Honeywell Beats Estimates, Bumps Outlook - TheStreet

Honeywell

(HON) - Get Report

on Friday posted rising profits and revenue in the second quarter and boosted its full-year outlook.

The aerospace and defense contractor earned $723 million, or 96 cents a diluted share, in the quarter vs. $611 million, or 78 cents a diluted share, in the year-ago period. Net sales jumped to $9.67 billion from $8.54 billion in the second quarter last year.

Analysts polled by Thomson Reuters had expected earnings of 94 cents a share on sales of $9.22 billion.

Honeywell also increased its earlier guidance for the full year. It now sees sales of between $37.6 billion and $38.2 billion and a profit of $3.75 a share to $3.85 a share. Analysts had expected a profit of $3.79 a share on sales of $37.24 billion.

The company's earnings per share guidance does not include the expected gain the company's sale of its Consumables Solutions business, which should come in the third quarter. Repositioning or other actions may offset the gain, Honeywell said.

"Our businesses are well positioned with long-term macro trends, such as safety, security, energy efficiency, and energy generation," Chairman and CEO Dave Cote said in a company statement. "We believe that our great positions in good industries and continued flawless execution on productivity initiatives -- Honeywell Operating System, Velocity Product Development, and Functional Transformation -- will help us deliver consistent and profitable growth even in this tough global economic environment."

Shares were down fractionally to $50.71 in recent trading.

This article was written by a staff member of TheStreet.com.