Honeywell Raises Full-Year Guidance

The industrial company raises its full-year earnings and cash flow guidance after reporting first-quarter earnings that beat consensus estimates.
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MORRIS TOWNSHIP, N.J. (TheStreet) -- Honeywell (HON) - Get Report raised its full-year earnings and cash flow guidance after reporting first-quarter earnings that beat consensus estimates.

Honeywell now expects full-year earnings in the range of $2.30 to $2.45 a share on sales of $31.5 to $32.3 billion, up from the previous estimate of $2.20 to $2.40 a share. The company also now expects free cash flow of $2.8 billion to $3.1 billion, up from the previous estimate of $2.4 billion to $2.7 billion.

Excluding a non-cash pension expense, Honeywell reported consensus-beating earnings of 68 cents a share, up 21% from a year ago. Net income attributable to Honeywell was $386 million, or 50 cents a share, vs. $397 million, or 54 cents a share, the year before.

Honeywell sales were up 3% to $7.8 billion. The Thomson Reuters average estimate for the quarter was 47 cents a share on revenue of $7.58 billion.

Honeywell said that the quarter was aided by good organic growth in key short-cycle businesses, such as turbochargers and general industrial products. Sales were up 33% in its transportation systems unit and down 9% in the aerospace unit.

-- Reported by Andrea Tse in New York

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