Honeywell 1st-quarter profit rises |
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Fri, 20 Apr 2007 13:30
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MORRIS TOWNSHIP, N.J. (AP) - Diversified industrial conglomerate Honeywell International Inc. said Friday first-quarter earnings jumped 21 percent as sales and profits rose across all of its segments.The Morris Township, N.J., company, which makes aerospace, military, automation and transportation products, raised its full-year financial targets, citing the strong first quarter.In the latest period, net income came in at $526 million, or 66 cents per share, versus $436 million, or 52 cents per share, in the year-ago period.The result was better than analysts expected. A Thomson Financial Poll indicated Wall Street was looking for profit of 62 cents per share.Sales rose 11 percent to $8.04 billion from $7.24 billion last year, also surpassing Wall Street's estimate for $7.72 billion.Honeywell boosted it's 2007 revenue guidance by $700 million, to $33.5 billion, and its earnings per share on the year by 15 cents, to between $3 and $3.10 per share.Analysts were looking for profit of $2.94 per share on revenue of $32.83 billion.Honeywell shares, which are a component of the Dow Jones industrial index, closed Thursday at $49.06 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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