Diversified U.S. manufacturer Honeywell reported a higher-than-expected quarterly profit on Friday, as sales in its aerospace and energy businesses came in above the company’s forecast.
Honeywell also raised the low end of its 2017 earnings forecast by 5 cents to $6.90-$7.10 per share.
Analysts on average had were expecting 2017 earnings of $7.03 per share, according to Thomson Reuters I/B/E/S.
Sales in Honeywell’s aerospace business, its biggest, fell 4.3 percent to $3.55 billion, but were above the 5-7 percent decline forecast by the company.
Honeywell said sales its aerospace unit, which makes engines for aircraft made by Bombardier, Textron and General Dynamics among others, were partly helped by growth in its commercial after-sales business.
Sales in Honeywell’s performance materials and technologies unit, which makes catalysts and adsorbents used for petroleum refining, dropped about 9 percent to $2.07 billion, but were above the 10-12 decline forecast by the company.
Net income attributable to Honeywell increased to $1.33 billion, or $1.71 per share, in the first quarter ended March 31, from $1.22 billion, or $1.56 per share, a year earlier.
Excluding items, Honeywell earned $1.66 per share.
However, revenue fell to $9.49 billion from $9.52 billion.