Honeywell tops profit estimates, raises full-year forecast

Christopher Goodney | Bloomberg | Getty Images

Darius Adamczyk, chief executive officer of Honeywell International Inc.

Honeywell reported a higher-than-expected profit for the first quarter on Friday and lifted its full-year earnings forecast for the second time this year, citing higher sales in its aerospace business.

Industrial conglomerate Honeywell, which makes everything from jet engines to thermostats, said it now expects 2018 profit of $7.85 to $8.05 per share, compared with previous forecast of $7.75 to $8.00 a share.

The company also raised its full-year sales forecast range to $42.7 billion to $43.5 billion, from $41.8 billion to $42.5 billion.

Sales in the aerospace business, its biggest, rose about 12 percent to $3.98 billion, while margins expanded by 10 basis points to 22.5 percent, helped by higher demand for commercial aircraft parts.

Net income attributable to Honeywell increased to $1.44 billion, or $1.89 per share, in the quarter ended March 31 from $1.33 billion, or $1.71 per share, a year earlier. On an adjusted basis, Honeywell earned $1.95 per share.

Revenue rose to $10.39 billion from $9.49 billion.

Analysts on average had expected earnings of $1.90 per share and revenue of $10.02 billion.

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