Honeywell beats profit estimates, raises full-year forecasts

Industries Reuters

(Reuters)

Honeywell International Inc reported a better-than-expected quarterly profit, as sales in its aerospace, and performance materials and technologies businesses were higher than its forecast.

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The U.S. technology and manufacturing company also raised the low end of its full-year earnings per share forecast range by 10 cents to $7.00. The company kept the high end of the range unchanged at $7.10.

The company said it now expects 2017 sales in the range of $39.3 billion to $40 billion, compared with $38.6 billion to $39.5 per share forecast previously.

Analysts on average were expecting 2017 earnings of $7.09 per share on revenue $39.43 billion, according to Thomson Reuters I/B/E/S.

Sales in Honeywell's aerospace business, its biggest, fell about 3 percent in the second quarter, smaller than the company's forecast of a decline of 5 to 7 percent.

The business manufactures engines for aircraft made by Bombardier Inc, Textron Inc and General Dynamics Corp among others.

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Sales in the performance materials and technologies unit, which makes catalysts and adsorbents used for petroleum refining, dropped 8 percent. The company had forecast a decline of 10 to 12 percent.

Net income attributable to Honeywell increased to $1.39 billion, or $1.80 per share, in the quarter ended June 30, from $1.32 billion, or $1.70 per share, a year earlier.

The company's revenue rose to $10.08 billion from $9.99 billion.

Analysts on average had expected second-quarter earnings of $1.78 per share, and revenue of $9.89 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

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