(Reuters) – Honeywell International Inc (HON.N) on Thursday reported a better-than-expected quarterly earnings and raised its full-year sales and profit forecasts, riding on higher demand for aircraft parts and spares, sending its shares up 1%.
In the second quarter, sales in its aerospace unit, the company’s biggest business, rose 11%, excluding the impact of foreign exchange and other items.
Honeywell raised the low end of its full-year earnings per share forecast range by 5 cents to $7.95, while keeping the top end unchanged at $8.15.
The company also raised the bottom end of its 2019 sales outlook by $200 million to $36.7 billion, while reaffirming the higher end at $37.2 billion.
Net income attributable to Honeywell rose 21.6% to $1.54 billion, or $2.10 per share, in the quarter ended June 30, beating analysts’ average estimate of $2.08 per share, according to IBES data from Refinitiv.
Revenue fell about 15% to $9.24 billion due to certain divestitures, and was below analysts’ expectation of $9.35 billion.
Reporting by Divya R and Ankit Ajmera in Bengaluru; Editing by Maju Samuel