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4-Traders Homepage  >  Equities  >  Nyse  >  Honeywell International    HON

HONEYWELL INTERNATIONAL (HON)
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Honeywell profit beats as aerospace, energy businesses deliver

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04/21/2017 | 02:54pm CEST
A Honeywell logo is pictured on the company booth during the European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva

(Reuters) - Diversified U.S. manufacturer Honeywell International Inc (>> Honeywell International Inc.) reported quarterly profit ahead of analysts' estimates on Friday, as sales in its aerospace and energy businesses were higher than the company's forecast.

(Reuters) - Diversified U.S. manufacturer Honeywell International Inc (>> Honeywell International Inc.) reported quarterly profit ahead of analysts' estimates on Friday, as sales in its aerospace and energy businesses were higher than the company's forecast.

Honeywell said it was seeing improving conditions in the oil and gas industry and a resilient commercial aviation after-sales market, even as business jet deliveries remained weak.

"This is the first quarter in 2-3 years where we have seen a clean beat supported by sales upside and strong cash generation. We reiterate our view that the stock should trade well post results," Morgan Stanley analyst Nigel Coe wrote in a client note.

Honeywell's shares were up 2.8 percent at $127.18 in premarket trading.

The company raised the low end of its 2017 earnings forecast by 5 cents to $6.90-$7.10 per share, and reaffirmed its 2017 organic sales growth forecast of 1-3 percent.

Analysts on average 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 (>> Bombardier, Inc.), Textron Inc (>> Textron Inc.) and General Dynamics Corp (>> General Dynamics Corporation) among others, were partly helped by growth in its commercial aviation after-sales business.

Demand for corporate jets has been subdued as companies, oil tycoons and billionaires have tightened their purse strings amid an uncertain global economy.

Sales in Honeywell's performance materials and technologies unit, which makes catalysts and adsorbents used for petroleum refining and is its third-biggest, dropped about 9 percent to $2.07 billion, but were above the 10-12 decline forecast by the company.

A downturn in oil prices had hurt customer spending last year, affecting sales in the unit.

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.

Normalized for tax, 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)

By Ankit Ajmera

Stocks mentioned in the article
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BOMBARDIER, INC. 0.23% 4.3 Delayed Quote.40.59%
GENERAL DYNAMICS -0.57% 207.52 Delayed Quote.1.14%
TEXTRON -0.72% 66.43 Delayed Quote.18.40%
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Financials ($)
Sales 2018 43 240 M
EBIT 2018 8 249 M
Net income 2018 6 083 M
Debt 2018 8 088 M
Yield 2018 2,00%
P/E ratio 2018 18,91
P/E ratio 2019 17,20
EV / Sales 2018 2,80x
EV / Sales 2019 2,66x
Capitalization 113 B
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 172 $
Spread / Average Target 14%
EPS Revisions
Managers
NameTitle
Darius Adamczyk Chairman & Chief Executive Officer
Gary S. Michel President, CEO-Home & Building Technologies
Thomas A. Szlosek Chief Financial Officer & Senior Vice President
Krishna Mikkilineni SVP-Engineering Operation & Information Technology
Jaime Chico Pardo Lead Independent Director
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