Honeywell profit rises 21.6% on higher sales of aircraft parts, spares
Reuters
Published Jul 18, 2019 07:07AM ET
Honeywell beats quarterly profit estimates, raises 2019 forecast
(Reuters) - Honeywell International Inc (N:HON) on Thursday reported a better-than-expected quarterly earnings and raised its full-year sales and profit forecasts, riding on higher demand for aircraft parts and spares, sending its shares up 1%.
In the second quarter, sales in its aerospace unit, the company's biggest business, rose 11%, excluding the impact of foreign exchange and other items.
The unit provides repair and overhaul services to airlines and makes auxiliary power units, aircraft navigation equipment, wheels and brakes for Boeing Co (N:BA) and Airbus SE (PA:AIR) aircraft.
Honeywell raised the low end of its full-year earnings per share forecast range by 5 cents to $7.95, while keeping the top end unchanged at $8.15.
The company also raised the bottom end of its 2019 sales outlook by $200 million to $36.7 billion, while reaffirming the higher end at $37.2 billion.
Net income attributable to Honeywell rose 21.6% to $1.54 billion, or $2.10 per share, in the quarter ended June 30, beating analysts' average estimate of $2.08 per share, according to IBES data from Refinitiv.
Revenue fell about 15% to $9.24 billion due to certain divestitures, and was below analysts' expectation of $9.35 billion.
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Written By: Reuters
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