Honeywell International Inc reported stronger-than-expected quarterly earnings and raised the low end of its 2013 profit outlook as sales of its security systems and turbochargers outpace slow economic growth.
Honeywell, whose products include cockpit electronics and systems to manage the security of large buildings, posted a 13 percent increase in second-quarter net income and said margins increased in most of its businesses.
The company, which counts the U.S. military, Boeing Co and Airbus among its biggest customers, raised the low end of its current-year pro-forma earnings-per-share forecast to $4.85 from $4.80. The top end is unchanged at $4.95.
Net income attributable to the company rose to $1.02 billion, or $1.28 per share, in the quarter ended June, from $902 million, or $1.14 per share, a year earlier. Sales increased 3 percent to $9.69 billion.
Analysts on average had expected earnings of $1.21 per share on revenue of $9.70 billion, according to Thomson Reuters I/B/E/S.
Honeywell shares were up at $83.30 in trading before the bell after closing at $82.97 on the New York Stock Exchange on Thursday.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Maju Samuel)