REUTERS: Honeywell International Inc 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 1per cent.
In the second quarter, sales in its aerospace unit, the company's biggest business, rose 11per cent, 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 and Airbus SE aircraft.
Honeywell raised the low end of its full-year earnings per share forecast range by 5 cents to US$7.95, while keeping the top end unchanged at US$8.15. The company also raised the bottom end of its 2019 sales outlook by US$200 million to US$36.7 billion, while reaffirming the higher end at US$37.2 billion.
Net income attributable to Honeywell rose 21.6per cent to US$1.54 billion, or US$2.10 per share, in the quarter ended June 30, beating analysts' average estimate of US$2.08 per share, according to IBES data from Refinitiv.Revenue fell about 15per cent to US$9.24 billion due to certain divestitures, and was below analysts' expectation of US$9.35 billion.
Source: Holiday News (holidaynews.net)
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