Technology company, Honeywell International Inc. (HON) reported increased earnings for its first quarter, which beat analysts estimates on Friday.
The Morristown, NJ based company saw a 15% boost in profits for its first quarter to $966 million, or $1.21 per share, from $823 million, or $1.04 per share last year. The reported earnings came in above analysts estimate of $1.14 per share. Earnings were impacted by lower expenses and a reduced tax rate.
Revenue for the quarter remained flat at $9.328 billion, from $9.307 last year, and fell below the average analyst estimate of $9.44 billion.
HON’s service sales dropped -4% to $1.85 billion during the first quarter, while aerospace sales declined -1%. Defense and Space sales also fell by -1%. On the upside, Performance Materials and Technologies sales increased by 6%.
Looking ahead, the company expects to see FY2013 earnings in the range of $4.80 to $4.95 per share. This estimate is above the company’s prior estimate of earnings between $4.75 and $4.95 per share. Analyst expect to see $4.94 per share in earnings.
Estimated revenue for the year was reduced to a range of $38.8 billion to $39.3 billion, from the company’s previous estimate of revenue between $39 billion and $39.5 billion. Analysts are expecting to see revenue of $39.38 billion.
Honeywell shares were up $1.21, or 1.69% during premarket trading Friday. The stock has increased 23% in the past year.
The Bottom Line
Shares of Honeywell International Inc. (HON) have a 2.29% yield, based on Thursday’s closing price of $71.47.
Honeywell International Inc. (HON) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.