing demand for air purifiersreports say.
Raymond James analyst Olivia Tong recently raised its adjusted earnings for fiscal 2024 and Helen Troy’s underlying sales estimates (Nasdaq: in full), citing the demand for Honeywell (Nasdaq: Hon) air purifiers.
The higher estimates “reflect our expectation of higher sales of Honeywell (HON) air purifiers as a result of the Canadian wildfires, which is partially offset by the expectation of increased merchandising due to weaker demand in home-related categories,” Tung wrote, adding that in previous years, it had led Wildfires in California drive an estimated $30 million in sales for Helen of Troy (HELE).
As more wildfires spiral out of control around the world, “products and services that prevent or extinguish major fires will continue to be in demand,” according to ETF specialist ProcureAM, whose Disaster Recovery Strategy (FIXT) ETF holdings include Companies involved in forest fires. Response, prevention and recovery.
Examples include specialty vehicle manufacturer REV Group (REVG), fire engine maker Oshkosh (OSK), infrastructure consulting firm AECOM (ACM) and risk analytics technology provider Verisk Analytics (VRSK).
More on Honeywell:
