Honeywell International Inc. (HON) reported Friday that its first-quarter attributable net income grew to $1.33 billion from last year's $1.22 billion. Earnings per share increased 10 percent to $1.71 from $1.56 a year ago.
On average, 18 analysts polled by Thomson Reuters expected earnings of $1.62 per share for the quarter. Analysts' estimates typically exclude special items.
The company said its earnings per share, at 25% tax rate, excluding 2016 divestitures, were $1.66, compared to $1.50 last year.
Net sales edged down to $9.492 billion from last year's $9.522 billion. On an organic basis, sales grew 2 percent. Analysts were looking for sales of $9.32 billion.
Further, for fiscal 2017, the company raised the low end of guidance by 5 cents. The company now anticipates that 2017 earnings per share will be $6.90 to $7.10, up 7 percent to 10 percent, excluding divestitures, any pension mark-to-market adjustments, and 2016 debt refinancing charges.
For the full year, analysts expect earnings of $7.04 per share.
Darius Adamczyk, President and Chief Executive Officer of Honeywell, said, "Honeywell reported a strong start to 2017, with over 2 percent organic sales growth, 70 basis points of segment margin expansion, and free cash flow of nearly $800 million that was more than six times greater than 2016. ...Each of our businesses contributed."
by RTT Staff Writer
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