posted stronger-than-expected results for the third quarter and said it now expects its full-year earnings to be at the high end of its earlier guidance.
The company said Thursday that its profit rose to $541 million, or 66 cents a share, from $464 million, or 54 cents a share, a year earlier. Analysts polled by Thomson First Call expected earnings of 63 cents a share.
Honeywell's sales rose to $7.95 billion from $6.90 billion, topping Wall Street's forecast of $7.77 billion.
Sales climbed 9% in the company's aerospace segment, and jumped 16% in its automation and control solutions business. Transportation sales rose 5%, and sales in its specialty materials surged 48%, due in large part to acquisitions.
Looking ahead, Honeywell now sees full-year earnings of $2.51 to $2.53 a share, at the high end of its previous guidance of $2.48 to $2.53. The company maintained it sales forecast of more than $31 billion. Analysts, on average, expect earnings of $2.51 a share and revenue of $30.93 billion for the year.
"While we anticipate slightly lower global economic growth next year, overall macro-trends remain favorable to our multi-industry portfolio," said Chairman and CEO Dave Cote. "In 2007, we expect continued healthy organic sales growth, a double-digit increase in earnings, and strong free cash flow."
Shares of the
component were rising 37 cents, or 0.9%, to $43 in premarket trading.