Honeywell lifts annual profit outlook after quarterly results beat

An aircraft engine being tested at Honeywell Aerospace in Phoenix
An aircraft engine is being tested at Honeywell Aerospace in Phoenix, Arizona, U.S. on September 6, 2016. REUTERS/Alwyn Scott

April 27 (Reuters) – Industrial conglomerate Honeywell International Inc (HON.O) raised its full-year profit and revenue forecasts on Thursday, after posting a quarterly results beat on strength in its aviation unit.

Shares of the company, which makes everything from engines to cockpit components, were up 2.4% at $195.50 before the bell.

Aviation suppliers such as Honeywell and General Electric Co (GE.N) have been posting upbeat results, helped by higher jet production at planemakers Boeing Co (BA.N) and Airbus SE (AIR.PA) and on strong demand for aftermarket parts and services.

“As we look to the rest of 2023, we are well positioned to continue outperforming despite an uncertain macroeconomic environment,” Honeywell’s outgoing CEO Darius Adamczyk said.

Honeywell now expects 2023 adjusted earnings per share between $9.00 and $9.25, up from its prior outlook of $8.80 to $9.20.

It also increased its full-year sales outlook to between $36.5 billion and $37.3 billion from its earlier forecast of $36 billion to $37 billion.

In the first quarter, Honeywell’s net sales rose 5.8% to $8.86 billion, compared with analysts’ estimates of $8.52 billion, according to Refinitiv data.

The company’s reported profit for the quarter was $2.07 per share. Analysts had expected a profit of $1.93 per share.

Reporting by Abhijith Ganapavaram in Bengaluru