Aerospace, Order Rates Help Honeywell Profit
{{#rendered}} {{/rendered}}Honeywell International Ltd. (HON) said on Wednesday its quarterly profit rose, exceeding analysts' and the company's own consensus forecasts amid growth in businesses such as aerospace and strong order rates.
The diversified manufacturer said second-quarter net profit rose to $361 million, or 42 cents a share, from $319 million, or 37 cents a share, in the same period a year earlier.
The Morris Township, N.J.-based company said quarterly revenue climbed about 11 percent to $6.39 billion from $5.75 billion a year earlier.
{{#rendered}} {{/rendered}}Analysts were anticipating profit of 38 cents a share on revenue of about $6.17 billion, according to Reuters Estimates.
In April, the company had said it expected second-quarter earnings of 37 cents to 39 cents a share.
Strength in Honeywell's businesses, including the 14 percent increase in sales in aerospace, was offset slightly by higher pension expenses.
{{#rendered}} {{/rendered}}During the quarter, the company also took several charges for items such as the planned disposal of its polyester business and environmental and litigation matters. These charges were offset by gains of $233 million for divesting non-core businesses.
Shares of Honeywell closed at $35.90 in on Tuesday.