Honeywell Boosts Revenue Forecast

First-quarter results top estimates, and the company is upbeat on the full year.
Author:
Publish date:

Honeywell

(HON) - Get Report

said its global presence helped lift first-quarter sales 11% from a year earlier, and the industrial technology firm offered an upbeat forecast for 2008.

Shares of Honeywell were advancing 4.5% to $59.99 in premarket trading Friday.

For the quarter, revenue climbed to $8.9 billion from $8 billion in the 2007 quarter. Earnings rose to $643 million, or 85 cents a share, from $526 million and 66 cents a share in the prior year. Analysts were expecting a profit of 82 cents and revenue of $8.73 billion.

Honeywell, Morris Township, N.J., also said it was boosting its full-year sales guidance by $700 million to a range of $36.8 billion to $37.4 billion, and is moving its earnings per share expectation to $3.70 to $3.80 a share, the high end of its previous outlook. Wall Street is looking for earnings of $3.76 and revenue of $36.79 billion.

"We continue to outperform with double-digit sales, EPS, and free cash flow increases in the quarter," said Honeywell Chairman and CEO Dave Cote, in a press release. "Our global reach and diversified portfolio of businesses helped to drive organic sales growth across all regions. We also continue to win major multiyear contracts that support the favorable long-term outlook for our businesses."

Cote's statement also said he was "confident in Honeywell's outlook despite tougher global economic conditions."

Fellow industrial-sector company

Caterpillar

(CAT) - Get Report

also had

a strong quarter

thanks to its international segments, and its results were better than analysts had anticipated.

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