Honeywell ( HON) reported higher first-quarter earnings that easily beat estimates, as the weak dollar and volume growth spurred a 14% year-over-year jump in revenue.

The Dow component earned $295 million, or 34 cents a share, in the most recent quarter compared with earnings of $254 million, or 30 cents a share, last year. Revenue was $6.18 billion in the latest quarter compared with $5.40 billion last year.

Analysts surveyed by Thomson First Call were forecasting earnings of 30 cents a share on revenue of $5.74 billion in the latest quarter.

Honeywell noted that earnings rose despite an after-tax expense of $118 million for pension and other post-employment benefits. While revenue jumped 14% from a year ago, favorable currency exchange and extra days boosted the latest quarter. Honeywell said organic growth in the quarter was about 5%.

The company also noted that operating cash flow fell by $136 million to $337 million, reflecting "working capital usage supporting revenue growth."

By segment, aerospace revenue rose 12% in the latest quarter from a year ago, while automation and control solutions revenue rose 13%, transportation systems revenue rose 28% and specialty materials revenue rose 10%.

Shares of Honeywell were recently down a penny to $33.99.

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