Honeywell International Inc. (NYSE: HON) came out Friday with quarterly earnings.
Honeywell sales for the second quarter were up 8% on a reported basis and up 6% on an organic basis. The difference between reported and organic sales relates to the impact of foreign currency translation.
Quarterly net earnings came in at $1.28 billion, down from $1.4 billion in the prior-year quarter.
Also, the company’s operational performance resulted in earnings per share (excluding separation costs and other items) of $2.12, up 18%, exceeding the high end of our guidance range.
According to CEO Darius Adamczyk, "Honeywell delivered another outstanding quarter with continued top-line growth, strong margin expansion, and double-digit earnings per share and free cash flow growth.
"We also saw continued robust short-cycle demand for our process automation solutions. The increased volumes, combined with our operational excellence initiatives, drove 60 basis points of segment margin expansion, above the high end of the guidance we provided in April."
Adamczyk continued "Given our strong second-quarter performance and confident outlook, we are raising our 2018 guidance. For the full year, we now expect organic sales growth to be 5% to 6%, segment margin expansion to be 40 to 60 basis points, earnings per share to be $8.05 to $8.15, and free cash flow to be $5.6 to $6.2 billion.”
Honeywell is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally.
Shares hurtled $3.22, or 2.2%, to $150.76, in mid-morning trade on Friday.
