Honeywell International (HON) - Get Honeywell International Inc. (HON) Report posted stronger-than-expected second quarter earnings Friday, while boosting its full-year profit outlook, thanks in part to improving sales in its aerospace division.
Honeywell said adjusted earnings for the three months ending in June were pegged at $2.04 up 62% from the same period last year and 10 cents ahead of the Street consensus forecast. Group revenues, Honeywell said, rose 18% to $8.8 billion, again topping analysts' estimates of an $8.64 billion tally.
Looking into the current financial year, Honeywell said it sees revenues of between $34.6 billion and $35.2 billion, organic sales growth of between 4% and 6% and adjusted earnings in the region of $7.95 to $8.10 per share, a 10 cents per share increase from the higher end of its prior guidance.
"Building on our first-quarter momentum, we executed extremely well in the second quarter. Our results were driven by top-line growth and margin expansion in all four segments," said CEO Darius Adamczyk. "Our strong performance in the second quarter took place in a recovering but challenging global environment.
"We are especially pleased to see a turnaround in several of our key end markets that were hardest hit by the pandemic, with commercial aerospace aftermarket and the UOP business returning to growth in the quarter," he added. "We are well positioned to capitalize on improving conditions as they unfold around the world and to execute on near-term growth opportunities across our portfolio, including in the warehouse automation, productivity, building products, and advanced materials markets."
Honeywell shares were marked 0.5% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $234.00 each.
Aerospace sales rose 7% to $2.76 billion, Honeywell said, due to improving lower commercial aircraft demand following the easing of pandemic-triggered travel restrictions the broader impact of the return to service of Boeing Co.'s (BA) - Get Boeing Company Report 737 MAX.