Honeywell ( HON) beat second-quarter estimates and raised full-year earnings guidance. The Morris Township, N.J., conglomerate made $521 million, or 63 cents a share, up from the year-ago $302 million, or 36 cents a share. Revenue rose to $7.9 billion from $7.03 billion a year earlier. Analysts were looking for a 61-cent profit on sales of $7.65 billion. Cash flow from operations was $935 million and free cash flow (cash flow from operations less capital expenditures) was $786 million vs. $410 million in the second quarter of 2005. "We feel very good about the first half of 2006 and are confident about the remainder of the year," said CEO Dave Cote. "Our strong second-quarter results were driven by favorable organic growth, margin expansion and a significant increase in free cash flow. As part of our disciplined cash deployment philosophy, we repurchased 12 million shares of stock in the second quarter and have repurchased 20 million shares since the beginning of this year." Honeywell boosted its full-year earnings guidance to $2.48-$2.53 a share from the previous $2.40-$2.50 a share, in line with the $2.49 Wall Street estimate.