Honeywell beats profit estimates; raises earnings forecast

Honeywell beats profit estimates; raises earnings forecast

REUTERS: Diversified U.S. manufacturer Honeywell International Inc reported a higher-than-expected quarterly profit on Friday, as sales in its aerospace and energy businesses came in above the company’s forecast.Honeywell also raised the low end of its 2017 earnings forecast by 5 cents to US$6.90-US$7.10 per share.Analysts on average had were expecting 2017 earnings of US$7.03 per share, according to Thomson Reuters I/B/E/S.Sales in Honeywell’s aerospace business, its biggest, fell 4.3 percent to US$3.55 billion, but were above the 5-7 percent decline forecast by the company.Honeywell said sales its aerospace unit, which makes engines for aircraft made by Bombardier Inc , Textron Inc and General Dynamics Corp among others, were partly helped by growth in its commercial after-sales business.Sales in Honeywell’s performance materials and technologies unit, which makes catalysts and adsorbents used for petroleum refining, dropped about 9 percent to US$2.07 billion, but were above the 10-12 decline forecast by the company.Net income attributable to…