Honeywell experienced a pickup in demand for turbochargers as the car industry picks up from a severe slump. It also saw increased sales of industrial products, which are typically ordered on shorter notice than its aerospace components and automation systems for big commercial buildings.
Still, Chief Executive Officer David Cote noted on Friday that "the timing and shape of the recovery is uncertain, and we remain conservative in our planning assumptions."
The world's largest maker of cockpit electronics said it looks for full-year profit of $2.30 to $2.45 per share, up from a prior forecast of $2.20 to $2.40.
Morris Township, New Jersey-based Honeywell's quarterly earnings fell 2.8 percent to $386 million, or 50 cents per share, from $397 million, or 54 cents per share, a year earlier. Analysts had expected 47 cents, according to Thomson Reuters I/B/E/S.
Revenue rose 2.7 percent to $7.78 billion.
Honeywell shares have risen some 56 percent over the past year, lagging the 65 percent rise of the Standard & Poor's capital goods industry index (^GSPIC - News).
The company's competitors include United Technologies Corp (
(Reporting by Scott Malone; Editing by Derek Caney and Lisa Von Ahn)
Related Headlines
- Honeywell sees second-quarter sales up 3% to 7%- at MarketWatch
- Stocks headed for gains Friday - at CNNMoney.com
- Honeywell profit beats Street, boosts year view - Reuters
- Honeywell 1Q profit falls on pension charge - AP
- Earnings Roundup: April 23 - at CNBC
Posts
No comments:
Post a Comment