SeongJoon Cho | Bloomberg | Getty Images
A model of a Honeywell Aerospace engine at a Seoul International Aerospace & Defense Exhibition in South Korea.
Honeywell reported a better-than-expected quarterly profit, as sales in its aerospace, and performance materials and technologies businesses were higher than its forecast.
The U.S. technology and manufacturing company also raised the low end of its full-year earnings per share forecast range by 10 cents to $7.00. The company kept the high end of the range unchanged at $7.10.
The company said it now expects 2017 sales in the range of $39.3 billion to $40 billion, compared with $38.6 billion to $39.5 per share forecast previously.
Analysts on average were expecting 2017 earnings of $7.09 per share on revenue $39.43 billion, according to Thomson Reuters I/B/E/S.
Sales in Honeywell’s aerospace business, its biggest, fell about 3 percent in the second quarter, smaller than the company’s forecast of a decline of 5 to 7 percent.
The business manufactures engines for aircraft made by Bombardier Inc, Textron Inc and General Dynamics Corp among others.
Sales in the performance materials and technologies unit, which makes catalysts and adsorbents used for petroleum refining, dropped 8 percent. The company had forecast a decline of 10 to 12 percent.
Net income attributable to Honeywell increased to $1.39 billion, or $1.80 per share, in the quarter ended June 30, from $1.32 billion, or $1.70 per share, a year earlier.
The company’s revenue rose to $10.08 billion from $9.99 billion.
Analysts on average had expected second-quarter earnings of $1.78 per share, and revenue of $9.89 billion.