UPDATE: Honeywell Posts Upbeat Q2 Profit, Lifts Lower End Of Profit Forecast
Honeywell International (NYSE: HON) reported upbeat second-quarter profit and lifted the lower end of its earnings outlook range for 2014.
Honeywell raised the lower end of its profit outlook to $5.45 per share versus $5.40 per share. However, the company maintained the top end of its forecast at $5.55 per share.
The Morris Township, New Jersey-based company's quarterly net income surged to $1.10 billion, or $1.38 per share, versus $1.02 billion, or $1.28 per share, in the year-ago period.
Its net sales increased 5.8% to $10.25 billion. However, analysts were estimating earnings of $1.36 per share on revenue of $10.19 billion.
Honeywell's product sales increased 6.9% to $8.28 billion, while service sales climbed 1.3% to $1.98 billion.
The aerospace business's sales were approximately flat versus the year-ago quarter. The automation and control-systems business's sales jumped 10% to $3.61 billion, while the performance materials and technologies sales rose 6.3% to $2.64 billion. Transportation systems sales also jumped 7.6% to $1.02 billion in the quarter.
The company's press release offered the following comment from Honeywell Chairman and CEO Dave Cote:
"Honeywell had another terrific quarter and a very good first half of 2014."
Honeywell shares fell 1.27% to close at $95.17 yesterday.
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