Honeywell Profit Rises on Aerospace, Construction Demand
Diversified manufacturer Honeywell International said Thursday quarterly profit rose 17%, beating Wall Street expectations, boosted by strong demand from the aerospace and construction industries.
Honeywell , the world's largest maker of cockpit electronics, reported second-quarter profit of $611 million, or 78 cents per diluted share, compared with $521 million, or 63 cents per share, a year earlier.
Analysts, on average, had expected 76 cents per share, according to Reuters Estimates.
Profit was up at the company's aerospace and automation and control units, its largest businesses, but slipped at specialty materials and transportation systems.
Revenue came to $8.54 billion, up 8% from a year earlier. Analysts, on average, had expected $8.42 billion.
Results at the Morris Township, New Jersey-based company, which also makes heating and ventilation systems for homes and industrial buildings, were helped by strong investment in commercial construction, both in the United States and abroad.
Honeywell said it now expects full-year profit of $3.10 to $3.16 per share. Analysts, on average, have forecast $3.10, according to Reuters Estimates.
Honeywell shares rose $1.43, or 2.4%, to $61.97 in electronic trading ahead of the stock market opening, up from a $60.54 close on the New York Stock Exchange.
As of Wednesday's close, the shares were up 33.8% this year, compared with a rise of 11.7% in the Dow Jones Industrial Average, of which Honeywell is a component.