Honeywell Tops Sales And Profit Estimates, Raises Full-year Sales Outlook

Aerospace and defence giant Honeywell International Inc. said Friday it had net income of $1.39 billion, or $1.80 a share, in the second quarter, up from $1.319 billion, or $1.70 a share, in the year-earlier period. Sales rose to $10.08 billion from $9.99 billion. The FactSet consensus was for EPS of $1.78 and sales of $9.88 billion. "Earnings came in at the high end of our guidance range, up 10% year-over-year," Chief Executive Darius Adamczyk said in a statement. "We continued our investments to enhance future profitable growth through new product introductions, additions to the sales organization, and more than $115 million of restructuring funding in the quarter, made possible by a lower-than-planned tax rate." The company raised its full-year sales guidance to a range of $39.3 billion to $40.0 billion, compared with a current FactSet consensus of $39.4 billion. It raised its full-year EPS outlook to a arnge of $7.00 to $7.10, compared with a current FactSet consensus of $7.08. Shares were slightly lower premarket, but have gained 16.5% in 2017, while the S&P 500 has gained 10.5%.