Morris Township, NJ, Apr. 21--Honeywell International Inc. posted a 16.1% increase in first-quarter net income, as strong performance by all four of its operating divisions offset higher expense for its pension and other post-employment benefits.
Net income for the quarter ended March 31 rose to $295 million, or 34 cents a share, from $254 million, or 30 cents, a year earlier.
Expenses for pension and other retirement benefits jumped 79.8% to $160 million.
The aerospace unit, the company's largest division, posted a 19.5% increase in profit, helped by strong sales in the commercial, defense and space markets.
The company's earnings for the latest quarter beat Wall Street's expectations of 30 cents a share, according to Thomson First Call.
Sales for the quarter climbed 14.4% to $6.18 billion from $5.4 billion. Honeywell attributed the increase to strong volume growth, favorable foreign currency exchange, and additional reporting days in the 2004 quarter versus the 2003 period.
