Reuters

(Reuters)

Honeywell's 1Q Profit Rises 6.3%

Industries Reuters

Honeywell International posted a 6.3 percent rise in quarterly profit, helped by higher sales in its automation and climate control systems division, and the company raised the low end of its full-year earnings forecast.

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Honeywell said sales in the division rose 13 percent, driven by the acquisition of energy management systems maker Elster Solutions for $5.1 billion in December.

The company's automation and control solutions business, its second biggest, makes fire safety and industrial safety products and controls and displays for heating and cooling systems.

Honeywell said sales in its aerospace division, its biggest business by revenue, rose 3 percent, helped by a rise in repair and overhaul activities and higher sales of turbochargers for vehicles.

Net income attributable to Honeywell rose to $1.19 billion, or $1.53 per share, in the first quarter ended March 31 from $1.12 billion, or $1.41 per share, a year earlier.

Net sales rose 3.4 percent to $9.52 billion.

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Analysts had expected first-quarter earnings of $1.50 per share on revenue $9.37 billion.

Honeywell raised its full-year earnings to $6.55-$6.70 per share, compared with its previous estimate of $6.45-$6.70.

Analysts on average expect 2016 earnings of $6.61 per share, according to Thomson Reuters I/B/E/S.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva)