US-based Honeywell reported better-than-expected quarterly earnings on Thursday, boosted by sustained growth in its aerospace business.
The diversified industrial group posted first-quarter net income of $1.46 billion, or $2.23 per share, versus $1.39 billion, or $2.07 per share, a year earlier.
Sales rose by 3% on both a reported and organic basis, to $9.1 billion.
Analysts were forecasting earnings per share of $2.17 for the quarter, on sales of around $9 billion.
Sales in the aerospace technologies division, the largest in terms of sales, alone generated organic growth of 18%.
Industrial automation sales contracted by 13%, while building technology sales fell by 3%.
The conglomerate also maintained its earnings per share guidance for the full year, still expected to be in the range of $9.80 to $10.10, i.e. an annual increase of 7% to 10%.
Honeywell also confirmed its sales target, expecting to achieve sales of between $38.1 and $38.9 billion, representing organic growth of between 4% and 6%.
The share price advanced by 2% in pre-market trading on Wall Street following this publication.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Honeywell International Inc. specializes in the manufacturing and marketing of industrial equipment. The group also offers maintenance, technical assistance and engineering services. Net sales break down by family of products as follows:
- aeronautical equipment (37.2%): engines, navigation hardware and software, propulsion and communication systems, satellite and space components, lighting equipment, wheels, etc. The group also offers turbochargers for motor vehicles;
- performance materials and technologies (31.4%): polymers, fibers, resins, acids, additives, catalysts, sorbents, semiconductor packaging materials, coating materials, etc.;
- building automation and control systems (16.4%): heating and ventilation control systems, fire alarms, thermostats, monitoring systems, etc.;
- security and productivity optimization solutions (15%): personal safety equipment, warning systems, gas detection systems, data collection and thermal printing computer solutions, warehouse and supply chain automation systems, data and production process management solutions, etc.
Net sales are distributed geographically as follows: the United States (57%), Europe (22%) and other (21%).
HONEYWELL INTERNATIONAL INC. 
