Honeywell Results Exceed Expectations -- Update
22 Abril 2016 - 7:18AM
Noticias Dow Jones
By Austen Hufford
Honeywell International Inc. reported better-than-expected
revenue and earnings in the first quarter, boosted in part by
strength in China.
The latest results come seven weeks after the New Jersey-based
company withdrew a $90 billion bid to buy fellow industrial giant
United Technologies Corp. It backed down from the massive tie up
after facing opposition from the target, antitrust regulators and
major customers.
On Friday, Honeywell cited China for some of its sales growth in
the most recent quarter and said it expects the country to post
double-digital growth in its automation and control-systems
business in the current quarter, possibly allaying investor
concerns over a potential economic slowdown there.
Honeywell raised the low-ends of its revenue and profit guidance
ranges. It now expects annual sales of between $40.3 billion to
$40.9 billion and adjusted earnings per share of between $6.55 to
$6.70. It previously expected a minimum of $39.9 billion in annual
sales and $6.45 in profit per share.
Honeywell makes products ranging from air conditioners and
commercial boilers to airplane-cockpit controls and industrial
gloves. As it is diversified across business lines, the company
also is varied across geographies and generates about half of its
revenue outside the U.S.
For the quarter, Honeywell reported a profit of $1.19 billion,
or $1.53 a share, up from $1.12 billion, or $1.41 a share, a year
prior.
Revenue increased 3.4% to $9.52 billion. Core organic
sales--which exclude acquisitions and foreign exchange
fluctuations--increased 1%.
Revenue increased 3.4% to $9.52 billion. Analysts polled by
Thomson Reuters projected $1.50 in per-share profit on $9.37
billion in sales.
In its automation and control-systems business, which supplies
the commercial-construction industry, Honeywell saw an
acquisition-driven 13% jump in revenue to $3.68 billion. Still,
core organic sales increased 4% on continued growth in its security
and fire business and further penetration into China.
In its performance materials and technologies unit, sales fell
9% to $2.14 billion. Foreign currency fluctuations, lower raw
materials pass-through and lower gas processing, catalyst and
equipment sales all contributed to the decline.
Revenue in the company's aerospace segment increased 3% to $3.72
billion on higher repair and overhaul activities and new platform
launches.
Shares in the company, up 17% in the last three months through
Thursday's close, were inactive premarket.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
April 22, 2016 08:03 ET (12:03 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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