Honeywell 2Q Profit Leaps 43% On Double-Digit Sales Boost

Date : 07/22/2011 @ 8:39AM
Source : Dow Jones News
Stock : Honeywell International Inc. (HON)
Quote : 136.35  0.0 (0.00%) @ 8:29AM

Honeywell 2Q Profit Leaps 43% On Double-Digit Sales Boost

Honeywell (NYSE:HON)
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Honeywell International Inc.'s (HON) second-quarter profit jumped 43% as the company's top line got a boost from strong demand in the aerospace commercial aftermarket.

Looking ahead, the company again lifted its full-year earnings guidance by 5 cents a share to $3.85 to $4. The company added it sees sales between $36.1 billion and $36.7 billion, versus a prior forecast of $36 billion and $36.6 billion.

The maker of aerospace, building control and safety products has steadily benefited from a broad-based increase in demand. An improving macroeconomic environment has recently helped large industrial companies.

Honeywell reported a profit of $810 million, or $1.02 a share, compared with $566 million, or 73 cents a share, a year earlier. Net sales jumped 15% to $9.1 billion.

The company previously said it expected to report earnings of 94 cents to 98 cents on $9.1 billion to $9.3 billion in revenue.

Honeywell's automation and control-systems business, which serves the commercial construction industry and is the company's largest top-line contributor, saw net sales pop 20%. The aerospace unit's net sales rose 6.2%, helped by strong sales in the commercial aftermarket.

Shares were recently off 1.4% to $57.40 in premarket trade. The stock is up 9.5% since the start of the year.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

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