Honeywell Shares Up 4.5% After Company Beats Profit, Sales Estimates

By Ciara LinnaneMarketWatch Pulse

Honeywell International Inc. shares soared 4.5% in premarket trade, after the industrial conglomerate reported better-than-expected second-quarter earnings and raised its full-year outlook. Honeywell said it earned $1.22 billion, or $1.51 a share, up from $1.13 billion, or $1.38 a share, in the year-earlier period. Sales eased back to $9.78 billion from $10.25 billion. The FactSet consensus was for EPS of $1.49 and sales of $9.74 billion. "We saw growth acceleration in both the short- and long-cycle businesses within aerospace, continued growth in our commercial and industrial businesses within ACS, and higher volume across our advanced materials portfolio, particularly in fluorine products," Chief Executive Dave Cote said in a statement. Honeywell is now expecting full-year per-share earnings in range of $6.05 to $6.15, up from a prior range of $6.00 to $6.15. Sales are expected to come to $39.0 to $39.6 billion, unchanged from prior guidance. Shares have gained 3.7% in the year so far, while the S&P 500 has gained 3.2%.

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