Honeywell said that turbochargers and general industrial products continue to rebound, but it remains cautious about the near-term outlook due to ongoing economic uncertainties. Previously, Honeywell expected sales of $31.5 billion to $32.3 billion and earnings in the range of $2.30 to $2.45 a share. Analysts on average were expecting earnings of $2.48 a share on revenue of $32.15 billion. For the second quarter, the company reported that sales were up 8% to $8.2 billion vs. $7.6 billion the previous year. Earnings rose 24% excluding a non-cash expense to 78 cents a share vs. 63 cents a share a year earlier. The Street consensus estimate was 57 cents a share on revenue of $8 billion. On a reported basis, earnings per share were 60 cents, flat with the second quarter of last year. Net income attributable to Honeywell was $468 million vs. $450 million a year ago. >>Search for Highest Dividends by Rate or Yield During the quarter, sales at the company's transportation systems and specialty materials segments were up 30% and 20%, respectively.
NEW YORK ( TheStreet) -- On strong first-half performance, Honeywell ( HON) raised its full-year guidance to sales of $32.4 billion to $32.9 billion and earnings in the range of $2.40 to $2.50 a share on a reported basis, and $3.14 to $3.24 a share, excluding a non-cash pension expense.
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