Honeywell’s first-quarter results beat on aviation strength

By Thomson Reuters Apr 25, 2024 | 6:12 AM

(Reuters) – Honeywell beat Wall Street estimates for first-quarter results on Thursday as strength in its aviation business offset a slowdown in the company’s industrial and building automation units.

Strong demand for parts from customers Boeing and Airbus have lifted results of suppliers such as Honeywell in recent quarters as travel demand booms.

Sales at Honeywell’s aerospace unit rose 18% to $3.67 billion in the first quarter.

The Charlotte, North Carolina-based forecast second-quarter adjusted profit per share between $2.25 and $2.35, compared with expectations of $2.35, according to LSEG data.

Honeywell expects second-quarter sales between $9.2 billion and $9.5 billion, the midpoint of which is slightly below estimates of $9.38 billion.

The company maintained its full-year forecast.

Honeywell’s first-quarter sales rose 3% to $9.11 billion, beating estimates of $9.03 billion.

On an adjusted basis, the company earned $2.25 per share in the reported quarter, topping expectations of $2.17.

(Reporting by Anandita Mehrotra in Bengaluru; Editing by Shounak Dasgupta)