Honeywell International Inc. (HON) announced on Friday that net profit for the first fiscal quarter increased to 1.44 billion US dollars, or 1.89 US dollars per share; net profit for the same period last year was 1.33 billion US dollars, or 1.71 US dollars per share. Excluding non-recurring items, adjusted earnings per share were $1.95, higher than the average estimate of $1.90 given by analysts surveyed by FactSet. Revenue for the quarter increased from 9.49 billion US dollars to 10.39 billion US dollars, higher than the average forecast of 10.02 billion US dollars in the FactSet survey. Sales of the aviation business were better than expected, to a certain extent offsetting the adverse effects of household and construction technology, high-performance materials and technology, safety and productivity solutions businesses that fell slightly short of expectations. The stock rose slightly by 0.4% before the market. The industrial enterprise group raised its earnings forecast for fiscal year 2018 from $7.75-8.00 to $7.85-$8.05, and raised its revenue forecast from US$41.8 billion to US$42.5 billion to US$42.7 billion to US$43.5 billion. As of Thursday this year, the stock fell 3.4% cumulatively. During the same period, the SPDR Industrial Select Sector ETF (XLI) rose 0.3%, and the S&P 500 index rose 0.7%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

This article was translated from MarketWatch


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