Honeywell profit beats; forecasts strong full-year earnings
Honeywell International Inc on Friday reported a better-than-expected quarterly profit and forecast full-year earnings in a range that was largely above analysts' estimates, as the company benefited from robust demand for aircraft parts.
A rise in global travel has driven record orders for jets, leading to robust demand for Honeywell's avionics, braking systems and other aircraft parts.
The company has also taken advantage of a boom in e-commerce as it sees rising sales of its warehouse automation equipment and software to customers such as Amazon.com Inc.
Honeywell, which also makes catalysts used in petroleum refining, said it expects 2019 earnings per share between $7.80 and $8.10, compared to an average estimate of $7.88 per share, according to IBES data from Refinitiv.
Net income attributable to Honeywell was $1.72 billion, or $2.31 per share, in the fourth quarter ended Dec. 31, compared to a loss of $2.52 billion, or $3.32 per share, a year earlier.
The year-ago quarter included a charge related to the U.S. tax reform.
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On an adjusted basis, the company earned $1.91 per share, above analysts' estimate of $1.89 per share.
Net sales fell by 10.3 percent to $9.73 billion, as Honeywell spun off its home and transportation businesses in the quarter.
(Reporting by Divya R and Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)