Honeywell International Inc., a diversified maker of high-tech products, said Thursday its second-quarter profit grew 17 percent on stronger sales of aerospace products as well as controls and systems that help customers manage industrial processes.
The company also boosted its full-year sales and profit outlook above analysts’ expectations.
Quarterly earnings rose to $611 million, or 78 cents per share, for the three months ended June 30 from $521 million, or 63 cents per share, in the prior-year period. Sales rose to $8.54 billion from $7.9 billion.
Wall Street had expected earnings of 75 cents per share on $8.42 billion in sales, according to a Thomson Financial analyst survey.
Honeywell said sales gains for its aerospace, automation and control and transportation units helped to offset a 3 percent decline in specialty materials revenue.
The company raised its full-year profit-per-share outlook to a range of $3.10 to $3.16 on sales of $33.9 billion. Analysts were expecting earnings of $3.08 per share and $33.53 billion in sales for the year.
The Morris Township-based company’s aerospace segment recorded $3.03 billion in sales for the quarter, up 13 percent from a year earlier.
The automation and control solutions segment had $3.04 billion in second-quarter sales, up 10 percent from last year’s second quarter.
Sales in the transportation systems segment rose 5 percent in the quarter to $1.3 billion.
Specialty materials sales fell 3 percent to $1.2 billion. Honeywell blamed anticipated timing regarding sales of catalysts from its UOP subsidiary.
Earnings for the first half of the year rose 18.8 percent to $1.14 billion, or $1.44 cents a share, compared to $957 million, or $1.15 a share, a year earlier. Half-year sales rose 9.5 percent to $16.6 billion from $15.14 billion.