Honeywell reports 9.7% fall in quarterly profit
Reuters
Published Apr 23, 2021 07:06AM ET
Updated Apr 23, 2021 07:25AM ET
(Reuters) -Honeywell International raised its full-year sales and profit outlook as it posted a better-than-expected quarterly profit on Friday, helped by robust demand for its warehouse automation equipment from customers including Amazon.com Inc (NASDAQ:AMZN).
A boom in online shopping during the COVID-19 pandemic has boosted sales of Honeywell (NYSE:HON)'s warehouse automation unit, part of its safety and productivity solutions business.
Sales in the business jumped 49% to $2.12 billion in the first quarter ended March 31, beating analysts' average estimate of $1.79 billion, according to IBES data from Refinitiv.
Honeywell also makes aircraft parts for planes manufactured by Boeing (NYSE:BA) Co and Canada's Bombardier (OTC:BDRBF) Inc.
Analysts expect to see a recovery in the company's aircraft spare parts business later this year, as rising vaccination rates drive air traffic.
Honeywell said it now expects full-year sales between $34 billion and $34.8 billion, up form its prior forecast of $33.4 billion to $34.4 billion.
Net income attributable to Honeywell fell to $1.43 billion, or $2.03 per share, in the first quarter ended, from $1.58 billion, or $2.21 per share, a year earlier.
On an adjusted basis, Honeywell earned $1.92 per share in the quarter, beating Wall Street's estimate of $1.80 per share.
Net sales fell to $8.45 billion from $8.46 billion.
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Written By: Reuters
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