Honeywell Beats Forecast, Raises Outlook; Shares Up
Honeywellreported quarterly earnings that beat analysts' expectations, and the industrial conglomerate also raised its full-year outlook, saying growth in U.S. and high-growth markets are more than offsetting softness in Europe.
The technology and manufacturing company delivered first-quarter earnings excluding items of $1.04 per share, upfrom 88 cents a share in the year-earlier period.
Honeywell revised its 2012 earnings per share outlook to a range of $4.35 to $4.55 from $4.25 to $4.50.
Sales increased by 7 percent to $9.3 billion, above the $9.15 billion average forecast, according to Thomson Reuters.
Analysts had expected the company to report earnings excluding items of 99 cents per share on revenue of $91.6 billion, according to Thomson Reuters.
"Honeywell had a terrific start to the year, highlighted by higher-than-expected organic sales, 70 basis points of margin expansion, and strong double-digit earnings growth," Honeywell Chairman and Chief Executive Officer Dave Cote said in a statement.
Last month, the Morris Township, N.J.-based company told analysts that it expected first-quarter profit of 96 to 98 cents a share.
At that time, Honeywell also projected full-year sales of $37.8 billion to $38.9 billion. On Friday it revised that forecast to a range of $38 billion and $38.6 billion.
After the announcement, shares of the company rose in Friday trading on the New York Stock Exchange.Get real-time quotes for Honeywell here.