logo
Share SHARE
FONT-SIZE Plus   Neg

Honeywell Q1 Profit Rises, Tops Estimates; Lifts FY17 Earnings View

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) were gaining around 4 percent in the trading in South Korea after the company reported significant growth in its first-quarter profit with higher sales mainly in memory and display businesses. For the full year, the company expects overall earnings to grow from last year. Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) reported that its net profit for the first-quarter of 2017 rose 46% to 7.68 trillion South Korean won or $6.8 billion from 5.25 trillion won for the same period a year earlier. The company said that it would not adopt a holding company structure. Casino operator Las Vegas Sands Corp. (LVS), Wednesday reported an increase in profit for the first quarter, gambling business in Macao, China, the world's biggest gambling market, revives. Earnings for the quarter trumped Wall Street expectations, as did revenues. First-quarter profit rose to $480...
comments powered by Disqus
Follow RTT