Diversified U.S. manufacturer Honeywell International Inc reported a higher-than-expected quarterly profit on Friday, as sales in its aerospace and energy businesses came in above the company's forecast.
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Honeywell also raised the low end of its 2017 earnings forecast by 5 cents to $6.90-$7.10 per share.
Analysts on average had were expecting 2017 earnings of $7.03 per share, according to Thomson Reuters I/B/E/S.
Sales in Honeywell's aerospace business, its biggest, fell 4.3 percent to $3.55 billion, but were above the 5-7 percent decline forecast by the company.
Honeywell said sales its aerospace unit, which makes engines for aircraft made by Bombardier Inc , Textron Inc and General Dynamics Corp among others, were partly helped by growth in its commercial after-sales business.
Sales in Honeywell's performance materials and technologies unit, which makes catalysts and adsorbents used for petroleum refining, dropped about 9 percent to $2.07 billion, but were above the 10-12 decline forecast by the company.
Net income attributable to Honeywell increased to $1.33 billion, or $1.71 per share, in the first quarter ended March 31, from $1.22 billion, or $1.56 per share, a year earlier.
Excluding items, Honeywell earned $1.66 per share.
However, revenue fell to $9.49 billion from $9.52 billion.
Analysts on average had expected first-quarter earnings of $1.62 per share, and revenue of $9.33 billion.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Martina D'Couto)