Honeywell Q2 profit rises 17 per cent, boosts full year profit guidance
September 20, 2007 ByBrooke Shaw
Honeywell International Inc., said its second-quarter profit grew 17 per cent.
MORRIS TOWNSHIP, N.J. – Jul 19 2007 (AP) _ Honeywell International Inc., a diversified maker of high-tech products, said Thursday its second-quarter profit grew 17 per cent on stronger sales of aerospace products as well as controls and systems that help customers manage industrial processes.
The company also boosted its full-year sales and profit outlook above analysts' expectations.
Its shares rose $1.39, or 2.3 per cent, to US$61.93 in pre-market trading.
Quarterly earnings rose to $611 million, or 78 cents per share, for the three months ended June 30 from $521 million, or 63 cents per share, in the prior-year period. Sales rose to $8.54 billion from $7.9 billion.
Wall Street had expected earnings of 75 cents a share on $8.42 billion in sales, according to a Thomson Financial analyst survey.
Honeywell said sales gains for its aerospace, automation and control and transportation units helped to offset a three per cent decline in specialty materials revenue.
The company raised its full-year profit-per-share outlook to a range of $3.10 to $3.16 on sales of $33.9 billion. Analysts were expecting earnings of $3.08 per share and $33.53 billion in sales for the year.