Morris Township, NJ, April 20--Honeywell International Inc. reported first-quarter earnings that were better than expected, driven by strong performance across its operating segments.
Quarterly income rose 22 percent to $359 million, or $0.42 per share, from $295 million, or $0.34 per share, last year.
Revenue rose 4 percent to $6.45 billion from $6.18 billion, reflecting 6 percent organic sales growth, offset by the net impact of acquisitions and divestitures.
Analysts has forecast earnings per share earnings of $0.40 per share on sales of $6.39 billion.
First-quarter sales in the company's aerospace segment rose 9 percent to $2.5 billion, with operating profit up 24 percent to $379 million. Growth was supported by increased OE deliveries, aftermarket growth and continued growth in demand for defense products and services.
In the automation and control segment, sales edged up 2.3 percent, driven by growth in the security and life safety products business. Profit in the segment increased 3 percent to $201 million.
In transportation systems, continued growth in European turbo sales and increased Class 8 heavy duty truck builds in the U.S. drove sales growth of 8 percent, while operating profit rose 8 percent to $155 million.
Specialty materials posted a 6 percent decline in sales, to $801 million, due to the loss of sales from the divested Performance Fibers business, though operating profit rose 23 percent.
