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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Honeywell International Inc | NASDAQ:HON | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 193.77 | 191.74 | 195.18 | 23 | 09:48:17 |
By Michael Calia
Honeywell International Inc. said its second-quarter earnings rose 7.6% as most of its segments posted sales growth.
The results topped the industrial conglomerate's expectations.
Honeywell, encouraged by recent results, also raised the lower end of its earnings view for the year by five cents to $5.45 to $5.55 a share, citing strong performance and outlook.
Honeywell Chairman and Chief Executive Dave Cote credited the improved guidance to the company's "very good first half" and its expectation of continued improvement in organic growth and margins during the rest of the year.
The company has sought to improve margins by realigning its business to focus on its aerospace, automation and control, and high-tech materials operations. Earlier this month, Honeywell completed the $155 million sale of its friction-materials business to Federal-Mogul Holdings Corp.
The company lowered its sales guidance for the year--down to a range of $40.2 billion to $40.4 billion from its previous projection of $40.3 billion to $40.7 billion--reflecting the expected absence of $300 million in friction-materials sales.
Overall, the company posted earnings of $1.1 billion, or $1.38 a share, up from $1.02 billion, or $1.28 a share, during the prior-year period. The company said in April that it expected earnings of $1.32 to $1.36 a share.
"Strong execution across our businesses and continued momentum across the portfolio helped us to deliver stronger than expected earnings," Mr. Cote said in a news release.
Total sales rose 5.8% to $10.25 billion, surpassing the company's top-line expectation of $10 billion to $10.2 billion.
Product sales rose 6.9% to $8.28 billion, while service sales grew 1.3% to $1.98 billion.
The automation and control-systems business, which supplies the commercial-construction industry, rose 10% to $3.61 billion. The aerospace business's sales declined slightly to $2.99 billion.
The company's performance materials and technologies sales posted a 6.3% increase in sales to $2.64 billion, while transportation systems sales rose 7.6% to $1.02 billion.
Write to Michael Calia at michael.calia@wsj.com
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